SECURITIES AND EXCHANGE COMMISSION 						    WASHINGTON, DC 20549

# FORM N-CSR/A

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED 						    MANAGEMENT INVESTMENT COMPANIES**

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

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

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

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

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

Date of fiscal year end: November 30, 2009 						    Date of reporting period: November 30, 2009

 

**Item 1. Report To Stockholders.**

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# 

# Sextant Mutual Funds

Annual Report

November 30, 2009

### **Performance Summary (as of December 31, 2009): (unaudited)**

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

| **Average Annual Returns vs. Category Average Returns**     | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 6.43%      | 4.68%      | 3.83%      | 4.52%       | 1.60%                   |
| Morningstar Category                                        | 9.30%      | 3.47%      | 3.28%      | 4.14%       | N/A                     |
| % Rank (category size)                                      | 67 (432)   | 30 (384)   | 41 (318)   | 39 (168)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 9.52%      | 4.64%      | 3.59%      | 5.80%       | 1.45%                   |
| Morningstar Category                                        | 13.97%     | 4.45%      | 3.84%      | 5.53%       | N/A                     |
| % Rank (category size)                                      | 73 (1123)  | 60 (978)   | 67 (866)   | 41 (496)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | 19.60%     | N/A        | N/A        | N/A         | 1.54%                   |
| Morningstar Category                                        | 24.13%     | -1.97%     | 1.98%      | 2.33%       | N/A                     |
| % Rank (category size)                                      | 79 (1177)  | N/A        | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth Category**                |
| Fund Return                                                 | 22.38%     | -2.90%     | 3.28%      | 2.82%       | 1.25%                   |
| Morningstar Category                                        | 35.68%     | -2.89%     | 1.21%      | -2.11%      | N/A                     |
| % Rank (category size)                                      | 93 (1796)  | 49 (1548)  | 16 (1276)  | 5 (698)     | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | 23.49%     | 1.71%      | 8.43%      | 4.85%       | 1.43%                   |
| Morningstar Category                                        | 31.24%     | -6.15%     | 3.58%      | 0.62%       | N/A                     |
| % Rank (category size)                                      | 85 (823)   | 1 (635)    | 5 (462)    | 7 (249)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.****Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll free (800) SATURNA or visiting www.saturna.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of a 2% redemption fee on shares held less than 90 days. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.*

***Please consider an investment's objective, risks, charges, and expenses carefully before investing. To obtain a free prospectus that contains this and other important information, please call toll-free (800) SATURNA or visit www.sextantmutualfunds.com. Please read the prospectus carefully before investing.***

*¹By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 27, 2009, incorporates results from the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds' most recent fiscal period (shown on page 4). Average annual total returns include changes in principal value, reinvested dividends and capital gain distributions, if any.*

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

*†Morningstar 12/31/2009. Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar database. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the 12 months ended December 31, 2009. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.) Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.*

*Sextant Short-Term Bond was 290th of 432 Short-Term Bond funds in the last year, 117th of 384 funds in the last 3 years, 131st of 318 funds in the last 5 years and 66th of 168 funds in the last 10 years. Sextant Bond Income was 819th of 1123 Intermediate-Term Bond funds in the last year, 591st of 978 funds in the last 3 years, 584th of 866 funds in the last 5 years and 205th of 496 funds in the last 10 years. Sextant Core was 934th of 1177 Moderate Allocation funds in the last year. Sextant Growth was 1673rd of 1796 Large Growth funds in the last year, 752nd of 1548 funds in the last 3 years, 196th of 1276 funds in the last 5 years and 35th of 698 funds in the last 10 years. Sextant International was 705th of 823 Foreign Large Blend funds in the last year, 2nd of 635 funds in the last 3 years, 24th of 462 funds in the last 5 years and 18th of 249 funds in the last 10 years.*

 

*2 | November 30, 2009 Annual Report*

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## *Fellow Shareowners:*

In the recovery that characterized the market since its March 9 low, all funds in the Sextant series appreciated significantly. During the fiscal year ended November 30, 2009 Sextant Growth gained 18.98%, Sextant International gained 24.22% and Sextant Core, which contains both stocks and fixed-income instruments, increased by 21.81%. The Short-Term Bond Fund posted a gain of 8.87%, setting an all-time record for the Fund's fiscal year-end annual returns. The Bond Income Fund's gain of 16.33% is also notable as it was the highest fiscal year-end annual return since 1995. 

Total assets for the five funds increased an impressive 201% for the fiscal year. The bulk of this growth was achieved by Sextant International Fund, which grew from $21.5 million to $95.9 million. In December, assets of the Sextant International Fund surpassed $100 million mark. Sextant Growth also experienced a noteworthy increase in net assets of 77%, from $12.1 million to $21.5 million.

**The End of a Trying Decade**

As long-term investors, we stress the importance of measuring performance over multiple years. This, of course, will reveal how well a fund performs during both good times and bad. The end of a decade on December 31 provided an opportune time to review our Funds' performance over the prior ten years. 

Americans faced two recessions during this period, with the most recent being the deepest of the post-war era. Although the market in general rebounded substantially from its sharp decline that began in 2008 and continued through the beginning of 2009, there is great deal of distance to cover before many investor portfolios are "above water." The 10-year annualized returns for the S&P 500 and NASDAQ Composite indices, for example, were -0.95% and -5.08% respectively. Fortunately for longer-term Sextant investors, a retrospective of the decade highlights a much more positive narrative, as all four of the Sextant Funds in existence at the beginning of the decade achieved positive annualized returns for the 10-year period: Sextant Growth returned 2.82%, Sextant International returned 4.85%, Sextant Short-Term Bond returned 4.52% and Sextant Bond Income returned 5.80%.

**Going Forward**

Fueled by free money, 2010 will be a year of rising asset prices. Central governments worldwide are in no hurry to wean themselves from expansionary stimulus policies. Economic activity is flatlining, with additional decline unlikely, despite the drastic reduction in consumer spending. Unemployment will continue to rise and, although core inflation is non-existent, U.S. federal government spending will eventually increase inflationary pressure. This creates a positive climate for the world's equity markets. The outlook for bond markets will depend to a greater extent on how quickly and drastically governments withdraw fiscal and monetary stimulus. At this time, we expect a slow and incremental transition to higher interest rates.

Going forward, we will continue to invest in solid companies with the strong business advantages and balance sheets needed to navigate these trying times. The Sextant Fund series continues to offer investors a broad mix of investment vehicles — growth equities, international exposure, a blended portfolio, and both short-term and long-term fixed income options. This array of portfolios serves our investors in both bull and bear markets by continuing to provide steady, long-term growth with a focus on preservation of capital. Please review the following pages for more in-depth discussion of each Fund's financial year.

Respectfully,

(graphics omitted)

**Nicholas Kaiser, President**(Manager — Sextant Growth, Sextant International) 

**Phelps McIlvaine, Vice President**(Manager — Sextant Short-Term Bond, Sextant Bond Income)

**Peter Nielsen, Senior Analyst**(Manager — Sextant Core)

January 15, 2009

*November 30, 2009 Annual Report | 3*

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### Performance Review (as of November 30, 2009): (unaudited)

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

| **Average Annual Returns vs. Category Average Returns**     | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 8.87%      | 4.96%      | 4.04%      | 4.62%       | 1.60%                   |
| Morningstar Category                                        | 11.11%     | 3.58%      | 3.39%      | 4.22%       | N/A                     |
| % Rank (category size)                                      | 64 (418)   | 29 (377)   | 37 (313)   | 36 (164)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 16.33%     | 4.99%      | 4.23%      | 5.92%       | 1.45%                   |
| Morningstar Category                                        | 18.84%     | 4.58%      | 4.20%      | 5.58%       | N/A                     |
| % Rank (category size)                                      | 58 (1120)  | 56 (970)   | 61 (854)   | 37 (485)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | 21.81%     | N/A        | N/A        | N/A         | 1.54%                   |
| Morningstar Category                                        | 26.14%     | -2.18%     | 2.20%      | 2.58%       | N/A                     |
| % Rank (category size)                                      | 77 (1183)  | N/A        | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth Category**                |
| Fund Return                                                 | 18.98%     | -4.16%     | 3.20%      | 3.48%       | 1.25%                   |
| Morningstar Category                                        | 34.04%     | -3.89%     | 1.25%      | -1.33%      | N/A                     |
| % Rank (category size)                                      | 95 (1815)  | 55 (1537)  | 17 (1273)  | 6 (674)     | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | 24.22%     | 2.17%      | 9.29%      | 6.50%       | 1.43%                   |
| Morningstar Category                                        | 38.30%     | -5.68%     | 4.12%      | 1.62%       | N/A                     |
| % Rank (category size)                                      | 98 (817)   | 1 (612)    | 4 (462)    | 7 (245)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance and is no guarantee of future results. Results are shown for 12 months ending November 30, 2009 ("1 Year" column above) because the Sextant Funds' performance fees are based on the same period. Results are shown for other fiscal periods by regulation.***

*¹By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus dated March 27, 2009, incorporating results from the 2008 fiscal year, and differ from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

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

*†Morningstar 11/30/2009. Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar database. The 1 Year Rank shows how each Fund ranks in its Morningstar peer category for the year ended November 30, 2009.*

*Sextant Short-Term Bond was 269th of 418 Short-Term Bond funds in the last year, 108th of 377 funds in the last 3 years, 115th of 313 funds in the last 5 years and 60th of 164 funds in the last 10 years. Sextant Bond Income was 654th of 1120 Intermediate-Term Bond funds in the last year, 546th of 970 funds in the last 3 years, 525th of 854 funds in the last 5 years and 179th of 485 funds in the last 10 years. Sextant Core was 910th of 1183 Moderate Allocation funds in the last year. Sextant Growth was 1739th of 1815 Large Growth funds in the last year, 847th of 1537 funds in the last 3 years, 209th of 1273 funds in the last 5 years and 37th of 674 funds in the last 10 years. Sextant International was 801st of 817 Foreign Large Blend funds in the last year, 1st of 612 funds in the last 3 years, 18th of 462 funds in the last 5 years and 18th of 245 funds in the last 10 years.*

*4 | November 30, 2009 Annual Report*

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### *Sextant Short-Term Bond Fund*

***Performance Summary (unaudited)***

| **Average Annual Returns as of November 30, 2009** |
|----------------------------------------------------|
|                                                    | **1 Year** | **5 Years** | **10 Years** | **Expense Ratio¹** |
| Sextant Short-Term Bond Fund                       | 8.87% | 4.04% | 4.62% | 1.60% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years    | 5.87% | 4.53% | 4.98% | N/A |

**Growth of $10,000**

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | *Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1999 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $15,705 versus $16,267 in the index.* |
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| ***Past performance does not guarantee future results.****The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Short-Term Bond Fund are capital preservation and current income.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**U.S. Treasury Note 1.50% due 12/31/20138.5%U.S. Treasury Note 4.00% due 4/15/20105.0%Rhode Island Econ. Dev. Corp. 4.52% due 5/15/20134.5%Rio Tinto Finance 8.95% due 5/17/20144.4%Manhattan Kansas 3.276% due 12/01/20134.4%Bank of New York Mellon 6.375% due 4/01/20124.3%Roche Holdings 4.50% due 3/1/20123.9%Florida Power & Light 5.625% due 9/1/20113.7%International Business Machines 5.05% due 10/22/20123.7%AstraZeneca 5.40% due 9/15/20123.4%
*November 30, 2009 Annual Report | 5*
*Sextant Short-Term Bond Fund*
***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2009**

For the fiscal year ended November 30, 2009, the Sextant Short-Term Bond Fund returned 8.87%, a record for fiscal year end annual returns. The Fund's Morningstar Category "Short Term Bond" peer group returned 11.11% during the same period. Reflecting the year's recovery, the Fund's share price rose from $4.84 to $5.10 — a maximum variation of 5%. For the five years ending November 30, 2009, the Fund provided 4.04% annualized total return; for the ten years ending November 30, 2009 the Fund provided a 4.62% annualized total return. Fund shares outstanding rose 27%. Fund assets rose 34%. The Fund's net expense ratio remained at 0.75%, reflecting Saturna Capital's voluntary actions to cap total expenses.

**Factors Affecting Past Performance**

U.S. Federal Reserve's extraordinary qualitative and quantitative easing policies are responsible for the move to hyper-low rates and rising short-term bond prices. In addition, much of the short-term credit market has returned to normal, along with underwriting, liquidity, and credit spreads. 

Hyper-low short-term interest rates and surging investor confidence created a flight to high-grade income. For the fiscal year ended November 30th, short-term U.S. Treasury notes appreciated 2%. U.S. Treasury Inflation Protected Securities (TIPS) returned a cautionary 18%. Short-term investment-grade corporate bonds rose nearly 6%. Returns on all corporate bonds (regardless of maturity) recovered an impressive 27%. Lower quality issues (BBB) with longer maturities rebounded an astounding 47%. Fund duration, significant commitment to corporate securities and modest investment in U.S. Treasury notes helped returns.

New issue underwriting, especially in the new asset class of Build America Bonds ("BABS"), was and is thriving. Initially, these bonds were not well understood and were underpriced. The Fund took advantage of this opportunity and invested in several of the taxable municipal bonds. Please note the "Municipal Bonds" section of the Schedule of Investments on page 7. In general, investment grade bond prices recovered their 2008 losses. What arrived as a crisis departed as a buying opportunity — at least for high-grade securities.

**Looking Forward**

We expect global de-leveraging to continue and default rates to subside. As the world economy recovers and emerging capital markets mature, we expect the U.S. and U.S. corporate borrowers to pay relatively stiffer terms as lenders seek more stable currencies and more vibrant economies to deploy capital. We expect short-term rates to rise modestly. However, global deflationary pressures may mute the overall impact on nominal U.S. rates. So far, Asia can still save and is willing to invest much of the money the U.S. wants to spend. 

An economic recovery and the subsequent withdrawal of the fiscal and monetary stimulus are key to our outlook for short-term rates. Current stimulus policies are damaging U.S. creditworthiness and are weakening the U.S. dollar. These policies will be withdrawn at some point. While post-stimulus equilibrium rates will undoubtedly be higher, the transition to those higher rates may be slow and may not lead to a rapid decline in short-term bond prices. 

We will continue to selectively acquire new issues while remaining vigilant for issuer credit impairment. We may passively shorten the Fund's dollar-weighted average maturity as monetary policy is firmed and short-term rates revert to more normal levels. We look forward to new opportunities to invest in creditworthy assets at discounted values.

**Management Fee Calculations**

The Sextant Short-Term Bond Fund calculates part of its management fee based on a comparison of the Fund's return to the average return of the Morningstar™ category Short Term Bond. The Fund's 12-month return (8.87%) was more than two percent below the Morningstar™ average (11.11%) at month-end November 30, 2009. Therefore, the basic annual management fee of 0.60% was decreased to 0.40% annually for the month of December 2009. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (at 0.75%) on total Fund expenses.
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2009.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*
*6 | November 30, 2009 Annual Report*
*Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Computers**International Business Machines5.05% due 10/22/2012$135,000$148,722 3.7% **Diversified Financial Services**General Electric Capital5.25% due 10/19/2012100,000107,874 2.6% **Energy**ConocoPhillips8.75% due 5/25/2010100,000104,056 2.6%Halliburton 5.50% due 10/15/2010 132,000137,849 3.4%Marathon Oil 6.00% due 7/1/2012120,000 130,736 3.2%352,000372,641 9.2% **Finance**Bank of New York Mellon6.375% due 4/01/2012160,000175,770 4.3%Berkshire Hathaway Financial4.75% due 5/15/2012100,000107,990 2.7%HSBC Finance 6.375% due 10/15/2011100,000107,019 2.6%International Lease Finance (AIG)5.00% due 4/15/2010125,000 123,342 3.0%485,000514,121 12.6% **Food Production**Fortune Brands5.125% due 1/15/2011120,000124,230 3.1% **Machinery**Dover 6.50% due 2/15/2011100,000106,314 2.6% **Medical**AstraZeneca 5.40% due 9/15/2012125,000138,770 3.4%Genentech 4.40% due 7/15/2010100,000102,325 2.5%Roche Holdings4.50% due 3/1/2012150,000159,360 3.9%375,000400,455 9.8% **Metal Ores**Rio Tinto Finance8.95% due 5/1/2014150,000180,377 4.4% **Municipal Bonds**Commerce Charter Township MI5.50% due 12/01/2013125,000132,901 3.3%Manhattan KS3.276% due 12/01/2013180,000179,973 4.4%Passaic NJ Taxable Pension GO5.00% due 2/01/2013100,000103,980 2.5%405,000416,854 10.2% **Real Estate**Rhode Island Econ. Dev. Corp.4.52% due 5/15/2013175,000181,442 4.5% **Retail**TJX Companies 7.45% due 12/15/200995,00095,149 2.3% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 7*
*Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Schools**Dawson Springs KY ISD Bldg.3.60% due 8/01/2013$95,000$96,491 2.4%Southwestern MI Comm. College4.875% due 5/15/2015125,000130,702 3.2%220,000227,193 5.6% **Telecommunications**Verizon New England4.75% due 10/1/2013129,000136,976 3.4% **U.S. Government**U.S. Treasury Note1.50% due 12/31/2013350,000348,469 8.5%U.S. Treasury Note4.00% due 4/15/2010200,000202,852 5.0%550,000551,321 13.5% **U.S. Government Agency**Federal National Mortgage Assc.5.00% due 2/23/2010120,000121,263 3.0% **Utilities**Florida Power & Light5.625% due 9/1/2011140,000150,490 3.7%Scottish Power4.91% due 3/15/2010100,000101,191 2.5%240,000251,681 6.2% Total investments (Cost = $3,813,293)$3,751,0003,936,613 96.7%Other assets (net of liabilities) 133,437 3.3%**Total net assets****$4,070,050****100.0%**
*(The accompanying notes are an integral part of these financial statements.)*

*8 | November 30, 2009 Annual Report*
Sextant Short-Term Bond Fund***Statement of Assets and Liabilities****As of November 30, 2009* **Assets**  Investments in securities, at value (Cost $3,813,293)$3,936,613   Cash465,013   Receivable for security sales163,500  Interest receivable41,656   Receivable for Fund shares sold987     Total assets4,607,769 **Liabilities**  Payable for securities purchased530,433   Payable for Fund shares redeemed5,081   Accrued distribution fee827   Other liabilities747   Payable to affiliates542   Distribution payable89     Total liabilities537,719 **Net Assets****$4,070,050** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$3,977,472  Unrealized net appreciation on investments123,320   Accumulated net realized loss(32,116)  Undistributed net investment income1,374**Net assets applicable to Fund shares outstanding****$4,070,050** **Fund shares outstanding****798,358** **Net asset value, offering and redemption price per share****$5.10*****Statement of Operations****Year ended Nov. 30, 2009* **Investment income**  Interest income$142,768    Gross investment income142,768 **Expenses**  Investment adviser fees26,132   Distribution fees8,910   Filing and registration fees8,477   Audit fees2,681   Trustee fees1,965   Other expenses1,773   Chief Compliance Officer expenses1,566   Printing and postage1,046   Legal fees401  Custodian fees177     Total gross expenses53,128   Less adviser fees waived(26,185)  Less custodian fee credits(177)    Net expenses26,766 **Net investment income****$116,002**  **Net realized gain (loss) on investments**  Proceeds from sales$906,350   Less cost of securities sold (based on identified cost)897,248     Net realized gain on investments9,102 **Net change in unrealized appreciation (depreciation) on investments**  End of year123,320   Beginning of year(51,811)    Net increase in unrealized appreciation175,131 **Net gain on investments****184,233** **Net increase in net assets resulting from operations****$300,235**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 9*
*Sextant Short-Term Bond Fund***Statements of Changes in Net Assets***Year ended Nov. 30, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$116,002 $114,036   Net realized gain (loss) on investments9,102 (10,255)  Net increase (decrease) in unrealized appreciation175,131 (91,717)    Net increase (decrease) in net assets300,235 12,064 **Distributions to shareholders from**  Net investment income(116,035)(114,369)**Capital share transactions**  Proceeds from sales of shares1,214,201 1,130,516   Value of shares issued in reinvestment of dividends114,586 111,024   Early redemption fees retained29 79   Cost of shares redeemed(467,092)(1,110,549)    Net increase in net assets 861,724 131,070 **Total increase (decrease) in net assets****1,045,924****28,765** **Net assets**Beginning of year3,024,126 2,995,361 End of year$4,070,050$3,024,126  Undistributed net investment income$1,374$1,407 **Shares of the Fund sold and redeemed**  Number of shares sold244,366 228,825   Number of shares issued in reinvestment of dividends22,951 22,429   Number of shares redeemed(94,184)(226,241)**Net increase in number of shares outstanding****173,133****25,013*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2009****2008****2007****2006****2005****Net asset value at beginning of year****$4.84****$4.99****$4.90****$4.85****$4.97****Income from investment operations**  Net investment income0.16 0.18 0.17 0.16 0.17   Net gain (loss) on securities (both realized and unrealized)0.26 (0.15)0.09 0.05 (0.12)**Total from investment operations****0.42****0.03****0.26****0.21****0.05****Less distributions**  Dividends (from net investment income)(0.16)(0.18)(0.17)(0.16)(0.17)**Total distributions****(0.16)****(0.18)****(0.17)****(0.16)****(0.17)**  Paid-in capital from early redemption fees¹0.00² 0.00² 0.00²0.00²0.00²  **Net asset value at end of year****$5.10****$4.84****$4.99****$4.90****$4.85** **Total return****8.87%****0.66%****5.51%****4.41%****0.96%** **Ratios / supplemental data**Net assets ($000), end of year$4,070 $3,024 $2,995 $2,937 $2,557 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits1.49%1.60%1.58%1.39%1.23%  After fee waivers and custodian fee credits0.75%0.75%0.75%0.57%0.59%Ratio of net investment income after fee waivers and custodian fee credits to average net assets3.26%3.70%3.54%3.41%3.35%**Portfolio turnover rate****28%****22%****28%****41%****33%***¹Early redemption fee adopted March 29, 2005**²Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*10 | November 30, 2009 Annual Report*
*Sextant Bond Income Fund*
***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Bond Income Fund                                  16.33%                                                                  4.23%                                                                  5.92%                                1.45%Citigroup Broad Investment Grade Bond Index                                  10.58%                                                                  5.79%                                                                  6.60%                                N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1999 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $17,765 versus $18,961 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 27, 2009, incorporating results for the for the fiscal year ending November 30, 2008 and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the Bond Income Fund is current income.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**Oklahoma City Fin Auth Ed Lease Rev 6.60% due 9/1/20224.5%Goldman Sachs 5.95% due 1/15/20274.4%ConocoPhillips 6.00% due 1/15/20204.3%Federal Home Loan Bank 5.375% due 9/9/20164.3%City of Burlington Taxable GO 2009 Series B 5.75% due 11/1/20284.1%Cingular Wireless (AT&T) 7.125% due 12/15/20314.1%Federal Farm Credit Bank 4.50% due 1/5/20184.0%Milan Co. MI Area Schools 6.45% due 5/1/20243.9%Graves Co. KY SCD Bldg. Lease Rev. 5.95% due 6/01/20243.9%Dupage Co. II CCD #502 5.50% due 1/1/20263.9%
*November 30, 2009 Annual Report | 11*
*Sextant Bond Income Fund*
***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2009**

For the fiscal year ended November 30, 2009, the Sextant Bond Income Fund returned 16.33%, the highest fiscal-year annual return since 1995. This annual return compared modestly with that of its Morningstar Category "Intermediate Term Bond" peer group, which returned 18.72% during the same period. Reflecting the year's bond market recovery, the share price moved from $4.46 to $4.96. Volatility is indicated by a maximum price variation of 11.2% during the year. For the five years ended November 30, 2009, the Fund provided a 4.23% annualized total return; for the ten years ended November 30, 2009, the Fund provided a 5.92% annualized total return. During the same period, Fund shares outstanding rose 7%, and total net assets rose 19.5%. The Fund's net expense ratio remained at 0.90%, reflecting Saturna Capital's voluntary actions to cap total expenses.

**Factors Affecting Past Performance**

The collapse of the U.S. economy and the extraordinary fiscal and monetary policy response by U.S. government institutions were the dominant forces affecting fund returns. Short-term rates were driven down by near-zero overnight Federal Funds rates. Long interest rates were pushed temporarily lower using quantitative easing policies. As a result, long rates exceed short rates by an unprecedented degree. Underwriting activity, secondary market liquidity, and credit spreads have returned to normal. Pointedly, the number of bond dealers continued to decline.

For the fiscal year ended November 30th, long-term U.S. Treasury bonds appreciated only 1%. U.S. Treasury Inflation Protected Securities ("TIPS") returned a cautionary 18%. Long-term investment-grade corporate bonds returned almost 38%. Low quality issues (BB) rebounded even more, returning just over 41%. The Fund's modest investment in U.S. Treasury securities helped returns. The Fund's intermediate to long dollar weighted average maturity limited returns.

New issue underwriting, especially in the new asset class of Build America Bonds ("BABS"), was and is thriving. Initially, these bonds were not well understood and were underpriced. The Fund took advantage of this opportunity and invested in several of the taxable municipal bonds. Please note the "Municipal" sections of the Schedule of Investments on page 14. In general, investment grade bond prices recovered their 2008 losses. What arrived as a crisis, departed as a buying opportunity — at least for high-grade securities.

**Looking Forward**

We expect global de-leveraging to continue and default rates to subside. As the world economy recovers and emerging capital markets mature, we expect the U.S. and U.S. corporate borrowers to pay relatively stiffer terms as lenders seek more stable currencies and more vibrant economies to deploy capital. We expect long-term rates to rise modestly. However, global deflationary pressures may mute the overall impact on nominal U.S. rates. So far, Asia can still save and is willing to invest much of the money the U.S. wants to spend. 

An economic recovery and the subsequent withdrawal of the fiscal and monetary stimulus are key to our outlook for long-term rates. Current stimulus policies are damaging U.S. creditworthiness and are weakening the U.S. dollar. These policies will be withdrawn at some point. While post-stimulus equilibrium rates will undoubtedly be higher, the transition to those higher rates may be slow and may not lead to a rapid decline in long-term bond prices. 

We will continue to selectively acquire new issues while remaining vigilant for issuer credit impairment. We may passively shorten the Fund's dollar-weighted average maturity as monetary policy is firmed and long-term rates revert to more normal levels. However, the potential for a significant increase in long rates remains a real, if remote, possibility. We look forward to new opportunities to invest in creditworthy assets at discounted values.

**Management Fee Calculations**

The Sextant Bond Income Fund calculates its management fee based on a comparison of the Fund's return to the return of Morningstar's™ "Intermediate-Term Bond" category. The Fund's 12-month return (16.33%) was more than two percent percent below the Morningstar™ average (18.72%) at month-end November 30, 2009. Therefore, the basic annual management fee of 0.60% was decreased to 0.40% annually for the month of December 2009. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (at 0.90%) on total Fund expenses.
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2009.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*
*12 | November 30, 2009 Annual Report*
*Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Agriculture**Archer Daniels Midland7.00% due 2/1/2031$100,000 $115,178 2.9% **Automotive**AutoZone5.50% due 11/15/201595,000 103,435 2.6% **Banking**CitiCorp7.25% due 10/15/201150,000 52,840 1.3%Comerica Bank7.125% due 12/1/201350,000 50,082 1.3%100,000 102,922 2.6% **Building**Lowe's Companies8.25% due 6/1/201050,000 51,949 1.3%Masco7.125% due 8/15/201360,000 62,611 1.6%110,000 114,560 2.9% **Chemicals**Air Products & Chemicals8.75% due 4/15/202150,000 66,881 1.7% **Electronics**Phillips Electronics7.25% due 8/15/201375,000 86,346 2.2% **Energy**Baker Hughes6.875% due 1/15/2029100,000 116,131 2.9%ConocoPhillips6.00% due 1/15/2020150,000 168,498 4.3%250,000 284,629 7.2% **Finance**Goldman Sachs5.95% due 1/15/2027180,000 173,809 4.4%Morgan Stanley Dean Witter6.75% due 10/15/201350,000 55,570 1.4%Paine Webber Group7.625% due 2/15/201450,000 56,323 1.4%280,000 285,702 7.2% **Food Production**ConAgra7.875% due 9/15/20104,000 4,208 0.1%Hershey Foods6.95% due 8/15/201250,000 56,648 1.4%H.J. Heinz6.00% due 3/15/201275,000 81,456 2.1%129,000 142,312 3.6% **Insurance**Allstate7.50% due 6/15/201350,000 57,506 1.5%Progressive7.00% due 10/1/201375,000 83,007 2.1%Travelers Companies5.50% due 12/1/2015125,000 139,769 3.5%250,000 280,282 7.1% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 13*
*Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Machinery**Caterpillar9.375% due 8/15/2011$40,000 $44,527 1.1%Deere & Co.8.10% due 5/15/2030 95,000 125,380 3.2%135,000 169,907 4.3% **Medical**Pharmacia6.50% due 12/1/2018100,000 116,267 2.9% **Metal Ores**BHP Finance U.S.A.5.25% due 12/15/2015125,000 138,475 3.5% **Municipal General Obligation**City of Burlington Taxable GO 2009 Series B5.75% due 11/1/2028160,000 163,523 4.1%Dupage Co. II CCD #5025.50% due 1/1/2026150,000 151,230 3.9%Milan Co. MI Area Schools6.45% due 5/1/2024150,000 154,749 3.9%460,000 469,502 11.9% **Municipal Revenue**Graves Co. KY SCD Bldg. Lease Rev.5.95% due 6/01/2024150,000 151,474 3.9%Oklahoma City Fin. Auth. Ed. Lease Rev.6.60% due 9/1/2022160,000 178,762 4.5%310,000 330,236 8.4% **Retail**Dayton Hudson (Target Stores)10.00% due 1/1/201150,000 53,381 1.4%Wal-Mart Stores7.25% due 6/1/201345,000 53,182 1.3%95,000 106,563 2.7% **Telecommunications**Cingular Wireless (AT&T)7.125% due 12/15/2031140,000 160,991 4.1% **Transportation**Southwest Airlines6.50% due 3/1/201275,000 79,187 2.0% **U.S. Government Agency**Federal Farm Credit Bank4.50% due 1/5/2018150,000 159,244 4.0%Federal Home Loan Bank5.375% due 9/9/2016150,000 168,104 4.3%300,000 327,348 8.3% **Utilities**Commonwealth Edison7.50% due 7/1/201350,000 56,658 1.4%Florida Power & Light5.95% due 10/1/2033100,000 109,446 2.8%Sempra Energy7.95% due 3/1/201050,000 50,884 1.3%200,000 216,988 5.5% Total investments (Cost = $3,504,962)$3,379,000 3,697,711 93.6%Other assets (net of liabilities) 253,563 6.4%**Total net assets****$3,951,274****100.0%**
*(The accompanying notes are an integral part of these financial statements.)*

*14 | November 30, 2009 Annual Report*
*Sextant Bond Income Fund****Statement of Assets and Liabilities****As of November 30, 2009* **Assets**  Investments in securities, at value (Cost $3,504,962)$3,697,711   Cash191,575   Interest receivable70,888   Receivable for Fund shares sold756   Due from affiliates662   Insurance reserve premium400     Total assets3,961,992 **Liabilities**  Accrued expenses6,619   Payable for Fund shares redeemed3,136   Accrued distribution fee800   Distributions payable163     Total liabilities10,718 **Net assets****$3,951,274** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$3,841,344   Unrealized net appreciation on investments192,749   Accumulated net realized loss(82,819)**Net assets applicable to Fund shares outstanding****$3,951,274** **Fund shares outstanding****797,429** **Net asset value, offering and redemption price per share****$4.96****Statement of Operations***Year ended Nov. 30, 2009* **Investment income**  Interest income$191,268    Gross investment income191,268 **Expenses**  Investment adviser fees26,565   Filing and registration fees11,397   Distribution fees8,930   Audit fees6,461   Trustee fees1,982   Insurance1,669   Printing and postage1,432   Chief Compliance Officer expenses1,300   Legal fees505   Other expenses330   Custodian fees177     Total gross expenses60,748   Less adviser fees waived(28,633)  Less custodian fee credits(177)    Net expenses31,938 **Net investment income****$159,330**  **Net realized gain (loss) on investments**  Proceeds from sales$1,219,844   Less cost of securities sold (based on identified cost)1,240,311     Net realized loss on investments(20,467)**Net change in unrealized appreciation (depreciation) on investments**  End of year192,749   Beginning of year(208,137)    Net increase in unrealized appreciation400,886 **Net gain on investments****380,419** **Net increase in net assets resulting from operations****$539,749**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 15*
*Sextant Bond Income Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$159,330 $160,044   Net realized gain (loss) on investments(20,467)(29,521)  Net increase (decrease) in unrealized appreciation400,886 (299,454)    Net increase (decrease) in net assets539,749 (168,931)**Distributions to shareholders from**    Net investment income(160,437)(160,044)**Capital share transactions**  Proceeds from sales of shares406,223 355,383   Value of shares issued in reinvestment of dividends158,456 154,961   Early redemption fees retained- 14   Cost of shares redeemed(298,840)(287,423)    Net increase in net assets265,839 222,935 **Total increase (decrease) in net assets****645,151****(106,040)** **Net assets**Beginning of year3,306,123 3,412,163 End of year$3,951,274 $3,306,123  **Shares of the Fund sold and redeemed**  Number of shares sold86,317 77,146   Number of shares issued in reinvestment of dividends33,500 32,872   Number of shares redeemed(64,168)(63,078)**Net increase in number of shares outstanding****55,649****46,940*****Financial Highlights****For year ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2009****2008****2007****2006****2005****Net asset value at beginning of year****$4.46****$4.91****$4.92****$4.92****$5.06****Income from investment operations**  Net investment income 0.210.220.220.220.21  Net gain (loss) on securities (both realized and unrealized) 0.50(0.45)(0.01)0.00²(0.14)**Total from investment operations****0.71****(0.23)****0.21****0.22****0.07****Less distributions**  Dividends (from net investment income)(0.21)(0.22)(0.22)(0.22)(0.21)**Total distributions****(0.21)****(0.22)****(0.22)****(0.22)****(0.21)**  Paid-in capital from early redemption fees¹- 0.00² 0.00² 0.00² 0.00²  **Net asset value at end of year****$4.96****$4.46****$4.91****$4.92****$4.92** **Total return****16.33%****(4.80)%****4.53%****4.73%****1.40%** **Ratios / supplemental data**Net assets ($000), end of year$3,951 $3,306 $3,412 $3,384 $3,050 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits1.70%1.45%1.38%1.27%0.97%  After fee waivers and custodian fee credits0.89%0.91%0.90%0.90%0.94%Ratio of net investment income after fee waivers and custodian fee credits to average net assets4.46%4.68%4.64%4.64%4.26%**Portfolio turnover rate****38%****9%****22%****36%****4%***¹Early redemption fee adopted March 29, 2005**²Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*16 | November 30, 2009 Annual Report*
*Sextant Core Fund*
***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Core Fund							21.81%														N/A														N/A							1.54%Dow Jones Moderate U.S. Portfolio Index							27.44%														4.18%														4.83%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2007 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $10,072 versus $9,715 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 27, 2009, incorporating results for the for the fiscal year ending November 30, 2008 and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

**Fund Objective**

The objectives of the Core Fund are long-term appreciation and capital preservation. It began operations March 30, 2007.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**U.S. Treasury Bond 8.125% due 8/15/20215.2%Genentech 4.40% due 7/15/20103.7%U.S. Treasury Bond 5.5% due 8/15/20282.8%Emerson Electric 5.375% due 10/15/20172.6%E.I. du Pont de Nemours 5.25% due 12/15/20162.6%Verizon New England 6.50% due 9/15/2011 2.6%Bellsouth 4.75% due 11/15/20122.6%Home Depot 5.40% due 3/1/20162.6%Xerox 7.625% due 6/15/20132.5%Berkley WR 5.875% due 2/15/20132.4%
*November 30, 2009 Annual Report | 17*
*Sextant Core Fund*
***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2009**

Our fiscal year began December 1, 2008 following what looked like a market bottom earlier in November. However, the following four months  culminated in a market low on March 9, 2009. Then, boosted with almost free money, the equity and credit markets recovered remarkably with the S&P 500 Index gaining 62% to November 30, 2009. 

Looking at the Sextant Core Fund's performance for the year ended November 30, 2009, total annual returns were 21.81% as compared with 26.18% for Morningstar's Moderate Allocation category. However, in the previous year the Fund's conservative posture allowed it to outperform this same benchmark by 4.6%. This reflected the conservative nature of the portfolio in an environment rewarding those investors who took risk. The Fund's holdings continue to reflect a focus on capital preservation with new positions such as H.J. Heinz, Total, and Williams Companies, having strong track records of earnings growth and returning cash flow to investors. The Fund also added to existing positions with firms having similar attributes. Clear growth opportunities have also been a focus with new positions, Express Scripts and Devon Energy among them. However, it is our conservative focus that we highlight, while continuing to manage the fund with an eye to balancing capital appreciation and capital preservation. On the fixed income side, the Fund took profits in a Treasury position in January 2009 at a time when Treasury yields were at historic lows. Other government Treasurys were added later in the fiscal year to increase portfolio duration. Certain investment grade corporate bonds having maturities under 10 years were also added to the Fund's holdings. Given the weight of these instruments within the fixed income portfolio, the previously mentioned decrease in credit spreads relative to treasury yields also benefited investors in fiscal 2009. 

**Strategy**

The investment policy for the Sextant Core Fund calls for it to be invested 40% in fixed income securities (including cash) and 60% in equity securities. The Fund increased its weight in fixed income securities during the height of the credit crisis but has since brought allocations back to policy levels. The current environment is seen to have significant negative implications for bond investors with expectations that inflation will return once the economy regains its footing. With the Federal Reserve continuing its near-zero Federal Funds rate policy, the yield curve has steepened to near record levels. Consequently, expectations are that the Federal Reserve will reverse its easy money policy late in 2010. We have sought to mitigate this risk by creating a "barbell" portfolio with corporate credits in the front end of the yield curve combined with long-dated treasuries. While it does not eliminate risk to fixed income values, we feel it better positions the portfolio for the prospect of higher central bank rates.

**Looking Forward**

***Fixed Income***

We intend to maintain portfolio duration of a minimum of 4.5 years with a view to continuing our barbell strategy for this part of the portfolio. While uncertainty exists on the timing of the change in Federal Reserve monetary policy, we prepare for the eventuality. With credit spreads down near levels last seen before the financial crisis started, we are cognizant of the need to exercise discipline in choosing income-oriented assets. 

***Equities***

We continue to maintain our conservative approach to equity positions within the portfolio. With expectations that the equity markets will to continue to rise in a recovering economic environment there is a temptation to cast reservations aside and run with the crowd. However, our standard methodology of looking at opportunities in light of known risks will continue to guide our investment processes. We believe in our investment philosophy and our processes and will continue to manage investor capital as if it were our own. And to a large degree, it is: on November 30, 2009, the trustees, officers, and their affiliates as a group owned 47.9% of the Fund's shares.

**Management Fee Calculations**

The Sextant Core Fund calculates its management fee based on a comparison of the Fund's return to the return of Morningstar's™ "Moderate Allocation Funds" category. The Fund's 12-month return (21.81%) was more than four percent below the Morningstar™ category average (26.18%) at month-end November 30, 2009. Therefore, the maximum performance decrease of 0.30% was subtracted from the basic 0.60% annual management fee for the month of December 2009.
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2009.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*

*18 | November 30, 2009 Annual Report*
Sextant Core Fund
***Schedule of Investments***
**Equities — 60.0%****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Aerospace**Lockheed MartinLMT400 $38,856$30,8920.7% **Banking**Australia & New Zealand Banking Group ADSANZBY3,000 67,94260,750Australia1.5%JP Morgan ChaseJPM550 20,56323,3690.6%Nomura Holdings ADRNMR700 14,4695,026Japan0.1%PNC BankPNC60042,74834,2060.8%Toronto-Dominion BankTD 550 35,55334,672Canada0.8%181,275158,0233.8% **Building**CRH ADSCRH600 26,43915,480Ireland0.4%Lowe's CompaniesLOW900 28,51919,6290.5%54,95835,1090.9% **Chemicals**BASF ADSBASFY400 22,55024,236Germany0.6%PraxairPX700 44,34957,4211.4%RPM InternationalRPM1,000 23,11019,6000.4%90,009101,2572.4% **Computer Hardware**Taiwan Semiconductor ADSTSM4,034 34,59041,913Taiwan1.0% **Computers**Adobe Systems²ADBE1,100 45,47438,5880.9%Apple²AAPL250 28,47849,9781.2%Hewlett-PackardHPQ1,000 37,98949,0601.2%111,941137,6263.3% **Cosmetics & Toiletries**Procter & GamblePG900 58,84256,1151.3% **Diversified Operations**Honeywell InternationalHON850 42,85532,6990.8%3MMMM600 50,09246,4641.1%Tomkins ADSTKS750 15,9458,498United Kingdom0.2%108,89287,6612.1% **Energy**Arch CoalACI2,000 36,98041,7201.0%ConocoPhillipsCOP1,250 79,85564,7131.6%Devon EnergyDVN1,000 69,28867,3501.6%NobleNE1,600 69,55166,096Switzerland1.6% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 19*
Sextant Core Fund
***Schedule of Investments***
**Equities — 60.0%****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Energy (continued)**Norsk Hydro ADS²NHYD2,000 $27,226$14,100Norway0.3%StatoilHydro ADSSTO2,003 49,25949,434Norway1.2%Total ADSTOT1,100 60,83568,4091.6%Williams CompaniesWMB3,000 48,33059,6701.4%441,324431,49210.3% **Food Production**General MillsGIS1,000 57,76368,0001.6%H.J. HeinzHNZ1,000 35,73942,4501.0%PepsiCoPEP1,000 66,42362,2201.5%Unilever ADSUL1,600 51,11947,248United Kingdom1.2%211,044219,9185.3% **Hotels & Motels**Orient-Express Hotels Class A²OEH1,000 56,4508,360Bermuda0.2% **Instruments — Control**Parker HannifinPH450 25,89024,2820.6% **Insurance**ChubbCB750 39,27037,6050.9%ING Groep ADS²ING400 16,9923,800Netherlands0.1%56,26241,4051.0% **Medical**Eli LillyLLY1,000 54,70336,7300.9%Express Scripts²ESRX500 28,15042,9001.0%GlaxoSmithKline ADSGSK500 26,85920,735United Kingdom0.5%Humana²HUM1,000 37,62741,5101.0%Johnson & JohnsonJNJ700 43,18043,9881.0%MonsantoMON600 49,38748,4501.2%Novartis ADRNVS800 35,58644,480Switzerland1.1%Novo Nordisk ADSNVO400 18,09826,688Denmark0.6%Genzyme²GENZ400 22,06220,2800.5%UnitedHealth GroupUNH2,000 83,05557,3401.4%398,707383,1019.2% **Metal Ores**AlcoaAA2,000 56,06225,0400.6%Anglo American ADR²AAUKY1,119 33,77124,036South Africa0.6%BHP Billiton ADSBHP650 31,86648,945Australia1.2%Freeport-McMoRan Copper & Gold Class B²FCX200 13,32416,5600.4%135,023114,5812.8% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*20 | November 30, 2009 Annual Report*
Sextant Core Fund
***Schedule of Investments***
**Equities — 60.0%****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Paper & Paper Products**Kimberly-ClarkKMB625 $43,002$41,2311.0% **Publishing**McGraw-HillMHP1,000 58,29329,9600.7%Pearson ADSPSO3,100 46,69842,780United Kingdom1.0%104,99172,7401.7% **Shoes & Related Apparel**Nike Class BNKE900 51,64658,4011.4% **Steel**NucorNUE800 48,08533,9280.8% **Telecommunications**AT&TT2,600 78,55370,0441.7%China Mobile ADSCHL500 23,05823,435China0.6%HarrisHRS550 26,58524,1450.6%Harris Stratex Networks²HSTX136 1,5548540.0%³Telefonica ADSTEF500 37,08243,315Spain1.0%Telemex International TII1,200 25,34618,504Mexico0.4%192,178180,2974.3% **Tools**Black & DeckerBDK350 29,65421,2420.5% **Transportation**Allegiant Travel²ALGT1,000 42,01941,2301.0%Canadian National RailwayCNI800 40,23742,080Canada1.0%LAN Airlines ADSLFL3,500 48,99653,970Chile1.3%131,252137,2803.3% **Utilities**FPL GroupFPL600 36,75231,1820.8%IDACORPIDA900 30,46326,6130.6%NRG Energy²NRG1,200 29,34828,7280.7%96,56386,5232.1% **Total equities****$2,701,434****$2,503,377****60.0%****Bonds — 36.9%****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Building Products**Home Depot5.40% due 3/1/2016100,000 106,6082.6% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 21*
Sextant Core Fund
***Schedule of Investments***
**Bonds — 36.9%****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Chemicals**E.I. du Pont de Nemours5.25% due 12/15/2016$100,000 $108,6862.6% **Electronics**Emerson Electric5.375% due 10/15/2017100,000 109,6062.6% **Finance Services**Western Union5.93% due 10/1/201630,000 $33,0930.8% **Insurance**Berkley WR5.875% due 2/15/2013100,000 102,5532.4% **Medical**Genentech4.40% due 7/15/2010150,000 153,4873.7% **Office Equipment**Staples7.375% due 10/1/201290,000 99,0132.4%Xerox7.625% due 6/15/2013100,000 103,0572.5%190,000 202,0704.9% **Telecommunications**Bellsouth4.75% due 11/15/2012100,000 107,6812.6%Verizon New England6.50% due 9/15/2011 100,000 107,6822.6%200,000 215,3635.2% **Transportation**CSX6.75% due 3/15/201195,000 101,1992.4% **U.S. Government**U.S. Treasury Bond8.125% due 8/15/2021150,000 216,1415.2%U.S. Treasury Bond5.50% due 8/15/2028100,000 119,1872.8%U.S. Treasury Bond5.375% due 2/15/203160,000 70,6411.7%310,000 405,9699.7% **Total bonds****$1,375,000****$1,538,634****36.9%****Rights — 0.0%****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets**ING Groep NV342 $0$0Netherlands0.0%³Total investments  (Cost $4,181,825) 4,042,01196.9%Other assets (net of liabilities) $128,8083.1%**Total net assets****$4,170,819****100.0%**
*¹Equities are issued from U.S. Domestic companies where no Country is listed.								²Non-income producing.								³Amount is less than 0.01%*

*ADS: American Depositary Share								ADR: American Depositary Receipt*

*(The accompanying notes are an integral part of these financial statements.)*

*22 | November 30, 2009 Annual Report*
*Sextant Core Fund****Statement of Assets and Liabilities****As of November 30, 2009*  **Assets**  Investments in securities, at value (Cost $4,181,825)$4,042,011  Cash336,385   Dividends and interest receivable28,730   Receivable for Fund shares sold2,173     Total assets 4,409,299 **Liabilities**  Payable for securities purchased230,068   Accrued expenses5,119   Payable to affiliates2,440   Accrued distribution fee853     Total liabilities238,480 **Net assets****$4,170,819** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$4,448,511   Accumulated net realized loss(137,878)  Unrealized net depreciation on investments(139,814)**Net assets applicable to Fund shares outstanding****$4,170,819** **Fund shares outstanding****435,593** **Net asset value, offering and redemption price per share****$9.58*****Statement of Operations****Year ended Nov. 30, 2009* **Investment income**  Interest income$61,949  Dividend income (net of foreign tax of $3,019)53,175     Gross investment income115,124**Expenses**  Investment adviser fees29,660   Filing and registration fees11,251   Distribution fees8,607   Audit fees5,083   Other expenses2,063   Printing and postage1,825   Chief Compliance Officer expenses1,632   Trustee fees942   Legal fees173  Custodian fees172     Total gross expenses61,408   Less custodian fee credits(172)    Net expenses61,236 **Net investment income****$53,888**  **Net realized gain (loss) on investments**  Proceeds from sales$1,275,338   Less cost of securities sold (based on identified cost)1,338,333     Net realized loss on investments(62,995)**Net change in unrealized appreciation (depreciation) on investments**  End of year(139,814)  Beginning of year(801,118)    Net decrease in unrealized depreciation661,304 **Net gain on investments****598,309****Net increase in net assets resulting from operations****$652,197**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 23*
*Sextant Core Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$53,888 $70,977   Net realized gain (loss) on investments(62,995)(75,141)  Net increase (decrease) in unrealized appreciation661,304 (994,761)    Net increase (decrease) in net assets652,197(998,925)**Distributions to shareholders from**  Net investment income(54,992)(70,977)  Return of capital- (788)(54,992)(71,765)**Capital share transactions**  Proceeds from sales of shares1,191,517 616,684   Value of shares issued in reinvestment of dividends54,992 71,765   Early redemption fees retained- -   Cost of shares redeemed(754,617)(443,301)    Net increase in net assets491,892 245,148 **Total increase (decrease) in net assets****1,089,097****(825,542)** **Net assets**Beginning of year3,081,722 3,907,264 End of year$4,170,819 $3,081,722  **Shares of the Fund sold and redeemed**  Number of shares sold141,315 64,423   Number of shares issued in reinvestment of dividends5,740 9,004   Number of shares redeemed(98,320)(52,638)**Net increase in number of shares outstanding****48,735****20,789*****Financial Highlights****Year ended Nov. 30,**Period ended**Selected data per share of outstanding capital stock throughout each year:***2009****2008****Nov. 30, 2007¹****Net asset value at beginning of year****$7.97****$10.67****$10.00****Income from investment operations**  Net investment income0.130.190.12  Net gain (loss) on securities (both realized and unrealized)1.61(2.70)0.69**Total from investment operations****1.74****(2.51)****0.81****Less distributions**  Dividends (from net investment income)(0.13)(0.19)(0.12)  Distribution in excess (from net investment income)- - (0.02)  Return of capital- 0.00²- **Total distributions****(0.13)****(0.19)****(0.14)**  Paid-in capital from early redemption fees- - 0.00²  **Net asset value at end of year****$9.58****$7.97****$10.67** **Total return****21.81%****(23.52)%****8.12%³** 
**Ratios / supplemental data**Net assets ($000), end of year$4,171 $3,082 $3,907 Ratio of expenses to average net assets  Before custodian fee credits1.78% 1.54%1.35%4  After custodian fee credits1.78%1.53%1.21%4Ratio of net investment income after custodian fee credits to average net assets1.57%1.89%2.08%4**Portfolio turnover rate****40%****16%****7%³***¹Fund commenced operations March 30, 2007     ²Amount is less than $0.01     ³ Since inception March 30, 2007; not annualized     4Annualized*
*(The accompanying notes are an integral part of these financial statements.)*

*24 | November 30, 2009 Annual Report*
*Sextant Growth Fund*
***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Growth Fund							18.98%														3.20%														3.48%							1.25%S&P 500 Index							25.39%														0.71%														-0.57%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1999 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $14,073 versus $7,908 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.					      
¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 27, 2009, incorporating results for the for the fiscal year ending November 30, 2008 and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.
**Fund Objective**

The objective of the Growth Fund is long-term capital growth.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**Apple7.4%Amazon.com3.8%Allegiant Travel3.1%Charles Schwab2.1%3Com2.1%Banner 1.9%Freeport-McMoRan Copper & Gold Class B1.9%Noble1.9%Devon Energy1.9%Honeywell International1.8%
*November 30, 2009 Annual Report | 25*
*Sextant Growth Fund*
***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2009**

For the fiscal year ended November 30, 2009, the Sextant Growth Fund gained 18.98%. This compares with the broader S&P 500 Index's 25.39% gain. Our steady results attracted new investments, and Fund assets jumped 77.09%. The Fund's annual expense ratio rose from 1.24% to 1.34%, reflecting the performance bonus element of the management fee. 

**Factors Affecting Past Performance**

In 2008, the U.S. economy fell into a major recession. The worst financial crisis in generations bankrupted major firms, and the over-extended real estate and construction markets tumbled further across the land. But "the end of the world" never arrived, and economies generally report growth resumption by the fourth quarter of 2009.  Companies cut staff and other expenses, leading many to report solid earnings for 2009. 

The accompanying tables and graphs show the Fund's industry allocation and largest holdings. During the market recovery that started in March, our large temporary cash holdings meant we trailed the averages. Computers is our largest industry, and performed well for us. Recovering economic activity meant commodity prices increased, helping our cyclical and resource-based issues. We continued a low exposure to the risky banking and financial sectors. 

The Sextant Growth Fund seeks long-term growth through investment in common stocks of U.S. domiciled companies. It generally follows a value investment approach, favoring companies with good fundamentals and relatively low price/earnings and price/book ratios. Our largest holding, Apple, more than doubled during the fiscal year on continued gains from their innovative products. Our second largest holding, Amazon.com, more than tripled as profits from online retailing exploded. New to the portfolio is Allegiant Travel, a discount resort airline now recognized as the most-consistently profitable airline in the U.S. 

Income is not a major consideration in portfolio selection, but we favor companies that institute or increase dividend payouts. Our low portfolio turnover meant we realized few market gains, minimizing the taxable capital gains distribution at year-end. 

**Looking Forward**

The world economy has recovered from a deep recession, caused by 2008's financial collapse. Monetary policies are still highly stimulative, aided by federal government policies that ignore the costs of its lavish spending habit.  Most of the money lent the largest financial institutions during the crisis has been repaid, with dividends and interest.  There are fewer leveraged banks, private equity and venture capital firms — and the federal government seeks to restrict them further.  Banks are very cautious in their new lending, and commercial real estate and construction loans are almost non-existent. Masschusetts voters cautioned federal politicians that "change" in our society wasn't their desire. Local governments, without their own printing presses are forced to (1) cut expenditures as revenues decline and (2) join the Washington D.C. lobbyists seeking federal handouts. 

Burdened by decades of overspending and borrowing, the financial systems in most countries will take years to recover. Commodity output and prices are increasing as demand surges in emerging markets. Developing world economies, such as India and China, look to grow faster than older and less competitive countries like Britain and the United States.  Interest rates, which fell to almost zero in 2008, will rise slowly once recovery becomes certain. Europe, with its many cultures, is being pulled at the edges.  

Our analysts increasingly travel the country and the world, believing that first-hand observations are needed when conditions are so murky. We continue our focus on larger companies, which tend to be more stable over time. Technology and health company investments should be profitable.  

The volatility, risks, and returns of the stock market will continue. The poor stock market performances of 2000 through 2002 were reversed in 2003 through 2007 as stocks again provided investors with strong investment returns. The market collapse of 2008 was reversed in 2009. Investors burned from speculation are returning to the equity markets for quality securities.  Rising earnings are the long-term response to the obvious risk of explosive future inflation. 

A long-term approach is the best opportunity to prosper: For the most difficult decade ending November 30, 2009, the Fund provided a 3.48% annualized total return. While below the averages established over many decades for stock investing, it is superior to the zero returns investors currently receive on cash, short-term equivalents, or money under the mattress.

**Management Fee Calculations**

The Sextant Growth Fund calculates part of its management fee based on a comparison of the Fund's return to the average return in Morningstar's "Large  Growth" category. The Fund's 12-month return (18.98%) was more than four percent below the Morningstar™ category average (34.10%) at month-end November 30, 2009. Therefore, the maximum performance decrease of 0.30% was subtracted from the basic 0.60% annual management fee for the month of December 2009.

*26 | November 30, 2009 Annual Report*
*Sextant Growth Fund***Schedule of Investments****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Percentage of Assets****Banking**Banner BANR150,000 $499,265$418,5001.9%Washington BankingWBCO10,000 111,246 100,100 0.5%610,511 518,600 2.4% 	**Building**KB HomeKBH20,000 272,853 271,000 1.3%Lowe's CompaniesLOW15,000 295,388 327,150 1.5%WeyerhaeuserWY9,000 416,645 350,460 1.6%984,886 948,610 4.4% 	**Computers**3Com¹COMS60,000 279,943 442,200 2.1%Adobe Systems¹ADBE7,600 39,971 266,608 1.3%Apple¹AAPL8,000 67,473 1,599,280 7.4%Hewlett-PackardHPQ7,000 157,040 343,420 1.6%Intuit¹INTU9,000 197,624 262,890 1.2%OracleORCL15,000 115,139 331,200 1.5%857,190 3,245,598 15.1% 	**Diversified Operations**Honeywell InternationalHON10,000 330,476 384,700 1.8%Raytheon CompanyRTN6,500 348,174 334,945 1.5%678,650 719,645 3.3% 	**Electronics**Advanced Micro Devices¹AMD10,000 41,708 70,100 0.3%Agilent Technologies¹A13,000 312,921 375,960 1.8%Harman International IndustriesHAR1,900 157,285 71,459 0.3%Trimble Navigation¹TRMB14,000 202,081 312,620 1.5%713,995 830,139 3.9% 	**Energy**Devon EnergyDVN6,000 381,365 404,100 1.9%NobleNE10,000 210,629 413,100 1.9%Spectra EnergySE13,000 236,250 252,330 1.2%828,244 1,069,530 5.0% 	**Finance**Charles SchwabSCHW25,000 79,726 458,250 2.1% 	**Food Production**Dr. Pepper Snapple Group¹DPS12,000 266,849 314,280 1.5%PepsiCoPEP6,000 330,575 373,320 1.7%597,424 687,600 3.2% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 27*
*Sextant Growth Fund***Schedule of Investments****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Percentage of Assets****Hotels & Motels**Red Lion Hotels¹RLH50,000 $224,859 $225,500 1.0% 	**Insurance**ChubbCB7,000 308,505 350,980 1.6% 	**Legal**FTI Consulting¹FCN5,000 227,007 231,300 1.1% 	**Medical**Abbott LaboratoriesABT7,000 305,488 381,430 1.8%Amgen¹AMGN3,700 111,703 208,495 1.0%AmSurg¹AMSG15,000 324,804 310,650 1.4%Eli LillyLLY3,500 249,361 128,555 0.6%Johnson & JohnsonJNJ3,000 187,672 188,520 0.9%Ligand Pharmaceuticals¹LGND10,000 112,072 19,800 0.1%Pharmaceutical Product DevelopmentPPDI15,000 67,174 321,600 1.5%PfizerPFE15,000 223,500 272,550 1.2%VCA Antech¹WOOF8,000 209,048 181,360 0.8%1,790,822 2,012,960 9.3% 	**Metal Ores**AK Steel HoldingAKS10,000 173,789 200,000 0.9%AlcoaAA30,000 394,483 375,600 1.8%Freeport-McMoRan Copper & Gold Class B¹FCX5,000 273,395 414,000 1.9%841,667 989,600 4.6% 	**Publishing**John Wiley & Sons Class AJW/A8,000 235,103 299,600 1.4% 	**Real Estate**LoopNet¹LOOP20,000 156,091 203,800 0.9% 	**Retail**Amazon.com¹AMZN6,000 260,090 815,460 3.8%Bed Bath & Beyond¹BBBY5,000 176,187 186,800 0.9%Best BuyBBY8,000 366,920 342,640 1.6%StaplesSPLS6,000 144,720 139,920 0.6%947,917 1,484,820 6.9% 	**Steel**NucorNUE4,000 189,851 169,640 0.8% 	**Telecommunications**AT&TT10,000 232,700 269,400 1.2%VerizonVZ10,000 311,642 314,600 1.5%544,342 584,000 2.7% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*28 | November 30, 2009 Annual Report*
*Sextant Growth Fund***Schedule of Investments****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Percentage of Assets****Tools**Lincoln Electric HoldingsLECO4,000 $180,617 $205,520 1.0%Regal-Beloit RBC5,500 173,846 261,030 1.2%354,463 466,550 2.2% 	**Transportation**Alaska Air¹ALK10,000 286,762 299,000 1.4%Allegiant Travel¹ALGT16,000 683,659 659,680 3.1%Norfolk SouthernNSC4,500 185,235 231,300 1.1%United Parcel Service Class BUPS5,000 333,928 287,350 1.3%1,489,584 1,477,330 6.9% 	**Utilities**Duke EnergyDUK10,000 172,211 166,800 0.8%FPL GroupFPL7,000 244,409 363,790 1.7%IDACORPIDA6,000 159,539 177,420 0.8%NRG Energy¹NRG10,000 234,150 239,400 1.1%Sempra EnergySRE6,000 276,535 318,840 1.5%1,086,844 1,266,250 5.9% 	Total investments $13,747,681 18,240,302 84.7%Other assets (net of liabilities) 3,293,328 15.3%**Total net assets****$21,533,630****100.0%***¹Non-income producing*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 29*
*Sextant Growth Fund****Statement of Assets and Liabilities****As of November 30, 2009* **Assets**  Investments in securities, at value (Cost $13,747,681)$18,240,302   Cash3,322,572   Dividends receivable19,253   Receivable for Fund shares sold14,509  Insurance reserve premium1,214     Total assets21,597,850 **Liabilities**  Payable for Fund shares redeemed38,539   Accrued expenses10,573   Payable to affiliates10,541   Accrued distribution fee4,397   Distributions payable170     Total liabilities64,220 **Net assets****$21,533,630** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$17,718,287  Unrealized net appreciation on investments4,492,621  Accumulated net realized loss(677,278)**Net assets applicable to Fund shares outstanding****$21,533,630** **Fund shares outstanding****1,345,582** **Net asset value, offering and redemption price per share****$16.00*****Statement of Operations****Year ended Nov. 30, 2009* **Investment income**  Dividend income$191,685   Miscellaneous income21     Gross investment income191,706 **Expenses**  Investment adviser fees130,509   Distribution fees43,854   Filing and registration fees17,881   Audit fees16,956   Printing and postage6,659   Trustee fees6,449   Other expenses6,213   Chief Compliance Officer expenses5,358   Legal fees947   Custodian fees876     Total gross expenses235,702   Less custodian fee credits(876)    Net expenses234,826 **Net investment income****$(43,120)**  **Net realized gain (loss) on investments**  Proceeds from sales$905,902   Less cost of securities sold (based on identified cost)1,475,051     Net realized loss on securities sold(569,149)  Litigation Gain255     Net realized loss on investments(568,894)**Net change in unrealized appreciation (depreciation) on investments**  End of year4,492,621   Beginning of year427,120     Net increase in unrealized appreciation4,065,501 **Net gain on investments****3,496,607** **Net increase in net assets resulting from operations****$3,453,487**
*(The accompanying notes are an integral part of these financial statements.)*

*30 | November 30, 2009 Annual Report*
*Sextant Growth Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$(43,120)$28,924   Net realized gain (loss) on investments(568,894)(108,384)  Net increase (decrease) in unrealized appreciation4,065,501 (5,206,289)    Net increase (decrease) in net assets3,453,487 (5,285,749)**Distributions to shareholders from**  Net investment income(4,892)(25,378)  Capital gains distribution- (220)(4,892)(25,598)**Capital share transactions**  Proceeds from sales of shares10,027,662 2,951,558   Value of shares issued in reinvestment of dividends4,721 25,269   Early redemption fees retained181 319   Cost of shares redeemed(4,104,933)(1,504,638)    Net increase in net assets 5,927,631 1,472,508 **Total increase (decrease) in net assets****9,376,226****(3,838,839)** **Net assets**Beginning of year12,157,404 15,996,243 End of year21,533,63012,157,404  Undistributed net investment income$ -$4,891 **Shares of the Fund sold and redeemed**  Number of shares sold732,266 187,107   Number of shares issued in reinvestment of dividends295 1,879   Number of shares redeemed(290,827)(85,198)**Net increase in number of shares outstanding****441,734****103,788*****Financial Highlights*** For Year Ended November 30, *Selected data per share of outstanding capital stock throughout each year:***2009****2008****2007****2006****2005****Net asset value at beginning of year****$13.45****$19.99****$18.66****$17.11****$14.20****Income from investment operations**  Net investment income (loss)(0.04)0.04 0.01 (0.02)(0.02)  Net gains (losses) on securities (both realized and unrealized)2.59 (6.55)1.80 1.74 2.96 **Total from investment operations****2.55****(6.51)****1.81****1.72****2.94****Less distributions**  Dividends (from net investment income)(0.00)²(0.03)(0.01)-(0.00)²  Distributions (from capital gains)- (0.00)²(0.47)(0.17)(0.03)**Total distributions****(0.00)²****(0.03)****(0.48)****(0.17)****(0.03)**  Paid-in capital from early redemption fees¹0.00² 0.00² 0.00²0.00²0.00²        **Net asset value at end of year****$16.00****$13.45****$19.99****$18.66****$17.11** **Total return****18.98%****(32.58)%****9.74%****10.06%****20.76%** **Ratios / supplemental data**Net assets ($000), end of year$21,534 $12,157 $15,996 $13,728 $9,006 Ratio of expenses to average net assets  Before custodian fee credits1.34%1.25%1.32%1.25%1.28%  After custodian fee credits1.34%1.24%1.30%1.21%1.24%Ratio of net investment income (loss) after custodian fee credits to average net assets(0.25)%0.20%0.09%(0.12)%(0.17)%**Portfolio turnover rate****7%****2%****3%****11%****4%***¹Early redemption fee adopted March 29, 2005**²Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report | 31*
*Sextant International Fund*
***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant International Fund							24.22%														9.29%														6.50%							1.43%AMEX International Index							31.63%														5.92%														1.93%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1999 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $18,778 versus $9,399 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.					      
¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 27, 2009, incorporating results for the for the fiscal year ending November 30, 2008 and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the International Fund is long-term capital growth.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**Teck Resources3.6%LAN Airlines ADS2.1%Potash Corp. of Saskatchewan2.0%Lihir Gold ADS1.9%Banco Santander ADS1.8%Vale ADR1.8%Anglo American ADR1.8%Infosys ADS1.7%Teva Pharmaceutical Industries ADS1.7%Canadian Pacific Railway1.6%
*32 | November 30, 2009 Annual Report*
*Sextant International Fund*
***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2009**

For the fiscal year ended November 30, 2009 — one of the most volatile periods in the history of international investing — the Sextant International Fund gained 24.22%. For the previous fiscal year (2008), the Fund lost 29.56%. The benchmark AMEX International Index did better for 2009, recovering by 31.63%. 

The spreading of fixed expenses over higher assets and the performance fee element in the management fee meant the Fund's annual expense ratio decreased to 1.13% from 1.42%. The Fund paid a year-end income dividend of 3.2¢ per share, similar to last year's 2.8¢ income dividend.

**Longer-Term Results**

On page 2 of this Report are the comparative returns and percentile Morningstar category rankings as of December 31, 2009. Over the last three years, Sextant International Fund ranks in the very top (1st) percentile out of 635 funds in the category.  For the last ten years, it ranks in the 7th percentile out of 249 funds.  This exceptional long-term performance is attracting many new investors, and total Fund assets jumped by almost $75 million for fiscal 2009. 

**Factors Affecting Past Performance**

In a recovering world economy awash with free stimulus funds, the U.S. dollar generally fell during 2009, helping the returns that foreign investments provided U.S. investors. Conservatively, we held large amounts in temporary cash and equivalent positions which protected the Fund but reduced our comparative returns. The Fund is diversified across industries and countries, favoring larger and more established companies that are more stable in difficult times.

Our portfolio remains most invested in Canada (helped in 2009 by resource and energy recoveries) and the UK (weakened by financial disasters). Recovering economic activity especially in the developing world meant commodity prices pushed back up, supporting our cyclical and resource-based issues. The accompanying tables and graphs show the industry allocation and our largest holdings. Other than cash and equivalents, our holdings in any one issue are small. Resources (metal ores) is now our largest industry, followed by telecommunications and medical. The world banking system survived the crisis and rallied in 2009, but it is hesitent to lend for new projects.

**Looking Forward**

The world is in a slow recovery from the recession caused by the 2008 world credit collapse. Money from stimulus programs flows freely, boosting stock markets. But governments must now scale back this free spending and raise interest rates, an outlook that scares us. Prices, especially for commodities, are rising. Foreign economies, especially emerging markets, are gaining the most — but their financial backbones remain obscured.

Sextant International Fund is broadly diversified in companies headquartered outside the United States. Many have worldwide operations, including in the U.S. Burdened by decades of overspending and borrowing, the financial systems of most countries will take years to recover. Interest rates, which fell to almost zero in 2008, will rise slowly once recovery becomes established. Europe, with its many cultures, is being pulled at the edges (Iceland, Greece). Countries outside the U.S. generally have lower corporate taxes, which increases earnings and stock values.

Our analysts increasingly travel the globe, believing that first-hand observations are needed when conditions are so murky. We continue to focus on larger companies, which tend to be more stable over time. We expect technology and health company investments to be profitable as we invest for the long-term. We prefer to hold cash rather than make risky investment bets.

**Management Fee Calculations**

The Sextant International Fund calculates part of its management fee based on a comparison of the Fund's return to the average return of its Morningstar™ category, "Foreign Large Blend." At November 30, 2009, the average one-year return for this category was 38.30%. Because the Fund's 12-month return (24.22%) underperformed this average by more than 4% at November 30, 2009, the maximum performance penalty of 0.30% annually was subtracted from the basic 0.60% annual management fee for the month of December 2009.
**Countries****% of Fund Assets**Canada13.5%United Kingdom9.6%Spain5.8%Brazil3.5%Chile3.4%Mexico3.3%India2.9%Japan2.7%Australia2.4%France2.4%Indonesia2.0%Other Countries <2%13.9%Other assets 34.6%
*November 30, 2009 Annual Report | 33*
*Sextant International Fund***Schedule of Investments****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Automotive**Nissan Motor ADSNSANY45,000 $357,351$649,350Japan0.7% **Banking**Australia & New Zealand Banking Group ADSANZBY40,000 675,400810,000Australia0.8%AXA ADSAXA17,000 376,633420,920France0.4%Banco Bilbao Vizcaya ArgentariaBBVA50,000 706,547950,500Spain1.0%Banco Santander ADSSTD101,098 823,8481,748,995Spain1.8%ICICI BankIBN30,000 655,8031,116,000India1.2%Mitsubishi UFJ Financial Group ADRMTU100,000 698,328549,000Japan0.6%Nomura Holdings ADRNMR30,000 351,958215,400Japan0.2%Toronto-Dominion BankTD15,000 517,828945,600Canada1.0%4,806,3456,756,4157.0% **Building**CRH ADSCRH10,000 204,050258,000Ireland0.3%Ritchie Bros. AuctioneersRBA30,000 634,727714,600Canada0.7%838,777972,6001.0% **Business Services**51job ADR¹JOBS8,000 117,920146,640Cayman Islands0.2% **Chemicals**BASF ADSBASFY3,400 120,102206,006Germany0.2%Potash Corp. of SaskatchewanPOT17,000 1,275,2331,911,140Canada2.0%1,395,3352,117,1462.2% **Computers**Dassault Systems ADRDASTY5,000 221,877287,500France0.3%Infosys ADSINFY32,000 1,018,7211,631,040India1.7%SAP ADSSAP12,000 470,438574,440Germany0.6%1,711,0362,492,9802.6% **Energy**EnCanaECA15,000 662,416808,200Canada0.8%Repsol YPF ADSREP55,000 1,263,2141,518,000Spain1.6%StatoilHydro ADSSTO30,173 716,086744,670Norway0.8%Total ADSTOT20,000 1,094,0671,243,800France1.3%3,735,7834,314,6704.5% **Food Production**Cadbury ADSCBY20,000 674,2161,067,400United Kingdom1.1%Coca-Cola Femsa ADSKOF20,000 727,7301,142,600Mexico1.2%Unilever ADSUL20,000 366,600590,600United Kingdom0.6%1,768,5462,800,6002.9% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*34 | November 30, 2009 Annual Report*
*Sextant International Fund***Schedule of Investments****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Games/Hobby Production**Nintendo ADRNTDOY17,000 $718,849$523,260Japan0.5% **Hotels & Motels**Orient-Express Hotels Class A¹OEH130,000 1,093,4841,086,800Bermuda1.1% **Insurance**Aegon¹AEG100,000 556,884724,000Netherlands0.8%ING Groep ADS¹ING50,000 755,542475,000Netherlands0.5%1,312,4261,199,0001.3% **Machinery**Nidec ADRNJ13,000 188,339283,010Japan0.3% **Medical**American Oriental Bioengineering¹AOB100,000 511,188401,000China0.4%GlaxoSmithKline ADSGSK35,000 1,346,8771,451,450United Kingdom1.5%Novartis ADRNVS25,000 1,141,0661,390,000Switzerland1.4%Novo Nordisk A/S ADSNVO17,000 983,8811,134,240Denmark1.2%Shire ADRSHPGY20,000 746,5501,177,400United Kingdom1.2%Teva Pharmaceutical Industries ADSTEVA30,000 1,443,4381,583,700Israel1.7%6,173,0007,137,7907.4% **Metal Ores**Anglo American ADR¹AAUKY80,000 954,5591,718,400United Kingdom1.8%Barrick GoldABX25,000 811,6001,067,250Canada1.1%BHP Billiton ADSBHP20,000 1,066,9591,506,000Australia1.6%Lihir Gold ADS¹LIHR55,000 1,267,8781,805,100Indonesia1.9%Rio Tinto ADSRTP4,000 541,668816,400United Kingdom0.9%Teck Resources¹TCK100,000 458,2253,482,000Canada3.6%Tenaris ADRTS2,500 95,29098,650Luxembourg0.1%Vale ADRVALE60,000 998,7911,720,200Brazil1.8%6,194,97012,214,00012.8% **Office Equipment**Canon ADSCAJ11,000 363,902420,420Japan0.4% **Paper & Paper Products**Metso ADSMXCYY12,100 130,802387,079Finland0.4%UPM-Kymmene Oyj ADSUPMKY3,500 64,38444,450Finland0.1%Fibria Celulose¹FBR45,500 550,799797,160Brazil0.8%745,9851,228,6891.3% **Publishing**Pearson ADSPSO90,000 1,021,9151,242,000United Kingdom1.3% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report* | 35
*Sextant International Fund***Schedule of Investments****Common Stocks****Symbol****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Telecommunications**America Movil ADSAMX30,000 $917,471$1,451,400Mexico1.5%BCEBCE45,000 967,5051,192,500Canada1.3%China Mobile ADSCHL18,000 830,906843,660China0.9%China Techfaith Wireless ADR¹CNTF10,000 14,34636,100China0.0%²PT Indosat Tbk. ADRIIT5,000 128,059130,700Indonesia0.1%SK Telecom ADRSKM30,000 511,437497,100South Korea0.5%Telecom New Zealand ADSNZT20,000 193,396178,200New Zealand0.2%Telefonica ADSTEF15,000 920,3791,299,450Spain1.4%Telefonos de Mexico ADS Class LTMX30,000 489,451538,500Mexico0.6%TelusTU45,000 1,334,1871,378,350Canada1.4%Turkcell Iletisim Hizmetleri ADRTKC70,000 970,6191,075,200Turkey1.1%Vodaphone Group ADSVOD50,000 963,4201,134,500United Kingdom1.2%8,241,1769,755,66010.2% **Transportation**Air France-KLM ADR¹AFLYY25,000 535,953396,250France0.4%Canadian Pacific RailwayCP32,000 1,228,5871,550,720Canada1.6%Copa Holdings CPA10,000 344,980498,300Panama0.5%LAN Airlines ADSLFL130,000 1,191,5802,004,600Chile2.1%Ryanair Holdings ADS¹RYAAY20,000 623,100524,000Ireland0.6%3,924,2004,973,8705.2% **Utilities**CPFL Energia ADRCPL15,000 810,244861,150Brazil0.9%Enersis ADSENI65,000 1,024,8631,247,350Chile1.3%Korea Electric Power ADS¹KEP20,000 304,261274,400South Korea0.3%2,139,3682,382,9002.5% **Rights — 0.0%****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets**ING Groep NV42,85200Netherlands0.0%² Total investments $46,848,707$62,697,80065.4%Other assets (net of liabilities) 33,186,76834.6%**Total net assets****$95,884,568****100.0%***¹Non-income producing²Amount is less than 0.01%*
*ADS: American Depositary ShareADR: American Depositary Receipt*
*(The accompanying notes are an integral part of these financial statements.)*

*36 | November 30, 2009 Annual Report*
*Sextant International Fund****Statement of Assets and Liabilities****As of November 30, 2009* **Assets**  Investments in securities, at value (Cost $46,848,707)$62,697,800   Cash33,191,366   Receivable for Fund shares sold205,557   Dividends and interest receivable 121,815     Total assets 96,216,538 **Liabilities**  Payable for Fund shares redeemed211,063   Accrued expenses52,814   Payable to affiliates47,290   Accrued distribution fee19,486   Distributions payable 1,317     Total liabilities 331,970 **Net assets****$95,884,568** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$80,401,630   Unrealized net appreciation on investments15,849,093   Accumulated net loss on investments(366,155)**Net assets applicable to Fund shares outstanding****$95,884,568** **Fund shares outstanding****6,836,195** **Net asset value, offering and redemption price per share****$14.03*****Statement of Operations****Year ended Nov. 30, 2009* **Investment income**  Dividend income (net foreign tax of $98,370)$917,558  Interest income4,576   Miscellaneous income368    Gross investment income922,502 **Expenses**  Investment adviser fees451,165   Distribution fees163,785   Audit fees56,779  Printing and postage18,459   Filing and registration fees16,388   Trustee fees14,357   Chief Compliance Officer expenses11,450   Other expenses9,807   Custodian fees3,273   Legal fees1,227     Total gross expenses746,690   Less custodian fee credits(3,273)    Net expenses743,417 **Net investment income****$179,085**  **Net realized gain (loss) on investments**  Proceeds from sales$10,699,657   Less cost of securities sold (based on identified cost)11,017,246     Net realized loss on securities sold(317,589)  Litigation gain2,510     Net realized loss on investments(315,079)**Net change in unrealized appreciation (depreciation) on investments**  End of year15,849,093   Beginning of year(1,524,286)    Net increase in unrealized appreciation17,373,379 **Net gain on investments****17,058,300** **Net increase in net assets resulting from operations****$17,237,385**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2009 Annual Report* | 37
*Sextant International Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$179,085 $61,173   Net realized gain (loss) on investments(315,079)(51,076)  Net increase (decrease) in unrealized appreciation17,373,379 (5,818,139)    Net increase (decrease) in net assets17,237,385 (5,808,042)**Distributions to shareholders from**  Net investment income(218,276)(52,882)  Capital gains distribution- - (218,276)(52,882)**Capital share transactions**  Proceeds from sales of shares82,572,379 15,921,550   Value of shares issued in reinvestment of dividends216,959 52,600   Early redemption fees retained12,495 3,546   Cost of shares redeemed(25,432,998)(2,474,607)    Net increase in net assets 57,368,835 13,503,089 **Total increase (decrease) in net assets****74,387,944****7,642,165** **Net assets**Beginning of year21,496,624 13,854,459 End of year95,884,56821,496,624  Undistributed net investment income$ -$18,238 **Shares of the Fund sold and redeemed**  Number of shares sold6,896,044 1,224,502   Number of shares issued in reinvestment of dividends15,464 4,647   Number of shares redeemed(1,973,879)(190,534)**Net increase in number of shares outstanding****4,937,629****1,038,615*****Financial Highlights****For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2009****2008****2007****2006****2005****Net asset value at beginning of year****$11.32****$16.11****$13.56****$11.22****$9.40****Income from investment operations**  Net investment income0.020.03 0.04 0.11 0.05   Net gains (losses) on securities (both realized and unrealized)2.72 (4.79)2.93 2.34 1.83 **Total from investment operations****2.74****(4.76)****2.97****2.45****1.88****Less distributions**  Dividends (from net investment income)(0.03)(0.03)(0.03)(0.11)(0.06)  Distributions (from capital gains)- - (0.39)- - **Total distributions****(0.03)****(0.03)****(0.42)****(0.11)****(0.06)**  Paid-in capital from early redemption fees¹0.00² 0.00² 0.00² 0.00² 0.00² **Net asset value at end of year****$14.03****$11.32****$16.11****$13.56****$11.22** **Total return****24.22%****(29.56)%****21.90%****21.85%****19.95%** **Ratios / supplemental data**Net assets ($000), end of year$95,885 $21,497 $13,854 $9,266 $3,671 Ratio of expenses to average net assets  Before custodian fee credits1.14%1.43%1.50%1.09%1.36%  After custodian fee credits1.13%1.42%1.47%1.02%1.25%Ratio of net investment income after custodian fee credits to average net assets0.27%0.40%0.30%0.94%0.52%**Portfolio turnover rate****2%****10%****8%****9%****5%***¹Early redemption fee adopted March 29, 2005**²Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*38 | November 30, 2009 Annual Report*
*Expenses (unaudited)*
All mutual funds have operating expenses. As a Sextant Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. All mutual funds (unlike some other financial investments) only report their results after deduction of operating expenses. 

With the Sextant Funds, unlike many other mutual funds, you do not incur sales charges (loads) on purchase payments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Saturna Individual Retirement Accounts. However, to discourage speculation, you may incur a 2% redemption fee for shares held less than 90 calendar days. You may incur fees related to extra services requested by you for your account, such as a checkbook to use for redemptions or bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

**Examples**

The following example is based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (June 1, 2009 to November 30, 2009).

**Actual Expenses**

The first line for each Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. The Funds also charge for extra services rendered on request, which you may need to add to determine your total expenses, for example $10 per checkbook, $25 per domestic bank wire, $35 per international bank wire, or overnight courier delivery charges.

**Hypothetical Example For Comparison Purposes**

The second line for each Fund provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending balance or expenses you paid for the period. You may use this information to compare ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as IRA fees (there are no fees on Saturna Capital IRAs, ESAs or HSAs with the Sextant Funds), and charges for extra services such as check writing and bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not have any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value					      (June 1, 2009)****Ending Account Value						    (November 30, 2009)****Expenses Paid							During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**Actual							$1,000														$1,035.60														$3.88														0.76%							Hypothetical (5% return before expenses)							$1,000														$1,021.26														$3.85														0.76%							 							  **Bond Income Fund**Actual							$1,000														$1,089.50														$4.71														0.90%							Hypothetical (5% return before expenses)							$1,000														$1,020.56														$4.56														0.90%							 							  **Core Fund**Actual							$1,000														$1,130.10														$9.40														1.76%							Hypothetical (5% return before expenses)							$1,000														$1,016.24														$8.90														1.76%							 							  **Growth Fund**Actual							$1,000														$1,135.00														$6.42														1.20%							Hypothetical (5% return before expenses)							$1,000														$1,019.05														$6.07														1.20%								 							  **International Fund**Actual							$1,000														$1,135.90														$6.00														1.12%							Hypothetical (5% return before expenses)							$1,000														$1,019.45														$5.67														1.12%							
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2009 through November 30, 2009), multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).*

*November 30, 2009 Annual Report* | 39
*Notes To Financial Statements*
**NOTE 1 — Organization**

Saturna Investment Trust (the "Trust") was established under Washington State Law as a Business Trust on February 20, 1987. The Trust is registered as a no-load, open-end, diversified series management investment company under the Investment Company Act of 1940, as amended. Six portfolio series have been created to date: Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fund, Sextant International Fund (the "Funds"), and Idaho Tax-Exempt Fund, which is distributed through a separate prospectus and the results of which are contained in a separate report. 

Sextant Growth (previously known as Idaho Limited Maturity Tax-Exempt Fund until October 12, 1990, then Northwest Growth until September 28, 1995, when the investment objective of only Northwest stocks was changed) commenced operations as an equity fund on December 30, 1990. Sextant International and Sextant Short-Term Bond began operations September 28, 1995. Sextant Bond Income Fund (known as Washington Tax-Exempt Fund until September 28, 1995, when the investment objective of only Washington State Municipal Bonds was changed) began operations on March 2, 1993. Sextant Core Fund commenced operations March 30, 2007.

The investment objective of the Growth and International Funds is long-term capital growth. The investment objectives of the Core Fund are long-term capital appreciation and preservation. The investment objective of the Bond Income and Short-Term Bond Funds is current income, with Short-Term Bond having the additional objective of capital preservation of capital.

**NOTE 2 — Significant Accounting Policies**

Investments in securities traded on a national securities exchange (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation. Securities for which there are no sales and over-the-counter securites are valued at the latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using a matrix. This technique considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity and general market conditions.

Fixed-income debt instruments, such as commercial paper, bankers' acceptances and U.S. Treasury Bills, with a maturity of 60 days or less are valued at amortized cost, which approximates market value. Any discount or premium is accreted or amortized on a straight-line basis until maturity.

Other securities for which quotations are not readily available are valued at fair values as determined in good faith by or under the direction of the Board of Trustees.

Foreign markets may close before the time as of which the Funds' share prices are determined. Because of this, events occurring after the close of many foreign markets and before the determination of the Funds' share price may have a material effect on the values of some or all of the Funds' foreign securities. To account for this, the Funds may use independent pricing services for valuation of their non-U.S. securities.

The cost of securities is the same for accounting and Federal income tax purposes. Securities transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

**Share valuation:**The net asset value ("NAV") per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds' shares are not priced or traded on days the NYSE is closed. The NAV is the offering and redemption price per share. 

**Fair value measurements:**The Funds have adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

Level 1 — quoted prices in active markets for identical investments			    Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)			    Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used as of November 30, 2009 in valuing the Funds' investments carried at value:
**Funds****Total****Level 1 					      Quoted Price****Level 2 					      Significant Observable Input****Level 3 					      Significant Unobservable Input****Short-Term Bond**Corporate Bonds$2,438,540 $- $2,438,540 $- U.S. Government & Agency672,584 - 672,584 - Municipal Bonds825,489 - 825,489- **Total Assets****$3,936,613****$-****$3,936,613****$-** **Bond Income**Corporate Bonds$2,570,625 $- $2,570,625 $- U.S. Government Agency Bonds327,348 - 327,348 - Municipal Bonds799,738 - $799,738 - **Total Assets****$3,697,711****$-****$3,697,711****$-** **Core Fund**Common Stocks$2,503,377 $2,503,377 $- $- Corporate Bonds1,132,665 - 1,132,665 - U.S. Government Bonds405,969 $405,969 - Rights- - - - **Total Assets****$4,042,011****$2,503,377****$1,538,634****$-** **Growth Fund**Common Stocks$18,240,302 $18,240,302 $- $- **Total Assets****$18,240,302****$18,240,302****$-****$-** **International Fund**Common Stocks$62,697,800 $62,697,800 $- $- Rights$- $- $- $- **Total Assets****$62,697,800****$62,697,800****$-****$-**
*40 | November 30, 2009 Annual Report*
*Notes To Financial Statements (continued)*
**Derivatives:**The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification ("FASB ASC"). The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the year ended November 30, 2009, the Funds did not hold any derivative instruments.

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

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year-end November 30, 2009, or for any other tax years which are open for exam. As of November 30, 2009, open tax years include the tax years ended November 30, 2006 through 2009. The Fund(s) recognize(s) interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund(s) did not incur any interest or penalties.

**Reclassification of capital accounts:**

Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share:
**Short-Term Bond****Bond Income**Undistributed net investment $- $1,107 Accumulated gains (losses)5,996 2,141 Paid-in capital$(5,996)$(3,248)**Core**Undistributed net investment $1,104 Accumulated gains (losses)258 Paid-in capital$(1,362)**Growth****International**Undistributed net investment $43,121 $20,953 Accumulated gains (losses)--Paid-in capital$(43,121)$(20,953)
These reclassifications were due to expiration of capital loss carryforwards, return of capital distributions, non-deductible excise tax, and the tax treatment of distributions of short term gains.

**Dividends and distributions to shareowners:**Dividends and distributions to shareowners, which are determined in accordance with income tax regulations, are recorded as income on the ex-dividend date. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

For the Sextant Short-Term Bond Fund and Sextant Bond Income Fund, dividends are paid daily and distributed on the last business day of each month. For the Sextant Core Fund, Sextant Growth Fund and Sextant International Fund, dividends are payable at the end of each November. Shareowners electing to reinvest dividends and distributions purchase additional shares at the net asset value on the payable date.

**Use of estimates:**The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Subsequent events evaluation:**In preparing these financial statements, the Fund(s) has(have) evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through January 26, 2010, the date the financial statements were available to be issued.

**Other:**			    Interest income is recognized on an accrual basis. Premiums on securities purchased are amortized and discounts are accreted over the lives of the respective securities. Cash dividends from equity securities are recorded as income on the ex-dividend date. 

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares. The Funds are intended for long-term investment and do not permit rapid trading of their shares. To discourage speculation, shares held less than ninety calendar days, including those held in omnibus accounts at intermediaries, may be assessed a 2% early redemption fee (payable to the Fund) when redeemed. These fees are deducted from the redemption proceeds otherwise payable to the shareowner and retained by the Funds as paid-in capital and included in the daily NAV calculation. The Funds cannot always identify all intermediaries, or detect or prevent trading that violates the Frequent Trading Policy through intermediaries or omnibus accounts.

**NOTE 3 — Transactions with Affiliated Persons**

Under a contract approved by shareowners on September 28, 1995 (March 30, 2007 for Sextant Core Fund), Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., professional fees) are allocated to the Funds on the basis of relative daily average net assets. For such services, each of the Funds pays the Adviser a base Investment Advisory and Administrative Services Fee of .60% of average net assets per annum, payable monthly. The Adviser has agreed to certain limits on expenses, as described below. 

The base Advisory Fee is subject to adjustment up or down depending on the investment performance of the Fund relative to a specified index.

Performance Adjustment for Sextant Short-Term Bond Fund and Sextant Bond Income Fund: 
- For each month in which either of these Funds' total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year. 
-  If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of .20%.

Performance adjustment for Sextant Core, Sextant Growth Fund and Sextant International Fund: 
- For each month in which these Funds' total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 

*November 30, 2009 Annual Report | 41*
*Notes To Financial Statements (continued)*- 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year.
-  If the outperformance or underperformance is 2% or more but less than 4%, then the adjustment is at the annual rate of .20%. 
- If the outperformance or underperformance is 4% or more, the adjustment is at an annual rate of .30%.

The Adviser has voluntarily undertaken to limit expenses of Sextant Short-Term Bond Fund to 0.75%, and Sextant Bond Income Fund to 0.90%, through March 31, 2011. It waives its investment advisory and administrative fee to Sextant Short-Term Bond Fund and Sextant Bond Income Fund completely should assets of such Fund be less than $2 million. For the year ended November 30, 2009, the advisory fees incurred were as follows:
**Adviser Fees****Adviser Fees Waived****Expense 							Reimbursement****Short-Term Bond**$26,132$26,132$53**Bond Income**26,565$26,565$2,068**Core**29,660N/AN/A**Growth**130,509N/AN/A**International**$451,165N/AN/A
In accordance with the expense waiver noted above, for the year ended November 30, 2009, Saturna Capital waived the advisory fees of the Sextant Short-Term Bond Fund and Sextant Bond Income Fund. The adviser cannot recoup previously waived fees. 

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On October 3, 2006, The Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of .25% of the average net assets of the Funds. During the year ended November 30, 2009, the Trust paid the Distributor the following amounts:
**12b-1 Fees****Short-Term Bond**$8,910**Bond Income**8,930**Core**8,607**Growth**43,854**International**$163,785
SBS is the primary broker used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions for the Trust for free (no commissions). Should any change occur in this policy, shareowners would be notified.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and chairman of the Adviser. For the year ended November 30, 2009, the Trust incurred compensation expenses of $16,200 which is included in $32,674 of total expenses for the independent Trustees.

Regulations require the Trust to designate a Chief Compliance Officer; Mr. James Winship was retained by the Trust during the year ended November 30, 2009. For this period, the Short-Term Bond, Bond Income, Core, Growth, and International incurred $1,566; $1,300; $1,632; $5,358; and $11,450 of expense, respectively, for the Chief Compliance Officer. 

The officers are paid by Saturna Capital, and not the Trust, except for Mr. Winship, who is partially compensated by the Trust. On November 30, 2009, the trustees, officers, and their affiliates as a group owned 21.4%, 20.6%, 47.9%, 8.3% and 2.8% of the outstanding shares of Short-Term Bond, Bond Income, Core, Growth and International, respectively.

**NOTE 4 — Distributions to Shareholders**

The tax characteristics of distributions paid during the fiscal years ended November 30, 2009 and November 30, 2008 were as follows:
**Year ended					      Nov. 30, 2009****Year ended					      Nov. 30, 2008****Short-Term Bond Fund**  Ordinary income$116,035 $114,369**Bond Income Fund**  Ordinary income160,437 160,044**Core Fund**  Ordinary income54,992 70,977  Return of capital- 788**Growth Fund**  Ordinary income4,892 25,378  Capital gain¹- 220**International Fund**  Ordinary income$218,276 $52,882
*¹Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*

**NOTE 5 — Federal Income Taxes**

The cost basis of investments for federal income tax purposes at November 30, 2009 were as follows:
**Short-Term Bond****Bond Income**Cost of investments$3,813,293 $3,504,962 Gross tax unrealized appreciation125,172 195,164 Gross tax unrealized depreciation(1,852)(2,415)Net tax unrealized appreciation$123,320 $192,749 **Core**Cost of investments$4,181,825Gross tax unrealized appreciation252,746 Gross tax unrealized depreciation(392,560)Net tax unrealized depreciation$(139,814)**Growth****International**Cost of investments$13,747,681 $46,848,707 Gross tax unrealized appreciation5,495,832 17,681,646Gross tax unrealized depreciation(1,003,211)(1,832,553)Net tax unrealized appreciation$4,492,621 $15,849,093 
*42 | November 30, 2009 Annual Report*
*Notes To Financial Statements (continued)*
As of November 30, 2009, components of distributable earnings on a tax basis were as follows:
**Short-Term Bond****Bond Income**Net tax unrealized appreciation$123,220 $192,749Undistributed ordinary income1,374- Undistributed long-term capital gain (loss)(32,116)(82,819)Total distributable earnings (loss)(30,742)(82,819)Total accumulated earnings (loss)$92,478$109,930**Core**Net tax unrealized depreciation$(139,814) Undistributed ordinary income- Undistributed long-term capital gain (loss)(137,878)Total distributable earnings (loss)(137,878)Total accumulated earnings (loss)(277,692)**Growth****International**Net tax unrealized appreciation$4,492,621$15,849,093Undistributed ordinary income- - Undistributed long-term capital gain (loss)(677,278)(366,155) Total distributable earnings (loss)(677,278) (366,155) Total accumulated earnings (loss)3,815,34315,482,938
At November 30, 2009, the Funds had capital loss carryforwards as follows, subject to regulation: 
**Carryforward****Expiration****Short-Term Bond**$4,422 20126,540 201310,899 201410,2552016**$32,116** **Bond Income**$14,253 201014,375 20144,203 201529,521 201620,467 2017**$82,819** **Core**$74,883 201662,995 2017**$137,878** **Growth**$108,384 2016568,894 2017**$677,278** **International**$51,076 2016315,0792017**$366,155**
Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.

**NOTE 6 — Investments**

Investment transactions other than short-term investments for the year ended November 30, 2009 were as follows:
**Purchases****Sales**Short-Term Bond$1,811,889$906,350 Bond Income1,430,493 1,219,844 Core1,744,146 1,275,338 Growth6,809,766 905,902 International$39,323,377 $699,657 
**NOTE 7 — Custody Credits**

Under the agreements in place with PNC Global Investment Servicing, custody fees are reduced by credits for cash balances. Such reduction  for the year ended November 30, 2009 were as follows:
**Custodian Fees****Short-Term Bond**$177 **Bond Income**177 **Core**172 **Growth**876 **International**$3,273 
*November 30, 2009 Annual Report | 43*
Report of Independent Registered Public Accounting Firm
To the Shareholders and Board of Trustees			    Saturna Investment Trust,

We have audited the accompanying statements of assets and liabilities of the Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fund and Sextant International Fund, each a series of the Saturna Investment Trust (the "Trust"), including the schedules of investments as of November 30, 2009, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for the periods indicated thereon. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presenation. Our procedures included confirmation of securities owned as of November 30, 2009, by correspondence with the custodian and brokers or by other appropriate auditing procedures were replies from brokers not received. We believe that our audits provide a reasonable basis for our opinion. 

In our opinion the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fund, and Sextant International Fund, as of November 30, 2009, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the the periods indicated thereon, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania			    January 26, 2010

*/s/ Tait, Weller & Baker LLP*			    Tait, Weller & Baker LLP

 

 

*44 | November 30, 2009 Annual Report*
**Trustees and Officers (unaudited)**Name (age), addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (51)							  1500 N. State Street							  Bellingham, WA 98225Independent Trusteesince 1995Medical Examiner (pathologist);						    Owner, Avocet Environmental Testing (laboratory)							Six														None							Herbert G. Grubel, PhD (75)						    Apt. 1202 - 125 West Second St.							    North Vancouver, BC						      Canada V7M 1C5Independent Trustee¹ 						    since 2005Professor Emeritus of Economics, Simon Fraser University;						    Senior Fellow, Fraser Institute							Nine														Amana Mutual Funds Trust							John E. Love (77)							  1002 Spokane Street							  Garfield, WA 99130Chairman,						    Independent Trustee since 1987Owner, J.E. Love Co.						    (agricultural equipment manufacturer)							Six														None							
John S. Moore, PhD (78)²							  346 Bayside Road 						      Bellingham, WA 98225
Independent Trustee² 						    since 1993Professor Emeritus, 
College of Business and Economics, Western Washington University							Six														None							Ronald H. Fielding (60)³							  42 Surfsong Rd.						      Kiawah Island, SC 29455Independent Trustee³						    since 2009Retired (2009);						    Senior Vice President & Portfolio Manager, Oppenheimer Funds Rochester Division							Six														None							**Interested Trustee**Nicholas F. Kaiser, MBA, CFA (63)							  1300 N. State Street							  Bellingham, WA 98225President, Trustee¹						    since 1990Chairman & President,							  Saturna Capital Corporation;							  President,							  Saturna Brokerage Services							Nine														Amana Mutual Funds Trust							**Officers who are not Trustees**Phelps S. McIlvaine (56)							  1300 N. State Street							  Bellingham, WA 98225Vice President						    since 1994
Vice President,							  Saturna Capital Corporation;							  Treasurer,							  Saturna Brokerage Services 
							N/A														N/A							Christopher Fankhauser (37)							  1300 N. State Street							  Bellingham, WA 98225Treasurer¹						    since 2002Chief Operations Officer,						    Saturna Capital Corporation							N/A														N/A							Ethel B. Bartolome (37)							  1300 N. State Street							  Bellingham, WA 98225Secretary¹						    since 2001Corporate Administrator,						    Saturna Capital Corporation							N/A														N/A							James D. Winship, MBA, JD (61)							  1300 N. State Street							  Bellingham, WA 98225Chief Compliance Officer¹						    since 2004Chief Compliance Officer and General Counsel,						    Saturna Capital Corporation							N/A														N/A							
Term of Office: each Trustee serves for the lifetime of the Trust or until he dies, resigns, is removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

The Fund's Statement of Additional Information, available without charge by calling Saturna Capital at 1-800/SATURNA and on the Funds' website, www.sextantmutualfunds.com, includes additional information about the Trustees.

On November 30, 2009, the trustees, officers, and their affiliates as a group owned 21.4%, 20.6%, 47.9%, 8.3% and 2.8% of the outstanding shares of Short-Term Bond, Bond Income, Core, Growth and International, respectively. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor. Mr. Kaiser is an interested person of the Trust by reason of his positions with the Trust's adviser and distributor. Moreover, he is the portfolio manager of the Sextant Growth Fund and the Sextant International Fund. Mr. McIlvaine is the portfolio manager of the Sextant Bond Income Fund and Sextant Short-Term Bond Fund.  Mr. Winship is also Chief Compliance Officer for Saturna Capital Corporation.

¹Holds same position with Amana Mutual Funds Trust.

²John Moore retired from the Saturna Investment Trust Board of Trustees effective Dec. 11, 2009

³Ronald H. Fielding was elected to the Board of Trustees effective Dec. 15, 2009.

*November 30, 2009 Annual Report | 45*
*Renewal of Investment Advisory Contract (unaudited)*
During their meeting of September 28, 2009, Sextant's trustees discussed the Trust's various operating agreements. They focused on renewing the Investment Advisory and Administration Agreements with Saturna Capital Corporation, discussing various materials provided by Saturna. The Trustees took into consideration that the Funds offer a full range of high-quality investor services, and that there had been enhancements in Saturna's operations during the last year. The Trustees remarked on Saturna's experience, ability and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plan and trust services, accounting, marketing, and distribution — in addition to investment management.

In addition to information provided throughout the year, the Trustees utilized a comparison of the performance and expenses of the Funds The Trustees found that the investment performance of the Sextant International Fund, both in absolute numbers and relative to funds in its Morningstar category, was outstanding. The Sextant Short-term Bond Fund and Sextant Core Fund were highly satisfactory. The investment performance of Sextant Growth Fund and the Sextant Bond Income Fund were satisfactory.  The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

The Trustees took into consideration Saturna's continued avoidance of significant operational problems, plus its substantial investments in premises, personnel, training and equipment to meet investor needs. They recognized Saturna's efforts to recruit and retain increasingly qualified, experienced and specialized staff and improve the capital base on which Saturna operates, which the Trustees believe is important to the long-term success of all mutual funds. 

The Trustees reviewed the fees and expenses of the Funds. They noted that the performance-based advisory fees are unusual in the industry and fair and reasonable to shareowners. The Trustees considered the increasing assets of the Sextant Funds, and the extent to which advisory fees reflected economies of scale. The Trustees found the expense ratios less than those of similar funds and to be advantageous to shareowners given the sizes of the Funds, services provided, and expenses incurred. They also considered the fees charged by the adviser to other kinds of accounts and the different services provided to those accounts, as well as the ways in which Saturna's services and work done for other accounts it manages benefit the Funds. 

The Trustees reviewed Saturna's profitability with respect to the Sextant Funds as part of their evaluation of whether the fee under the advisory contracts bear a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services. The Trustees noted that, although the assets of the Funds have grown, the Funds remain small, and there has been no opportunity for Saturna to demonstrate economies of scale. In fact, Saturna continues to operate the Funds at significant cost to itself. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none. The Trustees also noted Saturna's continued efforts to build a capital base in order that it might properly service the Funds, the value of which was apparent during recent financial turmoil.

 The Trustees also considered potential benefits to Saturna from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios, and that Saturna continues to voluntarily waive brokerage commissions for Fund portfolio trades at a considerable and growing cost to Saturna and that this results in savings to Fund shareowners.

The Trustees concluded that the fees paid by the Funds to Saturna were reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Funds. The Trustees saw no need for advisory fee changes or breakpoints. Following this discussion, the Trustees unanimously agreed to renew the Investment Advisory and Administration Agreements between each Fund and Saturna Capital Corporation. 

*46 | November 30, 2009 Annual Report*
*Availability of Portfolio Information (unaudited)*
(1) The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q				  (2) The Funds' Forms N-Q are available on the SEC's website at www.sec.gov, and at www.sextantmutualfunds.com.		        (3) The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.		        (4) The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.sextantmutualfunds.com.
*Availability of Proxy Voting Information (unaudited)*
(1) A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at www. sextantmutualfunds.com; and (c) on the SEC's website at www.sec.gov.			    (2) Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8752; (b) on the Funds' website at www.sextantmutualfunds.com; and (c) on the SEC's website at www.sec.gov.
*Privacy Statement (unaudited)*
At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareholder reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information please call us at 1-800/SATURNA (1-800-728-8762) 
*Householding Policy (unaudited)*
To reduce expenses, we may mail only one copy of the Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800/SATURNA or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies thirty days after receiving your request. 

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 1-800/SATURNA or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings. 

 

*November 30, 2009 Annual Report | 47*
www.sextantmutualfunds.com
 

(logo omitted)**Saturna Capital**				  1300 North State Street				  Bellingham, WA 98225				  www.saturna.com			    800/SATURNA

 

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

**Saturna Brokerage Services, Distributor**

ANNUAL REPORT			    November 30, 2009

This report is issued for the information of the shareowners of the Idaho Tax-Exempt Fund. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Fund, a series of Saturna Investment Trust. 
*Performance Summary:***Average Annual Returns (for calendar years ending December 31, 2009)** **1 Year****3 Years****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							10.03%														4.18%														3.60%														4.73%							0.77%S&P Idaho Municipal Bond Index							18.77%							  							4.12%							  							4.48%							  							6.16%							  N/A
***Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future performance****. Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free (800) SATURNA or visiting www.idahotaxexemptfund.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of 2% redemption fee on shares held less than 90 calendar days. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares.*

*¹By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

***Please consider an investment's objectives, risks, charges and expenses carefully before investing. To obtain the Fund's prospectus that contains this and other important information please visit www.idahotaxexemptfund.com or call toll free 1-800/SATURNA. Please read the prospectus carefully before investing.***

 

*2 | November 30, 2009 Annual Report*

(graphic omitted)
*Fellow Shareowners:*
For the six months ending November 30, 2009, Idaho Tax-Exempt Fund returned 2.67%. And for the twelve months ended November 30, the Fund returned 13.46%. As of November 30, 2009, the NAV was $5.43.

Since November 28, 2008, the Fund's outstanding shares increased 12.8% to 2.69 million, a record high. Net assets rose 24% to $14.6 million. The net annualized expense ratio was 0.84% for the year.

The decline of the U.S. and global economies have created significant challenges for Idaho though not of the same magnitude experienced in many other states. While Idaho's unemployment rate stands at 9.1% — a 26 year high — economic conditions are better than in many other states.

Governor Otter says, "Idaho has the equivalent of the top AAA credit rating. This kind of governmental stability and fiscal responsibility is important to companies and our citizens. There will be no IOUs issued here." While Idaho budgets may remain under pressure, the state has the financial and political reserves to balance future budgets without federal bailouts or gimmicks. 

Looking ahead, the withdrawal of federal stimulus spending will raise concern over the economic recovery, inflationary pressures and the resulting higher interest rates. It is in just such potentially bearish environments that the Idaho Fund has proven its value to bond investors time and time again. Municipal bond prices in general and Idaho bond prices in particular recovered their 2008 losses in 2009. For long-term investors, Idaho bonds remain attractive on a risk adjusted total return basis.

For those seeking a conservative investment vehicle, the Idaho Tax-Exempt Fund offers a diversified portfolio of high-grade, 100% Idaho issues that provide income exempt from federal income and alternative minimum taxes as well as Idaho state income tax.

We invite you to review the advantages of the Idaho Tax-Exempt Fund, including income free from Idaho and federal income taxes, a high-quality diversified bond portfolio, and daily supervision by professional managers. We welcome your suggestions. Only with your help can we be certain that we are meeting our primary objective — fulfilling your investment needs.

Respectfully,

(graphic omitted)

**Nicholas Kaiser,**President

(graphic omitted)

**Phelps McIlvaine,**Vice President, Portfolio Manager 

January 10, 2010

 

*Annual Report November 30, 2009 | 3*
*Performance Summary (unaudited)***Average Annual Returns (as of November 30, 2009)****1 Year****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							13.46%														3.74%														4.71%							0.77%S&P Idaho Municipal Bond Index							17.77%							  							4.56%							  							6.05%							  N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1999 to an identical amount invested in the Standard & Poor's Idaho Municipal Bond Index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $15,844 versus $17,765 in the S&P Idaho Municipal Bond Index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**
Ada & Canyon Cos. JSD #3 Kuna 5.00% due 9/15/20193.8%Madison County SCD #321 Rexburg 4.50% due 8/15/20242.9%Bingham County SCD #52 Snake HS 4.00% due 9/1/20272.8%Boise State University Revenue 5.00% due 4/1/20342.7%Owyhee & Elmore Cos. JSD #365 Grand View 4.00% due 8/15/20272.6%Bonneville & Bingham Cos. JSD #93 4.50% due 9/15/20172.6%Pocatello ID Water Revenue 4.75% due 2/1/20262.5%Canyon County SCD #139 4.35% due 9/15/20252.4%Canyon County SCD #131 Nampa 4.75% due 8/15/20192.4%Bingham County SCD #55 Blackfoot 4.65% due 8/1/20172.1%
*4 | November 30, 2009 Annual Report*
*Discussion of Fund Performance (unaudited)*
For the year ending November 30, 2009, the Idaho Tax-Exempt Fund returned to shareholders 13.46%, the highest fiscal-year return since 1995. For the last five years, the Fund has provided a 3.74% annualized return. Reflecting the volatility of the national municipal bond market, the Fund's net asset value (share price) moved an uncommon 14.31% from low to high ($4.82 to $5.51 per share).

**Factors Affecting Past Performance**

One year ago, the loss of municipal bond insurance, the withdrawal of many municipal bond credit ratings, and the rapid deterioration of States' finances left the municipal bond market in disarray. In 2009, a surge in investor demand for high-grade fixed income securities reversed Idaho's 2008 bond price declines.

The Federal Reserve's easing policies lowered interest rates while augmenting American Recovery Act funding — funding designed to help States balance record budget deficits. Despite this, Idaho still experienced significant declines in corporate, personal, and sales tax revenue. Unemployment climbed to 9.1%. When American Recovery Act funding ends in 2010, those dependent on Idaho for services and funding can expect service cuts, higher fees and higher taxes.

The number and diversity of new Idaho municipal issues was historically low and remains a concern. The Fund continued to review the creditworthiness of its bonds, and some credit ratings were withdrawn. 

**Looking Forward**

Adversity reveals character. So far, Idaho deserves high marks for fiscal management and budget discipline. The swift reactions of Idaho's Governor and the legislature stand in stark contrast to events in California and New Jersey. Unfortunately, Idaho's struggle is far from over. The Governor's office is projecting a $562 million deficit for 2010 after addressing a $452 million deficit in 2009. 

U.S. inflation is a future concern. However, global deflationary pressures may mute the overall impact on nominal U.S. rates. The world can still save more than the U.S. can spend. New regulations on credit default swaps, the unwinding of the TARP program and emerging global economic growth will help dispel some of the uncertainty in asset prices. Higher federal income tax rates will make municipal bonds more attractive to conservative investors.

U.S. Treasury yields are low and corporate and government-sponsored entity spreads have returned to more normal levels. Relatively high 15 to 25-year yields continue to attract the Fund's attention. We will maintain or extend duration throughout the year as opportunities arise.

An economic recovery and the subsequent withdrawal of the fiscal and monetary stimulus are key to our interest rate outlook. Stimulus policies depress U.S. interest rates and weaken the U.S. dollar. However, the steep yield curve partially discounts the impact of the withdrawal of these policies especially in long maturities. While post stimulus equilibrium rates will undoubtedly be higher, the transition to those higher rates may not lead to a persistent bear market in bond prices. 

Above all else, management remains confident in the creditworthiness of the State of Idaho and our Idaho municipal issuers.
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2009.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*

*Annual Report November 30, 2009 | 5*
**Schedule of Investments****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage****Electric Power**Idaho Falls Electric Revenue6.75% due 4/1/2019 $140,000165,320 1.1% **Financial Services**Boise City General Fund Revenue, Series A5.20% due 12/1/2017160,000 168,003 1.2%Boise City General Fund Revenue, Series A5.25% due 12/1/2018100,000 104,661 0.7%Idaho Bond Bank Authority¹4.00% due 9/15/201990,000 94,331 0.6%350,000 366,995 2.5% **General Obligation**Ada & Canyon Cos. JSD #2 Meridian¹5.50% due 7/30/201550,000 59,514 0.4%Ada & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2020165,000 182,803 1.2%Ada & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2021155,000 170,526 1.2%Ada & Canyon Cos. JSD #3 Kuna5.00% due 9/15/2019500,000 553,120 3.8%Adams & Washington Cos. JSD #4324.00% due 8/15/2019100,000 107,315 0.7%Bingham County SCD #52 Snake HS4.00% due 9/1/2027400,000 408,276 2.8%Bingham County SCD #55 Blackfoot4.65% due 8/1/2017285,000 302,867 2.1%Blaine County Idaho, Series A4.05% due 8/1/2023150,000 155,906 1.1%Boise County SCD #73 5.15% due 7/31/2010125,000 125,810 0.9%Bonneville & Bingham Cos. JSD #93 4.50% due 9/15/2016150,000 163,690 1.1%Bonneville & Bingham Cos. JSD #934.50% due 9/15/2017350,000 373,643 2.6%Caldwell Idaho5.30% due 5/15/2014150,000 152,641 1.0%Canyon County SCD #139 4.35% due 9/15/2025350,000 358,453 2.4%Canyon County SCD #131 Nampa4.75% due 8/15/2019325,000 350,798 2.4%Canyon County SCD #131 Nampa5.00% due 8/15/2023105,000 111,066 0.8%Canyon County SCD #134 Middleton4.65% due 7/31/2016170,000 180,683 1.2%Fremont & Madison JSD #215 St. Anthony4.00% due 8/15/2019200,000 215,794 1.5%Jefferson & Madison SCD #251 Rigby4.25% due 9/1/2024100,000 104,742 0.7%Jerome, Lincoln, & Gooding Cos. JSD #2613.75% due 9/15/2018125,000 132,164 0.9%Jerome, Lincoln, & Gooding Cos. JSD #2615.00% due 9/15/2022250,000 275,270 1.9%Kootenai-Shoshone Area Library4.25% due 8/1/2021220,000 231,517 1.6%Latah, Nez Perce, & Clearwater JSD #2834.50% due 8/15/2027190,000 200,919 1.4%Lemhi County4.20% due 8/1/2015100,000 105,414 0.7%Madison County SCD #321 Rexburg4.50% due 8/15/2024410,000 425,814 2.9%Madison County SCD #321 Rexburg 4.50% due 8/15/2026250,000 255,853 1.7%Meridian Free Library District5.00% due 8/1/2015100,000 100,470 0.7%Minidoka & Jerome Cos. JSD #331¹4.50% due 8/15/201875,000 78,431 0.5%Minidoka & Jerome Cos. JSD #331¹4.50% due 8/15/202075,000 77,440 0.5%Minidoka & Jerome Cos. JSD #3314.375% due 8/15/2024225,000 228,186 1.6%Minidoka & Jerome Cos. JSD #3314.50% due 8/15/2025160,000 162,302 1.1%Nampa Idaho, Series B5.00% due 8/1/2020200,000 211,590 1.5%Owyhee & Canyon Cos. JSD #370 Homedale4.55% due 8/15/2016160,000 184,053 1.3%Owyhee & Elmore Cos. JSD #365 Grand View4.00% due 8/15/2027350,000 373,950 2.6%Payette County SCD #3735.00% due 9/15/2024100,000 108,983 0.7%Valley & Adams Cos. JSD #4214.50% due 8/1/2024290,000 298,735 2.0%Valley & Adams Cos. JSD #4214.50% due 8/1/2022135,000 140,268 1.0%7,245,000 7,669,006 52.5% **Medical/Hospitals**Idaho Health Facility Authority Holy Cross Revenue5.25% due 12/1/2014110,000 110,603 0.8%Idaho Health Facility Authority Holy Cross Revenue5.00% due 12/1/2022115,000 115,590 0.8%Idaho Health Facility Authority Holy Cross Revenue¹5.00% due 12/1/202850,000 50,052 0.3%Idaho Health Facility Authority Revenue6.00% due 12/1/2023200,000 220,744 1.5%475,000 496,989 3.4% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*6 | Annual Report November 30, 2009*
**Schedule of Investments****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage****Municipal Leases**Nez Perce County COP4.50% due 2/1/2021$150,000 $155,759 1.1% **Pollution Control**Idaho Bond Bank Authority Revenue, Series A4.30% due 9/1/2022135,000 139,917 1.0%Idaho Bond Bank Authority Revenue, Series A¹4.125% due 9/15/202375,000 77,255 0.5%Moscow Idaho Sewer Revenue4.45% due 5/1/2028200,000 208,400 1.4%410,000 425,572 2.9% **Real Estate**Idaho Housing & Finance Association4.80% due 6/1/2017100,000 109,859 0.7%Idaho Housing & Finance Association¹5.00% due 7/15/202750,000 53,111 0.4%Idaho Housing & Finance Association5.65% due 7/2/2028100,000 103,487 0.7%Idaho State Building Authority Revenue4.50% due 9/1/2023110,000 112,890 0.8%Post Falls LID SPA5.00% due 5/1/2021300,000 300,021 2.1%660,000 679,368 4.7% **Sewer**Troy ID Sewer System¹8.00% due 2/1/201020,000 19,934 0.1% **State Education**Boise State University Revenue4.50% due 4/1/2027250,000 256,740 1.8%Boise State University Revenue5.00% due 4/1/2034385,000 401,297 2.7%Idaho State University Revenue4.90% due 4/1/2017150,000 150,063 1.0%Idaho State University Revenue, Series B4.625% due 4/1/2024220,000 228,026 1.6%University of Idaho Revenue, Series A5.00% due 4/1/2019200,000 212,358 1.4%University of Idaho Revenue, Series A5.00% due 4/1/2020260,000 274,778 1.9%1,465,000 1,523,262 10.4% **Transportation**Idaho Housing & Finance Association4.60% due 7/15/2023250,000 260,092 1.8%Idaho Housing & Finance Association5.00% due 7/15/2024200,000 216,348 1.5%450,000 476,440 3.3% **Urban Renewal**Boise City Urban Renewal Agency Lease Revenue5.00% due 8/15/2020160,000 172,640 1.2%Boise City Urban Renewal Agency Lease Revenue¹5.00% due 8/15/202190,000 96,307 0.6%Jerome Urban Renewal District Revenue, Series A5.40% due 9/1/2013200,000 201,636 1.4%450,000 470,583 3.2% **Water Supply**Blackfoot Idaho COP5.80% due 9/1/2018135,000 138,017 1.0%Idaho Bond Bank Authority Revenue4.00% due 9/15/2024100,000 103,999 0.7%Idaho Bond Bank Authority Revenue5.00% due 9/15/2026250,000 267,622 1.8%Pocatello Idaho Water Revenue4.50% due 2/1/2024100,000 102,258 0.7%Pocatello Idaho Water Revenue4.75% due 2/1/2026350,000 362,677 2.5%935,000 974,573 6.7% Total investments (Cost=$12,955,197)$12,750,000 13,423,801 91.9%Other assets (net of liabilities) 1,185,929 8.1%**Total net assets (100%)****$14,609,730****100.0%***¹Fair valued. See page 11.*
*(The accompanying notes are an integral part of these financial statements.)*

*Annual Report November 30, 2009 | 7*
**Statement of Assets and Liabilities***As of November 30, 2009* **Assets**  Investments in securities, at value (Cost $12,955,197)$13,423,801   Cash1,041,603   Interest receivable172,311   Receivable for Fund shares sold3,226   Insurance reserve premium801     Total assets14,641,742 **Liabilities**  Accrued expenses12,008   Payable for Fund shares redeemed7,470   Distributions payable6,305   Payable to affiliates6,229     Total liabilities32,012 **Net assets****$14,609,730** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$14,138,769   Unrealized net appreciation on investments468,604   Accumulated net realized gain2,357**Net assets applicable to Fund shares outstanding****$14,609,730** **Fund shares outstanding****2,689,222** **Net asset value, offering and redemption price per share****$5.43****Statement of Operations***Year ended Nov. 30, 2009* **Investment income**  Interest income$537,921    Gross investment income 537,921 **Expenses**  Investment adviser fees66,927   Audit fees18,052  Trustee fees6,979   Printing and postage6,039   Chief Compliance Officer expenses4,599   Shareholder servicing3,449   Other expenses3,229   Legal fees2,203  Filing and registration fees1,035   Custodian fees657     Total gross expenses113,169   Less custodian fee credits(657)    Net expenses112,512 **Net investment income****$425,409**    **Net realized gain (loss) on investments**  Proceeds from sales$330,075   Less cost of securities sold (based on identified cost)327,718     Net realized gain on investments2,357 **Net change in unrealized appreciation (depreciation) on investments**  End of year468,604   Beginning of year(724,457)    Net increase in unrealized appreciation1,193,061 **Net gain on investments****1,195,418** **Net increase in net assets resulting from operations****$1,620,827**
 

*(The accompanying notes are an integral part of these financial statements.)*

*8 | November 30, 2009 Annual Report*
**Statements of Changes of Net Assets***Year ended Nov. 30, 2009**Year ended Nov . 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$425,409 $398,972   Net realized gain (loss) on investments2,357 9,474   Net increase (decrease) in unrealized appreciation1,193,061 (851,475)     Net increase (decrease) in net assets1,620,827 (443,029)**Distributions to shareholders from**  Net investment income(425,608)(398,972)  Capital gains distributions- (9,502)    Total distributions(425,608)(408,474)**Capital share transactions**  Proceeds from sales of shares2,029,029 3,900,608   Value of shares issued in reinvestment of dividends342,847 331,494   Early redemption fees retained29 12   Cost of shares redeemed(731,127)(1,622,662)    Net increase in net assets1,640,778 2,609,452 **Total increase (decrease) in net assets****2,835,997****1,757,949** **Net assets**Beginning of year11,773,733 10,015,784 End of year$14,609,730$11,773,733Undistributed net investment income$0 $0  **Shares of the Fund sold and redeemed**  Number of shares sold381,950 754,461   Number of shares issued in reinvestment of dividends64,398 64,517   Number of shares redeemed(140,092)(325,141)**Net increase in number of shares outstanding****306,256****493,837****Financial Highlights***For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2009****2008****2007****2006****2005****Net asset value at beginning of year****$4.94****$5.30****$5.32****$5.27****$5.39****Income from investment operations**  Net investment income$0.17						    $0.18						    0.18						    0.18						    0.19						      Net gains (losses) on securities (both realized and unrealized)0.49						    (0.36)						    (0.02)						    0.06						    (0.10)						    **Total from investment operations****0.66****(0.18)****0.16****0.24****0.09****Less distributions**  Dividends (from net investment income)(0.17)						    (0.18)						    (0.18)						    (0.18)						    (0.19)						      Distributions (from capital gains)-						    -						    -						    (0.01)						    (0.02)						    **Total distributions****(0.17)****(0.18)****(0.18)****(0.19)****(0.21)**  Paid-in capital from early redemption fees¹0.00²						    0.00²						    0.00²						    0.00²						    0.00²						     **Net asset value at end of year****$5.43****$4.94****$5.30****$5.32****$5.27** **Total return****13.46%****(3.36)%****3.02%****4.66%****1.66%** **Ratios / supplemental data**Net assets ($000), end of year$14,610						    $11,774						    $10,016						    $8,783						    $8,531						    Ratio of expenses to average net assets   Before custodian credits0.85%						    0.77%						    0.89%						    0.87%						    0.91%						      After custodian credits0.84%						    0.76%						    0.87%						    0.83%						    0.88%						    Ratio of net investment income after custodian credits to average net assets 3.19%						    3.51%						    3.35%						    3.40%						    3.58%						    **Portfolio turnover rate****3%****7%****6%****24%****21%***¹Early redemption fee adopted March 29, 2005**²Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*Annual Report November 30, 2009 | 9*
Expenses (unaudited)
All mutual funds have operating expenses. As an Idaho Tax-Exempt Fund shareowner, you incur ongoing costs, including management fees and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. All mutual funds (unlike some other financial investments) only report their results after deduction of operating expenses. 

With the Idaho Tax-Exempt Fund, unlike many mutual funds, you do not incur sales charges (loads) on purchase payments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Saturna Individual Retirement Accounts. However, to discourage speculation, you may incur a 2% fee for redemption of shares held less than 90 calendar days. You may incur fees related to extra services requested by you for your account, such as a checkbook to use for redemptions or bank wires. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

**Example**The following example is based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (June 1, 2009 to November 30, 2009).

**Actual Expenses**The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this fiscal year. The Fund also charges the following fees for extra services rendered on request, which you may need to add to determine your total expenses: $10 per checkbook, $25 per domestic bank wire, $35 per international bank wire, or overnight courier delivery charges.

**Hypothetical Example for Comparison Purposes**The second line provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio (based on the last six months) and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the year. You may use this information to compare the ongoing costs of investing in the Fund and other mutual funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareowner reports of other mutual funds. You may wish to add other fees that are not included in the expenses shown in the table, such as charges for extra services like check writing and bank wires.

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value 						      [June 1, 2009]****Ending Account Value 						      [November 30, 2009]****Expenses Paid During Period¹**Actual 							$1,000.00														$1,026.70														$4.60							Hypothetical (5% annual return before expenses)							$1,000.00							  							$1,020.53							  							$4.59							  
*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.91% (based on the most recent semi-annual period of June 1, 2009 through November 30, 2009, multiplied by the average account value of $1,013.35 over the period multiplied by 183/365 (to reflect the one-half year period).*

*10 | November 30, 2009 Annual Report*
*Notes To Financial Statements*
**Note 1 — Organization**

Saturna Investment Trust (the "Trust") was established under Washington State Law as a Business Trust on February 20, 1987. The Trust is registered as a no-load, open-end series investment company under the Investment Company Act of 1940, as amended. Five portfolios have been created to date in addition to Idaho Tax-Exempt Fund (the "Fund"). The other five portfolios distribute through a separate prospectus and the results of those funds are contained in a separate report.

The Idaho Tax-Exempt Fund was first authorized to sell shares of beneficial interest on September 4, 1987. The investment objective of the Fund is to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.

**Note 2 — Significant Accounting Policies**

The following is a summary of the significant accounting policies followed by the Fund.

**Security valuation:**Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using a matrix. This technique considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity and general market conditions. In the absence of a valuation from an independent service, securities are valued at their respective fair values as determined in good faith by or under the direction of the Board of Trustees.

The cost of securities is the same for accounting and federal income tax purposes. Securities transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded based on the identified cost.

**Share valuation:**The net asset value ("NAV") per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for the Fund, rounded to the nearest cent. The Fund's shares are not priced or traded on days the New York Stock Exchange is closed. The NAV is the offering and redemption price per share.

**Fair value measurements:**The Fund has adopted authoritative fair valuation accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a a discussion in changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below.

Level 1 — quoted prices in active markets for identical investments			    Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)			    Level 3 — significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

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

The following is a summary of the inputs used as of November 30, 2009 in valuing the Fund's investments carried at value:
**Funds****Total****Level 1**						    Quoted Price**Level 2**						    Significant Observable Input**Level 3**						    Significant Unobservable InputMunicipal Bonds$13,423,801 $- $12,817,426 $606,375 **Total Assets****$13,423,801****$-****$12,817,426****$606,375****Level 3 Roll-Forward Municipal Securities**Beginning Balance$525,459 Total unrealized/realized gains or losses51,228 Purchases49,688 Maturity(20,000)**Ending Balance****$606,375**
**Odd Lots:**The bid-side valuations provided by the independent pricing service are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of the Fund's holdings consist of less than a Round Lot and are considered "Odd Lots." Odd Lots trade at a discount to Round Lots to compensate for the effect of the fixed costs associated with any trade. To reflect this discount, the Fund applies a discount to the valuation of Odd Lot holdings as shown in the following chart.
**Total Face Value****Adjustment to Price**Under 10,000-0.750%10,000-24,999-0.625%25,000-49,999-0.500%50,000-74,999-0.375%75,000-99,999-0.250%100,000 and upnone
**Income taxes:**As a qualified investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes all of its investment income. It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all its taxable and tax-exempt income to its shareowners. The Fund intends to meet requirements for tax-free income dividends, and requirements of the Idaho Department of Revenue for income dividends free of Idaho state income tax.

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

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year-end November 30, 2009, or for any other tax years which are open for exam. As of November 30, 2009, open tax years include the tax years ended November 30, 2006 through 2008. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

**Derivatives:**The Fund has adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB 

*Annual Report November 30, 2009 | 11*
*Notes To Financial Statements (continued)*
Accounting Standards Codification ("FASB ASC"). The Fund is required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the year ended November 30, 2009, the Fund did not hold any derivative instruments.

**Dividends and distributions to shareowners:**Dividends and distributions to shareowners, which are determined in accordance with income tax regulations, are recorded as income on the ex-dividend date. Dividends are paid daily and distributed on the last business day of each month. Shareowners electing to reinvest dividends and distributions purchase additional shares at the net asset value on the payable date.

**Use of estimates:**The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**Subsequent events evaluation:**In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure resulting from subsequent events through January 26, 2010, the date the financial statements were available to be issued. 

**Reclassification of Capital Accounts**:			    Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share:
Undistributed net income$199Paid-in capital$(199)
**Other:**The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in the State of Idaho.

Interest income is recognized on an accrual basis. Discounts on securities purchased are accreted and premiums are amortized over the lives of the respective securities. 

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares. The Fund is intended for long-term investment and does not permit rapid trading of its shares. To discourage speculation, shares held less than 90 calendar days, including those held in omnibus accounts at intermediaries, will be assessed a 2% early-redemption fee (payable to the Fund) when redeemed. These fees are deducted from the redemption proceeds otherwise payable to the shareowner and retained by the Fund as paid-in capital and included in the daily NAV. The Fund cannot always identify all intermediaries, or detect or prevent trading that violates the Frequent Trading Policy through intermediaries or omnibus accounts. 

**Note 3 — Transactions with Affiliated Persons**

Under a contract approved by shareowners on October 12, 1990, Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services to conduct the Fund's business. Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets. For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets. For the year ended November 30, 2009, the Fund incurred advisory fee expenses of $66,927. 

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor for the Fund. 

Saturna Capital Corporation acts as shareowner servicing agent for the Fund, for a monthly fee plus certain expenses. For the the year ended November 30, 2009, the Fund paid shareowner servicing fees of $3,449.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and chairman of the Adviser. For the the year ended November 30, 2009, the Trust incurred compensation expenses of $16,200 which is included in $32,674 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $6,979 of these total expenses.

The officers are paid by Saturna Capital, and not the Trust, except for Mr. Winship, who is partially compensated by the Trust. On November 30, 2009, the trustees, officers and their immediate families as a group owned 2.46% of the outstanding shares of the Fund. 

**Note 4 — Investments**

During the year ended November 30, 2009, the Fund purchased $1,182,278 of securities and sold/matured $330,075 of securities.

**Note 5 — Distributions to shareowners**

The tax characteristics of distributions paid during the the fiscal years ended November 30, 2009 and 2008 were as follows:
**2009****2008**Tax-exempt income$425,222 $398,755Taxable income386 8,671Capital gain¹$ - $1,048
*¹Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*

The cost basis of investments for Federal Income Tax purposes at November 30, 2009 were as follows:
Cost of investments$12,955,197 Gross unrealized appreciation$475,347 Gross unrealized depreciation$(6,743)Net unrealized appreciation$468,604 
As of November 30, 2009 the components of distributable earnings on a tax basis were as follows:
Net unrealized appreciation (depreciation)$468,604Accumulated net realized gain2,357Total distributable earnings2,357Total accumulated earnings (losses)$470,961
**Note 6 — Custodian**

Under the agreement in place with PNC Global Investment Servicing, custody fees are reduced by credits for cash balances. Such reduction for the year ended November 30, 2009 amounted to $657.

 

*12 | November 30, 2009 Annual Report*
*Report of Independent Registered Public Accounting Firm*
To the Shareholders and Board of Trustees			    Saturna Investment Trust,

We have audited the accompanying statements of assets and liabilities of Idaho Tax-Exempt Fund, a series of the Saturna Investment Trust (the "Trust"), including the schedule of investments as of November 30, 2009, and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2009, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion. 

In our opinion the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Idaho Tax-Exempt Fund as of November 30, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania			    January 26, 2010

*/s/ Tait, Weller & Baker LLP*			    Tait, Weller & Baker LLP

*Annual Report November 30, 2009 | 13*
**Trustees and Officers (unaudited)**Name (age),					      addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Capital fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (51)							  1500 N. State Street							  Bellingham, WA 98225Independent Trusteesince 1995Medical Examiner (pathologist);						    Owner, Avocet Environmental Testing (laboratory)							Six						  							None						  Herbert G. Grubel, PhD (75)							  Apt. 1202 - 125 West Second St.							  North Vancouver, BC							  Canada V7M 1C5Independent Trustee¹ 						    since 2005Professor Emeritus of Economics, Simon Fraser University;						    Senior Fellow, Fraser Institute							Nine						  							Amana Mutual Funds Trust						  John E. Love (77)							  1002 Spokane Street							  Garfield, WA 99130Chairman,							  Independent Trustee 						      since 1987Owner, J.E. Love Co.						    (agricultural equipment manufacturer)							Six						  							None						  John S. Moore, PhD (78)²                            							  346 Bayside Road							  Bellingham, WA 98225Independent Trustee² 						    since 1993Professor Emeritus,						    College of Business and Economics, Western Washington University							Six						  							None						  Ronald H. Fielding (60)³							  42 Surfsong Rd.							  Kiawah Island, SC 29455Independent Trustee³						    since 2009Retired (2009);						    Senior Vice President & Portfolio Manager, OppenheimerFunds Rochester Division							Six						  							None						  **Interested Trustee**Nicholas F. Kaiser, MBA, CFA (63)						    1300 N. State Street							    Bellingham, WA 98225President, Trustee¹					      since 1990Chairman (retired president 2009),					      Saturna Capital Corporation							Nine														Amana Mutual Funds Trust							**Officers who are not Trustees**Phelps S. McIlvaine (56)						    1300 N. State Street							    Bellingham, WA 98225Vice President						    since 1994Vice President,							  Saturna Capital Corporation;						      Treasurer,						      Saturna Brokerage Services 							N/A						  							N/A						  Christopher Fankhauser (37)						    1300 N. State Street							    Bellingham, WA 98225Treasurer¹						    since 2002Chief Operations Officer,						    Saturna Capital Corporation							N/A						  							N/A						  Ethel B. Bartolome (37)						    1300 N. State Street							    Bellingham, WA 98225Secretary¹						    since 2001Corporate Administrator,						    Saturna Capital Corporation							N/A						  							N/A						  James D. Winship, MBA, JD (61)						    1300 N. State Street							    Bellingham, WA 98225Chief Compliance Officer¹						    since 2004Chief Compliance Officer and General Counsel,						    Saturna Capital Corporation							N/A						  							N/A						  
Term of Office: each Trustee serves for the lifetime of the Trust or until he dies, resigns, is removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

The Fund's Statement of Additional Information, available without charge by calling Saturna Capital at 1-800/SATURNA, includes additional information about the Trustees.

On November 30, 2009, the Trustees, officers and their related accounts as a group owned 2.5% of the outstanding shares of the Fund. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor. Mr. Kaiser is an interested person of the Trust by reason of his positions with the Trust's adviser and distributor. Mr. McIlvaine is the primary manager of the Idaho Tax-Exempt Fund. Moreover, Mr. McIlvaine is the portfolio manager of the Sextant Bond Income Fund and Sextant Short-Term Bond Fund. Mr. Winship is also General Counsel and Chief Compliance Officer for Saturna Capital Corporation.

¹Holds same position with Amana Mutual Funds Trust.

²John Moore retired from the Saturna Investment Trust Board of Directors effective December 11, 2009.

³Ronald H. Fielding was elected to the Board of Trustees effective Dec. 15, 2009.

*14 | November 30, 2009 Annual Report*
*Renewal of Investment Advisory Contract*
During their meeting of September 28, 2009, the Trustees of Saturna Investment Trust discussed the Trust's various management agreements. They focused on renewing the Idaho Tax-Exempt Fund's Investment Advisory and Administration Agreement with Saturna Capital Corporation, discussing various materials provided by Saturna. The Trustees took into consideration that the Fund offers a full range of high-quality investor services, and that there had been enhancements in Saturna's operations during the last year. The Trustees remarked on Saturna's experience, ability and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plan and trust services, accounting, marketing, and distribution — in addition to investment management.

In addition to information provided throughout the year, the Trustees utilized a comparison of performance and expenses of the Fund with those of other single-state tax-exempt mutual funds. The Trustees reviewed Morningstar and Lipper mutual fund category comparisons, and found that the investment performance of the Fund was strong. Specifically, Lipper found the Fund to rank in the top 7% of 137 "other states Muni" category funds for the twelve months ending September 1, 2009 and rank in the top 3% of 128 category funds for the 3 years ending September 1, 2009. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

The Trustees took into consideration Saturna's continued avoidance of significant operational problems, plus its substantial investments in premises, personnel, training and equipment to meet investor needs. They recognized Saturna's efforts to recruit and retain increasingly qualified, experienced and specialized staff and improve the capital base on which Saturna operates, which the Trustees believe is important to the long-term success of all mutual funds. 

The Trustees reviewed Saturna's profitability with respect to the Fund as part of their evaluation of whether the fee under the advisory contract bears a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services. They considered the fees charged by the adviser to other kinds of accounts and the different services provided to those accounts. The Trustees noted that, although the assets of the Fund have grown, the Fund remains small, and there has been no opportunity for Saturna to demonstrate economies of scale. In fact, Saturna continues to operate the Fund at significant cost to itself. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none. The Trustees noted Saturna's continued efforts to build a capital base in order that it might properly service the Fund, the value of which was apparent during recent financial turmoil.

The Trustees concluded that the fee paid by the Fund to Saturna is reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Fund. The Trustees saw no need for advisory fee changes or breakpoints. Following this discussion, the Trustees unanimously agreed to renew the Investment Advisory and Administration Agreement between the Fund and Saturna Capital Corporation.

 

 

*Annual Report November 30, 2009 | 15*
*Privacy Statement*
At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

In the course of our relationship, we gather certain nonpublic information about you, including your name, address, investment choices, and account information. We do not disclose your information to unaffiliated third parties unless it is necessary to process a transaction; service your account; deliver your account statements, shareholder reports and other information; or as required by law. When we disclose information to unaffiliated third parties, we require a contract to restrict the companies' use of customer information and from sharing or using it for any purposes other than performing the services for which they were required.

We may share information within the Saturna Capital family of companies in the course of informing you about products or services that may address your investing needs.

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information please call us at 1-800/SATURNA (1-800-728-8762) 
*Availability of Fund Portfolio Information*
(1) The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.

(2) The Fund's Form N-Q is available on the SEC's website at www.sec.gov and at www.idahotaxexemptfund.com.

(3) The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800/SEC-0330.

(4) The Fund makes a complete schedule of portfolio holdings after the end of each month available to investors at www.idahotaxexemptfund.com.
*Householding Policy*
To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 800/SATURNA or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies thirty days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 800/SATURNA or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.

 

Saturna Capital (logo omitted)				  1300 N. State Street			    Bellingham, WA 98225			    www.saturna.com			    (800) SATURNA

 

Saturna Brokerage Services, Distributor

 

**Item 2. Code of Ethics.**Registrant has adopted a code of ethics and is included with this submission as Exhibit (a). It may also be found on Registrant's website at http://www.saturna.com/codeofethics.shtml.

**Item 3. Audit Committee Financial Expert.**(a)(1)(i) The Trust has an audit committee financial expert serving on its audit committee.			    (a)(2)(ii) As of November 30, 2009, Mr. John Moore, an independent Trustee (as defined for investment companies), was deemed qualified and agreed to serve.

**Item 4. Principal Accountant Fees and Services.***(a) Audit Fees*			    For the fiscal years ending November 30, 2009 and 2008, the aggregate audit fees billed for professional services rendered by the principal accountant were $72,500 and $66,000. respectively.

*(b) Audit-Related Fees*			    For the fiscal years ending November 30, 2009 and 2008, the aggregate audit related fees were $60,000 and $54,000 respectively. The nature of the services are: (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each of the Funds; (2) auditing and reporting on the financial statements to be included in the Amendment to the Funds' Registration Statement, Form N-1A, to be filed with the Securities and Exchange Commission; (3) review of the Amendment to the Registration Statement; and (4) issuance of a Report on Internal Control Structure for inclusion in Form N-SAR.

*(c) Tax Fees*			    For the fiscal years ending November 30, 2009 and 2008, the aggregate tax fees billed for professional services rendered by the principal accountant were $12,500 and $12,000, resepctively. Service includes preparation of the Funds' federal and state income tax returns.

*(d) All Other Fees*			    There were no other fees billed by the principal accountant for the fiscal years ending November 30, 2009 and 2008.

*(e)(1) Audit Committee Pre-Approval Policies and Procedures*			    The following is an excerpt from the Amana Mutual Funds Trust Audit Committee Charter:

D. Oversight of Independent Auditors

3. Pre-approval of Audit and Non-Audit Services. Except as provided below, the Committee's prior approval is necessary for the engagement of the independent auditors to provide any audit or non-audit services for the Trust and any non-audit services for any entity controlling, controlled by or under common control with Saturna that provides ongoing services to the Trust (Saturna and each such entity, an "Adviser Affiliate") where the engagement relates directly to the operations or financial reporting of the Trust. Non-audit services that qualify under the de minimis exception described in the Securities Exchange Act of 1934, as amended, and applicable rules thereunder, that were not pre-approved by the Committee, must be approved by the Committee prior to the completion of the audit. Pre-approval by the Committee is not required for engagements entered into pursuant to (a) pre-approval policies and procedures established by the Committee, or (b) pre-approval granted by one or more members of the Committee to whom, or by a subcommittee to which, the Committee has delegated pre-approval authority, provided in either case, that the Committee is informed of each such service at its next regular meeting.

*(e) (2) Percentages of Services*One hundred percent of the services described in each of paragraphs (b) through (d) were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

*(f) Not applicable.*

*(g) Not applicable.*

*(h) Not applicable.*

**Item 5. Audit Committee of Listed Registrants.**Not applicable.

**Item 6. Schedule of Investments**The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**Not applicable.

**Item 11. Controls and Procedures.**(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On December 29, 2009, Mr. Nicholas Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.

(b) No change.

**Item 12. Exhibits**Exhibits included with this filing:

(a) Code of Ethics.

(b) Certifications.

(1) Nicholas Kaiser, President, Saturna Investment Trust				    (2) Christopher Fankhauser, Treasurer, Saturna Investment Trust

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SATURNA INVESTMENT TRUST

By:

*/s/ Nicholas Kaiser*			    Nicholas Kaiser, President

Date: February 04, 2010

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

By:

*/s/ Nicholas Kaiser*Nicholas Kaiser, President

Date: February 04, 2010

By:

*/s/ Christopher Fankhauser*Christopher Fankhauser, Treasurer

Date: February 04, 2010* |