# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0001145549-23-003766
**Filing Date:** 2023-1
**Character Count:** 27151
**Document Hash:** 570dcd2eb17abd2a1fa417f1862dbe52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003766.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-003766

**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:** 23561456

**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

### Idaho Tax-Exempt Fund (Series ID: S000022513)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000065114 | Idaho Tax-Exempt Fund | NITEX           |

## 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:** Idaho Tax-Exmept Fund

- **b. EDGAR series identifier (if any):** S000022513

- **c. LEI of Series:** 549300GEJXZMQCYDE775

**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:** $12272299.66

**Total Liabilities:** $14563.19

**Net Assets:** $12257736.47

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 10.947562590850 | **1-Year:** 905.832034101201 | **5-Year:** 3205.924301514411 | **10-Year:** 1666.474181171434 | **30-Year:** 273.928516688756

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

- **3-Month:** 0.000000000000 | **1-Year:** 11.427365552815 | **5-Year:** 0.884862376874 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000065114 | -2.76%               | -0.43%               | 3.56%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-384118.40                                |
| Month 2  | $0.00                    | $-73132.04                                 |
| Month 3  | $0.00                    | $421749.77                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ADA & CANYON CNTYS IDAHO JT SCH DIST NO 2                       | ID ADASCD 5 08/15/2032    | CUSIP: 005158VV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | NS      | $345086.72    | 2.82%             | 2032-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADA & CANYON CNTYS IDAHO JT SCH DIST NO 3 KUNA                  | ID ADASCD 4 09/15/2027    | CUSIP: 005176JR4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $105473.70    | 0.86%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ADA & CANYON CNTYS IDAHO JT SCH DIST NO 3 KUNA                  | ID ADASCD 5 09/15/2030    | CUSIP: 005176KJ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | NS      | $27062.58     | 0.22%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY IDAHO INDPT SCH DIST                                 | ID BOISCD 5 08/01/2032    | CUSIP: 097437SR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | NS      | $72140.74     | 0.59%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE CITY IDAHO INDPT SCH DIST                                 | ID BOISCD 3 08/01/2038    | CUSIP: 097437SX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $87705.18     | 0.72%             | 2038-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                             | ID BSUHGR 5 04/01/2028    | CUSIP: 097464XU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | NS      | $130734.80    | 1.07%             | 2028-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOISE ST UNIV IDAHO                                             | ID BSUHGR 5 04/01/2032    | CUSIP: 097464ZD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | NS      | $168797.17    | 1.38%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BONNEVILLE & BINGHAM CNTYS IDAHO JT SCH DIST NO 93              | ID BNV 5 09/15/2032       | CUSIP: 098419KQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $319285.11    | 2.60%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY IDAHO SCH DIST NO 134 MIDDLETON                     | ID CANSCD 4 09/15/2028    | CUSIP: 138815JC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | NS      | $414345.00    | 3.38%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY IDAHO SCH DIST NO 135 NOTUS                         | ID CANSCD 3.25 09/15/2031 | CUSIP: 138818DQ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    290000 | NS      | $293881.82    | 2.40%             | 2031-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY IDAHO SCH DIST NO 135 NOTUS                         | ID CANSCD 3.25 09/15/2032 | CUSIP: 138818DR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | NS      | $170956.69    | 1.39%             | 2032-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY IDAHO SCH DIST NO 139                               | ID CANSCD 5 09/15/2024    | CUSIP: 138824GN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    260000 | NS      | $260500.94    | 2.13%             | 2024-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CANYON CNTY IDAHO SCH DIST NO 139                               | ID CANSCD 5 09/15/2030    | CUSIP: 138824KB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $226309.18    | 1.85%             | 2030-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CARIBOU FRANKLIN & BANNOCK CNTYS IDAHO JT SCH DIST NO 148 GRACE | ID CFBSCD 3.25 09/15/2035 | CUSIP: 142082AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $300892.83    | 2.45%             | 2035-09-15      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| CASSIA & TWIN FALLS CNTYS IDAHO JT SCH DIST                     | ID CASSCD 3.38 09/15/2034 | CUSIP: 148190DZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | NS      | $158050.85    | 1.29%             | 2034-09-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| COLLEGE WESTN IDAH                                              | ID CWIHGR 4 10/01/2027    | CUSIP: 194521AJ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | NS      | $129871.91    | 1.06%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREMONT CNTY IDAHO                                              | ID FREGEN 4 09/01/2031    | CUSIP: 357214AH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    280000 | NS      | $296138.00    | 2.42%             | 2031-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FREMONT CNTY IDAHO                                              | ID FREGEN 4 09/01/2036    | CUSIP: 357214AN5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    210000 | NS      | $215147.42    | 1.76%             | 2036-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO BD BK AUTH                                                | ID IDSGEN 4 09/15/2032    | CUSIP: 4511523P5<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |    130000 | NS      | $136068.65    | 1.11%             | 2032-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO BD BK AUTH                                                | ID IDSGEN 4 09/15/2033    | CUSIP: 4511523Q3<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |    135000 | NS      | $140875.29    | 1.15%             | 2033-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO BD BK AUTH                                                | ID IDSGEN 4 09/15/2032    | CUSIP: 45115PBA8<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |     95000 | NS      | $96574.88     | 0.79%             | 2032-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO BD BK AUTH                                                | ID IDSGEN 4 09/15/2032    | CUSIP: 45115PBL4<br>LEI: 5493006H5207M9WPQJ98 | Long             | DBT              | MUN               | US        |    310000 | NS      | $314512.36    | 2.57%             | 2032-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO FALLS IDAHO                                               | ID IDF 4 09/15/2028       | CUSIP: 451185AG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    310000 | NS      | $326089.66    | 2.66%             | 2028-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO FALLS IDAHO                                               | ID IDF 4 09/15/2038       | CUSIP: 451185AS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $151854.00    | 1.24%             | 2038-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO FISH & WILDLIFE FNDTN INC                                 | ID IDSGEN 5 12/01/2033    | CUSIP: 451263BG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    320000 | NS      | $351957.70    | 2.87%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO FISH & WILDLIFE FNDTN INC                                 | ID IDSGEN 4 12/01/2036    | CUSIP: 451263CA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $204165.56    | 1.67%             | 2036-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                          | ID IDSMED 4 09/01/2045    | CUSIP: 451291AP3<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    265000 | NS      | $256528.67    | 2.09%             | 2045-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                          | ID IDSMED 4 09/01/2040    | CUSIP: 451291AT5<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    155000 | NS      | $152470.54    | 1.24%             | 2040-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                          | ID IDSMED 3.25 12/01/2028 | CUSIP: 451295XM6<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    300000 | NS      | $302219.64    | 2.47%             | 2028-12-01      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| IDAHO HEALTH FACS AUTH                                          | ID IDSMED 5 12/01/2047    | CUSIP: 45129UCF9<br>LEI: 549300X43KY1C2WW0J97 | Long             | DBT              | MUN               | US        |    260000 | NS      | $263804.53    | 2.15%             | 2047-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                            | ID IDSHSG 5 07/15/2037    | CUSIP: 45129WPR5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    100000 | NS      | $108221.57    | 0.88%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                            | ID IDSMFH 2.25 07/01/2031 | CUSIP: 45129XAX6<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    200000 | NS      | $179015.74    | 1.46%             | 2031-07-01      | Fixed         | 2.25%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                            | ID IDSSFH 3 07/01/2036    | CUSIP: 45129YG42<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |     50000 | NS      | $48898.08     | 0.40%             | 2036-07-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                            | ID IDSGEN 5 08/15/2042    | CUSIP: 45130AAV7<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    125000 | NS      | $138578.03    | 1.13%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO HSG & FIN ASSN                                            | ID IDSGEN 5 08/15/2047    | CUSIP: 45130AAW5<br>LEI: 5493002WM3NYB1LQB744 | Long             | DBT              | MUN               | US        |    150000 | NS      | $162479.60    | 1.33%             | 2047-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST BLDG AUTH                                              | ID IDSFAC 5 09/01/2043    | CUSIP: 451443D51<br>LEI: 549300XZ1VJYPPKQZU06 | Long             | DBT              | MUN               | US        |     25000 | NS      | $26985.81     | 0.22%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                   | ID ISUHGR 4 04/01/2027    | CUSIP: 451470PK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | NS      | $175021.60    | 1.43%             | 2027-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                   | ID ISUHGR 4 04/01/2030    | CUSIP: 451470PN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | NS      | $249823.19    | 2.04%             | 2030-04-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| IDAHO ST UNIV                                                   | ID ISUHGR 3 04/01/2031    | CUSIP: 451470PP7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | NS      | $233077.35    | 1.90%             | 2031-04-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON & MADISON CNTYS IDAHO SCH DIST NO 251 RIGBY           | ID JEFSCD 5 09/15/2028    | CUSIP: 474178EZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $112041.80    | 0.91%             | 2028-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON & MADISON CNTYS IDAHO SCH DIST NO 251 RIGBY           | ID JEFSCD 5 09/15/2032    | CUSIP: 474178FD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | NS      | $27866.23     | 0.23%             | 2032-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KOOTENAI CNTY IDAHO SCH DIST NO 273 POST FALLS                  | ID KOOSCD 4 08/15/2031    | CUSIP: 500566KQ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    265000 | NS      | $274453.98    | 2.24%             | 2031-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LATAH CNTY IDAHO SCH DIST NO 281 MOSCOW                         | ID LATSCD 4 08/15/2027    | CUSIP: 518156FY5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | NS      | $100956.10    | 0.82%             | 2027-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LATAH CNTY IDAHO SCH DIST NO 281 MOSCOW                         | ID LATSCD 4 08/15/2028    | CUSIP: 518156FZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $201898.22    | 1.65%             | 2028-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY IDAHO SCH DIST NO 321 REXBURG                      | ID MADSCD 5 09/15/2034    | CUSIP: 556819HB9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | NS      | $27003.90     | 0.22%             | 2034-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MADISON CNTY IDAHO SCH DIST NO 321 REXBURG                      | ID MADSCD 5 09/15/2035    | CUSIP: 556819HC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | NS      | $269693.33    | 2.20%             | 2035-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEZ PERCE CNTY IDAHO INDPT SCHDIST NO 001 LEWISTON              | ID NZPSCD 5 09/15/2029    | CUSIP: 653335BF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | NS      | $359030.03    | 2.93%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH IDAHO COLLEGE DORM HSG COMMN IDAHO                        | ID NORHGR 4 11/01/2030    | CUSIP: 660126BG7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    285000 | NS      | $294012.07    | 2.40%             | 2030-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OWYHEE & CANON CNTYS IDAHO JT SCH DIST NO 363 MARSING           | ID OWYSCD 4 09/15/2035    | CUSIP: 691355FF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $153924.21    | 1.26%             | 2035-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAYETTE CNTY IDAHO SCH DIST NO 372                              | ID PAYSCD 4 09/15/2034    | CUSIP: 704352DC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | NS      | $254956.15    | 2.08%             | 2034-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAYETTE LAKES RECREATIONAL WTR & SWR DIST IDAHO                 | ID PYLWTR 4 08/01/2032    | CUSIP: 70438YAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    195000 | NS      | $201726.86    | 1.65%             | 2032-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PAYETTE LAKES RECREATIONAL WTR & SWR DIST IDAHO                 | ID PYLWTR 4 08/01/2034    | CUSIP: 70438YAN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    255000 | NS      | $262995.14    | 2.15%             | 2034-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SUN VALLEY IDAHO                                                | ID SUN 5 09/15/2029       | CUSIP: 867000DJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | NS      | $44400.55     | 0.36%             | 2029-09-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TETON CNTY IDAHO SCH DIST NO 401                                | ID TETSCD 4 09/15/2035    | CUSIP: 88161YDK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | NS      | $514331.25    | 4.20%             | 2035-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TWIN FALLS CNTY IDAHO SCH DIST NO 411                           | ID TWISCD 4 09/15/2027    | CUSIP: 901561GG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | NS      | $173977.92    | 1.42%             | 2027-09-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TWIN FALLS CNTY IDAHO SCH DIST NO 411                           | ID TWISCD 4.25 09/15/2030 | CUSIP: 901561GK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $308319.27    | 2.52%             | 2030-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| TWIN FALLS CNTY IDAHO SCH DIST NO 411                           | ID TWISCD 4.75 09/15/2039 | CUSIP: 901561GX2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | NS      | $207278.72    | 1.69%             | 2039-09-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY IDAHO                                                | ID UNIHGR 5 04/01/2038    | CUSIP: 9143183Q1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | NS      | $166813.62    | 1.36%             | 2038-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY IDAHO                                                | ID UNIHGR 4 04/01/2038    | CUSIP: 9143184K3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    125000 | NS      | $128058.46    | 1.04%             | 2038-04-01      | Fixed         | 4.00%                 | 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