1933 Act Registration File No. 333-292204

As filed with the Securities and Exchange Commission on April 24, 2026

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[  ] Pre-Effective Amendment No. ______

[x] Post-Effective Amendment No. 1

(Check appropriate box or boxes.)

(Exact Name of Registrant as Specified in Charter)

1300 North State Street

Bellingham, Washington 98225-4730

(Address of Principal Executive Offices) (Number, Street, City, State, Zip Code)

Registrant’s Area Code and Telephone Number: (360) 594-9900

Elliot S. Cohen

1300 North State Street

Bellingham, Washington 98225-4730

(Name and Address of Agent for Service) (Number and Street, City, State, Zip Code)

Copy to:

Fatima S. Sulaiman, Esq.

K&L Gates LLP

1601 K Street, NW

Washington, D.C. 20006-1600

This Post-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-14 shall become effective immediately upon filing pursuant to paragraph (b) of Rule 485 under the Securities Act of 1933, as amended.

Title of Securities Being Registered: Saturna Global Sustainable Bond Fund and Saturna Core Fund, each a series of the Registrant.

No filing fee is required because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of shares (File Nos. 033-13247 and 811-05071).

CONTENTS OF REGISTRATION STATEMENT

This Registration Statement contains the following papers and documents:

Cover Sheet

Contents of Registration Statement

Part C - Other Information

Signature Page

Exhibit Index

This Post-Effective Amendment No. 1 to the Registration Statement on Form N-14 for Saturna Investment Trust (“Registrant”) incorporates by reference Registrant’s Registration Statement filed on Form N-14 on December 17, 2025, and as amended by Pre-Effective Amendment No. 1 filed on January 15, 2026.

EXPLANATORY NOTE

This post-effective amendment is being filed solely for the purpose of including in the Registration Statement the opinion of K&L Gates LLP as to tax matters (Exhibit 12) for the reorganization of the Saturna Bond Income Fund and the Saturna Short-Term Bond Fund into the Saturna Global Sustainable Bond Fund and the reorganization of the Saturna Global High Income Fund into the Saturna Core Fund.

Item 15. Indemnification

See (i) the Declaration of Trust (the “Declaration of Trust”) of Saturna Investment Trust (formerly named Northwest Investors Tax-Exempt Business Trust) (the “Trust” or the “Registrant”), dated February 19, 1987, filed as Exhibit No. 1 to the initial filing of the Registrant’s Registration Statement on Form N-1A (File Nos. 033-13247 and 811-05071) filed with the Securities and Exchange Commission (the “SEC”) on February 20, 1987, and (ii) Section V of the Distribution Agreement between the Trust and Saturna Brokerage Services, adopted September 25, 2018.

Article XI of the Declaration of Trust of the Trust provides that:

Section 1. Limitation of Personal Liability and Indemnification of Shareowners. The Trustees, officers, employees, have no power to bind any Shareowner personally or to call upon any Shareowner for the payment of any sum of money or assessment whatsoever, other than such as the Shareowner may at any time agree to pay by way of subscription to any Shares or otherwise.

No Shareowner or former Shareowner of the Trust shall be liable solely by reason of his being or having been a Shareowner for any debt, claim, action, demand, suit, proceeding, judgment, decree, liability, or obligation of any kind, against or with respect to the Trust arising out of any action taken or omitted for or on behalf of the Trust, and the Trust shall be solely liable therefor and resort shall be had solely to the Trust property for the payment or performance thereof.

Each Shareowner or former Shareowner of the Trust (or their heirs, executors, administrators, or other legal representatives, or, in case of a corporate entity, its corporate or general successor) shall be entitled to indemnity and reimbursement out of the Trust property to the full extent of such liability and the costs of any litigation or other proceedings in which such liability shall have been determined, including without limitation the fees and disbursements of counsel if, contrary to the provisions hereof, such Shareowner or former Shareowner of the Trust shall be personally liable.

The Trust shall, upon request by the Shareowner or former Shareowner, assume the defense of any claim made against any Shareowner for any act or obligation of the Trust and satisfy any judgment thereon.

Section 3. Express Exculpatory Clauses and Instruments. The Trustee shall use appropriate means to assure that all persons having dealings with the Trust shall be informed that the property of the Shareowners and the Trustees, officers, employees, and agents of the Trust shall not be subject to claims against or obligations of the

Trust to any extent whatsoever. The Trustees may cause to be inserted in any written agreement, undertaking, or obligation made or issued on behalf of the Trust (including certificates for Shares of the Trust) an appropriate reference to this Declaration providing that neither the Shareowners, the Trustee, the officers, the employees, nor any agent of the Trust shall be liable thereunder, and that the other parties to such instrument shall look solely to the Trust property for the payment of any claim thereunder or for the performance thereof; but the omission of such provisions from any such instrument shall not render any Shareowner, Trustee, officer, employee, or agent liable, nor shall the Trustee, or any officer, employee, or agent of the Trust be liable to anyone on account of such omission. If, notwithstanding this provision, any Shareowner, Trustee, officer, employee, or agent shall be held liable to any other person by reason of the omission of such provision from any such agreement, undertaking, or obligation, the Shareowner, Trustee, officer, employee, or agent shall be entitled to indemnity and reimbursement out of the Trust property, as provided in this Article XI.

Section 4. Indemnification. Unless otherwise restricted by the Declaration of Trust, this Trust shall have the power to indemnify any person to the extent provided by RCW 23A.08.025 as now or hereafter amended. Where appropriate, Trustee shall be substituted for the term “Director” and Trust shall be substituted for the term “Corporation”. RCW 23A.08.025, as of the date of this Declaration of Trust, provides as follows:

The termination of any proceeding by judgment, order, settlement, conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, be determinative that the person did not meet the requisite standard of conduct set forth in this section.

Provided, that no indemnification shall be made pursuant to this section in respect of any proceeding in which such person shall have been adjudged to be liable to this Trust.

A court of appropriate jurisdiction may be the same court in which the proceeding involving the Trustee’s liability took place.

Reasonable expenses incurred by a Trustee who is party to a proceeding may be paid or reimbursed by this Trust in advance of the final disposition of such proceeding:

(1) An officer of this Trust shall be indemnified as and to the extent provided in subparagraph (e) of this Section 4 for a Trustee and shall be entitled to seek indemnification pursuant to subparagraph (e) of this Section 4 to the same extent as a Trustee;

(2) This Trust shall have the power to provide indemnification, including advances of expenses, to an officer, employee, or agent of this Trust to the same extent that it may indemnify Trustees pursuant to this Article, except that subparagraph (k) of this Section 4 shall not apply to any person other than a Trustee; and

(3) This Trust, in addition, shall have the power to indemnify an officer who is not a Trustee, as well as employees and agents of this Trust who are not Trustees, to such further extent, consistent with law, as may be provided by the Declaration of Trust, general or specific action of the Board of Trustees, or contract.

V. INDEMNIFICATION

1. Trust’s Representation. The Trust represents and warrants to Distributor that at all times the Registration Statement and Prospectuses will in all material respects conform to the applicable requirements of the 1933 Act and the Rules thereunder and will not include any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, except that no representation or warranty in this subsection shall apply to statements or omissions made in reliance upon and in conformity with written information furnished to the Trust by or on behalf of and with respect to Distributor expressly for use in the Registration Statement or Prospectuses.

2. Distributor Representation. Distributor represents and warrants to the Trust that it is duly organized as a Washington State corporation and is and at all times will remain duly authorized and licensed to carry out its services as contemplated herein.

3. Trust Indemnification. The Trust, on behalf of each Fund, agrees that each Fund will indemnify, defend and hold harmless Distributor, its several officers and directors, and any person who controls Distributor within the meaning of Section 15 of the 1933 Act, from and against any losses, claims, damages or liabilities, joint or several, to which any of them may become subject under the1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectuses or in any application or other document executed by or on behalf of a Fund, or arise out of or based upon, information furnished by or on behalf of a Fund, filed in any state in order to qualify the Shares under the securities or blue sky laws thereof (“Blue Sky Application”),or arise out of, or are based upon, the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and will reimburse Distributor, its several officers and directors, and any person who controls Distributor within the meaning of Section 15 of the 1933 Act, for any legal or other expenses reasonably incurred by any of them in investigating, defending or preparing to defend any such action, proceeding or claim; provided, however, that neither the Trust nor any Fund shall be liable in any case to the extent that such loss, claim, damage or liability arises out of, or is based upon, any untrue statement, alleged untrue statement, or omission or alleged omission made in the Registration Statement, the Prospectuses, any Blue-Sky Application or any application or other document executed by or on behalf of the Trust in reliance upon and in conformity with written information furnished to the Funds by or on behalf of Distributor specifically for inclusion therein.

A Fund shall not indemnify any person pursuant to this subsection 3 unless the court or other body before which the proceeding was brought has rendered a final decision on the merits that such person was not liable by reason of his willful misfeasance, bad faith or gross negligence in the performance of his duties, or his reckless disregard of his obligations and duties, under this Agreement (“disabling conduct”) or, in the absence of such a decision, a reasonable determination(based upon a review of the facts) that such person was not liable by reason of disabling conduct has been made by the vote of a majority of a quorum of trustees of the Trust who are neither “interested parties” of the Trust (as defined in the 1940 Act) nor parties to the proceeding, or by an independent legal counsel in a written opinion.

Each Fund shall advance attorneys’ fees and other expenses incurred by any person in defending any claim, demand, action or suit which is the subject of a claim for indemnification pursuant to this subsection 3, so long as: (i) such person shall undertake to repay all such advances unless it is ultimately determined that he or she is entitled to indemnification hereunder; and (ii) such person shall provide security for such undertaking, or the Fund shall be insured against losses arising by reason of any lawful advances, or a majority of a quorum of the disinterested, non-party trustees of the Trust (or an independent legal counsel in a written opinion) shall determine based on a review of readily available facts (as opposed to a full trial type inquiry) that there is reason to believe that such person ultimately will be found entitled to indemnification hereunder.

The obligations of each Fund under this subsection 3 shall be the several (and not joint or joint and several) obligation of each Fund.

4. Distributor Indemnification. Distributor will indemnify, defend and hold harmless the Trust, each Fund, the Trust’s several officers and trustees and any person who controls the Trustor any Fund within the meaning of Section 15 of the 1933 Act, from and against any losses, claims, damages or liabilities, joint or several, to which any of them may become subject under the 1933 Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings in respect hereof) arise out of, or are based upon, any breach of its representations, warranties and agreements herein, or which arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement, the Prospectuses, any Blue Sky Application or any application or other documents executed by or on behalf of the Trust or the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, which statement or omission was made in reliance upon and in conformity with information furnished in writing to the Trust or any of its several officers and trustees by or on behalf of Distributor specifically for inclusion there in, and will reimburse the Trust, each Fund, the Trust’s several officers and trustees, and any person who controls the Trust or any Fund within the meaning of Section 15 of the 1933 Act, for any legal or other expenses reasonably incurred by any of them in investigating, defending or preparing to defend any such action, proceeding or claim.

5. General Indemnity Provision. No indemnifying party shall be liable under its indemnity agreement contained in subsection 3 or 4 hereof with respect to any claim made against such indemnifying party unless the indemnified party shall have notified the indemnifying party inwriting within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of such service on any designated agent), but failure to notify the indemnifying party of any such claim shall not relieve it from any liability which it may otherwise have to the indemnified party. The indemnifying party will be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such liability, and if the indemnifying party elects to assume the defense, such defense shall be conducted by counsel chosen by it and reasonably satisfactory to the indemnified party. In the event the indemnifying party elects to assume the defense of any such suit and retain such counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by the indemnified party.

Item 17. Undertakings

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Post-Effective Amendment No. 1 to the Registration Statement on Form N-14 to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Bellingham and the State of Washington on the 24^th day of April 2026.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form N-14 has been signed by the following persons in the capacities and on the dates indicated.

EXHIBIT INDEX

March 20, 2026

Saturna Investment Trust

1300 North State Street 
Bellingham, Washington 98225-4730

Ladies and Gentlemen:

Saturna Investment Trust, a Washington trust (“SIT”), on behalf of each of its segregated Funds of assets (“series”) listed on Schedule A attached hereto (“Schedule A”),¹ has requested our opinion as to certain federal income tax consequences of each Acquiring Fund’s proposed acquisition of the Target listed on Schedule A opposite its name (each, a “corresponding Target”) pursuant to a Plan of Reorganization and Termination (“Plan”) adopted by the Board of Trustees of SIT (the “Board”).  The Plan contemplates (1) each Acquiring Fund’s acquisition of all its corresponding Target’s Assets² in exchange solely for the issuance to that Target of voting shares of beneficial interest (“shares”) in that Acquiring Fund and that Acquiring Fund’s assumption of all that Target’s Liabilities, followed by (2) that Target’s distribution of those shares pro rata to its Shareholders in complete liquidation thereof (for federal tax purposes), and (3) Target’s termination as a series of SIT and dissolution under Washington law, all on the terms and conditions set forth in the Plan (all the foregoing transactions involving each Acquiring Fund and its corresponding Target being referred to herein collectively as a “Reorganization”).

In rendering this opinion, we have examined (1) the Plan, (2) the Combined Proxy Statement and Prospectus (“Proxy/Prospectus”), regarding the Reorganizations that was furnished to the shareholders of the Targets (the “Shareholders”) and (3) other documents we have deemed necessary or appropriate for the purposes hereof (collectively, “Documents”).  We have assumed, for those purposes, the accuracy and completeness of the information contained in all the Documents.  As to various matters of fact material to this opinion, we have relied, exclusively and without verification (with your permission), on the representations and warranties made in the Plan (as contemplated in paragraph 4.3.16 thereof) (each, a “Representation”).  We have assumed that any Representation made “to the knowledge and

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belief” (or similar qualification) of any person or party is, and as of the close of business on the date hereof (“Effective Time”) will be, correct without that qualification.  We have also assumed that as to all matters for which a person or entity has represented that the person or entity is not a party to, does not have, or is not aware of any plan, intention, understanding, or agreement, there is and was no such plan, intention, understanding, or agreement.  Finally, we have assumed that the Documents and the Representations present all the material and relevant facts relating to the Reorganizations.

With respect to each Reorganization and the Funds participating therein and the Shareholders thereof, it is our opinion that, based solely on the facts set forth in the Documents and the assumptions described above and conditioned on (1) all the Representations’ being true and complete at the Effective Time and (2) the Reorganization’s being consummated in accordance with the Plan (without the waiver or modification of any terms or conditions thereof and without taking into account any amendment thereof that we have not approved), for federal income tax purposes:

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³ All section references are to the Internal Revenue Code of 1986, as amended (the “Code”).

Notwithstanding anything herein to the contrary, we express no opinion as to the effect of a Reorganization on either Fund participating therein or any Shareholder with respect to any Asset as to which any unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting.

Our opinion is based on, and is conditioned on the continued applicability of, the provisions of the Code and the Regulations, judicial decisions, and rulings and other pronouncements of the IRS in existence on the date hereof.  All the foregoing authorities are subject to change or modification that can be applied retroactively and thus also could affect the conclusions expressed herein; we assume no responsibility to update our opinion after the date hereof with respect to any such change or modification.  Our opinion represents our best judgment regarding how a court would decide the issues addressed herein and is not binding on the IRS or any court.  Moreover, our opinion does not provide any assurance that a position taken in reliance thereon will not be challenged by the IRS, and although we believe that our opinion would be sustained by a court if challenged, there can be no assurances to that effect.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement on Form N-14 of SIT (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission (the “Commission”) in connection with the Reorganizations.  Further, we hereby consent to the references to our firm and the discussion of this opinion in the Registration Statement under the Proxy/Prospectus heading “Federal Income Tax Consequences of the Reorganizations.”  In giving this consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement within the meaning of the term “expert” as used

in Section 11 of the Securities Act of 1933, as amended (the “Securities Act”) or the rules and regulations promulgated thereunder by the Commission, nor do we admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder.

Very truly yours, /s/ K&L Gates LLP