# EDGAR Filing Document

**Accession Number:** 0000811860
**File Stem:** 0001193125-26-023998
**Filing Date:** 2026-1
**Character Count:** 36102
**Document Hash:** 1af7a13763019807e0a2722bb617cd79
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-023998.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001193125-26-023998

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260127

**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:** 26564035

**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:** Saturna 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:** 2025-11-30

**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:** $31323114.10

**Total Liabilities:** $32602.77

**Net Assets:** $31290511.33

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 6.321767444370 | **1-Year:** 192.240765792708 | **5-Year:** 1092.006426725987 | **10-Year:** 2121.536748198395 | **30-Year:** 506.511077519490

**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 | 3.45%                | 0.58%                | 0.00%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $280736.22               | $694862.79                                 |
| Month 2  | $613793.64               | $-470326.04                                |
| Month 3  | $-113316.73              | $73577.79                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Corteva Inc                                      | Corteva Inc COM                                            | CUSIP: 22052L104<br>LEI: 549300WZN9I2QKLS0O94 | Long             | EC               | CORP              | US        |      6750 | NS      | $455422.50    | 1.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Agnico Eagle Mines Ltd                           | Agnico Eagle Mines Ltd COM                                 | CUSIP: 008474108<br>LEI: YGE0EUBRF7IJOB3QRX76 | Long             | EC               | CORP              | CA        |      5500 | NS      | $959365.00    | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Dominion Energy Inc                              | Dominion Energy Inc COM                                    | CUSIP: 25746U109<br>LEI: ILUL7B6Z54MRYCF6H308 | Long             | EC               | CORP              | US        |      8500 | NS      | $533545.00    | 1.71%             |  |  |  | No            |                  1 | On Loan: No      |
| GSK plc                                          | GSK plc SPONSORED ADR                                      | CUSIP: 37733W204<br>LEI: 5493000HZTVUYLO1D793 | Long             | EC               | CORP              | GB        |      6300 | NS      | $301518.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Eaton Corporation PLC                            | Eaton Corporation PLC SHS                                  | CUSIP: G29183103<br>LEI: 549300VDIGTMXUNT7H71 | Long             | EC               | CORP              | IE        |      1655 | NS      | $572447.95    | 1.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Trane Technologies PLC                           | Trane Technologies PLC COM USD1                            | CUSIP: G8994E103<br>LEI: 549300BURLR9SLYY2705 | Long             | EC               | CORP              | IE        |       400 | NS      | $168592.00    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| O'Reilly Automotive Inc.                         | O'Reilly Automotive Inc. COM                               | CUSIP: 67103H107<br>LEI: 549300K2RLMQL149Q332 | Long             | EC               | CORP              | US        |      2400 | NS      | $244080.00    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                                   | Rheinmetall AG NPV                                         | CUSIP: D65111102<br>LEI: N/A                  | Long             | EC               | CORP              | DE        |        75 | NS      | $128301.42    | 0.41%             |  |  |  | No            |                  2 | On Loan: No      |
| AECOM                                            | AECOM COM                                                  | CUSIP: 00766T100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      2750 | NS      | $283607.50    | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Hexagon AB                                       | Hexagon AB SER'B'NPV                                       | CUSIP: W4R431112<br>LEI: N/A                  | Long             | EC               | CORP              | SE        |      6000 | NS      | $70419.97     | 0.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Chubb Ltd.                                       | Chubb Ltd. COM                                             | CUSIP: H1467J104<br>LEI: E0JAN6VLUDI1HITHT809 | Long             | EC               | CORP              | CH        |       810 | NS      | $239905.80    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| MasterCard Incorporated                          | MasterCard Incorporated CL A                               | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |       400 | NS      | $220212.00    | 0.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                     | Oracle Corp. COM                                           | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |       670 | NS      | $135306.50    | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                    | Alphabet Inc. CAP STK CL A                                 | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3150 | NS      | $1008567.00   | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc                               | NextEra Energy Inc COM                                     | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |      5925 | NS      | $511268.25    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Welltower Inc.                                   | WELL 4.25 04/15/28                                         | CUSIP: 95040QAD6<br>LEI: T6IZ0MBEG5ACZDTR7D06 | Long             | DBT              | CORP              | US        |    350000 | PA      | $352672.94    | 1.13%             | 2028-04-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| BellSouth Capital Funding Corporation            | T 7.875 02/15/30                                           | CUSIP: 079857AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    150000 | PA      | $167268.62    | 0.53%             | 2030-02-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| Stanford University                              | STNFRD 4.013 05/01/42                                      | CUSIP: 854403AD4<br>LEI: JIUV0DC2REIJXQ26CR37 | Long             | DBT              | CORP              | US        |    100000 | PA      | $86179.03     | 0.28%             | 2042-05-01      | Fixed         | 4.01%                 | 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 | PA      | $776425.79    | 2.48%             | 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 | PA      | $143170.35    | 0.46%             | 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 | PA      | $135927.73    | 0.43%             | 2044-02-15      | Fixed         | 3.62%                 | No            |                  2 | On Loan: No      |
| QUALCOMM Inc.                                    | QCOM 3.25 05/20/27                                         | CUSIP: 747525AU7<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | DBT              | CORP              | US        |    220000 | PA      | $218389.93    | 0.70%             | 2027-05-20      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Phillips 66                                      | Phillips 66 COM                                            | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1100 | NS      | $150656.00    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowes Companies, Inc.                            | LOW 4.25 09/15/44                                          | CUSIP: 548661DE4<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | DBT              | CORP              | US        |    250000 | PA      | $201187.51    | 0.64%             | 2044-09-15      | Fixed         | 4.25%                 | 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 | PA      | $730476.56    | 2.33%             | 2048-11-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| PacifiCorp.                                      | BRKHEC 6 01/15/39                                          | CUSIP: 695114CL0<br>LEI: SGY07Y7FNYBNLM6Z1M11 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512194.30    | 1.64%             | 2039-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Visa Inc                                         | Visa Inc COM CL A                                          | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |       900 | NS      | $300996.00    | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Virtu Financial Inc                              | Virtu Financial Inc CL A                                   | CUSIP: 928254101<br>LEI: 5493001OPW2K42CH3884 | Long             | EC               | CORP              | US        |      7500 | NS      | $268200.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International                             | Hermes International NPV                                   | CUSIP: F48051100<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |        55 | NS      | $134242.14    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| NVIDIA Corp.                                     | NVIDIA Corp. COM                                           | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      3750 | NS      | $663750.00    | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Danone SA                                        | Danone SA SPONSORED ADR                                    | CUSIP: 23636T100<br>LEI: 969500KMUQ2B6CBAF162 | Long             | EC               | CORP              | FR        |     25000 | NS      | $446750.00    | 1.43%             |  |  |  | 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 | PA      | $169125.09    | 0.54%             | 2036-08-15      | Fixed         | 6.20%                 | No            |                  2 | On Loan: No      |
| Expedia Group Inc                                | EXPE 5 02/15/26                                            | CUSIP: 30212PAM7<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250048.35    | 0.80%             | 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        |       575 | NS      | $372571.25    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Motorola Solutions Inc                           | Motorola Solutions Inc COM NEW                             | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |       900 | NS      | $332712.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corporation                    | Boston Scientific Corporation COM                          | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |      3000 | NS      | $304740.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Enphase Energy Inc                               | Enphase Energy Inc COM                                     | CUSIP: 29355A107<br>LEI: 5493008U7KIGMI59Z314 | Long             | EC               | CORP              | US        |      4150 | NS      | $119727.50    | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc.                      | Advanced Micro Devices Inc. COM                            | CUSIP: 007903107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1350 | NS      | $293665.50    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Republic Services, Inc.                          | Republic Services, Inc. COM                                | CUSIP: 760759100<br>LEI: NKNQHM6BLECKVOQP7O46 | Long             | EC               | CORP              | US        |       950 | NS      | $206207.00    | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| CSX Corporation                                  | CSX 4.65 03/01/68                                          | CUSIP: 126408HL0<br>LEI: 549300JVQR4N1MMP3Q88 | Long             | DBT              | CORP              | US        |    300000 | PA      | $251826.12    | 0.80%             | 2068-03-01      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| Coca-Cola Co (The)                               | KO 1 03/15/28                                              | CUSIP: 191216DD9<br>LEI: UWJKFUJFZ02DKWI3RY53 | Long             | DBT              | CORP              | US        |    250000 | PA      | $235705.39    | 0.75%             | 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 | PA      | $526789.55    | 1.68%             | 2035-06-15      | Fixed         | 5.65%                 | No            |                  2 | On Loan: No      |
| AstraZeneca PLC                                  | AstraZeneca PLC SPONSORED ADR                              | CUSIP: 046353108<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      4000 | NS      | $370880.00    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| NIBE Industrier AB                               | NIBE Industrier AB SER'B'NPV                               | CUSIP: W6S38Z126<br>LEI: 549300ZQH0FIF1P0MX67 | Long             | EC               | CORP              | SE        |     25000 | NS      | $92633.59     | 0.30%             |  |  |  | No            |                  2 | On Loan: No      |
| Autozone, Inc.                                   | Autozone, Inc. COM                                         | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |        90 | NS      | $355889.70    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Linde PLC                                        | Linde PLC COM EUR0.001                                     | CUSIP: G54950103<br>LEI: 5299003QR1WT0EF88V51 | Long             | EC               | CORP              | IE        |       560 | NS      | $229779.20    | 0.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                     | Broadcom Inc COM                                           | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      1350 | NS      | $543996.00    | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Sandoz Group AG                                  | Sandoz Group AG SPONSORED ADS                              | CUSIP: 799926100<br>LEI: 5493000JWK6XWFEUD320 | Long             | EC               | CORP              | CH        |      1000 | NS      | $70940.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp.                                     | ORCL 2.95 04/01/30                                         | CUSIP: 68389XBV6<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | DBT              | CORP              | US        |    500000 | PA      | $465084.12    | 1.49%             | 2030-04-01      | Fixed         | 2.95%                 | 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      | $384342.82    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Dollarama Inc                                    | Dollarama Inc COM                                          | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |       900 | NS      | $128773.84    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Prysmian S.p.A.                                  | Prysmian S.p.A. NPV                                        | CUSIP: T7630L105<br>LEI: N/A                  | Long             | EC               | CORP              | IT        |      4000 | NS      | $401515.45    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Copart Inc                                       | Copart Inc COM                                             | CUSIP: 217204106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3000 | NS      | $116940.00    | 0.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Antofagasta PLC                                  | Antofagasta PLC ORD GBP0.05                                | CUSIP: G0398N128<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      8000 | NS      | $292802.16    | 0.94%             |  |  |  | No            |                  2 | 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 | PA      | $301474.95    | 0.96%             | 2029-12-04      | Fixed         | 4.50%                 | No            |                  2 | 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 | PA      | $404881.84    | 1.29%             | 2066-10-01      | Fixed         | 5.95%                 | 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        |    605000 | PA      | $621621.59    | 1.99%             | 2053-09-01      | Fixed         | 6.36%                 | 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 | PA      | $252724.90    | 0.81%             | 2055-11-15      | Fixed         | 5.92%                 | 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 | PA      | $231953.85    | 0.74%             | 2035-02-01      | Fixed         | 3.90%                 | Yes           |                  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 | PA      | $302583.09    | 0.97%             | 2045-11-15      | Fixed         | 5.80%                 | No            |                  2 | On Loan: No      |
| CRH PLC                                          | CRH PLC ORD EUR 0.32                                       | CUSIP: G25508105<br>LEI: N/A                  | Long             | EC               | CORP              | IE        |      2250 | NS      | $269910.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Fujikura Ltd.                                    | Fujikura Ltd. NPV                                          | CUSIP: J14784128<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |      1000 | NS      | $115843.17    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| United States Treasury Bonds                     | TII 2.125 02/15/54                                         | CUSIP: 912810TY4<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    600000 | PA      | $585951.52    | 1.87%             | 2054-02-15      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| Microsoft Corp.                                  | Microsoft Corp. COM                                        | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      1750 | NS      | $861017.50    | 2.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Micron Technology Inc.                           | Micron Technology Inc. COM                                 | CUSIP: 595112103<br>LEI: B3DXGBC8GAIYWI2Z0172 | Long             | EC               | CORP              | US        |       445 | NS      | $105233.60    | 0.34%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                           | SAP SE SPON ADR                                            | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1650 | NS      | $398887.50    | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd.     | Taiwan Semiconductor Manufacturing Co., Ltd. SPONSORED ADS | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2550 | NS      | $743350.50    | 2.38%             |  |  |  | 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        |       225 | NS      | $238500.00    | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                                   | ConocoPhillips COM                                         | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |       800 | NS      | $70952.00     | 0.23%             |  |  |  | No            |                  1 | On Loan: No      |
| BHP Group Ltd.                                   | BHP Group Ltd. SPONSORED ADS                               | CUSIP: 088606108<br>LEI: WZE1WSENV6JSZFK0JC28 | Long             | EC               | CORP              | AU        |      2750 | NS      | $150507.50    | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co.                                     | Fastenal Co. COM                                           | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |      3490 | NS      | $140996.00    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                            | Parker-Hannifin Corp. COM                                  | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       170 | NS      | $146489.00    | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Emcor Group Inc                                  | Emcor Group Inc COM                                        | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |       700 | NS      | $430549.00    | 1.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson Controls International PLC               | Johnson Controls International PLC SHS                     | CUSIP: G51502105<br>LEI: 549300XQ6S1GYKGBL205 | Long             | EC               | CORP              | IE        |      1450 | NS      | $168649.50    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corporation                        | UNP 3.375 02/01/35                                         | CUSIP: 907818EB0<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227424.73    | 0.73%             | 2035-02-01      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| Lowes Companies, Inc.                            | Lowes Companies, Inc. COM                                  | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |      1100 | NS      | $266728.00    | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Ross Stores Inc                                  | Ross Stores Inc COM                                        | CUSIP: 778296103<br>LEI: 549300ENZFLPGRDFZQ60 | Long             | EC               | CORP              | US        |      1390 | NS      | $245140.40    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| The TJX Companies Inc.                           | The TJX Companies Inc. COM                                 | CUSIP: 872540109<br>LEI: V167QI9I69W364E2DY52 | Long             | EC               | CORP              | US        |      2700 | NS      | $410184.00    | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Nestle SA                                        | Nestle SA SPONSORED ADR                                    | CUSIP: 641069406<br>LEI: KY37LUS27QQX7BB93L28 | Long             | EC               | CORP              | CH        |      1000 | NS      | $99580.00     | 0.32%             |  |  |  | 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      | $214832.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Unilever PLC                                     | Unilever PLC ADS-EA REPR 1 ORD GPB0.03111                  | CUSIP: 904767704<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |      4500 | NS      | $272655.00    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                 | Novo Nordisk A/S ADR                                       | CUSIP: 670100205<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      6250 | NS      | $308437.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc.                                      | AbbVie Inc. COM                                            | CUSIP: 00287Y109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1350 | NS      | $307395.00    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                               | Banco Santander SA ADR                                     | CUSIP: 05964H105<br>LEI: N/A                  | Long             | EC               | CORP              | ES        |     20000 | NS      | $214600.00    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co.                             | JPMorgan Chase & Co. COM                                   | CUSIP: 46625H100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1200 | NS      | $375696.00    | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                       | Apple Inc. COM                                             | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      2250 | NS      | $627412.50    | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-30

**Name of Applicant:** SATURNA INVESTMENT TRUST

**Signature:** Christopher Fankhauser

**Name of Signer:** Christopher Fankhauser

**Title:** Treasurer