Schedule

of

Investments

As

of

February

29,

2024

Sextant

Short-Term

Bond

Fund

February

29,

2024

Part

F

1

Continued

on

next

page.

Corporate

Bonds

-

54.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

AutoZone

3.250%

due

04/15/2025

$

300,000

$

292,955

2.6%

Lowe's

3.125%

due

09/15/2024

100,000

98,678

0.9%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

142,812

1.3%

VF

2.400%

due

04/23/2025

67,000

64,214

0.6%

598,659

5.4%

Consumer

Staples

Costco

Wholesale

2.750%

due

05/18/2024

385,000

382,668

3.5%

Dollar

General

4.150%

due

11/01/2025

250,000

244,901

2.2%

Kroger

Co

7.700%

due

06/01/2029

100,000

110,930

1.0%

Procter

&

Gamble

2.800%

due

03/25/2027

300,000

283,925

2.6%

Walmart

2.850%

due

07/08/2024

325,000

322,103

2.9%

1,344,527

12.2%

Financials

Bank

of

America

Corp

3.500%

due

04/19/2026

400,000

387,930

3.5%

JPMorgan

Chase

&

Co

3.300%

due

04/01/2026

350,000

337,579

3.0%

PayPal

Holdings

2.650%

due

10/01/2026

300,000

282,884

2.6%

Visa

3.150%

due

12/14/2025

350,000

339,253

3.1%

1,347,646

12.2%

Health

Care

Biogen

4.050%

due

09/15/2025

100,000

97,996

0.9%

Gilead

Sciences

3.700%

due

04/01/2024

200,000

199,631

1.8%

Johnson

&

Johnson

2.450%

due

03/01/2026

50,000

47,835

0.4%

345,462

3.1%

Information

Technology

NXP

BV/NXP

Funding

5.350%

due

03/01/2026

100,000

99,901

0.9%

Materials

DuPont

De

Nemours

4.493%

due

11/15/2025

308,000

304,306

2.8%

Technology

Oracle

2.950%

due

05/15/2025

325,000

315,176

2.9%

Take-Two

Interactive

Software

3.700%

due

04/14/2027

350,000

334,533

3.0%

649,709

5.9%

Telecommunication

Services

Verizon

Communication

4.016%

due

12/03/2029

100,000

94,742

0.9%

Utilities

Edison

International

3.550%

due

11/15/2024

350,000

344,508

3.2%

Exelon

Generation

3.250%

due

06/01/2025

250,000

242,786

2.2%

Florida

Power

&

Light

2.850%

due

04/01/2025

420,000

409,505

3.7%

United

Utilities

6.875%

due

08/15/2028

200,000

211,878

1.9%

1,208,677

11.0%

Total

Corporate

Bonds

(Cost

$6,180,417)

$5,993,629

54.4%

Government

Bonds

-

42.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Government

Sponsored

Federal

Home

Loan

Bank

5.450%

due

01/08/2025

250,000

249,909

2.3%

Federal

Home

Loan

Bank

5.650%

due

12/28/2026

150,000

149,624

1.3%

399,533

3.6%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Short-Term

Bond

Fund

2

February

29,

2024

Part

F

Government

Bonds

-

42.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

03/14/2024

$

850,000

$

848,381

7.7%

United

States

Cash

Management

Bill

–%

due

03/21/2024

700,000

697,944

6.4%

United

States

Cash

Management

Bill

–%

due

08/08/2024

500,000

488,605

4.4%

2,034,930

18.5%

United

States

Treasury

Bonds

United

States

Treasury

Bond

1.500%

due

02/15/2025

300,000

289,945

2.6%

United

States

Treasury

Notes

United

States

Treasury

Note

2.875%

due

04/30/2025

400,000

390,625

3.5%

United

States

Treasury

Note

2.375%

due

05/15/2027

350,000

328,877

3.0%

United

States

Treasury

Note

2.000%

due

05/31/2024

200,000

198,351

1.8%

United

States

Treasury

Note

2.250%

due

10/31/2024

500,000

490,352

4.5%

United

States

Treasury

Note

2.625%

due

12/31/2025

600,000

578,367

5.3%

1,986,572

18.1%

Total

Government

Bonds

(Cost

$4,790,508)

$4,710,980

42.8%

Total

investments

(Cost

$10,970,925)

$10,704,609

97.2%

Other

assets

(net

of

liabilities)

303,232

2.8%

Total

net

assets

$11,007,841

100.0%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Bond

Income

Fund

February

29,

2024

Part

F

3

Continued

on

next

page.

Corporate

Bonds

-

64.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Depot

5.875%

due

12/16/2036

$

300,000

$

319,691

3.1%

Lowe's

5.800%

due

10/15/2036

250,000

256,242

2.5%

575,933

5.6%

Consumer

Staples

Kimberly

Clark

5.300%

due

03/01/2041

100,000

99,787

0.9%

Procter

&

Gamble

5.500%

due

02/01/2034

200,000

212,324

2.1%

Unilever

Capital

5.900%

due

11/15/2032

200,000

213,052

2.1%

525,163

5.1%

Energy

Baker

Hughes

6.875%

due

01/15/2029

100,000

105,481

1.0%

Canadian

Natural

Resources

6.450%

due

06/30/2033

225,000

237,396

2.3%

Statoil

7.150%

due

01/15/2029

224,000

243,950

2.4%

586,827

5.7%

Financials

Affiliated

Managers

Group

3.500%

due

08/01/2025

250,000

242,924

2.4%

Bank

Of

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

229,420

2.3%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

88,340

0.9%

State

Street

(Quarterly

US

LIBOR

plus

100)

1

6.552%

due

06/15/2047

150,000

126,047

1.2%

UBS

AG

Stamford

CT

7.750%

due

09/01/2026

200,000

208,470

2.0%

895,201

8.8%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

251,064

2.5%

Johnson

&

Johnson

4.950%

due

05/15/2033

226,000

234,428

2.3%

Johnson

&

Johnson

5.850%

due

07/15/2038

50,000

54,940

0.5%

Medtronic

4.375%

due

03/15/2035

260,000

245,237

2.4%

Merck

&

Co.

6.500%

due

12/01/2033

215,000

242,308

2.4%

1,027,977

10.1%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

310,000

301,527

3.0%

Deere

&

Co.

8.100%

due

05/15/2030

95,000

111,209

1.1%

United

Technologies

6.050%

due

06/01/2036

250,000

260,151

2.5%

672,887

6.6%

Materials

Praxair

3.550%

due

11/07/2042

350,000

281,391

2.8%

Technology

Apple

4.500%

due

02/23/2036

350,000

343,905

3.4%

Intel

4.000%

due

12/15/2032

360,000

332,163

3.3%

Microsoft

5.300%

due

02/08/2041

50,000

53,557

0.5%

Microsoft

4.200%

due

11/03/2035

350,000

338,574

3.3%

1,068,199

10.5%

Telecommunication

Services

Bellsouth

LLC

6.875%

due

10/15/2031

200,000

211,190

2.1%

Utilities

Alabama

Power

4.150%

due

08/15/2044

200,000

166,554

1.6%

Entergy

Louisiana

5.400%

due

11/01/2024

200,000

199,825

2.0%

Florida

Power

&

Light

5.950%

due

10/01/2033

100,000

105,433

1.0%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Bond

Income

Fund

4

February

29,

2024

Part

F

Corporate

Bonds

-

64.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Utilities

(continued)

Puget

Sound

Energy

4.434%

due

11/15/2041

$

300,000

$

251,767

2.5%

723,579

7.1%

Total

Corporate

Bonds

(Cost

$7,439,672)

$6,568,347

64.4%

Government

Bonds

-

27.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

03/14/2024

350,000

349,334

3.4%

United

States

Cash

Management

Bill

–%

due

04/04/2024

200,000

199,001

2.0%

548,335

5.4%

United

States

Treasury

Bonds

United

States

Treasury

Bond

5.250%

due

02/15/2029

170,000

177,497

1.7%

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

428,047

4.2%

United

States

Treasury

Bond

6.250%

due

05/15/2030

75,000

82,937

0.8%

United

States

Treasury

Bond

4.250%

due

05/15/2039

770,000

761,337

7.5%

United

States

Treasury

Bond

6.125%

due

08/15/2029

225,000

244,195

2.4%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

120,639

1.2%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

464,713

4.5%

2,279,365

22.3%

Total

Government

Bonds

(Cost

$3,466,522)

$2,827,700

27.7%

Total

investments

(Cost

$10,906,194)

$9,396,047

92.1%

Other

assets

(net

of

liabilities)

810,374

7.9%

Total

net

assets

$10,206,421

100.0%

1

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

February

29,

2024

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

LIBOR:

London

Interbank

Offered

Rates

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Core

Fund

February

29,

2024

Part

F

5

Continued

on

next

page.

Common

Stock

-

57.9%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

2

2,500

$

346,150

United

States

1.4%

Consumer

Discretionary

Automotive

Retailers

AutoZone

2

60

180,361

United

States

0.8%

O'Reilly

Automotive

2

160

173,987

United

States

0.7%

354,348

1.5%

Home

Products

Stores

Floor

&

Decor

Holdings

2

1,900

230,128

United

States

0.9%

Lowe's

1,100

264,737

United

States

1.1%

494,865

2.0%

Specialty

Apparel

Stores

Lululemon

Athletica

2

550

256,900

United

States

1.0%

Ross

Stores

1,750

260,680

United

States

1.1%

TJX

Companies

2,700

267,678

United

States

1.1%

785,258

3.2%

1,634,471

6.7%

Consumer

Staples

Agricultural

Producers

Darling

Ingredients

2

3,000

126,930

United

States

0.5%

Beverages

PepsiCo

385

63,656

United

States

0.3%

Household

Products

Procter

&

Gamble

1,450

230,463

United

States

0.9%

Packaged

Food

Danone

ADR

23,000

293,480

France

1.2%

General

Mills

5,300

340,154

United

States

1.4%

Nestle

ADR

1,000

103,970

Switzerland

0.5%

737,604

3.1%

1,158,653

4.8%

Energy

Exploration

&

Production

ConocoPhillips

2,000

225,080

United

States

0.9%

Refining

&

Marketing

Phillips

66

1,100

156,761

United

States

0.7%

Renewable

Energy

Equipment

Enphase

Energy

1,500

190,515

United

States

0.8%

572,356

2.4%

Financials

Consumer

Finance

Mastercard

,

Class

A

500

237,380

United

States

1.0%

Visa

900

254,376

United

States

1.0%

491,756

2.0%

Institutional

Brokerage

Virtu

Financial

11,000

198,550

United

States

0.8%

P&C

Insurance

Chubb

810

203,853

Switzerland

0.9%

894,159

3.7%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Core

Fund

6

February

29,

2024

Part

F

Continued

on

next

page.

Common

Stock

-

57.9%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Health

Care

Health

Care

Services

GE

Healthcare

Technologies

1,400

$

127,792

United

States

0.5%

Large

Pharma

AstraZeneca

ADR

4,000

256,640

United

Kingdom

1.0%

GlaxoSmithKline

ADR

7,500

314,250

United

Kingdom

1.3%

Johnson

&

Johnson

384

61,970

United

States

0.3%

Novo

Nordisk

ADR

5,000

598,850

Denmark

2.5%

1,231,710

5.1%

Managed

Care

UnitedHealth

Group

415

204,844

United

States

0.8%

Medical

Devices

Abbott

Laboratories

1,300

154,232

United

States

0.6%

Boston

Scientific

2

1,250

82,762

United

States

0.4%

236,994

1.0%

1,801,340

7.4%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

1,200

238,476

United

States

1.0%

Johnson

Controls

International

5,350

317,095

United

States

1.3%

NIBE

Industrier

AB

Class

B

25,000

139,807

Sweden

0.6%

695,378

2.9%

Electrical

Power

Equipment

Eaton

2,000

578,000

United

States

2.4%

Flow

Control

Equipment

Parker

Hannifin

500

267,725

United

States

1.1%

Industrial

Distribution

&

Rental

Fastenal

2,800

204,428

United

States

0.8%

Industrial

Machinery

Illinois

Tool

Works

525

137,629

United

States

0.6%

Rail

Freight

Canadian

National

Railway

2,000

259,380

Canada

1.1%

Canadian

Pacific

Kansas

City

2,568

218,305

Canada

0.9%

477,685

2.0%

Waste

Management

Republic

Services

950

174,420

United

States

0.7%

2,535,265

10.5%

Materials

Agricultural

Chemicals

Corteva

5,000

267,600

United

States

1.1%

Base

Metals

Mineral

Resources

4,000

173,885

Australia

0.7%

Basic

&

Diversified

Chemicals

Linde

560

251,339

Ireland

1.1%

Precious

Metal

Mining

Agnico-Eagle

Mines

6,150

295,569

Canada

1.2%

988,393

4.1%

Technology

Application

Software

SAP

ADR

2,100

394,527

Germany

1.6%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Core

Fund

February

29,

2024

Part

F

7

Continued

on

next

page.

Common

Stock

-

57.9%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

(continued)

Communications

Equipment

Apple

1,900

$

343,425

United

States

1.4%

Motorola

Solutions

1,025

338,650

United

States

1.4%

682,075

2.8%

Consumer

Electronics

Sony

ADR

1,000

85,810

Japan

0.4%

Information

Services

Wolters

Kluwer

NV

2,000

315,700

Netherlands

1.3%

Infrastructure

Software

Microsoft

1,200

496,368

United

States

2.1%

Oracle

3,100

346,208

United

States

1.4%

842,576

3.5%

IT

Services

CGI

1,300

149,305

Canada

0.6%

Semiconductor

Devices

Broadcom

145

188,571

Singapore

0.8%

Infineon

Technologies

ADR

3,275

118,195

Germany

0.5%

Micron

Technology

1,550

140,445

United

States

0.6%

NVIDIA

150

118,668

United

States

0.5%

NXP

Semiconductors

950

237,244

Netherlands

1.0%

Qualcomm

100

15,779

United

States

0.0%

3

818,902

3.4%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

1,300

167,271

Taiwan

0.7%

3,456,166

14.3%

Utilities

Integrated

Utilities

Dominion

Energy

6,750

322,852

United

States

1.3%

NextEra

Energy

5,425

299,406

United

States

1.3%

622,258

2.6%

Total

Common

Stock

(Cost

$9,071,326)

$14,009,211

57.9%

Government

Bonds

-

20.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

03/21/2024

$

3,200,000

3,190,601

United

States

13.2%

United

States

Treasury

Bonds

United

States

Treasury

Bond

4.500%

due

02/15/2036

137,000

141,688

United

States

0.6%

United

States

Treasury

Bond

3.625%

due

02/15/2044

155,000

136,170

United

States

0.5%

277,858

1.1%

United

States

Treasury

Notes

United

States

Treasury

Note

1.125%

due

01/15/2025

400,000

386,609

United

States

1.6%

United

States

Treasury

Note

2.000%

due

05/31/2024

1,080,000

1,071,099

United

States

4.4%

1,457,708

6.0%

Total

Government

Bonds

(Cost

$4,986,636)

$4,926,167

20.3%

Corporate

Bonds

-

20.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Bellsouth

Capital

Funding

7.875%

due

02/15/2030

150,000

161,753

United

States

0.7%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Core

Fund

8

February

29,

2024

Part

F

Corporate

Bonds

-

20.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

(continued)

Comcast

5.650%

due

06/15/2035

$

500,000

$

513,657

United

States

2.1%

675,410

2.8%

Consumer

Discretionary

Expedia

Group

5.000%

due

02/15/2026

250,000

248,228

United

States

1.0%

Lowe's

4.250%

due

09/15/2044

250,000

196,908

United

States

0.8%

Stanford

University

4.013%

due

05/01/2042

100,000

87,725

United

States

0.4%

532,861

2.2%

Consumer

Staples

Coca

Cola

1.000%

due

03/15/2028

250,000

217,911

United

States

0.9%

Financials

Charles

Schwab

3.000%

due

03/10/2025

300,000

292,911

United

States

1.2%

Welltower

4.250%

due

04/15/2028

350,000

338,468

United

States

1.4%

631,379

2.6%

Health

Care

Cardinal

Health

3.500%

due

11/15/2024

155,000

152,650

United

States

0.7%

Gilead

Sciences

3.700%

due

04/01/2024

250,000

249,539

United

States

1.0%

402,189

1.7%

Industrials

Burlington

Northern

Santa

Fe

Bond

6.200%

due

08/15/2036

150,000

163,232

United

States

0.7%

CSX

4.650%

due

03/01/2068

300,000

257,819

United

States

1.0%

FedEx

3.900%

due

02/01/2035

250,000

220,505

United

States

0.9%

Legrand

France

Yankee

8.500%

due

02/15/2025

170,000

174,349

France

0.7%

Union

Pacific

3.375%

due

02/01/2035

250,000

212,848

United

States

0.9%

1,028,753

4.2%

Technology

Oracle

2.950%

due

04/01/2030

500,000

443,120

United

States

1.8%

Qualcomm

3.250%

due

05/20/2027

220,000

209,716

United

States

0.9%

652,836

2.7%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

246,078

United

States

1.0%

Pacificorp

6.000%

due

01/15/2039

500,000

513,811

United

States

2.1%

759,889

3.1%

Total

Corporate

Bonds

(Cost

$5,314,760)

$4,901,228

20.2%

Municipals

Bonds

-

0.4%

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

104,816

United

States

0.4%

Total

Municipals

Bonds

(Cost

$117,500)

$104,816

0.4%

Total

investments

(Cost

$19,490,222)

$23,941,422

98.8%

Other

assets

(net

of

liabilities)

287,334

1.2%

Total

net

assets

$24,228,755

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Global

High

Income

Fund

February

29,

2024

Part

F

9

Continued

on

next

page.

Common

Stock

-

47.5%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Orange

ADR

20,000

$

230,000

France

2.4%

SK

Telecom

ADR

11,000

240,900

South

Korea

2.6%

Telenor

ASA

20,000

219,213

Norway

2.3%

Verizon

Communications

6,000

240,120

United

States

2.6%

930,233

9.9%

Consumer

Discretionary

Automobiles

Volkswagen

AG

1,500

203,955

Germany

2.2%

Energy

Exploration

&

Production

Woodside

Energy

Group

ADR

8,500

167,620

Australia

1.8%

Integrated

Oils

Shell

ADR

3,800

238,754

Netherlands

2.5%

406,374

4.3%

Financials

Banks

ANZ

Group

Holdings

ADR

15,000

279,900

Australia

3.0%

Skandinaviska

Enskilda

Banken,

Cl

A

25,000

372,499

Sweden

4.0%

652,399

7.0%

Institutional

Brokerage

Virtu

Financial

7,500

135,375

United

States

1.4%

787,774

8.4%

Health

Care

Large

Pharma

GlaxoSmithKline

ADR

6,500

272,350

United

Kingdom

2.9%

Novartis

ADR

2,500

252,425

Switzerland

2.7%

Sandoz

Group

AG-ADR

500

15,535

Switzerland

0.1%

540,310

5.7%

Materials

Base

Metals

Norsk

Hydro

ASA

35,000

180,020

Norway

1.9%

South32

ADR

19,000

181,640

Australia

1.9%

Southern

Copper

5,000

404,300

Peru

4.3%

765,960

8.1%

Steel

Raw

Material

Suppliers

BHP

Biliton

ADR

5,500

315,370

Australia

3.4%

1,081,330

11.5%

Technology

Communications

Equipment

Cisco

Systems

5,000

241,850

United

States

2.5%

Consumer

Electronics

Nintendo

5,000

279,868

Japan

3.0%

521,718

5.5%

Total

Common

Stock

(Cost

$4,168,483)

$4,471,694

47.5%

Corporate

Bonds

-

31.9%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Comcast

4.650%

due

07/15/2042

$

250,000

224,879

United

States

2.4%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Global

High

Income

Fund

10

February

29,

2024

Part

F

Continued

on

next

page.

Corporate

Bonds

-

31.9%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

(continued)

Netflix

4.375%

due

11/15/2026

$

250,000

$

245,879

United

States

2.6%

470,758

5.0%

Consumer

Discretionary

Delta

Air

Lines

3.750%

due

10/28/2029

250,000

227,232

United

States

2.4%

Ford

Motor

6.375%

due

02/01/2029

220,000

223,025

United

States

2.4%

MDC

Holdings

3.850%

due

01/15/2030

200,000

184,173

United

States

2.0%

YUM!

Brands

3.625%

due

03/15/2031

295,000

259,430

United

States

2.7%

893,860

9.5%

Consumer

Staples

Grupo

Bimbo

2

4.875%

due

06/27/2044

200,000

177,195

Mexico

1.9%

Energy

Petrobras

International

Finance

6.875%

due

01/20/2040

50,000

50,566

Brazil

0.5%

Petrobras

International

Finance

6.750%

due

01/27/2041

80,000

79,353

Brazil

0.9%

129,919

1.4%

Financials

Lincoln

National(3

month

LIBOR

plus

2.04%)

3

7.628%

due

04/20/2067

250,000

183,938

United

States

2.0%

Health

Care

Novartis

Capital

3.400%

due

05/06/2024

250,000

249,038

Switzerland

2.6%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

200,000

194,533

United

States

2.1%

CSX

4.650%

due

03/01/2068

250,000

214,849

United

States

2.3%

Norfolk

Southern

5.100%

due

08/01/2118

275,000

238,661

United

States

2.5%

648,043

6.9%

Utilities

Edison

International

3.550%

due

11/15/2024

250,000

246,077

United

States

2.6%

Total

Corporate

Bonds

(Cost

$3,347,115)

$2,998,828

31.9%

Government

Bonds

-

12.9%

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

124,017

Colombia

1.3%

Republic

of

Argentina

1.000%

due

07/09/2029

9,276

4,294

Argentina

0.1%

Republic

of

Argentina

1.500%

due

07/09/2046

242,500

94,503

Argentina

1.0%

222,814

2.4%

United

States

Treasury

Notes

United

States

Treasury

Note

2.000%

due

05/31/2024

1,000,000

991,758

United

States

10.5%

Total

Government

Bonds

(Cost

$1,354,821)

$1,214,572

12.9%

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

49,203

United

States

0.5%

Total

Municipals

Bonds

(Cost

$50,000)

$49,203

0.5%

Total

investments

(Cost

$8,920,419)

$8,734,297

92.8%

Other

assets

(net

of

liabilities)

677,537

7.2%

Total

net

assets

$9,411,834

100.0%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Global

High

Income

Fund

February

29,

2024

Part

F

11

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

29,

2024,

the

aggregate

value

of

these

securities

was

$177,195

representing

1.9%

of

total

net

assets.

3

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

February

29,

2024

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

ADR:

American

Depositary

Receipt

LIBOR:

London

Interbank

Offered

Rates

EUR

:

Euro

Dollar

JPY

:

Japan

Yen

NOK

:

Norway

Krone

SEK

:

Sweden

Krona

USD

:

United

States

Dollar

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Growth

Fund

12

February

29,

2024

Part

F

Continued

on

next

page.

Common

Stock

-

99.2%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

1

31,680

$

4,386,413

6.5%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Nike,

Class

B

10,276

1,067,984

1.6%

Automotive

Retailers

O'Reilly

Automotive

1

1,300

1,413,646

2.1%

E-Commerce

Discretionary

Amazon.com

1

26,980

4,768,985

7.1%

Home

Products

Stores

Lowe's

11,200

2,695,504

4.0%

Specialty

Apparel

Stores

Lululemon

Athletica

1

3,000

1,401,270

2.0%

TJX

Companies

19,000

1,883,660

2.8%

3,284,930

4.8%

13,231,049

19.6%

Consumer

Staples

Beverages

Monster

Beverage

32,200

1,903,020

2.8%

Mass

Merchants

Costco

Wholesale

3,509

2,610,310

3.9%

4,513,330

6.7%

Financials

Consumer

Finance

Mastercard,

Class

A

6,631

3,148,133

4.7%

Health

Care

Managed

Care

Elevance

Health

2,250

1,127,813

1.7%

Medical

Devices

Abbott

Laboratories

15,849

1,880,325

2.8%

Boston

Scientific

1

22,000

1,456,620

2.2%

Edwards

Lifesciences

1

10,500

891,135

1.3%

Stryker

3,000

1,047,210

1.5%

5,275,290

7.8%

Specialty

Pharma

Zoetis

6,000

1,189,980

1.8%

7,593,083

11.3%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

3,750

745,237

1.1%

Johnson

Controls

International

22,500

1,333,575

2.0%

2,078,812

3.1%

Industrial

Distribution

&

Rental

Ferguson

3,750

792,938

1.1%

2,871,750

4.2%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

Growth

Fund

February

29,

2024

Part

F

13

Common

Stock

-

99.2%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Materials

Agricultural

Chemicals

Corteva

27,500

$

1,471,800

2.2%

Technology

Application

Software

Adobe

1

4,450

2,493,246

3.7%

Communications

Equipment

Apple

31,100

5,621,325

8.3%

Motorola

Solutions

6,000

1,982,340

3.0%

7,603,665

11.3%

Infrastructure

Software

Microsoft

18,170

7,515,839

11.1%

Oracle

17,500

1,954,400

2.9%

ServiceNow

1

1,900

1,465,546

2.2%

10,935,785

16.2%

Semiconductor

Devices

Advanced

Micro

Devices

1

9,500

1,829,035

2.7%

Broadcom

1,275

1,658,125

2.5%

Monolithic

Power

Systems

1,100

792,044

1.2%

NVIDIA

3,500

2,768,920

4.1%

Qualcomm

4,400

694,276

1.0%

Texas

Instruments

5,100

853,383

1.3%

8,595,783

12.8%

29,628,479

44.0%

Total

investments

(Cost

$24,089,382)

$66,844,037

99.2%

Other

assets

(net

of

liabilities)

572,530

0.8%

Total

net

assets

$67,416,568

100.0%

1

Non-income

producing

Schedule

of

Investments

As

of

February

29,

2024

Sextant

International

Fund

14

February

29,

2024

Part

F

Continued

on

next

page.

Common

Stock

-

98.2%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Telus

30,000

$

523,200

Canada

0.7%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

600

1,503,275

France

2.0%

E-Commerce

Discretionary

MercadoLibre

2

2,990

4,769,947

Argentina

6.4%

Specialty

Apparel

Stores

Lululemon

Athletica

2

3,500

1,634,815

United

States

2.2%

7,908,037

10.6%

Consumer

Staples

Household

Products

L'Oreal

3,400

1,626,098

France

2.2%

Packaged

Food

Danone

15,000

958,362

France

1.3%

2,584,460

3.5%

Health

Care

Health

Care

Supplies

Alcon

24,550

2,075,703

Switzerland

2.8%

Large

Pharma

AstraZeneca

ADR

17,000

1,090,720

United

Kingdom

1.5%

Novartis

ADR

9,800

989,506

Switzerland

1.3%

Novo

Nordisk

ADR

57,150

6,844,855

Denmark

9.1%

8,925,081

11.9%

Medical

Equipment

Siemens

Healthineers

AG

2

18,850

1,132,719

Germany

1.5%

12,133,503

16.2%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

AB

-

B

51,400

1,469,875

Sweden

2.0%

Electrical

Power

Equipment

Eaton

6,875

1,986,875

United

States

2.6%

Schneider

Electric

SE

5,800

1,319,937

France

1.8%

3,306,812

4.4%

Industrial

Distribution

&

Rental

Ferguson

12,585

2,661,098

United

States

3.6%

Rail

Freight

Canadian

National

Railway

10,000

1,296,900

Canada

1.7%

8,734,685

11.7%

Information

Technology

Application

Software

OpenText

37,050

1,426,054

Canada

1.9%

Materials

Basic

&

Diversified

Chemicals

Linde

5,500

2,468,510

Ireland

3.3%

Schedule

of

Investments

As

of

February

29,

2024

Sextant

International

Fund

February

29,

2024

Part

F

15

Common

Stock

-

98.2%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Specialty

Chemicals

Givaudan

(

reg

)

200

$

842,810

Switzerland

1.1%

Steel

Raw

Material

Suppliers

BHP

Biliton

ADR

17,000

974,780

Australia

1.3%

Rio

Tinto

ADR

32,800

2,116,584

United

Kingdom

2.9%

3,091,364

4.2%

6,402,684

8.6%

Technology

Application

Software

Dassault

Systemes

ADR

78,215

3,674,541

France

4.9%

NICE

Systems

ADR

15,250

3,738,537

Israel

5.0%

SAP

ADR

12,100

2,273,227

Germany

3.0%

9,686,305

12.9%

Consumer

Electronics

Nintendo

38,400

2,149,387

Japan

2.9%

Sony

ADR

11,600

995,396

Japan

1.3%

3,144,783

4.2%

Information

Services

Experian

33,000

1,416,202

United

States

1.9%

Wolters

Kluwer

31,000

4,901,613

Netherlands

6.5%

6,317,815

8.4%

IT

Services

Accenture,

Class

A

7,600

2,848,328

Ireland

3.8%

Semiconductor

Devices

Infineon

Technologies

AG

31,000

1,114,459

Germany

1.5%

STMicroelectronics

ADR

34,400

1,569,328

Switzerland

2.1%

2,683,787

3.6%

Semiconductor

Manufacturing

ASML

Holding

NY

5,475

5,210,448

Netherlands

7.0%

Taiwan

Semiconductor

ADR

20,450

2,631,302

Taiwan

3.5%

7,841,750

10.5%

32,522,768

43.4%

Utilities

Power

Generation

Iberdrola

104,317

1,199,589

Spain

1.6%

Total

investments

(Cost

$35,373,853)

$73,434,980

98.2%

Other

assets

(net

of

liabilities)

1,369,703

1.8%

Total

net

assets

$74,804,684

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

February

29,

2024

Sustainable

Equity

Fund

February

29,

2024

Part

F

1

Continued

on

next

page.

Common

Stock

-

92.2%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Home

Products

Stores

Home

Depot

1,500

$

570,915

United

States

2.4%

Lowe's

2,400

577,608

United

States

2.4%

Tractor

Supply

2,500

635,800

United

States

2.6%

1,784,323

7.4%

Other

Commercial

Services

Ecolab

1,500

337,260

United

States

1.4%

Restaurants

Starbucks

3,213

304,914

United

States

1.3%

Specialty

Apparel

Stores

Lululemon

Athletica

2

900

420,381

United

States

1.7%

TJX

Companies

5,000

495,700

United

States

2.1%

916,081

3.8%

3,342,578

13.9%

Consumer

Staples

Household

Products

Haleon

ADR

2

11,500

98,440

United

Kingdom

0.4%

Kenvue

4,289

81,491

United

States

0.4%

L'Oreal

ADR

5,400

516,888

France

2.2%

Reckitt

Benckiser

Group

ADR

16,700

210,253

United

Kingdom

0.9%

Unicharm

ADR

40,500

270,135

Japan

1.1%

Unilever

ADR

6,600

323,202

United

Kingdom

1.3%

1,500,409

6.3%

Packaged

Food

Danone

ADR

31,200

398,112

France

1.7%

1,898,521

8.0%

Financials

Consumer

Finance

Mastercard

,

Class

A

860

408,293

United

States

1.7%

Paypal

2,900

174,986

United

States

0.7%

583,279

2.4%

Life

Insurance

Aviva

ADR

45,600

520,296

United

Kingdom

2.2%

P&C

Insurance

Chubb

2,000

503,340

Switzerland

2.1%

1,606,915

6.7%

Health

Care

Biotech

BioNTech

SE

800

71,168

Germany

0.3%

Large

Pharma

Eli

Lilly

900

678,312

United

States

2.8%

GlaxoSmithKline

ADR

9,200

385,480

United

Kingdom

1.6%

Novartis

ADR

4,300

434,171

Switzerland

1.8%

Novo

Nordisk

ADR

10,200

1,221,654

Denmark

5.1%

Roche

Holding

ADR

9,000

294,570

Switzerland

1.2%

Sandoz

Group

AG-ADR

2

860

26,720

Switzerland

0.1%

3,040,907

12.6%

3,112,075

12.9%

Schedule

of

Investments

As

of

February

29,

2024

Sustainable

Equity

Fund

2

February

29,

2024

Part

F

Continued

on

next

page.

Common

Stock

-

92.2%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

ADR

44,500

$

631,455

Sweden

2.7%

Legrand

6,200

628,726

France

2.6%

1,260,181

5.3%

Electrical

Components

TE

Connectivity

3,200

459,392

Switzerland

1.9%

Electrical

Power

Equipment

Schneider

Electric

ADR

17,100

777,366

France

3.2%

Siemens

ADR

5,300

523,958

Germany

2.2%

1,301,324

5.4%

Industrial

Distribution

&

Rental

Ferguson

2,500

528,625

United

States

2.2%

3,549,522

14.8%

Materials

Agricultural

Chemicals

Corteva

3,000

160,560

United

States

0.7%

Technology

Application

Software

Adobe

2

1,000

560,280

United

States

2.3%

Dassault

Systemes

ADR

9,100

427,518

France

1.8%

987,798

4.1%

Communications

Equipment

Apple

3,028

547,311

United

States

2.3%

Consumer

Electronics

Nintendo

ADR

56,625

787,654

Japan

3.3%

Sony

ADR

4,000

343,240

Japan

1.4%

1,130,894

4.7%

Electronics

Components

Murata

Manufacturing

12,000

242,228

Japan

1.0%

Information

Services

Wolters

Kluwer

5,000

790,582

Netherlands

3.3%

Infrastructure

Software

Microsoft

1,438

594,814

United

States

2.5%

ServiceNow

2

650

501,371

United

States

2.1%

1,096,185

4.6%

IT

Services

Accenture,

Class

A

1,600

599,648

Ireland

2.5%

CGI

Group

Class

A

2

6,000

688,885

Canada

2.9%

1,288,533

5.4%

Semiconductor

Devices

NVIDIA

1,000

791,120

United

States

3.3%

NXP

Semiconductors

1,960

489,471

Netherlands

2.0%

STMicroelectronics

ADR

9,000

410,580

Switzerland

1.7%

1,691,171

7.0%

Schedule

of

Investments

As

of

February

29,

2024

Sustainable

Equity

Fund

February

29,

2024

Part

F

3

Common

Stock

-

92.2%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

(continued)

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

5,325

$

685,168

Taiwan

2.8%

8,459,870

35.2%

Total

investments

(Cost

$14,859,442)

$22,130,041

92.2%

Other

assets

(net

of

liabilities)

1,871,481

7.8%

Total

net

assets

$24,001,523

100.0%

1

Country

of

domicile

unless

otherwise

indicated

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

February

29,

2024

Sustainable

Bond

Fund

4

February

29,

2024

Part

F

Continued

on

next

page.

Corporate

Bonds

-

65.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Italia

2

5.303%

due

05/30/2024

$

500,000

$

498,093

Italy

1.6%

Consumer

Discretionary

Starbucks

2.450%

due

06/15/2026

1,200,000

1,132,763

United

States

3.6%

Consumer

Staples

Coty

3

4.750%

due

04/15/2026

EUR

750,000

806,479

United

States

2.6%

Coty

2

5.000%

due

04/15/2026

131,000

128,380

United

States

0.4%

MAF

Global

Securities

3,4,5

7.875%

due

PERP

1,200,000

1,244,976

United

Arab

Emirates

4.0%

2,179,835

7.0%

Financials

Aust

&

NZ

Banking

Group

2

4.500%

due

03/19/2024

500,000

499,706

Australia

1.6%

AXA

3,6

5.125%

due

01/17/2027

750,000

737,813

France

2.4%

Canadian

Imperial

Bank

7

4.375%

due

10/28/2080

CAD

2,100,000

1,475,236

Canada

4.7%

Commonwealth

Bank

Australia

(Quarterly

BBSW

plus

0.41%)

8

4.731%

due

12/23/2026

AUD

850,000

548,081

Australia

1.7%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

505,585

Korea

1.6%

First

Abu

Dhabi

Bank

PJSC

3

5.125%

due

10/13/2027

1,250,000

1,251,672

United

Arab

Emirates

4.0%

International

Finance

12.000%

due

11/03/2027

COP

3,000,000,000

829,727

United

States

2.6%

MAF

Sukuk

3

4.638%

due

05/14/2029

800,000

776,000

United

Arab

Emirates

2.5%

Munich

RE

3,9

1.000%

due

05/26/2042

EUR

1,400,000

1,174,485

Germany

3.8%

Prologis

1.250%

due

10/15/2030

500,000

396,702

United

States

1.3%

State

Street

(Quarterly

US

LIBOR

plus

100)

8

6.552%

due

06/15/2047

500,000

420,155

United

States

1.3%

Toronto-Dominion

Bank

3

1.128%

due

12/09/2025

CAD

500,000

346,524

Canada

1.1%

Women's

Livelihood

Bond

Asset

II

B

2

3.950%

due

12/10/2024

600,000

566,991

Singapore

1.8%

Women's

Livelihood

Bond

Asset

II

C

2

3.900%

due

12/23/2025

500,000

465,821

Singapore

1.5%

9,994,498

31.9%

Health

Care

Koninklijke

Philips

7.125%

due

05/15/2025

1,000,000

1,010,757

Netherlands

3.2%

Novartis

Capital

3.000%

due

11/20/2025

250,000

242,189

Switzerland

0.8%

Roche

2

2.625%

due

05/15/2026

200,000

190,418

Switzerland

0.6%

1,443,364

4.6%

Industrials

Odfjell

SE

(Quarterly

NIBOR

plus

5.75%)

3,8

10.260%

due

01/21/2025

NOK

6,000,000

584,674

Norway

1.9%

Materials

Stora

Enso

OYJ

3

7.250%

due

04/15/2036

300,000

317,307

Finland

1.0%

Stora

Enso

OYJ

2

7.250%

due

04/15/2036

200,000

211,538

Finland

0.7%

528,845

1.7%

Technology

Koninklijke

KPN

8.375%

due

10/01/2030

250,000

290,841

Netherlands

0.9%

Microsoft

5.300%

due

02/08/2041

500,000

535,568

United

States

1.7%

Nokia

OYJ

3

2.375%

due

05/15/2025

EUR

1,000,000

1,057,597

Finland

3.4%

RELX

4.000%

due

03/18/2029

400,000

381,736

United

Kingdom

1.2%

2,265,742

7.2%

Utilities

Tabreed

Sukuk

3

5.500%

due

10/31/2025

250,000

250,385

United

Arab

Emirates

0.8%

United

Utilities

6.875%

due

08/15/2028

1,400,000

1,483,142

United

Kingdom

4.7%

1,733,527

5.5%

Total

Corporate

Bonds

(Cost

$21,092,725)

$20,361,341

65.0%

Schedule

of

Investments

As

of

February

29,

2024

Sustainable

Bond

Fund

February

29,

2024

Part

F

5

Continued

on

next

page.

Government

Bonds

-

29.0%

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

$

1,436,936

Philippines

4.6%

European

Bk

Recon

&

Dev

5.000%

due

01/27/2025

BRL

2,000,000

388,888

United

Kingdom

1.2%

Inter-American

Devel

BK

7.500%

due

12/05/2024

MXN

25,000,000

1,429,808

United

States

4.6%

Int'l

Bk

Recon

&

Develop

4.250%

due

01/22/2026

MXN

15,000,000

794,344

Germany

2.5%

Int'l

Bk

Recon

&

Develop

5.000%

due

10/07/2026

COP

6,000,000,000

1,384,968

United

States

4.4%

Ontario

2.650%

due

02/05/2025

CAD

500,000

361,642

Canada

1.2%

Perusahaan

Penerbit

SBSN

3

3.550%

due

06/09/2051

500,000

366,935

Indonesia

1.2%

Queensland

Treasury

3

2.500%

due

03/06/2029

AUD

750,000

452,407

Australia

1.4%

Republic

of

Chile

4.340%

due

03/07/2042

500,000

432,017

Chile

1.4%

United

Kingdom

Gilt

3

0.875%

due

07/31/2033

GBP

250,000

236,889

United

Kingdom

0.8%

7,284,834

23.3%

Government

Sponsored

Federal

Home

Loan

Bank

1.650%

due

10/06/2031

500,000

398,557

United

States

1.3%

United

States

Cash

Management

Bills

United

States

Cash

Management

Bill

–%

due

03/14/2024

750,000

748,572

United

States

2.4%

United

States

Treasury

Notes

United

States

Treasury

Note

3.250%

due

05/15/2042

750,000

630,381

United

States

2.0%

Total

Government

Bonds

(Cost

$8,941,820)

$9,062,344

29.0%

Municipals

Bonds

-

2.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financial

Services

New

York

City

NY

Hsg

Dev

Corp

8,10

3.300%

due

05/01/2062

500,000

500,000

United

States

1.6%

New

York

City

NY

Hsg

Dev

Corp

8,10

3.300%

due

05/01/2062

250,000

250,000

United

States

0.8%

Total

Municipals

Bonds

(Cost

$750,000)

$750,000

2.4%

Total

investments

(Cost

$30,784,545)

$30,173,685

96.4%

Other

assets

(net

of

liabilities)

1,130,844

3.6%

Total

net

assets

$31,304,529

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

29,

2024,

the

aggregate

value

of

these

securities

was

$2,560,947

representing

8.2%

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

February

29,

2024,

the

aggregate

value

of

these

securities

was

$9,604,143

representing

30.9%

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

February

29,

2024.

7

Canadian

Imperial

Bank

is

a

fixed

to

float

bond.

The

bond

has

a

fixed

rate

until

10/28/2025.

The

interest

rate

represents

the

rate

in

effect

at

February

29,

2024.

8

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

February

29,

2024

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

February

29,

2024.

10

Variable

rate

security.

Rate

as

of

period

end

and

maturity

is

the

date

the

principal

owed

can

be

recovered

through

demand.

BBSW:

Bank

Bill

Swap

Rates

LIBOR:

London

Interbank

Offered

Rates

NIBOR:

Nigerian

Interbank

Offered

Rates

AUD

:

Australia

Dollar

BRL

:

Brazil

Real

CAD

:

Canada

Dollar

Schedule

of

Investments

As

of

February

29,

2024

Sustainable

Bond

Fund

6

February

29,

2024

Part

F

COP

:

Colombia

Peso

EUR

:

Euro

Dollar

GBP

:

United

Kingdom

Pound

MXN

:

Mexico

Nuevo

Peso

NOK

:

Norway

Krone

USD

:

United

States

Dollar

Notes

To

Financial

Statements

February

29,

2024

Part

F

7

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

February

29,

2024

in

valuing

the

Funds’

investments

carried

at

fair

value.

Share

Valuation

Inputs

as

of

February

29,

2024

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Short-Term

Bond

Fund

Corporate

Bonds

1

$–

$5,993,629

$–

$5,993,629

Government

Bonds

1

$–

$4,710,980

$–

$4,710,980

Total

Assets

$–

$10,704,609

$–

$10,704,609

Bond

Income

Fund

Corporate

Bonds

1

$–

$6,568,347

$–

$6,568,347

Government

Bonds

1

$–

$2,827,700

$–

$2,827,700

Total

Assets

$–

$9,396,047

$–

$9,396,047

Core

Fund

Notes

To

Financial

Statements

(continued)

8

February

29,

2024

Part

F

Common

Stock

Communications

$346,150

$–

$–

$346,150

Consumer

Discretionary

$1,634,471

$–

$–

$1,634,471

Consumer

Staples

$1,158,653

$–

$–

$1,158,653

Energy

$572,356

$–

$–

$572,356

Financials

$894,159

$–

$–

$894,159

Health

Care

$1,801,340

$–

$–

$1,801,340

Industrials

$2,395,458

$139,807

$–

$2,535,265

Materials

$814,508

$173,885

$–

$988,393

Technology

$3,456,166

$–

$–

$3,456,166

Utilities

$622,258

$–

$–

$622,258

Total

Common

Stock

$13,695,519

$313,692

$–

$14,009,211

Corporate

Bonds

1

$–

$4,901,228

$–

$4,901,228

Government

Bonds

1

$–

$4,926,167

$–

$4,926,167

Municipals

Bonds

1

$–

$104,816

$–

$104,816

Total

Assets

$13,695,519

$10,245,903

$–

$23,941,422

Global

High

Income

Fund

Common

Stock

Communications

$711,020

$219,213

$–

$930,233

Consumer

Discretionary

$–

$203,955

$–

$203,955

Energy

$406,374

$–

$–

$406,374

Financials

$415,275

$372,499

$–

$787,774

Health

Care

$524,775

$15,535

$–

$540,310

Materials

$901,310

$180,020

$–

$1,081,330

Technology

$241,850

$279,868

$–

$521,718

Total

Common

Stock

$3,200,604

$1,271,090

$–

$4,471,694

Corporate

Bonds

1

$–

$2,998,828

$–

$2,998,828

Government

Bonds

1

$–

$1,214,572

$–

$1,214,572

Municipals

Bonds

1

$–

$49,203

$–

$49,203

Total

Assets

$3,200,604

$5,533,693

$–

$8,734,297

Growth

Fund

Common

Stock

1

$66,844,037

$–

$–

$66,844,037

Total

Assets

$66,844,037

$–

$–

$66,844,037

International

Fund

Common

Stock

Communications

$–

$523,200

$–

$523,200

Consumer

Discretionary

$6,404,762

$1,503,275

$–

$7,908,037

Consumer

Staples

$–

$2,584,460

$–

$2,584,460

Health

Care

$8,925,081

$3,208,422

$–

$12,133,503

Industrials

$–

$8,734,685

$–

$8,734,685

Information

Technology

$–

$1,426,054

$–

$1,426,054

Materials

$3,091,364

$3,311,320

$–

$6,402,684

Technology

$20,092,779

$12,429,989

$–

$32,522,768

Utilities

$–

$1,199,589

$–

$1,199,589

Total

Common

Stock

$38,513,986

$34,920,994

$–

$73,434,980

Total

Assets

$38,513,986

$34,920,994

$–

$73,434,980

Sustainable

Equity

Fund

Common

Stock

Consumer

Discretionary

$3,342,578

$–

$–

$3,342,578

Consumer

Staples

$1,898,521

$–

$–

$1,898,521

Financials

$1,606,915

$–

$–

$1,606,915

Health

Care

$3,112,075

$–

$–

$3,112,075

Industrials

$2,920,796

$628,726

$–

$3,549,522

Materials

$160,560

$–

$–

$160,560

Technology

$6,827,412

$1,632,458

$–

$8,459,870

Total

Common

Stock

$19,868,857

$2,261,184

$–

$22,130,041

Total

Assets

$19,868,857

$2,261,184

$–

$22,130,041

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

February

29,

2024

Part

F

9

Sustainable

Bond

Fund

Corporate

Bonds

1

$–

$20,813,748

$–

$20,813,748

Government

Bonds

1

$–

$8,609,937

$–

$8,609,937

Municipals

Bonds

1

$–

$750,000

$–

$750,000

Total

Assets

$–

$30,173,685

$–

$30,173,685

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)