0001145549-22-025303.txt : 20220429 0001145549-22-025303.hdr.sgml : 20220429 20220429114426 ACCESSION NUMBER: 0001145549-22-025303 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220228 FILED AS OF DATE: 20220429 PERIOD START: 20221130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SATURNA INVESTMENT TRUST CENTRAL INDEX KEY: 0000811860 IRS NUMBER: 356447892 STATE OF INCORPORATION: WA FISCAL YEAR END: 1130 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-05071 FILM NUMBER: 22872017 BUSINESS ADDRESS: STREET 1: 1300 NORTH STATE STREET CITY: BELLINGHAM STATE: WA ZIP: 98225-4730 BUSINESS PHONE: 3607349900 MAIL ADDRESS: STREET 1: 1300 NORTH STATE STREET CITY: BELLINGHAM STATE: WA ZIP: 98225-4730 FORMER COMPANY: FORMER CONFORMED NAME: NORTHWEST INVESTORS TRUST DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: NORTHWEST INVESTORS TAX EXEMPT BUSINESS TRUST DATE OF NAME CHANGE: 19901024 0000811860 S000048620 Saturna Sustainable Bond Fund C000153268 Saturna Sustainable Bond Fund SEBFX NPORT-P 1 primary_doc.xml NPORT-P false 0000811860 XXXXXXXX S000048620 C000153268 SATURNA INVESTMENT TRUST 811-05071 0000811860 549300DUR2XVDJBC5412 1300 NORTH STATE STREET BELLINGHAM 982254730 3607349900 Saturna Sustainable Bond Fund S000048620 549300AZDXV23MHKFV54 2022-11-30 2022-02-28 N 30473328.720000003000 352531.389999999960 30120797.330000002000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 NOK CAD USD AUD GBP EUR NZD MXN N Ball Corporation 0BGI85ALH27ZJP15DY16 BLL 5.25 07/01/25 058498AT3 400000 NS USD 424000 1.4076652598 Long DBT CORP US N 2 2025-07-01 Fixed 5.250000000000 N N N N N N Bank of Nova Scotia L3I9ZG2KFGXZ61BMYR72 BNS V4.9 PERP 064159VJ2 750000 NS USD 762412.5 2.5311829951 Long DBT CORP CA N 2 2500-12-31 Fixed 4.900000000000 N N N N N N CVS Health Corp 549300EJG376EN5NQE29 CVS 3.5 07/20/22 126650CK4 343000 NS USD 344670.34 1.1442935465 Long DBT CORP US N 2 2022-07-20 Fixed 3.500000000000 N N N N N N Canadian Imperial Bank of Commerce 2IGI19DL77OX0HC3ZE78 CM V4.375 10/28/80 13607HCD2 1650000 NS 1297061.44 4.3061988891 Long DBT CORP CA Y 2 2080-10-28 Fixed 4.375000000000 N N N N N N Coty Inc. 549300BO9IWPF3S48F93 COTY 5 04/15/26 144A 222070AE4 500000 NS USD 498750 1.6558326612 Long DBT CORP US Y 2 2026-04-15 Fixed 5.000000000000 N N N N N N Danone SA 969500KMUQ2B6CBAF162 BNFP 2.589 11/02/23 144A 23636TAD2 500000 NS USD 504861.77 1.6761235251 Long DBT CORP FR Y 2 2023-11-02 Fixed 2.589000000000 N N N N N N eBay Inc. OML71K8X303XQONU6T67 EBAY 2.6 07/15/22 278642AE3 750000 NS USD 751777.94 2.4958766256 Long DBT CORP US N 2 2022-07-15 Fixed 2.600000000000 N N N N N N NextEra Energy Capital Holdings Inc UMI46YPGBLUE4VGNNT48 NEE V0 06/15/67 302570AX4 500000 NS USD 427452.33 1.4191268754 Long DBT CORP US N 2 2067-06-15 Floating 2.327750000000 N N N N N N Federal Home Loan Banks 2549001DPIFGXC1TOL40 FHLB 1.65 10/06/31 3130APCP8 500000 NS USD 480620.43 1.5956431191 Long DBT USGSE US N 2 2031-10-06 Fixed 1.650000000000 N N N N N N Iron Mountain Incorporated SQL3F6CKNNBM3SQGHX24 IRM 5.25 07/15/30 144A 46284VAJ0 300000 NS USD 297000 0.9860296749 Long DBT CORP US Y 2 2030-07-15 Fixed 5.250000000000 N N N N N N Lincoln National Corporation EFQMQROEDSNBRIP7LE47 LNC F 05/17/66 * 534187BN8 200000 NS USD 164000 0.5444742986 Long DBT CORP US N 2 2066-05-17 Floating 2.826210000000 N N N N N N Microsoft Corporation INR2EJN1ERAN0W5ZP974 MSFT 3.625 12/15/23 594918AW4 250000 NS USD 259945.51 0.8630100563 Long DBT CORP US N 2 2023-12-15 Fixed 3.625000000000 N N N N N N Novartis Capital Corporation 5493002KF87V5RSRQS84 NOVNVX 3 11/20/25 66989HAJ7 250000 NS USD 257790.95 0.8558569920 Long DBT CORP US N 2 2025-11-20 Fixed 3.000000000000 N N N N N N Ontario (Province Of) C7PVKCRGLG18EBQGZV36 ONT 2.65 02/05/25 68323AER1 500000 NS 403216.96 1.3386662895 Long DBT MUN CA N 2 2025-02-05 Fixed 2.650000000000 N N N N N N Perusahaan Penerbit SBSN Indonesia III 254900G208H6Q0L5B953 INDOIS 3.75 03/01/23 REGS 71567RAJ5 250000 NS USD 254282.5 0.8442090600 Long DBT NUSS ID Y 2 2023-03-01 Fixed 3.750000000000 N N N N N N Royal Philips NV H1FJE8H61JGM1JSGM897 PHIANA 7.125 05/15/25 A 718337AB4 1000000 NS USD 1103944.12 3.6650561003 Long DBT CORP NL N 2 2025-05-15 Fixed 7.125000000000 N N N N N N Relx Capital Inc. 2R15C3RTKJN1RCBOV146 RELLN 4 03/18/29 74949LAC6 400000 NS USD 425880.26 1.4139076577 Long DBT CORP US N 2 2029-03-18 Fixed 4.000000000000 N N N N N N Roche Holdings, Inc. PVJRP0EQNV6OGDPZGY95 ROSW 2.625 05/15/26 144A 771196BK7 200000 NS USD 203833.04 0.6767186066 Long DBT CORP US Y 2 2026-05-15 Fixed 2.625000000000 N N N N N N Royal Bank of Canada ES7IP3U3RHIGC71XBU11 RY 2.8 04/29/22 GMTN 78013X6D5 520000 NS USD 521973.76 1.7329347370 Long DBT CORP CA N 2 2022-04-29 Fixed 2.800000000000 N N N N N N Koninklijke KPN N.V. 549300YO0JZHAL7FVP81 KPN 8.375 10/01/30 780641AH9 250000 NS USD 338124.77 1.1225624816 Long DBT CORP NL N 2 2030-10-01 Fixed 8.375000000000 N N N N N N Starbucks Corporation OQSJ1DU9TAOC51A47K68 SBUX 2.45 06/15/26 855244AK5 250000 NS USD 251029.24 0.8334083499 Long DBT CORP US N 2 2026-06-15 Fixed 2.450000000000 N N N N N N Starbucks Corporation OQSJ1DU9TAOC51A47K68 SBUX 1.3 05/07/22 855244AY5 403000 NS USD 403211.19 1.3386471333 Long DBT CORP US N 2 2022-05-07 Fixed 1.300000000000 N N N N N N State Street Corporation N/A STT F 06/15/47 857477AY9 200000 NS USD 172074.6 0.5712816899 Long DBT CORP US N 2 2037-06-15 Floating 1.202750000000 N N N N N N Stora Enso Oyj 7437000ZP669LKUTZ738 STERV 7.25 04/15/36 144A 86210MAC0 200000 NS USD 250878 0.8329062383 Long DBT CORP FI Y 2 2036-04-15 Fixed 7.250000000000 N N N N N N Telecom Italia S.p.A. 549300W384M3RI3VXU42 TITIM 5.303 05/30/24 87927YAA0 500000 NS USD 514582.5 1.7083960108 Long DBT CORP IT Y 2 2024-05-30 Fixed 5.303000000000 N N N N N N The Toronto-Dominion Bank PT3QB789TSUIDF371261 TD 1.128 12/09/25 89117FYZ6 500000 NS 373428.8 1.2397706339 Long DBT CORP CA N 2 2025-12-09 Fixed 1.128000000000 N N N N N N United States Treasury Bonds 254900HROIFWPRGM1V77 T 3.375 11/15/48 912810SE9 250000 NS USD 307939.45 1.0223482686 Long DBT UST US N 2 2048-11-15 Fixed 3.375000000000 N N N N N N United States Treasury Notes 254900HROIFWPRGM1V77 TII 0.625 01/15/26 912828N71 100000 NS USD 127574.36 0.4235424401 Long DBT UST US N 2 2026-01-15 Fixed 0.625000000000 N N N N N N United States Treasury Notes 254900HROIFWPRGM1V77 TII 0.125 07/15/26 912828S50 100000 NS USD 124959.88 0.4148624574 Long DBT UST US N 2 2026-07-15 Fixed 0.125000000000 N N N N N N United Utilities Group PLC 213800KYT12UFB2VE455 UU 6.875 08/15/28 91311QAC9 135000 NS USD 168197.25 0.5584090227 Long DBT CORP GB N 2 2028-08-15 Fixed 6.875000000000 N N N N N N Vodafone Group PLC 213800TB53ELEUKM7Q61 VOD V7 04/04/79 92857WBQ2 500000 NS USD 555000 1.8425807057 Long DBT CORP GB N 2 2079-04-04 Fixed 7.000000000000 N N N N N N Voya Financial Inc 549300T065Z4KJ686G75 VOYA V4.7 01/23/48 929089AF7 400000 NS USD 386863.06 1.2843719101 Long DBT CORP US N 2 2048-01-23 Fixed 4.700000000000 N N N N N N WLB Asset II C Pte Ltd 549300QP5TA3PCYZ7Y92 WLBASC 3.9 12/23/25 144A N/A 500000 NS USD 485025.02 1.6102662047 Long DBT CORP SG Y 2 2025-12-23 Fixed 3.900000000000 N N N N N N Odfjell SE 529900J8VSH14TP5VD23 ODFNO F 01/21/25 R64959AK6 6000000 NS 673790.25 2.2369602060 Long DBT CORP NO N 2 2025-01-21 Floating 6.810000000000 N N N N N N ABN AMRO Bank N.V. BFXS5XCH7N0Y05NIXW11 ABNANV 6.25 04/27/22 EMTN N027L9CY9 1450000 NS USD 1460132.6 4.8475894712 Long DBT CORP NL Y 2 2022-04-27 Fixed 6.250000000000 N N N N N N Koninklijke KPN N.V. 549300YO0JZHAL7FVP81 KPN 5 11/18/26 GMTN N4297BAZ7 500000 NS 731677.02 2.4291422700 Long DBT CORP NL Y 2 2026-11-18 Fixed 5.000000000000 N N N N N N Barry Callebaut Services Nv 213800R1F1EJYM4ICO85 BARY 5.5 06/15/23 144A B0R9M3AC3 500000 NS USD 521156.74 1.7302222590 Long DBT CORP BE Y 2 2023-06-15 Fixed 5.500000000000 N N N N N N European Investment Bank 5493006YXS1U5GIHE750 EIB 3.3 02/03/28 MTN N3R383AE9 1250000 NS 952931.65 3.1636999498 Long DBT NUSS XX Y 2 2028-02-03 Fixed 3.300000000000 N N N N N N First Abu Dhabi Bank P.J.S.C 2138002Y3WMK6RZS8H90 FABUH 3 03/30/22 eMTN M4289DJ93 250000 NS USD 250185 0.8306055024 Long DBT CORP AE Y 2 2022-03-30 Fixed 3.000000000000 N N N N N N Telecom Italia S.p.A. 549300W384M3RI3VXU42 TITIM 3 09/30/25 EMTN T92777AN0 520000 NS 581056.46 1.9290872470 Long DBT CORP IT Y 2 2025-09-30 Fixed 3.000000000000 N N N N N N Queensland Treasury Corporation 98INKCEEHOU5YJS0HQ88 QTC 2.5 03/06/29 Q7943QXB0 600000 NS 443286 1.4716941094 Long DBT CORP AU Y 2 2029-03-06 Fixed 2.500000000000 N N N N N N Bank of New Zealand N7LGVZM7X4UQ66T7LT74 BZLNZ 3.648 11/16/23 MTN N/A 500000 NS 342021.84 1.1355006186 Long DBT CORP NZ N 2 2023-11-16 Fixed 3.648000000000 N N N N N N Telefonica Celular del Paraguay S.A. 254900R8A8IKGF4THL54 TCDPSA 5.875 04/15/27 REGS P90475AB3 900000 NS USD 915291 3.0387343003 Long DBT CORP PY Y 2 2027-04-15 Fixed 5.875000000000 N N N N N N MAF Sukuk Ltd 549300IS9H0W5N2N4K34 MAFUAE 4.638 05/14/29 G5765UAC4 800000 NS USD 855729.8 2.8409931869 Long DBT CORP KY Y 2 2029-05-14 Fixed 4.638000000000 N N N N N N WLB Asset II Pte. Ltd. 549300IOAZLPOFTPUJ20 WLBAST 3.95 12/10/24 144A N/A 600000 NS USD 582306.49 1.9332373032 Long DBT CORP SG Y 2 2024-12-10 Fixed 3.950000000000 N N N N N N Fs Luxembourg SARL 222100EKR3JUJPGGOY81 FSBIOE 10 12/15/25 REGS L40756AB1 250000 NS USD 259065 0.8600867937 Long DBT CORP LU Y 2 2025-12-15 Fixed 10.000000000000 N N N N N N International Bank for Reconstruction and Development ZTMSNXROF84AHWJNKQ93 IBRD 4.25 01/22/26 EMTN U4586HGL1 20000000 NS 870270 2.8892661455 Long DBT NUSS XX Y 2 2026-01-22 Fixed 4.250000000000 N N N N N N Nokia Corp 549300A0JPRWG1KI7U06 NOKIA 2.375 05/15/25 EMTN X61873AZ2 250000 NS 286358.36 0.9506998001 Long DBT CORP FI Y 2 2025-05-15 Fixed 2.375000000000 N N N N N N Amaggi Luxembourg International Sarl N/A AMAGGI 5.25 01/28/28 REGS L0183BAA9 500000 NS USD 489405 1.6248075861 Long DBT CORP LU Y 2 2028-01-28 Fixed 5.250000000000 N N N N N N Natura Cosmeticos S A N/A NATURA 4.125 05/03/28 REGS P7088CAC0 250000 NS USD 237850 0.7896537313 Long DBT CORP BR Y 2 2028-05-03 Fixed 4.125000000000 N N N N N N Admiral Group PLC 213800FGVM7Z9EJB2685 ADMLN 5.5 07/25/24 G0110TAA4 400000 NS 570137.5 1.8928366794 Long DBT CORP GB Y 2 2024-07-25 Fixed 5.500000000000 N N N N N N Royal DSM N V 724500SNT1MK246AHP04 DSM 1 04/09/25 EMTN N5017DEN2 250000 NS 284907.95 0.9458844893 Long DBT CORP NL Y 2 2025-04-09 Fixed 1.000000000000 N N N N N N Axa SA F5WCUMTUM4RKZ1MAIE39 AXASA V5.125 01/17/47 EMTN F0609NBB3 250000 NS USD 259083.9 0.8601495411 Long DBT CORP FR Y 2 2047-01-17 Fixed 5.125000000000 N N N N N N Tabreed Sukuk SPC Limited 549300DC2NOQN38VGO16 TABRED 5.5 10/31/25 M8T05RAA1 750000 NS USD 817727.5 2.7148268721 Long DBT CORP AE Y 2 2025-10-31 Fixed 5.500000000000 N N N N N N 2022-03-25 SATURNA INVESTMENT TRUST Christopher Fankhauser Christopher Fankhauser Treasurer XXXX NPORT-EX 2 sitnportex.htm SIT NPORT EX HTML

Saturna Investment Trust, Sextant Short-Term Bond Fund

 

Corporate Bonds – 73.2%

    Coupon/Maturity    Face Amount    Market Value    Percentage of Net Assets

Consumer Discretionary

 

            
 

Autozone

   

3.25% due

04/15/2025

    $ 300,000    $ 309,410    2.7%
 

VF

   

2.40% due

04/23/2025

    67,000    67,104    0.6%
                     
         376,514    3.3%

Consumer Staples

 

            
 

Church & Dwight

   

2.875% due

10/01/2022

    350,000    352,879    3.0%
 

Costco Wholesale

   

2.75% due

05/18/2024

    385,000    393,150    3.4%
 

Dollar General

   

4.15% due

11/01/2025

    300,000    316,687    2.7%
 

Estee Lauder

   

2.35% due

08/15/2022

    350,000    352,374    3.0%
 

McCormick & Co.

   

2.70% due

08/15/2022

    500,000    502,936    4.3%
 

Walmart

   

2.85% due

07/08/2024

    325,000    333,244    2.9%
                     
         2,251,270    19.3%

Financials

 

            
 

Bank of America Corp

   

3.50% due

04/19/2026

    250,000    259,128    2.3%
 

Paypal Holdings

   

2.65% due

10/01/2026

    300,000    303,018    2.6%
 

Swiss Re America Holding

   

7.00% due

02/15/2026

    261,000    305,426    2.6%
 

Visa

   

3.15% due

12/14/2025

    350,000    362,619    3.1%
                     
         1,230,191    10.6%

Health Care

 

            
 

Bristol-Myers Squibb

   

3.875% due

08/15/2025

    300,000    316,828    2.7%
 

Gilead Sciences

   

2.50% due

09/01/2023

    400,000    404,231    3.5%
 

Johnson & Johnson

   

2.45% due

03/01/2026

    50,000    50,844    0.4%
                     
         771,903    6.6%

Industrials

 

            
 

Burlington Northern Santa Fe

   

3.05% due

09/01/2022

    400,000    401,844    3.5%
 

Cintas Corp # 2

   

3.25% due

06/01/2022

    400,000    400,776    3.4%
                     
         802,620    6.9%

Materials

 

            
 

3M

   

2.00% due

06/26/2022

    400,000    401,310    3.5%
 

DuPont De Nemours

   

4.493% due

11/15/2025

    350,000    373,147    3.2%
                     
         774,457    6.7%

Technology

 

            
 

Dell Int LLC / EMC Corp

   

5.45% due

06/15/2023

    204,000    212,419    1.8%
 

Microsoft

   

2.375% due

05/01/2023

    395,000    399,119    3.4%
 

Qualcomm

   

2.60% due

01/30/2023

    400,000    404,794    3.5%
                     
         1,016,332    8.7%

Utilities

 

            
 

Edison International

   

3.55% due

11/15/2024

    300,000    306,053    2.6%
 

Exelon Generation

   

3.25% due

06/01/2025

    400,000    408,721    3.5%
 

Florida Power & Light

   

2.85% due

04/01/2025

    320,000    326,862    2.8%
 

PacifiCorp

   

2.95% due

06/01/2023

    250,000    253,721    2.2%
                     
         1,295,357    11.1%
                     

Total Corporate Bonds

    (Cost $8,609,000)       $ 8,518,644    73.2%

Government Bonds – 18.5%

            

United States Treasury Notes

 

            
 

United States Treasury Note

   

2.50% due

08/15/2023

    $ 750,000    $ 763,213    6.5%
 

United States Treasury Note

   

2.25% due

10/31/2024

    100,000    101,750    0.8%
 

United States Treasury Note

   

2.875% due

04/30/2025

    400,000    415,063    3.6%
 

United States Treasury Note

   

2.625% due

12/31/2025

    650,000    672,217    5.8%
 

United States Treasury Note

   

2.375% due

05/15/2027

    200,000    206,171    1.8%
                     
           
           

Total Government Bonds

    (Cost $2,196,526)       $2,158,414    18.5%
                     

Total investments

       (Cost $10,805,526)    $10,677,058    91.7%

Other assets (net of liabilities)

          966,297    8.3%
        

 

           
                     

Total net assets

          $11,643,355    100.0%

Saturna Investment Trust, Sextant Bond Income Fund

 

Corporate Bonds – 64.4%

    Coupon/Maturity    Face Amount    Market Value    Percentage of Net Assets

Consumer Discretionary

 

            
 

Home Depot

    5.875% due 12/16/2036    $300,000    $396,229    3.4%
 

Lowe’s

    5.80% due 10/15/2036    250,000    297,075    2.5%
                     
         693,304    5.9%

Consumer Staples

 

            
 

Kimberly Clark

    5.30% due 03/01/2041    100,000    123,920    1.0%
 

Procter & Gamble

    5.50% due 02/01/2034    200,000    255,851    2.2%
 

Unilever Capital

    5.90% due 11/15/2032    200,000    254,307    2.2%
                     
         634,078    5.4%

Energy

 

            
 

Baker Hughes

    6.875% due 01/15/2029    100,000    120,946    1.0%
 

Canadian Natural Resources

    6.45% due 06/30/2033    225,000    276,008    2.4%
 

Statoil

    7.15% due 01/15/2029    224,000    280,151    2.4%
                     
         677,105    5.8%

Financials

 

            
 

Affiliated Managers Group

    3.50% due 08/01/2025    250,000    258,844    2.2%
 

Bank Of New York Mellon MTN

    3.30% due 08/23/2029    250,000    257,517    2.2%
 

Chubb Ina Holdings

    4.35% due 11/03/2045    100,000    113,933    1.0%
 

State Street (Quarterly US LIBOR plus 100)(1)

    1.20275% due 06/15/2047    100,000    86,037    0.8%
 

UBS AG Stamford CT

    7.75% due 09/01/2026    200,000    239,064    2.0%
                     
         955,395    8.2%

Health Care

 

            
 

Becton Dickinson

    6.70% due 08/01/2028    240,000    287,976    2.5%
 

Johnson & Johnson

    4.95% due 05/15/2033    226,000    273,207    2.3%
 

Johnson & Johnson

    5.85% due 07/15/2038    50,000    66,703    0.6%
 

Medtronic

    4.375% due 03/15/2035    260,000    296,314    2.5%
 

Merck & Co.

    6.50% due 12/01/2033    215,000    290,116    2.5%
                     
         1,214,316    10.4%

Industrials

 

            
 

Burlington Northern Santa Fe

    5.05% due 03/01/2041    310,000    372,218    3.2%
 

Deere & Co.

    8.10% due 05/15/2030    95,000    132,808    1.2%
 

United Technologies

    6.05% due 06/01/2036    250,000    319,680    2.7%
                     
         824,706    7.1%

Materials

 

            
 

Praxair

    3.55% due 11/07/2042    350,000    368,646    3.2%
                     
         368,646    3.2%

Technology

 

            
 

Apple

    4.50% due 02/23/2036    350,000    411,292    3.5%
 

Intel

    4.00% due 12/15/2032    360,000    394,826    3.4%
 

Microsoft

    4.20% due 11/03/2035    350,000    400,832    3.4%
 

Microsoft

    5.30% due 02/08/2041    50,000    64,686    0.6%
                     
         1,271,636    10.9%

Utilities

 

            
 

Alabama Power

    4.15% due 08/15/2044    200,000    211,535    1.8%
 

Entergy Louisiana

    5.40% due 11/01/2024    200,000    216,550    1.9%
 

Florida Power & Light

    5.95% due 10/01/2033    100,000    123,555    1.0%
 

Puget Sound Energy

    4.434% due 11/15/2041    300,000    322,069    2.8%
                     
         873,709    7.5%
                     

Total Corporate Bonds

    (Cost $7,498,194)       $7,512,895    64.4%

Government Bonds – 27.2%

            

Foreign Government Bonds

 

            
 

Quebec Canada Yankee

    7.125% due 02/09/2024    175,000    192,899    1.7%
                     
         192,899    1.7%

United States Treasury Bonds

 

            
 

United States Treasury Bond

    5.25% due 02/15/2029    170,000    208,170    1.8%
 

United States Treasury Bond

    6.25% due 05/15/2030    75,000    100,389    0.8%
 

United States Treasury Bond

    3.125% due 11/15/2041    145,000    164,807    1.4%
 

United States Treasury Bond

    3.375% due 11/15/2048    560,000    689,784    5.9%
 

United States Treasury Bond

    6.125% due 08/15/2029    225,000    293,019    2.5%
 

United States Treasury Bond

    5.375% due 02/15/2031    400,000    518,313    4.4%
 

United States Treasury Bond

    4.25% due 05/15/2039    770,000    1,010,625    8.7%
                     
         2,985,107    25.5%

Total Government Bonds

    (Cost $2,998,456)         $3,178,006    27.2%

Municipal Bonds – 1.4%

            

Municipal Leases

 

            
 

Oklahoma City Fin Auth Ed Lease Rev

    6.60% due 09/01/2022    160,000    163,712    1.4%
                     
           
                     

Municipal Bonds

    (Cost $159,922)       $163,712    1.4%
                     

Total investments

       (Cost $10,656,572)    $10,854,613    93.0%

Other assets (net of liabilities)

          816,164    7.0%
        

 

           

Total net assets

              $11,670,777    100.0%

 

(1)

Variable rate security. The interest rate represents the rate in effect at February 28, 2022 and resets periodically based on the parenthetically disclosed reference rate and spread.

Saturna Investment Trust, Sextant Core Fund

 

Common Stocks – 57.2%

    Number of Shares     
 Market
Value		  
 		    Country(1)    Percentage of Net Assets

Communications

 

            
 

Internet Media

            

  Alphabet, Class A(2)

    100      $270,114      United States    1.4%
 

Telecom Carriers

            

  BCE

    4,000      210,120      Canada    1.1%

  Telus

    8,000      201,920      Canada    1.1%
            412,040           2.2%
            682,154           3.6%

Consumer Discretionary

 

            
 

Apparel, Footwear & Accessory Design

            

  VF

    2,800      162,456      United States    0.9%
 

Home Improvement

            

  Fortune Brands Home & Security

    1,200      104,280      United States    0.6%
 

Home Products Stores

            

  Home Depot

    600      189,498      United States    1.0%

  Lowe’s

    1,400      309,484      United States    1.6%
            498,982           2.6%
 

Homebuilders

            

  NVR Inc(2)

    20      99,168      United States    0.5%
 

Specialty Apparel Stores

            

  Ross Stores

    1,750      159,933      United States    0.8%

  TJX Companies

    2,200      145,420      United States    0.8%
            305,353           1.6%
        1,170,239         6.2%

Consumer Staples

 

            
 

Beverages

            

  PepsiCo

    1,250      204,675      United States    1.1%
 

Household Products

            

  Procter & Gamble

    1,150      179,274      United States    0.9%
 

Packaged Food

            

  Nestle ADR

    1,900      247,057      Switzerland    1.3%
        631,006         3.3%

Energy

 

            
 

Exploration & Production

            

  ConocoPhillips

    4,000      379,440      United States    2.0%
 

Integrated Oils

            

  Shell ADR

    5,100      267,189      Netherlands    1.4%
 

Refining & Marketing

            

  Phillips 66

    1,100      92,664      United States    0.5%
        739,293         3.9%

Financials

 

            
 

Consumer Finance

            

  Mastercard, Class A

    500      180,410      United States    0.9%

  Visa

    900      194,508      United States    1.0%
            374,918           1.9%
 

Institutional Brokerage

            

  Virtu Financial

    9,000      315,720      United States    1.7%
 

P&C Insurance

            

  Chubb

    810      164,948      Switzerland    0.9%
            855,586           4.5%

Health Care

 

            

Large Pharma

            

  Bristol-Myers Squibb

    4,000      274,680      United States    1.4%

  Johnson & Johnson

    1,515      249,324      United States    1.3%

  Novo Nordisk ADR

    2,450      252,228      Denmark    1.3%

  Pfizer

    5,500      258,170      United States    1.4%

  Roche Holding AG - Genusschein

    500      189,294      Switzerland    1.0%
          1,223,696         6.4%
 

Managed Care

            

  UnitedHealth Group

    300      142,761      United States    0.8%
 

Medical Devices

            

  Abbott Laboratories

    2,700      325,674      United States    1.7%
 

Medical Equipment

            

  Koninklijke Philips

    5,577      190,008      Netherlands    1.0%
        1,882,139         9.9%

Industrials

 

            
 

Commercial & Residential Building
Equipment & Systems

            

  Honeywell International

    1,000      189,840      United States    1.0%

  Johnson Controls International

    5,550      360,528      United States    1.9%
          550,368         2.9%
 

Flow Control Equipment

            

  Parker Hannifin

    800      237,112      United States    1.2%
 

Industrial Distribution & Rental

            

  Fastenal

    2,800      144,088      United States    0.8%
 

Industrial Machinery

            

  Illinois Tool Works

    525      113,579      United States    0.6%
 

Rail Freight

            

  Canadian National Railway

    2,000      247,980      Canada    1.3%

  Canadian Pacific Railway

    2,018      141,825      Canada    0.7%
          389,805         2.0%
 

Waste Management

            

  Republic Services

    950      114,266      United States    0.6%
        1,549,218         8.1%

Materials

 

            
 

Basic & Diversified Chemicals

            

  Linde

    1,000      293,240      Ireland    1.5%
 

Precious Metal Mining

            

  Barrick Gold

    10,000      225,700      Canada    1.2%

  Newmont

    4,000      264,800      United States    1.4%
          490,500         2.6%
 

Specialty Chemicals

            

  RPM International

    1,400      118,398      United States    0.6%
                         
        902,138         4.7%

Technology

 

            
 

Application Software

            

  Open Text US

    3,900      169,650      Canada    0.9%
 

Communications Equipment

            

  Apple

    2,400      396,288      United States    2.1%

  Motorola Solutions

    770      169,731      United States    0.9%
          566,019         3.0%
 

Consumer Electronics

            

  Sony ADR

    1,900      194,807      Japan    1.0%
 

Infrastructure Software

            

  Microsoft

    800      239,032      United States    1.3%

  Oracle

    3,100      235,507      United States    1.2%
          474,539         2.5%

Semiconductor Devices

            

  Infineon Technologies ADR

    4,775      160,679      Germany    0.8%

  Micron Technology(2)

    1,400      124,404      United States    0.7%

  NXP Semiconductors

    950      180,614      Netherlands    0.9%

  Qualcomm

    800      137,592      United States    0.7%
            603,289           3.1%
        2,008,304         10.5%

Utilities

 

            
 

Integrated Utilities

            

Duke Energy

    1,600      160,656      United States    0.9%

NextEra Energy

    4,000      313,080      United States    1.6%
        473,736         2.5%
           

Total Common Stocks

    (Cost $6,316,827)      $10,893,813           57.2%

Corporate Bonds – 18.2%

    Coupon/Maturity     
 Face
Amount		  
 		   

Market

Value

    Percentage of Net Assets

Communications

 

            
 

  Bellsouth Capital Funding

    7.875% due 02/15/2030      $150,000      $189,773    1.0%
 

  Walt Disney

    6.40% due 12/15/2035      250,000      331,776    1.7%
         521,549    2.7%

Consumer Discretionary

 

            
 

Expedia Group

    5.00% due 02/15/2026      250,000      269,387    1.4%
 

Lowe’s

    4.25% due 09/15/2044      250,000      255,780    1.3%
 

Stanford University

    4.013% due 05/01/2042      100,000      111,931    0.6%
         637,098    3.3%

Financials

 

            
 

General Electric Capital

    5.35% due 04/15/2022      101,000      100,606    0.5%
 

Welltower

    4.25% due 04/15/2028      350,000      376,946    2.0%
         477,552    2.5%

Health Care

 

            
 

Cardinal Health

    3.50% due 11/15/2024      155,000      159,378    0.8%
 

Gilead Sciences

    3.70% due 04/01/2024      250,000      258,070    1.4%
         417,448    2.2%

Industrials

 

            
 

Burlington Nothern Santa Fe

    6.20% due 08/15/2036      120,000      159,340    0.8%
 

Fedex

    3.90% due 02/01/2035      250,000      260,655    1.4%
 

Legrand France Yankee

    8.50% due 02/15/2025      170,000      199,876    1.1%
 

Union Pacific

    3.375% due 02/01/2035      250,000      254,476    1.3%
         874,347    4.6%

Technology

 

            
 

Qualcomm

    3.25% due 05/20/2027      220,000      229,483    1.2%
         229,483    1.2%

Utilities

 

            
 

Pacificorp

    6.00% due 01/15/2039      250,000      316,455    1.7%
         316,455    1.7%
           

Total Corporate Bonds

    (Cost $3,437,399)

 

    $3,473,932    18.2%

Government Bonds – 8.6%

            

United Statest Treasury Bonds

 

            
 

United States Treasury Bond

    6.25% due 08/15/2023      $438,000      $469,687    2.5%
 

United States Treasury Bond

    4.50% due 02/15/2036      137,000      181,118    0.9%
 

United States Treasury Bond

    3.625% due 02/15/2044      155,000      189,966    1.0%
         840,771    4.4%

United Statest Treasury Notes

 

            
 

United States Treasury Note

    2.75% due 11/15/2023      350,000      358,080    1.9%
 

United States Treasury Note

    2.00% due 05/31/2024      80,000      80,875    0.4%
 

United States Treasury Note

    2.00% due 11/30/2022      250,000      252,041    1.3%
 

United States Treasury Note

    1.625% due 04/30/2023      106,000      106,559    0.6%
         797,555    4.2%
           

Total Government Bonds

    (Cost $1,581,892)

 

    $1,638,326    8.6%

Municipal Bonds - 1.2%

            

General Obligation

 

            
 

Skagit SD #1

    4.613% due 12/01/2022      $100,000      $100,133    0.5%

Utility Networks

 

            
 

Tacoma WA Elec Sys Revenue

    5.966% due 01/01/2035      100,000      133,571    0.7%
                         

Total Municipal Bonds

    (Cost $219,996)

 

    $233,704    1.2%
                         

Total investments

    (Cost $11,556,114)

 

    $16,239,775    85.2%

Other assets (net of liabilities)

          2,821,689    14.8%
        

 

           

Total net assets

                  $19,061,464    100.0%
(1)

Country of domicile

(2)

Non-income producing

ADR: American Depositary Receipt

Saturna Investment Trust, Sextant Global High Income Fund

 

Common Stocks – 49.6%

    

Number of

Shares

    Market Value    Country(1)    Percentage of Net Assets

Communications

             
 

Telecom Carriers

             

  AT&T

     7,500    $177,675    United States    1.8%

  Orange ADR

     20,000    241,600    France    2.5%

  SK Telecom ADR

     6,073    152,250    Korea    1.6%

  Telenor ASA

     12,000    177,995    Norway    1.8%

  Verizon Communications

       5,000    268,350    United States    2.8%
       1,017,870       10.5%

Consumer Discretionary

             
 

Automobiles

             

  Volkswagen AG

     1,500    295,381    Germany    3.0%
                        
       295,381       3.0%

Energy

             
 

Integrated Oils

             

  Shell ADR

     3,800    199,082    Netherlands    2.0%

  Total ADR

     3,800    192,014    France    2.0%
                        
       391,096       4.0%
            

Financials

             
 

Banks

             

  Skandinaviska Enskilda Banken, Class A

     25,000    289,045    Sweden    3.0%
 

Institutional Brokerage

             

  Virtu Financial

     12,500    438,500    United States    4.5%
 

Investment Companies

             

  ICAHN Enterprises Depositary Unit

     3,000    164,220    United States    1.7%
                        
       891,765       9.2%

Health Care

             
 

Large Pharma

             

  GlaxoSmithKline ADR

     5,000    209,300    United Kingdom    2.2%

  Novartis ADR

     2,500    218,650    Switzerland    2.3%
                        
       427,950       4.5%

Industrials

             
 

Infrastructure Construction

             

  Shenzhen Investment

     325,000    118,679    China    1.2%
                        
       118,679       1.2%

Materials

             
 

Base Metals

             

  South32 ADR

     35,000    608,300    Australia    6.3%
 

Steel Raw Material Suppliers

             

  BHP Biliton ADR

     5,500    372,845    Australia    3.8%
                        
       981,145       10.1%

Technology

             
 

Communications Equipment

             

  Cisco Systems

     5,000    278,850    United States    2.9%
 
Consumer Electronics             
  Nintendo     500    252,764    Japan    2.6%
 
Infrastructure Software             
  Micro Focus International     30,000    154,500    United Kingdom    1.6%
                        
       686,114       7.1%
            
Total Common Stocks       (Cost $3,994,306)    $4,810,000         49.6%
            
Corporate Bonds – 26.2%   Coupon/Maturity   Face Amount    Market Value    Country(1)    Percentage of Net Assets
Communications             
 
Netflix   4.375% due 11/15/2026   $250,000    $263,918    United States    2.7%
                        
       263,918       2.7%

Consumer Discretionary

 

               
 
ADT     
 4.125% due
06/15/2023		  
 		      150,000        152,856        United States      1.5%
 
Delta Air Lines     
 3.75% due
10/28/2029		  
 		      250,000        237,733        United States      2.5%
 
Ford Motor     
 6.375% due
02/01/2029		  
 		      220,000        241,450        United States      2.5%
 
MDC Holdings     
 3.85% due
01/15/2030		  
 		      200,000        201,411        United States      2.1%
 
Nissan Motor(2)     
 4.81% due
09/17/2030		  
 		      250,000        261,995        Japan      2.7%
 
YUM! Brands     
 3.625% due
03/15/2031		  
 		      195,000        182,214        United States      1.9%
                                          
           1,277,659         13.2%

Consumer Staples

 

               
 
Grupo Bimbo(3)     
 4.875% due
06/27/2044		  
 		      200,000        219,704        Mexico      2.3%
                                          
           219,704         2.3%

Energy

 

               
 
Petrobras International Finance     
 6.875% due
01/20/2040		  
 		      50,000        51,765        Brazil      0.6%
 
Petrobras International Finance     
 6.75% due
01/27/2041		  
 		      80,000        81,387        Brazil      0.8%
                                          
           133,152         1.4%

Financials

 

               
 
Lincoln National Corp (3 month LIBOR plus 2.04%)(4)     
 2.294% due
04/20/2067		  
 		      250,000        195,000        United States      2.0%
 
Royal Bank of Scotland     
 6.125% due
12/15/2022		  
 		      200,000        206,687        United Kingdom      2.1%
                                          
           401,687         4.1%

Industrials

 

               
 
Burlington Northern Santa Fe     
 5.05% due
03/01/2041		  
 		      200,000        240,140        United States      2.5%
                                          
           240,140         2.5%
              
Total Corporate Bonds      (Cost $2,531,007)                 $2,536,260               26.2%
Government Bonds – 3.7%               

Foreign Government Bonds

 

               
 
Colombia Republic     
 8.375% due
02/15/2027		  
 		      $125,000        $147,491        Colombia      1.5%
 
Federal Republic of Brazil     
 8.50% due
01/05/2024		  
 		      BRL 750,000        139,032        Brazil      1.4%
 
Republic of Argentina     
 1.00% due
07/09/2029		  
 		      9,276        3,060        Argentina      0.0%(5)
 
Republic of Argentina     
 0.125% due
07/09/2046		  
 		      242,500        72,910        Argentina      0.8%
                                          
           362,493         3.7%
              
Total Government Bonds      (Cost $600,997)                 $362,493               3.7%
              

Municipal Bonds – 0.5%

 

               
 
Real Estate               
 
Colony TX NFM Sales Tax Revenue     
 7.625% due
10/01/2042		  
 		      $50,000        $53,208        United States      0.5%
                                          
              
Total Municipal Bonds      (Cost $50,250)                 $53,208               0.5%
                                          
Total investments         (Cost $7,176,560)        $7,761,961         80.0%
Other assets (net of liabilities)            1,940,616         20.0%
        

 

 

              

Total net assets

                      $   9,702,577               100.0%

(1) Denotes a country or region of primary exposure

(2) Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At February 28, 2022, the net value of these securities was $261,995 representing 2.7% of net assets.

(3) 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. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At February 28, 2022, the aggregate value of these securities was $219,704 representing 2.3% of net assets.

(4) Variable rate security. The interest rate represents the rate in effect at February 28, 2022 and resets periodically based on the parenthetically disclosed reference rate and spread.

(5) Less than 0.05%

ADR: American Depositary Receipt

BRL: Brazilian Real

Saturna Investment Trust, Sextant Growth Fund

 

Common Stocks – 95.4%

   

Number

of Shares

   

Market

Value

   

Percentage of

Net Assets

Communications

 

         

Internet Media

         
 

Alphabet, Class A(1)

    1,584    $4,278,606    6.8%
                
      4,278,606    6.8%

Consumer Discretionary

 

         
 

Airlines

         
 

Alaska Air(1)

    26,000    1,459,640    2.3%
 

Apparel, Footwear & Accessory Design

         
 

Nike, Class B

    10,276    1,403,188    2.2%
 

Automobiles

         
 

Ford Motor

    14,000    245,840    0.4%
 

General Motors

    5,500    256,960    0.4%
        502,800    0.8%
 

E-Commerce Discretionary

         
 

Amazon.com(1)

    1,349    4,143,130    6.6%
 

Home Improvement

         
 

Stanley Black & Decker

    8,100    1,317,870    2.1%
 

Home Products Stores

         
 

Lowe’s

    11,200    2,475,872    3.9%
 

Other Commercial Services

         
 

Ecolab

    2,850    502,341    0.8%
 

Restaurants

         
 

Starbucks

    11,400    1,046,406    1.7%
 

Specialty Apparel Stores

         
 

Lululemon Athletica(1)

    2,000    639,880    1.0%

TJX Companies

    11,078    732,256    1.2%
        1,372,136    2.2%
                
      14,223,383    22.6%

Consumer Staples

 

         

Beverages

         
 

Monster Beverage

    16,100    1,358,840    2.2%
 

Mass Merchants

         
 

Costco Wholesale

    3,509    1,822,048    2.9%
                
      3,180,888    5.1%

Financials

 

         

Banks

         
 

PNC Financial Services Group

    6,800    1,354,900    2.2%
 

Consumer Finance

         
 

Mastercard, Class A

    8,914    3,216,349    5.1%
 

Diversified Banks

         
 

JP Morgan Chase

    4,500    638,100    1.0%
                
      5,209,349    8.3%

Health Care

 

         

Medical Devices

         
 

Abbott Laboratories

    20,799    2,508,775    4.0%
 

Edwards Lifesciences(1)

    10,500    1,179,885    1.9%
 

Stryker

    5,000    1,316,750    2.1%
                
      5,005,410    8.0%

Industrials

 

         

Commercial & Residential Building Equipment & Systems

         
 

Johnson Controls International

    22,500    1,461,600    2.3%
 

Measurement Instruments

         
 

Trimble(1)

    12,000    837,000    1.3%
                
      2,298,600    3.6%

Materials

 

         

Agricultural Chemicals

         
 

Corteva

    27,500    1,430,825    2.3%
 

Precious Metal Mining

         
 

Newmont

    18,000    1,191,600    1.9%
 

Specialty Chemicals

         
 

RPM International

    18,000    1,522,260    2.4%
                
      4,144,685    6.6%

Technology

 

         

Application Software

         
 

Adobe(1)

    5,750    2,689,160    4.3%
 

Take-Two Interactive Software(1)

    8,250    1,336,500    2.1%
        4,025,660    6.4%
 

Communications Equipment

         
 

Apple

    38,050    6,282,816    10.0%
 

Motorola Solutions

    6,000    1,322,580    2.1%
        7,605,396    12.1%
 

Infrastructure Software

         
 

Microsoft

    18,920    5,653,107    9.0%
 

Oracle

    17,500    1,329,475    2.1%
        6,982,582    11.1%
 

Semiconductor Devices

         
 

NVIDIA

    2,400    585,240    0.9%
 

Qualcomm

    7,500    1,289,925    2.1%
 

Texas Instruments

    6,600    1,121,934    1.8%
        2,997,099    4.8%
                
      21,610,737    34.4%
                

Total investments

    (Cost $23,523,091)    $59,951,658    95.4%

Other assets (net of liabilities)

       2,904,359    4.6%
     

 

        

Total net assets

         $62,856,017    100.0%

(1) Non-income producing

Saturna Investment Trust, Sextant International Fund

 

Common Stocks – 95.7%

    Number of Shares    Market Value    Country(1)    Percentage of Net Assets
           

Communications

 

            
 

Telecom Carriers

            
 

Telus

    78,000    $1,968,720    Canada    3.0%
                     
      1,968,720       3.0%

Consumer Discretionary

 

            
 

Apparel, Footwear & Accessory Design

            
 

Hermes International

    500    690,721    France    1.0%
 

E-Commerce Discretionary

            
 

MercadoLibre(2)

    3,780    4,258,737    Argentina    6.5%
                     
      4,949,458       7.5%

Consumer Staples

 

            
 

Household Products

            
 

L’Oreal

    2,000    792,027    France    1.2%
 

Reckitt Benckiser Group

    12,000    1,016,308    United Kingdom    1.5%
 

Unicharm

    36,000    1,354,517    Japan    2.1%
        3,162,852       4.8%
 

Packaged Food

            
 

Danone SA

    20,000    1,218,906    France    1.9%
                     
      4,381,758       6.7%

Health Care

 

            
 

Large Pharma

            
 

Novartis ADR

    15,600    1,364,376    Switzerland    2.1%
 

Novo Nordisk ADR

    36,350    3,742,233    Denmark    5.7%
 

Roche Holding AG - Genusschein

    3,600    1,362,921    Switzerland    2.1%
        6,469,530       9.9%
 

Medical Equipment

            
 

Alcon

    25,000    1,924,750    Switzerland    2.9%
 

Koninklijke Philips

    42,649    1,453,051    Netherlands    2.2%
        3,377,801       5.1%
 
                     
      9,847,331       15.0%

Industrials

 

            
 

Electrical Components

            
 

TE Connectivity

    11,000    1,566,730    Switzerland    2.4%
 

Electrical Power Equipment

            
 

Schneider Electric

    10,000    1,552,062    France    2.4%
 

Rail Freight

            
 

Canadian National Railway

    10,000    1,239,900    Canada    1.8%
                     
      4,358,692       6.6%

Materials

 

            
 

Basic & Diversified Chemicals

            
 

Linde

    5,500    1,612,820    Ireland    2.5%
 

Precious Metal Mining

            
 

Barrick Gold

    25,000    564,250    Canada    0.8%
 

Steel Raw Material Suppliers

            
 

Rio Tinto ADR

    32,800    2,577,424    United Kingdom    3.9%
 
                     
      4,754,494       7.2%

Technology

 

            
 

Application Software

            
 

AVEVA Group

    10,000    331,198    United Kingdom    0.5%
 

Dassault Systemes ADR

    88,215    4,278,427    France    6.5%
 

Nemetschek SE

    5,000    444,430    Germany    0.7%
 

NICE Systems ADR

    19,410    4,391,513    Israel    6.7%
 

OpenText

    50,000    2,175,000    Canada    3.3%
        11,620,568       17.7%
 

Consumer Electronics

            
 

Nintendo

    3,400    1,718,798    Japan    2.6%
 

Sony ADR

    25,000    2,563,250    Japan    3.9%
        4,282,048       6.5%
 

Electronics Components

            
 

Murata Manufacturing

    20,000    1,356,825    Japan    2.0%
 

Information Services

            
 

Wolters Kluwer

    50,000    5,103,370    Netherlands    7.8%
 

IT Services

            
 

Accenture, Class A

    9,250    2,923,185    Ireland    4.4%
 

Semiconductor Manufacturing

            
 

ASML

    7,750    5,165,453    Netherlands    7.9%
 
                     
      30,451,449       46.3%

Utilities

 

            
 

Power Generation

            
 

Iberdrola

    89,851    1,021,189    Spain    1.6%
 

Northland Power

    38,000    1,207,640    Canada    1.8%
 
                     
      2,228,829       3.4%
                     

Total investments

    (Cost $33,846,149)    $62,940,731       95.7%

Other assets (net of liabilities)

       2,797,381         4.3%
           

Total net assets

         $65,738,112         100.0%

(1) Country of domicile

(2) Non-income producing

ADR: American Depository Receipt

Saturna Investment Trust, Saturna Sustainable Equity Fund

 

Common Stocks – 89.9%

    Number of Shares    Market Value    Country(1)    Percentage of Net Assets

Communications

 

            
 

Entertainment Content

            
 

Walt Disney Company

    2,600    $385,996    United States    1.6%
                     
      385,996       1.6%

Consumer Discretionary

 

            
 

Apparel, Footwear & Accessory Design

            
 

adidas ADR

    4,395    517,907    Germany    2.2%
 

Kering ADR

    4,000    280,880    France    1.2%
        798,787       3.4%
 

E-Commerce Discretionary

            
 

Amazon.com(2)

    96    294,841    United States    1.2%
 

Home Products Stores

            
 

Home Depot

    1,500    473,745    United States    2.0%
 

Lowe’s

    2,400    530,544    United States    2.2%
 

Tractor Supply

    2,500    509,475    United States    2.1%
        1,513,764       6.3%
 

Other Commercial Services

            
 

Ecolab

    1,500    264,390    United States    1.1%
 

Restaurants

            
 

Starbucks

    3,213    294,921    United States    1.3%
 

Specialty Apparel Stores

            
 

TJX Companies

    5,000    330,500    United States    1.4%
                     
      3,497,203       14.7%

Consumer Staples

 

            
 

Household Products

            
 

Church & Dwight

    3,400    332,690    United States    1.4%
 

L’Oreal ADR

    5,400    426,870    France    1.8%
 

Reckitt Benckiser Group ADR

    33,400    572,643    United Kingdom    2.4%
 

Unicharm ADR

    40,500    303,345    Japan    1.3%
 

Unilever ADR

    6,600    331,782    United Kingdom    1.4%
        1,967,330       8.3%
 

Packaged Food

            
 

Danone ADR

    31,200    378,768    France    1.5%
                     
      2,346,098       9.8%

Energy

 

            
 

Renewable Energy Equipment

            
 

Vestas Wind Systems

    11,000    355,273    Denmark    1.5%
                     
      355,273       1.5%

Financials

 

            
 

Consumer Finance

            
 

Mastercard, Class A

    860    310,305    United States    1.3%
 

Paypal

    2,900    324,597    United States    1.4%
        634,902       2.7%
 

Life Insurance

            
 

AIA Group

    25,000    259,626    Hong Kong    1.1%
 

Aviva ADR

    60,000    669,000    United Kingdom    2.8%
        928,626       3.9%
 

P&C Insurance

            
 

Chubb

    2,000    407,280    Switzerland    1.7%
                     
      1,970,808       8.3%

Health Care

 

            
 

Large Pharma

            
 

GlaxoSmithKline ADR

    11,500    481,390    United Kingdom    2.0%
 

Johnson & Johnson

    2,300    378,511    United States    1.6%
 

Novartis ADR

    4,300    376,078    Switzerland    1.6%
 

Novo Nordisk ADR

    5,100    525,045    Denmark    2.2%
 

Pfizer

    8,000    375,520    United States    1.6%
 

Roche Holding ADR

    9,000    425,070    Switzerland    1.8%
        2,561,614       10.8%
 

Medical Equipment

            
 

Koninklijke Philips

    15,327    522,191    Netherlands    2.2%
                     
      3,083,805       13.0%

Industrials

 

            
 

Commercial & Residential Building Equipment & Systems

            
 

Assa Abloy ADR

    44,500    581,170    Sweden    2.4%
 

Legrand

    6,200    585,928    France    2.5%
        1,167,098       4.9%
 

Electrical Components

            
 

TE Connectivity

    3,200    455,776    Switzerland    1.9%
 

Electrical Power Equipment

            
 

Schneider Electric ADR

    17,100    525,312    France    2.2%
 

Siemens ADR

    5,300    370,364    Germany    1.6%
        895,676       3.8%
                     
      2,518,550       10.6%

Materials

 

            
 

Specialty Chemicals

            
 

DSM Koninklijke

    1,928    362,640    Netherlands    1.5%
 

Johnson Matthey

    21,031    528,594    United Kingdom    2.2%
 

Novozymes A/S ADR

    6,550    426,471    Denmark    1.8%
                     
      1,317,705       5.5%

Technology

 

            
 

Application Software

            
 

Adobe(2)

    1,000    467,680    United States        2.0%
 

Dassault Systemes ADR

    7,530    365,205    France    1.5%
 

OpenText

    9,250    402,375    Canada    1.7%
        1,235,260       5.2%
 

Communications Equipment

            
 

Apple

    4,000    660,480    United States    2.8%
 

Consumer Electronics

            
 

Nintendo ADR

    11,325    719,930    Japan    3.0%
 

Sony ADR

    4,000    410,120    Japan    1.7%
        1,130,050       4.7%
 

Electronics Components

            
 

Murata Manufacturing

    4,000    271,365    Japan    1.2%
 

Information Services

            
 

Wolters Kluwer

    5,000    510,337    Netherlands    2.1%
 

Infrastructure Software

            
 

Microsoft

    1,438    429,660    United States    1.8%
 

IT Services

            
 

Accenture, Class A

    1,600    505,632    Ireland    2.1%
 

CGI Group Class A(2)

    6,000    491,760    Canada    2.1%
        997,392       4.2%
 

Semiconductor Devices

            
 

NXP Semiconductors

    1,800    342,216    Netherlands    1.4%
 

STMicroelectronics

    3,900    165,048    Switzerland    0.7%
        507,264       2.1%
 

Semiconductor Manufacturing

            
 

Taiwan Semiconductor ADR

    1,825    195,294    Taiwan    0.8%
 
                     
      5,937,102       24.9%
                     

Total investments

    (Cost $17,335,647)    $21,412,540       89.9%

Other assets (net of liabilities)

       2,408,396       10.1%
            
           

Total net assets

         $23,820,936         100.0%

(1) Country of domicile

(2) Non-income producing

ADR: American Depositary Receipt

Saturna Investment Trust, Saturna Sustainable Bond Fund

 

Corporate Bonds – 73.9%

    Coupon/Maturity        Face Amount   

Market

   Value

    Country(1)    Percentage of Net Assets

Communications

 

               

Telecom Italia(2)

    5.303% due 05/30/2024    $500,000    $514,583    Italy    1.7%
 

Telfon Celular del Paraguay(3)

    5.875% due 04/15/2027    900,000    915,291    Paraguay    3.0%
 

Vodafone Group(4)

    7.00% due 04/04/2079    500,000    555,000    United Kingdom    1.9%
                          
         1,984,874       6.6%

Consumer Discretionary

 

               

Barry Callebaut(2)

    5.50% due 06/15/2023    500,000    521,157    Belgium    1.7%
 

Starbucks

    1.30% due 05/07/2022    403,000    403,211    United States    1.4%
 

Starbucks

    2.45% due 06/15/2026    250,000    251,029    United States    0.8%
                          
         1,175,397       3.9%

Consumer Staples

 

               

Amaggi Lux Intl Sarl(3)

    5.25% due 01/28/2028    500,000    489,405    Brazil    1.6%
 

Coty(2)

    5.00% due 04/15/2026    500,000    498,750    United States    1.6%
 

Danone(2)

    2.589% due 11/02/2023    500,000    504,862    France    1.7%
 

Natura Cosmeticos SA(3)

    4.125% due 05/03/2028    250,000    237,850    Brazil    0.8%
                          
         1,730,867       5.7%

Energy

 

               

FS Luxembourg SARL(3)

    10.00% due 12/15/2025    250,000    259,065    Brazil    0.9%
 

NextEra Energy Capital (3 month LIBOR plus 2.125%)(5)

    2.32775% due 06/15/2067    500,000    427,452    United States    1.4%
                          
         686,517       2.3%

Financials

 

               

ABN AMRO BANK NV(3)

    6.25% due 04/27/2022    1,450,000    1,460,133    Netherlands    4.8%
 

Admiral Group(3)

    5.50% due 07/25/2024    GBP 400,000    570,137    United Kingdom    1.9%
 

AXA(3,6)

    5.125% due 01/17/2047    250,000    259,084    France    0.9%
 

Bank of New Zealand(3)

    3.648% due 11/16/2023    NZD 500,000    342,022    New Zealand    1.2%
 

Bank of Nova Scotia

    4.90% due PERP    750,000    762,413    Canada    2.5%
 

Canadian Imperial Bank(7)

    4.375% due 10/28/2080    CAD 1,650,000    1,297,061    Canada    4.3%
 

First Abu Dhabi Bank(3)

    3.00% due 03/30/2022    250,000    250,185    United Arab Emirates    0.9%
 

Iron Mountain Inc(2)

    5.25% due 07/15/2030    300,000    297,000    United States    1.0%
 

Lincoln National Corp (3 month LIBOR plus 2.04%)(5)

    2.82621% due 05/17/2066    200,000    164,000    United States    0.5%
 

MAF Sukuk(3)

    4.638% due 05/14/2029    800,000    855,730    United Arab Emirates    2.8%
 

Royal Bank of Canada

    2.80% due 04/29/2022    520,000    521,974    Canada    1.7%
 

State Street (Quarterly US LIBOR plus 100)(5)

    1.20275% due 06/15/2047    200,000    172,075    United States    0.6%
 

Toronto-Dominion Bank(3)

    1.128% due 12/09/2025    CAD 500,000    373,429    Canada    1.2%
 

Voya Financial(8)

    4.70% due 01/23/2048    400,000    386,863    United States    1.3%
 

WLB Asset II C PTE(2)

    3.90% due 12/23/2025    500,000    485,025    Singapore    1.6%
 

Women’s Livelihood Bond Asset II B(2)

    3.95% due 12/10/2024    600,000    582,306    Singapore    1.9%
                          
         8,779,437       29.1%

Health Care

 

               
 

CVS Health Corp

    3.50% due 07/20/2022    343,000    344,670    United States    1.1%
 

Koninklijke Philips NV

    7.125% due 05/15/2025    1,000,000    1,103,944    Netherlands    3.7%
 

Novartis Captial Corp

    3.00% due 11/20/2025    250,000    257,791    Switzerland    0.9%
 

Roche(2)

    2.625% due 05/15/2026    200,000    203,833    Switzerland    0.7%
                          
         1,910,238       6.4%

Industrials

 

               
 

Odfjell SE(3,5)

    6.07% due 01/21/2025    NOK 6,000,000    673,790    Norway    2.2%
                          
         673,790       2.2%

Materials

 

               

BALL

    5.25% due 07/01/2025    400,000    424,000    United States    1.4%
 

Koninklijke DSM NV(3)

    1.00% due 04/09/2025    EUR 250,000    284,908    Netherlands    1.0%
 

Stora Enso OYJ(2)

    7.25% due 04/15/2036    200,000    250,878    Finland    0.8%
                          
         959,786       3.2%

Technology

 

               

EBAY Inc

    2.60% due 07/15/2022    750,000    751,778    United States    2.5%
 

Koninklijke KPN NV

    8.375% due 10/01/2030    250,000    338,125    Netherlands    1.1%
 

Koninklijke KPN NV(3)

    5.00% due 11/18/2026    GBP 500,000    731,677    Netherlands    2.4%
 

Microsoft Corp

    3.625% due 12/15/2023    250,000    259,946    United States    0.9%
 

Nokia(3)

    2.375% due 05/15/2025    EUR 250,000    286,358    Finland    1.0%
 

RELX

    4.00% due 03/18/2029    400,000    425,880    United Kingdom    1.4%
 

Telecom Italia(2)

    3.00% due 09/30/2025    EUR 520,000    581,056    Italy    1.9%
                          
         3,374,820       11.2%

Utilities

 

               
 

Tabreed Sukuk(3)

    5.50% due 10/31/2025    750,000    817,728    United Arab Emirates    2.7%
 

United Utilities

    6.875% due 08/15/2028    135,000    168,197    United Kingdom    0.6%
                          
         985,925       3.3%
           

Total Corporate Bonds

    (Cost $22,963,747)       $22,261,651       73.9%
Government Bonds – 13.1%               

Financials

 

               

Federal Home Loan Bank

    1.65% due 10/06/2031    $500,000    $480,620    United States    1.6%
                          
         480,620       1.6%

Government Bonds

 

               

European Investment Bank

    3.30% due 02/03/2028    AUD 1,250,000    952,932    Luxembourg    3.2%
 

INTL BK RECON & DEVELOP

    4.25% due 01/22/2026    MXN 20,000,000    870,270    Germany    2.9%
 

Ontario

    2.65% due 02/05/2025    CAD 500,000    403,217    Canada    1.3%
 

Perusahaan Penerbit SBSN(3)

    3.75% due 03/01/2023    250,000    254,283    Indonesia    0.8%
 

Queensland Treasury(3)

    2.50% due 03/06/2029    AUD 600,000    443,286    Australia    1.5%
                          
         2,923,988       9.7%

United Statest Treasury Bond

 

               

United States Treasury Bond

    3.375% due 11/15/2048    250,000    307,939    United States    1.0%
                          
         307,939       1.0%

Treasury Inflation Protected Securities

 

               

U.S. Treasury Inflation Indexed Bonds

    0.625% due 01/15/2026    100,000    127,574    United States    0.4%
 

U.S. Treasury Inflation Indexed Bonds

    0.125% due 07/15/2026    100,000    124,960    United States    0.4%
                          
         252,534       0.8%
                          

Total Government Bonds

    (Cost $4,191,899)       $3,965,081       13.1%
                          

Total investments

       (Cost $27,155,646)    $26,226,732       87.0%

Other assets (net of liabilities)

          3,894,065       13.0%
                    
              

Total net assets

              $30,120,797         100.0%

 

(1)

Denotes a country or region of primary exposure

(2)

Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At February 28, 2022, the net value of these securities was $4,439,450 representing 14.6% of net assets.

(3)

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. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At February 28, 2022, the aggregate value of these securities was $9,504,361 representing 31.6% of net assets.

(4)

Vodafone Group is a fixed to float bond. The bond has a fixed rate until 04/04/2029 The interest rate represents the rate in effect at February 28, 2022

(5)

Variable rate security. The interest rate represents the rate in effect at February 28, 2022 and resets periodically based on the parenthetically disclosed reference rate and spread.

(6)

AXA is a fixed to float bond. The bond has a fixed rate until 01/17/2027 The interest rate represents the rate in effect at February 28, 2022

(7)

Canadian Imperial Bank is a fixed to float bond. The bond has a fixed rate until 10/28/2025 The interest rate represents the rate in effect at February 28, 2022

(8)

Voya Financial is a fixed to float bond. The bond has a fixed rate until 01/23/2028 The interest rate represents the rate in effect at February 28, 2022

PERP: Security is perpetual in nature and has no stated maturity

AUD: Australian Dollar

CAD: Canadian Dollar

EUR: Euro

GBP: Great British Pound

MXN: Mexican Peso

NOK: Norwegian Krone

NZD: New Zealand Dollar

Saturna Investment Trust, Idaho Tax-Exempt Fund

 

Tax-Exempt Municipal Bonds – 92.8%

    Coupon/Maturity    Face Amount    Market Value    Percentage of Net Assets

Municipal Bonds

            

Educational Services

 

            
 

Boise City ID Indep Sch Dist

    5.00% due 08/01/2032    $65,000    $79,118    0.5%
                     
         $79,118    0.5%

Financial Services

 

            
 

Idaho Housing & Finance Rev

    3.00% due 07/01/2036    65,000    65,224    0.4%
 

Idaho St Bond Bank Auth Rev

    4.00% due 09/15/2032    95,000    100,212    0.7%
 

Idaho St Bond Bank Auth Rev

    4.00% due 09/15/2032    310,000    324,870    2.2%
                     
         490,306    3.3%

General Obligation

 

            
 

Ada & Canyon Cos ID JSD #2 Meridian

    5.00% due 08/15/2032    325,000    365,471    2.5%
 

Ada & Canyon Cos ID JSD #3 Kuna

    4.00% due 09/15/2027    100,000    112,947    0.8%
 

Boise City ID Independent SD

    3.00% due 08/01/2038    100,000    102,455    0.7%
 

Bonneville & Bingham Cos JSD #93

    5.00% due 09/15/2031    200,000    204,634    1.4%
 

Bonneville & Bingham Cos JSD #93

    5.00% due 09/15/2029    250,000    255,792    1.7%
 

Bonneville Co ID SCD #91

    4.00% due 09/15/2026    15,000    15,259    0.1%
 

Bonneville Co ID SCD #91

    4.00% due 09/15/2026    35,000    35,578    0.2%
 

Bonneville Co ID SCD #91

    3.75% due 09/15/2032    285,000    289,684    2.0%
 

Canyon Co ID SCD #134 Middleton

    4.00% due 09/15/2028    400,000    434,767    3.0%
 

Canyon Co ID SCD #135 Notus

    3.25% due 09/15/2031    290,000    305,452    2.1%
 

Canyon Co ID SCD #135 Notus

    3.25% due 09/15/2032    170,000    178,627    1.2%
 

Canyon Co ID SCD #139 Vallivue

    5.00% due 09/15/2024    260,000    265,897    1.8%
 

Canyon Co ID Sch Dist #139 Vallivue

    5.00% due 09/15/2030    200,000    244,342    1.7%
 

Caribou Franklin Bannock JSD #148

    3.25% due 09/15/2035    300,000    320,283    2.2%
 

Cassia Oneida Twin Falls JSD #151

    3.375% due 09/15/2034    160,000    165,649    1.1%
 

College of Western ID Annual Approp

    4.00% due 10/01/2027    125,000    140,075    1.0%
 

Kootenai Co ID SCD # 271 UNREF

    4.00% due 09/15/2025    125,000    127,140    0.9%
 

Kootenai Co ID SCD #271 PREREF

    4.00% due 09/15/2025    40,000    40,680    0.3%
 

Kootenai Co ID SCD #273

    4.00% due 08/15/2031    265,000    286,905    1.9%
 

Latah Co ID SCD #281 Moscow Ser B

    4.00% due 08/15/2027    100,000    104,143    0.7%
 

Latah Co ID SCD #281 Moscow Ser B

    4.00% due 08/15/2028    200,000    208,256    1.4%
 

Madison Co ID Sch Dist #321 Rexburg

    5.00% due 09/15/2034    25,000    29,544    0.2%
 

Madison Co. Id. SDC #321

    5.00% due 09/15/2035    250,000    295,145    2.0%
 

Owyhee & Canyon Co. # 363 Marsing

    4.00% due 09/15/2035    150,000    165,561    1.1%
 

SUN VLY ID

    5.00% due 09/15/2029    40,000    47,738    0.3%
 

Teton Co, ID SCD #401 Driggs

    4.00% due 09/15/2035    500,000    562,483    3.8%
 

Twin Falls Co ID SCD #411 Series A

    4.00% due 09/15/2027    170,000    181,581    1.2%
 

Twin Falls Co ID SCD #411 Series A

    4.25% due 09/15/2030    300,000    322,304    2.2%
 

Twin Falls Co ID SCD #411 Series B

    4.75% due 09/15/2039    200,000    217,357    1.5%
 

Valley & Adams Cos ID JSD #421

    3.00% due 08/01/2026    220,000    222,149    1.5%
                     
         6,247,898    42.5%

Government Bonds

 

            
 

Idaho St Bldg Auth Health & Welfare

    5.00% due 09/01/2043    25,000    29,747    0.2%
 

Idaho St Health Facs Auth

    4.00% due 09/01/2045    265,000    298,639    2.0%
 

Idaho St Hsg & Fin Assn

    5.00% due 07/15/2037    100,000    121,012    0.9%
                     
         449,398    3.1%

Health Care Facilities

            
 

Idaho Health Faci Auth Hos Rev

    5.00% due 12/01/2047    260,000    298,982    2.0%
                     
         298,982    2.0%

Medical - Hospitals

            
 

Idaho Health Rev Trinity Health Grp

    3.25% due 12/01/2028    300,000    313,738    2.1%
                     
         313,738    2.1%

Municipal Leases

            
 

Fremont Cnty ID Annual Approp COPS

    4.00% due 09/01/2031    280,000    324,549    2.2%
 

Fremont Cnty ID Annual Approp COPS

    4.00% due 09/01/2036    210,000    238,969    1.6%
 

Idaho Falls ID COPs

    4.00% due 09/15/2028    260,000    293,812    2.0%
 

Idaho Falls ID COPS

    4.00% due 09/15/2038    150,000    170,862    1.2%
 

Idaho St HLTH FACS ADA CNTY

    4.00% due 09/01/2040    155,000    176,362    1.2%
                     
         1,204,554    8.2%

Pollution Control

 

            
 

Idaho Bond Bank Authority

    4.30% due 09/01/2022    20,000    20,059    0.2%
 

Idaho Bond Bank Authority

    4.00% due 09/15/2032    130,000    145,788    1.0%
 

Idaho Bond Bank Authority

    4.00% due 09/15/2033    135,000    151,284    1.0%
                     
         317,131    2.2%

Real Estate

 

            
 

Idaho Fish & Wildlife Foundation Rev

    5.00% due 12/01/2033    320,000    378,590    2.6%
 

Idaho Fish & Wildlife Foundation Rev

    4.00% due 12/01/2036    200,000    226,675    1.5%
 

Idaho St HSG & FIN

    2.25% due 07/01/2031    200,000    191,583    1.3%
 

Idaho State Building Authority

    5.00% due 09/01/2031    200,000    204,299    1.4%
 

Idaho State Building Authority

    5.00% due 09/01/2032    400,000    408,597    2.8%
                     
         1,409,744    9.6%

State Education

 

            
 

Ada & Canyon ID SCH #3 Kuna

    5.00% due 09/15/2030    25,000    29,123    0.2%
 

Boise State University ID Revenue

    5.00% due 04/01/2028    125,000    137,655    1.0%
 

Boise State University ID Revenue

    5.00% due 04/01/2032    160,000    180,699    1.2%
 

Idaho State University Revenue

    4.00% due 04/01/2027    170,000    185,530    1.3%
 

Idaho State University Revenue

    4.00% due 04/01/2030    245,000    264,963    1.8%
 

Idaho State University Revenue

    3.00% due 04/01/2031    250,000    254,460    1.7%
 

Jefferson & Madison Cos. ID SCD#251

    5.00% due 09/15/2028    100,000    121,182    0.8%
 

Jefferson & Madison ID SCD #251

    5.00% due 09/15/2032    25,000    30,232    0.2%
 

Nez Perce CO ISD #1 Lewiston

    5.00% due 09/15/2029    330,000    384,954    2.6%
 

North Idaho College Dormitory Rev

    4.00% due 11/01/2030    285,000    307,064    2.1%
 

University of Idaho Revenue

    5.00% due 04/01/2032    30,000    30,107    0.2%
 

University of Idaho Revenue

    5.00% due 04/01/2032    425,000    426,533    2.9%
                     
         2,352,502    16.0%

Water Supply

 

            
 

Payette Lakes Rec Wtr & Swr Rev

    4.00% due 08/01/2032    195,000    212,958    1.4%
 

Payette Lakes Rec Wtr & Swr Rev

    4.00% due 08/01/2034    255,000    277,859    1.9%
                     
         490,817    3.3%
           
           

Total investments

         (Cost $13,392,689)    $13,654,188    92.8%

Other assets (net of liabilities)

          1,066,322    7.2%
               
           

Total net assets

              $14,720,510    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.

Investments in securities traded on a national securities exchange and over-the-counter securities for which sale prices are available are valued at that price. Securities for which there are no sales are valued at the latest bid price.

Debt securities are valued using bid-side valuations provided by an independent service. The service determines valuations using factors such as yields or prices of bonds of comparable quality, type of issue, coupon maturity, ratings, trading activity, and general market conditions.

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.

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.

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.

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

b. Fair Value Measurements Disclosure:

Accounting Standards Codification (ASC) 820 establishes a three-tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized 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 marketplace, 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 February 28, 2022 in valuing the Funds’ investments carried at value:

Fair Value Measurements Table:

 

    Level 1   Level 2   Level 3    
Funds   Quoted
Price		   Significant Observable
Input		   Significant Unobservable
Input		   Total

Sextant Short-Term Bond

                

Corporate Bonds(1)

   $-     $8,518,644   $-     $8,518,644

Government Bonds(1)

   $-     $2,158,414   $-     $2,158,414

Total Assets

   $-     $10,677,058   $-     $10,677,058
                 

Sextant Bond Income

        

Corporate Bonds(1)

   $-     $7,512,895   $-     $7,512,895

Government Bonds(1)

   $-     $3,178,006   $-     $3,178,006

Municipal Bonds(1)

   $-     $163,712   $-     $163,712

Total Assets

   $-     $10,854,613   $-     $10,854,613
                 

Sextant Core

        

Common Stocks

        

Communications

   $682,154   $-     $-     $682,154

Consumer Discretionary

   $1,170,239   $-     $-     $1,170,239

Consumer Staples

   $631,006   $-     $-     $631,006

Energy

   $739,293   $-     $-     $739,293

Financials

   $855,586   $-     $-     $855,586

Health Care

   $1,692,845   $189,294   $-     $1,882,139

Industrials

   $1,549,218   $-     $-     $1,549,218

Materials

   $902,138   $-     $-     $902,138

Technology

   $2,008,304   $-     $-     $2,008,304

Utilities

   $473,736   $-     $-     $473,736

Total Common Stocks

   $10,704,519   $189,294   $-     $10,893,813

Corporate Bonds(1)

   $-     $3,473,932   $-     $3,473,932

Government Bonds(1)

   $-     $1,638,326   $-     $1,638,326

Municipal Bonds(1)

   $-     $233,704   $-     $233,704

Total Assets

   $10,704,519   $5,535,256   $-     $16,239,775
                 

Sextant Global High Income

        

Common Stocks

        

Communications

   $839,875   $177,995   $-     $1,017,870

Consumer Discretionary

   $-     $295,381   $-     $295,381

Energy

   $391,096   $-     $-     $391,096

Financials

   $602,720   $289,045   $-     $891,765

Health Care

   $427,950   $-     $-     $427,950

Industrials

   $-     $118,679   $-     $118,679

Materials

   $981,145   $-     $-     $981,145

Technology

   $433,350   $252,764   $-     $686,114

Total Common Stocks

   $3,676,136   $1,133,864   $-     $4,810,000

Corporate Bonds(1)

   $-     $2,536,260   $-     $2,536,260

Government Bonds(1)

   $-     $362,493   $-     $362,493

Municipal Bonds(1)

   $-     $53,208   $-     $53,208

Total Assets

   $3,676,136   $4,085,825   $-     $7,761,961
                 

Sextant Growth

                

Common Stocks(1)

   $59,951,658   $-     $-     $59,951,658

Total Assets

   $59,951,658   $-     $-     $59,951,658
                 

Sextant International

        

Common Stocks

        

Communications

   $1,968,720   $-     $-     $1,968,720

Consumer Discretionary

   $4,258,737   $690,721   $-     $4,949,458

Consumer Staples

   $-     $4,381,758   $-     $4,381,758

Health Care

   $8,484,410   $1,362,921   $-     $9,847,331

Industrials

   $2,806,630   $1,552,062   $-     $4,358,692

Materials

   $4,754,494   $-     $-     $4,754,494

Technology

   $21,496,828   $8,954,621   $-     $30,451,449

Utilities

   $1,207,640   $1,021,189   $-     $2,228,829

Total Assets

   $44,977,459   $17,963,272   $-     $62,940,731

                                                                                                                

Sustainable Equity

            

Common Stocks

            

Communications

      $385,996        $-          $-        $385,996  

Consumer Discretionary

      $3,497,203        $-          $-        $3,497,203  

Consumer Staples

      $2,346,098        $-          $-        $2,346,098  

Energy

      $-          $355,273        $-        $355,273  

Financials

      $1,711,182        $259,626        $-        $1,970,808  

Health Care

      $3,083,805        $-          $-        $3,083,805  

Industrials

      $1,932,622        $585,928        $-        $2,518,550  

Materials

      $426,471        $891,234        $-        $1,317,705  

Technology

      $5,155,400        $781,702        $-        $5,937,102  

Total Assets

      $18,538,777        $2,873,763        $-        $21,412,540  
                                     

Sustainable Bond

            

Corporate Bonds(1)

      $-          $22,261,651        $-        $22,261,651  

Government Bonds(1)

      $-          $3,965,081        $-        $3,965,081  

Total Assets

      $-          $26,226,732        $-        $26,226,732  
                                     

Idaho Tax-Exempt

            

Tax-Exempt Municipal Bonds(1)

      $-          $13,654,188        $-          $13,654,188  

Total Assets

      $-          $13,654,188        $-          $13,654,188  
                                     

 

¹

See Schedule of Investments for industry breakout.

There were no transfers between Level 1 and Level 2 during the period ending February 28, 2022