# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0001145549-23-003764
**Filing Date:** 2023-1
**Character Count:** 19311
**Document Hash:** fb15b3eefa806b28fbd14e628d2fe635
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003764.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-003764

**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:** 23561455

**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 Global High Income Fund (Series ID: S000036646)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000112018 | Sextant Global High Income Fund | SGHIX           |

## 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 Global High Income Fund

- **b. EDGAR series identifier (if any):** S000036646

- **c. LEI of Series:** 5493005SJTPZ4UZ2HX03

**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:** $9065942.72

**Total Liabilities:** $11878.05

**Net Assets:** $9054064.67

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.824318716269 | **1-Year:** 21.737503576769 | **5-Year:** 160.235747032305 | **10-Year:** 446.972258735553 | **30-Year:** 799.185065574151

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

- **3-Month:** 5.698690008812 | **1-Year:** 14.890205522965 | **5-Year:** 215.365725072218 | **10-Year:** 198.312596368456 | **30-Year:** 42.607562044917

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112018 | -5.91%               | 2.81%                | 6.53%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-61120.54               | $-512261.57                                |
| Month 2  | $164.49                  | $202322.68                                 |
| Month 3  | $-72853.13               | $609940.85                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The ADT Corporation                     | ADT 4.125 06/15/23                                | CUSIP: 00101JAH9<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |    150000 | NS      | $148515.74    | 1.64%             | 2023-06-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic of)                 | ARGENT 1.5 07/09/46                               | CUSIP: 040114HW3<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |    242500 | NS      | $58194.30     | 0.64%             | 2046-07-09      | Variable      | 1.50%                 | No            |                  2 | On Loan: No      |
| Argentina (Republic of)                 | ARGENT 1 07/09/29                                 | CUSIP: 040114HX1<br>LEI: 549300KPBYGYF7HCHO27 | Long             | DBT              | NUSS              | AR        |      9276 | NS      | $2360.60      | 0.03%             | 2029-07-09      | Fixed         | 1.00%                 | No            |                  2 | On Loan: No      |
| BHP Group Ltd.                          | BHP Group Ltd. SPONSORED ADS                      | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      5500 | NS      | $345400.00    | 3.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Brazil (Federative Republic)            | BRAZIL 8.5 01/05/24                               | CUSIP: 105756BT6<br>LEI: 254900ZFY40OYEADAP90 | Long             | DBT              | NUSS              | BR        |    750000 | NS      | $136259.84    | 1.50%             | 2024-01-05      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| Burlington Northern Santa Fe LLC        | BNSF 5.05 03/01/41                                | CUSIP: 12189LAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | NS      | $196610.86    | 2.17%             | 2041-03-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| CSX Corporation                         | CSX 4.65 03/01/68                                 | CUSIP: 126408HL0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    250000 | NS      | $214210.72    | 2.37%             | 2068-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Cisco Systems, Inc.                     | Cisco Systems, Inc. COM                           | CUSIP: 17275R102<br>LEI: 549300LKFJ962MZ46593 | Long             | EC               | CORP              | US        |      5000 | NS      | $248600.00    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Colombia (Republic of)                  | COLOM 8.375 02/15/27                              | CUSIP: 195325AL9<br>LEI: 549300MHDRBVRF6B9117 | Long             | DBT              | NUSS              | CO        |    125000 | NS      | $125301.31    | 1.38%             | 2027-02-15      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| COLONY TEX LOC DEV CORP                 | TX CNYGEN 7.62 10/01/2042                         | CUSIP: 19625ABL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | NS      | $50897.28     | 0.56%             | 2042-10-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| Comcast Corporation                     | CMCSA 4.65 07/15/42                               | CUSIP: 20030NBE0<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | DBT              | CORP              | US        |    250000 | NS      | $227390.64    | 2.51%             | 2042-07-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Delta Air Lines Inc                     | DAL 3.75 10/28/29                                 | CUSIP: 247361ZT8<br>LEI: Q2CCMS6R0AS67HJMBN42 | Long             | DBT              | CORP              | US        |    250000 | NS      | $214052.50    | 2.36%             | 2029-10-28      | Fixed         | 3.75%                 | No            |                  2 | On Loan: No      |
| Ford Motor Company                      | F 6.375 02/01/29                                  | CUSIP: 345370BZ2<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | DBT              | CORP              | US        |    220000 | NS      | $215699.00    | 2.38%             | 2029-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| GSK plc                                 | GSK plc SPONSORED ADR                             | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      4000 | NS      | $138360.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Icahn Enterprises LP                    | Icahn Enterprises LP DEPOSITARY UNIT              | CUSIP: 451100101<br>LEI: 549300T0G4GS0SINS786 | Long             | EC               | CORP              | US        |      3000 | NS      | $153540.00    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Lincoln National Corporation            | LNC F 04/20/67 *                                  | CUSIP: 534187BP3<br>LEI: EFQMQROEDSNBRIP7LE47 | Long             | DBT              | CORP              | US        |    250000 | NS      | $176445.73    | 1.95%             | 2067-04-20      | Floating      | 6.28%                 | No            |                  2 | On Loan: No      |
| M.D.C. Holdings Inc.                    | MDC 3.85 01/15/30                                 | CUSIP: 552676AT5<br>LEI: 5299005FV4VNV75R8R35 | Long             | DBT              | CORP              | US        |    200000 | NS      | $160864.68    | 1.78%             | 2030-01-15      | Fixed         | 3.85%                 | No            |                  2 | On Loan: No      |
| Netflix, Inc.                           | NFLX 4.375 11/15/26                               | CUSIP: 64110LAN6<br>LEI: 549300Y7VHGU0I7CE873 | Long             | DBT              | CORP              | US        |    250000 | NS      | $241345.71    | 2.67%             | 2026-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Nissan Motor Co Ltd                     | NSANY 4.81 09/17/30 144A                          | CUSIP: 654744AD3<br>LEI: 353800DRBDH1LUTNAY26 | Long             | DBT              | CORP              | JP        |    275000 | NS      | $228300.00    | 2.52%             | 2030-09-17      | Fixed         | 4.81%                 | Yes           |                  2 | On Loan: No      |
| Novartis AG                             | Novartis AG SPONSORED ADR                         | CUSIP: 66987V109<br>LEI: 5493007HIVTX6SY6XD66 | Long             | EC               | CORP              | CH        |      2500 | NS      | $223900.00    | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Orange S.A.                             | Orange S.A. SPONSORED ADR                         | CUSIP: 684060106<br>LEI: 969500MCOONR8990S771 | Long             | EC               | CORP              | FR        |     20000 | NS      | $203800.00    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Petrobras Global Finance B.V.           | PETBRA 6.875 01/20/40                             | CUSIP: 71645WAQ4<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     50000 | NS      | $46375.00     | 0.51%             | 2040-01-20      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| Petrobras Global Finance B.V.           | PETBRA 6.75 01/27/41                              | CUSIP: 71645WAS0<br>LEI: 549300FNENFFSMO3GT38 | Long             | DBT              | CORP              | NL        |     80000 | NS      | $72802.13     | 0.80%             | 2041-01-27      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NatWest Group PLC                       | NWG 6.125 12/15/22                                | CUSIP: 780099CE5<br>LEI: 2138005O9XJIJN4JPN90 | Long             | DBT              | CORP              | GB        |    200000 | NS      | $199975.84    | 2.21%             | 2022-12-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| Shell PLC                               | Shell PLC SPON ADS                                | CUSIP: 780259305<br>LEI: 21380068P1DRHMJ8KU70 | Long             | EC               | CORP              | GB        |      3800 | NS      | $222186.00    | 2.45%             |  |  |  | No            |                  1 | On Loan: No      |
| SK Telecom Ltd.                         | SK Telecom Ltd. SPONSORED ADR                     | CUSIP: 78440P306<br>LEI: 9884003WEA1PHW006037 | Long             | EC               | CORP              | KR        |      6073 | NS      | $130265.85    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Southern Copper Corporation             | Southern Copper Corporation COM                   | CUSIP: 84265V105<br>LEI: 2549007U6NAP46Q9TU15 | Long             | EC               | CORP              | US        |      5000 | NS      | $305100.00    | 3.37%             |  |  |  | No            |                  1 | On Loan: No      |
| South32 Ltd.                            | South32 Ltd. SPONSORED ADR                        | CUSIP: 84473L105<br>LEI: 213800LAZNPXSBKVHR17 | Long             | EC               | CORP              | AU        |     19000 | NS      | $264480.00    | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| TotalEnergies SE                        | TotalEnergies SE SPONSORED ADS                    | CUSIP: 89151E109<br>LEI: 529900S21EQ1BO4ESM68 | Long             | EC               | CORP              | FR        |      3800 | NS      | $237196.00    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| United States Treasury Bills            | B 0 01/26/23                                      | CUSIP: 912796S34<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    500000 | NS      | $496850.39    | 5.49%             | 2023-01-26      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| United States Treasury Notes            | T 0.125 08/31/23                                  | CUSIP: 91282CCU3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    400000 | NS      | $386484.38    | 4.27%             | 2023-08-31      | Fixed         | 0.12%                 | No            |                  2 | On Loan: No      |
| Verizon Communications Inc.             | Verizon Communications Inc. COM                   | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      5000 | NS      | $194900.00    | 2.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                     | Virtu Financial Inc CL A                          | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      7500 | NS      | $166350.00    | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Woodside Energy Group Ltd               | Woodside Energy Group Ltd SPONSORED ADR           | CUSIP: 980228308<br>LEI: 2549005ZC5RXAOO7FH41 | Long             | EC               | CORP              | AU        |      1987 | NS      | $50112.14     | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| YUM Brands Inc                          | YUM 3.625 03/15/31                                | CUSIP: 988498AN1<br>LEI: 549300JE8XHZZ7OHN517 | Long             | DBT              | CORP              | US        |    195000 | NS      | $162581.25    | 1.80%             | 2031-03-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| Telenor ASA                             | Telenor ASA ORD NOK6                              | CUSIP: R21882106<br>LEI: 549300IM1QSBY4SLPM26 | Long             | EC               | CORP              | NO        |     20000 | NS      | $191650.22    | 2.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Skandinaviska Enskilda Banken AB (publ) | Skandinaviska Enskilda Banken AB (publ) SER'A'NPV | CUSIP: W25381141<br>LEI: F3JS33DEI6XQ4ZBPTN86 | Long             | EC               | CORP              | SE        |     25000 | NS      | $283890.98    | 3.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Volkswagen Aktiengesellschaft           | Volkswagen Aktiengesellschaft NON VTG PRF NPV     | CUSIP: D94523103<br>LEI: 529900NNUPAGGOMPXZ31 | Long             | EP               | CORP              | DE        |      1500 | NS      | $219235.47    | 2.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Nintendo Co Ltd                         | Nintendo Co Ltd NPV                               | CUSIP: J51699106<br>LEI: 353800FEEXU6I9M0ZF27 | Long             | EC               | CORP              | JP        |      5000 | NS      | $212157.65    | 2.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Norsk Hydro ASA                         | Norsk Hydro ASA NOK1.098                          | CUSIP: R61115102<br>LEI: 549300N1SDN71ZZ8BO45 | Long             | EC               | CORP              | NO        |     35000 | NS      | $260296.65    | 2.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Bimbo S.A.B de C.V.               | BIMBOA 4.875 06/27/44 REGS                        | CUSIP: P4949BAK0<br>LEI: 5493000RIXURZEBFEV60 | Long             | DBT              | CORP              | MX        |    200000 | NS      | $174840.22    | 1.93%             | 2044-06-27      | Fixed         | 4.88%                 | Yes           |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** SATURNA INVESTMENT TRUST

**Signature:** Christopher Fankhauser

**Name of Signer:** Christopher Fankhauser

**Title:** Treasurer