Schedule

of

Investments

As

of

August

31,

2023

Sextant

Short-Term

Bond

Fund

August

31,

2023

Part

F

1

Continued

on

next

page.

Corporate

Bonds

-

53.6%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

AutoZone

3.250%

due

04/15/2025

$

300,000

$

289,279

2.7%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

142,050

1.3%

VF

2.400%

due

04/23/2025

67,000

63,139

0.6%

494,468

4.6%

Consumer

Staples

Costco

Wholesale

2.750%

due

05/18/2024

385,000

377,138

3.5%

Dollar

General

4.150%

due

11/01/2025

250,000

242,827

2.3%

Procter

&

Gamble

2.800%

due

03/25/2027

300,000

281,309

2.6%

Walmart

2.850%

due

07/08/2024

325,000

317,872

2.9%

1,219,146

11.3%

Financials

Bank

of

America

Corp

3.500%

due

04/19/2026

400,000

380,536

3.5%

JPMorgan

Chase

&

Co

3.300%

due

04/01/2026

350,000

332,772

3.1%

Paypal

Holdings

2.650%

due

10/01/2026

300,000

279,234

2.6%

Visa

3.150%

due

12/14/2025

350,000

335,672

3.1%

1,328,214

12.3%

Health

Care

Biogen

4.050%

due

09/15/2025

100,000

96,965

0.9%

Gilead

Sciences

2.500%

due

09/01/2023

400,000

400,000

3.7%

Johnson

&

Johnson

2.450%

due

03/01/2026

50,000

47,177

0.5%

544,142

5.1%

Materials

BHP

Billiton

3.850%

due

09/30/2023

150,000

149,761

1.4%

DuPont

De

Nemours

4.493%

due

11/15/2025

308,000

301,475

2.8%

Mosaic

4.250%

due

11/15/2023

209,000

208,311

1.9%

659,547

6.1%

Technology

Oracle

2.950%

due

05/15/2025

325,000

311,198

2.9%

Take-Two

Interactive

Software

3.700%

due

04/14/2027

350,000

331,914

3.1%

643,112

6.0%

Utilities

Edison

International

3.550%

due

11/15/2024

350,000

339,892

3.1%

Exelon

Generation

3.250%

due

06/01/2025

250,000

239,246

2.2%

Florida

Power

&

Light

2.850%

due

04/01/2025

320,000

307,754

2.9%

886,892

8.2%

Total

Corporate

Bonds

(Cost

$6,043,547)

$5,775,521

53.6%

Government

Bonds

-

22.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Government

Sponsored

Federal

Farm

Credit

Bank

3.500%

due

12/20/2023

200,000

198,683

1.9%

Federal

Home

Loan

Bank

3.375%

due

12/08/2023

350,000

348,250

3.2%

546,933

5.1%

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

09/19/2023

200,000

199,472

1.8%

United

States

Treasury

Notes

United

States

Treasury

Note

2.875%

due

04/30/2025

400,000

386,281

3.6%

United

States

Treasury

Note

2.375%

due

05/15/2027

350,000

325,637

3.0%

United

States

Treasury

Note

2.250%

due

10/31/2024

100,000

96,586

0.9%

United

States

Treasury

Note

2.750%

due

11/15/2023

250,000

248,623

2.3%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Short-Term

Bond

Fund

2

August

31,

2023

Part

F

Government

Bonds

-

22.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

United

States

Treasury

Notes

(continued)

United

States

Treasury

Note

2.625%

due

12/31/2025

$

600,000

$

572,320

5.3%

1,629,447

15.1%

Total

Government

Bonds

(Cost

$2,482,579)

$2,375,852

22.0%

Total

investments

(Cost

$8,526,126)

$8,151,373

75.6%

Other

assets

(net

of

liabilities)

2,632,828

24.4%

Total

net

assets

$10,784,200

100.0%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Bond

Income

Fund

August

31,

2023

Part

F

3

Continued

on

next

page.

Corporate

Bonds

-

68.6%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Depot

5.875%

due

12/16/2036

$

300,000

$

321,986

3.5%

Lowe's

5.800%

due

10/15/2036

250,000

254,031

2.8%

576,017

6.3%

Consumer

Staples

Kimberly

Clark

5.300%

due

03/01/2041

100,000

101,295

1.1%

Procter

&

Gamble

5.500%

due

02/01/2034

200,000

212,710

2.3%

Unilever

Capital

5.900%

due

11/15/2032

200,000

217,304

2.4%

531,309

5.8%

Energy

Baker

Hughes

6.875%

due

01/15/2029

100,000

104,893

1.2%

Canadian

Natural

Resources

6.450%

due

06/30/2033

225,000

231,724

2.5%

Statoil

7.150%

due

01/15/2029

224,000

245,275

2.7%

581,892

6.4%

Financials

Affiliated

Managers

Group

3.500%

due

08/01/2025

250,000

238,763

2.6%

Bank

Of

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

223,172

2.4%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

87,388

1.0%

State

Street(Quarterly

US

LIBOR

plus

100)

1

6.552%

due

06/15/2047

100,000

81,566

0.9%

UBS

AG

Stamford

CT

7.750%

due

09/01/2026

200,000

205,284

2.2%

836,173

9.1%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

250,314

2.7%

Johnson

&

Johnson

4.950%

due

05/15/2033

226,000

234,849

2.6%

Johnson

&

Johnson

5.850%

due

07/15/2038

50,000

54,743

0.6%

Medtronic

4.375%

due

03/15/2035

260,000

246,257

2.7%

Merck

&

Co.

6.500%

due

12/01/2033

215,000

241,146

2.6%

1,027,309

11.2%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

310,000

299,058

3.3%

Deere

&

Co.

8.100%

due

05/15/2030

95,000

111,931

1.2%

United

Technologies

6.050%

due

06/01/2036

250,000

260,941

2.8%

671,930

7.3%

Materials

Praxair

3.550%

due

11/07/2042

350,000

276,607

3.0%

Technology

Apple

4.500%

due

02/23/2036

350,000

349,928

3.8%

Intel

4.000%

due

12/15/2032

360,000

333,629

3.7%

Microsoft

5.300%

due

02/08/2041

50,000

52,962

0.6%

Microsoft

4.200%

due

11/03/2035

350,000

338,724

3.7%

1,075,243

11.8%

Utilities

Alabama

Power

4.150%

due

08/15/2044

200,000

161,888

1.8%

Entergy

Louisiana

5.400%

due

11/01/2024

200,000

199,429

2.2%

Florida

Power

&

Light

5.950%

due

10/01/2033

100,000

105,617

1.1%

Puget

Sound

Energy

4.434%

due

11/15/2041

300,000

241,283

2.6%

708,217

7.7%

Total

Corporate

Bonds

(Cost

$7,216,511)

$6,284,697

68.6%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Bond

Income

Fund

4

August

31,

2023

Part

F

Government

Bonds

-

27.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Foreign

Government

Bonds

Quebec

Canada

Yankee

7.125%

due

02/09/2024

$

175,000

$

175,972

1.9%

United

States

Treasury

Bonds

United

States

Treasury

Bond

5.250%

due

02/15/2029

170,000

177,869

2.0%

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

431,016

4.7%

United

States

Treasury

Bond

6.250%

due

05/15/2030

75,000

83,839

0.9%

United

States

Treasury

Bond

4.250%

due

05/15/2039

770,000

773,038

8.5%

United

States

Treasury

Bond

6.125%

due

08/15/2029

225,000

246,902

2.7%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

122,451

1.3%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

475,956

5.2%

2,311,071

25.3%

Total

Government

Bonds

(Cost

$3,115,864)

$2,487,043

27.2%

Total

investments

(Cost

$10,332,375)

$8,771,740

95.8%

Other

assets

(net

of

liabilities)

387,839

4.2%

Total

net

assets

$9,159,580

100.0%

1

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

August

31,

2023

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

LIBOR:

London

Interbank

Offered

Rates

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Core

Fund

August

31,

2023

Part

F

5

Continued

on

next

page.

Common

Stock

-

53.9%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

2

2,000

$

272,340

United

States

1.4%

Telecom

Carriers

BCE

4,000

169,400

Canada

0.8%

441,740

2.2%

Consumer

Discretionary

Automotive

Retailers

AutoZone

2

45

113,910

United

States

0.6%

O'Reilly

Automotive

2

160

150,352

United

States

0.7%

264,262

1.3%

Home

Products

Stores

Floor

&

Decor

Holdings

2

1,900

189,430

United

States

0.9%

Lowe's

1,100

253,528

United

States

1.3%

442,958

2.2%

Specialty

Apparel

Stores

Lululemon

Athletica

2

550

209,693

United

States

1.0%

Ross

Stores

1,750

213,167

United

States

1.1%

TJX

Companies

2,700

249,696

United

States

1.3%

672,556

3.4%

1,379,776

6.9%

Consumer

Staples

Agricultural

Producers

Darling

Ingredients

2,000

123,520

United

States

0.7%

Beverages

PepsiCo

450

80,064

United

States

0.4%

Household

Products

Kenvue

2,819

64,978

United

States

0.3%

Procter

&

Gamble

1,150

177,491

United

States

0.9%

242,469

1.2%

Packaged

Food

Danone

ADR

15,000

175,200

France

0.9%

General

Mills

1,500

101,490

United

States

0.5%

Nestle

ADR

1,000

120,130

Switzerland

0.6%

396,820

2.0%

842,873

4.3%

Energy

Exploration

&

Production

ConocoPhillips

2,600

309,478

United

States

1.6%

Integrated

Oils

Canadian

Pacific

Kansas

City

2,018

160,189

Canada

0.8%

Shell

ADR

3,950

245,256

Netherlands

1.2%

405,445

2.0%

Refining

&

Marketing

Phillips

66

1,100

125,576

United

States

0.6%

Renewable

Energy

Equipment

Enphase

Energy

600

75,918

United

States

0.4%

916,417

4.6%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Core

Fund

6

August

31,

2023

Part

F

Continued

on

next

page.

Common

Stock

-

53.9%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Consumer

Finance

Mastercard

,

Class

A

500

$

206,320

United

States

1.1%

Visa

900

221,112

United

States

1.1%

427,432

2.2%

Institutional

Brokerage

Virtu

Financial

9,000

168,660

United

States

0.8%

P&C

Insurance

Chubb

810

162,705

Switzerland

0.8%

758,797

3.8%

Health

Care

Large

Pharma

AstraZeneca

ADR

3,000

203,460

United

Kingdom

1.0%

Bristol-Myers

Squibb

3,200

197,280

United

States

1.0%

Johnson

&

Johnson

1,164

188,196

United

States

0.9%

Novo

Nordisk

ADR

2,500

464,050

Denmark

2.4%

Pfizer

2,580

91,280

United

States

0.5%

1,144,266

5.8%

Managed

Care

UnitedHealth

Group

300

142,974

United

States

0.7%

Medical

Devices

Abbott

Laboratories

2,000

205,800

United

States

1.1%

1,493,040

7.6%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

1,000

187,940

United

States

0.9%

Johnson

Controls

International

5,350

315,971

United

States

1.6%

503,911

2.5%

Electrical

Power

Equipment

Eaton

2,000

460,740

United

States

2.3%

Flow

Control

Equipment

Parker

Hannifin

500

208,450

United

States

1.1%

Industrial

Distribution

&

Rental

Fastenal

2,800

161,224

United

States

0.8%

Industrial

Machinery

Illinois

Tool

Works

525

129,859

United

States

0.7%

Rail

Freight

Canadian

National

Railway

2,000

225,220

Canada

1.1%

Waste

Management

Republic

Services

950

136,923

United

States

0.7%

1,826,327

9.2%

Materials

Agricultural

Chemicals

Corteva

2,000

101,020

United

States

0.5%

Base

Metals

Mineral

Resources

1,100

50,469

Australia

0.3%

Basic

&

Diversified

Chemicals

Linde

560

216,742

Ireland

1.1%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Core

Fund

August

31,

2023

Part

F

7

Continued

on

next

page.

Common

Stock

-

53.9%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Precious

Metal

Mining

Agnico-Eagle

Mines

1,000

$

48,510

Canada

0.2%

Newmont

2,900

114,318

United

States

0.6%

162,828

0.8%

Specialty

Chemicals

RPM

International

675

67,325

United

States

0.3%

598,384

3.0%

Technology

Communications

Equipment

Apple

1,900

356,953

United

States

1.8%

Motorola

Solutions

900

255,213

United

States

1.2%

612,166

3.0%

Consumer

Electronics

Sony

ADR

1,900

158,061

Japan

0.8%

Information

Services

Experian

2,322

81,115

United

States

0.4%

Infrastructure

Software

Microsoft

800

262,208

United

States

1.3%

Oracle

3,100

373,209

United

States

1.9%

635,417

3.2%

IT

Services

CGI

550

57,277

Canada

0.3%

Semiconductor

Devices

Infineon

Technologies

ADR

4,775

171,327

Germany

0.9%

Micron

Technology

1,550

108,407

United

States

0.5%

NXP

Semiconductors

950

195,434

Netherlands

1.0%

Qualcomm

100

11,453

United

States

0.1%

STMicroelectronics

ADR

1,000

47,260

Switzerland

0.2%

533,881

2.7%

2,077,917

10.4%

Utilities

Integrated

Utilities

Duke

Energy

1,250

111,000

United

States

0.6%

NextEra

Energy

4,000

267,200

United

States

1.3%

378,200

1.9%

Total

Common

Stock

(Cost

$6,493,578)

$10,713,471

53.9%

Corporate

Bonds

-

21.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Bellsouth

Capital

Funding

7.875%

due

02/15/2030

$

150,000

159,023

United

States

0.8%

Comcast

5.650%

due

06/15/2035

300,000

311,204

United

States

1.5%

Walt

Disney

6.400%

due

12/15/2035

250,000

274,088

United

States

1.4%

744,315

3.7%

Consumer

Discretionary

Expedia

Group

5.000%

due

02/15/2026

250,000

247,065

United

States

1.2%

Lowe's

4.250%

due

09/15/2044

250,000

196,491

United

States

1.0%

Stanford

University

4.013%

due

05/01/2042

100,000

85,280

United

States

0.4%

528,836

2.6%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Core

Fund

8

August

31,

2023

Part

F

Continued

on

next

page.

Corporate

Bonds

-

21.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Staples

Coca

Cola

1.000%

due

03/15/2028

$

250,000

$

214,289

United

States

1.1%

Financials

Charles

Schwab

3.000%

due

03/10/2025

300,000

287,395

United

States

1.4%

Welltower

4.250%

due

04/15/2028

350,000

331,096

United

States

1.7%

618,491

3.1%

Health

Care

Cardinal

Health

3.500%

due

11/15/2024

155,000

150,555

United

States

0.8%

Gilead

Sciences

3.700%

due

04/01/2024

250,000

247,073

United

States

1.2%

397,628

2.0%

Industrials

Burlington

Northern

Santa

Fe

Bond

6.200%

due

08/15/2036

150,000

164,250

United

States

0.8%

CSX

Corp

4.650%

due

03/01/2068

300,000

257,240

United

States

1.3%

FedEx

3.900%

due

02/01/2035

250,000

217,739

United

States

1.1%

Legrand

France

Yankee

8.500%

due

02/15/2025

170,000

177,166

France

0.9%

Union

Pacific

3.375%

due

02/01/2035

250,000

211,155

United

States

1.1%

1,027,550

5.2%

Technology

Qualcomm

3.250%

due

05/20/2027

220,000

207,737

United

States

1.0%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

242,780

United

States

1.2%

Pacificorp

6.000%

due

01/15/2039

250,000

248,693

United

States

1.3%

491,473

2.5%

Total

Corporate

Bonds

(Cost

$4,780,111)

$4,230,319

21.2%

Government

Bonds

-

15.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

09/19/2023

1,000,000

997,359

United

States

5.0%

United

States

Treasury

Bonds

United

States

Treasury

Bond

4.500%

due

02/15/2036

137,000

143,251

United

States

0.7%

United

States

Treasury

Bond

3.625%

due

02/15/2044

155,000

138,301

United

States

0.7%

281,552

1.4%

United

States

Treasury

Notes

United

States

Treasury

Note

1.125%

due

01/15/2025

400,000

378,719

United

States

1.9%

United

States

Treasury

Note

2.000%

due

05/31/2024

1,080,000

1,052,916

United

States

5.3%

United

States

Treasury

Note

2.750%

due

11/15/2023

350,000

348,072

United

States

1.8%

1,779,707

9.0%

Total

Government

Bonds

(Cost

$3,127,182)

$3,058,618

15.4%

Municipals

Bonds

-

0.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Utility

Networks

Tacoma

WA

Elec

Sys

Revenue

5.966%

due

01/01/2035

100,000

108,078

United

States

0.5%

Total

Municipals

Bonds

(Cost

$118,137)

$108,078

0.5%

Total

investments

(Cost

$14,519,008)

$18,110,486

91.0%

Other

assets

(net

of

liabilities)

1,782,947

9.0%

Total

net

assets

$19,893,432

100.0%

1

Country

of

domicile

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Core

Fund

August

31,

2023

Part

F

9

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Global

High

Income

Fund

10

August

31,

2023

Part

F

Continued

on

next

page.

Common

Stock

-

43.2%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Orange

ADR

20,000

$

223,600

France

2.4%

SK

Telecom

ADR

11,000

220,880

South

Korea

2.4%

Telenor

ASA

20,000

214,017

Norway

2.3%

Verizon

Communications

6,000

209,880

United

States

2.2%

868,377

9.3%

Consumer

Discretionary

Automobiles

Volkswagen

AG

1,500

183,743

Germany

2.0%

Energy

Exploration

&

Production

Woodside

Energy

Group

ADR

8,500

202,980

Australia

2.2%

Integrated

Oils

Shell

ADR

3,800

235,942

Netherlands

2.5%

438,922

4.7%

Financials

Banks

Skandinaviska

Enskilda

Banken

,

Cl

A

25,000

289,803

Sweden

3.1%

Institutional

Brokerage

Virtu

Financial

7,500

140,550

United

States

1.5%

430,353

4.6%

Health

Care

Large

Pharma

GlaxoSmithKline

ADR

6,500

228,345

United

Kingdom

2.5%

Novartis

ADR

2,500

251,200

Switzerland

2.7%

479,545

5.2%

Materials

Base

Metals

Norsk

Hydro

ASA

35,000

193,552

Norway

2.1%

South32

ADR

19,000

208,430

Australia

2.2%

Southern

Copper

5,000

403,300

Peru

4.3%

805,282

8.6%

Steel

Raw

Material

Suppliers

BHP

Biliton

ADR

5,500

316,195

Australia

3.4%

1,121,477

12.0%

Technology

Communications

Equipment

Cisco

Systems

5,000

286,750

United

States

3.1%

Consumer

Electronics

Nintendo

5,000

214,252

Japan

2.3%

501,002

5.4%

Total

Common

Stock

(Cost

$3,923,533)

$4,023,419

43.2%

Corporate

Bonds

-

33.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Comcast

4.650%

due

07/15/2042

$

250,000

223,334

United

States

2.4%

Netflix

4.375%

due

11/15/2026

250,000

242,908

United

States

2.6%

466,242

5.0%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Global

High

Income

Fund

August

31,

2023

Part

F

11

Continued

on

next

page.

Corporate

Bonds

-

33.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Delta

Air

Lines

3.750%

due

10/28/2029

$

250,000

$

221,703

United

States

2.4%

Ford

Motor

6.375%

due

02/01/2029

220,000

218,413

United

States

2.3%

MDC

Holdings

3.850%

due

01/15/2030

200,000

173,001

United

States

1.9%

YUM!

Brands

3.625%

due

03/15/2031

195,000

165,365

United

States

1.8%

778,482

8.4%

Consumer

Staples

Grupo

Bimbo

2

4.875%

due

06/27/2044

200,000

176,759

Mexico

1.9%

Energy

Petrobras

International

Finance

6.875%

due

01/20/2040

50,000

48,578

Brazil

0.5%

Petrobras

International

Finance

6.750%

due

01/27/2041

80,000

76,115

Brazil

0.8%

124,693

1.3%

Financials

Bank

of

Montreal

3.300%

due

02/05/2024

250,000

247,258

Canada

2.6%

Lincoln

National(3

month

LIBOR

plus

2.04%)

3

7.628%

due

04/20/2067

250,000

166,875

United

States

1.8%

414,133

4.4%

Health

Care

Novartis

Capital

Corp

3.400%

due

05/06/2024

250,000

246,406

Switzerland

2.7%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

200,000

192,941

United

States

2.0%

CSX

Corp

4.650%

due

03/01/2068

250,000

214,367

United

States

2.3%

Norfolk

Southern

5.100%

due

08/01/2118

275,000

230,597

United

States

2.5%

637,905

6.8%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

242,780

United

States

2.6%

Total

Corporate

Bonds

(Cost

$3,504,084)

$3,087,400

33.1%

Government

Bonds

-

14.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Foreign

Government

Bonds

Colombia

Republic

8.375%

due

02/15/2027

125,000

126,142

Colombia

1.4%

Federal

Republic

of

Brazil

8.500%

due

01/05/2024

BRL

750,000

148,878

Brazil

1.6%

Republic

of

Argentina

1.000%

due

07/09/2029

9,276

2,988

Argentina

0.0%

4

Republic

of

Argentina

1.500%

due

07/09/2046

242,500

72,075

Argentina

0.8%

350,083

3.8%

United

States

Treasury

Notes

United

States

Treasury

Note

2.000%

due

05/31/2024

1,000,000

974,922

United

States

10.4%

Total

Government

Bonds

(Cost

$1,576,493)

$1,325,005

14.2%

Municipals

Bonds

-

0.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Municipal

Bonds

Colony

TX

NFM

Sales

Tax

Revenue

7.625%

due

10/01/2042

50,000

50,031

United

States

0.5%

Total

Municipals

Bonds

(Cost

$50,014)

$50,031

0.5%

Total

investments

(Cost

$9,054,124)

$8,485,855

91.0%

Other

assets

(net

of

liabilities)

840,345

9.0%

Total

net

assets

$9,326,200

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Global

High

Income

Fund

12

August

31,

2023

Part

F

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

August

31,

2023,

the

aggregate

value

of

these

securities

was

$176,759

representing

1.9%

of

total

net

assets.

3

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

August

31,

2023

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

4

Less

than

0.05%

ADR:

American

Depositary

Receipt

LIBOR:

London

Interbank

Offered

Rates

BRL

:

Brazil

Real

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Growth

Fund

August

31,

2023

Part

F

13

Continued

on

next

page.

Common

Stock

-

98.3%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

1

31,680

$

4,313,866

7.0%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Nike,

Class

B

10,276

1,045,172

1.7%

Automotive

Retailers

O'Reilly

Automotive

1

1,300

1,221,610

2.0%

E-Commerce

Discretionary

Amazon.com

1

26,980

3,723,510

6.1%

Home

Products

Stores

Lowe's

11,200

2,581,376

4.2%

Specialty

Apparel

Stores

Lululemon

Athletica

1

3,000

1,143,780

1.8%

TJX

Companies

19,000

1,757,120

2.9%

2,900,900

4.7%

11,472,568

18.7%

Consumer

Staples

Beverages

Monster

Beverage

32,200

1,848,602

3.0%

Mass

Merchants

Costco

Wholesale

3,509

1,927,423

3.2%

3,776,025

6.2%

Energy

Renewable

Energy

Equipment

Enphase

Energy

4,800

607,344

1.0%

Financials

Consumer

Finance

Mastercard

,

Class

A

8,444

3,484,332

5.7%

Health

Care

Managed

Care

Elevance

Health

2,250

994,522

1.6%

Medical

Devices

Abbott

Laboratories

20,499

2,109,347

3.5%

Boston

Scientific

1

22,000

1,186,680

1.9%

Edwards

Lifesciences

1

10,500

802,935

1.3%

Stryker

3,000

850,650

1.4%

4,949,612

8.1%

Specialty

Pharma

Zoetis

Inc.

6,000

1,143,060

1.9%

7,087,194

11.6%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

3,750

704,775

1.1%

Johnson

Controls

International

22,500

1,328,850

2.2%

2,033,625

3.3%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

Growth

Fund

14

August

31,

2023

Part

F

Common

Stock

-

98.3%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Industrials

(continued)

Measurement

Instruments

Trimble

1

17,000

$

931,430

1.5%

2,965,055

4.8%

Materials

Agricultural

Chemicals

Corteva

27,500

1,389,025

2.3%

Specialty

Chemicals

Albemarle

Corp

3,000

596,130

1.0%

RPM

International

13,700

1,366,438

2.2%

1,962,568

3.2%

3,351,593

5.5%

Technology

Application

Software

Adobe

1

4,450

2,489,063

4.1%

Communications

Equipment

Apple

33,150

6,227,891

10.1%

Motorola

Solutions

6,000

1,701,420

2.8%

7,929,311

12.9%

Infrastructure

Software

Microsoft

18,170

5,955,399

9.7%

Oracle

17,500

2,106,825

3.5%

8,062,224

13.2%

Semiconductor

Devices

Advanced

Micro

Devices

1

9,500

1,004,340

1.7%

Monolithic

Power

Systems

1,100

573,331

0.9%

NVIDIA

3,500

1,727,425

2.8%

Qualcomm

2,200

251,966

0.4%

Texas

Instruments

6,600

1,109,196

1.8%

4,666,258

7.6%

23,146,856

37.8%

Total

investments

(Cost

$24,368,334)

$60,204,833

98.3%

Other

assets

(net

of

liabilities)

1,051,998

1.7%

Total

net

assets

$61,256,831

100.0%

1

Non-income

producing

Schedule

of

Investments

As

of

August

31,

2023

Sextant

International

Fund

August

31,

2023

Part

F

15

Continued

on

next

page.

Common

Stock

-

96.4%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Telus

30,000

$

526,800

Canada

0.8%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

600

1,235,152

France

2.0%

E-Commerce

Discretionary

MercadoLibre

2

2,990

4,103,356

Argentina

6.6%

Specialty

Apparel

Stores

Lululemon

Athletica

2

3,500

1,334,410

United

States

2.2%

6,672,918

10.8%

Consumer

Staples

Household

Products

L'Oreal

3,400

1,494,770

France

2.4%

Unicharm

16,000

637,904

Japan

1.1%

2,132,674

3.5%

Packaged

Food

Nestle

S.A.

9,000

1,082,277

Switzerland

1.7%

3,214,951

5.2%

Health

Care

Health

Care

Supplies

Alcon

24,550

2,037,404

Switzerland

3.3%

Large

Pharma

AstraZeneca

ADR

17,000

1,152,940

United

Kingdom

1.9%

Novartis

ADR

12,400

1,245,952

Switzerland

2.0%

Novo

Nordisk

ADR

29,800

5,531,476

Denmark

9.0%

7,930,368

12.9%

9,967,772

16.2%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

AB

-

B

51,400

1,156,657

Sweden

1.9%

Electrical

Power

Equipment

Eaton

6,875

1,583,794

United

States

2.6%

Schneider

Electric

SE

4,000

686,267

France

1.1%

2,270,061

3.7%

Rail

Freight

Canadian

National

Railway

10,000

1,126,100

Canada

1.8%

4,552,818

7.4%

Materials

Agricultural

Chemicals

Nutrien

10,000

633,200

Canada

1.0%

Basic

&

Diversified

Chemicals

Linde

5,500

2,128,720

Ireland

3.5%

Precious

Metal

Mining

Agnico-Eagle

Mines

18,000

873,180

Canada

1.4%

Barrick

Gold

41,100

666,231

Canada

1.1%

1,539,411

2.5%

Schedule

of

Investments

As

of

August

31,

2023

Sextant

International

Fund

16

August

31,

2023

Part

F

Common

Stock

-

96.4%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Specialty

Chemicals

Givaudan

(

reg

)

200

$

666,282

Switzerland

1.1%

Steel

Raw

Material

Suppliers

BHP

Biliton

ADR

17,000

977,330

Australia

1.6%

Rio

Tinto

ADR

32,800

2,050,000

United

Kingdom

3.3%

3,027,330

4.9%

7,994,943

13.0%

Technology

Application

Software

Dassault

Systemes

ADR

78,215

3,113,739

France

5.1%

NICE

Systems

ADR

15,250

2,970,700

Israel

4.8%

SAP

ADR

11,040

1,542,178

Germany

2.5%

7,626,617

12.4%

Consumer

Electronics

Nintendo

38,400

1,645,455

Japan

2.6%

Sony

ADR

14,650

1,218,733

Japan

2.0%

2,864,188

4.6%

Information

Services

Experian

33,000

1,152,801

United

States

1.9%

Wolters

Kluwer

31,000

3,738,653

Netherlands

6.0%

4,891,454

7.9%

IT

Services

Accenture,

Class

A

7,600

2,460,652

Ireland

4.0%

Semiconductor

Devices

Infineon

Technologies

AG

18,250

652,779

Germany

1.1%

STMicroelectronics

ADR

34,400

1,625,744

Switzerland

2.6%

2,278,523

3.7%

Semiconductor

Manufacturing

ASML

Holding

NY

5,475

3,616,402

Netherlands

5.8%

Taiwan

Semiconductor

ADR

16,930

1,584,140

Taiwan

2.6%

5,200,542

8.4%

25,321,976

41.0%

Utilities

Power

Generation

Iberdrola

102,549

1,217,636

Spain

2.0%

Total

investments

(Cost

$32,771,493)

$59,469,814

96.4%

Other

assets

(net

of

liabilities)

2,192,360

3.6%

Total

net

assets

$61,662,174

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2023

Sustainable

Equity

Fund

August

31,

2023

Part

F

1

Continued

on

next

page.

Common

Stock

-

90.6%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Products

Stores

Home

Depot

1,500

$

495,450

United

States

2.4%

Lowe's

2,400

553,152

United

States

2.7%

Tractor

Supply

2,500

546,250

United

States

2.6%

1,594,852

7.7%

Other

Commercial

Services

Ecolab

1,500

275,715

United

States

1.3%

Restaurants

Starbucks

3,213

313,075

United

States

1.5%

Specialty

Apparel

Stores

Lululemon

Athletica

2

750

285,945

United

States

1.4%

TJX

Companies

5,000

462,400

United

States

2.2%

748,345

3.6%

2,931,987

14.1%

Consumer

Staples

Household

Products

Haleon

ADR

2

11,500

94,530

United

Kingdom

0.4%

Kenvue

4,289

98,861

United

States

0.5%

L'Oreal

ADR

5,400

474,444

France

2.3%

Reckitt

Benckiser

Group

ADR

16,700

240,647

United

Kingdom

1.2%

Unicharm

ADR

40,500

324,405

Japan

1.6%

Unilever

ADR

6,600

336,732

United

Kingdom

1.6%

1,569,619

7.6%

Packaged

Food

Danone

ADR

31,200

364,416

France

1.7%

1,934,035

9.3%

Energy

Renewable

Energy

Equipment

Vestas

Wind

Systems

11,000

254,384

Denmark

1.2%

Financials

Consumer

Finance

Mastercard

,

Class

A

860

354,870

United

States

1.7%

Paypal

2,900

181,279

United

States

0.9%

536,149

2.6%

Life

Insurance

Aviva

ADR

45,600

438,421

United

Kingdom

2.1%

P&C

Insurance

Chubb

2,000

401,740

Switzerland

1.9%

1,376,310

6.6%

Health

Care

Biotech

BioNTech

SE

800

96,744

Germany

0.5%

Large

Pharma

GlaxoSmithKline

ADR

9,200

323,196

United

Kingdom

1.6%

Johnson

&

Johnson

1,766

285,527

United

States

1.4%

Novartis

ADR

4,300

432,064

Switzerland

2.1%

Novo

Nordisk

ADR

5,100

946,662

Denmark

4.5%

Pfizer

8,000

283,040

United

States

1.3%

Schedule

of

Investments

As

of

August

31,

2023

Sustainable

Equity

Fund

2

August

31,

2023

Part

F

Continued

on

next

page.

Common

Stock

-

90.6%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Health

Care

(continued)

Large

Pharma

(continued)

Roche

Holding

ADR

9,000

$

329,670

Switzerland

1.6%

2,600,159

12.5%

2,696,903

13.0%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

ADR

44,500

498,845

Sweden

2.4%

Legrand

6,200

611,385

France

3.0%

1,110,230

5.4%

Electrical

Components

TE

Connectivity

3,200

423,648

Switzerland

2.0%

Electrical

Power

Equipment

Schneider

Electric

ADR

17,100

587,043

France

2.8%

Siemens

ADR

5,300

398,242

Germany

1.9%

985,285

4.7%

2,519,163

12.1%

Materials

Agricultural

Chemicals

Corteva

3,000

151,530

United

States

0.7%

Specialty

Chemicals

DSM

Koninklijke

1,928

157,864

Netherlands

0.8%

Johnson

Matthey

21,031

433,701

United

Kingdom

2.1%

Novozymes

ADR

6,550

284,008

Denmark

1.4%

875,573

4.3%

1,027,103

5.0%

Technology

Application

Software

Adobe

2

1,000

559,340

United

States

2.7%

Dassault

Systemes

ADR

7,530

299,770

France

1.4%

859,110

4.1%

Communications

Equipment

Apple

3,028

568,870

United

States

2.7%

Consumer

Electronics

Nintendo

ADR

56,625

604,189

Japan

2.9%

Sony

ADR

4,000

332,760

Japan

1.6%

936,949

4.5%

Electronics

Components

Murata

Manufacturing

4,000

223,635

Japan

1.1%

Information

Services

Wolters

Kluwer

5,000

603,008

Netherlands

2.9%

Infrastructure

Software

Microsoft

1,438

471,319

United

States

2.2%

IT

Services

Accenture,

Class

A

1,600

518,032

Ireland

2.5%

CGI

Group

Class

A

2

6,000

625,666

Canada

3.0%

1,143,698

5.5%

Semiconductor

Devices

NVIDIA

500

246,775

United

States

1.2%

NXP

Semiconductors

1,800

370,296

Netherlands

1.8%

Schedule

of

Investments

As

of

August

31,

2023

Sustainable

Equity

Fund

August

31,

2023

Part

F

3

Common

Stock

-

90.6%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

(continued)

Semiconductor

Devices

(continued)

STMicroelectronics

ADR

3,900

$

184,314

Switzerland

0.9%

801,385

3.9%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

5,325

498,260

Taiwan

2.4%

6,106,234

29.3%

Total

investments

(Cost

$14,915,233)

$18,846,119

90.6%

Other

assets

(net

of

liabilities)

1,949,203

9.4%

Total

net

assets

$20,795,322

100.0%

1

Country

of

domicile

unless

otherwise

indicated

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2023

Sustainable

Bond

Fund

4

August

31,

2023

Part

F

Continued

on

next

page.

Corporate

Bonds

-

58.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Italia

2

5.303%

due

05/30/2024

$

500,000

$

493,508

Italy

1.6%

Consumer

Discretionary

Starbucks

2.450%

due

06/15/2026

250,000

233,338

United

States

0.7%

Consumer

Staples

Coty

3

4.750%

due

04/15/2026

EUR

750,000

796,999

United

States

2.5%

Coty

2

5.000%

due

04/15/2026

250,000

240,320

United

States

0.8%

MAF

Global

Securities

3,4,5

7.875%

due

PERP

1,200,000

1,214,906

United

Arab

Emirates

3.9%

2,252,225

7.2%

Financials

Aust

&

NZ

Banking

Group

2

4.500%

due

03/19/2024

500,000

495,092

Australia

1.6%

AXA

3,6

5.125%

due

01/17/2027

750,000

720,654

France

2.3%

Bank

of

Montreal

3.300%

due

02/05/2024

500,000

494,516

Canada

1.6%

Bank

of

New

Zealand

3

3.648%

due

11/16/2023

NZD

500,000

296,899

New

Zealand

0.9%

Canadian

Imperial

Bank

7

4.375%

due

10/28/2080

CAD

2,100,000

1,434,841

Canada

4.6%

Commonwealth

Bank

Australia

(Quarterly

BBSW

plus

0.41%)

8

4.731%

due

12/23/2026

AUD

850,000

544,697

Australia

1.7%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

505,001

Korea

1.6%

First

Abu

Dhabi

Bank

PJSC

3

5.125%

due

10/13/2027

750,000

750,273

United

Arab

Emirates

2.4%

MAF

Sukuk

3

4.638%

due

05/14/2029

800,000

777,014

United

Arab

Emirates

2.5%

Munich

RE

3,9

1.000%

due

05/26/2042

EUR

1,400,000

1,108,739

Germany

3.6%

Prologis

1.250%

due

10/15/2030

500,000

384,902

United

States

1.2%

Toronto-Dominion

Bank

3

1.128%

due

12/09/2025

CAD

500,000

336,175

Canada

1.1%

Women's

Livelihood

Bond

Asset

II

B

2

3.950%

due

12/10/2024

600,000

568,646

Singapore

1.8%

Women's

Livelihood

Bond

Asset

II

C

2

3.900%

due

12/23/2025

500,000

457,422

Singapore

1.5%

8,874,871

28.4%

Health

Care

Koninklijke

Philips

7.125%

due

05/15/2025

1,000,000

1,003,306

Netherlands

3.2%

Novartis

Capital

3.000%

due

11/20/2025

250,000

239,075

Switzerland

0.8%

Roche

2

2.625%

due

05/15/2026

200,000

188,522

Switzerland

0.6%

1,430,903

4.6%

Industrials

Odfjell

SE

(Quarterly

NIBOR

plus

5.75%)

3,8

10.260%

due

01/21/2025

NOK

6,000,000

584,102

Norway

1.9%

Materials

Stora

Enso

OYJ

3

7.250%

due

04/15/2036

300,000

313,082

Finland

1.0%

Stora

Enso

OYJ

2

7.250%

due

04/15/2036

200,000

208,722

Finland

0.7%

521,804

1.7%

Technology

Koninklijke

KPN

8.375%

due

10/01/2030

250,000

284,116

Netherlands

0.9%

Microsoft

5.300%

due

02/08/2041

1,000,000

1,059,241

United

States

3.4%

Nokia

OYJ

3

2.375%

due

05/15/2025

EUR

1,000,000

1,053,393

Finland

3.4%

RELX

4.000%

due

03/18/2029

400,000

379,722

United

Kingdom

1.2%

2,776,472

8.9%

Utilities

Tabreed

Sukuk

3

5.500%

due

10/31/2025

250,000

248,438

United

Arab

Emirates

0.8%

United

Utilities

6.875%

due

08/15/2028

800,000

831,349

United

Kingdom

2.7%

1,079,787

3.5%

Total

Corporate

Bonds

(Cost

$19,169,823)

$18,247,010

58.5%

Schedule

of

Investments

As

of

August

31,

2023

Sustainable

Bond

Fund

August

31,

2023

Part

F

5

Continued

on

next

page.

Government

Bonds

-

34.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

Bonds

Asian

Development

Bank

6.000%

due

02/05/2026

BRL

$

7,500,000

$

1,414,869

Philippines

4.5%

European

Bk

Recon

&

Dev

5.000%

due

01/27/2025

BRL

4,000,000

762,028

United

Kingdom

2.4%

European

Investment

Bank

3

4.500%

due

02/16/2028

MXN

10,000,000

479,458

Luxembourg

1.5%

Inter-American

Devel

BK

7.500%

due

12/05/2024

MXN

15,000,000

834,961

United

States

2.7%

Int'l

Bk

Recon

&

Develop

4.250%

due

01/22/2026

MXN

15,000,000

762,646

Germany

2.4%

New

Zealand

Government

4.250%

due

05/15/2034

NZD

1,000,000

564,652

New

Zealand

1.8%

Ontario

2.650%

due

02/05/2025

CAD

500,000

358,241

Canada

1.2%

Perusahaan

Penerbit

SBSN

3

3.550%

due

06/09/2051

1,000,000

739,572

Indonesia

2.4%

Republic

of

Chile

4.340%

due

03/07/2042

1,000,000

856,238

Chile

2.7%

United

Kingdom

Gilt

3

0.875%

due

07/31/2033

GBP

750,000

684,994

United

Kingdom

2.2%

United

Kingdom

Gilt

3

1.500%

due

07/31/2053

GBP

1,000,000

638,409

United

Kingdom

2.1%

8,096,068

25.9%

Government

Sponsored

Federal

Home

Loan

Bank

1.650%

due

10/06/2031

500,000

394,612

United

States

1.3%

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

09/05/2023

500,000

499,709

United

States

1.6%

United

States

Cash

Management

Bill

–%

due

09/19/2023

400,000

398,944

United

States

1.3%

898,653

2.9%

United

States

Treasury

Notes

United

States

Treasury

Note

3.250%

due

05/15/2042

1,250,000

1,067,871

United

States

3.4%

United

States

Treasury

Note

2.875%

due

05/15/2052

500,000

388,145

United

States

1.3%

1,456,016

4.7%

Total

Government

Bonds

(Cost

$11,567,224)

$10,845,349

34.8%

Municipals

Bonds

-

0.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financial

Services

New

York

City

NY

Hsg

Dev

Corp

10

1.880%

due

05/01/2062

250,000

250,000

United

States

0.8%

Total

Municipals

Bonds

(Cost

$250,000)

$250,000

0.8%

Total

investments

(Cost

$30,987,047)

$29,342,359

94.1%

Other

assets

(net

of

liabilities)

1,840,536

5.9%

Total

net

assets

$31,182,896

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

August

31,

2023,

the

aggregate

value

of

these

securities

was

$2,652,232

representing

8.6%

of

total

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

August

31,

2023,

the

aggregate

value

of

these

securities

was

$10,743,107

representing

34.5%

of

total

net

assets.

4

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

5

Coupon

rates

for

floating

and

adjustable

rate

securities

reflect

the

rates

in

effect

at

period

end.

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

August

31,

2023.

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

August

31,

2023.

8

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

August

31,

2023

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

9

Munich

RE

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

05/26/2032.

The

interest

rate

represents

the

rate

in

effect

at

August

31,

2023.

10

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

AUD

:

Australia

Dollar

BRL

:

Brazil

Real

CAD

:

Canada

Dollar

Schedule

of

Investments

As

of

August

31,

2023

Sustainable

Bond

Fund

6

August

31,

2023

Part

F

EUR

:

Euro

Dollar

GBP

:

United

Kingdom

Pound

MXN

:

Mexico

Nuevo

Peso

NOK

:

Norway

Krone

NZD

:

New

Zealand

Dollar

USD

:

United

States

Dollar

Schedule

of

Investments

As

of

August

31,

2023

August

31,

2023

Part

F

1

Continued

on

next

page.

Municipals

Bonds

-

18.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

General

Obligation

Canyon

Co

ID

SCD

#135

Notus

3.250%

due

09/15/2032

$

170,000

$

165,416

2.3%

Cassia

Oneida

Twin

Falls

JSD

#151

3.375%

due

09/15/2034

160,000

155,445

2.1%

College

of

Western

ID

Annual

Approp

4.000%

due

10/01/2027

125,000

127,742

1.8%

Owyhee

&

Canyon

Co.

#

363

Marsing

4.000%

due

09/15/2035

150,000

152,664

2.1%

601,267

8.3%

Municipal

Leases

Idaho

St

HLTH

FACS

ADA

CNTY

4.000%

due

09/01/2040

155,000

146,786

2.1%

State

Education

Boise

State

University

ID

Revenue

5.000%

due

04/01/2028

125,000

128,087

1.8%

Boise

State

University

ID

Revenue

5.000%

due

04/01/2032

160,000

164,892

2.3%

Univ

of

Idaho

ID

Revenues

4.000%

due

04/01/2038

125,000

125,281

1.7%

University

of

Idaho

Revenues

5.000%

due

04/01/2038

150,000

162,539

2.2%

580,799

8.0%

Total

Municipals

Bonds

(Cost

$1,404,182)

$1,328,852

18.4%

Municipal

Revenue

Bonds

-

4.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Transportation

ID

St

Hsg

&

Fin

Assn

Sales

Tax

Rev

5.000%

due

08/15/2042

125,000

134,149

1.8%

ID

St

Hsg

&

Fin

Assn

Sales

Tax

Rev

5.000%

due

08/15/2047

150,000

158,801

2.2%

Total

Municipal

Revenue

Bonds

(Cost

$317,888)

$292,950

4.0%

Total

investments

(Cost

$1,722,070)

$1,621,802

22.4%

Other

assets

(net

of

liabilities)

5,620,892

77.6%

Total

net

assets

$7,242,694

100.0%

Notes

To

Financial

Statements

2

August

31,

2023

Part

F

Note

1

–

Organization

Saturna

Investment

Trust

(the

“Trust”)

was

established

under

Washington

State

Law

as

a

business

trust

on

February

20,

1987.

Note

2

–

Significant

Accounting

Policies

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.

Fair

value

measurements:

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

August

31,

2023

in

valuing

the

Funds’

investments

carried

at

fair

value.

Share

Valuation

Inputs

as

of

August

31,

2023

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Idaho

Fund

Municipal

Revenue

Bonds

1

$–

$292,950

$–

$292,950

Municipals

Bonds

1

$–

$1,328,852

$–

$1,328,852

Total

Assets

$–

$1,621,802

$–

$1,621,802

Short-Term

Bond

Fund

Corporate

Bonds

1

$–

$5,775,521

$–

$5,775,521

Government

Bonds

1

$–

$2,375,852

$–

$2,375,852

Total

Assets

$–

$8,151,373

$–

$8,151,373

Bond

Income

Fund

Notes

To

Financial

Statements

(continued)

August

31,

2023

Part

F

3

Corporate

Bonds

1

$–

$6,284,697

$–

$6,284,697

Government

Bonds

1

$–

$2,487,043

$–

$2,487,043

Total

Assets

$–

$8,771,740

$–

$8,771,740

Core

Fund

Common

Stock

Communications

$441,740

$–

$–

$441,740

Consumer

Discretionary

$1,379,776

$–

$–

$1,379,776

Consumer

Staples

$842,873

$–

$–

$842,873

Energy

$916,417

$–

$–

$916,417

Financials

$758,797

$–

$–

$758,797

Health

Care

$1,493,040

$–

$–

$1,493,040

Industrials

$1,826,327

$–

$–

$1,826,327

Materials

$547,915

$50,469

$–

$598,384

Technology

$1,996,802

$81,115

$–

$2,077,917

Utilities

$378,200

$–

$–

$378,200

Total

Common

Stock

$10,581,887

$131,584

$–

$10,713,471

Corporate

Bonds

1

$–

$4,230,319

$–

$4,230,319

Government

Bonds

1

$–

$3,058,618

$–

$3,058,618

Municipals

Bonds

1

$–

$108,078

$–

$108,078

Total

Assets

$10,581,887

$7,528,599

$–

$18,110,486

Global

High

Income

Fund

Common

Stock

Communications

$654,360

$214,017

$–

$868,377

Consumer

Discretionary

$–

$183,743

$–

$183,743

Energy

$438,922

$–

$–

$438,922

Financials

$140,550

$289,803

$–

$430,353

Health

Care

$479,545

$–

$–

$479,545

Materials

$927,925

$193,552

$–

$1,121,477

Technology

$286,750

$214,252

$–

$501,002

Total

Common

Stock

$2,928,052

$1,095,367

$–

$4,023,419

Corporate

Bonds

1

$–

$3,087,400

$–

$3,087,400

Government

Bonds

1

$–

$1,325,005

$–

$1,325,005

Municipals

Bonds

1

$–

$50,031

$–

$50,031

Total

Assets

$2,928,052

$5,557,803

$–

$8,485,855

Growth

Fund

Common

Stock

1

$60,204,833

$–

$–

$60,204,833

Total

Assets

$60,204,833

$–

$–

$60,204,833

International

Fund

Common

Stock

Communications

$526,800

$–

$–

$526,800

Consumer

Discretionary

$5,437,766

$1,235,152

$–

$6,672,918

Consumer

Staples

$–

$3,214,951

$–

$3,214,951

Health

Care

$9,967,772

$–

$–

$9,967,772

Industrials

$2,709,894

$1,842,924

$–

$4,552,818

Materials

$7,328,661

$666,282

$–

$7,994,943

Technology

$18,132,288

$7,189,688

$–

$25,321,976

Utilities

$–

$1,217,636

$–

$1,217,636

Total

Common

Stock

$44,103,181

$15,366,633

$–

$59,469,814

Total

Assets

$44,103,181

$15,366,633

$–

$59,469,814

Sustainable

Equity

Fund

Common

Stock

Consumer

Discretionary

$2,931,987

$–

$–

$2,931,987

Consumer

Staples

$1,835,174

$98,861

$–

$1,934,035

Energy

$–

$254,384

$–

$254,384

Financials

$974,570

$401,740

$–

$1,376,310

Health

Care

$2,696,903

$–

$–

$2,696,903

Industrials

$1,484,130

$1,035,033

$–

$2,519,163

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

4

August

31,

2023

Part

F

The

following

is

a

reconciliation

of

assets

and

liabilities

for

which

Level

3

inputs

were

used

in

determining

value.

The

following

is

quantitative

information

about

significant

unobservable

inputs

(Level

3)

for

the

Company

as

of

August

31,

2023.

Materials

$435,538

$433,701

$157,864

$1,027,103

Technology

$3,765,597

$2,340,637

$–

$6,106,234

Total

Common

Stock

$14,123,899

$4,564,356

$157,864

$18,846,119

Total

Assets

$14,123,899

$4,564,356

$157,864

$18,846,119

Sustainable

Bond

Fund

Corporate

Bonds

1

$–

$18,247,010

$–

$18,247,010

Government

Bonds

1

$–

$10,845,349

$–

$10,845,349

Municipals

Bonds

1

$–

$250,000

$–

$250,000

Total

Assets

$–

$29,342,359

$–

$29,342,359

1

See

the

Schedule

of

Investments

for

additional

details.

Common

Stocks

Beginning

Balance

$202,148

Total

realized

gain

(loss)

$-

Change

in

unrealized  appreciation

(depreciation)

$(44,284)

Net

purchases

$-

Net

Sales

$-

Transfers

into

Level

3

$-

Transfers

out

of

Level

3

$-

Ending

Balance

$157,864

Asset

Category

Fair

Value

Valuation

Technique

Unobservable

Input

Input

Value

Specialty

Chemicals

$157,864

85%

of

local

close

on

05/31/2023

adjusted

by

FX

None

FX

0.93201

Note

2

–

Significant

Accounting

Policies

(continued)