**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, 2009			    Date of reporting period: May 31, 2009

 

**Item 1. Report To Shareowners**

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***Performance Summary (as of June 30, 2009):***

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

|                                                             | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 4.39%      | 4.99%      | 3.55%      | 4.39%       | 1.60%                   |
| Morningstar Category                                        | 1.22%      | 2.92%      | 2.57%      | 3.86%       | N/A                     |
| % Rank (category size)                                      | 20 (416)   | 17 (358)   | 24 (301)   | 30 (157)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 3.96%      | 4.61%      | 3.63%      | 5.28%       | 1.45%                   |
| Morningstar Category                                        | 1.64%      | 3.62%      | 3.19%      | 4.82%       | N/A                     |
| % Rank (category size)                                      | 35 (1128)  | 40 (983)   | 44 (860)   | 31 (476)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | -11.79%    | N/A        | N/A        | N/A         | 1.54%                   |
| Morningstar Category                                        | -17.77%    | -4.15%     | 0.19%      | 1.27%       | N/A                     |
| % Rank (category size)                                      | 9 (1204)   | N/A        | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Mid-Cap Growth Category**              |
| Fund Return                                                 | -22.44%    | -5.06%     | 3.13%      | 2.18%       | 1.25%                   |
| Morningstar Category                                        | -30.56%    | -8.12%     | -1.08%     | 0.97%       | N/A                     |
| % Rank (category size)                                      | 15 (888)   | 22 (794)   | 5 (658)    | 32 (331)    | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | -19.33%    | 1.89%      | 9.13%      | 6.45%       | 1.43%                   |
| Morningstar Category                                        | -32.42%    | -8.24%     | 2.09%      | 1.11%       | N/A                     |
| % Rank (category size)                                      | 3 (803)    | 1 (617)    | 2 (461)    | 5 (250)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.** Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll free (800) SATURNA or visiting www.saturna.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of a 2% redemption fee on shares held less than 30 days (90 days beginning Oct. 1, 2009). 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.saturna.com. Please read the prospectus carefully before investing.***

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

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

***†Morningstar June 30, 2009. Morningstar, Inc.**is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar database. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the 12 months ended June 30, 2009. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.) Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.***

*Sextant Short-Term Bond was 70th of 416 Short-Term Bond funds in the last year, 50th of 358 funds in the last 3 years, 62nd of 301 funds in the last 5 years and 41st of 157 funds in the last 10 years. Sextant Bond Income was 337th of 1128 Intermediate-Term Bond funds in the last year, 337th of 983 funds in the last 3 years, 322nd of 860 funds in the last 5 years and 123rd of 476 funds in the last 10 years. Sextant Core was 90th of 1204 Moderate Allocation funds in the last year. Sextant Growth was 114th of 888 Mid-Cap Growth funds in the last year, 143rd of 794 funds in the last 3 years, 27th of 658 funds in the last 5 years and 87th of 331 funds in the last 10 years. Sextant International was 19th of 803 Foreign Large Blend funds in the last year, 1st of 617 funds in the last 3 years, 5th of 461 funds in the last 5 years and 11th of 250 funds in the last 10 years.*

 

*2   |   May 31, 2009   Semi-Annual Report*

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***Fellow Shareowners:***

Since September, the world has been gripped in a massive credit crisis that is still unfolding. Caught in a Great Recession, there is no easy exit. As optimists, we still believe that market forces — if allowed to operate — will eventually bring stability.

During this time of trial, the Sextant Funds have done relatively well. For the highly volatile semi-annual period ended May 31st, 2009, Sextant International appreciated an outstanding 9.36%, solid Sextant Growth grew 4.83%, and stalwart Sextant Core Fund returned 7.78%. During the same period the AMEX International Index returned 12.77% and the S&P 500 returned 4.05%.

Evidence of deflation helped the bond markets over the last six months. In this unstable climate, the safer Short-Term Bond Fund returned 5.13% and the Bond Income Fund returned 6.74%.

***Sextant International Fund***

As long-term investors, we know that a particular interval's gains or losses matter much less when considered over a lengthier span of time. That is why the recognition that our Funds receive for superlative longer-term performance is so important — to us and especially to our shareowners.

For the year ended May 31st (see next page), Sextant International was ranked in the top 1% of all Morningstar Foreign Large Blend category funds for one, three and five years (out of 792, 604, and 453 funds in the category for the respective periods). For the last year, Sextant International was aided by its large cash position, which helped it avoid the high volatility in foreign stocks. Good performance brings new investors: for the six-months ended May 31st, Sextant International Fund's assets increased by 236% to $72 million dollars, allowing fixed costs to be spread across a larger base.

It is not solely Sextant International which has been performing well with respect to its peer group. The performance summary data on the surrounding pages provide the absolute as well as relative Morningstar category rank for each Sextant Fund. Moreover, all Sextant Funds stress low operating expenses and employ a rare "fulcrum" advisory fee structure that rewards or penalizes Saturna Capital for investment results relative to the peer group selected by Morningstar. Rapid growth in these funds has boosted assets in the five Sextant Funds to over $114 million today. We welcome our many new shareowners.

***Going Forward***

This decline is severe, not only in terms of depth but also duration. As a massive deleveraging of the economy occurs, esoteric financial instruments are disappearing amid the changing climate. A strong stimulus program should provide the necessary momentum to an economy still shaken by the systemic panic instigated by the housing bubble. Even though a complete return to normal economic conditions is a ways off, the stock market is already leading other sectors of the economy upward.

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

Long years of experience on our investment team lead us forward, with caution. As investors, we don't like to lose money. In most of the Sextant Funds, our cash reserves are much higher than normal. We also know that the best times to invest are when the outlook is dark and murky. Going forward, we will continue to invest in solid companies with the strong business advantages and balance sheets needed to navigate these trying times. Please review the following pages for more detail about each Fund's financial results. 

Respectfully,

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

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

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

July 20, 2009

*May 31, 2009   Semi-Annual Report   |   3*

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***Performance Summary (as of May 31, 2009):***

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

|                                                             | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 4.50%      | 4.94%      | 3.54%      | 4.40%       | 1.60%                   |
| Morningstar Category                                        | -0.37%     | 2.16%      | 2.12%      | 3.79%       | N/A                     |
| % Rank (category size)                                      | 12 (419)   | 13 (355)   | 19 (305)   | 27 (158)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | 2.44%      | 3.88%      | 3.33%      | 4.95%       | 1.45%                   |
| Morningstar Category                                        | -0.44%     | 2.91%      | 2.80%      | 4.42%       | N/A                     |
| % Rank (category size)                                      | 35 (1143)  | 45 (999)   | 47 (865)   | 39 (484)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | -16.48%    | N/A        | N/A        | N/A         | 1.54%                   |
| Morningstar Category                                        | -22.24%    | -4.21%     | 0.44%      | 1.53%       | N/A                     |
| % Rank (category size)                                      | 10 (1217)  | N/A        | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Mid-Cap Growth Category**              |
| Fund Return                                                 | -28.02%    | -5.50%     | 3.16%      | 2.33%       | 1.25%                   |
| Morningstar Category                                        | -35.35%    | -8.33%     | -0.66%     | 1.56%       | N/A                     |
| % Rank (category size)                                      | 4 (897)    | 22 (799)   | 7 (664)    | 38 (335)    | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | -22.92%    | 1.83%      | 9.85%      | 6.82%       | 1.43%                   |
| Morningstar Category                                        | -37.02%    | -8.00%     | 2.69%      | 1.44%       | N/A                     |
| % Rank (category size)                                      | 1 (792)    | 1 (604)    | 1 (453)    | 3 (242)     | 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, 2009 ("1 Year" column above) because the Sextant Funds' performance fees are based on the same period. Results are shown for other fiscal periods by regulation.***

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

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

***†Morningstar 5/31/2009.** Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar database. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the year ended May 31, 2009.*

*Sextant Short-Term Bond was 41st of 419 Short-Term Bond funds in the last year, 37th of 355 funds in the last 3 years, 49th of 305 funds in the last 5 years and 37th of 158 funds in the last 10 years. Sextant Bond Income was 339th of 1143 Intermediate-Term Bond funds in the last year, 380th of 999 funds in the last 3 years, 346th of 865 funds in the last 5 years and 153rd of 484 funds in the last 10 years. Sextant Core was 102nd of 1217 Moderate Allocation funds in the last year. Sextant Growth was 28th of 897 Mid-Cap Growth funds in the last year, 144th of 799 funds in the last 3 years, 36th of 664 funds in the last 5 years and 103rd of 335 funds in the last 10 years. Sextant International was 2nd of 792 Foreign Large Blend funds in the last year, 1st of 604 funds in the last 3 years, 2nd of 453 funds in the last 5 years and 7th of 242 funds in the last 10 years.*

*4   |   May 31, 2009   Semi-Annual Report*

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***Sextant Short-Term Bond Fund***

***Performance Summary***

| **Average Annual Returns as of May 31, 2009**   |
|-------------------------------------------------|
|                                                 | **1 Year** | **5 Years** | **10 Years** | **Expense Ratio¹** |
| Sextant Short-Term Bond Fund                    | 4.50% | 3.54% | 4.40% | 1.60% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years | 5.02% | 4.22% | 4.93% | 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, 1999 to a similar 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 $15,383 versus $16,143 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 30 calendar days (90 calendar days beginning October 1, 2009).*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Short-Term Bond Fund are capital preservation and current income.
**Industry Allocation****Top Ten Holdings** **% of Fund Assets**U.S. Treasury Note 4.00% due 4/15/20105.7%U.S. Treasury Note 4.00% due 6/15/20095.5%Federal Farm Credit Bank 5.79% due 6/5/20135.5%Roche Holdings 4.50% due 3/1/20124.4%Apache 5.25% due 4/15/20134.3%Florida Power & Light 5.625% due 9/1/20114.1%International Business Machines						    5.05% due 10/22/20124.0%Halliburton 5.50% due 10/15/2010 3.8%AstraZeneca 5.40% due 9/15/20123.7%Verizon New England 4.75% due 10/1/20133.6%
*May 31, 2009   Semi-Annual Report   |   5*

***Sextant Short-Term Bond Fund***
***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Computers**A+International Business Machines5.05% due 10/22/2012$135,000$145,632 4.0% **Diversified Financial Services**AAGeneral Electric Capital5.25% due 10/19/2012100,000101,276 2.8% **Energy**A-Apache5.25% due 4/15/2013150,000156,895 4.3%AConocoPhillips8.75% due 5/25/2010100,000106,866 3.0%AHalliburton 5.50% due 10/15/2010 132,000138,289 3.8%BBB+Marathon Oil 6.00% due 7/1/2012120,000126,515 3.5%502,000528,565 14.6% **Finance**AABerkshire Hathaway Financial4.75% due 5/15/2012100,000106,107 2.9%A-HSBC Finance 6.375% due 10/15/2011100,000101,161 2.8%BBB+International Lease Finance (AIG)5.00% due 4/15/2010125,000115,028 3.2%325,000322,296 8.9% **Food Production**BBB-Fortune Brands5.125% due 1/15/2011120,000121,692 3.4% **Machinery**ACaterpillar 7.25% due 9/15/2009100,000101,582 2.8%A Dover 6.50% due 2/15/2011100,000106,803 3.0%200,000208,385 5.8% **Medical**A+AstraZeneca 5.40% due 9/15/2012125,000134,694 3.7%A+Genentech 4.40% due 7/15/2010100,000102,583 2.8%ARoche Holdings4.50% due 3/1/2012150,000158,029 4.4%375,000395,306 10.9% **Retail**A-TJX Companies 7.45% due 12/15/200995,00097,069 2.7% **Telecommunications**BBBVerizon New England4.75% due 10/1/2013129,000128,603 3.6% **U.S. Government**AAAU.S. Treasury Note4.00% due 6/15/2009200,000200,281 5.5%AAAU.S. Treasury Note4.00% due 4/15/2010200,000206,219 5.7%400,000406,500 11.2% **U.S. Government Agency**AAAFederal Farm Credit Bank5.79% due 6/5/2013200,000200,120 5.5%AAAFederal National Mortgage Assc.5.00% due 2/23/2010120,000123,687 3.4%320,000323,807 8.9% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*6   |   May 31, 2009   Semi-Annual Report*

***Sextant Short-Term Bond Fund***
***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Utilities**A-Florida Power & Light5.625% due 9/1/2011$140,000$150,015 4.1%A-Scottish Power4.91% due 3/15/2010100,000101,166 2.8%240,000251,181 6.9% Total investments (Cost $2,965,891)2,941,0003,030,312 83.7%Other assets (net of liabilities) 592,239 16.3%**Total net assets****$3,622,551****100.0%***¹ Ratings shown are as determined by a national bond rating agency or the Adviser.*
 

 

 

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

*May 31, 2009   Semi-Annual Report   |  7*

***Sextant Short-Term Bond Fund***
***Statement of Assets and Liabilities****As of May 31, 2009*  **Assets**  Investments in securities, at value (Cost $2,965,891)$3,030,312   Cash550,567   Interest receivable38,171   Receivable for Fund shares sold3,609   Due from affiliates337     Total assets3,622,996 **Liabilities**  Payable for fund shares redeemed2,500   Accrued distribution fee757   Distribution payable102   Other liabilities(2,914)    Total liabilities445 **Net Assets****3,622,551** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)3,609,681   Unrealized net appreciation on investments64,421   Undistributed net investment income1,406   Accumulated net realized loss(52,957)**Net assets applicable to Fund shares outstanding****$3,622,551** **Fund shares outstanding****724,225** **Net asset value, offering and redemption price per share****$5.00*****Statement of Operations****Period ended May 31, 2009* **Investment income**  Interest income$70,133  Gross investment income 70,133 **Expenses**  Investment adviser and administration fees12,987   Filing and registration fees4,345   Distribution fees4,112   Audit fees1,303   Trustee fees981   Insurance840    Chief Compliance Officer expenses779   Printing and postage553   Other expenses227   Custodian fees81     Total gross expenses26,208   Less adviser fees waived(13,724)   Less custodian fee credits(81)    Net expenses12,403 **Net investment income****57,730**  **Net realized gain (loss) on investments**  Proceeds from sales242,850   Less cost of securities sold (based on identified cost)248,593     Net realized loss on investments(5,743)**Net change in unrealized appreciation (depreciation) on investments**  End of period64,421   Beginning of period(51,811)   Net increase in unrealized appreciation116,232 **Net gain on investments****110,489** **Net increase in net assets resulting from operations****$168,219**
*(The accompanying notes are an integral part of these financial statements.)*

*8   |   May 31, 2009   Semi-Annual Report*

***Sextant Short-Term Bond Fund***
***Statements of Changes in Net Assets****Period ended May 31, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$57,730 $114,036   Net realized gain (loss) on investments(5,743)(10,255)  Net increase (decrease) in unrealized appreciation116,232 (91,717)   Net increase (decrease) in net assets168,219 12,064 **Distributions to shareholders from**  Net investment income(57,731)(114,369)**Capital share transactions**  Proceeds from sales of shares716,655 1,130,516   Value of shares issued in reinvestment of dividends56,892 111,024   Early redemption fees retained29 79   Cost of shares redeemed(285,639)(1,110,549)    Net increase in net assets 487,937 131,070 **Total increase (decrease) in net assets****598,425****28,765** **Net assets**Beginning of period3,024,126 2,995,361 End of period$3,622,551$3,024,126  Undistributed net investment income$1,406 $1,407  **Shares of the Fund sold and redeemed**Number of shares sold145,664 228,825 Number of shares issued in reinvestment of dividends11,531 22,429 Number of shares redeemed(58,195)(226,241)**Net increase in number of shares outstanding****99,000****25,013*****Financial Highlights****Selected data per share of outstanding capital stock throughout each period:**Period ended*
*For Year Ended November 30,***May 31, 2009****2008****2007****2006****2005****2004****Net asset value at beginning of period****$4.84****$4.99****$4.90****$4.85****$4.97****$5.09****Income from investment operations**  Net investment income0.09 0.18 0.17 0.16 0.17 0.19   Net gain (loss) on securities (both realized and unrealized)0.16 (0.15)0.09 0.05 (0.12)(0.12)**Total from investment operations****0.25****0.03****0.26****0.21****0.05****0.07****Less distributions** Dividends (from net investment income)(0.09)(0.18)(0.17)(0.16)(0.17)(0.19)**Total distributions****(0.09)****(0.18)****(0.17)****(0.16)****(0.17)****(0.19)** Paid-in capital from early redemption fees¹0.00²0.00² 0.00² 0.00² 0.00² -  **Net asset value at end of period****$5.00****$4.84****$4.99****$4.90****$4.85****$4.97** **Total return****5.13%****0.66%****5.51%****4.41%****0.96%****1.41%** **Ratios / supplemental data**Net assets ($000), end of period$3,623 $3,024 $2,995 $2,937 $2,557 $2,255 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.79%1.60%1.58%1.39%1.23%1.14%  After fee waivers and custodian fee credits0.38%0.75%0.75%0.57%0.59%0.58%Ratio of net investment income after fee waivers and custodian fee credits to average net assets1.75%3.70%3.54%3.41%3.35%3.80%**Portfolio turnover rate****8%****22%****28%****41%****33%****37%***¹ Early redemption fee adopted March 29, 2005**² Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  9*

***Sextant Bond Income Fund***

***Performance Summary***
**Average Annual Returns as of May 31, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Bond Income Fund							2.44%														3.33%														4.95%							1.45%Citigroup Broad Investment Grade Bond Index							6.51%														5.36%														6.05%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on May 31, 1999 to a similar 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 $16,210 versus $18,706 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 30 calendar days (90 calendar days beginning October 1, 2009).*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the Bond Income Fund is current income.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**Federal Home Loan Bank 5.375% due 9/9/20164.8%Burlington VT Taxable Pub Imp Ser B 5.75% due 11/1/20284.6%Dupage Co. IL CCD #502						  5.50% due 1/1/20264.5%Federal Farm Credit Bank 4.50% due 1/5/20184.4%Federal Farm Credit Bank 6.25% due 8/18/20214.4%Milan Cnty Michigan Area Schools6.45% due 5/1/20244.3%AT&T 7.125% due 12/15/20314.2%Travelers Companies 5.50% due 12/1/20153.7%BHP Finance U.S.A. 5.25% due 12/15/20153.7%Pharmacia 6.50% due 12/1/20183.1%
*10   |   May 31, 2009   Semi-Annual Report*

***Sextant Bond Income Fund***
***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Agriculture**AArcher Daniels Midland7.00% due 2/1/2031$100,000 $107,952 3.1% **Automotive**BBBAutoZone5.50% due 11/15/201595,000 91,519 2.6% **Banking**BBB+CitiCorp7.25% due 10/15/201150,000 48,765 1.4%A-Comerica Bank7.125% due 12/1/201350,000 44,572 1.3%A+Norwest Financial6.85% due 7/15/200950,000 50,112 1.4%150,000 143,449 4.1% **Building**A+Lowe's Companies8.25% due 6/1/201050,000 52,732 1.5%BBBMasco7.125% due 8/15/201360,000 53,535 1.6%110,000 106,267 3.1% **Chemicals**AAir Products & Chemicals8.75% due 4/15/202150,000 59,108 1.7% **Electronics**A-Phillips Electronics7.25% due 8/15/201375,000 81,379 2.4% **Energy**ABaker Hughes6.875% due 1/15/2029100,000 103,214 3.0% **Finance**AMorgan Stanley Dean Witter6.75% due 10/15/201350,000 47,786 1.4%A+Paine Webber Group7.625% due 2/15/201450,000 47,303 1.4%100,000 95,089 2.8% **Food Production**BBBConAgra7.875% due 9/15/20104,000 4,242 0.1%AHershey Foods6.95% due 8/15/201250,000 56,083 1.6%BBBH.J. Heinz6.00% due 3/15/201275,000 79,205 2.3%129,000 139,530 4.0% **Insurance**AAllstate7.50% due 6/15/201350,000 51,775 1.5%A+Progressive7.00% due 10/1/201375,000 71,441 2.1%A-Travelers Companies5.50% due 12/1/2015125,000 127,465 3.7%250,000 250,681 7.3% **Machinery**ACaterpillar9.375% due 8/15/201140,000 43,188 1.2%ADeere & Co.8.10% due 5/15/2030 95,000 102,019 3.0%135,000 145,207 4.2% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  11*

***Sextant Bond Income Fund***
***Investments*****Rating¹****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Medical**ABecton Dickinson7.15% due 10/1/2009$40,000 $40,614 1.2%AA+Pharmacia6.50% due 12/1/2018100,000 108,707 3.1%140,000 149,321 4.3% **Metal Ores**A+BHP Finance U.S.A.5.25% due 12/15/2015125,000 126,801 3.7% **Municipal General Obligation**AA-City of Burlington Taxable GO 2009 Series B5.75% due 11/1/2028160,000 160,141 4.6%AAADupage Co. IL CCD #5025.50% due 1/1/2026150,000 154,077 4.5%AA-Milan Co. MI Area Schools6.45% due 5/1/2024150,000 147,317 4.3%460,000 461,535 13.4% **Retail**ADayton Hudson (Target Stores)10.00% due 1/1/201150,000 54,998 1.6%AAWal-Mart Stores7.25% due 6/1/201345,000 50,956 1.5%95,000 105,954 3.1% **Telecommunications**AAT&T7.125% due 12/15/2031140,000 144,677 4.2% **Transportation**BBB+Southwest Airlines6.50% due 3/1/201275,000 77,151 2.2% **U.S. Government Agency**AAAFederal Farm Credit Bank4.50% due 1/5/2018150,000 151,259 4.4%AAAFederal Farm Credit Bank6.25% due 8/18/2021150,000 150,923 4.4%AAAFederal Home Loan Bank5.375% due 9/9/2016150,000 166,218 4.8%450,000 468,400 13.6% **Utilities**BBBCommonwealth Edison7.50% due 7/1/201350,000 51,802 1.5%AFlorida Power & Light5.95% due 10/1/2033100,000 101,514 2.9%BBB+Sempra Energy7.95% due 3/1/201050,000 51,906 1.5%200,000 205,222 5.9% Total investments (Cost $3,104,185)2,979,000 3,062,456 88.7%Other assets (net of liabilities) 390,577 11.3%**Total net assets****$3,453,033****100.0%***¹ Ratings shown are as determined by a national bond rating agency or the Adviser.*
*(The accompanying notes are an integral part of these financial statements.)*

*12   |   May 31, 2009   Semi-Annual Report*

***Sextant  Bond Income Fund***
***Statement of Assets and Liabilities****As of May 31, 2009* **Assets**  Investments in securities, at value 						      (Cost $3,104,185)$3,062,456   Cash331,278   Interest receivable54,746   Due from affiliates987   Receivable for Fund shares sold742   Insurance reserve premium400     Total assets3,450,609 **Liabilities**  Accrued distribution fee731   Distributions payable117   Accrued expenses(3,272)    Total liabilities(2,424)**Net assets****3,453,033** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)3,579,952   Distribution in excess(5)  Unrealized net depreciation on investments(41,729)  Accumulated net realized loss(85,185)**Net assets applicable to Fund shares outstanding****$3,453,033** **Fund shares outstanding****742,320** **Net asset value, offering and redemption price per share****$4.65*****Statement of Operations****Period ended May 31, 2009* **Investment income**  Interest income$95,900    Gross investment income95,900 **Expenses**  Investment adviser and administration fees13,638   Filing and registration fees4,827   Distribution fees4,259   Audit fees2,603   Insurance779   Printing and postage730   Chief Compliance Officer expenses695   Trustee fees685   Other expenses187   Legal fees181   Custodian fees84      Total gross expenses28,668   Less adviser fees waived(13,168)  Less custodian fee credits(84)    Net expenses15,416 **Net investment income****80,484**  **Net realized gain (loss) on investments**  Proceeds from sales979,844   Less cost of securities sold (based on identified cost)(1,000,536)    Net realized loss on investments(20,692)**Net change in unrealized appreciation (depreciation) on investments**  End of period(41,729)  Beginning of period(208,137)    Net increase in unrealized appreciation166,408 **Net gain on investments****145,716** **Net increase in net assets resulting from operations****$226,200**
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  13*

***Sextant Bond Income Fund***
***Statements of Changes in Net Assets****Period ended May 31, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$80,484 $160,044   Net realized gain (loss) on investments(20,692)(29,521)  Net increase (decrease) in unrealized appreciation166,408 (299,454)    Net increase (decrease) in net assets226,200 (168,931)**Distributions to shareholders from**  Net investment income(80,489)(160,044)**Capital share transactions**  Proceeds from sales of shares164,974 355,383   Value of shares issued in reinvestment of dividends79,385 154,961   Early redemption fees retained- 14   Cost of shares redeemed(243,160)(287,423)    Net increase in net assets 1,199 222,935 **Total increase (decrease) in net assets****146,910****(106,040)** **Net assets**Beginning of period3,306,123 3,412,163 End of period$3,453,033 $3,306,123  **Shares of the Fund sold and redeemed**Number of shares sold35,950 77,146 Number of shares issued in reinvestment of dividends17,248 32,872 Number of shares redeemed(52,658)(63,078)**Net increase in number of shares outstanding****540****46,940*****Financial Highlights***
*Selected data per share of outstanding capital stock throughout each period:**Period ended*
*For Year Ended November 30,***May 31, 2009****2008****2007****2006****2005****2004****Net asset value at beginning of period****$4.46****$4.91****$4.92****$4.92****$5.06****$5.07****Income from investment operations**  Net investment income 0.110.220.220.220.210.22   Net gain (loss) on securities (both realized and unrealized) 0.19 (0.45)(0.01)0.00²(0.14)(0.01)**Total from investment operations****0.30****(0.23)****0.21****0.22****0.07****0.21****Less distributions**  Dividends (from net investment income)(0.11)(0.22)(0.22)(0.22)(0.21)(0.22)**Total distributions****(0.11)****(0.22)****(0.22)****(0.22)****(0.21)****(0.22)**  Paid-in capital from early redemption fees¹0.00² 0.00² 0.00² 0.00² 0.00² -  **Net asset value at end of period****$4.65****$4.46****$4.91****$4.92****$4.92****$5.06** **Total return****6.74%****(4.80)%****4.53%****4.73%****1.40%****4.26%** **Ratios / supplemental data**Net assets ($000), end of period$3,453 $3,306 $3,412 $3,384 $3,050 $2,643 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits0.84%1.45%1.38%1.27%0.97%0.89%  After fee waivers and custodian fee credits0.45%0.91%0.90%0.90%0.94%0.87%Ratio of net investment income after fee waivers and custodian fee credits to average net assets2.36%4.68%4.64%4.64%4.26%4.47%**Portfolio turnover rate****25%****9%****22%****36%****4%****0%***¹ Early redemption fee adopted March 29, 2005**² Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*14   |   May 31, 2009   Semi-Annual Report*

***Sextant Core Fund***

***Performance Summary***
**Average Annual Returns as of May 31, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Core Fund							-16.48%														N/A														N/A							1.54%Dow Jones Moderate U.S. Portfolio Index							-19.84%														3.01%														4.18%							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 a similar 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 fallen to $8,912 versus $8,528 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 30 calendar days (90 calendar days beginning October 1, 2009).*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Core Fund are long-term appreciation and capital preservation. It began operations March 30, 2007.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**U.S. Treasury Bond 8.125% due 8/15/20215.8%Genentech 4.40% due 7/15/20104.3%Verizon New England 6.50% due 9/15/2011 3.0%Emerson Electric 5.375% due 10/15/20172.9%E.I. du Pont de Nemours 5.25% due 12/15/20162.8%U.S. Treasury Note 6.00% due 8/15/20092.8%Xerox 7.625% due 6/15/20132.8%CSX 6.75% due 3/15/20112.8%Home Depot 5.40% due 3/1/20162.7%Panamerican Beverages 7.25% due 7/1/20092.6%
*May 31, 2009   Semi-Annual Report   |  15*

***Sextant Core Fund***
***Investments*****Equities — 52.4%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Aerospace**Lockheed Martin400 $38,856$33,4960.9% **Banking**Australia & New Zealand Banking Group ADS1,750 42,75522,272Australia0.6%JP Morgan Chase550 20,56320,2950.6%Nomura Holdings ADR700 14,4695,306Japan0.1%PNC Bank60042,74827,3300.8%Toronto-Dominion Bank550 35,55328,001Canada0.8%156,088103,2042.9% **Building**CRH ADS600 26,43914,148Ireland0.4%Lowe's Companies900 28,51917,1090.5%Ritchie Bros. Auctioneers1,000 19,00022,900Canada0.6%73,95854,1571.5% **Chemicals**BASF ADS400 22,55016,861Germany0.5%Praxair700 44,34951,2401.4%RPM International1,000 23,11015,3200.4%90,00983,4212.3% **Computer Hardware**Taiwan Semiconductor ADS4,014 34,59043,913Taiwan1.2% **Computers**Adobe Systems²1,100 45,47430,9980.9%Apple²500 52,01667,9051.9%Hewlett-Packard1,500 58,17451,5251.4%155,664150,4284.2% **Cosmetics & Toiletries**Procter & Gamble900 58,84246,7461.3% **Diversified Operations**Diebold1,000 26,92424,7200.7%Honeywell International850 42,85528,1860.8%3M600 50,09234,2601.0%Tomkins ADS750 15,9456,885United Kingdom0.2%135,81694,0512.7% **Energy**Arch Coal2,000 36,98037,0601.0%ConocoPhillips1,250 79,85557,3001.6% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*16  |   May 31, 2009   Semi-Annual Report*

***Sextant Core Fund***
***Investments*****Equities — 52.4%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Energy (continued)**Noble1,200 $53,183$41,2441.2%Norsk Hydro ADS2,000 27,22610,714Norway0.3%StatoilHydro ADS603 15,14612,675Norway0.4%Total ADS1,100 60,83663,4151.8%Williams Companies3,000 48,33050,3401.4%321,556272,7487.7% **Food Production**General Mills1,000 57,76351,1801.4%PepsiCo1,000 66,42352,0501.5%Unilever ADS1,600 51,11937,760United Kingdom1.1%175,305140,9904.0% **Hotels & Motels**Orient-Express Hotels Class A1,000 56,4507,120Bermuda0.2% **Instruments — Control**Parker Hannifin450 25,89019,0170.5% **Insurance**Chubb750 39,27029,7380.8%ING Groep ADS400 16,9924,248Netherlands0.1%56,26233,9860.9% **Medical**Eli Lilly1,000 54,70334,5701.0%Express Scripts500 28,15032,0250.9%GlaxoSmithKline ADS500 26,85916,855United Kingdom0.5%Johnson & Johnson700 43,18038,6121.1%Monsanto600 49,38749,2901.4%Novartis ADR800 35,58632,016Switzerland0.9%Novo Nordisk ADS400 18,09820,832Denmark0.6%UnitedHealth Group1,400 68,52337,2401.0%324,486261,4407.4% **Metal Ores**Alcoa1,400 49,00612,9080.4%Anglo American ADR1,119 33,77116,058South Africa0.4%BHP Billiton ADS650 31,86636,556Australia1.0%Freeport-McMoRan Copper & Gold Class B200 13,32410,8860.3%127,96776,4082.1% **Paper & Paper Products**Kimberly-Clark625 43,00132,4310.9% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  17*

***Sextant Core Fund***
***Investments*****Equities — 52.4%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Publishing**McGraw-Hill1,000 $58,293$30,0900.8%Pearson ADS2,100 34,91022,491United Kingdom0.6%93,20352,5811.4% **Shoes & Related Apparel**Nike Class B900 51,64651,3451.4% **Steel**Nucor800 48,08535,1281.0% **Telecommunications**AT&T900 35,80222,3110.6%China Mobile ADS500 23,05824,605China0.7%Harris550 26,58517,0940.5%Harris Stratex Networks136 1,5546520.0%³                            Telefónica ADS500 37,08232,460Spain0.9%Teléfonos de Mexico ADS Class L1,200 17,73219,932Mexico0.6%Telemex International 1,200 25,34613,500Mexico0.4%167,159130,5543.7% **Tools**Black & Decker350 29,65411,2240.3% **Transportation**Canadian National Railway800 40,23734,768Canada1.0%LAN Airlines ADS4,500 62,74850,310Chile1.4%102,98585,0782.4% **Utilities**FPL Group600 36,75233,9180.9%IDACORP900 30,46320,9430.6%67,21554,8611.5% **Total equities****$2,434,687****$1,874,327****52.4%****Bonds — 39.5%****Rating4****Issuer****Maturity / Coupon****Face Amount****Market Value****Percentage of Assets****Beverages**BBB+Panamerican Beverages7.25% due 7/1/2009$94,000 $94,8232.6% **Building Products**BBB+Home Depot5.40% due 3/1/2016100,000 98,0972.7% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*18  |   May 31, 2009   Semi-Annual Report*

***Sextant Core Fund***
***Investments*****Bonds — 39.5%****Rating4****Issuer****Maturity / Coupon****Face Amount****Market Value****Percentage of Assets****Chemicals**AE.I. du Pont de Nemours5.25% due 12/15/2016$100,000 $101,8762.8% **Electronics**AEmerson Electric5.375% due 10/15/2017100,000 102,7392.9% **Insurance**BBBBerkley WR5.875% due 2/15/2013100,000 92,9722.6% **Medical**A+Genentech4.40% due 7/15/2010150,000 153,8744.3% **Office Equipment**BBBStaples7.375% due 10/1/201290,000 89,9642.5%BBBXerox7.625% due 6/15/2013 100,000 99,4742.8%190,000189,4385.3% **Telecommunications**BBBVerizon New England6.50% due 9/15/2011 100,000 107,0153.0% **Transportation**BBB-CSX6.75% due 3/15/201195,000 99,4382.8% **U.S. Government**AAAU.S. Treasury Note6.00% due 8/15/2009100,000 101,1882.8%AAAU.S. Treasury Bond8.125% due 8/15/2021150,000 208,2195.8%AAAU.S. Treasury Bond5.375 due 2/15/2031 60,000 68,4841.9%310,000377,89110.5% **Total bonds****$1,339,000****$1,418,163****39.5%** Total investments  (Cost $3,855,332) 3,292,49091.9%Other assets (net of liabilities) $290,7118.1%**Total net assets****$3,583,201****100.0%***¹ Equities are issued from U.S. Domestic companies where no Country is listed.						  ² Non-income producing						 ³ Amount is less than 0.1%4Ratings shown are as determined by a national bond rating agency or the Adviser.						  ADS: American Depositary Share						  ADR: American Depositary Receipt*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  19*

***Sextant Core Fund***
***Statement of Assets and Liabilities****As of May 31, 2009* **Assets**  Investments in securities, at value (Cost $3,855,332)$3,292,490  Cash358,444   Dividends and interest receivable32,825   Receivable for Fund shares sold2,635     Total assets3,686,394 **Liabilities**  Payable for securities purchased104,062   Payable to affiliates1,847   Accrued distribution fee729   Accrued expenses(3,445)    Total liabilities103,193 **Net assets****3,583,201** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)4,286,973   Undistributed net investment income28,620   Accumulated net realized loss(169,550)  Unrealized net depreciation on investments(562,842)**Net assets applicable to Fund shares outstanding****$3,583,201** **Fund shares outstanding****417,088** **Net asset value, offering and redemption price per share****$8.59*****Statement of Operations****Period ended May 31, 2009* **Investment income**  Interest income$27,914  Dividend income  (net of foreign tax of $1,618)27,461     Gross investment income55,375 **Expenses**  Investment adviser and administration fee14,104   Distribution fees3,710   Filing and registration fees3,103   Audit fees2,475   Printing and postage939   Insurance936   Chief Compliance Officer expenses845   Trustee fees499   Legal fees74    Custodian fees74   Other expenses70     Total gross expenses26,829   Less custodian fee credits(74)    Net expenses26,755 **Net investment income****28,620**  **Net realized gain (loss) on investments**  Proceeds from sales746,394   Less cost of securities sold (based on identified cost)840,803      Net realized loss on investments(94,409)**Net change in unrealized appreciation (depreciation) on investments**  End of period(562,842)  Beginning of period(801,118)    Net increase in unrealized appreciation238,276 **Net gain on investments****143,867** **Net increase in net assets resulting from operations****$172,487**
*(The accompanying notes are an integral part of these financial statements.)*

*20  |   May 31, 2009   Semi-Annual Report*

***Sextant Core Fund***
***Statements of Changes in Net Assets****Period ended May 31, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$28,620 $70,977   Net realized gain (loss) on investments(94,409)(75,141)  Net increase (decrease) in unrealized appreciation238,276 (994,761)    Net increase (decrease) in net assets172,487 (998,925)**Distributions to shareholders from**  Net investment income- (70,977)  Distribution in excess of net investment income- -   Return of capital- (788)- (71,765)**Capital share transactions**  Proceeds from sales of shares903,028 616,684   Value of shares issued in reinvestment of dividends- 71,765    Early redemption fees retained- -   Cost of shares redeemed(574,036)(443,301)    Net increase in net assets 328,992 245,148 **Total increase (decrease) in net assets****501,479****(825,542)** **Net assets**Beginning of period3,081,722 3,907,264 End of period$3,583,201 $3,081,722  **Shares of the Fund sold and redeemed**Number of shares sold109,026 64,423 Number of shares issued in reinvestment of dividends- 9,004 Number of shares redeemed(78,796)(52,638)**Net increase in number of shares outstanding****30,230****20,789*****Financial Highlights****Period ended**For Year ended**Period ended**Selected data per share of outstanding capital stock throughout each period:***May 31, 2009****November 30, 2008****November 30, 2007¹****Net asset value at beginning of period****$7.97****$10.67****$10.00****Income from investment operations**  Net investment income0.070.190.12  Net gain (loss) on securities (both realized and unrealized)0.55(2.70)0.69**Total from investment operations****0.62****(2.51)****0.81****Less distributions**  Dividends (from net investment income)- (0.19)(0.12)  Distribution in excess (from net investment income)- - (0.02)  Return of capital- 0.00²- **Total distributions****-****(0.19)****(0.14)**  Paid-in capital from early redemption fees -- 0.00²  **Net asset value at end of period****$8.59****$7.97****$10.67** **Total return****7.78%****(23.52)%****8.12%³** **Ratios / supplemental data**Net assets ($000), end of period$3,583 $3,082 $3,907 Ratio of expenses to average net assetsBefore custodian fee credits0.90%1.54%1.35%4After custodian fee credits0.90%1.53%1.21%4Ratio of net investment income after custodian fee credits to average net assets0.96%1.89%2.08%4**Portfolio turnover rate****27%****16%****7%³***¹ Fund commenced operations March 30, 2007     ² Amount is less than $0.01     ³ Since inception March 30, 2007; not annualized     4 Annualized*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  21*

***Sextant Growth Fund***

***Performance Summary***
**Average Annual Returns as of May 31, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Growth Fund							-28.02%														3.16%														2.33%							1.32%S&P 500 Index							-32.64%														-1.90%														-1.71%							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, 1999 to a similar 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 $12,594 versus $7,219 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 30 calendar days (90 calendar days beginning October 1, 2009).*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the Growth Fund is long-term capital growth.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**Apple5.9%Banner3.3%Amazon.com2.5%Charles Schwab2.4%FPL Group2.1%Honeywell International1.8%Abbott Laboratories1.7%Pharmaceutical Product Development1.6%Oracle1.6%Raytheon Company1.6%
*22  |   May 31, 2009   Semi-Annual Report*

***Sextant Growth Fund***
***Investments*****Issue****Number of Shares****Tax Cost****Market Value****Percentage of Assets****Banking**Banner100,000 $349,290$615,0003.3%Washington Banking10,000 111,246 87,500 0.5%460,536 702,500 3.8% **Building**KB Home15,000 441,978 225,000 1.2%Lowe's Companies9,000 163,402 171,090 0.9%Weyerhaeuser6,000 301,655 201,480 1.1%907,035 597,570 3.2% **Computers**3Com¹30,000 167,836 129,600 0.7%Adobe Systems¹7,600 39,971 214,168 1.2%Apple¹8,000 67,473 1,086,480 5.9%Hewlett-Packard7,000 157,040 240,450 1.3%Intuit¹9,000 197,624 244,980 1.3%Oracle¹15,000 115,139 293,850 1.6%745,083 2,209,528 12.0% **Diversified Operations**Honeywell International10,000 330,476 331,600 1.8%Raytheon Company6,500 348,174 290,225 1.6%678,650 621,825 3.4% **Electronics**Advanced Micro Devices¹10,000 41,708 45,400 0.2%Agilent Technologies¹13,000 312,921 236,990 1.3%Harman International Industries1,900 157,285 35,416 0.2%Trimble Navigation¹14,000 202,081 268,520 1.5%713,995 586,326 3.2% **Energy**Devon Energy4,500 280,465 284,580 1.5%Noble8,000 125,240 274,960 1.5%Spectra Energy13,000 236,250 208,650 1.1%641,955 768,190 4.1% **Finance**Charles Schwab25,000 79,726 440,000 2.4% **Food Production**Dr. Pepper Snapple Group¹12,000 266,849 260,760 1.4%PepsiCo4,500 248,326 234,225 1.3%515,175 494,985 2.7% **Hotels & Motels**Red Lion Hotels¹50,000 224,859 245,000 1.3% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  23*

***Sextant Growth Fund***
***Investments*****Issue****Number of Shares****Tax Cost****Market Value****Percentage of Assets****Insurance**Chubb7,000 $308,505 $277,550 1.5% **Legal**FTI Consulting5,000 227,007 250,000 1.4% **Medical**Abbott Laboratories7,000 305,488 315,420 1.7%Amgen¹3,700 111,703 184,778 1.0%Eli Lilly3,500 249,361 120,995 0.7%Ligand Pharmaceuticals¹10,000 112,072 29,800 0.2%Pharmaceutical Product Development15,000 67,174 301,050 1.6%VCA Antech¹8,000 209,048 194,160 1.1%1,054,846 1,146,203 6.3% **Metal Ores**Alcoa30,000 394,483 276,600 1.5%Freeport-McMoRan Copper & Gold Class B5,000 273,395 272,150 1.5%667,878 548,750 3.0% **Publishing**John Wiley & Sons Class A8,000 235,103 252,880 1.4% **Real Estate**LoopNet20,000 156,091 162,600 0.9% **Retail**Amazon.com¹6,000 260,090 467,940 2.5%Bed Bath & Beyond¹5,000 176,186 140,550 0.8%Best Buy4,000 223,149 140,400 0.8%Staples6,000 144,720 122,760 0.7%804,145 871,650 4.8% **Steel**Nucor4,000 189,851 175,640 1.0% **Telecommunications**AT&T10,000 232,700 247,900 1.3%Verizon3,000 93,537 87,780 0.5%326,237 335,680 1.8% **Tools**Lincoln Electric Holdings4,000 180,617 163,200 0.9%Regal-Beloit 5,500 173,846 217,305 1.2%354,463 380,505 2.1% **Transportation**Alaska Air10,000 286,762 155,700 0.8%Norfolk Southern4,500 185,235 167,400 0.9% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*24  |   May 31, 2009   Semi-Annual Report*

***Sextant Growth Fund***
***Investments*****Issue****Number of Shares****Tax Cost****Market Value****Percentage of Assets****Transportation (continued)**UAL15,000 $248,965 $69,750 0.4%United Parcel Service Class B2,500 189,469 127,850 0.7%910,431 520,700 2.8% **Utilities**Duke Energy10,000 172,211 141,500 0.8%FPL Group7,000 244,409 395,710 2.1%IDACORP6,000 159,539 139,620 0.8%NRG Energy10,000 234,150 225,000 1.2%Sempra Energy3,000 116,395 137,040 0.7%926,704 1,038,870 5.6% Total investments $11,128,275 12,626,952 68.7%Other assets (net of liabilities) 5,765,482 31.3%**Total net assets****$18,392,434****100%***¹ Non-income producing*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  25*

***Sextant Growth Fund***
***Statement of Assets and Liabilities****As of May 31, 2009* **Assets**  Investments in securities, at value (Cost $11,128,275)$12,626,952   Cash5,731,089   Receivable for Fund shares sold33,353   Dividends receivable16,245   Insurance reserve premium1,214     Total assets18,408,853 **Liabilities**  Payable for fund shares redeemed10,699   Payable to affiliates9,444   Accrued distribution fee3,828   Accrued expenses(7,552)    Total liabilities16,419 **Net assets****18,392,434** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)17,174,317  Unrealized net appreciation on investments1,498,677  Undistributed net investment income(26,092)   Accumulated net realized loss(254,468)**Net assets applicable to Fund shares outstanding****$18,392,434** **Fund shares outstanding****1,304,390** **Net asset value, offering and redemption price per share****$14.10*****Statement of Operations****Period ended May 31, 2009* **Investment income**  Dividend income$81,650   Miscellaneous income4     Gross investment income81,654 **Expenses**  Investment adviser and administration fees65,374   Distribution fees18,418   Audit fees8,472   Filing and registration fees7,754   Insurance3,460   Chief Compliance Officer expenses3,328   Printing and postage3,038   Trustee fees2,213   Legal fees474   Custodian fees368   Other expenses106     Total gross expenses113,005   Less custodian fee credits(368)    Net expenses112,637 **Net investment income****(30,983)**  **Net realized gain (loss) on investments**  Proceeds from sales777,222   Less cost of securities sold (based on identified cost)923,306     Net realized loss on investments(146,084)**Net change in unrealized appreciation (depreciation) on investments**  End of period1,498,677   Beginning of period427,120     Net increase in unrealized appreciation1,071,557 **Net gain on investments****925,473** **Net increase in net assets resulting from operations****$894,490**
*(The accompanying notes are an integral part of these financial statements.)*

*26  |   May 31, 2009   Semi-Annual Report*

***Sextant Growth Fund***
***Statements of Changes in Net Assets****Period ended May 31, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$(30,983)$28,924   Net realized gain (loss) on investments(146,084)(108,384)  Net increase (decrease) in unrealized appreciation1,071,557 (5,206,289)    Net increase (decrease) in net assets894,490 (5,285,749)**Distributions to shareholders from**Net investment income- (25,378)Capital gains distribution- (220)- (25,598)**Capital share transactions**  Proceeds from sales of shares7,033,989 2,951,558   Value of shares issued in reinvestment of dividends- 25,269   Early redemption fees retained149 319   Cost of shares redeemed(1,693,598)(1,504,638)    Net increase in net assets 5,340,540 1,472,508 **Total increase (decrease) in net assets****6,235,030****(3,838,839)** **Net assets**Beginning of period12,157,404 15,996,243 End of period$18,392,434$12,157,404  Undistributed net investment income$4,891 $4,891  **Shares of the Fund sold and redeemed**Number of shares sold529,253 187,107 Number of shares issued in reinvestment of dividends- 1,879 Number of shares redeemed(128,711)(85,198)**Net increase in number of shares outstanding****400,542****103,788*****Financial Highlights***
*Selected data per share of outstanding capital stock throughout each period:**Period ended*
*For Year Ended November 30,***May 31, 2009****2008****2007****2006****2005****2004****Net asset value at beginning of period****$13.45****$19.99****$18.66****$17.11****$14.20****$12.91****Income from investment operations**  Net investment income (loss)(0.03)0.04 0.01 (0.02)(0.02)0.01   Net gains (losses) on securities (both realized and unrealized)0.68 (6.55)1.80 1.74 2.96 1.45 **Total from investment operations****0.65****(6.51)****1.81****1.72****2.94****1.46****Less distributions**  Dividends (from net investment income)- (0.03)(0.01)-(0.00)²(0.01)  Distributions (from capital gains)- (0.00)²(0.47)(0.17)(0.03)(0.16)**Total distributions****-****(0.03)****(0.48)****(0.17)****(0.03)****(0.17)**  Paid-in capital from early redemption fees¹0.00² 0.00²0.00²0.00²0.00²-  Net asset value at end of period$14.10 $13.45 $19.99 $18.66 $17.11 $14.20  **Total return****4.83%****(32.58)%****9.74%****10.06%****20.76%****11.35%** **Ratios / supplemental data**Net assets ($000), end of period$18,392 $12,157 $15,996 $13,728 $9,006 $5,331 Ratio of expenses to average net assets  Before custodian fee credits0.76%1.25%1.32%1.25%1.28%0.80%  After custodian fee credits0.76%1.24%1.30%1.21%1.24%0.78%Ratio of net investment income (loss) after custodian fee credits to average net assets(0.21)%0.20%0.09%(0.12)%(0.17)%0.12%**Portfolio turnover rate****8%****2%****3%****11%****4%****8%***¹ Early redemption fee adopted March 29, 2005**² Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  27*

***Sextant International Fund***

***Performance Summary***
**Average Annual Returns as of May 31, 2009****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant International Fund							-22.92%														9.85%														6.82%							1.43%AMEX International Index							-31.99%														5.03%														2.09%							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, 1999 to a similar 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 $19,342 versus $9,136 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 30 calendar days (90 calendar days beginning October 1, 2009).*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 27, 2009, incorporates results for the fiscal year ending November 30, 2008, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the International Fund is long-term capital growth.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**U.S. Treasury Bill2.8%Teck Cominco2.2%Potash Corp. of Saskatchewan1.6%LAN Airlines ADS1.5%Infosys ADS1.5%BCE1.4%Telefonica ADS1.3%Vodaphone Group ADS1.3%ICICI Bank1.3%Anglo American ADR1.2%
*28  |   May 31, 2009   Semi-Annual Report*

***Sextant International Fund***
***Investments*****Equities — 48.4%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Automotive**Nissan Motor ADS45,000 $357,351$540,450Japan0.7% **Banking**Australia & New Zealand Banking Group ADS20,000 245,701254,542Australia0.4%AXA ADS17,000 376,633320,450France0.4%Banco Bilbao Vizcaya Argentaria30,000 323,625367,800Spain0.5%Banco Santander ADS80,000 602,416859,200Spain1.2%ICICI Bank30,000 655,803934,200India1.3%Mitsubishi UFJ Financial Group ADR50,000 395,213317,000Japan0.4%Nomura Holdings ADR30,000 351,958227,400Japan0.3%Toronto-Dominion Bank15,000 517,828763,650Canada1.1%3,469,1774,044,2425.6% **Building**CRH ADS10,000 204,050235,800Ireland0.3%Ritchie Bros. Auctioneers22,000 435,791503,800Canada0.7%639,841739,6001.0% **Business Services**51job ADR¹8,000 117,92069,360Cayman Islands0.1% **Chemicals**BASF ADS3,400 120,102143,317Germany0.2%Potash Corp. of Saskatchewan10,000 567,4241,158,400Canada1.6%687,5261,301,7171.8% **Computers**Dassault Systems ADR5,000 221,877223,110France0.3%Infosys ADS32,000 1,018,7211,105,920India1.5%SAP ADS12,000 470,438520,200Germany0.7%1,711,0361,849,2302.5% **Energy**EnCana15,000 662,416831,450Canada1.2%Repsol YPF ADS10,000 200,520224,900Spain0.3%StatoilHydro ADS5,173 80,769108,736Norway0.2%Total ADS10,000 522,819576,500France0.8%1,466,5241,741,5862.5% **Food Production**Cadbury Schweppes ADS20,000 674,216702,000United Kingdom1.0%Coca-Cola Femsa ADS20,000 727,730825,600Mexico1.1%Unilever ADS20,000 366,600472,000United Kingdom0.7%1,768,5461,999,6002.8% **Games/Hobby Production**Nintendo17,000 718,849572,560Japan0.8% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  29*

***Sextant International Fund***
***Investments*****Equities — 48.4%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Hotels & Motels**Orient-Express Hotels Class A100,000 $796,184$712,000Bermuda1.0% **Insurance**Aegon100,000 556,884627,000Netherlands0.9%ING Groep ADS25,000 371,784265,500Netherlands0.4%928,668892,5001.3% **Machinery**Nidec ADR13,000 188,339187,590Japan0.3% **Medical**American Oriental Bioengineering¹100,000 511,188485,000China0.7%GlaxoSmithKline ADS18,000 659,312606,780United Kingdom0.8%Novartis ADR10,000 446,294400,200Switzerland0.6%Novo Nordisk A/S ADS7,000 371,083364,560Denmark0.5%Shire ADR20,000 746,550834,000United Kingdom1.2%Teva Pharmaceutical Industries ADS13,000 559,210602,680Israel0.8%3,293,6373,293,2204.6% **Metal Ores**Anglo American ADR61,525 692,314882,884United Kingdom1.2%Barrick Gold15,000 472,486571,200Canada0.8%BHP Billiton ADS14,000 636,492787,360Australia1.1%Vale ADR40,000 599,109766,000Brazil1.1%Lihir Gold ADS30,000 655,413775,500Indonesia1.1%Rio Tinto ADS4,000 541,668725,760United Kingdom1.0%Teck Cominco100,000 458,2251,583,000Canada2.2%Tenaris ADR2,500 95,29076,425Luxembourg0.1%4,150,9976,168,1298.6% **Office Equipment**Canon ADS 11,000 363,902364,870Japan0.5% **Paper & Paper Products**Metso ADS12,100 130,802230,015Finland0.3%UPM-Kymmene Oyj ADS3,500 64,38432,697Finland0.1%Votorantim Celulose e Papel ADS50,000 550,799593,500Brazil0.8%745,985856,2121.2% **Publishing**Pearson ADS50,000 495,818535,500United Kingdom0.7% **Telecommunications**America Movil ADS18,000 356,311689,940Mexico1.0%BCE45,000 967,5051,030,500Canada1.4%China Mobile ADS9,000 377,285442,890China0.6%China Techfaith Wireless ADR10,000 14,34618,901China0.0%² *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*30  |   May 31, 2009   Semi-Annual Report*

***Sextant International Fund***
***Investments*****Equities — 48.4%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Telecommunications (continued)**PT Indosat Tbk. ADR5,000 $128,059$129,700Indonesia0.2%SK Telecom ADR18,000 322,879283,140South Korea0.4%Telcom Corp. New Zealand ADS20,000 193,396159,200New Zealand0.2%Telefónica ADS15,000 920,379973,800Spain1.3%Teléfonos de Mexico ADS Class L15,000 221,105249,150Mexico0.3%Telus13,000 384,848369,460Canada0.5%Turkcell Iletisim Hizmetleri ADR35,000 459,188465,850Turkey0.6%Vodaphone Group ADS50,000 963,420941,000United Kingdom1.3%5,308,7215,753,5317.8% **Transportation**Air France-KLM ADR25,000 535,954397,210France0.5%Canadian Pacific Railway16,000 524,185655,040Canada0.9%Copa Holdings 10,000 344,980348,200Panama0.5%LAN Airlines ADS100,000 749,1581,118,000Chile1.5%2,154,2772,518,4503.4% **Utilities**CPFL Energia ADR6,000 294,226295,440Brazil0.4%Enersis ADS20,000 241,225342,200Chile0.5%Korea Electric Power ADS20,000 304,261229,600South Korea0.3%839,712867,2401.2% **Total equities****$30,203,010****$35,007,587****48.4%** **Bonds — 2.8%****Face Amount****Tax Cost****Market Value****Percentage of Assets****U.S. Government**U.S. Treasury Bill2,000,000 1,999,3341,999,6322.8% Total investments $32,202,34437,007,21951.2%Other assets (net of liabilities) 35,271,17548.8%**Total net assets****$72,278,394****100.0%***¹ Non-income producing² Amount is less than 0.01%					      ADS: American Depositary Share					      ADR: American Depositary Receipt***Countries****% of Fund Assets**Canada10.4%United Kingdom7.9%China3.3%Spain3.3%Japan3.0%United States Government2.8%India2.8%Mexico2.4%Brazil2.3%France2.0%Other Countries <2%11.0%Cash & Equivalents48.8%
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   Semi-Annual Report   |  31*

***Sextant International Fund***
***Statement of Assets and Liabilities****As of May 31, 2009* **Assets**  Investments in securities, at value (Cost $32,202,344)$37,007,219   Cash36,139,745   Receivable for Fund shares sold229,912   Dividends and interest receivable86,136     Total assets73,463,012 **Liabilities**  Payable for securities purchased1,121,337   Payable to affiliates32,981   Payable for Fund shares redeemed19,470   Accrued distribution fee14,336   Accrued expenses(3,506)     Total liabilities1,184,618 **Net assets****72,278,394** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)67,718,151   Unrealized net appreciation on investments4,804,875    Undistributed net investment income121,527   Accumulated net loss on investments(366,159)**Net assets applicable to Fund shares outstanding****$72,278,394** **Fund shares outstanding****5,838,904** **Net asset value, offering and redemption price per share****$12.38*****Statement of Operations****Period ended May 31, 2009* **Investment income**  Dividend income (net foreign tax of $41,507)$355,144  Interest income4,236   Miscellaneous income1    Gross investment income359,381 **Expenses**   Investment adviser and administration fee163,118   Distribution fees55,535   Audit fees17,069   Filing and registration fees8,248   Printing and postage3,266   Insurance3,025   Chief Compliance Officer expenses2,998   Trustee fees2,017  Custodian fees1,109   Legal fees492   Other expenses324    Total gross expenses257,201   Less custodian fee credits(1,109)    Net expenses256,092 **Net investment income****103,289**  **Net realized gain (loss) on investments**Proceeds from sales8,699,645 Less cost of securities sold (based on identified cost)9,014,728 Net realized loss on investments(315,083)**Net change in unrealized appreciation (depreciation) on investments**End of period4,804,875 Beginning of period(1,524,286)Net increase in unrealized appreciation6,329,161 **Net gain on investments****6,014,078** **Net increase in net assets resulting from operations****$6,117,367**
*(The accompanying notes are an integral part of these financial statements.)*

*32  |   May 31, 2009   Semi-Annual Report*

***Sextant International Fund***
***Statements of Changes in Net Assets****Period ended May 31, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$103,289 $61,173   Net realized gain (loss) on investments(315,083)(51,076)  Net increase (decrease) in unrealized appreciation6,329,161 (5,818,139)    Net increase (decrease) in net assets6,117,367 (5,808,042)**Distributions to shareholders from**  Net investment income- (52,882)   Capital gains distribution- - - (52,882)**Capital share transactions**  Proceeds from sales of shares49,241,793 15,921,550   Value of shares issued in reinvestment of dividends- 52,600   Early redemption fees retained7,518 3,546   Cost of shares redeemed(4,584,908)(2,474,607)    Net increase in net assets 44,664,403 13,503,089 **Total increase (decrease) in net assets****50,781,770****7,642,165** **Net assets**Beginning of period21,496,624 13,854,459 End of period$72,278,394$21,496,624  Undistributed net investment income$18,238 $18,238  **Shares of the Fund sold and redeemed**Number of shares sold4,346,982 1,224,502 Number of shares issued in reinvestment of dividends- 4,647 Number of shares redeemed(406,644)(190,534)**Net increase in number of shares outstanding****3,940,338****1,038,615*****Financial Highlights***
*Selected data per share of outstanding capital stock throughout each period:**Period ended*
*For Year Ended November 30,***May 31, 2009****2008****2007****2006****2005****2004****Net asset value at beginning of period****$11.32****$16.11****$13.56****$11.22****$9.40****$8.05****Income from investment operations**  Net investment income0.03 0.03 0.04 0.11 0.05 0.03   Net gains (losses) on securities (both realized and unrealized)1.03 (4.79)2.93 2.34 1.83 1.35 **Total from investment operations****1.06****(4.76)****2.97****2.45****1.88****1.38****Less distributions**  Dividends (from net investment income)-(0.03)(0.03)(0.11)(0.06)(0.03)  Distributions (from capital gains)- - (0.39)- - - **Total distributions****-****(0.03)****(0.42)****(0.11)****(0.06)****(0.03)**  Paid-in capital from early redemption fees¹- 0.00² 0.00² 0.00² 0.00² -  **Net asset value at end of period****$12.38****$11.32****$16.11****$13.56****$11.22****$9.40** **Total return****9.36%****(29.56)%****21.90%****21.85%****19.95%****17.11%** **Ratios / supplemental data**Net assets ($000), end of period$72,278 $21,497 $13,854 $9,266 $3,671 $2,053 Ratio of expenses to average net assets  Before custodian fee credits0.58%1.43%1.50%1.09%1.36%1.22%   After custodian fee credits0.57%1.42%1.47%1.02%1.25%1.10%Ratio of net investment income after custodian fee credits to average net assets0.23%0.40%0.30%0.94%0.52%0.31%**Portfolio turnover rate****4%****10%****8%****9%****5%****7%***¹ Early redemption fee adopted March 29, 2005**² Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*May 31, 2009   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 30 calendar days (90 calendar days beginning Oct. 1, 2009). 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 examples are based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (December 1, 2008 to May 31, 2009).

**Actual Expenses**

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

**Hypothetical Example For Comparison Purposes**

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not have any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value							(December 1, 2008)****Ending Account Value							(May 31, 2009)****Expenses Paid							During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**Actual							$1,000														$1,051.30														$3.89														0.76%							Hypothetical (5% return before expenses)							$1,000														$1,021.14														$3.83														0.76%							 **Bond Income Fund**Actual							$1,000														$1,067.40														$4.64														0.90%							Hypothetical (5% return before expenses)							$1,000														$1,020.44														$4.53														0.90%							 **Core Fund**Actual							$1,000														$1,077.80														$9.32														1.80%							Hypothetical (5% return before expenses)							$1,000														$1,015.96														$9.05														1.80%							 **Growth Fund**Actual							$1,000														$1,048.30														$7.76														1.52%							Hypothetical (5% return before expenses)							$1,000														$1,017.35														$7.64														1.52%							 **International Fund**Actual							$1,000														$1,093.60														$5.95														1.14%							Hypothetical (5% return before expenses)							$1,000														$1,019.25														$5.74														1.14%							
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of December 1, 2008 through May 31, 2009), multiplied by the average account value over the period multiplied by 182/365 (to reflect the one-half year period).*

*34  |   May 31, 2009   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 (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.

**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 (or reported on the NASDAQ national market) are stated at the last reported sales price on the day of valuation; other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the last quoted bid price. 

Unlisted securities are valued using an independent pricing service, which determines valuations by using a matrix. For unlisted ADRs, this technique considers ADR ratios (the number of shares of the underlying security represented by an ADR certificate), underlying share trading on foreign exchanges, and input from news sources and depositary banks.

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

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

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

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

**Share valuation:**

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

**Fair value measurements:**

The Funds adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, *Fair Value Measurements* ("FAS 157"), effective December 1, 2007 (March 30, 2007 for Core Fund). In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

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

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

The following is a summary of the inputs used as of May 31, 2009 in valuing the Funds' investments carried at value:
**Short-Term Bond Fund****Level****Valuation Inputs****Investments in Securities**Level 1Quoted Prices$- Level 2Other Significant Observable Inputs3,030,312 Level 3Significant Unobservable Inputs- **Total****$3,030,312****Bond Income Fund****Level****Valuation Inputs****Investments in Securities**Level 1Quoted Prices$- Level 2Other Significant Observable Inputs3,062,456 Level 3Significant Unobservable Inputs-**Total****$3,062,456****Core Fund****Level****Valuation Inputs****Investments in Securities**Level 1Quoted Prices$1,824,480 Level 2Other Significant Observable Inputs1,468,010 Level 3Significant Unobservable Inputs- **Total****$3,292,490**
*May 31, 2009   Semi-Annual Report   |  35*

***Notes To Financial Statements (continued)***
**Growth Fund****Level****Valuation Inputs****Investments in Securities**Level 1Quoted Prices$12,626,952 Level 2Other Significant Observable Inputs- Level 3Significant Unobservable Inputs-**Total****$12,626,952****International Fund****Level****Valuation Inputs****Investments in Securities**Level 1Quoted Prices$35,726,328 Level 2Other Significant Observable Inputs1,280,891 Level 3Significant Unobservable Inputs-**Total****$37,007,219**
In April 2009, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position No. 157-4, *Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly* ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with FASB Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds' financial statement disclosures.

**Derivative instruments and hedging activities:**

In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161 (FAS 161), *Disclosures about Derivative Instruments and Hedging Activities*, which is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about derivative and hedging activities, including how such activities are accounted for and their effect on financial position, performance and cash flows. Since the Funds do not own derivative instruments or participate in hedging activities the adoption of FAS 161 has no impact on the fund's financial statements and related disclosures.

**Federal income taxes:**

As qualified investment companies under Subchapter M of the Internal Revenue Code, the Funds are not subject to income taxes to the extent that they distribute all of their taxable income. It is the Funds' policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all taxable income to shareowners.

The Funds adopted the provisions of the Financial Accounting Standards Board ("FASB") Interpretation No. 48 ("FIN 48") *Accounting for Uncertainty in Income Taxes* on May 31, 2008 (March 30, 2007 for Core Fund). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other" expenses on the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ended November 30, 2009 remains subject to examination by taxing authorities.

**Dividends and distributions to shareowners:**

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

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

**Use of estimates:**

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

**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 thirty 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.

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

Performance adjustment for Sextant Core, Sextant Growth Fund and Sextant International Fund: 

*36 |   May 31, 2009   Semi-Annual Report*

***Notes To Financial Statements (continued)***
- 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, 2010. 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 semi-annual period ended May 31, 2009, Sextant Short-Term Bond and Sextant Bond Income Funds incurred advisory and administration expenses of $12,987 and $13,638 respectively. Sextant Core Fund incurred administrative and advisory expenses of $14,104. Sextant Growth Fund and Sextant International incurred advisory and administration expenses of $65,374 and $163,118, respectively. In accordance with the expense waiver noted above, for the semi-annual period ended May 31, 2009, Saturna Capital waived $13,724 and $13,168 of the Sextant Short-Term Bond Fund and Sextant Bond Income Fund advisory fees, respectively. 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 semi-annual period ended May 31, 2009, the Trust paid the Distributor $86,034. For the semi-annual period ended May 31, 2009, Sextant Short-Term Bond, Bond Income, Core, Growth and International Funds paid $4,112; $4,259; $3,710; $18,418; and $55,535 respectively, to the Distributor. SBS is the primary broker used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions for the Trust for free (no commissions). Should any change occur in this policy, shareowners would be notified.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and president of the Adviser. The four independent trustees are compensated by the Trust $600 per Board or committee meeting attended, plus reimbursement of travel expenses, allocated pro-rata to the six Funds of Saturna Investment Trust. For the semi-annual period ended May 31, 2009, the Trust incurred compensation expenses of $6,400 which is included in $7,933 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 semi-annual period ended May 31, 2009. For this period, the Short-Term Bond, Bond Income, Core, Growth, and International incurred $779; $695; $845; $3,328; and $2,998 of expense, respectively, for the Chief Compliance Officer. 

The officers are paid by Saturna Capital, and not the Trust, except for Mr. Winship, who is partially compensated by the Trust. On May 31, 2009, the trustees, officers, and their affiliates as a group owned 22.6%, 21.6%, 48.2%, 8.6% and 3.4% 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 semi-annual period ended May 31, 2009 and fiscal years ended November 30, 2008 and November 30, 2007 were as follows:
**Period ended May 31, 2009****Year ended Nov. 30, 2008****Year ended						  Nov. 30, 2007****Short-Term Bond Fund**  Ordinary income$57,731 $114,369$101,484**Bond Income Fund**  Ordinary income80,489 160,044148,530**Core Fund**  Ordinary income$-$70,977$51,291  Return of capital-788-**Growth Fund**  Ordinary income-25,37811,322  Capital gain¹-220371,290**International Fund**  Ordinary income-52,88224,388  Capital gain¹$-$-$327,986
*¹ Long-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, 2009 were as follows:
**Short-Term Bond****Bond Income**Cost of investments$2,965,891 $3,104,185 Gross tax unrealized appreciation$76,237 $51,348 Gross tax unrealized depreciation$(11,816)$(93,077)Net tax unrealized depreciation$64,421 $(41,729)**Core**Cost of investments$3,855,332 Gross tax unrealized appreciation$76,994 Gross tax unrealized depreciation$(639,836)Net tax unrealized depreciation$(562,842)**Growth****International**Cost of investments$11,128,275 $32,202,344 Gross tax unrealized appreciation$3,473,615 $6,729,065 Gross tax unrealized depreciation$(1,974,938)$(1,924,190)Net tax unrealized appreciation (depreciation)$1,498,677 $4,804,875 
Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.

 

*Continued on next page.*

*May 31, 2009   Semi-Annual Report   |  37*

***Notes To Financial Statements (continued)***

As of November 30, 2008, components of distributable earnings on a tax basis were as follows:
**Short-Term Bond****Bond Income**Net tax unrealized depreciation$(51,811) $(208,137) Undistributed ordinary income1,407- Undistributed long-term capital gain (loss)(47,214)(64,493)Total distributable earnings (loss)(45,807)(64,493)Total accumulated earnings (loss)$(97,618)$(272,630) **Core**Net tax unrealized depreciation$(801,118) Undistributed ordinary income- Undistributed long-term capital gain (loss)(75,141) Total distributable earnings (loss)(75,141) Total accumulated earnings (loss)$(876,259) **Growth****International**Net tax unrealized appreciation (depreciation)$427,120$(1,524,286) Undistributed ordinary income4,891 18,238 Undistributed long-term capital gain (loss)(108,384) (51,076) Total distributable earnings (loss)(103,493) (32,838) Total accumulated earnings (loss)$323,627 $(1,577,124)
**NOTE 6 - Investments**

Investment transactions other than short-term investments for the semi-annual period ended May 31, 2009 were as follows:
**Purchases****Sales****Short-Term Bond**$301,312 $242,850 **Bond Income**$782,866$979,844**Core**$914,419$746,394**Growth**$3,637,423$777,222**International**$24,675,702$699,657
**NOTE 7 - Custody Credits**

Pursuant to an agreement dated July 29, 2008 with PNC Global Investment Servicing, a division of PNC Financial Service Group, custody fees are reduced by credits for cash balances. For the semi-annual period ended May 31, 2009, custodian fees for Short-Term Bond, Bond Income, Core, Growth, and International were $81; $84; $74; $368; and $1,109; respectively. The custodian credited these fees for the current period.

 

*38 |   May 31, 2009   Semi-Annual Report*

***Availability of Portfolio Information***
-  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.
-  The Funds' Forms N-Q are available on the SEC's website at www.sec.gov, and at www.saturna.com.
-  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.
- The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.saturna.com.

***Availability of Proxy Voting Information***
-  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.saturna.com; and (c) on the SEC's website at www.sec.gov.
-  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.saturna.com; and (c) on the SEC's website at www.sec.gov.

***Privacy Statement***

At Saturna Capital, we understand the importance in maintaining the privacy of your financial information. To that end, we want to assure you that we protect the confidentiality of any personal information you share with us.

We collect personal information about you from information we receive from you on applications and other forms and from transactions or trades placed with us. We may disclose this information to an affiliated party to process transactions that you direct. We may use an agent for the purpose of mailing account statements, shareholder reports and other information about our products and services to you, in which case we may provide information, such as your name and address, to the agent solely for that purpose. We contractually require any service providers to protect the confidentiality of your information and to use the information only for the purposes for which you provided it.

We maintain our own technology resources to minimize the use of outside service providers. Additionally, Saturna Capital restricts access to personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with regulations to guard your personal information. Please be assured that except as described above, we do not disclose any personal information about our customers, or our former customers, to anyone, except as may be required by law. If you have further questions or concerns about the security or privacy of the information we receive from you, please call us at 1-800/SATURNA.

***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, 2009   Semi-Annual Report   |  39*

(graphics 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 a series of Saturna Investment Trust.**

**Saturna Brokerage Services, Distributor**

This report is issued for the information of the shareowners of the 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. Idaho Tax-Exempt Fund is a series of Saturna Investment Trust. 

***Performance Summary:***
**Average Annual Returns (for calendar years ending June 30, 2009)****1 Year****3 Years****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							5.62%														4.35%														3.65%														4.30%							0.77%S&P Idaho Municipal Bond Index							2.17%														2.55%														3.99%														5.06%							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.saturna.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of 2% redemption fee on shares held less than 30 days (90 days after October 1, 2009). Share price, yield, and return will vary and you may have a gain or loss when you sell your shares.*

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

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

 

 

*2   |   May 31, 2009   Semi-Annual Report*

***Fellow Shareowners:***

For the six months ending May 31, 2009, Idaho Tax-Exempt Fund returned 10.51%. And for the twelve months ended May 31, the Fund returned 5.40%. 

2008's credit crisis brought the worst period for financial and real asset prices since the 1930s. It caused the Fund's net asset value per share (NAV) to tumble an unprecedented 12% to $4.63 by October 15, 2008, subsequently recovering 16% to $5.37 per share at May 31, 2009. As of June 30, 2009, the NAV was $5.31. Since November of 2008, the Fund's net assets increased 17% to $13.73 million — the highest total in its 21-year history. Higher assets helped keep the annualized expense ratio for the most recent six months at 0.76%.

Idaho revenues and property values are down less than many other States. Despite a projected 16% drop in general fund revenue from 2008 to 2010, Idaho balanced its budget for the next two years using only a portion of its reserves. Municipal issuer revenues and property values are also down, however their creditworthiness remains sound and can be sustained even without an early recovery in revenue or property values. 

Without access to bond insurance and the credit rating boost it provides, many issuers are relying on State credit enhancement programs and funding agencies to fill the void. While annualized 2009 issuance in dollars remains unchanged, the number of new issues has fallen nearly 60%. Fortunately, the State's balanced budgets protect these funding resources. Idaho's conservative fiscal culture has limited the impact of the housing crisis and the relative decline in housing prices. 

Looking ahead, we do not expect the price volatility of 2008-2009 to continue. The Fund's NAV has recovered from last fall's exceptional valuations. To us, the Fund remains attractive on a relative credit risk basis. The Idaho economy should benefit from a large per capita funding allocation from the American Recovery and Reinvestment Act of 2009. While Idaho's economic and employment growth may not lead the nation out of the current recession, they are both in strong positions.

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

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

Respectfully,

(graphic omitted)

**Nicholas Kaiser,**President

(graphic omitted)

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

July 20, 2009

*Semi-Annual Report   May 31, 2009   |   3*

***Performance Summary***
**Average Annual Returns (as of May 31, 2009)****1 Year****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							5.40%														3.94%														4.24%							0.77%S&P Idaho Municipal Bond Index							1.85%														4.40%														5.13%							N/AS&P National Municipal Bond Index							3.07%														4.44%														N/A							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, 1999 to a similar amount invested in two Standard & Poor's Indices, which reflect the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $15,141 versus $16,075 in the S&P National Municipal Bond Index and $16,162 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 30 calendar days (90 days as of October 1, 2009).*

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

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.
**Industry Allocation****Top Ten Holdings****% of Fund Assets**Ada & Canyon Cos. JSD #3 Kuna 5.00% due 9/15/20194.0%Boise State University Revenue 5.00% due 4/1/20342.9%Bonneville & Bingham Cos. JSD #93 4.50% due 9/15/20172.7%Owyhee & Elmore Cos. JSD #365 Grand View 4.00% due 8/15/20272.7%Pocatello ID Water Revenue 4.75% due 2/1/20262.6%Canyon County SCD #139 4.35% due 9/15/20252.6%Canyon County SCD #131 Nampa 4.75% due 8/15/20192.5%Bingham County SCD #55 Blackfoot 4.65% due 8/1/20172.2%Post Falls LID SPA 5.00% due 5/1/20212.2%Valley & Adams Cos. JSD #421 4.50% due 8/1/20242.1%
*4   |   May 31, 2009   Semi-Annual Report*
**Investments****Rating¹****Issue****Coupon/Maturity****Face Amount****Market Value²****Percentage****Electric Power**AAAIdaho Falls Electric Revenue6.75% due 4/1/2019 $140,000$165,577 1.2% **Financial Services**AA-Boise City General Fund Revenue, Series A5.20% due 12/1/2017160,000 168,912 1.2%AA-Boise City General Fund Revenue, Series A5.25% due 12/1/2018100,000 105,147 0.8%AAIdaho Bond Bank Authority³4.00% due 9/15/2019 90,000  93,312 0.7%350,000 367,371 2.7% **General Obligation**AA-Ada & Canyon Cos. JSD #2 Meridian³5.50% due 7/30/201550,000 58,886 0.4%AAAAda & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2020165,000 181,282 1.3%AAAAda & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2021155,000 169,204 1.2%AA-Ada & Canyon Cos. JSD #3 Kuna5.00% due 9/15/2019500,000 549,125 4.0%AAAAdams & Washington Cos. JSD #4324.00% due 8/15/2019100,000 106,666 0.8%AAABingham County SCD #55 Blackfoot4.65% due 8/1/2017285,000 304,312 2.2%AABlaine County, Idaho Series A4.05% due 8/1/2023150,000 153,450 1.1%ABoise County SCD #73 5.15% due 7/31/2010125,000 125,746 0.9%ABonneville & Bingham Cos. JSD #93 4.50% due 9/15/2016150,000 162,613 1.1%ABonneville & Bingham Cos. JSD #934.50% due 9/15/2017350,000 372,008 2.7%A-Caldwell, Idaho5.30% due 5/15/2014150,000 154,576 1.1%AA-Canyon County SCD #139 4.35% due 9/15/2025350,000 351,064 2.6%ACanyon County SCD #131 Nampa4.75% due 8/15/2019325,000 345,953 2.5%ACanyon County SCD #131 Nampa5.00% due 8/15/2023105,000 109,420 0.8%A-Canyon County SCD #134 Middleton4.65% due 7/31/2016170,000 179,051 1.3%AAAFremont & Madison JSD #215 St. Anthony4.00% due 8/15/2019200,000 213,312 1.6%AAAJefferson & Madison SCD #251 Rigby4.25% due 9/1/2024100,000 102,791 0.8%AAAJerome, Lincoln, & Gooding Cos. JSD #2613.75% due 9/15/2018125,000 131,260 1.0%AAAJerome, Lincoln, & Gooding Cos. JSD #2615.00% due 9/15/2022250,000 272,615 2.0%AAAKootenai-Shonshone Area Library4.25% due 8/1/2021220,000 230,432 1.7%AAALatah, Nez Perce, & Clearwater JSD #2834.50% due 8/15/2027190,000 202,669 1.5%AA-Lemhi County4.20% due 8/1/2015100,000 105,157 0.8%AA-Madison County SCD #321 Rexburg4.50% due 8/15/2024260,000 265,073 1.9%AA-Madison County SCD #321 Rexburg 4.50% due 8/15/2026250,000 249,392 1.8%AA-Meridian Free Library District5.00% due 8/1/2015100,000 100,421 0.7%A-Minidoka & Jerome Cos. JSD #331³4.50% due 8/15/201875,000 77,945 0.6%A-Minidoka & Jerome Cos. JSD #331³4.50% due 8/15/202075,000 76,709 0.6%A-Minidoka & Jerome Cos. JSD #3314.375% due 8/15/2024225,000 223,875 1.6%A-Minidoka & Jerome Cos. JSD #3314.50% due 8/15/2025160,000 159,080 1.2%ANampa Idaho, Series B5.00% due 8/1/2020200,000 209,258 1.5%AAAOwyhee & Canyon Cos. JSD #370 Homedale4.55% due 8/15/2016160,000 181,936 1.3%AAAOwyhee & Elmore Cos. JSD #365 Grand View4.00% due 8/15/2027350,000 365,687 2.7%AA-Payette County SCD #3735.00% due 9/15/2024100,000 107,435 0.8%A+Valley & Adams Cos. JSD #4214.50% due 8/1/2024290,000 294,063 2.1%A+Valley & Adams Cos. JSD #4214.50% due 8/1/2022 135,000  138,737 1.0%6,695,000 7,031,203 51.2% **Medical/Hospitals**AA-Idaho Health Facility Authority Holy Cross Revenue5.25% due 12/1/2014110,000 110,593 0.8%AA-Idaho Health Facility Authority Holy Cross Revenue5.00% due 12/1/2022115,000 115,578 0.8%AA-Idaho Health Facility Authority Holy Cross Revenue³5.00% due 12/1/202850,000 50,092 0.4%AAIdaho Health Facility Authority Revenue6.00% due 12/1/2023200,000 212,794 1.6%475,000 489,057 3.6% *Continued on next page.*
(The accompanying notes are an integral part of these financial statements.)

*Semi-Annual Report   May 31, 2009   |   5*
**Investments****Rating¹****Issue****Coupon/Maturity****Face Amount****Market Value²****Percentage****Municipal Leases**ANez Perce County COP4.50% due 2/1/2021$150,000 $154,500 1.1% **Pollution Control**AAIdaho Bond Bank Authority Revenue, Series A4.30% due 9/1/2022135,000 138,305 1.0%AAIdaho Bond Bank Authority Revenue, Series A³4.125% due 9/15/202375,000 75,887 0.6%AAAMoscow Idaho Sewer Revenue4.45% due 5/1/2028200,000 202,638 1.5%410,000 416,830 3.1% **Real Estate**AAAIdaho Housing & Finance Association4.80% due 6/1/2017100,000 110,153 0.8%AA-Idaho Housing & Finance Association³5.00% due 7/15/202750,000 50,484 0.4%AAAIdaho Housing & Finance Association5.65% due 7/2/2028100,000 102,112 0.7%BBB+Idaho State Building Authority Revenue4.50% due 9/1/2023110,000 112,035 0.8%APost Falls LID SPA5.00% due 5/1/2021300,000 299,973 2.2%660,000 674,757 4.9% **Sewer**ATroy ID Sewer System8.00% due 2/1/201020,000 19,927 0.1% **State Education**A+Boise State University Revenue4.50% due 4/1/2027250,000 250,150 1.8%A+Boise State University Revenue5.00% due 4/1/2034385,000 391,557 2.9%AIdaho State University Revenue4.90% due 4/1/2017150,000 150,050 1.1%AA-Idaho State University Revenue, Series B4.625% due 4/1/2024220,000 225,361 1.6%A+University of Idaho Revenue, Series A5.00% due 4/1/2019200,000 211,572 1.5%AAAUniversity of Idaho Revenue, Series A5.00% due 4/1/2020260,000 273,520 2.0%1,465,000 1,502,210 10.9% **Transportation**AAIdaho Housing & Finance Association4.60% due 7/15/2023250,000 253,335 1.8%AAIdaho Housing & Finance Association5.00% due 7/15/2024200,000 213,292 1.6%450,000 466,627 3.4% **Urban Renewal**AA-Boise City Urban Renewal Agency Lease Revenue5.00% due 8/15/2020160,000 171,971 1.3%AA-Boise City Urban Renewal Agency Lease Revenue³5.00% due 8/15/202190,000 95,994 0.7%AJerome Urban Renewal District Revenue, Series A5.40% due 9/1/2013200,000 201,362 1.5%450,000 469,327 3.5% **Water Supply**ABlackfoot, Idaho COP5.80% due 9/1/2018135,000 139,845 1.0%AAIdaho Bond Bank Authority Revenue4.00% due 9/15/2024100,000 98,843 0.7%AAIdaho Bond Bank Authority Revenue5.00% due 9/15/2026250,000 262,263 1.9%APocatello ID Water Revenue4.50% due 2/1/2024100,000 100,066 0.7%APocatello ID Water Revenue4.75% due 2/1/2026350,000 353,196 2.6%935,000 954,213 6.9% Total investments (Cost $12,420,466)$12,200,000 12,711,599 92.6%Other assets (net of liabilities) 1,015,829 7.4%**Total net assets (100%)****$13,727,428****100.0%***¹ Ratings shown are as determined by a national bond rating agency or the Adviser.² See page 10, Security Valuation ³ See page 10, Fair value measurements, FAS 157, Level 3*
*(The accompanying notes are an integral part of these financial statements.)*

*6   |   May 31, 2009   Semi-Annual Report*
**Statement of Assets and Liabilities***As of May 31, 2009* **Assets**  Investments in securities, at value   						    (Cost $12,420,466)$12,711,599   Cash968,445   Interest receivable159,285   Receivable for Fund shares sold2,230   Insurance reserve premium801      Total assets13,842,360 **Liabilities**  Payable for securities purchased100,000   Payable for Fund shares redeemed10,262   Distributions payable6,659   Payable to affiliates5,519   Accrued expenses(7,508)    Total liabilities114,932 **Net assets****$13,727,428** **Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)13,433,937   Unrealized net appreciation on investments291,133   Accumulated net realized gain2,358 **Net assets applicable to Fund shares outstanding****$13,727,428** **Fund shares outstanding****2,558,595** **Net asset value, offering and redemption price per share****$5.37****Statement of Operations***Period ended May 31, 2009* **Investment income**  Interest income$284,892   Amortization of bond premium(25,218)    Gross investment income259,674 **Expenses**  Investment adviser and administration fees31,646   Audit fees6,182   Chief Compliance Officer expenses2,310   Insurance2,236   Printing and postage2,042   Shareholder servicing1,615   Trustee fees1,538   Filing and registration fees725   Legal fees382   Custodian fees310   Other expenses49     Total gross expenses49,035   Less custodian fee credits(310)    Net expenses48,725 **Net investment income****210,949**  **Net realized gain (loss) on investments**  Proceeds from sales330,075   Less cost of securities sold (based on identified cost)327,717     Net realized gain on investments2,358 **Net change in unrealized appreciation (depreciation) on investments**  End of period291,133   Beginning of period(724,457)    Net increase in unrealized appreciation1,015,590 **Net gain on investments****1,017,948** **Net increase in net assets resulting from operations****$1,228,897**
*(The accompanying notes are an integral part of these financial statements.)*

*Semi-Annual Report   May 31, 2009   |   7*
**Statements of Changes of Net Assets***Period ended May 31, 2009**Year ended Nov. 30, 2008***Increase (decrease) in net assets from operations:****From operations**  Net investment income$210,949 $398,972   Net realized gain (loss) on investments2,358 9,474   Net increase (decrease) in unrealized appreciation1,015,590 (851,475)    Net increase (decrease) in net assets1,228,897 (443,029)**Distributions to shareholders from**  Net investment income(210,949)(398,972)  Capital gains distributions- (9,502)    Total distributions(210,949)(408,474)**Capital share transactions**  Proceeds from sales of shares1,264,421 3,900,608   Value of shares issued in reinvestment of dividends172,682 331,494   Early redemption fees retained- 12   Cost of shares redeemed(501,356)(1,622,662)    Net increase in net assets935,747 2,609,452 **Total increase/decrease in net assets****1,953,695****1,757,949** **Net assets**Beginning of period11,773,733 10,015,784 End of period$13,727,428$11,773,733 **Shares of the Fund sold and redeemed**Number of shares sold240,044 754,461 Number of shares issued in reinvestment of dividends32,847 64,517 Number of shares redeemed(97,262)(325,141)**Net increase in number of shares outstanding****175,629****493,837****Financial Highlights***Selected data per share of outstanding capital stock throughout each period:**For the period ended**For the year ended November 30,***May 31, 2009****2008****2007****2006****2005****2004****Net asset value at beginning of period****$4.94****$5.30****$5.32****$5.27****$5.39****$5.46****Income from investment operations**   Net investment income $0.09 $0.18 0.180.180.190.19  Net gains (losses) on securities (both realized & unrealized) 0.43 (0.36)(0.02)0.06 (0.10)(0.07)**Total from investment operations****0.52****(0.18)****0.16****0.24****0.09****0.12****Less distributions**  Dividends (from net investment income) (0.09)(0.18)(0.18)(0.18)(0.19)(0.19)  Distributions (from capital gains) - - - (0.01)(0.02)- **Total distributions****(0.09)****(0.18)****(0.18)****(0.19)****(0.21)****(0.19)**  Paid-in capital from early redemption fees¹0.00²0.00²0.00²0.00²0.00²-  **Net asset value at end of period****$5.37****$4.94****$5.30****$5.32****$5.27****$5.39** **Total return****10.51%****(3.36)%****3.02%****4.66%****1.66%****2.29%** **Ratios / supplemental data**Net assets ($000), end of period$13,727 $11,774 $10,016 $8,783 $8,531 $8,472 Ratio of expenses to average net assets   Before custodian credits0.39%0.77%0.89%0.87%0.91%0.95%  After custodian credits0.38%0.76%0.87%0.83%0.88%0.93%Ratio of net investment income after custodian credits to average net assets 1.66%3.51%3.35%3.40%3.58%3.56%**Portfolio turnover rate****3%****7%****6%****24%****21%****15%**¹Early redemption fee adopted March 29, 2005²Amount is less than $0.01
*(The accompanying notes are an integral part of these financial statements.)*

*8   |   May 31, 2009   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 30 calendar days (90 calendar days as of Oct. 1, 2009). 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, 2008 to May 31, 2009).

**Actual Expenses**

The first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you have invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, a $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this fiscal year. The Fund also charges the following fees for extra services rendered on request, which you may need to add to determine your total expenses: $10 per checkbook, $25 per domestic bank wire, $35 per international bank wire, $15 per overnight courier delivery.

**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, 2008]****Ending Account Value 						      [May 31, 2009]****Expenses Paid During Period¹**Actual 							$1,000.00														$1,105.10														$3.99							Hypothetical (5% annual return before expenses)							$1,000.00							  							$1,021.14							  							$3.83							  
*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.76% (based on the most recent semi-annual period of December 1, 2008 through May 31, 2009, multiplied by the average account value of $1,052.55 over the period multiplied by 182/365 (to reflect the one-half year period).*

*Semi-Annual Report   May 31, 2009   |   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, securities are valued at their respective fair values as determined in good faith by or under the direction of the Board of Trustees.

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

**Share valuation:**

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

**Fair value measurements:**

The Fund adopted Financial Accounting Standards Board Statement of Financial Accounting Standards No. 157, *Fair Value Measurements* ("FAS 157"), effective December 1, 2007. In accordance with FAS 157, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction with an independent buyer in the principal market, or in the absence of a principal market the most advantageous market for the investment or liability. FAS 157 establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Fund's investments. The inputs are summarized in the three broad levels listed below.

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

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

The following is a summary of the inputs used as of May 31, 2009 in valuing the Fund's investments carried at value:
**Level****Valuation Inputs****Investments in Securities**Level 1Quoted prices$- Level 2Other significant observable inputs$12,112,363 Level 3Significant unobservable inputs$599,236**Total****$12,711,599****Level 3 Roll-Forward Municipal Securities**Beginning Balance$525,459 Total unrealized/realized gains or losses$43,293 Purchases$50,484 Maturity$(20,000)**Ending Balance****$599,236**
In April 2009, the Financial Accounting Standards Board ("FASB") issued FASB Staff Position No. 157-4, *Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly* ("FSP 157-4"). FSP 157-4 provides additional guidance for estimating fair value in accordance with FASB Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" ("FAS 157"), when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds' financial statement disclosures.

**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 an 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  

*10   |   May 31, 2009   Semi-Annual Report*

***Notes To Financial Statements******(continued)***

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 adopted the provisions of the Financial Accounting Standards Board ("FASB") Interpretation No. 48 ("FIN 48") *Accounting for Uncertainty in Income Taxes* on May 31, 2008. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. If applicable, the Fund recognizes interest accrued related to unrecognized tax benefits in "Interest Expense" and penalties in "Other" expenses on the Statement of Operations. The Fund files tax returns with the U.S. Internal Revenue Service and various states. Generally, each of the tax years in the four year period ending November 30, 2009, remains subject to examination by taxing authorities.

**Derivative instruments and hedging activities:**

In March 2008, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 161 (FAS 161), *Disclosures about Derivative Instruments and Hedging Activities*, which is effective for fiscal years and interim periods beginning after November 15, 2008. FAS 161 requires enhanced disclosures about derivative and hedging activities, including how such activities are accounted for and their effect on financial position, performance and cash flows. Since the Funds do not own derivative instruments or participate in hedging activities the adoption of FAS 161 has no impact on the fund's financial statements and related disclosures.

**Dividends and distributions to shareowners:**

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

**Use of estimates:**

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

**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 30 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 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 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., professional 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 the period ended May 31, 2009, the Fund incurred advisory fee expenses of $31,646. 

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, 2009, the Fund paid shareowner-servicing fees of $1,615.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and president of the Adviser. The four independent trustees are compensated by the Trust $600 per Board or committee meeting attended, plus reimbursement of travel expenses, allocated pro-rata to the six Funds of Saturna Investment Trust. For the the period ended May 31, 2009, the Trust incurred compensation expenses of $6,400 which is included in $7,933 of total expenses for the independent Trustees.

The officers are paid by Saturna Capital, and not the Trust, except for Mr. Winship, who is partially compensated by the Trust. On May 31, 2009, the trustees, officers and their immediate families as a group owned 2.54% of the outstanding shares of the Fund. 

**Note 5 — Investments**

During the period ended May 31, 2009, the Fund purchased $629,875 of securities and sold/matured $330,075 of securities.

**Note 6 — Distributions to shareowners**

The tax characteristics of distributions paid during the period ended May 31, 2009 (estimated) and the fiscal years ended November 30, 2008, 2007 and 2006 were as follows:
**2009****2008****2007****2006**Tax-exempt income$210,949 $398,755$309,037$291,026Taxable income- 8,671200702Capital gain¹$- $1,048$ -$19,527
*¹ Long-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, 2009 were as follows:
Cost of investments$12,420,466 Gross unrealized appreciation$328,829 Gross unrealized depreciation$(37,696)Net unrealized appreciation$291,133 
Because tax adjustments are calculated annually, the above table reflects the tax adjustments outstanding at the Fund's previous fiscal year end.

As of November 30, 2008 the components of distributable earnings on a tax basis were as follows:
Net unrealized appreciation (depreciation)$(724,457)Total distributable earnings-Other accumulated losses-Total accumulated earnings (losses)$(724,457)
*Semi-Annual Report   May 31, 2009   |   11*

***Notes To Financial Statements (continued)***

**Note 7 — Custodian**

Pursuant to an agreement dated July 29, 2008 with PNC Global Investment Servicing, a division of PNC Financial Services Group, custody fees are reduced by credits for cash balances. For the the period ended May 31, 2009, custodian fees incurred by the Fund amounted to $310. The custodian waived $310 of their fees for the current period. 

 

***Privacy Statement***

At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. To that end, we want to assure you that we protect the confidentiality of any personal information you share with us.

We collect personal information about you from information we receive from you on applications and other forms and from transactions or trades placed with us. We may disclose this information to an affiliated party to process transactions that you direct. We may use an agent for the purpose of mailing account statements, shareholder reports and other information about our products and services to you, in which case we may provide information, such as your name and address, to the agent solely for that purpose. We contractually require any service providers to protect the confidentiality of your information and to use the information only for the purposes for which you provided it.

We maintain our own technology resources to minimize the use of outside service providers. Additionally, Saturna Capital restricts access to personal information about you to those employees who need to know that information to provide products or services to you. We maintain physical, electronic, and procedural safeguards that comply with regulations to guard your personal information. Please be assured that except as described above, we do not disclose any personal information about our customers, or our former customers, to anyone, except as may be required by law. If you have further questions or concerns about the security or privacy of the information we receive from you, please call us at 1-800/SATURNA.

***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.saturna.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.saturna.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.

 

(graphic omitted)

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

**Item 2. Code of Ethics**

Registrant has adopted a code of ethics, which is posted on the Funds' Internet website at www.saturna.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 24, 2009, Mr. Nicholas Kaiser (President) and Mr. Christopher Fankhauser (Treasurer) reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.

(b) No change.

**Item 12. Exhibits**

Exhibits included with this filing:

(a)(1) Not applicable.

(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 furnished 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, 2009

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, 2009

By:

*/s/ Christopher Fankhauser*Treasurer				  July 30, 2009 |