SECURITIES AND EXCHANGE COMMISSION			    WASHINGTON, DC 20549

# FORM N-CSR

### CERTIFIED SHAREHOLDER REPORT OF REGISTERED			    MANAGEMENT INVESTMENT COMPANIES

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

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

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

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

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

Date of fiscal year end: November 30, 2010			    Date of reporting period: November 30, 2010

 

**Item 1. Annual Report.**

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# Sextant Mutual Funds

## Annual Report

### November 30, 2010

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

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

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

| **Average Annual Returns vs. Category Average Returns**     | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond category**    |
| Fund return                                                 | 3.20%      | 3.82%      | 4.22%      | 4.12%       | 1.49%                   |
| Morningstar category                                        | 4.11%      | 3.37%      | 3.76%      | 3.85%       | N/A                     |
| % Rank (category size)                                      | 60 (432)   | 41 (376)   | 39 (322)   | 38 (185)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond category** |
| Fund return                                                 | 5.85%      | 4.78%      | 4.56%      | 5.46%       | 1.70%                   |
| Morningstar category                                        | 7.72%      | 5.49%      | 5.15%      | 5.37%       | N/A                     |
| % Rank (category size)                                      | 84 (1164)  | 70 (1026)  | 74 (878)   | 47 (560)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation category**     |
| Fund return                                                 | 8.61%      | 0.96%      | N/A        | N/A         | 1.78%                   |
| Morningstar category                                        | 11.83%     | 0.16%      | 3.42%      | 3.35%       | N/A                     |
| % Rank (category size)                                      | 91 (1074)  | 35 (930)   | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth category**                |
| Fund return                                                 | 11.84%     | -2.33%     | 2.07%      | 3.32%       | 1.34%                   |
| Morningstar category                                        | 15.53%     | -2.34%     | 2.77%      | 0.30%       | N/A                     |
| % Rank (category size)                                      | 80 (1718)  | 51 (1504)  | 62 (1286)  | 8 (787)     | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend category**  |
| Fund return                                                 | 11.64%     | 0.20%      | 7.47%      | 6.81%       | 1.14%                   |
| Morningstar category                                        | 10.24%     | -6.78%     | 2.69%      | 3.13%       | N/A                     |
| % Rank (category size)                                      | 35 (829)   | 1 (694)    | 1 (511)    | 7 (289)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.** Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free (800) SATURNA or visiting www.sextantmutualfunds.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of a 2% redemption fee on shares held less than 90 days. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.*

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

*¹By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 30, 2010, incorporates results from the fiscal year ending November 30, 2009, Ratios presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds' most recent fiscal period (shown on page 4). Average annual total returns include changes in principal value, reinvested dividends and capital gain distributions, if any.*

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

***†Morningstar 12/31/2010.**Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the 12 months ended Dec. 31, 2010. Morningstar calculates total return by taking the change in a fund's NAV, assuming the reinvestment of all income and capital gains distributions (on the actual reinvestment date used by the fund) during the period, and then dividing by the initial NAV. Unless marked as load-adjusted total returns, Morningstar does not adjust total return for sales charges or for redemption fees. (Morningstar Return™, Morningstar Risk-Adjusted Ratings™, and the load-adjusted returns do incorporate those fees.) Total returns do account for management, administrative, and 12b-1 fees and other costs automatically deducted from fund assets.*

*Sextant Short-Term Bond was 261st of 432 Short-Term Bond funds in the last year, 155th of 376 funds in the last 3 years, 125th of 322 funds in the last 5 years, and 71st of 185 funds in the last 10 years. Sextant Bond Income was 985th of 1164 Intermediate-Term Bond funds in the last year, 725th of 1026 funds in the last 3 years, 652nd of 878 funds in the last 5 years, and 264th of 560 funds in the last 10 years. Sextant Core was 987th of 1074 Moderate Allocation funds in the last year and 323rd of 930 funds in the last 3 years. Sextant Growth was 1388th of 1718 Large Growth funds in the last year, 763rd of 1504 funds in the last 3 years, 794th of 1286 funds in the last 5 years, and 58th of 787 funds in the last 10 years. Sextant International was 291st of 829 Foreign Large Blend funds in the last year, 6th of 694 funds in the last 3 years, 2nd of 511 funds in the last 5 years, and 19th of 289 funds in the last 10 years.*

| *2* | *November 30, 2010 Annual Report* |
|-----|-----------------------------------|

## *Fellow Shareowners:*

As the world worries about recession, financial crises, and spending addictions, the Sextant Funds have done relatively well. For the fiscal year ended November 30, 2010, solid Sextant Growth returned 10.93%, Sextant International gained 8.43%, and stalwart Sextant Core Fund appreciated 6.67%. During the same period the S&P 500 returned 9.94% while the NYSE Arca International Index dropped 3.54%. 

Lack of inflation helped the bond markets over the last year. For the most safety-conscious, the low volatility Sextant Short-Term Bond Fund returned 2.87%. The longer-term, higher risk Sextant Bond Income Fund returned 5.43%. 

Assets for each of the five Sextant Funds increased, with the total up 47% for the twelve months to $190 million. The combination of spreading fixed expenses over higher assets and the effects of Sextant's performance fee structure (based on one-year results relative to Morningstar categories) significantly lowered all Sextant Fund annualized expense ratios.

**Long-term Results**

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

**Going Forward**

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

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

We expect a long, slow transition to higher interest rates. Bondholders are being rewarded with real 

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

returns. Low interest rates today reflect high confidence — not just among Americans but among investors around the world — that approaching economic storms will be survived. 

Going forward, the Sextant Funds continue to offer investors a broad mix of investment vehicles: growth equities, international exposure, a blended portfolio, plus short-term and long-term fixed income options. This array of portfolios serves our investors in both bull and bear markets by continuing to provide steady, long-term growth with a focus on preservation of capital. Please review the following pages for more in-depth information about each Fund.

Respectfully,

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

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

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

January 14, 2011

| *November 30, 2010 Annual Report* | *3* |
|-----------------------------------|-----|

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

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

| **Average Annual Returns vs. Category Average Returns**     | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond category**    |
| Fund return                                                 | 2.87%      | 4.08%      | 4.43%      | 4.29%       | 1.49%                   |
| Morningstar category                                        | 4.13%      | 3.52%      | 3.90%      | 3.98%       | N/A                     |
| % Rank (category size)                                      | 73 (428)   | 41 (376)   | 37 (321)   | 39 (184)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond category** |
| Fund return                                                 | 5.43%      | 5.29%      | 5.03%      | 5.86%       | 1.70%                   |
| Morningstar category                                        | 7.69%      | 5.84%      | 5.49%      | 5.67%       | N/A                     |
| % Rank (category size)                                      | 87 (1152)  | 70 (1015)  | 71 (874)   | 43 (546)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation category**     |
| Fund return                                                 | 6.67%      | -0.21%     | N/A        | N/A         | 1.78%                   |
| Morningstar category                                        | 9.02%      | -1.35%     | 2.76%      | 3.24%       | N/A                     |
| % Rank (category size)                                      | 87 (1071)  | 28 (910)   | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Large Growth category**                |
| Fund return                                                 | 10.93%     | -3.81%     | 1.46%      | 3.55%       | 1.34%                   |
| Morningstar category                                        | 13.07%     | -4.12%     | 1.71%      | -0.13%      | N/A                     |
| % Rank (category size)                                      | 65 (1721)  | 45 (1503)  | 53 (1282)  | 6 (770)     | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend category**  |
| Fund return                                                 | 8.43%      | -1.74%     | 7.10%      | 6.58%       | 1.14%                   |
| Morningstar category                                        | 3.95%      | -9.57%     | 2.26%      | 2.76%       | N/A                     |
| % Rank (category size)                                      | 15 (816)   | 1 (687)    | 2 (495)    | 6 (276)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance and is no guarantee of future results. Results are shown for 12 months ending November 30, 2010 ("1 Year" column above) because the Sextant Funds' performance fees are based on the same period. Results are shown for other fiscal periods by regulation. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower.***

*¹By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 30, 2010 and incorporates results from the fiscal year ending November 30, 2009. Ratios presented in this table differ from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

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

***†Morningstar 11/30/2010.**Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The 1 Year Rank shows how each Fund ranks in its Morningstar peer category for the year ended November 30, 2010.*

*Sextant Short-Term Bond was 312th of 428 Short-Term Bond funds in the last year, 153rd of 376 funds in the last 3 years, 120th of 321 funds in the last 5 years, and 72nd of 184 funds in the last 10 years. Sextant Bond Income was 1008th of 1152 Intermediate-Term Bond funds in the last year, 708th of 1015 funds in the last 3 years, 622nd of 874 funds in the last 5 years, and 235th of 546 funds in the last 10 years. Sextant Core was 931st of 1071 Moderate Allocation funds in the last year, and 258th of 910 funds in the last 3 years. Sextant Growth was 1118th of 1721 Large Growth funds in the last year, 679th of 1503 funds in the last 3 years, 675th of 1282 funds in the last 5 years, and 40th of 770 funds in the last 10 years. Sextant International was 118th of 816 Foreign Large Blend funds in the last year, 2nd of 687 funds in the last 3 years, 9th of 495 funds in the last 5 years, and 17th of 276 funds in the last 10 years.*

| *4* | *November 30, 2010 Annual Report* |
|-----|-----------------------------------|

## *Sextant Short-Term Bond Fund*

***Performance Summary       (unaudited)***

| **Average Annual Returns as of November 30, 2010** |
|----------------------------------------------------|
|                                                    | **1 Year** | **5 Years** | **10 Years** | **Expense Ratio¹** |
| Sextant Short-Term Bond Fund                       | 2.87% | 4.43% | 4.29% | 1.49% |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years    | 2.28% | 4.65% | 4.49% | N/A |

**Growth of $10,000**

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | *Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2000 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $15,212 versus $15,521 in the index.* |
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| ***Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 30, 2010 and incorporates results for the fiscal year ending November 30, 2009. The ratio presented in this table differ from the expense ratios shown elsewhere in this report as they represent different fiscal periods and differs from the actual expense ratio which reflects the adviser's expense cap.*
**Fund Objective**

The objectives of the Short-Term Bond Fund are capital preservation and current income.
**Industry Allocation** **Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
U.S. Treasury Note 1.50% due 12/31/20137.0%Ontario Prov. Canada 4.10% due 06/16/20144.7%Canada Government 2.375% due 09/10/20144.7%American Express Bank Med. Term CD 4.75% due 12/24/20134.7%PNC Funding Corp 5.40% due 06/10/20144.3%Xstrata Canada 7.35% due 06/05/20124.2%Protective Life Secured Trust 5.00% due 05/15/20134.1%Noble 5.875% due 06/01/20134.1%SeaRiver Maritime 0.00% due 09/01/20123.8%Stanley Works 4.90% due 11/01/20123.7%*November 30, 2010 Annual Report**5**Sextant Short-Term Bond Fund*
***Discussion of Fund Performance        (unaudited)***

**Fiscal Year 2010**

For the fiscal year ended November 30, 2010, the Sextant Short-Term Bond Fund provided a 2.87% total return. The Fund's Morningstar™ category "Short Term Bond" peer group returned 4.13% during the same period. The Fund's share price rose from $5.10 to $5.12, plus 12¢ per share in income dividends were distributed during the year. For the five years ending November 30, 2010, the Fund provided a 4.43% annualized total return versus a 3.90% annualized return for the Morningstar peer group. Faced with record low yields on short-term market investments, net investment income declined to 2.42%. Fund shares outstanding rose 25.75% during fiscal 2010, and assets rose 26.18%. The Fund's gross expense ratio declined from 1.49% to 1.34%. Reflecting Saturna Capital's continued voluntary subsidies to cap operating expenses, the actual expense ratio remained at 0.75%.

**Factors Affecting Past Performance**

Beset with stubborn domestic unemployment, the Federal Reserve held its benchmark interest rate near zero. Short-term credit markets operated normally, and underwriting and liquidity markets were again functioning. But the unexpected imposition of financial re-regulation dulled appetites for risk-taking and dampened the prospects of recovery.

Inflation expectations remained subdued. During the year, low short-term interest rates enabled quality U.S. corporations and governments to easily issue new debt and/or refinance maturing issues. Yet, highly indebted countries, such as Greece and Ireland, required IMF-led rescues in order to maintain a semblance of sovereignty. Increased fund duration, a broadening commitment to taxable U.S. municipal securities, and lesser reliance on U.S. Treasury issues helped returns.

**Looking Forward**

We expect U.S. deleveraging to continue as lower costs of credit default swaps indicate subsiding bond risks. A different picture darkens Europe, where sovereign risk is very high for those countries that have overspent for years. Europe's situation signals troubles here at home, as interest rates on U.S. federal, state, and local debt issues must eventually rise to reflect poor revenues and weak balance sheets. 

Uncertainty among businesses and consumers and the damaged housing markets are likely to restrain U.S. economic growth. We expect U.S. short-term rates to rise only modestly in the first half of 2011. As the excess cash in the U.S. flows abroad, global inflationary prospects are strong. High commodity, gold and oil prices are evidence of growing inflationary pressures. The world's stronger economies are already increasing interest rates and attempting to deflate speculative bubbles. The Fed's quantitative easing should conclude in mid-2011, boosting pressures for higher U.S. interest rates. 

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

**Management Fee Calculations**

The Sextant Short-Term Bond Fund calculates the performance part of its management fee by comparing the Fund's return to the average return of the Morningstar™ category Short Term Bond. The Fund's 12-month return (2.87%) was between one and two percent below the Morningstar™ average (4.13%) at month-end November 30, 2010. Therefore, the basic annual management fee of 0.60% was decreased to 0.50% annually for the month of December 2010. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (at 0.75%) on total Fund expenses.
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2010.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*
*6**November 30, 2010 Annual Report**Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Canadian Government**Canada Government2.375% due 09/10/2014$230,000$239,990 4.7%Ontario Prov. Canada4.10% due 06/16/2014220,000 240,398 4.7% 450,000 480,388 9.4% 	**Computers**International Business Machines5.05% due 10/22/2012135,000 145,827 2.8% 	**Diversified Financial Services**General Electric Capital5.25% due 10/19/2012100,000107,300 2.1% 	**Energy**Marathon Global FDG 6.00% due 07/01/2012120,000128,665 2.5%Noble 5.875% due 06/01/2013190,000209,278 4.1% 310,000337,943 6.6% 	**Finance**American Express Bank Med. Term CD4.75% due 12/24/2013220,000 239,625 4.7%Bank of New York Mellon6.375% due 04/01/2012160,000171,529 3.3%Berkshire Hathaway Financial4.75% due 05/15/2012100,000105,741 2.1%HSBC Finance 6.375% due 10/15/2011100,000104,519 2.0%PNC Funding5.40% due 06/10/2014200,000 221,646 4.3%Protective Life Secured Trust5.00% due 05/15/2013200,000 210,233 4.1% 980,0001,053,293 20.5% 	**Food Production**Fortune Brands5.125% due 01/15/2011120,000120,546 2.3% 	**Machinery**Dover 6.50% due 02/15/2011100,000101,250 2.0%Stanley Works4.90% due 11/01/2012180,000191,118 3.7% 280,000292,368 5.7% 	**Medical**AstraZeneca 5.40% due 09/15/2012125,000135,483 2.6% 	**Metal Ores**Rio Tinto Finance8.95% due 05/01/2014150,000183,576 3.6%Xstrata Canada7.35% due 06/05/2012200,000215,447 4.2% 350,000399,0237.8% 	**Municipal Bonds**Commerce Charter Township MI5.50% due 12/01/2013125,000136,510 2.7%Manhattan KS3.276% due 12/01/2013180,000186,377 3.6%Passaic NJ Taxable Pension GO5.00% due 02/01/2013100,000103,131 2.0% 405,000426,018 8.3% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**7**Sextant Short-Term Bond Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Real Estate**Rhode Island Econ. Dev. Corp.4.52% due 05/15/2013$175,000$183,220 3.6% 	**Schools**Dawson Springs KY ISD Bldg.3.60% due 08/01/201395,00098,080 1.9%Southwestern MI Comm. College4.875% due 05/01/2015125,000134,435 2.6% 220,000232,515 4.5% 	**Telecommunications**Verizon New England4.75% due 10/01/2013129,000139,061 2.7% 	**Transportation**SeaRiver Maritime0.00% due 09/01/2012202,000193,462 3.8% 	**U.S. Government**U.S. Treasury Note1.50% due 12/31/2013350,000358,066 7.0% 	**Utilities**Florida Power & Light5.625% due 09/01/2011140,000145,044 2.8% 	Total investments (Cost = $4,613,247)$4,471,0004,749,557 92.5%Other assets (net of liabilities) 386,073 7.5%**Total net assets****$5,135,630****100.0%****Portfolio composition by security type****Market Value****Percentage of Assets** Corporate Bonds $3,069,35059.7% Foreign Government Bonds 480,3889.4% Municipal Bonds 841,75316.4% U.S. Government 358,0667.0%  Total Investments 4,749,55792.5% Other assets (net of liabilities) 386,073 7.5% **Total Net Assets****$5,135,630****100.0%**
*The accompanying notes are an integral part of these financial statements.*
*8**November 30, 2010 Annual Report**Sextant Short-Term Bond Fund***Statement of Assets and Liabilities***As of November 30, 2010* 	**Assets**  Investments in securities, at value 						      (Cost $4,613,247)$4,749,557   Cash323,780  Interest receivable 57,546   Receivable for Fund shares sold7,544   Receivable from affiliate92     Total assets5,138,519 **Liabilities**  Accrued distribution fee 1,054   Payable for Fund shares redeemed1,000   Other liabilities768   Distribution payable67     Total liabilities2,889 **Net Assets****$5,135,630** 	**Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)$5,022,175   Unrealized net appreciation on investments136,310   Accumulated net realized loss(24,228)   Undistributed net investment income1,373**Net assets applicable to Fund shares outstanding****$5,135,630** 	**Fund shares outstanding****1,003,969** 	**Net asset value, offering and redemption price per share****$5.12****Statement of Operations***Year ended November 30, 2010* 	**Investment income**  Interest income$148,785    Gross investment income148,785 **Expenses**  Investment adviser fees21,547   Filing and registration fees15,436   Distribution fees11,745   Shareowner servicing fees4,991   Audit fees3,560   Printing and postage2,366   Trustee fees1,295   Other expenses 1,074   Chief Compliance Officer expenses353   Custodian fees233   Legal fees120     Total gross expenses62,720   Less adviser fees waived and expense reimbursement(27,216)  Less custodian fee credits(233)    Net expenses35,271 **Net investment income****$113,514** 	 	 Net realized gain from investments$7,888  Net increase in unrealized appreciation on investments12,990 **Net gain on investments****$20,878** 	**Net increase in net assets resulting from operations****$134,392**
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**9**Sextant Short-Term Bond Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$113,514 $116,002   Net realized gain on investments7,888 9,102   Net increase in unrealized appreciation 12,990 175,131     Net increase in net assets134,392 300,235 **Distributions to shareholders from**  Net investment income(113,515)(116,035)**Capital share transactions**  Proceeds from sales of shares1,562,715 1,214,201   Value of shares issued in reinvestment of dividends 112,390 114,586   Early redemption fees retained165 29   Cost of shares redeemed(630,567)(467,092)    Net increase in net assets 1,044,703 861,724 **Total increase in net assets****1,065,580****1,045,924** 	**Net assets**Beginning of year4,070,050 3,024,126 End of year5,135,630 4,070,050  	Undistributed net investment income$1,373$1,374 	**Shares of the Fund sold and redeemed**  Number of shares sold307,479 244,366   Number of shares issued in reinvestment of dividends22,074 22,951   Number of shares redeemed(123,942)(94,184)**Net increase in number of shares outstanding****205,611****173,133*****Financial Highlights****For Year Ended November 30,***Selected data per share of outstanding capital stock throughout each year:****2010****2009****2008****2007****2006****Net asset value at beginning of year****$5.10****$4.84****$4.99****$4.90****$4.85****Income from investment operations**  Net investment income0.12 0.16 0.18 0.17 0.16   Net gain (loss) on securities (both realized and unrealized)0.02 0.26 (0.15)0.09 0.05 **Total from investment operations****0.14****0.42****0.03****0.26****0.21****Less distributions**  Dividends (from net investment income)(0.12)(0.16)(0.18)(0.17)(0.16)**Total distributions****(0.12)****(0.16)****(0.18)****(0.17)****(0.16)**  Paid-in capital from early redemption fees0.00¹ 0.00¹ 0.00¹ 0.00¹ 0.00¹  **Net asset value at end of year****$5.12****$5.10****$4.84****$4.99****$4.90** **Total return****2.87%****8.87%****0.66%****5.51%****4.41%** **Ratios / supplemental data**Net assets ($000), end of year$5,136 $4,070 $3,024 $2,995 $2,937 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits1.34%1.49%1.60%1.58%1.39%  After fee waivers0.76%0.76%0.77%0.82%0.60%  After fee waivers and custodian fee credits0.75%0.75%0.75%0.75%0.57%Ratio of net investment income after fee waivers and custodian fee credits to average net assets2.42%3.26%3.70%3.54%3.41%**Portfolio turnover rate****27%****28%****22%****28%****41%***¹Amount is less than $0.01*
*The accompanying notes are an integral part of these financial statements.*
*10**November 30, 2010 Annual Report**Sextant Bond Income Fund*
***Performance Summary       (unaudited)***
**Average Annual Returns as of November 30, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Bond Income Fund							5.43%														5.03%														5.86%							1.70%Citigroup Broad Investment Grade Bond Index							5.71%														6.43%														6.28%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2000 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $17,665 versus $18,385 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days. The Adviser has absorbed, currently or in the past, certain Fund expenses, without which total returns would have been lower.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 30, 2010 and incorporates results for the fiscal year ending November 30, 2009. The ratio presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods and differs from the actual expense ratio which reflects the adviser's expense cap.*

**Fund Objective**

The objective of the Bond Income Fund is current income.
**Industry Allocation** **Top Ten Holdings** **% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
Johnson Co. KS Bldg Ls/Pr Rev. BAB 4.60% due 09/01/20264.4%Quebec Prov. Canada 7.125% due 02/09/20244.3%Springville UT GO BAB 5.30% due 05/01/20314.3%SeaRiver Maritime 0.00% due 09/01/20124.0%Dell Rapids SD School Dist. 49-3 6.257% due 01/15/20303.8%San Marcos Texas ULTD GO BAB 6.028% due 08/15/20303.8%Idaho Hsg. & Fin. GARVEE BAB A-2 5.379% due 07/15/20203.5%Oklahoma City Fin. Auth. Ed. Lease Rev. 6.60% due 09/01/20223.4%ConocoPhillips 6.00% due 01/15/20203.4%Federal Home Loan Bank 5.375% due 09/09/20163.3%*November 30, 2010 Annual Report**11**Sextant Bond Income Fund*
***Discussion of Fund Performance        (unaudited)***

**Fiscal Year 2010**

For the fiscal year ended November 30, 2010, the Sextant Bond Income Fund returned 5.43%. This annual return compared modestly with that of its Morningstar Category "Intermediate-Term Bond" peer group, which returned 7.69% during the same period. The Fund's share price rose from $4.96 to $5.03, and 19¢ per share in income dividends were distributed during the year. For the five years ending November 30, 2010, the Fund provided a 5.03% annualized total return versus a 5.49% annualized return for the Morningstar peer group. Faced with record low yields on bond investments, net investment income declined to 3.89%. Investor monies flowed into bond funds during the year, with the result that fund shares outstanding rose 35.22% during fiscal 2010, and assets rose 37%. The Fund's gross expense ratio declined from 1.70% to 1.24%. Reflecting Saturna Capital's continued voluntary subsidies to cap operating expenses, the actual expense ratio remained at 0.90%.

**Factors Affecting Past Performance**

New York Federal Reserve Bank policy continued to hold short yields at historically low levels. However, two rounds of quantitative easing have been unable to move intermediate and long U.S. Treasury yields lower than at the depth of the last recession in 2003. The lack of inflation left TIPS returns slightly below returns on similar maturity U.S. Treasurys.  Reflecting the economic recovery and declining default risk, high yield, emerging market, and corporate bonds outperformed U.S. Treasury paper, mortgages and municipals. While corporate credit default swap premiums generally declined, sovereign credit default swap premiums expanded significantly. The Fund's corporate securities and modest positions in U.S. Treasurys boosted returns. Investments in the new Build America Bonds underperformed. The Fund's intermediate to long dollar weighted average maturity also improved performance, as long maturities generally did better than short.

Numerous states continue to struggle with funding shortfalls. State budget deficits are the result of structural spending obligations rather than the burden of paying interest and principal on outstanding debt. Lenders continue to provide record sums at reasonable rates even to the most stressed states. The Fund continues to believe there is an unusual opportunity in select high grade taxable municipal bonds. The Build America Bond program has now ended, reducing the supply of these bonds, while the appetite for these issues remains strong. 

**Looking Forward**

Governments will reduce deficits and payrolls while the private sector builds its spending and jobs. Monetary policy will at least remain stimulative, and the yield curve will remain steep until investors anticipate a policy shift by the Federal Reserve. The Fund's total return will result from yield spread compression, coupon income and yield curve appreciation as opposed to a large move in rates. 

Sovereign defaults resulting from lending booms over the last forty years were resolved either by currency debasement, rescheduling, and/or principal write-downs. In 2011, however, currency debasement is no longer an option for European Union sovereign borrowers. Notwithstanding recent expressions of support by China and Japan, European lenders may have to consider rescheduling and principal impairments later this year. While localized liquidity interruptions may result, funding for everyone else should continue. These events may provide unusual opportunities for the Fund to selectively acquire high investment grade securities at reasonable prices. 

**Management Fee Calculations**

The Sextant Bond Income Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar's™ "Intermediate-Term Bond" category. The Fund's 12-month return (5.43%) was between two and three percent below the Morningstar™ average (7.69%) at month-end November 30, 2010. Therefore, the basic annual management fee of 0.60% was decreased to 0.40% annually for the month of December 2010. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (at 0.90%) on total Fund expenses.

 
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2010.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*
*12**November 30, 2010 Annual Report**Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Automotive**AutoZone5.50% due 11/15/2015$95,000 $105,433 2.0% 	**Banking**CitiCorp7.25% due 10/15/201150,000 52,181 1.0% 	**Building**Masco7.125% due 08/15/201360,000 64,432 1.2% 	**Canadian Government**Quebec Prov. Canada7.125% due 02/09/2024175,000 234,780 4.3% 	**Chemicals**Air Products & Chemicals8.75% due 04/15/202150,000 69,265 1.3% 	**Electronics**Phillips Electronics7.25% due 08/15/201375,000 86,598 1.6% 	**Energy**Baker Hughes6.875% due 01/15/2029100,000 120,686 2.2%ConocoPhillips6.00% due 01/15/2020150,000 181,262 3.4% 250,000 301,948 5.6% 	**Finance**Goldman Sachs5.95% due 01/15/2027180,000 177,240 3.3%Morgan Stanley Dean Witter6.75% due 10/15/201350,000 54,924 1.0%Paine Webber Group7.625% due 02/15/201450,000 56,751 1.0% 280,000 288,915 5.3% 	**Food Production**Hershey Foods6.95% due 08/15/201250,000 55,063 1.0%H.J. Heinz6.00% due 03/15/201275,000 79,628 1.5% 125,000 134,691 2.5% 	**Insurance**Allstate7.50% due 06/15/201350,000 56,925 1.0%Progressive7.00% due 10/01/201375,000 83,243 1.5%St. Paul Travelers Companies5.50% due 12/01/2015125,000 143,764 2.7% 250,000 283,932 5.2% 	**Machinery**Caterpillar9.375% due 08/15/201140,000 42,526 0.8%Deere & Co.8.10% due 05/15/2030 95,000 129,605 2.4% 135,000 172,131 3.2% 	**Medical**Pharmacia6.50% due 12/01/2018100,000 122,799 2.3% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**13**Sextant Bond Income Fund****Schedule of Investments*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Metal Ores**BHP Finance U.S.A.5.25% due 12/15/2015$125,000 $141,533 2.6% 	**Municipal General Obligation**City of Burlington Taxable GO 2009 Series B5.75% due 11/01/2028160,000 164,435 3.0%Dell Rapids SD SCD 49-36.257% due 01/15/2030200,000 204,480 3.8%Dupage Co. II CCD #5025.50% due 01/01/2026150,000 153,476 2.8%Idaho Hsg. & Fin. GARVEE BAB A-25.379% due 07/15/2020180,000 190,897 3.5%Milan Co. MI Area Schools6.45% due 05/01/2024150,000 157,479 2.9%San Marcos Texas ULTD GO BAB6.028% due 08/15/2030200,000 204,318 3.8%Springville UT GO BAB5.30% due 05/01/2031240,000 233,616 4.3% 1,280,000 1,308,701 24.1% 	**Municipal Revenue**Graves Co. KY SCD Bldg. Lease Rev.5.95% due 06/01/2024150,000 154,483 2.9%Johnson Co. KS Bldg. Ls./Pr. Rev. BAB4.60% due 09/01/2026250,000 239,713 4.4%Oklahoma City Fin. Auth. Ed. Lease Rev.6.60% due 09/01/2022160,000 182,971 3.4% 560,000 577,167 10.7% 	**Retail**Dayton Hudson (Target Stores)10.00% due 01/01/201150,000 50,356 0.9%Wal-Mart Stores7.25% due 06/01/201345,000 52,080 1.0% 95,000 102,436 1.9% 	**Transportation**SeaRiver Maritime0.00% due 09/01/2012225,000 215,490 4.0%Southwest Airlines6.50% due 03/01/201275,000 78,844 1.4% 300,000 294,334 5.4% 	**U.S. Government Agency**Federal Farm Credit Bank4.50% due 01/05/2018150,000 170,792 3.1%Federal Home Loan Bank5.375% due 09/09/2016150,000 177,786 3.3% 300,000 348,578 6.4% 	**Utilities**Commonwealth Edison7.50% due 07/01/201350,000 57,279 1.0%Florida Power & Light5.95% due 10/01/2033100,000 112,047 2.1% 150,000 169,326 3.1% 	Total investments (Cost = $4,605,051)$4,455,000 4,859,180 89.7%Other assets (net of liabilities)  559,168 10.3%**Total net assets** **$5,418,348****100.0%**
*The accompanying notes are an integral part of these financial statements.*
*14**November 30, 2010 Annual Report**Sextant Bond Income Fund****Schedule of Investments*****Portfolio composition by security type****Market Value****Percentage of Assets** Corporate Bonds $2,389,95444.2% Foreign Government Bonds 234,7804.3% Municipal Bonds 1,885,86834.8% U.S. Government Agency Bonds 348,5786.4%  Total Investments 4,859,18089.7% Other assets (net of liabilities) 559,168 10.3% **Total Net Assets****$5,418,348****100.0%*****Statement of Assets and Liabilities****As of November 30, 2010* 	**Assets**  Investments in securities, at value 						      (Cost $4,605,051)$4,859,180   Cash484,566   Interest receivable 81,500   Receivable for Fund shares sold737   Insurance reserve premium400     Total assets5,426,383 **Liabilities**  Accrued expenses4,146   Payable to affiliates2,579   Accrued distribution fee1,112   Distributions payable198     Total liabilities8,035 **Net assets****$5,418,348** 	**Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$5,231,850   Unrealized net appreciation on investments254,129   Accumulated net realized loss(67,631)**Net assets applicable to Fund shares outstanding****$5,418,348**  **Fund shares outstanding****1,078,250**  **Net asset value, offering and redemption price per share****$5.03*****Statement of Operations****Year ended November 30, 2010* 	**Investment income**  Interest income$227,615    Gross investment income227,615 **Expenses**  Investment adviser fees21,621   Filing and registration fees14,687   Distribution fees11,887   Shareowner servicing fees3,530   Printing and postage2,165   Audit fees1,947   Trustee fees1,796   Chief Compliance Officer expenses432   Legal fees286   Custodian fees237   Other expenses171     Total gross expenses58,759   Less adviser fees waived (15,652)  Less custodian fee credits(237)    Net expenses42,870 **Net investment income****$184,745** 	 	  Net realized gain on securities sold$15,188   Net increase in unrealized appreciation on investments61,380 **Net gain on investments****$76,568** 	**Net increase in net assets resulting from operations****$261,313**
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**15**Sextant Bond Income Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$184,745 $159,330   Net realized gain (loss) on investments15,188 (20,467)  Net increase in unrealized appreciation61,380 400,886     Net increase in net assets261,313 539,749 **Distributions to shareholders from**  Net investment income(184,745)(160,437)**Capital share transactions**  Proceeds from sales of shares1,513,103 406,223   Value of shares issued in reinvestment of dividends182,326 158,456   Early redemption fees retained38 -   Cost of shares redeemed(304,961)(298,840)    Net increase in net assets 1,390,506 265,839 **Total increase in net assets****1,467,074****645,151** 	**Net assets**Beginning of year3,951,274 3,306,123 End of year$5,418,348 $3,951,274  	**Shares of the Fund sold and redeemed**  Number of shares sold306,37586,317   Number of shares issued in reinvestment of dividends36,567 33,500   Number of shares redeemed(62,121)(64,168)**Net increase in number of shares outstanding****280,821****55,649*****Financial Highlights****For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2010****2009****2008****2007****2006****Net asset value at beginning of year****$4.96****$4.46****$4.91****$4.92****$4.92****Income from investment operations**  Net investment income 0.190.210.220.220.22  Net gain (loss) on securities (both realized and unrealized) 0.07 0.50 (0.45)(0.01)0.00¹**Total from investment operations****0.26****0.71****(0.23)****0.21****0.22****Less distributions**  Dividends (from net investment income)(0.19)(0.21)(0.22)(0.22)(0.22)**Total distributions****(0.19)****(0.21)****(0.22)****(0.22)****(0.22)**  Paid-in capital from early redemption fees0.00¹ - 0.00¹ 0.00¹ 0.00¹  **Net asset value at end of year****$5.03****$4.96****$4.46****$4.91****$4.92** **Total return****5.43%****16.33%****(4.80)%****4.53%****4.73%** **Ratios / supplemental data**Net assets ($000), end of year$5,418 $3,951 $3,306 $3,412 $3,384 Ratio of expenses to average net assets  Before fee waivers and custodian fee credits1.24%1.70%1.45%1.38%1.27%  After fee waivers0.91%0.90%0.91%0.94%0.95%   After fee waivers and custodian fee credits0.90%0.89%0.91%0.90%0.90%Ratio of net investment income after fee waivers and custodian fee credits to average net assets3.89%4.46%4.68%4.64%4.64%**Portfolio turnover rate****10%****38%****9%****22%****36%***¹Amount is less than $0.01*
*The accompanying notes are an integral part of these financial statements.*
*16**November 30, 2010 Annual Report**Sextant Core Fund*
***Performance Summary       (unaudited)***
**Average Annual Returns as of November 30, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Core Fund							6.67%														N/A														N/A							1.78%Dow Jones Moderate U.S. Portfolio Index							10.88%														4.62%														5.90%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2007 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $10,744 versus $10,772 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009. The ratios presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Core Fund are long-term appreciation and capital preservation. It began operations March 30, 2007.
**Industry Allocation** **Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
U.S. Treasury Bond 5.50% due 08/15/20282.4%Emerson Electric 5.375% due 10/15/20172.2%E.I. du Pont de Nemours 5.25% due 12/15/20162.2%Oracle 5.25% due 01/15/20162.2%Home Depot 5.40% due 03/01/20162.2%Boardwalk Pipelines 5.50% due 02/01/20172.1%LAN Airlines ADS 2.1%SeaRiver Maritime 0.00% due 09/01/20122.1%Bellsouth 4.75% due 11/15/20122.0%Berkley WR 5.875% due 02/15/20132.0%*November 30, 2010 Annual Report**17**Sextant Core Fund*
***Discussion of Fund Performance        (unaudited)***

**Fiscal Year 2010**

The Sextant Core Fund provided a 6.67% total return for the fiscal year ending November 30, 2010, thanks to the equity markets where the S&P 500 Index advanced 9.94%. Fixed income lagged equity market performance, with the Barclay's Aggregate U.S. Bond Index returning 6.02% for the fiscal year.  Sextant Core Fund's balanced exposures to domestic and foreign equities, plus long and short term bonds, means these market sectors blended into our overall return. 

The Fund attracted new investor purchases of $934,199, and total assets increased 25% for the year. Net capital flows amounted to $819,695 for an addition of 83,936 shares. Growth in assets, along with the workings of the performance fee, dropped the Fund's expense ratio to 1.21% from 1.78%.  Even with record low bond yields, the ratio of net investment income to average net assets increased to 1.74%. 

The Fund's 3-year return ranks in the top 28% of the 910 Morningstar "Moderate Allocation" category funds, allowing it to retain a 4-star rating.

**Factors Affecting Past Performance**

Fixed income markets saw increased liquidity and a reduction in credit spreads over the course of the fiscal year, which helped to alleviate heightened investor concerns about corporate credit risk. In seeking to limit credit risk, the Fund employed a barbell strategy for the fixed income portion of its portfolio, combining high-quality, short-term corporate bonds with longer-term U.S. Treasury securities. This served investors well during the downturn, but has recently produced an above average portfolio duration. 

Equity markets had a strong year, with the small cap oriented Russell 2000 Index and the technology heavy NASDAQ Composite Index leading markets higher. The equity portion of the portfolio performed well, chiefly due to the Fund's weight in the Materials and Energy sectors. LAN Airlines, the Fund's largest equity holding, increased 103% during the fiscal year. The Fund remains focused and committed to capital preservation and income, however, we believe solid fundamentals will also reward investors with long-term growth.

**Looking Forward**

***Fixed Income***For most of the year, fixed income markets experienced a rally, as deflation prospects spurred heavy bond buying. These markets reversed course, however, following the Federal Reserve's announcement of a $600 billion money-printing program that comes on top of huge government deficits. With the 30-year Treasury yield rising 22 basis points from the fiscal year end to the end of the calendar year, fixed income markets have started pricing in an increased risk of inflation. Consequently, the Fund is reducing its fixed income duration as opportunities arise. We believe doing so will allow the Fund to capture both higher yields and an increase in prices as the securities *roll down the curve*. 

***Equities***With the recession in the rear view mirror, investors are looking forward to 2011. Consumption is finally returning to life, and the need to repair balance sheets and conserve cash is over. Companies will spend on acquisitions and hiring, while fighting as always for lower taxes. Governments, hamstrung by the inability to raise taxes, are limiting expansion until revenues recover. In 2011 we expect GDP growth will be about 3% in the U.S., but lower in Europe, and substantially higher in the developing world. We also expect the S&P 500 Index to be up 6% to 9% by the end of 2011. 

We remain conservative in the management of the portfolio and committed to those companies having a solid record of earnings, believable future prospects, and reasonable valuations. We believe this orientation will best fulfill the Fund's investment objectives over the long run.

**Management Fee Calculations**

The Sextant Core Fund calculates the performance part of its management fee by comparing the Fund's return to the return of Morningstar's™ "Moderate Allocation Funds" category. The Fund's 12-month return (6.67%) was between two and three percent below the Morningstar™ category average (9.02%) as of November 30, 2010. Therefore, a decrease of 0.20% was subtracted from the basic 0.60% annual management fee for the month of December 2010.
**Bond Quality Diversification** 
*Based on net assets as of 11/30/2010.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's is used as a supplemental source.*
*18**November 30, 2010 Annual Report**Sextant Core Fund****Schedule of Investments*****Equities — 58.0%****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Aerospace**Lockheed MartinLMT400 $38,856$27,2160.5% **Automotive**AutolivALV700 49,55551,3941.0% **Banking**Australia & New Zealand Banking Group ADSANZBY3,000 67,94265,760Australia1.2%JP Morgan ChaseJPM550 20,56320,5700.4%PNC BankPNC600 42,74832,3100.6%Toronto-Dominion BankTD550 35,55340,035Canada0.8%VisaV600 52,85044,3100.8%Washington FederalWFSL2,000 41,52029,4900.6% 261,176232,4754.4% **Building**CRH ADSCRH600 26,43910,524Ireland0.2%Lowe's CompaniesLOW1,400 39,43331,7800.6% 65,87242,3040.8% **Chemicals**BASF ADSBASFY400 22,55030,036Germany0.6%PraxairPX700 44,34964,4351.2%RPM InternationalRPM1,000 23,11020,4800.4% 90,009114,9512.2% **Computer Hardware**Taiwan Semiconductor ADSTSM4,534 39,57548,740Taiwan0.9% **Computers**Adobe Systems²ADBE1,100 45,47430,5800.6%Apple²AAPL250 28,47877,7871.5%Hewlett-PackardHPQ1,200 46,56150,3160.9% 120,513158,6833.0% **Cosmetics & Toiletries**Procter & GamblePG900 58,84254,9631.0% **Diversified Operations**Honeywell InternationalHON850 42,85542,2540.8%3MMMM600 50,09250,3881.0% 92,94792,6421.8% **Energy**Arch CoalACI2,000 36,98058,4001.1%CenovusCVE1,000 28,59828,770Canada0.6%ConocoPhillipsCOP1,250 79,85675,2131.4% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**19**Sextant Core Fund****Schedule of Investments*****Equities — 58.0%****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Energy (continued)**Devon EnergyDVN1,200 $81,888$84,6841.6%NextEra EnergyNEE600 36,75230,3720.6%NobleNE1,600 68,13154,272Switzerland1.0%StatoilHydro ADSSTO2,003 49,25940,040Norway0.8%Total ADSTOT1,100 60,83553,647France1.0%Williams CompaniesWMB3,000 48,33068,4301.3% 490,629493,8289.4% **Food Production**General MillsGIS2,000 57,76470,6601.4%H.J. HeinzHNZ1,500 57,73272,4051.4%PepsiCoPEP1,000 66,42364,6301.2%Unilever ADSUL1,850 58,33551,726United Kingdom1.0% 240,254259,4215.0% **Hotels & Motels**Orient-Express Hotels²OEH1,000 56,45011,570Bermuda0.2% **Instruments — Control**Parker HannifinPH500 29,67240,1150.8% **Insurance**ChubbCB750 39,27042,7580.8%ING Groep ADS²ING1,242 23,75510,979Netherlands0.2% 63,02553,7371.0% **Medical**Eli LillyLLY1,000 54,70333,6600.6%Express Scripts²ESRX1,200 37,11662,5081.2%Genzyme²GENZ400 22,06228,4880.5%GlaxoSmithKline ADSGSK500 26,85919,140United Kingdom0.4%Humana²HUM1,000 37,62756,0401.1%Johnson & JohnsonJNJ900 54,76055,3951.0%Novartis ADRNVS950 44,01650,740Switzerland1.0%Novo Nordisk ADSNVO400 18,09839,768Denmark0.8%Sanofi-Aventis ADR²SNY1,000 30,14030,520France0.6%UnitedHealth GroupUNH2,000 83,05573,0401.4% 408,436449,2998.6% **Metal Ores**AlcoaAA2,000 56,06226,2500.5%Anglo American ADRAAUKY1,119 33,77124,696South Africa0.5%BHP Billiton ADSBHP650 31,86653,560Australia1.0%Freeport-McMoRan Copper & GoldFCX500 42,34350,6601.0% 164,042155,1663.0% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*20**November 30, 2010 Annual Report**Sextant Core Fund****Schedule of Investments*****Equities — 58.0%****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Country¹****Percentage of Assets****Paper & Paper Products**Kimberly-ClarkKMB925 $61,586$57,2481.1% **Publishing**McGraw-HillMHP1,000 58,29334,4900.6%Pearson ADSPSO3,100 46,69844,950United Kingdom0.9% 104,99179,4401.5% **Shoes & Related Apparel**Nike Class BNKE900 51,64677,5171.5% **Steel**NucorNUE800 48,08530,1920.6% **Telecommunications**AT&TT2,600 78,55372,2541.4%China Mobile ADSCHL500 23,05824,925China0.5%HarrisHRS800 37,07735,3920.7%Telefonica ADSTEF800 58,78451,200Spain1.0% 197,472183,7713.6% **Tools**Stanley Black & DeckerSWK446 29,65426,5500.5% **Transportation**Allegiant TravelALGT1,200 50,92159,9161.1%Canadian National RailwayCNI800 40,23751,160Canada1.0%LAN Airlines ADSLFL3,500 48,996107,695Chile2.1% 140,154218,7714.2% **Utilities**IDACORPIDA1,400 48,93850,8481.0%NRG Energy²NRG1,200 29,34823,2560.4% 78,28674,1041.4% **Total equities** **$2,981,727****$3,034,097****58.0%****Bonds — 37.8%****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Building**Home Depot5.40% due 03/01/2016$100,000 $114,218 2.2% 	**Chemicals**E.I. du Pont de Nemours5.25% due 12/15/2016100,000 115,337 2.2% 	**Computer Software**Oracle5.25% due 01/15/2016100,000 114,941 2.2% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**21**Sextant Core Fund****Schedule of Investments*****Bonds — 37.8%****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Electronics**Emerson Electric5.375% due 10/15/2017$100,000 $115,618 2.2%General Electric Capital5.35% due 04/15/2022101,000 103,646 2.0% 201,000 219,264 4.2% 	**Energy**Boardwalk Pipelines LLC5.50% due 02/01/2017100,000 108,430 2.1% 	**Finance Services**Countrywide Home Loan6.73% due 04/17/2013100,000 104,760 2.0%Western Union5.93% due 10/01/201630,000 34,653 0.7% 130,000 139,413 2.7% 	**Insurance**Berkley WR5.875% due 02/15/2013100,000 105,655 2.0% 	**Municipal General Obligation**Lake Washington SD 414 WA BAB4.906% due 12/01/2027100,000 97,048 1.9% 	**Office Equipment**Staples7.375% due 10/01/201290,000 99,138 1.9% 	**Telecommunications**Bellsouth4.75% due 11/15/2012100,000 107,161 2.0%Verizon New England6.50% due 09/15/2011 100,000 104,351 2.0% 200,000 211,512 4.0% 	**Transportation**CSX6.75% due 03/15/201195,000 96,575 1.8%SeaRiver Maritime0.00% due 09/01/2012112,000 107,266 2.1% 207,000 203,841 3.9% 	**U.S. Government Agency**FHLMC4.55% due 02/15/2030100,000 100,426 1.9% 	**U.S. Government**U.S. Treasury Bond3.875% due 08/15/2040100,000 96,078 1.8%U.S. Treasury Bond4.50% due 02/15/203650,000 54,023 1.0%U.S. Treasury Bond5.375 due 02/15/203160,000 73,247 1.4%U.S. Treasury Bond5.50% due 08/15/2028100,000 123,375 2.4% 310,000 346,723 6.6% 	**Total bonds****$1,838,000****$1,975,946****37.8%** 	Total investments (Cost=$4,901,170) 5,010,04395.8%Other assets (net of liabilities) 217,629 4.2%**Total net assets** **$5,227,672****100.0%***¹Equities are issued from U.S. Domestic companies where no Country is listed²Non-income producing*
*ADS: American Depositary Share			    ADR: American Depositary Receipt*

*The accompanying notes are an integral part of these financial statements.*
*22**November 30, 2010 Annual Report**Sextant Core Fund****Schedule of Investments*****Portfolio composition by security type****Market Value****Percentage of Assets** Common Stocks $3,034,09758.0% Corporate Bonds 1,431,74927.4% Municipal Bonds 97,0481.9% U.S. Government Agency Bond 100,4261.9% U.S. Government Bonds 346,7236.6%  Total Investments 5,010,04395.8% Other assets (net of liabilities) 217,629 4.2% **Total Net Assets****$5,227,672****100.0%*****Statement of Assets and Liabilities****As of November 30, 2010* 	**Assets**  Investments in securities, at value 						      (Cost $4,901,170)$5,010,043  Cash275,197   Dividends and interest receivable29,424   Receivable for Fund shares sold2,235     Total assets5,316,899 **Liabilities**  Payable for securities purchased80,713   Accrued expenses4,656   Payable to affiliates2,773   Accrued distribution fee1,085     Total liabilities89,227 **Net assets****$5,227,672** 	**Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$5,268,206  Accumulated net realized loss(149,657)  Unrealized net appreciation on investments108,873   Undistributed net investment income250 **Net assets applicable to Fund shares outstanding****$5,227,672**  **Fund shares outstanding****519,529**  **Net asset value, offering and redemption price per share****$10.06*****Statement of Operations****Year ended November 30, 2010* 	**Investment income**  Interest income$73,503  Dividend income 						      (net of foreign tax of $3,228)64,563   Miscellaneous income50     Gross investment income138,116 **Expenses**  Investment adviser fees21,177   Filing and registration fees13,501   Distribution fees11,731   Trustee fees3,155   Audit fees2,762   Shareowner servicing fees2,204   Other expenses1,303   Legal fees488   Chief Compliance Officer expenses263   Custodian fees233     Total gross expenses56,817   Less custodian fee credits(233)    Net expenses56,584 **Net investment income****$81,532** 	 	Net realized loss from investments and foreign currency($11,776) Net increase in unrealized appreciation on investments248,687 **Net gain on investments****$236,911** 	**Net increase in net assets resulting from operations****$318,443**
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**23**Sextant Core Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$81,532 $53,888   Net realized loss on investments(11,776)(62,995)  Net increase in unrealized appreciation248,687661,304     Net increase in net assets318,443 652,197 **Distributions to shareholders from**  Net investment income(81,285)(54,992)**Capital share transactions**  Proceeds from sales of shares934,199 1,191,517   Value of shares issued in reinvestment of dividends81,285 54,992   Early redemption fees retained11 -   Cost of shares redeemed(195,800)(754,617)    Net increase in net assets 819,695 491,892 **Total increase in net assets****1,056,853****1,089,097** 	**Net assets**Beginning of year4,170,819 3,081,722 End of year5,227,672 4,170,819  	Undistributed net investment income$250$ - 	**Shares of the Fund sold and redeemed**  Number of shares sold95,662 141,315   Number of shares issued in reinvestment of dividends8,080 5,740   Number of shares redeemed(19,806)(98,320)**Net increase in number of shares outstanding****83,936****48,735*****Financial Highlights****For Year Ended November 30,**  Period ended**Selected data per share of outstanding capital stock throughout each year:***2010****2009****2008****  Nov. 30, 2007¹****Net asset value at beginning of year****$9.58****$7.97****$10.67****$10.00****Income from investment operations**  Net investment income0.160.130.190.12  Net gain (loss) on securities (both realized and unrealized)0.481.61(2.70)0.69**Total from investment operations****0.64****1.74****(2.51)****0.81****Less distributions**  Dividends (from net investment income) (0.16)(0.13)(0.19)(0.12)  Distribution in excess (from net investment income)-- - (0.02)  Return of capital- - 0.00²- **Total distributions****(0.16)****(0.13)****(0.19)****(0.14)**  Paid-in capital from early redemption fees0.00²- - 0.00²  	**Net asset value at end of year****$10.06****$9.58****$7.97****$10.67**  **Total return****6.67%****21.81%****(23.52)%****8.12%³** 	**Ratios / supplemental data**Net assets ($000), end of year$5,228 $4,171 $3,082 $3,907 Ratio of expenses to average net assets  Before custodian fee credits1.21%1.78%1.54%1.35%4  After custodian fee credits1.21%1.78%1.53%1.21%4Ratio of net investment income after custodian fee credits to average net assets1.74%1.57%1.89%2.08%4**Portfolio turnover rate****13%****40%****16%****7%³***¹Fund commenced operations March 30, 2007     ²Amount is less than $0.01     ³Since inception March 30, 2007; not annualized     4Annualized*
*The accompanying notes are an integral part of these financial statements.*
*24**November 30, 2010 Annual Report**Sextant Growth Fund*
***Performance Summary       (unaudited)***
**Average Annual Returns as of November 30, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Growth Fund							10.93%														1.46%														3.55%							1.34%S&P 500 Index							9.94%														0.98%														0.81%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2000 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $14,171 versus $9,000 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009. The ratio presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods.*

**Fund Objective**

The objective of the Growth Fund is long-term capital growth.
**Industry Allocation** **Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
Apple6.1%Amazon.com4.3%Allegiant Travel3.3%Johnson & Johnson2.5%Dr. Pepper Snapple Group2.4%Alaska Air2.3%Intuit2.2%Trimble Navigation2.1%Hewlett-Packard2.1%Honeywell International2.1%*November 30, 2010 Annual Report**25**Sextant Growth Fund*
***Discussion of Fund Performance       (unaudited)***

**Fiscal Year 2010**

For the fiscal year ended November 30, 2010, the Sextant Growth Fund share price gained 10.93%. This compares with the broader S&P 500 Index's 9.94% gain. In a time when many equity funds suffered net withdrawals, our results attracted new investments, and Fund assets increased 12%. The Fund's annual expense ratio declined to 1.01% from 1.34%, reflecting higher assets and the performance element of the management fee. 

**Factors Affecting Past Performance**

During 2010, the U.S. economy struggled out of a major recession. The 2008-2009 financial crisis bankrupted major firms, and the over-extended real estate and construction markets tumbled around the world. During 2010, U.S. companies benefited from inventory rebuilding, exports, and finally the return of the consumer — leading many to report solid earnings.

Computers, our largest industry (13.0% of the Fund), performed well for us as our largest holding, Apple,  appreciated almost 56%. Retail, our second largest industry (11.8% of the Fund), also outperformed as our second largest holding, Amazon.com, appreciated over 29%. Our low exposure to the risky banking and financial sectors hurt as many of these issues recovered strongly in 2010.

The Sextant Growth Fund seeks long-term growth through investment in common stocks of U.S. domiciled companies. It generally follows a value investment approach, favoring companies with good fundamentals and relatively low price/earnings and price/book ratios. 

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

**Looking Forward**

U.S. monetary and fiscal policies are still highly stimulative, but governments cannot forever ignore the costs of their lavish spending habits. There are new federal restrictions on banks and financial firms, reducing lending and the pace of recovery. Generous long-term unemployment benefits, expensive new mandates for broad health insurance, rising taxes and fees on employment are all hindering the normal employment growth characteristic of past economic recoveries.

Burdened by decades of overspending and borrowing, the U.S. financial system will take years to recover. Construction, the swing economic sector, has been down for a long time. Commodity output and prices have increased as demand surged in emerging markets, but the outlook now is dimmer. We expect developing world economies, such as Brazil, India and China, to grow faster than older and less structurally competitive countries such as Britain and the United States.  Extremely low interest rates are being maintained in the U.S., although the Japanese experience shows this is no panacea. Europe, with its many cultures, is faltering around the edges.

Our analysts increasingly travel the country and the world, believing that first-hand observations are always useful. We continue our focus on larger companies, which tend to be more stable over time. Technology and basic industry investments should be profitable. 

The volatility, risks, and returns of the stock market should continue. The poor stock market performances of 2000 through 2002 were reversed in 2003 through 2007 as stocks again provided investors with strong investment returns. The market collapse of 2008 was reversed in 2009 and 2010. Yet, investors burned from speculation are hesitant to return to the equity markets. Rising earnings are the long-term response to the obvious risk of explosive future inflation.

A long-term approach is the best opportunity to prosper: For the difficult decade ending December 31, 2010, the Fund provided a 3.32% annualized total return. This compares with the low 0.30% average for the 787 funds in Morningstar's "Large Growth" category. And while below the averages established over many decades for equity investing, it is superior to the zero returns investors currently receive on cash, short-term equivalents, or money under the mattress.

**Management Fee Calculations**

The Sextant Growth Fund calculates the performance part of its management fee by comparing the Fund's return to the average return in Morningstar's "Large Growth" category. The Fund's 12-month return (10.93%) was between two and three percent below the Morningstar™ category average (13.07%) at month-end November 30, 2010. Therefore, a performance decrease of 0.20% annually was subtracted from the basic 0.60% annual management fee for the month of December 2010.
*26**November 30, 2010 Annual Report**Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Automotive**Ford Motor¹F25,000 $319,450 $398,500 1.6% **Banking**Washington BankingWBCO25,000 318,265 319,750 1.3%Washington FederalWFSL15,000 305,250 221,175 0.9% 623,515 540,925 2.2% **Building**KB HomeKBH15,000 173,598 169,500 0.7%Lowe's CompaniesLOW15,000 295,388 340,500 1.4%WeyerhaeuserWY21,082 328,637 351,859 1.5% 797,623 861,859 3.6% **Computers**Adobe Systems¹ADBE7,600 39,971 211,280 0.9%Apple¹AAPL4,800 39,606 1,493,520 6.1%Hewlett-PackardHPQ12,000 370,775 503,160 2.1%Intuit¹INTU12,000 302,027 538,680 2.2%OracleORCL15,000 115,139 405,675 1.7% 867,518 3,152,315 13.0% **Diversified Operations**Honeywell InternationalHON10,000 330,476 497,100 2.1%Raytheon CompanyRTN6,500 348,174 300,625 1.2% 678,650 797,725 3.3% **Electronics**Advanced Micro Devices¹AMD20,000 139,886 145,800 0.6%Agilent Technologies¹A13,000 312,921 455,260 1.9%Trimble Navigation¹TRMB14,000 202,081 521,360 2.1% 654,888 1,122,420 4.6% **Energy**Devon EnergyDVN6,000 381,365 423,420 1.7%NextEra EnergyNEE7,000 244,409 354,340 1.5%NobleNE10,000 201,756 339,200 1.4%Spectra EnergySE13,000 236,250 309,010 1.3% 1,063,780 1,425,970 5.9% **Finance**Charles SchwabSCHW25,000 79,726 375,750 1.6%E*TRADE Financial¹ETFC15,000 267,000 221,250 0.9%VisaV3,000 263,220 221,550 0.9% 609,946 818,550 3.4% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**27**Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Food Production**Dr. Pepper Snapple GroupDPS16,000 $383,381 $586,080 2.4%PepsiCoPEP6,000 330,575 387,780 1.6% 713,956 973,860 4.0% **Hotels & Motels**Red Lion Hotels¹RLH50,000 224,859 383,500 1.6% **Insurance**ChubbCB7,000 308,505 399,070 1.7% **Medical**Abbott LaboratoriesABT7,000 305,488 325,570 1.4%Amgen¹AMGN3,700 111,703 194,953 0.8%AmSurg¹AMSG15,000 324,804 276,000 1.1%Johnson & JohnsonJNJ10,000 642,017 615,500 2.5%Pharmaceutical Product DevelopmentPPDI15,000 63,420 373,800 1.6%VCA Antech¹WOOF8,000 209,048 174,760 0.7% 1,656,480 1,960,583 8.1% **Metal Ores**AK Steel HoldingAKS10,000 173,789 132,800 0.6%AlcoaAA30,000 394,483 393,750 1.6% 568,272 526,550 2.2% **Publishing**John Wiley & Sons Class AJW/A8,000 235,103 332,000 1.4% **Real Estate**LoopNet¹LOOP20,000 156,091 213,200 0.9% **Retail**Amazon.com¹AMZN6,000 260,090 1,052,400 4.3%Bed Bath & Beyond¹BBBY9,000 331,221 393,660 1.6%Best BuyBBY10,000 454,356 427,200 1.8%CoachCOH6,000 213,255 339,240 1.4%CVS CaremarkCVS10,000 339,270 310,000 1.3%StaplesSPLS15,000 322,143 330,150 1.4% 1,920,335 2,852,650 11.8% **Steel**NucorNUE4,000 189,851 150,960 0.6% **Telecommunications**AT&TT10,000 232,700 277,900 1.2% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*28**November 30, 2010 Annual Report**Sextant Growth Fund****Schedule of Investments*****Common Stocks****Symbol****Number of Shares****Cost****Market Value****Percentage of Assets****Tools**Lincoln Electric HoldingsLECO4,000 $180,617 $ 246,640 1.0%Regal-Beloit RBC5,500 173,846 335,500 1.4%Stanley Black & DeckerSWK3,000 190,295 178,590 0.7% 544,758 760,730 3.1% **Transportation**Alaska Air¹ALK10,000 286,762 550,000 2.3%Allegiant TravelALGT16,000 683,659 798,880 3.3%Norfolk SouthernNSC7,000 318,942 421,190 1.8%United Parcel Service Class BUPS6,000 395,747 420,780 1.7% 1,685,110 2,190,850 9.1% **Utilities**Duke EnergyDUK10,000 172,211 175,500 0.7%IDACORPIDA12,000 372,928 435,840 1.8%NRG Energy¹NRG10,000 234,150 193,800 0.8%Piedmont Natural GasPNY8,000 220,875 236,640 1.0%Sempra EnergySRE6,000 276,535 300,540 1.2% 1,276,699 1,342,320 5.5% Total investments  $15,328,089 21,482,437 88.8%Other assets (net of liabilities)  2,722,975 11.2%**Total net assets** **$24,205,412****100.0%***¹Non-income producing*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**29**Sextant Growth Fund****Statement of Assets and Liabilities****As of November 30, 2010* 	**Assets**  Investments in securities, at value  (Cost $15,328,089)$21,482,437   Cash2,743,758   Dividends receivable25,131   Receivable for Fund shares sold3,013   Insurance reserve premium1,215     Total assets24,255,554 **Liabilities**  Payable for Fund shares redeemed15,812   Payable to affiliates13,494   Accrued expenses13,411   Accrued distribution fee5,022   Distributions payable2,403     Total liabilities50,142 **Net assets****$24,205,412**			 			 	**Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$18,065,748   Unrealized net appreciation on investments6,154,348  Accumulated net realized loss(16,771)  Undistributed net investment income2,087 **Net assets applicable to Fund shares outstanding****$24,205,412** 	**Fund shares outstanding****1,367,601**  **Net asset value, offering and redemption price per share****$17.70*****Statement of Operations****Year ended November 30, 2010* 	**Investment income**  Dividend income$297,644    Miscellaneous income142     Gross investment income297,786 **Expenses**  Investment adviser fees102,677   Distribution fees57,234   Filing and registration fees17,380   Trustee fees15,511   Audit fees12,094   Printing and postage8,813   Shareowner servicing fees6,535   Other expenses4,402   Chief Compliance Officer expenses3,944   Legal fees1,192   Custodian fees1,143     Total gross expenses230,925    Less custodian fee credits(1,143)    Net expenses229,782 **Net investment income****$68,004** 	 	 Net realized gain from investments$660,507 Net increase in unrealized appreciation on investments1,661,727 **Net gain on investments****$2,322,234****Net increase in net assets resulting from operations****$2,390,238**
*The accompanying notes are an integral part of these financial statements.*
*30**November 30, 2010 Annual Report**Sextant Growth Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income (loss)$68,004 ($43,120)  Net realized gain (loss) on investments660,507 (568,894)  Net increase in unrealized appreciation1,661,727 4,065,501     Net increase in net assets2,390,238 3,453,487 **Distributions to shareholders from**  Net investment income(65,917)(4,892)**Capital share transactions**  Proceeds from sales of shares5,126,976 10,027,662   Value of shares issued in reinvestment of dividends63,514 4,721   Early redemption fees retained943 181   Cost of shares redeemed(4,843,972)(4,104,933)    Net increase in net assets 347,461 5,927,631 **Total increase in net assets****2,671,782****9,376,226** 	**Net assets**Beginning of year21,533,630 12,157,404 End of year24,205,412 21,533,630 	Undistributed net investment income$2,087$ - 	**Shares of the Fund sold and redeemed**  Number of shares sold305,136732,266   Number of shares issued in reinvestment of dividends3,589 295   Number of shares redeemed(286,706)(290,827)**Net increase in number of shares outstanding****22,019****441,734*****Financial Highlights****For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2010****2009****2008****2007****2006****Net asset value at beginning of year****$16.00****$13.45****$19.99****$18.66****$17.11****Income from investment operations**  Net investment income (loss)0.05 (0.04)0.04 0.01 (0.02)  Net gains (losses) on securities (both realized and unrealized)1.70 2.59 (6.55)1.80 1.74 **Total from investment operations****1.75****2.55****(6.51)****1.81****1.72****Less distributions**  Dividends (from net investment income)(0.05)(0.00)¹(0.03)(0.01)-  Distributions (from capital gains)- - (0.00)¹(0.47)(0.17)**Total distributions****(0.05)****(0.00)¹****(0.03)****(0.48)****(0.17)**  Paid-in capital from early redemption fees0.00¹ 0.00¹ 0.00¹ 0.00¹ 0.00¹  **Net asset value at end of year****$17.70****$16.00****$13.45****$19.99****$18.66** **Total return****10.93%****18.98%****(32.58)%****9.74%****10.06%** **Ratios / supplemental data**Net assets ($000), end of year$24,205 $21,534 $12,157 $15,996 $13,728 Ratio of expenses to average net assets  Before custodian fee credits1.01%1.34%1.25%1.32%1.25%  After custodian fee credits1.00%1.34%1.24%1.30%1.21%Ratio of net investment income (loss) after custodian fee credits to average net assets0.30%(0.25)%0.20%0.09%(0.12)%**Portfolio turnover rate****16%****7%****2%****3%****11%***¹Amount is less than $0.01*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**31**Sextant International Fund*
***Performance Summary       (unaudited)***
**Average Annual Returns as of November 30, 2010****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant International Fund							8.43%														7.10%														6.58%							1.14%NYSE Arca International Index							-3.54%														2.63%														2.56%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2000 to an identical amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $18,919 versus $9,806 in the index.****Past performance does not guarantee future results.**The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 30, 2010, incorporating results for the for the fiscal year ending November 30, 2009. The ratio presented in this table differs from the expense ratios shown elsewhere in this report as they represent different fiscal periods.*

**Fund Objective**

The objective of the International Fund is long-term capital growth.
**Industry Allocation** **Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
U.S. Treasury Bill due 02/17/20116.6%Teck Resources3.3%LAN Airlines ADS2.7%Toronto-Dominion Bank1.9%Copa Holdings 1.8%Newcrest Mining ADS1.7%Novo Nordisk ADS1.6%Potash Corp. of Saskatchewan1.6%Anglo American ADR1.6%Infosys ADS1.4%*32**November 30, 2010 Annual Report**Sextant International Fund*
***Discussion of Fund Performance        (unaudited)***

**Fiscal Year 2010**

For the fiscal year ended November 30, 2010, the Sextant International Fund gained 8.43%. For the previous fiscal year (2009), the Fund gained 24.22%. The Fund's benchmark, the NYSE Arca International Index of 50 global ADRs, declined 3.54% for fiscal 2010. 

The spreading of fixed expenses over higher assets helped the Fund's annual expense ratio to decrease to 1.03% from 1.13%. The Fund paid a year-end income dividend of 5.9¢ per share, up 84% from last year's 3.2¢ income dividend. The long-term capital gains dividend was 12.372¢ per share.

**Longer-Term Results**

On page two of this report are the comparative returns and percentile Morningstar category rankings as of December 31, 2010. Over the last three years, Sextant International Fund ranks in the very top (1st) percentile out of 694 funds in the Foreign Large Blend category. For the last five years, it also ranks in the top (1st) percentile out of 511 funds. This exceptional long-term performance is attracting many new investors, and total Fund assets jumped by almost $55 million (57%) for fiscal 2010. 

**Factors Affecting Past Performance**

In a recovering world economy awash with virtually free stimulus funds, the U.S. dollar remained relatively constant during 2010. Conservatively, we held large amounts in temporary cash and equivalent positions which protected the Fund without significantly reducing our comparative returns. The Fund is diversified across industries and countries, favoring larger and more established companies that are more stable in difficult times.

Our portfolio remains most invested in Canada (helped in 2010 by resource and energy companies) and the U.K. (with a weak coalition government and economy). Recovering economic activity, especially in the developing world, meant commodity prices pushed back up, supporting our cyclical and resource based emphasis. The accompanying tables and graphs show the industry allocation and holdings. Other than cash and equivalents and our largest position in Canada's Teck Resources (3.3% of the portfolio and up 42% in the fiscal year), our holdings in any one issue are small. Resources (metal ores) is our largest industry, followed by telecommunications and banking. The world banking system survived the crisis and rallied in 2010, but it is still shaky and hesitant to lend for new projects.

**Looking Forward**

Asia and Latin America rebounded fast from the recession caused by the 2008 world credit collapse. Money from developed world stimulus programs flows freely, boosting markets. But governments must now scale back this spending and raise interest rates — an outlook that scares us. Prices, especially for commodities, are unlikely to continue to rise. 

Sextant International Fund is broadly diversified in companies headquartered outside the United States. Many have worldwide operations, including in the U.S. Burdened by decades of overspending and borrowing, the financial systems of most countries will take years to recover. Europe, with its many cultures, is being pulled at the edges (Iceland, Greece, Ireland, Portugal). 

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

**Management Fee Calculations**

The Sextant International Fund calculates the performance part of its management fee by comparing of the Fund's return to the average return of its Morningstar™ category, "Foreign Large Blend." At November 30, 2010, the average one-year return for this category was 3.95%. Because the Fund outperformed this average by more than 4% at November 30, 2010 (12-month return of 8.43%), the maximum performance bonus of 0.30% annually was added to the basic 0.60% annual management fee for the month of December 2010.
**Countries****% of Fund Assets**Canada14.5%United Kingdom7.0%United States6.6%Japan4.4%Australia4.0%Spain3.8%Chile3.7%Mexico3.2%Brazil2.4%India2.4%Other countries < 2%15.9%Cash & equivalents32.1%*November 30, 2010 Annual Report**33**Sextant International Fund****Schedule of Investments*****Common Stocks — 61.3%****Symbol****Number of Shares****Cost****Market Value****Country****Percentage of Assets****Automotive**Nissan Motor ADSNSANY95,000 $1,237,551$1,782,200Japan1.2%Toyota Motor ADSTM20,000 1,496,296 1,553,800 Japan1.0%  2,733,847 3,336,000 2.2% **Banking**Australia & New Zealand Banking Group ADSANZBY80,000 1,581,4571,753,600Australia1.2%AXA ADSAXAHY17,000 376,633243,780France0.2%Banco Bilbao Vizcaya ArgentariaBBVA50,000 706,547460,500Spain0.3%Banco Santander ADSSTD202,564 1,910,5091,948,666Spain1.3%ICICI BankIBN30,000 655,8031,501,200India1.0%Mitsubishi UFJ Financial Group ADRMTU200,000 1,225,178942,000Japan0.6%Nomura Holdings ADRNMR30,000 351,958171,600Japan0.1%Toronto-Dominion BankTD40,000 2,302,1632,911,600Canada1.9%  9,110,2489,932,9466.6% **Building**Ritchie Bros. AuctioneersRBA30,000 634,727600,600Canada0.4% **Chemicals**BASF ADSBASFY13,000 691,616976,170Germany0.7%Potash Corp. of SaskatchewanPOT17,000 1,275,2332,443,750Canada1.6%  1,966,8493,419,9202.3% **Computers**Dassault Systems ADRDASTY10,000 502,877685,500France0.4%Infosys ADSINFY32,000 1,018,7212,116,800India1.4%Nice Systems ADS¹NICE10,000 320,000306,400Israel0.2%SAP ADSSAP12,000 470,438563,160Germany0.4%  2,312,0363,671,8602.4% **Energy**Cenovous EnergyCVE60,000 1,516,2981,726,200Canada1.1%EnCanaECA40,000 1,097,8661,108,000Canada0.7%Repsol YPF ADSREP55,000 1,263,2141,329,350Spain0.9%StatoilHydro ADSSTO30,173 716,086603,158Norway0.4%Total ADSTOT30,000 1,735,6651,463,100France1.0%Vestas Wind Systems ADR¹VWDRY50,000 854,000474,000Denmark0.3%  7,183,1296,703,8084.4% **Food Production**Coca-Cola Femsa ADSKOF20,000 727,7301,619,600Mexico1.1%Fomento Economico Mex ADSFMX20,000 826,0241,131,000Mexico0.7%Unilever ADSUL20,000 366,600559,200United Kingdom0.4%  1,920,3543,309,8002.2% **Games/Hobby Production**Nintendo ADRNTDOY17,000 718,849579,700Japan0.4% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*34**November 30, 2010 Annual Report**Sextant International Fund****Schedule of Investments*****Common Stocks — 61.3%****Symbol****Number of Shares****Cost****Market Value****Country****Percentage of Assets****Hotels & Motels**Orient-Express Hotels Class A¹OEH170,000 $1,507,427$1,966,900Bermuda1.3% **Insurance**Aegon¹AEG100,000 556,884553,000Netherlands0.4%ING Groep ADS¹ING92,852 1,024,064820,812Netherlands0.5%  1,580,9481,373,8120.9% **Machinery**Nidec ADRNJ13,000 188,339324,740Japan0.2% **Medical**American Oriental Bioengineering¹AOB100,000 511,188227,000China0.2%GlaxoSmithKline ADSGSK35,000 1,346,8771,339,800United Kingdom0.9%Novartis ADRNVS25,000 1,141,0661,335,250Switzerland0.9%Novo Nordisk ADSNVO25,000 1,631,8672,485,500Denmark1.6%Shire ADRSHPGY20,000 746,5501,406,800United Kingdom0.9%Teva Pharmaceutical Industries ADSTEVA38,000 1,887,1481,901,520Israel1.3%  7,264,6968,695,8705.8% **Metal Ores**Anglo American ADRAAUKY110,000 1,551,5592,427,700United Kingdom1.6%Barrick GoldABX40,000 1,509,8872,066,000Canada1.4%BHP Billiton ADSBHP20,000 1,066,9591,648,000Australia1.1%Newcrest Mining ADSNCMGY67,301 2,618,6822,587,723Australia1.7%Rio Tinto ADSRIO16,000 541,6681,026,080United Kingdom0.7%Teck Resources TCK100,000 458,2254,950,000Canada3.3%Tenaris ADRTS2,500 95,290106,450Luxembourg0.1%Vale ADRVALE60,000 998,7911,900,800Brazil1.2%  8,841,06116,712,75311.1% **Office Equipment**Canon ADS CAJ30,000 1,285,6241,411,800Japan0.9% **Paper & Paper Products**Fibria Celulose¹FBR45,500 550,799695,240Brazil0.5%Metso ADSMXCYY12,100 130,802622,545Finland0.4%UPM-Kymmene Oyj ADSUPMKY3,500 64,38451,905Finland0.0%²  745,9851,369,6900.9% **Publishing**Pearson ADSPSO90,000 1,021,9151,305,000United Kingdom0.9% **Telecommunications**America Movil ADSAMX30,000 917,4711,693,800Mexico1.1%BCEBCE60,000 1,414,0182,032,800Canada1.4%China Mobile ADSCHL25,000 1,172,2291,246,250China0.8%China Techfaith Wireless ADR¹CNTF50,000 182,646196,000China0.1%Millicom International CellularMICC10,000 905,668867,800Luxembourg0.6% *Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**35**Sextant International Fund****Schedule of Investments*****Common Stocks — 61.3%****Symbol****Number of Shares****Cost****Market Value****Country****Percentage of Assets****Telecommunications (continued)**PT Indosat ADRIIT20,000 $539,605$606,000Indonesia0.4%SK Telecom ADRSKM30,000 511,437539,400South Korea0.4%Telecom New Zealand ADSNZT20,000 193,396161,400New Zealand0.1%Telefonica ADSTEF30,000 1,918,6971,920,000Spain1.3%Telefonos de Mexico ADS Class LTMX30,000 489,451480,000Mexico0.3%TelusTU45,000 1,334,1871,959,300Canada1.3%Turkcell Iletisim Hizmetleri ADRTKC70,000 970,6181,192,800Turkey0.8%Vodaphone Group ADSVOD50,000 963,4201,253,000United Kingdom0.8%  11,512,84314,148,5509.4% **Transportation**Canadian Pacific RailwayCP32,000 1,228,5872,047,680Canada1.4%Copa Holdings CPA50,000 2,691,1022,788,500Panama1.8%Lan Airlines ADSLFL130,000 1,191,5804,000,100Chile2.7%Ryanair Holdings ADSRYAAY20,000 623,100610,600Ireland0.4%  5,734,3699,446,8806.3% **Utilities**BG Group ADSBRGYY14,000 1,253,7841,276,240United Kingdom0.8%CPFL Energia ADRCPL15,000 810,2441,065,150Brazil0.7%Enersis ADSENI65,000 1,024,8631,546,350Chile1.0%Korea Electric Power ADS¹KEP20,000 304,261238,200South Korea0.2%  3,393,1524,125,9402.7% **Total Equities****$69,656,398****$92,436,569****61.3%** **Bonds — 6.6%****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****U.S. Government**U.S. Treasury BillDue 02/17/2011$10,000,000 $9,996,970 6.6% Total investments (Cost = $79,653,802) 102,433,53967.9%Other assets (net of liabilities)  48,354,31132.1%**Total net assets** **$150,787,850****100.0%***¹Non-income producing²Amount is less than 0.01%*
*ADS: American Depositary Share	    ADR: American Depositary Receipt*

*The accompanying notes are an integral part of these financial statements.*
*36**November 30, 2010 Annual Report**Sextant International Fund****Statement of Assets and Liabilities****As of November 30, 2010* 	**Assets**  Investments in securities, at value 						      (Cost $79,653,802)$102,433,539   Cash48,461,916   Dividends and interest receivable220,360   Receivable for Fund shares sold210,075      Total assets151,325,890 **Liabilities**  Payable for Fund shares redeemed356,724   Accrued expenses81,391   Payable to affiliates58,262   Accrued distribution fee30,870   Distributions payable10,793     Total liabilities538,040 **Net assets****$150,787,850** 	**Analysis of net assets**  Paid-in capital (unlimited shares authorized, without par value)$127,990,058   Unrealized net appreciation on investments22,779,737   Accumulated net realized gain on investments108   Undistributed net investment income17,947 **Net assets applicable to Fund shares outstanding****$150,787,850** 	**Fund shares outstanding****10,034,987**  **Net asset value, offering and redemption price per share****$15.03*****Statement of Operations****Year ended November 30, 2010* 	**Investment income**  Dividend income 						      (net foreign tax of $202,934)$1,802,891  Interest income6,906   Miscellaneous income73    Gross investment income1,809,870 **Expenses**  Investment adviser fees700,482   Distribution fees294,119   Trustee fees52,457   Audit fees50,876   Printing and postage36,522   Filing and registration fees22,517   Other expenses18,316   Chief Compliance Officer expenses15,627   Shareowner servicing fees14,086   Custodian fees5,880   Legal fees4,500     Total gross expenses1,215,382   Less custodian fee credits(5,880)    Net expenses1,209,502 **Net investment income****$600,368** 	 	 Net realized gain from investments and foreign currency$1,594,850  Net increase in unrealized appreciation on investments6,930,644 **Net gain on investments****$8,525,494** **Net increase in net assets resulting from operations****$9,125,862**
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010 Annual Report**37**Sextant International Fund****Statements of Changes in Net Assets****Year ended Nov. 30, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$600,368 $179,085   Net realized gain (loss) on investments1,594,850 (315,079)  Net increase in unrealized appreciation6,930,644 17,373,379     Net increase in net assets9,125,862 17,237,385 **Distributions to shareholders from**  Net investment income(585,559)(218,276)   Capital gains distribution(1,227,888)-    Total distributions(1,813,447)(218,276)**Capital share transactions**  Proceeds from sales of shares78,011,156 82,572,379   Value of shares issued in reinvestment of dividends1,802,654 216,959   Early redemption fees retained23,972 12,495   Cost of shares redeemed(32,246,915)(25,432,998)    Net increase in net assets 47,590,867 57,368,835 **Total increase in net assets****54,903,282****74,387,944** 	**Net assets**Beginning of year95,884,568 21,496,624 End of year150,787,85095,884,568 	Undistributed net investment income$17,947$ - 	**Shares of the Fund sold and redeemed**  Number of shares sold5,343,193 6,896,044   Number of shares issued in reinvestment of dividends120,017 15,464   Number of shares redeemed(2,264,418)(1,973,879)**Net increase in number of shares outstanding****3,198,792****4,937,629*****Financial Highlights****For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2010****2009****2008****2007****2006****Net asset value at beginning of year****$14.03****$11.32****$16.11****$13.56****$11.22****Income from investment operations**  Net investment income0.06 0.02 0.03 0.04 0.11   Net gains (losses) on securities (both realized and unrealized)1.12 2.72 (4.79)2.93 2.34 **Total from investment operations****1.18****2.74****(4.76)****2.97****2.45****Less distributions**  Dividends (from net investment income)(0.06)(0.03)(0.03)(0.03)(0.11)  Distributions (from capital gains)(0.12)- - (0.39)- **Total distributions****(0.18)****(0.03)****(0.03)****(0.42)****(0.11)**  Paid-in capital from early redemption fees0.00¹ 0.00¹ 0.00¹ 0.00¹ 0.00¹  **Net asset value at end of year****$15.03****$14.03****$11.32****$16.11****$13.56** **Total return****8.43%****24.22%****(29.56)%****21.90%****21.85%** **Ratios / supplemental data**Net assets ($000), end of year$150,788 $95,885 $21,497 $13,854 $9,266 Ratio of expenses to average net assets  Before custodian fee credits1.03%1.14%1.43%1.50%1.09%  After custodian fee credits1.03%1.13%1.42%1.47%1.02%Ratio of net investment income after custodian fee credits to average net assets0.51%0.27%0.40%0.30%0.94%**Portfolio turnover rate****2%****2%****10%****8%****9%***¹Amount is less than $0.01*
*The accompanying notes are an integral part of these financial statements.*
*38**November 30, 2010 Annual Report**Notes To Financial Statements*NOTE 1 — Organization
Saturna Investment Trust (the "Trust") was established under Washington State Law as a Business Trust on February 20, 1987. The Trust is registered as a no-load, open-end, diversified series management investment company under the Investment Company Act of 1940, as amended. Six portfolio series have been created to date: Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fund, Sextant International Fund (the "Funds"), and Idaho Tax-Exempt Fund, which is distributed through a separate prospectus and the results of which are contained in a separate report. 

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

The investment objective of the Growth and International Funds is long-term capital growth. The investment objectives of the Core Fund are long-term capital appreciation and preservation. The investment objective of the Bond Income and Short-Term Bond Funds is current income, with Short-Term Bond having the additional objective of capital preservation of capital.
NOTE 2 — Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Funds.

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

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

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

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

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

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

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

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

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

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

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

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

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

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

Level 3 — Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing 
*November 30, 2010 Annual Report**39**Notes To Financial Statements (continued)*
the Trust's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

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

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

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

The following is a summary of the inputs used as of November 30, 2010 in valuing the Funds' investments carried at value:
**Funds****Total****Level 1 Quoted Price****Level 2 Significant Observable Input****Level 3 Significant Unobservable Input****Short-Term Bond**Corporate Bonds$3,069,350 $ - $3,069,350 $ - U.S. Government $358,066 $ - $358,066 $ - Foreign Government Bonds$480,388 $ - $480,388 $ - Municipal Bonds$841,753 $ - $743,673 $98,080 **Total Assets****$4,749,557****$ -****$4,651,477****$98,080** 	**Short-Term Bond Level 3 Roll-Forward Municipal Securities**Beginning balance$ - Total unrealized gains or losses$3,080 Purchases$95,000 Maturity$ - Transfers in and/or out of level 3$ - **Ending Balance****$98,080** 	**Bond Income**Corporate Bonds$2,389,954 $ - $2,389,954 $ - U.S. Government Agency Bonds$348,578 $ - $348,578 $ - Foreign Government Bonds$234,780 $ - $234,780 $ - Municipal Bonds$1,885,868 $ - $1,885,868 $ - **Total Assets****$4,859,180****$ -****$4,859,180****$ -****Funds****Total****Level 1 Quoted Price****Level 2 Significant Observable Input****Level 3 Significant Unobservable Input****Core Fund**Common Stocks$3,034,097 $3,034,097 $ -$ - Corporate Bonds$1,431,749 $ -$1,431,749 $ - U.S. Government Agency Bonds$100,426 $ -$100,426 $ -U.S. Government Bonds$346,723 $ -$346,723 $ - Municipal Bonds$97,048 $ -$97,048 $ - **Total Assets****$5,010,043****$3,034,097****$1,975,946****$ -** 	**Growth Fund**Common Stocks$21,482,437 $21,482,437 $ - $ - **Total Assets****$21,482,437****$21,482,437****$ -****$ -** **International Fund**Common Stocks$92,436,569 $92,436,569 $ - $ - U.S. Government Bonds$9,996,970 $ - $9,996,970 $ - **Total Assets****$102,433,539****$92,436,569****$9,996,970****$ -**
In January 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update *"Improving Disclosures about Fair Value Measurements"* that requires additional disclosures regarding transfers into and out of Levels 1 and 2; and purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The first disclosure is effective for the reporting periods beginning after December 15, 2009. For the period ended November 30, 2010, there were no significant transfers in to or out of Levels 1 or 2. The second disclosure is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact the additional requirements will have on its financial statement disclosures.

**Odd Lots:**The bid-side valuations provided by the independent pricing service for fixed income securities are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of the Short-Term Bond Fund's holdings consist of less than a Round Lot and are considered "Odd Lots." Odd Lot Municipal Bonds trade at a discount to Round Lot Municipal Bonds to compensate for the effect of the fixed costs associated with a trade. To reflect this discount, the Funds apply a discount to the valuation of Odd Lot Municipal Bond 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*40**November 30, 2010 Annual Report**Notes To Financial Statements (continued)*
**Derivatives:**The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the fiscal year ended November 30, 2010, the Funds did not hold any derivative instruments.

**Investment concentration:**The Funds may have deposits of cash with the custodian from time to time for one or more reasons "Other assets (net of liabilities)" in the Funds' Schedules of Investments primarily represents cash on deposit with the custodian. Cash on deposit will vary widely over time. Accounting standards identify these items as a concentration of credit risk, requiring disclosure regardless of the degree of risk. The risk is managed by financial analysis and review of the custodian's operations, resources, and protections available to the Trust. This periodic process includes evaluation of other financial institutions providing investment company custody services.

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

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

**Reclassification of capital accounts:**Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share:
**Short-Term Bond****Bond Income**Undistributed net investment income$ - $ - Accumulated gains (losses)- - Paid-in capital$ - $ - **Core**Undistributed net investment income $ 3 Accumulated gains (losses)(3)Paid-in capital$ - **Growth****International**Undistributed net investment income$ - $3,138 Accumulated gains (losses)- (699)Paid-in capital$ - $(2,439)
These reclassifications were due to expiration of capital loss carryforwards, return of capital distributions, non-deductible excise tax, and the tax treatment of distributions of short-term gains.

**Distributions to shareowners:**For the Sextant Short-Term Bond Fund and Sextant Bond Income Fund, dividends to shareowners from net investment income 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 to shareowners from net investment income are payable at the end of each November. 

Distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations, and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on the payable date. Shareowners may elect to take dividends in cash.

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

**Other:**The Funds record security transactions based on a trade date. Dividend income is recognized on the ex-dividend date, and interest income is recognized on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Fund's understanding of the applicable country's tax rules and rates.
NOTE 3 — Transactions with Affiliated Persons
Under a contract approved by shareowners on September 28, 1995 (March 30, 2007 for Sextant Core Fund), Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services required to conduct Trust business. Expenses incurred by the Trust on behalf of the Funds (e.g., legal 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
*November 30, 2010 Annual Report**41**Notes To Financial Statements (continued)*
distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year.                    
- If the outperformance or underperformance is 2% or more, then the adjustment is at the annual rate of .20%.

Performance adjustment for Sextant Core Fund, Sextant Growth Fund and Sextant International Fund: 
- For each month in which these Funds' total investment return (change in net asset value plus all distributions reinvested) for the one year period through that month outperforms or underperforms the total return of a specified index for that period by 1% or more but less than 2%, the Base Fee is increased or decreased by the annual rate of .10% of the Fund's average daily net assets for the preceding year.
- If the outperformance or underperformance is 2% or more but less than 4%, then the adjustment is at the annual rate of .20%.
-  If the outperformance or underperformance is 4% or more, the adjustment is at an annual rate of .30%.

The Adviser has voluntarily undertaken to limit expenses of Sextant Short-Term Bond Fund to 0.75%, and Sextant Bond Income Fund to 0.90%, through March 31, 2012. 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 fiscal year ended November 30, 2010, the advisory fees incurred were as follows:
**Adviser Fees****Adviser Fees Waived****Expense 							Reimbursement****Short-Term Bond**$21,547$21,547$5,669 **Bond Income**21,621$15,652$ -**Core**21,177N/AN/A**Growth**102,677N/AN/A**International**$700,482N/AN/A
In accordance with the expense waiver noted above, for the fiscal year ended November 30, 2010, Saturna Capital waived a portion or all of the advisory fees of the Sextant Short-Term Bond Fund and Sextant Bond Income Fund. The adviser cannot recoup previously waived fees. 

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is registered as a broker-dealer and acts as distributor. On October 3, 2006, The Funds adopted a Distribution Plan in accordance with Rule 12b-1 under the 1940 Act. The plan provides that the Funds will pay a fee to SBS at an annual rate of .25% of the average net assets of the Funds. During the fiscal year ended November 30, 2010, the Trust paid SBS the following amounts:
**12b-1 Fees****Short-Term Bond**$11,745**Bond Income**11,887**Core**11,731**Growth**57,234**International**$294,119
SBS is the primary broker used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions for the Trust for free (no commissions). Should any change occur in this policy, shareowners would be notified. Transactions effected through other brokers may be subject to a commission payable to that broker.

Saturna Trust Company ("STC"), a subsidiary of Saturna Capital, is registered as a non-bank trustee and acts as shareowner servicing agent for the Funds. For the year ended November 30, 2010, the Fund paid STC the following amounts:
**Shareowner servicing fees****Short-Term Bond**$4,991**Bond Income**3,530**Core**2,204**Growth**6,535**International**$14,086
Mr. Nicholas Kaiser serves as a trustee and president of the Trust. Also a director and the chairman of Saturna Capital, he is not compensated by the Trust. For the fiscal year ended November 30, 2010, the Trust incurred compensation expenses of $27,000 which is included in $81,887 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 fiscal year ended November 30, 2010. For this period, the Short-Term Bond, Bond Income, Core, Growth, and International Funds incurred $353; $432; $263; $3,944; and $15,627 of expense, respectively, for the Chief Compliance Officer. 

On November 30, 2010, the trustees, officers, and their affiliates as a group owned 22.2%, 25.9%, 42.9%, 7.9% and 2.9% of the outstanding shares of Short-Term Bond, Bond Income, Core, Growth and International, respectively.
NOTE 4 — Distributions to Shareowners
The tax characteristics of distributions paid during the fiscal years ended November 30, 2009 and 2010 were as follows:
**Year ended						    Nov. 30, 2010****Year ended						    Nov. 30, 2009****Short-Term Bond Fund**  Ordinary income$113,515 $116,035 **Bond Income Fund**  Ordinary income184,745160,437 **Core Fund**  Ordinary income81,285 54,992 **Growth Fund**  Ordinary income65,917 4,892 **International Fund**  Ordinary income585,559 218,276   Long-term capital gain¹$1,227,888 $ - 
*¹Long-term capital gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*
*42**November 30, 2010 Annual Report**Notes To Financial Statements (continued)*NOTE 5 — Federal Income Taxes
The cost basis of investments for federal income tax purposes at November 30, 2010 were as follows:
**Short-Term Bond****Bond Income**Cost of investments$4,613,247 $4,605,051 Gross tax unrealized appreciation137,493 272,184 Gross tax unrealized depreciation1,183 18,055 Net tax unrealized appreciation$136,310 $254,129 **Core**Cost of investments$4,901,170Gross tax unrealized appreciation506,803 Gross tax unrealized depreciation397,930 Net tax unrealized appreciation$108,873 **Growth****International**Cost of investments$15,359,970 $79,653,802 Gross tax unrealized appreciation7,018,748 26,412,046 Gross tax unrealized depreciation896,281 3,632,309 Net tax unrealized appreciation$6,122,467 $22,779,737 
As of November 30, 2010, components of distributable earnings on a tax basis were as follows:
**Short-Term Bond****Bond Income**Net tax unrealized appreciation$136,310 $254,129 Undistributed ordinary income1,373 - Accumulated net realized loss(24,228)(67,631)Total distributable earnings (loss)(22,855)(67,631)Total accumulated earnings$113,455 $186,498 **Core**Net tax unrealized depreciation$108,873 Undistributed ordinary income250 Accumulated net realized loss(149,657)Total distributable earnings (loss)(149,407)Total accumulated earnings (loss)$(40,534)**Growth****International**Net tax unrealized appreciation$6,122,467 $22,779,737 Undistributed ordinary income2,087 17,947 Accumulated net realized gain15,110 108 Total distributable earnings17,197 18,055 Total accumulated earnings$6,139,664 $22,797,792 
At November 30, 2010, the Funds had capital loss carryforwards as follows, subject to regulation: 
**Carryforward****Expiration****Short-Term Bond**$3,074 201310,899 201410,255 2016**$24,228** 	**Bond Income**$13,440 20144,203 201529,521 201620,467 2017**$67,631** 	**Core**$74,883 201662,995 201711,779 2018**$149,657**
Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.
NOTE 6 — Investments
Investment transactions other than short-term investments for the fiscal year ended November 30, 2010 were as follows:
**Purchases****Sales****Short-Term Bond**$1,965,096 $1,129,889 **Bond Income**1,528,670 433,201 **Core**1,317,943 574,766 **Growth**4,260,636 3,331,856 **International**$22,989,027 $1,732,642 NOTE 7 — Custodian
Under agreements in place with PFPC Trust Company, custody fees are reduced by credits for cash balances. Such reduction for the fiscal year ended November 30, 2010 were as follows:
**Custodian Fee Credits****Short-Term Bond**$233 **Bond Income**237 **Core**233 **Growth**1,143 **International**$5,880 NOTE 8 — Subsequent Events
In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
*November 30, 2010 Annual Report**43**Report of Independent Registered Public Accounting Firm*
To the Shareholders and Board of Trustees

Saturna Investment Trust,

We have audited the accompanying statements of assets and liabilities of the Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fund and Sextant International Fund, each a series of the Saturna Investment Trust (the "Trust"), including the schedules of investments as of November 30, 2010, and the related statements of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended and with respect to the Sextant Core Fund, the financial highlights for each of the three years in the period then ended and for the period March 30, 2007 (commencement of operations) to November 30, 2008. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2010, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion. 

In our opinion the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Core Fund, Sextant Growth Fund, and Sextant International Fund, as of November 30, 2010, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania

January 25, 2011

*/s/ Tait, Weller & Baker LLP*				  Tait, Weller & Baker LLP
*44**November 30, 2010 Annual Report**Expenses (unaudited)*
All mutual funds have operating expenses. As a Sextant Fund shareowner, you incur ongoing costs, including management fees, distribution (or service) 12b-1 fees, and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. All mutual funds (unlike some other financial investments) only report their results after deduction of operating expenses. 

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

**Examples**The following example is based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (June 1, 2010 to November 30, 2010).

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

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

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not have any such transactional costs, with the exception of a redemption fee on shares held less than 90 calendar days). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value						    (June 1, 2010)****Ending Account Value						    (November 30, 2010)****Expenses Paid						    During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**  Actual							$1,000														$1,020.70														$3.55														0.70%							  Hypothetical (5% return before expenses)							$1,000							  							$1,021.56							  							$3.55							  							0.70%							   							**Bond Income Fund**  Actual							$1,000														$1,037.50														$4.39														0.86%							  Hypothetical (5% return before expenses)							$1,000							  							$1,020.76							  							$4.36							  							0.86%							   							**Core Fund**  Actual							$1,000														$1,068.90														$7.47														1.44%							  Hypothetical (5% return before expenses)							$1,000							  							$1,017.85							  							$7.28							  							1.44%							   							**Growth Fund**  Actual							$1,000														$1,050.20														$5.96														1.16%							  Hypothetical (5% return before expenses)							$1,000							  							$1,019.25							  							$5.87							  							1.16%							   							**International Fund**  Actual							$1,000														$1,116.10														$6.79														1.28%							  Hypothetical (5% return before expenses)							$1,000							  							$1,018.65							  							$6.48							  							1.28%							  
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2010 through November 30, 2010), multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).*
*November 30, 2010 Annual Report**45***Trustees and Officers (unaudited)**Name (age),						    addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (52)							  1500 N. State Street							  Bellingham, WA 98225Independent Trusteesince 1995Medical Examiner (pathologist);						    Owner, Avocet Environmental Testing (laboratory)							Six														None							Herbert G. Grubel, PhD (76)							  Apt. 1202 - 125 West Second St.							  North Vancouver, BC							  Canada V7M 1C5Independent Trustee¹ 						    since 2005Professor Emeritus of Economics, Simon Fraser University;						    Senior Fellow, Fraser Institute							Nine														Amana Mutual Funds Trust							John E. Love (78)							  1002 Spokane Street							  Garfield, WA 99130Chairman,							  Independent Trustee 						      since 1987Owner, J.E. Love Co.						    (agricultural equipment manufacturer)							Six														None							Ronald H. Fielding, MBA, CFA (61)							  42 Surfsong Rd.							  Kiawah Island, SC 29455Independent Trustee						    since 2009Retired (2009);						    Senior Vice President & Portfolio Manager, Oppenheimer Funds Rochester Division							Six														ICI Mutual Insurance							**Interested Trustee**Nicholas F. Kaiser, MBA, CFA (64)							  1300 N. State Street							  Bellingham, WA 98225President, Trustee¹ 						    since 1990Chairman (retired president 2009),						    Saturna Capital Corporation							Nine														Amana Mutual Funds Trust							**Officers who are not Trustees**Phelps S. McIlvaine (57)							  1300 N. State Street							  Bellingham, WA 98225Vice President						    since 1994Vice President,							  Saturna Capital Corporation;							  Treasurer,							  Saturna Brokerage Services 							N/A														N/A							Christopher Fankhauser (38)							  1300 N. State Street							  Bellingham, WA 98225Treasurer¹						    since 2002Chief Operations Officer,						    Saturna Capital Corporation							N/A														N/A							Ethel B. Bartolome (38)							  1300 N. State Street							  Bellingham, WA 98225Secretary¹						    since 2001Corporate Administrator,						    Saturna Capital Corporation							N/A														N/A							James D. Winship, MBA, JD (62)							  1300 N. State Street							  Bellingham, WA 98225Chief Compliance Officer¹						    since 2004Chief Compliance Officer and General Counsel,						    Saturna Capital Corporation							N/A														N/A							
Term of Office: each Trustee serves for the lifetime of the Trust or until he dies, resigns, is removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

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

On November 30, 2010, the trustees, officers, and their affiliates as a group owned 22.2%, 25.9%, 42.9%, 7.9% and 2.9% of the outstanding shares of Short-Term Bond, Bond Income, Core, Growth and International, respectively. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor. Mr. Kaiser is an interested person of the Trust by reason of his positions with the Trust's adviser and distributor. Moreover, he is the portfolio manager of the Sextant Growth Fund and the Sextant International Fund. Mr. McIlvaine is the portfolio manager of the Sextant Bond Income Fund and Sextant Short-Term Bond Fund. Mr. Winship is also Chief Compliance Officer for Saturna Capital Corporation.

¹Holds same position with Amana Mutual Funds Trust.
*46**November 30, 2010 Annual Report**Renewal of Investment Advisory Contract (unaudited)*
During their meeting of September 24, 2010, the Trustees of Saturna Investment Trust discussed the Trust's various operating agreements. They focused on renewing the Investment Advisory and Administration Agreements of the Sextant Funds of the Trust with Saturna Capital Corporation, discussing the nature, extent, and quality of the services provided by Saturna. The Trustees took into consideration that the Funds of the Trust offer a full range of high-quality investor services, and that there had been not only no reductions in these items during recent economic difficulties, but also enhancements in Saturna's operations during the last year. The Trustees discussed Saturna's experience, ability and commitment to quality service through performing internally such functions as shareowner servicing, administration, retirement plan and trust services, accounting, marketing, and distribution — in addition to investment management.

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

The Trustees found that the investment performance of the Sextant International Fund, both in absolute numbers and relative to funds in its Morningstar category, was outstanding. The Sextant Growth Fund and Sextant Core Fund were very good, and the investment performance of Sextant Short-Term Bond Fund and the Sextant Bond Income Fund were satisfactory. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

The Trustees reviewed the fees and expenses of the Funds. They noted that the performance-based advisory fees are unusual in the industry and fair and reasonable to shareowners. The Trustees considered the increasing assets of the Sextant Funds, and the extent to which advisory fees reflected economies of scale. The Trustees found the expense ratios less than those of similar funds and to be advantageous to shareowners given the sizes of the Funds, services provided, and expenses incurred. 

The Trustees reviewed Saturna's financial information and discussed the issue of profitability related to management and administration of the Funds as part of their evaluation of whether the fees under the advisory contract bear a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services. 

The Trustees noted that, although the assets of the Funds have grown, the Funds remain small, and there has been no opportunity for Saturna to demonstrate economies of scale. In fact, Saturna continues to operate the Funds at significant cost to itself. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none. The Trustees also noted Saturna's continued efforts to build a capital base in order that it might properly service the Funds, the value of which was apparent during recent financial turmoil.

The Trustees considered the fees charged by Saturna to other kinds of accounts and the different services provided to those accounts, as well as the ways in which Saturna's service and work done for other accounts it manages benefit the Funds.

The Trustees considered potential benefits to Saturna from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios. In fact, Saturna voluntarily waives brokerage commissions for Fund portfolio trades executed through its affiliated broker at a considerable cost to Saturna, which results in savings to Fund shareowners. 

The Trustees concluded that the fees paid by the Funds to Saturna were reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Funds. Following this discussion, the Trustees unanimously agreed to renew the Sextant Bond Income, Sextant Short Term Bond, Sextant Core, Sextant Growth, and Sextant International Funds' investment Advisory and Administration Agreements. 
*November 30, 2010 Annual Report**47**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.sextantmutualfunds.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.sextantmutualfunds.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. sextantmutualfunds.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.sextantmutualfunds.com; and (c) on the SEC's website at www.sec.gov.
*Privacy Statement*
At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

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

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

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

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

 
www.sextantmutualfunds.com
 
**Saturna Capital**(graphic omitted)1300 North State StreetBellingham, WA 98225www.saturna.com800/SATURNA 
This report is issued for the information of the shareowners of the Funds. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Funds. The Sextant Funds are series of Saturna Investment Trust. 

**Saturna Brokerage Services, Distributor**

 
Idaho Tax-Exempt FundAnnual ReportNovember 30, 2010
This report is issued for the information of the shareowners of the Idaho Tax-Exempt Fund. It is not authorized for distribution to prospective investors unless it is accompanied or preceded by an effective prospectus relating to the securities of the Fund, a series of Saturna Investment Trust. 
*Performance Summary:***Average Annual Returns (for calendar years ending December 31, 2010)** **1 Year****3 Years****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund1.86%3.52%3.65%3.93%0.85%S&P Idaho Municipal Bond Index2.40%4.11%4.10%5.21%N/A**Morningstar™ Ratings²****"Muni Single State Long" Category****Overall****1 Year****3 Years****5 Years****10 Years**Morningstar Rating™							  * * * *						  							n/a														  * * * *						  							  * * * *						  							  * * *						  % Rank in category							n/a														32														15														7														53							Funds in category							309														329														309														274														267							
***Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future performance.** Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll-free (800) SATURNA or visiting www.idahotaxexemptfund.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of 2% redemption fee on shares held less than 90 calendar days. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares.*

*¹ By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus which is dated March 30, 2010 and incorporates results for the fiscal year ending November 30, 2009. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

*² Source: Morningstar December 31, 2010. Morningstar, Inc. is an independent fund performance monitor. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% in each category receive 5 stars, the next 22.5% 4 stars, the next 35% 3 stars, the next 22.5% 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of performance figures associated with its 3, 5 and 10 year (if applicable) Morningstar Rating metrics.*

*% Rank in Category: This is the fund's total-return percentile rank for the specified time period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Percentile ranks within categories are most useful in those categories that have a large number of funds.*

***Please consider an investment's objectives, risks, charges and expenses carefully before investing. To obtain the Fund's prospectus that contains this and other important information please visit www.idahotaxexemptfund.com or call toll free 1-800/SATURNA. Please read the prospectus carefully before investing.***
*2**November 30, 2010       Annual Report*
(graphic omitted)
*Fellow Shareowners:*
For the six months ending November 30, 2010, Idaho Tax- Exempt Fund returned 1.37%. For the twelve months ended November 30, the Fund returned 3.26%. The fiscal year-end net asset value per share was $5.43, unchanged for the year. The Fund's operating expense ratio dropped to 0.73% from 0.84% the previous year.

Since November 30, 2009, the Fund's net assets rose 4.24% to $15.2 million, a record high.

Now known as the Great Recession, the last three years have taken a toll on Idaho. The unemployment rate peaked at over 10%, and has slowly declined to the November 2010 rate of 9.4%. Neighbor state Washington has a similar track, but Nevada still suffers the highest rate in the nation around 14%.

While Idaho's state tax revenues have been above their forecast for five months, they remain 1% below November 2009. Idaho cut programs, jobs, eliminated salary increases and General Fund inflation spending adjustments to balance the budget. In 2011, state spending will remain under pressure from the loss of federal recovery funds, the exhaustion of reserves and continued unemployment and medical insurance claims. However, Idaho does not have an underfunded pension liability nor a problem with market access. Idaho has joined with other states to challenge the federal government's expensive healthcare expansion that forces residents to buy health insurance. In Idaho, the political will to balance municipal budgets, pay bills on time, and grow the local economy seems robust.

The poor economy is reflected in 2010's low interest rates. Mortgages, municipal bonds, bank deposits, money market funds — all have extremely low yields. Now as the economy recovers, expect rates to rise.

Looking ahead, the economy will grow modestly. But we expect improvements in employment and personal income — and thus municipal tax revenues — to lag. Soft housing prices and their dampening effect on economic activity will continue. Idaho has advantages that other states do not. In general, Idaho taxes productive activities less and spends less on transfer programs. The American Legislative Exchange Council "State Economic Outlook Ranking" lists Idaho as the seventh most competitive state over the next ten years, an improvement from Idaho's 14th place rank in 2009. 

From 1998 to 2008, many investors considered all states creditworthy. The number of single state municipal bond funds declined as the credit differences between the states appeared less relevant. Then the recession exposed states with drooping revenues and overspending. The relative creditworthiness of each state has returned to municipal investment decisions. The premiums on state credit default swaps invite easy comparisons between Illinois and Ireland. Today a single state Idaho municipal bond fund is more relevant than ever for investors seeking tax-exempt income and safety.

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

We invite you to review the advantages of the Idaho Tax-Exempt Fund, and we welcome your suggestions. Only with your help can we be certain that we are meeting our primary objective — fulfilling your investment needs.

Respectfully,

**Nicholas Kaiser,** (graphic omitted)			    President

**Phelps McIlvaine,** (graphic omitted)                Vice President, Portfolio Manager 

January 14, 2011
*November 30, 2010       Annual Report**3**Bond Spotlight: Your Investment At Work*
When you invest in Idaho Tax-Exempt Fund, you entrust us with growing your investment and providing value to you. Idaho bonds have continued to confirm their role as one of the finest reservoirs of value. 

By providing local, state and federal governments, and private enterprises with some of the necessary funding to develop long-term infrastructure projects, bond issues help to raise money for projects that improve our quality of life.

Municipal bonds can also help contain infrastructure costs, especially for public works renovation and replacement. Bonds help build highways and roads, bridges and ports, reservoirs that provide storage and delivery of water, power plants and sewer systems, schools and unversities.

With your investment in the Idaho Tax-Exempt Fund, you help state and local governments finance capital projects which, in turn, stimulates the economy and creates jobs. The income generated by the municipal bonds in which the Fund invests are free from Idaho state and U.S. federal income tax, which can also benefit you.

Below are details of just a few of the bond issues which you own through the Idaho Tax-Exempt Fund. 

**Transportation** (graphic omitted)

1. Idaho Housing & Finance Association (4.60% due 07/15/2023)			    2. Idaho Housing & Finance Association (5.00% due 07/15/2024)

The Grant Anticipation Revenue Vehicle (GARVEE) Transportation Program allows Idaho to plan, design, and build critical highway improvements. These photos were taken of construction on I-84 in Boise, Idaho in August 2009. The GARVEE bond issues held by Idaho Tax-Exempt Fund are being used to fund variety of projects throughout the state for each of the six highway corridors. Major construction of all of the corridors is expected to be completed in 2011.

 
*4**November 30, 2010       Annual Report*
**Water Supply** (graphic omitted)

1. Pocatello ID Water Revenue (4.50% due 02/01/2024)			    2. Pocatello ID Water Revenue (4.75% due 02/01/2026)

The South Valley Water Tank, located off of S. 5th Ave. in southern Pocatello, will provide required storage for service demand and fire protection requirements for the southern region of Pocatello. This was a $2-million dollar project funded through water bond proceeds and a Federal STAG grant provided by the EPA. The project was completed on September 22, 2010.

**State Education** (graphic omitted)

1. University of Idaho Revenue, Series A (5.00% due 04/01/2019)			    2. University of Idaho Revenue, Series A (5.00% due 04/01/2020)			    3. University of Idaho Revenue (5.00% due 04/01/2028)

University of Idaho Revenue Bonds were used to improve the student commons building and area. The Idaho Commons and Student Union are at the center of student activities, organizations, and campus life at the University of Idaho. Through various programs and services, the Idaho Commons cultivates and enhances the living and learning experiences of students.
*November 30, 2010       Annual Report**5**Performance Summary***Average Annual Returns (as of November 30, 2010)****1 Year****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund							3.26%														4.07%														4.31%							0.85%S&P Idaho Municipal Bond Index							4.57%														4.60%														5.60%							N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 2000 to an identical amount invested in the Standard & Poor's Idaho Municipal Bond Index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $15,431 versus $17,276 in the S&P Idaho Municipal Bond Index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 90 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus which is dated March 30, 2010, incorporates results for the fiscal year ending November 30, 2009. The ratio presented in this table differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

**Fund Objective**

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.
**Industry Allocation** **Top Ten Holdings****% of Fund Assets**
*Industry weightings are shown as a percentage of net assets.*
Ada & Canyon Cos. JSD #3 Kuna 5.00% due 09/15/20193.6%Madison County SCD #321 Rexburg 4.50% due 08/15/20242.8%Bingham County SCD #52 Snake HS 4.00% due 09/01/20272.7%Boise State University Revenue 5.00% due 04/01/20342.6%Bonneville & Bingham Cos. JSD #93 4.50% due 09/15/20172.5%Payette County SCD #373 5.00% due 09/15/20242.5%Owyhee & Elmore Cos. JSD #365 Grand View 4.00% due 08/15/20272.4%Pocatello ID Water Revenue 4.75% due 02/01/20262.4%Canyon County SCD #139 Vallivue 4.35% due 09/15/20252.3%Canyon County SCD #131 Nampa 4.75% due 08/15/20192.3%*6**November 30, 2010       Annual Report**Discussion of Fund Performance (unaudited)*
For the year ending November 30, 2010, the Idaho Tax-Exempt Fund returned to shareowners 3.26%. For the last five years, the Fund has provided a 4.07% annualized return. During the year, the Fund's net asset value (share price) moved a modest 3.9% from a low of $5.38 to a high of $5.59 per share.

**Factors Affecting Past Performance**

For the second year in a row, investor demand for high-grade fixed income securities supported Idaho's municipal bond markets.

National credit rating agencies decided to "harmonize" rating methodologies for tax-exempt and taxable issuers. Their decisions improved state tax-exempt credit ratings in general, and boosted prices on some Idaho bonds. Issuer access to the municipal bond market remained a problem. The Build American Bond program that offered state and local governments a 35% federal subsidy to issue taxable debt created a bridge between tax-exempt issuers and taxable buyers. The program offered a subsidized borrowing cost to issuers and a risk adjusted yield advantage to investors. The BAB program reduced tax-exempt issuance, which supported tax-exempt bond prices. 

The Federal Reserve Bank's extraordinary near-zero interest rate policy boosted demand for all investment grade fixed income instruments and kept the Fund's share price relatively stable. Idaho did not suffer from the overspending crisis that is complicating budgets in states like California and Illinois. Idaho does have relatively high corporate and personal income tax rates, which keeps demand for its municipal bonds high.

**Looking Forward**

The termination of the BAB program will drive issuance back into the tax-exempt market, increasing supply which may soften prices. Rising issuance in Idaho is likely to be overwhelmed by demand, especially from such a low level of new issue volume. The extension of the existing federal personal income tax structure will not increase relative demand for municipal bonds from high wage earners. With interest rates near historic lows and money creation at historic highs, investors should be concerned about a revival of inflation and a corresponding decline in bond prices. In Japan, after a decade of fiscal and monetary stimulus, long interest rates remain substantially below corresponding U.S. rates. Rate increases do not necessarily lead to chronic negative returns as long as rates move in stages through time. The Federal Reserve Bank is unlikely to raise interest rates aggressively in 2011. The U.S. municipal bond market remains a relative island of safety, especially if any one of a number of sovereign issuers suffers another funding crisis. We will continue to maintain duration throughout 2011 with an eye towards reducing duration as 2012 approaches. 

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

Above all else, management remains confident in the creditworthiness of the State of Idaho and its municipal issuers.
**Bond Quality Diversification** 
*Based on net assets as of November 30, 2010.*

*Source: Moody's Investors Services. When ratings are not available from Moody's, Standard and Poor's and/or Adviser's ratings are used as a supplemental source.*
*November 30, 2010       Annual Report**7**Schedule of Investments***Municipal Bonds — 95.8%****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage****Electric Power**Idaho Falls Electric Revenue6.75% due 04/01/2019 $120,000$139,036 0.9% 	**Financial Services**Boise City General Fund Revenue, Series A5.20% due 12/01/2017160,000 165,709 1.1%Boise City General Fund Revenue, Series A5.25% due 12/01/2018100,000 103,365 0.7%Idaho Bond Bank Authority¹4.00% due 09/15/201990,000 97,607 0.6%350,000 366,681 2.4% 	**General Obligation**Ada & Canyon Cos. JSD #2 Meridian¹5.50% due 07/30/201550,000 58,777 0.4%Ada & Canyon Cos. JSD #2 Meridian5.00% due 08/15/2020165,000 182,947 1.2%Ada & Canyon Cos. JSD #2 Meridian5.00% due 08/15/2021155,000 170,630 1.1%Ada & Canyon Cos. JSD #3 Kuna5.00% due 09/15/2019500,000 551,205 3.6%Adams & Washington Cos. JSD #4324.00% due 08/15/2019100,000 107,437 0.7%Bingham County SCD #52 Snake HS4.00% due 09/01/2020250,000 270,568 1.8%Bingham County SCD #52 Snake HS4.00% due 09/01/2027400,000 405,840 2.7%Bingham County SCD #55 Blackfoot4.65% due 08/01/2017285,000 304,243 2.0%Blaine County Idaho Series A4.05% due 08/01/2023150,000 155,672 1.0%Bonneville & Bingham Cos. JSD #93 4.50% due 09/15/2016150,000 168,405 1.1%Bonneville & Bingham Cos. JSD #934.50% due 09/15/2017350,000 386,183 2.5%Boundary County SCD #1014.00% due 08/15/2021240,000 251,782 1.7%Canyon County SCD #139 Vallivue4.35% due 09/15/2025350,000 356,793 2.3%Canyon County SCD #131 Nampa4.75% due 08/15/2019325,000 349,258 2.3%Canyon County SCD #131 Nampa5.00% due 08/15/2023105,000 111,020 0.7%Canyon County SCD #134 Middleton4.65% due 07/31/2016170,000 187,054 1.2%Fremont & Madison Cos. JSD #215 4.00% due 08/15/2019200,000 217,998 1.4%Fremont & Madison Cos. JSD #2154.125% due 09/01/2024130,000 135,295 0.9%Jefferson & Madison Cos. SCD #251 Rigby4.25% due 09/01/2024100,000 104,889 0.7%Jerome, Lincoln, & Gooding Cos. JSD #2613.75% due 09/15/2018125,000 134,159 0.9%Jerome, Lincoln, & Gooding Cos. JSD #2615.00% due 09/15/2022250,000 274,508 1.8%Kootenai-Shoshone Area Libraries4.25% due 08/01/2021220,000 230,212 1.5%Latah, Nez Perce, & Clearwater JSD #2834.50% due 08/15/2027190,000 200,355 1.3%Lemhi County4.20% due 08/01/2015100,000 104,131 0.7%Madison County SCD #321 Rexburg4.50% due 08/15/2024410,000 422,046 2.8%Madison County SCD #321 Rexburg 4.50% due 08/15/2026250,000 254,590 1.7%Meridian Free Library District5.00% due 08/01/2015100,000 100,624 0.7%Minidoka & Jerome Cos. JSD #331¹4.50% due 08/15/201875,000 79,732 0.5%Minidoka & Jerome Cos. JSD #331¹4.50% due 08/15/202075,000 78,023 0.5%Minidoka & Jerome Cos. JSD #3314.375% due 08/15/2024225,000 227,648 1.5%Minidoka & Jerome Cos. JSD #3314.50% due 08/15/2025160,000 162,240 1.1%Nampa Idaho, Series B5.00% due 08/01/2020200,000 212,702 1.4%Owyhee & Canyon Cos. JSD #370 Homedale4.55% due 08/15/2016160,000 184,952 1.2%Owyhee & Elmore Cos. JSD #365 Grand View4.00% due 08/15/2027350,000 369,943 2.4%Payette County SCD #3735.00% due 09/15/2024350,000 375,168 2.5%Twin Falls ID SCD #4114.30% due 09/15/2025120,000 123,775 0.8%Valley & Adams Cos. JSD #421 McCall4.50% due 08/01/2024290,000 297,415 2.0%Valley & Adams Cos. JSD #421 McCall4.50% due 08/01/2022135,000 140,465 0.9%7,960,000 8,448,684 55.5% 	**Medical/Hospitals**Idaho Health Facility Authority Holy Cross Revenue5.25% due 12/01/2014110,000 110,363 0.7%Idaho Health Facility Authority Holy Cross Revenue5.00% due 12/01/2022115,000 115,340 0.8%Idaho Health Facility Authority Holy Cross Revenue¹5.00% due 12/01/202850,000 49,951 0.3% 	*Continued on next page.*
*The accompanying notes are an integral part of these financial statements.*
*8**November 30, 2010       Annual Report**Schedule of Investments***Municipal Bonds — 95.8%****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage****Medical/Hospitals (continued)**Idaho Health Facility Authority Revenue6.00% due 12/01/2023$200,000 $226,116 1.5%Idaho Health Facility Authority Revenue Group B6.25% due 12/01/2033115,000 126,524 0.8%590,000 628,294 4.1% 	**Municipal Leases**Nez Perce County COP4.50% due 02/01/2021150,000 155,546 1.0% 	**Pollution Control**Caldwell ID Par Lien Sewer Revenue 20104.50% due 09/01/2019100,000 112,276 0.7%Idaho Bond Bank Authority Revenue, Series A4.30% due 09/01/2022135,000 139,617 0.9%Idaho Bond Bank Authority Revenue, Series A¹4.125% due 09/15/202375,000 77,572 0.5%Moscow Idaho Sewer Revenue4.45% due 05/01/2028200,000 205,330 1.4%510,000 534,795 3.5% 	**Real Estate**Idaho Housing & Finance Association4.80% due 06/01/2017100,000 106,224 0.7%Idaho Housing & Finance Association¹5.00% due 07/15/202750,000 52,751 0.4%Idaho Housing & Finance Association¹5.65% due 07/02/202890,000 92,867 0.6%Idaho State Building Authority Revenue4.50% due 09/01/2023110,000 112,675 0.7%Post Falls LID SPA5.00% due 05/01/2021300,000 292,596 1.9%650,000 657,113 4.3% 	**State Education**Boise State University Revenue4.50% due 04/01/2027250,000 253,007 1.7%Boise State University Revenue5.00% due 04/01/2034385,000 392,592 2.6%Idaho State University Revenue4.90% due 04/01/2017150,000 151,927 1.0%Idaho State University Revenue, Series B4.625% due 04/01/2024220,000 226,321 1.5%University of Idaho Revenue, Series A5.00% due 04/01/2019200,000 215,692 1.4%University of Idaho Revenue, Series A5.00% due 04/01/2020260,000 277,787 1.8%University of Idaho Revenue5.00% due 04/01/2028225,000 234,700 1.5%1,690,000 1,752,026 11.5% 	**Transportation**Idaho Housing & Finance Association4.60% due 07/15/2023250,000 262,097 1.7%Idaho Housing & Finance Association5.00% due 07/15/2024200,000 211,924 1.4%450,000 474,021 3.1% 	**Urban Renewal**Boise City Urban Renewal Agency Lease Revenue5.00% due 08/15/2020160,000 172,178 1.2%Boise City Urban Renewal Agency Lease Revenue¹5.00% due 08/15/202190,000 95,896 0.6%Jerome Urban Renewal District Revenue, Series A5.40% due 09/01/2013200,000 201,740 1.3%450,000 469,814 3.1% 	**Water Supply**Blackfoot Idaho COP5.80% due 09/01/2018135,000 135,327 0.9%Idaho Bond Bank Authority Revenue4.00% due 09/15/2024100,000 102,809 0.7%Idaho Bond Bank Authority Revenue5.00% due 09/15/2026250,000 265,030 1.7%Pocatello ID Water Revenue4.50% due 02/01/2024100,000 101,463 0.7%Pocatello ID Water Revenue4.75% due 02/01/2026350,000 359,383 2.4%935,000 964,012 6.4% 	Total investments (Cost=$14,131,486)$13,855,000 14,590,022 95.8%Other assets (net of liabilities) 639,800 4.2%**Total net assets (100%)****$15,229,822****100.0%***¹Fair valued. See page 13.*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010       Annual Report**9*Statement of Assets and Liabilities*As of November 30, 2010* **Assets**  Investments in securities, at value 						      (Cost $14,131,486)$14,590,022   Cash499,699   Interest receivable184,473   Insurance reserve premium801     Total assets15,274,995 **Liabilities**  Accrued expenses16,500   Payable for Fund shares redeemed14,995   Distributions payable10,486   Payable to affiliates3,192     Total liabilities45,173 **Net assets****$15,229,822** **Analysis of net assets**Paid-in capital (unlimited shares authorized, without par value)$14,767,444  Unrealized net appreciation on investment income458,536  Undistributed tax-free income3,842**Net assets applicable to Fund shares outstanding****$15,229,822** **Fund shares outstanding****2,805,426** **Net asset value, offering and redemption price per share****$5.43**Statement of Operations*Year ended November 30, 2010* **Investment income**  Interest income$595,180     Gross investment income595,180 **Expenses**  Investment adviser fees75,150   Trustee fees7,673   Audit fees7,660   Filing and registration fees4,576   Other expenses4,292   Shareholder servicing fees3,872   Printing and postage3,317   Chief Compliance Officer expenses2,588   Legal fees788   Custodian fees744     Total gross expenses110,660   Less custodian fee credits(744)    Net expenses109,916 **Net investment income****485,264**   Net realized gain from investments-  Net decrease in unrealized appreciation on investments($10,068)**Net loss on investments****($10,068)** **Net increase in net assets resulting from operations****$475,196**
*The accompanying notes are an integral part of these financial statements.*
*10**November 30, 2010       Annual Report*Statements of Changes of Net Assets*Year ended Nov. 30, 2010**Year ended Nov. 30, 2009***Increase (decrease) in net assets from operations:****From operations**  Net investment income$485,264 $425,409   Net realized gain on investments- 2,357   Net increase (decrease) in unrealized appreciation(10,068)1,193,061     Net increase in net assets475,196 1,620,827 **Distributions to shareholders from**  Net investment income(481,474)(425,608)  Capital gains distributions(2,357)-     Total distributions(483,831)(425,608)**Capital share transactions**  Proceeds from sales of shares1,740,420 2,029,029    Value of shares issued in reinvestment of dividends375,933 342,847   Early redemption fees retained106 29   Cost of shares redeemed(1,487,732)(731,127)    Net increase in net assets628,727 1,640,778 **Total increase in net assets****620,092****2,835,997** **Net assets**Beginning of year14,609,730 11,773,733 End of year15,229,82214,609,730 Undistributed tax-free income$3,842$- **Shares of the Fund sold and redeemed**  Number of shares sold319,277 381,950   Number of shares issued in reinvestment of dividends68,783 64,398   Number of shares redeemed(271,856)(140,092)**Net increase in number of shares outstanding****116,204****306,256**Financial Highlights*For Year Ended November 30,**Selected data per share of outstanding capital stock throughout each year:***2010****2009****2008****2007****2006****Net asset value at beginning of year****$5.43****$4.94****$5.30****$5.32****$5.27****Income from investment operations**  Net investment income0.17 0.17 0.18 0.180.18  Net gains (losses) on securities (both realized & unrealized)- 0.49 (0.36)(0.02)0.06 **Total from investment operations****0.17****0.66****(0.18)****0.16****0.24****Less distributions**  Dividends (from net investment income)(0.17)(0.17)(0.18)(0.18)(0.18)  Distributions (from capital gains)0.00¹ - - - (0.01)**Total distributions****(0.17)****(0.17)****(0.18)****(0.18)****(0.19)**  Paid-in capital from early redemption fees0.00¹0.00¹0.00¹0.00¹0.00¹ **Net asset value at end of year****$5.43****$5.43****$4.94****$5.30****$5.32** **Total return****3.26%****13.46%****(3.36)%****3.02%****4.66%** **Ratios / supplemental data**Net assets ($000), end of year$15,230 $14,610 $11,774 $10,016 $8,783 Ratio of expenses to average net assets   Before custodian credits0.74%0.85%0.77%0.89%0.87%  After custodian credits0.73%0.84%0.76%0.87%0.83%Ratio of net investment income after custodian credits to average net assets 3.23%3.19%3.51%3.35%3.40%**Portfolio turnover rate****2%****3%****7%****6%****24%***¹Amount is less than $0.01*
*The accompanying notes are an integral part of these financial statements.*
*November 30, 2010       Annual Report**11**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 are distributed through a separate prospectus and the results of those funds are contained in a separate report.

The Idaho Tax-Exempt Fund was first authorized to sell shares of beneficial interest on September 4, 1987. The investment objective of the Fund is to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.
Note 2 — Significant Accounting Policies
The following is a summary of the significant accounting policies followed by the Fund.

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

**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.

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

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

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access.

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

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

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

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

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

The table below is a summary of the inputs used as of November 30, 2010 in valuing the Fund's investments carried at value.
**Fair Value Inputs****Total****Level 1                     Quoted Price****Level 2 Significant Observable Input****Level 3 Significant Unobservable Input**Municipal Bonds$14,590,022 $- $13,906,846 $683,176 **Total Assets****$14,590,022****$-****$13,906,846****$683,176***12**November 30, 2010       Annual Report**Notes To Financial Statements (continued)***Level 3 Roll-Forward Municipal Securities**Beginning Balance$606,375 Total unrealized/realized gains or losses6,801 Purchases- Maturity(20,000)Transfers in to (out of) Level 390,000 **Ending Balance****$683,176**
In January 2010, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update *"Improving Disclosures about Fair Value Measurements"* that requires additional disclosures regarding transfers in to and out of Levels 1 and 2; and purchases, sales, issuances, and settlements on a gross basis relating to Level 3 measurements. The first disclosure is effective for the reporting periods beginning after December 15, 2009. For the period ended November 30, 2010, there were no significant transfers in to and out of Levels 1 and 2. The second disclosure is effective for fiscal years beginning after December 15, 2010, and for interim periods within those fiscal years. Management is currently evaluating the impact the additional requirements will have on its 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 a Round Lot and are considered "Odd Lots." Odd Lots trade at a discount to Round Lots to compensate for the effect of the fixed costs associated with any trade. To reflect this discount, the Fund applies a discount to the valuation of Odd Lot holdings as shown in the following chart.
**Total Face Value****Adjustment to Price**Under 10,000-0.750%10,000-24,999-0.625%25,000-49,999-0.500%50,000-74,999-0.375%75,000-99,999-0.250%100,000 and upnone
**Income taxes:**As a qualified investment company under Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes all of its investment income. It is the Fund's policy to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all its taxable and tax-exempt income to its shareowners. The Fund intends to meet requirements for tax-free income dividends, and requirements of the Idaho Department of Revenue for income dividends free of Idaho state income tax.

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

There is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken on the tax return for the fiscal year-end November 30, 2010, or for any other tax years which are open for exam. As of November 30, 2010 open tax years include the tax years ended November 30, 2007 through 2009. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statement of Operations. During the period, the Fund did not incur any interest or penalties.

**Derivatives:**The Fund has adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Fund is required to include enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the fiscal year ended November 30, 2010, the Fund did not hold any derivative instruments.

**Distributions to shareowners:**The Fund's dividends to shareowners from net investment income are paid daily and distributed on the last business day of each month.

Distributions of capital gains, if any, are made at least annually, and as required to comply with federal excise tax requirements. Distributions to shareowners are determined in accordance with income tax regulations, and are recorded on the ex-dividend date. Dividends are paid in shares of the Funds, at the net asset value on payable date. Shareowners may elect to take dividends in cash.

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

**Reclassification of Capital Accounts:**Accounting principles generally accepted in the United States of America require that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share:
*November 30, 2010       Annual Report**13**Notes To Financial Statements (continued)*Undistributed tax-free income$52Paid-in capital$(52)
**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. 

Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis. 
Note 3 — Transactions with Affiliated Persons
Under a contract approved by shareowners on October 12, 1990, Saturna Capital Corporation provides investment advisory services and certain other administrative and distribution services to conduct the Fund's business. Expenses incurred by the Trust on behalf of the Fund (e.g., legal fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets. For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets. For the fiscal year ended November 30, 2010, the Fund incurred advisory fee expenses of $75,150. 

Saturna Capital also acts as transfer agent for the Fund, for which it was paid $3,579 for the year ended November 30, 2010. 

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 Trust Company ("STC"), a subsidiary of Saturna Capital, is registered as a non-bank trustee and acts as shareowner servicing agent for the Fund. For the year ended November 30, 2010, the Fund paid shareowner servicing fees of $293 to STC.

Mr. Nicholas Kaiser serves as a trustee and president of the Trust. Also a director and the chairman of Saturna Capital, he is not compensated by the Trust. For the fiscal year ended November 30, 2010, the Trust incurred compensation expenses of $27,000 which is included in $81,887 of total expenses for the independent Trustees. Idaho Tax-Exempt Fund paid $7,673 of these total expenses.

Regulations require the Trust to designate a Chief Compliance Officer; Mr. James Winship was retained by the Trust during the fiscal year ended November 30, 2010. For the this period, the Fund compensated Mr. Winship $2,588 for his services. 

On November 30, 2010, the trustees, officers and their immediate families as a group owned 2.43% of the outstanding shares of the Fund. 
Note 4 — Investments
During the fiscal year ended November 30, 2010, the Fund purchased $1,539,575 of securities and sold/matured $325,000 of securities.
Note 5 — Distributions to shareowners
The tax characteristics of distributions paid during the fiscal years ended November 30, 2010 and 2009 were as follows:
**2010****2009**Tax-exempt income$480,795 $425,222 Taxable income679 386Capital gain¹$2,357 $ - 
*¹Long-Term Capital Gain dividend designated pursuant to Section 852(b)(3) of the Internal Revenue Code.*

The cost basis of investments for federal income tax purposes at November 30, 2010 were as follows:
Cost of investments$14,131,486Gross unrealized appreciation496,368 Gross unrealized depreciation(37,832)Net unrealized appreciation$458,536 
As of November 30, 2010 the components of distributable earnings on a tax basis were as follows:
Net unrealized appreciation$458,536Undistributed tax-free income3,842Total distributable earnings3,842Total accumulated earnings$462,378Note 6 — Custodian
Under the agreement in place with PFPC Trust Company, custody fees are reduced by credits for cash balances. Such reduction for the fiscal year ended November 30, 2010 amounted to $744.
Note 7 — Subsequent Events
In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. 
*14**November 30, 2010       Annual Report**Report of Independent Registered Public Accounting Firm*
To the Shareholders and Board of Trustees			    Saturna Investment Trust,

We have audited the accompanying statements of assets and liabilities of Idaho Tax-Exempt Fund, a series of the Saturna Investment Trust (the "Trust"), including the schedule of investments as of November 30, 2010, and the related statement of operations for the year then ended, and the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Trust is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2010, by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion. 

In our opinion the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Idaho Tax-Exempt Fund as of November 30, 2010, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Philadelphia, Pennsylvania			    January 25, 2011

*/s/ Tait, Weller & Baker LLP*			    Tait, Weller & Baker LLP
*November 30, 2010       Annual Report**15**Expenses (unaudited)*
All mutual funds have operating expenses. As an Idaho Tax-Exempt Fund shareowner, you incur ongoing costs, including management fees and other fund expenses such as shareowner reports (like this one). Operating expenses, which are deducted from a fund's gross earnings, directly reduce the investment return of a fund. All mutual funds (unlike some other financial investments) only report their results after deduction of operating expenses. 

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

**Example**The following example is based on an investment of $1,000 invested at the beginning of the semi-annual period and held for six months (June 1, 2010 to November 30, 2010).

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

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

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees (note that the Idaho Tax-Exempt Fund does not have any such transactional costs, with the exception of a redemption fee on shares held less than 90 calendar days). Therefore, the second line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value 							[June 1, 2010]****Ending Account Value 							[November 30, 2010]****Expenses Paid During Period¹**Actual 							$1,000.00														$1,013.70														$2.22							Hypothetical (5% annual return before expenses)							$1,000.00														$1,022.86														$2.23							
*¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.50% (based on the most recent semi-annual period of June 1, 2010 through November 30, 2010, multiplied by the average account value over the period multiplied by 183/365 (to reflect the one-half year period).*
*16**November 30, 2010       Annual Report***Trustees and Officers (unaudited)**Name (age),                      addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (52)                      1500 N. State Street                      Bellingham, WA 98225Independent Trustee                      since 1995Medical Examiner (pathologist);                      Owner, Avocet Environmental Testing (laboratory)                      Six                                          None                    Herbert G. Grubel, PhD (76)                      Apt. 1202 - 125 West Second St.                      North Vancouver, BC                      Canada V7M 1C5Independent Trustee¹                       since 2005Professor Emeritus of Economics, Simon Fraser University;                      Senior Fellow, Fraser Institute                      Nine                                          Amana Mutual Funds Trust                    John E. Love (78)                      1002 Spokane Street                      Garfield, WA 99130Chairman,                      Independent Trustee                       since 1987Owner, J.E. Love Co.                      (agricultural equipment manufacturer)                      Six                                          None                    Ronald H. Fielding, MBA, CFA (61)                      42 Surfsong Rd.                      Kiawah Island, SC 29455Independent Trustee                      since 2009Retired (2009);                      Senior Vice President & Portfolio Manager, Oppenheimer Funds Rochester Division                      Six                                          ICI Mutual Insurance                    **Interested Trustee**Nicholas F. Kaiser, MBA, CFA (64)                      1300 N. State Street                      Bellingham, WA 98225President, Trustee¹                       since 1990Chairman (retired president 2009),                      Saturna Capital Corporation                      Nine                                          Amana Mutual Funds Trust                    **Officers who are not Trustees**Phelps S. McIlvaine (57)                      1300 N. State Street                      Bellingham, WA 98225Vice President                      since 1994Vice President,                      Saturna Capital Corporation;                      Treasurer,                      Saturna Brokerage Services                       N/A                                          N/A                    Christopher Fankhauser (38)                      1300 N. State Street                      Bellingham, WA 98225Treasurer¹                      since 2002Chief Operations Officer,                      Saturna Capital Corporation                      N/A                                          N/A                    Ethel B. Bartolome (38)                      1300 N. State Street                      Bellingham, WA 98225Secretary¹                      since 2001Corporate Administrator,                      Saturna Capital Corporation                      N/A                                          N/A                    James D. Winship, MBA, JD (62)                      1300 N. State Street                      Bellingham, WA 98225Chief Compliance Officer¹                      since 2004Chief Compliance Officer and General Counsel,                      Saturna Capital Corporation                      N/A                                          N/A                    
Term of Office: each Trustee serves for the lifetime of the Trust or until he dies, resigns, is removed, or not re-elected by the shareowners. Each officer serves a one-year term subject to annual reappointment by the Trustees.

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

On November 30, 2010, the Trustees, officers and their related accounts as a group owned 2.43% of the outstanding shares of the Fund. Saturna Capital Corporation is the Trust's adviser and Saturna Brokerage Services, Inc. is the Trust's distributor. Mr. Kaiser is an interested person of the Trust by reason of his positions with the Trust's adviser and distributor. Mr. McIlvaine is the primary manager of the Idaho Tax-Exempt Fund. Moreover, Mr. McIlvaine is the portfolio manager of the Sextant Bond Income Fund and Sextant Short-Term Bond Fund. Mr. Winship is also General Counsel and Chief Compliance Officer for Saturna Capital Corporation.

¹Holds same position with Amana Mutual Funds Trust.
*November 30, 2010       Annual Report**17**Renewal of Investment Advisory Contract*
During their meeting of September 24, 2010 the Trustees of Saturna Investment Trust discussed the Trust's various management agreements. They focused on renewing the Idaho Tax-Exempt Fund's Investment Advisory and Administration Agreement with Saturna Capital Corporation, discussing the nature, extent, and quality of the services provided by Saturna. The Trustees took into consideration that the Fund offers a full range of high-quality investor services, and that there had been not only no reductions in these items during recent economic difficulties, but also enhancements in Saturna's operations during the last year. The Trustees discussed Saturna's experience, ability and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution — in addition to investment management.

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

In addition to information provided throughout the year, the Trustees utilized an August 2010 comparison of performance and expenses of the Fund with those of 239 other tax-exempt mutual funds in Morningstar's "Intermediate" category. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

The Trustees reviewed Saturna's financial information and discussed the issue of profitability related to management and administration of the Fund as part of their evaluation of whether the fees under the advisory contract bear a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services. The Trustees found the expense ratio acceptable and to be advantageous to shareowners given the size of the Fund, services provided, and expenses incurred.

The Trustees noted that, although the assets of the Fund have grown, the Fund remains small, and there has been no opportunity for Saturna to demonstrate economies of scale. In fact, Saturna continues to operate the Fund at significant cost to itself. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none. The Trustees also noted Saturna's continued efforts to build a capital base in order that it might properly service the Funds, the value of which was apparent during recent financial turmoil.

The Trustees considered the fees charged by Saturna to other kinds of accounts and the different services provided to those accounts, as well as the ways in which Saturna's service and work done for other accounts it manages benefit the Fund.

The Trustees concluded that the fees paid by the Fund to Saturna were reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Fund. Following this discussion, the Trustees unanimously agreed to renew the Fund's advisory agreement with Saturna Capital. 
*18**November 30, 2010       Annual Report**Privacy Statement*
At Saturna Capital, we understand the importance of maintaining the privacy of your financial information. We want to assure you that we protect the confidentiality of any personal information that you share with us. In addition, we do not sell information about our current or former customers.

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

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

We maintain our own technology resources to minimize the need for any third party services, and restrict access to information within Saturna. We maintain physical, electronic, and procedural safeguards to guard your personal information. If you have any questions or concerns about the security or privacy of your information please call us at 1-800/SATURNA (1-800-728-8762). 
*Availability of Fund Portfolio Information*-  The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
-  The Fund's Form N-Q is available on the SEC's website at www.sec.gov and at www.idahotaxexemptfund.com.
-  The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800/SEC-0330.
-  The Fund makes a complete schedule of portfolio holdings after the end of each month available to investors at www.idahotaxexemptfund.com.
*Householding Policy*
To reduce expenses, we may mail only one copy of the Fund's prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 800/SATURNA or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies thirty days after receiving your request.

If you are currently receiving multiple copies and wish to receive only one copy, please call us at 800/SATURNA or write to us at Saturna Capital/Idaho Tax-Exempt Fund, P.O. Box N, Bellingham, WA 98227. We will begin sending you a single copy with subsequent report mailings.
*November 30, 2010       Annual Report**19*
 
www.idahotaxexemptfund.com
(graphic omitted)

**Saturna Capital**				  1300 N. State Street			    www.saturna.com			    (800) SATURNA

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

**Item 3. Audit Committee Financial Expert.**

(a)(1)(i) The Trust has an audit committee financial expert serving on its audit committee.

(a)(2)(ii) As of November 30, 2010, Mr. Ronald H. Fielding, an independent Trustee (as defined for investment companies), was deemed qualified and agreed to serve.

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

*(a) Audit Fees*For the fiscal years ending November 30, 2010 and 2009, the aggregate audit fees billed for professional services rendered by the principal accountant were $76,100 and $72,500. respectively.

*(b) Audit-Related Fees*			    There were no fees billed by the principal accountant for assurance and related services that were not included under paragraph (a) for the fiscal years ending May 31, 2009 and 2010.

*(c) Tax Fees*For the fiscal years ending November 30, 2010 and 2009, the aggregate tax fees billed for professional services rendered by the principal accountant were $13,100 and $12,500, resepctively. Service includes preparation of the Funds' federal and state income tax returns.

*(d) All Other Fees*There were no other fees billed by the principal accountant for the fiscal years ending November 30, 2010 and 2009.

*(e)(1) Audit & Compliance Committee Pre-Approval Policies and Procedures*The following is an excerpt from the Saturna Investment Trust Audit & Compliance Committee Charter:

*C. Oversight of Independent Auditors*

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

*(e) (2) Percentages of Services*

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

*(f) Not applicable.*

*(g) Not applicable.*

*(h) Not applicable.*

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

Not applicable.

**Item 6. Schedule of Investments**.

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

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

Not applicable.

**Item 11. Controls and Procedures.**

(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On December 29, 2010, Mr. Nicholas Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the internal control procedures for Saturna Investment Trust and found them reasonable and adequate.

(b) No change.

**Item 12. Exhibits**

Exhibits included with this filing:

(a) Code of Ethics.

(b) Certifications.

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

**SIGNATURES**

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

SATURNA INVESTMENT TRUST

By:

*/s/ Nicholas Kaiser*Nicholas Kaiser, President

Date: January 28, 2011

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

By:

*/s/ Nicholas Kaiser*Nicholas Kaiser, President

Date: January 28, 2011

By:

*/s/ Christopher Fankhauser*Christopher Fankhauser, Treasurer

Date: January 28, 2011 |