Saturna Investment Trust
08/10/2026 | Press release | Distributed by Public on 08/10/2026 14:56
Semi-Annual Report by Investment Company (Form N-CSRS)
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)
Elliot S. Cohen
1300 N. State Street
Bellingham, Washington 98225-4730
(Name and Address of Agent for Service)
Registrant's Telephone Number - (360) 734-9900 Ext. 1804
Date of fiscal year end: November 30, 2026
Date of reporting period: May 31, 2026
Item 1. Report To Shareowners
SCORX
| SATURNA CORE
Saturna Core Fund
Semi-Annual Shareholder Report - May 31, 2026
Fund Overview
The objective of the Saturna Core Fund is long-term appreciation and capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Core Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at https://www.saturna.com/products/saturna-core . You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the 6 months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Saturna Core
|
$38
|
0.74%
|
Annual Average Total Return
Table Summary
|
1 Year
|
5 Year
|
10 Year
|
|
|
Saturna Core
|
19.81%
|
7.21%
|
8.17%
|
|
Bloomberg Developed Markets Large & Mid Cap Total Return
|
27.81%
|
12.35%
|
13.57%
|
|
Bloomberg Global Equity/Fixed Income 60/40 Index
|
17.52%
|
6.73%
|
8.49%
|
|
Bloomberg US Aggregate Bond Index
|
5.13%
|
0.17%
|
1.70%
|
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$43,585,641
|
|
# of Portfolio Holdings
|
91
|
|
Advisory Fees Paid
|
$93,354
|
|
Portfolio Turnover Rate
|
15%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit https://www.saturna.com/products/saturna-core for more recent performance information.
What did the Fund invest in?
Sector Weightings
% of Total Net Assets
Table Summary
|
Technology
|
17.4%
|
|
Materials
|
11.1%
|
|
Industrials
|
11.1%
|
|
Financials
|
8.2%
|
|
Communications
|
7.7%
|
|
Consumer Discretionary
|
7.0%
|
|
Government
|
6.2%
|
|
Health Care
|
5.5%
|
|
Consumer Staples
|
4.4%
|
|
Utilities
|
3.7%
|
|
Other Sectors
|
9.9%
|
|
Other Assets (net of liabilities)
|
7.8%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
How has the Fund changed?
Effective March 20, 2026, the Saturna Global High-Income Fund was merged into Saturna Core Fund. This change did not result in any change to the Fund's investment objective, principal investment strategies, or principal risks.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
SSGFX
| INVESTOR SHARES
Saturna Growth Fund
Semi-Annual Shareholder Report - May 31, 2026
Fund Overview
The objective of the Saturna Growth Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna Growth Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-growth . You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the 6 months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$52
|
0.99%
|
Annual Average Total Return
Table Summary
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
29.04%
|
12.26%
|
15.63%
|
|
Bloomberg 1000 Growth Total Return Index
|
29.89%
|
14.24%
|
17.57%
|
|
Bloomberg US Large Cap Total Return Index
|
29.61%
|
13.89%
|
15.78%
|
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$84,754,285
|
|
# of Portfolio Holdings
|
27
|
|
Advisory Fees Paid
|
$195,967
|
|
Portfolio Turnover Rate
|
3%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-growth for more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
Table Summary
|
Semiconductor Devices
|
21.7%
|
|
Internet Media & Services
|
13.2%
|
|
Infrastructure Software
|
12.7%
|
|
Communications Equipment
|
10.5%
|
|
Online Marketplace
|
8.2%
|
|
Mass Merchants
|
3.7%
|
|
Infrastructure Construction
|
3.1%
|
|
Specialty Apparel Stores
|
3.1%
|
|
Non-Alcoholic Beverages
|
2.9%
|
|
Electrical Components
|
2.4%
|
|
Other Industries
|
15.5%
|
|
Other Assets (net of liabilities)
|
3.0%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
How has the Fund Changed?
There were no material changes to the Fund during this reporting period.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
SGZFX
| Z SHARES
Saturna Growth Fund
Semi-Annual Shareholder Report - May 31, 2026
Fund Overview
The objective of the Saturna Growth Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna Growth Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-growth . You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the 6 months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Z Shares
|
$40
|
0.76%
|
Annual Average Total Return
Table Summary
|
1 Year
|
5 Year
|
|
|
Z Shares
|
29.34%
|
12.53%
|
|
Bloomberg 1000 Growth Total Return Index
|
29.89%
|
14.24%
|
|
Bloomberg US Large Cap Total Return Index
|
29.61%
|
13.89%
|
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$84,754,285
|
|
# of Portfolio Holdings
|
27
|
|
Advisory Fees Paid
|
$195,967
|
|
Portfolio Turnover Rate
|
3%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-growth for more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
Table Summary
|
Semiconductor Devices
|
21.7%
|
|
Internet Media & Services
|
13.2%
|
|
Infrastructure Software
|
12.7%
|
|
Communications Equipment
|
10.5%
|
|
Online Marketplace
|
8.2%
|
|
Mass Merchants
|
3.7%
|
|
Infrastructure Construction
|
3.1%
|
|
Specialty Apparel Stores
|
3.1%
|
|
Non-Alcoholic Beverages
|
2.9%
|
|
Electrical Components
|
2.4%
|
|
Other Industries
|
15.5%
|
|
Other Assets (net of liabilities)
|
3.0%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
How has the Fund Changed?
There were no material changes to the Fund during this reporting period.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
SSIFX
| INVESTOR SHARES
Saturna International Fund
Semi-Annual Shareholder Report - May 31, 2026
Fund Overview
The objective of the Saturna International Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna International Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-international . You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the 6 months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Investor Shares
|
$51
|
0.94%
|
Annual Average Total Return
Table Summary
|
1 Year
|
5 Year
|
10 Year
|
|
|
Investor Shares
|
33.36%
|
9.93%
|
11.79%
|
|
Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index
|
24.29%
|
9.75%
|
10.08%
|
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$118,840,751
|
|
# of Portfolio Holdings
|
38
|
|
Advisory Fees Paid
|
$241,242
|
|
Portfolio Turnover Rate
|
31%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-international for more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
Table Summary
|
Semiconductor Manufacturing
|
11.3%
|
|
Communications Equipment
|
9.4%
|
|
Electrical Power Equipment
|
9.4%
|
|
Large Pharma
|
5.2%
|
|
Basic & Diversified Chemicals
|
5.1%
|
|
Base Metals
|
4.6%
|
|
Construction & Mining Machinery
|
4.2%
|
|
Fabricated Metal & Hardware
|
4.0%
|
|
Banks
|
3.5%
|
|
Industrial Wholesale & Rental
|
3.5%
|
|
Other Industries
|
34.1%
|
|
Other Assets (net of liabilities)
|
5.7%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
How has the Fund changed?
Effective March 20, 2026, the Saturna Sustainable Equity Fund was merged into Saturna International Fund. This change did not result in any change to the Fund's investment objective, principal investment strategies, or principal risks.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
SIFZX
| Z SHARES
Saturna International Fund
Semi-Annual Shareholder Report - May 31, 2026
Fund Overview
The objective of the Saturna International Fund is long-term capital growth. This Semi-Annual Shareholder Report contains important information about the Saturna International Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-international . You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the 6 months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Z Shares
|
$37
|
0.69%
|
Annual Average Total Return
Table Summary
|
1 Year
|
5 Year
|
|
|
Z Shares
|
33.64%
|
10.17%
|
|
Bloomberg Developed Markets ex US Large & Mid Cap Total Return Index
|
24.29%
|
9.75%
|
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$118,840,751
|
|
# of Portfolio Holdings
|
38
|
|
Advisory Fees Paid
|
$241,242
|
|
Portfolio Turnover Rate
|
31%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-international for more recent performance information.
What did the Fund invest in?
Industry Weightings
% of Total Net Assets
Table Summary
|
Semiconductor Manufacturing
|
11.3%
|
|
Communications Equipment
|
9.4%
|
|
Electrical Power Equipment
|
9.4%
|
|
Large Pharma
|
5.2%
|
|
Basic & Diversified Chemicals
|
5.1%
|
|
Base Metals
|
4.6%
|
|
Construction & Mining Machinery
|
4.2%
|
|
Fabricated Metal & Hardware
|
4.0%
|
|
Banks
|
3.5%
|
|
Industrial Wholesale & Rental
|
3.5%
|
|
Other Industries
|
34.1%
|
|
Other Assets (net of liabilities)
|
5.7%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
How has the Fund changed?
Effective March 20, 2026, the Saturna Sustainable Equity Fund was merged into Saturna International Fund. This change did not result in any change to the Fund's investment objective, principal investment strategies, or principal risks.
1300 N. State Street
Bellingham, WA 98225
1-800-728-8762
SEBFX
| SATURNA GLOBAL SUSTAINABLE BOND
Saturna Global Sustainable Bond Fund
Semi-Annual Shareholder Report - May 31, 2026
Fund Overview
The objective of the Saturna Global Sustainable Bond Fund is current income and capital preservation. This Semi-Annual Shareholder Report contains important information about the Saturna Global Sustainable Bond Fund for the period of December 1, 2025 to May 31, 2026. You can find additional information about the Fund at www.saturna.com/products/saturna-global-sustainable-bond . You can also request this information by contacting us at 1-800-728-8762 or [email protected]. The report describes changes to the Fund that occurred during the reporting period.
What were the Fund's costs for the 6 months?
(Based on a hypothetical $10,000 investment)
Table Summary
|
Class Name
|
Cost of a $10,000 Investment
|
Cost Paid as a % of a $10,000 Investment
|
|
Saturna Global Sustainable Bond
|
$30
|
0.60%
|
Annual Average Total Return
Table Summary
|
1 Year
|
5 Year
|
10 Year
|
|
|
Saturna Global Sustainable Bond
|
7.14%
|
1.25%
|
2.27%
|
|
Bloomberg Global Aggregate Bond Index
|
3.26%
|
-1.58%
|
0.74%
|
Key Fund Statistics
Table Summary
|
Total Net Assets
|
$99,807,576
|
|
# of Portfolio Holdings
|
97
|
|
Advisory Fees Paid
|
$193,207
|
|
Portfolio Turnover Rate
|
14%
|
Past performance does not guarantee future results. The "Average Annual Return" table assumes the reinvestment of dividends and capital shares. Performance results do not reflect the deduction of taxes that a shareowner might pay on fund distributions or the redemptions of fund shares. Please visit www.saturna.com/products/saturna-global-sustainable-bond for more recent performance information.
What did the Fund invest in?
Sector Weightings
% of Total Net Assets
Table Summary
|
Government
|
28.9%
|
|
Financials
|
18.8%
|
|
Communications
|
7.9%
|
|
Real Estate
|
7.4%
|
|
Utilities
|
7.2%
|
|
Industrials
|
3.7%
|
|
Materials
|
3.6%
|
|
Technology
|
3.5%
|
|
Consumer Discretionary
|
3.1%
|
|
Information Technology
|
3.0%
|
|
Other Sectors
|
9.7%
|
|
Other Assets (net of liabilities)
|
3.2%
|
Additional Information
If you wish to view additional information about the Fund, including but not limited to the Fund's prospectus, financial statements, holdings, or proxy voting information, please visit www.saturna.com/resources/literature.
How has the Fund changed?
Effective March 20, 2026, the Saturna Short-Term Bond Fund and Saturna Bond Income Fund were merged into Saturna Sustainable Bond Fund, which was subsequently renamed Saturna Global Sustainable Bond Fund. This change did not result in any change to the Fund's investment objective, principal investment strategies, or principal risks.
1300 N. State Street
Bellingham, WA 98225
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. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Table
of
Contents:
2
Morningstar
Ratings
3
Saturna
Core
Fund
4
Schedule
of
Investments
4
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
9
Statements
of
Changes
in
Net
Assets
10
Financial
Highlights
11
Global
Sustainable
Bond
Fund
12
Schedule
of
Investments
12
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
16
Statement
of
Changes
in
Net
Assets
17
Financial
Highlights
18
Saturna
Growth
Fund
19
Schedule
of
Investments
19
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
21
Statements
of
Changes
in
Net
Assets
22
Financial
Highlights
23
Saturna
International
Fund
25
Schedule
of
Investments
25
Statement
of
Assets
and
Liabilities
and
Statement
of
Operations
27
Statements
of
Changes
in
Net
Assets
28
Financial
Highlights
29
Notes
To
Financial
Statements
31
Note
1
-
Organization
31
Note
2
-
Unaudited
Information
32
Note
3
-
Significant
Accounting
Policies
(Unaudited)
32
Note
4
-
Transactions
with
Affiliated
Persons
(Unaudited)
35
Note
5
-
Distributions
to
Shareowners
(Unaudited)
36
Note
6
-
Federal
Income
Taxes
(Unaudited)
36
Note
7
-
Investments
(Unaudited)
37
Note
8
-
Custodian
(Unaudited)
37
Note
9
-
Reorganization
(Unaudited)
37
Note
10
-
Subsequent
Events
39
Form
N-CSR
Items
8-11
40
Summary
Information
41
May
31,
2026
Semi-Annual
3
Morningstar
Ratings
(as
of
June
30,
2026)
Unaudited
©
2026
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
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or
distributed;
and
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arising
from
any
use
of
this
information.
A
Morningstar
Ratings™
("Star
Ratings")
are
as
of
June
30,
2026
.
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.
%
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.
Morningstar™
Ratings
A
1
Year
3
Year
5
Year
10
Year
Overall
Saturna
Global
Sustainable
Bond
Fund
-
"Global
Bond"
Category
SEBFX
n/a
%
Rank
in
Category
15
41
27
16
41
Number
of
Funds
in
Category
143
143
142
120
143
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
4
May
31,
2026
Semi-Annual
Continued
on
next
page.
Common
Stock
-
67.2%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
3,150
$
295,342
$
1,198,071
United
States
2.7%
Wireless
Telecommunications
Orange
ADR
20,000
270,393
419,400
France
1.0%
SK
Telecom
ADR
16,500
472,623
616,110
Korea
Republic
Of
1.4%
743,016
1,035,510
2.4%
1,038,358
2,233,581
5.1%
Consumer
Discretionary
Automotive
Retailers
AutoZone
90
279,342
264,167
United
States
0.6%
Automotive
Wholesalers
Copart
4,500
194,037
147,465
United
States
0.3%
Home
Products
Stores
Lowe's
1,100
75,376
235,796
United
States
0.6%
Online
Marketplace
Amazon.com
1,500
340,140
405,960
United
States
0.9%
Specialty
Apparel
Stores
Ross
Stores
3,750
608,373
868,988
United
States
2.0%
TJX
Companies
2,700
139,837
417,825
United
States
1.0%
748,210
1,286,813
3.0%
1,637,105
2,340,201
5.4%
Consumer
Staples
Household
Products
Procter
&
Gamble
1,450
138,928
208,162
United
States
0.5%
Mass
Merchants
Dollarama
Inc
900
117,480
115,091
Canada
0.3%
Packaged
Food
Danone
ADR
25,000
305,091
355,000
France
0.8%
Nestle
ADR
1,000
73,990
101,440
Switzerland
0.3%
379,081
456,440
1.1%
Personal
Care
Products
Kimberly-Clark
de
Mexico,
Class
A
225,000
464,220
498,356
Mexico
1.1%
Unilever
Plc
3,999
261,455
225,744
United
Kingdom
0.5%
725,675
724,100
1.6%
1,361,164
1,503,793
3.5%
Energy
Renewable
Energy
Equipment
First
Solar,
Inc
2,500
461,669
766,975
United
States
1.7%
Financials
Banks
ANZ
Group
Holdings
ADR
22,000
417,692
557,260
Austrailia
1.3%
Consumer
Finance
Visa
2,400
607,345
783,264
United
States
1.8%
Diversified
Banks
Banco
Santander
SA
20,000
171,481
249,600
Spain
0.5%
Other
Financial
Services
Mastercard,
Class
A
1,750
777,081
864,465
United
States
2.0%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
5
Continued
on
next
page.
Common
Stock
-
67.2%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Financials
(continued)
P&C
Insurance
Chubb
810
$
102,989
$
252,501
Switzerland
0.6%
2,076,588
2,707,090
6.2%
Health
Care
Large
Pharma
AbbVie
1,350
310,920
293,922
United
States
0.7%
AstraZeneca
PLC
2,000
245,744
371,340
United
Kingdom
0.8%
GlaxoSmithKline
ADR
18,000
794,679
909,720
United
Kingdom
2.1%
Novartis
ADR
2,500
134,038
375,425
Switzerland
0.9%
Novo
Nordisk
ADR
6,250
267,496
284,875
Denmark
0.6%
1,752,877
2,235,282
5.1%
Specialty
&
Generic
Pharma
Sandoz
Group
AG-ADR
2,000
138,848
168,240
Switzerland
0.4%
1,891,725
2,403,522
5.5%
Industrials
Building
Construction
EMCOR
Group
Inc.
700
255,510
578,774
United
States
1.3%
Commercial
&
Residential
Building
Equipment
&
Systems
Trane
400
131,521
180,520
Ireland
0.4%
Electrical
Components
Prysmian
S.P.A
4,000
249,724
689,397
Italy
1.6%
Electrical
Power
Equipment
Eaton
1,565
233,529
626,939
Ireland
1.5%
Fuji
Electric
Co.
Ltd.
5,500
271,891
534,019
Japan
1.2%
505,420
1,160,958
2.7%
Flow
Control
Equipment
Parker
Hannifin
170
25,342
143,587
United
States
0.3%
Industrial
Wholesale
&
Rental
Fastenal
3,490
40,514
154,258
United
States
0.4%
Waste
Management
Republic
Services
950
116,161
190,418
United
States
0.4%
1,324,192
3,097,912
7.1%
Information
Technology
IT
Services
Amdocs
Ltd
12,400
803,824
780,828
United
States
1.8%
Materials
Agricultural
Chemicals
Corteva
1,200
75,072
93,936
United
States
0.2%
Quimica
y
Minera
Chile
ADR
9,400
800,183
807,178
Chile
1.9%
875,255
901,114
2.1%
Base
Metals
Altius
Minerals
Corp
16,000
610,170
672,194
Canada
1.6%
Antofagasta
8,000
199,536
441,107
United
Kingdom
1.0%
South32
ADR
19,000
134,773
329,745
Australia
0.7%
Southern
Copper
5,075
537,699
970,847
Peru
2.2%
1,482,178
2,413,893
5.5%
Cement
&
Aggregates
CRH
PLC
3,000
334,077
326,370
United
States
0.7%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
May
31,
2026
Semi-Annual
Continued
on
next
page.
Common
Stock
-
67.2%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Materials
(continued)
Iron
BHP
Biliton
ADR
8,250
$
345,605
$
733,508
Australia
1.7%
Precious
Metals
Agnico-Eagle
Mines
2,530
126,967
463,370
Canada
1.1%
3,164,082
4,838,255
11.1%
Real
Estate
Retail
REIT
Simon
Property
Group
3,250
655,419
665,958
United
States
1.5%
Technology
Communications
Equipment
Apple
2,250
123,699
702,135
United
States
1.6%
Cisco
Systems
5,000
179,892
602,100
United
States
1.4%
Fujikura
Ltd
13,000
319,931
387,589
Japan
0.9%
623,522
1,691,824
3.9%
Infrastructure
Software
Microsoft
2,000
621,598
900,480
United
States
2.1%
Oracle
1,000
88,983
225,780
United
States
0.5%
710,581
1,126,260
2.6%
Semiconductor
Devices
Broadcom
1,270
162,816
567,398
United
States
1.3%
Micron
Technology
1,300
617,160
1,262,300
United
States
2.9%
Nvidia
3,750
371,923
791,775
United
States
1.8%
1,151,899
2,621,473
6.0%
Semiconductor
Manufacturing
ASML
Holding
NY
225
183,871
362,871
Netherlands
0.8%
Taiwan
Semiconductor
ADR
2,550
383,136
1,067,047
Taiwan
2.5%
567,007
1,429,918
3.3%
3,053,009
6,869,475
15.8%
Utilities
Integrated
Electric
Utilities
Dominion
Energy
8,693
418,096
581,909
United
States
1.3%
NextEra
Energy
6,005
192,243
522,495
United
States
1.2%
610,339
1,104,404
2.5%
Total
Common
Stock
$18,077,474
$29,311,994
67.2%
Corporate
Bonds
-
13.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Bellsouth
Capital
Funding
7.875%
due
02/15/2030
150,000
163,495
United
States
0.4%
Comcast
5.650%
due
06/15/2035
500,000
516,513
United
States
1.2%
Comcast
4.650%
due
07/15/2042
250,000
217,270
United
States
0.5%
Netflix
4.375%
due
11/15/2026
250,000
250,470
United
States
0.5%
1,147,748
2.6%
Consumer
Discretionary
Ford
Motor
6.375%
due
02/01/2029
220,000
226,299
United
States
0.5%
Lowe's
4.250%
due
09/15/2044
250,000
200,570
United
States
0.5%
MDC
Holdings
3.850%
due
01/15/2030
200,000
190,670
United
States
0.4%
Stanford
University
4.013%
due
05/01/2042
100,000
83,923
United
States
0.2%
701,462
1.6%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
7
Continued
on
next
page.
Corporate
Bonds
-
13.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Consumer
Staples
Coca
Cola
1.000%
due
03/15/2028
$
250,000
$
236,920
United
States
0.5%
Grupo
Bimbo
4.875%
due
06/27/2044
200,000
179,883
Mexico
0.4%
416,803
0.9%
Financials
Lincoln
National(Quarterly
SOFR
+0.2616%)
2
6.186%
due
04/20/2067
250,000
200,625
United
States
0.5%
Industrials
Burlington
Northern
Santa
Fe
Bond
6.200%
due
08/15/2036
150,000
164,059
United
States
0.4%
Burlington
Northern
Santa
Fe
5.050%
due
03/01/2041
200,000
195,122
United
States
0.5%
CSX
Corp
4.650%
due
03/01/2068
550,000
450,034
United
States
1.0%
Delta
Air
Lines
3.750%
due
10/28/2029
250,000
241,602
United
States
0.6%
Fedex
Corp
3.900%
due
02/01/2035
250,000
229,820
United
States
0.5%
Norfolk
Southern
5.100%
due
08/01/2118
275,000
235,725
United
States
0.5%
Union
Pacific
3.375%
due
02/01/2035
250,000
223,141
United
States
0.5%
1,739,503
4.0%
Real
Estate
Welltower
4.250%
due
04/15/2028
350,000
349,391
United
States
0.8%
Technology
Oracle
2.950%
due
04/01/2030
500,000
461,432
United
States
1.1%
Qualcomm
3.250%
due
05/20/2027
220,000
218,492
United
States
0.5%
679,924
1.6%
Utilities
Pacificorp
6.000%
due
01/15/2039
500,000
508,921
United
States
1.2%
Total
Corporate
Bonds
(Cost
$6,351,609)
$5,744,377
13.2%
Government
Bonds
-
7.1%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Financials
Federal
Home
Loan
Bank
4.500%
due
12/04/2029
400,000
399,743
United
States
0.9%
Government
United
States
Treasury
Bond
4.500%
due
02/15/2036
137,000
138,407
United
States
0.3%
United
States
Treasury
Bond
3.625%
due
02/15/2044
155,000
130,491
United
States
0.3%
United
States
Treasury
Bond
6.250%
due
05/15/2030
900,000
969,469
United
States
2.2%
United
States
Treasury
Bond
3.375%
due
11/15/2048
1,150,000
891,744
United
States
2.1%
2,130,111
4.9%
Treasury
Inflation
Protected
Securities
United
States
Treasury
Inflation
Index
Bond
2.125%
due
02/15/2054
644,921
567,719
United
States
1.3%
Total
Government
Bonds
(Cost
$3,184,038
)
$3,097,573
7.1%
Municipals
Bonds
-
4.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Financials
Connecticut
State
Housing
Fin
Auth
5.918%
due
11/15/2055
250,000
249,331
United
States
0.6%
Government
Connecticut
State
Housing
Fin
Auth
Mtge
5.798%
due
11/15/2045
550,000
555,556
United
States
1.3%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
8
May
31,
2026
Semi-Annual
Municipals
Bonds
-
4.7%
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
$
49,991
United
States
0.1%
Maryland
Community
Development
Administration
6.362%
due
09/01/2053
675,000
682,777
United
States
1.6%
Virginia
State
Housing
Development
Authority
5.950%
due
10/01/2066
500,000
500,365
United
States
1.1%
1,233,133
2.8%
Total
Municipals
Bonds
(Cost
$2,041,202)
$2,038,020
4.7%
Total
investments
(Cost
$29,654,323)
$40,191,964
92.2%
Other
assets
(net
of
liabilities)
3,393,677
7.8%
Total
net
assets
$43,585,641
100.0%
1
Country
of
domicile
2
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2026
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
ADR:
American
Depositary
Receipt
SA:
Special
Assessment
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
9
Statement
of
Assets
and
Liabilities
(Unaudited)
Statement
of
Operations
(Unaudited)
As
of
May
31,
2026
Assets
Investments
in
securities,
at
value
(Cost
$29,654,323)
$
40,191,964
Cash
3,183,565
Interest
receivable
131,403
Dividends
receivable
88,629
Receivable
for
Fund
shares
sold
18,245
Prepaid
expenses
9,406
Total
assets
43,623,212
Liabilities
Accrued
advisory
fees
16,206
Accrued
audit
expenses
9,882
Accrued
retirement
plan
custody
fee
4,849
Accrued
trustee
expenses
2,915
ReFlow
fees
payable
1,975
Accrued
Chief
Compliance
Officer
expenses
769
Payable
for
Fund
shares
redeemed
347
Accrued
other
operating
expenses
628
Total
liabilities
37,571
Net
assets
$43,585,641
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$31,072,464
Total
distributable
earnings
12,513,177
Net
assets
applicable
to
Fund
shares
outstanding
$43,585,641
Fund
shares
outstanding
2,168,876
Net
asset
value,
offering,
and
redemption
price
per
share
$20.10
Period
ended
May
31,
2026
Investment
income
Interest
income
$
313,521
Dividend
Income
(Net
of
foreign
tax
of
$19,822)
209,762
Miscellaneous
income
25
Total
investment
income
523,308
Expenses
Investment
advisory
fees
93,354
Filing
and
registration
fees
14,329
Audit
fees
10,092
Trustee
fees
6,854
Retirement
plan
custodial
fees
5,074
Legal
fees
4,247
Chief
Compliance
Officer
expenses
4,054
ReFlow
fees
3,267
Custodian
fees
1,025
Other
operating
expenses
4,098
Total
gross
expenses
146,394
Less
adviser
fees
waived
(6,733)
Less
custodian
fee
credits
(1,025)
Net
expenses
138,636
Net
investment
income
$384,672
Net
realized
gain
from
investments
and
foreign
currency
$1,602,329
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
1,557,897
Net
gain
on
investments
3,160,226
Net
increase
in
net
assets
resulting
from
operations
$3,544,898
A
Includes
$722,535
in
net
realized
gains
from
redemptions
in-kind
Saturna
Core
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
10
May
31,
2026
Semi-Annual
Statements
of
Changes
in
Net
Assets
A
On
March
20,
2026,
the
Saturna
Global
High
Income
Fund
was
merged
into
Saturna
Core
Fund.
Period
ended
May
31,
2026
(Unaudited)
Year
ended
November
30,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$384,672
$479,520
Net
realized
gain
on
investments
and
foreign
currency
1,602,329
1,157,568
Net
increase
in
unrealized
appreciation
on
investments
and
foreign
currency
1,557,897
1,565,839
Net
increase
in
net
assets
3,544,898
3,202,927
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(656,555)
(707,388)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
6,666,169
7,560,695
Proceeds
from
merger
10,326,267
-
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
656,410
707,219
Cost
of
shares
redeemed
(8,242,059)
(6,267,074)
Total
capital
shares
transactions
9,406,787
2,000,840
Total
increase
in
net
assets
12,295,130
4,496,379
Net
assets
Beginning
of
period
31,290,511
26,794,132
End
of
period
$43,585,641
$31,290,511
Shares
of
the
Fund
sold
and
redeemed
Saturna
Core
(SCORX)
Number
of
shares
sold
344,885
418,668
Number
of
shares
received
through
reorganization
A
562,249
-
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
35,752
42,706
Number
of
shares
redeemed
(421,877)
(344,821)
Net
increase
in
number
of
shares
outstanding
521,009
116,553
-
-
Saturna
Core
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
11
tin
Saturna
Core
(SCORX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$18.99
$17.50
$15.22
$14.87
$16.20
$14.81
Income
from
investment
operations
Net
investment
income
0.20
0.30
0.32
0.26
0.21
0.24
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
1.31
1.65
2.21
0.30
(1.03)
1.36
Total
from
investment
operations
1.51
1.95
2.53
0.56
(0.82)
1.60
Less
distributions
Dividends
(from
net
investment
income)
(0.29)
(0.31)
(0.25)
(0.19)
(0.25)
(0.21)
Distributions
(from
capital
gains)
(0.11)
(0.15)
-
(0.02)
(0.26)
-
Total
distributions
(0.40)
(0.46)
(0.25)
(0.21)
(0.51)
(0.21)
Net
asset
value
at
end
of
period
$20.10
$18.99
$17.50
$15.22
$14.87
$16.20
Total
Return
B
8.13%
11.54%
16.84%
3.88%
(5.32)%
10.95%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$43,586
$31,291
$26,794
$21,195
$19,282
$18,932
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.78%
0.84%
0.74%
0.86%
0.90%
0.57%
After
advisory
fees
waiver
C
0.74%
-%
-%
-%
-%
-%
After advisory
fee
waiver
and
custodian
fee
credits
C
0.74%
0.83%
0.74%
0.85%
0.90%
0.56%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
2.05%
1.71%
1.93%
1.72%
1.44%
1.52%
Portfolio
turnover
rate
B
15%
16%
17%
13%
10%
14%
A
Unaudited
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Global
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
12
May
31,
2026
Semi-Annual
Continued
on
next
page.
Corporate
Bonds
-
58.3%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Koninklijke
KPN
8.375%
due
10/01/2030
$
3,550,000
$
4,057,260
Netherlands
4.1%
Telecom
Italia
Capital
6.000%
due
09/30/2034
1,450,000
1,475,798
Italy
1.5%
Telecom
Italia
SPA
1.625%
due
01/18/2029
EUR
2,100,000
2,337,625
Italy
2.3%
7,870,683
7.9%
Consumer
Discretionary
Coty/HFC
Prestige
2
6.625%
due
07/15/2030
750,000
752,361
United
States
0.8%
Lowe's
5.800%
due
10/15/2036
250,000
262,313
United
States
0.3%
O'Reilly
Automotive
Inc.
4.700%
due
06/15/2032
1,250,000
1,240,878
United
States
1.2%
O'Reilly
Automotive
3.600%
due
09/01/2027
150,000
148,563
United
States
0.1%
Starbucks
2.450%
due
06/15/2026
700,000
699,570
United
States
0.7%
3,103,685
3.1%
Consumer
Staples
Natura
Cosmeticos
SA
4.125%
due
05/03/2028
2,000,000
1,887,477
Brazil
1.9%
Unilever
Capital
5.900%
due
11/15/2032
200,000
214,571
United
States
0.2%
2,102,048
2.1%
Energy
Masdar
Abu
Dhabi
4.875%
due
07/25/2029
2,750,000
2,764,945
United
Arab
Emirates
2.8%
Financials
AXA
5.125%
due
01/17/2047
3,000,000
3,001,066
France
3.0%
Bank
Of
New
York
Mellon
MTN
3.300%
due
08/23/2029
250,000
240,638
United
States
0.2%
Chubb
Ina
Holdings
4.350%
due
11/03/2045
100,000
85,853
United
States
0.1%
Commonwealth
Bank
Australia
3
4.527%
due
12/23/2026
AUD
1,450,000
1,042,597
Australia
1.1%
Munich
RE
1.000%
due
05/26/2042
EUR
3,200,000
3,210,708
Germany
3.2%
PayPal
Holdings
2.650%
due
10/01/2026
300,000
298,611
United
States
0.3%
State
Street
Float
2047
4.936%
due
06/15/2047
4,200,000
3,807,624
United
States
3.8%
UBS
AG
Stamford
CT
7.750%
due
09/01/2026
200,000
201,401
United
States
0.2%
11,888,498
11.9%
Government
New
S
Wales
Treasury
CRP
3.000%
due
04/20/2029
AUD
2,600,000
1,783,541
Australia
1.8%
Health
Care
Becton
Dickinson
6.700%
due
08/01/2028
240,000
250,179
United
States
0.2%
Medtronic
4.375%
due
03/15/2035
260,000
250,301
United
States
0.3%
500,480
0.5%
Industrials
Burlington
Northern
Santa
Fe
5.050%
due
03/01/2041
310,000
302,438
United
States
0.3%
Deere
8.100%
due
05/15/2030
95,000
107,846
United
States
0.1%
FS
Luxembourg
SARL
8.875%
due
02/12/2031
2,500,000
2,577,625
Luxembourg
2.6%
RELX
4.000%
due
03/18/2029
400,000
394,623
United
Kingdom
0.4%
United
Rentals
of
North
America
5.250%
due
01/15/2030
350,000
350,095
United
States
0.3%
3,732,627
3.7%
Information
Technology
NXP
BV/NXP
FDG/NXP
USA
5.000%
due
01/15/2033
1,750,000
1,748,820
Netherlands
1.8%
NXP
BV/NXP
FDG/NXP
USA
3.250%
due
05/11/2041
300,000
228,013
Netherlands
0.2%
RELX
Finance
BV
0.875%
due
03/10/2032
EUR
1,000,000
1,007,941
Netherlands
1.0%
2,984,774
3.0%
Materials
Antofogasta
PLC
5.625%
due
09/09/2035
1,850,000
1,864,624
United
Kingdom
1.9%
Praxair
3.550%
due
11/07/2042
1,100,000
878,947
United
States
0.9%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Global
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
13
Continued
on
next
page.
Corporate
Bonds
-
58.3%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Materials
(continued)
Stora
Enso
OYJ
144A
2
7.250%
due
04/15/2036
$
500,000
$
535,562
Finland
0.5%
Stora
Enso
OYJ
7.250%
due
04/15/2036
300,000
321,337
Finland
0.3%
3,600,470
3.6%
Real
Estate
MAF
Global
Securities
7.875%
due
PERP
4,497,000
4,531,538
United
Arab
Emirates
4.6%
Prologis
1.250%
due
10/15/2030
500,000
435,593
United
States
0.4%
Republic
of
Turkiye
9.125%
due
07/13/2030
2,000,000
2,201,677
Turkey
2.2%
7,168,808
7.2%
Technology
Apple
4.500%
due
02/23/2036
350,000
347,392
United
States
0.4%
Nokia
OYJ
4.375%
due
08/21/2031
EUR
2,500,000
3,037,180
Finland
3.0%
Qualcomm
3.250%
due
05/20/2027
100,000
99,315
United
States
0.1%
3,483,887
3.5%
Utilities
Brookfield
Renewable
Partners
ULC
4.542%
due
10/12/2035
CAD
3,000,000
2,180,572
Canada
2.2%
Florida
Power
&
Light
5.950%
due
10/01/2033
100,000
106,312
United
States
0.1%
National
Central
Cooling
5.279%
due
03/05/2030
3,000,000
3,031,083
United
Arab
Emirates
3.0%
Puget
Sound
Energy
4.434%
due
11/15/2041
300,000
258,862
United
States
0.2%
United
Utilities
6.875%
due
08/15/2028
1,600,000
1,671,505
United
Kingdom
1.7%
7,248,334
7.2%
Total
Corporate
Bonds
(Cost
$58,239,105)
$58,232,780
58.3%
Government
Bonds
-
31.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Financial
Services
INTL
FINANCE
CORP
7.000%
due
07/20/2027
MXN
26,000,000
1,488,405
Mexico
1.5%
Financials
African
Development
Bank
5.750%
due
08/07/2050
3,500,000
3,418,232
Cote
D'ivoire
3.4%
Federal
Home
Loan
Bank
5.000%
due
10/14/2044
250,000
245,022
United
States
0.2%
Federal
Home
Loan
Bank
4.500%
due
12/04/2029
250,000
249,839
United
States
0.3%
First
Abu
Dhabi
Bank
PJSC
5.125%
due
10/13/2027
1,750,000
1,758,104
United
Arab
Emirates
1.8%
Int'l
Bk
Recon
&
Develop
9.500%
due
02/09/2029
BRL
2,500,000
465,849
United
States
0.5%
6,137,046
6.2%
Government
European
Bk
Recon
&
Dev
4
-%
due
12/03/2030
MXN
25,000,000
936,423
United
Kingdom
0.9%
European
Investment
Bank
4.500%
due
02/16/2028
MXN
55,000,000
3,006,267
Luxembourg
3.0%
Export-Import
Bank
Korea
5.125%
due
01/11/2033
500,000
517,490
Korea
0.5%
First
Nations
Finance
Authority
4.050%
due
06/01/2035
CAD
2,500,000
1,845,641
Canada
1.9%
International
Finance
7.020%
due
04/06/2028
MXN
23,000,000
1,295,121
United
States
1.3%
International
Finance
12.000%
due
11/03/2027
COP
1,000,000,000
264,122
United
States
0.3%
Int'l
Bk
Recon
&
Develop
5.750%
due
01/14/2028
BRL
5,500,000
982,075
United
States
1.0%
Int'l
Bk
Recon
&
Develop
5.000%
due
10/07/2026
COP
7,000,000,000
1,845,908
Germany
1.9%
Int'l
Bk
Recon
&
Develop
10.000%
due
11/08/2027
BRL
12,500,000
2,391,442
United
States
2.4%
Intl
Finance
Corp
10.750%
due
02/15/2028
BRL
2,000,000
384,930
United
States
0.4%
Perusahaan
Penerbit
SBSN
3.550%
due
06/09/2051
500,000
344,885
Indonesia
0.4%
Queensland
Treasury
2.500%
due
03/06/2029
AUD
2,350,000
1,596,541
Australia
1.6%
Republic
of
Chile
4.340%
due
03/07/2042
500,000
441,000
Chile
0.4%
United
States
Treasury
Bond
5.250%
due
02/15/2029
300,000
309,937
United
States
0.3%
United
States
Treasury
Bond
5.375%
due
02/15/2031
400,000
421,156
United
States
0.4%
United
States
Treasury
Bond
6.250%
due
05/15/2030
575,000
619,383
United
States
0.6%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Global
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
14
May
31,
2026
Semi-Annual
Continued
on
next
page.
Government
Bonds
-
31.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Government
(continued)
United
States
Treasury
Bond
4.250%
due
05/15/2039
$
770,000
$
740,193
United
States
0.7%
United
States
Treasury
Bond
6.125%
due
08/15/2029
950,000
1,007,482
United
States
1.0%
United
States
Treasury
Bond
3.125%
due
11/15/2041
145,000
117,648
United
States
0.1%
United
States
Treasury
Bond
3.375%
due
11/15/2048
560,000
434,241
United
States
0.4%
United
States
Treasury
Note
2.375%
due
05/15/2027
650,000
640,751
United
States
0.6%
United
States
Treasury
Note
2.875%
due
05/15/2052
400,000
273,812
United
States
0.3%
United
States
Treasury
Note
2.250%
due
08/15/2027
750,000
735,117
United
States
0.7%
US
Treasury
Bond
4.875%
due
05/31/2026
400,000
400,000
United
States
0.4%
US
Treasury
Bond
4.500%
due
05/31/2029
350,000
354,129
United
States
0.4%
US
Treasury
Bond
5.500%
due
08/15/2028
300,000
309,281
United
States
0.3%
US
Treasury
Strips
4
-%
due
02/15/2045
1,550,000
586,498
United
States
0.6%
22,801,473
22.8%
Treasury
Inflation
Protected
Securities
United
States
Treasury
Inflation
Index
Bond
2.125%
due
02/15/2054
268,717
236,550
United
States
0.2%
United
States
Treasury
Inflation
Index
Bond
3.875%
due
04/15/2029
601,997
642,582
United
States
0.7%
879,132
0.9%
US
Government
Agency
Freddie
Mac
4.750%
due
12/18/2029
300,000
299,703
United
States
0.3%
Total
Government
Bonds
(Cost
$31,864,029)
$31,605,759
31.7%
Municipals
Bonds
-
6.6%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Financials
Connecticut
State
Housing
Fin
Auth
5.918%
due
11/15/2055
500,000
498,663
United
States
0.5%
Massachusetts
St
Hsg
Fin
Revenue
5.781%
due
12/01/2040
215,000
217,652
United
States
0.2%
716,315
0.7%
Government
Connecticut
State
Housing
Fin
Auth
Mtge
5.798%
due
11/15/2045
450,000
454,546
United
States
0.4%
Illinois
St
Hsg
Dev
Auth
Revnue
5.929%
due
10/01/2050
500,000
497,991
United
States
0.5%
Illinois
St
Hsg
Dev
Auth
Revnue
5.758%
due
10/01/2053
500,000
500,269
United
States
0.5%
Maryland
Cmnty
Dev
Admin
Hsg
5.991%
due
09/01/2044
300,000
301,543
United
States
0.3%
Minnesota
Housing
Finance
Agency
5.925%
due
07/01/2049
295,000
295,623
United
States
0.3%
Minnesota
St
Hsg
Fin
Agy
5.794%
due
07/01/2044
750,000
756,443
United
States
0.8%
New
York
NY
5.846%
due
06/01/2040
200,000
206,659
United
States
0.2%
Ohio
St
Hsg
Fin
Agy
RSDL
6.225%
due
09/01/2055
495,000
502,505
United
States
0.5%
San
Francisco
City
&
Cnty
CA
Cmnty
Facs
4.000%
due
09/01/2048
965,000
769,807
United
States
0.8%
4,285,386
4.3%
Municipal
Bonds
Massachusetts
Housing
Finance
Agency
5.989%
due
12/01/2044
300,000
302,667
United
States
0.3%
San
Diego
Unified
School
District
3.965%
due
07/01/2029
300,000
297,726
United
States
0.3%
Virginia
St
Hsg
Dev
Auth
5.889%
due
07/01/2051
750,000
753,219
United
States
0.8%
Virginia
State
Housing
Development
Authority
5.950%
due
10/01/2066
240,000
240,175
United
States
0.2%
1,593,787
1.6%
Total
Municipals
Bonds
(Cost
$6,592,899)
$6,595,488
6.6%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Global
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
15
BBSW:
Bank
Bill
Swap
Rate
Mortgage
Backed
-
0.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Real
Estate
Federal
National
Mortgage
Association
4.500%
due
11/01/2044
$
193,392
$
190,961
United
States
0.2%
Total
Mortgage
Backed
(Cost
$192,371)
$190,961
0.2%
Total
investments
(Cost
$96,888,404)
$96,624,988
96.8%
Other
assets
(net
of
liabilities)
3,182,588
3.2%
Total
net
assets
$99,807,576
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,
2026,
the
aggregate
value
of
these
securities
was
$1,287,923
representing
1.3%
of
total
net
assets.
3
Variable
rate
security.
The
interest
rate
represents
the
rate
in
effect
at
May
31,
2026
and
resets
periodically
based
on
the
parenthetically
disclosed
reference
rate
and
spread.
4
Non-income
producing
HFC:
Housing
Finance
Corporation
MTN:
Medium
Term
Note
SA:
Special
Assessment
AUD
:
Australian
dollar
BRL
:
Brazilian
real
CAD
:
Canadian
dollar
COP
:
Colombian
peso
EUR
:
Euro
MXN
:
Mexican
peso
USD
:
United
States
dollar
Global
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
16
May
31,
2026
Semi-Annual
Statement
of
Assets
and
Liabilities
(Unaudited)
Statement
of
Operations
(Unaudited)
As
of
May
31,
2026
Assets
Investments
in
securities,
at
value
(Cost
$96,888,404)
$
96,624,988
Interest
receivable
1,623,085
Cash
1,618,766
Receivable
for
Fund
shares
sold
84,704
Prepaid
expenses
33,210
Total
assets
99,984,753
Liabilities
Payable
for
Fund
shares
redeemed
122,101
Accrued
advisory
fees
33,450
Accrued
audit
expenses
11,845
Accrued
trustee
expenses
4,526
Accrued
retirement
plan
custody
fee
2,945
Accrued
Chief
Compliance
Officer
expenses
931
Accrued
other
operating
expenses
1,379
Total
liabilities
177,177
Net
assets
$99,807,576
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$100,631,226
Total
distributable
earnings
(823,650
)
Net
assets
applicable
to
Fund
shares
outstanding
$99,807,576
Fund
shares
outstanding
10,432,196
Net
asset
value,
offering,
and
redemption
price
per
share
$9.57
Period
ended
May
31,
2026
Investment
income
Interest
income
(Net
of
foreign
tax
of
$10,288)
$
2,108,330
Total
investment
income
2,108,330
Expenses
Investment
advisory
fees
193,207
Filing
and
registration
fees
15,726
Audit
fees
11,951
Trustee
fees
11,460
Legal
fees
7,390
Chief
Compliance
Officer
expenses
7,181
Custodian
fees
6,375
Retirement
plan
custodial
fees
2,061
Other
operating
expenses
10,012
Total
gross
expenses
265,363
Less
adviser
fees
waived
(27,139)
Less
custodian
fee
credits
(6,375)
Net
expenses
231,849
Net
investment
income
$1,876,481
Net
realized
gain
from
investments
and
foreign
currency
$200,664
Net
decrease
in
unrealized
appreciation
on
investments
and
foreign
currency
(236,771)
Net
loss
on
investments
(36,107)
Net
increase
in
net
assets
resulting
from
operations
$1,840,374
Global
Sustainable
Bond
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
17
Statements
of
Changes
in
Net
Assets
Period
ended
May
31,
2026
(Unaudited)
Year
ended
November
30,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$1,876,481
$2,204,018
Net
realized
gain
(loss)
on
investments
and
foreign
currency
200,664
(229,266)
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
(236,771)
1,995,654
Net
increase
in
net
assets
1,840,374
3,970,406
Distributions
to
shareowners
from
Net
dividend
and
distribution
to
shareholders
(2,274,485)
(1,156,915)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
18,391,983
27,596,203
Proceeds
from
merger
24,285,241
-
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
2,181,381
1,153,954
Cost
of
shares
redeemed
(4,764,046)
(7,707,987)
Total
capital
shares
transactions
40,094,559
21,042,170
Total
increase
in
net
assets
39,660,448
23,855,661
Net
assets
Beginning
of
period
60,147,128
36,291,467
End
of
period
$99,807,576
$60,147,128
Shares
of
the
Fund
sold
and
redeemed
Saturna
Global
Sustainable
Bond
(SEBFX)
Number
of
shares
sold
1,931,707
2,959,562
Number
of
shares
received
through
reorganization
2,593,192
-
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
232,309
130,097
Number
of
shares
redeemed
(501,667)
(836,695)
Net
increase
in
number
of
shares
outstanding
4,255,541
2,252,964
-
-
Sustainable
Bond
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
May
31,
2026
Semi-Annual
tin
Global
Sustainable
Bond
(SEBFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$9.74
$9.25
$9.28
$9.02
$10.02
$10.25
Income
from
investment
operations
Net
investment
income
0.23
0.44
0.41
0.36
0.22
0.20
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
(0.03)
0.34
(0.10)
(0.04)
(0.98)
(0.42)
Total
from
investment
operations
0.20
0.78
0.31
0.32
(0.76)
(0.22)
Less
distributions
Dividends
(from
net
investment
income)
(0..37)
(0.29)
(0.34)
(0.06)
(0.05)
(0.01)
Distributions
(from
capital
gains)
-
-
-
-
(0.19)
-
Total
distributions
(0.37)
(0.29)
(0.34)
(0.06)
(0.24)
(0.01)
Net
asset
value
at
end
of
period
$9.57
$9.74
$9.25
$9.28
$9.02
$10.02
Total
Return
B
2.08%
8.75%
3.36%
3.55%
(7.83)%
(2.14)%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$99,808
$60,147
$36,291
$29,455
$28,705
$26,048
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
C
0.68%
0.79%
0.81%
0.83%
0.74%
0.86%
After
advisory
fees
waiver
C
0.61%
0.66%
0.67%
0.67%
0.66%
0.66%
After advisory
fee
waiver
and
custodian
fee
credits
C
0.60%
0.65%
0.65%
0.65%
0.65%
0.65%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
C
4.83%
4.72%
4.48%
3.89%
2.35%
1.99%
Portfolio
turnover
rate
B
14%
37%
25%
54%
80%
65%
A
Unaudited
B
Not
annualized
for
period
of
less
than
one
year
C
Annualized
for
periods
of
less
than
one
year
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
19
Continued
on
next
page.
Common
Stock
-
97.0%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
&
Services
Alphabet,
Class
A
24,150
$
738,845
$
9,185,211
10.8%
Meta
Platforms
Inc
,
Class
A
3,200
1,630,348
2,024,032
2.4%
2,369,193
11,209,243
13.2%
Consumer
Discretionary
Automotive
Retailers
O'Reilly
Automotive
1
19,500
1,094,232
1,694,160
2.0%
Online
Marketplace
Amazon.com
1
25,775
161,044
6,975,746
8.2%
Specialty
Apparel
Stores
TJX
Companies
16,900
763,951
2,615,275
3.1%
2,019,227
11,285,181
13.3%
Consumer
Staples
Mass
Merchants
Costco
Wholesale
3,264
390,172
3,121,429
3.7%
Non-Alcoholic
Beverages
Monster
Beverage
27,900
1,299,603
2,457,432
2.9%
1,689,775
5,578,861
6.6%
Financials
Other
Financial
Services
Mastercard
,
Class
A
3,791
345,686
1,872,678
2.2%
Health
Care
Medical
Devices
Stryker
4,000
760,543
1,220,360
1.4%
Medical
Equipment
Intuitive
Surgical
Inc
1
1,000
469,760
424,640
0.5%
1,230,303
1,645,000
1.9%
Industrials
Building
Construction
EMCOR
Group
Inc.
2,200
1,759,255
1,819,004
2.1%
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
12,160
554,314
1,630,170
1.9%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
6,250
1,141,985
1,412,312
1.7%
Infrastructure
Construction
Quanta
Services
3,700
995,737
2,633,401
3.1%
Waste
Management
Republic
Services
3,250
792,077
651,430
0.8%
5,243,368
8,146,317
9.6%
Information
Technology
Electrical
Components
Amphenol
Corp-
Cl
A
13,400
1,774,493
1,993,384
2.4%
Materials
Agricultural
Chemicals
Corteva
5,260
240,947
411,753
0.5%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
20
May
31,
2026
Semi-Annual
Common
Stock
-
97.0%
Number
of
Shares
Cost
Market
Value
Percentage
of
Net
Assets
Materials
(continued)
Cement
&
Aggregates
CRH
PLC
7,000
$
679,195
$
761,530
0.9%
920,142
1,173,283
1.4%
Technology
Communications
Equipment
Apple
20,930
6,168
6,531,416
7.7%
Motorola
Solutions
6,000
1,346,591
2,419,680
2.8%
1,352,759
8,951,096
10.5%
Infrastructure
Software
Microsoft
15,775
730,910
7,102,536
8.4%
Oracle
16,125
833,580
3,640,702
4.3%
1,564,490
10,743,238
12.7%
Semiconductor
Devices
Advanced
Micro
Devices
1
8,000
882,947
4,128,800
4.9%
Broadcom
12,725
1,198,146
5,685,148
6.7%
Monolithic
Power
Systems
770
365,390
1,205,982
1.4%
Nvidia
35,000
493,220
7,389,900
8.7%
2,939,703
18,409,830
21.7%
5,856,952
38,104,164
44.9%
Utilities
Integrated
Electric
Utilities
NextEra
Energy
14,270
1,301,23
6
1,241,633
1.5%
Total
investments
$22,750,375
$82,249,744
97.0%
Other
assets
(net
of
liabilities)
2,504,541
3.0%
Total
net
assets
$84,754,285
100.0%
1
Non-income
producing
Saturna
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
21
Statement
of
Assets
and
Liabilities
(Unaudited)
Statement
of
Operations
(Unaudited)
As
of
May
31,
2026
Assets
Investments
in
securities,
at
value
(Cost
$22,750,375)
$
82,249,744
Cash
2,490,353
Dividends
receivable
30,828
Prepaid
expenses
24,446
Receivable
for
Fund
shares
sold
11,336
Interest
receivable
6,873
Total
assets
84,813,580
Liabilities
Accrued
advisory
fees
35,507
Accrued
audit
expenses
5,855
Accrued
trustee
expenses
4,961
Accrued
retirement
plan
custody
fee
4,406
Accrued
Chief
Compliance
Officer
expenses
2,163
Accrued
12b-1
distribution
fees
1,012
Accrued
other
operating
expenses
1,217
Accrued
printing
fees
4,174
Total
liabilities
59,295
Net
assets
$84,754,285
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$15,612,614
Total
distributable
earnings
69,141,671
Net
assets
applicable
to
Fund
shares
outstanding
$84,754,285
Net
asset
value
per
Investor
Shares
SSGFX
Net
assets,
at
value
$4,844,574
Shares
outstanding
68,819
Net
asset
value,
offering
and
redemption
price
per
share
$70.40
Net
asset
value
per
Z
Shares
SGZFX
Net
assets,
at
value
$79,909,711
Shares
outstanding
1,127,809
Net
asset
value,
offering
and
redemption
price
per
share
$70.85
Period
ended
May
31,
2026
Investment
income
Dividend
Income
$
195,219
Interest
income
37,997
Miscellaneous
income
50
Total
investment
income
233,266
Expenses
Investment
advisory
fees
195,967
Trustee
fees
18,878
Filing
and
registration
fees
18,849
ReFlow
fees
12,727
Audit
fees
12,612
Legal
fees
12,114
Chief
Compliance
Officer
expenses
10,996
12b-1
distribution
fees
5,843
Retirement
plan
custodial
fees
5,186
1,025
Investor
Shares
-
1,050
Z
Shares
5,186
Custodian
fees
1,578
Other
operating
expenses
8,577
Total
gross
expenses
303,327
Less
custodian
fee
credits
(1,578)
Net
expenses
301,749
Net
investment
loss
$(68,483)
Net
realized
gain
from
investments
$7,551,931
A
Net
decrease
in
unrealized
appreciation
on
investments
(627,686)
Net
gain
on
investments
6,924,245
Net
increase
in
net
assets
resulting
from
operations
$6,855,762
A
Includes
$7,203,683
in
net
realized
gains
from
redemptions
in-kind
Saturna
Growth
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
22
May
31,
2026
Semi-Annual
Statements
of
Changes
in
Net
Assets
Peri
od
ended
May
31,
2026
(Unaudited)
Year
ended
November
30,
2025
Increase
(Decrease)
in
net
assets
from
operations
From
operations
Net
investment
loss
$(68,483)
$(39,521)
Net
realized
gain
on
investments
7,551,931
3,530,334
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
(627,686)
10,207,091
Net
increase
in
net
assets
6,855,762
13,697,904
Distributions
to
shareowners
from
1,025
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(79,515)
(93,216)
1,050
Net
dividend
and
distribution
to
shareholders
-
Z
Shares
(1,239,728)
(1,533,929)
Total
distributions
(1,319,243)
(1,627,145)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
1,025
Investor
Shares
171,898
610,918
1,050
Z
Shares
15,328,397
7,516,363
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,025
Investor
Shares
77,632
91,643
1,050
Z
Shares
1,175,623
1,490,186
Cost
of
shares
redeemed
1,025
Investor
Shares
(726,663)
(696,709)
1,050
Z
Shares
(23,398,376)
(10,191,231)
Total
capital
shares
transactions
(7,371,489)
(1,178,830)
Total
increase
(decrease)
in
net
assets
(1,834,970)
10,891,929
Net
assets
Beginning
of
period
86,589,255
75,697,326
End
of
period
$84,754,285
$86,589,255
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(SSGFX)
Number
of
shares
sold
2,725
9,688
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,251
1,652
Number
of
shares
redeemed
(11,726)
(11,816)
Net
decrease
in
number
of
shares
outstanding
(7,750)
(476)
Z
Shares
(SGZFX)
Number
of
shares
sold
235,859
130,610
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
18,840
26,773
Number
of
shares
redeemed
(360,987)
(175,839)
Net
decrease
in
number
of
shares
outstanding
(106,288)
(18,456)
-
-
Saturna
Growth
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
23
tin
Investor
Shares
(SSGFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$65.74
$56.78
$43.60
$38.72
$51.39
$41.86
Income
from
investment
operations
Net
investment
income
B
(0.13)
(0.16)
(0.10)
(0.09)
(0.13)
0.09
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
5.83
10.34
13.28
5.89
(8.24)
9.70
Total
from
investment
operations
5.70
10.18
13.18
5.80
(8.37)
9.79
Less
distributions
Dividends
(from
net
investment
income)
-
-
-
-
(0.05)
(0.03)
Distributions
(from
capital
gains)
B
(1.04)
(1.22)
-
(0.92)
(4.25)
(0.23)
Total
distributions
(1.04)
(1.22)
-
(0.92)
(4.30)
(0.26)
Net
asset
value
at
end
of
period
$70.40
$65.74
$56.78
$43.60
$38.72
$51.39
Total
Return
C
8.88%
18.32%
30.23%
15.47%
(17.88)%
23.48%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$4,845
$5,034
$4,374
$5,065
$4,921
$6,411
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
0.99%
0.98%
0.96%
1.04%
1.21%
0.74%
After custodian
fee
credits
D
0.99%
0.98%
0.96%
1.04%
1.20%
0.74%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
(0.39)%
(0.27)%
(0.19)%
(0.22)%
(0.32)%
0.20%
Portfolio
turnover
rate
C
3%
8%
6%
10%
23%
18%
Z
Shares
(SGZFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$66.09
$56.94
$43.65
$38.66
$51.30
$41.78
Income
from
investment
operations
Net
investment
income
B
(0.05)
(0.02)
0.02
0.01
(0.03)
0.20
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
5.85
10.39
13.30
5.90
(8.22)
9.66
Total
from
investment
operations
5.80
10.37
13.32
5.91
(8.25)
9.86
Less
distributions
Dividends
(from
net
investment
income)
-
-
(0.03)
-
(0.14)
(0.11)
Distributions
(from
capital
gains)
B
(1.04)
(1.22)
-
(0.92)
(4.25)
(0.23)
Total
distributions
(1.04)
(1.22)
(0.03)
(0.92)
(4.39)
(0.34)
Net
asset
value
at
end
of
period
$70.85
$66.09
$56.94
$43.65
$38.66
$51.30
Total
Return
C
9.00%
18.60%
30.52%
15.79%
(17.69)%
23.76%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$79,910
$81,556
$71,323
$56,537
$49,958
$62,277
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
0.76%
0.75%
0.72%
0.80%
0.97%
0.51%
After custodian
fee
credits
D
0.76%
0.75%
0.72%
0.80%
0.97%
0.50%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
(0.16)%
(0.04)%
0.04%
0.02%
(0.08)%
0.43%
Portfolio
turnover
rate
C
3%
8%
6%
10%
23%
18%
A
Unaudited
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
May
31,
2026
Semi-Annual
Saturna
Growth
Fund:
Financial
Highlights
B
Calculated
using
average
shares
outstanding
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
25
Continued
on
next
page.
Common
Stock
-
94.3%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Consumer
Discretionary
Apparel,
Footwear
&
Accessory
Design
Hermes
International
1,267
$
1,966,417
$
2,368,809
France
2.0%
Consumer
Staples
Packaged
Food
Danone
ADR
43,470
614,127
617,274
France
0.5%
Danone
15,000
948,276
1,067,009
France
0.9%
1,562,403
1,684,283
1.4%
Financials
Banks
ANZ
Group
Holdings
Ltd
165,185
4,237,544
4,186,738
Austraila
3.5%
Islamic
Banking
Alinma
Bank
581,971
3,778,524
3,747,478
Saudi
Arabia
3.2%
Measurement
Instruments
Hexagon
AB-
B
shares
143,717
1,488,183
1,318,511
Sweden
1.1%
9,504,251
9,252,727
7.8%
Health
Care
Biotech
Samsung
Biologics
Co
Ltd
2
2,670
3,107,569
2,415,993
South
Korea
2.0%
Health
Care
Supplies
EssilorLuxottica
2,700
543,527
545,983
France
0.5%
Large
Pharma
AstraZeneca
PLC
5,006
641,335
929,464
United
Kingdom
0.8%
GlaxoSmithKline
ADR
10,234
427,926
517,226
United
Kingdom
0.4%
Novo
Nordisk
ADR
60,481
2,450,988
2,756,724
Denmark
2.3%
Sandoz
Group
AG
24,472
1,108,863
2,055,709
Switzerland
1.7%
4,629,112
6,259,123
5.2%
Medical
Devices
Smith
&
Nephew
184,180
2,870,071
2,747,827
United
Kingdom
2.3%
11,150,279
11,968,926
10.0%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Assa
Abloy
AB
-
B
40,800
967,105
1,465,048
Sweden
1.2%
Assa
Abloy
ADR
58,282
794,337
1,042,082
Sweden
0.9%
Johnson
Controls
International
7,400
480,759
992,044
United
States
0.9%
2,242,201
3,499,174
3.0%
Construction
&
Mining
Machinery
Komatsu
Ltd
122,360
4,506,499
4,999,256
Japan
4.2%
Diversified
Industrials
Siemens
ADR
5,896
445,104
924,670
Germany
0.8%
Electrical
Power
Equipment
Eaton
4,690
783,777
1,878,814
Ireland
1.6%
Fuji
Electric
Co.
Ltd.
56,842
3,456,110
5,519,039
Japan
4.6%
Schneider
Electric
ADR
17,100
420,097
1,075,590
France
0.9%
Schneider
Electric
SE
8,615
1,651,092
2,707,119
France
2.3%
6,311,076
11,180,562
9.4%
Fabricated
Metal
&
Hardware
Prysmian
S.P.A
27,142
2,023,784
4,677,903
Italy
4.0%
Schedule
of
Investments
(Unaudited)
As
of
May
31,
2026
Saturna
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
May
31,
2026
Semi-Annual
Common
Stock
-
94.3%
Number
of
Shares
Cost
Market
Value
Country
1
Percentage
of
Net
Assets
Industrials
(continued)
Industrial
Automation
Controls
ABB
Ltd
32,500
$
1,855,806
$
3,471,583
Switzerland
2.9%
Industrial
Wholesale
&
Rental
Ferguson
Enterprises
18,510
3,321,401
4,182,705
United
States
3.5%
20,705,871
32,935,853
27.8%
Materials
Base
Metals
Altius
Minerals
Corp
129,305
4,083,248
5,432,376
Canada
4.6%
Basic
&
Diversified
Chemicals
Air
Products
&
Chemicals
12,010
3,436,442
3,346,226
United
States
2.8%
Linde
5,423
1,688,992
2,698,973
United
Kingdom
2.3%
5,125,434
6,045,199
5.1%
Cement
&
Aggregates
CRH
PLC
35,000
3,706,378
3,807,650
United
States
3.2%
Iron
Rio
Tinto
ADR
38,118
2,598,449
4,055,374
United
Kingdom
3.4%
Specialty
Chemicals
Givaudan
(reg)
275
973,770
1,019,227
Switzerland
0.9%
Kansai
Paint
Co.
Ltd.
158,000
2,359,878
2,431,774
Japan
2.0%
3,333,648
3,451,001
2.9%
18,847,157
22,791,600
19.2%
Technology
Application
Software
SAP
ADR
13,805
2,587,798
2,509,611
Germany
2.1%
Communications
Equipment
Fujikura
Ltd
188,321
1,304,613
5,614,708
Japan
4.7%
Samsung
Electronics
26,697
2,808,560
5,600,861
South
Korea
4.7%
4,113,173
11,215,569
9.4%
Semiconductor
Devices
Broadcom
8,849
1,464,025
3,953,468
United
States
3.3%
Semiconductor
Manufacturing
ASML
Holding
NY
3,564
364,255
5,747,877
Netherlands
4.9%
Taiwan
Semiconductor
ADR
18,172
1,798,719
7,604,073
Taiwan
6.4%
2,162,974
13,351,950
11.3%
10,327,970
31,030,598
26.1%
Total
investments
$74,064,348
$112,032,796
94.3%
Other
assets
(net
of
liabilities)
6,807,955
5.7%
Total
net
assets
$118,840,751
100.0%
1
Country
of
domicile
2
Non-income
producing
ADR:
American
Depositary
Receipt
Saturna
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
27
Statement
of
Assets
and
Liabilities
(Unaudited)
Statement
of
Operations
(Unaudited)
As
of
May
31,
2026
Assets
Investments
in
securities,
at
value
(Cost
$74,064,348)
$
112,032,796
Cash
6,340,677
Dividends
receivable
518,038
Receivable
for
Fund
shares
sold
87,771
Prepaid
expenses
29,985
Interest
receivable
18,034
Total
assets
119,027,301
Liabilities
Payable
for
Fund
shares
redeemed
104,729
Accrued
advisory
fees
46,134
Accrued
12b-1
distribution
fees
11,358
ReFlow
fees
payable
11,290
Accrued
trustee
expenses
5,071
Accrued
retirement
plan
custody
fee
4,068
Accrued
Chief
Compliance
Officer
expenses
2,298
Accrued
other
operating
expenses
1,602
Total
liabilities
186,550
Net
assets
$118,840,751
Analysis
of
net
assets
Paid-in
capital
(unlimited
shares
authorized,
without
par
value)
$61,299,871
Total
distributable
earnings
57,540,880
Net
assets
applicable
to
Fund
shares
outstanding
$118,840,751
Net
asset
value
per
Investor
Shares
SSIFX
Net
assets,
at
value
$54,000,422
Shares
outstanding
1,969,634
Net
asset
value,
offering
and
redemption
price
per
share
$27.42
Net
asset
value
per
Z
Shares
SIFZX
Net
assets,
at
value
$64,840,329
Shares
outstanding
2,351,698
Net
asset
value,
offering
and
redemption
price
per
share
$27.57
Period
ended
May
31,
2026
Investment
income
Dividend
Income
(Net
of
foreign
tax
of
$130,801)
$
868,917
Interest
income
56,177
Total
investment
income
925,094
Expenses
Investment
advisory
fees
241,242
12b-1
distribution
fees
60,597
Filing
and
registration
fees
18,836
Trustee
fees
17,220
ReFlow
fees
13,581
Audit
fees
12,280
Custodian
fees
11,687
Legal
fees
11,071
Chief
Compliance
Officer
expenses
10,398
Retirement
plan
custodial
fees
4,178
1,125
Investor
Shares
-
1,150
Z
Shares
4,178
Other
operating
expenses
13,204
Total
gross
expenses
414,294
Less
adviser
fees
waived
(8,766)
Less
custodian
fee
credits
(11,687)
Net
expenses
393,841
Net
investment
income
$531,253
Net
realized
gain
from
investments
and
foreign
currency
$16,802,011
A
Net
Increase
in
unrealized
appreciation
on
investments
and
foreign
currency
344,216
Net
gain
on
investments
17,146,227
Net
increase
in
net
assets
resulting
from
operations
$17,677,480
A
Includes
$5,534,667
in
net
realized
gains
from
redemptions
in-kind
Saturna
International
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
28
May
31,
2026
Semi-Annual
Statements
of
Changes
in
Net
Assets
A)
On
March
20,
2026,
the
Saturna
Sustainable
Equity
Fund
was
merged
into
Saturna
International
Fund
Z
Shares.
Period
ended
May
31,
2026
(
Unaudited
)
Year
ended
November
30,
2025
Increase
in
net
assets
from
operations
From
operations
Net
investment
income
$531,253
$293,502
Net
realized
gain
on
investments
and
foreign
currency
16,802,011
13,218,913
Net
increase
(decrease)
in
unrealized
appreciation
on
investments
and
foreign
currency
344,216
(132,408)
Net
increase
in
net
assets
17,677,480
13,380,007
Distributions
to
shareowners
from
1,125
Net
dividend
and
distribution
to
shareholders
-
Investor
Shares
(6,341,595)
(218,334)
1,150
Net
dividend
and
distribution
to
shareholders
-
Z
Shares
(4,892,039)
(177,256)
Total
distributions
(11,233,634)
(395,590)
Capital
share
transactions
Proceeds
from
the
sale
of
shares
1,125
Investor
Shares
5,294,373
3,646,558
1,150
Z
Shares
21,127,434
8,203,979
Proceeds
from
merger
1,150
Z
Shares
19,625,388
-
Value
of
shares
issued
in
reinvestment
of
dividends
and
distributions
1,125
Investor
Shares
6,147,695
213,052
1,150
Z
Shares
4,747,261
169,692
Cost
of
shares
redeemed
1,125
Investor
Shares
(5,224,133)
(7,345,868)
1,150
Z
Shares
(20,265,323)
(9,148,020)
Total
capital
shares
transactions
31,452,695
(4,260,607)
Total
increase
in
net
assets
37,896,541
8,723,810
Net
assets
Beginning
of
period
80,944,210
72,220,400
End
of
period
$118,840,751
$80,944,210
Shares
of
the
Fund
sold
and
redeemed
Investor
Shares
(SSIFX)
Number
of
shares
sold
208,663
147,512
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
271,404
9,584
Number
of
shares
redeemed
(212,407)
(310,058)
Net
increase
(decrease)
in
number
of
shares
outstanding
267,660
(152,962)
Z
Shares
(SIFZX)
Number
of
shares
sold
1,632,010
336,633
Number
of
shares
received
through
reorganization
838,943
-
Number
of
shares
issued
in
reinvestment
of
dividends
and
distributions
208,393
7,599
Number
of
shares
redeemed
(755,959)
(377,358)
Net
increase
(decrease)
in
number
of
shares
outstanding
1,084,444
(33,126)
-
-
Saturna
International
Fund:
Financial
Highlights
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
May
31,
2026
Semi-Annual
29
tin
Investor
Shares
(SSIFX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$27.18
$22.84
$20.87
$18.11
$23.49
$19.62
Income
from
investment
operations
Net
investment
income
B
0.11
0.07
0.09
0.08
0.09
0.10
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
3.86
4.39
1.96
2.68
(3.58)
3.85
Total
from
investment
operations
3.97
4.46
2.05
2.76
(3.49)
3.95
Less
distributions
Dividends
(from
net
investment
income)
(0.13)
-
(0.08)
-
(0.13)
(0.08)
Distributions
(from
capital
gains)
(3.60)
(0.12)
-
-
(1.76)
-
Total
distributions
(3.73)
(0.12)
(0.08)
-
(1.89)
(0.08)
Net
asset
value
at
end
of
period
$27.42
$27.18
$22.84
$20.87
$18.11
$23.49
Total
Return
C
17.51%
19.63%
9.82%
15.24%
(16.31)%
20.16%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$54,000
$46,267
$42,366
$37,141
$33,029
$46,560
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
0.97%
1.01%
0.96%
1.06%
1.28%
0.93%
After
advisory
fees
waiver
D
0.96%
n/a
n/a
n/a
n/a
n/a
After
advisory
fees
waiver
and
custodian
fee
credits
D
0.94%
1.00%
0.95%
1.05%
1.27%
0.92%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
0.89%
0.31%
0.40%
0.43%
0.48%
0.46%
Portfolio
turnover
rate
C
31%
26%
19%
16%
33%
22%
Z
Shares
(SIFZX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
Net
asset
value
at
beginning
of
period
$27.36
$22.96
$20.98
$18.15
$23.55
$19.67
Income
from
investment
operations
Net
investment
income
B
0.17
0.13
0.14
0.13
0.13
0.15
Net
gains
(losses)
on
securities
(both
realized
and
unrealized)
3.84
4.41
1.96
2.70
(3.59)
3.85
Total
from
investment
operations
4.01
4.54
2.10
2.83
(3.46)
4.00
Less
distributions
Dividends
(from
net
investment
income)
(0.20)
(0.02)
(0.12)
-
(0.18)
(0.12)
Distributions
(from
capital
gains)
(3.60)
(0.12)
-
-
(1.76)
-
Total
distributions
(3.80)
(0.14)
(0.12)
-
(1.94)
(0.12)
Net
asset
value
at
end
of
period
$27.57
$27.36
$22.96
$20.98
$18.15
$23.55
Total
Return
C
17.62%
19.90%
10.04%
15.59%
(16.17)%
20.42%
Ratios
/
supplemental
data
Net
assets
($000),
end
of
period
$64,840
$34,677
$29,855
$27,157
$23,812
$28,929
Ratio
of
expenses
to
average
net
assets
Before
custodian
fee
credits
D
0.74%
0.80%
0.73%
0.83%
1.04%
0.72%
After
advisory
fees
waiver
D
0.71%
n/a
n/a
n/a
n/a
n/a
After
advisory
fees
waiver
and
custodian
fee
credits
D
0.69%
0.78%
0.72%
0.82%
1.03%
0.71%
Ratio
of
net
investment
income
after
custodian
fee
credits to
average
net
assets
D
1.35%
0.53%
0.62%
0.66%
0.72%
0.68%
Portfolio
turnover
rate
C
31%
26%
19%
16%
33%
22%
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
30
May
31,
2026
Semi-Annual
Saturna
International
Fund:
Financial
Highlights
Z
Shares
(SIFZX)
Selected
data
per
share
of
outstanding
capital
stock
throughout
each
period:
Period
ended
May
31,
2026
A
Year
ended
November
30,
2025
2024
2023
2022
2021
A
A
A
A
A
A
A
A
Unaudited
B
Calculated
using
average
shares
outstanding
C
Not
annualized
for
period
of
less
than
one
year
D
Annualized
for
periods
of
less
than
one
year
Notes
To
Financial
Statements
May
31,
2026
Semi-Annual
31
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.
The
Trust
currently
offers
shares
of
four
portfolio
series:
Saturna
Core
Fund,
Saturna
Global
Sustainable
Bond
Fund,
Saturna
Growth
Fund,
andSaturna
International
Fund
(each,
a
"Fund",
and
collectively,
the
"Funds".
Saturna
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.
Saturna
Growth
Fund
Z
Shares
began
operations
June
2,
2017.
Saturna
International
Investor
Shares
began
operations
September
28,
1995
and
Saturna
International
Fund
Z
Shares
began
operations
on
June
2,
2017.
Saturna
Core
Fund
commenced
operations
March
30,
2007.
Saturna
Global
Sustainable
Bond
Fund
commenced
operations
on
March
27,
2015.
Saturna
Bond
Income
Fund
and
Saturna
Short-Term
Bond
Fund
were
reorganized
into
Saturna
Sustainable
Bond
Fund
on
March
20,
2026,
which
was
renamed
Saturna
Global
Sustainable
Bond
Fund
effective
March
30,
2026.
Saturna
Global
High
Income
Fund
was
reorganized
into
Saturna
Core
Fund
and
Saturna
Sustainable
Equity
Fund
was
reorganized
into
Saturna
International
Fund,
Z
Class
on
March
20,
2026.
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
on
matters
affecting
that
class.
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:
Core,
Global
Sustainable
Bond,
Growth
,
and
International
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.
Global
Sustainable
Fund:
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.
Core
and
Growth
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.
Core
,
Global
Sustainable
Bond,
and
International
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
Notes
To
Financial
Statements
(continued)
32
May
31,
2026
Semi-Annual
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.
Core
and
Global
Sustainable
Bond
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.
Global
Sustainable
Bond
Fund:
The
risks
inherent
in
the
Saturna
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
financially
strong
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
subject
to
independent
audit.
Note
3
-
Significant
Accounting
Policies
(Unaudited)
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
faith
by
the
Funds'
investment
adviser
(Saturna
Capital),
whom
the
Board
of
Trustees
has
designated
as
the
Funds'
valuation
designee
to
perform
fair
value
determinations
relating
to
all
Fund
investments.
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
Note
1
-
Organization
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2026
Semi-Annual
33
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
on
matters
affecting
that
class.
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 net
asset
value
(NAV)
is
both
the
offering
and
redemption
price
per
share.
Share
Valuation
Inputs
as
of
May
31,
2026
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Core
Fund
Common
Stock
Communications
$2,233,581
$-
$-
$2,233,581
Consumer
Discretionary
$2,340,201
$-
$-
$2,340,201
Consumer
Staples
$1,005,437
$498,356
$-
$1,503,793
Energy
$766,975
$-
$-
$766,975
Financials
$2,707,090
$-
$-
$2,707,090
Health
Care
$2,403,522
$-
$-
$2,403,522
Industrials
$1,874,496
$1,223,416
$-
$3,097,912
Information
Technology
$780,828
$-
$-
$780,828
Materials
$4,397,148
$441,107
$-
$4,838,255
Real
Estate
$665,958
$-
$-
$665,958
Technology
$6,481,886
$387,589
$-
$6,869,475
Utilities
$1,104,404
$-
$-
$1,104,404
Total
Common
Stock
$26,761,526
$2,550,468
$-
$29,311,994
Corporate
Bonds
1
$-
$5,744,377
$-
$5,744,377
Government
Bonds
1
$-
$3,097,573
$-
$3,097,573
Municipals
Bonds
1
$-
$2,038,020
$-
$2,038,020
Total
Assets
$26,761,526
$13,430,438
$-
$40,191,964
Global
Sustainable
Bond
Fund
Corporate
Bonds
1
$-
$58,232,780
$-
$58,232,780
Government
Bonds
1
$-
$31,605,759
$-
$31,605,759
Municipals
Bonds
1
$-
$6,595,488
$-
$6,595,488
Mortgage
Backed
1
$-
$190,961
$-
$190,961
Total
Assets
$-
$96,624,988
$-
$96,624,988
Growth
Fund
Common
Stock
1
$82,249,744
$-
$-
$82,249,744
Total
Assets
$82,249,744
$-
$-
$82,249,744
International
Fund
Common
Stock
Consumer
Discretionary
$-
$2,368,809
$-
$2,368,809
Consumer
Staples
$617,274
$1,067,009
$-
$1,684,283
Financials
$-
$9,252,727
$-
$9,252,727
Health
Care
$4,203,414
$7,765,512
$-
$11,968,926
Industrials
$10,095,905
$22,839,948
$-
$32,935,853
Materials
$19,340,599
$3,451,001
$-
$22,791,600
Technology
$19,815,029
$11,215,569
$-
$31,030,598
Total
Common
Stock
$54,072,221
$57,960,575
$-
$112,032,796
Total
Assets
$54,072,221
$57,960,575
$-
$112,032,796
1
See
the
Schedule
of
Investments
for
additional
details.
Note
3
-
Significant
Accounting
Policies
(Unaudited)
(continued)
Notes
To
Financial
Statements
(continued)
34
May
31,
2026
Semi-Annual
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.
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
fiscal
year
ended
May
31,
2026
,
only
the
Growth,
International,
and
Core
Funds
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
(2022−2024)
or
expected
to
be
taken
in
the
Funds'
2025
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.
Note
3
-
Significant
Accounting
Policies
(Unaudited)
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2026
Semi-Annual
35
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,
2026
,
and
have
no
effect
on
net
assets
or
NAV
per
share.
These
reclassifications
were
primarily
due
to
redemptions
in
kind
and
operating
losses.
Saturna
Global
Sustainable
Bond
Fund
did
not
have
any
reclassification
of
capital
accounts.
Distributions
to
shareowners:
For
the
Saturna
Core
Fund
,
Saturna
Global
Sustainable
Bond
Fund
,
Saturna
Growth
Fund
,
and
Saturna
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.
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
(Unaudited)
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.
The
adviser
has
undertaken
to
limit
expenses
through
March
31,
2026
of
Saturna
Core
Fund
to
0.75%,
Saturna
Global
Sustainable
Fund
to
0.60%,
and
Saturna
International
Fund
Z
Shares
to
0.75%.
For
the
period
ended
May
31,
2026
,
the
advisory
fees
incurred
were
as
follows:
1
In
accordance
with
the
expense
limitation
noted
above,
for
the
period
ended
May
31,
2026
,
Saturna
Capital
waived
a
portion
of
the
advisory
fees
of
the
Saturna
Core
Fund,
Saturna
Global
Sustainable
Fund
,
and
Saturna
International
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
Saturna
Growth
Investor
Shares
and
Saturna
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.
Core
Fund
Distributable
earnings
$(980,635)
Paid-in
Capital
$980,635
Growth
Fund
International
Fund
Distributable
earnings
$(2,170,424)
$(2,499,794)
Paid-in
Capital
$2,170,424
$2,499,794
Advisory
Fees
Advisory
Fees
Waived
700
Core
Fund
$93,354
$(6,733)
950
Global
Sustainable
Bond
Fund
$193,207
$(27,139)
800
Growth
Fund
$195,967
n/a
850
International
Fund
$241,242
$(8,766)
Distribution
(12b-1)
fees
700
Core
Fund
n/a
950
Global
Sustainable
Bond
Fund
n/a
800
Growth
Fund
Z
Shares
(
SGZFX
)
n/a
800
Growth
Fund
Investor
Shares
(
SSGFX
)
$5,843
850
International
Fund
Z
Shares
(
SIFZX
)
n/a
850
International
Fund
Investor
Shares
(
SSIFX
)
$60,597
Note
3
-
Significant
Accounting
Policies
(Unaudited)
(continued)
Notes
To
Financial
Statements
(continued)
36
May
31,
2026
Semi-Annual
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,
2026
,
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,
vice
president
of
Saturna
Trust
Company,
and
chairman
of
Saturna
Sendirian
Berhad.
Ms.
Carten
is
not
compensated
by
the
Trust.
For
the
fiscal
period
ended
May
31,
2026
,
the
Saturna
Investment
Trust
incurred
$54,412
of
total
expenses
for
the
independent
Trustee's
compensation
and
Trust
board
meetings.
On
May
31,
2026
,
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,
2026
,
the
Funds
paid
the
following
compensation
expenses
for
the
Chief
Compliance
Officer:
Note
5
-
Distributions
to
Shareowners
(Unaudited)
The
tax
characteristics
of
distributions
paid
for
the
fiscal
period
ended
May
31,
2026
,
and
the
year
ended
November
30,
2025
,
were
as
follows:
Note
6
-
Federal
Income
Taxes
(Unaudited)
The
unaudited
cost
basis
of
investments
for
federal
income
tax
purposes
at
May
31,
2026
,
were
as
follows:
Retirement
plan
custodial
fees
700
Core
Fund
(SCORX)
$5,074
950
Global
Sustainable
Bond
Fund
(SEBFX)
$2,061
1,025
Growth
Fund
Investor
Shares
(SSGFX)
n/a
1,050
Growth
Fund
Z
Shares
(SGZFX)
$5,186
1,125
International
Fund
Investor
Shares
(SSIFX)
n/a
1,150
International
Fund
Z
Shares
(SIFZX)
$4,178
Trustees',
officers',
and
affiliates'
ownership
700
Core
Fund(SCORX)
22.20%
950
Global
Sustainable
Bond
Fund(SEBFX)
23.38%
800
Growth
Fund(SGZFX
and
SSGFX)
8.56%
850
International
Fund(SIFZX
and
SSIFX)
20.37%
Chief
Compliance
Officer
700
Core
Fund
$4,054
950
Global
Sustainable
Bond
Fund
$7,181
800
Growth
Fund
$10,996
850
International
Fund
$10,398
Core
Fund
May
31,
2026
November
30,
2025
Ordinary
Income
$474,638
$475,684
Long-term
capital
gain
1
$181,917
$231,704
Global
Sustainable
Bond
Fund
May
31,
2026
November
30,
2025
Ordinary
Income
$2,274,485
$1,156,915
Growth
Fund
May
31,
2026
November
30,
2025
Long-term
capital
gain
1
$1,319,243
$1,627,145
International
Fund
May
31,
2026
November
30,
2025
Ordinary
Income
$781,669
$25,689
Long-term
capital
gain
1
$10,451,965
$369,901
1
Long-Term
Capital
Gain
dividend
designated
at
20%
rate
pursuant
to
Section
852(b)(3)
of
the
Internal
Revenue
Code.
Core
Fund
Global
Sustainable
Bond
Fund
Cost
of
investments
$29,654,323
$96,888,404
Gross
tax
unrealized
appreciation
$11,629,093
$1,459,499
Gross
tax
unrealized
depreciation
$(1,091,452)
$(1,722,915)
Net
tax
unrealized
appreciation
(depreciation)
$10,537,641
$(263,416)
Growth
Fund
International
Fund
Cost
of
investments
$22,750,375
$74,064,348
Gross
tax
unrealized
appreciation
$59,953,507
$40,036,731
Gross
tax
unrealized
depreciation
$(454,138)
$(2,068,283)
Net
tax
unrealized
appreciation
$59,499,369
$37,968,448
Note
4
-
Transactions
with
Affiliated
Persons
(Unaudited)
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2026
Semi-Annual
37
As
of
November
30,
2025
,
the
components
of
distributable
earnings
on
a
tax
basis
were
as
follows:
At
November
30,
2025
,
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.
For
the
year
ended
November
30,
2025,
Core
Fund
utilized
$8,009,
Global
High
Income
utilized
$87,
Growth
utilized
$252,087,
and
International
utilized
$544,256
of
short-term
capital
loss
carry
forward.
Note
7
-
Investments
(Unaudited)
Investment
transactions
other
than
short-term
investments
and
redemptions
in-kind
for
the
fiscal
period
ended
May
31,
2026
,
were
as
follows:
Redemptions
in-kind
for
the
fiscal
period
ended
May
31,
2026
,
were
as
follows:
During
the
fiscal
period
ended
May
31,
2026,
the
Funds
had
the
following
in-kind
redemption
transactions
related
to
the
Reflow
program
as
outlined
in
Note
3:
Note
8
-
Custodian
(Unaudited)
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,
2026
,
such
reductions
were
as
follows:
Note
9
-
Reorganization
(Unaudited)
Mergers
of
the
Saturna
Short
Term
Bond
Fund
and
Saturna
Bond
Income
fund
into
Saturna
Global
Sustainable
Bond
Fund;
Saturna
Global
High
Income
Fund
into
Saturna
Core
Fund;
Saturna
Sustainable
Equity
Fund
into
Saturna
International
Fund.
On
March
20,
2026,the
Saturna
Short-Term
Bond
Fund
and
Saturna
Bond
Income
Fund,
Saturna
Global
High
Income
Fund,
Saturna
Sustainable
Equity
Fund,
each
a
series
of
the
Saturna
Investment
Trust,
(the
"Targeted
Funds"
or
the
"Acquired
Funds")
merged
into
the
Saturna
Global
Sustainable
Bond
Fund,
Saturna
Core
Fund,
and
the
Saturna
International
Fund
respectively
(the
"Acquiring
Funds").
For
financial
reporting
purposes,
each
Acquiring
Fund
is
the
accounting
survivor
of
its
respective
reorganization
and
retains
its
historical
performance
and
financial
history.
As
a
tax-free
reorganization,
any
unrealized
appreciation
or
depreciation
on
the
securities
on
the
date
of
reorganization
was
treated
as
a
non-taxable
event,
thus
the
cost
basis
of
the
securities
held
reflect
their
historical
cost
basis
as
of
the
date
of
the
reorganization.
Immediately
prior
to
the
reorganization,
the
net
assets,
fair
value
of
investments,
net
unrealized
appreciation/
(depreciation)
and
fund
shares
outstanding
of
the
Predecessor
Funds
were
as
follows:
Core
Fund
Undistributed
ordinary
income
$462,818
Accumulated
capital
gains
$181,027
Tax
accumulated
earnings
$643,845
Unrealized
Appreciation
$7,466,289
Other
unrealized
accumulated
losses
$(18)
Total
accumulated
earnings
$8,110,116
Global
Sustainable
Bond
Fund
Undistributed
ordinary
income
$1,862,664
Accumulated
capital
and
other
losses
$(2,220,772)
Tax
accumulated
earnings
$(358,108)
Unrealized
Appreciation
$963,405
Other
unrealized
gains
$8,401
Total
accumulated
earnings
$613,698
Growth
Fund
Accumulated
capital
gains
$1,307,674
Tax
accumulated
earnings
$1,307,674
Unrealized
Appreciation
$60,127,054
Total
accumulated
earnings
$61,434,728
International
Fund
Undistributed
ordinary
income
$781,524
Accumulated
capital
gains
$10,230,995
Tax
accumulated
earnings
$11,012,519
Unrealized
Appreciation
$33,285,698
Other
unrealized
accumulated
losses
$(841)
Total
accumulated
earnings
$44,297,376
Sustainable
Bond
Fund
Short
term
loss
carryforward
$923,340
Long
term
loss
carryforward
$1,297,432
Total
Capital
loss
carryforward
$2,220,772
Purchases
Sales
700
Core
Fund
$7,887,039
$4,923,786
950
Global
Sustainable
Bond
Fund
$38,512,514
$10,389,794
800
Growth
Fund
$2,704,304
$2,982,723
850
International
Fund
$39,781,519
$28,981,641
Purchases
Sales
700
Core
Fund
$-
$1,489,966
800
Growth
Fund
$-
$8,317,387
850
International
Fund
$-
$7,366,134
Core
Fund
Growth
Fund
Shares
139,519
153,420
Value
of
securities
$1,,489,966
$8,317,387
Cash
$1,206,540
$1,582,830
Total
amount
$2,696,506
$9,900,217
Realized
Gains
$722,535
$7,203,683
International
Fund
Shares
330,201
Value
of
securities
$7,366,134
Cash
$1,466,986
Total
amount
$8,833,120
Realized
Gains
$5,534,667
Custodian
Fee
Credits
700
Core
Fund
$1,025
950
Global
Sustainable
Bond
Fund
$6,375
800
Growth
Fund
$1,578
850
International
Fund
$11,687
Note
6
-
Federal
Income
Taxes
(Unaudited)
(continued)
Notes
To
Financial
Statements
(continued)
38
May
31,
2026
Semi-Annual
In
connection
with
the
reorganization,
the
net
assets
of
the
Acquired
Funds
were
acquired
by
the
Acquiring
Funds
on
March
20,
2026.
The
acquisition
was
accomplished
by
a
tax-free
exchange
of
all
shares
of
the
Acquired
Funds
for
shares
of
the
Acquiring
Funds
as
described
in
the
prior
table.
For
financial
reporting
purposes,
the
Acquiring
Funds
are
deemed
to
be
the
accounting.
The
assets
received
and
shares
issued
by
the
Acquiring
Funds
were
recorded
at
fair
value;
and,
the
cost
basis
of
the
investments
received
from
the
Acquired
Funds
were
carried
forward
to
align
ongoing
reporting
of
the
Acquiring
Funds'
realized
and
unrealized
gains
and
losses
with
amounts
distributable
to
shareholders
for
tax
purposes.
Information
with
respect
to
the
net
assets
and
other
relevant
operating
data
for
the
Acquired
Funds
on
the
merger
date
are
included
below:
Short-Term
Bond
Fund
Bond
Income
Fund
Net
Assets
$13,295,242
$10,944,092
Fair
Value
of
Investments
$8,878,125
$8,570.70
Net
Unrealized
Appreciation/
(Depreciation)
$11,472
($1,014,709)
Shares
Outstanding
2,661,704
2,494,118
Capital
loss
carryforward
$(135,638)
$(384,836)
Global
High
Income
Fund
Sustainable
Equity
Fund
Net
Assets
$10,326,564
$19,624,954
Fair
Value
of
Investments
$7,804,540
$12,500,728
Net
Unrealized
Appreciation/
(Depreciation)
$1,514,478
$4,303,612
Shares
Outstanding
879,355
1,261,029
Capital
loss
carryforward
$(62,143)
$-
Before
Reorganization
After
Reorganization
Saturna
Short-Term
Bond
Fund
Saturna
Bond
Income
Fund
Saturna
Sustainable
Bond
Fund
Saturna
Global
Stainable
Bond
Fund
Investor
Class
Shares
2,661,704
2,494,118
7,417,519
10,005,816
Net
Assets
$13,295,242
$10,944,092
$69,462,904
$93,702,238
Net
Asset
Value
$4.995
$4.388
$9.365
$9.365
Fund
Total
Net
Unrealized
Appreciation/(Depreciation)
$11,472
($1,014,709)
($572,468)
($1,575,705)
Saturna
Global
High
Income
Fund
Saturna
Core
Fund
Saturna
Core
Fund
Investor
Class
Shares
879,355
1,809,409
2,371,658
Net
Assets
$10,326,564
$33,230,943
$43,557,507
Net
Asset
Value
$11.743
$18.366
$18.366
Fund
Total
Net
Unrealized
Appreciation/(Depreciation)
$1,514,478
$6,698,675
$8,213,153
Saturna
Sustainable
Equity
Fund
Saturna
International
Fund
Saturna
International
Fund
Investor
Class
Shares
1,261,029.00
1,940,177.00
1,940,177.00
Net
Assets
19,624,954.00
45,162,247.00
45,162,247.00
Net
Asset
Value
15.56
23.28
23.28
Z
Class
Shares
--
1,610,739
2,449,681
Net
Assets
-
$37,680,189
$57,305,143
Net
Asset
Value
-
$23.39
$23.39
Fund
Total
Net
Unrealized
Appreciation/(Depreciation)
$4,303,612
$27,134,292
$31,437,904
Note
9
-
Reorganization
(Unaudited)
(continued)
Notes
To
Financial
Statements
(continued)
May
31,
2026
Semi-Annual
39
Assuming
the
merger
had
been
completed
on
December
1,
2025,
the
beginning
of
the
reporting
period
of
the
Acquiring
Funds,
the
Acquiring
Funds'
pro
forma
results
of
operations
for
the
year
ended
November
30,
2025,
are
as
follows:
Note
10
-
Subsequent
Events
There
were
no
events
or
transactions
during
the
period
that
materially
impacted
the
amounts
or
disclosures
in
the
Fund's
financial
statements.
Core
Fund
Net
investment
income/loss
$880,070
Net
Realized
and
unrealized
gain/loss
on
investments
$8,870,768
Total
increase/decrease
from
operations
$9,750,838
Global
Sustainable
Bond
Fund
Net
investment
income/loss
$1,862,664
Net
Realized
and
unrealized
gain/loss
on
investments
$(1,303,011)
Total
increase/decrease
from
operations
$559,653
International
Fund
Net
investment
income/loss
$948,511
Net
Realized
and
unrealized
gain/loss
on
investments
$54,589,070
Total
increase/decrease
from
operations
$55,537,581
Note
9
-
Reorganization
(Unaudited)
(continued)
Form
N-CSR
Items
8-11
40
May
31,
2026
Semi-Annual
Item
8.
Changes
in
and
Disagreements
with
Accountants
for
Open-End
Management
Investment
Companies.
Not
applicable.
Item
9.
Proxy
Disclosures
for
Open-End
Management
Investment
Companies.
Not
applicable.
Item
10.
Remuneration
Paid
to
Directors,
Officers,
and
Others
of
Open-End
Management
Investment
Companies.
The
Funds'
disclosure
of
remuneration
items
is
included
as
part
of
the
Financial
Statements
filed
under
Item
7
of
this
form.
Item
11.
Statement
Regarding
Basis
for
Approval
of
Investment
Advisory
Contract.
The
Funds'
Investment
Advisory
Contract
is
included
as
part
of
the
Financial
Statements
filed
under
Item
7
of
this
form.
May
31,
2026
Semi-Annual
41
Availability
of
Quarterly
Portfolio
Information
(1)
The
Satuna
Funds
file
complete
schedules
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
(2)
The
Funds'
Form
N-PORT
reports
are
available
on
the
SEC's
website
at
www.sec.gov.
(3)
The
Funds
posts
a
complete
schedule
of
portfolio
holdings
after
the
end
of
each
month,
available
to
investors
at
www.saturna.
com/resources/literature.
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
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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
The Funds' disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Not applicable.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
On February 27, 2026, a Special Joint Meeting of Shareowners of Saturna Bond Income Fund, Saturna Short-Term Bond Fund, and Saturna Global High Income Fund (each a series of Saturna Investment Trust and collectively, the "Target Funds") was held at the offices of Saturna Capital Corporation in Bellingham, Washington, pursuant to a Notice of Special Joint Meeting and Combined Proxy Statement and Prospectus dated January 30, 2026. At the meeting, shareowners of each Target Fund voted separately on proposals to approve a Plan of Reorganization and Termination providing for (i) the reorganization of Saturna Bond Income Fund into Saturna Sustainable Bond Fund, (ii) the reorganization of Saturna Short-Term Bond Fund into Saturna Sustainable Bond Fund, and (iii) the reorganization of Saturna Global High Income Fund into Saturna Core Fund. Each proposal was approved by the requisite vote of shareowners of the applicable Target Fund, and the reorganizations are expected to be effected on or about March 20, 2026, in accordance with the terms described in the proxy materials and applicable regulatory requirements.
The proxy solicitation for the Special Joint Meeting was conducted primarily by mail, with supplemental solicitation by telephone, internet, and other means as described in the proxy materials. Saturna Capital Corporation, the Trust's investment adviser and administrator, retained Broadridge Financial Solutions, Inc. to assist with the printing and solicitation of proxies and bore the expenses relating to the meeting and the proxy solicitation, including legal and accounting fees and costs associated with the preparation, printing, mailing, and tabulation of the proxy materials.
Item 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
Exhibits included with this filing:
(a)(1) Code of Ethics.
(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.
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 30, 2026
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 30, 2026
Date
By:
/s/Christopher R. Fankhauser, Treasurer
Signature and Title
Signature and Title
Christopher R. Fankhauser, Treasurer
Printed name and Title
July 30, 2026
Date
Saturna Investment Trust published this content on August 10, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on August 10, 2026 at 20:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]