UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,WASHINGTON, D.C. 20549

SCHEDULE 14A
(Rule 14a-101)

Proxy Statement Pursuant to Section 14(a)
of the
Securities Exchange Act of 1934

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SATURNA INVESTMENT TRUST
(Name of Registrant as Specified in its Charter)
________________________________

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

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PRELIMINARY MATERIALS:

SATURNA INVESTMENT TRUST

Sustainable Bond Fund

1300 North State Street
Bellingham, Washington 98225

February 11, 2016

Dear Fellow Shareowner:

You are cordially invited to participate in a special meeting of shareholders of the Sustainable Bond Fund (the "Fund"), a series of Saturna Investment Trust (the "Trust"). The meeting will take place on February 26, 2016 at 10:00 a.m. in the offices of Saturna Capital Corporation ("Saturna"), 1300 NorthN. State Street      Bellingham, WA 98225.98225

April 11, 2017

Fellow Shareowners:

We are writing to ask for your vote as a Sextant, Saturna Sustainable, or Idaho Tax-Exempt Fund shareowner at the June 20, 2017 meeting. The main purpose of the meeting is to consider a proposalre-elect two current Trustees and to remove an investment restriction that prohibits the Fund from purchasing securities that are subject to legal or contractual restrictions on resale, known as "restricted securities." If approved by shareholders, the change will permit the Fund to invest in bonds that Saturna believes demonstrate sustainable characteristics without regard to whether such bonds are subject to legal or contractual restrictions because the bonds have not been registered under the Securities Actelect four new Trustees. The Board unanimously recommends approval of 1933. Saturna believes removing the restriction will increase the investment opportunities for the Fund.all Trustees.

The costs of the proxy vote are being paid by the Funds of the Saturna Investment Trust (Sextant Growth, International, Core, Short-Term Bond, Bond Income, and Global High Income Funds; Saturna Sustainable Bond and Equity Funds; and Idaho Tax-Exempt Fund).

Please review the proposal is more fully describeddetails in the enclosed Proxy Statement. We encouragematerials. Your vote is needed, whether or not you to readattend the meeting. Once you have decided how you will vote, please complete, sign, date, and return the enclosed Proxy Statement before voting.Card(s). You may also vote over the phone or online. If you hold shares in more than one account or in more than one Fund, please vote each Proxy Card you receive.

This change requires your approvalVoting is quick and easy. It is important that your vote be received before the meeting on June 20, 2017. As the meeting date approaches, if you have not voted you may receive further communications from Saturna Capital or Broadridge Financial Solutions, a proxy solicitation firm, urging you to vote.

If you have any questions, please call Saturna Capital at 1-800-SATURNA
(1-800-728-8762).

Sincerely,

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QUESTION & ANSWER

Q. What is important. Thehappening? Why did I get this package?

A. Saturna Investment Trust, on behalf of each of its mutual funds, is conducting a meeting of shareowners, scheduled for June 20, 2017, to vote on the election of the Board of Trustees.

Q. What issues am I being asked to vote on?

A. You are being asked to approve the re-election of two current Trustees and to elect four new Trustees.

Q. How does the Board of Trustees of the Trustrecommend that I vote?

A. The Board unanimously recommends that you vote "FOR" the proposal.

If you ownQ. How do I vote my shares?

A. You can vote your shares directly (not through a broker-dealer)at the meeting or you can vote in any of the following ways:

• By phone, with a toll-free callauthorize proxies to 800-728-8762;
• By mail, returning your proxy card in the enclosed postage-paid envelope; or
• In person, at the meeting.

If you ownvote your shares through a broker-dealer or other financial intermediary, please follow the instructions on the enclosed proxy ballot on how to vote by mail, telephone, or viaonline using the internet.enclosed Proxy Card(s) and following the instructions on page 4 of the Proxy Statement.

Even if you plan to attend the meeting, we encourage you to vote by phone or mail as soon as possible. We must receive your vote by 5:00 p.m. (Pacific Time) on February 25, 2016, in order to count your vote.The Proxy Statement is available at www.saturna.com/proxy

It is a privilege to manage the Fund on your behalf. If you have anyadditional questions, or need assistance voting, please contact your financial advisor or call usSaturna Capital at 800-728-8762.1-800-SATURNA (1-800-728-8762).

SATURNA INVESTMENT TRUST

On behalf of

Sextant Growth Fund
Sextant International Fund
Sextant Core Fund
Sextant Short-Term Bond Fund
Sextant Bond Income Fund
Sextant Global High Income Fund
Saturna Sustainable Bond Fund

Saturna Sustainable Equity Fund
Idaho Tax-Exempt Fund

1300 NorthN. State Street
Bellingham, WashingtonWA 98225

NOTICE OF MEETING OF SHAREOWNERS
To be HeldTO BE HELD JUNE 20, 2017

Fellow Shareowners:

Notice is hereby given that Saturna Investment Trust ("SIT", or "the Trust"), on February 26, 2016

NOTICE OF SPECIAL MEETING OF SHAREOWNERS
To be Held on February 26, 2016

NOTICE IS HEREBY GIVENbehalf of each of its series named above (each, a special"Fund" and, collectively, "Funds"), will hold a meeting ("Meeting") of theits shareowners of Sustainable Bond Fund (the "Fund"). The meeting will be held at 1300 NorthN. State Street, Bellingham, Washington, 98225,WA, on February 26, 2016,Tuesday June 20, 2017, at 10:2:00 a.m.p.m., Pacific Time, for the purpose of approving a proposal to remove the Fund's fundamental investment restriction regarding investing in restricted securities (securities that are subject to legal or contractual restrictions on resale or are otherwise not readily marketable).following purposes:

(1) To elect six Trustees; and

In addition, the Fund's shareowners will be asked to(2) To transact such other business as may properly come before the meeting orand any adjournments or postponements thereof.

You are entitled to vote at the Meeting if you owned shares of any Fund at the close of business on April 11, 2017. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING IN PERSON, PLEASE VOTE YOUR SHARES. WE ASK THAT YOU VOTE PROMPTLY TO AVOID THE ADDITIONAL EXPENSE OF FURTHER SOLICITATION.

Saturna Capital is available to assist you if you have any questions about the proposals or delaysvoting instructions. Please contact us at 1-800-SATURNA (1-800-728-8762).

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IN ADDITION TO VOTING BY MAIL YOU MAY ALSO VOTE EITHER BY TELEPHONE OR ONLINE, AS FOLLOWS:

We encourage you to vote by telephone or online using the control number that appears on each enclosed Proxy Card. Use of telephone or online voting will reduce the time and costs associated with this proxy solicitation.

If you hold shares in more than one Fund or in multiple accounts, you will receive multiple Proxy Cards. You will need to follow the above instructions to vote each separate Proxy Card.

Whichever method you choose, please read the enclosed Proxy Statement carefully before you vote.

YOUR VOTE IS IMPORTANT. PLEASE VOTE YOUR SHARES.

By Order of the meeting.Board of Trustees,

Nicholas Kaiser
President

April 11, 2017

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SATURNA INVESTMENT TRUST

On behalf of

Sextant Growth Fund
Sextant International Fund
Sextant Core Fund
Sextant Short-Term Bond Fund
Sextant Bond Income Fund
Sextant Global High Income Fund
Saturna Sustainable Bond Fund
Saturna Sustainable Equity Fund
Idaho Tax-Exempt Fund

1300 N. State Street
Bellingham, WA 98225

PROXY STATEMENT FOR
MEETING OF SHAREOWNERS
TO BE HELD JUNE 20, 2017

April 11, 2017

This document is a proxy statement ("Proxy Statement") with respect to the above-named series (each, "a Fund" and, collectively, "the Funds") of Saturna Investment Trust ("SIT", or "the Trust") in connection with the solicitation of proxies by the Trust's Board of Trustees ("Board") to be voted at a meeting of shareowners to be held at 1300 N. State Street, Bellingham, WA, on June 20, 2017, at 2:00 p.m., Pacific Time, for the purposes set forth below and described in this Proxy Statement. (The meeting and any adjournment(s) or postponement(s) of the meeting are referred to in this Proxy Statement as the "Meeting.") This Proxy Statement, along with a Notice of Meeting and a Proxy Card, is first being mailed to shareowners of the Sextant, Saturna Sustainable, and Idaho Tax-Exempt Funds on or about May 20, 2017.

The following Proposals will be considered and acted upon at the Meeting:

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VOTING INFORMATION

Shareowners of record of thea Fund as of the close of business on December 31, 2015,April 11, 2017 ("Record Date") are entitled to notice ofbe present and to vote at the meeting and any adjournments, postponements, or delaysMeeting. The number of shares that you may vote is the total of the meeting.number shown on the Proxy Card(s) accompanying this Proxy Statement. Shareowners are entitled to one vote for each full share owned and a proportionatefractional vote for each fractional share owned.

Your vote is important regardless of the Fund that they own. On the Record Date, each Fund had the number of shares you own. Your prompt vote will help save resources that would otherwise be required if further solicitation is necessaryissued and outstanding as set forth in Exhibit A. To the best of SIT's knowledge, Exhibit B sets forth, as of the Record Date, certain information regarding persons who own beneficially or of record more than 5% of any class of shares of the Funds.

Revocation of Proxies

Any shareowner giving a proxy has the power to obtain the necessary approval. Please voterevoke it by mail (addressed to the Secretary of SIT at the address shown at the beginning of this Proxy Statement) or in person at the Meeting, by executing a superseding proxy or by submitting a notice of revocation to SIT. A superseding proxy may also be executed by voting via telephone or by attendingonline. The superseding proxy need not be voted using the meetingsame method (mail, telephone, or online) as the original proxy vote.

Quorum and Adjournment

The presence in person as describedor by proxy of the holders of record of: (1) a majority of the outstanding shares of the Trust entitled to vote (with all Funds counted together) is a quorum at the Meeting for purposes of Proposal 1; and (2) a majority of the outstanding shares of each Fund (with each Fund counted separately) is a quorum at the Meeting for purposes of Proposal 2. In the event that a quorum is not present at the Meeting, or if there are insufficient votes to approve a proposal by the time of the Meeting, the proxies, or their substitutes, or the chairman of the Meeting may propose that such Meeting be adjourned one or more fully intimes to permit further solicitation. Any adjournment by the accompanying proxy statement. We encourage you to readshareowners requires the proxy statement before voting and selectaffirmative vote of a majority of the methodtotal number of votingshares that is most convenient for you. Even if you plan to attend the meetingare present in person we encourage youor by proxy when the adjournment is being voted on. If a quorum is present, the proxies will vote in favor of any such adjournment all shares that they are entitled to vote in favor of the Proposal and the proxies will vote against any such adjournment any shares for which they are directed to vote against the Proposal. The proxies will not vote any shares for which they are directed to abstain from voting on the Proposal.

For purposes of determining the presence of a quorum for transacting business at the Meeting, abstentions and broker "non-votes" (i.e., shares held by brokers or nominees, typically in "street name," as to which (i) instructions have not been received from the beneficial owners or persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter) will be treated as shares that are present for purposes of determining a quorum. Accordingly, shareowners are urged to vote or forward their voting instructions promptly. Abstentions and broker non-votes will have no effect on Proposal 1, for which the required vote is a plurality of the votes cast.

Required Vote

Approval of Proposal 1 requires the favorable vote of the holders of a plurality of the outstanding shares of the Trust cast in person or by proxy, provided a quorum is present.

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Solicitation of Proxies

The initial solicitation of proxies will be made by mail or e-mail. Additional solicitations may be made by telephone, e-mail, mail, or other personal contact by SIT's officers or employees or agents of Saturna Capital Corporation ("Saturna Capital" or "investment adviser"), the investment adviser for each Fund, or one of its affiliates or by a proxy soliciting firm retained by the Funds. Saturna Capital has retained Broadridge Financial Services as soon as possible.proxy solicitor to assist in the solicitation of proxy votes primarily by contacting shareowners by telephone and facsimile. The proxy solicitor's services include proxy consulting, mailing, tabulation, and solicitation services. The cost of retaining such proxy solicitor is estimated to be $12,000 – $15,000, excluding printing and mailing costs. Costs will vary depending on the number of solicitations made. SIT's officers, and those employees and agents of Saturna Capital or its affiliates who assist in the proxy solicitation, will not receive any additional or special compensation for any such efforts. The cost of the solicitation, including retaining Broadridge Financial Services, will be borne by the Funds. In addition, the Funds will request broker-dealer firms, custodians, nominees, and fiduciaries to forward proxy materials to the beneficial owners of their shares held of record by such persons. The Funds may reimburse such broker-dealer firms, custodians, nominees and fiduciaries for their reasonable expenses incurred in connection with such proxy solicitation.

SATURNA INVESTMENT TRUST

Sustainable Bond Fund

1300 North State Street
Bellingham, Washington 98225

PROXY STATEMENT

MEETING OF SHAREOWNERS
To be Held on February 26, 2016Shareowner Reports

TABLE OF CONTENTS

INTRODUCTION

The most recent Annual Report for each Fund, including financial statements, for the annual period ended November 30, 2016, and its most recent Semi-Annual Report preceding the Annual Report, have been mailed previously to shareowners. This Proxy Statement is furnishedshould be read in connectionconjunction with the solicitation of proxies byAnnual Report and on behalfSemi-Annual Report for each Fund you own. You can obtain copies of the Board of Trustees (the "Board") ofAnnual Report or Semi-Annual Report, without charge, by writing to Saturna Capital, 1300 N. State Street, Bellingham, WA 98225, by calling 1-800-SATURNA (1-800-728-8762), or at www.saturna.com.

Investment Trust (the "Trust"), to be voted at a special meeting of the shareowners of Sustainable Bond Fund (the "Fund"), a series of the Trust, to be held on February 26, 2016, at 10:00 a.m., atAdvisor, Administrator and Principal Underwriter

Saturna Capital, 1300 NorthN. State Street, Bellingham, Washington 98225, is the Trust's investment adviser and at any adjournments thereof (the "Meeting"administrator. Saturna Brokerage Services, Inc., 1300 N. State Street, Bellingham, Washington 98225, is the Trust's principal underwriter.

Householding

To avoid sending duplicate copies of materials to households, the Funds may mail only one copy of this Proxy Statement to shareowners having the same last name and address in the Funds' records, unless the Funds have received contrary instructions from a shareowner. The consolidation of these mailings benefits the Funds through reduced mailing expenses. If a shareowner wants to receive multiple copies of these materials or to receive only one copy now or in the future, the shareowner should make a request by writing to Saturna Capital, 1300 N. State Street, Bellingham, WA 98225 or by calling 1-800-SATURNA (1-800-728-8762).

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What are shareowners being asked to approve in Proposal 1?

The purpose of this proposal is to elect the Board of Trustees ("Board") for the Saturna Investment Trust ("SIT", or "the Trust"). For easeNine Funds comprise the Trust: Sextant Growth Fund, Sextant International Fund, Sextant Core Fund, Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Global High Income Fund, Saturna Sustainable Bond Fund, Saturna Sustainable Equity Fund, and clarityIdaho Tax-Exempt Fund (each, a "Fund", and collectively, "the Funds").

Three Trustees have reached retirement and are leaving the Board effective with the election of presentation, sharestheir successors. The Trust wishes to thank them for the long and useful service:

John E. Love (since 1987)

Nicholas F. Kaiser (since 1990)

Herbert G. Grubel (since 2005)

Of the Nominees listed below, Messrs. Goldfogel and Fielding are currently Trustees of beneficial interest ofSIT, and each incumbent Trustee has served in that capacity since originally elected or appointed. The other four Nominees are new to the Fund are referredBoard. It is intended that the enclosed Proxy Card(s) will be voted for all six nominees listed below (each, a "Nominee" and collectively, "Nominees") unless a Proxy Card contains specific instructions to herein as "Shares," and owners of Shares arethe contrary. Each Nominee who is not a Disinterested Trustee is referred to as "Shareowners.an "Interested Trustee." ThisIf elected, each Nominee, except Mrs. Carten, would serve at least initially as a Trustee who is not an "interested person" ("Disinterested Trustee"), as that term is defined in the Investment Company Act of 1940, as amended ("1940 Act"), of the Funds.

Marina E. Adshade

Jane K. Carten

Gary A. Goldfogel

Ronald H. Fielding

James V. McKinney

Sarah E. D. Rothenbuhler

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The Nominating Committee of the Board met to consider Board candidates and, after due consideration, recommended to the Board the Nominees listed above for election by shareowners. The Nominating Committee took into consideration the knowledge, background, and experience of each Nominee. In particular, the Nominating Committee considered each Nominee's ability to bring integrity, insight, energy, and analytical skills to the deliberations of the Board; ability and willingness to make the considerable time commitment necessary to function as an effective Board member; and prior years of service as a Trustee of SIT and familiarity with the Funds.

The Nominees each have consented to be named in this Proxy Statement and to serve as Trustees if elected. The Board has no reason to believe that any of the enclosed proxy ballotNominees will become unavailable for election as a Trustee, but if that should occur before the Meeting, the proxies will be voted for such other nominees as the Board may recommend. None of the Nominees is related to one another.

No Nominee is a party adverse to any Fund or any of its affiliates in any material pending legal proceeding, nor does any Nominee have any interest materially adverse to any Fund or any of its affiliates.

Who are first being mailedthe Nominees to Shareowners on orthe Board?

Information about February 11, 2016.the Nominees, including their addresses, years of birth, principal occupations during the past five years, and other current Directorships, is set forth in the following table.

Saturna Invesment Trust (9 Funds), together with the Amana Mutual Funds Trust (4 Funds), constitutes the Saturna Fund Complex ("Fund Complex").

The Fund is a diversified, open-end management investment companyBoard oversees the operations of the Funds, and is a seriesresponsible for the overall management and supervision of the Trust, which is organized as a business trust underaffairs of SIT in accordance with the laws of the State of Washington. Mr. Fielding also serves as Trustee for the Amana Mutual Funds Trust.

Subject to the Trustee Retirement Policies, a Trustee serves for the lesser of 1) the lifetime of SIT; 2) upon reaching age 78; or 3) or until resignation, death, removal, retirement or non re-election by the shareowners. The Board appoints officers and delegates to them the management of the day-to-day operations of the Funds with general oversight by the Board.

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INFORMATION REGARDING NOMINEES

I. FOR ELECTION AT THE MEETING

¹ The address for each Nominee and Trustee is 1300 N. State Street, Bellingham, WA 98225.

² Mrs. Carten is an Interested Trustee of SIT, serving as President of the investment adviser.

Who are the other executive officers of Saturna Investment Trust?

The Board has fixedappointed officers who are responsible for the day-to-day business decisions based on policies it has established. The officers serve at the pleasure of the Board. SIT's principal officers are:

³ Mr. Kaiser is not standing for re-election to the Board.
⁴ The address for each Officer is 1300 N. State Street, Bellingham, WA 98225.
⁵ Messrs. Fankhauser, Lewis, and Stewart, and Mrs. Smith hold the same positions with Amana Mutual Funds Trust, which has four fund portfolios and is also managed by Saturna Capital Corporation.

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What is the share ownership in the Funds by the Nominees and the officers?

As of April 11, 2017, each of the Nominees and executive officers of SIT beneficially owned individually and collectively as a group the following amounts of each Fund:

The following table sets forth the aggregate dollar range of equity securities owned by each Nominee of each Fund and of all the funds in the Fund Complex as of April 11, 2017. The information as to beneficial ownership is based on information furnished by each Nominee.

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The Board schedules regular quarterly meetings. During the fiscal year ended November 30, 2016, the Board met four times. Each incumbent Trustee attended at least 75% of all meetings of the Board held during the fiscal year, including the meetings of the Board's standing committees on which such Trustee was a member. SIT does not hold annual shareowners meetings, and therefore, the Board does not have a policy with regard to Trustee attendance at such meetings.

Other than Mrs. Carten, none of the Nominees have ever owned securities of the investment adviser or any related entity. No arrangement or understanding with respect to the composition of the board of trustees of the Funds or of the board of directors of the investment adviser, or with respect to the selection of appointment of any person to any office with either such company was made in connection with these transactions.

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What is the compensation for Trustees on the Board?

The fees paid to the Trustees are allocated between the Funds in the Trust based on each Fund's net assets. The Trust does not pay any officers. The Trust reimburses Saturna Capital $50,000 per year (allocated between the Funds) for a portion of the compensation paid the Trust's Chief Compliance Officer.

The following table lists compensation paid to the continuing Trustees of SIT for the fiscal year ended November 30, 2016, as well as information regarding compensation from the Fund Complex for the fiscal year ended November 30, 2016. No pension or retirement benefits are proposed to be paid to any Trustee or any officer by SIT or any fund in the Fund Complex.

¹ Ronald H. Fielding also serves as Trustee to the Amana Mutual Funds Trust. He was paid $14,250 by that Trust during Saturna Investment Trust's fiscal year ended November 30, 2016.

What is SIT's governance structure and the Board's role in risk oversight?

Committees

The Board has an Audit and Compliance Committee consisting of the Independent Trustees. The Committee held one meeting during the most recent fiscal year ended November 30, 2016. The Committee operates under a specific charter, selects the independent registered public accounting firm, and reviews all audit reports. The Committee also reviews and considers matters related to the Trust's compliance program, and meets with the Chief Compliance Officer at least annually.

The Board has authority to establish an Executive Committee with the power to act on behalf of the Board between meetings and to exercise all powers of the Trustees in the management of the Trust. No Executive Committee has been established at this time.

The Board has a Nominating Committee composed of at least three members, each of which must not be an "interested person" of the Trust. The purpose of the Committee is to nominate candidates for selection as Trustees. The Nominating Committee's charter is included as Exhibit C.

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Leadership Structure and Board of Trustees

As part of its annual governance assessment, the Board reviews the collective and individual experience, qualifications, attributes, and skills of the Trustees. Attributes common to all Trustees are strong educational backgrounds, lifetimes of experience in business and finance, and ability to effectively request, evaluate, and discuss information about SIT with the investment adviser and other service providers to the Trust. The Trustees (except Mrs. Carten) are independent of the adviser or other service providers, and fulfill the legal definition of Disinterested Trustee. They reside in diverse communities across the continent.

The Board has concluded that its current leadership structure, in which the Chairman of the Board is an Independent Trustee and not affiliated with the investment adviser, is appropriate and in the best interest of shareowners. In light of the services provided to the Trust daily by the investment adviser and the responsibilities of the investment adviser to the Trust, the Board believes it appropriate and in the best interest of shareowners to have a separate President who is an active adviser employee. In making the determination that each Trustee is qualified to serve, the Board considers a variety of criteria, including actual service, commitment, and participation of each Trustee during his tenure with the Trust. In addition to the information set forth in the Trustees table above and other relevant qualifications, the following are additional important qualifications of each Trustee:

Marina E. Adshade PhD, is a professor of economics at the Vancouver School of Economics at the University of British Columbia and the School of Public Policy at Simon Fraser University (Vancouver, British Columbia). Dr. Adshade earned her doctorate in economics from Queen's University (Kingston, Ontario). Dr. Adshade is a regular contributor to print and broadcast media and has been published globally in thirteen different languages. The Board feels Dr. Adshade's economics background and research experience make her an excellent candidate for board member.

Jane K. Carten MBA, graduated from Western Washington University with an MBA and undergraduate degree in Computer Science and Business. As President of Saturna Capital Corporation (the Funds' investment adviser), Mrs. Carten oversees Saturna's daily operations and holds officer positions and directorships with certain Saturna Capital affiliates as noted previously. Mrs. Carten is active in the Bellingham Bay Rotary and is a member of the Young Presidents' Organization. She is a founder of the nonprofit OpenAccess Internet Services and is a Bellingham Sister Cities member and contributor. The Board feels Mrs. Carten's demonstrated mutual fund industry experience and background, and her volunteer service and leadership on community boards make her an excellent candidate for board member.

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Gary A. Goldfogel MD, serves as the Medical Examiner for Northwest Washington State and is the owner and president of Avocet Environmental Testing Laboratory. Dr. Goldfogel is a board certified physician in Surgical and Forensic Pathology and Laboratory Medicine. He earned his doctorate in the field of medicine from Emory University. He has served on boards of various professional and community organizations. The Board feels Dr. Goldfogel's service to community organizations, considerable board experience, and business background make him an excellent board member.

Ronald H. Fielding MA, MBA, CFA, has worked in the mutual fund industry as a portfolio manager, owner and senior officer of mutual fund advisers for over 25 years. He has served on the board of Investment Company Institute Mutual Insurance for 15 years. He has taught courses in finance and economics, and serves on philanthropic and educational institution boards. Mr. Fielding has a bachelor's degree in liberal arts from St. John's College, plus master's degrees in economics and in business from the University of Rochester. The Board feels Mr. Fielding's demonstrated mutual fund industry experience and background, and his volunteer service and leadership on many boards including ICI Mutual Insurance, make him an excellent board member.

James V. McKinney is the Executive Director of Common Threads Northwest, and owner of Apple Mountain LLC, a strategy and development consulting firm. Mr. McKinney is a retired foreign area officer with extensive service in the Middle East, Europe, and Asia. He served as a senior defense official/defense attaché and security assistance officer for US Embassies, and as a leader, advisor, and analyst in numerous global assignments. He provided extensive guidance and assistance to senior government leaders in developing nations. He has a bachelor's in Government from California State University, Sacramento, and a master's in International Studies from the University of Washington. The Board feels Mr. McKinney's background, leadership experience, and community service activity make him an excellent candidate for board member.

Sarah E. D. Rothenbuhler is CEO of Birch Equipment Co, Inc, a construction equipment rental and sales company. She earned a bachelor's from the University of Colorado and is a recipient of multiple business and community leadership awards. She is active on several philanthropic boards and organizations, including Bellingham Bay Rotary, St. Joseph's Hospital Foundation, and Whatcom Business Alliance. The Board feels Ms. Rothenbuhler's background, considerable business experience, and leadership service on community boards make her an excellent candidate for board member.

Herbert G. Grubel, Nicholas F. Kaiser, and John E. Love are retiring and not standing for re-election.

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Board Role in Risk Oversight

The Board's role in management of the Trust is oversight. Day-to-day management of the Trust, selection of Fund investments, administration services, and management of operational and portfolio risk are responsibilities of the adviser. Distribution services are the responsibility of Saturna Brokerage Services, a subsidiary of Saturna Capital. The Board, through reports from the adviser, distributor, and third parties; meetings of the whole board as well as its committees; independent experiences including shareowner contacts; and communications with board advisors such as auditors, legal counsel, compliance officers and regulators; provides only general supervision and risk oversight. The department managers of the Adviser provide the detailed risk analysis reports (highlighting areas of possible concern) to the Adviser every six months, which are shared with the Board. The independent Trustees meet privately with the Trust's chief compliance officer and the Trust's outside legal counsel as needed. The Chairman's duties include developing the agenda for each Board meeting in consultation with management, presiding at each Board meeting, discussing Trust matters with management between Board meetings, and facilitating communication and coordination between the Trustees and management.

What is SIT's process for Nominating Trustee candidates?

Nominating Committee Charter. A copy of the Nominating Committee Charter is included as Exhibit C. At the direction of the Board, the Committee nominates candidates for election as Independent Trustees.

Shareowner Communications. The Board will consider candidates recommended by shareowners of SIT. Shareowners should direct the names of candidates they wish to be considered to the attention of the Board, in care of the Secretary, at the address of SIT listed on the front page of this Proxy Statement. Such candidates will be considered with any other Trustee candidates.

Nominee Qualifications. The Board will consider nominees recommended by shareowners on the basis of the same criteria used to consider and evaluate candidates recommended by other sources. The Board considers, among other things, a high level of integrity, appropriate experience, a commitment to fulfill the fiduciary duties inherent in Board membership, and the extent to which potential candidates possess sufficiently diverse skill sets that would contribute to the Board's overall effectiveness. The Board does not have a specific policy requiring diversity in its Trustees. The Board will have equal representation of each gender after the meeting.

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For candidates to serve as disinterested Trustees, independence from the Funds' investment adviser, its affiliates, and other principal service providers is critical, as is an independent and questioning mindset. The Board also considers whether the prospective candidates' circumstances would allow them to conveniently attend the vast majority of Board meetings, be available for service on Board committees, and devote the additional time and effort necessary to keep up with Board matters and the changing regulatory environment in which the Funds operate. Different substantive areas may assume greater or lesser significance at particular times, in light of the Board's present composition and the Nominating Committee's (or the Board's) perceptions about future issues and needs.

Identifying Nominees. The Nominating Committee considers prospective candidates from any reasonable source. The Nominating Committee initially evaluates prospective candidates on the basis of preliminary information required of all preliminary candidates, considered in light of the criteria discussed above. Those prospective candidates that appear likely to be able to fill a significant need of the Board would be contacted to discuss the position; if there appeared to be sufficient interest, a meeting with one or more Nominating Committee members would be arranged. If the Nominating Committee, based on the results of these contacts, believed they had identified a viable candidate, they would air the matter with the full group of disinterested Board members for input.

Any request by management to meet with the prospective candidate would be given appropriate consideration. SIT has not paid a fee to third parties to assist in finding nominees.

REQUIRED VOTE

Approval of Proposal 1 requires the favorable vote of the holders of a plurality of the shares cast in person or by proxy of Saturna Investment Trust, provided a quorum is present.

THE BOARD OF TRUSTEES UNANIMOUSLY RECOMMENDS A VOTE "FOR"
THE ELECTION OF EACH OF THE NOMINEES TO THE BOARD OF TRUSTEES
OF THE SATURNA INVESTMENT TRUST.

19

EXHIBIT A

OUTSTANDING SHARES

The chart below indicates the number of shares of each Fund that were outstanding as of the close of business on December 31, 2015 (the "Record Date") as the record date for determining the Shareowners of the Fund who are entitled to notice of, and to vote at, the Meeting. April 11, 2017.

Exhibit A 1

EXHIBIT B

PRINCIPAL SHAREOWNERS OF THE FUNDS

As of April 11, 2017, the Record Date, there were issued and outstanding 723,262 shares of the Fund. A list of the shareholdersfollowing person(s) owned of record, will be available for inspection at the offices of Saturna Capital Corporation ("Saturna"), 1300 North State Street, Bellingham, Washington, 98225, until the date of the Meeting. Only Shareowners of record at the close of business on the Record Date are entitled to notice of, and to vote at, the Meeting.

At the Meeting, Shareowners will be asked to approve a proposal to delete the fundamental investment restriction regarding investing in "restricted securities" (those which are subject to legal or contractual restrictions on resale or are otherwise not readily marketable) (the "Proposal"). If Shareowners approve the Proposal, the Fund would be permitted to invest in "restricted securities" that are consistent with the Fund's investment objective and strategies, and in accordance with the Fund's other fundamental restrictions and in compliance with the Fund's liquidity policies and procedures. The Proposal is described more fully in this Proxy Statement.

Only Shareowners of record at the close of business on the Record Date are entitled to notice of, and to vote at, the Meeting. Shareowners are entitled to one vote for each full share and a proportionate fractional vote for each fractional shares held as of the Record Date. Each properly executed proxy ballot received before the Meeting, unless revoked, will be voted at the Meeting in accordance with the Shareowner's instructions. If a proxy ballot is properly executed and timely returned, but the Shareowner did not provide any voting instructions, the Shares represented by the proxy ballot will be voted "FOR" the Proposal. Any Shareowner giving a proxy may revoke it at any time before it is exercised by submitting to the Fund a written notice of revocation or subsequently executed proxy, or by attending the Meeting and voting in person.

If your Shares are held for your benefit by a financial intermediary, such as a broker, the financial intermediary is likely the Shareowner of record. Please consult with your financial intermediary regarding your ability to vote at the Meeting or how to provide or revoke your voting instructions.

The Fund will furnish, without charge, a copy of the Fund's most recent annual report and most recent semiannual report succeeding the annual report, if any, to any Shareowner upon request. A Shareowner may obtain such report(s) by writing to the Fund, by calling 800-728-8762 or by downloading the report at www.saturna.com.

1

PROPOSAL 1
TO DELETE THE FUND'S FUNDAMENTAL INVESTMENT RESTRICTION REGARDING RESTRICTED SECURITIES

Background
Mutual funds are required by the Investment Company Act of 1940 (the "1940 Act") to adopt fundamental investment restrictions governing the fund's classification and certain investment activities. In addition, mutual funds may adopt fundamental investment restrictions governing other investment operations. A fundamental investment restriction is one that can only be changed with the approval of the holders of a majority of the outstanding Shares of the Fund.

The Fund is organized as a series of the Trust. When the Fund was initially organized, it adopted the fundamental investment restrictions of the Trust that applied to all of the Trust's other series existing at the time. Among those fundamental investment restrictions is a restriction that states the Fund:

...shall not purchase "restricted securities" (those which are subject to legal or contractual restrictions on resale or are otherwise not readily marketable)....

This fundamental investment restriction regarding restricted securities (the "Investment Restriction") is not among those investment restrictions that the Fund must adopt under the 1940 Act. In general, restricted securities are those securities that are subject to restrictions on resale because they have not been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act").

The Fund was recently organized in December 2014. At that time, it adopted the Trust's investment restrictions, which have been in place for nearly 30 years. The Trust adopted the Investment Restriction in February 1987 as a risk-limiting measure at a time when the Investment Restriction did not unduly limit the funds' universe of potential investments and the market for fixed income restricted securities was not as developed as it is today. Since that time, industry and regulatory developments, especially in the bond markets, have resulted in many bond-oriented mutual funds electing to invest (sometimes substantially) in restricted securities.

Regulatory and Industry Developments Regarding Restricted Securities
A defining feature of mutual funds is the ability of fund shareholders to redeem their shares on any day the fund is open and receive the net asset value of such shares within a prescribed time following redemption. Accordingly, the 1940 Act requires that a mutual fund must maintain the ability to buy back its shares at current net asset value within 7 days after the shareowner tenders the shares to the fund for redemption. To ensure that funds maintain their ability to meet their redemption obligations, the staff of the U.S. Securities and Exchange Commission ("SEC") has a long-standing position that generally limits an open-end fund's aggregate holdings of illiquid assets to no more than 15% of the fund's net assets. Under this SEC staff position, a security is considered illiquid if the fund cannot be sold in the ordinary course of business within 7 days at approximately the price at which the fund has valued the security.

In addition to the 15% limit on illiquid securities referenced above, the SEC staff has a long-standing interpretative position that a restricted security generally would be regarded as an illiquid security. The SEC staff first articulated this position in guidance published in 1969.

2

In connection with more recent developments in the capital markets, the SEC adopted Rule 144A under the Securities Act in April 1990 to facilitate trading in the secondary market of restricted securities among qualified institutional buyers. When adopting Rule 144A, the SEC modified its position with respect to the liquidity determination of restricted securities (including foreign securities) held by mutual funds and concluded that the determination of the liquidity of Rule 144A securities held in a fund's portfolio is a question of fact for the board of directors to determine based upon the trading markets for the specific security.

In addition to Rule 144A, the SEC adopted Regulation S in 1990 ("Reg S") in response to the growth of global capital markets and to provide a safe harbor exemption from registration under the Securities Act for offshore securities offerings. Although Reg S imposes various restrictions on the resale of securities within the U.S., such securities are often freely traded in foreign markets and may eventually be resold to U.S. persons (including mutual funds) in the secondary market under certain circumstances.

Since these regulatory developments, the markets for trading many securities, the resale of which is restricted under Rule 144A and Reg S, has become very deep and liquid. As a result, many mutual fund boards have adopted policies and procedures for determining when certain types of restricted securities, including Rule 144A and Reg S securities, may be deemed liquid notwithstanding the restriction on the resale of such securities.

Reasons for the Proposal
The Fund's investment objective is current income and capital preservation. In seeking to achieve its investment objective, the Fund invests primarily in bonds of issuers located throughout the world that Saturna believes demonstrate sustainable characteristics. Saturna seeks to identify issuers that have such sustainable characteristics, including an established operating history, consistent profitability, financial strength, and low risk in the areas of environment, social responsibility, and corporate governance. The Fund may invest up to 35% of its assets in such bonds that are rated below investment grade or are unrated.

As a result of the Investment Restriction, the Fund is prohibited from purchasing restricted securities that would otherwise be consistent with the Fund's investment objective and strategies, even though some of these restricted securities may be liquid and present attractive investment opportunities for the Fund. Saturna's analysis indicates that approximately 40% of investment grade bonds and nearly 80% of below investment grade (or unrated) bonds in which the Fund may otherwise invest are restricted securities. Excluding these restricted securities from the Fund's investable universe significantly and unduly limits the investment opportunities for the Fund.

The Investment Restriction was originally intended as a risk-limiting measure to ensure that a fund's portfolio held securities that were freely tradable on exchanges or other securities markets. As a result of the regulatory and industry developments described above, many types of fixed income restricted securities are traded among qualified institutional buyers in volumes sufficient to provide liquidity for holders of such securities.

Investing in restricted securities does involve risk. There can be no assurance that an active trading market will exist at any time for any particular restricted security and limitations on the resale may adversely impact the Fund's ability to sell a restricted security promptly at a reasonable price. In addition, restricted securities may be more difficult to value because market quotations may not be readily available and the securities may have significant volatility.

3

Saturna, as the Fund's investment manager, seeks to mitigate these risks by evaluating the investment risk and liquidity of the Fund's investments, including any investments in restricted securities. The Proposal is not intended to permit the Fund to materially increase its investments in illiquid securities. Saturna will continue to manage the Fund in a manner that is consistent with SEC staff guidance and will continue to limit the Fund's purchase of securities that it deems to be illiquid.

Saturna believes that if shareholders approve the Proposal to delete the Investment Restriction, such approval would would permit the Fund to expand its investable universe without materially increasing the Fund's liquidity risk. Saturna would continue to manage the Fund in substantially the same manner; it would continue to evaluate and monitor the liquidity of the Fund's investments; and it would continue to limit the purchase of illiquid securities.

As discussed in greater detail below, the Board considered the recommendations of Saturna and voted to approve the Proposal.  The Board also directed the officers of the Fund to submit the Proposal to Shareowners of the Fund for approval. If Shareowners do not approve the Proposal, the Board may consider other options to enhance the Fund's ability to invest in a broader universe of securities.

Board Considerations
The Board approved the Proposal at a meeting held on December 22, 2015. At the meeting, Saturna informed the Board that it believes that if the Proposal were approved and implemented, the Fund would continue to be managed in the same manner, but would have the opportunity to selectively invest in restricted securities that met the Fund's investment criteria.

The Board carefully considered the purpose of the Investment Restriction and the risks associated with investing in restricted securities. The Board also considered the Proposal in light of the potential benefits to the Fund and its shareholders and weighed those benefits against the risks associated with permitting the Fund to invest in restricted securities. The Board concluded that eliminating the Investment Restriction and permitting the Fund to invest in restricted securities would better position the Fund to capitalize on investment opportunities and potentially make the Fund more competitive with its peers.

After carefully reviewing the information providedknown by Saturna the Board unanimously approved the Proposal and recommended that Shareowners approve the change. The Board's decision was based on a number of factors, including the following:

• The investment risks, including liquidity risk, associated with investing in restricted securities;
• The fact that the Fund would continueInvestment Trust to be managed in accordance with its investment objective, strategies, and its other fundamental investment restrictions, and that the Fund's investment criteria would otherwise remain unchanged;
• The fact that the Fund's investments in illiquid securities would not be materially increased, or increased at all, and the Fund's overall risk profile generally would remain unchanged;
• Saturna's experience and knowledge in evaluating the investment risks associated with the Fund's investments;
• Saturna's implementation of the Fund's policies and procedures regarding liquidity and the liquidity requirements imposed under the policies and procedures;

4

• The industry and regulatory developments regarding restricted securities, and the fact that the Fund would operate within established parameters regarding restricted securities;
• The competitive disadvantage the Fund would continue to face in light of continuing to operate the Fund with the Investment Restriction; and
• The benefit to the Fund and its shareholders resulting from permitting the Fund to invest its assets in accordance with its investment objective and strategies without any undue limitations regarding whether a particular security was registered under the Securities Act.

The Board members unanimously recommend that Shareowners of the Fund vote FOR the Proposal.

VOTING AND MEETING INFORMATION

Ownership of Fund Shares
Beneficial owners ofown beneficially, more than 5% of the outstandingFunds' shares of stock.

Sextant Growth Fund

Sextant International Fund

Sextant Core Fund

¹ Shares of the Fund as of the Record Date are listed on Appendix A. Except as shown in that owned beneficially

Exhibit to the knowledge of the Fund, as of the Record Date, no person is a beneficial owner of more than 5% of the outstanding Shares of the Fund.

Solicitation Method and Costs
The solicitation of proxies will be primarily by mail. Officers of the Trust and other employees of Saturna may solicit proxies by telephone, facsimile, or in-person. Authorizations to execute proxies may be obtained by telephonic or electronically transmitted instructions in accordance with procedures designed to authenticate the Shareowner's identity. In all cases where a telephonic proxy is solicited, the Shareowner will be asked to verify his or her identity, and to confirm that the Shareowner has received the Proxy Statement and proxy card. Shareowners requiring further information as to telephonic or facsimile transmitted voting instructions or the proxy generally should contact the Fund toll-free at 800-728-8762.

The Fund may request brokerage houses, custodians, nominees, and fiduciaries that are Shareowners of record to forward proxy materials to beneficial owners. Saturna will reimburse these persons for their reasonable expenses in forwarding proxy solicitation material to the beneficial owners of the Shares of the Fund. The total cost of the solicitation is expected to be approximately $2,500 and will be borne by Saturna.

Quorum and Required Vote
A quorum for the Meeting consists of holders of a majority of the outstanding Shares of the Fund present in person or by proxy. Approval of the Proposal will require the affirmative "vote of a majority of the outstanding Shares" of the Fund. The 1940 Act defines the term "vote of a majority of the outstanding voting securities" as the lesser of: (1) approval by 67% or more of the Shares present and entitled to vote at the Meeting, if the holders of more than 50% of the outstanding Shares of the Fund entitled to vote at the Meeting are present at the Meeting or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund entitled to vote on the Proposal.

If Shareowners do not approve the Proposal, Saturna will continue to manage the Fund in accordance with the Investment Restriction and may recommend other options to the Board for its consideration.

5B 1

Abstentions and Broker Non-VotesSextant Short-Term Bond Fund

Sextant Bond Income Fund

Sextant Global High Income Fund

¹ Shares for which there is an abstention or broker non-vote (i.e., proxy ballots from brokers or other nominees indicating that they have not received voting instructions from the beneficial owner on the Proposal for which brokers or nominees do not have discretionary voting authority), if any, will be counted for quorum purposes, but will have the same effect as a vote against the Proposal for purposes of determining whether the Proposal has passed.are owned beneficially

Recording and Tabulation of Votes
Votes cast by proxy or in person at the Meeting will be tabulated by the Inspector of Election appointed for the Meeting. The Inspectors of Election will determine whether a quorum is present at the Meeting for the Fund. If the enclosed proxy ballot is properly executed and returned in time to be voted at the Meeting, the proxies named therein will vote the Shares represented by the proxy in accordance with the instructions marked thereon.

If you hold your shares directly with the Fund (i.e., not through a broker or other financial intermediary) and you properly execute and timely return the proxy ballot, but you do not provide any voting instructions, the Shares represented by the proxy ballot will be voted "FOR" the Proposal. If you hold your shares through a broker or other financial intermediary and you properly execute and timely return the proxy ballot to your broker or financial intermediary, or provide other authorization to vote your Shares, but you do not provide any voting instructions, the broker or financial intermediary will follow its own policies and procedures for voting such Shares. In such circumstances, the broker or financial intermediary may vote such uninstructed Shares "FOR" the Proposal or vote the uninstructed Shares in proportion to the votes cast by other Shares held by the same broker or financial intermediary that did provide voting instructions.

Shareowners are entitled to one vote for each full Share, and a proportionate vote for each fractional Share, of the Fund held as of the Record Date. Under Washington law, Shares owned by two or more persons (whether as joint tenants, co-fiduciaries, or otherwise) will be voted as follows, unless a written instrument or court order providing to the contrary has been filed with the Secretary of the Fund: (1) if only one votes, that vote binds all; (2) if more than one votes, the vote of the majority binds all; and (3) if more than one votes and the vote is evenly divided, the vote will be cast proportionately.

Revocation
Any Shareowner giving a proxy may revoke it at any time before it is exercised by submitting to the applicable Fund the written notice of revocation or subsequently executed proxy, or by attending the Meeting and voting in person. If you hold your Shares through a broker or other financial intermediary, please consult your broker or financial intermediary regarding your ability to revoke your voting instructions.

Attendance at Meeting
Attendance at the Meeting will be limited to the Fund's shareholders as of the Record Date. If you plan to attend the Meeting in person, to gain admission you must show valid photographic identification, such as your driver's license or passport. If you hold Fund shares through a financial intermediary, to gain admission you also must show satisfactory proof of ownership of shares in a Fund, such as your voting instruction form or a statement indicating ownership as of the Record Date. If you hold Fund shares through a financial intermediary, you will not be able to vote in person at the Meeting unless you previously have obtained a ''legal proxy'' from your financial intermediary and present it at the Meeting. Even if you plan to attend the Meeting, please promptly follow the enclosed instructions to submit voting instructions by telephone or via

6

the Internet. Alternatively, you may submit voting instructions by signing, dating, and returning your proxy card.

Adjournment
If sufficient votes to approve the Proposal are not received by the Fund before the meeting, the persons named as proxies may propose one or more adjournments of the Meeting with respect to the Proposal to allow further solicitation of proxies. In determining whether to adjourn the Meeting, the following factors may be considered: the percentage of votes actually cast; the percentage of negative votes actually cast; and the nature of any further solicitation and any information to be provided to Shareowners with respect to such solicitation. Any such adjournment will require an affirmative vote of a majority of the Shares present in person or by proxy (whether or not sufficient to constitute a quorum) and entitled to vote at the Meeting. The persons named as proxies will vote on an adjournment after considering the best interests of all Shareowners.

ADDITIONAL INFORMATION

Management is not aware of any matters to come before the Meeting other than those set forth in the Notice. If any such other matters do come before the Meeting, the individuals named as proxies will vote, act, and consent with respect thereto in accordance with their best judgment.

Timeliness of Shareowner Proposals
The Fund does not hold an annual meeting and currently does not intend to hold annual or special meeting of Shareowners unless required to do so by the 1940 Act or by Washington law. Any Shareowner proposal to be presented for action at the Fund's next Shareowner meeting must be received at the Fund's principal executive offices within a reasonable time in advance of the date solicitation is made for such meeting. A timely submission of a proposal does not guarantee that the Fund will include the proposal in a proxy statement.

Shareowner Communications
Shareowners who want to communicate with the Board or any individual Board member(s) should write to the attention of the Secretary of the Trust, 1300 North State Street, Bellingham, WA 98225. Communications to the Board must be signed by the Shareowner and must specify: (1) the Shareowner's name and address; (2) the number of Fund shares owned by the Shareowner; (3) other fund(s) in which the Shareowner owns shares and the amount of such shares and (4) if applicable, the name of the broker or other financial intermediary that holds Fund shares in its name for the Shareowner's benefit. The Secretary will forward such communications to the Board or the applicable Board member(s) at the next regularly scheduled meeting or sooner if the Secretary determines that the communications require more immediate attention.

Householding
We have adopted a policy that allows us to send only one copy of a prospectus, proxy statement, annual report, or semiannual report to certain shareholders residing in the same ''household.'' This reduces Fund expenses, which benefits you and other shareholders. If you need additional copies or do not want your mailings to be ''householded,'' please call us at 800-728-8762 or send a written request with your name, and your account number to the Fund at 1300 North State Street, Bellingham, WA 98225.

7Exhibit B 2

Investment Adviser and Underwriter
Saturna Capital Corporation, 1300 North State Street, Bellingham, Washington, 98225, acts as investment adviser to the Fund. Saturna Brokerage Services, Inc., a subsidiary of Saturna Capital Corporation located at the same address, acts as principal underwriter to the Fund.Sustainable Equity Fund

Effective Date
If Shareowners approve the Proposal, it is anticipated that the change will be implemented as soon as practicable following the Meeting. The change will be reflected in the annual update to the Trust's Statement of Additional Information to be published on or about March 28, 2016.

Other Business Items
Saturna does not intend to present any items other than the Proposal and is not aware that any other items of business will be presented at the Meeting. If, however, other matters are properly presented for a vote at the Meetings, the persons named as proxies will vote on such matters in their sole discretion after considering the best interests of the Fund and its shareholders.

Questions
If you have any questions regarding the Meeting or need assistance in voting, please contact us at 800-728-8762.

Saturna Investment Trust
Sustainable Bond Fund

8

APPENDIX A

Principal Shareowners Owning More Than 5% of theIdaho Tax-Exempt Fund

As of November 30, 2015, the principal Shareowners (those with 5% or more of outstanding Shares) were:¹ Shares are owned beneficially

Exhibit B 3

EXHIBIT C

CHARTER OF THE SATURNA INVESTMENT TRUST
Sustainable Bond FundBOARD OF TRUSTEES NOMINATING COMMITTEE

Adopted December 20, 2016

SPECIAL MEETING OF SHAREOWNERS
Proxy BallotPurpose

This proxy is solicited on behalf of theThe Board of Trustees of Saturna Investment Trust has created a Nomination Committee. The Committee shall be composed of at least three members, each of which must not be an "interested person" of the Trust, as that term is defined under Section 2(a)(19) of the Investment Company Act of 1940 (each, an "Independent Trustee"). The purpose of the Committee is to nominate candidates for selection as Trustees.

The Board shall appoint members of the Committee and a Chair of the Committee. By a majority vote of the Board, the Board may remove or replace members of the Committee and designate a different member as Chair for any reason at any time, provided that each member of the Committee shall be an Independent Trustee. The Board shall determine the compensation of Committee members, including the Committee Chair.

Procedures for Nominating New Independent Trustees

At the direction of the Board, the Committee will nominate candidates for election as Independent Trustees of the Trusts using the following procedures:

1. The Chair on behalf of the Committee shall obtain and receive suggestions for prospective Independent Trustees from current Independent Trustees of the Trust, from management and from other appropriate sources, including, if necessary, outside consultants, and will, to the extent feasible and appropriate, maintain all names received in confidence.
2. The Chair will provide each Committee member with the name and background information of each candidate prior to the first meeting of the Committee at which the candidate is to be discussed, if possible.
3. At a meeting of the Committee, the Committee will discuss all candidates whose names have been submitted to the Chair. The Committee, by majority vote, may remove individuals from further consideration. The Committee may establish priorities and criteria for selection of potential candidates from the remaining individuals. The Chair will arrange for such information about candidates selected for further consideration as requested by the Committee.

Exhibit C 1

4. The Committee will review further the potential candidate(s) as it deems necessary before proposing candidate(s) to the Independent Trustees for nomination.
5. The Committee will not differentiate among candidates based upon any characteristic prohibited under applicable laws and regulations.

Meetings and Procedures of the Committee

1. Meetings. The Committee shall meet as often as it determines is appropriate to carry out its series, Sustainable Bond Fund.duties under this Charter. Meetings may be called by any of the Committee members, in consultation with the Chair. In the absence of the Chair, meetings shall be chaired by a member chosen by the Committee. Meetings may be conducted with members present in person or by telephone or other communications facilities that permit all persons participating in the meeting to hear or communicate with each other simultaneously. A majority of the members of the Committee shall constitute a quorum for the transaction of business. The act of a majority of the members present at a meeting at which a quorum is present shall be the act of the Committee.
2. Minutes. The Committee shall keep minutes of its meetings.
3. Subcommittees. The Committee may delegate its authority to one or more subcommittees (including a subcommittee comprised of a single member) when it deems appropriate.
4. Advisers. The Committee shall have the authority, to the extent it deems necessary or appropriate and without seeking approval of the full Board, to retain special advisers. The Trust shall provide appropriate funding, as determined by the Committee, for payment of Trustees recommends you vote FORordinary administrative Committee expenses, as well as for compensation to any advisers retained by the following proposal:Committee. Committee members shall be entitled to rely, in good faith, on information, opinions, reports or statements made or prepared by others, if prepared and presented by: (1) persons the Committee member reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, public accountants, or other persons as to matters the Committee member reasonably believes are within the person's professional or expert competence; or (3) another Board committee.
5. Review. The Committee shall review and reassess the adequacy of this Charter, and the operations of the Committee, from time to time and recommend any proposed changes to the Board.

Exhibit C 2

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TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:

Proposal:
To delete the Fund's fundamental investment restriction regarding restricted securitiesE29633-S58578

KEEP THIS PORTION FOR YOUR RECORDS

DETACH AND RETURN THIS PORTION ONLY

THE SHARES REPRESENTED BY THIS PROXY WILL BE VOTED AT THE SPECIAL MEETING OF SHAREOWNERS AND WILL BE VOTED IN ACCORDANCE WITH ANY SPECIFICATION MADE; IF NO SPECIFICATION IS MADE, SUCH SHARES WILL BE VOTED FOR THE PROPOSAL ABOVE AND FOR ANY OTHER MATTERS AS DEEMED APPROPRIATE.2. To transact such other business as may properly come before the meeting and any adjournments or postponements thereof.

IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY BE BROUGHT BEFORE THE MEETING OR ANY ADJOURNMENTS, POSTPONEMENTS, CONTINUATIONS, OR RESCHEDULINGS THEREOF.Signature(s) should be exactly as name or names appearing on this proxy. If shares are held jointly, each shareholder is requested to sign, but only one Signature is required. If signing is by attorney, executor, administrator, trustee or guardian, please give full title. By signing this proxy card, receipt of the accompanying Notice of Special Meeting of Shareholders and Proxy Statement is acknowledged.

Important Notice Regarding the Availability of Proxy Materials
for the Shareholder Meeting to be held on June 20, 2017.
The Proxy Statement for this meeting is available at:

https://www.saturna.com/sit/proxy2017

E29634-S58578

SATURNA INVESTMENT TRUST

Sextant Growth Fund
Sextant International Fund
Sextant Core Fund
Sextant Short-Term Bond Fund
Sextant Bond Income Fund
Sextant Global High Income Fund
Saturna Sustainable Bond Fund
Saturna Sustainable Equity Fund
Idaho Tax-Exempt Fund

The undersigned shareholder of a Saturna Investment Trust Fund listed above hereby appoints NICHOLAS F. KAISER, JANEJane K. CARTEN,Carten and THOMAS R. PHILLIPS,Gary A. Goldfogel, and each of them, asthe proxies of the undersigned, with full power of substitution, to vote, (according toas indicated herein, all of the numbershares of votes whichthe fund standing in the name of the undersigned would be entitled to cast if then personally present)at the close of business on April 11, 2017 at a Special Meeting of Shareowners of Sustainable Bond FundShareholders to be held at the officesoffice of Saturna Capital, Corporation, 1300 NorthN. State Street, Bellingham, Washington, 98225,WA at 2:00 p.m. (Pacific time), on Friday, February 26, 2016,Tuesday, June 20, 2017, and at 10:00 a.m. (Pacific Time), includingany and all adjournments thereof, with all of the powers the undersigned would possess if then and there personally present and especially (but without limiting the general authorization and power hereby given) to vote as specified above, andindicated on the proposals, as more fully described in their discretion upon such other business as may properly be brought beforethe Proxy Statement for the meeting.

Please sign exactly as your name(s) appear(s) on this proxy, and date it. When signing the proxy as attorney-in-fact, executor, administrator, trustee, or guardian, please indicate the capacity in which you are acting. Only authorized officers should sign for corporations. Please indicate signor's office.

YOUR VOTE IS IMPORTANT
Please complete, date, sign and mail your proxy card in the envelope provided
as soon as possiblePLEASE SIGN AND DATE ON THE REVERSE SIDE

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