SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-05071 / 33-13247
SATURNA INVESTMENT TRUST
(Exact Name of Registrant as Specified in Charter)
1300 N. State Street
Bellingham, Washington 98225-4730
(Address of Principal Executive Offices, including ZIP Code)
Jane K. Carten
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)
Registrant’s Telephone Number – (360) 734-9900 Ext. 1701
Date of fiscal year end: November 30, 2023
Date of reporting period: May 31, 2023
Item 1. Report To Shareowners
Performance
Summary
2
May
31,
2023
Semi-Annual
As
of
May
31,
2023
As
of
June
30,
2023
Performance
data
quoted
in
this
report
represents
past
performance,
is
before
any
taxes
payable
by
shareowners,
and
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
that
stated
herein.
Performance
current
to
the
most
recent
month-end
is
available
by
calling
toll-free
1-800-728-8762
or
visiting
www.sextantfunds.com.
Average
annual
total
returns
are
historical
and
include
change
in
share
value
as
well
as
reinvestment
of
dividends
and
capital
gains,
if
any.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Funds
that
invest
in
foreign
securities
may
involve
greater
risk,
including
political
and
economic
uncertainties
of
foreign
countries
as
well
as
the
risk
of
currency
fluctuations.
Z
Shares
of
Sextant
Growth
and
International
Funds
began
operations
June
2,
2017.
A
note
about
risk:
Please
see
the
Notes
to
Financial
Statements
beginning
on
page
46
for
a
discussion
of
investment
risks.
For
a
more
detailed
discussion
of
the
risks
associated
with
each
Fund,
please
see
the
Funds'
prospectus
or
each
Fund's
summary
prospectus.
1
By
regulation,
expense
ratios
shown
in
this
table
are
as
stated
in
the
Funds’
most
recent
prospectus
which
is
dated
March
31,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022.
Ratios
presented
in
this
table
differ
from
the
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
Also,
by
regulation,
the
performance
in
this
table
represents
the
most
recent
quarter-end
performance
rather
than
performance
through
the
Funds’
most
recent
fiscal
period.
Average
Annual
Returns
(before
any
taxes
paid
by
shareowners)
1
Year
3
Year
5
Year
10
year
15
Year
Expense
Ratio
1
625
Sextant
Short-Term
Bond
(
STBFX
)
0.41%
-0.92%
0.99%
0.90%
1.48%
0.88%
725
Sextant
Bond
Income
(
SBIFX
)
-3.27%
-5.11%
0.08%
1.14%
2.71%
0.92%
825
Sextant
Core
(
SCORX
)
-0.01%
5.17%
5.67%
5.24%
4.58%
0.82%
925
Sextant
Global
High
Income
Fund
(
SGHIX
)
-3.46%
4.00%
1.99%
3.81%
n/a
0.85%
Sextant
Growth
Fund
Investor
Shares
(
SSGFX
)
4.07%
10.12%
11.99%
11.52%
8.71%
1.01%
1,
Sextant
Growth
Fund
Z
Shares
(
SGZFX
)
4.36%
10.39%
12.28%
n/a
n/a
0.77%
1,
Sextant
International
Fund
Investor
Shares
(
SSIFX
)
4.53%
7.78%
6.84%
6.19%
3.98%
1.04%
1,1
Sextant
International
Fund
Z
Shares
(
SIFZX
)
4.74%
8.00%
7.08%
n/a
n/a
0.80%
Average
Annual
Returns
(before
any
taxes
paid
by
shareowners)
1
Year
3
Year
5
Year
10
year
15
Year
Expense
Ratio
1
625
Sextant
Short-Term
Bond
(
STBFX
)
1.09%
-1.04%
1.00%
0.95%
1.45%
0.88%
725
Sextant
Bond
Income
(
SBIFX
)
-1.82%
-5.47%
0.15%
1.42%
2.65%
0.92%
825
Sextant
Core
(
SCORX
)
8.97%
5.99%
6.46%
5.72%
5.19%
0.82%
925
Sextant
Global
High
Income
Fund
(
SGHIX
)
6.34%
4.44%
2.50%
4.31%
n/a
0.85%
Sextant
Growth
Fund
Investor
Shares
(
SSGFX
)
20.80%
11.02%
13.27%
12.42%
9.71%
1.01%
1,
Sex
tant
Growth
Fund
Z
Shares
(
SGZFX
)
21.11%
11.28%
13.56%
n/a
n/a
0.77%
1,
Sextant
International
Fund
Investor
Shares
(
SSIFX
)
18.10%
8.06%
7.86%
7.05%
4.57%
1.04%
1,1
Sextant
International
Fund
Z
Shares
(
SIFZX
)
18.36%
8.29%
8.10%
n/a
n/a
0.80%
Please
consider
an
investment’s
objectives,
risks,
charges,
and
expenses
carefully
before
investing.
To
obtain
a
free
prospectus
or
summary
prospectus
that
contains
this
and
other
important
information
on
the
Sextant
Funds,
please
call
toll-free
1-800-728-8762
or
visit
www.sextantfunds.com.
Please
read
the
prospectus
or
summary
prospectus
carefully
before
investing.
Fellow
Shareowners:
July
24,
2023
May
31,
2023
Semi-Annual
3
Securities
markets
ranged
between
slight
increases
in
the
fixed
income
market
to
moderate
single
digit
percentage
escalations
in
equity
markets
during
the
six-months
ended
May
31,
2023.
The
S&P
500
Index
climbed
3.33%,
and
the
Dow
Jones
Moderate
Portfolio
Index
gained
0.91%
during
the
six-months
ended
May
31,
2023.
Foreign
markets
also
rose
during
the
same
period,
with
the
MSCI
EAFE
Index
ascending
7.33%
and
the
S&P
Global
1200
Index
returning
4.11%.
The
FTSE
US
Broad
Investment-Grade
Bond
Index
gained
1.94%,
and
the
shorter-term
Bloomberg
US
Aggregate
1-3
Year
Index
went
up
1.75%
for
the
six-months
ended
May
31,
2023.
For
the
six-months
ended
May
31,
2023,
Sextant
Growth
Fund
Investor
Shares
gained
6.84%,
besting
its
S&P
500
Index
benchmark
by
351
basis
points
(bps).
Both
the
Sextant
Core
Fund
and
Sextant
International
Fund
Investor
Shares
trailed
their
benchmarks
for
the
period,
reaching
0.12%,
and
5.74%,
respectively.
Sextant
Global
High
Income
Fund
returned
0.83%
trailing
its
benchmark
by
328
bps,
while
Sextant
Bond
Income
Fund
outperformed
its
benchmark
with
a
2.14%
increase.
The
Sextant
Short-Term
Bond
Fund
returned
1.59%,
trailing
its
benchmark
by
16
bps
for
the
same
period.
The
Sextant
Funds
offer
investors
a
broad
mix
of
investment
vehicles:
growth
equities,
international
exposure,
blended
portfolios,
global
high
income,
as
well
as
short-term
and
long
term
fixed-income
options.
This
array
of
portfolios
serves
our
investors
in
both
bull
and
bear
markets
by
providing
basic
elements
to
build
a
low-expense,
balanced
investment
program
emphasizing
a
value
approach
to
investing.
The
annualized
expense
ratios
of
the
six
Sextant
Fund
non-investor
share
classes,
free
of
12b-1
fees,
ranged
from
0.60%
to
0.98%
(see
page
51
for
more
details).
Saturna
Capital
helped
by
capping
expenses
for
the
Sextant
Short-Term
Bond,
Sextant
Bond
Income,
and
Sextant
Global
High
Income
Funds.
Overall
assets
of
the
Funds
were
$168
million
as
of
May
31,
2023.
Portfolio
Manager
Changes
Some
time
ago
we
began
planning
changes
to
the
Sextant
Funds’
management.
There
are
benefits
to
creating
opportunities
for
advancement,
as
well
as
giving
Saturna
Capital
the
opportunity
to
assess
the
portfolio
management
skills
of
different
team
members
and
build
a
management
succession
plan
carefully
and
on
a
timeline
most
likely
to
offer
the
best
outcomes.
Sextant
International:
We
are
excited
to
welcome
and
announce
Dan
Kim
as
portfolio
manager
of
Sextant
International
Fund.
Mr.
Kim
brings
a
wealth
of
expertise
in
international
markets.
Mr.
Kim
has
an
impressive
track
record
in
the
financial
industry,
having
managed
global
investment
portfolios
for
several
reputable
firms
over
the
years.
His
strategic
insight
and
deep
understanding
of
international
markets
make
him
a
valuable
addition
to
our
team.
4
May
31,
2023
Semi-Annual
To
ensure
a
smooth
transition
and
continued
excellence
in
managing
the
Sextant
International
Fund,
Mr.
Kim
will
be
supported
by
Bryce
Fegley.
Mr.
Fegley
has
been
an
integral
part
of
the
Saturna
Capital
team
for
more
than
20
years
and
has
played
various
leadership
roles
during
his
tenure.
He
has
previously
served
as
President
of
our
Malaysian
subsidiary,
Saturna
Sdn.
Bhd.,
where
he
gained
valuable
exposure
to
international
markets.
Mr.
Fegley’s
extensive
experience,
including
managing
Sextant
Global
High
Income
Fund,
combined
with
his
profound
understanding
of
Saturna’s
investment
philosophy,
will
complement
Mr.
Kim’s
approach,
providing
a
strong
foundation
for
the
continued
success
of
the
Sextant
International
Fund.
We
are
confident
that
the
combination
of
Mr.
Kim’s
international
capability,
and
Mr.
Fegley’s
longstanding
dedication
to
our
company,
will
bring
added
value
to
the
Sextant
International
Fund
and,
ultimately,
benefit
our
shareholders.
We
would
also
like
to
take
this
opportunity
to
express
our
sincere
gratitude
to
the
outgoing
portfolio
managers
for
their
valuable
contributions
to
the
funds.
Their
efforts
have
been
instrumental
in
achieving
growth
and
success
over
the
years.
Chris
Paul
outperformed
as
a
portfolio
manager
on
the
Sextant
International
Fund,
and
we
thank
him.
During
his
tenure,
the
ratings
on
the
Fund
dramatically
increased.
We
are
happy
he
remains
a
leader
on
our
investment
team
and
as
deputy
portfolio
manager
of
Sextant
Growth
Fund.
Sextant
Core
Fund:
We
are
pleased
to
announce
Levi
Zurbrugg
as
primary
portfolio
manager
on
the
Sextant
Core
Fund.
Mr.
Zurbrugg
has
experience
with
several
sectors
that
feature
prominently
in
the
Sextant
Core
Fund,
and
his
personal
dedication
to
safeguarding
assets
make
him
an
excellent
steward
for
retirement
assets.
His
experience
managing
the
Sextant
Short-Term
Bond
Fund
provides
the
background
for
understanding
the
fixed-income
portion
of
the
Sextant
Core
Fund
portfolio.
Again,
we
thank
Mr.
Paul
for
the
improved
performance
of
the
fund
during
his
tenure
and
are
reassured
that
he
continues
to
be
part
of
the
investment
team,
lending
further
support
to
a
successful
transition
on
this
fund.
Sextant
Global
High
Income
Fund:
Levi
Zurbrugg
has
been
named
deputy
portfolio
manager
on
the
Sextant
Global
High
Income
Fund.
We
believe
Mr.
Zurbrugg’s
nearly
ten
years
in
the
industry,
as
well
as
his
experience
running
the
Sextant
Short-
Term
Bond
Fund
make
him
an
excellent
choice
to
support
primary
manager,
Mr.
Fegley,
on
this
fund.
Sextant
Short-Term
Bond
Fund:
Elizabeth
Alm,
has
been
named
primary
portfolio
manager
on
the
Sextant
Short-Term
Bond
Fund.
With
over
16
years
in
the
industry,
and
holding
a
portfolio
manager
position
at
Saturna
Capital
since
2018,
we
are
excited
she
has
accepted
the
role
as
primary
manager
on
this
important
fund.
Ms.
Alm
has
extensive
fixed
income
experience,
including
both
corporate
and
government
bonds.
While
managing
this
portfolio,
Ms.
Alm
is
dedicated
to
capital
preservation
and
current
income
with
a
duration
of
less
than
three
years.
Going
Forward
Market
observers
could
be
forgiven
for
thinking
that
the
yet-to-be-realized
recession,
which
was
assumed
to
be
an
inevitable
consequence
of
the
Fed’s
aggressive
rate
tightening
in
the
wake
of
high
post-pandemic
inflation,
may
not
arrive.
Economists
are
generally
a
sunny
lot,
rarely
forecasting
downturns
in
advance
of
their
arrival.
For
2023,
however,
consensus
strongly
favored
a
global
recession.
1
In
the
first
half
of
the
year,
European
economies
have
certainly
been
weak,
while
the
removal
of
China’s
COVID-19
restrictions
released
a
burst
of
activity
that
subsequently
cooled
to
the
point
of
spurring
officials
to
take
stimulative
measures.
Meanwhile,
Japan
has
demonstrated
surprising
strength,
while
the
US
economy
soldiers
on
with
first
quarter
GDP
growth
of
2.0%,
the
addition
of
339,000
new
jobs
in
May,
and
an
unemployment
rate
of
3.7%.
2
So
what
happens
now?
We
believe
one
cannot
dismiss
the
possibility
of
future
economic
contraction
based
on
it
not
having
yet
arrived.
Inflation
remains
elevated
and
earlier
hopes
of
a
Fed
“pivot”
have
evaporated.
Indeed,
the
Fed
has
indicated
the
possibility
of
two
additional
rate
hikes
by
the
end
of
2023,
following
the
June
pause.
Higher
for
longer
in
terms
of
inflation
and
interest
rates
does
not
bode
well
for
growth.
And
what
of
that
genie
of
economic
prognostication,
the
yield
curve?
While
boasting
an
impressive
record
of
predictive
success,
it
provides
little
guidance
regarding
timing.
A
general
rule
of
thumb
looks
for
a
recession
to
begin
within
a
year
of
May
31,
2023
Semi-Annual
5
the
curve
inverting,
although
the
lag
has
been
as
great
as
two
years.
Disconcertingly,
the
2Y/10Y
curve
inverted
almost
exactly
a
year
ago,
while
the
Cleveland
Fed
currently
estimates
the
probability
of
recession
within
one
year
at
79%.
3
What
this
means
for
stock
market
returns
remains
anyone’s
guess,
but
activity
this
year
indicates
that
bad
economic
news
may
be
interpreted
as
good
stock
market
news
if
investors
believe
lower
rates
are
just
around
the
bend.
Valuations
may
prove
problematic
for
the
architects
of
2023’s
index
gains,
but
most
stocks
have
performed
meekly.
It
may
be
that
investors
have
already
discounted
the
risks
of
lower
earnings
for
companies
not
involved
in
Artificial
Intelligence
(AI),
creating
an
opportunity
for
the
first
half
wallflowers
to
move
to
the
center
of
the
dance
floor.
Given
our
focus
on
strongly
cash
generative,
low-
debt
companies,
such
an
environment
may
prove
relatively
beneficial
for
our
investments.
They
will
not
be
burdened
by
high
interest
payments
and
may
be
able
to
exploit
difficulties
faced
by
other,
more
heavily
indebted
companies
or
take
advantage
of
opportunities
to
invest
when
others
cannot.
We
undoubtedly
face
more
economic
turmoil,
but
we
retain
faith
in
the
power
of
human
resilience
and
creativity.
We
will
continue
to
hold
the
wheel,
actively
charting
a
course
through
turbulent
waters.
We
thank
you
for
your
continued
investment
with
us.
Respectfully,
1
“
Chief
Economists
Say
Global
Recession
Likely
In
2023,
But
Pressures
On
Food,
Energy
and
Inflation
May
Be
Peaking.”
World
Economic
Forum.
January
16,
2023.
https://www.weforum.org/press/2023/01/
chief-economists-say-global-recession-likely-in-2023-but-cost-of-
living-crisis-close-to-peaking/
2
“The
Employment
Situation
–
June
2023.”
Bureau
of
Labor
Statistics.
July
7,
2023.
https://www.bls.gov/news.release/pdf/empsit.pdf
3
“Yield
Curve
and
Predicted
GDP
Growth.”
Federal
Reserve
Bank
of
Cleveland.
June
2023.
https://www.clevelandfed.org/en/
indicators-and-data/yield-curve-and-predicted-gdp-growth
Jane
Carten
MBA,
Dr.
Gary
Goldfogel,
President
Independent
Board
Chairman
Sextant
Short-Term
Bond
Fund:
Performance
Summary
6
May
31,
2023
Semi-Annual
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
Bloomberg
US
Aggregate
1-3
Years
Index.
The
Bloomberg
US
Aggregate
1-3
Years
Index
tracks
bonds
with
1-3
year
maturities
within
the
flagship
Bloomberg
US
Aggregate
Bond
Index.
The
Bloomberg
US
Aggregate
Bond
Index
is
a
broad-based,
flagship
benchmark
that
measures
the
investment
grade,
US
dollar-denominated,
fixedrate
taxable
bond
market.
The
graph
shows
that
an
investment
in
the
Fund
would
have
risen
to
$10,939
versus
$11,039
in
the
Bloomberg
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objectives
of
the
Short-Term
Bond
Fund
are
capital
preservation
and
current
income.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sextant
Short-Term
Bond
(
STBFX
)
0.41%
0.99%
0.90%
0.88%
Bloomberg
US
Aggregate
1-3
Year
Index
0.23%
1.16%
1.00%
n/a
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022,
before
fee
waivers.
The
net
expense
ratio,
shown
in
the
most
recent
prospectus
after
fee
waivers,
was
0.60%.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
United
States
Treasury
Note
(2.500%
due
08/15/2023)
7.9%
United
States
Cash
Management
Bill
(0.000%
due
06/8/2023)
5.6%
United
States
Treasury
Note
(2.625%
due
12/31/2025)
5.4%
Gilead
Sciences
(2.500%
due
09/1/2023)
3.7%
United
States
Treasury
Note
(0.125%
due
08/31/2023)
3.7%
United
States
Treasury
Note
(2.875%
due
04/30/2025)
3.6%
Bank
of
America
Corp
(3.500%
due
04/19/2026)
3.6%
Costco
Wholesale
(2.750%
due
05/18/2024)
3.5%
Kinross
Gold
(5.950%
due
03/15/2024)
3.3%
Federal
Home
Loan
Bank
(3.375%
due
12/8/2023)
3.2%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Short-Term
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
7
Continued
on
next
page.
Corporate
Bonds
-
59
.7
%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Consumer
Discretionary
AutoZone
3.250%
due
04/15/2025
$
300,000
$
289,101
2.7%
O'Reilly
Automotive
3.600%
due
09/01/2027
150,000
143,197
1.3%
VF
2.400%
due
04/23/2025
67,000
63,068
0.6%
495,366
4.6%
Consumer
Staples
Costco
Wholesale
2.750%
due
05/18/2024
385,000
375,709
3.5%
Dollar
General
4.150%
due
11/01/2025
250,000
244,849
2.3%
Procter
&
Gamble
2.800%
due
03/25/2027
300,000
285,899
2.7%
Walmart
2.850%
due
07/08/2024
325,000
317,740
2.9%
1,224,197
11.4%
Financials
Bank
of
America
Corp
3.500%
due
04/19/2026
400,000
385,456
3.6%
JPMorgan
Chase
&
Co
3.300%
due
04/01/2026
350,000
336,336
3.1%
Paypal
Holdings
2.650%
due
10/01/2026
300,000
281,816
2.6%
Visa
3.150%
due
12/14/2025
350,000
338,457
3.2%
1,342,065
12.5%
Health
Care
Biogen
4.050%
due
09/15/2025
100,000
97,591
0.9%
Gilead
Sciences
2.500%
due
09/01/2023
400,000
396,919
3.7%
Johnson
&
Johnson
2.450%
due
03/01/2026
50,000
47,669
0.5%
542,179
5.1%
Materials
BHP
Billiton
3.850%
due
09/30/2023
150,000
149,154
1.4%
DuPont
De
Nemours
4.493%
due
11/15/2025
308,000
304,586
2.9%
Kinross
Gold
5.950%
due
03/15/2024
350,000
349,261
3.3%
Mosaic
4.250%
due
11/15/2023
209,000
207,573
1.9%
1,010,574
9.5%
Technology
Oracle
2.950%
due
05/15/2025
325,000
311,663
2.9%
Take-Two
Interactive
Software
3.700%
due
04/14/2027
350,000
334,402
3.1%
646,065
6.0%
Utilities
Edison
International
3.550%
due
11/15/2024
350,000
339,529
3.2%
Exelon
Generation
3.250%
due
06/01/2025
250,000
239,156
2.2%
Florida
Power
&
Light
2.850%
due
04/01/2025
320,000
309,072
2.9%
PacifiCorp
2.950%
due
06/01/2023
250,000
250,000
2.3%
1,137,757
10.6%
Total
Corporate
Bonds
(Cost
$6,657,987)
$
6,398,203
59.7%
Government
Bonds
-
39
.0
%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Government
Sponsored
Federal
Farm
Credit
Bank
3.500%
due
12/20/2023
200,000
197,861
1.9%
Federal
Home
Loan
Bank
3.375%
due
12/08/2023
350,000
346,733
3.2%
544,594
5.1%
United
States
Cash
Management
Bills
United
States
Cash
Management
Bill
–%
due
06/08/2023
600,000
599,387
5.6%
United
States
Cash
Management
Bill
–%
due
07/20/2023
150,000
148,961
1.4%
748,348
7.0%
United
States
Treasury
Notes
United
States
Treasury
Note
2.875%
due
04/30/2025
400,000
388,266
3.6%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Short-Term
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
May
31,
2023
Semi-Annual
Government
Bonds
-
39.0%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
United
States
Treasury
Notes
(continued)
United
States
Treasury
Note
2.375%
due
05/15/2027
$
350,000
$
330,654
3.1%
United
States
Treasury
Note
2.500%
due
08/15/2023
850,000
844,896
7.9%
United
States
Treasury
Note
0.125%
due
08/31/2023
400,000
394,766
3.7%
United
States
Treasury
Note
2.250%
due
10/31/2024
100,000
96,504
0.9%
United
States
Treasury
Note
2.750%
due
11/15/2023
250,000
247,139
2.3%
United
States
Treasury
Note
2.625%
due
12/31/2025
600,000
577,664
5.4%
2,879,889
26.9%
Total
Government
Bonds
(Cost
$4,280,027)
$
4,172,831
39.0%
Total
investments
(Cost
$10,938,014)
$
10,571,034
98.7%
Other
assets
(net
of
liabilities)
136,480
1.3%
Total
net
assets
$
10,707,514
100.0%
Sextant
Short-Term
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
9
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value
(Cost
$10,938,014)
$
10,571,034
Cash
76,689
Interest
receivable
65,084
Prepaid
expenses
2,591
Receivable
for
Fund
shares
sold
1,307
Total
assets
10,716,705
Liabilities
Accrued
audit
expenses
1,772
Accrued
advisory
fees
1,721
Accrued
retirement
plan
custody
fee
1,506
Accrued
trustee
expenses
615
Payable
for
Fund
shares
redeemed
526
Accrued
Chief
Compliance
Officer
expenses
423
Accrued
legal
expenses
217
Distributions
payable
55
Accrued
other
operating
expenses
384
Accrued
printing
fees
1,972
Total
liabilities
9,191
Net
assets
$10,707,514
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$11,213,377
Total
distributable
earnings
(505,863)
Net
assets
applicable
to
Fund
shares
outstanding
$10,707,514
Fund
shares
outstanding
2,214,609
Net
asset
value,
offering,
and
redemption
price
per
share
$4.83
Period
ended
May
31,
2023
Investment
income
Interest
income
$
141,632
Total
investment
income
141,632
Expenses
Investment
adviser
fees
31,089
Filing
and
registration
fees
14,808
Audit
fees
3,591
Trustee
fees
2,272
Legal
fees
2,048
Retirement
plan
custodial
fees
1,886
Chief
Compliance
Officer
expenses
1,259
Custodian
fees
232
Other
operating
expenses
1,033
Total
gross
expenses
58,218
Less
adviser
fees
waived
(23,083)
Less
custodian
fee
credits
(232)
Net
expenses
34,903
Net
investment
income
$106,729
Net
realized
loss
from
investments
$(46,511)
Net
increase
in
unrealized
depreciation
on
investments
151,674
Net
gain
on
investments
105,163
Net
increase
in
net
assets
resulting
from
operations
$211,892
Sextant
Short-Term
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
May
31,
2023
Semi-Annual
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
income
$106,729
$147,700
Net
realized
loss
on
investment
(46,511)
(83,277)
Net
increase
(decrease)
in
unrealized
appreciation
151,674
(565,403)
Net
increase
(decrease)
in
net
assets
211,892
(500,980)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(110,661)
(147,690)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
1,141,289
1,690,769
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
109,327
147,117
Cost
of
shares
redeemed
(2,953,767)
(799,511)
Total
capital
shares
transactions
(1,703,151)
1,038,375
Total
increase
(decrease)
in
net
assets
(1,601,920)
389,705
Net
assets
Beginning
of
period
12,309,434
11,919,729
End
of
period
$10,707,514
$12,309,434
Shares
of
the
Fund
sold
and
redeemed
Sextant
Short-Term
Bond
(STBFX)
Number
of
shares
sold
237,373
345,687
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
22,670
30,209
Number
of
shares
redeemed
(610,965)
(162,491)
Net
increase
(decrease)
in
number
of
shares
outstanding
(350,922)
213,405
–
–
Sextant
Short-Term
Bond
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
11
tin
Sextant
Short-Term
Bond
(STBFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$4.80
$5.07
$5.17
$5.08
$4.94
$5.00
Income
from
investment
operations
Net
investment
income
0.04
0.06
0.06
0.08
0.09
0.07
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.04
(0.27)
(0.10)
0.09
0.14
(0.06)
Total
from
investment
operations
0.08
(0.21)
(0.04)
0.17
0.23
0.01
Less
distributions
Dividends
(from
net
investment
income)
(0.05)
(0.06)
(0.06)
(0.08)
(0.09)
(0.07)
Distributions
(from
capital
gains)
–
–
–
–
–
(0.00)
A
Total
distributions
(0.05)
(0.06)
(0.06)
(0.08)
(0.09)
(0.07)
Net
asset
value
at
end
of
period
$4.83
$4.80
$5.07
$5.17
$5.08
$4.94
Total
Return
B
1.59%
(4.15)%
(0.88)%
3.46%
4.64%
0.26%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$10,708
$12,309
$11,920
$11,426
$11,089
$10,276
Ratio
of
expenses
to
average
net
assets
Before
advisory
fees
waiver
and
custodian
fee
credits
C
1.00%
0.88%
0.66%
0.90%
0.87%
0.91%
After
advisory
fees
waiver
C
0.60%
0.60%
0.59%
0.60%
0.61%
0.61%
After advisory
fees
waiver
and custodian
fee
credits
C
0.60%
0.60%
0.59%
0.60%
0.60%
0.60%
Ratio
of
net
investment
income
after
advisory
fees
waiver
and custodian
fee
credits
to
average
net
assets
C
1.83%
1.23%
1.07%
1.64%
1.75%
1.44%
Portfolio
turnover
rate
B
9%
41%
29%
36%
32%
36%
A
Amount
is
less
than
$0.01
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Sextant
Bond
Income
Fund:
Performance
Summary
12
May
31,
2023
Semi-Annual
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
Bloomberg
US
Aggregate
Bond
Index,
a
broad-based,
flagship
benchmark
that
measures
the
investment-grade,
US
dollar-denominated,
fixed-rate
taxable
bond
market.
The
graph
shows
that
an
investment
in
the
Fund
would
have
risen
to
$11,196
versus
$11,486
in
the
Bloomberg
US
Aggregate
Bond
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objective
of
the
Bond
Income
Fund
is
current
income.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sextant
Bond
Income
(
SBIFX
)
-3.27%
0.08%
1.14%
0.92%
Bloomberg
US
Aggregate
Bond
Index
-2.14%
0.81%
1.39%
n/a
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022,
before
fee
waivers.
The
net
expense
ratio
shown
in
the
most
recent
prospectus
after
fee
waivers
was
0.65%.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
United
States
Treasury
Bond
(4.250%
due
05/15/2039)
8.4%
United
States
Treasury
Bond
(3.375%
due
11/15/2048)
5.2%
United
States
Treasury
Bond
(5.375%
due
02/15/2031)
4.6%
Apple
(4.500%
due
02/23/2036)
3.7%
Microsoft
(4.200%
due
11/3/2035)
3.6%
Intel
(4.000%
due
12/15/2032)
3.5%
Home
Depot
(5.875%
due
12/16/2036)
3.4%
Burlington
Northern
Santa
Fe
(5.050%
due
03/1/2041)
3.1%
Praxair
(3.550%
due
11/7/2042)
2.9%
United
Technologies
(6.050%
due
06/1/2036)
2.8%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Bond
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
13
Continued
on
next
page.
Corporate
Bonds
-
65
.8
%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Consumer
Discretionary
Home
Depot
5.875%
due
12/16/2036
$
300,000
$
328,783
3.4%
Lowe's
5.800%
due
10/15/2036
250,000
252,945
2.6%
581,728
6.0%
Consumer
Staples
Kimberly
Clark
5.300%
due
03/01/2041
100,000
103,175
1.1%
Procter
&
Gamble
5.500%
due
02/01/2034
200,000
215,799
2.2%
Unilever
Capital
5.900%
due
11/15/2032
200,000
219,802
2.3%
538,776
5.6%
Energy
Baker
Hughes
6.875%
due
01/15/2029
100,000
103,986
1.1%
Canadian
Natural
Resources
6.450%
due
06/30/2033
225,000
232,394
2.4%
Statoil
7.150%
due
01/15/2029
224,000
245,989
2.5%
582,369
6.0%
Financials
Affiliated
Managers
Group
3.500%
due
08/01/2025
250,000
239,030
2.5%
Bank
Of
New
York
Mellon
MTN
3.300%
due
08/23/2029
250,000
226,218
2.3%
Chubb
Ina
Holdings
4.350%
due
11/03/2045
100,000
89,176
0.9%
State
Street(Quarterly
US
LIBOR
plus
100)
1
4.293%
due
06/15/2047
100,000
80,700
0.8%
UBS
AG
Stamford
CT
7.750%
due
09/01/2026
200,000
209,401
2.2%
844,525
8.7%
Health
Care
Becton
Dickinson
6.700%
due
08/01/2028
240,000
250,660
2.6%
Johnson
&
Johnson
4.950%
due
05/15/2033
226,000
240,629
2.5%
Johnson
&
Johnson
5.850%
due
07/15/2038
50,000
56,319
0.6%
Medtronic
4.375%
due
03/15/2035
260,000
251,988
2.6%
Merck
&
Co.
6.500%
due
12/01/2033
215,000
248,486
2.5%
1,048,082
10.8%
Industrials
Burlington
Northern
Santa
Fe
5.050%
due
03/01/2041
310,000
303,526
3.1%
Deere
&
Co.
8.100%
due
05/15/2030
95,000
113,138
1.2%
United
Technologies
6.050%
due
06/01/2036
250,000
268,999
2.8%
685,663
7.1%
Materials
Praxair
3.550%
due
11/07/2042
350,000
283,056
2.9%
Technology
Apple
4.500%
due
02/23/2036
350,000
358,811
3.7%
Intel
4.000%
due
12/15/2032
360,000
336,839
3.5%
Microsoft
5.300%
due
02/08/2041
50,000
54,862
0.5%
Microsoft
4.200%
due
11/03/2035
350,000
348,810
3.6%
1,099,322
11.3%
Utilities
Alabama
Power
4.150%
due
08/15/2044
200,000
166,492
1.7%
Entergy
Louisiana
5.400%
due
11/01/2024
200,000
200,410
2.1%
Florida
Power
&
Light
5.950%
due
10/01/2033
100,000
107,364
1.1%
Puget
Sound
Energy
4.434%
due
11/15/2041
300,000
246,567
2.5%
720,833
7.4%
Total
Corporate
Bonds
(Cost
$7,232,701)
$
6,384,354
65.8%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Bond
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
May
31,
2023
Semi-Annual
Government
Bonds
-
26
.7
%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Foreign
Government
Bonds
Quebec
Canada
Yankee
7.125%
due
02/09/2024
$
175,000
$
177,564
1.8%
United
States
Treasury
Bonds
United
States
Treasury
Bond
5.250%
due
02/15/2029
170,000
182,345
1.9%
United
States
Treasury
Bond
5.375%
due
02/15/2031
400,000
445,484
4.6%
United
States
Treasury
Bond
6.250%
due
05/15/2030
75,000
86,578
0.9%
United
States
Treasury
Bond
4.250%
due
05/15/2039
770,000
811,508
8.4%
United
States
Treasury
Bond
6.125%
due
08/15/2029
225,000
253,951
2.6%
United
States
Treasury
Bond
3.125%
due
11/15/2041
145,000
128,495
1.3%
United
States
Treasury
Bond
3.375%
due
11/15/2048
560,000
506,209
5.2%
2,414,570
24.9%
Total
Government
Bonds
(Cost
$3,127,443)
$
2,592,134
26.7%
Total
investments
(Cost
$10,360,144)
$
8,976,488
92.5%
Other
assets
(net
of
liabilities)
732,410
7.5%
Total
net
assets
$
9,708,898
100.0%
1
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2023
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
LIBOR:
London
Interbank
Offered
Rates
MTN:
Medium
Term
Note
Yankee:
Dollar-denominated
bonds
issued
in
the
U.S.
by
foreign
banks
or
corporations
Sextant
Bond
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
15
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value(
Cost
$10,360,144)
$
8,976,488
Cash
629,458
Interest
receivable
107,316
Prepaid
expenses
2,531
Receivable
for
Fund
shares
sold
750
Other
assets
400
Total
assets
9,716,943
Liabilities
Accrued
audit
expenses
1,776
Accrued
retirement
plan
custody
fee
1,276
Accrued
advisory
fees
741
Accrued
trustee
expenses
552
Accrued
Chief
Compliance
Officer
expenses
413
Accrued
legal
expenses
157
Payable
for
Fund
shares
redeemed
28
Accrued
printing
fees
1,127
Accrued
postage
1,241
Accrued
other
operating
expenses
734
Total
liabilities
8,045
Net
assets
$9,708,898
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$11,108,486
Total
distributable
earnings
(1,399,588)
Net
assets
applicable
to
Fund
shares
outstanding
$9,708,898
Fund
shares
outstanding
2,205,149
Net
asset
value,
offering,
and
redemption
price
per
share
$4.40
Period
ended
May
31,
2023
Investment
income
Interest
income
$
170,172
Total
investment
income
170,172
Expenses
Investment
adviser
fees
31,377
Filing
and
registration
fees
14,301
Audit
fees
3,490
Trustee
fees
1,878
Legal
fees
1,648
Retirement
plan
custodial
fees
1,580
Chief
Compliance
Officer
expenses
1,148
Custodian
fees
193
Other
operating
expenses
687
Total
gross
expenses
56,302
Less
adviser
fees
waived
(24,381)
Less
custodian
fee
credits
(193)
Net
expenses
31,728
Net
investment
income
$138,444
Net
increase
in
unrealized
depreciation
on
investments
92,117
Net
gain
on
investments
92,117
Net
increase
in
net
assets
resulting
from
operations
$230,561
Sextant
Bond
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
May
31,
2023
Semi-Annual
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Decrease
in
net
assets
from
operations
From
operations
Net
investment
income
$138,444
$277,192
Net
increase
(decrease)
in
unrealized
appreciation
92,117
(2,368,106)
Net
increase
(decrease)
in
net
assets
230,561
(2,090,914)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(140,079)
(277,203)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
204,339
507,351
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
139,730
270,589
Cost
of
shares
redeemed
(539,886)
(1,128,328)
Total
capital
shares
transactions
(195,817)
(350,388)
Total
decrease
in
net
assets
(105,335)
(2,718,505)
Net
assets
Beginning
of
period
9,814,233
12,532,738
End
of
period
$9,708,898
$9,814,233
Shares
of
the
Fund
sold
and
redeemed
Sextant
Bond
Income
(SBIFX)
Number
of
shares
sold
46,234
104,214
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
31,678
57,728
Number
of
shares
redeemed
(120,683)
(233,970)
Net
decrease
in
number
of
shares
outstanding
(42,771)
(72,028)
–
–
Sextant
Bond
Income
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
17
tin
Sextant
Bond
Income
(SBIFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$4.37
$5.40
$5.65
$5.34
$4.89
$5.14
Income
from
investment
operations
Net
investment
income
0.06
0.12
0.13
0.14
0.15
0.16
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.03
(1.03)
(0.25)
0.31
0.45
(0.25)
Total
from
investment
operations
0.09
(0.91)
(0.12)
0.45
0.60
(0.09)
Less
distributions
Dividends
(from
net
investment
income)
(0.06)
(0.12)
(0.13)
(0.14)
(0.15)
(0.16)
Total
distributions
(0.06)
(0.12)
(0.13)
(0.14)
(0.15)
(0.16)
Net
asset
value
at
end
of
period
$4.40
$4.37
$5.40
$5.65
$5.34
$4.89
Total
Return
A
2.14%
(16.94)%
(2.19)%
8.48%
12.45%
(1.78)%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$9,709
$9,814
$12,533
$14,042
$12,454
$10,933
Ratio
of
expenses
to
average
net
assets
Before
advisory
fees
waiver
custodian
fee
credits
B
1.15%
1.03%
0.58%
0.63%
0.71%
0.86%
After
advisory
fees
waiver
B
0.65%
0.65%
0.53%
0.48%
0.55%
0.66%
After advisory
fees
waiver custodian
fee
credits
B
0.65%
0.65%
0.53%
0.48%
0.55%
0.65%
Ratio
of
net
investment
income
after
adviser
fee
waivers
and
custodian
fee
credits
to
average
net
assets
B
2.84%
2.58%
2.31%
2.50%
2.96%
3.20%
Portfolio
turnover
rate
A
0%
0%
3%
13%
21%
0%
A
Not
annualized
for
period
of
less
than
one
year
B
Annualized
for
periods
of
less
than
one
year
Sextant
Core
Fund:
Performance
Summary
18
May
31,
2023
Semi-Annual
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
Dow
Jones
Moderate
US
Portfolio
Index,
a
broad-based
index
of
stock
and
bond
prices.
The
graph
shows
that
an
investment
in
the
Fund
would
have
risen
to
$16,658
versus
$16,870
in
the
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objectives
of
the
Core
Fund
are
long-term
appreciation
and
capital
preservation.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sextant
Core
(
SCORX
)
-0.01%
5.67%
5.24%
0.82%
Dow
Jones
Moderate
US
Portfolio
Index
-1.73%
3.77%
5.37%
n/a
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus,
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods..
United
States
Treasury
Note
(2.000%
due
05/31/2024)
5.2%
United
States
Treasury
Note
(0.125%
due
08/31/2023)
4.4%
Novo
Nordisk
ADR
2.4%
United
States
Treasury
Bond
(6.250%
due
08/15/2023)
2.2%
United
States
Treasury
Note
(1.125%
due
01/15/2025)
1.9%
ConocoPhillips
1.8%
Eaton
1.8%
United
States
Treasury
Note
(2.750%
due
11/15/2023)
1.7%
Apple
1.7%
Welltower
(4.250%
due
04/15/2028)
1.7%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
19
Continued
on
next
page.
Common
Stock
-
53.4%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Internet
Media
Alphabet,
Class
A
2
2,000
$
77,588
$
245,740
United
States
1.2%
Telecom
Carriers
BCE
4,000
168,153
180,400
Canada
0.9%
Telus
8,000
143,751
151,760
Canada
0.8%
311,904
332,160
1.7%
389,492
577,900
2.9%
Consumer
Discretionary
Automotive
Retailers
AutoZone
30
81,477
71,605
United
States
0.4%
O'Reilly
Automotive
2
160
135,486
144,530
United
States
0.7%
216,963
216,135
1.1%
Home
Products
Stores
Floor
&
Decor
Holdings
2
1,900
138,164
173,489
United
States
0.9%
Home
Depot
300
57,079
85,035
United
States
0.4%
Lowe's
1,100
75,376
221,243
United
States
1.1%
270,619
479,767
2.4%
Specialty
Apparel
Stores
Lululemon
Athletica
2
550
177,757
182,561
United
States
0.9%
Ross
Stores
2,000
148,198
207,240
United
States
1.0%
TJX
Companies
2,700
139,837
207,333
United
States
1.1%
465,792
597,134
3.0%
953,374
1,293,036
6.5%
Consumer
Staples
Beverages
PepsiCo
650
60,670
118,527
United
States
0.6%
Household
Products
Procter
&
Gamble
1,150
93,040
163,875
United
States
0.8%
Packaged
Food
Danone
ADR
7,500
96,739
89,100
France
0.4%
General
Mills
1,100
99,033
92,576
United
States
0.5%
Nestle
ADR
1,000
73,990
118,730
Switzerland
0.6%
269,762
300,406
1.5%
423,472
582,808
2.9%
Energy
Exploration
&
Production
ConocoPhillips
3,550
141,212
352,515
United
States
1.8%
Integrated
Oils
Canadian
Pacific
Kansas
City
2,018
142,794
153,772
Canada
0.8%
Shell
ADR
4,450
167,187
249,200
Netherlands
1.3%
309,981
402,972
2.1%
Refining
&
Marketing
Phillips
66
1,100
73,403
100,771
United
States
0.5%
Renewable
Energy
Equipment
Enphase
Energy
400
64,400
69,552
United
States
0.3%
588,996
925,810
4.7%
Financials
Consumer
Finance
Mastercard,
Class
A
500
137,490
182,510
United
States
0.9%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
May
31,
2023
Semi-Annual
Continued
on
next
page.
Common
Stock
-
53.4%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Financials
(continued)
Consumer
Finance
(continued)
Visa
900
$
138,794
$
198,927
United
States
1.0%
276,284
381,437
1.9%
Institutional
Brokerage
Virtu
Financial
9,000
149,940
158,310
United
States
0.8%
P&C
Insurance
Chubb
810
102,989
150,498
Switzerland
0.7%
529,213
690,245
3.4%
Health
Care
Large
Pharma
AstraZeneca
ADR
3,000
178,388
219,240
United
Kingdom
1.1%
Bristol-Myers
Squibb
3,200
170,677
206,208
United
States
1.0%
Johnson
&
Johnson
1,515
131,720
234,916
United
States
1.2%
Novo
Nordisk
ADR
3,050
160,370
489,403
Denmark
2.4%
Pfizer
4,100
136,420
155,882
United
States
0.8%
777,575
1,305,649
6.5%
Managed
Care
UnitedHealth
Group
300
103,583
146,172
United
States
0.7%
Medical
Devices
Abbott
Laboratories
2,700
97,630
275,400
United
States
1.4%
978,788
1,727,221
8.6%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Honeywell
International
1,000
49,532
191,600
United
States
0.9%
Johnson
Controls
International
5,350
205,042
319,395
United
States
1.6%
254,574
510,995
2.5%
Electrical
Power
Equipment
Eaton
2,000
298,440
351,800
United
States
1.8%
Flow
Control
Equipment
Parker
Hannifin
800
78,065
256,352
United
States
1.3%
Industrial
Distribution
&
Rental
Fastenal
2,800
64,603
150,780
United
States
0.7%
Industrial
Machinery
Illinois
Tool
Works
525
116,199
114,833
United
States
0.6%
Rail
Freight
Canadian
National
Railway
2,000
86,366
225,460
Canada
1.1%
Waste
Management
Republic
Services
950
116,161
134,549
United
States
0.7%
1,014,408
1,744,769
8.7%
Materials
Agricultural
Chemicals
Corteva
1,500
85,815
80,235
United
States
0.4%
Basic
&
Diversified
Chemicals
Linde
920
97,944
325,367
Ireland
1.6%
Precious
Metal
Mining
Barrick
Gold
10,000
177,238
168,800
Canada
0.8%
Newmont
4,000
162,593
162,200
United
States
0.8%
339,831
331,000
1.6%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
21
Continued
on
next
page.
Common
Stock
-
53.4%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Materials
(continued)
Specialty
Chemicals
RPM
International
1,400
$
44,141
$
111,706
United
States
0.6%
567,731
848,308
4.2%
Technology
Communications
Equipment
Apple
1,900
44,723
336,775
United
States
1.7%
Motorola
Solutions
770
187,585
217,079
United
States
1.1%
232,308
553,854
2.8%
Consumer
Electronics
Sony
ADR
1,900
146,607
178,030
Japan
0.9%
Information
Services
Experian
2,300
79,022
80,853
United
States
0.4%
Infrastructure
Software
Microsoft
800
99,998
262,712
United
States
1.3%
Oracle
3,100
124,402
328,414
United
States
1.6%
224,400
591,126
2.9%
Semiconductor
Devices
Infineon
Technologies
ADR
4,775
105,273
177,152
Germany
0.9%
Micron
Technology
1,550
59,028
105,710
United
States
0.5%
NXP
Semiconductors
950
90,828
170,145
Netherlands
0.8%
Qualcomm
100
5,186
11,341
United
States
0.1%
260,315
464,348
2.3%
942,652
1,868,211
9.3%
Utilities
Integrated
Utilities
Duke
Energy
1,600
141,145
142,864
United
States
0.7%
NextEra
Energy
4,000
72,152
293,840
United
States
1.5%
213,297
436,704
2.2%
Total
Common
Stock
$6,601,423
$10,695,012
53.4%
Corporate
Bonds
-
21.4%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Bellsouth
Capital
Funding
7.875%
due
02/15/2030
150,000
165,611
United
States
0.8%
Comcast
5.650%
due
06/15/2035
300,000
314,618
United
States
1.6%
Walt
Disney
6.400%
due
12/15/2035
250,000
280,147
United
States
1.4%
760,376
3.8%
Consumer
Discretionary
Expedia
Group
5.000%
due
02/15/2026
250,000
248,644
United
States
1.3%
Lowe's
4.250%
due
09/15/2044
250,000
196,346
United
States
1.0%
Stanford
University
4.013%
due
05/01/2042
100,000
88,379
United
States
0.4%
533,369
2.7%
Consumer
Staples
Coca
Cola
1.000%
due
03/15/2028
250,000
216,076
United
States
1.1%
Financials
Charles
Schwab
3.000%
due
03/10/2025
300,000
286,429
United
States
1.4%
Welltower
4.250%
due
04/15/2028
350,000
332,526
United
States
1.7%
618,955
3.1%
Health
Care
Cardinal
Health
3.500%
due
11/15/2024
155,000
150,558
United
States
0.8%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
May
31,
2023
Semi-Annual
Corporate
Bonds
-
21.4%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Health
Care
(continued)
Gilead
Sciences
3.700%
due
04/01/2024
$
250,000
$
246,306
United
States
1.2%
396,864
2.0%
Industrials
Burlington
Northern
Santa
Fe
Bond
6.200%
due
08/15/2036
150,000
165,822
United
States
0.8%
CSX
Corp
4.650%
due
03/01/2068
300,000
260,788
United
States
1.3%
FedEx
3.900%
due
02/01/2035
250,000
219,262
United
States
1.1%
Legrand
France
Yankee
8.500%
due
02/15/2025
170,000
179,678
France
0.9%
Union
Pacific
3.375%
due
02/01/2035
250,000
215,273
United
States
1.1%
1,040,823
5.2%
Technology
Qualcomm
3.250%
due
05/20/2027
220,000
211,189
United
States
1.0%
Utilities
Edison
International
3.550%
due
11/15/2024
250,000
242,521
United
States
1.2%
Pacificorp
6.000%
due
01/15/2039
250,000
260,721
United
States
1.3%
503,242
2.5%
Total
Corporate
Bonds
(Cost
$4,787,354)
$4,280,894
21.4%
Government
Bonds
-
16.9%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
United
States
Treasury
Bonds
United
States
Treasury
Bond
4.500%
due
02/15/2036
137,000
149,485
United
States
0.7%
United
States
Treasury
Bond
3.625%
due
02/15/2044
155,000
146,039
United
States
0.7%
United
States
Treasury
Bond
6.250%
due
08/15/2023
438,000
439,003
United
States
2.2%
734,527
3.6%
United
States
Treasury
Notes
United
States
Treasury
Note
1.125%
due
01/15/2025
400,000
377,985
United
States
1.9%
United
States
Treasury
Note
2.000%
due
05/31/2024
1,080,000
1,046,334
United
States
5.2%
United
States
Treasury
Note
0.125%
due
08/31/2023
900,000
888,223
United
States
4.5%
United
States
Treasury
Note
2.750%
due
11/15/2023
350,000
345,994
United
States
1.7%
2,658,536
13.3%
Total
Government
Bonds
(Cost
$3,453,490)
$3,393,063
16.9%
Municipals
Bonds
-
0.6%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Utility
Networks
Tacoma
WA
Elec
Sys
Revenue
5.966%
due
01/01/2035
100,000
109,707
United
States
0.6%
Total
Municipals
Bonds
(Cost
$118,456)
$109,707
0.6%
Total
investments
(Cost
$14,960,723)
$18,478,676
92.3%
Other
assets
(net
of
liabilities)
1,545,143
7.7%
Total
net
assets
$20,023,819
100.0%
1
Country
of
domicile
2
Non-income
producing
ADR:
American
Depositary
Receipt
Yankee:
Dollar-denominated
bonds
issued
in
the
U.S.
by
foreign
banks
or
corporations
Sextant
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
23
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value
(Cost
$14,960,723)
$
18,478,676
Cash
1,439,362
Interest
receivable
70,479
Dividends
receivable
33,087
Receivable
for
Fund
shares
sold
21,326
Prepaid
expenses
3,227
Total
assets
20,046,157
Liabilities
Accrued
advisory
fees
8,639
Payable
for
Fund
shares
redeemed
7,686
Accrued
retirement
plan
custody
fee
1,691
Accrued
trustee
expenses
906
Accrued
audit
expenses
815
Accrued
Chief
Compliance
Officer
expenses
527
Accrued
legal
expenses
142
Accrued
other
operating
expenses
660
Accrued
printing
fees
1,272
Total
liabilities
22,338
Net
assets
$20,023,819
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$16,131,828
Total
distributable
earnings
3,891,991
Net
assets
applicable
to
Fund
shares
outstanding
$20,023,819
Fund
shares
outstanding
1,365,350
Net
asset
value,
offering,
and
redemption
price
per
share
$14.67
Period
ended
May
31,
2023
Investment
income
Interest
income
$
136,502
Dividend
Income
(Net
of
foreign
tax
of
$4,413)
115,608
Miscellaneous
income
(
603
)
Total
investment
income
251,507
Expenses
Investment
adviser
fees
58,673
Filing
and
registration
fees
15,536
Audit
fees
6,047
Trustee
fees
3,512
Legal
fees
3,322
Retirement
plan
custodial
fees
2,172
Chief
Compliance
Officer
expenses
2,110
ReFlow
fees
969
Custodian
fees
402
Other
operating
expenses
1,819
Total
gross
expenses
94,562
Less
custodian
fee
credits
(402)
Net
expenses
94,160
Net
investment
income
$157,347
Net
realized
gain
from
investments
and
foreign
currency
$229,413
A
Net
decrease
in
unrealized
appreciation
on
investments
and
foreign
currency
(363,033)
Net
loss
on
investments
(133,620)
Net
increase
in
net
assets
resulting
from
operations
$23,727
A
Includes
$105,774
in
net
realized
gains
from
redemptions
in-kind
Sextant
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
May
31,
2023
Semi-Annual
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$157,347
$267,680
Net
realized
gain
on
investments
and
foreign
currency
229,413
231,120
Net
decrease
in
unrealized
appreciation
on
investments
and
foreign
currency
(363,033)
(1,517,213)
Net
increase
(decrease)
in
net
assets
23,727
(1,018,413)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(282,074)
(596,464)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
2,239,834
3,995,234
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
281,446
595,223
Cost
of
shares
redeemed
(1,521,078)
(2,625,501)
Total
capital
shares
transactions
1,000,202
1,964,956
Total
increase
in
net
assets
741,855
350,079
Net
assets
Beginning
of
period
19,281,964
18,931,885
End
of
period
$20,023,819
$19,281,964
Shares
of
the
Fund
sold
and
redeemed
Sextant
Core
(SCORX)
Number
of
shares
sold
152,554
269,720
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
19,423
36,856
Number
of
shares
redeemed
(103,104)
(179,014)
Net
increase
in
number
of
shares
outstanding
68,873
127,562
–
–
Sextant
Core
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
25
tin
Sextant
Core
(SCORX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$14.87
$16.20
$14.81
$14.31
$12.84
$12.99
Income
from
investment
operations
Net
investment
income
0.12
0.21
0.24
0.19
0.19
0.18
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
(0.11)
(1.03)
1.36
1.13
1.45
(0.16)
Total
from
investment
operations
0.01
(0.82)
1.60
1.32
1.64
0.02
Less
distributions
Dividends
(from
net
investment
income)
(0.19)
(0.25)
(0.21)
(0.20)
(0.17)
(0.17)
Distributions
(from
capital
gains)
(0.02)
(0.26)
–
(0.62)
–
–
Total
distributions
(0.21)
(0.51)
(0.21)
(0.82)
(0.17)
(0.17)
Net
asset
value
at
end
of
period
$14.67
$14.87
$16.20
$14.81
$14.31
$12.84
Total
Return
A
0.12%
(5.32)%
10.95%
9.72%
13.04%
0.16%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$20,024
$19,282
$18,932
$18,962
$16,875
$12,851
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
B
0.95%
0.90%
0.57%
0.88%
0.90%
0.88%
After custodian
fee
credits
B
0.94%
0.90%
0.56%
0.88%
0.90%
0.87%
Ratio
of
net
investment
income
after
custodian
fee
credits
to
average
net
assets
B
1.60%
1.44%
1.52%
1.40%
1.63%
1.41%
Portfolio
turnover
rate
A
4%
10%
14%
19%
28%
30%
A
Not
annualized
for
period
of
less
than
one
year
B
Annualized
for
periods
of
less
than
one
year
Sextant
Global
High
Income
Fund:
Performance
Summary
26
May
31,
2023
Semi-Annual
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
S&P
Global
1200
Index,
a
global
stock
market
index
covering
nearly
70%
of
the
world’s
equity
markets.
The
graph
shows
that
an
investment
in
the
Fund
would
have
risen
to
$14,530
versus
$23,895
in
the
S&P
Global
100
Index
and
$13,689
in
the
Bloomberg
Global
High
Yield
Corporate
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objective
of
the
Global
High
Income
Fund
is
high
income,
with
a
secondary
objective
of
capital
preservation.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sextant
Global
High
Income
Fund
(
SGHIX
)
-3.46%
1.99%
3.81%
0.85%
S&P
Global
1200
Index
2.35%
8.25%
9.10%
n/a
Bloomberg
Global
High
Yield
Corporate
Index
-0.02%
2.02%
3.19%
n/a
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus,
which
is
dated
March
30,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022,
before
fee
waivers.
The
ne
t
expense
ratio,
shown
in
the
most
recent
prospectus
after
fee
waivers,
was
0.75%.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods..
United
States
Treasury
Note
(2.000%
due
05/31/2024)
10.6%
United
States
Treasury
Note
(0.125%
due
08/31/2023)
4.3%
Southern
Copper
3.7%
BHP
Biliton
ADR
3.3%
Skandinaviska
Enskilda
Banken
,
Cl
A
2.9%
Cisco
Systems
2.7%
Netflix
(4.375%
due
11/15/2026)
2.7%
South32
ADR
2.7%
Edison
International
(3.550%
due
11/15/2024)
2.7%
Novartis
ADR
2.6%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Global
High
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
27
Continued
on
next
page.
Common
Stock
-
40.4%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Telecom
Carriers
Orange
ADR
20,000
$
270,394
$
240,600
France
2.6%
SK
Telecom
ADR
6,073
167,681
126,926
South
Korea
1.4%
Telenor
ASA
20,000
265,603
204,868
Norway
2.3%
Verizon
Communications
6,000
294,820
213,780
United
States
2.3%
998,498
786,174
8.6%
Consumer
Discretionary
Automobiles
Volkswagen
AG
1,500
274,363
187,430
Germany
2.0%
Energy
Exploration
&
Production
Woodside
Energy
Group
8,500
174,552
187,680
Australia
2.1%
Integrated
Oils
Shell
ADR
3,800
241,426
212,800
Netherlands
2.3%
415,978
400,480
4.4%
Financials
Banks
Skandinaviska
Enskilda
Banken
,
Cl
A
25,000
233,632
261,665
Sweden
2.9%
Institutional
Brokerage
Virtu
Financial
7,500
119,775
131,925
United
States
1.4%
353,407
393,590
4.3%
Health
Care
Large
Pharma
GlaxoSmithKline
ADR
4,000
176,214
134,400
United
Kingdom
1.5%
Novartis
ADR
2,500
141,272
240,625
Switzerland
2.6%
317,486
375,025
4.1%
Materials
Base
Metals
Norsk
Hydro
ASA
35,000
314,618
211,019
Norway
2.3%
South32
ADR
19,000
134,773
243,390
Australia
2.7%
Southern
Copper
5,000
335,962
333,850
Peru
3.7%
785,353
788,259
8.7%
Steel
Raw
Material
Suppliers
BHP
Biliton
ADR
5,500
186,488
301,950
Australia
3.3%
971,841
1,090,209
12.0%
Technology
Communications
Equipment
Cisco
Systems
5,000
179,892
248,350
United
States
2.7%
Consumer
Electronics
Nintendo
5,000
223,480
211,727
Japan
2.3%
403,372
460,077
5.0%
Total
Common
Stock
$3,734,945
$3,692,985
40.4%
Corporate
Bonds
-
28.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Comcast
4.650%
due
07/15/2042
250,000
228,909
United
States
2.5%
Netflix
4.375%
due
11/15/2026
250,000
245,501
United
States
2.7%
474,410
5.2%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Global
High
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
May
31,
2023
Semi-Annual
Continued
on
next
page.
Corporate
Bonds
-
28.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Consumer
Discretionary
ADT
4.125%
due
06/15/2023
$
22,000
$
21,945
United
States
0.3%
Delta
Air
Lines
3.750%
due
10/28/2029
250,000
222,715
United
States
2.4%
Ford
Motor
6.375%
due
02/01/2029
220,000
217,225
United
States
2.4%
MDC
Holdings
3.850%
due
01/15/2030
200,000
173,569
United
States
1.9%
YUM!
Brands
3.625%
due
03/15/2031
195,000
166,389
United
States
1.8%
801,843
8.8%
Consumer
Staples
Grupo
Bimbo
2
4.875%
due
06/27/2044
200,000
183,102
Mexico
2.0%
Energy
Petrobras
International
Finance
6.875%
due
01/20/2040
50,000
48,029
Brazil
0.5%
Petrobras
International
Finance
6.750%
due
01/27/2041
80,000
75,499
Brazil
0.8%
123,528
1.3%
Financials
Lincoln
National(3
month
LIBOR
plus
2.04%)
3
6.283%
due
04/20/2067
250,000
153,750
United
States
1.7%
Industrials
Burlington
Northern
Santa
Fe
5.050%
due
03/01/2041
200,000
195,823
United
States
2.1%
CSX
Corp
4.650%
due
03/01/2068
250,000
217,323
United
States
2.4%
Norfolk
Southern
5.100%
due
08/01/2118
275,000
233,111
United
States
2.6%
646,257
7.1%
Utilities
Edison
International
3.550%
due
11/15/2024
250,000
242,521
United
States
2.6%
Total
Corporate
Bonds
(Cost
$3,030,718)
$2,625,411
28.7%
Government
Bonds
-
18.5%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Foreign
Government
Bonds
Colombia
Republic
8.375%
due
02/15/2027
125,000
124,778
Colombia
1.4%
Federal
Republic
of
Brazil
8.500%
due
01/05/2024
750,000
142,560
Brazil
1.6%
Republic
of
Argentina
1.000%
due
07/09/2029
9,276
2,364
Argentina
0.0%
4
Republic
of
Argentina
1.500%
due
07/09/2046
242,500
56,989
Argentina
0.6%
326,691
3.6%
United
States
Treasury
Notes
United
States
Treasury
Note
2.000%
due
05/31/2024
1,000,000
968,828
United
States
10.6%
United
States
Treasury
Note
0.125%
due
08/31/2023
400,000
394,766
United
States
4.3%
1,363,594
14.9%
Total
Government
Bonds
(Cost
$1,964,638)
$1,690,285
18.5%
Municipals
Bonds
-
0.5%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Municipal
Bonds
Colony
TX
NFM
Sales
Tax
Revenue
7.625%
due
10/01/2042
50,000
50,200
United
States
0.5%
Total
Municipals
Bonds
(Cost
$50,054)
$50,200
0.5%
Total
investments
(Cost
$8,780,355)
$8,058,881
88.1%
Other
assets
(net
of
liabilities)
1,083,937
11.9%
Total
net
assets
$9,142,818
100.0%
1
Denotes
a
country
or
region
of
primary
exposure
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Global
High
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
29
2
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
These
Securities
have
been
deemed
liquid
under
guidelines
approved
by
the
Trust's
Board
of
Trustees.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$183,102
representing
2.0%
of
net
assets.
3
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2023
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
4
Less
than
0.05%
ADR:
American
Depositary
Receipt
LIBOR:
London
Interbank
Offered
Rates
Sextant
Global
High
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
May
31,
2023
Semi-Annual
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value(
Cost
$8,780,355)
$
8,058,881
Cash
1,021,078
Interest
receivable
45,684
Dividends
receivable
19,086
Prepaid
expenses
2,974
Receivable
for
Fund
shares
sold
1,746
Total
assets
9,149,449
Liabilities
Accrued
audit
expenses
2,301
Accrued
advisory
fees
1,144
Accrued
retirement
plan
custody
fee
595
Accrued
trustee
expenses
521
Accrued
Chief
Compliance
Officer
expenses
284
Accrued
legal
expenses
164
Accrued
other
operating
expenses
302
Accrued
printing
fees
1,320
Total
liabilities
6,631
Net
assets
$9,142,818
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$9,655,158
Total
distributable
earnings
(512,340)
Net
assets
applicable
to
Fund
shares
outstanding
$9,142,818
Fund
shares
outstanding
927,329
Net
asset
value,
offering,
and
redemption
price
per
share
$9.86
Period
ended
May
31,
2023
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$(24,752))
$
161,614
Interest
income
108,409
Total
investment
income
270,023
Expenses
Investment
adviser
fees
27,773
Filing
and
registration
fees
16,665
Audit
fees
2,749
Trustee
fees
1,699
Legal
fees
1,655
Retirement
plan
custodial
fees
1,376
Chief
Compliance
Officer
expenses
1,020
Custodian
fees
330
Other
operating
expenses
1,021
Total
gross
expenses
54,288
Less
adviser
fees
waived
(19,239)
Less
custodian
fee
credits
(330)
Net
expenses
34,719
Net
investment
income
$235,304
Net
realized
loss
from
investments
and
foreign
currency
$(11,706)
Net
decrease
in
unrealized
depreciation
on
investments
and
foreign
currency
(150,911)
Net
loss
on
investments
(162,617)
Net
increase
in
net
assets
resulting
from
operations
$72,687
Sextant
Global
High
Income
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
31
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
income
$235,304
$357,397
Net
realized
gain
(loss)
on
investments
and
foreign
currency
(11,706)
111,672
Net
decrease
in
unrealized
appreciation
on
investments
and
foreign
currency
(150,911)
(890,600)
Net
increase
(decrease)
in
net
assets
72,687
(421,531)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(305,551)
(182,768)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
274,810
1,011,369
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
298,310
178,216
Cost
of
shares
redeemed
(251,228)
(681,194)
Total
capital
shares
transactions
321,892
508,391
Total
increase
(decrease)
in
net
assets
89,028
(95,908)
Net
assets
Beginning
of
period
9,053,790
9,149,698
End
of
period
$9,142,818
$9,053,790
Shares
of
the
Fund
sold
and
redeemed
Sextant
Global
High
Income
Fund
(SGHIX)
Number
of
shares
sold
27,231
95,974
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
30,440
16,548
Number
of
shares
redeemed
(24,849)
(67,643)
Net
increase
in
number
of
shares
outstanding
32,822
44,879
–
–
Sextant
Global
High
Income
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
May
31,
2023
Semi-Annual
tin
Sextant
Global
High
Income
Fund
(SGHIX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$10.12
$10.77
$10.15
$11.42
$11.07
$11.12
Income
from
investment
operations
Net
investment
income
0.25
0.40
0.33
0.31
0.42
0.40
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
(0.18)
(0.83)
0.65
(0.66)
0.32
(0.15)
Total
from
investment
operations
0.07
(0.43)
0.98
(0.35)
0.74
0.25
Less
distributions
Dividends
(from
net
investment
income)
(0.33)
(0.22)
(0.36)
(0.40)
(0.39)
(0.30)
Distributions
(from
capital
gains)
–
–
–
(0.52)
–
–
Total
distributions
(0.33)
(0.22)
(0.36)
(0.92)
(0.39)
(0.30)
Net
asset
value
at
end
of
period
$9.86
$10.12
$10.77
$10.15
$11.42
$11.07
Total
Return
A
0.83%
(4.16)%
9.87%
(3.51)%
7.06%
2.31%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$9,143
$9,054
$9,150
$8,615
$9,893
$8,827
Ratio
of
expenses
to
average
net
assets
Before
advisory
fees
waiver
custodian
fee
credits
B
1.17%
0.98%
0.78%
0.70%
1.11%
0.97%
After
advisory
fees
waiver
B
0.76%
0.75%
0.70%
0.56%
0.76%
0.75%
After advisory
fees
waiver
custodian
fee
credits
B
0.75%
0.74%
0.69%
0.55%
0.75%
0.75%
Ratio
of
net
investment
income
after
adviser
fee
waivers
and
custodian
fee
credits
to
average
net
assets
B
5.08%
3.87%
3.11%
3.12%
3.72%
3.43%
Portfolio
turnover
rate
A
8%
20%
27%
27%
33%
10%
A
Not
annualized
for
period
of
less
than
one
year
B
Annualized
for
periods
of
less
than
one
year
May
31,
2023
Semi-Annual
33
Sextant
Growth
Fund:
Performance
Summary
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
Investor
Shares
of
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
S&P
500
Index,
an
index
comprised
of
500
widely
held
common
stocks
considered
to
be
representative
of
the
US
stock
market
in
general.
The
graph
shows
that
an
investment
in
Investor
Shares
of
the
Fund
would
have
risen
to
$29,757
versus
$31,034
in
the
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objective
of
the
Growth
Fund
is
long-term
capital
growth.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sextant
Growth
Fund
Investor
Shares
(
SSGFX
)
4.07%
11.99%
11.52%
1.01%
Sextant
Growth
Fund
Z
Shares
(
SGZFX
)
2
4.36%
12.28%
n/a
0.77%
S&P
500
Index
2.92%
11.01%
11.98%
n/a
1
By
regulation,
the
expense
ratios
shown
in
this
table
are
as
stated
in
the
Fund’s
most
recent
prospectus,
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporate
results
for
the
fiscal
year
ended
November
30,
2022.
The
ratios
presented
in
this
table
differ
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
2
Z
Shares
of
the
Sextant
Growth
Fund
began
operations
June
2,
2017.
Microsoft
10.4%
Apple
10.2%
Alphabet,
Class
A
6.7%
Mastercard
,
Class
A
5.6%
Amazon.com
5.6%
Lowe's
3.9%
Abbott
Laboratories
3.7%
Monster
Beverage
3.3%
Adobe
3.2%
Oracle
3.2%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
34
May
31,
2023
Semi-Annual
Continued
on
next
page.
Common
Stock
-
98
.1
%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
Alphabet,
Class
A
1
31,680
$
898,428
$
3,892,522
6.7%
Consumer
Discretionary
Apparel,
Footwear
&
Accessory
Design
Nike,
Class
B
10,276
528,776
1,081,652
1.9%
Automotive
Retailers
O'Reilly
Automotive
1
1,300
1,094,232
1,174,303
2.0%
E-Commerce
Discretionary
Amazon.com
1
26,980
162,991
3,253,248
5.6%
Home
Products
Stores
Lowe's
11,200
794,834
2,252,656
3.9%
Specialty
Apparel
Stores
Lululemon
Athletica
1
3,000
965,595
995,790
1.7%
TJX
Companies
19,000
824,767
1,459,010
2.5%
1,790,362
2,454,800
4.2%
4,371,195
10,216,659
17.6%
Consumer
Staples
Beverages
Monster
Beverage
32,200
1,489,661
1,887,564
3.3%
Mass
Merchants
Costco
Wholesale
3,509
410,438
1,795,064
3.1%
1,900,099
3,682,628
6.4%
Energy
Renewable
Energy
Equipment
Enphase
Energy
600
135,339
104,328
0.2%
Financials
Consumer
Finance
Mastercard,
Class
A
8,914
806,924
3,253,788
5.6%
Paypal
1
12,000
1,120,069
743,880
1.3%
1,926,993
3,997,668
6.9%
Health
Care
Managed
Care
Elevance
Health
2,250
1,076,105
1,007,595
1.7%
Medical
Devices
Abbott
Laboratories
20,799
646,854
2,121,498
3.7%
Boston
Scientific
1
22,000
981,996
1,132,560
2.0%
Edwards
Lifesciences
1
10,500
346,070
884,415
1.5%
Stryker
3,000
374,100
826,740
1.4%
2,349,020
4,965,213
8.6%
Specialty
Pharma
Zoetis
Inc.
6,000
998,110
978,060
1.7%
4,423,235
6,950,868
12.0%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Honeywell
International
3,750
792,329
718,500
1.2%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
35
Common
Stock
-
98.1%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Industrials
(continued)
Commercial
&
Residential
Building
Equipment
&
Systems
(continued)
Johnson
Controls
International
22,500
$
1,043,161
$
1,343,250
2.3%
1,835,490
2,061,750
3.5%
Measurement
Instruments
Trimble
1
17,000
732,676
793,390
1.4%
2,568,166
2,855,140
4.9%
Materials
Agricultural
Chemicals
Corteva
27,500
1,174,068
1,470,975
2.5%
Specialty
Chemicals
Albemarle
Corp
3,000
857,974
580,590
1.0%
RPM
International
15,850
651,598
1,264,671
2.2%
1,509,572
1,845,261
3.2%
2,683,640
3,316,236
5.7%
Technology
Application
Software
Adobe
1
4,450
23,404
1,859,165
3.2%
Communications
Equipment
Apple
33,350
9,828
5,911,288
10.2%
Motorola
Solutions
6,000
1,346,591
1,691,520
2.9%
1,356,419
7,602,808
13.1%
Infrastructure
Software
Microsoft
18,270
843,185
5,999,685
10.4%
Oracle
17,500
901,024
1,853,950
3.2%
1,744,209
7,853,635
13.6%
Semiconductor
Devices
Advanced
Micro
Devices
1
9,500
758,357
1,122,995
1.9%
Monolithic
Power
Systems
1,100
521,986
538,901
0.9%
NVIDIA
3,500
493,219
1,324,190
2.3%
Qualcomm
3,350
226,427
379,924
0.7%
Texas
Instruments
6,600
939,244
1,147,608
2.0%
2,939,233
4,513,618
7.8%
6,063,265
21,829,226
37.7%
Total
investments
$24,970,360
$
56,845,275
98.1%
Other
assets
(net
of
liabilities)
1,094,945
1.9%
Total
net
assets
$
57,940,220
100.0%
1
Non-income
producing
Sextant
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
36
May
31,
2023
Semi-Annual
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value
(Cost
$24,970,360)
$
56,845,275
Cash
1,097,732
Dividends
receivable
31,829
Receivable
for
Fund
shares
sold
13,794
Prepaid
expenses
10,223
Other
assets
1,214
Total
assets
58,000,067
Liabilities
Accrued
advisory
fees
24,335
Payable
for
Fund
shares
redeemed
8,111
Accrued
audit
expenses
8,055
Accrued
retirement
plan
custody
fee
3,936
Accrued
trustee
expenses
2,879
Accrued
Chief
Compliance
Officer
expenses
1,941
Accrued
12b-1
distribution
fees
1,037
Accrued
legal
expenses
564
Accrued
other
operating
expenses
959
Accrued
printing
fees
8,030
Total
liabilities
59,847
Net
assets
$57,940,220
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$25,420,820
Total
distributable
earnings
32,519,400
Net
assets
applicable
to
Fund
shares
outstanding
$57,940,220
Net
asset
value
per
Investor
Shares
SSGFX
Net
assets,
at
value
$4,991,641
Shares
outstanding
123,727
Net
asset
value,
offering
and
redemption
price
per
share
$40.34
Net
asset
value
per
Z
Shares
SGZFX
Net
assets,
at
value
$52,948,580
Shares
outstanding
1,312,520
Net
asset
value,
offering
and
redemption
price
per
share
$40.34
Period
ended
May
31,
2023
Investment
income
Dividend
Income
$
229,884
Miscellaneous
income
50
Total
investment
income
229,934
Expenses
Investment
adviser
fees
159,358
Filing
and
registration
fees
22,124
Audit
fees
18,984
Trustee
fees
10,688
Legal
fees
10,129
Chief
Compliance
Officer
expenses
6,282
12b-1
distribution
fees
5,910
Retirement
plan
custodial
fees
5,035
1,025
Investor
Shares
–
1,050
Z
Shares
5,035
ReFlow
fees
1,831
Custodian
fees
1,083
Other
operating
expenses
5,126
Total
gross
expenses
246,550
Less
custodian
fee
credits
(1,083)
Net
expenses
245,467
Net
investment
loss
$(15,533)
Net
realized
gain
from
investments
$661,307
A
Net
Increase
in
unrealized
appreciation
on
investments
3,122,953
Net
gain
on
investments
3,784,260
Net
increase
in
net
assets
resulting
from
operations
$3,768,727
A
Includes
$496,832
in
net
realized
gains
from
redemptions
in-kind
Sextant
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
37
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
loss
$(15,533)
$(58,662)
Net
realized
gain
on
investment
661,307
3,334,840
Net
increase
(decrease)
in
unrealized
appreciation
3,122,953
(15,204,651)
Net
increase
(decrease)
in
net
assets
3,768,727
(11,928,473)
Distributions
to
shareowners
from
1,025
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(116,456)
(540,647)
1,050
Net
dividend
and
distribution
to
shareholders
-
Z
Shares
(1,184,886)
(5,339,476)
Total
distributions
(1,301,342)
(5,880,123)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
1,025
Investor
Shares
188,435
541,196
1,050
Z
Shares
1,966,161
5,439,562
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,025
Investor
Shares
86,817
401,784
1,050
Z
Shares
1,154,557
5,211,605
Cost
of
shares
redeemed
1,025
Investor
Shares
(404,849)
(754,189)
1,050
Z
Shares
(2,397,628)
(6,840,020)
Total
capital
shares
transactions
593,493
3,999,938
Total
increase
(decrease)
in
net
assets
3,060,878
(13,808,658)
Net
assets
Beginning
of
period
54,879,342
68,688,000
End
of
period
$57,940,220
$54,879,342
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(SSGFX)
Number
of
shares
sold
4,948
12,552
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
2,413
8,391
Number
of
shares
redeemed
(10,737)
(18,600)
Net
increase
(decrease)
in
number
of
shares
outstanding
(3,376)
2,343
Z
Shares
(SGZFX)
Number
of
shares
sold
52,202
133,138
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
32,134
109,258
Number
of
shares
redeemed
(64,008)
(164,183)
Net
increase
in
number
of
shares
outstanding
20,328
78,213
–
–
Sextant
Growth
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
38
May
31,
2023
Semi-Annual
tin
Investor
Shares
(SSGFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$38.72
$51.39
$41.86
$33.25
$28.70
$27.51
Income
from
investment
operations
Net
investment
income
A
(0.05)
(0.13)
0.09
(0.03)
(0.03)
0.07
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
2.59
(8.24)
9.70
9.58
5.86
2.53
Total
from
investment
operations
2.54
(8.37)
9.79
9.55
5.83
2.60
Less
distributions
Dividends
(from
net
investment
income)
–
(0.05)
(0.03)
(0.01)
(0.04)
(0.07)
Distributions
(from
capital
gains)
(0.92)
(4.25)
(0.23)
(0.93)
(1.24)
(1.34)
Total
distributions
(0.92)
(4.30)
(0.26)
(0.94)
(1.28)
(1.41)
Net
asset
value
at
end
of
period
$40.34
$38.72
$51.39
$41.86
$33.25
$28.70
Total
Return
B
6.84%
(17.88)%
23.48
%
29.49%
21.81%
9.95%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$4,992
$4,921
$6,411
$5,197
$4,533
$5,037
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
1.12%
1.21%
0.74%
1.05%
1.20%
0.92%
After custodian
fee
credits
C
1.11%
1.20%
0.74%
1.05%
1.20%
0.92%
Ratio
of
net
investment
income
after
to
average
net
assets
C
(0.27)%
(0.32)%
0.20%
(0.08)%
(0.07)%
0.25%
Portfolio
turnover
rate
B
4%
23%
18%
17%
10%
17%
Z
Shares
(SGZFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$38.66
$51.30
$41.78
$33.16
$28.65
$27.50
Income
from
investment
operations
Net
investment
income
A
(0.01)
(0.03)
0.20
0.05
0.08
0.13
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
2.61
(8.22)
9.66
9.56
5.82
2.53
Total
from
investment
operations
2.60
(8.25)
9.86
9.61
5.90
2.66
Less
distributions
Dividends
(from
net
investment
income)
–
(0.14)
(0.11)
(0.06)
(0.15)
(0.17)
Distributions
(from
capital
gains)
(0.92)
(4.25)
(0.23)
(0.93)
(1.24)
(1.34)
Total
distributions
(0.92)
(4.39)
(0.34)
(0.99)
(1.39)
(1.51)
Net
asset
value
at
end
of
period
$40.34
$38.66
$51.30
$41.78
$33.16
$28.65
Total
Return
B
7.01%
(17.69)%
23.76%
29.79%
22.22%
10.20%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$52,948
$49,958
$62,277
$53,776
$40,978
$34,191
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.88%
0.97%
0.51%
0.82%
0.90%
0.70%
After custodian
fee
credits
C
0.88%
0.97%
0.50%
0.82%
0.90%
0.70%
Ratio
of
net
investment
income
after
to
average
net
assets
C
(0.03)%
(0.08)%
0.43%
0.14%
0.23%
0.47%
Portfolio
turnover
rate
B
4%
23%
18%
17%
10%
17%
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
May
31,
2023
Semi-Annual
39
Sextant
International
Fund:
Performance
Summary
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
Investor
Shares
of
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
MSCI
EAFE
Index,
an
international
index
focused
on
Europe,
Australasia,
and
the
Far
East.
The
graph
shows
that
an
investment
in
Investor
Shares
of
the
Fund
would
have
risen
to
$18,229
versus
$16,379
in
the
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objective
of
the
International
Fund
is
long-term
capital
growth.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sextant
International
Fund
Investor
Shares
(
SSIFX
)
4.53%
6.84%
6.19%
1.04%
Sextant
International
Fund
Z
Shares
(
SIFZX
)
2
4.74%
7.08%
n/a
0.80%
MSCI
EAFE
Index
3.61%
3.71%
5.06%
n/a
1
By
regulation,
the
expense
ratios
shown
in
this
table
are
as
stated
in
the
Fund’s
most
recent
prospectus,
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporate
results
for
the
fiscal
year
ended
November
30,
2022.
The
ratios
presented
in
this
table
differ
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
2
Z
Shares
of
the
Sextant
International
Fund
began
operations
June
2,
2017.
Novo
Nordisk
ADR
8.1%
ASML
Holding
NY
6.5%
MercadoLibre
6.2%
Wolters
Kluwer
5.8%
Dassault
Systemes
ADR
5.7%
NICE
Systems
ADR
5.2%
Sony
ADR
3.9%
Accenture,
Class
A
3.8%
United
States
Cash
Management
Bill
(0.000%
due
06/8/2023)
3.3%
Linde
3.2%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
May
31,
2023
Semi-Annual
Continued
on
next
page.
Common
Stock
-
92.7%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Telecom
Carriers
Telus
78,000
$
560,986
$
1,479,660
Canada
2.4%
Consumer
Discretionary
Apparel,
Footwear
&
Accessory
Design
Hermes
International
600
569,152
1,220,686
France
2.0%
E-Commerce
Discretionary
MercadoLibre
2
3,065
254,193
3,797,535
Argentina
6.3%
Specialty
Apparel
Stores
Lululemon
Athletica
2
3,500
1,066,230
1,161,755
United
States
1.9%
1,889,575
6,179,976
10.2%
Consumer
Staples
Household
Products
L'Oreal
3,400
1,099,801
1,451,881
France
2.4%
Unicharm
16,000
653,622
605,954
Japan
1.0%
1,753,423
2,057,835
3.4%
Packaged
Food
Nestle
S.A.
9,000
1,030,483
1,062,859
Switzerland
1.7%
2,783,906
3,120,694
5.1%
Health
Care
Biotech
BioNTech
SE
4,500
650,502
472,860
Germany
0.8%
Health
Care
Supplies
Alcon
25,000
1,294,019
1,934,750
Switzerland
3.2%
Large
Pharma
AstraZeneca
ADR
17,000
1,023,786
1,242,360
United
Kingdom
2.0%
Novartis
ADR
13,325
661,308
1,282,531
Switzerland
2.1%
Novo
Nordisk
ADR
30,550
374,420
4,902,053
Denmark
8.1%
2,059,514
7,426,944
12.2%
4,004,035
9,834,554
16.2%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Assa
Abloy
AB
-
B
39,000
924,788
864,785
Sweden
1.4%
NIBE
Industrier
AB
Class
B
40,000
352,734
381,657
Sweden
0.6%
1,277,522
1,246,442
2.0%
Electrical
Power
Equipment
Eaton
5,000
760,124
879,500
United
States
1.5%
Schneider
Electric
SE
4,000
675,324
690,181
France
1.1%
1,435,448
1,569,681
2.6%
Rail
Freight
Canadian
National
Railway
10,000
1,164,265
1,127,300
Canada
1.9%
3,877,235
3,943,423
6.5%
Materials
Agricultural
Chemicals
Nutrien
10,000
819,201
527,000
Canada
0.8%
Basic
&
Diversified
Chemicals
Linde
5,500
1,397,250
1,945,130
Ireland
3.2%
Schedule
of
Investments
As
of
May
31,
2023
Sextant
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
41
Continued
on
next
page.
Common
Stock
-
92.7%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Materials
(continued)
Precious
Metal
Mining
Agnico-Eagle
Mines
18,000
$
829,730
$
914,040
Canada
1.5%
Barrick
Gold
43,000
720,837
725,840
Canada
1.2%
1,550,567
1,639,880
2.7%
Specialty
Chemicals
Givaudan
(reg)
200
682,610
656,745
Switzerland
1.1%
Steel
Raw
Material
Suppliers
BHP
Biliton
ADR
17,000
990,319
933,300
Australia
1.5%
Rio
Tinto
ADR
32,800
1,773,219
1,936,840
United
Kingdom
3.2%
2,763,538
2,870,140
4.7%
7,213,166
7,638,895
12.5%
Technology
Application
Software
Dassault
Systemes
ADR
78,215
586,207
3,445,762
France
5.7%
NICE
Systems
ADR
15,250
577,019
3,140,585
Israel
5.1%
SAP
ADR
6,900
921,330
900,036
Germany
1.5%
2,084,556
7,486,383
12.3%
Consumer
Electronics
Nintendo
34,000
1,490,299
1,439,746
Japan
2.4%
Sony
ADR
25,000
1,506,327
2,342,500
Japan
3.8%
2,996,626
3,782,246
6.2%
Information
Services
Experian
33,000
1,053,313
1,160,067
United
States
1.9%
Wolters
Kluwer
31,000
578,573
3,531,670
Netherlands
5.8%
1,631,886
4,691,737
7.7%
IT
Services
Accenture,
Class
A
7,600
1,404,545
2,324,992
Ireland
3.8%
Semiconductor
Devices
STMicroelectronics
ADR
17,000
531,165
738,480
Switzerland
1.3%
Semiconductor
Manufacturing
ASML
Holding
NY
5,475
190,945
3,958,042
Netherlands
6.5%
8,839,723
22,981,880
37.8%
Utilities
Power
Generation
Iberdrola
99,851
1,007,508
1,216,167
Spain
2.0%
Total
Common
Stock
$30,176,134
$56,395,249
92.7%
Government
Bonds
-
3.3%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
United
States
Cash
Management
Bills
United
States
Cash
Management
Bill
–%
due
06/08/2023
2,000,000
1,997,957
United
States
3.3%
Total
Government
Bonds
(Cost
$1,997,959)
$1,997,957
3.3%
Total
investments
(Cost
$32,174,093)
$58,393,206
96.0%
Other
assets
(net
of
liabilities)
2,453,369
4.0%
Total
net
assets
$60,846,575
100.0%
1
Country
of
domicile
2
Non-income
producing
ADR:
American
Depositary
Receipt
Schedule
of
Investments
As
of
May
31,
2023
Sextant
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
May
31,
2023
Semi-Annual
Sextant
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
43
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value
(Cost
$32,174,093)
$
58,393,206
Cash
2,292,105
Dividends
receivable
211,223
Prepaid
expenses
10,592
Receivable
for
Fund
shares
sold
6,457
Total
assets
60,913,583
Liabilities
Accrued
advisory
fees
26,163
Payable
for
Fund
shares
redeemed
13,260
Accrued
12b-1
distribution
fees
7,677
Accrued
trustee
expenses
3,193
Accrued
retirement
plan
custody
fee
2,763
Accrued
Chief
Compliance
Officer
expenses
2,341
Accrued
legal
expenses
1,016
Accrued
audit
expenses
235
Accrued
other
operating
expenses
910
Accrued
printing
fees
5,435
Accrued
postage
4,015
Total
liabilities
67,008
Net
assets
$60,846,575
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$34,705,797
Total
distributable
earnings
26,140,778
Net
assets
applicable
to
Fund
shares
outstanding
$60,846,575
Net
asset
value
per
Investor
Shares
SSIFX
Net
assets,
at
value
$35,887,852
Shares
outstanding
1,872,679
Net
asset
value,
offering
and
redemption
price
per
share
$19.16
Net
asset
value
per
Z
Shares
SIFZX
Net
assets,
at
value
$24,958,723
Shares
outstanding
1,297,587
Net
asset
value,
offering
and
redemption
price
per
share
$19.23
Period
ended
May
31,
2023
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$73,474)
$
545,156
Interest
income
36,290
Miscellaneous
income
(
32,464
)
Total
investment
income
548,982
Expenses
Investment
adviser
fees
185,926
12b-1
distribution
fees
42,639
Filing
and
registration
fees
21,315
Audit
fees
19,726
Trustee
fees
10,853
Legal
fees
10,362
Chief
Compliance
Officer
expenses
6,076
Retirement
plan
custodial
fees
3,439
1,125
Investor
Shares
10
1,150
Z
Shares
3,429
ReFlow
fees
2,827
Custodian
fees
2,616
Other
operating
expenses
4,203
Total
gross
expenses
309,982
Less
custodian
fee
credits
(2,616)
Net
expenses
307,366
Net
investment
income
$241,616
Net
realized
loss
from
investments
and
foreign
currency
$(186,106)
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
3,242,968
Net
gain
on
investments
3,056,862
Net
increase
in
net
assets
resulting
from
operations
$3,298,478
A
Includes
$529,441
in
net
realized
gains
from
redemptions
in-kind
Sextant
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
May
31,
2023
Semi-Annual
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
income
$241,616
$349,377
Net
realized
gain
(loss)
on
investments
and
foreign
currency
(186,106)
2,861,583
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
3,242,968
(14,960,190)
Net
increase
(decrease)
in
net
assets
3,298,478
(11,749,230)
Distributions
to
shareowners
from
1,125
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
–
(3,698,513)
1,150
Net
dividend
and
distribution
to
shareholders
-
Z
Shares
–
(2,376,574)
Total
distributions
–
(6,075,087)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
1,125
Investor
Shares
3,065,240
1,495,198
1,150
Z
Shares
2,168,023
7,854,075
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,125
Investor
Shares
–
3,613,417
1,150
Z
Shares
–
2,277,923
Cost
of
shares
redeemed
1,125
Investor
Shares
(2,088,977)
(7,772,262)
1,150
Z
Shares
(2,436,895)
(8,292,788)
Total
capital
shares
transactions
707,391
(824,437)
Total
increase
(decrease)
in
net
assets
4,005,869
(18,648,754)
Net
assets
Beginning
of
period
56,840,706
75,489,460
End
of
period
$60,846,575
$56,840,706
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(SSIFX)
Number
of
shares
sold
159,382
76,818
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
–
163,800
Number
of
shares
redeemed
(110,833)
(398,331)
Net
increase
(decrease)
in
number
of
shares
outstanding
48,549
(157,713)
Z
Shares
(SIFZX)
Number
of
shares
sold
113,197
404,546
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
–
103,214
Number
of
shares
redeemed
(127,233)
(424,756)
Net
increase
(decrease)
in
number
of
shares
outstanding
(14,036)
83,004
–
–
Sextant
International
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
45
tin
Investor
Shares
(SSIFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$18.11
$23.49
$19.62
$18.50
$16.83
$17.98
Income
from
investment
operations
Net
investment
income
A
0.07
0.09
0.10
0.12
0.12
0.15
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.98
(3.58)
3.85
1.66
2.74
0.14
Total
from
investment
operations
1.05
(3.49)
3.95
1.78
2.86
0.29
Less
distributions
Dividends
(from
net
investment
income)
–
(0.13)
(0.08)
(0.11)
(0.15)
(0.17)
Distributions
(from
capital
gains)
–
(1.76)
–
(0.55)
(1.04)
(1.27)
Total
distributions
–
(1.89)
(0.08)
(0.66)
(1.19)
(1.44)
Net
asset
value
at
end
of
period
$19.16
$18.11
$23.49
$19.62
$18.50
$16.83
Total
Return
B
5.74%
(16.31)%
20.16%
9.86%
18.82%
1.63%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$35,888
$33,029
$46,560
$51,141
$67,390
$41,688
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
1.14%
1.28%
0.93%
0.83%
1.07%
1.05%
After custodian
fee
credits
C
1.13%
1.27%
0.92%
0.82%
1.06%
1.04%
Ratio
of
net
investment
income
after
to
average
net
assets
C
0.73%
0.48%
0.46%
0.70%
0.62%
0.89%
Portfolio
turnover
rate
B
6%
33%
22%
16%
6%
2%
Z
Shares
(SIFZX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$18.15
$23.55
$19.67
$18.55
$16.87
$18.00
Income
from
investment
operations
Net
investment
income
A
0.09
0.13
0.15
0.15
0.19
0.19
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.99
(3.59)
3.85
1.67
2.72
0.14
Total
from
investment
operations
1.08
(3.46)
4.00
1.82
2.91
0.33
Less
distributions
Dividends
(from
net
investment
income)
–
(0.18)
(0.12)
(0.15)
(0.19)
(0.19)
Distributions
(from
capital
gains)
–
(1.76)
–
(0.55)
(1.04)
(1.27)
Total
distributions
–
(1.94)
(0.12)
(0.70)
(1.23)
(1.46)
Net
asset
value
at
end
of
period
$19.23
$18.15
$23.55
$19.67
$18.55
$16.87
Total
Return
B
5.89%
(16.17)%
20.42%
10.09%
19.14%
1.83%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$24,959
$23,812
$28,929
$26,921
$30,963
$20,692
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.91%
1.04%
0.72%
0.63%
0.85%
0.84%
After custodian
fee
credits
C
0.90%
1.03%
0.71%
0.63%
0.84%
0.82%
Ratio
of
net
investment
income
after
to
average
net
assets
C
0.97%
0.72%
0.68%
0.87%
0.91%
1.13%
Portfolio
turnover
rate
B
6%
33%
22%
16%
6%
2%
A
Calculated
using
average
shares
outstanding
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Notes
To
Financial
Statements
46
May
31,
2023
Semi-Annual
Note
1
–
Organization
Saturna
Investment
Trust
(the
“Trust”)
was
established
under
Washington
State
Law
as
a
business
trust
on
February
20,
1987.
The
Trust
is
registered
as
an
open-end,
diversified
management
company
under
the
Investment
Company
Act
of
1940,
as
amended.
Nine
portfolio
series
have
been
created
to
date:
Sextant
Short-
Term
Bond
Fund,
Sextant
Bond
Income
Fund,
Sextant
Core
Fund,
Sextant
Global
High
Income
Fund,
Sextant
Growth
Fund,
Sextant
International
Fund
(each,
a
“Fund”,
and
collectively,
the
“Funds”),
Idaho
Tax-
Exempt
Fund,
Saturna
Sustainable
Equity
Fund,
and
Saturna
Sustainable
Bond
Fund.
Idaho
Tax-Exempt
Fund,
Saturna
Sustainable
Equity
Fund,
and
Saturna
Sustainable
Bond
Fund
are
offered
through
separate
prospectuses,
the
results
of
which
are
contained
in
separate
reports.
Sextant
Growth
Investor
Shares
(previously
known
as
Idaho
Limited
Maturity
Tax-Exempt
Fund
until
October
12,
1990,
then
Northwest
Growth
Fund
until
September
28,
1995,
when
the
investment
objective
of
only
Northwest
stocks
was
changed)
commenced
operations
as
an
equity
fund
on
December
30,
1990.
Sextant
Growth
Fund
Z
Shares
began
operations
June
2,
2017.
Sextant
International
Investor
Shares
began
operations
September
28,
1995
and
Sextant
International
Fund
Z
Shares
began
operations
on
June
2,
2017.
Sextant
Short-Term
Bond
began
operations
September
28,
1995.
Sextant
Bond
Income
Fund
(previously
known
as
Washington
Tax-Exempt
Fund
until
September
28,
1995,
when
the
investment
objective
of
only
Washington
State
Municipal
Bonds
was
changed)
began
operations
on
March
1,
1993.
Sextant
Core
Fund
commenced
operations
March
30,
2007.
Sextant
Global
High
Income
Fund
commenced
operations
March
30,
2012.
Each
Fund
is
an
investment
company
and
accordingly
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
“Financial
Services
-
Investment
Companies”.
Each
class
of
shares
of
a
Fund
represents
an
interest
in
the
same
portfolio
of
investments
of
the
Fund
and
has
in
all
respects
the
same
rights
and
obligations
as
each
other
class
of
the
Fund,
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights.
Each
class
of
shares
may
be
subject
to
different
investment
minimums
and
other
conditions
of
eligibility
as
may
be
described
in
the
prospectus
for
the
particular
class
of
shares,
as
from
time
to
time
in
effect.
Income,
realized
and
unrealized
capital
gains
and
losses,
and
expenses
to
be
paid
by
a
Fund
and
not
allocated
to
a
particular
class
as
provided
below,
shall
be
allocated
to
each
class
on
the
basis
of
relative
net
assets.
Expenses
allocable
to
a
specific
class
are
expenses
specifically
incurred
by
or
for
such
class
including
the
following:
Distribution
fees;
Retirement
plan
custodial
fees;
and
Any
applicable
service
fees.
Net
investment
income
dividends
and
capital
gain
distributions
paid
by
the
Fund
on
each
class
of
its
shares
will
be
calculated
in
the
same
manner
on
the
same
day
and
at
the
same
time.
Investment
risks:
Growth
,
International,
Core,
Short-Term
Bond,
Bond
Income,
and
Global
High
Income
Funds
:
The
value
of
each
Fund’s
shares
rises
and
falls
as
the
value
of
the
securities
in
which
the
Fund
invests
goes
up
and
down.
Fund
share
prices,
yields,
and
total
returns
will
change
with
market
fluctuations
as
well
as
the
fortunes
of
the
countries,
industries,
and
companies
in
which
the
Fund
invests.
The
Funds
do
not
use
derivatives
to
hedge
currency,
interest
rate,
or
credit
risk.
Liquidity
risk
exists
when
particular
investments
are
difficult
to
sell.
If
a
Fund
holds
illiquid
investments,
its
portfolio
may
be
more
difficult
to
value,
especially
in
changing
markets.
Investments
by
a
Fund
in
foreign
securities
and
those
that
are
thinly
traded,
such
as
lower
quality
issuers
and
smaller
companies,
tend
to
involve
greater
liquidity
risk.
If
a
Fund
is
forced
to
sell
or
unwind
these
investments
to
meet
redemptions
or
for
other
cash
needs,
the
Fund
may
suffer
a
penalty.
Additionally,
the
market
for
certain
investments
may
become
illiquid
under
adverse
market
or
economic
conditions
independent
of
any
specific
adverse
changes
in
the
conditions
of
a
particular
issuer.
In
such
cases,
the
Fund,
due
to
limitations
on
investments
in
illiquid
securities
and
the
difficulty
in
purchasing
and
selling
such
securities,
may
be
unable
to
achieve
its
investment
objective.
Growth
and
Core
Funds
:
Smaller
companies
involve
higher
investment
risks
in
that
they
often
have
limited
product
lines,
markets,
and
resources,
or
their
securities
may
trade
less
frequently
and
have
greater
price
fluctuation
than
those
of
larger
companies.
Growth
stocks,
which
can
be
priced
on
future
expectations
rather
than
current
results,
may
decline
substantially
when
expectations
are
not
met.
International
,
Core
,
Short-Term
Bond
,
Bond
Income
,
and
Global
High
Income
Funds
:
Foreign
investing
involves
risks
not
normally
associated
with
investing
in
US
securities.
These
include
fluctuations
in
currency
exchange
rates,
less
public
information
about
securities,
less
governmental
market
supervision,
and
the
lack
of
uniform
financial,
social,
and
political
standards.
Foreign
investing
heightens
the
risk
of
confiscatory
taxation,
seizure
or
nationalization
of
assets,
currency
controls,
or
adverse
political
or
social
developments
that
affect
investments.
The
risks
of
investing
in
foreign
securities
are
typically
greater
in
less
developed
or
emerging
countries.
Core
Fund
:
The
Core
Fund
has
the
risks
of
growth
stocks,
foreign
securities,
credit,
and
interest
rates
—
but
these
risks
are
mitigated
by
spreading
its
investments
in
both
stocks
and
bonds,
and
by
favoring
income-producing
securities
and
those
of
larger,
more
seasoned
companies.
Short-Term
Bond,
Bond
Income
,
Global
High
Income
,
and
Core
Funds
:
Bonds
entail
credit
risk,
which
is
the
possibility
that
a
bond
will
not
be
able
to
pay
interest
or
principal
when
due.
If
the
credit
quality
of
a
bond
is
perceived
to
decline,
investors
will
demand
a
higher
yield,
which
means
a
lower
price
on
that
bond
to
compensate
for
the
higher
level
of
risk.
Interest
rate
fluctuations
affect
bond
prices
and
a
Fund’s
net
asset
value,
but
not
the
income
received
by
the
Fund
from
its
portfolio
securities.
Because
prices
and
yields
on
debt
securities
vary
over
time,
a
Fund’s
yield
also
varies.
Bonds
with
embedded
callable
options
also
contain
an
element
of
prepayment
risk.
When
interest
rates
decline,
issuers
can
retire
their
debt
and
reissue
bonds
at
a
lower
interest
rate.
This
hurts
investors
because
yields
available
for
reinvestment
will
have
declined
and
upward
price
mobility
on
callable
bonds
is
generally
limited
by
the
call
price.
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
47
Global
High
Income
Fund
:
Issuers
of
high-yield
securities
are
generally
not
as
strong
financially
as
those
issuing
higher
quality
securities.
These
issuers
are
more
likely
to
encounter
financial
difficulties
and
are
more
vulnerable
to
changes
in
the
relevant
economy,
such
as
a
recession
or
a
sustained
period
of
rising
interest
rates,
that
could
affect
their
ability
to
make
interest,
principal,
and
dividend
payments
as
expected.
The
prices
of
high-yield
securities
generally
fluctuate
more
than
those
of
higher
quality.
High-yield
securities
are
generally
more
illiquid
(harder
to
sell)
and
harder
to
value.
The
Funds
may
invest
substantially
in
one
or
more
sectors,
which
can
increase
volatility
and
exposure
to
issues
specific
to
a
particular
sector
or
industry.
Note
2
–
Unaudited
Information
The
information
in
this
interim
report
has
not
been
subjected
to
independent
audit.
Note
3
–
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America,
which
are
consistently
followed
by
the
Funds
in
preparation
of
their
financial
statements.
Security
valuation:
Investments
in
securities
traded
on
a
national
securities
exchange
and
over-the-counter
securities
for
which
sale
prices
are
available
are
valued
at
that
price.
Securities
for
which
there
are
no
sales
are
valued
at
the
latest
bid
price.
Debt
securities
are
valued
using
bid-side
valuations
provided
by
an
independent
service.
The
service
determines
valuations
using
factors
such
as
yields
or
prices
of
bonds
of
comparable
quality,
type
of
issue,
coupon
maturity,
ratings,
trading
activity,
and
general
market
conditions.
Fixed-income
debt
instruments,
such
as
commercial
paper,
bankers’
acceptances
and
US
Treasury
Bills,
with
a
maturity
of
60
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value.
Any
discount
or
premium
is
accreted
or
amortized
on
a
straight-line
basis
until
maturity.
Foreign
markets
may
close
before
the
time
as
of
which
the
Funds’
share
prices
are
determined.
Because
of
this,
events
occurring
after
the
close
and
before
the
determination
of
the
Funds’
share
prices
may
have
a
material
effect
on
the
values
of
some
or
all
of
the
Funds’
foreign
securities.
To
account
for
this,
the
Funds
may
use
outside
pricing
services
for
valuation
of
their
non-US
securities.
In
cases
in
which
there
is
not
a
readily
available
market
price,
a
fair
value
for
such
security
is
determined
in
good
by
the
adviser
(Saturna
Capital)
as
each
Fund’s
valuation
designee
to
perform
fair
value
functions
in
accordance
with
valuation
policies
and
procedures
adopted
by
the
adviser,
whom
the
Board
of
Trustees
has
designated
subject
to
the
Board
of
Trustee’s
oversight.
Security
transactions
are
recorded
on
the
trade
date.
Realized
gains
and
losses
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Foreign
currency:
Investment
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
at
the
date
of
valuation.
Purchases
and
sales
of
investment
securities
and
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
on
the
respective
dates
of
such
transactions.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
the
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
Reported
net
realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions,
and
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
US
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
the
fair
values
of
assets
and
liabilities,
other
than
investments
in
securities
at
fiscal
period
end,
resulting
from
changes
in
exchange
rates.
Share
valuation:
Each
Fund
computes
the
share
price
of
each
share
class
by
dividing
the
net
assets
attributable
to
each
share
class
by
the
outstanding
shares
of
that
class.
Each
share
class
represents
an
interest
in
the
same
investment
portfolio.
Each
share
class
is
identical
in
all
respects
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights.
As
a
result
of
the
differences
in
the
expenses
borne
by
each
share
class,
the
share
price
and
distributions
will
vary
among
a
Fund’s
share
classes.
The
Funds’
shares
are
not
priced
or
traded
on
days
the
New
York
Stock
Exchange
is
closed.
The
NAV
is
both
the
offering
and
redemption
price
per
share.
Share
Valuation
Inputs
as
of
May
31,
2023
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Short-Term
Bond
Fund
Corporate
Bonds
1
$–
$6,398,203
$–
$6,398,203
Government
Bonds
1
$–
$4,172,831
$–
$4,172,831
Total
Assets
$–
$10,571,034
$–
$10,571,034
Bond
Income
Fund
Corporate
Bonds
1
$–
$6,384,354
$–
$6,384,354
Government
Bonds
1
$–
$2,592,134
$–
$2,592,134
Note
1
–
Organization
(continued)
Notes
To
Financial
Statements
(continued)
48
May
31,
2023
Semi-Annual
Total
Assets
$–
$8,976,488
$–
$8,976,488
Core
Fund
Common
Stock
Communications
$577,900
$–
$–
$577,900
Consumer
Discretionary
$1,293,036
$–
$–
$1,293,036
Consumer
Staples
$582,808
$–
$–
$582,808
Energy
$925,810
$–
$–
$925,810
Financials
$690,245
$–
$–
$690,245
Health
Care
$1,727,221
$–
$–
$1,727,221
Industrials
$1,744,769
$–
$–
$1,744,769
Materials
$848,308
$–
$–
$848,308
Technology
$1,787,358
$80,853
$–
$1,868,211
Utilities
$436,704
$–
$–
$436,704
Total
Common
Stock
$10,614,159
$80,853
$–
$10,695,012
Corporate
Bonds
1
$–
$4,280,894
$–
$4,280,894
Government
Bonds
1
$–
$3,393,063
$–
$3,393,063
Municipals
Bonds
1
$–
$109,707
$–
$109,707
Total
Assets
$10,614,159
$7,864,517
$–
$18,478,676
Global
High
Income
Fund
Common
Stock
Communications
$581,306
$204,868
$–
$786,174
Consumer
Discretionary
$–
$187,430
$–
$187,430
Energy
$400,480
$–
$–
$400,480
Financials
$131,925
$261,665
$–
$393,590
Health
Care
$375,025
$–
$–
$375,025
Materials
$879,190
$211,019
$–
$1,090,209
Technology
$248,350
$211,727
$–
$460,077
Total
Common
Stock
$2,616,276
$1,076,709
$–
$3,692,985
Corporate
Bonds
1
$–
$2,625,411
$–
$2,625,411
Government
Bonds
1
$–
$1,690,285
$–
$1,690,285
Municipals
Bonds
1
$–
$50,200
$–
$50,200
Total
Assets
$2,616,276
$5,442,605
$–
$8,058,881
Growth
Fund
Common
Stock
1
$56,845,275
$–
$–
$56,845,275
Total
Assets
$56,845,275
$–
$–
$56,845,275
International
Fund
Common
Stock
Communications
$1,479,660
$–
$–
$1,479,660
Consumer
Discretionary
$4,959,290
$1,220,686
$–
$6,179,976
Consumer
Staples
$–
$3,120,694
$–
$3,120,694
Health
Care
$9,834,554
$–
$–
$9,834,554
Industrials
$2,006,800
$1,936,623
$–
$3,943,423
Materials
$6,982,150
$656,745
$–
$7,638,895
Technology
$16,850,397
$6,131,483
$–
$22,981,880
Utilities
$–
$1,216,167
$–
$1,216,167
Total
Common
Stock
$42,112,851
$14,282,398
$–
$56,395,249
Government
Bonds
1
$–
$1,997,957
$–
$1,997,957
Total
Assets
$42,112,851
$16,280,355
$–
$58,393,206
1
See
the
Schedule
of
Investments
for
additional
details.
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
49
Fair
value
measurements:
Accounting
Standards
Codification
(ASC)
820
establishes
a
three-
tier
framework
for
measuring
fair
value
based
on
a
hierarchy
of
inputs.
The
hierarchy
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds’
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
investments
and
are
summarized
below.
Level
1
−
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
that
the
Trust
has
the
ability
to
access.
Level
2
−
Observable
inputs
other
than
quoted
prices
in
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates,
and
similar
data.
Level
3
−
Unobservable
inputs
for
the
asset
or
liability,
to
the
extent
relevant
observable
inputs
are
not
available,
representing
the
Trust’s
own
assumptions
about
the
assumptions
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
would
be
based
on
the
best
information
available.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety,
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
table
on
pages
47
and
48
is
a
summary
of
the
inputs
used
as
of
May
31,
2023
,
in
valuing
the
Funds’
investments
carried
at
fair
value.
Investment
concentration:
The
Funds
may
have
deposits
of
cash
with
the
custodian
from
time
to
time
for
one
or
more
reasons.
“Other
assets
(net
of
liabilities)”
in
the
Funds’
Schedules
of
Investments
primarily
represents
cash
on
deposit
with
the
custodian.
Cash
on
deposit
will
vary
widely
over
time.
Accounting
Standards
Codification
(“ASC”)
825,
“Financial
Instruments,”
identifies
these
items
as
a
concentration
of
credit
risk.
The
risk
is
managed
by
careful
financial
analysis
and
review
of
the
custodian’s
operations,
resources,
and
protections
available
to
the
Trust.
This
process
includes
evaluation
of
other
financial
institutions
providing
investment
company
custody
services.
ReFlow
Liquidity
Program:
The
Funds
may
participate
in
the
ReFlow
Fund,
LLC
("ReFlow")
liquidity
program,
which
is
designed
to
provide
an
alternative
liquidity
source
on
days
when
redemptions
of
Fund
shares
exceed
purchases.
Under
the
program,
ReFlow
is
available
to
provide
cash
to
the
Funds
to
meet
all,
or
a
portion,
of
daily
net
shareowner
redemptions.
Following
purchases
of
Fund
shares,
ReFlow
then
generally
redeems
those
shares
when
the
Fund
experiences
net
sales,
at
the
end
of
a
maximum
holding
period
determined
by
ReFlow
(currently
8
days)
or
at
other
times
at
ReFlow's
discretion.
For
use
of
the
ReFlow
service,
a
participating
Fund
pays
a
fee
to
ReFlow
each
time
it
purchases
Fund
shares,
calculated
by
applying
to
the
purchase
amount
a
fee
rate
determined
through
an
automated
daily
"Dutch
auction"
among
other
participating
mutual
funds
seeking
liquidity
that
day.
The
current
minimum
fee
rate
is
0.14%
of
the
value
of
the
Fund
shares
purchased
by
ReFlow,
although
the
Fund
may
submit
a
bid
at
a
higher
fee
rate
if
it
determines
that
doing
so
is
in
the
best
interest
of
Fund
shareowners.
In
accordance
with
federal
securities
laws,
ReFlow
is
prohibited
from
acquiring
more
than
3%
of
the
outstanding
voting
securities
of
a
Fund.
ReFlow
will
periodically
redeem
its
entire
share
position
in
the
Fund
and
request
that
such
redemption
be
met
in
kind
in
accordance
with
the
Funds'
in-kind
redemption
policies.
There
is
no
assurance
that
ReFlow
will
have
sufficient
funds
available
to
meet
the
Funds’
liquidity
needs
on
a
particular
day.
During
the
period
ended
May
31,
2023
,
only
the
Growth,
International,
and
Core
Fund
participated
in
ReFlow.
Fees
associated
with
ReFlow
are
disclosed
in
the
Statements
of
Operations.
Federal
income
taxes:
Each
Fund
intends
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
necessary
to
qualify
as
a
regulated
investment
company
and
to
make
the
requisite
distributions
of
income
and
capital
gains
to
its
shareowners
sufficient
to
relieve
it
from
all
or
substantially
all
federal
income
taxes.
Therefore,
no
federal
income
tax
provision
is
required.
The
Funds
recognize
the
tax
benefits
of
uncertain
tax
positions
only
where
the
position
is
“more
likely
than
not”
to
be
sustained
assuming
examination
by
tax
authorities.
Management
has
analyzed
the
Funds’
tax
positions
and
has
concluded
that
no
liability
for
unrecognized
tax
benefits
should
be
recorded
related
to
uncertain
tax
positions
taken
on
returns
filed
for
open
tax
years
(2019
−
2021)
or
expected
to
be
taken
in
the
Funds’
2022
tax
returns.
The
Funds
identify
their
major
tax
jurisdiction
as
US
federal
and
foreign
jurisdictions
where
the
Funds
make
significant
investments;
however,
the
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
change
materially
in
the
next
12
months.
Reclassification
of
capital
accounts:
Accounting
principles
generally
accepted
in
the
United
States
of
America
require
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
are
as
of
the
fiscal
year
ended
November
30,
2022
,
and
have
no
effect
on
net
assets
or
NAV
per
share.
Short-Term
Bond
Fund
Core
Fund
Distributable
earnings
$53
$(211,414)
Paid-in
Capital
$(53)
$211,414
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
50
May
31,
2023
Semi-Annual
These
reclassifications
were
primarily
due
to
redemptions
in
kind
and
operating
losses
The
Bond
Income
and
Global
High
Income
Funds
had
no
reclassification
of
capital
accounts.
Distributions
to
shareowners:
For
the
Sextant
Short-Term
Bond
Fund
and
Sextant
Bond
Income
Fund
,
dividends
to
shareowners
from
net
investment
income
are
paid
daily
and
distributed
on
the
last
business
day
of
each
month.
For
the
Sextant
Core
Fund
,
Sextant
Global
High
Income
Fund
,
Sextant
Growth
Fund
and
Sextant
International
Fund
,
dividends
to
shareowners
from
net
investment
income,
if
any,
are
paid
annually,
typically
by
the
end
of
the
year.
Distributions
of
capital
gains,
if
any,
are
made
at
least
annually,
and
as
required
to
comply
with
federal
excise
tax
requirements.
Distributions
to
shareowners
are
determined
in
accordance
with
income
tax
regulations
and
are
recorded
on
the
ex-dividend
date.
Dividends
are
paid
in
shares
of
the
Funds,
at
the
net
asset
value
on
the
payable
date.
Shareowners
may
elect
to
take
distributions
if
they
total
$10
or
more
in
cash.
Use
of
estimates:
The
preparation
of
financial
statements
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Foreign
taxes:
Withholding
taxes
on
foreign
dividends
are
paid
(a
portion
of
which
may
be
reclaimable)
or
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates
and
are
disclosed
in
the
Statement
of
Operations.
Withholding
tax
reclaims
are
filed
in
certain
countries
to
recover
a
portion
of
the
amounts
previously
withheld.
The
Funds
record
a
reclaim
receivable
based
on
a
number
of
factors,
including
a
jurisdiction’s
legal
obligation
to
pay
reclaims
as
well
as
payment
history
and
market
convention.
LIBOR
Transition
Risks
A
Fund
may
invest
in
certain
debt
securities
or
other
financial
instruments
that
utilize
the
London
Interbank
Offered
Rate
(“LIBOR”)
as
a
benchmark
or
reference
rate
for
various
interest
rate
calculations.
A
benchmark
or
reference
rate
may
be
a
significant
factor
in
determining
the
cost
of
financing
to
a
Fund
or
an
investment’s
value
or
return
to
a
Fund,
and
may
be
used
in
other
ways
that
affect
a
Fund’s
investment
performance.
LIBOR
was
discontinued
as
a
floating
rate
benchmark
after
June
30,
2023.
It
is
anticipated
that
financial
instruments,
such
as
certain
floating
rate
bonds,
that
previously
utilize
LIBOR
have
transitioned
to
using
the
Secured
Overnight
Financing
Rate
(“SOFR”),
which
is
a
broad
measure
of
the
cost
of
overnight
borrowings
secured
by
US
Treasury
securities.
The
transition
from
LIBOR
to
SOFR
(or
any
other
replacement
rate)
may
lead
to
a
reduction
in
the
value
of
some
LIBOR-based
investments,
as
well
as
significant
market
uncertainty,
increased
volatility,
and
illiquidity
in
markets
for
various
instruments,
which
may
result
in
prolonged
adverse
market
conditions
and
impact
a
Fund’s
performance
or
NAV.
Other:
Interest
income
is
recognized
on
an
accrual
basis.
Premiums
on
securities
purchased
are
amortized,
and
discounts
are
accreted
using
the
yield
to
maturity
method
over
the
lives
of
the
respective
securities
or
where
applicable,
to
the
first
call
date
of
the
securities
with
premiums.
Dividends
from
equity
securities
are
recorded
as
income
on
the
ex-dividend
date
or
as
soon
as
information
is
available
to
the
fund.
Recent
Accounting
Pronouncement:
In
December
2020,
the
SEC
adopted
a
new
rule
providing
a
framework
for
fund
valuation
practices
(“Rule
2a-5).
Rule
2a-5
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
the
1940
Act
and
the
threshold
for
determining
whether
a
fund
must
fair
value
a
security.
In
connection
with
Rule
2a-5,
the
SEC
also
adopted
related
recordkeeping
requirements
and
rescinded
previously
issued
guidance,
including
with
respect
to
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
The
Fund
has
adopted
procedures
in
accordance
with
Rule
2a-5.
Note
4
–
Transactions
with
Affiliated
Persons
Under
contracts
approved
annually
by
the
Trust’s
Board
of
Trustees,
including
those
Trustees
who
are
not
parties
to
the
contract
or
“interested
persons”
(as
defined
in
the
Investment
Company
Act
of
1940)
of
such
parties
or
the
Trust
(the
“Independent
Trustees”),
Saturna
Capital
Corporation
(“Saturna
Capital”)
provides
investment
advisory
services
and
certain
other
administrative
services
required
to
conduct
Trust
business.
Expenses
incurred
by
the
Trust
on
behalf
of
the
Funds
(e.g.,
legal
fees)
are
allocated
to
the
Funds
on
the
basis
of
relative
daily
average
net
assets.
For
such
services,
each
of
the
Funds
pays
the
adviser
a
base
Investment
Advisory
and
Administrative
Services
Fee
of
0.50%
of
average
net
assets
per
annum,
payable
monthly
for
each
of
the
Funds.
In
addition,
the
adviser
has
agreed
to
certain
limits
on
other
expenses,
as
described
below
Prior
to
January
10,
2023
(February
6,
2023
for
the
Sextant
International
Fund),
the
base
Advisory
Fee
is
subject
to
adjustment
up
or
down
depending
on
the
investment
performance
of
the
Fund
relative
to
a
specified
index.
For
each
month
in
which
the
Fund’s
total
investment
return
(change
in
net
asset
value
plus
all
distributions
reinvested)
for
the
one
year
period
through
that
month
outperforms
or
underperforms
the
total
return
of
a
specified
index
for
that
period
by
1%
or
more
but
less
than
2%,
the
Base
Fee
is
increased
or
decreased
by
the
annual
rate
of
0.10%
of
the
Growth
Fund
International
Fund
Distributable
earnings
$(1,976,404)
$(3,382,036)
Paid-in
Capital
$1,976,404
$3,382,036
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
51
Fund’s
average
daily
net
assets
for
the
preceding
year.
If
the
outperformance
or
underperformance
is
2%
or
more,
then
the
adjustment
is
at
the
annual
rate
of
0.20%.
For
the
fiscal
period
ended
May
31,
2023
,
due
to
the
performance
adjustment
that
was
in
effect
before
March
31,
2023
the
Advisory
Fee
amounts
charged
or
reduced
in
addition
to
the
Base
Fee
were
as
follows:
Effective
March
31,
2023,
each
Fund
pays
Saturna
Capital
an
advisory
and
administrative
fee
at
an
annual
rate
of
0.50%
of
average
daily
net
assets
of
the
Fund.
The
adviser
has
undertaken
to
limit
expenses
through
March
31,
2024
of
Sextant
Short-Term
Bond
Fund
to
0.60%,
Sextant
Bond
Income
Fund
to
0.65%
and
Sextant
Global
High
Income
to
0.75%.
For
the
period
ended
May
31,
2023
,
the
advisory
fees
incurred
were
as
follows:
1
In
accordance
with
the
expense
limitation
noted
above,
for
the
period
ended
May
31,
2023
,
Saturna
Capital
waived
a
portion
of
the
advisory
fees
of
the
Sextant
Short-Term
Bond
Fund,
Sextant
Bond
Income
Fund,
and
Sextant
Global
High
Income
Fund.
The
adviser
cannot
recoup
previously
waived
fees.
Saturna
Brokerage
Services,
Inc.
(“SBS”),
a
discount
brokerage
and
subsidiary
of
Saturna
Capital
Corporation,
is
registered
as
a
broker-dealer
and
acts
as
distributor.
On
October
3,
2006,
The
Funds
adopted
a
Distribution
Plan
in
accordance
with
Rule
12b-1
under
the
1940
Act.
The
plan
provides
that
the
Funds
will
pay
a
fee
to
SBS
at
an
annual
rate
of
0.25%
of
the
average
net
assets
of
the
Funds.
On
June
2,
2017,
12b-1
fees
were
terminated
for
all
Funds
except
Sextant
Growth
Investor
Shares
and
Sextant
International
Investor
Shares.
SBS
is
used
to
effect
equity
portfolio
transactions
for
the
Trust.
SBS
currently
executes
portfolio
transactions
without
commission.
Transactions
effected
through
other
brokers
are
subject
to
commissions
payable
to
that
broker.
Saturna
Trust
Company
(“STC”),
a
subsidiary
of
Saturna
Capital,
acts
as
retirement
plan
custodian
for
the
Funds.
Each
class
of
shares
of
a
Fund
pays
an
annual
fee
of
$10
per
account
for
retirement
plan
services
to
Saturna
Trust
Company.
For
the
fiscal
period
ended
May
31,
2023
,
the
Funds
incurred
the
following
retirement
plan
custodial
fees
to
STC:
Ms.
Jane
Carten
serves
as
a
trustee
and
president
of
the
Trust.
She
is
also
a
director
and
president
of
Saturna
Capital
and
vice
president
of
Saturna
Trust
Company.
Ms.
Carten
is
not
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2023
,
the
Saturna
Investment
Trust
incurred
$40,726
of
total
expenses
for
the
independent
Trustee’s
compensation
and
Trust
board
meetings.
The
Sextant
Funds
incurred
$30,902
of
these
total
expenses.
On
May
31,
2023
,
the
trustees,
officers,
and
their
affiliates
(including
Saturna
Capital
Corporation)
as
a
group,
owned
the
following
percentages
of
outstanding
shares:
The
officers
of
the
Trust
are
paid
by
Saturna
Capital
Corporation,
not
the
Trust,
except
the
Chief
Compliance
Officer,
who
is
partially
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2023
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Base
Fees
Performance
Fee
Adviser
Fee
600
Short-Term
Bond
Fund
$29,086
$2,003
$31,089
650
Bond
Income
Fund
$24,407
$6,970
$31,377
700
Core
Fund
$49,372
$9,301
$58,673
750
Global
High
Income
Fund
$23,170
$4,603
$27,773
800
Growth
Fund
$135,511
$23,847
$159,358
850
International
Fund
$146,907
$39,020
$185,926
Adviser
Fees
Advisory
Fees
Waived
600
Short-Term
Bond
Fund
$31,089
$(23,083)
650
Bond
Income
Fund
$31,377
$(24,381)
700
Core
Fund
$58,673
n/a
750
Global
High
Income
Fund
$27,773
$(19,239)
800
Growth
Fund
$159,358
n/a
850
International
Fund
$185,926
n/a
Distribution
(12b-1)
fees
600
Short-Term
Bond
Fund
n/a
650
Bond
Income
Fund
n/a
700
Core
Fund
n/a
750
Global
High
Income
Fund
n/a
800
Growth
Fund
Z
Shares
(
SGZFX
)
n/a
800
Growth
Fund
Investor
Shares
(
SSGFX
)
$5,910
850
International
Fund
Z
Shares
(
SIFZX
)
n/a
850
International
Fund
Investor
Shares
(
SSIFX
)
$42,639
Retirement
plan
custodial
fees
600
Short-Term
Bond
Fund
(STBFX)
$1,886
650
Bond
Income
Fund
(SBIFX)
$1,580
700
Core
Fund
(SCORX)
$2,172
750
Global
High
Income
Fund
(SGHIX)
$1,376
1,025
Growth
Fund
Investor
Shares
(SSGFX)
n/a
1,050
Growth
Fund
Z
Shares
(SGZFX)
$5,035
1,125
International
Fund
Investor
Shares
(SSIFX)
$10
1,150
International
Fund
Z
Shares
(SIFZX)
$3,429
Trustees',
officers',
and
affiliates'
ownership
600
Short-Term
Bond
Fund(STBFX)
47.79%
650
Bond
Income
Fund(SBIFX)
30.87%
700
Core
Fund(SCORX)
28.84%
750
Global
High
Income
Fund(SGHIX)
55.68%
800
Growth
Fund(SGZFX
and
SSGFX)
19.99%
850
International
Fund(SIFZX
and
SSIFX)
29.77%
Chief
Compliance
Officer
600
Short-Term
Bond
Fund
$1,259
650
Bond
Income
Fund
$1,148
700
Core
Fund
$2,110
750
Global
High
Income
Fund
$1,020
800
Growth
Fund
$6,282
850
International
Fund
$6,076
Note
4
–
Transactions
with
Affiliated
Persons
(continued)
Notes
To
Financial
Statements
(continued)
52
May
31,
2023
Semi-Annual
Note
5
–
Distributions
to
Shareowners
The
tax
characteristics
of
distributions
paid
for
the
fiscal
period
ended
May
31,
2023
,
and
the
year
ended
November
30,
2022
,
were
as
follows:
Note
6
–
Federal
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
May
31,
2023
,
were
as
follows:
As
of
November
30,
2022
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
November
30,
2022
,
the
Funds
had
the
following
capital
loss
carryforwards
and
loss
deferrals,
subject
to
regulation.
Loss
carryforwards
may
be
used
to
offset
future
net
capital
gains
realized
for
federal
income
tax
purposes.
Short-Term
Bond
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$110,661
$147,690
Bond
Income
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$140,079
$277,203
Core
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$250,849
$288,518
Long-term
capital
gain
1
$31,225
$307,946
Global
High
Income
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$305,551
$182,768
Growth
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$–
$1,801,284
Long-term
capital
gain
1
$1,301,342
$4,078,840
International
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$–
$475,898
Long-term
capital
gain
1
$–
$5,599,189
1
Long-Term
Capital
Gain
dividend
designated
at
20%
rate
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code.
Short-Term
Bond
Fund
Bond
Income
Fund
Cost
of
investments
$10,938,014
$10,360,144
Gross
tax
unrealized
appreciation
$3,448
$8,751
Gross
tax
unrealized
depreciation
$(370,428)
$(1,392,407)
Net
tax
unrealized
depreciation
$(366,980)
$(1,383,656)
Core
Fund
Global
High
Income
Fund
Cost
of
investments
$14,960,723
$8,780,355
Gross
tax
unrealized
appreciation
$4,143,604
$498,698
Gross
tax
unrealized
depreciation
$(625,651)
$(1,220,172)
Net
tax
unrealized
appreciation
(depreciation)
$3,517,953
$(721,474)
Growth
Fund
International
Fund
Cost
of
investments
$24,970,360
$32,174,093
Gross
tax
unrealized
appreciation
$32,854,300
$27,080,832
Gross
tax
unrealized
depreciation
$(979,385)
$(861,719)
Net
tax
unrealized
appreciation
$31,874,915
$26,219,113
Short-Term
Bond
Fund
Undistributed
ordinary
income
$3,474
Accumulated
capital
and
other
losses
$(91,914)
Tax
accumulated
earnings
$(88,440)
Unrealized
Depreciation
$(518,654)
Total
accumulated
earnings
$(607,094)
Bond
Income
Fund
Undistributed
ordinary
income
$1,630
Accumulated
capital
and
other
losses
$(15,924)
Tax
accumulated
earnings
$(14,294)
Unrealized
Depreciation
$(1,475,773)
Total
accumulated
earnings
$(1,490,067)
Core
Fund
Undistributed
ordinary
income
$239,213
Accumulated
capital
gains
$29,953
Tax
accumulated
earnings
$269,166
Unrealized
Appreciation
$3,881,165
Other
unrealized
gains
$7
Total
accumulated
earnings
$4,150,338
Global
High
Income
Fund
Undistributed
ordinary
income
$294,292
Accumulated
capital
and
other
losses
$(3,036)
Tax
accumulated
earnings
$291,256
Unrealized
Depreciation
$(570,820)
Other
unrealized
gains
$88
Total
accumulated
earnings
$(279,476)
Growth
Fund
Undistributed
ordinary
income
$15
Accumulated
capital
gains
$1,300,038
Tax
accumulated
earnings
$1,300,053
Unrealized
Appreciation
$28,751,962
Total
accumulated
earnings
$30,052,015
International
Fund
Accumulated
capital
and
other
losses
$(142,690)
Tax
accumulated
earnings
$(142,690)
Unrealized
Appreciation
$22,984,563
Other
unrealized
gains
$427
Total
accumulated
earnings
$22,842,300
Short-Term
Bond
Fund
Bond
Income
Fund
Short
term
loss
carryforward
$35,693
$–
Long
term
loss
carryforward
$56,221
$15,924
Total
Capital
loss
carryforward
$91,914
$15,924
Global
High
Income
Fund
International
Fund
Short
term
loss
carryforward
$3,036
$142,690
Total
Capital
loss
carryforward
$3,036
$142,690
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
53
Note
7
–
Investments
Investment
transactions
other
than
investments
and
redemptions
in-kind
for
the
period
ended
May
31,
2023
,
were
as
follows:
Redemptions
in-kind
for
the
fiscal
period
ended
May
31,
2023
,
were
as
follows:
Note
8
–
Custodian
Under
agreements
in
place
with
the
Trust’s
custodian,
UMB
Bank,
custody
fees
are
reduced
by
credits
for
cash
balances.
For
the
fiscal
period
ended
May
31,
2023
,
such
reductions
were
as
follows:
Note
9
–
COVID-19
Pandemic
The
COVID-19
pandemic
has
adversely
impacted
global
commercial
activity
and
contributed
to
significant
volatility
in
global
equity
and
debt
markets.
The
pandemic
disrupted
supply
chains
and
economic
activity.
The
duration
of
the
pandemic’s
effects
remain
uncertain
and
difficult
to
assess.
The
effects
of
the
pandemic
may
adversely
impact
the
Funds'
performance
and
its
ability
to
achieve
its
investment
objective.
Note
10
–
Subsequent
Events
There
were
no
other
events
or
transactions
during
the
period
that
materially
impacted
the
amounts
or
disclosures
in
the
Funds’
financial
statements.
Purchases
Sales
600
Short-Term
Bond
Fund
$1,033,916
$1,669,262
650
Bond
Income
Fund
$–
$–
700
Core
Fund
$1,631,617
$717,715
750
Global
High
Income
Fund
$1,394,594
$678,285
800
Growth
Fund
$3,082,560
$1,907,908
850
International
Fund
$4,605,936
$3,177,659
Purchases
Sales
700
Core
Fund
$–
$155,395
800
Growth
Fund
$–
$681,447
850
International
Fund
$–
$676,432
Custodian
Fee
Credits
600
Short-Term
Bond
Fund
$232
650
Bond
Income
Fund
$193
700
Core
Fund
$402
750
Global
High
Income
Fund
$329
800
Growth
Fund
$1,083
850
International
Fund
$2,617
Expenses
54
May
31,
2023
Semi-Annual
All
mutual
funds
have
operating
expenses.
As
a
Sextant
Fund
shareowner,
you
incur
ongoing
costs,
including
management
fees,
distribution
(or
service)
12b-1
fees,
and
other
Fund
expenses
such
as
shareowner
reports
(like
this
one).
Operating
expenses,
which
are
deducted
from
a
fund’s
gross
earnings,
directly
reduce
the
investment
return
of
a
fund.
Mutual
funds
(unlike
other
financial
investments)
only
report
their
results
after
deduction
of
operating
expenses.
With
the
Sextant
Funds,
unlike
many
mutual
funds,
you
do
not
incur
sales
charges
(loads)
on
purchases,
reinvested
dividends,
or
other
distributions.
There
are
no
redemption
fees
or
exchange
fees.
You
may
incur
fees
related
to
extra
services
requested
by
you
for
your
account,
such
as
bank
wires.
The
examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
Examples
The
following
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(December
1,
2022
to
May
31,
2023
).
Actual
Expenses
The
first
line
for
each
Fund
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
have
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Funds
may
charge
for
extra
services
(such
as
domestic
bank
wires,
international
bank
wires,
or
overnight
courier
delivery
of
redemption
checks)
rendered
on
request,
which
you
may
need
to
estimate
to
determine
your
total
expenses.
Hypothetical
Example
For
Comparison
Purposes
The
second
line
for
each
Fund
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
(based
on
the
last
six
months)
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Funds
and
other
mutual
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareowner
reports
of
other
mutual
funds.
You
may
wish
to
add
other
fees
that
are
not
included
in
the
expenses
shown
in
the
table,
such
as
IRA
fees
charged
by
custodians
other
than
Saturna
Trust
Company
(note
that
Saturna
does
not
charge
such
fees
to
shareowners
directly
on
Saturna
IRAs,
ESAs,
or
HSAs
with
the
Sextant
Funds),
and
charges
for
extra
services
such
as
bank
wires.
Please
note
that
the
expenses
shown
in
the
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads)
or
exchange
fees
(note
that
the
Sextant
Funds
do
not
assess
any
such
transactional
costs).
Therefore,
the
“Hypothetical”
line
of
each
fund
is
useful
in
comparing
ongoing
costs
only,
and
may
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
Expenses
are
equal
to
annualized
expense
ratios
indicated
above
(based
on
the
most
recent
semi-annual
period
of
December
1,
2022,
through
May
31,
2023
),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
to
reflect
the
semi-annual
period.
Beginning
Account
Value
[December
1,
2022]
Ending
Account
Value
[May
31,
2023]
Expenses
Paid
During
the
Period
Annualized
Expense
Ratio
600
Short-Term
Bond
Fund
$1,000.00
$1,015.90
$3.02
0.60%
625
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,021.94
$3.02
0.60%
650
Bond
Income
Fund
$1,000.00
$1,021.40
$3.28
0.65%
725
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,021.69
$3.28
0.65%
700
Core
Fund
$1,000.00
$1,001.20
$4.71
0.94%
825
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,020.23
$4.75
0.94%
750
Global
High
Income
Fund
$1,000.00
$1,008.30
$3.75
0.75%
925
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,021.20
$3.77
0.75%
1,125
International
Fund
Investor
Shares
$1,000.00
$1,057.40
$5.81
1.13%
1,125
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,019.29
$5.70
1.13%
1,150
International
Fund
Z
Shares
$1,000.00
$1,058.90
$4.63
0.90%
1,150
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,020.43
$4.55
0.90%
1,025
Growth
Fund
Investor
Shares
$1,000.00
$1,068.40
$5.74
1.11%
1,025
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,019.39
$5.60
1.11%
1,050
Growth
Fund
Z
Shares
$1,000.00
$1,070.10
$4.53
0.88%
1,050
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,020.55
$4.42
0.88%
May
31,
2023
Semi-Annual
55
Availability
of
Quarterly
Portfolio
Information
(1)
The
Sextant
Funds
file
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
Previously,
this
information
was
filed
on
Form
N-Q.
(2)
The
Funds’
Form
N-PORT
reports
are
available
on
the
SEC’s
website
at
www.sec.gov
and
at
www.sextantfunds.com.
(3)
The
Funds
make
a
complete
schedule
of
portfolio
holdings
after
the
end
of
each
month
available
to
investors
at
www.
sextantfunds.com.
Availability
of
Proxy
Voting
Information
(1)
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
(a)
without
charge,
upon
request,
by
calling
Saturna
Capital
at
1-800-728-8762;
(b)
on
the
Funds’
website
at
www.
sextantfunds.com;
and
(c)
on
the
SEC’s
website
at
www.sec.gov.
(2)
Information
regarding
how
each
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
(a)
without
charge,
upon
request,
by
calling
Saturna
Capital
at
1-800-728-8762;
(b)
on
the
Funds’
website
at
www.sextantfunds.com;
and
(c)
on
the
SEC’s
website
at
www.sec.
gov.
Householding
Policy
To
reduce
expenses,
we
may
mail
only
one
copy
of
the
Funds’
prospectus,
each
annual
and
semi-annual
report,
and
proxy
statements
when
necessary,
to
those
addresses
shared
by
two
or
more
accounts.
If
you
wish
to
receive
individual
and/or
more
copies
of
these
documents,
please
call
us
at
1-800-728-8762
or
write
to
us
at
Saturna
Capital/Sextant
Mutual
Funds,
P.O.
Box
N,
Bellingham,
WA
98227.
We
will
begin
sending
you
individual
copies
30
days
after
receiving
your
request.
If
you
are
currently
receiving
multiple
copies
and
wish
to
receive
only
one
copy,
please
call
us
at
1-800-728-8762
or
write
to
us
at
Saturna
Capital/Sextant
Mutual
Funds,
P.O.
Box
N,
Bellingham,
WA
98227.
We
will
begin
sending
you
a
single
copy
with
subsequent
report
mailings.
Statement
Regarding
Liquidity
Risk
Management
Program
The
Securities
and
Exchange
Commission
adopted
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”)
to
promote
effective
liquidity
risk
management
throughout
the
open-end
investment
company
industry,
thereby
reducing
the
risk
that
funds
will
be
unable
to
meet
their
redemption
obligations
and
mitigating
dilution
of
the
interests
of
fund
shareowners.
Pursuant
to
the
Liquidity
Rule,
the
Trust,
on
behalf
of
the
Funds,
has
adopted
a
liquidity
risk
management
program
(the
“Program”)
to
govern
the
Trust’s
approach
to
managing
liquidity
risk.
The
Program
is
overseen
by
Saturna
Capital’s
Liquidity
Risk
Committee,
and
the
Program’s
principal
objectives
include
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
based
on
factors
specific
to
the
circumstances
of
the
Fund.
At
a
meeting
of
the
Board
held
on
December
12,
2022,
the
Trustees
received
a
report
addressing
the
operation
of
the
Program
and
assessing
its
adequacy
and
effectiveness
of
implementation.
It
was
reported
to
the
Board
that
the
assessment
found
that
the
Program
was
adequately
designed
and
effective
in
achieving
its
objectives.
Further,
that
review
of
the
Program’s
implementation
evidenced
substantial
compliance
with
relevant
policies
and
procedures.
Privacy
Statement
At
Saturna
Capital
and
Saturna
Investment
Trust,
we
understand
the
importance
of
maintaining
the
privacy
of
your
financial
information.
We
want
to
assure
you
that
we
protect
the
confidentiality
of
any
personal
information
that
you
share
with
us.
In
addition,
we
do
not
sell
information
about
our
current
or
former
customers.
In
the
course
of
our
relationship,
we
gather
certain
nonpublic
information
about
you,
including
your
name,
address,
investment
choices,
and
account
information.
We
do
not
disclose
your
information
to
unaffiliated
third
parties
unless
it
is
necessary
to
process
a
transaction;
service
your
account;
deliver
your
account
statements,
shareowner
reports
and
other
information;
or
as
required
by
law.
When
we
disclose
information
to
unaffiliated
third
parties,
we
require
a
contract
to
restrict
the
companies’
use
of
customer
information
and
from
sharing
or
using
it
for
any
purposes
other
than
performing
the
services
for
which
they
were
required.
We
may
share
information
within
the
Saturna
Capital
family
of
companies
in
the
course
of
informing
you
about
products
or
services
that
may
address
your
investing
needs.
We
maintain
our
own
technology
resources
to
minimize
the
need
for
any
third
party
services,
and
restrict
access
to
information
within
Saturna.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
personal
information.
If
you
have
any
questions
or
concerns
about
the
security
or
privacy
of
your
information,
please
call
us
at
1-800-728-8762.
Performance
Summary
2
May
31,
2023
Semi-Annual
As
of
May
31,
2023
As
of
June
30,
2023
Performance
data
quoted
in
this
report
represents
past
performance,
is
before
any
taxes
payable
by
shareowners,
and
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
that
stated
herein.
Performance
current
to
the
most
recent
month-end
is
available
by
calling
toll-free
1-800-728-8762
or
visiting
www.saturnasustainable.com.
Average
annual
total
returns
are
historical
and
include
change
in
share
value
as
well
as
reinvestment
of
dividends
and
capital
gains,
if
any.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
Funds
that
invest
in
foreign
securities
may
involve
greater
risk,
including
political
and
economic
uncertainties
of
foreign
countries
as
well
as
the
risk
of
currency
fluctuations.
A
note
about
risk:
Please
see
the
Notes
to
Financial
Statements
beginning
on
page
20
for
a
discussion
of
investment
risks.
For
a
more
detailed
discussion
of
the
risks
associated
with
each
Fund,
please
see
the
Funds'
prospectus
or
each
Fund's
summary
prospectus.
The
Saturna
Sustainable
Funds
limit
the
securities
they
purchase
to
those
consistent
with
sustainable
principles.
This
limits
opportunities
and
may
affect
performance.
1
By
regulation,
expense
ratios
shown
in
these
tables
are
as
stated
in
the
Funds’
most
recent
Prospectus,
dated
March
30,
2022,
and
incorporate
results
for
the
fiscal
year
ended
November
30,
2021.
Ratios
presented
in
this
table
differ
from
the
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
Also
by
regulation,
the
performance
in
this
table
represents
the
most
recent
quarter-end
performance
rather
than
performance
through
the
Funds’
most
recent
fiscal
period.
Saturna
Capital,
the
Funds’
adviser,
has
agreed
to
limit
expenses
of
the
Sustainable
Equity
Fund
at
0.75%
and
actual
expenses
of
the
Sustainable
Bond
Fund
at
0.65%
through
March
31,
2024.
Average
Annual
Returns
(before
any
taxes
paid
by
shareowners)
1
Year
3
Year
5
Year
10
year
15
Year
Expense
Ratio
1
1,225
Sustainable
Equity
(
SEEFX
)
-0.09%
5.52
%
6.79%
n/a
n/a
0.93%
1,325
Sustainable
Bond
(
SEBFX
)
-0.87%
-1.02%
0.52%
n/a
n/a
0.74%
Average
Annual
Returns
(before
any
taxes
paid
by
shareowners)
1
Year
3
Year
5
Year
10
year
15
Year
Expense
Ratio
1
1,225
Sustainable
Equity
(
SEEFX
)
13.45%
5.72%
7.82%
n/a
n/a
0.93%
1,325
Sustainable
Bond
(
SEBFX
)
2.97%
-0.84%
0.89%
n/a
n/a
0.74%
Please
consider
an
investment’s
objectives,
risks,
charges,
and
expenses
carefully
before
investing.
To
obtain
this
and
other
important
information
about
the
Saturna
Sustainable
Funds
in
a
prospectus
or
summary
prospectus,
ask
your
financial
adviser,
visit
www.saturnasustainable.com,
or
call
toll-free
1-800-728-8762.
Please
read
the
prospectus
or
summary
prospectus
carefully
before
investing.
Fellow
Shareowners:
July
26,
2023
May
31,
2023
Semi-Annual
3
During
the
six-months
ended
May
31,
2023,
securities
markets
ranged
between
slight
increases
in
the
fixed
income
market
to
moderate
single-digit
percentage
escalations
in
equity
markets.
The
S&P
500
Index
climbed
3.33%,
while
the
S&P
Global
1200
Index
rose
4.11%.
Saturna
Sustainable
Equity
Fund
trailed,
posting
a
gain
of
3.14%
for
the
same
period.
Bond
markets
rebounded
slightly
from
the
previous
fiscal
period,
with
the
FTSE
WorldBIG
Bond
Index
gaining
1.90%
and
the
broader
MSCI
All
Country
World
Index
rising
3.74%.
For
the
same
period,
Saturna
Sustainable
Bond
returned
2.32%,
outperforming
its
benchmark
the
FTSE
WorldBIG
Bond
Index
by
36
basis
points
(bps).
Saturna
Sustainable
Bond
Fund
outperformed
the
benchmark
by
356
bps,
posting
a
return
of
-0.87%
against
the
FTSE
WorldBIG
Bond
Index
fall
to
-4.43%
during
the
trailing
12-months
ended
May
31,
2023.
The
Saturna
Sustainable
Bond
Fund’s
outperformance
relative
to
the
benchmark
can
be
attributed
to
differing
currency
weightings
that
emphasized
exposure
to
developed
economies.
The
underperformance
of
the
Saturna
Sustainable
Equity
Fund
can
be
attributed
to
a
combination
of
factors,
with
the
primary
one
being
the
Fund’s
conservative
approach
in
response
to
market
conditions.
In
the
face
of
numerous
forecasts
calling
for
a
recession
that
has
yet
to
materialize,
we
opted
to
adopt
a
cautious
stance,
favoring
capital
preservation
over
aggressive
investment
strategies.
While
prudence
is
essential
in
uncertain
times,
this
approach
caused
the
Fund
to
miss
out
on
potential
growth
opportunities
during
this
period
of
market
strength.
The
reluctance
to
take
on
higher
levels
of
risk
led
to
a
lack
of
exposure
to
the
highest
performing
names,
resulting
in
subdued
returns
compared
to
more
risk-tolerant
funds.
We
strive
to
balance
risk
and
reward
as
we
persistently
assess
the
markets
for
new
opportunities
which
match
our
risk
appetite.
The
Saturna
Sustainable
Funds
take
pride
in
supporting
investors
with
an
innovative
approach
to
sustainable
investing
and
a
collection
of
thought-provoking
white
papers,
practice
management
tools,
and
impact
reports.
As
of
June
30,
2023,
Saturna
Sustainable
Equity
ranked
in
the
7th
percentile
(among
7,907
in
the
Global
Equity
Large
Cap
category)
for
sustainability
and
earned
a
"High"
5
Globe
rating,
and
Saturna
Sustainable
Bond
ranked
in
the
9th
percentile
(among
2016
funds
in
the
Global
Fixed
Income
category)
and
earned
an
“Above
Average”
4
Globe
rating.
See
page
5
for
further
details.
Going
Forward
What
is
the
likely
long-term
environment
as
we
emerge
from
the
current
period
of
disruption
–
what
do
things
look
like
on
the
other
side?
Two
theses
are
competing.
The
first
notion
expects
that
we
return
to
a
period
resembling
the
decade
following
the
Global
Financial
Crisis
(GFC)
with
anemic
growth,
low
inflation,
and
low
interest
rates.
Presumably
such
an
easy
money
environment
would
support
renewed
asset
price
inflation
with
housing
and
stocks
once
again
off
to
the
races,
the
latter
focusing
on
growth
opportunities
whether
immediate
or
in
the
future.
Elements
contributing
to
this
outlook
include
the
deflationary
effect
of
an
aging
demographic,
stagnant
to
falling
developed
world
populations,
and
continued
efficiency
gains
from
technological
development
4
May
31,
2023
Semi-Annual
such
as
automation.
Others
argue
that
a
pullback
in
globalization
coupled
with
an
end
to
the
China-driven
surge
in
working
age
population
that
has
helped
restrain
prices
for
much
of
the
century
will
empower
workers
to
demand
higher
wages,
leading
companies
to
increase
prices,
creating
a
cycle
of
embedded
inflation
and
implying
higher
interest
rates.
Any
sign
of
trouble
will
spur
governments
to
act
more
aggressively
than
they
did
following
the
GFC
and
follow
more
closely
their
pandemic
playbooks
given
the
apparent
victory
of
Modern
Monetary
Theory
and
the
absence
of
Bond
Market
vigilantes.
While
far
too
early
to
settle
upon
the
likely
outcome,
between
now
and
then,
we
face
the
highest
interest
rates
in
decades.
Given
our
focus
on
strongly
cash
generative,
low
debt
companies,
such
an
environment
may
prove
relatively
beneficial
for
our
investments.
They
will
not
be
burdened
by
high
interest
payments
and
may
be
able
to
exploit
difficulties
faced
by
other,
more
heavily
indebted
companies
or
take
advantage
of
opportunities
to
invest
when
others
cannot.
We
undoubtedly
face
more
economic
turmoil,
but
we
retain
faith
in
the
power
of
human
resilience
and
creativity.
Thank
you
for
investing
with
us.
Please
read
this
report
and
let
us
know
how
we
can
be
of
assistance
to
you
in
your
quest
for
responsible
investment
choices.
Respectfully,
Jane
Carten
MBA,
Dr.
Gary
Goldfogel,
President
Independent
Board
Chairman
May
31,
2023
Semi-Annual
5
Morningstar
Rating
(as
of
June
30,
2023)
The
Morningstar
Sustainability
Rating
and
the
Morningstar
Portfolio
Sustainability
Score
are
not
based
on
fund
performance
and
are
not
equivalent
to
the
Morningstar
Rating
("Star
Rating").
©
2023
Morningstar®.
All
rights
reserved.
Morningstar,
Inc.
is
an
independent
fund
performance
monitor.
The
information
contained
herein:
(1)
is
proprietary
to
Morningstar
and/or
its
content
providers;
(2)
may
not
be
copied
or
distributed;
and
(3)
is
not
warranted
to
be
accurate,
complete,
or
timely.
Neither
Morningstar
nor
its
content
providers
are
responsible
for
any
damages
or
losses
arising
from
any
use
of
this
information.
A
Morningstar
Ratings™
("Star
Ratings")
are
as
of
June
30,
2023
.
The
Morningstar
Rating
™
for
funds,
or
"star
rating",
is
calculated
for
managed
products
(including
mutual
funds,
variable
annuity
and
variable
life
subaccounts,
exchange-traded
funds,
closed-end
funds,
and
separate
accounts)
with
at
least
a
three-year
history.
Exchange-traded
funds
and
open-ended
mutual
funds
are
considered
a
single
population
for
comparative
purposes.
It
is
calculated
based
on
a
Morningstar
Risk-Adjusted
Return
measure
that
accounts
for
variation
in
a
managed
product's
monthly
excess
performance
(not
including
the
effects
of
sales
charges,
loads,
and
redemption
fees),
placing
more
emphasis
on
downward
variations
and
rewarding
consistent
performance.
The
top
10%
of
products
in
each
product
category
receive
5
stars,
the
next
22.5%
receive
4
stars,
the
next
35%
receive
3
stars,
the
next
22.5%
receive
2
stars,
and
the
bottom
10%
receive
1
star.
The
Overall
Morningstar
Rating
for
a
managed
product
is
derived
from
a
weighted
average
of
the
performance
figures
associated
with
its
three-,
five-,
and
10-year
(if
applicable)
Morningstar
Rating
metrics.
The
weights
are:
100%
three-year
rating
for
36-59
months
of
total
returns,
60%
five-year
rating/40%
three-year
rating
for
60-119
months
of
total
returns,
and
50%
10-year
rating/30%
five-year
rating/20%
three-year
rating
for
120
or
more
months
of
total
returns.
While
the
10-year
overall
star
rating
formula
seems
to
give
the
most
weight
to
the
10-year
period,
the
most
recent
three-year
period
actually
has
the
greatest
impact
because
it
is
included
in
all
three
rating
periods.
B
Morningstar
Sustainability
Ratings
are
as
of
May
31,
2023
.
The
Morningstar
Sustainability
Rating
™
is
intended
to
measure
how
well
the
issuing
companies
of
the
securities
within
a
fund’s
portfolio
are
managing
their
environmental,
social,
and
governance
(“ESG”)
risks
and
opportunities
relative
to
the
fund’s
Morningstar
category
peers.
The
Morningstar
Sustainability
Rating
calculation
is
a
two-step
process.
First,
each
fund
with
at
least
50%
of
assets
covered
by
a
company-level
ESG
score
from
Sustainalytics
receives
a
Morningstar
Portfolio
Sustainability
Score
™
.
The
Morningstar
Portfolio
Sustainability
Score
is
an
asset-weighted
average
of
normalized
company-level
ESG
scores
with
deductions
made
for
controversial
incidents
by
the
issuing
companies,
such
as
environmental
accidents,
fraud,
or
discriminatory
behavior.
The
Morningstar
Sustainability
Rating
is
then
assigned
to
all
scored
funds
within
Morningstar
Categories
in
which
at
least
ten
(10)
funds
receive
a
Portfolio
Sustainability
Score
and
is
determined
by
each
fund's
rank
within
the
following
distribution:
High
(highest
10%),
Above
Average
(next
22.5%),
Average
(next
35%),
Below
Average
(next
22.5%),
and
Low
(lowest
10%).
The
Morningstar
Sustainability
Rating
is
depicted
by
globe
icons
where
High
equals
5
globes
and
Low
equals
1
globe.
A
Sustainability
Rating
is
assigned
to
any
fund
that
has
more
than
half
of
its
underlying
assets
rated
by
Sustainalytics
and
is
within
a
Morningstar
Category
with
at
least
10
scored
funds;
therefore,
the
rating
is
not
limited
to
funds
with
explicit
sustainable
or
responsible
investment
mandates.
Morningstar
updates
its
Sustainability
Ratings
monthly.
Portfolios
receive
a
Morningstar
Portfolio
Sustainability
Score
and
Sustainability
Rating
one
month
and
six
business
days
after
their
reported
as-of
date
based
on
the
most
recent
portfolio.
As
part
of
the
evaluation
process,
Morningstar
uses
Sustainalytics’
ESG
scores
from
the
same
month
as
the
portfolio
as-of
date.
Saturna
Sustainable
Equity
Fund
was
rated
on
99%
of
Assets
Under
Management.
Saturna
Sustainable
Bond
Fund
was
rated
on
93%
of
Assets
Under
Management.
%
Rank
in
Category
is
the
fund’s
percentile
rank
for
the
specified
time
period
relative
to
all
funds
that
have
the
same
Morningstar
category.
The
highest
(or
most
favorable)
percentile
rank
is
1
and
the
lowest
(or
least
favorable)
percentile
rank
is
100.
The
top-
performing
fund
in
a
category
will
always
receive
a
rank
of
1.
Percentile
ranks
within
categories
are
most
useful
in
those
categories
that
have
a
large
number
of
funds.
The
Funds’
portfolios
are
actively
managed
and
are
subject
to
change,
which
may
result
in
different
Morningstar
Sustainability
Ratings
over
time.
Morningstar™
Ratings
A
1
Year
3
Year
5
Year
Overall
Sustainability
Rating™
B
Saturna
Sustainable
Equity
Fund
–
“Global
Large-Stock
Blend”
Category
SEEFX
n/a
%
Rank
in
Category
72
98
43
98
7
Number
of
Funds
in
Category
366
340
291
340
7,907
Saturna
Sustainable
Bond
Fund
–
“Global
Bond”
Category
SEBFX
n/a
%
Rank
in
Category
17
11
16
11
9
Number
of
Funds
in
Category
197
190
170
190
2,016
Sustainable
Equity
Fund:
Performance
Summary
6
May
31,
2023
Semi-Annual
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
the
Fund
on
March
27,
2015,
to
an
identical
amount
invested
in
the
Standard
&
Poor’s
Global
1200
Index,
a
global
stock
market
index
covering
nearly
70%
of
the
world’s
equity
markets.
The
graph
shows
that
an
investment
the
Fund
would
have
risen
to
$16,630
versus
$19,553
in
the
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objective
of
the
Sustainable
Equity
Fund
is
capital
appreciation.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sustainable
Equity
2
-0.09%
6.79%
n/a
0.93%
S&P
Global
1200
Index
2.35%
8.25%
n/a
n/a
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022,
before
fee
waivers.
The
expense
ratio
shown
in
the
most
recent
prospectus
after
fee
waivers
was
0.75%.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods
.
2
Operations
commenced
on
March
27,
2015.
Novo
Nordisk
ADR
4.1%
CGI
Group
Class
A
3.2%
Nintendo
ADR
3.1%
Schneider
Electric
ADR
3.0%
Legrand
3.0%
Wolters
Kluwer
2.9%
Apple
2.7%
Tractor
Supply
2.7%
Assa
Abloy
ADR
2.5%
Accenture,
Class
A
2.5%
Schedule
of
Investments
As
of
May
31,
2023
Sustainable
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
7
Continued
on
next
page.
Common
Stock
-
91.1%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Entertainment
Content
Walt
Disney
Company
2
2,600
$
460,792
$
228,696
United
States
1.2%
Consumer
Discretionary
Home
Products
Stores
Home
Depot
1,500
279,738
425,175
United
States
2.2%
Lowe's
2,400
326,722
482,712
United
States
2.4%
Tractor
Supply
2,500
453,570
523,975
United
States
2.7%
1,060,030
1,431,862
7.3%
Other
Commercial
Services
Ecolab
1,500
237,915
247,575
United
States
1.3%
Restaurants
Starbucks
3,213
237,202
313,717
United
States
1.6%
Specialty
Apparel
Stores
Lululemon
Athletica
2
750
233,377
248,948
United
States
1.3%
TJX
Companies
5,000
238,192
383,950
United
States
1.9%
471,569
632,898
3.2%
2,006,716
2,626,052
13.4%
Consumer
Staples
Household
Products
Haleon
ADR
2
11,500
84,284
92,460
United
Kingdom
0.5%
L'Oreal
ADR
5,400
297,824
461,322
France
2.3%
Reckitt
Benckiser
Group
ADR
16,700
280,226
262,023
United
Kingdom
1.3%
Unicharm
ADR
40,500
326,015
306,180
Japan
1.6%
Unilever
ADR
6,600
340,612
329,604
United
Kingdom
1.7%
1,328,961
1,451,589
7.4%
Packaged
Food
Danone
ADR
31,200
422,528
370,656
France
1.9%
1,751,489
1,822,245
9.3%
Energy
Renewable
Energy
Equipment
Vestas
Wind
Systems
11,000
199,477
312,477
Denmark
1.6%
Financials
Consumer
Finance
Mastercard,
Class
A
860
171,375
313,917
United
States
1.6%
Paypal
2,900
674,351
179,771
United
States
0.9%
845,726
493,688
2.5%
Life
Insurance
Aviva
ADR
45,600
416,983
451,896
United
Kingdom
2.3%
P&C
Insurance
Chubb
2,000
287,788
371,600
Switzerland
1.9%
1,550,497
1,317,184
6.7%
Health
Care
Biotech
BioNTech
SE
800
125,058
84,064
Germany
0.4%
Large
Pharma
GlaxoSmithKline
ADR
9,200
369,834
309,120
United
Kingdom
1.6%
Johnson
&
Johnson
2,300
365,640
356,638
United
States
1.8%
Schedule
of
Investments
As
of
May
31,
2023
Sustainable
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
May
31,
2023
Semi-Annual
Continued
on
next
page.
Common
Stock
-
91.1%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Health
Care
(continued)
Large
Pharma
(continued)
Novartis
ADR
4,300
$
394,692
$
413,875
Switzerland
2.1%
Novo
Nordisk
ADR
5,100
324,489
818,346
Denmark
4.1%
Pfizer
8,000
290,709
304,160
United
States
1.6%
Roche
Holding
ADR
9,000
406,003
356,310
Switzerland
1.8%
2,151,367
2,558,449
13.0%
2,276,425
2,642,513
13.4%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Assa
Abloy
ADR
44,500
515,234
493,505
Sweden
2.5%
Legrand
6,200
520,793
586,169
France
3.0%
1,036,027
1,079,674
5.5%
Electrical
Components
TE
Connectivity
3,200
356,052
391,936
Switzerland
2.0%
Electrical
Power
Equipment
Schneider
Electric
ADR
17,100
424,554
589,095
France
3.0%
Siemens
ADR
5,300
361,107
435,130
Germany
2.2%
785,661
1,024,225
5.2%
2,177,740
2,495,835
12.7%
Materials
Agricultural
Chemicals
Corteva
3,000
180,770
160,470
United
States
0.8%
Specialty
Chemicals
DSM
Koninklijke
1,928
255,228
202,148
Netherlands
1.0%
Johnson
Matthey
21,031
690,073
451,550
United
Kingdom
2.3%
Novozymes
ADR
6,550
329,752
315,448
Denmark
1.6%
1,275,053
969,146
4.9%
1,455,823
1,129,616
5.7%
Technology
Application
Software
Adobe
2
1,000
108,410
417,790
United
States
2.1%
Dassault
Systemes
ADR
7,530
119,029
331,734
France
1.7%
227,439
749,524
3.8%
Communications
Equipment
Apple
3,028
83,313
536,713
United
States
2.7%
Consumer
Electronics
Nintendo
ADR
56,625
633,295
598,526
Japan
3.1%
Sony
ADR
4,000
261,557
374,800
Japan
1.9%
894,852
973,326
5.0%
Electronics
Components
Murata
Manufacturing
4,000
203,199
233,132
Japan
1.2%
Information
Services
Wolters
Kluwer
5,000
371,604
569,624
Netherlands
2.9%
Infrastructure
Software
Microsoft
1,438
62,724
472,225
United
States
2.4%
IT
Services
Accenture,
Class
A
1,600
275,166
489,472
Ireland
2.5%
CGI
Group
Class
A
2
6,000
421,997
620,340
Canada
3.2%
697,163
1,109,812
5.7%
Schedule
of
Investments
As
of
May
31,
2023
Sustainable
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
9
Common
Stock
-
91.1%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Technology
(continued)
Semiconductor
Devices
NXP
Semiconductors
1,800
$
179,525
$
322,380
Netherlands
1.6%
STMicroelectronics
ADR
3,900
136,216
169,416
Switzerland
0.9%
315,741
491,796
2.5%
Semiconductor
Manufacturing
Taiwan
Semiconductor
ADR
1,825
69,799
179,927
Taiwan
0.9%
2,925,834
5,316,079
27.1%
Total
investments
$14,804,793
$17,890,697
91.1%
Other
assets
(net
of
liabilities)
1,751,359
8.9%
Total
net
assets
$19,642,056
100.0%
1
Country
of
domicile
unless
otherwise
indicated
2
Non-income
producing
ADR:
American
Depositary
Receipt
Sustainable
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
May
31,
2023
Semi-Annual
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value
(Cost
$14,804,793)
$
17,890,697
Cash
1,699,322
Dividends
receivable
79,651
Prepaid
expenses
4,259
Receivable
for
Fund
shares
sold
3,134
Total
assets
19,677,063
Liabilities
Payable
for
Fund
shares
redeemed
18,892
Accrued
audit
expenses
6,679
Accrued
advisory
fees
4,663
Accrued
retirement
plan
custody
fee
1,398
Accrued
trustee
expenses
1,060
Accrued
Chief
Compliance
Officer
expenses
730
Accrued
legal
expenses
267
Accrued
other
operating
expenses
1,318
Total
liabilities
35,007
Net
assets
$19,642,056
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$16,836,556
Total
distributable
earnings
2,805,500
Net
assets
applicable
to
Fund
shares
outstanding
$19,642,056
Fund
shares
outstanding
1,240,587
Net
asset
value,
offering,
and
redemption
price
per
share
$15.83
Period
ended
May
31,
2023
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$24,866)
$
194,101
Total
investment
income
194,101
Expenses
Investment
adviser
fees
63,735
Filing
and
registration
fees
20,841
Audit
fees
6,494
Trustee
fees
3,887
Legal
fees
3,168
Chief
Compliance
Officer
expenses
2,283
Retirement
plan
custodial
fees
1,965
Custodian
fees
745
Other
operating
expenses
2,187
Total
gross
expenses
105,305
Less
adviser
fees
waived
(31,019)
Less
custodian
fee
credits
(745)
Net
expenses
73,541
Net
investment
income
$120,560
Net
realized
loss
from
investments
and
foreign
currency
$(216,678)
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
703,114
Net
gain
on
investments
486,436
Net
increase
in
net
assets
resulting
from
operations
$606,996
Sustainable
Equity
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
11
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Decrease
in
net
assets
from
operations
From
operations
Net
investment
income
$120,560
$178,066
Net
realized
gain
(loss)
on
investments
and
foreign
currency
(216,678)
147,255
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
703,114
(4,324,755)
Net
increase
(decrease)
in
net
assets
606,996
(3,999,434)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(177,043)
(164,336)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
1,261,024
2,792,479
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
176,949
163,667
Cost
of
shares
redeemed
(2,008,149)
(4,385,092)
Total
capital
shares
transactions
(570,176)
(1,428,946)
Total
decrease
in
net
assets
(140,223)
(5,592,716)
Net
assets
Beginning
of
period
19,782,279
25,374,995
End
of
period
$19,642,056
$19,782,279
Shares
of
the
Fund
sold
and
redeemed
Sustainable
Equity
(SEEFX)
Number
of
shares
sold
79,908
168,148
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
11,688
8,692
Number
of
shares
redeemed
(128,127)
(267,640)
Net
decrease
in
number
of
shares
outstanding
(36,531)
(90,800)
–
–
Sustainable
Equity
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
May
31,
2023
Semi-Annual
tin
Sustainable
Equity
(SEEFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$15.49
$18.55
$16.72
$13.58
$11.51
$11.44
Income
from
investment
operations
Net
investment
income
0.09
0.14
0.13
0.10
0.09
0.09
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.39
(3.08)
1.76
3.11
2.08
0.07
Total
from
investment
operations
0.48
(2.94)
1.89
3.21
2.17
0.16
Less
distributions
Dividends
(from
net
investment
income)
(0.14)
(0.12)
(0.06)
(0.07)
(0.10)
(0.09)
Total
distributions
(0.14)
(0.12)
(0.06)
(0.07)
(0.10)
(0.09)
Net
asset
value
at
end
of
period
$15.83
$15.49
$18.55
$16.72
$13.58
$11.51
Total
Return
A
3.14%
(15.96)%
11.32%
23.74%
19.04%
1.39%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$19,642
$19,782
$25,375
$16,834
$8,185
$5,658
Ratio
of
expenses
to
average
net
assets
Before
advisory
fees
waiver
and
custodian
fee
credits
B
1.07%
0.93%
0.85%
0.78%
1.81%
1.27%
After
advisory
fees
waiver
B
0.76%
0.76%
0.76%
0.75%
0.78%
0.76%
After advisory
fees
waiver
and
custodian
fee
credits
B
0.75%
0.75%
0.76%
0.75%
0.75%
0.75%
Ratio
of
net
investment
income
after
advisory
fees
waiver
and
custodian
fee
credits
to
average
net
assets
B
1.23%
0.84%
0.71%
0.61%
0.80%
0.82%
Portfolio
turnover
rate
A
1%
9%
8%
13%
13%
8%
A
Not
annualized
for
period
of
less
than
one
year
B
Annualized
for
periods
of
less
than
one
year
May
31,
2023
Semi-Annual
13
Sustainable
Bond
Fund:
Performance
Summary
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
the
Fund
on
March
27,
2015,
to
an
identical
amount
invested
in
the
FTSE
WorldBIG
Bond
Index,
a
multi-asset,
multi-currency
benchmark,
which
provides
a
broad-
based
measure
of
the
global
fixed-income
markets.
The
graph
shows
that
an
investment
in
the
Fund
would
have
risen
to
$10,760
versus
$10,002
in
the
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
The
objectives
of
the
Sustainable
Bond
Fund
are
current
income
and
capital
preservation.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio
1
Sustainable
Bond
2
-0.87%
0.52%
n/a
0.74%
FTSE
WorldBIG
Bond
Index
-4.43%
-1.34%
n/a
n/a
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus
which
is
dated
March
31,
2023
as
supplemented
on
May
22,
2023
and
July
10,
2023
,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022,
before
fee
waivers.
The
expense
ratio
shown
in
the
most
recent
prospectus
after
fee
waivers
was
0.65%.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
periods.
2
Operations
commenced
on
March
27,
2015.
Canadian
Imperial
Bank
(4.375%
due
10/28/2025)
4.8%
Asian
Development
Bank
(6.000%
due
02/5/2026)
4.6%
Inter-American
Devel
BK
(7.500%
due
12/5/2024)
4.5%
Int'l
Bk
Recon
&
Develop
(4.250%
due
01/22/2026)
4.2%
Commonwealth
Bank
Australia
(Quarterly
BBSW
plus
0.41%)
(4.106%
due
12/23/2026)
4.0%
United
States
Treasury
Note
(3.250%
due
05/15/2042)
3.8%
Microsoft
(5.300%
due
02/8/2041)
3.7%
Munich
RE
(1.000%
due
05/26/2042)
3.6%
Nokia
OYJ
(2.375%
due
05/15/2025)
3.5%
Koninklijke
Philips
(7.125%
due
05/15/2025)
3.4%
Schedule
of
Investments
As
of
May
31,
2023
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
May
31,
2023
Semi-Annual
Continued
on
next
page.
Corporate
Bonds
-
57.0%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Telecom
Italia
2
5.303%
due
05/30/2024
$
500,000
$
487,752
Italy
1.6%
Consumer
Discretionary
Starbucks
2.450%
due
06/15/2026
250,000
234,611
United
States
0.8%
Consumer
Staples
Coty
3
4.750%
due
04/15/2026
EUR
500,000
518,646
United
States
1.8%
Coty
2
5.000%
due
04/15/2026
250,000
240,087
United
States
0.8%
MAF
Global
Securities
3,4,5
7.875%
due
PERP
500,000
504,250
United
Arab
Emirates
1.7%
1,262,983
4.3%
Financials
Aust
&
NZ
Banking
Group
2
4.500%
due
03/19/2024
500,000
493,190
Australia
1.7%
AXA
3,6
5.125%
due
01/17/2027
750,000
726,591
France
2.5%
Bank
of
Montreal
3.300%
due
02/05/2024
500,000
491,884
Canada
1.7%
Bank
of
New
Zealand
3
3.648%
due
11/16/2023
NZD
500,000
298,104
New
Zealand
1.0%
Canadian
Imperial
Bank
7
4.375%
due
10/28/2080
CAD
2,100,000
1,423,528
Canada
4.8%
Commonwealth
Bank
Australia
(Quarterly
BBSW
plus
0.41%)
8
4.106%
due
12/23/2026
AUD
1,850,000
1,186,107
Australia
4.0%
Export-Import
Bank
Korea
5.125%
due
01/11/2033
500,000
520,735
Korea
1.8%
First
Abu
Dhabi
Bank
PJSC
3
5.125%
due
10/13/2027
500,000
508,507
United
Arab
Emirates
1.7%
MAF
Sukuk
3
4.638%
due
05/14/2029
800,000
788,677
United
Arab
Emirates
2.7%
Munich
RE
3,9
1.000%
due
05/26/2042
EUR
1,400,000
1,069,800
Germany
3.6%
Prologis
1.250%
due
10/15/2030
200,000
155,685
United
States
0.5%
Toronto-Dominion
Bank
3
1.128%
due
12/09/2025
CAD
500,000
334,151
Canada
1.2%
Women's
Livelihood
Bond
Asset
II
B
2
3.950%
due
12/10/2024
600,000
567,518
Singapore
1.9%
Women's
Livelihood
Bond
Asset
II
C
2
3.900%
due
12/23/2025
500,000
479,731
Singapore
1.6%
9,044,208
30.7%
Health
Care
Koninklijke
Philips
7.125%
due
05/15/2025
1,000,000
1,014,388
Netherlands
3.4%
Novartis
Capital
3.000%
due
11/20/2025
250,000
241,655
Switzerland
0.8%
Roche
2
2.625%
due
05/15/2026
200,000
190,307
Switzerland
0.7%
1,446,350
4.9%
Industrials
Odfjell
SE
(Quarterly
NIBOR
plus
5.75%)
3,8
9.090%
due
01/21/2025
NOK
6,000,000
556,747
Norway
1.9%
Materials
Stora
Enso
OYJ
3
7.250%
due
04/15/2036
300,000
312,966
Finland
1.1%
Stora
Enso
OYJ
2
7.250%
due
04/15/2036
200,000
208,644
Finland
0.7%
521,610
1.8%
Technology
Koninklijke
KPN
8.375%
due
10/01/2030
250,000
291,774
Netherlands
1.0%
Microsoft
5.300%
due
02/08/2041
1,000,000
1,097,227
United
States
3.7%
Nokia
OYJ
3
2.375%
due
05/15/2025
EUR
1,000,000
1,040,311
Finland
3.5%
RELX
4.000%
due
03/18/2029
400,000
384,222
United
Kingdom
1.3%
2,813,534
9.5%
Utilities
Tabreed
Sukuk
3
5.500%
due
10/31/2025
250,000
252,389
United
Arab
Emirates
0.8%
United
Utilities
6.875%
due
08/15/2028
185,000
203,118
United
Kingdom
0.7%
455,507
1.5%
Total
Corporate
Bonds
(Cost
$18,017,140)
$16,823,302
57.0%
Schedule
of
Investments
As
of
May
31,
2023
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
15
Continued
on
next
page.
Government
Bonds
-
33.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Government
Bonds
Asian
Development
Bank
6.000%
due
02/05/2026
BRL
$
7,500,000
$
1,355,479
Philippines
4.6%
European
Bk
Recon
&
Dev
5.000%
due
01/27/2025
BRL
2,000,000
364,023
United
Kingdom
1.2%
European
Investment
Bank
3
4.500%
due
02/16/2028
MXN
10,000,000
468,201
Luxembourg
1.6%
Inter-American
Devel
BK
7.500%
due
12/05/2024
MXN
25,000,000
1,336,282
United
States
4.5%
Int'l
Bk
Recon
&
Develop
4.250%
due
01/22/2026
MXN
25,000,000
1,230,426
Germany
4.2%
New
Zealand
Government
4.250%
due
05/15/2034
NZD
1,000,000
597,966
New
Zealand
2.0%
Ontario
2.650%
due
02/05/2025
CAD
500,000
357,284
Canada
1.2%
Perusahaan
Penerbit
SBSN
3
3.550%
due
06/09/2051
1,000,000
757,964
Indonesia
2.6%
Republic
of
Chile
4.340%
due
03/07/2042
500,000
440,039
Chile
1.5%
United
Kingdom
Gilt
3
0.875%
due
07/31/2033
GBP
500,000
453,428
United
Kingdom
1.5%
United
Kingdom
Gilt
3
1.500%
due
07/31/2053
GBP
1,000,000
636,713
United
Kingdom
2.2%
7,997,805
27.1%
Government
Sponsored
Federal
Home
Loan
Bank
1.650%
due
10/06/2031
500,000
400,131
United
States
1.4%
United
States
Treasury
Notes
United
States
Treasury
Note
3.250%
due
05/15/2042
1,250,000
1,121,289
United
States
3.8%
United
States
Treasury
Note
2.875%
due
05/15/2052
500,000
412,715
United
States
1.4%
1,534,004
5.2%
Total
Government
Bonds
(Cost
$10,203,378)
$9,931,940
33.7%
Municipals
Bonds
-
5.1%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Financial
Services
New
York
City
NY
Hsg
Dev
Corp
10
1.880%
due
05/01/2062
1,000,000
1,000,000
United
States
3.4%
Sheridan
Co
Redev
Agy
Incr
Revenue
10
3.900%
due
12/01/2029
500,000
500,000
United
States
1.7%
Total
Municipals
Bonds
(Cost
$1,500,000)
$1,500,000
5.1%
Total
investments
(Cost
$29,720,518)
$28,255,242
95.8%
Other
assets
(net
of
liabilities)
1,234,220
4.2%
Total
net
assets
$29,489,462
100.0%
1
Denotes
a
country
or
region
of
primary
exposure
2
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
sold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers
or
in
public
offering
registered
under
the
Securities
Act
of
1933.
These
securities
have
been
deemed
liquid
under
guidelines
approved
by
the
Trust's
Board
of
Trustees.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$2,667,229
representing
9.0%
of
net
assets.
3
Security
was
purchased
pursuant
to
Regulation
S
under
the
Securities
Act
of
1933
which
exempts
from
registration
securities
offered
and
sold
outside
of
the
United
States.
Such
a
security
cannot
be
sold
in
the
United
States
without
either
an
effective
registration
statement
filed
pursuant
to
the
Securities
Act
of
1933,
or
pursuant
to
an
exemption
from
registration.
These
Securities
have
been
deemed
liquid
under
guidelines
approved
by
the
Trust's
Board
of
Trustees.
At
May
31,
2023,
the
aggregate
value
of
these
securities
was
$9,227,445
representing
31.4%
of
net
assets.
4
Security
is
perpetual
in
nature
with
no
stated
maturity
date.
5
Coupon
rates
for
floating
and
adjustable
rate
securities
reflect
the
rates
in
effect
at
period
end.
6
AXA
is
a
fixed
to
float
bond.
The
bond
has
a
fixed
rate
until
01/17/2027.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2023.
7
Canadian
Imperial
Bank
is
a
fixed
to
float
bond.
The
bond
has
a
fixed
rate
until
10/28/2025.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2023.
8
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2023
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
9
Munich
RE
is
a
fixed
to
float
bond.
The
bond
has
a
fixed
rate
until
05/26/2032.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2023.
10
Variable
rate
security.
Rate
as
of
period
end
and
maturity
is
the
date
the
principal
owed
can
be
recovered
through
demand.
AUD
:
Australia
Dollar
BRL
:
Brazil
Real
CAD
:
Canada
Dollar
EUR
:
Euro
Dollar
GBP
:
United
Kingdom
Pound
MXN
:
Mexico
Nuevo
Peso
NOK
:
Norway
Krone
NZD
:
New
Zealand
Dollar
Schedule
of
Investments
As
of
May
31,
2023
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
May
31,
2023
Semi-Annual
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
17
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value
(Cost
$29,720,518)
$
28,255,242
Cash
832,288
Interest
receivable
305,676
Receivable
for
Fund
shares
sold
114,901
Dividends
receivable
8,671
Prepaid
expenses
5,153
Total
assets
29,521,931
Liabilities
Payable
for
Fund
shares
redeemed
17,263
Accrued
advisory
fees
6,254
Accrued
trustee
expenses
1,810
Accrued
audit
expenses
1,632
Accrued
Chief
Compliance
Officer
expenses
807
Accrued
retirement
plan
custody
fee
703
Accrued
legal
expenses
209
Accrued
other
operating
expenses
434
Accrued
printing
fees
3,357
Total
liabilities
32,469
Net
assets
$29,489,462
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$31,928,662
Total
distributable
earnings
(2,439,200)
Net
assets
applicable
to
Fund
shares
outstanding
$29,489,462
Fund
shares
outstanding
3,217,595
Net
asset
value,
offering,
and
redemption
price
per
share
$9.17
Period
ended
May
31,
2023
Investment
income
Interest
income
$
580,200
Total
investment
income
580,200
Expenses
Investment
adviser
fees
78,809
Filing
and
registration
fees
21,365
Audit
fees
9,221
Legal
fees
5,218
Custodian
fees
4,121
Trustee
fees
3,436
Chief
Compliance
Officer
expenses
3,229
Retirement
plan
custodial
fees
926
Other
operating
expenses
2,388
Total
gross
expenses
128,713
Less
adviser
fees
waived
(31,454)
Less
custodian
fee
credits
(4,121)
Net
expenses
93,138
Net
investment
income
$487,062
Net
realized
loss
from
investments
and
foreign
currency
$(344,339)
Net
increase
in
unrealized
depreciation
on
investments
and
foreign
currency
495,774
Net
gain
on
investments
151,435
Net
increase
in
net
assets
resulting
from
operations
$638,497
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
May
31,
2023
Semi-Annual
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$487,062
$693,860
Net
realized
loss
on
investments
and
foreign
currency
(344,339)
(1,581,895)
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
495,774
(1,620,632)
Net
increase
(decrease)
in
net
assets
638,497
(2,508,667)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(183,663)
(610,282)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
4,293,771
11,780,938
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
182,968
610,114
Cost
of
shares
redeemed
(4,147,213)
(6,614,809)
Total
capital
shares
transactions
329,526
5,776,243
Total
increase
in
net
assets
784,360
2,657,294
Net
assets
Beginning
of
period
28,705,102
26,047,808
End
of
period
$29,489,462
$28,705,102
Shares
of
the
Fund
sold
and
redeemed
Sustainable
Bond
(SEBFX)
Number
of
shares
sold
469,426
1,247,651
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
20,330
62,130
Number
of
shares
redeemed
(455,680)
(726,101)
Net
increase
in
number
of
shares
outstanding
34,076
583,680
–
–
Sustainable
Bond
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
19
tin
Sustainable
Bond
(SEBFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.02
$10.02
$10.25
$9.70
$9.39
$9.87
Income
from
investment
operations
Net
investment
income
0.16
0.22
0.20
0.23
0.28
0.26
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
0.05
(0.98)
(0.42)
0.42
0.29
(0.48)
Total
from
investment
operations
0.21
(0.76)
(0.22)
0.65
0.57
(0.22)
Less
distributions
Dividends
(from
net
investment
income)
(0.06)
(0.05)
(0.01)
(0.10)
(0.26)
(0.26)
Distributions
(from
capital
gains)
–
(0.19)
–
–
–
–
Total
distributions
(0.06)
(0.24)
(0.01)
(0.10)
(0.26)
(0.26)
Net
asset
value
at
end
of
period
$9.17
$9.02
$10.02
$10.25
$9.70
$9.39
Total
Return
A
2.32%
(7.83)%
(2.14)%
6.78%
6.09%
(2.29)%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$29,489
$28,705
$26,048
$21,973
$27,775
$31,647
Ratio
of
expenses
to
average
net
assets
Before
advisory
fees
waiver
and
custodian
fee
credits
B
0.90%
0.74%
0.86%
0.85%
0.83%
0.77%
After
advisory
fees
waiver
B
0.68%
0.66%
0.66%
0.67%
0.66%
0.66%
After advisory
fees
waiver
and
custodian
fee
credits
B
0.65%
0.65%
0.65%
0.65%
0.65%
0.65%
Ratio
of
net
investment
income
after
advisory
fees
waiver custodian
fee
credits
to
average
net
assets
B
3.40%
2.35%
1.99%
2.33%
2.87%
2.99%
Portfolio
turnover
rate
A
34%
80%
65%
63%
38%
25%
A
Not
annualized
for
period
of
less
than
one
year
B
Annualized
for
periods
of
less
than
one
year
Notes
To
Financial
Statements
20
May
31,
2023
Semi-Annual
Note
1
–
Organization
Saturna
Investment
Trust
(the
“Trust”)
was
established
under
Washington
State
Law
as
a
business
trust
on
February
20,
1987.
The
Trust
is
registered
as
an
open-end,
diversified
management
company
under
the
Investment
Company
Act
of
1940,
as
amended.
Nine
portfolio
series
have
been
created
to
date,
two
of
which
are
covered
by
this
annual
report:
Saturna
Sustainable
Equity
Fund
and
Saturna
Sustainable
Bond
Fund
(the
“Funds”).
The
Sextant
Short-
Term
Bond
Fund,
Sextant
Bond
Income
Fund,
Sextant
Core
Fund,
Sextant
Global
High
Income
Fund,
Sextant
Growth
Fund,
Sextant
International
Fund,
and
the
Idaho
Tax-Exempt
Fund
are
offered
through
separate
prospectuses,
the
results
of
which
are
contained
in
separate
reports.
Saturna
Sustainable
Equity
Fund
and
Saturna
Sustainable
Bond
Fund
commenced
operations
on
March
27,
2015.
Each
Fund
is
an
investment
company
and
accordingly
follows
the
investment
company
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
“Financial
Services
–
Investment
Companies”.
Investment
risks:
Sustainable
Equity
Fund
and
Sustainable
Bond
Fund
:
The
value
of
each
Fund’s
shares
rises
and
falls
as
the
value
of
the
securities
in
which
the
Fund
invests
goes
up
and
down.
Fund
share
prices,
yields,
and
total
returns
will
change
with
market
fluctuations
as
well
as
the
fortunes
of
the
countries,
industries,
and
companies
in
which
the
Fund
invests.
The
Funds
do
not
use
derivatives
to
hedge
currency,
interest
rate,
or
credit
risk.
The
Fund’s
adviser
employs
a
proprietary
sustainable
rating
system
based
on
its
own,
as
well
as
third-party,
data
to
identify
issuers
believed
to
present
low
environmental,
social
and
governance
(ESG)
risks.Ratings
are
dependent
upon
the
associated
ESG
risks
that
are
most
pertinent
to
the
sector
in
which
an
issuer
operates.
The
ratings
process
associated
with
sustainable
and
responsible
investing
reduces
the
investable
universe
for
each
Fund,
which
limits
opportunities
and
may
increase
the
risk
of
loss
during
market
declines.
The
adviser
believes
that
sustainable
investing
may
mitigate
security-specific
risk,
but
there
is
no
guarantee
that
the
securities
favored
by
our
investment
process
will
perform
better
and
may
perform
worse
than
those
that
are
not
favored.
The
Funds
may
invest
substantially
in
one
or
more
sectors,
which
can
increase
volatility
and
exposure
to
issues
specific
to
a
particular
sector
or
industry.
Foreign
investing
involves
risks
not
normally
associated
with
investing
in
US
securities.
These
include
fluctuations
in
currency
exchange
rates,
less
public
information
about
securities,
less
governmental
market
supervision,
and
the
lack
of
uniform
financial,
social,
and
political
standards.
Foreign
investing
heightens
the
risk
of
confiscatory
taxation,
seizure
or
nationalization
of
assets,
establishment
of
currency
controls,
or
adverse
political
or
social
developments
that
affect
investments.
The
risks
of
investing
in
foreign
securities
are
typically
greater
in
less
developed
or
emerging
countries.
Liquidity
risk
exists
when
particular
investments
are
difficult
to
sell.
If
a
Fund
holds
illiquid
investments,
its
portfolio
may
be
more
difficult
to
value,
especially
in
changing
markets.
Investments
by
a
Fund
in
foreign
securities
and
those
that
are
thinly
traded,
such
as
lower
quality
issuers,
and
smaller
companies
tend
to
involve
greater
liquidity
risk.
If
a
Fund
is
forced
to
sell
or
unwind
these
investments
to
meet
redemptions
or
for
other
cash
needs,
the
Fund
may
suffer
a
penalty.
Additionally,
the
market
for
certain
investments
may
become
illiquid
under
adverse
market
or
economic
conditions
independent
of
any
specific
adverse
changes
in
the
conditions
of
a
particular
issuer.
In
such
cases,
the
Fund,
due
to
limitations
on
investments
in
illiquid
securities
and
the
difficulty
in
purchasing
and
selling
such
securities,
may
be
unable
to
achieve
its
investment
objective.
Sustainable
Bond
Fund
:
The
risks
inherent
in
the
Sustainable
Bond
Fund
depend
primarily
on
the
terms
and
quality
of
the
obligations
in
its
portfolio,
as
well
as
on
bond
market
conditions.
When
interest
rates
rise,
bond
prices
fall.
When
interest
rates
fall,
bond
prices
go
up.
Bonds
with
longer
maturities
usually
are
more
sensitive
to
interest
rate
changes
than
bonds
with
shorter
maturities.
The
Fund
entails
credit
risk,
which
is
the
possibility
that
a
bond
will
not
be
able
to
pay
interest
or
principal
when
due.
If
the
credit
quality
of
a
bond
is
perceived
to
decline,
investors
will
demand
a
higher
yield,
which
means
a
lower
price
on
that
bond
to
compensate
for
the
higher
level
of
risk.
The
Fund
may
invest
a
portion
of
its
assets
in
securities
issued
by
government
sponsored
entities
such
as
Fannie
Mae,
Freddie
Mac,
and
the
Federal
Home
Loan
Banks
in
the
US.
Foreign
governments
also
sponsor
similar
entities,
which
may
promote
activities
such
as
low-cost
housing
or
alternative
energy.
The
Fund
may
also
invest
in
the
issues
of
regional,
state,
and
local
governments.
The
terms
of
such
issues
can
be
complex,
and
there
can
be
no
assurance
that
a
government
entity
will
support
such
enterprises
that
encounter
financial
difficulty.
Issuers
of
high-yield
securities
are
generally
not
as
strong
financially
as
those
issuing
higher
quality
securities.
These
issuers
are
more
likely
to
encounter
financial
difficulties
and
are
more
vulnerable
to
changes
in
the
relevant
economy
that
could
affect
their
ability
to
make
interest
and
principal
payments
as
expected.
High-yield
bonds
may
have
low
or
no
ratings,
and
may
be
considered
“junk
bonds.”
Bond
investments,
especially
mortgage-backed
and
asset-backed
securities,
are
subject
to
the
risk
that
borrowers
will
prepay
the
principal
more
quickly
than
expected
(prepayment
risk)
or
more
slowly
than
expected
(extension
risk),
which
will
affect
the
yield,
average
life,
and
price
of
the
securities.
Note
2
–
Unaudited
Information
The
information
in
this
interim
report
has
not
been
subjected
to
independent
audit.
Note
3
–
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America,
which
are
consistently
followed
by
the
Funds
in
preparation
of
their
financial
statements.
Security
valuation:
Investments
in
securities
traded
on
a
national
securities
exchange
and
over-the-counter
securities
for
which
sale
prices
are
available
are
valued
at
that
price.
Securities
for
which
there
are
no
sales
are
valued
at
the
latest
bid
price.
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
21
Debt
securities
are
valued
using
bid-side
valuations
provided
by
an
independent
service.
The
service
determines
valuations
using
factors
such
as
yields
or
prices
of
bonds
of
comparable
quality,
type
of
issue,
coupon
maturity,
ratings,
trading
activity,
and
general
market
conditions.
Fixed-income
debt
instruments,
such
as
commercial
paper,
bankers’
acceptances,
and
US
Treasury
Bills,
with
a
maturity
of
60
days
or
less
are
valued
at
amortized
cost,
which
approximates
market
value.
Foreign
markets
may
close
before
the
time
as
of
which
the
Funds’
share
prices
are
determined.
Because
of
this,
events
occurring
after
the
close
and
before
the
determination
of
the
Funds’
share
prices
may
have
a
material
effect
on
the
values
of
some
or
all
of
the
Funds’
foreign
securities.
To
account
for
this,
the
Funds
may
use
outside
pricing
services
for
valuation
of
their
non-US
securities.
In
cases
in
which
there
is
not
a
readily
available
market
price,
a
fair
value
for
such
security
is
determined
in
good
by
the
adviser
(Saturna
Capital),
whom
the
Board
of
Trustees
has
designated
as
each
Fund's
valuation
designee
to
perform
fair
value
functions
in
accordance
with
valuation
policies
and
procedures
adopted
by
the
adviser,
subject
to
the
Board
of
Trustee's
oversight.
Security
transactions
are
recorded
on
the
trade
date.
Realized
gains
and
losses
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Foreign
currency:
Investment
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
at
the
date
of
valuation.
Purchases
and
sales
of
investment
securities
and
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
US
dollar
amounts
on
the
respective
dates
of
such
transactions.
The
Funds
do
not
isolate
that
portion
of
the
results
of
operations
resulting
from
changes
in
foreign
exchange
rates
on
investments
from
the
fluctuations
arising
from
changes
in
market
prices
of
securities
held.
Such
fluctuations
are
included
with
the
net
realized
and
unrealized
gain
or
loss
from
investments.
Reported
net
realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions,
and
the
difference
between
the
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
recorded
on
the
Funds’
books
and
the
US
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
the
fair
values
of
assets
and
liabilities,
other
than
investments
in
securities
at
fiscal
period
end,
resulting
from
changes
in
exchange
rates.
Share
valuation:
Each
Fund
computes
the
share
price
of
each
share
class
by
dividing
the
net
assets
attributable
to
each
share
class
by
the
outstanding
shares
of
that
class.
Each
share
class
represents
an
interest
in
the
same
investment
portfolio.
Each
share
class
is
identical
in
all
respects
except
that
each
class
bears
its
own
class
expenses,
and
each
class
has
exclusive
voting
rights.
As
a
result
of
the
differences
in
the
expenses
borne
by
each
share
class,
the
share
price
and
distributions
will
vary
among
a
Fund’s
share
classes.
The
Funds’
shares
are
not
priced
or
traded
on
days
the
New
York
Stock
Exchange
is
closed.
The
NAV
is
both
the
offering
and
redemption
price
per
share.
Share
Valuation
Inputs
as
of
May
31,
2023
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Sustainable
Equity
Fund
Common
Stock
Communications
$228,696
$–
$–
$228,696
Consumer
Discretionary
$2,626,052
$–
$–
$2,626,052
Consumer
Staples
$1,822,245
$–
$–
$1,822,245
Energy
$–
$312,477
$–
$312,477
Financials
$945,584
$371,600
$–
$1,317,184
Health
Care
$2,642,513
$–
$–
$2,642,513
Industrials
$1,517,730
$978,105
$–
$2,495,835
Materials
$475,918
$451,550
$202,148
$1,129,616
Technology
$3,081,131
$2,234,948
$–
$5,316,079
Total
Common
Stock
$13,339,869
$4,348,680
$202,148
$17,890,697
Total
Assets
$13,339,869
$4,348,680
$202,148
$17,890,697
Sustainable
Bond
Fund
Corporate
Bonds
1
$–
$16,823,302
$–
$16,823,302
Government
Bonds
1
$–
$9,931,940
$–
$9,931,940
Municipals
Bonds
1
$–
$1,500,000
$–
$1,500,000
Total
Assets
$–
$28,255,242
$–
$28,255,242
1
See
the
Schedule
of
Investments
for
additional
details.
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
22
May
31,
2023
Semi-Annual
The
following
is
a
reconciliation
of
assets
and
liabilities
for
which
Level
3
inputs
were
used
in
determining
value.
The
following
is
quantitative
information
about
significant
unobservable
inputs
(Level
3)
for
the
Company
as
of
May
31,
2023.
Fair
value
measurements:
Accounting
Standards
Codification
(ASC)
820
establishes
a
three-
tier
framework
for
measuring
fair
value
based
on
a
hierarchy
of
inputs.
The
hierarchy
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds’
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
investments
and
are
summarized
below.
Level
1
−
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
that
the
Trust
has
the
ability
to
access.
Level
2
−
Observable
inputs
other
than
quoted
prices
in
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates,
and
similar
data.
Level
3
−
Unobservable
inputs
for
the
asset
or
liability,
to
the
extent
relevant
observable
inputs
are
not
available,
representing
the
Trust’s
own
assumptions
about
the
assumptions
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
would
be
based
on
the
best
information
available.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety,
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
table
on
page
21
is
a
summary
of
the
inputs
used
as
of
May
31,
2023
,
in
valuing
the
Funds’
investments
carried
at
fair
value.
Concentration
of
credit
risk:
The
Funds
may
have
deposits
of
cash
with
the
custodian
from
time
to
time
for
one
or
more
reasons.
“Other
assets
(net
of
liabilities)”
in
the
Funds’
Schedules
of
Investments
primarily
represents
cash
on
deposit
with
the
custodian.
Cash
on
deposit
will
vary
widely
over
time.
Accounting
Standards
Codification
(“ASC”)
825,
“Financial
Instruments,”
identifies
these
items
as
a
concentration
of
credit
risk.
The
risk
is
managed
by
careful
financial
analysis
and
review
of
the
custodian’s
operations,
resources,
and
protections
available
to
the
Trust.
This
process
includes
evaluation
of
other
financial
institutions
providing
investment
company
custody
services.
Federal
income
taxes:
Each
Fund
intends
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
necessary
to
qualify
as
a
regulated
investment
company
and
to
make
the
requisite
distributions
of
income
and
capital
gains
to
its
shareowners
sufficient
to
relieve
it
from
all
or
substantially
all
federal
income
taxes.
Therefore,
no
federal
income
tax
provision
is
required.
The
Funds
recognize
the
tax
benefits
of
uncertain
tax
positions
only
where
the
position
is
“more
likely
than
not”
to
be
sustained
assuming
examination
by
tax
authorities.
Management
has
analyzed
the
Funds’
tax
positions
and
has
concluded
that
no
liability
for
unrecognized
tax
benefits
should
be
recorded
related
to
uncertain
tax
positions
taken
on
returns
filed
for
open
tax
years
(2019
−
2021)
or
expected
to
be
taken
in
the
Funds’
2022
tax
returns.
The
Funds
identify
their
major
tax
jurisdiction
as
US
federal
and
foreign
jurisdictions
where
the
Funds
make
significant
investments;
however,
the
Funds
are
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
change
materially
in
the
next
12
months.
Reclassification
of
capital
accounts:
Accounting
principles
generally
accepted
in
the
United
States
of
America
require
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
As
of
November
30,
2022
,
there
were
no
reclassifications
to
the
capital
accounts.
Distributions
to
shareowners:
Sustainable
Equity
Fund
,
and
Sustainable
Bond
Fund
,
pays
income
dividends
annually,
typically
by
the
end
of
the
year.
As
a
result
of
its
investment
strategy,
the
Saturna
Sustainable
Equity
Fund
may
not
pay
income
dividends.
For
both
Funds,
distributions
of
capital
gains,
if
any,
are
made
at
least
annually,
and
as
required
to
comply
with
federal
excise
tax
requirements.
Distributions
to
shareowners
are
determined
in
accordance
with
income
tax
regulations
and
are
recorded
on
the
ex-dividend
date.
Dividends
are
paid
in
shares
of
the
Funds,
at
the
net
asset
value
on
the
payable
date.
Shareowners
may
elect
to
take
distributions
if
they
total
$10
or
more
in
cash.
Common
Stocks
Beginning
Balance
$-
Total
realized
gain
(loss)
$-
Change
in
unrealized appreciation
(depreciation)
$-
Net
purchases
$-
Net
Sales
$-
Transfers
into
Level
3
$202,148
Transfers
out
of
Level
3
$-
Ending
Balance
$202,148
Asset
Category
Fair
Value
Valuation
Technique
Unobservable
Input
Input
Value
Specialty
Chemicals
$202,148
85%
of
local
close
on
05/31/2023
adjusted
by
FX
None
FX
0.93201
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
23
Use
of
estimates:
The
preparation
of
financial
statements
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
Foreign
taxes:
Withholding
taxes
on
foreign
dividends
are
paid
(a
portion
of
which
may
be
reclaimable)
or
provided
for
in
accordance
with
the
applicable
country’s
tax
rules
and
rates
and
are
disclosed
in
the
Statement
of
Operations.
Withholding
tax
reclaims
are
filed
in
certain
countries
to
recover
a
portion
of
the
amounts
previously
withheld.
The
Funds
record
a
reclaim
receivable
based
on
a
number
of
factors,
including
a
jurisdiction’s
legal
obligation
to
pay
reclaims
as
well
as
payment
history
and
market
convention.
LIBOR
Transition
Risk:
A
Fund
may
invest
in
certain
debt
securities
or
other
financial
instruments
that
utilize
the
London
Interbank
Offered
Rate
(“LIBOR”)
as
a
benchmark
or
reference
rate
for
various
interest
rate
calculations.
A
benchmark
or
reference
rate
may
be
a
significant
factor
in
determining
the
cost
of
financing
to
a
Fund
or
an
investment’s
value
or
return
to
a
Fund,
and
may
be
used
in
other
ways
that
affect
a
Fund’s
investment
performance.
LIBOR
was
discontinued
as
a
floating
rate
benchmark
after
June
30,
2023.
It
is
anticipated
that
financial
instruments,
such
as
certain
floating
rate
bonds,
that
previously
utilize
LIBOR
have
transitioned
to
using
the
Secured
Overnight
Financing
Rate
(“SOFR”),
which
is
a
broad
measure
of
the
cost
of
overnight
borrowings
secured
by
US
Treasury
securities.
The
transition
from
LIBOR
to
SOFR
(or
any
other
replacement
rate)
may
lead
to
a
reduction
in
the
value
of
some
LIBOR-based
investments,
as
well
as
significant
market
uncertainty,
increased
volatility,
and
illiquidity
in
markets
for
various
instruments,
which
may
result
in
prolonged
adverse
market
conditions
and
impact
a
Fund’s
performance
or
NAV.
Other:
Interest
income
is
recognized
on
an
accrual
basis.
Premiums
on
securities
purchased
are
amortized,
and
discounts
are
accreted
using
the
yield
to
maturity
method
over
the
lives
of
the
respective
securities
or
where
applicable,
to
the
first
call
date
of
the
securities
with
premiums.
Dividends
from
equity
securities
are
recorded
as
income
on
the
ex-dividend
date
or
as
soon
as
information
is
available
to
the
fund.
Note
4
–
Transactions
with
Affiliated
Persons
Under
contracts
approved
annually
by
the
Board
of
Trustees,
including
those
who
are
not
parties
to
the
contract
or
“interested
persons”
(as
defined
in
the
Investment
Company
Act
of
1940)
of
such
parties
or
the
Trust
(the
“Independent
Trustees”),
Saturna
Capital
Corporation
(“Saturna
Capital”)
provides
investment
advisory
services
and
certain
other
administrative
services
required
to
conduct
Trust
business.
Expenses
incurred
by
the
Trust
on
behalf
of
the
Funds
(e.g.,
legal
fees)
are
allocated
to
the
Funds
on
the
basis
of
relative
daily
average
net
assets.
For
such
services,
each
of
the
Funds
pays
the
adviser
an
Investment
Advisory
and
Administrative
Services
Fee
of
0.65%
for
the
Sustainable
Equity
Fund
and
0.55%
for
the
Sustainable
Bond
Fund
of
average
net
assets
per
annum,
payable
monthly.
In
addition,
the
adviser
has
agreed
to
certain
limits
on
other
expenses,
as
described
below
The
Adviser
has
undertaken
to
limit
expenses
of
the
Sustainable
Equity
Fund
to
0.75%
and
the
Sustainable
Bond
Fund
to
0.65%
through
March
31,
2024.
For
the
fiscal
period
ended
May
31,
2023
,
the
advisory
fees
incurred
were
as
follows:
1
In
accordance
with
the
expense
limitation
noted
above,
for
the
fiscal
period
ended
May
31,
2023
,
Saturna
Capital
waived
a
portion
of
the
advisory
fees
of
the
Sustainable
Equity
Fund
and
Sustainable
Bond
Fund.
The
adviser
cannot
recoup
previously
waived
fees
Saturna
Brokerage
Services,
Inc.
(“SBS”),
a
discount
brokerage
and
subsidiary
of
Saturna
Capital
Corporation,
is
registered
as
a
broker-
dealer
and
acts
as
distributor.
On
December
19,
2014,
the
Funds
adopted
a
Distribution
Plan
in
accordance
with
Rule
12b-1
under
the
1940
Act.
On
June
2,
2017,
12b-1
fees
were
terminated
for
both
Saturna
Sustainable
Funds.
SBS
is
used
to
effect
equity
portfolio
transactions
for
the
Trust.
SBS
currently
executes
portfolio
transactions
without
commission.
Transactions
effected
through
other
brokers
are
subject
to
commissions
payable
to
that
broker.
Saturna
Trust
Company
(“STC”),
a
subsidiary
of
Saturna
Capital,
acts
as
retirement
plan
custodian
for
the
Funds.
Each
class
of
shares
of
a
Fund
pays
an
annual
fee
of
$10
per
account
for
retirement
plan
services
to
Saturna
Trust
Company.
For
the
fiscal
period
ended
May
31,
2023
,
the
Funds
incurred
the
following
retirement
plan
custodial
fees
to
STC:
Ms.
Jane
Carten
serves
as
a
trustee
and
president
of
the
Trust.
She
is
also
a
director
and
president
of
Saturna
Capital
and
vice
president
of
Saturna
Trust
Company.
Ms.
Carten
is
not
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2023
,
the
Saturna
Investment
Trust
incurred
$40,726
of
total
expenses
for
the
Independent
Trustee's
compensation
and
Trust
board
meetings.
The
Saturna
Sustainable
Funds
incurred
$7,323
of
these
total
expenses.
On
May
31,
2023
,
the
trustees,
officers,
and
their
affiliates
(including
Saturna
Capital
Corporation)
as
a
group,
owned
the
following
percentages
of
outstanding
shares:
The
officers
of
the
Trust
are
paid
by
Saturna
Capital
Corporation,
not
the
Trust,
except
the
Chief
Compliance
Officer,
who
is
partially
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2023
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Adviser
Fees
Advisory
Fees
Waived
900
Sustainable
Equity
Fund
$63,735
$(31,019)
950
Sustainable
Bond
Fund
$78,809
$(31,454)
Retirement
plan
custodial
fees
900
Sustainable
Equity
Fund
(SEEFX)
$1,965
950
Sustainable
Bond
Fund
(SEBFX)
$926
Trustees',
officers',
and
affiliates'
ownership
900
Sustainable
Equity
Fund(SEEFX)
37.98%
950
Sustainable
Bond
Fund(SEBFX)
13.82%
Chief
Compliance
Officer
900
Sustainable
Equity
Fund
$2,283
950
Sustainable
Bond
Fund
$3,229
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
24
May
31,
2023
Semi-Annual
Note
5
–
Distributions
to
Shareowners
The
tax
characteristics
of
distributions
paid
for
the
fiscal
period
ended
May
31,
2023
,
and
the
fiscal
year
ended
November
30,
2022
,
were
as
follows:
Note
6
–
Federal
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
May
31,
2023
,
were
as
follows:
As
of
November
30,
2022
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
November
30,
2022
,
the
Funds
had
the
following
capital
loss
carryforwards
and
loss
deferrals,
subject
to
regulation.
Prior
to
their
expiration,
loss
carryforwards
may
be
used
to
offset
future
net
capital
gains
realized
for
federal
income
tax
purposes.
Note
7
–
Investments
During
the
fiscal
period
ended
May
31,
2023
,
the
Funds
purchased
and
sold
the
following
amounts
of
securities.
Note
8
–
Custodian
Under
agreements
in
place
with
the
Trust’s
custodian,
UMB
Bank,
custody
fees
are
reduced
by
credits
for
cash
balances.
For
the
fiscal
period
ended
May
31,
2023
,
such
reductions
were
as
follows:
Note
9
–
COVID-19
Pandemic
The
COVID-19
pandemic
has
adversely
impacted
global
commercial
activity
and
contributed
to
significant
volatility
in
global
equity
and
debt
markets.
The
pandemic
disrupted
supply
chains
and
economic
activity.
The
duration
of
the
pandemic’s
effects
remain
uncertain
and
difficult
to
assess.
The
effects
of
the
pandemic
may
adversely
impact
the
Funds'
performance
and
its
ability
to
achieve
its
investment
objective.
Note
10
–
Subsequent
Events
There
were
no
other
events
or
transactions
during
the
period
that
materially
impacted
the
amounts
or
disclosures
in
the
Funds’
financial
statements.
Sustainable
Equity
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$177,043
$164,336
Sustainable
Bond
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$183,663
$610,282
1
Long-Term
Capital
Gain
dividend
designated
at
20%
rate
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code.
Sustainable
Equity
Fund
Sustainable
Bond
Fund
Cost
of
investments
$14,804,793
$29,720,518
Gross
tax
unrealized
appreciation
$4,662,707
$303,039
Gross
tax
unrealized
depreciation
$(1,576,803)
$(1,768,315)
Net
tax
unrealized
appreciation
(depreciation)
$3,085,904
$(1,465,276)
Sustainable
Equity
Fund
Undistributed
ordinary
income
$177,513
Accumulated
capital
and
other
losses
$(184,694)
Tax
accumulated
earnings
$(7,181)
Unrealized
Appreciation
$2,382,965
Other
unrealized
accumulated
losses
$(236)
Total
accumulated
earnings
$2,375,548
Sustainable
Bond
Fund
Undistributed
ordinary
income
$129,089
Accumulated
capital
and
other
losses
$(1,027,895)
Tax
accumulated
earnings
$(898,806)
Unrealized
Depreciation
$(1,980,584)
Other
unrealized
accumulated
losses
$(12,422)
Total
accumulated
earnings
$(2,891,812)
Sustainable
Equity
Fund
Sustainable
Bond
Fund
Short
term
loss
carryforward
$184,694
$574,534
Long
term
loss
carryforward
$–
$456,361
Total
Capital
loss
carryforward
$184,694
$1,030,895
Purchases
Sales
900
Sustainable
Equity
Fund
$414,147
$249,707
950
Sustainable
Bond
Fund
$10,288,350
$9,168,162
Custodian
Fee
Credits
900
Sustainable
Equity
Fund
$745
950
Sustainable
Bond
Fund
$4,121
Expenses
May
31,
2023
Semi-Annual
25
All
mutual
funds
have
operating
expenses.
As
a
Saturna
Sustainable
Fund
shareowner,
you
incur
ongoing
costs,
including
management
fees
and
other
Fund
expenses
such
as
shareowner
reports
(like
this
one).
Operating
expenses,
which
are
deducted
from
a
fund’s
gross
earnings,
directly
reduce
the
investment
return
of
a
fund.
Mutual
funds
(unlike
other
financial
investments)
only
report
their
results
after
deduction
of
operating
expenses.
With
the
Saturna
Sustainable
Funds,
unlike
many
mutual
funds,
you
do
not
incur
sales
charges
(loads)
on
purchases,
reinvested
dividends,
or
other
distributions.
There
are
no
redemption
fees
or
exchange
fees.
You
may
incur
fees
related
to
extra
services
requested
by
you
for
your
account,
such
as
bank
wires.
The
examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
Examples
The
following
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(December
1,
2022
to
May
31,
2023
).
Actual
Expenses
The
first
line
for
each
Fund
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
have
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Funds
may
charge
for
extra
services
(such
as
domestic
bank
wires,
international
bank
wires,
or
overnight
courier
delivery
of
redemption
checks)
rendered
on
request,
which
you
may
need
to
estimate
to
determine
your
total
expenses.
Hypothetical
Example
For
Comparison
Purposes
The
second
line
for
each
Fund
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
each
Fund’s
actual
expense
ratio
(based
on
the
last
six
months)
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Funds
and
other
mutual
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareowner
reports
of
other
mutual
funds.
You
may
wish
to
add
other
fees
that
are
not
included
in
the
expenses
shown
in
the
table,
such
as
IRA
fees
charged
by
custodians
other
than
Saturna
Trust
Company
(note
that
Saturna
does
not
charge
such
fees
to
shareowners
directly
on
Saturna
IRAs,
ESAs,
or
HSAs
with
the
Saturna
Sustainable
Funds),
and
charges
for
extra
services
such
as
bank
wires.
Please
note
that
the
expenses
shown
in
the
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads)
or
exchange
fees
(note
that
the
Amana
Funds
do
not
assess
any
such
transactional
costs).
Therefore,
the
“Hypothetical”
line
of
each
fund
is
useful
in
comparing
ongoing
costs
only,
and
may
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
Expenses
are
equal
to
annualized
expense
ratios
indicated
above
(based
on
the
most
recent
semi-annual
period
of
December
1,
2022,
through
May
31,
2023
),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
182/365
to
reflect
the
semi-annual
period.
Beginning
Account
Value
[December
1,
2022]
Ending
Account
Value
[May
31,
2023]
Expenses
Paid
During
the
Period
Annualized
Expense
Ratio
900
Sustainable
Equity
Fund
$1,000.00
$1,031.40
$7.62
1.51%
1,225
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,017.42
$0.94
1.51%
950
Sustainable
Bond
Fund
$1,000.00
$1,023.20
$6.58
1.30%
1,325
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,018.43
$0.81
1.30%
26
May
31,
2023
Semi-Annual
Availability
of
Quarterly
Portfolio
Information
(1)
The
Saturna
Sustainable
Funds
file
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
Previously,
this
information
was
filed
on
Form
N-Q.
(2)
The
Funds’
Form
N-PORT
reports
are
available
on
the
SEC’s
website
at
www.sec.gov
and
at
www.saturnasustainable.com.
(3)
The
Funds
make
a
complete
schedule
of
portfolio
holdings
after
the
end
of
each
month
available
to
investors
at
www.
saturnasustainable.com.
Availability
of
Proxy
Voting
Information
(1)
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
(a)
without
charge,
upon
request,
by
calling
Saturna
Capital
at
1-800-728-8762;
(b)
on
the
Funds’
website
at
www.
saturnasustainable.com;
and
(c)
on
the
SEC’s
website
at
www.sec.
gov.
(2)
Information
regarding
how
each
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
(a)
without
charge,
upon
request,
by
calling
Saturna
Capital
at
1-800-728-8762;
(b)
on
the
Funds’
website
at
www.saturnasustainable.com;
and
(c)
on
the
SEC’s
website
at
www.sec.gov.
Householding
Policy
To
reduce
expenses,
we
may
mail
only
one
copy
of
the
Funds’
prospectus,
each
annual
and
semi-annual
report,
and
proxy
statements
when
necessary,
to
those
addresses
shared
by
two
or
more
accounts.
If
you
wish
to
receive
individual
and/or
more
copies
of
these
documents,
please
call
us
at
1-800-728-8762
or
write
to
us
at
Saturna
Capital/Saturna
Sustainable
Funds,
P.O.
Box
N,
Bellingham,
WA
98227.
We
will
begin
sending
you
individual
copies
30
days
after
receiving
your
request.
If
you
are
currently
receiving
multiple
copies
and
wish
to
receive
only
one
copy,
please
call
us
at
1-800-728-8762
or
write
to
us
at
Saturna
Capital/Saturna
Sustainable
Funds,
P.O.
Box
N,
Bellingham,
WA
98227.
We
will
begin
sending
you
a
single
copy
with
subsequent
report
mailings.
Privacy
Statement
At
Saturna
Capital
and
Saturna
Investment
Trust,
we
understand
the
importance
of
maintaining
the
privacy
of
your
financial
information.
We
want
to
assure
you
that
we
protect
the
confidentiality
of
any
personal
information
that
you
share
with
us.
In
addition,
we
do
not
sell
information
about
our
current
or
former
customers.
In
the
course
of
our
relationship,
we
gather
certain
nonpublic
information
about
you,
including
your
name,
address,
investment
choices,
and
account
information.
We
do
not
disclose
your
information
to
unaffiliated
third
parties
unless
it
is
necessary
to
process
a
transaction;
service
your
account;
deliver
your
account
statements,
shareowner
reports
and
other
information;
or
as
required
by
law.
When
we
disclose
information
to
unaffiliated
third
parties,
we
require
a
contract
to
restrict
the
companies’
use
of
customer
information
and
from
sharing
or
using
it
for
any
purposes
other
than
performing
the
services
for
which
they
were
required.
We
may
share
information
within
the
Saturna
Capital
family
of
companies
in
the
course
of
informing
you
about
products
or
services
that
may
address
your
investing
needs.
We
maintain
our
own
technology
resources
to
minimize
the
need
for
any
third
party
services,
and
restrict
access
to
information
within
Saturna.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
personal
information.
If
you
have
any
questions
or
concerns
about
the
security
or
privacy
of
your
information,
please
call
us
at
1-800-728-8762.
Performance
Summary
2
May
31,
2023
Semi-Annual
As
of
May
31,
2023
As
of
June
30,
2023
Performance
data
quoted
in
this
report
represents
past
performance,
is
before
any
taxes
payable
by
shareowners,
and
is
no
guarantee
of
future
results.
Current
performance
may
be
higher
or
lower
than
that
stated
herein.
Performance
current
to
the
most
recent
month-end
is
available
by
calling
toll-free
1-800-728-8762
or
visiting
www.idahotaxexemptfund.com.
Average
annual
total
returns
are
historical
and
include
change
in
share
value
as
well
as
reinvestment
of
dividends
and
capital
gains,
if
any.
The
investment
return
and
principal
value
of
an
investment
will
fluctuate
so
that
an
investor’s
shares,
when
redeemed,
may
be
worth
more
or
less
than
their
original
cost.
A
note
about
risk:
Please
see
the
Notes
to
Financial
Statements
beginning
on
page
10
for
a
discussion
of
investment
risks.
For
a
more
detailed
discussion
of
the
risks
associated
with
each
Fund,
please
see
the
Funds'
prospectus
or
each
Fund's
summary
prospectus.
1
By
regulation,
the
expense
ratio
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus,
which
is
dated
March
31,
2023
as
supplemented
May
22,
2023
and
July
10,
2023,
and
incorporates
results
for
the
fiscal
year
ended
November
30,
2022.
The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
fiscal
periods.
Average
Annual
Returns
(before
any
taxes
paid
by
shareowners)
1
Year
3
Year
5
Year
10
year
15
Year
Expense
Ratio
1
525
Idaho
Tax-Exempt
(
NITEX
)
0.08%
-1.05%
1.28%
1.62%
2.48%
0.67%
Average
Annual
Returns
(before
any
taxes
paid
by
shareowners)
1
Year
3
Year
5
Year
10
year
15
Year
Expense
Ratio
1
525
Idaho
Tax-Exempt
(
NITEX
)
1.58%
-0.94%
1.38%
1.90%
2.59%
0.67%
Please
consider
an
investment’s
objectives,
risks,
charges,
and
expenses
carefully
before
investing.
To
obtain
this
and
other
important
information
about
the
Idaho
Tax-Exempt
Fund
in
a
prospectus
or
summary
prospectus,
ask
your
financial
adviser,
visit
www.idahotaxexemptfund.com,
or
call
toll-free
1-800-728-8762.
Please
read
the
prospectus
or
summary
prospectus
carefully
before
investing.
Fellow
Shareowners:
July
25,
2023
May
31,
2023
Semi-Annual
3
We
have
been
honored
to
offer
the
Idaho
Tax-Exempt
Fund
since
September
4,
1987.
The
Idaho
fund
has
offered
our
clients
the
opportunity
to
invest
in
high-quality,
tax-exempt
securities
in
a
creditworthy
state
for
more
than
35
years.
We
want
to
thank
our
valued
and
loyal
clients
for
all
the
years
supporting
this
fund
through
many
economic
cycles.
On
July
10,
2023,
Saturna
filed
the
supplementary
prospectus
that
informed
investors
of
the
fund’s
closing.
We
are
proud
of
the
Idaho
Tax-Exempt
Fund’s
performance
over
the
years,
even
ranking
in
the
fourth
percentile
last
year
in
the
Morningstar
Muni
Single
State
Intermediate
category,
during
a
challenging
year
for
fixed
income.
Despite
this
excellent
performance,
we
believe
we
can
allocate
fixed
income
resources
in
a
more
focused
way
towards
taxable
and
sustainable
strategies.
While
Saturna’s
chapter
in
Idaho
municipal
bonds
may
be
closing,
the
firm
continues
to
strive
for
excellence
in
fixed
income
investing.
We
focus
on
investing
in
solid,
financially
resilient
issuers
and
building
portfolios
that
can
weather
market
volatility.
We
hope
you
will
keep
Saturna
in
mind
for
your
future
taxable
fixed
income
allocations.
Respectfully,
Jane
Carten
MBA,
Elizabeth
Alm
CFA®,
President
Portfolio
Manager
Performance
Summary
4
May
31,
2023
Semi-Annual
Average
Annual
Returns
(as
of
May
31,
2023
)
Growth
of
$10,000
Comparison
of
any
mutual
fund
to
a
market
index
must
be
made
bearing
in
mind
that
the
index
is
unmanaged
and
expense-free.
Conversely,
the
Fund
will
(1)
be
actively
managed;
(2)
have
an
objective
other
than
mirroring
the
index,
such
as
limiting
risk;
(3)
bear
transaction
and
other
operational
costs;
(4)
stand
ready
to
buy
and
sell
its
securities
to
shareowners
on
a
daily
basis;
and
(5)
provide
a
wide
range
of
services.
The
graph
compares
$10,000
invested
in
Investor
Shares
of
the
Fund
on
May
31,
2013,
to
an
identical
amount
invested
in
the
S&P
500
Index,
a
broad-based
stock
market
index.
The
graph
shows
that
an
investment
in
Investor
Shares
of
the
Fund
would
have
risen
to
$11,748
versus
$12,926
in
the
Index.
Please
note
that
investors
cannot
invest
directly
in
the
Index.
Past
performance
does
not
guarantee
future
results
.
The
“Growth
of
$10,000”
graph
and
“Average
Annual
Returns”
performance
table
assume
the
reinvestment
of
dividends
and
capital
gains.
They
do
not
reflect
the
deduction
of
taxes
that
a
shareowner
might
pay
on
fund
distributions
or
the
redemption
of
fund
shares.
Fund
Objective
Idaho
Tax-Exempt
Fund
seeks
to
provide
income
free
from
federal
income,
federal
alternative
minimum,
and
Idaho
state
income
taxes.
Preservation
of
capital
is
a
secondary
objective.
Top
10
Holdings
%
of
Total
Net
Assets
Portfolio
Diversification
%
of
Total
Net
Assets
1
Year
5
Year
10
Year
Expense
Ratio1
Idaho
Tax-Exempt
Fund
0.08%
1.28%
1.62%
0.67%
S&P
Idaho
Municipal
Bond
Index
0.03%
1.68%
2.60%
n/a
1
By
regulation,
the
expense
ratio
for
the
Fund
shown
in
this
table
is
as
stated
in
the
Fund’s
most
recent
prospectus,
which
is
dated
March
31,
2023,
and
incorporates
results
for
the
fiscal
year
ended November
30,
2022. The
ratio
presented
in
this
table
differs
from
expense
ratios
shown
elsewhere
in
this
report
as
they
represent
different
fiscal
periods.
Canyon
Co
ID
SCD
#134
Middleton
(4.000%
due
09/15/2028)
3.4%
ID
St
Bond
Bank
Auth
Rev
(4.000%
due
09/15/2032)
3.4%
Nez
Perce
CO
ISD
#1
Lewiston
(5.000%
due
09/15/2029)
3.0%
Idaho
Fish
&
Wildlife
Foundation
Re
(5.000%
due
12/1/2033)
3.0%
Ada
&
Canyon
Cos
ID
JSD
#2
Meridian
(5.000%
due
08/15/2032)
2.8%
Idaho
Falls
ID
COPs
(4.000%
due
09/15/2028)
2.7%
Bonneville
&
Bingham
Cos
JSD
#93
(5.000%
due
09/15/2032)
2.6%
Twin
Falls
Co
ID
SCD
#411
Series
A
(4.250%
due
09/15/2030)
2.6%
Idaho
Health
Rev
Trinity
Health
Grp
(3.250%
due
12/1/2028)
2.5%
Fremont
Cnty
ID
Annual
Approp
COPS
(4.000%
due
09/1/2031)
2.5%
Schedule
of
Investments
As
of
May
31,
2023
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
5
Continued
on
next
page.
Municipals
Bonds
-
86.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Educational
Services
Boise
City
ID
Independent
SD
5.000%
due
08/01/2032
$
65,000
$
71,883
0.6%
Financial
Services
ID
St
Bond
Bank
Auth
Rev
4.000%
due
09/15/2032
405,000
407,283
3.4%
Idaho
Housing
&
Finance
Rev
3.000%
due
07/01/2036
45,000
44,142
0.4%
451,425
3.8%
General
Obligation
Ada
&
Canyon
Cos
ID
JSD
#2
Meridian
5.000%
due
08/15/2032
325,000
337,345
2.8%
Ada
&
Canyon
Cos
ID
JSD
#3
Kuna
4.000%
due
09/15/2027
100,000
104,183
0.9%
Boise
City
ID
Independent
SD
3.000%
due
08/01/2038
100,000
89,278
0.8%
Bonneville
&
Bingham
Cos
JSD
#93
5.000%
due
09/15/2032
300,000
313,339
2.6%
Canyon
Co
ID
SCD
#134
Middleton
4.000%
due
09/15/2028
400,000
407,765
3.4%
Canyon
Co
ID
SCD
#135
Notus
3.250%
due
09/15/2031
290,000
290,043
2.4%
Canyon
Co
ID
SCD
#135
Notus
3.250%
due
09/15/2032
170,000
169,233
1.4%
Canyon
Co
ID
SCD
#139
Vallivue
5.000%
due
09/15/2024
260,000
260,361
2.2%
Canyon
Co
ID
SCD
#139
Vallivue
5.000%
due
09/15/2030
200,000
223,905
1.9%
Caribou
Franklin
Bannock
JSD
#148
3.250%
due
09/15/2035
300,000
287,692
2.4%
Cassia
Oneida
Twin
Falls
JSD
#151
3.375%
due
09/15/2034
160,000
156,000
1.3%
College
of
Western
ID
Annual
Approp
4.000%
due
10/01/2027
125,000
128,433
1.1%
Kootenai
Co
ID
SCD
#273
4.000%
due
08/15/2031
265,000
270,085
2.3%
Latah
Co
ID
SCD
#281
Moscow
Ser
B
4.000%
due
08/15/2027
100,000
100,094
0.8%
Latah
Co
ID
SCD
#281
Moscow
Ser
B
4.000%
due
08/15/2028
200,000
200,187
1.7%
Madison
Co.
Id.
SDC
#321
5.000%
due
09/15/2035
250,000
265,888
2.2%
Owyhee
&
Canyon
Co.
#
363
Marsing
4.000%
due
09/15/2035
150,000
153,890
1.3%
SUN
VLY
ID
5.000%
due
09/15/2029
40,000
43,864
0.4%
Twin
Falls
Co
ID
SCD
#411
Series
A
4.000%
due
09/15/2027
170,000
171,394
1.4%
Twin
Falls
Co
ID
SCD
#411
Series
A
4.250%
due
09/15/2030
300,000
303,396
2.6%
Twin
Falls
Co
ID
SCD
#411
Series
B
4.750%
due
09/15/2039
200,000
203,512
1.7%
4,479,887
37.6%
Health
Care
Facilities
ID
St
Hlth
Facs
Auth
ADA
Cnty
Coron
4.000%
due
09/01/2045
265,000
251,545
2.1%
Idaho
Health
Faci
Auth
Hos
Rev
5.000%
due
12/01/2047
260,000
265,257
2.2%
516,802
4.3%
Medical/Hospitals
Idaho
Health
Rev
Trinity
Health
Grp
3.250%
due
12/01/2028
300,000
301,473
2.5%
Municipal
Leases
Fremont
Cnty
ID
Annual
Approp
COPS
4.000%
due
09/01/2031
280,000
294,610
2.5%
Fremont
Cnty
ID
Annual
Approp
COPS
4.000%
due
09/01/2036
210,000
214,021
1.8%
Idaho
Falls
ID
COPs
4.000%
due
09/15/2028
310,000
321,585
2.7%
Idaho
Falls
ID
COPS
4.000%
due
09/15/2038
150,000
148,783
1.2%
Idaho
St
HLTH
FACS
ADA
CNTY
4.000%
due
09/01/2040
155,000
149,474
1.3%
Payette
Cnty
ID
SCD#372
4.000%
due
09/15/2034
250,000
251,809
2.1%
1,380,282
11.6%
Pollution
Control
Idaho
Bond
Bank
Authority
4.000%
due
09/15/2032
130,000
136,009
1.1%
Idaho
Bond
Bank
Authority
4.000%
due
09/15/2033
135,000
141,108
1.2%
277,117
2.3%
Real
Estate
Idaho
Fish
&
Wildlife
Foundation
Re
5.000%
due
12/01/2033
320,000
351,252
3.0%
Schedule
of
Investments
As
of
May
31,
2023
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
May
31,
2023
Semi-Annual
Municipals
Bonds
-
86.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Real
Estate
(continued)
Idaho
Fish
&
Wildlife
Foundation
Re
4.000%
due
12/01/2036
$
200,000
$
203,738
1.7%
Idaho
St
HSG
&
FIN
2.250%
due
07/01/2031
200,000
179,399
1.5%
734,389
6.2%
State
Education
Boise
State
University
ID
Revenue
5.000%
due
04/01/2028
125,000
128,292
1.1%
Boise
State
University
ID
Revenue
5.000%
due
04/01/2032
160,000
165,892
1.4%
Idaho
State
University
Revenue
4.000%
due
04/01/2027
170,000
173,229
1.4%
Idaho
State
University
Revenue
3.000%
due
04/01/2031
250,000
235,816
2.0%
Jefferson
&
Madison
Cos.
ID
SCD#251
5.000%
due
09/15/2028
100,000
110,674
0.9%
Jefferson
&
Madison
ID
SCD
#251
5.000%
due
09/15/2032
25,000
27,611
0.2%
Nez
Perce
CO
ISD
#1
Lewiston
5.000%
due
09/15/2029
330,000
352,887
3.0%
Univ
of
Idaho
ID
Revenues
4.000%
due
04/01/2038
125,000
127,317
1.1%
University
of
Idaho
Revenues
5.000%
due
04/01/2038
150,000
165,728
1.4%
1,487,446
12.5%
Transportation
ID
St
Hsg
&
Fin
Assn
Garvee
Ser
A
5.000%
due
07/15/2037
100,000
107,671
0.9%
Water
Supply
Payette
Lakes
Rec
Wtr
&
Swr
Rev
4.000%
due
08/01/2032
195,000
200,472
1.7%
Payette
Lakes
Rec
Wtr
&
Swr
Rev
4.000%
due
08/01/2034
255,000
261,726
2.2%
462,198
3.9%
Total
Municipals
Bonds
(Cost
$10,704,999)
$10,270,573
86.2%
Municipal
Revenue
Bonds
-
2.5%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Transportation
ID
St
Hsg
&
Fin
Assn
Sales
Tax
Rev
5.000%
due
08/15/2042
125,000
137,167
1.1%
ID
St
Hsg
&
Fin
Assn
Sales
Tax
Rev
5.000%
due
08/15/2047
150,000
162,909
1.4%
Total
Municipal
Revenue
Bonds
(Cost
$318,941)
$300,076
2.5%
Total
investments
(Cost
$11,023,940)
$10,570,649
88.7%
Other
assets
(net
of
liabilities)
1,344,034
11.3%
Total
net
assets
$11,914,683
100.0%
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
7
Statement
of
Assets
and
Liabilities
Statement
of
Operations
As
of
May
31,
2023
Assets
Investments
in
securities,
at
value(
Cost
$11,023,940)
$
10,570,649
Cash
1,229,736
Interest
receivable
113,621
Prepaid
expenses
13,627
Other
assets
801
Total
assets
11,928,434
Liabilities
Accrued
advisory
fees
5,090
Accrued
audit
expenses
3,432
Distributions
payable
2,092
Payable
for
Fund
shares
redeemed
752
Accrued
trustee
expenses
712
Accrued
Chief
Compliance
Officer
expenses
466
Accrued
retirement
plan
custody
fee
56
Accrued
other
operating
expenses
385
Accrued
printing
fees
766
Total
liabilities
13,751
Net
assets
$11,914,683
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$12,442,216
Total
distributable
earnings
(527,533)
Net
assets
applicable
to
Fund
shares
outstanding
$11,914,683
Fund
shares
outstanding
2,305,810
Net
asset
value,
offering,
and
redemption
price
per
share
$5.17
Period
ended
May
31,
2023
Investment
income
Interest
income
$
151,905
Total
investment
income
151,905
Expenses
Investment
adviser
fees
30,053
Legal
fees
5,961
Audit
fees
4,917
Filing
and
registration
fees
3,012
Trustee
fees
2,501
Chief
Compliance
Officer
expenses
1,539
Custodian
fees
239
Retirement
plan
custodial
fees
71
Other
operating
expenses
3,050
Total
gross
expenses
51,343
Less
custodian
fee
credits
(239)
Less
transfer
agent
fees
waived
(896)
Net
expenses
50,208
Net
investment
income
$101,697
Net
realized
loss
from
investments
$(16,959)
Net
decrease
in
unrealized
depreciation
on
investments
(17,018)
Net
loss
on
investments
(33,977)
Net
increase
in
net
assets
resulting
from
operations
$67,720
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
May
31,
2023
Semi-Annual
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2023
Year
ended
November
30,
2022
Decrease
in
net
assets
from
operations
From
operations
Net
investment
income
$101,697
$248,481
Net
realized
gain
(loss)
on
investment
(16,959)
2,999
Net
decrease
in
unrealized
appreciation
(17,018)
(1,092,662)
Net
increase
(decrease)
in
net
assets
67,720
(841,182)
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(105,577)
(248,471)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
296,808
1,072,740
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
90,538
216,054
Cost
of
shares
redeemed
(692,542)
(2,829,281)
Total
capital
shares
transactions
(305,196)
(1,540,487)
Total
decrease
in
net
assets
(343,053)
(2,630,140)
Net
assets
Beginning
of
period
12,257,736
14,887,876
End
of
period
$11,914,683
$12,257,736
Shares
of
the
Fund
sold
and
redeemed
Idaho
Tax-Exempt
(NITEX)
Number
of
shares
sold
56,649
200,745
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
17,370
41,059
Number
of
shares
redeemed
(132,472)
(545,627)
Net
decrease
in
number
of
shares
outstanding
(58,453)
(303,823)
–
–
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2023
Semi-Annual
9
tin
Idaho
Tax-Exempt
(NITEX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May.
31,
2023
Year
ended
November
30,
2022
2021
2020
2019
2018
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$5.18
$5.58
$5.65
$5.55
$5.28
$5.37
Income
from
investment
operations
Net
investment
income
0.04
0.10
0.10
0.10
0.11
0.12
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
(0.01)
(0.40)
(0.07)
0.10
0.27
(0.09)
Total
from
investment
operations
0.03
(0.30)
0.03
0.20
0.38
0.03
Less
distributions
Dividends
(from
net
investment
income)
(0.04)
(0.10)
(0.10)
(0.10)
(0.11)
(0.12)
Total
distributions
(0.04)
(0.10)
(0.10)
(0.10)
(0.11)
(0.12)
Net
asset
value
at
end
of
period
$5.17
$5.18
$5.58
$5.65
$5.55
$5.28
Total
Return
A
0.68%
(5.47)%
0.51%
3.67%
7.30%
0.51%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$11,915
$12,258
$14,888
$14,980
$13,487
$13,554
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
and
transfer
agent
fee
waivers
B
0.85%
0.67%
0.67%
0.72%
0.69%
0.68%
After
transfer
fee
waivers
B
0.84%
0.66%
0.66%
0.71%
0.67%
0.67%
After custodian
fee
credits
and
transfer
agent
fee
waivers
B
0.84%
0.66%
0.66%
0.71%
0.67%
0.67%
Ratio
of
net
investment
income
after
custodian
fee
credits
and
transfer
agent
fee
waivers
to
average
net
assets
B
1.69%
1.80%
1.75%
1.82%
2.07%
2.20%
Portfolio
turnover
rate
A
0%
12%
9%
5%
4%
13%
A
Not
annualized
for
period
of
less
than
one
year
B
Annualized
for
periods
of
less
than
one
year
Notes
To
Financial
Statements
10
May
31,
2023
Semi-Annual
Note
1
–
Organization
Saturna
Investment
Trust
(the
“Trust”)
was
established
under
Washington
State
Law
as
a
business
trust
on
February
20,
1987.
The
Trust
is
registered
as
an
open-end,
diversified
management
company
under
the
Investment
Company
Act
of
1940,
as
amended.
In
addition
to
Idaho
Tax-Exempt
Fund
(the
“Fund”),
eight
portfolios
have
been
created
to
date:
Sextant
Short-Term
Bond
Fund,
Sextant
Bond
Income
Fund,
Sextant
Core
Fund,
Sextant
Global
High
Income
Fund,
Sextant
Growth
Fund,
Sextant
International
Fund,
Saturna
Sustainable
Equity
Fund,
and
Saturna
Sustainable
Bond
Fund
(each,
a
“Fund”,
and
collectively,
the
“Funds”).
The
other
eight
portfolios
are
distributed
through
separate
prospectuses
and
the
results
of
those
Funds
are
contained
in
separate
reports.
The
Idaho
Tax-Exempt
Fund
was
first
authorized
to
sell
shares
of
beneficial
interest
on
September
4,
1987.
The
Fund
is
anticipated
to
be
liquidated
and
terminated
on
or
about
October
15,
2023.
As
of
August
15,
2023,
the
Fund
will
no
longer
accept
new
investments
and
will
no
longer
accept
purchase
and
redemption
orders
from
existing
investors
as
of
September
15,
2023.
The
Fund
is
an
investment
company
and
accordingly
follows
the
investment
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standard
Codification
Topic
946
"Financial
Services
–
Investment
Companies."
Investment
risks:
The
value
of
Fund
shares
rises
and
falls
as
the
value
of
the
bonds
in
which
the
Fund
invests
goes
up
and
down.
The
risks
inherent
in
the
Fund
depend
primarily
on
the
terms
and
quality
of
the
obligations
in
the
Fund's
portfolio,
as
well
as
on
market
conditions.
When
interest
rates
rise,
bond
prices
fall.
When
interest
rates
fall,
bond
prices
go
up.
Bonds
with
longer
maturities,
such
as
those
held
by
the
Fund,
usually
are
more
sensitive
to
interest
rate
changes
than
bonds
with
shorter
maturities.
Only
consider
investing
in
the
Fund
if
you
are
willing
to
accept
the
risk
that
you
may
lose
money.
The
Fund
entails
credit
risk,
which
is
the
possibility
that
a
bond
will
not
be
able
to
pay
interest
or
principal
when
due.
If
the
credit
quality
of
a
bond
is
perceived
to
decline,
investors
will
demand
a
higher
yield,
which
means
a
lower
price
on
that
bond
to
compensate
for
the
higher
level
of
risk.
If
a
security
held
by
the
Fund
defaults
on
payment
of
interest
or
principal,
the
Fund's
income,
ability
to
preserve
capital,
and
liquidity
would
all
be
adversely
affected.
Fund
investments
are
susceptible
to
factors
adversely
affecting
Idaho,
such
as
political,
economic,
and
financial
trends
unique
to
this
relatively
small
state.
Investing
only
in
Idaho
bonds
means
that
the
Fund's
investments
are
more
concentrated
than
other
mutual
funds,and
relatively
few
bond
price
changes
may
lead
to
underperformance
compared
to
investments
selected
in
greater
number
and/or
from
a
wider
universe.
The
Fund
is
vulnerable
to
income
tax
rate
changes,
either
at
the
Idaho
or
federal
level,
since
part
of
municipal
securities'
value
is
derived
from
the
recipient's
ability
to
exclude
interest
payments
from
taxation.
Note
2
–
Unaudited
Information
The
information
in
this
interim
report
has
not
been
subjected
to
independent
audit.
Note
3
–
Significant
Accounting
Policies
The
following
is
a
summary
of
the
significant
accounting
policies,
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America,
which
are
consistently
followed
by
the
Funds
in
preparation
of
their
financial
statements.
Security
valuation:
Debt
securities
are
valued
using
bid-side
valuations
provided
by
an
independent
service.
The
service
determines
valuations
using
factors
such
as
yields
or
prices
of
bonds
of
comparable
quality,
type
of
issue,
coupon
maturity,
ratings,
trading
activity,
and
general
market
conditions.
In
the
absence
of
a
valuation
from
an
independent
service
for
a
security,
a
fair
value
for
such
security
is
determined
in
good
faith
by
the
adviser
(Saturna
Capital),
whom
the
Board
of
Trustees
has
designated
as
the
Fund's
valuation
designee
to
perform
fair
value
functions
in
accordance
with
valuation
policies
and
procedures
adopted
by
the
adviser,
subject
to
the
Board
of
Trustees'
oversight.
Security
transactions
are
recorded
on
trade
date.
Realized
gains
and
losses
on
sales
of
securities
are
recorded
on
the
identified
cost
basis.
Share
valuation:
The
net
asset
value
(“NAV”)
per
share
of
the
Fund
is
calculated
by
dividing
the
sum
of
the
value
of
the
securities
held
by
the
Fund,
plus
cash
and
other
assets,
minus
all
liabilities
(including
estimated
accrued
expenses)
by
the
total
number
of
shares
outstanding
for
the
Fund,
rounded
to
the
nearest
cent.
The
Fund’s
shares
are
not
priced
or
traded
on
days
the
New
York
Stock
Exchange
is
closed.
The
NAV
is
the
offering
and
redemption
price
per
share.
The
Trustees
have
adopted
certain
policies
and
procedures
with
respect
to
frequent
trading
of
Fund
shares.
The
Fund
is
intended
for
long-term
investment
and
does
not
permit
rapid
trading
of
its
shares.
The
Fund
cannot
always
identify
all
intermediaries,
or
detect
or
prevent
trading
that
violates
the
Frequent
Trading
Policy
through
intermediaries
or
omnibus
accounts.
Share
Valuation
Inputs
as
of
May
31,
2023
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Idaho
Fund
Municipal
Revenue
Bonds
1
$–
$300,076
$–
$300,076
Municipals
Bonds
1
$–
$10,270,573
$–
$10,270,573
Total
Assets
$–
$10,570,649
$–
$10,570,649
1
See
the
Schedule
of
Investments
for
additional
details.
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
11
Fair
value
measurements:
Accounting
Standards
Codification
(ASC)
820
establishes
a
three-
tier
framework
for
measuring
fair
value
based
on
a
hierarchy
of
inputs.
The
hierarchy
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the
Funds’
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the
Funds’
investments
and
are
summarized
below.
Level
1
−
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
that
the
Trust
has
the
ability
to
access.
Level
2
−
Observable
inputs
other
than
quoted
prices
in
Level
1
that
are
observable
for
the
asset
or
liability,
either
directly
or
indirectly.
These
inputs
may
include
quoted
prices
for
the
identical
instrument
on
an
inactive
market,
prices
for
similar
instruments,
interest
rates,
prepayment
speeds,
credit
risk,
yield
curves,
default
rates,
and
similar
data.
Level
3
−
Unobservable
inputs
for
the
asset
or
liability,
to
the
extent
relevant
observable
inputs
are
not
available,
representing
the
Trust’s
own
assumptions
about
the
assumptions
a
market
participant
would
use
in
valuing
the
asset
or
liability,
and
would
be
based
on
the
best
information
available.
The
availability
of
observable
inputs
can
vary
from
security
to
security
and
is
affected
by
a
wide
variety
of
factors,
including,
for
example,
the
type
of
security,
whether
the
security
is
new
and
not
yet
established
in
the
marketplace,
the
liquidity
of
markets,
and
other
characteristics
particular
to
the
security.
To
the
extent
that
valuation
is
based
on
models
or
inputs
that
are
less
observable
or
unobservable
in
the
market,
the
determination
of
fair
value
requires
more
judgment.
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
falls
in
its
entirety,
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
inputs
or
methodology
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
The
table
on
page
15
is
a
summary
of
the
inputs
used
as
of
May
31,
2023
,
in
valuing
the
Funds’
investments
carried
at
fair
value.
Federal
income
taxes:
The
Fund
intends
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
necessary
to
qualify
as
a
regulated
investment
company
and
to
make
the
requisite
distributions
of
income
and
capital
gains
to
its
shareowners
sufficient
to
relieve
it
from
all
or
substantially
all
federal
income
taxes.
As
the
Fund
intends
to
meet
requirements
for
tax-exempt
income
dividends,
and
the
requirements
of
the
Idaho
Department
of
Revenue
for
income
dividends
exempt
from
Idaho
state
income
tax,
no
income
tax
provisions
are
required.
The
Fund
recognizes
the
tax
benefits
of
uncertain
tax
positions
only
where
the
position
is
“more
likely
than
not”
to
be
sustained
assuming
examination
by
tax
authorities.
Management
has
analyzed
the
Fund's
tax
positions
and
has
concluded
that
no
liability
for
unrecognized
tax
benefits
should
be
recorded
related
to
uncertain
tax
positions
taken
on
returns
filed
for
open
tax
years
(2019
−
2021),
or
expected
to
be
taken
in
the
Fund's
2022
tax
return.
The
Fund
identifies
its
major
tax
jurisdiction
as
US
federal
and
foreign
jurisdictions
where
the
Fund
makes
significant
investments;
however,
the
Fund
is
not
aware
of
any
tax
positions
for
which
it
is
reasonably
possible
that
the
total
amounts
of
unrecognized
tax
benefits
will
change
materially
in
the
next
12
months.
Reclassification
of
capital
accounts:
Accounting
principles
generally
accepted
in
the
United
States
of
America
require
that
certain
components
of
net
assets
relating
to
permanent
differences
be
reclassified
between
financial
and
tax
reporting.
These
reclassifications
are
as
of
the
fiscal
year
ended
November
30,
2022
,
and
have
no
effect
on
net
assets
or
NAV
per
share.
As
of
November
30,
2022,
there
were
no
reclassifications
to
the
capital
accounts.
Distributions
to
shareowners:
The
Fund’s
dividends
to
shareowners
from
net
investment
income
are
paid
daily
and
distributed
on
the
last
business
day
of
each
month.
Distributions
of
capital
gains,
if
any,
are
made
at
least
annually
and
as
required
to
comply
with
federal
excise
tax
requirements.
Distributions
to
shareowners
are
determined
in
accordance
with
income
tax
regulations
and
are
recorded
on
the
ex-dividend
date.
Dividends
are
paid
in
shares
of
the
Fund,
at
the
net
asset
value
on
the
payable
date.
Shareowners
may
elect
to
take
distributions
in
cash
if
they
total
$10
or
more.
Use
of
estimates:
The
preparation
of
financial
statements
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
and
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
LIBOR
Transition
Risk:
A
Fund
may
invest
in
certain
debt
securities
or
other
financial
instruments
that
utilize
the
London
Interbank
Offered
Rate
(“LIBOR”)
as
a
benchmark
or
reference
rate
for
various
interest
rate
calculations.
A
benchmark
or
reference
rate
may
be
a
significant
factor
in
determining
the
cost
of
financing
to
a
Fund
or
an
investment’s
value
or
return
to
a
Fund,
and
may
be
used
in
other
ways
that
affect
a
Fund’s
investment
performance.
LIBOR
was
discontinued
as
a
floating
rate
benchmark
after
June
30,
2023.
It
is
anticipated
that
financial
instruments,
such
as
certain
floating
rate
bonds,
that
previously
utilize
LIBOR
have
transitioned
to
using
the
Secured
Overnight
Financing
Rate
(“SOFR”),
which
is
a
broad
measure
of
the
cost
of
overnight
borrowings
secured
by
US
Treasury
securities.
The
transition
from
LIBOR
to
SOFR
(or
any
other
replacement
rate)
may
lead
to
a
reduction
in
the
value
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
12
May
31,
2023
Semi-Annual
of
some
LIBOR-based
investments,
as
well
as
significant
market
uncertainty,
increased
volatility,
and
illiquidity
in
markets
for
various
instruments,
which
may
result
in
prolonged
adverse
market
conditions
and
impact
a
Fund’s
performance
or
NAV.
Other:
Interest
income
is
recognized
on
an
accrual
basis.
Premiums
on
securities
purchased
are
amortized
and
discounts
are
accreted
using
the
yield
to
maturity
method
over
the
lives
of
the
respective
securities
or
where
applicable,
to
the
first
call
date
of
the
securities
with
premiums.
Recent
Accounting
Pronouncement:
In
December
2020,
the
SEC
adopted
a
new
rule
providing
a
framework
for
fund
valuation
practices
(“Rule
2a-5).
Rule
2a-5
establishes
requirements
for
determining
fair
value
in
good
faith
for
purposes
of
the
1940
Act.
Rule
2a-5
permits
fund
boards
to
designate
certain
parties
to
perform
fair
value
determinations,
subject
to
board
oversight
and
certain
other
conditions.
Rule
2a-5
also
defines
when
market
quotations
are
“readily
available”
for
purposes
of
the
1940
Act
and
the
threshold
for
determining
whether
a
fund
must
fair
value
a
security.
In
connection
with
Rule
2a-5,
the
SEC
also
adopted
related
recordkeeping
requirements
and
rescinded
previously
issued
guidance,
including
with
respect
to
the
role
of
a
board
in
determining
fair
value
and
the
accounting
and
auditing
of
fund
investments.
The
Fund
has
adopted
procedures
in
accordance
with
Rule
2a-5.
Note
4
–
Transactions
with
Affiliated
Persons
Under
a
contract
approved
by
shareowners
on
September
28,
1995
and
reviewed
and
approved
annually
by
the
Trust's
Board
of
Trustees,
including
those
Trustees
who
are
not
parties
to
the
contract
or
"interested
persons"
(as
defined
in
the
Investment
Company
Actof
1940)
of
such
parties
or
the
Trust
(the
"Independent
Trustees"),
Saturna
Capital
Corporation
("Saturna
Capital")
provides
investment
advisory
services
and
certain
other
administrative
and
distribution
services
to
conduct
the
Fund’s
business.
For
such
services,
the
Fund
pays
an
annual
fee
equal
to
0.50%
of
its
average
daily
net
assets.
For
the
fiscal
period
ended
May
31,
2023
,
the
Fund
paid
the
following
advisory
fee
to
Saturna
Capital:
1
Expenses
incurred
by
the
Trust
on
behalf
of
the
Fund
(e.g.,
legal
fees)
are
allocated
to
the
Fund
and
the
other
Funds
of
the
Trust
on
the
basis
of
relative
daily
average
net
assets.
Saturna
Capital
also
acts
as
transfer
agent
for
the
Fund,
for
which
it
did
not
receive
any
compensation
during
the
period
ended
May
31,
2023
.
Saturna
Capital
has
voluntarily
elected
to
waive
the
transfer
agent
fee
through
November
30,
2023,
to
reduce
the
Fund’s
operating
expenses.
Such
fees,
had
they
been
charged,
would
have
totaled
$896.
Saturna
Brokerage
Services,
Inc.
(“SBS”),
a
discount
brokerage
and
subsidiary
of
Saturna
Capital,
is
registered
as
a
broker-dealer
and
acts
as
distributor
for
the
Fund.
Saturna
Trust
Company
(“STC”),
a
subsidiary
of
Saturna
Capital,
acts
as
retirement
plan
custodian
for
the
Funds.
Each
class
of
shares
of
a
Fund
pays
an
annual
fee
of
$10
per
account
for
retirement
plan
services
to
Saturna
Trust
Company.
For
the
fiscal
period
ended
May
31,
2023
,
the
Funds
incurred
the
following
retirement
plan
custodial
fees
to
STC:
Ms.
Jane
Carten
serves
as
a
trustee
and
president
of
the
Trust.
She
is
also
a
director
and
the
president
of
Saturna
Capital
Corporation
and
Saturna
Trust
Company.
She
is
not
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2023
,
the
Saturna
Investment
Trust
incurred
$40,726
of
total
expenses
for
the
independent
Trustee's
compensation
and
Trust
board
meetings.
The
Fund's
allocation
of
these
expenses
was
$2,501.
On
May
31,
2023
,
the
trustees,
officers,
and
their
affiliates
(including
Saturna
Capital
Corporation)
as
a
group,
owned
the
following
percentages
of
outstanding
shares:
The
officers
of
the
Trust
are
paid
by
Saturna
Capital
Corporation,
not
the
Trust,
except
the
Chief
Compliance
Officer,
who
is
partially
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2023
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Note
5
–
Distributions
to
Shareowners
The
tax
characteristics
of
distributions
paid
for
the
fiscal
period
ended
May
31,
2023
,
and
the
fiscal
year
ended
November
30,
2022
,
were
as
follows:
Note
6
–
Federal
Income
Taxes
The
cost
basis
of
investments
for
federal
income
tax
purposes
at
May
31,
2023
,
were
as
follows:
As
of
November
30,
2022
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
Adviser
Fees
500
Idaho
Fund
$30,053
Retirement
plan
custodial
fees
500
Idaho
Fund
(NITEX)
$71
Trustees',
officers',
and
affiliates'
ownership
500
Idaho
Fund(NITEX)
n/a%
Chief
Compliance
Officer
500
Idaho
Fund
$1,539
Idaho
Fund
May
31,
2023
November
30,
2022
Ordinary
Income
$105,577
$248,471
1
Long-Term
Capital
Gain
dividend
designated
at
20%
rate
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code.
Idaho
Fund
Cost
of
investments
$11,023,940
Gross
tax
unrealized
appreciation
$12,580
Gross
tax
unrealized
depreciation
$(465,870)
Net
tax
unrealized
depreciation
$(453,290)
Idaho
Fund
Undistributed
ordinary
income
$3,880
Accumulated
capital
losses
$(57,284)
Tax
accumulated
earnings
$(53,404)
Unrealized
appreciation
$(436,272)
Total
accumulated
earnings
$(489,676)
Note
3
–
Significant
Accounting
Policies
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2023
Semi-Annual
13
Note
7
–
Investments
During
the
fiscal
period
ended
May
31,
2023
,
the
Funds
purchased
and
sold
the
following
amounts
of
securities.
Note
8
–
Custodian
Under
agreements
in
place
with
the
Trust’s
custodian,
UMB
Bank,
custody
fees
are
reduced
by
credits
for
cash
balances.
For
the
fiscal
period
ended
May
31,
2023
,
such
reductions
were
as
follows:
Note
9
–
COVID-19
Pandemic
The
COVID-19
pandemic
has
adversely
impacted
global
commercial
activity
and
contributed
to
significant
volatility
in
global
equity
and
debt
markets.
The
pandemic
disrupted
supply
chains
and
economic
activity.
The
duration
of
the
pandemic’s
effects
remain
uncertain
and
difficult
to
assess.
The
effects
of
the
pandemic
may
adversely
impact
the
Funds'
performance
and
its
ability
to
achieve
its
investment
objective.
Note
10
–
Subsequent
Events
The
Board
of
Trustees
of
Saturna
Investment
Trust
approved
a
plan
to
liquidate
and
terminate
the
Idaho
Tax-Exempt
Fund,
upon
the
recommendation
of
Saturna
Capital
Corporation,
the
Fund’s
investment
adviser.
The
Fund
is
anticipated
to
be
liquidated
and
terminated
on
or
about
October
15,
2023.
As
of
August
15,
2023,
the
Fund
will
no
longer
accept
new
investments
and
will
no
longer
accept
purchase
and
redemption
orders
from
existing
investors
as
of
September
15,
2023.
There
were
no
other
events
or
transactions
during
the
period
that
materially
impacted
the
amounts
or
disclosures
in
the
Fund’s
financial
statements.
Purchases
Sales
500
Idaho
Fund
$–
$1,149,323
Custodian
Fee
Credits
500
Idaho
Fund
$239
Expenses
(unaudited)
14
May
31,
2023
Semi-Annual
All
mutual
funds
have
operating
expenses.
As
an
Idaho
Tax-Exempt
Fund
shareowner,
you
incur
ongoing
costs,
including
management
fees
and
other
fund
expenses
such
as
shareowner
reports
(like
this
one).
Operating
expenses,
which
are
deducted
from
a
fund’s
gross
earnings,
directly
reduce
the
investment
return
of
a
fund.
Mutual
funds
(unlike
other
financial
investments)
only
report
their
results
after
deduction
of
operating
expenses.
With
the
Idaho
Tax-Exempt
Fund,
unlike
many
mutual
funds,
you
do
not
incur
sales
charges
(loads)
on
purchases,
reinvested
dividends,
or
other
distributions.
There
are
no
redemption
fees
or
exchange
fees.
You
may
incur
fees
related
to
extra
services
requested
by
you
for
your
account,
such
as
bank
wires.
The
examples
below
are
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
Funds
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
Examples
The
following
examples
are
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
for
the
entire
period
(June
1,
2021
to
May
31,
2023
).
Actual
Expenses
The
first
line
provides
information
about
actual
account
values
and
actual
expenses.
You
may
use
the
information
in
this
line,
together
with
the
amount
you
have
invested,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
in
the
first
line
under
the
heading
entitled
“Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
The
Funds
may
charge
for
extra
services
(such
as
domestic
bank
wires,
international
bank
wires,
or
overnight
courier
delivery
of
redemption
checks)
rendered
on
request,
which
you
may
need
to
estimate
to
determine
your
total
expenses.
Hypothetical
Example
For
Comparison
Purposes
The
second
line
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
(based
on
the
last
six
months)
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
You
may
use
this
information
to
compare
the
ongoing
costs
of
investing
in
the
Funds
and
other
mutual
funds.
To
do
so,
compare
this
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareowner
reports
of
other
mutual
funds.
You
may
wish
to
add
other
fees
that
are
not
included
in
the
expenses
shown
in
the
table,
such
as
charges
for
extra
services
such
as
bank
wires.
Please
note
that
the
expenses
shown
in
the
tables
are
meant
to
highlight
your
ongoing
costs
only
and
do
not
reflect
any
transactional
costs,
such
as
sales
charges
(loads),
redemption
fees,
or
exchange
fees
(note
that
the
Idaho
Tax-Exempt
Fund
does
not
assess
any
such
transactional
costs).
Therefore,
the
“Hypothetical”
line
of
each
fund
is
useful
in
comparing
ongoing
costs
only,
and
may
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
Expenses
are
equal
to
Idaho
Tax-Exempt
Bond
Fund’s
annualized
expense
ratio
indicated
above
(based
on
the
most
recent
semi-annual
period
of
June
1,
2021,
through
May
31,
2023
),
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
1832/365
to
reflect
the
semi-annual
period.
Beginning
Account
Value
[December
1,
2022]
Ending
Account
Value
[May
31,
2023]
Expenses
Paid
During
the
Period
Annualized
Expense
Ratio
500
Idaho
Fund
$1,000.00
$1,006.80
$4.21
0.84%
525
Hypothetical
(5%
return
before
expenses)
$1,000.00
$1,020.73
$4.24
0.84%
May
31,
2023
Semi-Annual
15
Availability
of
Quarterly
Portfolio
Information
(1)
The
Idaho
Tax-Exempt
Fund
files
a
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
Previously,
this
information
was
filed
on
Form
N-Q.
(2)
The
Fund’s
Form
N-PORT
reports
are
available
on
the
SEC’s
website
at
www.sec.gov.
(3)
The
Fund
makes
a
complete
schedule
of
portfolio
holdings
after
the
end
of
each
month
available
at
www.idahotaxexemptfund.
com
Availability
of
Proxy
Voting
Information
(1)
A
description
of
the
policies
and
procedures
that
the
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
(a)
without
charge,
upon
request,
by
calling
Saturna
Capital
at
1-800-728-8762;
(b)
on
the
Funds’
website
at
www.
idahotaxexemptfund.com;
and
(c)
on
the
SEC’s
website
at
www.
sec.gov.
(2)
Information
regarding
how
each
Fund
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
12-month
period
ended
June
30
is
available
(a)
without
charge,
upon
request,
by
calling
Saturna
Capital
at
1-800-728-8762;
(b)
on
the
Funds’
website
at
www.idahotaxexemptfund.com;
and
(c)
on
the
SEC’s
website
at
www.sec.gov.
Householding
Policy
To
reduce
expenses,
we
may
mail
only
one
copy
of
the
Fund’s
prospectus,
each
annual
and
semi-annual
report,
and
proxy
statements,
when
necessary,
to
those
addresses
shared
by
two
or
more
accounts.
If
you
wish
to
receive
individual
and/or
more
copies
of
these
documents,
please
call
us
at
1-800-728-8762
or
write
to
us
at
Saturna
Capital/Idaho
Tax-Exempt
Fund,
P.O.
Box
N,
Bellingham,
WA
98227.
We
will
begin
sending
you
individual
copies
thirty
days
after
receiving
your
request.
If
you
are
currently
receiving
multiple
copies
and
wish
to
receive
only
one
copy,
please
call
us
at
1-800-728-8762
or
write
to
us
at
Saturna
Capital/Idaho
Tax-Exempt
Fund,
P.O.
Box
N,
Bellingham,
WA
98227.
We
will
begin
sending
you
a
single
copy
with
subsequent
report
mailings.
Privacy
Statement
At
Saturna
Capital
and
the
Idaho
Tax-Exempt
Fund,
we
understand
the
importance
of
maintaining
the
privacy
of
your
financial
information.
We
want
to
assure
you
that
we
protect
the
confidentiality
of
any
personal
information
that
you
share
with
us.
In
addition,
we
do
not
sell
information
about
our
current
or
former
customers.
In
the
course
of
our
relationship,
we
gather
certain
non-public
information
about
you,
including
your
name,
address,
investment
choices,
and
account
information.We
do
not
disclose
your
information
to
unaffiliated
third
parties
unless
it
is
necessary
to
process
a
transaction;
service
your
account;
deliver
your
account
statements,
shareowner
reports
and
other
information;
or
as
required
by
law.
When
we
disclose
information
to
unaffiliated
third
parties,
we
require
a
contract
to
restrict
the
companies’
use
of
customer
information
and
from
sharing
or
using
it
for
any
purposes
other
than
performing
the
services
for
which
they
were
required.
We
may
share
information
within
the
Saturna
Capital
family
of
companies
in
the
course
of
informing
you
about
products
or
services
that
may
address
your
investing
needs.
We
maintain
our
own
technology
resources
to
minimize
the
need
for
any
third
party
services,
and
restrict
access
to
information
within
Saturna.
We
maintain
physical,
electronic,
and
procedural
safeguards
to
guard
your
personal
information.
If
you
have
any
questions
or
concerns
about
the
security
or
privacy
of
your
information
please
call
us
at
1-800-728-8762.
Item 2. Code of Ethics
Registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer or persons performing similar functions, which is included with this submission as Exhibit (a)(1) and posted on the
Registrant’s website at https://www.saturna.com/code-ethics
. Requests may also be made via telephone at 1-800-728-8762, and will be processed within one business day of receiving such request.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) The Schedule of Investments is fully answered in Item 1.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
Not applicable.
Item11. Controls and Procedures
a. The Registrant’s President and Treasurer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as conducted within 90 days of the filing date of this report, that those disclosure controls and procedures provide reasonable assurance that the material information required to be disclosed by the Registrant on this report is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.
b. There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30e-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits
Exhibits included with this filing:
(a)(2)
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b)
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906.CERT.
(c)
Registrant’s Rule 30e-3 Notice pursuant to Item 1(b) of Form N-CSR. Attached hereto as EX-99.30e-3 Notice.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SATURNA INVESTMENT TRUST
By:
/s/ Jane K. Carten
, President
Signature and Title
Signature and Title
Jane K. Carten, President
Printed name and Title
July 28, 2023
Date
Pursuant to the requirements of the Securities Exchange Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated.
By:
/s/ Jane K. Carten
, President
Signature and Title
Signature and Title
Jane K. Carten, President
Printed name and Title
July 28, 2023
Date
By:
/s/Christopher R. Fankhauser
, Treasurer
Signature and Title
Signature and Title
Christopher R. Fankhauser, Treasurer
Printed name and Title
July 28, 2023
Date