SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, DC 20549

# FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTEREDMANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-05071 or 33-13247

**SATURNA INVESTMENT TRUST**(Exact Name of Registrant as Specified in Charter)

**1300 N. State StreetBellingham, Washington 98225-4730**(Address of Principal Executive Offices, including ZIP Code)

**Thomas R. Phillips1300 N. State StreetBellingham, Washington 98225-4730**(Name and Address of Agent for Service)

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

Date of fiscal year end: November 30, 2014Date of reporting period: November 30, 2014

### Item 1. Annual Report.

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# Sextant Mutual Funds

## Annual Report

November 30, 2014

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### Performance Summary *as of December 31, 2014: (unaudited)*

Comparative returns and percentile MorningstarTM category rankings (1 is best)†

| Average Annual Returns vs. Category Average Returns       | 1 Year    | 3 Year    | 5 Year    | 10 Year  | Expense Ratio1 |
|-----------------------------------------------------------|-----------|-----------|-----------|----------|----------------|
| Sextant Short-Term Bond vs. Short-Term Bond Category      |
| Fund Return                                               | 0.94%     | 0.67%     | 1.47%     | 2.64%    | 1.14%          |
| Morningstar Category                                      | 1.07%     | 1.70%     | 2.31%     | 2.94%    | n/a            |
| % Rank (category size)                                    | 49 (524)  | 84 (435)  | 79 (378)  | 69 (271) | n/a            |
|                                                      |
| Sextant Bond Income vs. Long-Term Bond Category           |
| Fund Return                                               | 8.68%     | 3.42%     | 5.17%     | 4.38%    | 1.12%          |
| Morningstar Category                                      | 11.34%    | 5.20%     | 8.65%     | 6.87%    | n/a            |
| % Rank (category size)                                    | 59 (35)   | 74 (24)   | 100 (17)  | 100 (5)  | n/a            |
|                                                      |
| Sextant Core2 vs. Moderate Allocation Category            |
| Fund Return                                               | 5.85%     | 7.54%     | 6.70%     | n/a      | 1.01%          |
| Morningstar Category                                      | 6.21%     | 11.72%    | 9.43%     | 5.93%    | n/a            |
| % Rank (category size)                                    | 55 (866)  | 97 (740)  | 96 (652)  | n/a      | n/a            |
|                                                      |
| Sextant Global High Income3 vs. World Allocation Category |
| Fund Return                                               | 3.19%     | n/a       | n/a       | n/a      | 1.25%          |
| Morningstar Category                                      | 1.54%     | 8.18%     | 7.14%     | 5.50%    | n/a            |
| % Rank (category size)                                    | 29 (534)  | n/a       | n/a       | n/a      | n/a            |
|                                                      |
| Sextant Growth vs. Large Growth Category                  |
| Fund Return                                               | 13.32%    | 18.99%    | 13.09%    | 8.07%    | 0.94%          |
| Morningstar Category                                      | 10.00%    | 19.41%    | 14.09%    | 7.68%    | n/a            |
| % Rank (category size)                                    | 17 (1710) | 62 (1528) | 72 (1324) | 37 (909) | n/a            |
|                                                      |
| Sextant International vs. Foreign Large Blend Category    |
| Fund Return                                               | -3.20%    | 4.00%     | 2.76%     | 5.56%    | 0.66%          |
| Morningstar Category                                      | -4.98%    | 10.22%    | 5.04%     | 4.48%    | n/a            |
| % Rank (category size)                                    | 22 (750)  | 98 (650)  | 92 (583)  | 24 (313) | n/a            |
|                                                      |

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

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

1 By regulation, expense ratios shown in this table are as of the Funds' most recent prospectus, which is dated March 27, 2014, and incorporate results for the fiscal year ended November 30, 2013. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods.  Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds' most recent fiscal period (shown on page 4).  Average annual total returns include changes in principal value, reinvested dividends, and capital gain distributions, if any.

2 Sextant Core began operations March 30, 2007.

3 Sextant Global High Income Fund began operations March 30, 2012.

**† Morningstar 12/31/2014.** Morningstar, Inc. is an independent fund performance monitor.  Rankings and category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.  Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar ReturnTM, Morningstar Risk-Adjusted RatingsTM, and the load-adjusted returns do incorporate those fees.)  Total returns account for management, administrative, 12b-1 fees, and other costs automatically deducted from fund assets.

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

Sextant Short-Term Bond was 256th of 524 Short-Term Bond funds in the last year, 367th of 435 funds in the last 3 years, 299th of 378 funds in the last 5 years, and 188th of 271 funds in the last 10 years. Sextant Bond Income was 21st of 35 Long-Term Bond funds in the last year, 18th of 24 funds in the last 3 years, 17th of 17 funds in the last 5 years, and 5th of 5 funds in the last 10 years. Sextant Core was 476th of 866 Moderate Allocation funds in the last year, 724th of 740 funds in the last 3 years, and 632nd of 652 funds in the last 5 years. Sextant Global High Income was 157th of 534 World Allocation funds in the last year. Sextant Growth was 286th of 1710 Large Growth funds in the last year, 946th of 1528 funds in the last 3 years, 957th of 1324 funds in the last 5 years, and 333rd of 909 funds in the last 10 years. Sextant International was 166th of 750 Foreign Large Blend funds in the last year, 641st of 650 funds in the last 3 years, 541st of 583 funds in the last 5 years, and 74th of 313 funds in the last 10 years.

| 2 | November 30, 2014        Annual Report
Fellow Shareowners:
2014 was a "goldilocks" market year, and most financial assets appreciated, stimulated by abnormally low interest rates. For the fiscal year ended November 30, 2014, domestic equities performed nicely, and the S&P 500 provided a total return of 16.86%. Sextant Growth was our best fund, returning 16.29%, followed by Sextant Core at 8.41%. During the same period, foreign markets did considerably less well, and the MSCI EAFE Index returned just 0.41%. In contrast, Sextant International returned 1.88% and Sextant Global High Income 5.27%. Continued low interest rates again helped bonds: Sextant Bond Income provided a respectable 7.40% gain, while the more stable Sextant Short-Term Bond returned 0.94%. 

Sextant Funds stress low operating expenses and employ a “fulcrum” advisory fee structure that rewards or penalizes Saturna Capital for investment results. This “profit sharing” structure appeals to many informed investors.

The assets of five of the six Sextant Funds increased over the past tweleve months, and overall assets of the Funds now total $181 million. The Funds' annualized expense ratios during the period ranged from 0.75% to 1.16% (see page 59). The Sextant Funds' efficiency is illustrated by the 0.88% asset-weighted average expense ratio of all six funds.

Long-term Results

As long-term investors, we stress the importance of measuring performance over multiple years. This reveals how a fund performed during both good times and bad. The Performance Summary tables (for the calendar year period through December 31, 2014, on page 2, and through November 30, 2014, on page 4) provide comparative returns and Morningstar category rankings so you may review Fund performance for periods of up to 10 years.

Going Forward

In much of the world, economic growth has flatlined. Although reported core inflation is minimal, numerous governments are counting on its eventual return. The impact of low interest rates is declining, and politicians continue to find fiscal restraint a difficult avenue to recovery. At worst, the world could slip into widespread deflation in which prices, wages, and output fall in tandem.

This creates a mixed climate for the world's equity markets. We will continue to invest in innovative companies with strong business advantages and balance sheets sturdy enough to navigate more trying times. We aim to avoid companies dependent on government spending and the regions and countries that will be hurt the most in austerity. Turbulent times also create opportunity, and we seek entrepreneurial companies that can grow profits. Indeed, equity investors are optimistic that growing corporate earnings mean they will be rewarded.

The United States has ended its stimulative bond-buying programs, but other regions are expanding similar efforts. The transition to higher interest rates is expected to begin shortly, and holders of long-term bonds are at short-term risk of price declines. 

Going forward, the Sextant Funds continue to offer investors a broad mix of investment vehicles: growth equities, international exposure, and a blended portfolio, plus global high income, short-term, and long-term fixed income options. This array of portfolios serves our investors in both bull and bear markets by seeking to provide steady, long-term growth with a focus on preservation of capital. Please review the following pages for more in-depth information about each Fund.

Expanded Portfolio Management Team

Saturna Capital has significantly expanded its portfolio management team over the last few years as its business has expanded. The following experienced persons are now managing the Sextant funds:

Sextant Bond Income

Phelps McIlvaine

Sextant Short-Term Bond

Phelps McIlvaine

Sextant Growth

Paul Meeks, CFA

Sextant International

Nicholas Kaiser, CFA
 
Scott Klimo, CFA, deputy

Sextant Core

J. Peter Nielsen, CFA

Sextant Global High Income

Bryce Fegley, CFA, co-mgr
 
John Scott, CFA, co-mgr

Respectfully,

(photo omitted)

**Nicholas Kaiser,**President & Portfolio Manager

(photo omitted)

**John E. Love,**Independent Board Chairman

November 30, 2014         Annual Report

3
Performance Summary *as of November 30, 2014: (unaudited)*
Comparative returns and percentile MorningstarTM category rankings (1 is best)†

Average Annual Returns vs. Category Average Returns

1 Year

3 Year

5 Year

10 Year

Expense Ratio1

Sextant Short-Term Bond vs. Short-Term Bond Category

Fund Return

0.94%

0.88%

1.38%

2.70%

1.14%

Morningstar Category

1.28%

1.95%

2.30%

3.02%

n/a

% Rank (category size)

64 (514)

82 (435)

79 (377)

69 (270)

n/a
 
Sextant Bond Income vs. Long-Term Bond Category

Fund Return

7.40%

3.68%

4.67%

4.45%

1.12%

Morningstar Category

10.12%

5.77%

7.97%

6.94%

n/a

% Rank (category size)

70 (35)

74 (24)

100 (17)

100 (5)

n/a
 
Sextant Core2 vs. Moderate Allocation Category

Fund Return

8.41%

8.35%

7.22%

n/a

1.01%

Morningstar Category

8.40%

12.09%

9.90%

6.26%

n/a

% Rank (category size)

49 (858)

96 (740)

96 (654)

n/a

n/a
 
Sextant Global High Income3 vs. World Allocation Category

Fund Return

5.27%

n/a

n/a

n/a

1.25%

Morningstar Category

4.40%

8.65%

7.80%

5.97%

n/a

% Rank (category size)

43 (541)

n/a

n/a

n/a

n/a
 
Sextant Growth vs. Large Growth Category

Fund Return

16.29%

19.23%

14.15%

8.53%

0.94%

Morningstar Category

14.10%

19.28%

15.01%

8.14%

n/a

% Rank (category size)

27 (1705)

54 (1496)

68 (1324)

37 (905)

n/a
 
Sextant International vs. Foreign Large Blend Category

Fund Return

1.88%

4.83%

3.85%

6.53%

0.66%

Morningstar Category

0.02%

10.76%

6.15%

5.28%

n/a

% Rank (category size)

22 (760)

97 (670)

92 (598)

22 (326)

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, 2014 ("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. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower. 

1 By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus, which is dated March 27, 2014, and incorporate results for the fiscal year ended November 30, 2013. Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different periods.

2 Sextant Core began operations on March 30, 2007.

3 Sextant Global High Income Fund began operations March 30, 2012.

**† Morningstar 11/30/2014.**  Morningstar, Inc. is an independent fund performance monitor.  Rankings and category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV.  Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees.  (Morningstar ReturnTM, Morningstar Risk-Adjusted RatingsTM, and the load-adjusted returns do incorporate those fees.)  Total returns account for management, administrative, 12b-1 fees, and other costs automatically deducted from fund assets.

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

Sextant Short-Term Bond was 329th of 514 Short-Term Bond funds in the last year, 358th of 435 funds in the last 3 years, 301st of 377 funds in the last 5 years, and 186th of 270 funds in the last 10 years. Sextant Bond Income was 25th of 35 Long-Term Bond funds in the last year, 18th of 24 funds in the last 3 years, 17th of 17 funds in the last 5 years, and 5th of 5 funds in the last 10 years. Sextant Core was 418th of 858 Moderate Allocation funds in the last year, 717th of 740 funds in the last 3 years, and 633rd of 654 funds in the last 5 years. Sextant Global High Income was 235th of 541 World Allocation funds in the last year. Sextant Growth was 450th of 1705 Large Growth funds in the last year, 814th of 1496 funds in the last 3 years, 909th of 1324 funds in the last 5 years, and 336th of 905 funds in the last 10 years. Sextant International was 169th of 760 Foreign Large Blend funds in the last year, 656th of 670 funds in the last 3 years, 550th of 598 funds in the last 5 years, and 72nd of 326 funds in the last 10 years.

4

November 30, 2014        Annual Report
Sextant Short-Term Bond Fund
Performance Summary (unaudited)

Average Annual Returns as of November 30, 2014
 
1 Year

5 Year

10 Year

Expense Ratio1

Sextant Short-Term Bond Fund

0.94%

1.38%

2.70%

1.14%

Citigroup Gov./Corp. Inv. Grade Index 1-3 Years

0.84%

1.29%

2.89%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2004, to an identical amount invested in the Citigroup Gov.Corp. Investment Grade Bond Index, a broad-based index of shorter-term investment grade US government and corporate bond prices.  The graph shows that an investment in the Fund would have risen to $13,055 versus $13,301 in the index. 

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.75%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objectives of the Short-Term Bond Fund are capital preservation and current income.
Top Ten Holdings Portfolio Diversification
% of Total Net Assets

% of Total Net Assets
 
Jeffries Group LLC 8.50% due 07/15/2019

4.2%
Treasury Notes

8.6%   
Murray Street Trust 1 — Goldman Sachs 4.647% due 03/09/2017

4.2%

Banks

7.5%
   
Cintas Corp No. 2 6.125% due 12/01/2017

4.0%

Chemicals Distribution

6.7%
   
Broadridge Financial Solutions 6.125% due 06/01/2017

3.9%

Exploration & Production

6.3%
   
LaClede Gas 2.00% due 08/15/2018

3.9%

Automobile OEM

6.2%
   
Oracle 5.75% due 04/15/2018

3.7%

Institutional Brokerage

4.2%
   
General Electric Capital 5.625% due 09/15/2017

3.7%

Apparel, Footwear, Accessory Design

4.0%
   
Georgia Power 5.70% due 06/01/2017

3.6%

Payment & Data

3.9%
   
International Game Technology 7.50% due 06/15/2019

3.6%

Utility Networks

3.9%
   
PotashCorp 3.25% due 12/01/2017

3.4%

Infrastructure Software

3.7%
    
Commercial Finance

3.7%
   
Power Generation

3.6%
   
Casinos & Gambling

3.6%
   
Telecom Carriers

3.3%
   
Electrical Components

3.3%
   
Investment Management

3.3%
   
Basic & Diversified Chemicals

3.2%
   
Food Manufacturing

3.2%
   
Other industries < 3%

15.0%
   
Cash and equivalents

2.8%
   
*Industry weightings are shown as a percentage of total net assets.*

November 30, 2014         Annual Report

5
Sextant Short-Term Bond Fund
Discussion of Fund Performance (unaudited)

(photo omitted)

**Phelps McIlvaine**Portfolio Manager

Fiscal Year 2014

For the fiscal year ended November 30, 2014, the Sextant Short-Term Bond Fund returned 0.94%.  This annual return was below its Morningstar category peer group, which returned 1.28% during the same period.  For the five years ending November 30, 2014, the Fund provided a 1.38% annualized total return versus 2.30% for its Morningstar peer category group.  During the year,  the Fund's share price fell slightly from $5.05 to $5.04.  Net investment income, reflecting the market's low rates, fell from 1.20% to 1.14%.  Fund shares outstanding rose 5%.  Fund assets rose 4.9%.  The Fund's 30-day SEC yield was 0.93%, and its unsubsidized 30-day SEC yield was 0.39%.  Reflecting Saturna Capital's voluntary subsidies to cap operating expenses, the Fund's effective expense ratio remainedat 0.75%.

Factors Affecting Past Performance

Inconsistent US economic growth, a rising dollar, and a steady decline in inflation expectations validated the decline in US rates. The Federal Reserve Bank transitioned from years of extraordinary open market intervention (actions) to a new period of near-zero short-term rates and "jawboning" (words). Near-zero overnight bank rates limited volatility and returns in short-term securities.

The end of US quantitative easing allowed another decline in long US yields and a significant flattening of the yield curve. The longest duration high-grade securities generated the highest returns. Income investors became more selective on credit allocations. Russia's invasion of the Crimea, Argentina's default, faltering growth in Japan, China and Europe, as well as the US Federal Reserve's normalization rhetoric refocused attention on credit. For the first time in recent memory, the high-yield sector underperformed the BBB sector. Slightly lower returns in Mining and Energy were the exception to otherwise consistent returns in industrial sectors. The historic impairments imposed on Detroit municipal general obligation bondholders and various decisions by Congress and the IRS caused the Build America Bond sector to underperform.

Softer underwriting criteria and bond covenants unleashed record corporate bond supply, leading to a modest increase in corporate spreads. Institutional investors, federal regulators, and central banks worried openly about leveraged carry positions funded in US dollars and secondary market liquidity.

The Fund maintained dollar-weighted average maturity within the "under normal circumstances" three-year area while slightly raising average credit quality. The Fund added to US Treasury bonds and remained overweight high-grade, taxable corporate and municipal bonds.

Looking Forward

For 2015, US central bank policy will diverge from the rest of the world resulting in relatively high US rates, a strong US dollar, and moderating inflation. Unproductive Asian and European debt burdens will hamper growth and weaken currencies. Geopolitical friction may strain international funding for select sovereign issuers and increase demand for US safe-haven assets. Recent significant declines in the price of oil and in long-term breakeven forward inflation rates will allow the Federal Reserve to maintain near-zero overnight rates for longer than expected.

Credit spreads widened slightly in 2014, indicating a new appreciation for creditworthiness and the emergence of a possible floor in credit spreads. With diverging central bank policies, currency values, and regional growth rates, sovereign credit spreads will hold or widen even as rates remain stable or fall further. Investment grade returns will again exceed high-yield returns.

We expect the short curve to remain steep in 2015 and the two-year US Treasury note yield will remain below one percent.  It is important to note that as of December 28, 2014, the two-year breakeven forward inflation rate has fallen to just 0.61%.  This means that a US Treasury note yielding only 0.71% still carries a 0.10% *real positive* return.  Even at historically low rates, the purchasing power of assets invested in short-term bonds can still grow.  Short bonds can continue to provide *real* returns uncorrelated to other asset classes, lower volatility, and diversification for risk-conscious investors.  The re-emergence of positive real rates combined with near-zero or even negative inflation rates reaffirms the value in short-term bonds.

We expect to improve the overall credit quality and marketability of the portfolio as the risk/return ratio of lower-rated paper remains less appealing. The Fund expects to maintain a dollar-weighted average maturity close to three years and reduce the overweight position in corporate and taxable municipal paper.

Management Fee Calculations

The Sextant Short-Term Bond Fund calculates the performance part of its management fee by comparing the Fund's return to the average return of Morningstar'sTM "Short-Term Bond" category. The Fund's 12-month return (0.94%) was less than 1% percent below the MorningstarTM average (1.28%) at month-end November 30, 2014. Therefore,no performance adjustment was made, and the basic annual management fee of 0.60% was charged for the month of December 2014. Note that the management fee is partially waived due to the adviser's voluntary cap on total Fund expenses.

6

November 30, 2014        Annual Report
Sextant Short-Term Bond Fund
Schedule of Investments

Corporate Bonds — 87.2%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Communications
 
Telecom Carriers

America Movil Sab de CV

2.375% due 09/08/2016

$250,000

$255,315

3.3%
  
250,000

255,315

3.3%
 
Consumer Discretionary
 
Apparel, Footwear, Accessory Design

Cintas Corp No. 2

6.125% due 12/01/2017

270,000

304,151

4.0%
 
Automobile OEM

American Honda

1.50% due 09/11/2017

250,000

251,408

3.3%

Toyota Motor Credit

1.25% due 10/05/2017

226,000

226,161

2.9%
 
476,000

477,569

6.2%
 
Casinos & Gambling

International Game Technology

7.50% due 06/15/2019

250,000

276,649

3.6%
  
996,000

1,058,369

13.8%
 
Consumer Staples
 
Beverages

Coca Cola Hellenic

5.50% due 09/17/2015

175,000

180,644

2.4%
 
Food Manufacturing

Sara Lee

2.75% due 09/15/2015

245,000

247,963

3.2%
 
Household Products Manufacturing

Clorox

5.00% due 01/15/2015

200,000

201,063

2.6%
  
620,000

629,670

8.2%
 
Energy
 
Exploration & Production

Enbridge (Pipeline)

5.60% due 04/01/2017

200,000

219,146

2.9%

Petrobras International Finance

6.125% due 10/06/2016

250,000

261,060

3.4%
 
450,000

480,206

6.3%
 
Power Generation

Georgia Power

5.70% due 06/01/2017

250,000

277,746

3.6%
 
Refining & Marketing

Ultramar Diamond Shamrock

7.20% due 10/15/2017

189,000

215,110

2.8%
  
889,000

973,062

12.7%
 
Financials
 
Banks

BNP Paribas

2.375% due 09/14/2017

250,000

255,573

3.3%

Murray Street Trust 1 — Goldman Sachs

4.647% due 03/09/2017

300,000

320,121

4.2%
 
550,000

575,694

7.5%
 
Commercial Finance

General Electric Capital

5.625% due 09/15/2017

250,000

279,312

3.7%
 
Institutional Brokerage

Jeffries Group

8.50% due 07/15/2019

265,000

325,253

4.2%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

7
Sextant Short-Term Bond Fund
Schedule of Investments

Corporate Bonds — 87.2%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
**Financials***(continued)*
 
Investment Management 

BlackRock

3.50% due 12/10/2014

$250,000

$250,162

3.3%
 
Payment & Data 

Broadridge Financial Solutions

6.125% due 06/01/2017

275,000

300,960

3.9%
 
Retail REIT

Simon Property Group

5.10% due 06/15/2015

220,000

225,406

2.9%
  
1,810,000

1,956,787

25.5%
 
Industrials
 
Electrical Components

ABB Finance

1.625% due 05/08/2017

250,000

251,834

3.3%
 
Rail Freight Transportation

Burlington Northern Santa Fe

5.65% due 05/01/2017

200,000

220,823

2.9%
  
450,000

472,657

6.2%
 
Materials
 
Basic & Diversified Chemicals

Air Products & Chemicals

1.20% due 10/15/2017

250,000

248,688

3.2%
 
Chemicals Distribution

PotashCorp

3.25% due 12/01/2017

250,000

262,297

3.4%

Sherwin Williams

1.35% due 12/15/2017

250,000

249,391

3.3%

500,000

511,688

6.7%
 
750,000

760,376

9.9%
 
Technology 
 
Infrastructure Software

Oracle

5.75% due 04/15/2018

250,000

284,030

3.7%
 
250,000

284,030

3.7%
 
Utilities
 
Utility Networks

LaClede Gas

2.00% due 08/15/2018

300,000

299,424

3.9%
 
300,000

299,424

3.9%
 
Total Corporate Bonds

6,315,000

6,689,690

87.2%
 
Municipal Bonds — 1.4%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Revenue
 
Kansas City Special Facility Revenue

4.25% due 09/01/2016

110,000

113,169

1.4%
 
110,000

113,169

1.4%
 
Continued on next page.

8

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Short-Term Bond Fund
Schedule of Investments
 
US Government Bonds — 8.6%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Treasury Notes
 
United States Treasury Note

2.50% due 06/30/2017

$143,000

$149,446

1.9%

United States Treasury Note

2.75% due 12/31/2017

142,000

149,743

2.0%

United States Treasury Note

2.625% due 01/31/2018

141,000

148,193

1.9%

United States Treasury Note

2.75% due 02/15/2019

200,000

211,547

2.8%
 
626,000

658,929

8.6%
 
Total investments

(Cost = $7,441,594)

$7,051,000

7,461,788

97.2%

Other assets (net of liabilities)

211,877

2.8%

Total net assets

$7,673,665

100.0%

Bond Quality Diversification
 
Rated "Aa3"

2.9%

   

Rated "A1"

22.6%

   

Rated "A2"

16.7%

   

Rated "A3"

13.2%

   

Rated "Baa1"

16.0%

   

Rated "Baa2"

9.8%

   

Rated "Baa3"

4.2%

   

Not rated

11.8%

   

Cash and equivalents

2.8%

   

Based on total net assets as of November 30, 2014. Not rated bonds include 8.6% of US Government issued securities.

Source: Moody's Investors Services. 

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

9
Sextant Short-Term Bond Fund
Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value(Cost $7,441,594)

$7,461,788 

Cash

121,642

Interest receivable

94,426

Receivable for Fund shares sold

2,060

Total assets

7,679,916

Liabilities

Payable to affiliates

3,586

Accrued expenses

2,269

Accrued distribution fee

367

Distributions payable

29

Total liabilities

6,251

Net Assets

$7,673,665
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$7,662,573

Undistributed net investment income

1,308

Accumulated net realized loss

(10,410)

Unrealized net appreciation on investments

20,194

Net assets applicable to Fund shares outstanding

$7,673,665
 
Fund shares outstanding

1,521,191
 
Net asset value, offering, and redemption price per share

$5.04

Statement of Operations

Year ended November 30, 2014
 
Investment income

Interest income

$142,044

Gross investment income

142,044

Expenses

Investment adviser fees

45,149

Filing and registration fees

18,823

Distribution fees

18,812

Audit fees

5,071

Retirement plan custodial fees

3,199

Printing and postage

1,908

Chief Compliance Officer expenses

1,754

Trustee fees

1,320

Other expenses

777

Custodian fees

336

Legal fees

182

Total gross expenses

97,331

Less adviser fees waived

(40,380)

Less custodian fee credits

(336)

Net expenses

56,615

Net investment income

$85,429
  
Net realized gain from investments

$3,938

Net decrease in unrealized appreciation on investments

(6,886)

Net loss on investments

($2,948)
 
Net increase in net assets resulting from operations

$82,481

10

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Short-Term Bond Fund
Statements of Changes in Net Assets

Year ended Nov. 30, 2014

Year ended Nov. 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

$85,429

$92,977

Net realized gain on investments

 3,938

 21,302

Net decrease in unrealized appreciation

(6,886)

(75,115)

 Net increase in net assets

82,481

39,164

Distributions to shareowners from

Net investment income

(85,429)

(92,977)

Capital share transactions

Proceeds from sales of shares

1,678,931

2,407,968

Value of shares issued in reinvestment of dividends

84,582

92,022

Cost of shares redeemed

(1,393,992)

(1,827,832)

Net increase in net assets 

369,521

672,158

Total increase in net assets

366,573

618,345
 
Net assets

Beginning of year

7,307,092

6,688,747

End of year

7,673,665

7,307,092
 
Undistributed net investment income

$1,308

$1,308
 
Shares of the Fund sold and redeemed

Number of shares sold

332,775

475,701

Number of shares issued in reinvestment of dividends

16,767

18,254

Number of shares redeemed

(276,221)

(364,256)

Net increase in number of shares outstanding

73,321

129,699

Financial Highlights

For year ended November 30, 

Selected data per share of outstanding capital stock throughout each year:

2014

2013

2012

2011

2010

Net asset value at beginning of year

$5.05

$5.07

$5.10

$5.12

$5.10

Income from investment operations

Net investment income

0.06

0.06

0.07

0.09

0.12

Net gain (loss) on securities (both realized and unrealized)

(0.01)

(0.02)

(0.03)

(0.02)

0.02

Total from investment operations

0.05

0.04

0.04

0.07

0.14

Less distributions

Dividends (from net investment income)

(0.06)

(0.06)

(0.07)

(0.09)

(0.12)

Total distributions

(0.06)

(0.06)

(0.07)

(0.09)

(0.12)

Paid-in capital from early redemption fees

n/a

n/a

0.001

0.001

0.001
 
Net asset value at end of year

$5.04

$5.05

$5.07

$5.10

$5.12
 
Total return

0.94%

0.82%

0.89%

1.42%

2.87%
 
Ratios / supplemental data

Net assets ($000), end of year

$7,674

$7,307

$6,689

$6,086

$5,136

Ratio of expenses to average net assets

Before fee waivers and custodian fee credits

1.29%

1.14%

1.26%

1.33%

1.34%

After fee waivers

0.76%

0.76%

0.76%

0.75%

0.76%

After fee waivers and custodian fee credits

0.75%

0.75%

0.75%

0.75%

0.75%

Ratio of net investment income after fee waivers and custodian fee credits to average net assets

1.14%

1.20%

1.47%

1.79%

2.42%

Portfolio turnover rate

14%

50%

26%

14%

27%

1Amount is less than $0.01

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

11
Sextant Bond Income Fund
Performance Summary *(unaudited)*

Average Annual Returns as of November 30, 2014
 
1 Year

5 Year

10 Year

Expense Ratio1

Sextant Bond Income Fund

7.40%

4.67%

4.45%

1.12%

Citigroup Broad Investment Grade Bond Index

5.28%

4.02%

4.90%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2004, to an identical amount invested in the Citigroup Broad Investment Grade Bond Index, a broad-based index of medium and long-term investment grade bond prices. The graph shows that an investment in the Fund would have risen to $15,459 versus $16,135 in the index. 

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.89%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objective of the Bond Income Fund is current income.
Top Ten Holdings Portfolio Diversification
% of Total Net Assets

% of Total Net Assets
 
United States Treasury Bond 5.375% due 02/15/2031

6.9%
Municipal General Obligation

21.1%   
American Municipal Power Ohio Rev. 7.20% due 02/15/2029

4.2%

Municipal Revenue

9.9%
   
Vale Canada (Inco) 7.20% due 09/15/2032

3.9%

Treasury Bonds

6.9%
   
Becton Dickinson 6.7% due 08/01/2028

3.9%

Large Pharmaceuticals

5.2%
   
Puget Sound Energy 7.02% due 12/01/2027

3.8%

Integrated Utilities

4.6%
   
Merck & Co. (Schering) 6.50% due 12/01/2033

3.7%

Mining Services

3.9%
   
Blaine Co. ID SCD #61 Hailey 5.25% due 08/01/2020

3.5%

Medical Equipment

3.9%
   
Boeing 6.125% due 02/15/2033

3.5%

Power Generation

3.8%
   
Canadian Natural Resources 6.45% due 06/30/2033

3.4%

Commercial Aircraft

3.5%
   
UBS AG Stamford CT 7.75% due 09/01/2026

3.3%

Exploration & Production

3.4%
    
Institutional Brokerage

3.3%
   
Generic Pharmaceuticals

3.2%
   
Banks

3.1%
   
Foreign Government Bonds

2.9%
   
Treasury Notes

2.9%
   
Integrated Oils

2.2%
   
Other industries < 2%

8.8%
   
Cash and equivalents

7.4%
   
Industry weightings are shown as a percentage of total net assets.

12

November 30, 2014        Annual Report
Sextant Bond Income Fund
Discussion of Fund Performance (unaudited)

(photo omitted)

**Phelps McIlvaine**Portfolio Manager

Fiscal Year 2014

For the fiscal year ended November 30, 2014, the Sextant Bond Income Fund returned 7.40%. The Fund's Morningstar Category "Long-Term Bond" peer group returned 10.12% during the same period. The Fund's 30-day SEC yield was 2.24%, and its unsubsidized 30-day SEC yield was 2.03%. The Fund's share price rose from $5.05 to $5.26. For the five years ended November 30, 2014, the Fund provided an annualized total return of 4.67%, below the 7.97% annualized return for the Morningstar peer group category. 2014 net investment income decreased to 3.07%. Fund shares outstanding rose 7.3% with total net assets rising 12% during fiscal 2014. Reflecting Saturna Capital's voluntary subsidies to cap operating expenses, the Fund's effective expense ratio was 0.90%.

Factors Affecting Past Performance

Inconsistent US economic growth, a rising dollar, and a steady decline in inflation expectations validated the decline in US rates. The Federal Reserve Bank transitioned from years of extraordinary open market intervention (actions) to a new period of near-zero short-term rates and "jawboning" (words). Near-zero overnight bank rates limited volatility and returns in short-term securities.

The end of US quantitative easing allowed another decline in long US yields and a significant flattening of the yield curve. The longest duration high-grade securities generated the highest returns. Income investors became more selective on credit allocations. Russia's invasion of the Crimea, Argentina's default, faltering growth in Japan, China and Europe, as well as the US Federal Reserve's normalization rhetoric refocused attention on credit. For the first time in recent memory, the high-yield sector underperformed the BBB sector. Slightly lower returns in Mining and Energy were the exception to otherwise consistent returns in industrial sectors. The historic impairments imposed on Detroit municipal general obligation bondholders and various decisions by Congress and the IRS caused the Build America Bond sector to underperform.

Softer underwriting criteria and bond covenants unleashed record corporate bond supply, leading to a modest increase in corporate spreads. Institutional investors, federal regulators, and central banks worried openly about leveraged carry positions funded in US dollars and secondary market liquidity.

The Fund maintained dollar-weighted average maturity within the "under normal circumstances" ten-year area while slightly raising average credit quality. The Fund added to US Treasury bonds and remained overweight high-grade, taxable corporate and municipal bonds.

Looking Forward

For 2015, US central bank policy will diverge from the rest of the world resulting in relatively high US rates, a strong US dollar, and moderating inflation. Unproductive Asian and European debt burdens will hamper growth and weaken currencies. Geopolitical friction may strain international funding for select sovereign issuers and increase demand for US safe-haven assets. Recent significant declines in the price of oil and in long-term breakeven forward inflation rates will allow the Federal Reserve to maintain near-zero overnight rates for longer than expected. 

Credit spreads widened slightly in 2014, indicating a new appreciation for creditworthiness and the emergence of a possible floor in credit spreads. With diverging central bank policies, currency values, and regional growth rates, sovereign credit spreads will hold or widen even as rates remain stable or fall further. Investment grade returns will again exceed high-yield returns.

We expect the long end of the curve will flatten further in 2015 as investors continue to pour money into long bonds. The re-emergence of positive real rates combined with negative inflation rates will continue to boost demand for long bonds from retirees and underfunded pensions. While US economic growth and employment may show continued improvement, Europe or Asia will continue to struggle. Global Inflation will continue to slow. It is essential for bond investors to recognize the difference between a normalization of US bond yields after a period of deliberate suppression by the Federal Reserve and a cyclical bottom in rates. We expect another year of positive returns for intermediate and long-term bonds.

The Fund expects to maintain and/or extend duration in the coming year. We expect to improve the overall credit quality and marketability of the portfolio as the risk/return ratio of lower-rated paper remains less appealing.

Management Fee Calculations

The Sextant Bond Income Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar'sTM "Long-Term Bond" category. The Fund's 12-month return (7.40%) was more than 2% below the MorningstarTM category average (10.12%) at month-end November 30, 2014. Therefore, the basic annual management fee of 0.60% was decreased by the maximum 0.20% to 0.40% for the month of December 2014. Note that significant portions of the Fund's expenses are waived due to the adviser's voluntary cap on total Fund expenses.

November 30, 2014         Annual Report

13
Sextant Bond Income Fund
Schedule of Investments

Corporate Bonds — 48.9%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Consumer Discretionary 
 
Auto Retail Stores

AutoZone

5.50% due 11/15/2015

$95,000

$99,260

1.2%
  
95,000

99,260

1.2%
 
Energy
 
Exploration & Production

Canadian Natural Resources

6.45% due 06/30/2033

225,000

272,831

3.4%
 
Integrated Oils

ConocoPhillips

6.00% due 01/15/2020

150,000

176,075

2.2%
 
Oil & Gas Services

Baker Hughes

6.875% due 01/15/2029

100,000

131,366

1.7%
  
475,000

580,272

7.3%
 
Financials
 
Banks

Bank of Nova Scotia Yankee

3.00% due 11/16/2026

250,000

244,491

3.1%
 
Institutional Brokerage

UBS AG Stamford CT

7.75% due 09/01/2026

200,000

260,729

3.3%
 
Property & Casualty

St. Pauls Travelers Insurance

5.50% due 12/01/2015

125,000

131,201

1.6%
  
575,000

636,421

8.0%
 
Health Care
 
Generic Pharmaceuticals

Teva Pharmaceutical

3.65% due 11/10/2021

250,000

257,042

3.2%
 
Large Pharmaceuticals

Merck & Co. (Schering)

6.50% due 12/01/2033

215,000

293,154

3.7%

Pharmacia

6.50% due 12/01/2018

100,000

117,890

1.5%
 
315,000

411,044

5.2%
 
Medical Equipment

Becton Dickinson

6.7% due 08/01/2028

240,000

310,817

3.9%
  
805,000

978,903

12.3%
 
Industrials
 
Agricultural Machinery

Deere & Co.

8.10% due 05/15/2030

95,000

142,452

1.8%
 
Commercial Aircraft

Boeing

6.125% due 02/15/2033

215,000

279,939

3.5%
  
310,000

422,391

5.3%
 
Continued on next page.

14

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Bond Income Fund
Schedule of Investments

Corporate Bonds — 48.9%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Materials
 
Basic & Diversified Chemicals

Air Products & Chemicals

8.75% due 04/15/2021

$50,000

$65,563

0.8%
 
Mining Services

Vale Canada (Inco)

7.20% due 09/15/2032

275,000

311,112

3.9%
 
Raw Material Suppliers

BHP Finance USA

5.25% due 12/15/2015

125,000

131,078

1.7%
  
450,000

507,753

6.4%
 
Utilities
 
Integrated Utilities

Entergy Louisiana

5.40% due 11/01/2024

200,000

236,296

3.0%

Florida Power & Light

5.95% due 10/01/2033

100,000

130,848

1.6%
 
300,000

367,144

4.6%
 
Power Generation

Puget Sound Energy

7.02% due 12/01/2027

237,000

305,548

3.8%
  
537,000

672,692

8.4%
 
Total Corporate Bonds

3,247,000

3,897,692

48.9%
 
Government Bonds — 2.9%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Foreign Government Bonds

Quebec Canada Yankee

7.125% due 02/09/2024

175,000

233,337

2.9%
  
175,000

233,337

2.9%
 
Municipal Bonds — 31.0%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
General Obligation
 
Blaine Co. ID SCD #61 Hailey

5.25% due 08/01/2020

250,000

281,635

3.5%

City of Burlington Taxable GO 2009 Series B

5.75% due 11/01/2028

160,000

154,266

1.9%

Dell Rapids SCD 49-3

6.257% due 01/15/2030

200,000

225,138

2.8%

Dupage Co. IL SCD #502

5.50% due 01/01/2026

150,000

163,928

2.1%

Idaho Hsg. & Fin. GARVEE BAB A-2

5.379% due 07/15/2020

180,000

200,639

2.5%

Milan Co. MI Area Schools

6.45% due 05/01/2024

150,000

173,800

2.2%

San Marcos Texas ULTD GO BAB

6.028% due 08/15/2030

200,000

231,586

2.9%

Springville UT GO BAB

5.30% due 05/01/2031

240,000

254,856

3.2%
  
1,530,000

1,685,848

21.1%
 
Revenue 
 
American Municipal Power Ohio Rev.

7.20% due 02/15/2029

250,000

333,492

4.2%

Johnson Co. KS Bldg. Ls./Pr. REV. BAB

4.60% due 09/01/2026

250,000

259,593

3.3%

Oklahoma City Fin. Auth. Ed. Lease Rev.

6.60% due 09/01/2022

160,000

193,499

2.4%
  
660,000

786,584

9.9%
 
Total Municipal Bonds

2,190,000

2,472,432

31.0%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

15
Sextant Bond Income Fund
Schedule of Investments

US Government Bonds — 9.8%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Treasury Bonds

United States Treasury Bond

5.375% due 02/15/2031

$400,000

$550,875

6.9%
  
400,000

550,875

6.9%
 
Treasury Notes

United States Treasury Note

5.25% due 02/15/2029

170,000

226,459

2.9%
  
170,000

226,459

2.9%
 
Total US Government Bonds

570,000

777,334

9.8%
 
Total investments 

(Cost = $6,874,316)

$6,182,000

7,380,795

92.6%

Other assets (net of liabilities)

585,794

7.4%

Total net assets

$7,966,589

100.0%

Bond Quality Diversification
 
Rated "Aaa"

5.4%

   

Rated "Aa2"

9.8%

   

Rated "Aa3"

3.5%

   

Rated "A1"

9.1%

   

Rated "A2"

18.7%

   

Rated "A3"

11.3%

   

Rated "Baa1"

4.6%

   

Rated "Baa2"

3.9%

   

Rated "Baa3"

5.2%

   

Not rated

21.1%

   

Cash and equivalents

7.4%

   

Based on total net assets as of November 30, 2014.Not rated bonds include 9.8% of US Government issued securities

Source: Moody's Investors Services.

16

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Bond Income Fund
Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value(Cost $6,874,316)

$7,380,795

Cash

805,465

Interest receivable

98,448

Receivable for Fund shares sold

2,833

Insurance reserve premium

401

Total assets

8,287,942

Liabilities

Payable for security purchases

314,253

Payable to affilliates

4,846

Accrued expenses

1,815

Accrued distribution fee

380

Distributions payable

59

Total liabilities

321,353

Net assets

$7,966,589
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$7,494,457

Undistributed net investment income

93

Accumulated net realized loss

(34,440)

Unrealized net appreciation on investments

506,479

Net assets applicable to Fund shares outstanding

$7,966,589
 
Fund shares outstanding

1,513,208
 
Net asset value, offering, and redemption price per share

$5.26

Statement of Operations

Year ended November 30, 2014
 
Investment income

Interest income

$295,468

Gross investment income

295,468

Expenses

Investment adviser fees

44,643

Distribution fees

18,591

Filing and registration fees

17,694

Audit fees

5,069

Retirement plan custodial fees

2,207

Printing and postage

1,972

Chief Compliance Officer expenses

1,698

Trustee fees

1,342

Other expenses

733

Custodian fees

334

Legal fees

192

Total gross expenses

94,475

Less adviser fees waived

(26,974)

Less custodian fee credits

(334)

Net expenses

67,167

Net investment income

$228,301
  
Net realized gain on securities sold

$3,415

Net increase in unrealized appreciation on investments

312,644

Net gain on investments

$316,059
 
Net increase in net assets resulting from operations

$544,360

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

17
Sextant Bond Income Fund
Statements of Changes in Net Assets

Year ended Nov. 30, 2014

Year ended Nov. 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

$228,301

$239,703

Net realized gain on investments

3,415

804

Net increase (decrease) in unrealized appreciation

312,644

(518,569)

 Net increase (decrease) in net assets

544,360

(278,062)

Distributions to shareowners from

Net investment income

(228,208)

(239,703)

Capital share transactions

Proceeds from sales of shares

746,755

696,753

Value of shares issued in reinvestment of dividends

226,784

236,870

Cost of shares redeemed

(440,533)

(1,220,041)

 Net increase (decrease) in net assets

533,006

(286,418)

Total increase (decrease) in net assets

849,158

(804,183)
 
Net assets

Beginning of year

7,117,431

7,921,614

End of year

7,966,589

7,117,431
 
Undistributed net investment income

$93

$-
 
Shares of the Fund sold and redeemed

Number of shares sold

144,870

132,048

Number of shares issued in reinvestment of dividends

43,873

45,578

Number of shares redeemed

(86,173)

(231,174)

Net increase (decrease) in number of shares outstanding

102,570

(53,548)

Financial Highlights

For year ended November 30,

Selected data per share of outstanding capital stock throughout each year:

2014

2013

2012

2011

2010

Net asset value at beginning of year

$5.05

$5.41

$5.19

$5.03

$4.96

Income from investment operations

Net investment income

0.16

0.17

0.17

0.18

0.19

Net gain (loss) on securities (both realized and unrealized)

0.21

(0.36)

0.22

0.16

0.07

Total from investment operations

0.37

(0.19)

0.39

0.34

0.26

Less distributions

Dividends (from net investment income)

(0.16)

(0.17)

(0.17)

(0.18)

(0.19)

Total distributions

(0.16)

(0.17)

(0.17)

(0.18)

(0.19)

Paid-in capital from early redemption fees

n/a

-

-

0.001

0.001
 
Net asset value at end of year

$5.26

$5.05

$5.41

$5.19

$5.03
 
Total return

7.40%

(3.59)%

7.64%

6.95%

5.43%
 
Ratios / supplemental data

Net assets ($000), end of year

$7,967

$7,117

$7,922

$6,786

$5,418

Ratio of expenses to average net assets

Before fee waivers and custodian fee credits

1.27%

1.12%

1.36%

1.26%

1.24%

After fee waivers

0.91%

0.90%

0.91%

0.91%

0.91%

After fee waivers and custodian fee credits

0.90%

0.89%

0.90%

0.90%

0.90%

Ratio of net investment income after fee waivers and custodian fee credits to average net assets

3.07%

3.23%

3.23%

3.56%

3.89%

Portfolio turnover rate

13%

8%

6%

14%

10%

1Amount is less than $0.01

18

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Core Fund
Performance Summary (unaudited)

Average Annual Returns as of November 30, 2014
 
1 Year

5 Year

10 Year

Expense Ratio1

Sextant Core Fund

8.41%

7.22%

n/a

1.01%

Dow Jones Moderate US Portfolio Index

6.91%

9.32%

6.72%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2007 (the Fund's inception), to an identical amount invested in the Dow Jones Moderate US Portfolio Index, a broad-based index of stock and bond prices. The graph shows that an investment in the Fund would have risen to $14,270 versus $15,166 in the index.

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objectives of the Core Fund are long-term appreciation and capital preservation.
Top Ten Holdings Portfolio Diversification
% of Total Net Assets

% of Total Net Assets
 
Republic of Chile 3.875% due 08/05/2020

2.5%
Banks

7.1%   
Fannie Mae 2.00% due 05/16/2017

2.3%

Telecom Carriers

6.3%
   
Bellsouth Capital Funding 7.875% due 02/15/2030

2.3%

Large Pharmaceuticals

5.3%
   
3M

2.2%

Foreign Government Bonds

4.7%
   
Nike

2.0%

Beverages

3.5%
   
Medivation

2.0%

Integrated Oils

3.2%
   
Express Scripts

1.9%

Commercial & Residential Building  Equipment & Systems

3.0%
   
NRG Energy

1.8%

Household Products Manufacturing

3.0%
   
Chubb

1.8%

Semiconductor Devices

2.8%
   
HSBC Holdings ADS

1.7%

Industrial Automation Controls

2.7%
    
Municipal General Obligation

2.6%
   
Apparel, Footwear, Accessory Design

2.5%
   
Utility Networks

2.5%
   
Mortgage Finance

2.3%
   
Containers & Packaging Manufacturing

2.2%
   
Biotech

2.0%
   
Other industries <2%

39.1%
   
Cash and equivalents

5.2%
   
Industry weightings are shown as a percentage of total net assets.

November 30, 2014         Annual Report

19
Sextant Core Fund
Discussion of Fund Performance (unaudited)

(photo omitted)

**Peter Nielsen MBA, CFA, CIPM**Portfolio Manager

Fiscal Year 2014

For the fiscal year ended November 30, 2014 capital markets displayed great resilience in the face of uncertainty. We witnessed the Federal Reserve end its so-called QE3 bond-buying program, but interest rates declined instead of rising as conventional wisdom expected. Equity market volatility remained subdued. The Sextant Core Fund returned 8.41%, beating its Dow Jones Moderate Portfolio benchmark by 1.50%. Performance was supported by the Fund's emphasis on companies with strong balance sheets and cash flows that allow dividend growth.

Factors Affecting Past Performance

***Equities***The Sextant Core Fund's mandate requires a 60% weight in equities with two-thirds exposure to US-domiciled companies and one-third exposure to foreign-domiciled companies. The Fund's equity performance was hampered by an underweight position in Information Technology, which continues to be the single biggest drag on performance. The challenge for the Fund is to find appropriately priced technology stocks, particularly given the Fund's income orientation. In addition, the Fund was overweight the Energy sector. Despite the dramatic fall in oil prices over the past few months, the Sextant Core Fund still managed to outperform as pipeline operator Williams Companies produced a 52.87% total return for the fiscal year. The Consumer Staples sector was negatively impacted by the poor performance of Brazilian beverage company Ambev, which returned -0.01% denominated in local currency, but -9.30% after the effects of US dollar exchange.

Interest rate sensitive stocks, such as Utilities, continue to provide support to portfolio performance. The Fund remains overweight the sector as it moves toward more environmentally sensitive forms of energy. Other stocks supporting performance included prostate cancer drug developer Medivation (+51.81%), Lowe's (+36.70%), and Taiwan Semiconductor (+35.29%).

***Fixed Income***The decline in interest rates contributed to further tightening of the spread between government and corporate yields, and the Fund's overweight in corporate bonds helped the fixed income portion of the portfolio. Despite having lower than benchmark duration (a measure of interest rate sensitivity), the fixed income portion of the portfolio outperformed due to yield curve positioning and underweighting government and securitized debt.

The Fund's slightly lower credit profile relative to its benchmark also supported excess returns. However, given the current pricing of corporate bond spreads, the Fund has actively improved its overall credit profile to "A" as bonds rolled off. While fixed income security prices are high, certain sectors and geographies present opportunities. Financials, for example, continue to see spreads larger than other sectors given the persistent hangover from the financial crisis. Heightened regulation, although a burden to financial institutions, offers some comfort to fixed income investors as it imposes industry limits on credit exposure and leverage. We also see opportunities in certain emerging market bonds.

Looking Forward

Equity returns have long been supported by earnings growth, share buybacks, dividend increases, and corporate acquisitions. As long as capital allocation promotes further development of shareholder value, investors will remain supportive of higher than average valuation levels. In this sixth year following the financial crisis, evidence suggests a relative decline in US company stock buybacks. This, combined with a strengthening dollar, presents a headwind for earnings growth going forward. The question for 2015 is how corporations will add to shareholder value in the face of these issues. Markets may be hesitant to bid up stocks to the extent they did in recent years given that Federal Reserve policy change is likely in fiscal 2015. If we are entering a low return environment, then active management becomes more important than ever in our view.

The Sextant Core Fund seeks to manage these risks by following its mission to diversify. The Fund's policy requires a target of 40% exposure to US equities, 20% exposure to foreign equities, 25% exposure to fixed income securities with maturities longer than three years, and 15% exposure to fixed income instruments with maturities less than three years. The Fund also seeks to diversify its positions across sectors and industries. While the US economy continues to improve, high current security valuations are concerning. Through asset class and industry diversification, we offer our investors the opportunity to manage risk inherent in the capital markets today.

Management Fee Calculations

The Sextant Core Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar'sTM "Moderate Allocation" category. The Fund's 12-month return (8.41%) was less than one percent above the MorningstarTM category average (8.40%) as of November 30, 2014. Therefore, the basic 0.60% annual management fee was not performance-adjusted for the month of December 2014.

20

November 30, 2014        Annual Report
Sextant Core Fund
Schedule of Investments

Common Stocks — 56.4%

Number of Shares

Cost

Market Value

Country1

Percentage of Assets
 
Communications 
 
Telecom Carriers

AT&T

3,000

$92,759

$106,140

United States

1.2%

Telenor

3,500

81,385

74,013

Norway

0.9%

Vodafone Group ADS

1,363

64,150

49,818

United Kingdom

0.6%
  
238,294

229,971
 
2.7%
 
Consumer Discretionary
 
Apparel, Footwear, Accessory Design

Nike

1,800

51,646

178,722

United States

2.0%

Prada ADR

3,500

70,259

45,003

Italy

0.5%
 
121,905

223,725

2.5%
 
Automobile OEM

Bayerische Motoren Werke

500

55,812

57,265

Germany

0.7%
 
E-Commerce Discretionary

eBay2

2,000

105,719

109,760

United States

1.3%
 
Home Products Stores

Lowe's

2,000

68,593

127,660

United States

1.5%
 
Passenger Transportation

LATAM Airlines ADS2

10,048

134,376

119,571

Chile

1.4%
  
486,405

637,981
 
7.4%
 
Consumer Staples
 
Beverages

Ambev ADR

10,000

60,610

65,500

Brazil

0.8%

Nestlé ADS

400

29,892

30,020

Switzerland

0.3%

PepsiCo

1,000

66,423

100,100

United States

1.2%
 
156,925

195,620

2.3%
 
Household Products Manufacturing

Kimberly-Clark

925

59,026

107,846

United States

1.2%

Procter & Gamble

900

58,842

81,387

United States

0.9%

Unilever ADS

1,850

58,335

77,959

United Kingdom

0.9%
 
176,203

267,192
 
3.0%
  
333,128

462,812
 
5.3%
 
Energy
 
Exploration & Production

Devon Energy

1,800

116,362

106,146

United States

1.2%
 
Integrated Oils

ConocoPhillips

2,000

103,522

132,140

United States

1.5%

Statoil ADS

4,503

109,385

86,052

Norway

1.0%

Total ADS

1,100

60,836

61,193

France

0.7%
 
273,743

279,385
 
3.2%
 
Midstream-Oil & Gas

Williams Companies

2,000

36,220

103,500

United States

1.2%
  
426,325

489,031
 
5.6%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

21
Sextant Core Fund
Schedule of Investments

Common Stocks — 56.4%

Number of Shares

Cost

Market Value

Country1

Percentage of Assets
 
Financials
 
Banks

HSBC Holdings ADS

3,000

$150,200

$149,250

United Kingdom

1.7%

PNC Bank

1,250

83,780

109,338

United States

1.3%

Toronto-Dominion Bank

2,500

97,400

126,225

Canada

1.5%
 
331,380

384,813
 
4.5%
 
Property & Casualty

Chubb

1,500

95,336

154,575

United States

1.8%
  
426,716

539,388
 
6.3%
 
Health Care
 
Biotech

Medivation2

1,500

114,326

173,835

United States

2.0%
 
Health Care Supply Chain

Express Scripts2

2,000

78,650

166,300

United States

1.9%
 
Large Pharmaceuticals

Abbott Laboratories

2,000

66,354

89,020

United States

1.0%

Johnson & Johnson

900

54,761

97,425

United States

1.1%

Novo Nordisk ADS

2,750

51,711

125,015

Denmark

1.5%

Sanofi ADS

3,037

131,662

146,657

France

1.7%
 
304,488

458,117
 
5.3%
 
Medical Equipment

Halyard Health2

115

2,560

4,509

United States

0.1%
 
Specialty Pharmaceuticals

Salix Pharmaceuticals2
1,000
97,388

102,690

United States

1.2%
  
597,412

905,451
 
10.5%
 
Industrials
 
Fabricating Metal & Hardware Manufacturing

Valmont Industries

750

100,938

101,415

United States

1.2%
 
Flow Control Equipment

Parker Hannifin

500

29,672

64,515

United States

0.8%
 
Industrial Automation Controls

Honeywell International

1,250

67,321

123,837

United States

1.4%
 
Infrastructure Construction

Companhia de Concessoes Rodoviarias

1,500

11,839

10,315

Brazil

0.1%
 
Rail Freight Transportation

Canadian National Railway

1,600

40,237

113,680

Canada

1.3%
  
250,007

413,762
 
4.8%
 
Materials
 
Basic & Diversified Chemicals

Praxair

700

44,349

89,866

United States

1.0%
 
Containers & Packaging Manufacturing

3M

1,200

104,586

192,108

United States

2.2%
 
Raw Materials Suppliers

BHP Billiton ADS

650

31,866

33,560

Australia

0.4%
 
Continued on next page.

22

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Core Fund
Schedule of Investments

Common Stocks — 56.4%

Number of Shares

Cost

Market Value

Country1

Percentage of Assets
 
**Materials***(continued)*
 
Specialty Chemicals

BASF ADR

400

$22,550

$36,214

Germany

0.4%

RPM International

2,000

51,772

95,400

United States

1.1%
 
74,322

131,614
 
1.5%
 
Steel Producers

Nucor

800

48,085

42,904

United States

0.5%
  
303,208

490,052
 
5.6%
 
Technology
 
Semiconductor Devices

Qualcomm

1,750

109,359

127,575

United States

1.5%

Xilinx

2,500

101,993

113,600

United States

1.3%
 
211,352

241,175
 
2.8%
 
Semiconductor Manufacturing Services

Taiwan Semiconductor ADS

3,034

23,594

71,208

Taiwan

0.8%
 
234,946

312,383
 
3.6%
 
Utilities
 
Integrated Utilities

NextEra Energy

1,250

90,644

130,487

United States

1.5%
 
Power Generation

NRG Energy

5,000

130,306

156,300

United States

1.8%
 
Utility Networks

Sempra Energy

1,000

67,669

111,730

United States

1.3%
  
288,619

398,517
 
4.6%
 
Total Common Stocks
 
$3,585,060

$4,879,348
 
56.4%

Corporate Bonds — 27.6%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Communications
 
Telecom Carriers

America Movil

5% due on 03/30/2020

$100,000

$110,946

1.3%

Bellsouth Capital Funding

7.875% due 02/15/2030

150,000

200,545

2.3%
  
250,000

311,491

3.6%
 
Consumer Discretionary
 
Commercial & Residential Building Equipment & Systems

ADT

4.125% due 06/15/2023

150,000

136,125

1.6%
  
150,000

136,125

1.6%
 
Consumer Staples
 
Beverages

Coca Cola Hellenic

5.50% due 09/17/2015

100,000

103,225

1.2%
  
100,000

103,225

1.2%
 
Energy
 
Utility Networks

Boardwalk Pipelines

5.50% due 02/01/2017

100,000

107,024

1.2%
  
100,000

107,024

1.2%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

23
Sextant Core Fund
Schedule of Investments

Corporate Bonds — 27.6%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Financials
 
Banks

Branch Banking & Trust

5.625% due 09/15/2016

$100,000

$107,976

1.2%

Wilmington Trust

8.50% due 04/02/2018

100,000

118,344

1.4%
 
200,000

226,320

2.6%
 
Commercial Finance

General Electric Capital

5.35% due 04/15/2022

101,000

112,042

1.3%
 
Consumer Finance

American Express

5.50% due 09/12/2016

100,000

107,932

1.2%

Western Union

5.93% due 10/01/2016

30,000

32,493

0.4%
 
130,000

140,425

1.6%
 
Insurance Services & Other

Partnerre Finance 

5.50% due 06/01/2020

100,000

113,285

1.3%
 
Investment Management

Blackstone Holdings

5.875% due 03/15/2021

100,000

116,698

1.3%
 
Security & Commodity Exchanges 

NASDAQ OMX Group

5.55% due 01/15/2020

50,000

55,574

0.6%
  
681,000

764,344

8.7%
 
Health Care
 
Health Care Supplies

Becton Dickinson

3.125% due 11/08/2021

100,000

100,192

1.2%
  
100,000

100,192

1.2%
 
Industrials
 
Agricultural Machinery

John Deere Capital

2.25% due 06/07/2016

100,000

102,504

1.2%
 
Commercial & Residential Building Equipment & Systems

Tyco International

8.50% due 01/15/2019

100,000

122,006

1.4%
 
Construction & Mining Machinery

Joy Global

6.00% due 11/15/2016

100,000

108,760

1.2%
 
Industrial Automation Controls

Emerson Electric

5.375% due 10/15/2017

100,000

111,512

1.3%
 
Transportation Logistics Services

Ryder System

5.85% due 11/01/2016

100,000

108,633

1.3%
  
500,000

553,415

6.4%
 
Materials
 
Chemicals Distribution

Air Products & Chemicals

4.375% due 08/21/2019

100,000

110,250

1.3%
  
100,000

110,250

1.3%
 
Technology
 
Communications Equipment 

Cisco Systems

2.90% due 03/04/2021

100,000

103,227

1.2%
 
Computer Hardware

Hewlett-Packard

2.35% due 03/15/2015

100,000

100,436

1.2%
  
200,000

203,663

2.4%
 
Total Corporate Bonds

2,181,000

2,389,729

27.6%
 
Continued on next page.

24

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Core Fund
Schedule of Investments

Government Agency Bonds — 2.3%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Mortgage Finance

Fannie Mae

2.00% due 05/16/2017

$200,000

$204,400

2.3%
  
200,000

204,400

2.3%
 
Government Bonds — 4.7%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
Foreign Government Bonds

Government of Mexico

4.00% due 10/02/2023

100,000

105,125

1.2%

New Zealand Government

5.50% due 04/15/2023

100,000

87,226

1.0%

Republic of Chile

3.875% due 08/05/2020

200,000

215,750

2.5%
  
400,000

408,101

4.7%
 
Municipal Bonds — 3.8%

Coupon/Maturity

Face Amount

Market Value

Percentage of Assets
 
General Obligation

Lake Washington SCD #414 WA BAB

4.906% due 12/01/2027

100,000

111,040

1.3%

Skagit SCD #1

4.613% due 12/01/2022

100,000

112,513

1.3%
  
200,000

223,553

2.6%
 
Revenue Bonds

New York City Housing Dev. Corp

2.65% due 05/01/2021

100,000

102,034

1.2%
  
100,000

102,034

1.2%
 
Total Municipal Bonds

300,000

325,587

3.8%
 
Total investments

(Cost = $6,853,682)
 
8,207,165

94.8%

Other assets (net of liabilities)

448,792

5.2%

Total net assets

$8,655,957

100.0%

1 Country of domicile unless no countries are otherwise indicated2 Non-income producing security

ADS: American Depositary Share  ADR: American Depositary Receipt

Bond Quality Diversification
 
Rated "Aaa"

3.6%

   

Rated "Aa1"

1.3%

   

Rated "Aa2"

1.2%

   

Rated "Aa3"

2.5%

   

Rated "A1"

2.5%

   

Rated "A2"

6.3%

   

Rated "A3"

6.3%

   

Rated "Baa1"

5.1%

   

Rated "Baa2"

1.6%

   

Rated "Baa3"

1.8%

   

Rated "Ba2"

1.6%

   

Not rated

4.6%

   

Equity

56.4%

   

Cash and equivalents

5.2%

   

Based on total net assets as of November 30, 2014.

Source: Moody's Investors Services. 

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

25
Sextant Core Fund
Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value(Cost $6,853,682)

$8,207,165

Cash

533,110

Dividends and interest receivable

47,652

Receivable for Fund shares sold

4,037

Total assets

8,791,964

Liabilities

Payable for security purchases

114,643

Accrued expenses

9,610

Payable to affiliates

6,321

Payable for Fund shares redeemed

5,022

Accrued distribution fee

411

Total liabilities

136,007

Net assets

$8,655,957
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$7,302,484

Unrealized net appreciation on investments

1,353,473

Net assets applicable to Fund shares outstanding

$8,655,957
 
Fund shares outstanding

696,309
 
Net asset value, offering, and redemption price per share

$12.43

Statement of Operations

Year ended November 30, 2014
 
Investment income

Dividends(net of foreign tax of $6,251)

$143,224

Interest income

91,109

Gross investment income

234,333

Expenses

Investment adviser fees

34,842

Filing and registration fees

22,475

Distribution fees

19,268

Audit fees

5,069

Printing and postage

2,038

Retirement plan custodial fees

2,006

Chief Compliance Officer expenses

1,721

Trustee fees

1,353

Other expenses

718

Custodian fees

366

Legal fees

194

Total gross expenses

90,050

Less custodian fee credits

(366)

Net expenses

89,684

Net investment income

$144,649
  
Net realized gain from investments and foreign currency

$262,043

Net increase in unrealized appreciation on investments and foreign currency

191,151

Net gain on investments

$453,194
 
Net increase in net assets resulting from operations

$597,843

26

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Core Fund
Statements of Changes in Net Assets

Year ended Nov. 30, 2014

Year ended Nov. 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

$144,649

$121,276

Net realized gain on investments

262,043

201,245

Net increase in unrealized appreciation

191,151

426,769

Net increase in net assets

597,843

749,290

Distributions to shareowners from

Net investment income

(144,495)

(124,229)

Capital gains

(86,744)

-

Total distriubtions

(231,239)

(124,229)

Capital share transactions

Proceeds from sales of shares

1,821,837

992,609

Value of shares issued in reinvestment of dividends

 231,239

 124,229

Cost of shares redeemed

(723,651)

(1,900,829)

 Net increase (decrease) in net assets 

1,329,425

(783,991)

Total increase (decrease) in net assets

1,696,029

(158,930)
 
Net assets

Beginning of year

6,959,928

7,118,858

End of year

8,655,957

6,959,928
 
Undistributed net investment income (loss)

$-

$(3,277)
 
Shares of the Fund sold and redeemed

Number of shares sold

146,027

87,483

Number of shares issued in reinvestment of dividends

18,603

10,546

Number of shares redeemed

(58,902)

(166,124)

Net increase (decrease) in number of shares outstanding

105,728 

(68,095)

Financial Highlights 

For year ended Nov. 30,

Selected data per share of outstanding capital stock throughout each year:

2014

2013

2012

2011

2010

Net asset value at beginning of year

$11.78

$10.81

$10.35

$10.06

$9.58

Income from investment operations

Net investment income

0.21

0.20

0.14

0.15

0.16

Net gain on securities (both realized and unrealized)

0.78

0.98

0.46

0.29

0.48

Total from investment operations

0.99

1.18

0.60

0.44

0.64

Less distributions

Dividends (from net investment income)

(0.21)

(0.21)

(0.14)

(0.15)

(0.16)

Distributions (from capital gains)

(0.13)

-

-

-

-

Total distributions

(0.34)

(0.21)

(0.14)

(0.15)

(0.16)

Paid-in capital from early redemption fees

n/a

n/a

-

0.001

0.001
 
Net asset value at end of year

$12.43

$11.78

$10.81

$10.35

$10.06
 
Total return

8.41%

10.96%

5.75%

4.42%

6.67%
 
Ratios / supplemental data

Net assets ($000), end of year

$8,656

$6,960

$7,119

$5,802

$5,228

Ratio of expenses to average net assets

Before custodian fee credits

1.17%

1.01%

1.32%

1.14%

1.21%

After custodian fee credits

1.16%

1.01%

1.32%

1.13%

1.21%

Ratio of net investment income after custodian fee credits to average net assets

1.88%

1.68%

1.29%

1.56%

1.74%

Portfolio turnover rate

14%

29%

19%

13%

13%

1Amount is less than $0.01 

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

27
Sextant Global High Income Fund
Performance Summary (unaudited)

Average Annual Returns as of November 30, 2014
 
1 Year

5 Year

10 Year

Expense Ratio1

Sextant Global High Income Fund

5.27%

n/a

n/a

1.25%

S&P Global 1200 Index

9.33%

11.40%

7.38%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services.  The graph compares $10,000 invested in the Fund on March 30, 2012 (the Fund's inception), to an identical amount invested in the S&P Global 1200 Index, a global stock market index covering nearly 70% of the world's equity markets. The graph shows that an investment in the Fund would have risen to $11,652 versus $13,169 in the index. 

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013, before fee waivers. The expense ratio shown in the most recent prospectus after fee waivers was 0.90%. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objective of the Global High Income Fund is high income, with a secondary objective of capital preservation.
Top Ten Holdings Portfolio Diversification
% of Total Net Assets

% of Total Net Assets
 
Whistler Blackcomb Holdings

2.9%
Telecom Carriers

8.8%   
Grupo Bimbo 4.875% due 06/27/2044

2.6%

Banks

7.5%
   
Rent-A-Center 6.625% due 11/15/2020

2.4%

Foreign Government Bonds

5.1%
   
San Miguel 4.875% due 04/26/2023

2.4%

Food Manufacturing

4.7%
   
Daimler

2.4%

Large Pharmaceuticals

4.3%
   
Itau Unibanco Holding ADS

2.4%

Precious Metal Mining

3.9%
   
Novartis ADS

2.4%

Integrated Oils

3.5%
   
Microchip Technology

2.3%

Institutional Brokerage

3.2%
   
SK Telecom ADS

2.3%

Lodging

2.9%
   
Vodafone Group ADS

2.3%

Specialty Apparel Stores

2.7%
    
Household Products Manufacturing

2.6%
   
Other industries < 2.5%

43.0%
   
Cash and equivalents

7.8%
   
Industry weightings are shown as a percentage of total net assets.

28

November 30, 2014        Annual Report
Sextant Global High Income Fund
Discussion of Fund Performance (unaudited)

(photo omitted)

**Bryce Fegley CFA, CIPM**Portfolio Co-Manager

(photo omitted)

**John Scott CFA**Portfolio Co-Manager

Fiscal Year 2014

The Sextant Global High Income Fund completed its second full fiscal year of operation on November 30, 2014. Total return for the fiscal year was 5.27%. On November 28, 2014, the Fund distributed qualified dividends of $0.29 per share and income dividends of $0.20 per share. Together, the $0.49 distribution represented net investment income of 4.75% during the fiscal year. The 30-day SEC yield was 5.27% at fiscal year-end.

Morningstar changed the Fund's peer group during the year from Tactical Allocation to World Allocation, reversing the change they made last year, and in effect reassigning the Fund to its original category at inception. Average returns of the World Allocation and Tactical Allocation categories were 4.40% and 4.38%, respectively. The Fund's prospectus benchmark, the S&P Global 1200 stock index, rose 9.33% during the fiscal year, while the Bloomberg Global High Yield Corporate Bond Index rose 2.96%.

Factors Affecting Past Performance

The US economy remained a bright spot in a world where growth generally slowed (China and other emerging markets) or stalled altogether (Europe and Japan). Performance of the US stock market relative to European equities began to diverge markedly during the second half of the calendar year when the resilience of European economic growth came under doubt. Inflation rates in Europe remained persistently low, helping to drive interest rates across the eurozone to record lows as well.

The Fund's low exposure to US stocks during the fiscal year did its performance no favors, as the S&P 500 (comprised of US stocks) returned 16.86%, outpacing the 0.41% total return of the MSCI EAFE Index (non-US stocks). The Fund's US equity exposure was just 4.4% of its total assets (9.0% of the equities) as of the fiscal year-end.

The Fund's strongest performances for the year came from the South African gold mining company Sibanye (up 50.98% for the fiscal year). We sold roughly half of the position earlier in the year after the shares had more than doubled from our purchase price. French telephone carrier Orange rose 48.10%, rebounding from several years of poor results as competition for market share became less aggressive. Detractors from performance included BASF (-12.09%), a Germany-based chemicals company, and CNOOC (-9.60%), the Chinese offshore oil company, both of which were negatively impacted by lower energy prices.

Looking Forward

***Equities***With the tailwind of a relatively strong US economy, investors have been willing to pay increasingly high valuations for US equities. In previous decades, however, a valuation premium of US stocks versus international stocks near current (extreme) levels has rarely been rewarded with the subsequent outperformance of US stocks in the following five-year period. We believe US stocks are unlikely to do better than international stocks over the next five years.

***Fixed Income***After touching all-time low yields in June, high-yield bond indices weakened in the second half of the year, with wider spreads helping to improve attractiveness in comparison with low-yielding government bonds in the US and Europe. Of particular interest going into 2015 are energy sector bonds and certain emerging market country bonds where we are starting to see some dislocations that could present attractive investment opportunities.

***Foreign Currencies***We have remained US dollar bulls since inception of the Fund, but its strength in the past fiscal year, with corresponding weakness in many foreign currencies, has helped move some of these currencies closer to what we consider a "fair value." The following table illustrates some of the more notable changes in currency exchange rates.

We are hopeful we can find better opportunities in non-US fixed income in 2015 than have been available in the past several years.

Management Fee Calculations

The Sextant Global High Income Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar'sTM "World Allocation" category. The Fund's 12-month return (5.27%) was less than one percent above the MorningstarTM category average (4.40%) at month-end November 30, 2014. Therefore, the basic annual management fee of 0.60% was not performance-adjusted for the month of December 2014.

November 30, 2014         Annual Report

29
Sextant Global High Income Fund
Schedule of Investments

Common Stocks — 49.0%

Number of Shares

Cost

Market Value

Country1

Percentage of Assets
 
Communications
 
Telecom Carriers

Orange

10,000

$147,658

$174,900

France

2.3%

SK Telecom ADS

6,200

82,085

175,646

South Korea

2.3%

Telenor

7,000

148,285

148,025

Norway

1.9%

Vodafone Group ADS

4,790

197,521

175,074

United Kingdom

2.3%
  
575,549

673,645
 
8.8%
 
Consumer Discretionary
 
Automobile OEM

Daimler

2,200

119,487

185,934

Germany

2.4%
 
Lodging

Whistler Blackcomb Holdings

13,000

146,165

226,803

Canada

2.9%
 
Specialty Apparel Stores

Reitmans (Canada) A

17,400

101,656

90,386

Canada

1.2%
  
367,308

503,123
 
6.5%
 
Consumer Staples
 
Household Products Manufacturing

Unilever

3,700

134,820

150,368

 Netherlands 

2.0%
  
134,820

150,368
 
2.0%
 
Energy
 
Exploration & Production

CNOOC ADR

1,000

171,626

143,930

China

1.9%
 
Integrated Oils

Royal Dutch Shell ADS

2,100

141,919

139,461

United Kingdom

1.8%

Total ADS

2,400

127,979

133,512

 France 

1.7%
 
269,898

272,973
 
3.5%
  
441,524

416,903
 
5.4%
 
Financials
 
Banks

Banco Santander ADS

16,500

160,859

146,850

Spain

1.9%

Itau Unibanco Holding ADS

12,260

155,136

184,636

Brazil

2.4%

Malayan Banking

32,000

93,555

89,429

Malaysia

1.1%

NY Community Bancorp

10,000

140,504

158,900

United States

2.1%
 
550,054

579,815
 
7.5%
 
Investment Companies

Groupe Bruxelles Lambert

1,800

145,287

163,273

 Belgium 

2.1%
  
695,341

743,088
 
9.6%
 
Health Care
 
Large Pharmaceuticals

GlaxoSmithKline ADS

3,100

143,250

143,995

United Kingdom

1.9%

Novartis ADS

1,900

110,053

183,635

Switzerland

2.4%
  
253,303

327,630
 
4.3%
 
Industrials
 
Infrastructure Construction

Hopewell Highway Infrastructure

325,000

168,010

157,440

China

2.0%
  
168,010

157,440
 
2.0%
 
Continued on next page.

30

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Global High Income Fund
Schedule of Investments

Common Stocks — 49.0%

Number of Shares

Cost

Market Value

Country1

Percentage of Assets
 
Materials
 
Precious Metal Mining

Gold Fields ADS

30,000

$172,094

$123,000

South Africa

1.6%

Sibanye Gold ADS

11,000

56,405

75,570

South Africa

1.0%
 
228,499

198,570
 
2.6%
 
Specialty Chemicals

BASF ADR

1,600

151,266

144,856

Germany

1.9%
  
379,765

343,426
 
4.5%
 
Technology
 
Semiconductor Devices

Microchip Technology

4,000

136,113

180,600

United States

2.3%
  
136,113

180,600
 
2.3%
 
Utilities
 
Electric & Gas Marketing & Trading

E.ON ADR

8,000

166,128

141,560

Germany

1.8%
 
Power Generation

GDF Suez ADR

5,600

147,791

137,872

France

1.8%
  
313,919

279,432
 
3.6%
 
Total Common Stocks

3,465,652

3,775,655
 
49.0%
 
Preferred Stock — 3.2%

Number of Shares

Cost

Market Value

Country1

Percentage of Assets
 
Financials
 
Institutional Brokerage

JPM Chase Capital Pfd C 6.70%

5,000

128,707

129,300

 United States 

1.7%

Morgan Stanley Cap Tr Cum. Pfd 6.60%

4,500

111,294

115,290

United States

1.5%
  
$240,001

$244,590
 
3.2%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

31
Sextant Global High Income Fund
Schedule of Investments

Corporate Bonds — 31.2%

Coupon / Maturity

Face Amount

Market Value

Country1

Percentage of Assets
 
Consumer Discretionary 
 
Apparel, Footwear, Accessory Design

Hanesbrands

6.375% due 12/15/2020

$150,000

$159,675

 United States 

2.1%
 
Commercial & Residential Building Equipment & Systems

ADT

4.125% due 06/15/2023

150,000

136,125

 United States 

1.8%
 
Consumer Electronics & Appliance Stores

Best Buy

3.75% due 03/15/2016

62,000

63,119

 United States 

0.8%
 
Consumer Goods Rental

Rent-A-Center

6.625% due 11/15/2020

200,000

190,000

 United States 

2.4%
 
Other Spec Retail — Discretionary

Toys R Us Property II

8.50% due 12/01/2017

150,000

149,250

 United States 

1.9%
 
Specialty Apparel Stores

GAP

5.95% due 04/12/2021

100,000

113,952

United States

1.5%
  
812,000

812,121
 
10.5%
 
Consumer Staples
 
Beverages

San Miguel

4.875% due 04/26/2023

200,000

186,000

Philippines

2.4%
 
Food Manufacturing

Grupo Bimbo

4.875% due 06/27/2044

200,000

199,962

Mexico

2.6%

Refresco Group

7.375% due 05/15/2018

125,000

163,614

Netherlands

2.1%
 
325,000

363,576
 
4.7%
 
Household Products Manufacturing

Elizabeth Arden

7.375% due 03/15/2021

47,000

43,945

United States

0.6%
  
572,000

593,521
 
7.7%
 
Energy 
 
Integrated Oils 

Petrobras International Finance

6.875% due 01/20/2040

50,000

49,877

Brazil

0.6%

Petrobras International Finance

6.75% due 07/27/2041

80,000

78,352

Brazil

1.0%
 
130,000

128,229
 
1.6%
 
Midstream — Oil & Gas

Chesapeake Midstream Partners

6.125% due 07/15/2020

125,000

132,500

United States

1.7%
 
Refining & Marketing

Star Gas Partners

8.875% due 12/01/2017

93,000

96,953

United States

1.3%
  
348,000

357,682
 
4.6%
 
Materials
 
Precious Metal Mining

Anglogold Ashanti Holdings

5.375% due 04/15/2020

100,000

99,320

South Africa

1.3%
 
Steel Producers

Allegheny Technologies Bond

5.875% due 05/15/2023

150,000

149,796

United States

1.9%
  
250,000

249,116
 
3.2%
 
Continued on next page.

32

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Global High Income Fund
Schedule of Investments

Corporate Bonds — 31.2%

Coupon / Maturity

Face Amount

Market Value

Country1

Percentage of Assets
 
Technology
 
Computer Hardware

Hewlett Packard

4.65% due 12/09/2021

$100,000

$106,595

 United States 

1.4%
 
Semiconductor Capital Equipment

Amkor Technology

7.375% due 05/01/2018

150,000

154,500

 United States 

2.0%
  
250,000

261,095
 
3.4%
 
Utilities
 
Utility Networks

Iberdrola International

5.75% due 02/27/2049

100,000

135,226

Spain

1.8%
  
100,000

135,226
 
1.8%
 
Total Corporate Bonds

2,332,000

2,408,761
 
31.2%
 
Government Bonds — 5.1%

Coupon / Maturity

Face Amount

Market Value

Country1

Percentage of Assets
 
Foreign Government Bonds
 
Colombia Republic

8.375% due 02/15/2027

$125,000

156,438

Colombia

2.0%

Mexico Bonos Desarrollo

6.50% due 06/10/2021

MXN 2,000,000

152,333

Mexico

2.0%

Republic of South Africa

8.25% due 09/15/2017

ZAR 900,000

84,855

South Africa 

1.1%
   
393,626
 
5.1%
 
Municipal Bonds — 3.7%

Coupon / Maturity

Face Amount

Market Value

Country1

Percentage of Assets
 
General Obligation
 
Puerto Rico Commonwealth

4.00% due 07/01/2021

120,000

87,722

Puerto Rico

1.1%

Puerto Rico Commonwealth2

4.125% due 07/01/2022

50,000

35,936

Puerto Rico

0.5%
  
170,000

123,658
 
1.6%
 
Revenue
 
Colony TX Local Development

7.00% due 10/01/2027

100,000

104,099

United States

1.4%

Puerto Rico Aqueduct & Sewer2

5.00% due 07/01/2019

70,000

53,921

Puerto Rico

0.7%
  
170,000

158,020
 
2.1%
 
Total Municipal Bonds

340,000

281,678
 
3.7%
 
Total investments 

(Cost = $6,816,921)

7,104,310
 
92.2%

Other assets (net of liabilities)

602,831
 
7.8%

Total net assets

$7,707,14 
 
100.0%

1Country of domicile unless none are otherwise indicated2Indicates an odd lot. Please refer to page 53 for more information regarding odd lots.

ADS: American Depositary ShareADR: American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

33
Sextant Global High Income Fund
Countries
 
Bond Quality Diversification
 
Rated "Baa1"

1.4%

   

Rated "Baa2"

4.4%

   

Rated "Baa3"

4.7%

   

Rated "Ba2"

5.6%

   

Rated "Ba3"

1.9%

   

Rated "B1"

2.4%

   

Rated "B2"

7.0%

   

Rated "B3"

0.6%

   

Rated "Caa1"

0.7%

   

Not rated

11.3%

   

Equity

52.2%

   

Cash and equivalents

7.8%

   

Based on total net assets as of November 30, 2014.

Source: Moody's Investors Services.

34

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Global High Income Fund
Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value (Cost $6,816,921)

$7,104,310

Cash

545,195

Dividends and interest receivable

67,925

Receivable for Fund shares sold

3,562

Total assets

7,720,992

Liabilities

Accrued expenses

6,444

Distributions payable

3,418

Payable to affiliates

2,021

Payable for Fund shares redeemed

1,604

Accrued distribution fee

364

Total liabilities

13,851

Net assets

$7,707,141
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$7,488,784

Accumulated net realized loss

(68,429)

Unrealized net appreciation on investments

286,786

Net assets applicable to Fund shares outstanding

$7,707,141
 
Fund shares outstanding

729,235
 
Net asset value, offering, and redemption price per share

$10.57

Statement of Operations

Year ended November 30, 2014
 
Investment income

Dividends(net of foreign tax of $22,206)

$226,313

Interest income

174,052

Gross investment income

400,365

Expenses

Investment adviser fees

50,824

Filing and registration fees

19,558

Distribution fees

17,717

Audit fees

5,069

Printing and postage

1,856

Chief Compliance Officer expenses

1,442

Trustee fees

1,125

Retirement plan custodial fees

775

Custodian fees

680

Other expenses

583

Legal fees

179

Total gross expenses

99,808

Less adviser fees waived

(35,198)

Less custodian fee credits

(680)

Net expenses

63,930

Net investment income

$336,435
  
Net realized gain from investments and foreign currency

$977

Net decrease in unrealized appreciation on investments and foreign currency

(68,514)

Net loss on investments

$(67,537)
 
Net increase in net assets resulting from operations

$268,898

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

35
Sextant Global High Income Fund
Statements of Changes in Net Assets

Year ended Nov. 30, 2014

Year ended Nov. 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

$336,435

$212,633

Net realized gain (loss) on investments

977

(17,862)

Net increase (decrease) in unrealized appreciation

(68,514)

333,376

Net increase in net assets

268,898

528,147

Distributions to shareowners from

Net investment income

(343,597)

(226,294)

Capital share transactions

Proceeds from sales of shares

1,935,966

1,527,623

Value of shares issued in reinvestment of dividends

340,179

224,444

Cost of shares redeemed

(882,337)

(395,684)

Net increase in net assets 

1,393,808

1,356,383

Total increase in net assets

1,319,109

1,658,236
 
Net assets

Beginning of year

6,388,032

4,729,796

End of year

7,707,141

6,388,032
 
Undistributed net investment income (loss)

$-

$(14,826)
 
Shares of the Fund sold and redeemed

Number of shares sold

171,355

146,261

Number of shares issued in reinvestment of dividends

32,244

21,355

Number of shares redeemed

(82,125)

(37,485)

Net increase in number of shares outstanding

121,474

130,131

Financial Highlights

For Year ended November 30,

Period ended

Selected data per share of outstanding capital stock throughout each year:

2014

2013

Nov. 30, 2012

Net asset value at beginning of year

$10.51

$9.90

$10.00

Income from investment operations

Net investment income

0.48

0.37

0.18

Net gain (loss) on securities (both realized and unrealized)

0.07

0.63

(0.10)

Total from investment operations

0.55

1.00

0.08

Less distributions

Dividends (from net investment income)

(0.49)

(0.39)

(0.18)

Total distributions

(0.49)

(0.39)

(0.18)
 
Net asset value at end of year

$10.57 

$10.51 

$9.90 
 
Total return

5.27%

10.06%

0.76%1
 
Ratios / supplemental data

Net assets ($000), end of year

$7,707

$6,388

$4,730

Ratio of expenses to average net assets

Before fee waivers

1.41%

1.25%

1.22%2

After fee waivers

0.91%

0.91%

0.90%2

After fee waivers and custodian fee credits

0.90%

0.90%

0.90%2

Ratio of net investment income after custodian fee credits to average net assets

4.75%

3.87%

3.03%2

Portfolio turnover rate

11%

23%

32%1

1 Since inception March 30, 2012; not annualized 2 Since inception March 30, 2012; annualized

36

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Growth Fund
Performance Summary (unaudited)

Average Annual Returns as of November 30, 2014
 
1 Year

5 Year

10 Year

Expense Ratio1

Sextant Growth Fund

16.29%

14.15%

8.53%

0.94%

S&P 500 Index

16.86%

15.96%

8.06%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2004, to an identical amount invested in the S&P 500 Index, an index comprised of 500 widely held common stocks considered to be representative of the US stock market in general. The graph shows that an investment in the Fund would have risen to $22,680 versus $21,714 in the index. 

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objective of the Growth Fund is long-term capital growth.
Top Ten Holdings Portfolio Diversification
% of Total Net Assets

% of Total Net Assets
 
Apple

4.5%
Communications Equipment

8.8%   
Delta Air Lines

4.2%

Semiconductor Devices

6.8%
   
F5 Networks

3.4%

Passenger Transportation

6.2%
   
Facebook

2.7%

Internet Media

4.5%
   
Medivation

2.6%

Large Pharmaceuticals

4.4%
   
Johnson & Johnson

2.4%

Rail Freight Transportation

4.0%
   
Union Pacific

2.3%

Application Software

4.0%
   
SanDisk

2.2%

Biotech

3.8%
   
CVS Health

2.2%

Investment Management

3.7%
   
Adobe Systems

2.2%

Computer Storage

3.1%
    
Home Products Stores

2.9%
   
Measurement Instruments

2.8%
   
E-Commerce Discretionary

2.6%
   
Pharmacies & Drug Stores

2.2%
   
Industrial Automation Controls

2.2%
   
Basic & Diversified Chemicals

2.1%
   
Engine & Transmission Manufacturing

2.1%
   
Other industries <2%

24.1%
   
Cash and equivalents

9.7%
   
Industry weightings are shown as a percentage of total net assets.

November 30, 2014         Annual Report

37
Sextant Growth Fund
Discussion of Fund Performance (unaudited)

(photo omitted)

**Paul Meeks MBA, CFA**Portfolio Manager

Fiscal Year 2014

In its fiscal year ended November 2014, the Sextant Growth Fund returned 16.29% versus 17.50% for the Russell 1000 Growth Index and 16.86% for the S&P 500. The Russell 1000 Growth is a stock-specific benchmark followed by domestic equity investors focused on larger companies. The S&P 500 is considered by some to be a surrogate for US stocks.

Sextant Growth Fund's Morningstar Large Growth category peer group returned an average of 14.10% during the Fund's fiscal year. The Fund ranked in the 27th percentile of these peers duringthe period.

Over the last calendar year,  the Fund's relative performance has improved.  For example, in calendar 2014 the Fund's 13.32% return was over 330 basis points better than the Morningstar Large Growth category's performance.

Factors Affecting Past Performance

Fiscal 2014 was another solid year for stocks.  The S&P 500 was up 16.86%.  To put this in perspective, this benchmark's annualized return from 1926 to 2014 was 10.1%.  Calendar 2014 was the sixth year in a row that the US market rose.  We typically buy during market dips if and when stocks reach attractive valuations based on our determination of fair value for each company.  As long-term investors with relatively low portfolio turnover (i.e., we trade less than most of our peers), we are less concerned about short-term market action and more interested in long-term investment.  We added to positions and initiated new holdings during the market's weakness last fall.

The Fund added the most value in Industrials and Technology.  It fared worst in Consumer Discretionary.  Stock selection drove the outperformance in Industrials and Technology as well as the underperformance in Consumer Discretionary and Energy (positions in Energy were sold during the year). 

The greatest detractor to the Fund's performance in fiscal 2014 was the Fund's 10.5% average cash position in an up market. Fortunately, the Fund has seen net inflows.  As bottom-up stock pickers, we do not invest in companies unless we have confidence in their long-term fundamentals and only if the shares of such firms are attractively priced.  Over the past fiscal year, the lack of attractive valuations has been the greatest obstacle. 

Ten Largest Contributors

Return

Contribution

Delta Air Lines

62.25%

1.90

Apple

54.20%

1.83

Union Pacific

45.50%

0.90

Alaska Air Group

55.09%

0.80

Medivation

49.54%

0.79

CVS Health

39.10%

0.75

Salix Pharmaceuticals

20.39%

0.69

Lowe's

38.60%

0.67

Adobe Systems

29.81%

0.61

Norfolk Southern

29.35%

0.48

Ten Largest Detractors

Return

Contribution

Apache

-18.66%

-0.51

Whiting Petroleum

-30.07%

-0.33

Bed Bath & Beyond

-5.94%

-0.21

Urban Outfitters

-10.99%

-0.18

Power Solutions International

-11.75%

-0.17

Ford Motor

-4.80%

-0.11

Valmont Industries

-6.51%

-0.10

Estee Lauder, Class A

0.59%

0.00

Alere

-0.14%

0.00

Fastenal

1.50%

0.00

Looking Forward

As we enter 2015, investors' greatest worry is the plunge in the price of oil. The Fund has little direct Energy exposure in a period in which such companies could be trouble. However, we are not naÏve and do not think that we or other investors will be unscathed by oil's weakness. The new fiscal year has begun poorly for equity investors as a result. We cannot precisely forecast whether or not the market will absorb this year's early blow, as it did last year when the S&P 500 significantly dropped in January and February before it rallied later. Therefore, we will continue to focus on evaluating companies one by one for long-term investment. 

Management Fee Calculations

The Sextant Growth Fund calculates the performance part of its management fee by comparing the Fund's return to the average return in Morningstar's "Large Growth" category. The Fund's 12-month return (16.29%) was more than 2 percent but less than 4 percent below the MorningstarTM category average (14.10%) at month-end November 30, 2014. Therefore, the basic annual management fee of 0.60% was increased by 0.20% to 0.80% for the month of December 2014.

38

November 30, 2014        Annual Report
Sextant Growth Fund
Schedule of Investments

Common Stocks — 90.3%

Number of Shares

Cost

Market Value

Percentage of Assets
 
Communications
 
Internet Media

Facebook1

 16,201 

 $902,672 

 $1,258,818 

2.7%

Google A1

 926 

 462,488 

 508,448 

1.1%

Google C1

 585 

 281,858 

 316,971 

0.7%
  
1,647,018

2,084,237

4.5%
 
Consumer Discretionary
 
Automobile OEM

Ford Motor

 43,010 

 570,891 

 676,547 

1.5%
 
Auto Parts

BorgWarner Automotive

 14,540 

 814,858 

 822,382 

1.8%
 
E-Commerce Discretionary

Amazon.com1

 1,125 

 36,349 

 380,970 

0.8%

eBay1

 15,090 

 786,026 

 828,139 

1.8%
 
 822,375 

 1,209,109 

2.6%
 
General Merchant Wholesalers

Fastenal

 2,512 

 111,206 

 113,542 

0.3%
 
Home Improvement

Stanley Black & Decker

 3,600 

 237,257 

 339,984 

0.7%
 
Home Products Stores

Bed Bath & Beyond1

 5,000 

 176,187 

 366,850 

0.8%

Lowe's

 15,000 

 295,388 

 957,450 

2.1%
 
471,575

1,324,300

2.9%
 
Passenger Transportation

Alaska Air

 15,250 

 266,289 

 900,208 

2.0%

Delta Air Lines

 41,203 

471,573

 1,922,944 

4.2%
 
 737,862 

 2,823,152 

6.2%
 
Specialty Apparel Stores

TJX Companies

 7,086 

 423,942 

 468,810 

1.0%
  
4,189,966

7,777,826

17.0%
 
Consumer Staples
 
Food Manufacturing

Hain Celestial Group1

 6,001 

 509,104 

 679,433 

1.5%

Mead Johnson Nutrition

 1,211 

 93,247 

 125,750 

0.3%
 
 602,351 

 805,183 

1.8%
 
Mass Merchants

Costco Wholesale

 3,000 

 248,150 

 426,360 

0.9%
 
Restaurants

Starbucks

 4,107 

 293,516 

 333,529 

0.7%
  
1,144,017

1,565,072

3.4%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

39
Sextant Growth Fund
Schedule of Investments

Common Stocks — 90.3%

Number of Shares

Cost

Market Value

Percentage of Assets
 
Financials
 
Consumer Finance

FLEETCOR Technologies1

3,369

$393,478

$511,717

1.1%
 
Investment Management

Invesco

20,044

574,890

808,976

1.8%

BlackRock

2,497

748,721

896,623

1.9%
 
1,323,611

1,705,599

3.7%
 
Property & Casualty

Chubb

7,000

308,505

721,350

1.6%
  
2,025,594

2,938,666

6.4%
 
Health Care
 
Biotech

Amgen

 1,980 

 25,949 

 327,314 

0.7%

Gilead Sciences1

 2,241 

 220,789 

 224,817 

0.5%

Medivation1

 10,326 

 871,072 

 1,196,680 

2.6%
 
1,117,810

1,748,811

3.8%
 
Health Care Supply Chain

Express Scripts1

 8,189 

 537,587 

 680,915 

1.5%
 
Large Pharmaceuticals

Abbott Laboratories

 20,799 

 646,854 

 925,764 

2.0%

Johnson & Johnson

 10,000 

 642,017 

 1,082,500 

2.4%
 
1,288,871

2,008,264

4.4%
 
Life Science Equipment

Keysight Technologies1

5,900

73,631

207,680

0.5%
 
Pharmacies & Drug Stores

CVS Health

11,186

418,376

1,021,953

2.2%
 
Specialty Pharmaceuticals

Salix Pharmaceuticals1

6,737

476,556

691,823

1.5%
  
3,912,831

6,359,446

13.9%
 
Industrials
 
Building Sub-Contractors

EMCOR

16,477

671,425

714,278

1.6%
 
Commercial Aircraft

Boeing

5,831

468,886

783,453

1.7%
 
Engine & Transmission Manufacturing

Power Solutions International1

14,819

835,103

972,867

2.1%
 
Industrial Automation Controls

Honeywell International

10,000

330,476

990,700

2.2%
 
Industrial Machinery Manufacturing

Middleby1

4,482

153,538

428,658

0.9%
 
Measurement Instruments

Agilent Technologies

11,800

184,803

504,332

1.1%

Trimble Navigation1

28,000

202,081

787,500

1.7%
 
386,884

1,291,832

2.8%
 
Continued on next page.

40

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Growth Fund
Schedule of Investments

Common Stocks — 90.3%

Number of Shares

Cost

Market Value

Percentage of Assets
 
**Industrials***(continued)*
 
Metalworking Machinery Manufacturing

Lincoln Electric

 12,000 

$325,653 

 $864,480 

1.9%
 
Pollution Control Equipment

Hudson Technologies1

24,853

66,535

84,003

0.2%
 
Post & Courier Services

United Parcel Service

6,000

395,747

659,520

1.5%
 
Rail Freight Transportation

Norfolk Southern

7,000

318,942

781,480

1.7%

Union Pacific

9,180

485,782

1,071,949

2.3%
 
804,724

1,853,429

4.0%
  
4,438,971

8,643,220

18.9%
 
Materials
 
Basic & Diversified Chemicals

Ashland

8,552

830,908

975,356

2.1%
  
830,908

975,356

2.1%
 
Technology
 
Application Software

Adobe Systems1

13,541

295,634

997,701

2.2%

Intuit

9,000

197,624

844,830

1.8%
 
493,258

1,842,531

4.0%
 
Communications Equipment

Apple

17,220

20,298

2,047,975

4.5%

Cisco Systems

14,984

306,165

414,158

0.9%

F5 Networks1

12,112

985,239

1,564,749

3.4%
 
1,311,702

4,026,882

8.8%
 
Computer Storage

EMC

23,337

620,561

708,278

1.5%

Western Digital

7,059

265,552

728,983

1.6%
 
886,113

1,437,261

3.1%
 
Infrastructure Software

Oracle

15,000

115,139

636,150

1.4%
 
Semiconductor Devices

Microchip Technology

14,377

584,102

649,122

1.4%

Qualcomm

9,561

547,215

696,997

1.5%

SanDisk

9,911

941,770

1,025,392

2.2%

Xilinx

16,687

719,013

758,257

1.7%
 
2,792,100

3,129,768

6.8%
  
5,598,312

11,072,592

24.1%
 
Total investments 

$23,787,617

41,416,415

90.3%

Other assets (net of liabilities) 

4,446,589

9.7%

Total net assets

$45,863,004

100.0%

1 Non-income producing security 

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

41
Sextant Growth Fund
Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value (Cost $23,787,617)

$41,416,415 

Cash

3,480,377 

Receivable for security sales

1,025,380

Dividends receivable

60,660

Receivable for Fund shares sold

9,872

Insurance reserve premium

1,214

Total assets

 45,993,918

Liabilities

Payable for Fund shares redeemed

67,256

Payable to affiliates

30,041

Accrued expenses

20,587

Distributions payable

10,881

Accrued distribution fee

2,149

Total liabilities

130,914

Net assets

$45,863,004
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$28,205,313 

Undistributed net investment income

28,893 

Unrealized net appreciation on investments

17,628,798

Net assets applicable to Fund shares outstanding

$45,863,004 
 
Fund shares outstanding

1,740,093
 
Net asset value, offering, and redemption price per share

$26.36

Statement of Operations

Year ended November 30, 2014
 
Investment income

Dividends

$458,469

Miscellaneous income

35

Gross investment income

458,504

Expenses

Investment adviser fees

264,079

Distribution fees

102,288

Filing and registration fees

20,297

Audit fees

11,632

Chief Compliance Officer expenses

8,195

Retirement plan custodial fees

6,831

Printing and postage

6,286

Trustee fees

6,061

Other expenses

3,108

Custodian fees

1,690

Legal fees

796

Total gross expenses

431,263

Less custodian fee credits

(1,690)

Net expenses

429,573

Net investment income

$28,931
  
Net realized gain from investments

$2,386,445

Net increase in unrealized appreciation on investments

3,879,903

Net gain on investments

$6,266,348
 
Net increase in net assets resulting from operations

$6,295,279

42

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant Growth Fund
Statements of Changes in Net Assets

Year ended Nov. 30, 2014

Year ended Nov. 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

$28,931

$171,555 

Net realized gain on investments

2,386,445

3,265,690

Net increase in unrealized appreciation

 3,879,903 

 4,192,605 

Net increase in net assets

 6,295,279 

7,629,850

Distributions to shareowners from

Net investment income

(21,000)

(178,378)

Capital gains

(2,386,512)

(3,182,432)

 Total distributions

 (2,407,512)

 (3,360,810)

Capital share transactions

Proceeds from sales of shares

6,390,837

7,509,714

Value of shares issued in reinvestment of dividends

2,396,630

3,340,443

Cost of shares redeemed

(3,386,542)

(3,795,068)

Net increase in net assets

5,400,925

7,055,089

Total increase in net assets

9,288,692

11,324,129
 
Net assets

Beginning of year

36,574,312

25,250,183

End of year

45,863,004 

36,574,312
 
Undistributed net investment income

$28,893

$20,962
 
Shares of the Fund sold and redeemed

Number of shares sold

253,008

314,720

Number of shares issued in reinvestment of dividends

90,919

139,651

Number of shares redeemed

 (133,067)

 (165,884)

Net increase in number of shares outstanding

 210,860 

 288,487 

Financial Highlights

For year ended November 30, 

Selected data per share of outstanding capital stock throughout each year:

2014

2013

2012

2011

2010

Net asset value at beginning of year

 $23.92 

 $20.35 

 $18.14 

 $17.70 

 $16.00 

Income from investment operations

Net investment income

0.02

0.12

0.08

0.11

0.05

Net gains on securities (both realized and unrealized)

3.88

5.86

2.21

0.43

1.70

Total from investment operations

3.90

5.98

2.29

0.54

1.75

Less distributions

Dividends (from net investment income)

(0.01)

(0.13)

(0.08)

(0.09)

(0.05)

Distributions (from capital gains)

(1.45)

(2.28)

-

(0.01)

-

Total distributions

(1.46)

(2.41)

(0.08)

(0.10)

(0.05)

Paid-in capital from early redemption fees

n/a

-

0.001

0.001

0.001
 
Net asset value at end of year

$26.36

$23.92

$20.35

$18.14

$17.70
 
Total return

16.29%

29.39%

12.64%

3.07%

10.93%
 
Ratios / supplemental data

Net assets ($000), end of year

$45,863

$36,574

$25,250

$22,868

$24,205

Ratio of expenses to average net assets

Before custodian fee credits

1.05%

0.94%

1.10%

0.84%

1.01%

After custodian fee credits

1.05%

0.94%

1.10%

0.84%

1.00%

Ratio of net investment income after custodian fee credits to average net assets

0.07%

0.59%

0.42%

0.57%

0.30%

Portfolio turnover rate

23%

29%

10%

15%

16%

1Amount is less than $0.01

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

43
Sextant International Fund
Performance Summary (unaudited)

Average Annual Returns as of November 30, 2014
 
1 Year

5 Year

10 Year

Expense Ratio1

Sextant International Fund

1.88%

3.85%

6.53%

0.66%

NYSE Arca International Market Index

1.93%

7.02%

6.63%

n/a

MSCI EAFE Index

0.41%

6.86%

5.73%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2004, to an identical amount invested in the NYSE Arca International Index, a broad-based index of international stock prices, and the MSCI EAFE Index, an international index focused on Europe, Australasia, and the Far East. The graph shows that an investment in the Fund would have risen to $18,827 versus $19,014 in the NYSE Arca International Index, and $17,460 in the MSCI EAFE Index.

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different periods.

Fund Objective

The objective of the International Fund is long-term capital growth.
Top Ten Holdings Portfolio Diversification
% of Total Net Assets

% of Total Net Assets
 
ASML

5.9%
Large Pharmaceuticals

14.9%   

Novartis ADS

5.6%

Telecom Carriers

11.7%
   
Novo Nordisk ADS

5.5%

Banks

9.7%
   
Wolters Kluwer

5.1%

Application Software

7.5%
   
Toronto-Dominion Bank

3.9%

Integrated Oils

5.9%
   
Toyota Motor ADS

3.8%

Semiconductor Capital Equipment

5.9%
   
Dassault Systems ADR

3.8%

IT Services

5.1%
   
Nice Systems ADS

3.7%

Passenger Transportation

4.7%
   
BASF ADR

3.5%

Automobile OEM

3.8%
   
Belmond Class A

3.4%

Agricultural Chemicals

3.7%
    
Specialty Chemicals

3.5%
   
Beverages

3.4%
   
Lodging

3.4%
   
Household Products Manufacturing

3.1%
   
Specialty Pharmaceuticals

2.1%
   
Other industries < 2%

10.1%
   
Cash and equivalents

1.5%
   
Industry weightings are shown as a percentage of total net assets.

44

November 30, 2014        Annual Report
Sextant International Fund
Discussion of Fund Performance (unaudited)

(photo omitted)

**Nicholas Kaiser MBA, CFA**Portfolio Manager

(photo omitted)

**Scott Klimo CFA**Deputy Portfolio Manager

Fiscal Year 2014

For the fiscal year ended November 30, 2014, the Sextant International Fund returned 1.88%, while the Fund's benchmark, the MSCI EAFE Index gained 0.41%.

The Fund's annual expense ratio increased to 0.79% from 0.66% as a result of the fulcrum element of the management fee. The fund paid a year-end income dividend of 63¢ per share, up from last year's 34¢ income dividend. Total fund assets decreased by 30.1% in fiscal 2014.

Factors Affecting Past Performance

International investing was less rewarding in 2014 as dollar strength relative to the commodity-based currencies in Australia and Canada, as well as the euro and yen depressed returns from overseas markets. Unlike Japan's experience in 2013, currency depreciation did not spark stock market rallies. A winding down of the Federal Reserve's quantitative easing program helped the dollar's performance, but money remains loose as Japan and the European Central Bank increase stimulus efforts. A deflationary environment in Europe supports such plans, especially in the wake of collapsing oil prices and sovereign rates that in countries such as Germany have moved into negative territory at the short end of the curve.

From a sector allocation perspective the Fund suffered from its exposure to the Materials and Energy sectors, which were the worst performing sectors in the Index. For the first time in several years our low exposure to the Finance sector did not detract from Fund returns relative to the benchmark, while Health Care, which accounts for the Fund's second largest exposure, was the best performing sector in the index and the single largest contributor to Fund returns.

The Fund is diversified across industries and countries, favoring larger and more established companies that are more stable in difficult times. As conservative managers we are less likely to exceed market returns when prices are rising than in weak market environments, such as that experienced in 2014, when Fund returns outpaced the benchmark.

Our portfolio has more than 5% invested in each of Canada, the United Kingdom, the Netherlands, Switzerland, France, Denmark, and Japan. Canada has our largest country allocation, and its resource-based economy continued to suffer from falling global (read China) demand for materials. We continue to evaluate the risks of extended energy price weakness on our Canadian holdings.

The Fund's largest sector exposure is Technology, which includes our largest security position in ASML Holding NV, a Netherlands-based world leader in providing lithographic systems for the manufacture of complex integrated circuits. In fiscal 2014 it performed well ahead of the MSCI EAFE Index. Our Health Care allocation focuses on major pharmaceutical companies. Among those positions Shire, Novo Nordisk, and Novartis all performed well. Communications, Consumer Discretionary, and Materials follow as our next largest sectors.

Looking Forward

The US continues to recover better than most of the world from the recession caused by the 2008 world credit collapse — a satisfying result for Keynesians who advocated stimulus over the austerity programs implemented throughout the eurozone. The US has also benefited from ever-growing energy security with the expansion of tight oil production and natural gas fracking, while Europe remains at Russian mercy for much of its energy requirements. Nonetheless, improved competitiveness spurred by the weak euro and a global boost to discretionary incomes courtesy of the oil price tax cut could lead to better fortunes for European exporters. Japanese prospects are uncertain. Despite the tepid economic response to Abenomics, voters returned Prime Minister Abe to power in a snap election. The question remains whether he will fully deploy the "third arrow" in Japan's recovery efforts — a thorough and far-reaching regulatory overhaul.

Management Fee Calculations

The Sextant International Fund calculates the performance part of its management fee by comparing the Fund's return to the average return of Morningstar'sTM "Foreign Large Blend" category. The Fund's 12-month return (1.88%) was above the MorningstarTM category average (0.02%) at month-end November 30, 2014. Therefore, the basic annual management fee of 0.60% was increased to 0.70% for the month of December 2014.

November 30, 2014         Annual Report

45
Sextant International Fund
Schedule of Investments

Common Stocks — 98.5%

Number of Shares 

Cost

Market Value

Country1

Percentage of Assets
 
Communications
 
Local Media

Pearson ADS

90,000

$1,021,915

$1,737,900

United Kingdom

1.7%
 
Telecom Carriers

BCE

50,000

1,164,294

2,346,000

Canada

2.3%

SK Telecom ADS

30,000

511,437

849,900

South Korea

0.8%

Telefonica ADS

168,550

2,737,256

2,696,800

Spain

2.6%

Telenor ASA

100,000

2,131,350

2,114,645

Malaysia

2.0%

Telus

50,000

710,475

1,900,000

Canada

1.8%

Turkcell Iletisim Hizmetleri ADS2

75,000

1,028,400

1,190,250

Turkey

1.2%

Vodafone Group ADS

27,272

963,420

996,792

United Kingdom

1.0%
 
9,246,632

12,094,387
 
11.7%
  
10,268,547

13,832,287
 
13.4%
 
Consumer Discretionary
 
Automobile OEM

Toyota Motor ADS

32,000

2,425,043

3,940,160

Japan

3.8%
 
E-Commerce Discretionary

MercadoLibre

10,000

829,340

1,409,400

Brazil3

1.4%
 
Lodging

Belmond, Class A2

310,000

2,994,487

3,509,200

United States

3.4%
 
Passenger Transportation

Copa Holdings, Class A

30,000

1,766,222

3,357,300

Panama

3.2%

LATAM Airlines ADS2

130,000

1,191,580

1,547,000

Chile

1.5%
 
2,957,802

4,904,300
 
4.7%
  
9,206,672

13,763,060
 
13.3%
 
Consumer Staples
 
Beverages

Diageo

20,000

638,459

618,081

United Kingdom

0.6%

Fomento Economico Mexico ADS

30,000

1,614,722

2,911,200

Mexico

2.8%
 
2,253,181

3,529,281
 
3.4%
 
Food Retailers

Carrefour ADS

170,000

761,908

1,069,300

France

1.0%
 
Household Products Manufacturing

Unilever ADS

75,000

2,284,504

3,160,500

United Kingdom

3.1%
  
5,299,593

7,759,081
 
7.5%
 
Energy
 
Integrated Oils

Cenovus Energy

60,000

1,516,298

1,326,000

Canada

1.3%

Eni ADS

30,000

1,272,351

1,175,700

Italy

1.1%

Statoil ADS

60,000

1,551,895

1,146,600

Norway

1.1%

Total ADS

45,000

2,528,346

2,503,350

France

2.4%
  
6,868,890

6,151,650
 
5.9%
 
Continued on next page.

46

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant International Fund
Schedule of Investments

Common Stocks — 98.5%

Number of Shares 

Cost

Market Value

Country1

Percentage of Assets
 
Financials
 
Banks

Australia & New Zealand Banking Group ADR

80,000

$1,581,457

$2,171,992

Australia

2.1%

Banco Santander ADS

108,952

919,073

969,673

Spain

0.9%

Mitsubishi UFJ Financial Group ADS

500,000

2,697,948

2,880,000

Japan

2.8%

Toronto-Dominion Bank

80,000

2,302,163

4,039,200

Canada

3.9%
  
7,500,641 

10,060,865 
 
9.7%
 
Health Care
 
Health Care Supply Chain

Sinopharm Group

250,000

798,792

930,196

China

0.9%
 
Large Pharmaceuticals

GlaxoSmithKline ADS

44,000

1,669,383

2,043,800

United Kingdom

2.0%

Novartis ADS

60,000

3,076,591

5,799,000

Switzerland

5.6%

Novo Nordisk ADS

125,000

1,631,867

5,682,500

Denmark

5.5%

Sanofi ADS

40,000 

1,980,491

1,931,600

Denmark

1.8%
 
8,358,332

15,456,900
 
14.9%
 
Specialty Pharmaceuticals

Shire ADS

10,000

359,660

2,136,000

Ireland

2.1%
  
9,516,784 

18,523,096 
 
17.9%
 
Materials
 
Agricultural Chemicals

PotashCorp

80,000

2,699,902

2,780,800

Canada

2.7%

Quimica y Minera ADS

40,000

2,361,095

1,008,000

Chile

1.0%
 
5,060,997

3,788,800
 
3.7%
 
Basic & Diversified Chemicals

Methanex

20,000

690,000

1,033,200

Canada

1.0%
 
Raw Material Suppliers

BHP Billiton ADS

30,000

1,744,459

1,548,900

Australia

1.5%

Vale ADS

34,000

454,403

306,340

Brazil

0.3%
 
2,198,862

1,855,240
 
1.8%
 
Specialty Chemicals

BASF ADR

40,000

2,888,666

3,621,400

Germany

3.5%
 
Steel Producers

Tenaris ADR

15,000

583,169

493,950

Argentina3

0.5%
  
11,421,694

10,792,590
 
10.5%
 
Technology
 
Application Software

Dassault Systems ADR

60,000

2,222,944

3,915,000

France

3.8%

Nice Systems ADS

80,000

2,901,033

3,778,400

Israel

3.7%
 
5,123,977

7,693,400
 
7.5%
 
Consumer Electronics

Koninklijke Philips

20,000

758,824

601,000

Netherlands

0.6%
 
Continued on next page.

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

47
Sextant International Fund
Schedule of Investments

Common Stocks — 98.5%

Number of Shares 

Cost

Market Value

Country1

Percentage of Assets
 
**Technology***(continued)*
 
Electronics Components

Nidec ADS

53,406

$514,164

$881,733

China3

0.8%
 
IT Services

Wolters Kluwer

180,000

3,369,276

5,286,769

Netherlands

5.1%
 
Semiconductor Capital Equipment 

ASML

57,750

2,144,504

6,103,020

Netherlands

5.9%
  
11,910,745 

20,565,922 
 
19.9%
 
Utilities
 
Utility Networks

Korea Electric Power ADS

20,000

304,261

414,600

South Korea

0.4%
  
304,261

414,600
 
0.4%
 
Total investments 

$72,297,827

101,863,151
 
98.5%

Other assets (net of liabilities) 

1,586,902
 
1.5%

Total net assets 

$103,450,053
 
100.0%

1 Country of domicile unless otherwise indicated2 Non-income producing security 3 Denotes a country or region of primary exposure

ADS: American Depositary ShareADR: American Depositary Receipt

Countries
 
48

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Sextant International Fund
Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value(Cost $72,297,827)

$101,863,151

Cash

1,871,526

Dividends receivable

337,873

Receivable for Fund shares sold

36,141

Total assets

 104,108,691 

Liabilities

Payable for Fund shares redeemed

473,675

Accrued expenses

85,457

Payable to affiliates

59,729

Distributions payable

34,868

Accrued distribution fee

4,909

Total liabilities

658,638

Net assets

$103,450,053
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$75,426,646

Accumulated net realized loss on investments

(1,541,917)

Unrealized net appreciation on investments

29,565,324

Net assets applicable to Fund shares outstanding

 $103,450,053 
 
Fund shares outstanding

6,686,051
 
Net asset value, offering and redemption price per share

$15.47

Statement of Operations

Year ended November 30, 2014
 
Investment income

Dividends(net foreign tax of $504,142)

$5,198,426

Miscellaneous income

35

Gross investment income

5,198,461

Expenses

Investment adviser fees

434,562

Distribution fees

296,578

Audit fees

66,015

Printing and postage

34,108

Chief Compliance Officer expenses

32,219

Trustee fees

30,219

Filing and registration fees

22,277

Other expenses

16,336

Custodian fees

8,340

Retirement plan custodial fees

6,974 

Legal fees

4,488

Total gross expenses

952,116

Less custodian fee credits

(8,340)

Net expenses

943,776

Net investment income

$4,254,685
  		
Net realized gain from investments and foreign currency

$4,357,838

Net decrease in unrealized appreciation on investments and foreign currency

 (6,367,484)

Net loss on investments

($2,009,646)
 
**Net increase in net assets resulting from operations**

$2,245,039

The accompanying notes are an integral part of these financial statements.

November 30, 2014         Annual Report

49
Sextant International Fund
Statements of Changes in Net Assets

Year ended Nov. 30, 2014

Year ended Nov. 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

$4,254,685

$2,899,823

Net realized gain (loss) on investments

4,357,838

(3,899,299)

Net increase (decrease) in unrealized appreciation

(6,367,484)

14,713,771

Net increase in net assets

2,245,039

13,714,295

Distributions to shareowners from

Net investment income

(4,051,997)

(3,102,776)

Capital share transactions

Proceeds from sales of shares

12,359,533

43,895,948

Value of shares issued in reinvestment of dividends

4,017,129

3,045,905

Early redemption fees retained

-

678

Cost of shares redeemed

(59,135,899)

(93,269,319)

Net decrease in net assets

(42,759,237)

(46,326,788)

Total decrease in net assets

(44,566,195)

(35,715,269)
 
Net assets

Beginning of year

148,016,248

183,731,517

End of year

103,450,053

148,016,248
 
Undistributed net investment loss

$-

$(218,308)
 
Shares of the Fund sold and redeemed

Number of shares sold

773,671

2,846,581

Number of shares issued in reinvestment of dividends

259,672

192,779

Number of shares redeemed

(3,713,040)

(6,047,664)

Net decrease in number of shares outstanding

(2,679,697)

(3,008,304)

Financial Highlights

For year ended November 30,

Selected data per share of outstanding capital stock throughout each year:

2014

2013

2012

2011

2010

Net asset value at beginning of year

$15.80

$14.85

$14.41

$15.03

$14.03

Income from investment operations

Net investment income

0.65

0.32

0.14

0.12

0.06

Net gains (losses) on securities (both realized and unrealized)

(0.35)

0.97

0.44

(0.63)

1.12

Total from investment operations

0.30

1.29

0.58

(0.51)

1.18

Less distributions

Dividends (from net investment income)

(0.63)

(0.34)

(0.14)

(0.12)

(0.06)

Distributions (from capital gains)

-

-

-

-

(0.12)

Total distributions

(0.63)

(0.34)

(0.14)

(0.12)

(0.18)

Paid-in capital from early redemption fees

n/a

0.001

0.001

0.01

0.001
 
Net asset value at end of year

$15.47

$15.80

$14.85

$14.41

$15.03
 
Total return

1.88%

8.67%

4.05%

(3.31)%

8.43%
 
Ratios / supplemental data

Net assets ($000), end of year

$103,450

$148,016

$183,732

$165,126

$150,788

Ratio of expenses to average net assets

Before custodian fee credits

0.80%

0.66%

1.10%

0.88%

1.03%

After custodian fee credits

0.79%

0.66%

1.10%

0.88%

1.03%

Ratio of net investment income after custodian fee credits to average net assets

3.58%

1.69%

0.98%

0.81%

0.51%

Portfolio turnover rate

3%

7%

10%

7%

2%

1 Amount is less than $0.01

50

November 30, 2014         Annual Report

The accompanying notes are an integral part of these financial statements.
Notes To Financial Statements
NOTE 1 — Organization

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

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

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

NOTE 2 — Significant Accounting Policies

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

November 30, 2014         Annual Report

51
Note To Financial Statements (continued)
The following is a summary of the inputs used as of November 30, 2014 in valuing the Funds' investments carried at value:

**Funds**

**Level 1**Quoted Price

**Level 2**Significant Observable Input

**Level 3**Significant Unobservable Input

**Total**

Short-Term Bond

Corporate Bonds

$-

$6,689,6901

$-

$6,689,690

Municipal Bonds

-

113,1691

-

113,169

US Government Bonds

-

658,9291

-

658,929

Total Assets

$- 

$7,461,788

$-

$7,461,788
 
Bond Income

Corporate Bonds

$-

$3,897,6921

$-

$3,897,692

Government Bonds

-

233,3371

-

233,337

Municipal Bonds

-

2,472,4321

-

2,472,432

US Government Bonds

-

777,3341

-

777,334

Total Assets

$-

$7,380,795

$-

$7,380,795
 
Core

Common Stocks

Communications

$155,958

$74,013

$-

$229,971

Consumer Discretionary

580,716

57,265

-

637,981

Consumer Staples

462,812

-

-

462,812

Energy

489,031

-

-

489,031

Financials

539,388

-

-

539,388

Health Care

905,451

-

-

905,451

Industrials

403,447

10,315

-

413,762

Materials

490,052

-

-

490,052

Technology

312,383

-

-

312,383

Utilities

398,517

-

-

398,517

Total Common Stocks

$4,737,755

$141,593

$-

$4,879,348
 
Corporate Bonds

$-

$2,389,7291

$-

$2,389,729
 
Government Agency Bonds

$-

$204,4001

$-

$204,400
 
Government Bonds

$-

$408,1011

$-

$408,101
 
Municipal Bonds

$-

$325,5871

$-

$325,587
 
Total Assets

$4,737,755

$3,469,410

$-

$8,207,165
 
Global High Income

Common Stocks

Communications

$525,620

$148,025

$-

$673,645

Consumer Discretionary

-

503,123

-

503,123

Consumer Staples

150,368

-

-

150,368

Energy

416,903

-

-

416,903

Financials

490,386

252,702

-

743,088

Health Care

327,630

-

-

327,630

Industrials

-

157,440

-

157,440

Materials

343,426

-

-

343,426

Technology

180,600

-

-

180,600

Utilities

279,432

-

-

279,432

Total Common Stocks

$2,714,365

$1,061,290

$-

$3,775,655
 
Corporate Bonds

$-

$2,408,7611

$-

$2,408,761
 
Government Bonds

$-

$393,6261

$-

$393,626
 
Municipal Bonds

General Obligation

$-

$87,722

$35,936

$123,658

Revenue

-

104,099

53,921

158,020

Total Municipal Bonds

$-

$191,821

$89,857

$281,678
 
Preferred Stocks

$244,5901

$-

$-

$244,590
 
Total Assets

$2,958,955

$4,055,498

$89,857

$7,104,310

52

November 30, 2014        Annual Report
Note To Financial Statements (continued)
**Funds**

**Level 1**Quoted Price

**Level 2**Significant Observable Input

**Level 3**Significant Unobservable Input

**Total**

Growth

Common Stocks

$41,416,4151

$-

$-

$41,416,415

Total Assets

$41,416,415

$-

$-

$41,416,415
 
International

Common Stocks

Communications

$11,717,642

$2,114,645

$-

$13,832,287

Consumer Discretionary

13,763,060

-

-

13,763,060

Consumer Staples

7,141,000

618,081

-

7,759,081

Energy

6,151,650

-

-

6,151,650

Financials

10,060,865

-

-

10,060,865

Health Care

17,592,900

930,196

-

18,523,096

Materials

10,792,590

-

-

10,792,590

Technology

15,279,153

5,286,769

-

20,565,922

Utilities

414,600

-

-

414,600

Total Assets

$92,913,460

$8,949,691

$-

$101,863,151

1 See Schedule of Investments for industry breakout.During the period ended November 30, 2014, no Fund had transfers between Level 1 and Level 2.

Global High Income Level 3 Roll-Forward Municipal Securities

Beginning balance

$94,546

Total unrealized gains

(4,689)

Purchases

-

Maturity

-

Transfers in and/or out of level 3

-

Ending Balance

$89,857

**Odd Lots:**The bid-side valuations provided by the independent pricing service are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of a Fund's holdings may consist of less than a Round Lot and are considered "Odd Lots." Odd Lot municipal bonds trade at a discount to Round Lot municipal bonds to compensate for the effect of the fixed costs associated with any trade. To reflect this discount, the Funds apply a discount to the valuation of Odd Lot municipal bond holdings as shown in the following chart.

Total Face Value

Adjustment to Price

Under 10,000

-0.750%

10,000-24,999

-0.625%

25,000-49,999

-0.500%

50,000-74,999

-0.375%

75,000-99,999

-0.250%

100,000 and up

none

An increase in the adjustment will decrease the market value of the investment.

**Derivative instruments and hedging activities:**The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure which enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the fiscal period ended November 30, 2014, the Funds held positions in Rights Offerings as a result of actions taken by the boards of directors of the underlying companies. Rights offerings are issued to existing shareowners of companies and allow shareowners to purchase additional company shares, generally at a discount to the current market price, prior to a set expiration date.

Derivative instruments had no effect on the Funds' financial position and financial performance. 

**Investment concentration:**The Funds may have deposits of cash with the custodian from time to time for one or more reasons. "Other assets (net of liabilities)" in the Funds' Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting standards identify these items as a concentration of credit risk, requiring disclosure regardless of the degree of risk. The risk is managed by financial analysis and review of the custodian's operations, resources, and protections available to the Trust. This periodic process includes evaluation of other financial institutions providing investment company custody services.

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2011 — 2013) or expected to be taken in the Funds' 2014 tax returns. The Funds identify their major tax jurisdictions as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 

**Reclassification of capital accounts:**Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. As of November 30, 2014, the reclassification of capital accounts were as follows:
 
Short-Term Bond

Bond Income

Undistributed net investment income

$-

$-

Accumulated gains

2,972

-

Paid-in capital

(2,972)

-

November 30, 2014         Annual Report

53
Note To Financial Statements (continued) 
Core

GlobalHigh Income

Undistributed net investment income 

$3,123

$21,988

Accumulated gains

845

807

Paid-in capital

(3,968)

(22,795)
 
Growth

International

Undistributed net investment income

$-

$15,620

Accumulated gains

63

19,184

Paid-in capital

(63)

(34,804)

These reclassifications were due to the treatment of foreign currencies, the tax treatment of distributions, and expiring capital loss carryforwards.

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

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

**Other:**Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized, and discounts are accreted over the lives of the respective securities. Dividends from equity securities are recorded as income on the ex-dividend date. 

NOTE 3 — Transactions with Affiliated Persons

Under contracts approved annually by the Trust's independent trustees, Saturna Capital Corporation provides investment advisory services and certain other administrative services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., legal fees) are allocated to the Funds on the basis of relative daily average net assets. For such services, each of the Funds pays the adviser a base Investment Advisory and Administrative Services Fee of .60% of average net assets per annum, payable monthly. The adviser has agreed to certain limits on other expenses, as described below. 

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

Performance Adjustment for Sextant Global High Income Fund, Sextant Short-Term Bond Fund, and Sextant Bond Income Fund: 
- For each month in which 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 Core Fund, Sextant Growth Fund, and Sextant International Fund: 
- For each month in which these Funds' total investment returns (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 Global High Income and Sextant Bond Income Fund to 0.90%, and Sextant Short-Term Bond Fund to 0.75%, through March 31, 2016. It waives its investment advisory and administrative fee to Sextant Short-Term Bond Fund and Sextant Bond Income Fund completely should assets of such Fund be less than $2 million. For the fiscal year ended November 30, 2014, the advisory fees incurred were as follows:
 
Adviser Fees

Adviser Fees Waived

Expense Reimbursement

Short-Term Bond

$45,149

$(40,380)

$-

Bond Income

44,643

(26,974)

-

Core

34,842

n/a

-

Global High Income

50,824

(35,198)

-

Growth

264,079

n/a

-

International

434,562

n/a

-

In accordance with the expense limitation noted above, for the fiscal year ended November 30, 2014, Saturna Capital waived a portion of the advisory fees of the Sextant Short-Term Bond Fund, Sextant Bond Income Fund, and Sextant Global High Income Fund. The adviser cannot recoup previously waived fees. 

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On October 3, 2006, The Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of .25% of the average net assets of the Funds. During the fiscal year ended November 30, 2014, the Trust paid SBS the following amounts:

12b-1 Fees

Short-Term Bond

$18,812

Bond Income

18,591

Core

19,268

Global High Income

17,717

Growth

102,288

International

 296,578

For the year ended November 30, 2014, Saturna Capital spent $20,231 from additional resources of its own, and not part of the 12b-1 expense of the Funds, to compensate broker-dealers or other financial intermediaries, or their affiliates, in connection with the sale, distribution, retention, and/or servicing of Fund shares. To the extent that these resources are derived from advisory fees paid by the Funds, these payments could be considered  

54

November 30, 2014        Annual Report
Note To Financial Statements (continued)
"revenue sharing." Any such payments will not change the net asset value or the price of a Fund's shares.

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

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners.  Each  Fund pays an annual fee of $10 per account for retirement plan services to Saturna Trust Company. For the year ended November 30, 2014, the Funds incurred the following amounts:

Retirement plan custodial fees

Short-Term Bond

$3,199

Bond Income

2,207

Core

2,006

Global High Income

775

Growth

6,831

International

6,974

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital and Saturna Trust Company. Mr. Kaiser is not compensated by the Trust. For the fiscal year ended November 30, 2014, the Trust incurred compensation expenses of $29,000 which is included in $44,446 of total expenses for the independent Trustees

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust. For the year ended November 30, 2014, the Funds paid the following compensation expenses for the Chief Compliance Officer:

Chief Compliance Officer

Short-Term Bond

$1,754

Bond Income

1,698

Core

1,721

Global High Income

1,442

Growth

8,195

International

32,219

On November 30, 2014, the trustees, officers, and their affiliates as a group owned 33.17%, 31.03%, 35.88%, 33.30%, 8.91% and 4.33% of the outstanding shares of Short-Term Bond, Bond Income, Core, Global High Income, Growth, and International Funds, respectively.

NOTE 4 — Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal years ended November 30, 2013, and 2014, were as follows:
 
Year ended   Nov. 30, 2014

Year ended  Nov. 30, 2013

Short-Term Bond Fund

Ordinary income

$85,429

$92,977

Bond Income Fund

Ordinary income

228,208

239,703

Core Fund

Ordinary income

144,495

124,229

Long-term capital gain1

86,744

-

Global High Income Fund

Ordinary income

343,597

226,294

Growth Fund

Ordinary income

21,000

178,378

Long-term capital gain1

2,386,512

3,182,432

International Fund

Ordinary income

4,051,997

3,102,776

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

NOTE 5 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at November 30, 2014 was as follows:
 
Short-Term Bond

Bond Income

Cost of investments

$7,441,594

$6,874,316

Gross tax unrealized appreciation

46,452

521,553

Gross tax unrealized depreciation

(26,258)

(15,074)

Net tax unrealized appreciation

$20,194

$506,479
 
Core

GlobalHigh Income

Cost of investments

$6,853,682

$6,816,921

Gross tax unrealized appreciation

1,500,517

608,866

Gross tax unrealized depreciation

(147,034)

(321,477)

Net tax unrealized appreciation

$1,353,483 

$287,389
 
Growth

International

Cost of investments

$23,787,617

$72,297,827

Gross tax unrealized appreciation

17,702,528

33,526,620

Gross tax unrealized depreciation

(73,730)

(3,961,296)

Net tax unrealized appreciation

$17,628,798

$29,565,324

November 30, 2014         Annual Report

55
Notes To Financial Statements (continued)
As of November 30, 2014, components of distributable earnings on a tax basis were as follows:

Short-Term Bond

Undistributed ordinary income

$1,308

Tax accumulated earnings

1,308

Accumulated capital losses

(10,410)

Unrealized appreciation

20,194

Total accumulated earnings

$11,092

Bond Income

Undistributed ordinary income

$93

Tax accumulated earnings

93

Accumulated capital losses

(34,440)

Unrealized appreciation

506,479

Total accumulated earnings

$472,132

Core

Unrealized appreciation

$1,353,483

Other unrealized losses

(10)

Total accumulated earnings

$1,353,473

Global High Income

Accumulated capital losses

$(68,429)

Unrealized appreciation

287,389

Other unrealized losses

(603)

Total accumulated earnings

$218,357

Growth

Undistributed ordinary income

$28,893

Tax accumulated earnings

28,893

Unrealized appreciation

17,628,798

Total accumulated earnings

$17,657,691

International

Accumulated capital losses

$(1,541,917)

Unrealized appreciation

29,565,324

Total accumulated earnings

$28,023,407

At November 30, 2014, the Funds had capital loss carryforwards as follows, subject to regulation. The Registered Investment Company Modernization Act requires that the Funds use long-term and short-term loss carryforwards with unlimited expiration prior to those with an expiration. Prior to their expiration, such loss carryforwards may be used to offset future new capital gains realized for federal income tax purposes.
 
Carryforward

Expiration

Short-Term Bond

$10,255

2016

Short-term loss carryforward

155

Unlimited
 
$10,410
 
Bond Income
 
$13,973

2016
 
20,467

2017
 
$34,440
 
Global High Income

Short-term loss carryforward

$27,538

Unlimited

Long-term loss carryforward

40,891

Unlimited
 
$68,429
 
International
 
$1,528,334

2019

Short-term loss carryforward

13,583

Unlimited
 
$1,541,917
 
NOTE 6 — Investments

Investment transactions other than short-term investments for the fiscal year ended November 30, 2014, were as follows:
 
Purchases

Sales

Short-Term Bond

$1,697,529

$1,029,613

Bond Income

1,360,111

887,795

Core

2,011,693

1,019,378

Global High Income

2,047,852

726,252

Growth

10,985,669

8,448,115

International

3,216,265

40,292,868

56

November 30, 2014        Annual Report

NOTE 7 — Custodian

Under agreements in place with the Trust's custodian, Bank of New York Mellon, custody fees are reduced by credits for cash balances. Such reductions for the fiscal year ended November 30, 2014, were as follows:

Custodian Fee Credits

Short-Term Bond

$336

Bond Income

334

Core

366

Global High Income

680

Growth

1,690

International

8,340

NOTE 8 — Subsequent Events

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Funds' financial statements.

November 30, 2014         Annual Report

57
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of TrusteesSaturna Investment Trust,

We have audited the accompanying statement of assets and liabilities of Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, and Sextant International Fund, each a series of Saturna Investment Trust (the "Trust"), including the schedules of investments, as of November 30, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, except with respect for Sextant Global High Income Fund, the financial highlights for each of the two years in the period then ended and for the period March 30, 2012 (commencement of operations) to November 30, 2012. 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 their internal control 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, 2014, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. 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 Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Global High Income Fund, Sextant Growth Fund, and Sextant International Fund as of November 30, 2014, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, PennsylvaniaJanuary 28, 2015

*/s/ Tait, Weller & Baker LLP*Tait, Weller & Baker LLP

58

November 30, 2014        Annual Report
Expenses (unaudited)
All mutual funds have operating expenses. As a Sextant Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other fund expenses such as shareowner reports (such as this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses. 

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

Examples

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2014, to November 30, 2014).

Actual Expenses

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

Hypothetical Example For Comparison Purposes

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not charge any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
 
Beginning Account Value  (June 1, 2014)

Ending Account Value  (November 30, 2014)

Expenses Paid   During Period1

Annualized                              Expense Ratio

Short-Term Bond Fund

Actual

$1,000

$1,001.50

$3.81

0.76%

Hypothetical (5% return before expenses)

$1,000

$1,021.26

$3.85

0.76%
 
Bond Income Fund

Actual

$1,000

$1,022.70

$4.56

0.90%

Hypothetical (5% return before expenses)

$1,000

$1,020.56

$4.56

0.90%
 
Core Fund

Actual

$1,000

$1,024.20

$6.39

1.26%

Hypothetical (5% return before expenses)

$1,000

$1,018.75

$6.38

1.26%
 
Global High Income Fund

Actual

$1,000

$973.10

$4.45

0.90%

Hypothetical (5% return before expenses)

$1,000

$1,020.56

$4.56

0.90%
 
Growth Fund

Actual

$1,000

$1,089.20

$5.97

1.14%

Hypothetical (5% return before expenses)

$1,000

$1,019.35

$5.77

1.14%
 
International Fund

Actual

$1,000

$983.40

$4.87

0.98%

Hypothetical (5% return before expenses)

$1,000

$1,020.16

$4.96

0.98%

1 Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2014, through November 30, 2014), multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

November 30, 2014         Annual Report

59

Trustees and Officers (unaudited)

Name, Address, and Age

Position(s) held with Trust; term of office and length of time served

Principal occupation(s) during past 5 years

Number of portfolios in Saturna fund complex overseen by Trustee

Other directorships held by Trustee during past 5 years

Independent Trustees
(photo omitted)
**John E. Love**1300 N. State StreetBellingham WA 98225Age: 82

Independent Trusteesince 1987;Independent Chairman

Owner, J.E. Love Co., (agricultural equipment manufacturer)

Seven

None
(photo omitted)
**Gary A. Goldfogel**, MD1300 N. State StreetBellingham WA 98225Age: 56

Independent Trusteesince 1995

Medical Examiner (pathologist)

Owner, Avocet Environmental Testing (laboratory) 

Seven

None
(photo omitted)
**Herbert G. Grubel**, PhD1300 N. State StreetBellingham WA 98225Age: 80

Independent Trusteesince 2005

Senior Fellow, Fraser Institute; Professor (Emeritus) of Economics, Simon Fraser University

Author

Seven

Amana Mutual Funds Trust(retired 2011)
(photo omitted)
**Ronald H. Fielding**, MA, MBA, CFA1300 N. State StreetBellingham WA 98225Age: 65

Independent Trusteesince 2009

Director, ICI Mutual Insurance Company

Ten

Amana Mutual Funds Trust;ICI Mutual Insurance Company

Interested Trustee
(photo omitted)
**Nicholas F. Kaiser**, MBA, CFA11300 N. State StreetBellingham WA 98225Age: 68

President and Trusteesince 1990

Chairman and Director, Saturna Capital Corporation

Chairman, Director, and President, Saturna Trust Company

Former Director, Saturna Brokerage Services

Ten

Amana Mutual Funds Trust

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 upon request by calling Saturna Capital at 1-800-728-8762 and on the Funds' website, www.sextantfunds.com, includes additional information about the Trustees.

On November 30, 2014, the trustees, officers, and their affiliates as a group owned 33.2%, 31.0%, 35.9%, 33.3%, 8.9% and 4.3% of the outstanding shares of Short-Term Bond, Bond Income, Core, Global High Income, Growth and International Funds, respectively. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor.

1 Mr. Kaiser is an "interested person" of the Trust as an officer of the adviser, Saturna Capital Corporation. He holds the same positions with Amana Mutual Funds Trust, which has three fund portfolios, and is also managed by Saturna Capital Corporation. 

60

November 30, 2014        Annual Report

Trustees and Officers (continued) (unaudited)

Name, Address, and Age

Position(s) held with Trust; term of office and length of time served

Principal occupation(s) during past 5 years

Officers Who Are Not Trustees
(photo omitted)
**Phelps S. McIlvaine**11300 N. State StreetBellingham, WA 98225Age: 61

Vice Presidentsince 1994

Vice President, Saturna Capital Corporation

Director, Vice President, and former Treasurer Saturna Brokerage Services
(photo omitted)
**Ethel B. Bartolome**11300 N. State StreetBellingham, WA 98225Age: 42

Secretarysince 2001

Corporate Administrator and Secretary, Saturna Capital Corporation

Secretary, Saturna Trust Company
(photo omitted)
**Christopher R. Fankhauser**11300 N. State StreetBellingham, WA 98225Age: 42

Treasurersince 2002

Chief Operations Officer, Saturna Capital Corporation

Vice President and Chief Operations Officer, Saturna Brokerage Services

Director, Vice President, and Chief Operations Officer, Saturna Trust Company
(photo omitted)
**Michael E. Lewis**11300 N. State StreetBellingham, WA 98225Age: 53

Chief Compliance Officersince 2012

Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds

1 Messrs. McIlvaine, Fankhauser, and Lewis, and Mrs. Bartolome are "interested persons" of the Trust as officers and/or employees of the adviser, Saturna Capital Corporation. Messrs. Fankhauser and Lewis, and Mrs. Bartolome hold the same positions with Amana Mutual Funds Trust, which has three fund portfolios, and is also managed by Saturna Capital Corporation. 

November 30, 2014         Annual Report

61
Renewal of Investment Advisory Contract (unaudited)
During their meeting of September 20, 2014, the Trustees of Saturna Investment Trust discussed the continuance of the various operating agreements related to each of the following Sextant Funds: (Global High-Income Fund, Short-Term Bond Fund, Bond Income Fund, Core Fund, Growth Fund, and International Fund) ("Funds"). The Trustees focused on renewing the Investment Advisory and Administration Agreements between the Funds and Saturna Capital Corporation ("Saturna"), and discussed the nature, extent, and quality of the services provided by Saturna. The Trustees took into consideration that the Funds of the Trust offer a full range of high-quality investor services and that these services had been enhanced, rather than scaled back, during recent economic difficulties. The Trustees discussed Saturna's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plan and trust services, accounting, marketing, and distribution — all in addition to investment management.

The Trustees took into consideration Saturna's continued avoidance of significant operational and compliance problems, plus its substantial investments in premises, personnel, training, and equipment to meet investor needs. They recognized Saturna's efforts to recruit and retain increasingly qualified, experienced, and specialized staff and improve the capital base on which Saturna operates, which the Trustees believe is important to the long-term success of the Funds. They appreciate Saturna's focus on investors, avoiding potential conflicts of interest.

The Trustees found that the long-term investment performances of the Sextant International Fund and Sextant Growth Fund were very good relative to funds in their Morningstar categories. The investment performance of the Sextant Core Fund was improving from barely satisfactory. The Trustees judged the performance of Sextant Bond Income as above average and the Sextant Short-Term Bond Fund as average, particularly considering the quality focus of their portfolios, which is not universally the case among bond funds, many of which incur greater risk in the name of performance. The Trustees also judged the performance of Sextant Global High Income Fund to be very good, noting the fund's recent inception. The Trustees found such information helpful in establishing expectations regarding the performance of Saturna and whether to continue the advisory contract.

The Trustees reviewed the fees and expenses of the Funds. They noted that the Funds' performance-based advisory fees are reasonable and fair to the shareowners and unusual in the industry. The Trustees found the expense ratios to be highly competitive and fair, given the sizes of the Funds, the services provided, the volume of transaction orders processed by Saturna, and the expenses incurred by Saturna.

The Trustees reviewed Saturna's financial information and discussed the issue of Saturna's lack of profitability as related to management and administration of the Funds. They discussed the reasonableness of the mix of services provided by Saturna, including the nature, extent, and quality of such services. The Trustees noted the many years of dedicated service provided to Sextant shareowners by Saturna Capital.

The Trustees considered the assets of the Funds, and the extent to which advisory fees reflected economies of scale. The Trustees noted that, although the assets of the Funds generally have grown, the Funds remain small, and there has been no opportunity for Saturna to demonstrate economies of scale. In fact, Saturna continues to operate the Funds at significant cost to itself. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none.

The Trustees considered the fees charged by Saturna to other kinds of accounts and the different services provided to those accounts and how Saturna's investment management, research, and customer service operations performed for other accounts benefit the Funds.

The Trustees 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. In fact, Saturna voluntarily waives brokerage commissions for Fund portfolio trades executed through its affiliated broker at a considerable cost to Saturna.

The Trustees concluded that the fees paid by the Funds to Saturna were, from an arm's-length bargaining perspective, reasonable and in the best interest of the Funds and their shareowners in light of the services provided, comparative performance, expense and fees, costs of services provided and profits to be realized, and benefits derived or to be derived by Saturna from its relationship with the Funds. Following this discussion, the Trustees unanimously agreed to renew the Investment Advisory and Administration Agreements and other operating agreements between Saturna and/or Saturna Brokerage Services and each of Sextant Bond Income, Sextant Short Term Bond, Sextant Core, Sextant Growth, Sextant Global High Income, and Sextant International Funds.

62

November 30, 2014        Annual Report
Availability of Portfolio Information
(1) The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

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

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

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

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

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

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

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareowner reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information, please call us at 1-800-728-8762. 

November 30, 2014         Annual Report

63
www.sextantfunds.com
(logo omitted)

Saturna Capital1300 N. State StreetBellingham, WA 98225www.saturna.com1-800-728-8762

This report is issued for the information of the shareowners of the Idaho Tax-Exempt 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, a series of Saturna Investment Trust. 

Saturna Brokerage Services, Distributor
IDAHO TAX-EXEMPT FUNDANNUAL REPORTNovember 30, 2014Performance Summary (as of December 31, 2014) (unaudited)
**Average Annual Returns** (before any taxes paid by shareowners)
 
**1 Year**

**3 Year**

**5 Year**

**10 Year**

**Expense Ratio1**

Idaho Tax-Exempt Fund

6.80%

2.82%

3.64%

3.62%

0.66%

S&P Idaho Municipal Bond Index

9.65%

5.29%

5.79%

5.19%

n/a

"Muni Single State Intermediate" Category Average2

6.85%

2.89%

3.79%

3.57%

n/a

MorningstarTM Rating2

"Muni Single State Intermediate" Category

**Overall**

**1 Year**

**3 Year**

**5 Year**

**10 Year**

Idaho Tax-Exempt Fund

★ ★ ★

n/a

★ ★ ★

★ ★ ★

★ ★ ★
% Rank in Category
n/a

42

46

58

50

Absolute Rank

n/a

90

91

112

89

Funds in Category

198

215

198

192

176

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

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

1 By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

2 **Source: Morningstar December 31, 2014.** Morningstar, Inc. is an independent fund performance monitor. Rankings and category returns are determined monthly from total returns by Morningstar, by category as determined by Morningstar. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar ReturnTM, Morningstar Risk-Adjusted RatingsTM, and the load-adjusted returns do incorporate those fees.) Total returns account for management, administrative, 12b-1 fees, and other costs automatically deducted from fund assets.

For each fund with at least a three-year history, Morningstar calculates a Morningstar RatingTM 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. 

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

2

November 30, 2014           Annual Report

(graphic omitted)
Fellow Shareowners:
For the six months ended November 30, 2014, Idaho Tax-Exempt Fund returned 1.46%. For the twelve months ended November 30, the Fund returned 5.83%. Over the one-year period, the Fund's outstanding shares increased to 3.03 million, while net assets reached an all-time high of $16.7 million. The Fund's Net Asset Value per share ended the year at $5.51, up 15¢ from $5.36. 

In 2014, Idaho's population and employment grew and as the economy continued a slow recovery. During the recent Great Recession, Idaho experienced a decline in state GDP. Growth was slow to return. Nonetheless, 2014 Idaho tax revenues are modestly above budget and the state remains fiscally sound, with tax revenue finally exceeding the previous record high set in 2008. General fund revenue and reserve fund balances grew. While the state legislature cut personal property taxes, further reductions in the personal income tax rate may have to wait another year. The state's Net Asset Position improved by a healthy $594 million, while state sales tax revenue backing various agency debt obligations remains solid. Idaho is not subject to huge unfunded pension or healthcare obligations at this time. Some local credit quality remains pressured but constitutional debt caps limit issuance and keep coverage ratios at adequate levels. We expect these improving credit trends will continue in 2015. Unlike some States, Idaho's state health insurance exchange is running well. 

With Detroit's Chapter 9 Bankruptcy now resolved, general obligation bondholders will have to be more discriminating when evaluating municipal issuer creditworthiness. We remain confident Idaho credits will continue to satisfy even the most discriminating investor.

Looking ahead, we expect the national and regional economies, as well as state exports to countries like China and India, to provide support to Idaho growth and employment. 

For those seeking a conservative investment vehicle, the Idaho Tax-Exempt Fund offers a diversified portfolio of high-grade issues intended to provide income exempt from federal income, federal alternative minimum, and Idaho state income taxes. In the current low interest rate environment, the Fund may purchase more carefully vetted, marketable, non-rated Idaho bonds. 

Unlike many municipal funds, Idaho Tax-Exempt Fund has not suffered from investing in US territories such as Puerto Rico, Guam, and the US Virgin Islands to boost income at the expense of creditworthiness. Neither does the Fund employ derivatives or other financial engineering tools that often increase the risk of bond fund investments.

We invite you to review the advantages of the Idaho Tax- Exempt Fund, and we welcome your suggestions. Only with your help can we be certain that we are meeting our primary objective — fulfilling your investment needs.

Respectfully,

(photo omitted)

**Nicholas Kaiser,**President

(photo omitted)

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

Annual Report           November 30, 2014

3
Performance Summary (unaudited)
Average Annual Returns (as of November 30, 2014)
 
1 Year

5 Year

10 Year

Expense Ratio1

Idaho Tax-Exempt Fund

5.83%

3.48%

3.61%

0.66%

S&P Idaho Municipal Bond Index

8.64%

5.76%

5.26%

n/a

Growth of $10,000

Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged and expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2004, to an identical amount invested in the Standard & Poor's Idaho Municipal Bond Index, a broad-based index of Idaho municipal bond prices. The graph shows that an investment in the Fund would have risen to $14,240 versus $16,698 in the S&P Idaho Municipal Bond Index.

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

1 By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus, which is dated March 27, 2014, and incorporates results for the fiscal year ended November 30, 2013. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.

Fund Objective

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

Portfolio Diversification
 
█

General Obligation

58.0%

█

State Education

10.1%

█

Water Supply

6.2%

█

Real Estate

5.6%

█

Transportation

4.5%

█

Pollution Control

3.2%

█

Financial Services

3.2%

█

Medical/Hospitals

2.2%

█

Urban Renewal

1.5%

█

Municipal Leases

0.9%

█

Power Generation

0.5%

█

Cash and equivalents

4.1%

Weightings are shown as a percentage of total net assets.

Top Ten Holdings

% of Fund Assets

University of Idaho Revenues 5.00% due 04/01/2032

3.1%

Twin Falls Co. ID SCD #414 4.25% due 09/15/2028

3.0%

Idaho State Building Authority Revenue 5.00% due 09/01/2032

2.7%

Ada & Canyon Cos. ID JSD #3 Kuna 4.00% due 08/15/2022

2.7%

Madison Co. ID SCD #321 Rexburg 4.50% due 08/15/2024

2.7%

Idaho Bond Bank A 4.00% due 09/15/2032

2.6%

Boise State University ID Revenues 5.00% due 04/01/2034

2.5%

Pocatello ID Water Revenue 4.75% due 02/01/2026

2.3%

Payette Co. ID SCD #373 5.00% due 09/15/2024

2.3%

Owyhee & Elmore Cos. ID JSD #365 4.00% due 08/15/2027

2.2%

4

November 30, 2014           Annual Report
Discussion of Fund Performance (unaudited)
For the 12 months ended November 30, 2014, Idaho Tax-Exempt Fund returned 5.83%. This annual return was below its Morningstar "Muni Single State Intermediate" category peer group, which returned an average of 6.06% during the same period. For the five years ended November 30, 2014, the Fund provided an annualized total return of 3.48%, compared to the 3.73% annualized return for the Morningstar peer group category. The Fund's operating expense ratio was a low 0.63%. For the year, the Fund's net assets rose 7.9% to $16.7 million. The Fund's Net Asset Value per share rose from $5.36 to $5.51. 

Factors Affecting Past Performance

During 2014, an improving US economy boosted state revenues and generally improved municipal issuer credit. Record low rates created opportunities for issuers to refinance existing issues and cut financing costs. Municipal bond defaults declined for a third year with over 80% of these defaults happening to nonrated agency and district credits. The strong credit performance helped attract about $20 billion in new cash to US municipal bond funds. While some state finances will remain under pressure for years to come, Idaho has fully recovered revenues from the previous high in 2008 and has begun to rebuild reserves. 

Detroit's bankruptcy exit plan applied principal impairments of 26% on unlimited tax general obligation bonds and 66% on limited tax general obligation bonds. However, municipal bond insurers paid for these impairments leaving investors with 100% of their original principal on insured issues. 

Inconsistent US economic growth, a rising dollar, and a steady decline in inflation expectations validated a large decline in US rates. The end of US quantitative easing led to a third consistent decline in long US yields causing a significant flattening of the yield curve. The longest duration high-grade securities generated the highest returns. The Fund maintained dollar-weighted average maturity near five years while holding average credit quality constant. 

Looking Forward

For 2015, Idaho economic growth and employment may show continued improvement while some energy dependent states may struggle. US inflation will continue to slow. US central bank policy may be relatively firm compared to the rest of the world resulting in a strong US dollar, attractive US yields, and an increase in demand for US assets, including municipal bonds.

Recent significant declines in the price of oil and in long-term breakeven forward inflation rates relieve the pressure on the Federal Reserve to raise short rates and maintain near-zero overnight rates. Income investors will continue to add to bond investments and become more discriminating in their search for income.

Idaho credit quality has improved over the last five years. We expect higher general fund revenues, surpluses, and rising reserve funds balances in 2015. Idaho has done comparatively well structuring and funding state pensions. 2014's strong equity and bond returns will reduce Idaho's unfunded pension liability further. In 2015, positive real yields, weak inflation, and improving municipal credit present an opportunity for investors in high quality Idaho municipal bonds. 

In an era of rising credit awareness, Idaho may offer discriminating investors high-quality diversification and real returns even in today's low rate environment.

Bond Quality Diversification
 
█

Rated "Aaa"

26.4%

█

Rated "Aa1"

13.6%

█

Rated "Aa2"

10.6%

█

Rated "Aa3"

16.4%

█

Rated "A1"

11.9%

█

Rated "A2"

6.9%

█

Rated "A3"

0.6%

█

Not rated

9.5%

█

Cash and equivalents

4.1%
 
Based on total net assets as of November 30, 2014.

Source: Moody's Investors Services.

Annual Report           November 30, 2014

5

Schedule of Investments

**Tax-Exempt Municipal Bonds — 95.9%**

**Coupon / Maturity**

**Face Amount**

**Market Value**

**Percentage of Assets**
 
Financial Services

Idaho Bond Bank Authority1

4.00% due 09/15/2019

 $90,000 

 $98,472 

0.6%

Idaho Bond Bank Authority

4.00% due 09/15/2032

 405,000 

 435,209 

2.6%
 
**495,000**

**533,681**

**3.2%**
 
General Obligation

Ada & Canyon Cos. ID JSD #2 Meridian

5.00% due 08/15/2020

 165,000 

 170,572 

1.0%

Ada & Canyon Cos. ID JSD #2 Meridian

5.00% due 08/15/2021

 155,000 

 160,234 

1.0%

Ada & Canyon Cos. ID JSD #3 Kuna

5.00% due 09/15/2019

 240,000 

 268,200 

1.6%

Ada & Canyon Cos. ID JSD #3 Kuna

4.00% due 08/15/2022

 400,000 

 453,460 

2.7%

Adams & Washington Cos. ID JSD #432

4.00% due 08/15/2019

 100,000 

 101,959 

0.6%

Bingham Co. ID SCD #52 Snake HS

4.00% due 09/01/2020

 250,000 

 271,053 

1.6%

Bingham Co. ID SCD #52 Snake HS

4.00% due 09/01/2027

 200,000 

 214,356 

1.3%

Blaine Co. ID Series A

4.05% due 08/01/2023

 150,000 

 159,737 

1.0%

Bonneville & Bingham Cos. ID JSD #93

5.00% due 09/15/2029

 250,000 

 293,175 

1.8%

Bonneville & Bingham Cos. ID JSD #93

5.00% due 09/15/2031

 200,000 

 231,178 

1.4%

Bonneville Co. ID SCD #911

4.00% due 09/15/2026

 50,000 

 54,530 

0.3%

Bonneville Co. ID SCD #91

3.75% due 09/15/2032

 285,000 

 300,541 

1.8%

Boundary Co. ID SCD #101

4.00% due 08/15/2021

 240,000 

 252,744 

1.5%

Canyon Co. ID SCD #131 Nampa

5.00% due 08/15/2023

 105,000 

 108,546 

0.6%

Canyon Co. ID SCD #139 Vallivue 

5.00% due 09/15/2024

 260,000 

 308,942 

1.8%

Canyon Co. ID SCD #139 Vallivue

4.35% due 09/15/2025

 350,000 

 369,198 

2.2%

Fremont & Madison Cos. ID JSD #215 

4.00% due 08/15/2019

 200,000 

 215,692 

1.3%

Fremont & Madison Cos. ID JSD #215

4.125% due 08/15/2024

 130,000 

 138,311 

0.8%

Jefferson & Madison Cos. ID JSD #251 Rigby

4.25% due 09/01/2024

 100,000 

 107,032 

0.6%

Jerome, Lincoln & Gooding Cos. JSD #261

3.75% due 09/15/2018

 125,000 

 130,635 

0.8%

Jerome, Lincoln & Gooding Cos. JSD #261

5.00% due 09/15/2022

 250,000 

 265,273 

1.6%

Kootenai Co. ID SCD #271

4.00% due 09/15/2025

 165,000 

 183,389 

1.1%

Kootenai-Shoshone ID Area Libraries

4.25% due 08/01/2021

 220,000 

 224,844 

1.3%

Latah Co. ID SCD #281

4.00% due 08/15/2027

 100,000 

 114,094 

0.7%

Latah Co. ID SCD #281

4.00% due 08/15/2028

 200,000 

 226,664 

1.4%

Latah, Nez Perce, & Clearwater Cos. ID JSD #283

4.50% due 08/15/2027

 190,000 

 203,273 

1.2%

Madison Co. ID SCD #321 Rexburg

4.50% due 08/15/2024

 410,000 

 445,928 

2.7%

Madison Co. ID SCD #321 Rexburg

4.50% due 08/15/2026

 250,000 

 271,908 

1.6%

Minidoka & Jerome Cos. ID JSD #3311

4.50% due 08/15/2018

 75,000 

 80,056 

0.5%

Minidoka & Jerome Cos. ID JSD #3311

4.50% due 08/15/2020

 75,000 

 80,056 

0.5%

Minidoka & Jerome Cos. ID JSD #331

4.375% due 08/15/2024

 225,000 

 240,255 

1.4%

Minidoka & Jerome Cos. ID JSD #331

4.50% due 08/15/2025

 160,000 

 171,187 

1.0%

Nampa ID Series B

5.00% due 08/01/2020

 200,000 

 206,380 

1.2%

Owyhee & Elmore Cos. ID JSD #365

4.00% due 08/15/2027

 350,000 

 375,413 

2.2%

Payette Co. ID SCD #373

5.00% due 09/15/2024

 350,000 

 378,777 

2.3%

Twin Falls & Gooding Cos. JSD #412 

4.125% due 09/01/2023 

 100,000 

 112,335 

0.7%

Twin Falls Co. ID SCD #411

4.00% due 09/15/2027

 170,000 

 187,177 

1.1%

Twin Falls Co. ID SCD #411

4.25% due 09/15/2030

 300,000 

 332,652 

2.0%

Twin Falls Co. ID SCD #414

4.25% due 09/15/2028

 445,000 

 509,832 

3.0%

Twin Falls Co. ID SCD #411 Series A

4.25% due 09/15/2031

 100,000 

 110,348 

0.7%

Valley & Adams Cos. ID JSD #421

4.50% due 08/01/2022

 135,000 

 144,225 

0.9%

Valley & Adams Cos. ID JSD #421

4.50% due 08/01/2024

 290,000 

 309,816 

1.9%

Valley & Adams Cos. ID JSD #421

3.00% due 08/01/2026

 220,000 

 220,744 

1.3%
 
 8,935,000 

 9,704,721 

58.0%
 
Continued on next page.

6

November 30, 2014           Annual Report

The accompanying notes are an integral part of these financial statements.

Schedule of Investments

**Tax-Exempt Municipal Bonds — 95.9%**

**Coupon / Maturity**

**Face Amount**

**Market Value**

**Percentage of Assets**
 
Medical/Hospitals

Idaho Health Facility Authority Revenue

6.00% due 12/01/2023

 $200,000 

 $234,768 

1.4%

Idaho Health Facility Authority Revenue

6.25% due 12/01/2033

 115,000 

 133,242 

0.8%
 
 315,000 

 368,010 

2.2%
 
Municipal Leases

Nez Perce Co. ID COPS

4.50% due 02/01/2021

 150,000 

 152,650 

0.9%
 
 150,000 

 152,650 

0.9%
 
Pollution Control

Caldwell ID Sewer Revenue

4.50% due 09/01/2019

 100,000 

 110,924 

0.6%

Idaho Bond Bank Authority

4.30% due 09/01/2022

 135,000 

 135,244 

0.8%

Idaho Bond Bank Authority1

4.125% due 09/15/2023

 75,000 

 80,286 

0.5%

Moscow ID Sewer Revenue

4.45% due 05/01/2028

 200,000 

 211,798 

1.3%

 510,000 

 538,252 

3.2%
 
Power Generation

Idaho Falls ID Electric Revenue1

6.75% due 04/01/2019

 75,000 

 80,000 

0.5%
 
 75,000 

 80,000 

0.5%
 
Real Estate

Idaho State Building Authority Revenue

5.00% due 09/01/2031

 200,000 

 230,586 

1.4%

Idaho State Building Authority Revenue

5.00% due 09/01/2032

 400,000 

 458,772 

2.7%

Post Falls ID LID SPA

5.00% due 05/01/2021

 240,000 

 240,086 

1.5%
 
 840,000 

 929,444 

5.6%
 
State Education

Boise State University ID Revenues

4.50% due 04/01/2027

 250,000 

 266,023 

1.6%

Boise State University ID Revenues

5.00% due 04/01/2034

 385,000 

 420,763 

2.5%

Idaho State University Revenues

4.625% due 04/01/2024

 220,000 

 220,345 

1.4%

University of Idaho Revenues

5.00% due 04/01/2032

 455,000 

 519,587 

3.1%

University of Idaho Revenues

5.00% due 04/01/2028

 225,000 

 252,889 

1.5%
 
 1,535,000 

 1,679,607 

10.1%
 
Transportation

Boise ID Airport Parking Facility Revenue

3.00% due 09/01/2028

 210,000 

 202,192 

1.2%

Idaho Housing & Finance Association

4.60% due 07/15/2023

 250,000 

 275,045 

1.7%

Idaho Housing & Finance Association

5.00% due 07/15/2024 

 200,000 

 212,896 

1.3%

Idaho Housing & Finance Association1

5.00% due 07/15/2027

 50,000 

 56,277 

0.3%
 
 710,000 

 746,410 

4.5%
 
Urban Renewal

Boise City ID Urban Renewal Agency Lease Revenue

5.00% due 08/15/2020

 160,000 

 165,139 

1.0%

Boise City ID Urban Renewal Agency Lease Revenue1

5.00% due 08/15/2021

 90,000 

 92,652 

0.5%
 
 250,000 

 257,791 

1.5%
 
Water Supply

Chubbuck ID Water Revenue

4.00% due 09/01/2025

 155,000 

 168,139 

1.0%

Idaho Bond Bank Authority

4.00% due 09/15/2024

 100,000 

 106,704 

0.6%

Idaho Bond Bank Authority

5.00% due 09/15/2026

 185,000 

 200,211 

1.2%

Idaho Bond Bank Authority1

5.00% due 09/15/2026

 65,000 

 69,580 

0.4%

Pocatello ID Water Revenue

4.50% due 02/01/2024

 100,000 

 108,967 

0.7%

Pocatello ID Water Revenue

4.75% due 02/01/2026

 350,000 

 384,416 

2.3%
 
 955,000 

 1,038,017 

6.2%
 
Total investments

(Cost = $15,363,838)

 $14,770,000 

 16,028,583 

95.9%

Other assets (net of liabilities)
 
 692,041 

4.1%

**Total net assets**
 
**$16,720,624**

**100.0%**

1 Indicates an odd lot. See note regarding odd lot securities on page 11.

The accompanying notes are an integral part of these financial statements.

Annual Report           November 30, 2014

7

Statement of Assets and Liabilities

As of November 30, 2014
 
Assets

Investments in securities, at value  (Cost $15,363,838)

$16,028,583 

Cash

558,041

Interest receivable

179,580

Insurance reserve premium

801

Receivable for Fund shares sold

318

Total assets

 16,767,323 

Liabilities

Accrued expenses

16,571

Payable for Fund shares redeemed

14,411

Distributions payable

8,349

Payable to affiliates

7,368

Total liabilities

 46,699 

Net assets

$16,720,624
 
Analysis of net assets

Paid-in capital (unlimited shares authorized, without par value)

$16,052,316 

Undistributed tax-exempt income

3,563

Unrealized net appreciation on investments

664,745

Net assets applicable to Fund shares outstanding

$16,720,624
 
Fund shares outstanding

 3,032,625 
 
Net asset value, offering and redemption price per share

$5.51

Statement of Operations

Year ended November 30, 2014
 
Investment income

Interest income

$559,855 

Gross investment income

 559,855 

Expenses

Investment adviser fees

80,441

Audit fees

6,631

Chief Compliance Officer expenses

3,662

Filing and registration fees

3,089

Trustee fees

3,026

Shareowner servicing

2,530

Printing and postage

1,798

Other expenses

1,584

Custodian fees

734

Legal fees

435

Retirement plan custodial fees

109

Total gross expenses

 104,039 

Less shareowner servicing fees waived

 (2,530)

Less custodian fee credits

 (734)

Net expenses

 100,775 

Net investment income

 $459,080 
  
Net realized gain from investments

 $8,953 

Net increase in unrealized appreciation on investments

465,348 

Net gain on investments

 $474,301 
 
Net increase in net assets resulting from operations

 $933,381 

8

November 30, 2014           Annual Report

The accompanying notes are an integral part of these financial statements.

Statements of Changes of Net Assets

Year ended November 30, 2014

Year ended November 30, 2013

Increase (decrease) in net assets from operations

From operations

Net investment income

 $459,080 

 $461,606 

Net realized gain on investments

 8,953 

 29,545 

Net increase (decrease) in unrealized appreciation

 465,348 

 (954,720)

Net increase (decrease) in net assets

 933,381 

 (463,569)

Distributions to shareholders from

Net investment income

(459,139)

(461,601)

Capital gains distributions

 (9,954)

 (28,544)

Total distributions

 (469,093)

 (490,145)

Capital share transactions

Proceeds from sales of shares

2,484,759

2,303,561 

Value of shares issued in reinvestment of dividends

383,208

395,157 

Cost of shares redeemed

 (2,103,538)

 (2,768,811)

Net increase (decrease) in net assets

 764,429 

 (70,093)

Total increase (decrease) in net assets

 1,228,717 

 (1,023,807)
 
Net assets

Beginning of year

 15,491,907 

 16,515,714 

End of year

 16,720,624 

 15,491,907 
 
Undistributed tax-free income

 $3,563

 $3,622 
 
Shares of the Fund sold and redeemed

Number of shares sold

454,324

422,138 

Number of shares issued in reinvestment of dividends

70,175

72,290 

Number of shares redeemed

(384,645)

(510,385)

Net increase (decrease) in number of shares outstanding

 139,854 

 (15,957)

Financial Highlights

For Year Ended November 30, 

*Selected data per share of outstanding capital stock throughout each year:*

**2014**

**2013**

**2012**

**2011**

**2010**

**Net asset value at beginning of year**

**$5.36**

**$5.68**

**$5.51**

**$5.43**

**$5.43**

**Income from investment operations**

Net investment income

0.16

0.16

0.16

0.18

 0.17 

Net gain (loss) on securities (both realized & unrealized)

 0.15 

 (0.31)

 0.18 

 0.08 

 - 

**Total from investment operations**

**0.31**

**(0.15)**

**0.34**

**0.26**

**0.17**

**Less distributions**

Dividends (from net investment income)

 (0.16)

 (0.16)

 (0.16)

 (0.18)

 (0.17)

Distributions (from capital gains)

0.001

(0.01) 

 (0.01)

0.001

0.001 

**Total distributions**

**(0.16)**

**(0.17)**

**(0.17)**

**(0.18)**

**(0.17)**

Paid-in capital from early redemption fees

-

-

-

0.001

0.001
 
**Net asset value at end of year**

**$5.51**

**$5.36**

**$5.68**

**$5.51**

**$5.43**
 
**Total return**

**5.83%**

**(2.70)%**

**6.33%**

**4.91%**

**3.26%**
 
**Ratios / supplemental data**

Net assets ($000), end of year

$16,721

$15,492

$16,516

$16,117

$15,230 

Ratio of expenses to average net assets 

Before shareowner servicing fee waiver and custodian fee credits

0.65%

0.66%

0.62%

0.62%

0.74%

After shareowner servicing fee waiver

0.63%

0.64%

n/a

n/a

n/a

After shareowner servicing fee waiver and custodian fee credits

0.63%

0.64%

0.62%

0.61%

0.73%

Ratio of net investment income after custodian fee credits to average net assets 

2.85%

2.88%

2.89%

3.27%

3.23%

**Portfolio turnover rate**

**5%**

**9%**

**12%**

**4%**

**2%**

1 Amount is less than $0.01

The accompanying notes are an integral part of these financial statements.

Annual Report           November 30, 2014

9
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, diversified series investment company under the Investment Company Act of 1940, as amended. Six portfolios have been created to date in addition to Idaho Tax-Exempt Fund (the "Fund"). The other six portfolios are distributed through a separate prospectus and the results of those funds are contained in a separate report.

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

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

Note 2 — Significant Accounting Policies

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

Security valuation:

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

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

Share valuation:

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

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

Fair value measurements:

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

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

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

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

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

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

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

The following table is a summary of the inputs used as of November 30, 2014, in valuing the Fund's investments carried at value.

10

November 30, 2014           Annual Report
Notes To Financial Statements (continued)
Fair Value Inputs

**Level 1**Quoted Price

**Level 2**Significant Observable Input

**Level 3**Significant Unobservable Input

Total

Municipal Bonds

Financial Services

 $- 

 $435,209 

 $98,472 

 $533,681 

General Obligation

- 

9,490,079 

214,642 

 9,704,721 

Medical/Hospitals

- 

368,010 

- 

368,010 

Municipal Leases

- 

152,650 

- 

152,650 

Pollution Control

- 

457,966 

80,286 

538,252 

Power Generation

- 

- 

80,000 

80,000 

Real Estate

- 

929,444 

- 

929,444 

State Education

- 

1,679,607 

- 

1,679,607 

Transportation

- 

690,133 

56,277 

746,410 

Urban Renewal

- 

165,139 

92,652 

257,791 

Water Supply

- 

968,437 

69,580 

1,038,017 

Total Assets

**$-**

**$15,336,674**

**$691,909**

**$16,028,583**

Level 3 Roll-Forward Municipal Securities

Beginning balance

 $635,724 

Total unrealized gains or losses

6,156

Total realized gain

29

Purchases

 - 

Sales

- 

Maturity/call

(15,000)

Transfers into (out of) Level 3

65,000 

**Ending balance**

**$691,909**

**Odd Lots:**The bid-side valuations provided by the independent pricing service are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of the Fund's holdings consist of less than a Round Lot and are considered "Odd Lots." Odd Lots trade at a discount to Round Lots to compensate for the effect of the fixed costs associated with any trade. To reflect this discount, the Fund applies a discount to the valuation of Odd Lot municipal bond holdings as shown in the following chart.

**Total Face Value**

**Adjustment to Price**

Under 10,000

-0.750%

10,000-24,999

-0.625%

25,000-49,999

-0.500%

50,000-74,999

-0.375%

75,000-99,999

-0.250%

100,000 and up

none

An increase in the adjustment will decrease the market value of the investment.

**Derivative instruments and hedging activities:**The Fund has adopted the financial reporting rules and regulations that require enhanced disclosure which enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the fiscal year ended November 30, 2014, the Fund did not hold any derivative instruments.

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

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2011 — 2013), or expected to be taken in the Fund's 2014 tax return. The Fund identifies its major tax jurisdiction as US federal and foreign jurisdictions where the Fund makes significant investments; however, the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 

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

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

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

Annual Report           November 30, 2014

11
Notes To Financial Statements (continued)
**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:**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.

Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized and discounts are accreted over the lives of the respective securities.

Note 3 — Transactions with Affiliated Persons

Under a contract approved by shareowners on September 28, 1995 and reviewed annually by the Board of Trustees, 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 0.50% of its average daily net assets. For the fiscal year ended November 30, 2014, the Fund incurred advisory fee expenses of $80,441. Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets.

Saturna Capital also acts as shareowner servicing agent for the Fund, for which it did not receive any compensation during the fiscal year ended November 30, 2014. Saturna Capital has voluntarily elected to waive the shareowner servicing fee for an indefinite period, which may cease at Saturna Capital's election, to reduce the Fund's operating expenses. Such fees, had they been charged, would have totaled $2,530.

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

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as a retirement plan custodian for Fund shareowners.  For the fiscal year ended November 30, 2014, the Fund incurred retirement plan custodial fees of $109.

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital and Saturna Trust Company. Mr Kaiser is not compensated by the Trust. For the fiscal year ended November 30, 2014, the Trust incurred compensation expenses of $29,000 which is included in $44,446 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $3,026 of these total expenses.

The officers of the Trust are paid by Saturna Capital, not the Trust, except the Chief Compliance Officer, who is partially compensated by the Trust. For the fiscal year ended November 30, 2014, the Fund paid $3,662 in compensation for such services.

On November 30, 2014, the trustees, officers, and their immediate families as a group directly or indirectly owned 11.16% of the outstanding shares of the Fund. 

Note 4 — Distributions to Shareowners

The tax characteristics of distributions paid during the fiscal year ended November 30, 2014, and the fiscal year ended November 30, 2013, were as follows:
 
**November 30, 2014**

**November 30, 2013**

Tax-exempt income

 $459,139 

 $461,601 

Capital gain1

 $9,954 

 $28,544 

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

Note 5 — Federal Income Taxes

The cost basis of investments for federal income tax purposes at November 30, 2014 was as follows:

Cost of investments

 $15,363,838 

Gross tax unrealized appreciation

710,883 

Gross tax unrealized depreciation

(46,138)

Net tax unrealized appreciation

 $664,745 

As of November 30, 2014, the components of distributable earnings on a tax basis were as follows:

Undistributed tax-exempt income

 $3,563 

Tax accumulated earnings

3,563 

Unrealized appreciation

664,745 

Total accumulated earnings

 $668,308 

Note 6 — Investments

During the fiscal year ended November 30, 2014, the Fund purchased $1,794,142 of securities and sold/matured $716,264 of securities.

Note 7 — Custodian

Under the agreement in place with Bank of New York Mellon, custody fees are reduced by credits for cash balances. Such reduction for the fiscal year ended November 30, 2014, amounted to $734.

Note 8 — Subsequent Events

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Fund's financial statements. 

12

November 30, 2014           Annual Report
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of TrusteesSaturna Investment Trust,

We have audited the accompanying statements of assets and liabilities of Idaho Tax-Exempt Fund, a series of the Saturna Investment Trust (the "Trust"), including the schedule of investments as of November 30, 2014, and the related statement of operations for the year then ended, and the statements 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 audits 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 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, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2014, by correspondence with the custodian. 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, 2014, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights 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, PennsylvaniaJanuary 28, 2015

*/s/ Tait, Weller & Baker LLP*Tait, Weller & Baker LLP

Annual Report           November 30, 2014

13
Expenses (unaudited)
All mutual funds have operating expenses. As an Idaho Tax-Exempt Fund shareowner, you incur ongoing costs, including management fees and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. Mutual funds (unlike other financial investments) only report their results after deduction of operating expenses.

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

Example

The following example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (June 1, 2014, to November 30, 2014).

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees (note that the Idaho Tax-Exempt Fund does not charge any such transactional costs). Therefore, the "Hypothetical" line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
 
**Beginning Account Value [June 1, 2014]**

**Ending Account Value [November 30, 2014]**

**Expenses Paid During Period1**

Actual 

$1,000.00

$1,014.60

$3.13

Hypothetical (5% return before expenses)

$1,000.00

$1,021.96

$3.14

1 Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.62% (based on the most recent semi-annual period of June 1, 2014 through November 30, 2014) multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).

14

November 30, 2014           Annual Report

Trustees and Officers (unaudited)

Name, Address, and Age

Position(s) held with Trust; term of office and length of time served

Principal occupation(s) during past 5 years

Number of portfolios in Saturna fund complex overseen by Trustee

Other directorships held by Trustee during past 5 years

Independent Trustees
(photo omitted)
**John E. Love**1300 N. State StreetBellingham WA 98225Age: 82

Independent Trusteesince 1987;Independent Chairman

Owner, J.E. Love Co., (agricultural equipment manufacturer)

Seven

None
(photo omitted)
**Gary A. Goldfogel**, MD1300 N. State StreetBellingham WA 98225Age: 56

Independent Trusteesince 1995

Medical Examiner (pathologist)

Owner, Avocet Environmental Testing (laboratory) 

Seven

None
(photo omitted)
**Herbert G. Grubel**, PhD1300 N. State StreetBellingham WA 98225Age: 80

Independent Trusteesince 2005

Senior Fellow, Fraser Institute; Professor (Emeritus) of Economics, Simon Fraser University

Author

Seven

Amana Mutual Funds Trust(retired 2011)
(photo omitted)
**Ronald H. Fielding**, MA, MBA, CFA1300 N. State StreetBellingham WA 98225Age: 65

Independent Trusteesince 2009

Director, ICI Mutual Insurance Company

Ten

Amana Mutual Funds Trust;ICI Mutual Insurance Company

Interested Trustee
(photo omitted)
**Nicholas F. Kaiser**, MBA, CFA11300 N. State StreetBellingham WA 98225Age: 68

President and Trusteesince 1990

Chairman and Director, Saturna Capital Corporation

Chairman, Director, and President, Saturna Trust Company

Former Director, Saturna Brokerage Services

Ten

Amana Mutual Funds Trust

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 upon request by calling Saturna Capital at 1-800-728-8762 and on the Fund's website, www.idahotaxexemptfund.com, includes additional information about the Trustees.

On November 30, 2014 the Trustees, officers, and their related accounts as a group owned 11.16% of the outstanding shares of the Fund. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor. 

1 Mr. Kaiser is an "interested person" of the Trust as an officer of the Adviser, Saturna Capital Corporation. He holds the same positions with Amana Mutual Funds Trust, which has three fund portfolios, and is also managed by Saturna Capital Corporation. 

Annual Report           November 30, 2014

15

Trustees and Officers (continued) (unaudited)

Name, Address, and Age

Position(s) held with Trust; term of office and length of time served

Principal occupation(s) during past 5 years

Officers Who Are Not Trustees
(photo omitted)
**Phelps S. McIlvaine**11300 N. State StreetBellingham, WA 98225Age: 61

Vice Presidentsince 1994

Vice President, Saturna Capital Corporation

Director, Vice President, and former Treasurer Saturna Brokerage Services
(photo omitted)
**Ethel B. Bartolome**11300 N. State StreetBellingham, WA 98225Age: 42

Secretarysince 2001

Corporate Administrator and Secretary, Saturna Capital Corporation

Secretary, Saturna Trust Company
(photo omitted)
**Christopher R. Fankhauser**11300 N. State StreetBellingham, WA 98225Age: 42

Treasurersince 2002

Chief Operations Officer, Saturna Capital Corporation

Vice President and Chief Operations Officer, Saturna Brokerage Services

Director, Vice President, and Chief Operations Officer, Saturna Trust Company
(photo omitted)
**Michael E. Lewis**11300 N. State StreetBellingham, WA 98225Age: 53

Chief Compliance Officersince 2012

Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds

1 Messrs. McIlvaine, Fankhauser, and Lewis, and Mrs. Bartolome are "interested persons" of the Trust as officers and/or employees of the Adviser, Saturna Capital Corporation. Messrs. Fankhauser and Lewis, and and Mrs. Bartolome hold the same positions with Amana Mutual Funds Trust, which has three fund portfolios, and is also managed by Saturna Capital Corporation. 

16

November 30, 2014           Annual Report
Renewal of Investment Advisory Contract (unaudited)
During their meeting of September 20, 2014, the Trustees of Saturna Investment Trust discussed the question of renewing the Investment Advisory and Administration Agreement and other operating agreements between Idaho Tax-Exempt Fund ("Fund") and Saturna Capital Corporation and/or Saturna Brokerage Services (collectively known as "Saturna"), and discussed the nature, extent, and quality of the services provided by Saturna. The Trustees considered that the Fund offers a full range of high-quality investor services. The Trustees discussed Saturna's experience, ability and commitment to quality in-house service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution — in addition to investment management.

The Trustees took into consideration Saturna's continued avoidance of significant operational and compliance problems, plus its substantial investments in premises, personnel, training and equipment to meet investor needs. They recognized Saturna's efforts to recruit and retain increasingly qualified, experienced and specialized staff and improve the capital base on which Saturna operates, which the Trustees believe is important to the long-term success of any mutual fund. They appreciate Saturna's focus on investors and avoidance of potential conflicts of interest. The Trustees found that the long-term investment performance of the Idaho Tax-Exempt Fund was average relative to funds in its Morningstar category. The Trustees found such information helpful in establishing expectations regarding the performance of Saturna and whether to continue the advisory contract.

The Trustees reviewed the fees and expenses of the Fund. The Trustees found the expense ratio to be reasonable, comparable to those of other funds in its peer group, and advantageous to shareowners given the size of the Fund, services provided, the volume of transaction orders processed by Saturna, and the expenses incurred by Saturna.

The Trustees reviewed Saturna's financial information and discussed the issue of lack of profitability related to management and administration of the Fund 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 noted Saturna's sharing of its revenues to pay marketing and distribution costs of the Fund.

The Trustees noted that the Fund remains small, and there has been no opportunity for Saturna to demonstrate economies of scale. In fact, Saturna continues to operate the Fund at significant cost to itself. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none.

The Trustees considered the fees charged by Saturna to other kinds of accounts. The Trustees considered the extent to which various services provided to other accounts, including Saturna's investment management, research, and customer service operations, benefit the Funds.

The Trustees concluded that the fees paid by the Fund 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 Fund. Following this discussion, the Trustees unanimously agreed to renew the Fund's Investment Advisory and Administration Agreement and other operating agreements between Saturna and the Fund. 

Annual Report           November 30, 2014

17
Availability of Portfolio Information
(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.idahotaxexemptfund.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.idahotaxexemptfund.com.

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

(2) Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at www.idahotaxexemptfund.com; and (c) on the SEC's website at www.sec.gov.
Householding Policy
To reduce expenses, we may mail only one copy of the Fund's prospectus, each annual and semi-annual report, and proxy statement when necessary, to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800-728-8762 or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies 30 days after receiving your request.

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

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

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareholder reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information please call us at 1-800-728-8762. 

18

November 30, 2014           Annual Report

Except for this legend, this page has been intentionally left blank.

Annual Report           November 30, 2014

19
www.idahotaxexemptfund.com
This report is issued for the information of the shareowners of the Idaho Tax-Exempt 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, a series of Saturna Investment Trust. 

(logo omitted)

**Saturna Capital**1300 N. State StreetBellingham, WA 98225www.saturna.com1-800-728-8762

Saturna Brokerage Services, Distributor
Item 2. Code of Ethics.
Registrant has adopted a code of ethics and is included with this submission as Exhibit (a). It may also be found on Registrant's website at http://www.saturna.com/code_of_ethics.shtml
Item 3. Audit Committee Financial Expert.
(a)(1)(i) The Trust has an audit committee financial expert serving on its audit committee.

(a)(2)(ii) As of November 30, 2014, Mr. Ronald H. Fielding, an independent Trustee (as defined for investment companies), was deemed qualified and agreed to serve.
Item 4. Principal Accountant Fees and Services.
*(a) Audit Fees*

For the fiscal years ending November 30, 2014, and 2013, the aggregate audit fees billed for professional services rendered by the principal accountant were $87,000 and $85,000, respectively.

*(b) Audit-Related Fees*

There were no fees billed by the principal accountant for assurance and related services that were not included under paragraph (a) for the fiscal years ending November 30, 2014, and 2013.

*(c) Tax Fees*

For the fiscal years ending November 30, 2014, and 2013, the aggregate tax fees billed for professional services rendered by the principal accountant were $19,000 and $18,000, 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, 2014, and 2013.

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

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

*C. Oversight of Independent Auditors*

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

*(e) (2) Percentages of Services*

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

*(f) Not applicable.*

*(g) Aggregate Non-Audit Fees*

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

(1)  The aggregate non-audit fees billed by the principal accountant for services rendered to the Registrant's investment adviser, Saturna Capital Corporation ("Saturna"), for the fiscal years ended November 30, 2014 and 2013 were:
 Fiscal Year Ended November 2014November 2013All Other Fees$21,500$19,000
The fees listed above consist of fees paid by Saturna to the Registrant's principal accountant for its review and report on Saturna's internal transfer agency control procedures and Saturna's custody control procedures.

(2)  The aggregate non-audit fees billed by the principal accountant for services rendered to entities controlling, controlled by, or under common control with Saturna, for the fiscal years ended November 30, 2014 and 2013 were:
 Fiscal Year Ended November 2014November 2013All Other FeesNoneNone
*(h) Registrant's Audit Committee*

The Registrant's Audit Committee has considered the provision of non-audit services that were rendered to Saturna, and any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Registrant, that were not pre-approved pursuant to Rule 2-01 (c)(7)(ii) of Regulation S-X and has determined that the provision of such services is compatible with maintaining the independence of the Registrant's principal accountant.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments.
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On December 24, 2014, Mr. Nicholas Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.

(b) No change.
Item 12. Exhibits
Exhibits included with this filing:

(a)(1) Code of Ethics.

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

(a)(3) Not applicable.

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

**Nicholas Kaiser, President**Printed name and Title

**January 29, 2015**Date

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

By:

*/s/ Nicholas Kaiser, President*Signature and Title

**Nicholas Kaiser, President**Printed name and Title

**January 29, 2015**Date

By:

*/s/ Christopher Fankhauser, Treasurer*Signature and Title

**Christopher Fankhauser, Treasurer**Printed name and Title

**January 29, 2015**Date

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