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, 2009  Date of reporting period: February 28, 2009

 

 

 

**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 |
| AT&T                                                             | 10,000 | $237,700 | 2.60% | Telecommunctns - Services |
| Abbott Laboratories                                              | 5,000 | $236,700 | 2.59% | Medical - Drugs |
| Adobe Systems                                                    | 7,600 | $126,920 | 1.39% | Computer - Software |
| Advanced Micro Devices                                           | 10,000 | $21,800 | 0.24% | Elec Components - Semicondtrs |
| Agilent Technologies                                             | 13,000 | $180,310 | 1.97% | Elec Components - Misc |
| Alaska Air Group                                                 | 10,000 | $219,100 | 2.39% | Transportation - Airline |
| Alcoa                                                            | 6,000 | $37,380 | 0.41% | Metal Ores - Non Ferrous |
| Amazon.com                                                       | 6,000 | $388,740 | 4.25% | Retail - Internet |
| Amgen                                                            | 3,700 | $181,041 | 1.98% | Medical - Biomed/Genetics |
| Apple                                                            | 8,000 | $714,480 | 7.81% | Computer - Mini/Micro |
| Banner Corporation                                               | 100,000 | $280,000 | 3.06% | Banks - West |
| Bed Bath & Beyond                                                | 5,000 | $106,500 | 1.16% | Retail - Misc/Diversified |
| Best Buy                                                         | 4,000 | $115,280 | 1.26% | Retail - Consumer Elect |
| Chubb                                                            | 5,000 | $195,200 | 2.13% | Insurance - Propt/Casul/Title |
| Devon Energy                                                     | 4,500 | $196,515 | 2.15% | Oil & Gas - U S Explo & Prod |
| Dr Pepper Snapple                                                | 12,000 | $168,600 | 1.84% | Beverages - Soft Drink |
| Duke Energy                                                      | 10,000 | $134,700 | 1.47% | Utility - Electric Power |
| FPL                                                              | 7,000 | $317,310 | 3.47% | Utility - Electric Power |
| FTI Consulting                                                   | 5,000 | $182,700 | 2.00% | Business Services |
| Freeport-McMoRan Copper & Gold                                   | 5,000 | $152,100 | 1.66% | Metal Ores - Misc |
| Frontier Financial                                               | 25,000 | $38,750 | 0.42% | Banks - West |
| Harman International Industries                                  | 1,900 | $20,178 | 0.22% | Audio/Video Home Products |
| Hewlett-Packard                                                  | 7,000 | $203,210 | 2.22% | Computer - Mini/Micro |
| Honeywell International                                          | 3,500 | $93,905 | 1.03% | Diversified Operations |
| Horizon Financial                                                | 50,000 | $118,500 | 1.29% | Finance - Savings & Loan |
| Idacorp                                                          | 6,000 | $146,040 | 1.60% | Utility - Electric Power |
| Intuit                                                           | 9,000 | $205,110 | 2.24% | Computer - Software |
| KB Home                                                          | 5,000 | $44,500 | 0.49% | Building - Resident/Commercl |
| Ligand Pharmaceuticals                                           | 10,000 | $27,100 | 0.30% | Medical - Biomed/Genetics |
| Eli Lilly                                                        | 3,500 | $102,830 | 1.12% | Medical - Drugs |
| Lincoln Electric Holdings                                        | 4,000 | $122,920 | 1.34% | Machinery - Tools & Rel Prods |
| Lowe's                                                           | 9,000 | $142,560 | 1.56% | Buildg Prods - Retail/Whlsle |
| NRG Energy                                                       | 10,000 | $189,000 | 2.06% | Utility - Electric Power |
| Norfolk Southern                                                 | 4,500 | $142,740 | 1.56% | Transportation - Rail |
| Nucor                                                            | 4,000 | $134,600 | 1.47% | Steel - Producers |
| Oracle                                                           | 15,000 | $233,100 | 2.55% | Computer - Software |
| PepsiCo                                                          | 4,500 | $216,630 | 2.37% | Beverages - Soft Drink |
| Pharmaceutical Product Development                               | 15,000 | $359,850 | 3.93% | Medical - Drugs |
| Raytheon                                                         | 4,500 | $179,865 | 1.96% | Aerospace - Equipment |
| Red Lion Hotels                                                  | 40,000 | $114,000 | 1.25% | Hotels & Motels |
| Regal-Beloit                                                     | 5,500 | $157,740 | 1.72% | Machinery - Tools & Rel Prods |
| Charles Schwab                                                   | 25,000 | $317,750 | 3.47% | Finance - Investment Bkrs |
| Sempra Energy                                                    | 3,000 | $124,710 | 1.36% | Utility - Gas Distribution |
| Spectra Energy                                                   | 13,000 | $169,000 | 1.85% | Oil & Gas - Prods/Pipeline |
| Staples                                                          | 6,000 | $95,700 | 1.05% | Office Equip & Supplies |
| 3Com                                                             | 30,000 | $66,600 | 0.73% | Computer - Local Networks |
| Trimble Navigation                                               | 14,000 | $197,400 | 2.16% | Instruments - Elec Measuring |
| UAL                                                              | 15,000 | $73,650 | 0.80% | Transportation - Airline |
| United Parcel Service                                            | 2,500 | $102,950 | 1.12% | Transportation - Services |
| VCA Antech                                                       | 8,000 | $166,320 | 1.82% | Medical - Hospitals |
| Verizon Communications                                           | 3,000 | $85,590 | 0.94% | Telecommunctns - Services |
| Washington Banking                                               | 10,000 | $69,450 | 0.76% | Banks - West |
| Weyerhaeuser                                                     | 6,000 | $144,960 | 1.58% | Buildg Prods - Wood |
| John Wiley & Sons                                                | 5,000 | $156,950 | 1.71% | Publishing - Books |
| Noble                                                            | 8,000 | $196,720 | 2.15% | Oil & Gas - Offshore Drillng |
|                                                             |   |   |   |   |
|                                                             | TOTAL | $9,153,954 |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        Core Fund**            |
|                                                             |
| Common Stock                                                     | Quantity | Market Value | % Portfolio | Industry |
| AT&T                                                             | 900 | $21,393 | 0.78% | Telecommunctns - Services |
| Adobe Systems                                                    | 1,100 | $18,370 | 0.67% | Computer - Software |
| Alcoa                                                            | 1,400 | $8,722 | 0.32% | Metal Ores - Non Ferrous |
| Anglo American PLC ADR                                           | 1,119 | $7,911 | 0.29% | Metal Ores - Gold |
| Apple                                                            | 500 | $44,655 | 1.63% | Computer - Mini/Micro |
| Australia & New Zealand Banking ADS                              | 1,750 | $14,880 | 0.54% | Banks - Foreign |
| BASF SE ADS                                                      | 400 | $11,227 | 0.41% | Chemicals - Diversified |
| Berkley WR Corp                                                  | 100,000 | $90,583 | 3.31% | Insurance - Propt/Casul/Title |
| Berkshire Hathaway Financial                                     | 85,000 | $85,784 | 3.13% | Insurance - Multi Line |
| BHP Billiton ADS                                                 | 650 | $23,673 | 0.86% | Metal Ores - Non Ferrous |
| Black & Decker                                                   | 350 | $8,285 | 0.30% | Tools - Hand Held |
| CRH PLC ADS                                                      | 600 | $12,132 | 0.44% | Building - Cement/Concrete/Ag |
| CSX Corp.                                                        | 95,000 | $95,436 | 3.49% | Transportation - Rail |
| Canadian National Railway                                        | 800 | $25,872 | 0.95% | Transportation - Rail |
| Canon ADS                                                        | 600 | $15,066 | 0.55% | Office Automation |
| China Mobile ADS                                                 | 500 | $21,675 | 0.79% | Telecommunctns - Cellular |
| Chubb                                                            | 750 | $29,280 | 1.07% | Insurance - Propt/Casul/Title |
| ConocoPhillips                                                   | 750 | $28,013 | 1.02% | Oil & Gas - U S Integrated |
| EI du Pont de Nemours                                            | 100,000 | $98,544 | 3.60% | Chemicals - Diversified |
| Emerson Electric                                                 | 100,000 | $101,613 | 3.71% | Elec Components - Misc |
| Express Scripts                                                  | 500 | $25,150 | 0.92% | Medical - Hlth Maint Orgs |
| FPL                                                              | 600 | $27,198 | 0.99% | Utility - Electric Power |
| FedEx                                                            | 400 | $17,284 | 0.63% | Transportation - Air Freight |
| Freeport-McMoRan Copper & Gold                                   | 200 | $6,084 | 0.22% | Metal Ores - Misc |
| Genentech Inc                                                    | 150,000 | $152,400 | 5.57% | Medical - Drugs |
| General Electric Capital Corp                                    | 100,000 | $99,482 | 3.64% | Finance - Services |
| General Mills                                                    | 1,000 | $52,480 | 1.92% | Food - Misc Preparation |
| GlaxoSmithKline PLC ADS                                          | 500 | $15,065 | 0.55% | Medical - Drugs |
| Harris                                                           | 550 | $20,504 | 0.75% | Telecommunctns - Equip |
| Hewlett-Packard                                                  | 1,000 | $29,030 | 1.06% | Computer - Mini/Micro |
| Honeywell International                                          | 850 | $22,806 | 0.83% | Diversified Operations |
| Idacorp                                                          | 900 | $21,906 | 0.80% | Utility - Electric Power |
| ING Groep NV ADS                                                 | 400 | $1,804 | 0.07% | Insurance - Multi Line |
| JP Morgan Chase & Co                                             | 550 | $12,568 | 0.46% | Banks - Money Center |
| Johnson & Johnson                                                | 700 | $35,000 | 1.28% | Medical - Supplies |
| Kimberly-Clark                                                   | 625 | $29,444 | 1.08% | Paper & Paper Products |
| LAN Airlines SA ADS                                              | 4,500 | $37,125 | 1.36% | Transportation - Airline |
| Eli Lilly                                                        | 1,000 | $29,380 | 1.07% | Medical - Drugs |
| Lockheed Martin                                                  | 300 | $18,933 | 0.69% | Electronics - Military Sys |
| Lowe's                                                           | 900 | $14,256 | 0.52% | Buildg Prods - Retail/Whlsle |
| McGraw-Hill                                                      | 1,000 | $19,730 | 0.72% | Publishing - Books |
| Monsanto                                                         | 600 | $45,762 | 1.67% | Medical - Drugs |
| Nike                                                             | 900 | $37,377 | 1.37% | Shoes & Related Apparel |
| Nomura Holdings ADR                                              | 700 | $2,863 | 0.10% | Finance - Investment Bkrs |
| Norsk Hydro ASA ADS                                              | 2,000 | $6,467 | 0.24% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                  | 300 | $10,875 | 0.40% | Medical - Drugs |
| Novo Nordisk A/S ADS                                             | 400 | $19,368 | 0.71% | Medical - Drugs |
| Nucor                                                            | 800 | $26,920 | 0.98% | Steel - Producers |
| PNC Bank                                                         | 600 | $16,404 | 0.60% | Banks - Northeast |
| Panamerican Beverages (KOF)                                      | 94,000 | $94,789 | 3.46% | Beverages - Soft Drink |
| Parker Hannifin                                                  | 450 | $15,017 | 0.55% | Instruments - Control |
| Pearson PLC ADS                                                  | 2,100 | $19,572 | 0.72% | Publishing - Books |
| PepsiCo                                                          | 1,000 | $48,140 | 1.76% | Beverages - Soft Drink |
| Pfizer                                                           | 1,900 | $23,389 | 0.85% | Medical - Drugs |
| Praxair                                                          | 700 | $39,725 | 1.45% | Chemicals - Specialty |
| Procter & Gamble                                                 | 900 | $43,353 | 1.58% | Cosmetics & Toiletries |
| RPM International                                                | 1,000 | $10,840 | 0.40% | Chemicals - Specialty |
| Ritchie Bros Auctioneers                                         | 1,000 | $15,050 | 0.55% | Building - Heavy Const |
| Rockwell Collins                                                 | 800 | $24,960 | 0.91% | Aerospace - Equipment |
| Staples                                                          | 90,000 | $88,302 | 3.23% | Office Equip & Supplies |
| StatoilHydro ASA ADS                                             | 603 | $10,046 | 0.37% | Oil & Gas - Intl Integrated |
| Taiwan Semiconductor ADS                                         | 4,014 | $30,266 | 1.11% | Elec Components - Semicondtrs |
| Telefonica SA ADS                                                | 500 | $27,780 | 1.02% | Utility - Telephone |
| Telefonos de Mexico SAB de CV ADS                                | 1,200 | $16,488 | 0.60% | Utility - Telephone |
| Telemex International SAB de CV ADR                              | 1,200 | $9,156 | 0.33% | Telecommunctns - Services |
| 3M                                                               | 600 | $27,276 | 1.00% | Diversified Operations |
| Tomkins PLC ADS                                                  | 750 | $4,785 | 0.17% | Diversified Operations |
| Toronto-Dominion Bank                                            | 550 | $16,137 | 0.59% | Banks - Foreign |
| Total SA ADS                                                     | 500 | $23,600 | 0.86% | Oil & Gas - Intl Integrated |
| Toyota Motor ADS                                                 | 200 | $12,628 | 0.46% | Auto/Truck - Mfg Foreign |
| Unilever PLC ADS                                                 | 1,600 | $30,848 | 1.13% | Food - Misc Preparation |
| US Treasury Note                                                 | 100,000 | $102,488 | 3.74% | U S Government |
| US T-NOTE                                                        | 100,000 | $97,930 | 3.58% | U S Government |
| United Technologies                                              | 525 | $21,436 | 0.78% | Aerospace - Equipment |
| UnitedHealth                                                     | 1,400 | $27,510 | 1.01% | Medical - Hlth Maint Orgs |
| Verizon                                                          | 100,000 | $102,833 | 3.76% | Telecommunctns - Cellular |
| Walmart                                                          | 100,000 | $102,195 | 3.73% | Retail - Misc/Diversified |
| Noble                                                            | 1,200 | $29,508 | 1.08% | Oil & Gas - Offshore Drillng |
| Orient-Express Hotels                                            | 1,000 | $3,960 | 0.14% | Hotels & Motels |
|                                                             |   |   |   |   |
|                                                             | TOTAL | $2,736,784 |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        International Fund**   |
|                                                             |
| Common Stock                                                     | Quantity | Market Value | % Portfolio | Industry |
| Aegon NV                                                         | 40,559 | $143,173 | 0.79% | Insurance - Multi Line |
| Air France-KLM ADR                                               | 25,000 | $231,150 | 1.28% | Transportation - Airline |
| America Movil SAB de CV ADS                                      | 6,000 | $152,880 | 0.85% | Telecommunctns - Cellular |
| American Oriental Bioengineering                                 | 50,000 | $184,500 | 1.02% | Medical - Biomed/Genetics |
| Anglo American PLC ADR                                           | 36,525 | $258,232 | 1.43% | Metal Ores - Gold |
| Australia & New Zealand Banking ADS                              | 5,000 | $42,516 | 0.24% | Banks - Foreign |
| AXA SA ADS                                                       | 17,000 | $154,360 | 0.86% | Banks - Foreign |
| BASF SE ADS                                                      | 3,400 | $95,432 | 0.53% | Chemicals - Diversified |
| BCE                                                              | 20,000 | $391,400 | 2.17% | Telecommunctns - Equip |
| Banco Santander ADS                                              | 40,000 | $240,800 | 1.34% | Banks - Foreign |
| BHP Billiton ADS                                                 | 8,000 | $291,360 | 1.62% | Metal Ores - Non Ferrous |
| CRH PLC ADS                                                      | 10,000 | $202,200 | 1.12% | Building - Cement/Concrete/Ag |
| Cadbury PLC ADS                                                  | 10,000 | $306,400 | 1.70% | Food - Confectionery |
| Canadian Pacific Railway                                         | 10,000 | $282,100 | 1.56% | Transportation - Rail |
| Canon ADS                                                        | 11,000 | $276,210 | 1.53% | Office Automation |
| China Mobile ADS                                                 | 9,000 | $390,150 | 2.16% | Telecommunctns - Cellular |
| Coca-Cola Femsa SAB de CV ADS                                    | 8,000 | $249,280 | 1.38% | Beverages - Soft Drink |
| Companhia Vale do Rio Doce ADR                                   | 10,000 | $128,900 | 0.71% | Metal Prods - Fabrication |
| Dassault Systems SA ADR                                          | 3,000 | $105,313 | 0.58% | Computer - Software |
| EnCana                                                           | 10,000 | $393,700 | 2.18% | Oil & Gas - Canadn Integrated |
| Enersis SA ADS                                                   | 20,000 | $288,400 | 1.60% | Utility - Electric Power |
| 51job ADR                                                        | 8,000 | $57,840 | 0.32% | Business Services |
| GlaxoSmithKline PLC ADS                                          | 12,000 | $361,560 | 2.01% | Medical - Drugs |
| Infosys ADS                                                      | 10,000 | $242,000 | 1.34% | Computer - Software |
| ING Groep NV ADS                                                 | 25,000 | $112,750 | 0.63% | Insurance - Multi Line |
| Korea Electric Power ADS                                         | 20,000 | $152,600 | 0.85% | Utility - Electric Power |
| LAN Airlines SA ADS                                              | 50,000 | $412,500 | 2.29% | Transportation - Airline |
| Metso Oyj ADS                                                    | 12,100 | $118,792 | 0.66% | Paper & Paper Products |
| Mitsubishi UFJ Financial ADR                                     | 50,000 | $223,500 | 1.24% | Banks - Foreign |
| Nidec ADR                                                        | 13,000 | $132,730 | 0.74% | Machinery - Electrical |
| Nintendo                                                         | 11,000 | $387,750 | 2.15% | Toys/Games/Hobby Prod |
| Nissan Motor ADS                                                 | 45,000 | $272,700 | 1.51% | Auto/Truck - Mfg Foreign |
| Nomura Holdings ADR                                              | 30,000 | $122,700 | 0.68% | Finance - Investment Bkrs |
| Novartis AG ADR                                                  | 10,000 | $362,500 | 2.01% | Medical - Drugs |
| Novo Nordisk A/S ADS                                             | 7,000 | $338,940 | 1.88% | Medical - Drugs |
| Pearson PLC ADS                                                  | 50,000 | $466,000 | 2.58% | Publishing - Books |
| Petro-Canada                                                     | 13,000 | $284,700 | 1.58% | Oil & Gas - Canadn Integrated |
| Potash Corp of Saskatchewan                                      | 7,000 | $587,790 | 3.26% | Fertilizers |
| PT Indosat Tbk ADR                                               | 5,000 | $87,250 | 0.48% | Utility - Telephone |
| Repsol YPF SA ADS                                                | 3,500 | $53,270 | 0.30% | Oil & Gas - Intl Integrated |
| Rio Tinto PLC ADS                                                | 2,750 | $280,500 | 1.56% | Metal Ores - Misc |
| Ritchie Bros Auctioneers                                         | 22,000 | $331,100 | 1.84% | Building - Heavy Const |
| SK Telecom ADR                                                   | 8,000 | $107,120 | 0.59% | Telecommunctns - Services |
| Shire PLC ADR                                                    | 2,000 | $70,920 | 0.39% | Medical - Drugs |
| Sony ADS                                                         | 10,000 | $165,600 | 0.92% | Audio/Video Home Products |
| StatoilHydro ASA ADS                                             | 5,173 | $86,182 | 0.48% | Oil & Gas - Intl Integrated |
| Teck Cominco                                                     | 50,000 | $172,500 | 0.96% | Metal Ores - Non Ferrous |
| Telecom New Zealand ADS                                          | 10,000 | $58,200 | 0.32% | Utility - Telephone |
| Telefonica SA ADS                                                | 7,000 | $388,920 | 2.16% | Utility - Telephone |
| Telefonos de Mexico SAB de CV ADS                                | 15,000 | $206,100 | 1.14% | Utility - Telephone |
| Telemex International SAB de CV ADR                              | 5,000 | $38,150 | 0.21% | Telecommunctns - Services |
| Telus                                                            | 13,000 | $329,550 | 1.83% | Telecommunctns - Services |
| Tenaris SA ADR                                                   | 2,500 | $43,875 | 0.24% | Steel - Pipe & Tubes |
| Teva Pharmaceutical Industries ADS                               | 8,000 | $356,640 | 1.98% | Medical - Generic Drugs |
| Toronto-Dominion Bank                                            | 15,000 | $440,100 | 2.44% | Banks - Foreign |
| Total SA ADS                                                     | 10,000 | $472,000 | 2.62% | Oil & Gas - Intl Integrated |
| Turkcell Iletisim Hizmetleri ADR                                 | 35,000 | $431,200 | 2.39% | Telecommunctns - Cellular |
| US T Bill 04/23/09                                               | 2,000,000 | $1,999,352 | 11.09% | U S Government |
| US T Bill 07/02/09                                               | 2,000,000 | $1,997,682 | 11.08% | U S Government |
| UPM-Kymmene Oyj ADS                                              | 3,500 | $24,938 | 0.14% | Paper & Paper Products |   |
| Votorantim Celulose e Papel SA ADS                               | 8,000 | $38,240 | 0.21% | Paper & Paper Products |   |
| Orient-Express Hotels                                            | 35,000 | $138,600 | 0.77% | Hotels & Motels |   |
| Copa Holdings SA                                                 | 10,000 | $264,300 | 1.47% | Transportation - Airline |   |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $18,028,095 |   |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        Short-Term Bond Fund** |
|                                                             |
| Corporate Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Apache Corporation                                               | 150,000 | $154,515 | 5.20% | 4/15/13 | Oil & Gas - Intl Integrated |
| Astrazeneca PLC                                                  | 125,000 | $133,181 | 4.49% | 9/15/12 | Medical - Drugs |
| Berkshire Hathaway Financial                                     | 100,000 | $102,910 | 3.47% | 5/15/15 | Insurance - Multi Line |
| Caterpillar Inc.                                                 | 100,000 | $101,749 | 3.43% | 9/15/09 | Machinery - Const/Mining |
| Dover Corporation                                                | 100,000 | $105,969 | 3.57% | 2/15/11 | Machinery - Genrl Industrial |
| Florida Power & Light Group Capital                              | 140,000 | $147,594 | 4.97% | 9/1/11 | Utility - Electric Power |
| Federal Farm Credit Bank                                         | 200,000 | $202,388 | 6.82% | 6/5/13 | Agricultural Operations |
| Federal National Mortgae Assoc.                                  | 120,000 | $124,229 | 4.18% | 2/23/10 | U S Government |
| Fortune Brands                                                   | 120,000 | $118,270 | 3.98% | 1/15/11 | Beverages - Alcoholic |
| Genentech Inc                                                    | 100,000 | $101,600 | 3.42% | 7/15/10 | Medical - Drugs |
| General Electric Capital Corp                                    | 100,000 | $98,185 | 3.31% | 10/19/12 | Diversified Operations |
| Halliburton Co.                                                  | 132,000 | $137,445 | 4.63% | 10/15/10 | Oil & Gas - Field Services |
| HSBC Finance Corp. (Household Finc)                              | 100,000 | $101,620 | 3.42% | 10/15/11 | Finance - Consumer Loans |
| IBM Corporation                                                  | 135,000 | $141,518 | 4.77% | 10/22/12 | Computer - Services |
| International Lease Finance (AIG)                                | 125,000 | $95,764 | 3.23% | 4/15/10 | Finance - Leasing Cos |
| Marathon Oil                                                     | 120,000 | $119,752 | 4.03% | 7/1/12 | Oil & Gas - U S Integrated |
| ConocoPhillips Co                                                | 100,000 | $107,510 | 3.62% | 5/25/10 | Oil & Gas - Intl Integrated |
| Roche Holdings Inc                                               | 150,000 | $152,465 | 5.14% | 3/1/12 | Medical - Misc Products |
| Scottish Power PLC                                               | 100,000 | $98,692 | 3.32% | 3/15/10 | Utility - Electric Power |
| TJ X Companies                                                   | 95,000 | $96,577 | 3.25% | 12/15/09 | Retail - Discount & Variety |
| US Treasury Note                                                 | 200,000 | $202,109 | 6.81% | 6/15/09 | U S Government |
| US Treasury Note                                                 | 200,000 | $207,211 | 6.98% | 4/15/10 | U S Government |
| Verizon New England Tel.                                         | 129,000 | $117,391 | 3.95% | 10/1/13 | Utility - Telephone |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $2,968,643 |   |   |   |
|                                                             |   |   |   |   |   |
| **Saturna Investment Trust Sextant        Bond Income Fund**     |
|                                                             |
| Corporate Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Air Products & Chemicals                                         | 50,000 | $57,106 | 1.81% | 4/15/21 | Chemicals - Specialty |
| Allstate Corp.                                                   | 50,000 | $51,794 | 1.64% | 6/15/13 | Insurance - Multi Line |
| Archer Daniels Midlands                                          | 100,000 | $105,428 | 3.35% | 2/1/31 | Agricultural Operations |
| AutoZone Inc.                                                    | 95,000 | $85,195 | 2.70% | 11/15/15 | Auto Parts - Replacement |
| Avery Dennison Corp                                              | 95,000 | $67,693 | 2.15% | 1/15/33 | Office Equip & Supplies |
| BHP Finance USA                                                  | 125,000 | $122,519 | 3.89% | 12/15/15 | Metal Ores - Misc |
| Baker Hughes Inc                                                 | 100,000 | $101,565 | 3.22% | 1/15/29 | Oil & Gas - Field Services |
| Becton Dickinson Corp.                                           | 40,000 | $40,854 | 1.30% | 10/1/09 | Medical - Supplies |
| Caterpillar INC                                                  | 40,000 | $42,852 | 1.36% | 8/15/11 | Machinery - Const/Mining |
| Cingular Wireless (AT&T)                                         | 140,000 | $135,247 | 4.29% | 12/15/31 | Utility - Telephone |
| CitiCorp                                                         | 50,000 | $48,336 | 1.53% | 10/15/11 | Banks - Money Center |
| Comerica Bank                                                    | 50,000 | $43,668 | 1.39% | 12/1/13 | Banks - Midwest |
| Commonwealth Edison Corp.                                        | 50,000 | $51,406 | 1.63% | 7/1/13 | Utility - Electric Power |
| Conagra Inc.                                                     | 33,000 | $34,887 | 1.11% | 9/15/10 | Food - Misc Preparation |
| Dayton Hudson Corp. (Target Stores)                              | 50,000 | $54,078 | 1.72% | 1/1/11 | Retail - Discount & Variety |
| Dean Witter Discovery & Company                                  | 50,000 | $48,944 | 1.55% | 10/15/13 | Finance - Investment Bkrs |
| Deere & Co.                                                      | 95,000 | $105,315 | 3.34% | 5/15/30 | Machinery - Farm |
| Federal Farm Credit Bank                                         | 150,000 | $149,979 | 4.76% | 8/15/21 | U S Government |
| Federal National Mtge Assoc.                                     | 100,000 | $100,071 | 3.18% | 4/10/15 | U S Government |
| Federal Nat Mortgage Assoc                                       | 150,000 | $150,341 | 4.77% | 11/28/17 | U S Government |
| Florida Power & Light                                            | 100,000 | $102,410 | 3.25% | 10/1/33 | Utility - Electric Power |
| General Electric Capital Corp                                    | 60,000 | $63,332 | 2.01% | 5/15/12 | Finance - Leasing Cos |
| Heinz H. J. Co.                                                  | 75,000 | $77,770 | 2.47% | 3/15/12 | Food - Misc Preparation |
| Hershey Foods Co.                                                | 50,000 | $54,043 | 1.72% | 8/15/12 | Food - Confectionery |
| Lowe's Companies                                                 | 50,000 | $52,922 | 1.68% | 6/1/10 | Buildg Prods - Retail/Whlsle |
| Masco                                                            | 60,000 | $48,689 | 1.55% | 8/15/13 | Buildg Prods - Miscellaneous |
| Norwest Financial                                                | 50,000 | $50,243 | 1.59% | 7/15/09 | Banks - Midwest |
| Paine Webber Group                                               | 50,000 | $47,907 | 1.52% | 2/15/14 | Finance - Investment Bkrs |
| Pharmacia (PFE)                                                  | 100,000 | $110,472 | 3.51% | 12/1/18 | Medical - Drugs |
| Phillips Electronics Corp                                        | 75,000 | $80,921 | 2.57% | 8/15/13 | Electronics - Misc Products |
| Progressive                                                      | 75,000 | $72,239 | 2.29% | 10/1/13 | Insurance - Propt/Casul/Title |
| St. Pauls Travelers Insurance                                    | 125,000 | $120,602 | 3.83% | 12/1/15 | Insurance - Propt/Casul/Title |
| Sempra Energy Corp                                               | 50,000 | $51,538 | 1.64% | 3/1/10 | Utility - Gas Distribution |
| Southwest Airlines                                               | 75,000 | $71,806 | 2.28% | 3/1/12 | Transportation - Airline |
| US T Note 7.25% 8/15/22                                          | 195,000 | $262,823 | 8.34% | 8/15/22 | U S Government |
| US T Note 5.25% 2/15/2029                                        | 145,000 | $169,559 | 5.38% | 2/15/29 | U S Government |
| Wal-Mart Stores                                                  | 45,000 | $51,727 | 1.64% | 6/1/13 | Retail - Discount & Variety |
| XL Capital (Europe)                                              | 90,000 | $64,346 | 2.04% | 1/15/12 | Insurance - Propt/Casul/Title |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $3,150,625 |   |   |   |
|                                                             |
| **Saturna Investment Trust Idaho        Tax-Exempt Fund**        |
|                                                             |
| Municipal Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Ada & Canyon JSD #2 Meridian*                                    | 50,000 | $58,574 | 0.48% | 7/30/15 | Schools |
| Ada & Canyon JSD #2 Meridian                                     | 165,000 | $179,568 | 1.48% | 8/15/20 | General Obligations |
| Ada & Canyon JSD #2 Merdian                                      | 155,000 | $166,737 | 1.37% | 8/15/21 | General Obligations |
| Ada & Canyon JSD # 3 Kuna                                        | 500,000 | $544,300 | 4.48% | 9/15/19 | General Obligations |
| Washington & Adams Co.s JSDC # 432                               | 100,000 | $106,002 | 0.87% | 8/15/19 | General Obligations |
| Bingham Co. Id. SCD # 55 Blackfoot                               | 285,000 | $304,605 | 2.51% | 8/1/17 | General Obligations |
| Blackfoot ID COP Series 2000                                     | 135,000 | $140,775 | 1.16% | 2/1/18 | Utility - Waste Mangmt |
| Blaine County Idaho Series A                                     | 150,000 | $148,863 | 1.23% | 8/1/23 | General Obligations |
| Boise Co. ID SD # 73 Horseshoe Bend                              | 125,000 | $126,818 | 1.04% | 7/31/10 | Schools |
| Boise City ID Gen Fund Rev                                       | 160,000 | $169,973 | 1.40% | 12/1/17 | Finance - Services |
| Boise City ID Gen Fund Rev                                       | 100,000 | $105,875 | 0.87% | 12/1/18 | Finance - Services |
| Boise State University Rev.'s Ref A                              | 295,000 | $315,190 | 2.59% | 4/1/19 | State Education |
| Boise State Univerity ID Rev's                                   | 250,000 | $236,438 | 1.95% | 4/1/27 | Schools |
| Boise City Urb Ren Agy Lease Rev                                 | 160,000 | $170,226 | 1.40% | 8/15/20 | Real Estate - Development |
| Boise City Urb Ren Agy Lease Rev*                                | 90,000 | $94,478 | 0.78% | 8/15/21 | Real Estate - Development |
| Bonneville & Bingham Co ID SCD 93                                | 150,000 | $161,684 | 1.33% | 9/15/16 | General Obligations |
| Bonneville & Bingham Co JSD #93 GO                               | 350,000 | $370,062 | 3.05% | 9/15/17 | General Obligations |
| Caldwell ID GO                                                   | 150,000 | $155,642 | 1.28% | 5/15/14 | General Obligations |
| Canyon Co. ID SCD # 131 Nampa                                    | 325,000 | $345,030 | 2.84% | 8/15/19 | Schools |
| Canyon Co. ID SCD # 131 Nampa                                    | 105,000 | $107,200 | 0.88% | 8/15/23 | General Obligations |
| Canyon Co. ID SD #134 Middleton                                  | 170,000 | $178,342 | 1.47% | 7/31/16 | General Obligations |
| Canyon Co. Id SD #139 Vallivue                                   | 350,000 | $334,859 | 2.76% | 9/15/25 | Schools |
| Fremont & Madison JSD 215 St. Antho                              | 200,000 | $211,244 | 1.74% | 8/15/19 | General Obligations |
| Idaho Bond Bank Authority Rev                                    | 135,000 | $136,050 | 1.12% | 9/1/22 | Pollution Control - Servcs |
| Idaho Bond Bank Authority                                        | 250,000 | $255,980 | 2.11% | 9/15/26 | Utility - Water Supply |
| Idaho Bond Bank Authority*                                       | 75,000 | $73,246 | 0.60% | 9/15/23 | Utility - Waste Mangmt |
| Idaho Bond Bank Authority*                                       | 90,000 | $92,291 | 0.76% | 9/15/19 | Finance - Services |
| Idaho Falls ID Electric                                          | 140,000 | $164,933 | 1.36% | 4/1/19 | Utility - Electric Power |
| Idaho Health Fac Ath Holy Cross Rev*                             | 50,000 | $49,916 | 0.41% | 12/1/28 | Medical - Hospitals |
| Idaho Health Facs Auth Rev Ref.                                  | 110,000 | $110,799 | 0.91% | 12/1/14 | Medical - Hospitals |
| Idaho Health Facs Auth Corp                                      | 115,000 | $115,772 | 0.95% | 12/1/22 | Medical - Hospitals |
| Idaho Health Facs Aith Rev                                       | 200,000 | $205,772 | 1.69% | 12/1/23 | Medical - Hospitals |
| Idaho Housing & Finance Assoc.                                   | 100,000 | $98,921 | 0.81% | 6/1/17 | Schools |
| Idaho Housing & Finance Assoc                                    | 200,000 | $208,106 | 1.71% | 7/15/24 | Transportation - Services |
| Idaho Housing & Finance Fed Hgy SrA                              | 250,000 | $255,333 | 2.10% | 7/15/23 | Roads |
| Idaho State Building Authority                                   | 110,000 | $110,354 | 0.91% | 9/1/23 | Building - Resident/Commercl |
| Idaho State University Ref & Impt                                | 150,000 | $150,242 | 1.24% | 4/1/17 | State Education |
| Idaho State University Rev.                                      | 220,000 | $220,904 | 1.82% | 4/1/24 | State Education |
| Jefferson & Madison SCD 251 Rigby                                | 100,000 | $99,438 | 0.82% | 9/1/24 | General Obligations |
| Jerome ID Urban Renewal District                                 | 200,000 | $202,570 | 1.67% | 9/1/13 | Real Estate - Development |
| Jerome Lincoln Gooding Co's JSC 261                              | 125,000 | $130,499 | 1.07% | 9/15/18 | General Obligations |
| Jerome Lincoln Gooding Co's JSD 261                              | 250,000 | $267,718 | 2.20% | 9/15/22 | General Obligations |
| Kootenai-Shonshone Area Librarys                                 | 220,000 | $226,587 | 1.86% | 8/1/21 | General Obligations |
| Latah Nez Perce Clearwater JSD 283                               | 190,000 | $196,652 | 1.62% | 8/15/27 | General Obligations |
| Lemhi County ID GO                                               | 100,000 | $104,882 | 0.86% | 8/1/15 | General Obligations |
| Madison Co. Id SCD # 321 Rexburg                                 | 260,000 | $246,077 | 2.03% | 8/15/24 | General Obligations |
| Madison Co. SD # 321 Rexburg UTGO                                | 250,000 | $235,360 | 1.94% | 8/15/26 | Schools |
| Meridian ID Free Library District                                | 100,000 | $101,006 | 0.83% | 8/1/15 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 75,000 | $77,499 | 0.64% | 8/15/18 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 75,000 | $75,663 | 0.62% | 8/15/20 | General Obligations |
| Minidoka & Jerome JSD 331                                        | 225,000 | $213,469 | 1.76% | 8/15/24 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 160,000 | $151,442 | 1.25% | 8/15/25 | General Obligations |
| Moscow Idaho Sewer Revenue                                       | 200,000 | $194,458 | 1.60% | 5/1/28 | Utilities - Sewer |
| Nampa Idaho Series B                                             | 200,000 | $206,968 | 1.70% | 8/1/20 | General Obligations |
| Nez Perce County (Jail) 2007 COP                                 | 150,000 | $151,287 | 1.25% | 2/1/21 | Municipal Leases |
| Owyhee & Canyon Co SD 370 Homedale                               | 160,000 | $182,394 | 1.50% | 8/15/16 | Schools |
| Owyhee & Elmore SD 365 Grandview                                 | 350,000 | $354,995 | 2.92% | 8/15/27 | Schools |
| Payette Co ID SCD #373                                           | 100,000 | $104,789 | 0.86% | 9/15/24 | Schools |
| Pocatello ID Water Rev                                           | 100,000 | $94,826 | 0.78% | 2/1/24 | Utility - Water Supply |
| Pocatello ID. Water Revenue                                      | 350,000 | $338,912 | 2.79% | 2/1/26 | Utility - Water Supply |
| Post Falls LID 2004-1                                            | 300,000 | $290,682 | 2.39% | 5/1/21 | Real Estate - Development |
| Troy ID Sewer System*                                            | 20,000 | $20,006 | 0.16% | 2/1/10 | Utilities - Sewer |
| University of Idaho Rev.s                                        | 200,000 | $210,356 | 1.73% | 4/1/19 | State Education |
| University of Idaho Rev's                                        | 260,000 | $270,759 | 2.23% | 4/1/20 | State Education |
| Valley & Adams JSD # 421 McCall                                  | 135,000 | $135,671 | 1.12% | 8/1/22 | General Obligations |
| Valley & Adams Co.'s JSD 421                                     | 290,000 | $283,681 | 2.33% | 8/1/24 | Schools |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $12,149,741 |   |   |   |
| *Fair valued, see explanation below                              |   |   |   |   |   |

 

**Fair Value Measurments Disclosure:**

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 liabilityin 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 February 27, 2009 in valuing the Funds'  investments carried at value:

| LEVEL   | VALUATION INPUTS                    | INVESTMENTS IN SECURITIES |
|---------|-------------------------------------|---------------------------|
|    |                                | STBFX                     | SBFIX | SCORX | SSGFX | SSIFX | NITEX |
| LEVEL 1 | Quoted Prices                       | $-                        | $- | $1,391,830 | $9,153,954 | $13,412,922 | $- |
| LEVEL 2 | Other Significant Observable Inputs | $2,968,643                | $3,150,625 | $1,344,954 | $- | $4,615,173 | $11,608,069 |
| LEVEL 3 | Significant Unobservable Inputs     | $-                        | $- | $- | $- | $- | $541,672 |
| TOTAL   |                                | $2,968,643                | $3,150,625 | $2,736,784 | $9,153,954 | $18,028,095 | $12,149,741 |
|    |

 

| Level 3 Roll-Forward          Municipal Securities |
|----------------------------------------------------|
|                                               |   |
| Beginning Balance                                  | $525,459 |
| Total unrealized gains or losses                   | $36,213 |
| Maturity                                           | $(20,000) |
| Ending Balance                                     | $541,672 |

**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 up   | none                |

 

**Item 2. Controls and Procedures**

Internal control over financial reporting is under the supervision  of the principal executive and financial officers. On April 23, 2009, Mr. Nicholas  Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the  internal control procedures for Saturna Investment Trust and found them reasonable  and adequate.

**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, 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: April 23, 2009  By:  /s/*Christopher Fankhauser*  Christopher Fankhauser, Treasurer   Date: April 23, 2009