****

----

 

***Fiscal Year-end Performance Summary (unaudited)***

For fiscal periods ended November 30, 2007, comparative total returns and percentile Morningstar™ category rankings (1 is best)† are:

|                                                                                | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|--------------------------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
|                                                                                |
| **Sextant Short-Term Bond vs. Morningstar™ Short-Term Bond Category**    |
| Fund                                                                           | 5.51%      | 3.61%      | 3.45%      | 4.64%       | 1.59%                   |
|                                                                                |
| Morningstar Category                                                           | 4.20%      | 3.29%      | 3.09%      | 4.45%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 20 (440)   | 37 (370)   | 29 (275)   | 39 (156)    | N/A                     |
|                                                                           |
|                                                                                |
| **Sextant Bond Income vs. Morningstar™ Intermediate-Term Bond Category** |
| Fund                                                                           | 4.53%      | 3.57%      | 4.30%      | 5.62%       | 1.48%                   |
|                                                                                |
| Morningstar Category                                                           | 4.18%      | 3.84%      | 4.48%      | 5.24%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 57 (1087)  | 72 (956)   | 57 (820)   | 30 (406)    | N/A                     |
|                                                                           |
|                                                                                |
| **Sextant Growth vs. Morningstar™ Mid-Cap Growth Category**              |
| Fund                                                                           | 9.74%      | 13.41%     | 14.50%     | 9.66%       | 1.46%                   |
|                                                                                |
| Morningstar Category                                                           | 14.14%     | 12.68%     | 14.82%     | 8.07%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 71 (974)   | 43 (811)   | 54 (679)   | 33 (276)    | N/A                     |
|                                                                           |
|                                                                                |
| **Sextant International vs. Morningstar™ Foreign Large Blend Category**  |
| Fund                                                                           | 21.90%     | 21.23%     | 22.69%     | 10.75%      | 1.30%                   |
|                                                                                |
| Morningstar Category                                                           | 18.36%     | 19.52%     | 19.89%     | 8.17%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 20 (725)   | 24 (567)   | 12 (471)   | 11 (226)    | N/A                     |
|                                                                           |
|                                                                                |

***Performance data quoted above represents past performance and is no guarantee of future results. Results are shown for 12 months ending November 30, 2007 ("1 Year" column above) because the Sextant Funds' performance fees are based on the same period. Results are shown for other fiscal periods by regulation.***

***Mutual fund performance changes over time and currently may be significantly higher or lower than stated herein. Performance current to the most recent month-end is published online at www.saturna.com and is available by calling toll free (800) SATURNA. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.***

*¹ By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus dated March 30, 2007, incorporating results from the 2006 fiscal year, and differ from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

*The Sextant Core Fund began operations March 30, 2007 and does not yet have annualized returns to report.*

***†Source: Morningstar™ 11/30/07.** Morningstar™, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar™, by category as determined by Morningstar™. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar™ database. The 12-month Rank shows how each Fund ranks in its Morningstar™ peer category for the year ended November 30, 2007.*

*For each fund with at least a three-year history, Morningstar™ calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating™ for a fund is derived from a weighted average of performance figures associated with its 3-, 5- and 10-year (if applicable) Morningstar Rating™ metrics.*

*Sextant Short-Term Bond was 75th of 440 Short-Term Bond funds in the last year, 113th of 370 funds in the last 3 years, 68th of 275 funds in the last 5 years and 53rd of 156 funds in the last 10 years. With respect to these Short-Term Bond funds, Sextant Short-Term Bond received a Morningstar Rating™ of 3, 3, 4 and 3 stars among 370, 370, 275 and 156 funds for the Overall, 3-, 5- and 10-year periods ended 11/30/07, respectively.*

*Sextant Bond Income was 526th of 1085 Intermediate-Term Bond funds in the last year, 586th of 956 funds in the last 3 years, 392nd of 820 funds in the last 5 years and 102nd of 406 funds in the last 10 years. With respect to these Intermediate-term Bond funds, Sextant Bond Income received a Morningstar Rating™ of 3, 2, 3 and 3 stars among 956, 956, 820 and 406 funds for the Overall, 3-, 5- and 10-year periods ended 11/30/07, respectively.*

*Sextant Growth was 569th of 974 Mid-Cap Growth funds in the last year, 284th of 811 funds in the last 3 years, 301st of 679 funds in the last 5 years and 74th of 276 funds in the last 10 years. With respect to these Mid-Cap Growth funds, Sextant Growth received a Morningstar Rating™ of 3, 3, 3 and 4 stars among 811, 811, 679 and 276 for the Overall, 3-, 5- and 10-year periods ended 11/30/07, respectively.*

*Sextant International was 123rd of 725 Foreign Large Blend funds in the last year, 115th of 567 funds in the last 3 years, 46th of 471 funds in the last 5 years and 20th of 226 funds in the last 10 years. With respect to these Foreign Large Blend funds, Sextant International received a Morningstar Rating™ of 4, 4, 4 and 3 stars among 567, 567, 471 and 226 funds for the Overall, 3-, 5- and 10-year periods ended 11/30/07, respectively.*

*Sextant Core is not yet rated by Morningstar™.*

|     |
|-----|
| *2* |  | *November 30, 2007 Annual Report* |

----

***Fellow Shareowners: (unaudited)***

The last year painfully illustrated to millions the pitfalls of investing where financial interests diverge. Problems inevitably happen when the adviser (broker, bank, rating agency, etc.) earns an up-front commission or fee, rather than earning a fee only from the investor's long-term success. The Sextant Funds provide a solution by paying a management fee that varies with performance, rather than paying sales commissions. Indeed, the Sextant funds provide a rare opportunity to invest with the "insiders" — on average, almost 35% of each Sextant fund is owned by the trustees, officers, and their related accounts. 

 We watch our money — and yours — carefully. Our investments did well for us again in 2007, the fifth straight fiscal year of strong returns. For the 12 months ended November 30, 2007, Sextant Growth returned 9.74%, and Sextant International had another stellar year, returning 21.90%. The more conservative bond funds, Sextant Short-Term Bond and Sextant Bond Income, returned 5.51% and 4.53%, respectively.

Two recent changes are bearing fruit. First, shareowners adopted a Rule 12b-1 distribution plan, resulting in Sextant funds being available at the major mutual fund supermarkets, such as Fidelity Investments and Charles Schwab. Second, a new fund, designed to be a "one decision" default option for retirement plans as well as other long-term investors began operations in March: Sextant Core Fund. The result is that the assets in the now five Sextant funds topped $40 million at the end of November 2007. Total shares outstanding grew in every Fund this year.

***The International Scene***

The sterling performance of Sextant International this year is largely attributable to the dollar, which continued its seven-year dive. A weaker dollar means that foreign investments are worth more U.S. currency. Should the dollar persist in trending downwards, Sextant International's U.S.-dollar returns should continue to be positive. Meanwhile, the universe of U.S.-traded foreign securities is decreasing as isolationist U.S. financial policies drive large international companies to move their financing activities to other countries.

***Slowing Economy***

Financial stocks suffered heavily during the second half of 2007, as past zeal for dubious lending products — especially sub-prime mortgages — haunted banks and brokers. Weakness in construction as the housing bubble unwinds and slowing consumption as gasoline prices take larger chunks of the family budget are now spreading caution in all economic sectors. The crisis has, if anything, bolstered our commitment to long-term investing with a moderate amount of risk. As Edmund Burke said, "Better be despised for too anxious apprehensions, than ruined by too confident security."Further information on each Sextant fund is found in its section of this report. The Sextant funds stress 

|                                                                           |
|---------------------------------------------------------------------------|
| The five Sextant Funds have over $40 million in assets, up 37% this year. |
|                                                                           |

low operating expenses and employ a "fulcrum" advisory fee structure that rewards or penalizes Saturna Capital for investment results. Perhaps uniquely, equity portfolio brokerage commission expenses are entirely borne by the adviser, Saturna Capital. Consequently, the Sextant funds cannot use portfolio brokerage to pay any expenses of the Funds or of the adviser. 

Sextant's commitment to value-oriented investing continues to offer investors excellent mutual funds. Our portfolio managers welcome your comments and suggestions. And we invite you to invest your money with ours.

Respectfully,

**Nicholas Kaiser, President**			    (Manager, Sextant Growth, Sextant International; Co-manager, Sextant Core) 

**Phelps McIlvaine, Vice President**			    (Manager, Sextant Short-Term Bond, Sextant Bond Income; Co-manager, Sextant Core)

December 29, 2007

|                                   |
|-----------------------------------|
| *November 30, 2007 Annual Report* |  | *3* |

----

***Quarter-end Performance Summary**(unaudited)***

For fiscal periods ended December 31, 2007, comparative total returns and percentile Morningstar™ category rankings (1 is best)† are:

|                                                                                | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|--------------------------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
|                                                                                |
| **Sextant Short-Term Bond vs. Morningstar™ Short-Term Bond Category**    |
| Fund                                                                           | 5.79%      | 3.63%      | 3.06%      | 4.56%       | 1.59%                   |
|                                                                                |
| Morningstar Category                                                           | 4.29%      | 3.25%      | 2.88%      | 4.41%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 18 (444)   | 33 (374)   | 39 (282)   | 39 (159)    | N/A                     |
|                                                                           |
|                                                                                |
| **Sextant Bond Income vs. Morningstar™ Intermediate-Term Bond Category** |
| Fund                                                                           | 5.42%      | 3.16%      | 3.56%      | 5.43%       | 1.48%                   |
|                                                                                |
| Morningstar Category                                                           | 4.70%      | 3.53%      | 4.07%      | 5.16%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 50 (1097)  | 75 (967)   | 73 (826)   | 38 (414)    | N/A                     |
|                                                                           |
|                                                                                |
| **Sextant Growth vs. Morningstar™ Mid-Cap Growth Category**              |
| Fund                                                                           | 9.91%      | 12.14%     | 15.68%     | 9.87%       | 1.46%                   |
|                                                                                |
| Morningstar Category                                                           | 15.09%     | 11.23%     | 16.33%     | 8.06%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 74 (967)   | 41 (811)   | 57 (682)   | 28 (291)    | N/A                     |
|                                                                           |
|                                                                                |
| **Sextant International vs. Morningstar™ Foreign Large Blend Category**  |
| Fund                                                                           | 16.76%     | 18.48%     | 23.90%     | 10.32%      | 1.30%                   |
|                                                                                |
| Morningstar Category                                                           | 12.71%     | 17.22%     | 20.31%     | 7.94%       | N/A                     |
|                                                                                |
| Rank (category size)                                                           | 18 (743)   | 28 (557)   | 8 (462)    | 11 (227)    | N/A                     |
|                                                                           |
|                                                                                |

***Performance data quoted above represents past performance and is no guarantee of future results.***

*¹ By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus dated March 30, 2007, incorporating results from the 2006 fiscal year, and differ from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

***†Source: Morningstar™ 12/31/07.** Morningstar™, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar™, by category as determined by Morningstar™. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar™ database. The 12-month Rank shows how each Fund ranks in its Morningstar™ peer category for the year ended December 31, 2007.*

*Sextant Short-Term Bond was 66th of 444 Short-Term Bond funds in the last year, 102nd of 374 funds in the last 3 years, 95th of 282 funds in the last 5 years and 53rd of 159 funds in the last 10 years. With respect to these Short-Term Bond funds, Sextant Short-Term Bond received a Morningstar Rating™ of 3, 3, 3 and 3 stars among 374, 374, 282 and 159 funds for the Overall, 3-, 5- and 10-year periods ended 12/31/07, respectively.*

*Sextant Bond Income was 466th of 1097 Intermediate-Term Bond funds in the last year, 620th of 967 funds in the last 3 years, 514th of 826 funds in the last 5 years and 131st of 414 funds in the last 10 years. With respect to these Intermediate-term Bond funds, Sextant Bond Income received a Morningstar Rating™ of 2, 2, 2 and 3 stars among 967, 967, 826 and 414 funds for the Overall, 3-, 5- and 10-year periods ended 12/31/07, respectively.*

*Sextant Growth was 600th of 967 Mid-Cap Growth funds in the last year, 273rd of 811 funds in the last 3 years, 319th of 682 funds in the last 5 years and 66th of 291 funds in the last 10 years. With respect to these Mid-Cap Growth funds, Sextant Growth received a Morningstar Rating™ of 3, 3, 3 and 4 stars among 811, 811, 682 and 291 for the Overall, 3-, 5- and 10-year periods ended 12/31/07, respectively.*

*Sextant International was 115th of 743 Foreign Large Blend funds in the last year, 131st of 557 funds in the last 3 years, 32nd of 462 funds in the last 5 years and 21st of 227 funds in the last 10 years. With respect to these Foreign Large Blend funds, Sextant International received a Morningstar Rating™ of 4, 4, 4 and 3 stars among 557, 557, 462 and 227 funds for the Overall, 3-, 5- and 10-year periods ended 12/31/07, respectively.*

*Sextant Core is not yet rated by Morningstar™.*

|     |
|-----|
| *4* |  | *November 30, 2007 Annual Report* |

----

***Sextant Short-Term Bond Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2007**

For the fiscal year ending November 30, 2007, the Sextant Short Term Bond Fund returned 5.51%. Reflecting price stability, the share price moved in a narrow range from $5.01 to $4.86, a maximum variation of 3.06%. Fund shares outstanding remained unchanged. For the last five years the Fund earned 3.45% and for the last ten years, the annualized return averaged 4.64%. The Fund's annual expense ratio held steady at 0.75%, reflecting Saturna Capital's voluntary actions to limit total expenses. 

**Factors Affecting Past Performance**

Over the last twelve months, the subprime mortgage loan debacle forced investors to re-evaluate the default risk of their investments. Many did not like what the found. Higher-risk bonds have appropriately fallen in price, increasing yields after years at extremely low levels. Low central bank rates from 2001 to 2004 forced investors to allocate capital to higher risk assets in an effort to bolster flagging portfolio income. With the return of the Federal Funds rate to 5.25%, this process was reversed. Then loan delinquencies drove investors to question their investments in high-risk subprime loans. This caused a re-allocation of capital resources across all sectors of the fixed income markets, forcing rates higher for worthy borrowers and shutting out many unworthy borrowers all together. This was a critical and healthy adjustment that will permit the markets to return to more normal operations within a year.

The following table provides a summary of portfolio holdings by bond quality ratings as of November 30, 2007.

|                                |
|--------------------------------|
| **Ratings        Established** | **By Adviser** | **By Standard      & Poor's** | **By Moody's        Investor Services** |
| AAA                            | 34.8% | 34.8% | 34.8% |
|                                |
| AA                             | 3.3% | 11.6% | 3.3% |
|                                |
| A                              | 39.8% | 35.6% | 39.8% |
|                                |
| BBB                            | 15.2% | 11.2% | 15.2% |
|                                |
| Unrated                        | 0.0% | 0.0% | 0.0% |
|                                |
| Other assets                   | 6.8% | 6.8% | 6.8% |
|                                |

It was an unusual year, where higher quality earned higher returns — quite the opposite of the last five years, where lower quality earned higher returns. Intermediate U.S. Treasury notes produced total returns over 9%. In general, a flight to quality and a lower Federal Funds rate produced steeper yield curves with the highest returns falling within the 3 to 7 year range. The Fund's 5.51% annual return compared favorably with the 4.20% return of its Morningstar category due to its slightly higher credit quality and longer relative maturity.

**Looking Forward**

The U.S. economy is entering a recession. To react, the Federal Reserve will provide stimulus. Inflation may accelerate as a result. Default rates on high yield debt could rise substantially in 2008. Once markets stabilize, the current flight to quality in the fixed income markets will unwind.

For 2008, we will continue to buy only high-grade bonds. Their yields have now reached their most attractive relative levels since 2001. We will look for opportunities to add AAA & AA corporate names to the portfolio. For the next six months, we believe the probability of falling rates is greater than the probability of rising rates and will maintain portfolio duration. Risk has been re-priced and higher relative returns on investment grade risk are at hand. We look forward to another year of positive real returns for the Fund without taking unnecessary credit or duration risk.

**Management Fee Calculations**

The Sextant Short-Term Bond Fund calculates part of its management fee based on a comparison of the Fund's return to the average return of the Morningstar™ category Short-Term Bond. The Fund's 12-month return (5.51%) was more than one percent but less than two percent above the Morningstar™ average (4.20%) at month-end November 30, 2007. Therefore, the basic performance-based annual management fee of 0.60% was increased to 0.70% for the month of December 2007. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (0.75%) on Fund expenses.

| **Comparison to Index: Sextant Short Term Bond Fund vs. Citigroup Gov./Corp. Inv. Grade Index 1-3 Years (unaudited)**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph to the right compares $10,000 invested in the Fund on November 30, 1997 to a similar amount invested in the Citigroup Gov./Corp. Investment Grade Bond Index for maturities between one and three years, which reflects the types of securities in which Sextant Short-Term Bond Fund invests. The graph shows that an investment in the Fund would have risen to $15,735 versus $16,410 in the Index. |  |

 

|                                                                                |
|--------------------------------------------------------------------------------|
| *(The accompanying notes are an integral part of these financial statements.)* | *November 30, 2007 Annual Report* |  | *5* |

----

***Sextant Short-Term Bond Fund***

| ***Investments***          |
|----------------------------|
| **Rating¹**           | **Issuer** | **Coupon/Maturity** | **Face Amount** | **Market Value** | **Percentage of Assets** |
|                            |
| **Computers**              |
| A+                         | IBM | 5.05% due 10/22/2012 | $135,000 | $136,973 | 4.6% |
|                       |
|                            |
| **Energy**                 |
| A-                         | ConocoPhillips | 8.75% due 5/25/2010 | 100,000 | 109,933 | 3.7% |
| A                          | Haliburton | 5.50% due 10/15/2010 | 132,000 | 136,286 | 4.5% |
| BBB+                       | Marathon Oil | 6.00% due 7/1/2012 | 120,000 | 124,796 | 4.2% |
|                            |  |
|                            | 352,000 | 371,015 | 12.4% |
|                       |
|                            |
| **Finance**                |
| AAA                        | HSBC Finance | 6.375% due 10/15/2011 | 100,000 | 102,746 | 3.4% |
| A+                         | Lehman Brothers Holdings | 5.75% due 4/25/2011 | 100,000 | 101,095 | 3.4% |
| A+                         | International Lease Finance (AIG) | 5.00% due 4/15/2010 | 125,000 | 125,802 | 4.2% |
|                            |  |
|                            | 325,000 | 329,643 | 11.0% |
|                       |
|                            |
| **Food Production**        |
| BBB                        | Fortune Brands | 5.125% due 1/15/2011 | 120,000 | 121,460 | 4.0% |
| A+                         | WM Wrigley Jr. | 4.30% due 7/15/2010 | 100,000 | 100,677 | 3.4% |
|                            |  |
|                            | 220,000 | 222,137 | 7.4% |
|                       |
|                            |
| **Machinery**              |
| A                          | Caterpillar | 7.25% due 9/15/2009 | 100,000 | 105,019 | 3.5% |
| A-                         | Rockwell Automation | 6.15% due 1/15/2008 | 95,000 | 95,084 | 3.2% |
|                            |  |
|                            | 195,000 | 200,103 | 6.7% |
|                       |
|                            |
| **Medical**                |
| A                          | Amgen | 6.50% due 12/1/2007 | 90,000 | 90,000 | 3.0% |
| A+                         | AstraZeneca | 5.40% due 9/15/2012 | 125,000 | 129,047 | 4.3% |
|                            |  |
|                            | 215,000 | 219,047 | 7.3% |
|                       |
|                            |
| **Retail**                 |
| A-                         | TJ X Companies | 7.45% due 12/15/2009 | 95,000 | 100,657 | 3.4% |
|                       |
|                            |
| **Telecommunications**     |
| BBB+                       | Verizon New England Tel. | 4.75% due 10/1/2013 | 129,000 | 124,425 | 4.2% |
|                       |
|                            |
| **U.S. Government**        |
| AAA                        | U.S. Treasury Note | 4.00% due 6/15/2009 | 200,000 | 202,766 | 6.8% |
| AAA                        | U.S. Treasury Note | 4.00% due 4/15/2010 | 200,000 | 204,359 | 6.8% |
|                            |  |
|                            | 400,000 | 407,125 | 13.6% |
|                       |
|                            |
| **U.S. Government Agency** |
| AAA                        | Federal Farm Credit Bank | 4.62% due 12/7/2009 | 100,000 | 100,007 | 3.3% |
| AAA                        | Federal Farm Credit Bank | 5.79% due 6/5/2013 | 200,000 | 204,854 | 6.8% |
| AAA                        | Federal Home Loan Bank | 4.60% due 5/18/2009 | 120,000 | 120,005 | 4.0% |
| AAA                        | Federal Home Loan Mortgage | 4.125% due 11/6/2009 | 120,000 | 119,965 | 4.0% |
| AAA                        | Federal National Mortgage Assoc. | 4.00% due 2/23/2010 | 120,000 | 123,294 | 4.1% |
|                            |  |
|                            | 660,000 | 668,125 | 22.2% |
|                       |
| *(Continued on next page)* |

 

|     |
|-----|
| *6* |  | *November 30, 2007 Annual Report* | *(The accompanying notes are an integral part of these financial statements.)* |

----

***Sextant Short-Term Bond Fund***

| ***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Utilities**BBBScottish Power4.91% due 3/15/2010$100,000 $100,091 3.3% Total investments (Cost = $2,839,435)$2,826,000 $2,879,341 96.1%Other assets (net of liabilities) 116,020 3.9%**Total net assets****$2,995,361****100.0%***¹Ratings are the lesser of Standard & Poor's or Moody's Investor Services*
 
***Top Ten Holdings******Industry Allocation:***
**% of Fund Assets**Federal Farm Credit Bank6.8%
*Industry weightings are shown as a percentage of net assets.*U.S. Treasury Note (4.00% due 4/15/2010)6.8%U.S. Treasury Note (4.00% due 6/15/2009)6.8%IBM4.6%Haliburton4.5%AstraZeneca4.3%International Lease Finance (AIG)4.2%Marathon Oil4.2%Verizon New England Tel.4.2%Federal National Mortgage Assoc.4.1%
 

 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**7*
***Sextant Short-Term Bond Fund***
***Financial Highlights***
*Year Ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2007****2006****2005****2004****2003****Net asset value at beginning of year****$4.90****$4.85****$4.97****$5.09****$5.07****Income from investment operations**Net investment income0.170.16 0.17 0.19 0.23 Net gain or loss on securities (both realized and unrealized)0.090.05 (0.12)(0.12)0.02 **Total from investment operations****0.26****0.21****0.05****0.07****0.25****Less distributions**Dividends (from net investment income)(0.17)(0.16)(0.17)(0.19)(0.23)**Total distributions****(0.17)****(0.16)****(0.17)****(0.19)****(0.23)**Paid-in capital from early redemption fees¹0.00²0.00²0.00² - -  **Net asset value at end of year****$4.99****$4.90****$4.85****$4.97****$5.09** **Total return****5.51%****4.41%****0.96%****1.41%****5.00%** **Ratios/supplemental data**Net assets ($000), end of year$2,995$2,937 $2,557 $2,255 $2,259 Ratio of expenses to average net assetsBefore fee waivers and custody fee credits1.58%1.39%1.23%1.14%1.17%After fee waivers and custody fee credits0.75%0.57%0.59%0.58%0.60%Ratio of net investment income after waivers and custody credits to average net assets3.54%3.41%3.35%3.80%4.47%**Portfolio turnover rate****28%****41%****33%****37%****22%**¹Redemption fee adopted March 29, 2005²Amount is less than $0.01
 
***Statement of Assets and Liabilities****As of November 30, 2007* **Assets** Bond investments (cost $2,839,435)$2,879,341  Cash84,745  Interest receivable38,729  Due from affiliates2,079   Total assets$3,004,894 
**Liabilities** Payable for Fund shares redeemed4,166  Other liabilities3,737 Payable to affiliates854 Distribution payable776   Total liabilities9,533 **Net Assets****$2,995,361** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)2,998,634  Accumulated net investment income1,740 Accumulated net realized loss(44,919) Unrealized net appreciation on investments39,906 **Net assets applicable to Fund shares outstanding****$2,995,361****Fund shares outstanding****600,212****Net asset value, offering and redemption price per share****$4.99**
 
*8**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Short-Term Bond Fund***
***Statement of Operations****For the year ended       November 30, 2007* **Investment income** Interest income$123,149   Gross investment income$123,149 
**Expenses** Investment adviser and administration fees17,165  Filing and registration fees9,558  Distribution fees7,153  Audit fees2,338  Chief compliance officer expenses2,050  Custodian fees1,893  Insurance1,793  Legal fees1,540  Printing and postage959  Trustee fees661  Other expenses226   Total gross expenses45,336  Less adviser fees waived(21,858) Less custodian fees waived(1,893)  Net expenses21,585 **Net investment income****101,564** **Net realized gain on investments** Proceeds from sales760,970  Less cost of securities sold (based on identified cost)(755,272)   Realized net gain5,698 **Unrealized gain on investments** End of year39,906  Beginning of year(9,754)  Increase in unrealized gain for year49,660 **Net realized and unrealized gain****55,358****Net increase in net assets resulting from operations****$156,922**
 
***Statement of Changes in Net Assets****Year ended**Nov. 30, 2007**Year ended**Nov. 30, 2006***Increase in net assets****From operations** Net investment income$101,564 $87,091  Net realized gain (loss) on investments5,698 (10,899) Net increase in unrealized appreciation49,660 34,663   Net increase in net assets 156,922 110,855 **Dividends to shareowners from** Net investment income(101,484)(85,431)**From Fund share transactions** Proceeds from sales of shares660,050 828,422  Value of shares issued in reinvestment of dividends93,006 84,144 753,056 912,566  Early redemption fees retained16 64  Cost of shares redeemed(750,521)(557,227)  Net increase in net assets 2,551 355,403 **Total increase in net assets****$57,989****$380,827** **Net assets**Beginning of year2,937,372 2,556,545 End of year$2,995,361 $2,937,372 Undistributed net investment income1,7401,660 **Shares of the Fund sold and redeemed** Number of shares sold134,418 170,721  Number of shares issued in reinvestment of dividends18,956 17,342  Number of shares redeemed(153,241)(114,974)**Net increase in number of shares outstanding****133****73,089**
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**9*
***Sextant Bond Income Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2007**

For the fiscal year ending November 30, 2007, the Sextant Bond Income Fund returned 4.53%. The share price moved in a range from $4.96 to $4.71, a maximum variation of 5.08%. Fund shares outstanding rose 1%. Annual total returns for the last five and ten years were 4.30% and +562%, respectively. The Fund's annual expense ratio remained at 0.90%, reflecting Saturna Capital's voluntary actions to limit total expenses. 

**Factors Affecting Past Performance**

One year ago, we wrote "...Fund assumed below average risk and earned below average returns out of concern for the lack of compensation paid for added maturity and credit risks." Since then the Fund maintained a "normal" dollar weighted average maturity and raised the overall dollar weighted credit quality of the portfolio. These high quality positions were rewarded in 2007. Higher-risk bonds have appropriately fallen in price, increasing yields after years at extremely low levels. Low central bank rates from 2001 to 2004 forced investors to allocate capital to higher risk assets in an effort to bolster flagging portfolio income. With the return of the Federal Funds rate to 5.25%, this process was reversed. Then loan delinquencies drove investors to question their investments in high-risk subprime loans. This caused a re-allocation of capital resources across all sectors of the fixed income markets, forcing rates higher for worthy borrowers and shutting out many unworthy borrowers all together. 

It was an unusual year, where higher quality earned higher returns - quite the opposite of the last five years, where lower quality earned higher returns. Intermediate U.S. Treasury notes produced total returns over 9%. In general, a flight to quality and a lower Federal Funds rate produced steeper yield curves with the highest returns falling within the 3 to 7 year range. The Fund's 4.53% annual return compared favorably with the 4.18% return of its Morningstar "Intermediate Term Bond" peer group due to its slightly higher credit quality. 

The following table provides a summary of portfolio holdings by bond quality ratings as of November 30, 2007.
**Ratings        Established****By Adviser****By Standard      & Poor's****By Moody's        Investor Services**AAA25.1%23.6%22.1%AA11.2%7.9%12.4%A42.5%44.9%39.6%BBB17.6%15.3%17.6%Unrated0.0%4.7%4.7%Other assets3.6%3.6%3.6%
**Looking Forward**

The U.S. economy is entering a recession. To react, the Federal Reserve will provide stimulus. Inflation may accelerate as a result.  Default rates on high yield debt could rise substantially in 2008. Once markets stabilize, the current flight to quality in the fixed income markets will unwind.

For 2008, we will continue to buy only high-grade bonds. Their yields have now reached their most attractive relative levels since 2001. We will look for opportunities to add AAA & AA corporate names to the portfolio. For the next six months, we believe the probability of falling rates is greater than the probability of rising rates and will maintain portfolio duration. We look forward to another year of positive real returns for the Fund without taking unnecessary credit or duration risk.

**Management Fee Calculations**

The Sextant Bond Income Fund calculates its management fee based on a comparison of the Fund's return to the return of Morningstar's™ "Intermediate-Term Bond" category (previous to November 2007 the Fund was in Morningstar's "Long-Term Bond" category, which has been closed). The Fund's +4.53% 12-month return was less than one percent above that of the index (+4.18%) on November 30, 2007. Therefore, the performance-based annual management fee remained at 0.60% for the month of December 2007, because the Fund outperformed its benchmark index by less than 1%.

**Comparison to Index: Sextant Bond Income Fund vs. Citigroup Broad Investment-Grade Bond Index (unaudited)**Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph at right compares $10,000 invested in the Fund on November 30, 1997 to a similar amount invested in The Citigroup Broad Investment-Grade Bond Index, which reflects the type of debt securities in which the Sextant Bond Income Fund. The graph shows that the investment would have risen to $17,273 in the Fund versus $18,099 in the Index.
 
*10**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Bond Income Fund***
***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage****Agriculture**AArcher Daniels Midland7.00% due 2/1/2031$100,000 $113,645 3.3% **Automotive**BBBAuto Zone 5.50% due 11/15/201595,000 94,034 2.8% **Banking**AA-Citigroup7.25% due 10/15/201150,000 54,323 1.6%AComerica7.125% due 12/1/201350,000 50,706 1.5%AA+Norwest Financial 6.85% due 7/15/200950,000 51,827 1.5%150,000 156,856 4.6% **Building**A+Lowe's Companies8.25% due 6/1/201050,000 54,812 1.6%BBB+Masco7.125% due 8/15/201360,000 65,391 1.9%110,000120,2033.5% **Chemicals**AAir Products & Chemicals8.75% due 4/15/202150,000 66,247 1.9% **Diversified Financial Services**AAAGeneral Electric Captial8.125% due 5/15/201260,000 68,387 2.0% **Electronics**A-Koninlijke Phillips Electronics7.25% due 8/15/201375,000 83,195 2.4% **Energy**ABaker Hughes6.00% due 2/15/200920,000 20,333 0.6% **Food Production**BBBConAgra Foods7.875% due 9/15/201033,000 35,970 1.1%AHershey Foods6.95% due 8/15/201250,000 54,884 1.6%BBBHJ Heinz6.00% due 3/15/201275,000 78,614 2.3%158,000 169,468 5.0% **Insurance**A+Allstate7.50% due 6/15/201350,000 56,263 1.6%A+Progressive7.00% due 10/1/201375,000 83,221 2.4%A-St. Paul's Travelers Insurance5.50% due 12/01/2015125,000 124,280 3.7%A-XL Capital (Europe)6.50% due 1/15/201290,000 94,169 2.8%340,000 357,933 10.5% **Finance**AA-Morgan Stanley Dean Witter6.75% due 10/15/201350,000 53,016 1.6%AAPaine Webber Group7.625% due 2/15/201450,000 58,878 1.7%100,000 111,894 3.3% **Machinery**ACaterpillar9.375% due 8/15/201140,000 46,376 1.4%ADeere & Co.8.10% due 5/15/2030 95,000 123,520 3.6%135,000 169,896 5.0% **Medical**ABecton Dickinson7.15% due 10/1/200940,000 42,140 1.2%AA+Pharmacia6.50% due 12/1/2018100,000 112,835 3.3%140,000 154,975 4.5% **Metal Ores**A+BHP Billiton Finance U.S.A.5.25% due 12/15/2015125,000 122,975 3.6% *(Continued on next page)*
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**11*
***Sextant Bond Income Fund***
***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage****Office Material**BBBAvery Dennison6.00% due 1/15/2033$95,000 $87,720 2.6% **Retail**ADayton Hudson (Target Stores)10.00% due 1/1/201150,000 57,893 1.7%BBBMay Department Stores8.00% due 7/15/201250,000 53,743 1.6%AAWal-Mart Stores 7.25% due 6/01/201345,000 50,422 1.5%145,000 162,058 4.8% **Telecommunications**A-AT&T7.125% due 12/15/2031140,000 154,979 4.6% **Transportation**BBB+Southwest Airlines6.50% due 3/01/201275,000 78,630 2.3% **U.S. Government**AAAU.S. Treasury Bond5.25% due 2/15/2029145,000 160,950 4.7% **U.S. Government Agency**AAAFederal Farm Credit Bank5.09% due 2/17/2015120,000 120,012 3.5%AAAFederal Farm Credit Bank6.25% due 8/18/2021150,000 154,431 4.5%AAAFederal Home Loan Mortage5.00% due 8/1/2009100,000 100,005 2.9%AAAFederal National Mortage Assoc.5.00% due 4/10/2015100,000 99,959 2.9%AAAFederal National Mortage Assoc.5.00% due 11/28/2017150,000 150,508 4.4%620,000 624,915 18.2% **Utilities**BBB-Commonwealth Edison 7.50% due 7/1/201350,000 53,583 1.6%AFlorida Power & Light5.95% due 10/1/2033100,000 101,609 3.0%BBB+Sempra Energy7.95% due 3/1/201050,000 53,559 1.6%200,000 208,751 6.2% Total investments (Cost = $3,196,727)$3,078,000 $3,288,044 96.4%Other assets (net of liabilities) 124,119 3.6%**Total net assets****$3,412,163****100.0%***¹Ratings are the lesser of Standard & Poor's or Moody's Investor Services*
 

***Top Ten Holdings******Industry Allocation:*****% of Fund Assets**U.S. Treasury Bond4.7%
*Industry weightings are shown as a percentage of net assets.*
AT&T4.6%Federal Farm Credit Bank (6.25%)4.5%Federal National Mortgage Assoc. (5.00%)4.4%St. Paul's Travelers Insurance3.7%Deere & Co.3.6%BHP Billiton Finance U.S.A.3.6%Federal Farm Credit Bank (5.09%)3.5%Archer Daniels Midland3.3%Pharmacia3.3%
 
*12**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Bond Income Fund***
Financial Highlights
*Year ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2007****2006****2005****2004****2003****Net asset value at beginning of year****$4.92****$4.92****$5.06****$5.07****$4.97****Income from investment operations** Net investment income0.220.22 0.21 0.22 0.22  Net gain or loss on securities (both realized and unrealized)(0.01)0.00 (0.14)(0.01)0.10 **Total from investment operations****0.21****0.22****0.07****0.21****0.32****Less distributions** Dividends (from net investment income)(0.22)(0.22)(0.21)(0.22)(0.22)**Total distributions****(0.22)****(0.22)****(0.21)****(0.22)****(0.22)** Paid-in capital from early redemption fees¹0.00²0.00²0.00²- -  **Net asset value at end of year****$4.91****$4.92****$4.92****$5.06****$5.07** **Total return****4.53%****4.73%****1.40%****4.26%****6.52%** **Ratios/supplemental data**Net assets ($000), end of year$3,412$3,384 $3,050 $2,643 $2,272 Ratio of expenses to average net assets Before fee waivers and custody credits1.38%1.27%0.97%0.89%1.15% After fee waivers and custody credits0.90%0.90%0.94%0.87%0.97%Ratio of net investment income after waiver and custody credits to average net assets4.64%4.64%4.26%4.47%4.29%**Portfolio turnover rate****22%****36%****4%****0%****0%***¹Redemption fee adopted March 29, 2005**²Amount is less than $0.01*
 
***Statement of Assets and Liabilities***
*As of November 30, 2007* **Assets** Bond investments (cost $3,196,727)$3,288,044  Cash70,908  Interest receivable57,640  Due from affiliates1,424  Insurance reserve premium400   Total assets$3,418,416**Liabilities** Accrued expenses2,613  Distributions payable1,568  Payable to affiliates1,171 Payable for Fund shares redeemed901   Total liabilities6,253**Net assets****$3,412,163** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)3,355,818 Accumlated net realized loss(34,972) Unrealized net apppreciation on investments91,317 **Net assets applicable to Fund shares outstanding****$3,412,163** **Fund shares outstanding****694,840** **Net asset value, offering and redemption price per share****$4.91**
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**13*
***Sextant Bond Income Fund***
***Statement of Operations***
*For the year ended       November 30, 2007* **Investment income** Interest income$177,401   Gross investment income$177,401 **Expenses** Investment adviser and administration fees15,512  Filing and registration fees8,732  Distribution fees7,996  Audit fees3,473  Chief compliance officer expenses2,200  Insurance1,914  Legal fees1,750  Custodian fees1,287  Printing and postage700  Trustee fees600  Other expenses83   Total gross expenses44,247  Less adviser fees waived(14,089) Less custodian fees waived(1,287)  Net expenses28,871 **Net investment income****148,530**  **Net realized loss on investments** Proceeds from sales660,619  Less cost of securities sold (based on identified cost)(664,822)   Realized net loss(4,203)**Unrealized gain on investments** End of year91,317  Beginning of year96,016   Decrease in unrealized gain for year(4,699)**Net realized and unrealized loss****(8,902)** **Net increase in net assets resulting from operations****$139,628**
 
***Statement of Changes in Net Assets****Year ended Nov. 30, 2007**Year ended Nov. 30, 2006***Increase in net assets****From operations** Net investment income$148,530 $142,386  Net realized loss on investments(4,203)(14,375) Net increase (decrease) in unrealized appreciation(4,699)21,936   Net increase in net assets139,628 149,947 **Dividends to shareowners from**  Net investment income(148,530)(142,386)**From Fund share transactions** Proceeds from sales of shares447,983 541,154  Value of shares issued in reinvestment of dividends129,523 141,047 577,506 682,201  Early redemption fees retained6 40  Cost of shares redeemed(540,873)(355,481)  Net increase in net assets 36,639 326,760 **Total increase in net assets****$27,737****$334,321** **Net assets**Beginning of year3,384,426 3,050,105 End of year$3,412,163 $3,384,426  **Shares of the Fund sold and redeemed** Number of shares sold92,609 111,347  Number of shares issued in reinvestment of dividends26,850 29,113  Number of shares redeemed(112,203)(73,143)**Net increase in number of shares outstanding****7,256****67,317**
 
*14**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Core Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2007**

Sextant Core Fund commenced operations on March 30, 2007, and thus completed only eight months of operations by the November 30 end of the fiscal year. The Fund provided an 8.12% total return for these eight months, ending the period with a net asset value of $10.67 per share after distributing $0.14 in dividends. 

The Core Fund invests approximately 40% of its assets in equities of U.S. companies, 20% in foreign equities, 25% in investment-grade debt securities (those rated BBB or higher, including government and convertible bonds) with maturities of three years or longer, and 15% in short-term debt securities including money market instruments and cash. Assets of $3.9 million were distributed 60.7% in stocks, 37.3% in bonds, and 2% in cash. 

For the eight months, the Fund's expense ratio was 0.81% (annualized). With less than one year's operating history, the Fund is not able to compute the performance portion of the management fee and thus made no adjustment for relative performance.

**Factors Affecting Past Performance**    The Core Fund invests in a mix of common stocks and other equity securities, plus bonds and other debt securities including short-term (money market) instruments. 

To reduce risk, the Core Fund follows a value investment style, favoring income-producing securities and those of larger, more seasoned companies.

**Looking Forward**

The U.S. economy is entering a recession. To react, the Federal Reserve will provide stimulus. Inflation may accelerate as a result.  Default rates on high yield debt could rise substantially in 2008. Once markets stabilize, the current flight to quality in the fixed income markets will unwind.

**Management Fee Calculations**

The Sextant Core Fund calculates its management fee based on a comparison of the Fund's return to the return of Morningstar's™ "Moderate-Allocation Domestic Hybrid Funds" category. With less than one year's operating history, the Fund is not able to compute the performance portion of the management fee and thus made no adjustment for relative performance.

**Comparison to Index: Sextant Core Fund vs. Composite of Broad-based Indices (unaudited)**
Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph at right compares $10,000 invested in the Sextant Core Fund on March 31, 2007, to a $10,000 investment in an index composed of  broad-based securities market indices in the same proportion as the Fund is required to invest: 40% in the S&P 500 Index, 20% in the AMEX International Index, 25% in the Citigroup Broad Investment-Grade Bond Index, and 15% in the Citigroup Gov./Corp. Investment Grade Bond Index. The graph shows that an investment in the Fund would have grown to $10,812 versus $10,793 in the composite.

 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**15*
***Sextant Core Fund***
***Investments*****Equities - 60.7%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Aerospace**Rockwell Collins400 $26,697$28,8480.7%United Technologies525 36,35939,2541.0%63,05668,1021.7% **Automotive**Toyota Motor ADS200 25,37622,490Japan0.6% **Banking**Australia & New Zealand Banking Group ADS350 42,75543,400Australia1.1%Frontier Financial3,000 69,24757,4801.5%Nomura Holdings ADR700 14,46912,523Japan0.3%Toronto-Dominion Bank550 35,55341,167Canada1.0%162,024154,5703.9% **Building**CRH ADS600 26,43922,782Ireland0.6%Lowe's Companies900 28,51921,9690.6%RPM International1,000 23,11019,0500.5%78,06863,8011.7% **Chemicals**BASF ADS200 22,55027,690Germany0.7%Praxair700 44,34959,7661.5%66,89987,4562.2% **Computers**Adobe Systems³800 34,26433,7120.9%Apple³500 52,01691,1102.3%Hewlett-Packard1,000 41,02551,1601.3%127,305175,9824.5% **Consumer Products**Nike Class B900 51,64659,0851.5%Procter & Gamble900 58,84266,6001.7%110,488125,6853.2% **Diversified Operations**3M600 50,09249,9561.3%Honeywell International850 42,85548,1271.2%Tomkins ADS750 15,94511,948United Kingdom0.3%108,892110,0312.8% **Electronics**Taiwan Semiconductor ADS1,507 16,21514,949Taiwan0.4% 
*(Continued on next page)*
 
*16**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Core Fund***
***Investments*****Equities - 60.7%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Energy**ConocoPhillips750 $56,826$60,0301.5%Noble800 31,58041,7041.1%Norsk Hydro ADS2,000 27,22627,100Norway0.7%Petro-Canada800 37,32538,696Canada1.0%StatoilHydro ADS603 15,14619,4890.5%168,103187,0194.8% **Food Production**General Mills1,000 57,76360,1501.5%PepsiCo700 45,40554,0261.4%Unilever ADS1,600 51,11958,384United Kingdom1.5%154,287172,5604.4% **Instruments - Control**Parker Hannifin450 25,89035,7440.9% **Insurance**Chubb750 39,27040,9131.0%ING Groep ADS400 16,99215,512Netherlands0.4%56,26256,4251.4% **Medical**Eli Lilly65036,19934,4180.9%GlaxoSmithKline ADS500 26,85926,340United Kingdom0.7%Johnson & Johnson700 43,18047,4181.2%Novartis ADR300 16,50616,956Switzerland0.4%Novo-Nordisk ADS200 18,09825,488Denmark0.7%Pfizer1,900 48,43945,1441.2%UnitedHealth Group1,000 53,72055,0001.4%243,001250,7646.5% **Metal Ores**Alcoa1,400 49,00650,9181.3%Anglo American ADR1,119 33,77137,699South Africa1.0%BHP Billiton ADS650 31,86649,289Australia1.3%Freeport-McMoRan Copper Gold & Gold Class B200 13,32419,7860.5%Nucor800 48,08547,3681.2%176,052205,0605.3% **Office Equipment**Canon ADS600 32,48131,572Japan0.8% **Paper & Paper Products**Kimberly-Clark625 43,00243,6311.1% **Publishing - Books**McGraw-Hill1,000 58,29349,0801.3%Pearson ADS2,100 34,91032,340United Kingdom0.8%93,20381,4202.1% (Continued on next page)
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**17*
***Sextant Core Fund***
***Investments*****Equities - 60.7%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Real Estate**Duke Realty400 $17,416$10,5160.3% **Telecommunications**AT&T900 35,80234,3890.9%China Mobile ADR500 23,05845,830China1.2%Harris550 28,14034,5230.9%Telefónica ADS500 37,08250,335Spain1.3%Teléfonos de México ADS Class L1,200 43,07744,724Mexico1.1%167,159209,8015.4% **Tools**Black & Decker350 29,65428,9270.8% **Transportation**Canadian National Railways800 40,23739,232Canada1.0%FedEx400 42,22039,3881.0%LAN Airlines ADS3,000 46,30244,250Chile1.1%128,759122,8703.1% **Utilities**Enel ADR600 33,54635,844Italy0.9%FPL Group600 36,75241,8561.1%IDACORP900 30,46331,6440.8%100,761109,3442.8% **Total Equities****$2,194,353****$2,368,719****60.7%** **Bonds - 37.3%****Rating²****Issuer****Maturity****Face Value****Tax Cost****Market Value****Percentage of Assets****Beverages**BBB+Panamerican Beverages7.25% due 7/1/2009$94,000 $96,771$97,9222.5% 
**Diversified Financial Services**AAAGeneral Electric Capital6.00% due 6/15/2012100,000 106,595105,3692.7% **Insurance**BBBBerkley WR5.875% due 2/15/2013100,000 101,470103,4322.6%AAABerkshire Hathaway Financial4.625% due 10/15/201385,000 86,98185,1742.2%185,000 188,451 188,606 4.8% **Office Equipment**BBB+Staples7.375% due 10/1/201290,000 97,60598,6062.5% 
**Medical**A+Genentech4.40% due 7/15/2010150,000 149,291151,1623.9% **Telecommunications**BBB+Motorola6.50% due 11/15/2028$100,000 $101,049$94,3542.4% *(Continued on next page)*
 
*18**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Core Fund***
***Investments*****Bonds - 37.3%****Rating²****Issuer****Maturity****Face Value****Tax Cost****Market Value****Percentage of Assets****Transportation**BBB-CSX 6.75% due 3/15/201195,000 98,477100,7272.6% **U.S. Government**AAAU.S. Treasury Bond5.25% due 11/15/2028187,000 195,245207,5415.3%AAAU.S. Treasury Note4.50% due 11/30/201198,000 97,786102,3262.6%AAAU.S. Treasury Note4.875% due 5/31/200898,000 98,01698,7352.5%AAAU.S. Treasury Note4.875% due 5/15/2009110,000 110,277112,7932.9%501,324521,39513.3% 
**U.S. Government Agency**AAAFederal Home Loan Bank5.50% due 6/11/2010100,000 100,000100,6992.6% **Total Bonds****$1,439,563****$1,458,840****37.3%** Total investments $3,633,916$3,827,55998.0%Other assets (net of liabilities) 79,7052.0%**Total net assets****$3,907,264****100.00%***¹Equities are issued from U.S. Domestic companies where no country is listed²Ratings are the lesser of Standard & Poor's or Moody's Investor Services³Non-income producing      ADS: American Depositary Share      ADR: American Depositary Receipt*
 

***Top Ten Holdings******Industry Allocation:***
**% of Fund Assets**U.S. Treasury Bond (5.25% due 11/15/2028)5.3%
*Industry weightings are shown as a percentage of net assets*. Genentech (4.40% due 7/15/2010)3.9%U.S. Treasury Note (4.875% due 5/15/2009)2.9%General Electric Capital (6% due 3/15/2011)2.7%Berkley WR (5.875% due 2/15/2013)2.6%U.S. Treasury Note (4.50% due 11/30/2011)2.6%CSX (6.75% due 3/15/2011)2.6%Federal Home Loan Bank (5.50% due 6/11/2010)2.6%U.S. Treasury Note (4.875% due 5/31/2008)2.5%Staples (7.375% due 10/1/2012)2.5%
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**19*
***Sextant Core Fund***
***Financial Highlights****Period ended**Selected data per share of capital stock outstanding throughout the period:***November 30, 2007*****Net asset value at beginning of period****$10.00****Income from investment operations** Net investment income0.12  Net gain on securities (both realized and unrealized)0.69**Total from investment operations****0.81****Less distributions** Dividends (from net investment income)(0.12) Distribution in excess (from net investment income)(0.02)**Total distributions****(0.14)** Paid-in capital from early redemption fees0.00¹  **Net asset value at end of period****$10.67** **Total return****8.12%²** **Ratios/supplemental data**Net assets ($000), end of period$3,907 Ratio of expenses to average net assets       Before fee waivers and custody credits1.35%³ After fee waivers and custody credits1.21%³Ratio of net investment income after fee waiver and custody credits to average net assets2.08%³**Portfolio turnover rate****7%²**¹Amount is less than $0.01 ²Total return and Portfolio turnover rate are since inception March 30, 2007 and are not annualized ³Annualized      *Fund commenced operations on March 30, 2007
 
***Statement of Assets and Liabilities****As of November 30, 2007* **Assets** Investments in securities at value (cost $3,633,916)$3,827,559 Cash64,280  Dividends and interest receivable21,232  Receivable for Fund shares sold100   Total assets$3,913,171**Liabilities** Accrued expenses3,220  Due to affiliates1,909  Accrued 12b-1 fees778   Total liabilities5,907**Net assets****$3,907,264** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)3,719,710  Distribution in excess(6,089) Unrealized net appreciation on investments193,643 **Net assets applicable to Fund shares outstanding****$3,907,264** **Fund shares outstanding****366,069** **Net asset value, offering and redemption price per share****$10.67**
 
*20**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Core Fund***
***Statement of Operations***
*For the period ended        November 30, 2007* **Investment income** Interest income$41,338 Dividend income         (net of foreign tax of $1,516)29,206   Gross investment income$70,544**Expenses** Investment adviser and administration fee12,874  Distribution fees5,355  Audit fees3,566  Custodian fees2,975  Insurance1,861  Chief compliance officer expenses1,100  Trustee fees350  Printing and postage320  Filing and registration fees293  Legal fees150  Other expenses25   Total gross expenses28,869  Less custodian fees waived(2,975)  Net expenses25,894**Net investment income****44,650**  **Net realized gain on investments** Proceeds from sales229,985  Less cost of securities sold (based on identified cost)(229,433)   Realized net gain552**Unrealized gain on investments** End of period193,643  Beginning of period0   Increase in unrealized gain for the period193,643**Net realized and unrealized gain****194,195** **Net increase in net assets resulting from operations****$238,845**
 
***Statement of Changes in Net Assets****Period ended Nov. 30, 2007²***Increase in net assets****From operations** Net investment income$44,650 Net realized gain on investments552  Net increase in unrealized appreciation193,643   Net increase in net assets238,845 **Dividends to shareowners from**  Net investment income(45,202)  Distribution in excess of net investment income(6,089)  (51,291)**From Fund share transactions** Proceeds from sales of shares3,687,786  Value of shares issued in reinvestment of dividends51,291  Early redemption fees retained0¹ Cost of shares redeemed(19,367)  Net increase in net assets3,719,710 **Total increase in net assets****$3,907,264** **Net assets**Beginning of period0 End of period$3,907,264 Distribution in excess$(6,089) **Shares of the Fund sold and redeemed** Number of shares sold363,080  Number of shares issued in reinvestment of dividends4,807  Number of shares redeemed(1,818)**Net increase in number of shares outstanding****366,069***¹Amount is less than $1.00      ²Fund commenced operations on March 30, 2007*
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**21*
***Sextant Growth Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2007**

For the fiscal year ending November 30, 2007, the Sextant Growth Fund returned 9.74%. This compares with the growth-oriented NASDAQ Composite Index's 10.27% return and the broader S&P 500 Index's 7.72% return. Our steady results attracted new investors, and Fund assets grew 16.53%. The Fund's annual expense ratio increased to 1.30%, reflecting the management fee performance bonus and the spreading of fixed expenses over higher assets. 

**Factors Affecting Past Performance**

The U.S. economy in 2007 continued to grow, but at a rate reduced from 2006. American companies chalked up another year of earnings growth, although real problems appeared in the financial sector and related industries like housing. Lenders shut down the subprime mortgage market, and the grossly extended real estate and construction markets tumbled further across the land.

The Sextant Growth Fund seeks long-term growth through investment in common stocks of U.S. domiciled companies.It generally follows a value investment approach, favoring companies with good fundamentals and relatively low price/earnings and price/book ratios. As illustrated in the pie chart on page 25, our portfolio is overweighted with computer (largest holdings: Apple, up 98.8%; and Hewlett-Packard, up 30.6%) and medical (largest holding: Pharmaceutical Product Development, up 34.5%) issues. 

Income is not a consideration in portfolio selection, but we favor companies that institute or increase dividend payouts.Our low portfolio turnover meantwe realized only a portion of our market gains this year, minimizing the taxable capital gains distribution at year-end. 

We make special note of the income tax provision scheduled to expire at the end of 2008, allowing most income and capital gains dividends to be taxed at unusually low rates. For "lower bracket" filers - those with less than $65,100 (married filing jointly) or $32,550 (single filers) in income after deductions and exemptions, the tax rate is ZERO. For everyone else, the tax rate is reduced to 15%. Contact Saturna if you would like more information.

**Looking Forward**

The U.S. economy is entering a recession. To react, the Federal Reserve will provide stimulus. Inflation may accelerate as a result. Default rates on high yield debt will rise substantially in 2008. 

The volatility, risks, and returns of the stock market will continue. The poor stock market performances of 2000 through 2002 were reversed in 2003 through 2007 as stocks again provided investors with strong investment returns. We are expecting the respectable returns from stocks during 2007 to be harder to realize in 2008. We have considerable cash in reserve, waiting to invest at more favorable prices later this year. Investors burned from property speculation may again return to the securities markets. 

A long-term approach is the best opportunity to prosper: For the ten years ending November 30, 2007, the Fund provided a 9.66% annualized total return. At that rate of growth, investments more than double in just eight years - see the chart below.

**Management Fee Calculations**

The Sextant Growth Fund calculates part of its management fee based on a comparison of the Fund's return to the average return in Morningstar's "Mid-Cap Growth" category. The Fund's 12-month return (+9.74%) was more than four percent below the Morningstar™ category average (+14.14%) at month-end November 30, 2007. Therefore, the performance-based annual management fee was lowered to 0.30% for the month of December 2007. 

**Comparison to Index: Sextant Growth Fund vs. S&P 500 Index (unaudited)**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 various 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 at right compares $10,000 invested in the Fund on November 30, 1997 to a similar amount invested in the Standard & Poor's 500 Index, a broad-based stock market index. The graph shows that an investment in the Fund would have risen to $25,146 versus $18,187 in the Index.
 
*22**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Growth Fund***
***Investments*****Equities — 85.1%****Issue****Quantity****Tax Cost****Market Value****Percentage of Assets****Automotive**Oshkosh Truck3,000 $160,448$144,2700.9% **Banking**Frontier Financial15,000 220,751 287,400 1.8%Washington Banking6,250 83,121 113,638 0.7%Washington Mutual6,750 44,124 131,625 0.8%347,996 532,663 3.3% **Building**KB Home5,000 302,781 104,450 0.7%Lowe's Companies6,500 109,802 158,665 1.0%Weyerhaeuser4,200 246,845 307,356 1.9%659,428 570,471 3.6% **Computers**3Com¹30,000 167,836 129,300 0.8%Adobe Systems¹7,600 39,971 320,264 2.0%Apple¹8,000 67,473 1,457,760 9.1%Hewlett-Packard7,000 157,040 358,120 2.2%Intuit¹9,000 197,624 263,880 1.7%Oracle¹15,000 115,139 302,700 1.9%745,083 2,832,024 17.7% **Diversified Operations**Honeywell International3,500 131,966 198,170 1.2% **Electronics**Advanced Micro Devices¹10,000 41,708 97,600 0.6%Agilent Technologies¹8,000 218,552 302,640 1.9%Harman International Industries1,900 157,285 139,840 0.9%417,545 540,080 3.4% **Energy**Devon Energy3,000 185,020 248,430 1.6%Noble8,000 125,240 417,040 2.6%310,260 665,470 4.2% **Finance**Charles Schwab25,00079,726607,7503.8% **Food Production**Performance Food Group¹3,000 96,917 83,070 0.5%PepsiCo4,500 248,326 347,310 2.2%345,243 430,380 2.7% **Hotels & Motels**Red Lion Hotels¹21,000 150,354 201,600 1.3% **Insurance**Chubb5,000 224,705 272,750 1.7% *(Continued on next page)*
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**23*
***Sextant Growth Fund***
***Investments*****Equities — 85.1%****Issue****Quantity****Tax Cost****Market Value****Percentage of Assets****Machinery**Lincoln Electric Holdings4,000 $180,617 $279,080 1.7%Regal-Beloit4,000 104,006 188,320 1.2%284,623 467,400 2.9% **Medical**Abbott Laboratories 4,000 171,114 230,040 1.4%Amgen¹3,700 111,703 204,425 1.3%Barr Pharmaceuticals¹4,500 159,489 241,650 1.5%Eli Lilly3,500249,361185,3251.2%Ligand Pharmaceuticals¹10,000 112,072 49,100 0.3%Pharmaceutical Product Development15,000 67,174 635,100 4.0%VCA Antech¹8,000 209,048 328,240 2.0%1,079,961 1,873,880 11.7% **Metal Ores**Alcoa6,000 189,042 218,220 1.4%Freeport-McMoRan Copper Gold & Gold Class B3,300 236,879 326,469 2.0%425,921 544,689 3.4% **Publishing — Books**John Wiley & Sons Class A5,000 134,777 210,750 1.3% **Retail**Amazon.com¹5,000 201,410 452,800 2.8%Bed Bath & Beyond¹5,000 176,186 157,250 1.0%Best Buy4,000 223,149 204,200 1.3%Staples6,000 144,720 142,200 0.9%745,465 956,450 6.0% **Steel**Nucor4,000 189,851 236,840 1.5% **Telecommunications**Trimble Navigation¹14,000 202,081 518,980 3.2% **Transportation**Norfolk Southern4,500 185,235 230,445 1.4%UAL¹5,500 183,800 225,170 1.4%United Parcel Service Class B2,500 189,469 184,200 1.2%558,504 639,815 4.0% **Utilities**Duke Energy10,000 172,211 197,900 1.2%FPL Group7,000 244,409 488,320 3.1%IDACORP6,000 159,539 210,960 1.3%Spectra Energy3,000 84,750 73,920 0.5%Sempra Energy3,000 116,395 187,860 1.2%777,304 1,158,960 7.3% **Total Equities****$7,971,241****$13,603,392****85.1%** *(Continued on next page)*
 
*24**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant Growth Fund***
***Investments*****Bonds — 12.4%****Issuer****Face Value****Tax Cost****Market Value****Percentage of Assets**
**U.S. Government**U.S. Treasury Bill2,000,000$1,986,473$1,987,73212.4% Total investments $9,957,715 $15,591,124 97.5%Other assets (net of liabilities) 405,119 2.5%**Total net assets****$15,996,243****100%***¹Non-income producing*
 
***Top Ten Holdings******Industry Allocation:*****% of Fund Assets**U.S. Treasury Bill12.4%
*Industry weightings are shown as a percentage of net assets.*Apple9.1%Pharmaceutical Product Development4.0%Charles Schwab3.8%Trimble Navigation3.2%FPL Group3.1%Amazon.com2.8%Noble2.6%Hewlett-Packard2.2%PepsiCo2.2%
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**25*
***Sextant Growth Fund***
***Financial Highlights****For Year Ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2007****2006****2005****2004****2003****Net asset value at beginning of year****$18.66****$17.11****$14.20****$12.91****$10.64****Income from investment operations** Net investment income (loss)0.01(0.02)(0.02)0.01 (0.04) Net gains or losses on securities (both realized and unrealized)1.801.74 2.96 1.45 2.31 **Total from investment operations****1.81****1.72****2.94****1.46****2.27****Less distributions** Dividends (from net investment income)(0.01)- (0.00)²(0.01)-  Distributions (from capital gains)(0.47)(0.17)(0.03)(0.16)- **Total distributions****(0.48)****(0.17)****(0.03)****(0.17)****0.00** Paid-in capital from early redemption fees¹0.00²0.00²0.00²- -  **Net asset value at end of year****$19.99****$18.66****$17.11****$14.20****$12.91** **Total return****9.74%****10.06%****20.76%****11.35%****21.31%** **Ratios/supplemental data**Net assets ($000), end of year$15,996$13,728 $9,006 $5,331 $4,732 Ratio of expenses to average net assets Before fee waivers and custody credits1.32%1.25%1.28%0.80%1.20% After fee waivers and custody credits1.30%1.21%1.24%0.78%1.14%Ratio of net investment income after waiver and custody credits to average net assets0.09(0.12)%(0.17)%0.12%(0.40)%**Portfolio turnover rate****3%****11%****4%****8%****12%***¹Redemption fee adopted March 29, 2005**²Amount is less than $0.01*
 
***Statement of Assets and Liabilities***
*As of November 30, 2007* **Assets** Investments (cost $9,957,715)$15,591,124  Cash487,407  Dividends receivable13,152 Receivable for Fund shares sold7,969  Insurance reserve premium1,214   Total assets$16,100,866**Liabilities** Distribution payable63,739  Accrued expenses29,127 Due to affiliates8,499  Accrued distribution fee3,258  Total liabilities104,623**Net assets****$15,996,243** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)10,361,269 Unrealized net appreciation on investments5,633,409 Accumulated net investment income1,345 Accumulated net realized gain220**Net assets applicable to Fund shares outstanding****$15,996,243** **Fund shares outstanding****800,060** **Net asset value, offering and redemption price per share****$19.99**
 
*26**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)****Statement of Operations****For the year ended        November 30, 2007* **Investment income** Dividend income$201,337  Interest income2,473  Gross investment income$203,810 **Expenses** Investment adviser and administration fees72,132  Distribution fees37,003  Audit fees31,944  Filing and registration fees17,621  Insurance10,570  Chief compliance officer expenses9,118  Legal fees5,629  Custodian fees3,636  Printing and postage3,493  Trustee fees3,441  Other expenses192   Total gross expenses194,779  Less custodian fees waived(3,636)  Net expenses191,143 **Net investment income****12,667**  **Net realized gain on investments** Proceeds from sales1,275,755  Less cost of securities sold (based on identified cost)(904,285)   Realized net gain371,470 **Unrealized gain on investments** End of year5,633,409  Beginning of year4,672,899   Increase in unrealized gain for the year960,510 **Net realized and unrealized gain****1,331,980** **Net increase in net assets resulting from operations****$1,344,647**
 

***Statement of Changes in Net Assets****Year ended      Nov. 30, 2007**Year ended      Nov. 30, 2006***Increase in net assets****From operations** Net investment income (loss)$12,667 ($16,447) Net realized gain on investments371,470 125,411  Net increase in unrealized appreciation960,510 1,108,048   Net increase in net assets1,344,647 1,217,012 **Dividends to shareowners from** Net investment income(11,322)-  Capital gain distributions(371,290)(125,371)(382,612)(125,371)**From Fund share transactions** Proceeds from sales of shares2,922,513 5,675,771  Value of shares issued in reinvestment of dividends318,873 123,360 3,241,386 5,799,131  Early redemption fees retained440 1,423  Cost of shares redeemed(1,935,307)(2,170,902)  Net increase in net assets1,306,519 3,629,652 **Total increase in net assets****$2,268,554****$4,721,293** **Net assets**Beginning of year13,727,689 9,006,396 End of year$15,996,243 $13,727,689  Undistributed net investment income$1,345- **Shares of the Fund sold and redeemed** Number of shares sold149,662 323,519  Number of shares issued in reinvestment of dividends15,9526,611  Number of shares redeemed(101,152)(120,843)**Net increase in number of shares outstanding****64,462****209,287**
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**27*
***Sextant International Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2007**

For the fiscal year ended November 30, 2007, the Sextant International Fund returned 21.90%. Our benchmark AMEX International Index did better, gaining 25.76%. Our strong results attracted new investors, and total Fund assets grew 49.51%. The Fund's annual expense ratio increased to 1.47%, reflecting the management fee performance bonus and the spreading of fixed expenses over higher assets. The Fund paid a year-end income dividend of 2.9¢ per share and a long-term capital gain dividend of 39¢ per share (totalling 41.9¢), compared to last year's 11.2¢ per share income dividend.
**Countries**Canada12.1%United Kingdom8.6%France8.2%Japan6.2%Mexico5.5%Brazil4.8%Spain4.5%China3.1%Chile3.0%Germany2.4%Netherlands2.4%Other Countries <2%17.6%Other Assets21.6%
**Factors Affecting Past Performance**

The U.S. dollar continued falling during 2007, boosting the returns that the Sextant International Fund's foreign investments provided domestic investors. The Fund is diversified across industries and countries, as shown in the adjacent table, but generally holds larger companies as it restricts investments to stocks that trade and settle in the U.S. (such as American Depositary Receipts).

Our portfolio is most heavily invested in Canada and the UK, which have economies that benefit from higher energy prices and solid currencies and governments. Driven by growth in Asia, commodity prices continued strong, boosting our cyclical and resource-based issues. We held more cash during the year than normal, as new shareowners increased and caution guarded our investing. The tables and graphs on page 31 show the industry allocation and our largest holdings. Our largest position, Business Objects, is being acquired at a significant profit for the Fund. Telecommunications (largest holdings: América Móvil, up 43.6%; Telefónica, up 70.6%; and China Mobile, up 121.7%) did exceptionally well. Resources (such as Potash Corp. of Saskatchewan, up 156.6%) helped. Banks faltered, which was to be expected considering higher interest rates and loan write-offs. Oil and gas producers benefited from high energy prices, although supplies are shrinking.

**Looking Forward**

The U.S. economy is entering a recession. To react, the Federal Reserve will provide stimulus. Inflation may accelerate as a result. Foreign economies are stronger.

Sextant International Fund is broadly diversified in companies headquartered outside the United States. Many have worldwide operations, including in the U.S. Burdened by decades of overspending and borrowing, the U.S. dollar should be weak again in 2008, benefiting our portfolio. Commodity prices may weaken, as world growth slows. We continue our focus on larger companies, which tend to be more stable over time. Interest rates, which rose in 2007, will fall, helping our banking and insurance company investments. Technology and health company investments should be profitable. Europe, which is seeing job growth as the economic competitiveness of Germany and France improves, will perform better than the U.S. Countries outside the U.S. are regularly cutting corporate taxes, which increases earnings and stock values.

**Management Fee Calculations**

The Sextant International Fund calculates part of its management fee based on a comparison of the Fund's return to the average return of the Morningstar™ "Foreign Large Blend" category. At November 30, 2007, the average one-year return for this category was 18.36%. Because the Fund's 12-month return outperformed this average by more than 2% but less than 4% at November 30, 2007, a performance increase of 0.20% was added from the basic 0.60% annual management fee for the month of December 2007.

 

**Comparison to Index : Sextant International Fund vs. AMEX International Index (unaudited)**Comparison of any fund to an 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 various 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 at right compares $10,000 invested in the Fund on November 30, 1997 to a similar amount invested in AMEX International Index. This capitalization-weighted index averages 50 American Depositary Receipts (ADRs) of large worldwide companies, and reflects the types of securities in which Sextant International Fund invests. The graph shows that an investment in the Fund would have risen to $27,761 versus $18,264 in the Index. 
 

 
*28**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant International Fund*******
***Investments*****Equities — 78.4%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Aircraft**Empresa Brasileira de Aeronáutica (Embraer) ADR4,400 $152,908$191,752Brazil1.4% **Automotive**Nissan Motor Ltd. ADS5,500 106,770125,950Japan1.0% **Banking**Australia & New Zealand Banking Group ADS1,000 84,500124,000Australia0.9%AXA ADS4,200 98,136171,570France1.2%Banco Bilbao Vizcaya Argentaria ADS7,500 105,518186,300Spain1.3%Mitsubishi UFJ Financial Group ADR10,000 131,80097,900Japan0.7%Nomura Holdings ADR10,000 187,836178,900Japan1.3%Toronto-Dominion Bank2,400 70,709179,640Canada1.3%678,499938,3106.7% **Building**CRH ADS4,000 81,159151,880Ireland1.1%James Hardie Industries ADS3,000 83,04183,700Netherlands0.6%Ritchie Bros. Auctioneers 3,000 171,741222,300Canada1.6%335,941457,8803.3% **Business Services**51job ADR¹8,000 117,920163,840Cayman Islands1.2% **Chemicals**BASF ADS1,700 120,102235,365Germany1.7%Potash Corp. of Saskatchewan 3,000 34,234359,670Canada2.6%154,336595,0354.3 **Computers**Business Objects ADS¹7,000 60,510425,460France3.1%Dassault Systems ADR3,000 146,427174,630France1.3%Satyam Computer Systems ADR6,000 108,750156,960India1.1%315,687757,0505.5% **Electronics**Epcos AG ADS2,500 57,30744,450Germany0.3%Infineon Technologies ADR¹5,000 45,90059,200Germany0.4%Sony ADS3,000 116,940161,910Japan1.2%220,147265,5601.9% 
**Energy**EnCana3,000 84,990195,750Canada1.4%Norsk Hydro ADS6,000 42,03981,300Norway0.6%Petro-Canada3,200 160,840154,784Canada1.1%Repsol YPF ADS3,500 87,962129,045Spain0.9%StatoilHydro ADS5,173 80,768167,192Norway1.2%Total ADR2,600 121,935210,392France1.6%578,534938,4636.8% **Food Production**Cadbury Schweppes ADS4,000 181,580206,480United Kingdom1.5%Coca-Cola Femsa ADS4,300 82,844194,919Mexico1.4%264,424401,3992.9% *(Continued on next page)*
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**29*
***Sextant International Fund***
***Investments*****Equities — 78.4%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Hotels & Motels**Orient-Express Hotels CIass A3,500 $110,528$216,685Bermuda1.6% **Insurance**Aegon5,204 93,85392,475Netherlands0.7%ING Groep ADS4,000 118,530155,120Netherlands1.1%212,383247,5951.8% **Machinery**Nidec ADR5,000 89,12294,400Japan0.7% **Medical**American Oriental Bioengineering¹15,000 72,300175,500China1.3%GlaxoSmithKline ADS3,000 145,938158,040United Kingdom1.1%Novartis ADR3,000 151,392169,560Switzerland1.2%Shire ADR2,000 92,860141,900United Kingdom1.0%462,490645,0004.6% **Metal Ores**Anglo-American ADR6,825 138,371229,934United Kingdom1.7%Companhia Vale do Rio Doce ADR6,000 144,706207,480Brazil1.5%Rio Tinto ADS750 74,825350,610United Kingdom2.5%Tenaris ADR2,500 95,290117,950Luxembourg0.8%453,192905,9746.5% **Office Equipment**Canon ADS 3,300 95,607173,646Japan1.3% **Paper & Paper Products**Metso ADS2,100 22,802113,400Finland0.8%UPM-Kymmene Oyj ADS3,500 64,38474,095Finland0.5%Votorantim Celulose e Papel ADS8,000 102,000265,760Brazil1.9%189,186453,2553.2% **Publishing - Books**Pearson ADS7,000 84,430107,800United Kingdom0.8% **Telecommunications**América Móvil ADS6,000 29,725369,960Mexico2.7%AudioCodes¹8,000 103,89941,040Israel0.3%BCE5,490 135,460215,208Canada1.6%China Mobile ADS2,750 67,559252,065China1.8%PT Indosat Tbk. ADR2,500 64,962113,100Indonesia0.8%SK Telecom ADR5,000 100,161158,350South Korea1.1%Telecom Corp. New Zealand ADS3,555 76,17458,373New Zealand0.4%Telefónica ADS3,200 152,981322,144Spain2.3%Teléfonos de México ADS Class L5,000 107,470186,350Mexico1.4%Telus3,000 113,049135,570Canada1.0%951,4401,852,16013.4% *(Continued on next page)*
 
*30**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant International Fund*********
***Investments*****Equities — 78.4%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Transportation**Air France-KLM ADR4,000 $196,528$143,520France1.0%Canadian Pacific Railway3,200 109,246214,144Canada1.5%Copa Holdings5,000 221,586180,650Panama1.3%LAN Airlines ADS17,500 24,636258,125Chile1.9%551,996796,4395.7% **Utilities**Enel ADR2,500 130,546149,350Italy1.1%Enersis ADR9,000 97,125157,230Chile1.1%Korea Electric Power ADS10,000 189,061210,800Korea1.5%Transportadora de Gas del Sur ADS¹1,500 18,8078,100Argentina0.1%435,539525,4803.8% **Bonds - 14.3%****Issuer****Face Value****Tax Cost****Market Value****Percentage of Assets****U.S. Government**U.S. Treasury Bill2,000,000 1,986,4731,987,73214.3% Total investments $8,547,552$12,841,40592.7%Other assets (net of liabilities) 1,013,0547.3%**Total net assets****$13,854,459****100.0%***¹Non-income producing      ADS: American Depositary Share           ADR: American Depositary Receipt*
 

***Top Ten Holdings******Industry Allocation:*****% of Fund Assets**U.S. Treasury Bill14.3%
*Industry weightings are shown as a percentage of net assets.*
Business Objects ADS3.1%América Móvil ADS2.7%Potash Corp. of Saskatchwean Inc.2.6%Rio Tinto PLC ADS2.5%Telefónica ADS2.3%Votorantim Celulose ADS1.9%LAN Airlines ADS1.9%China Mobile Ltd. ADS1.8%BASF AG ADS1.7%
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**31*
***Sextant International Fund***
***Financial Highlights***
*For the Year Ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2007****2006****2005****2004****2003****Net asset value at beginning of year****$13.56****$11.22****$9.40****$8.05****$6.07****Income from investment operations** Net investment income0.040.11 0.05 0.03 0.05  Net gains or losses on securities (both realized and unrealized)2.932.34 1.83 1.35 1.97 **Total from investment operations****2.97****2.45****1.88****1.38****2.02****Less distributions** Dividends (from net investment income)(0.03)(0.11)(0.06)(0.03)(0.04) Distributions (from capital gain)(0.39)----**Total distributions****(0.42)****(0.11)****(0.06)****(0.03)****(0.04)** Paid-in capital from early redemption fees¹0.00²0.00²0.00²- -  **Net asset value at end of year****$16.11****$13.56****$11.22****$9.40****$8.05** **Total return****21.90%****21.85%****19.95%****17.11%****33.23%** **Ratios/supplemental data**Net assets ($000), end of year$13,854$9,266 $3,671 $2,053 $1,650 Ratio of expenses to average net assets Before fee waiver and custody credits1.50%1.09%1.36%1.22%1.29% After fee waiver and custody credits1.47%1.02%1.25%1.10%1.10%Ratio of net investment income after waiver and custody credits to average net assets0.30%0.94%0.52%0.31%0.75%**Portfolio turnover rate****8%****9%****5%****7%****4%***¹Redemption fee adopted March 29, 2005**²Amount is less than $0.01*
 
***Statement of Assets and Liabilities***
*As of November 30, 2007* **Assets** Investments (cost $8,547,552)$12,841,405  Cash1,086,913  Dividends receivable14,958  Receivable for Fund shares sold2,119   Total assets$13,945,395 **Liabilities** Distribution payable56,583  Accrued expenses23,300 Due to affiliates9,433  Payable for Fund shares redeemed1,620   Total liabilities90,936 **Net assets****$13,854,459** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)9,550,659  Undistributed net investment income9,947  Unrealized net appreciation on investments4,293,853 **Net assets applicable to Fund shares outstanding****$13,854,459** **Fund shares outstanding****859,951** **Net asset value, offering and redemption price per share****$16.11**
 
*32**November 30, 2007 Annual Report**(The accompanying notes are an integral part of these financial statements.)*
***Sextant International Fund***
***Statement of Operations***
*For the year ended November 30, 2007* **Investment income** Dividend income         (net foreign tax of $29,540)$199,736 Interest income2,473 Other income89   Gross investment income$202,298 **Expenses** Investment adviser and administration fees75,059  Distribution fees28,636  Audit fees24,655  Filing and registration fees16,825  Insurance7,862  Chief compliance officer expenses6,495  Legal fees3,959  Custodian fees3,414  Printing and postage2,379  Other expenses2,232  Total gross expenses171,516  Less custodian fees waived(3,414)  Net expenses168,102 **Net investment income****34,196**  **Net realized gain on investments** Proceeds from sales768,131  Less cost of securities sold (based on identified cost)(409,092)   Realized net gain359,039 **Unrealized gain on investments** End of year4,293,853  Beginning of year2,529,988   Increase in unrealized gain for the year1,763,865 **Net realized and unrealized gain****2,122,904** **Net increase in net assets resulting from operations****$2,157,100**
 
***Statement of Changes in Net Assets****Year ended      Nov. 30, 2007**Year ended      Nov. 30, 2006***Increase in net assets****From operations** Net investment income$34,196 $76,757  Net realized gain on investments359,039122,914  Net increase in unealized appreciation1,763,865 1,341,965   Net increase in net assets2,157,100 1,541,636 **Dividends to shareowners from** Net investment income(24,388)(76,618) Capital gain distributions(327,986)- (352,374)(76,618)**From Fund share transactions** Proceeds from sales of shares3,873,894 4,867,747  Value of shares issued in reinvestment of dividends295,791 75,626 4,169,685 4,943,373  Early redemption fees retained87 80  Cost of shares redeemed(1,386,536)(813,073)  Net increase in net assets2,783,236 4,130,380 **Total increase in net assets****$4,587,962****$5,595,398** **Net assets** Beginning of year9,266,497 3,671,099  End of year$13,854,459 $9,266,497  Undistributed net investment income$9,947$139  
**Shares of the Fund sold and redeemed** Number of shares sold252,965 415,042  Number of shares issued in reinvestment of dividends18,361 5,577  Number of shares redeemed(94,752)(64,517)**Net increase in number of shares outstanding****176,574****356,102**
 
*(The accompanying notes are an integral part of these financial statements.)**November 30, 2007 Annual Report**33*
***Expenses (unaudited)***

All mutual funds have operating expenses. As a Sextant 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, directyl reduce the investment return of a fund. All mutual funds (unlike some other financial investments) only report their results after deduction of operating expenses. 

With the Sextant Funds, unlike many other mutual funds, you do not incur sales charges (loads) on purchase payments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Individual Retirement Accounts. However, to discourage speculation, you may incur a 2% redemption fee for shares held less than 30 calender days. You may incur fees related to extra services requested by you for your account, such as a checkbook to use for redemptions or 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 semi-annual period and held for six months (Friday, June 1, 2007 to Friday, November 30, 2007).

**Actual Expenses**

The first line for each Fund provides information about actual account values and expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses you have paid over the period. Simply divide your account value by $1,000 (for example, a $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 also charge for extra services rendered on request, which you may need to add to determine your total expenses: $10 per checkbook, $25 per bank wire, $15 per overnight courier delivery, 2% redemption fee for shares held less than 30 calender days.

**Hypothetical Example For Comparison Purposes**

The second line for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending balance or expenses you paid for the year. You may use this information to compare ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other funds. You may wish to add other fees that are not included in the expenses shown in the table, such as IRA fees (there are no fees on Saturna Capital IRAs, ESAs or HSAs), and charges for extra services such as check writing and bank wires.

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value								(June 1, 2007)****Ending Account Value								(November 30, 2007)****Expenses Paid								During Period*****Annualized Expense Ratio****Short-Term Bond Fund**Actual							$1,000														$1,041.20														$3.85														0.75%							Hypothetical (5% annual return before expenses)							$1,000														$1,020.60														$3.81														0.75%							 							**Bond Income Fund**Actual							$1,000														$1,045.61														$4.61														0.90%							Hypothetical (5% annual return before expenses)							$1,000														$1,020.56														$4.56														0.90%							 							  **Core Fund**Actual							$1,000														$1,036.60														$6.13														1.20%							Hypothetical (5% annual return before expenses)							$1,000														$1,019.05														$6.07														1.20%							 							**Growth Fund**Actual							$1,000														$1,005.30														$6.74														1.34%							Hypothetical (5% annual return before expenses)							$1,000														$1,018.35														$6.78														1.34%							 				        **International Fund**Actual							$1,000														$1,046.10														$8.92														1.74%							Hypothetical (5% annual return before expenses)							$1,000														$1,016.34														$8.80														1.74%							**Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2007 through November 30, 2007), multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).*
 
*34**November 30, 2007 Annual Report*
**Notes To Financial Statements**

**Note 1 - Organization**

Saturna Investment Trust (the "Trust") was established under Washington State Law as a Business Trust on February 20, 1987. The Trust is registered as a no-load, open-end series investment company under the Investment Company Act of 1940, as amended. Six portfolio series have been created to date: Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fun Sextant International Fund (the "Funds"), and Idaho Tax-Exempt Fund, distributed through a separate prospectus and the results of which are contained in a separate report. 

The investment goal of both the Growth and International Funds is long-term capital growth. The investment goals of the Core Fund are long-term capital growth and capital preservation. The investment goal of both the Bond Income and Short-Term Bond Funds is current income, with Short-Term Bond having the additional goal of capital preservation.

**NOTE 2 - Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Funds.

**Security valuation:**

Investments in securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation; other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. 

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using a matrix. This technique considers such factors 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 U.S. 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.

Other securities for which quotations are not readily available are valued at fair values as determined in good faith by or under the direction of the Board of Trustees.

**Share valuation:**

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

**Federal income taxes:**

The Funds have elected to be taxed as "regulated investment companies" and intend to distribute substantially all taxable income to their shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made.

In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends, in each calendar year, at least 98% of its net investment income (earned during the calendar year) and at least 98% of its net realized capital gains (earned during the twelve months ended November 30) plus undistributed amounts, if any, from prior years.

**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. The Sextant Bond Income Fund decreased accumulated net realized loss on investments by $5,730 and decreased paid-in capital by $5,730. The Sextant Core Fund decreased accumulated net realized gain by $552 and decreased distribution in excess by $552. These reclassifications were due to net investment losses and expiration of capital loss carryforwards and have no effect on net assets or net asset value per share.

**Dividends and distributions to shareowners:**

Dividends and distributions to shareowners, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. For the Sextant Short-Term Bond Fund and Sextant Bond Income Fund, dividends are paid daily and distributed on the last business day of the month. For the Sextant Growth Fund, Sextant Core Fund and Sextant International Fund, dividends are payable at the end of each November. Shareowners electing to reinvest dividends and distributions purchase additional shares at the net asset value on the payable date. 

**Use of estimates:**

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

**Other:**

 Securities transactions are recorded on trade date.Gains and losses on sales of securities are recorded based on identified cost.

Interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Cash dividends from equity securities are recorded as income on the ex-dividend date. 

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

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares. The Funds are intended for long-term investment and do not permit rapid trading of their shares. Shares held less than 30 calendar days, including those held in omnibus accounts at intermediaries, will be assessed a 2% early-redemption fee (payable to the Fund) when redeemed.

**New accounting pronouncements:**

*Growth Fund, International Fund, Short-Term Bond Fund, and Bond Income Fund*

In July, 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No.48 "Accounting for Uncertainty in Income Taxes" ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether the tax positions are "more-likely-than-not"' of being sustained by the applicable taxing authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required as of the date of the last Net Asset Value ("NAV") calculation in the first required financial statement reporting period for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. At this time, management is evaluating the application of FIN 48 to, and its impact on the financial statements has not yet been determined.

*Core Fund*

Effective March 30, 2007, Core Fund adopted Financial Accounting Standards Board (FASB) Interpretation No. 48 (FIN 48), "Accounting for Uncertainty in Income Taxes" because Core Fund commenced operations during the 2007 fiscal year. FIN 48 requires the evaluation of tax positions taken on previously filed tax returns or expected to be taken on future returns. These positions must meet a "more-likely-than-not" standard that, based on the technical merits, have a more than fifty percent likelihood of being sustained upon examination. In evaluating

 
*November 30, 2007 Annual Report**35*
***Notes To Financial Statements***

whether a tax position has met the recognition threshold, Core Fund must presume that the position will be examined by the appropriate taxing authority that has full knowledge of all relevant information. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax expense in the current year.
FIN 48 requires Core Fund to analyze all open tax years, as defined by the relevant Statute of Limitations, for all major jurisdictions. Open tax years are those that are open for exam by taxing authorities. The major tax authority for Core Fund taxation is the Internal Revenue Service. At November 30, 2007 the only open tax year is the tax year ended at that date. Core Fund has no examination in progress. Core Fund reviewed this tax year and concluded that the adoption of FIN 48 resulted in no effect on the Fund's financial position or results of operations. There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year-end November 30, 2007. The Core Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

In September 2006, FASB issued FASB Statement No. 157, "Fair Value Measurement" ("SFAS 157"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. 

Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures. 

**NOTE 3 - Transactions with Affiliated Persons**

Under a contract approved by shareowners on September 28, 1995, Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services to conduct Trust business. Each of the Funds pays the Adviser a base Investment Advisory and Administrative Services Fee of .60% of average net assets per annum, payable monthly. 

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

*Performance Adjustment for Sextant Short-Term Bond Fund and Sextant Bond Income Fund:*
- For each month in which either of these Funds' total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year. 
- If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of .20%.

*Performance adjustment for Sextant Growth Fund, Sextant International Fund, and Sextant Core Fund:*
- For each month in which either of these Fund's total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year.
- If the outperformance or underperformance is 2% or more but less than 4%, then the adjustment is at the annual rate of .20%. 
-  If the outperformance or underperformance is 4% or more, the adjustment is at an annual rate of .30%.

The Adviser has voluntarily undertaken to limit expenses of Sextant Short-Term Bond Fund to 0.75%, and Sextant Bond Income Fund to 0.90%, through March 31, 2009. It waives its investment advisory and administrative fee to Sextant Short-Term Bond Fund and Sextant Bond Income Fund completely should assets of either Fund be less than $2 million. For the year ended November 30, 2007, Sextant Short-Term Bond Fund and Sextant Bond Income Fund incurred advisory and administration expenses of $17,165 and $15,512, respectively. Sextant Core Fund incurred advisory and administration expenses of $12,874. Sextant Growth and International Fund incurred advisory and administration expenses of $72,132 and $75,059, respectively. In accordance with the expense waiver noted above, for the year ended November 30, 2007, Saturna Capital waived $21,858 and $14,089 of the Sextant Short-Term Bond Fund and Sextant Bond Income Fund advisory fees, respectively. The adviser cannot recoup previously waived fees.

In accordance with the Funds' custodian agreements with National City Bank Indiana, for the year ended November 30, 2007, custodian fees for Short-Term Bond, Bond Income, Core, Growth, and International were $1,893; $1,287; $2,975; $3,636; and $3,414; respectively. The custodian waived $1,893; $1,287; $2,975; $3,636; and $3,414; for Short-Term Bond, Bond Income, Core, Growth, and International Funds, respectively, of its fees based on earnings credits for the current year.  

One trustee, who also serves as the president of the Trust, is a director and president of the Adviser. On November 30, 2007, the trustees, officers and their related accounts as a group owned 29.3%, 29.3%, 49.0%, 28.6% and 37.0% of the outstanding shares of the Short-Term Bond, Bond Income, Core, Growth and International Funds, respectively.

The four unaffiliated trustees receive $500 per Board or committee meeting attended, plus travel expenses, allocated pro rata to the six Funds of Saturna Investment Trust. The Trust incurred expenses for the independent trustees of $8,831 to attend meetings during the fiscal year. Regulations require the Trust to designate a Chief Compliance Officer: Mr. James D. Winship was retained by the Trust and paid $26,440 during the fiscal year. The other officers are paid by Saturna Capital, and not the Trust.

Saturna Brokerage Services, Inc. ("SBS," a discount brokerage subsidiary of Saturna Capital Corporation) is registered as a broker-dealer and acts as distributor for the Funds. Pursuant to a Rule 12b-1 distribution plan effective October 3, 2006, each Fund pays SBS a monthly fee at the annual rate of 0.25%  of its average daily net assets for sales and services provided to shareholders. During the fiscal year ended November 30, 2007, the Trust paid the Distributor $86,018.

The adviser waived all brokerage commissions charged by its affiliate in fiscal 2007.

**NOTE 4 - Federal Income Taxes**

At November 30, 2007, Short-Term Bond had capital loss carryforwards of $44,919, of which $7,960 expires in 2008, $15,098 expires in 2009, $4,422 expires in 2012, $6,540 expires in 2013 and $10,899 expires in 2014; and Bond Income had capital loss carryforwards of $34,972, of which $2,141 expires in 2009, $14,253 expires in 2010, $14,375 expires in 2014, and $4,203 expires in 2015; subject to regulation. Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.

**NOTE 5 - Investments**

During the year ended November 30, 2007, Short-Term Bond purchased $764,298 of securities and sold $760,970 of securities. Comparable figures for Bond Income are $689,697 purchased and $660,619 sold, for Core $3,867,249 purchased and $229,985 sold, for Growth $318,581 purchased and $1,275,755 sold, and for International $1,351,399 purchased and $755,968 sold. 
**NOTE 6 - Distribution to shareowners**
The tax character of distributions paid during the year ended November 30, 2007 and 2006 were as follows:
**Year ended 2007****Year ended 2006****Short-Term Bond Fund**Ordinary income$101,484$85,431**Bond Income Fund**Ordinary income$148,530$142,386**Core Fund**Ordinary income$51,291N/A**Growth Fund**Ordinary income$20,385-Capital gain¹$362,227$125,371**International Fund**Ordinary income$24,388$76,618Capital gain¹$327,986-*¹Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*
 
*36**November 30, 2007 Annual Report*
***Notes To Financial Statements***

As of November 30, 2007, components of distributable earnings on a tax basis were as follows:
**Short-Term Bond****Bond Income**Cost of investments$2,839,435$3,196,727Gross tax unrealized appreciation40,171118,044Gross tax unrealized depreciation(265)(26,727)Net tax unrealized appreciation39,90691,317Undistributed ordinary income1,740-Undistributed long-term capital gain (loss)(44,919)(34,972)Total distributable earnings (losses)(3,273)56,345
 
**Core**Cost of investments$3,633,916Gross tax unrealized appreciation291,043Gross tax unrealized depreciation(97,400)Net tax unrealized appreciation (depreciation)193,643Distributions in excess(6,089)Undistributed long-term capital gain (loss)-Total distributable earnings-Total accumulated earnings$187,554
 
**Growth****International**Cost of investments$9,957,715$8,547,552Gross tax unrealized appreciation6,157,0014,592,554Gross tax unrealized depreciation(523,592)(298,701)Net tax unrealized appreciation (depreciation)5,633,4094,293,853Undistributed ordinary income1,3459,947Undistributed long-term capital gain (loss)220-Total distributable earnings$5,634,974$4,303,800
 

***Report of Independent Registered Public Accounting Firm***

To the Shareholders and Board of Trustees			    Saturna Investment Trust,

We have audited the accompanying statements of assets and				  liabilities of the Sextant Short-Term Bond Fund, Sextant Bond				  Income Fund, Sextant Core Fund, Sextant Growth Fund and Sextant				  International Fund, each a series of the Saturna Investment Trust,				  including the schedules of investments as of November 30, 2007, and				  the related statements of operations for the year then ended and the				  period then ended, and the statements of changes in net assets and				  the financial highlights for each of the periods indicated thereon. These				  financial statements and financial highlights are the responsibility of				  the Trust's management. Our responsibility is to express an opinion on			    these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of				  the Public Company Accounting Oversight Board (United States).				  Those standards require that we plan and perform the audit to				  obtain reasonable assurance about whether the financial statements				  and financial highlights are free of material misstatement. The Trust				  is not required to have, nor were we engaged to perform, audits				  of its internal controls over financial reporting. Our audits included				  consideration of internal control over financial reporting as a basis for				  designing audit procedures that are appropriate in the circumstances,				  but not for the purpose of expressing an opinion on the effectiveness				  of the Trust's internal control over financial reporting. Accordingly,				  we express no such opinion. An audit includes examining, on a test				  basis, evidence supporting the amounts and disclosures in the financial				  statements. Our procedures included confirmation of securities owned				  as of November 30, 2007, by correspondence with the custodian.				  Our audit also includes assessing the accounting principles used and				  significant estimates made by management, as well as evaluating the				  overall financial statement presentation. We believe that our audits				  provide a reasonable basis for our opinion.

In our opinion the financial statements and financial highlights				  referred to above present fairly, in all material respects, the financial				  position of Sextant Short-Term Bond Fund, Sextant Bond Income Fund,				  Sextant Core Fund, Sextant Growth Fund, and Sextant International				  Fund, as of November 30, 2007, the results of their operations,  the changes in their net assets and their financial				  highlights for each of the periods indicated above, in conformity				  with accounting principles generally accepted in the United States of				  America.

Philadelphia, Pennsylvania			    January 29, 2008

(graphic omitted)			    Tait, Weller & Baker LLP

 
*November 30, 2007 Annual Report**37*
***Renewal of Investment Advisory Contracts (unaudited)***

On September 12, 2007, the Trustees of Saturna Investment Trust approved continuation of the Sextant Funds' investment advisory and administrative services agreements with Saturna Capital Corporation. In doing so, the Board considered a number of factors and made specific determinations relevant to that approval. 

In addition to information provided throughout the year, the Trustees utilized a comparison of performance and fees of funds in each of the Sextant Morningstar peer categories. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contracts.

In their review, the Trustees noted that the Funds offer a full range of high-quality investor services. The Trustees reviewed improvements in Saturna's operations during the last year, substantial investments in staffing, training, compliance, office space and hardware and its increasing assets under management. Important factors considered by the Trustees include Saturna Capital's experience, ability, and commitment to quality customer service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution. In addition, they recognized Saturna's efforts to improve compensation to attract and retain increasingly qualified, experienced, and specialized staff. The Trustees also took into consideration Saturna's continued avoidance of significant operational problems, and its efforts to comply with increased investment company rules and regulations.

The Trustees found that the investment performance of the Sextant Growth Fund and Sextant International Fund, both in absolute numbers and relative to funds in its Morningstar categories and Lipper categories, was outstanding. The investment performance of Sextant Bond Income and Sextant Short-term Bond Funds was found to be acceptable.

The Trustees reviewed the fees and expenses of the Funds. They noted that the performance-based advisory fees are unusual in the industry and fair and reasonable to shareowners. In addition, the Trustees found the expense ratios less than those of similar funds and to be advantageous to shareowners given the sizes of the funds, services provided and expenses incurred. They also considered the fees charged by the adviser to other kind of accounts and the different services provided to those accounts, as well as the ways in which Saturna's services and work done for other accounts it manages benefits the Funds. The Trustees considered the ten-year history of the funds under their current advisory agreements. The Trustees considered the growth of the Funds and decreasing expense ratios to determine whether the 12b-1 plan should be continued. The Trustees found that the Funds, though growing were still small by industry standards, and that further growth could result in greater efficiencies and lower expense ratios to the Funds.

They found that continuation of the 12b-1 plan is in the best interest of the shareholders in the expectation of further reductions in fees, and spreading of fixed costs across a larger base.

The Trustees reviewed Saturna's profitability with respect to the Funds as part of their evaluation of whether the fees under the advisory contract bear a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services.The Trustees also considered potential benefits to Saturna from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios, and that Saturna continues to voluntarily waive brokerage commissions for Fund portfolio trades, resulting in lower Fund expenses. 

The Trustees concluded that the fees paid by the Funds to Saturna were reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Funds. The Trustees saw no need for advisory fee changes or breakpoints.

***Availability of Portfolio Information (unaudited)***

(1) The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

(2) The Funds' Forms N-Q are available on the SEC's website at www.sec.gov and at www.saturna.com.

(3) The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800/SEC-0330.

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

***Availability of Proxy Voting Information (unaudited)***

(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/SATURNA, (b) on the Funds' website at www.saturna.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/SATURNA, (b) on the Funds' website at www.saturna.com, and (c) on the SEC's website at www.sec.gov.

***Privacy Statement (unaudited)***

At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. To that end, we want to assure you that we protect the confidentiality of any personal information you share with us.

We collect personal information about you from information we receive from you on applications and other forms and from transactions or trades placed with us. Please be assured that except to administer a transaction with an affiliated third party upon your request, we do not disclose any personal information about our customers, or our former customers, to anyone, except as may be required by law. We maintain our own technology resources to minimize the use of outside service providers.

Additionally, Saturna Capital restricts access to personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with regulations to guard your personal information. If you have further questions or concerns about the security or privacy of the information we receive from you, please call us at 1-800/SATURNA.

***Householding Policy (unaudited)***

To reduce expenses, we may mail only one copy of a Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 1-800/SATURNA (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

 
*38**November 30, 2007 Annual Report***Trustees and Officers (unaudited)**Name (age),                      addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (49)                      1500 N. State Street                      Bellingham, WA 98225Independent Trustee                      since 1995Medical Examiner (pathologist);                      Owner, Avocet Environmental Testing (laboratory)                      Six                                          None                    Herbert G. Grubel, PhD (73)                      Apt. 1202 - 125 West Second St.                      North Vancouver, BC                      Canada V7M 1C5Independent Trustee since 2005Professor Emeritus of Economics, Simon Fraser University;                      Senior Fellow, Fraser Institute                      Six                                          None                    John E. Love (75)                      1002 Spokane Street                      Garfield, WA 99130Chairman,                      Independent Trustee since 1987Owner, J.E. Love Co.                      (agricultural equipment manufacturer)                      Six                                          None                    John S. Moore, PhD (76)                      346 Bayside Road                      Bellingham, WA 98225Independent Trustee since 1993Professor Emeritus,                      College of Business and Economics, Western Washington University                      Six                                          None                    **Interested Trustee**Nicholas F. Kaiser, CFA (61)                      1300 N. State Street                      Bellingham, WA 98225President, Trustee†                      since 1991President,                      Saturna Capital Corporation;                      President,                      Saturna Brokerage Services                      Eight                                          Amana Mutual Funds Trust                    **Officers who are not Trustees**Phelps S. McIlvaine (54)                      1300 N. State Street                      Bellingham, WA 98225Vice President                       since 1994Vice President,                      Saturna Capital Corporation;                      Treasurer,                       Saturna Brokerage Services                       N/A                                          N/A                    Christopher Fankhauser (35)                      1300 N. State Street                      Bellingham, WA 98225Treasurer†                      since 2002Chief Operations Officer,                      Saturna Capital Corporation                      N/A                                          N/A                    Ethel B. Bartolome (35)                      1300 N. State Street                      Bellingham, WA 98225Secretary†                      since 2001Corporate Administrator,                      Saturna Capital Corporation                      N/A                                          N/A                    James D. Winship (59)                      5406 Diamond Place NE                      Bainbridge Island, WA 98110Chief Compliance Officer†                      since 2004Attorney; Adjunct Professor, University of Washington and Seattle Pacific University (1999 - 2003)                      N/A                                          N/A                    
Term of office: each Trustee serves for the life of the Trust or until he dies, resigns, is 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 by calling Saturna Capital at 800-SATURNA, includes additional information about the trustees.

On November 30, 2007, the Trustees, officers and their related accounts as a group owned 29.3%, 29.3%, 49.0%, 28.6% and 37.0% of the outstanding shares of the Short-Term Bond, Bond Income, Core, Growth and International Funds, respectively. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor. Mr. Kaiser is an interested person of the Trust by reason of his positions with the Trust's adviser and distributor. Moreover, he is the portfolio manager of the Sextant Growth Fund and the Sextant International Fund. Mr. McIlvaine is the portfolio manager of the Sextant Bond Income Fund and Sextant Short-Term Bond Fund. Both Mr. Kaiser and Mr. McIlvaine serve as portfolio mangers of the Sextant Core Fund. Mr. Winship is also Chief Compliance Officer for Saturna Capital Corporation.

† Holds the same position with Amana Mutual Funds Trust. 

 
*November 30, 2007 Annual Report**39*
(graphics omitted)

***Saturna Capital***1300 North State Street			    Bellingham, WA 98225			    www.saturna.com			    sextant@saturna.com			    (800) SATURNA

This report is issued for the information of the shareowners of the Funds. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Funds. The Sextant Funds are a series of Saturna Investment Trust. 

**Saturna Brokerage Services, Distributor**

***Fellow Shareowners: (unaudited)***

For the fiscal year ended November 30, 2007, the Idaho Tax-Exempt Fund provided a total return of 3.02%. The Fund's price moved in a low 2.5% range for the year, despite significant price volatility in other fixed-income markets. Fund shares outstanding increased 14%, with total assets rising to a record $10 million. The annual operating expense ratio was 0.87%. 

Idaho municipal bonds offer generally high credit worthiness, state and federal tax-exemptions, low price volatility, and relative safety. In addition, the state of Idaho is a strong fiscal and economic partner for Idaho municipal issuers. The government's fiscal discipline and pro-business policies give Idaho a sharp competitive edge. 

We would like to highlight several programs of the State Treasurer's Office that demonstrate why Idaho is especially attractive for municipal bond investors. Idaho backs these programs with a history of conservative budgeting, balanced budgets, and an unblemished repayment record. 
- The Idaho  Local Government Investment Pool , which is a money-market fund for local governments managed by the Treasurer's Office, and the longer-term Idaho  Diversified Bond Fund , both recently received AAAf credit quality ratings from Standard & Poor's. The AAAf rating signifies that the portfolio holdings provide extremely strong protection against losses from credit defaults.
- The Idaho  School Bond Guaranty Act  allows the Treasurer to guarantee school bonds, replacing the need for school districts to spend thousands of dollars on bond insurance to receive an AAA rating on their bonds. With several commercial bond insurance companies now in severe distress, the value of this program is even greater.
- The Idaho  Municipal Bond Bank  lends money to local governments within the state, providing funds for their infrastructure needs and access to the capital markets at competitive interest rates. 

The Fund demonstrated its appeal for conservative investors again in 2007 by avoiding the damaging effects from the subprime loan crisis. Should investors need a conservative investment that may benefit from a softer U.S. economy in 2008, Idaho Tax Exempt Fund may offer the diversification and relatively stable asset values investors seek during especially uncertain markets.

We invite you to review the advantages of the Idaho Tax-Exempt Fund, including low expenses, income free from Idaho and federal income taxes, a high-quality diversified bond portfolio, and daily supervision by professional managers. We welcome your suggestions. Only with your help can we be certain that we are meeting your investment needs — our primary objective.

Respectfully,

**Nicholas Kaiser,**				President

**Phelps McIlvaine,**			    Vice President, Portfolio Manager 

 
						Additional Performance Information:**Average Annual Returns (as of 12/31/2007)****1 Year****3 Years****5 Years****10 Years****Expense Ratio¹**							3.81%														3.09%														3.15%														4.16%														0.87%							
*Performance data quoted in this report represents past performance and is no guarantee of future performance. The investment return and principal value of investments in the Fund fluctuate daily and an investor's shares, when redeemed, may be worth more or less than the original cost and you may lose money. Returns above do not reflect the potential deduction of a 2% redemption fee on shares held less than 30 days. Current performance may be higher or lower than performance data quoted herein. Performance data current to the most recent month-end is available online at www.saturna.com or by calling toll free (800) SATURNA.*

*¹ By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus dated March 30, 2007 and differs from expense ratios shown elsewhere in this report as they each reflect different fiscal periods.*

*Please consider an investment's objectives, risks, charges and expenses carefully before investing. To obtain the Fund's prospectus that contains this and other important information please visit www.saturna.com or call toll free (800) SATURNA. Please read the prospectus carefully before investing.*
*2**Idaho Tax-Exempt Fund Annual Report November 30, 2007*
***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2007**
**Ratings Established****By Adviser****By Standard & Poor's****By Moody's Investor Services**AAA							85.2%														30.9%														86.0%							AA							0.6%														4.0%														0.6%							A							10.2%														3.4%														0.0%							BBB							0.0%														0.0%														0.0%							Unrated							0.0%														57.7%														9.4%							Other Assets							4.0%														4.0%														4.0%							**Top Ten Holdings****% of Fund assets**Owyhee & Elmore Cos. JSD #365 Grand View3.5%Canyon County SCD #1393.5%Canyon County SCD #131 Nampa3.4%Boise State University Revenue3.1%Post Falls LID SPA3.0%Bingham County SCD #55 Blackfoot3.0%Valley & Adams Cos. JSD #4212.9%Jerome, Lincoln, & Gooding Cos. JSD #2612.7%Idaho Bond Bank Authority 5.00% due 9/15/20262.6%Madison County SCD #321 Rexburg 4.50% due 8/15/20262.5%
For the year ending November 30, 2007, the Idaho Tax-Exempt Fund returned to shareowners 3.02%. For the last five years, the Fund has provided a 3.39% annualized total return. At November 30, 2007 the thirty day SEC yield was 3.55%. Consistent with the Fund's conservative investment philosophy, the Fund's net asset value (price) per share moved within a stable 2.50% range ($5.19 to $5.32) from low to high. 

**Factors Affecting Past Performance**

2007 was the year the bond party ended. Erupting mortgage markets scared everyone. Investors decided to swap investments in suspect high-yield corporate and asset-backed paper for U.S. Treasuries. Non-traditional buyers of municipal debt also liquidated their positions in favor of U.S. Treasuries as well. The Federal Reserve Bank reversed policy and eased credit to address the subprime mortgage crisis. Flat municipal yield curves steepened with long rates ending the year slightly higher. High quality short-term debt performed better than low quality long-term debt, a reversal of trends dating back to 2001. Yield premiums on low credit quality debt doubled and bond option volatility premiums spiked higher. Short-term U.S. Treasury notes outperformed all other fixed-income asset classes during the flight to quality. As a result, municipal paper is now trading at historically attractive levels.

The average maturity of the Fund is the most influential factor affecting principal values in the portfolio. The Fund average maturity is 7.9 years up from 6.9 years last November. Fund management has discussed State of Idaho Local Government Investment Pools with state officials and does not expect Idaho Pools to experience the same problems witnessed in Florida Local Government Investment Pools. The Fund owns issues insured by AMBAC, MBIA, FGIC, FSA, XCLA and the Idaho School Bond Guaranty Program. Despite concerns about the capital adequacy of some of these institutions, Fund management relies primarily on its own assessment of the credit quality of issuers and not on insurance as the major criteria for purchasing these investments. Issuer credit remains adequate. 

**Looking Forward**

U.S. economic growth and profits are weakening, as the country enters a recession. We expect U.S. Federal Reserve policy to restore the normal functioning of the fixed-income markets causing municipal yield curves to maintain their positive slopes.  We expect the flight to quality in the fixed-income markets to gradually unwind. 

For 2008, we will continue to buy only high-grade issues that may mitigate the effects of 2007's mortgage crisis. High-grade municipal yields have now reached their most attractive relative levels since 2003. For the next six months, we believe the probability of falling rates is greater than the probability of rising rates and we will maintain portfolio duration. Riskier debt instruments have fallen sharply in value, and higher relative returns on investment grade municipal bonds are at hand. We look forward to another year of positive real returns for the Fund without taking unnecessary credit or duration risk.
**Idaho Tax-Exempt vs. Lehman Composite Municipal Bond Index (unaudited)**
**Comparison to Index**

Though the Fund does not try to "beat" the Lehman Brothers Composite Municipal Bond Index or any other index, the Fund's returns compare well to that of the Index for the fiscal year, as shown in the accompanying chart. The line graph below compares the Idaho Tax-Exempt Fund's performance to the performance of the Lehman Brothers Composite Municipal Bond Index, a broad-based municipal bond market index. To be comparable, the Municipal Index data includes reinvested income (as computed by Lehman Brothers Fixed-Income Research).

Note that this graph compares an unmanaged, expense-free index to an actively managed Fund that has transaction and other costs. The Fund also stands ready to buy and sell its own securities to shareholders on a daily basis, as well as providing a wide range of services to them. Few investors are able to invest in an exact index portfolio because of the large amount of securities required to model such an index.

Were the Fund to target the index as an objective, the Fund might take greater risk by extending the average maturity of its portfolio to take advantage of the greater price fluctuation (for better or worse) available in such a portfolio. However, maintaining the stability of capital is an objective of the portfolio, and we believe the Fund has performed well considering its investment restrictions.

The graph at left shows that $10,000 invested in the Idaho Tax-Exempt Fund on November 30, 1997 would have grown to $15,168 on November 30, 2007. If $10,000 could have been invested in the Lehman Brothers Composite Municipal Bond Index on November 30, 1997, it would have grown to $16,773.
*Idaho Tax-Exempt Fund Annual Report November 30, 2007**3****Investments*****Rating¹****Issue****Coupon/Maturity****Face Amount****Market Value****Percentage****Electric Power**AAAIdaho Falls Electric Revenue6.75% due 4/1/2019 $140,000 $162,203 1.6% **Financial Services**AAABoise City General Fund Revenue, Series A5.20% due 12/1/2017160,000 169,189 1.7%AAABoise City General Fund Revenue, Series A5.25% due 12/1/2018100,000 106,118 1.1%260,000 275,307 2.8% 							**General Obligation**AA-Ada & Canyon Cos. JSD #2 Meridian5.50% due 7/30/201550,000 56,329 0.6%AAAAda & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2020165,000 176,502 1.8%AAAAda & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2021155,000 165,382 1.6%AAABingham County SCD #55 Blackfoot4.65% due 8/1/2017285,000 296,842 3.0%AAABlaine County, Series A4.05% due 8/1/2023150,000 148,962 1.5%ABoise County SCD #735.15% due 7/31/2010125,000 126,392 1.3%AAABonneville & Bingham Cos. JSD #934.50% due 9/15/2016150,000 157,624 1.6%AAABonneville & Bingham Cos. JSD #934.50% due 9/15/2017150,000 157,005 1.6%AAABoundary County SCD #101 Bonners Ferry5.10% due 8/1/2022130,000 141,557 1.4%AAACaldwell, Idaho5.30% due 5/15/2014150,000 157,383 1.6%AAACanyon County SCD #1394.35% due 9/15/2025350,000 350,994 3.5%AAACanyon County SCD #131 Nampa4.75% due 8/15/2019325,000 339,983 3.4%AAACanyon County SCD #131 Nampa5.00% due 8/15/2023105,000 110,751 1.1%AAACanyon County SCD #134 Middleton4.65% due 7/31/2016170,000 178,786 1.8%AAAJerome, Lincoln, & Gooding Cos. JSD #2613.75% due 9/15/2018125,000 123,900 1.2%AAAJerome, Lincoln, & Gooding Cos. JSD #2615.00% due 9/15/2022250,000 267,092 2.7%AAAKootenai-Shonshone Area Libraries4.25% due 8/1/2021220,000 223,586 2.2%AAALemhi County4.20% due 8/1/2015100,000 102,607 1.0%AAAMadison County SCD #321 Rexburg4.50% due 8/15/2024160,000 162,157 1.6%AAAMadison County SCD #321 Rexburg4.50% due 8/15/2026250,000 251,860 2.5%AAAMeridian Free Library District5.00% due 8/1/2015200,000 200,490 2.0%AAAMinidoka & Jerome Cos. JSD #3314.50% due 8/15/201875,000 77,876 0.8%AAAMinidoka & Jerome Cos. JSD #3314.50% due 8/15/202075,000 77,150 0.8%AAAMinidoka & Jerome Cos. JSD #3314.50% due 8/15/2025160,000 161,597 1.6%AAANampa Idaho, Series B5.00% due 8/1/2020200,000 214,156 2.1%AAAOwyhee & Canyon Cos. JSD #370 Homedale4.55% due 8/15/2016160,000 171,253 1.7%AAAOwyhee & Elmore Cos. JSD #365 Grand View4.00% due 8/15/2027350,000 352,317 3.5%AAAPayette County SCD #3735.00% due 9/15/2024100,000 107,182 1.0%AAAValley & Adams Cos. JSD #4214.50% due 8/1/2024290,000 293,721 2.9%AAAValley & Adams Cos. JSD #4214.50% due 8/1/2022135,000 137,808 1.4%AAAWashington & Adams Cos. JSD #4324.00% due 8/15/2019100,000 100,588 1.0%5,410,000 5,589,832 55.8% 							**Housing**AAAIdaho Housing Agency6.60% due 7/1/20115,000 4,963 0.1% 							**Medical/Hospitals**AAAIdaho Health Facility Authority Holy Cross Revenue5.25% due 12/1/2014110,000 111,984 1.1%AAAIdaho Health Facility Authority Holy Cross Revenue5.00% due 12/1/2022115,000 116,672 1.2%AAAMadison County Hospital Board COP5.00% due 12/1/2018105,000 106,784 1.1%330,000 335,440 3.4% 							*(Continued on next page)*
*(The accompanying notes are an integral part of these financial statements.)*
*4**Idaho Tax-Exempt Fund Annual Report November 30, 2007****Investments*****Rating¹****Issue****Coupon/Maturity****Face Amount****Market Value****Percentage****Municipal Leases**AAANez Perce County COP4.50% due 2/1/2021$150,000 $153,958 1.5% 							**Pollution Control**AAAIdaho Bond Bank Authority Revenue, Series A4.30% due 9/1/2022135,000 135,856 1.4%AAAIdaho Bond Bank Authority Revenue, Series A4.125% due 9/15/202375,000 74,507 0.7%210,000210,3632.1% 							
**Real Estate**AAAIdaho Housing & Finance Association4.80% due 6/1/2017100,000 101,821 1.0%AAAIdaho State Building Authority Revenue4.50% due 9/1/2023110,000111,3261.1%AAAIdaho State Building Authority Revenue, Series A5.05% due 9/1/201895,000 95,594 1.0%AAAIdaho State Building Authority Revenue, Series A5.00% due 9/1/2021100,000 100,795 1.0%APost Falls LID SPA 5.00% due 5/1/2021300,000 300,303 3.0%705,000 709,839 7.1% 							
**State Education**AAABoise State University Revenue5.00% due 4/1/2019295,000 315,092 3.1%AAAIdaho State Building Authority Revenue 4.00% due 9/1/2016 105,000 106,122 1.1%AAAIdaho State University Revenue4.90% due 4/1/2017150,000 151,967 1.5%AAAIdaho State University Revenue, Series B4.625% due 4/1/2024220,000 224,046 2.2%AAAUniversity of Idaho Revenue, Series A5.00% due 4/1/2019200,000 213,622 2.1%AAAUniversity of Idaho Revenue, Series A5.00% due 4/1/2020160,000 170,374 1.7%1,130,000 1,181,223 11.7% 							**Sewer**ATroy ID Sewer System8.00% due 2/1/200815,000 14,900 0.2%ATroy ID Sewer System8.00% due 2/1/200920,000 19,870 0.2%ATroy ID Sewer System8.00% due 2/1/201020,000 19,870 0.2%55,000 54,640 0.6% 							**Urban Renewal**AAABoise City Urban Renewal Agency Pk. Rev. & RA5.00% due 9/1/201265,000 66,245 0.7%AAABoise City Urban Renewal Agency Lease Revenue5.00% due 8/15/2020160,000 170,280 1.7%AAABoise City Urban Renewal Agency Lease Revenue5.00% due 8/15/202190,000 94,715 0.9%AJerome Urban Renewal District Revenue, Series A5.40% due 9/1/2013200,000 201,846 2.0%515,000 533,086 5.3% 							
**Water Supply**AAABlackfoot, Idaho COP5.80% due 9/1/2018135,000 144,090 1.4%AAAIdaho Bond Bank Authority Revenue5.00% due 9/15/2026250,000 262,667 2.6%385,000 406,757 4.0% 															Total investments (Total cost=$9,490,593)$9,295,000 $9,617,611 96.0%								Other assets (net of liabilities) 398,173 4.0%**Total net assets (100%)****$10,015,784****100.0%***¹Ratings are lesser of Moody's Investor Services or Standard & Poor's.*
*(The accompanying notes are an integral part of these financial statements.)*
*Idaho Tax-Exempt Fund Annual Report November 30, 2007**5*
 
***Financial Highlights****For Years Ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2007****2006****2005****2004****2003****Net asset value at beginning of year****$5.32****$5.27****$5.39****$5.46****$5.37**								Income from investment operations Net investment income0.180.18 0.19 0.19 0.21  Net gains (losses) on securities (both realized and unrealized)(0.02)0.06 (0.10)(0.07)0.09 								Total from investment operations0.160.24 0.09 0.12 0.30 								Less distributionsDividends (from net investment income)(0.18)(0.18)(0.19)(0.19)(0.21)Distributions (from capital gains)-(0.01)(0.02)- - 								Total distributions(0.18)(0.19)(0.21)(0.19)(0.21)Paid-in capital from early redemption fees¹*0.00*0.00*0.00- -  							**Net asset value at end of year****$5.30****$5.32****$5.27****$5.39****$5.46****Total return****3.02%****4.66%****1.66%****2.29%****5.40%****Ratios/supplemental data**Net assets ($000), end of year$10,016$8,783 $8,531 $8,472 $7,692 Ratio of expenses to average net assets  Before fee waivers0.89%0.87%0.91%0.95%0.88% After fee waivers0.87%0.83%0.88%0.93%0.85%Ratio of net investment income after fee waiver to average net assets 3.35%3.40%3.58%3.56%3.78%**Portfolio turnover rate****6%****24%****21%****15%****6%***¹Redemption fee adopted March 29, 2005***Amount is less than $0.01*
 
***Statement of Assets and Liabilities****As of November 30, 2007***Assets** Bond investments (cost $9,490,593)$9,617,611  Cash295,764  Interest receivable127,429  Insurance reserve premium801   **Total assets****$10,041,605** 							**Liabilities** Accrued expenses11,712  Distributions payable4,869  Due to affiliates4,718  Payable for Fund shares redeemed4,522   **Total liabilities****25,821** 							
**Net assets** **$10,015,784** 							**Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)9,897,192 Accumulated net loss on investments(8,426)  Unrealized net appreciation on investments127,018   **Net assets applicable to Fund shares outstanding****$10,015,784** 							**Fund shares outstanding** **1,889,129**  
**Net asset value, offering and redemption price per share** **$5.30**
*(The accompanying notes are an integral part of these financial statements.)*
*6**Idaho Tax-Exempt Fund Annual Report November 30, 2007****Statement of Operations****For the year ended 					      November 30, 2007***Investment income**Interest income$420,632Amortization of bond premium(31,197)**Gross investment income****$389,435** 							**Expenses**Investment adviser and administration fees46,122 Audit fees10,249 Insurance7,287 Chief compliance officer expenses5,477 Shareholder service fee3,498 Filing and registration fees2,249 Custodian fees1,899 Trustee fees1,798 Printing and postage1,717 Legal fees1,604 Other expenses197 **Total gross expenses****82,097**Less custodian fees waived(1,899)**Net expenses****80,198****Net investment income****309,237** 							**Net realized loss on investments**
Proceeds from sales543,669 								Less cost of securities sold (based on identified cost)552,095 **Realized net loss****(8,426)** 							**Unrealized gain on investments**								End of year127,018 								Beginning of year137,152 **Decrease in unrealized gain for the year****(10,134)**  **Net realized and unrealized loss****(18,560)** 							**Net increase in net assets resulting from operations****$290,677**
 
***Statement of Changes in Net Assets****Year ended		                  				          Nov. 30, 2007**Year ended 					      Nov. 30, 2006***Increase in net assets**
**From operations**Net investment income$309,237 $291,745 Net realized gain (loss) on investments(8,426)19,527 Net increase (decrease) in unrealized appreciation(10,134)67,593  Net increase in net assets290,677 378,865 **Dividends to shareowners from**Net investment income(309,237)(291,745)Capital gains distributions- (19,527)(309,237)(311,272) 							**From fund share transactions**Proceeds from sales of shares2,331,511 1,123,133 Value of shares issued in reinvestment of dividends246,587 241,424 2,578,098 1,364,557 Early redemption fees retained85 2 Cost of shares redeemed(1,326,612)(1,180,827) Net increase in net assets1,251,571 183,732  				**Total increase in net assets****$1,233,011****$251,325** 							**Net assets**Beginning of year8,782,773 8,531,448 End of year$10,015,784 $8,782,773  							**Shares of the Fund sold and redeemed**Number of shares sold443,957 225,928 Number of shares issued in reinvestment of dividends46,995 45,798 Number of shares redeemed(253,833)(237,777)**Net increase in number of shares outstanding****237,119****33,949**
 

*(The accompanying notes are an integral part of these financial statements.)*
*Idaho Tax-Exempt Fund Annual Report November 30, 2007**7*
**Expenses(unaudited)**

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

With the Idaho Tax-Exempt Fund, unlike many mutual funds, you do not incur sales charges (loads) on purchase payments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Individual Retirement Accounts. However, to discourage speculation, you may incur a 2% fee for redemption of shares held less than 30 days. You may incur fees related to extra services requested by you for your account, such as a checkbook to use for redemptions or bank wires.The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

**Example**

The following example is based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (Friday, June 1, 2007 to Friday, November 30, 2007).

**Actual Expenses**

The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $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 fiscal year. The Fund also charges the following fees for extra services rendered on request, which you may need to add to determine your total expenses: $10 per checkbook, $25 per bank wire, $15 per overnight courier delivery.

**Hypothetical Example for Comparison Purposes**

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

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value 							[June 1, 2007]****Ending Account Value 							[November 30, 2007]****Expenses Paid During Period¹**Actual 							$1,000.00														$1,028.50														$4.55							Hypothetical (5% annual return before expenses)							$1,000.00														$1,020.59														$4.53							*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.89% (based on the most recent semi-annual period of June 1, 2007 through November 30, 2007, multiplied by the average account value of $1,014.25 over the period multiplied by 183/365 (to reflect the one-half year period).*
 
*8**Idaho Tax-Exempt Fund Annual Report November 30, 2007*
**Notes To Financial Statements**

**Note 1 — Organization**

Saturna Investment Trust (the "Trust") was established under Washington State Law as a Business Trust on February 20, 1987. The Trust is registered as a no-load, open-end series investment company under the Investment Company Act of 1940, as amended. Five portfolios have been created to date in addition to Idaho Tax-Exempt Fund (the "Fund"). The other five portfolios distribute through a separate prospectus and the results of those funds are contained in a separate report.

The investment objective of the Fund is to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.

**Note 2 — Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund.

**Security valuation:**

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using a matrix. This technique considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity and general market conditions. In the absence of a price from a pricing service, securities are valued at their respective fair values as determined in good faith by or under the direction of the Board of Trustees. The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in the State of Idaho.

**Income taxes:**

The Fund's policy is to continue to comply with the requirements of the Internal Revenue Code that are applicable to regulated investment companies and to distribute all its taxable income to its shareowners. Therefore, no provision for federal income taxes is required. Furthermore, the Fund intends to meet requirements for tax-free income dividends, and requirements of the Idaho Department of Revenue for income dividends free of Idaho state income tax.

**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. For the year ended November 30, 2007 there were no items identified that have been reclassed among components net assets.

**Dividends and distributions to shareowners:**

Dividends and distributions to shareowners, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. Dividends are paid daily and distributed on the last business day of each month. Shareowners electing to reinvest dividends and distributions purchase additional shares at the net asset value on the payable date.

**Use of estimates:**

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

**Other:**

Securities transactions are recorded on trade date. Gains and losses on sales of securities are recorded based on identified cost.

Interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. 

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

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares. The Funds are intended for long-term investment and do not permit rapid trading of their shares. Shares held less than 30 calendar days, including those held in omnibus accounts at intermediaries, will be assessed a 2% early-redemption fee (payable to the Fund).

**New accounting pronouncements:**

On July 13, 2006, the Financial Accounting Standards Board ("FASB") released FASB Interpretation No. 48 - Accounting for Uncertainty in Income Taxes ("FIN 48"). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Adoption of FIN 48 is required for fiscal years beginning after December 15, 2006 and is to be applied to all open tax years as of the effective date. Management is				  currently evaluating the impact, if any, the adoption of FIN 48 will have				  on the Funds' net assets, results of operations and financial statement				  disclosures, which pursuant to a delay granted by the U.S. Securities and				  Exchange Commission, is expected to be on the first day of the Funds'			    fiscal year, December 1, 2007.

In September 2006, FASB issued FASB Statement No. 157, "Fair Value Measurement" ("SFAS 157"), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. SFAS 157 is effective for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures. 

**Note 3 — Transactions with Affiliated Persons**

Under a contract approved by shareowners on October 12, 1990, Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services to conduct the Fund's business. For such services, the Fund pays an annual fee equal to .50% of average daily net assets. For the year ended November 30, 2007, the Fund incurred advisory fee expenses of $46,122. 

In accordance with the Fund's agreement with its custodian, National City Bank of Indiana, for the year ended November 30, 2007, custodian fees incurred by the Fund amounted to $1,899. The custodian waived $1,899 of its fees for earnings credits for the current year. 

Saturna Brokerage Services, Inc. (a subsidiary of Saturna Capital Corporation) is a broker-dealer and acts as distributor without compensation. Saturna Capital Corporation acts as shareowner-servicing agent for the Fund, for a monthly fee plus certain expenses. For the year ended November 30, 2007, the Fund paid shareowner-servicing fees of $3,498.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and president of the adviser. On November 30, 2007, the trustees, officers and their immediate families as a group owned 1.06% of the outstanding shares of the Fund. Mr. Kaiser owned 860 shares.

The four unaffiliated trustees receive $400 per Board or committee meeting attended, plus travel expenses, allocated prorata to the six Funds of Saturna Investment Trust. The Trust paid the Independent Trustees $8,831 to attend meetings during the fiscal year. Regulations require the Trust to designate a Chief Compliance Officer; Mr. James D. Winship was retained by the Trust and paid $26,440 during the fiscal year. The other officers are paid by Saturna Capital, and not the Trust.

**Note 4 — Federal Income Taxes**

The Funds have elected to be taxed as "regulated investment companies" and intend to distribute substantially all taxable income to their shareholders and otherwise comply with the provisions of the Internal Revenue Code applicable to regulated investment companies. Therefore, no provision for federal income taxes or excise taxes has been made. In order to avoid imposition of the excise tax applicable to regulated investment companies, each Fund intends to declare each year as dividends, in each calendar year, at least 98% of its net investment income (earned during the calendar year) and at least 98% of its net realized capital gains (earned during the twelve months ended November 30) plus undistributed amounts, if any, from prior years.

At November 30, 2007, Idaho Tax-Exempt Fund had capital-loss carryforwards of $8,426 which expires in 2015. Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.

**Note 5 — Investments**

During the year ended November 30, 2007, the Fund purchased $1,699,413 of securities and sold/matured $543,669 of securities.

**Distributions to shareowners:**

The tax character of distributions paid during the years ended November 30, 2007 and 2006 were as follows:
20072006Tax-exempt income$309,037$291,026Taxable income$200$702Capital gain¹-$19,527¹Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.
As of November 30, 2007, components of distributable earnings on a tax basis were as follows:
Cost of investments$9,490,593Gross unrealized appreciation146,885Gross unrealized depreciation(19,867)Net unrealized appreciation$127,018Total distributable earnings$127,018Other accumulated losses(8,426)Total accumulated earnings/losses$118,592
 
*Idaho Tax-Exempt Fund Annual Report November 30, 2007**9*
 

**Renewal of Investment Advisory Contract (unaudited)**

On September 12, 2007, the Trustees of Saturna Investment Trust approved continuation of Idaho Tax-Exempt Fund's investment advisory and administrative services agreement with Saturna Capital Corporation. In doing so, the board considered a number of factors and made specific determinations relevant to that approval. 

In addition to information provided throughout the year, the Trustees utilized a comparison of performance and expenses of the Fund with those of other single-state tax-exempt mutual funds. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

In their review, the Trustees noted that the Fund offers a full range of high-quality investor services. The Trustees reviewed improvements in Saturna's operations during the last year, substantial investments in staffing, training, compliance, office space and hardware, and its increasing assets under management. Important factors considered by the Trustees include Saturna Capital's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution . In addition, they recognized Saturna's efforts to improve compensation to attract and retain increasingly qualified, experienced, and specialized staff. The Trustees also took into consideration Saturna's continued avoidance of significant operational problems, and its efforts to comply with increased investment company rules and regulations.

The Trustees also reviewed Morningstar and Lipper mutual fund ratings, and found that the investment performance of the Fund was acceptable. The board took into consideration the investment objectives and policies of the Fund.

The Trustees reviewed Saturna's profitability with respect to the Fund as part of their evaluation of whether the fee under the advisory contract bears a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services. They considered the fees charged by the adviser to other kinds of accounts and the different services provided to those accounts. The Trustees considered Saturna's profitability from the funds. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none. The Trustees concluded that the fee paid by the Fund to Saturna is reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Fund. The Trustees saw no need for advisory fee changes or breakpoints.

**Report of **Independent**Registered  Public Accounting Firm**

To the Shareowners and Board of Trustees of Idaho Tax-Exempt Fund:

We have audited the accompanying statement of assets and liabilities of the Idaho Tax-Exempt Fund, a series of shares of the Saturna Investment Trust, including the schedules of investments as of November 30, 2007, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended.  These financial statements and financial highlights are the responsibility of the Trust's management.  Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purposes of expression an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  Our procedures included confirmation of securities owned as of November 30, 2007, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audits provide a reasonable basis for our opinion. 

In our opinion the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Idaho Tax-Exempt Fund as of November 30, 2007, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the 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.

Philadelphia, Pennsylvania

Tait, Weller & Baker LLP			    January 29, 2008

**Privacy Statement (unaudited)**

At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. To that end, we want to assure you that we protect the confidentiality of any personal information you share with us.

We collect personal information about you from information we receive from you on applications and other forms and from transactions or trades placed with us. Please be assured that except to administer a transaction with an affiliated third party upon your request, we do not disclose any personal information about our customers, or our former customers, to anyone, except as may be required by law. We maintain our own technology resources to minimize the use of outside service providers.

Additionally, Saturna Capital restricts access to personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with regulations to guard your personal information. If you have further questions or concerns about the security or privacy of the information we receive from you, please call us at 1-800/SATURNA.

**Availability of Fund Portfolio Information (unaudited)**

(1) The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

(2) The Fund's Form N-Q is available on the SEC's website at www.sec.gov and at www.saturna.com.

(3) The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800/SEC-0330.

(4) The Fund makes a complete schedule of portfolio holdings after the end of each month available to investors at www.saturna.com.

**Householding Policy (unaudited)**

To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call us at 1-800/SATURNA (or contact your financial institution). We will begin sending you individual copies thirty days after receiving your request.

 
*10**Idaho Tax-Exempt Fund Annual Report November 30, 2007*
 
**Trustees and Officers (unaudited)**Name (age),								addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (49)								1500 N. State Street							    Bellingham, WA 98225Independent Trusteesince 1995Medical Examiner (pathologist);								Owner, Avocet Environmental Testing (laboratory)							Six														None							Herbert G. Grubel, PhD (73)								Apt. 1202 - 125 West Second St.								North Vancouver, BC								Canada V7M 1C5Independent Trustee since 2005Professor Emeritus of Economics, Simon Fraser University;								Senior Fellow, Fraser Institute							Six														None							John E. Love (75)								1002 Spokane Street							    Garfield, WA 99130Chairman,								Independent Trustee since 1987Owner, J.E. Love Co.								(agricultural equipment manufacturer)							Six														None							John S. Moore, PhD (76)								346 Bayside Road								Bellingham, WA 98225Independent Trustee since 1993Professor Emeritus,								College of Business and Economics, Western Washington University							Six														None							**Interested Trustee**Nicholas F. Kaiser, CFA (61)								1300 N. State Street								Bellingham, WA 98225President, Trustee†								since 1991President,								Saturna Capital Corporation;								President,								Saturna Brokerage Services							Eight														Amana Mutual Funds Trust							**Officers who are not Trustees**Phelps S. McIlvaine (54)								1300 N. State Street								Bellingham, WA 98225Vice President 								since 1994Vice President,								Saturna Capital Corporation;								Treasurer, 								Saturna Brokerage Services 							N/A														N/A							Christopher Fankhauser (35)								1300 N. State Street								Bellingham, WA 98225Treasurer†								since 2002Chief Operations Officer,								Saturna Capital Corporation							N/A														N/A							Ethel B. Bartolome (35)								1300 N. State Street								Bellingham, WA 98225Secretary†								since 2001Corporate Administrator,								Saturna Capital Corporation							N/A														N/A							James D. Winship (59)								5406 Diamond Place NE								Bainbridge Island, WA 98110Chief Compliance Officer†								since 2004Attorney; Adjunct Professor, University of Washington and Seattle Pacific University (1999 - 2003)							N/A														N/A							
Term of Office: each Trustee serves for the lifetime of the Trust or until he dies, resigns, is removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

The Fund's Statement of Additional Information, available without charge by calling Saturna Capital at 1-800/SATURNA, includes additional information about the Trustees.

Saturna Capital Corporation is the Fund's adviser and Saturna Brokerage Services, Inc. is the Fund's distributor. 

Mr. Kaiser is an interested person of the Fund by reason of his positions with the Fund's adviser and distributor. 

Mr. McIlvaine is the primary manager of the Idaho Tax-Exempt Fund.

† Holds same position with Amana Mutual Funds Trust.
*Idaho Tax-Exempt Fund Annual Report November 30, 2007**11*
(graphic omitted)

This report is issued for the information of the shareowners of the Fund. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Fund. Idaho Tax-Exempt Fund is a series of Saturna Investment Trust. 

 

**Saturna Capital**					  1300 N. State Street				    Bellingham, WA 98225				    www.saturna.com				    (800) SATURNA

 

**Item 2. Code of Ethics.**    Registrant has adopted    a code of ethics and is included with this submission    as Exhibit (a).It may also be found on Registrant’s website at http://www.saturna.com/ethicsdoc.htm. 

**Item 3. Audit Committee Financial Expert.**    (a)(1)(i) The Trust has an audit committee financial expert serving on its audit committee.    (a)(2)(ii) Mr. John Moore, an independent      Trustee (as defined for investment companies),      was deemed qualified and agreed to serve.

**Item 4. Principal Accountant Fees and Services.***(a) Audit Fees*    For the fiscal years ending November 30, 2007 and      2006, the aggregate audit fees billed for professional      services rendered by the principal accountant    were $38,000    and $38,000, respectively.    

*(b) Audit-Related Fees*    For the fiscal years ending November 30, 2007 and      2006, the aggregate audit related fees were $0      and $0 respectively. The nature of the services      are: (1) auditing of the statements of assets    and liabilities, related statements of operations    and      changes in net assets, and the financial highlights      of each of the Funds; (2) auditing and reporting      on the financial statements to be included in    the Amendment to the Funds' Registration Statement,    Form N-1A, to be filed with the Securities and    Exchange Commission; (3) review of the Amendment    to the Registration Statement; and (4) issuance    of a Report on Internal Control Structure for inclusion  in Form N-SAR.

*(c) Tax Fees*    For the fiscal years ending November 30, 2007 and    2006, the aggregate tax fees billed for professional    services rendered by the principal accountant were    $16,000 and $2,000, 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, 2007 and 2006. 

*(e)(1) Audit Committee Pre-Approval Policies and      Procedures*    The following is an excerpt from the      Saturna Investment Trust Audit 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*  One hundred percent      of the services described in each of paragraphs    (b) through (d) were approved by the audit committee    pursuant      to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation      S-X.

*(f) Not applicable.*

*(g) Not applicable.*

*(h) Not applicable.*

**Item 5. Audit Committee of Listed Registrants.**    Not applicable.

**Item 6. Schedule of Investments.**    The schedule is included as part of  the report to shareholders filed under Item 1 of  this        Form.      

**Item 7. Disclosure of Proxy Voting Policies and      Procedures for Closed-End Management Investment    Companies.**    Not applicable.

**Item 8. Portfolio Managers of Closed-End Management                        Investment Companies.**    Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End                          Management Investment Company      and Affiliated Purchasers.**    Not applicable.

**Item 10. Submission of Matters to a Vote of Security                            Holders.**    Not applicable.

**Item 11. Controls and Procedures.**    (a) Internal control  over financial reporting is under the supervision  of    the principal executive and financial                              officers. On December  28, 2007,            Mr. Nicholas                          Kaiser                              (President) and Mr. Christopher            Fankhauser (Treasurer), reviewed the internal        control procedures for                          Saturna Investment TrustFunds      Trust and                found them                          reasonable                              and adequate.(b) No change.

**Item 12. Exhibits**    Exhibits included with      this filing:        

(a) Code of Ethics.

(b) 302 Certifications.                                      (1) Nicholas Kaiser,        President, Saturna Investment Trust                                        (2) Christopher  Fankhauser, Treasurer, Saturna Investment Trust 

(c) 906 Certifications.                                        (1) Nicholas Kaiser,        President, Saturna Investment Trust                                        (2) Christopher  Fankhauser, Treasurer, Saturna Investment Trust 

 

 

**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/ Nicholas Kaiser*    Nicholas Kaiser, President

Date: April 2, 2008

Pursuant to the requirements    of the Securities Exchange Act of 1934 and the  Investment 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/ Nicholas Kaiser*    Nicholas Kaiser, President

Date: April 2, 2008

 

By:

*/s/ Christopher Fankhauser*    Christopher Fankhauser, Treasurer

Date: April 2, 2008 |
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