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, 2008      Date of reporting period: November 30, 2008

 

**Item 1. Report To Stockholders.**

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***Performance Summary (as of December 31, 2008): (unaudited)***

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

|                                                             | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 1.88%      | 3.83%      | 2.74%      | 4.13%       | 1.58%                   |
| Morningstar Category                                        | -4.23%     | 0.96%      | 1.23%      | 3.38%       | N/A                     |
| % Rank (category size)                                      | 19 (439)   | 15 (375)   | 20 (318)   | 24 (164)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | -0.77%     | 2.53%      | 2.63%      | 4.43%       | 1.38%                   |
| Morningstar Category                                        | -4.70%     | 1.08%      | 1.81%      | 4.01%       | N/A                     |
| % Rank (category size)                                      | 37 (1135)  | 41 (991)   | 42 (857)   | 37 (458)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | -20.78%    | N/A        | N/A        | N/A         | 1.35%                   |
| Morningstar Category                                        | -28.00%    | -5.31%     | -0.60%     | 1.19%       | N/A                     |
| % Rank (category size)                                      | 10 (1206)  | N/A        | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Mid-Cap Growth Category**              |
| Fund Return                                                 | -31.93%    | -6.81%     | 2.25%      | 4.29%       | 1.32%                   |
| Morningstar Category                                        | -43.77%    | -10.92%    | -2.44%     | 0.79%       | N/A                     |
| % Rank (category size)                                      | 4 (934)    | 12 (821)   | 5 (674)    | 14 (335)    | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | -27.02%    | 1.31%      | 7.34%      | 6.26%       | 1.50%                   |
| Morningstar Category                                        | -43.99%    | -7.67%     | 1.21%      | 0.90%       | N/A                     |
| % Rank (category size)                                      | 2 (778)    | 1 (570)    | 1 (452)    | 4 (238)     | N/A                     |
|                                                        |

***Performance data quoted above represents past performance, is before any taxes payable by shareowners, and is no guarantee of future results.**Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll free (800) SATURNA or visiting www.saturna.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of a 2% redemption fee on shares held less than 30 days. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares. Funds that invest in foreign securities may involve greater risk, including political and economic uncertainties of foreign countries as well as the risk of currency fluctuations.*

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

*¹By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus which is dated March 28, 2008, incorporates results from the fiscal year ending November 30, 2007, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods. Also by regulation, the performance in this table represents the most recent quarter-end performance rather than performance through the Funds' most recent fiscal period (shown on page 4). Average annual total returns include changes in principal value, reinvested dividends and capital gain distributions, if any.*

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

***†Morningstar 12/31/2008. Morningstar, Inc.** is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar database. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the 12 months ended December 31, 2008. 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 77th of 439 Short-Term Bond funds in the last year, 54th of 375 funds in the last 3 years, 61st of 318 funds in the last 5 years and 37th of 164 funds in the last 10 years. Sextant Bond Income was 399th of 1135 Intermediate-Term Bond funds in the last year, 386th of 991 funds in the last 3 years, 336th of 857 funds in the last 5 years and 154nd of 458 funds in the last 10 years. Sextant Core was 97th of 1206 Moderate Allocation funds in the last year. Sextant Growth was 25th of 934 Mid-Cap Growth funds in the last year, 83rd of 821 funds in the last 3 years, 29th of 674 funds in the last 5 years and 38th of 335 funds in the last 10 years. Sextant International was 9th of 778 Foreign Large Blend funds in the last year, 1st of 570 funds in the last 3 years, 1st of 452 funds in the last 5 years and 7th of 238 funds in the last 10 years.*

*2 | November 30, 2008 Annual Report*

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***Fellow Shareowners:***

In the month of December markets recovered slightly, and the Funds' performance for the calendar year ending December 31st was a bit better. Sextant Growth declined 31.93%; Sextant International declined 27.02%. Sextant Core was off by 20.78%. Sextant Bond Income was almost even, declining by 0.77% and Sextant Short-Term Bond returned a positive 1.88%.

***Sextant International Fund***

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

For the year ended December 31st, Sextant International is the number one fund (out of 190 International Multi-Cap Core funds) in Lipper's five year performance category. In this respect, Sextant International was aided by its large cash position throughout the year, which helped it avoid the precipitous decline in foreign stocks. Moreover, for the year ended December 31st, the International Fund's assets increased by 132% to $32.2 million dollars, allowing fixed costs to be spread across a larger base.

It is not solely Sextant International which has been performing well with respect to its peer group. The performance summary data on the surrounding pages provide the absolute as well as relative Morningstar category rank for each Sextant fund. Moreover, all Sextant funds stress low operating expenses and employ a "fulcrum" advisory fee structure that rewards or penalizes Saturna Capital for investment results.

***Going Forward***

This decline is severe, not only in terms of depth but also duration. As a massive deleveraging of the economy occurs, esoteric financial instruments are disappearing amid the changing climate. A strong stimulus program should provide the necessary momentum to an economy still shaken by the systemic

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

 panic instigated by the housing crisis. Even though a complete return to normal economic conditions is a ways off, the stock market normally leads other sectors of the economy. The darkest days appear to be over. The palpable despondency in the credit markets should give way to a timid optimism. Sophisticated investors willing to deploy a quantity of cash ("dry powder") are finding significant values from which to base tomorrow's returns. Going forward, we will continue to invest in solid companies with the strong business advantages and balance sheets needed to navigate these trying times. Please review the following pages for more detail about each Fund's financial year.

Respectfully,

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

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

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

 

January 15, 2009

*November 30, 2008 Annual Report | 3*

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***Performance Review (as of November 30, 2008): (unaudited)***

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

|                                                             | **1 Year** | **3 Year** | **5 Year** | **10 Year** | **Expense Ratio¹** |
|-------------------------------------------------------------|------------|------------|------------|-------------|-------------------------|
| **Sextant Short-Term Bond vs. Short-Term Bond Category**    |
| Fund Return                                                 | 0.66%      | 3.50%      | 2.58%      | 4.03%       | 1.58%                   |
| Morningstar Category                                        | -5.36%     | 0.65%      | 1.06%      | 3.26%       | N/A                     |
| % Rank (category size)                                      | 21 (439)   | 14 (373)   | 20 (316)   | 20 (162)    | N/A                     |
|                                                        |
| **Sextant Bond Income vs. Intermediate-Term Bond Category** |
| Fund Return                                                 | -4.80%     | 1.39%      | 1.99%      | 4.10%       | 1.38%                   |
| Morningstar Category                                        | -7.78%     | 0.23%      | 1.37%      | 3.69%       | N/A                     |
| % Rank (category size)                                      | 42 (1137)  | 46 (992)   | 46 (856)   | 40 (458)    | N/A                     |
|                                                        |
| **Sextant Core² vs. Moderate Allocation Category**     |
| Fund Return                                                 | -23.52%    | N/A        | N/A        | N/A         | 1.35%                   |
| Morningstar Category                                        | -30.61%    | -6.08%     | -0.53%     | 1.24%       | N/A                     |
| % Rank (category size)                                      | 11 (1191)  | N/A        | N/A        | N/A         | N/A                     |
|                                                        |
| **Sextant Growth vs. Mid-Cap Growth Category**              |
| Fund Return                                                 | -32.58%    | -6.61%     | 1.81%      | 5.52%       | 1.32%                   |
| Morningstar Category                                        | -45.15%    | -11.60%    | -2.81%     | 1.39%       | N/A                     |
| % Rank (category size)                                      | 2 (950)    | 8 (833)    | 6 (683)    | 12 (339)    | N/A                     |
|                                                        |
| **Sextant International vs. Foreign Large Blend Category**  |
| Fund Return                                                 | -29.56%    | 1.52%      | 8.01%      | 6.56%       | 1.50%                   |
| Morningstar Category                                        | -48.59%    | -8.13%     | 1.23%      | 0.43%       | N/A                     |
| % Rank (category size)                                      | 1 (767)    | 1 (553)    | 1 (444)    | 3 (231)     | 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, 2008 ("1 Year" column above) because the Sextant Funds' performance fees are based on the same period. Results are shown for other fiscal periods by regulation.***

*¹By regulation, the expense ratios shown in this table are as of the Funds' most recent prospectus dated March 28, 2008, incorporating results from the 2007 fiscal year, and differ from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

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

***†Morningstar 11/30/2008.** Morningstar, Inc. is an independent fund performance monitor. Rankings are determined monthly from total returns by Morningstar, by category as determined by Morningstar. The average total return for a category is determined by Saturna Capital, utilizing the Morningstar database. The 12-month Rank shows how each Fund ranks in its Morningstar peer category for the year ended May 31, 2008.*

*Sextant Short-Term Bond was 76th of 439 Short-Term Bond funds in the last year, 43rd of 373 funds in the last 3 years, 53rd of 316 funds in the last 5 years and 28th of 162 funds in the last 10 years. Sextant Bond Income was 408th of 1137 Intermediate-Term Bond funds in the last year, 390th of 992 funds in the last 3 years, 334th of 856 funds in the last 5 years and 152nd of 458 funds in the last 10 years. Sextant Core was 105th of 1191 Moderate Allocation funds in the last year. Sextant Growth was 14th of 950 Mid-Cap Growth funds in the last year, 55th of 833 funds in the last 3 years, 30th of 683 funds in the last 5 years and 34th of 339 funds in the last 10 years. Sextant International was 1st of 767 Foreign Large Blend funds in the last year, 1st of 553 funds in the last 3 years, 1st of 444 funds in the last 5 years and 6th of 231 funds in the last 10 years.*

*4 | November 30, 2008 Annual Report*

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

***Performance Summary (unaudited)***

| **Average Annual Returns as of November 30, 2008** |
|----------------------------------------------------|
|                                                    | **1 Year** | **5 Years** | **10 Years** | **Expense Ratio¹** |
| Sextant Short-Term Bond Fund                       | **0.66%** | **2.58%** | **4.03%** | **1.58%** |
| Citigroup Gov./Corp. Inv. Grade Index 1-3 Years    | **3.97%** | **3.70%** | **4.75%** | **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, 1998 to a similar amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $14,841 versus $15,902 in the index.* |
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| ***Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 30 calendar days.*
*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 28, 2008, incorporates results for the fiscal year ending November 30, 2007, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Short-Term Bond Fund are capital preservation and current income.
**Industry Allocation**
*November 30, 2008 Annual Report | 5*

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

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2008**

For the fiscal year ended November 30, 2008, the Sextant Short-Term Bond Fund returned 0.66%. This annual return compared favorably with that of its Morningstar Category peer group, which declined 5.36% during the same period. This ranks the Fund in the top 21st percentile of the 439 funds in its peer group.

Reflecting the year's extraordinary events, the share price moved in an unusually wide range from $5.08 to $4.76 — a maximum variation of 7%. For the five years ending November 30 2008, the Fund provided an 2.58% annualized total return; for the ten year ending November 30, 2008 the Fund provided a 4.03% annualized total return. Fund shares outstanding rose 4%. The Fund's expense ratio remained at 0.75%, reflecting Saturna Capital's voluntary actions to limit total expenses.

**Factors Affecting Past Performance**

We were premature in predicting that credit markets would return to normal. For the last six months of 2008, credit markets functions deteriorated significantly. For short-term issues, liquidity was often poor. Investment-grade bond prices declined significantly as investors sold at nearly any price to preserve capital. A global flight to quality drove U.S. Treasury Note returns above other short-term fixed-income assets. Yield curves steepened as the Federal Reserve Bank pushed short-term rates almost to zero in an effort to restore credit market functions. For the fiscal year ended November 30th, short-term U.S. Treasury notes appreciated 6%, while short-term investment-grade corporate bonds fell nearly 2%. Returns on all corporate bonds (regardless of maturity) declined 10%. Low quality issues with longer maturities were especially hard-hit, falling more than 19%. 

Federal bailout and central bank lending programs are producing some positive results. Credit spreads are narrowing slightly; new issue underwriting is growing. Secondary market liquidity remains troublesome. In general, bond prices have recovered somewhat from November's lows.

**Looking Forward**

The next twelve months are going to be especially challenging. Lenders are negotiating with only the most credit-worthy borrowers. We expect global deleveraging to continue and default rates to rise. We expect short-term rates to stay low. Major debtor currency exchange rates should weaken, forcing long-term borrowing rates upward. We expect the spread between corporate and government borrowing costs to narrow as governments are forced to pay higher rates in a global competition for increasingly scarce funding. That said, we do not anticipate a quick improvement in the economy despite government stimulus plans.

For 2009, we have an historic opportunity to add high-quality investment-grade paper to the portfolio. Management will continue to selectively acquire new issues while remaining vigilant for issuer credit impairment. We expect to maintain a dollar-weighted average maturity close to three years as the search for yield intensifies. 

We look forward to new opportunities to invest in creditworthy assets at historically discounted values. 

**Management Fee Calculations**

The Sextant Short-Term Bond Fund calculates part of its management fee based on a comparison of the Fund's return to the average return of the Morningstar™ category Intermediate Term Bond. The Fund's 12-month return (0.66%) was more than four percent above the Morningstar™ average (-5.36%) at month-end November 30, 2008. Therefore, the basic performance-based annual management fee of 0.60% was increased to 0.80% for the month of December 2008. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (0.75%) on Fund expenses.
**Bond Ratings****Ratings Established****By Adviser****By Standard & Poor's****By Moody's Investor Services**AAA35.9%36.0%36.0%AA3.2%10.8%3.2%A41.2%40.4%41.1%BBB14.6%7.7%14.6%Unrated0.0%0.0%0.0%Other assets5.1%5.1%5.1%**Top Ten Holdings****% of Fund Assets**U.S. Treasury Note 4.00% due 4/15/20106.9%Federal Farm Credit Bank 5.79% due 6/5/20136.7%U.S. Treasury Note 4.00% due 6/15/20096.7%Federal Home Loan Mortgage 4.35% due 2/13/20155.0%Apache 5.25% due 4/15/20134.9%Halliburton 5.50% due 10/15/2010 4.4%International Business Machines 5.05% due 10/22/20124.4%AstraZeneca 5.40% due 9/15/20124.3%Federal National Mortage Assc. 5.00% due 2/23/20104.1%Marathon Oil 6.00% due 7/1/20123.9%
*6 | November 30, 2008 Annual Report*

***Sextant Short-Term Bond Fund***
***Investments*****Rating*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Computers**A+International Business Machines 5.05% due 10/22/2012$135,000$134,361 4.4% 	**Diversified Services**AAAGeneral Electric Capital5.25% due 10/19/2012100,00097,102 3.2% 	**Energy**A-Apache5.25% due 4/15/2013150,000 147,980 4.9%AConocoPhillips8.75% due 5/25/2010100,000 105,340 3.5%AHalliburton 5.50% due 10/15/2010 132,000 134,486 4.4%BBB+Marathon Oil 6.00% due 7/1/2012120,000 117,542 3.9%502,000 505,348 16.7% 	**Finance**AAABerkshire Hathaway Financial4.75% due 5/15/2012100,000 101,099 3.3%AA-HSBC Finance 6.375% due 10/15/2011100,000 95,358 3.2%BBB+International Lease Finance (AIG)5.00% due 4/15/2010125,000 99,921 3.3%325,000 296,378 9.8% 	**Food Production**BBBFortune Brands5.125% due 1/15/2011120,000 114,567 3.8%A+Wm. Wrigley Jr. 4.30% due 7/15/2010100,000 90,000 3.0%220,000 204,567 6.8% 	**Machinery**ACaterpillar 7.25% due 9/15/2009100,000 101,368 3.4%A Dover 6.50% due 2/15/2011100,000 101,453 3.4%200,000 202,821 6.8% 	**Medical**A+AstraZeneca 5.40% due 9/15/2012125,000 129,339 4.3%A+Genentech 4.40% due 7/15/2010100,000 100,417 3.3%225,000 229,756 7.6% 	**Retail**A-TJ X Companies 7.45% due 12/15/200995,000 98,886 3.3% 	**Telecommunications**BBBVerizon New England4.75% due 10/1/2013129,000 109,459 3.6% 	**U.S. Government**AAAU.S. Treasury Note4.00% due 6/15/2009200,000 203,547 6.7%AAAU.S. Treasury Note4.00% due 4/15/2010200,000 209,016 6.9%400,000 412,563 13.6% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 7*

***Sextant Short-Term Bond Fund***
***Investments*****Rating*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****U.S. Government Agency**AAAFederal Farm Credit Bank5.79% due 6/5/2013$200,000 $203,754 6.7%AAAFederal Home Loan Mortgage 4.35% due 2/13/2015150,000 150,720 5.0%AAAFederal National Mortage Assc.5.00% due 2/23/2010120,000 124,170 4.1%470,000 478,644 15.8% 	**Utilities**A-Scottish Power4.91% due 3/15/2010100,000 98,709 3.3% Total investments (Cost = $2,920,405)$2,901,000 2,868,594 94.9%Other assets (net of liabilities) 155,532 5.1%**Total net assets****$3,024,126****100.0%****Ratings shown are as determined by a national bond rating agency or the Adviser.*
*(The accompanying notes are an integral part of these financial statements.)*

*8 | November 30, 2008 Annual Report*

***Sextant Short-Term Bond Fund***
***Statement of Assets and Liabilities****As of November 30, 2008* **Assets** Investments in securities, at value						   (Cost $2,920,405)$2,868,594  Cash119,206  Interest receivable37,608  Due from affiliates1,132  Receivable for Fund shares sold50   Total assets$3,026,590 **Liabilities** Other liabilities1,732  Payable to affiliates617 Distribution payable115   Total liabilities2,464 **Net Assets****$3,024,126** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)3,121,744  Accumlated net realized loss(47,214) Unrealized net depreciation on investments(51,811) Undistributed net investment income1,407 **Net assets applicable to Fund shares outstanding****$3,024,126** **Fund shares outstanding****625,225** **Net asset value, offering and redemption price per share****$4.84*****Statement of Operations****For the year ended November 30, 2008* **Investment income** Interest income$137,313   Gross investment income$137,313 **Expenses** Investment adviser and administration fees24,241  Filing and registration fees9,240  Distribution fees7,733  Audit fees2,149  Printing and postage1,507  Trustee fees1,460  Insurance1,335  Chief Compliance Officer expenses1,186  Custodian fees359  Other expenses38   Total gross expenses49,248  Less adviser fees waived(25,612)Less custodian fee credits(359)  Net expenses23,277 **Net investment income****114,036**  **Net realized loss on portfolio investments** Proceeds from sales613,850  Less cost of securities sold (based on identified cost)624,105   Net realized loss on investments(10,255)**Net unrealized loss on portfolio investments** End of year(51,811) Beginning of year39,906 Net decrease in unrealized appreciation(91,717)**  Net realized and unrealized loss on portfolio investments****(101,972)****Net increase in net assets resulting from operations****$12,064**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 9*

***Sextant Short-Term Bond Fund***
***Statement of Changes in Net Assets****Year ended Nov. 30, 2008**Year ended Nov. 30, 2007***Increase in net assets****From operations** Net investment income$114,036 $101,564  Net realized gain (loss) on investments(10,255)5,698  Net increase (decrease) in unrealized appreciation(91,717)49,660   Net increase in net assets12,064 156,922 **Dividends to shareowners from** Net investment income(114,369)(101,484)**From Fund share transactions** Proceeds from sales of shares1,130,516 660,050  Value of shares issued in reinvestment of dividends111,024 93,006  Early redemption fees retained79 16  Cost of shares redeemed(1,110,549)(750,521)  Net increase in net assets131,070 2,551 **Total increase in net assets****$28,765****$57,989** **Net assets**Beginning of year2,995,361 2,937,372 End of year$3,024,126 $2,995,361  Undistributed net investment income1,407 1,740  **Shares of the Fund sold and redeemed** Number of shares sold228,825 134,418  Number of shares issued in reinvestment of dividends22,429 18,956  Number of shares redeemed(226,241)(153,241)**Net increase in number of shares outstanding****25,013****133*****Financial Highlights***
Year ended November 30,*Selected data per share of capital stock outstanding throughout the year:***2008****2007****2006****2005****2004****Net asset value at beginning of year****$4.99****$4.90****$4.85****$4.97****$5.09****Income from investment operations** Net investment income0.18 0.17 0.16 0.17 0.19 Net gain (loss) on securities (both realized and unrealized)(0.15)0.09 0.05 (0.12)(0.12)**Total from investment operations****0.03****0.26****0.21****0.05****0.07****Less distributions** Dividends (from net investment income)(0.18)(0.17)(0.16)(0.17)(0.19)**Total distributions****(0.18)****(0.17)****(0.16)****(0.17)****(0.19)**Paid-in capital from early redemption fees¹0.00² 0.00² 0.00² 0.00² -  **Net asset value at end of year****$4.84****$4.99****$4.90****$4.85****$4.97** 	**Total return****0.66%****5.51%****4.41%****0.96%****1.41%** 	**Ratios / supplemental data**Net assets ($000), end of year$3,024 $2,995 $2,937 $2,557 $2,255 Ratio of expenses to average net assets Before fee waivers and custodian fee credits1.60%1.58%1.39%1.23%1.14% After fee waivers and custodian fee credits0.75%0.75%0.57%0.59%0.58%Ratio of net investment income after fee waiver and custodian fee credits to average net assets3.70%3.54%3.41%3.35%3.80%**Portfolio turnover rate****22%****28%****41%****33%****37%***¹Early redemption fee adopted March 29, 2005**²Amounts less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*10 | November 30 2008 Annual Report*

***Sextant Bond Income Fund***

***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2008****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Bond Income Fund-4.80%1.99%4.10%1.38%Citigroup Broad Investment Grade Bond Index3.65%4.60%5.53%N/A
**Growth of $10,000**
C*omparison 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, 1998 to a similar amount invested in the Index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $14,943 versus $17,135 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 30 calendar days.*
*¹By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 28, 2008, incorporating results for the 2007 fiscal year and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the Bond Income Fund is current income.
**Industry Allocation**
*November 30, 2008 Annual Report | 11*

***Sextant Bond Income Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2008**

For the fiscal year ended November 30, 2008, the Sextant Bond Income Fund declined 4.80%. This annual return compared favorably with that of its Morningstar Category peer group, which declined 7.78% during the same period. This ranks the Fund in the 42nd percentile of the 1137 funds in its peer group.

Reflecting the year's extraordinary events, the share price moved in an unusually wide range from $4.97 to $4.27 — a maximum variation of 14%. For the five years ended November 30, 2008, the Fund provided a 1.99% annualized total returned; for the ten years ended November 30, 2008, the Fund provided a 4.10% annualized total return. Fund shares outstanding rose 6%. The Fund's expense ratio remained at 0.90%, reflecting Saturna Capital's voluntary actions to limit total expenses.

**Factors Affecting Past Performance**

We were premature in predicting that credit markets would return to normal. For the last six months of 2008, credit market functions deteriorated markedly. Liquidity for issues with longer maturities also declined significantly, as dealers, banks, and brokers lost their appetites for risk. Fund trustees and Saturna Capital closely monitored our bond valuations. Yield curves steepened as the Federal Reserve Bank pushed short-term rates down in an effort to restore credit market functions. A global flight to quality drove long U.S. Treasury bond returns above other long-term fixed-income asset classes. For the fiscal year ended November 30th, long-term U.S. Treasury bonds appreciated 13%, while long-term investment-grade corporate bonds fell more than 15%. Low quality issues with longer maturities were especially hard-hit, falling more than 19%.

Federal bailout and central bank lending programs are producing some positive results. Credit spreads are narrowing slightly; new issue underwriting is growing. Secondary market liquidity remains troublesome. In general, bond prices have recovered somewhat from November's lows.

**Looking Forward**

The next twelve months are going to be especially challenging. Lenders are negotiating with only the most credit-worthy borrowers. We expect global deleveraging to continue and default rates to rise. We expect short-term rates to stay low. Major debtor currency exchange rates should weaken, forcing long-term borrowing rates upward. We expect the spread between corporate and government borrowing costs to narrow as governments are forced to pay higher rates in a global competition for increasingly scarce funding. That said, we do not anticipate a quick improvement in the economy despite government stimulus plans.

For 2009, we have an historic opportunity to add high-quality investment-grade paper to the portfolio. Management will continue to selectively acquire new issues while remaining vigilant for issuer credit impairment. We expect to maintain a dollar-weighted average maturity close to ten years as the search for yield intensifies. We look forward to new opportunities to invest in creditworthy assets at historically discounted values. 

**Management Fee Calculations**

The Sextant Bond Income Fund calculates its management fee based on a comparison of the Fund's return to the return of Morningstar's™ "Intermediate-Term Bond" category. The Fund's 12-month return (-4.80%) was more than two percent percent above the Morningstar™ average (-7.78%) at month-end November 30, 2008. Therefore, the basic performance-based annual management fee of 0.60% was increased to 0.80% for the month of December 2008. Note that the management fee and distribution expense are almost entirely waived due to the adviser's voluntary cap (0.90%) on Fund expenses.
**Bond Ratings****Ratings Established****By Adviser****By Standard & Poor's****By Moody's Investor Services**AAA27.5%25.5%23.7%AA10.8%5.7%9.3%A38.8%42.5%38.8%BBB17.2%15.3%17.2%Unrated0.0%5.3%5.3%Other assets5.7%5.7%5.7%**Top Ten Holdings****% of Fund Assets**U.S. Treasury Bond 7.25% due 8/15/20228.0%U.S. Treasury Bond 5.25% due 2/15/20295.3%Federal Farm Credit Bank 6.25% due 8/18/20214.7%Federal National Mortgage Assoc. 5.00% due 11/28/20174.6%AT&T 7.125% due 12/15/20313.6%BHP Finance U.S.A. 5.25% due 12/15/20153.4%Travelers Companies 5.50% due 12/1/20153.4%Pharmacia 6.50% due 12/1/20183.3%Federal National Mortgage Assoc. 5.00% due 4/10/20153.0%Deere & Co. 8.10% due 5/15/2030 3.0%
*12 | November 30, 2008 Annual Report*

***Sextant Bond Income Fund***
***Investments*****Rating*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Agriculture**AArcher Daniels Midland7.00% due 2/1/2031$100,000 $95,661 2.9% 	**Automotive**BBBAutoZone5.50% due 11/15/201595,000 73,710 2.2% 	**Banking**A+CitiCorp7.25% due 10/15/201150,000 48,641 1.5%AComerica Bank7.125% due 12/1/201350,000 41,398 1.3%AA+Norwest Financial6.85% due 7/15/200950,000 50,304 1.5%150,000 140,343 4.3% 	**Building**A+Lowe's Companies8.25% due 6/1/201050,000 52,034 1.6%BBBMasco7.125% due 8/15/201360,000 53,188 1.6%110,000 105,222 3.2% 	**Chemicals**AAir Products & Chemicals8.75% due 4/15/202150,000 55,357 1.7% 	**Diversified Financial Services**AAAGeneral Electric Capital8.125% due 5/15/201260,000 62,811 1.9% 	**Electronics**A-Koninklijke Philips Electronics 7.25% due 8/15/201375,000 76,201 2.3% 	**Energy**ABaker Hughes6.00% due 2/15/200920,000 20,054 0.6%ABaker Hughes6.875% due 1/15/2029100,000 93,845 2.8%120,000 113,899 3.4% 	**Finance**A+Morgan Stanley Dean Witter6.75% due 10/15/201350,000 40,773 1.2%AA-Paine Webber Group7.625% due 2/15/201450,000 48,739 1.5%100,000 89,512 2.7% 	**Food Production**BBBConAgra Foods7.875% due 9/15/201033,000 33,507 1.0%AHershey Foods6.95% due 8/15/201250,000 53,699 1.6%BBBH.J. Heinz6.00% due 3/15/201275,000 73,743 2.2%158,000 160,949 4.8% 	**Insurance**AAllstate7.50% due 6/15/201350,000 51,132 1.6%A+Progressive7.00% due 10/1/201375,000 75,956 2.3%A-Travelers Companies5.50% due 12/1/2015125,000 112,051 3.4%BBB+XL Capital6.50% due 1/15/201290,000 63,716 1.9%340,000 302,855 9.2% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report* | 13

***Sextant Bond Income Fund***
***Investments*****Rating*****Issuer****Coupon/Maturity****Face Amount****Market Value****Percentage of Assets****Machinery**ACaterpillar9.375% due 8/15/2011$40,000 $42,988 1.3%ADeere & Co.8.10% due 5/15/2030 95,000 99,775 3.0%135,000 142,763 4.3% 	**Medical**ABecton Dickinson7.15% due 10/1/200940,000 39,943 1.2%AA+Pharmacia6.50% due 12/1/2018100,000 109,543 3.3%140,000 149,486 4.5% 	**Metal Ores**A+BHP Finance U.S.A.5.25% due 12/15/2015125,000 112,254 3.4% 	**Office Material**BBBAvery Dennison6.00% due 1/15/203395,000 61,082 1.9% 	**Retail**ADayton Hudson (Target Stores)10.00% due 1/1/201150,000 54,481 1.6%BBBMay Department Stores8.00% due 7/15/201250,000 35,603 1.1%AAWal-Mart Stores7.25% due 6/1/201345,000 49,958 1.5%145,000 140,042 4.2% 	**Telecommunications**AAT&T7.125% due 12/15/2031140,000 117,574 3.6% 	**Transportation**BBB+Southwest Airlines6.50% due 3/1/201275,000 73,084 2.2% 	**U.S. Government**AAAU.S. Treasury Bond5.25% due 2/15/2029145,000 175,325 5.3%AAAU.S. Treasury Bond7.25% due 8/15/2022195,000 266,830 8.0%340,000 442,155 13.3% 	**U.S. Government Agency**AAAFederal Farm Credit Bank6.25% due 8/18/2021150,000 153,936 4.7%AAAFederal National Mortage Assoc.5.00% due 4/10/2015100,000 100,058 3.0%AAAFederal National Mortage Assoc.5.00% due 11/28/2017150,000 151,136 4.6%400,000 405,130 12.3% 	**Utilities**BBBCommonwealth Edison7.50% due 7/1/201350,000 50,375 1.5%AFlorida Power & Light5.95% due 10/1/2033100,000 98,047 3.0%BBB+Sempra Energy7.95% due 3/1/201050,000 50,129 1.5%200,000 198,551 6.0% 	Total investments (Cost = $3,326,778)$3,153,000 3,118,641 94.3%Other assets (net of liabilities) 187,482 5.7%**Total net assets****$3,306,123****100.0%****Ratings shown are as determined by a national bond rating agency or the Adviser.*
*(The accompanying notes are an integral part of these financial statements.)*

*14 | November 30, 2008 Annual Report*

***Sextant Bond Income Fund***
***Statement of Assets & Liabilities****As of November 30, 2008* **Assets** Investments in securities, at value  (Cost $3,326,778)$3,118,641  Cash127,360  Interest receivable61,275  Insurance reserve premium400  Due from affiliates121  Receivable for Fund shares sold52   Total assets$3,307,849 **Liabilities** Accrued expenses1,386  Payable to affiliates221  Distributions payable119  Total liabilities1,726 **Net assets****$3,306,123** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)3,578,753  Accumulated net realized loss(64,493) Unrealized net depreciation on investments(208,137)**Net assets applicable to Fund shares outstanding****$3,306,123** **Fund shares outstanding****741,780** **Net asset value, offering and redemption price per share****$4.46*****Statement of Operations****For the year ended November 30, 2008* **Investment income** Interest income$190,996  Gross investment income$190,996 **Expenses** Investment adviser and administration fees22,777  Filing and registration fees9,189  Distribution fees8,572  Audit fees3,296  Printing and postage1,560  Chief Compliance Officer expenses1,386  Insurance969  Legal fees869  Trustee fees820  Custodian fees148  Other expenses109   Total gross expenses49,695  Less adviser fees waived(18,595)Less custodian fee credits(148)  Net expenses30,952 **Net investment income****160,044**  **Net realized loss on portfolio investments** Proceeds from sales279,750  Less cost of securities sold (based on identified cost)309,271  Net realized loss on investments(29,521)**Net unrealized gain on portfolio investments** End of year(208,137) Beginning of year91,317   Net decrease in unrealized appreciation(299,454)**Net realized and unrealized loss on portfolio investments****(328,975)** **Net decrease in net assets resulting from operations****($168,931)**
(The accompanying notes are an integral part of these financial statements.)

*November 30, 2008 Annual Report | 15*

***Sextant Bond Income Fund***
***Statement of Changes in Net Assets****Year ended Nov. 30, 2008**Year ended Nov. 30, 2007***Increase (decrease) in net assets****From operations** Net investment income$160,044 $148,530  Net realized gain (loss) on investments(29,521)(4,203) Net increase (decrease) in unrealized appreciation(299,454)(4,699) Net increase (decrease) in net assets(168,931)139,628 **Dividends to shareowners from** Net investment income(160,044)(148,530)**From Fund share transactions** Proceeds from sales of shares355,383 447,983  Value of shares issued in reinvestment of dividends154,961 129,523  Early redemption fees retained14 6  Cost of shares redeemed(287,423)(540,873) Net increase in net assets 222,935 36,639 **Total increase (decrease) in net assets****($106,040)****$27,737** **Net assets**Beginning of year3,412,163 3,384,426 End of year$3,306,123 $3,412,163  **Shares of the Fund sold and redeemed** Number of shares sold77,146 92,609  Number of shares issued in reinvestment of dividends32,872 26,850  Number of shares redeemed(63,078)(112,203)**Net increase in number of shares outstanding****46,940****7,256*****Financial Highlights****Year ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2008****2007****2006****2005****2004****Net asset value at beginning of year****$4.91****$4.92****$4.92****$5.06****$5.07****Income from investment operations** Net investment income0.220.220.22 0.21 0.22  Net gain (loss) on securities (both realized and unrealized)(0.45)(0.01) 0.00  (0.14) (0.01)**Total from investment operations****(0.23)****0.21****0.22****0.07****0.21****Less distributions** Dividends (from net investment income)(0.22)(0.22) (0.22) (0.21) (0.22)**Total distributions****(0.22)****(0.22)****(0.22)****(0.21)****(0.22)**Paid-in capital from early redemption fees 0.00²0.00²0.00²0.00²-  	**Net asset value at end of year****$4.46****$4.91****$4.92****$4.92****$5.06** **Total return****(4.80)%****4.53%****4.73%****1.40%****4.26%** 	**Ratios/supplemental data**Net assets ($000), end of year$3,306$3,412$3,384 $3,050 $2,643 Ratio of expenses to average net assets Before fee waivers and custodian fee credits1.45%1.38%1.27%0.97%0.89% After fee waivers and custodian fee credits0.91%0.90%0.90%0.94%0.87%Ratio of net investment income after fee waiver and custodian fee credits to average net assets4.68%4.64%4.64%4.26%4.47%**Portfolio turnover rate****9%****22%****36%****4%****0%**¹Early redemption fee adopted March 29, 2005²Amount is less than $0.01
*(The accompanying notes are an integral part of these financial statements.)*

*16 | November 30, 2008 Annual Report*

***Sextant Core Fund***

***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2008****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Core Fund-23.52%N/AN/A1.35%Dow Jones Moderate U.S. Portfolio Index-28.19%1.94%3.79%N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on March 30, 2007 to a similar amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have fallen to $8,269 versus $7,623 in the index.**Past performance does not guarantee future results. The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 30 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 28, 2008, incorporating results for the 2007 fiscal year and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objectives of the Core Fund are long-term appreciation and capital preservation. It began operations March 30, 2007.
**Industry Allocation**
*November 30, 2008 Annual Report | 17*

***Sextant Core Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2008**

The 12 months during fiscal year 2008 saw a period of deteriorating financial conditions that took their toll on Fund performance in spite of its balanced allocation between fixed-income instruments and equity securities. Few market analysts properly perceived the extent of the banking crisis we are currently experiencing. Earnings estimates were (and are) too optimistic. As companies continued to revise earnings estimates lower, market values adjusted to the grim outlook. This accelerated in September and culminated on November 20 when the S&P 500 index hit a low of 752 after starting the Fund's fiscal year close to its all time high, at 1481 (a 49% decrease). The Fund itself was reasonably well positioned, being overweight in consumer staples and other defensive assets. As a consequence, the Sextant Core Fund managed to outperform its benchmark index (the Dow Jones Moderate Portfolio Index) by 4.6% for the year ended November 30, 2008. 

**Strategy**

The Fund has a stated policy weight of 40% fixed-income and 60% equity securities. As we started the fiscal year last December, the Fund was modestly overweight in common equities. However, as the year progressed and the banking crisis deepened, the Fund increased its weight in fixed-income securities with the hope of offsetting the negative momentum experienced in the equity markets. Even this only acted to slow the rate of loss on the portfolio as credit concerns hurt corporate bond valuations. As the value of credit instruments deteriorated at a slower pace than common equity securities, the higher weight helped the Fund to outperform its benchmark. As of the fiscal year end, the Sextant Core Fund was overweight cash and fixed-income securities by 9% relative to its policy benchmark.

**Looking Forward**

Following the November 30 fiscal year-end, markets continued to bid up U.S. government bonds. This was driven by a continuation of the flight to quality as well as the Federal Reserves' perceived intervention into credit markets to make home mortgages more affordable. As of this writing, the 30-year U.S. government bond yields a paltry 2.9%. With investors now concerned that Treasurys are overvalued, quality corporate bonds have experienced a modest increase in liquidity, which appears to be supporting the prices of these assets. Given the environment, we took the opportunity provided by these record Treasury prices to take profits on our long dated position, lower portfolio duration, and buy shorter-dated Treasury bonds (thus decreasing portfolio volatility). While the capital markets continue to be erratic, we expect to maintain asset weights closer to the Fund's policy weights. The Fund will, however, take a cautious approach going into 2009 by continuing to maintain a defensive posture.

**Management Fee Calculations**

The Sextant Core Fund calculates its management fee based on a comparison of the Fund's return to the return of Morningstar's™ "Moderate-Allocation Domestic Hybrid Funds" category. The Fund's 12-month return (-23.52%) was more than four percent above the Morningstar™ category average (-30.61%) at month-end November 30, 2008. Therefore, the maximum performance increase of 0.30% was added to the basic 0.60% annual management fee for the month of December 2008.
**Bond Ratings****Ratings Established****By Adviser****By Standard & Poor's****By Moody's Investor Services**AAA16.6%9.3%16.6%AA3.2%8.0%3.2%A11.0%9.3%14.1%BBB15.1%12.0%12.0%Unrated0.0%7.3%0.0%Equities51.0%51.0%51.0%Other assets3.1%3.1%3.1%**Top Ten Holdings****% of Fund Assets**U.S. Treasury Bond 5.25% due 11/15/20287.3%Genentech 4.40% due 7/15/20104.9%U.S. Treasury Note 6.00% due 8/15/20093.4%Berkley WR 5.875% due 2/15/20133.2%General Electric Capital 6.00% due 6/15/20123.2%Wal-Mart Stores 4.50% due 7/1/2015 3.2%Panamerican Beverages 7.25% due 7/1/20093.1%Verizon New England 6.50% due 9/15/2011 3.1%Emerson Electric 5.375% due 10/15/20173.1%E.I. du Pont de Nemours 5.25% due 12/15/20163.1%
*18 | November 30, 2008 Annual Report*

***Sextant Core Fund***
***Investments*****Equities — 51.0%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Aerospace**Lockheed Martin 300 $31,265$23,1330.8%Rockwell Collins 800 51,63127,2640.9%United Technologies 525 36,35925,4780.8%119,25575,8752.5% 	**Automotive**Toyota Motor ADS 200 25,37612,620Japan0.4% 	**Banking**Australia & New Zealand Banking Group ADS 1,750 42,75516,866Australia0.5%JP Morgan Chase & Co 550 20,56317,4130.6%Nomura Holdings ADR 700 14,4695,096Japan0.2%PNC Bank60042,74831,6621.0%Toronto-Dominion Bank 550 35,55319,399Canada0.6%156,08890,4362.9% 	**Building**CRH ADS 600 26,43913,230Ireland0.4%Lowe's Companies 900 28,51918,5940.6%Ritchie Bros. Auctioneers 1,000 19,00018,670Canada0.6%73,95850,4941.6% 	**Chemicals**BASF ADS 400 22,55012,750Germany0.4%Praxair 700 44,34941,3351.3%RPM International 1,000 23,11011,9900.4%90,00966,0752.1% 	**Computer Hardware**Taiwan Semiconductor ADS 1,514 16,21510,825Taiwan0.4% 	**Computers**Adobe Systems¹ 1,100 45,47425,4760.8%Apple² 500 52,01646,3351.5%Hewlett-Packard 1,000 41,02535,2801.2%138,515107,0913.5% 	**Cosmestics & Toiletries**Procter & Gamble 900 58,84257,9151.9% 	**Diversified Operations**Honeywell International 850 42,85523,6810.8%3M 600 50,09240,1581.3%Tomkins ADS 750 15,9455,040United Kingdom0.1%108,89268,8792.2% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 19*

***Sextant Core Fund***
***Investments*****Equities — 51.0%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Energy**ConocoPhillips 750 $56,826$39,3901.3%Noble 1,200 53,18332,1481.1%Norsk Hydro ADS 2,000 27,2267,178Norway0.2%StatoilHydro ADS 603 15,14610,263Norway0.3%152,38188,9792.9% 	**Food Production**General Mills 1,000 57,76363,1702.1%PepsiCo 1,000 66,42356,7001.8%Unilever ADS 1,600 51,11936,640United Kingdom1.2%175,305156,5105.1% 	**Hotels & Motels**Orient-Express Hotels Class A 1,000 56,4506,850Bermuda0.2% 	**Instruments — Control**Parker Hannifin 450 25,89018,4860.6% 	**Insurance**Chubb 750 39,27038,5201.3%ING Groep ADS 400 16,9923,352Netherlands0.1%56,26241,8721.4% 	**Medical**Eli Lilly 1,000 54,70334,1501.1%GlaxoSmithKline ADS 500 26,85917,220United Kingdom0.6%Johnson & Johnson 700 43,18041,0061.3%Novartis ADR 300 16,50614,076Switzerland0.5%Novo Nordisk ADS 400 18,09820,440Denmark0.7%Pfizer 1,900 48,43931,2171.0%UnitedHealth Group 1,400 68,52329,4140.9%276,308187,5236.1% 	**Metal Ores**Alcoa 1,400 49,00615,0640.5%Anglo American ADR 1,119 33,77113,350South Africa0.4%BHP Billiton ADS 650 31,86626,013Australia0.8%Freeport-McMoRan Copper & Gold Class B 200 13,3244,7980.2%127,96759,2251.9% 	**Office Equipment**Canon ADS 600 32,48117,856Japan0.6% 	**Paper & Paper Products**Kimberly-Clark 625 43,00236,1191.2% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*20 | November 30, 2008 Annual Report*

***Sextant Core Fund***
***Investments*****Equities — 51.0%****Issue****Number of Shares****Tax Cost****Market Value****Country¹****Percentage of Assets****Publishing**McGraw-Hill 1,000 $58,293$25,0000.8%Pearson ADS 2,100 34,91020,160United Kingdom0.7%93,20345,1601.5% 	**Real Estate**Duke Realty 400 17,4163,2840.1% 	**Shoes & Related Apparel**Nike Class B 900 51,64647,9251.6% 	**Steel**Nucor 800 48,08528,5440.9% 	**Telecommunications**AT&T 900 35,80225,7040.8%China Mobile ADS 500 23,05822,915China0.7%Harris 550 28,13919,1840.6%Telefónica ADS 500 37,08230,520Spain1.0%Teléfonos de México ADS Class L 1,200 17,73220,832Mexico0.7%Telemex International  1,200 25,34611,628Mexico0.4%167,159130,7834.2% 	**Tools**Black & Decker 350 29,65414,8540.5% 	**Transportation**Canadian National Railway 800 40,23728,176Canada0.9%FedEx 400 42,22028,2600.9%LAN Airlines ADS 4,000 58,37334,000Chile1.1%140,83090,4362.9% 	**Utilities**FPL Group 600 36,75229,2560.9%IDACORP 900 30,46327,3600.9%67,21556,6161.8% 	**Total equities****$2,348,404****$1,571,232****51.0%**
 
**Bonds — 45.9%****Rating³****Issuer****Maturity / Coupon****Face Value****Market Value****Percentage of Assets****Beverages**BBB+Panamerican Beverages7.25% due 7/1/2009$94,000$96,1023.1% 	**Chemicals**AE.I. du Pont de Nemours5.25% due 12/15/2016 100,000 94,2993.1% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*20 | November 30, 2008 Annual Report*

***Sextant Core Fund***
**Bonds — 45.9%****Rating³****Issuer****Maturity / Coupon****Face Value****Market Value****Percentage of Assets****Diversified Financial Services**AAAGeneral Electric Capital6.00% due 6/15/2012100,000 99,4453.2% 	 	**Electronics**AEmerson Electric5.375% due 10/15/2017100,000 95,0173.1% 	**Insurance**BBBBerkley WR5.875% due 2/15/2013100,000 99,7473.2%AAABerkshire Hathaway Financial4.625% due 10/15/201385,000 83,0222.7%182,769 5.9% 	**Medical**A+Genentech4.40% due 7/15/2010150,000 150,6254.9% 	**Office Equipment**BBBStaples7.375% due 10/1/201290,000 81,2392.6% 	**Retail**AAWal-Mart Stores4.50% due 7/1/2015 100,000 97,3433.2% 	**Telecommunications**BBBVerizon New England6.50% due 9/15/2011 100,000 95,9433.1% 	**Transportation**BBB-CSX6.75% due 3/15/201195,000 92,3803.0% 	**U.S. Government**AAAU.S. Treasury Bond5.25% due 11/15/2028187,000 225,8617.3%AAAU.S. Treasury Note6.00% due 8/15/2009100,000 103,6023.4%329,46310.7% 	**Total bonds****$1,414,625****45.9%** 	Total investments  (Cost=$3,786,975) 2,985,85796.9%Other assets (net of liabilities) 95,8653.1%**Total net assets****$3,081,722****100.0%***¹Equities are issued by U.S. Domestic companies where no Country is listed.²Non-income producing³Ratings shown are as determined by a national bond rating agency or the Adviser.*
*ADS: American Depositary Share        ADR: American Depositary Receipt*
*(The accompanying notes are an integral part of these financial statements.)*

*22 | November 30, 2008 Annual Report*

***Sextant Core Fund***
***Statement of Assets and Liabilities****As of November 30, 2008* **Assets** Investments in securities, at value  (Cost $3,786,975)$2,985,857 Cash73,366  Dividends and interest receivable27,339  Receivable for Fund shares sold1,153   Total assets$3,087,715**Liabilities** Accrued expenses3,829  Payable to affiliates1,538  Accrued 12b-1 fees626   Total liabilities5,993 **Net assets****$3,081,722** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)3,957,981  Unrealized net depreciation on investments(801,118) Accumulated net realized loss(75,141)**Net assets applicable to Fund shares outstanding****$3,081,722** **Fund shares outstanding****386,858** **Net asset value, offering and redemption price per share****$7.97*****Statement of Operations****For the year ended November 30, 2008* **Investment income** Interest income$72,618 Dividend income (net of foreign tax of $3,012)55,813   Gross investment income$128,431**Expenses** Investment adviser and administration fee28,134  Distribution fees9,435  Filing and registration fees9,145  Audit fees3,505  Printing and postage1,923  Chief Compliance Officer expenses1,863  Trustee fees1,166  Insurance944  Legal fees807  Other expenses532  Custodian fees464   Total gross expenses57,918  Less custodian fee credits(464)  Net expenses57,454 **Net investment income****70,977**  **Net realized loss on portfolio investments** Proceeds from sales571,999  Less cost of securities sold (based on identified cost)647,140   Net realized loss on investments(75,141)**Net unrealized gain on portfolio investments** End of year(801,118) Beginning of year193,643   Net decrease in unrealized appreciation(994,761)**Net realized and unrealized loss on portfolio investments****(1,069,902)** **Net decrease in net assets resulting from operations****$(998,925)**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 23*

***Sextant Core Fund***
***Statement of Changes in Net Assets****Year ended Nov. 30, 2008**Period ended Nov. 30, 2007***Increase (decrease) in net assets****From operations**Net investment income$70,977$44,650Net realized gain (loss) on investments(75,141)552 Net increase (decrease) in unrealized appreciation(994,761)193,643 Net increase (decrease) in net assets(998,925)238,845 **Dividends to shareowners from**Net investment income(70,977)(45,202)Distribution in excess of net investment income-(6,089)Return of capital(788)-(71,765)(51,291)**From Fund share transactions**Proceeds from sales of shares616,684 3,687,786 Value of shares issued in reinvestment of dividends71,765 51,291 Early redemption fees retained-0¹Cost of shares redeemed(443,301)(19,367)Net increase in net assets245,148 3,719,710 **Total increase (decrease) in net assets****(825,542)****$3,907,264** **Net assets**Beginning of year3,907,264 0 End of year$3,081,722$3,907,264 **Shares of the Fund sold and redeemed**Number of shares sold64,423 363,080 Number of shares issued in reinvestment of dividends9,004 4,807 Number of shares redeemed(52,638)(1,818)**Net increase in number of shares outstanding****20,789****366,069***¹Amount is less than $1.00****Financial Highlights****Year ended November 30,**Period ended**Selected data per share of capital stock outstanding throughout the year:***2008****Nov. 30, 20074****Net asset value at beginning of year****$10.67****$10.00**I**ncome from investment operations**Net investment income0.19 0.12 Net gain (loss) on securities (both realized and unrealized)(2.70)0.69**Total from investment operations****(2.51)****0.81****Less distributions**Dividends (from net investment income)(0.19)(0.12)Distribution in excess (from net investment income)-(0.02)Return of capital0.00¹-**Total distributions****(0.19)****(0.14)**Paid-in capital from early redemption fees-0.00¹  **Net asset value at end of year****$7.97****$10.67** **Total return****(23.52)%****8.12%²** **Ratios / supplemental data**Net assets ($000), end of year$3,082$3,907 Ratio of expenses to average net assets Before custodian fee credits1.54%1.35%³ After custodian fee credits1.53%1.21%³Ratio of net investment income after custodian fee credits to average net assets1.89%2.08%³**Portfolio turnover rate****16%****7%²***¹Amount is less than $0.01   ²Since inception March 30, 2007; not annualized ³Annualized   4Fund commenced operations March 30, 2007*
*(The accompanying notes are an integral part of these financial statements.)*

*24 | November 30, 2008 Annual Report*

***Sextant Growth Fund***

***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2008****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant Growth Fund-32.58%1.81%5.52%1.32%S&P 500 Index-38.09%-1.39%-0.93%N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1998 to a similar amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $17,121 versus $9,105 in the index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 30 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 28, 2008, incorporating results for the 2007 fiscal year and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the Growth Fund is long-term capital growth.
**Industry Allocation**
*November 30, 2008 Annual Report | 25*

***Sextant Growth Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2008**

For the fiscal year ended November 30, 2008, the Sextant Growth Fund lost 32.58%. This compares favorably with the growth-oriented NASDAQ Composite Index's 41.77% loss and the broader S&P 500 Index's 38.09% drubbing. Our steady results attracted new investments, yet Fund assets still declined 24.00%. The Fund's annual expense ratio declined to 1.24%, reflecting the spreading of the Trust's fixed expenses over higher assets. 

**Factors Affecting Past Performance**

In 2008, the U.S. economy fell into a major recession. The worst financial crisis in generations bankrupted major firms, and the grossly extended real estate and construction markets tumbled further across the land. In a frightened world, the U.S. dollar appreciated sharply during 2008, making it more difficult for domestic exporters.

The accompanying tables and graphs show the Fund's industry allocation and largest holdings. We benefited from large temporary cash and equivalents holdings. Computers and medical are our largest industries. Slowing economic activity meant commodity prices tumbled, punishing our cyclical and resource-based issues. Banks and financials did the worst, but we mostly avoided this disaster.

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. Apple and Hewlett-Packard are our largest holdings in the computer sector. Barr Pharmaceticals was our largest medical holding, whose shareowners benefited from its acquistion by Teva late in the year. Charles Schwab is our largest financial holding, which held steady in a year when all five of the largest U.S. investment banks disappeared forever.

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

**Looking Forward**

The world economy is in a deep recession, caused by 2008's financial collapse. Money for investments and purchases is scarce. Default rates on low quality debt are skyrocketing. Ponzi schemes are being exposed as new investors cannot be found. Private equity and venture capital firms are on the ropes, and their leveraged hedge funds show their basic design deficiencies. Voters sent the sitting political party to the sidelines, opting for "change" without much definition of what that means. New or old, central governments are expanding spending and pumping out stimuli. Local governments, without their own printing presses, are forced to cut expenditures as revenues decline sharply. The U.S. federal government is spending with the wildest abandon, and inflation will accelerate as a result. 

Burdened by decades of overspending and borrowing, the financial systems in most countries will take years to recover. Commodity output and prices will stay weak, as the world economy stagnates. Interest rates, which fell to almost zero in 2008, will rise slowly once recovery becomes established. Europe, with its many cultures, is being pulled at the edges. 

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

The volatility, risks, and returns of the stock market will continue. The poor stock market performances of 2000 through 2002 were reversed in 2003 through 2007 as stocks again provided investors with strong investment returns. The market collapse of 2008 can be reversed as well. We have considerable cash in reserve, waiting to invest at more favorable prices later this year. Investors burned from speculation may again return to the markets for quality securities. 

A long-term approach is the best opportunity to prosper: For the ten years ending November 30, 2008, the Fund provided a 5.52% annualized total return. While below the averages established over many decades for stock investing, it is superior to the zero returns investors currently receive on cash, short-term equivalents, or money under the mattress.

**Management Fee Calculations**

The Sextant Growth Fund calculates part of its management fee based on a comparison of the Fund's return to the average return in Morningstar's "Mid-Cap Growth" category. The Fund's 12-month return (-32.58%) was more than four percent above the Morningstar™ category average (-45.15%) at month-end November 30, 2008. Therefore, the maximum performance increase of 0.30% was added to the basic 0.60% annual management fee for the month of December 2008.
**Top Ten Holdings****% of Fund Assets**Apple6.1%Barr Pharmaceuticals4.0%Charles Schwab3.8%Pharmaceutical Product Development3.2%FPL Group2.8%Trimble Navigation2.3%Chubb2.1%Amazon.com2.1%PepsiCo2.1%Hewlett-Packard2.0%
*26 | November 30, 2008 Annual Report*

***Sextant Growth Fund***
***Investments*****Issue****Quantity****Tax Cost****Market Value****Percentage of Assets****Banking**Frontier Financial15,000 $220,751 $42,900 0.4%Washington Banking6,250 83,121 52,500 0.4%303,872 95,400 0.8% **Building**KB Home5,000 302,781 58,150 0.5%Lowe's Companies6,500 109,802 134,290 1.1%Weyerhaeuser4,200 246,845 158,004 1.3%659,428 350,444 2.9% **Computers**3Com¹30,000 167,836 60,300 0.5%Adobe Systems¹7,600 39,971 176,016 1.5%Apple¹8,000 67,473 741,360 6.1%Hewlett-Packard7,000 157,040 246,960 2.0%Intuit¹9,000 197,624 199,440 1.6%Oracle¹15,000 115,139 241,350 2.0%745,083 1,665,426 13.7% **Diversified Operations**Honeywell International3,500 131,966 97,510 0.8%Raytheon Company3,000 188,040 146,400 1.2%320,006 243,910 2.0% 	**Electronics**Advanced Micro Devices¹10,000 41,708 23,600 0.2%Agilent Technologies¹10,000 267,568 188,300 1.6%Harman International Industries1,900 157,285 28,595 0.2%Trimble Navigation¹14,000 202,081 285,040 2.3%668,642 525,535 4.3% **Energy**Devon Energy3,000 185,020 217,020 1.8%Noble8,000 125,240 214,320 1.7%Spectra Energy3,000 84,750 48,780 0.4%395,010 480,120 3.9% **Finance**Charles Schwab25,000 79,726 458,250 3.8% **Food Production**Dr. Pepper Snapple Group¹8,000 199,365 129,120 1.1%PepsiCo4,500 248,326 255,150 2.1%447,691 384,270 3.2% **Hotels & Motels**Red Lion Hotels¹21,000 150,354 54,600 0.4% **Insurance**Chubb5,000 224,705 256,800 2.1% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*27 | November 30, 2008 Annual Report*

***Sextant Growth Fund***
***Investments*****Issue****Quantity****Tax Cost****Market Value****Percentage of Assets****Medical**Abbott Laboratories4,000 $171,114 $209,560 1.7%Amgen¹3,700 111,703 205,498 1.7%Barr Pharmaceuticals¹7,500 273,747 490,425 4.0%Eli Lilly3,500 249,361 119,525 1.0%Ligand Pharmaceuticals¹10,000 112,072 20,600 0.2%Pharmaceutical Product Development15,000 67,174 395,100 3.2%VCA Antech¹8,000 209,048 152,400 1.3%1,194,219 1,593,108 13.1% **Metal Ores**Alcoa6,000 189,042 64,560 0.5%Freeport-McMoRan Copper & Gold Class B3,300 236,879 79,167 0.7%425,921 143,727 1.2% **Publishing**John Wiley & Sons Class A5,000 134,777 179,800 1.5% **Retail**Amazon.com¹6,000 260,090 256,200 2.1%Bed Bath & Beyond¹5,000 176,186 101,450 0.8%Best Buy4,000 223,149 82,840 0.7%Staples6,000 144,720 104,160 0.9%804,145 544,650 4.5% **Steel**Nucor4,000 189,851 142,720 1.2% **Tools**Lincoln Electric Holdings4,000 180,617 182,760 1.5%Regal-Beloit 5,500 173,846 185,020 1.5%354,463 367,780 3.0% **Transportation**Norfolk Southern4,500 185,235 222,615 1.8%UAL15,000 248,965 168,750 1.4%United Parcel Service Class B2,500 189,469 144,000 1.2%623,669 535,365 4.4% **Utilities**Duke Energy10,000 172,211 155,600 1.3%FPL Group7,000 244,408 341,320 2.8%IDACORP6,000 159,539 182,400 1.5%Sempra Energy3,000 116,395 140,010 1.1%692,553 819,330 6.7% Total investments $8,414,115 8,841,235 72.7%Other assets (net of liabilities) 3,316,169 27.3%**Total net assets****$12,157,404****100%***¹Non-income producing*
*(The accompanying notes are an integral part of these financial statements.)*

*28 | November 30, 2008 Annual Report*

***Sextant Growth Fund***
***Statement of Assets & Liabilities***As of November 30, 2008 **Assets** Investments in securities, at value (Cost $8,414,115)$8,841,235  Cash3,374,927  Dividends receivable15,978  Receivable for Fund shares sold2,429  Insurance reserve premium1,214   Total assets$12,235,783**Liabilities** Payable for Fund shares redeemed58,267  Accrued expenses11,543  Payable to affiliates5,827  Accrued distribution fee2,414  Distributions payable328   Total liabilities78,379**Net assets****$12,157,404** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)11,833,777 Unrealized net appreciation on investments427,120 Accumulated net realized loss(108,384) Undistributed net investment income4,891 **Net assets applicable to Fund shares outstanding****$12,157,404** **Fund shares outstanding****903,848** **Net asset value, offering and redemption price per share****$13.45*****Statement of Operations****For the year ended November 30, 2008* **Investment income** Dividend income$171,070  Interest income$36,586   Gross investment income$207,656 **Expenses** Investment adviser and administration fees93,090  Distribution fees36,133  Filing and registration fees18,119  Audit fees6,952  Chief Compliance Officer expenses6,783  Printing and postage6,205  Insurance6,043  Trustee fees4,259  Custodian fees1,822  Legal fees790  Other expenses358   Total gross expenses180,554  Less custodian fee credits(1,822) Net expenses178,732 **Net investment income****28,924**  **Net realized loss on portfolio investments** Proceeds from sales12,193,012  Less cost of securities sold (based on identified cost)12,301,489  Realized net loss on securities sold(108,477) Litigation gain93   Net realized loss on investments(108,384)**Net unrealized gain on portfolio investments** End of year427,120  Beginning of year5,633,409   Net decrease in unrealized appreciation(5,206,289)**Net realized and unrealized loss on portfolio invesments****(5,314,673)** **Net decrease in net assets resulting from operations****$(5,285,749)**
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 29*

***Sextant Growth Fund***
***Statement of Changes in Net Assets****Year ended Nov. 30, 2008**Year ended Nov. 30, 2007***Increase (decrease) in net assets****From operations**Net investment income $28,924 $12,667 Net realized gain (loss) on investments(108,384)371,470 Net increase (decrease) in unrealized appreciation(5,206,289)960,510 Net increase (decrease) in net assets(5,285,749)1,344,647 **Dividends to shareowners from**Net investment income(25,378)(11,322)Capital gains distributions(220)(371,290)(25,598)(382,612)**From Fund share transactions**Proceeds from sales of shares2,951,558 2,922,513 Value of shares issued in reinvestment of dividends25,269 318,873 Early redemption fees retained319 440 Cost of shares redeemed(1,504,638)(1,935,307)Net increase in net assets1,472,508 1,306,519 **Total increase (decrease) in net assets****$(3,838,839)****$2,268,554** **Net assets**Beginning of year15,996,243 13,727,689 End of year$12,157,404 $15,996,243  Undistributed net investment income$4,891 $1,345 **Shares of the Fund sold and redeemed**Number of shares sold187,107 149,662 Number of shares issued in reinvestment of dividends1,879 15,952 Number of shares redeemed(85,198)(101,152)**Net increase in number of shares outstanding****103,788****64,462*****Financial Highlights****Year ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2008****2007****2006****2005****2004****Net asset value at beginning of year****$19.99****$18.66****$17.11****$14.20****$12.91**I**ncome from investment operations**Net investment income (loss)0.040.01(0.02)(0.02)0.01 Net gains (losses) on securities (both realized and unrealized)(6.55)1.801.74 2.96 1.45 **Total from investment operations****(6.51)****1.81****1.72****2.94****1.46****Less distributions**Dividends (from net investment income)(0.03)(0.01)- (0.00)²(0.01)Distributions (from capital gains)(0.00)²(0.47)(0.17)(0.03)(0.16)**Total distributions****(0.03)****(0.48)****(0.17)****(0.03)****(0.17)**Paid-in capital from early redemption fees¹0.00²0.00²0.00²0.00²-  	**Net asset value at end of year****$13.45****$19.99****$18.66****$17.11****$14.20**  **Total return****(32.58)%****9.74%****10.06%****20.76%****11.35%**  **Ratios/supplemental data**Net assets ($000), end of year$12,157$15,996$13,728 $9,006 $5,331 Ratio of expenses to average net assetsBefore custodian fee credits1.25%1.32%1.25%1.28%0.80%After custodian fee credits1.24%1.30%1.21%1.24%0.78%Ratio of net investment income (loss) after custodian fee credits to average net assets0.20%0.09(0.12)%(0.17)%0.12%**Portfolio turnover rate****2%****3%****11%****4%****8%**¹Early redemption fee adopted March 29, 2005²Amount is less than $0.01
*(The accompanying notes are an integral part of these financial statements.)*

*30 | November 30, 2008 Annual Report*

***Sextant International Fund***

***Performance Summary (unaudited)***
**Average Annual Returns as of November 30, 2008****1 Year****5 Years****10 Years****Expense Ratio¹**Sextant International Fund-29.56%8.01%6.56%1.50%AMEX International Index-42.97%4.64%1.93%N/A
**Growth of $10,000**
*Comparison of any mutual fund to a market index must be made bearing in mind that the Index is unmanaged, and expense-free. Conversely, the fund will (1) be actively managed, (2) have an objective other than mirroring the index, such as limiting risk, (3) bear transaction and other costs, (4) stand ready to buy and sell its securities to shareowners on a daily basis, and (5) provide a wide range of services. The graph compares $10,000 invested in the Fund on November 30, 1998 to a similar amount invested in the index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $18,881 versus $9,519 in the index.****Past performance does not guarantee future results.**The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 30 calendar days.*
*¹ By regulation, the expense ratio for the Fund shown in this table is as of the Fund's most recent prospectus dated March 28, 2008, incorporating results for the 2007 fiscal year and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

The objective of the International Fund is long-term capital growth.
**Industry Allocation**
*November 30, 2008 Annual Report | 31*

***Sextant International Fund***

***Discussion of Fund Performance (unaudited)***

**Fiscal Year 2008**

For the fiscal year ended November 30, 2008 — one of the worst periods in the history of international investing — the Sextant International Fund lost 29.56%. The benchmark AMEX International Index did considerably worse, declining 43.04%. These results actually attracted new investors, and total Fund assets jumped 55.16%. The spreading of fixed expenses over higher assets meant the Fund's annual expense ratio decreased to 1.42%. The Fund paid a year-end income dividend of 2.8¢ per share, similar to last year's 2.9¢ income dividend.

**Factors Affecting Past Performance**

In a frightened world, the U.S. dollar appreciated sharply during 2008, reducing the returns that foreign investments provided U.S. investors. Fortunately, we held large amounts in temporary U.S. cash and equivalent positions which protected the Fund. The Fund is normally diversified across industries and countries, generally holding larger and more established companies that are more stable in difficult times.

Our portfolio is most heavily invested in Canada (hurt by resource and energy declines) and the UK (hurt by financial disasters). Slowing economic activity meant commodity prices tumbled, punishing our cyclical and resource-based issues. The accompanying tables and graphs show the industry allocation and our largest holdings. Other than cash and equivalents, our holdings in any one issue are small. Telecommunications is now our largest industry; resources and energy have declined so that they are of little importance. Banks and financials did the worst, and the world banking system continues in crisis.

**Looking Forward**

The world is in a deep recession, caused by a financial collapse in many countries. Money for investments and purchases is scarce. To react, governments are expanding spending and pumping out stimuli. Inflation will accelerate as a result. Foreign economies, especially emerging markets, seem to be suffering the most.

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 in most countries will take years to recover. Commodity output and prices will stay weak, as the world stagnates. Interest rates, which fell to almost zero in 2008, will rise slowly once recovery becomes established. Europe, with its many cultures, is being pulled at the edges. Countries outside the U.S. generally have lower corporate taxes, which increases earnings and stock values.

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

**Management Fee Calculations**

The Sextant International Fund calculates part of its management fee based on a comparison of the Fund's return to the average return of the Morningstar™ "Foreign Large Blend" category. At November 30, 2008, the average one-year return for this category was -48.59%. Because the Fund's 12-month return (-29.56%) outperformed this average by more than 4% at November 30, 2008, the maximum performance increase of 0.30% was added to the basic 0.60% annual management fee for the month of December 2008.
**Top Ten Holdings****% of Fund Assets**U.S. Treasury Bills37.2%Infosys ADS1.2%Telefónica ADS1.1%EnCana1.1%China Mobile ADS1.1%Copa Holdings 1.0%CRH ADS1.0%GlaxoSmithKline ADR1.0%BCE0.9%LAN Airlines ADS0.9%**Countries****% of Fund Assets**United States37.2%Canada6.3%United Kingdom3.4%Japan2.9%France2.3%Mexico2.1%India1.9%China1.7%Chile1.5%Spain1.4%Ireland1.0%Panama1.0%South Korea1.0%Other countries <1%6.1%Other assets 30.2%
*32 | November 30, 2008 Annual Report*

***Sextant International Fund***
***Investments*****Equities - 32.6%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Automotive**Nissan Motor ADS5,500 $106,770$36,740Japan0.2% 	**Banking**Australia & New Zealand Banking Group ADS5,000 84,50048,189Australia0.2%AXA ADS7,000 172,966132,370France0.6%Mitsubishi UFJ Financial Group ADR20,000 205,313109,600Japan0.5%Nomura Holdings ADR10,000 187,83672,800Japan0.3%Toronto-Dominion Bank4,000 147,258141,080Canada0.7%797,873504,0392.3% 	**Building**CRH ADS10,000 204,050220,500Ireland1.0%Ritchie Bros. Auctioneers9,000 171,741168,030Canada0.8%375,791388,5301.8% 	**Business Services**51job ADR18,000 117,92056,320Cayman Islands0.3% 	**Chemicals**BASF ADS3,400 120,102108,375Germany0.5%Potash Corp. of Saskatchewan3,000 34,234184,920Canada0.9%154,336293,2951.4% 	**Computers**Dassault Systems ADR3,000 146,427115,686France0.5%Infosys ADS10,000 287,619251,500India1.2%Satyam Computer Services ADR12,000 194,151152,760India0.7%628,197519,9462.4% 	**Electronics**Sony ADS10,000 356,340193,800Japan0.9% 	**Energy**EnCana5,000 216,089234,050Canada1.1%Petro-Canada3,200 160,84080,160Canada0.4%Repsol YPF ADS3,500 87,96267,690Spain0.3%StatoilHydro ADS5,173 80,76988,045Norway0.4%Total ADS2,600 121,935137,150France0.6%667,595607,0952.8% 	**Food Production**Cadbury Schweppes ADS5,000 213,673169,950United Kingdom0.8%Coca-Cola Femsa ADS4,300 82,844149,640Mexico0.7%296,517319,5901.5% 	**Hotels & Motels**Orient-Express Hotels Class A21,500 274,420147,275Bermuda0.7% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 33*

***Sextant International Fund***
***Investments*****Equities - 32.6%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Insurance**Aegon15,559 $149,627$72,349Netherlands0.3%ING Groep ADS10,000 223,64383,800Netherlands0.4%373,270156,1490.7% 	**Machinery**Nidec ADR5,000 89,12261,900Japan0.3% 	**Medical**American Oriental Bioengineering¹23,000 112,688130,410China0.6%GlaxoSmithKline ADS6,000 265,637206,640United Kingdom1.0%Novartis ADR3,000 151,392140,760Switzerland0.6%Shire ADR2,000 92,86082,000United Kingdom0.4%622,577559,8102.6% 	**Metal Ores**Anglo American ADR6,825 138,37181,422United Kingdom0.4%Companhia Vale do Rio Doce ADR10,000 200,706119,400Brazil0.6%Rio Tinto ADS750 74,82575,000United Kingdom0.3%Teck Cominco25,000 123,500123,000Canada0.6%Tenaris ADR2,500 95,29052,575Luxembourg0.2%632,692451,3972.1% 	**Office Equipment**Canon ADS 5,300 200,106157,728Japan0.7% 	**Paper & Paper Products**Metso ADS2,100 22,80225,155Finland0.1%UPM-Kymmene Oyj ADS3,500 64,38450,185Finland0.2%Votorantim Celulose e Papel ADS8,000 102,00044,480Brazil0.2%189,186119,8200.5% 	**Publishing**Pearson ADS10,000 113,25896,000United Kingdom0.5% 	**Telecommunications**América Móvil ADS6,000 29,725180,000Mexico0.8%BCE10,000 249,724197,900Canada0.9%China Mobile ADS5,000 177,303229,150China1.1%PT Indosat Tbk. ADR2,500 64,96253,750Indonesia0.3%SK Telecom ADR8,000 167,308129,680South Korea0.6%Telcom Corp. New Zealand ADS10,000 127,63967,500New Zealand0.3%Telefónica ADS4,000 224,373244,160Spain1.1%Teléfonos de México ADS Class L5,000 44,23786,800Mexico0.4%Telemex International5,000 63,23348,450Mexico0.2%Telus3,000 113,04986,280Canada0.4%Turkcell Iletisim Hizmetleri ADR12,000 136,800165,360Turkey0.8%1,398,3531,489,0306.9% 	*Continued on next page.*
*(The accompanying notes are an integral part of these financial statements.)*

*34 | November 30, 2008 Annual Report*

***Sextant International Fund***
***Investments*****Equities - 32.6%****Issue****Number of Shares****Tax Cost****Market Value****Country****Percentage of Assets****Transportation**Air France-KLM ADR10,000 $333,728$129,428France0.6%Canadian Pacific Railway3,200 109,246103,040Canada0.5%Copa Holdings 10,000 344,980221,700Panama1.0%LAN Airlines ADS23,000 74,113195,500Chile0.9%862,067649,6683.0% 	**Utilities**Enersis ADS9,000 97,125117,540Chile0.6%Korea Electric Power ADS10,000 189,06193,000South Korea0.4%286,186210,5401.0% 	**Total equities****8,542,576****7,018,672****32.6%** 	**Bonds - 37.2%****Face Value****Tax Cost****Market Value****Percentage of Assets****U.S. Government**U.S. Treasury Bill2,000,000 1,999,4981,999,4719.3%U.S. Treasury Bill4,000,000 3,999,2953,999,24018.6%U.S. Treasury Bill 2,000,000 1,998,1701,997,8709.3%7,996,9637,996,58137.2% 	Total investments $16,539,53915,015,25369.8%Other assets (net of liabilities) 6,481,37130.2%**Total net assets****$21,496,624****100.0%***¹Non-income producing*
*ADS: American Depositary Share						      ADR: American Depositary Receipt*
*(The accompanying notes are an integral part of these financial statements.)*

*Novmber 30, 2008 Annual Report | 35*

***Sextant International Fund***
***Statement of Assets and Liabilities****As of November 30, 2008* **Assets** Investments in securities, at value (Cost $16,539,539)$15,015,253  Cash6,399,182  Receivable for securities sold193,081  Receivable for Fund shares sold103,301  Dividends and interest receivable17,517   Total assets$21,728,334 **Liabilities** Payable for securities purchased163,890  Payable for Fund shares redeemed43,673  Accrued expenses10,549  Payable to affiliates9,399  Accrued distribution fee3,954  Distributions payable245   Total liabilities231,710 **Net assets****$21,496,624** **Analysis of net assets** Paid-in capital (unlimited shares authorized, without par value)23,053,748  Undistributed net investment income18,238  Accumulated net loss on investments(51,076) Unrealized net depreciation on investments(1,524,286)**Net assets applicable to Fund shares outstanding**$21,496,624  **Fund shares outstanding****1,898,566** **Net asset value, offering and redemption price per share****$11.32*****Statement of Operations****For the year ended November 30, 2008* **Investment income** Dividend income  (net foreign tax of $37,743)$220,121  Interest income59,132  Other income166   Gross investment income$279,419 **Expenses** Investment adviser and administration fee130,024  Distribution fees38,477  Filing and registration fees18,226  Audit fees8,084  Chief Compliance Officer expenses6,773  Insurance5,149  Printing and postage5,035  Other expenses3,855  Legal fees2,623  Custodian fees1,727   Total gross expenses219,973  Less custodian fee credits(1,727)  Net expenses218,246 **Net investment income****61,173**  **Net realized loss on portfolio investments** Proceeds from sales23,962,073  Less cost of securities sold (based on identified cost)24,013,149   Net realized loss on investments(51,076)**Net unrealized gain on portfolio investments** End of year(1,524,286) Beginning of year4,293,853   Net decrease in unrealized appreciation(5,818,139)**Net realized and unrealized loss on portfolio investments****(5,869,215)** **Net decrease in net assets resulting from operations****$(5,808,042)**
*(The accompanying notes are an integral part of these financial statements.)*

*36 | November 30, 20008 Annual Report*

***Sextant International Fund***
***Statement of Changes in Net Assets****Year ended Nov. 30, 2008**Year ended Nov. 30, 2007***Increase in net assets****From operations** Net investment income$61,173 $34,196  Net realized gain (loss) on investments(51,076)359,039  Net increase (decrease) in unrealized appreciation(5,818,139)1,763,865   Net increase (decrease) in net assets from operations(5,808,042)2,157,100 **Dividends to shareowners from** Net investment income(52,882)(24,388) Capital gain distributions- (327,986)(52,882)(352,374)**From Fund share transactions** Proceeds from sales of shares15,921,550 3,873,894  Value of shares issued in reinvestment of dividends52,600 295,791  Early redemption fees retained3,546 87  Cost of shares redeemed(2,474,607)(1,386,536)  Net increase in net assets 13,503,089 2,783,236 **Total increase in net assets****$7,642,165****$4,587,962** **Net assets**Beginning of year13,854,459 9,266,497 End of year$21,496,624 $13,854,459  Undistributed net investment income18,238 9,947  **Shares of the Fund sold and redeemed** Number of shares sold1,224,502 252,965  Number of shares issued in reinvestment of dividends4,647 18,361  Number of shares redeemed(190,534)(94,752)**Net increase in number of shares outstanding****1,038,615****176,574*****Financial Highlights****Year ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2008****2007****2006****2005****2004****Net asset value at beginning of year****$16.11****$13.56****$11.22****$9.40****$8.05****Income from investment operations** Net investment income0.03 0.04 0.11 0.05 0.03  Net gains (losses) on securities (both realized and unrealized)(4.79)2.93 2.34 1.83 1.35 **Total from investment operations****(4.76)****2.97****2.45****1.88****1.38****Less distributions** Dividends (from net investment income)(0.03)(0.03)(0.11)(0.06)(0.03) Distributions (from capital gains)- (0.39)- - - **Total distributions****(0.03)****(0.42)****(0.11)****(0.06)****(0.03)**Paid-in capital from early redemption fees¹0.00²0.00²0.00²0.00²-  **Net asset value at end of year****$11.32****$16.11****$13.56****$11.22****$9.40** 	**Total return****(29.56)%****21.90%****21.85%****19.95%****17.11%** 	**Ratios / supplemental data**Net assets ($000), end of year$21,497 $13,854 $9,266 $3,671 $2,053 Ratio of expenses to average net assets Before custodian fee credits1.43%1.50%1.09%1.36%1.22% After custodian fee credits1.42%1.47%1.02%1.25%1.10%Ratio of net investment income after custodian fee credits to average net assets0.40%0.30%0.94%0.52%0.31%**Portfolio turnover rate****10%****8%****9%****5%****7%***¹Early redemption fee adopted March 29, 2005**²Amount is less than $0.01*
*(The accompanying notes are an integral part of these financial statements.)*

*November 30, 2008 Annual Report | 37*

***Expenses***

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

With the Sextant Funds, unlike many other mutual funds, you do not incur sales charges (loads) on purchase payments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Saturna Individual Retirement Accounts. However, to discourage speculation, you may incur a 2% redemption fee for shares held less than 30 calender 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, 2008 to November 30, 2008).

**Actual Expenses**

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

**Hypothetical Example For Comparison Purposes**

The second line 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 year. 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), and charges for extra services such as check writing and bank wires.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees (note that the Sextant Funds do not have any such transactional costs). Therefore, the "Hypothetical" line of each fund is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value(June 1, 2008)****Ending Account Value(November 30, 2008)****Expenses Paid 							During Period¹****Annualized Expense Ratio****Short-Term Bond Fund**Actual							$1,000														$994.00														$3.79														0.76%							Hypothetical (5% return before expenses)$1,000$1,021.20$3.840.76% **Bond Income Fund**Actual							$1,000														$959.70														$4.41														0.90%							Hypothetical (5% return before expenses)$1,000$1,020.50$4.550.90% **Core Fund**Actual							$1,000														$774.90														$7.10														1.60%							Hypothetical (5% return before expenses)$1,000$1,017.00$8.071.60% **Growth Fund**Actual							$1,000														$686.60														$5.90														1.40%							Hypothetical (5% return before expenses)$1,000$1,018.00$7.061.40% **International Fund**Actual							$1,000														$704.80														$6.05														1.42%							Hypothetical (5% return before expenses)$1,000$1,017.90$7.161.42%
*¹ Expenses are equal to the annualized expense ratio indicated above (based on the most recent semi-annual period of June 1, 2008 through November 30, 2008), multiplied by the average account value over the period multiplied by 183/366 (to reflect the one-half year period).*

*38 | November 30, 2008 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 (known as Northwest Growth until September 28, 1995, when the investment objective of only Northwest stocks was changed) commenced operations on December 30, 1990. Sextant International and Sextant Short-Term Bond began operations September 28, 1995. Sextant Bond Income Fund (known as Washington Tax-Exempt Fund until September 28, 1995, when the investment objective of only Washington State Municipal Bonds was changed) began operations on March 2, 1993. Sextant Core Fund commenced operations March 30, 2007.

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

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

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

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

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

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

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

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

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

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

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

The following is a summary of the inputs used as of November 30, 2008 in valuing the Funds' investments carried at value:
**Short-Term Bond Fund****Level****Valuation Inputs**
**Investments in Securities**Level 1
Quoted Prices
 $- Level 2
Other Significant Observable Inputs
 $2,868,594 Level 3
Significant Unobservable Inputs
 $- **Total**
**$2,868,594****Bond Income Fund**">                      **Level****Valuation Inputs**
**Investments in Securities**Level 1
Quoted Prices$- Level 2
Other Significant Observable Inputs$3,118,641 Level 3
Significant Unobservable Inputs$- **Total****$3,118,641****Core Fund****Level****Valuation Inputs**
**Investments in Securities**Level 1
Quoted Prices$1,529,433 Level 2
Other Significant Observable Inputs$1,456,424 Level 3
Significant Unobservable Inputs$- **Total****$2,985,857****Growth Fund****Level****Valuation Inputs**
**Investments in Securities**Level 1
Quoted Prices$8,841,235 Level 2
Other Significant Observable Inputs$- Level 3
Significant Unobservable Inputs$-**Total****$8,841,235****International Fund****Level****Valuation Inputs**
**Investments in Securities**Level 1
Quoted Prices$6,541,655 Level 2
Other Significant Observable Inputs$8,473,598 Level 3
Significant Unobservable Inputs$-**Total****$15,015,253**
*November 30, 2008 Annual Report | 39*

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

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

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

**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****Core**Undistributed net investment  $ -$6,089Accumulated gains (losses)7,960-Paid-in capital$(7,960)$(6,089)
These reclassifications were due to expiration of capital loss carryforwards, return of capital distributions, and the tax treatment of distributions of short term gains.

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

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

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

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

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

**NOTE 3 — Transactions with Affiliated Persons**

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

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

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

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

The Adviser has voluntarily undertaken to limit expenses of Sextant Short-Term Bond Fund to 0.75%, and Sextant Bond Income Fund to 0.90%, through March 31, 2010. It waives its investment advisory and administrative fee to Sextant Short-Term Bond Fund and Sextant Bond Income Fund completely should assets of such Fund be less than $2 million. For the year ended November 30, 2008, Sextant Short-Term Bond and Sextant Bond Income Funds incurred advisory and administration expenses of $24,241 and $22,777 respectively. Sextant Core Fund incurred administrative and advisory expenses of $28,134. Sextant Growth Fund and Sextant International incurred advisory and administration expenses of $93,090 and $130,024, respectively. In accordance with the expense waiver noted above, for the year ended November 30, 2008, Saturna Capital waived $25,612 and $18,595 of the Sextant Short-Term Bond Fund and Sextant Bond Income Fund advisory fees, respectively. The adviser cannot recoup previously waived fees. 

Saturna Brokerage Services, Inc. ("SBS"), a discount brokerage and subsidiary of Saturna Capital Corporation, is a 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. The fee is paid to SBS as reimbursement for expenses incurred for distribution-related activity. During the year ended November 30, 2008, the Trust paid the Distributor $100,350. For the year ended November 30, 2008, Sextant Short-Term Bond, Bond Income, Core, Growth and International Funds paid $7,733; $8,572; $9,435; $36,133; and $38,477 respectively, to the Distributor. SBS is the primary broker used to effect portfolio transactions for the Trust. SBS currently executes portfolio transactions for the Trust for free (no commissions). Should any change occur in this policy, shareowners would be notified.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and president of the Adviser. The four independent trustees are compensated by the Trust $500 per Board or committee meeting attended, plus reimbursement of travel expenses, allocated pro-rata to 

*40 | November 30, 2008 Annual Report*

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

the six Funds of Saturna Investment Trust. For the year ended November 30, 2008, the Trust incurred compensation expenses of $10,300 and total accrued expenses of $13,685 for the independent Trustees.

Regulations require the Trust to designate a Chief Compliance Officer; Mr. James Winship was retained by the Trust during the year ended November 30, 2008. For this period, the Short-Term Bond, Bond Income, Core, Growth, and International incurred $1,186; $1,386; $1,863; $6,783; and $6,773 of expense, respectively, for the Chief Compliance Officer. 

The officers are paid by Saturna Capital, and not the Trust, except for Mr. Winship, who is partially compensated by the Trust. On November 30, 2008, the trustees, officers, and their affiliates as a group owned 25.7%, 21.1%, 51.9%, 12.3% and 10.4% of the outstanding shares of Short-Term Bond, Bond Income, Core, Growth and International, respectively.

**NOTE 4 — Distributions to Shareholders**

The tax characteristics of distributions paid during the fiscal years ended November 30, 2008 and November 30, 2007 were as follows:
**Year ended                      Nov. 30, 2008****Year ended Nov. 30, 2007****Short-Term Bond Fund** Ordinary income$114,369$101,484**Bond Income Fund** Ordinary income160,044148,530**Core Fund** Ordinary income70,97751,291 Return of capital788-**Growth Fund** Ordinary income25,37811,322 Capital gain¹220371,290**International Fund** Ordinary income52,88224,388 Capital gain¹$-$327,986
*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, 2008 were as follows:
**Short-Term Bond****Bond Income**Cost of investments$2,920,405$3,326,778 Gross tax unrealized appreciation26,712 62,708 Gross tax unrealized depreciation(78,523)(270,845)Net tax unrealized depreciation$(51,811)$(208,137)**Core**Cost of investments$3,786,975 Gross tax unrealized appreciation46,098 Gross tax unrealized depreciation(847,216)Net tax unrealized depreciation$(801,118) **Growth****International**Cost of investments$8,414,115$16,539,539 Gross tax unrealized appreciation2,747,914 968,378 Gross tax unrealized depreciation(2,320,794)(2,492,664)Net tax unrealized appreciation (depreciation)$427,120 $(1,524,286) 
As of November 30, 2008, components of distributable earnings on a tax basis were as follows:
**Short-Term Bond****Bond Income**Net tax unrealized depreciation$(51,811) $(208,137) Undistributed ordinary income1,407- Undistributed long-term capital gain (loss)(47,214)(64,493)Total distributable earnings (loss)(45,807)(64,493)Total accumulated earnings (loss)$(97,618)$(272,630) **Core**Net tax unrealized depreciation$(801,118) Undistributed ordinary income- Undistributed long-term capital gain (loss)(75,141) Total distributable earnings (loss)(75,141) Total accumulated earnings (loss)$(876,259) **Growth****International**Net tax unrealized appreciation (depreciation)$427,120$(1,524,286) Undistributed ordinary income4,891 18,238 Undistributed long-term capital gain (loss)(108,384) (51,076) Total distributable earnings (loss)(103,493) (32,838) Total accumulated earnings (loss)$323,627 $(1,577,124)
**NOTE 5 — Federal Income Taxes**

At November 30, 2008, Short-Term Bond had capital loss carryforwards of $47,214, of which $15,098 expires in 2009, $4,422 expires in 2012, $6,540 expires in 2013, $10,899 expires in 2014, and $10,255 expires in 2016; Bond Income had capital loss carryforwards of $64,493, of which $2,141 expires in 2009, $14,253 expires in 2010, $14,375 expires in 2014, $4,203 expires in 2015, and $29,521 expires in 2016; Core had capital loss carryforwards of which $75,141 expires in 2016; Growth had capital loss carryforwards of which $108,384 expires in 2016; and International had capital loss carryforwards of which $51,076 expires in 2016; subject to regulation. Prior to their expiration, such loss carryforwards may be used to offset future net capital gains realized for federal income tax purposes.

**NOTE 6 — Investments**

Investment transactions other than short-term investments for the year ended November 30, 2008 were as follows:
**Purchases****Sales**Short-Term Bond$714,774 $613,850 Bond Income$449,904$279,750 Core$808,227 $571,999 Growth$744,363 $193,012 International$2,994,645 $962,073 
**NOTE 7 — Custody Credits**

During 2008, the Trust became increasingly concerned about the financial health of its custodian, National City Corporation headquartered in Cleveland, OH. The Trust also sought a more experienced international stock custodian. After a diligent review, the Trust selected the fund servicing arm of PNC Financial Services Group of Pittsburgh, PA as its new custodian. The cash and securities of the Trust were transferred to PNC Global Investment Servicing in the fall of 2008. Subsequently, on December 31, 2008, PNC acquired National City Corporation in a transaction assisted by the purchase of new PNC preferred stock by the U.S. Treasury.

*November 30, 2008 Annual Report | 41*

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

In accordance with the Funds' custodian agreements with National City Bank Indiana and PNC Global Investment Servicing, for the year ended November 30, 2008, custodian fees for Short-Term Bond, Bond Income, Core, Growth, and International were $359; $148; $464; $1,822; and $1,727; respectively. The custodian credited these fees based on earnings credits for the current period.

 

***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, including the schedules of investments as of November 30, 2008, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated thereon. These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. 

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit 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, audits of its internal controls 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. Our procedures included confirmation of securities owned as of November 30, 2008, by correspondence with the custodian and brokers. Our audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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, 2008, the results of their operations, the changes in their net assets 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 29, 2009

(graphic omitted)			    Tait, Weller & Baker LLP

 

***Renewal of Investment Advisory Contract (unaudited)***

On September 22, 2008, the Trustees of Saturna Investment Trust approved continuation of the Sextant Funds' investment advisory and administrative services agreements with Saturna Capital Corporation. In doing so, the Board considered a number of factors and made specific determinations relevant to that approval.

In addition to information provided throughout the year, the Trustees utilized a comparison of performance and fees of funds in each of the Sextant Morningstar peer categories. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contracts.

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 investment performance of Sextant Growth Fund and Sextant Short-term Bond Funds were found to be highly satisfactory, and the Sextant Bond Income Fund to be satisfactory. The new Sextant Core Fund was also satisfactory based on its short history.

In their review, the Trustees noted that the Funds offer a full range of high-quality investor services. The Trustees reviewed Saturna's operations during the last year, continuing investments in staffing, compliance, servicing, offices and equipment, as well as Saturna's increasing assets under management. Important factors considered by the Trustees include Saturna Capital's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution. They recognized Saturna's efforts to improve compensation to attract and retain increasingly qualified, experienced, and specialized staff. The Trustees also took into consideration Saturna's continued avoidance of significant operational problems, and its culture of fully complying with investment company rules and regulations.

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. In addition, the Trustees found the expense ratios less than those of similar funds and to be advantageous to shareowners given the sizes of the funds, services provided and expenses incurred. They also considered the fees charged by the adviser to other kind of accounts and the different services provided to those accounts, as well as the ways in which Saturna's services and work done for other accounts it manages benefits the Funds.

The Trustees considered the history of the Funds under their current advisory agreements, and considered the growth of the Funds to determine whether the 12b-1 plan should be continued. The Trustees found that the Funds, though growing were still small by industry standards, and that further growth could result in greater efficiencies and lower expense ratios to the Funds. They noted that the 12b-1 plan assists in making Fund shares available in additional distribution channels, and has successfully attracted assets. They found that continuation of the 12b-1 plan is in the best interest of the shareowners in the expectation of further reductions in fees, and spreading of fixed costs across a larger base.

The Trustees reviewed Saturna's profitability with respect to 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. They valued Saturna's profits and capital reserves as protections available in the future. The Trustees also considered potential benefits to Saturna from acting as investment adviser and noted that there were no soft dollar arrangements with respect to trading in the Funds' portfolios, and that Saturna continues to voluntarily waive brokerage commissions for Fund portfolio trades, resulting in lower Fund expenses.

The Trustees concluded that the fees paid by the Funds to Saturna were reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Funds. The Trustees saw no need for advisory fee changes or breakpoints.

*42 | November 30, 2008 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 (50)                        1500 N. State Street                        Bellingham, WA 98225Independent Trustee                        since 1995Medical Examiner (pathologist);                      Owner, Avocet Environmental Testing (laboratory)SixNoneHerbert G. Grubel, PhD (74)                        Apt. 1202 - 125 West Second St.                        North Vancouver, BC                        Canada V7M 1C5Independent Trustee† since 2005Professor Emeritus of Economics, Simon Fraser University;                      Senior Fellow, Fraser InstituteEightAmana Mutual Funds TrustJohn E. Love (76)                        1002 Spokane Street                        Garfield, WA 99130Chairman,                      Independent Trustee since 1987Owner, J.E. Love Co.                      (agricultural equipment manufacturer)SixNoneJohn S. Moore, PhD (77)                        346 Bayside Road                        Bellingham, WA 98225Independent Trustee since 1993Professor Emeritus,                      College of Business and Economics, Western Washington UniversitySixNone**Interested Trustee**Nicholas F. Kaiser, MBA, CFA (62)                        1300 N. State Street                        Bellingham, WA 98225President, Trustee†                      since 1991President,                        Saturna Capital Corporation;                        President,                      Saturna Brokerage ServicesEightAmana Mutual Funds Trust**Officers who are not Trustees**Phelps S. McIlvaine (55)                        1300 N. State Street                        Bellingham, WA 98225Vice President                      since 1994Vice President,                        Saturna Capital Corporation;                        Treasurer,                      Saturna Brokerage Services N/AN/AChristopher Fankhauser (36)                        1300 N. State Street                        Bellingham, WA 98225Treasurer†                      since 2002Chief Operations Officer,                      Saturna Capital CorporationN/AN/AEthel B. Bartolome (36)                        1300 N. State Street                        Bellingham, WA 98225Secretary†                      since 2001Corporate Administrator, 
Saturna Capital CorporationN/AN/AJames D. Winship, MBA, JD (60)                        1300 N. State Street                        Bellingham, WA 98225Chief Compliance Officer†                      since 2004AttorneyN/AN/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, 2008, the trustees, officers, and their affiliates as a group owned 25.7%, 21.1%, 51.9%, 12.3% and 10.4% 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. Peter Nielsen serves as portfolio manger of the Sextant Core Fund. Mr. Winship is also Chief Compliance Officer for Saturna Capital Corporation.

† Holds same position with Amana Mutual Funds Trust.

*November 30, 2008 Annual Report | 43*

***Availability of Portfolio Information (unaudited)***
- The Sextant Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
-  The Funds' Forms N-Q are available on the SEC's website at www.sec.gov, and at www.saturna.com.
-  The Funds' Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
-  The Funds make a complete schedule of portfolio holdings after the end of each month available to investors at www.saturna.com.

***Availability of Proxy Voting Information (unaudited)***
-  A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8762; (b) on the Funds' website at www.saturna.com; and (c) on the SEC's website at www.sec.gov.
-  Information regarding how each Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (a) without charge, upon request, by calling Saturna Capital at 1-800-728-8752; (b) on the Funds' website at www.saturna.com; and (c) on the SEC's website at www.sec.gov.

***Privacy Statement (unaudited)***

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

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

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

***Householding Policy (unaudited)***

To reduce expenses, we may mail only one copy of the Funds' prospectus and each annual and semi-annual report to those addresses shared by two or more accounts. If you wish to receive individual and/or more copies of these documents, please call us at 1-800/SATURNA or write to us at Saturna Capital/Sextant Mutual Funds, P.O. Box N, Bellingham, WA 98227. We will begin sending you individual copies thirty days after receiving your request. 

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

 

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

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

**Saturna Brokerage Services, Distributor**

***Performance Summary:***

**Average Annual Returns (for calendar years ending December 31, 2008)**
**1 Year****3 Years****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund-1.01%2.20%2.13%3.45%0.89%
***Performance data quoted in this report represents past performance, is before any taxes payable by shareowners, and is no guarantee of future performance.****Current performance may be higher or lower than that stated herein. Performance current to the most recent month-end is available by calling toll free (800) SATURNA or visiting www.saturna.com. Total returns are historical and include change in share value, and reinvestment of dividends and capital gains, if any, and do not include the potential deduction of 2% redemption fee on shares held less than 30 days. Share price, yield, and return will vary and you may have a gain or loss when you sell your shares.*

*¹By regulation, the expense ratio shown in this table is as of the Fund's most recent prospectus which is dated March 28, 2008, incorporates results for the fiscal year ending November 30, 2007, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*

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

*2 | Annual Report   November 30, 2008*

***Fellow Shareowners:***

For the fiscal year ended November 30, 2008, the Idaho Tax-Exempt Fund declined 3.36%. With 2008 being the worst year for most financial and real asset prices since the 1930's, this was an exceptional achievement. The Fund's net assets increased 18% to $11.77 million, the highest total in its 21-year history. Higher assets helped reduce the annual operating expense ratio to 0.76%. 

As we look to 2009, business revenues and employment are falling; home sales are dropping; and the important agriculture and resource sectors expect turbulence. Like most states, Idaho faces a significant budget deficit. Fortunately, Idaho is well prepared to maintain the credit worthiness of its state agencies and the municipal borrowers who rely on state funding. Governor Otter has announced budget holdbacks and plans to preserve Idaho's $320 million cash reserve. The legislature will look to limit funding to programs mandated by state law — with healthcare, welfare, education and total government employment subject to cuts. Idaho's government views seeking federal bailout funding as irresponsible and is not considering tax increases.

Despite 2008's disasters, Idaho bonds confirmed their role as one of the finest reservoirs of value, and the Idaho Tax-Exempt Fund fulfilled its mission to "provide income free from federal income taxes… with a secondary objective of capital preservation." While common stock and high-yield bonds lost more than 35% and losses in investment-grade corporate bonds exceeded 8%, for calendar 2008 the Idaho Fund declined just 1.01%. 

For those seeking a conservative investment vehicle that may benefit from a softer U.S. economy, the Idaho Tax-Exempt Fund offers diversification and relatively stable asset values that many investors seek during uncertain markets. We believe municipal bonds today are more attractive than any time since the Great Depression, as tax-exempt yields exceed those available on taxable Treasurys and government sponsored enterprises by a significant margin. Fortunately, Idaho does not have the immense financial burdens of a state like California.

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

Respectfully,

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

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

January 15, 2009

*Annual Report   November 30, 2008 | 3*

***Performance Summary (unaudited)***

**Average Annual Returns (as of November 30, 2008)****1 Year****5 Years****10 Years****Expense Ratio¹**Idaho Tax-Exempt Fund-3.36%1.61%3.17%0.89%Barclay's (Lehman) Composite Municipal Bond Index-3.61%2.58%4.13%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, 1998 to a similar amount invested in the Index, which reflects the types of securities in which the Fund invests. The graph shows that an investment in the Fund would have risen to $13,664 versus $13,111 in the Barclay's Index.****Past performance does not guarantee future results.** The "Growth of $10,000" graph and "Average Annual Returns" performance table assume the reinvestment of dividends and capital gains. They do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemption of fund shares, nor do they reflect the potential deduction of a 2% redemption fee on shares held less than 30 calendar days.*
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 28, 2008, incorporates results for the fiscal year ending November 30, 2007, and differs from expense ratios shown elsewhere in this report as they represent different fiscal periods.*
**Fund Objective**

Idaho Tax-Exempt Fund seeks to provide income free from federal income, federal alternative minimum and Idaho state income taxes, with a secondary objective of capital preservation.

**Industry Allocation**

 

*4 | Annual Report   November 30, 2008*

***Discussion of Fund Performance (unaudited)***

For the fiscal year ending November 30, 2008 the Idaho Tax-Exempt Fund declined 3.36%. For the last five years, the Fund has provided a 1.61% annualized total return. On November 30, 2008 the thirty day SEC yield was 4.40%, up significantly from 3.55% one year ago. Reflecting the volatility of investment grade bond markets, the Fund's price fell an uncharacteristic 12.8% through October before recovering 9.5% through December. For the calendar year ended December 31, 2008, the Fund declined 1.01%.

**Factors Affecting Past Performance**

In 2008, global deleveraging of risk triggered mass liquidations in real estate, commodities, common stocks and bonds.  Asset values collapsed as investments that retained value (such as municipal bonds) were sold at any price to offset losses on investments whose value had been destroyed (mortgage-backed securities). High quality assets were especially vulnerable because low quality assets could not be liquidated at any price. This systemic meltdown led to record price volatility, the evaporation of liquidity and a massive flight to quality in U.S. Treasury securities. The municipal bond market seized up, shutting off short-term funding, new issue bond underwriting and secondary market trading. 

The Federal Reserve initiated structural easing to restore normalcy to the credit markets. The Federal government began unprecedented fiscal rescue and recovery programs with little concern for spending controls and fiscal discipline.

The value of bond insurance disappeared as the credit ratings of the insurance companies faltered.  The Fund's insured bonds lost the value derived from the insurance and now trade on their underlying credit rating. Through the year, municipal yield curves steepened and management extended the dollar- weighted average maturity from 7.9 years to 10.4 years in an effort to capture the historic value in long-term Idaho bonds. 

**Looking Forward**

Over the next year, we expect inflation will be negligible, unemployment will rise, business earnings will weaken and worldwide economic activity will contract.  We expect most central banks to purchase government and agency securities to drive down mortgage rates and will keep short-term rates near zero. We see no recovery in the housing market in 2009, and expect continued threats to the solvency of many corporations and individuals through continued credit rationing.

The good news is credit markets are beginning to function again. New issue underwriting is accelerating and borrowing costs are falling.  Some investors are returning to the markets, driving up municipal, corporate and mortgage bond prices. Premiums for credit default swaps are softening and positive yield curves imply improving credit conditions. The flight to quality is easing as U.S. Treasury security prices weaken. Current bond prices may already fully discount today's grim consensus forecast.   We anticipate a recovery in municipal bond values in 2009 as investors recognize the historic nature of the current buying opportunity. Above all else, management remains confident in the credit worthiness of the State of Idaho and our Idaho municipal issuers. 

**Bond Ratings****Ratings Established****By Adviser****By Standard & Poor's****By Moody's Investor Services**AAA26.8%8.9%28.1%AA33.4%16.8%30.9%A36.8%6.9%27.8%BBB0.0%0.0%3.2%Unrated0.0%64.4%7.0%Other assets3.0%3.0%3.0%**Top Ten Holdings**
**% of Fund Assets**Ada & Canyon Cos. JSD #3 Kuna 5.00% due 9/15/20194.4%Bonneville & Bingham Cos. JSD #93 4.50% due 9/15/20173.0%Canyon County SCD #131 Nampa 4.75% due 8/15/20192.8%Owyhee & Elmore Cos. JSD #365 Grand View 4.00% due 8/15/20272.8%Canyon County SCD #139 4.35% due 9/15/20252.6%Pocatello ID Water Revenue 4.75% due 2/01/20262.6%Boise State University Revenue 5.00% due 4/1/20192.6%Bingham County SCD #55 Blackfoot 4.65% due 8/1/20172.5%Post Falls LID SPA 5.00% due 5/1/20212.3%University of Idaho Revenue, Series A 5.00% due 4/1/20202.2%
*Annual Report   November 30, 2008 | 5*
***Investments*****Rating¹****Issue****Coupon/Maturity****Face Amount****Market Value****Percentage****Electric Power**AAAIdaho Falls Electric Revenue6.75% due 4/1/2019 $140,000$159,8251.4% **Financial Services**AA-Boise City General Fund Revenue, Series A5.20% due 12/1/2017160,000 165,230 1.4%AA-Boise City General Fund Revenue, Series A5.25% due 12/1/2018100,000 102,925 0.9%AAIdaho Bond Bank Authority²4.00% due 9/15/201990,000 84,295 0.7%350,000 352,450 3.0% **General Obligation**AA-Ada & Canyon Cos. JSD #2 Meridian²5.50% due 7/30/201550,000 55,829 0.5%AAAAda & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2020165,000 169,236 1.4%AAAAda & Canyon Cos. JSD #2 Meridian5.00% due 8/15/2021155,000 157,725 1.3%AA-Ada & Canyon Cos. JSD #3 Kuna5.00% due 9/15/2019500,000 518,380 4.4%AAAAdams & Washington Cos. JSD #4324.00% due 8/15/2019100,000 99,393 0.8%AAABingham County SCD #55 Blackfoot4.65% due 8/1/2017285,000 294,870 2.5%AABlaine County, Idaho Series A4.05% due 8/1/2023150,000 133,186 1.1%ABoise County SCD #73 5.15% due 7/31/2010125,000 125,576 1.0%ABonneville & Bingham Cos. JSD #93 4.50% due 9/15/2016150,000 154,589 1.3%ABonneville & Bingham Cos. JSD #934.50% due 9/15/2017350,000 354,676 3.0%A-Caldwell, Idaho5.30% due 5/15/2014150,000 155,116 1.3%AA-Canyon County SCD #139 4.35% due 9/15/2025350,000 307,765 2.6%ACanyon County SCD #131 Nampa4.75% due 8/15/2019325,000 330,454 2.8%ACanyon County SCD #131 Nampa5.00% due 8/15/2023105,000 102,853 0.9%A-Canyon County SCD #134 Middleton4.65% due 7/31/2016170,000 174,503 1.5%AAAFremont & Madison JSD #215 St. Anthony4.00% due 8/15/2019200,000 191,990 1.6%AAAJefferson & Madison SCD #251 Rigby4.25% due 9/1/2024100,000 89,159 0.8%AAAJerome, Lincoln, & Gooding Cos. JSD #2613.75% due 9/15/2018125,000 120,811 1.0%AAAJerome, Lincoln, & Gooding Cos. JSD #2615.00% due 9/15/2022250,000 253,333 2.1%AAAKootenai-Shonshone Area Library4.25% due 8/1/2021220,000 209,653 1.8%AAALatah, Nez Perce, & Clearwater JSD #2834.50% due 8/15/2027190,000 183,916 1.6%AA-Lemhi County4.20% due 8/1/2015100,000 101,985 0.9%AAAMadison County SCD #321 Rexburg4.50% due 8/15/2024260,000 199,009 1.7%AA-Madison County SCD #321 Rexburg 4.50% due 8/15/2026250,000 184,965 1.6%AA-Meridian Free Library District5.00% due 8/1/2015100,000 100,262 0.8%A-Minidoka & Jerome Cos. JSD #33124.50% due 8/15/201875,000 73,250 0.6%A-Minidoka & Jerome Cos. JSD #33124.50% due 8/15/202075,000 69,714 0.6%A-Minidoka & Jerome Cos. JSD #3314.375% due 8/15/2024225,000 194,875 1.7%A-Minidoka & Jerome Cos. JSD #3314.50% due 8/15/2025160,000 138,462 1.2%ANampa Idaho, Series B5.00% due 8/1/2020200,000 199,462 1.7%AAAOwyhee & Canyon Cos. JSD #370 Homedale4.55% due 8/15/2016160,000 172,141 1.5%AAAOwyhee & Elmore Cos. JSD #365 Grand View4.00% due 8/15/2027350,000 324,051 2.8%AA-Payette County SCD #3735.00% due 9/15/2024100,000 100,826 0.9%A+Valley & Adams Cos. JSD #4214.50% due 8/1/2024290,000 258,993 2.2%A+Valley & Adams Cos. JSD #4214.50% due 8/1/2022135,000 124,080 1.1%6,695,000 6,425,088 54.6% **Medical/Hospitals**AA-Idaho Health Facility Authority Holy Cross Revenue5.25% due 12/1/2014110,000 111,035 0.9%AA-Idaho Health Facility Authority Holy Cross Revenue5.00% due 12/1/2022115,000 114,086 1.0%AAIdaho Health Facility Authority Holy Cross Revenue²5.00% due 12/1/202850,000 47,210 0.4%AAIdaho Health Facility Authority Revenue6.00% due 12/1/2023200,000 199,218 1.7%475,000 471,549 4.0% *Continued on next page.*
*(The accompanying notes are an integral part of these financial statements)*

6 | Annual Report   November 30, 2008
***Investments*****Rating¹****Issue****Coupon/Maturity****Face Amount****Market Value****Percentage****Municipal Leases**ANez Perce County COP4.50% due 2/1/2021150,000 139,113 1.2% ***Pollution Control***AAIdaho Bond Bank Authority Revenue, Series A4.30% due 9/1/2022135,000 123,572 1.1%AAIdaho Bond Bank Authority Revenue, Series A²4.125% due 9/15/202375,000 65,591 0.5%AAAMoscow Idaho Sewer Revenue4.45% due 5/1/2028200,000 179,678 1.5%410,000 368,841 3.1% ***Real Estate***AAAIdaho Housing & Finance Association4.80% due 6/1/2017100,000 93,822 0.8%AAIdaho State Building Authority Revenue4.50% due 9/1/2023110,000 100,543 0.9%APost Falls LID SPA5.00% due 5/1/2021300,000 278,205 2.3%510,000 472,570 4.0% ***Sewer***ATroy ID Sewer System²8.00% due 2/1/200920,000 19,897 0.1%ATroy ID Sewer System²8.00% due 2/1/201020,000 19,904 0.2%40,000 39,801 0.3% ***State Education***A+Boise State University Revenue5.00% due 4/1/2019295,000 302,048 2.6%A+Boise State University Revenue4.50% due 4/1/2027250,000 218,603 1.9%AIdaho State University Revenue4.90% due 4/1/2017150,000 150,745 1.2%AA-Idaho State University Revenue, Series B4.625% due 4/1/2024220,000 202,715 1.7%A+University of Idaho Revenue, Series A5.00% due 4/1/2019200,000 201,496 1.7%AAAUniversity of Idaho Revenue, Series A5.00% due 4/1/2020260,000 259,314 2.2%1,375,000 1,334,921 11.3% ***Transportation***AAIdaho Housing & Finance Association4.60% due 7/15/2023250,000 233,653 2.0%AAIdaho Housing & Finance Association5.00% due 7/15/2024200,000 197,430 1.7%450,000 431,083 3.7% ***Urban Renewal***AA-Boise City Urban Renewal Agency Lease Revenue5.00% due 8/15/2020160,000 161,987 1.4%AA-Boise City Urban Renewal Agency Lease Revenue²5.00% due 8/15/202190,000 89,769 0.7%AJerome Urban Renewal District Revenue, Series A5.40% due 9/1/2013200,000 200,808 1.7%450,000 452,564 3.8% ***Water Supply***ABlackfoot, Idaho COP5.80% due 9/1/2018135,000 138,793 1.2%AAIdaho Bond Bank Authority Revenue5.00% due 9/15/2026250,000 240,852 2.1%APocatello ID Water Revenue4.75% due 2/01/2026350,000 305,603 2.6%APocatello ID Water Revenue4.50% due 2/1/2024100,000 86,017 0.7%835,000 771,265 6.6% Total investments (Cost=$12,143,527)11,880,000 11,419,070 97.0%Other assets (net of liabilities) 354,663 3.0%**Total net assets****$11,773,733****100.0%**¹*Ratings shown are as determined by a national bond rating agency or the Adviser.*²*Fair valued, see page 11.*
*(The accompanying notes are an integral part of these financial statements)*

*Annual Report   November 30, 2008 | 7*
**Statement of Assets and Liabilities***As of November 30, 2008* 	**Assets** Investments in securities, at value  (Cost $12,143,527)$11,419,070  Cash225,011  Interest receivable156,447  Receivable for Fund shares sold200  Insurance reserve premium801   Total assets$11,801,529 **Liabilities** Payable for Fund shares redeemed10,175  Distributions payable8,056  Payable to affiliates4,951  Accrued expenses4,614  Total liabilities27,796 **Net assets**$11,773,733  	**Analysis of Net Assets** Paid-in capital (unlimited shares authorized, without par value)12,498,190  Unrealized net depreciation on investments(724,457)** Net assets applicable to Fund shares outstanding****$11,773,733**  ** Fund shares outstanding****2,382,966** 	**Net asset value, offering and redemption price per share****$4.94****Statement of Operations***For the year ended November 30, 2008* 	**Investment income** Interest income$510,037  Amortization of bond premium(24,678)  Gross investment income$485,359 **Expenses** Investment adviser and administration fees56,900  Audit fees9,109  Chief Compliance Officer expenses4,508  Insurance3,550  Shareowner servicing3,348  Printing and postage3,257  Trustee fees2,692  Legal fees1,649  Filing and registration fees1,271  Custodian fees551  Other expenses103   Total gross expenses86,938  Less custodian fee credits(551)  Net expenses86,387 **Net investment income**398,972  	 	**Net realized gain on portfolio investments** Proceeds from sales733,533  Less cost of securities sold (based on identified cost)724,059  Net realized gain on investments9,474 **Net unrealized gain on portfolio investments** End of year(724,457) Beginning of year127,018   Net decrease in unrealized appreciation(851,475)**Net realized and unrealized loss on portfolio investments****(842,001)** 	**Net decrease in net assets resulting from operations****($443,029)**
*(The accompanying notes are an integral part of these financial statements.)*

*8 | Annual Report November 30, 2008*
**Statement of Changes in Net Assets***Year ended Nov. 30, 2008**Year ended Nov. 30, 2007***Increase (decrease) in net assets****From operations** Net investment income$398,972 $309,237  Net realized gain (loss) on investments9,474 (8,426) Net decrease in unrealized appreciation(851,475)(10,134)  Net increase (decrease) in net assets(443,029)290,677 **Dividends to shareowners from** Net investment income(398,972)(309,237) Capital gains distributions(9,502)0   Total distributions(408,474)(309,237)**From Fund share transactions** Proceeds from sales of shares3,900,608 2,331,511  Value of shares issued in reinvestment of dividends331,494 246,587  Early redemption fees retained12 85  Cost of shares redeemed(1,622,662)(1,326,612)  Net increase in net assets2,609,452 1,251,571 **Total increase in net assets****$1,757,949****$1,233,011** 	**Net assets**Beginning of year10,015,784 8,782,773 End of year$11,773,733 $10,015,784  	Undistributed net investment income$0$0 	**Shares of the Fund sold and redeemed** Number of shares sold754,461 443,957  Number of shares issued in reinvestment of dividends64,517 46,995  Number of shares redeemed(325,141)(253,833)**Net increase in number of shares outstanding****493,837****237,119****Financial Highlights**
*For year ended November 30,**Selected data per share of capital stock outstanding throughout the year:***2008****2007****2006****2005****2004****Net asset value at beginning of year****$5.30****$5.32****$5.27****$5.39****$5.46****Income from investment operations** Net investment income0.18 0.18 0.18 0.19 0.19  Net gains (losses) on securities (both realized & unrealized)(0.36)(0.02)0.06 (0.10)(0.07)**Total from investment operations****(0.18)****0.16****0.24****0.09****0.12****Less distributions** Dividends (from net investment income)(0.18)(0.18)(0.18)(0.19)(0.19) Distributions (from capital gains)- - (0.01)(0.02)- **Total distributions****(0.18)****(0.18)****(0.19)****(0.21)****(0.19)**Paid-in capital from early redemption fees¹0.00²0.00²0.00²0.00²-  Net asset value at end of year$4.94 $5.30 $5.32 $5.27 $5.39  **Total return****(3.36)%****3.02%****4.66%****1.66%****2.29%** **Ratios / supplemental data**Net assets ($000), end of year$11,774 $10,016 $8,783 $8,531 $8,472 Ratio of expenses to average net assets  Before custodian fee credits0.77%0.89%0.87%0.91%0.95% After custodian fee credits0.76%0.87%0.83%0.88%0.93%Ratio of net investment income after custody credits to average net assets 3.51%3.35%3.40%3.58%3.56%**Portfolio turnover rate****7%****6%****24%****21%****15%**¹Early redemption fee adopted March 29, 2005²Amount is less than $0.01
*(The accompanying notes are an integral part of these financial statements.)*

*Annual Report November 30, 2008 | 9*

***Expenses (unaudited)***

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

With the Idaho Tax-Exempt Fund, unlike many mutual funds, you do not incur sales charges (loads) on purchase payments, reinvested dividends, or other distributions. You do not incur redemption fees, exchange fees, or fees related to Saturna Individual Retirement Accounts. However, to discourage speculation, you may incur a 2% fee for redemption of shares held less than 30 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, 2008 to November 30, 2008).

**Actual Expenses**

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

**Hypothetical Example for Comparison Purposes**

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

Please note that the expenses shown are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line is useful in comparing ongoing costs only, and may not help you determine the relative total costs of owning different funds. 
**Beginning Account Value 							[June 1, 2008]****Ending Account Value 							[November 30, 2008]****Expenses Paid During Period¹**Actual 							$1,000.00														$953.80														$3.58							Hypothetical (5% annual return before expenses)							$1,000.00							  							$1,021.37							  							$3.70							  
¹ Expenses are equal to Idaho Tax-Exempt Bond Fund's annualized expense ratio of 0.73% (based on the most recent semi-annual period of June 1, 2008 through November 30, 2008, multiplied by the average account value of $976.90 over the period multiplied by 183/366 (to reflect the one-half year period).

*10 | Annual Report November 30, 2008*

***Notes To Financial Statements***

**Note 1 — Organization**

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

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

**Note 2 — Significant Accounting Policies**

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

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

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

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

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

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

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

The following is a summary of the inputs used as of November 30, 2008 in valuing the Fund's investments carried at value:
**Level****Valuation Inputs****Investments in Securities**Level 1Quoted prices$ - Level 2Other significant observable inputs$10,893,611 Level 3Significant unobservable inputs$525,459**Total****$11,419,070****Level 3 Roll-Forward Municipal Securities**Beginning balance$420,317 Total unrealized gains or losses$(34,648)Purchases$139,790**Ending Balance****$525,459**
**Odd Lots:**The bid-side valuations provided by the independent pricing service are for institutional "round-lot" holdings ("Round Lots"). Round Lots consist of 100 bonds (approximately $100,000 each). Some of the Fund's holdings consist of less than an institutional 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.

*Annual Report November 30, 2008 | 11*

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

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

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

**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. For the year ended November 30, 2008 the following items identified have been reclassed among components of net assets:
Accumulated net loss$ 8,454Paid-in capital($8,454)
**Use of estimates:**The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 

**Other:**The ability of issuers of debt securities held by the Fund to meet their obligations may be affected by economic and political developments in the State of Idaho.

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

The Trustees have adopted certain policies and procedures with respect to frequent trading of Fund shares. The Fund is intended for long-term investment and do not permit rapid trading of its shares. To discourage speculation, shares held less than 30 calendar days, including those held in omnibus accounts at intermediaries, will be assessed a 2% early-redemption fee (payable to the Fund) when redeemed. These fees are deducted from the redemption proceeds otherwise payable to the shareowner and retained by the Fund as paid-in capital and included in the daily NAV.

**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., professional fees) are allocated to the Fund and the other Funds of the Trust on the basis of relative daily average net assets. For such services, the Fund pays an annual fee equal to 0.50% of its average daily net assets. For the year ended November 30, 2008, the Fund incurred advisory fee expenses of $56,900. 

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

Saturna Capital Corporation acts as shareowner-servicing agent for the Fund, for a monthly fee plus certain expenses. For the year ended November 30, 2008, the Fund paid shareowner-servicing fees of $3,348.

Trustee Nicholas Kaiser, who also serves as the president of the Trust, is a director and president of the Adviser. The four independent trustees are compensated by the Trust $500 per Board or committee meeting attended, plus reimbursement of travel expenses, allocated pro-rata to the six Funds of Saturna Investment Trust. For the year ended November 30, 2008, the Trust incurred compensation expenses of $10,300 and total accrued expenses of $13,685 for the independent Trustees.

The officers are paid by Saturna Capital, and not the Trust, except for Mr. Winship, who is partially compensated by the Trust. On November 30, 2008, the trustees, officers and their immediate families as a group owned 2.69% of the outstanding shares of the Fund. 

**Note 4 — Investments**

During the year ended November 30, 2008, the Fund purchased $3,401,670 of securities and sold/matured $733,533 of securities.

**Note 5 — Distributions to shareowners**

The tax characteristics of distributions paid during the fiscal years ended November 30, 2008, 2007 and 2006 were as follows:
200820072006Tax-exempt income$398,755$309,037$291,026Taxable income8,671200702Capital gain¹                            $1,048$ -$19,527
*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, 2008 were as follows:
Cost of investments$12,143,527Gross unrealized appreciation55,957Gross unrealized depreciation(780,414)Net unrealized depreciation$(724,457)
*12 | Annual Report November 30, 2008*

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

As of November 30, 2008 the components of distributable earnings on a tax basis were as follows:
Net unrealized appreciation (depreciation)$(724,457)Total distributable earnings-Other accumulated losses-Total accumulated earnings/losses$(724,457)
**Note 6 — Custodian**

During 2008, the Trust became increasingly concerned about the financial health of its custodian, National City Corporation headquartered in Cleveland, OH. The Trust also sought a more experienced international stock custodian. After a diligent review, the Trust selected the fund servicing arm of PNC Financial Services Group of Pittsburgh, PA as its new custodian. The cash and securities of the Trust were transferred to PNC Global Investment Servicing in the fall of 2008. Subsequently, on December 31, 2008, PNC acquired National City Corporation in a transaction assisted by the U.S. Treasury's purchase of new PNC preferred stock. 

In accordance with the Fund's agreement with its custodians, National City Bank of Indiana and PNC Global Investment Servicing, for the year ended November 30, 2008, custodian fees incurred by the Fund amounted to $551. The custodian waived $551 of its fees for earnings credits for the current year. 

 

***Report of Independent Registered Public Accounting Firm***

To the Shareowners and Board of Trustees of Idaho Tax-Exempt Fund:

We have audited the accompanying statement of assets and liabilities of the Idaho Tax-Exempt Fund, a series of shares of the Saturna Investment Trust, including the schedule of investments as of November 30, 2008, and the related statement of operations for the year then ended, the statement 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 audit 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 audit 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 purposes of expression 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. Our procedures included confirmation of securities owned as of November 30, 2008, by correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. 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, 2008, 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 the 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

(graphic omitted)				  Tait, Weller & Baker LLP			    January 29, 2009

Annual Report November 30, 2008 | 13
**Trustees and Officers (unaudited)**Name (age),                      addressPosition(s) held with Trust and length of time servedPrincipal occupation(s) during past 5 YearsNumber of portfolios in Saturna Fund complex overseen by TrusteeOther directorships held by Trustee**Independent Trustees**Gary A. Goldfogel, MD (50)                      1500 N. State Street                      Bellingham, WA 98225Independent Trustee                      since 1995Medical Examiner (pathologist);                      Owner, Avocet Environmental Testing (laboratory)SixNoneHerbert G. Grubel, PhD (74)                      Apt. 1202 - 125 West Second St.                      North Vancouver, BC                      Canada V7M 1C5Independent Trustee† since 2005Professor Emeritus of Economics, Simon Fraser University;                      Senior Fellow, Fraser InstituteEightAmana Mutual Funds TrustJohn E. Love (76)                      1002 Spokane Street                      Garfield, WA 99130Chairman,                      Independent Trustee since 1987Owner, J.E. Love Co.                      (agricultural equipment manufacturer)SixNoneJohn S. Moore, PhD (77)                      346 Bayside Road                      Bellingham, WA 98225Independent Trustee since 1993Professor Emeritus,                      College of Business and Economics, Western Washington UniversitySixNone**Interested Trustee**Nicholas F. Kaiser, MBA, CFA (62)                      1300 N. State Street                      Bellingham, WA 98225President, Trustee†                      since 1991President,                      Saturna Capital Corporation;                      President,                      Saturna Brokerage ServicesEightAmana Mutual Funds Trust**Officers who are not Trustees**Phelps S. McIlvaine (55)                      1300 N. State Street                      Bellingham, WA 98225Vice President                      since 1994Vice President,                      Saturna Capital Corporation;                      Treasurer,                      Saturna Brokerage Services N/AN/AChristopher Fankhauser (36)                      1300 N. State Street                      Bellingham, WA 98225Treasurer†                      since 2002Chief Operations Officer,                      Saturna Capital CorporationN/AN/AEthel B. Bartolome (36)                      1300 N. State Street                      Bellingham, WA 98225Secretary†                      since 2001Corporate Administrator,                      
Saturna Capital CorporationN/AN/AJames D. Winship, MBA, JD (60)                      1300 N. State Street                      Bellingham, WA 98225Chief Compliance Officer†                      since 2004AttorneyN/AN/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, 2008, the Trustees, officers and their related accounts as a group owned 2.69% 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.

†Holds same position with Amana Mutual Funds Trust.

*14 | Annual Report November 30, 2008*

***Renewal of Investment Advisory Contract (unaudited)***

On September 22, 2008, the Trustees of Saturna Investment Trust approved continuation of Idaho Tax-Exempt Fund's investment advisory and administrative services agreement with Saturna Capital Corporation. In doing so, the board considered a number of factors and made specific determinations relevant to that approval.

In addition to information provided throughout the year, the Trustees utilized a comparison of performance and expenses of the Fund with those of other single-state tax-exempt mutual funds. The Trustees reviewed Morningstar and Lipper mutual fund category comparisons, and found that the investment performance of the Fund was strong. Specifically, Lipper found the Fund to rank in the top 1% of the "other states Muni" fund category for the twelve months ending September 5, 2008. The Trustees found such information helpful in establishing expectations regarding the performance of the adviser and whether to continue the advisory contract.

In their review, the Trustees noted that the Fund offers a full range of high-quality investor services. The Trustees reviewed Saturna's operations during the last year, continuing investments in staffing, compliance, servicing, offices and equipment, as well as Saturna's increasing assets under management. Important factors considered by the Trustees include Saturna Capital's experience, ability, and commitment to quality service through performing internally such functions as shareowner servicing, administration, accounting, marketing, and distribution. They recognized Saturna's efforts to improve compensation to attract and retain increasingly qualified, experienced, and specialized staff. The Trustees also took into consideration Saturna's continued avoidance of significant operational problems, and its culture of fully complying with investment company rules and regulations.

The Trustees reviewed Saturna's profitability with respect to the Fund as part of their evaluation of whether the fee under the advisory contract bears a reasonable relationship to the mix of services provided by Saturna, including the nature, extent and quality of such services. They considered the fees charged by the adviser to other kinds of accounts and the different services provided to those accounts. The Trustees also considered whether there are other potential benefits to Saturna from acting as investment adviser and found none. They valued Saturna's profits and capital reserves as protections available in the future. The Trustees concluded that the fee paid by the Fund to Saturna is reasonable in light of the services provided, comparative performance, expense and advisory fee information, costs of services provided and profits to be realized and benefits derived or to be derived by Saturna from its relationship with the Fund. The Trustees saw no need for advisory fee changes or breakpoints.

***Privacy Statement (unaudited)***

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

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

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

***Availability of Fund Portfolio Information (unaudited)***
- The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.
- The Fund's Form N-Q is available on the SEC's website at www.sec.gov and at www.saturna.com.
-  The Fund's Form N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800/SEC-0330.
-  The Fund makes a complete schedule of portfolio holdings after the end of each month available to investors at www.saturna.com.

***Householding Policy (unaudited)***

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.

*Annual Report November 30, 2008 | 15*

(graphic omitted)

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

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

**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) Mr. John Moore, an independent Trustee (as defined for investment companies), was deemed qualified and agreed to serve.

**Item 4. Principal Accountant Fees and Services.***(a) Audit Fees*For the fiscal years ending November 30, 2008 and 2007, the aggregate audit fees billed for professional services rendered by the principal accountant were $66,000 and $66,000. respectively.

*(b) Audit-Related Fees*			    For the fiscal years ending November 30, 2008 and 2007, the aggregate audit related fees were $54,000 and $54,000 respectively. The nature of the services are: (1) auditing of the statements of assets and liabilities, related statements of operations and changes in net assets, and the financial highlights of each of the Funds; (2) auditing and reporting on the financial statements to be included in the Amendment to the Funds' Registration Statement, Form N-1A, to be filed with the Securities and Exchange Commission; (3) review of the Amendment to the Registration Statement; and (4) issuance of a Report on Internal Control Structure for inclusion in Form N-SAR.

*(c) Tax Fees*For the fiscal years ending November 30, 2008 and 2007, the aggregate tax fees billed for professional services rendered by the principal accountant were $12,000 and $12,000, resepctively. Service includes preparation of the Funds' federal and state income tax returns.

*(d) All Other Fees*			    There were no other fees billed by the principal accountant for the fiscal years ending November 30, 2008 and 2007.

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

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

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

*(f) Not applicable.*

*(g) Not applicable.*

*(h) Not applicable.*

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

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

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

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

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

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

**Item 11. Controls and Procedures.**(a) Internal control over financial reporting is under the supervision of the principal executive and financial officers. On December 29, 2008, 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 29, 2009

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

By:

*/s/ Nicholas Kaiser*Nicholas Kaiser, President

Date: January 29, 2009

By:

*/s/ Christopher Fankhauser*Christopher Fankhauser, Treasurer

Date: January 29, 2009 |