UNITED STATES   SECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549**FORM N-****Q/A****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, 2008  Date of reporting period: February 29, 2008

 

 

 

**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 |
| Abbott Laboratories                                              | 4,000 | $214,200 | 1.55% | Medical - Drugs |
| Adobe Systems                                                    | 7,600 | $255,740 | 1.86% | Computer - Software |
| Advanced Micro Devices                                           | 10,000 | $72,100 | 0.52% | Elec Components - Semicondtrs |
| Agilent Technologies                                             | 8,000 | $244,880 | 1.78% | Elec Components - Misc |
| Alcoa                                                            | 6,000 | $222,840 | 1.62% | Metal Ores - Non Ferrous |
| Amazon.com                                                       | 5,000 | $322,350 | 2.34% | Retail - Internet |
| Amgen                                                            | 3,700 | $168,424 | 1.22% | Medical - Biomed/Genetics |
| Apple                                                            | 8,000 | $1,000,160 | 7.26% | Computer - Mini/Micro |
| Barr Pharmaceuticals                                             | 4,500 | $212,175 | 1.54% | Medical - Generic Drugs |
| Bed Bath & Beyond                                                | 5,000 | $141,700 | 1.03% | Retail - Misc/Diversified |
| Best Buy                                                         | 4,000 | $172,040 | 1.25% | Retail - Consumer Elect |
| Chubb                                                            | 5,000 | $254,500 | 1.85% | Insurance - Propt/Casul/Title |
| Devon Energy                                                     | 3,000 | $308,160 | 2.24% | Oil & Gas - U S Explo & Prod |
| Duke Energy                                                      | 10,000 | $175,400 | 1.27% | Utility - Electric Power |
| FPL Group                                                        | 7,000 | $422,030 | 3.06% | Utility - Electric Power |
| Freeport-McMoRan Copper & Gold,                                  | 3,300 | $332,838 | 2.42% | Metal Ores - Misc |
| Frontier Financial                                               | 15,000 | $224,700 | 1.63% | Banks - West |
| Harman International Industries                                  | 1,900 | $78,280 | 0.57% | Audio/Video Home Products |
| Hewlett-Packard                                                  | 7,000 | $334,390 | 2.43% | Computer - Mini/Micro |
| Honeywell International                                          | 3,500 | $201,390 | 1.46% | Diversified Operations |
| IDACORP                                                          | 6,000 | $178,800 | 1.30% | Utility - Electric Power |
| Intuit                                                           | 9,000 | $239,040 | 1.73% | Computer - Software |
| KB Home                                                          | 5,000 | $119,650 | 0.87% | Building - Resident/Commercl |
| Ligand Pharmaceuticals                                           | 10,000 | $33,900 | 0.25% | Medical - Biomed/Genetics |
| Eli Lilly                                                        | 3,500 | $175,070 | 1.27% | Medical - Drugs |
| Lincoln Electric Holdings                                        | 4,000 | $268,560 | 1.95% | Machinery - Tools & Rel Prods |
| Lowe's Companies                                                 | 6,500 | $155,805 | 1.13% | Buildg Prods - Retail/Whlsle |
| Norfolk Southern                                                 | 4,500 | $238,005 | 1.73% | Transportation - Rail |
| Nucor                                                            | 4,000 | $258,280 | 1.87% | Steel - Producers |
| Oracle                                                           | 15,000 | $282,000 | 2.05% | Computer - Software |
| Oshkosh Truck                                                    | 3,000 | $120,210 | 0.87% | Auto/Truck - Manufacturing |
| PepsiCo                                                          | 4,500 | $313,020 | 2.27% | Beverages - Soft Drink |
| Performance Food Group                                           | 3,000 | $97,500 | 0.71% | Food Items - Wholesale |
| Pharmaceutical Product Development                               | 15,000 | $676,050 | 4.91% | Medical - Drugs |
| Regal-Beloit                                                     | 4,000 | $147,680 | 1.07% | Machinery - Tools & Rel Prods |
| Charles Schwab                                                   | 25,000 | $490,250 | 3.56% | Finance - Investment Bkrs |
| Sempra Energy                                                    | 3,000 | $159,390 | 1.16% | Utility - Gas Distribution |
| Spectra Energy                                                   | 3,000 | $69,330 | 0.50% | Oil & Gas - Prods/Pipeline |
| Staples                                                          | 6,000 | $133,500 | 0.97% | Office Equip & Supplies |
| 3Com                                                             | 30,000 | $98,700 | 0.72% | Computer - Local Networks |
| Trimble Navigation Ltd.                                          | 14,000 | $382,760 | 2.78% | Instruments - Elec Measuring |
| UAL                                                              | 5,500 | $166,650 | 1.21% | Transportation - Airline |
| United Parcel Service, Class B                                   | 2,500 | $175,600 | 1.27% | Transportation - Services |
| US Treasury Bill Due 04/17/2008                                  | 2,000,000 | $1,991,733 | 14.46% |   |
| VCA Antech                                                       | 8,000 | $256,880 | 1.86% | Medical - Hospitals |
| Washington Banking                                               | 6,250 | $91,399 | 0.66% | Banks - West |
| Washington Mutual                                                | 6,750 | $99,900 | 0.73% | Banks - West |
| Red Lion Hotels                                                  | 21,000 | $168,210 | 1.22% | Hotels & Motels |
| Weyerhaeuser                                                     | 4,200 | $257,040 | 1.87% | Buildg Prods - Wood |
| John Wiley & Sons, Class A                                       | 5,000 | $182,400 | 1.32% | Publishing - Books |
| Noble                                                            | 8,000 | $393,200 | 2.85% | Oil & Gas - Offshore Drillng |
|                                                             |   |   |   |   |
|                                                             | TOTAL | $13,778,810 |   |   |
|                                                             |
| **Saturna Investment Trust, Sextant        International Fund**  |
|                                                             |
| Common Stock                                                     | Quantity | Market Value | % Portfolio | Industry |
| AudioCodes Ltd.                                                  | 8,000 | $33,840 | 0.27% | Telecommunctns - Equip |
| Aegon NV                                                         | 5,204 | $77,279 | 0.61% | Insurance - Multi Line |
| Air France-KLM ADR                                               | 4,000 | $108,560 | 0.85% | Transportation - Airline |
| America Movil SAB de CV ADS                                      | 6,000 | $362,760 | 2.85% | Telecommunctns - Cellular |
| American Oriental Bioengineering                                 | 15,000 | $149,700 | 1.17% | Medical - Biomed/Genetics |
| Anglo American PLC ADR                                           | 6,825 | $216,489 | 1.70% | Metal Ores - Gold |
| Australia & New Zealand Banking                                  | 1,000 | $100,000 | 0.78% | Banks - Foreign |
| AXA ADS                                                          | 4,200 | $141,372 | 1.11% | Banks - Foreign |
| BASF AG ADS                                                      | 1,700 | $214,880 | 1.69% | Chemicals - Diversified |
| BCE                                                              | 5,490 | $198,738 | 1.56% | Telecommunctns - Equip |
| Banco Bilbao Vizcaya Argentaria SA                               | 7,500 | $153,825 | 1.21% | Banks - Foreign |
| CRH PLC ADS                                                      | 4,000 | $150,400 | 1.18% | Building - Cement/Concrete/Ag |
| Cadbury Schweppes PLC ADS                                        | 4,000 | $179,400 | 1.41% | Food - Confectionery |
| Canadian Pacific Railway Ltd.                                    | 3,200 | $234,208 | 1.84% | Transportation - Rail |
| Canon ADS                                                        | 3,300 | $148,038 | 1.16% | Office Automation |
| China Mobile ADS                                                 | 2,750 | $205,205 | 1.61% | Telecommunctns - Cellular |
| Coca-Cola Femsa SAB de CV ADS                                    | 4,300 | $225,492 | 1.77% | Beverages - Soft Drink |
| Companhia Vale do Rio Doce ADR                                   | 6,000 | $209,040 | 1.64% | Metal Prods - Fabrication |
| Dassault Systems SA ADR                                          | 3,000 | $162,810 | 1.28% | Computer - Software |
| Empresa Brasileira de Aeronautica                                | 4,400 | $195,008 | 1.53% | Aerospace - Aircraft |
| EnCana                                                           | 3,000 | $228,630 | 1.79% | Oil & Gas - Canadn Integrated |
| Enel ADS                                                         | 2,500 | $133,500 | 1.05% | Utility - Electric Power |
| Enersis SA ADS                                                   | 9,000 | $141,930 | 1.11% | Utility - Electric Power |
| Epcos AG ADS                                                     | 2,500 | $35,125 | 0.28% | Elec Components - Misc |
| 51job ADR                                                        | 8,000 | $145,200 | 1.14% | Business Services |
| GlaxoSmithKline PLC ADS                                          | 3,000 | $131,730 | 1.03% | Medical - Drugs |
| Infineon Technologies AG ADR                                     | 5,000 | $40,350 | 0.32% | Elec Components - Semicondtrs |
| ING Groep NV ADS                                                 | 4,000 | $133,240 | 1.05% | Insurance - Multi Line |
| James Hardie Industries NV ADS                                   | 3,000 | $82,620 | 0.65% | Building - Resident/Commercl |
| Korea Electric Power ADS                                         | 10,000 | $173,100 | 1.36% | Utility - Electric Power |
| LAN Airlines SA ADS                                              | 17,500 | $234,150 | 1.84% | Transportation - Airline |
| Metso ADS                                                        | 2,100 | $108,150 | 0.85% | Paper & Paper Products |
| Mitsubishi UFJ Financial Group ADR                               | 10,000 | $88,100 | 0.69% | Banks - Foreign |
| Nidec ADR                                                        | 5,000 | $82,400 | 0.65% | Machinery - Electrical |
| Nissan Motor Ltd. ADS                                            | 5,500 | $99,000 | 0.78% | Auto/Truck - Mfg Foreign |
| Nomura Holdings ADR                                              | 10,000 | $156,600 | 1.23% | Finance - Investment Bkrs |
| Norsk Hydro ASA ADS                                              | 6,000 | $84,000 | 0.66% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                  | 3,000 | $147,450 | 1.16% | Medical - Drugs |
| Orient-Express Hotels Ltd., Class A                              | 5,000 | $270,850 | 2.13% | Hotels & Motels |
| Pearson PLC ADS                                                  | 7,000 | $92,680 | 0.73% | Publishing - Books |
| PT Indosat Tbk. ADR                                              | 2,500 | $92,875 | 0.73% | Utility - Telephone |
| Petro-Canada                                                     | 3,200 | $153,728 | 1.21% | Oil & Gas - Canadn Integrated |
| Potash Corp. of Saskatchewan                                     | 3,000 | $476,700 | 3.74% | Fertilizers |
| Repsol YPF ADS                                                   | 3,500 | $120,785 | 0.95% | Oil & Gas - Intl Integrated |
| Rio Tinto PLC ADS                                                | 750 | $340,838 | 2.67% | Metal Ores - Misc |
| Ritchie Bros. Auctioneers                                        | 3,000 | $214,830 | 1.69% | Building - Heavy Const |
| SK Telecom Ltd. ADR                                              | 5,000 | $112,000 | 0.88% | Telecommunctns - Services |
| Satyam Computer Services ADR                                     | 6,000 | $149,880 | 1.18% | Computer - Software |
| Shire PLC ADR                                                    | 2,000 | $116,880 | 0.92% | Medical - Drugs |
| Sony ADS                                                         | 3,000 | $141,630 | 1.11% | Audio/Video Home Products |
| StatoilHydo ASA ADS                                              | 5,173 | $157,983 | 1.24% | Oil & Gas - Intl Integrated |
| Telecom Corp. New Zealand Ltd. ADS                               | 3,555 | $54,214 | 0.43% | Utility - Telephone |
| Telefonica SA ADS                                                | 3,200 | $277,568 | 2.18% | Utility - Telephone |
| Telefonos de Mexico, Class L ADS                                 | 5,000 | $166,000 | 1.30% | Utility - Telephone |
| Telus                                                            | 3,000 | $134,100 | 1.05% | Telecommunctns - Services |
| Tenaris SA ADR                                                   | 2,500 | $111,125 | 0.87% | Steel - Pipe & Tubes |
| Toronto-Dominion Bank                                            | 2,400 | $160,872 | 1.26% | Banks - Foreign |
| TOTAL SA ADS                                                     | 2,600 | $196,014 | 1.54% | Oil & Gas - Intl Integrated |
| Transportadora de Gas del Sur SA                                 | 1,500 | $7,080 | 0.06% | Utility - Gas Distribution |
| US Treasury Bill                                                 | 1,000,000 | $997,010 | 7.82% |   |
| US Treasury Bill Due 04/17/2008                                  | 2,000,000 | $1,991,733 | 15.63% |   |
| UPM-Kymmene Oyj ADS                                              | 3,500 | $59,850 | 0.47% | Paper & Paper Products |
| Votorantim Celulose e Papel SA ADS                               | 8,000 | $251,680 | 1.98% | Paper & Paper Products |
| Copa Holdings SA                                                 | 5,000 | $180,550 | 1.42% | Transportation - Airline |
|                                                             |   |   |   |   |
|                                                             | TOTAL | $12,741,774 |   |   |
|                                                             |   |   |   |   |
| **Saturna Investment Trust, Sextant        Core Fund**           |
|                                                             |   |   |   |   |
| Common Stock                                                     | Quantity | Market Value | % Portfolio | Industry |
| AT&T                                                             | 900 | $31,347 | 0.85% | Telecommunctns - Services |
| Adobe Systems                                                    | 800 | $26,920 | 0.73% | Computer - Software |
| Alcoa                                                            | 1,400 | $51,996 | 1.41% | Metal Ores - Non Ferrous |
| Anglo American PLC ADR                                           | 1,119 | $35,495 | 0.96% | Metal Ores - Gold |
| Apple                                                            | 500 | $62,510 | 1.70% | Computer - Mini/Micro |
| Australia & New Zealand Banking                                  | 350 | $35,000 | 0.95% | Banks - Foreign |
| BASF AG ADS                                                      | 200 | $25,280 | 0.69% | Chemicals - Diversified |
| Berkley WR Corp                                                  | 100,000 | $103,112 | 2.80% | Insurance - Propt/Casul/Title |
| Berkshire Hathaway Financial                                     | 85,000 | $88,395 | 2.40% | Insurance - Multi Line |
| BHP Billiton Ltd. ADS                                            | 650 | $47,567 | 1.29% | Metal Ores - Non Ferrous |
| Black & Decker Corp.                                             | 350 | $24,070 | 0.65% | Tools - Hand Held |
| CRH PLC ADS                                                      | 600 | $22,560 | 0.61% | Building - Cement/Concrete/Ag |
| CSX Corp.                                                        | 95,000 | $101,572 | 2.76% | Transportation - Rail |
| Canadian National Railway                                        | 800 | $42,224 | 1.15% | Transportation - Rail |
| Canon ADS                                                        | 600 | $26,916 | 0.73% | Office Automation |
| China Mobile ADS                                                 | 500 | $37,310 | 1.01% | Telecommunctns - Cellular |
| Chubb                                                            | 750 | $38,175 | 1.04% | Insurance - Propt/Casul/Title |
| ConocoPhillips                                                   | 750 | $62,033 | 1.68% | Oil & Gas - U S Integrated |
| Duke Realty                                                      | 400 | $9,168 | 0.25% | Real Estate - Equity REITs |
| Enel ADS                                                         | 600 | $32,040 | 0.87% | Utility - Electric Power |
| FPL Group                                                        | 600 | $36,174 | 0.98% | Utility - Electric Power |
| Federal Home Loan Bank                                           | 100,000 | $100,760 | 2.73% | Finance - Mrtg & R.E. Service |
| Fedex                                                            | 400 | $35,252 | 0.96% | Transportation - Air Freight |
| Freeport-McMoRan Copper & Gold,                                  | 200 | $20,172 | 0.55% | Metal Ores - Misc |
| Frontier Financial                                               | 3,000 | $44,940 | 1.22% | Banks - West |
| Genentach Inc                                                    | 150,000 | $154,843 | 4.20% | Medical - Drugs |
| General Electric Capital Corp                                    | 100,000 | $107,256 | 2.91% | Finance - Services |
| General Mills                                                    | 1,000 | $55,990 | 1.52% | Food - Misc Preparation |
| GlaxoSmithKline PLC ADS                                          | 500 | $21,955 | 0.60% | Medical - Drugs |
| Harris                                                           | 550 | $26,857 | 0.73% | Telecommunctns - Equip |
| Hewlett-Packard                                                  | 1,000 | $47,770 | 1.30% | Computer - Mini/Micro |
| Honeywell International                                          | 850 | $48,909 | 1.33% | Diversified Operations |
| IDACORP                                                          | 900 | $26,820 | 0.73% | Utility - Electric Power |
| ING Groep NV ADS                                                 | 400 | $13,324 | 0.36% | Insurance - Multi Line |
| Johnson & Johnson                                                | 700 | $43,372 | 1.18% | Medical - Supplies |
| Kimberly-Clark                                                   | 625 | $40,738 | 1.11% | Paper & Paper Products |
| LAN Airlines SA ADS                                              | 3,000 | $40,140 | 1.09% | Transportation - Airline |
| Eli Lilly                                                        | 650 | $32,513 | 0.88% | Medical - Drugs |
| Lowe's Companies                                                 | 900 | $21,573 | 0.59% | Buildg Prods - Retail/Whlsle |
| McGraw-Hill                                                      | 1,000 | $40,930 | 1.11% | Publishing - Books |
| Motorola Inc.                                                    | 100,000 | $81,812 | 2.22% | Telecommunctns - Equip |
| Nike, Class B                                                    | 900 | $54,180 | 1.47% | Shoes & Related Apparel |
| Nomura Holdings ADR                                              | 700 | $10,962 | 0.30% | Finance - Investment Bkrs |
| Norsk Hydro ASA ADS                                              | 2,000 | $28,000 | 0.76% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                  | 300 | $14,745 | 0.40% | Medical - Drugs |
| Novo Nordisk A/S ADS                                             | 400 | $27,348 | 0.74% | Medical - Drugs |
| Nucor                                                            | 800 | $51,656 | 1.40% | Steel - Producers |
| Orient-Express Hotels Ltd., Class A                              | 1,000 | $54,170 | 1.47% | Hotels & Motels |
| Panamerican Beverages (KOF)                                      | 94,000 | $98,309 | 2.67% | Beverages - Soft Drink |
| Parker Hannifin                                                  | 450 | $29,084 | 0.79% | Instruments - Control |
| Pearson PLC ADS                                                  | 2,100 | $27,804 | 0.75% | Publishing - Books |
| PepsiCo                                                          | 1,000 | $69,560 | 1.89% | Beverages - Soft Drink |
| Petro-Canada                                                     | 800 | $38,432 | 1.04% | Oil & Gas - Canadn Integrated |
| Pfizer                                                           | 1,900 | $42,332 | 1.15% | Medical - Drugs |
| Praxair                                                          | 700 | $56,196 | 1.53% | Chemicals - Specialty |
| Procter & Gamble                                                 | 900 | $59,562 | 1.62% | Cosmetics & Toiletries |
| RPM International                                                | 1,000 | $20,910 | 0.57% | Buildg Prods - Retail/Whlsle |
| Rockwell Collins                                                 | 400 | $23,560 | 0.64% | Aerospace - Equipment |
| Staples                                                          | 90,000 | $99,137 | 2.69% | Office Equip & Supplies |
| StatoilHydo ASA ADS                                              | 603 | $18,416 | 0.50% | Oil & Gas - Intl Integrated |
| Taiwan Semiconductor ADS                                         | 1,507 | $14,678 | 0.40% | Elec Components - Semicondtrs |
| Telefonica SA ADS                                                | 500 | $43,370 | 1.18% | Utility - Telephone |
| Telefonos de Mexico, Class L ADS                                 | 1,200 | $39,840 | 1.08% | Utility - Telephone |
| 3M                                                               | 600 | $47,040 | 1.28% | Diversified Operations |
| Tomkins PLC ADS                                                  | 750 | $10,118 | 0.27% | Diversified Operations |
| Toronto-Dominion Bank                                            | 550 | $36,867 | 1.00% | Banks - Foreign |
| Toyota Motor ADS                                                 | 200 | $21,710 | 0.59% | Auto/Truck - Mfg Foreign |
| Unilever PLC ADS                                                 | 1,600 | $50,368 | 1.37% | Food - Misc Preparation |
| US T Bond 5.25% 11/15/28                                         | 187,000 | $208,549 | 5.66% | U S Government |
| US T-Note                                                        | 110,000 | $114,323 | 3.10% | U S Government |
| US T-Note 4.875% 5/31/08                                         | 98,000 | $98,704 | 2.68% | U S Government |
| US T-Note 4.50% 11/30/11                                         | 98,000 | $106,307 | 2.88% | U S Government |
| United Technologies                                              | 525 | $37,018 | 1.00% | Aerospace - Equipment |
| UnitedHealth Group                                               | 1,000 | $46,480 | 1.26% | Medical - Hlth Maint Orgs |
| Noble                                                            | 800 | $39,320 | 1.07% | Oil & Gas - Offshore Drillng |
|                                                             |   |   |   |   |
|                                                             | TOTAL | $3,684,840 |   |   |
|                                                             |   |   |   |   |
| **Saturna Investment Trust Sextant        Short-Term Bond Fund** |
|                                                             |   |   |   |   |   |
| Corporate Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Astrazeneca PLC                                                  | 125,000 | $133,611 | 4.84% | 9/15/12 | Medical - Drugs |
| Berkshire Hathaway Financial                                     | 100,000 | $104,859 | 3.80% | 5/15/15 | Insurance - Multi Line |
| Caterpillar Inc.                                                 | 100,000 | $106,256 | 3.85% | 9/15/09 | Machinery - Const/Mining |
| Fed Home Loan Mtg Corp                                           | 150,000 | $149,923 | 5.43% | 2/13/15 | Finance - Mrtg & R.E. Service |
| Federal Farm Credit Bank                                         | 200,000 | $207,111 | 7.50% | 6/5/13 | Agricultural Operations |
| Federal National Mortgae Assoc.                                  | 120,000 | $126,077 | 4.56% | 2/23/10 | Finance - Mrtg & R.E. Service |
| Fortune Brands                                                   | 120,000 | $121,070 | 4.38% | 1/15/11 | Beverages - Alcoholic |
| General Electric Capital Corp                                    | 100,000 | $104,523 | 3.78% | 10/19/12 | Diversified Operations |
| Halliburton Co.                                                  | 132,000 | $139,899 | 5.07% | 10/15/10 | Oil & Gas - Field Services |
| HSBC Finance Corp. (Household Finc)                              | 100,000 | $105,049 | 3.80% | 10/15/11 | Finance - Consumer Loans |
| IBM Corporation                                                  | 135,000 | $142,156 | 5.15% | 10/22/12 | Advertising |
| International Lease Finance (AIG)                                | 125,000 | $126,907 | 4.59% | 4/15/10 | Finance - Leasing Cos |
| Lehman Brothers Holdings                                         | 100,000 | $101,913 | 3.69% | 4/25/11 | Finance - Investment Bkrs |
| Marathon Oil                                                     | 120,000 | $128,988 | 4.67% | 7/1/12 | Oil & Gas - U S Integrated |
| ConocoPhillips Co                                                | 100,000 | $112,140 | 4.06% | 5/25/10 | Oil & Gas - Intl Integrated |
| Scottish Power PLC                                               | 100,000 | $102,952 | 3.73% | 3/15/10 | Utility - Electric Power |
| TJ X Companies                                                   | 95,000 | $101,707 | 3.68% | 12/15/09 | Retail - Discount & Variety |
| US Treasury Note                                                 | 200,000 | $206,250 | 7.47% | 6/15/09 | U S Government |
| US Treasury Note                                                 | 200,000 | $209,734 | 7.59% | 4/15/10 | U S Government |
| Verizon New England Tel.                                         | 129,000 | $128,111 | 4.64% | 10/1/13 | Utility - Telephone |
| WM Wrigley Jr Co.                                                | 100,000 | $102,749 | 3.72% | 7/15/10 | Food - Confectionery |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $2,761,985 |   |   |   |
|                                                             |
| **Saturna Investment Trust, Sextant        Bond Income Fund**    |
|                                                             |
| Corporate Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Air Products & Chemicals                                         | 50,000 | $67,695 | 2.14% | 4/15/21 | Chemicals - Specialty |
| Allstate Corp.                                                   | 50,000 | $56,786 | 1.79% | 6/15/13 | Insurance - Multi Line |
| Archer Daniels Midlands                                          | 100,000 | $108,547 | 3.43% | 2/1/31 | Agricultural Operations |
| AutoZone Inc.                                                    | 95,000 | $93,025 | 2.94% | 11/15/15 | Auto Parts - Replacement |
| Avery Dennison Corp                                              | 95,000 | $85,100 | 2.69% | 1/15/33 | Office Equip & Supplies |
| BHP Billiton Finance USA                                         | 125,000 | $122,208 | 3.86% | 12/15/15 | Metal Ores - Misc |
| Baker Hughes Inc.                                                | 20,000 | $20,429 | 0.64% | 2/15/09 | Oil & Gas - Field Services |
| Becton Dickinson Corp.                                           | 40,000 | $42,807 | 1.35% | 10/1/09 | Medical - Supplies |
| Caterpillar INC                                                  | 40,000 | $47,462 | 1.50% | 8/15/11 | Machinery - Const/Mining |
| Cingular Wireless (AT&T)                                         | 140,000 | $148,896 | 4.70% | 12/15/31 | Utility - Telephone |
| CitiCorp                                                         | 50,000 | $54,908 | 1.73% | 10/15/11 | Banks - Money Center |
| Comerica Bank                                                    | 50,000 | $50,790 | 1.60% | 12/1/13 | Banks - Midwest |
| Commonwealth Edison Corp.                                        | 50,000 | $54,936 | 1.73% | 7/1/13 | Utility - Electric Power |
| Conagra Inc.                                                     | 33,000 | $36,146 | 1.14% | 9/15/10 | Food - Misc Preparation |
| Dayton Hudson Corp. (Target Stores)                              | 50,000 | $59,066 | 1.86% | 1/1/11 | Retail - Discount & Variety |
| Dean Witter Discovery & Company                                  | 50,000 | $54,124 | 1.71% | 10/15/13 | Finance - Investment Bkrs |
| Deere & Co.                                                      | 95,000 | $118,738 | 3.75% | 5/15/30 | Machinery - Farm |
| Federal Home Loan Mtge Corp                                      | 100,000 | $100,012 | 3.16% | 8/26/19 | Finance - Mrtg & R.E. Service |
| Federal Farm Credit Bank                                         | 150,000 | $156,307 | 4.93% | 8/15/21 | Real Estate - Operations |
| Federal National Mtge Assoc.                                     | 100,000 | $100,034 | 3.16% | 4/10/15 | Housing |
| Federal Nat Mortgage Assoc                                       | 150,000 | $152,359 | 4.81% | 11/28/17 | Finance - Mrtg & R.E. Service |
| Florida Power & Light                                            | 100,000 | $101,167 | 3.19% | 10/1/33 | Utility - Electric Power |
| General Electric Capital Corp                                    | 60,000 | $69,390 | 2.19% | 5/15/12 | Finance - Leasing Cos |
| Heinz H. J. Co.                                                  | 75,000 | $79,129 | 2.50% | 3/15/12 | Food - Misc Preparation |
| Hershey Foods Co.                                                | 50,000 | $56,297 | 1.78% | 8/15/12 | Food - Confectionery |
| Lowe's Companies                                                 | 50,000 | $55,830 | 1.76% | 6/1/10 | Buildg Prods - Retail/Whlsle |
| Masco                                                            | 60,000 | $68,029 | 2.15% | 8/15/13 | Buildg Prods - Miscellaneous |
| May Dept. Stores                                                 | 50,000 | $52,628 | 1.66% | 7/15/12 | Retail - Major Dept Strs |
| Norwest Financial                                                | 50,000 | $52,289 | 1.65% | 7/15/09 | Banks - Midwest |
| Paine Webber Group                                               | 50,000 | $58,620 | 1.85% | 2/15/14 | Finance - Investment Bkrs |
| Pharmacia (PFE)                                                  | 100,000 | $115,674 | 3.65% | 12/1/18 | Medical - Drugs |
| Phillips Electronics Corp                                        | 75,000 | $81,356 | 2.57% | 8/15/13 | Electronics - Misc Products |
| Progressive                                                      | 75,000 | $82,003 | 2.59% | 10/1/13 | Insurance - Propt/Casul/Title |
| St. Pauls Travelers Insurance                                    | 125,000 | $127,913 | 4.04% | 12/1/15 | Insurance - Propt/Casul/Title |
| Sempra Energy Corp                                               | 50,000 | $54,348 | 1.72% | 3/1/10 | Utility - Gas Distribution |
| Southwest Airlines                                               | 75,000 | $78,444 | 2.48% | 3/1/12 | Transportation - Airline |
| US T Note 5.25% 2/15/2029                                        | 145,000 | $161,800 | 5.11% | 2/15/29 | U S Government |
| Wal-Mart Stores                                                  | 45,000 | $52,083 | 1.64% | 6/1/13 | Retail - Discount & Variety |
| XL Capital (Europe)                                              | 90,000 | $91,446 | 2.89% | 1/15/12 | Insurance - Propt/Casul/Title |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $3,168,821 |   |   |   |
|                                                             |   |   |   |   |   |
| **Saturna Investment Trust, Idaho        Tax-Exempt Fund**       |
|                                                             |
| Municipal Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Ada & Canyon JSD #2 Meridian                                     | 50,000 | $55,285 | 0.57% | 7/30/15 | Schools |
| Ada & Canyon JSD #2 Meridian                                     | 165,000 | $169,325 | 1.76% | 8/15/20 | General Obligations |
| Ada & Canyon JSD #2 Merdian                                      | 155,000 | $158,376 | 1.64% | 8/15/21 | General Obligations |
| Washington & Adams Co.s JSDC # 432                               | 100,000 | $95,054 | 0.99% | 8/15/19 | General Obligations |
| Bingham Co. Id. SCD # 55 Blackfoot                               | 285,000 | $291,712 | 3.03% | 8/1/17 | General Obligations |
| Blackfoot ID COP Series 2000                                     | 135,000 | $140,442 | 1.46% | 9/1/18 | Utility - Waste Mangmt |
| Blaine County Idaho Series A                                     | 150,000 | $133,977 | 1.39% | 8/1/23 | General Obligations |
| Boise Co. ID SD # 73 Horseshoe Bend                              | 125,000 | $126,085 | 1.31% | 7/31/10 | Schools |
| Boise City ID Gen Fund Rev                                       | 160,000 | $164,691 | 1.71% | 12/1/17 | Finance - Services |
| Boise City ID Gen Fund Rev                                       | 100,000 | $102,721 | 1.07% | 12/1/18 | Finance - Services |
| Boise State University Rev.'s Ref A                              | 295,000 | $303,841 | 3.16% | 4/1/19 | State Education |
| Boise CIty Urb Ren Lease Rev                                     | 160,000 | $162,880 | 1.69% | 8/15/20 | Real Estate - Development |
| Boise City Urb Ren Agy Lease Rev                                 | 90,000 | $90,496 | 0.94% | 8/15/21 | Real Estate - Development |
| Bonneville & Bingham Co ID SCD 93                                | 150,000 | $151,718 | 1.58% | 9/15/16 | General Obligations |
| Bonneville & Bingham Co JSD #93 GO                               | 150,000 | $150,284 | 1.56% | 9/15/17 | General Obligations |
| Boundary Co. ID SCD 101                                          | 130,000 | $140,027 | 1.45% | 8/1/22 | General Obligations |
| Caldwell ID GO                                                   | 150,000 | $155,294 | 1.61% | 5/15/14 | General Obligations |
| Canyon Co. ID SCD # 131 Nampa                                    | 325,000 | $330,918 | 3.44% | 8/15/19 | Schools |
| Canyon Co. ID SCD # 131 Nampa                                    | 105,000 | $105,126 | 1.09% | 8/15/23 | General Obligations |
| Canyon Co. ID SD #134 Middleton                                  | 170,000 | $173,494 | 1.80% | 7/31/16 | General Obligations |
| Canyon Co. Id SD #139 Vallivue                                   | 350,000 | $313,670 | 3.26% | 9/15/25 | Schools |
| Fremont & Madison JSD 215 St. Antho                              | 200,000 | $191,134 | 1.99% | 8/15/19 | General Obligations |
| Idaho Bond Bank Authority Rev                                    | 135,000 | $121,856 | 1.27% | 9/1/22 | Pollution Control - Servcs |
| Idaho Bond Bank Authority                                        | 250,000 | $244,095 | 2.54% | 9/15/26 | Utility - Water Supply |
| Idaho Bond Bank Authority                                        | 75,000 | $66,831 | 0.69% | 9/15/23 | Utility - Waste Mangmt |
| Idaho Falls ID Electric                                          | 140,000 | $159,698 | 1.66% | 4/1/19 | Utility - Electric Power |
| Idaho Health Facs Auth Rev Ref.                                  | 110,000 | $111,460 | 1.16% | 12/1/14 | Medical - Hospitals |
| Idaho Health Facs Auth Corp                                      | 115,000 | $114,399 | 1.19% | 12/1/22 | Medical - Hospitals |
| Idaho Housing Agency                                             | 5,000 | $4,975 | 0.05% | 7/1/11 | Housing |
| Idaho Housing & Finance Assoc.                                   | 100,000 | $99,853 | 1.04% | 6/1/17 | Schools |
| Idaho State Building Authority                                   | 95,000 | $95,070 | 0.99% | 9/1/18 | Real Estate - Development |
| Idaho State Building Authority                                   | 100,000 | $100,070 | 1.04% | 9/1/21 | Real Estate - Development |
| Idaho State Building Authority                                   | 110,000 | $103,215 | 1.07% | 9/1/23 | Building - Resident/Commercl |
| Idaho State University Ref & Impt                                | 150,000 | $150,975 | 1.57% | 4/1/17 | State Education |
| Idaho State University Rev.                                      | 220,000 | $207,339 | 2.15% | 4/1/24 | State Education |
| Jefferson & Madison SCD 251 Rigby                                | 100,000 | $88,671 | 0.92% | 9/1/24 | General Obligations |
| Jerome ID Urban Renewal District                                 | 200,000 | $201,186 | 2.09% | 9/1/13 | Real Estate - Development |
| Jerome Lincoln Gooding Co's JSC 261                              | 125,000 | $118,124 | 1.23% | 9/15/18 | General Obligations |
| Jerome Lincoln Gooding Co's JSD 261                              | 250,000 | $253,960 | 2.64% | 9/15/22 | General Obligations |
| Kootenai-Shonshone Area Librarys                                 | 220,000 | $209,821 | 2.18% | 8/1/21 | General Obligations |
| Latah Nez Perce Clearwater JSD 283                               | 190,000 | $175,976 | 1.83% | 8/15/27 | General Obligations |
| Lemhi County ID GO                                               | 100,000 | $101,548 | 1.05% | 8/1/15 | General Obligations |
| Madison CO ID Hospital COP                                       | 105,000 | $107,022 | 1.11% | 12/1/18 | Medical - Hospitals |
| Madison Co. Id SCD # 321 Rexburg                                 | 160,000 | $147,120 | 1.53% | 8/15/24 | General Obligations |
| Madison Co. SD # 321 Rexburg UTGO                                | 250,000 | $224,633 | 2.33% | 8/15/26 | Schools |
| Meridian ID Free Library District                                | 100,000 | $100,565 | 1.04% | 8/1/15 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 75,000 | $73,463 | 0.76% | 8/15/18 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 75,000 | $70,496 | 0.73% | 8/15/20 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 160,000 | $140,045 | 1.45% | 8/15/25 | General Obligations |
| Nampa Idaho Series B                                             | 200,000 | $204,838 | 2.13% | 8/1/20 | General Obligations |
| Nez Perce County (Jail) 2007 COP                                 | 150,000 | $139,907 | 1.45% | 2/1/21 | Municipal Leases |
| Owyhee & Canyon Co SD 370 Homedale                               | 160,000 | $167,067 | 1.74% | 8/15/16 | Schools |
| Owyhee & Elmore SD 365 Grandview                                 | 350,000 | $310,996 | 3.23% | 8/15/27 | Schools |
| Payette Co ID SCD #373                                           | 100,000 | $101,245 | 1.05% | 9/15/24 | Schools |
| Pocatello ID. Water Revenue                                      | 350,000 | $313,747 | 3.26% | 2/1/26 | Utility - Water Supply |
| Post Falls LID 2004-1                                            | 300,000 | $300,558 | 3.12% | 5/1/21 | Real Estate - Development |
| Troy ID Sewer System                                             | 20,000 | $19,909 | 0.21% | 2/1/09 | Utilities - Sewer |
| Troy ID Sewer System                                             | 20,000 | $19,883 | 0.21% | 2/1/10 | Utilities - Sewer |
| University of Idaho Rev.s                                        | 200,000 | $199,992 | 2.08% | 4/1/19 | State Education |
| University of Idaho Rev's                                        | 160,000 | $157,715 | 1.64% | 4/1/20 | State Education |
| Valley & Adams JSD # 421 McCall                                  | 135,000 | $127,711 | 1.33% | 8/1/22 | General Obligations |
| Valley & Adams Co.'s JSD 421                                     | 290,000 | $265,156 | 2.75% | 8/1/24 | Schools |
|                                                             |   |   |   |   |   |
|                                                             | TOTAL | $9,627,736 |   |   |   |

 

**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 29, 2008 in valuing the Funds'  investments carried at value:

| LEVEL   | VALUATION INPUTS                    | INVESTMENTS IN SECURITIES |
|---------|-------------------------------------|---------------------------|
|    |                                | STBFX                     | SBFIX | SCORX | SSGFX | SSIFX | NITEX |
| LEVEL 1 | Quoted Prices                       | $-                        | $- | $2,133,482 | $11,787,077 | $9,151,026 | $- |
| LEVEL 2 | Other Significant Observable Inputs | $2,761,985                | $3,168,821 | $1,551,358 | $1,991,733 | $3,590,748 | $9,627,736 |
| LEVEL 3 | Significant Unobservable Inputs     | $-                        | $- | $- | $- | $- | $- |
| TOTAL   |                                | $2,761,985                | $3,168,821 | $3,684,840 | $13,778,810 | $12,741,774 | $9,627,736 |
|    |

 

**Item 2. Controls and Procedures**

Internal control over financial reporting is under the supervision  of the principal executive and financial officers. On April 3, 2008, Mr. Nicholas  Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the  internal control procedures for Saturna Investment Trust and found them reasonable  and adequate.

**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: November 3, 2008

  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: November 3, 2008  By:  /s/*Christopher Fankhauser*  Christopher Fankhauser, Treasurer   Date: November 3, 2008