SECURITIES AND EXCHANGE COMMISSION

# FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

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

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

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

**Nicholas F. Kaiser****1300 N. State Street****Bellingham, Washington 98225-4730**(Name and Address of Agent for Service)

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

Date of fiscal year end: November 30, 2013Date of reporting period: November 30, 2013

 

### Item 1. Annual Report

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# Sextant Mutual Funds

## Annual Report

**November 30, 2013**

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### Performance Summary *(as of December 31, 2013) (unaudited)*

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

| **Average Annual Returns vs. Category Average Returns**          | **10 Year** | **5 Year** | **3 Year** | **1 Year** | **Expense Ratio1** |
|------------------------------------------------------------------|-------------|------------|------------|------------|--------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond category**         |
| Fund return                                                      | 2.64%       | 2.55%      | 1.01%      | 0.22%      | 1.26%              |
| Morningstar category                                             | 2.95%       | 3.93%      | 1.96%      | 0.45%      | n/a                |
| % Rank in category (funds in category)                           | 69 (240)    | 76 (344)   | 81 (394)   | 58 (458)   | n/a                |
|                                                             |
| **Sextant Bond Income vs. Long-Term Bond category**              |
| Fund return                                                      | 3.97%       | 5.33%      | 3.80%      | -4.20%     | 1.36%              |
| Morningstar category                                             | 5.10%       | 5.81%      | 6.04%      | -5.31%     | n/a                |
| % Rank in category (funds in category)                           | 100 (2)     | 65 (18)    | 87 (25)    | 24 (35)    | n/a                |
|                                                             |
| **Sextant Core2 vs. Moderate Allocation category**               |
| Fund return                                                      | n/a         | 9.34%      | 6.35%      | 11.05%     | 1.32%              |
| Morningstar category                                             | 6.06%       | 12.83%     | 9.17%      | 16.48%     | n/a                |
| % Rank in category (funds in category)                           | n/a         | 97 (674)   | 92 (739)   | 91 (877)   | n/a                |
|                                                             |
| **Sextant Global High Income3 vs. Tactical Allocation category** |
| Fund return                                                      | n/a         | n/a        | n/a        | 8.61%      | 1.22%              |
| Morningstar category                                             | 4.38%       | 9.57%      | 5.00%      | 8.62%      | n/a                |
| % Rank in category (funds in category)                           | n/a         | n/a        | n/a        | n/a        | n/a                |
|                                                             |
| **Sextant Growth vs. Large Growth category**                     |
| Fund return                                                      | 8.37%       | 14.84%     | 13.43%     | 30.29%     | 1.10%              |
| Morningstar category                                             | 7.60%       | 19.01%     | 14.88%     | 33.92%     | n/a                |
| % Rank in category (funds in category)                           | 27 (903)    | 95 (1303)  | 75 (1486)  | 78 (1712)  | n/a                |
|                                                             |
| **Sextant International vs. Foreign Large Blend category**       |
| Fund return                                                      | 7.61%       | 7.89%      | 1.97%      | 7.49%      | 1.10%              |
| Morningstar category                                             | 6.95%       | 12.30%     | 6.73%      | 19.44%     | n/a                |
| % Rank in category (funds in category)                           | 31 (323)    | 97 (629)   | 94 (700)   | 99 (791)   | 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 800/SATURNA 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 800/SATURNA.  Please read the prospectus or summary prospectus carefully before investing.***

*1By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 22, 2013, and incorporates results from the fiscal year ended November 30, 2012. 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.*

*2Sextant Core began operations March 30, 2007.*

*3Sextant Global High Income Fund began operations March 30, 2012 and is not yet rated or ranked by Morningstar.*

***† Morningstar 12/31/2013.** Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the 12 months ended Dec. 31, 2013.  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 Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.)  Total returns do account for management, administrative, and 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 166th of 240 Short-Term Bond funds in the last 10 years, 264th of 344 funds in the last 5 years, 319th of 394 funds in the last 3 years, and 268th of 458 funds in the last year. Sextant Bond Income was 2nd of 2 Long-Term Bond funds in the last 10 years, 12th of 18 funds in the last 5 years, 22nd of 25 funds in the last 3 years, and 9th of 35 funds in the last year. Sextant Core was 654th of 674 Moderate Allocation funds in the last 5 years, 685th of 739 funds in the last 3 years, and 803rd of 877 funds in the last year. Sextant Growth was 243rd of 903 Large Growth funds in the last 10 years, 1249th of 1303 funds in the last 5 years, 1121st of 1486 funds in the last 3 years, and 1348th of 1712 funds in the last year. Sextant International was 100th of 323 Foreign Large Blend funds in the last 10 years, 611th of 629 funds in the last 5 years, 662nd of 700 funds in the last 3 years, and 788th of 791 funds in the last year.*

| *2* | *November 30, 2013 Annual Report* |
|-----|-----------------------------------|

### Fellow Shareowners:

During another year marked by abnormally low interest rates, the Sextant equity and balanced funds continued to serve their investors with strong returns. For the fiscal year ended November 30, 2013, Sextant Growth returned 29.39%, Sextant Core Fund appreciated 10.96%, Sextant Global High Income returned 10.06%, and Sextant International returned 8.67%. Over the same period, the S&P US 500 Index returned 30.30%, while the S&P Global 1200 Index appreciated 26.33%.

With growth in economic production and declines in unemployment, interest rates in the later part of 2013 began to rise. As expected, this hurt returns for bond investors, and the low volatility Sextant Short-Term Bond Fund returned 0.82%. The longer-term Sextant Bond Income Fund returned -3.59%. 

Three of the six Sextant Funds increased assets during the year. The combination of spreading fixed expenses over higher assets and the effects of Sextant's performance fee structure (based on one-year results relative to Morningstar categories) result in low annualized expense ratios. To help investment results through lowering expenses, Saturna Capital caps expenses for the Bond Income Fund, the Global High Income Fund, and the Short-Term Bond Fund; their expense ratios were unchanged. The expense ratios for the Core Fund, the Growth Fund, and the International Fund all declined for the year to 1.01%, 0.94%, and 0.66%, respectively.

**Long-term Results**

As long-term investors, we stress the importance of measuring performance over multiple years. This reveals how a fund performs during both good times and bad. The Performance Summary tables (for calendar years ended December 31, 2013, on the previous page, and for fiscal years ended November 30, 2013, on the next page) provide comparative returns and Morningstar category rankings, so you may review Fund performance for periods up to ten years.

**Going Forward**

The US economy is notably improving: unemployment is declining, construction is back, and consumer spending is rising. US manufacturing is strengthening, with exports rising. Consumer confidence has recovered, with low interest rates boosting auto sales and housing. Significant federal government tax increases are collecting more than expected, at least in the short-term. Sequestration actually worked to moderate federal spending, and the Congress agreed to a rare budget compromise that projects less spending. Corporate earnings for 2014 may not improve over a healthy 2013, but the outlook for every industry varies. 

The future is always different from the past, and we vigilantly watch for significant changes in major trends. Past concerns about inflation, which drove up prices for precious metals and other commodities, are giving way to worries about deflation. After a fifty-year expansion built on ever-increasing credit, we welcome deleveraging by governments and consumers. Governments are making progress at strengthening the global financial system. More efficient, web-based organizations are deflationary, meaning the internet's main effect on business is broadly lower prices and less need for employment. Yet, regardless of the trend, the Sextant Funds will continue to invest in companies with solid revenues, earnings, dividends, and balance sheets. 

Forecasts of both inflation and deflation create a mixed climate for the world's financial markets. We will continue to invest in innovative companies with the strong business advantages and balance sheets needed to navigate these shifting times. We aim to avoid companies dependent on government spending, and the regions and countries that are hurt the most in continuing austerity.

Global economic activity continues to be weak, so we expect a slow transition to higher interest rates. Bondholders should be rewarded with real returns. Low interest rates today reflect high confidence among Americans and investors around the world that current economic storms will be survived.

The Sextant Funds continue to offer investors a broad mix of investment vehicles: growth equities, international exposure, two blended portfolios, plus short-term and long-term fixed income options. The new Global High Income Fund is especially attractive to risk-averse investors seeking income from a broadly diversified portfolio. This Fund array serves our investors in both bull and bear markets by seeking steady, long-term growth with a focus on preservation of capital.

The Sextant Funds are crafted in part to provide investment vehicles for tax-deferred retirement and savings plans. Saturna Capital offers well-regarded administration services for Individual Retirement Accounts, Health Savings Accounts, Education Savings Accounts, and 401(k) plans. Please consider the extra advantages of compounding your returns inside these plans. Kindly review the following pages for more information about each Fund. 

Respectfully,

(photo omitted)

**Nicholas Kaiser MBA, CFA  President**

| *November 30, 2013         Annual Report*         | *3* |
|-------------------------------------------------------------------------------------------|-----|

### Performance Summary *(as of November 30, 2013) (unaudited)*

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

| **Average Annual Returns vs. Category Average Returns**          | **10 Year** | **5 Year** | **3 Year** | **1 Year** | **Expense Ratio1** |
|------------------------------------------------------------------|-------------|------------|------------|------------|--------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond category**         |
| Fund return                                                      | 2.75%       | 2.93%      | 1.04%      | 0.82%      | 1.26%              |
| Morningstar category                                             | 3.03%       | 4.27%      | 1.87%      | 0.64%      | n/a                |
| % Rank (category size)                                           | 69 (240)    | 76 (344)   | 79 (388)   | 44 (447)   | n/a                |
|                                                             |
| **Sextant Bond Income vs. Long-Term Bond category**              |
| Fund return                                                      | 4.15%       | 6.35%      | 3.53%      | -3.59%     | 1.36%              |
| Morningstar category                                             | 5.30%       | 7.29%      | 5.34%      | -5.92%     | n/a                |
| % Rank (category size)                                           | 100 (2)     | 59 (18)    | 83 (25)    | 24 (30)    | n/a                |
|                                                             |
| **Sextant Core2 vs. Moderate Allocation category**               |
| Fund return                                                      | n/a         | 9.74%      | 7.00%      | 10.96%     | 1.32%              |
| Morningstar category                                             | 6.29%       | 13.29%     | 10.27%     | 16.48%     | n/a                |
| % Rank (category size)                                           | n/a         | 97 (671)   | 94 (729)   | 93 (861)   | n/a                |
|                                                             |
| **Sextant Global High Income3 vs. Tactical Allocation category** |
| Fund return                                                      | n/a         | n/a        | n/a        | 10.06%     | 1.22%              |
| Morningstar category                                             | 4.84%       | 10.39%     | 5.97%      | 9.29%      | n/a                |
| % Rank (category size)                                           | n/a         | n/a        | n/a        | n/a        | n/a                |
|                                                             |
| **Sextant Growth vs. Large Growth category**                     |
| Fund return                                                      | 8.05%       | 14.67%     | 14.53%     | 29.39%     | 1.10%              |
| Morningstar category                                             | 7.61%       | 18.80%     | 15.80%     | 30.71%     | n/a                |
| % Rank (category size)                                           | 35 (891)    | 95 (1303)  | 72 (1482)  | 61 (1696)  | n/a                |
|                                                             |
| **Sextant International vs. Foreign Large Blend category**       |
| Fund return                                                      | 8.03%       | 8.05%      | 3.01%      | 8.67%      | 1.10%              |
| Morningstar category                                             | 7.50%       | 13.44%     | 8.69%      | 21.69%     | n/a                |
| % Rank (category size)                                           | 34 (314)    | 98 (625)   | 95 (690)   | 99 (780)   | n/a                |
|                                                             |

***Performance data quoted above represents past performance and is no guarantee of future results.** Results are shown for 12 months ended November 30, 2013 ("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.*

*1By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 22, 2013, and incorporates results from the fiscal year ended November 30, 2012. Ratios presented in this table differ from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

*2Sextant Core began operations on March 30, 2007.*

*3Sextant Global High Income Fund began operations March 30, 2012 and is not yet rated or ranked by Morningstar.*

***† Morningstar 11/30/2013.** Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The 1 Year Rank shows how each Fund ranks in its Morningstar peer category for the year ended November 30, 2013.*

*% 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 166th of 240 Short-Term Bond funds in the last 10 years, 264th of 344 funds in the last 5 years, 307th of 388 funds in the last 3 years, and 197th of 447 funds in the last year. Sextant Bond Income was 2nd of 2 Long-Term Bond funds in the last 10 years, 11th of 18 funds in the last 5 years, 21st of 25 funds in the last 3 years, and 8th of 30 funds in the last year. Sextant Core was 651st of 671 Moderate Allocation funds in the last 5 years, 692nd of 729 funds in the last 3 years, and 806th of 861 funds in the last year. Sextant Growth was 312th of 891 Large Growth funds in the last 10 years, 1244th of 1303 funds in the last 5 years, 1075th of 1482 funds in the last 3 years, and 1041st of 1696 funds in the last year. Sextant International was 107th of 314 Foreign Large Blend funds in the last 10 years, 614th of 625 funds in the last 5 years, 661st of 690 funds in the last 3 years, and 777th of 780 funds in the last year.*

| *4* | *        Annual Report         November 30, 2013* |
|-----|-------------------------------------------------------------------------------------------|

### Sextant Short-Term Bond Fund

***Performance Summary (unaudited)***

| **Average Annual Returns (as of November 30, 2013)** |
|------------------------------------------------------|
|                                                 | **10 Year** | **5 Year** | **1 Year** | **Expense Ratio1** |
| Sextant Short-Term Bond Fund                         | 2.75% | 2.93% | 0.82% | 1.26% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years      | 2.98% | 2.28% | 0.82% | n/a |

**Growth of $10,000**

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | *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, 2003, to an identical amount invested in the Citigroup Gov./Corp. Investment Grade Index 1-3 Years, a broad-based index of investment grade bond prices. The graph shows that an investment in the Fund would have risen to $13,121 versus $13,415 in the index.* |
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| ***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. 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 ratio for the Fund shown in this table is as of the Fund's most recent prospectus, which is dated March 22, 2013, and incorporates results for the fiscal year ended November 30, 2012, 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 the expense ratios shown elsewhere in this report as they represent different fiscal periods and differs from the actual expense ratio which reflects the adviser's expense cap.*
**Fund Objective**

The objectives of the Short-Term Bond Fund are capital preservation and current income.
**Portfolio Diversification** **Top Ten Holdings** **% of total net assets***Industry weightings are shown as a percentage of total net assets.*Murray Street Trust 1 4.647% due 03/09/20174.5%Cintas Corp No. 2 6.125% due 12/01/20174.2%Broadrige Financial Solutions 6.125% due 06/01/20174.1%LaClede Gas 5.75% due 08/15/20184.1%Oracle 5.75% due 04/15/20184.0%General Electric Capital 5.625% due 09/15/20173.9%Georgia Power 5.70% due 06/01/20173.9%Petrobras International Finance 6.125% due 10/06/20163.7%BlackRock 3.50% due 12/10/20143.5%America Movil Sab de CV 2.375% due 09/18/20163.5%*November 30, 2013         Annual Report*         *5*Sextant Short-Term Bond Fund
***Discussion of Fund Performance (unaudited)***

(photo omitted)

**Phelps McIlvaine**Portfolio Manager

**Fiscal Year 2013**

For the fiscal year ended November 30, 2013, the Sextant Short-Term Bond Fund returned 0.82%.  This annual return compared favorably with its Morningstar category peer group, which returned an average of 0.64% during the same period.  For the five years ending November 30, 2013, the Fund provided a 2.93% annualized total return versus 4.27% for its Morningstar peer category group.  The Fund's share price fell slightly from $5.07 to $5.05.  Net investment income, reflecting the market's low rates, declined from 1.47% to 1.20%.  Fund shares outstanding rose 9.8%.  Fund assets rose 9.2%.  The Fund's 30-day SEC yield was 0.90%, and its unsubsidized 30-day SEC yield was 0.45%.  Reflecting Saturna Capital's voluntary subsidies to cap operating expenses, the Fund's effective expense ratio remained at 0.75%.

**Factors Affecting Past Performance**

In 2013, economic growth in the US, China, and Japan was better than expected.  Rates around the world generally rose.  The eurozone managed to avoid a crisis, and the fixed income markets functioned smoothly.  For a third year returns were in large part policy-driven by the Federal Reserve Bank.  The Federal Reserve near-zero Fed Funds policy kept rates tethered, leading to total returns close to the Fund's 30-day SEC yield (0.90%) for a second year.  The Federal Reserve's initial reduction in quantitative easing allowed intermediate and long rates to normalize, ending negative real yields beyond seven years and producing a steeper yield curve.  Longer paper experienced higher losses than shorter paper.  The improving economy led to more spread compression, with high-yield paper returning more than investment-grade paper.  Corporates returned more than US Treasury paper under three years.  The Fund's overweight position in corporate paper boosted returns while our positions in taxable municipal paper lagged.  In response to a steeper yield curve, the Fund moved dollar-weighted average maturity close to its normal maximum of three years.

**Looking Forward**

For 2014 we expect returns similar to 2013.  The US economy will continue to improve, barring any serious financial disruptions.  The Federal Reserve has announced a continuation of the zero interest rate policy for 2014 resulting in a free "put" for bondholders in short-term markets.

The Federal Reserve will reduce quantitative easing, allowing intermediate and long rates to normalize (rise) further.  The yield curve will steepen more.

However, the Federal Reserve is a long way from being able to justify an end to its near-zero Federal Funds rate policy.  While US economic growth, stock markets, housing, and auto sectors are improving, Fed policy has proven less effective at boosting real wages, total employment, debt reduction, the velocity of money, and inflation.  Cyclical upward pressure on inflation and interest rates has been and will continue to be modest.  It is essential for bond investors to recognize the difference between a normalization of bond yields after a period of deliberate suppression by the Federal Reserve and a cyclical bottom in rates based on rising wages and inflation.  We expect the former and not the latter.

On balance, we expect US corporate balance sheets to improve further even as earnings flatten.  However, we are aware the impact of some of last year's record borrowing may have weakened issuer credit when the money was used for share buybacks or dividend payments instead of new investments.  We expect 2014 will be a good year for some sectors of the US economy, the equity markets, and for wealthy, high-income taxpayers.

The Fund expects to maintain a dollar-weighted average maturity close to three years, an overweight position in corporate and taxable municipal paper, and initiate principal protection in longer floating-rate or step-up coupon securities.

The short bond market can continue to provide uncorrelated positive returns, lowered volatility, and diversification for risk-conscious investors.

**Management Fee Calculations**

The Sextant Short-Term Bond Fund calculates the performance part of its management fee by comparing the Fund's return to the average return of Morningstar's™ "Short-Term Bond" category.  The Fund's 12-month return (0.82%) was less than 1% percent above the Morningstar™ average (0.64%) at month-end November 30, 2013.  Therefore, no bonus was earned, and the basic annual management fee of 0.60% was charged for the month of December 2013.  Note that the management fee is partially waived due to the adviser's voluntary cap (at 0.75%) on total Fund expenses.
*6**        Annual Report         November 30, 2013*Sextant Short-Term Bond Fund***Schedule of Investments*****Corporate Bonds — 87.3%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** 						    **Communications** **Telecom Carriers**  America Movil Sab de CV2.375% due 09/18/2016 $250,000  $256,973 3.5%  **250,000****256,973****3.5%** **Consumer Discretionary** **Apparel, Footwear, Accessory Design**  Cintas Corp No. 26.125% due 12/01/2017 270,000  308,537 4.2% **Automobile OEM**  American Honda1.50% due 09/11/2017 250,000  248,839 3.4%   Toyota Motor Credit1.25% due 10/05/2017 226,000  224,592 3.1%  476,000  473,431 6.5%  **746,000****781,968****10.7%** **Consumer Staples** **Beverages**  Coca Cola Hellenic5.50% due 09/17/2015 175,000  187,388 2.5% **Food Manufacturing**  Sara Lee2.75% due 09/15/2015 245,000  252,773 3.5% **Household Products Manufacturing**  Clorox5.00% due 01/15/2015 200,000  209,298 2.9%  **620,000****649,459****8.9%** **Energy** **Exploration & Production**  Enbridge (Pipeline)5.60% due 04/01/2017 200,000  224,780 3.1%  Petrobras International Finance6.125% due 10/06/2016 250,000  273,438 3.7%  450,000  498,218 6.8% **Midstream — Oil & Gas**  Kinder Morgan Energy Partners5.00% due 12/15/2013 100,000  100,141 1.4% **Power Generation**  Georgia Power5.70% due 06/01/2017 250,000  284,789 3.9% **Refining & Marketing**  Ultramar Diamond Shamrock7.20% due 10/15/2017 189,000  218,216 3.0%  **989,000****1,101,364****15.1%** **Financials** **Banks**  BNP Paribas2.375% due 09/14/2017 250,000  256,633 3.5%  Murray Street Trust 14.647% due 03/09/2017 300,000  325,995 4.5%  PNC Funding 5.40% due 06/10/2014 200,000  205,188 2.8%   750,000  787,816 10.8% *Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *7*Sextant Short-Term Bond Fund***Schedule of Investments*****Corporate Bonds — 87.3%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Financials***(continued)* **Commercial Finance**  General Electric Capital5.625% due 09/15/2017 $250,000 $287,089 3.9% **Investment Management**  BlackRock 3.50% due 12/10/2014 250,000  257,859 3.5% **Payment & Data**  Broadrige Financial Solutions6.125% due 06/01/2017 275,000  301,781 4.1% **Retail REIT**  Simon Property Group5.10% due 06/15/2015 220,000  234,891 3.2%  **1,745,000****1,869,436****25.5%** **Industrials** **Electrical Components**  ABB Finance1.625% due 05/08/2017 250,000  251,229 3.5% **Rail Freight Transportation**  Burlington Northern Santa Fe5.65% due 05/01/2017 200,000  227,709 3.1%  **450,000****478,938****6.6%** **Materials** **Base Metals**  Rio Tinto Finance 8.95% due 05/01/2014 150,000  155,098 2.1% **Basic & Diversified Chemicals**  Air Products & Chemicals1.20% due 10/15/2017 250,000  247,033 3.4% **Chemicals Distribution**  Sherwin Williams1.35% due 12/15/2017 250,000  247,112 3.4%  **650,000****649,243****8.9%** **Technology** **Infrastructure Software**  Oracle 5.75% due 04/15/2018 250,000  292,207 4.0%  **250,000****292,207****4.0%** **Utilities** **Utility Networks**  LaClede Gas2.00% due 08/15/2018 300,000  300,300 4.1%  **300,000****300,300****4.1%** **Total Corporate Bonds****6,000,000****6,379,888****87.3%** *Continued on next page.**8**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Short-Term Bond Fund***Schedule of Investments*****Municipal Bonds — 7.6%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **General Obligation**   Commerce Charter Township MI5.50% due 12/01/2013$125,000 $125,000 1.7%  Manhattan KS3.276% due 12/01/2013 180,000  180,000 2.5%  Southwestern MI Community College4.875% due 05/01/2015 125,000  130,659 1.8%  **430,000****435,659****6.0%** **Revenue**   Kansas City Special Facility Revenue4.25% due 09/01/2016 110,000  117,044 1.6%  **110,000****117,044****1.6%** **Total Municipal Bonds****540,000****552,703****7.6%** Total investments  (Cost = $6,905,511)  $6,540,000  6,932,591 94.9%Other assets (net of liabilities)  374,501 5.1%**Total net assets****$7,307,092****100.0%****Bond Quality Diversification** 							
*Based on total net assets as of 11/30/2013.*

*Source: Moody's Investors Services.*
*The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *9*Sextant Short-Term Bond Fund***Statement of Assets and Liabilities****As of November 30, 2013* **Assets**  Investments in securities, at value   (Cost $6,905,511) $6,932,591   Cash 285,374   Interest receivable 82,749   Receivable for Fund shares sold13,071     Total assets7,313,785 **Liabilities**  Payable to affiliates 4,114   Accrued expenses 2,039   Accrued distribution fee 501   Distributions payable39     Total liabilities6,693 **Net Assets****$7,307,092** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value) $7,296,024   Undistributed net investment income 1,308   Accumulated net realized loss (17,320)  Unrealized net appreciation on investments27,080**Net assets applicable to Fund shares outstanding****$7,307,092** **Fund shares outstanding** 1,447,870  **Net asset value, offering and redemption price per share****$5.05*****Statement of Operations****Year ended November 30, 2013* **Investment income**  Interest income$151,036  Miscellaneous Income3    Gross investment income151,039**Expenses**  Investment adviser fees38,960   Distribution fees19,297   Filing and registration fees15,770   Audit fees5,002   Retirement plan custodial fees3,387   Printing and postage 1,808   Chief Compliance Officer expenses1,428   Trustee fees1,241   Other expenses652   Custodian fees351   Legal fees339    Total gross expenses88,235  Less adviser fees waived (29,822)  Less custodian fee credits(351)    Net expenses58,062 **Net investment income****$92,977**  Net realized gain from investments$21,302 Net decrease in unrealized appreciation on investments(75,115)**Net loss on investments****$(53,813)** **Net increase in net assets resulting from operations**$39,164 *10**Annual Report         November 30, 2013*         *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, 2013**Year ended Nov. 30, 2012***Increase (decrease) in net assets from operations****From operations**  Net investment income$92,977 $95,126   Net realized gain (loss) on investments 21,302  (25,395)  Net decrease in unrealized appreciation (75,115) (8,532)    Net increase in net assets 39,164  61,199 **Distributions to shareholders from**  Net investment income (92,977) (95,199)**Capital share transactions**  Proceeds from sales of shares2,407,968 1,532,236   Value of shares issued in reinvestment of dividends92,022 94,423   Early redemption fees retained - 2   Cost of shares redeemed (1,827,832) (990,325)    Net increase in net assets  672,158  636,336 **Total increase in net assets****618,345****602,336** **Net assets**Beginning of year6,688,747 6,086,411 End of year7,307,092 6,688,747  Undistributed net investment income$1,308$1,308 **Shares of the Fund sold and redeemed**  Number of shares sold475,701 300,843   Number of shares issued in reinvestment of dividends18,254 18,555   Number of shares redeemed (364,256) (194,555)**Net increase in number of shares outstanding****129,699****124,843*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2013****2012****2011****2010****2009****Net asset value at beginning of year****$5.07****$5.10****$5.12****$5.10****$4.84****Income from investment operations**  Net investment income0.06 0.07 0.09 0.12 0.16   Net gain (loss) on securities (both realized and unrealized) (0.02) (0.03) (0.02) 0.02  0.26 **Total from investment operations****0.04****0.04****0.07****0.14****0.42****Less distributions**  Dividends (from net investment income)(0.06)(0.07)(0.09)(0.12)(0.16)**Total distributions** (0.06) (0.07) (0.09) (0.12) (0.16)  Paid-in capital from early redemption fees -  0.001 0.001 0.0010.001  **Net asset value at end of year****$5.05****$5.07****$5.10****$5.12****$5.10** **Total return****0.82%****0.89%****1.42%****2.87%****8.87%** **Ratios / supplemental data**Net assets ($000), end of year$7,307 $6,689 $6,086 $5,136 $4,070 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits1.14%1.26%1.33%1.34%1.49%  After fee waivers0.76%0.76%0.75%0.76%0.76%  After fee waivers and custodian fee credits0.75%0.75%0.75%0.75%0.75%Ratio of net investment income after fee waivers and custodian fee credits to average net assets1.20%1.47%1.79%2.42%3.26%**Portfolio turnover rate****50%****26%****14%****27%****28%***1Amount is less than $0.01**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *11*Sextant Bond Income Fund
***Performance Summary (unaudited)***
**Average Annual Returns (as of November 30, 2013)** **10 Year****5 Year****1 Year****Expense Ratio1**Sextant Bond Income Fund4.15%6.35%-3.59%1.36%Citigroup Broad Investment Grade Bond Index4.82%5.04%-1.60%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, 2003, to an identical amount invested in the Citigroup Broad Investment Grade Bond Index, a broad-based index of investment grade bond prices. The graph shows that an investment in the Fund would have risen to $15,018 versus $16,018 in the index.****Past performance does not guarantee future results.**The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares. 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 ratio for the Fund shown in this table is as of the Fund's most recent prospectus, which is dated March 22, 2013, and incorporates results for the fiscal year ended November 30, 2012, 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 the expense ratios shown elsewhere in this report as they represent different fiscal periods and differs from the actual expense ratio which reflects the adviser's expense cap.*
**Fund Objective**

The objective of the Bond Income Fund is current income.
**Portfolio Diversification** **Top Ten Holdings** **% of total net assets***Industry weightings are shown as a percentage of total net assets.*United States Treasury Note 1.00% due 11/30/2019 5.4%Puget Sound Energy 7.02% due 12/01/2027 4.2%American Municipal Power Ohio Rev. 7.20%due 02/15/2029 4.1%Blaine Co. ID SCD #61 Hailey 5.25% due 08/01/2020 3.9%Merck & Co. (Schering) 6.50% due 12/01/2033 3.8%Boeing 6.125% due 02/15/2033 3.6%Canadian Natural Resources 6.45% due 06/30/2033 3.6%Johnson Co. KS Bldg. Ls./Pr. REV. BAB 4.60% due 09/01/2026 3.6%Bank of Nova Scotia Yankee 3.00% due 11/16/2026 3.5%UBS AG Stamford CT 7.75% due 09/01/2026 3.5%*12**        Annual Report         November 30, 2013*Sextant Bond Income Fund
***Discussion of Fund Performance (unaudited)***

(photo omitted)

**Phelps McIlvaine**Portfolio Manager

**Fiscal Year 2013**

For the fiscal year ended November 30, 2013, the Sextant Bond Income Fund returned -3.59%.  This annual return compared favorably with that of its Morningstar Category "Long-Term Bond" peer group, which returned -5.92 % during the same period.  The Fund's 30-day SEC yield was 2.77%, and its unsubsidized 30-day SEC yield was also 2.77%.  The Fund's share price declined from $5.41 to $5.05.  For the five years ended November 30, 2013, the Fund provided an annualized total return of 6.35%, below the 7.29% annualized return for the Morningstar peer group category.  2013 net investment income was unchanged at 3.23%.  Fund shares outstanding fell 4% with total net assets declining 10% during fiscal 2013.  The Fund's expense ratio declined to 0.89% due to the Fund's fulcrum advisory fee, the expense cap, and Fund's performance relative to its peer group category.

**Factors Affecting Past Performance**

Federal Reserve Bank policies continued to influence returns across the yield curve.  The ongoing near-zero federal funds rate tethered short rates and provided a free "put" for short-term bond investors.  The Federal Reserve's initial reduction in quantitative easing allowed intermediate and long rates to begin to normalize (rise), ending negative real yields beyond seven years and creating a significantly steeper yield curve.  In general, longer maturities experienced larger losses than shorter maturities.  Improving credit metrics and risk-seeking investors produced significantly higher returns for high-yield bonds than for investment-grade bonds.  Interest-sensitive sectors such as housing, automobiles, and banking outperformed for the year.

Rate volatility saw a temporary spike at mid-year in response to the Federal Reserve's initial attempt at "tapering" its open market bond purchases, called quantitative easing.  The Federal Reserve's second attempt included a calming assurance of an extended period of low short-term rates.  Corporate bond issuance surged in anticipation of higher rates with inconsistent impacts on issuer credit quality.

In response to a significantly steeper yield curve, the Fund extended its dollar-weighted average maturity to the "under normal circumstances" ten-year area while holding average credit quality constant.  The Fund remained underweight US Treasury and Agency bonds and overweight high-grade, taxable corporate and municipal bonds.

**Looking Forward**

For 2014, we expect the near-zero federal funds rate policy to continue through 2014, anchoring the short end of the yield curve.  We expect the Federal Reserve will recognize the limits and hazards inherent in quantitative easing and slow the policy, resulting in higher long rates and a steeper yield curve.  We expect economic growth to continue to strengthen modestly.  However, the Federal Reserve is not yet able to justify an end to its near-zero Federal Funds rate policy.  While US economic growth, equity prices, housing, and auto sectors may have improved, quantitative easing has proven less effective at boosting real wages, employment, debt reduction, the velocity of money, and inflation.  Cyclical upward pressure on inflation and interest rates has been and will continue to be modest.  It is essential for bond investors to recognize the difference between a normalization of bond yields after a period of deliberate suppression by the Federal Reserve and a cyclical bottom in rates based on rising wages and inflation.  We expect the former and not the latter.

The US taxable yield curve today is consistently steep and near historically wide spreads.  We expect the curve can widen further in 2014.  However, higher long yields will generate global demand from retirees and underfunded pensions sufficient to keep a ceiling on long rates and a floor under long bond prices.  The reemergence of positive real rates and continued stable low inflation imply today is not the time to shy away from long bonds.  The Fund expects to maintain and/or extend duration in the coming year. 

Credit spreads ended 2013 at their narrowest levels of the year.  Despite a move to modestly higher yields and a steeper yield curve, we expect corporate bonds and taxable municipal bonds will continue to outperform US Treasury and Agency paper even if only by a narrow margin.  We expect to maintain the overall credit quality of the portfolio at current level as the risk/return ratio of lower-rated paper has now become 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's™ "Long-Term Bond" category.  The Fund's 12-month return (-3.59%) was more than 2% above the Morningstar™ category average (-5.92%) at month-end November 30, 2013.  Therefore, the basic annual management fee of 0.60% was increased by the maximum 0.20% to 0.80% for the month of December 2013.  Note that significant portions of the Fund's expenses are waived due to the adviser's voluntary cap on total Fund expenses.
*November 30, 2013         Annual Report*         *13*Sextant Bond Income Fund***Schedule of Investments*****Corporate Bonds — 51.4%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Consumer Discretionary** **Auto Retail Stores**  AutoZone5.50% due 11/15/2015 $95,000  $103,284 1.5%  **95,000****103,284****1.5%** **Consumer Staples** **Pharmacies & Drug Stores**  CVS Caremark6.25% due 06/01/2027 200,000  235,757 3.3%  **200,000****235,757****3.3%** **Energy** **Exploration & Production**  Canadian Natural Resources6.45% due 06/30/2033 225,000  255,024 3.6% **Integrated Oils**  ConocoPhillips6.00% due 01/15/2020 150,000  176,695 2.5%  StatoilHydro2.90% due 10/15/2014 200,000  204,283 2.9%  350,000  380,978 5.4% **Oil & Gas Services**  Baker Hughes 6.875% due 01/15/2029 100,000  125,682 1.7%  **675,000****761,684****10.7%** **Financials** **Banks**  Bank of Nova Scotia Yankee3.00% due 11/16/2026 250,000  249,702 3.5% **Institutional Brokerage**  Paine Webber Group7.625% due 02/15/2014 50,000  50,450 0.7%  UBS AG Stamford CT7.75% due 09/01/2026 200,000  248,745 3.5%  250,000  299,195 4.2% **Property & Casualty**  St. Pauls Travelers Insurance5.50% due 12/01/2015 125,000  136,981 1.9%  **625,000****685,878****9.6%** **Health Care** **Generic Pharmaceuticals**  Teva Pharmaceutical3.65% due 11/10/2021 250,000  245,082 3.5% **Large Pharmaceuticals**  Merck & Co. (Schering)6.50% due 12/01/2033 215,000  270,574 3.8%  Pharmacia6.50% due 12/01/2018 100,000  122,409 1.7%  315,000  392,983 5.5%  **565,000****638,065****9.0%** *Continued on next page.**14**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Bond Income Fund***Schedule of Investments*****Corporate Bonds — 51.4%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Industrials** **Agricultural Machinery**  Deere & Company8.10% due 05/15/2030 $95,000  $131,548 1.8% **Commercial Aircraft**  Boeing6.125% due 02/15/2033 215,000  256,120 3.6%  **310,000****387,668****5.4%** **Materials** **Basic & Diversified Chemicals**  Air Products & Chemicals8.75% due 04/15/2021 50,000  65,423 0.9% **Raw Material Suppliers**  BHP Finance USA5.25% due 12/15/2015 125,000  136,132 1.9%  **175,000****201,555****2.8%** **Utilities** **Integrated Utilities**  Entergy Louisiana 5.40% due 11/01/2024 200,000  227,568 3.2%  Florida Power & Light5.95% due 10/01/2033 100,000  119,732 1.7%  300,000  347,300 4.9% **Power Generation**  Puget Sound Energy7.02% due 12/01/2027 237,000  301,615 4.2%  **537,000****648,915****9.1%** **Total Corporate Bonds****3,182,000****3,662,806****51.4%** **Foreign Government Bonds — 3.1%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Canadian Government**  Quebec Canada Yankee7.125% due 02/09/2024 175,000  222,867 3.1%  **175,000****222,867****3.1%** **Municipal Bonds — 33.2%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **General Obligation**   Blaine Co. ID SCD #61 Hailey5.25% due 08/01/2020 250,000  279,777 3.9%  City of Burlington Taxable GO 2009 Series B5.75% due 11/01/2028 160,000  142,998 2.0%  Dell Rapids SCD 49-36.257% due 01/15/2030 200,000  219,138 3.1%  Dupage Co. IL SCD #5025.50% due 01/01/2026 150,000  164,270 2.3%  Idaho Hsg. & Fin. GARVEE BAB A-25.379% due 07/15/2020 180,000  199,292 2.8%  Milan Co. MI Area Schools6.45% due 05/01/2024 150,000  167,018 2.4%  San Marcos Texas ULTD GO BAB6.028% due 08/15/2030 200,000  211,712 3.0%  Springville UT GO BAB5.30% due 05/01/2031 240,000  244,841 3.4%  **1,530,000****1,629,046****22.9%** *Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *15*Sextant Bond Income Fund***Schedule of Investments*****Municipal Bonds — 33.2%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Revenue**   American Municipal Power Ohio Rev.7.20% due 02/15/2029 $250,000 $293,970 4.1%  Johnson Co. KS Bldg. Ls./Pr. REV. BAB4.60% due 09/01/2026 250,000  253,500 3.6%  Oklahoma City Fin. Auth. Ed. Lease Rev.6.60% due 09/01/2022 160,000  183,638 2.6%  **660,000****731,108****10.3%** **Total Municipal Bonds****2,190,000****2,360,154****33.2%** **US Government Bonds — 5.4%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Treasury Notes**   United States Treasury Note1.00% due 11/30/2019 400,000  382,375 5.4%  **400,000****382,375****5.4%** Total investments (Cost = $6,434,367) $5,947,000  6,628,202 93.1%Other assets (net of liabilities)  489,229 6.9%**Total net assets****$7,117,431****100.0%****Bond Quality Diversification** 
*Based on total net assets as of 11/30/2013.*

*Source: Moody's Investors Services.*
*16**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Bond Income Fund***Statement of Assets and Liabilities****As of November 30, 2013* **Assets**  Investments in securities, at value   (Cost $6,434,367)$6,628,202   Cash407,591   Interest receivable88,213   Receivable for Fund shares sold1,282   Insurance reserve premium400    Total assets7,125,688**Liabilities**  Payable to affiliates5,698   Accrued expenses1,905   Accrued distribution fee486   Distributions payable168    Total liabilities8,257 **Net assets****$7,117,431** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$6,961,451   Accumulated net realized loss(37,855)  Unrealized net appreciation on investments193,835 **Net assets applicable to Fund shares outstanding****$7,117,431** **Fund shares outstanding****1,410,638** **Net asset value, offering and redemption price per share****$5.05*****Statement of Operations****Year ended November 30, 2013* **Investment income**  Interest income$305,916    Gross investment income305,916**Expenses**  Investment adviser fees36,385   Distribution fees18,579   Filing and registration fees15,048   Audit fees5,003   Printing and postage1,981   Retirement plan custodial fees1,926   Chief Compliance Officer expenses1,534   Trustee fees1,325   Other expenses 742   Legal fees 366   Custodian fees348    Total gross expenses83,237  Less adviser fees waived (16,676)  Less custodian fee credits(348)    Net expenses66,213**Net investment income****$239,703**  Net realized gain on securities sold$804 Net decrease in unrealized appreciation on investments(518,569)**Net loss on investments****$(517,765)** **Net decrease in net assets resulting from operations****$(278,062)***The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *17*Sextant Bond Income Fund***Statements of Changes in Net Assets****Year ended Nov. 30, 2013**Year ended Nov. 30, 2012***Increase (decrease) in net assets from operations****From operations**  Net investment income$239,703 $235,934   Net realized gain on investments 804  1,393   Net increase (decrease) in unrealized appreciation (518,569) 301,371     Net increase (decrease) in net assets (278,062) 538,698 **Distributions to shareholders from**  Net investment income (239,703) (236,032)**Capital share transactions**  Proceeds from sales of shares696,753 1,153,680   Value of shares issued in reinvestment of dividends236,870 233,164   Early redemption fees retained - 412   Cost of shares redeemed (1,220,041) (554,753)    Net increase (decrease) in net assets  (286,418) 832,503 **Total increase (decrease) in net assets****(804,183)****1,135,169** **Net assets**Beginning of year7,921,614 6,786,445 End of year $7,117,431 $7,921,614  **Shares of the Fund sold and redeemed**  Number of shares sold132,048 217,617   Number of shares issued in reinvestment of dividends45,578 43,756   Number of shares redeemed (231,174) (104,519)**Net increase (decrease) in number of shares outstanding****(53,548)****156,854*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2013****2012****2011****2010****2009****Net asset value at beginning of year****$5.41****$5.19****$5.03****$4.96****$4.46****Income from investment operations**  Net investment income 0.170.170.180.190.21  Net gain (loss) on securities (both realized and unrealized)  (0.36) 0.22  0.16  0.07  0.50 **Total from investment operations****(0.19)****0.39****0.34****0.26****0.71****Less distributions**  Dividends (from net investment income) (0.17) (0.17) (0.18) (0.19) (0.21)**Total distributions****(0.17)****(0.17)****(0.18)****(0.19)****(0.21)**  Paid-in capital from early redemption fees--0.001 0.001- **Net asset value at end of year****$5.05****$5.41****$5.19****$5.03****$4.96** **Total return****(3.59)%****7.64%****6.95%****5.43%****16.33%** **Ratios / supplemental data**Net assets ($000), end of year $7,117  $7,922  $6,786  $5,418  $3,951 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits1.12%1.36%1.26%1.24%1.70%  After fee waivers0.90%0.91%0.91%0.91%0.90%  After fee waivers and custodian fee credits0.89%0.90%0.90%0.90%0.89%Ratio of net investment income after fee waivers and custodian fee credits to average net assets3.23%3.23%3.56%3.89%4.46%**Portfolio turnover rate****8%****6%****14%****10%****38%***1**Amount is less than $0.01**18**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Core Fund
***Performance Summary (unaudited)***
**Average Annual Returns (as of November 30, 2013)** **10 Year****5 Year****1 Year****Expense Ratio1**Sextant Core Fundn/a9.74%10.96%1.32%Dow Jones Moderate US Portfolio Index7.42%13.21%14.97%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 March 30, 2007 to an identical amount invested in the Dow Jones Moderate Portfolio Index, a broad-based index of stock and bond prices. The graph shows that an investment in the Fund would have risen to $13,163 versus $14,186 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 for the Fund shown in this table is as of the Fund's most recent prospectus, which is dated March 22, 2013 and incorporates results for the fiscal year ended November 30, 2012. The ratio presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Core Fund are long-term appreciation and capital preservation.
**Portfolio Diversification** **Top Ten Holdings** **% of total net assets***Industry weightings are shown as a percentage of total net assets.*Bellsouth Capital Funding 7.875% due 02/15/20302.6%3M 2.3%ConocoPhillips 2.1%Chubb 2.1%Nike 2.0%Express Scripts 2.0%Sanofi-Aventis ADS 1.9%ADT Corp 4.125% due 06/15/20231.9%Tyco International 8.50% due 01/15/20191.8%Williams Companies 1.8% *November 30, 2013         Annual Report*         *19*Sextant Core Fund
***Discussion of Fund Performance (unaudited)***

(photo omitted)

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

**Fiscal Year 2013**

Risk appetite was fueled by further Federal Reserve asset purchase programs, producing an outsized gain for the equity markets.  For the fiscal year, the S&P 500 Index returned 30.30%.  US markets were favored due to economic stability along with improving economic growth.  As with the prior fiscal year, the main driver of stock returns was the growth in valuation multiples.  The S&P 500 Index started the fiscal year trading at 14.2x earnings and ended at 17.0x earnings.  Future gains will require earnings growth, though in this age of activist central bankers it is impossible to discount further increases in investor risk appetite.

The Sextant Core Fund produced a solid 10.96% total return.  This lagged the benchmark Dow Jones Moderate Portfolio Index by 4.01%, as the portfolio remains conservative in its equity allocation.  With inflation expectations remaining stable, there is little apparent concern over the longer-term impacts of unconventional monetary policy.  No one really knows what the effects of these policies are as we have ventured down a path not taken before.  With some signs that the Federal Reserve will now reduce its asset purchases, markets may react negatively.  With the world afloat in a sea of capital that can move quickly, policy changes have the potential for unexpected impacts on the global capital markets.

As is our focus, we remain committed to a bottom-up investment process that identifies companies having solid fundamentals and only investing at valuations that provide for a margin of safety, believing that, in the long run, investors will benefit from an investment strategy that remains disciplined as well as broadly diversified.  On the point of valuation, it is becoming increasingly difficult to identify opportunities that have the margin of safety given the run-up in prices.

**Factors Affecting Past Performance**

***Equities***			    Sector allocation largely explains the lagging performance of the Fund in fiscal 2013.  The fund was underweight the Information Technology, Financials, and the Consumer Discretionary sectors, and the performance differentials of these three sectors effectively explain the variance in performance between the Fund and benchmark.  The fund increased its exposure to Financials during the year though it remained underweight relative to broad benchmarks.  We continue to be overweight the Health Care sector, which performed well as the market anticipates the arrival of new demand via the implementation of the Affordable Care Act in 2014.  The Utility sector did well and added value through investments in assets that continue to show the potential for future earnings growth.

***Fixed Income***The bond portfolio maintained its lower-than-benchmark duration, and this benefited investors during the year as benchmark rates started the year at depressed levels and generally rose as the months passed.  The Sextant Core Fund also benefited by taking measured credit risk and not investing in US Treasurys.  The spread between Treasurys and corporate bonds continued to narrow, and this resulted in superior performance for the Fund.  Lastly, recognizing the opportunities presented in the yield curve, the Fund has taken some key rate risk that has produced opportunities for capital appreciation despite the rising rate environment.

**Looking Forward**

As fast as investors sought out fixed income products in 2012, they shunned them in 2013.  Investor mania currently favors equities though their timing is often wrong.  It is difficult to manage the risk of missing exposure to a rising equity market relative to the safety of low-yielding, lower-risk fixed income investments.  However, balanced funds such as the Sextant Core Fund with its mandated asset mix inherently manage this risk without attempting to time the market in terms of asset class selection.

The Fund benefited from risk-seeking behavior in its fixed income allocation as spreads compressed.  This is unlikely to continue much longer.  The outsized gains in fixed income are behind us.  While forecasters have typically been overly pessimistic on fixed income rates in past years, estimates for 2014 appear to be a reasonable indicator of what is probably the single biggest risk for fixed income investors (barring exogenous macro factors) — rising yields.  We will seek to take some key rate risk to offset some of the drag from the potential rise in interest rates.

As for corporate profits, current expectations are for high single-digit earnings growth based on aggregate bottom-up estimates.  Comments from the management of many companies suggest that economic growth continues to be weak and sometimes elusive.  In a low-growth environment, earnings quality, dividend growth, and value matter all the more in terms of achieving steady, long-term investment returns.

**Management Fee Calculations**

The Sextant Core Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar's™ "Moderate Allocation" category.  The Fund's 12-month return (10.96%) was more than four percent below the Morningstar™ category average (16.48%) as of November 30, 2013.  Therefore, the basic 0.60% annual management fee was reduced to 0.30% for the month of December 2013.
*20**        Annual Report         November 30, 2013*Sextant Core Fund***Schedule of Investments*****Common Stocks — 60.3%****Number of Shares****Cost****Market Value****Country1****Percentage of Assets** **Communications** **Telecom Carriers**  AT&T 3,000  $92,759  $105,630  1.5%  Telenor 1,000  23,202  24,040 Norway0.4%  Vodafone Group ADS 2,500  64,150  92,725 United Kingdom1.3% **180,111****222,395** **3.2%** **Consumer Discretionary** **Apparel, Footwear, Accessory Design**  Nike 1,800  51,646  142,452  2.0%  Prada ADR 3,500  70,259  68,250 Italy1.0%  121,905  210,702  3.0% **E-Commerce Discretionary**  eBay² 2,000  105,719  101,040  1.4% **Home Improvement**  Stanley Black & Decker 446  29,654  36,300  0.5% **Home Products Stores**  Lowe's 1,400  39,433  66,472  1.0% **Passenger Transportation**  LATAM Airlines ADS 5,000  73,671  80,550 Chile1.2%  **370,382****495,064** **7.1%** **Consumer Staples** **Beverages**  Ambev ADR 10,000  60,610  75,600 Brazil1.1%  PepsiCo 1,000  66,423  84,460 1.2%  127,033  160,060  2.3% **Food Manufacturing**  General Mills 2,000  57,764  100,860  1.4% **Household Products Manufacturing**  Kimberly-Clark 925  61,586  100,973  1.5%  Procter & Gamble 900  58,842  75,798  1.1%  Unilever ADS 1,850  58,335  74,925 United Kingdom1.1%  178,763  251,696  3.7%  **363,560****512,616** **7.4%** **Energy** **Exploration & Production**  Devon Energy 1,800 116,362 109,116  1.6% **Integrated Oils**  ConocoPhillips 2,000  103,522 145,600  2.1%  Statoil ADS 3,003  71,749  67,688 Norway1.0%  Total ADS 1,100  60,836  66,352 France0.9%  236,107 279,640  4.0% *Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *21*Sextant Core Fund***Schedule of Investments*****Common Stocks — 60.3%****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** **Energy***(continued)* **Midstream — Oil & Gas**  Williams Companies 3,500 $55,989 $123,270  1.8%  **408,458****512,026** **7.4%** **Financials** **Banks**  PNC Bank 1,250  83,780  96,187  1.4%  Toronto-Dominion Bank 1,000  72,240  91,410 Canada1.3%  156,020  187,597  2.7% **Property & Casualty**  Chubb 1,500  95,336  144,675  2.1%  **251,356****332,272** **4.8%** **Health Care** **Health Care Supply Chain**  Express Scripts2 2,000  78,650  134,700  2.0% **Large Pharmaceuticals**  Abbott Laboratories 2,000  66,354  76,380  1.1%  AbbVie 1,000  32,536  48,450  0.7%  Johnson & Johnson 900  54,761  85,194  1.2%  Novartis ADS 1,500  78,080  118,680 Switzerland1.7%  Novo Nordisk ADS 400  18,098  71,492 Denmark1.0%  Sanofi-Aventis ADS 2,537  105,823  134,030 France1.9%  355,652  534,226  7.6%  **434,302****668,926** **9.6%** **Industrials** **Fabricating Metal & Hardware Manufacturing**  Valmont Industries750 100,938  108,533  1.5% **Flow Control Equipment**  Parker Hannifin 500  29,672  58,920  0.8% **Infrastructure Construction**   Companhia de Concessoes Rodoviarias 1,500  11,839  11,850 Brazil0.2% **Industrial Automation Controls**   Honeywell International 1,250 67,321 110,637  1.6% **Rail Freight Transportation**  Canadian National Railway 800 40,237 90,000 Canada1.3%  Norfolk Southern 1,000  71,852  87,690 1.3%  112,089  177,690  2.6%  **321,859****467,630** **6.7%** *Continued on next page.**22**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Core Fund ***Schedule of Investments*****Common Stocks — 60.3%****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** 						  **Materials** **Basic & Diversified Chemicals**  Praxair 700  $44,349  $88,382  1.3% **Containers & Packaging Manufacturing**  3M 1,200  104,586  160,212  2.3% **Raw Materials Suppliers**  BHP Billiton ADS 650  31,866  44,343 Australia0.6% **Specialty Chemicals**  BASF ADR 400  22,550  42,776 Germany0.6%  RPM International 2,000  51,772  79,200 1.1%  74,322  121,976  1.7% **Steel Producers**  Nucor 800  48,085  40,848  0.6%  **303,208****455,761** **6.5%** **Technology** **Communications Equipment**  Cisco Systems 3,000  63,266  63,750  0.9% **Semiconductor Devices**  Qualcomm 1,500  91,113  110,370  1.6% **Semiconductor Manufacturing Services**  Taiwan Semiconductor ADS 4,534  39,575  80,388 Taiwan1.2%  **193,954****254,508** **3.7%** **Utilities** **Integrated Utilities**  NextEra Energy 1,250  90,644  105,737  1.5% **Power Generation**  NRG Energy 3,000  65,841  79,380  1.1% **Utility Networks**  Sempra Energy 1,000  67,669  88,440  1.3%  **224,154****273,557** **3.9%** **Total Common Stocks****$3,051,344****$4,194,755** **60.3%****Derivatives — 0.0%3****Number of Shares****Cost****Market Value****Country1****Percentage of Assets** **Consumer Discretionary** **Passenger Transportation**  LATAM Airlines Rights2 448 $ -  $399 Chile0.0%3  **$-****$399** **0.0%3** *Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *23*Sextant Core Fund***Schedule of Investments*****Corporate Bonds — 34.4%****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Communications** **Telecom Carriers**  Bellsouth Capital Funding7.875% due 02/15/2030 $150,000  $177,787 2.6%  **150,000****177,787****2.6%** **Consumer Discretionary** **Commercial & Residential Building Equipment & Systems**  ADT Corp4.125% due 06/15/2023 150,000  132,800 1.9%  **150,000****132,800****1.9%** **Consumer Staples** **Beverages**  Coca Cola Hellenic 5.50% due 09/17/2015 100,000  107,079 1.5%  **100,000****107,079****1.5%** **Energy** **Utility Networks**  Boardwalk Pipelines5.50% due 02/01/2017 100,000  108,301 1.6%  **100,000****108,301****1.6%** **Financials** **Banks**  Branch Banking & Trust5.625% due 09/15/2016 100,000  112,232 1.6%  Wilmington Trust Corp8.50% due 04/02/2018 100,000  120,145 1.7%  200,000  232,377 3.3% **Commercial Finance**  General Electric Capital5.35% due 04/15/2022 101,000  109,057 1.5% **Consumer Finance**  American Express5.50% due 09/12/2016 100,000  111,944 1.6%  Western Union5.93% due 10/01/2016 30,000  33,536 0.5%  130,000  145,480 2.1% **Insurance Services & Other**  Partnerre Finance 5.50% due 06/01/2020 100,000  109,573 1.6% **Investment Management**  Blackstone Holdings5.875% due 03/15/2021 100,000  111,462 1.6% **Life Insurance**  Genworth Financial 5.75% due 06/15/2014 100,000  103,029 1.5% **Security & Commodity Exchanges**  NASDAQ OMX Group5.55% due 01/15/2020 50,000  54,190 0.8%  **781,000****865,168****12.4%** *Continued on next page.* *24**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Core Fund***Schedule of Investments*****Corporate Bonds — 34.4%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets** **Industrials** **Agricultural Machinery**  John Deere Capital2.25% due 06/07/2016 $100,000 $103,740 1.5% **Commercial & Residential Building Equipment & Systems**  Tyco International8.50% due 01/15/2019 100,000  124,882 1.8% **Construction & Mining Machinery**  Joy Global6.00% due 11/15/2016 100,000  111,720 1.6% **Industrial Automation Controls**  Emerson Electric5.375% due 10/15/2017 100,000  114,950 1.6% **Transportation Logistics Services**  Ryder System5.85% due 11/01/2016 100,000  111,749 1.6%  **500,000****567,041****8.1%** **Materials** **Chemicals Distribution**  Air Products & Chemicals4.375% due 08/21/2019 100,000  109,436 1.6%  **100,000****109,436****1.6%** **Technology** **Computer Hardware**  Hewlett-Packard2.35% due 03/15/2015 100,000  101,753 1.4% **Infrastructure Software**  Oracle5.25% due 01/15/2016 100,000  109,591 1.6% **IT Services**  Computer Sciences6.50% due 03/15/2018 100,000  116,194 1.7%  **300,000****327,538****4.7%** **Total Corporate Bonds****2,181,000****2,395,150****34.4%** **Municipal Bonds — 3.1%****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **General Obligation**  Lake Washington SCD #414 WA BAB4.906% due 12/01/2027 100,000  106,210 1.5%  Skagit SCD #14.613% due 12/01/2022 100,000  109,316 1.6%  **200,000****215,526****3.1%** Total investments(Cost = $5,643,504)  6,805,830 97.8%Other assets (net of liabilities) 154,098 2.2%**Total net assets****$6,959,928****100.0%**
*1**Country of domicile unless otherwise indicated; equities are issued from U.S. domiciled companies where no Country is listed2 Non-income producing security3Amount is less than 0.05%*

*ADS: American Depositary ShareADR: American Depositary Receipt*
*The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *25*Sextant Core Fund***Statement of Assets and Liabilities****As of November 30, 2013* 							**Assets**  Investments in securities, at value   (Cost $5,643,504)$6,805,830  Cash115,354   Dividends and interest receivable47,196   Receivable for Fund shares sold5,548    Total assets6,973,928 **Liabilities**  Accrued expenses5,724   Payable to affiliates5,401   Payable for Fund shares redeemed2,400   Accrued distribution fee475    Total liabilities14,000**Net assets****$6,959,928** 							**Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$5,977,027  Undistributed net investment income (3,277)  Accumulated net realized loss(176,144)  Unrealized net appreciation on investments1,162,322 **Net assets applicable to Fund shares outstanding****$6,959,928** 							Fund shares outstanding590,581  							**Net asset value, offering and redemption price per share****$11.78*****Statement of Operations****Year ended November 30, 2013* 							**Investment income**  Dividends  (net of foreign tax of $3,937)$100,951  Interest income93,074    Gross investment income194,025 **Expenses**  Investment adviser fees23,457   Filing and registration fees19,029   Distribution fees18,066   Audit fees5,001   Retirement plan custodial fees1,821   Printing and postage1,677   Chief Compliance Officer expenses1,428   Trustee fees1,239   Other expenses681   Legal fees350   Custodian fees332     Total gross expenses73,081  Less custodian fee credits(332)    Net expenses72,749**Net investment income****$121,276** 							 							Net realized gain from investments and foreign currency$201,245 Net increase in unrealized appreciation on investments and foreign currency426,769 **Net gain on investments****$628,014** 							**Net increase in net assets resulting from operations****$749,290****Bond Quality Diversification** 
*Based on total net assets as of 11/30/2013.*

*Source: Moody's Investors Services.*
*26**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Core Fund***Statements of Changes in Net Assets****Year ended Nov. 30, 2013**Year ended Nov. 30, 2012***Increase (decrease) in net assets from operations****From operations**  Net investment income$121,276 $85,291   Net realized gain (loss) on investments 201,245  (154,316)  Net increase in unrealized appreciation 426,769  405,990     Net increase in net assets 749,290  336,965 **Distributions to shareholders from**  Net investment income (124,229) (87,854)**Capital share transactions**  Proceeds from sales of shares992,609 1,285,048   Value of shares issued in reinvestment of dividends 124,229  87,854   Cost of shares redeemed (1,900,829) (305,399)    Net increase (decrease) in net assets  (783,991) 1,067,503 **Total increase (decrease) in net assets****(158,930)****1,316,614** 							**Net assets**Beginning of year7,118,858 5,802,244 End of year6,959,928 7,118,858  							Undistributed net investment income $(3,277)$- 							**Shares of the Fund sold and redeemed**  Number of shares sold87,483 118,266   Number of shares issued in reinvestment of dividends 10,546  8,127   Number of shares redeemed (166,124) (28,120)**Net increase (decrease) in number of shares outstanding****(68,095)****98,273*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2013****2012****2011****2010****2009****Net asset value at beginning of year****$10.81****$10.35****$10.06****$9.58****$7.97****Income from investment operations**  Net investment income0.200.140.150.160.13  Net gain on securities (both realized and unrealized)0.980.460.290.481.61**Total from investment operations****1.18****0.60****0.44****0.64****1.74****Less distributions**  Dividends (from net investment income) (0.21) (0.14) (0.15) (0.16) (0.13)**Total distributions**(0.21) (0.14) (0.15) (0.16) (0.13)  Paid-in capital from early redemption fees --0.0010.001 -  							**Net asset value at end of year****$11.78****$10.81****$10.35****$10.06****$9.58** 							**Total return****10.96%****5.75%****4.42%****6.67%****21.81%** 							**Ratios / supplemental data**Net assets ($000), end of year $6,960  $7,119  $5,802  $5,228  $4,171 Ratio of expenses to average net assets  Before custodian fee credits1.01%1.32%1.14%1.21%1.78%  After custodian fee credits1.01%1.32%1.13%1.21%1.78%Ratio of net investment income after custodian fee credits to average net assets1.68%1.29%1.56%1.74%1.57%**Portfolio turnover rate****29%****19%****13%****13%****40%***1 Amount is less than $0.01**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *27*Sextant Global High Income Fund
***Performance Summary (unaudited)***
A**verage Annual Returns (as of November 30, 2013)** **10 Year****5 Year****1 Year****Expense Ratio1**Sextant Global High Income Fundn/an/a10.06%1.22%S&P Global 1200 Index8.30%16.02%26.33%n/a
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is expense-free. Conversely, the fund will (1) be actively managed; (2) have an objective other than mirroring the index, such as limiting risk; (3) bear transaction and other costs; (4) stand ready to buy and sell its securities to shareowners on a daily basis; and (5) provide a wide range of services.  The graph compares $10,000 invested in the Fund on 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 $11,090 versus $12,362 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 22, 2013, and incorporates results for the fiscal year ended November 30, 2012, 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 objectives of the Global High Income Fund are high income and capital preservation.
**Portfolio Diversification** **Top Ten Holdings** **% of total net assets***Industry weightings are shown as a percentage of total net assets.*Whistler Blackcomb Holdings 2.9%Refresco Group 7.375% due 05/15/20182.9%San Miguel 4.875% due 04/26/20232.7%Daimler 2.6%Hanesbrands 6.375% due 12/15/20202.6%Huntsman International 8.625% due 03/15/20202.5%Mexico Bonos Desarrollo 6.50% due 06/10/20212.5%Amkor Technology 7.375% due 05/01/20182.5%Vodafone Group ADS 2.4%Allegheny Technologies Bond 5.875% due 05/15/20232.4%*28**        Annual Report         November 30, 2013*Sextant Global High Income Fund
***Discussion of Fund Performance (unaudited)***

(photo omitted)

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

(photo omitted)

**John Scott CFA**Co-Portfolio Manager

**Fiscal Year 2013**

The Sextant Global High Income Fund completed its first full fiscal year of operation on November 29, 2013.  Total return for the fiscal year was 10.06%.  On November 29, the Fund distributed qualified dividends of 22¢ per share, and income dividends of 17¢ per share.  Together, this 39¢ distribution represented net investment income of 3.87% during the fiscal year.  The 30-day SEC yield was 4.09% (3.69% without the adviser's expense cap subsidy) at fiscal year-end.  The remaining portion of total return was the result of appreciation of portfolio holdings during the year.

Morningstar changed the Fund's peer group during the year, from World Allocation to Tactical Allocation, which returned 9.29% for the period. 

**Factors Affecting Past Performance**

***Entrenched Businesses***The Fund's strongest performances for the year came from its investments in common stocks of companies with strong dividend yields and entrenched businesses.				
**Company****Fiscal yeartotal return****Competitive advantage**Daimler76.77%Premier luxury car brandSK Telecom65.52%50% share of Korea marketVodafone51.63%Verizon value harvestMicrochip Tech47.57%Dominant processorsNovartis32.15%Stong pipeline, distributionWhistler Blackcomb27.93%Premier ski resort
  The Fund maintained low exposure to US stocks during the fiscal year (about 8% of assets at the fiscal year end), which detracted from relative performance, as the S&P 500 returned 30.30%, compared to 25.36% for the MSCI EAFE (non-US developed world) and 3.66% for the MSCI Emerging Markets indices.

In contrast to their counterparts in other countries, US companies tend to allocate an increasing portion of their free cash flow toward share repurchases (buybacks), at the expense of dividends and capital expenditures.

***Foreign Currencies***

**Looking Forward**

***Fixed Income***				We believe a "natural" level for long-term US government bond rates is about 4%, comparable to our expectation for nominal economic growth (real GDP plus inflation).  As the Fed begins scaling back its purchases of government bonds, investors who (unlike the Fed) are sensitive to the cost and return of capital should increasingly replace the marginal demand for these securities, pressuring interest rates gradually higher.

***Equities***After a strong 2013, global equities are valued higher relative to current and prospective earnings than they were at the beginning of the previous year.  As a result, we expect future returns to be commensurately lower.  We will continue to search for and invest in companies that offer an attractive dividend yield, sustainable business, and potential to grow earnings at least in line with economic growth and inflation.

***Foreign Currencies***				The exposure of companies and their stocks to exchange rate changes can be mitigated by a number of factors, but no such relief exists for fixed-coupon bonds denominated in foreign currencies.  Strong demand for natural resources from China over the past decade helped to drive up exchange rates in countries that produced those resources.  Investors seeking higher interest rates and faster economic growth in regions such as Asia, Australia, and Latin America, also pressure exchange rates higher with their investment flows.  As a result of these trends, we find that few currencies are attractive on the basis of their purchasing power relative to the US dollar, and purchasing power has been a strong long-term arbiter of exchange rates.  Even after the considerable declines in exchange rates in countries such as India, Indonesia, and Turkey during 2013, we find their currencies to be unattractive, and we will continue to avoid them until this changes.

**Management Fee Calculations**

The Sextant Global High Income Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar's™ "Tactical Allocation" category.  The Fund's 12-month return (10.06%) was less than one percent above the Morningstar™ category average (9.29%) at month-end November 30, 2013.  Therefore, the basic annual management fee of 0.60% was not performance-adjusted for the month of December 2013.
*November 30, 2013         Annual Report*         *29*Sextant Global High Income Fund***Schedule of Investments*****Common Stocks — 42.5%****Number of Shares****Cost****Market Value****Country1****Percentage of Assets** 							**Communications** 							**Telecom Carriers**  Orange 5,900  $84,351  $76,582 France1.2%  Portugal Telecom ADS 17,000 80,599 75,310 Portugal1.2%  SK Telecom ADS 6,200 82,085 148,056 South Korea2.3%  Telenor 5,000 102,390 120,200 Norway1.9%  Vodafone Group ADS 4,200 114,996 155,778 United Kingdom2.4% 							 **464,421****575,926** **9.0%** 							**Consumer Discretionary** 							**Automobile OEM**  Daimler  2,000 100,847 165,798 Germany2.6% 							**Lodging**  Whistler Blackcomb Holdings 12,000 129,651 186,908 Canada2.9% 							 **230,498****352,706** **5.5%** 							**Consumer Staples** 							**Household Products Manufacturing**  Unilever 3,200 113,070 125,632  Netherlands 2.0% 							 **113,070****125,632** **2.0%** 							**Energy** 							**Integrated Oils**  Royal Dutch Shell ADS 1,900 125,543 126,730 United Kingdom2.0%  Total ADS 2,200 113,753 132,704 France 2.1% 							 **239,296****259,434** **4.1%** 							**Financials** 							**Banks**  Itau Unibanco Holding ADS 6,600 83,886 92,862 Brazil1.5%  Malayan Banking 32,000 93,555 97,115 Malaysia1.5%  NY Community Bancorp 7,000 93,254 115,640 United States1.8% 270,695 305,617  4.8% 							**Other Financial Services**  Groupe Bruxelles Lambert 1,600 124,499 141,678  Belgium 2.2% 							 **395,194****447,295** **7.0%** 							**Health Care** 							**Large Pharmaceuticals**  GlaxoSmithKline ADS 2,500 111,018 132,300 United Kingdom2.1%  Novartis ADS 1,700 91,973 134,504 Switzerland2.1% 							 **202,991****266,804** **4.2%** 							**Industrials** 							**Infrastructure Construction**  Hopewell Highway Infrastructure 225,000 117,330 109,955 China1.7% 							 **117,330****109,955** **1.7%** 							*Continued on next page.**30**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Global High Income Fund***Schedule of Investments*****Common Stocks — 42.5%****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** 						  **Materials** 							**Precious Metal Mining**  Gold Fields ADS 16,000 $124,236 $64,160 South Africa1.0%  Sibanye Gold ADS 2,000 13,944 9,900 South Africa0.2% 138,180 74,060  1.2% 							**Specialty Chemicals**  BASF 1,400 128,066 149,716 Germany2.3% 							 **266,246****223,776** **3.5%** 							**Technology** 							**Semiconductor Devices**  Microchip Technology3,500111,383 151,515 United States2.4% 							 **111,383****151,515** **2.4%** 							**Utilities** 							**Electric & Gas Marketing & Trading**  E.ON ADR 6,000 125,528 115,560 Germany1.8% 							**Power Generation**  GDF Suez ADR 3,600 93,286 83,664 France1.3% 							 **218,814****199,224** **3.1%** 							**Total Common Stocks****2,359,243****2,712,267** **42.5%****Preferred Stocks — 7.4%****Number of Shares****Cost****Market Value****Country1****Percentage of Assets** 							**Financials** 							**Banks**  Santander 10.50% Pfd Series 104,000  108,558  107,920  Spain 1.7% 							**Institutional Brokerage**  JPM Chase Capital Pfd C 6.70%5,000  128,707  129,150 United States 2.0%  Morgan Stanley Cap Tr Cum Pfd 6.60% 4,500  111,294  111,645 United States1.8%  240,001  240,795  3.8% 							**Life Insurance**  ING Groep 8.50% Pfd5,000  127,952  124,900  Netherlands 1.9% 							 **476,511****473,615** **7.4%****Corporate Bonds — 32.7%****Coupon / Maturity****Face Amount****Market Value****Country1****Percentage of Assets** 							**Consumer Discretionary** 							**Apparel, Footwear, Accessory Design**  Hanesbrands6.375% due 12/15/2020 150,000  163,875  United States 2.6% 							**Commercial & Residential Building Equipment & Systems**  ADT Corp4.125% due 06/15/2023 150,000  132,800  United States 2.1% 							**Consumer Electronics & Appliance Stores**  Best Buy3.75% due 03/15/2016 62,000  64,170  United States 1.0% 							*Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *31*Sextant Global High Income Fund***Schedule of Investments*****Corporate Bonds — 32.7%****Coupon / Maturity****Face Amount****Market Value****Country¹****Percentage of Assets** 							**Consumer Discretionary***(continued)* 							**Other Spec Retail — Discretionary**  Toys R Us Property Co. II8.50% due 12/01/2017$40,000 $41,450 United States 0.6% 							**Specialty Apparel Stores**  GAP5.95% due 04/12/2021 100,000  110,830 United States1.7% 							 **502,000****513,125** **8.0%** 							**Consumer Staples** 							**Beverages**  San Miguel4.875% due 04/26/2023 200,000  171,000 Philippines2.7% 							**Food Manufacturing**  Refresco Group7.375% due 05/15/2018 125,000  182,381 Netherlands2.9% 							**Household Products Manufacturing**  Elizabeth Arden7.375% due 03/15/2021 47,000  51,289 United States0.8% 							 **372,000****404,670** **6.4%** 							**Energy** 							**Integrated Oils**  Petrobras International Finance6.875% due 01/20/2040 50,000  48,539 Brazil0.8%  Petrobras International Finance6.75% due 07/27/2041 80,000  76,069 Brazil1.2%  130,000  124,608  2.0% 							**Midstream — Oil & Gas**  Chesapeake Midstream Partners6.125% due 07/15/2020 125,000  134,063 United States2.1% 							**Refining & Marketing**  Star Gas Partners8.875% due 12/01/2017 93,000  97,650 United States1.5% 							 **348,000****356,321** **5.6%** 							**Materials** 							**Basic & Diversified Chemicals**  Huntsman International8.625% due 03/15/2020145,000 160,225 United States2.5% 							**Precious Metal Mining**  Anglogold Ashanti Holdings5.375% due 04/15/2020100,000 94,500 South Africa1.5% 							**Steel Producers**  Allegheny Technologies Bond5.875% due 05/15/2023150,000 152,750 United States2.4% 							 **395,000****407,475** **6.4%** 							**Technology** 							**Computer Hardware**  Hewlett Packard4.65% due 12/09/2021100,000 102,754 United States 1.6% 							**Semiconductor Capital Equipment**  Amkor Technology7.375% due 05/01/2018150,000 158,625 United States 2.5% 							 **250,000****261,379** **4.1%** 							*Continued on next page.**32**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Global High Income Fund***Schedule of Investments*****Corporate Bonds — 32.7%****Coupon / Maturity****Face Amount****Market Value****Country¹****Percentage of Assets** 						  **Utilities** 							**Utility Networks**  Iberdrola International Perpetual 5.75% due 02/27/2049 $100,000 $142,675 Spain2.2% 							 **100,000****142,675** **2.2%** 							**Total Corporate Bonds** **$1,967,000****$2,085,645** **32.7%** 							**Government Bonds — 6.2%****Coupon / Maturity****Face Amount****Market Value****Country1****Percentage of Assets** 							**Foreign Government Bonds**  Colombia Republic8.375% due 02/15/2027 $125,000  $145,625 Colombia2.3%  Mexico Bonos Desarrollo6.50% due 06/10/2021MXN 2,000,000  158,750 Mexico2.5%  Republic of South Africa8.25% due 09/15/2017ZAR 900,000  92,021 South Africa 1.4% 							  **396,396** **6.2%** 							**Municipal Bonds — 2.9%****Coupon / Maturity****Face Amount****Market Value****Country1****Percentage of Assets** 							**General Obligation**  Puerto Rico Commonwealth4.00% due 07/01/2021 120,000  92,196 Puerto Rico1.4%  Puerto Rico Commonwealth²4.125% due 07/01/2022 50,000  37,283 Puerto Rico0.6% 							 **170,000****129,479** **2.0%** 							**Revenue**  Puerto Rico Aqueduct & Sewer²5.00% due 07/01/2019 70,000  57,263 Puerto Rico0.9% 							 **70,000****57,263** **0.9%** 							**Total Municipal Bonds****$240,000****186,742** **2.9%** 							Total investments(Cost = $5,499,449)  5,854,665  91.7%Other assets (net of liabilities) 533,367 8.3%**Total net assets****$6,388,032** **100.0%***¹ Country of domicile unless otherwise indicated.						    ²						    Indicates an odd lot. See note regarding odd lot securities on page 53.*
*ADS: American Depositary Share**ADR: American Depositary Receipt*
**Countries** *The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *33*Sextant Global High Income Fund***Statement of Assets and Liabilities****As of November 30, 2013* **Assets**    Investments in securities, at value (Cost $5,499,449)$5,854,665    Cash478,854     Dividends and interest receivable65,888     Receivable for Fund shares sold4,709         Total assets 6,404,116 **Liabilities**    Payable for Fund shares redeemed6,632     Accrued expenses5,769     Distributions payable1,850     Payable to affiliates1,400     Accrued distribution fee433         Total liabilities 16,084 **Net assets****$6,388,032** **Analysis of net assets**    Paid-in capital (unlimited shares authorized, without par value)$6,117,771    Undistributed net investment income (14,826)    Accumulated net realized loss(70,213)    Unrealized net appreciation on investments355,300 **Net assets applicable to Fund shares outstanding****$6,388,032** **Fund shares outstanding****607,761** **Net asset value, offering and redemption price per share****$10.51*****Statement of Operations****Year ended November 30, 2013* **Investment income**    Dividends (net of foreign tax of $22,115)$151,753    Interest income 110,439         Gross investment income 262,192 **Expenses**    Investment adviser fees27,668     Filing and registration fees17,384     Distribution fees13,728     Audit fees5,001     Printing and postage 1,437     Chief Compliance Officer expenses954     Trustee fees706     Custodian fees 559     Retirement plan custodial fees446     Other expenses419     Legal fees103         Total gross expenses 68,405     Less adviser fees waived (18,287)    Less custodian fee credits (559)        Net expenses 49,559 **Net investment income****$212,633**  Net realized loss from investments and foreign currency$(17,862)Net increase in unrealized appreciation on investments and foreign currency333,376 **Net gain on investments****$315,514** **Net increase in net assets resulting from operations****$528,147****Bond Quality Diversification** 
*Based on total net assets as of 11/30/2013.*

*Source: Moody's Investors Services.*

 
*34**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Global High Income Fund***Statements of Changes in Net Assets****Year ended November 30, 2013**Period ended November 30, 2012***Increase (decrease) in net assets from operations****From operations**    Net investment income$212,633 $80,933     Net realized loss on investments (17,862) (51,900)    Net increase in unrealized appreciation 333,376  21,924         Net increase in net assets 528,147 50,957 **Distributions to shareholders from**    Net investment income (226,294) (82,549)        Total distributions (226,294) (82,549)**Capital share transactions**    Proceeds from sales of shares1,527,6234,788,968     Value of shares issued in reinvestment of dividends 224,444  82,372     Cost of shares redeemed (395,684) (109,952)        Net increase in net assets  1,356,383 4,761,388 **Total increase in net assets****1,658,236****4,729,796** **Net assets**Beginning of period 4,729,796 -End of period6,388,032 4,729,796  Undistributed net investment income $(14,826)$44 **Shares of the Fund sold and redeemed**  Number of shares sold146,261 480,099   Number of shares issued in reinvestment of dividends 21,355  8,321   Number of shares redeemed (37,485) (10,790)**Net increase in number of shares outstanding****130,131****477,630*****Financial Highlights****Year ended**Period ended**Selected data per share of outstanding capital stock throughout each period:***November 30, 2013****November 30, 2012****Net asset value at beginning of period****$9.90****$10.00****Income from investment operations**    Net investment income0.370.18     Net gain (loss) on securities (both realized and unrealized)0.63(0.10)**Total from investment operations****1.00****0.08****Less distributions**    Dividends (from net investment income) (0.39)(0.18)**Total distributions****(0.39)****(0.18)** **Net asset value at end of period****$10.51****$9.90** **Total return****10.06%****0.76%¹** **Ratios / supplemental data**Net assets ($000), end of period $6,388 $4,730Ratio of expenses to average net assets     Before fee waivers1.25%1.22%²     After fee waivers0.91%0.90%²     After fee waivers and custodian fee credits0.90%0.90%²Ratio of net investment income after custodian fee credits to average net assets3.87%3.03%²**Portfolio turnover rate****23%****32%¹***¹Since inception March 30, 2012; not annualized**² Since inception March 30, 2012; annualized**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *35*Sextant Growth Fund
***Performance Summary (unaudited)***
**Average Annual Returns (as of November 30, 2013)** **10 Year****5 Year****1 Year****Expense Ratio¹**Sextant Growth Fund8.05%14.67%29.39%1.10%S&P 500 Index7.68%17.58%30.30%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, 2003, to an identical amount invested in the S&P 500 Index, a broad-based stock market index. The graph shows that an investment in the Fund would have risen to $21,684 versus $20,970 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 for the Fund shown in this table is as of the Fund's most recent prospectus, which is dated March 22, 2013, and incorporates results for the fiscal year ended November 30, 2012. The ratio presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the Growth Fund is long-term capital growth.
**Portfolio Diversification** **Top Ten Holdings** *% of total net assets**Industry weightings are shown as a percentage of total net assets.*Amazon.com5.4%Apple3.8%Delta Air Lines3.2%Apache3.0%eBay2.8%Johnson & Johnson2.6%Trimble Navigation2.5%Honeywell International2.4%F5 Networks2.4%Lincoln Electric2.4%*36**Annual Report         November 30, 2013*         Sextant Growth Fund
***Discussion of Fund Performance (unaudited)***

(graphic omitted)

**Paul Meeks MBA, CFA**Portfolio Manager

**Fiscal Year 2013**

For the fiscal year ended November 30, 2013, the Sextant Growth Fund returned 29.39% versus 29.75% for the Russell 1000 Growth Index and 30.30% for the S&P 500 Index. In efforts to improve global economic conditions and employment, central banks maintained abnormally low interest rates in 2013, with the consequence that the prices of financial assets such as stocks soared, especially in America.

In April 2013, the Fund's leadership rotated from Nicholas Kaiser, CFA to Paul Meeks, CFA. Mr. Kaiser, age 67, had led it since 1990. In addition to managing the Sextant Growth Fund, Mr. Meeks, age 51, is Saturna Capital's technology analyst and director of institutional investing. An experienced technology mutual fund manager, Paul Meeks is a good fit for the Fund as technology comprises a major portion of this portfolio.

**Factors Affecting Past Performance**

Mr. Meeks is making changes to the Fund while keeping true to Saturna Capital's investment policies. The transformation meant the portfolio's cash averaged 10.7%, which negatively impacted performance but reduced risk.

The following were the greatest contributors to the Sextant Growth Fund's performance in fiscal 2013:
**Stock****Return****Contribution**Delta Air Lines191.26%3.01Amazon.com56.17%2.86Alaska Air Group82.91%1.35Boeing84.35%1.20Lincoln Electric52.62%1.18Honeywell47.40%1.17Johnson & Johnson39.87%1.12Western Digital78.95%1.05Amsurg72.45%1.01Adobe Systems64.06%0.97**Total** **14.92**
Next were the biggest detractors to performance:
**Stock****Return****Contribution**Apple-2.61%-1.88Coeur Mining-45.53%-0.53John Wiley-11.99%-0.23EMC-10.50%-0.22Red Lion-8.97%-0.12eBay -1.64%-0.09Cisco Systems 14.91%-0.03Alcoa-4.20%-0.03Regal Beloit1.62%-0.02Coca-Cola-1.35%-0.01**Total** **-3.16**
Among the Fund's biggest losers, Coeur Mining, John Wiley & Sons, Red Lion Hotels, Alcoa, Regal Beloit, and Coca-Cola have been eliminated from the portfolio. Exposure to cyclical companies is reduced as firms that consistently grow earnings over a business cycle gain new favor.

With the succession to Mr. Meeks' leadership some changes are noted. First, four of the top ten holdings changed by the end of fiscal 2013. Second, the portfolio has become less concentrated as defined by the proportion of its assets allocated to the top ten holdings. This is largely because Apple was reduced from an 11.1% position at the beginning of the fiscal year to a 3.8% stake by the end. The weight dedicated to the top ten was 38.1% on November 30, 2012. It had decreased to 30.5% a year later.

**Looking Forward**

On December 31, 2013, the Fund owned 52 stocks. Long-term, we expect the Fund to hold around 40 names, as small positions unlikely to meaningfully contribute to long-term results are eliminated. The Fund's portfolio turnover rate increased to 29%, but continues to be significantly below the average for domestic equity mutual funds.

The Fund's relative short-term performance is improving. Regardless of the change at the helm, the Fund continues to follow Saturna Capital's style of long-term, values-based, risk-averse investing under the continuing guidance of Mr. Nicholas Kaiser.

**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 (29.39%) was more than one percent but less than 2 percent below the Morningstar™ category average (30.71%) at month-end November 30, 2013. Therefore, the basic annual management fee of 0.60% was reduced by 0.10% to 0.50% for the month of December 2013.
*November 30, 2013         Annual Report*        *37*Sextant Growth Fund***Schedule of Investments*****Common Stocks — 89.2%****Number of Shares****Cost****Market Value****Percentage of Assets** **Communications** **Internet Media**    Facebook¹ 2,031  $91,395  $95,477 0.3%    Google¹ 380  321,822  402,644 1.1%  413,217  498,121 1.4% **Telecom Carriers**    AT&T 5,000  116,350  176,050 0.5%  **529,567****674,171****1.9%** **Consumer Discretionary** **Automobile OEM**    Ford Motor 43,010  570,891  734,611 2.0% **E-Commerce Discretionary**    Amazon.com¹ 5,000  201,410  1,968,100 5.4%    eBay¹ 20,418  1,062,283  1,031,517 2.8%  1,263,693  2,999,617 8.2% **Home Improvement**    Stanley Black & Decker 3,600  237,257  293,004 0.8% **Home Products Stores**    Bed Bath & Beyond¹ 9,000  331,221  702,270 1.9%    Lowe's 15,000  295,388  712,200 1.9%  626,609  1,414,470 3.8% **Passenger Transportation**    Alaska Air 10,302  390,794  800,878 2.2%    Delta Air Lines 40,000  419,447  1,159,200 3.2%  810,241  1,960,078 5.4% **Specialty Apparel Stores**    Urban Outfitters¹ 9,030  352,013  352,351 1.0%  **3,860,704****7,754,131****21.2%** **Consumer Staples** **Beverages**    PepsiCo 8,000  459,066  675,680 1.9% **Mass Merchants**    Costco Wholesale 3,000  248,150  376,290 1.0%  **707,216****1,051,970****2.9%** *Continued on next page.**38**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Growth Fund***Schedule of Investments*****Common Stocks — 89.2%****Number of Shares****Cost****Market Value****Percentage of Assets** **Energy** **Exploration & Production**    Apache 12,024  $1,067,475 $1,100,076 3.0%    Whiting Petroleum¹ 8,470  408,805  511,588 1.4%  **1,476,280****1,611,664****4.4%** **Financials** **Investment Management**    Invesco Limited 16,240  450,309  565,964 1.6% **Property & Casualty**    Chubb 7,000  308,505  675,150 1.8%  **758,814****1,241,114****3.4%** **Health Care** **Biotech**    Amgen 2,640  34,598  301,171 0.8% **Health Care Facilities**    AmSurg¹ 7,895  168,965  381,486 1.1% **Health Care Supply Chain**    Express Scripts¹ 5,372  332,172  361,804 1.0% **Large Pharmaceuticals**    Abbott Laboratories 19,192  588,890  732,943 2.0%    Johnson & Johnson 10,000  642,017  946,600 2.6%  1,230,907  1,679,543 4.6% **Pharmacies & Drug Stores**    CVS Caremark 10,000  339,270  669,600 1.8% **Specialty Pharmaceuticals**    Salix Pharmaceuticals¹ 8,292  588,637  703,245 1.9%  **2,694,549****4,096,849****11.2%** **Industrials** **Building Sub Contractors**    EMCOR 4,798  179,753  190,625 0.5% **Commercial Aircraft**    Boeing 5,000  361,516  671,250 1.8% **Engine & Transmission Manufacturing**    Power Solutions International 6,708  296,364  501,758 1.4% *Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *39*Sextant Growth Fund***Schedule of Investments*****Common Stocks — 89.2%****Number of Shares****Cost****Market Value****Percentage of Assets** **Industrials***(continued)* **Fab Metal & Hardware Manufacturing**    Valmont Industries 4,851 $703,064 $701,988 1.9% **Industrial Automation Controls**    Honeywell International 10,000  330,476  885,100 2.4% **Industrial Machinery Manufacturing**    Middleby¹ 2,000  205,540  441,680 1.2% **Measurement Instruments**    Agilent Technologies 11,800  258,434  632,126 1.7%    Trimble Navigation¹ 28,000  202,081  893,200 2.5%  460,515  1,525,326 4.2% **Metalworking Machinery Manufacturing**    Lincoln Electric 12,000  325,653  857,760 2.4% **Post & Courier Services**    United Parcel Service 6,000  395,746  614,280 1.7% **Rail Freight Transportation**    Norfolk Southern 7,000  318,942  613,830 1.7%    Union Pacific 4,590  485,782  743,764 2.0%  804,724  1,357,594 3.7%  **4,063,351****7,747,361****21.2%** **Technology** **Application Software**    Adobe Systems¹ 11,000  144,216  624,580 1.7%    Intuit 9,000  197,624  668,070 1.8%  341,840  1,292,650 3.5% **Communications Equipment**    Apple 2,460  20,298  1,367,932 3.8%    Cisco Systems 28,154  640,144  598,273 1.6%    F5 Networks¹ 10,685  842,539  878,948 2.4%  1,502,981  2,845,153 7.8% **Computer Storage**    EMC 23,337  620,561  556,587 1.5%    Western Digital 8,000  300,951  600,320 1.7%  921,512  1,156,907 3.2% **Infrastructure Software**    Oracle 19,000  241,810  670,510 1.8% *Continued on next page.**40**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Growth Fund***Schedule of Investments*****Common Stocks — 89.2%****Number of Shares****Cost****Market Value****Percentage of Assets** **Technology***(continued)* **IT Services**    International Business Machines 884  $160,287 $158,837 0.4% **Semiconductor Devices**    Microchip Technology 7,555  274,246  327,056 0.9%    Qualcomm 9,561  547,215  703,498 1.9%  821,461  1,030,554 2.8%  **3,989,891****7,154,611****19.5%** **Utilities** **Integrated Utilities**    Duke Energy 3,333  172,211  233,177 0.6% **Utility Networks**    Piedmont Natural Gas 8,000  220,875  265,200 0.7%    Sempra Energy 6,000  276,535  530,640 1.5%    Spectra Energy 7,500  113,625  251,625 0.7%  611,035  1,047,465 2.9%  **783,246****1,280,642****3.5%** Total investments  $18,863,618  32,612,513 89.2%Other assets (net of liabilities)  3,961,799 10.8%**Total net assets****$36,574,312****100.0%***¹ Non-income producing security**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *41*Sextant Growth Fund***Statement of Assets and Liabilities****As of November 30, 2013* **Assets**    Investments in securities, at value (Cost $18,863,618)$32,612,513     Cash4,071,437     Dividends receivable46,718     Receivable for Fund shares sold23,893     Insurance reserve premium1,214         Total assets 36,755,775 **Liabilities**    Payable for Fund shares redeemed114,001     Payable to affiliates25,183     Distributions payable20,367     Accrued expenses19,450     Accrued distribution fee2,462         Total liabilities 181,463 **Net assets****$36,574,312** **Analysis of net assets**    Paid-in capital (unlimited shares authorized, 						        without par value)$22,804,451     Undistributed net investment income20,962     Accumulated net realized gain4     Unrealized net appreciation on investments13,748,895**Net assets applicable to Fund shares outstanding****$36,574,312** **Fund shares outstanding****1,529,233** **Net asset value, offering and redemption price per share****$23.92*****Statement of Operations****Year ended November 30, 2013* **Investment income**    Dividends$444,002     Miscellaneous income98         Gross investment income 444,100 **Expenses**    Investment adviser fees145,905     Distribution fees72,678     Filing and registration fees17,929     Audit fees12,046     Retirement plan custodial fees6,891     Chief Compliance Officer expenses5,014     Printing and postage4,596     Trustee fees4,023     Other expenses 2,446     Custodian fees1,279     Legal fees1,017         Total gross expenses 273,824    Less custodian fee credits (1,279)        Net expenses 272,545 **Net investment income****$171,555**  Net realized gain from investments$3,265,690 Net increase in unrealized appreciation on investments4,192,605 **Net gain on investments****$7,458,295** **Net increase in net assets resulting from operations****$7,629,850***42**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant Growth Fund***Statements of Changes in Net Assets****Year ended Nov. 30, 2013**Year ended Nov. 30, 2012***Increase (decrease) in net assets from operations****From operations**    Net investment income$171,555 $101,750     Net realized gain on investments 3,265,690  211,971     Net increase in unrealized appreciation 4,192,605  2,527,733         Net increase in net assets 7,629,850  2,841,454 **Distributions to shareholders from**    Net investment income (178,378) (101,993)    Capital gains distribution (3,182,432) -         Total distributions (3,360,810) (101,993)**Capital share transactions**    Proceeds from sales of shares7,509,714 2,345,800     Value of shares issued in reinvestment of dividends 3,340,443  98,152     Early redemption fees retained - 373     Cost of shares redeemed (3,795,068) (2,801,411)        Net increase (decrease) in net assets  7,055,089  (357,086)**Total increase in net assets****11,324,129****2,382,375** **Net assets**Beginning of year25,250,183 22,867,808 End of year36,574,312 25,250,183  Undistributed net investment income $20,962  $27,785  **Shares of the Fund sold and redeemed**    Number of shares sold314,720 118,664     Number of shares issued in reinvestment of dividends 139,651  4,823     Number of shares redeemed (165,884) (143,445)**Net increase (decrease) in number of shares outstanding****288,487****(19,958)*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2013****2012****2011****2010****2009****Net asset value at beginning of year****$20.35****$18.14****$17.70****$16.00****$13.45****Income from investment operations**    Net investment income (loss)0.12 0.08 0.11 0.05 (0.04)    Net gains on securities (both realized and unrealized) 5.86  2.21  0.43  1.70  2.59 **Total from investment operations****5.98****2.29****0.54****1.75****2.55****Less distributions**   Dividends (from net investment income) (0.13) (0.08) (0.09) (0.05)(0.00)¹   Distributions (from capital gains) (2.28) -  (0.01) -  - **Total distributions****(2.41)****(0.08)****(0.10)****(0.05)****(0.00)¹**   Paid-in capital from early redemption fees-0.00¹0.00¹0.00¹0.00¹ **Net asset value at end of year****$23.92****$20.35****$18.14****$17.70****$16.00** **Total return****29.39%****12.64%****3.07%****10.93%****18.98%** **Ratios / supplemental data**Net assets ($000), end of year$36,574 $25,250 $22,868 $24,205 $21,534 Ratio of expenses to average net assets    Before custodian fee credits0.94%1.10%0.84%1.01%1.34%    After custodian fee credits0.94%1.10%0.84%1.00%1.34%Ratio of net investment income (loss) after custodian fee credits to average net assets0.59%0.42%0.57%0.30%(0.25)%**Portfolio turnover rate****29%****10%****15%****16%****7%***¹ Amount is less than $0.01**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *43*Sextant International Fund				
***Performance Summary (unaudited)***
**Average Annual Returns (as of November 30, 2013)** **10 Year****5 Year****1 Year****Expense Ratio¹**Sextant International Fund8.03%8.05%8.67%1.10%NYSE Arca International Index8.75%12.75%23.37%n/aMSCI EAFE Index8.03%13.93%25.36%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, 2003 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 $21,640 versus $23,148 in the NYSE Arca International Index, and $21,675 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 for the Fund shown in this table is as of the Fund's most recent prospectus, which is dated March 22, 2013, and incorporates results for the fiscal year ended November 30, 2012. The ratio presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the International Fund is long-term capital growth.
**Portfolio Diversification** **Top Ten Holdings** *% of total net assets**Industry weightings are shown as a percentage of total net assets.*Copa Holdings Class A4.1%ASML3.6%Toyota Motor ADS3.5%Wolters Kluwer3.5%Novartis ADS3.2%Vodaphone ADS3.1%Orient-Express Hotels Class A3.1%Novo Nordisk ADS3.0%Shire ADS2.9%BASF ADR2.9%*44**Annual Report         November 30, 2013*         Sextant International Fund
***Discussion of Fund Performance (unaudited)***

(graphic omitted)

**Nicholas Kaiser MBA, CFA**			    Portfolio Manager

**Fiscal Year 2013**

For the fiscal year ended November 30, 2013, the Sextant International Fund returned 8.67%.  The Fund's new benchmark, the MSCI EAFE Index, gained 25.36% for fiscal 2013.  Its previous benchmark, the NYSE Arca International Market Index, was judged by the trustees to be too limited in representation.

The Fund's annual expense ratio fell to 0.66% from 1.10%, as a result of the fulcrum element of the management fee.  The Fund paid a year-end income dividend of 33.7¢ per share, up from last year's 14.3¢ income dividend.  Total fund assets decreased by 19.4% for fiscal 2013.

**Factors Affecting Past Performance**

In a world economy awash with virtually free stimulus funds, the US dollar held relatively steady during 2013.  The Fund suffered from investments in the Materials sector, which sharply underperformed as inflation never materialized.  Neither did we have significant investments in Japan, which soared with the devaluation of its currency, or in the Financial sector, which continued to outperform as a consequence of low interest rates.

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 — a cost of seeking to protect investors when prices are falling.

Our portfolio has more than 5% invested in each of Canada, the United Kingdom, the Netherlands, Germany, Japan, and Brazil.  Economic activity continued to be weak in Europe, and declined in Latin America.  Canada has our largest country allocation, but its cyclical and resource-based companies hurt its currency and our holdings.  We continue to see these sectors as attractive for the long-term.  The accompanying tables and graphs show the industry allocation and holdings.

Our holdings in any one issue are relatively small, the largest being Copa Holdings, which performed well this year.  Telecom Carriers is our largest industry, followed by Large Pharmaceuticals, Banks, and Application Software.  Vodaphone is the largest Telecom holding, which did well by selling its US operations to Verizon.  Our larger Pharmaceutical positions in Novartis and Shire both gained significantly.

**Looking Forward**

The US has recovered better than most of the world from the recession caused by the 2008 world credit collapse.  And the US Federal Reserve is slowly scaling back costly stimulus and spending programs, albeit at a cost to world markets.  The opaque Chinese economy is noticably slowing, hurting those companies around the globe that supply its raw materials.  Emerging markets, where the Fund is not significantly invested, are clearly vulnerable in 2014.

The Sextant International Fund is broadly diversified in companies headquartered outside the United States.  Many have worldwide operations, including in the US.  Burdened by decades of overspending and borrowing, the financial systems of most countries will take years to recover.  Europe, with its many cultures, continues to suffer from enforced austerity.  Global deflation is more probable as public debt, taxes, job losses, and efficiencies from internet communications all grow.

Our analysts increasingly travel the globe, believing that firsthand observations are needed when conditions are so murky.  Saturna Capital established a research office in Malaysia in 2010, and looks to doing the same in England.  We continue to focus on larger companies, which tend to provide current income and stability.  We expect technology and basic industry investments to be profitable as we invest for the long term.  We prefer to hold cash rather than make risky investment bets.

**Management Fee Calculations**

The Sextant International Fund calculates the performance part of its management fee by comparing the Fund's return to the average return of Morningstar's™ "Foreign Large Blend" category.  The Fund's 12-month return (8.67%) was more than four percent below the Morningstar™ category average (21.69%) at month-end November 30, 2013.  Therefore, the basic annual management fee of 0.60% was decreased to 0.30% for the month of December 2013

 
*November 30, 2013         Annual Report*        *45*Sextant International Fund				***Schedule of Investments*****Common Stocks — 95.1%****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** **Communications** **Local Media**    Pearson ADS 90,000  $1,021,915  $1,989,900 United Kingdom1.3% **Telecom Carriers**    BCE 60,000  1,414,018  2,651,400 Canada1.8%    PT Indosat 1,150,000  623,953  369,742 Indonesia0.3%    SK Telecom ADS 30,000  511,437  716,400 South Korea0.5%    Telecom New Zealand ADS 50,000  470,097  462,500 New Zealand0.3%    Telefonica ADS 214,736  3,751,737  3,528,112 Spain2.4%    Telefonica Brasil ADS 50,000  1,322,495  973,000 Brazil0.7%    Telenor 100,000  2,131,350  2,404,000 Malaysia1.6%    Telus 70,000  1,012,694  2,477,300 Canada1.7%    Turkcell Iletisim Hizmetleri ADS² 90,000  1,268,958  1,378,800 Turkey0.9%    Vodaphone ADS 125,000  3,043,685  4,636,250 United Kingdom3.1% **15,550,424****19,597,504** **13.3%**  **16,572,339****21,587,404** **14.6%** **Consumer Discretionary** **Automobile OEM**    Toyota Motor ADS 42,000  3,249,259  5,252,100 Japan3.5% **E-Commerce Discretionary**    MercadoLibre 10,000  829,340  1,107,100 Brazil³0.8% **Lodging**    Orient-Express Hotels Class A² 310,000  2,994,487  4,566,300 United States3.1% **Passenger Transportation**    Copa Holdings Class A 40,000  2,343,320  6,056,800 Panama4.1%    LATAM Airlines ADS 140,000  1,409,238  2,255,400 Chile1.5%    Ryanair ADS² 20,000  623,100  960,500 Ireland0.7%  4,375,658  9,272,700  6.3%  **11,448,744****20,198,200** **13.7%** **Consumer Staples** **Beverages**    Coca-Cola Femsa ADS 27,557  1,357,613  3,338,531 Mexico2.3%    Fomento Economico Mexico ADS 30,000  1,614,722  2,848,500 Mexico1.9%  2,972,335  6,187,031  4.2% **Food Retailers**         Carrefour ADS 170,000  761,908  1,332,800 France0.9% **Household Products Manufacturing**    Unilever ADS 75,000  2,284,504  3,037,500 United Kingdom2.0%  **6,018,747****10,557,331** **7.1%** **Energy** **Exploration & Production**    EnCana 70,000  1,583,757  1,343,300 Canada0.9% *Continued on next page.**46**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant International Fund				***Schedule of Investments*****Common Stocks — 95.1%****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** **Energy***(continued)* **Integrated Oils**    BG ADS 70,000  $1,253,784 $1,432,900 United Kingdom1.0%    Cenovus Energy 60,000  1,516,298  1,752,600 Canada1.2%    Eni ADS 50,000  2,212,041  2,393,000 Italy1.6%    Statoil ADS 60,000  1,551,895  1,352,400 Norway0.9%    Total ADS 45,000  2,528,346  2,714,400 France1.8%  9,062,364  9,645,300  6.5%  **10,646,121****10,988,600** **7.4%** **Financials** **Banks**    Australia & New Zealand Banking Group ADR 80,000  1,581,457  2,322,400 Australia1.6%    Banco Santander ADS 100,000  835,800  894,000 Spain0.6%    Mitsubishi UFJ Financial Group ADS 500,000  2,697,948  3,245,000 Japan2.2%    Standard Chartered 20,000  539,942  473,562 United Kingdom0.3%    Toronto-Dominion Bank 40,000  2,302,163  3,656,400 Canada2.5%  **7,957,310****10,591,362** **7.2%** **Health Care** **Generic Pharmaceuticals**    Teva Pharmaceutical ADS 50,000  2,472,947  2,038,000 Israel1.4% **Health Care Supply Chain**    Sinopharm Group 250,000  798,792  742,433 China0.5% **Large Pharmaceuticals**    GlaxoSmithKline ADS 44,000  1,669,383  2,328,480 United Kingdom1.6%    Novartis ADS 60,000  3,076,591  4,747,200 Switzerland3.2%    Novo Nordisk ADS 25,000  1,631,867  4,468,250 Denmark3.0%    Sanofi ADS 40,000  1,980,491  2,113,200 Denmark1.4%  8,358,332  13,657,130  9.2% **Specialty Pharmaceuticals**    Shire ADR 32,000  1,738,765  4,345,920 Ireland2.9%  **13,368,836****20,783,483** **14.0%** **Industrials** **Construction & Mining Machinery**    Metso ADS 12,100  130,802  488,719 Finland0.3%  **130,802****488,719** **0.3%** **Materials** **Agricultural Chemicals**    Potash Corp. of Saskatchewan 80,000  2,699,902  2,532,000 Canada1.7%    Quimica y Minera ADS 40,000  2,361,095  1,000,400 Chile0.7%  5,060,997  3,532,400  2.4% *Continued on next page.**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *47*Sextant International Fund				***Schedule of Investments*****Common Stocks — 95.1%****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** **Materials***(continued)* **Base Metals**    Anglo American ADR 150,000  $2,300,535 $1,645,500 South Africa1.1%    Teck Resources  100,000  458,225  2,421,000 Canada1.6%  2,758,760  4,066,500  2.7% **Basic & Diversified Chemicals**    Methanex 20,000  690,000  1,228,000 Canada0.8% **Forestry & Logging**    Fibria Celulose ADS² 150,000  2,152,042  1,810,500 Brazil1.2% **Precious Metal Mining**    Newcrest Mining ADS 52,591  1,815,646  375,500 Australia0.3% **Raw Material Suppliers**    BHP Billiton ADS 40,000  2,493,559  2,728,800 Australia1.8%    Vale ADS 110,000  2,177,291  1,685,200 Brazil1.2%  4,670,850  4,414,000  3.0% **Specialty Chemicals**    BASF ADR 40,000  2,888,666  4,277,600 Germany2.9% **Steel Producers**    Tenaris ADR 15,000  583,169  672,150 Argentina³0.5%  **20,620,130****20,376,650** **13.8%** **Technology** **Application Software**    Dassault Systems ADR 30,000  2,222,944  3,454,200 France2.3%    Nice Systems ADS 80,000  2,901,033  3,148,800 Israel2.1%    SAP ADS 50,000  2,794,738  4,136,000 Germany2.8%  7,918,715  10,739,000  7.2% **Electronics Components**    Nidec ADS 26,703  514,164  647,147 China³0.5% **IT Services**    Wolters Kluwer 180,000  3,369,276  5,080,395 Netherlands3.5% **Semiconductor Capital Equipment**    ASML 57,750  2,144,504  5,392,695 Netherlands3.6%  **13,946,659****21,859,237** **14.8%** **Utilities** **Utility Networks**    CPFL Energia ADS 120,000  2,784,531  1,988,400 Brazil1.3%    Enersis ADS 65,000  1,024,863  1,016,600 Chile0.7%    Korea Electric Power ADS² 20,000  304,261  304,400 South Korea0.2%  **4,113,655****3,309,400** **2.2%** **Total Common Stock****104,823,343****140,740,386** **95.1%** *Continued on next page.**48**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant International Fund				***Schedule of Investments*****Derivatives — 0.0%4****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets** **Consumer Discretionary** **Passenger Transportation**    LATAM Airlines Rights² 17,950  -  $15,975 Chile0.0%**4**   **15,975** **0.0%4** Total investments  $104,823,343  $140,756,361  95.1%Other assets (net of liabilities) 7,259,8874.9%**Total net assets****$148,016,248****100.0%**
*¹ Country of domicile unless otherwise indicated						    ² Non-income producing security						    ³ Denotes a country or region of primary exposure4 Amount is less than 0.05%*

*ADS: American Depositary Share					        ADR: American Depositary Receipt*
**Countries** 
 
*The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *49*Sextant International Fund***Statement of Assets and Liabilities****As of November 30, 2013* **Assets**    Investments in securities, at value (Cost $104,823,343) $140,756,361     Cash 7,471,145     Dividends receivable 457,545     Receivable for Fund shares sold 33,487         Total assets 148,718,538 **Liabilities**    Payable for Fund shares redeemed 480,685     Payable to affiliates 83,365     Accrued expenses 71,214     Distributions payable 56,871     Accrued distribution fee 10,155         Total liabilities 702,290 **Net assets****$148,016,248** **Analysis of net assets**    Paid-in capital (unlimited shares authorized, 						        without par value) $118,220,687     Undistributed net investment income (218,308)    Accumulated net realized loss on investments (5,918,939)    Unrealized net appreciation on investments 35,932,808 **Net assets applicable to Fund shares outstanding****$148,016,248** **Fund shares outstanding****9,365,748** **Net asset value, offering and redemption price per share****$15.80*****Statement of Operations****Year ended November 30, 2013* **Investment income**    Dividends (net foreign tax of $564,255)$4,030,647    Miscellaneous income50        Gross investment income 4,030,697 **Expenses**    Investment adviser fees491,223     Distribution fees429,673     Audit fees56,443     Chief Compliance Officer expenses34,863     Printing and postage34,807     Trustee fees30,381     Filing and registration fees20,713     Other expenses17,838     Custodian fees 9,882     Legal fees8,681     Retirement plan custodial fees6,252         Total gross expenses 1,140,756     Less custodian fee credits (9,882)        Net expenses 1,130,874 **Net investment income****$2,899,823**  Net realized loss from investments and foreign currency$(3,899,299)Net increase in unrealized appreciation on investments and foreign currency 14,713,771 **Net gain on investments****$10,814,472** **Net increase in net assets resulting from operations****$13,714,295***50**Annual Report         November 30, 2013*         *The accompanying notes are an integral part of these financial statements.*Sextant International Fund***Statements of Changes in Net Assets****Year ended Nov. 30, 2013**Year ended Nov. 30, 2012***Increase (decrease) in net assets from operations****From operations**    Net investment income$2,899,823 $1,745,820     Net realized loss on investments (3,899,299) (522,458)    Net increase in unrealized appreciation 14,713,771  5,176,302         Net increase in net assets 13,714,295  6,399,664 **Distributions to shareholders from**    Net investment income (3,102,776) (1,752,397)        Total distributions (3,102,776) (1,752,397)**Capital share transactions**    Proceeds from sales of shares43,895,948 71,414,557     Value of shares issued in reinvestment of dividends 3,045,905  1,712,748     Early redemption fees retained 678 10,463     Cost of shares redeemed (93,269,319) (59,179,801)        Net increase (decrease) in net assets  (46,326,788) 13,957,967 **Total increase (decrease) in net assets****(35,715,269)****18,605,234** **Net assets**Beginning of year183,731,517 165,126,283 End of year 148,016,248  183,731,517  Undistributed net investment income $(218,308)$ - **Shares of the Fund sold and redeemed**    Number of shares sold2,846,581 4,849,441     Number of shares issued in reinvestment of dividends 192,779  115,492     Number of shares redeemed (6,047,664) (4,048,398)**Net increase (decrease) in number of shares outstanding****(3,008,304)****916,535*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2013****2012****2011****2010****2009****Net asset value at beginning of year****$14.85****$14.41****$15.03****$14.03****$11.32****Income from investment operations**    Net investment income0.32 0.14 0.12 0.06 0.02     Net gains (losses) on securities (both realized and unrealized) 0.97  0.44  (0.63) 1.12  2.72 **Total from investment operations****1.29****0.58****(0.51)****1.18****2.74****Less distributions**    Dividends (from net investment income) (0.34) (0.14) (0.12) (0.06)(0.03)    Distributions (from capital gains) -  -  -  (0.12) - **Total distributions****(0.34)****(0.14)****(0.12)****(0.18)****(0.03)**    Paid-in capital from early redemption fees 0.00¹0.00¹0.01 0.00¹ 0.00¹ **Net asset value at end of year****$15.80****$14.85****$14.41****$15.03****$14.03** **Total return****8.67%****4.05%****(3.31)%****8.43%****24.22%** **Ratios / supplemental data**Net assets ($000), end of year$148,016 $183,732 $165,126 $150,788 $95,885 Ratio of expenses to average net assets    Before custodian fee credits0.66%1.10%0.88%1.03%1.14%    After custodian fee credits0.66%1.10%0.88%1.03%1.13%Ratio of net investment income after custodian fee credits to average net assets1.69%0.98%0.81%0.51%0.27%**Portfolio turnover rate****7%****10%****7%****2%****2%***¹ Amount is less than $0.01**The accompanying notes are an integral part of these financial statements.**November 30, 2013         Annual Report*        *51*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 management 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. 

Sextant Growth (previously known as Idaho Limited Maturity Tax-Exempt Fund until October 12, 1990, then Northwest Growth 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 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 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 NYSE is closed. The NAV is the offering and redemption price per share.				

F**air value measurements:**

Accounting Standards Codification (ASC) 820-10 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.
*52**Annual Report         November 30, 2013*         Notes To Financial Statements (continued) 
The following is a summary of the inputs used as of November 30, 2013 in valuing the Funds' investments carried at value:
**Funds****Total****Level 1 Quoted Price****Level 2 Significant Observable Input****Level 3 Significant Unobservable Input****Short-Term Bond**Corporate Bonds $6,379,888  $-  $6,379,888  $-Municipal Bonds 552,703  -  552,703  - **Total Assets****$6,932,591****$-****$6,932,591****$-**  **Short-Term Bond Level 3 Roll-Forward Municipal Securities**Beginning balance $96,561 Total unrealized losses (1,561)Purchases- Maturity(95,000)Transfers in and/or out of level 3- **Ending Balance****$-** **Bond Income**Corporate Bonds $3,662,806  $-  $3,662,806  $- Foreign Government Bonds 222,867  - 222,867 - Municipal Bonds2,360,154 - 2,360,154 - US Government Bonds382,375 - 382,375 - **Total Assets****$6,628,202****$-****$6,628,202****$-** **Core**Common Stocks $4,194,755  $4,158,865  $35,890 $- Derivatives 399 -  399- Corporate Bonds2,395,150 -  2,395,150 -Municipal Bonds215,526 -  215,526 - **Total Assets****$6,805,830****$4,158,865****$2,646,965****$-** **Global High Income**Common Stocks $2,712,267  $1,890,613  $821,654  $- Corporate Bonds 2,085,645 -  2,085,645 - Foreign Government Bonds396,396 - 396,396 - Municipal Bonds186,742 - 92,196 94,546 Preferred Stocks473,615 473,615 - - **Total Assets****$5,854,665****$2,364,228****$3,395,891****$94,546**  **Global High Income Level 3 Roll-Forward Municipal Securities**Beginning balance $- Total unrealized gains1,473 Purchases93,073 Maturity- Transfers in and/or out of level 3- **Ending Balance****$94,546** **Growth**Common Stocks $32,612,513  $32,612,513  $-  $- **Total Assets****$32,612,513****$32,612,513****$-****$-** **International**Common Stocks $140,740,386  $131,670,254  $9,070,132 $-Derivatives15,975 -15,975 - **Total Assets****$140,756,361****$131,670,254****$9,086,107****$-**
*During the period ended November 30, 2013, no Fund had transfers between Level 1 and Level 2.*

**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 bonds 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 upnone
**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, 2013 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 shareholders of companies and allow shareholders to purchase additional company shares, generally at a discount to the current market price, prior to a set expiration date.

The effects of these derivative instruments on the Funds' financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations are presented in the tables below. The fair values of derivative instruments as of November 30, 2013, by risk category are as follows:
 **Statement of Assetsand Liabilities Location****Derivativesnot designated as hedging instruments****Asset Derivatives****Core** Investments in securities, at valueRights offerings $399 **Total**  **$399** **International** Investments in securities, at valueRights offerings$15,975**Total**  **$15,975***November 30, 2013         Annual Report*        *53*Notes To Financial Statements (continued)
The effects of derivative instruments on the Statement of Operations for the year ended November 30, 2013, are as follows:
 **Derivatives not designated as hedging instruments****Realized Gains****Unrealized Gains****International** Rights offerings$2,267$15,975**Total** **$2,267****$15,975** **Core** Rights offerings$$399**Total** **$****$399**
**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:**

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

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010 — 2012), or expected to be taken in the Funds' 2013 tax returns. The Funds identify their major tax jurisdiction as US federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 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, 2013, the reclassification of capital accounts were as follows:
 **Short-Term Bond****Bond Income**Undistributed net investment income $ -  $ - Accumulated gains (losses) -  - Paid-in capital $ -  $ -  **Core****GlobalHigh Income**Undistributed net investment income  $(324) $(1,209)Accumulated gains (losses) 324 1,209 Paid-in capital $-  $-  **Growth****International**Undistributed net investment income $ -  $(15,355)Accumulated gains (losses)  -  15,355 Paid-in capital $ -  $- 
These reclassifications were due to the treatment of foreign currencies. 

**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 shareholders 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 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 dividends 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. Cash dividends from equity securities are recorded as income on the ex-dividend date. 

**NOTE 3 — Transactions with Affiliated Persons**

Under a contract approved by shareowners on September 28, 1995 (March 30, 2007, for Sextant Core Fund and March 30, 2012, for Sextant Global High Income Fund), 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 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 either of these Funds' total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year. 
- If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of .20%.
*54**Annual Report         November 30, 2013*         Notes To Financial Statements (continued)				
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 Fund and Sextant Bond Income Fund to 0.90%, and Sextant Short-Term Bond Fund to 0.75%, through March 31, 2014. 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, 2013, the advisory fees incurred were as follows:
 **Adviser Fees****Adviser Fees Waived****Expense Reimbursement****Short-Term Bond** $38,960  $29,822$ -**Bond Income** 36,385  16,676 -**Core** 23,457 n/a -**Global High Income** 27,668  18,287 -**Growth** 145,905 n/a -**International** $491,223 n/a$ -
In accordance with the expense waiver noted above, for the fiscal year ended November 30, 2013, 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, 2013, the Trust paid SBS the following amounts:
**12b-1 fees****Short-Term Bond** $19,297 **Bond Income** 18,579 **Core** 18,066 **Global High Income** 13,728 **Growth** 72,678 **International** $429,673 
For the year ended November 30, 2013, Saturna Capital spent $100,409 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 "revenue sharing." Any such payments will not change the net asset value or the price of a Fund's shares.

SBS is the primary broker used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions for the Trust for free (no commissions). Should any change occur in this policy, shareowners would be notified. Transactions effected through other brokers may be subject to a commission payable to that broker.

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as retirement plan custodian for Fund shareowners.  For the year ended November 30, 2013, the Fund paid STC the following amounts:
**Retirement plan custodial fees****Short-Term Bond** $3,387 **Bond Income** 1,926 **Core** 1,821 **Global High Income** 446 **Growth** 6,891 **International** $6,252 
Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital, Saturna Brokerage Services, and Saturna Trust Company. Mr Kaiser is not compensated by the Trust. For the fiscal year ended November 30, 2013, the Trust incurred compensation expenses of $29,000, which is included in $41,103 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 may be partially compensated by the Trust.  For the year ended November 30, 2013, the Funds paid the following compensation expenses for the Chief Compliance Officer:
**Chief Compliance Officer****Short-Term Bond** $1,241 **Bond Income** 1,534 **Core** 1,428 **Global High Income** 954 **Growth** 5,014 **International** $34,863 
On November 30, 2013, the trustees, officers, and their affiliates as a group owned 34.6%, 32.2%, 42.7%, 35.7%, 9.2% and 2.1% of the outstanding shares of Short-Term Bond, Bond Income, Core, Global High Income, Growth, and International, respectively.

**NOTE 4 — Distributions to Shareowners**

The tax characteristics of distributions paid during the fiscal years ended November 30, 2012, and 2013, were as follows:
 **Year ended					      Nov. 30, 2013****Year ended						    Nov. 30, 2012****Short-Term Bond Fund**    Ordinary income $92,977  $95,199 **Bond Income Fund**    Ordinary income 239,703  236,032 **Core Fund**    Ordinary income 124,229  87,854 **Global High Income Fund**    Ordinary income 226,294  82,549 **Growth Fund**    Ordinary income 178,378  101,993     Long-term capital gain¹  3,182,432  - **International Fund**    Ordinary income $3,102,776  $1,752,397 
*¹Long-term capital gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*
*November 30, 2013         Annual Report*        *55*Notes To Financial Statements (continued)
**NOTE 5 — Federal Income Taxes**

The cost basis of investments for federal income tax purposes at November 30, 2013, were as follows:
 **Short-Term Bond****Bond Income**Cost of investments $6,905,511  $6,434,367 Gross tax unrealized appreciation 56,513  301,867 Gross tax unrealized depreciation (29,433) (108,032)Net tax unrealized appreciation $27,080  $193,835  **Core****GlobalHigh Income**Cost of investments $5,643,504  $5,499,449 Gross tax unrealized appreciation 1,244,312  534,423 Gross tax unrealized depreciation(81,986)(179,207)Net tax unrealized appreciation $1,162,326  $355,216  **Growth****International**Cost of investments $18,863,618  $104,823,343 Gross tax unrealized appreciation 13,926,895  44,348,724 Gross tax unrealized depreciation(178,000)(8,415,706)Net tax unrealized appreciation $13,748,895  $35,933,018 
As of November 30, 2013, 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 (17,320)Unrealized appreciation 27,080 Total accumulated earnings $11,068 **Bond Income**Accumulated capital losses $(37,855)Unrealized appreciation 193,835 Total accumulated earnings $155,980 **Core**Undistributed ordinary loss $(3,277)Tax accumulated earnings (3,277)Accumulated capital losses (176,144)Unrealized appreciation 1,162,326 Other unrealized losses (4)Total accumulated earnings $982,901 **Global High Income**Undistributed ordinary loss $(14,826)Tax accumulated earnings (14,826)Accumulated capital losses (70,213)Unrealized appreciation355,216 Other unrealized gains84 Total accumulated earnings $270,261 **Growth**Undistributed ordinary income $20,962 Tax accumulated earnings 20,962 Accumulated capital gains 4 Unrealized appreciation 13,748,895 Total accumulated earnings $13,769,861 **International**Undistributed ordinary loss $(218,308)Tax accumulated earnings (218,308)Accumulated capital losses (5,918,939)Unrealized appreciation 35,933,018 Other unrealized losses (210)Total accumulated earnings $29,795,561 
At November 30, 2013, the Funds had capital loss carryforwards as follows, subject to regulation. Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.
 **Carryforward****Expiration****Short-Term Bond** $2,9722014  10,2552016Short-term loss carryforward 4,093 Unlimited **$17,320**  **Bond Income**  $17,388 2016  20,467 2017 **$37,855**  **Core**  $27,632 2016  62,995 2017  11,779 2018  73,738 2019 **$176,144**  **Global High Income**Short-term loss carryforward $47,693 UnlimitedLong-term loss carryforward 22,520 Unlimited **$70,213**  **International**  $1,528,334 2019Short-term loss carryforward 506,661 UnlimitedLong-term loss carryforward 3,883,944 Unlimited **$5,918,939** *56**Annual Report         November 30, 2013*         Notes To Financial Statements (continued)**Utilized Capital Loss Carryforwards****Expiration****Short-Term Bond**Utilized capital loss carryforward $21,302Short-term unlimited **Bond Income**Utilized capital loss carryforward $8042016 **Core**Utilized capital loss carryforward $47,2512016  14,314Short-term Unlimited  $140,184Long-term Unlimited 					      **Global High Income**Utilized capital loss carryforward $5,867Short-term Unlimited 					      **Growth**Utilized capital loss carryforward $83,254 2019
**NOTE 6 — Investments**

Investment transactions other than short-term investments for the fiscal year ended November 30, 2013, were as follows:
 **Purchases****Sales****Short-Term Bond** $4,421,639  $3,535,655 **Bond Income** 700,048  555,000 **Core** 1,888,493  2,165,013 **Global High Income** 2,416,537  1,143,380 **Growth** 9,981,002  7,593,189 **International** $9,879,230  $26,385,141 
**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, 2013, were as follows:
**Custodian Fee Credits****Short-Term Bond** $351 **Bond Income** 348 **Core** 332 **Global High Income** 559 **Growth** 1,279 **International** $9,882 
**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, 2013         Annual Report*        *57*Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees			    Saturna 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 Growth Fund, Sextant International Fund and Sextant Global High Income Fund, each a series of Saturna Investment Trust (the "Trust"), including the schedules of investments, as of November 30, 2013, 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, with respect for Sextant Global High Income Fund, the statement of operations, the statement of changes in net assets and the financial highlights for the period March 30, 2012 (commencement of operations) to November 30, 2013. 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, 2013, 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 Growth Fund, Sextant International Fund and Sextant Global High Income Fund as of November 30, 2013, 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, Pennsylvania			    January 23, 2014

*/s/ Tait, Weller & Baker LLP*Tait, Weller & Baker LLP
*58**Annual Report         November 30, 2013*         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 related to Saturna Individual Retirement Accounts. 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, 2013 to November 30, 2013).

**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 Funds' actual expense ratios (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not any Funds' 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 a 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, 2013)****Ending Account Value					      (November 30, 2013)****Expenses Paid			          During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**    Actual$1,000$1,008.20  $3.83 0.76%    Hypothetical (5% return before expenses)$1,000$1,021.26  $3.85 0.76% **Bond Income Fund**    Actual$1,000$979.50 $4.37 0.88%    Hypothetical (5% return before expenses)$1,000$1,020.66  $4.46 0.88% **Core Fund**    Actual$1,000$1,049.40 $4.93 0.96%    Hypothetical (5% return before expenses)$1,000$1,020.26 $4.86 0.96% **Global High Income Fund**    Actual$1,000$1,056.80 $4.64 0.90%    Hypothetical (5% return before expenses)$1,000$1,020.56  $4.56 0.90% **Growth Fund**    Actual$1,000$1,157.40 $4.76 0.88%    Hypothetical (5% return before expenses)$1,000$1,020.66 $4.460.88% **International Fund**    Actual$1,000$1,054.00 $3.30 0.64%    Hypothetical (5% return before expenses)$1,000$1,021.86 $3.24 0.64%
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2013, through November 30, 2013), multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).*
*November 30, 2013         Annual Report*        *59***Trustees and Officers (unaudited)**Name, Address, and AgePosition(s) held with Trust; term of office and length of time servedPrincipal occupation(s) during past 5 yearsNumber of portfolios in Saturna fund complex overseen by TrusteeOther directorships held by Trustee during past 5 years**Independent Trustees**(photo omitted)**John E. Love**				      1300 N. State Street				      Bellingham WA 98225				      Age: 81Independent Trustee				      since 1987;				      Independent ChairmanOwner, J.E. Love Co., (agricultural equipment manufacturer)SevenNone(photo omitted)**Gary A. Goldfogel**, MD				      1300 N. State Street				      Bellingham WA 98225				      Age: 55Independent Trustee since 1995Medical Examiner (pathologist);			        Owner, Avocet Environmental Testing (laboratory) SevenNone(photo omitted)**Herbert G. Grubel**, PhD				      1300 N. State Street				      Bellingham WA 98225				      Age: 79Independent Trustee since 2005Senior Fellow, Fraser Institute;				      Professor (Emeritus) of Economics, Simon Fraser University; AuthorSevenAmana Mutual Funds Trust				      (retired 2011)(photo omitted)**Ronald H. Fielding**, MA, MBA, CFA				      1300 N. State Street				      Bellingham WA 98225				      Age: 64Independent Trustee since 2009Retired (2009);				      Senior Vice President & Portfolio Manager, OppenheimerFunds Rochester DivisionTenAmana Mutual Funds Trust;				      ICI Mutual Insurance Company**Interested Trustee**(photo omitted)**Nicholas F. Kaiser**, MBA, CFA¹				      1300 N. State Street				      Bellingham WA 98225				      Age: 67President and Trustee since 1990Chairman (retired president 2009), Saturna Capital Corporation (the Trust's investment adviser);				      Director, Saturna Brokerage Services (the Trust's distributor);				      Director, Saturna Trust CompanyTenAmana 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 800/SATURNA and on the Funds' website,                www.sextantfunds.com, includes additional information about the Trustees.*

*On November 30, 2013, the trustees, officers, and their affiliates as a group owned 34.6%, 32.2%, 42.7%, 35.7%, 9.2% and 2.1% 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. Mr. Kaiser is the portfolio manager of the Sextant International Fund. He is an interested person of                the Trust by reason of his positions with the Trust's adviser and distributor, and with the Amana Mutual Funds Trust. Mr. McIlvaine is the portfolio manager of                the Sextant Bond Income Fund, Sextant Short-Term Bond Fund, and Idaho Tax-Exempt Fund. He is an interested person of the Trust by reason of his positions                with the Trust's adviser and distributor.*

*¹ Holds same position with Amana Mutual Funds Trust.*
*60**Annual Report         November 30, 2013*         **Trustees and Officers (continued) (unaudited)**Name, Address, and AgePosition(s) held with Trust; term of office and length of time servedPrincipal occupation(s) during past 5 yearsNumber of portfolios in Saturna fund complex overseen by TrusteeOther directorships held by Trustee during past 5 years**Officers Who Are Not Trustees**(photo omitted)**Phelps S. McIlvaine**¹                      1300 N. State Street                      Bellingham, WA 98225                      Age: 60Vice President                      since 1994Vice President, Saturna Capital Corporation (the Trust's investment adviser);                       Director, Saturna Brokerage Services (the Trust's distributor)N/AN/A(photo omitted)**Ethel B. Bartolome**¹                      1300 N. State Street                      Bellingham, WA 98225                      Age: 41Secretary                      since 2001Corporate Administrator, Saturna Capital Corporation (the Trust's investment adviser)N/AN/A(photo omitted)**Christopher R. Fankhauser**¹                      1300 N. State Street                      Bellingham, WA 98225                      Age: 41Treasurer                      since 2002Chief Operations Officer, Saturna Capital Corporation (the Trust's investment adviser); Vice President and Chief Operations Officer, Saturna Brokerage Services (the Trust's Distributor);                     Director, Vice President, and Chief Operations Officer, Saturna Trust CompanyN/AN/A(photo omitted)**Michael E. Lewis**¹                      1300 N. State Street                      Bellingham, WA 98225                      Age: 52Chief Compliance Officer                      since 2012Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds;                      District Director, Seattle Office, Financial Industry Regulatory Authority (FINRA)N/AN/A
*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.*

 
*November 30, 2013         Annual Report*        *61*Renewal of Investment Advisory Contract (unaudited) 
During their meeting of September 13, 2013, 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 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 performance of the Sextant International Fund, was very good and that of Sextant Growth Fund was good, relative to funds in their Morningstar categories. The investment performance of the Sextant Core Fund was barely satisfactory. The Trustees judged the performance of Sextant Short-Term Bond Fund and Sextant Bond Income as satisfactory, 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 judged the performance of Sextant Global High Income Fund to be satisfactory, given the fund's recent inception. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser 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, services provided, and expenses incurred.

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, as well as the ways in which 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. This commission waiver results in savings to Fund shareowners.

The Trustees concluded that the fees paid by the Funds to Saturna were reasonable 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 between Saturna and each of Sextant Bond Income, Sextant Short Term Bond, Sextant Core, Sextant Growth, Sextant Global High Income, and Sextant International Funds.
*62**Annual Report         November 30, 2013*         Availability of Quarterly Portfolio Information
(1) The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year 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.
Privacy Statement
At Saturna Capital and the Sextant Mutual Funds, 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 800/SATURNA (800-728-8762) 
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 800/SATURNA 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 800/SATURNA 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.
*November 30, 2013         Annual Report*        *63*
 
www.sextantfunds.com
(graphic omitted)

**Saturna Capital**			    1300 North State Street			    Bellingham, WA 98225			    www.saturna.com800/SATURNA

 

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

Saturna Brokerage Services, Distributor
Idaho Tax-Exempt FundANNUAL REPORT
**November 30, 2013**
*Performance Summary (as of December 31, 2013) (unaudited)*
**Average Annual Returns***(before any taxes paid by shareowners)*
 **10 Year****5 Year****3 Year****1 Year****Expense Ratio¹**Idaho Tax-Exempt Fund3.19%4.26%3.20%-2.03%0.62%S&P Idaho Municipal Bond Index4.84%7.49%5.67%-1.51%n/a"Muni Single State Intermediate" Category Average²3.18%4.51%3.48%-2.82%n/a
**Morningstar™ Rating²**
"Muni Single State Intermediate" Category**Overall****10 Year****5 Year****3 Year****1 Year**Idaho Tax-Exempt Fund★★★★★★★★★★★★n/a% Rank in Categoryn/a55616822Absolute Rankn/a10312514249Funds in Category208188205208219
***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 (800) SATURNA 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/SATURNA. 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 22, 2013, and incorporates results for the fiscal year ended November 30, 2012. 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, 2013.** 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 Return™, Morningstar Risk-Adjusted Ratings™, 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 Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics.*

*"% 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, 2013**Annual Report*
(graphic omitted) 
*Fellow Shareowners:*
For the six months ended November 30, 2013, Idaho Tax-Exempt Fund returned -1.33%.  For the twelve months ended November 30, the Fund returned -2.70%.  Over the one-year period, the Fund's outstanding shares remained relatively stable at 2.89 million, while net assets declined 6.2% to $15.5 million.  The Fund's Net Asset Value ended the year at $5.36, down $0.32 from $5.68. 

In 2013, Idaho total employment declined and the unemployment rate rose slightly.  During the recent Great Recession Idaho experienced a decline in state GDP.  Growth has not recovered as quickly as neighboring states or the nation.  The federal budget sequestration reduction on military spending is partially responsible.  Nonetheless, 2013 Idaho tax revenues are modestly above budget with only sales tax revenue lagging projections. 

While Idaho may struggle to grow, disciplined budgeting and spending will keep the state's creditworthiness on solid ground.  Local school districts will continue to see lowered levels of state funding.  State and state agency credit remains of high quality.

Looking ahead, we expect the national and regional economies, as well as state exports to China and ASEAN economies, will 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, 2013*    *3**Performance Summary (unaudited)***Average Annual Returns (as of November 30, 2013)** **10 Year****5 Year****1 Year****Expense Ratio¹**Idaho Tax-Exempt Fund3.25%4.93%-2.70%0.62%S&P Idaho Municipal Bond Index5.00%7.47%-2.29%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, 2003, 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 $13,776 versus $16,295 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 22, 2013, and incorporates results for the fiscal year ended November 30, 2012. 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** **Top Ten Holdings** **% of Fund Assets***Weightings are shown as a percentage of total net assets.*Twin Falls Co. ID SCD #414 4.25% due 09/15/20283.0%Ada & Canyon Cos. ID JSD #3 Kuna 4.00% due 08/15/20222.8%Idaho State Building Authority Revenue 5.00% due 09/01/20322.8%Madison Co. ID SCD #321 Rexburg 4.50% due 08/15/20242.7%Boise State University ID Revenues 5.00% due 04/01/20342.6%Owyhee & Elmore Cos. ID JSD #365 4.00% due 08/15/20272.4%Payette Co. ID SCD #373 5.00% due 09/15/20242.4%Canyon Co. ID SCD #139 Vallivue 4.35% due 09/15/20252.3%Pocatello ID Water Revenue 4.75% due 02/01/20262.3%Valley & Adams Cos. ID JSD #421 4.50% due 08/01/20242.1%*4*    *November 30, 2013**Annual Report**Discussion of Fund Performance (unaudited)*
For the 12 months ended November 30, 2013, Idaho Tax-Exempt Fund returned -2.70%.  The Fund's operating expense ratio was a low 0.64%.  For the year, the Fund's net assets fell 6.2% to $15.5 million.  The Fund's Net Asset Value per share moved in a narrow range from $5.68 to $5.36.

**Factors Affecting Past Performance**

One year ago the Fund decided to hold its short duration positions and to not extend average maturity during a period of negative real yields engineered by the Federal Reserve.  That decision initially meant Idaho Fund's duration and return lagged peers by a wide margin. 

During 2013, the Federal Reserve Bank reduced quantitative easing designed to suppress long-term rates and continued their policy of near-zero short-term interest rates.  The result was a sharp spike in long-term rates, a major steepening in the municipal yield curve, and the return of positive real long-term rates.  As a result, the Fund's relatively short duration profile limited losses from rising market interest rates.

The US Federal Reserve near-zero federal funds policy continues to pressure investors to take more risk to earn sufficient income.  Some municipal bond funds enhance income by investing in higher yielding bonds issued by Puerto Rico, Guam, and the US Virgin Islands.  The Idaho Fund has not purchased municipal bonds from issuers outside Idaho.  The Fund may also purchase bonds rated BBB but did not do so during 2013 due to limited gain from taking the extra risk.  The Fund's high credit profile may limit losses in the event of a widening of credit spreads in a rising rate environment.

In 2013, the public's confidence in the municipal bond market was shaken by Detroit's bankruptcy filing.  A federal court has rendered an opinion questioning the seniority of Detroit's general obligation bond owners.  We see the situation in Detroit as the result of 50 years of mismanagement and fiscal abuse.  Detroit's actions are not representative of the conduct of most municipal bond issuers.

**Looking Forward**

For 2014, we expect the economy to modestly strengthen. We expect the Federal Reserve to stop quantitative easing during the year, resulting in higher long-term rates and a steep yield curve.  We expect the near-zero federal funds rate policy to continue through 2014, anchoring the short end of the yield curve.

While we expect rates to rise, we do not expect a significant move.  Deflationary forces remain.  Lagging employment and wage growth, declining unemployment benefits, rising health care taxes, hobbled interbank liquidity, falling velocity of money, a strengthening US dollar, and high debt burdens limit the potential for rates to rise. 

In 2014, higher absolute yields, positive real yields, a historically steep yield curve, compressed credit spreads, and weak inflation present an opportunity for the Fund to extend duration and increase income with reduced risk.  Idaho Tax-Exempt Fund expects to extend duration in the coming year.

Idaho credit quality has improved over the last five years.  We expect higher general fund revenues, surpluses, and rising reserve funds balances.  Idaho has done comparatively well structuring and funding state pensions.  2013's strong equity returns and higher bond yields will reduce Idaho's unfunded pension liability further.

Municipal bonds remain cheap with yields reflecting the public's concern over future bond returns in general and municipal credit in particular.  Furthermore, intermediate and long investment grade municipal bond yields remain above those of US Treasurys, which no longer contain a flight-to-quality price premium.  As such, municipal bonds are a good value compared to US Treasury paper and high grade corporate bonds.
**Bond Quality Diversification** 
*Based on total net assets as of November 30, 2013.*

*Source: Moody's Investors Services.*
*Annual Report**November 30, 2013*    *5***Schedule of Investments****Tax-Exempt Municipal Bonds****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Financial Services**Idaho Bond Bank Authority¹4.00% due 09/15/2019 $90,000  $99,370 0.6% **90,000****99,370****0.6%** **General Obligation**Ada & Canyon Cos. ID JSD #2 Meridian5.00% due 08/15/2020 165,000  178,117 1.2%Ada & Canyon Cos. ID JSD #2 Meridian5.00% due 08/15/2021 155,000  167,322 1.1%Ada & Canyon Cos. ID JSD #3 Kuna5.00% due 09/15/2019 240,000  264,000 1.7%Ada & Canyon Cos. ID JSD #3 Kuna4.00% due 08/15/2022 400,000  441,360 2.8%Adams & Washington Cos. ID JSD #4324.00% due 08/15/2019 100,000  104,396 0.7%Bingham Co. ID SCD #52 Snake HS4.00% due 09/01/2020 250,000  272,387 1.8%Bingham Co. ID SCD #52 Snake HS4.00% due 09/01/2027 200,000  207,874 1.3%Blaine Co. ID Series A4.05% due 08/01/2023 150,000  158,560 1.0%Bonneville & Bingham Cos. ID JSD #935.00% due 09/15/2029 250,000  275,148 1.8%Bonneville & Bingham Cos. ID JSD #935.00% due 09/15/2031 200,000  216,988 1.4%Bonneville Co. ID SCD #91¹4.00% due 09/15/2026 50,000  51,994 0.3%Bonneville Co. ID SCD #913.75% due 09/15/2032 285,000  273,093 1.8%Boundary Co. ID SCD #1014.00% due 08/15/2021 240,000  253,675 1.6%Canyon Co. ID SCD #131 Nampa5.00% due 08/15/2023 105,000  113,347 0.7%Canyon Co. ID SCD #139 Vallivue 5.00% due 09/15/2024 260,000  298,353 1.9%Canyon Co. ID SCD #139 Vallivue4.35% due 09/15/2025 350,000  362,029 2.3%Fremont & Madison Cos. ID JSD #215 4.00% due 08/15/2019 200,000  218,810 1.4%Fremont & Madison Cos. ID JSD #2154.125% due 08/15/2024 130,000  137,459 0.9%Jefferson & Madison Cos. ID JSD #251 Rigby4.25% due 09/01/2024 100,000  106,500 0.7%Jerome, Lincoln & Gooding Cos. JSD #2613.75% due 09/15/2018 125,000  131,800 0.9%Jerome, Lincoln & Gooding Cos. JSD #2615.00% due 09/15/2022 250,000  264,217 1.7%Kootenai Co. ID SCD #2714.00% due 09/15/2025 165,000  175,679 1.1%Kootenai-Shoshone ID Area Libraries4.25% due 08/01/2021 220,000  226,101 1.5%Latah Co. ID SCD #2814.00% due 08/15/2027 100,000  107,485 0.7%Latah Co. ID SCD #2814.00% due 08/15/2028 200,000  212,726 1.4%Latah, Nez Perce, & Clearwater Cos. ID JSD #2834.50% due 08/15/2027 190,000  199,838 1.3%Madison Co. ID SCD #321 Rexburg4.50% due 08/15/2024 410,000  421,406 2.7%Madison Co. ID SCD #321 Rexburg4.50% due 08/15/2026 250,000  254,680 1.6%Meridian ID Free Library District5.00% due 08/01/2015 100,000  100,735 0.7%Minidoka & Jerome Cos. ID JSD #331¹4.50% due 08/15/2018 75,000  80,489 0.5%Minidoka & Jerome Cos. ID JSD #331¹4.50% due 08/15/2020 75,000  79,082 0.5%Minidoka & Jerome Cos. ID JSD #3314.375% due 08/15/2024 225,000  231,948 1.5%Minidoka & Jerome Cos. ID JSD #3314.50% due 08/15/2025 160,000  164,077 1.1%Nampa ID Series B5.00% due 08/01/2020 200,000  215,538 1.4%Owyhee & Elmore Cos. ID JSD #3654.00% due 08/15/2027 350,000  371,504 2.4%Payette Co. ID SCD #3735.00% due 09/15/2024 350,000  367,857 2.4%Twin Falls & Gooding Cos. JSD #412 4.125% due 09/01/2023  100,000  109,453 0.7%Twin Falls Co. ID SCD #4114.30% due 09/15/2025 120,000  123,965 0.8%Twin Falls Co. ID SCD #4144.25% due 09/15/2028 445,000  478,918 3.0%Valley & Adams Cos. ID JSD #4214.50% due 08/01/2022 135,000  149,317 1.0%Valley & Adams Cos. ID JSD #4214.50% due 08/01/2024 290,000  320,755 2.1%Valley & Adams Cos. ID JSD #4213.00% due 08/01/2026 220,000  199,712 1.3% **8,585,000****9,088,694****58.7%** **Medical/Hospitals**Idaho Health Facility Authority Revenue6.00% due 12/01/2023 200,000  229,520 1.5%Idaho Health Facility Authority Revenue6.25% due 12/01/2033 115,000  127,977 0.8% **315,000****357,497****2.3%** *Continued on next page.**6*    *November 30, 2013**Annual Report**The accompanying notes are an integral part of these financial statements.***Schedule of Investments****Tax-Exempt Municipal Bonds****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets** **Municipal Leases**Nez Perce Co. ID COPS4.50% due 02/01/2021$150,000 $152,064 1.0% **150,000****152,064****1.0%** **Pollution Control**Caldwell ID Sewer Revenue4.50% due 09/01/2019 100,000  111,938 0.7%Idaho Bond Bank Authority4.30% due 09/01/2022 135,000  137,001 0.9%Idaho Bond Bank Authority¹4.125% due 09/15/2023 75,000  79,014 0.5%Moscow ID Sewer Revenue4.45% due 05/01/2028 200,000  207,860 1.4% **510,000****535,813****3.5%** **Power Generation**Idaho Falls ID Electric Revenue¹6.75% due 04/01/2019 90,000  98,749 0.6% **90,000****98,749****0.6%** **Real Estate**Idaho State Building Authority Revenue5.00% due 09/01/2032 400,000  428,628 2.8%Post Falls ID LID SPA5.00% due 05/01/2021 240,000  236,201 1.5% **640,000****664,829****4.3%** **State Education**Boise State University ID Revenues4.50% due 04/01/2027 250,000  257,375 1.7%Boise State University ID Revenues5.00% due 04/01/2034 385,000  395,102 2.6%Idaho State University Revenues4.625% due 04/01/2024 220,000  222,757 1.4%University of Idaho Revenues5.00% due 04/01/2019 200,000  209,496 1.3%University of Idaho Revenues5.00% due 04/01/2020 260,000  271,502 1.8%University of Idaho Revenues5.00% due 04/01/2028 225,000  239,002 1.5% **1,540,000****1,595,234****10.3%** **Transportation**Boise ID Airport Parking Facility Revenue3.00% due 09/01/2028 210,000  178,122 1.2%Idaho Housing & Finance Association4.60% due 07/15/2023 250,000  264,235 1.7%Idaho Housing & Finance Association5.00% due 07/15/2024  200,000  213,250 1.4%Idaho Housing & Finance Association¹5.00% due 07/15/2027 50,000  52,430 0.3% **710,000****708,037****4.6%** **Urban Renewal**Boise City ID Urban Renewal Agency Lease Revenue5.00% due 08/15/2020 160,000  169,179 1.1%Boise City ID Urban Renewal Agency Lease Revenue¹5.00% due 08/15/2021 90,000  94,596 0.6% **250,000****263,775****1.7%** **Water Supply**Chubbuck ID Water Revenue4.00% due 09/01/2025 155,000  161,814 1.0%Idaho Bond Bank Authority4.00% due 09/15/2024 100,000  104,749 0.7%Idaho Bond Bank Authority5.00% due 09/15/2026 250,000  266,193 1.7%Pocatello ID Water Revenue4.50% due 02/01/2024 100,000  102,975 0.7%Pocatello ID Water Revenue4.75% due 02/01/2026 350,000  359,678 2.3% **955,000****995,409****6.4%** Total investments(Cost = $14,360,074) $13,835,000  14,559,471 94.0%Other assets (net of liabilities)   932,436 6.0%**Total net assets**  **$15,491,907****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, 2013*    *7***Statement of Assets and Liabilities***As of November 30, 2013* **Assets**    Investments in securities, at value     (Cost $14,360,074)$14,559,471     Cash812,652     Interest receivable168,902     Insurance reserve premium800     Receivable for Fund shares sold150         Total assets 15,541,975 **Liabilities**    Payable for Fund shares redeemed15,808     Accrued expenses15,799     Distributions payable11,610     Payable to affiliates6,851         Total liabilities 50,068 **Net assets****$15,491,907** **Analysis of net assets**    Paid-in capital (unlimited shares authorized, without par value)$15,287,887     Undistributed tax free income3,622     Accumulated net realized gain1,001     Unrealized net appreciation on investments199,397**Net assets applicable to Fund shares outstanding****$15,491,907** **Fund shares outstanding****2,892,771** **Net asset value, offering and redemption price per share****$5.36****Statement of Operations***Year ended November 30, 2013* **Investment income**    Interest income$563,619         Gross investment income 563,619 **Expenses**    Investment adviser fees80,158     Audit fees9,620     Chief Compliance Officer expenses3,209     Shareowner servicing2,736    Filing and registration fees2,539     Printing and postage2,239     Trustee fees2,188     Other expenses1,578     Custodian fees761     Legal fees411     Retirement plan custodial fees71         Total gross expenses 105,510     Less shareowner servicing fees waived(2,736)    Less custodian fee credits (761)        Net expenses 102,013 **Net investment income****$461,606**  Net realized gain from investments $29,545 Net decrease in unrealized appreciation on investments(954,720) **Net loss on investments****$(925,175)** **Net decrease in net assets resulting from operations****$(463,569)***8*    *November 30, 2013**Annual Report**The accompanying notes are an integral part of these financial statements.***Statements of Changes of Net Assets***Year ended November 30, 2013**Year ended November 30, 2012***Increase (decrease) in net assets from operations****From operations**    Net investment income $461,606  $460,600     Net realized gain on investments 29,545  36,728     Net increase (decrease) in unrealized appreciation (954,720) 495,979         Net increase (decrease) in net assets (463,569) 993,307 **Distributions to shareholders from**    Net investment income(461,601)(460,825)    Capital gains distributions (28,544) (36,739)        Total distributions (490,145) (497,564)**Capital share transactions**    Proceeds from sales of shares2,303,561 1,081,366     Value of shares issued in reinvestment of dividends395,157 396,137     Cost of shares redeemed (2,768,811) (1,574,954)        Net decrease in net assets (70,093) (97,451)**Total increase (decrease) in net assets****(1,023,807)****398,292** **Net assets**Beginning of year 16,515,714  16,117,422 End of year 15,491,907  16,515,714  Undistributed tax-free income $3,622  $3,617  **Shares of the Fund sold and redeemed**    Number of shares sold422,138 192,360     Number of shares issued in reinvestment of dividends72,290 70,444     Number of shares redeemed(510,385)(280,880)**Net decrease in number of shares outstanding****(15,957)****(18,076)****Financial Highlights***For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2013****2012****2011****2010****2009****Net asset value at beginning of year****$5.68****$5.51****$5.43****$5.43****$4.94**Income from investment operations    Net investment income0.160.160.18 0.17 0.17     Net gain (loss) on securities (both realized & unrealized) (0.31) 0.18  0.08  -  0.49 **Total from investment operations****(0.15)****0.34****0.26****0.17****0.66****Less distributions**    Dividends (from net investment income) (0.16) (0.16) (0.18) (0.17) (0.17)    Distributions (from capital gains)(0.01)  (0.01)0.0010.001  - **Total distributions****(0.17)****(0.17)****(0.18)****(0.17)****(0.17)**    Paid-in capital from early redemption fees - -0.00¹0.00¹0.00¹ **Net asset value at end of year****$5.36****$5.68****$5.51****$5.43****$5.43** **Total return****(2.70)%****6.33%****4.91%****3.26%****13.46%** **Ratios / supplemental data**Net assets ($000), end of year$15,492$16,516$16,117$15,230 $14,610 Ratio of expenses to average net assets     Before shareowner servicing fee waiver and custodian fee credits0.66%0.62%0.62%0.74%0.85%    After shareowner servicing fee waiver0.64%n/an/an/an/a    After shareowner servicing fee waiver and custodian fee credits0.64%0.62%0.61%0.73%0.84%Ratio of net investment income after custodian fee credits to average net assets 2.88%2.89%3.27%3.23%3.19%**Portfolio turnover rate****9%****12%****4%****2%****3%***¹ Amount is less than $0.01**The accompanying notes are an integral part of these financial statements.**Annual Report**November 30, 2013*    *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.

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.

**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) 820-10 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 judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

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

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

The table below is a summary of the inputs used as of November 30, 2013, in valuing the Fund's investments carried at value.
**Fair Value Inputs****Total****Level 1**				      Quoted Price**Level 2**				      Significant Observable Input**Level 3**				      Significant Unobservable InputMunicipal Bonds $14,559,471  $-  $13,923,747  $635,724 **Total Assets****$14,559,471****$-****$13,923,747****$635,724***10*    *November 30, 2013**Annual Report**Notes To Financial Statements (continued)***Level 3 Roll-Forward Municipal Securities**Beginning balance $585,180 Total unrealized gains or losses(23,898)Purchases58,812 Sales(54,370)Maturity/call(20,000)Transfers into (out of) Level 390,000 **Ending balance****$635,724**
**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 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 upnone
**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 (2010 — 2012), or expected to be taken in the Fund's 2013 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. 

**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, 2013, the Fund did not hold any derivative instruments.

**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 dividends 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:**

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. Discounts on securities purchased are accreted and premiums are amortized over the lives of the respective securities. 

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

**Note 3 — Transactions with Affiliated Persons**

Under contracts approved annually by the Fund's independent 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, 2013, the Fund incurred advisory fee expenses of $80,158. Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets.

Saturna Capital also acts as transfer agent for the Fund, for which it did not receive any compensation during the year ended November 30, 2013. Saturna Capital has voluntarily elected to waive the transfer agent 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 totalled $2,736.

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.
*Annual Report**November 30, 2013*    *11**Notes To Financial Statements (continued)*
Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, acts as a retirement plan custodian for Fund shareowners.  For the year ended November 30, 2013, the Fund incurred retirement plan custodial fees of $71.

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. He is also a director and the chairman of Saturna Capital, Saturna Brokerage Services, and Saturna Trust Company. Mr Kaiser is not compensated by the Trust. For the fiscal year ended November 30, 2013, the Trust incurred compensation expenses of $29,000, which is included in $41,103 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $2,188 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, 2013, the Fund paid $3,209 in compensation for such services.

On November 30, 2013, the trustees, officers, and their immediate families as a group directly or indirectly owned 11.36% of the outstanding shares of the Fund. 

**Note 4 — Investments**

During the fiscal year ended November 30, 2013, the Fund purchased $1,534,526 of securities and sold/matured $1,424,732 of securities.

**Note 5 — Distributions to Shareowners**

The tax characteristics of distributions paid during the fiscal years ended November 30, 2013, and 2012 were as follows:
 **2013****2012**Tax-exempt income $461,601  $460,825 Capital gain¹ $28,544  $36,739 
*¹Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*

The cost basis of investments for federal income tax purposes at November 30, 2013 were as follows:
Cost of investments$14,360,074 Gross tax unrealized appreciation454,667 Gross tax unrealized depreciation(255,270)Net tax unrealized appreciation $199,397 
As of November 30, 2013, the components of distributable earnings on a tax bases were as follows:
Undistributed tax exempt income$3,622 Tax accumulated earnings 3,622 Undistributed capital gains1,001 Unrealized appreciation199,397 Total accumulated earnings $204,020 
**Note 6 — 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, 2013, amounted to $761.

**Note 7 — 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, 2013**Annual Report**Report of Independent Registered Public Accounting Firm*
To the Shareholders and Board of Trustees  Saturna Investment Trust,

We have audited the accompanying statements of assets and liabilities of Idaho Tax-Exempt Fund, a series of the Saturna Investment Trust (the "Trust"), including the schedule of investments as of November 30, 2013, 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, 2013, 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, 2013, 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, Pennsylvania			    January 23, 2014

*/s/ Tait, Weller & Baker LLP*  Tait, Weller & Baker LLP
*Annual Report**November 30, 2013*    *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, exchange fees, or fees related to Saturna Individual Retirement Accounts. 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, 2013, to November 30, 2013).

**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 second line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
 **Beginning Account Value [June 1, 2013]****Ending Account Value [November 30, 2013]****Expenses Paid 						    During Period¹**Actual $1,000.00$986.70$3.59Hypothetical (5% return before expenses)$1,000.00$1,021.46$3.65
*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.72% (based on the most recent semi-annual period of June 1, 2013 through November 30, 2013) multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).*
*14*    *November 30, 2013**Annual Report***Trustees and Officers (unaudited)**Name, Address, and AgePosition(s) held with Trust; term of office and length of time servedPrincipal occupation(s) during past 5 yearsNumber of portfolios in Saturna fund complex overseen by TrusteeOther directorships held by Trustee during past 5 years**Independent Trustees**(photo omitted)**John E. Love**							  1300 N. State Street						  Bellingham WA 98225						  Age: 81Independent Trustee						  since 1987;						  Independent ChairmanOwner, J.E. Love Co., (agricultural equipment manufacturer)SevenNone(photo omitted)**Gary A. Goldfogel**, MD							  1300 N. State Street						  Bellingham WA 98225						  Age: 55Independent Trustee since 1995Medical Examiner (pathologist);						    Owner, Avocet Environmental Testing (laboratory) SevenNone(photo omitted)**Herbert G. Grubel**, PhD							  1300 N. State Street						  Bellingham WA 98225						  Age: 79Independent Trustee since 2005Senior Fellow, Fraser Institute;						    Professor (Emeritus) of Economics, Simon Fraser University; AuthorSevenAmana Mutual Funds Trust						    (retired 2011)(photo omitted)**Ronald H. Fielding**, MA, MBA, CFA							  1300 N. State Street						  Bellingham WA 98225						  Age: 64Independent Trustee since 2009Retired (2009);						    Senior Vice President & Portfolio Manager, OppenheimerFunds Rochester DivisionTenAmana Mutual Funds Trust;						    ICI Mutual Insurance Company**Interested Trustee**(photo omitted)**Nicholas F. Kaiser**, MBA, CFA¹							  1300 N. State Street						  Bellingham WA 98225						  Age: 67President and Trustee since 1990Chairman (retired president 2009), Saturna Capital Corporation (the Trust's investment adviser);						    Director, Saturna Brokerage Services (the Trust's distributor);					      Director, Saturna Trust CompanyTenAmana 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/SATURNA and on the Fund's website, www.idahotaxexemptfund.com, includes additional information about the Trustees.*

*On November 30, 2013 the Trustees, officers, and their related accounts as a group owned 11.36% 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 ,and a director of the Distributor, Saturna Brokerage Services. 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, 2013*    *15***Trustees and Officers (continued) (unaudited)**Name, Address, and AgePosition(s) held with Trust; term of office and length of time servedPrincipal occupation(s) during past 5 yearsNumber of portfolios in Saturna fund complex overseen by TrusteeOther directorships held by Trustee during past 5 years**Officers Who Are Not Trustees**(photo omitted)**Phelps S. McIlvaine**¹							  1300 N. State Street						  Bellingham, WA 98225						  Age: 60Vice President						    since 1994Vice President, Saturna Capital Corporation (the Trust's investment adviser); Director, Saturna Brokerage Services (the Trust's distributor)N/AN/A(photo omitted)**Ethel B. Bartolome**¹							  1300 N. State Street						  Bellingham, WA 98225						  Age: 41Secretary						    since 2001Corporate Administrator, Saturna Capital Corporation (the Trust's investment adviser)N/AN/A(photo omitted)**Christopher R. Fankhauser**¹							  1300 N. State Street						  Bellingham, WA 98225						  Age: 41Treasurer						    since 2002Chief Operations Officer, Saturna Capital Corporation (the Trust's investment adviser); Vice President and Chief Operations Officer, Saturna Brokerage Services (the Trust's Distributor); 					      Director, Vice President, and Chief Operations Officer, Saturna Trust CompanyN/AN/A(photo omitted)**Michael E. Lewis**¹							  1300 N. State Street						  Bellingham, WA 98225						  Age: 52Chief Compliance Officer						    since 2012Chief Compliance Officer, Saturna Capital, Saturna Trust Company, and Affiliated Funds;						    District Director, Seattle Office, Financial Industry Regulatory Authority (FINRA)N/AN/A
*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, 2013**Annual Report**Renewal of Investment Advisory Contract*
During their meeting of September 13, 2013, the Trustees of Saturna Investment Trust discussed the question of renewing the Investment Advisory and Administration Agreement between Idaho Tax-Exempt Fund ("Fund") 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 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 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, avoiding potential conflicts of interest.

The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

The Trustees reviewed the fees and expenses of the Fund. The Trustees found the expense ratio acceptable and to be advantageous to shareowners given the size of the Fund, services provided, and expenses incurred.

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, although the assets of the Fund have grown, 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 and the different services provided to those accounts, as well as the ways in which Saturna' s service and work done for other accounts it manages benefit the Fund.

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 advisory agreement with Saturna.
*Annual Report**November 30, 2013*    *17**Availability of Quarterly 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.
*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/SATURNA (1-800-728-8762). 
*Householding Policy*
To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 800/SATURNA 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 thirty days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 800/SATURNA 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.
*18*    *November 30, 2013**Annual Report*
 

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*Annual Report**November 30, 2013*    *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 Street				  Bellingham, WA 98225	  www.saturna.com    (800) SATURNA**

**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/codeofethics.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, 2013, 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, 2013, and 2012, the aggregate audit fees billed for professional services rendered by the principal accountant were $85,000 and $81,000, 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, 2013, and 2012.

*(c) Tax Fees*For the fiscal years ending November 30, 2013, and 2012, the aggregate tax fees billed for professional services rendered by the principal accountant were $18,000 and $17,100, 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 27, 2013, and 2012.

*(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) Not applicable.*

*(h) Not applicable.*
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On December 17, 2013, 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) Code of Ethics.

(b) Certifications.

(1) Nicholas Kaiser, President, Saturna Investment Trust				    (2) Christopher Fankhauser, Treasurer, Saturna Investment Trust
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

**SATURNA INVESTMENT TRUST**

By:

*/s/ Nicholas Kaiser*Nicholas Kaiser, President

Date: January 29, 2014

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

By:

*/s/ Nicholas Kaiser*Nicholas Kaiser, President

Date: January 29, 2014

By:

*/s/ Christopher Fankhauser*Christopher Fankhauser, Treasurer

Date: January 29, 2014

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