Board of Trustees and Shareholders  Saturna Investment Trust  Bellingham, Washington  In planning and performing our audit of the financial statements of Sextant  Short Term Bond Fund, Sextant Bond Income Fund, Sextant Growth Fund, and the  Sextant International Fund, each a series of shares of the Saturna Investment  Trust for the year ended November 30, 2002, we considered its internalcontrol,  including control activities for safeguarding securities, in order todetermine  our auditing procedures for the purpose of expressing our opinion on thefinancial  statements and to comply with the requirements of Form N-SAR, not to provide  assurance on internal control.  The management of the Funds is responsible for establishing and maintaining  internal control. In fulfilling this responsibility, estimates and judgments  by management are required to assess the expected benefits and related costs  of controls. Generally, controls that are relevant to an audit pertain to the  entity’s objective of preparing financial statements for externalpurposes  that are fairly presented in conformity with accounting principles generally  accepted in the United States of America. Those controls include thesafeguarding  of assets against unauthorized acquisition, use, or disposition.  Because of inherent limitations in any internal control, errors or fraud may  occur and not be detected. Also, projection of any evaluation of the internal  control to future periods is subject to the risk that it may become inadequate  because of changes in conditions or that the effectiveness of the design and  operation may deteriorate.  Our consideration of the internal control would not necessarily disclose all  matters in internal control that might be material weaknesses under standards  established by the American Institute of Certified Public Accountants. Amaterial  weakness is a condition in which the design or operation of one or more of the  internal control components does not reduce to a relatively low level the risk  that misstatements caused by error or fraud in amounts that would be material  in relation to the financial statements being audited may occur and not bedetected  within a timely period by employees in the normal course of performing their  assigned functions. However, we noted no matters involving internal control  and its operation, including controls for safeguarding securities, that weconsider  to be material weaknesses, as defined above, as of November 30, 2002.  This report is intended solely for the information and use of management and  the Board of Trustees of the Saturna Investment Trust and the Securities and  Exchange Commission, and is not intended to be and should not be used byanyone  other than these specified parties.

**Tait, Weller & Baker**  Philadelphia, Pennsylvania   December 13, 2002

  

**REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTSON INTERNALCONTROL**

Board of Trustees and Shareholders  Saturna Investment Trust  Bellingham, Washington  In planning and performing our audit of the financial statements of the Idaho  Tax Exempt Fund, a series of shares of the Saturna Investment Trust for the  year ended November 30, 2002, we considered its internal control, including  control activities for safeguarding securities, in order to determine ourauditing  procedures for the purpose of expressing our opinion on the financialstatements  and to comply with the requirements of Form N-SAR, not to provide assurance  on internal control.  The management of the Funds is responsible for establishing and maintaining  internal control. In fulfilling this responsibility, estimates and judgments  by management are required to assess the expected benefits and related costs  of controls. Generally, controls that are relevant to an audit pertain to the  entity’s objective of preparing financial statements for externalpurposes  that are fairly presented in conformity with accounting principles generally  accepted in the United States of America. Those controls include thesafeguarding  of assets against unauthorized acquisition, use, or disposition.  Because of inherent limitations in any internal control, errors or fraud may  occur and not be detected. Also, projection of any evaluation of the internal  control to future periods is subject to the risk that it may become inadequate  because of changes in conditions or that the effectiveness of the design and  operation may deteriorate.  Our consideration of the internal control would not necessarily disclose all  matters in internal control that might be material weaknesses under standards  established by the American Institute of Certified Public Accountants. Amaterial  weakness is a condition in which the design or operation of one or more of the  internal control components does not reduce to a relatively low level the risk  that misstatements caused by error or fraud in amounts that would be material  in relation to the financial statements being audited may occur and not bedetected  within a timely period by employees in the normal course of performing their  assigned functions. However, we noted no matters involving internal control  and its operation, including controls for safeguarding securities, that weconsider  to be material weaknesses, as defined above, as of November 30, 2002.  This report is intended solely for the information and use of management and  the Board of Trustees of the Saturna Investment Trust and the Securities and  Exchange Commission, and is not intended to be and should not be used byanyone  other than these specified parties.

**Tait, Weller & Baker**  Philadelphia, Pennsylvania  December 13, 2002