Common
Stock
-
65.9%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
3,150
$
1,068,952
2.4%
Wireless
Telecommunications
Orange
ADR
20,000
357,000
0.8%
SK
Telecom
ADR
16,500
633,435
1.5%
990,435
2.3%
2,059,387
4.7%
Consumer
Discretionary
Automotive
Retailers
AutoZone
1
90
269,212
0.6%
Automotive
Wholesalers
Copart
1
4,500
148,455
0.4%
Home
Products
Stores
Lowe's
500
102,350
0.2%
Online
Marketplace
Amazon.com
1
1,500
389,655
0.9%
Specialty
Apparel
Stores
Ross
Stores
3,750
857,025
2.0%
TJX
Companies
2,700
361,557
0.8%
1,218,582
2.8%
2,128,254
4.9%
Consumer
Staples
Household
Products
Procter
&
Gamble
1,450
210,424
0.5%
Mass
Merchants
Dollarama
Inc
900
113,686
0.3%
Packaged
Food
Danone
ADR
25,000
371,750
0.8%
Nestle
ADR
1,000
97,250
0.2%
469,000
1.0%
Personal
Care
Products
Kimberly-Clark
de
Mexico,
Class
A
225,000
527,934
1.2%
Unilever
Plc
3,999
259,335
0.6%
787,269
1.8%
1,580,379
3.6%
Energy
Renewable
Energy
Equipment
First
Solar,
Inc
1
2,500
504,750
1.2%
Financials
Banks
ANZ
Group
Holdings
ADR
22,000
585,420
1.3%
Consumer
Finance
Visa
2,400
910,488
2.1%
Diversified
Banks
Banco
Santander
SA
20,000
291,200
0.7%
Other
Financial
Services
Mastercard,
Class
A
1,750
1,031,293
2.4%
Common
Stock
-
65.9%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Financials
(continued)
P&C
Insurance
Chubb
810
$
274,266
0.6%
3,092,667
7.1%
Health
Care
Large
Pharma
AbbVie
1,350
346,167
0.8%
AstraZeneca
PLC
2,000
324,260
0.7%
GlaxoSmithKline
ADR
18,000
904,500
2.1%
Novartis
ADR
2,500
380,150
0.9%
Novo
Nordisk
ADR
6,250
283,312
0.6%
2,238,389
5.1%
Specialty
&
Generic
Pharma
Sandoz
Group
AG-ADR
1
2,000
168,220
0.4%
2,406,609
5.5%
Industrials
Building
Construction
EMCOR
Group
Inc.
700
514,178
1.2%
Commercial
&
Residential
Building
Equipment
&
Systems
Trane
400
177,760
0.4%
Electrical
Components
Prysmian
S.P.A
4,000
559,132
1.3%
Electrical
Power
Equipment
Eaton
1,565
628,942
1.4%
Fuji
Electric
Co.
Ltd.
5,500
472,663
1.1%
1,101,605
2.5%
Flow
Control
Equipment
Parker
Hannifin
170
166,505
0.4%
Industrial
Wholesale
&
Rental
Fastenal
3,490
172,092
0.4%
Waste
Management
Republic
Services
950
209,874
0.5%
2,901,146
6.7%
Information
Technology
IT
Services
Amdocs
Ltd
12,400
781,944
1.8%
Materials
Agricultural
Chemicals
Corteva
1,200
101,556
0.2%
Quimica
y
Minera
Chile
ADR
9,400
742,694
1.7%
844,250
1.9%
Base
Metals
Altius
Minerals
Corp
16,000
743,577
1.7%
Antofagasta
8,000
427,094
1.0%
South32
ADR
19,000
349,030
0.8%
Southern
Copper
5,135
1,072,547
2.4%
2,592,248
5.9%
Cement
&
Aggregates
CRH
PLC
3,000
282,870
0.7%
Common
Stock
-
65.9%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Materials
(continued)
Iron
BHP
Biliton
ADR
8,250
$
774,840
1.8%
Precious
Metals
Agnico-Eagle
Mines
1,670
339,194
0.8%
4,833,402
11.1%
Real
Estate
Retail
REIT
Simon
Property
Group
3,250
690,040
1.6%
Technology
Communications
Equipment
Apple
2,250
712,912
1.6%
Cisco
Systems
5,000
552,450
1.3%
Fujikura
Ltd
13,000
443,394
1.0%
1,708,756
3.9%
Infrastructure
Software
Microsoft
2,000
1,014,580
2.3%
Oracle
1,000
149,120
0.4%
1,163,700
2.7%
Semiconductor
Devices
Broadcom
795
294,421
0.7%
Micron
Technology
1,300
1,246,349
2.8%
Nvidia
3,750
827,925
1.9%
2,368,695
5.4%
Semiconductor
Manufacturing
ASML
Holding
NY
225
381,602
0.9%
Taiwan
Semiconductor
ADR
2,550
1,059,066
2.4%
1,440,668
3.3%
6,681,819
15.3%
Utilities
Integrated
Electric
Utilities
Dominion
Energy
8,693
573,825
1.3%
NextEra
Energy
6,005
494,452
1.1%
1,068,277
2.4%
Total
Common
Stock
(Cost
$17,943,223)
$28,728,674
65.9%
Corporate
Bonds
-
12.8%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Communications
Bellsouth
Capital
Funding
7.875%
due
02/15/2030
$
150,000
160,427
0.4%
Comcast
5.650%
due
06/15/2035
500,000
496,868
1.1%
Comcast
4.650%
due
07/15/2042
250,000
203,214
0.5%
Netflix
4.375%
due
11/15/2026
250,000
250,055
0.6%
1,110,564
2.6%
Consumer
Discretionary
Ford
Motor
6.375%
due
02/01/2029
220,000
223,524
0.5%
Lowe's
4.250%
due
09/15/2044
250,000
196,534
0.5%
O'Reilly
Automotive
Inc.
4.700%
due
06/15/2032
200,000
195,365
0.4%
Stanford
University
4.013%
due
05/01/2042
100,000
81,709
0.2%
697,132
1.6%
Corporate
Bonds
-
12.8%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Consumer
Staples
Coca
Cola
1.000%
due
03/15/2028
$
250,000
$
237,360
0.5%
Grupo
Bimbo
3
4.875%
due
06/27/2044
200,000
174,180
0.4%
411,540
0.9%
Financials
Chubb
Ina
Holdings
4.350%
due
11/03/2045
200,000
164,404
0.4%
Lincoln
National(Quarterly
SOFR
+0.2616%)
2
6.031%
due
04/20/2067
250,000
204,494
0.4%
368,898
0.8%
Industrials
CSX
Corp
4.650%
due
03/01/2068
550,000
429,549
1.0%
Delta
Air
Lines
3.750%
due
10/28/2029
250,000
240,576
0.6%
Fedex
Corp
4
3.900%
due
02/01/2035
250,000
223,528
0.5%
Norfolk
Southern
5.100%
due
08/01/2118
275,000
233,073
0.5%
Union
Pacific
3.375%
due
02/01/2035
250,000
218,108
0.5%
1,344,834
3.1%
Materials
Praxair
3.550%
due
11/07/2042
200,000
153,294
0.4%
Real
Estate
Welltower
4.250%
due
04/15/2028
350,000
347,949
0.8%
Technology
Oracle
2.950%
due
04/01/2030
500,000
452,827
1.0%
Qualcomm
3.250%
due
05/20/2027
220,000
218,305
0.5%
671,132
1.5%
Utilities
Pacificorp
6.000%
due
01/15/2039
500,000
495,358
1.1%
Total
Corporate
Bonds
(Cost
$6,276,192)
$5,600,701
12.8%
Government
Bonds
-
7.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Financials
Federal
Home
Loan
Bank
4.500%
due
12/04/2029
400,000
398,179
0.9%
Government
United
States
Treasury
Bond
4.500%
due
02/15/2036
137,000
135,389
0.3%
United
States
Treasury
Bond
3.625%
due
02/15/2044
155,000
126,676
0.3%
United
States
Treasury
Bond
6.250%
due
05/15/2030
900,000
954,809
2.2%
United
States
Treasury
Bond
3.375%
due
11/15/2048
1,150,000
861,287
1.9%
2,078,161
4.7%
Treasury
Inflation
Protected
Securities
United
States
Treasury
Inflation
Index
Bond
2.125%
due
02/15/2054
1,088,255
904,491
2.1%
Total
Government
Bonds
(Cost
$3,549,794)
$3,380,831
7.7%
Municipals
Bonds
-
4.4%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Financials
Connecticut
State
Housing
Fin
Auth
5.918%
due
11/15/2055
250,000
247,713
0.6%
Municipals
Bonds
-
4.4%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Government
Connecticut
State
Housing
Fin
Auth
Mtge
5.798%
due
11/15/2045
$
550,000
$
543,328
1.2%
Municipal
Bonds
Colony
TX
NFM
Sales
Tax
Revenue
7.625%
due
10/01/2042
50,000
49,000
0.1%
Maryland
Community
Development
Administration
6.362%
due
09/01/2053
565,000
571,186
1.3%
Virginia
State
Housing
Development
Authority
5.950%
due
10/01/2066
500,000
493,704
1.2%
1,113,890
2.6%
Total
Municipals
Bonds
(Cost
$1,929,003)
$1,904,931
4.4%
Total
investments
(Cost
$29,698,212)
$39,615,137
90.8%
Other
assets
(net
of
liabilities)
3,997,936
9.2%
Total
net
assets
$43,613,073
100.0%
1
Non-income
producing
2
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
August
31,
2026
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
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
August
31,
2026,
the
aggregate
value
of
these
securities
was
$174,180
representing
0.4%
of
total
net
assets.
4
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
August
31,
2026,
the
aggregate
value
of
these
securities
was
$223,528
representing
0.5%
of
total
net
assets.
ADR:
American
Depositary
Receipt
SA:
Special
Assessment
Common
Stock
-
97.8%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
23,640
$
8,022,234
9.9%
Meta
Platforms
Inc,
Class
A
3,200
1,831,488
2.2%
9,853,722
12.1%
Consumer
Discretionary
Automotive
Retailers
O'Reilly
Automotive
1
19,500
1,731,600
2.1%
Online
Marketplace
Amazon.com
1
25,775
6,695,571
8.2%
Specialty
Apparel
Stores
TJX
Companies
16,900
2,263,079
2.8%
10,690,250
13.1%
Consumer
Staples
Mass
Merchants
Costco
Wholesale
3,264
3,080,857
3.8%
Non-Alcoholic
Beverages
Monster
Beverage
55,800
2,562,336
3.1%
5,643,193
6.9%
Financials
Other
Financial
Services
Mastercard,
Class
A
3,791
2,234,074
2.7%
Health
Care
Medical
Devices
Stryker
4,000
1,295,200
1.6%
Medical
Equipment
Intuitive
Surgical
Inc
1
1,000
376,860
0.5%
1,672,060
2.1%
Industrials
Building
Construction
EMCOR
Group
Inc.
2,200
1,615,988
2.0%
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
12,160
1,680,998
2.1%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
6,250
1,403,188
1.7%
Infrastructure
Construction
Quanta
Services
3,700
2,246,233
2.7%
Waste
Management
Republic
Services
3,250
717,990
0.9%
7,664,397
9.4%
Information
Technology
Electrical
Components
Amphenol
Corp-
Cl
A
15,900
2,520,945
3.1%
Materials
Agricultural
Chemicals
Corteva
5,260
445,154
0.6%
Common
Stock
-
97.8%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Materials
(continued)
Cement
&
Aggregates
CRH
PLC
7,000
$
660,030
0.8%
1,105,184
1.4%
Technology
Communications
Equipment
Apple
20,785
6,585,727
8.1%
Motorola
Solutions
6,000
2,911,800
3.6%
9,497,527
11.7%
Infrastructure
Software
Microsoft
15,675
7,951,771
9.8%
Oracle
16,125
2,404,560
2.9%
10,356,331
12.7%
Semiconductor
Devices
Advanced
Micro
Devices
1
7,975
3,753,992
4.6%
Broadcom
12,700
4,703,318
5.8%
Monolithic
Power
Systems
770
976,183
1.2%
Nvidia
35,000
7,727,300
9.5%
17,160,793
21.1%
37,014,651
45.5%
Utilities
Integrated
Electric
Utilities
NextEra
Energy
14,373
1,183,473
1.5%
Total
investments
(Cost
$23,120,276)
$79,581,949
97.8%
Other
assets
(net
of
liabilities)
1,795,856
2.2%
Total
net
assets
$81,377,805
100.0%
1
Non-income
producing
Saturna
International
Fund
Common
Stock
-
97.6%
Number
of
Shares
Market
Value
Country
1
Percentage
of
Net
Assets
Consumer
Discretionary
Apparel,
Footwear
&
Accessory
Design
Hermes
International
2,300
$
4,207,822
France
3.3%
Consumer
Staples
Packaged
Food
Danone
ADR
43,470
646,399
France
0.5%
Danone
15,000
1,118,660
France
0.9%
1,765,059
1.4%
Financials
Banks
ANZ
Group
Holdings
Ltd
189,200
5,034,748
Australia
3.9%
Islamic
Banking
Alinma
Bank
785,471
5,343,036
Saudi
Arabia
4.2%
Measurement
Instruments
Hexagon
AB-
B
shares
143,717
1,495,642
Sweden
1.2%
11,873,426
9.3%
Health
Care
Biotech
Samsung
Biologics
Co
Ltd
2
1,070
1,186,254
South
Korea
0.9%
Health
Care
Supplies
EssilorLuxottica
25,000
4,639,655
France
3.6%
Large
Pharma
AstraZeneca
PLC
6,675
1,082,218
United
Kingdom
0.9%
GlaxoSmithKline
ADR
10,234
514,258
United
Kingdom
0.4%
Novo
Nordisk
ADR
60,481
2,741,604
Denmark
2.2%
Sandoz
Group
AG
24,472
2,056,144
Switzerland
1.6%
6,394,224
5.1%
Medical
Devices
Smith
&
Nephew
185,701
2,657,436
United
Kingdom
2.1%
14,877,569
11.7%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Assa
Abloy
AB
-
B
40,800
1,516,487
Sweden
1.2%
Assa
Abloy
ADR
58,282
1,082,880
Sweden
0.8%
Johnson
Controls
International
7,150
988,416
United
States
0.7%
3,587,783
2.7%
Construction
&
Mining
Machinery
Komatsu
Ltd
122,360
5,660,759
Japan
4.4%
Diversified
Industrials
Siemens
ADR
5,896
975,198
Germany
0.8%
Electrical
Power
Equipment
Eaton
4,290
1,724,065
Ireland
1.4%
Fuji
Electric
Co.
Ltd.
56,842
4,884,931
Japan
3.8%
Schneider
Electric
ADR
17,100
1,169,298
France
0.9%
Schneider
Electric
SE
8,615
2,948,880
France
2.3%
10,727,174
8.4%
Fabricated
Metal
&
Hardware
Prysmian
S.P.A
27,142
3,793,993
Italy
3.0%
Saturna
International
Fund
Common
Stock
-
97.6%
Number
of
Shares
Market
Value
Country
1
Percentage
of
Net
Assets
Industrials
(continued)
Industrial
Automation
Controls
ABB
Ltd
32,500
$
3,184,155
Switzerland
2.5%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
22,710
5,098,622
United
States
4.0%
33,027,684
25.8%
Materials
Base
Metals
Altius
Minerals
Corp
129,535
6,019,950
Canada
4.7%
Basic
&
Diversified
Chemicals
Air
Products
&
Chemicals
12,010
3,716,615
United
States
2.9%
Linde
5,073
2,483,639
United
Kingdom
2.0%
6,200,254
4.9%
Cement
&
Aggregates
CRH
PLC
45,000
4,243,050
United
States
3.3%
Iron
Rio
Tinto
ADR
38,118
3,907,095
United
Kingdom
3.1%
Precious
Metals
Agnico-Eagle
Mines
20,000
4,062,200
Canada
3.2%
Specialty
Chemicals
Givaudan
(reg)
350
1,419,919
Switzerland
1.1%
Kansai
Paint
Co.
Ltd.
218,000
3,925,589
Japan
3.1%
5,345,508
4.2%
29,778,057
23.4%
Technology
Application
Software
SAP
ADR
13,805
3,049,386
Germany
2.4%
Communications
Equipment
Fujikura
Ltd
202,321
6,900,607
Japan
5.4%
Samsung
Electronics
28,900
5,455,825
South
Korea
4.3%
12,356,432
9.7%
Semiconductor
Manufacturing
ASML
Holding
NY
3,564
6,044,580
Netherlands
4.7%
Taiwan
Semiconductor
ADR
18,172
7,547,195
Taiwan
5.9%
13,591,775
10.6%
28,997,593
22.7%
Total
investments
(Cost
$86,950,879)
$124,527,210
97.6%
Other
assets
(net
of
liabilities)
3,111,045
2.4%
Total
net
assets
$127,638,255
100.0%
1
Country
of
domicile
2
Non-income
producing
ADR:
American
Depositary
Receipt
Global
Sustainable
Bond
Fund
Corporate
Bonds
-
59.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Communications
Koninklijke
KPN
8.375%
due
10/01/2030
$
3,550,000
$
3,976,428
3.8%
Telecom
Italia
Capital
6.000%
due
09/30/2034
1,450,000
1,477,190
1.4%
Telecom
Italia
SPA
1
1.625%
due
01/18/2029
EUR
2,100,000
2,350,012
2.3%
7,803,630
7.5%
Consumer
Discretionary
Coty/HFC
Prestige
2
6.625%
due
07/15/2030
750,000
751,726
0.7%
Lowe's
5.800%
due
10/15/2036
250,000
257,663
0.3%
O'Reilly
Automotive
Inc.
4.700%
due
06/15/2032
1,250,000
1,221,032
1.2%
O'Reilly
Automotive
3.600%
due
09/01/2027
150,000
148,662
0.1%
2,379,083
2.3%
Consumer
Staples
Natura
Cosmeticos
SA
1
4.125%
due
05/03/2028
2,000,000
1,847,714
1.8%
Unilever
Capital
5.900%
due
11/15/2032
200,000
209,578
0.2%
2,057,292
2.0%
Energy
Masdar
Abu
Dhabi
1
4.875%
due
07/25/2029
3,750,000
3,729,216
3.6%
Financials
AXA
1,3
5.125%
due
01/17/2047
3,000,000
2,997,691
2.9%
Bank
Of
New
York
Mellon
MTN
3.300%
due
08/23/2029
250,000
239,588
0.2%
Chubb
Ina
Holdings
4.350%
due
11/03/2045
100,000
82,202
0.1%
Commonwealth
Bank
Australia
(3-Month
BBSW
+
0.410%)
4
4.879%
due
12/23/2026
AUD
1,450,000
1,039,350
1.0%
Munich
RE
1,5
1.000%
due
05/26/2042
EUR
3,200,000
3,149,074
3.0%
PayPal
Holdings
2.650%
due
10/01/2026
300,000
299,560
0.3%
State
Street
Float
2047
(Quarterly
SOFR
+0.2616%)
4
4.926%
due
06/15/2047
4,200,000
3,715,890
3.6%
UBS
AG
Stamford
CT
7.750%
due
09/01/2026
200,000
200,000
0.2%
11,723,355
11.3%
Government
New
S
Wales
Treasury
CRP
1
3.000%
due
04/20/2029
AUD
2,000,000
1,367,085
1.3%
Health
Care
Becton
Dickinson
6.700%
due
08/01/2028
240,000
246,999
0.3%
Medtronic
2
4.375%
due
03/15/2035
260,000
244,369
0.2%
491,368
0.5%
Industrials
Burlington
Northern
Santa
Fe
5.050%
due
03/01/2041
310,000
292,002
0.3%
Deere
8.100%
due
05/15/2030
95,000
105,155
0.1%
FS
Luxembourg
SARL
1
8.875%
due
02/12/2031
2,500,000
2,543,775
2.4%
RELX
4.000%
due
03/18/2029
400,000
392,304
0.4%
United
Rentals
of
North
America
5.250%
due
01/15/2030
350,000
348,561
0.3%
Xylem
Inc
5.450%
due
06/01/2036
1,000,000
996,647
1.0%
Xylem
Inc
4.375%
due
11/01/2046
1,000,000
816,003
0.8%
5,494,447
5.3%
Information
Technology
NXP
BV/NXP
FDG/NXP
USA
5.000%
due
01/15/2033
1,750,000
1,708,281
1.6%
NXP
BV/NXP
FDG/NXP
USA
3.250%
due
05/11/2041
1,500,000
1,087,128
1.1%
Global
Sustainable
Bond
Fund
Corporate
Bonds
-
59.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Information
Technology
(continued)
RELX
Finance
BV
1
0.875%
due
03/10/2032
EUR
$
1,000,000
$
992,662
1.0%
3,788,071
3.7%
Materials
Antofogasta
PLC
1
5.625%
due
09/09/2035
1,850,000
1,829,825
1.8%
Praxair
3.550%
due
11/07/2042
2,750,000
2,107,791
2.0%
Stora
Enso
OYJ
144A
2
7.250%
due
04/15/2036
500,000
550,009
0.5%
Stora
Enso
OYJ
1
7.250%
due
04/15/2036
300,000
330,005
0.3%
4,817,630
4.6%
Real
Estate
MAF
Global
Securities
1,6
7.875%
due
PERP
4,497,000
4,542,470
4.4%
Prologis
1.250%
due
10/15/2030
500,000
431,382
0.4%
Republic
of
Turkiye
9.125%
due
07/13/2030
2,000,000
2,180,106
2.1%
7,153,958
6.9%
Technology
Apple
4.500%
due
02/23/2036
350,000
338,414
0.3%
Nokia
OYJ
1
4.375%
due
08/21/2031
EUR
2,500,000
2,958,936
2.9%
Qualcomm
3.250%
due
05/20/2027
100,000
99,230
0.1%
3,396,580
3.3%
Utilities
Brookfield
Renewable
Partners
ULC
4.542%
due
10/12/2035
CAD
3,000,000
2,118,733
2.1%
Florida
Power
&
Light
5.950%
due
10/01/2033
100,000
103,328
0.1%
National
Central
Cooling
1
5.279%
due
03/05/2030
3,000,000
3,005,179
2.9%
Puget
Sound
Energy
4.434%
due
11/15/2041
300,000
252,843
0.2%
United
Utilities
6.875%
due
08/15/2028
1,600,000
1,653,649
1.6%
7,133,732
6.9%
Total
Corporate
Bonds
(Cost
$62,101,238)
$61,335,447
59.2%
Government
Bonds
-
31.5%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Financial
Services
Intl
Finance
Corp
1
7.000%
due
07/20/2027
MXN
26,000,000
1,519,604
1.5%
Financials
African
Development
Bank
4,7
5.750%
due
08/07/2050
3,500,000
3,409,199
3.3%
Federal
Home
Loan
Bank
5.000%
due
10/14/2044
250,000
240,788
0.2%
Federal
Home
Loan
Bank
4.500%
due
12/04/2029
250,000
248,862
0.3%
First
Abu
Dhabi
Bank
PJSC
1
5.125%
due
10/13/2027
1,750,000
1,755,704
1.7%
Int'l
Bk
Recon
&
Develop
9.500%
due
02/09/2029
BRL
2,500,000
448,708
0.4%
6,103,261
5.9%
Government
European
Bk
Recon
&
Dev
8
–%
due
12/03/2030
MXN
25,000,000
955,185
0.9%
European
Investment
Bank
1
4.500%
due
02/16/2028
MXN
55,000,000
3,096,661
3.0%
Export-Import
Bank
Korea
5.125%
due
01/11/2033
500,000
506,642
0.5%
First
Nations
Finance
Authority
4.050%
due
06/01/2035
CAD
2,500,000
1,798,490
1.7%
International
Finance
7.020%
due
04/06/2028
MXN
23,000,000
1,328,528
1.3%
International
Finance
1
12.000%
due
11/03/2027
COP
1,000,000,000
306,397
0.3%
Int'l
Bk
Recon
&
Develop
1
5.750%
due
01/14/2028
BRL
5,500,000
971,638
0.9%
Int'l
Bk
Recon
&
Develop
5.000%
due
10/07/2026
COP
7,000,000,000
2,156,502
2.1%
Int'l
Bk
Recon
&
Develop
10.000%
due
11/08/2027
BRL
12,500,000
2,346,547
2.3%
Intl
Finance
Corp
10.750%
due
02/15/2028
BRL
2,000,000
376,177
0.4%
Global
Sustainable
Bond
Fund
Government
Bonds
-
31.5%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Government
(continued)
Perusahaan
Penerbit
SBSN
1
3.550%
due
06/09/2051
$
500,000
$
332,505
0.3%
Queensland
Treasury
1
2.500%
due
03/06/2029
AUD
1,750,000
1,185,741
1.1%
Republic
of
Chile
4.340%
due
03/07/2042
500,000
421,875
0.4%
United
Kingdom
Gilt
1
1.500%
due
07/31/2053
GBP
550,000
310,774
0.3%
United
States
Treasury
Bond
5.250%
due
02/15/2029
300,000
306,680
0.3%
United
States
Treasury
Bond
5.375%
due
02/15/2031
400,000
414,406
0.4%
United
States
Treasury
Bond
6.125%
due
08/15/2029
950,000
994,531
1.0%
United
States
Treasury
Bond
3.125%
due
11/15/2041
145,000
114,709
0.1%
United
States
Treasury
Bond
3.375%
due
11/15/2048
560,000
419,409
0.4%
United
States
Treasury
Note
2.375%
due
05/15/2027
650,000
642,109
0.6%
United
States
Treasury
Note
2.875%
due
05/15/2052
400,000
263,609
0.3%
United
States
Treasury
Note
2.250%
due
08/15/2027
750,000
736,248
0.7%
US
Treasury
Bond
4.500%
due
05/31/2029
350,000
350,807
0.3%
US
Treasury
Strips
–%
due
02/15/2045
5,050,000
1,853,160
1.8%
22,189,330
21.4%
Treasury
Inflation
Protected
Securities
United
States
Treasury
Inflation
Index
Bond
2.125%
due
02/15/2054
2,992,701
2,487,349
2.4%
US
Government
Agency
Freddie
Mac
4.750%
due
12/18/2029
300,000
299,618
0.3%
Total
Government
Bonds
(Cost
$32,619,508)
$32,599,162
31.5%
Municipals
Bonds
-
6.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Financials
Connecticut
State
Housing
Fin
Auth
5.918%
due
11/15/2055
500,000
495,426
0.5%
Massachusetts
St
Hsg
Fin
Revenue
5.781%
due
12/01/2040
215,000
214,985
0.2%
710,411
0.7%
Government
Connecticut
State
Housing
Fin
Auth
Mtge
5.798%
due
11/15/2045
450,000
444,541
0.4%
Illinois
St
Hsg
Dev
Auth
Revnue
5.929%
due
10/01/2050
500,000
483,106
0.5%
Illinois
St
Hsg
Dev
Auth
Revnue
5.758%
due
10/01/2053
435,000
416,548
0.4%
Maryland
Cmnty
Dev
Admin
Hsg
5.991%
due
09/01/2044
300,000
299,636
0.3%
Minnesota
Housing
Finance
Agency
5.925%
due
07/01/2049
290,000
285,076
0.3%
Minnesota
St
Hsg
Fin
Agy
5.794%
due
07/01/2044
750,000
746,192
0.7%
New
York
NY
5.846%
due
06/01/2040
200,000
201,827
0.2%
Ohio
St
Hsg
Fin
Agy
RSDL
6.225%
due
09/01/2055
495,000
499,289
0.5%
San
Francisco
City
&
Cnty
CA
Cmnty
Facs
4.000%
due
09/01/2048
965,000
753,142
0.7%
4,129,357
4.0%
Municipal
Bonds
Massachusetts
Housing
Finance
Agency
5.989%
due
12/01/2044
300,000
299,187
0.3%
San
Diego
Unified
School
District
3.965%
due
07/01/2029
300,000
296,036
0.3%
Virginia
St
Hsg
Dev
Auth
5.889%
due
07/01/2051
750,000
746,563
0.7%
Virginia
State
Housing
Development
Authority
5.950%
due
10/01/2066
240,000
236,978
0.2%
1,578,764
1.5%
Total
Municipals
Bonds
(Cost
$6,524,555)
$6,418,532
6.2%
Global
Sustainable
Bond
Fund
Mortgage
Backed
-
0.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Percentage
of
Net
Assets
Real
Estate
Federal
National
Mortgage
Association
4.500%
due
11/01/2044
$
187,083
$
180,696
0.2%
Total
Mortgage
Backed
(Cost
$186,104)
$180,696
0.2%
Total
investments
(Cost
$101,431,405)
$100,533,837
97.1%
Other
assets
(net
of
liabilities)
3,012,413
2.9%
Total
net
assets
$103,546,250
100.0%
1
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
August
31,
2026,
the
aggregate
value
of
these
securities
was
$40,816,271
representing
39.4%
of
total
net
assets.
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
August
31,
2026,
the
aggregate
value
of
these
securities
was
$1,546,104
representing
1.4%
of
total
net
assets.
3
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
August
31,
2026.
4
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
August
31,
2026
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
5
Munich
RE
is
a
fixed
to
float
bond.
The
bond
has
a
fixed
rate
until
05/26/2032.
The
interest
that
represents
the
rate
in
effect
at
August
31,
2026.
6
MAF
Global
Securities
is
a
fixed
to
variable
bond.
The
bond
has
a
fixed
rate
until
09/30/2027.
The
interest
that
represents
the
rate
in
effect
at
August
31,
2026.
7
African
Development
Bank
is
a
fixed
to
variable
bond.
The
bond
has
a
fixed
rate
until
08/07/2034.
The
interest
that
represents
the
rate
in
effect
at
August
31,
2026.
8
Non-income
producing
HFC:
Housing
Finance
Corporation
SA:
Special
Assessment
AUD
:
Australian
dollar
BRL
:
Brazilian
real
CAD
:
Canadian
dollar
COP
:
Colombian
peso
EUR
:
Euro
GBP
:
British
pound
MXN
:
Mexican
peso
USD
:
United
States
dollar
Notes
To
Financial
Statements
Note
1
–
Organization
Saturna
Investment
Trust
(the
“Trust”)
was
established
under
Washington
State
Law
as
a
business
trust
on
February
20,
1987.
Note
2
–
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.
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.
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
following
is
a
summary
of
the
inputs
used
as
of
August
31,
2026
,
in
valuing
the
Funds’
investments
carried
at
fair
value.
Share
Valuation
Inputs
as
of
August
31,
2026
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Core
Fund
Common
Stock
Communications
$2,059,387
$–
$–
$2,059,387
Consumer
Discretionary
$2,128,254
$–
$–
$2,128,254
Consumer
Staples
$1,052,445
$527,934
$–
$1,580,379
Notes
To
Financial
Statements
(continued)
Energy
$504,750
$–
$–
$504,750
Financials
$3,092,667
$–
$–
$3,092,667
Health
Care
$2,406,609
$–
$–
$2,406,609
Industrials
$1,869,351
$1,031,795
$–
$2,901,146
Information
Technology
$781,944
$–
$–
$781,944
Materials
$4,406,308
$427,094
$–
$4,833,402
Real
Estate
$690,040
$–
$–
$690,040
Technology
$6,238,425
$443,394
$–
$6,681,819
Utilities
$1,068,277
$–
$–
$1,068,277
Total
Common
Stock
$26,298,457
$2,430,217
$–
$28,728,674
Corporate
Bonds
1
$–
$5,600,701
$–
$5,600,701
Government
Bonds
1
$–
$3,380,831
$–
$3,380,831
Municipals
Bonds
1
$–
$1,904,931
$–
$1,904,931
Total
Assets
$26,298,457
$13,316,680
$–
$39,615,137
Growth
Fund
Common
Stock
1
$79,581,949
$–
$–
$79,581,949
Total
Assets
$79,581,949
$–
$–
$79,581,949
International
Fund
Common
Stock
Consumer
Discretionary
$–
$4,207,822
$–
$4,207,822
Consumer
Staples
$646,399
$1,118,660
$–
$1,765,059
Financials
$–
$11,873,426
$–
$11,873,426
Health
Care
$3,255,862
$11,621,707
$–
$14,877,569
Industrials
$11,038,479
$21,989,205
$–
$33,027,684
Materials
$24,432,549
$5,345,508
$–
$29,778,057
Technology
$16,641,161
$12,356,432
$–
$28,997,593
Total
Common
Stock
$56,014,450
$68,512,760
$–
$124,527,210
Total
Assets
$56,014,450
$68,512,760
$–
$124,527,210
Global
Sustainable
Bond
Fund
Corporate
Bonds
1
$–
$61,335,447
$–
$61,335,447
Government
Bonds
1
$–
$32,599,162
$–
$32,599,162
Mortgage
Backed
1
$–
$180,696
$–
$180,696
Municipals
Bonds
1
$–
$6,418,532
$–
$6,418,532
Total
Assets
$–
$100,533,837
$–
$100,533,837
1
See
the
Schedule
of
Investments
for
additional
details.
Note
2
–
Significant
Accounting
Policies
(continued)