**SECURITIES AND EXCHANGE COMMISSION			    WASHINGTON, DC 20549**

**FORM N-CSRS**

**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, 2010			    Date of reporting period: May 31, 2010

 

**Item 1. Report To Shareowners**

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# Sextant Mutual Funds

### Semi-Annual Report

### May 31, 2010

| Short-Term Bond | Bond Income | Core | Growth | International |
|-----------------|-------------|------|--------|---------------|

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### *Performance Summary (as of June 30, 2010):*

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                                                 | 4.77%      | 4.87%      | 4.11%      | 4.46%       | 1.49%                   |
| Morningstar Category                                        | 7.12%      | 3.65%      | 3.51%      | 4.13%       | N/A                     |
| % Rank (category size)                                      | 74 (442)   | 30 (398)   | 38 (336)   | 39 (180)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 10.35%     | 6.39%      | 4.33%      | 6.20%       | 1.70%                   |
| Morningstar Category                                        | 13.11%     | 6.03%      | 4.51%      | 5.75%       | N/A                     |
| % Rank (category size)                                      | 72 (1149)  | 55 (1011)  | 65 (880)   | 32 (515)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | 10.89%     | -1.56%     | N/A        | N/A         | 1.78%                   |
| Morningstar Category                                        | 12.89%     | -4.62%     | 1.28%      | 1.86%       | N/A                     |
| % Rank (category size)                                      | 78 (1175)  | 10 (963)   | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth Category**                |
| Fund Return                                                 | 11.76%     | -6.61%     | 2.28%      | 1.27%       | 1.34%                   |
| Morningstar Category                                        | 12.41%     | -8.11%     | -0.18%     | -3.37%      | N/A                     |
| % Rank (category size)                                      | 53 (1770)  | 30 (1545)  | 13 (1298)  | 6 (739)     | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | 8.93%      | -4.58%     | 6.52%      | 3.45%       | 1.14%                   |
| Morningstar Category                                        | 7.05%      | -13.04%    | 1.13%      | -0.39%      | N/A                     |
| % Rank (category size)                                      | 28 (813)   | 1 (655)    | 2 (473)    | 7 (260)     | 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.sextantmutualfunds.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 30, 2010, incorporates results from the fiscal year ending November 30, 2009, 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 06/30/2010.** 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 June 30, 2010. 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 329th of 442 Short-Term Bond funds in the last year, 119th of 398 funds in the last 3 years, 127th of 336 funds in the last 5 years and 71st of 180 funds in the last 10 years. Sextant Bond Income was 833rd of 1149 Intermediate-Term Bond funds in the last year, 562nd of 1011 funds in the last 3 years, 570th of 880 funds in the last 5 years and 167th of 515 funds in the last 10 years. Sextant Core was 921st of 1175 Moderate Allocation funds in the last year and 93rd of 963 funds in the last 3 years. Sextant Growth was 939th of 1770 Large Growth funds in the last year, 460th of 1545 funds in the last 3 years, 167th of 1298 funds in the last 5 years and 39th of 739 funds in the last 10 years. Sextant International was 230th of 813 Foreign Large Blend funds in the last year, 1st of 655 funds in the last 3 years, 8th of 473 funds in the last 5 years and 19th of 260 funds in the last 10 years.*

*2 | May 31, 2010 Semi-Annual Report*

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### *Fellow Shareowners:*

As the world worries about recession, financial crises, and spending addictions, the Sextant Funds have done relatively well. For the semi-annual period ended May 31, 2010, solid Sextant Growth returned +5.62%, Sextant International dropped -2.85%, and stalwart Sextant Core Fund was virtually unchanged at -0.21%. During the same period the S&P 500 returned just +0.41% while the NYSE-Arca International Index dropped -13.12%.

Lack of inflation helped the bond markets over the last six months. In this unstable climate, the less volatile Short-Term Bond Fund returned +0.78% and the Bond Income Fund returned +1.62%.

Assets for each of the five Sextant Funds increased, with the total up 14% for the six months to $147 million. The combination of spreading fixed expenses over higher assets and the effects of Sextant's performance fee structure (based on one-year results relative to Morningstar categories) lowered all Sextant Fund annualized expense ratios to under 1% (see page 34).

**Long-term Results**

As long-term investors, we stress the importance of measuring performance over multiple years. This reveals how a fund performs during both good times and bad. The Performance Summary tables (as of June 30, 2010 on the previous page, and for May 31, 2010 on the next page) provide comparative returns and Morningstar category rankings so you may review Fund performances for periods up to ten years. 

**Going Forward**

Hobbled by decades of profligacy, governments everywhere are being forced to cut spending. Economic growth has flatlined as worried consumers also hold back on spending. Although core inflation is non-existent, we fear that it must return. Interest rates are low, but shy lenders mean the resulting stimulus is meager.

This creates a mixed climate for the world's equity markets. We will continue to invest in innovative companies with the strong business advantages and balance sheets needed to navigate these trying times. We aim to avoid companies dependent on government spending and the regions and countries that will be hurt the most in the new austerity. Turbulent times also create opportunity, and we seek entrepreneurial companies that can grow profits. Indeed, equity investors are optimistic that better-than-expected earnings at companies from Apple to UPS mean they will be rewarded.

We expect a long, slow transition to higher interest rates. Bondholders are being rewarded with real returns. Low interest rates today reflect high confidence — not just among Americans but among investors around the world — that approaching economic storms will be survived.

| *Sextant Funds stress low operating expenses and employ a "fulcrum" advisory fee structure that rewards or penalizes Saturna Capital for investment results.* |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

Going forward, The Sextant Fund series continues to offer investors a broad mix of investment vehicles: growth equities, international exposure, a blended portfolio, plus 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 information about each Fund.

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)

July 15, 2010

*May 31, 2010 Semi-Annual Report | 3*

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### *Performance Summary (as of May 31, 2010):*

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                                                 | 4.37%      | 4.77%      | 4.04%      | 4.51%       | 1.49%                   |
| Morningstar Category                                        | 7.40%      | 3.57%      | 3.47%      | 4.21%       | N/A                     |
| % Rank (category size)                                      | 78 (443)   | 29 (399)   | 39 (336)   | 41 (180)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 10.72%     | 5.69%      | 4.04%      | 6.20%       | 1.70%                   |
| Morningstar Category                                        | 12.98%     | 5.37%      | 4.34%      | 5.83%       | N/A                     |
| % Rank (category size)                                      | 67 (1143)  | 58 (1000)  | 70 (878)   | 37 (510)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | 12.78%     | -1.23%     | N/A        | N/A         | 1.78%                   |
| Morningstar Category                                        | 16.30%     | -4.08%     | 2.01%      | 2.32%       | N/A                     |
| % Rank (category size)                                      | 86 (1170)  | 11 (958)   | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth Category**                |
| Fund Return                                                 | 19.88%     | -5.20%     | 3.54%      | 3.32%       | 1.34%                   |
| Morningstar Category                                        | 19.54%     | -6.57%     | 1.08%      | -2.21%      | N/A                     |
| % Rank (category size)                                      | 41 (1784)  | 30 (1553)  | 13 (1301)  | 3 (727)     | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | 10.35%     | -3.83%     | 7.21%      | 4.21%       | 1.14%                   |
| Morningstar Category                                        | 6.75%      | -12.55%    | 1.70%      | 0.18%       | N/A                     |
| % Rank (category size)                                      | 15 (810)   | 1 (654)    | 2 (470)    | 7 (257)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance and is no guarantee of future results. Results are shown for 12 months ending May 31, 2010 ("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 30, 2010, incorporating results from the 2009 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 05/31/2010.** 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 May 31, 2010.*

*Sextant Short-Term Bond was 346th of 443 Short-Term Bond funds in the last year, 117th of 399 funds in the last 3 years, 132nd of 336 funds in the last 5 years and 75th of 180 funds in the last 10 years. Sextant Bond Income was 773rd of 1143 Intermediate-Term Bond funds in the last year, 586th of 1000 funds in the last 3 years, 614th of 878 funds in the last 5 years and 190th of 510 funds in the last 10 years. Sextant Core was 1014th of 1170 Moderate Allocation funds in the last year, and 101st of 958 funds in the last 3 years. Sextant Growth was 733rd of 1784 Large Growth funds in the last year, 469th of 1553 funds in the last 3 years, 161st of 1301 funds in the last 5 years and 20th of 727 funds in the last 10 years. Sextant International was 121st of 810 Foreign Large Blend funds in the last year, 5th of 654 funds in the last 3 years, 8th of 470 funds in the last 5 years and 19th of 257 funds in the last 10 years.*

*4 | May 31, 2010 Semi-Annual Report*

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### *Sextant Short-Term Bond Fund*

***Performance Summary***

| **Average Annual Returns as of May 31, 2010**   |
|-------------------------------------------------|
|                                                 | **1 Year** | **5 Years** | **10 Years** | **Expense Ratio¹** |
| Sextant Short-Term Bond Fund                    | 4.37% | 4.04% | 4.51% | 1.49% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years | 3.38% | 4.49% | 4.85% | 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 May 31, 2000 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 $15,532 versus $16,054 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 30, 2010, incorporates results for the fiscal year ending November 30, 2009, 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***Industry weightings are shown as a percentage of net assets.*U.S. Treasury Note 1.50% due 12/31/20137.3%Xstrata Canada 7.35% due 06/05/20104.5%Protective Life Secured Trust 5.00% due 05/15/20134.4%Noble Corp. 5.875% due 06/01/20134.3%Stanley Works 4.90% due 11/01/20124.1%SeaRiver Maritime 0.00% due 09/01/20124.0%Manhattan Kansas 3.276% due 12/01/20133.8%Rhode Island Econ. Dev. Corp. 4.52% due 05/15/20133.8%Rio Tinto Finance 8.95% due 05/17/20143.8%Bank of New York Mellon 6.375% due 04/01/20123.7%
*May 31, 2010 Semi-Annual Report | 5*
*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$146,398 3.1% 	**Diversified Financial Services**General Electric Capital5.25% due 10/19/2012100,000106,200 2.2% 	**Energy**Halliburton 5.50% due 10/15/2010 132,000134,215 2.8%Marathon Oil 6.00% due 07/01/2012120,000128,843 2.7%Noble Corp.5.875% due 06/01/2013190,000205,861 4.3%442,000468,919 9.8% 	**Finance**Bank of New York Mellon6.375% due 04/01/2012160,000173,826 3.7%Berkshire Hathaway Financial4.75% due 05/15/2012100,000106,234 2.2%HSBC Finance 6.375% due 10/15/2011100,000105,214 2.2%Protective Life Secured Trust5.00% due 05/15/2013200,000 209,044 4.4%560,000594,318 12.5% 	**Food Production**Fortune Brands5.125% due 01/15/2011120,000122,716 2.6% 	**Machinery**Dover 6.50% due 02/15/2011100,000103,896 2.2%Stanley Works4.90% due 11/01/2012180,000193,829 4.1%280,000297,725 6.3% 	**Medical**AstraZeneca 5.40% due 09/15/2012125,000136,434 2.9%Genentech 4.40% due 07/15/2010100,000100,449 2.1%Roche Holdings4.50% due 03/01/2012150,000157,949 3.3%375,000394,832 8.3% 	**Metal Ores**Rio Tinto Finance8.95% due 05/17/2014150,000180,203 3.8%Xstrata Canada7.35% due 06/05/2010200,000216,165 4.5%350,000396,3688.3% 	**Municipal General Obligation**Passaic NJ Taxable Pension GO5.00% due 02/01/2013100,000103,197 2.2% 	**Municipal Revenue**Rhode Island Econ. Dev. Corp.4.52% due 05/15/2013175,000181,151 3.8%Commerce Charter TWP MI5.50% due 12/01/2013125,000135,035 2.8%Manhattan Kansas3.276% due 12/01/2013180,000182,774 3.8% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*6 | May 31, 2010 Semi-Annual Report*
*Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets****Municipal Revenue (continued)**Dawson Springs KY ISD Bldg.3.60% due 08/01/2013$95,000$96,467 2.0%Southwestern MI Comm. College4.875% due 05/15/2015125,000130,555 2.8%700,000725,982 15.2% 	**Telecommunications**Verizon New England4.75% due 10/01/2013129,000136,421 2.9% 	**Transportation**SeaRiver Maritime0.00% due 09/01/2012202,000191,176 4.0% 	**U.S. Government**U.S. Treasury Note1.50% due 12/31/2013350,000348,797 7.3% 	**Utilities**Florida Power & Light5.625% due 09/01/2011140,000146,985 3.1% 	Total investments (Cost = $4,080,797)$3,983,000 4,180,034 87.8%Other assets (net of liabilities) 580,628 12.2%**Total net assets****$4,760,662****100.0%**
 
**Bond Quality Diversification** 
*Based on net assets as of May 31, 2010.*

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

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

*May 31, 2010 Semi-Annual Report | 7*
*Sextant Short-Term Bond Fund****Statement of Assets and Liabilities****As of May 31, 2010* **Assets**  Investments in securities, at value 						      (Cost $4,080,797)$4,180,034   Cash526,305   Interest receivable47,317   Receivable from affiliate2,990   Receivable for Fund shares sold2,370     Total assets4,759,016 **Liabilities**  Payable for Fund shares redeemed4,590   Payable to affiliates1,447   Accrued distribution fee1,006   Distribution payable79   Other liabilities(8,768)    Total liabilities(1,646)**Net Assets****$4,760,662** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$4,692,167   Unrealized net appreciation on investments99,237   Accumulated net realized loss(32,116)  Undistributed net investment income1,374**Net assets applicable to Fund shares outstanding****$4,760,662** **Fund shares outstanding****939,211** **Net asset value, offering and redemption price per share****$5.07*****Statement of Operations****Period ended May 31, 2010* **Investment income**  Interest income$75,939    Gross investment income75,939 **Expenses**  Investment adviser fees9,267   Distribution fees5,434   Filing and registration fees4,733   Trustee fees1,535   Audit fees1,306   Other expenses676   Printing and postage642   Chief Compliance Officer expenses589   Legal fees127   Custodian fees108     Total gross expenses24,417   Less adviser fees waived(7,892)  Less custodian fee credits(108)    Net expenses16,417 **Net investment income****$59,522**  Net realized gain from investments$ - Net decrease in unrealized appreciation on investments(24,083)**Net loss on investments****$(24,083)** **Net increase in net assets resulting from operations****$35,439**
*The accompanying notes are an integral part of these financial statements.*

*8 | May 31, 2010 Semi-Annual Report*
*Sextant Short-Term Bond Fund****Statements of Changes in Net Assets****Period ended May 31, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$59,522 $116,002   Net realized gain on investments- 9,102   Net increase (decrease) in unrealized appreciation(24,083)175,131     Net increase in net assets35,439 300,235 **Distributions to shareholders from**  Net investment income(59,524)(116,035)**Capital share transactions**  Proceeds from sales of shares976,207 1,214,201   Value of shares issued in reinvestment of dividends58,877 114,586   Early redemption fees retained165 29   Cost of shares redeemed(320,552)(467,092)    Net increase in net assets 714,697 861,724 **Total increase in net assets****690,612****1,045,924** **Net assets**Beginning of period4,070,050 3,024,126 End of period4,760,6624,070,050  Undistributed net investment income$1,374$1,374 **Shares of the Fund sold and redeemed**  Number of shares sold192,452 244,366   Number of shares issued in reinvestment of dividends11,618 22,951   Number of shares redeemed(63,217)(94,184)**Net increase in number of shares outstanding****140,853****173,133*****Financial Highlights****Period ended**For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each period:***May 31, 2010****2009****2008****2007****2006****2005****Net asset value at beginning of period****$5.10****$4.84****$4.99****$4.90****$4.85****$4.97****Income from investment operations**   Net investment income0.07 0.16 0.18 0.17 0.16 0.17    Net gain (loss) on securities (both realized and unrealized)(0.03)0.26 (0.15)0.09 0.05 (0.12)**Total from investment operations****0.04****0.42****0.03****0.26****0.21****0.05****Less distributions**  Dividends (from net investment income)(0.07)(0.16)(0.18)(0.17)(0.16)(0.17)**Total distributions****(0.07)****(0.16)****(0.18)****(0.17)****(0.16)****(0.17)**  Paid-in capital from early redemption fees¹0.00² 0.00² 0.00² 0.00² 0.00² 0.00²  **Net asset value at end of period****$5.07****$5.10****$4.84****$4.99****$4.90****$4.85** **Total return****0.78%****8.87%****0.66%****5.51%****4.41%****0.96%** **Ratios / supplemental data**Net assets ($000), end of period$4,761 $4,070 $3,024 $2,995 $2,937 $2,557 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.56%1.49%1.60%1.58%1.39%1.23%  After fee waivers and custodian fee credits0.38%0.75%0.75%0.75%0.57%0.59%Ratio of net investment income after fee waivers and custodian fee credits to average net assets1.37%3.26%3.70%3.54%3.41%3.35%**Portfolio turnover rate****23%****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.*

*May 31, 2010 Semi-Annual Report | 9*
*Sextant Bond Income Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Bond Income Fund							10.72%														4.04%														6.20%							1.70%Citigroup Broad Investment Grade Bond Index							7.95%														5.55%														6.66%							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 May 31, 2000 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 $18,241 versus $19,050 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 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009 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***Industry weightings are shown as a percentage of net assets.*SeaRiver Maritime (0.00% due 09/01/2012)4.4%Dell Rapids SD 49-3 (6.257% due 01/15/2030)4.2%San Marcos Texas ULTD GO BAB (6.028% due 08/15/2030)4.2%Idaho Hsg & Fin GRAVEE BAB A-2 (5.379% due 07/15/2020)3.8%Oklahoma City Fin. Auth. Ed. Lease Rev. (6.60% due 09/01/2022)3.7%Federal Home Loan Bank (5.375% due 09/09/2016)3.5%Conoco Phillips (6.00% due 01/15/2020)3.5%City of Burlington Taxable GO 2009 Series B (5.75% due 11/01/2028)3.4%Goldman Sachs (5.95% due 01/15/2027)3.3%Federal Farm Credit Bank (4.50% due 01/05/2018)3.3%
*10 | May 31, 2010 Semi-Annual Report*
*Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets****Automotive**AutoZone5.50% due 11/15/2015$95,000 $103,096 2.1% 	**Banking**CitiCorp7.25% due 10/15/201150,000 53,104 1.1% 	**Building**Lowe's Companies8.25% due 06/01/201050,000 50,000 1.0%Masco7.125% due 08/15/201360,000 63,245 1.3%110,000 113,245 2.3% 	**Chemicals**Air Products & Chemicals8.75% due 04/15/202150,000 67,329 1.4% 	**Electronics**Phillips Electronics7.25% due 08/15/201375,000 85,782 1.8% 	**Energy**Baker Hughes6.875% due 01/15/2029100,000 117,568 2.4%Conoco Phillips6.00% due 01/15/2020150,000 171,046 3.5%250,000 288,614 5.9% 	**Finance**Goldman Sachs5.95% due 01/15/2027180,000 162,571 3.3%Morgan Stanley Dean Witter6.75% due 10/15/201350,000 54,756 1.1%Paine Webber Group7.625% due 02/15/201450,000 55,533 1.1%280,000 272,860 5.5% 	**Food Production**ConAgra7.875% due 09/15/20104,000 4,074 0.1%Hershey Foods6.95% due 08/15/201250,000 56,032 1.1%H.J. Heinz6.00% due 03/15/201275,000 80,772 1.7%129,000 140,878 2.9% 	**Insurance**Allstate7.50% due 6/15/201350,000 56,991 1.2%Progressive7.00% due 10/01/201375,000 82,472 1.7%Travelers Companies5.50% due 12/01/2015125,000 139,131 2.8%250,000 278,594 5.7% 	**Machinery**Caterpillar9.375% due 08/15/201140,000 43,822 0.9%Deere & Co.8.10% due 05/15/2030 95,000 125,807 2.6%135,000 169,629 3.5% 	**Medical**Pharmacia6.50% due 12/01/2018100,000 117,461 2.4% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 11*
*Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets****Metal Ores**BHP Finance U.S.A.5.25% due 12/15/2015$125,000 $138,502 2.8% 	**Municipal General Obligation**City of Burlington Taxable GO 2009 Series B5.75% due 11/01/2028160,000 164,557 3.4%Dell Rapids SD 49-36.257% due 01/15/2030200,000 206,004 4.2%Dupage Co. II CCD #5025.50% due 01/01/2026150,000 152,302 3.1%Idaho Hsg & Fin GRAVEE BAB A-25.379% due 07/15/2020180,000 184,313 3.8%Milan Co. MI Area Schools6.45% due 05/01/2024150,000 155,284 3.2%San Marcos Texas ULTD GO BAB6.028% due 08/15/2030200,000 205,112 4.2%1,040,000 1,067,572 21.9% 	**Municipal Revenue**Graves Co. KY SCD Bldg. Lease Rev.5.95% due 06/01/2024150,000 152,143 3.1%Oklahoma City Fin. Auth. Ed. Lease Rev.6.60% due 09/01/2022160,000 177,773 3.7%310,000 329,916 6.8% 	**Retail**Dayton Hudson (Target Stores)10.00% due 01/01/201150,000 52,497 1.1%Wal-Mart Stores7.25% due 06/01/201345,000 51,991 1.0%95,000 104,488 2.1% 	**Telecommunications**Cingular Wireless (AT&T)7.125% due 12/15/2031140,000 158,491 3.2% 	**Transportation**SeaRiver Maritime0.00% due 09/01/2012225,000 212,943 4.4%Southwest Airlines6.50% due 03/01/201275,000 79,943 1.6%300,000 292,886 6.0% 	**U.S. Government Agency**Federal Farm Credit Bank4.50% due 01/05/2018150,000 162,375 3.3%Federal Home Loan Bank5.375% due 09/09/2016150,000 171,288 3.5%300,000 333,663 6.8% 	**Utilities**Commonwealth Edison7.50% due 07/01/201350,000 56,500 1.2%Florida Power & Light5.95% due 10/01/2033100,000 106,247 2.2%150,000 162,747 3.4% 	Total investments (Cost = $4,090,353)$3,984,000 4,278,857 87.6%Other assets (net of liabilities) 603,281 12.4%**Total net assets****$4,882,138****100.0%**
*The accompanying notes are an integral part of these financial statements.*

*12 | May 31, 2010 Semi-Annual Report*
*Sextant Bond Income Fund****Statement of Assets and Liabilities****As of May 31, 2010* **Assets**  Investments in securities, at value (Cost $4,090,353)$4,278,857   Cash534,029   Interest receivable70,341   Receivable for Fund shares sold407   Insurance reserve premium400     Total assets4,884,034 **Liabilities**  Accrued distribution fee1,018   Accrued expenses351   Payable to affilliates351   Distributions payable176     Total liabilities1,896 **Net assets****$4,882,138** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$4,776,584   Distribution in excess(5)  Unrealized net appreciation on investments188,504   Accumulated net realized loss(82,945)**Net assets applicable to Fund shares outstanding****$4,882,138** **Fund shares outstanding****987,869** **Net asset value, offering and redemption price per share****$4.94*****Statement of Operations****Period ended May 31, 2010* **Investment income**  Interest income$104,050    Gross investment income104,050 **Expenses**  Investment adviser fees8,910   Filing and registration fees6,534   Distribution fees5,255   Audit fees1,624   Trustee fees1,290   Insurance885   Printing and postage699   Chief Compliance Officer expenses602   Legal fees322   Other expenses441   Custodian fees105     Total gross expenses26,667   Less adviser fees waived(7,518)  Less custodian fee credits(105)    Net expenses19,044 **Net investment income****$85,006**  Net realized loss on securities sold$(126)Net decrease in unrealized appreciation on investments(4,245)**Net loss on investments****$(4,371)** **Net increase in net assets resulting from operations****$80,635****Bond Quality Diversification** 
*Based on net assets as of May 31, 2010.*

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

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

*May 31, 2010 Semi-Annual Report | 13*
*Sextant Bond Income Fund***Statements of Changes in Net Assets***Period ended May 31, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$85,006 $159,330   Net realized loss on investments(126)(20,467)  Net increase (decrease) in unrealized appreciation(4,245)400,886     Net increase in net assets80,635 539,749 **Distributions to shareholders from**  Net investment income(85,011)(160,437)**Capital share transactions**  Proceeds from sales of shares1,059,808 406,223   Value of shares issued in reinvestment of dividends83,697 158,456   Early redemption fees retained10 -   Cost of shares redeemed(208,275)(298,840)    Net increase in net assets 935,240 265,839 **Total increase in net assets****930,864****645,151** **Net assets**Beginning of period3,951,274 3,306,123 End of period$4,882,138 $3,951,274  **Shares of the Fund sold and redeemed**  Number of shares sold216,258 86,317   Number of shares issued in reinvestment of dividends17,111 33,500   Number of shares redeemed(42,929)(64,168)**Net increase in number of shares outstanding****190,440****55,649*****Financial Highlights****Period ended**For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each period:***May 31, 2010****2009****2008****2007****2006****2005****Net asset value at beginning of period****$4.96****$4.46****$4.91****$4.92****$4.92****$5.06****Income from investment operations**  Net investment income 0.100.210.220.220.220.21  Net gain (loss) on securities (both realized and unrealized) (0.02)0.50 (0.45)(0.01)0.00²(0.14)**Total from investment operations****0.08****0.71****(0.23)****0.21****0.22****0.07****Less distributions**  Dividends (from net investment income)(0.10)(0.21)(0.22)(0.22)(0.22)(0.21)**Total distributions****(0.10)****(0.21)****(0.22)****(0.22)****(0.22)****(0.21)**  Paid-in capital from early redemption fees¹0.00² - 0.00² 0.00² 0.00² 0.00²  **Net asset value at end of period****$4.94****$4.96****$4.46****$4.91****$4.92****$4.92** **Total return****1.62%****16.33%****(4.80)%****4.53%****4.73%****1.40%** **Ratios / supplemental data**Net assets ($000), end of period$4,882 $3,951 $3,306 $3,412 $3,384 $3,050 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.63%1.70%1.45%1.38%1.27%0.97%  After fee waivers and custodian fee credits0.45%0.89%0.91%0.90%0.90%0.94%Ratio of net investment income after fee waivers and custodian fee credits to average net assets2.02%4.46%4.68%4.64%4.64%4.26%**Portfolio turnover rate****6%****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.*

*14 | May 31, 2010 Semi-Annual Report*
*Sextant Core Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Core Fund							12.78%														N/A														N/A							1.78%Dow Jones Moderate U.S. Portfolio Index							16.45%														4.01%														4.70%							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 $10,051 versus $9,869 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 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009 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***Industry weightings are shown as a percentage of net assets.*U.S. Treasury Bond 8.125% due 08/15/20214.6%Genentech 4.40% due 07/15/20103.3%U.S. Treasury Bond 5.50% due 08/15/20282.6%E.I. du Pont de Nemours 5.25% due 12/15/20162.4%Emerson Electric 5.375% due 10/15/20172.4%Home Depot 5.40% due 03/1/20162.4%Bellsouth 4.75% due 11/15/20122.3%SeaRiver Maritime 0.00% due 09/01/20122.3%Verizon New England 6.50% due 09/15/20112.3%Berkley WR 5.875% due 02/15/20132.2%
*May 31, 2010 Semi-Annual Report | 15*
*Sextant Core Fund****Schedule of Investments*****Equities — 54.1%****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Aerospace**Lockheed MartinLMT400 $38,856$31,9680.7% **Banking**Australia & New Zealand Banking Group ADSANZBY3,000 67,94357,210Australia1.2%JP Morgan ChaseJPM550 20,56321,7690.5%Nomura Holdings ADRNMR700 14,4694,319Japan0.1%PNC BankPNC60042,74837,6500.8%Toronto-Dominion BankTD550 35,55337,659Canada0.8%VisaV500 45,64436,2300.8%Washington FederalWFSL2,000 41,52034,5600.8%268,440229,3975.0% **Building**CRH ADSCRH600 26,43913,596Ireland0.3%Lowe's CompaniesLOW900 28,51922,2750.5%54,95835,8710.8% **Chemicals**BASF ADSBASFY400 22,55020,900Germany0.5%PraxairPX700 44,34954,3201.2%RPM InternationalRPM1,000 23,11019,8100.4%90,00995,0302.1% **Computer Hardware**Taiwan Semiconductor ADSTSM4,034 34,59039,332Taiwan0.9% **Computers**Adobe Systems²ADBE1,100 45,47435,2880.8%Apple²AAPL250 28,47864,2201.4%Hewlett-PackardHPQ1,000 37,98946,0101.0%111,941145,5183.2% **Cosmetics & Toiletries**Procter & GamblePG900 58,84254,9811.2% **Diversified Operations**Honeywell InternationalHON850 42,85536,3550.8%3MMMM600 50,09247,5861.1%Tomkins ADSTKS750 15,94510,500United Kingdom0.2%108,89294,4412.1% **Energy**Arch CoalACI2,000 36,98043,1000.9%ConocoPhillipsCOP1,250 79,85564,8251.4% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*16 | May 31, 2010 Semi-Annual Report*
*Sextant Core Fund****Schedule of Investments*****Equities — 54.1%****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Energy (continued)**Devon EnergyDVN1,000 $69,288$63,8501.4%NobleNE1,600 69,40646,512Switzerland1.0%StatoilHydro ADSSTO2,003 49,25940,260Norway0.9%Total ADSTOT1,100 60,83551,2931.1%Williams CompaniesWMB3,000 48,33059,2501.3%413,953369,0908.0% **Food Production**General MillsGIS1,000 57,76371,2301.5%Heinz (H.J.)HNZ1,000 35,73944,1801.0%PepsiCoPEP1,000 66,42362,8901.4%Unilever ADSUL1,600 51,11943,264United Kingdom0.9%211,044221,5644.8% **Hotels & Motels**Orient-Express Hotels Class A²OEH1,000 56,45010,090Bermuda0.2% **Instruments — Control**Parker HannifinPH450 25,89027,6570.6% **Insurance**ChubbCB750 39,27037,6800.8%ING Groep ADS²ING742 19,1355,877Netherlands0.1%58,40543,5570.9% **Medical**Eli LillyLLY1,000 54,70332,7900.7%Express Scripts²ESRX500 28,15050,3001.1%GlaxoSmithKline ADSGSK500 26,85916,730United Kingdom0.4%Humana²HUM1,000 37,62746,0501.0%Johnson & JohnsonJNJ700 43,18040,8100.9%MonsantoMON600 49,38730,5220.7%Novartis ADRNVS800 35,58636,008Switzerland0.8%Novo Nordisk ADSNVO400 18,09830,728Denmark0.7%Genzyme²GENZ400 22,06219,4600.4%UnitedHealth GroupUNH2,000 83,05558,1401.2%398,707361,5387.9% **Metal Ores**AlcoaAA2,000 56,06223,2800.5%Anglo American ADR²AAUKY1,119 33,77121,272South Africa0.5%BHP Billiton ADSBHP650 31,86642,146Australia0.9%Freeport-McMoRan Copper & Gold Class B²FCX200 13,32414,0100.3%135,023100,7082.2% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 17*
*Sextant Core Fund****Schedule of Investments*****Equities — 54.1%****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Paper & Paper Products**Kimberly-ClarkKMB625 $43,002$37,9370.8% **Publishing**McGraw-HillMHP1,000 58,29327,8000.6%Pearson ADSPSO3,100 46,69842,656United Kingdom0.9%104,99170,4561.5% **Shoes & Related Apparel**Nike Class BNKE900 51,64665,1421.4% **Steel**NucorNUE800 48,08534,4400.7% **Telecommunications**AT&TT2,600 78,55363,1801.4%China Mobile ADSCHL500 23,05823,285China0.5%HarrisHRS550 26,58525,8000.6%Telefonica ADSTEF500 37,08228,685Spain0.6%165,278140,9503.1% **Tools**Stanley Black & DeckerSWK446 29,65424,8820.5% **Transportation**Allegiant TravelALGT1,000 42,01955,2901.2%Canadian National RailwayCNI800 40,23745,896Canada1.0%LAN Airlines ADSLFL3,500 48,99665,100Chile1.4%131,252166,2863.6% **Utilities**FPL GroupFPL600 36,75229,9580.7%IDACORPIDA900 30,46329,7450.6%NRG Energy²NRG1,200 29,34828,0200.6%96,56387,7231.9% **Total equities****$2,736,471****$2,488,558****54.1%****Bonds — 35.6%****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets****Building Products**Home Depot5.40% due 03/01/2016$100,000 $108,8022.4% 	**Chemicals**E.I. du Pont de Nemours5.25% due 12/15/2016100,000 111,4292.4% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*18 | May 31, 2010 Semi-Annual Report*
*Sextant Core Fund****Schedule of Investments*****Bonds — 35.6%****Issuer****Coupon / Maturity****Face Amount****Market Value****Percentage of Assets****Electronics**Emerson Electric5.375% due 10/15/2017$100,000 $110,6442.4% 	**Finance Services**Western Union5.93% due 10/01/201630,000 $32,8620.7% 	**Insurance**Berkley WR5.875% due 02/15/2013100,000 103,4852.2% 	**Medical**Genentech4.40% due 07/15/2010150,000 150,6743.3% 	**Office Equipment**Staples7.375% due 10/01/201290,000 100,2092.2%Xerox7.625% due 06/15/2013100,000 101,7462.2%190,000 201,9554.4% 	**Telecommunications**Bellsouth4.75% due 11/15/2012100,000 106,8922.3%Verizon New England6.50% due 09/15/2011 100,000 105,9872.3%200,000 212,8794.6% 	**Transportation**CSX6.75% due 03/15/201195,000 98,8212.1%SeaRiver Maritime0.00% due 09/01/2012112,000 105,9982.3%207,000 204,8194.4% 	**U.S. Government**U.S. Treasury Bond8.125% due 08/15/2021150,000 213,3754.6%U.S. Treasury Bond5.50% due 08/15/2028100,000 119,0162.6%U.S. Treasury Bond5.375% due 02/15/203160,000 70,8751.6%310,000 403,2668.8% 	**Total bonds****$1,487,000****$1,640,815****35.6%** 	Total investments  (Cost=$4,316,772) 4,129,37389.7%Other assets (net of liabilities) 476,56710.3%**Total net assets****$4,605,940****100.0%***¹Equities are issued from U.S. Domestic companies where no Country is listed.							²Non-income producing.*
*ADS: American Depositary Share							  ADR:American Depositary Receipt*

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

*May 31, 2010 Semi-Annual Report | 19*
*Sextant Core Fund****Statement of Assets and Liabilities****As of May 31, 2010* **Assets**  Investments in securities, at value   (Cost $4,316,772)$4,129,373  Cash444,190   Dividends and interest receivable32,793   Receivable for Fund shares sold2,173     Total assets4,608,529 **Liabilities**  Payable for Fund shares redeemed5,000   Payable to affiliates2,404   Accrued distribution fee982   Accrued expenses(5,797)    Total liabilities2,589 **Net assets****$4,605,940** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$4,898,061    Undistributed net investment income47,637   Accumulated net realized loss(152,359)  Unrealized net depreciation on investments(187,399)**Net assets applicable to Fund shares outstanding****$4,605,940** **Fund shares outstanding****481,750** **Net asset value, offering and redemption price per share****$9.56*****Statement of Operations****Period ended May 31, 2010* **Investment income**  Interest income$36,125  Dividend income   (net of foreign tax of $1,932)32,637   Miscellaneous income50     Gross investment income68,812 **Expenses**  Investment adviser fees7,582   Distribution fees5,474   Filing and registration fees3,130   Audit fees1,499   Other expenses939   Printing and postage881   Chief Compliance Officer expenses783   Trustee fees600   Administration fees189   Custodian fees109   Legal fees98     Total gross expenses21,284   Less custodian fee credits(109)    Net expenses21,175 **Net investment income****$47,637**  Net realized loss from investments$(14,481)Net decrease in unrealized appreciation on investments(47,585)**Net loss on investments****$(62,066)** **Net decrease in net assets resulting from operations****$(14,429)****Bond Quality Diversification** 
*Based on net assets as of May 31, 2010.*

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

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

*20 | May 31, 2010 Semi-Annual Report*
*Sextant Core Fund****Statements of Changes in Net Assets****Period ended May 31, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$47,637 $53,888   Net realized loss on investments(14,481)(62,995)  Net increase (decrease) in unrealized appreciation(47,585)661,304     Net increase (decrease) in net assets(14,429)652,197 **Distributions to shareholders from**  Net investment income- (54,992)**Capital share transactions**  Proceeds from sales of shares576,539 1,191,517   Value of shares issued in reinvestment of dividends- 54,992   Early redemption fees retained8 -   Cost of shares redeemed(126,997)(754,617)    Net increase in net assets 449,550 491,892 **Total increase in net assets****435,121****1,089,097** **Net assets**Beginning of period4,170,819 3,081,722 End of period$4,605,940 $4,170,819  **Shares of the Fund sold and redeemed**  Number of shares sold59,084 141,315   Number of shares issued in reinvestment of dividends- 5,740   Number of shares redeemed(12,927)(98,320)**Net increase in number of shares outstanding****46,157****48,735*****Financial Highlights****Period ended**Year ended Nov. 30,**Period ended**Selected data per share of outstanding capital stock throughout each period:***May 31, 2010****2009****2008****Nov. 30, 2007¹****Net asset value at beginning of period****$9.58****$7.97****$10.67****$10.00****Income from investment operations**  Net investment income0.140.130.190.12  Net gain (loss) on securities (both realized and unrealized)-0.161.61(2.70)0.69**Total from investment operations****-0.02****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 fees0.00² - - 0.00²  	**Net asset value at end of period****$9.56****$9.58****$7.97****$10.67**  **Total return****(0.21)%****21.81%****(23.52)%****8.12%³**  **Ratios / supplemental data**Net assets ($000), end of period$4,606 $4,171 $3,082 $3,907 Ratio of expenses to average net assets  Before custodian fee credits0.48%1.78%1.54%1.35%4  After custodian fee credits0.48%1.78%1.53%1.21%4Ratio of net investment income after custodian fee credits to average net assets1.57%1.57%1.89%2.08%4**Portfolio turnover rate****1%****40%****16%****7%³***¹Fund commenced operations March 30, 2007   ²Amount is less than $0.01   ³Since inception March 30, 2007; not annualized   4Annualized*
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 21*
*Sextant Growth Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Growth Fund							19.88%														3.54%														3.32%							1.34%S&P 500 Index							20.99%														0.31%														-0.82%							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 May 31, 2000 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 $13,869 versus $7,687 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 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009 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***Industry weightings are shown as a percentage of net assets.*Apple8.8%Allegiant Travel3.8%Amazon.com3.2%Dr. Pepper Snapple Group2.6%Johnson & Johnson2.5%Alaska Air2.0%Intuit1.8%Honeywell International1.8%Best Buy1.8%Agilent Technologies1.8%
*22 | May 31, 2010 Semi-Annual Report*
*Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Banking**BannerBANR50,000 $149,975 $215,500 0.9%Washington BankingWBCO10,000 111,246 131,300 0.6%Washington FederalWFSL15,000 305,250 259,200 1.1%566,471 606,000 2.6% 	**Building**KB HomeKBH20,000 272,854 289,600 1.2%Lowe's CompaniesLOW15,000 295,388 371,250 1.6%WeyerhaeuserWY9,000 416,645 383,220 1.7%984,887 1,044,070 4.5% 	**Computers**Adobe Systems¹ADBE7,600 39,971 243,808 1.0%Apple¹AAPL8,000 67,473 2,055,040 8.8%Hewlett-PackardHPQ7,000 157,040 322,070 1.4%Intuit¹INTU12,000 302,027 428,880 1.8%OracleORCL15,000 115,139 338,550 1.5%681,650 3,388,348 14.5% 	**Diversified Operations**Honeywell InternationalHON10,000 330,476 427,700 1.8%Raytheon CompanyRTN6,500 348,174 340,665 1.5%678,650 768,365 3.3% 	**Electronics**Advanced Micro Devices¹AMD20,000 139,886 171,400 0.8%Agilent Technologies¹A13,000 312,921 420,680 1.8%Trimble Navigation¹TRMB14,000 202,081 402,220 1.7%654,888 994,300 4.3% 	**Energy**Devon EnergyDVN6,000 381,365 383,100 1.6%NobleNE10,000 209,724 290,700 1.3%Spectra EnergySE13,000 236,250 260,130 1.1%827,339 933,930 4.0% 	**Finance**Charles SchwabSCHW25,000 79,726 408,500 1.7%E*TRADE Financial¹ETFC150,000 267,000 222,000 1.0%VisaV3,000 263,220 217,380 0.9%609,946 847,880 3.6% 	**Food Production**Dr. Pepper Snapple GroupDPS16,000 383,381 605,760 2.6%PepsiCoPEP6,000 330,575 377,340 1.6%713,956 983,100 4.2% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 23*
*Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Hotels & Motels**Red Lion Hotels¹RLH50,000 $224,859 $329,500 1.4% 	**Insurance**ChubbCB7,000 308,505 351,680 1.5% 	**Legal**FTI Consulting¹FCN5,000 227,007 213,800 0.9% 	**Medical**Abbott LaboratoriesABT7,000 305,488 332,920 1.4%Amgen¹AMGN3,700 111,703 191,586 0.8%AmSurg¹AMSG15,000 324,804 297,000 1.3%Johnson & JohnsonJNJ10,000 642,017 583,000 2.5%Pharmaceutical Product DevelopmentPPDI15,000 67,174 402,600 1.7%VCA Antech¹WOOF8,000 209,048 208,480 0.9%1,660,234 2,015,586 8.6% 	**Metal Ores**AK Steel HoldingAKS10,000 173,789 149,600 0.6%AlcoaAA30,000 394,483 349,200 1.5%568,272 498,800 2.1% 	**Publishing**John Wiley & Sons Class AJW/A8,000 235,103 316,800 1.4% 	**Real Estate**LoopNet¹LOOP20,000 156,091 219,200 0.9% 	**Retail**Amazon.com¹AMZN6,000 260,090 752,760 3.2%Bed Bath & Beyond¹BBBY9,000 331,221 403,830 1.7%Best BuyBBY10,000 454,356 422,500 1.8%CVS CaremarkCVS10,000 339,270 346,300 1.5%CoachCOH6,000 213,255 246,660 1.1%StaplesSPLS6,000 144,720 129,120 0.6%1,742,912 2,301,170 9.9% 	**Steel**NucorNUE4,000 189,851 172,200 0.7% 	**Telecommunications**AT&TT10,000 232,700 243,000 1.0% 	**Tools**Lincoln Electric HoldingsLECO4,000 180,617 223,200 1.0%Regal-Beloit RBC5,500 173,846 331,595 1.4% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*24 | May 31, 2010 Semi-Annual Report*
*Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Tools (continued)**Stanley Black & DeckerSWK3,000 $190,295 $167,370 0.7%544,758 722,165 3.1% 	**Transportation**Alaska Air¹ALK10,000 286,762 467,000 2.0%Allegiant TravelALGT16,000 683,659 884,640 3.8%Norfolk SouthernNSC7,000 318,942 395,220 1.7%United Parcel Service Class BUPS6,000 395,746 376,560 1.6%1,685,109 2,123,420 9.1% 	**Utilities**Duke EnergyDUK10,000 172,211 159,600 0.7%FPL GroupFPL7,000 244,409 349,510 1.5%IDACORPIDA10,000 301,145 330,500 1.4%NRG Energy¹NRG10,000 234,150 233,500 1.0%Piedmont Natural GasPNY8,000 220,875 203,280 0.9%Sempra EnergySRE6,000 276,535 276,000 1.2%1,449,325 1,552,390 6.7% 	Total investments $14,942,513 20,625,704 88.3%Other assets (net of liabilities) 2,721,034 11.7%**Total net assets****$23,346,738****100.0%***¹Non-income producing*
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 25*
*Sextant Growth Fund****Statement of Assets and Liabilities****As of May 31, 2010* **Assets**  Investments in securities, at value (Cost $14,942,513)$20,625,704   Cash2,687,425   Dividends receivable36,590   Receivable for Fund shares sold3,232   Insurance reserve premium1,215     Total assets 23,354,166 **Liabilities**  Payable to affiliates6,615   Accrued distribution fee4,847   Payable for Fund shares redeemed3,960   Accrued expenses(7,994)    Total liabilities 7,428 **Net assets****$23,346,738** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$18,311,969  Undistributed net investment income53,417  Unrealized net appreciation on investments5,683,191  Accumulated net realized loss(701,839)**Net assets applicable to Fund shares outstanding****$23,346,738** **Fund shares outstanding****1,381,342** **Net asset value, offering and redemption price per share****$16.90*****Statement of Operations****Period ended May 31, 2010* **Investment income**  Dividend income$148,223   Miscellaneous income142     Gross investment income148,365 **Expenses**  Investment adviser fees37,819   Distribution fees27,875   Filing and registration fees7,338   Audit fees6,938   Trustee fees4,113   Printing and postage3,707   Other expenses3,416   Chief Compliance Officer expenses3,327   Custodian fees557  Legal fees415     Total gross expenses95,505   Less custodian fee credits(557)    Net expenses94,948 **Net investment income****$53,417**  Net realized loss from investments$(24,561)Net increase in unrealized appreciation on investments1,190,570**Net gain on investments****$1,166,009** **Net increase in net assets resulting from operations****$1,219,426**
*The accompanying notes are an integral part of these financial statements.*

*26 | May 31, 2010 Semi-Annual Report*
*Sextant Growth Fund****Statements of Changes in Net Assets****Period ended May 31, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income (loss)$53,417 ($43,120)  Net realized loss on investments(24,561)(568,894)  Net increase in unrealized appreciation1,190,570 4,065,501     Net increase in net assets1,219,426 3,453,487 **Distributions to shareholders from**  Net investment income- (4,892)**Capital share transactions**  Proceeds from sales of shares3,633,404 10,027,662   Value of shares issued in reinvestment of dividends- 4,721   Early redemption fees retained497 181   Cost of shares redeemed(3,040,219)(4,104,933)    Net increase in net assets 593,682 5,927,631 **Total increase in net assets****1,813,108****9,376,226** **Net assets**Beginning of period21,533,630 12,157,404 End of period$23,346,738$21,533,630 **Shares of the Fund sold and redeemed**  Number of shares sold215,313 732,266   Number of shares issued in reinvestment of dividends- 295   Number of shares redeemed(179,553)(290,827)**Net increase in number of shares outstanding****35,760****441,734*****Financial Highlights****Selected data per share of outstanding capital stock throughout each period:**Period ended**For Year Ended November 30,***May 31, 2010****2009****2008****2007****2006****2005****Net asset value at beginning of period****$16.00****$13.45****$19.99****$18.66****$17.11****$14.20****Income from investment operations**  Net investment income (loss)0.04 (0.04)0.04 0.01 (0.02)(0.02)  Net gains (losses) on securities (both realized and unrealized)0.86 2.59 (6.55)1.80 1.74 2.96 **Total from investment operations****0.90****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 0.00²0.00² 0.00² 0.00² 0.00²  **Net asset value at end of period****$16.90****$16.00****$13.45****$19.99****$18.66****$17.11** **Total return****5.62%****18.98%****(32.58)%****9.74%****10.06%****20.76%** **Ratios / supplemental data**Net assets ($000), end of period$23,347 $21,534 $12,157 $15,996 $13,728 $9,006 Ratio of expenses to average net assets  Before custodian fee credits0.43%1.34%1.25%1.32%1.25%1.28%  After custodian fee credits0.42%1.34%1.24%1.30%1.21%1.24%Ratio of net investment income (loss) after custodian fee credits to average net assets(0.24)%(0.25)%0.20%0.09%(0.12)%(0.17)%**Portfolio turnover rate****9%****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.*

*May 31, 2010 Semi-Annual Report | 27*
*Sextant International Fund*
***Performance Summary***
**Average Annual Returns as of May 31, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant International Fund							10.35%														7.21%														4.21%							1.14%AMEX International Index							1.42%														2.60%														-0.31%							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 May 31, 2000 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 $15,102 versus $7,473 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 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009 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***Industry weightings are shown as a percentage of net assets.*U.S. Treasury Bill (due 08/19/2010)9.1%Teck Resources3.1%LAN Airlines ADS2.2%Copa Holdings1.9%Novo Nordisk ADS1.7%Infosys ADS1.7%Lihir Gold ADS1.7%Banco Santander ADS1.6%Canadian Pacific Railway1.6%BCE1.6%
*28 | May 31, 2010 Semi-Annual Report*
*Sextant International Fund***Schedule of Investments****Common Stocks — 64.4%****Symbol****Number of Shares****Cost****Market Value****Country****Percentage of Assets****Automotive**Nissan Motor ADS¹NSANY95,000 $1,237,551$1,371,800Japan1.3%Toyota Motor ADSTM20,000 1,496,296 1,446,800 Japan1.3%2,733,847 2,818,600 2.6% **Banking**Australia & New Zealand Banking Group ADSANZBY40,000 675,400762,800Australia0.7%AXA ADSAXAHY17,000 376,633280,500France0.2%Banco Bilbao Vizcaya ArgentariaBBVA50,000 706,547520,000Spain0.5%Banco Santander ADSSTD176,098 1,643,5301,787,395Spain1.6%ICICI BankIBN30,000 655,8031,103,700India1.0%Mitsubishi UFJ Financial Group ADRMTU200,000 1,225,178968,000Japan0.9%Nomura Holdings ADRNMR30,000 351,958185,100Japan0.2%Toronto-Dominion BankTD15,000 517,8281,027,050Canada0.9%6,152,8776,634,5456.0% **Building**CRH ADSCRH10,000 204,050226,600Ireland0.2%Ritchie Bros. AuctioneersRBA30,000 634,727611,400Canada0.6%838,777838,0000.8% **Chemicals**BASF ADSBASFY3,400 120,102177,650Germany0.2%Potash Corp. of SaskatchewanPOT17,000 1,275,2331,686,230Canada1.5%1,395,3351,863,8801.7% **Computers**Dassault Systems ADRDASTY10,000 502,877575,500France0.5%Infosys ADSINFY32,000 1,018,7211,840,960India1.7%Nice Systems ADS¹NICE10,000 320,000298,200Israel0.3%SAP ADSSAP12,000 470,438509,160Germany0.4%2,312,0363,223,8202.9% **Energy**Cenovous EnergyCVE40,000 958,2801,077,600Canada1.0%EnCanaECA40,000 1,097,8671,234,000Canada1.1%Repsol YPF ADSREP55,000 1,263,2141,128,600Spain1.0%StatoilHydro ADSSTO30,173 716,086606,477Norway0.5%Total ADSTOT30,000 1,735,6651,398,900France1.3%Vestas Wind Systems ADR¹VWDRY25,000 410,750397,250Denmark0.4%6,181,8625,842,8275.3% **Food Production**Coca-Cola Femsa ADSKOF20,000 727,7301,330,400Mexico1.2%Fomento Economico Mex ADSFMX20,000 826,024843,600Mexico0.8%Unilever ADSUL20,000 366,600540,800United Kingdom0.5%1,920,3542,714,8002.5% **Games / Hobby Production**Nintendo ADRNTDOY17,000 718,849619,650Japan0.6% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 29*
*Sextant International Fund***Schedule of Investments****Common Stocks — 64.4%****Symbol****Number of Shares****Cost****Market Value****Country****Percentage of Assets****Hotels & Motels**Orient-Express Hotels Class A¹OEH131,300 $1,105,574$1,324,817Bermuda1.2% **Insurance**Aegon¹AEG100,000 556,884570,000Netherlands0.5%ING Groep ADS¹ING92,852 1,024,064735,388Netherlands0.7%1,580,9481,305,3881.2% **Machinery**Nidec ADRNJ13,000 188,339294,840Japan0.3% **Medical**American Oriental Bioengineering¹AOB100,000 511,188310,000China0.3%GlaxoSmithKline ADSGSK35,000 1,346,8771,171,100United Kingdom1.1%Novartis ADRNVS25,000 1,141,0661,125,250Switzerland1.0%Novo Nordisk ADSNVO25,000 1,631,8671,920,500Denmark1.7%Shire ADRSHPGY20,000 746,5501,224,200United Kingdom1.1%Teva Pharmaceutical Industries ADSTEVA30,000 1,443,4381,644,600Israel1.5%6,820,9867,395,6506.7% **Metal Ores**Anglo American ADR¹AAUKY80,000 954,5591,520,800United Kingdom1.4%Barrick GoldABX25,000 811,6001,052,000Canada0.9%BHP Billiton ADSBHP20,000 1,066,9591,296,800Australia1.2%Lihir Gold ADS¹LIHR55,000 1,267,8781,839,200Indonesia1.7%Rio Tinto ADSRTP16,000 541,668737,600United Kingdom0.7%Teck Resources¹TCK100,000 458,2253,402,000Canada3.1%Tenaris ADRTS2,500 95,29092,800Luxembourg0.1%Vale ADRVALE60,000 998,7911,631,400Brazil1.5%6,194,97011,572,60010.6% **Office Equipment**Canon ADS CAJ11,000 363,902449,680Japan0.4% **Paper & Paper Products**Fibria Celulose¹FBR45,500 550,799726,180Brazil0.7%Metso ADSMXCYY12,100 130,802379,940Finland0.3%UPM-Kymmene Oyj ADSUPMKY3,500 64,38445,010Finland0.0%2745,9851,151,1301.0% **Publishing**Pearson ADSPSO90,000 1,021,9141,238,400United Kingdom1.1% **Telecommunications**America Movil ADSAMX30,000 917,4711,420,200Mexico1.3%BCEBCE60,000 1,414,0181,752,600Canada1.6%China Mobile ADSCHL25,000 1,172,2291,164,250China1.1%China Techfaith Wireless ADR¹CNTF10,000 14,34626,500China0.0%2PT Indosat Tbk. ADRIIT20,000 539,605554,600Indonesia0.5%SK Telecom ADRSKM30,000 511,437466,500South Korea0.4% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*30 | May 31, 2010 Semi-Annual Report*
*Sextant International Fund***Schedule of Investments****Common Stocks — 64.4%****Symbol****Number of Shares****Cost****Market Value****Country****Percentage of Assets****Telecommunications (continued)**Telecom New Zealand ADSNZT20,000 $193,396$127,600New Zealand0.1%Telefonica ADSTEF25,000 1,513,5741,434,250Spain1.3%Telefonos de Mexico ADS Class LTMX30,000 489,451422,100Mexico0.4%TelusTU45,000 1,334,1871,554,300Canada1.4%Turkcell Iletisim Hizmetleri ADRTKC70,000 970,619943,600Turkey0.9%Vodaphone Group ADSVOD50,000 963,4201,005,000United Kingdom0.9%10,033,75310,871,5009.9% **Transportation**Air France-KLM ADR¹AFLYY25,000 535,953301,750France0.3%Canadian Pacific RailwayCP32,000 1,228,5871,760,960Canada1.6%Copa Holdings CPA40,000 2,126,2752,040,000Panama1.9%LAN Airlines ADSLFL130,000 1,191,5802,418,000Chile2.2%Ryanair Holdings ADS¹RYAAY20,000 623,100470,800Ireland0.4%5,705,4956,991,5106.4% **Utilities**BG Group ADSBRGYY14,000 1,253,7841,073,940United Kingdom1.0%CPFL Energia ADRCPL15,000 810,244905,400Brazil0.8%Enersis ADSENI65,000 1,024,8631,225,250Chile1.1%Korea Electric Power ADS¹KEP20,000 304,261269,600South Korea0.3%3,393,1523,474,1903.2% **Total Equities****$59,408,955****$70,625,827****64.4%** **Bonds — 9.1%****Maturity****Face Amount****Market Value****Percent of Assets****U.S. Government**U.S. Treasury BillDue 08/19/2010$10,000,000 $9,996,710 9.1% Total investments (Cost = $69,405,997)80,622,53773.5%Other assets (net of liabilities) 29,092,20426.5%**Total net assets****$109,714,741****100.0%***¹Non-income producing						    ²Amount is less than 0.01%*
*ADS: American Depositary Share						      ADR: American Depositary Receipt*
**Countries****% of Fund Assets**Canada13.7%United Kingdom7.8%Japan5.0%Spain4.4%Mexico3.7%Chile3.3%Brazil3.0%India2.7%France2.3%Indonesia2.2%Denmark2.1%Other countries < 2%14.2%Other assets35.6%
*The accompanying notes are an integral part of these financial statements.*

*May 31, 2010 Semi-Annual Report | 31*
*Sextant International Fund****Statement of Assets and Liabilities****As of May 31, 2010* **Assets**  Investments in securities, at value (Cost $69,405,997)$80,622,537   Cash28,749,918   Dividends and interest receivable218,179   Receivable for Fund shares sold204,719     Total assets109,795,353 **Liabilities**  Payable for Fund shares redeemed50,356   Payable to affiliates48,493   Accrued distribution fee23,911   Accrued expenses(42,148)    Total liabilities80,612 **Net assets****$109,714,741** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$97,951,824   Unrealized net appreciation on investments11,216,540   Undistributed net income501,529   Accumulated net gain on investments44,848 **Net assets applicable to Fund shares outstanding****$109,714,741** **Fund shares outstanding****8,049,338** **Net asset value, offering and redemption price per share****$13.63*****Statement of Operations****Period ended May 31, 2010* **Investment income**  Dividend income (net foreign tax of $115,167)$891,338  Interest income185   Miscellaneous income73    Gross investment income891,596 **Expenses**  Investment adviser fees204,006   Distribution fees134,822   Audit fees23,345   Filing and registration fees7,877   Printing and postage6,384   Other expenses5,622   Trustee fees4,586   Chief Compliance Officer expenses2,985   Custodian fees2,697   Legal fees440    Total gross expenses392,764   Less custodian fee credits(2,697)    Net expenses390,067 **Net investment income****$501,529**  Net realized gain from investments$411,003 Net decrease in unrealized appreciation on investments(4,632,553)**Net loss on investments****$(4,221,550)** **Net decrease in net assets resulting from operations****$(3,720,021)**
*The accompanying notes are an integral part of these financial statements.*

*32 | May 31, 2010 Semi-Annual Report*
*Sextant International Fund****Statements of Changes in Net Assets****Period ended May 31, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$501,529 $179,085   Net realized gain (loss) on investments411,003 (315,079)  Net increase (decrease) in unrealized appreciation(4,632,553)17,373,379     Net increase (decrease) in net assets(3,720,021)17,237,385 **Distributions to shareholders from**  Net investment income- (218,276)**Capital share transactions**  Proceeds from sales of shares35,956,259 82,572,379   Value of shares issued in reinvestment of dividends- 216,959   Early redemption fees retained14,794 12,495   Cost of shares redeemed(18,420,859)(25,432,998)    Net increase in net assets 17,550,194 57,368,835 **Total increase in net assets****13,830,173****74,387,944** **Net assets**Beginning of period95,884,568 21,496,624 End of period$109,714,741$95,884,568  **Shares of the Fund sold and redeemed**  Number of shares sold2,517,663 6,896,044   Number of shares issued in reinvestment of dividends- 15,464   Number of shares redeemed(1,304,520)(1,973,879)**Net increase in number of shares outstanding****1,213,143****4,937,629****Financial Highlights***Selected data per share of outstanding capital stock throughout each period:**Period ended**For Year Ended November 30,***May 31, 2010****2009****2008****2007****2006****2005****Net asset value at beginning of period****$14.03****$11.32****$16.11****$13.56****$11.22****$9.40****Income from investment operations**  Net investment income0.06 0.02 0.03 0.04 0.11 0.05   Net gains (losses) on securities (both realized and unrealized)(0.46)2.72 (4.79)2.93 2.34 1.83 **Total from investment operations****(0.40)****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 0.00²0.00²0.00²0.00²0.00² **Net asset value at end of period****$13.63****$14.03****$11.32****$16.11****$13.56****$11.22** **Total return****(2.85)%****24.22%****(29.56)%****21.90%****21.85%****19.95%** **Ratios / supplemental data**Net assets ($000), end of period$109,715 $95,885 $21,497 $13,854 $9,266 $3,671 Ratio of expenses to average net assets  Before custodian fee credits0.36%1.14%1.43%1.50%1.09%1.36%  After custodian fee credits0.36%1.13%1.42%1.47%1.02%1.25%Ratio of net investment income after custodian fee credits to average net assets0.46%0.27%0.40%0.30%0.94%0.52%**Portfolio turnover rate****2%****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.*

*May 31, 2010 Semi-Annual Report | 33*
*Expenses*
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 (December 1, 2009 to May 31, 2010).

**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                        (December 1, 2009)****Ending Account Value                        (May 31, 2010)****Expenses Paid                        During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**  Actual                    $1,000                                        $1,007.80                                        $3.80                                        0.76%                      Hypothetical (5% return before expenses)                    $1,000                                        $1,021.14                                        $3.83                                        0.76%                     **Bond Income Fund**  Actual                    $1,000                                        $1,016.20                                        $4.52                                        0.90%                      Hypothetical (5% return before expenses)                    $1,000                                        $1,020.44                                        $4.53                                        0.90%                     **Core Fund**  Actual                    $1,000                                        $997.90                                        $4.78                                        0.96%                      Hypothetical (5% return before expenses)                    $1,000                                        $1,020.14                                        $4.84                                        0.96%                     **Growth Fund**  Actual                    $1,000                                        $1,056.20                                        $4.31                                        0.84%                      Hypothetical (5% return before expenses)                    $1,000                                        $1,020.74                                        $4.23                                        0.84%                     **International Fund**  Actual                    $1,000                                        $971.50                                        $3.54                                        0.72%                      Hypothetical (5% return before expenses)                    $1,000                                        $1,021.34                                        $3.63                                        0.72%                    
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2009 through May 31, 2010), multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).*

*34 | May 31, 2010 Semi-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, 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 (previously 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 — Unaudited Information**

The information in this interim report has not been subject to independent audit.

**NOTE 3 — Significant Accounting Policies**

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

**Security valuation:**

Investments in securities traded on a national securities exchange and over-the-counter secrities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at latest bid price. 

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.

 Foreign markets may close before the time as of which the Funds' share prices are determined. Because of this, events occurring after the close and before the determination of the Funds' share prices 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 outside pricing services for valuation of their non-U.S. securities. 

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees. 

Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis. 

**Foreign currency:**

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. 

The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. 

Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

**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 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 — Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the market place, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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 May 31, 2010 in valuing the Funds' investments carried at value:

*May 31, 2010 Semi-Annual Report | 35*
*Notes To Financial Statements (continued)***Funds****Total****Level 1 						    Quoted Price****Level 2     Significant Observable Input****Level 3     Significant Unobservable Input****Short-Term Bond**Corporate Bonds$3,002,058 $- $3,002,058$- U.S. Government $348,797 $- $348,797 $- Municipal Bonds$829,179$- $829,179 $- **Total Assets****$4,180,034****$-****$4,180,034****$-** 	**Bond Income**Corporate Bonds$2,547,706 $- $2,547,706 $- U.S. Government Agency Bonds$333,663 $- $333,663 $- Municipal Bonds$1,397,488 $- $1,397,488 $- **Total Assets****$4,278,857****$-****$4,278,857****$-** 	**Core Fund**Common Stocks$2,488,558 $2,488,558 $- $- Corporate Bonds$1,237,549 $- $1,237,549 $- U.S. Government Bonds$403,266 $- $403,266 $- **Total Assets****$4,129,373****$2,488,558****$1,640,815****$-** 	**Growth Fund**Common Stocks$20,625,704 $20,625,704 $- $- **Total Assets****$20,625,704****$20,625,704****$-****$-** **International Fund**Common Stocks$70,625,827 $70,625,827 $- $- U.S. Government Bonds$9,996,710 $- $9,996,710 $- **Total Assets****$80,622,537****$70,625,827****$9,996,710****$-**
**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 period ended May 31, 2010, 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.

The Funds recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Funds' tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2007 — 2009), or expected to be taken in the Funds' 2010 tax returns. The Funds identify their major tax jurisdiction as U.S. Federal and foreign jurisdictions where the Funds make significant investments; however, the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. 

**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. Dividends are paid in shares of the Funds, at the net sset value on payable date. Shareowners may elect to take dividends in cash.

**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.

**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 4 — 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.

*36 | May 31, 2010 Semi-Annual Report*
*Notes To Financial Statements (continued)*
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 Fund, 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 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 period ended May 31, 2010, the advisory fees incurred were as follows:

 
**Adviser Fees****Adviser Fees Waived****Expense 							Reimbursement****Short-Term Bond**$9,267$7,892$ - **Bond Income**8,910$7,518$ -**Core**7,582N/AN/A**Growth**37,819N/AN/A**International**$204,006N/AN/A
In accordance with the expense waiver noted above, for the period ended May 31, 2010, Saturna Capital waived a portion of 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 period ended May 31, 2010, the Trust paid SBS the following amounts:
**12b-1 Fees****Short-Term Bond**$5,434**Bond Income**5,255**Core**5,474**Growth**27,875**International**$134,822
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. Transactions effected through other brokers may be subject to a commission payable to that broker.

Nicholas Kaiser serves as a trustee and president of the Trust. Also a director and the chairman of Saturna Capital, he is not compensated by the Trust. For the period ended May 31, 2010, the Trust incurred compensation expenses of $13,500 which is included in $21,547 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 period ended May 31, 2010. For this period, the Short-Term Bond, Bond Income, Core, Growth, and International incurred $589; $602; $783; $3,327; and $2,985 of expense, respectively, for the Chief Compliance Officer. 

On May 31, 2010, the trustees, officers, and their affiliates as a group owned 18.2%, 22.3%, 76.5%, 8.3% and 3.3% of the outstanding shares of Short-Term Bond, Bond Income, Core, Growth and International, respectively.

**NOTE 5 — Distributions to Shareholders**

The tax characteristics of distributions paid during the fiscal period ended May 31, 2010 and the fiscal year ended November 30, 2009 were as follows:
**Period ended						    May 31, 2010****Year ended  Nov. 30, 2009****Short-Term Bond Fund**  Ordinary income$59,524 $116,035 **Bond Income Fund**  Ordinary income85,011 160,437 **Core Fund**  Ordinary income- 54,992 **Growth Fund**  Ordinary income- 4,892 **International Fund**  Ordinary income$ -$218,276 
**NOTE 6 — Federal Income Taxes**

The cost basis of investments for federal income tax purposes at May 31, 2010 were as follows:
**Short-Term Bond****Bond Income**Cost of investments$4,080,797 $4,090,353 Gross tax unrealized appreciation105,358 203,229 Gross tax unrealized depreciation(6,121)(14,725)Net tax unrealized appreciation$99,237 $188,504 **Core**Cost of investments$4,316,772Gross tax unrealized appreciation281,921 Gross tax unrealized depreciation(469,320)Net tax unrealized depreciation$(187,399)
*May 31, 2010 Semi-Annual Report | 37*
*Notes To Financial Statements (continued)***Growth****International**Cost of investments$14,942,513 $69,405,997 Gross tax unrealized appreciation6,549,793 15,656,008 Gross tax unrealized depreciation(866,602)(4,439,468)Net tax unrealized appreciation$5,683,191 $11,216,540 
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$123,320 $192,749 Undistributed ordinary income1,374 - Accumulated net realized loss$(32,116)(82,819)Total distributable earnings (loss)(30,742)(82,819)Total accumulated earnings$92,578 $109,930 **Core**Net tax unrealized depreciation$(139,814)Undistributed ordinary income-Accumulated net realized 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- - Accumulated net realized loss(677,278)(366,155) Total distributable earnings (loss)(677,278) (366,155) Total accumulated earnings$3,815,343$15,482,938
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 201410,255 2016**$32,116** **Bond Income**$14,253 201014,375 20144,203 201529,521 201620,467 2017**$82,819** **Core**$74,883 201662,9952017**$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 7 — Investments**

Investment transactions other than short-term investments for the period ended May 31, 2010 were as follows:
**Purchases****Sales****Short-Term Bond**$1,023,853 $740,000 **Bond Income**808,396 215,680 **Core**194,788 39,628 **Growth**3,152,225 1,931,927 **International**$13,352,384 $1,203,127 
**NOTE 8 — Custody Credits**

Under agreements in place with PFPC Trust Company, custody fees are reduced by credits for cash balances. Such reduction  for the period ended May 31, 2010 were as follows:
**Custodian Fee Credits****Short-Term Bond**$108 **Bond Income**105 **Core**109 **Growth**557 **International**$2,697 
**Note 9 — Subsequent Events**

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Funds' financial statements.

*38 | May 31, 2010 Semi-Annual Report*

***Availability of Portfolio Information***

(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***

(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***

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***

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. 

 

*May 31, 2010 Semi-Annual Report | 39*

 

**www.sextantmutualfunds.com**
(logo omitted)
**Saturna Capital**1300 North State StreetBellingham, WA 98225www.saturna.com800/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**
Idaho Tax-Exempt FundSemi-Annual ReportMay 31, 2010
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 June 30, 2010) **1 Year****3 Years****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							5.58%							5.13%							3.71%							4.58%0.85%S&P Idaho Municipal Bond Index							10.97%							5.01%							4.57%							5.99%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 30, 2010, incorporates results for the fiscal year ending November 30, 2009, 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 | May 31, 2010 Semi-Annual Report*
*Fellow Shareowners:*
For the six months ending May 31, 2010, Idaho Tax-Exempt Fund returned 1.86%. For the twelve months ended May 31, the Fund returned 4.58%. At May 31, the net asset value per share was $5.45.

Since November 30, 2009, the Fund's outstanding shares increased 2.95% to 2.77 million. Net assets rose 3.27% to $15.1 million, a record high. 

Now known as the Great Recession, the last three years have taken a toll on Idaho. June's unemployment rate finally returned to October 2009's rate of 8.8% after peaking at 9.5% this past February — the worst rates that Idaho has seen since July 1983. Neighbor state Washington had a slightly higher June unemployment rate of 8.9%, but Nevada suffered the highest rate in the nation at 14.2%.

During the most recent 12-month period, Idaho experienced an estimated 5.2% decline in employment, ranking the state in the bottom quintile nationally. Population growth is much slower as in-migration has virtually ended. The slowly improving unemployment rate and optimistic general business reports indicate better days ahead. Still, a new Rasmussen Reports telephone survey of Idaho voters is decidedly pessimistic. Only 2% of Idaho voters rate the economy as good or excellent, while 59% give the economy a poor rating. 22% say the economy is getting better, but 54% believe it is getting worse.

The poor economy is reflected in low interest rates everywhere. Mortgages, municipal bonds, bank deposits, money market funds — all have extremely low yields. As the economy recovers, expect rates to rise.

Looking ahead, the outlook for renewed U.S. and global economic growth is positive, increasing Idaho's potential for improving economic conditions over the next 12 months. In the longer-term, a business-friendly environment, desirable workforce, and highly ranked quality of life will ensure the state's continued economic stability and success.

Municipal bond prices in general and Idaho bond prices in particular recovered their 2008 losses throughout 2009 and 2010. 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, and we welcome your suggestions. Only with your help can we be certain that we are meeting our primary objective — fulfilling your investment needs.

Respectfully,

**Nicholas Kaiser,**			    President

(graphic omitted)

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

(graphic omitted)

July 21, 2010

 

*Semi-Annual Report May 31, 2010 | 3*
*Performance Summary***Average Annual Returns (as of May 31, 2010)****1 Year****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							4.58%							3.79%							4.82%0.85%S&P Idaho Municipal Bond Index							10.34%							4.97%							6.00%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 May 31, 2000 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 $16,016 versus $18,099 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 30, 2010, incorporates results for the fiscal year ending November 30, 2009, 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***Industry weightings are shown as a percentage of net assets.*Ada & Canyon Cos. JSD #3 Kuna 5.00% due 09/15/20193.7%Madison County SCD #321 Rexburg 4.50% due 08/15/20242.8%Bingham County SCD #52 Snake HS 4.00% due 09/01/20272.7%Boise State University Revenue 5.00% due 04/01/20342.7%Owyhee & Elmore Cos. JSD #365 Grand View 4.00% due 08/15/20272.5%Bonneville & Bingham Cos. JSD #93 4.50% due 09/15/20172.5%Pocatello ID Water Revenue 4.75% due 02/01/20262.4%Canyon County SCD #139 Vallivue 4.35% due 09/15/20252.4%Canyon County SCD #131 Nampa 4.75% due 08/15/20192.3%Bingham County SCD #55 Blackfoot 4.65% due 08/01/20172.0%
 

*4 | May 31, 2010 Semi-Annual Report*
*Schedule of Investments***Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Electric Power**Idaho Falls Electric Revenue6.75% due 04/01/2019 $125,000$145,339 1.0% 	**Financial Services**Boise City General Fund Revenue, Series A5.20% due 12/01/2017160,000 166,418 1.1%Boise City General Fund Revenue, Series A5.25% due 12/01/2018100,000 103,860 0.7%Idaho Bond Bank Authority14.00% due 09/15/201990,000 94,974 0.6%350,000 365,252 2.4% 	**General Obligation**Ada & Canyon Cos. JSD #2 Meridian15.50% due 7/30/201550,000 58,967 0.4%Ada & Canyon Cos. JSD #2 Meridian5.00% due 08/15/2020165,000 183,968 1.2%Ada & Canyon Cos. JSD #2 Meridian5.00% due 08/15/2021155,000 172,340 1.2%Ada & Canyon Cos. JSD #3 Kuna5.00% due 09/15/2019500,000 550,690 3.7%Adams & Washington Cos. JSD #4324.00% due 08/15/2019100,000 107,218 0.7%Bingham County SCD #52 Snake HS4.00% due 09/01/2020250,000 270,028 1.8%Bingham County SCD #52 Snake HS4.00% due 09/01/2027400,000 411,020 2.7%Bingham County SCD #55 Blackfoot4.65% due 08/01/2017285,000 301,199 2.0%Blaine County, Idaho Series A4.05% due 08/01/2023150,000 156,825 1.0%Boise County SCD #73 5.15% due 07/31/2010125,000 125,804 0.8%Bonneville & Bingham Cos. JSD #93 4.50% due 09/15/2016150,000 162,284 1.1%Bonneville & Bingham Cos. JSD #934.50% due 09/15/2017350,000 373,874 2.5%Canyon County SCD #139 Vallivue4.35% due 09/15/2025350,000 359,471 2.4%Canyon County SCD #131 Nampa4.75% due 08/15/2019325,000 351,614 2.3%Canyon County SCD #131 Nampa5.00% due 08/15/2023105,000 112,012 0.7%Canyon County SCD #134 Middleton4.65% due 07/31/2016170,000 179,076 1.2%Fremont & Madison Cos. JSD #215 4.00% due 08/15/2019200,000 216,370 1.4%Fremont & Madison Cos. JSD #2154.125% due 09/01/2024130,000 136,422 0.9%Jefferson & Madison Cos. JSD #251 Rigby4.25% due 09/01/2024100,000 105,810 0.7%Jerome, Lincoln, & Gooding Cos. JSD #2613.75% due 09/15/2018125,000 132,945 0.9%Jerome, Lincoln, & Gooding Cos. JSD #2615.00% due 09/15/2022250,000 277,335 1.8%Kootenai-Shoshone Area Libraries4.25% due 08/01/2021220,000 231,759 1.5%Latah, Nez Perce, & Clearwater JSD #2834.50% due 08/15/2027190,000 203,294 1.4%Lemhi County4.20% due 08/01/2015100,000 104,374 0.7%Madison County SCD #321 Rexburg4.50% due 08/15/2024410,000 426,076 2.8%Madison County SCD #321 Rexburg 4.50% due 08/15/2026250,000 257,568 1.7%Meridian Free Library District5.00% due 08/01/2015100,000 100,076 0.7%Minidoka & Jerome Cos. JSD #33114.50% due 08/15/201875,000 78,828 0.5%Minidoka & Jerome Cos. JSD #33114.50% due 08/15/202075,000 77,895 0.5%Minidoka & Jerome Cos. JSD #3314.375% due 08/15/2024225,000 228,962 1.5%Minidoka & Jerome Cos. JSD #3314.50% due 08/15/2025160,000 163,376 1.1%Nampa Idaho, Series B5.00% due 08/01/2020200,000 213,072 1.4%Owyhee & Canyon Cos. JSD #370 Homedale4.55% due 08/15/2016160,000 182,872 1.2%Owyhee & Elmore Cos. JSD #365 Grand View4.00% due 08/15/2027350,000 375,386 2.5%Payette County SCD #3735.00% due 09/15/2024100,000 108,214 0.7%Twin Falls ID SCD #4114.30% due 09/15/2025120,000 124,818 0.8%Valley & Adams Cos. JSD #421 McCall4.50% due 08/01/2024290,000 299,434 2.0%Valley & Adams Cos. JSD #421 McCall4.50% due 08/01/2022135,000 141,275 1.0%7,595,000 8,062,551 53.4% 	**Medical / Hospitals**Idaho Health Facility Authority Holy Cross Revenue5.25% due 12/01/2014110,000 110,306 0.7%Idaho Health Facility Authority Holy Cross Revenue5.00% due 12/01/2022115,000 115,299 0.8%Idaho Health Facility Authority Holy Cross Revenue15.00% due 12/01/202850,000 49,941 0.3% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*

*Semi-Annual Report May 31, 2010 | 5*
*Schedule of Investments***Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Medical / Hospitals (continued)**Idaho Health Facility Authority Revenue6.00% due 12/01/2023$200,000 $226,412 1.5%Idaho Health Facility Authority Revenue Group B6.25% due 12/01/2033115,000 128,218 0.9%590,000 630,176 4.2% 	**Municipal Leases**Nez Perce County COP4.50% due 02/01/2021150,000 156,390 1.0% 	**Pollution Control**Caldwell ID Par Lien Sewer Revenue 20104.50% due 09/01/2019100,000 112,028 0.8%Idaho Bond Bank Authority Revenue, Series A4.30% due 09/01/2022135,000 139,327 0.9%Idaho Bond Bank Authority Revenue, Series A14.125% due 09/15/202375,000 77,361 0.5%Moscow Idaho Sewer Revenue4.45% due 05/01/2028200,000 209,222 1.4%510,000 537,938 3.6% 	**Real Estate**Idaho Housing & Finance Association4.80% due 06/01/2017100,000 108,252 0.7%Idaho Housing & Finance Association15.00% due 07/15/202750,000 53,797 0.4%Idaho Housing & Finance Association15.65% due 07/02/202890,000 93,800 0.6%Idaho State Building Authority Revenue4.50% due 09/01/2023110,000 112,864 0.7%Post Falls LID SPA5.00% due 05/01/2021300,000 300,780 2.0%650,000 669,493 4.4% 	**State Education**Boise State University Revenue4.50% due 04/01/2027250,000 256,640 1.7%Boise State University Revenue5.00% due 04/01/2034385,000 401,439 2.7%Idaho State University Revenue4.90% due 04/01/2017150,000 150,381 1.0%Idaho State University Revenue, Series B4.625% due 04/01/2024220,000 227,792 1.5%University of Idaho Revenue, Series A5.00% due 04/01/2019200,000 215,050 1.4%University of Idaho Revenue, Series A5.00% due 04/01/2020260,000 277,768 1.8%1,465,000 1,529,070 10.1% 	**Transportation**Idaho Housing & Finance Association4.60% due 07/15/2023250,000 263,132 1.8%Idaho Housing & Finance Association5.00% due 07/15/2024200,000 214,900 1.4%450,000 478,032 3.2% 	**Urban Renewal**Boise City Urban Renewal Agency Lease Revenue5.00% due 08/15/2020160,000 172,099 1.2%Boise City Urban Renewal Agency Lease Revenue15.00% due 08/15/202190,000 96,050 0.6%Jerome Urban Renewal District Revenue, Series A5.40% due 09/01/2013200,000 201,636 1.3%450,000 469,785 3.1% 	**Water Supply**Blackfoot, Idaho COP5.80% due 09/01/2018135,000 135,987 0.9%Idaho Bond Bank Authority Revenue4.00% due 09/15/2024100,000 103,316 0.7%Idaho Bond Bank Authority Revenue5.00% due 09/15/2026250,000 267,190 1.8%Pocatello ID Water Revenue4.50% due 02/01/2024100,000 102,404 0.7%Pocatello ID Water Revenue4.75% due 02/01/2026350,000 364,108 2.4%935,000 973,005 6.5% 	Total investments (Cost=$13,502,754)$13,270,000 14,017,031 92.9%Other assets (net of liabilities) 1,070,662 7.1%**Total net assets****$15,087,693****100.0%***¹ Fair valued. See page 10*
*The accompanying notes are an integral part of these financial statements.*

*6 | May 31, 2010 Semi-Annual Report*
*Statement of Assets and Liabilities**As of May 31, 2010* 	**Assets**  Investments in securities, at value (Cost $13,502,754)$14,017,031   Cash947,176   Interest receivable172,735   Insurance reserve premium801  Receivable for Fund shares sold200     Total assets15,137,943 **Liabilities**  Accrued expenses22,871   Payable for Fund shares redeemed11,711   Distributions payable8,724   Payable to affiliates6,944     Total liabilities50,250 **Net assets****$15,087,693** 	**Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$14,571,059   Unrealized net appreciation on investments514,277   Accumulated net realized gain2,357 **Net assets applicable to Fund shares outstanding****$15,087,693**  **Fund shares outstanding****2,768,660**  **Net asset value, offering and redemption price per share****$5.45***Statement of Operations**Period ended May 31, 2010* 	**Investment income**  Interest income$292,239     Gross investment income292,239 **Expenses**  Investment adviser fees36,531   Audit fees10,801   Trustee fees9,423   Legal fees6,611   Printing and postage6,158   Shareowner servicing2,537   Filing and registration fees1,554   Other expenses1,069   Chief Compliance Officer expenses1,023   Custodian fees361     Total gross expenses76,068   Less custodian fee credits(361)    Net expenses75,707 **Net investment income****$216,532** 	 	Net increase in unrealized appreciation on investments$45,673**Net gain on investments****$45,673** 	**Net increase in net assets resulting from operations****$262,205*****Bond Quality Diversification*** 
*Based on net assets as of May 31, 2010.*

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

 

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

*Semi-Annual Report May 31, 2010 | 7*
*Statements of Changes of Net Assets**Period ended May 31, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$216,532 $425,409   Net realized gain on investments- 2,357   Net increase in unrealized appreciation45,673 1,193,061     Net increase in net assets262,205 1,620,827 **Distributions to shareholders from**  Net investment income(216,532)(425,608)  Capital gains distributions- -     Total distributions(216,532)(425,608)**Capital share transactions**  Proceeds from sales of shares890,941 2,029,029   Value of shares issued in reinvestment of dividends168,890 342,847   Early redemption fees retained- 29  Cost of shares redeemed(627,541)(731,127)    Net increase in net assets432,290 1,640,778 **Total increase in net assets****477,963****2,835,997** 	**Net assets**Beginning of period14,609,730 11,773,733 End of period$15,087,693$14,609,730 	**Shares of the Fund sold and redeemed**  Number of shares sold163,979 381,950   Number of shares issued in reinvestment of dividends31,149 64,398   Number of shares redeemed(115,690)(140,092)**Net increase in number of shares outstanding****79,438****306,256***Financial Highlights**Period ended**For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each period:***May 31, 2010****2009****2008****2007****2006****2005****Net asset value at beginning of period****$5.43****$4.94****$5.30****$5.32****$5.27****$5.39****Income from investment operations**  Net investment income$0.08 $0.17 $0.18 0.180.180.19  Net gains (losses) on securities (both realized & unrealized)0.02 0.49 (0.36)(0.02)0.06 (0.10)**Total from investment operations****0.10****0.66****(0.18)****0.16****0.24****0.09****Less distributions**  Dividends (from net investment income)(0.08)(0.17)(0.18)(0.18)(0.18)(0.19)  Distributions (from capital gains)- - - - (0.01)(0.02)**Total distributions****(0.08)****(0.17)****(0.18)****(0.18)****(0.19)****(0.21)**  Paid-in capital from early redemption fees¹- 0.00²0.00²0.00²0.00²0.00² 	**Net asset value at end of period****$5.45****$5.43****$4.94****$5.30****$5.32****$5.27** 	**Total return****1.86%****13.46%****(3.36)%****3.02%****4.66%****1.66%** 	**Ratios / supplemental data**Net assets ($000), end of period$15,088 $14,610 $11,774 $10,016 $8,783 $8,531 Ratio of expenses to average net assets   Before custodian credits0.52%0.85%0.77%0.89%0.87%0.91%  After custodian credits0.52%0.84%0.76%0.87%0.83%0.88%Ratio of net investment income after custodian credits to average net assets 1.48%3.19%3.51%3.35%3.40%3.58%**Portfolio turnover rate****1%****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.*

*8 | May 31, 2010 Semi-Annual Report*
*Expenses*
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 (December 1, 2009 to May 31, 2010).

**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, 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 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 							[December 1, 2009]****Ending Account Value 							[May 31, 2010]****Expenses Paid During Period¹**Actual 							$1,000.00							$1,018.60							$5.23Hypothetical (5% annual return before expenses)							$1,000.00							$1,019.75							$5.24
*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 1.04% (based on the most recent semi-annual period of December 1, 2009 through May 31, 2010, multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).*

 

*Semi-Annual Report May 31, 2010 | 9*
*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 — Unaudited Information**

The information in this interim report has not been subject to independent audit.

**Note 3 — 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 for a security, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

Security 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 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 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

Level 2 — Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the market place, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgement. Accordingly, the degree of judgement exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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 May 31, 2010 in valuing the Fund's investments carried at value:
**Funds****Total****Level 1 						    Quoted Price****Level 2 						    Significant Observable Input****Level 3 						    Significant Unobservable Input**Municipal Bonds$14,017,031 $- $13,335,418 $681,613 **Total Assets****$14,017,031****$-****$13,335,418****$681,613****Level 3 Roll-Forward Municipal Securities**Beginning Balance$606,375 Total unrealized/realized gains or losses$5,238 Purchases$90,000 Maturity$(20,000)**Ending Balance****$681,613**
***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

*10 | May 31, 2010 Semi-Annual Report*
*Notes To Financial Statements (continued)*
 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, 2010, or for any other tax years which are open for exam. As of May 31, 2010 open tax years include the tax years ended November 30, 2007 through 2009. 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 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 period ended May 31, 2010, 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. Dividends are paid in shares of the Fund, at the net sset value on payable date. Shareowners may elect to take dividends in cash.

**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.

**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 4 — 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 period ended May 31, 2010, the Fund incurred advisory fee expenses of $36,531. 

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 period ended May 31, 2010, the Fund paid shareowner servicing fees of $2,537.

Nicholas Kaiser serves as a trustee and president of the Trust. Also a director and the chairman of Saturna Capital, he is not compensated by the Trust. For the period ended May 31, 2010, the Trust incurred compensation expenses of $13,500 which is included in $21,547 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $9,423 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. For the period ended May 31, 2010, the Fund compensated Mr. Winship $1,023 for his services. On May 31, 2010, the trustees, officers and their immediate families as a group owned 2.42% of the outstanding shares of the Fund. 

**Note 5 — Investments**

During the period ended May 31, 2010, the Fund purchased $761,972 of securities and sold/matured $195,000 of securities.

**Note 6 — Distributions to shareowners**

The tax characteristics of distributions paid during the period ended May 31, 2010 and the fiscal years ended November 30, 2009 and 2008 were as follows:
**Period ended 							May 31, 2010****2009****2008**Tax-exempt income$216,532$425,222 $398,755Taxable income$ -$386$8,671Capital gain¹$ -$ - $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 May 31, 2010 were as follows:
  Cost of investments$13,502,754   Gross unrealized appreciation516,618   Gross unrealized depreciation(2,341)Net unrealized appreciation$514,277 
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 7 — Custodian**

Under the agreement in place with PFPC Trust Company, custody fees are reduced by credits for cash balances. Such reduction for the period ended May 31, 2010 amounted to $361.

**Note 8 — Subsequent Events**

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Fund's financial statements.

*Semi-Annual Report May 31, 2010 | 11*
*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*- 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.
-  The Fund's Form N-Q is available on the SEC's website at www.sec.gov and at www.idahotaxexemptfund.com.
-  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.
-  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, which is included with this submission as Exhibit (a) and posted on the Funds' Internet website at www.sextantmutualfunds.com. Requests may also be made via telephone at 1-800/728-8762, and will be processed within one business day of receiving such request.

**Item 3. Audit Committee Financial Expert**

Not applicable.

**Item 4. Principal Accountant Fees and Services**

Not applicable.

**Item 5. Audit Committee of Listed Registrants**

Not applicable.

**Item 6. Investments**

(a) Not applicable.

(b) Not applicable

**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. Purchase 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 July 26, 2010, 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)(1) Code of Ethics.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

**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*			    President			    July 30, 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*President				  July 30, 2010

By:

*/s/ Christopher Fankhauser*			    Treasurer			    July 30, 2010 |