Amana Mutual Funds Trust Income Fund (AMANX) NPORT-P Amana Growth Fund (Feb 2024 report)

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)