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, 2015  Date of reporting period: February 28, 2015

 

 

**Item 1. Schedule of Investments**

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

| **Saturna Investment Trust, Sextant Short Term Bond Fund** |
|------------------------------------------------------------|
|                                                       |
| **Corporate Bonds**                                        | **Coupon/Maturity** | **Face Amount** | **Market  Value** | **Percentage of Assets** |
| **Communications**                                         |
| America Movil Sab De CV                                    | 2.375% due 09/08/2016 | $250,000 | $253,975 | 3.3% |
|                                                       |   | **250,000** | **253,975** | **3.3%** |
|                                                       |
| **Consumer Discretionary**                                 |   |
| American Honda                                             | 1.50% due 09/11/2017 | 250,000 | 251,927 | 3.3% |
| Cintas Corp No. 2                                          | 6.125% due 12/01/2017 | 270,000 | 301,775 | 3.9% |
| International Game Technology                              | 7.50% due 06/15/2019 | 250,000 | 267,340 | 3.5% |
| Toyota Motor Credit                                        | 1.25% due 10/05/2017 | 226,000 | 226,697 | 2.9% |
|                                                       |   | **996,000** | **1,047,739** | **13.6%** |
|                                                       |
| **Consumer Staples**                                       |   |
| Coca Cola Hellenic                                         | 5.50% due 09/17/2015 | 175,000 | 178,885 | 2.3% |
| Sara Lee                                                   | 2.75% due 09/15/2015 | 245,000 | 247,517 | 3.2% |
|                                                       |   | **420,000** | **426,402** | **5.5%** |
|                                                       |
| **Energy**                                                 |   |
| Enbridge (Pipeline)                                        | 5.60% due 04/01/2017 | 200,000 | 214,778 | 2.8% |
| Petrobras International Finance                            | 6.125% due 10/06/2016 | 250,000 | 248,898 | 3.2% |
| Ultramar Diamond Shamrock                                  | 7.20% due 10/15/2017 | 189,000 | 211,797 | 2.8% |
|                                                       |   | **639,000** | **675,473** | **8.8%** |
|                                                       |
| **Financials**                                             |   |
| BNP Paribas                                                | 2.375% due 09/14/2017 | 250,000 | 254,853 | 3.3% |
| General Electric Capital                                   | 5.625% due 09/15/2017 | 250,000 | 277,269 | 3.6% |
| Jefferies Group                                            | 8.50% due 07/15/2019 | 265,000 | 316,487 | 4.1% |
| Murray Street Trust 1                                      | 4.647% due 03/09/2017 | 300,000 | 318,854 | 4.2% |
| Simon Property Group                                       | 5.10% due 06/15/2015 | 220,000 | 222,802 | 2.9% |
|                                                       |   | **1,285,000** | **1,390,265** | **18.1%** |
|                                                       |
| **Industrials**                                            |   |
| ABB Finance                                                | 1.625% due 05/08/2017 | 250,000 | 252,553 | 3.3% |
| Burlington Northern Santa Fe                               | 5.65% due 05/01/2017 | 200,000 | 218,842 | 2.8% |
|                                                       |   | **450,000** | **471,395** | **6.1%** |
|                                                       |
| **Materials**                                              |   |
| Air Products & Chemicals                               | 1.20% due 10/15/2017 | 250,000 | 249,849 | 3.2% |
| Potash Corp of Saskatchewan                                | 3.25% due 12/01/2017 | 250,000 | 261,922 | 3.4% |
| Sherwin Williams                                           | 1.35% due 12/15/2017 | 250,000 | 249,907 | 3.3% |
|                                                       |   | **750,000** | **761,678** | **9.9%** |
|                                                       |
| **Technology**                                             |   |
| Broadridge Financial Solutions                             | 6.125% due 06/01/2017 | 275,000 | 297,925 | 3.9% |
| Oracle                                                     | 5.75% due 04/15/2018 | 250,000 | 282,874 | 3.7% |
|                                                       |   | **525,000** | **580,799** | **7.6%** |
|                                                       |
| **Utilities**                                              |   |
| Georgia Power                                              | 5.70% due 06/01/2017 | 250,000 | 275,194 | 3.6% |
| LaClede Gas                                                | 2.00% due 08/15/2018 | 300,000 | 299,950 | 3.9% |
|                                                       |   | **550,000** | **575,144** | **7.5%** |
|                                                       |
| **Total Corporate Bonds**                                  |   | **5,865,000** | **6,182,870** | **80.4%** |
|                                                       |
| **Government Bonds**                                       | **Coupon/Maturity** | **Face Amount** | **Market  Value** | **Percentage of Assets** |
| **United States Treasury Notes**                           |   |
| United States Treasury Note                                | 2.50% due 06/30/2017 | 143,000 | 148,731 | 1.9% |
| United States Treasury Note                                | 2.75% due 12/31/2017 | 142,000 | 149,078 | 1.9% |
| United States Treasury Note                                | 2.625% due 01/31/2018 | 141,000 | 147,598 | 1.9% |
| United States Treasury Note                                | 2.75% due 02/15/2019 | 200,000 | 211,188 | 2.8% |
|                                                       |   | **626,000** | **656,595** | **8.5%** |
|                                                       |
| **Municipal Government Bonds**                             | **Coupon/Maturity** | **Face Amount** | **Market  Value** | **Percentage of Assets** |
| **Revenue**                                                |   |
| Kansas City Special Facility Revenue                       | 4.25% due 09/01/2016 | 110,000 | 112,094 | 1.5% |
|                                                       |   | **110,000** | **112,094** | **1.5%** |
|                                                       |
| Total investments                                          | (Cost = $6,956,727) | $6,601,000 | 6,951,559 | 90.4% |
| Other assets (net of liabilities)                          |   |   | 737,225 | 9.6% |
| **Total net assets**                                       |   |   | **$7,688,784** | **100.0%** |

| **Saturna Investment Trust, Sextant Bond Income Fund** |
|--------------------------------------------------------|
|                                                   |
| **Corporate  Bonds**                                   | **Coupon/Maturity** | **Face Amount** | **Market Value** | **Percentage of Assets** |
| **Consumer Discretionary**                             |
| AutoZone                                               | 5.50% due 11/15/2015 | $95,000 | $98,140 | 1.2% |
|                                                   |   | **95,000** | **98,140** | **1.2%** |
|                                                   |
| **Energy**                                             |   |
| Baker Hughes                                           | 6.875% due 01/15/2029 | 100,000 | 128,429 | 1.5% |
| Canadian Natural Resources                             | 6.45% due 06/30/2033 | 225,000 | 262,695 | 3.1% |
| ConocoPhillips                                         | 6.00% due 01/15/2020 | 150,000 | 175,211 | 2.1% |
|                                                   |   | **475,000** | **566,335** | **6.7%** |
|                                                   |
| **Financials**                                         |   |
| Bank of Nova Scotia Yankee                             | 3.00% due 11/16/2026 | 250,000 | 247,466 | 2.9% |
| St. Pauls Travelers Insurance                          | 5.50% due 12/01/2015 | 125,000 | 129,730 | 1.6% |
| UBS AG Stamford CT                                     | 7.75% due 09/01/2026 | 200,000 | 263,749 | 3.1% |
|                                                   |   | **575,000** | **640,945** | **7.6%** |
|                                                   |
| **Health Care**                                        |   |
| Becton Dickinson                                       | 6.70% due 08/01/2028 | 240,000 | 314,312 | 3.7% |
| Merck & Co. (Schering)                             | 6.50% due 12/01/2033 | 215,000 | 299,702 | 3.5% |
| Pharmacia                                              | 6.50% due 12/01/2018 | 100,000 | 116,920 | 1.4% |
| Teva Pharmaceutical                                    | 3.65% due 11/10/2021 | 250,000 | 263,805 | 3.1% |
|                                                   |   | **805,000** | **994,739** | **11.7%** |
|                                                   |
| **Industrials**                                        |   |
| Boeing                                                 | 6.125% due 02/15/2033 | 215,000 | 290,842 | 3.4% |
| Deere & Co.                                        | 8.10% due 05/15/2030 | 95,000 | 144,961 | 1.7% |
|                                                   |   | **310,000** | **435,803** | **5.1%** |
|                                                   |
| **Materials**                                          |   |
| Air Products & Chemicals                           | 8.75% due 04/15/2021 | 50,000 | 65,420 | 0.8% |
| BHP Finance USA                                        | 5.25% due 12/15/2015 | 125,000 | 129,731 | 1.5% |
| Vale Canada (Inco)                                     | 7.20% due 09/15/2032 | 275,000 | 289,105 | 3.4% |
|                                                   |   | **450,000** | **484,256** | **5.7%** |
|                                                   |
| **Technology**                                         |   |
| EMC                                                    | 3.375% due 06/01/2023 | 330,000 | 335,168 | 4.0% |
|                                                   |   | **330,000** | **335,168** | **4.0%** |
|                                                   |
|                                                   |
| Total investments                                      | (Cost = $7,202,268) | $6,512,000 | 7,746,377 | 91.4% |
| Other assets (net of liabilities)                      |   |   | 730,390 | 8.6% |
| **Total net assets**                                   |   |   | **$8,476,767** | **100.0%** |

| **Saturna Investment Trust, Sextant Core Fund** |
|-------------------------------------------------|