**Idaho Tax-ExemptFund**
**November 30, 2001 Report**
Fellow Shareowners:
For the year ending November 30, 2001, the Idaho Tax-Exempt Fund provided a  total return of 7.4%. Bonds again performed better than common stocks (theS&  P 500 Index’s total return was -12.7% for calendar 2001), and investors  placed new money into municipals. The Idaho Tax-Exempt Fund’s assetsincreased  17% to $6.6 million.  The events of 2001 include the September 11 terrorist attacks, the Afghanistan  war, recession, a sharp bear market for stocks, and spectacular corporatedemises.  In addition to dealing with loss of life, property, livelihood, and peace of  mind in the wake of these events, many investors endured steep equitydeclines.    Bonds made gains. The Federal Reserve cut short-term interest rates 11 times  to their lowest levels in 40 years, boosting bond prices. Increased demand for  bonds from shell-shocked equity investors and the U.S. Treasury’sannouncement  that it would stop issuing 30-year bonds also helped.  Idaho confronted its own economic challenges, but its growth continues. Even  in difficult times, Idaho’s diverse economy outperforms the nationaleconomy.  Upswings in manufacturing orders, consumer confidence, housing starts, and the  stock market signal that better times are coming. Because the steadier service  industries are growing faster than manufacturing, we expect the 2002 economic  rebound to be modest.  Two years ago, we suggested investors “reposition financial assets from  the high-priced stock markets to a core investment holding in tax-exemptbonds.”  Our advice was correct and for the coming year we continue to recommend abalanced  asset allocation that combines bonds with common stocks.   We invite you to again review the advantages of the Idaho Tax-Exempt Fund,including  current income free from Idaho and federal income taxes, a diversified quality  bond portfolio, useful services, low expenses, and continuous supervision by  professional managers. We welcome your comments and suggestions. Only withyour  help can we be certain that we are meeting your investment needs — our  primary objective.

***NicholasKaiser,******Phelps        McIlvaine,***President 
Vice President, Portfolio Manager 
January 4, 2002
Morningstar Mutual Funds has awarded IdahoTax-Exempt  Fund a "4-star" rating as of November 30, 2001. The Morningstarrating  is a widely respected measure of historical risk-adjusted performance. Theratings  are subject to change each month, and are calculated from a fund's 3 and5-year  average annual returns with sales charge adjustments (if any), and a riskfactor  that reflects performance relative to 3-month Treasury Bill returns. Twenty  percent of the funds in a Morningstar investment category receive four stars,  the second-highest rating. The adviser has waived a portion of its fee in past  years, resulting in higher returns. Naturally, past performance may notindicate  future results.**INVESTMENTS**  ***Rating*******Issuer******Coupon/Maturity******Face Amount******Market Value******Airport Parking (3.4%)***    AAABoise City Airport Revenue COP5.40% due 8/1/2011$215,000 $224,202***Electric Power (2.6%)***    AAAIdaho Falls Electric Revenue 6.75% due 4/1/2019160,000 175,304***General Obligations (48.9%)***    AA-Ada & Canyon Counties5.50% due 7/30/2011175,000 191,170 JSD #2 Meridian5.50% due 7/30/2015100,000 109,060AAAJSD #3 Kuna4.65% due 7/30/2015100,00099,550 "4.80% due 7/30/2017175,000173,810AAAAdams County GO5.00% due 8/1/2014110,000 111,089A+Bannock County GO Jail5.05% due 9/1/201295,000 97,043ABannock County SD #254.90% due 8/1/200990,000 93,240 "5.25% due 8/1/2016110,000 112,079AAABingham County SCD #555.00% due 8/1/2009200,000213,480AA-Boise City Revenue Bonds5.10% due 2/1/2011110,000 113,410AAABoise City GO ISD5.50% due 7/30/201195,000 99,256AA-"5.50% due 7/30/2016150,000 157,350ABoise County SD #735.15% due 7/31/2010125,000 130,318AAACaldwell, Idaho GO5.30% due 5/15/2014150,000 159,030AAACanyon County SD #1325.40% due 7/30/2011195,000 202,742 "5.40% due 7/30/2012100,000 103,700ACanyon County SD #135 Notus    Series 19946.00% due 8/1/200750,000 50,001AAACassia, Twin Falls JSD #1515.10% due 8/1/200990,000 96,120 "5.375% due 8/1/201385,000 90,491 "5.375% due 8/1/201575,000 79,695AAAClark County ID SCD #161 Dubois5.00 % due 8/1/2015270,000280,908AAAKootenai County SD #2735.00% due 7/30/201670,000 70,529AAAKuna Sch/Comm Library District4.90% due 8/1/201375,000 76,290AAAMeridian ID Free Library District5.00% due 8/1/2015200,000202,120AAAPower & Cassia Co.s JSD #3815.25% due 8/1/201260,000 64,215AAATeton County SD #401 GO5.50% due 8/1/201275,000 78,427 SUB-TOTAL 3.130,0003,255,123***Housing (4.7%)***        AAIdaho Housing Authority    Single Fam Mortgage, B-16.85% due 7/1/201280,00082,720AAIdaho Housing Authority    Refunding Series A6.15% due 7/1/2024140,000145,832AA+Idaho Housing Authority    Single Fam Mort Mezz-E-16.60% due 7/1/201155,00056,987AAIdaho Housing Authority    Single Fam Mort Rev Ser B18.00% due 1/1/202010,000 10,308AAIdaho Housing Authority    Single Fam Mort SR Series C17.70% due 7/1/201715,000 14,938 SUB-TOTAL 300,000310,622***Medical/Hospitals (4%)***    AAAIdaho Health Facility Auth. Ref.    Holy Cross 5.25% due 12/1/201480,00082,557AAAIdaho Health Facility Auth. Corp.    Holy Cross Sys Corp Rev5.00% due 12/1/2022155,000114,114AAAIdaho Health Facility    Holy Cross Rev Refunding5.25% due 12/1/201165,00068,481 SUB-TOTAL 260,000265,315***Real Estate (6%)***    AAAIdaho State Bldg Authority Series C5.70% due 9/1/2007100,000 103,890AAAIdaho State Building Authority5.00% due 9/1/2021100,00098,950AJerome Urban Renewal District5.40% due 9/1/2013200,000198,992   400,000 401,832***Roads (2.2%)***    APayette L.I.D. #89-17.60% due 5/1/200530,000 30,004APost Falls, Kootenai County7.75% due 4/15/200220,00019,957 L.I.D. #91-17.95% due 4/15/200320,000 19,963 "7.95% due 4/15/200420,000 19,963 L.I.D. #91-47.95% due 4/15/200520,000 19,963 "7.95% due 4/15/200620,000 19,963  "7.95% due 4/15/200720,000 19,963 SUB-TOTAL 150,000 149,776***State Education (11.7%)***    AAABoise State University    Student Univ. & Housing Sys.5.10% due 4/1/2014300,000 307,860AAAIdaho State University    Student Fee Revenue4.90% due 4/1/2017150,000 148,530AAAUniversity of Idaho    Student Fee Revenue-Elmwood Apts.5.25% due 4/1/2014120,000 125,448AAAUniversity of Idaho    Student Fee Revenue5.60% due 4/1/2015185,000 193,954 SUB-TOTAL 755,000 775,792***Sewer (2%)***    ATroy, Sewer Revenue7.40% due 2/1/200210,000 9,956 "7.50% due 2/1/200310,000 9,956 "7.60% due 2/1/200410,000 9,968 "7.70% due 2/1/200515,000 14,957 "7.80% due 2/1/200615,000 14,965 "7.90% due 2/1/200715,000 14,970 "8.00% due 2/1/200815,000 14,973 "8.00% due 2/1/200920,000 19,969 "8.00% due 2/1/201020,000 19,971 SUB-TOTAL 130,000 129,685***Urban Renewal (5.4%)***    AAABoise City Idaho Urban Renewal5.875% due 8/15/2025190,000 202,084AAPocatello Idaho Development Authority5.15% due 3/1/2011150,000 158,971 SUB-TOTAL 340,000 361,055***Water Supply (5.8%)***    AAAKetchum Water Revenue4.75% due 9/1/201360,00060,171AMcCall Water Rev., Series 19946.25% due 9/1/2008200,000 215,658AMcCall Water Revenue6.375% due 9/1/201470,000 73,937AUcon Water & Sewer Rev. Refunding7.75% due 12/1/200235,000 35,460 SUB-TOTAL 365,000385,226     **Total Investments (96.7%)** (Cost = $6,261,604)$6,205,0006,433,932Other Assets (net of liabilities) (3.3%)   216,226**Total Net Assets (100%)**   $6,650,158** These unaudited bond ratings reflect the adviser'scurrent      rating of each bond, as determined using Standard & Poor's and Moody'sratings.*
 

 

 
 *Average Annual TotalReturns*    1 year5 years10 years  **4.16%****4.82%****5.43%**  Performance data for calendar years ended 12/31/2001. 
 

 
**FINANCIALHIGHLIGHTS**
*Selected data per share of capital stock outstanding throughout theyear:*
  **Year ended November 30,**   **2001****2000****1999****1998****1997** **Net asset value at beginning of year** **$5.13****$5.01****$5.36****$5.28****$5.25**  *Income from investment operations*       Net investment income0.220.23 0.24 0.25 0.26   Net gains or losses on securities (both realized andunrealized)0.150.12 (0.35)0.12 0.03  Total from investment operations 0.370.35 (0.11)0.37 0.29   *Less distributions*       Dividends (from net investment income)(0.22)(0.23)(0.24)(0.25)(0.26)  Distributions (from capital gains)---(0.04)- Total distributions (0.22)(0.23)(0.24)(0.29)(0.26)         **Net asset value at end of year** **$5.28****$5.13****$5.01****$5.36****$5.28**   ******************** **Total Return** **7.40%****7.28%****(2.18)%****7.27%****5.69%**         Ratios / Supplemental Data       Net assets ($000), end of year $6,650$5,628 $6,151 $6,264 $5,255  Ratio of gross expenses to average net assets* 0.79%0.80%0.80%0.76%0.80% Ratio of net investment income to average net assets  4.21%4.69%4.55%4.69%4.99% **Portfolio turnover rate********13%****14%****13%****23%****20%**         * For each of the above years, all or a portion of theexpenses      were waived. If these costs had not been waived, the resulting increase      to the ratio of expenses to average net assets would be .11%, .14%, .05%,      .07%, and .16%, respectively.
 
**STATEMENT OF ASSETS          AND LIABILITIES***As of November 30, 2001*    **Assets**     Investments (cost $6,261,604) $6,433,932  Cash 114,652  Interest Receivable 110,693  Insurance Reserve Premium 2,473    Total Assets $6,661,750**Liabilities**     Other Liabilities 11,592   Total Liabilities 11,592     **Net Assets**   $6,650,158     **Fund Shares Outstanding**   1,258,648     **Analysis of Net Assets**     Paid in Capital (unlimited shares authorized, without par      value) 6,516,590  Undistributed net investment income 245  Accumulated net realized loss on investments (39,005)  Unrealized net appreciation to Fund shares outstanding 172,328   Net Assets applicable to Fund shares outstanding $6,650,158**Net Asset Value, Offering and Redemption price pershare**  $5.28
*(The accompanying notes are an integral part of thesefinancial  statements)*
**STATEMENT OFOPERATIONS***For the year ended November 30, 2001*         **Investment income**     Interest income $320,204  Amortization of bond premium (9,914)  Accretion 680   Gross investment income $311,690     **Expenses**     Investment advisor and administration fee 30,957  Professional fees 10,244  Shareholder service fee 3,750  Meetings 3,057  Printing and postage 2,194  Insurance 2,145  Custodian fees 1,623  Miscellaneous expenses 1,039  Filing and registration fees 731  Total gross expenses 55,740   Less: Advisor fees waived(5,310)   Less: Custodian fees waived(1,623)  Net expenses  48,807  Net investment income 262,883**Net realized gain on investments**     Proceeds from sales 761,976  Less: cost of securities sold based on identified cost 728,406   Realized net loss 33,570**Unrealized gain on investments**     End of year 172,328  Beginning of year 33,131   Increase in unrealized gain for the year 139,197  Net realized and unrealized gain on investments 172,767**Net increase in net assets resulting fromoperations**  $435,650
*(The accompanying notes are an integralpart  of these financial statements)*
**STATEMENT OF CHANGES        IN NET ASSETS**  Year endedYear ended   Nov. 30, 2001Nov. 30, 2000 **INCREASE IN NET ASSETS**    **From Operations**     Net investment income $262,883 $262,487   Net realized gain (loss) on investments 33,570 (71,423)  Net increase in unrealized appreciation 139,197 197,204   Net increase in net assets from operations 435,650 388,268       **Dividends to shareowners from**     Net investment income(262,974)(262,550)      **Fund share transactions**     Proceeds from sales of shares1,150,800485,456   Value of shares issued in reinvestment of dividends213,038214,861    1,363,838700,317   Cost of shares redeemed(514,250)(1,350,100)  Net increase (decrease) in net assets from share transactions849,588(649,783) Total increase (decrease) in net assets  $1,022,264 (524,065)      **NET ASSETS**     Beginning of year5,627,8946,151,959   End of year$6,650,158$5,627,894       Shares of the fund sold and redeemed     Number of shares sold218,96496,797   Number of shares issued in reinvestment of dividends40,30842,755    259,272139,552   Number of shares redeemed(97,226)(270,432) Net increase (decrease) in number of shares outstanding 162,046(130,880) 
*(The accompanying notes are  an integral part of these financial statements)*

**DISCUSSION of FUNDPERFORMANCE****(unaudited)**

**FISCAL YEAR 2001**  For the year ending November 30, 2001, Idaho Tax-Exempt Fund returnedshareowners  7.40%, the second consecutive year over seven percent. With interest ratesfalling,  bond investments easily outperformed most stock portfolios in both 2000 and  2001. Since its inception in 1987, the Fund has provided shareowners a 6.03%  average annual total return. At November 30, 2001, the Fund heldMorningstar’s  second-best “4-star” rating (judged against 1635 Tax-Exempt Fixed  Income funds).   Fund assets increased 17% to $6.6 million. As of November 30, 2001 thethirty-day  SEC yield was 3.79% (net of expenses). Consistent with the our conservative  style, the Fund’s share price moved in a narrow range from low ($5.13)  to high ($5.41).**FACTORS AFFECTING PAST PERFORMANCE**  Idaho’s municipal bond supply remains limited as strong tax receipts and  project revenues reduce the need to issue bonds. Idaho’s high personal  income tax creates a substantial appetite among residents for tax-exemptbonds.  This imbalance between the demand for and the supply of municipal issuesunderlies  the continuing solid performance of Idaho bonds. The bond quality of the Fund  remains secure.   The Federal Reserve Bank and the US Government reacted to the nationaleconomic  weakness by lowering interest rates and reducing federal income taxes.Interest  rates are the lowest point in decades. Ten-year insured general obligationbonds  rates fell and the insured general obligation yield curve steepened over the  year. The Fund kept its average effective maturity near the short end of its  six to fifteen year range and benefited from this steepening curve.
  The average maturity of the Fund is an important factor affecting portfolio  principal values. The Fund’s weighted average maturity is now 7.1 years,  down from 8.8 years last November. Because of a “flight to quality”  after September 11th, municipal bonds did not return as much the US Treasury  market in 2001.**LOOKING FORWARD**  The current U.S. economic recession does not mean Idaho’s diverse, robust  economy is declining. Idaho non-farm employment and personal income are both  expected to expand in 2002.   We expect the US economy to resume growth in the second half of 2002,inflation  to remain subdued and the yield curve to flatten as a slow recovery unfolds.  We do not expect a cyclical rise in rates until after the economic recovery  is underway. This forecast implies several more months of favorable returns  for Idaho bond investors, and positive Fund returns should continue a while  longer. We expect the seven to nine year area of the yield curve to offer the  best combination of risk and return for 2002 and plan to maintain averageportfolio  maturity in this range. Low energy prices, mortgage rates and inflation are  fueling consumer spending and economic recovery. Lower federal income taxrates  are reducing the relative attractiveness of municipal bonds. Eventual
 
higher interest rates will increase the Fund’s current tax-exemptdividend  income.**COMPARISON TO INDEX**  The graph below compares the Idaho Tax-Exempt Fund‘s performance to the  performance of the Lehman Brothers Composite Municipal Bond Index, abroad-based  municipal bond market index. To be comparable, the Lehman Index data includes  reinvested income (as computed by Lehman Brothers Fixed Income Research). The  Fund’s return, considering its lower volatility, compares well to that  of the Index.   Note that this graph compares an unmanaged, expense-free index to an actively  managed fund that has transaction and operating costs. The fund stands ready  to buy and sell its own securities to shareholders on a daily basis, as well  as providing a wide range of services to them. Few investors are able toinvest  in an exact index portfolio because of the large amount of securities required  to model such an index.  The graph shows that $10,000 invested in the Idaho Tax Exempt Fund ten years  ago (November 1991) would have grown to $17,336 at the end of November 2001.  If $10,000 could have been invested in the Lehman Brothers Composite Municipal  Bond Index ten years ago, it would have grown to $19,594. The returns shown  do not reflect the deduction of lower-rate capital gains taxes that ashareowner  could pay on fund capital gain distributions or the redemption of fund shares  for a profit.
 
**Idaho Tax Exempt Bond Fund vs. Lehman Composite Municipal  Bond Index**
*(graphic omitted*)
 
 *NOTES TO FINANCIALSTATEMENTS*
**Note 1 - Organization****Saturna Investment Trust, (the "Trust") was establishedunder  Washington State Law as a Business Trust on February 20, 1987. The Trust is  registered as a no-load, open-end series investment company under theInvestment  Company Act of 1940, as amended. Four portfolios have been created to date in  addition to Idaho Tax-Exempt Fund (the "Fund"). The other fourportfolios  distribute through a separate prospectus and the results of those funds are  contained in a separate report.

**Note 2 - Significant AccountingPolicies****The following is a summary of the significant accounting policiesfollowed  by the Fund.

**Investments:****Fixed-income securities for which there are no publicly availablemarket  quotations are valued using matrices based on maturity, quality, yield, call  features and similar factors, which are compared periodically to multipledealer  bids and adjusted by the adviser under policies established by the Trustees.    The cost of securities is the same for accounting and Federal income taxpurposes.  Securities transactions are recorded on trade date. Realized gains and losses  are recorded on the identified cost basis.
**Income and Expenses:****Interest income is reduced by the amortization of bond premiums, on  a constant yield-to-maturity basis from purchase date to maturity or call, as  appropriate.  Interest income is increased by accretion only for bonds underwritten asoriginal  issue discounts. Market discounts are recorded as realized gains upondisposition.  Expenses incurred by the Trust on behalf of the Fund (e.g., professional fees)  are allocated to the Fund and the other Funds of the Trust on the basis ofrelative  daily average net assets. The Adviser has agreed to certain limits onexpenses,  as described below.

**Income taxes:****The Fund has elected to be taxed as a regulated investment companyunder  the Internal Revenue Code and distribute substantially all of its taxable net  investment income and realized net gains on investments. Therefore, noprovision  for Federal income taxes is required. Further, the Fund intends to meet IRS  requirements for tax-free income dividends, and requirements of the IdahoDepartment  of Revenue for income dividends free of Idaho state income tax.

**Dividends and distributions to shareowners:****Dividends and distributions to shareowners are recorded on theex-dividend  date. Dividends are paid daily and distributed on the last business day ofeach  month. Shareowners electing to reinvest dividends and distributions purchase  additional shares at the net asset value on the payable date.
**Use of Estimates:**  The preparation of financial statements in conformity with generally accepted  accounting principles requires management to make estimates and assumptions  that affect the reported amounts of assets and liabilities at the date of the  financial statements. Actual results could differ from those estimates.

**Note 3 - Transactions with AffiliatedPersons****Under a contract approved by shareowners on October 12, 1990, Saturna  Capital Corporation provides investment advisory services and certain other  administrative and distribution services to conduct the Fund’s business.  For such services, the Fund pays an annual fee equal to .50% of average daily  net assets. For the year ended November 30, 2001, the Fund incurred advisory  fee expenses of $30,957.  Saturna Capital has volunteered to waive its advisory fee to the extent that  total expenses of the Fund, (excluding interest, brokerage commissions andtaxes)  exceeds .80% through March 31, 2002. Accordingly, for the year ended November  30, 2001, Saturna Capital waived $5,310 of the advisory fee.   In accordance with the Fund’s agreement with its custodian, National City  Bank of Indiana, for the year ended November 30, 2001, custodian fees incurred  by the Fund amounted to $1,623. The custodian waived its fees for earningscredits.  One trustee is also a director and officer of Saturna Capital Corporation.  The Trust acts as a distributor of its own shares, except in those states in  which Investors National Corporation (a subsidiary of Saturna CapitalCorporation)  is itself registered as a broker-dealer and acts as distributor withoutcompensation.  Saturna Capital Corporation acts as shareowner servicing agent for the Fund,  for a monthly fee plus certain expenses. For the year ended November 30, 2001,  the Fund paid such a fee of $3,750.   Unaffiliated trustees receive a fee of $100 per meeting attended, allocated  pro-rata to the five Funds of Saturna Investment Trust. On November 30, 2001,  the trustees, officers and their immediate families as a group owned 0.1% of  the outstanding shares of the Fund.
**Note 4 - Federal Income Taxes****At November 30, 2000, Idaho Tax-Exempt had capital loss carryforwards  of $72,925, of which $1,502 expires in 2007 and $71,423 expires in 2008,subject  to regulation. Prior to their expiration, such loss carryforwards may be used  to offset future net capital gains realized for federal income tax purposes.
**Note 5 - Investments****At November 30, 2001, the net unrealized appreciation of investments  for the Fund of $172,328 comprised gross unrealized gains of $179,486 andgross  unrealized losses of $7,158, and cost for federal income tax purposes was$6,261,604.  During the year ended November 30, 2001, the Fund purchased $1,771,197 ofsecurities  and sold / matured $761,976 of securities.
 
 
**REPORT of****INDEPENDENTACCOUNTANTS**

To the Shareowners and Board of Trustees  Idaho Tax-Exempt Fund  We have audited the accompanying statement of assets and liabilities of the  Idaho Tax-Exempt Fund, a series of shares of the Saturna Investment Trust,including  the schedules of investments as of November 30, 2001, and the relatedstatements  of operations for the year then ended, the changes in net assets for each of  the two years then ended, and the financial highlights for the five years then  ended. These financial statements and financial highlights are theresponsibility  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 auditing standards generallyaccepted  in the United States of America. Those standards require that we plan andperform  the audit to obtain reasonable assurance about whether the financialstatements  and financial highlights are free of material misstatement. An audit includes  examining, on a test basis, evidence supporting the amounts and disclosures  in the financial statements. Our procedures included confirmation ofsecurities  owned as of November 30, 2001, by correspondence with the custodian. Our audit  also includes assessing the accounting principles used and significantestimates  made by management, as well as evaluating the overall financial statementpresentation.  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 ofIdaho  Tax-Exempt Fund as of November 30, 2001, the results of its operations for the  year then ended, the changes in net assets for each of the two years thenended,  and the financial highlights for each of the five years then ended, inconformity  with accounting principles generally accepted in the United States of America.
Philadelphia, Pennsylvania
 
/s/ signature  Tait, Weller & Baker
December 13, 2001
 
 

**PrivacyStatement**

*At Saturna Capital, we understand the importance of maintaining the          privacy of your financial information. To that end, we want to insure          that we protect the confidentiality of any personal information you          share with us.          We collect personal information about you from information we receive          from you on applications and other forms and from transactions ortrades          placed with us. Please be assured that except to administer atransaction          with an affiliated third party upon your request, we do not disclose          any personal information about our customers, or our former customers,          to anyone, except as may be required by law. We maintain our owntechnology          resources to minimize the use of outside service providers.          Additionally, Saturna Capital restricts access to personal information          about you to those employees who need to know that information toprovide          products or services to you. We maintain physical, electronic, andprocedural          safeguards that comply with federal standards to guard your personal          information. If you have further questions or concerns about thesecurity          or privacy of the information we receive from you, please call us at          1-888/732-6262.*

 

**Web: http://www.saturna.com          E-mail: idaho@saturna.com**

***(logo)          Mutual Funds***

1300 N. State Street          Bellingham, WA 98225-4730          1-800/SATURNA          (1-800/728-8762) 

*1-888/732-6262 for automatedassistance,          including fund prices*

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

*(graphic omitted)*

 

 

 

I D A H OTax-Exempt Fund

 

 

 

**Annual Report***November 30, 2001*