Amana Mutual Funds Trust Income Fund (AMANX) NPORT-P Amana Income Fund (Aug 2023 report)

Schedule

of

Investments

As

of

August

31,

2023

Amana

Income

Fund

August

31,

2023

Part

F

1

Continued

on

next

page.

Common

Stock

-

91.4%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Automotive

Retailers

Genuine

Parts

382,000

$

58,724,860

3.5%

Consumer

Staples

Household

Products

Colgate-Palmolive

415,400

30,519,438

1.8%

Kenvue

251,912

5,806,572

0.4%

Kimberly-Clark

230,000

29,630,900

1.8%

Procter

&

Gamble

165,000

25,466,100

1.5%

Unilever

ADR

450,000

22,959,000

1.4%

114,382,010

6.9%

Packaged

Food

McCormick

&

Co

559,288

45,906,359

2.7%

160,288,369

9.6%

Health

Care

Biotech

Amgen

141,000

36,143,940

2.2%

Large

Pharma

AbbVie

100,000

14,696,000

0.9%

Bristol-Myers

Squibb

650,000

40,072,500

2.4%

Eli

Lilly

400,000

221,680,000

13.1%

Johnson

&

Johnson

103,638

16,756,192

1.0%

Novartis

ADR

295,400

29,681,792

1.7%

Pfizer

1,100,000

38,918,000

2.3%

361,804,484

21.4%

Medical

Devices

Abbott

Laboratories

350,000

36,015,000

2.1%

433,963,424

25.7%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Honeywell

International

260,000

48,864,400

2.9%

Johnson

Controls

International

510,000

30,120,600

1.8%

78,985,000

4.7%

Courier

Services

United

Parcel

Service,

Class

B

190,000

32,186,000

1.9%

Electrical

Power

Equipment

Eaton

100,000

23,037,000

1.4%

Industrial

Distribution

&

Rental

W.W.

Grainger

80,000

57,131,200

3.4%

Industrial

Machinery

Illinois

Tool

Works

300,000

74,205,000

4.4%

Measurement

Instruments

Rockwell

Automation

300,000

93,624,000

5.5%

Rail

Freight

Canadian

National

Railway

384,000

43,242,240

2.6%

402,410,440

23.9%

Materials

Basic

&

Diversified

Chemicals

Air

Products

&

Chemicals

110,000

32,503,900

1.9%

Schedule

of

Investments

As

of

August

31,

2023

Amana

Income

Fund

2

August

31,

2023

Part

F

Common

Stock

-

91.4%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Materials

(continued)

Basic

&

Diversified

Chemicals

(continued)

Linde

130,000

$

50,315,200

3.0%

82,819,100

4.9%

Specialty

Chemicals

3M

235,000

25,067,450

1.5%

PPG

Industries

379,000

53,727,040

3.2%

78,794,490

4.7%

161,613,590

9.6%

Technology

Communications

Equipment

Cisco

Systems

680,000

38,998,000

2.3%

Consumer

Electronics

Nintendo

750,000

32,137,787

1.9%

Infrastructure

Software

Microsoft

400,000

131,104,000

7.8%

Semiconductor

Devices

Texas

Instruments

250,000

42,015,000

2.5%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

824,500

77,148,465

4.6%

321,403,252

19.1%

Total

investments

(Cost

$523,677,268)

$1,538,403,935

91.4%

Other

assets

(net

of

liabilities)

144,894,379

8.6%

Total

net

assets

$1,683,298,314

100.0%

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2023

Amana

Growth

Fund

August

31,

2023

Part

F

3

Continued

on

next

page.

Common

Stock

-

97.1%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

Alphabet,

Class

A

1

1,076,000

$

146,518,920

3.5%

Consumer

Discretionary

Automotive

Retailers

AutoZone

40,000

101,253,200

2.4%

Home

Products

Stores

Lowe's

400,000

92,192,000

2.2%

Specialty

Apparel

Stores

Lululemon

Athletica

1

205,000

78,158,300

1.9%

TJX

Companies

1,150,000

106,352,000

2.5%

184,510,300

4.4%

377,955,500

9.0%

Consumer

Staples

Household

Products

Church

&

Dwight

1,171,300

113,346,701

2.7%

Estee

Lauder,

Class

A

458,594

73,618,095

1.8%

186,964,796

4.5%

Health

Care

Biotech

Amgen

336,425

86,239,184

2.1%

Large

Pharma

AstraZeneca

ADR

1,020,000

69,176,400

1.7%

Eli

Lilly

348,700

193,249,540

4.6%

Johnson

&

Johnson

379,750

61,397,980

1.5%

Merck

&

Co

640,000

69,747,200

1.7%

Novo

Nordisk

ADR

1,001,600

185,916,992

4.4%

579,488,112

13.9%

Life

Science

Equipment

Agilent

Technologies

900,000

108,963,000

2.6%

IDEXX

Laboratories

83,000

42,447,030

1.0%

151,410,030

3.6%

Managed

Care

Elevance

Health

182,000

80,445,820

1.9%

Medical

Devices

Stryker

300,000

85,065,000

2.0%

982,648,146

23.5%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

1,244,000

73,470,640

1.7%

Trane

400,000

82,104,000

2.0%

155,574,640

3.7%

Industrial

Distribution

&

Rental

Fastenal

565,700

32,573,006

0.8%

Measurement

Instruments

Keysight

Technologies

1

500,000

66,650,000

1.6%

Schedule

of

Investments

As

of

August

31,

2023

Amana

Growth

Fund

4

August

31,

2023

Part

F

Common

Stock

-

97.1%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Industrials

(continued)

Measurement

Instruments

(continued)

Trimble

1

1,500,000

$

82,185,000

1.9%

148,835,000

3.5%

Metalworking

Machinery

Lincoln

Electric

Holdings

288,075

55,442,915

1.3%

Rail

Freight

Norfolk

Southern

230,725

47,300,932

1.1%

Union

Pacific

350,000

77,199,500

1.9%

124,500,432

3.0%

516,925,993

12.3%

Materials

Agricultural

Chemicals

Corteva

1,280,000

64,652,800

1.5%

Technology

Application

Software

Adobe

1

320,600

179,324,404

4.3%

Intuit

285,600

154,740,936

3.7%

334,065,340

8.0%

Communications

Equipment

Apple

1,989,550

373,776,759

8.9%

Cisco

Systems

1,500,000

86,025,000

2.1%

Motorola

Solutions

310,000

87,906,700

2.1%

547,708,459

13.1%

Information

Services

Gartner

1

179,900

62,907,432

1.5%

Infrastructure

Software

Microsoft

550,000

180,268,000

4.3%

Oracle

737,200

88,751,508

2.2%

ServiceNow

150,000

88,324,500

2.1%

357,344,008

8.6%

Semiconductor

Devices

Advanced

Micro

Devices

1

1,200,000

126,864,000

3.0%

Broadcom

Ltd

45,000

41,530,050

1.0%

168,394,050

4.0%

Semiconductor

Manufacturing

ASML

Holding

NY

308,000

203,443,240

4.9%

Taiwan

Semiconductor

ADR

1,210,921

113,305,878

2.7%

316,749,118

7.6%

1,787,168,407

42.8%

Total

investments

(Cost

$1,500,183,544)

$4,062,834,562

97.1%

Other

assets

(net

of

liabilities)

120,474,855

2.9%

Total

net

assets

$4,183,309,417

100.0%

1

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2023

Amana

Developing

World

Fund

August

31,

2023

Part

F

5

Continued

on

next

page.

Common

Stock

-

82.8%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

230,000

$

2,440,620

Saudi

Arabia

2.4%

Telekomunikasi

Indonesia

ADR

83,000

2,014,410

Indonesia

2.0%

4,455,030

4.4%

Consumer

Discretionary

Apparel,

Footwear

&

Accessory

Design

VF

26,000

513,760

United

States

0.5%

Automobiles

Ford

Otomotiv

Sanayi

90,000

2,910,678

Turkey

2.9%

Home

Products

Stores

Wilcon

Depot

4,200,000

1,646,064

Philippines

1.6%

5,070,502

5.0%

Consumer

Staples

Food

&

Drug

Stores

Clicks

Group

160,000

2,310,314

South

Africa

2.2%

Household

Products

Colgate-Palmolive

33,000

2,424,510

United

States

2.4%

Dabur

India

330,000

2,202,811

India

2.2%

Kimberly-Clark

de

Mexico,

Class

A

1,100,000

2,477,346

Mexico

2.4%

LG

Household

&

Health

Care

4,500

1,579,124

South

Korea

1.5%

Unicharm

69,500

2,770,895

Japan

2.7%

Unilever

ADR

53,000

2,704,060

United

Kingdom

2.6%

14,158,746

13.8%

Packaged

Food

Indofood

CBP

Sukses

Makmur

2,500,000

1,838,708

Indonesia

1.8%

18,307,768

17.8%

Financials

Islamic

Banking

BIMB

Holdings

1,476,100

665,138

Malaysia

0.6%

Islamic

Insurance

Carriers

Syarikat

Takaful

Malaysia

Keluarga

599,981

480,670

Malaysia

0.5%

Real

Estate

Owners

&

Developers

SM

Prime

Holdings

2,800,000

1,443,795

Philippines

1.4%

2,589,603

2.5%

Health

Care

Generic

Pharma

Hikma

Pharmaceuticals

109,000

3,011,766

Jordan

2.9%

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

2,800,000

2,238,161

Thailand

2.2%

IHH

Healthcare

1,550,000

1,980,456

Malaysia

1.9%

KPJ

Healthcare

3,600,992

901,472

Malaysia

0.9%

5,120,089

5.0%

Health

Care

Services

Fleury

498,750

1,481,530

Brazil

1.5%

9,613,385

9.4%

Schedule

of

Investments

As

of

August

31,

2023

Amana

Developing

World

Fund

6

August

31,

2023

Part

F

Continued

on

next

page.

Common

Stock

-

82.8%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

Rubber

&

Plastic

Hartalega

Holdings

2,000,000

$

842,360

Malaysia

0.8%

Waste

Management

Sunny

Friend

Environmental

Technology

247,376

892,598

Taiwan

0.9%

1,734,958

1.7%

Materials

Agricultural

Chemicals

Quimica

y

Minera

Chile

ADR

33,000

2,065,470

Chile

2.0%

Base

Metals

Southern

Copper

34,000

2,742,440

Peru

2.7%

Cement

&

Aggregates

UltraTech

Cement

24,500

2,454,534

India

2.4%

Precious

Metal

Mining

Barrick

Gold

131,740

2,135,505

Canada

2.1%

Steel

Raw

Material

Suppliers

Rio

Tinto

ADR

37,500

2,343,750

China

2

2.3%

11,741,699

11.5%

Technology

Communications

Equipment

Samsung

Electronics

54,000

2,731,117

South

Korea

2.7%

Sercomm

600,000

2,280,052

Taiwan

2.2%

5,011,169

4.9%

Computer

Hardware

&

Storage

Advantech

217,931

2,345,229

Taiwan

2.3%

Electronics

Components

Delta

Electronics

260,000

2,809,794

China

2

2.7%

KCE

Electronics

NVDR

1,500,000

2,181,470

Thailand

2.1%

Samsung

SDI

5,400

2,504,528

South

Korea

2.5%

7,495,792

7.3%

EMS/ODM

Jabil

21,000

2,402,820

United

States

2.4%

IT

Services

Infosys

ADR

135,000

2,344,950

India

2.3%

Semiconductor

Devices

NVIDIA

9,000

4,441,950

United

States

4.3%

Qualcomm

21,000

2,405,130

China

2

2.4%

6,847,080

6.7%

Semiconductor

Manufacturing

ASML

Holding

NY

3,900

2,576,067

Netherlands

2.5%

Taiwan

Semiconductor

ADR

23,500

2,198,895

Taiwan

2.1%

4,774,962

4.6%

31,222,002

30.5%

Total

investments

(Cost

$82,483,380)

$84,734,947

82.8%

Other

assets

(net

of

liabilities)

17,541,970

17.2%

Total

net

assets

$102,276,917

100.0%

1

Country

of

domicile

unless

otherwise

indicated

Schedule

of

Investments

As

of

August

31,

2023

Amana

Developing

World

Fund

August

31,

2023

Part

F

7

2

Denotes

a

country

or

region

of

primary

exposure

ADR:

American

Depositary

Receipt

NVDR:

Non

Voting

Depository

Receipt

Consolidated

Schedule

of

Investments

As

of

August

31,

2023

Amana

Participation

Fund

8

August

31,

2023

Part

F

Continued

on

next

page.

Corporate

Sukuk

-

69.0%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Saudi

Telecom

2

3.890%

due

05/13/2029

$

8,450,000

$

7,996,327

Saudi

Arabia

3.7%

Consumer

Discretionary

Almarai

2

4.311%

due

03/05/2024

2,580,000

2,551,290

Saudi

Arabia

1.2%

Energy

SA

Global

2

2.694%

due

06/17/2031

8,000,000

6,797,984

Saudi

Arabia

3.2%

Financials

Investment

Corporate

of

Dubai

2

5.000%

due

02/01/2027

9,850,000

9,800,750

United

Arab

Emirates

4.6%

Kuwait

Financial

Bank

Tier

1

2,3

3.600%

due

PERP

10,000,000

9,111,480

Kuwait

4.3%

Dubai

Islamic

Bank

2

5.493%

due

11/30/2027

9,000,000

9,086,688

United

Arab

Emirates

4.2%

Riyad

2

3.174%

due

02/25/2030

9,030,000

8,650,740

Saudi

Arabia

4.0%

EMAAR

2

3.700%

due

07/06/2031

9,000,000

8,134,380

United

Arab

Emirates

3.8%

Majid

Al

Futtaim

2

4.638%

due

05/14/2029

5,650,000

5,487,664

United

Arab

Emirates

2.6%

TNB

Global

Ventures

2

4.851%

due

11/01/2028

5,300,000

5,200,033

Malaysia

2.4%

National

Commercial

Bank

Tier

1

2,3

3.500%

due

PERP

5,550,000

5,137,069

Saudi

Arabia

2.4%

Sharjah

Islamic

Bank

Tier

1

2,3

5.000%

due

PERP

5,000,000

4,841,400

United

Arab

Emirates

2.3%

Aldar

2

3.875%

due

10/22/2029

5,000,000

4,609,660

United

Arab

Emirates

2.2%

Majid

Al

Futtaim

2

4.500%

due

11/03/2025

4,600,000

4,500,612

United

Arab

Emirates

2.1%

Mas

Al

Ryan

2

2.210%

due

09/02/2025

4,500,000

4,222,125

Cayman

Islands

2.0%

Islamic

Development

Bank

Trust

Services

2

4.747%

due

10/27/2027

2,500,000

2,504,000

Saudi

Arabia

1.2%

Dubai

Islamic

Bank

Tier

1

2,3

6.250%

due

PERP

2,000,000

1,998,728

United

Arab

Emirates

0.9%

83,285,329

39.0%

Industrials

DP

World

Salaam

2,3

6.000%

due

PERP

7,800,000

7,752,295

United

Arab

Emirates

3.6%

DP

World

Crescent

2

3.750%

due

01/30/2030

4,000,000

3,682,619

United

Arab

Emirates

1.7%

11,434,914

5.3%

Technology

Axiata

SPV2

2

2.163%

due

08/19/2030

6,000,000

4,965,833

Malaysia

2.3%

Axiata

SPV2

2

4.357%

due

03/24/2026

4,357,000

4,228,226

Malaysia

2.0%

9,194,059

4.3%

Utilities

TNB

Global

Ventures

Cap

2

3.244%

due

10/19/2026

9,140,000

8,548,595

Malaysia

4.0%

Tabreed

2

5.500%

due

10/31/2025

6,950,000

6,906,562

United

Arab

Emirates

3.2%

Saudi

Electricity

Global

2

5.060%

due

04/08/2043

7,000,000

6,562,500

Saudi

Arabia

3.1%

Saudi

Electricity

Global

2

5.500%

due

04/08/2044

2,400,000

2,325,000

Saudi

Arabia

1.1%

Saudi

Electricity

Global

2

5.684%

due

04/11/2053

2,000,000

1,915,000

Saudi

Arabia

0.9%

26,257,657

12.3%

Total

Corporate

Sukuk

(Cost

$

155,657,000)

$147,517,560

69.0%

Government

Sukuk

-

21.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Foreign

Government

Sukuk

Dubai

Aerospace

Enterprises

DIFC

2

3.750%

due

02/15/2026

7,700,000

7,238,693

United

Arab

Emirates

3.4%

Kingdom

of

Saudi

Arabia

2

3.628%

due

04/20/2027

7,500,000

7,145,160

Saudi

Arabia

3.3%

Malaysia

Sovereign

Sukuk

2

4.236%

due

04/22/2045

7,500,000

6,834,953

Malaysia

3.2%

Perusahaan

Penerbit

SBSN

2

4.550%

due

03/29/2026

6,185,000

6,080,171

Indonesia

2.8%

Perusahaan

Penerbit

SBSN

2

3.550%

due

06/09/2051

6,280,000

4,644,512

Indonesia

2.2%

International

Islamic

Liquidity

Management

2

5.600%

due

09/07/2023

4,200,000

4,200,742

Luxembourg

2.0%

Consolidated

Schedule

of

Investments

As

of

August

31,

2023

Amana

Participation

Fund

August

31,

2023

Part

F

9

Government

Sukuk

-

21.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Foreign

Government

Sukuk

(continued)

Ras

Al

Khaimah

2

3.094%

due

03/31/2025

$

3,950,000

$

3,787,355

United

Arab

Emirates

1.8%

Kingdom

of

Saudi

Arabia

2

4.303%

due

01/19/2029

3,200,000

3,105,939

Saudi

Arabia

1.4%

Perusahaan

Penerbit

SBSN

2

4.450%

due

02/20/2029

3,050,000

2,961,314

Indonesia

1.4%

Total

Government

Sukuk

(Cost

$

49,565,000)

$45,998,839

21.5%

Bank

Time

Deposits

-

1.4%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Bank

Time

Deposits

Arab

Banking

Corp,

NY

Branch

5.380%

due

09/06/2023

3,000,000

3,000,000

United

States

1.4%

Total

Bank

Time

Deposits

(Cost

3,000,000)

$3,000,000

1.4%

Total

investments

(Cost

$206,494,522)

$196,516,399

91.9%

Other

assets

(net

of

liabilities)

17,220,422

8.1%

Total

net

assets

$213,736,822

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,

2023,

the

aggregate

value

of

these

securities

was

$193,516,399

representing

90.5%

of

total

net

assets.

3

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

Notes

To

Financial

Statements

10

August

31,

2023

Part

F

Note

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.

Note

2

–

Significant

Accounting

Policies

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

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

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

Adviser,

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

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

Fair

Value

Level

2.

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,

2023

,

in

valuing

the

Funds’

investments

carried

at

fair

value:

Share

Valuation

Inputs

as

of

August

31,

2023

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$58,724,860

$–

$–

$58,724,860

Consumer

Staples

$160,288,369

$–

$–

$160,288,369

Health

Care

$433,963,424

$–

$–

$433,963,424

Industrials

$402,410,440

$–

$–

$402,410,440

Materials

$161,613,590

$–

$–

$161,613,590

Technology

$289,265,465

$32,137,787

$–

$321,403,252

Total

Common

Stock

$1,506,266,148

$32,137,787

$–

$1,538,403,935

Total

Assets

$1,506,266,148

$32,137,787

$–

$1,538,403,935

Notes

To

Financial

Statements

(continued)

August

31,

2023

Part

F

11

Growth

Fund

Common

Stock

1

$4,062,834,562

$–

$–

$4,062,834,562

Total

Assets

$4,062,834,562

$–

$–

$4,062,834,562

Developing

World

Fund

Common

Stock

Communications

$2,014,410

$2,440,620

$–

$4,455,030

Consumer

Discretionary

$513,760

$4,556,742

$–

$5,070,502

Consumer

Staples

$5,128,570

$13,179,198

$–

$18,307,768

Financials

$–

$2,589,603

$–

$2,589,603

Health

Care

$–

$9,613,385

$–

$9,613,385

Industrials

$–

$1,734,958

$–

$1,734,958

Materials

$9,287,165

$2,454,534

$–

$11,741,699

Technology

$16,369,812

$14,852,190

$–

$31,222,002

Total

Common

Stock

$33,313,717

$51,421,230

$–

$84,734,947

Total

Assets

$33,313,717

$51,421,230

$–

$84,734,947

Participation

Fund

Bank

Time

Deposits

1

$–

$3,000,000

$–

$3,000,000

Corporate

Sukuk

1

$–

$147,517,560

$–

$147,517,560

Government

Sukuk

1

$–

$45,998,839

$–

$45,998,839

Total

Assets

$–

$196,516,399

$–

$196,516,399

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)