# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0001145549-23-003772
**Filing Date:** 2023-1
**Character Count:** 22124
**Document Hash:** 17f1cad86ab932aa6476b23572cb7a48
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003772.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-003772

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20221130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SATURNA INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000811860
- **IRS NUMBER:** 356447892
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05071
- **FILM NUMBER:** 23561477

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 NORTH STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225-4730
- **BUSINESS PHONE:** 3607349900

**MAIL ADDRESS:**
- **STREET 1:** 1300 NORTH STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225-4730

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST INVESTORS TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST INVESTORS TAX EXEMPT BUSINESS TRUST
- **DATE OF NAME CHANGE:** 19901024

## Series and Classes Contracts Data

### Saturna Sustainable Bond Fund (Series ID: S000048620)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000153268 | Saturna Sustainable Bond Fund | SEBFX           |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** SATURNA INVESTMENT TRUST

- **b. Investment Company Act file number:** 811-05071

- **c. CIK number of Registrant:** 0000811860

- **d. LEI of Registrant:** 549300DUR2XVDJBC5412

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 1300 NORTH STATE STREET

  - **City:** BELLINGHAM

  - **State:** WA

  - **Foreign country:** US

  - **Zip / Postal Code:** 982254730

  - **Telephone number:** 3607349900

**Item A.2. Information about the Series.**

- **a. Name of Series:** Saturna Sustainable Bond Fund

- **b. EDGAR series identifier (if any):** S000048620

- **c. LEI of Series:** 549300AZDXV23MHKFV54

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2022-11-30

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $28760707.11

**Total Liabilities:** $55605.52

**Net Assets:** $28705101.59

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 22.006815554989 | **1-Year:** 1182.934644214169 | **5-Year:** 1747.743592233614 | **10-Year:** 1240.503663752547 | **30-Year:** 1218.589131221594

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 276.743049380915 | **5-Year:** 173.488794848053 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153268 | -2.97%               | 0.00%                | 2.15%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-182366.33              | $-763047.17                                |
| Month 2  | $-126069.08              | $51111.19                                  |
| Month 3  | $-9206.82                | $505645.50                                 |

### Schedule of Portfolio Investments

| Name                                                  | Title                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Australia and New Zealand Banking Group Limited       | ANZ 4.5 03/19/24 144A      | CUSIP: 052528AH9<br>LEI: JHE42UYNWWTJB8YTTU19 | Long             | DBT              | CORP              | AU        |    500000 | NS      | $492744.91    | 1.72%             | 2024-03-19      | Fixed         | 4.50%                 | Yes           |                  2 | On Loan: No      |
| Ball Corporation                                      | BALL 5.25 07/01/25         | CUSIP: 058498AT3<br>LEI: 0BGI85ALH27ZJP15DY16 | Long             | DBT              | CORP              | US        |    400000 | NS      | $398694.00    | 1.39%             | 2025-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Bank of Montreal                                      | BMO 3.3 02/05/24 E         | CUSIP: 06367WHH9<br>LEI: NQQ6HPCNCCU6TUTQYE16 | Long             | DBT              | CORP              | CA        |    500000 | NS      | $490627.20    | 1.71%             | 2024-02-05      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| Bank of Nova Scotia                                   | BNS V4.9 PERP              | CUSIP: 064159VJ2<br>LEI: L3I9ZG2KFGXZ61BMYR72 | Long             | DBT              | CORP              | CA        |    750000 | NS      | $714375.00    | 2.49%             | 2500-12-31      | Fixed         | 4.90%                 | No            |                  2 | On Loan: No      |
| Canadian Imperial Bank of Commerce                    | CM V4.375 10/28/80         | CUSIP: 13607HCD2<br>LEI: 2IGI19DL77OX0HC3ZE78 | Long             | DBT              | CORP              | CA        |   1900000 | NS      | $1289714.60   | 4.49%             | 2080-10-28      | Fixed         | 4.38%                 | Yes           |                  2 | On Loan: No      |
| Coty Inc.                                             | COTY 5 04/15/26 144A       | CUSIP: 222070AE4<br>LEI: 549300BO9IWPF3S48F93 | Long             | DBT              | CORP              | US        |    250000 | NS      | $238235.00    | 0.83%             | 2026-04-15      | Fixed         | 5.00%                 | Yes           |                  2 | On Loan: No      |
| Danone SA                                             | BNFP 2.589 11/02/23 144A   | CUSIP: 23636TAD2<br>LEI: 969500KMUQ2B6CBAF162 | Long             | DBT              | CORP              | FR        |    500000 | NS      | $488163.86    | 1.70%             | 2023-11-02      | Fixed         | 2.59%                 | Yes           |                  2 | On Loan: No      |
| Federal Home Loan Banks                               | FHLB 1.65 10/06/31         | CUSIP: 3130APCP8<br>LEI: 2549001DPIFGXC1TOL40 | Long             | DBT              | USGSE             | US        |    500000 | NS      | $397477.29    | 1.38%             | 2031-10-06      | Fixed         | 1.65%                 | No            |                  2 | On Loan: No      |
| Federal Farm Credit Banks                             | FFCB 3.5 12/20/23          | CUSIP: 3133EDBU5<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    250000 | NS      | $246025.38    | 0.86%             | 2023-12-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST HSG FIN AGY                          | MA MASHSG 12/01/2048       | CUSIP: 57587GFU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | NS      | $500000.00    | 1.74%             | 2048-12-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Microsoft Corporation                                 | MSFT 5.3 02/08/41          | CUSIP: 594918AM6<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    600000 | NS      | $645592.27    | 2.25%             | 2041-02-08      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Microsoft Corporation                                 | MSFT 3.625 12/15/23        | CUSIP: 594918AW4<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | DBT              | CORP              | US        |    250000 | NS      | $247668.95    | 0.86%             | 2023-12-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY HSG DEV CORP                        | NY NYCMFH 05/01/2062       | CUSIP: 64972ET25<br>LEI: 549300SQWVHKBRF8D702 | Long             | DBT              | MUN               | US        |   1500000 | NS      | $1500000.00   | 5.23%             | 2062-05-01      | Variable      | 1.88%                 | No            |                  2 | On Loan: No      |
| Novartis Capital Corporation                          | NOVNVX 3 11/20/25          | CUSIP: 66989HAJ7<br>LEI: 5493002KF87V5RSRQS84 | Long             | DBT              | CORP              | US        |    250000 | NS      | $240950.79    | 0.84%             | 2025-11-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Ontario (Province Of)                                 | ONT 2.65 02/05/25          | CUSIP: 68323AER1<br>LEI: C7PVKCRGLG18EBQGZV36 | Long             | DBT              | MUN               | CA        |    500000 | NS      | $361021.08    | 1.26%             | 2025-02-05      | Fixed         | 2.65%                 | No            |                  2 | On Loan: No      |
| Perusahaan Penerbit SBSN Indonesia III                | INDOIS 3.55 06/09/51 REGS  | CUSIP: 71567RAT3<br>LEI: 254900G208H6Q0L5B953 | Long             | DBT              | NUSS              | ID        |   1000000 | NS      | $755808.88    | 2.63%             | 2051-06-09      | Fixed         | 3.55%                 | Yes           |                  2 | On Loan: No      |
| Royal Philips NV                                      | PHIANA 7.125 05/15/25 A    | CUSIP: 718337AB4<br>LEI: H1FJE8H61JGM1JSGM897 | Long             | DBT              | CORP              | NL        |   1000000 | NS      | $1022855.72   | 3.56%             | 2025-05-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| Prologis, L.P.                                        | PLD 1.25 10/15/30          | CUSIP: 74340XBR1<br>LEI: GL16H1DHB0QSHP25F723 | Long             | DBT              | CORP              | US        |    200000 | NS      | $152598.18    | 0.53%             | 2030-10-15      | Fixed         | 1.25%                 | No            |                  2 | On Loan: No      |
| Relx Capital Inc.                                     | RELLN 4 03/18/29           | CUSIP: 74949LAC6<br>LEI: 2R15C3RTKJN1RCBOV146 | Long             | DBT              | CORP              | US        |    400000 | NS      | $374722.90    | 1.31%             | 2029-03-18      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Roche Holdings, Inc.                                  | ROSW 2.625 05/15/26 144A   | CUSIP: 771196BK7<br>LEI: PVJRP0EQNV6OGDPZGY95 | Long             | DBT              | CORP              | US        |    200000 | NS      | $187834.26    | 0.65%             | 2026-05-15      | Fixed         | 2.62%                 | Yes           |                  2 | On Loan: No      |
| Koninklijke KPN N.V.                                  | KPN 8.375 10/01/30         | CUSIP: 780641AH9<br>LEI: 549300YO0JZHAL7FVP81 | Long             | DBT              | CORP              | NL        |    250000 | NS      | $280473.42    | 0.98%             | 2030-10-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| SANTA CRUZ CALIF REDEV AGY                            | CA SCZMFH 08/15/2035       | CUSIP: 80176PAC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | NS      | $1000000.00   | 3.48%             | 2035-08-15      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| SHERIDAN REDEV AGY COLO                               | CO SHEDEV 12/01/2029       | CUSIP: 82382LAK5<br>LEI: 5493004D6ZS0F24QIZ32 | Long             | DBT              | MUN               | US        |   1100000 | NS      | $1100000.00   | 3.83%             | 2029-12-01      | Variable      | 3.90%                 | No            |                  2 | On Loan: No      |
| Starbucks Corporation                                 | SBUX 2.45 06/15/26         | CUSIP: 855244AK5<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | DBT              | CORP              | US        |    250000 | NS      | $233441.25    | 0.81%             | 2026-06-15      | Fixed         | 2.45%                 | No            |                  2 | On Loan: No      |
| Stora Enso Oyj                                        | STERV 7.25 04/15/36 144A   | CUSIP: 86210MAC0<br>LEI: 7437000ZP669LKUTZ738 | Long             | DBT              | CORP              | FI        |    200000 | NS      | $212774.84    | 0.74%             | 2036-04-15      | Fixed         | 7.25%                 | Yes           |                  2 | On Loan: No      |
| TARRANT CNTY TEX HSG FIN CORP                         | TX TARHSG 02/15/2036       | CUSIP: 876394RN9<br>LEI: 54930055IA4O4ZTEN156 | Long             | DBT              | MUN               | US        |    350000 | NS      | $350000.00    | 1.22%             | 2036-02-15      | Variable      | 1.96%                 | No            |                  2 | On Loan: No      |
| Telecom Italia S.p.A.                                 | TITIM 5.303 05/30/24       | CUSIP: 87927YAA0<br>LEI: 549300W384M3RI3VXU42 | Long             | DBT              | CORP              | IT        |    500000 | NS      | $484250.00    | 1.69%             | 2024-05-30      | Fixed         | 5.30%                 | Yes           |                  2 | On Loan: No      |
| The Toronto-Dominion Bank                             | TD 1.128 12/09/25          | CUSIP: 89117FYZ6<br>LEI: PT3QB789TSUIDF371261 | Long             | DBT              | CORP              | CA        |    500000 | NS      | $332321.68    | 1.16%             | 2025-12-09      | Fixed         | 1.13%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                          | T 2.875 05/15/52           | CUSIP: 912810TG3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | NS      | $412343.76    | 1.44%             | 2052-05-15      | Fixed         | 2.88%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                          | T 3.25 05/15/42            | CUSIP: 912810TH1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   1250000 | NS      | $1116210.95   | 3.89%             | 2042-05-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                          | T 2.25 08/15/27            | CUSIP: 9128282R0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | NS      | $464941.41    | 1.62%             | 2027-08-15      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| United Utilities Group PLC                            | UU 6.875 08/15/28          | CUSIP: 91311QAC9<br>LEI: 213800KYT12UFB2VE455 | Long             | DBT              | CORP              | GB        |    185000 | NS      | $194851.09    | 0.68%             | 2028-08-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UTAH WTR FIN AGY                                      | UT UTSWTR 10/01/2035       | CUSIP: 917572TV1<br>LEI: 5493008FZQW2WEDN4040 | Long             | DBT              | MUN               | US        |    500000 | NS      | $500000.00    | 1.74%             | 2035-10-01      | Variable      | 1.90%                 | No            |                  2 | On Loan: No      |
| Voya Financial Inc                                    | VOYA V4.7 01/23/48         | CUSIP: 929089AF7<br>LEI: 549300T065Z4KJ686G75 | Long             | DBT              | CORP              | US        |    400000 | NS      | $295099.90    | 1.03%             | 2048-01-23      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HIGHER ED FACS AUTH                     | WA WASHGR 05/01/2028       | CUSIP: 939781A26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | NS      | $400000.00    | 1.39%             | 2028-05-01      | Variable      | 1.95%                 | No            |                  2 | On Loan: No      |
| Asian Development Bank                                | ASIA 6 02/05/26 GMTN       | CUSIP: Y000A9K92<br>LEI: 549300X0MVH42CY8Q105 | Long             | DBT              | NUSS              | XX        |   6000000 | NS      | $988563.12    | 3.44%             | 2026-02-05      | Fixed         | 6.00%                 | Yes           |                  2 | On Loan: No      |
| WLB Asset II C Pte Ltd                                | WLBASC 3.9 12/23/25 144A   | CUSIP: N/A<br>LEI: 549300QP5TA3PCYZ7Y92       | Long             | DBT              | CORP              | SG        |    500000 | NS      | $465643.93    | 1.62%             | 2025-12-23      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| Odfjell SE                                            | ODFNO F 01/21/25           | CUSIP: R64959AK6<br>LEI: 529900J8VSH14TP5VD23 | Long             | DBT              | CORP              | NO        |   6000000 | NS      | $618405.96    | 2.15%             | 2025-01-21      | Floating      | 9.09%                 | No            |                  2 | On Loan: No      |
| Inter-American Development Bank                       | IADB 7.5 12/05/24 GMTN     | CUSIP: U4582NGK4<br>LEI: VKU1UKDS9E7LYLMACP54 | Long             | DBT              | NUSS              | XX        |  15000000 | NS      | $719990.67    | 2.51%             | 2024-12-05      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| Barry Callebaut Services Nv                           | BARY 5.5 06/15/23 144A     | CUSIP: B0R9M3AC3<br>LEI: 213800R1F1EJYM4ICO85 | Long             | DBT              | CORP              | BE        |    500000 | NS      | $496677.20    | 1.73%             | 2023-06-15      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |
| Bank of New Zealand                                   | BZLNZ 3.648 11/16/23 MTN   | CUSIP: N/A<br>LEI: N7LGVZM7X4UQ66T7LT74       | Long             | DBT              | CORP              | NZ        |    500000 | NS      | $309569.63    | 1.08%             | 2023-11-16      | Fixed         | 3.65%                 | No            |                  2 | On Loan: No      |
| MAF Sukuk Ltd.                                        | MAFUAE 4.638 05/14/29      | CUSIP: G5765UAC4<br>LEI: 549300IS9H0W5N2N4K34 | Long             | DBT              | CORP              | KY        |    800000 | NS      | $766300.39    | 2.67%             | 2029-05-14      | Fixed         | 4.64%                 | Yes           |                  2 | On Loan: No      |
| International Finance Corporation                     | IFC 4.6 01/27/23 GMTN      | CUSIP: U4R843TD4<br>LEI: QKL54NQY28TCDAI75F60 | Long             | DBT              | NUSS              | XX        |   5000000 | NS      | $951660.60    | 3.32%             | 2023-01-27      | Floating      | 4.60%                 | No            |                  2 | On Loan: No      |
| WLB Asset II Pte. Ltd.                                | WLBAST 3.95 12/10/24 144A  | CUSIP: N/A<br>LEI: 549300IOAZLPOFTPUJ20       | Long             | DBT              | CORP              | SG        |    600000 | NS      | $568899.68    | 1.98%             | 2024-12-10      | Fixed         | 3.95%                 | Yes           |                  2 | On Loan: No      |
| International Bank for Reconstruction and Development | IBRD 4.25 01/22/26 EMTN    | CUSIP: U4586HGL1<br>LEI: ZTMSNXROF84AHWJNKQ93 | Long             | DBT              | NUSS              | XX        |  35000000 | NS      | $1545921.02   | 5.39%             | 2026-01-22      | Fixed         | 4.25%                 | Yes           |                  2 | On Loan: No      |
| Axa SA                                                | AXASA V5.125 01/17/47 EMTN | CUSIP: F0609NBB3<br>LEI: F5WCUMTUM4RKZ1MAIE39 | Long             | DBT              | CORP              | FR        |    750000 | NS      | $709727.73    | 2.47%             | 2047-01-17      | Fixed         | 5.12%                 | Yes           |                  2 | On Loan: No      |
| Tabreed Sukuk SPC Ltd.                                | TABRED 5.5 10/31/25        | CUSIP: M8T05RAA1<br>LEI: 549300DC2NOQN38VGO16 | Long             | DBT              | CORP              | AE        |    750000 | NS      | $753492.18    | 2.62%             | 2025-10-31      | Fixed         | 5.50%                 | Yes           |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2022-12-27

**Name of Applicant:** SATURNA INVESTMENT TRUST

**Signature:** Christopher Fankhauser

**Name of Signer:** Christopher Fankhauser

**Title:** Treasurer