# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0001145549-25-049939
**Filing Date:** 2025-7
**Character Count:** 36862
**Document Hash:** cfb82128275a4c0f5e270bdce880f76e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049939.hdr.sgml**: 20250730

**ACCESSION NUMBER**: 0001145549-25-049939

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250730

**DATE AS OF CHANGE**: 20250730

**PERIOD START**: 20251130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SATURNA INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0000811860

**ORGANIZATION NAME:**
- **EIN:** 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:** 251165120

**BUSINESS ADDRESS:**
- **STREET 1:** 1300 NORTH STATE STREET
- **CITY:** BELLINGHAM
- **STATE:** WA
- **ZIP:** 98225-4730
- **BUSINESS PHONE:** 360-734-9900

**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 Core Fund (Series ID: S000022510)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000065111 | Saturna 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:** 2025-11-30

- **b. Date as of which information is reported:** 2025-05-31

**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:** $27596206.27

**Total Liabilities:** $30158.00

**Net Assets:** $27566048.27

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 8.257302212208 | **1-Year:** 153.543331329586 | **5-Year:** 745.951274705834 | **10-Year:** 1806.364919255527 | **30-Year:** 1273.517072104734

**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 | -2.43%               | 0.73%                | 3.44%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-686438.74                                |
| Month 2  | $-25668.09               | $170748.36                                 |
| Month 3  | $510.38                  | $864852.67                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Antofagasta PLC                                  | Antofagasta PLC ORD GBP0.05                                | CUSIP: G0398N128<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      4000 | NS      | $95576.64     | 0.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Hermes International                             | Hermes International NPV                                   | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        55 | NS      | $151637.12    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Fuji Electric Co., Ltd.                          | Fuji Electric Co., Ltd. NPV                                | CUSIP: J14112106<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      5500 | NS      | $242271.70    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| ConocoPhillips                                   | ConocoPhillips COM                                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       800 | NS      | $68280.00     | 0.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Corteva Inc                                      | Corteva Inc COM                                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      5500 | NS      | $389400.00    | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                        | Danone SA SPONSORED ADR                                    | CUSIP: 23636T100<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     25000 | NS      | $426750.00    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Darling Ingredients, Inc                         | Darling Ingredients, Inc COM                               | CUSIP: 237266101<br>LEI: L1N0SPPKS7EXZYUMZ898 | Long             | EC               | CORP              | US        |      1250 | NS      | $38950.00     | 0.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                                    | Dollarama Inc COM                                          | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |       500 | NS      | $64305.75     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                              | Dominion Energy Inc COM                                    | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      8500 | NS      | $481695.00    | 1.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                                  | Emcor Group Inc COM                                        | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       700 | NS      | $330302.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                               | Enphase Energy Inc COM                                     | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      4000 | NS      | $165560.00    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Expedia Group Inc                                | EXPE 5 02/15/26                                            | CUSIP: 30212PAM7<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    250000 | NS      | $250273.84    | 0.91%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Meta Platforms Inc                               | Meta Platforms Inc CL A                                    | CUSIP: 30303M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       450 | NS      | $291370.50    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                     | Fastenal Co. COM                                           | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      3490 | NS      | $144276.60    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Federal Home Loan Banks                          | FHLB 4.5 12/04/29 0000                                     | CUSIP: 3130B47A3<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    300000 | NS      | $299423.94    | 1.09%             | 2029-12-04      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Federal Home Loan Mortgage Corp.                 | FHLMC 4.5 09/05/28                                         | CUSIP: 3134HBBM2<br>LEI: N/A                  | Long             | DBT              | USGSE             | US        |    300000 | NS      | $299694.60    | 1.09%             | 2028-09-05      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| FedEx Corporation                                | FDX 3.9 02/01/35 144A                                      | CUSIP: 31428XCM6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | NS      | $217462.35    | 0.79%             | 2035-02-01      | Fixed         | 3.90%                 | Yes           |                  2 | On Loan: No      |
| General Mills, Inc.                              | General Mills, Inc. COM                                    | CUSIP: 370334104<br>LEI: 2TGYMUGI08PO8X8L6150 | Long             | EC               | CORP              | US        |      3800 | NS      | $206188.00    | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                          | GSK plc SPONSORED ADR                                      | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      4200 | NS      | $172326.00    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG                         | Infineon Technologies AG SPONSORED ADR                     | CUSIP: 45662N103<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |       775 | NS      | $30225.00     | 0.11%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                             | JPMorgan Chase & Co. COM                                   | CUSIP: 46625H100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1200 | NS      | $316800.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                            | Lowes Companies, Inc. COM                                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1100 | NS      | $248303.00    | 0.90%             |  |  |  | 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      | $193177.81    | 0.70%             | 2044-09-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST CMNTY DEV ADMIN DEPT HSG & CMNTY DEV | MD MDSDEV 6.36 09/01/2053                                  | CUSIP: 57419T5T4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    625000 | NS      | $627836.38    | 2.28%             | 2053-09-01      | Fixed         | 6.36%                 | No            |                  2 | On Loan: No      |
| MasterCard Incorporated                          | MasterCard Incorporated CL A                               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       400 | NS      | $234240.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                                  | Microsoft Corp. COM                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1530 | NS      | $704350.80    | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                           | Micron Technology Inc. COM                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       445 | NS      | $42034.70     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                           | Motorola Solutions Inc COM NEW                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       900 | NS      | $373842.00    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                        | Nestle SA SPONSORED ADR                                    | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      1000 | NS      | $106510.00    | 0.39%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                               | NextEra Energy Inc COM                                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      5925 | NS      | $418542.00    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                 | Novo Nordisk A/S ADR                                       | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      5000 | NS      | $357500.00    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp.                                     | NVIDIA Corp. COM                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3250 | NS      | $439172.50    | 1.59%             |  |  |  | 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      | $218800.00    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                     | Oracle Corp. COM                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |      2925 | NS      | $484175.25    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                     | ORCL 2.95 04/01/30                                         | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | NS      | $462950.68    | 1.68%             | 2030-04-01      | Fixed         | 2.95%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                      | BRKHEC 6 01/15/39                                          | CUSIP: 695114CL0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    500000 | NS      | $503155.46    | 1.83%             | 2039-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Parker-Hannifin Corp.                            | Parker-Hannifin Corp. COM                                  | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       420 | NS      | $279174.00    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Phillips 66                                      | Phillips 66 COM                                            | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1100 | NS      | $124828.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| The Procter & Gamble Co.                         | The Procter & Gamble Co. COM                               | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |      1450 | NS      | $246340.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| QUALCOMM Inc.                                    | QCOM 3.25 05/20/27                                         | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    220000 | NS      | $216227.67    | 0.78%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Republic Services, Inc.                          | Republic Services, Inc. COM                                | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       950 | NS      | $244425.50    | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                  | Ross Stores Inc COM                                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1390 | NS      | $194725.10    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                           | SAP SE SPON ADR                                            | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1650 | NS      | $499719.00    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Stanford University                              | STNFRD 4.013 05/01/42                                      | CUSIP: 854403AD4<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |    100000 | NS      | $81581.52     | 0.30%             | 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      | $342630.00    | 1.24%             |  |  |  | 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      | $105009.12    | 0.38%             | 2035-01-01      | Fixed         | 5.97%                 | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. SPONSORED ADS | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2300 | NS      | $444636.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Incorporated                   | Texas Instruments Incorporated COM                         | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |       450 | NS      | $82282.50     | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                     | Unilever PLC SPON ADR NEW                                  | CUSIP: 904767704<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      3000 | NS      | $191520.00    | 0.69%             |  |  |  | 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      | $218740.96    | 0.79%             | 2035-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                     | T 6.25 05/15/30                                            | CUSIP: 912810FM5<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    700000 | NS      | $770382.81    | 2.79%             | 2030-05-15      | 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      | $138380.70    | 0.50%             | 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      | $129697.46    | 0.47%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                     | T 3.375 11/15/48                                           | CUSIP: 912810SE9<br>LEI: N/A                  | Long             | DBT              | UST               | US        |    900000 | NS      | $694195.31    | 2.52%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| UnitedHealth Group Inc.                          | UnitedHealth Group Inc. COM                                | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |       390 | NS      | $117744.90    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| VIRGINIA ST HSG DEV AUTH                         | VA VASHSG 5.95 10/01/2066                                  | CUSIP: 92812WUR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    400000 | NS      | $391088.36    | 1.42%             | 2066-10-01      | Fixed         | 5.95%                 | No            |                  2 | On Loan: No      |
| Virtu Financial Inc                              | Virtu Financial Inc CL A                                   | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      7500 | NS      | $301425.00    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                                         | Visa Inc COM CL A                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       900 | NS      | $328671.00    | 1.19%             |  |  |  | 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      | $348792.17    | 1.27%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Wolters Kluwer NV                                | Wolters Kluwer NV SPONSORED ADR                            | CUSIP: 977874205<br>LEI: 724500TEM53I0U077B74 | Long             | EC               | CORP              | NL        |      2000 | NS      | $355360.00    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| CRH PLC                                          | CRH PLC ORD EUR 0.32                                       | CUSIP: G25508105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      1250 | NS      | $113950.00    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                            | Eaton Corporation PLC SHS                                  | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      1655 | NS      | $529931.00    | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC               | Johnson Controls International PLC SHS                     | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      3800 | NS      | $385206.00    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                        | Linde PLC COM EUR0.001                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       560 | NS      | $261844.80    | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                           | Trane Technologies PLC COM USD1                            | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       400 | NS      | $172108.00    | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Chubb Ltd.                                       | Chubb Ltd. COM                                             | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       810 | NS      | $240732.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| ASML Holding N.V.                                | ASML Holding N.V. N Y REGISTRY SHS                         | CUSIP: N07059210<br>LEI: N/A                  | Long             | EC               | CORP              | NL        |       170 | NS      | $125250.90    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Adobe Inc                                        | Adobe Inc COM                                              | CUSIP: 00724F101<br>LEI: FU4LY2G4933NH2E1CP29 | Long             | EC               | CORP              | US        |       450 | NS      | $186790.50    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd COM                                 | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      6150 | NS      | $725638.50    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| NIBE Industrier AB                               | NIBE Industrier AB SER'B'NPV                               | CUSIP: W6S38Z126<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |     30000 | NS      | $122776.80    | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Fujikura Ltd.                                    | Fujikura Ltd. NPV                                          | CUSIP: J14784128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      2000 | NS      | $92577.47     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Prysmian S.p.A.                                  | Prysmian S.p.A. NPV                                        | CUSIP: T7630L105<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |      4000 | NS      | $257203.80    | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| NXP Semiconductors NV                            | NXP Semiconductors NV COM                                  | CUSIP: N6596X109<br>LEI: 724500M9BY5293JDF951 | Long             | EC               | CORP              | NL        |       775 | NS      | $148125.75    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                    | Alphabet Inc. CAP STK CL A                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      2650 | NS      | $455111.00    | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                       | Apple Inc. COM                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2250 | NS      | $451912.50    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                  | AstraZeneca PLC SPONSORED ADR                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      4000 | NS      | $291320.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                                   | Autozone, Inc. COM                                         | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        60 | NS      | $223982.40    | 0.81%             |  |  |  | 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      | $164672.37    | 0.60%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                                   | BHP Group Ltd. SPONSORED ADS                               | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      2750 | NS      | $134722.50    | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                    | Boston Scientific Corporation COM                          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      3000 | NS      | $315780.00    | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                     | Broadcom Inc COM                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2300 | NS      | $556761.00    | 2.02%             |  |  |  | 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      | $162761.55    | 0.59%             | 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      | $238459.35    | 0.87%             | 2068-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Canadian Pacific Kansas City Ltd.                | Canadian Pacific Kansas City Ltd. COM                      | CUSIP: 13646K108<br>LEI: N/A                  | Long             | EC               | CORP              | CA        |      2568 | NS      | $209677.20    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Coca-Cola Co (The)                               | KO 1 03/15/28                                              | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    250000 | NS      | $230787.55    | 0.84%             | 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        |    500000 | NS      | $514232.37    | 1.87%             | 2035-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                      | CT CTSHSG 5.8 11/15/2045                                   | CUSIP: 20775H7X5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | NS      | $294849.27    | 1.07%             | 2045-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HSG FIN AUTH                      | CT CTSHSG 5.92 11/15/2055                                  | CUSIP: 20775H7Z0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | NS      | $246201.30    | 0.89%             | 2055-11-15      | Fixed         | 5.92%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-06-30

**Name of Applicant:** SATURNA INVESTMENT TRUST

**Signature:** Christopher Fankhauser

**Name of Signer:** Christopher Fankhauser

**Title:** Treasurer