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, 2007  Date of reporting period: August 31, 2007

 

 

 

**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 | $207,640 | 1.58% | Medical - Drugs |
| Adobe Systems                                                    | 7,600 | $324,900 | 2.48% | Computer - Software |
| Advanced Micro Devices                                           | 10,000 | $130,000 | 0.99% | Elec Components - Semicondtrs |
| Agilent Technologies                                             | 8,000 | $291,200 | 2.22% | Elec Components - Misc |
| Alcoa                                                            | 6,000 | $219,180 | 1.67% | Metal Ores - Non Ferrous |
| Amazon.com                                                       | 5,000 | $399,550 | 3.04% | Retail - Internet |
| Amgen                                                            | 3,700 | $185,407 | 1.41% | Medical - Biomed/Genetics |
| Apple                                                            | 8,000 | $1,107,840 | 8.44% | Computer - Mini/Micro |
| Barr Pharmaceuticals                                             | 4,500 | $228,960 | 1.74% | Medical - Generic Drugs |
| Bed Bath & Beyond                                                | 5,000 | $173,200 | 1.32% | Retail - Misc/Diversified |
| Best Buy                                                         | 4,000 | $175,800 | 1.34% | Retail - Consumer Elect |
| Build-A-Bear-Workshop                                            | 7,000 | $115,220 | 0.88% | Retail - Home Furnishings |
| Chubb                                                            | 5,000 | $255,650 | 1.95% | Insurance - Propt/Casul/Title |
| Devon Energy                                                     | 3,000 | $225,930 | 1.72% | Oil & Gas - U S Explo & Prod |
| Duke Energy                                                      | 10,000 | $183,400 | 1.40% | Utility - Electric Power |
| FPL Group                                                        | 7,000 | $411,880 | 3.14% | Utility - Electric Power |
| Freeport-McMoran Copper Gold, Cl B                               | 3,300 | $288,486 | 2.20% | Metal Ores - Misc |
| Frontier Financial                                               | 15,000 | $368,700 | 2.81% | Banks - West |
| Harman International Industries                                  | 1,900 | $215,441 | 1.64% | Audio/Video Home Products |
| Hewlett-Packard                                                  | 7,000 | $345,450 | 2.63% | Computer - Mini/Micro |
| Honeywell International                                          | 3,500 | $196,525 | 1.50% | Diversified Operations |
| IDACORP                                                          | 6,000 | $194,820 | 1.48% | Utility - Electric Power |
| Intuit                                                           | 9,000 | $245,790 | 1.87% | Computer - Software |
| KB Home                                                          | 5,000 | $151,700 | 1.16% | Building - Resident/Commercl |
| Ligand Pharmaceuticals                                           | 10,000 | $62,700 | 0.48% | Medical - Biomed/Genetics |
| Lilly (Eli)                                                      | 3,500 | $200,725 | 1.53% | Medical - Drugs |
| Lincoln Electric Holdings                                        | 4,000 | $287,760 | 2.19% | Machinery - Tools & Rel Prods |
| Lowe's Companies                                                 | 6,500 | $201,890 | 1.54% | Buildg Prods - Retail/Whlsle |
| Norfolk Southern                                                 | 4,500 | $230,445 | 1.76% | Transportation - Rail |
| Nucor                                                            | 4,000 | $211,600 | 1.61% | Steel - Producers |
| Oracle                                                           | 15,000 | $304,200 | 2.32% | Computer - Software |
| Oshkosh Truck                                                    | 3,000 | $173,670 | 1.32% | Auto/Truck - Manufacturing |
| PepsiCo                                                          | 4,500 | $306,135 | 2.33% | Beverages - Soft Drink |
| Performance Food Group                                           | 3,000 | $85,320 | 0.65% | Food Items - Wholesale |
| Pharmaceutical Product Development                               | 15,000 | $525,450 | 4.00% | Medical - Drugs |
| Regal-Beloit                                                     | 4,000 | $202,040 | 1.54% | Machinery - Tools & Rel Prods |
| Schwab (Charles)                                                 | 25,000 | $495,000 | 3.77% | Finance - Investment Bkrs |
| Sempra Energy                                                    | 3,000 | $165,090 | 1.26% | Utility - Gas Distribution |
| Spectra Energy                                                   | 3,000 | $69,750 | 0.53% | Oil & Gas - Prods/Pipeline |
| Staples                                                          | 6,000 | $142,500 | 1.09% | Office Equip & Supplies |
| 3Com                                                             | 30,000 | $112,500 | 0.86% | Computer - Local Networks |
| Trimble Navigation                                               | 14,000 | $494,340 | 3.77% | Instruments - Elec Measuring |
| UAL Corp                                                         | 5,500 | $261,085 | 1.99% | Transportation - Airline |
| United Parcel Service, Cl B                                      | 2,500 | $189,650 | 1.45% | Transportation - Services |
| VCA Antech                                                       | 8,000 | $327,120 | 2.49% | Medical - Hospitals |
| Washington Banking Company                                       | 6,250 | $98,625 | 0.75% | Banks - West |
| Washington Mutual                                                | 6,750 | $247,860 | 1.89% | Banks - West |
| Red Lion Hotels                                                  | 21,000 | $198,030 | 1.51% | Hotels & Motels |
| Weyerhaeuser                                                     | 4,200 | $286,314 | 2.18% | Buildg Prods - Wood |
| Wiley (John) & Sons, Cl A                                        | 5,000 | $207,350 | 1.58% | Publishing - Books |
| Noble                                                            | 8,000 | $392,480 | 2.99% | Oil & Gas - Offshore Drillng |
|                                                             |   |   |   |   |
|                                                             | TOTAL | $13,122,298 |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        Core Fund**            |
|                                                             |
| Common Stock                                                     | Quantity | Market Value | % Portfolio | Industry |
| AT&T                                                             | 900 | $35,883 | 1.17% | Telecommunctns - Services |
| Adobe Systems                                                    | 800 | $34,200 | 1.12% | Computer - Software |
| Alcoa                                                            | 950 | $34,704 | 1.13% | Metal Ores - Non Ferrous |
| Anglo American PLC ADR                                           | 819 | $23,440 | 0.77% | Metal Ores - Gold |
| Apple                                                            | 400 | $55,392 | 1.81% | Computer - Mini/Micro |
| Archstone Smith Opr Trust                                        | 97,000 | $96,406 | 3.15% | Real Estate - Equity REITs |
| Australia & New Zealand Banking                                  | 150 | $17,700 | 0.58% | Banks - Foreign |
| BASF AG ADS                                                      | 200 | $26,418 | 0.86% | Chemicals - Diversified |
| Berkley WR Corp                                                  | 100,000 | $101,097 | 3.30% | Insurance - Propt/Casul/Title |
| BHP Billiton Ltd ADS                                             | 650 | $41,048 | 1.34% | Metal Ores - Non Ferrous |
| Black & Decker                                                   | 350 | $30,363 | 0.99% | Tools - Hand Held |
| CRH plc ADS                                                      | 600 | $26,220 | 0.86% | Building - Cement/Concrete/Ag |
| CSX Corporation                                                  | 95,000 | $98,662 | 3.22% | Transportation - Rail |
| Canadian National Railways                                       | 550 | $28,958 | 0.95% | Transportation - Rail |
| Canon ADS                                                        | 600 | $34,272 | 1.12% | Office Automation |
| Centex Corp                                                      | 100,000 | $102,958 | 3.36% | Building - Resident/Commercl |
| China Mobile (Hong Kong) Ltd ADR                                 | 500 | $33,895 | 1.11% | Telecommunctns - Cellular |
| Chubb                                                            | 750 | $38,348 | 1.25% | Insurance - Propt/Casul/Title |
| ConocoPhillips                                                   | 500 | $40,945 | 1.34% | Oil & Gas - U S Integrated |
| Duke Realty                                                      | 400 | $13,516 | 0.44% | Real Estate - Equity REITs |
| Enel SpA ADS                                                     | 300 | $15,489 | 0.51% | Utility - Electric Power |
| FPL Group                                                        | 600 | $35,304 | 1.15% | Utility - Electric Power |
| Federal Home Loan Bank                                           | 100,000 | $100,248 | 3.27% | Finance - Mrtg & R.E. Service |
| Fedex                                                            | 400 | $43,872 | 1.43% | Transportation - Air Freight |
| Freeport-McMoran Copper Gold, Cl B                               | 200 | $17,484 | 0.57% | Metal Ores - Misc |
| Frontier Financial                                               | 1,200 | $29,496 | 0.96% | Banks - West |
| General Mills                                                    | 450 | $25,146 | 0.82% | Food - Misc Preparation |
| GlaxoSmithKline plc ADR                                          | 300 | $15,666 | 0.51% | Medical - Drugs |
| Harris                                                           | 550 | $33,457 | 1.09% | Telecommunctns - Equip |
| Hewlett-Packard                                                  | 1,000 | $49,350 | 1.61% | Computer - Mini/Micro |
| Honeywell International                                          | 600 | $33,690 | 1.10% | Diversified Operations |
| IDACORP                                                          | 900 | $29,223 | 0.95% | Utility - Electric Power |
| ING Groep NV ADS                                                 | 400 | $16,076 | 0.52% | Insurance - Multi Line |
| Johnson & Johnson                                                | 500 | $30,895 | 1.01% | Medical - Supplies |
| Kimberly-Clark                                                   | 425 | $29,193 | 0.95% | Paper & Paper Products |
| LAN Airlines SA ADS                                              | 1,000 | $16,050 | 0.52% | Transportation - Airline |
| Lilly (Eli)                                                      | 650 | $37,278 | 1.22% | Medical - Drugs |
| Lowe's Companies                                                 | 900 | $27,954 | 0.91% | Buildg Prods - Retail/Whlsle |
| McGraw-Hill                                                      | 600 | $30,276 | 0.99% | Publishing - Books |
| Motorola Inc.                                                    | 100,000 | $94,550 | 3.09% | Telecommunctns - Equip |
| Nike, Cl B                                                       | 500 | $28,170 | 0.92% | Shoes & Related Apparel |
| Nomura Holdings ADR                                              | 700 | $12,369 | 0.40% | Finance - Investment Bkrs |
| Norsk Hydro ADS                                                  | 700 | $25,739 | 0.84% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                  | 300 | $15,795 | 0.52% | Medical - Drugs |
| Novo-Nordisk A/S ADS                                             | 200 | $22,362 | 0.73% | Medical - Drugs |
| Nucor                                                            | 800 | $42,320 | 1.38% | Steel - Producers |
| Panamerican Beverages (KOF)                                      | 94,000 | $96,897 | 3.16% | Beverages - Soft Drink |
| Parker-Hannifin                                                  | 300 | $32,241 | 1.05% | Instruments - Control |
| Pearson plc ADS                                                  | 1,100 | $16,423 | 0.54% | Publishing - Books |
| PepsiCo                                                          | 700 | $47,621 | 1.55% | Beverages - Soft Drink |
| Petro-Canada                                                     | 800 | $40,840 | 1.33% | Oil & Gas - Canadn Integrated |
| Pfizer                                                           | 1,400 | $34,776 | 1.14% | Medical - Drugs |
| Praxair                                                          | 700 | $52,962 | 1.73% | Chemicals - Specialty |
| Procter & Gamble                                                 | 650 | $42,452 | 1.39% | Cosmetics & Toiletries |
| RPM                                                              | 1,000 | $22,640 | 0.74% | Buildg Prods - Retail/Whlsle |
| Rockwell Collins                                                 | 400 | $27,548 | 0.90% | Aerospace - Equipment |
| Staples inc                                                      | 90,000 | $97,231 | 3.17% | Office Equip & Supplies |
| Taiwan Semiconductor ADS                                         | 1,507 | $14,949 | 0.49% | Elec Components - Semicondtrs |
| Telefonica SA ADS                                                | 250 | $18,670 | 0.61% | Utility - Telephone |
| Telefonos de Mexico, Cl L ADS                                    | 900 | $31,806 | 1.04% | Utility - Telephone |
| 3M                                                               | 375 | $34,121 | 1.11% | Diversified Operations |
| Tomkins plc ADS                                                  | 750 | $14,438 | 0.47% | Diversified Operations |
| Toronto-Dominion Bank                                            | 350 | $23,923 | 0.78% | Banks - Foreign |
| Toyota Motor ADS                                                 | 200 | $23,136 | 0.76% | Auto/Truck - Mfg Foreign |
| Unilever PLC ADS                                                 | 500 | $15,740 | 0.51% | Food - Misc Preparation |
| US T Bond 5.25% 11/15/28                                         | 187,000 | $196,525 | 6.42% | U S Government |
| US T-Note                                                        | 110,000 | $111,169 | 3.63% | U S Government |
| US T-Note 4.875% 5/31/08                                         | 98,000 | $98,260 | 3.21% | U S Government |
| US T-Note 4.50% 11/30/11                                         | 98,000 | $98,965 | 3.23% | U S Government |
| United Technologies                                              | 325 | $24,255 | 0.79% | Aerospace - Equipment |
| Washington Group Intl                                            | 400 | $33,880 | 1.11% | Building - Heavy Const |
| Noble                                                            | 800 | $39,248 | 1.28% | Oil & Gas - Offshore Drillng |
|                                                             |
|                                                             | TOTAL | $3,062,590 |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        International Fund**   |
|                                                             |
| Common Stock                                                     | Quantity | Market Value | % Portfolio | Industry |
|                                                             | 8,000 | $39,600 | 0.40% | Telecommunctns - Equip |
| Aegon NV                                                         | 5,096 | $92,849 | 0.93% | Insurance - Multi Line |
| Air France-KLM ADR                                               | 4,000 | $166,040 | 1.66% | Transportation - Airline |
| America Movil ADS Series L                                       | 6,000 | $362,760 | 3.63% | Telecommunctns - Cellular |
| American Oriental Bioengineering                                 | 15,000 | $139,500 | 1.40% | Medical - Biomed/Genetics |
| Anglo American PLC ADR                                           | 6,825 | $195,332 | 1.95% | Metal Ores - Gold |
| Australia & New Zealand Banking                                  | 1,000 | $118,000 | 1.18% | Banks - Foreign |
| AXA ADS                                                          | 4,200 | $168,798 | 1.69% | Banks - Foreign |
| BASF AG ADS                                                      | 1,700 | $224,553 | 2.25% | Chemicals - Diversified |
| BCE                                                              | 5,490 | $209,718 | 2.10% | Telecommunctns - Equip |
| Banco Bilbao Vizcaya Argentaria ADS                              | 7,500 | $174,150 | 1.74% | Banks - Foreign |
| Business Objects SA ADS                                          | 7,000 | $307,370 | 3.07% | Computer - Software |
| CRH plc ADS                                                      | 4,000 | $174,800 | 1.75% | Building - Cement/Concrete/Ag |
| Cadbury Schweppes plc ADR                                        | 4,000 | $188,920 | 1.89% | Food - Confectionery |
| Canadian Pacific Railway Ltd                                     | 3,200 | $225,536 | 2.26% | Transportation - Rail |
| Canon ADS                                                        | 3,300 | $188,496 | 1.89% | Office Automation |
| China Mobile (Hong Kong) Ltd ADR                                 | 5,500 | $372,845 | 3.73% | Telecommunctns - Cellular |
| Coca-Cola Femsa ADS                                              | 4,300 | $174,580 | 1.75% | Beverages - Soft Drink |
| Companhia Vale do Rio Doce ADR                                   | 3,000 | $147,990 | 1.48% | Metal Prods - Fabrication |
| Dassault Systems SA ADR                                          | 3,000 | $177,360 | 1.77% | Computer - Software |
| Embraer Aircraft ADR                                             | 3,400 | $153,544 | 1.54% | Aerospace - Aircraft |
| EnCana                                                           | 3,000 | $175,500 | 1.76% | Oil & Gas - Canadn Integrated |
| Enel SpA ADS                                                     | 1,300 | $67,119 | 0.67% | Utility - Electric Power |
| Enersis SA ADS                                                   | 9,000 | $161,820 | 1.62% | Utility - Electric Power |
| Epcos AG ADS                                                     | 2,500 | $47,750 | 0.48% | Elec Components - Misc |
| 51job ADR                                                        | 8,000 | $137,120 | 1.37% | Business Services |
| GlaxoSmithKline plc ADR                                          | 3,000 | $156,660 | 1.57% | Medical - Drugs |
| Infineon Technologies AG ADR                                     | 5,000 | $78,000 | 0.78% | Elec Components - Semicondtrs |
| ING Groep NV ADS                                                 | 4,000 | $160,760 | 1.61% | Insurance - Multi Line |
| James Hardie Inds NV ADS                                         | 3,000 | $100,290 | 1.00% | Building - Resident/Commercl |
| Korea Electric Power ADS                                         | 10,000 | $225,300 | 2.25% | Utility - Electric Power |
| LAN Airlines SA ADS                                              | 17,500 | $280,875 | 2.81% | Transportation - Airline |
| Metso ADS                                                        | 2,100 | $134,778 | 1.35% | Paper & Paper Products |
| Mitsubishi OFJ Financial Group ADR                               | 10,000 | $96,000 | 0.96% | Banks - Foreign |
| Nidec ADR                                                        | 5,000 | $87,950 | 0.88% | Machinery - Electrical |
| Nissan Motor ADS                                                 | 5,500 | $105,050 | 1.05% | Auto/Truck - Mfg Foreign |
| Nomura Holdings ADR                                              | 10,000 | $176,700 | 1.77% | Finance - Investment Bkrs |
| Norsk Hydro ADS                                                  | 6,000 | $220,620 | 2.21% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                  | 1,600 | $84,240 | 0.84% | Medical - Drugs |
| Orient-Express Hotels, Cl A                                      | 3,500 | $175,175 | 1.75% | Hotels & Motels |
| Pearson plc ADS                                                  | 7,000 | $104,510 | 1.05% | Publishing - Books |
| PT Indosat ADR                                                   | 2,500 | $98,325 | 0.98% | Utility - Telephone |
| Petro-Canada                                                     | 3,200 | $163,360 | 1.63% | Oil & Gas - Canadn Integrated |
| Potash Corp of Saskatchewan                                      | 3,000 | $265,680 | 2.66% | Fertilizers |
| Repsol YPF SA ADS                                                | 3,500 | $125,860 | 1.26% | Oil & Gas - Intl Integrated |
| Rio Tinto plc ADS                                                | 750 | $206,100 | 2.06% | Metal Ores - Misc |
| Ritchie Bros. Auctioneers                                        | 3,000 | $193,830 | 1.94% | Building - Heavy Const |
| SK Telecom ADR                                                   | 5,000 | $136,850 | 1.37% | Telecommunctns - Services |
| Satyam Computer Services ADS                                     | 6,000 | $152,880 | 1.53% | Computer - Software |
| Shire PLC ADR                                                    | 2,000 | $157,480 | 1.58% | Medical - Drugs |
| Sony ADS                                                         | 3,000 | $143,340 | 1.43% | Audio/Video Home Products |
| Telecom Corp New Zealand ADS                                     | 2,500 | $60,600 | 0.61% | Utility - Telephone |
| Telefonica SA ADS                                                | 3,200 | $238,976 | 2.39% | Utility - Telephone |
| Telefonos de Mexico, Cl L ADS                                    | 5,000 | $176,700 | 1.77% | Utility - Telephone |
| Telus                                                            | 2,000 | $103,840 | 1.04% | Telecommunctns - Services |   |
| Tenaris SA ADR                                                   | 2,500 | $117,325 | 1.17% | Steel - Pipe & Tubes |   |
| Toronto-Dominion Bank                                            | 2,400 | $164,040 | 1.64% | Banks - Foreign |   |
| TOTAL SA ADS                                                     | 2,600 | $195,234 | 1.95% | Oil & Gas - Intl Integrated |   |
| Transport de Gas del Sur S.A. ADS                                | 1,500 | $9,690 | 0.10% | Utility - Gas Distribution |   |
| UPM-Kymmene Oyj ADS                                              | 3,500 | $79,170 | 0.79% | Paper & Paper Products |   |
| Votorantim Celulose ADS                                          | 8,000 | $187,040 | 1.87% | Paper & Paper Products |   |
| Copa Holdings SA                                                 | 5,000 | $242,350 | 2.42% | Transportation - Airline |   |
|                                                             |
|                                                             | TOTAL | $9,997,628 |   |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        Short-Term Bond Fund** |
| Corporate Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Amgen                                                            | 90,000 | $89,495 | 3.91% | 12/1/07 | Medical - Biomed/Genetics |
| Caterpillar Inc.                                                 | 100,000 | $104,437 | 4.56% | 9/15/09 | Machinery - Const/Mining |
| Federal Home Loan Mtge. Corp                                     | 120,000 | $118,543 | 5.18% | 11/6/09 | Housing |
| Federal Farm Credit Bank                                         | 100,000 | $99,305 | 4.34% | 12/7/09 | Agricultural Operations |
| Federal Farm Credit Bank                                         | 200,000 | $202,538 | 8.85% | 6/5/13 | Agricultural Operations |
| Federal Home Loan Bank                                           | 120,000 | $119,291 | 5.21% | 5/18/09 | Finance - Consumer Loans |
| Federal National Mortgae Assoc.                                  | 120,000 | $120,812 | 5.28% | 2/23/10 | Finance - Mrtg & R.E. Service |
| Fortune Brands                                                   | 120,000 | $118,170 | 5.16% | 1/15/11 | Beverages - Alcoholic |
| HSBC Finance Corp. (Household Finc)                              | 100,000 | $103,142 | 4.51% | 10/15/11 | Finance - Consumer Loans |
| International Lease Finance (AIG)                                | 125,000 | $124,366 | 5.44% | 4/15/10 | Finance - Leasing Cos |
| Lehman Brothers Holdings                                         | 100,000 | $100,004 | 4.37% | 4/25/11 | Finance - Investment Bkrs |
| PSI Energy                                                       | 90,000 | $89,945 | 3.93% | 10/15/07 | Utility - Electric Power |
| ConocoPhillips Co                                                | 100,000 | $109,458 | 4.78% | 5/25/10 | Oil & Gas - Intl Integrated |
| Rockwell Automation Int'l                                        | 95,000 | $94,640 | 4.14% | 1/15/08 | Indstrl Automtn/Robotics |
| Scottish Power PLC                                               | 100,000 | $98,768 | 4.32% | 3/15/10 | Utility - Electric Power |
| TJ X Companies Inc.                                              | 95,000 | $98,894 | 4.32% | 12/15/09 | Retail - Discount & Variety |
| US Treasury Note                                                 | 200,000 | $199,281 | 8.71% | 6/15/09 | U S Government |
| US Treasury Note                                                 | 200,000 | $199,063 | 8.70% | 4/15/10 | U S Government |
| WM Wrigley Jr Co.                                                | 100,000 | $97,884 | 4.28% | 7/15/10 | Food - Confectionery |
|                                                             |
|                                                             | TOTAL | $2,288,036 |   |   |   |
|                                                             |
| **Saturna Investment Trust Sextant        Bond Income Fund**     |
|                                                             |
| Corporate Bond                                                   | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Air Products & Chemicals                                         | 50,000 | $62,858 | 2.22% | 4/15/21 | Chemicals - Specialty |
| Allstate Corp.                                                   | 50,000 | $53,972 | 1.91% | 6/15/13 | Insurance - Multi Line |
| Archer Daniels Midlands                                          | 100,000 | $111,896 | 3.95% | 2/1/31 | Agricultural Operations |
| Archstone Smith Opr Trust                                        | 50,000 | $49,364 | 1.74% | 8/15/14 | Real Estate - Equity REITs |
| AutoZone Inc.                                                    | 95,000 | $92,843 | 3.28% | 11/15/15 | Auto Parts - Replacement |
| Avery Dennison Corp                                              | 95,000 | $87,900 | 3.11% | 1/15/33 | Office Equip & Supplies |
| Baker Hughes Inc.                                                | 20,000 | $20,202 | 0.71% | 2/15/09 | Oil & Gas - Field Services |
| Becton Dickinson Corp.                                           | 40,000 | $41,424 | 1.46% | 10/1/09 | Medical - Supplies |
| Caterpillar INC                                                  | 40,000 | $44,877 | 1.59% | 8/15/11 | Machinery - Const/Mining |
| Cingular Wireless (AT&T)                                         | 140,000 | $149,932 | 5.30% | 12/15/31 | Utility - Telephone |
| CitiCorp                                                         | 50,000 | $53,490 | 1.89% | 10/15/11 | Banks - Money Center |
| Comerica Bank                                                    | 50,000 | $50,911 | 1.80% | 12/1/13 | Banks - Midwest |
| Commonwealth Edison Corp.                                        | 50,000 | $55,606 | 1.97% | 7/1/13 | Utility - Electric Power |
| Conagra Inc.                                                     | 33,000 | $35,293 | 1.25% | 9/15/10 | Food - Misc Preparation |
| Dayton Hudson Corp. (Target Stores)                              | 50,000 | $56,483 | 2.00% | 1/1/11 | Retail - Discount & Variety |
| Morgan Stanley Dean Witter Disc.                                 | 50,000 | $50,869 | 1.80% | 10/15/13 | Finance - Investment Bkrs |
| Deere & Co.                                                      | 95,000 | $115,479 | 4.08% | 5/15/30 | Machinery - Farm |
| Federal Home Loan Mtge Corp                                      | 100,000 | $99,206 | 3.51% | 8/26/19 | Finance - Mrtg & R.E. Service |
| Federal Farm Credit Bank                                         | 120,000 | $117,824 | 4.16% | 2/17/15 | Agricultural Operations |
| Federal Farm Credit Bank                                         | 150,000 | $150,966 | 5.34% | 8/15/21 | Real Estate - Operations |
| Federal Home Loan Bank                                           | 100,000 | $99,292 | 3.51% | 4/13/15 | Finance - Consumer Loans |
| Federal National Mtge Assoc.                                     | 100,000 | $97,824 | 3.46% | 4/10/15 | Housing |
| Florida Power & Light                                            | 100,000 | $96,694 | 3.42% | 10/1/33 | Utility - Electric Power |
| General Electric Capital Corp                                    | 60,000 | $66,764 | 2.36% | 5/15/12 | Finance - Leasing Cos |
| Heinz H. J. Co.                                                  | 75,000 | $76,625 | 2.71% | 3/15/12 | Food - Misc Preparation |
| Hershey Foods Co.                                                | 50,000 | $52,487 | 1.85% | 8/15/12 | Food - Confectionery |
| Lowe's Companies                                                 | 50,000 | $53,891 | 1.90% | 6/1/10 | Buildg Prods - Retail/Whlsle |
| Masco                                                            | 60,000 | $65,143 | 2.30% | 8/15/13 | Buildg Prods - Miscellaneous |
| May Dept. Stores Co.                                             | 50,000 | $54,750 | 1.93% | 7/15/12 | Retail - Major Dept Strs |
| Norwest Financial Inc.                                           | 50,000 | $51,132 | 1.81% | 7/15/09 | Banks - Midwest |
| Paine Webber Group                                               | 50,000 | $54,847 | 1.94% | 2/15/14 | Finance - Investment Bkrs |
| Koninlijke Phillips Electronics Crp                              | 50,000 | $53,749 | 1.90% | 8/15/13 | Electronics - Misc Products |
| Progressive Corp.                                                | 75,000 | $80,476 | 2.84% | 10/1/13 | Insurance - Propt/Casul/Title |
| Sempra Energy Corp                                               | 50,000 | $52,615 | 1.86% | 3/1/10 | Utility - Gas Distribution |
| Southwest Airlines Co.                                           | 75,000 | $78,419 | 2.77% | 3/1/12 | Transportation - Airline |
| US T Note 5.25% 2/15/2029                                        | 145,000 | $152,273 | 5.38% | 2/15/29 | U S Government |
| Wal-Mart Stores                                                  | 45,000 | $48,359 | 1.71% | 6/1/13 | Retail - Discount & Variety |
| XL Capital (Europe)                                              | 90,000 | $92,863 | 3.28% | 1/15/12 | Insurance - Propt/Casul/Title |
|                                                             |
|                                                             | TOTAL | $2,829,596 |   |   |   |
|                                                             |
| **Saturna Investment Trust Idaho        Tax-Exempt Fund**        |
|                                                             |
| Bond                                                             | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Ada & Canyon JSD #2 Meridian                                     | 50,000 | $54,676 | 0.60% | 7/30/15 | Schools |
| Ada & Canyon JSD #2 Meridian                                     | 165,000 | $172,628 | 1.91% | 8/15/20 | General Obligations |
| Ada & Canyon JSD #2 Merdian                                      | 155,000 | $161,566 | 1.79% | 8/15/21 | General Obligations |
| Washington & Adams Co.s JSDC # 432                               | 100,000 | $97,454 | 1.08% | 8/15/19 | General Obligations |
| Bingham Co. Id. SCD # 55 Blackfoot                               | 285,000 | $293,080 | 3.24% | 8/1/17 | General Obligations |
| Blackfoot ID COP Series 2000                                     | 135,000 | $142,553 | 1.58% | 2/1/18 | Utility - Waste Mangmt |
| Blaine County Idaho Series A                                     | 150,000 | $139,085 | 1.54% | 8/1/23 | General Obligations |
| Boise Co. ID SD # 73 Horseshoe Bend                              | 125,000 | $127,009 | 1.40% | 7/31/10 | Schools |
| Boise City ID Gen Fund Rev                                       | 160,000 | $167,877 | 1.86% | 12/1/17 | Finance - Services |
| Boise City ID Gen Fund Rev                                       | 100,000 | $104,589 | 1.16% | 12/1/18 | Finance - Services |
| Boise State University Rev.'s Ref A                              | 295,000 | $308,175 | 3.41% | 4/1/19 | State Education |
| Boise CIty Urb Ren Lease Rev                                     | 160,000 | $166,299 | 1.84% | 8/15/20 | Real Estate - Development |
| Boise City Urb Ren Agy Lease Rev                                 | 90,000 | $92,565 | 1.02% | 8/15/21 | Real Estate - Development |
| Boise City ID Urb Ren Agy Pk Rev&RA                              | 65,000 | $65,948 | 0.73% | 9/1/12 | Real Estate - Development |
| Bonneville & Bingham Co ID SCD 93                                | 150,000 | $153,654 | 1.70% | 9/15/16 | General Obligations |
| Bonneville & Bingham Co JSD #93 GO                               | 150,000 | $152,204 | 1.68% | 9/15/17 | General Obligations |
| Boundary Co. ID SCD 101                                          | 130,000 | $137,931 | 1.53% | 8/1/22 | General Obligations |
| Caldwell ID GO                                                   | 150,000 | $155,139 | 1.72% | 5/15/14 | General Obligations |
| Canyon Co. ID SCD # 131 Nampa                                    | 325,000 | $331,237 | 3.66% | 8/15/19 | Schools |
| Canyon Co. ID SCD # 131 Nampa                                    | 105,000 | $108,535 | 1.20% | 8/15/23 | General Obligations |
| Canyon Co. ID SD #134 Middleton                                  | 170,000 | $173,779 | 1.92% | 7/31/16 | General Obligations |
| Canyon Co. Id SD #139 Vallivue                                   | 350,000 | $335,199 | 3.71% | 9/15/25 | Schools |
| Idaho Bond Bank Authority Rev                                    | 135,000 | $131,005 | 1.45% | 9/1/22 | Pollution Control - Servcs |
| Idaho Bond Bank Authority                                        | 250,000 | $257,375 | 2.85% | 9/15/26 | Utility - Water Supply |
| Idaho Falls ID Electric                                          | 145,000 | $145,319 | 1.61% | 4/1/19 | Utility - Electric Power |
| Idaho Health Facs Auth Rev Ref.                                  | 110,000 | $111,341 | 1.23% | 12/1/14 | Medical - Hospitals |
| Idaho Health Facs Auth Corp                                      | 115,000 | $116,149 | 1.28% | 12/1/22 | Medical - Hospitals |
| Idaho Housing Agency                                             | 5,000 | $4,936 | 0.05% | 7/1/11 | Housing |
| Idaho Housing & Finance Assoc.                                   | 100,000 | $103,727 | 1.15% | 6/1/17 | Schools |
| Idaho State Building Authority                                   | 95,000 | $95,371 | 1.05% | 9/1/18 | Real Estate - Development |
| Idaho State Building Authority                                   | 100,000 | $100,527 | 1.11% | 9/1/21 | Real Estate - Development |
| Idaho State Building Authority                                   | 110,000 | $109,072 | 1.21% | 9/1/23 | Building - Resident/Commercl |
| Idaho State Building Authority                                   | 105,000 | $103,131 | 1.14% | 9/1/16 | State Education |
| Idaho State University Ref & Impt                                | 150,000 | $151,416 | 1.67% | 4/1/17 | State Education |
| Idaho State University Rev.                                      | 220,000 | $221,687 | 2.45% | 4/1/24 | State Education |
| Jerome ID Urban Renewal District                                 | 200,000 | $200,882 | 2.22% | 9/1/13 | Real Estate - Development |
| Jerome Lincoln Gooding Co's JSC 261                              | 125,000 | $120,108 | 1.33% | 9/15/18 | General Obligations |
| Jerome Lincoln Gooding Co's JSD 261                              | 250,000 | $263,083 | 2.91% | 9/15/22 | General Obligations |
| Ketchum ID Water Rev                                             | 60,000 | $60,383 | 0.67% | 9/1/13 | Utility - Water Supply |
| Kootenai-Shonshone Area Librarys                                 | 220,000 | $217,265 | 2.40% | 8/1/21 | General Obligations |
| Lemhi County ID GO                                               | 100,000 | $100,510 | 1.11% | 8/1/15 | General Obligations |
| Madison CO ID Hospital COP                                       | 105,000 | $106,715 | 1.18% | 12/1/18 | Medical - Hospitals |
| Madison Co. Id SCD # 321 Rexburg                                 | 160,000 | $156,861 | 1.73% | 8/15/24 | General Obligations |
| Madison Co. SD # 321 Rexburg UTGO                                | 250,000 | $242,785 | 2.68% | 8/15/26 | Schools |
| Meridian ID Free Library District                                | 200,000 | $201,114 | 2.22% | 8/1/15 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 75,000 | $75,976 | 0.84% | 8/15/18 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 75,000 | $75,020 | 0.83% | 8/15/20 | General Obligations |
| Minidoka & Jerome JSD # 331                                      | 160,000 | $155,987 | 1.72% | 8/15/25 | General Obligations |
| Nampa Idaho Series B                                             | 200,000 | $209,932 | 2.32% | 8/1/20 | General Obligations |
| Nez Perce County (Jail) 2007 COP                                 | 150,000 | $145,347 | 1.61% | 2/1/21 | Municipal Leases |
| Owyhee & Canyon Co.s JSD #370                                    | 160,000 | $166,837 | 1.84% | 8/15/16 | Schools |
| Payette Co ID SCD #373                                           | 100,000 | $101,431 | 1.12% | 9/15/24 | Schools |
| Post Falls LID 2004-1                                            | 300,000 | $300,114 | 3.32% | 5/1/21 | Real Estate - Development |
| Troy ID Sewer System                                             | 15,000 | $14,895 | 0.16% | 2/1/08 | Utilities - Sewer |
| Troy ID Sewer System                                             | 20,000 | $19,873 | 0.22% | 2/1/09 | Utilities - Sewer |
| Troy ID Sewer System                                             | 20,000 | $19,880 | 0.22% | 2/1/10 | Utilities - Sewer |
| University of Idaho Rev.s                                        | 200,000 | $210,272 | 2.33% | 4/1/19 | State Education |
| University of Idaho Rev's                                        | 160,000 | $167,395 | 1.85% | 4/1/20 | State Education |
| Valley & Adams JSD # 421 McCall                                  | 135,000 | $133,915 | 1.48% | 8/1/22 | General Obligations |
| Valley & Adams Co.'s JSD 421                                     | 290,000 | $284,223 | 3.14% | 8/1/24 | Schools |
|                                                             |
|                                                             | TOTAL | $9,043,039 |   |   |   |

 

 

**Item 2. Controls and Procedures**

Internal control over financial reporting is under the supervision  of the principal executive and financial officers. On September 12, 2007, 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: 

  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:   By:  /s/*Christopher Fankhauser*  Christopher Fankhauser, Treasurer   Date: