NPORT-EX 2 fm-us.htm NPORT-EX

Free Market U.S. Equity Fund
  
Schedule of Investments
  
November 30, 2024 (Unaudited)
  
   
OPEN END FUNDS - 99.9%
  
Shares
    
Value
  
iShares Core S&P 500 ETF
    
620,081
    
$
375,192,411
  
iShares MSCI USA Value Factor ETF (a)
    
3,457,971
      
396,162,447
  
U.S. Large Cap Value Portfolio III - Class Institutional (b)
    
20,280,253
      
696,626,697
  
U.S. Large Cap Value Series (c)
    
2,825,615
      
255,605,174
  
U.S. Large Company Portfolio - Class Institutional (b)
    
7,253,127
      
290,850,394
  
U.S. Micro Cap Portfolio - Class Institutional (d)
    
21,803,299
      
689,202,285
  
U.S. Small Cap Portfolio - Class Institutional (d)
    
12,963,932
      
689,033,010
  
U.S. Small Cap Value Portfolio - Class Institutional (d)
    
21,596,457
      
1,141,588,707
  
TOTAL OPEN END FUNDS (Cost $2,391,923,162)
      
4,534,261,125
  
                 
SHORT-TERM INVESTMENTS - 0.2%
          
Value
 
Investments Purchased with Proceeds from Securities Lending - 0.1%
  
Units
          
Mount Vernon Liquid Assets Portfolio, LLC, 4.64% (e)
    
2,970,750
      
2,970,750
  
                 
Money Market Funds - 0.1%
  
Shares
          
Invesco Government & Agency Portfolio - Class Institutional, 4.58% (f)
    
7,146,743
      
7,146,743
  
TOTAL SHORT-TERM INVESTMENTS (Cost $10,117,493)
      
10,117,493
  
                 
TOTAL INVESTMENTS - 100.1% (Cost $2,402,040,654)
      
4,544,378,618
  
Liabilities in Excess of Other Assets - (0.1)%
      
(4,981,313
)
TOTAL NET ASSETS - 100.0%
          
$
4,539,397,305
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%

(a)
All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $2,921,408 which represented 0.1% of net assets
(b)
A portfolio of Dimensional Investment Group Inc.
(c)
A portfolio of DFA Investment Trust Company.
(d)
A portfolio of DFA Investment Dimensions Group Inc.
(e)
The rate shown is as of November 30, 2024.
(f)
The rate shown represents the 7-day effective yield as of November 30, 2024.
ETF
Exchange-Traded Fund
Portfolio holdings are subject to change at any time.


Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)
 
Free Market U.S. Equity Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included 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 Fund’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 following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:
 
   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Open End Funds
  
$
4,278,655,950
    
$
–
    
$
–
    
$
4,278,655,950
  
  Investments Measured at Net Asset Value (a)
    
–
      
–
      
–
      
255,695,175
  
  Investments Purchased with Proceeds from Securities Lending (a)
    
–
      
–
      
–
      
2,970,750
  
  Money Market Funds
    
7,146,743
      
–
      
–
      
7,146,743
  
Total Investments (b)
  
$
4,285,802,693
    
$
–
    
$
–
    
$
4,544,378,618
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.
  

(a)
Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.
(b)
Please refer to the Portfolio of Investments for further details.