Schedule

of

Investments

As

of

February

28,

2025

Sextant

Short-Term

Bond

Fund

February

28,

2025

Part

F

1

Continued

on

next

page.

Government

Bonds

-

42.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Financials

Federal

Farm

Credit

Bank

4.800%

due

11/13/2029

$

400,000

$

399,707

2.9%

Federal

Home

Loan

Bank

4.000%

due

09/17/2029

250,000

246,170

1.8%

Federal

Home

Loan

Bank

4.500%

due

12/04/2029

250,000

250,908

1.8%

896,785

6.5%

Government

United

States

Treasury

Bond

5.250%

due

02/15/2029

300,000

314,543

2.3%

United

States

Treasury

Bond

3.625%

due

03/31/2028

300,000

296,824

2.1%

United

States

Treasury

Bond

5.500%

due

08/15/2028

300,000

315,188

2.3%

United

States

Treasury

Bond

6.125%

due

08/15/2029

950,000

1,031,455

7.5%

United

States

Treasury

Note

2.875%

due

04/30/2025

400,000

399,078

2.9%

United

States

Treasury

Note

2.375%

due

05/15/2027

650,000

627,834

4.6%

United

States

Treasury

Note

2.250%

due

08/15/2027

750,000

719,766

5.2%

United

States

Treasury

Note

2.625%

due

12/31/2025

750,000

740,660

5.4%

4,445,348

32.3%

US

Government

Agency

Fannie

Mae

5.000%

due

01/23/2029

250,000

250,002

1.8%

Fannie

Mae

4.625%

due

03/02/2029

300,000

300,773

2.2%

550,775

4.0%

Total

Government

Bonds

(Cost

$5,919,115)

$5,892,908

42.8%

Corporate

Bonds

-

38.5

%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

300,000

348,687

2.6%

Take-Two

Interactive

Software

3.700%

due

04/14/2027

350,000

343,483

2.5%

Verizon

Communication

4.016%

due

12/03/2029

100,000

97,212

0.7%

789,382

5.8%

Consumer

Discretionary

AutoZone

3.250%

due

04/15/2025

300,000

299,402

2.2%

O'Reilly

Automotive

3.600%

due

09/01/2027

150,000

146,599

1.0%

VF

2.400%

due

04/23/2025

67,000

66,870

0.5%

512,871

3.7%

Consumer

Staples

Dollar

General

4.150%

due

11/01/2025

250,000

248,963

1.8%

Kroger

7.700%

due

06/01/2029

100,000

111,096

0.8%

Procter

&

Gamble

2.800%

due

03/25/2027

300,000

291,986

2.2%

652,045

4.8%

Financials

Bank

of

America

3.500%

due

04/19/2026

400,000

395,808

2.9%

JPMorgan

Chase

3.300%

due

04/01/2026

350,000

346,229

2.5%

PayPal

Holdings

2.650%

due

10/01/2026

300,000

292,167

2.1%

Visa

3.150%

due

12/14/2025

350,000

346,516

2.5%

1,380,720

10.0%

Health

Care

Biogen

4.050%

due

09/15/2025

100,000

99,545

0.7%

Johnson

&

Johnson

2.450%

due

03/01/2026

50,000

49,162

0.4%

148,707

1.1%

Materials

DuPont

De

Nemours

4.493%

due

11/15/2025

308,000

307,549

2.2%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Short-Term

Bond

Fund

2

February

28,

2025

Part

F

Corporate

Bonds

-

38.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Technology

Microsoft

3.300%

due

02/06/2027

$

100,000

$

98,497

0.7%

NXP

BV/NXP

Funding

5.350%

due

03/01/2026

100,000

100,448

0.7%

Oracle

2.950%

due

05/15/2025

325,000

323,855

2.4%

Qualcomm

3.250%

due

05/20/2027

100,000

97,910

0.7%

620,710

4.5%

Utilities

Exelon

Generation

3.250%

due

06/01/2025

250,000

248,913

1.8%

Florida

Power

&

Light

2.850%

due

04/01/2025

420,000

419,323

3.1%

United

Utilities

6.875%

due

08/15/2028

200,000

212,115

1.5%

880,351

6.4%

Total

Corporate

Bonds

(Cost

$5,327,511)

$5,292,335

38.5%

Municipals

Bonds

-

2.1%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Municipal

Bonds

San

Diego

Unified

School

District

3.965%

due

07/01/2029

300,000

296,627

2.1%

Total

Municipals

Bonds

(Cost

$293,852)

$296,627

2.1%

Total

investments

(Cost

$11,540,478)

$11,481,870

83.4%

Other

assets

(net

of

liabilities)

2,277,173

16.6%

Total

net

assets

$13,759,043

100.0%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Bond

Income

Fund

February

28,

2025

Part

F

3

Continued

on

next

page.

Corporate

Bonds

-

55.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Communications

Bellsouth

6.875%

due

10/15/2031

$

200,000

$

216,725

1.8%

Koninklijke

KPN

8.375%

due

10/01/2030

200,000

232,458

1.9%

449,183

3.7%

Consumer

Discretionary

Home

Depot

5.875%

due

12/16/2036

300,000

322,016

2.7%

Lowe's

5.800%

due

10/15/2036

250,000

265,363

2.2%

587,379

4.9%

Consumer

Staples

Kimberly

Clark

5.300%

due

03/01/2041

100,000

100,985

0.8%

Procter

&

Gamble

5.500%

due

02/01/2034

200,000

213,469

1.8%

Unilever

Capital

5.900%

due

11/15/2032

200,000

216,059

1.8%

530,513

4.4%

Energy

Baker

Hughes

6.875%

due

01/15/2029

100,000

107,756

0.9%

Canadian

Natural

Resources

6.450%

due

06/30/2033

225,000

239,771

2.0%

Statoil

7.150%

due

01/15/2029

224,000

243,771

2.0%

591,298

4.9%

Financials

Affiliated

Managers

Group

3.500%

due

08/01/2025

250,000

248,629

2.1%

Bank

Of

New

York

Mellon

MTN

3.300%

due

08/23/2029

250,000

235,927

2.0%

Chubb

Ina

Holdings

4.350%

due

11/03/2045

100,000

86,960

0.7%

State

Street

(Quarterly

US

LIBOR

plus

100)

1

5.620%

due

06/15/2047

150,000

140,118

1.2%

UBS

AG

Stamford

CT

7.750%

due

09/01/2026

200,000

208,814

1.7%

920,448

7.7%

Health

Care

Becton

Dickinson

6.700%

due

08/01/2028

240,000

251,659

2.1%

Johnson

&

Johnson

4.950%

due

05/15/2033

226,000

232,475

1.9%

Johnson

&

Johnson

5.850%

due

07/15/2038

50,000

54,601

0.5%

Medtronic

4.375%

due

03/15/2035

260,000

250,794

2.1%

Merck

6.500%

due

12/01/2033

215,000

241,089

2.0%

1,030,618

8.6%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

310,000

301,058

2.5%

Deere

8.100%

due

05/15/2030

95,000

110,419

0.9%

United

Technologies

6.050%

due

06/01/2036

250,000

268,719

2.3%

680,196

5.7%

Materials

Praxair

3.550%

due

11/07/2042

350,000

282,168

2.4%

Technology

Apple

4.500%

due

02/23/2036

350,000

348,526

2.9%

Intel

4.000%

due

12/15/2032

360,000

331,299

2.8%

Microsoft

5.300%

due

02/08/2041

50,000

55,050

0.5%

Microsoft

4.200%

due

11/03/2035

350,000

342,266

2.8%

1,077,141

9.0%

Utilities

Alabama

Power

4.150%

due

08/15/2044

200,000

168,498

1.4%

Florida

Power

&

Light

5.950%

due

10/01/2033

100,000

106,458

0.9%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Bond

Income

Fund

4

February

28,

2025

Part

F

Corporate

Bonds

-

55.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Utilities

(continued)

Puget

Sound

Energy

4.434%

due

11/15/2041

$

300,000

$

257,686

2.1%

532,642

4.4%

Total

Corporate

Bonds

(Cost

$7,401,157)

$6,681,586

55.7%

Government

Bonds

-

19.9%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

Financials

Federal

Home

Loan

Bank

5.000%

due

10/14/2044

250,000

251,731

2.1%

Government

United

States

Treasury

Bond

5.375%

due

02/15/2031

400,000

426,969

3.6%

United

States

Treasury

Bond

6.250%

due

05/15/2030

75,000

82,682

0.7%

United

States

Treasury

Bond

4.250%

due

05/15/2039

770,000

759,232

6.3%

United

States

Treasury

Bond

3.125%

due

11/15/2041

145,000

121,726

1.0%

United

States

Treasury

Bond

3.375%

due

11/15/2048

560,000

457,756

3.8%

United

States

Treasury

Note

2.875%

due

05/15/2052

400,000

293,609

2.4%

2,141,974

17.8%

Total

Government

Bonds

(Cost

$2,979,977)

$2,393,705

19.9%

Municipals

Bonds

-

11.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

General

Obligation

New

York

NY

5.846%

due

06/01/2040

200,000

208,292

1.8%

Government

Maryland

Community

Development

Administration

5.991%

due

09/01/2044

300,000

305,900

2.5%

Minnesota

Housing

Finance

Agency

5.925%

due

07/01/2049

300,000

306,214

2.6%

612,114

5.1%

Municipal

Bonds

Massachusetts

Housing

Finance

Agency

5.989%

due

12/01/2044

300,000

310,471

2.6%

Virginia

State

Housing

Development

Authority

5.950%

due

10/01/2066

240,000

245,058

2.0%

555,529

4.6%

Total

Municipals

Bonds

(Cost

$1,360,433)

$1,375,935

11.5%

Mortgage

Backed

-

2.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Percentage

of

Net

Assets

US

Government

Agency

Federal

National

Mortgage

Association

4.500%

due

11/01/2044

242,861

237,289

2.0%

Total

Mortgage

Backed

(Cost

$239,185)

$237,289

2.0%

Total

investments

(Cost

$11,980,752)

$10,688,515

89.1%

Other

assets

(net

of

liabilities)

1,311,226

10.9%

Total

net

assets

$11,999,741

100.0%

1

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

February

28,

2025

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

LIBOR:

London

Interbank

Offered

Rates

MTN:

Medium

Term

Note

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Core

Fund

February

28,

2025

Part

F

5

Continued

on

next

page.

Common

Stock

-

60

.6

%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

2,650

$

451,242

United

States

1.7%

Meta

Platforms

Inc,

Class

A

325

217,165

United

States

0.8%

668,407

2.5%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

55

157,394

France

0.6%

Automotive

Retailers

AutoZone

2

60

209,581

United

States

0.8%

O'Reilly

Automotive

2

160

219,782

United

States

0.8%

429,363

1.6%

Home

Products

Stores

Lowe's

1,100

273,504

United

States

1.1%

Specialty

Apparel

Stores

Ross

Stores

1,390

195,045

United

States

0.7%

TJX

Companies

2,700

336,852

United

States

1.3%

531,897

2.0%

1,392,158

5.3%

Consumer

Staples

Agricultural

Producers

Darling

Ingredients

2

1,250

45,113

United

States

0.2%

Household

Products

Procter

&

Gamble

1,450

252,068

United

States

0.9%

Packaged

Food

Danone

ADR

25,000

356,500

France

1.3%

General

Mills

3,800

230,356

United

States

0.9%

Nestle

ADR

1,000

96,500

Switzerland

0.4%

683,356

2.6%

Personal

Care

Products

Unilever

ADR

3,000

169,800

United

Kingdom

0.6%

1,150,337

4.3%

Energy

Exploration

&

Production

ConocoPhillips

800

79,320

United

States

0.3%

Refining

&

Marketing

Phillips

66

1,100

142,659

United

States

0.5%

Renewable

Energy

Equipment

Enphase

Energy

2

4,000

229,320

United

States

0.9%

451,299

1.7%

Financials

Consumer

Finance

Visa

900

326,439

United

States

1.2%

Diversified

Banks

JPMorgan

Chase

&

Co.

1,200

317,580

United

States

1.2%

Institutional

Brokerage

Virtu

Financial

7,500

274,200

United

States

1.0%

Other

Financial

Services

Mastercard,

Class

A

400

230,524

United

States

0.9%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Core

Fund

6

February

28,

2025

Part

F

Continued

on

next

page.

Common

Stock

-

60.6%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

(continued)

P&C

Insurance

Chubb

810

$

231,239

Switzerland

0.9%

1,379,982

5.2%

Health

Care

Large

Pharma

AstraZeneca

ADR

4,000

304,840

United

Kingdom

1.2%

GlaxoSmithKline

ADR

4,200

157,878

United

Kingdom

0.6%

Novo

Nordisk

ADR

5,000

453,250

Denmark

1.7%

915,968

3.5%

Managed

Care

UnitedHealth

Group

390

185,234

United

States

0.7%

Medical

Devices

Boston

Scientific

2

2,500

259,475

United

States

1.0%

Medical

Equipment

GE

Healthcare

Technologies

1,400

122,290

United

States

0.4%

1,482,967

5.6%

Industrials

Building

Construction

EMCOR

Group

Inc.

700

286,237

United

States

1.1%

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

3,800

325,508

United

States

1.2%

NIBE

Industrier

AB,

Class

B

30,000

112,669

Sweden

0.4%

Trane

400

141,480

Ireland

0.6%

579,657

2.2%

Electrical

Components

Prysmian

S.P.A

2,750

164,021

Italy

0.6%

Electrical

Power

Equipment

Eaton

1,655

485,445

Ireland

1.8%

Fuji

Electric

Co.

Ltd.

5,500

244,999

Japan

0.9%

730,444

2.7%

Flow

Control

Equipment

Parker

Hannifin

420

280,774

United

States

1.1%

Industrial

Wholesale

&

Rental

Fastenal

1,745

132,149

United

States

0.5%

Rail

Freight

Canadian

Pacific

Kansas

City

2,568

200,099

Canada

0.8%

Waste

Management

Republic

Services

950

225,169

United

States

0.8%

2,598,550

9.8%

Materials

Agricultural

Chemicals

Corteva

5,500

346,390

United

States

1.3%

Base

Metals

Antofagasta

4,000

88,249

United

Kingdom

0.3%

Basic

&

Diversified

Chemicals

Linde

560

261,548

United

Kingdom

1.0%

Iron

BHP

Biliton

ADR

2,750

133,320

Australia

0.5%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Core

Fund

February

28,

2025

Part

F

7

Continued

on

next

page.

Common

Stock

-

60.6%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Materials

(continued)

Precious

Metals

Agnico-Eagle

Mines

6,150

$

592,122

Canada

2.3%

1,421,629

5.4%

Technology

Application

Software

Adobe

450

197,352

United

States

0.7%

SAP

ADR

1,650

453,750

Germany

1.7%

651,102

2.4%

Communications

Equipment

Apple

2,250

544,140

United

States

2.1%

Motorola

Solutions

900

396,198

United

States

1.5%

940,338

3.6%

Infrastructure

Software

Microsoft

1,530

607,395

United

States

2.3%

Oracle

2,925

485,725

United

States

1.8%

1,093,120

4.1%

IT

Services

Wolters

Kluwer

NV

2,000

306,000

Netherlands

1.2%

Semiconductor

Devices

Broadcom

2,300

458,689

United

States

1.7%

Infineon

Technologies

ADR

775

28,334

Germany

0.1%

Micron

Technology

445

41,666

United

States

0.2%

Nvidia

3,250

405,990

United

States

1.5%

NXP

Semiconductors

775

167,082

Netherlands

0.6%

1,101,761

4.1%

Semiconductor

Manufacturing

ASML

Holding

NY

170

120,544

Netherlands

0.4%

Taiwan

Semiconductor

ADR

2,300

415,219

Taiwan

1.6%

535,763

2.0%

4,628,084

17.4%

Utilities

Integrated

Electric

Utilities

Dominion

Energy

8,500

481,270

United

States

1.8%

NextEra

Energy

5,925

415,757

United

States

1.6%

897,027

3.4%

Total

Common

Stock

(Cost

$10,515,685)

$

16,070,440

60.6%

Corporate

Bonds

-

15

.7

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Bellsouth

Capital

Funding

7.875%

due

02/15/2030

$

150,000

165,046

United

States

0.6%

Comcast

5.650%

due

06/15/2035

500,000

518,097

United

States

2.0%

Expedia

Group

5.000%

due

02/15/2026

250,000

250,526

United

States

0.9%

933,669

3.5%

Consumer

Discretionary

Lowe's

4.250%

due

09/15/2044

250,000

206,376

United

States

0.8%

Stanford

University

4.013%

due

05/01/2042

100,000

87,236

United

States

0.3%

293,612

1.1%

Consumer

Staples

Coca

Cola

1.000%

due

03/15/2028

250,000

227,435

United

States

0.9%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Core

Fund

8

February

28,

2025

Part

F

Continued

on

next

page.

Corporate

Bonds

-

15.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Charles

Schwab

3.000%

due

03/10/2025

$

300,000

$

299,907

United

States

1.1%

Industrials

Burlington

Northern

Santa

Fe

Bond

6.200%

due

08/15/2036

150,000

165,218

United

States

0.6%

CSX

Corp

4.650%

due

03/01/2068

300,000

254,961

United

States

1.0%

Fedex

Corp

3.900%

due

02/01/2035

250,000

224,302

United

States

0.9%

Union

Pacific

3.375%

due

02/01/2035

250,000

222,104

United

States

0.8%

866,585

3.3%

Real

Estate

Welltower

4.250%

due

04/15/2028

350,000

346,274

United

States

1.3%

Technology

Oracle

2.950%

due

04/01/2030

500,000

458,445

United

States

1.7%

Qualcomm

3.250%

due

05/20/2027

220,000

215,401

United

States

0.8%

673,846

2.5%

Utilities

Pacificorp

6.000%

due

01/15/2039

500,000

517,571

United

States

2.0%

Total

Corporate

Bonds

(Cost

$4,475,236)

$

4,158,899

15.7%

Government

Bonds

-

9

.0

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Federal

Home

Loan

Bank

4.500%

due

12/04/2029

300,000

301,090

United

States

1.2%

Government

United

States

Treasury

Bond

4.500%

due

02/15/2036

137,000

141,104

United

States

0.5%

United

States

Treasury

Bond

3.625%

due

02/15/2044

155,000

136,364

United

States

0.5%

United

States

Treasury

Bond

6.250%

due

05/15/2030

700,000

771,695

United

States

2.9%

United

States

Treasury

Bond

3.375%

due

11/15/2048

900,000

735,680

United

States

2.8%

1,784,843

6.7%

US

Government

Agency

Fannie

Mae

5.000%

due

01/23/2029

300,000

300,002

United

States

1.1%

Total

Government

Bonds

(Cost

$2,400,936)

$

2,385,935

9.0%

Municipals

Bonds

-

4

.4

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Municipal

Bonds

Maryland

Community

Development

Administration

6.362%

due

09/01/2053

625,000

646,218

United

States

2.4%

Virginia

State

Housing

Development

Authority

5.950%

due

10/01/2066

400,000

408,430

United

States

1.6%

1,054,648

4.0%

Utility

Networks

Tacoma

WA

Elec

Sys

Revenue

5.966%

due

01/01/2035

100,000

105,065

United

States

0.4%

Total

Municipals

Bonds

(Cost

$1,152,076)

$

1,159,713

4.4%

Total

investments

(Cost

$18,543,933)

$

23,774,987

89.7%

Other

assets

(net

of

liabilities)

2,743,481

10.3%

Total

net

assets

$

26,518,468

100.0%

1

Country

of

domicile

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Core

Fund

February

28,

2025

Part

F

9

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Global

High

Income

Fund

10

February

28,

2025

Part

F

Continued

on

next

page.

Common

Stock

-

45

.7

%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Wireless

Telecommunications

Orange

ADR

20,000

$

238,400

France

2.2%

SK

Telecom

ADR

11,000

240,790

South

Korea

2.3%

Telenor

ASA

20,000

259,270

Norway

2.5%

Verizon

Communications

6,000

258,600

United

States

2.4%

997,060

9.4%

Consumer

Discretionary

Automobiles

Volkswagen

AG

1,500

162,118

Germany

1.5%

Energy

Exploration

&

Production

Woodside

Energy

Group

ADR

8,500

130,475

Australia

1.2%

Integrated

Oils

Shell

ADR

3,800

256,348

Netherlands

2.4%

386,823

3.6%

Financials

Banks

ANZ

Group

Holdings

ADR

15,000

279,750

Australia

2.6%

Skandinaviska

Enskilda

Banken,

Cl

A

25,000

402,956

Sweden

3.8%

682,706

6.4%

Institutional

Brokerage

Virtu

Financial

7,500

274,200

United

States

2.6%

956,906

9.0%

Health

Care

Large

Pharma

GlaxoSmithKline

ADR

6,500

244,335

United

Kingdom

2.3%

Novartis

ADR

2,500

272,625

Switzerland

2.6%

516,960

4.9%

Materials

Base

Metals

Norsk

Hydro

ASA

35,000

207,116

Norway

2.0%

South32

ADR

19,000

210,330

Australia

2.0%

Southern

Copper

5,148

457,811

Peru

4.3%

875,257

8.3%

Iron

BHP

Biliton

ADR

5,500

266,640

Australia

2.5%

1,141,897

10.8%

Technology

Communications

Equipment

Cisco

Systems

5,000

320,550

United

States

3.0%

Consumer

Electronics

Nintendo

5,000

370,678

Japan

3.5%

691,228

6.5%

Total

Common

Stock

(Cost

$4,161,249)

$

4,852,992

45.7%

Corporate

Bonds

-

24

.2

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Comcast

4.650%

due

07/15/2042

$

250,000

224,482

United

States

2.1%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Global

High

Income

Fund

February

28,

2025

Part

F

11

Continued

on

next

page.

Corporate

Bonds

-

24.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

(continued)

Netflix

4.375%

due

11/15/2026

$

250,000

$

250,495

United

States

2.4%

474,977

4.5%

Consumer

Discretionary

Ford

Motor

6.375%

due

02/01/2029

220,000

227,225

United

States

2.1%

MDC

Holdings

3.850%

due

01/15/2030

200,000

189,626

United

States

1.8%

YUM!

Brands

3.625%

due

03/15/2031

295,000

267,255

United

States

2.5%

684,106

6.4%

Consumer

Staples

Grupo

Bimbo

4.875%

due

06/27/2044

200,000

178,642

Mexico

1.7%

Energy

Petrobras

International

Finance

6.875%

due

01/20/2040

50,000

49,775

Brazil

0.5%

Petrobras

International

Finance

6.750%

due

01/27/2041

80,000

78,575

Brazil

0.7%

128,350

1.2%

Financials

Lincoln

National(3

month

LIBOR

plus

2.04%)

2

6.595%

due

04/20/2067

250,000

211,095

United

States

2.0%

Industrials

Burlington

Northern

Santa

Fe

5.050%

due

03/01/2041

200,000

194,231

United

States

1.9%

CSX

Corp

4.650%

due

03/01/2068

250,000

212,467

United

States

2.0%

Delta

Air

Lines

3.750%

due

10/28/2029

250,000

235,422

United

States

2.2%

Norfolk

Southern

5.100%

due

08/01/2118

275,000

245,384

United

States

2.3%

887,504

8.4%

Total

Corporate

Bonds

(Cost

$2,846,034)

$

2,564,674

24.2%

Government

Bonds

-

8

.6

%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

Federal

Home

Loan

Bank

4.500%

due

12/04/2029

100,000

100,363

United

States

1.0%

Government

Colombia

Republic

8.375%

due

02/15/2027

125,000

129,500

Colombia

1.2%

Republic

of

Argentina

1.000%

due

07/09/2029

9,276

7,088

Argentina

0.1%

Republic

of

Argentina

1.500%

due

07/09/2046

242,500

152,381

Argentina

1.4%

United

States

Treasury

Bond

6.250%

due

05/15/2030

200,000

220,484

United

States

2.1%

United

States

Treasury

Bond

3.375%

due

11/15/2048

250,000

204,356

United

States

1.9%

713,809

6.7%

US

Government

Agency

Fannie

Mae

5.000%

due

01/23/2029

100,000

100,001

United

States

0.9%

Total

Government

Bonds

(Cost

$975,134)

$

914,173

8.6%

Municipals

Bonds

-

2

.8

%

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

49,996

United

States

0.5%

Maryland

Community

Development

Administration

6.362%

due

09/01/2053

145,000

149,923

United

States

1.4%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Global

High

Income

Fund

12

February

28,

2025

Part

F

Municipals

Bonds

-

2.8%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Municipal

Bonds

(continued)

Virginia

State

Housing

Development

Authority

5.950%

due

10/01/2066

$

100,000

$

102,108

United

States

0.9%

Total

Municipals

Bonds

(Cost

$297,373)

$

302,027

2.8%

Total

investments

(Cost

$8,279,790)

$

8,633,866

81.3%

Other

assets

(net

of

liabilities)

1,982,702

18.7%

Total

net

assets

$

10,616,568

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

February

28,

2025

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

ADR:

American

Depositary

Receipt

LIBOR:

London

Interbank

Offered

Rates

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Growth

Fund

February

28,

2025

Part

F

13

Continued

on

next

page.

Common

Stock

-

97.7%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

31,680

$

5,394,470

7.3%

Meta

Platforms

Inc,

Class

A

3,200

2,138,240

2.9%

7,532,710

10.2%

Consumer

Discretionary

Automotive

Retailers

O'Reilly

Automotive

1

1,300

1,785,732

2.4%

Home

Products

Stores

Lowe's

5,600

1,392,384

1.9%

Online

Marketplace

Amazon.com

1

26,980

5,727,314

7.7%

Specialty

Apparel

Stores

Lululemon

Athletica

1

3,000

1,096,830

1.5%

TJX

Companies

19,000

2,370,440

3.2%

3,467,270

4.7%

12,372,700

16.7%

Consumer

Staples

Mass

Merchants

Costco

Wholesale

3,509

3,679,573

4.9%

Non-Alcoholic

Beverages

Monster

Beverage

32,200

1,759,730

2.4%

5,439,303

7.3%

Financials

Other

Financial

Services

Mastercard,

Class

A

4,741

2,732,286

3.7%

Health

Care

Medical

Devices

Boston

Scientific

1

22,000

2,283,380

3.1%

Stryker

4,000

1,544,760

2.1%

3,828,140

5.2%

Specialty

&

Generic

Pharma

Zoetis

6,000

1,003,440

1.3%

4,831,580

6.5%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

22,500

1,927,350

2.6%

Industrial

Wholesale

&

Rental

Ferguson

Enterprises

6,250

1,109,375

1.5%

Infrastructure

Construction

Quanta

Services

5,000

1,298,150

1.7%

4,334,875

5.8%

Information

Technology

Tyler

Technologies

Inc.

1

1,200

730,116

1.0%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

Growth

Fund

14

February

28,

2025

Part

F

Common

Stock

-

97.7%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Materials

Agricultural

Chemicals

Corteva

13,550

$

853,379

1.2%

Technology

Application

Software

Adobe

1

4,450

1,951,592

2.6%

Communications

Equipment

Apple

26,500

6,408,760

8.6%

Motorola

Solutions

6,000

2,641,320

3.6%

9,050,080

12.2%

Infrastructure

Software

Microsoft

18,170

7,213,308

9.7%

Oracle

17,500

2,906,050

3.9%

ServiceNow

1

1,900

1,766,544

2.4%

11,885,902

16.0%

Semiconductor

Devices

Advanced

Micro

Devices

1

9,500

948,670

1.3%

Broadcom

12,750

2,542,733

3.4%

Monolithic

Power

Systems

1,100

672,111

0.9%

Nvidia

35,000

4,372,200

5.9%

Qualcomm

7,900

1,241,643

1.7%

Texas

Instruments

5,100

999,549

1.3%

10,776,906

14.5%

33,664,480

45.3%

Total

investments

(Cost

$24,791,255)

$72,491,429

97.7%

Other

assets

(net

of

liabilities)

1,707,094

2.3%

Total

net

assets

$74,198,523

100.0%

1

Non-income

producing

Schedule

of

Investments

As

of

February

28,

2025

Sextant

International

Fund

February

28,

2025

Part

F

15

Continued

on

next

page.

Common

Stock

-

98

.8

%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

Hermes

International

560

$

1,602,563

France

2.3%

Online

Marketplace

MercadoLibre

2

2,585

5,485,034

Argentina

8.0%

7,087,597

10.3%

Consumer

Staples

Packaged

Food

Danone

15,000

1,073,235

France

1.5%

Health

Care

Health

Care

Supplies

Alcon

14,425

1,334,313

Switzerland

1.9%

Large

Pharma

AstraZeneca

ADR

11,500

876,415

United

Kingdom

1.3%

Novo

Nordisk

ADR

49,975

4,530,234

Denmark

6.5%

Sandoz

Group

AG

22,000

966,629

Switzerland

1.4%

6,373,278

9.2%

Medical

Equipment

Siemens

Healthineers

AG

38,250

2,133,134

Germany

3.1%

9,840,725

14.2%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

AB

-

B

51,400

1,572,013

Sweden

2.3%

Johnson

Controls

International

26,450

2,265,707

United

States

3.3%

3,837,720

5.6%

Electrical

Power

Equipment

Eaton

5,590

1,639,659

Ireland

2.4%

Fuji

Electric

Co.

Ltd.

39,900

1,777,356

Japan

2.6%

Schneider

Electric

SE

8,615

2,090,768

France

3.0%

5,507,783

8.0%

Fabricated

Metal

&

Hardware

Prysmian

S.P.A

19,100

1,139,203

Italy

1.7%

Industrial

Automation

Controls

ABB

Ltd

26,000

1,402,587

Switzerland

2.0%

Industrial

Wholesale

&

Rental

Ferguson

Enterprises

14,560

2,584,400

United

States

3.7%

Professional

Services

Wolters

Kluwer

25,889

3,991,569

Netherlands

5.8%

18,463,262

26.8%

Information

Technology

Fortinet

Inc.

2

11,870

1,282,079

United

States

1.9%

Materials

Basic

&

Diversified

Chemicals

Linde

4,610

2,153,100

United

Kingdom

3.1%

Iron

Rio

Tinto

ADR

26,800

1,623,008

United

Kingdom

2.4%

3,776,108

5.5%

Schedule

of

Investments

As

of

February

28,

2025

Sextant

International

Fund

16

February

28,

2025

Part

F

Common

Stock

-

98.8%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

Application

Software

Dassault

Systemes

ADR

92,115

$

3,597,091

France

5.2%

NICE

Systems

ADR

18,120

2,521,941

Israel

3.7%

SAP

ADR

12,680

3,487,000

Germany

5.0%

9,606,032

13.9%

Consumer

Electronics

Nintendo

15,000

1,112,034

Japan

1.6%

IT

Services

Accenture,

Class

A

2,240

780,640

Ireland

1.1%

Experian

33,000

1,573,582

Ireland

2.3%

2,354,222

3.4%

Semiconductor

Devices

Broadcom

20,950

4,178,059

United

States

6.1%

Semiconductor

Manufacturing

ASML

Holding

NY

5,245

3,719,125

Netherlands

5.4%

Taiwan

Semiconductor

ADR

23,320

4,209,959

Taiwan

6.1%

7,929,084

11.5%

25,179,431

36.5%

Utilities

Power

Generation

Iberdrola

99,885

1,445,977

Spain

2.1%

Total

investments

(Cost

$37,178,380)

$

68,148,414

98.8%

Other

assets

(net

of

liabilities)

828,735

1.2%

Total

net

assets

$

68,977,149

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

February

28,

2025

Sustainable

Equity

Fund

February

28,

2025

Part

F

1

Continued

on

next

page.

Common

Stock

-

98.5%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

1,800

$

350,892

$

306,504

United

States

1.3%

Consumer

Discretionary

Home

Products

Stores

Home

Depot

1,500

279,738

594,900

United

States

2.6%

Specialty

Apparel

Stores

TJX

Companies

5,000

238,191

623,800

United

States

2.7%

517,929

1,218,700

5.3%

Consumer

Staples

Mass

Merchants

Dollarama

Inc

2,400

249,901

250,210

Canada

1.1%

Packaged

Food

Danone

ADR

31,200

422,529

444,912

France

1.9%

Personal

Care

Products

L'Oreal

ADR

5,400

297,824

394,524

France

1.7%

Unilever

ADR

8,800

466,958

498,080

United

Kingdom

2.2%

764,782

892,604

3.9%

1,437,212

1,587,726

6.9%

Financials

Life

Insurance

Aviva

ADR

45,600

416,983

634,752

United

Kingdom

2.8%

Other

Financial

Services

Mastercard

,

Class

A

860

171,375

495,627

United

States

2.2%

Paypal

2

2,900

674,351

206,045

United

States

0.9%

845,726

701,672

3.1%

P&C

Insurance

Chubb

2,000

287,787

570,960

Switzerland

2.5%

1,550,496

1,907,384

8.4%

Health

Care

Large

Pharma

Eli

Lilly

900

514,269

828,567

United

States

3.6%

GlaxoSmithKline

ADR

9,200

369,834

345,828

United

Kingdom

1.5%

Novartis

ADR

4,300

374,482

468,915

Switzerland

2.1%

Novo

Nordisk

ADR

10,200

324,489

924,630

Denmark

4.0%

Roche

Holding

ADR

9,000

406,003

375,660

Switzerland

1.6%

1,989,077

2,943,600

12.8%

Specialty

&

Generic

Pharma

Sandoz

Group

AG-ADR

2

860

20,210

37,668

Switzerland

0.2%

2,009,287

2,981,268

13.0%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Assa

Abloy

ADR

44,500

515,234

679,070

Sweden

3.0%

Diversified

Industrials

Siemens

ADR

5,300

361,107

603,458

Germany

2.6%

Electrical

Components

TE

Connectivity

Ltd.

3,200

356,052

492,896

Ireland

2.2%

Schedule

of

Investments

As

of

February

28,

2025

Sustainable

Equity

Fund

2

February

28,

2025

Part

F

Continued

on

next

page.

Common

Stock

-

98.5%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

(continued)

Electrical

Power

Equipment

Fuji

Electric

Co.

Ltd.

8,500

$

510,462

$

378,635

Japan

1.7%

Schneider

Electric

ADR

17,100

424,554

825,075

France

3.6%

935,016

1,203,710

5.3%

Fabricated

Metal

&

Hardware

Prysmian

S.P.A

4,000

259,828

238,577

Italy

1.0%

Industrial

Wholesale

&

Rental

Ferguson

Enterprises

2,500

413,249

443,750

United

States

1.9%

Professional

Services

Wolters

Kluwer

5,022

376,238

774,292

Netherlands

3.4%

Rail

Freight

Canadian

Pacific

Kansas

City

3,200

248,512

249,344

Canada

1.1%

3,465,236

4,685,097

20.5%

Materials

Agricultural

Chemicals

Corteva

3,000

180,770

188,940

United

States

0.8%

Basic

&

Diversified

Chemicals

Linde

500

223,806

233,525

United

Kingdom

1.0%

Specialty

Chemicals

Ecolab

1,500

237,915

403,515

United

States

1.8%

642,491

825,980

3.6%

Technology

Application

Software

Adobe

2

1,000

108,410

438,560

United

States

1.9%

Dassault

Systemes

ADR

9,100

194,033

355,355

France

1.5%

302,443

793,915

3.4%

Communications

Equipment

Apple

3,028

83,313

732,292

United

States

3.2%

Consumer

Electronics

Nintendo

ADR

32,725

338,560

608,030

Japan

2.6%

Sony

ADR

20,000

261,557

500,800

Japan

2.2%

600,117

1,108,830

4.8%

Electronics

Components

Murata

Manufacturing

12,000

203,199

203,315

Japan

0.9%

Infrastructure

Software

Microsoft

1,438

62,724

570,872

United

States

2.5%

ServiceNow

2

650

392,951

604,344

United

States

2.6%

455,675

1,175,216

5.1%

IT

Services

Accenture,

Class

A

1,600

275,166

557,600

Ireland

2.5%

CGI

Group,

Class

A

4,000

275,774

414,640

Canada

1.8%

550,940

972,240

4.3%

Semiconductor

Devices

Broadcom

2,500

430,000

498,575

United

States

2.2%

Nvidia

10,000

479,045

1,249,200

United

States

5.5%

NXP

Semiconductors

1,960

215,841

422,556

Netherlands

1.8%

1,124,886

2,170,331

9.5%

Semiconductor

Manufacturing

ASML

Holding

NY

700

523,104

496,356

Netherlands

2.2%

Schedule

of

Investments

As

of

February

28,

2025

Sustainable

Equity

Fund

February

28,

2025

Part

F

3

Common

Stock

-

98.5%

Number

of

Shares

Cost

Market

Value

Country

1

Percentage

of

Net

Assets

Technology

(continued)

Semiconductor

Manufacturing

(continued)

Taiwan

Semiconductor

ADR

5,325

$

406,030

$

961,322

Taiwan

4.2%

929,134

1,457,678

6.4%

4,249,707

8,613,817

37.6%

Utilities

Integrated

Electric

Utilities

NextEra

Energy

6,100

466,374

428,037

United

States

1.9%

Total

investments

$14,689,624

$22,554,513

98.5%

Other

assets

(net

of

liabilities)

342,275

1.5%

Total

net

assets

$22,896,788

100.0%

1

Country

of

domicile

2

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

February

28,

2025

Sustainable

Bond

Fund

4

February

28,

2025

Part

F

Continued

on

next

page.

Corporate

Bonds

-

67.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Koninklijke

KPN

8.375%

due

10/01/2030

$

1,500,000

$

1,743,436

Netherlands

4.3%

Telecom

Italia

Capital

6.000%

due

09/30/2034

250,000

240,087

Italy

0.6%

Telecom

Italia

SPA

2

1.625%

due

01/18/2029

EUR

750,000

723,843

Italy

1.8%

2,707,366

6.7%

Consumer

Discretionary

Coty/HFC

Prestige

3

6.625%

due

07/15/2030

1,000,000

1,021,335

United

States

2.5%

Starbucks

2.450%

due

06/15/2026

1,200,000

1,171,542

United

States

2.9%

2,192,877

5.4%

Consumer

Staples

Coty

3

5.000%

due

04/15/2026

49,000

48,877

United

States

0.1%

Natura

Cosmeticos

SA

2

4.125%

due

05/03/2028

1,500,000

1,399,858

Brazil

3.5%

1,448,735

3.6%

Energy

Masdar

Abu

Dhabi

2

4.875%

due

07/25/2029

1,750,000

1,746,250

United

Arab

Emirates

4.3%

Financials

AXA

2

5.125%

due

01/17/2027

1,700,000

1,700,000

France

4.2%

Canadian

Imperial

Bank

4.375%

due

10/28/2080

CAD

2,500,000

1,727,028

Canada

4.3%

Commonwealth

Bank

Australia

(Quarterly

BBSW

plus

0.41%)

4

4.527%

due

12/23/2026

AUD

850,000

526,472

Australia

1.3%

Munich

RE

2

1.000%

due

05/26/2042

EUR

2,000,000

1,750,696

Germany

4.3%

State

Street

(Quarterly

US

LIBOR

plus

100)

4

5.620%

due

06/15/2047

2,000,000

1,868,238

United

States

4.6%

Toronto-Dominion

Bank

2

1.128%

due

12/09/2025

CAD

500,000

340,940

Canada

0.9%

Women's

Livelihood

Bond

Asset

II

C

3

3.900%

due

12/23/2025

500,000

480,785

Singapore

1.2%

8,394,159

20.8%

Health

Care

Koninklijke

Philips

7.125%

due

05/15/2025

1,000,000

1,003,230

Netherlands

2.5%

Novartis

Capital

3.000%

due

11/20/2025

250,000

247,644

Switzerland

0.6%

Roche

3

2.625%

due

05/15/2026

200,000

196,293

Switzerland

0.5%

1,447,167

3.6%

Industrials

FS

Luxembourg

SARL

2

8.875%

due

02/12/2031

1,000,000

1,028,918

Luxembourg

2.5%

RELX

4.000%

due

03/18/2029

400,000

390,427

United

Kingdom

1.0%

1,419,345

3.5%

Materials

Stora

Enso

OYJ

2

7.250%

due

04/15/2036

300,000

324,517

Finland

0.8%

Stora

Enso

OYJ

3

7.250%

due

04/15/2036

500,000

540,862

Finland

1.3%

865,379

2.1%

Real

Estate

Iron

Mountain

UK

2

3.875%

due

11/15/2025

GBP

750,000

932,807

United

States

2.3%

Iron

Mountain

3

4.875%

due

09/15/2029

750,000

722,534

United

States

1.8%

MAF

Global

Securities

2

7.875%

due

PERP

1,400,000

1,447,219

United

Arab

Emirates

3.6%

MAF

Sukuk

2

4.638%

due

05/14/2029

300,000

294,000

United

Arab

Emirates

0.7%

Prologis

1.250%

due

10/15/2030

500,000

418,459

United

States

1.1%

3,815,019

9.5%

Technology

Nokia

OYJ

2

2.375%

due

05/15/2025

EUR

500,000

518,157

Finland

1.3%

Nokia

OYJ

2

4.375%

due

08/21/2031

EUR

1,000,000

1,093,603

Finland

2.7%

1,611,760

4.0%

Schedule

of

Investments

As

of

February

28,

2025

Sustainable

Bond

Fund

February

28,

2025

Part

F

5

Corporate

Bonds

-

67.2%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Utilities

United

Utilities

6.875%

due

08/15/2028

$

1,400,000

$

1,484,803

United

Kingdom

3.7%

Total

Corporate

Bonds

(Cost

$27,537,724)

$27,132,860

67.2%

Government

Bonds

-

24.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Financials

African

Development

Bank

5.500%

due

08/13/2025

GBP

250,000

315,912

Cote

D'ivoire

0.8%

Federal

Home

Loan

Bank

1.650%

due

10/06/2031

500,000

423,347

United

States

1.0%

First

Abu

Dhabi

Bank

PJSC

2

5.125%

due

10/13/2027

1,500,000

1,517,720

United

Arab

Emirates

3.8%

2,256,979

5.6%

Government

Asian

Development

Bank

6.000%

due

02/05/2026

BRL

9,000,000

1,427,123

Philippines

3.5%

Export-Import

Bank

Korea

5.125%

due

01/11/2033

500,000

513,040

Korea

1.3%

International

Finance

12.000%

due

11/03/2027

COP

3,000,000,000

756,244

United

States

1.9%

Int'l

Bk

Recon

&

Develop

4.250%

due

01/22/2026

MXN

20,000,000

933,765

Germany

2.3%

Int'l

Bk

Recon

&

Develop

5.000%

due

01/22/2026

BRL

2,000,000

315,779

United

States

0.8%

Int'l

Bk

Recon

&

Develop

5.000%

due

10/07/2026

COP

6,000,000,000

1,339,297

Germany

3.3%

Perusahaan

Penerbit

SBSN

2

3.550%

due

06/09/2051

500,000

363,119

Indonesia

0.9%

Queensland

Treasury

2

2.500%

due

03/06/2029

AUD

750,000

438,310

Australia

1.1%

Republic

of

Chile

4.340%

due

03/07/2042

500,000

430,809

Chile

1.0%

Treasury

Bill

–%

due

03/04/2025

500,000

499,941

United

States

1.2%

United

Kingdom

Gilt

2

0.875%

due

07/31/2033

GBP

750,000

713,674

United

Kingdom

1.8%

7,731,101

19.1%

Total

Government

Bonds

(Cost

$10,370,909)

$9,988,080

24.7%

Total

investments

(Cost

$37,908,633)

$37,120,940

91.9%

Other

assets

(net

of

liabilities)

3,277,204

8.1%

Total

net

assets

$40,398,144

100.0%

1

Denotes

a

country

or

region

of

primary

exposure

2

Security

was

purchased

pursuant

to

Regulation

S

under

the

Securities

Act

of

1933

which

exempts

from

registration

securities

offered

and

sold

outside

of

the

United

States.

Such

a

security

cannot

be

sold

in

the

United

States

without

either

an

effective

registration

statement

filed

pursuant

to

the

Securities

Act

of

1933,

or

pursuant

to

an

exemption

from

registration.

These

Securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

February

28,

2025,

the

aggregate

value

of

these

securities

was

$16,333,631

representing

40.5%

of

total

net

assets.

3

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

sold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers

or

in

public

offering

registered

under

the

Securities

Act

of

1933.

These

securities

have

been

deemed

liquid

under

guidelines

approved

by

the

Trust's

Board

of

Trustees.

At

February

28,

2025,

the

aggregate

value

of

these

securities

was

$3,010,686

representing

7.4%

of

total

net

assets.

4

Variable

rate

security.

The

interest

rate

represents

the

rate

in

effect

at

February

28,

2025

and

resets

periodically

based

on

the

parenthetically

disclosed

reference

rate

and

spread.

HFC:

Housing

Finance

Corporation

BBSW

Bank

Bill

Swap

Rate

LIBOR:

London

Interbank

Offered

Rates

SA:

Special

Assessment

AUD

:

Australian

dollar

BRL

:

Brazilian

real

CAD

:

Canadian

dollar

COP

:

Colombian

peso

EUR

:

Euro

GBP

:

British

pound

MXN

:

Mexican

peso

USD

:

United

States

dollar

Notes

To

Financial

Statements

6

February

28,

2025

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

February

28,

2025

in

valuing

the

Funds’

investments

carried

at

fair

value.

Share

Valuation

Inputs

as

of

February

28,

2025

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Short-Term

Bond

Fund

Corporate

Bonds

1

$

–

$

5,292,335

$

–

$

5,292,335

Government

Bonds

1

$

–

$

5,892,908

$

–

$

5,892,908

Municipals

Bonds

1

$

–

$

296,627

$

–

$

296,627

Total

Assets

$

–

$

11,481,870

$

–

$

11,481,870

Bond

Income

Fund

Corporate

Bonds

1

$

–

$

6,681,586

$

–

$

6,681,586

Government

Bonds

1

$

–

$

2,393,705

$

–

$

2,393,705

Mortgage

Backed

1

$

–

$

237,289

$

–

$

237,289

Municipals

Bonds

1

$

–

$

1,375,935

$

–

$

1,375,935

Notes

To

Financial

Statements

(continued)

February

28,

2025

Part

F

7

Total

Assets

$

–

$

10,688,515

$

–

$

10,688,515

Core

Fund

Common

Stock

Communications

$

668,407

$

–

$

–

$

668,407

Consumer

Discretionary

$

1,234,764

$

157,394

$

–

$

1,392,158

Consumer

Staples

$

1,150,337

$

–

$

–

$

1,150,337

Energy

$

451,299

$

–

$

–

$

451,299

Financials

$

1,379,982

$

–

$

–

$

1,379,982

Health

Care

$

1,482,967

$

–

$

–

$

1,482,967

Industrials

$

2,076,861

$

521,689

$

–

$

2,598,550

Materials

$

1,333,380

$

88,249

$

–

$

1,421,629

Technology

$

4,628,084

$

–

$

–

$

4,628,084

Utilities

$

897,027

$

–

$

–

$

897,027

Total

Common

Stock

$

15,303,108

$

767,332

$

–

$

16,070,440

Corporate

Bonds

1

$

–

$

4,158,899

$

–

$

4,158,899

Government

Bonds

1

$

–

$

2,385,935

$

–

$

2,385,935

Municipals

Bonds

1

$

–

$

1,159,713

$

–

$

1,159,713

Total

Assets

$

15,303,108

$

8,471,879

$

–

$

23,774,987

Global

High

Income

Fund

Common

Stock

Communications

$

737,790

$

259,270

$

–

$

997,060

Consumer

Discretionary

$

–

$

162,118

$

–

$

162,118

Energy

$

386,823

$

–

$

–

$

386,823

Financials

$

553,950

$

402,956

$

–

$

956,906

Health

Care

$

516,960

$

–

$

–

$

516,960

Materials

$

934,781

$

207,116

$

–

$

1,141,897

Technology

$

320,550

$

370,678

$

–

$

691,228

Total

Common

Stock

$

3,450,854

$

1,402,138

$

–

$

4,852,992

Corporate

Bonds

1

$

–

$

2,564,674

$

–

$

2,564,674

Government

Bonds

1

$

–

$

914,173

$

–

$

914,173

Municipals

Bonds

1

$

–

$

302,027

$

–

$

302,027

Total

Assets

$

3,450,854

$

5,183,012

$

–

$

8,633,866

Growth

Fund

Common

Stock

1

$

72,491,429

$

–

$

–

$

72,491,429

Total

Assets

$

72,491,429

$

–

$

–

$

72,491,429

International

Fund

Common

Stock

Consumer

Discretionary

$

5,485,034

$

1,602,563

$

–

$

7,087,597

Consumer

Staples

$

–

$

1,073,235

$

–

$

1,073,235

Health

Care

$

6,740,962

$

3,099,763

$

–

$

9,840,725

Industrials

$

6,489,766

$

11,973,496

$

–

$

18,463,262

Information

Technology

$

1,282,079

$

–

$

–

$

1,282,079

Materials

$

3,776,108

$

–

$

–

$

3,776,108

Technology

$

22,493,815

$

2,685,616

$

–

$

25,179,431

Utilities

$

–

$

1,445,977

$

–

$

1,445,977

Total

Common

Stock

$

46,267,764

$

21,880,650

$

–

$

68,148,414

Total

Assets

$

46,267,764

$

21,880,650

$

–

$

68,148,414

Sustainable

Equity

Fund

Common

Stock

Communications

$

306,504

$

–

$

–

$

306,504

Consumer

Discretionary

$

1,218,700

$

–

$

–

$

1,218,700

Consumer

Staples

$

1,587,726

$

–

$

–

$

1,587,726

Financials

$

1,907,384

$

–

$

–

$

1,907,384

Health

Care

$

2,981,268

$

–

$

–

$

2,981,268

Industrials

$

3,293,593

$

1,391,504

$

–

$

4,685,097

Materials

$

825,980

$

–

$

–

$

825,980

Technology

$

8,410,502

$

203,315

$

–

$

8,613,817

Note

2

–

Significant

Accounting

Policies

(continued)

Notes

To

Financial

Statements

(continued)

8

February

28,

2025

Part

F

Utilities

$

428,037

$

–

$

–

$

428,037

Total

Common

Stock

$

20,959,694

$

1,594,819

$

–

$

22,554,513

Total

Assets

$

20,959,694

$

1,594,819

$

–

$

22,554,513

Sustainable

Bond

Fund

Corporate

Bonds

1

$

–

$

27,132,860

$

–

$

27,132,860

Government

Bonds

1

$

–

$

9,988,080

$

–

$

9,988,080

Total

Assets

$

–

$

37,120,940

$

–

$

37,120,940

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)