| Amana Mutual Funds Trust, Income Fund |
| Common Stocks – 90.7% | Number of Shares | Market Value | Percentage of Net Assets | |||||||||||||
| Consumer Discretionary | ||||||||||||||||
| Automotive Retailers | ||||||||||||||||
Genuine Parts | 382,000 | $59,595,820 | 4.1% | |||||||||||||
| Home Improvement | ||||||||||||||||
Stanley Black & Decker | 71,950 | 6,338,795 | 0.4% | |||||||||||||
| 65,934,615 | 4.5% | |||||||||||||||
| Consumer Staples | ||||||||||||||||
| Household Products | ||||||||||||||||
Colgate-Palmolive | 415,400 | 32,488,434 | 2.2% | |||||||||||||
Kimberly-Clark | 230,000 | 29,329,600 | 2.0% | |||||||||||||
Procter & Gamble | 135,000 | 18,621,900 | 1.3% | |||||||||||||
Unilever ADR | 420,000 | 19,063,800 | 1.3% | |||||||||||||
| 99,503,734 | 6.8% | |||||||||||||||
| Packaged Food | ||||||||||||||||
McCormick & Co | 559,288 | 47,019,342 | 3.2% | |||||||||||||
| 146,523,076 | 10.0% | |||||||||||||||
| Health Care | ||||||||||||||||
| Biotech | ||||||||||||||||
Amgen | 96,000 | 23,068,800 | 1.6% | |||||||||||||
| Large Pharma | ||||||||||||||||
AbbVie | 140,000 | 18,824,400 | 1.3% | |||||||||||||
Bristol-Myers Squibb | 650,000 | 43,816,500 | 3.0% | |||||||||||||
Eli Lilly | 455,000 | 137,059,650 | 9.3% | |||||||||||||
GlaxoSmithKline ADR | 488,000 | 15,850,240 | 1.1% | |||||||||||||
Johnson & Johnson | 125,000 | 20,167,500 | 1.4% | |||||||||||||
Novartis ADR | 275,400 | 22,175,208 | 1.5% | |||||||||||||
Pfizer | 1,100,000 | 49,753,000 | 3.4% | |||||||||||||
| 307,646,498 | 21.0% | |||||||||||||||
| Medical Devices | ||||||||||||||||
Abbott Laboratories | 350,000 | 35,927,500 | 2.4% | |||||||||||||
| 366,642,798 | 25.0% | |||||||||||||||
| Industrials | ||||||||||||||||
| Commercial & Residential Building Equipment & Systems | ||||||||||||||||
Honeywell International | 260,000 | 49,231,000 | 3.4% | |||||||||||||
Johnson Controls International | 410,000 | 22,197,400 | 1.5% | |||||||||||||
| 71,428,400 | 4.9% | |||||||||||||||
| Courier Services | ||||||||||||||||
United Parcel Service, Class B | 80,000 | 15,560,800 | 1.1% | |||||||||||||
| Flow Control Equipment | ||||||||||||||||
Parker Hannifin | 40,000 | 10,600,000 | 0.7% | |||||||||||||
| Industrial Distribution & Rental | ||||||||||||||||
W.W. Grainger | 80,000 | 44,395,200 | 3.0% | |||||||||||||
| Industrial Machinery | ||||||||||||||||
Illinois Tool Works | 300,000 | 58,449,000 | 4.0% | |||||||||||||
| Measurement Instruments | ||||||||||||||||
Rockwell Automation | 300,000 | 71,082,000 | 4.8% | |||||||||||||
| Rail Freight | ||||||||||||||||
Canadian National Railway | 384,000 | 45,661,440 | 3.1% | |||||||||||||
| 317,176,840 | 21.6% | |||||||||||||||
| Materials | ||||||||||||||||
| Basic & Diversified Chemicals | ||||||||||||||||
Air Products & Chemicals | 110,000 | 27,769,500 | 1.9% | |||||||||||||
Linde | 130,000 | 36,771,800 | 2.5% | |||||||||||||
| 64,541,300 | 4.4% | |||||||||||||||
| Specialty Chemicals | ||||||||||||||||
3M | 200,000 | 24,870,000 | 1.7% | |||||||||||||
PPG Industries | 379,000 | 48,125,420 | 3.3% | |||||||||||||
| 72,995,420 | 5.0% | |||||||||||||||
| 137,536,720 | 9.4% | |||||||||||||||
| Technology | ||||||||||||||||
| Communications Equipment | ||||||||||||||||
Cisco Systems | 600,000 | 26,832,000 | 1.8% | |||||||||||||
| Consumer Electronics | ||||||||||||||||
Nintendo | 65,000 | 26,665,131 | 1.8% | |||||||||||||
| Infrastructure Software | ||||||||||||||||
Microsoft | 400,000 | 104,588,000 | 7.1% | |||||||||||||
| Semiconductor Devices | ||||||||||||||||
Intel | 900,000 | 28,728,000 | 2.0% | |||||||||||||
Texas Instruments | 250,000 | 41,302,500 | 2.8% | |||||||||||||
| 70,030,500 | 4.8% | |||||||||||||||
| Semiconductor Manufacturing | ||||||||||||||||
Taiwan Semiconductor ADR | 824,500 | 68,722,075 | 4.7% | |||||||||||||
| 296,837,706 | 20.2% | |||||||||||||||
| Total investments | (Cost $494,877,841 | ) | $1,330,651,755 | 90.7% | ||||||||||||
| Other assets (net of liabilities) | 137,200,561 | 9.3% | ||||||||||||||
| Total net assets | $1,467,852,316 | 100.0% | ||||||||||||||
ADR: American Depositary Receipt
| Amana Mutual Funds Trust, Growth Fund |
| Common Stocks – 94.4% | Number of Shares | Market Value | Percentage of Net Assets | |||||||||||||
| Communications | ||||||||||||||||
| Internet Media | ||||||||||||||||
Alphabet, Class A(1) | 595,000 | $64,390,900 | 2.1% | |||||||||||||
| 64,390,900 | 2.1% | |||||||||||||||
| Consumer Discretionary | ||||||||||||||||
| Home Products Stores | ||||||||||||||||
Home Depot | 100,000 | 28,842,000 | 0.9% | |||||||||||||
Lowe’s | 400,000 | 77,656,000 | 2.5% | |||||||||||||
| 106,498,000 | 3.4% | |||||||||||||||
| Specialty Apparel Stores | ||||||||||||||||
Lululemon Athletica(1) | 100,000 | 29,996,000 | 0.9% | |||||||||||||
TJX Companies | 1,150,000 | 71,702,500 | 2.3% | |||||||||||||
| 101,698,500 | 3.2% | |||||||||||||||
| 208,196,500 | 6.6% | |||||||||||||||
| Consumer Staples | ||||||||||||||||
| Household Products | ||||||||||||||||
Church & Dwight | 1,200,000 | 100,452,000 | 3.2% | |||||||||||||
Estee Lauder, Class A | 458,594 | 116,657,142 | 3.7% | |||||||||||||
| 217,109,142 | 6.9% | |||||||||||||||
| Health Care | ||||||||||||||||
| Biotech | ||||||||||||||||
Amgen | 355,000 | 85,306,500 | 2.7% | |||||||||||||
| Large Pharma | ||||||||||||||||
AstraZeneca ADR | 1,020,000 | 63,627,600 | 2.0% | |||||||||||||
Eli Lilly | 350,000 | 105,430,500 | 3.4% | |||||||||||||
Johnson & Johnson | 380,000 | 61,309,200 | 1.9% | |||||||||||||
Novo Nordisk ADR | 1,002,195 | 106,332,890 | 3.4% | |||||||||||||
| 336,700,190 | 10.7% | |||||||||||||||
| Life Science Equipment | ||||||||||||||||
Agilent Technologies | 900,000 | 115,425,000 | 3.7% | |||||||||||||
| Managed Care | ||||||||||||||||
Elevance Health | 136,000 | 65,974,960 | 2.1% | |||||||||||||
| Medical Devices | ||||||||||||||||
Stryker | 300,000 | 61,560,000 | 2.0% | |||||||||||||
| 664,966,650 | 21.2% | |||||||||||||||
| Industrials | ||||||||||||||||
| Commercial & Residential Building Equipment & Systems | ||||||||||||||||
Johnson Controls International | 1,244,000 | 67,350,160 | 2.1% | |||||||||||||
Trane | 200,000 | 30,814,000 | 1.0% | |||||||||||||
| 98,164,160 | 3.1% | |||||||||||||||
| Industrial Distribution & Rental | ||||||||||||||||
Fastenal | 633,000 | 31,858,890 | 1.0% | |||||||||||||
| Measurement Instruments | ||||||||||||||||
Keysight Technologies(1) | 500,000 | 81,945,000 | 2.6% | |||||||||||||
Trimble(1) | 1,500,000 | 94,875,000 | 3.0% | |||||||||||||
| 176,820,000 | 5.6% | |||||||||||||||
| Metalworking Machinery | ||||||||||||||||
Lincoln Electric Holdings | 307,000 | 41,963,830 | 1.4% | |||||||||||||
| Rail Freight | ||||||||||||||||
Norfolk Southern | 250,000 | 60,782,500 | 1.9% | |||||||||||||
Union Pacific | 300,000 | 67,353,000 | 2.2% | |||||||||||||
| 128,135,500 | 4.1% | |||||||||||||||
| 476,942,380 | 15.2% | |||||||||||||||
| Materials | ||||||||||||||||
| Agricultural Chemicals | ||||||||||||||||
Corteva | 1,050,000 | 64,501,500 | 2.1% | |||||||||||||
| 64,501,500 | 2.1% | |||||||||||||||
| Technology | ||||||||||||||||
| Application Software | ||||||||||||||||
Adobe(1) | 320,600 | 119,724,864 | 3.8% | |||||||||||||
Intuit | 413,750 | 178,648,975 | 5.7% | |||||||||||||
| 298,373,839 | 9.5% | |||||||||||||||
| Communications Equipment | ||||||||||||||||
Apple | 2,014,650 | 316,743,273 | 10.1% | |||||||||||||
Cisco Systems | 1,500,000 | 67,080,000 | 2.1% | |||||||||||||
Motorola Solutions | 310,000 | 75,457,100 | 2.4% | |||||||||||||
| 459,280,373 | 14.6% | |||||||||||||||
| Information Services | ||||||||||||||||
Gartner(1) | 179,900 | 51,329,068 | 1.6% | |||||||||||||
| Infrastructure Software | ||||||||||||||||
Microsoft | 205,000 | 53,601,350 | 1.7% | |||||||||||||
Oracle | 737,200 | 54,663,380 | 1.8% | |||||||||||||
| 108,264,730 | 3.5% | |||||||||||||||
| Semiconductor Devices | ||||||||||||||||
Advanced Micro Devices(1) | 662,950 | 56,264,566 | 1.8% | |||||||||||||
Qualcomm | 281,500 | 37,234,005 | 1.2% | |||||||||||||
| 93,498,571 | 3.0% | |||||||||||||||
| Semiconductor Manufacturing | ||||||||||||||||
ASML Holding NY | 308,000 | 150,901,520 | 4.8% | |||||||||||||
Taiwan Semiconductor ADR | 1,222,471 | 101,892,958 | 3.3% | |||||||||||||
| 252,794,478 | 8.1% | |||||||||||||||
| 1,263,541,059 | 40.3% | |||||||||||||||
| Total investments | (Cost $907,393,653 | ) | $2,959,648,131 | 94.4% | ||||||||||||
| Other assets (net of liabilities) | 174,902,855 | 5.6% | ||||||||||||||
| Total net assets | $3,134,550,986 | 100.0% | ||||||||||||||
| (1) | Non-income producing |
ADR: American Depository Receipt
| Amana Mutual Funds Trust, Developing World Fund |
| Common Stocks – 80.2% | Number of Shares | Market Value | Country(1) | Percentage of Net Assets | ||||||||||||||||
| Communications | ||||||||||||||||||||
| Telecom Carriers | ||||||||||||||||||||
Saudi Telecom | 165,000 | $1,831,914 | Saudi Arabia | 2.7% | ||||||||||||||||
Telekomunikasi Indonesia ADR | 67,000 | 2,014,690 | Indonesia | 3.1% | ||||||||||||||||
| 3,846,604 | 5.8% | |||||||||||||||||||
| Consumer Discretionary | ||||||||||||||||||||
| Apparel, Footwear & Accessory Design | ||||||||||||||||||||
VF | 26,000 | 1,077,700 | United States | 1.6% | ||||||||||||||||
| Automobiles | ||||||||||||||||||||
Ford Otomotiv Sanayi | 87,000 | 1,580,558 | Turkey | 2.4% | ||||||||||||||||
| Home Products Stores | ||||||||||||||||||||
Wilcon Depot | 3,000,000 | 1,599,276 | Philippines | 2.4% | ||||||||||||||||
| 4,257,534 | 6.4% | |||||||||||||||||||
| Consumer Staples | ||||||||||||||||||||
| Food & Drug Stores | ||||||||||||||||||||
Clicks Group | 110,000 | 1,922,004 | South Africa | 2.9% | ||||||||||||||||
| Household Products | ||||||||||||||||||||
Colgate-Palmolive | 18,000 | 1,407,780 | United States | 2.1% | ||||||||||||||||
Kimberly-Clark de Mexico, Class A | 1,000,000 | 1,357,556 | Mexico | 2.1% | ||||||||||||||||
LG Household & Health Care | 2,200 | 1,164,991 | South Korea | 1.8% | ||||||||||||||||
Unicharm | 48,000 | 1,671,693 | Japan | 2.5% | ||||||||||||||||
Unilever ADR | 36,500 | 1,656,735 | United Kingdom | 2.5% | ||||||||||||||||
| 7,258,755 | 11.0% | |||||||||||||||||||
| Packaged Food | ||||||||||||||||||||
Indofood CBP Sukses Makmur | 2,500,000 | 1,399,240 | Indonesia | 2.1% | ||||||||||||||||
| 10,579,999 | 16.0% | |||||||||||||||||||
| Financials | ||||||||||||||||||||
| Islamic Banking | ||||||||||||||||||||
BIMB Holdings | 1,386,700 | 806,803 | Malaysia | 1.2% | ||||||||||||||||
| Islamic Insurance Carriers | ||||||||||||||||||||
Syarikat Takaful Malaysia Keluarga | 499,981 | 371,398 | Malaysia | 0.6% | ||||||||||||||||
| Real Estate Owners & Developers | ||||||||||||||||||||
SM Prime Holdings | 2,200,000 | 1,478,890 | Philippines | 2.2% | ||||||||||||||||
| 2,657,091 | 4.0% | |||||||||||||||||||
| Health Care | ||||||||||||||||||||
| Generic Pharma | ||||||||||||||||||||
Hikma Pharmaceuticals | 76,000 | 1,160,188 | Jordan | 1.8% | ||||||||||||||||
| Health Care Facilities | ||||||||||||||||||||
Bangkok Dusit Medical Services NVDR | 2,500,000 | 2,003,628 | Thailand | 3.0% | ||||||||||||||||
IHH Healthcare | 1,000,000 | 1,380,176 | Malaysia | 2.1% | ||||||||||||||||
KPJ Healthcare | 3,600,992 | 702,553 | Malaysia | 1.1% | ||||||||||||||||
| 4,086,357 | 6.2% | |||||||||||||||||||
| Health Care Services | ||||||||||||||||||||
Fleury | 475,000 | 1,435,299 | Brazil | 2.2% | ||||||||||||||||
| 6,681,844 | 10.2% | |||||||||||||||||||
| Industrials | ||||||||||||||||||||
| Rail Freight | ||||||||||||||||||||
Canadian Pacific Railway | 18,746 | 1,403,326 | Canada | 2.1% | ||||||||||||||||
| Rubber & Plastic | ||||||||||||||||||||
Hartalega Holdings | 1,100,000 | 407,262 | Malaysia | 0.6% | ||||||||||||||||
| Waste Management | ||||||||||||||||||||
Sunny Friend Environmental Technology | 220,000 | 1,309,559 | Taiwan | 2.0% | ||||||||||||||||
| 3,120,147 | 4.7% | |||||||||||||||||||
| Materials | ||||||||||||||||||||
| Agricultural Chemicals | ||||||||||||||||||||
Quimica y Minera Chile ADR | 18,000 | 1,794,240 | Chile | 2.7% | ||||||||||||||||
| Base Metals | ||||||||||||||||||||
Southern Copper | 29,000 | 1,365,030 | Peru | 2.1% | ||||||||||||||||
| Precious Metal Mining | ||||||||||||||||||||
Barrick Gold | 97,000 | 1,440,450 | Canada | 2.2% | ||||||||||||||||
| Steel Raw Material Suppliers | ||||||||||||||||||||
Rio Tinto ADR | 27,000 | 1,519,830 | China(2) | 2.3% | ||||||||||||||||
| 6,119,550 | 9.3% | |||||||||||||||||||
| Technology | ||||||||||||||||||||
| Communications Equipment | ||||||||||||||||||||
Samsung Electronics | 32,900 | 1,457,495 | South Korea | 2.2% | ||||||||||||||||
Sercomm | 600,000 | 1,900,967 | Taiwan | 2.9% | ||||||||||||||||
| 3,358,462 | 5.1% | |||||||||||||||||||
| Computer Hardware & Storage | ||||||||||||||||||||
Advantech | 127,685 | 1,362,145 | Taiwan | 2.1% | ||||||||||||||||
| Electronics Components | ||||||||||||||||||||
Delta Electronics | 180,000 | 1,541,098 | China(2) | 2.3% | ||||||||||||||||
KCE Electronics NVDR | 950,000 | 1,408,005 | Malaysia | 2.1% | ||||||||||||||||
Samsung SDI | 4,000 | 1,768,407 | South Korea | 2.7% | ||||||||||||||||
| 4,717,510 | 7.1% | |||||||||||||||||||
| IT Services | ||||||||||||||||||||
Infosys ADR | 80,000 | 1,464,000 | India | 2.2% | ||||||||||||||||
| Semiconductor Devices | ||||||||||||||||||||
NVIDIA | 8,500 | 1,282,990 | United States | 1.9% | ||||||||||||||||
Qualcomm | 13,000 | 1,719,510 | China(2) | 2.6% | ||||||||||||||||
| 3,002,500 | 4.5% | |||||||||||||||||||
| Semiconductor Manufacturing | ||||||||||||||||||||
Taiwan Semiconductor ADR | 21,000 | 1,750,350 | Taiwan | 2.7% | ||||||||||||||||
| 15,654,967 | 23.7% | |||||||||||||||||||
| Total investments | (Cost $56,779,914) | $52,917,736 | 80.2% | |||||||||||||||||
| Other assets (net of liabilities) | 13,104,006 | 19.8% | ||||||||||||||||||
| Total net assets | $66,021,742 | 100.0% | ||||||||||||||||||
| (1) | Country of domicile unless otherwise indicated |
| (2) | Denotes a country or region of primary exposure |
ADR: American Depositary Receipt
NVDR: Thai Non-Voting Depository
| Amana Mutual Funds Trust, Participation Fund |
| Corporate Sukuk –60.4% | Coupon/Maturity | Face Amount | Market Value | Country(1) | Percentage of Net Assets | |||||||||||||||
| Communications | ||||||||||||||||||||
Saudi Telecom(2) | 3.89% due 05/13/2029 | $6,450,000 | $6,469,995 | Saudi Arabia | 3.0% | |||||||||||||||
| 6,469,995 | 3.0% | |||||||||||||||||||
| Consumer Discretionary | ||||||||||||||||||||
Almarai(2) | 4.311% due 03/05/2024 | 8,580,000 | 8,574,251 | Saudi Arabia | 3.9% | |||||||||||||||
| 8,574,251 | 3.9% | |||||||||||||||||||
| Financials | ||||||||||||||||||||
Abu Dhabi Islamic Bank Capital Invest Two(2) | 7.125% due 09/20/2070 | 6,200,000 | 6,355,000 | United Arab Emirates | 2.9% | |||||||||||||||
Al Hilal Bank(2) | 4.375% due 09/19/2023 | 1,324,000 | 1,326,857 | United Arab Emirates | 0.6% | |||||||||||||||
Dubai International Finance Centre(2) | 4.325% due 11/12/2024 | 7,300,000 | 7,280,512 | United Arab Emirates | 3.3% | |||||||||||||||
Dubai Islamic Bank(2) | 2.95% due 02/20/2025 | 6,200,000 | 6,021,046 | United Arab Emirates | 2.8% | |||||||||||||||
EMAAR Malls(2) | 4.564% due 06/18/2024 | 2,000,000 | 1,995,588 | United Arab Emirates | 0.9% | |||||||||||||||
Emirates Islamic Bank(2) | 1.827% due 09/23/2025 | 4,000,000 | 3,749,931 | United Arab Emirates | 1.7% | |||||||||||||||
Investment Corporate of Dubai(2) | 5.00% due 02/01/2027 | 8,350,000 | 8,539,575 | United Arab Emirates | 3.9% | |||||||||||||||
Islamic Development Bank Trust Services(2) | 1.957% due 10/02/2024 | 500,000 | 481,242 | Saudi Arabia | 0.2% | |||||||||||||||
Kuwait Financial Bank | 3.60% due 06/30/2090 | 9,500,000 | 8,980,160 | Kuwait | 4.1% | |||||||||||||||
Majid Al Futtaim(2) | 4.50% due 11/03/2025 | 4,600,000 | 4,611,686 | United Arab Emirates | 2.1% | |||||||||||||||
Majid Al Futtaim(2) | 4.638% due 05/14/2029 | 3,650,000 | 3,673,381 | United Arab Emirates | 1.7% | |||||||||||||||
Mar Sukuk Ltd(2) | 2.21% due 09/02/2025 | 2,000,000 | 1,890,965 | Cayman Islands | 0.9% | |||||||||||||||
National Commercial Bank | 3.50% due 07/26/2070 | 5,550,000 | 5,231,197 | Saudi Arabia | 2.4% | |||||||||||||||
Noor(2) | 4.471% due 04/24/2023 | 1,000,000 | 1,000,378 | United Arab Emirates | 0.5% | |||||||||||||||
Qatar International Bank(2) | 3.982% due 03/26/2024 | 5,650,000 | 5,646,447 | Qatar | 2.6% | |||||||||||||||
Sharjah Islamic Bank(2) | 2.85% due 06/23/2025 | 4,300,000 | 4,141,976 | United Arab Emirates | 1.9% | |||||||||||||||
Sharjah(2) | 3.854% due 04/03/2026 | 4,500,000 | 4,341,116 | United Arab Emirates | 2.0% | |||||||||||||||
| 75,267,057 | 34.5% | |||||||||||||||||||
| Industrials | ||||||||||||||||||||
DP World Crescent(2) | 3.908% due 05/31/2023 | 4,500,000 | 4,478,708 | United Arab Emirates | 2.1% | |||||||||||||||
DP World Salaam(2) | 6.00% due 07/01/2070 | 4,800,000 | 4,770,240 | United Arab Emirates | 2.1% | |||||||||||||||
| 9,248,948 | 4.2% | |||||||||||||||||||
| Materials | ||||||||||||||||||||
Equate(2) | 3.944% due 02/21/2024 | 8,000,000 | 7,936,564 | United Arab Emirates | 3.6% | |||||||||||||||
| 7,936,564 | 3.6% | |||||||||||||||||||
| Technology | ||||||||||||||||||||
Axiata SPV2(2) | 4.357% due 03/24/2026 | 4,150,000 | 4,156,142 | Malaysia | 1.9% | |||||||||||||||
| 4,156,142 | 1.9% | |||||||||||||||||||
| Utilities | ||||||||||||||||||||
Saudi Electric Global(2) | 4.222% due 01/27/2024 | 2,000,000 | 2,003,923 | Saudi Arabia | 0.9% | |||||||||||||||
Saudi Electric Global(2) | 4.00% due 04/08/2024 | 1,200,000 | 1,200,433 | Saudi Arabia | 0.6% | |||||||||||||||
Saudi Electric Global(3) | 4.00% due 04/08/2024 | 1,500,000 | 1,501,875 | Saudi Arabia | 0.7% | |||||||||||||||
Saudi Electric Global(2) | 5.50% due 04/08/2044 | 1,400,000 | 1,447,774 | Saudi Arabia | 0.7% | |||||||||||||||
Tabreed(2) | 5.50% due 10/31/2025 | 6,950,000 | 7,240,295 | United Arab Emirates | 3.3% | |||||||||||||||
TNB Global Ventures Cap(2) | 3.244% due 10/19/2026 | 7,140,000 | 6,812,203 | Malaysia | 3.1% | |||||||||||||||
| 20,206,503 | 9.3% | |||||||||||||||||||
| Total Corporate Sukuk | (Cost $141,251,754 | ) | $131,859,460 | 60.4% | ||||||||||||||||
| Government Sukuk – 25.3% | ||||||||||||||||||||
| Foreign Government Sukuk | ||||||||||||||||||||
Department of Finance Dubai(2) | 3.875% due 01/30/2023 | 3,750,000 | $3,738,941 | United Arab Emirates | 1.7% | |||||||||||||||
Department of Finance Dubai(2) | 5.00% due 04/30/2029 | 5,000,000 | 5,243,023 | United Arab Emirates | 2.4% | |||||||||||||||
Dubai Aerospace Enterprises DIFC(2) | 3.75% due 02/15/2026 | 3,150,000 | 2,989,649 | United Arab Emirates | 1.3% | |||||||||||||||
Islamic Development Bank(2) | 3.389% due 09/26/2023 | 3,500,000 | 3,494,617 | Saudi Arabia | 1.6% | |||||||||||||||
Kingdom of Saudi Arabia(2) | 3.628% due 04/20/2027 | 6,500,000 | 6,507,385 | Saudi Arabia | 3.0% | |||||||||||||||
Kingdom of Saudi Arabia(2) | 4.303% due 01/19/2029 | 3,500,000 | 3,612,225 | Saudi Arabia | 1.7% | |||||||||||||||
Malaysia Sovereign(2) | 4.236% due 04/22/2045 | 2,000,000 | 1,999,605 | Malaysia | 0.9% | |||||||||||||||
Perusahaan Penerbit SBSN(2) | 3.550% due 06/09/2051 | 5,000,000 | 3,968,820 | Indonesia | 1.8% | |||||||||||||||
Perusahaan Penerbit SBSN(2) | 3.75% due 03/01/2023 | 5,250,000 | 5,249,328 | Indonesia | 2.4% | |||||||||||||||
Perusahaan Penerbit SBSN(2) | 4.55% due 03/29/2026 | 5,685,000 | 5,793,473 | Indonesia | 2.7% | |||||||||||||||
Perusahaan Penerbit SBSN(2) | 4.45% due 02/20/2029 | 3,050,000 | 3,091,938 | Indonesia | 1.4% | |||||||||||||||
Ras Al Khaimah(2) | 3.094% due 03/31/2025 | 3,950,000 | 3,869,040 | United Arab Emirates | 1.8% | |||||||||||||||
State of Qatar(2) | 3.241% due 01/18/2023 | 5,700,000 | 5,694,015 | Qatar | 2.6% | |||||||||||||||
| Total Government Sukuk | (Cost $53,586,463 | ) | $55,252,059 | 25.3% | ||||||||||||||||
| Bank Time Deposits — 2.8% | ||||||||||||||||||||
| Bank Time Deposits | ||||||||||||||||||||
Arab Banking Corp, NY Branch | 0.92% due 11/28/2022 | $1,000,000 | $1,000,000 | United States | 0.5% | |||||||||||||||
Arab Banking Corp, NY Branch | 1.72% due 02/13/2023 | 1,000,000 | 1,000,000 | United States | 0.5% | |||||||||||||||
Arab Banking Corp, NY Branch | 3.31% due 05/15/2023 | 2,000,000 | 2,000,000 | United States | 0.9% | |||||||||||||||
Arab Banking Corp, NY Branch | 3.45% due 08/11/2023 | 2,000,000 | 2,000,000 | United States | 0.9% | |||||||||||||||
| Total Bank Time Deposits | (Cost $6,000,000 | ) | $6,000,000 | 2.8% | ||||||||||||||||
| Total investments | (Cost $200,838,217 | ) | $193,111,519 | 88.5% | ||||||||||||||||
| Other assets (net of liabilities) | 25,070,963 | 11.5% | ||||||||||||||||||
| Total net assets | $218,182,482 | 100.0% | ||||||||||||||||||
| (1) | Denotes a country or region of primary exposure |
| (2) | Security was purchased pursuant to Regulation S under the Securities Act of 1933 which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At August 31, 2022, the aggregate value of these securities was $185,609,644 representing 85.0% of net assets. |
| (3) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in public offering registered under the Securities Act of 1933. These securities have been deemed liquid under guidelines approved by the Trust’s Board of Trustees. At August 31, 2022, the net value of these securities was $1,501,875 representing 0.7% of net assets. |
Notes to Schedule of Investments (unaudited)
1. Organization:
Amana Mutual Funds Trust (the “Trust”) was organized as a Delaware Statutory Trust on March 11, 2013, and is the successor to Amana Mutual Funds Trust, an Indiana Business Trust organized on July 26, 1984, pursuant to a reorganization on July 19, 2013.
2. Significant Accounting Policies
a. Security valuation:
Under procedures approved by the Trust’s Board of Directors, Saturna Capital, the Trust’s investment adviser and administrator, has formed a Pricing Committee to administer the pricing and valuation of portfolio securities, including valuation of securities for which market quotations are not readily available.
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 latest bid price.
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 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 or under the direction of the Board of Trustees.
Security transactions are recorded on trade date. Realized gains and losses on sales of securities are recorded on the identified cost basis.
Sukuk certificates in which the Participation Fund invests are valued based on evaluated prices supplied by an independent pricing service, which include valuations provided by market makers and other participants, provided that there is sufficient market activity on which the pricing service can base such valuations. Where market activity is insufficient for making such determinations, the independent pricing service uses proprietary valuation methodologies and may consider a variety of factors, such as yield curves, credit spreads, estimated default rates, anticipated market interest rate volatility, coupon rates, and other factors in order to calculate the security’s fair value.
Bank time deposits are accounted for on cost basis, which approximates market value. Bank time deposits will be categorized as a Fair Value Level 2.
Notes to Schedule of Investments (unaudited) (continued)
b. Fair Value Measurements Disclosure:
Accounting Standards Codification (ASC) 820 establishes a three–tier framework for measuring fair value based on a hierarchy of inputs. The hierarchy distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of the Funds’ investments and are summarized below.
| Level 1 — | Unadjusted quoted prices in active markets for identical assets or liabilities that the Trust has the ability to access. |
| Level 2 — | Observable inputs other than quoted prices in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data. |
| Level 3 — | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Trust’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used as of August 31, 2022, in valuing the Funds’ investments carried at value:
Fair Value Measurements Table: |
| |||||||||||||||
| Level 1 | Level 2 | Level 3 | ||||||||||||||
Funds | Quoted Price | Significant Observable Input | Significant Unobservable Input | Total | ||||||||||||
Income Fund | ||||||||||||||||
Common Stocks | ||||||||||||||||
Consumer Discretionary | $65,934,615 | $- | $- | $65,934,615 | ||||||||||||
Consumer Staples | $146,523,076 | $- | $- | $146,523,076 | ||||||||||||
Health Care | $366,642,798 | $- | $- | $366,642,798 | ||||||||||||
Industrials | $317,176,840 | $- | $- | $317,176,840 | ||||||||||||
Materials | $137,536,720 | $- | $- | $137,536,720 | ||||||||||||
Technology | $270,172,575 | $26,665,131 | $- | $296,837,706 | ||||||||||||
Total Common Stocks | $1,303,986,624 | $26,665,131 | $- | $1,330,651,755 | ||||||||||||
Total Assets | $1,303,986,624 | $26,665,131 | $- | $1,330,651,755 | ||||||||||||
Growth Fund | ||||||||||||||||
Common Stocks(1) | $2,959,648,131 | $- | $- | $2,959,648,131 | ||||||||||||
Total Assets | $2,959,648,131 | $- | $- | $2,959,648,131 | ||||||||||||
Developing World | ||||||||||||||||
Common Stocks | ||||||||||||||||
Communications | $2,014,690 | $1,831,914 | $- | $3,846,604 | ||||||||||||
Consumer Discretionary | $1,077,700 | $3,179,834 | $- | $4,257,534 | ||||||||||||
Consumer Staples | $3,064,515 | $7,515,484 | $- | $10,579,999 | ||||||||||||
Financials | $- | $2,657,091 | $- | $2,657,091 | ||||||||||||
Health Care | $- | $6,681,844 | $- | $6,681,844 | ||||||||||||
Industrials | $1,403,326 | $1,716,821 | $- | $3,120,147 | ||||||||||||
Materials | $6,119,550 | $- | $- | $6,119,550 | ||||||||||||
Technology | $6,216,850 | $9,438,117 | $- | $15,654,967 | ||||||||||||
Total Common Stocks | $19,896,631 | $33,021,105 | $- | $52,917,736 | ||||||||||||
Total Assets | $19,896,631 | $33,021,105 | $- | $52,917,736 | ||||||||||||
Participation Fund | ||||||||||||||||
Corporate Sukuk(1) | $- | $131,859,460 | $- | $131,859,460 | ||||||||||||
Government Sukuk(1) | $- | $55,252,059 | $- | $55,252,059 | ||||||||||||
Bank Time Deposits(1) | $- | $6,000,000 | $- | $6,000,000 | ||||||||||||
Total Assets | $- | $193,111,519 | $- | $193,111,519 | ||||||||||||
During the period ended August 31, 2022, no Fund had transfers between Level 1, Level 2, and Level 3.
| (1) | See the Schedule of Investments for additional details |