**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**Shareholders and Board of Trustees  Saturna Investment Trust  Bellingham, Washington**  In planning and performing our audits of the financial statements of Idaho Tax-Exempt  Fund, Sextant Short-Term Bond Fund, Sextant Bond Income Fund, Sextant Growth  Fund and Sextant International Fund, each a series of shares of Saturna Investment  Trust (the “Trust”) for the year ended November 30, 2005, in accordance  with the standards of the Public Company Accounting Oversight Board (United  States), we considered their internal control over financial reporting, including  control activities for safeguarding securities, as a basis for designing our  auditing procedures for the purpose of expressing our opinion on the financial  statements and to comply with the requirements of Form N-SAR, but not for the  purpose of expressing an opinion on the effectiveness of the Trust’s internal  control over financial reporting. Accordingly, we express no such opinion.  The management of the Funds is responsible for establishing and maintaining  effective internal control over financial reporting. In fulfilling this responsibility,  estimates and judgments by management are required to assess the expected benefits  and related costs of controls. A company’s internal control over financial  reporting is a process designed to provide reasonable assurance regarding the  reliability of financial reporting and the preparation of financial statements  for external purposes in accordance with generally accepted accounting principles.  Such internal control includes policies and procedures that provide reasonable  assurance regarding prevention or timely detection of unauthorized acquisition,  use or disposition of a company’s assets that could have a material effect  on the financial statements.  Because of inherent limitations, internal control over financial reporting may  not prevent or detect misstatements. Also, projections of any evaluation of  effectiveness to future periods are subject to the risk that controls may become  inadequate because of changes in conditions, or that the degree of compliance  with the policies or procedures may deteriorate.  A control deficiency exists when the design or operation of a control does not  allow management or employees, in the normal course of performing their assigned  functions, to prevent or detect misstatements on a timely basis. A significant  deficiency is a control deficiency, or combination of control deficiencies,  that adversely affects the company’s ability to initiate, authorize, record,  process or report financial data reliably in accordance with generally accepted  accounting principles such that there is more than a remote likelihood that  a misstatement of the company’s annual or interim financial statements  that is more than inconsequential will not be prevented or detected. A material  weakness is a significant deficiency, or combination of significant deficiencies,  that results in more than a remote likelihood that a material misstatement of  the annual or interim financial statements will not be prevented or detected.

Our consideration of the Trust’s internal control over financial reporting  was for the limited purpose described in the first paragraph and would not necessarily  disclose all deficiencies in internal control that might be significant deficiencies  or material weaknesses under standards established by the Public Company Accounting  Oversight Board (United States). However, we noted no deficiencies in the Trust’s  internal control over financial reporting and its operation, including controls  for safeguarding securities, which we consider to be material weaknesses, as  defined above, as of November 30, 2005.  This report is intended solely for the information and use of management, Shareholders  and Board of Trustees of Saturna Investment Trust and the Securities and Exchange  Commission, and is not intended to be and should not be used by anyone other  than these specified parties.

 

**Philadelphia, Pennsylvania   January 3, 2006******

***/s/ Tait, Weller & Baker***