Amana Mutual Funds Trust Income Fund (AMANX) NPORT-P Amana Participation Fund (Aug 2024 report)

Schedule

of

Investments

As

of

August

31,

2024

Amana

Income

Fund

August

31,

2024

Part

F

1

Continued

on

next

page.

Common

Stock

-

92

.9

%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Consumer

Discretionary

Automotive

Retailers

Genuine

Parts

382,000

$

54,725,320

2.7%

Consumer

Staples

Household

Products

Procter

&

Gamble

250,000

42,885,000

2.2%

Packaged

Food

McCormick

&

Co

559,288

44,759,819

2.2%

Personal

Care

Products

Colgate-Palmolive

450,000

47,925,000

2.4%

Kenvue

1,000,000

21,950,000

1.1%

Kimberly-Clark

300,000

43,398,000

2.2%

Unilever

ADR

475,000

30,775,250

1.5%

144,048,250

7.2%

231,693,069

11.6%

Health

Care

Biotech

Amgen

139,325

46,510,865

2.4%

Large

Pharma

AbbVie

100,000

19,631,000

1.0%

Bristol-Myers

Squibb

300,800

15,024,960

0.8%

Eli

Lilly

300,000

288,006,000

14.4%

Johnson

&

Johnson

165,000

27,366,900

1.4%

Merck

&

Co

123,000

14,569,350

0.7%

Novartis

ADR

295,400

35,710,906

1.8%

Pfizer

782,350

22,695,973

1.1%

423,005,089

21.2%

Medical

Devices

Abbott

Laboratories

350,000

39,644,500

2.0%

509,160,454

25.6%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

550,000

40,067,500

2.0%

Courier

Services

United

Parcel

Service,

Class

B

260,000

33,423,000

1.7%

Diversified

Industrials

Illinois

Tool

Works

300,000

75,954,000

3.8%

Electrical

Power

Equipment

Eaton

110,000

33,762,300

1.7%

Industrial

Wholesale

&

Rental

Ferguson

Enterprises

Inc

175,000

35,999,250

1.8%

W.W.

Grainger

80,000

78,793,600

3.9%

114,792,850

5.7%

Measurement

Instruments

Rockwell

Automation

300,000

81,609,000

4.1%

Rail

Freight

Canadian

National

Railway

384,000

45,242,880

2.3%

424,851,530

21.3%

Schedule

of

Investments

As

of

August

31,

2024

Amana

Income

Fund

2

August

31,

2024

Part

F

Common

Stock

-

92.9%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Materials

Basic

&

Diversified

Chemicals

Air

Products

&

Chemicals

110,000

$

30,673,500

1.5%

Linde

130,000

62,172,500

3.1%

92,846,000

4.6%

Specialty

Chemicals

PPG

Industries

379,000

49,167,670

2.5%

142,013,670

7.1%

Technology

Communications

Equipment

Cisco

Systems

750,000

37,905,000

1.9%

Consumer

Electronics

Nintendo

750,000

40,952,047

2.0%

Infrastructure

Software

Microsoft

400,000

166,856,000

8.4%

Semiconductor

Devices

Broadcom

300,000

48,846,000

2.5%

Texas

Instruments

250,000

53,585,000

2.7%

102,431,000

5.2%

Semiconductor

Manufacturing

Taiwan

Semiconductor

ADR

824,500

141,566,650

7.1%

489,710,697

24.6%

Total

investments

(Cost

$632,248,921)

$

1,852,154,740

92.9%

Other

assets

(net

of

liabilities)

141,711,275

7.1%

Total

net

assets

$

1,993,866,015

100.0%

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2024

Amana

Growth

Fund

August

31,

2024

Part

F

3

Continued

on

next

page.

Common

Stock

-

95.1%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Communications

Internet

Media

&

Services

Alphabet,

Class

A

1,345,000

$

219,746,100

3.9%

Consumer

Discretionary

Automotive

Retailers

AutoZone

1

40,000

127,259,200

2.2%

Home

Products

Stores

Lowe's

400,000

99,400,000

1.7%

Specialty

Apparel

Stores

TJX

Companies

1,150,000

134,860,500

2.4%

361,519,700

6.3%

Consumer

Staples

Household

Products

Procter

&

Gamble

640,000

109,785,600

1.9%

Personal

Care

Products

Church

&

Dwight

1,171,300

119,332,044

2.1%

229,117,644

4.0%

Health

Care

Large

Pharma

AbbVie

280,000

54,966,800

1.0%

AstraZeneca

ADR

1,590,000

139,315,800

2.4%

Eli

Lilly

340,700

327,078,814

5.7%

Merck

&

Co

800,000

94,760,000

1.7%

Novo

Nordisk

ADR

2,003,200

278,765,312

4.9%

894,886,726

15.7%

Life

Science

&

Diagnostics

Agilent

Technologies

900,000

128,628,000

2.3%

Managed

Care

Elevance

Health

207,000

115,276,230

2.0%

Medical

Devices

Stryker

300,000

108,126,000

1.9%

1,246,916,956

21.9%

Industrials

Commercial

&

Residential

Building

Equipment

&

Systems

Johnson

Controls

International

2,000,000

145,700,000

2.6%

Trane

400,000

144,664,000

2.5%

290,364,000

5.1%

Electrical

Power

Equipment

Schneider

Electric

SE

400,000

102,178,966

1.8%

Measurement

Instruments

Keysight

Technologies

1

860,000

132,543,200

2.3%

Trimble

1

1,665,000

94,388,850

1.7%

226,932,050

4.0%

Metalworking

Machinery

Lincoln

Electric

Holdings

268,920

52,065,601

0.9%

Schedule

of

Investments

As

of

August

31,

2024

Amana

Growth

Fund

4

August

31,

2024

Part

F

Common

Stock

-

95.1%

Number

of

Shares

Market

Value

Percentage

of

Net

Assets

Industrials

(continued)

Rail

Freight

Union

Pacific

310,275

$

79,458,325

1.4%

750,998,942

13.2%

Technology

Application

Software

Adobe

1

320,600

184,155,846

3.2%

Intuit

285,600

180,002,256

3.2%

364,158,102

6.4%

Communications

Equipment

Apple

1,974,750

452,217,750

7.9%

Cisco

Systems

1,288,050

65,098,047

1.2%

517,315,797

9.1%

Infrastructure

Software

Microsoft

660,000

275,312,400

4.8%

Oracle

900,000

127,161,000

2.2%

ServiceNow

1

185,000

158,175,000

2.8%

560,648,400

9.8%

IT

Services

Gartner

1

179,900

88,503,604

1.6%

Semiconductor

Devices

Advanced

Micro

Devices

1

1,200,000

178,272,000

3.1%

Broadcom

1,100,000

179,102,000

3.2%

NVIDIA

1,950,000

232,771,500

4.1%

590,145,500

10.4%

Semiconductor

Manufacturing

ASML

Holding

NY

308,000

278,391,960

4.9%

Taiwan

Semiconductor

ADR

1,210,921

207,915,136

3.6%

486,307,096

8.5%

2,607,078,499

45.8%

Total

investments

(Cost

$1,923,722,794)

$5,415,377,841

95.1%

Other

assets

(net

of

liabilities)

279,491,231

4.9%

Total

net

assets

$5,694,869,072

100.0%

1

Non-income

producing

ADR:

American

Depositary

Receipt

Schedule

of

Investments

As

of

August

31,

2024

Amana

Developing

World

Fund

August

31,

2024

Part

F

5

Continued

on

next

page.

Common

Stock

-

95.4%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Telecom

Carriers

Saudi

Telecom

288,000

$

3,301,434

Saudi

Arabia

2.5%

Wireless

Telecommunications

Telekomunikasi

Indonesia

ADR

83,000

1,626,800

Indonesia

1.2%

4,928,234

3.7%

Consumer

Discretionary

Automobiles

Ford

Otomotiv

Sanayi

109,600

3,099,198

Turkey

2.4%

Home

Products

Stores

Wilcon

Depot

5,550,000

1,857,646

Philippines

1.4%

4,956,844

3.8%

Consumer

Staples

Food

&

Drug

Stores

Bim

Birlesik

Magazalar

AS

251,000

3,975,711

Turkey

3.0%

Clicks

Group

192,000

4,013,167

South

Africa

3.1%

7,988,878

6.1%

Packaged

Food

Indofood

CBP

Sukses

Makmur

2,500,000

1,857,650

Indonesia

1.4%

Personal

Care

Products

Colgate-Palmolive

39,000

4,153,500

United

States

3.1%

Dabur

India

444,000

3,372,555

India

2.6%

Kimberly-Clark

de

Mexico,

Class

A

1,100,000

1,805,756

Mexico

1.4%

LG

Household

&

Health

Care

6,050

1,606,334

South

Korea

1.2%

Unicharm

88,800

3,093,355

Japan

2.3%

Unilever

ADR

65,000

4,211,350

United

Kingdom

3.2%

18,242,850

13.8%

28,089,378

21.3%

Financials

Islamic

Banking

BIMB

Holdings

1,476,100

909,367

Malaysia

0.7%

Islamic

Insurance

Syarikat

Takaful

Malaysia

Keluarga

1,324,000

1,186,897

Malaysia

0.9%

2,096,264

1.6%

Health

Care

Health

Care

Facilities

Bangkok

Dusit

Medical

Services

NVDR

3,423,000

2,800,377

Thailand

2.1%

IHH

Healthcare

1,764,000

2,559,569

Malaysia

2.0%

KPJ

Healthcare

4,825,992

2,145,312

Malaysia

1.6%

7,505,258

5.7%

Specialty

&

Generic

Pharma

Hikma

Pharmaceuticals

127,400

3,332,436

Jordan

2.5%

10,837,694

8.2%

Industrials

Other

Machinery

&

Equipment

WEG

450,000

4,307,614

Brazil

3.3%

Schedule

of

Investments

As

of

August

31,

2024

Amana

Developing

World

Fund

6

August

31,

2024

Part

F

Continued

on

next

page.

Common

Stock

-

95.4%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Industrials

(continued)

Rubber

&

Plastic

Hartalega

Holdings

2,750,000

$

1,573,093

Malaysia

1.2%

5,880,707

4.5%

Materials

Agricultural

Chemicals

Quimica

y

Minera

Chile

ADR

49,000

1,901,200

Chile

1.4%

Base

Metals

Southern

Copper

38,593

3,925,680

Peru

3.0%

Cement

&

Aggregates

UltraTech

Cement

29,100

3,923,481

India

3.0%

Iron

Rio

Tinto

ADR

45,100

2,853,477

China

2

2.2%

Precious

Metals

Barrick

Gold

164,000

3,311,160

Canada

2.5%

15,914,998

12.1%

Real

Estate

Multi

Asset

Class

Ownership

&

Development

SM

Prime

Holdings

2,800,000

1,544,035

Philippines

1.2%

Technology

Communications

Equipment

Samsung

Electronics

62,700

3,482,253

South

Korea

2.6%

Sercomm

669,000

2,332,263

Taiwan

1.8%

5,814,516

4.4%

Computer

Hardware

&

Storage

Advantech

270,931

2,963,420

Taiwan

2.2%

Electronic

Manufacturing

Services

&

Original

Design

Manufacturer

Jabil

28,600

3,125,408

United

States

2.4%

Electronics

Components

Delta

Electronics

307,500

3,833,536

China

2

2.9%

KCE

Electronics

NVDR

1,810,000

2,036,442

Thailand

1.6%

Samsung

7,900

2,102,554

South

Korea

1.6%

7,972,532

6.1%

IT

Services

Infosys

ADR

163,200

3,799,296

India

2.9%

Semiconductor

Devices

NVIDIA

94,500

11,280,465

United

States

8.6%

Qualcomm

24,500

4,294,850

China

2

3.2%

15,575,315

11.8%

Semiconductor

Manufacturing

ASML

Holding

NY

4,550

4,112,608

Netherlands

3.1%

Taiwan

Semiconductor

ADR

27,200

4,670,240

Taiwan

3.6%

8,782,848

6.7%

48,033,335

36.5%

Schedule

of

Investments

As

of

August

31,

2024

Amana

Developing

World

Fund

August

31,

2024

Part

F

7

Common

Stock

-

95.4%

Number

of

Shares

Market

Value

Country

1

Percentage

of

Net

Assets

Utilities

Power

Generation

Manila

Electric

428,500

$

3,246,265

Philippines

2.5%

Total

investments

(Cost

$102,472,400)

$125,527,754

95.4%

Other

assets

(net

of

liabilities)

6,115,349

4.6%

Total

net

assets

$131,643,103

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

August

31,

2024

Amana

Participation

Fund

8

August

31,

2024

Part

F

Continued

on

next

page.

Corporate

Sukuk

-

74.5%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Communications

Axiata

SPV2

2

2.163%

due

08/19/2030

$

6,000,000

$

5,211,864

Malaysia

2.5%

Saudi

Telecom

2

3.890%

due

05/13/2029

5,000,000

4,855,357

Saudi

Arabia

2.3%

Axiata

SPV2

2

4.357%

due

03/24/2026

4,357,000

4,328,032

Malaysia

2.1%

14,395,253

6.9%

Energy

SA

Global

2

2.694%

due

06/17/2031

6,000,000

5,310,540

Saudi

Arabia

2.5%

Financials

Kuwait

Financial

Bank

Tier

1

2,3

3.600%

due

PERP

10,000,000

9,475,000

Kuwait

4.5%

QIB

Sukuk

LTD

5.581

2

5.581%

due

11/22/2028

1,000,000

1,034,090

Cayman

Islands

0.5%

Sharjah

2

3.854%

due

04/03/2026

1,600,000

1,563,198

United

Arab

Emirates

0.7%

Khazanah

Global

Sukuk

2

4.687%

due

06/01/2028

2,000,000

2,007,182

Malaysia

1.0%

Banque

Saudi

Fransi

2

4.750%

due

05/31/2028

4,000,000

4,013,276

Saudi

Arabia

1.9%

Mas

Al

Ryan

2

2.210%

due

09/02/2025

4,500,000

4,367,331

Cayman

Islands

2.1%

Boubyan

Sukuk

Ltd

2

3.389%

due

03/29/2027

4,600,000

4,457,244

Cayman

Islands

2.1%

FAB

Sukuk

Company

LTD

2

4.581%

due

01/17/2028

1,000,000

1,000,006

Cayman

Islands

0.5%

Dubai

Islamic

Bank

Tier

1

2,3

6.250%

due

PERP

4,500,000

4,500,000

United

Arab

Emirates

2.2%

Dubai

Islamic

Bank

2

5.493%

due

11/30/2027

5,000,000

5,130,275

United

Arab

Emirates

2.5%

National

Commercial

Bank

Tier

1

2,3

3.500%

due

PERP

5,550,000

5,270,946

Saudi

Arabia

2.5%

Air

Lease

Corp

Sukuk

Ltd

2

5.850%

due

04/01/2028

6,000,000

6,065,821

Cayman

Islands

2.9%

Dubai

Aerospace

Enterprises

DIFC

2

3.750%

due

02/15/2026

7,700,000

7,556,549

United

Arab

Emirates

3.6%

Riyad

2

3.174%

due

02/25/2030

7,830,000

7,749,821

Saudi

Arabia

3.7%

Investment

Corporate

of

Dubai

2

5.000%

due

02/01/2027

7,850,000

7,893,960

United

Arab

Emirates

3.8%

Sharjah

Islamic

Bank

Tier

1

2,3

5.000%

due

PERP

5,000,000

4,934,750

United

Arab

Emirates

2.4%

EI

Sukuk

Co

Ltd

2

2.082%

due

11/02/2026

1,000,000

942,682

Cayman

Islands

0.4%

77,962,131

37.3%

Industrials

DP

World

Salaam

2,3

6.000%

due

PERP

7,800,000

7,774,104

United

Arab

Emirates

3.7%

DP

World

Crescent

2

3.750%

due

01/30/2030

4,000,000

3,814,102

United

Arab

Emirates

1.9%

11,588,206

5.6%

Real

Estate

EMAAR

2

3.700%

due

07/06/2031

7,000,000

6,536,236

United

Arab

Emirates

3.1%

Dar

Al-

Arkan

Sukuk

Co

Lt

2

8.000%

due

02/25/2029

6,000,000

6,236,160

Cayman

Islands

3.0%

Aldar

2

3.875%

due

10/22/2029

6,000,000

5,776,776

United

Arab

Emirates

2.8%

Majid

Al

Futtaim

2

4.638%

due

05/14/2029

5,650,000

5,616,942

United

Arab

Emirates

2.7%

Majid

Al

Futtaim

2

4.500%

due

11/03/2025

2,600,000

2,584,335

United

Arab

Emirates

1.2%

26,750,449

12.8%

Utilities

TNB

Global

Ventures

Cap

2

3.244%

due

10/19/2026

6,140,000

5,954,116

Malaysia

2.8%

TNB

Global

Ventures

2

4.851%

due

11/01/2028

5,300,000

5,356,002

Malaysia

2.6%

Saudi

Electricity

Global

2

5.060%

due

04/08/2043

5,000,000

4,893,975

Saudi

Arabia

2.3%

Saudi

Electricity

Global

2

5.500%

due

04/08/2044

2,400,000

2,434,521

Saudi

Arabia

1.2%

Saudi

Electricity

Global

2

5.684%

due

04/11/2053

1,000,000

1,000,650

Saudi

Arabia

0.5%

19,639,264

9.4%

Total

Corporate

Sukuk

(Cost

$

159,377,000)

$155,645,843

74.5%

Government

Sukuk

-

17.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

Kingdom

of

Saudi

Arabia

2

3.628%

due

04/20/2027

6,000,000

5,898,039

Saudi

Arabia

2.8%

Consolidated

Schedule

of

Investments

As

of

August

31,

2024

Amana

Participation

Fund

August

31,

2024

Part

F

9

Government

Sukuk

-

17.3%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Government

(continued)

Perusahaan

Penerbit

SBSN

2

4.550%

due

03/29/2026

$

5,185,000

$

5,195,313

Indonesia

2.5%

Oman

Sovereign

Sukuk

2

4.875%

due

06/15/2030

5,150,000

5,113,821

Oman

2.4%

Malaysia

Sovereign

Sukuk

2

4.236%

due

04/22/2045

5,000,000

4,642,891

Malaysia

2.2%

Perusahaan

Penerbit

SBSN

2

3.550%

due

06/09/2051

5,280,000

4,077,429

Indonesia

2.0%

Kingdom

of

Saudi

Arabia

2

4.303%

due

01/19/2029

3,200,000

3,191,536

Saudi

Arabia

1.5%

Perusahaan

Penerbit

SBSN

2

4.450%

due

02/20/2029

3,050,000

3,057,807

Indonesia

1.5%

Islamic

Development

Bank

Trust

Services

2

4.747%

due

10/27/2027

2,500,000

2,547,025

Saudi

Arabia

1.2%

Ras

Al

Khaimah

2

3.094%

due

03/31/2025

2,450,000

2,413,348

United

Arab

Emirates

1.2%

Total

Government

Sukuk

(Cost

$

37,815,000)

$36,137,209

17.3%

Bank

Time

Deposits

-

5.7%

Coupon

/

Maturity

Face

Amount

Market

Value

Country

1

Percentage

of

Net

Assets

Bank

Time

Deposits

Ahli

United

Bank

5.420%

due

09/23/2024

2,000,000

2,000,000

United

States

0.9%

Bank

ABC

5.250%

due

11/18/2024

2,000,000

2,000,000

United

States

0.9%

Bank

ABC

5.610%

due

09/27/2024

2,000,000

2,000,000

United

States

0.9%

Bank

ABC

5.730%

due

09/13/2024

2,000,000

2,000,000

United

States

1.0%

Gulf

International

Bank

4.900%

due

10/07/2024

2,000,000

2,000,000

United

States

1.0%

Gulf

International

Bank

5.100%

due

09/20/2024

2,000,000

2,000,000

United

States

1.0%

Total

Bank

Time

Deposits

(Cost

12,000,000)

$12,000,000

5.7%

Total

investments

(Cost

$206,613,430)

$203,783,052

97.5%

Other

assets

(net

of

liabilities)

5,267,234

2.5%

Total

net

assets

$209,050,286

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,

2024,

the

aggregate

value

of

these

securities

was

$191,783,052

representing

91

.8%

of

total

net

assets.

3

Security

is

perpetual

in

nature

with

no

stated

maturity

date.

Notes

To

Financial

Statements

10

August

31,

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

30

,

2024

,

in

valuing

the

Funds’

investments

carried

at

fair

value:

Share

Valuation

Inputs

as

of

August

31,

2024

Level

1

Level

2

Level

3

Funds

Quoted

Price

Significant

Observable

Input

Significant

Unobservable

Input

Total

Income

Fund

Common

Stock

Consumer

Discretionary

$54,725,320

$–

$–

$54,725,320

Consumer

Staples

$231,693,069

$–

$–

$231,693,069

Health

Care

$509,160,454

$–

$–

$509,160,454

Industrials

$424,851,530

$–

$–

$424,851,530

Materials

$142,013,670

$–

$–

$142,013,670

Technology

$448,758,650

$40,952,047

$–

$489,710,697

Total

Common

Stock

$1,811,202,693

$40,952,047

$–

$1,852,154,740

Total

Assets

$1,811,202,693

$40,952,047

$–

$1,852,154,740

Notes

To

Financial

Statements

(continued)

August

31,

2024

Part

F

11

Growth

Fund

Common

Stock

Communications

$219,746,100

$–

$–

$219,746,100

Consumer

Discretionary

$361,519,700

$–

$–

$361,519,700

Consumer

Staples

$229,117,644

$–

$–

$229,117,644

Health

Care

$1,246,916,956

$–

$–

$1,246,916,956

Industrials

$648,819,976

$102,178,966

$–

$750,998,942

Technology

$2,607,078,499

$–

$–

$2,607,078,499

Total

Common

Stock

$5,313,198,875

$102,178,966

$–

$5,415,377,841

Total

Assets

$5,313,198,875

$102,178,966

$–

$5,415,377,841

Developing

World

Fund

Common

Stock

Communications

$1,626,800

$3,301,434

$–

$4,928,234

Consumer

Discretionary

$–

$4,956,844

$–

$4,956,844

Consumer

Staples

$8,364,850

$19,724,528

$–

$28,089,378

Financials

$–

$2,096,264

$–

$2,096,264

Health

Care

$–

$10,837,694

$–

$10,837,694

Industrials

$–

$5,880,707

$–

$5,880,707

Materials

$11,991,517

$3,923,481

$–

$15,914,998

Real

Estate

$–

$1,544,035

$–

$1,544,035

Technology

$33,319,309

$14,714,026

$–

$48,033,335

Utilities

$–

$3,246,265

$–

$3,246,265

Total

Common

Stock

$55,302,476

$70,225,278

$–

$125,527,754

Total

Assets

$55,302,476

$70,225,278

$–

$125,527,754

Participation

Fund

Bank

Time

Deposits

1

$–

$12,000,000

$–

$12,000,000

Corporate

Sukuk

1

$–

$155,645,843

$–

$155,645,843

Government

Sukuk

1

$–

$36,137,209

$–

$36,137,209

Total

Assets

$–

$203,783,052

$–

$203,783,052

1

See

the

Schedule

of

Investments

for

additional

details.

Note

2

–

Significant

Accounting

Policies

(continued)