| Shares
|
| Value
|
|
| Semiconductors (4.6%)
|
|
| 1,550,352
| Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR (Taiwan)
| $134,725,589
|
|
| Total Common Stocks (Cost $1,658,742,699)
| 2,846,858,092
|
| Units
|
|
|
|
| Warrants (0.0%)
|
|
| 99,486
| Constellation Software, Inc., expiring 03/31/40 (Canada)(a)
| 0
|
|
| (cost $0)
|
|
|
| Total Investments (96.6%)
(Cost $1,658,742,699)(b)
| 2,846,858,092
|
|
| Other Assets Less Liabilities (3.4%)
| 99,471,780
|
|
| Net Assets (100.0%)
| $2,946,329,872
|
| (a)
| Non-income producing security.
|
| (b)
| The cost for federal income tax purposes is $1,697,802,786. The difference between book cost and tax cost is attributable to financial and tax accounting differences on a corporate
spin-off. At September 30, 2023, the aggregate gross tax basis unrealized appreciation and depreciation of securities were $1,181,215,987 and $32,160,681, respectively.
|
| Abbreviation:
|
| SP ADR
| Sponsored American Depository Receipt
|
Notes to Schedule of Investments
(Unaudited)
Investments for which market
quotations are readily available are valued at market value, and other investments are valued at “fair value” as determined in accordance with procedures approved by the Fund’s Board of Directors
(the “Board”). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Ruane, Cunniff & Goldfarb L.P. (the “Investment Adviser”) as valuation designee to perform fair value
determinations relating to the Fund’s portfolio investments, subject to the Board’s oversight.
Securities traded on a national
securities exchange are valued at the last reported sales price on the principal exchange on which the security is listed; securities traded in the NASDAQ Stock Market (”NASDAQ“) are valued in accordance
with the NASDAQ Official Closing Price. Securities for which there is no sale or Official Closing Price are valued at the mean of the last reported bid and asked prices.
Securities traded on a foreign
exchange are valued at the closing price on the last business day of the period on the principal exchange on which the security is primarily traded. The value is then converted into its U.S. dollar equivalent at the
foreign exchange rate in effect at the close of the New York Stock Exchange on the date of valuation.
U.S. Treasury Bills with
remaining maturities of 60 days or less are valued at their amortized cost, provided that the amortized cost value is approximately the same as the fair value as determined without the use of amortized cost valuation.
U.S. Treasury Bills that when purchased have a remaining maturity in excess of 60 days are valued on the basis of market quotations and estimates until the sixtieth day prior to maturity, at which point they are
valued at amortized cost. Fixed-income securities, other than U.S. Treasury Bills, are valued at prices supplied by an independent pricing service.
When reliable market quotations
are insufficient or not readily available at the time of valuation or when the Investment Adviser determines that the prices or values available do not represent the fair value of a security, such security is valued
at fair value as determined in good faith by the Investment Adviser, in accordance with procedures approved by the Board.