UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05071

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, 2023

Date of reporting period: November 30, 2023

Explanatory Note:

The purpose of this amended filing is to (1) correct the date, a typographical error, on the Report of the Independent Registered Public Accounting Firm from January 29, 2023 to January 29, 2024 and (2) provide updated required certifications and an updated signature page.

Other than the aforementioned revisions, this amendment does not amend, update or change any other items or disclosures found in the prior Form N-CSR/A filings for the Registrant submitted on February 29, 2024 and March 7, 2024, and the original Form N-CSR filing for the Registrant submitted on February 2, 2024.

Item 1. Report to Shareowners

Performance

Summary

(unaudited)

2

November

30,

2023

Annual

Report

As

of

November

30,

2023

As

of

December

31,

2023

Performance

data

quoted

in

this

report

represents

past

performance,

is

before

any

taxes

payable

by

shareowners,

and

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

that

stated

herein.

Performance

current

to

the

most

recent

month-end

is

available

by

calling

toll-free

1-800-728-8762

or

visiting

www.sextantfunds.com.

Average

annual

total

returns

are

historical

and

include

change

in

share

value

as

well

as

reinvestment

of

dividends

and

capital

gains,

if

any.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Funds

that

invest

in

foreign

securities

may

involve

greater

risk,

including

political

and

economic

uncertainties

of

foreign

countries

as

well

as

the

risk

of

currency

fluctuations.

Z

Shares

of

Sextant

Growth

and

International

Funds

began

operations

June

2,

2017.

A

note

about

risk:

Please

see

the

Notes

to

Financial

Statements

beginning

on

page

51

for

a

discussion

of

investment

risks.

For

a

more

detailed

discussion

of

the

risks

associated

with

each

Fund,

please

see

the

Funds'

prospectus

or

each

Fund's

summary

prospectus.

1

By

regulation,

expense

ratios

shown

in

this

table

are

as

stated

in

the

Funds’

most

recent

prospectus

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022.

Ratios

presented

in

this

table

differ

from

the

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

Also,

by

regulation,

the

performance

in

this

table

represents

the

most

recent

quarter-end

performance

rather

than

performance

through

the

Funds’

most

recent

fiscal

period.

Average

Annual

Returns

(before

any

taxes

paid

by

shareowners)

1

Year

3

Year

5

Year

10

year

15

Year

Expense

Ratio

1

625

Sextant

Short-Term

Bond

(

STBFX

)

3.28%

-0.63%

1.22%

0.99%

1.63%

0.60%

725

Sextant

Bond

Income

(

SBIFX

)

0.86%

-6.42%

-0.01%

1.22%

2.90%

0.65%

825

Sextant

Core

(

SCORX

)

3.88%

2.95%

6.26%

5.12%

6.64%

0.82%

925

Sextant

Global

High

Income

Fund

(

SGHIX

)

4.31%

3.18%

2.56%

3.59%

n/a

0.75%

1,025

Growth

Fund

Investor

Shares

(

SSGFX

)

15.47%

5.40%

13.06%

10.76%

12.05%

1.01%

1,050

Growth

Fund

Z

Shares

(

SGZFX

)

15.79%

5.66%

13.35%

n/a

n/a

0.77%

1,125

International

Fund

Investor

Shares

(

SSIFX

)

15.24%

5.04%

8.63%

6.54%

7.04%

1.04%

1,150

International

Fund

Z

Shares

(

SIFZX

)

15.59

%

5.28%

8.89%

n/a

n/a

0.80%

Average

Annual

Returns

(before

any

taxes

paid

by

shareowners)

1

Year

3

Year

5

Year

10

year

15

Year

Expense

Ratio

1

625

Sextant

Short-Term

Bond

(

STBFX

)

3.96%

-0.39%

1.23%

1.12%

1.59%

0.60%

725

Sextant

Bond

Income

(

SBIFX

)

5.55%

-5.08%

0.52%

1.73%

2.91%

0.65%

825

Sextant

Core

(

SCORX

)

9.83%

3.34%

7.88%

5.37%

6.67%

0.82%

925

Sextant

Global

High

Income

Fund

(

SGHIX

)

10.02%

3.92%

4.00%

4.06%

n/a

0.75%

1,025

Growth

Fund

Investor

Shares

(

SSGFX

)

28.25%

5.65%

15.98%

11.02%

12.28%

1.01%

1,050

Growth

Fund

Z

Shares

(

SGZFX

)

28.55%

5.90%

16.27%

n/a

n/a

0.77%

1,125

International

Fund

Investor

Shares

(

SSIFX

)

24.82%

4.31%

10.63%

6.88%

7.22%

1.04%

1,150

International

Fund

Z

Shares

(

SIFZX

)

25.12%

4.53%

10.87%

n/a

n/a

0.80%

Please

consider

an

investment’s

objectives,

risks,

charges,

and

expenses

carefully

before

investing.

To

obtain

a

free

prospectus

or

summary

prospectus

that

contains

this

and

other

important

information

on

the

Sextant

Funds,

please

call

toll-free

1-800-728-8762

or

visit

www.sextantfunds.com.

Please

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

Fellow

Shareowners:

January

19,

2024

(unaudited)

November

30,

2023

Annual

Report

3

Last

year

we

noted

the

rarity

of

consecutive

down

years

for

major

market

indices

and

the

unbroken

post-World

War

II

streak

of

positive

returns

in

the

year

following

midterm

elections.

While

difficult

to

explain,

the

two

curiosities

provided

some

hope

for

a

year

in

which

many

expected

a

recession

following

a

series

of

aggressive

Federal

Reserve

rate

hikes.

As

readers

well

know,

2023

did

not

feature

a

recession.

Indeed,

third

quarter

gross

domestic

product

(GDP)

growth

hit

a

stunning

4.9%

with

a

bit

above

2%

expected

for

the

full

year.

Meanwhile,

the

stock

market

kept

its

post-midterm

election

streak

alive

for

the

20th

consecutive

time.

For

the

fiscal

year

ended

November

30,

2023,

the

S&P

500

Index

gained

13.84%,

the

Dow

Jones

Moderate

Portfolio

Index

gained

4.93%,

and

the

MSCI

EAFE

Index

rose

12.96%.

Fixed

income

markets,

in

contrast

to

equities,

were

plagued

by

recalcitrant

inflation

and

regular

Fed

hikes

throughout

the

year,

with

the

FTSE

USBIG

Index

rising

1.14%

and

the

Bloomberg

US

Aggregate

Index

gaining

1.18%.

The

shorter

duration

Bloomberg

US

Aggregate

1-3

Year

Index

grew

3.61%.

While

equity

returns

were

impressive,

we

would

be

remiss

in

not

pointing

out

the

tremendous

concentration

of

performance

in

a

handful

of

stocks

that

came

to

be

known

as

“The

Magnificent

Seven.”

With

apologies

to

filmmaker

Akira

Kurosawa,

Apple,

Microsoft,

Alphabet,

Amazon,

Tesla,

Facebook,

and

Nvidia

drove

most

of

the

market

returns

during

the

year,

with

artificial

intelligence

(AI)

being

a

key

driver.

We

do

not

dispute

the

potentially

transformative

effect

of

generative

AI

on

productivity,

but

do

see

a

degree

of

exuberance

that

may

not

continue.

In

an

environment

of

solid

–

if

concentrated

–

equity

returns

and

a

struggling

bond

market,

the

Sextant

Funds

had

hits

and

misses.

For

the

fiscal

year

ended

November

30,

2023,

the

Sextant

Growth

Fund

Investor

Shares

gained

15.47%,

ahead

of

the

S&P

500

but

trailing

the

Morningstar

Large

Growth

category,

reversing

2022’s

experience.

The

Sextant

International

Fund

Investor

Shares

gained

15.24%,

handily

outpacing

developed

international

indices

and

the

Morningstar

Foreign

Large

Growth

category.

Following

a

strong

2022,

the

Sextant

Core

Fund

trailed

benchmarks,

rising

3.88%.

The

Sextant

Global

High

Income

Fund

returned

4.31%,

slightly

ahead

of

the

Morningstar

Global

Allocation

category.

Sextant

Bond

Income

Fund

squeaked

out

a

positive

return

of

0.86%,

despite

the

difficult

fixed

income

markets,

placing

it

ahead

of

the

Morningstar

Long-Term

Bond

category,

while

the

Sextant

Short-Term

Bond

Fund

chalked

up

a

3.28%

return.

The

Sextant

Funds

offer

investors

a

broad

mix

of

investment

vehicles:

growth

equities,

international

exposure,

and

a

blended

portfolio,

plus

global

high

income

and

short-term

and

long-term

fixed-income

options.

We

believe

this

array

of

portfolios

serves

our

investors

in

both

bull

and

bear

markets

by

providing

basic

elements

to

build

a

low-expense,

balanced

investment

program

emphasizing

a

value

approach

to

investing.

The

annualized

expense

ratios

of

the

six

no-12b-1

fee

Sextant

Fund

share

classes

range

from

0.60%

to

1.04%.

Saturna

Capital

helped

by

capping

expenses

for

the

Sextant

Short-Term,

Sextant

Bond

Income,

and

Sextant

Global

High

Income

Funds.

Overall

assets

of

the

Funds

were

$177

million

as

of

November

30,

2023.

(unaudited)

4

November

30,

2023

Annual

Report

Shareowner

Vote

Following

shareowner

votes

early

in

the

calendar

year,

shareowners

voted

to

remove

the

performance

fee

adjustment

(sometimes

referred

to

as

a

“fulcrum

fee”)

from

Sextant

Growth,

Sextant

Core,

Sextant

Global

High

Income,

Sextant

Bond

Income,

and

Sextant

Short-Term

Bond

Funds.

The

Funds’

investment

adviser,

Saturna

Capital,

believes

this

change

has

simplified

the

Funds’

fee

structures,

resulting

in

investors

better

understanding

fund

fees,

which

could

enhance

the

Funds’

marketability

and

give

them

the

best

chance

to

grow

in

the

volatile

markets

we

undoubtedly

face.

Going

Forward

Unlike

the

Midterm

Effect,

we

have

no

similar

track

record

of

performance

–

positive

or

negative

–

during

presidential

election

years.

We

are

encouraged

by

the

resilience

of

the

US

economy

in

the

face

of

significantly

higher

interest

rates.

At

the

same

time,

company

earnings

seem

to

have

bottomed

and

analysts

anticipate

better

growth

in

the

coming

year.

The

appearance

of

attractive

savings

rates

brought

billions

of

dollars

into

money

market

funds;

money

that

could

easily

be

redeployed

to

the

stock

market,

if

inflation

were

to

hit

the

2%

mark

and

the

Fed

gain

comfort

in

easing

rates.

Perhaps

we

are

being

premature,

and

the

effects

of

higher

rates

have

yet

to

be

felt.

However,

inflation

has

moderated,

Christmas

spending

was

positive

(if

not

ebullient),

and

one

of

the

rarest

of

all

creatures,

the

soft

landing,

appears

to

be

within

sight.

Respectfully,

Jane

Carten

MBA,

Dr.

Gary

Goldfogel,

President

Independent

Board

Chairman

November

30,

2023

Annual

Report

5

Sextant

Short-Term

Bond

Fund:

Performance

Summary

(unaudited)

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

Bloomberg

US

Aggregate

1-3

Year

Index.

The

Bloomberg

US

Aggregate

1-3

Year

Index

tracks

bonds

with

1-3

year

maturities

within

the

flagship

Bloomberg

US

Aggregate

Bond

Index.

The

Bloomberg

US

Aggregate

Bond

Index

is

a

broad-based,

flagship

benchmark

that

measures

the

investment-grade,

US

dollar-denominated,

fixed-

rate

taxable

bond

market.

The

graph

shows

that

an

investment

in

the

Fund

would

have

risen

to

$11,031

versus

$11,182

in

the

Bloomberg

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objectives

of

the

Short-Term

Bond

Fund

are

capital

preservation

and

current

income.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Sextant

Short-Term

Bond

(

STBFX

)

3.28%

1.22%

0.99%

0.88%

Bloomberg

US

Aggregate

1-3

Year

Index

3.61%

1.37%

1.12%

n/a

1

By

regulation,

the

expense

ratio

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022,

before

fee

waivers.

The

actual

expense

ratio,

shown

in

the

most

recent

prospectus

after

fee

waivers,

was

0.60%.

The

ratio

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

United

States

Treasury

Bond

(1.500%

due

02/29/2024)

5.5%

United

States

Treasury

Note

(2.625%

due

12/31/2025)

5.3%

United

States

Cash

Management

Bill

(0.000%

due

03/21/2024)

4.5%

United

States

Treasury

Note

(2.250%

due

10/31/2024)

4.5%

United

States

Cash

Management

Bill

(0.000%

due

08/8/2024)

4.5%

Florida

Power

&

Light

(2.850%

due

04/1/2025)

3.8%

United

States

Treasury

Note

(2.875%

due

04/30/2025)

3.6%

Bank

of

America

Corp

(3.500%

due

04/19/2026)

3.6%

Costco

Wholesale

(2.750%

due

05/18/2024)

3.5%

Federal

Home

Loan

Bank

(3.375%

due

12/8/2023)

3.2%

Discussion

of

Fund

Performance

(unaudited)

Sextant

Short-Term

Bond

6

November

30,

2023

Annual

Report

Fiscal

Year

2023

For

the

fiscal

year

ended

November

30,

2023,

the

Sextant

Short-Term

Bond

Fund

returned

3.28%,

while

its

benchmark,

the

Bloomberg

US

Aggregate

1-3

Year

Index,

returned

3.61%.

For

the

five-year

period

ended

November

30,

2023,

the

Fund

narrowly

trailed

the

Index

with

an

annualized

total

return

of

1.22%,

compared

to

1.37%.

The

primary

reason

for

the

Fund’s

underperformance

was

the

overweight

to

the

very

short

end

of

the

curve

and

underweight

to

bonds

with

maturities

between

one

and

three

years.

Factors

Affecting

Past

Performance

The

close

of

fiscal

2023

demonstrated

market

volatility

caused

by

pervasive

high

inflation,

11

rate

hikes

from

the

Federal

Reserve

since

March

of

2022,

and

ever-increasing

debts

and

deficits

among

world

economies.

The

Treasury

curve

shifted

up

over

the

year,

especially

in

the

long

end

and

short

end.

From

November

30,

2022,

to

November

30,

2023,

the

30-year

Treasury

shifted

up

75

basis

points

(bps)

to

a

4.49%

yield,

and

the

two-month

Treasury

shifted

130

bps

to

5.39%.

Long

bonds

with

more

sensitivity

to

interest

rate

movements

generally

saw

lower

returns,

with

the

highest

returns

seen

in

bonds

with

maturities

between

one

and

three

years.

At

fiscal

year-end,

the

Sextant

Short-Term

Bond

Fund

had

over

46%

of

assets

in

bonds

maturing

inside

of

one

year.

In

comparison,

the

Bloomberg

US

Aggregate

1-3

Year

Index

had

5.38%

of

such

bonds.

The

very

short

end

of

the

curve

saw

yields

rise

significantly

over

the

year,

presenting

opportunities

but

also

resulting

in

some

volatility

in

performance.

The

Index

held

nearly

95%

of

its

assets

in

bonds

with

maturities

of

one

to

three

years,

versus

around

44%

for

the

Fund.

Bonds

with

maturities

between

one

and

three

years

were

the

primary

driver

of

fiscal

2023

performance,

returning

more

than

4%

for

both

the

Fund

and

the

Index.

Overall,

the

Short-Term

Bond

Fund

maintains

a

barbell

positioning,

with

allocation

to

the

very

front

end

of

the

curve

and

a

10%

allocation

to

bonds

in

the

three

to

five-year

space.

However,

the

Fund’s

effective

duration

of

1.24

years

was

shorter

than

the

Index,

which

had

an

effective

duration

of

around

1.76

years.

Looking

Forward

There

may

be

continued

volatility

with

yields

and

the

Treasury

curve

in

2024

driven

by

Fed

policy

changes

or

unexpected

high

inflation.

We

defensively

positioned

the

portfolio

to

withstand

anticipated

yield

curve

changes,

currency

movements,

and

inflationary

pressures.

Our

goal

has

always

been

to

choose

good

companies

and

invest

through

cycles.

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

7

Continued

on

next

page.

Corporate

Bonds

-

50.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

AutoZone

3.250%

due

04/15/2025

$

300,000

$

290,746

2.7%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

142,127

1.3%

VF

2.400%

due

04/23/2025

67,000

63,336

0.6%

496,209

4.6%

Consumer

Staples

Costco

Wholesale

2.750%

due

05/18/2024

385,000

380,735

3.5%

Dollar

General

4.150%

due

11/01/2025

250,000

243,351

2.2%

Procter

&

Gamble

2.800%

due

03/25/2027

300,000

282,949

2.6%

Walmart

2.850%

due

07/08/2024

325,000

320,177

3.0%

1,227,212

11.3%

Financials

Bank

of

America

Corp

3.500%

due

04/19/2026

400,000

384,739

3.6%

JPMorgan

Chase

&

Co

3.300%

due

04/01/2026

350,000

334,428

3.1%

PayP

al

Holdings

2.650%

due

10/01/2026

300,000

281,225

2.6%

Visa

3.150%

due

12/14/2025

350,000

338,223

3.1%

1,338,615

12.4%

Health

Care

Biogen

4.050%

due

09/15/2025

100,000

97,486

0.9%

Gilead

Sciences

3.700%

due

04/01/2024

200,000

198,663

1.8%

Johnson

&

Johnson

2.450%

due

03/01/2026

50,000

47,527

0.5%

343,676

3.2%

Information

Technology

NXP

BV/NXP

Funding

5.350%

due

03/01/2026

100,000

99,585

0.9%

Materials

DuPont

De

Nemours

4.493%

due

11/15/2025

308,000

302,973

2.8%

Technology

Oracle

2.950%

due

05/15/2025

325,000

313,401

2.9%

Take-Two

Interactive

Software

3.700%

due

04/14/2027

350,000

333,360

3.1%

646,761

6.0%

Utilities

Edison

International

3.550%

due

11/15/2024

350,000

341,863

3.1%

Exelon

Generation

3.250%

due

06/01/2025

250,000

241,171

2.2%

Florida

Power

&

Light

2.850%

due

04/01/2025

420,000

407,293

3.8%

990,327

9.1%

Total

Corporate

Bonds

(Cost

$5,668,199)

$5,445,358

50.3%

Government

Bonds

-

44.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Government

Sponsored

Federal

Farm

Credit

Bank

3.500%

due

12/20/2023

200,000

199,800

1.9%

Federal

Home

Loan

Bank

3.375%

due

12/08/2023

350,000

349,841

3.2%

549,641

5.1%

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

01/02/2024

200,000

199,061

1.8%

United

States

Cash

Management

Bill

–%

due

02/06/2024

200,000

198,046

1.8%

United

States

Cash

Management

Bill

–%

due

03/21/2024

500,000

491,941

4.6%

United

States

Cash

Management

Bill

–%

due

08/08/2024

500,000

482,587

4.5%

United

States

Cash

Management

Bill

–%

due

12/21/2023

200,000

199,415

1.8%

1,571,050

14.5%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

November

30,

2023

Annual

Report

Government

Bonds

-

44.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

United

States

Treasury

Bonds

United

States

Treasury

Bond

1.500%

due

02/15/2025

$

300,000

$

287,508

2.6%

United

States

Treasury

Bond

1.500%

due

02/29/2024

600,000

594,258

5.5%

881,766

8.1%

United

States

Treasury

Notes

United

States

Treasury

Note

2.875%

due

04/30/2025

400,000

388,610

3.6%

United

States

Treasury

Note

2.375%

due

05/15/2027

350,000

327,223

3.0%

United

States

Treasury

Note

2.250%

due

10/31/2024

500,000

486,738

4.5%

United

States

Treasury

Note

2.625%

due

12/31/2025

600,000

575,859

5.3%

1,778,430

16.4%

Total

Government

Bonds

(Cost

$4,870,823)

$4,780,887

44.1%

Total

investments

(Cost

$10,539,022)

$10,226,245

94.4%

Other

assets

(net

of

liabilities)

607,238

5.6%

Total

net

assets

$10,833,483

100.0%

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

9

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$10,539,022)

$

10,226,245

Cash

565,061

Interest

receivable

53,660

Prepaid

expenses

1,741

Receivable

for

Fund

shares

sold

6

Total

assets

10,846,713

Liabilities

Accrued

audit

expenses

5,382

Accrued

retirement

plan

custody

fee

2,928

Accrued

advisory

fees

2,422

Accrued

trustee

expenses

298

Accrued

Chief

Compliance

Officer

expenses

201

Distributions

payable

60

Accrued

legal

expenses

25

Accrued

other

operating

expenses

325

Accrued

printing

fees

1,589

Total

liabilities

13,230

Net

assets

$10,833,483

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$11,286,803

Total

distributable

earnings

(453,320)

Net

assets

applicable

to

Fund

shares

outstanding

$10,833,483

Fund

shares

outstanding

2,229,851

Net

asset

value,

offering,

and

redemption

price

per

share

$4.86

Year

ended

November

30,

2023

Investment

income

Interest

income

$

285,123

Total

investment

income

285,123

Expenses

Investment

advisory

fees

57,906

Filing

and

registration

fees

18,745

Audit

fees

7,202

Trustee

fees

4,075

Legal

fees

3,450

Retirement

plan

custodial

fees

3,307

Chief

Compliance

Officer

expenses

2,887

Custodian

fees

449

Other

operating

expenses

2,171

Total

gross

expenses

100,192

Less

advisory

fees

waived

(32,659)

Less

custodian

fee

credits

(449)

Net

expenses

67,084

Net

investment

income

$218,039

Net

realized

loss

from

investments

$(48,629)

Net

decrease

in

unrealized

depreciation

on

investments

205,877

Net

gain

on

investments

157,248

Net

increase

in

net

assets

resulting

from

operations

$375,287

Sextant

Short-Term

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

November

30,

2023

Annual

Report

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$218,039

$147,700

Net

realized

loss

on

investments

(48,629)

(83,277)

Net

increase

(decrease)

in

unrealized

appreciation

(depreciation)

on

investments

205,877

(565,403)

Net

increase

(decrease)

in

net

assets

375,287

(500,980)

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(221,971)

(147,690)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,538,887

1,690,769

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

220,156

147,117

Cost

of

shares

redeemed

(3,388,310)

(799,511)

Total

capital

shares

transactions

(1,629,267)

1,038,375

Total

increase

(decrease)

in

net

assets

(1,475,951)

389,705

Net

assets

Beginning

of

year

12,309,434

11,919,729

End

of

year

$10,833,483

$12,309,434

Shares

of

the

Fund

sold

and

redeemed

Sextant

Short-Term

Bond

(STBFX)

Number

of

shares

sold

319,707

345,687

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

45,613

30,209

Number

of

shares

redeemed

(701,000)

(162,491)

Net

increase

(decrease)

in

number

of

shares

outstanding

(335,680)

213,405

–

–

Sextant

Short-Term

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

11

tin

Sextant

Short-Term

Bond

(STBFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$4.80

$5.07

$5.17

$5.08

$4.94

Income

from

investment

operations

Net

investment

income

0.09

0.06

0.06

0.08

0.09

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.07

(0.27)

(0.10)

0.09

0.14

Total

from

investment

operations

0.16

(0.21)

(0.04)

0.17

0.23

Less

distributions

Dividends

(from

net

investment

income)

(0.10)

(0.06)

(0.06)

(0.08)

(0.09)

Total

distributions

(0.10)

(0.06)

(0.06)

(0.08)

(0.09)

Net

asset

value

at

end

of

year

$4.86

$4.80

$5.07

$5.17

$5.08

Total

Return

3.28%

(4.15)%

(0.88)%

3.46%

4.64%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$10,833

$12,309

$11,920

$11,426

$11,089

Ratio

of

expenses

to

average

net

assets

Before

advisory

fees

waiver

and

custodian

fee

credits

0.90%

0.88%

0.66%

0.90%

0.87%

After

advisory

fees

waiver

0.60%

0.60%

0.59%

0.60%

0.61%

After advisory

fees

waiver

and custodian

fee

credits

0.60%

0.60%

0.59%

0.60%

0.60%

Ratio

of

net

investment

income

after

advisory

fees

waiver

and

custodian

fee

credits  to

average

net

assets

1.95%

1.23%

1.07%

1.64%

1.75%

Portfolio

turnover

rate

24%

41%

29%

36%

32%

Sextant

Bond

Income

Fund:

Performance

Summary

(unaudited)

12

November

30,

2023

Annual

Report

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

Bloomberg

US

Aggregate

Bond

Index,

a

broad-based,

flagship

benchmark

that

measures

the

investment-grade,

US

dollar-denominated,

fixed-rate

taxable

bond

market.

The

graph

shows

that

an

investment

in

the

Fund

would

have

risen

to

$11,286

versus

$11,458

in

the

Bloomberg

US

Aggregate

Bond

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

Bond

Income

Fund

is

current

income.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Sextant

Bond

Income

(

SBIFX

)

0.86%

-0.01%

1.22%

0.92%

Bloomberg

US

Aggregate

Bond

Index

1.18%

0.71%

1.37%

n/a

1

By

regulation,

the

expense

ratio

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022,

before

fee

waivers.

The

actual

expense

ratio,

shown

in

the

most

recent

prospectus

after

fee

waivers,

was

0.65%.

The

ratio

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

United

States

Treasury

Bond

(4.250%

due

05/15/2039)

7.4%

United

States

Treasury

Bond

(3.375%

due

11/15/2048)

4.5%

United

States

Treasury

Bond

(5.375%

due

02/15/2031)

4.2%

Apple

(4.500%

due

02/23/2036)

3.4%

Microsoft

(4.200%

due

11/3/2035)

3.4%

Intel

(4.000%

due

12/15/2032)

3.3%

Home

Depot

(5.875%

due

12/16/2036)

3.2%

Burlington

Northern

Santa

Fe

(5.050%

due

03/1/2041)

2.9%

Praxair

(3.550%

due

11/7/2042)

2.7%

United

Technologies

(6.050%

due

06/1/2036)

2.6%

November

30,

2023

Annual

Report

13

Discussion

of

Fund

Performance

(unaudited)

Sextant

Bond

Income

Fund

Fiscal

Year

2023

For

the

fiscal

year

ended

November

30,

2023,

the

Sextant

Bond

Income

Fund

returned

0.86%,

trailing

the

FTSE

USBIG

Bond

Index,

which

returned

1.14%.

For

the

five-year

period

ended

November

30,

2023,

the

Fund

had

an

annualized

total

return

of

-0.01%,

underperforming

the

Index’s

0.72%.

The

primary

reason

the

Fund

trailed

the

Index

was

the

Fund’s

longer

maturity

profile

during

a

year

that

experienced

rising

rates.

Factors

Affecting

Past

Performance

The

close

of

fiscal

2023

demonstrated

market

volatility

caused

by

pervasive

high

inflation,

11

rate

hikes

from

the

Federal

Reserve

since

March

of

2022,

and

ever-increasing

debts

and

deficits

among

world

economies.

The

Treasury

curve

shifted

up

over

the

year,

especially

in

the

long

end

and

short

end.

From

November

30,

2022,

to

November

30,

2023

the

30-year

Treasury

shifted

up

75

basis

points

(bps)

to

a

4.49%

yield,

and

the

two-month

Treasury

shifted

130

bps

to

5.39%.

Long

bonds

with

more

sensitivity

to

interest

rate

movements

generally

saw

lower

returns.

At

fiscal

year-end,

the

Sextant

Bond

Income

Fund

had

nearly

46%

of

assets

in

bonds

maturing

in

10+

years.

In

comparison,

the

FTSE

USBIG

Bond

Index

only

had

about

23%

of

such

bonds.

The

Fund’s

effective

duration

of

6.88

years

is

longer

than

the

Index,

which

reported

an

effective

duration

of

just

over

six

years.

More

exposure

to

movements

in

interest

rates

resulted

in

additional

downward

movement

in

net

asset

value

(NAV).

However,

the

Fund

was

positioned

as

conservatively

as

possible

within

its

objectives

and

mandate.

The

Sextant

Bond

Income

Fund

maintained

an

average

maturity

of

9.81

years

in

fiscal

2023,

down

from

11.42

years

for

fiscal

2022,

and

defensively

positioned

relative

to

the

effective

maturity

of

the

Morningstar

Long-Term

Bond

category

average

at

19

years.

The

Fund

also

targets

holdings

with

a

bigger

coupon,

allowing

income

to

contribute

to

price

stability.

As

a

result,

the

Fund

was

in

the

18th

percentile

of

its

Morningstar

category

for

the

three-year

period

ended

November

30,

2023.

Looking

Forward

There

may

be

continued

volatility

with

yields

and

the

Treasury

curve

in

2024

driven

by

Fed

policy

changes

or

unexpected

high

inflation.

We

defensively

positioned

the

portfolio

to

withstand

anticipated

yield

curve

changes,

currency

movements,

and

inflationary

pressures.

Our

goal

has

always

been

to

choose

good

companies

and

invest

through

cycles.

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

14

November

30,

2023

Annual

Report

Continued

on

next

page.

Corporate

Bonds

-

62

.0

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Depot

5.875%

due

12/16/2036

$

300,000

$

320,333

3.2%

Lowe's

5.800%

due

10/15/2036

250,000

253,872

2.5%

574,205

5.7%

Consumer

Staples

Kimberly

Clark

5.300%

due

03/01/2041

100,000

98,046

1.0%

Procter

&

Gamble

5.500%

due

02/01/2034

200,000

209,320

2.1%

Unilever

Capital

5.900%

due

11/15/2032

200,000

213,558

2.1%

520,924

5.2%

Energy

Baker

Hughes

6.875%

due

01/15/2029

100,000

104,775

1.0%

Canadian

Natural

Resources

6.450%

due

06/30/2033

225,000

231,193

2.3%

Statoil

7.150%

due

01/15/2029

224,000

242,534

2.4%

578,502

5.7%

Financials

Affiliated

Managers

Group

3.500%

due

08/01/2025

250,000

240,089

2.4%

Bank

Of

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

224,353

2.2%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

86,682

0.9%

State

Street

(Quarterly

US

LIBOR

plus

100)

1

6.552%

due

06/15/2047

100,000

80,967

0.8%

UBS

AG

Stamford

CT

7.750%

due

09/01/2026

200,000

207,037

2.0%

839,128

8.3%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

250,371

2.5%

Johnson

&

Johnson

4.950%

due

05/15/2033

226,000

235,526

2.3%

Johnson

&

Johnson

5.850%

due

07/15/2038

50,000

54,979

0.6%

Medtronic

4.375%

due

03/15/2035

260,000

243,625

2.4%

Merck

&

Co.

6.500%

due

12/01/2033

215,000

239,924

2.4%

1,024,425

10.2%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

310,000

292,766

2.9%

Deere

&

Co.

8.100%

due

05/15/2030

95,000

110,692

1.1%

United

Technologies

6.050%

due

06/01/2036

250,000

258,065

2.6%

661,523

6.6%

Materials

Praxair

3.550%

due

11/07/2042

350,000

271,773

2.7%

Technology

Apple

4.500%

due

02/23/2036

350,000

346,885

3.4%

Intel

4.000%

due

12/15/2032

360,000

336,204

3.3%

Microsoft

5.300%

due

02/08/2041

50,000

53,220

0.5%

Microsoft

4.200%

due

11/03/2035

350,000

337,403

3.4%

1,073,712

10.6%

Utilities

Alabama

Power

4.150%

due

08/15/2044

200,000

160,117

1.6%

Entergy

Louisiana

5.400%

due

11/01/2024

200,000

199,663

2.0%

Florida

Power

&

Light

5.950%

due

10/01/2033

100,000

103,627

1.0%

Puget

Sound

Energy

4.434%

due

11/15/2041

300,000

241,841

2.4%

705,248

7.0%

Total

Corporate

Bonds

(Cost

$7,200,124)

$

6,249,440

62.0%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

15

Government

Bonds

-

24

.0

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Foreign

Government

Bonds

Quebec

Canada

Yankee

7.125%

due

02/09/2024

$

175,000

$

175,413

1.7%

United

States

Treasury

Bonds

United

States

Treasury

Bond

5.250%

due

02/15/2029

170,000

176,840

1.8%

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

426,156

4.2%

United

States

Treasury

Bond

6.250%

due

05/15/2030

75,000

82,743

0.8%

United

States

Treasury

Bond

4.250%

due

05/15/2039

770,000

741,847

7.4%

United

States

Treasury

Bond

6.125%

due

08/15/2029

225,000

244,538

2.4%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

117,393

1.2%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

452,113

4.5%

2,241,630

22.3%

Total

Government

Bonds

(Cost

$3,104,429)

$

2,417,043

24.0%

Total

investments

(Cost

$10,304,553)

$

8,666,483

86.0%

Other

assets

(net

of

liabilities)

1,407,314

14.0%

Total

net

assets

$

10,073,797

100.0%

1

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

November

30,

2023

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

LIBOR:

London

Interbank

Offered

Rates

MTN:

Medium

Term

Note

Yankee:

Dollar-denominated

bonds

issued

in

the

U.S.

by

foreign

banks

or

corporations

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

November

30,

2023

Annual

Report

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$10,304,553)

$

8,666,483

Cash

1,312,625

Interest

receivable

107,242

Prepaid

expenses

1,634

Receivable

for

Fund

shares

sold

21

Total

assets

10,088,005

Liabilities

Accrued

audit

expenses

4,354

Accrued

advisory

fees

2,787

Accrued

retirement

plan

custody

fee

2,430

Distributions

payable

1,298

Payable

for

Fund

shares

redeemed

335

Accrued

trustee

expenses

244

Accrued

Chief

Compliance

Officer

expenses

163

Accrued

legal

expenses

94

Accrued

other

operating

expenses

626

Accrued

printing

fees

801

Accrued

postage

1,076

Total

liabilities

14,208

Net

assets

$10,073,797

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$11,728,191

Total

distributable

earnings

(1,654,394)

Net

assets

applicable

to

Fund

shares

outstanding

$10,073,797

Fund

shares

outstanding

2,354,879

Net

asset

value,

offering,

and

redemption

price

per

share

$4.28

Year

ended

Nove

mber

30,

2023

Investment

income

Interest

income

$

340,408

Miscellaneous

income

25

Total

investment

income

340,433

Expenses

Investment

advisory

fees

54,780

Filing

and

registration

fees

18,074

Audit

fees

6,069

Trustee

fees

3,346

Legal

fees

2,924

Retirement

plan

custodial

fees

2,734

Chief

Compliance

Officer

expenses

2,448

Custodian

fees

382

Other

operating

expenses

1,428

Total

gross

expenses

92,185

Less

advisory

fees

waived

(29,650)

Less

custodian

fee

credits

(382)

Net

expenses

62,153

Net

investment

income

$278,280

Net

realized

loss

from

investments

$(400)

Net

increase

in

unrealized

depreciation

on

investments

(162,297)

Net

loss

on

investments

(162,697)

Net

increase

in

net

assets

resulting

from

operations

$115,583

Sextant

Bond

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

17

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$278,280

$277,192

Net

realized

loss

on

investments

(400)

–

Net

increase

in

unrealized

de

preciation

on

investments

(162,297)

(2,368,106)

Net

increase

(decrease)

in

net

assets

115,583

(2,090,914)

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(279,913)

(277,203)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,281,464

507,351

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

273,882

270,589

Cost

of

shares

redeemed

(1,131,452)

(1,128,328)

Total

capital

shares

transactions

423,894

(350,388)

Total

increase

(decrease)

in

net

assets

259,564

(2,718,505)

Net

assets

Beginning

of

year

9,814,233

12,532,738

End

of

year

$10,073,797

$9,814,233

Shares

of

the

Fund

sold

and

redeemed

Sextant

Bond

Income

(SBIFX)

Number

of

shares

sold

302,431

104,214

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

63,138

57,728

Number

of

shares

redeemed

(258,610)

(233,970)

Net

increase

(decrease)

in

number

of

shares

outstanding

106,959

(72,028)

–

–

Sextant

Bond

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

November

30,

2023

Annual

Report

tin

Sextant

Bond

Income

(SBIFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$4.37

$5.40

$5.65

$5.34

$4.89

Income

from

investment

operations

Net

investment

income

0.13

0.12

0.13

0.14

0.15

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.09)

(1.03)

(0.25)

0.31

0.45

Total

from

investment

operations

0.04

(0.91)

(0.12)

0.45

0.60

Less

distributions

Dividends

(from

net

investment

income)

(0.13)

(0.12)

(0.13)

(0.14)

(0.15)

Total

distributions

(0.13)

(0.12)

(0.13)

(0.14)

(0.15)

Net

asset

value

at

end

of

year

$4.28

$4.37

$5.40

$5.65

$5.34

Total

Return

0.86%

(16.94)%

(2.19)%

8.48%

12.45%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$10,074

$9,814

$12,533

$14,042

$12,454

Ratio

of

expenses

to

average

net

assets

Before

advisory

fees

waiver

and

custodian

fee

credits

0.96%

1.03%

0.58%

0.63%

0.71%

After

advisory

fees

waiver

0.65%

0.65%

0.53%

0.48%

0.55%

After  advisory

fees

waiver

and

custodian

fee

credits

0.65%

0.65%

0.53%

0.48%

0.55%

Ratio

of

net

investment

income

after

advisory

fee

waivers

and

custodian

fee

credits to

average

net

assets

2.91%

2.58%

2.31%

2.50%

2.96%

Portfolio

turnover

rate

0%

0%

3%

13%

21%

November

30,

2023

Annual

Report

19

Sextant

Core

Fund:

Performance

Summary

(unaudited)

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

Dow

Jones

Moderate

US

Portfolio

Index,

a

broad-based

index

of

stock

and

bond

prices.

The

graph

shows

that

an

investment

in

the

Fund

would

have

risen

to

$16,470

versus

$16,411

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objectives

of

the

Core

Fund

are

long-term

appreciation

and

capital

preservation.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Sextant

Core

(

SCORX

)

3.88%

6.26%

5.12%

0.82%

Dow

Jones

Moderate

US

Portfolio

Index

4.93%

5.00%

5.07%

n/a

1

By

regulation,

the

expense

ratio

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus,

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022.

The

ratio

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

United

States

Cash

Management

Bill

(0.000%

due

12/21/2023)

10.6%

United

States

Treasury

Note

(2.000%

due

05/31/2024)

5.0%

Comcast

(5.650%

due

06/15/2035)

2.4%

Novo

Nordisk

ADR

2.4%

Pacificorp

(6.000%

due

01/15/2039)

2.3%

Eaton

2.2%

Oracle

(2.950%

due

04/1/2030)

2.1%

United

States

Treasury

Note

(1.125%

due

01/15/2025)

1.8%

Apple

1.7%

Oracle

1.7%

Discussion

of

Fund

Performance

(unaudited)

Sextant

Core

Fund

20

November

30,

2023

Annual

Report

Fiscal

Year

2023

The

Sextant

Core

Fund

returned

3.88%

for

the

fiscal

year

ended

November

30,

2023.

For

the

same

period,

the

Dow

Jones

Moderate

Portfolio

Index

returned

4.93%.

The

annual

portfolio

turnover

for

the

Fund

was

13%.

On

November

30,

2023,

the

Fund

recorded

a

30-day

yield

of

2.22%.

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.

At

fiscal

year-end,

the

average

market

capitalization

of

positions

held

by

the

Fund

was

$216.3

billion,

with

17%

average

debt

to

market

capitalization.

The

equity

portion

of

the

Fund

represented

55.55%

of

the

portfolio

and

was

comprised

of

57

positions

across

12

countries.

Last

year,

as

of

November

30,

2022,

the

largest

sector

of

the

equity

portion

of

the

Sextant

Core

Fund

was

Industrials

at

17.7%,

followed

by

Technology

(17.5%)

and

Health

Care

(16.3%).

This

year,

the

largest

sector

of

the

equity

portion

of

the

portfolio

was

Technology

at

23.01%,

followed

by

Industrials

(18.13%)

and

Consumer

Discretionary

(12.05%).

Fixed

Income

The

Sextant

Core

Fund

targets

an

allocation

of

40%

cash

and

investment-grade

fixed-income

securities.

The

Federal

Reserve

was

the

dominant

driver

of

fixed-income

markets,

aggressively

raising

interest

rates

during

the

year.

The

Fed

hiked

rates

150

basis

points

(bps)

to

5.375%

at

the

midpoint

in

an

effort

to

slow

inflation.

While

higher

interest

rates

caused

existing

bond

prices

to

fall,

they

also

restored

bond

yields

and

the

asset

class’s

ability

to

cushion

portfolio

volatility.

Looking

Forward

The

US

equity

and

bond

markets

ended

fiscal

2023

with

a

buoyant

November,

driven

by

expectations

that

interest

rate

hikes

were

in

the

rearview

mirror

and

cuts

were

coming

down

the

pike.

While

interest

rate

cuts

may

be

in

store

for

2024,

the

reason

for

those

cuts

is

just

as

important

as

the

number

of

cuts.

While

measured

cuts

following

cooling

inflation

should

support

asset

prices,

rapid

cuts

due

to

deteriorating

real

economic

growth

would

be

especially

concerning.

As

markets

stare

down

such

a

dichotomic

outlook,

we

see

the

value

of

a

60/40

portfolio:

bonds

provide

shelter

from

the

storm

and

equities

provide

exposure

to

prevailing

winds.

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

21

Continued

on

next

page.

Common

Stock

-

55

.5

%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

2

2,300

$

117,775

$

304,819

United

States

1.4%

Consumer

Discretionary

Automotive

Retailers

AutoZone

60

158,534

156,595

United

States

0.7%

O'Reilly

Automotive

2

160

135,486

157,181

United

States

0.8%

294,020

313,776

1.5%

Home

Products

Stores

Floor

&

Decor

Holdings

2

1,900

138,164

174,249

United

States

0.8%

Lowe's

1,100

75,376

218,713

United

States

1.0%

213,540

392,962

1.8%

Specialty

Apparel

Stores

Lululemon

Athletica

2

550

177,757

245,740

United

States

1.2%

Ross

Stores

1,750

132,684

228,165

United

States

1.1%

TJX

Companies

2,700

139,837

237,897

United

States

1.1%

450,278

711,802

3.4%

957,838

1,418,540

6.7%

Consumer

Staples

Agricultural

Producers

Darling

Ingredients

2

3,000

183,200

131,610

United

States

0.6%

Beverages

PepsiCo

385

42,104

64,792

United

States

0.3%

Household

Products

Procter

&

Gamble

1,150

93,040

176,548

United

States

0.8%

Packaged

Food

Danone

ADR

23,000

279,474

297,160

France

1.4%

General

Mills

5,300

376,326

337,398

United

States

1.6%

Nestle

ADR

1,000

73,990

113,920

Switzerland

0.5%

729,790

748,478

3.5%

1,048,134

1,121,428

5.2%

Energy

Exploration

&

Production

ConocoPhillips

2,600

103,423

300,482

United

States

1.4%

Integrated

Oils

Shell

ADR

3,950

148,402

259,910

Netherlands

1.2%

Refining

&

Marketing

Phillips

66

1,100

73,403

141,779

United

States

0.7%

Renewable

Energy

Equipment

Enphase

Energy

1,500

202,517

151,530

United

States

0.7%

527,745

853,701

4.0%

Financials

Consumer

Finance

Mastercard,

Class

A

500

137,490

206,915

United

States

1.0%

Visa

900

138,794

231,012

United

States

1.1%

276,284

437,927

2.1%

Institutional

Brokerage

Virtu

Financial

11,000

185,000

197,780

United

States

0.9%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

22

November

30,

2023

Annual

Report

Continued

on

next

page.

Common

Stock

-

55.5%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

(continued)

P&C

Insurance

Chubb

810

$

102,989

$

185,838

Switzerland

0.9%

564,273

821,545

3.9%

Health

Care

Large

Pharma

AstraZeneca

ADR

3,000

178,388

193,770

United

Kingdom

0.9%

GlaxoSmithKline

ADR

4,200

147,248

151,158

United

Kingdom

0.7%

Johnson

&

Johnson

1,164

101,169

180,024

United

States

0.8%

Novo

Nordisk

ADR

5,000

155,393

509,200

Denmark

2.4%

582,198

1,034,152

4.8%

Managed

Care

UnitedHealth

Group

300

103,583

165,891

United

States

0.8%

Medical

Devices

Abbott

Laboratories

2,000

77,110

208,580

United

States

1.0%

762,891

1,408,623

6.6%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

1,000

49,532

195,920

United

States

0.9%

Johnson

Controls

International

5,350

205,042

282,480

United

States

1.3%

NIBE

Industrier

AB

Class

B

20,000

132,078

118,409

Sweden

0.6%

386,652

596,809

2.8%

Electrical

Power

Equipment

Eaton

2,000

298,440

455,380

United

States

2.2%

Flow

Control

Equipment

Parker

Hannifin

500

60,804

216,590

United

States

1.0%

Industrial

Distribution

&

Rental

Fastenal

2,800

64,603

167,916

United

States

0.8%

Industrial

Machinery

Illinois

Tool

Works

525

116,199

127,160

United

States

0.6%

Rail

Freight

Canadian

National

Railway

2,000

86,366

231,900

Canada

1.1%

Canadian

Pacific

Kansas

City

2,568

182,009

184,896

Canada

0.9%

268,375

416,796

2.0%

Waste

Management

Republic

Services

950

116,161

153,748

United

States

0.7%

1,311,234

2,134,399

10.1%

Materials

Agricultural

Chemicals

Corteva

4,000

212,932

180,800

United

States

0.8%

Base

Metals

Mineral

Resources

3,321

148,162

133,769

Australia

0.6%

Basic

&

Diversified

Chemicals

Linde

560

75,239

231,711

Ireland

1.1%

Precious

Metal

Mining

Agnico-Eagle

Mines

6,150

299,837

330,255

Canada

1.6%

Specialty

Chemicals

RPM

International

125

4,837

12,867

United

States

0.1%

741,007

889,402

4.2%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

23

Continued

on

next

page.

Common

Stock

-

55.5%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

Application

Software

SAP

ADR

975

$

146,752

$

155,142

Germany

0.8%

Communications

Equipment

Apple

1,900

44,723

360,905

United

States

1.7%

Motorola

Solutions

1,025

264,513

330,942

United

States

1.6%

309,236

691,847

3.3%

Consumer

Electronics

Sony

ADR

1,000

77,162

85,950

Japan

0.4%

Information

Services

Wolters

Kluwer

NV

950

123,940

130,502

Netherlands

0.6%

Infrastructure

Software

Microsoft

800

99,998

303,128

United

States

1.4%

Oracle

3,100

124,402

360,251

United

States

1.7%

224,400

663,379

3.1%

IT

Services

CGI

1,300

129,758

132,119

Canada

0.6%

Semiconductor

Devices

Infineon

Technologies

ADR

5,775

136,648

223,492

Germany

1.1%

Micron

Technology

1,550

59,028

117,986

United

States

0.6%

NXP

Semiconductors

950

90,828

193,876

Netherlands

0.9%

Qualcomm

100

5,186

12,905

United

States

0.1%

STMicroelectronics

ADR

2,000

91,454

94,880

Switzerland

0.4%

383,144

643,139

3.1%

1,394,392

2,502,078

11.9%

Utilities

Integrated

Utilities

NextEra

Energy

5,425

153,508

317,417

United

States

1.5%

Total

Common

Stock

$7,578,797

$

11,771,952

55.5%

Corporate

Bonds

-

22

.8

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Bellsouth

Capital

Funding

7.875%

due

02/15/2030

150,000

160,399

United

States

0.8%

Comcast

5.650%

due

06/15/2035

500,000

513,200

United

States

2.4%

673,599

3.2%

Consumer

Discretionary

Expedia

Group

5.000%

due

02/15/2026

250,000

247,512

United

States

1.2%

Lowe's

4.250%

due

09/15/2044

250,000

193,140

United

States

0.9%

Stanford

University

4.013%

due

05/01/2042

100,000

84,048

United

States

0.4%

524,700

2.5%

Consumer

Staples

Coca

Cola

1.000%

due

03/15/2028

250,000

215,944

United

States

1.0%

Financials

Charles

Schwab

3.000%

due

03/10/2025

300,000

290,067

United

States

1.3%

Welltower

4.250%

due

04/15/2028

350,000

333,894

United

States

1.6%

623,961

2.9%

Health

Care

Cardinal

Health

3.500%

due

11/15/2024

155,000

151,734

United

States

0.7%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

24

November

30,

2023

Annual

Report

Corporate

Bonds

-

22.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Health

Care

(continued)

Gilead

Sciences

3.700%

due

04/01/2024

$

250,000

$

248,329

United

States

1.2%

400,063

1.9%

Industrials

Burlington

Northern

Santa

Fe

Bond

6.200%

due

08/15/2036

150,000

161,415

United

States

0.8%

CSX

Corp

4.650%

due

03/01/2068

300,000

249,976

United

States

1.2%

FedEx

3.900%

due

02/01/2035

250,000

215,764

United

States

1.0%

Legrand

France

Yankee

8.500%

due

02/15/2025

170,000

177,174

France

0.8%

Union

Pacific

3.375%

due

02/01/2035

250,000

209,285

United

States

1.0%

1,013,614

4.8%

Technology

Oracle

2.950%

due

04/01/2030

500,000

437,973

United

States

2.1%

Qualcomm

3.250%

due

05/20/2027

220,000

209,553

United

States

1.0%

647,526

3.1%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

244,188

United

States

1.1%

Pacificorp

6.000%

due

01/15/2039

500,000

487,878

United

States

2.3%

732,066

3.4%

Total

Corporate

Bonds

(Cost

$5,317,875)

$

4,831,473

22.8%

Government

Bonds

-

18

.7

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

12/21/2023

2,250,000

2,243,420

United

States

10.6%

United

States

Treasury

Bonds

United

States

Treasury

Bond

4.500%

due

02/15/2036

137,000

139,167

United

States

0.7%

United

States

Treasury

Bond

3.625%

due

02/15/2044

155,000

132,622

United

States

0.6%

271,789

1.3%

United

States

Treasury

Notes

United

States

Treasury

Note

1.125%

due

01/15/2025

400,000

382,703

United

States

1.8%

United

States

Treasury

Note

2.000%

due

05/31/2024

1,080,000

1,062,197

United

States

5.0%

1,444,900

6.8%

Total

Government

Bonds

(Cost

$4,030,939)

$

3,960,109

18.7%

Municipals

Bonds

-

0

.5

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Utility

Networks

Tacoma

WA

Elec

Sys

Revenue

5.966%

due

01/01/2035

100,000

104,279

United

States

0.5%

Total

Municipals

Bonds

(Cost

$117,822)

$

104,279

0.5%

Total

investments

(Cost

$17,045,433)

$

20,667,813

97.5%

Other

assets

(net

of

liabilities)

526,923

2.5%

Total

net

assets

$

21,194,736

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Yankee:

Dollar-denominated

bonds

issued

in

the

U.S.

by

foreign

banks

or

corporations

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

25

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$17,045,433)

$

20,667,813

Cash

455,763

Interest

receivable

67,576

Dividends

receivable

22,665

Prepaid

expenses

2,264

Total

assets

21,216,081

Liabilities

Accrued

advisory

fees

8,406

Accrued

audit

expenses

6,581

Accrued

retirement

plan

custody

fee

3,096

Payable

for

Fund

shares

redeemed

1,000

Accrued

trustee

expenses

503

Accrued

Chief

Compliance

Officer

expenses

268

Accrued

legal

expenses

40

Accrued

other

operating

expenses

1,451

Total

liabilities

21,345

Net

assets

$21,194,736

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$17,248,685

Total

distributable

earnings

3,946,051

Net

assets

applicable

to

Fund

shares

outstanding

$21,194,736

Fund

shares

outstanding

1,392,924

Net

asset

value,

offering,

and

redemption

price

per

share

$15.22

Year

en

ded

November

30,

2023

Investment

income

Interest

income

$

300,658

Dividend

Income

(Net

of

foreign

tax

of

$7,428)

212,347

Total

investment

income

513,005

Expenses

Investment

advisory

fees

108,712

Filing

and

registration

fees

21,881

Audit

fees

11,813

Trustee

fees

6,659

Legal

fees

5,922

Chief

Compliance

Officer

expenses

4,946

Retirement

plan

custodial

fees

3,576

ReFlow

fees

2,709

Custodian

fees

829

Other

operating

expenses

3,717

Total

gross

expenses

170,764

Less

custodian

fee

credits

(829)

Net

expenses

169,935

Net

investment

income

$343,070

Net

realized

gain

from

investments

and

foreign

currency

$722,143

A

Net

decrease

in

unrealized

appreciation

on

investments

and

foreign

currency

(258,801)

Net

gain

on

investments

463,342

Net

increase

in

net

assets

resulting

from

operations

$806,412

A

Includes

$728,625

in

net

realized

gains

from

redemptions

in-kind

Sextant

Core

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

26

November

30,

2023

Annual

Report

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$343,070

$267,680

Net

realized

gain

on

investments

and

foreign

currency

722,143

231,120

Net

decrease

in

unrealized

appreciation

on

investments

and

foreign

currency

(258,801)

(1,517,213)

Net

increase

(decrease)

in

net

assets

806,412

(1,018,413)

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(282,074)

(596,464)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

5,941,201

3,995,234

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

281,446

595,223

Cost

of

shares

redeemed

(4,834,213)

(2,625,501)

Total

capital

shares

transactions

1,388,434

1,964,956

Total

increase

in

net

assets

1,912,772

350,079

Net

assets

Beginning

of

year

19,281,964

18,931,885

End

of

year

$21,194,736

$19,281,964

Shares

of

the

Fund

sold

and

redeemed

Sextant

Core

(SCORX)

Number

of

shares

sold

400,225

269,720

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

19,424

36,856

Number

of

shares

redeemed

(323,202)

(179,014)

Net

increase

in

number

of

shares

outstanding

96,447

127,562

–

–

Sextant

Core

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

27

tin

Sextant

Core

(SCORX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$14.87

$16.20

$14.81

$14.31

$12.84

Income

from

investment

operations

Net

investment

income

0.26

0.21

0.24

0.19

0.19

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

0.30

(1.03)

1.36

1.13

1.45

Total

from

investment

operations

0.56

(0.82)

1.60

1.32

1.64

Less

distributions

Dividends

(from

net

investment

income)

(0.19)

(0.25)

(0.21)

(0.20)

(0.17)

Distributions

(from

capital

gains)

(0.02)

(0.26)

–

(0.62)

–

Total

distributions

(0.21)

(0.51)

(0.21)

(0.82)

(0.17)

Net

asset

value

at

end

of

year

$15.22

$14.87

$16.20

$14.81

$14.31

Total

Return

3.88%

(5.32)%

10.95%

9.72%

13.04%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$21,195

$19,282

$18,932

$18,962

$16,875

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.86%

0.90%

0.57%

0.88%

0.90%

After  custodian

fee

credits

0.85%

0.90%

0.56%

0.88%

0.90%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

1.72%

1.44%

1.52%

1.40%

1.63%

Portfolio

turnover

rate

13%

10%

14%

19%

28%

Sextant

Global

High

Income

Fund:

Performance

Summary

(unaudited)

28

November

30,

2023

Annual

Report

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

S&P

Global

1200

Index,

a

global

stock

market

index

covering

nearly

70%

of

the

world’s

equity

markets.

The

graph

shows

that

an

investment

in

the

Fund

would

have

risen

to

$14,223

versus

$23,266

in

the

S&P

Global

1200

Index

and

$13,939

in

the

Bloomberg

Global

High

Yield

Corporate

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

Global

High

Income

Fund

is

high

income,

with

a

secondary

objective

of

capital

preservation.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Sextant

Global

High

Income

Fund

(

SGHIX

)

4.31%

2.56%

3.59%

0.85%

S&P

Global

1200

Index

12.88%

10.34%

8.80%

n/a

Bloomberg

Global

High

Yield

Corporate

Index

10.00%

3.37%

3.37%

n/a

1

By

regulation,

the

expense

ratio

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022,

before

fee

waivers.

The

actual

expense

ratio,

shown

in

the

most

recent

prospectus

after

fee

waivers,

was

0.75%.

The

ratio

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

United

States

Treasury

Note

(2.000%

due

05/31/2024)

10.4%

Southern

Copper

3.8%

BHP

Biliton

ADR

3.6%

Skandinaviska

Enskilda

Banken

,

Cl

A

3.2%

YUM!

Brands

(3.625%

due

03/15/2031)

2.7%

Shell

ADR

2.7%

United

States

Cash

Management

Bill

(0.000%

due

12/21/2023)

2.6%

Bank

of

Montreal

(3.300%

due

02/5/2024)

2.6%

Novartis

Capital

Corp

(3.400%

due

05/6/2024)

2.6%

SK

Telecom

ADR

2.6%

November

30,

2023

Annual

Report

29

Discussion

of

Fund

Performance

(unaudited)

Sextant

Global

High

Income

Fiscal

Year

2023

The

Sextant

Global

High

Income

Fund

completed

fiscal

year

2023

with

a

total

return

of

4.31%.

For

the

same

period,

the

Fund’s

equity

benchmark,

the

S&P

Global

1200,

returned

12.88%.

The

Fund’s

fixed

income

benchmark,

the

Bloomberg

Global

High

Yield

Corporate

Bond

Index,

returned

10.00%.

The

Fund’s

30-day

SEC

yield

on

November

30,

2023,

was

4.71%.

Factors

Affecting

Past

Performance

In

October

2022,

the

annual

inflation

rate

was

7.7%,

which

moderated

to

3.2%

by

October

2023.

The

Federal

Reserve’s

last

interest

rate

increase

was

in

July

2023.

The

Fed’s

next

move

is

likely

to

be

an

interest

rate

cut,

shifting

from

a

headwind

to

a

tailwind

for

economic

growth.

Advancements

in

artificial

intelligence

(AI)

rescued

the

cyclical

downturn

in

the

Technology

sector

in

2023;

nine

of

the

10

biggest

contributors

to

the

S&P

500

for

the

fiscal

year

were

information

tech

companies.

These

improvements,

along

with

the

apparent

end

of

the

Fed’s

tightening

cycle,

helped

drive

equity

returns

and

supported

bond

returns

after

a

poor

year

for

both

asset

classes.

The

international

telecom

industry

rebounded

during

the

fiscal

year,

contributing

to

the

Sextant

Global

High

Income

Fund’s

performance.

Detractors

to

Fund

performance

were

concentrated

in

the

raw

Materials

sector.

Overall,

the

Fund’s

lack

of

investment

in

market-leading

US

Tech

companies

limited

its

performance.

The

Fund

does

not

hold

investments

in

such

companies

because

they

don’t

pay

dividends

at

a

level

consistent

with

“high

income”

–

if

they

pay

a

dividend

at

all.

Looking

Forward

Equities

Chances

appear

decent

that

high

inflation

has

calmed,

and

the

Fed

has

managed

to

engineer

a

“soft

landing.”

The

prospect

of

interest

rate

cuts

in

2024

should

help

support

continued

economic

growth.

There

are

preliminary

signs

that

advances

in

AI

have

materially

improved

productivity.

However,

there

are

longer-term

concerns

about

worker

displacement

by

AI,

and

the

possibility

of

“super

intelligent”

machines

may

present

existential

risks.

For

now,

the

prospects

for

economic

growth

and

market

performance

appear

positive.

Fixed

Income

With

the

Fed

likely

to

pivot

to

rate

cuts,

short-term

rates

should

follow

the

Fed

lower.

The

jury

is

still

out

on

whether

long-term

rates

will

follow

along

with

the

short-term

rate

cuts,

or

if

factors

like

higher

economic

growth

or

large

government

deficits

will

keep

longer-term

interest

rates

higher,

resulting

in

a

steepening

yield

curve.

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

30

November

30,

2023

Annual

Report

Continued

on

next

page.

Common

Stock

-

45.2%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Orange

ADR

20,000

$

270,394

$

239,000

France

2.5%

SK

Telecom

ADR

11,000

265,272

247,500

South

Korea

2.6%

Telenor

ASA

20,000

265,603

216,065

Norway

2.3%

Verizon

Communications

6,000

294,820

229,980

United

States

2.4%

1,096,089

932,545

9.8%

Consumer

Discretionary

Automobiles

Volkswagen

AG

1,500

274,363

174,527

Germany

1.9%

Energy

Exploration

&

Production

Woodside

Energy

Group

ADR

8,500

174,552

172,805

Australia

1.8%

Integrated

Oils

Shell

ADR

3,800

241,426

250,040

Netherlands

2.7%

415,978

422,845

4.5%

Financials

Banks

ANZ

Group

Holdings

ADR

15,000

244,950

242,400

Australia

2.6%

Skandinaviska

Enskilda

Banken,

Cl

A

25,000

233,632

303,238

Sweden

3.2%

478,582

545,638

5.8%

Institutional

Brokerage

Virtu

Financial

7,500

119,775

134,850

United

States

1.4%

598,357

680,488

7.2%

Health

Care

Large

Pharma

GlaxoSmithKline

ADR

6,500

267,211

233,935

United

Kingdom

2.5%

Novartis

ADR

2,500

134,038

244,750

Switzerland

2.6%

Sandoz

Group

AG-ADR

500

7,234

14,273

Switzerland

0.1%

408,483

492,958

5.2%

Materials

Base

Metals

Norsk

Hydro

ASA

35,000

314,618

204,014

Norway

2.2%

South32

ADR

19,000

134,773

190,950

Australia

2.0%

Southern

Copper

5,000

335,962

359,650

Peru

3.8%

785,353

754,614

8.0%

Steel

Raw

Material

Suppliers

BHP

Biliton

ADR

5,500

186,488

335,280

Australia

3.6%

971,841

1,089,894

11.6%

Technology

Communications

Equipment

Cisco

Systems

5,000

179,892

241,900

United

States

2.5%

Consumer

Electronics

Nintendo

5,000

223,480

233,732

Japan

2.5%

403,372

475,632

5.0%

Total

Common

Stock

$4,168,483

$4,268,889

45.2%

Corporate

Bonds

-

33.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Comcast

4.650%

due

07/15/2042

250,000

219,512

United

States

2.4%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

31

Continued

on

next

page.

Corporate

Bonds

-

33.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

(continued)

Netflix

4.375%

due

11/15/2026

$

250,000

$

246,190

United

States

2.6%

465,702

5.0%

Consumer

Discretionary

Delta

Air

Lines

3.750%

due

10/28/2029

250,000

223,610

United

States

2.4%

Ford

Motor

6.375%

due

02/01/2029

220,000

220,408

United

States

2.3%

MDC

Holdings

3.850%

due

01/15/2030

200,000

172,716

United

States

1.8%

YUM!

Brands

3.625%

due

03/15/2031

295,000

253,374

United

States

2.7%

870,108

9.2%

Consumer

Staples

Grupo

Bimbo

2

4.875%

due

06/27/2044

200,000

170,942

Mexico

1.8%

Energy

Petrobras

International

Finance

6.875%

due

01/20/2040

50,000

48,752

Brazil

0.5%

Petrobras

International

Finance

6.750%

due

01/27/2041

80,000

76,250

Brazil

0.8%

125,002

1.3%

Financials

Bank

of

Montreal

3.300%

due

02/05/2024

250,000

248,866

Canada

2.6%

Lincoln

National(3

month

LIBOR

plus

2.04%)

3

7.628%

due

04/20/2067

250,000

149,375

United

States

1.6%

398,241

4.2%

Health

Care

Novartis

Capital

Corp

3.400%

due

05/06/2024

250,000

247,800

Switzerland

2.6%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

200,000

188,882

United

States

2.0%

CSX

Corp

4.650%

due

03/01/2068

250,000

208,313

United

States

2.2%

Norfolk

Southern

5.100%

due

08/01/2118

275,000

229,692

United

States

2.5%

626,887

6.7%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

244,188

United

States

2.6%

Total

Corporate

Bonds

(Cost

$3,593,424)

$3,148,870

33.4%

Government

Bonds

-

16.9%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Foreign

Government

Bonds

Colombia

Republic

8.375%

due

02/15/2027

125,000

126,056

Colombia

1.3%

Federal

Republic

of

Brazil

8.500%

due

01/05/2024

BRL

750,000

151,163

Brazil

1.6%

Republic

of

Argentina

1.000%

due

07/09/2029

9,276

3,340

Argentina

0.0%

4

Republic

of

Argentina

1.500%

due

07/09/2046

242,500

78,964

Argentina

0.9%

359,523

3.8%

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

12/21/2023

250,000

249,269

United

States

2.7%

United

States

Treasury

Notes

United

States

Treasury

Note

2.000%

due

05/31/2024

1,000,000

983,515

United

States

10.4%

Total

Government

Bonds

(Cost

$1,832,776)

$1,592,307

16.9%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

32

November

30,

2023

Annual

Report

Municipals

Bonds

-

0.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Municipal

Bonds

Colony

TX

NFM

Sales

Tax

Revenue

7.625%

due

10/01/2042

$

50,000

$

50,024

United

States

0.5%

Total

Municipals

Bonds

(Cost

$50,000)

$50,024

0.5%

Total

investments

(Cost

$9,644,683)

$9,060,090

96.0%

Other

assets

(net

of

liabilities)

378,666

4.0%

Total

net

assets

$9,438,756

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$170,942

representing

1.8%

of

total

net

assets.

3

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

November

30,

2023

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

4

Less

than

0.05%

ADR:

American

Depositary

Receipt

LIBOR:

London

Interbank

Offered

Rates

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

33

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$9,644,683)

$

9,060,090

Cash

314,363

Interest

receivable

51,317

Dividends

receivable

23,873

Prepaid

expenses

1,195

Receivable

for

Fund

shares

sold

433

Total

assets

9,451,271

Liabilities

Accrued

audit

expenses

5,059

Accrued

advisory

fees

3,814

Accrued

retirement

plan

custody

fee

1,742

Accrued

trustee

expenses

208

Accrued

Chief

Compliance

Officer

expenses

117

Accrued

legal

expenses

35

Accrued

other

operating

expenses

523

Accrued

printing

fees

1,017

Total

liabilities

12,515

Net

assets

$9,438,756

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$9,636,938

Total

distributable

earnings

(198,182)

Net

assets

applicable

to

Fund

shares

outstanding

$9,438,756

Fund

shares

outstanding

925,475

Net

asset

value,

offering,

and

redemption

price

per

share

$10.20

Year

ended

November

30,

2023

Investment

income

Interest

income

$

241,728

Dividend

Income

(Net

of

foreign

tax

of

$32,210)

240,784

Total

investment

income

482,512

Expenses

Investment

advisory

fees

51,051

Filing

and

registration

fees

19,257

Audit

fees

5,507

Trustee

fees

3,058

Legal

fees

2,797

Retirement

plan

custodial

fees

2,524

Chief

Compliance

Officer

expenses

2,312

Custodian

fees

656

Other

operating

expenses

2,340

Total

gross

expenses

89,502

Less

advisory

fees

waived

(19,916)

Less

custodian

fee

credits

(656)

Net

expenses

68,930

Net

investment

income

$413,582

Net

realized

loss

from

investments

and

foreign

currency

$(11,956)

Net

increase

in

unrealized

depreciation

on

investments

and

foreign

currency

(13,885)

Net

loss

on

investments

(25,841)

Net

increase

in

net

assets

resulting

from

operations

$387,741

Sextant

Global

High

Income

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

34

November

30,

2023

Annual

Report

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$413,582

$357,397

Net

realized

gain

(loss)

on

investments

and

foreign

currency

(11,956)

111,672

Net

increase

in

unrealized

de

preciation

on

investments

and

foreign

currency

(13,885)

(890,600)

Net

increase

(decrease)

in

net

assets

387,741

(421,531)

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(305,551)

(182,768)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

511,784

1,011,369

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

298,310

178,216

Cost

of

shares

redeemed

(507,318)

(681,194)

Total

capital

shares

transactions

302,776

508,391

Total

increase

(decrease)

in

net

assets

384,966

(95,908)

Net

assets

Beginning

of

year

9,053,790

9,149,698

End

of

year

$9,438,756

$9,053,790

Shares

of

the

Fund

sold

and

redeemed

Sextant

Global

High

Income

Fund

(SGHIX)

Number

of

shares

sold

50,804

95,974

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

30,440

16,548

Number

of

shares

redeemed

(50,276)

(67,643)

Net

increase

in

number

of

shares

outstanding

30,968

44,879

–

–

Sextant

Global

High

Income

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

35

tin

Sextant

Global

High

Income

Fund

(SGHIX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$10.12

$10.77

$10.15

$11.42

$11.07

Income

from

investment

operations

Net

investment

income

0.45

0.40

0.33

0.31

0.42

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.03)

(0.83)

0.65

(0.66)

0.32

Total

from

investment

operations

0.42

(0.43)

0.98

(0.35)

0.74

Less

distributions

Dividends

(from

net

investment

income)

(0.34)

(0.22)

(0.36)

(0.40)

(0.39)

Distributions

(from

capital

gains)

–

–

–

(0.52)

–

Total

distributions

(0.34)

(0.22)

(0.36)

(0.92)

(0.39)

Net

asset

value

at

end

of

year

$10.20

$10.12

$10.77

$10.15

$11.42

Total

Return

4.31%

(4.16)%

9.87%

(3.51)%

7.06%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$9,439

$9,054

$9,150

$8,615

$9,893

Ratio

of

expenses

to

average

net

assets

Before

advisory

fees

waiver

and

custodian

fee

credits

0.96%

0.98%

0.78%

0.70%

1.11%

After

advisory

fees

waiver

0.75%

0.75%

0.70%

0.56%

0.76%

After advisory

fees

waiver

and

custodian

fee

credits

0.74%

0.74%

0.69%

0.55%

0.75%

Ratio

of

net

investment

income

after

advisory

fees

waiver

and

custodian

fee

credits  to

average

net

assets

4.45%

3.87%

3.11%

3.12%

3.72%

Portfolio

turnover

rate

8%

20%

27%

27%

33%

Sextant

Growth

Fund:

Performance

Summary

(unaudited)

36

November

30,

2023

Annual

Report

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

Investor

Shares

of

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

S&P

500

Index,

an

index

comprised

of

500

widely

held

common

stocks

considered

to

be

representative

of

the

US

stock

market

in

general.

The

graph

shows

that

an

investment

in

Investor

Shares

of

the

Fund

would

have

risen

to

$27,787

versus

$30,550

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

Growth

Fund

is

long-term

capital

growth.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Investor

Shares

(

SSGFX

)

15.47%

13.06%

10.76%

1.01%

Z

Shares

(

SGZFX

)

2

15.79%

13.35%

n/a

0.77%

S&P

500

Index

13.84%

12.51%

11.81%

n/a

1

By

regulation,

the

expense

ratios

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus,

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022.

The

ratios

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

2

Z

Shares

of

the

Sextant

Growth

Fund

began

operations

June

2,

2017.

Microsoft

11.2%

Apple

10.2%

Alphabet,

Class

A

6.8%

Amazon.com

6.4%

Mastercard

,

Class

A

5.1%

Adobe

4.4%

Lowe's

3.6%

Costco

Wholesale

3.4%

Oracle

3.3%

Abbott

Laboratories

3.3%

November

30,

2023

Annual

Report

37

Discussion

of

Fund

Performance

(unaudited)

Sextant

Growth

Fund

Fiscal

Year

2023

For

the

fiscal

year

ended

November

30,

2023,

the

Investor

Shares

of

the

Sextant

Growth

Fund

returned

15.47%,

ahead

of

the

13.84%

return

for

the

S&P

500

Index.

Although

it

outpaced

the

broad

market

index,

the

Fund

lagged

growth-focused

benchmarks

due

to

the

concentration

of

performance

among

a

handful

of

mega-capitalization

stocks.

The

Morningstar

Large

Growth

category

peer

group,

for

example,

appreciated

20.87%

over

the

fiscal

year.

Factors

Affecting

Past

Performance

In

2023,

the

Technology

sector

staged

a

dramatic

rebound

after

its

2022

downturn,

driving

index

returns

higher.

The

narrow

nature

of

the

market’s

performance

is

illustrated

by

comparing

the

return

of

the

S&P

500,

a

market

capitalization-weighted

index

in

which

a

company’s

size

determines

its

impact

on

index

returns,

with

the

equal-weight

S&P

500,

in

which

all

companies

are

treated

the

same.

As

noted

above,

the

S&P

500

Index

returned

13.84%

during

the

fiscal

year.

The

equal-weighted

return,

however,

was

negative

in

terms

of

price

appreciation

and

only

achieved

a

1.55%

total

return

due

to

dividends.

The

Sextant

Growth

Fund

holds

five

of

the

index-leading

stocks

that

came

to

be

known

as

“The

Magnificent

Seven”

–

Apple,

Alphabet,

Amazon,

Microsoft,

and

Nvidia.

Naturally,

these

stocks

drove

Fund

returns,

although

other

holdings

including

Adobe,

ServiceNow,

and

Advanced

Micro

Devices

also

contributed.

Among

non-Technology

holdings,

Lululemon,

Stryker,

Boston

Scientific,

and

Costco

all

performed

well.

On

the

other

side

of

the

ledger,

our

holdings

in

Corteva,

Johnson

Controls,

and

Edwards

Lifesciences

detracted

from

returns.

Looking

Forward

Inflation

has

moderated,

absent

the

feared

recession

and

associated

spike

in

employment.

Whether

the

Federal

Reserve’s

rate

hikes

or

supply

chain

normalization

played

a

significant

role

in

this

moderation,

we

can

all

be

grateful.

Resilient

US

economic

performance

has

raised

investors’

hopes

of

achieving

a

rare

soft

landing.

Without

prognosticating

on

future

market

returns,

we

are

comfortable

with

the

economic

outlook

over

the

next

year.

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

38

November

30,

2023

Annual

Report

Continued

on

next

page.

Common

Stock

-

98.9%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

1

31,680

$

898,428

$

4,198,550

6.8%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Nike,

Class

B

10,276

528,776

1,133,135

1.8%

Automotive

Retailers

O'Reilly

Automotive

1

1,300

1,094,232

1,277,094

2.1%

E-Commerce

Discretionary

Amazon.com

1

26,980

162,991

3,941,508

6.4%

Home

Products

Stores

Lowe's

11,200

794,834

2,226,896

3.6%

Specialty

Apparel

Stores

Lululemon

Athletica

1

3,000

965,595

1,340,400

2.2%

TJX

Companies

19,000

824,767

1,674,090

2.7%

1,790,362

3,014,490

4.9%

4,371,195

11,593,123

18.8%

Consumer

Staples

Beverages

Monster

Beverage

32,200

1,489,661

1,775,830

2.9%

Mass

Merchants

Costco

Wholesale

3,509

410,438

2,079,925

3.4%

1,900,099

3,855,755

6.3%

Financials

Consumer

Finance

Mastercard,

Class

A

7,581

689,781

3,137,245

5.1%

Health

Care

Managed

Care

Elevance

Health

2,250

1,076,105

1,078,852

1.8%

Medical

Devices

Abbott

Laboratories

19,499

620,293

2,033,551

3.3%

Boston

Scientific

1

22,000

981,996

1,229,580

2.0%

Edwards

Lifesciences

1

10,500

346,070

710,955

1.2%

Stryker

3,000

374,100

888,990

1.4%

2,322,459

4,863,076

7.9%

Specialty

Pharma

Zoetis

6,000

998,110

1,060,020

1.7%

4,396,674

7,001,948

11.4%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

3,750

792,329

734,700

1.2%

Johnson

Controls

International

22,500

1,043,161

1,188,000

1.9%

1,835,490

1,922,700

3.1%

Industrial

Distribution

&

Rental

Ferguson

3,750

589,307

642,525

1.1%

2,424,797

2,565,225

4.2%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

39

Common

Stock

-

98.9%

Number

of

Shares

Cost

Market

Value

Percentage

of

Net

Assets

Materials

Agricultural

Chemicals

Corteva

27,500

$

1,174,068

$

1,243,000

2.0%

Technology

Application

Software

Adobe

1

4,450

23,404

2,718,994

4.4%

Communications

Equipment

Apple

33,150

9,769

6,296,843

10.2%

Motorola

Solutions

6,000

1,346,591

1,937,220

3.2%

1,356,360

8,234,063

13.4%

Infrastructure

Software

Microsoft

18,170

838,685

6,884,795

11.2%

Oracle

17,500

901,024

2,033,675

3.3%

ServiceNow

1

1,900

1,225,009

1,302,906

2.1%

2,964,718

10,221,376

16.6%

Semiconductor

Devices

Advanced

Micro

Devices

1

9,500

758,357

1,151,020

1.9%

Broadcom

1,275

1,200,407

1,180,306

1.9%

Monolithic

Power

Systems

1,100

521,986

603,592

1.0%

Nvidia

3,500

493,219

1,636,950

2.6%

Qualcomm

4,400

431,685

567,820

0.9%

Texas

Instruments

6,600

939,244

1,007,886

1.6%

4,344,898

6,147,574

9.9%

8,689,380

27,322,007

44.3%

Total

investments

$24,544,422

$60,916,853

98.9%

Other

assets

(net

of

liabilities)

685,155

1.1%

Total

net

assets

$61,602,008

100.0%

1

Non-income

producing

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

40

November

30,

2023

Annual

Report

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$24,544,422)

$

60,916,853

Cash

719,156

Dividends

receivable

27,847

Receivable

for

Fund

shares

sold

5,682

Prepaid

expenses

2,959

Total

assets

61,672,497

Liabilities

Accrued

audit

expenses

26,355

Accrued

advisory

fees

24,733

Accrued

retirement

plan

custody

fee

7,494

Accrued

trustee

expenses

1,128

Accrued

12b-1

distribution

fees

1,019

Accrued

Chief

Compliance

Officer

expenses

749

Payable

for

Fund

shares

redeemed

200

Accrued

legal

expenses

108

Accrued

other

operating

expenses

1,428

Accrued

printing

fees

7,275

Total

liabilities

70,489

Net

assets

$61,602,008

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$25,481,664

Total

distributable

earnings

36,120,344

Net

assets

applicable

to

Fund

shares

outstanding

$61,602,008

Net

asset

value

per

Investor

Shares

SSGFX

Net

assets,

at

value

$5,064,609

Shares

outstanding

116,167

Net

asset

value,

offering

and

redemption

price

per

share

$43.60

Net

asset

value

per

Z

Shares

SGZFX

Net

assets,

at

value

$56,537,399

Shares

outstanding

1,295,334

Net

asset

value,

offering

and

redemption

price

per

share

$43.65

Year

ended

November

30,

2023

Investment

income

Dividend

Income

$

467,237

Miscellaneous

income

50

Total

investment

income

467,287

Expenses

Investment

advisory

fees

309,818

Audit

fees

37,284

Filing

and

registration

fees

36,836

Trustee

fees

19,055

Legal

fees

17,388

Chief

Compliance

Officer

expenses

13,918

12b-1

distribution

fees

12,198

Retirement

plan

custodial

fees

8,593

1,025

Investor

Shares

–

1,050

Z

Shares

8,593

ReFlow

fees

3,863

Custodian

fees

2,314

Other

operating

expenses

10,821

Total

gross

expenses

472,088

Less

custodian

fee

credits

(2,314)

Net

expenses

469,774

Net

investment

loss

$(2,487)

Net

realized

gain

from

investments

$865,127

A

Net

Increase

in

unrealized

appreciation

on

investments

7,620,469

Net

gain

on

investments

8,485,596

Net

increase

in

net

assets

resulting

from

operations

$8,483,109

A

Includes

$1,117,214

in

net

realized

gains

from

redemptions

in-kind

Sextant

Growth

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

41

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

loss

$(2,487)

$(58,662)

Net

realized

gain

on

investments

865,127

3,334,840

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

7,620,469

(15,204,651)

Net

increase

(decrease)

in

net

assets

8,483,109

(11,928,473)

Distributions

to

shareowners

from

1,025

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

(116,456)

(540,647)

1,050

Net

dividend

and

distribution

to

shareholders

-

Z

Shares

(1,184,886)

(5,339,476)

Total

distributions

(1,301,342)

(5,880,123)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,025

Investor

Shares

491,401

541,196

1,050

Z

Shares

4,454,320

5,439,562

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,025

Investor

Shares

86,817

401,784

1,050

Z

Shares

1,154,557

5,211,605

Cost

of

shares

redeemed

1,025

Investor

Shares

(1,032,724)

(754,189)

1,050

Z

Shares

(5,613,472)

(6,840,020)

Total

capital

shares

transactions

(459,101)

3,999,938

Total

increase

(decrease)

in

net

assets

6,722,666

(13,808,658)

Net

assets

Beginning

of

year

54,879,342

68,688,000

End

of

year

$61,602,008

$54,879,342

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(SSGFX)

Number

of

shares

sold

11,981

12,552

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

2,413

8,391

Number

of

shares

redeemed

(25,330)

(18,600)

Net

increase

(decrease)

in

number

of

shares

outstanding

(10,936)

2,343

Z

Shares

(SGZFX)

Number

of

shares

sold

111,231

133,138

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

32,134

109,258

Number

of

shares

redeemed

(140,223)

(164,183)

Net

increase

in

number

of

shares

outstanding

3,142

78,213

–

–

Sextant

Growth

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

42

November

30,

2023

Annual

Report

tin

Investor

Shares

(SSGFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$38.72

$51.39

$41.86

$33.25

$28.70

Income

from

investment

operations

Net

investment

income

A

(0.09)

(0.13)

0.09

(0.03)

(0.03)

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

5.89

(8.24)

9.70

9.58

5.86

Total

from

investment

operations

5.80

(8.37)

9.79

9.55

5.83

Less

distributions

Dividends

(from

net

investment

income)

–

(0.05)

(0.03)

(0.01)

(0.04)

Distributions

(from

capital

gains)

(0.92)

(4.25)

(0.23)

(0.93)

(1.24)

Total

distributions

(0.92)

(4.30)

(0.26)

(0.94)

(1.28)

Net

asset

value

at

end

of

year

$43.60

$38.72

$51.39

$41.86

$33.25

Total

Return

15.47%

(17.88)%

23.48%

29.49%

21.81%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$5,065

$4,921

$6,411

$5,197

$4,533

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

1.04%

1.21%

0.74%

1.05%

1.20%

After  custodian

fee

credits

1.04%

1.20%

0.74%

1.05%

1.20%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

(0.22)%

(0.32)%

0.20%

(0.08)%

(0.07)%

Portfolio

turnover

rate

10%

23%

18%

17%

10%

Z

Shares

(SGZFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$38.66

$51.30

$41.78

$33.16

$28.65

Income

from

investment

operations

Net

investment

income

A

0.01

(0.03)

0.20

0.05

0.08

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

5.90

(8.22)

9.66

9.56

5.82

Total

from

investment

operations

5.91

(8.25)

9.86

9.61

5.90

Less

distributions

Dividends

(from

net

investment

income)

–

(0.14)

(0.11)

(0.06)

(0.15)

Distributions

(from

capital

gains)

(0.92)

(4.25)

(0.23)

(0.93)

(1.24)

Total

distributions

(0.92)

(4.39)

(0.34)

(0.99)

(1.39)

Net

asset

value

at

end

of

year

$43.65

$38.66

$51.30

$41.78

$33.16

Total

Return

15.79%

(17.69)%

23.76%

29.79%

22.22%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$56,537

$49,958

$62,277

$53,776

$40,978

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.80%

0.97%

0.51%

0.82%

0.90%

After  custodian

fee

credits

0.80%

0.97%

0.50%

0.82%

0.90%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

0.02%

(0.08)%

0.43%

0.14%

0.23%

Portfolio

turnover

rate

10%

23%

18%

17%

10%

A

Calculated

using

average

shares

outstanding

November

30,

2023

Annual

Report

43

Sextant

International

Fund:

Performance

Summary

(unaudited)

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

Investor

Shares

of

the

Fund

on

November

30,

2013,

to

an

identical

amount

invested

in

the

MSCI

EAFE

Index,

an

international

index

focused

on

Europe,

Australasia,

and

the

Far

East.

The

graph

shows

that

an

investment

in

Investor

Shares

of

the

Fund

would

have

risen

to

$18,838

versus

$15,369

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

International

Fund

is

long-term

capital

growth.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Investor

Shares

(

SSIFX

)

15.24%

8.63%

6.54%

1.04%

Z

Shares

(

SIFZX

)

2

15.59%

8.89%

n/a

0.80%

MSCI

EAFE

Index

12.96%

6.51%

4.39%

n/a

1

By

regulation,

the

expense

ratios

shown

in

this

table

are

as

stated

in

the

Fund’s

most

recent

prospectus

which

is

dated

March

31,

2023

as

supplemented

on

May

22,

2023

and

July

10,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022.

The

ratios

presented

in

this

table

differ

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

2

Z

Shares

of

the

Sextant

International

Fund

began

operations

June

2,

2017.

Novo

Nordisk

ADR

9.1%

MercadoLibre

7.5%

Wolters

Kluwer

6.7%

ASML

Holding

NY

5.8%

Dassault

Systemes

ADR

5.7%

NICE

Systems

ADR

4.5%

Accenture,

Class

A

3.9%

Linde

3.5%

Rio

Tinto

ADR

3.5%

Taiwan

Semiconductor

ADR

3.1%

Discussion

of

Fund

Performance

(unaudited)

Sextant

International

Fund

44

November

30,

2023

Annual

Report

Fiscal

Year

2023

For

the

fiscal

year

ended

November

30,

2023,

the

Z

Shares

of

the

Sextant

International

Fund

returned

15.59%.

The

MSCI

EAFE

Index

and

the

MSCI

ACWI

ex

US

Index

returned

12.96%

and

9.84%

for

the

same

period,

respectively.

Factors

Affecting

Past

Performance

The

Sextant

International

Fund

mandates

that

65%

of

net

assets

be

held

in

companies

with

their

headquarters

and

at

least

half

of

their

assets

and

earnings

outside

the

US,

and

with

market

capitalizations

greater

than

$1

billion.

The

Fund

generally

holds

equity

positions

in

larger

companies

with

strong

balance

sheets.

As

of

fiscal

year-end,

Technology

was

the

largest

sector

weighting

of

the

portfolio

at

43.3%,

followed

by

Health

Care

at

15.2%,

and

Consumer

Discretionary

at

11.9%.

In

terms

of

performance

contribution,

Consumer

Discretionary,

Technology,

Materials,

Consumer

Staples,

and

Industrials

were

the

largest

contributors,

while

no

sectors

had

a

material

negative

relative

contribution.

Looking

Forward

Inflation,

the

Federal

Reserve’s

tightening

cycle,

and

its

impact

on

the

macro

economy

dominated

market

sentiment

during

the

fiscal

year.

To

the

surprise

of

most

market

pundits,

inflation

cooled

off

significantly

while

the

economy

managed

to

avoid

falling

into

a

recession.

It

is

becoming

more

apparent

that

the

Fed

is

close

to

finishing,

if

not

already

finished

with,

its

tightening

cycle.

That

said,

the

dramatic

reduction

of

money

supply

could

lead

to

an

abrupt

economic

contraction,

and

these

potential

after-effects

should

be

closely

monitored.

Schedule

of

Investments

As

of

November

30,

2023

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

45

Continued

on

next

page.

Common

Stock

-

97.0%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Telus

30,000

$

219,338

$

537,300

Canada

0.8%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

600

569,152

1,246,473

France

2.0%

E-Commerce

Discretionary

MercadoLibre

2

2,990

247,973

4,845,176

Argentina

7.5%

Specialty

Apparel

Stores

Lululemon

Athletica

2

3,500

1,066,230

1,563,800

United

States

2.4%

1,883,355

7,655,449

11.9%

Consumer

Staples

Household

Products

L'Oreal

3,400

1,099,801

1,601,439

France

2.5%

Packaged

Food

Danone

15,000

948,276

966,843

France

1.5%

2,048,077

2,568,282

4.0%

Health

Care

Health

Care

Supplies

Alcon

24,550

1,281,620

1,856,717

Switzerland

2.9%

Large

Pharma

AstraZeneca

ADR

17,000

1,023,786

1,098,030

United

Kingdom

1.7%

Novartis

ADR

9,800

461,461

959,420

Switzerland

1.5%

Novo

Nordisk

ADR

57,150

350,214

5,820,156

Denmark

9.1%

1,835,461

7,877,606

12.3%

3,117,081

9,734,323

15.2%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

AB

-

B

51,400

1,222,737

1,320,036

Sweden

2.1%

Electrical

Power

Equipment

Eaton

6,875

1,130,243

1,565,369

United

States

2.4%

Schneider

Electric

SE

5,800

994,608

1,070,051

France

1.7%

2,124,851

2,635,420

4.1%

Industrial

Distribution

&

Rental

Ferguson

7,550

1,200,693

1,293,617

United

States

2.0%

Rail

Freight

Canadian

National

Railway

10,000

1,164,265

1,159,500

Canada

1.8%

5,712,546

6,408,573

10.0%

Materials

Basic

&

Diversified

Chemicals

Linde

5,500

1,397,250

2,275,735

Ireland

3.5%

Specialty

Chemicals

Givaudan

(reg)

200

682,611

753,776

Switzerland

1.2%

Steel

Raw

Material

Suppliers

BHP

Biliton

ADR

17,000

990,319

1,036,320

Australia

1.6%

Rio

Tinto

ADR

32,800

1,773,219

2,266,152

United

Kingdom

3.5%

2,763,538

3,302,472

5.1%

4,843,399

6,331,983

9.8%

Schedule

of

Investments

As

of

November

30,

2023

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

46

November

30,

2023

Annual

Report

Continued

on

next

page.

Common

Stock

-

97.0%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

Application

Software

Dassault

Systemes

ADR

78,215

$

586,207

$

3,662,026

France

5.7%

NICE

Systems

ADR

15,250

577,019

2,893,688

Israel

4.5%

SAP

ADR

12,100

1,642,516

1,925,352

Germany

3.0%

2,805,742

8,481,066

13.2%

Consumer

Electronics

Nintendo

38,400

1,683,473

1,795,063

Japan

2.8%

Sony

ADR

11,600

725,118

997,020

Japan

1.5%

2,408,591

2,792,083

4.3%

Information

Services

Experian

33,000

1,053,313

1,216,565

United

States

1.9%

Wolters

Kluwer

31,000

578,573

4,280,208

Netherlands

6.7%

1,631,886

5,496,773

8.6%

IT

Services

Accenture,

Class

A

7,600

1,404,545

2,531,864

Ireland

3.9%

Semiconductor

Devices

Infineon

Technologies

AG

31,000

1,149,864

1,198,973

Germany

1.9%

STMicroelectronics

ADR

34,400

1,335,940

1,631,936

Switzerland

2.5%

2,485,804

2,830,909

4.4%

Semiconductor

Manufacturing

ASML

Holding

NY

5,475

190,945

3,743,586

Netherlands

5.8%

Taiwan

Semiconductor

ADR

20,450

2,027,614

1,989,989

Taiwan

3.1%

2,218,559

5,733,575

8.9%

12,955,127

27,866,270

43.3%

Utilities

Power

Generation

Iberdrola

102,549

1,042,057

1,270,424

Spain

2.0%

Total

investments

$31,820,980

$62,372,604

97.0%

Other

assets

(net

of

liabilities)

1,925,923

3.0%

Total

net

assets

$64,298,527

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

November

30,

2023

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

47

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

48

November

30,

2023

Annual

Report

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$31,820,980)

$

62,372,604

Cash

1,858,012

Dividends

receivable

132,071

Prepaid

expenses

2,762

Receivable

for

Fund

shares

sold

2,575

Total

assets

64,368,024

Liabilities

Accrued

advisory

fees

25,288

Accrued

audit

expenses

19,630

Accrued

12b-1

distribution

fees

7,302

Accrued

retirement

plan

custody

fee

5,161

Payable

for

Fund

shares

redeemed

3,039

Accrued

trustee

expenses

1,171

Accrued

Chief

Compliance

Officer

expenses

919

Accrued

legal

expenses

83

Accrued

other

operating

expenses

2,372

Accrued

printing

fees

4,532

Total

liabilities

69,497

Net

assets

$64,298,527

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$34,095,028

Total

distributable

earnings

30,203,499

Net

assets

applicable

to

Fund

shares

outstanding

$64,298,527

Net

asset

value

per

Investor

Shares

SSIFX

Net

assets,

at

value

$37,141,409

Shares

outstanding

1,779,388

Net

asset

value,

offering

and

redemption

price

per

share

$20.87

Net

asset

value

per

Z

Shares

SIFZX

Net

assets,

at

value

$27,157,118

Shares

outstanding

1,294,701

Net

asset

value,

offering

and

redemption

price

per

share

$20.98

Year

ended

November

30,

2023

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$104,212)

$

854,276

Interest

income

38,331

Total

investment

income

892,607

Expenses

Investment

advisory

fees

339,252

12b-1

distribution

fees

87,360

Audit

fees

39,781

Filing

and

registration

fees

36,357

Trustee

fees

19,461

Legal

fees

17,536

Chief

Compliance

Officer

expenses

13,928

Retirement

plan

custodial

fees

5,837

1,125

Investor

Shares

15

1,150

Z

Shares

5,822

Custodian

fees

5,558

ReFlow

fees

5,518

Other

operating

expenses

8,843

Total

gross

expenses

579,431

Less

custodian

fee

credits

(5,558)

Net

expenses

573,873

Net

investment

income

$318,734

Net

realized

gain

from

investments

and

foreign

currency

$693,030

A

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

7,566,421

Net

gain

on

investments

8,259,451

Net

increase

in

net

assets

resulting

from

operations

$8,578,185

A

Includes

$1,219,184

in

net

realized

gains

from

redemptions

in-kind

Sextant

International

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

49

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$318,734

$349,377

Net

realized

gain

on

investments

and

foreign

currency

693,030

2,861,583

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

7,566,421

(14,960,190)

Net

increase

(decrease)

in

net

assets

8,578,185

(11,749,230)

Distributions

to

shareowners

from

1,125

Net

dividend

and

distribution

to

shareholders

-

Investor

Shares

–

(3,698,513)

1,150

Net

dividend

and

distribution

to

shareholders

-

Z

Shares

–

(2,376,574)

Total

distributions

–

(6,075,087)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

1,125

Investor

Shares

3,809,054

1,495,198

1,150

Z

Shares

4,771,807

7,854,075

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

1,125

Investor

Shares

–

3,613,417

1,150

Z

Shares

–

2,277,923

Cost

of

shares

redeemed

1,125

Investor

Shares

(4,606,292)

(7,772,262)

1,150

Z

Shares

(5,094,933)

(8,292,788)

Total

capital

shares

transactions

(1,120,364)

(824,437)

Total

increase

(decrease)

in

net

assets

7,457,821

(18,648,754)

Net

assets

Beginning

of

year

56,840,706

75,489,460

End

of

year

$64,298,527

$56,840,706

Shares

of

the

Fund

sold

and

redeemed

Investor

Shares

(SSIFX)

Number

of

shares

sold

196,993

76,818

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

163,800

Number

of

shares

redeemed

(241,734)

(398,331)

Net

decrease

in

number

of

shares

outstanding

(44,741)

(157,713)

Z

Shares

(SIFZX)

Number

of

shares

sold

248,209

404,546

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

–

103,214

Number

of

shares

redeemed

(265,131)

(424,756)

Net

increase

(decrease)

in

number

of

shares

outstanding

(16,922)

83,004

–

–

Sextant

International

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

50

November

30,

2023

Annual

Report

tin

Investor

Shares

(SSIFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$18.11

$23.49

$19.62

$18.50

$16.83

Income

from

investment

operations

Net

investment

income

A

0.08

0.09

0.10

0.12

0.12

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

2.68

(3.58)

3.85

1.66

2.74

Total

from

investment

operations

2.76

(3.49)

3.95

1.78

2.86

Less

distributions

Dividends

(from

net

investment

income)

–

(0.13)

(0.08)

(0.11)

(0.15)

Distributions

(from

capital

gains)

–

(1.76)

–

(0.55)

(1.04)

Total

distributions

–

(1.89)

(0.08)

(0.66)

(1.19)

Net

asset

value

at

end

of

year

$20.87

$18.11

$23.49

$19.62

$18.50

Total

Return

15.24%

(16.31)%

20.16%

9.86%

18.82%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$37,141

$33,029

$46,560

$51,141

$67,390

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

1.06%

1.28%

0.93%

0.83%

1.07%

After  custodian

fee

credits

1.05%

1.27%

0.92%

0.82%

1.06%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

0.43%

0.48%

0.46%

0.70%

0.62%

Portfolio

turnover

rate

16%

33%

22%

16%

6%

Z

Shares

(SIFZX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$18.15

$23.55

$19.67

$18.55

$16.87

Income

from

investment

operations

Net

investment

income

A

0.13

0.13

0.15

0.15

0.19

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

2.70

(3.59)

3.85

1.67

2.72

Total

from

investment

operations

2.83

(3.46)

4.00

1.82

2.91

Less

distributions

Dividends

(from

net

investment

income)

–

(0.18)

(0.12)

(0.15)

(0.19)

Distributions

(from

capital

gains)

–

(1.76)

–

(0.55)

(1.04)

Total

distributions

–

(1.94)

(0.12)

(0.70)

(1.23)

Net

asset

value

at

end

of

year

$20.98

$18.15

$23.55

$19.67

$18.55

Total

Return

15.59%

(16.17)%

20.42%

10.09%

19.14%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$27,157

$23,812

$28,929

$26,921

$30,963

Ratio

of

expenses

to

average

net

assets

Before

custodian

fee

credits

0.83%

1.04%

0.72%

0.63%

0.85%

After  custodian

fee

credits

0.82%

1.03%

0.71%

0.63%

0.84%

Ratio

of

net

investment

income

after

custodian

fee

credits  to

average

net

assets

0.66%

0.72%

0.68%

0.87%

0.91%

Portfolio

turnover

rate

16%

33%

22%

16%

6%

A

Calculated

using

average

shares

outstanding

Notes

To

Financial

Statements

November

30,

2023

Annual

Report

51

Note

1

–

Organization

Saturna

Investment

Trust

(the

“Trust”)

was

established

under

Washington

State

Law

as

a

business

trust

on

February

20,

1987.

The

Trust

is

registered

as

an

open-end,

diversified

management

company

under

the

Investment

Company

Act

of

1940,

as

amended.

The

Trust

currently

offers

shares

of

eight

portfolio

series:

Sextant

Short-Term

Bond

Fund,

Sextant

Bond

Income

Fund,

Sextant

Core

Fund,

Sextant

Global

High

Income

Fund,

Sextant

Growth

Fund,

Sextant

International

Fund

(each,

a

“Fund”,

and

collectively,

the

“Funds”),

Saturna

Sustainable

Equity

Fund,

and

Saturna

Sustainable

Bond

Fund.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

are

offered

through

separate

prospectuses

and

have

a

separate

shareholder

report.

Sextant

Growth

Investor

Shares

(previously

known

as

Idaho

Limited

Maturity

Tax-Exempt

Fund

until

October

12,

1990,

then

Northwest

Growth

Fund

until

September

28,

1995,

when

the

investment

objective

of

only

Northwest

stocks

was

changed)

commenced

operations

as

an

equity

fund

on

December

30,

1990.

Sextant

Growth

Fund

Z

Shares

began

operations

June

2,

2017.

Sextant

International

Investor

Shares

began

operations

September

28,

1995

and

Sextant

International

Fund

Z

Shares

began

operations

on

June

2,

2017.

Sextant

Short-Term

Bond

began

operations

September

28,

1995.

Sextant

Bond

Income

Fund

(previously

known

as

Washington

Tax-Exempt

Fund

until

September

28,

1995,

when

the

investment

objective

of

only

Washington

State

Municipal

Bonds

was

changed)

began

operations

on

March

1,

1993.

Sextant

Core

Fund

commenced

operations

March

30,

2007.

Sextant

Global

High

Income

Fund

commenced

operations

March

30,

2012.

Each

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

-

Investment

Companies”.

Each

class

of

shares

of

a

Fund

represents

an

interest

in

the

same

portfolio

of

investments

of

the

Fund

and

has

in

all

respects

the

same

rights

and

obligations

as

each

other

class

of

the

Fund,

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

Each

class

of

shares

may

be

subject

to

different

investment

minimums

and

other

conditions

of

eligibility

as

may

be

described

in

the

prospectus

for

the

particular

class

of

shares,

as

from

time

to

time

in

effect.

Income,

realized

and

unrealized

capital

gains

and

losses,

and

expenses

to

be

paid

by

a

Fund

and

not

allocated

to

a

particular

class

as

provided

below,

shall

be

allocated

to

each

class

on

the

basis

of

relative

net

assets.

Expenses

allocable

to

a

specific

class

are

expenses

specifically

incurred

by

or

for

such

class

including

the

following:

Distribution

fees;

Retirement

plan

custodial

fees;

and

Any

applicable

service

fees.

Net

investment

income

dividends

and

capital

gain

distributions

paid

by

the

Fund

on

each

class

of

its

shares

will

be

calculated

in

the

same

manner

on

the

same

day

and

at

the

same

time.

Investment

risks:

Growth

,

International,

Core,

Short-Term

Bond,

Bond

Income,

and

Global

High

Income

Funds

:

The

value

of

each

Fund’s

shares

rises

and

falls

as

the

value

of

the

securities

in

which

the

Fund

invests

goes

up

and

down.

Fund

share

prices,

yields,

and

total

returns

will

change

with

market

fluctuations

as

well

as

the

fortunes

of

the

countries,

industries,

and

companies

in

which

the

Fund

invests.

The

Funds

do

not

use

derivatives

to

hedge

currency,

interest

rate,

or

credit

risk.

Liquidity

risk

exists

when

particular

investments

are

difficult

to

sell.

If

a

Fund

holds

illiquid

investments,

its

portfolio

may

be

more

difficult

to

value,

especially

in

changing

markets.

Investments

by

a

Fund

in

foreign

securities

and

those

that

are

thinly

traded,

such

as

lower

quality

issuers

and

smaller

companies,

tend

to

involve

greater

liquidity

risk.

If

a

Fund

is

forced

to

sell

or

unwind

these

investments

to

meet

redemptions

or

for

other

cash

needs,

the

Fund

may

suffer

a

penalty.

Additionally,

the

market

for

certain

investments

may

become

illiquid

under

adverse

market

or

economic

conditions

independent

of

any

specific

adverse

changes

in

the

conditions

of

a

particular

issuer.

In

such

cases,

the

Fund,

due

to

limitations

on

investments

in

illiquid

securities

and

the

difficulty

in

purchasing

and

selling

such

securities,

may

be

unable

to

achieve

its

investment

objective.

Growth

and

Core

Funds

:

Smaller

companies

involve

higher

investment

risks

in

that

they

often

have

limited

product

lines,

markets,

and

resources,

or

their

securities

may

trade

less

frequently

and

have

greater

price

fluctuation

than

those

of

larger

companies.

Growth

stocks,

which

can

be

priced

on

future

expectations

rather

than

current

results,

may

decline

substantially

when

expectations

are

not

met.

International

,

Core

,

Short-Term

Bond

,

Bond

Income

,

and

Global

High

Income

Funds

:

Foreign

investing

involves

risks

not

normally

associated

with

investing

in

US

securities.

These

include

fluctuations

in

currency

exchange

rates,

less

public

information

about

securities,

less

governmental

market

supervision,

and

the

lack

of

uniform

financial,

social,

and

political

standards.

Foreign

investing

heightens

the

risk

of

confiscatory

taxation,

seizure

or

nationalization

of

assets,

currency

controls,

or

adverse

political

or

social

developments

that

affect

investments.

The

risks

of

investing

in

foreign

securities

are

typically

greater

in

less

developed

or

emerging

countries.

Core

Fund

:

The

Core

Fund

has

the

risks

of

growth

stocks,

foreign

securities,

credit,

and

interest

rates

—

but

these

risks

are

mitigated

by

spreading

its

investments

in

both

stocks

and

bonds,

and

by

favoring

income-producing

securities

and

those

of

larger,

more

seasoned

companies.

Short-Term

Bond,

Bond

Income

,

Global

High

Income

,

and

Core

Funds

:

Bonds

entail

credit

risk,

which

is

the

possibility

that

a

bond

will

not

be

able

to

pay

interest

or

principal

when

due.

If

the

credit

quality

of

a

bond

is

perceived

to

decline,

investors

will

demand

a

higher

yield,

which

means

a

lower

price

on

that

bond

to

compensate

for

the

higher

level

of

risk.

Interest

rate

fluctuations

affect

bond

prices

and

a

Fund’s

net

asset

value,

but

not

the

income

received

by

the

Fund

from

its

portfolio

securities.

Because

prices

and

yields

on

debt

securities

vary

over

time,

a

Fund’s

yield

also

varies.

Bonds

with

embedded

callable

options

also

contain

an

element

of

prepayment

risk.

When

interest

rates

decline,

issuers

can

retire

their

debt

and

reissue

bonds

at

a

lower

interest

rate.

This

hurts

investors

because

yields

available

for

reinvestment

will

have

declined

and

upward

price

mobility

on

callable

bonds

is

generally

limited

by

the

call

price.

Notes

To

Financial

Statements

(continued)

52

November

30,

2023

Annual

Report

Global

High

Income

Fund

:

Issuers

of

high-yield

securities

are

generally

not

as

strong

financially

as

those

issuing

higher

quality

securities.

These

issuers

are

more

likely

to

encounter

financial

difficulties

and

are

more

vulnerable

to

changes

in

the

relevant

economy,

such

as

a

recession

or

a

sustained

period

of

rising

interest

rates,

that

could

affect

their

ability

to

make

interest,

principal,

and

dividend

payments

as

expected.

The

prices

of

high-yield

securities

generally

fluctuate

more

than

those

of

higher

quality.

High-yield

securities

are

generally

more

illiquid

(harder

to

sell)

and

harder

to

value.

The

Funds

may

invest

substantially

in

one

or

more

sectors,

which

can

increase

volatility

and

exposure

to

issuers

specific

to

a

particular

sector

or

industry.

Note

2

–

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America,

which

are

consistently

followed

by

the

Funds

in

preparation

of

their

financial

statements.

Security

valuation:

Investments

in

securities

traded

on

a

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

at

that

price.

Securities

for

which

there

are

no

sales

are

valued

at

the

latest

bid

price.

Debt

securities

are

valued

using

bid-side

valuations

provided

by

an

independent

service.

The

service

determines

valuations

using

factors

such

as

yields

or

prices

of

bonds

of

comparable

quality,

type

of

issue,

coupon

maturity,

ratings,

trading

activity,

and

general

market

conditions.

Fixed-income

debt

instruments,

such

as

commercial

paper,

bankers’

acceptances

and

US

Treasury

Bills,

with

a

maturity

of

60

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value.

Any

discount

or

premium

is

accreted

or

amortized

on

a

straight-line

basis

until

maturity.

Foreign

markets

may

close

before

the

time

as

of

which

the

Funds’

share

prices

are

determined.

Because

of

this,

events

occurring

after

the

close

and

before

the

determination

of

the

Funds’

share

prices

may

have

a

material

effect

on

the

values

of

some

or

all

of

the

Funds’

foreign

securities.

To

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

of

their

non-US

securities.

In

cases

in

which

there

is

not

a

readily

available

market

price,

a

fair

value

for

such

security

is

determined

in

good

faith

by

the

Funds'

investment

adviser

(Saturna

Capital),

whom

the

Board

of

Trustees

has

designated

as

the

Funds’

valuation

designee

to

perform

fair

value

determinations

relating

to

all

Fund

investments.

Security

transactions

are

recorded

on

the

trade

date.

Realized

gains

and

losses

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

at

the

date

of

valuation.

Purchases

and

sales

of

investment

securities

and

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions,

and

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

US

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

fair

values

of

assets

and

liabilities,

other

than

investments

in

securities

at

fiscal

year

end,

resulting

from

changes

in

exchange

rates.

Share

valuation:

Each

Fund

computes

the

share

price

of

each

share

class

by

dividing

the

net

assets

attributable

to

each

share

class

by

the

outstanding

shares

of

that

class.

Each

share

class

represents

an

interest

in

the

same

investment

portfolio.

Each

share

class

is

identical

in

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

As

a

result

of

the

differences

in

the

expenses

borne

by

each

share

class,

the

share

price

and

distributions

will

vary

among

a

Fund’s

share

classes.

The

Funds’

shares

are

not

priced

or

traded

on

days

the

New

York

Stock

Exchange

is

closed.

The

NAV

is

both

the

offering

and

redemption

price

per

share. 

Share

Valuation

Inputs

as

of

November

30,

2023

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Short-Term

Bond

Fund

Corporate

Bonds

1

$–

$5,445,358

$–

$5,445,358

Government

Bonds

1

$–

$4,780,887

$–

$4,780,887

Total

Assets

$–

$10,226,245

$–

$10,226,245

Bond

Income

Fund

Corporate

Bonds

1

$–

$6,249,440

$–

$6,249,440

Government

Bonds

1

$–

$2,417,043

$–

$2,417,043

Total

Assets

$–

$8,666,483

$–

$8,666,483

Note

1

–

Organization

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Annual

Report

53

Fair

value

measurements:

Accounting

Standards

Codification

(ASC)

820

establishes

a

three-

tier

framework

for

measuring

fair

value

based

on

a

hierarchy

of

inputs.

The

hierarchy

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds’

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

investments

and

are

summarized

below.

Level

1

-

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Trust

has

the

ability

to

access.

Level

2

-

Observable

inputs

other

than

quoted

prices

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Core

Fund

Common

Stock

Communications

$304,819

$–

$–

$304,819

Consumer

Discretionary

$1,418,540

$–

$–

$1,418,540

Consumer

Staples

$1,121,428

$–

$–

$1,121,428

Energy

$853,701

$–

$–

$853,701

Financials

$821,545

$–

$–

$821,545

Health

Care

$1,408,623

$–

$–

$1,408,623

Industrials

$2,015,990

$118,409

$–

$2,134,399

Materials

$755,633

$133,769

$–

$889,402

Technology

$2,502,078

$–

$–

$2,502,078

Utilities

$317,417

$–

$–

$317,417

Total

Common

Stock

$11,519,774

$252,178

$–

$11,771,952

Corporate

Bonds

1

$–

$4,831,473

$–

$4,831,473

Government

Bonds

1

$–

$3,960,109

$–

$3,960,109

Municipals

Bonds

1

$–

$104,279

$–

$104,279

Total

Assets

$11,519,774

$9,148,039

$–

$20,667,813

Global

High

Income

Fund

Common

Stock

Communications

$716,480

$216,065

$–

$932,545

Consumer

Discretionary

$–

$174,527

$–

$174,527

Energy

$422,845

$–

$–

$422,845

Financials

$377,250

$303,238

$–

$680,488

Health

Care

$492,958

$–

$–

$492,958

Materials

$885,880

$204,014

$–

$1,089,894

Technology

$241,900

$233,732

$–

$475,632

Total

Common

Stock

$3,137,313

$1,131,576

$–

$4,268,889

Corporate

Bonds

1

$–

$3,148,870

$–

$3,148,870

Government

Bonds

1

$–

$1,592,307

$–

$1,592,307

Municipals

Bonds

1

$–

$50,024

$–

$50,024

Total

Assets

$3,137,313

$5,922,777

$–

$9,060,090

Growth

Fund

Common

Stock

1

$60,916,853

$–

$–

$60,916,853

Total

Assets

$60,916,853

$–

$–

$60,916,853

International

Fund

Common

Stock

Communications

$537,300

$–

$–

$537,300

Consumer

Discretionary

$6,408,976

$1,246,473

$–

$7,655,449

Consumer

Staples

$–

$2,568,282

$–

$2,568,282

Health

Care

$9,734,323

$–

$–

$9,734,323

Industrials

$4,018,486

$2,390,087

$–

$6,408,573

Materials

$5,578,207

$753,776

$–

$6,331,983

Technology

$19,375,461

$8,490,809

$–

$27,866,270

Utilities

$–

$1,270,424

$–

$1,270,424

Total

Common

Stock

$45,652,753

$16,719,851

$–

$62,372,604

Total

Assets

$45,652,753

$16,719,851

$–

$62,372,604

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

54

November

30,

2023

Annual

Report

Level

3

−

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Trust’s

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety,

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Investment

concentration:

The

Funds

may

have

deposits

of

cash

with

the

custodian

from

time

to

time

for

one

or

more

reasons.

“Other

assets

(net

of

liabilities)”

in

the

Funds’

Schedules

of

Investments

primarily

represents

cash

on

deposit

with

the

custodian.

Cash

on

deposit

will

vary

widely

over

time.

Accounting

Standards

Codification

(“ASC”)

825,

“Financial

Instruments,”

identifies

these

items

as

a

concentration

of

credit

risk.

The

risk

is

managed

by

careful

financial

analysis

and

review

of

the

custodian’s

operations,

resources,

and

protections

available

to

the

Trust.

This

process

includes

evaluation

of

other

financial

institutions

providing

investment

company

custody

services.

ReFlow

Liquidity

Program:

The

Funds

may

participate

in

the

ReFlow

Fund,

LLC

("ReFlow")

liquidity

program,

which

is

designed

to

provide

an

alternative

liquidity

source

on

days

when

redemptions

of

Fund

shares

exceed

purchases.

Under

the

program,

ReFlow

is

available

to

provide

cash

to

the

Funds

to

meet

all,

or

a

portion,

of

daily

net

shareowner

redemptions.

Following

purchases

of

Fund

shares,

ReFlow

then

generally

redeems

those

shares

when

the

Fund

experiences

net

sales,

at

the

end

of

a

maximum

holding

period

determined

by

ReFlow

(currently

8

days)

or

at

other

times

at

ReFlow's

discretion.

For

use

of

the

ReFlow

service,

a

participating

Fund

pays

a

fee

to

ReFlow

each

time

it

purchases

Fund

shares,

calculated

by

applying

to

the

purchase

amount

a

fee

rate

determined

through

an

automated

daily

"Dutch

auction"

among

other

participating

mutual

funds

seeking

liquidity

that

day.

The

current

minimum

fee

rate

is

0.14%

of

the

value

of

the

Fund

shares

purchased

by

ReFlow,

although

the

Fund

may

submit

a

bid

at

a

higher

fee

rate

if

it

determines

that

doing

so

is

in

the

best

interest

of

Fund

shareowners.

In

accordance

with

federal

securities

laws,

ReFlow

is

prohibited

from

acquiring

more

than

3%

of

the

outstanding

voting

securities

of

a

Fund.

ReFlow

will

periodically

redeem

its

entire

share

position

in

the

Fund

and

request

that

such

redemption

be

met

in

kind

in

accordance

with

the

Funds'

in-kind

redemption

policies.

There

is

no

assurance

that

ReFlow

will

have

sufficient

funds

available

to

meet

the

Funds’

liquidity

needs

on

a

particular

day.

During

the

fiscal

year

ended

November

30,

2023

,

only

the

Growth,

International,

and

Core

Fund

participated

in

ReFlow.

Fees

associated

with

ReFlow

are

disclosed

in

the

Statements

of

Operations.

Federal

income

taxes:

Each

Fund

intends

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

necessary

to

qualify

as

a

regulated

investment

company

and

to

make

the

requisite

distributions

of

income

and

capital

gains

to

its

shareowners

sufficient

to

relieve

it

from

all

or

substantially

all

federal

income

taxes.

Therefore,

no

federal

income

tax

provision

is

required.

The

Funds

recognize

the

tax

benefits

of

uncertain

tax

positions

only

where

the

position

is

“more

likely

than

not”

to

be

sustained

assuming

examination

by

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions

and

has

concluded

that

no

liability

for

unrecognized

tax

benefits

should

be

recorded

related

to

uncertain

tax

positions

taken

on

returns

filed

for

open

tax

years

(2020

−

2022)

or

expected

to

be

taken

in

the

Funds’

2023

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

as

US

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

change

materially

in

the

next

12

months.

Reclassification

of

capital

accounts:

Accounting

principles

generally

accepted

in

the

United

States

of

America

require

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

These

reclassifications

are

as

of

the

fiscal

year

ended

November

30,

2023

,

and

have

no

effect

on

net

assets

or

NAV

per

share.

These

reclassifications

were

primarily

due

to

redemptions

in

kind

and

operating

losses

Distributions

to

shareowners:

For

the

Sextant

Short-Term

Bond

Fund

and

Sextant

Bond

Income

Fund

,

dividends

to

shareowners

from

net

investment

income

are

paid

daily

and

distributed

on

the

last

business

day

of

each

month.

For

the

Sextant

Core

Fund

,

Sextant

Global

High

Income

Fund

,

Sextant

Growth

Fund

and

Sextant

International

Fund

,

dividends

to

shareowners

from

net

investment

income,

if

any,

are

paid

annually,

typically

by

the

end

of

the

year.

Distributions

of

capital

gains,

if

any,

are

made

at

least

annually,

and

as

required

to

comply

with

federal

excise

tax

requirements.

Distributions

to

shareowners

are

Short-Term

Bond

Fund

Bond

Income

Fund

Distributable

earnings

$458

$3

Paid-in

Capital

$(458)

$(3)

Core

Fund

Global

High

Income

Fund

Distributable

earnings

$(728,625)

$(896)

Paid-in

Capital

$728,625

$896

Growth

Fund

International

Fund

Distributable

earnings

$(1,113,438)

$(1,216,988)

Paid-in

Capital

$1,113,438

$1,216,988

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Annual

Report

55

determined

in

accordance

with

income

tax

regulations

and

are

recorded

on

the

ex-dividend

date.

Dividends

are

paid

in

shares

of

the

Funds,

at

the

net

asset

value

on

the

payable

date.

Shareowners

may

elect

to

take

distributions

if

they

total

$10

or

more

in

cash.

Use

of

estimates:

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Foreign

taxes:

Withholding

taxes

on

foreign

dividends

are

paid

(a

portion

of

which

may

be

reclaimable)

or

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

in

the

Statement

of

Operations.

Withholding

tax

reclaims

are

filed

in

certain

countries

to

recover

a

portion

of

the

amounts

previously

withheld.

The

Funds

record

a

reclaim

receivable

based

on

a

number

of

factors,

including

a

jurisdiction’s

legal

obligation

to

pay

reclaims

as

well

as

payment

history

and

market

convention.

LIBOR

Transition

Risks

A

Fund

may

invest

in

certain

debt

securities

or

other

financial

instruments

that

utilize

the

London

Interbank

Offered

Rate

(“LIBOR”)

as

a

benchmark

or

reference

rate

for

various

interest

rate

calculations.

A

benchmark

or

reference

rate

may

be

a

significant

factor

in

determining

the

cost

of

financing

to

a

Fund

or

an

investment’s

value

or

return

to

a

Fund,

and

may

be

used

in

other

ways

that

affect

a

Fund’s

investment

performance.

LIBOR

was

discontinued

as

a

floating

rate

benchmark

after

June

30,

2023.

It

is

anticipated

that

financial

instruments,

such

as

certain

floating

rate

bonds,

that

previously

utilize

LIBOR

have

transitioned

to

using

the

Secured

Overnight

Financing

Rate

(“SOFR”),

which

is

a

broad

measure

of

the

cost

of

overnight

borrowings

secured

by

US

Treasury

securities.

The

transition

from

LIBOR

to

SOFR

(or

any

other

replacement

rate)

may

lead

to

a

reduction

in

the

value

of

some

LIBOR-based

investments,

as

well

as

significant

market

uncertainty,

increased

volatility,

and

illiquidity

in

markets

for

various

instruments,

which

may

result

in

prolonged

adverse

market

conditions

and

impact

a

Fund’s

performance

or

NAV.

Other:

Interest

income

is

recognized

on

an

accrual

basis.

Premiums

on

securities

purchased

are

amortized,

and

discounts

are

accreted

using

the

yield

to

maturity

method

over

the

lives

of

the

respective

securities

or

where

applicable,

to

the

first

call

date

of

the

securities

with

premiums.

Dividends

from

equity

securities

are

recorded

as

income

on

the

ex-dividend

date

or

as

soon

as

information

is

available

to

the

fund.

Recent

Accounting

Pronouncement:

In

December

2020,

the

SEC

adopted

a

new

rule

providing

a

framework

for

fund

valuation

practices

(“Rule

2a-5”).

Rule

2a-5

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

the

1940

Act

and

the

threshold

for

determining

whether

a

fund

must

fair

value

a

security.

In

connection

with

Rule

2a-5,

the

SEC

also

adopted

related

recordkeeping

requirements

and

is

rescinding

previously

issued

guidance,

including

with

respect

to

the

role

of

a

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

The

Fund

has

adopted

procedures

in

accordance

with

Rule

2a-5.

Regulatory

Update

–

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds

(“ETFs”)

–

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Fund.

Note

3

–

Transactions

with

Affiliated

Persons

Under

contracts

approved

annually

by

the

Trust’s

Board

of

Trustees,

including

those

Trustees

who

are

not

parties

to

the

contract

or

“interested

persons”

(as

defined

in

the

Investment

Company

Act

of

1940)

of

such

parties

or

the

Trust

(the

“Independent

Trustees”),

Saturna

Capital

Corporation

(“Saturna

Capital”)

provides

investment

advisory

services

and

certain

other

administrative

services

required

to

conduct

Trust

business.

Expenses

incurred

by

the

Trust

on

behalf

of

the

Funds

(e.g.,

legal

fees)

are

allocated

to

the

Funds

on

the

basis

of

relative

daily

average

net

assets.

For

such

services,

each

of

the

Funds

pays

the

adviser

a

base

Investment

Advisory

and

Administrative

Services

Fee

of

0.50%

of

average

net

assets

per

annum,

payable

monthly

for

each

of

the

Funds.

In

addition,

the

adviser

has

agreed

to

certain

limits

on

other

expenses,

as

described

below

Prior

to

March

31,

2023,

the

Funds

paid

the

adviser

a

base

Investment

Advisory

and

Administrative

Services

Fee

of

0.50%

of

average

net

assets

per

annum,

which

was

subject

to

adjustment

up

or

down

depending

on

the

investment

performance

of

the

Fund

relative

to

a

specified

index.

For

each

month

in

which

the

Fund’s

total

investment

return

(change

in

net

asset

value

plus

all

distributions

reinvested)

for

the

one

year

period

through

that

month

outperformed

or

underperformed

the

total

return

of

a

specified

index

for

that

period

by

1%

or

more

but

less

than

2%,

the

Base

Fee

was

increased

or

decreased

by

the

annual

rate

of

0.10%

of

the

Fund’s

average

daily

net

assets

for

the

preceding

year.

If

the

outperformance

or

underperformance

was

2%

or

more,

then

the

adjustment

ass

at

the

annual

rate

of

0.20%.

For

the

fiscal

year

ended

November

30,

2023

,

due

to

the

performance

adjustment

that

was

in

effect

before

March

31,

2023

the

Advisory

Fee

amounts

charged

or

reduced

in

addition

to

the

Base

Fee

were

as

follows:

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

56

November

30,

2023

Annual

Report

Effective

March

31,

2023,

each

Fund

pays

Saturna

Capital

an

advisory

and

administrative

fee

at

an

annual

rate

of

0.50%

of

average

daily

net

assets

of

the

Fund.

The

adviser

has

undertaken

to

limit

expenses

through

March

31,

2024

of

Sextant

Short-Term

Bond

Fund

to

0.60%,

Sextant

Bond

Income

Fund

to

0.65%

and

Sextant

Global

High

Income

to

0.75%.

For

the

year

ended

November

30,

2023

,

the

advisory

fees

incurred

were

as

follows:

1

In

accordance

with

the

expense

limitation

noted

above,

for

the

year

ended

November

30,

2023

,

Saturna

Capital

waived

a

portion

of

the

advisory

fees

of

the

Sextant

Short-Term

Bond

Fund,

Sextant

Bond

Income

Fund,

and

Sextant

Global

High

Income

Fund.

The

adviser

cannot

recoup

previously

waived

fees.

Saturna

Brokerage

Services,

Inc.

(“SBS”),

a

discount

brokerage

and

subsidiary

of

Saturna

Capital

Corporation,

is

registered

as

a

broker-dealer

and

acts

as

distributor.

On

October

3,

2006,

The

Funds

adopted

a

Distribution

Plan

in

accordance

with

Rule

12b-1

under

the

1940

Act.

The

plan

provides

that

the

Funds

will

pay

a

fee

to

SBS

at

an

annual

rate

of

0.25%

of

the

average

net

assets

of

the

Funds.

On

June

2,

2017,

12b-1

fees

were

terminated

for

all

Funds

except

Sextant

Growth

Investor

Shares

and

Sextant

International

Investor

Shares.

SBS

is

used

to

effect

equity

portfolio

transactions

for

the

Trust.

SBS

currently

executes

portfolio

transactions

without

commission.

Transactions

effected

through

other

brokers

are

subject

to

commissions

payable

to

that

broker.

Saturna

Trust

Company

(“STC”),

a

subsidiary

of

Saturna

Capital,

acts

as

retirement

plan

custodian

for

the

Funds.

Each

class

of

shares

of

a

Fund

pays

an

annual

fee

of

$10

per

account

for

retirement

plan

services

to

Saturna

Trust

Company.

For

the

fiscal

year

ended

November

30,

2023

,

the

Funds

incurred

the

following

retirement

plan

custodial

fees

to

STC:

Ms.

Jane

Carten

serves

as

a

trustee

and

president

of

the

Trust.

She

is

also

a

director

and

president

of

Saturna

Capital,

vice

president

of

Saturna

Trust

Company,

and

chairman

of

Saturna

Sendirian

Berhad.

Ms.

Carten

is

not

compensated

by

the

Trust.

For

the

fiscal

year

ended

November

30,

2023

,

the

Saturna

Investment

Trust

incurred

$70,142

of

total

expenses

for

the

independent

Trustee’s

compensation

and

Trust

board

meetings.

The

Sextant

Funds

incurred

$55,654

of

these

total

expenses.

On

November

30,

2023

,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

as

a

group,

owned

the

following

percentages

of

outstanding

shares:

The

officers

of

the

Trust

are

paid

by

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

is

partially

compensated

by

the

Trust.

For

the

fiscal

year

ended

November

30,

2023

,

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Base

Fees

Performance

Fee

Advisory

Fee

600

Short-Term

Bond

Fund

$55,903

$2,003

$57,906

650

Bond

Income

Fund

$47,810

$6,970

$54,780

700

Core

Fund

$99,411

$9,301

$108,712

750

Global

High

Income

Fund

$46,448

$4,603

$51,051

800

Growth

Fund

$285,971

$23,847

$309,818

850

International

Fund

$300,232

$39,020

$339,252

Advisory

Fees

Advisory

Fees

Waived

600

Short-Term

Bond

Fund

$57,906

$(32,659)

650

Bond

Income

Fund

$54,780

$(29,650)

700

Core

Fund

$108,712

n/a

750

Global

High

Income

Fund

$51,051

$(19,916)

800

Growth

Fund

$309,818

n/a

850

International

Fund

$339,252

n/a

Distribution

(12b-1)

fees

600

Short-Term

Bond

Fund

n/a

650

Bond

Income

Fund

n/a

700

Core

Fund

n/a

750

Global

High

Income

Fund

n/a

800

Growth

Fund

Z

Shares

(

SGZFX

)

n/a

800

Growth

Fund

Investor

Shares

(

SSGFX

)

$12,198

850

International

Fund

Z

Shares

(

SIFZX

)

n/a

850

International

Fund

Investor

Shares

(

SSIFX

)

$87,360

Retirement

plan

custodial

fees

600

Short-Term

Bond

Fund

(STBFX)

$3,307

650

Bond

Income

Fund

(SBIFX)

$2,734

700

Core

Fund

(SCORX)

$3,576

750

Global

High

Income

Fund

(SGHIX)

$2,524

1,025

Growth

Fund

Investor

Shares

(SSGFX)

n/a

1,050

Growth

Fund

Z

Shares

(SGZFX)

$8,593

1,125

International

Fund

Investor

Shares

(SSIFX)

$15

1,150

International

Fund

Z

Shares

(SIFZX)

$5,822

Trustees',

officers',

and

affiliates'

ownership

600

Short-Term

Bond

Fund(STBFX)

47.94%

650

Bond

Income

Fund(SBIFX)

39.50%

700

Core

Fund(SCORX)

32.59%

750

Global

High

Income

Fund(SGHIX)

57.74%

800

Growth

Fund(SGZFX

and

SSGFX)

19.79%

850

International

Fund(SIFZX

and

SSIFX)

30.89%

Chief

Compliance

Officer

600

Short-Term

Bond

Fund

$2,887

650

Bond

Income

Fund

$2,448

700

Core

Fund

$4,946

750

Global

High

Income

Fund

$2,312

800

Growth

Fund

$13,918

850

International

Fund

$13,928

Note

3

–

Transactions

with

Affiliated

Persons

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Annual

Report

57

Note

4

–

Distributions

to

Shareowners

The

tax

characteristics

of

distributions

paid

for

the

fiscal

year

ended

November

30,

2023

,

and

the

year

ended

November

30,

2022

,

were

as

follows:

Note

5

–

Federal

Income

Taxes

The

cost

basis

of

investments

for

federal

income

tax

purposes

at

November

30,

2023

,

were

as

follows:

As

of

November

30,

2023

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

November

30,

2023

,

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

to

regulation.

Loss

carryforwards

may

be

used

to

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Short-Term

Bond

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$221,971

$147,690

Bond

Income

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$279,913

$277,203

Core

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$250,849

$288,518

Long-term

capital

gain

1

$31,225

$307,946

Global

High

Income

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$305,551

$182,768

Growth

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$–

$1,801,284

Long-term

capital

gain

1

$1,301,342

$4,078,840

International

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$–

$475,898

Long-term

capital

gain

1

$–

$5,599,189

1

Long-Term

Capital

Gain

dividend

designated

at

20%

rate

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code.

Short-Term

Bond

Fund

Bond

Income

Fund

Cost

of

investments

$10,539,022

$10,304,553

Gross

tax

unrealized

appreciation

$3,199

$4,007

Gross

tax

unrealized

depreciation

$(315,976)

$(1,642,077)

Net

tax

unrealized

depreciation

$(312,777)

$(1,638,070)

Core

Fund

Global

High

Income

Fund

Cost

of

investments

$17,045,433

$9,644,683

Gross

tax

unrealized

appreciation

$4,407,920

$578,859

Gross

tax

unrealized

depreciation

$(785,540)

$(1,163,452)

Net

tax

unrealized

appreciation

(depreciation)

$3,622,380

$(584,593)

Growth

Fund

International

Fund

Cost

of

investments

$24,544,422

$31,820,980

Gross

tax

unrealized

appreciation

$36,567,372

$30,648,843

Gross

tax

unrealized

depreciation

$(194,941)

$(97,219)

Net

tax

unrealized

appreciation

$36,372,431

$30,551,624

Short-Term

Bond

Fund

Accumulated

capital

and

other

losses

$(140,543)

Tax

accumulated

earnings

$(140,543)

Unrealized

Depreciation

$(312,777)

Total

accumulated

earnings

$(453,320)

Bond

Income

Fund

Accumulated

capital

and

other

losses

$(16,324)

Tax

accumulated

earnings

$(16,324)

Unrealized

Depreciation

$(1,638,070)

Total

accumulated

earnings

$(1,654,394)

Core

Fund

Undistributed

ordinary

income

$331,689

Accumulated

capital

and

other

losses

$(8,009)

Tax

accumulated

earnings

$323,680

Unrealized

Appreciation

$3,622,380

Other

unrealized

accumulated

losses

$(9)

Total

accumulated

earnings

$3,946,051

Global

High

Income

Fund

Undistributed

ordinary

income

$401,917

Accumulated

capital

and

other

losses

$(15,483)

Tax

accumulated

earnings

$386,434

Unrealized

Depreciation

$(584,593)

Other

unrealized

accumulated

losses

$(23)

Total

accumulated

earnings

$(198,182)

Growth

Fund

Accumulated

capital

and

other

losses

$(252,087)

Tax

accumulated

earnings

$(252,087)

Unrealized

Appreciation

$36,372,431

Total

accumulated

earnings

$36,120,344

International

Fund

Undistributed

ordinary

income

$194,146

Accumulated

capital

and

other

losses

$(544,256)

Tax

accumulated

earnings

$(350,110)

Unrealized

Appreciation

$30,551,624

Other

unrealized

gains

$1,985

Total

accumulated

earnings

$30,203,499

Short-Term

Bond

Fund

Bond

Income

Fund

Short

term

loss

carryforward

$47,267

$–

Long

term

loss

carryforward

$93,276

$16,324

Total

Capital

loss

carryforward

$140,543

$16,324

Core

Fund

Global

High

Income

Fund

Short

term

loss

carryforward

$8,009

$–

Long

term

loss

carryforward

$–

$15,483

Total

Capital

loss

carryforward

$8,009

$15,483

Growth

Fund

International

Fund

Short

term

loss

carryforward

$252,087

$544,256

Total

Capital

loss

carryforward

$252,087

$544,256

Notes

To

Financial

Statements

(continued)

58

November

30,

2023

Annual

Report

Note

6

–

Investments

Investment

transactions

other

than

short-term

investments

and

redemptions

in-kind

for

the

fiscal

year

ended

November

30,

2023

,

were

as

follows:

Redemptions

in-kind

for

the

fiscal

year

ended

November

30,

2023

,

were

as

follows:

Note

7

–

Custodian

Under

agreements

in

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

by

credits

for

cash

balances.

For

the

fiscal

year

ended

November

30,

2023

,

such

reductions

were

as

follows:

Note

8

–

Subsequent

Events

The

Funds

declared

the

payment

of

a

distribution

to

be

paid

on

December

21,

2023,

to

all

shareowners

of

record

on

December

20,

2023,

as

follows:

There

were

no

other

events

or

transactions

during

the

period

that

materially

impacted

the

amounts

or

disclosures

in

the

Fund’s

financial

statements.

Purchases

Sales

600

Short-Term

Bond

Fund

$2,500,019

$3,369,434

650

Bond

Income

Fund

$–

$–

700

Core

Fund

$5,768,221

$2,345,963

750

Global

High

Income

Fund

$2,407,411

$700,285

800

Growth

Fund

$7,114,039

$5,647,754

850

International

Fund

$12,638,870

$9,216,641

Purchases

Sales

700

Core

Fund

$–

$1,087,160

800

Growth

Fund

$–

$1,597,820

850

International

Fund

$–

$1,928,580

Custodian

Fee

Credits

600

Short-Term

Bond

Fund

$449

650

Bond

Income

Fund

$382

700

Core

Fund

$829

750

Global

High

Income

Fund

$656

800

Growth

Fund

$2,314

850

International

Fund

$5,558

Ordinary

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

650

Core

$0.25

$–

$–

700

Global

High

Income

$0.433

$–

$–

750

Growth

(Z

Shares)

$0.025

$–

$–

800

International

(Investor

Shares)

$0.075

$–

$–

850

International

(Z

Shares)

$0.12

$–

$–

Report

of

Independent

Registered

Public

Accounting

Firm

November

30,

2023

Annual

Report

59

To

the

Board

of

Trustees

of

Saturna

Investment

Trust

and

the

Shareholders

of

Sextant

Mutual

Funds

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities

of

the

Sextant

Short

Term

Bond

Fund,

Sextant

Bond

Income

Fund,

Sextant

Core

Fund,

Sextant

Global

High

Income

Fund,

Sextant

Growth

Fund

and

Sextant

International

Fund

(the

“Funds”),

each

a

series

of

Saturna

Investment

Trust,

including

the

schedules

of

investments,

as

of

November

30,

2023,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

the

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

notes

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

November

30,

2023,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

their

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

have

served

as

the

auditor

of

one

or

more

of

the

funds

in

the

Trust

since

1997.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Funds’

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

November

30,

2023

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Philadelphia,

Pennsylvania

January

29,

2024

Tait,

Weller

&

Baker

LLP

Expenses

(unaudited)

60

November

30,

2023

Annual

Report

All

mutual

funds

have

operating

expenses.

As

a

Sextant

Fund

shareowner,

you

incur

ongoing

costs,

including

management

fees,

distribution

(or

service)

12b-1

fees,

and

other

Fund

expenses

such

as

shareowner

reports

(like

this

one).

Operating

expenses,

which

are

deducted

from

a

fund’s

gross

earnings,

directly

reduce

the

investment

return

of

a

fund.

Mutual

funds

(unlike

other

financial

investments)

only

report

their

results

after

deduction

of

operating

expenses.

With

the

Sextant

Funds,

unlike

many

mutual

funds,

you

do

not

incur

sales

charges

(loads)

on

purchases,

reinvested

dividends,

or

other

distributions.

There

are

no

redemption

fees

or

exchange

fees.

You

may

incur

fees

related

to

extra

services

requested

by

you

for

your

account,

such

as

bank

wires.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Examples

The

following

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(December

1,

2022

to

November

30,

2023

).

Actual

Expenses

The

first

line

for

each

Fund

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

have

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

The

Funds

may

charge

for

extra

services

(such

as

domestic

bank

wires,

international

bank

wires,

or

overnight

courier

delivery

of

redemption

checks)

rendered

on

request,

which

you

may

need

to

estimate

to

determine

your

total

expenses.

Hypothetical

Example

For

Comparison

Purposes

The

second

line

for

each

Fund

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

(based

on

the

last

six

months)

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Funds

and

other

mutual

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareowner

reports

of

other

mutual

funds.

You

may

wish

to

add

other

fees

that

are

not

included

in

the

expenses

shown

in

the

table,

such

as

IRA

fees

charged

by

custodians

other

than

Saturna

Trust

Company

(note

that

Saturna

does

not

charge

such

fees

to

shareowners

directly

on

Saturna

IRAs,

ESAs,

or

HSAs

with

the

Sextant

Funds),

and

charges

for

extra

services

such

as

bank

wires.

Please

note

that

the

expenses

shown

in

the

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads)

or

exchange

fees

(note

that

the

Sextant

Funds

do

not

assess

any

such

transactional

costs).

Therefore,

the

“Hypothetical”

line

of

each

fund

is

useful

in

comparing

ongoing

costs

only,

and

may

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

Expenses

are

equal

to

annualized

expense

ratios

indicated

above

(based

on

the

most

recent

semi-annual

period

of

June

1,

2023,

through

November

30,

2023

),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

183/365

to

reflect

the

semi-annual

period.

Beginning

Account

Value

[December

1,

2022]

Ending

Account

Value

[November

30,

2023]

Expenses

Paid

During

the

Period

Annualized

Expense

Ratio

600

Short-Term

Bond

Fund

$1,000.00

$1,016.70

$3.03

0.60%

625

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,022.06

$3.04

0.60%

650

Bond

Income

Fund

$1,000.00

$987.40

$3.24

0.65%

725

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.81

$3.29

0.65%

700

Core

Fund

$1,000.00

$1,037.50

$3.87

0.76%

825

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.27

$3.83

0.76%

750

Global

High

Income

Fund

$1,000.00

$1,034.50

$3.75

0.73%

925

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.39

$3.72

0.73%

1,125

International

Fund

Investor

Shares

$1,000.00

$1,089.20

$5.05

0.96%

1,125

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,020.23

$4.88

0.96%

1,150

International

Fund

Z

Shares

$1,000.00

$1,091.00

$3.85

0.73%

1,150

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.39

$3.72

0.73%

1,025

Growth

Fund

Investor

Shares

$1,000.00

$1,080.80

$5.02

0.96%

1,025

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,020.25

$4.87

0.96%

1,050

Growth

Fund

Z

Shares

$1,000.00

$1,082.00

$3.79

0.73%

1,050

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.43

$3.67

0.73%

(unaudited)

Trustees

and

Officers

November

30,

2023

Annual

Report

61

Name

(Age)

and

Address

Position(s)

Held

with

Trust

&

Number

of

Saturna

Fund

Portfolios

Overseen

Principal

Occupation(s)

during

past

5

years,

including

Directorships

Other

Directorships

held

by

Trustee

INDEPENDENT

TRUSTEES

Marina

E.

Adshade,

(56)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2017);

Eight

Professor

of

Economics,

University

of

British

Columbia,

Vancouver;

Author

None

Ronald

H.

Fielding,

MA,

MBA,

PhD

(Hon.)

(74)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2009);

Twelve

Director,

ICI

Mutual

Insurance

Company

Amana

Mutual

Funds

Trust

Gary

A.

Goldfogel,

(65)

1300

N.

State

Street

Bellingham,

WA

98225

Chairman

(since

2017);

Independent

Trustee

(since

1995);

Eight

Medical

Examiner

(pathologist)

None

Jim

V.

McKinney,

(62)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2017);

Eight

President/CEO,

Apple

Mountain

LLC,

consulting

and

development;

Former

US

Army

Foreign

Area

Officer

None

Sarah

E.D.

Rothenbuhler,

(55)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2017);

Eight

CEO,

Birch

Equipment

(industrial

rentals

and

sales)

None

INTERESTED

TRUSTEE

Jane

K.

Carten,

MBA

(48)

1300

N.

State

Street

Bellingham,

WA

98225

President,

Trustee

(since

2017);

Eight

President

and

Director,

Saturna

Capital

Corporation

Vice

President

and

Director,

Saturna

Trust

Company

President,

Saturna

Brokerage

Services

Chairman,

Saturna

Sendirian

Berhad

None

Trustees

and

Officers

(continued)

(unaudited)

62

November

30,

2023

Annual

Report

Term

of

Office:

each

Trustee

serves

for

the

lifetime

of

the

Trust

or

until

they

die,

resign,

are

removed,

or

not

re-elected

by

the

shareowners.

Each

officer

serves

a

one-year

term

subject

to

annual

reappointment

by

the

Trustees.

The

Trust’s

Statement

of

Additional

Information,

available

without

charge

upon

request

by

calling

Saturna

Capital

at

1-800-728-8762

and

on

the

Funds’

website,

www.sextantfunds.com,

includes

additional

information

about

the

Trustees.

On

November

30,

2023

,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

as

a

group,

owned

the

following

percentages

of

outstanding

shares:

Name

(Age)

and

Address

Position(s)

Held

with

Trust

&

Number

of

Saturna

Fund

Portfolios

Overseen

Principal

Occupation(s)

during

past

5

years,

including

Directorships

Other

Directorships

held

by

Trustee

OFFICERS

WHO

ARE

NOT

TRUSTEES

Bryce

R.

Fegley

(48)

1300

N.

State

Street

Bellingham,

WA

98225

Vice

President

(since

2020);

N/A

Portfolio

Manager

and

Senior

Investment

Analyst,

Saturna

Capital

N/A

Christopher

R.

Fankhauser

(51)

1300

N.

State

Street

Bellingham,

WA

98225

Treasurer

~

1

(since

2002);

N/A

Chief

Operations

Officer

and

Director,

Saturna

Capital

Corporation;

Vice

President

and

Chief

Operations

Officer,

Saturna

Brokerage

Services;

Director,

Vice

President,

and

Chief

Operations

Officer,

Saturna

Trust

Company

N/A

Michael

E.

Lewis

(62)

1300

N.

State

Street

Bellingham,

WA

98225

Chief

Compliance

Officer

~

1

(since

2012);

N/A

Chief

Compliance

Officer,

Saturna

Capital,

Saturna

Trust

Company,

and

Affiliated

Funds.

N/A

Jacob

A.

Stewart

(43)

1300

N.

State

Street

Bellingham,

WA

98225

Anti-Money

Laundering

Officer

~

1

(since

2015);

N/A

Anti-Money

Laundering

Officer,

Saturna

Capital

Corporation,

Saturna

Brokerage

Services;

Chief

Compliance

Officer,

Saturna

Brokerage

Services

Bank

Secrecy

Act

Officer,

Saturna

Trust

Company

N/A

Elliot

S.

Cohen

(60)

1300

N.

State

Street

Bellingham,

WA

98225

Secretary

(since

2022);

N/A

Chief

Legal

Officer,

Saturna

Capital

Corporation;

Former

Associate

General

Counsel

for

Russell

Investments

N/A

Trustees',

officers',

and

affiliates'

ownership

600

Short-Term

Bond

Fund(STBFX)

47.94%

650

Bond

Income

Fund(SBIFX)

39.50%

700

Core

Fund(SCORX)

32.59%

750

Global

High

Income

Fund(SGHIX)

57.74%

800

Growth

Fund(SGZFX

and

SSGFX)

19.79%

850

International

Fund(SIFZX

and

SSIFX)

30.89%

Trustees

and

Officers

(continued)

(unaudited)

November

30,

2023

Annual

Report

63

During

the

year

ended

November

30,

2023

,

the

Independent

Trustees

were

each

paid

by

the

Trust:

(1)

$2,000

annual

retainer

plus

$1,000

per

board

meeting

attended

(in

person

or

by

phone),

plus

reimbursement

of

travel

expenses;

(2)

$250

for

committee

meetings;

and

(3)

$250

per

quarter

for

serving

as

chairman

of

the

board

or

any

committee.

Mrs.

Carten

is

an

Interested

Trustee

by

reason

of

her

positions

with

the

Trust’s

adviser

(Saturna

Capital

Corporation)

and

underwriter

(Saturna

Brokerage

Services),

and

is

the

primary

manager

of

the

Saturna

Sustainable

Equity

Fund

portfolio.

She

is

paid

by

Saturna

Capital

a

salary,

plus

a

bonus

for

each

month

the

Saturna

Sustainable

Equity

Fund

portfolio

earns

a

4

or

5

star

rating

from

Morningstar

(see

www.saturna.com).

The

officers

are

paid

by

Saturna

Capital

and

not

the

Trust.

As

of

November

30,

2023

,

all

Saturna

Capital

employees

listed

above

as

officers

owned

shares

in

one

or

more

of

the

Saturna

Investment

Trust

funds,

with

Mrs.

Carten

owning

(directly

or

indirectly)

over

$1.55

million.

1

Holds

the

same

position

with

Amana

Mutual

Funds

Trust.

Renewal

of

Investment

Advisory

Contract

(unaudited)

64

November

30,

2023

Annual

Report

During

their

meeting

of

September

19,

2023,

the

Trustees

of

Saturna

Investment

Trust,

including

the

Independent

Trustees,

discussed

the

renewal

of

the

Investment

Advisory

and

Administrative

Agreement

(the

“Advisory

Agreement”)

with

the

Trust,

on

behalf

of

each

of

the

Sextant

Funds,

(Short-Term

Bond

Fund,

Bond

Income

Fund,

Core

Fund,

Global

High

Income

Fund,

Growth

Fund,

and

International

Fund)

(the

“Funds”)

and

Saturna

Capital.

In

considering

the

renewal

of

the

Advisory

Agreement,

the

Board,

including

the

Independent

Trustees,

considered

the

factors

it

deemed

relevant,

including

the

nature,

quality

and

extent

of

services

provided,

the

performance

of

each

Fund,

expenses

and

fees,

the

profitability

of

Saturna

Capital,

the

potential

for

economies

of

scale

that

may

be

shared

with

each

Fund

and

its

shareowners

as

each

Fund’s

assets

grow,

and

any

other

benefits

derived

by

Saturna

Capital

from

its

relationship

with

the

Funds.

In

their

deliberations,

the

Trustees

did

not

identify

any

single

factor

which

alone

was

responsible

for

the

decision

to

approve

the

Advisory

Agreement,

and

each

Trustee

may

have

given

different

weights

to

different

factors,

and,

thus,

each

Trustee

may

have

had

a

different

basis

for

his

or

her

decision.

The

Trustees

considered

Saturna

Capital’s

specific

responsibilities

in

all

aspects

of

day-to-day

management

of

the

Funds

as

well

as

the

qualifications,

experience

and

responsibilities

of

the

Funds’

portfolio

managers

and

other

key

personnel

at

Saturna

Capital.

The

Trustees

discussed

Saturna

Capital’s

experience,

ability,

and

commitment

to

quality

service

through

performing

internally

such

functions

as

shareowner

servicing,

administration,

accounting,

marketing,

and

distribution

—

all

in

addition

to

investment

management.

The

Trustees

took

into

consideration

Saturna

Capital’s

continued

avoidance

of

significant

operational

and

compliance

problems,

plus

its

continued

investments

in

infrastructure,

information

management

systems,

personnel,

training,

compliance,

and

investor

education

materials,

all

designed

to

provide

high

quality

investor

services

and

meet

investor

needs.

They

recognized

Saturna

Capital’s

efforts

to

recruit

and

retain

qualified

and

experienced

staff

and

improve

the

capital

base

on

which

Saturna

Capital

operates,

which

the

Trustees

believe

is

important

to

the

long-term

success

of

the

Funds.

They

considered

Saturna

Capital’s

focus

on

investors

and

its

efforts

to

avoid

potential

conflicts

of

interest.

The

Trustees

considered

the

investment

performance

of

each

Fund

over

time,

including

each

Fund’s

average

annual

total

returns

relative

to

its

benchmark

for

the

one-,

three-,

five-,

10-

and

15-

year

periods,

as

applicable,

ended

July

31,

2023.

The

Trustees

also

considered

comparative

information

from

Morningstar,

which

provides

independent

analysis

of

mutual

fund

data

and,

among

other

things,

ranks

mutual

fund

performance

within

categories

comprised

of

similarly

managed

funds.

The

Trustees

considered

and

discussed

each

Fund’s

average

annual

total

returns

relative

to

its

Morningstar

category

average

for

the

one-,

three-,

five-,

10-

and

15-

year

periods,

as

applicable,

ended

July

31,

2023.

The

Trustees

also

considered

each

Fund’s

Morningstar

performance

rankings

(one

through

five

stars)

and

noted

the

sustainability

ratings

assigned

to

some

of

the

Funds

by

Morningstar.

The

Trustees

noted

that

the

short-term

performance

of

the

Sextant

International

Fund

was

in

the

third

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

in

the

first

quartile

for

the

three-

and

five-year

periods,

and

long-term

performance

was

in

the

first

and

second

quartiles

for

the

respective

10-

and

15-

year

periods.

The

Trustees

further

noted

that

the

International

Fund

had

outperformed

its

benchmark

for

the

five-,

10-

and

15-

year

periods

and

underperformed

the

benchmark

for

the

one-

and

three-year

periods.

The

Trustees

noted

that

the

short-term

performance

of

the

Sextant

Growth

Fund

was

in

the

third

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

in

the

third

and

second

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

in

the

third

and

fourth

quartiles

for

the

respective

10-

and

15-

year

periods.

The

Trustees

further

noted

that

the

Growth

Fund

had

outperformed

its

benchmark

for

the

five-year

period

and

underperformed

the

benchmark

for

the

one-,

three-,

10-

and

15-

year

periods.

The

Trustees

noted

that

the

short-term

performance

of

the

Sextant

Short-Term

Bond

Fund

was

in

the

third

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

in

the

third

quartile

for

the

three-

and

five-year

periods,

and

long-term

performance

was

in

the

third

and

fourth

quartiles

for

the

respective

10-

and

15-year

periods.

The

Trustees

further

noted

that

Short-Term

Bond

Fund

had

performed

roughly

in-line

with

its

benchmark

for

the

10-

and

15-year

periods.

The

Trustees

noted

that

the

short-term

performance

of

the

Sextant

Bond

Income

Fund

was

in

the

third

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

in

the

first

and

fourth

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

in

the

fourth

quartile

for

the

10-

and

15-year

periods.

The

Trustees

further

noted

that

Bond

Income

Fund

had

performed

roughly

in-line

with

its

benchmark

for

the

10-

and

15-

year

periods.

The

Trustees

noted

that

the

short-term

performance

of

the

Sextant

Core

Fund

was

in

the

second

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

in

the

third

and

second

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

in

the

third

and

fourth

quartiles

for

the

respective

10-

and

15-year

periods.

The

Trustees

further

noted

that

the

Core

Fund

had

outperformed

its

benchmark

for

the

one-,

three-,

and

five-year

periods,

and

underperformed

the

benchmark

for

the

10-

and

15-

year

periods.

The

Trustees

noted

that

the

short-term

performance

of

the

Sextant

Global

High

Income

Fund

was

in

the

second

quartile

for

its

Morningstar

category

for

the

one-year

period,

medium-term

performance

was

in

the

third

and

fourth

quartiles

for

the

respective

three-

and

five-year

periods,

and

long-term

performance

was

in

the

third

quartile

for

the

10-year

period.

The

Trustees

further

noted

that

the

Global

High

Income

Fund

had

underperformed

its

benchmark

for

the

one-,

three-,

five

and

10-year

periods.

Renewal

of

Investment

Advisory

Contract

(continued)

(unaudited)

November

30,

2023

Annual

Report

65

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,

Sextant

Core

and

Sextant

Global

High

Income

Funds

were

each

rated

three

stars,

and

Sextant

Short-Term

Bond

and

Sextant

Bond

Income

were

each

rated

two

stars.

The

Trustees

noted

the

generally

risk-averse

investment

style

of

the

Funds

and

other

factors

which

can

affect

each

Fund’s

performance

relative

to

its

broader

Morningstar

category.

The

Trustees

also

noted

certain

differences

between

each

Fund

and

the

peer

funds

within

its

Morningstar

category,

including

differences

in

investment

strategies

and

asset

size.

The

Trustees

found

that

Saturna

Capital

continued

to

manage

each

Fund

in

a

manner

that

is

designed

to

be

risk

averse

and

attractive

to

long-term

investors.

The

Trustees

discussed

and

considered

the

efforts

of

Saturna

Capital

to

make

additional

resources

available

to

assist

in

managing

the

Funds.

The

Trustees

also

considered

Saturna

Capital’s

focus

on

improving

investment

performance

without

incurring

materially

higher

levels

of

risk.

The

Trustees

also

considered

the

performance

and

expenses

of

each

Fund

as

compared

to

a

smaller

group

of

funds

compiled

by

Saturna

Capital

with

similar

investment

objectives

and

strategies.

The

Trustees

considered

these

comparative

performance

and

expense

data,

along

with

the

comparative

data

published

by

Morningstar

and

each

Fund’s

performance

relative

to

its

benchmark,

to

evaluate

each

Fund’s

performance

over

near-term

and

long-term

time

periods,

as

applicable.

The

Trustees

also

reviewed

the

fees

and

expenses

of

each

Fund,

including

comparative

data

on

fees

and

expenses

published

by

Morningstar,

and

considered

the

components

of

the

Funds’

operating

expenses.

The

Trustees

noted

the

steps

that

Saturna

Capital

has

undertaken

to

maintain

competitive

levels

of

Fund

operating

expenses.

They

noted

the

significant

sponsorship

of

the

Funds

by

Saturna

Capital

evidenced,

in

part,

by

certain

fees

and

expenses

paid

by

Saturna

Capital

out

of

its

own

resources.

The

Trustees

recognized

that

Saturna

Capital’s

efforts

help

make

the

Funds

more

widely

available

and

less

expensive

than

would

otherwise

be

the

case

without

Saturna

Capital’s

efforts.

The

Trustees

noted

that,

pursuant

to

an

amendment

to

the

Advisory

Agreement

approved

by

Fund

shareowners

in

January

2023,

effective

on

March

30,

2023,

Saturna

Capital

had

implemented

a

single

advisory

and

administrative

fee

rate

of

0.50%

of

each

Fund’s

average

daily

net

assets

and

eliminated

the

prior

performance

fee

adjustment,

whereby

each

Fund’s

base

advisory

and

administrative

fee

of

0.50%

was

adjusted

0.10%

or

0.20%

higher

or

lower,

depending

upon

how

much

the

Fund

outperformed

or

underperformed

the

average

12-month

total

return

of

the

funds

in

its

respective

Morningstar

category

(“Performance

Fee

Adjustment”).

Taking

into

account

the

Morningstar

information

on

expenses

of

peers,

and

in

light

of

the

services

provided

by

Saturna

Capital,

the

Trustees

found

each

Fund’s

advisory

fee

and

expense

ratio

as

compared

to

the

funds

in

its

peer

group

to

be

fair

given

the

size

of

each

Fund,

the

services

provided,

and

the

expenses

incurred

by

Saturna

Capital.

The

Trustees

recognized

that

each

Fund

remains

relatively

small

and

there

have

not

been

opportunities

to

consider

economies

of

scale.

The

Trustees

noted

Saturna

Capital’s

commitment

to

continue

operating

the

Funds

and

the

costs

undertaken

by

Saturna

Capital,

well

as

Saturna

Capital’s

use

of

its

resources

to

reinvest

in

the

firm

to

enhance

the

services

provided

to

the

Funds.

The

Trustees

reviewed

Saturna

Capital’s

financial

information

and

discussed

the

issue

of

Saturna

Capital’s

profitability,

or

lack

thereof,

as

related

to

management

and

administration

of

the

Trust.

They

discussed

the

reasonableness

of

Saturna

Capital’s

profitability

as

part

of

their

evaluation

of

whether

each

Fund’s

advisory

and

administrative

fees

bear

a

reasonable

relationship

to

the

mix

of

services

provided

by

Saturna

Capital,

including

the

nature,

extent,

and

quality

of

such

services.

The

Trustees

noted

that,

due

to

the

elimination

of

the

Performance

Fee

Adjustment,

profitability

was

no

longer

directly

affected

by

investment

performance

relative

to

the

average

12-month

total

return

of

the

funds

in

a

Fund’s

Morningstar

category.

The

Trustees

considered

and

compared

the

fees

charged

by

Saturna

Capital

to

other

types

of

accounts,

including

non-mutual

fund

advisory

clients.

The

Trustees

noted

the

differences

between

the

full

range

of

services

Saturna

Capital

provides

to

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

as

compared

to

the

investment

advisory

services

provided

to

the

other

advisory

accounts.

The

Trustees

considered

potential

benefits

to

Saturna

Capital’s

other

business

lines

from

acting

as

investment

adviser

to

the

Funds,

but

also

recognized

that

Saturna

Capital’s

other

business

lines

also

potentially

benefit

the

Funds.

The

Trustees

also

noted

that

there

were

no

soft

dollar

arrangements

with

respect

to

trading

in

the

Funds’

portfolios.

The

Trustees

considered

whether

there

are

other

potential

benefits

to

Saturna

Capital

in

continuing

to

manage

the

Funds,

and

the

Trustees

found

that

there

were

no

material

benefits

other

than

Saturna

Capital’s

receipt

of

advisory

and

administrative

fees

and

the

fact

that

Saturna

Brokerage

Services,

a

wholly

owned

subsidiary

of

Saturna

Capital,

receives

distribution

and

shareowner

services

fees

under

Rule

12b-

1,

which

it

would

not

otherwise

receive

if

Saturna

Capital

did

not

serve

as

the

investment

manager

for

the

Funds.

The

Trustees

also

noted

that

Saturna

Brokerage

Services

voluntarily

waives

brokerage

commissions

for

executing

Fund

portfolio

transactions,

resulting

in

lower

transaction

costs.

The

Trustees

concluded

based

on

their

business

judgement

that

the

fees

paid

by

each

Fund

to

Saturna

Capital

were,

from

an

arm’s

length

bargaining

perspective,

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareowners

in

light

of

the

services

provided,

comparative

performance,

expense

and

advisory

and

administrative

fee

information,

costs

of

services

provided,

profits

to

be

realized,

and

benefits

derived

or

to

be

derived

by

Saturna

Capital

from

its

relationship

with

the

Fund.

Following

this

discussion,

the

Trustees,

including

the

Independent

Trustees,

unanimously

agreed

to

renew

each

Fund’s

Advisory

Agreement

with

Saturna

Capital.

66

November

30,

2023

Annual

Report

Availability

of

Quarterly

Portfolio

Information

(1)

The

Sextant

Funds

file

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

on

the

SEC’s

website

at

www.sec.gov

and

at

www.sextantfunds.com.

(3)

The

Funds

posts

a

complete

schedule

of

portfolio

holdings

after

the

end

of

each

month,

available

to

investors

at

www.

sextantfunds.com.

Availability

of

Proxy

Voting

Information

(1)

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

(a)

without

charge,

upon

request,

by

calling

Saturna

Capital

at

1-800-728-8762;

(b)

on

the

Funds’

website

at

www.

sextantfunds.com;

and

(c)

on

the

SEC’s

website

at

www.sec.gov.

(2)

Information

regarding

how

each

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

is

available

(a)

without

charge,

upon

request,

by

calling

Saturna

Capital

at

1-800-728-8762;

(b)

on

the

Funds’

website

at

www.sextantfunds.com;

and

(c)

on

the

SEC’s

website

at

www.sec.

gov.

Householding

Policy

To

reduce

expenses,

we

may

mail

only

one

copy

of

the

Funds’

prospectus,

each

annual

and

semi-annual

report,

and

proxy

statements

when

necessary,

to

those

addresses

shared

by

two

or

more

accounts.

If

you

wish

to

receive

individual

and/or

more

copies

of

these

documents,

please

call

us

at

1-800-728-8762

or

write

to

us

at

Saturna

Capital/Sextant

Mutual

Funds,

P.O.

Box

N,

Bellingham,

WA

98227.

We

will

begin

sending

you

individual

copies

30

days

after

receiving

your

request.

If

you

are

currently

receiving

multiple

copies

and

wish

to

receive

only

one

copy,

please

call

us

at

1-800-728-8762

or

write

to

us

at

Saturna

Capital/Sextant

Mutual

Funds,

P.O.

Box

N,

Bellingham,

WA

98227.

We

will

begin

sending

you

a

single

copy

with

subsequent

report

mailings.

Statement

Regarding

Liquidity

Risk

Management

Program

The

Securities

and

Exchange

Commission

adopted

Rule

22e-4

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“Liquidity

Rule”)

to

promote

effective

liquidity

risk

management

throughout

the

open-end

investment

company

industry,

thereby

reducing

the

risk

that

funds

will

be

unable

to

meet

their

redemption

obligations

and

mitigating

dilution

of

the

interests

of

fund

shareowners.

Pursuant

to

the

Liquidity

Rule,

the

Trust,

on

behalf

of

the

Funds,

has

adopted

a

liquidity

risk

management

program

(the

“Program”)

to

govern

the

Trust’s

approach

to

managing

liquidity

risk.

The

Program

is

overseen

by

Saturna

Capital’s

Liquidity

Risk

Committee,

and

the

Program’s

principal

objectives

include

assessing,

managing

and

periodically

reviewing

each

Fund’s

liquidity

risk,

based

on

factors

specific

to

the

circumstances

of

the

Fund.

At

a

meeting

of

the

Board

held

on

December

14,

2023,

the

Trustees

received

a

report

addressing

the

operation

of

the

Program

and

assessing

its

adequacy

and

effectiveness

of

implementation.

It

was

reported

to

the

Board

that

the

assessment

found

that

the

Program

was

adequately

designed

and

effective

in

achieving

its

objectives.

Further,

that

review

of

the

Program’s

implementation

evidenced

substantial

compliance

with

relevant

policies

and

procedures.

Privacy

Statement

At

Saturna

Capital

and

Saturna

Investment

Trust,

we

understand

the

importance

of

maintaining

the

privacy

of

your

financial

information.

We

want

to

assure

you

that

we

protect

the

confidentiality

of

any

personal

information

that

you

share

with

us.

In

addition,

we

do

not

sell

information

about

our

current

or

former

customers.

In

the

course

of

our

relationship,

we

gather

certain

nonpublic

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

We

do

not

disclose

your

information

to

unaffiliated

third

parties

unless

it

is

necessary

to

process

a

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports

and

other

information;

or

as

required

by

law.

When

we

disclose

information

to

unaffiliated

third

parties,

we

require

a

contract

to

restrict

the

companies’

use

of

customer

information

and

from

sharing

or

using

it

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

We

may

share

information

within

the

Saturna

Capital

family

of

companies

in

the

course

of

informing

you

about

products

or

services

that

may

address

your

investing

needs.

We

maintain

our

own

technology

resources

to

minimize

the

need

for

any

third

party

services,

and

restrict

access

to

information

within

Saturna.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.

If

you

have

any

questions

or

concerns

about

the

security

or

privacy

of

your

information,

please

call

us

at

1-800-728-8762.

Performance

Summary

(unaudited)

2

November

30,

2023

Annual

Report

As

of

November

30,

2023

As

of

December

31

,

2023

Performance

data

quoted

in

this

report

represents

past

performance,

is

before

any

taxes

payable

by

shareowners,

and

is

no

guarantee

of

future

results.

Current

performance

may

be

higher

or

lower

than

that

stated

herein.

Performance

current

to

the

most

recent

month-end

is

available

by

calling

toll-free

1-800-728-8762

or

visiting

www.saturnasustainable.com.

Average

annual

total

returns

are

historical

and

include

change

in

share

value

as

well

as

reinvestment

of

dividends

and

capital

gains,

if

any.

The

investment

return

and

principal

value

of

an

investment

will

fluctuate

so

that

an

investor’s

shares,

when

redeemed,

may

be

worth

more

or

less

than

their

original

cost.

Funds

that

invest

in

foreign

securities

may

involve

greater

risk,

including

political

and

economic

uncertainties

of

foreign

countries

as

well

as

the

risk

of

currency

fluctuations.

A

note

about

risk:

Please

see

the

Notes

to

Financial

Statements

beginning

on

page

22

for

a

discussion

of

investment

risks.

For

a

more

detailed

discussion

of

the

risks

associated

with

each

Fund,

please

see

the

Funds'

prospectus

or

each

Fund's

summary

prospectus.

The

Saturna

Sustainable

Funds

limit

the

securities

they

purchase

to

those

consistent

with

sustainable

principles.

This

limits

opportunities

and

may

affect

performance.

1

By

regulation,

expense

ratios

shown

in

these

tables

are

as

stated

in

the

Funds’

most

recent

Prospectus,

dated

March

31,

2023,

and

incorporate

results

for

the

fiscal

year

ended

November

30,

2022.

Ratios

presented

in

this

table

differ

from

the

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

Also

by

regulation,

the

performance

in

this

table

represents

the

most

recent

quarter-end

performance

rather

than

performance

through

the

Funds’

most

recent

fiscal

period.

Saturna

Capital,

the

Funds’

adviser,

has

agreed

to

limit

actual

expenses

of

the

Sustainable

Equity

Fund

at

0.75%

and

actual

expenses

of

the

Sustainable

Bond

Fund

at

0.65%

through

March

31,

2024.

Average

Annual

Returns

(before

any

taxes

paid

by

shareowners)

1

Year

3

Year

5

Year

10

year

15

Year

Expense

Ratio

1

1,225

Sustainable

Equity

(

SEEFX

)

10.18%

1.01%

8.71%

n/a

n/a

0.75%

1,325

Sustainable

Bond

(

SEBFX

)

3.55%

-2.19%

1.13%

n/a

n/a

0.65%

Average

Annual

Returns

(before

any

taxes

paid

by

shareowners)

1

Year

3

Year

5

Year

10

year

15

Year

Expense

Ratio

1

1,225

Sustainable

Equity

(

SEEFX

)

18.81%

1.30%

11.11%

n/a

n/a

0.75%

1,325

Sustainable

Bond

(

SEBFX

)

6.94%

-1.36%

1.88%

n/a

n/a

0.65%

Please

consider

an

investment’s

objectives,

risks,

charges,

and

expenses

carefully

before

investing.

To

obtain

this

and

other

important

information

about

the

Saturna

Sustainable

Funds

in

a

prospectus

or

summary

prospectus,

ask

your

financial

adviser,

visit

www.saturnasustainable.com,

or

call

toll-free

1-800-728-8762.

Please

read

the

prospectus

or

summary

prospectus

carefully

before

investing.

Fellow

Shareowners:

January

19,

2024

(unaudited)

November

30,

2023

Annual

Report

3

Last

year

we

noted

the

rarity

of

consecutive

down

years

for

major

market

indices

and

the

unbroken

post-World

War

II

streak

of

positive

returns

in

the

year

following

midterm

elections.

While

difficult

to

explain,

the

two

curiosities

provided

some

hope

for

a

year

in

which

many

expected

a

recession

following

a

series

of

aggressive

Federal

Reserve

rate

hikes.

As

readers

well

know,

2023

did

not

feature

a

recession.

Indeed,

third

quarter

gross

domestic

product

(GDP)

growth

hit

a

stunning

4.9%

with

a

bit

above

2%

expected

for

the

full

year.

Meanwhile,

the

stock

market

kept

its

post-midterm

election

streak

alive

for

the

20th

consecutive

time.

For

the

fiscal

year

ended

November

30,

2023,

the

S&P

Global

1200

Index

rose

12.88%

and

the

Dow

Jones

Moderate

Portfolio

Index

gained

4.93%.

Fixed

income

markets,

in

contrast

to

equities,

were

plagued

by

recalcitrant

inflation

and

regular

Fed

hikes

throughout

the

year,

with

the

FTSE

USBIG

Index

rising

1.14%

and

the

Bloomberg

US

Aggregate

Index

gaining

1.18%.

The

shorter

duration

Bloomberg

US

Aggregate

1-3

Year

Index

returned

3.61%.

While

equity

returns

were

impressive,

we

would

be

remiss

in

not

pointing

out

the

tremendous

concentration

of

performance

in

a

handful

of

stocks

that

came

to

be

known

as

“The

Magnificent

Seven.”

With

apologies

to

filmmaker

Akira

Kurosawa,

Apple,

Microsoft,

Alphabet,

Amazon,

Tesla,

Facebook,

and

Nvidia

drove

most

of

the

market

returns

during

the

year

with

artificial

intelligence

(AI)

being

a

key

driver.

We

do

not

dispute

the

potentially

transformative

effect

of

generative

AI

on

productivity,

but

do

see

a

degree

of

exuberance

that

may

not

continue.

In

an

environment

of

favorable

equity

returns,

led

by

a

concentration

of

large

Technology

giants

and

languishing

fixed

income

markets,

the

Sustainable

Funds

delivered

admirably.

The

Saturna

Sustainable

Equity

Fund

rose

10.18%

for

the

fiscal

year,

versus

the

Morningstar

Global

Large-Stock

Blend

category

which

rose

9.07%.

The

Saturna

Sustainable

Bond

Fund

returned

3.55%

for

the

fiscal

year

ended

November

30,

2023,

versus

Morningstar

Global

Bond,

which

rose

2.82%

for

the

same

period.

The

Sustainable

Bond

Fund’s

outperformance

relative

to

the

benchmark

can

be

attributed,

in

part,

to

its

non-US

dollar-denominated

exposures,

particularly

to

those

in

Latin

and

South

America.

For

the

trailing

12-month

period

ended

November

30,

2023,

the

Columbian

peso

appreciated

19.79%

relative

to

the

US

dollar,

followed

by

the

Mexican

peso

appreciating

10.84%

and

the

Brazilian

real

appreciating

5.51%.

Going

Forward

Unlike

the

Midterm

Effect,

we

have

no

similar

track

record

of

performance

–

positive

or

negative

–

during

presidential

election

years.

We

are

encouraged

by

the

resilience

of

the

US

economy

in

the

face

of

significantly

higher

interest

rates.

At

the

same

time,

company

earnings

seem

to

have

bottomed

and

analysts

anticipate

better

growth

in

the

coming

year.

The

appearance

of

attractive

savings

rates

brought

billions

of

dollars

into

money

market

funds;

money

that

could

easily

be

redeployed

to

the

stock

market

if

inflation

were

to

hit

the

2%

mark

and

the

Fed

gain

comfort

in

easing

rates.

Perhaps

we

are

being

premature,

and

the

effects

of

higher

rates

have

yet

to

be

felt.

However,

inflation

has

moderated,

Christmas

spending

was

positive

(if

not

ebullient),

and

one

of

the

rarest

of

all

creatures,

the

soft

landing,

appears

to

be

within

sight.

(unaudited)

4

November

30,

2023

Annual

Report

Thank

you

for

investing

with

us.

Please

read

this

report

and

let

us

know

how

we

can

be

of

assistance

to

you

in

your

quest

for

responsible

investment

choices.

Respectfully,

Jane

Carten

MBA,

Dr.

Gary

Goldfogel,

President

Independent

Board

Chairman

November

30,

2023

Annual

Report

5

Morningstar

Rating

(as

of

December

31,

2023)

(unaudited)

The

Morningstar

Sustainability

Rating

and

the

Morningstar

Portfolio

Sustainability

Score

are

not

based

on

fund

performance

and

are

not

equivalent

to

the

Morningstar

Rating

("Star

Rating").

©

2024

Morningstar®.

All

rights

reserved.

Morningstar,

Inc.

is

an

independent

fund

performance

monitor.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete,

or

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

A

Morningstar

Ratings™

("Star

Ratings")

are

as

of

December

31,

2023

.

The

Morningstar

Rating

™

for

funds,

or

"star

rating",

is

calculated

for

managed

products

(including

mutual

funds,

variable

annuity

and

variable

life

subaccounts,

exchange-traded

funds,

closed-end

funds,

and

separate

accounts)

with

at

least

a

three-year

history.

Exchange-traded

funds

and

open-ended

mutual

funds

are

considered

a

single

population

for

comparative

purposes.

It

is

calculated

based

on

a

Morningstar

Risk-Adjusted

Return

measure

that

accounts

for

variation

in

a

managed

product's

monthly

excess

performance

(not

including

the

effects

of

sales

charges,

loads,

and

redemption

fees),

placing

more

emphasis

on

downward

variations

and

rewarding

consistent

performance.

The

top

10%

of

products

in

each

product

category

receive

5

stars,

the

next

22.5%

receive

4

stars,

the

next

35%

receive

3

stars,

the

next

22.5%

receive

2

stars,

and

the

bottom

10%

receive

1

star.

The

Overall

Morningstar

Rating

for

a

managed

product

is

derived

from

a

weighted

average

of

the

performance

figures

associated

with

its

three-,

five-,

and

10-year

(if

applicable)

Morningstar

Rating

metrics.

The

weights

are:

100%

three-year

rating

for

36-59

months

of

total

returns,

60%

five-year

rating/40%

three-year

rating

for

60-119

months

of

total

returns,

and

50%

10-year

rating/30%

five-year

rating/20%

three-year

rating

for

120

or

more

months

of

total

returns.

While

the

10-year

overall

star

rating

formula

seems

to

give

the

most

weight

to

the

10-year

period,

the

most

recent

three-year

period

actually

has

the

greatest

impact

because

it

is

included

in

all

three

rating

periods.

B

Morningstar

Sustainability

Ratings

are

as

of

November

30,

2023

.

The

Morningstar

Sustainability

Rating

™

is

intended

to

measure

how

well

the

issuing

companies

of

the

securities

within

a

fund’s

portfolio

are

managing

their

environmental,

social,

and

governance

(“ESG”)

risks

and

opportunities

relative

to

the

fund’s

Morningstar

category

peers.

The

Morningstar

Sustainability

Rating

calculation

is

a

two-step

process.

First,

each

fund

with

at

least

50%

of

assets

covered

by

a

company-level

ESG

score

from

Sustainalytics

receives

a

Morningstar

Portfolio

Sustainability

Score

™

.

The

Morningstar

Portfolio

Sustainability

Score

is

an

asset-weighted

average

of

normalized

company-level

ESG

scores

with

deductions

made

for

controversial

incidents

by

the

issuing

companies,

such

as

environmental

accidents,

fraud,

or

discriminatory

behavior.

The

Morningstar

Sustainability

Rating

is

then

assigned

to

all

scored

funds

within

Morningstar

Categories

in

which

at

least

ten

(10)

funds

receive

a

Portfolio

Sustainability

Score

and

is

determined

by

each

fund's

rank

within

the

following

distribution:

High

(highest

10%),

Above

Average

(next

22.5%),

Average

(next

35%),

Below

Average

(next

22.5%),

and

Low

(lowest

10%).

The

Morningstar

Sustainability

Rating

is

depicted

by

globe

icons

where

High

equals

5

globes

and

Low

equals

1

globe.

A

Sustainability

Rating

is

assigned

to

any

fund

that

has

more

than

half

of

its

underlying

assets

rated

by

Sustainalytics

and

is

within

a

Morningstar

Category

with

at

least

10

scored

funds;

therefore,

the

rating

is

not

limited

to

funds

with

explicit

sustainable

or

responsible

investment

mandates.

Morningstar

updates

its

Sustainability

Ratings

monthly.

Portfolios

receive

a

Morningstar

Portfolio

Sustainability

Score

and

Sustainability

Rating

one

month

and

six

business

days

after

their

reported

as-of

date

based

on

the

most

recent

portfolio.

As

part

of

the

evaluation

process,

Morningstar

uses

Sustainalytics’

ESG

scores

from

the

same

month

as

the

portfolio

as-of

date.

Saturna

Sustainable

Equity

Fund

was

rated

on

99%

of

assets

under

management.

Saturna

Sustainable

Bond

Fund

was

rated

on

91%

of

assets

under

management.

%

Rank

in

Category

is

the

fund’s

percentile

rank

for

the

specified

time

period

relative

to

all

funds

that

have

the

same

Morningstar

category.

The

highest

(or

most

favorable)

percentile

rank

is

1

and

the

lowest

(or

least

favorable)

percentile

rank

is

100.

The

top-

performing

fund

in

a

category

will

always

receive

a

rank

of

1.

Percentile

ranks

within

categories

are

most

useful

in

those

categories

that

have

a

large

number

of

funds.

The

Funds’

portfolios

are

actively

managed

and

are

subject

to

change,

which

may

result

in

different

Morningstar

Sustainability

Ratings

over

time.

Morningstar™

Ratings

A

1

Year

3

Year

5

Year

Overall

Sustainability

Rating™

B

Saturna

Sustainable

Equity

Fund

–

“Global

Large-Stock

Blend”

Category

SEEFX

n/a







%

Rank

in

Category

54

93

44

93

4

Number

of

Funds

in

Category

359

339

300

339

8,155

Saturna

Sustainable

Bond

Fund

–

“Global

Bond”

Category

SEBFX

n/a







%

Rank

in

Category

38

16

13

16

8

Number

of

Funds

in

Category

190

185

165

185

2,155

Sustainable

Equity

Fund:

Performance

Summary

(unaudited)

6

November

30,

2023

Annual

Report

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

the

Fund

on

March

27,

2015,

to

an

identical

amount

invested

in

the

Standard

&

Poor’s

Global

1200

Index,

a

global

stock

market

index

covering

nearly

70%

of

the

world’s

equity

markets.

The

graph

shows

that

an

investment

the

Fund

would

have

risen

to

$17,765

versus

$21,201

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objective

of

the

Sustainable

Equity

Fund

is

capital

appreciation.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Sustainable

Equity

2

10.18%

8.71%

n/a

0.93%

S&P

Global

1200

Index

12.88%

10.34%

n/a

n/a

1

By

regulation,

the

expense

ratio

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022,

before

fee

waivers.

The

expense

ratio

shown

in

the

most

recent

prospectus

after

fee

waivers

was

0.75%.

The

ratio

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

2

Sustainable

Equity

of

the

Sustainable

Equity

Fund

began

operations

March

27,

2015.

Novo

Nordisk

ADR

4.9%

Wolters

Kluwer

3.2%

Nintendo

ADR

3.1%

Schneider

Electric

ADR

3.0%

Adobe

2.9%

CGI

Group

Class

A

2.9%

Legrand

2.8%

Apple

2.7%

Assa

Abloy

ADR

2.7%

Microsoft

2.6%

November

30,

2023

Annual

Report

7

Discussion

of

Fund

Performance

Unaudited

Sustainable

Equity

Fund

Fiscal

Year

2023

For

the

fiscal

year

ended

November

30,

2023,

the

Saturna

Sustainable

Equity

Fund

rose

10.18%.

The

S&P

Global

1200

Index

rose

12.88%

for

the

same

time,

while

the

Morningstar

Global

Large-Stock

Blend

category

was

up

7.96%.

Factors

Affecting

Past

Performance

The

widely

anticipated

recession

we

predicted

last

year

never

materialized.

Overall,

this

was

beneficial

to

fund

performance,

although

our

cautious

management

did

mean

some

powder

was

left

dry

throughout

the

year.

In

November,

many

central

banks

–

including

the

US

Federal

Reserve,

European

Central

Bank,

and

the

Bank

of

England

–

paused

interest

rate

rises,

stemming

from

concerns

investors

fostered

over

the

period.

Novo

Nordisk

was

the

top

contributor

to

the

Saturna

Sustainable

Equity

Fund

for

the

second

consecutive

fiscal

year.

Ozempic

and

Wegovy

were

big

winners

for

the

drug

manufacturer,

and

the

demand

for

weight

loss

drug

therapy

doesn’t

seem

to

be

ebbing.

The

second

largest

contributor

was

Adobe.

We

believe

that

Adobe

will

hold

its

market

leading

position,

especially

considering

the

new

technologies

the

company

introduced

recently,

like

the

Firefly

AI

image

generator.

Microsoft

was

the

third

largest

contributor

to

the

portfolio

this

year,

and

we

still

like

its

prospects

based

on

Azure,

the

large

investment

Microsoft

made

in

OpenAI,

and

gaming

options

becoming

available

now

that

the

long-awaited

purchase

of

Activision

is

closed.

The

biggest

detractor

to

the

Saturna

Sustainable

Equity

Fund

this

year

was

Pfizer.

As

the

pandemic

wound

down,

Pfizer

struggled

with

plummeting

demand

for

vaccines

and

Paxlovid.

We

have

since

exited

the

position

in

favor

of

other

pharmaceutical

companies

such

as

Eli

Lilly.

Chemical

giant

Johnson

Matthey

also

proved

disappointing

this

year,

and

we

have

sold

the

name

from

the

portfolio.

Finally,

the

third

largest

detractor

was

once

again

US-based

PayPal,

which

we

are

keeping.

We

hold

our

conviction

that

there

is

plenty

of

room

for

the

payments

giant

to

grow.

Looking

Forward

Interest

rates

and

inflation

stabilized

toward

the

end

of

2023,

allowing

for

general

optimism

regarding

economic

markets.

We

see

geopolitical

concerns

and

unrest

as

the

greatest

threats

to

equities

in

the

coming

year.

We

have

increased

our

US

position

closer

to

the

40%

maximum

allowed

by

our

prospectus

as

a

defensive

position

against

geopolitical

instability.

Regardless

of

country,

we

continue

to

purchase

solid

companies

aligned

with

our

values

and

investment

fundamentals

and

sell

those

whose

ethos

or

financials

no

longer

adhere.

Schedule

of

Investments

As

of

November

30,

2023

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

8

November

30,

2023

Annual

Report

Continued

on

next

page.

Common

Stock

-

94.1%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Products

Stores

Home

Depot

1,500

$

279,738

$

470,235

United

States

2.2%

Lowe's

2,400

326,722

477,192

United

States

2.2%

Tractor

Supply

2,500

453,570

507,525

United

States

2.4%

1,060,030

1,454,952

6.8%

Other

Commercial

Services

Ecolab

1,500

237,915

287,595

United

States

1.4%

Restaurants

Starbucks

3,213

237,202

319,051

United

States

1.5%

Specialty

Apparel

Stores

Lululemon

Athletica

2

750

233,377

335,100

United

States

1.6%

TJX

Companies

5,000

238,192

440,550

United

States

2.0%

471,569

775,650

3.6%

2,006,716

2,837,248

13.3%

Consumer

Staples

Household

Products

Haleon

ADR

2

11,500

84,284

98,440

United

Kingdom

0.4%

Kenvue

4,289

84,901

87,667

United

States

0.4%

L'Oreal

ADR

5,400

297,824

508,032

France

2.4%

Reckitt

Benckiser

Group

ADR

16,700

280,226

227,454

United

Kingdom

1.1%

Unicharm

ADR

40,500

326,015

257,175

Japan

1.2%

Unilever

ADR

6,600

340,612

314,820

United

Kingdom

1.5%

1,413,862

1,493,588

7.0%

Packaged

Food

Danone

ADR

31,200

422,528

403,104

France

1.9%

1,836,390

1,896,692

8.9%

Energy

Renewable

Energy

Equipment

Vestas

Wind

Systems

11,000

199,477

304,847

Denmark

1.4%

Financials

Consumer

Finance

Mastercard,

Class

A

860

171,375

355,894

United

States

1.7%

Paypal

2,900

674,351

167,069

United

States

0.8%

845,726

522,963

2.5%

Life

Insurance

Aviva

ADR

45,600

416,983

489,288

United

Kingdom

2.3%

P&C

Insurance

Chubb

2,000

287,787

458,860

Switzerland

2.1%

1,550,496

1,471,111

6.9%

Health

Care

Biotech

BioNTech

SE

800

125,058

80,328

Germany

0.4%

Large

Pharma

GlaxoSmithKline

ADR

9,200

369,834

331,108

United

Kingdom

1.5%

Johnson

&

Johnson

1,766

280,739

273,130

United

States

1.3%

Novartis

ADR

4,300

374,482

420,970

Switzerland

2.0%

Novo

Nordisk

ADR

10,200

324,489

1,038,768

Denmark

4.9%

Pfizer

8,000

290,709

243,760

United

States

1.1%

Schedule

of

Investments

As

of

November

30,

2023

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

9

Continued

on

next

page.

Common

Stock

-

94.1%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Health

Care

(continued)

Large

Pharma

(continued)

Roche

Holding

ADR

9,000

$

406,003

$

303,210

Switzerland

1.4%

Sandoz

Group

AG-ADR

2

860

20,210

24,549

Switzerland

0.1%

2,066,466

2,635,495

12.3%

2,191,524

2,715,823

12.7%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

ADR

44,500

515,234

568,265

Sweden

2.7%

Legrand

6,200

520,793

599,409

France

2.8%

1,036,027

1,167,674

5.5%

Electrical

Components

TE

Connectivity

3,200

356,052

419,200

Switzerland

2.0%

Electrical

Power

Equipment

Schneider

Electric

ADR

17,100

424,554

628,938

France

2.9%

Siemens

ADR

5,300

361,107

445,200

Germany

2.1%

785,661

1,074,138

5.0%

Industrial

Distribution

&

Rental

Ferguson

1,300

204,293

222,742

United

States

1.0%

2,382,033

2,883,754

13.5%

Materials

Agricultural

Chemicals

Corteva

3,000

180,770

135,600

United

States

0.6%

Specialty

Chemicals

DSM

Koninklijke

3

1,928

255,228

158,467

Netherlands

0.8%

Johnson

Matthey

21,031

690,073

413,325

United

Kingdom

1.9%

Novozymes

ADR

6,550

329,752

339,945

Denmark

1.6%

1,275,053

911,737

4.3%

1,455,823

1,047,337

4.9%

Technology

Application

Software

Adobe

2

1,000

108,410

611,010

United

States

2.9%

Dassault

Systemes

ADR

7,530

119,029

352,554

France

1.7%

227,439

963,564

4.6%

Communications

Equipment

Apple

3,028

83,313

575,169

United

States

2.7%

Consumer

Electronics

Nintendo

ADR

56,625

633,296

658,549

Japan

3.1%

Sony

ADR

4,000

261,557

343,800

Japan

1.6%

894,853

1,002,349

4.7%

Electronics

Components

Murata

Manufacturing

12,000

203,199

233,857

Japan

1.1%

Information

Services

Wolters

Kluwer

5,000

371,604

690,356

Netherlands

3.2%

Infrastructure

Software

Microsoft

1,438

62,724

544,872

United

States

2.6%

ServiceNow

2

650

392,951

445,731

United

States

2.1%

455,675

990,603

4.7%

IT

Services

Accenture,

Class

A

1,600

275,166

533,024

Ireland

2.5%

Schedule

of

Investments

As

of

November

30,

2023

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

10

November

30,

2023

Annual

Report

3

The

Fund

has

adopted

a

policy

of

recording

any

transfers

of

investment

securities

between

the

different

levels

in

the

fair

value

hierarchy

as

of

the

end

of

the

year.

Common

Stock

-

94.1%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

(continued)

IT

Services

(continued)

CGI

Group

Class

A

2

6,000

$

421,997

$

610,059

Canada

2.9%

697,163

1,143,083

5.4%

Semiconductor

Devices

NVIDIA

500

235,000

233,850

United

States

1.1%

NXP

Semiconductors

1,800

179,525

367,344

Netherlands

1.7%

STMicroelectronics

ADR

3,900

136,216

185,016

Switzerland

0.9%

550,741

786,210

3.7%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

5,325

406,031

518,176

Taiwan

2.4%

3,890,018

6,903,367

32.5%

Total

investments

$15,512,477

$20,060,179

94.1%

Other

assets

(net

of

liabilities)

1,257,102

5.9%

Total

net

assets

$21,317,281

100.0%

1

Country

of

domicile

unless

otherwise

indicated

2

Non-income

producing

ADR:

American

Depositary

Receipt

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

11

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$15,512,477)

$

20,060,179

Cash

1,235,004

Dividends

receivable

48,316

Prepaid

expenses

1,566

Receivable

for

Fund

shares

sold

660

Total

assets

21,345,725

Liabilities

Accrued

audit

expenses

12,499

Accrued

advisory

fees

9,615

Accrued

retirement

plan

custody

fee

2,239

Payable

for

Fund

shares

redeemed

1,978

Accrued

trustee

expenses

463

Accrued

Chief

Compliance

Officer

expenses

395

Accrued

legal

expenses

60

Accrued

other

operating

expenses

1,195

Total

liabilities

28,444

Net

assets

$21,317,281

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$17,183,380

Total

distributable

earnings

4,133,901

Net

assets

applicable

to

Fund

shares

outstanding

$21,317,281

Fund

shares

outstanding

1,260,324

Net

asset

value,

offering,

and

redemption

price

per

share

$16.91

Year

ended

November

30,

2023

Investment

income

Dividend

Income

(Net

of

foreign

tax

of

$42,666)

$

371,206

Total

investment

income

371,206

Expenses

Investment

advisory

fees

130,596

Filing

and

registration

fees

24,438

Audit

fees

12,313

Trustee

fees

6,883

Legal

fees

5,696

Chief

Compliance

Officer

expenses

5,084

Retirement

plan

custodial

fees

2,806

Custodian

fees

1,493

Other

operating

expenses

4,748

Total

gross

expenses

194,057

Less

advisory

fees

waived

(41,877)

Less

custodian

fee

credits

(1,493)

Net

expenses

150,687

Net

investment

income

$220,519

Net

realized

loss

from

investments

and

foreign

currency

$(449,805)

Net

Increase

in

unrealized

appreciation

on

investments

and

foreign

currency

2,164,681

Net

gain

on

investments

1,714,876

Net

increase

in

net

assets

resulting

from

operations

$1,935,395

Sustainable

Equity

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

12

November

30,

2023

Annual

Report

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

(Decrease)

in

net

assets

from

operations

From

operations

Net

investment

income

$220,519

$178,066

Net

realized

gain

(loss)

on

investments

and

foreign

currency

(449,805)

147,255

Net

increase

(decrease)

in

unrealized

appreciation

on

investments

and

foreign

currency

2,164,681

(4,324,755)

Net

increase

(decrease)

in

net

assets

1,935,395

(3,999,434)

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(177,042)

(164,336)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

2,443,907

2,792,479

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

176,949

163,667

Cost

of

shares

redeemed

(2,844,207)

(4,385,092)

Total

capital

shares

transactions

(223,351)

(1,428,946)

Total

increase

(decrease)

in

net

assets

1,535,002

(5,592,716)

Net

assets

Beginning

of

year

19,782,279

25,374,995

End

of

year

$21,317,281

$19,782,279

Shares

of

the

Fund

sold

and

redeemed

Sustainable

Equity

(SEEFX)

Number

of

shares

sold

151,731

168,148

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

11,688

8,692

Number

of

shares

redeemed

(180,213)

(267,640)

Net

decrease

in

number

of

shares

outstanding

(16,794)

(90,800)

–

–

Sustainable

Equity

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

13

tin

Sustainable

Equity

(SEEFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$15.49

$18.55

$16.72

$13.58

$11.51

Income

from

investment

operations

Net

investment

income

0.17

0.14

0.13

0.10

0.09

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

1.39

(3.08)

1.76

3.11

2.08

Total

from

investment

operations

1.56

(2.94)

1.89

3.21

2.17

Less

distributions

Dividends

(from

net

investment

income)

(0.14)

(0.12)

(0.06)

(0.07)

(0.10)

Total

distributions

(0.14)

(0.12)

(0.06)

(0.07)

(0.10)

Net

asset

value

at

end

of

year

$16.91

$15.49

$18.55

$16.72

$13.58

Total

Return

10.18%

(15.96)%

11.32%

23.74%

19.04%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$21,317

$19,782

$25,375

$16,834

$8,185

Ratio

of

expenses

to

average

net

assets

Before

advisory

fees

waiver

and

custodian

fee

credits

0.97%

0.93%

0.85%

0.78%

1.81%

After

advisory

fees

waiver

0.76%

0.76%

0.76%

0.75%

0.78%

After  advisory

fees

waiver

and

custodian

fee

credits

0.75%

0.75%

0.75%

0.73%

0.75%

Ratio

of

net

investment

income

after

advisory

fee

waivers

and

custodian

fee

credits  to

average

net

assets

1.10%

0.84%

0.71%

0.61%

0.80%

Portfolio

turnover

rate

3%

9%

8%

13%

13%

Sustainable

Bond

Fund:

Performance

Summary

(unaudited)

14

November

30,

2023

Annual

Report

Average

Annual

Returns

(as

of

November

30,

2023

)

Growth

of

$10,000

Comparison

of

any

mutual

fund

to

a

market

index

must

be

made

bearing

in

mind

that

the

index

is

unmanaged

and

expense-free.

Conversely,

the

Fund

will

(1)

be

actively

managed;

(2)

have

an

objective

other

than

mirroring

the

index,

such

as

limiting

risk;

(3)

bear

transaction

and

other

operational

costs;

(4)

stand

ready

to

buy

and

sell

its

securities

to

shareowners

on

a

daily

basis;

and

(5)

provide

a

wide

range

of

services.

The

graph

compares

$10,000

invested

in

the

Fund

on

March

27,

2015,

to

an

identical

amount

invested

in

the

FTSE

WorldBIG

Bond

Index,

a

multi-asset,

multi-currency

benchmark,

which

provides

a

broad-

based

measure

of

the

global

fixed-income

markets.

The

graph

shows

that

an

investment

in

the

Fund

would

have

risen

to

$10,889

versus

$10,018

in

the

Index.

Past

performance

does

not

guarantee

future

results

.

The

“Growth

of

$10,000”

graph

and

“Average

Annual

Returns”

performance

table

assume

the

reinvestment

of

dividends

and

capital

gains.

They

do

not

reflect

the

deduction

of

taxes

that

a

shareowner

might

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Fund

Objective

The

objectives

of

the

Sustainable

Bond

Fund

are

current

income

and

capital

preservation.

Top

10

Holdings

%

of

Total

Net

Assets

Portfolio

Diversification

%

of

Total

Net

Assets

1

Year

5

Year

10

Year

Expense

Ratio

1

Sustainable

Bond

2

3.55%

1.13%

n/a

0.74%

FTSE

WorldBIG

Bond

Index

2.07%

-0.91%

n/a

n/a

1

By

regulation,

the

expense

ratio

shown

in

this

table

is

as

stated

in

the

Fund’s

most

recent

prospectus

which

is

dated

March

31,

2023,

and

incorporates

results

for

the

fiscal

year

ended

November

30,

2022,

before

fee

waivers.

The

expense

ratio

shown

in

the

most

recent

prospectus

after

fee

waivers

was

0.65%.

The

ratio

presented

in

this

table

differs

from

expense

ratios

shown

elsewhere

in

this

report

as

they

represent

different

periods.

2

Sustainable

Bond

of

the

Sustainable

Bond

Fund

began

operations

March

27,

2015.

Asian

Development

Bank

(6.000%

due

02/5/2026)

4.9%

Canadian

Imperial

Bank

(4.375%

due

10/28/2080)

4.9%

Inter-American

Devel

BK

(7.500%

due

12/5/2024)

4.7%

United

States

Cash

Management

Bill

(0.000%

due

12/7/2023)

4.2%

MAF

Global

Securities

(7.875%

due

PERP)

4.1%

Munich

RE

(1.000%

due

05/26/2042)

3.9%

Int'l

Bk

Recon

&

Develop

(5.000%

due

10/7/2026)

3.6%

Nokia

OYJ

(2.375%

due

05/15/2025)

3.6%

Koninklijke

Philips

(7.125%

due

05/15/2025)

3.4%

First

Abu

Dhabi

Bank

PJSC

(5.125%

due

10/13/2027)

3.4%

November

30,

2023

Annual

Report

15

Discussion

of

Fund

Performance

(unaudited)

Sustainable

Bond

Fund

Fiscal

Year

2023

For

the

fiscal

year

ended

November

30,

2023,

the

Saturna

Sustainable

Bond

Fund

produced

a

total

return

of

3.55%,

ahead

of

the

FTSE

WorldBIG

Index,

which

returned

2.07%.

For

the

five-year

period

ended

November

30,

2023,

the

Fund

had

an

annualized

total

return

of

1.13%,

while

the

Index

returned

-0.91%.

The

Fund

had

an

effective

duration

(price

sensitivity

to

changes

in

interest

rates)

of

3.19

years,

shorter

than

the

effective

duration

of

the

Index

at

6.63

years.

The

reason

the

Fund

outperformed

the

Index

was

primarily

due

to

the

Fund’s

shorter

duration.

Factors

Affecting

Past

Performance

The

close

of

fiscal

2023

demonstrated

market

volatility

caused

by

pervasive

high

inflation,

11

rate

hikes

from

the

Federal

Reserve

since

March

of

2022,

and

ever-increasing

debts

and

deficits

among

world

economies.

The

Treasury

curve

shifted

up

over

the

year,

especially

in

the

long

end

and

short

end.

From

November

30,

2022,

to

November

30,

2023,

the

30-year

Treasury

shifted

up

75

basis

points

(bps)

to

a

4.49%

yield,

and

the

two-month

Treasury

shifted

up

130

bps

to

5.39%.

Long

bonds

with

more

sensitivity

to

interest

rate

movements

generally

saw

lower

returns,

with

the

highest

returns

seen

in

bonds

with

maturities

between

one

and

three

years.

The

Saturna

Sustainable

Bond

Fund

was

positioned

very

defensively

going

into

fiscal

2023

due

to

expected

volatility.

The

Fund

maintained

a

short

duration

relative

to

the

FTSE

WorldBIG

Index,

and

an

underweight

to

bonds

with

maturities

outside

of

10

years.

The

Fund

had

9.84%

of

the

portfolio

in

bonds

longer

than

10

years,

while

the

Index

had

over

21%

exposure

to

such

bonds.

Additionally,

the

Fund

maintained

an

allocation

of

over

46%

of

the

portfolio

to

bonds

with

maturities

between

one

and

three

years,

and

the

Index

only

allocated

23%

of

its

holdings

to

such

bonds.

Those

maturities

drove

Fund

performance

for

the

fiscal

year.

At

fiscal

year-end,

the

Sustainable

Bond

Fund

held

41.31%

of

its

portfolio

in

foreign

currencies.

Compared

to

the

benchmark,

the

Fund

had

an

overweight

to

Mexican

peso-denominated

bonds,

with

a

7.69%

exposure.

This

enabled

the

Fund

to

benefit

from

the

peso’s

nearly

11%

appreciation

relative

to

the

US

dollar.

Looking

Forward

In

2024,

there

may

be

continued

volatility

in

yields

and

the

Treasury

curve,

driven

by

Fed

policy

changes

or

unexpected

high

inflation.

We

defensively

positioned

the

portfolio

to

withstand

anticipated

yield

curve

changes,

currency

movements,

and

inflationary

pressures.

Our

goal

has

always

been

to

choose

good

companies

and

invest

through

cycles.

Schedule

of

Investments

As

of

November

30,

2023

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

16

November

30,

2023

Annual

Report

Continued

on

next

page.

Corporate

Bonds

-

62.9%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Italia

2

5.303%

due

05/30/2024

$

500,000

$

496,023

Italy

1.7%

Consumer

Discretionary

Starbucks

2.450%

due

06/15/2026

1,000,000

938,545

United

States

3.2%

Consumer

Staples

Coty

3

4.750%

due

04/15/2026

EUR

750,000

808,207

United

States

2.7%

Coty

2

5.000%

due

04/15/2026

131,000

127,906

United

States

0.4%

MAF

Global

Securities

3,4,5

7.875%

due

PERP

1,200,000

1,191,240

United

Arab

Emirates

4.1%

2,127,353

7.2%

Financials

Aust

&

NZ

Banking

Group

2

4.500%

due

03/19/2024

500,000

497,458

Australia

1.7%

AXA

3,6

5.125%

due

01/17/2027

750,000

719,085

France

2.4%

Bank

of

Montreal

3.300%

due

02/05/2024

500,000

497,731

Canada

1.7%

Canadian

Imperial

Bank

7

4.375%

due

10/28/2080

CAD

2,100,000

1,432,948

Canada

4.9%

Commonwealth

Bank

Australia

(Quarterly

BBSW

plus

0.41%)

8

4.731%

due

12/23/2026

AUD

850,000

555,294

Australia

1.9%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

501,990

Korea

1.7%

First

Abu

Dhabi

Bank

PJSC

3

5.125%

due

10/13/2027

1,000,000

992,802

United

Arab

Emirates

3.4%

MAF

Sukuk

3

4.638%

due

05/14/2029

800,000

756,085

United

Arab

Emirates

2.6%

Munich

RE

3,9

1.000%

due

05/26/2042

EUR

1,400,000

1,148,354

Germany

3.9%

Prologis

1.250%

due

10/15/2030

500,000

385,517

United

States

1.3%

State

Street

(Quarterly

US

LIBOR

plus

100)

8

6.552%

due

06/15/2047

250,000

202,417

United

States

0.7%

Toronto-Dominion

Bank

3

1.128%

due

12/09/2025

CAD

500,000

341,927

Canada

1.1%

Women's

Livelihood

Bond

Asset

II

B

2

3.950%

due

12/10/2024

600,000

570,595

Singapore

1.9%

Women's

Livelihood

Bond

Asset

II

C

2

3.900%

due

12/23/2025

500,000

462,114

Singapore

1.6%

9,064,317

30.8%

Health

Care

Koninklijke

Philips

7.125%

due

05/15/2025

1,000,000

1,011,756

Netherlands

3.4%

Novartis

Capital

3.000%

due

11/20/2025

250,000

241,203

Switzerland

0.8%

Roche

2

2.625%

due

05/15/2026

200,000

189,731

Switzerland

0.7%

1,442,690

4.9%

Industrials

Odfjell

SE

(Quarterly

NIBOR

plus

5.75%)

3,8

10.260%

due

01/21/2025

NOK

6,000,000

573,940

Norway

1.9%

Materials

Stora

Enso

OYJ

3

7.250%

due

04/15/2036

300,000

309,826

Finland

1.1%

Stora

Enso

OYJ

2

7.250%

due

04/15/2036

200,000

206,551

Finland

0.7%

516,377

1.8%

Technology

Koninklijke

KPN

8.375%

due

10/01/2030

250,000

286,155

Netherlands

1.0%

Microsoft

5.300%

due

02/08/2041

500,000

532,204

United

States

1.8%

Nokia

OYJ

3

2.375%

due

05/15/2025

EUR

1,000,000

1,061,385

Finland

3.6%

RELX

4.000%

due

03/18/2029

400,000

381,683

United

Kingdom

1.3%

2,261,427

7.7%

Utilities

Tabreed

Sukuk

3

5.500%

due

10/31/2025

250,000

248,725

United

Arab

Emirates

0.8%

United

Utilities

6.875%

due

08/15/2028

800,000

851,336

United

Kingdom

2.9%

1,100,061

3.7%

Total

Corporate

Bonds

(Cost

$19,400,538)

$18,520,733

62.9%

Schedule

of

Investments

As

of

November

30,

2023

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

17

Continued

on

next

page.

Government

Bonds

-

31.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

Bonds

Asian

Development

Bank

6.000%

due

02/05/2026

BRL

$

7,500,000

$

1,434,814

Philippines

4.9%

European

Bk

Recon

&

Dev

5.000%

due

01/27/2025

BRL

2,000,000

388,253

United

Kingdom

1.3%

Inter-American

Devel

BK

7.500%

due

12/05/2024

MXN

25,000,000

1,391,168

United

States

4.7%

Int'l

Bk

Recon

&

Develop

4.250%

due

01/22/2026

MXN

15,000,000

765,610

Germany

2.6%

Int'l

Bk

Recon

&

Develop

5.000%

due

10/07/2026

COP

4,950,000,000

1,065,929

United

States

3.6%

Ontario

2.650%

due

02/05/2025

CAD

500,000

360,151

Canada

1.2%

Perusahaan

Penerbit

SBSN

3

3.550%

due

06/09/2051

500,000

361,842

Indonesia

1.2%

Republic

of

Chile

4.340%

due

03/07/2042

500,000

421,883

Chile

1.5%

United

Kingdom

Gilt

3

0.875%

due

07/31/2033

GBP

750,000

698,471

United

Kingdom

2.4%

6,888,121

23.4%

Government

Sponsored

Federal

Home

Loan

Bank

1.650%

due

10/06/2031

500,000

396,332

United

States

1.4%

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

12/07/2023

1,250,000

1,248,901

United

States

4.2%

United

States

Treasury

Notes

United

States

Treasury

Note

3.250%

due

05/15/2042

750,000

613,799

United

States

2.1%

Total

Government

Bonds

(Cost

$9,334,077)

$9,147,153

31.1%

Municipals

Bonds

-

0.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financial

Services

New

York

City

NY

Hsg

Dev

Corp

8,10

1.880%

due

05/01/2062

250,000

250,000

United

States

0.8%

Total

Municipals

Bonds

(Cost

$250,000)

$250,000

0.8%

Total

investments

(Cost

$28,984,615)

$27,917,886

94.8%

Other

assets

(net

of

liabilities)

1,537,439

5.2%

Total

net

assets

$29,455,325

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

public

offering

registered

under

the

Securities

Act

of

1933.

These

securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$2,550,378

representing

8.7%

of

total

net

assets.

3

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

November

30,

2023,

the

aggregate

value

of

these

securities

was

$9,211,889

representing

31.2%

of

total

net

assets.

4

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

5

Coupon

rates

for

floating

and

adjustable

rate

securities

reflect

the

rates

in

effect

at

period

end.

6

AXA

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

01/17/2027.

The

interest

rate

represents

the

rate

in

effect

at

November

30,

2023.

7

Canadian

Imperial

Bank

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

10/28/2025.

The

interest

rate

represents

the

rate

in

effect

at

November

30,

2023.

8

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

November

30,

2023

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

9

Munich

RE

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

05/26/2032.

The

interest

rate

represents

the

rate

in

effect

at

November

30,

2023.

10

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

LIBOR:

London

Interbank

Offered

Rates

AUD

:

Australia

Dollar

BRL

:

Brazil

Real

CAD

:

Canada

Dollar

COP

:

Colombia

Peso

EUR

:

Euro

Dollar

GBP

:

United

Kingdom

Pound

MXN

:

Mexico

Nuevo

Peso

NOK

:

Norway

Krone

USD

:

United

States

Dollar

Schedule

of

Investments

As

of

November

30,

2023

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

18

November

30,

2023

Annual

Report

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

19

Statement

of

Assets

and

Liabilities

Statement

of

Operations

As

of

November

30,

2023

Assets

Investments

in

securities,

at

value

(Cost

$28,984,615)

$

27,917,886

Cash

1,028,688

Interest

receivable

454,975

Receivable

for

Fund

shares

sold

69,334

Dividends

receivable

8,830

Prepaid

expenses

2,071

Total

assets

29,481,784

Liabilities

Accrued

advisory

fees

10,305

Accrued

audit

expenses

10,156

Accrued

retirement

plan

custody

fee

1,279

Accrued

trustee

expenses

644

Accrued

Chief

Compliance

Officer

expenses

295

Accrued

legal

expenses

56

Accrued

other

operating

expenses

847

Accrued

printing

fees

2,877

Total

liabilities

26,459

Net

assets

$29,455,325

Analysis

of

net

assets

Paid-in

capital

(unlimited

shares

authorized,

without

par

value)

$31,590,655

Total

distributable

earnings

(2,135,330)

Net

assets

applicable

to

Fund

shares

outstanding

$29,455,325

Fund

shares

outstanding

3,173,263

Net

asset

value,

offering,

and

redemption

price

per

share

$9.28

Year

ended

Nove

mber

30,

2023

Investment

income

Interest

income

$

1,340,578

Total

investment

income

1,340,578

Expenses

Investment

advisory

fees

162,275

Filing

and

registration

fees

25,174

Audit

fees

17,745

Legal

fees

9,118

Trustee

fees

7,605

Chief

Compliance

Officer

expenses

7,373

Custodian

fees

7,367

Retirement

plan

custodial

fees

1,502

Other

operating

expenses

6,947

Total

gross

expenses

245,106

Less

advisory

fees

waived

(45,960)

Less

custodian

fee

credits

(7,367)

Net

expenses

191,779

Net

investment

income

$1,148,799

Net

realized

loss

from

investments

and

foreign

currency

$(1,123,261)

Net

decrease

in

unrealized

depreciation

on

investments

and

foreign

currency

914,606

Net

loss

on

investments

(208,655)

Net

increase

in

net

assets

resulting

from

operations

$940,144

Sustainable

Bond

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

20

November

30,

2023

Annual

Report

Statements

of

Changes

in

Net

Assets

Year

ended

November

30,

2023

Year

ended

November

30,

2022

Increase

in

net

assets

from

operations

From

operations

Net

investment

income

$1,148,799

$693,860

Net

realized

loss

on

investments

and

foreign

currency

(1,123,261)

(1,581,895)

Net

decrease

(in

crease)

in

unrealized

depreciation

on

investments

and

foreign

currency

914,606

(1,620,632)

Net

increase

(decrease)

in

net

assets

940,144

(2,508,667)

Distributions

to

shareowners

from

Net

dividend

and

distribution

to

shareholders

(183,662)

(610,282)

Capital

share

transactions

Proceeds

from

the

sale

of

shares

7,936,631

11,780,938

Value

of

shares

issued

in

reinvestment

of

dividends

and

distributions

182,968

610,114

Cost

of

shares

redeemed

(8,125,858)

(6,614,809)

Total

capital

shares

transactions

(6,259)

5,776,243

Total

increase

in

net

assets

750,223

2,657,294

Net

assets

Beginning

of

year

28,705,102

26,047,808

End

of

year

$29,455,325

$28,705,102

Shares

of

the

Fund

sold

and

redeemed

Sustainable

Bond

(SEBFX)

Number

of

shares

sold

863,856

1,247,651

Number

of

shares

issued

in

reinvestment

of

dividends

and

distributions

20,330

62,130

Number

of

shares

redeemed

(894,442)

(726,101)

Net

increase

(decrease)

in

number

of

shares

outstanding

(10,256)

583,680

–

–

Sustainable

Bond

Fund:

Financial

Highlights

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

November

30,

2023

Annual

Report

21

tin

Sustainable

Bond

(SEBFX)

Selected

data

per

share

of

outstanding

capital

stock

throughout

each

year:

Year

ended

November

30,

2023

2022

2021

2020

2019

A

A

A

A

A

A

Net

asset

value

at

beginning

of

year

$9.02

$10.02

$10.25

$9.70

$9.39

Income

from

investment

operations

Net

investment

income

0.36

0.22

0.20

0.23

0.28

Net

gains

(losses)

on

securities

(both

realized

and

unrealized)

(0.04)

(0.98)

(0.42)

0.42

0.29

Total

from

investment

operations

0.32

(0.76)

(0.22)

0.65

0.57

Less

distributions

Dividends

(from

net

investment

income)

(0.06)

(0.05)

(0.01)

(0.10)

(0.26)

Distributions

(from

capital

gains)

–

(0.19)

–

–

–

Total

distributions

(0.06)

(0.24)

(0.01)

(0.10)

(0.26)

Net

asset

value

at

end

of

year

$9.28

$9.02

$10.02

$10.25

$9.70

Total

Return

3.55%

(7.83)%

(2.14)%

6.78%

6.09%

Ratios

/

supplemental

data

Net

assets

($000),

end

of

year

$29,455

$28,705

$26,048

$21,973

$27,775

Ratio

of

expenses

to

average

net

assets

Before

advisory

fees

waiver

and

custodian

fee

credits

0.83%

0.74%

0.86%

0.85%

0.83%

After

advisory

fees

waiver

0.67%

0.66%

0.66%

0.67%

0.66%

After  advisory

fees

waiver

and

custodian

fee

credits

0.65%

0.65%

0.65%

0.65%

0.65%

Ratio

of

net

investment

income

after

advisory

fee

waivers

and

custodian

fee

credits  to

average

net

assets

3.89%

2.35%

1.99%

2.33%

2.87%

Portfolio

turnover

rate

54%

80%

65%

63%

38%

Notes

To

Financial

Statements

22

November

30,

2023

Annual

Report

Note

1

–

Organization

Saturna

Investment

Trust

(the

“Trust”)

was

established

under

Washington

State

Law

as

a

business

trust

on

February

20,

1987.

The

Trust

is

registered

as

an

open-end,

diversified

management

company

under

the

Investment

Company

Act

of

1940,

as

amended.

The

Trust

currently

offers

shares

of

eight

portfolio

series,

two

of

which

are

covered

by

this

annual

report:

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

(the

“Funds”).

The

Sextant

Short-

Term

Bond

Fund,

Sextant

Bond

Income

Fund,

Sextant

Core

Fund,

Sextant

Global

High

Income

Fund,

Sextant

Growth

Fund,

and

Sextant

International

Fund

are

offered

through

separate

prospectuses

and

have

a

separate

shareholder

report.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

commenced

operations

on

March

27,

2015.

Each

Fund

is

an

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies”.

Investment

risks:

Sustainable

Equity

Fund

and

Sustainable

Bond

Fund

:

The

value

of

each

Fund’s

shares

rises

and

falls

as

the

value

of

the

securities

in

which

the

Fund

invests

goes

up

and

down.

Fund

share

prices,

yields,

and

total

returns

will

change

with

market

fluctuations

as

well

as

the

fortunes

of

the

countries,

industries,

and

companies

in

which

the

Fund

invests.

The

Funds

do

not

use

derivatives

to

hedge

currency,

interest

rate,

or

credit

risk.

The

Fund’s

adviser

employs

a

proprietary

sustainable

rating

system

based

on

its

own,

as

well

as

third-party,

data

to

identify

issuers

believed

to

present

low

environmental,

social

and

governance

(ESG)

risks.

Ratings

are

dependent

upon

the

associated

ESG

risks

that

are

most

pertinent

to

the

sector

in

which

an

issuer

operates.

The

ratings

process

associated

with

sustainable

and

responsible

investing

reduces

the

investable

universe

for

each

Fund,

which

limits

opportunities

and

may

increase

the

risk

of

loss

during

market

declines.

The

adviser

believes

that

sustainable

investing

may

mitigate

security-specific

risk,

but

there

is

no

guarantee

that

the

securities

favored

by

our

investment

process

will

perform

better

and

may

perform

worse

than

those

that

are

not

favored.

The

Funds

may

invest

substantially

in

one

or

more

sectors,

which

can

increase

volatility

and

exposure

to

issues

specific

to

a

particular

sector

or

industry.

Foreign

investing

involves

risks

not

normally

associated

with

investing

in

US

securities.

These

include

fluctuations

in

currency

exchange

rates,

less

public

information

about

securities,

less

governmental

market

supervision,

and

the

lack

of

uniform

financial,

social,

and

political

standards.

Foreign

investing

heightens

the

risk

of

confiscatory

taxation,

seizure

or

nationalization

of

assets,

establishment

of

currency

controls,

or

adverse

political

or

social

developments

that

affect

investments.

The

risks

of

investing

in

foreign

securities

are

typically

greater

in

less

developed

or

emerging

countries.

Liquidity

risk

exists

when

particular

investments

are

difficult

to

sell.

If

a

Fund

holds

illiquid

investments,

its

portfolio

may

be

more

difficult

to

value,

especially

in

changing

markets.

Investments

by

a

Fund

in

foreign

securities

and

those

that

are

thinly

traded,

such

as

lower

quality

issuers,

and

smaller

companies

tend

to

involve

greater

liquidity

risk.

If

a

Fund

is

forced

to

sell

or

unwind

these

investments

to

meet

redemptions

or

for

other

cash

needs,

the

Fund

may

suffer

a

penalty.

Additionally,

the

market

for

certain

investments

may

become

illiquid

under

adverse

market

or

economic

conditions

independent

of

any

specific

adverse

changes

in

the

conditions

of

a

particular

issuer.

In

such

cases,

the

Fund,

due

to

limitations

on

investments

in

illiquid

securities

and

the

difficulty

in

purchasing

and

selling

such

securities,

may

be

unable

to

achieve

its

investment

objective.

Sustainable

Bond

Fund

:

The

risks

inherent

in

the

Sustainable

Bond

Fund

depend

primarily

on

the

terms

and

quality

of

the

obligations

in

its

portfolio,

as

well

as

on

bond

market

conditions.

When

interest

rates

rise,

bond

prices

fall.

When

interest

rates

fall,

bond

prices

go

up.

Bonds

with

longer

maturities

usually

are

more

sensitive

to

interest

rate

changes

than

bonds

with

shorter

maturities.

The

Fund

entails

credit

risk,

which

is

the

possibility

that

a

bond

will

not

be

able

to

pay

interest

or

principal

when

due.

If

the

credit

quality

of

a

bond

is

perceived

to

decline,

investors

will

demand

a

higher

yield,

which

means

a

lower

price

on

that

bond

to

compensate

for

the

higher

level

of

risk.

The

Fund

may

invest

a

portion

of

its

assets

in

securities

issued

by

government

sponsored

entities

such

as

Fannie

Mae,

Freddie

Mac,

and

the

Federal

Home

Loan

Banks

in

the

US.

Foreign

governments

also

sponsor

similar

entities,

which

may

promote

activities

such

as

low-cost

housing

or

alternative

energy.

The

Fund

may

also

invest

in

the

issues

of

regional,

state,

and

local

governments.

The

terms

of

such

issues

can

be

complex,

and

there

can

be

no

assurance

that

a

government

entity

will

support

such

enterprises

that

encounter

financial

difficulty.

Issuers

of

high-yield

securities

are

generally

not

as

strong

financially

as

those

issuing

higher

quality

securities.

These

issuers

are

more

likely

to

encounter

financial

difficulties

and

are

more

vulnerable

to

changes

in

the

relevant

economy

that

could

affect

their

ability

to

make

interest

and

principal

payments

as

expected.

High-yield

bonds

may

have

low

or

no

ratings,

and

may

be

considered

“junk

bonds.”

Bond

investments,

especially

mortgage-backed

and

asset-backed

securities,

are

subject

to

the

risk

that

borrowers

will

prepay

the

principal

more

quickly

than

expected

(prepayment

risk)

or

more

slowly

than

expected

(extension

risk),

which

will

affect

the

yield,

average

life,

and

price

of

the

securities.

Note

2

–

Significant

Accounting

Policies

The

following

is

a

summary

of

the

significant

accounting

policies,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America,

which

are

consistently

followed

by

the

Funds

in

preparation

of

their

financial

statements.

Security

valuation:

Investments

in

securities

traded

on

a

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

at

that

price.

Securities

for

which

there

are

no

sales

are

valued

at

the

latest

bid

price.

Debt

securities

are

valued

using

bid-side

valuations

provided

by

an

independent

service.

The

service

determines

valuations

using

factors

such

as

yields

or

prices

of

bonds

of

comparable

quality,

type

of

issue,

coupon

maturity,

ratings,

trading

activity,

and

general

market

conditions.

Fixed-income

debt

instruments,

such

as

commercial

paper,

bankers’

acceptances,

and

US

Treasury

Bills,

with

a

maturity

of

60

days

or

less

are

valued

at

amortized

cost,

which

approximates

market

value.

Notes

To

Financial

Statements

(continued)

November

30,

2023

Annual

Report

23

Foreign

markets

may

close

before

the

time

as

of

which

the

Funds’

share

prices

are

determined.

Because

of

this,

events

occurring

after

the

close

and

before

the

determination

of

the

Funds’

share

prices

may

have

a

material

effect

on

the

values

of

some

or

all

of

the

Funds’

foreign

securities.

To

account

for

this,

the

Funds

may

use

outside

pricing

services

for

valuation

of

their

non-US

securities.

In

cases

in

which

there

is

not

a

readily

available

market

price,

a

fair

value

for

such

security

is

determined

in

good

faith

by

the

Funds'

investment

adviser

(Saturna

Capital),

whom

the

Board

of

Trustees

has

designated

as

the

Funds’

valuation

designee

to

perform

fair

value

determinations

relating

to

all

Fund

investments.

Security

transactions

are

recorded

on

the

trade

date.

Realized

gains

and

losses

on

sales

of

securities

are

recorded

on

the

identified

cost

basis.

Foreign

currency:

Investment

securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

at

the

date

of

valuation.

Purchases

and

sales

of

investment

securities

and

income

and

expense

items

denominated

in

foreign

currencies

are

translated

into

US

dollar

amounts

on

the

respective

dates

of

such

transactions.

The

Funds

do

not

isolate

that

portion

of

the

results

of

operations

resulting

from

changes

in

foreign

exchange

rates

on

investments

from

the

fluctuations

arising

from

changes

in

market

prices

of

securities

held.

Such

fluctuations

are

included

with

the

net

realized

and

unrealized

gain

or

loss

from

investments.

Reported

net

realized

foreign

exchange

gains

or

losses

arise

from

sales

of

foreign

currencies,

currency

gains

or

losses

realized

between

the

trade

and

settlement

dates

on

securities

transactions,

and

the

difference

between

the

amounts

of

dividends,

interest,

and

foreign

withholding

taxes

recorded

on

the

Funds’

books

and

the

US

dollar

equivalent

of

the

amounts

actually

received

or

paid.

Net

unrealized

foreign

exchange

gains

and

losses

arise

from

changes

in

the

fair

values

of

assets

and

liabilities,

other

than

investments

in

securities

at

fiscal

period

end,

resulting

from

changes

in

exchange

rates.

Share

valuation:

Each

Fund

computes

the

share

price

of

each

share

class

by

dividing

the

net

assets

attributable

to

each

share

class

by

the

outstanding

shares

of

that

class.

Each

share

class

represents

an

interest

in

the

same

investment

portfolio.

Each

share

class

is

identical

in

all

respects

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

on

matters

affecting

that

class.

As

a

result

of

the

differences

in

the

expenses

borne

by

each

share

class,

the

share

price

and

distributions

will

vary

among

a

Fund’s

share

classes.

The

Funds’

shares

are

not

priced

or

traded

on

days

the

New

York

Stock

Exchange

is

closed.

The

NAV

is

both

the

offering

and

redemption

price

per

share. 

Share

Valuation

Inputs

as

of

November

30,

2023

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Sustainable

Equity

Fund

Common

Stock

Consumer

Discretionary

$2,837,248

$–

$–

$2,837,248

Consumer

Staples

$1,896,692

$–

$–

$1,896,692

Energy

$–

$304,847

$–

$304,847

Financials

$1,471,111

$–

$–

$1,471,111

Health

Care

$2,715,823

$–

$–

$2,715,823

Industrials

$2,284,345

$599,409

$–

$2,883,754

Materials

$475,545

$413,325

$158,467

$1,047,337

Technology

$5,979,154

$924,213

$–

$6,903,367

Total

Common

Stock

$17,659,918

$2,241,794

$158,467

$20,060,179

Total

Assets

$17,659,918

$2,241,794

$158,467

$20,060,179

Sustainable

Bond

Fund

Corporate

Bonds

1

$–

$18,520,733

$–

$18,520,733

Government

Bonds

1

$–

$9,147,153

$–

$9,147,153

Municipals

Bonds

1

$–

$250,000

$–

$250,000

Total

Assets

$–

$27,917,886

$–

$27,917,886

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

24

November

30,

2023

Annual

Report

The

following

is

a

reconciliation

of

assets

and

liabilities

for

which

Level

3

inputs

were

used

in

determining

value.

The

following

is

quantitative

information

about

significant

unobservable

inputs

(Level

3)

for

the

Company

as

of

November

30,

2023

.

The

Fund

has

adopted

a

policy

of

recording

any

transfers

of

investment

securities

between

the

different

levels

in

the

fair

value

hierarchy

as

of

the

end

of

the

year.

Fair

value

measurements:

Accounting

Standards

Codification

(ASC)

820

establishes

a

three-

tier

framework

for

measuring

fair

value

based

on

a

hierarchy

of

inputs.

The

hierarchy

distinguishes

between

market

data

obtained

from

independent

sources

(observable

inputs)

and

the

Funds’

own

market

assumptions

(unobservable

inputs).

These

inputs

are

used

in

determining

the

value

of

the

Funds’

investments

and

are

summarized

below.

Level

1

-

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Trust

has

the

ability

to

access.

Level

2

-

Observable

inputs

other

than

quoted

prices

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates,

and

similar

data.

Level

3

−

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Trust’s

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgment.

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety,

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

Concentration

of

credit

risk:

The

Funds

may

have

deposits

of

cash

with

the

custodian

from

time

to

time

for

one

or

more

reasons.

“Other

assets

(net

of

liabilities)”

in

the

Funds’

Schedules

of

Investments

primarily

represents

cash

on

deposit

with

the

custodian.

Cash

on

deposit

will

vary

widely

over

time.

Accounting

Standards

Codification

(“ASC”)

825,

“Financial

Instruments,”

identifies

these

items

as

a

concentration

of

credit

risk.

The

risk

is

managed

by

careful

financial

analysis

and

review

of

the

custodian’s

operations,

resources,

and

protections

available

to

the

Trust.

This

process

includes

evaluation

of

other

financial

institutions

providing

investment

company

custody

services.

Federal

income

taxes:

Each

Fund

intends

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

necessary

to

qualify

as

a

regulated

investment

company

and

to

make

the

requisite

distributions

of

income

and

capital

gains

to

its

shareowners

sufficient

to

relieve

it

from

all

or

substantially

all

federal

income

taxes.

Therefore,

no

federal

income

tax

provision

is

required.

The

Funds

recognize

the

tax

benefits

of

uncertain

tax

positions

only

where

the

position

is

“more

likely

than

not”

to

be

sustained

assuming

examination

by

tax

authorities.

Management

has

analyzed

the

Funds’

tax

positions

and

has

concluded

that

no

liability

for

unrecognized

tax

benefits

should

be

recorded

related

to

uncertain

tax

positions

taken

on

returns

filed

for

open

tax

years

(2020

−

2022)

or

expected

to

be

taken

in

the

Funds’

2023

tax

returns.

The

Funds

identify

their

major

tax

jurisdiction

as

US

federal

and

foreign

jurisdictions

where

the

Funds

make

significant

investments;

however,

the

Funds

are

not

aware

of

any

tax

positions

for

which

it

is

reasonably

possible

that

the

total

amounts

of

unrecognized

tax

benefits

will

change

materially

in

the

next

12

months.

Reclassification

of

capital

accounts:

Accounting

principles

generally

accepted

in

the

United

States

of

America

require

that

certain

components

of

net

assets

relating

to

permanent

differences

be

reclassified

between

financial

and

tax

reporting.

As

of

November

30,

2023

,

there

were

no

reclassifications

to

the

capital

accounts.

Distributions

to

shareowners:

Sustainable

Equity

Fund

,

and

Sustainable

Bond

Fund

,

pays

income

dividends

annually,

typically

by

the

end

of

the

year.

As

a

result

of

its

investment

strategy,

the

Saturna

Sustainable

Equity

Fund

may

not

pay

income

dividends.

For

both

Funds,

distributions

of

capital

gains,

if

any,

are

made

at

least

annually,

and

as

required

to

comply

with

federal

excise

tax

requirements.

Distributions

to

shareowners

are

determined

in

accordance

with

income

tax

regulations

and

are

recorded

on

the

ex-dividend

date.

Dividends

are

paid

in

shares

of

the

Funds,

at

the

net

asset

value

on

the

payable

date.

Shareowners

may

elect

to

take

distributions

if

they

total

$10

or

more

in

cash.

Common

Stocks

Beginning

Balance

$-

Total

realized

gain

(loss)

$-

Change

in

unrealized  appreciation

(depreciation)

$-

Net

purchases

$-

Net

Sales

$-

Transfers

into

Level

3

$-

Transfers

out

of

Level

3

$158,467

Ending

Balance

$158,467

Asset

Category

Fair

Value

Valuation

Technique

Unobservable

Input

Input

Value

Specialty

Chemicals

$158,467

85%

of

local

close

on

05/03/2023

adjusted

by

FX

and

the

dividend

paid

on

July

3,

2023

None

FX

1.00849

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Annual

Report

25

Use

of

estimates:

The

preparation

of

financial

statements

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

requires

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

and

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

Foreign

taxes:

Withholding

taxes

on

foreign

dividends

are

paid

(a

portion

of

which

may

be

reclaimable)

or

provided

for

in

accordance

with

the

applicable

country’s

tax

rules

and

rates

and

are

disclosed

in

the

Statement

of

Operations.

Withholding

tax

reclaims

are

filed

in

certain

countries

to

recover

a

portion

of

the

amounts

previously

withheld.

The

Funds

record

a

reclaim

receivable

based

on

a

number

of

factors,

including

a

jurisdiction’s

legal

obligation

to

pay

reclaims

as

well

as

payment

history

and

market

convention.

LIBOR

Transition

Risk:

A

Fund

may

invest

in

certain

debt

securities

or

other

financial

instruments

that

utilize

the

London

Interbank

Offered

Rate

(“LIBOR”)

as

a

benchmark

or

reference

rate

for

various

interest

rate

calculations.

A

benchmark

or

reference

rate

may

be

a

significant

factor

in

determining

the

cost

of

financing

to

a

Fund

or

an

investment’s

value

or

return

to

a

Fund,

and

may

be

used

in

other

ways

that

affect

a

Fund’s

investment

performance.

LIBOR

was

discontinued

as

a

floating

rate

benchmark

after

June

30,

2023.

It

is

anticipated

that

financial

instruments,

such

as

certain

floating

rate

bonds,

that

previously

utilize

LIBOR

have

transitioned

to

using

the

Secured

Overnight

Financing

Rate

(“SOFR”),

which

is

a

broad

measure

of

the

cost

of

overnight

borrowings

secured

by

US

Treasury

securities.

The

transition

from

LIBOR

to

SOFR

(or

any

other

replacement

rate)

may

lead

to

a

reduction

in

the

value

of

some

LIBOR-based

investments,

as

well

as

significant

market

uncertainty,

increased

volatility,

and

illiquidity

in

markets

for

various

instruments,

which

may

result

in

prolonged

adverse

market

conditions

and

impact

a

Fund’s

performance

or

NAV.

Other:

Interest

income

is

recognized

on

an

accrual

basis.

Premiums

on

securities

purchased

are

amortized,

and

discounts

are

accreted

using

the

yield

to

maturity

method

over

the

lives

of

the

respective

securities

or

where

applicable,

to

the

first

call

date

of

the

securities

with

premiums.

Dividends

from

equity

securities

are

recorded

as

income

on

the

ex-dividend

date

or

as

soon

as

information

is

available

to

the

fund.

Recent

Accounting

Pronouncement:

In

December

2020,

the

SEC

adopted

a

new

rule

providing

a

framework

for

fund

valuation

practices

(“Rule

2a-5”).

Rule

2a-5

establishes

requirements

for

determining

fair

value

in

good

faith

for

purposes

of

the

1940

Act.

Rule

2a-5

permits

fund

boards

to

designate

certain

parties

to

perform

fair

value

determinations,

subject

to

board

oversight

and

certain

other

conditions.

Rule

2a-5

also

defines

when

market

quotations

are

“readily

available”

for

purposes

of

the

1940

Act

and

the

threshold

for

determining

whether

a

fund

must

fair

value

a

security.

In

connection

with

Rule

2a-5,

the

SEC

also

adopted

related

recordkeeping

requirements

and

is

rescinding

previously

issued

guidance,

including

with

respect

to

the

role

of

a

board

in

determining

fair

value

and

the

accounting

and

auditing

of

fund

investments.

The

Fund

has

adopted

procedures

in

accordance

with

Rule

2a-5.

Regulatory

Update

–

Tailored

Shareholder

Reports

for

Mutual

Funds

and

Exchange-Traded

Funds

(“ETFs”)

–

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Fund.

Note

3

–

Transactions

with

Affiliated

Persons

Under

contracts

approved

annually

by

the

Board

of

Trustees,

including

those

who

are

not

parties

to

the

contract

or

“interested

persons”

(as

defined

in

the

Investment

Company

Act

of

1940)

of

such

parties

or

the

Trust

(the

“Independent

Trustees”),

Saturna

Capital

Corporation

(“Saturna

Capital”)

provides

investment

advisory

services

and

certain

other

administrative

services

required

to

conduct

Trust

business.

Expenses

incurred

by

the

Trust

on

behalf

of

the

Funds

(e.g.,

legal

fees)

are

allocated

to

the

Funds

on

the

basis

of

relative

daily

average

net

assets.

For

such

services,

each

of

the

Funds

pays

the

adviser

an

Investment

Advisory

and

Administrative

Services

Fee

of

0.65%

for

the

Sustainable

Equity

Fund

and

0.55%

for

the

Sustainable

Bond

Fund

of

average

net

assets

per

annum,

payable

monthly.

In

addition,

the

adviser

has

agreed

to

certain

limits

on

other

expenses,

as

described

below

The

Adviser

has

undertaken

to

limit

expenses

of

the

Sustainable

Equity

Fund

to

0.75%

and

the

Sustainable

Bond

Fund

to

0.65%

through

March

31,

2024.

For

the

fiscal

year

ended

November

30,

2023

,

the

advisory

fees

incurred

were

as

follows:

1

In

accordance

with

the

expense

limitation

noted

above,

for

the

fiscal

year

ended

November

30,

2023

,

Saturna

Capital

waived

a

portion

of

the

advisory

fees

of

the

Sustainable

Equity

Fund

and

Sustainable

Bond

Fund.

The

adviser

cannot

recoup

previously

waived

fees

Saturna

Brokerage

Services,

Inc.

(“SBS”),

a

discount

brokerage

and

subsidiary

of

Saturna

Capital

Corporation,

is

registered

as

a

broker-

dealer

and

acts

as

distributor.

On

December

19,

2014,

the

Funds

adopted

a

Distribution

Plan

in

accordance

with

Rule

12b-1

under

the

1940

Act.

On

June

2,

2017,

12b-1

fees

were

terminated

for

both

Saturna

Sustainable

Funds.

SBS

is

used

to

effect

equity

portfolio

transactions

for

the

Trust.

SBS

currently

executes

portfolio

transactions

without

commission.

Transactions

effected

through

other

brokers

are

subject

to

commissions

payable

to

that

broker.

Advisory

Fees

Advisory

Fees

Waived

900

Sustainable

Equity

Fund

$130,596

$(41,877)

950

Sustainable

Bond

Fund

$162,275

$(45,960)

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

26

November

30,

2023

Annual

Report

Saturna

Trust

Company

(“STC”),

a

subsidiary

of

Saturna

Capital,

acts

as

retirement

plan

custodian

for

the

Funds.

Each

class

of

shares

of

a

Fund

pays

an

annual

fee

of

$10

per

account

for

retirement

plan

services

to

Saturna

Trust

Company.

For

the

fiscal

year

ended

November

30,

2023

,

the

Funds

incurred

the

following

retirement

plan

custodial

fees

to

STC:

Ms.

Jane

Carten

serves

as

a

trustee

and

president

of

the

Trust.

She

is

also

a

director

and

president

of

Saturna

Capital,

vice

president

of

Saturna

Trust

Company,

and

chairman

of

Saturna

Sendirian

Berhad.

Ms.

Carten

is

not

compensated

by

the

Trust.

For

the

fiscal

year

ended

November

30,

2023

,

the

Saturna

Investment

Trust

incurred

$70,142

of

total

expenses

for

the

Independent

Trustee's

compensation

and

Trust

board

meetings.

The

Saturna

Sustainable

Funds

incurred

$14,488

of

these

total

expenses.

On

November

30,

2023

,

the

trustees,

officers,

and

their

affiliates

(including

Saturna

Capital

Corporation)

as

a

group,

owned

the

following

percentages

of

outstanding

shares:

The

officers

of

the

Trust

are

paid

by

Saturna

Capital

Corporation,

not

the

Trust,

except

the

Chief

Compliance

Officer,

who

is

partially

compensated

by

the

Trust.

For

the

fiscal

year

ended

November

30,

2023

,

the

Funds

paid

the

following

compensation

expenses

for

the

Chief

Compliance

Officer:

Note

4

–

Distributions

to

Shareowners

The

tax

characteristics

of

distributions

paid

for

the

fiscal

year

ended

November

30,

2023

,

and

the

fiscal

year

ended

November

30,

2022

,

were

as

follows:

Note

5

–

Federal

Income

Taxes

The

cost

basis

of

investments

for

federal

income

tax

purposes

at

November

30,

2023

,

were

as

follows:

As

of

November

30,

2023

,

the

components

of

distributable

earnings

on

a

tax

basis

were

as

follows:

At

November

30,

2023

,

the

Funds

had

the

following

capital

loss

carryforwards

and

loss

deferrals,

subject

to

regulation.

Prior

to

their

expiration,

loss

carryforwards

may

be

used

to

offset

future

net

capital

gains

realized

for

federal

income

tax

purposes.

Note

6

–

Investments

During

the

fiscal

year

ended

November

30,

2023

,

the

Funds

purchased

and

sold

the

following

amounts

of

securities.

Note

7

–

Custodian

Under

agreements

in

place

with

the

Trust’s

custodian,

UMB

Bank,

custody

fees

are

reduced

by

credits

for

cash

balances.

For

the

fiscal

year

ended

November

30,

2023

,

such

reductions

were

as

follows:

Retirement

plan

custodial

fees

900

Sustainable

Equity

Fund

(SEEFX)

$2,806

950

Sustainable

Bond

Fund

(SEBFX)

$1,502

Trustees',

officers',

and

affiliates'

ownership

900

Sustainable

Equity

Fund(SEEFX)

36.23%

950

Sustainable

Bond

Fund(SEBFX)

14.03%

Chief

Compliance

Officer

900

Sustainable

Equity

Fund

$5,084

950

Sustainable

Bond

Fund

$7,373

Sustainable

Equity

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$177,042

$164,336

Sustainable

Bond

Fund

November

30,

2023

November

30,

2022

Ordinary

Income

$183,662

$610,282

1

Long-Term

Capital

Gain

dividend

designated

at

20%

rate

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code.

Sustainable

Equity

Fund

Sustainable

Bond

Fund

Cost

of

investments

$15,512,477

$28,984,615

Gross

tax

unrealized

appreciation

$6,009,862

$363,076

Gross

tax

unrealized

depreciation

$(1,462,160)

$(1,429,805)

Net

tax

unrealized

appreciation

(depreciation)

$4,547,702

$(1,066,729)

Sustainable

Equity

Fund

Undistributed

ordinary

income

$221,989

Accumulated

capital

and

other

losses

$(635,498)

Tax

accumulated

earnings

$(413,509)

Unrealized

Appreciation

$4,547,702

Other

unrealized

accumulated

losses

$(292)

Total

accumulated

earnings

$4,133,901

Sustainable

Bond

Fund

Undistributed

ordinary

income

$1,028,703

Accumulated

capital

and

other

losses

$(2,085,633

)

Tax

accumulated

earnings

$(1,056,930)

Unrealized

Depreciation

$(1,066,729)

Other

unrealized

accumulated

losses

$(11,671)

Total

accumulated

earnings

$(2,135,330)

Sustainable

Equity

Fund

Sustainable

Bond

Fund

Short

term

loss

carryforward

$166,809

$904,725

Long

term

loss

carryforward

$468,690

$1,180,905

Total

Capital

loss

carryforward

$635,499

$2,085,630

Purchases

Sales

900

Sustainable

Equity

Fund

$1,582,623

$475,931

950

Sustainable

Bond

Fund

$18,216,661

$14,915,234

Custodian

Fee

Credits

900

Sustainable

Equity

Fund

$1,493

950

Sustainable

Bond

Fund

$7,367

Note

3

–

Transactions

with

Affiliated

Persons

(continued)

Notes

To

Financial

Statements

(continued)

November

30,

2023

Annual

Report

27

Note

8

–

Subsequent

Events

The

Funds

declared

the

payment

of

a

distribution

to

be

paid

on

December

21,

2023,

to

all

shareowners

of

record

on

December

20,

2023

as

follows:.

There

were

no

other

events

or

transactions

during

the

period

that

materially

impacted

the

amounts

or

disclosures

in

the

Funds’

financial

statements.

Ordinary

Income

Short-Term

Capital

Gain

Long-Term

Capital

Gain

900

Sustainable

Equity

$0.175

$–

$–

950

Sustainable

Bond

$0.34

$–

$–

Report

of

Independent

Registered

Public

Accounting

Firm

28

November

30,

2023

Annual

Report

To

the

Board

of

Trustees

of

Saturna

Investment

Trust

and

the

Shareholders

of

Saturna

Sustainable

Funds

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities

of

Sustainable

Equity

Fund

,

and

Sustainable

Bond

Fund

,

(the

“Funds”),

each

a

series

of

Saturna

Investment

Trust,

including

the

schedules

of

investments,

as

of

November

30,

2023

,

the

related

statements

of

operations

for

the

year

then

ended,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

then

ended,

and

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

and

the

related

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Funds

as

of

November

30,

2023

,

the

results

of

their

operations

for

the

year

then

ended,

the

changes

in

their

net

assets

for

each

of

the

two

years

in

the

period

then

ended

and

their

financial

highlights

for

each

of

the

five

years

in

the

period

then

ended,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Trust’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds’

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(“PCAOB”)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

have

served

as

the

auditor

of

one

or

more

of

the

funds

in

the

Trust

since

1995.

We

conducted

our

audits

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audits

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

The

Funds

are

not

required

to

have,

nor

were

we

engaged

to

perform,

an

audit

of

the

Funds’

internal

control

over

financial

reporting.

As

part

of

our

audits

we

are

required

to

obtain

an

understanding

of

internal

control

over

financial

reporting,

but

not

for

the

purpose

of

expressing

an

opinion

on

the

effectiveness

of

the

Funds’

internal

control

over

financial

reporting.

Accordingly,

we

express

no

such

opinion.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

November

30,

2023

by

correspondence

with

the

custodian.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

Philadelphia,

Pennsylvania

January

29,

2024

Tait,

Weller

&

Baker

LLP

(unaudited)

Expenses

November

30,

2023

Annual

Report

29

All

mutual

funds

have

operating

expenses.

As

a

Saturna

Sustainable

Fund

shareowner,

you

incur

ongoing

costs,

including

management

fees

and

other

Fund

expenses

such

as

shareowner

reports

(like

this

one).

Operating

expenses,

which

are

deducted

from

a

fund’s

gross

earnings,

directly

reduce

the

investment

return

of

a

fund.

Mutual

funds

(unlike

other

financial

investments)

only

report

their

results

after

deduction

of

operating

expenses.

With

the

Saturna

Sustainable

Funds,

unlike

many

mutual

funds,

you

do

not

incur

sales

charges

(loads)

on

purchases,

reinvested

dividends,

or

other

distributions.

There

are

no

redemption

fees

or

exchange

fees.

You

may

incur

fees

related

to

extra

services

requested

by

you

for

your

account,

such

as

bank

wires.

The

examples

below

are

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

Funds

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

Examples

The

following

examples

are

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

for

the

entire

period

(December

1,

2022

to

November

30,

2023

).

Actual

Expenses

The

first

line

for

each

Fund

provides

information

about

actual

account

values

and

actual

expenses.

You

may

use

the

information

in

this

line,

together

with

the

amount

you

have

invested,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

in

the

first

line

under

the

heading

entitled

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

The

Funds

may

charge

for

extra

services

(such

as

domestic

bank

wires,

international

bank

wires,

or

overnight

courier

delivery

of

redemption

checks)

rendered

on

request,

which

you

may

need

to

estimate

to

determine

your

total

expenses.

Hypothetical

Example

For

Comparison

Purposes

The

second

line

for

each

Fund

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on

each

Fund’s

actual

expense

ratio

(based

on

the

last

six

months)

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses,

which

is

not

the

Fund’s

actual

return.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

You

may

use

this

information

to

compare

the

ongoing

costs

of

investing

in

the

Funds

and

other

mutual

funds.

To

do

so,

compare

this

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareowner

reports

of

other

mutual

funds.

You

may

wish

to

add

other

fees

that

are

not

included

in

the

expenses

shown

in

the

table,

such

as

IRA

fees

charged

by

custodians

other

than

Saturna

Trust

Company

(note

that

Saturna

does

not

charge

such

fees

to

shareowners

directly

on

Saturna

IRAs,

ESAs,

or

HSAs

with

the

Saturna

Sustainable

Funds),

and

charges

for

extra

services

such

as

bank

wires.

Please

note

that

the

expenses

shown

in

the

tables

are

meant

to

highlight

your

ongoing

costs

only

and

do

not

reflect

any

transactional

costs,

such

as

sales

charges

(loads)

or

exchange

fees

(note

that

the

Amana

Funds

do

not

assess

any

such

transactional

costs).

Therefore,

the

“Hypothetical”

line

of

each

fund

is

useful

in

comparing

ongoing

costs

only,

and

may

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

Expenses

are

equal

to

annualized

expense

ratios

indicated

above

(based

on

the

most

recent

semi-annual

period

of

June

1,

2022,

through

November

30,

2023

),

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

182/365

to

reflect

the

semi-annual

period.

Beginning

Account

Value

[December

1,

2022]

Ending

Account

Value

[November

30,

2023]

Expenses

Paid

During

the

Period

Annualized

Expense

Ratio

900

Sustainable

Equity

Fund

$1,000.00

$1,068.20

$3.89

0.75%

1,225

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.31

$3.80

0.75%

950

Sustainable

Bond

Fund

$1,000.00

$1,012.00

$3.28

0.65%

1,325

Hypothetical

(5%

return

before

expenses)

$1,000.00

$1,021.81

$3.29

0.65%

Trustees

and

Officers

(unaudited)

30

November

30,

2023

Annual

Report

Name

(Age)

and

Address

Position(s)

Held

with

Trust

&

Number

of

Saturna

Fund

Portfolios

Overseen

Principal

Occupation(s)

during

past

5

years,

including

Directorships

Other

Directorships

held

by

Trustee

INDEPENDENT

TRUSTEES

Marina

E.

Adshade,

(56)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2017);

Eight

Professor

of

Economics,

University

of

British

Columbia,

Vancouver;

Author

None

Ronald

H.

Fielding,

MA,

MBA,

PhD

(Hon.)

(74)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2009);

Twelve

Director,

ICI

Mutual

Insurance

Company

Amana

Mutual

Funds

Trust

Gary

A.

Goldfogel,

(65)

1300

N.

State

Street

Bellingham,

WA

98225

Chairman

(since

2017);

Independent

Trustee

(since

1995);

Eight

Medical

Examiner

(pathologist)

None

Jim

V.

McKinney,

(62)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2017);

Eight

President/CEO,

Apple

Mountain

LLC,

consulting

and

development;

Former

US

Army

Foreign

Area

Officer

None

Sarah

E.D.

Rothenbuhler,

(55)

1300

N.

State

Street

Bellingham,

WA

98225

Independent

Trustee

(since

2017);

Eight

CEO,

Birch

Equipment

(industrial

rentals

and

sales)

None

INTERESTED

TRUSTEE

Jane

K.

Carten,

MBA

(48)

1300

N.

State

Street

Bellingham,

WA

98225

President,

Trustee

(since

2017);

Eight

President

and

Director,

Saturna

Capital

Corporation

Vice

President

and

Director,

Saturna

Trust

Company

President,

Saturna

Brokerage

Services

Chairman,

Saturna

Sendirian

Berhad

None

Trustees

and

Officers

(continued)

(unaudited)

November

30,

2023

Annual

Report

31

Term

of

Office:

each

Trustee

serves

for

the

lifetime

of

the

Trust

or

until

they

die,

resign,

are

removed,

or

not

re-elected

by

the

shareowners.

Each

officer

serves

a

one-year

term

subject

to

annual

reappointment

by

the

Trustees.

The

Trust’s

Statement

of

Additional

Information,

available

without

charge

upon

request

by

calling

Saturna

Capital

at

1-800-728-8762

and

on

the

Funds’

website,

www.saturnasustainable.com,

includes

additional

information

about

the

Trustees.

On

November

30,

2023

,

the

trustees,

officers,

and

their

affiliates

as

a

group

owned

36.23%

and

14.03%

of

the

outstanding

shares

of

Sustainable

Equity

and

Sustainable

Bond

Funds,

respectively.

During

the

year

ended

November

30,

2023

,

the

Independent

Trustees

were

each

paid

by

the

Trust:

(1)

$2,000

annual

retainer

plus

$1,000

per

board

meeting

attended

(in

person

or

by

phone),

plus

reimbursement

of

travel

expenses;

(2)

$250

for

committee

meetings;

and

(3)

$250

per

quarter

for

serving

as

chairman

of

the

board

or

any

committee.

Mrs.

Carten

is

an

Interested

Trustee

by

reason

of

her

positions

with

the

Trust’s

adviser

(Saturna

Capital

Corporation)

and

underwriter

(Saturna

Brokerage

Services),

and

is

the

primary

manager

of

the

Saturna

Sustainable

Equity

Fund

portfolio.

She

is

paid

by

Saturna

Capital

a

salary,

plus

a

bonus

for

each

month

the

Saturna

Sustainable

Equity

Fund

portfolio

earns

a

4

or

5

star

rating

from

Morningstar

(see

www.saturna.com).

The

officers

are

paid

by

Name

(Age)

and

Address

Position(s)

Held

with

Trust

&

Number

of

Saturna

Fund

Portfolios

Overseen

Principal

Occupation(s)

during

past

5

years,

including

Directorships

Other

Directorships

held

by

Trustee

OFFICERS

WHO

ARE

NOT

TRUSTEES

Bryce

R.

Fegley

(48)

1300

N.

State

Street

Bellingham,

WA

98225

Vice

President

(since

2020);

N/A

Portfolio

Manager

and

Senior

Investment

Analyst,

Saturna

Capital

N/A

Christopher

R.

Fankhauser

(51)

1300

N.

State

Street

Bellingham,

WA

98225

Treasurer

~

1

(since

2002);

N/A

Chief

Operations

Officer

and

Director,

Saturna

Capital

Corporation;

Vice

President

and

Chief

Operations

Officer,

Saturna

Brokerage

Services;

Director,

Vice

President,

and

Chief

Operations

Officer,

Saturna

Trust

Company

N/A

Michael

E.

Lewis

(62)

1300

N.

State

Street

Bellingham,

WA

98225

Chief

Compliance

Officer

~

1

(since

2012);

N/A

Chief

Compliance

Officer,

Saturna

Capital,

Saturna

Trust

Company,

and

Affiliated

Funds.

N/A

Jacob

A.

Stewart

(43)

1300

N.

State

Street

Bellingham,

WA

98225

Anti-Money

Laundering

Officer

~

1

(since

2015);

N/A

Anti-Money

Laundering

Officer,

Saturna

Capital

Corporation,

Saturna

Brokerage

Services;

Chief

Compliance

Officer,

Saturna

Brokerage

Services

Bank

Secrecy

Act

Officer,

Saturna

Trust

Company

N/A

Elliot

S.

Cohen

(60)

1300

N.

State

Street

Bellingham,

WA

98225

Secretary

(since

2022);

N/A

Chief

Legal

Officer,

Saturna

Capital

Corporation;

Former

Associate

General

Counsel

for

Russell

Investments

N/A

Trustees

and

Officers

(continued)

(unaudited)

32

November

30,

2023

Annual

Report

Saturna

Capital

and

not

the

Trust.

As

of

November

30,

2023

,

all

Saturna

Capital

employees

listed

above

as

officers

owned

shares

in

one

or

more

of

the

Saturna

Investment

Trust

funds,

with

Mrs.

Carten

owning

(directly

or

indirectly)

over

$1.63

million.

1

Holds

the

same

position

with

Amana

Mutual

Funds

Trust.

Renewal

of

Investment

Advisory

Contract

November

30,

2023

Annual

Report

33

During

their

meeting

of

September

19,

2023,

the

Trustees

of

Saturna

Investment

Trust

(the

“Board”

or

“Trustees”),

including

the

Independent

Trustees,

discussed

the

continuance

of

the

Investment

Advisory

and

Administrative

Services

Agreement

(“Agreement”)

between

the

Trust,

on

behalf

of

each

Fund,

and

Saturna

Capital.

In

considering

the

renewal

of

the

Agreement,

the

Board,

including

the

Independent

Trustees,

considered

the

factors

it

deemed

relevant,

including

the

nature,

quality

and

extent

of

services

provided,

the

performance

of

each

Fund,

expenses

and

fees,

the

profitability

of

Saturna,

the

potential

for

economies

of

scale

that

may

be

shared

with

each

Fund

and

its

shareholders

as

each

Fund’s

assets

grow,

and

any

other

benefits

derived

by

Saturna

from

its

relationship

with

the

Funds.

In

their

deliberations,

the

Trustees

did

not

identify

any

single

factor

which

alone

was

responsible

for

the

decision

to

approve

the

agreements,

and

each

Trustee

may

have

given

different

weights

to

different

factors,

and,

thus,

each

Trustee

may

have

had

a

different

basis

for

his

or

her

decision.

The

Trustees

considered

Saturna

Capital’s

specific

responsibilities

in

all

aspects

of

day-to-day

management

of

the

Funds

as

well

as

the

qualifications,

experience

and

responsibilities

of

the

Funds’

portfolio

managers

and

other

key

personnel

at

Saturna

Capital.

The

Trustees

discussed

Saturna

Capital’s

experience,

ability,

and

commitment

to

quality

service

through

performing

internally

such

functions

as

shareowner

servicing,

administration,

accounting,

marketing,

and

distribution

—

all

in

addition

to

investment

management.

The

Trustees

took

into

consideration

Saturna

Capital’s

continued

avoidance

of

significant

operational

and

compliance

problems,

plus

its

continued

investments

in

infrastructure,

information

management

systems,

personnel,

training,

compliance,

and

investor

education

materials,

all

designed

to

provide

high

quality

investor

services

and

meet

investor

needs.

They

recognized

Saturna

Capital’s

efforts

to

recruit

and

retain

qualified

and

experienced

staff

and

improve

the

capital

base

on

which

Saturna

Capital

operates,

which

the

Trustees

believe

is

important

to

the

long-term

success

of

the

Funds.

They

considered

Saturna

Capital’s

focus

on

investors

and

its

efforts

to

avoid

potential

conflicts

of

interest.

The

Trustees

considered

the

investment

performance

of

each

Fund.

The

Trustees

considered

each

Fund’s

average

annual

total

returns

relative

to

its

benchmark

for

relevant

periods

ended

July

31,

2023,

noting

that

the

Sustainable

Equity

Fund

underperformed

its

benchmark

for

the

one-,

three-

and

five-year

periods

and

that

the

Sustainable

Bond

Fund

outperformed

its

benchmark

for

the

one-,

three-,

and

five-year

periods.

The

Trustees

considered

comparative

performance

information

from

Morningstar,

Inc.

(“Morningstar”),

which

provides

independent

analysis

of

mutual

fund

data

and,

among

other

things,

ranks

mutual

fund

performance

within

categories

comprised

of

similarly

managed

funds.

The

Trustees

considered

the

short-

and

medium-term

performance

of

the

Sustainable

Equity

Fund

relative

to

the

Fund’s

Morningstar

category

for

the

one-,

three-

and

five-year

periods

ended

July

31,

2023,

noting

the

Fund

was

in

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

of

the

Sustainable

Bond

Fund

relative

to

the

Fund’s

Morningstar

category

for

the

one-,

three-

and

five-

year

periods

ended

July

31,

2023,

noting

the

Fund

was

in

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

to

its

category

selected

by

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

to

the

Funds

by

Morningstar.

The

Trustees

noted

the

generally

risk-averse

investment

style

of

the

Funds

and

other

factors

which

can

affect

each

Fund’s

performance

relative

to

its

broader

Morningstar

category.

The

Trustees

also

noted

certain

differences

between

each

Fund

and

the

peer

funds

within

its

Morningstar

category,

including

differences

in

investment

strategies

and

asset

size.

The

Trustees

found

that

Saturna

Capital

continued

to

manage

each

Fund

in

a

manner

that

is

designed

to

be

risk-

averse

and

attractive

to

long-term

investors.

The

Trustees

discussed

and

considered

the

efforts

of

Saturna

Capital

to

make

additional

resources

available

to

assist

in

managing

the

Funds.

The

Trustees

also

considered

Saturna

Capital’s

focus

on

improving

investment

performance

without

incurring

materially

higher

levels

of

risk.

The

Trustees

also

considered

the

performance

and

expenses

of

each

Fund

as

compared

to

a

smaller

group

of

funds

with

similar

investment

objectives

and

strategies,

including

socially

responsible

funds,

and

a

range

of

asset

sizes.

The

Trustees

considered

these

comparative

performance

and

expense

data,

along

with

the

comparative

data

published

by

Morningstar

and

each

Fund’s

performance

relative

to

its

benchmark,

to

evaluate

the

Fund’s

performance

over

near-term

and

medium-term

time

periods.

The

Trustees

also

reviewed

the

fees

and

expenses

of

each

Fund,

including

comparative

data

on

fees

and

expenses

published

by

Morningstar,

and

considered

the

components

of

the

Fund’s

operating

expenses.

The

Trustees

noted

the

steps

that

Saturna

Capital

has

undertaken

to

maintain

competitive

levels

of

Fund

operating

expenses.

They

noted

the

significant

sponsorship

of

the

Funds

by

Saturna

Capital

evidenced,

in

part,

by

certain

fees

and

expenses

paid

by

Saturna

Capital

out

of

its

own

resources.

The

Trustees

recognized

Saturna

Capital’s

efforts

help

make

the

Funds

more

widely

available

and

less

expensive

than

would

otherwise

be

the

case

without

Saturna

Capital’s

efforts.

The

Trustees

recognized

that

each

Fund

remains

relatively

small

and

there

have

not

been

opportunities

to

consider

economies

of

scale.

The

Trustees

noted

Saturna

Capital’s

commitment

to

continue

operating

the

Funds

and

the

costs

undertaken

by

Saturna

Capital.

The

Trustees

reviewed

Saturna

Capital’s

financial

information

and

discussed

the

issue

of

Saturna

Capital’s

profitability,

or

lack

thereof,

as

related

to

management

and

administration

of

the

Trust.

They

discussed

the

reasonableness

of

Saturna

Capital’s

profitability

as

part

of

their

evaluation

of

whether

each

Fund’s

advisory

fees

bear

a

reasonable

relationship

to

the

mix

of

services

provided

by

Saturna

Capital,

including

the

nature,

extent,

and

quality

of

such

services.

The

Trustees

considered

and

compared

the

fees

charged

by

Saturna

Capital

to

other

types

of

accounts,

including

non-mutual

fund

advisory

clients.

The

Trustees

noted

the

differences

between

the

full

range

of

services

Saturna

Capital

provides

to

the

Funds,

including

investment

advisory

and

administrative

services,

transfer

agency

services,

and

other

services,

as

compared

to

the

investment

advisory

services

provided

to

the

other

advisory

accounts.

Renewal

of

Investment

Advisory

Contract

(continued)

34

November

30,

2023

Annual

Report

The

Trustees

considered

potential

benefits

to

Saturna

Capital’s

other

business

lines

from

acting

as

investment

adviser

to

the

Funds,

but

also

recognized

that

Saturna

Capital’s

other

business

lines

also

potentially

benefit

the

Funds.

The

Trustees

also

noted

that

there

were

not

soft

dollar

arrangements

with

respect

to

trading

in

the

Funds’

portfolios.

The

Trustees

considered

whether

there

are

other

potential

benefits

to

Saturna

Capital

in

continuing

to

manage

the

Funds

and

the

Trustees

found

that

there

were

no

material

benefits

other

than

Saturna

Capital’s

receipt

of

advisory

fees.

The

Trustees

also

noted

with

respect

to

the

Sustainable

Equity

Fund

that

Saturna

Brokerage

Services

voluntarily

waives

brokerage

commissions

for

executing

Fund

portfolio

transactions,

resulting

in

lower

transaction

costs.

The

Trustees

concluded

based

on

their

business

judgement

that

the

fees

paid

by

each

Fund

to

Saturna

Capital

were,

from

an

arm’s

length

bargaining

perspective,

reasonable

and

in

the

best

interest

of

the

Fund

and

its

shareowners

in

light

of

the

services

provided,

comparative

performance,

expense

and

advisory

fee

information,

costs

of

services

provided,

profits

to

be

realized,

and

benefits

derived

or

to

be

derived

by

Saturna

Capital

from

its

relationship

with

the

Fund.

Following

this

discussion,

the

Trustees,

including

the

Independent

Trustees,

unanimously

agreed

to

renew

each

Fund’s

Agreement

with

Saturna

Capital.

November

30,

2023

Annual

Report

35

Availability

of

Quarterly

Portfolio

Information

(1)

The

Saturna

Sustainable

Funds

file

complete

schedules

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

(2)

The

Funds’

Form

N-PORT

reports

are

available

on

the

SEC’s

website

at

www.sec.gov

and

at

www.saturnasustainable.com.

(3)

The

Funds

post

a

complete

schedule

of

portfolio

holdings

after

the

end

of

each

month,

available

to

investors

at

www.

saturnasustainable.com.

Availability

of

Proxy

Voting

Information

(1)

A

description

of

the

policies

and

procedures

that

the

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

(a)

without

charge,

upon

request,

by

calling

Saturna

Capital

at

1-800-728-8762;

(b)

on

the

Funds’

website

at

www.

saturnasustainable.com;

and

(c)

on

the

SEC’s

website

at

www.sec.

gov.

(2)

Information

regarding

how

each

Fund

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

12-month

period

ended

June

30

is

available

(a)

without

charge,

upon

request,

by

calling

Saturna

Capital

at

1-800-728-8762;

(b)

on

the

Funds’

website

at

www.saturnasustainable.com;

and

(c)

on

the

SEC’s

website

at

www.sec.gov.

Householding

Policy

To

reduce

expenses,

we

may

mail

only

one

copy

of

the

Funds’

prospectus,

each

annual

and

semi-annual

report,

and

proxy

statements

when

necessary,

to

those

addresses

shared

by

two

or

more

accounts.

If

you

wish

to

receive

individual

and/or

more

copies

of

these

documents,

please

call

us

at

1-800-728-8762

or

write

to

us

at

Saturna

Capital/Saturna

Sustainable

Funds,

P.O.

Box

N,

Bellingham,

WA

98227.

We

will

begin

sending

you

individual

copies

30

days

after

receiving

your

request.

If

you

are

currently

receiving

multiple

copies

and

wish

to

receive

only

one

copy,

please

call

us

at

1-800-728-8762

or

write

to

us

at

Saturna

Capital/Saturna

Sustainable

Funds,

P.O.

Box

N,

Bellingham,

WA

98227.

We

will

begin

sending

you

a

single

copy

with

subsequent

report

mailings.

Privacy

Statement

At

Saturna

Capital

and

Saturna

Investment

Trust,

we

understand

the

importance

of

maintaining

the

privacy

of

your

financial

information.

We

want

to

assure

you

that

we

protect

the

confidentiality

of

any

personal

information

that

you

share

with

us.

In

addition,

we

do

not

sell

information

about

our

current

or

former

customers.

In

the

course

of

our

relationship,

we

gather

certain

nonpublic

information

about

you,

including

your

name,

address,

investment

choices,

and

account

information.

We

do

not

disclose

your

information

to

unaffiliated

third

parties

unless

it

is

necessary

to

process

a

transaction;

service

your

account;

deliver

your

account

statements,

shareowner

reports

and

other

information;

or

as

required

by

law.

When

we

disclose

information

to

unaffiliated

third

parties,

we

require

a

contract

to

restrict

the

companies’

use

of

customer

information

and

from

sharing

or

using

it

for

any

purposes

other

than

performing

the

services

for

which

they

were

required.

We

may

share

information

within

the

Saturna

Capital

family

of

companies

in

the

course

of

informing

you

about

products

or

services

that

may

address

your

investing

needs.

We

maintain

our

own

technology

resources

to

minimize

the

need

for

any

third

party

services,

and

restrict

access

to

information

within

Saturna.

We

maintain

physical,

electronic,

and

procedural

safeguards

to

guard

your

personal

information.

If

you

have

any

questions

or

concerns

about

the

security

or

privacy

of

your

information,

please

call

us

at

1-800-728-8762.

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, 2023, and 2022 the aggregate audit fees billed for professional services rendered by the principal accountant were $107,500 and $105,000, 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, 2023, and 2022.

(c) Tax Fees

For the fiscal years ending November 30, 2023, and 2022, the aggregate tax fees billed for professional tax preparation services rendered by the principal accountant were $24,500 and $24,000 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, 2023, and 2022.

(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, 2023, and 2022 were:

	Fiscal Year Ended
	November 2023	November 2022
All other fees:	$24,500	$24,000

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, 2023, and 2022 were:

	Fiscal Year Ended
	November 2023	November 2022
All other fees:	None	None

(h) Registrant’s Audit Committee

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

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Schedule of Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits

Exhibits included with this filing:

(a)(1) Code of Ethics.

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

(a)(3) Not applicable.

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

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

SIGNATURES

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

SATURNA INVESTMENT TRUST

By:

/s/Jane Carten                                                    

 , President

Signature and Title

Jane K. Carten, President

Printed name and Title

                March 19, 2024                  

Date

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

By:

/s/Jane Carten                                                    

 , President

Signature and Title

Jane K. Carten, President

Printed name and Title

                March 19, 2024                  

Date

By:

/s/Christopher Fankhauser                                                              

 , Treasurer

Signature and Title

Christopher R. Fankhauser, Treasurer

Printed name and Title

                March 19, 2024                  

Date