# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0001145549-23-003765
**Filing Date:** 2023-1
**Character Count:** 33745
**Document Hash:** cfd13ae5f76ac2e60cdbdba41c9824ff
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003765.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-003765

**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:** 23561457

**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

### Sextant Core Fund (Series ID: S000022510)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000065111 | Sextant Core Fund | SCORX           |

## 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:** Sextant Core Fund

- **b. EDGAR series identifier (if any):** S000022510

- **c. LEI of Series:** 54930080GWPLOH1L5C58

**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:** $19300570.25

**Total Liabilities:** $18606.63

**Net Assets:** $19281963.62

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.026596362000 | **1-Year:** 158.666829820993 | **5-Year:** 421.885695356384 | **10-Year:** 1413.252625103533 | **30-Year:** 775.608463810221

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000065111 | -5.27%               | 4.67%                | 5.39%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-77301.71               | $-907014.09                                |
| Month 2  | $142721.15               | $640072.68                                 |
| Month 3  | $-491.03                 | $962598.50                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Abbott Laboratories                            | Abbott Laboratories COM                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      2700 | NS      | $290466.00    | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Activision Blizzard Inc                        | Activision Blizzard Inc COM                    | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |      1900 | NS      | $140505.00    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                  | Alphabet Inc. CAP STK CL A                     | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2000 | NS      | $201980.00    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                     | Apple Inc. COM                                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      1900 | NS      | $281257.00    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                | AstraZeneca PLC SPONSORED ADR                  | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      3000 | NS      | $203910.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| BCE Inc.                                       | BCE Inc. COM NEW                               | CUSIP: 05534B760<br>LEI: 5493001I9203PRB5KR45 | Long             | EC               | CORP              | CA        |      4000 | NS      | $190560.00    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Barrick Gold Corporation                       | Barrick Gold Corporation COM                   | CUSIP: 067901108<br>LEI: 0O4KBQCJZX82UKGCBV73 | Long             | EC               | CORP              | CA        |     10000 | NS      | $163200.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| BellSouth Capital Funding Corporation          | T 7.875 02/15/30                               | CUSIP: 079857AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | NS      | $162004.50    | 0.84%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Bristol-Myers Squibb Company                   | Bristol-Myers Squibb Company COM               | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3200 | NS      | $256896.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Northern Santa Fe LLC               | BNSF 6.2 08/15/36                              | CUSIP: 12189TAX2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | NS      | $164384.59    | 0.85%             | 2036-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                                | CSX 4.65 03/01/68                              | CUSIP: 126408HL0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    300000 | NS      | $257052.86    | 1.33%             | 2068-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Canadian National Railway Company              | Canadian National Railway Company COM          | CUSIP: 136375102<br>LEI: 3SU7BEP7TH9YEQOZCS77 | Long             | EC               | CORP              | CA        |      2000 | NS      | $256860.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Canadian Pacific Railway Ltd.                  | Canadian Pacific Railway Ltd. COM              | CUSIP: 13645T100<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2018 | NS      | $165294.38    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Cardinal Health, Inc.                          | CAH 3.5 11/15/24                               | CUSIP: 14149YBA5<br>LEI: CCU46N3GJMF4OK4N7U60 | Long             | DBT              | CORP              | US        |    155000 | NS      | $149962.20    | 0.78%             | 2024-11-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| The Coca-Cola Company                          | KO 1 03/15/28                                  | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    250000 | NS      | $211415.06    | 1.10%             | 2028-03-15      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                            | CMCSA 5.65 06/15/35                            | CUSIP: 20030NAF8<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    300000 | NS      | $313387.76    | 1.63%             | 2035-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| ConocoPhillips Co.                             | ConocoPhillips Co. COM                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      4000 | NS      | $494040.00    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Company                            | DIS 6.4 12/15/35                               | CUSIP: 254687EB8<br>LEI: 549300GZKULIZ0WOW665 | Long             | DBT              | CORP              | US        |    250000 | NS      | $276839.11    | 1.44%             | 2035-12-15      | Fixed         | 6.40%                 | No            |                  2 | On Loan: No      |
| Duke Energy Corp                               | Duke Energy Corp COM NEW                       | CUSIP: 26441C204<br>LEI: I1BZKREC126H0VB1BL91 | Long             | EC               | CORP              | US        |      1600 | NS      | $159888.00    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                              | EXPE 5 02/15/26                                | CUSIP: 30212PAM7<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    250000 | NS      | $249012.96    | 1.29%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fastenal Co.                                   | Fastenal Co. COM                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      2800 | NS      | $144228.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| FedEx Corporation                              | FDX 3.9 02/01/35                               | CUSIP: 31428XBA3<br>LEI: 549300E707U7WNPZN687 | Long             | DBT              | CORP              | US        |    250000 | NS      | $213514.81    | 1.11%             | 2035-02-01      | Fixed         | 3.90%                 | No            |                  2 | On Loan: No      |
| Floor And Decor Holding Incorporation          | Floor And Decor Holding Incorporation CL A     | CUSIP: 339750101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1900 | NS      | $141797.00    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Gilead Sciences, Inc.                          | GILD 3.7 04/01/24                              | CUSIP: 375558AW3<br>LEI: 549300WTZWR07K8MNV44 | Long             | DBT              | CORP              | US        |    250000 | NS      | $245841.34    | 1.27%             | 2024-04-01      | Fixed         | 3.70%                 | No            |                  2 | On Loan: No      |
| Home Depot Inc                                 | Home Depot Inc COM                             | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |       600 | NS      | $194394.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Honeywell International Inc.                   | Honeywell International Inc. COM               | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |      1000 | NS      | $219550.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc.                       | Illinois Tool Works Inc. COM                   | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |       525 | NS      | $119421.75    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                       | Infineon Technologies AG SPONSORED ADR         | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |      4775 | NS      | $161013.00    | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                              | Johnson & Johnson COM                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      1515 | NS      | $269670.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Legrand SA                                     | LRFP 8.5 02/15/25                              | CUSIP: 524671AA2<br>LEI: 969500TJLHIZLFRWEQ48 | Long             | DBT              | CORP              | FR        |    170000 | NS      | $183795.55    | 0.95%             | 2025-02-15      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                          | Lowes Companies, Inc. COM                      | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1100 | NS      | $233805.00    | 1.21%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                          | LOW 4.25 09/15/44                              | CUSIP: 548661DE4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    250000 | NS      | $194934.13    | 1.01%             | 2044-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Lululemon Athletica Inc.                       | Lululemon Athletica Inc. COM                   | CUSIP: 550021109<br>LEI: 549300D9GZ4BMLDW5T40 | Long             | EC               | CORP              | US        |       550 | NS      | $209170.50    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                        | MasterCard Incorporated CL A                   | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       500 | NS      | $178200.00    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corporation                          | Microsoft Corporation COM                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |       800 | NS      | $204112.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                         | Micron Technology Inc. COM                     | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |      1550 | NS      | $89357.50     | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                         | Motorola Solutions Inc COM NEW                 | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       770 | NS      | $209594.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                      | Nestle SA SPONSORED ADR                        | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      1900 | NS      | $226081.00    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmont Corporation                            | Newmont Corporation COM                        | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |      4000 | NS      | $189880.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Nextera Energy Inc                             | Nextera Energy Inc COM                         | CUSIP: 65339F101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4000 | NS      | $338800.00    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                               | Novo Nordisk A/S ADR                           | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      3300 | NS      | $411180.00    | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                       | O'Reilly Automotive Inc. COM                   | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |       160 | NS      | $138326.40    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corporation                             | Oracle Corporation COM                         | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      3100 | NS      | $257393.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| PacifiCorp.                                    | BRKHEC 6 01/15/39                              | CUSIP: 695114CL0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    250000 | NS      | $260371.08    | 1.35%             | 2039-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corporation                    | Parker-Hannifin Corporation COM                | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       800 | NS      | $239152.00    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Pepsico Inc                                    | Pepsico Inc COM                                | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |      1250 | NS      | $231887.50    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Pfizer Inc.                                    | Pfizer Inc. COM                                | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      4100 | NS      | $205533.00    | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                    | Phillips 66 COM                                | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1100 | NS      | $119284.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Company                   | The Procter & Gamble Company COM               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1150 | NS      | $171534.00    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                  | QUALCOMM Inc. COM                              | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |       100 | NS      | $12649.00     | 0.07%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                  | QCOM 3.25 05/20/27                             | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    220000 | NS      | $209831.01    | 1.09%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| RPM International Inc.                         | RPM International Inc. COM                     | CUSIP: 749685103<br>LEI: 549300TJCKW4BRXPJ474 | Long             | EC               | CORP              | US        |      1400 | NS      | $145068.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                        | Republic Services, Inc. COM                    | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       950 | NS      | $132325.50    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                | Ross Stores Inc COM                            | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      2000 | NS      | $235340.00    | 1.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Shell PLC                                      | Shell PLC SPON ADS                             | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      5100 | NS      | $298197.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation                 | SCHW 3 03/10/25                                | CUSIP: 808513AL9<br>LEI: 549300VSGCJ7E698NM85 | Long             | DBT              | CORP              | US        |    300000 | NS      | $288607.58    | 1.50%             | 2025-03-10      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| SKAGIT CNTY WASH SCH DIST NO 101 SEDRO WOOLLEY | WA SKASCD 4.61 12/01/2022                      | CUSIP: 830337KF7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $100000.00    | 0.52%             | 2022-12-01      | Fixed         | 4.61%                 | No            |                  2 | On Loan: No      |
| Sony Group Corp.                               | Sony Group Corp. SPONSORED ADR                 | CUSIP: 835699307<br>LEI: 529900R5WX9N2OI2N910 | Long             | EC               | CORP              | JP        |      1900 | NS      | $157833.00    | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanford University                            | STNFRD 4.013 05/01/42                          | CUSIP: 854403AD4<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |    100000 | NS      | $87648.63     | 0.45%             | 2042-05-01      | Fixed         | 4.01%                 | No            |                  2 | On Loan: No      |
| The TJX Companies Inc.                         | The TJX Companies Inc. COM                     | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2700 | NS      | $216135.00    | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| TACOMA WASH                                    | WA TACPWR 5.97 01/01/2035                      | CUSIP: 873519ML3<br>LEI: 549300R2ZDWKQB6DIV86 | Long             | DBT              | MUN               | US        |    100000 | NS      | $107405.10    | 0.56%             | 2035-01-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Telus Corporation                              | Telus Corporation COM                          | CUSIP: 87971M103<br>LEI: L2TEUTQ8OSHMJWVLCE40 | Long             | EC               | CORP              | CA        |      8000 | NS      | $170480.00    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                      | UNP 3.375 02/01/35                             | CUSIP: 907818EB0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    250000 | NS      | $213254.67    | 1.11%             | 2035-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bills                   | B 0 01/26/23                                   | CUSIP: 912796S34<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    250000 | NS      | $248425.20    | 1.29%             | 2023-01-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                   | T 6.25 08/15/23                                | CUSIP: 912810EQ7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    438000 | NS      | $442790.63    | 2.30%             | 2023-08-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                   | T 4.5 02/15/36                                 | CUSIP: 912810FT0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    137000 | NS      | $148816.25    | 0.77%             | 2036-02-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                   | T 3.625 02/15/44                               | CUSIP: 912810RE0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    155000 | NS      | $145076.37    | 0.75%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 1.625 04/30/23                               | CUSIP: 912828R28<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    106000 | NS      | $104695.70    | 0.54%             | 2023-04-30      | Fixed         | 1.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 2.75 11/15/23                                | CUSIP: 912828WE6<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    350000 | NS      | $343464.84    | 1.78%             | 2023-11-15      | Fixed         | 2.75%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 2 05/31/24                                   | CUSIP: 912828XT2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |     80000 | NS      | $76987.50     | 0.40%             | 2024-05-31      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 0.125 08/31/23                               | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    900000 | NS      | $869589.85    | 4.51%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes                   | T 1.125 01/15/25                               | CUSIP: 91282CDS7<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | NS      | $373953.12    | 1.94%             | 2025-01-15      | Fixed         | 1.12%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                        | UnitedHealth Group Inc. COM                    | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       300 | NS      | $164328.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                            | Virtu Financial Inc CL A                       | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      9000 | NS      | $199620.00    | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                       | Visa Inc COM CL A                              | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       900 | NS      | $195300.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower OP LLC                               | WELL 4.25 04/15/28                             | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    350000 | NS      | $330233.80    | 1.71%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Eaton Corporation PLC                          | Eaton Corporation PLC COM USD0.01              | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      2000 | NS      | $326900.00    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC             | Johnson Controls International PLC COM USD1.00 | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      5350 | NS      | $355454.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                      | Linde PLC COM EUR0.001                         | CUSIP: G5494J103<br>LEI: 8945002PAZHZLBGKGF02 | Long             | EC               | CORP              | IE        |      1000 | NS      | $336480.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Limited                                  | Chubb Limited ORD CHF24.15                     | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       810 | NS      | $177867.90    | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| NXP Semiconductors NV                          | NXP Semiconductors NV EUR0.20                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       950 | NS      | $167048.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Experian PLC                                   | Experian PLC ORD USD0.10                       | CUSIP: G32655105<br>LEI: 635400RXXHHYT1JTSZ26 | Long             | EC               | CORP              | JE        |      2300 | NS      | $80408.09     | 0.42%             |  |  |  | No            |                  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