SBIFX

| SATURNA BOND INCOME

Saturna Bond Income Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Bond Income Fund is current income. This Semi-Annual Shareholder Report contains important information about the Saturna Bond Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-bond-income. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Saturna Bond Income	$32	0.65%

Annual Average Total Return

	1 Year	5 Year	10 Year
Saturna Bond Income	4.41%	-2.17%	1.02%
Bloomberg US Aggregate Bond Index	7.03%	-1.35%	0.94%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-bond-income for more recent performance information.

Key Fund Statistics

Total Net Assets	$11,730,428
# of Portfolio Holdings	46
Advisory Fees Paid	$12,604
Portfolio Turnover Rate	4%

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Government	24.3%
Financials	11.8%
Technology	9.1%
Health Care	8.7%
Industrials	5.7%
Energy	5.0%
Consumer Discretionary	4.9%
Municipal Bonds	4.6%
Utilities	4.4%
Consumer Staples	4.4%
Other Sectors	9.7%
Other Assets (net of liabilities)	7.4%

Additional Information

If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SCORX

| SATURNA CORE

Saturna Core Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Core Fund is long-term appreciation and capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Core Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-core. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Saturna Core	$46	0.91%

Annual Average Total Return

	1 Year	5 Year	10 Year
Saturna Core	7.16%	7.26%	6.01%
Bloomberg Developed Markets Large & Mid Cap Total Return	14.20%	13.31%	10.44%
Bloomberg Global Equity/Fixed Income 60/40 Index	11.42%	8.15%	6.80%
Dow Jones Moderate US Portfolio Index	9.82%	7.09%	5.92%

Key Fund Statistics

Total Net Assets	$27,566,048
# of Portfolio Holdings	88
Advisory Fees Paid	$65,956
Portfolio Turnover Rate	8%

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Technology	20.7%
Industrials	13.6%
Government	7.3%
Financials	7.2%
Materials	6.2%
Communications	6.1%
Consumer Discretionary	6.0%
Consumer Staples	5.4%
Utilities	5.1%
Health Care	4.6%
Other Sectors	7.8%
Other Assets (net of liabilities)	10.0%

Effective March 31, 2025, the Fund changed its benchmarks From Dow Jones Moderate US Portfolio Index to Bloomberg Developed Markets Large & Mid Cap Total Return Index to simplify Fund performance benchmarking and marketing, and to reduce data expenses related to Fund benchmarks.

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SGHIX

| SATURNA GLOBAL HIGH INCOME FUND

Saturna Global High Income Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Global High Income Fund is high income, with a secondary objective of capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Global High Income Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-global-high-income. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Saturna Global High Income Fund	$38	0.75%

Annual Average Total Return

	1 Year	5 Year	10 Year
Saturna Global High Income Fund	6.50%	6.37%	4.78%
Bloomberg Developed Markets Large & Mid Cap Total Return	14.20%	13.31%	10.44%
Bloomberg Global Equity/Fixed Income 50/50 Index	10.71%	6.55%	5.85%
S&P Global 1200 Index	13.92%	14.60%	10.45%

Key Fund Statistics

Total Net Assets	$11,087,347
# of Portfolio Holdings	42
Advisory Fees Paid	$10,492
Portfolio Turnover Rate	0%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-global-high-income for more recent performance information.

Effective March 31, 2025, the Fund changed its benchmarks from S&P Global 1200 Index to Bloomberg Developed Markets Large & Mid Cap Total Return Index to simplify Fund performance benchmarking and marketing, and to reduce data expenses related to Fund benchmarks and added the Bloomberg Global Equity/Fixed Income 50/50 Index as a secondary benchmark , which the investment adviser believes better reflects the Fund’s investment approach.

What did the Fund invest in?

Geographic Weightings

% of Total Net Assets

United States	38.0%
Australia	7.8%
Norway	4.4%
Peru	4.3%
Sweden	3.8%
Japan	3.7%
France	2.7%
Switzerland	2.6%
United Kingdom	2.4%
Netherlands	2.3%
Other Countries	8.9%
Other Assets (net of liabilities)	19.1%

Sector Weightings

% of Total Net Assets

Communications	14.0%
Financials	11.9%
Materials	10.1%
Government	8.6%
Consumer Discretionary	7.6%
Industrials	7.6%
Technology	6.5%
Health Care	5.0%
Energy	4.6%
Municipal Bonds	2.6%
Other Sectors	2.4%
Other Assets (net of liabilities)	19.1%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SSGFX

| INVESTOR SHARES

Saturna Growth Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Growth Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna Growth Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-growth. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$49	0.99%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	13.35%	13.41%	11.86%
Bloomberg 1000 Growth Total Return Index	16.02%	16.02%	14.69%
Bloomberg US Large Cap Total Return Index	14.18%	15.84%	12.95%
S&P 500 Index	13.52%	15.94%	12.86%

Key Fund Statistics

Total Net Assets	$74,478,215
# of Portfolio Holdings	29
Advisory Fees Paid	$182,594
Portfolio Turnover Rate	2%

Effective March 31, 2025, the Fund changed its benchmarks from S&P 500 Index to Bloomberg US Large Cap Total Return Index to simplify Fund performance benchmarking and marketing, and to reduce data expenses related to Fund benchmarks. The Fund also added the Bloomberg 1000 Growth Total Return Index as a secondary benchmark , which the investment adviser believes better reflects the Fund’s investment approach.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Infrastructure Software	17.7%
Semiconductor Devices	15.2%
Communications Equipment	10.1%
Internet Media & Services	10.1%
Online Marketplace	7.4%
Medical Devices	5.2%
Mass Merchants	4.9%
Application Software	3.4%
Other Financial Services	3.2%
Specialty Apparel Stores	3.2%
Other Industries	15.4%
Other Assets (net of liabilities)	4.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SGZFX

| Z SHARES

Saturna Growth Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$38	0.77%

Annual Average Total Return

	1 Year	5 Year	Since Inception
Z Shares	13.59%	13.68%	14.23%
Bloomberg 1000 Growth Total Return Index	16.02%	16.02%	15.94%
Bloomberg US Large Cap Total Return Index	14.18%	15.84%	13.82%
S&P 500 Index	13.52%	15.94%	13.61%

Key Fund Statistics

Total Net Assets	$74,478,215
# of Portfolio Holdings	29
Advisory Fees Paid	$182,594
Portfolio Turnover Rate	2%

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Infrastructure Software	17.7%
Semiconductor Devices	15.2%
Communications Equipment	10.1%
Internet Media & Services	10.1%
Online Marketplace	7.4%
Medical Devices	5.2%
Mass Merchants	4.9%
Application Software	3.4%
Other Financial Services	3.2%
Specialty Apparel Stores	3.2%
Other Industries	15.4%
Other Assets (net of liabilities)	4.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SSIFX

| INVESTOR SHARES

Saturna International Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna International Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna International Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-international. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Investor Shares	$52	1.02%

Annual Average Total Return

	1 Year	5 Year	10 Year
Investor Shares	3.34%	9.57%	7.49%
Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index	4.85%	0.95%	0.47%
MSCI EAFE Index	13.92%	11.98%	6.49%

Key Fund Statistics

Total Net Assets	$71,837,247
# of Portfolio Holdings	32
Advisory Fees Paid	$173,035
Portfolio Turnover Rate	7%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-international for more recent performance information.

Effective March 31, 2025, the Fund changed its benchmarks fromMSCI EAFE Index to Bloomberg Developed Markets ex-US Large & Mid Cap Total Return Index to simplify Fund performance benchmarking and marketing, and to reduce data expenses related to Fund benchmarks.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Application Software	13.9%
Semiconductor Manufacturing	11.7%
Online Marketplace	8.8%
Large Pharma	7.7%
Electrical Power Equipment	7.6%
Semiconductor Devices	7.1%
Commercial & Residential Building Equipment & Systems	6.0%
Professional Services	5.0%
Industrial Wholesale & Rental	3.7%
IT Services	3.0%
Other Industries	25.3%
Other Assets (net of liabilities)	0.2%

Geographic Weightings

% of Total Net Assets

United States	17.6%
France	11.6%
Netherlands	10.4%
Argentina	8.8%
Germany	7.7%
Taiwan	6.3%
Japan	5.9%
United Kingdom	5.7%
Ireland	5.5%
Denmark	5.0%
Other Countries	15.3%
Other Assets (net of liabilities)	0.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SIFZX

| Z SHARES

Saturna International Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Z Shares	$43	0.83%

Annual Average Total Return

	1 Year	5 Year	Since Inception
Z Shares	3.54%	9.80%	8.91%
Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index	4.85%	0.95%	0.59%
MSCI EAFE Index	13.92%	11.98%	7.19%

Key Fund Statistics

Total Net Assets	$71,837,247
# of Portfolio Holdings	32
Advisory Fees Paid	$173,035
Portfolio Turnover Rate	7%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-international for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Application Software	13.9%
Semiconductor Manufacturing	11.7%
Online Marketplace	8.8%
Large Pharma	7.7%
Electrical Power Equipment	7.6%
Semiconductor Devices	7.1%
Commercial & Residential Building Equipment & Systems	6.0%
Professional Services	5.0%
Industrial Wholesale & Rental	3.7%
IT Services	3.0%
Other Industries	25.3%
Other Assets (net of liabilities)	0.2%

Geographic Weightings

% of Total Net Assets

United States	17.6%
France	11.6%
Netherlands	10.4%
Argentina	8.8%
Germany	7.7%
Taiwan	6.3%
Japan	5.9%
United Kingdom	5.7%
Ireland	5.5%
Denmark	5.0%
Other Countries	15.3%
Other Assets (net of liabilities)	0.2%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

STBFX

| SATURNA SHORT-TERM BOND

Saturna Short-Term Bond Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Short-Term Bond Fund is capital preservation and current income. This Semi-Annual Shareholder Report contains important information about the Saturna Short-Term Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-short-term-bond. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Saturna Short-Term Bond	$30	0.60%

Annual Average Total Return

	1 Year	5 Year	10 Year
Saturna Short-Term Bond	4.91%	1.13%	1.52%
Bloomberg US Aggregate 1-3 Year Index	5.86%	1.47%	1.76%
Bloomberg US Aggregate Bond Index	7.03%	-1.35%	0.94%

Key Fund Statistics

Total Net Assets	$13,984,401
# of Portfolio Holdings	35
Advisory Fees Paid	$6,707
Portfolio Turnover Rate	22%

What did the Fund invest in?

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-short-term-bond for more recent performance information.

Sector Weightings

% of Total Net Assets

Government	33.0%
Financials	17.7%
US Government Agency	8.6%
Communications	7.7%
Utilities	3.3%
Consumer Staples	2.9%
Materials	2.2%
Technology	2.1%
Municipal Bonds	2.1%
Health Care	1.1%
Other Sectors	1.1%
Other Assets (net of liabilities)	18.2%

Effective May 31, 2024, the Fund is adding a new performance benchmark, the Bloomberg US Aggregate Bond Index, which the investment adviser believes better reflects the Fund’s investment approach.

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SEBFX

| SUSTAINABLE BOND

Saturna Sustainable Bond Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Sustainable Bond Fund is current income and capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Sustainable Bond Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-sustainable-bond. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sustainable Bond	$33	0.65%

Annual Average Total Return

	1 Year	5 Year	10 Year
Sustainable Bond	3.84%	1.00%	1.59%
Bloomberg US Aggregate Bond Index	7.03%	-1.35%	0.94%
FTSE World BIG Bond Index	6.86%	-1.61%	0.87%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-sustainable-bond for more recent performance information.

Key Fund Statistics

Total Net Assets	$43,535,137
# of Portfolio Holdings	47
Advisory Fees Paid	$81,131
Portfolio Turnover Rate	17%

Effective March 31, 2025, the Fund changed its benchmarks from FTSE World BIG Bond Index to Bloomberg Global Aggregate Bond Index to simplify Fund performance benchmarking and marketing, and to reduce data expenses related to Fund benchmarks.

What did the Fund invest in?

Sector Weightings

% of Total Net Assets

Financials	26.4%
Government	21.8%
Real Estate	10.9%
Communications	8.3%
Consumer Discretionary	5.1%
Energy	4.6%
Technology	4.1%
Utilities	3.4%
Consumer Staples	3.3%
Industrials	3.2%
Other industries	3.5%
Other Assets (net of liabilities)	5.4%

Geographic Weightings

% of Total Net Assets

United States	23.1%
United Arab Emirates	13.5%
Germany	11.0%
Finland	6.0%
United Kingdom	6.0%
Canada	5.0%
Netherlands	4.7%
France	4.6%
Italy	3.6%
Philippines	3.4%
Other Countries	13.7%
Other Assets (net of liabilities)	5.4%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

SEEFX

| SUSTAINABLE EQUITY

Saturna Sustainable Equity Fund

Semi-Annual Shareholder Report - May 31, 2025

Fund Overview

The objective of the Saturna Sustainable Equity Fund is capital appreciation. This Semi-Annual Shareholder Report contains important information about the Saturna Sustainable Equity Fund for the period of December 1, 2024 to May 31, 2025. You can find additional information about the Fund at www.saturna.com/fund/saturna-sustainable-equity. You can also request this information by contacting us at 1-800-728-8762 or investorservices@saturna.com. The report describes changes to the Fund that occurred during the reporting period.

What were the Fund’s costs for the 6 months?

(Based on a hypothetical $10,000 investment)

Class Name	Cost of a $10,000 Investment	Cost Paid as a % of a $10,000 Investment
Sustainable Equity	$38	0.75%

Annual Average Total Return

	1 Year	5 Year	10 Year
Sustainable Equity	6.57%	8.68%	7.94%
Bloomberg World Large & Mid Cap Total Return Index	14.04%	12.26%	9.67%
S&P Global 1200 Index	13.92%	14.60%	10.45%

Key Fund Statistics

Total Net Assets	$22,948,334
# of Portfolio Holdings	43
Advisory Fees Paid	$45,324
Portfolio Turnover Rate	5%

Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/fund/saturna-sustainable-equity for more recent performance information.

What did the Fund invest in?

Industry Weightings

% of Total Net Assets

Semiconductor Devices	10.1%
Large Pharma	7.7%
Semiconductor Manufacturing	6.7%
Infrastructure Software	5.7%
Electrical Power Equipment	5.3%
Consumer Electronics	5.2%
Personal Care Products	4.5%
IT Services	4.1%
Professional Services	3.9%
Life Insurance	3.4%
Other Industries	41.4%
Other Assets (net of liabilities)	2.0%

Geographic Weightings

% of Total Net Assets

United States	38.6%
France	9.5%
United Kingdom	8.5%
Netherlands	7.7%
Japan	7.6%
Taiwan	4.5%
Canada	4.4%
Ireland	4.4%
Denmark	3.2%
Sweden	3.1%
Other Countries	6.5%
Other Assets (net of liabilities)	2.0%

Additional Information

1300 N. State Street

Bellingham, WA 98225

1-800-728-8762

Notes

Financial

Statements

May

31,

2025

Semi-Annual

Note

Organization

Saturna

Investment

Trust

(the

“Trust”)

was

established

under

Washington

State

Law

business

trust

February

20,

1987.

The

Trust

registered

open-end,

diversified

management

company

under

the

Investment

Company

Act

1940,

amended.

The

Trust

currently

offers

eight

portfolio

series:

Saturna

Short-Term

Bond

Fund,

Saturna

Bond

Income

Fund,

Saturna

Core

Fund,

Saturna

Global

High

Income

Fund,

Saturna

Growth

Fund,

Saturna

International

Fund

(each,

“Fund”,

and

collectively,

the

“Funds”),

Saturna

Sustainable

Equity

Fund,

and

Saturna

Sustainable

Bond

Fund.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

are

offered

through

separate

prospectuses

and

have

separate

shareholder

report.

Saturna

Growth

Investor

(previously

known

Idaho

Limited

Maturity

Tax-Exempt

Fund

until

October

12,

1990,

then

Northwest

Growth

Fund

until

September

28,

1995,

when

the

investment

objective

only

Northwest

stocks

was

changed)

commenced

operations

equity

fund

December

30,

1990.

Saturna

Growth

Fund

began

operations

June

2017.

Saturna

International

Investor

began

operations

September

28,

1995

and

Saturna

International

Fund

began

operations

June

2017.

Saturna

Short-Term

Bond

began

operations

September

28,

1995.

Saturna

Bond

Income

Fund

(previously

known

Washington

Tax-Exempt

Fund

until

September

28,

1995,

when

the

investment

objective

only

Washington

State

Municipal

Bonds

was

changed)

began

operations

March

1993.

Saturna

Core

Fund

commenced

operations

March

30,

2007.

Saturna

Global

High

Income

Fund

commenced

operations

March

30,

2012.

Each

Fund

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

Investment

Companies”.

Each

class

Fund

represents

interest

the

same

portfolio

investments

the

Fund

and

has

all

respects

the

same

rights

and

obligations

each

other

class

the

Fund,

except

that

each

class

bears

its

own

class

expenses,

and

each

class

has

exclusive

voting

rights

matters

affecting

that

class.

Each

class

may

subject

different

investment

minimums

and

other

conditions

eligibility

may

described

the

prospectus

for

the

particular

class

shares,

from

time

effect.

Income,

realized

and

unrealized

capital

gains

and

losses,

and

expenses

paid

Fund

and

not

allocated

particular

class

provided

below,

shall

allocated

each

class

the

basis

relative

net

assets.

Expenses

allocable

specific

class

are

expenses

specifically

incurred

for

such

class

including

the

following:

Distribution

fees;

Retirement

plan

custodial

fees;

and

Any

applicable

service

fees.

Net

investment

income

dividends

and

capital

gain

distributions

paid

the

Fund

each

class

its

will

calculated

the

same

manner

the

same

day

and

the

same

time.

Investment

risks:

Growth

International,

Core,

Short-Term

Bond,

Bond

Income,

and

Global

High

Income

Funds

The

value

each

Fund’s

rises

and

falls

the

value

the

securities

which

the

Fund

invests

goes

and

down.

Fund

prices,

yields,

and

total

returns

will

change

with

market

fluctuations

well

the

fortunes

the

countries,

industries,

and

companies

which

the

Fund

invests.

The

Funds

not

use

derivatives

hedge

currency,

interest

rate,

credit

risk.

Liquidity

risk

exists

when

particular

investments

are

difficult

sell.

Fund

holds

illiquid

investments,

its

portfolio

may

difficult

value,

especially

changing

markets.

Investments

Fund

foreign

securities

and

those

that

are

thinly

traded,

such

lower

quality

issuers

and

smaller

companies,

tend

involve

greater

liquidity

risk.

Fund

forced

sell

unwind

these

investments

meet

redemptions

for

other

cash

needs,

the

Fund

may

suffer

penalty.

Additionally,

the

market

for

certain

investments

may

become

illiquid

under

adverse

market

economic

conditions

independent

any

specific

adverse

changes

the

conditions

particular

issuer.

such

cases,

the

Fund,

due

limitations

investments

illiquid

securities

and

the

difficulty

purchasing

and

selling

such

securities,

may

unable

achieve

its

investment

objective.

Growth

and

Core

Funds

Smaller

companies

involve

higher

investment

risks

that

they

often

have

limited

product

lines,

markets,

and

resources,

their

securities

may

trade

less

frequently

and

have

greater

price

fluctuation

than

those

larger

companies.

Growth

stocks,

which

can

priced

future

expectations

rather

than

current

results,

may

decline

substantially

when

expectations

are

not

met.

International

Core

Short-Term

Bond

Income

and

Global

High

Income

Funds

Foreign

investing

involves

risks

not

normally

associated

with

investing

securities.

These

include

fluctuations

currency

exchange

rates,

less

public

information

about

securities,

less

governmental

market

supervision,

and

the

lack

uniform

financial,

social,

and

political

standards.

Foreign

investing

heightens

the

risk

confiscatory

taxation,

seizure

nationalization

assets,

currency

controls,

adverse

political

social

developments

that

affect

investments.

The

risks

investing

foreign

securities

are

typically

greater

less

developed

emerging

countries.

Core

Fund

The

Core

Fund

has

the

risks

growth

stocks,

foreign

securities,

credit,

and

interest

rates

—

but

these

risks

are

mitigated

spreading

its

investments

both

stocks

and

bonds,

and

favoring

income-producing

securities

and

those

larger,

seasoned

companies.

Short-Term

Bond,

Bond

Income

Global

High

Income

and

Core

Funds

Bonds

entail

credit

risk,

which

the

possibility

that

bond

will

not

able

pay

interest

principal

when

due.

the

credit

quality

bond

perceived

decline,

investors

will

demand

higher

yield,

which

means

lower

price

that

bond

compensate

for

the

higher

level

risk.

Interest

rate

fluctuations

affect

bond

prices

and

Fund’s

net

asset

value,

but

not

the

income

received

the

Fund

from

its

portfolio

securities.

Because

prices

and

yields

debt

securities

vary

over

time,

Fund’s

yield

also

varies.

Bonds

with

embedded

callable

options

also

contain

element

prepayment

risk.

When

interest

rates

decline,

issuers

can

retire

their

debt

and

reissue

bonds

lower

interest

rate.

This

hurts

investors

because

yields

available

for

reinvestment

will

have

declined

and

upward

price

mobility

callable

bonds

generally

limited

the

call

price.

Notes

Financial

Statements

May

31,

2025

Semi-Annual

Note

1-Organization

Saturna

Investment

Trust

(the

“Trust”)

was

established

under

Washington

State

Law

business

trust

February

20,

1987.

The

Trust

registered

open-end,

diversified

management

company

under

the

Investment

Company

Act

1940,

amended.

The

Trust

currently

offers

eight

portfolio

series,

two

which

are

covered

this

annual

report:

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

(the

“Funds”).

The

Saturna

Short-

Term

Bond

Fund,

Saturna

Bond

Income

Fund,

Saturna

Core

Fund,

Saturna

Global

High

Income

Fund,

Saturna

Growth

Fund,

and

Saturna

International

Fund

are

offered

through

separate

prospectuses

and

have

separate

shareholder

report.

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

commenced

operations

March

27,

2015.

Each

Fund

investment

company

and

accordingly

follows

the

investment

company

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standard

Codification

Topic

946

“Financial

Services

–

Investment

Companies.”

Investment

risks:

Saturna

Sustainable

Equity

Fund

and

Saturna

Sustainable

Bond

Fund

The

value

each

Fund’s

rises

and

falls

the

value

the

securities

which

the

Fund

invests

goes

and

down.

Fund

prices,

yields,

and

total

returns

will

change

with

market

fluctuations

well

the

fortunes

the

countries,

industries,

and

companies

which

the

Fund

invests.

The

Funds

not

use

derivatives

hedge

currency,

interest

rate,

credit

risk.

The

Fund’s

adviser

employs

proprietary

sustainable

rating

system

based

its

own,

well

third-party,

data

identify

issuers

believed

present

low

environmental,

social,

and

governance

(ESG)

risks.

Ratings

are

dependent

upon

the

associated

ESG

risks

that

are

most

pertinent

the

sector

which

issuer

operates.

The

ratings

process

associated

with

sustainable

and

responsible

investing

reduces

the

investable

universe

for

each

Fund,

which

limits

opportunities

and

may

increase

the

risk

loss

during

market

declines.

The

adviser

believes

that

sustainable

investing

may

mitigate

security-specific

risk,

but

there

guarantee

that

the

securities

favored

our

investment

process

will

perform

better

and

may

perform

worse

than

those

that

are

not

favored.

The

Funds

may

invest

substantially

one

sectors,

which

can

increase

volatility

and

exposure

issues

specific

particular

sector

industry.

Foreign

investing

involves

risks

not

normally

associated

with

investing

securities.

These

include

fluctuations

currency

exchange

rates,

less

public

information

about

securities,

less

governmental

market

supervision,

and

the

lack

uniform

financial,

social,

and

political

standards.

Foreign

investing

heightens

the

risk

confiscatory

taxation,

seizure

nationalization

assets,

establishment

currency

controls,

adverse

political

social

developments

that

affect

investments.

The

risks

investing

foreign

securities

are

typically

greater

less

developed

emerging

countries.

Liquidity

risk

exists

when

particular

investments

are

difficult

sell.

Fund

holds

illiquid

investments,

its

portfolio

may

difficult

value,

especially

changing

markets.

Investments

Fund

foreign

securities

and

those

that

are

thinly

traded,

such

lower

quality

issuers,

and

smaller

companies

tend

involve

greater

liquidity

risk.

Fund

forced

sell

unwind

these

investments

meet

redemptions

for

other

cash

needs,

the

Fund

may

suffer

penalty.

Additionally,

the

market

for

certain

investments

may

become

illiquid

under

adverse

market

economic

conditions

independent

any

specific

adverse

changes

the

conditions

particular

issuer.

such

cases,

the

Fund,

due

limitations

investments

illiquid

securities

and

the

difficulty

purchasing

and

selling

such

securities,

may

unable

achieve

its

investment

objective.

Saturna

Sustainable

Bond

Fund

The

risks

inherent

the

Saturna

Sustainable

Bond

Fund

depend

primarily

the

terms

and

quality

the

obligations

its

portfolio,

well

bond

market

conditions.

When

interest

rates

rise,

bond

prices

fall.

When

interest

rates

fall,

bond

prices

up.

Bonds

with

longer

maturities

usually

are

sensitive

interest

rate

changes

than

bonds

with

shorter

maturities.

The

Fund

entails

credit

risk,

which

the

possibility

that

bond

will

not

able

pay

interest

principal

when

due.

the

credit

quality

bond

perceived

decline,

investors

will

demand

higher

yield,

which

means

lower

price

that

bond

compensate

for

the

higher

level

risk.

The

Fund

may

invest

portion

its

assets

securities

issued

government

sponsored

entities

such

Fannie

Mae,

Freddie

Mac,

and

the

Federal

Home

Loan

Banks

the

US.

Foreign

governments

also

sponsor

similar

entities,

which

may

promote

activities

such

low-cost

housing

alternative

energy.

The

Fund

may

also

invest

the

issues

regional,

state,

and

local

governments.

The

terms

such

issues

can

complex,

and

there

can

assurance

that

government

entity

will

support

such

enterprises

that

encounter

financial

difficulty.

Issuers

high-yield

securities

are

generally

not

financially

strong

those

issuing

higher

quality

securities.

These

issuers

are

likely

encounter

financial

difficulties

and

are

vulnerable

changes

the

relevant

economy

that

could

affect

their

ability

make

interest

and

principal

payments

expected.

High-yield

bonds

may

have

low

ratings,

and

may

considered

“junk

bonds.”

Bond

investments,

especially

mortgage-backed

and

asset-backed

securities,

are

subject

the

risk

that

borrowers

will

prepay

the

principal

quickly

than

expected

(prepayment

risk)

slowly

than

expected

(extension

risk),

which

will

affect

the

yield,

average

life,

and

price

the

securities.

Note

2-Unaudited

Information

The

information

this

interim

report

has

not

been

subject

independent

audit.

Note

3-Significant

Accounting

Policies

The

following

summary

the

significant

accounting

policies,

conformity

with

accounting

principles

generally

accepted

the

United

States

America,

which

are

consistently

followed

the

Funds

preparation

their

financial

statements.

Security

valuation:

Investments

securities

traded

national

securities

exchange

and

over-the-counter

securities

for

which

sale

prices

are

available

are

valued

that

price.

Securities

for

which

there

are

sales

are

valued

the

latest

bid

price.

Debt

securities

are

valued

using

bid-side

valuations

provided

independent

service.

The

service

determines

valuations

using

factors

such

yields

prices

bonds

comparable

quality,

type

issue,

coupon

maturity,

ratings,

trading

activity,

and

general

market

conditions.