0001145549-23-025172.txt : 20230427 0001145549-23-025172.hdr.sgml : 20230427 20230426185231 ACCESSION NUMBER: 0001145549-23-025172 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20230228 FILED AS OF DATE: 20230427 DATE AS OF CHANGE: 20230426 PERIOD START: 20231130 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: 23851267 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 S000036646 Sextant Global High Income Fund C000112018 Sextant Global High Income Fund SGHIX NPORT-P 1 primary_doc.xml NPORT-P false 0000811860 XXXXXXXX S000036646 C000112018 SATURNA INVESTMENT TRUST 811-05071 0000811860 549300DUR2XVDJBC5412 1300 NORTH STATE STREET BELLINGHAM 982254730 3607349900 Sextant Global High Income Fund S000036646 5493005SJTPZ4UZ2HX03 2023-11-30 2023-02-28 N 9255506.160000000000 9068.270000000000 9246437.890000000000 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 JPY EUR BRL USD SEK N The ADT Corporation 5493009JEEDYLVRA0J13 ADT 4.125 06/15/23 00101JAH9 150000 NS USD 149063.03 1.6121130296 Long DBT CORP US N 2 2023-06-15 Fixed 4.125000000000 N N N N N N Argentina (Republic of) 549300KPBYGYF7HCHO27 ARGENT 1.5 07/09/46 040114HW3 242500 NS USD 70170.04 0.7588872692 Long DBT NUSS AR N 2 2046-07-09 Variable 1.500000000000 N N N N N N Argentina (Republic of) 549300KPBYGYF7HCHO27 ARGENT 1 07/09/29 040114HX1 9276 NS USD 2878.2 0.0311276627 Long DBT NUSS AR N 2 2029-07-09 Fixed 1.000000000000 N N N N N N BHP Group Ltd. WZE1WSENV6JSZFK0JC28 BHP Group Ltd. SPONSORED ADS 088606108 5500 NS USD 335335 3.6266398368 Long EC CORP AU N 1 N N N Brazil (Federative Republic) 254900ZFY40OYEADAP90 BRAZIL 8.5 01/05/24 105756BT6 750000 NS 138240.27 1.4950651445 Long DBT NUSS BR N 2 2024-01-05 Fixed 8.500000000000 N N N N N N Burlington Northern Santa Fe LLC N/A BNSF 5.05 03/01/41 12189LAC5 200000 NS USD 193668.03 2.0945150154 Long DBT CORP US N 2 2041-03-01 Fixed 5.050000000000 N N N N N N CSX Corporation 549300JVQR4N1MMP3Q88 CSX 4.65 03/01/68 126408HL0 250000 NS USD 211049.69 2.2824972439 Long DBT CORP US N 2 2068-03-01 Fixed 4.650000000000 N N N N N N Cisco Systems, Inc. 549300LKFJ962MZ46593 Cisco Systems, Inc. COM 17275R102 5000 NS USD 242100 2.6183055884 Long EC CORP US N 1 N N N Colombia (Republic of) 549300MHDRBVRF6B9117 COLOM 8.375 02/15/27 195325AL9 125000 NS USD 126959.34 1.3730621620 Long DBT NUSS CO N 2 2027-02-15 Fixed 8.375000000000 N N N N N N COLONY TEX LOC DEV CORP N/A TX CNYGEN 7.62 10/01/2042 19625ABL5 50000 NS USD 50356.13 0.5446003163 Long DBT MUN US N 2 2042-10-01 Fixed 7.625000000000 N N N N N N Comcast Corporation 51M0QTTNCGUN7KFCFZ59 CMCSA 4.65 07/15/42 20030NBE0 250000 NS USD 229271.91 2.4795701083 Long DBT CORP US N 2 2042-07-15 Fixed 4.650000000000 N N N N N N Delta Air Lines Inc Q2CCMS6R0AS67HJMBN42 DAL 3.75 10/28/29 247361ZT8 250000 NS USD 213525.39 2.3092718790 Long DBT CORP US N 2 2029-10-28 Fixed 3.750000000000 N N N N N N Edison International 549300I7ROF15MAEVP56 EIX 3.55 11/15/24 281020AQ0 250000 NS USD 241225.58 2.6088487574 Long DBT CORP US N 2 2024-11-15 Fixed 3.550000000000 N N N N N N Ford Motor Company 20S05OYHG0MQM4VUIC57 F 6.375 02/01/29 345370BZ2 220000 NS USD 217800 2.3555016817 Long DBT CORP US N 2 2029-02-01 Fixed 6.375000000000 N N N N N N GSK plc 5493000HZTVUYLO1D793 GSK plc SPONSORED ADR 37733W204 4000 NS USD 137080 1.4825168528 Long EC CORP GB N 1 N N N Icahn Enterprises LP 549300T0G4GS0SINS786 Icahn Enterprises LP DEPOSITARY UNIT 451100101 3000 NS USD 161430 1.7458615082 Long EC CORP US N 1 N N N Lincoln National Corporation EFQMQROEDSNBRIP7LE47 LNC F 04/20/67 * 534187BP3 250000 NS USD 185000 2.0007704827 Long DBT CORP US N 2 2067-04-20 Floating 6.847710000000 N N N N N N M.D.C. Holdings Inc. 5299005FV4VNV75R8R35 MDC 3.85 01/15/30 552676AT5 200000 NS USD 166354.12 1.7991157458 Long DBT CORP US N 2 2030-01-15 Fixed 3.850000000000 N N N N N N Netflix, Inc. 549300Y7VHGU0I7CE873 NFLX 4.375 11/15/26 64110LAN6 250000 NS USD 241155 2.6080854365 Long DBT CORP US N 2 2026-11-15 Fixed 4.375000000000 N N N N N N Nissan Motor Co Ltd 353800DRBDH1LUTNAY26 NSANY 4.81 09/17/30 144A 654744AD3 275000 NS USD 233682.78 2.5272735596 Long DBT CORP JP Y 2 2030-09-17 Fixed 4.810000000000 N N N N N N Novartis AG 5493007HIVTX6SY6XD66 Novartis AG SPONSORED ADR 66987V109 2500 NS USD 210300 2.2743893649 Long EC CORP CH N 1 N N N Orange S.A. 969500MCOONR8990S771 Orange S.A. SPONSORED ADR 684060106 20000 NS USD 229600 2.4831183936 Long EC CORP FR N 1 N N N Petrobras Global Finance B.V. 549300FNENFFSMO3GT38 PETBRA 6.875 01/20/40 71645WAQ4 50000 NS USD 46729.5 0.5053784015 Long DBT CORP NL N 2 2040-01-20 Fixed 6.875000000000 N N N N N N Petrobras Global Finance B.V. 549300FNENFFSMO3GT38 PETBRA 6.75 01/27/41 71645WAS0 80000 NS USD 73044.97 0.7899795669 Long DBT CORP NL N 2 2041-01-27 Fixed 6.750000000000 N N N N N N Shell PLC 21380068P1DRHMJ8KU70 Shell PLC SPON ADS 780259305 3800 NS USD 230926 2.4974590512 Long EC CORP GB N 1 N N N SK Telecom Ltd. 9884003WEA1PHW006037 SK Telecom Ltd. SPONSORED ADR 78440P306 6073 NS USD 115569.19 1.2498779679 Long EC CORP KR N 1 N N N Southern Copper Corporation 2549007U6NAP46Q9TU15 Southern Copper Corporation COM 84265V105 5000 NS USD 368450 3.9847777532 Long EC CORP US N 1 N N N South32 Ltd. 213800LAZNPXSBKVHR17 South32 Ltd. SPONSORED ADR 84473L105 19000 NS USD 275880 2.9836354635 Long EC CORP AU N 1 N N N United States Treasury Notes 254900HROIFWPRGM1V77 T 2 05/31/24 912828XT2 1000000 NS USD 962265.62 10.4068791836 Long DBT UST US N 2 2024-05-31 Fixed 2.000000000000 N N N N N N United States Treasury Notes 254900HROIFWPRGM1V77 T 0.125 08/31/23 91282CCU3 400000 NS USD 390328.12 4.2213890867 Long DBT UST US N 2 2023-08-31 Fixed 0.125000000000 N N N N N N Verizon Communications Inc. 2S72QS2UO2OESLG6Y829 Verizon Communications Inc. COM 92343V104 6000 NS USD 232860 2.5183752140 Long EC CORP US N 1 N N N Virtu Financial Inc 5493001OPW2K42CH3884 Virtu Financial Inc CL A 928254101 7500 NS USD 137850 1.4908443840 Long EC CORP US N 1 N N N Woodside Energy Group Ltd 2549005ZC5RXAOO7FH41 Woodside Energy Group Ltd SPONSORED ADR 980228308 8500 NS USD 206805 2.2365910252 Long EC CORP AU N 1 N N N YUM Brands Inc 549300JE8XHZZ7OHN517 YUM 3.625 03/15/31 988498AN1 195000 NS USD 163133.1 1.7642804931 Long DBT CORP US N 2 2031-03-15 Fixed 3.625000000000 N N N N N N Telenor ASA 549300IM1QSBY4SLPM26 Telenor ASA ORD NOK6 R21882106 20000 NS 225086.1 2.4343006753 Long EC CORP NO N 2 N N N Skandinaviska Enskilda Banken AB (publ) F3JS33DEI6XQ4ZBPTN86 Skandinaviska Enskilda Banken AB (publ) SER'A'NPV W25381141 25000 NS 313969.28 3.3955700967 Long EC CORP SE N 2 N N N Volkswagen Aktiengesellschaft 529900NNUPAGGOMPXZ31 Volkswagen Aktiengesellschaft NON VTG PRF NPV D94523103 1500 NS 204729.32 2.2141425967 Long EP CORP DE N 2 N N N Nintendo Co Ltd 353800FEEXU6I9M0ZF27 Nintendo Co Ltd NPV J51699106 5000 NS 187102.95 2.0235138356 Long EC CORP JP N 2 N N N Norsk Hydro ASA 549300N1SDN71ZZ8BO45 Norsk Hydro ASA NOK1.098 R61115102 35000 NS 255698.63 2.7653744398 Long EC CORP NO N 2 N N N Grupo Bimbo S.A.B de C.V. 5493000RIXURZEBFEV60 BIMBOA 4.875 06/27/44 REGS P4949BAK0 200000 NS USD 175091.99 1.8936155964 Long DBT CORP MX Y 2 2044-06-27 Fixed 4.875000000000 N N N N N N 2023-03-17 SATURNA INVESTMENT TRUST Christopher Fankhauser Christopher Fankhauser Treasurer XXXX NPORT-EX 2 sitnportex.htm SIT NPORT EX DOS

Saturna Investment Trust, Sextant Short-Term Bond Fund

 

Corporate Bonds – 60.1%

    Coupon/Maturity   

Number of

Shares

    Market Value   

Percentage

of Net Assets

Consumer Discretionary

 

            
 

Autozone

    3.25% due 04/15/2025    $300,000    $286,966    2.5%
 

O’Reilly Automotive

    3.60% due 09/01/2027    150,000    140,931    1.2%
 

VF

    2.40% due 04/23/2025    67,000    62,725    0.5%
                     
         490,622    4.2%

Consumer Staples

 

            
 

Costco Wholesale

    2.75% due 05/18/2024    385,000    373,798    3.2%
 

Dollar General

    4.15% due 11/01/2025    300,000    291,829    2.5%
 

Procter & Gamble

    2.80% due 03/25/2027    300,000    279,678    2.5%
 

Walmart

    2.85% due 07/08/2024    325,000    315,691    2.7%
                     
         1,260,996    10.9%

Financials

 

            
 

Bank of America Corp

    3.50% due 04/19/2026    400,000    381,112    3.3%
 

JPMorgan Chase & Co

    3.30% due 04/01/2026    350,000    331,104    2.8%
 

Paypal Holdings

    2.65% due 10/01/2026    300,000    276,932    2.4%
 

Visa

    3.15% due 12/14/2025    350,000    334,053    2.9%
                     
         1,323,201    11.4%

Health Care

 

            
 

Biogen

    4.05% due 09/15/2025    50,000    48,402    0.4%
 

Gilead Sciences

    2.50% due 09/01/2023    400,000    394,297    3.4%
 

Johnson & Johnson

    2.45% due 03/01/2026    50,000    46,822    0.4%
                     
         489,521    4.2%

Materials

 

            
 

BHP Billiton

    3.85% due 09/30/2023    150,000    148,901    1.3%
 

DuPont De Nemours

    4.493% due 11/15/2025    383,000    376,387    3.3%
 

Kinross Gold Corp

    5.95% due 03/15/2024    350,000    350,084    3.0%
 

Mosaic

    4.25% due 11/15/2023    209,000    207,421    1.8%
                     
         1,082,793    9.4%

Technology

 

            
 

Microsoft

    2.375% due 05/01/2023    395,000    393,233    3.4%
 

Oracle

    2.95% due 05/15/2025    325,000    308,181    2.7%
 

Take-Two Interactive

    3.70% due 04/14/2027    350,000    330,342    2.9%
                     
         1,031,756    9.0%

Utilities

 

            
 

Edison International

    3.55% due 11/15/2024    350,000    337,716    2.9%
 

Exelon Generation

    3.25% due 06/01/2025    400,000    380,210    3.3%
 

Florida Power & Light

    2.85% due 04/01/2025    320,000    306,331    2.6%
 

PacifiCorp

    2.95% due 06/01/2023    250,000    248,562    2.2%
                     
         1,272,819    11.0%
                     

Total Corporate Bonds

    (Cost $7,308,095)       $6,951,708    60.1%

Government Bonds – 35.3%

            

Government Sponsored

 

            
 

Federal Farm Credit Bank

    3.50% due 12/20/2023    $200,000    $197,244    1.7%
 

Federal Home Loan Bank

    3.375% due 12/08/2023    350,000    345,940    3.0%
                     
         543,184    4.7%

United States Treasury Bills

 

            
 

United States Cash Management Bill

    0.00% due 04/20/2023    700,000    695,542    6.0%
                     

United States Treasury Notes

 

            
 

United States Treasury Note

    2.50% due 08/15/2023    850,000    840,205    7.3%
 

United States Treasury Note

    0.125% due 08/31/2023    400,000    390,328    3.4%
 

United States Treasury Note

    2.75% due 11/15/2023    250,000    245,908    2.1%
 

United States Treasury Note

    2.25% due 10/31/2024    100,000    95,664    0.8%
 

United States Treasury Note

    2.875% due 04/30/2025    400,000    384,625    3.3%
 

United States Treasury Note

    2.625% due 12/31/2025    600,000    570,492    4.9%
 

United States Treasury Note

    2.375% due 05/15/2027    350,000    324,284    2.8%
                     
         2,851,506    24.6%
                     

Total Government Bonds

    (Cost $4,226,476)       $4,090,232    35.3%
                     

Total investments

       (Cost $11,534,571)    $11,041,940    95.4%

Other assets (net of liabilities)

          525,017    4.6%
        

 

           

Total net assets

              $11,566,957    100.0%

Saturna Investment Trust, Sextant Bond Income Fund

 

Corporate Bonds – 65.9%

    Coupon/Maturity    Face Amount    Market Value   

Percentage

of Net Assets

Consumer Discretionary

 

            
 

Home Depot

    5.875% due 12/16/2036    $300,000    $320,633    3.4%
 

Lowe’s

    5.80% due 10/15/2036    250,000    244,826    2.5%
                     
         565,459    5.9%

Consumer Staples

 

            
 

Kimberly Clark

    5.30% due 03/01/2041    100,000    101,091    1.0%
 

Procter & Gamble

    5.50% due 02/01/2034    200,000    209,444    2.2%
 

Unilever Capital

    5.90% due 11/15/2032    200,000    216,386    2.3%
                     
         526,921    5.5%

Energy

 

            
 

Baker Hughes

    6.875% due 01/15/2029    100,000    103,035    1.1%
 

Canadian Natural Resources

    6.45% due 06/30/2033    225,000    228,349    2.4%
 

Statoil

    7.15% due 01/15/2029    224,000    241,306    2.5%
                     
         572,690    6.0%

Financials

 

            
 

Affiliated Managers Group

    3.50% due 08/01/2025    250,000    239,847    2.5%
 

Bank Of New York Mellon MTN

    3.30% due 08/23/2029    250,000    223,142    2.3%
 

Chubb Ina Holdings

    4.35% due 11/03/2045    100,000    89,198    1.0%
 

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

    5.769% due 06/15/2047    100,000    83,088    0.9%
 

UBS AG Stamford CT

    7.75% due 09/01/2026    200,000    211,339    2.2%
                     
         846,614    8.9%

Health Care

 

            
 

Becton Dickinson

    6.70% due 08/01/2028    240,000    249,656    2.6%
 

Johnson & Johnson

    4.95% due 05/15/2033    226,000    236,526    2.5%
 

Johnson & Johnson

    5.85% due 07/15/2038    50,000    55,444    0.5%
 

Medtronic

    4.375% due 03/15/2035    260,000    246,090    2.6%
 

Merck & Co.

    6.50% due 12/01/2033    215,000    243,388    2.6%
                     
         1,031,104    10.8%

Industrials

 

            
 

Burlington Northern Santa Fe

    5.05% due 03/01/2041    310,000    300,185    3.1%
 

Deere & Co.

    8.10% due 05/15/2030    95,000    113,522    1.2%
 

United Technologies

    6.05% due 06/01/2036    250,000    263,444    2.8%
                     
         677,151    7.1%

Materials

 

            
 

Praxair

    3.55% due 11/07/2042    350,000    280,430    3.0%
                     

Technology

 

            
 

Apple

    4.50% due 02/23/2036    350,000    342,318    3.6%
 

Intel

    4.00% due 12/15/2032    360,000    325,885    3.4%
 

Microsoft

    4.20% due 11/03/2035    350,000    334,990    3.5%
 

Microsoft

    5.30% due 02/08/2041    50,000    53,482    0.6%
                     
         1,056,675    11.1%

Utilities

 

            
 

Alabama Power

    4.15% due 08/15/2044    200,000    165,289    1.7%
 

Entergy Louisiana

    5.40% due 11/01/2024    200,000    200,932    2.1%
 

Florida Power & Light

    5.95% due 10/01/2033    100,000    104,073    1.1%
 

Puget Sound Energy

    4.434% due 11/15/2041    300,000    255,399    2.7%
                     
         725,693    7.6%
                     

Total Corporate Bonds

    (Cost $7,429,350)       $6,282,737    65.9%

Government Bonds – 26.8%

            

Foreign Government Bonds

 

            
 

Quebec Canada Yankee

    7.125% due 02/09/2024    $175,000    $178,152    1.9%
                     

United States Treasury Bonds

 

            
 

United States Treasury Bond

    5.25% due 02/15/2029    170,000    179,556    1.9%
 

United States Treasury Bond

    6.25% due 05/15/2030    75,000    85,218    0.9%
 

United States Treasury Bond

    3.125% due 11/15/2041    145,000    126,411    1.4%
 

United States Treasury Bond

    3.375% due 11/15/2048    560,000    499,319    5.2%
 

United States Treasury Bond

    6.125% due 08/15/2029    225,000    250,436    2.6%
 

United States Treasury Bond

    5.375% due 02/15/2031    400,000    437,203    4.6%
 

United States Treasury Bond

    4.25% due 05/15/2039    770,000    791,957    8.3%
                     
         2,370,100    24.9%

Total Government Bonds

    (Cost $2,958,797)         $2,548,252    26.8%
                     

Total investments

       (Cost $10,388,147)    $8,830,989    92.7%

Other assets (net of liabilities)

          701,022    7.3%
        

 

           

Total net assets

              $9,532,011    100.0%

 

(1)

Variable rate security. The interest rate represents the rate in effect at February 28, 2023 and resets periodically based on the parenthetically disclosed reference rate and spread.

Saturna Investment Trust, Sextant Core Fund

 

Common Stocks – 54.7%

   

Number of

Shares

     

 Market

Value

  

 

    Country(1)   

Percentage of

Net Assets

Communications

 

            
 

Internet Media

            

  Alphabet, Class A(2)

    2,000      $180,120      United States    1.0%
 

Telecom Carriers

            

  BCE

    4,000      177,000      Canada    0.9%

  Telus

    8,000      159,040      Canada    0.8%
            336,040           1.7%
            516,160           2.7%

Consumer Discretionary

 

            
 

Automotive Retailers

            

  O’Reilly Automotive(2)

    160      132,816      United States    0.6%
 

Home Products Stores

            

  Floor & Decor Holdings(2)

    1,900      174,439      United States    0.9%

  Home Depot

    600      177,924      United States    0.9%

  Lowe’s

    1,100      226,325      United States    1.2%
            578,688           3.0%
 

Specialty Apparel Stores

            

  Lululemon Athletica(2)

    550      170,060      United States    0.9%

  Ross Stores

    2,000      221,080      United States    1.1%

  TJX Companies

    2,700      206,820      United States    1.1%
            597,960           3.1%
        1,309,464         6.7%

Consumer Staples

 

            
 

Beverages

            

  PepsiCo

    1,250      216,912      United States    1.1%
 

Household Products

            

  Procter & Gamble

    1,150      158,194      United States    0.8%
 

Packaged Food

            

  Nestle ADR

    1,900      213,779      Switzerland    1.1%
        588,885         3.0%

Energy

 

            
 

Exploration & Production

            

  ConocoPhillips

    4,000      413,400      United States    2.1%
 

Integrated Oils

            

  Shell ADR

    5,100      309,927      Netherlands    1.6%
 

Refining & Marketing

            

  Phillips 66

    1,100      112,816      United States    0.6%
        836,143         4.3%

Financials

 

            
 

Consumer Finance

            

  Mastercard, Class A

    500      177,645      United States    0.9%

  Visa

    900      197,946      United States    1.0%
            375,591           1.9%
 

Institutional Brokerage

            

  Virtu Financial

    9,000      165,420      United States    0.9%
 

P&C Insurance

            

  Chubb

    810      170,926      Switzerland    0.9%
            711,937           3.7%

Health Care

 

            
 

Large Pharma

            

  AstraZeneca ADR

    3,000      195,540      United Kingdom    1.0%

  Bristol-Myers Squibb

    3,200      220,672      United States    1.1%

  Johnson & Johnson

    1,515      232,189      United States    1.2%

  Novo Nordisk ADR

    3,300      465,267      Denmark    2.4%

  Pfizer

    4,100      166,337      United States    0.9%
          1,280,005         6.6%
 

Managed Care

            

  UnitedHealth Group

    300      142,782      United States    0.8%
 

Medical Devices

            

  Abbott Laboratories

    2,700      274,644      United States    1.4%
        1,697,431         8.8%

Industrials

 

            
 

Commercial & Residential Building Equipment & Systems

            

  Honeywell International

    1,000      191,480      United States    1.0%

  Johnson Controls International

    5,350      335,552      United States    1.7%
          527,032         2.7%
 

Electrical Power Equipment

            

  Eaton Corp

    2,000      349,860      United States    1.8%
 

Flow Control Equipment

            

  Parker Hannifin

    800      281,480      United States    1.5%
 

Industrial Distribution & Rental

            

  Fastenal

    2,800      144,368      United States    0.7%
 

Industrial Machinery

            

  Illinois Tool Works

    525      122,409      United States    0.6%
 

Rail Freight

            

  Canadian National Railway

    2,000      227,780      Canada    1.2%

  Canadian Pacific Railway

    2,018      153,247      Canada    0.8%
          381,027         2.0%
 

Waste Management

            

  Republic Services

    950      122,483      United States    0.6%
        1,928,659         9.9%

Materials

 

            
 

Basic & Diversified Chemicals

            

  Linde

    1,000      348,370      Ireland    1.8%
 

Precious Metal Mining

            

  Barrick Gold

    10,000      161,200      Canada    0.8%

  Newmont

    4,000      174,440      United States    0.9%
          335,640         1.7%
 

Specialty Chemicals

            

  RPM International

    1,400      124,082      United States    0.7%
                         
        808,092         4.2%

Technology

 

            
 

Application Software

            

  Activision Blizzard

    1,900      144,875      United States    0.7%
 

Communications Equipment

            

  Apple

    1,900      280,079      United States    1.5%

  Motorola Solutions

    770      202,364      United States    1.0%
          482,443         2.5%
 

Consumer Electronics

            

  Sony ADR

    1,900      158,802      Japan    0.8%
 

Information Services

            

  Experian

    2,300      78,046      United States    0.4%
 

Infrastructure Software

            

  Microsoft

    800      199,536      United States    1.1%

  Oracle

    3,100      270,940      United States    1.4%
          470,476         2.5%

Semiconductor Devices

            

  Infineon Technologies ADR

    4,775      169,178      Germany    0.9%

  Micron Technology

    1,550      89,621      United States    0.4%

  NXP Semiconductors

    950      169,556      Netherlands    0.9%

  Qualcomm

    100      12,353      United States    0.1%
            440,708           2.3%
        1,775,350         9.2%

Utilities

 

            
 

Integrated Utilities

            

  Duke Energy

    1,600      150,816      United States    0.8%

  NextEra Energy

    4,000      284,120      United States    1.4%
        434,936         2.2%
           

Total Common Stocks

    (Cost $6,562,463)      $10,607,057           54.7%

Corporate Bonds – 21.8%

    Coupon/Maturity     
 Face
Amount		  
 		   

Market

Value

    Percentage of Net Assets

Communications

 

            
 

Bellsouth Capital Funding

    7.875% due 02/15/2030      $150,000      $163,016    0.9%
 

Comcast Corp

    5.65% due 06/15/2035      300,000      310,599    1.6%
 

Walt Disney

    6.40% due 12/15/2035      250,000      274,146    1.4%
         747,761    3.9%

Consumer Discretionary

 

            
 

Expedia Group

    5.00% due 02/15/2026      250,000      246,293    1.3%
 

Lowe’s

    4.25% due 09/15/2044      250,000      191,719    1.0%
 

Stanford University

    4.013% due 05/01/2042      100,000      88,004    0.4%
         526,016    2.7%

Consumer Staples

 

            
 

Coca Cola Co

    1.00% due 03/15/2028      250,000      209,211    1.1%
           

Financials

 

            
 

Charles Schwab Corp

    3.00% due 03/10/2025      300,000      287,398    1.5%
 

Welltower

    4.25% due 04/15/2028      350,000      330,460    1.7%
         617,858    3.2%

Health Care

 

            
 

Cardinal Health

    3.50% due 11/15/2024      155,000      149,643    0.7%
 

Gilead Sciences

    3.70% due 04/01/2024      250,000      245,602    1.3%
         395,245    2.0%

Industrials

 

            
 

Burlington Nothern Santa Fe

    6.20% due 08/15/2036      150,000      161,780    0.9%
 

CSX Corp

    4.65% due 03/01/2068      300,000      253,260    1.3%
 

Fedex

    3.90% due 02/01/2035      250,000      213,520    1.1%
 

Legrand France Yankee

    8.50% due 02/15/2025      170,000      180,758    0.9%
 

Union Pacific

    3.375% due 02/01/2035      250,000      210,717    1.1%
         1,020,035    5.3%

Technology

 

            
 

Qualcomm

    3.25% due 05/20/2027      220,000      206,899    1.1%

Utilities

 

            
 

Edison International

    3.55% due 11/15/2024      250,000      241,226    1.2%
 

Pacificorp

    6.00% due 01/15/2039      250,000      261,227    1.3%
         502,453    2.5%
           

Total Corporate Bonds

    (Cost $4,797,322)             $4,225,478    21.8%

Government Bonds – 17.9%

            

United States Treasury Bonds

 

            
 

United States Treasury Bond

    6.25% due 08/15/2023      $438,000      $440,498    2.3%
 

United States Treasury Bond

    4.50% due 02/15/2036      137,000      146,044    0.8%
 

United States Treasury Bond

    3.625% due 02/15/2044      155,000      143,545    0.7%
         730,087    3.8%

United States Treasury Notes

 

            
 

United States Treasury Note

    0.125% due 08/31/2023      900,000      878,238    4.5%
 

United States Treasury Note

    2.75% due 11/15/2023      350,000      344,271    1.8%
 

United States Treasury Note

    2.00% due 05/31/2024      1,080,000      1,039,247    5.4%
 

United States Treasury Note

    1.125% due 01/15/2025      400,000      373,453    1.9%
 

United States Treasury Note

    1.625% due 04/30/2023      106,000      105,436    0.5%
         2,740,645    14.1%
           

Total Government Bonds

    (Cost $3,545,748)             $ 3,470,732    17.9%

Municipal Bonds – 0.5%

            

Utility Networks

 

            
 

Tacoma WA Elec Sys Revenue

    5.966% due 01/01/2035      $100,000      $107,465    0.5%
                         

Total Municipal Bonds

    (Cost $118,774)

 

    $107,465    0.5%
                         

Total investments

    (Cost $15,024,307)

 

    $18,410,732    94.9%

Other assets (net of liabilities)

          981,951    5.1%
        

 

           

Total net assets

                  $19,392,683    100.0%
(1)

Country of domicile

(2)

Non-income producing

ADR: American Depositary Receipt

Saturna Investment Trust, Sextant Global High Income Fund

 

Common Stocks – 44.0%

    

Number of

Shares

   

Market

Value

    Country(1)    Percentage of Net Assets

Communications

 

             
 

Telecom Carriers

             

Orange ADR

     20,000    $229,600    France    2.5%

SK Telecom ADR

     6,073    115,569    Korea    1.3%

Telenor ASA

     20,000    225,086    Norway    2.4%

Verizon Communications

       6,000    232,860    United States    2.5%
       803,115       8.7%
            

Consumer Discretionary

 

             
 

Automobiles

             

Volkswagen AG

     1,500    204,729    Germany    2.2%
                        
            

Energy

 

             
 

Exploration & Production

             

Woodside Energy Group ADR

     8,500    206,805    Australia    2.2%
 

Integrated Oils

             

Shell Plc ADR

     3,800    230,926    Netherlands    2.5%
                        
       437,731       4.7%

Financials

 

             
 

Banks

             

Skandinaviska Enskilda Banken, Class A

     25,000    313,969    Sweden    3.4%
 

Institutional Brokerage

             

Virtu Financial

     7,500    137,850    United States    1.5%
 

Investment Companies

             

ICAHN Enterprises Depositary Unit

     3,000    161,430    United States    1.7%
                        
       613,249       6.6%

Health Care

 

             
 

Large Pharma

             

GlaxoSmithKline ADR

     4,000    137,080    United Kingdom    1.5%

Novartis ADR

     2,500    210,300    Switzerland    2.3%
                        
       347,380       3.8%

Materials

 

             
 

Base Metals

             

  Norsk Hydro ASA

     35,000    255,699    Norway    2.8%

  South32 ADR

     19,000    275,880    Australia    3.0%

  Southern Copper

     5,000    368,450    Peru    4.0%
         900,029       9.8%
 

Steel Raw Material Suppliers

             
  BHP Biliton ADR     5,500    335,335    Australia    3.6%
                        
       1,235,364       13.4%

Technology

 

             
 

Communications Equipment

             

  Cisco Systems

     5,000    242,100    United States    2.6%
 
Consumer Electronics             
  Nintendo     5,000    187,103    Japan    2.0%
                        
       429,203       4.6%
            
Total Common Stocks       (Cost $3,894,591)    $4,070,771         44.0%
            
Corporate Bonds – 29.7%   Coupon/Maturity   Face Amount    Market Value    Country(1)    Percentage of Net Assets

Communications

 

             
 
Comcast   4.65% due 07/15/2042   $250,000    $229,272    United States    2.5%
 
Netflix   4.375% due 11/15/2026   250,000    241,155    United States    2.6%
                        
       470,427       5.1%

Consumer Discretionary

 

             
 
ADT   4.125% due 06/15/2023   150,000    149,063    United States    1.6%
 
Delta Air Lines   3.75% due 10/28/2029   250,000    213,525    United States    2.3%
 
Ford Motor   6.375% due 02/01/2029   220,000    217,800    United States    2.4%
 
MDC Holdings   3.85% due 01/15/2030   200,000    166,354    United States    1.8%
 
YUM! Brands   3.625% due 03/15/2031   195,000    163,133    United States    1.8%
                        
       909,875       9.9%

Consumer Staples

 

             
 
Grupo Bimbo(2)   4.875% due 06/27/2044   200,000    175,092    Mexico    1.9%
                        
            

Energy

 

             
 
Petrobras International Finance   6.875% due 01/20/2040   50,000    46,729    Brazil    0.5%
 
Petrobras International Finance   6.75% due 01/27/2041   80,000    73,045    Brazil    0.8%
                        
       119,774       1.3%

Financials

 

             
 
Lincoln National (3 month LIBOR plus 2.04%)(3)   2.17425% due 04/20/2067   250,000    185,000    United States    2.0%
                        

Industrials

 

             
 
Burlington Northern Santa Fe   5.05% due 03/01/2041   200,000    193,668    United States    2.1%
 
CSX Corp   4.65% due 03/01/2068   250,000    211,050    United States    2.3%
 
Norfolk Southern Corp   5.10% due 08/01/2118   275,000    233,683    United States    2.5%
                        
       638,401       6.9%

Utilities

 

             
 
Edison International   3.55% due 11/15/2024   250,000    241,226    United States    2.6%
                        
Total Corporate Bonds   (Cost $3,157,531)        $2,739,795         29.7%

Government Bonds – 18.3%             
Foreign Government Bonds             
 
Colombia Republic   8.375% due 02/15/2027   $125,000    $126,960    Colombia    1.4%
 
Federal Republic of Brazil   8.50% due 01/05/2024   BRL 750,000    138,240    Brazil    1.5%
 
Republic of Argentina   1.00% due 07/09/2029   9,276    2,878    Argentina    0.0%(4)
 
Republic of Argentina   0.125% due 07/09/2046   242,500    70,170    Argentina    0.8%
                        
       338,248       3.7%

United States Treasury Notes

 

             
 
United States Treasury Note   0.125% due 08/31/2023   400,000    390,328    United States    4.2%
 
United States Treasury Note   2.00% due 05/31/2024   1,000,000    962,266    United States    10.4%
                        
       1,352,594       14.6%
            
Total Government Bonds   (Cost $1,953,161)        $1,690,842         18.3%
            

Municipal Bonds – 0.5%

 

             
 
Real Estate             
 
Colony TX NFM Sales Tax Revenue   7.625% due 10/01/2042   $50,000    $50,356    United States    0.5%
                        
            
Total Municipal Bonds   (Cost $50,096)        $50,356         0.5%
                        
Total investments     (Cost $9,055,379)    $8,551,764       92.5%
Other assets (net of liabilities)        694,674       7.5%
      

 

            

Total net assets

            $9,246,438         100.0%

(1) Denotes a country or region of primary exposure

(2) 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, 2023, the aggregate value of these securities was $175,092 representing 1.9% of net assets.

(3) Variable rate security. The interest rate represents the rate in effect at February 28, 2023 and resets periodically based on the parenthetically disclosed reference rate and spread.

(4) Less than 0.05%

ADR: American Depositary Receipt

BRL: Brazilian Real

Saturna Investment Trust, Sextant Growth Fund

 

Common Stocks – 94.9%

   

Number of

Shares

    Market Value   

Percentage of

Net Assets

Communications

 

         

Internet Media

         
 

Alphabet, Class A(1)

    31,680    $2,853,101    5.4%
                
        

Consumer Discretionary

 

         
 

Apparel, Footwear & Accessory Design

         
 

Nike, Class B

    10,276    1,220,686    2.3%
 

Automotive Retailers

         
 

O’Reilly Automotive(1)

    1,300    1,079,130    2.0%
 

E-Commerce Discretionary

         
 

Amazon.com(1)

    26,980    2,542,325    4.8%
 

Home Products Stores

         
 

Lowe’s

    11,200    2,304,400    4.4%
 

Specialty Apparel Stores

         
 

Lululemon Athletica(1)

    2,000    618,400    1.2%
 

TJX Companies

    19,000    1,455,400    2.8%
        2,073,800    4.0%
                
      9,220,341    17.5%

Consumer Staples

 

         

Beverages

         
 

Monster Beverage

    16,100    1,638,336    3.1%
 

Mass Merchants

         
 

Costco Wholesale

    3,509    1,698,988    3.2%
                
      3,337,324    6.3%

Energy

 

         

Renewable Energy Equipment

         
 

Enphase Energy(1)

    600    126,318    0.2%
                

Financials

 

         

Consumer Finance

         
 

Mastercard, Class A

    8,914    3,167,055    6.0%
 

Paypal(1)

    12,000    883,200    1.7%
      4,050,255    7.7%

Health Care

 

         

Managed Care

         
 

Elevance Health

    2,250    1,056,758    2.0%
 

Medical Devices

         
 

Abbott Laboratories

    20,799    2,115,674    4.0%
 

Boston Scientific(1)

    22,000    1,027,840    2.0%
 

Edwards Lifesciences(1)

    10,500    844,620    1.6%
 

Stryker

    3,000    788,640    1.5%
        4,776,774    9.1%
 

Specialty Pharma

         
 

Zoetis

    4,000    668,000    1.3%
                
      6,501,532    12.4%

Industrials

 

         

Commercial & Residential Building Equipment & Systems

         
 

Honeywell International

    3,750    718,050    1.3%
 

Johnson Controls International

    22,500    1,411,200    2.7%
        2,129,250    4.0%
 

Measurement Instruments

         
 

Trimble(1)

    17,000    885,020    1.7%
                
      3,014,270    5.7%

Materials

 

         

Agricultural Chemicals

         
 

Corteva

    27,500    1,712,975    3.3%
 

Specialty Chemicals

         
 

Albemarle Corp

    3,000    762,930    1.5%
 

RPM International

    18,000    1,595,340    3.0%
                
        2,358,270    4.5%
                
      4,071,245    7.8%

Technology

 

         

Application Software

         
 

Adobe(1)

    4,450    1,441,577    2.7%
 

Communications Equipment

         
 

Apple

    34,400    5,070,904    9.6%
 

Motorola Solutions

    6,000    1,576,860    3.0%
      6,647,764    12.6%

Infrastructure Software

         
 

Microsoft

    18,920    4,719,026    9.0%
 

Oracle

    17,500    1,529,500    2.9%
        6,248,526    11.9%
 

Semiconductor Devices

         
 

Advanced Micro Devices(1)

    3,500    275,030    0.5%
 

NVIDIA

    2,900    673,264    1.3%
 

Qualcomm

    3,350    413,826    0.8%
 

Texas Instruments

    6,600    1,131,570    2.1%
        2,493,690    4.7%
                
      16,831,557    31.9%
                

Total investments

    (Cost $23,280,203)    $50,005,943    94.9%

Other assets (net of liabilities)

       2,698,638    5.1%
     

 

        

Total net assets

         $52,704,581    100.0%

(1) Non-income producing

Saturna Investment Trust, Sextant International Fund

 

Common Stocks – 89.1%

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

Communications

 

            
 

Telecom Carriers

            
 

Telus

    78,000    $1,550,640    Canada    2.7%
                     

Consumer Discretionary

 

            
 

Apparel, Footwear & Accessory Design

            
 

Hermes International

    600    1,088,958    France    1.9%
 

E-Commerce Discretionary

            
 

MercadoLibre

    3,110    3,794,200    Argentina    6.6%
 

Specialty Apparel Stores

            
 

Lululemon Athletica(2)

    3,500    1,082,200    United States    1.9%
                     
      5,965,358       10.4%

Consumer Staples

 

            
 

Household Products

            
 

L’Oreal

    3,400    1,347,488    France    2.4%
 

Packaged Food

            
 

Nestle S.A.

    6,000    679,342    Switzerland    1.2%
                     
      2,026,830       3.6%

Health Care

 

            
 

Biotech

            
 

BioNTech SE ADR

    4,500    585,225    Germany    1.0%
 

Large Pharma

            
 

AstraZeneca ADR

    17,000    1,108,060    United Kingdom    2.0%
 

Novartis ADR

    13,875    1,167,165    Switzerland    2.0%
 

Novo Nordisk ADR

    30,900    4,356,591    Denmark    7.6%
        6,631,816       11.6%
 

Medical Equipment

            
 

Alcon

    25,000    1,706,000    Switzerland    3.0%
                     
      8,923,041       15.6%

Industrials

 

            
 

Commercial & Residential Building Equipment & Systems

            
 

NIBE Industrier AB Class B

    40,000    415,151    Sweden    0.7%
 

Electrical Power Equipment

            
 

Eaton Corp PLC

    5,000    874,650    United States    1.5%
 

Infrastructure Construction

            
 

Alfen Beheer BV(2)

    3,300    266,144    Netherlands    0.5%
 

Rail Freight

            
 

Canadian National Railway

    10,000    1,138,900    Canada    2.0%
                     
      2,694,845       4.7%

Materials

 

            
 

Agricultural Chemicals

            
 

Nutrien

    7,500    583,350    Canada    1.0%
 

Basic & Diversified Chemicals

            
 

Linde

    5,500    1,916,035    Ireland    3.4%
 

Precious Metal Mining

            
 

Agnico-Eagle Mines

    18,000    828,540    Canada    1.5%
 

Barrick Gold

    43,000    693,160    Canada    1.2%
        1,521,700       2.7%
 

Steel Raw Material Suppliers

            
 

BHP Biliton ADR

    14,000    853,580    Australia    1.5%
 

Rio Tinto ADR

    32,800    2,287,144    United Kingdom    4.0%
        3,140,724       5.5%
                     
      7,161,809       12.6%

Technology

 

            
 

Application Software

            
 

Dassault Systemes ADR

    78,215    3,020,663    France    5.3%
 

NICE Systems ADR

    15,550    3,225,226    Israel    5.6%
        6,245,889       10.9%
 

Consumer Electronics

            
 

Nintendo

    34,000    1,272,300    Japan    2.2%
 

Sony ADR

    25,000    2,089,500    Japan    3.7%
        3,361,800       5.9%
 

Information Services

            
 

Experian PLC

    33,000    1,119,784    United States    2.0%
 

Wolters Kluwer

    31,000    3,598,302    Netherlands    6.3%
        4,718,086       8.3%
 

IT Services

            
 

Accenture, Class A

    7,600    2,018,180    Ireland    3.5%
 

Semiconductor Devices

            
 

STMicroelectronics

    17,000    818,720    Switzerland    1.4%
 

Semiconductor Manufacturing

            
 

ASML

    5,475    3,382,072    Netherlands    5.9%
                     
      20,544,747       35.9%

Utilities

            
 

Power Generation

            
 

Iberdrola

    99,851    1,147,667    Spain    2.0%
 

Northland Power

    38,000    927,580    Canada    1.6%
 
                     
      2,075,247       3.6%
                     

Total investments

    (Cost $27,196,051)    $50,942,517       89.1%

Other assets (net of liabilities)

       6,217,294         10.9%
           

Total net assets

         $57,159,811         100.0%

(1) Country of domicile

(2) Non-income producing

ADR: American Depositary Receipt

Saturna Investment Trust, Saturna Sustainable Equity Fund

 

Common Stocks – 91.8%

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

Communications

 

            
 

Cable & Satellite

            
 

Shaw Communications, Class B

    5,026    $145,603    Canada    0.7%
             
 

Entertainment Content

 

            
 

Walt Disney Company(2)

    2,600    258,986    United States    1.4%
                     
      404,589       2.1%

Consumer Discretionary

 

            
 

Home Products Stores

            
 

Home Depot

    1,500    444,810    United States    2.3%
 

Lowe’s

    2,400    493,800    United States    2.6%
 

Tractor Supply

    2,500    583,150    United States    3.0%
        1,521,760       7.9%
 

Other Commercial Services

            
 

Ecolab

    1,500    239,055    United States    1.3%
 

Restaurants

            
 

Starbucks

    3,213    328,015    United States    1.7%
 

Specialty Apparel Stores

            
 

Lululemon Athletica(2)

    750    231,900    United States    1.2%
 

TJX Companies

    5,000    383,000    United States    2.0%
        614,900       3.2%
                     
      2,703,730       14.1%

Consumer Staples

 

            
 

Household Products

            
 

Haleon ADR(2)

    11,500    90,620    United Kingdom    0.5%
 

L’Oreal ADR

    5,400    427,788    France    2.2%
 

Reckitt Benckiser Group ADR

    16,700    235,971    United Kingdom    1.2%
 

Unicharm ADR

    40,500    298,890    Japan    1.6%
 

Unilever ADR

    6,600    329,538    United Kingdom    1.7%
        1,382,807       7.2%
 

Packaged Food

            
 

Danone ADR

    31,200    353,184    France    1.9%
                     
      1,735,991       9.1%

Energy

 

            
 

Renewable Energy Equipment

            
 

Vestas Wind Systems

    11,000    314,737    Denmark    1.6%
                     

Financials

 

            
 

Consumer Finance

            
 

Mastercard, Class A

    860    305,549    United States    1.6%
 

Paypal

    2,900    213,440    United States    1.1%
        518,989       2.7%
 

Life Insurance

            
 

Aviva ADR

    45,600    487,920    United Kingdom    2.6%
 

P&C Insurance

            
 

Chubb

    2,000    422,040    Switzerland    2.2%
                     
      1,428,949       7.5%

Health Care

 

            
 

Biotech

            
 

BioNTech SE ADR

    800    104,040    Germany    0.6%
 

Large Pharma

            
 

GlaxoSmithKline ADR

    9,200    315,284    United Kingdom    1.6%
 

Johnson & Johnson

    2,300    352,498    United States    1.8%
 

Novartis ADR

    4,300    361,716    Switzerland    1.9%
 

Novo Nordisk ADR

    5,100    719,049    Denmark    3.8%
 

Pfizer

    8,000    324,560    United States    1.7%
 

Roche Holding ADR

    9,000    324,450    Switzerland    1.7%
        2,397,557       12.5%
                     
      2,501,597       13.1%

Industrials

 

            
 

Commercial & Residential Building Equipment & Systems

            
 

Assa Abloy ADR

    44,500    539,340    Sweden    2.8%
 

Legrand

    6,200    574,194    France    3.0%
        1,113,534       5.8%
 

Electrical Components

            
 

TE Connectivity

    3,200    407,424    Switzerland    2.1%
 

Electrical Power Equipment

            
 

Schneider Electric ADR

    17,100    548,055    France    2.9%
 

Siemens ADR

    5,300    405,132    Germany    2.1%
        953,187       5.0%
                     
      2,474,145       12.9%

Materials

 

            
 

Agricultural Chemicals

            
 

Corteva

    3,000    186,870    United States    1.0%
 

Specialty Chemicals

            
 

DSM Koninklijke

    1,928    238,217    Netherlands    1.3%
 

Johnson Matthey

    21,031    555,325    United Kingdom    2.9%
 

Novozymes ADR

    6,550    314,335    Denmark    1.6%
        1,107,877       5.8%
                     
      1,294,747       6.8%

Technology

 

            
 

Application Software

            
 

Adobe(2)

    1,000    323,950    United States    1.7%
 

Dassault Systemes ADR

    7,530    290,809    France    1.5%
        614,759       3.2%
 

Communications Equipment

            
 

Apple

    3,028    446,357    United States    2.3%
 

Consumer Electronics

            
 

Nintendo ADR

    56,625    528,311    Japan    2.8%
 

Sony ADR

    4,000    334,320    Japan    1.7%
        862,631       4.5%
 

Electronics Components

            
 

Murata Manufacturing

    4,000    214,016    Japan    1.1%
 

Information Services

            
 

Wolters Kluwer

    5,000    580,371    Netherlands    3.0%
 

Infrastructure Software

            
 

Microsoft

    1,438    358,666    United States    1.9%
 

IT Services

            
 

Accenture, Class A

    1,600    424,880    Ireland    2.2%
 

CGI Group Class A(2)

    6,000    537,720    Canada    2.8%
        962,600       5.0%
 

Semiconductor Devices

            
 

NXP Semiconductors

    1,800    321,264    Netherlands    1.7%
 

STMicroelectronics

    3,900    187,824    Switzerland    1.0%
        509,088       2.7%
 

Semiconductor Manufacturing

            
 

Taiwan Semiconductor ADR

    1,825    158,903    Taiwan    0.9%
 
                     
      4,707,391       24.6%
                     

Total investments

    (Cost $14,937,816)    $17,565,876       91.8%

Other assets (net of liabilities)

       1,577,294       8.2%
     

 

           

Total net assets

         $19,143,170         100.0%

(1) Country of domicile

(2) Non-income producing

ADR: American Depositary Receipt

Saturna Investment Trust, Saturna Sustainable Bond Fund

 

Corporate Bonds – 53.2%

    Coupon/Maturity        Face Amount   

Market

   Value

    Country(1)    Percentage of Net Assets

Communications

 

               

Telecom Italia(2)

    5.303% due 05/30/2024    $500,000    $486,915    Italy    1.7%
                          
              

Consumer Discretionary

 

               

Starbucks

    2.45% due 06/15/2026    250,000    230,523    United States    0.9%
                          
              

Consumer Staples

 

               

Coty(2)

    5.00% due 04/15/2026    250,000    237,813    United States    0.9%
 

Coty(3)

    4.75% due 04/15/2026    500,000    512,560    United States    1.8%
                          
         750,373       2.7%

Financials

 

               

Aust & NZ Banking Group(2)

    4.50% due 03/19/2024    500,000    494,034    Australia    1.8%
 

AXA(3,4)

    5.125% due 01/17/2047    750,000    724,240    France    2.6%
 

Bank of Montreal

    3.30% due 02/05/2024    500,000    490,093    Canada    1.7%
 

Bank of New Zealand(3)

    3.648% due 11/16/2023    NZD 500,000    304,823    New Zealand    1.1%
 

Bank of Nova Scotia

    4.90% due PERP    750,000    719,397    Canada    2.6%
 

Canadian Imperial Bank(5)

    4.375% due 10/28/2080    CAD 1,900,000    1,296,376    Canada    4.6%
 

Commonwealth Bank Australia(Quarterly BBSW plus 0.41%)(7)

    3.6317% due 12/23/2026    AUD 1,850,000    1,224,763    Australia    4.4%
 

MAF Sukuk(3)

    4.638% due 05/14/2029    800,000    782,319    United Arab Emirates    2.8%
 

Munich RE(3)

    1.00% due 05/26/2042    EUR 1,000,000    752,977    Germany    2.7%
 

Prologis LP

    1.25% due 10/15/2030    200,000    153,221    United States    0.5%
 

Toronto-Dominion Bank(3)

    1.128% due 12/09/2025    CAD 500,000    331,038    Canada    1.2%
 

Voya Financial(6)

    4.70% due 01/23/2048    400,000    339,327    United States    1.2%
 

WLB Asset II C PTE Ltd(2)

    3.90% due 12/23/2025    500,000    460,992    Singapore    1.6%
 

Women’s Livelihood Bond Asset II B(2)

    3.95% due 12/10/2024    600,000    566,775    Singapore    2.0%
                          
         8,640,375       30.8%

Health Care

 

               

Koninklijke Philips

    7.125% due 05/15/2025    1,000,000    1,009,532    Netherlands    3.6%
 

Novartis Captial

    3.00% due 11/20/2025    250,000    237,869    Switzerland    0.8%
 

Roche(2)

    2.625% due 05/15/2026    200,000    186,230    Switzerland    0.7%
                          
         1,433,631       5.1%

Industrials

 

               

Odfjell SE(Quarterly NIBOR plus 5.75%)(3,7)

    9.00% due 01/21/2025    NOK 6,000,000    597,989    Norway    2.1%
                          
              

Materials

 

               

Stora Enso OYJ(2)

    7.25% due 04/15/2036    200,000    204,209    Finland    0.7%
 

Stora Enso OYJ(3)

    7.25% due 04/15/2036    300,000    306,314    Finland    1.1%
                          
         510,523       1.8%

Technology

 

               

Koninklijke KPN

    8.375% due 10/01/2030    250,000    291,938    Netherlands    1.1%
 

Microsoft

    5.30% due 02/08/2041    600,000    641,788    United States    2.3%
 

NOKIA(3)

    2.375% due 05/15/2025    500,000    510,465    Finland    1.8%
 

RELX

    4.00% due 03/18/2029    400,000    370,228    United Kingdom    1.3%
                          
         1,814,419       6.5%

Utilities

 

               

Tabreed Sukuk(3)

    5.50% due 10/31/2025    250,000    250,671    United Arab Emirates    0.9%
 

United Utilities

    6.875% due 08/15/2028    185,000    200,056    United Kingdom    0.7%
                          
         450,727       1.6%
           

Total Corporate Bonds

    (Cost $16,633,748)       $14,915,475       53.2%

Government Bonds – 27.5%               

Government Bonds

 

               

Asian Development Bank

    6.00% due 02/05/2026    BRL 6,000,000    $1,243,589    Philippines    4.4%
 

European Investment Bank(3)

    4.50% due 02/16/2028    MXN 5,000,000    219,222    Luxembourg    0.7%
 

Inter-American Devel BK

    7.50% due 12/05/2024    MXN 15,000,000    1,010,576    United States    3.6%
 

INTL BK RECON & DEVELOP

    4.25% due 01/22/2026    MXN 35,000,000    1,621,020    Germany    5.8%
 

New Zealand Government

    4.25% due 05/15/2034    NZD 500,000    298,846    New Zealand    1.1%
 

Ontario

    2.65% due 02/05/2025    CAD 500,000    355,005    Canada    1.3%
 

Perusahaan Penerbit SBSN(3)

    3.55% due 06/09/2051    1,000,000    746,994    Indonesia    2.7%
 

United Kingdom Gilt(3)

    1.50% due 07/31/2053    GBP 500,000    332,211    United Kingdom    1.2%
                          
         5,827,463       20.8%

Government Sponsored

 

               

Federal Home Loan Bank

    1.65% due 10/06/2031    500,000    391,660    United States    1.4%
                          

United States Treasury Bonds

 

               

United States Treasury Bond

    3.250% due 05/15/2042    1,250,000    1,102,588    United States    3.9%
 

United States Treasury Bond

    2.875% due 05/15/2052    500,000    407,363    United States    1.4%
                          
         1,509,951       5.3%

Total Government Bonds

    (Cost $7,832,697)         $7,729,074         27.5%

Municipal Bonds – 12.1%

               

Floating Rate Bonds

 

               
 

Educational Services

               
 

Washington St Hgh Edu Facs Auth(8)

    0.80% due 05/01/2028    $400,000    $400,000    United States    1.4%
 

Financial Services

               
 

New York City NY Hsg Dev Corp(8)

    1.67% due 05/01/2062    1,500,000    1,500,000    United States    5.3%
 

Santa Cruz CA Redev Agy MF Rev(8)

    1.73% due 08/15/2035    1,000,000    1,000,000    United States    3.6%
 

Sheridan Co Redev Agy Incr Revenue(8)

    2.40% due 12/01/2029    500,000    500,000    United States    1.8%
               3,000,000         10.7%

Total Municipal Bonds

    (Cost $3,400,000)       $3,400,000       12.1%
                          

Total investments

       (Cost $27,866,445)    $26,044,549       92.8%

Other assets (net of liabilities)

          2,017,136       7.2%
                    
              

Total net assets

              $28,061,685         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, 2023, the net value of these securities was $2,636,968 representing 9.4% 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, 2023, the aggregate value of these securities was $6,371,823 representing 22.7% of net assets.

(4)

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, 2023.

(5)

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, 2023.

(6)

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, 2023.

(7)

Variable rate security. The interest rate represents the rate in effect at February 28, 2023 and resets periodically based on the parenthetically disclosed reference rate and spread.

(8)

Variable rate security. Rate as of period end and maturity is the date the principal owed can be recovered through demand.

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

AUD: Australian Dollar

BRL: Brazilian Real

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

 

Municipal Bonds – 87.4%

    Coupon/Maturity    Face Amount    Market Value    Percentage of Net Assets

Educational Services

 

            
 

Boise City ID Indep Sch Dist

    5.00% due 08/01/2032    $65,000    $72,357    0.6%
                     

Financial Services

 

            
 

Idaho Housing & Finance Rev

    3.00% due 07/01/2036    45,000    43,786    0.4%
 

Idaho St Bond Bank Auth Rev

    4.00% due 09/15/2032    95,000    95,756    0.8%
 

Idaho St Bond Bank Auth Rev

    4.00% due 09/15/2032    310,000    312,963    2.6%
                     
         452,505    3.8%

General Obligation

 

            
 

Ada & Canyon Cos ID JSD #2 Meridian

    5.00% due 08/15/2032    325,000    339,494    2.9%
 

Ada & Canyon Cos ID JSD #3 Kuna

    4.00% due 09/15/2027    100,000    104,820    0.9%
 

Boise City ID Independent SD

    3.00% due 08/01/2038    100,000    88,061    0.7%
 

Bonneville & Bingham Cos JSD #93

    5.00% due 09/15/2032    300,000    315,556    2.7%
 

Canyon Co ID SCD #134 Middleton

    4.00% due 09/15/2028    400,000    411,270    3.5%
 

Canyon Co ID SCD #135 Notus

    3.25% due 09/15/2031    290,000    290,435    2.4%
 

Canyon Co ID SCD #135 Notus

    3.25% due 09/15/2032    170,000    169,932    1.4%
 

Canyon Co ID SCD #139 Vallivue

    5.00% due 09/15/2024    260,000    260,392    2.2%
 

Canyon Co ID Sch Dist #139 Vallivue

    5.00% due 09/15/2030    200,000    226,292    1.9%
 

Caribou Franklin Bannock JSD #148

    3.25% due 09/15/2035    300,000    298,757    2.5%
 

Cassia Oneida Twin Falls JSD #151

    3.375% due 09/15/2034    160,000    160,090    1.3%
 

College of Western ID Annual Approp

    4.00% due 10/01/2027    125,000    128,798    1.1%
 

Kootenai Co ID SCD #273

    4.00% due 08/15/2031    265,000    272,446    2.3%
 

Latah Co ID SCD #281 Moscow Ser B

    4.00% due 08/15/2027    100,000    100,334    0.8%
 

Latah Co ID SCD #281 Moscow Ser B

    4.00% due 08/15/2028    200,000    200,661    1.7%
 

Madison Co. Id. SDC #321

    5.00% due 09/15/2035    250,000    267,774    2.3%
 

Owyhee & Canyon Co. # 363 Marsing

    4.00% due 09/15/2035    150,000    153,824    1.3%
 

SUN VLY ID

    5.00% due 09/15/2029    40,000    44,322    0.4%
 

Twin Falls Co ID SCD #411 Series A

    4.00% due 09/15/2027    170,000    172,247    1.5%
 

Twin Falls Co ID SCD #411 Series A

    4.25% due 09/15/2030    300,000    305,081    2.6%
 

Twin Falls Co ID SCD #411 Series B

    4.75% due 09/15/2039    200,000    204,876    1.7%
                     
         4,515,462    38.1%

Government Bonds

 

            
 

Idaho St Bldg Auth Health & Welfare

    5.00% due 09/01/2043    25,000    26,869    0.2%
 

Idaho St Health Facs Auth

    4.00% due 09/01/2045    265,000    247,006    2.1%
 

Idaho St Hsg & Fin Assn

    5.00% due 07/15/2037    100,000    107,828    0.9%
                     
         381,703    3.2%

Health Care Facilities

 

            
 

Idaho Health Faci Auth Hos Rev

    5.00% due 12/01/2047    260,000    264,622    2.2%
                     

Medical/Hospitals

 

            
 

Idaho Health Rev Trinity Health Grp

    3.25% due 12/01/2028    300,000    302,136    2.5%
                     

Municipal Leases

 

            
 

Fremont Cnty ID Annual Approp COPS

    4.00% due 09/01/2031    280,000    295,599    2.5%
 

Fremont Cnty ID Annual Approp COPS

    4.00% due 09/01/2036    210,000    213,255    1.8%
 

Idaho Falls ID COPs

    4.00% due 09/15/2028    310,000    323,459    2.7%
 

Idaho Falls ID COPS

    4.00% due 09/15/2038    150,000    148,595    1.3%
 

Idaho St HLTH FACS ADA CNTY

    4.00% due 09/01/2040    155,000    149,039    1.3%
 

Payette Cnty ID SCD#372

    4.00% due 09/15/2034    250,000    252,088    2.1%
                     
         1,382,035    11.7%

Pollution Control

 

            
 

Idaho Bond Bank Authority

    4.00% due 09/15/2032    130,000    136,624    1.2%
 

Idaho Bond Bank Authority

    4.00% due 09/15/2033    135,000    141,617    1.2%
                     
         278,241    2.4%

Real Estate

 

            
 

Idaho Fish & Wildlife Foundation Rev

    5.00% due 12/01/2033    320,000    353,164    3.0%
 

Idaho Fish & Wildlife Foundation Rev

    4.00% due 12/01/2036    200,000    203,285    1.7%
 

Idaho St HSG & FIN

    2.25% due 07/01/2031    200,000    178,917    1.5%
                     
         735,366    6.2%

State Education

 

            
 

Ada & Canyon ID SCH #3 Kuna

    5.00% due 09/15/2030    25,000    26,813    0.2%
 

Boise State University ID Revenue

    5.00% due 04/01/2028    125,000    129,036    1.1%
 

Boise State University ID Revenue

    5.00% due 04/01/2032    160,000    166,948    1.4%
 

Idaho State University Revenue

    4.00% due 04/01/2027    170,000    173,596    1.5%
 

Idaho State University Revenue

    3.00% due 04/01/2031    250,000    235,613    2.0%
 

Jefferson & Madison Cos. ID SCD#251

    5.00% due 09/15/2028    100,000    111,587    0.9%
 

Jefferson & Madison ID SCD #251

    5.00% due 09/15/2032    25,000    27,932    0.2%
 

Nez Perce CO ISD #1 Lewiston

    5.00% due 09/15/2029    330,000    355,620    3.0%
 

Univ of Idaho ID Revenues

    4.00% due 04/01/2038    125,000    127,490    1.1%
 

Univerisity of Idaho Revenues

    5.00% due 04/01/2038    150,000    166,152    1.4%
                     
         1,520,787    12.8%

Water Supply

 

            
 

Payette Lakes Rec Wtr & Swr Rev

    4.00% due 08/01/2032    195,000    201,741    1.7%
 

Payette Lakes Rec Wtr & Swr Rev

    4.00% due 08/01/2034    255,000    263,336    2.2%
                     
         465,077    3.9%
           

Total Municipal Bonds

    (Cost $10,798,229)         $10,370,291    87.4%

Muni Revenue Bond - 2.5%

            

Government Bonds

 

            
 

ID St Hsg & Fin Assn Sales Tax Rev

    5.00% due 08/15/2047    $150,000    $162,230    1.4%
 

ID St Hsg & Fin Assn Sales Tax Rev

    5.00% due 08/15/2042    125,000    137,767    1.1%
                     

Total Muni Revenue Bond

    (Cost $319,447)         $299,997    2.5%
           
           

Total investments

         (Cost $11,117,676)    $10,670,288    89.9%

Other assets (net of liabilities)

          1,203,140    10.1%
               
           

Total net assets

              $11,873,428    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, 2023 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)

   $-     $6,951,708   $-     $6,951,708

Government Bonds(1)

   $-     $4,090,232   $-     $4,090,232

Total Assets

   $-     $11,041,940   $-     $11,041,940
                 

Sextant Bond Income

        

Corporate Bonds(1)

   $-     $6,282,737   $-     $6,282,737

Government Bonds(1)

   $-     $2,548,252   $-     $2,548,252

Total Assets

   $-     $8,830,989   $-     $8,830,989
                 

Sextant Core

        

Common Stocks

        

Communications

   $516,160   $-     $-     $516,160

Consumer Discretionary

   $1,309,464   $-     $-     $1,309,464

Consumer Staples

   $588,885   $-     $-     $588,885

Energy

   $836,143   $-     $-     $836,143

Financials

   $711,937   $-     $-     $711,937

Health Care

   $1,697,431   $-     $-     $1,697,431

Industrials

   $1,928,659   $-     $-     $1,928,659

Materials

   $808,092   $-     $-     $808,092

Technology

   $1,697,304   $78,046   $-     $1,775,350

Utilities

   $434,936   $-     $-     $434,936

Total Common Stocks

   $10,529,011   $78,046   $-     $10,607,057

Corporate Bonds(1)

   $-     $4,225,478   $-     $4,225,478

Government Bonds(1)

   $-     $3,470,732   $-     $3,470,732

Municipal Bonds(1)

   $-     $107,465   $-     $107,465

Total Assets

   $10,529,011   $7,881,721   $-     $18,410,732
       

Sextant Global High Income

                

Common Stocks

        

Communications

   $578,029   $225,086   $-     $803,115

Consumer Discretionary

   $-     $204,729   $-     $204,729

Energy

   $437,731   $-     $-     $437,731

Financials

   $299,280   $313,969   $-     $613,249

Health Care

   $347,380   $-     $-     $347,380

Materials

   $979,665   $255,699   $-     $1,235,364

Technology

   $242,100   $187,103   $-     $429,203

Total Common Stocks

   $2,884,185   $1,186,586   $-     $4,070,771

Corporate Bonds(1)

   $-     $2,739,795   $-     $2,739,795

Government Bonds(1)

   $-     $1,690,842   $-     $1,690,842

Municipal Bonds(1)

   $-     $50,356   $-     $50,356

Total Assets

   $2,884,185   $5,667,579   $-     $8,551,764
       

Sextant Growth

                

Common Stocks(1)

   $50,005,943   $-     $-     $50,005,943

Total Assets

   $50,005,943   $-     $-     $50,005,943

Sextant International

                

Common Stocks

        

Communications

   $1,550,640   $-     $-     $1,550,640

Consumer Discretionary

   $4,876,400   $1,088,958   $-     $5,965,358

Consumer Staples

   $-     $2,026,830   $-     $2,026,830

Health Care

   $8,923,041   $-     $-     $8,923,041

Industrials

   $2,013,550   $681,295   $-     $2,694,845

Materials

   $7,161,809   $-     $-     $7,161,809

Technology

   $14,554,361   $5,990,386   $-     $20,544,747

Utilities

   $927,580   $1,147,667   $-     $2,075,247

Total Assets

   $40,007,381   $10,935,136   $-     $50,942,517
                 

Sustainable Equity

        

Common Stocks

        

Communications

   $404,589   $-     $-     $404,589

Consumer Discretionary

   $2,703,730   $-     $-     $2,703,730

Consumer Staples

   $1,735,991   $-     $-     $1,735,991

Energy

   $-     $314,737   $-     $314,737

Financials

   $1,428,949   $-     $-     $1,428,949

Health Care

   $2,501,597   $-     $-     $2,501,597

Industrials

   $1,899,951   $574,194   $-     $2,474,145

Materials

   $501,205   $793,542   $-     $1,294,747

Technology

   $3,913,004   $794,387   $-     $4,707,391

Total Assets

   $15,089,016   $2,476,860   $-     $17,565,876
                 

Sustainable Bond

        

Corporate Bonds(1)

   $-     $14,915,475   $-     $14,915,475

Government Bonds(1)

   $-     $7,729,074   $-     $7,729,074

Municipal Bonds(1)

   $-     $3,400,000   $-     $3,400,000

Total Assets

   $-     $26,044,549   $-     $26,044,549
                 

Idaho Tax-Exempt

        

Municipal Bonds(1)

   $-     $10,370,291   $-     $10,370,291

Municipal Revenue Bonds(1)

   $-     $299,997   $-     $299,997

Total Assets

   $-     $10,670,288   $-     $10,670,288

 

¹

See Schedule of Investments for industry breakout.

There were no transfers between Level 1 and Level 2 during the period ending February 28, 2023