UNITED STATES   SECURITIES AND EXCHANGE COMMISSION  Washington, DC 20549**FORM N-Q****QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED  MANAGEMENT INVESTMENT COMPANY**  Investment Company Act file number: 811-05071**SATURNA INVESTMENT TRUST**  (Exact Name of Registrant as Specified in Charter)**1300 N. State Street  Bellingham, Washington 98225-4730**  (Address of Principal Executive Offices, including ZIP Code)  Nicholas F. Kaiser  1300 N. State Street  Bellingham, Washington 98225-4730  (Name and Address of Agent for Service)  Registrant’s Telephone Number- (360) 734-9900  Date of fiscal year end: November 30, 2006  Date of reporting period: February 28, 2006

 

 

 

**Item 1. Schedule of Investments**

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

| **Saturna Investment Trust, Sextant          Growth Fund**          |
|---------------------------------------------------------------------|
|                                                                |
| Common Stock                                                        | Quantity | Market Value | % Portfolio | Industry |
| Accuride                                                            | 10,000 | $113,200 | 0.97% | Auto/Truck - Original Equip. |
| Adobe Systems                                                       | 9,600 | $370,080 | 3.18% | Computer - Software |
| Advanced Micro Devices                                              | 10,000 | $386,700 | 3.32% | Elec Components - Semicondtrs |
| Affymetrix                                                          | 4,000 | $142,040 | 1.22% | Medical - Biomed/Genetics |
| Agilent Technologies                                                | 6,000 | $216,000 | 1.85% | Elec Components - Misc |
| Alcoa                                                               | 6,000 | $175,920 | 1.51% | Metal Ores - Non Ferrous |
| Amazon.com                                                          | 3,500 | $131,040 | 1.12% | Retail - Internet |
| Amgen                                                               | 2,640 | $199,267 | 1.71% | Medical - Biomed/Genetics |
| Apple Computer                                                      | 11,000 | $753,390 | 6.46% | Computer - Mini/Micro |
| Barr Pharmaceuticals                                                | 4,500 | $302,310 | 2.59% | Medical - Generic Drugs |
| Bed Bath & Beyond                                                   | 3,000 | $108,120 | 0.93% | Retail - Misc/Diversified |
| Best Buy                                                            | 2,000 | $107,720 | 0.92% | Retail - Consumer Elect |
| Bristol-Myers Squibb                                                | 4,500 | $103,950 | 0.89% | Medical - Drugs |
| Build-A-Bear-Workshop                                               | 7,000 | $202,510 | 1.74% | Retail - Home Furnishings |
| Caremark Rx                                                         | 4,000 | $199,000 | 1.71% | Medical - Hlth Maint Orgs |
| Chubb                                                               | 3,000 | $287,250 | 2.46% | Insurance - Propt/Casul/Title |
| Devon Energy                                                        | 3,000 | $175,890 | 1.51% | Oil & Gas - U S Explo & Prod |
| FPL Group                                                           | 7,000 | $293,510 | 2.52% | Utility - Electric Power |
| Frontier Financial                                                  | 8,000 | $257,760 | 2.21% | Banks - West |
| Genentech                                                           | 2,000 | $171,380 | 1.47% | Medical - Biomed/Genetics |
| Harman International Industries                                     | 2,100 | $231,735 | 1.99% | Audio/Video Home Products |
| Hewlett-Packard                                                     | 7,000 | $229,670 | 1.97% | Computer - Mini/Micro |
| Honeywell International                                             | 3,500 | $143,325 | 1.23% | Diversified Operations |
| IDACORP                                                             | 6,000 | $197,640 | 1.70% | Utility - Electric Power |
| Intuit                                                              | 4,000 | $194,440 | 1.67% | Computer - Software |
| KB Home                                                             | 3,500 | $234,605 | 2.01% | Building - Resident/Commercl |
| Ligand Pharmaceuticals                                              | 10,000 | $124,500 | 1.07% | Medical - Biomed/Genetics |
| Lilly (Eli)                                                         | 3,500 | $194,670 | 1.67% | Medical - Drugs |
| Lincoln Electric Holdings                                           | 2,500 | $115,400 | 0.99% | Machinery - Tools & Rel Prods |
| Lowe's Companies                                                    | 4,000 | $272,720 | 2.34% | Buildg Prods - Retail/Whlsle |
| MapInfo                                                             | 5,000 | $67,450 | 0.58% | Computer - Software |
| Noble                                                               | 4,000 | $295,640 | 2.54% | Oil & Gas - Offshore Drillng |
| Norfolk Southern                                                    | 4,500 | $230,310 | 1.98% | Transportation - Rail |
| Nucor                                                               | 1,200 | $103,260 | 0.89% | Steel - Producers |
| Oracle                                                              | 15,000 | $186,300 | 1.60% | Computer - Software |
| Oshkosh Truck                                                       | 1,600 | $90,768 | 0.78% | Auto/Truck - Manufacturing |
| Patterson - UTI Energy                                              | 5,000 | $137,750 | 1.18% | Oil & Gas - U S Explo & Prod |
| PepsiCo                                                             | 3,000 | $177,330 | 1.52% | Beverages - Soft Drink |
| Performance Food Group                                              | 3,000 | $88,110 | 0.76% | Food Items - Wholesale |
| Pharmaceutical Product Development                                  | 7,500 | $521,925 | 4.48% | Medical - Drugs |
| Phelps Dodge                                                        | 1,330 | $183,540 | 1.57% | Metal Ores - Non Ferrous |
| Regal-Beloit                                                        | 4,000 | $160,960 | 1.38% | Machinery - Tools & Rel Prods |
| Restoration Hardware                                                | 15,203 | $81,792 | 0.70% | Retail - Home Furnishings |
| Schwab (Charles)                                                    | 25,000 | $405,250 | 3.48% | Finance - Investment Bkrs |
| Sempra Energy                                                       | 3,000 | $143,520 | 1.23% | Utility - Gas Distribution |
| Staples                                                             | 4,000 | $98,160 | 0.84% | Office Equip & Supplies |
| Symbol Technologies                                                 | 10,092 | $117,269 | 1.01% | Computer - Peripheral |
| 3Com                                                                | 16,000 | $74,400 | 0.64% | Computer - Local Networks |
| Trimble Navigation                                                  | 6,000 | $245,460 | 2.11% | Instruments - Elec Measuring |
| USEC                                                                | 16,000 | $199,040 | 1.71% | Energy Alternate Sources |
| United Online                                                       | 8,000 | $96,080 | 0.82% | Computer - Internet |
| United Parcel Service, Cl B                                         | 2,500 | $186,775 | 1.60% | Transportation - Services |
| VCA Antech                                                          | 6,000 | $167,700 | 1.44% | Medical - Hospitals |
| Washington Banking Company                                          | 5,000 | $93,700 | 0.80% | Banks - West |
| Washington Mutual                                                   | 6,750 | $288,158 | 2.47% | Banks - West |
| Red Lion Hotels                                                     | 21,000 | $244,650 | 2.10% | Hotels & Motels |
| Weyerhaeuser                                                        | 3,000 | $204,870 | 1.76% | Buildg Prods - Wood |
| Wiley (John) & Sons, Cl A                                           | 3,400 | $128,214 | 1.10% | Publishing - Books |
|                                                                |
|                                                                | TOTAL | $11,654,123 |   |   |
|                                                                |
| **Saturna Investment Trust, Sextant          International Fund**   |
|                                                                |
| Common Stock                                                        | Quantity | Market Value | % Portfolio | Industry |
| America Movil ADR Series L                                          | 6,000 | $208,380 | 3.08% | Telecommunctns - Cellular |
| American Oriental Bioengineering                                    | 15,000 | $76,950 | 1.14% | Medical - Biomed/Genetics |
| Anglo-American plc ADR                                              | 2,500 | $93,650 | 1.38% | Metal Ores - Gold |
| Australia & New Zealand Banking ADS                                 | 1,000 | $95,230 | 1.41% | Banks - Foreign |
| AXA ADS                                                             | 4,200 | $148,596 | 2.20% | Banks - Foreign |
| BASF AG ADS                                                         | 1,700 | $128,503 | 1.90% | Chemicals - Diversified |
| BCE                                                                 | 4,000 | $97,040 | 1.43% | Telecommunctns - Services |
| BOC Group plc, ADS                                                  | 2,000 | $105,800 | 1.56% | Chemicals - Diversified |
| Banco Bilbao Vizcaya Argentaria ADS                                 | 7,500 | $152,325 | 2.25% | Banks - Foreign |
| Business Objects SA ADS                                             | 7,000 | $261,030 | 3.86% | Computer - Software |
| CRH plc ADS                                                         | 4,000 | $136,000 | 2.01% | Building - Cement/Concrete/Ag |
| Cadbury Schweppes plc ADR                                           | 2,500 | $102,300 | 1.51% | Food - Confectionery |
| Canadian Pacific Railway Ltd                                        | 3,200 | $163,808 | 2.42% | Transportation - Rail |
| Canon ADS                                                           | 2,200 | $137,456 | 2.03% | Office Automation |
| China Mobile (Hong Kong) Ltd                                        | 4,000 | $96,920 | 1.43% | Telecommunctns - Cellular |
| Coca-Cola Femsa ADS                                                 | 4,300 | $131,494 | 1.94% | Beverages - Soft Drink |
| Dassault Systems SA ADR                                             | 3,000 | $168,240 | 2.49% | Computer - Software |
| Embraer Aircraft ADR                                                | 3,400 | $135,150 | 2.00% | Aerospace - Aircraft |
| EnCana                                                              | 3,000 | $123,930 | 1.83% | Oil & Gas - Canadn Integrated |
| Enel SpA ADS                                                        | 1,300 | $54,210 | 0.80% | Utility - Electric Power |
| Enersis SA ADS                                                      | 4,000 | $49,080 | 0.73% | Utility - Electric Power |
| Epcos AG ADS                                                        | 2,500 | $34,750 | 0.51% | Elec Components - Misc |
| Fairmont Hotels & Resorts                                           | 2,500 | $110,800 | 1.64% | Hotels & Motels |
| GlaxoSmithKline plc ADR                                             | 2,000 | $101,640 | 1.50% | Medical - Drugs |
| GOL - Linhas Aereas Intel ADR                                       | 6,000 | $196,800 | 2.91% | Transportation - Airline |
| Hanson plc ADS                                                      | 2,100 | $127,974 | 1.89% | Building - Cement/Concrete/Ag |
| Infineon Technologies AG ADR                                        | 5,000 | $46,100 | 0.68% | Elec Components - Semicondtrs |
| ING Groep NV ADS                                                    | 4,000 | $150,360 | 2.22% | Insurance - Multi Line |
| Intrawest                                                           | 4,600 | $146,464 | 2.16% | Real Estate - Development |
| James Hardie Inds NV ADS                                            | 3,000 | $99,750 | 1.47% | Building - Resident/Commercl |
| Korea Electric Power ADS                                            | 7,000 | $155,470 | 2.30% | Utility - Electric Power |
| LAN Airlines SA                                                     | 3,500 | $142,975 | 2.11% | Transportation - Airline |
| Metso ADS                                                           | 2,100 | $77,490 | 1.15% | Paper & Paper Products |
| Mitsubishi OFJ Financial Group                                      | 10,000 | $149,000 | 2.20% | Banks - Foreign |
| Nidec                                                               | 5,000 | $98,400 | 1.47% | Machinery - Electrical |
| Nissan Motor ADR                                                    | 4,000 | $92,040 | 1.36% | Auto/Truck - Mfg Foreign |
| Nomura Holdings ADR                                                 | 10,000 | $192,900 | 2.85% | Finance - Investment Bkrs |
| Norsk Hydro ADS                                                     | 1,200 | $140,100 | 2.07% | Oil & Gas - Intl Integrated |
| Novartis AG ADR                                                     | 1,600 | $85,200 | 1.26% | Medical - Drugs |
| Orient-Express Hotels, Cl A                                         | 3,500 | $121,660 | 1.80% | Hotels & Motels |
| Pearson plc ADS                                                     | 7,000 | $87,150 | 1.29% | Publishing - Books |
| PT Indosat ADR                                                      | 2,500 | $70,250 | 1.04% | Utility - Telephone |
| Potash Corp of Saskatchewan                                         | 1,000 | $95,750 | 1.42% | Fertilizers |
| Repsol YPF SA ADR                                                   | 3,500 | $98,035 | 1.45% | Oil & Gas - Intl Integrated |
| Rio Tinto plc ADS                                                   | 750 | $141,480 | 2.09% | Metal Ores - Misc |
| SK Telecom ADS                                                      | 5,000 | $120,750 | 1.78% | Telecommunctns - Services |
| Satyam Computer Services                                            | 3,000 | $123,450 | 1.82% | Computer - Software |
| Serono SA ADR                                                       | 5,000 | $89,200 | 1.32% | Medical - Drugs |
| Sony ADS                                                            | 3,000 | $140,640 | 2.08% | Audio/Video Home Products |
| Telecom Corp New Zealand ADS                                        | 1,200 | $33,588 | 0.50% | Utility - Telephone |
| Telefonica SA ADS                                                   | 2,200 | $101,684 | 1.50% | Utility - Telephone |
| Telefonos de Mexico, Cl L ADS                                       | 5,000 | $111,950 | 1.65% | Utility - Telephone |
| Telus                                                               | 2,000 | $77,720 | 1.15% | Telecommunctns - Services |
| Toronto-Dominion Bank                                               | 2,400 | $137,856 | 2.04% | Banks - Foreign |
| TOTAL SA ADR                                                        | 1,300 | $163,969 | 2.42% | Oil & Gas - Intl Integrated |
| Transport de Gas del Sur S.A. ADS                                   | 1,500 | $7,590 | 0.11% | Utility - Gas Distribution |
| UPM-Kymmene Oyj ADS                                                 | 3,500 | $74,305 | 1.10% | Paper & Paper Products |
| Votorantim Celulose ADS                                             | 8,000 | $118,080 | 1.75% | Paper & Paper Products |
| SINA                                                                | 1,600 | $35,792 | 0.53% | Computer - Internet |
|                                                                |
|                                                                | TOTAL | $6,765,204 |   |   |
|                                                                |
| **Saturna Investment Trust, Sextant          Short-Term Bond Fund** |
|                                                                |
| Corporate Bonds                                                     | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Alliance Capital Management                                         | 65,000 | $64,888 | 2.77% | 8/15/06 | Finance - Investment Mgmt |
| Amgen                                                               | 90,000 | $91,478 | 3.90% | 12/1/07 | Medical - Biomed/Genetics |
| Avon Products Inc.                                                  | 95,000 | $96,623 | 4.12% | 8/1/07 | Cosmetics & Toiletries |
| Caterpillar Inc.                                                    | 100,000 | $106,434 | 4.54% | 9/15/09 | Machinery - Const/Mining |
| Federal Home Loan Mtge. Corp                                        | 120,000 | $116,531 | 4.97% | 11/6/09 | Housing |
| Federal Farm Credit Bank                                            | 100,000 | $98,013 | 4.18% | 12/7/09 | Agricultural Operations |
| Federal Home Loan Bank                                              | 120,000 | $118,010 | 5.03% | 5/18/09 | Finance - Consumer Loans |
| Federal National Mortgae Assoc.                                     | 120,000 | $117,754 | 5.02% | 2/23/10 | Finance - Mrtg & R.E. Service |
| First Data Corp                                                     | 100,000 | $96,581 | 4.12% | 6/15/10 | Diversified Operations |
| International Lease Finance AIG                                     | 95,000 | $96,374 | 4.11% | 10/15/06 | Finance - Leasing Cos |
| PSI Energy                                                          | 90,000 | $92,394 | 3.94% | 10/15/07 | Utility - Electric Power |
| Rockwell Automation Int'l                                           | 95,000 | $97,377 | 4.15% | 1/15/08 | Indstrl Automtn/Robotics |
| Southwestern Bell Telephone                                         | 95,000 | $96,066 | 4.09% | 7/15/07 | Utility - Telephone |
| TJ X Companies Inc.                                                 | 95,000 | $101,459 | 4.32% | 12/15/09 | Retail - Discount & Variety |
| Tribune Company                                                     | 45,000 | $45,189 | 1.93% | 11/1/06 | Publishing - Newspapers |
| US Treasury Note                                                    | 225,000 | $217,617 | 9.28% | 8/18/08 | U S Government |
| US Treasury Note                                                    | 425,000 | $416,434 | 17.75% | 6/15/09 | U S Government |
| US Treasury Note                                                    | 200,000 | $195,125 | 8.32% | 4/15/10 | U S Government |
| Verizon Wireless Capital                                            | 82,000 | $81,594 | 3.48% | 12/15/06 | Utility - Telephone |
|                                                                |
|                                                                | TOTAL | $2,345,941 |   |   |   |
|                                                                |
| **Saturna Investment Trust, Sextant          Bond Income Fund**     |
|                                                                |
| Corporate Bond                                                      | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Air Products & Chemicals                                            | 50,000 | $66,006 | 2.26% | 4/15/21 | Chemicals - Specialty |
| Allstate Corp.                                                      | 50,000 | $55,974 | 1.92% | 6/15/13 | Insurance - Multi Line |
| Archstone Smith Opr Trust                                           | 50,000 | $50,230 | 1.72% | 8/15/14 | Real Estate - Equity REITs |
| AutoZone Inc.                                                       | 95,000 | $89,049 | 3.05% | 11/15/15 | Auto Parts - Replacement |
| Baker Hughes Inc.                                                   | 70,000 | $70,630 | 2.42% | 2/15/09 | Oil & Gas - Field Services |
| Bear Stearns Co, Inc. Cpn Step-up                                   | 154,000 | $143,120 | 4.90% | 6/27/18 | Finance - Services |
| Becton Dickinson Corp.                                              | 40,000 | $41,967 | 1.44% | 10/1/09 | Medical - Supplies |
| Caterpillar INC                                                     | 40,000 | $47,688 | 1.63% | 8/15/11 | Machinery - Const/Mining |
| Chase Manhattan Corp. Sub Notes                                     | 50,000 | $52,183 | 1.79% | 6/15/09 | Banks - Money Center |
| Citicorp                                                            | 50,000 | $54,388 | 1.86% | 10/15/11 | Banks - Money Center |
| Comerica Bank                                                       | 50,000 | $52,373 | 1.79% | 12/1/13 | Banks - Midwest |
| Commonwealth Edison Corp.                                           | 50,000 | $54,102 | 1.85% | 7/1/13 | Utility - Electric Power |
| Conagra Inc.                                                        | 50,000 | $53,790 | 1.84% | 9/15/10 | Food - Misc Preparation |
| Dayton Hudson Corp. (Target Stores)                                 | 50,000 | $59,482 | 2.04% | 1/1/11 | Retail - Discount & Variety |
| Morgan Stanley Dean Witter Disc.                                    | 50,000 | $53,219 | 1.82% | 10/15/13 | Finance - Investment Bkrs |
| Dover Corp.                                                         | 70,000 | $71,026 | 2.43% | 6/1/08 | Machinery - Genrl Industrial |
| Federal Home Loan Mtge Corp                                         | 100,000 | $98,295 | 3.36% | 8/26/19 | Finance - Mrtg & R.E. Service |
| Federal Farm Credit Bank                                            | 120,000 | $115,639 | 3.96% | 2/17/15 | Agricultural Operations |
| Federal Home Loan Bank                                              | 100,000 | $97,978 | 3.35% | 4/13/15 | Finance - Consumer Loans |
| Federal National Mtge Assoc.                                        | 100,000 | $96,167 | 3.29% | 4/10/15 | Housing |
| GTE Corp.                                                           | 50,000 | $51,527 | 1.76% | 11/1/08 | Telecommunctns - Services |
| General Electric Capital Corp                                       | 60,000 | $68,121 | 2.33% | 5/15/12 | Finance - Leasing Cos |
| Heinz H. J. Co.                                                     | 75,000 | $75,299 | 2.58% | 3/15/12 | Food - Misc Preparation |
| Hershey Foods Co.                                                   | 50,000 | $54,318 | 1.86% | 8/15/12 | Food - Confectionery |
| Lowe's Companies                                                    | 50,000 | $55,520 | 1.90% | 6/1/10 | Buildg Prods - Retail/Whlsle |
| Masco                                                               | 60,000 | $65,424 | 2.24% | 8/15/13 | Buildg Prods - Miscellaneous |
| May Dept. Stores Co.                                                | 50,000 | $55,986 | 1.92% | 7/15/12 | Retail - Major Dept Strs |
| Norwest Financial Inc.                                              | 50,000 | $52,557 | 1.80% | 7/15/09 | Banks - Midwest |
| Paine Webber Group                                                  | 50,000 | $56,833 | 1.95% | 2/15/14 | Finance - Investment Bkrs |
| Koninlijke Phillips Electronics Crp                                 | 50,000 | $54,358 | 1.86% | 8/15/13 | Electronics - Misc Products |
| Progressive Corp.                                                   | 75,000 | $82,287 | 2.82% | 10/1/13 | Insurance - Propt/Casul/Title |
| Sempra Energy Corp                                                  | 50,000 | $54,136 | 1.85% | 3/1/10 | Utility - Gas Distribution |
| Southwest Airlines Co.                                              | 75,000 | $77,969 | 2.67% | 3/1/12 | Transportation - Airline |
| Texaco Capital                                                      | 40,000 | $44,800 | 1.53% | 6/30/10 | Oil & Gas - Intl Integrated |
| US Treasury Note                                                    | 470,000 | $453,550 | 15.52% | 5/15/15 | U S Government |
| US Freightways Corp.                                                | 50,000 | $53,031 | 1.82% | 4/15/10 | Transportation - Truck |
| Wal-Mart Stortes                                                    | 45,000 | $49,475 | 1.69% | 6/1/13 | Retail - Discount & Variety |
| XL Capital (Europe)                                                 | 90,000 | $93,070 | 3.19% | 1/15/12 | Insurance - Propt/Casul/Title |
|                                                                |
|                                                                | TOTAL | $2,921,568 |   |   |   |
|                                                                |
| **Saturna Investment Trust, Idaho          Tax-Exempt Fund**        |
|                                                                |
| Municipal Bond                                                      | Quantity | Market Value | % Portfolio | Maturity | Industry |
| Ada & Canyon JSD #2 Meridian                                        | 50,000 | $55,790 | 0.67% | 7/30/15 | Schools |
| Ada & Canyon JSD #2 Meridian                                        | 165,000 | $178,260 | 2.14% | 8/15/20 | General Obligations |
| Ada & Canyon JSD #2 Merdian                                         | 155,000 | $167,103 | 2.00% | 8/15/21 | General Obligations |
| Washington & Adams Co.s JSDC # 432                                  | 100,000 | $99,748 | 1.20% | 8/15/19 | General Obligations |
| Adams County ID GO                                                  | 110,000 | $110,587 | 1.33% | 8/1/14 | General Obligations |
| Bannock Co. ID GO Jail                                              | 95,000 | $96,278 | 1.15% | 9/1/12 | General Obligations |
| Bannock Co. ID SD #25 Pocatello                                     | 90,000 | $91,380 | 1.09% | 8/1/09 | General Obligations |
| Bannock Co. ID SD #25 Pocatello                                     | 100,000 | $101,973 | 1.22% | 8/1/14 | General Obligations |
| Bingham Co. Id. SCD # 55 Blackfoot                                  | 285,000 | $298,114 | 3.57% | 8/1/17 | General Obligations |
| Blackfoot ID COP Series 2000                                        | 135,000 | $147,708 | 1.77% | 2/1/18 | Utility - Waste Mangmt |
| Boise Co. ID SD # 73 Horseshoe Bend                                 | 125,000 | $127,895 | 1.53% | 7/31/10 | Schools |
| Boise City ID ISD-Ref. Ada & Boise                                  | 100,000 | $108,435 | 1.30% | 8/15/14 | General Obligations |
| Boise City ID Gen Fund Rev                                          | 160,000 | $172,144 | 2.06% | 12/1/17 | Finance - Services |
| Boise City ID Gen Fund Rev                                          | 100,000 | $107,373 | 1.29% | 12/1/18 | Finance - Services |
| Boise State University Rev.'s Ref A                                 | 295,000 | $316,830 | 3.80% | 4/1/19 | State Education |
| Boise CIty Urb Ren Lease Rev                                        | 190,000 | $203,582 | 2.44% | 8/15/20 | Real Estate - Development |
| Boise City Urb Ren Agy Lease Rev                                    | 110,000 | $117,531 | 1.41% | 8/15/21 | Real Estate - Development |
| Boise City ID Urb Ren Agy Pk Rev&RA                                 | 65,000 | $67,550 | 0.81% | 9/1/12 | Real Estate - Development |
| Boundary Co. ID SCD 101                                             | 200,000 | $201,800 | 2.42% | 8/1/15 | Schools |
| Boundary Co. ID SCD 101                                             | 130,000 | $139,964 | 1.68% | 8/1/22 | General Obligations |
| Caldwell ID GO                                                      | 150,000 | $159,675 | 1.91% | 5/15/14 | General Obligations |
| Canyon Co. ID SCD # 131 Nampa                                       | 325,000 | $338,896 | 4.06% | 8/15/19 | Schools |
| Canyon Co. ID SD #134 Middleton                                     | 170,000 | $180,300 | 2.16% | 7/31/16 | General Obligations |
| Canyon Co. ID SD #135                                               | 50,000 | $49,960 | 0.60% | 8/1/07 | General Obligations |
| Canyon Co. ID SCD 139 Valley View                                   | 80,000 | $81,697 | 0.98% | 8/15/16 | Schools |
| Cassia & Twin Falls ID JSD #151                                     | 85,000 | $85,311 | 1.02% | 8/1/13 | General Obligations |
| Clark Co. ID SD #161 Dubois                                         | 270,000 | $285,500 | 3.42% | 2/1/15 | General Obligations |
| Idaho Bond Bank Authority Rev                                       | 135,000 | $135,545 | 1.62% | 9/1/22 | Pollution Control - Servcs |
| Idaho Falls ID Electric                                             | 150,000 | $152,721 | 1.83% | 4/1/19 | Utility - Electric Power |
| Idaho Heath Fac. Holy Cross Rev Ref                                 | 65,000 | $67,482 | 0.81% | 12/1/11 | Medical - Hospitals |
| Idaho Health Facs Auth Rev Ref.                                     | 110,000 | $113,972 | 1.37% | 12/1/14 | Medical - Hospitals |
| Idaho Health Facs Auth Corp                                         | 115,000 | $118,594 | 1.42% | 12/1/22 | Medical - Hospitals |
| Idaho Housing Agency                                                | 5,000 | $4,934 | 0.06% | 7/1/12 | Housing |
| Idaho Housing Agency                                                | 15,000 | $14,680 | 0.18% | 7/1/24 | Housing |
| Idaho Housing Agency                                                | 10,000 | $9,868 | 0.12% | 7/1/11 | Housing |
| Idaho Housing & Finance Assoc.                                      | 100,000 | $105,727 | 1.27% | 6/1/17 | Schools |
| Idaho State Building Authority                                      | 95,000 | $97,692 | 1.17% | 9/1/18 | Real Estate - Development |
| Idaho State Building Authority                                      | 100,000 | $102,889 | 1.23% | 9/1/21 | Real Estate - Development |
| Idaho State Building Authority                                      | 105,000 | $105,876 | 1.27% | 9/1/16 | State Education |
| Idaho State University Ref & Impt                                   | 150,000 | $154,602 | 1.85% | 4/1/17 | State Education |
| Idaho State University Rev.                                         | 220,000 | $228,449 | 2.74% | 4/1/24 | State Education |
| Jerome ID Urban Renewal District                                    | 200,000 | $202,828 | 2.43% | 9/1/13 | Real Estate - Development |
| Jerome Lincoln Gooding Co's JSC 261                                 | 125,000 | $121,506 | 1.46% | 9/15/18 | General Obligations |
| Jerome Lincoln Gooding Co's JSD 261                                 | 250,000 | $269,487 | 3.23% | 9/15/22 | General Obligations |
| Ketchum ID Water Rev                                                | 60,000 | $61,139 | 0.73% | 9/1/13 | Utility - Water Supply |
| Kootenai-Shonshone Area Librarys                                    | 220,000 | $223,612 | 2.68% | 8/1/21 | General Obligations |
| Kuna ID Sch/Comnty Lib. Dist                                        | 75,000 | $77,075 | 0.92% | 8/1/13 | General Obligations |
| Lakeland ID JSD No. 272                                             | 100,000 | $100,913 | 1.21% | 8/15/15 | General Obligations |
| Lemhi County ID GO                                                  | 100,000 | $101,736 | 1.22% | 8/1/15 | General Obligations |
| Madison CO ID Hospital COP                                          | 105,000 | $109,001 | 1.31% | 12/1/18 | Medical - Hospitals |
| Meridian ID Free Library District                                   | 200,000 | $200,346 | 2.40% | 8/1/15 | General Obligations |
| Nampa Idaho Series B                                                | 200,000 | $211,408 | 2.53% | 8/1/20 | General Obligations |
| Oneida Co. ID SCD 351 Malad City                                    | 150,000 | $152,331 | 1.83% | 8/15/15 | Schools |
| Owyhee & Canyon Co.s JSD #370                                       | 160,000 | $171,555 | 2.06% | 8/15/16 | Schools |
| Pocatello ID Dev Ath Rev Al Tax Inc                                 | 150,000 | $151,882 | 1.82% | 3/1/11 | Building - Resident/Commercl |
| Post Falls ID L.I.D. #91-4                                          | 20,000 | $19,847 | 0.24% | 4/15/06 | Roads |
| Post Falls ID L.I.D. #91-4                                          | 20,000 | $19,913 | 0.24% | 4/15/07 | Roads |
| Power & Cassia Cos ID JSD #381                                      | 60,000 | $62,561 | 0.75% | 2/1/12 | General Obligations |
| Troy ID Sewer System                                                | 15,000 | $14,928 | 0.18% | 2/1/07 | Utilities - Sewer |
| Troy ID Sewer System                                                | 15,000 | $14,937 | 0.18% | 2/1/08 | Utilities - Sewer |
| Troy ID Sewer System                                                | 20,000 | $19,925 | 0.24% | 2/1/09 | Utilities - Sewer |
| Troy ID Sewer System                                                | 20,000 | $19,960 | 0.24% | 2/1/10 | Utilities - Sewer |
| University of Idaho Rev.s                                           | 200,000 | $214,800 | 2.57% | 4/1/19 | State Education |
| University of Idaho Rev's                                           | 160,000 | $171,373 | 2.05% | 4/1/20 | State Education |
| Valley County Id. Jail Project Ref.                                 | 125,000 | $128,380 | 1.54% | 8/1/14 | Housing |
|                                                                |
|                                                                | TOTAL | $8,345,858 |   |   |   |

 

**Item 2. Controls and Procedures**

Internal control over financial reporting is under the supervision  of the principal executive and financial officers. On March 27, 2006, Mr. Nicholas  Kaiser (President) and Mr. Christopher Fankhauser (Treasurer), reviewed the  internal control procedures for Saturna Investment Trust and found them reasonable  and adequate.

**Item 3. Exhibits**

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

 

 

**SIGNATURES**

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

SATURNA INVESTMENT TRUST

By:  /s/ *Nicholas Kaiser*  Nichola Kaiser, President   Date: April 26, 2006

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

By:  /s/ *Nicholas Kaiser*  Nicholas Kaiser, President   Date: April 26, 2006  By:  /s/*Christopher Fankhauser*  Christopher Fankhauser, Treasurer   Date: April 26, 2006