UNITED STATES   SECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549**FORM N-Q****QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED  MANAGEMENT INVESTMENT COMPANY**  Investment Company Act file number: 811-05071**SATURNA INVESTMENT TRUST**  (Exact Name of Registrant as Specified in Charter)**1300 N. State Street  Bellingham, Washington 98225-4730**  (Address of Principal Executive Offices, including ZIP Code)  Nicholas F. Kaiser  1300 N. State Street  Bellingham, Washington 98225-4730  (Name and Address of Agent for Service)  Registrant’s Telephone Number- (360) 734-9900  Date of fiscal year end: November 30, 2010  Date of reporting period: February 26, 2010

 

 

**Item 1. Schedule of Investments**

The unaudited schedule of investments as of the close of the reporting  period is as follows:

| **Saturna Investment Trust, Sextant        Growth Fund**          |
|-------------------------------------------------------------------|
|                                                              |
| Common Stock                                                      | Quantity | Market Value | % Portfolio | Industry |
| AK Steel Holding                                                  | 10,000 | $215,300 | 1.05% | Steel - Producers |
| AT&T                                                              | 10,000 | $248,100 | 1.21% | Telecommunctns - Services |
| Abbott Laboratories                                               | 7,000 | $379,960 | 1.86% | Medical - Drugs |
| Adobe Systems                                                     | 7,600 | $263,340 | 1.29% | Computer - Software |
| Advanced Micro Devices                                            | 20,000 | $158,200 | 0.77% | Elec Components - Semicondtrs |
| Agilent Technologies                                              | 13,000 | $408,980 | 2.00% | Elec Components - Misc |
| Alaska Air Group                                                  | 10,000 | $350,000 | 1.71% | Transportation - Airline |
| Alcoa                                                             | 30,000 | $399,000 | 1.95% | Metal Ores - Non Ferrous |
| Allegiant Travel                                                  | 16,000 | $834,240 | 4.08% | Transportation - Airline |
| Amazon.com                                                        | 6,000 | $710,400 | 3.47% | Retail - Internet |
| Amgen                                                             | 3,700 | $209,457 | 1.02% | Medical - Biomed/Genetics |
| AmSurg                                                            | 15,000 | $309,900 | 1.51% | Medical - Outpnt/Home Care |
| Apple                                                             | 8,000 | $1,636,960 | 8.00% | Computer - Mini/Micro |
| Banner Corporation                                                | 98,700 | $267,477 | 1.31% | Banks - West |
| Bed Bath & Beyond                                                 | 9,000 | $374,490 | 1.83% | Retail - Misc/Diversified |
| Best Buy                                                          | 10,000 | $365,000 | 1.78% | Retail - Consumer Elect |
| CVS Caremark                                                      | 10,000 | $337,500 | 1.65% | Retail - Drug Stores |
| Chubb                                                             | 7,000 | $353,220 | 1.73% | Insurance - Propt/Casul/Title |
| Coach                                                             | 6,000 | $218,640 | 1.07% | Textile - Apparel Mfg |
| Devon Energy                                                      | 6,000 | $413,160 | 2.02% | Oil & Gas - U S Explo & Prod |
| Dr Pepper Snapple                                                 | 16,000 | $508,000 | 2.48% | Beverages - Soft Drink |
| Duke Energy                                                       | 10,000 | $163,500 | 0.80% | Utility - Electric Power |
| E*TRADE Financial                                                 | 150,000 | $241,500 | 1.18% | Finance - Investment Bkrs |
| FPL                                                               | 7,000 | $324,590 | 1.59% | Utility - Electric Power |
| FTI Consulting                                                    | 5,000 | $183,700 | 0.90% | Business Services |
| Freeport-McMoRan Copper & Gold                                    | 5,000 | $375,800 | 1.84% | Metal Ores - Misc |
| Hewlett-Packard                                                   | 7,000 | $355,530 | 1.74% | Computer - Mini/Micro |
| Honeywell International                                           | 10,000 | $401,600 | 1.96% | Diversified Operations |
| Idacorp                                                           | 6,000 | $198,180 | 0.97% | Utility - Electric Power |
| Intuit                                                            | 9,000 | $291,240 | 1.42% | Computer - Software |
| Johnson & Johnson                                                 | 7,000 | $441,000 | 2.15% | Medical - Supplies |
| KB Home                                                           | 20,000 | $325,600 | 1.59% | Building - Resident/Commercl |
| Ligand Pharmaceuticals                                            | 10,000 | $17,600 | 0.09% | Medical - Biomed/Genetics |
| Eli Lilly                                                         | 3,500 | $120,190 | 0.59% | Medical - Drugs |
| Lincoln Electric Holdings                                         | 4,000 | $190,800 | 0.93% | Machinery - Tools & Rel Prods |
| LoopNet                                                           | 20,000 | $189,000 | 0.92% | Internet Content |
| Lowe's                                                            | 15,000 | $355,650 | 1.74% | Buildg Prods - Retail/Whlsle |
| NRG Energy                                                        | 10,000 | $218,400 | 1.07% | Utility - Electric Power |
| Norfolk Southern                                                  | 7,000 | $360,010 | 1.76% | Transportation - Rail |
| Nucor                                                             | 4,000 | $165,600 | 0.81% | Steel - Producers |
| Oracle                                                            | 15,000 | $369,750 | 1.81% | Computer - Software |
| PepsiCo                                                           | 6,000 | $374,820 | 1.83% | Beverages - Soft Drink |
| Pfizer                                                            | 15,000 | $263,250 | 1.29% | Medical - Drugs |
| Pharmaceutical Product Development                                | 15,000 | $315,900 | 1.54% | Medical - Drugs |
| Piedmont Natural Gas                                              | 8,000 | $206,640 | 1.01% | Utility - Gas Distribution |
| Raytheon                                                          | 6,500 | $365,560 | 1.79% | Aerospace - Equipment |
| Red Lion Hotels                                                   | 50,000 | $316,000 | 1.54% | Hotels & Motels |
| Regal-Beloit                                                      | 5,500 | $310,310 | 1.52% | Machinery - Tools & Rel Prods |
| Charles Schwab                                                    | 25,000 | $457,750 | 2.24% | Finance - Investment Bkrs |
| Sempra Energy                                                     | 6,000 | $295,020 | 1.44% | Utility - Gas Distribution |
| Spectra Energy                                                    | 13,000 | $283,400 | 1.38% | Oil & Gas - Prods/Pipeline |
| Staples                                                           | 6,000 | $154,560 | 0.76% | Office Equip & Supplies |
| 3Com                                                              | 60,000 | $457,800 | 2.24% | Computer - Local Networks |
| Trimble Navigation                                                | 14,000 | $376,180 | 1.84% | Instruments - Elec Measuring |
| United Parcel Service                                             | 6,000 | $352,440 | 1.72% | Transportation - Services |
| VCA Antech                                                        | 8,000 | $190,560 | 0.93% | Medical - Hospitals |
| Visa                                                              | 3,000 | $255,840 | 1.25% | Finance - Services |
| Washington Banking                                                | 10,000 | $119,700 | 0.58% | Banks - West |
| Weyerhaeuser                                                      | 9,000 | $363,600 | 1.78% | Buildg Prods - Wood |
| John Wiley & Sons                                                 | 8,000 | $335,840 | 1.64% | Publishing - Books |
| Noble                                                             | 10,000 | $422,600 | 2.06% | Oil & Gas - Offshore Drillng |
|                                                              | TOTAL | $20,468,334 |   |   |
|                                                              |
|                                                              |
| **Saturna Investment Trust, Sextant        Core Fund**            |
|                                                              |
| Common Stock                                                      | Quantity | Market Value | % Portfolio | Industry |
| AT&T                                                              | 2,600 | $64,506 | 1.59% | Telecommunctns - Services |
| Adobe Systems                                                     | 1,100 | $38,115 | 0.94% | Computer - Software |
| Alcoa                                                             | 2,000 | $26,600 | 0.66% | Metal Ores - Non Ferrous |
| Allegiant Travel                                                  | 1,000 | $52,140 | 1.28% | Transportation - Airline |
| Anglo American PLC ADR                                            | 1,119 | $20,321 | 0.50% | Metal Ores - Gold |
| Apple                                                             | 250 | $51,155 | 1.26% | Computer - Mini/Micro |
| Arch Coal                                                         | 2,000 | $44,980 | 1.11% | Coal |
| Australia & New Zealand Banking ADS                               | 3,000 | $62,163 | 1.53% | Banks - Foreign |
| Aviat Networks                                                    | 136 | $836 | 0.02% | Telecommunctns - Services |
| BASF SE ADS                                                       | 400 | $22,532 | 0.55% | Chemicals - Diversified |
| Bellsouth Corp                                                    | 100,000 | $107,147 | 2.64% | Telecommunctns - Services |
| Berkley WR Corp                                                   | 100,000 | $104,641 | 2.58% | Insurance - Propt/Casul/Title |
| BHP Billiton ADS                                                  | 650 | $47,665 | 1.17% | Metal Ores - Non Ferrous |
| CRH PLC ADS                                                       | 600 | $13,926 | 0.34% | Building - Cement/Concrete/Ag |
| CSX Corp.                                                         | 95,000 | $100,178 | 2.47% | Transportation - Rail |
| Canadian National Railway                                         | 800 | $42,128 | 1.04% | Transportation - Rail |
| China Mobile ADS                                                  | 500 | $24,715 | 0.61% | Telecommunctns - Cellular |
| Chubb                                                             | 750 | $37,845 | 0.93% | Insurance - Propt/Casul/Title |
| ConocoPhillips                                                    | 1,250 | $60,000 | 1.48% | Oil & Gas - U S Integrated |
| Devon Energy                                                      | 1,000 | $68,860 | 1.70% | Oil & Gas - U S Explo & Prod |
| EI du Pont de Nemours                                             | 100,000 | $108,516 | 2.67% | Chemicals - Diversified |
| Emerson Electric                                                  | 100,000 | $108,295 | 2.67% | Elec Components - Misc |
| Express Scripts                                                   | 500 | $48,005 | 1.18% | Medical - Hlth Maint Orgs |
| FPL                                                               | 600 | $27,822 | 0.69% | Utility - Electric Power |
| Freeport-McMoRan Copper & Gold                                    | 200 | $15,032 | 0.37% | Metal Ores - Misc |
| Genentech Inc                                                     | 150,000 | $152,244 | 3.75% | Medical - Drugs |
| General Mills                                                     | 1,000 | $72,010 | 1.77% | Food - Misc Preparation |
| Genzyme                                                           | 400 | $22,880 | 0.56% | Medical - Biomed/Genetics |
| GlaxoSmithKline PLC ADS                                           | 500 | $18,570 | 0.46% | Medical - Drugs |
| Harris                                                            | 550 | $24,871 | 0.61% | Telecommunctns - Equip |
| Heinz (H.J.)                                                      | 1,000 | $45,900 | 1.13% | Food - Canned |
| Hewlett-Packard                                                   | 1,000 | $50,790 | 1.25% | Computer - Mini/Micro |
| Home Depot                                                        | 100,000 | $107,266 | 2.64% | Buildg Prods - Retail/Whlsle |
| Honeywell International                                           | 850 | $34,136 | 0.84% | Diversified Operations |
| Humana                                                            | 1,000 | $47,330 | 1.17% | Medical - Hlth Maint Orgs |
| Idacorp                                                           | 900 | $29,727 | 0.73% | Utility - Electric Power |
| ING Groep NV ADS                                                  | 742 | $6,626 | 0.16% | Insurance - Multi Line |
| JP Morgan Chase & Co                                              | 550 | $23,084 | 0.57% | Banks - Money Center |
| Johnson & Johnson                                                 | 700 | $44,100 | 1.09% | Medical - Supplies |
| Kimberly-Clark                                                    | 625 | $37,963 | 0.93% | Paper & Paper Products |
| LAN Airlines SA ADS                                               | 3,500 | $62,265 | 1.53% | Transportation - Airline |
| Eli Lilly                                                         | 1,000 | $34,340 | 0.85% | Medical - Drugs |
| Lockheed Martin                                                   | 400 | $31,104 | 0.77% | Electronics - Military Sys |
| Lowe's                                                            | 900 | $21,339 | 0.53% | Buildg Prods - Retail/Whlsle |
| McGraw-Hill                                                       | 1,000 | $34,200 | 0.84% | Publishing - Books |
| Monsanto                                                          | 600 | $42,390 | 1.04% | Medical - Drugs |
| NRG Energy                                                        | 1,200 | $26,208 | 0.65% | Utility - Electric Power |
| Nike                                                              | 900 | $60,840 | 1.50% | Shoes & Related Apparel |
| Nomura Holdings ADR                                               | 700 | $5,166 | 0.13% | Finance - Investment Bkrs |
| Norsk Hydro ASA ADS                                               | 2,000 | $13,400 | 0.33% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                   | 800 | $44,256 | 1.09% | Medical - Drugs |
| Novo Nordisk A/S ADS                                              | 400 | $28,448 | 0.70% | Medical - Drugs |
| Nucor                                                             | 800 | $33,120 | 0.82% | Steel - Producers |
| PNC Bank                                                          | 600 | $32,256 | 0.79% | Banks - Northeast |
| Parker Hannifin                                                   | 450 | $27,140 | 0.67% | Instruments - Control |
| Pearson PLC ADS                                                   | 3,100 | $43,555 | 1.07% | Publishing - Books |
| PepsiCo                                                           | 1,000 | $62,470 | 1.54% | Beverages - Soft Drink |
| Praxair                                                           | 700 | $52,598 | 1.30% | Chemicals - Specialty |
| Procter & Gamble                                                  | 900 | $56,952 | 1.40% | Cosmetics & Toiletries |
| RPM International                                                 | 1,000 | $19,250 | 0.47% | Chemicals - Specialty |
| Black & Decker                                                    | 350 | $25,365 | 0.63% | Machinery - Tools & Rel Prods |
| Staples                                                           | 90,000 | $100,327 | 2.47% | Office Equip & Supplies |
| StatoilHydro ASA ADS                                              | 2,003 | $45,007 | 1.11% | Oil & Gas - Intl Integrated |
| Taiwan Semiconductor ADS                                          | 4,034 | $39,332 | 0.97% | Elec Components - Semicondtrs |
| Telefonica SA ADS                                                 | 500 | $35,090 | 0.86% | Utility - Telephone |
| Telemex International SAB de CV ADR                               | 1,200 | $21,936 | 0.54% | Telecommunctns - Services |
| 3M                                                                | 600 | $48,090 | 1.18% | Diversified Operations |
| Tomkins PLC ADS                                                   | 750 | $8,775 | 0.22% | Diversified Operations |
| Toronto-Dominion Bank                                             | 550 | $35,140 | 0.87% | Banks - Foreign |
| Total SA ADS                                                      | 1,100 | $61,226 | 1.51% | Oil & Gas - Intl Integrated |
| Unilever PLC ADS                                                  | 1,600 | $47,104 | 1.16% | Food - Misc Preparation |
| U.S. Treasury Bond                                                | 150,000 | $209,484 | 5.16% | U S Government |
| US Treasury Bond                                                  | 100,000 | $114,266 | 2.81% | U S Government |
| U.S. Treasury Bond 5-3/8 2/15/31                                  | 60,000 | $67,866 | 1.67% | U S Government |
| UnitedHealth                                                      | 2,000 | $67,720 | 1.67% | Medical - Hlth Maint Orgs |   |
| Verizon                                                           | 100,000 | $106,501 | 2.62% | Telecommunctns - Cellular |   |
| Western Union                                                     | 30,000 | $33,205 | 0.82% | Finance - Services |   |
| Williams Companies                                                | 3,000 | $64,620 | 1.59% | Oil & Gas - Prods/Pipeline |   |
| Xerox Corporate Bond                                              | 100,000 | $103,098 | 2.54% | Office Automation |   |
| Orient-Express Hotels                                             | 1,000 | $11,430 | 0.28% | Hotels & Motels |   |
| Noble                                                             | 1,600 | $67,616 | 1.67% | Oil & Gas - Offshore Drillng |   |
|                                                              | TOTAL | $4,060,111 |   |   |   |
|                                                              |
|                                                              |
| **Saturna Investment Trust, Sextant        International Fund**   |
|                                                              |
| Common Stock                                                      | Quantity | Market Value | % Portfolio | Industry | Country |
| Aegon NV                                                          | 100,000 | $630,000 | 1.00% | Insurance - Multi Line | NETHERLANDS |
| Air France-KLM ADR                                                | 25,000 | $332,250 | 0.53% | Transportation - Airline | FRANCE |
| America Movil SAB de CV ADS                                       | 30,000 | $1,337,100 | 2.12% | Telecommunctns - Cellular | MEXICO |
| American Oriental Bioengineering                                  | 100,000 | $415,000 | 0.66% | Medical - Biomed/Genetics | CHINA |
| Anglo American PLC ADR                                            | 80,000 | $1,452,800 | 2.31% | Metal Ores - Gold | SOUTH AFRICA |
| Australia & New Zealand Banking ADS                               | 40,000 | $828,840 | 1.32% | Banks - Foreign | AUSTRALIA |
| AXA SA ADS                                                        | 17,000 | $342,210 | 0.54% | Banks - Foreign | FRANCE |
| BASF SE ADS                                                       | 3,400 | $191,522 | 0.30% | Chemicals - Diversified | GERMANY |
| BCE                                                               | 45,000 | $1,249,200 | 1.98% | Telecommunctns - Equip | CANADA |
| Banco Bilbao Vizcaya Argentaria SA                                | 50,000 | $647,500 | 1.03% | Banks - Foreign | SPAIN |
| Banco Santander ADS                                               | 101,098 | $1,318,318 | 2.09% | Banks - Foreign | SPAIN |
| Barrick Gold                                                      | 25,000 | $941,500 | 1.50% | Metal Ores - Gold | CANADA |
| BHP Billiton ADS                                                  | 20,000 | $1,466,600 | 2.33% | Metal Ores - Non Ferrous | AUSTRALIA |
| CPFL Energia S A ADR                                              | 15,000 | $936,750 | 1.49% | Utility - Electric Power | BRAZIL |
| CRH PLC ADS                                                       | 10,000 | $232,100 | 0.37% | Building - Cement/Concrete/Ag | IRELAND |
| Canadian Pacific Railway                                          | 32,000 | $1,541,760 | 2.45% | Transportation - Rail | CANADA |
| Canon ADS                                                         | 11,000 | $456,280 | 0.72% | Office Automation | JAPAN |
| Cenovus Energy                                                    | 15,000 | $367,500 | 0.58% | Oil & Gas - Canadn Exp & Prod | CANADA |
| China Mobile ADS                                                  | 18,000 | $889,740 | 1.41% | Telecommunctns - Cellular | CHINA |
| China Techfaith Wireless ADR                                      | 10,000 | $28,100 | 0.04% | Telecommunctns - Cellular | CHINA |
| Coca-Cola Femsa SAB de CV ADS                                     | 20,000 | $1,284,200 | 2.04% | Beverages - Soft Drink | MEXICO |
| Dassault Systems SA ADR                                           | 5,000 | $288,250 | 0.46% | Computer - Software | FRANCE |
| EnCana                                                            | 15,000 | $491,700 | 0.78% | Oil & Gas - Canadn Integrated | CANADA |
| Enersis SA ADS                                                    | 65,000 | $1,404,650 | 2.23% | Utility - Electric Power | CHILE |
| Fibria Celulose SA                                                | 45,500 | $834,925 | 1.33% | Paper & Paper Products | BRAZIL |
| Fomento Economico Mex ADS                                         | 20,000 | $856,000 | 1.36% | Beverages - Alcoholic | MEXICO |
| GlaxoSmithKline PLC ADS                                           | 35,000 | $1,299,900 | 2.06% | Medical - Drugs | UNITED KINGDOM |
| ICICI Bank Ltd ADS                                                | 30,000 | $1,147,500 | 1.82% | Banks - Foreign | INDIA |
| Infosys ADS                                                       | 32,000 | $1,820,800 | 2.89% | Computer - Software | INDIA |
| ING Groep NV ADS                                                  | 92,852 | $829,168 | 1.32% | Insurance - Multi Line | NETHERLANDS |
| Korea Electric Power ADS                                          | 20,000 | $322,600 | 0.51% | Utility - Electric Power | KOREA |
| LAN Airlines SA ADS                                               | 130,000 | $2,312,700 | 3.67% | Transportation - Airline | CHILE |
| Lihir Gold Limited ADS                                            | 55,000 | $1,326,050 | 2.11% | Metal Ores - Gold | INDONESIA |
| Metso Oyj ADS                                                     | 12,100 | $373,285 | 0.59% | Paper & Paper Products | FINLAND |
| Mitsubishi UFJ Financial ADR                                      | 200,000 | $1,024,000 | 1.63% | Banks - Foreign | JAPAN |
| Nidec ADR                                                         | 13,000 | $316,940 | 0.50% | Machinery - Electrical | JAPAN |
| Nintendo                                                          | 17,000 | $575,790 | 0.91% | Toys/Games/Hobby Prod | JAPAN |
| Nissan Motor ADS                                                  | 45,000 | $710,100 | 1.13% | Auto/Truck - Mfg Foreign | JAPAN |
| Nomura Holdings ADR                                               | 30,000 | $221,400 | 0.35% | Finance - Investment Bkrs | JAPAN |
| Novartis AG ADR                                                   | 25,000 | $1,383,000 | 2.20% | Medical - Drugs | SWITZERLAND |
| Novo Nordisk A/S ADS                                              | 17,000 | $1,209,040 | 1.92% | Medical - Drugs | DENMARK |
| Pearson PLC ADS                                                   | 90,000 | $1,264,500 | 2.01% | Publishing - Books | UNITED KINGDOM |
| Potash Corp of Saskatchewan                                       | 17,000 | $1,877,820 | 2.98% | Fertilizers | CANADA |
| PT Indosat Tbk ADR                                                | 5,000 | $137,650 | 0.22% | Utility - Telephone | INDONESIA |
| Repsol YPF SA ADS                                                 | 55,000 | $1,247,400 | 1.98% | Oil & Gas - Intl Integrated | SPAIN |
| Rio Tinto PLC ADS                                                 | 4,000 | $831,200 | 1.32% | Metal Ores - Misc | UNITED KINGDOM |
| Ritchie Bros Auctioneers                                          | 30,000 | $629,100 | 1.00% | Building - Heavy Const | CANADA |
| Ryanair Holdings plc ADS                                          | 20,000 | $549,400 | 0.87% | Transportation - Airline | IRELAND |
| SK Telecom ADR                                                    | 30,000 | $500,400 | 0.79% | Telecommunctns - Services | KOREA |
| SAP AG ADS                                                        | 12,000 | $534,960 | 0.85% | Computer - Software | GERMANY |
| Shire PLC ADR                                                     | 20,000 | $1,290,400 | 2.05% | Medical - Drugs | UNITED KINGDOM |
| StatoilHydro ASA ADS                                              | 30,173 | $677,987 | 1.08% | Oil & Gas - Intl Integrated | NORWAY |
| Teck Resources LTD                                                | 100,000 | $3,694,000 | 5.87% | Metal Ores - Non Ferrous | CANADA |
| Telecom New Zealand ADS                                           | 20,000 | $158,000 | 0.25% | Utility - Telephone | NEW ZEALAND |
| Telefonica SA ADS                                                 | 15,000 | $1,052,700 | 1.67% | Utility - Telephone | SPAIN |
| Telefonos de Mexico SAB de CV ADS                                 | 30,000 | $469,800 | 0.75% | Utility - Telephone | MEXICO |
| Telus                                                             | 45,000 | $1,413,000 | 2.24% | Telecommunctns - Services | CANADA |
| Tenaris SA ADR                                                    | 2,500 | $103,575 | 0.16% | Steel - Pipe & Tubes | ARGENTINA |
| Teva Pharmaceutical Industries ADS                                | 30,000 | $1,800,300 | 2.86% | Medical - Generic Drugs | ISRAEL |
| Toronto-Dominion Bank                                             | 15,000 | $958,350 | 1.52% | Banks - Foreign | CANADA |
| Total SA ADS                                                      | 30,000 | $1,669,800 | 2.65% | Oil & Gas - Intl Integrated | FRANCE |
| Turkcell Iletisim Hizmetleri ADR                                  | 70,000 | $1,036,700 | 1.65% | Telecommunctns - Cellular | TURKEY |
| Unilever PLC ADS                                                  | 20,000 | $588,800 | 0.94% | Food - Misc Preparation | UNITED KINGDOM |
| UPM-Kymmene Oyj ADS                                               | 3,500 | $37,415 | 0.06% | Paper & Paper Products | FINLAND |
| Vale SA-SP ADR                                                    | 60,000 | $1,671,600 | 2.65% | Metal Prods - Fabrication | BRAZIL |
| Vodafone Group PLC ADS                                            | 50,000 | $1,088,500 | 1.73% | Telecommunctns - Cellular | UNITED KINGDOM |
| Orient-Express Hotels                                             | 131,300 | $1,500,759 | 2.38% | Hotels & Motels | BERMUDA |
| Copa Holdings SA                                                  | 10,000 | $543,900 | 0.86% | Transportation - Airline | PANAMA |
|                                                              | TOTAL | $62,965,085 |   |   |   |
|                                                              |
|                                                              |
| **Saturna Investment Trust, Sextant        Short-Term Bond Fund** |
|                                                              |
| Corporate Bond                                                    | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Astrazeneca PLC                                                   | 125,000 | $136,824 | 3.51% | 9/15/12 | Medical - Drugs |
| Bank of New York Mellon                                           | 160,000 | $173,271 | 4.45% | 4/1/12 | Banks - Money Center |
| Berkshire Hathaway Financial                                      | 100,000 | $107,324 | 2.76% | 5/15/15 | Insurance - Multi Line |
| Commerce Charter TWP Michigan                                     | 125,000 | $132,389 | 3.40% | 12/1/13 | General Obligations |
| Dawson Springs KY ISD Bldg Rev                                    | 95,000 | $96,349 | 2.47% | 8/1/13 | Schools |
| Dover Corporation                                                 | 100,000 | $105,521 | 2.71% | 2/15/11 | Machinery - Genrl Industrial |
| Florida Power & Light Group Capital                               | 140,000 | $148,683 | 3.82% | 9/1/11 | Utility - Electric Power |
| Fortune Brands                                                    | 120,000 | $123,832 | 3.18% | 1/15/11 | Beverages - Alcoholic |
| Genentech Inc                                                     | 100,000 | $101,496 | 2.61% | 7/15/10 | Medical - Drugs |
| General Electric Capital Corp                                     | 100,000 | $106,824 | 2.74% | 10/19/12 | Diversified Operations |
| Halliburton Co.                                                   | 132,000 | $136,244 | 3.50% | 10/15/10 | Oil & Gas - Field Services |
| HSBC Finance Corp. (Household Finc)                               | 100,000 | $106,624 | 2.74% | 10/15/11 | Finance - Consumer Loans |
| IBM Corporation                                                   | 135,000 | $147,208 | 3.78% | 10/22/12 | Computer - Services |
| International Lease Finance (AIG)                                 | 125,000 | $124,729 | 3.20% | 4/15/10 | Finance - Leasing Cos |
| Manhattan Kansas                                                  | 180,000 | $179,906 | 4.62% | 12/1/13 | Roads |
| Marathon Oil                                                      | 120,000 | $130,551 | 3.35% | 7/1/12 | Oil & Gas - U S Integrated |
| Passaic NJ Taxable Pension GO                                     | 100,000 | $103,515 | 2.66% | 2/1/13 | General Obligations |
| ConocoPhillips Co                                                 | 100,000 | $101,967 | 2.62% | 5/25/10 | Oil & Gas - Intl Integrated |
| Rhode Island Econ Dev Corp Rev                                    | 175,000 | $182,562 | 4.69% | 3/15/13 | Real Estate - Development |
| Rio Tinto Finance USA                                             | 150,000 | $182,018 | 4.67% | 5/17/14 | Metal Ores - Misc |
| Roche Holdings Inc                                                | 150,000 | $159,560 | 4.10% | 3/1/12 | Medical - Misc Products |
| Scottish Power PLC                                                | 100,000 | $100,083 | 2.57% | 3/15/10 | Utility - Electric Power |
| Southwester Mich. Comm. College                                   | 125,000 | $129,569 | 3.33% | 5/1/15 | Schools |
| Stanley Works                                                     | 180,000 | $193,647 | 4.97% | 11/1/12 | Machinery - Tools & Rel Prods |
| US Treasury Note                                                  | 200,000 | $200,961 | 5.16% | 4/15/10 | U S Government |
| US T-NOTE                                                         | 350,000 | $346,801 | 8.90% | 12/31/13 | U S Government |
| Verizon New England Tel.                                          | 129,000 | $136,732 | 3.51% | 10/1/13 | Utility - Telephone |
|                                                              | TOTAL | $3,895,190 |   |   |   |
|                                                              |
|                                                              |
| **Saturna Investment Trust, Sextant        Bond Income Fund**     |
|                                                              |
| Corporate Bond                                                    | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Air Products & Chemicals                                          | 50,000 | $65,136 | 1.72% | 4/15/21 | Chemicals - Specialty |
| Allstate Corp.                                                    | 50,000 | $57,148 | 1.51% | 6/15/13 | Insurance - Multi Line |
| Archer Daniels Midlands                                           | 100,000 | $116,028 | 3.07% | 2/1/31 | Agricultural Operations |
| AutoZone Inc.                                                     | 95,000 | $101,582 | 2.69% | 11/15/15 | Auto Parts - Replacement |
| BHP Finance USA                                                   | 125,000 | $138,136 | 3.65% | 12/15/15 | Metal Ores - Misc |
| Baker Hughes Inc                                                  | 100,000 | $113,716 | 3.01% | 1/15/29 | Oil & Gas - Field Services |
| Burlington VT Taxable Pub Imp Ser B                               | 160,000 | $160,910 | 4.26% | 11/1/28 | General Obligations |
| Caterpillar INC                                                   | 40,000 | $43,864 | 1.16% | 8/15/11 | Machinery - Const/Mining |
| Cingular Wireless (AT&T)                                          | 140,000 | $156,607 | 4.14% | 12/15/31 | Utility - Telephone |
| CitiCorp                                                          | 50,000 | $53,486 | 1.41% | 10/15/11 | Banks - Money Center |
| Commonwealth Edison Corp.                                         | 50,000 | $57,207 | 1.51% | 7/1/13 | Utility - Electric Power |
| Conagra Inc.                                                      | 4,000 | $4,150 | 0.11% | 9/15/10 | Food - Misc Preparation |
| ConocoPhillips                                                    | 150,000 | $167,632 | 4.43% | 1/15/20 | Oil & Gas - Intl Integrated |
| Dayton Hudson Corp. (Target Stores)                               | 50,000 | $53,769 | 1.42% | 1/1/11 | Retail - Discount & Variety |
| Dean Witter Discovery & Company                                   | 50,000 | $55,666 | 1.47% | 10/15/13 | Finance - Investment Bkrs |
| Deere & Co.                                                       | 95,000 | $122,405 | 3.24% | 5/15/30 | Machinery - Farm |
| Dupage Co. IL Cmnty Coll Dist #502                                | 150,000 | $148,277 | 3.92% | 1/1/26 | General Obligations |
| Federal Farm Credit Bank                                          | 150,000 | $157,889 | 4.18% | 1/15/18 | U S Government |
| Federal Home Loan Bank                                            | 150,000 | $169,072 | 4.47% | 9/15/16 | Finance - Mrtg & R.E. Service |
| Florida Power & Light                                             | 100,000 | $104,143 | 2.75% | 10/1/33 | Utility - Electric Power |
| Goldman Sachs                                                     | 180,000 | $167,321 | 4.43% | 1/15/27 | Finance - Investment Bkrs |
| Graves CO KY SCD Bldg Lease Rev                                   | 150,000 | $148,133 | 3.92% | 6/1/24 | Schools |
| Heinz H. J. Co.                                                   | 75,000 | $81,432 | 2.15% | 3/15/12 | Food - Misc Preparation |
| Hershey Foods Co.                                                 | 50,000 | $55,971 | 1.48% | 8/15/12 | Food - Confectionery |
| Idaho Hsg & Fin GRAVEE BAB A-2                                    | 180,000 | $180,646 | 4.78% | 7/15/20 | Roads |
| Lowe's Companies                                                  | 50,000 | $50,808 | 1.34% | 6/1/10 | Buildg Prods - Retail/Whlsle |
| Masco                                                             | 60,000 | $63,801 | 1.69% | 8/15/13 | Buildg Prods - Miscellaneous |
| Milan Cnty Michigan Area Schools                                  | 150,000 | $151,799 | 4.02% | 5/1/24 | General Obligations |
| Oklahoma City Fin Auth Ed Lease Rev                               | 160,000 | $173,781 | 4.60% | 9/1/22 | State Education |
| Paine Webber Group                                                | 50,000 | $55,594 | 1.47% | 2/15/14 | Finance - Investment Bkrs |
| Pharmacia (PFE)                                                   | 100,000 | $114,085 | 3.02% | 12/1/18 | Medical - Drugs |
| Phillips Electronics Corp                                         | 75,000 | $86,782 | 2.30% | 8/15/13 | Electronics - Misc Products |
| Progressive                                                       | 75,000 | $82,935 | 2.19% | 10/1/13 | Insurance - Propt/Casul/Title |
| St. Pauls Travelers Insurance                                     | 125,000 | $138,063 | 3.65% | 12/1/15 | Insurance - Propt/Casul/Title |
| Sempra Energy Corp                                                | 50,000 | $50,000 | 1.32% | 3/1/10 | Utility - Gas Distribution |
| Southwest Airlines                                                | 75,000 | $80,084 | 2.12% | 3/1/12 | Transportation - Airline |
| Wal-Mart Stores                                                   | 45,000 | $52,420 | 1.39% | 6/1/13 | Retail - Discount & Variety |
|                                                              | TOTAL | $3,780,477 |   |   |   |
|                                                              |
|                                                              |
| **Saturna Investment Trust, Idaho        Tax-Exempt Fund**        |
|                                                              |
| Municipal Bond                                                    | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Ada & Canyon JSD #2 Meridian                                      | 50,000 | $59,561 | 0.42% | 7/30/15 | Schools |
| Ada & Canyon JSD #2 Meridian                                      | 165,000 | $184,289 | 1.31% | 8/15/20 | General Obligations |
| Ada & Canyon JSD #2 Merdian                                       | 155,000 | $172,786 | 1.23% | 8/15/21 | General Obligations |
| Ada & Canyon JSD # 3 Kuna                                         | 500,000 | $551,015 | 3.92% | 9/15/19 | General Obligations |
| Washington & Adams Co.s JSDC # 432                                | 100,000 | $107,175 | 0.76% | 8/15/19 | General Obligations |
| Bingham Co. SCD # 52 Snake HS                                     | 250,000 | $269,598 | 1.92% | 9/1/20 | General Obligations |
| Bingham Co. SCD #52 Snake HS                                      | 400,000 | $408,676 | 2.91% | 9/1/27 | General Obligations |
| Bingham Co. Id. SCD # 55 Blackfoot                                | 285,000 | $301,581 | 2.14% | 8/1/17 | General Obligations |
| Blackfoot ID COP Series 2000                                      | 135,000 | $136,982 | 0.97% | 2/1/18 | Utility - Waste Mangmt |
| Blaine County Idaho Series A                                      | 150,000 | $156,537 | 1.11% | 8/1/23 | General Obligations |
| Boise Co. ID SD # 73 Horseshoe Bend                               | 125,000 | $127,101 | 0.90% | 7/31/10 | Schools |
| Boise City ID Gen Fund Rev                                        | 160,000 | $167,518 | 1.19% | 12/1/17 | Finance - Services |
| Boise City ID Gen Fund Rev                                        | 100,000 | $104,417 | 0.74% | 12/1/18 | Finance - Services |
| Boise State Univerity ID Rev's                                    | 250,000 | $256,238 | 1.82% | 4/1/27 | Schools |
| Boise State University Rev 09 Ser A                               | 385,000 | $401,828 | 2.86% | 4/1/34 | Schools |
| Boise City Urb Ren Agy Lease Rev                                  | 160,000 | $173,048 | 1.23% | 8/15/20 | Real Estate - Development |
| Boise City Urb Ren Agy Lease Rev                                  | 90,000 | $96,650 | 0.69% | 8/15/21 | Real Estate - Development |
| Bonneville & Bingham Co ID SCD 93                                 | 150,000 | $163,790 | 1.16% | 9/15/16 | General Obligations |
| Bonneville & Bingham Co JSD #93 GO                                | 350,000 | $373,450 | 2.66% | 9/15/17 | General Obligations |
| Caldwell ID GO                                                    | 150,000 | $151,221 | 1.08% | 5/15/14 | General Obligations |
| Canyon Co. ID SCD # 131 Nampa                                     | 325,000 | $349,580 | 2.49% | 8/15/19 | Schools |
| Canyon Co. ID SCD # 131 Nampa                                     | 105,000 | $111,254 | 0.79% | 8/15/23 | General Obligations |
| Canyon Co. ID SCD #134 Middleton                                  | 170,000 | $179,933 | 1.28% | 7/31/16 | General Obligations |
| Canyon Co. Id SCD #139 Vallivue                                   | 350,000 | $359,205 | 2.55% | 9/15/25 | Schools |
| Fremont & Madison JSD 215 St. Antho                               | 200,000 | $215,812 | 1.53% | 8/15/19 | General Obligations |
| Fremont Madison Cnty ID JSD 215                                   | 130,000 | $136,516 | 0.97% | 8/15/24 | General Obligations |
| Idaho Bond Bank Authority Rev                                     | 135,000 | $139,512 | 0.99% | 9/1/22 | Pollution Control - Servcs |
| Idaho Bond Bank Authority                                         | 250,000 | $266,910 | 1.90% | 9/15/26 | Utility - Water Supply |
| Idaho Bond Bank Authority                                         | 75,000 | $77,440 | 0.55% | 9/15/23 | Utility - Waste Mangmt |
| Idaho Bond Bank Authority                                         | 90,000 | $94,563 | 0.67% | 9/15/19 | Finance - Services |
| Idaho Bond Bank Authority Rev Ser B                               | 100,000 | $103,352 | 0.74% | 9/15/24 | Diversified Operations |
| Idaho Falls ID Electric                                           | 140,000 | $164,444 | 1.17% | 4/1/19 | Utility - Electric Power |
| Idaho Health Fac Ath Holy Cross Rev                               | 50,000 | $50,206 | 0.36% | 12/1/28 | Medical - Hospitals |
| Idaho Health Facs Auth Rev Ref.                                   | 110,000 | $110,603 | 0.79% | 12/1/14 | Medical - Hospitals |
| Idaho Health Facs Auth Corp                                       | 115,000 | $115,590 | 0.82% | 12/1/22 | Medical - Hospitals |
| Idaho Health Facs Aith Rev                                        | 200,000 | $225,324 | 1.60% | 12/1/23 | Medical - Hospitals |
| Idaho Health Facs Auth Rev Grp B                                  | 115,000 | $127,564 | 0.91% | 12/1/33 | Medical - Hospitals |
| Idaho Housing & Finance Assoc.                                    | 100,000 | $109,137 | 0.78% | 6/1/17 | Schools |
| Idaho Housing & Finance Assoc                                     | 200,000 | $214,150 | 1.52% | 7/15/24 | Transportation - Services |
| Idaho Housing & Finance GARVEE TR-A                               | 250,000 | $262,563 | 1.87% | 7/15/23 | Roads |
| Idaho Housing & Finance GARVEE TR-A                               | 50,000 | $53,121 | 0.38% | 7/15/27 | Roads |
| Idaho Housing & Fin Ass SF Rev                                    | 90,000 | $93,344 | 0.66% | 7/1/28 | Housing |
| Idaho State Building Authority                                    | 110,000 | $113,078 | 0.80% | 9/1/23 | Building - Resident/Commercl |
| Idaho State University Ref & Impt                                 | 150,000 | $150,063 | 1.07% | 4/1/17 | State Education |
| Idaho State University Rev.                                       | 220,000 | $228,116 | 1.62% | 4/1/24 | State Education |
| Jefferson & Madison SCD 251 Rigby                                 | 100,000 | $105,119 | 0.75% | 9/1/24 | General Obligations |
| Jerome ID Urban Renewal District                                  | 200,000 | $203,418 | 1.45% | 9/1/13 | Real Estate - Development |
| Jerome Lincoln Gooding Co's JSC 261                               | 125,000 | $131,905 | 0.94% | 9/15/18 | General Obligations |
| Jerome Lincoln Gooding Co's JSD 261                               | 250,000 | $275,953 | 1.96% | 9/15/22 | General Obligations |
| Kootenai-Shonshone Area Librarys                                  | 220,000 | $232,060 | 1.65% | 8/1/21 | General Obligations |
| Latah Nez Perce Clearwater JSD 283                                | 190,000 | $200,940 | 1.43% | 8/15/27 | General Obligations |
| Lemhi County ID GO                                                | 100,000 | $105,117 | 0.75% | 8/1/15 | General Obligations |
| Madison Co. SCD # 321 Rexburg UTGO                                | 410,000 | $426,363 | 3.03% | 8/15/24 | General Obligations |
| Madison Co. SCD # 321 Rexburg UTGO                                | 250,000 | $256,903 | 1.83% | 8/15/26 | Schools |
| Meridian ID Free Library District                                 | 100,000 | $100,137 | 0.71% | 8/1/15 | General Obligations |
| Minidoka & Jerome JSD # 331                                       | 75,000 | $78,314 | 0.56% | 8/15/18 | General Obligations |
| Minidoka & Jerome JSD # 331                                       | 75,000 | $77,572 | 0.55% | 8/15/20 | General Obligations |
| Minidoka & Jerome JSD 331                                         | 225,000 | $228,983 | 1.63% | 8/15/24 | General Obligations |
| Minidoka & Jerome JSD # 331                                       | 160,000 | $162,774 | 1.16% | 8/15/25 | General Obligations |
| Moscow Idaho Sewer Revenue                                        | 200,000 | $207,900 | 1.48% | 5/1/28 | Utilities - Sewer |
| Nampa Idaho Series B                                              | 200,000 | $211,632 | 1.51% | 8/1/20 | General Obligations |
| Nez Perce County (Jail) 2007 COP                                  | 150,000 | $156,417 | 1.11% | 2/1/21 | Municipal Leases |
| Owyhee & Canyon Co SD 370 Homedale                                | 160,000 | $183,946 | 1.31% | 8/15/16 | Schools |
| Owyhee & Elmore SD 365 Grandview                                  | 350,000 | $373,821 | 2.66% | 8/15/27 | Schools |
| Payette Co ID SCD #373                                            | 100,000 | $108,752 | 0.77% | 9/15/24 | Schools |
| Pocatello ID Water Rev                                            | 100,000 | $102,404 | 0.73% | 2/1/24 | Utility - Water Supply |
| Pocatello ID. Water Revenue                                       | 350,000 | $363,069 | 2.58% | 2/1/26 | Utility - Water Supply |
| Post Falls LID 2004-1                                             | 300,000 | $300,021 | 2.13% | 5/1/21 | Real Estate - Development |
| Twin Falls ID SCD 411                                             | 120,000 | $121,775 | 0.87% | 9/15/25 | General Obligations |
| University of Idaho Rev.s                                         | 200,000 | $214,418 | 1.52% | 4/1/19 | State Education |
| University of Idaho Rev's                                         | 260,000 | $275,509 | 1.96% | 4/1/20 | State Education |
| Valley & Adams JSD # 421 McCall                                   | 135,000 | $140,954 | 1.00% | 8/1/22 | General Obligations |
| Valley & Adams JSD 421 McCall                                     | 290,000 | $299,611 | 2.13% | 8/1/24 | Schools |
|                                                              | TOTAL | $14,060,621 |   |   |   |

**Significant Accounting Policies****Pricing:**  Investments in securities traded on a national securities exchange (or reported  on the NASDAQ national market) are stated at the last reported sales price on  the day of valuation. Securities for which there are no sales and over-the-counter  securites are valued at the latest bid price.  Debt securities are valued using bid-side valuations provided by an independent  service. The service determines valuations using a matrix. This technique considers  such factors as yields or prices of bonds of comparable quality, type of issue,  coupon maturity, ratings, trading activity and general market conditions.  Fixed-income debt instruments, such as commercial paper, bankers' acceptances  and U.S. Treasury Bills, with a maturity of 60 days or less are valued at amortized  cost, which approximates market value. Any discount or premium is accreted or  amortized on a straight-line basis until maturity.  Other securities for which quotations are not readily available are valued at  fair values as determined in good faith by or under the direction of the Board  of Trustees.  Foreign markets may close before the time as of which the Funds' share prices  are determined. Because of this, events occurring after the close of many foreign  markets and before the determination of the Funds' share price may have a material  effect on the values of some or all of the Funds' foreign securities. To account  for this, the Funds may use independent pricing services for valuation of their  non-U.S. securities.  The cost of securities is the same for accounting and Federal income tax purposes.  Securities transactions are recorded on trade date. Realized gains and losses  on sales of securities are recorded on the identified cost basis.

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

During the period ended February 26, 2010, the Funds did not hold  any derivative instruments.

**Fair Value Measurments:**The Funds adopted authoritative  fair value accounting standards which establish an authoritative definition  of fair value and set out a hierarchy for measuring fair value. These standards  require additional disclosures about the various inputs and valuation techniques  used to develop the measurements of fair value and a discussion in changes in  valuation techniques and related inputs during the period. These inputs are  summarized in the three broad levels listed below.  Level 1 — 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 February 26,  2010 in valuing the Funds' investments carried at value:

| **Funds**                          | **Total**   | **Level 1      Quoted Price** | **Level 2      Significant Observable Input** | **Level 3      Significant Unobservable Inpute** |
|------------------------------------|-------------|-------------------------------|-----------------------------------------------|--------------------------------------------------|
| **Short-Term Bond**                |             |                               |                                               |                                                  |
| Corporate Bonds                    | $2,523,139  | $ -                           | $2,523,139                                    | $ -                                              |
| U.S. Government & Agency Bonds | $824,290    | $ -                           | $824,290                                      | $ -                                              |
| Municipal Bonds                    | $547,761    | $ -                           | $547,761                                      | $ -                                              |
| **Total Assets**                   | $3,895,190  | $ -                           | $3,895,190                                    | $ -                                              |
|                               |        |                          |                                          |                                             |
| **Bond Income**                    |        |                          |                                          |                                             |
| Corporate Bonds                    | $2,489,972  | $ -                           | $2,489,972                                    | $ -                                              |
| U.S. Government & Agency Bonds | $326,960    | $ -                           | $326,960                                      | $ -                                              |
| Municipal Bonds                    | $963,545    | $ -                           | $963,545                                      | $ -                                              |
| **Total Assets**                   | $3,780,477  | $ -                           | $3,780,477                                    | $ -                                              |
|                               |        |                          |                                          |                                             |
| **Core Fund**                      |        |                          |                                          |                                             |
| Common Stocks                      | $2,537,078  | $2,537,078                    | $2,537,078                                    | $ -                                              |
| Corporate Bonds                    | $1,131,417  | $ -                           | $1,131,417                                    | $ -                                              |
| U.S. Government Bonds              | $391,616    | $ -                           | $391,616                                      | $ -                                              |
| **Total Assets**                   | $4,060,111  | $2,537,078                    | $4,060,111                                    | $ -                                              |
|                               |        |                          |                                          |                                             |
| **Growth Fund**                    |        |                          |                                          |                                             |
| Common Stocks                      | $20,468,334 | $20,468,334                   | $ -                                           | $ -                                              |
| **Total Assets**                   | $20,468,334 | $20,468,334                   | $ -                                           | $ -                                              |
|                               |        |                          |                                          |                                             |
| **International Fund**             |        |                          |                                          |                                             |
| Common Stocks                      | $62,965,085 | $62,965,085                   | $ -                                           | $ -                                              |
| **Total Assets**                   | $62,965,085 | $62,965,085                   | $ -                                           | $ -                                              |
|                               |        |                          |                                          |                                             |
| **Idaho Tax Exempt**               |        |                          |                                          |                                             |
| Municipal Bonds                    | $14,060,621 | $ -                           | $13,379,852                                   | $680,769                                         |
| **Total Assets**                   | $14,060,621 | $ -                           | $13,379,852                                   | $680,769                                         |

 

| **Level 3 Roll-Forward Municipal Securities** |
|-----------------------------------------------|
| Beginning Balance                             | $606,375 |
| Total unrealized gains or losses              | $4,394 |
| Purchases                                     | $90,000 |
| Maturity                                      | $(20,000) |
| **Ending Balance**                            | $680,769 |

 

|                    |
|-------------------------|
| **Short Term Bond**     |  |
| Cost                    | $3,786,598.00 |
| Unrealized Appreciation | $112,092.00 |
| Unrealized Depreciation | $(3,500.00) |
|                    |   |
| **Bond Income**         |  |
| Cost                    | $3,638,102.00 |
| Unrealized Appreciation | $159,755.00 |
| Unrealized Depreciation | $(17,380.00) |
|                    |   |
| **Core Fund**           |  |
| Cost                    | $4,181,114 |
| Unrealized Appreciation | $276,956.00 |
| Unrealized Depreciation | $(397,959.00) |
|                    |   |
| **Growth Fund**         |  |
| Cost                    | $15,315,292.00 |
| Unrealized Appreciation | $6,122,247.00 |
| Unrealized Depreciation | $(969,205.00) |
|                    |   |
| **International Fund**  |  |
| Cost                    | $48,331,655.00 |
| Unrealized Appreciation | $16,924,890.00 |
| Unrealized Depreciation | $(2,291,460.00) |
|                    |   |
| **Idaho Tax Exempt**    |  |
| Cost                    | $13,567,323.00 |
| Unrealized Appreciation | $500,538.00 |
| Unrealized Depreciation | $(7,240.00) |

**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 Idaho 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 up   | none                |

In April 2009, the Financial Accounting Standards Board ("FASB")  issued FASB Staff Position No. 157-4, Determining Fair Value When the Volume  and Level of Activity for the Asset or Liability Have Significantly Decreased  and Identifying Transactions That Are Not Orderly ("FSP 157-4"). FSP  157-4 provides additional guidance for estimating fair value in accordance with  FASB Statement of Financial Accounting Standards No. 157, "Fair Value Measurements"  ("FAS 157"), when the volume and level of activity for the asset or  liability have significantly decreased as well as guidance on identifying circumstances  that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal  years and interim periods ending after June 15, 2009. Management is currently  evaluating the impact the adoption of FSP 157-4 will have on the Funds' financial  statement disclosures. 

**Item 2. Controls and Procedures**

Internal control over financial reporting is under the supervision  of the principal executive and financial officers. On April 7, 2010, Mr. Nicholas  Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the  internal control procedures for Saturna Investment Trust and found them reasonable  and adequate.

**Item 3. Exhibits**

Certification of Principal Executive Officer and Principal Financial  Officer of the Registrant as required by Rule 30a-2(a) under the Investment  Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 99CERT.

 

**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*  Nichola Kaiser, President   Date: April 23, 2010

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

By:  /s/ *Nicholas Kaiser*  Nicholas Kaiser, President   Date: April 23, 2010  By:  /s/*Christopher Fankhauser*  Christopher Fankhauser, Treasurer   Date: April 23, 2010