Schedule
of
Investments
As
of
February
29,
2024
Amana
Income
Fund
February
29,
2024
Part
F
1
Continued
on
next
page.
Common
Stock
-
92
.6
%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Consumer
Discretionary
Automotive
Retailers
Genuine
Parts
382,000
$
57,017,320
3.1%
Consumer
Staples
Household
Products
Colgate-Palmolive
450,000
38,934,000
2.2%
Kenvue
840,000
15,960,000
0.9%
Kimberly-Clark
287,000
34,775,790
1.9%
Procter
&
Gamble
220,000
34,966,800
1.9%
Unilever
ADR
450,000
22,036,500
1.2%
146,673,090
8.1%
Packaged
Food
McCormick
&
Co
559,288
38,512,572
2.1%
185,185,662
10.2%
Health
Care
Biotech
Amgen
141,000
38,610,030
2.1%
Large
Pharma
AbbVie
100,000
17,605,000
1.0%
Bristol-Myers
Squibb
650,000
32,987,500
1.8%
Eli
Lilly
330,000
248,714,400
13.6%
Johnson
&
Johnson
165,000
26,627,700
1.5%
Merck
&
Co
40,000
5,086,000
0.3%
Novartis
ADR
295,400
29,826,538
1.6%
Pfizer
1,100,000
29,216,000
1.6%
390,063,138
21.4%
Medical
Devices
Abbott
Laboratories
350,000
41,524,000
2.3%
470,197,168
25.8%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Honeywell
International
50,000
9,936,500
0.5%
Johnson
Controls
International
550,000
32,598,500
1.8%
42,535,000
2.3%
Courier
Services
United
Parcel
Service,
Class
B
220,000
32,617,200
1.8%
Electrical
Power
Equipment
Eaton
100,000
28,900,000
1.6%
Industrial
Distribution
&
Rental
Ferguson
105,000
22,202,250
1.2%
W.W.
Grainger
80,000
77,876,800
4.3%
100,079,050
5.5%
Industrial
Machinery
Illinois
Tool
Works
300,000
78,645,000
4.3%
Measurement
Instruments
Rockwell
Automation
300,000
85,524,000
4.7%
Rail
Freight
Canadian
National
Railway
384,000
49,800,960
2.7%
418,101,210
22.9%
Schedule
of
Investments
As
of
February
29,
2024
Amana
Income
Fund
2
February
29,
2024
Part
F
Common
Stock
-
92.6%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Materials
Basic
&
Diversified
Chemicals
Air
Products
&
Chemicals
110,000
$
25,744,400
1.4%
Linde
130,000
58,346,600
3.2%
84,091,000
4.6%
Specialty
Chemicals
PPG
Industries
379,000
53,666,400
3.0%
137,757,400
7.6%
Technology
Communications
Equipment
Cisco
Systems
700,000
33,859,000
1.8%
Consumer
Electronics
Nintendo
750,000
41,980,212
2.3%
Infrastructure
Software
Microsoft
400,000
165,456,000
9.1%
Semiconductor
Devices
Broadcom
23,000
29,911,270
1.7%
Texas
Instruments
250,000
41,832,500
2.3%
71,743,770
4.0%
Semiconductor
Manufacturing
Taiwan
Semiconductor
ADR
824,500
106,088,415
5.8%
419,127,397
23.0%
Total
investments
(Cost
$591,460,319)
$
1,687,386,157
92.6%
Other
assets
(net
of
liabilities)
134,480,929
7.4%
Total
net
assets
$
1,821,867,085
100.0%
ADR:
American
Depositary
Receipt
Schedule
of
Investments
As
of
February
29,
2024
Amana
Growth
Fund
February
29,
2024
Part
F
3
Continued
on
next
page.
Common
Stock
-
96
.4
%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Communications
Internet
Media
Alphabet,
Class
A
1
1,345,000
$
186,228,700
3.7%
Consumer
Discretionary
Automotive
Retailers
AutoZone
40,000
120,240,800
2.4%
Home
Products
Stores
Lowe's
400,000
96,268,000
1.9%
Specialty
Apparel
Stores
Lululemon
Athletica
1
205,000
95,753,450
1.9%
TJX
Companies
1,150,000
114,011,000
2.2%
209,764,450
4.1%
426,273,250
8.4%
Consumer
Staples
Household
Products
Church
&
Dwight
1,171,300
117,270,556
2.3%
Estee
Lauder,
Class
A
287,594
42,730,717
0.9%
160,001,273
3.2%
Health
Care
Biotech
Amgen
322,225
88,234,872
1.7%
Large
Pharma
AstraZeneca
ADR
1,350,000
86,616,000
1.7%
Eli
Lilly
348,700
262,808,216
5.1%
Johnson
&
Johnson
89,625
14,463,682
0.3%
Merck
&
Co
800,000
101,720,000
2.0%
Novo
Nordisk
ADR
2,003,200
239,923,264
4.7%
705,531,162
13.8%
Life
Science
Equipment
Agilent
Technologies
900,000
123,624,000
2.4%
IDEXX
Laboratories
83,000
47,744,090
1.0%
171,368,090
3.4%
Managed
Care
Elevance
Health
182,000
91,227,500
1.8%
Medical
Devices
Stryker
300,000
104,721,000
2.1%
1,161,082,624
22.8%
Industrials
Commercial
&
Residential
Building
Equipment
&
Systems
Johnson
Controls
International
1,600,000
94,832,000
1.9%
Trane
400,000
112,788,000
2.2%
207,620,000
4.1%
Industrial
Distribution
&
Rental
Fastenal
565,700
41,301,757
0.8%
Measurement
Instruments
Keysight
Technologies
1
500,000
77,150,000
1.5%
Schedule
of
Investments
As
of
February
29,
2024
Amana
Growth
Fund
4
February
29,
2024
Part
F
Common
Stock
-
96.4%
Number
of
Shares
Market
Value
Percentage
of
Net
Assets
Industrials
(continued)
Measurement
Instruments
(continued)
Trimble
1
1,500,000
$
91,785,000
1.8%
168,935,000
3.3%
Metalworking
Machinery
Lincoln
Electric
Holdings
271,400
69,641,240
1.4%
Rail
Freight
Norfolk
Southern
199,425
50,530,307
1.0%
Union
Pacific
350,000
88,791,500
1.7%
139,321,807
2.7%
626,819,804
12.3%
Technology
Application
Software
Adobe
1
320,600
179,625,768
3.6%
Intuit
285,600
189,321,384
3.7%
368,947,152
7.3%
Communications
Equipment
Apple
1,989,550
359,611,162
7.1%
Cisco
Systems
1,750,000
84,647,500
1.6%
444,258,662
8.7%
Information
Services
Gartner
1
179,900
83,754,244
1.6%
Infrastructure
Software
Microsoft
660,000
273,002,400
5.4%
Oracle
867,000
96,826,560
1.9%
ServiceNow
185,000
142,697,900
2.8%
512,526,860
10.1%
Semiconductor
Devices
Advanced
Micro
Devices
1
1,200,000
231,036,000
4.5%
Broadcom
110,000
143,053,900
2.8%
NVIDIA
140,000
110,756,800
2.2%
484,846,700
9.5%
Semiconductor
Manufacturing
ASML
Holding
NY
308,000
293,117,440
5.8%
Taiwan
Semiconductor
ADR
1,210,921
155,809,205
3.0%
448,926,645
8.8%
2,343,260,263
46.0%
Total
investments
(Cost
$1,662,281,927)
$
4,903,665,914
96.4%
Other
assets
(net
of
liabilities)
181,073,317
3.6%
Total
net
assets
$
5,084,739,231
100.0%
1
Non-income
producing
ADR:
American
Depositary
Receipt
Schedule
of
Investments
As
of
February
29,
2024
Amana
Developing
World
Fund
February
29,
2024
Part
F
5
Continued
on
next
page.
Common
Stock
-
95
.9
%
Number
of
Shares
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Telecom
Carriers
Saudi
Telecom
270,000
$
3,056,291
Saudi
Arabia
2.8%
Telekomunikasi
Indonesia
ADR
83,000
2,123,140
Indonesia
1.9%
5,179,431
4.7%
Consumer
Discretionary
Automobiles
Ford
Otomotiv
Sanayi
96,000
3,124,255
Turkey
2.9%
Home
Products
Stores
Wilcon
Depot
5,000,000
1,920,350
Philippines
1.7%
5,044,605
4.6%
Consumer
Staples
Food
&
Drug
Stores
Bim
Birlesik
Magazalar
AS
200,000
2,483,153
Turkey
2.2%
Clicks
Group
174,000
2,716,435
South
Africa
2.5%
5,199,588
4.7%
Household
Products
Colgate-Palmolive
35,800
3,097,416
United
States
2.8%
Dabur
India
390,000
2,532,581
India
2.3%
Kimberly-Clark
de
Mexico,
Class
A
1,100,000
2,445,340
Mexico
2.3%
LG
Household
&
Health
Care
5,100
1,224,936
South
Korea
1.1%
Unicharm
75,000
2,491,390
Japan
2.3%
Unilever
ADR
57,000
2,791,290
United
Kingdom
2.6%
14,582,953
13.4%
Packaged
Food
Indofood
CBP
Sukses
Makmur
2,500,000
1,843,210
Indonesia
1.7%
21,625,751
19.8%
Financials
Islamic
Banking
BIMB
Holdings
1,476,100
765,925
Malaysia
0.7%
Islamic
Insurance
Carriers
Syarikat
Takaful
Malaysia
Keluarga
1,099,981
862,377
Malaysia
0.8%
Real
Estate
Owners
&
Developers
SM
Prime
Holdings
2,800,000
1,574,552
Philippines
1.4%
3,202,854
2.9%
Health
Care
Generic
Pharma
Hikma
Pharmaceuticals
116,500
2,897,224
Jordan
2.6%
Health
Care
Facilities
Bangkok
Dusit
Medical
Services
NVDR
3,065,000
2,435,020
Thailand
2.2%
IHH
Healthcare
1,550,000
2,007,611
Malaysia
1.9%
KPJ
Healthcare
4,400,992
1,529,564
Malaysia
1.4%
5,972,195
5.5%
Health
Care
Services
Fleury
498,750
1,597,253
Brazil
1.5%
10,466,672
9.6%
Schedule
of
Investments
As
of
February
29,
2024
Amana
Developing
World
Fund
6
February
29,
2024
Part
F
Continued
on
next
page.
Common
Stock
-
95.9%
Number
of
Shares
Market
Value
Country
1
Percentage
of
Net
Assets
Industrials
Industrial
Machinery
WEG
350,000
$
2,605,057
Brazil
2.4%
Rubber
&
Plastic
Hartalega
Holdings
2,500,000
1,323,037
Malaysia
1.2%
Waste
Management
Sunny
Friend
Environmental
Technology
157,000
524,351
Taiwan
0.5%
4,452,445
4.1%
Materials
Agricultural
Chemicals
Quimica
y
Minera
Chile
ADR
36,500
1,814,780
Chile
1.7%
Base
Metals
Southern
Copper
36,500
2,951,390
Peru
2.7%
Cement
&
Aggregates
UltraTech
Cement
26,500
3,161,618
India
2.9%
Precious
Metal
Mining
Barrick
Gold
144,740
2,121,888
Canada
1.9%
Steel
Raw
Material
Suppliers
Rio
Tinto
ADR
41,000
2,645,730
China
2
2.4%
12,695,406
11.6%
Technology
Communications
Equipment
Samsung
Electronics
58,000
3,201,189
South
Korea
2.9%
Sercomm
600,000
2,574,561
Taiwan
2.4%
5,775,750
5.3%
Computer
Hardware
&
Storage
Advantech
235,931
2,911,853
Taiwan
2.7%
Electronics
Components
Delta
Electronics
279,000
2,599,906
China
2
2.4%
KCE
Electronics
NVDR
1,650,000
1,746,746
Thailand
1.6%
Samsung
SDI
6,900
1,960,230
South
Korea
1.8%
6,306,882
5.8%
EMS/ODM
Jabil
23,000
3,314,070
United
States
3.0%
IT
Services
Infosys
ADR
146,500
2,924,140
India
2.7%
Semiconductor
Devices
NVIDIA
9,450
7,476,084
United
States
6.8%
Qualcomm
23,000
3,629,170
China
2
3.3%
11,105,254
10.1%
Semiconductor
Manufacturing
ASML
Holding
NY
4,250
4,044,640
Netherlands
3.7%
Taiwan
Semiconductor
ADR
26,000
3,345,420
Taiwan
3.1%
7,390,060
6.8%
39,728,009
36.4%
Schedule
of
Investments
As
of
February
29,
2024
Amana
Developing
World
Fund
February
29,
2024
Part
F
7
Common
Stock
-
95.9%
Number
of
Shares
Market
Value
Country
1
Percentage
of
Net
Assets
Utilities
Power
Generation
Manila
Electric
Co
350,000
$
2,430,009
Philippines
2.2%
Total
investments
(Cost
$94,528,014)
$
104,825,182
95.9%
Other
assets
(net
of
liabilities)
4,441,455
4.1%
Total
net
assets
$
109,266,636
100.0%
1
Country
of
domicile
unless
otherwise
indicated
2
Denotes
a
country
or
region
of
primary
exposure
ADR:
American
Depositary
Receipt
NVDR:
Non
Voting
Depository
Receipt
Consolidated
Schedule
of
Investments
As
of
February
29,
2024
Amana
Participation
Fund
8
February
29,
2024
Part
F
Continued
on
next
page.
Corporate
Sukuk
-
70.2%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Communications
Saudi
Telecom
2
3.890%
due
05/13/2029
$
5,450,000
$
5,167,682
Saudi
Arabia
2.7%
Consumer
Discretionary
Almarai
2
4.311%
due
03/05/2024
2,580,000
2,574,840
Saudi
Arabia
1.3%
Energy
SA
Global
2
2.694%
due
06/17/2031
6,000,000
5,118,780
Saudi
Arabia
2.6%
Financials
Investment
Corporate
of
Dubai
2
5.000%
due
02/01/2027
9,850,000
9,753,962
United
Arab
Emirates
5.1%
Kuwait
Financial
Bank
Tier
1
2,3
3.600%
due
PERP
10,000,000
9,140,400
Kuwait
4.7%
Riyad
2
3.174%
due
02/25/2030
8,830,000
8,559,873
Saudi
Arabia
4.4%
EMAAR
2
3.700%
due
07/06/2031
7,000,000
6,335,000
United
Arab
Emirates
3.3%
Air
Lease
Corp
Sukuk
Ltd
2
5.850%
due
04/01/2028
5,500,000
5,484,389
Cayman
Islands
2.9%
Majid
Al
Futtaim
2
4.638%
due
05/14/2029
5,650,000
5,480,500
United
Arab
Emirates
2.8%
TNB
Global
Ventures
2
4.851%
due
11/01/2028
5,300,000
5,233,101
Malaysia
2.7%
National
Commercial
Bank
Tier
1
2,3
3.500%
due
PERP
5,550,000
5,139,855
Saudi
Arabia
2.7%
Dubai
Islamic
Bank
2
5.493%
due
11/30/2027
5,000,000
5,063,340
United
Arab
Emirates
2.6%
Sharjah
Islamic
Bank
Tier
1
2,3
5.000%
due
PERP
5,000,000
4,830,900
United
Arab
Emirates
2.5%
Aldar
2
3.875%
due
10/22/2029
5,000,000
4,671,400
United
Arab
Emirates
2.4%
Dubai
Islamic
Bank
Tier
1
2,3
6.250%
due
PERP
4,500,000
4,481,550
United
Arab
Emirates
2.3%
Mas
Al
Ryan
2
2.210%
due
09/02/2025
4,500,000
4,272,732
Cayman
Islands
2.2%
Majid
Al
Futtaim
2
4.500%
due
11/03/2025
2,600,000
2,547,137
United
Arab
Emirates
1.3%
Islamic
Development
Bank
Trust
Services
2
4.747%
due
10/27/2027
2,500,000
2,502,575
Saudi
Arabia
1.3%
83,496,714
43.2%
Industrials
DP
World
Salaam
2,3
6.000%
due
PERP
7,800,000
7,750,876
United
Arab
Emirates
4.0%
DP
World
Crescent
2
3.750%
due
01/30/2030
4,000,000
3,685,954
United
Arab
Emirates
1.9%
11,436,830
5.9%
Technology
Axiata
SPV2
2
2.163%
due
08/19/2030
6,000,000
5,001,465
Malaysia
2.6%
Axiata
SPV2
2
4.357%
due
03/24/2026
4,357,000
4,262,714
Malaysia
2.2%
9,264,179
4.8%
Utilities
TNB
Global
Ventures
Cap
2
3.244%
due
10/19/2026
6,140,000
5,814,016
Malaysia
3.0%
Tabreed
2
5.500%
due
10/31/2025
4,950,000
4,957,623
United
Arab
Emirates
2.6%
Saudi
Electricity
Global
2
5.060%
due
04/08/2043
5,000,000
4,675,000
Saudi
Arabia
2.4%
Saudi
Electricity
Global
2
5.500%
due
04/08/2044
2,400,000
2,335,920
Saudi
Arabia
1.2%
Saudi
Electricity
Global
2
5.684%
due
04/11/2053
1,000,000
982,100
Saudi
Arabia
0.5%
18,764,659
9.7%
Total
Corporate
Sukuk
(Cost
$
142,457,000)
$135,823,684
70.2%
Government
Sukuk
-
20.0%
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
7,395,850
United
Arab
Emirates
3.8%
Perusahaan
Penerbit
SBSN
2
4.550%
due
03/29/2026
6,185,000
6,124,655
Indonesia
3.2%
Kingdom
of
Saudi
Arabia
2
3.628%
due
04/20/2027
6,000,000
5,763,600
Saudi
Arabia
3.0%
Malaysia
Sovereign
Sukuk
2
4.236%
due
04/22/2045
5,000,000
4,585,189
Malaysia
2.4%
Perusahaan
Penerbit
SBSN
2
3.550%
due
06/09/2051
5,280,000
3,874,834
Indonesia
2.0%
Consolidated
Schedule
of
Investments
As
of
February
29,
2024
Amana
Participation
Fund
February
29,
2024
Part
F
9
Government
Sukuk
-
20.0%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Foreign
Government
Sukuk
(continued)
Kingdom
of
Saudi
Arabia
2
4.303%
due
01/19/2029
$
3,200,000
$
3,116,000
Saudi
Arabia
1.6%
Perusahaan
Penerbit
SBSN
2
4.450%
due
02/20/2029
3,050,000
2,966,797
Indonesia
1.5%
Ras
Al
Khaimah
2
3.094%
due
03/31/2025
2,450,000
2,378,509
United
Arab
Emirates
1.2%
Oman
Sovereign
Sukuk
2
4.875%
due
06/15/2030
1,500,000
1,466,250
OMAN
0.7%
Oman
Sovereign
Sukuk
SAOC
2
4.397%
due
06/01/2024
1,200,000
1,191,821
OMAN
0.6%
Total
Government
Sukuk
(Cost
$
41,565,000)
$38,863,505
20.0%
Bank
Time
Deposits
-
4.7%
Coupon
/
Maturity
Face
Amount
Market
Value
Country
1
Percentage
of
Net
Assets
Bank
Time
Deposits
Arab
Banking
Corp,
NY
Branch
5.650%
due
04/22/2024
2,000,000
2,000,000
United
States
1.1%
Arab
Banking
Corp,
NY
Branch
5.640%
due
04/08/2024
2,000,000
2,000,000
United
States
1.0%
Arab
Banking
Corp,
NY
Branch
5.600%
due
03/06/2024
2,000,000
2,000,000
United
Sta
tes
1.0%
Gulf
International
Bank
5.000%
due
03/24/2024
1,500,000
1,500,000
Saudi
Arabia
0.8%
Gulf
International
Bank
5.100%
due
03/14/2024
1,500,000
1,500,000
Saudi
Arabia
0.8%
Total
Bank
Time
Deposits
(Cost
9,000,000)
$9,000,000
4.7%
Total
investments
(Cost
$191,193,096)
$183,687,189
94.9%
Other
assets
(net
of
liabilities)
9,820,684
5.1%
Total
net
assets
$193,507,873
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
February
29,
2024,
the
aggregate
value
of
these
securities
was
$174,687,189
representing
90.3%
of
total
net
assets.
3
Security
is
perpetual
in
nature
with
no
stated
maturity
date.
Notes
To
Financial
Statements
10
February
29,
2024
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
February
29,
2024
Level
1
Level
2
Level
3
Funds
Quoted
Price
Significant
Observable
Input
Significant
Unobservable
Input
Total
Income
Fund
Common
Stock
Consumer
Discretionary
$57,017,320
$–
$–
$57,017,320
Consumer
Staples
$185,185,662
$–
$–
$185,185,662
Health
Care
$470,197,168
$–
$–
$470,197,168
Industrials
$418,101,210
$–
$–
$418,101,210
Materials
$137,757,400
$–
$–
$137,757,400
Technology
$377,147,185
$41,980,212
$–
$419,127,397
Total
Common
Stock
$1,645,405,945
$41,980,212
$–
$1,687,386,157
Total
Assets
$1,645,405,945
$41,980,212
$–
$1,687,386,157
Notes
To
Financial
Statements
(continued)
February
29,
2024
Part
F
11
Growth
Fund
Common
Stock
1
$4,903,665,914
$–
$–
$4,903,665,914
Total
Assets
$4,903,665,914
$–
$–
$4,903,665,914
Developing
World
Fund
Common
Stock
Communications
$2,123,140
$3,056,291
$–
$5,179,431
Consumer
Discretionary
$–
$5,044,605
$–
$5,044,605
Consumer
Staples
$5,888,706
$15,737,045
$–
$21,625,751
Financials
$–
$3,202,854
$–
$3,202,854
Health
Care
$–
$10,466,672
$–
$10,466,672
Industrials
$–
$4,452,445
$–
$4,452,445
Materials
$9,533,788
$3,161,618
$–
$12,695,406
Technology
$24,733,524
$14,994,485
$–
$39,728,009
Utilities
$–
$2,430,009
$–
$2,430,009
Total
Common
Stock
$42,279,158
$62,546,024
$–
$104,825,182
Total
Assets
$42,279,158
$62,546,024
$–
$104,825,182
Participation
Fund
Bank
Time
Deposits
1
$–
$9,000,000
$–
$9,000,000
Corporate
Sukuk
1
$–
$135,823,684
$–
$135,823,684
Government
Sukuk
1
$–
$38,863,505
$–
$38,863,505
Total
Assets
$–
$183,687,189
$–
$183,687,189
1
See
the
Schedule
of
Investments
for
additional
details.
Note
2
–
Significant
Accounting
Policies
(continued)