UNITED STATES   SECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549**FORM N-Q****QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED  MANAGEMENT INVESTMENT COMPANY**  Investment Company Act file number: 811-05071**SATURNA INVESTMENT TRUST**  (Exact Name of Registrant as Specified in Charter)**1300 N. State Street  Bellingham, Washington 98225-4730**  (Address of Principal Executive Offices, including ZIP Code)  Nicholas F. Kaiser  1300 N. State Street  Bellingham, Washington 98225-4730  (Name and Address of Agent for Service)  Registrant’s Telephone Number- (360) 734-9900  Date of fiscal year end: November 30, 2010  Date of reporting period: August 31, 2010

 

 

**Item 1. Schedule of Investments**

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

| **Saturna Investment Trust, Sextant        Growth Fund**          |
|-------------------------------------------------------------------|
|                                                              |
| Common Stock                                                      | Quantity | Market Value | % Portfoio | Industry |
| AK Steel Holding                                                  | 10,000 | $127,400 | 0.68% | Steel - Producers |
| AT&T                                                              | 10,000 | $270,300 | 1.45% | Telecommunctns - Services |
| Abbott Laboratories                                               | 7,000 | $345,380 | 1.85% | Medical - Drugs |
| Adobe Systems                                                     | 7,600 | $210,520 | 1.13% | Computer - Software |
| Advanced Micro Devices                                            | 20,000 | $112,200 | 0.60% | Elec Components - Semicondtrs |
| Agilent Technologies                                              | 13,000 | $350,610 | 1.87% | Elec Components - Misc |
| Alaska Air Group                                                  | 10,000 | $442,300 | 2.36% | Transportation - Airline |
| Alcoa                                                             | 30,000 | $306,525 | 1.64% | Metal Ores - Non Ferrous |
| Allegiant Travel                                                  | 16,000 | $602,080 | 3.22% | Transportation - Airline |
| Amazon.com                                                        | 6,000 | $748,980 | 4.00% | Retail - Internet |
| Amgen                                                             | 3,700 | $188,848 | 1.01% | Medical - Biomed/Genetics |
| AmSurg                                                            | 15,000 | $250,050 | 1.34% | Medical - Outpnt/Home Care |
| Apple                                                             | 4,800 | $1,166,880 | 6.24% | Computer - Mini/Micro |
| Banner Corporation                                                | 50,000 | $102,000 | 0.55% | Banks - West |
| Bed Bath & Beyond                                                 | 9,000 | $323,730 | 1.73% | Retail - Misc/Diversified |
| Best Buy                                                          | 10,000 | $313,900 | 1.68% | Retail - Consumer Elect |
| CVS Caremark                                                      | 10,000 | $269,800 | 1.44% | Retail - Drug Stores |
| Chubb                                                             | 7,000 | $385,910 | 2.06% | Insurance - Propt/Casul/Title |
| Coach                                                             | 6,000 | $215,040 | 1.15% | Textile - Apparel Mfg |
| Devon Energy                                                      | 6,000 | $361,680 | 1.93% | Oil & Gas - U S Explo & Prod |
| Dr Pepper Snapple                                                 | 16,000 | $589,120 | 3.15% | Beverages - Soft Drink |
| Duke Energy                                                       | 10,000 | $171,800 | 0.92% | Utility - Electric Power |
| E*TRADE Financial                                                 | 15,000 | $185,963 | 0.99% | Finance - Investment Bkrs |
| FTI Consulting                                                    | 5,000 | $163,900 | 0.88% | Business Services |
| Ford Motor                                                        | 25,000 | $282,125 | 1.51% | Auto/Truck - Manufacturing |
| Furiex Pharmaceuticals Inc.                                       | 1,250 | $12,450 | 0.07% | Medical - Drugs |
| Hewlett-Packard                                                   | 10,000 | $384,500 | 2.06% | Computer - Mini/Micro |
| Honeywell International                                           | 10,000 | $390,600 | 2.09% | Diversified Operations |
| Idacorp                                                           | 10,000 | $350,600 | 1.87% | Utility - Electric Power |
| Intuit                                                            | 12,000 | $512,850 | 2.74% | Computer - Software |
| Johnson & Johnson                                                 | 10,000 | $570,200 | 3.05% | Medical - Supplies |
| KB Home                                                           | 20,000 | $206,200 | 1.10% | Building - Resident/Commercl |
| Lincoln Electric Holdings                                         | 4,000 | $198,240 | 1.06% | Machinery - Tools & Rel Prods |
| LoopNet                                                           | 20,000 | $210,800 | 1.13% | Internet Content |
| Lowe's                                                            | 15,000 | $304,200 | 1.63% | Buildg Prods - Retail/Whlsle |
| NRG Energy                                                        | 10,000 | $203,200 | 1.09% | Utility - Electric Power |
| NextEra Energy                                                    | 7,000 | $376,110 | 2.01% | Utility - Electric Power |
| Norfolk Southern                                                  | 7,000 | $375,760 | 2.01% | Transportation - Rail |
| Nucor                                                             | 4,000 | $147,120 | 0.79% | Steel - Producers |
| Oracle                                                            | 15,000 | $327,675 | 1.75% | Computer - Software |
| PepsiCo                                                           | 6,000 | $385,080 | 2.06% | Beverages - Soft Drink |
| Pharmaceutical Product Development                                | 15,000 | $344,550 | 1.84% | Medical - Drugs |
| Piedmont Natural Gas                                              | 8,000 | $218,240 | 1.17% | Utility - Gas Distribution |
| Raytheon                                                          | 6,500 | $285,480 | 1.53% | Aerospace - Equipment |
| Red Lion Hotels                                                   | 50,000 | $312,500 | 1.67% | Hotels & Motels |
| Regal-Beloit                                                      | 5,500 | $304,260 | 1.63% | Machinery - Tools & Rel Prods |
| Charles Schwab                                                    | 25,000 | $319,000 | 1.71% | Finance - Investment Bkrs |
| Sempra Energy                                                     | 6,000 | $305,520 | 1.63% | Utility - Gas Distribution |
| Spectra Energy                                                    | 13,000 | $264,420 | 1.41% | Oil & Gas - Prods/Pipeline |
| Stanley Black & Decker                                            | 3,000 | $160,920 | 0.86% | Machinery - Tools & Rel Prods |
| Staples                                                           | 6,000 | $106,620 | 0.57% | Office Equip & Supplies |
| Trimble Navigation                                                | 14,000 | $393,820 | 2.11% | Instruments - Elec Measuring |
| United Parcel Service                                             | 6,000 | $382,800 | 2.05% | Transportation - Services |
| VCA Antech                                                        | 8,000 | $158,080 | 0.85% | Medical - Hospitals |
| Visa                                                              | 3,000 | $206,940 | 1.11% | Finance - Services |
| Washington Banking                                                | 25,000 | $301,500 | 1.61% | Banks - West |
| Washington Federal                                                | 15,000 | $214,200 | 1.15% | Finance - Savings & Loan |
| Weyerhaeuser                                                      | 24,509 | $384,791 | 2.06% | Buildg Prods - Wood |
| John Wiley & Sons                                                 | 8,000 | $284,720 | 1.52% | Publishing - Books |
| Noble                                                             | 10,000 | $311,200 | 1.66% | Oil & Gas - Offshore Drillng |
|                                                              |
|                                                              | TOTAL | $18,702,187 | 100.00% |   |
|                                                              |
| **Saturna Investment Trust, Sextant        Core Fund**            |
|                                                              |
| Common Stock                                                      | Quantity | Market Value | % Portfolio | Industry |
| AT&T                                                              | 2,600 | $70,278 | 1.66% | Telecommunctns - Services |
| Adobe Systems                                                     | 1,100 | $30,470 | 0.72% | Computer - Software |
| Alcoa                                                             | 2,000 | $20,435 | 0.48% | Metal Ores - Non Ferrous |
| Allegiant Travel                                                  | 1,200 | $45,156 | 1.07% | Transportation - Airline |
| Anglo American PLC ADR                                            | 1,119 | $19,929 | 0.47% | Metal Ores - Gold |
| Apple                                                             | 250 | $60,775 | 1.43% | Computer - Mini/Micro |
| Arch Coal                                                         | 2,000 | $44,990 | 1.06% | Coal |
| Australia & New Zealand Banking ADS                               | 3,000 | $60,660 | 1.43% | Banks - Foreign |
| BASF SE ADS                                                       | 400 | $21,056 | 0.50% | Chemicals - Diversified |
| Bellsouth Corp                                                    | 100,000 | $107,786 | 2.54% | Telecommunctns - Services |
| Berkley WR Corp                                                   | 100,000 | $104,731 | 2.47% | Insurance - Propt/Casul/Title |
| BHP Billiton ADS                                                  | 650 | $43,225 | 1.02% | Metal Ores - Non Ferrous |
| CRH PLC ADS                                                       | 600 | $9,402 | 0.22% | Building - Cement/Concrete/Ag |
| CSX Corp.                                                         | 95,000 | $97,824 | 2.31% | Transportation - Rail |
| Canadian National Railway                                         | 800 | $48,816 | 1.15% | Transportation - Rail |
| China Mobile ADS                                                  | 500 | $25,660 | 0.61% | Telecommunctns - Cellular |
| Chubb                                                             | 750 | $41,348 | 0.98% | Insurance - Propt/Casul/Title |
| ConocoPhillips                                                    | 1,250 | $65,538 | 1.55% | Oil & Gas - U S Integrated |
| Countrywide Home Loan                                             | 100,000 | $105,997 | 2.50% | Banks - Money Center |
| Devon Energy                                                      | 1,200 | $72,336 | 1.71% | Oil & Gas - U S Explo & Prod |
| EI du Pont de Nemours                                             | 100,000 | $116,498 | 2.75% | Chemicals - Diversified |
| Emerson Electric                                                  | 100,000 | $117,410 | 2.77% | Elec Components - Misc |
| Express Scripts                                                   | 1,200 | $51,120 | 1.21% | Medical - Hlth Maint Orgs |
| Freeport-McMoRan Copper & Gold                                    | 200 | $14,398 | 0.34% | Metal Ores - Misc |
| General Mills                                                     | 2,000 | $72,320 | 1.71% | Food - Misc Preparation |
| Genzyme                                                           | 400 | $28,044 | 0.66% | Medical - Biomed/Genetics |
| GlaxoSmithKline PLC ADS                                           | 500 | $18,700 | 0.44% | Medical - Drugs |
| Harris                                                            | 800 | $33,656 | 0.79% | Telecommunctns - Equip |
| Heinz (H.J.)                                                      | 1,500 | $69,360 | 1.64% | Food - Canned |
| Hewlett-Packard                                                   | 1,200 | $46,140 | 1.09% | Computer - Mini/Micro |
| Home Depot                                                        | 100,000 | $112,667 | 2.66% | Buildg Prods - Retail/Whlsle |
| Honeywell International                                           | 850 | $33,201 | 0.78% | Diversified Operations |
| Humana                                                            | 1,000 | $47,790 | 1.13% | Medical - Hlth Maint Orgs |
| Idacorp                                                           | 900 | $31,554 | 0.74% | Utility - Electric Power |
| ING Groep NV ADS                                                  | 1,242 | $11,029 | 0.26% | Insurance - Multi Line |
| JP Morgan Chase & Co                                              | 550 | $19,998 | 0.47% | Banks - Money Center |
| Johnson & Johnson                                                 | 900 | $51,318 | 1.21% | Medical - Supplies |
| Kimberly-Clark                                                    | 625 | $40,250 | 0.95% | Paper & Paper Products |
| LAN Airlines SA ADS                                               | 3,500 | $93,590 | 2.21% | Transportation - Airline |
| Eli Lilly                                                         | 1,000 | $33,590 | 0.79% | Medical - Drugs |
| Lockheed Martin                                                   | 400 | $27,808 | 0.66% | Electronics - Military Sys |
| Lowe's                                                            | 900 | $18,252 | 0.43% | Buildg Prods - Retail/Whlsle |
| McGraw-Hill                                                       | 1,000 | $27,650 | 0.65% | Publishing - Books |
| Monsanto                                                          | 600 | $31,590 | 0.75% | Medical - Drugs |
| NRG Energy                                                        | 1,200 | $24,384 | 0.58% | Utility - Electric Power |
| NextEra Energy                                                    | 600 | $32,238 | 0.76% | Utility - Electric Power |
| Nike                                                              | 900 | $63,000 | 1.49% | Shoes & Related Apparel |
| Novartis AG ADR                                                   | 800 | $41,992 | 0.99% | Medical - Drugs |
| Novo Nordisk A/S ADS                                              | 400 | $34,248 | 0.81% | Medical - Drugs |
| Nucor                                                             | 800 | $29,424 | 0.69% | Steel - Producers |
| PNC Bank                                                          | 600 | $30,594 | 0.72% | Banks - Northeast |
| Parker Hannifin                                                   | 450 | $26,622 | 0.63% | Instruments - Control |
| Pearson PLC ADS                                                   | 3,100 | $45,942 | 1.08% | Publishing - Books |
| PepsiCo                                                           | 1,000 | $64,180 | 1.51% | Beverages - Soft Drink |
| Praxair                                                           | 700 | $60,221 | 1.42% | Chemicals - Specialty |
| Procter & Gamble                                                  | 900 | $53,703 | 1.27% | Cosmetics & Toiletries |
| RPM International                                                 | 1,000 | $16,900 | 0.40% | Chemicals - Specialty |
| SeaRiver Maritime                                                 | 112,000 | $106,890 | 2.52% | Transportation - Ship |
| Stanley Black & Decker                                            | 446 | $23,923 | 0.56% | Machinery - Tools & Rel Prods |
| Staples                                                           | 90,000 | $100,254 | 2.37% | Office Equip & Supplies |
| StatoilHydro ASA ADS                                              | 2,003 | $37,536 | 0.89% | Oil & Gas - Intl Integrated |
| Taiwan Semiconductor ADS                                          | 4,534 | $42,620 | 1.01% | Elec Components - Semicondtrs |
| Telefonica SA ADS                                                 | 500 | $33,255 | 0.78% | Utility - Telephone |
| 3M                                                                | 600 | $47,130 | 1.11% | Diversified Operations |
| Tomkins PLC ADS                                                   | 750 | $14,790 | 0.35% | Diversified Operations |
| Toronto-Dominion Bank                                             | 550 | $37,131 | 0.88% | Banks - Foreign |
| Total SA ADS                                                      | 1,100 | $51,315 | 1.21% | Oil & Gas - Intl Integrated |
| Unilever PLC ADS                                                  | 1,850 | $49,136 | 1.16% | Food - Misc Preparation |
| U.S. Treasury Bond                                                | 150,000 | $228,492 | 5.39% | U S Government |
| US Treasury Bond                                                  | 100,000 | $131,891 | 3.11% | U S Government |
| U.S. Treasury Bond 5-3/8 2/15/31                                  | 60,000 | $78,703 | 1.86% | U S Government |
| UnitedHealth                                                      | 2,000 | $63,440 | 1.50% | Medical - Hlth Maint Orgs |
| Verizon                                                           | 100,000 | $105,495 | 2.49% | Telecommunctns - Cellular |
| Visa                                                              | 600 | $41,388 | 0.98% | Finance - Services |
| Washington Federal                                                | 2,000 | $28,560 | 0.67% | Finance - Savings & Loan |
| Western Union                                                     | 30,000 | $34,841 | 0.82% | Finance - Services |   |
| Williams Companies                                                | 3,000 | $54,390 | 1.28% | Oil & Gas - Prods/Pipeline |   |
| Xerox Corporate Bond                                              | 100,000 | $101,473 | 2.39% | Office Automation |   |
| Orient-Express Hotels                                             | 1,000 | $8,640 | 0.20% | Hotels & Motels |   |
| Noble                                                             | 1,600 | $49,792 | 1.17% | Oil & Gas - Offshore Drillng |   |
|                                                              |
|                                                              | TOTAL | $4,238,878 | 100.00% |   |   |
|                                                              |
| **Saturna Investment Trust, Sextant        International Fund**   |
|                                                              |
| Common Stock                                                      | Quantity | Market Value | % Portfolio | Industry | Country |
| Aegon NV                                                          | 100,000 | $511,000 | 0.58% | Insurance - Multi Line | NETHERLANDS |
| America Movil SAB de CV ADS                                       | 30,000 | $1,398,900 | 1.60% | Telecommunctns - Cellular | MEXICO |
| American Oriental Bioengineering                                  | 100,000 | $227,000 | 0.26% | Medical - Biomed/Genetics | CHINA |
| Anglo American PLC ADR                                            | 80,000 | $1,424,800 | 1.63% | Metal Ores - Gold | SOUTH AFRICA |
| Australia & New Zealand Banking ADS                               | 40,000 | $808,800 | 0.92% | Banks - Foreign | AUSTRALIA |
| AXA SA ADS                                                        | 17,000 | $262,480 | 0.30% | Banks - Foreign | FRANCE |
| BASF SE ADS                                                       | 3,400 | $178,976 | 0.20% | Chemicals - Diversified | GERMANY |
| BCE                                                               | 60,000 | $1,874,400 | 2.14% | Telecommunctns - Equip | CANADA |
| BG Group plc ADS                                                  | 14,000 | $1,124,200 | 1.28% | Utility - Gas Distribution | UNITED KINGDOM |
| Banco Bilbao Vizcaya Argentaria SA                                | 50,000 | $603,500 | 0.69% | Banks - Foreign | SPAIN |
| Banco Santander ADS                                               | 200,000 | $2,338,000 | 2.67% | Banks - Foreign | SPAIN |
| Barrick Gold                                                      | 25,000 | $1,169,000 | 1.34% | Metal Ores - Gold | CANADA |
| BHP Billiton ADS                                                  | 20,000 | $1,330,000 | 1.52% | Metal Ores - Non Ferrous | AUSTRALIA |
| CPFL Energia S A ADR                                              | 15,000 | $1,069,200 | 1.22% | Utility - Electric Power | BRAZIL |
| CRH PLC ADS                                                       | 10,000 | $156,700 | 0.18% | Building - Cement/Concrete/Ag | IRELAND |
| Canadian Pacific Railway                                          | 32,000 | $1,887,360 | 2.16% | Transportation - Rail | CANADA |
| Canon ADS                                                         | 11,000 | $450,010 | 0.51% | Office Automation | JAPAN |
| Cenovus Energy                                                    | 40,000 | $1,076,400 | 1.23% | Oil & Gas - Canadn Exp & Prod | CANADA |
| China Mobile ADS                                                  | 25,000 | $1,283,000 | 1.47% | Telecommunctns - Cellular | CHINA |
| China Techfaith Wireless ADR                                      | 10,000 | $32,200 | 0.04% | Telecommunctns - Cellular | CHINA |
| Coca-Cola Femsa SAB de CV ADS                                     | 20,000 | $1,501,400 | 1.72% | Beverages - Soft Drink | MEXICO |
| COPA Holdings SA, Class A                                         | 40,000 | $1,951,200 | 2.23% | Transportation - Airline | PANAMA |
| Dassault Systems SA ADR                                           | 10,000 | $604,200 | 0.69% | Computer - Software | FRANCE |
| EnCana                                                            | 40,000 | $1,099,600 | 1.26% | Oil & Gas - Canadn Integrated | CANADA |
| Enersis SA ADS                                                    | 65,000 | $1,430,000 | 1.63% | Utility - Electric Power | CHILE |
| Fibria Celulose SA                                                | 45,500 | $694,330 | 0.79% | Paper & Paper Products | BRAZIL |
| Fomento Economico Mex ADS                                         | 20,000 | $974,000 | 1.11% | Beverages - Alcoholic | MEXICO |
| GlaxoSmithKline PLC ADS                                           | 35,000 | $1,309,000 | 1.50% | Medical - Drugs | UNITED KINGDOM |
| ICICI Bank Ltd ADS                                                | 30,000 | $1,239,300 | 1.42% | Banks - Foreign | INDIA |
| Infosys ADS                                                       | 32,000 | $1,832,960 | 2.09% | Computer - Software | INDIA |
| ING Groep NV ADS                                                  | 92,852 | $824,526 | 0.94% | Insurance - Multi Line | NETHERLANDS |
| Korea Electric Power ADS                                          | 20,000 | $246,200 | 0.28% | Utility - Electric Power | KOREA |
| LAN Airlines SA ADS                                               | 130,000 | $3,476,200 | 3.97% | Transportation - Airline | CHILE |
| LIHIR Gold Limited ADS                                            | 55,000 | $2,279,200 | 2.60% | Metal Ores - Gold | INDONESIA |
| Metso Oyj ADS                                                     | 12,100 | $440,440 | 0.50% | Paper & Paper Products | FINLAND |
| Millicom International Cellular SA                                | 10,000 | $920,800 | 1.05% | Telecommunctns - Cellular | LUXEMBOURG |
| Mitsubishi UFJ Financial ADR                                      | 200,000 | $950,000 | 1.09% | Banks - Foreign | JAPAN |
| Nice Systems ADS                                                  | 10,000 | $268,000 | 0.31% | Computer - Internet | ISRAEL |
| Nidec ADR                                                         | 13,000 | $283,400 | 0.32% | Machinery - Electrical | JAPAN |
| Nintendo                                                          | 17,000 | $590,750 | 0.67% | Toys/Games/Hobby Prod | JAPAN |
| Nissan Motor ADS                                                  | 95,000 | $1,446,850 | 1.65% | Auto/Truck - Mfg Foreign | JAPAN |
| Nomura Holdings ADR                                               | 30,000 | $168,000 | 0.19% | Finance - Investment Bkrs | JAPAN |
| Novartis AG ADR                                                   | 25,000 | $1,312,250 | 1.50% | Medical - Drugs | SWITZERLAND |
| Novo Nordisk A/S ADS                                              | 25,000 | $2,140,500 | 2.45% | Medical - Drugs | DENMARK |
| Orient Express Hotels                                             | 131,300 | $1,134,432 | 1.30% | Hotels & Motels | BERMUDA |
| Pearson PLC ADS                                                   | 90,000 | $1,333,800 | 1.52% | Publishing - Books | UNITED KINGDOM |
| Potash Corp of Saskatchewan                                       | 17,000 | $2,503,250 | 2.86% | Fertilizers | CANADA |
| PT Indosat Tbk ADR                                                | 20,000 | $498,000 | 0.57% | Utility - Telephone | INDONESIA |
| Repsol YPF SA ADS                                                 | 55,000 | $1,252,900 | 1.43% | Oil & Gas - Intl Integrated | SPAIN |
| Rio Tinto PLC ADS                                                 | 16,000 | $806,880 | 0.92% | Metal Ores - Misc | UNITED KINGDOM |
| Ritchie Bros Auctioneers                                          | 30,000 | $546,900 | 0.62% | Building - Heavy Const | CANADA |
| Ryanair Holdings plc ADS                                          | 20,000 | $568,200 | 0.65% | Transportation - Airline | IRELAND |
| SK Telecom ADR                                                    | 30,000 | $480,600 | 0.55% | Telecommunctns - Services | KOREA |
| SAP AG ADS                                                        | 12,000 | $522,480 | 0.60% | Computer - Software | GERMANY |
| Shire PLC ADR                                                     | 20,000 | $1,294,400 | 1.48% | Medical - Drugs | UNITED KINGDOM |
| StatoilHydro ASA ADS                                              | 30,173 | $565,442 | 0.65% | Oil & Gas - Intl Integrated | NORWAY |
| Teck Resources LTD                                                | 100,000 | $3,338,000 | 3.81% | Metal Ores - Non Ferrous | CANADA |
| Telecom New Zealand ADS                                           | 20,000 | $140,800 | 0.16% | Utility - Telephone | NEW ZEALAND |
| Telefonica SA ADS                                                 | 25,000 | $1,662,750 | 1.90% | Utility - Telephone | SPAIN |
| Telefonos de Mexico SAB de CV ADS                                 | 30,000 | $419,100 | 0.48% | Utility - Telephone | MEXICO |
| Telus                                                             | 45,000 | $1,768,950 | 2.02% | Telecommunctns - Services | CANADA |
| Tenaris SA ADR                                                    | 2,500 | $84,125 | 0.10% | Steel - Pipe & Tubes | ARGENTINA |
| Teva Pharmaceutical Industries ADS                                | 30,000 | $1,518,600 | 1.74% | Medical - Generic Drugs | ISRAEL |
| Toronto-Dominion Bank                                             | 30,000 | $2,025,300 | 2.31% | Banks - Foreign | CANADA |
| Total SA ADS                                                      | 30,000 | $1,399,500 | 1.60% | Oil & Gas - Intl Integrated | FRANCE |
| Toyota Motor ADS                                                  | 20,000 | $1,356,800 | 1.55% | Auto/Truck - Mfg Foreign | JAPAN |
| Turkcell Iletisim Hizmetleri ADR                                  | 70,000 | $1,109,500 | 1.27% | Telecommunctns - Cellular | TURKEY |
| Unilever PLC ADS                                                  | 20,000 | $531,200 | 0.61% | Food - Misc Preparation | UNITED KINGDOM |
| US T Bill 11/18/10                                                | 10,000,000 | $9,997,140 | 11.42% |   |   |
| UPM-Kymmene Oyj ADS                                               | 3,500 | $47,740 | 0.05% | Paper & Paper Products | FINLAND |
| Vale SA-SP ADR                                                    | 60,000 | $1,605,000 | 1.83% | Metal Prods - Fabrication | BRAZIL |
| Vestas Wind Systems ADR                                           | 50,000 | $616,000 | 0.70% | Energy Alternate Sources | DENMARK |
| Vodafone Group PLC ADS                                            | 50,000 | $1,210,000 | 1.38% | Telecommunctns - Cellular | UNITED KINGDOM |
|                                                              |
|                                                              | TOTAL | $87,526,821 | 100.00% |   |   |
|                                                              |
| **Saturna Investment Trust, Sextant        Short-Term Bond Fund** |
|                                                              |
| Bond                                                              | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Astrazeneca PLC                                                   | 125,000 | $136,401 | 2.98% | 9/15/12 | Medical - Drugs |
| Bank of New York Mellon                                           | 160,000 | $173,254 | 3.79% | 4/1/12 | Banks - Money Center |
| Berkshire Hathaway Financial                                      | 100,000 | $106,433 | 2.33% | 5/15/15 | Insurance - Multi Line |
| Commerce Charter TWP Michigan                                     | 125,000 | $137,144 | 3.00% | 12/1/13 | General Obligations |
| Dawson Springs KY ISD Bldg Rev                                    | 95,000 | $98,192 | 2.15% | 8/1/13 | Schools |
| Dover Corporation                                                 | 100,000 | $102,732 | 2.24% | 2/15/11 | Machinery - Genrl Industrial |
| Florida Power & Light Group Capital                               | 140,000 | $146,484 | 3.20% | 9/1/11 | Utility - Electric Power |
| Xstrata Canada Corp                                               | 200,000 | $216,422 | 4.73% | 6/5/12 | Metal Ores - Misc |
| Fortune Brands                                                    | 120,000 | $121,785 | 2.66% | 1/15/11 | Beverages - Alcoholic |
| General Electric Capital Corp                                     | 100,000 | $107,681 | 2.35% | 10/19/12 | Diversified Operations |
| Halliburton Co.                                                   | 132,000 | $132,713 | 2.90% | 10/15/10 | Oil & Gas - Field Services |
| HSBC Finance Corp. (Household Finc)                               | 100,000 | $105,629 | 2.31% | 10/15/11 | Finance - Consumer Loans |
| IBM Corporation                                                   | 135,000 | $147,100 | 3.21% | 10/22/12 | Computer - Services |
| Manhattan Kansas                                                  | 180,000 | $186,487 | 4.07% | 12/1/13 | Roads |
| Marathon Oil                                                      | 120,000 | $129,582 | 2.83% | 7/1/12 | Oil & Gas - U S Integrated |
| Ontario, Canada Yankee                                            | 220,000 | $242,022 | 5.29% | 6/16/14 | U S Government |
| PNC Funding Corp                                                  | 200,000 | $222,669 | 4.86% | 6/10/14 | Banks - Northeast |
| Passaic NJ Taxable Pension GO                                     | 100,000 | $103,697 | 2.27% | 2/1/13 | General Obligations |
| Protective Life Secured Trust                                     | 200,000 | $211,000 | 4.61% | 5/15/13 | Insurance - Life |
| Rhode Island Econ Dev Corp Rev                                    | 175,000 | $183,701 | 4.01% | 3/15/13 | Real Estate - Development |
| Rio Tinto Finance USA                                             | 150,000 | $183,988 | 4.02% | 5/17/14 | Metal Ores - Misc |
| Roche Holdings Inc                                                | 150,000 | $157,803 | 3.45% | 3/1/12 | Medical - Misc Products |
| SeaRiver Maritime                                                 | 202,000 | $192,785 | 4.21% | 9/1/12 | Transportation - Ship |
| Southwestern Michigan Comm. College                               | 125,000 | $134,544 | 2.94% | 5/1/15 | Schools |
| Stanley Works                                                     | 180,000 | $192,365 | 4.20% | 11/1/12 | Machinery - Tools & Rel Prods |
| US T-NOTE                                                         | 350,000 | $357,984 | 7.82% | 12/31/13 | U S Government |
| Verizon New England Tel.                                          | 129,000 | $139,307 | 3.04% | 10/1/13 | Utility - Telephone |
| Noble Corp                                                        | 190,000 | $207,125 | 4.53% | 6/1/13 | Oil & Gas - Offshore Drillng |
|                                                              |
|                                                              | TOTAL | $4,577,029 | 100.00% |   |   |
|                                                              |
| **Saturna Investment Trust, Sextant        Bond Income Fund**     |
|                                                              |
| Bond                                                              | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Air Products & Chemicals                                          | 50,000 | $71,291 | 1.46% | 4/15/21 | Chemicals - Specialty |
| Allstate Corp.                                                    | 50,000 | $57,654 | 1.18% | 6/15/13 | Insurance - Multi Line |
| AutoZone Inc.                                                     | 95,000 | $105,231 | 2.15% | 11/15/15 | Auto Parts - Replacement |
| BHP Finance USA                                                   | 125,000 | $141,808 | 2.90% | 12/15/15 | Metal Ores - Misc |
| Baker Hughes Inc                                                  | 100,000 | $125,556 | 2.57% | 1/15/29 | Oil & Gas - Field Services |
| Burlington VT Taxable Pub Imp Ser B                               | 160,000 | $170,104 | 3.48% | 11/1/28 | General Obligations |
| Caterpillar INC                                                   | 40,000 | $43,339 | 0.89% | 8/15/11 | Machinery - Const/Mining |
| Cingular Wireless (AT&T)                                          | 140,000 | $173,701 | 3.55% | 12/15/31 | Utility - Telephone |
| CitiCorp                                                          | 50,000 | $52,823 | 1.08% | 10/15/11 | Banks - Money Center |
| Commonwealth Edison Corp.                                         | 50,000 | $57,961 | 1.19% | 7/1/13 | Utility - Electric Power |
| Conagra Inc.                                                      | 4,000 | $4,009 | 0.08% | 9/15/10 | Food - Misc Preparation |
| ConocoPhillips                                                    | 150,000 | $182,398 | 3.73% | 1/15/20 | Oil & Gas - Intl Integrated |
| Dayton Hudson Corp. (Target Stores)                               | 50,000 | $51,496 | 1.05% | 1/1/11 | Retail - Discount & Variety |
| Dean Witter Discovery & Company                                   | 50,000 | $55,275 | 1.13% | 10/15/13 | Finance - Investment Bkrs |
| Deere & Co.                                                       | 95,000 | $134,646 | 2.75% | 5/15/30 | Machinery - Farm |
| Dell Rapids SD School Dist 49-3                                   | 200,000 | $213,012 | 4.36% | 1/15/30 | Schools |
| Dupage Co. IL Cmnty Coll Dist #502                                | 150,000 | $158,136 | 3.23% | 1/1/26 | General Obligations |
| Federal Farm Credit Bank                                          | 150,000 | $167,596 | 3.43% | 1/15/18 | U S Government |
| Federal Home Loan Bank                                            | 150,000 | $178,710 | 3.66% | 9/15/16 | Finance - Mrtg & R.E. Service |
| Florida Power & Light                                             | 100,000 | $118,512 | 2.42% | 10/1/33 | Utility - Electric Power |
| Goldman Sachs                                                     | 180,000 | $179,240 | 3.67% | 1/15/27 | Finance - Investment Bkrs |
| Graves CO KY SCD Bldg Lease Rev                                   | 150,000 | $158,417 | 3.24% | 6/1/24 | Schools |
| Heinz H. J. Co.                                                   | 75,000 | $80,278 | 1.64% | 3/15/12 | Food - Misc Preparation |
| Hershey Foods Co.                                                 | 50,000 | $55,728 | 1.14% | 8/15/12 | Food - Confectionery |
| Idaho Hsg & Fin GRAVEE BAB A-2                                    | 180,000 | $193,792 | 3.96% | 7/15/20 | Roads |
| Masco                                                             | 60,000 | $63,333 | 1.30% | 8/15/13 | Buildg Prods - Miscellaneous |
| Milan Cnty Michigan Area Schools                                  | 150,000 | $161,478 | 3.30% | 5/1/24 | General Obligations |
| Oklahoma City Fin Auth Ed Lease Rev                               | 160,000 | $187,470 | 3.83% | 9/1/22 | State Education |
| Paine Webber Group                                                | 50,000 | $56,684 | 1.16% | 2/15/14 | Finance - Investment Bkrs |
| Pharmacia (PFE)                                                   | 100,000 | $125,557 | 2.57% | 12/1/18 | Medical - Drugs |
| Phillips Electronics Corp                                         | 75,000 | $87,334 | 1.79% | 8/15/13 | Electronics - Misc Products |
| Progressive                                                       | 75,000 | $83,735 | 1.71% | 10/1/13 | Insurance - Propt/Casul/Title |
| Quebec Canada Yankee                                              | 175,000 | $243,691 | 4.98% | 2/9/24 | U S Government |
| St. Pauls Travelers Insurance                                     | 125,000 | $142,130 | 2.91% | 12/1/15 | Insurance - Propt/Casul/Title |
| San Marcos Texas ULTD GO BAB                                      | 200,000 | $213,332 | 4.36% | 8/15/30 | Utilities - Sewer |
| SeaRiver Maritime                                                 | 225,000 | $214,735 | 4.39% | 9/1/12 | Transportation - Ship |
| Southwest Airlines                                                | 75,000 | $79,727 | 1.63% | 3/1/12 | Transportation - Airline |
| Springville UT. GO BAB                                            | 240,000 | $246,689 | 5.05% | 5/1/31 | General Obligations |
| Wal-Mart Stores                                                   | 45,000 | $52,580 | 1.08% | 6/1/13 | Retail - Discount & Variety |
|                                                              |
|                                                              | TOTAL | $4,889,188 | 100.00% |   |   |
|                                                              |
| **Saturna Investment Trust, Idaho        Tax-Exempt Fund**        |
|                                                              |
| Bond                                                              | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Ada & Canyon JSD #2 Meridian                                      | 50,000 | $60,031 | 0.40% | 7/30/15 | Schools |
| Ada & Canyon JSD #2 Meridian                                      | 165,000 | $188,384 | 1.25% | 8/15/20 | General Obligations |
| Ada & Canyon JSD #2 Merdian                                       | 155,000 | $176,105 | 1.17% | 8/15/21 | General Obligations |
| Ada & Canyon JSD # 3 Kuna                                         | 500,000 | $573,510 | 3.81% | 9/15/19 | General Obligations |
| Washington & Adams Co.s JSDC # 432                                | 100,000 | $110,274 | 0.73% | 8/15/19 | General Obligations |
| Bingham Co. SCD # 52 Snake HS                                     | 250,000 | $281,848 | 1.87% | 9/1/20 | General Obligations |
| Bingham Co. SCD #52 Snake HS                                      | 400,000 | $424,152 | 2.82% | 9/1/27 | General Obligations |
| Bingham Co. Id. SCD # 55 Blackfoot                                | 285,000 | $303,240 | 2.01% | 8/1/17 | General Obligations |
| Blackfoot ID COP Series 2000                                      | 135,000 | $135,381 | 0.90% | 2/1/18 | Utility - Waste Mangmt |
| Blaine County Idaho Series A                                      | 150,000 | $162,195 | 1.08% | 8/1/23 | General Obligations |
| Boise City ID Gen Fund Rev                                        | 160,000 | $167,858 | 1.11% | 12/1/17 | Finance - Services |
| Boise City ID Gen Fund Rev                                        | 100,000 | $104,833 | 0.70% | 12/1/18 | Finance - Services |
| Boise State Univerity ID Rev's                                    | 250,000 | $263,518 | 1.75% | 4/1/27 | Schools |
| Boise State University Rev 09 Ser A                               | 385,000 | $410,980 | 2.73% | 4/1/34 | Schools |
| Boise City Urb Ren Agy Lease Rev                                  | 160,000 | $177,646 | 1.18% | 8/15/20 | Real Estate - Development |
| Boise City Urb Ren Agy Lease Rev                                  | 90,000 | $98,998 | 0.66% | 8/15/21 | Real Estate - Development |
| Bonneville & Bingham Co ID SCD 93                                 | 150,000 | $171,033 | 1.14% | 9/15/16 | General Obligations |
| Bonneville & Bingham Co JSD #93 GO                                | 350,000 | $393,302 | 2.61% | 9/15/17 | General Obligations |
| Boundary County SCD #101                                          | 240,000 | $261,713 | 1.74% | 8/15/21 | General Obligations |
| Caldwell ID Par Lien Sewer Rev 2010                               | 100,000 | $117,605 | 0.78% | 9/1/19 | Utilities - Sewer |
| Canyon Co. ID SCD # 131 Nampa                                     | 325,000 | $356,353 | 2.37% | 8/15/19 | Schools |
| Canyon Co. ID SCD # 131 Nampa                                     | 105,000 | $114,592 | 0.76% | 8/15/23 | General Obligations |
| Canyon Co. ID SCD #134 Middleton                                  | 170,000 | $182,276 | 1.21% | 7/31/16 | General Obligations |
| Canyon Co. Id SCD #139 Vallivue                                   | 350,000 | $370,937 | 2.46% | 9/15/25 | Schools |
| Fremont & Madison JSD 215 St. Antho                               | 200,000 | $225,784 | 1.50% | 8/15/19 | General Obligations |
| Fremont Madison Cnty ID JSD 215                                   | 130,000 | $141,327 | 0.94% | 8/15/24 | General Obligations |
| Idaho Bond Bank Authority Rev                                     | 135,000 | $142,707 | 0.95% | 9/1/22 | Pollution Control - Servcs |
| Idaho Bond Bank Authority                                         | 250,000 | $275,375 | 1.83% | 9/15/26 | Utility - Water Supply |
| Idaho Bond Bank Authority                                         | 75,000 | $80,126 | 0.53% | 9/15/23 | Utility - Waste Mangmt |
| Idaho Bond Bank Authority                                         | 90,000 | $99,407 | 0.66% | 9/15/19 | Finance - Services |
| Idaho Bond Bank Authority Rev Ser B                               | 100,000 | $106,952 | 0.71% | 9/15/24 | Diversified Operations |
| Idaho Falls ID Electric                                           | 125,000 | $147,623 | 0.98% | 4/1/19 | Utility - Electric Power |
| Idaho Health Fac Ath Holy Cross Rev                               | 50,000 | $49,973 | 0.33% | 12/1/28 | Medical - Hospitals |
| Idaho Health Facs Auth Rev Ref.                                   | 110,000 | $110,388 | 0.73% | 12/1/14 | Medical - Hospitals |
| Idaho Health Facs Auth Corp                                       | 115,000 | $115,381 | 0.77% | 12/1/22 | Medical - Hospitals |
| Idaho Health Facs Auth Rev                                        | 200,000 | $232,570 | 1.54% | 12/1/23 | Medical - Hospitals |
| Idaho Health Facs Auth Rev Grp B                                  | 115,000 | $130,761 | 0.87% | 12/1/33 | Medical - Hospitals |
| Idaho Housing & Finance Assoc.                                    | 100,000 | $107,695 | 0.72% | 6/1/17 | Schools |
| Idaho Housing & Finance Assoc                                     | 200,000 | $220,234 | 1.46% | 7/15/24 | Transportation - Services |
| Idaho Housing & Finance GARVEE TR-A                               | 250,000 | $273,253 | 1.82% | 7/15/23 | Roads |
| Idaho Housing & Finance GARVEE TR-A                               | 50,000 | $55,607 | 0.37% | 7/15/27 | Roads |
| Idaho Housing & Fin Ass SF Rev                                    | 90,000 | $95,022 | 0.63% | 7/1/28 | Housing |
| Idaho State Building Authority                                    | 110,000 | $114,852 | 0.76% | 9/1/23 | Building - Resident/Commercl |
| Idaho State University Ref & Impt                                 | 150,000 | $150,500 | 1.00% | 4/1/17 | State Education |
| Idaho State University Rev.                                       | 220,000 | $232,753 | 1.55% | 4/1/24 | State Education |
| Jefferson & Madison SCD 251 Rigby                                 | 100,000 | $109,600 | 0.73% | 9/1/24 | General Obligations |
| Jerome ID Urban Renewal District                                  | 200,000 | $203,838 | 1.35% | 9/1/13 | Real Estate - Development |
| Jerome Lincoln Gooding Co's JSC 261                               | 125,000 | $137,505 | 0.91% | 9/15/18 | General Obligations |
| Jerome Lincoln Gooding Co's JSD 261                               | 250,000 | $284,185 | 1.89% | 9/15/22 | General Obligations |
| Kootenai-Shonshone Area Librarys                                  | 220,000 | $237,475 | 1.58% | 8/1/21 | General Obligations |
| Latah Nez Perce Clearwater JSD 283                                | 190,000 | $209,458 | 1.39% | 8/15/27 | General Obligations |
| Lemhi County ID GO                                                | 100,000 | $105,321 | 0.70% | 8/1/15 | General Obligations |
| Madison Co. SCD # 321 Rexburg UTGO                                | 410,000 | $439,598 | 2.92% | 8/15/24 | General Obligations |
| Madison Co. SCD # 321 Rexburg UTGO                                | 250,000 | $264,913 | 1.76% | 8/15/26 | Schools |
| Meridian ID Free Library District                                 | 100,000 | $101,720 | 0.68% | 8/1/15 | General Obligations |
| Minidoka & Jerome JSD # 331                                       | 75,000 | $81,669 | 0.54% | 8/15/18 | General Obligations |
| Minidoka & Jerome JSD # 331                                       | 75,000 | $80,435 | 0.53% | 8/15/20 | General Obligations |
| Minidoka & Jerome JSD 331                                         | 225,000 | $235,735 | 1.57% | 8/15/24 | General Obligations |
| Minidoka & Jerome JSD # 331                                       | 160,000 | $167,998 | 1.12% | 8/15/25 | General Obligations |
| Moscow Idaho Sewer Revenue                                        | 200,000 | $215,170 | 1.43% | 5/1/28 | Utilities - Sewer |
| Nampa Idaho Series B                                              | 200,000 | $218,516 | 1.45% | 8/1/20 | General Obligations |
| Nez Perce County (Jail) 2007 COP                                  | 150,000 | $161,489 | 1.07% | 2/1/21 | Municipal Leases |
| Owyhee & Canyon Co SD 370 Homedale                                | 160,000 | $188,776 | 1.25% | 8/15/16 | Schools |
| Owyhee & Elmore SD 365 Grandview                                  | 350,000 | $386,232 | 2.57% | 8/15/27 | Schools |
| Payette Co ID SCD #373                                            | 350,000 | $390,411 | 2.59% | 9/15/24 | Schools |
| Pocatello ID Water Rev                                            | 100,000 | $106,140 | 0.71% | 2/1/24 | Utility - Water Supply |
| Pocatello ID. Water Revenue                                       | 350,000 | $375,732 | 2.50% | 2/1/26 | Utility - Water Supply |
| Post Falls LID 2004-1                                             | 300,000 | $299,979 | 1.99% | 5/1/21 | Real Estate - Development |
| Twin Falls ID SCD 411                                             | 120,000 | $128,345 | 0.85% | 9/15/25 | General Obligations |
| University Of Idaho Rev.                                          | 225,000 | $248,020 | 1.65% | 4/1/28 | State Education |
| University of Idaho Rev.s                                         | 200,000 | $221,772 | 1.47% | 4/1/19 | State Education |
| University of Idaho Rev's                                         | 260,000 | $286,055 | 1.90% | 4/1/20 | State Education |
| Valley & Adams JSD # 421 McCall                                   | 135,000 | $145,360 | 0.97% | 8/1/22 | General Obligations |
| Valley & Adams JSD 421 McCall                                     | 290,000 | $308,061 | 2.05% | 8/1/24 | Schools |
|                                                              |
|                                                              | TOTAL | $15,054,554 | 100.00% |   |   |

 

**Fair Value Measurments Disclosure:**

The Funds have adopted authoritative fair valuation accounting  standards which establish an authoritative definition of fair value and set  out a hierarchy for measuring fair value. These standards require additional  disclosures about the various inputs and valuation techniques used to develop  the measurements of fair value and a discussion in changes in valuation techniques  and related inputs during the period. These inputs are summarized in the three  broad levels listed below.  Level 1 — Unadjusted quoted prices in active markets for identical assets  or liabilities that the Trust has the ability to access.  Level 2 — Observable inputs other than quoted prices in Level 1 that are  observable for the asset or liability, either directly or indirectly. These  inputs may include quoted prices for the identical instrument on an inactive  market, prices for similar instruments, interest rates, prepayment speeds, credit  risk, yield curves, default rates, and similar data.  Level 3 — Unobservable inputs for the asset or liability, to the extent  relevant observable inputs are not available, representing the Trust’s  own assumptions about the assumptions a market participant would use in valuing  the asset or liability, and would be based on the best information available.  The availability of observable inputs can vary from security to security and  is affected by a wide variety of factors, including, for example, the type of  security, whether the security is new and not yet established in the market  place, the liquidity of markets, and other characteristics particular to the  security. To the extent that valuation is based on models or inputs that are  less observable or unobservable in the market, the determination of fair value  requires more judgment. Accordingly, the degree of judgment exercised in determining  fair value is greatest for instruments categorized in Level 3.  The inputs used to measure fair value may fall into different levels of the  fair value hierarchy. In such cases, for disclosure purposes, the level in the  fair value hierarchy within which the fair value measurement falls in its entirety,  is determined based on the lowest level input that is significant to the fair  value measurement in its entirety.  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 August 31, 2010 in valuing  the Funds’ investments carried at value:

| LEVEL   | VALUATION INPUTS                    | INVESTMENTS IN SECURITIES |
|---------|-------------------------------------|---------------------------|
|    |                                | STBFX                     | SBFIX | SCORX | SSGFX | SSIFX | NITEX |
| LEVEL 1 | Quoted Prices                       | $-                        | $- | $2,587,925 | $18,702,187 | $75,250,481 | $- |
| LEVEL 2 | Other Significant Observable Inputs | $4,577,029                | $4,889,188 | $1,650,953 | $- | $9,997,140 | $14,353,287 |
| LEVEL 3 | Significant Unobservable Inputs     | $-                        | $- | $- | $- | $2,279,200 | $701,267 |
| TOTAL   |                                | $4,577,029                | $4,889,188 | $4,238,878 | $18,702,187 | $87,526,821 | $15,054,554 |
|    |

 

| Level 3 Roll-Forward          Municipal Securities |
|----------------------------------------------------|
|                                               |   |
| Beginning Balance                                  | $681,613 |
| Total unrealized gains or losses                   | $19,654 |
| Ending Balance                                     | $701,267 |

 

| Level 3 Roll-Forward Equities          Sextant International Fund |
|-------------------------------------------------------------------|
|                                                              |   |
| Beginning Balance                                                 | $0 |
| Total unrealized gains or losses                                  | $0 |
| Transfers                                                         | $2,279,200 |
| Ending Balance                                                    | $2,279,200 |

**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                |

In January 2010, the Financial Accounting Standards Board (“FASB”)  issued Accounting Standards Updated “Improving Disclosures about Fair  Value Measurements” that requires additional disclosures regarding fair  value measurements. Certain required disclosures are effective for interim and  annual reporting periods beginning after December 15, 2009, and other disclosures  are effective for fiscal years beginning after December 15, 2010, and for interim  periods within those fiscal years. Management is currently evaluating the impact  the additional requirements will have on its financial statement disclosures.

**Item 2. Controls and Procedures**

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

**Item 3. Exhibits**

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

 

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the  Investment Company Act of 1940, the registrant has duly caused this report to  be signed on its behalf by the undersigned, thereunto duly authorized.

SATURNA INVESTMENT TRUST

By:  /s/ *Nicholas Kaiser*  Nicholas Kaiser, President   Date: October 27, 2010

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

By:  /s/ *Nicholas Kaiser*  Nicholas Kaiser, President   Date: October 27, 2010  By:  /s/*Christopher Fankhauser*  Christopher Fankhauser, Treasurer   Date: October 27, 2010