UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, DC 20549

## FORM N-Q

**QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTEREDMANAGEMENT INVESTMENT COMPANY**

Investment Company Act file number: 811-05071

**SATURNA INVESTMENT TRUST**(Exact Name of Registrant as Specified in Charter)

**1300 N. State StreetBellingham, Washington 98225-4730**(Address of Principal Executive Offices, including ZIP Code)

Thomas R. Phillips, Esq.1300 N. State StreetBellingham, Washington 98225-4730(Name and Address of Agent for Service)

Registrant's Telephone Number — (360) 734-9900

Date of fiscal year end: November 30, 2016Date of reporting period: August 31, 2016

 

## 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 Short-Term Bond Fund    |
|-----------------------------------------------------------|
| Corporate Bonds — 82.4%                             | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                      |
| Communications                                            |   |
|                                                      |
|     America Movil                               | 2.375% due 09/08/2016 | $250,000 | $250,011 | 3.2% |
|                                                      |
|                                                      | 250,000 | 250,011 | 3.2% |
|                                                      |
| Consumer Discretionary                                    |   |
|                                                      |
|     American Honda                              | 1.50% due 09/11/2017 | 250,000 | 251,062 | 3.2% |
|     Cintas No. 2                                | 6.125% due 12/01/2017 | 270,000 | 285,913 | 3.7% |
|     International Game Technology               | 7.50% due 06/15/2019 | 250,000 | 281,875 | 3.6% |
|     Toyota Motor Credit                         | 1.25% due 10/05/2017 | 226,000 | 226,598 | 2.9% |
|                                                      |
|                                                      | 996,000 | 1,045,448 | 13.4% |
|                                                      |
| Energy                                                    |   |
|                                                      |
|     Enbridge                                    | 5.60% due 04/01/2017 | 200,000 | 205,172 | 2.6% |
|     Petrobras International Finance             | 6.125% due 10/06/2016 | 250,000 | 250,500 | 3.2% |
|     Ultramar Diamond Shamrock                   | 7.20% due 10/15/2017 | 189,000 | 197,043 | 2.5% |
|                                                      |
|                                                      | 639,000 | 652,715 | 8.3% |
|                                                      |
| Financials                                                |   |
|                                                      |
|     BNP Paribas                                 | 2.375% due 09/14/2017 | 250,000 | 252,476 | 3.2% |
|     Broadridge Financial                        | 6.125% due 06/01/2017 | 275,000 | 284,073 | 3.6% |
|     General Electric Capital                    | 5.625% due 09/15/2017 | 250,000 | 261,825 | 3.3% |
|     Jeffries Group                              | 8.50% due 07/15/2019 | 265,000 | 304,174 | 3.9% |
|     Murray Street Trust 1 – Goldman Sachs | 4.647% due 03/09/2017 | 300,000 | 303,882 | 3.9% |
|                                                      |
|                                                      | 1,340,000 | 1,406,430 | 17.9% |
|                                                      |
| Health Care                                               |   |
|                                                      |
|     AbbVie                                      | 2.50% due 05/14/2020 | 250,000 | 255,869 | 3.3% |
|     Astrazeneca                                 | 2.375% due 11/16/2020 | 155,000 | 159,606 | 2.0% |
|                                                      |
|                                                      | 405,000 | 415,475 | 5.3% |
|                                                      |
| Industrials                                               |   |
|                                                      |
|     ABB Finance                                 | 1.625% due 05/08/2017 | 250,000 | 251,056 | 3.2% |
|     Burlington Northern Santa Fe                | 5.65% due 05/01/2017 | 200,000 | 206,034 | 2.6% |
|     Union Pacific                               | 7.875% due 01/15/2019 | 127,000 | 145,587 | 1.9% |
|                                                      |
|                                                      | 577,000 | 602,677 | 7.7% |
|                                                      |
| Materials                                                 |   |
|                                                      |
|     Air Products & Chemicals                | 1.20% due 10/15/2017 | 250,000 | 250,763 | 3.2% |
|     Potash                                      | 3.25% due 12/01/2017 | 250,000 | 255,819 | 3.3% |
|     Sherwin Williams                            | 1.35% due 12/15/2017 | 250,000 | 250,297 | 3.2% |
|                                                      |
|                                                      | 750,000 | 756,879 | 9.7% |
|                                                      |
| Technology                                                |   |
|                                                      |
|     Lexmark                                     | 6.65% due 06/01/2018 | 275,000 | 291,596 | 3.7% |
|     Oracle                                      | 5.75% due 04/15/2018 | 250,000 | 268,534 | 3.4% |
|     Xilinx                                      | 2.125% due 03/15/2019 | 200,000 | 202,126 | 2.6% |
|                                                      |
|                                                      | 725,000 | 762,256 | 9.7% |
|                                                      |
| Utilities                                                 |   |
|                                                      |
|     Georgia Power                               | 5.70% due 06/01/2017 | 250,000 | 258,578 | 3.3% |
|     LaClede Gas                                 | 2.00% due 08/15/2018 | 300,000 | 301,285 | 3.9% |
|                                                      |
|                                                      | 550,000 | 559,863 | 7.2% |
|                                                      |
| Total Corporate Bonds                                     | 6,232,000 | 6,451,754 | 82.4% |
|                                                      |
|                                                      |
| Government Bonds — 12.2%                            | 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 | 145,200 | 1.9% |
|     United States Treasury Note                 | 2.75% due 12/31/2017 | 142,000 | 145,728 | 1.9% |
|     United States Treasury Note                 | 2.625% due 01/31/2018 | 141,000 | 144,685 | 1.8% |
|     United States Treasury Note                 | 2.25% due 07/31/2018 | 300,000 | 308,262 | 3.9% |
|     United States Treasury Note                 | 2.75% due 02/15/2019 | 200,000 | 209,250 | 2.7% |
|                                                      |
|                                                      | 926,000 | 953,125 | 12.2% |
|                                                      |
| Total investments                                         | (Cost = $7,360,949) | $7,158,000 | 7,404,879 | 94.6% |
| Other assets (net of liabilities)                         |  |   | 421,387 | 5.4% |
| Total net assets                                          |   |   | $7,826,266 | 100.0% |

 

| Saturna Investment Trust, Sextant Bond Income Fund    |
|-------------------------------------------------------|
| Corporate Bonds — 59.7%                         | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                  |
| Consumer Discretionary                                |   |
|                                                  |
|     VF                                      | 6.00% due 10/15/2033 | $200,000 | $263,193 | 2.5% |
|                                                  |
|                                                  | 200,000 | 263,193 | 2.5% |
|                                                  |
| Consumer Staples                                      |   |
|                                                  |
|     Unilever Capital                        | 5.90% due 11/15/2032 | 200,000 | 283,434 | 2.7% |
|                                                  |
|                                                  | 200,000 | 283,434 | 2.7% |
|                                                  |
| Energy                                                |   |
|                                                  |
|     Baker Hughes                            | 6.875% due 01/15/2029 | 100,000 | 127,101 | 1.2% |
|     Canadian Natural Resources              | 6.45% due 06/30/2033 | 225,000 | 247,304 | 2.4% |
|     ConocoPhillips                          | 6.00% due 01/15/2020 | 150,000 | 169,658 | 1.6% |
|     Statoil ASA (Norsk Hydro Yankee)        | 7.15% due 01/15/2029 | 224,000 | 315,053 | 3.0% |
|                                                  |
|                                                  | 699,000 | 859,116 | 8.2% |
|                                                  |
| Financials                                            |   |
|                                                  |
|     Affiliated Managers Group               | 3.50% due 08/01/2025 | 250,000 | 249,705 | 2.4% |
|     Cincinnati Financial                    | 6.92% due 05/15/2028 | 250,000 | 327,492 | 3.1% |
|     UBS AG Stamford CT                      | 7.75% due 09/01/2026 | 200,000 | 266,756 | 2.5% |
|                                                  |
|                                                  | 700,000 | 843,953 | 8.0% |
|                                                  |
| Health Care                                           |   |
|                                                  |
|     Becton Dickinson                        | 6.70% due 08/01/2028 | 240,000 | 323,766 | 3.1% |
|     Johnson and Johnson                     | 4.95% due 05/15/2033 | 226,000 | 293,677 | 2.8% |
|     Merck & Co. (Schering)              | 6.50% due 12/01/2033 | 215,000 | 304,398 | 2.9% |
|     Pharmacia                               | 6.50% due 12/01/2018 | 100,000 | 111,497 | 1.1% |
|     Teva Pharmaceutical                     | 3.65% due 11/10/2021 | 250,000 | 266,262 | 2.5% |
|                                                  |
|                                                  | 1,031,000 | 1,299,600 | 12.4% |
|                                                  |
| Industrials                                           |   |
|                                                  |
|     Boeing                                  | 6.125% due 02/15/2033 | 215,000 | 295,225 | 2.8% |
|     Deere & Co.                         | 8.10% due 05/15/2030 | 95,000 | 144,336 | 1.4% |
|                                                  |
|                                                  | 310,000 | 439,561 | 4.2% |
|                                                  |
| Materials                                             |   |
|                                                  |
|     Air Products & Chemicals            | 8.75% due 04/15/2021 | 50,000 | 62,206 | 0.6% |
|                                                  |
|                                                  | 50,000 | 62,206 | 0.6% |
|                                                  |
| Technology                                            |   |
|                                                  |
|     Apple                                   | 4.50% due 02/23/2036 | 350,000 | 404,453 | 3.8% |
|     EMC                                     | 3.375% due 06/01/2023 | 330,000 | 322,701 | 3.1% |
|     Intel                                   | 4.00% due 12/15/2032 | 360,000 | 400,560 | 3.8% |
|     Microsoft                               | 4.20% due 11/03/2035 | 350,000 | 396,713 | 3.8% |
|                                                  |
|                                                  | 1,390,000 | 1,524,427 | 14.5% |
|                                                  |
| Utilities                                             |   |
|                                                  |
|     Entergy Louisiana                       | 5.40% due 11/01/2024 | 200,000 | 242,215 | 2.3% |
|     Florida Power & Light               | 5.95% due 10/01/2033 | 100,000 | 134,214 | 1.2% |
|     Puget Sound Energy                      | 7.02% due 12/01/2027 | 237,000 | 319,866 | 3.1% |
|                                                  |
|                                                  | 537,000 | 696,295 | 6.6% |
|                                                  |
| Total Coporate Bonds                                  |   | 5,117,000 | 6,271,785 | 59.7% |
|                                                  |
| Government Bonds — 13.4%                        | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                  |
| Foreign Government Bonds                              |   |
|                                                  |
|     Quebec Canada Yankee                    | 7.125% due 02/09/2024 | 175,000 | 231,192 | 2.2% |
|                                                  |
|                                                  | 175,000 | 231,192 | 2.2% |
|                                                  |
| United States Treasury Bonds                          |   |
|                                                  |
|     United States Treasury Bond             | 6.25% due 05/15/2030 | 225,000 | 350,033 | 3.3% |
|     United States Treasury Bond             | 5.375% due 02/15/2031 | 400,000 | 587,969 | 5.6% |
|                                                  |
|                                                  | 625,000 | 938,002 | 8.9% |
| United States Treasury Notes                          |   |
|                                                  |
|     United States Treasury Note             | 5.25% due 02/15/2029 | 170,000 | 237,980 | 2.3% |
|                                                  |
|                                                  | 170,000 | 237,980 | 2.3% |
|                                                  |
| Total Government Bonds                                |   | 970,000 | 1,407,174 | 13.4% |
|                                                  |
| Municipal Bonds — 18.9%                         | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                  |
| General Obligation                                    |   |
|                                                  |
|     Blaine Co. ID SCD #61 Hailey            | 5.25% due 08/01/2020 | 250,000 | 278,645 | 2.7% |
|     Dell Rapids SCD 49-3                    | 6.257% due 01/15/2030 | 200,000 | 233,046 | 2.2% |
|     Dupage Co. IL SCD #502                  | 5.50% due 01/01/2026 | 150,000 | 163,444 | 1.6% |
|     Idaho Hsg. & Fin. GARVEE BAB A-2    | 5.379% due 07/15/2020 | 180,000 | 199,001 | 1.9% |
|     Milan Co. MI Area Schools               | 6.45% due 05/01/2024 | 150,000 | 167,960 | 1.6% |
|     San Marcos Texas ULTD GO BAB            | 6.028% due 08/15/2030 | 200,000 | 226,930 | 2.2% |
|     Springville UT GO BAB                   | 5.30% due 05/01/2031 | 240,000 | 256,891 | 2.4% |
|                                                  |
|                                                  | 1,370,000 | 1,525,917 | 14.6% |
|                                                  |
| Revenue                                               |   |
|                                                  |
|     Johnson Co. KS Bldg. Ls./Pr. REV. BAB   | 4.60% due 09/01/2026 | 250,000 | 259,183 | 2.5% |
|     Oklahoma City Fin. Auth. Ed. Lease Rev. | 6.60% due 09/01/2022 | 160,000 | 194,235 | 1.8% |
|                                                  |
|                                                  | 410,000 | 453,418 | 4.3% |
|                                                  |
| Total municipal bonds                                 |   | 1,780,000 | 1,979,335 | 18.9% |
|                                                  |
| Total investments                                     | (Cost = $8,967,696) | $7,867,000 | 9,658,294 | 92.0% |
| Other assets (net of liabilities)                     |   |   | 840,777 | 8.0% |
| Total net assets                                      |   |   | $10,499,071 | 100.0% |

 

| Saturna Investment Trust, Sextant Core Fund                                                                              |
|--------------------------------------------------------------------------------------------------------------------------|
| Common Stocks — 57.0%                                                                                              | Number of Shares | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                     |
| Communications                                                                                                           |   |
|                                                                                                                     |
| Telecom Carriers                                                                                                         |   |
|     SK Telecom ADR                                                                                             | 6,000 | $166,800 | $130,200 | South Korea | 1.4% |
|                                                                                                                     |
|                                                                                                                     | 166,800 | 130,200 |   | 1.4% |
|                                                                                                                     |
| Consumer Discretionary                                                                                                   |   |
|                                                                                                                     |
| Airlines                                                                                                                 |   |
|     Delta Air Lines                                                                                            | 1,500 | 66,562 | 55,125 | United States | 0.6% |
|                                                                                                                     |
| Home Products Stores                                                                                                     |   |
|     Lowe's                                                                                                     | 3,000 | 140,347 | 229,680 | United States | 2.5% |
|                                                                                                                     |
| Jewelry & Watch Stores                                                                                               |   |
|     Pandora                                                                                                    | 1,000 | 136,122 | 124,320 | Denmark | 1.4% |
|                                                                                                                     |
|                                                                                                                     | 343,031 | 409,125 |   | 4.5% |
|                                                                                                                     |
| Consumer Staples                                                                                                         |   |
|                                                                                                                     |
| Beverages                                                                                                                |   |
|     Ambev ADR                                                                                                  | 15,000 | 85,110 | 88,950 | Brazil | 1.0% |
|     PepsiCo                                                                                                    | 1,750 | 138,823 | 186,813 | United States | 2.0% |
|                                                                                                                     | 223,933 | 275,763 |   | 3.0% |
|                                                                                                                     |
| Household Products                                                                                                       |   |
|     Procter & Gamble                                                                                       | 2,000 | 151,282 | 174,620 | United States | 1.9% |
|     Unilever ADS                                                                                               | 2,500 | 86,545 | 116,150 | United Kingdom | 1.3% |
|                                                                                                                     | 237,827 | 290,770 |   | 3.2% |
|                                                                                                                     |
| Packaged Food                                                                                                            |   |
|     Nestle ADS                                                                                                 | 3,000 | 222,189 | 238,500 | Switzerland | 2.6% |
|                                                                                                                     |
|                                                                                                                     | 683,949 | 805,033 |   | 8.8% |
|                                                                                                                     |
| Energy                                                                                                                   |   |
|                                                                                                                     |
| Exploration & Production                                                                                             |   |
|     ConocoPhillips                                                                                             | 2,000 | 103,522 | 82,100 | United States | 0.9% |
|     Devon Energy                                                                                               | 2,300 | 146,397 | 99,659 | United States | 1.1% |
|                                                                                                                     | 249,919 | 181,759 |   | 2.0% |
|                                                                                                                     |
| Integrated Oils                                                                                                          |   |
|     Statoil ADS                                                                                                | 6,003 | 137,465 | 93,947 | Norway | 1.0% |
|     Total ADS                                                                                                  | 2,100 | 113,290 | 100,275 | France | 1.1% |
|                                                                                                                     | 250,755 | 194,222 |   | 2.1% |
|                                                                                                                     |
| Refining & Marketing                                                                                                 |   |
|     Phillips 66                                                                                                | 1,500 | 116,217 | 117,675 | United States | 1.3% |
|                                                                                                                     |
|                                                                                                                     | 616,891 | 493,656 |   | 5.4% |
|                                                                                                                     |
| Financials                                                                                                               |   |
|                                                                                                                     |
| Banks                                                                                                                    |   |
|     Australia & New Zealand Banking ADS                                                                    | 6,000 | 108,034 | 120,540 | Australia | 1.3% |
|     PNC Bank                                                                                                   | 1,500 | 105,037 | 135,150 | United States | 1.5% |
|     Skandinaviska Enskilda Banken, Class A                                                                     | 15,000 | 153,003 | 146,156 | Sweden | 1.6% |
|     Toronto-Dominion Bank                                                                                      | 3,500 | 140,270 | 156,100 | Canada | 1.7% |
|                                                                                                                     | 506,344 | 557,946 |  | 6.1% |
|                                                                                                                     |
| REITS                                                                                                                    |   |
|     Welltower                                                                                                  | 2,000 | 146,876 | 153,500 | United States | 1.7% |
|                                                                                                                     |
|                                                                                                                     | 653,220 | 711,446 |   | 7.8% |
|                                                                                                                     |
| Health Care                                                                                                              |   |
|                                                                                                                     |
| Biotech                                                                                                                  |   |
|     Biogen²                                                                                               | 600 | 197,094 | 183,378 | United States | 2.0% |
|                                                                                                                     |
| Health Care Supply Chain                                                                                                 |   |
|     Express Scripts²                                                                                      | 2,500 | 114,215 | 181,750 | United States | 2.0% |
|                                                                                                                     |
| Large Pharma                                                                                                             |   |
|     Johnson & Johnson                                                                                      | 900 | 54,761 | 107,406 | United States | 1.2% |
|     Novo Nordisk ADS                                                                                           | 2,750 | 51,711 | 128,480 | Denmark | 1.4% |
|                                                                                                                     | 106,472 | 235,886 |  | 2.6% |
|                                                                                                                     |
| Life Science Equipment                                                                                                   |   |
|     Abbott Laboratories                                                                                        | 2,000 | 66,354 | 84,040 | United States | 0.9% |
|                                                                                                                     |
| Specialty Pharma                                                                                                         |   |
|     Allergan²                                                                                             | 600 | 180,645 | 140,724 | Ireland | 1.5% |
|     Pacira Pharmaceuticals²                                                                               | 3,000 | 126,812 | 118,890 | United States | 1.3% |
|                                                                                                                     | 307,457 | 259,614 |   | 2.8% |
|                                                                                                                     |
|                                                                                                                     | 791,592 | 944,668 |   | 10.3% |
|                                                                                                                     |
| Industrials                                                                                                              |   |
|                                                                                                                     |
| Commercial & Residential Building Equipment & Systems                                                            |   |
|     Honeywell International                                                                                    | 1,250 | 67,321 | 145,887 | United States | 1.6% |
|                                                                                                                     |
| Flow Control Equipment                                                                                                   |   |
|     Parker Hannifin                                                                                            | 500 | 29,672 | 61,265 | United States | 0.7% |
|                                                                                                                     |
| Rail Freight                                                                                                             |   |
|     Canadian National Railway                                                                                  | 1,600 | 40,237 | 102,896 | Canada | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 137,230 | 310,048 |   | 3.4% |
|                                                                                                                     |
| Materials                                                                                                                |   |
|                                                                                                                     |
| Basic & Diversified Chemicals                                                                                        |   |
|     Praxair                                                                                                    | 700 | 44,349 | 85,428 | United States | 0.9% |
|                                                                                                                     |
| Containers & Packaging                                                                                               |   |
|     3M                                                                                                         | 975 | 83,159 | 174,759 | United States | 1.9% |
|                                                                                                                     |
| Specialty Chemicals                                                                                                      |   |
|     RPM International                                                                                          | 3,500 | 110,094 | 190,855 | United States | 2.1% |
|                                                                                                                     |
|                                                                                                                     | 237,602 | 451,042 |   | 4.9% |
|                                                                                                                     |
| Technology                                                                                                               |   |
|                                                                                                                     |
| Communications Equipment                                                                                                 |   |
|     Apple                                                                                                      | 2,500 | 239,530 | 265,250 | United States | 2.9% |
|                                                                                                                     |
| Infrastructure Software                                                                                                  |   |
|     Oracle                                                                                                     | 4,000 | 156,417 | 164,880 | United States | 1.8% |
|                                                                                                                     |
| Semiconductor Devices                                                                                                    |   |
|     Xilinx                                                                                                     | 2,500 | 101,993 | 135,525 | United States | 1.5% |
|                                                                                                                     |
| Semiconductor Manufacturing                                                                                              |   |
|     Taiwan Semiconductor ADS                                                                                   | 3,034 | 23,594 | 87,197 | Taiwan | 0.9% |
|                                                                                                                     |
|                                                                                                                     | 521,534 | 652,852 |   | 7.1% |
|                                                                                                                     |
| Utilities                                                                                                                |   |
|                                                                                                                     |
| Integrated Utilities                                                                                                     |   |
|     NextEra Energy                                                                                             | 1,250 | 90,644 | 151,175 | United States | 1.6% |
|                                                                                                                     |
| Power Generation                                                                                                         |   |
|     NRG Energy                                                                                                 | 5,000 | 130,306 | 60,550 | United States | 0.7% |
|                                                                                                                     |
| Utility Networks                                                                                                         |   |
|     Sempra Energy                                                                                              | 1,000 | 67,669 | 104,630 | United States | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 288,619 | 316,355 |   | 3.4% |
|                                                                                                                     |
| Total Common Stocks                                                                                                      |   | 4,440,468 | $5,224,425 |   | 57.0% |
|                                                                                                                     |
|                                                                                                                     |
|                                                                                                                     |
| Corporate Bonds — 23.5%                                                                                            | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                                                                                     |
| Communications                                                                                                           |   |
|                                                                                                                     |
|     America Movil                                                                                              | 5.00% due on 03/30/2020 | $100,000 | $110,492 | 1.2% |
|     Bellsouth Capital Funding                                                                                  | 7.875% due 02/15/2030 | 150,000 | 206,753 | 2.3% |
|                                                                                                                     |
|                                                                                                                     | 250,000 | 317,245 | 3.5% |
|                                                                                                                     |
| Consumer Discretionary                                                                                                   |   |
|                                                                                                                     |
|     ADT                                                                                                        | 4.125% due 06/15/2023 | 150,000 | 147,000 | 1.6% |
|     Stanford University                                                                                        | 4.013% due 05/01/2042 | 100,000 | 121,921 | 1.3% |
|     Walmart                                                                                                    | 1.95% due 12/15/2018 | 100,000 | 102,083 | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 350,000 | 371,004 | 4.0% |
|                                                                                                                     |
| Energy                                                                                                                   |   |
|                                                                                                                     |
|     Boardwalk Pipelines                                                                                        | 5.50% due 02/01/2017 | 100,000 | 101,182 | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 100,000 | 101,182 | 1.1% |
|                                                                                                                     |
| Financials                                                                                                               |   |
|                                                                                                                     |
|     Branch Banking & Trust                                                                                 | 5.625% due 09/15/2016 | 100,000 | 100,115 | 1.1% |
|     HSBC Holdings                                                                                              | 4.25% due 03/14/2024 | 150,000 | 156,262 | 1.7% |
|     Jefferies Group                                                                                            | 5.125% due 04/13/2018 | 200,000 | 208,925 | 2.3% |
|     General Electric Capital                                                                                   | 5.35% due 04/15/2022 | 101,000 | 117,857 | 1.3% |
|     American Express                                                                                           | 5.50% due 09/12/2016 | 100,000 | 100,076 | 1.1% |
|     Western Union                                                                                              | 5.93% due 10/01/2016 | 30,000 | 30,102 | 0.3% |
|     PartnerRe Finance                                                                                          | 5.50% due 06/01/2020 | 100,000 | 111,385 | 1.2% |
|     Blackstone Holdings                                                                                        | 5.875% due 03/15/2021 | 100,000 | 116,157 | 1.3% |
|                                                                                                                     |
|                                                                                                                     | 881,000 | 940,879 | 10.3% |
|                                                                                                                     |
| Health Care                                                                                                              |   |
|                                                                                                                     |
|     Becton Dickinson                                                                                           | 3.125% due 11/08/2021 | 100,000 | 105,460 | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 100,000 | 105,460 | 1.1% |
|                                                                                                                     |
| Industrials                                                                                                              |   |
|                                                                                                                     |
|     Ryder System                                                                                               | 5.85% due 11/01/2016 | 100,000 | 100,748 | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 100,000 | 100,748 | 1.1% |
|                                                                                                                     |
| Materials                                                                                                                |   |
|                                                                                                                     |
|     Air Products & Chemicals                                                                               | 4.375% due 08/21/2019 | 100,000 | 108,722 | 1.2% |
|                                                                                                                     |
|                                                                                                                     | 100,000 | 108,722 | 1.2% |
|                                                                                                                     |
| Technology                                                                                                               |   |
|                                                                                                                     |
|     Cisco Systems                                                                                              | 2.90% due 03/04/2021 | 100,000 | 105,595 | 1.2% |
|                                                                                                                     |
|                                                                                                                     | 100,000 | 105,595 | 1.2% |
|                                                                                                                     |
| Total Corporate Bonds                                                                                                    |   | 1,981,000 | 2,150,835 | 23.5% |
|                                                                                                                     |
| Government Bonds — 7.3%                                                                                            | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                                                                                     |
| Government Bonds                                                                                                         |   |
|                                                                                                                     |
|     Federal Farm Credit Bank                                                                                   | 1.21% due 06/20/2019 | 250,000 | 249,528 | 2.7% |
|                                                                                                                     |
|                                                                                                                     | 250,000 | 249,528 | 2.7% |
|                                                                                                                     |
| Foreign Government Bonds                                                                                                 |   |
|                                                                                                                     |
|     Government of Mexico                                                                                       | 4.00% due 10/02/2023 | 100,000 | 108,625 | 1.2% |
|     New Zealand Government                                                                                     | 5.50% due 04/15/2023 | 100,000 | 88,427 | 1.0% |
|     Republic of Chile                                                                                          | 3.875% due 08/05/2020 | 200,000 | 219,000 | 2.4% |
|                                                                                                                     |
|                                                                                                                     | 400,000 | 416,052 | 4.6% |
|                                                                                                                     |
| Total Government Bonds                                                                                                   |   | 650,000 | 665,580 | 7.3% |
|                                                                                                                     |
| Municipal Bonds — 5.0%                                                                                             | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                                                                                     |
| General Obligation                                                                                                       |   |
|                                                                                                                     |
|     Lake Washington SCD #414 WA BAB                                                                            | 4.906% due 12/01/2027 | 100,000 | 112,138 | 1.2% |
|     Skagit SCD #1                                                                                              | 4.613% due 12/01/2022 | 100,000 | 112,880 | 1.2% |
|                                                                                                                     |
|                                                                                                                     | 200,000 | 225,018 | 2.4% |
|                                                                                                                     |
| Revenue Bonds                                                                                                            |   |
|                                                                                                                     |
|     New York City Housing Dev. Corp                                                                            | 2.65% due 05/01/2021 | 100,000 | 103,789 | 1.1% |
|     Tacoma WA Elec. Sys. Revenue                                                                               | 5.966% due 01/01/2035 | 100,000 | 133,158 | 1.5% |
|                                                                                                                     |
|                                                                                                                     | 200,000 | 236,947 | 2.6% |
|                                                                                                                     |
| Total Municipal Bonds                                                                                                    |   | $400,000 | 461,965 | 5.0% |
|                                                                                                                     |
| Total investments                                                                                                        | (Cost = $7,614,031) |   | 8,502,805 | 92.8% |
| Other assets (net of liabilities)                                                                                        |   |  | 664,172 | 7.2% |
| Total net assets                                                                                                         |   |   | $9,166,977 | 100.0% |
| (1) Country of domicile(2) Non-income producing security

ADS: American Depositary ShareADR: American Depositary Receipt |

 

| Saturna Investment Trust, Sextant Global High Income Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Common Stocks — 47.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | Number of Shares | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Communications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Telecom Carriers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|     Orange ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 10,000 | $147,658 | $150,700 | France | 2.1% |
|     SK Telecom ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 6,200 | 82,085 | 134,540 | South Korea | 1.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 229,743 | 285,240 |   | 3.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Consumer Discretionary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Lodging                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
|     Whistler Blackcomb Holdings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 7,000 | 75,630 | 199,741 | Canada | 2.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 75,630 | 199,741 |  | 2.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Exploration & Production                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|     CNOOC ADR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 1,400 | 226,082 | 168,126 | China | 2.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Integrated Oils                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|     Royal Dutch Shell ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 3,000 | 200,418 | 146,700 | Netherlands | 2.0% |
|     Statoil ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 10,000 | 186,050 | 156,500 | Norway | 2.1% |
|     Total ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 3,800 | 202,606 | 181,450 | France | 2.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 589,074 | 484,650 |  | 6.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Oil & Gas Services & Equip                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |
|     National Oilwell Varco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 4,200 | 139,818 | 140,868 | United States | 1.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 954,974 | 793,644 |  | 10.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
|     Skandinaviska Enskilda Banken                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 13,000 | 136,631 | 126,668 | Sweden | 1.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Diversified Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|     Itau Unibanco Holding ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 20,000 | 207,301 | 221,600 | Brazil | 3.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Private Equity                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
|     Apollo Global Management                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 9,000 | 144,986 | 167,580 | United States | 2.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 488,918 | 515,848 |  | 7.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Health Care                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Large Pharma                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|     GlaxoSmithKline ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 3,100 | 143,250 | 134,726 | United Kingdom | 1.8% |
|     Novartis ADS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 1,900 | 110,053 | 149,663 | Switzerland | 2.1% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 253,303 | 284,389 |  | 3.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Industrials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Infrastructure Construction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|     CCR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 30,000 | 174,956 | 158,120 | Brazil | 2.1% |
|     Hopewell Highway Infrastructure                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 325,000 | 168,010 | 189,291 | China | 2.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 342,966 | 347,411 |  | 4.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Agricultural Chemicals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|     Potash Corp of Saskatchewan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 8,000 | 221,690 | 144,800 | Canada | 2.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Base Metals                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|     South 32³                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 29,000 | 188,164 | 206,625 | Australia | 2.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Steel Raw Material Suppliers                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|     Anglo American ADR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 26,000 | 191,962 | 131,820 | United Kingdom | 1.8% |
|     BHP Billiton                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 6,000 | 207,424 | 180,000 | Australia | 2.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 399,386 | 311,820 |   | 4.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 809,240 | 663,245 |  | 9.1% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Technology                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Semiconductor Devices                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
|     Microchip Technology                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 4,000 | 136,113 | 247,640 | United States | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 136,113 | 247,640 |  | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Power Generation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|     Engie ADR                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 8,500 | 207,215 | 136,255 | France | 1.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 207,215 | 136,255 |  | 1.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Total Common Stock                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 529,100 | $3,498,102 | $3,473,413 |   | 47.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Corporate Bonds — 34.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Consumer Discretionary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     ADT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 4.125% due 06/15/2023 | $150,000 | $147,000 | United States | 2.0% |
|     GAP                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 5.95% due 04/12/2021 | 100,000 | 108,389 | United States | 1.5% |
|     Outerwall Inc                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 6.00% due 03/15/2019 | 250,000 | 257,188 | United States | 3.5% |
|     Rent-A-Center                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 6.625% due 11/15/2020 | 200,000 | 191,000 | United States | 2.6% |
|     Toys R Us Property II                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8.50% due 12/01/2017 | 150,000 | 149,812 | United States | 2.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 850,000 | 853,389 |  | 11.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Consumer Staples                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Elizabeth Arden                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 7.375% due 03/15/2021 | 47,000 | 48,234 | United States | 0.7% |
|     Grupo Bimbo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 4.875% due 06/27/2044 | 200,000 | 205,795 | Mexico | 2.8% |
|     San Miguel³                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 4.875% due 04/26/2023 | 200,000 | 205,760 | Philippines | 2.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 447,000 | 459,789 |  | 6.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Chesapeake Midstream Partners                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 6.125% due 07/15/2020 | 125,000 | 129,968 | United States | 1.8% |
|     Goodrich Petroleum2,4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 8.875% due 03/15/2019 | 400,000 | 1,584 | United States | 0.0%5 |
|     Petrobras International Finance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 6.875% due 01/20/2040 | 50,000 | 44,625 | Brazil | 0.6% |
|     Petrobras International Finance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 6.75% due 07/27/2041 | 80,000 | 69,900 | Brazil | 1.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 655,000 | 246,077 |  | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Jefferies Group                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 5.125% due 01/20/2023 | 250,000 | 268,909 | United States | 3.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 250,000 | 268,909 |  | 3.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Industrials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Burlington Northern Santa Fe                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 5.05% due 03/01/2041 | 200,000 | 247,016 | United States | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 200,000 | 247,016 |  | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Allegheny Technologies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5.875% due 05/15/2023 | 150,000 | 142,500 | United States | 1.9% |
|     AngloGold Ashanti Holdings                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 5.375% due 04/15/2020 | 100,000 | 105,050 | South Africa | 1.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 250,000 | 247,550 |  | 3.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Technology                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Hewlett Packard                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 4.65% due 12/09/2021 | 100,000 | 109,286 | United States | 1.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 100,000 | 109,286 |  | 1.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Iberdrola International                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 5.75% due 02/27/2049 | 100,000 | 119,632 | Spain | 1.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 100,000 | 119,632 |  | 1.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Total Corporate Bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 2,852,000 | 2,551,648 |   | 34.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Government Bonds — 8.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Foreign Government Bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Colombia Republic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 8.375% due 02/15/2027 | $125,000 | 156,563 | Colombia | 2.1% |
|     Federal Republic of Brazil                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 8.50% due 01/05/2024 | $750,000 | 209,495 | Brazil | 2.9% |
|     Mexico Bonos Desarrollo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 6.50% due 06/10/2021 | MXN 35,000 | 193,017 | Mexico | 2.6% |
|     Republic of South Africa                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 8.25% due 09/15/2017 | ZAR 900,000 | 61,516 | South Africa | 0.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 620,591 |  | 8.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Municipal Bonds — 3.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   |   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     Colony TX Local Development                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 7.00% due 10/01/2027 | 100,000 | 104,498 | United States | 1.4% |
|     Colony TX Local Development                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 7.625% due 10/01/2042 | 50,000 | 51,578 | United States | 0.7% |
|     Colony TX NFM Sales Tax Revenue                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 7.25% due 10/01/2033 | 50,000 | 50,380 | United States | 0.7% |
|     Puerto Rico Aqueduct & Sewer                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 5.00% due 07/01/2019 | 85,000 | 61,959 | Puerto Rico | 0.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $285,000 | 268,415 |  | 3.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| Total investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | (Cost = $7,216,851) |   | 6,914,067 |   | 94.3% |
| Other assets (net of liabilities)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |   | 415,708 |   | 5.7% |
| Total net assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |   | $7,329,775 |   | 100.0% |
| ¹ Country of domicile² Non-income producing³ Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. On August 31, 2016, the aggregate value was $205,760 representing 2.8% of net assets.4 Security in default5 Amount is less than 0.05%

ADS: American Depositary ShareADR: American Depositary Receipt |

 

| Saturna Investment Trust, Sextant Growth Fund |
|-----------------------------------------------|
| Common Stock — 90.6%                    | Number of Shares | Cost | Market Value | Percentage of Assets |
|                                          |
| Communications                                |   |
|                                          |
| Internet Media                                |   |
|     Alphabet, Class A¹         | 1,998 | $1,175,995 | $1,578,120 | 4.3% |
|     Facebook, Class A¹         | 12,984 | 700,580 | 1,637,542 | 4.5% |
|                                          |
|                                          | 1,876,575 | 3,215,662 | 8.8% |
|                                          |
| Consumer Discretionary                        |   |
|                                          |
| Airlines                                      |   |
|     Alaska Air                      | 11,222 | 195,953 | 757,822 | 2.1% |
|                                          |
| Apparel, Footwear & Accessory Design      |   |
|     Nike, Class B                   | 24,510 | 1,330,831 | 1,412,756 | 3.9% |
|     Under Armour¹              | 13,390 | 575,823 | 530,646 | 1.4% |
|     VF                              | 6,500 | 419,684 | 403,325 | 1.1% |
|                                          | 2,326,338 | 2,346,727 | 6.4% |
|                                          |
| Auto Parts                                    |   |
|     Harman International Industries | 10,000 | 806,850 | 846,900 | 2.3% |
|     Johnson Controls                | 20,000 | 838,680 | 877,600 | 2.4% |
|                                          | 1,645,530 | 1,724,500 | 4.7% |
|                                          |
| E-Commerce Discretionary                      |   |
|     Amazon.com¹                | 1,529 | 278,191 | 1,176,046 | 3.2% |
|                                          |
| Home Improvement                              |   |
|     Stanley Black & Decker      | 9,984 | 917,587 | 1,235,520 | 3.4% |
|                                          |
| Home Products Stores                          |   |
|     Home Depot                      | 5,464 | 611,366 | 732,832 | 2.0% |
|     Lowe's                          | 12,500 | 241,788 | 957,000 | 2.6% |
|                                          | 853,154 | 1,689,832 | 4.6% |
|                                          |
| Jewlery & Watch Stores                    |   |
|     Signet Group                    | 10,000 | 1,164,872 | 819,800 | 2.2% |
|                                          |
| Other Commercial Services                     |   |
|     Ecolab                          | 9,230 | 1,049,561 | 1,135,751 | 3.1% |
|                                          |
| Restaurants                                   |   |
|     Starbucks                       | 27,758 | 1,298,606 | 1,560,832 | 4.3% |
|                                          |
| Specialty Apparel Stores                      |   |
|     TJX Companies                   | 23,847 | 1,548,222 | 1,846,712 | 5.1% |
|                                          |
|                                          | 11,278,014 | 14,293,542 | 39.1% |
|                                          |
| Consumer Staples                              |   |
|                                          |
| Food & Drug Stores                        |   |
|     CVS Health                      | 12,709 | 556,086 | 1,187,021 | 3.2% |
|                                          |
| Mass Merchants                                |   |
|     Costco Wholesale                | 6,243 | 784,598 | 1,011,928 | 2.8% |
|                                          |
|                                          | 1,340,684 | 2,198,949 | 6.0% |
|                                          |
| Financials                                    |   |
|                                          |
| Consumer Finance                              |   |
|     FLEETCOR Technologies¹     | 6,600 | 970,514 | 1,083,720 | 3.0% |
|     Mastercard, Class A             | 8,914 | 806,925 | 861,360 | 2.3% |
|                                          | 1,777,439 | 1,945,080 | 5.3% |
|                                          |
| Diversified Banks                             |   |
|     JP Morgan Chase                 | 14,016 | 846,624 | 946,080 | 2.6% |
|                                          |
|                                          | 2,624,063 | 2,891,160 | 7.9% |
|                                          |
| Health Care                                   |   |
|                                          |
| Biotech                                       |   |
|     Amgen                           | 5,267 | 555,197 | 895,706 | 2.5% |
|     Celgene¹                   | 9,000 | 919,669 | 960,660 | 2.6% |
|                                          | 1,474,866 | 1,856,366 | 5.1% |
|                                          |
| Large Pharma                                  |   |
|     Bristol-Myers Squibb            | 11,000 | 840,844 | 631,290 | 1.7% |
|                                          |
| Life Science Equipment                        |   |
|     Abbott Laboratories             | 20,799 | 646,854 | 873,974 | 2.4% |
|                                          |
| Medical Devices                               |   |
|     Edwards Lifesciences¹      | 7,000 | 716,275 | 806,120 | 2.2% |
|                                          |
|                                          | 3,678,839 | 4,167,750 | 11.4% |
|                                          |
| Industrials                                   |   |
|                                          |
| Building Sub Contractors                      |   |
|     EMCOR                           | 11,693 | 456,380 | 669,541 | 1.8% |
|                                          |
|                                          | 456,380 | 669,541 | 1.8% |
|                                          |
| Materials                                     |   |
|                                          |
| Specialty Chemicals                           |   |
|     Ashland                         | 3,037 | 290,318 | 355,572 | 1.0% |
|     RPM International               | 23,400 | 967,927 | 1,276,002 | 3.5% |
|                                          |
|                                          | 1,258,245 | 1,631,574 | 4.5% |
|                                          |
| Technology                                    |   |
|                                          |
| Application Software                          |   |
|     Adobe Systems¹             | 11,000 | 144,216 | 1,125,410 | 3.1% |
|                                          |
| Communications Equipment                      |   |
|     Apple                           | 17,220 | 20,298 | 1,827,042 | 5.0% |
|                                          |
| Infrastructure Software                       |   |
|     Microsoft                       | 18,920 | 872,435 | 1,087,143 | 3.0% |
|                                          |
|                                          | $1,036,949 | 4,039,595 | 11.1% |
|                                          |
| Total investments                             | (Cost = $23,549,749) |   | 33,107,773 | 90.6% |
| Other assets (net of liabilities)             |   | 3,453,558 | 9.4% |
| Total net assets                              |   |   | $36,561,331 | 100.0% |
| ¹ Non income producing security          |

 

| Saturna Investment Trust, Sextant International Fund                                                                                                      |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
| Common Stocks — 93.5%                                                                                                                               | Number of Shares | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                      |
| Communications                                                                                                                                            |   |
|                                                                                                                                                      |
| Telecom Carriers                                                                                                                                          |   |
|     BCE                                                                                                                                         | 50,000 | $1,164,294 | $2,335,000 | Canada | 3.5% |
|     SK Telecom ADR                                                                                                                              | 30,000 | 511,437 | 651,000 | South Korea | 1.0% |
|     Telus                                                                                                                                       | 50,000 | 710,475 | 1,639,000 | Canada | 2.4% |
|                                                                                                                                                      |
|                                                                                                                                                      | 2,386,206 | 4,625,000 |   | 6.9% |
|                                                                                                                                                      |
| Consumer Discretionary                                                                                                                                    |   |
|                                                                                                                                                      |
| Airlines                                                                                                                                                  |   |
|     Copa Holdings, Class A                                                                                                                      | 30,000 | 1,766,222 | 2,292,900 | Panama | 3.4% |
|                                                                                                                                                      |
| Automobiles                                                                                                                                               |   |
|     Toyota Motor ADS                                                                                                                            | 20,000 | 1,496,296 | 2,412,600 | Japan | 3.6% |
|                                                                                                                                                      |
| E-Commerce Discretionary                                                                                                                                  |   |
|     MercadoLibre                                                                                                                                | 10,000 | 829,340 | 1,720,000 | Argentina | 2.6% |
|                                                                                                                                                      |
| Lodging                                                                                                                                                   |   |
|     Belmond, Class A²                                                                                                                      | 288,500 | 2,720,067 | 3,222,545 | Bermuda | 4.8% |
|                                                                                                                                                      |
|                                                                                                                                                      | 6,811,925 | 9,648,045 |   | 14.4% |
|                                                                                                                                                      |
| Consumer Staples                                                                                                                                          |   |
|                                                                                                                                                      |
| Beverages                                                                                                                                                 |   |
|     Fomento Economico Mexico ADS                                                                                                                | 30,000 | 1,614,722 | 2,746,500 | Mexico | 4.1% |
|                                                                                                                                                      |
| Food & Drug Stores                                                                                                                                    |   |
|     Carrefour ADS                                                                                                                               | 170,000 | 761,908 | 850,000 | France | 1.3% |
|                                                                                                                                                      |
| Household Products                                                                                                                                        |   |
|     Unilever ADS                                                                                                                                | 75,000 | 2,284,504 | 3,484,500 | United Kingdom | 5.2% |
|                                                                                                                                                      |
|                                                                                                                                                      | 4,661,134 | 7,081,000 |   | 10.6% |
|                                                                                                                                                      |
| Energy                                                                                                                                                    |   |
|                                                                                                                                                      |
| Integrated Oils                                                                                                                                           |   |
|     Statoil ADS                                                                                                                                 | 60,000 | 1,551,895 | 939,000 | Norway | 1.4% |
|     Total ADS                                                                                                                                   | 45,000 | 2,528,346 | 2,148,750 | France | 3.2% |
|                                                                                                                                                      |
|                                                                                                                                                      | 4,080,241 | 3,087,750 |   | 4.6% |
|                                                                                                                                                      |
| Financials                                                                                                                                                |   |
|                                                                                                                                                      |
| Banks                                                                                                                                                     |   |
|     Australia & New Zealand Banking Group ADS                                                                                               | 80,000 | 1,581,456 | 1,607,200 | Australia | 2.4% |
|     Toronto-Dominion Bank                                                                                                                       | 80,000 | 2,302,163 | 3,568,000 | Canada | 5.3% |
|                                                                                                                                                      | 3,883,619 | 5,175,200 |   | 7.7% |
| Diversified Banks                                                                                                                                         |   |
|     Mitsubishi UFJ Financial Group ADR                                                                                                          | 200,000 | 960,000 | 1,102,000 | Japan | 1.6% |
|                                                                                                                                                      |
|                                                                                                                                                      | 4,843,619 | 6,277,200 |   | 9.3% |
|                                                                                                                                                      |
| Health Care                                                                                                                                               |   |
|                                                                                                                                                      |
| Health Care Supply Chain                                                                                                                                  |   |
|     Sinopharm Group                                                                                                                             | 250,000 | 798,792 | 1,277,793 | China | 1.9% |
|                                                                                                                                                      |
| Large Pharma                                                                                                                                              |   |
|     Novartis ADR                                                                                                                                | 40,000 | 1,987,297 | 3,150,800 | Switzerland | 4.7% |
|     Novo Nordisk ADS                                                                                                                            | 50,000 | 612,798 | 2,336,000 | Denmark | 3.5% |
|                                                                                                                                                      | 2,600,095 | 5,486,800 |   | 8.2% |
|                                                                                                                                                      |
| Medical Equipment                                                                                                                                         |   |
|     Koninklijke Philips                                                                                                                         | 21,368 | 794,921 | 618,390 | Netherlands | 0.9% |
|                                                                                                                                                      |
| Specialty Pharma                                                                                                                                          |   |
|     Shire ADS                                                                                                                                   | 10,000 | 359,660 | 1,871,800 | Ireland | 2.8% |
|                                                                                                                                                      |
|                                                                                                                                                      | 4,553,468 | 9,254,783 |   | 13.8% |
|                                                                                                                                                      |
| Materials                                                                                                                                                 |   |
|                                                                                                                                                      |
| Agricultural Chemicals                                                                                                                                    |   |
|     Potash Corp of Saskatchewan                                                                                                                 | 39,000 | 914,639 | 705,900 | Canada | 1.1% |
|                                                                                                                                                      |
| Specialty Chemicals                                                                                                                                       |   |
|     BASF ADR                                                                                                                                    | 40,000 | 2,888,666 | 3,244,600 | Germany | 4.8% |
|                                                                                                                                                      |
|                                                                                                                                                      | 3,803,305 | 3,950,500 |  | 5.9% |
|                                                                                                                                                      |
| Technology                                                                                                                                                |   |
|                                                                                                                                                      |
| Application Software                                                                                                                                      |   |
|     Dassault Systemes ADR                                                                                                                       | 50,000 | 1,727,827 | 4,210,500 | France | 6.3% |
|     NICE Systems ADS                                                                                                                            | 60,000 | 2,122,719 | 4,105,800 | Israel | 6.1% |
|                                                                                                                                                      | 3,850,546 | 8,316,300 |   | 12.4% |
|                                                                                                                                                      |
| Electronics Components                                                                                                                                    |   |
|     Nidec ADS                                                                                                                                   | 53,406 | 514,164 | 1,198,698 | Japan | 1.8% |
|                                                                                                                                                      |
| Information Services                                                                                                                                      |   |
|     Wolters Kluwer                                                                                                                              | 100,000 | 1,869,506 | 4,200,278 | Netherlands | 6.3% |
|                                                                                                                                                      |
| Semiconductor Manufacturing                                                                                                                               |   |
|     ASML                                                                                                                                        | 42,350 | 1,505,799 | 4,512,393 | Netherlands | 6.7% |
|                                                                                                                                                      |
|                                                                                                                                                      | 7,740,015 | 18,227,669 |  | 27.2% |
|                                                                                                                                                      |
| Utilities                                                                                                                                                 |   |
|                                                                                                                                                      |
| Utility Networks                                                                                                                                          |   |
|     Korea Electric Power ADS                                                                                                                    | 20,000 | 304,261 | 517,200 | South Korea | 0.8% |
|                                                                                                                                                      |
|                                                                                                                                                      | $304,261 | 517,200 |   | 0.8% |
|                                                                                                                                                      |
| Total investments                                                                                                                                         | (Cost = $39,184,174) |   | 62,669,147 |  | 93.5% |
| Other assets (net of liabilities)                                                                                                                         |  |   | 4,337,416 |   | 6.5% |
| Total net assets                                                                                                                                          |   |   | $67,006,563 |   | 100.0% |
| ¹ Country of domicile unless otherwise indicated² Non-income producing security

ADR: American Depositary ShareADR: American Depositary Receipt |

 

| Saturna Investment Trust, Saturna Sustainable Equity Fund                                                                |
|--------------------------------------------------------------------------------------------------------------------------|
| Common Stocks — 83.6%                                                                                              | Number of Shares | Cost | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                     |
| Communications                                                                                                           |   |
|                                                                                                                     |
| Internet Media                                                                                                           |   |
|     Alphabet, Class A²                                                                                    | 122 | $67,177 | $96,362 | United States | 2.8% |
|                                                                                                                     |
| Telecom Carriers                                                                                                         |   |
|     China Mobile Limited                                                                                       | 3,000 | 33,640 | 36,961 | Hong Kong | 1.1% |
|                                                                                                                     |
|                                                                                                                     | 100,817 | 133,323 |  | 3.9% |
|                                                                                                                     |
| Consumer Discretionary                                                                                                   |   |
|                                                                                                                     |
| Apparel, Footwear & Accessory Design                                                                                 |   |
|     Nike, Class B                                                                                              | 1,558 | 90,564 | 89,803 | United States | 2.6% |
|     Samsonite International                                                                                    | 24,900 | 84,742 | 78,533 | Luxembourg | 2.3% |
|                                                                                                                     | 175,306 | 168,336 |  | 4.9% |
|                                                                                                                     |
| Auto Parts                                                                                                               |   |
|     Valeo                                                                                                      | 960 | 46,954 | 49,784 | France | 1.5% |
|                                                                                                                     |
| Automobiles                                                                                                              |   |
|     Toyota Motor ADS                                                                                           | 1,000 | 107,633 | 120,630 | Japan | 3.6% |
|                                                                                                                     |
| Home Products Stores                                                                                                     |   |
|     Home Depot                                                                                                 | 850 | 100,842 | 114,002 | United States | 3.4% |
|                                                                                                                     |
| Jewelry & Watch Stores                                                                                               |   |
|     Pandora                                                                                                    | 581 | 67,551 | 72,230 | Denmark | 2.1% |
|                                                                                                                     |
| Other Commercial Services                                                                                                |   |
|     Ecolab                                                                                                     | 723 | 82,096 | 88,965 | United States | 2.6% |
|                                                                                                                     |
| Restaurants                                                                                                              |   |
|     Starbucks                                                                                                  | 1,713 | 102,502 | 96,322 | United States | 2.8% |
|                                                                                                                     |
| Specialty Apparel Stores                                                                                                 |   |
|     TJX Companies                                                                                              | 996 | 66,642 | 77,130 | United States | 2.3% |
|                                                                                                                     |
|                                                                                                                     | 749,526 | 787,399 |  | 23.2% |
|                                                                                                                     |
| Consumer Staples                                                                                                         |   |
|                                                                                                                     |
| Household Products                                                                                                       |   |
|     Church & Dwight                                                                                        | 700 | 59,616 | 69,594 | United States | 2.0% |
|     Unilever                                                                                                   | 1,830 | 79,842 | 84,381 | Netherlands | 2.5% |
|                                                                                                                     |
|                                                                                                                     | 139,458 | 153,975 |  | 4.5% |
|                                                                                                                     |
| Financials                                                                                                               |   |
|                                                                                                                     |
| Consumer Finance                                                                                                         |   |
|     Mastercard, Class A                                                                                        | 824 | 74,154 | 79,623 | United States | 2.4% |
|                                                                                                                     |
| Diversified Banks                                                                                                        |   |
|     Wells Fargo                                                                                                | 1,200 | 55,909 | 60,960 | United States | 1.8% |
|                                                                                                                     |
| Life Insurance                                                                                                           |   |
|     AIA Group                                                                                                  | 11,600 | 67,862 | 73,066 | Hong Kong | 2.2% |
|                                                                                                                     |
| P&C Insurance                                                                                                        |   |
|     Chubb                                                                                                      | 700 | 77,224 | 88,851 | Switzerland | 2.6% |
|                                                                                                                     |
| REIT                                                                                                                     |   |
|     GLP-J REIT                                                                                                 | 83 | 84,153 | 102,997 | Japan | 3.0% |
|                                                                                                                     |
| Wealth Management                                                                                                        |   |
|     Ashmore Group                                                                                              | 18,000 | 71,761 | 82,933 | United Kingdom | 2.4% |
|                                                                                                                     |
|                                                                                                                     | 431,063 | 488,430 |  | 14.4% |
|                                                                                                                     |
| Health Care                                                                                                              |   |
|                                                                                                                     |
| Health Care Facilities                                                                                                   |   |
|     Ramsay Health Care                                                                                         | 2,308 | 103,088 | 143,709 | Australia | 4.2% |
|                                                                                                                     |
| Large Pharma                                                                                                             |   |
|     Novo Nordisk ADS                                                                                           | 1,569 | 86,409 | 73,304 | Denmark | 2.2% |
|                                                                                                                     |
| Medical Equipment                                                                                                        |   |
|     Koninklijke Philips                                                                                        | 2,000 | 53,980 | 57,880 | Netherlands | 1.7% |
|                                                                                                                     |
|                                                                                                                     | 243,477 | 274,893 |  | 8.1% |
|                                                                                                                     |
| Industrials                                                                                                              |   |
|                                                                                                                     |
| Electrical Components                                                                                                    |   |
|     Murata Manufacturing                                                                                       | 1,000 | 133,698 | 134,893 | Japan | 4.0% |
|     TE Connectivity                                                                                            | 351 | 22,756 | 22,313 | Switzerland | 0.6% |
|                                                                                                                     |
|                                                                                                                     | 156,454 | 157,206 |  | 4.6% |
|                                                                                                                     |
|                                                                                                                     |
| Materials                                                                                                                |   |
|                                                                                                                     |
| Containers & Packaging                                                                                               |   |
|     3M                                                                                                         | 400 | 65,264 | 71,696 | United States | 2.1% |
|                                                                                                                     |
| Specialty Chemicals                                                                                                      |   |
|     Johnson Matthey                                                                                            | 2,000 | 85,287 | 87,454 | United Kingdom | 2.6% |
|                                                                                                                     |
|                                                                                                                     | 150,551 | 159,150 |  | 4.7% |
|                                                                                                                     |
| Technology                                                                                                               |   |
|                                                                                                                     |
| Application Software                                                                                                     |   |
|     Dassault Systems ADR                                                                                       | 1,080 | 83,755 | 90,947 | France | 2.7% |
|                                                                                                                     |
| Communications Equipment                                                                                                 |   |
|     Apple                                                                                                      | 1,000 | 113,474 | 106,100 | United States | 3.1% |
|                                                                                                                     |
| Infrastructure Software                                                                                                  |   |
|     Microsoft                                                                                                  | 1,438 | 62,724 | 82,627 | United States | 2.4% |
|                                                                                                                     |
| IT Services                                                                                                              |   |
|     Accenture, Class A                                                                                         | 900 | 89,878 | 103,500 | Ireland | 3.1% |
|                                                                                                                     |
| Semiconductor Devices                                                                                                    |   |
|     NXP Semiconductors²                                                                                   | 1,300 | 127,836 | 114,426 | Netherlands | 3.4% |
|                                                                                                                     |
| Semiconductor Manufacturing                                                                                              |   |
|     Taiwan Semiconductor ADS                                                                                   | 6,500 | 158,370 | 186,810 | Taiwan | 5.5% |
|                                                                                                                     |
|                                                                                                                     | $636,037 | 684,410 |  | 20.2% |
|                                                                                                                     |
| Total investments                                                                                                        | (Cost = $2,607,383) |   | 2,838,786 |   | 83.6% |
| Other assets (net of liabilities)                                                                                        |  |   | 558,050 |   | 16.4% |
| Total net assets                                                                                                         |   |   | $3,396,836 |   | 100.0% |
| (1) Country of domicile(2) Non-income producing security

ADS: American Depositary ShareADR: American Depositary Receipt |

 

| Saturna Investment Trust, Saturna Sustainable Bond Fund                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Asset-Backed Securities — 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Asset-Backed Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     CRART 2014-3 C                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 3.61% due 06/17/2021 | $100,000 | $100,481 | United States | 1.2% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |  | 100,000 | 100,481 |   | 1.2% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Corporate Bonds — 81.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Communications                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     Telecom Italia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 7.175% due 06/18/2019 | 300,000 | 338,625 | Luxembourg | 4.2% |
|     Vodafone Group                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 4.375% due 03/16/2021 | 250,000 | 275,161 | United Kingdom | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 550,000 | 613,786 |  | 7.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Consumer Discretionary                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     BMW                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2.75% due 04/25/2019 | NOK 2,000,000 | 249,498 | Netherlands | 3.1% |
|     Outerwall Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 6.00% due 03/15/2019 | 350,000 | 360,062 | United States | 4.4% |
|     Toyota Motor Credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 2.75% due 02/05/2028 | 100,000 | 98,737 | Japan | 1.2% |
|     Toyota Motor Credit                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 3.00% due 03/20/2030 | 200,000 | 199,377 | Japan | 2.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 907,674 |  | 11.2% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Consumber Staples                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     BRF SA²                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 3.95% due 05/22/2023 | 250,000 | 249,375 | Brazil | 3.1% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 250,000 | 249,375 |  | 3.1% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     NextEra Energy Capital                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 6.65% due 06/15/2067 | 400,000 | 375,750 | United States | 4.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 400,000 | 375,750 |   | 4.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     Aircastle                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 4.625% due 12/15/2018 | 250,000 | 261,562 | Bermuda | 3.2% |
|     Ally Financial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 3.50% due 04/15/2018 | 50,000 | 49,750 | United States | 0.6% |
|     Ally Financial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 3.70% due 12/15/2018 | 65,000 | 63,845 | United States | 0.8% |
|     Ally Financial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 3.95% due 04/15/2020 | 50,000 | 50,020 | United States | 0.6% |
|     Bancolombia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 5.95% due 06/03/2021 | 300,000 | 331,500 | Colombia | 4.1% |
|     Canadian Imperial Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 3.42% due 01/26/2026 | CAD 350,000 | 274,716 | Canada | 3.4% |
|     Chubb                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 6.375% due 04/15/2037 | 400,000 | 373,750 | Switzerland | 4.6% |
|     Royal Bank of Scotland                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 4.70% due 07/03/2018 | 250,000 | 257,741 | United Kingdom | 3.2% |
|     Sun Life Financial                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 5.59% due 01/30/2023 | CAD 350,000 | 280,203 | Canada | 3.5% |
|     Toronto Dominion Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2.00% due 02/26/2022 | 25,000 | 24,743 | Canada | 0.3% |
|     Toronto Dominion Bank                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 2.15% due 03/31/2022 | 75,000 | 74,319 | Canada | 0.9% |
|     Westpac Banking                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 4.625% due 06/01/2018 | 110,000 | 115,379 | Australia | 1.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |  | 2,157,528 |  | 26.6% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Health Care                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     Koninklijke Philips                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 3.75% due 03/15/2022 | 327,000 | 352,170 | Netherlands | 4.4% |
|     Sanofi                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 4.00% due 03/29/2021 | 250,000 | 276,097 | France | 3.4% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 577,000 | 628,267 |  | 7.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Industrials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     Ingersoll-Rand                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 2.625% due 05/01/2020 | 300,000 | 306,317 | United States | 3.8% |
|     Pitney Bowes                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 5.25% due 01/15/2037 | 332,000 | 338,968 | United States | 4.2% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 632,000 | 645,285 |  | 8.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Technology                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     Flextronics International                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 4.625% due 02/15/2020 | 325,000 | 341,338 | Singapore | 4.2% |
|     Lexmark                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 6.65% due 06/01/2018 | 100,000 | 106,035 | United States | 1.3% |
|     Nokia                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 5.375% due 05/15/2019 | 300,000 | 324,375 | Finland | 4.0% |
|     Seagate HDD Cayman                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 3.75% due 11/15/2018 | 100,000 | 102,375 | Cayman Islands | 1.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 825,000 | 874,123 |  | 10.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     United Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 4.55% due 06/19/2018 | 59,000 | 61,298 | United Kingdom | 0.8% |
|     United Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 5.375% due 02/01/2019 | 75,000 | 80,602 | United Kingdom | 1.0% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 134,000 | 141,900 |  | 1.8% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Total Corporate Bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 6,593,688 |   | 81.5% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Government Bonds — 11.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Foreign Government Bonds                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     Republic of Turkey                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 7.00% due 03/11/2019 | 300,000 | 327,150 | Turkey | 4.1% |
|     Mexico Bonos Desarollo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 6.50% due 06/10/2021 | MXN 60,000 | 330,887 | Mexico | 4.1% |
|     New Zealand Government²                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 3.00% due 04/15/2020 | 400,000 | 302,071 | New Zealand | 3.7% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 960,108 |   | 11.9% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Mortgage-Backed Securities — 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | Coupon / Maturity | Face Amount | Market Value | Country¹ | Percentage of Assets |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Mortgage-Backed Securities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     BOAMS 2004-03 4A1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 4.75% due 03/25/2019 | 22,647 | 22,754 | United States | 0.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $22,647 | 22,754 |   | 0.3% |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| Total investments                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | (Cost = $7,658,402) |   | 7,677,031 |   | 94.9% |
| Other assets (net of liabilities)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |   | 414,511 |   | 5.1% |
| Total net assets                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |   | $8,091,542 |   | 100.0% |
| ¹ Country of domicile²Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.  At August 31, 2016, the aggregate value of these securities was $551,446, representing 6.8% of net assets. |

 

| Saturna Investment Trust, Idaho Tax-Exempt Fund                   |
|-------------------------------------------------------------------|
| Tax-Exempt Municipal Bonds — 95.0%                          | Coupon / Maturity | Face Amount | Market Value | Percentage of Assets |
|                                                              |
| Financial Services                                                |   |
|                                                              |
|     Boise City Urban Renewal Agency                     | 5.00% due 12/15/2032 | $300,000 | $361,542 | 2.0% |
|     Idaho Bond Bank                                     | 4.00% due 09/15/2019 | 90,000 | 95,829 | 0.5% |
|     Idaho Bond Bank                                     | 4.00% due 09/15/2032 | 405,000 | 453,215 | 2.5% |
|                                                              |
|                                                              | 795,000 | 910,586 | 5.0% |
|                                                              |
| General Obligation                                                |   |
|                                                              |
|     Ada & Canyon Cos. ID JSD #2 Meridian            | 5.00% due 08/15/2032 | 325,000 | 400,276 | 2.2% |
|     Ada & Canyon Cos. ID JSD #3 Kuna                | 5.00% due 09/15/2019 | 240,000 | 254,719 | 1.4% |
|     Ada & Canyon Cos. ID JSD #3 Kuna                | 4.00% due 08/15/2022 | 400,000 | 462,304 | 2.5% |
|     Adams & Washington Cos. ID JSD #432             | 4.00% due 08/15/2019 | 100,000 | 101,528 | 0.6% |
|     Bingham Co. ID SCD #52 Snake HS                     | 4.00% due 09/01/2020 | 250,000 | 265,988 | 1.4% |
|     Bingham Co. ID SCD #52 Snake HS                     | 4.00% due 09/01/2027 | 200,000 | 211,282 | 1.2% |
|     Blaine Co. ID Series A                              | 4.05% due 08/01/2023 | 150,000 | 154,693 | 0.8% |
|     Bonneville & Bingham Cos. ID JSD #93            | 5.00% due 09/15/2029 | 250,000 | 302,470 | 1.6% |
|     Bonneville & Bingham Cos. ID JSD #93            | 5.00% due 09/15/2031 | 200,000 | 241,204 | 1.3% |
|     Bonneville Co. ID SCD #91                           | 4.00% due 09/15/2026 | 50,000 | 56,835 | 0.3% |
|     Bonneville Co. ID SCD #91                           | 3.75% due 09/15/2032 | 285,000 | 307,293 | 1.7% |
|     Boundary Co. ID SCD #101                            | 4.00% due 08/15/2021 | 240,000 | 247,327 | 1.3% |
|     Canyon Co. ID SCD #135 Notus                        | 3.25% due 09/15/2032 | 170,000 | 184,829 | 1.0% |
|     Canyon Co. ID SCD #134 Middleton                    | 4.00% due 09/15/2028 | 400,000 | 461,120 | 2.5% |
|     Canyon Co. ID SCD #135 Notus                        | 3.25% due 09/15/2031 | 290,000 | 316,538 | 1.7% |
|     Canyon Co. ID SCD #139 Vallivue                     | 5.00% due 09/15/2024 | 260,000 | 315,071 | 1.7% |
|     Canyon Co. ID SCD #139 Vallivue                     | 4.35% due 09/15/2025 | 350,000 | 350,343 | 1.9% |
|     Cassia, Oneida, Twin Falls JSCD #151                | 3.375% due 09/15/2034 | 160,000 | 167,035 | 0.9% |
|     Fremont & Madison Cos. ID JSD #215              | 4.00% due 08/15/2019 | 200,000 | 209,628 | 1.1% |
|     Fremont & Madison Cos. ID JSD #215              | 4.125% due 08/15/2024 | 130,000 | 135,895 | 0.7% |
|     Jefferson & Madison Cos. ID JSD #251 Rigby      | 4.25% due 09/01/2024 | 100,000 | 105,392 | 0.6% |
|     Kootenai Co. ID SCD #273                            | 4.00% due 08/15/2031 | 265,000 | 301,679 | 1.6% |
|     Kootenai Co. ID SCD #271                            | 4.00% due 09/15/2025 | 165,000 | 190,737 | 1.0% |
|     Kootenai-Shoshone ID Area Libraries                 | 4.25% due 08/01/2021 | 220,000 | 223,269 | 1.2% |
|     Latah Co. ID SCD #281                               | 4.00% due 08/15/2028 | 200,000 | 232,844 | 1.3% |
|     Latah Co. ID SCD #281                               | 4.00% due 08/15/2027 | 100,000 | 117,358 | 0.6% |
|     Latah, Nez Perce, & Clearwater Cos. ID JSD #283 | 4.50% due 08/15/2027 | 190,000 | 197,302 | 1.1% |
|     Madison Co. ID SCD #321 Rexburg                     | 4.50% due 08/15/2024 | 410,000 | 417,171 | 2.3% |
|     Madison Co. ID SCD #321 Rexburg                     | 4.50% due 08/15/2026 | 250,000 | 254,372 | 1.4% |
|     Owyhee & Elmore Cos. ID JSD #365                | 4.00% due 08/15/2027 | 350,000 | 364,375 | 2.0% |
|     Payette Co. ID SCD #373                             | 5.00% due 09/15/2024 | 350,000 | 350,399 | 1.9% |
|     Twin Falls & Gooding Cos. JSD #412              | 4.125% due 09/01/2023 | 100,000 | 115,373 | 0.6% |
|     Twin Falls Co. ID SCD #411 Series A                 | 4.25% due 09/15/2031 | 100,000 | 115,802 | 0.6% |
|     Twin Falls Co. ID SCD #411                          | 4.00% due 09/15/2027 | 170,000 | 198,506 | 1.1% |
|     Twin Falls Co. ID SCD #411                          | 4.25% due 09/15/2030 | 300,000 | 348,606 | 1.9% |
|     Twin Falls Co. ID SCD #411                          | 4.75% due 09/15/2039 | 200,000 | 234,440 | 1.3% |
|     Twin Falls Co. ID SCD #414                          | 4.25% due 09/15/2028 | 445,000 | 528,914 | 2.9% |
|     Valley & Adams Cos. ID JSD #421                 | 3.00% due 08/01/2026 | 220,000 | 231,310 | 1.3% |
|                                                              |
|                                                              | 8,785,000 | 9,674,227 | 52.5% |
|                                                              |
| Medical/Hospitals                                                 |   |
|                                                              |
|     Idaho Health Facility Trinity Health Group          | 3.25% due 12/01/2028 | 300,000 | 319,251 | 1.7% |
|     Idaho Health Facility Trinity Health Group          | 6.00% due 12/01/2023 | 200,000 | 223,474 | 1.2% |
|     Idaho Health Facility Trinity Health Group          | 6.25% due 12/01/2033 | 115,000 | 129,135 | 0.7% |
|     Idaho State Health Facility Authority Revenue       | 6.75% due 11/01/2037 | 200,000 | 224,154 | 1.2% |
|                                                              |
|                                                              | 815,000 | 896,014 | 4.8% |
|                                                              |
| Municipal Leases                                                  |   |
|                                                              |
|     Boise City Urban Renewal Lease Revenue              | 5.00% due 12/15/2031 | 400,000 | 484,052 | 2.6% |
|     Nez Perce Co. ID COPS                               | 4.50% due 02/01/2021 | 150,000 | 152,036 | 0.8% |
|                                                              |
|                                                              | 550,000 | 636,088 | 3.4% |
|                                                              |
| Pollution Control                                                 |   |
|                                                              |
|     Caldwell ID Sewer Revenue                           | 4.50% due 09/01/2019 | 100,000 | 110,614 | 0.6% |
|     Idaho Bond Bank Authority                           | 4.125% due 09/15/2023 | 75,000 | 77,415 | 0.4% |
|     Idaho Bond Bank Authority                           | 4.30% due 09/01/2022 | 135,000 | 135,262 | 0.7% |
|     Moscow ID Sewer Revenue                             | 4.45% due 05/01/2028 | 200,000 | 210,266 | 1.2% |
|                                                              |
|                                                              | 510,000 | 533,557 | 2.9% |
|                                                              |
| Power Generation                                                  |   |
|                                                              |
|     Idaho Falls ID Electric Revenue                     | 6.75% due 04/01/2019 | 40,000 | 42,369 | 0.2% |
|                                                              |
|                                                              | 40,000 | 42,369 | 0.2% |
|                                                              |
| Real Estate                                                       |   |
|                                                              |
|     Idaho Housing & Finance Authority SFM           | 2.75% due 07/01/2031 | 500,000 | 500,845 | 2.7% |
|     Idaho State Building Authority Revenue              | 5.00% due 09/01/2032 | 400,000 | 480,120 | 2.6% |
|     Idaho State Building Authority Revenue              | 5.00% due 09/01/2031 | 200,000 | 240,314 | 1.3% |
|     Post Falls ID LID SPA                               | 5.00% due 05/01/2021 | 90,000 | 90,057 | 0.5% |
|                                                              |
|                                                              | 1,190,000 | 1,311,336 | 7.1% |
|                                                              |
| State Education                                                   |   |
|                                                              |
|     Boise State University ID Revenues                  | 4.50% due 04/01/2027 | 250,000 | 255,620 | 1.4% |
|     Boise State University ID Revenues                  | 5.00% due 04/01/2034 | 385,000 | 426,769 | 2.3% |
|     Idaho State University Revenues                     | 3.00% due 04/01/2032 | 160,000 | 165,664 | 0.9% |
|     Idaho State University Revenues                     | 3.00% due 04/01/2031 | 250,000 | 259,927 | 1.4% |
|     North Idaho College Dormitory Revenues              | 4.00% due 11/01/2030 | 285,000 | 327,568 | 1.8% |
|     University of Idaho Revenues                        | 5.00% due 04/01/2032 | 455,000 | 533,669 | 2.9% |
|     University of Idaho Revenues                        | 5.00% due 04/01/2028 | 225,000 | 253,440 | 1.4% |
|                                                              |
|                                                              | 2,010,000 | 2,222,657 | 12.1% |
|                                                              |
| Transportation                                                    |   |
|                                                              |
|     Boise ID Airport Parking Facility Revenue           | 3.00% due 09/01/2028 | 210,000 | 215,191 | 1.2% |
|     Idaho Housing & Finance Association             | 5.00% due 07/15/2027 | 50,000 | 55,248 | 0.3% |
|     Idaho Housing & Finance Association             | 4.60% due 07/15/2023 | 250,000 | 265,905 | 1.4% |
|                                                              |
|                                                              | 510,000 | 536,344 | 2.9% |
|                                                              |
| Water Supply                                                      |   |
|                                                              |
|     Chubbuck ID Water Revenue                           | 4.00% due 09/01/2025 | 155,000 | 172,916 | 0.9% |
|     Idaho Bond Bank Authority                           | 4.00% due 09/15/2024 | 100,000 | 103,051 | 0.6% |
|     Pocatello ID Water Revenue                          | 4.75% due 02/01/2026 | 350,000 | 368,337 | 2.0% |
|     Pocatello ID Water Revenue                          | 4.50% due 02/01/2024 | 100,000 | 104,920 | 0.6% |
|                                                              |
|                                                              | 705,000 | 749,224 | 4.1% |
|                                                              |
| Total investments                                                 | (Cost = $16,691,337) | $15,910,000 | 17,512,402 | 95.0% |
| Other assets (net of liabilities)                                 |   | 922,605 | 5.0% |
| Total net assets                                                  |   |   | $18,435,007 | 100.0% |

 

----

## Notes to Schedule of Investments (unaudited)

### 1. Organization:

Saturna Investment Trust (the "Trust") was established under Washington State Law as a business trust on February 20, 1987.

### 2. Significant Accounting Policies

> 
**a. Security valuation:**

Under procedures approved by the Trust's Board of Directors, Saturna Capital, the Trust's investment adviser and administrator, has formed a Pricing Committee to administer the pricing and valuation of portfolio securities, including valuation of securities for which market quotations are not readily available.

Securities traded on a US national securities exchange and over-the-counter securities are valued at the last reported sales price on the day of valuation. Securities for which there are no sales are valued at latest bid price.

Foreign markets may close before the time as of which the Funds' share prices are determined. Because of this, events occurring after the close and before the determination of the Funds' share prices may have a material effect on the values of some or all of the Funds' foreign securities. To account for this, the Funds may use outside pricing services for valuation of their non-US securities.

Fixed-income securities are valued based on evaluated prices supplied by an independent pricing service, which include valuations provided by market makers and other participants, provided that there is sufficient market activity on which the pricing service can base such valuations. Where market activity is insufficient for making such determinations, the independent pricing service uses proprietary valuation methodologies and may consider a variety of factors, such as yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, and other factors in order to calculate the security's fair value.

Fixed-income debt instruments, such as commercial paper, bankers' acceptances and US Treasury Bills, with a maturity of 60 days or less are valued at amortized cost, which approximates market value. Any discount or premium is accreted or amortized on a straight-line basis until maturity.

Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.

In cases in which there is not a readily available market price, a fair value for such security is determined in good faith by or under the direction of the Board of Trustees.

> 
**b. Fair Value Measurements 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, 2016 in valuing the Funds' investments carried at value:

| Funds                                | **Level 1**Quoted Price | **Level 2**Significant Observable Input | **Level 3**Significant Unobservable Input | Total       |
|--------------------------------------|-------------------------|-----------------------------------------|-------------------------------------------|-------------|
| Short-Term Bond                      |
| Corporate Bonds¹                | $-                      | $6,451,754                              | $-                                        | $6,451,754  |
| Government Bonds¹               | -                       | 953,125                                 | -                                         | 953,125     |
| Total Assets                         | $-                      | $7,404,879                              | $-                                        | $7,404,879  |
|                                 |
| Bond Income                          |
| Corporate Bonds¹                | $-                      | $6,271,785                              | $-                                        | $6,271,785  |
| Government Bonds¹               | -                       | 1,407,174                               | -                                         | 1,407,174   |
| Municipal Bonds¹                | -                       | 1,979,335                               | -                                         | 1,979,335   |
| Total Assets                         | $-                      | $9,658,294                              | $-                                        | $9,658,294  |
|                                 |
| Core                                 |
| Common Stocks                        |
|     Communications         | $130,200                | $-                                      | $-                                        | $130,200    |
|     Consumer Discretionary | 284,805                 | 124,320                                 | -                                         | 409,125     |
|     Consumer Staples       | 805,033                 | -                                       | -                                         | 805,033     |
|     Energy                 | 493,656                 | -                                       | -                                         | 493,656     |
|     Financials             | 565,290                 | 146,156                                 | -                                         | 711,446     |
|     Health Care            | 944,668                 | -                                       | -                                         | 944,668     |
|     Industrials            | 310,048                 | -                                       | -                                         | 310,048     |
|     Materials              | 451,042                 | -                                       | -                                         | 451,042     |
|     Technology             | 652,852                 | -                                       | -                                         | 652,852     |
|     Utilities              | 316,355                 | -                                       | -                                         | 316,355     |
| Total Common Stocks                  | $4,953,949              | $270,476                                | $-                                        | $5,224,425  |
| Corporate Bonds¹                | $-                      | $2,150,835                              | $-                                        | $2,150,835  |
| Government Bonds¹               | $-                      | $665,580                                | $-                                        | $665,580    |
| Municipal Bonds¹                | $-                      | $461,965                                | $-                                        | $461,965    |
| Total Assets                         | $4,953,949              | $3,548,856                              | $-                                        | $8,502,805  |
|                                 |
| Global High Income                   |
| Common Stocks                        |
|     Communications         | $285,240                | $-                                      | $-                                        | $285,240    |
|     Consumer Discretionary | -                       | 199,741                                 | -                                         | 199,741     |
|     Energy                 | 793,644                 | -                                       | -                                         | 793,644     |
|     Financials             | 389,180                 | 126,668                                 | -                                         | 515,848     |
|     Health Care            | 284,389                 | -                                       | -                                         | 284,389     |
|     Industrials            | -                       | 347,411                                 | -                                         | 347,411     |
|     Materials              | 663,245                 | -                                       | -                                         | 663,245     |
|     Technology             | 247,640                 | -                                       | -                                         | 247,640     |
|     Utilities              | 136,255                 | -                                       | -                                         | 136,255     |
| Total Common Stocks                  | $2,799,593              | $673,820                                | $-                                        | $3,473,413  |
| Corporate Bonds¹                | $-                      | $2,551,648                              | $-                                        | $2,551,648  |
| Government Bonds¹               | $-                      | $620,591                                | $-                                        | $620,591    |
| Municipal Bonds¹                | $-                      | $268,415                                | $-                                        | $268,415    |
| Total Assets                         | $2,799,593              | $4,114,474                              | $-                                        | $6,914,067  |
|                                 |
| Growth                               |
| Common Stocks¹                  | $33,107,773             | $-                                      | $-                                        | $33,107,773 |
| Total Assets                         | $33,107,773             | $-                                      | $-                                        | $33,107,773 |
|                                 |
| International                        |
| Common Stocks                        |
|     Communications         | $4,625,000              | $-                                      | $-                                        | $4,625,000  |
|     Consumer Discretionary | 9,648,045               | -                                       | -                                         | 9,648,045   |
|     Consumer Staples       | 7,081,000               | -                                       | -                                         | 7,081,000   |
|     Energy                 | 3,087,750               | -                                       | -                                         | 3,087,750   |
|     Financials             | 6,277,200               | -                                       | -                                         | 6,277,200   |
|     Health Care            | 7,976,990               | 1,277,793                               | -                                         | 9,254,783   |
|     Materials              | 3,950,500               | -                                       | -                                         | 3,950,500   |
|     Technology             | 14,027,391              | 4,200,278                               | -                                         | 18,227,669  |
|     Utilities              | 517,200                 | -                                       | -                                         | 517,200     |
| Total Assets                         | $57,191,076             | $5,478,071                              | $-                                        | $62,669,147 |
|                                 |
| Sustainable Equity                   |
| Common Stocks                        |
|     Communications         | $96,362                 | $36,961                                 | $-                                        | $133,323    |
|     Consumer Discretionary | 586,852                 | 200,547                                 | -                                         | 787,399     |
|     Consumer Staples       | 153,975                 | -                                       | -                                         | 153,975     |
|     Financials             | 229,434                 | 258,996                                 | -                                         | 488,430     |
|     Health Care            | 131,184                 | 143,709                                 | -                                         | 274,893     |
|     Industrials            | 22,313                  | 134,893                                 | -                                         | 157,206     |
|     Materials              | 159,150                 | -                                       | -                                         | 159,150     |
|     Technology             | 684,410                 | -                                       | -                                         | 684,410     |
| Total Assets                         | $2,063,680              | $775,106                                | $-                                        | $2,838,786  |
|                                 |
| Sustainable Bond                     |
| Asset Backed Securities¹        | $-                      | $100,481                                | $-                                        | $100,481    |
| Corporate Bonds¹                | $-                      | $6,593,688                              | $-                                        | $6,593,688  |
| Government Bonds¹               | $-                      | $960,108                                | $-                                        | $960,108    |
| Mortgage Backed Securities¹     | $-                      | $22,754                                 | $-                                        | $22,754     |
| Total Assets                         | $-                      | $7,677,031                              | $-                                        | $7,677,031  |
|                                 |
| Idaho Tax-Exempt                     |
| Municipal Bonds¹                | $-                      | $17,512,402                             | $-                                        | $17,512,402 |
| Total Assets                         | $-                      | $17,512,402                             | $-                                        | $17,512,402 |

¹ See Schedule of Investments for industry breakout.

During the period ended August 31, 2016, no Fund had transfers between Level 1 and Level 2. Due to a change in pricing policy for municipal bonds, Sextant Global High Income and Idaho Tax-Exempt had $158,256 and $478,358 move from Level 3 to Level 2 respectively.

Derivative instruments and hedging activities:

The Funds have adopted the financial accounting reporting rules required by the Derivatives and Hedging Topic of the FASB Accounting Standards Codification. The Funds are required to include enhanced disclosure which enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

During the fiscal period ended August 31, 2016, the Funds did not hold any derivative instruments.

Federal Income Taxes:

The aggregate unrealized security gains and losses based on costs of investments for U.S. federal income tax purposes at August 31, 2016, were as follows:

|                                       | Short-Term Bond    | Bond Income        |
|--------------------------------------------|--------------------|--------------------|
| Cost of investments                        | $7,360,949         | $8,967,696         |
| Gross unrealized appreciation              | $48,247            | $736,478           |
| Gross unrealized depreciation              | $(4,317)           | $(45,880)          |
| Net unrealized appreciation (depreciation) | $43,930            | $690,598           |
|                                       |
|                                       | Core               | Global High Income |
| Cost of investments                        | $7,614,031         | $7,216,851         |
| Gross unrealized appreciation              | $1,244,032         | $590,831           |
| Gross unrealized depreciation              | $(355,258)         | $(893,615)         |
| Net unrealized appreciation (depreciation) | $888,774           | $(302,784)         |
|                                       |
|                                       | Growth             | International      |
| Cost of investments                        | $23,549,749        | $39,184,174        |
| Gross unrealized appreciation              | $10,190,840        | $25,172,331        |
| Gross unrealized depreciation              | $(632,816)         | $(1,687,358)       |
| Net unrealized appreciation                | $9,558,024         | $23,484,973        |
|                                       |
|                                       | Sustainable Equity | Sustainable Bond   |
| Cost of investments                        | $2,607,383         | $7,658,402         |
| Gross unrealized appreciation              | $293,015           | $103,006           |
| Gross unrealized depreciation              | $(61,612)          | $(84,377)          |
| Net unrealized depreciation                | $231,403           | $18,629            |
|                                       |
| Idaho Tax-Exempt                           |
| Cost of investments                        | $16,691,337        |
| Gross unrealized appreciation              | $835,364           |
| Gross unrealized depreciation              | $(14,299)          |
| Net unrealized appreciation                | $821,065           |

Subsequent Events:

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions during the period that materially impacted the amounts or disclosures in the Funds' financial statements.

On October 28, 2016, Bryce R. Fegley CFA®, CIPM® was named portfolio manager of Sextant Core Fund.

## Item 2. Controls and Procedures

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision of and with the participation of the registrant's management, including the principal executive officer and the principal financial officer, regarding the effectiveness of the design and operation of the registrant's disclosure controls and procedures. Based on that evaluation, the principal executive officer and principal financial officer concluded that the registrant's disclosure controls and procedures were effective.

(b) The registrant's principal executive officer and principal financial officer are aware of no changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

## 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 and Chief Executive Officer

Date: October 28, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company 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 and Chief Executive Officer

Date:October 28, 2016

By:

*/s/ Christopher Fankhauser*Christopher Fankhauser, Chief Financial Officer

Date: October 28, 2016

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