Column Mid Cap Select Fund |
Schedule of Investments |
as of May 31, 2024 (Unaudited) |
COMMON STOCKS - 93.1% | Shares | Value | ||||
Aerospace & Defense - 5.4% | ||||||
BWX Technologies, Inc. | 39,830 | $ | 3,669,538 | |||
Curtiss-Wright Corp. | 23,212 | 6,564,818 | ||||
General Dynamics Corp. | 41,250 | 12,365,512 | ||||
HEICO Corp. - Class A | 131,553 | 23,108,600 | ||||
Hexcel Corp. | 136,509 | 9,401,375 | ||||
Howmet Aerospace, Inc. | 112,990 | 9,564,603 | ||||
L3Harris Technologies, Inc. | 19,256 | 4,329,326 | ||||
Spirit AeroSystems Holdings, Inc. - Class A(a) | 228,082 | 6,915,446 | ||||
Textron, Inc. | 94,424 | 8,272,487 | ||||
Woodward, Inc. | 74,137 | 13,826,551 | ||||
98,018,256 | ||||||
Air Freight & Logistics - 0.3% | ||||||
Expeditors International of Washington, Inc. | 41,298 | 4,992,928 | ||||
Automobile Components - 0.4% | ||||||
Gentex Corp. | 127,339 | 4,456,865 | ||||
Lear Corp. | 19,813 | 2,483,560 | ||||
6,940,425 | ||||||
Automobiles - 0.2% | ||||||
Harley-Davidson, Inc. | 79,981 | 2,869,718 | ||||
Banks - 2.0% | ||||||
East West Bancorp, Inc. | 32,349 | 2,399,972 | ||||
Fifth Third Bancorp | 218,521 | 8,177,056 | ||||
First Financial Bankshares, Inc. | 357,219 | 10,709,426 | ||||
Huntington Bancshares, Inc./OH | 506,952 | 7,056,772 | ||||
KeyCorp | 615,496 | 8,844,677 | ||||
37,187,903 | ||||||
Beverages - 0.5% | ||||||
Coca-Cola Europacific Partners PLC | 51,024 | 3,760,979 | ||||
Constellation Brands, Inc. - Class A | 21,242 | 5,315,386 | ||||
9,076,365 | ||||||
Broadline Retail - 0.1% | ||||||
eBay, Inc. | 49,846 | 2,702,650 | ||||
Building Products - 4.1% | ||||||
Advanced Drainage Systems, Inc. | 24,659 | 4,278,090 | ||||
Allegion PLC | 156,774 | 19,098,209 | ||||
Builders FirstSource, Inc.(a) | 13,863 | 2,229,032 | ||||
Lennox International, Inc. | 46,657 | 23,449,808 | ||||
Masco Corp. | 321,134 | 22,453,689 | ||||
Resideo Technologies, Inc.(a) | 110,767 | 2,392,567 | ||||
73,901,395 | ||||||
Capital Markets - 7.6% | ||||||
Ameriprise Financial, Inc. | 28,347 | 12,376,584 | ||||
Ares Management Corp. - Class A | 28,220 | 3,955,597 | ||||
Carlyle Group, Inc. | 84,723 | 3,639,700 | ||||
Evercore, Inc. - Class A | 24,931 | 5,059,497 | ||||
FactSet Research Systems, Inc. | 22,583 | 9,129,404 | ||||
Houlihan Lokey, Inc. | 278,712 | 37,723,669 | ||||
Intercontinental Exchange, Inc. | 102,771 | 13,761,037 | ||||
LPL Financial Holdings, Inc. | 88,607 | 25,360,209 | ||||
Raymond James Financial, Inc. | 113,828 | 13,972,387 | ||||
Stifel Financial Corp. | 153,944 | 12,461,767 | ||||
137,439,851 | ||||||
Chemicals - 2.6% | ||||||
Albemarle Corp. | 46,920 | 5,751,923 | ||||
CF Industries Holdings, Inc. | 59,352 | 4,732,135 | ||||
Corteva, Inc. | 57,790 | 3,232,773 | ||||
DuPont de Nemours, Inc. | 38,621 | 3,173,101 | ||||
Eastman Chemical Co. | 102,346 | 10,370,720 | ||||
Mosaic Co/The | 76,134 | 2,354,825 | ||||
Olin Corp. | 70,270 | 3,777,715 | ||||
PPG Industries, Inc. | 32,890 | 4,322,075 | ||||
Scotts Miracle-Gro Co. | 139,344 | 9,710,883 | ||||
47,426,150 | ||||||
Commercial Services & Supplies - 1.8% | ||||||
RB Global, Inc. | 66,604 | 4,840,779 | ||||
Republic Services, Inc. | 112,978 | 20,922,396 | ||||
Stericycle, Inc.(a) | 125,310 | 6,458,477 | ||||
32,221,652 | ||||||
Communications Equipment - 0.4% | ||||||
Lumentum Holdings, Inc.(a) | 146,148 | 6,357,438 | ||||
Consumer Finance - 0.8% | ||||||
Ally Financial, Inc. | 99,159 | 3,864,226 | ||||
Discover Financial Services | 18,455 | 2,263,690 | ||||
SLM Corp. | 139,269 | 2,988,713 | ||||
Synchrony Financial | 103,278 | 4,523,577 | ||||
13,640,206 | ||||||
Consumer Staples Distribution & Retail - 0.7% | ||||||
Sysco Corp. | 118,789 | 8,650,215 | ||||
US Foods Holding Corp.(a) | 82,218 | 4,343,577 | ||||
12,993,792 | ||||||
Containers & Packaging - 1.7% | ||||||
Avery Dennison Corp. | 19,719 | 4,487,847 | ||||
Ball Corp. | 78,678 | 5,462,614 | ||||
Packaging Corp. of America | 76,510 | 14,038,820 | ||||
Sealed Air Corp. | 199,873 | 7,769,063 | ||||
31,758,344 | ||||||
Distributors - 1.2% | ||||||
LKQ Corp. | 23,194 | 998,038 | ||||
Pool Corp. | 58,592 | 21,301,121 | ||||
22,299,159 | ||||||
Diversified Consumer Services - 0.4% | ||||||
Frontdoor, Inc.(a) | 91,858 | 3,249,017 | ||||
H&R Block, Inc. | 63,348 | 3,144,595 | ||||
6,393,612 | ||||||
Electric Utilities - 0.8% | ||||||
American Electric Power Co., Inc. | 40,278 | 3,635,089 | ||||
Entergy Corp. | 43,739 | 4,920,200 | ||||
FirstEnergy Corp. | 70,146 | 2,824,078 | ||||
OGE Energy Corp. | 91,826 | 3,333,284 | ||||
14,712,651 | ||||||
Electrical Equipment - 3.4% | ||||||
AMETEK, Inc. | 252,706 | 42,853,884 | ||||
Atkore, Inc. | 15,449 | 2,350,565 | ||||
Generac Holdings, Inc.(a) | 18,039 | 2,655,521 | ||||
nVent Electric PLC | 55,536 | 4,519,520 | ||||
Sensata Technologies Holding PLC | 236,445 | 9,769,907 | ||||
62,149,397 | ||||||
Electronic Equipment, Instruments & Components - 3.8% | ||||||
Arrow Electronics, Inc.(a) | 100,175 | 13,153,979 | ||||
CDW Corp./DE | 10,582 | 2,366,347 | ||||
Flex Ltd.(a) | 197,343 | 6,537,974 | ||||
Keysight Technologies, Inc.(a) | 104,448 | 14,463,959 | ||||
TE Connectivity Ltd. | 29,530 | 4,420,641 | ||||
Teledyne Technologies, Inc.(a) | 53,651 | 21,296,764 | ||||
Zebra Technologies Corp. - Class A(a) | 23,517 | 7,345,300 | ||||
69,584,964 | ||||||
Energy Equipment & Services - 1.5% | ||||||
ChampionX Corp. | 214,332 | 6,991,510 | ||||
Halliburton Co. | 165,347 | 6,068,235 | ||||
Helmerich & Payne, Inc. | 168,545 | 6,414,823 | ||||
Tidewater, Inc.(a) | 28,007 | 2,893,963 | ||||
Weatherford International PLC(a) | 41,171 | 4,954,518 | ||||
27,323,049 | ||||||
Entertainment - 0.2% | ||||||
Take-Two Interactive Software, Inc.(a) | 20,417 | 3,274,070 | ||||
Financial Services - 0.9% | ||||||
Fidelity National Information Services, Inc. | 36,541 | 2,772,731 | ||||
Global Payments, Inc. | 79,524 | 8,099,519 | ||||
Rocket Cos., Inc. - Class A(a) | 181,595 | 2,524,171 | ||||
Voya Financial, Inc. | 45,264 | 3,431,916 | ||||
16,828,337 | ||||||
Food Products - 1.0% | ||||||
Lamb Weston Holdings, Inc. | 214,068 | 18,900,064 | ||||
Ground Transportation - 1.8% | ||||||
CSX Corp. | 325,609 | 10,989,304 | ||||
Landstar System, Inc. | 22,678 | 4,128,076 | ||||
Norfolk Southern Corp. | 28,902 | 6,497,170 | ||||
Old Dominion Freight Line, Inc. | 62,902 | 11,023,575 | ||||
32,638,125 | ||||||
Health Care Equipment & Supplies - 2.4% | ||||||
Align Technology, Inc.(a) | 36,845 | 9,476,902 | ||||
Cooper Cos., Inc. | 252,311 | 23,795,450 | ||||
DENTSPLY SIRONA, Inc. | 224,255 | 6,281,383 | ||||
Zimmer Biomet Holdings, Inc. | 39,060 | 4,497,759 | ||||
44,051,494 | ||||||
Health Care Providers & Services - 2.1% | ||||||
Cencora, Inc. | 89,498 | 20,277,562 | ||||
Centene Corp.(a) | 34,257 | 2,452,458 | ||||
Labcorp Holdings, Inc. | 46,778 | 9,117,500 | ||||
Molina Healthcare, Inc.(a) | 19,365 | 6,091,842 | ||||
37,939,362 | ||||||
Hotels, Restaurants & Leisure - 2.6% | ||||||
Boyd Gaming Corp. | 33,299 | 1,775,503 | ||||
Churchill Downs, Inc. | 22,294 | 2,887,073 | ||||
Darden Restaurants, Inc. | 103,128 | 15,509,420 | ||||
Domino's Pizza, Inc. | 37,784 | 19,216,187 | ||||
Expedia Group, Inc.(a) | 18,730 | 2,113,868 | ||||
Marriott International, Inc./MD - Class A | 10,809 | 2,498,716 | ||||
Wyndham Hotels & Resorts, Inc. | 55,623 | 3,935,883 | ||||
47,936,650 | ||||||
Household Durables - 1.5% | ||||||
DR Horton, Inc. | 101,070 | 14,938,146 | ||||
Garmin Ltd. | 27,396 | 4,488,835 | ||||
NVR, Inc.(a) | 541 | 4,155,275 | ||||
Tempur Sealy International, Inc. | 81,032 | 4,161,803 | ||||
27,744,059 | ||||||
Insurance - 5.2% | ||||||
Aon PLC - Class A | 9,499 | 2,675,298 | ||||
Arthur J Gallagher & Co. | 8,329 | 2,109,986 | ||||
Brown & Brown, Inc. | 189,994 | 17,006,363 | ||||
Everest Group Ltd. | 10,692 | 4,179,824 | ||||
First American Financial Corp. | 59,533 | 3,308,844 | ||||
Markel Group, Inc.(a) | 3,014 | 4,947,752 | ||||
Progressive Corp. | 77,114 | 16,284,935 | ||||
Reinsurance Group of America, Inc. | 78,673 | 16,505,595 | ||||
RenaissanceRe Holdings Ltd. | 51,314 | 11,692,408 | ||||
Travelers Cos., Inc. | 18,745 | 4,043,297 | ||||
W R Berkley Corp. | 154,773 | 12,541,256 | ||||
95,295,558 | ||||||
Interactive Media & Services - 0.1% | ||||||
TripAdvisor, Inc.(a) | 71,354 | 1,309,346 | ||||
IT Services - 0.9% | ||||||
Akamai Technologies, Inc.(a) | 125,452 | 11,571,692 | ||||
ASGN, Inc.(a) | 19,570 | 1,837,819 | ||||
Cognizant Technology Solutions Corp. - Class A | 54,219 | 3,586,587 | ||||
16,996,098 | ||||||
Life Sciences Tools & Services - 4.5% | ||||||
Agilent Technologies, Inc. | 86,186 | 11,239,516 | ||||
Avantor, Inc.(a) | 170,403 | 4,103,304 | ||||
Azenta, Inc.(a) | 355,559 | 17,959,285 | ||||
Bio-Rad Laboratories, Inc. - Class A(a) | 31,327 | 8,986,463 | ||||
ICON PLC(a) | 25,214 | 8,190,012 | ||||
QIAGEN NV | 215,324 | 9,314,916 | ||||
West Pharmaceutical Services, Inc. | 65,170 | 21,597,990 | ||||
81,391,486 | ||||||
Machinery - 6.5% | ||||||
Cummins, Inc. | 35,863 | 10,103,683 | ||||
Dover Corp. | 109,007 | 20,037,667 | ||||
Fortive Corp. | 52,460 | 3,905,122 | ||||
ITT, Inc. | 16,650 | 2,212,452 | ||||
Nordson Corp. | 76,189 | 17,883,082 | ||||
Otis Worldwide Corp. | 38,502 | 3,819,398 | ||||
Parker-Hannifin Corp. | 18,698 | 9,938,361 | ||||
Pentair PLC | 205,138 | 16,694,131 | ||||
Snap-on, Inc. | 40,825 | 11,139,510 | ||||
Westinghouse Air Brake Technologies Corp. | 128,019 | 21,664,655 | ||||
117,398,061 | ||||||
Metals & Mining - 0.6% | ||||||
Commercial Metals Co. | 65,899 | 3,711,432 | ||||
Freeport-McMoRan, Inc. | 107,589 | 5,673,168 | ||||
Teck Resources Ltd. - Class B | 34,523 | 1,796,922 | ||||
11,181,522 | ||||||
Multi-Utilities - 1.2% | ||||||
CenterPoint Energy, Inc. | 246,435 | 7,518,732 | ||||
DTE Energy Co. | 44,344 | 5,167,406 | ||||
WEC Energy Group, Inc. | 120,632 | 9,774,811 | ||||
22,460,949 | ||||||
Oil, Gas & Consumable Fuels - 2.1% | ||||||
Chord Energy Corp. | 17,969 | 3,331,632 | ||||
Coterra Energy, Inc. | 390,957 | 11,150,094 | ||||
Diamondback Energy, Inc. | 20,849 | 4,154,372 | ||||
EQT Corp. | 95,689 | 3,931,861 | ||||
Murphy Oil Corp. | 140,194 | 5,998,901 | ||||
Phillips 66 | 40,779 | 5,795,104 | ||||
Range Resources Corp. | 122,251 | 4,512,284 | ||||
38,874,248 | ||||||
Passenger Airlines - 0.2% | ||||||
Alaska Air Group, Inc.(a) | 76,489 | 3,214,068 | ||||
Professional Services - 5.3% | ||||||
Broadridge Financial Solutions, Inc. | 122,956 | 24,685,876 | ||||
Equifax, Inc. | 105,685 | 24,454,452 | ||||
Exponent, Inc. | 176,579 | 16,796,195 | ||||
Jacobs Solutions, Inc. | 22,364 | 3,116,200 | ||||
Leidos Holdings, Inc. | 23,087 | 3,394,943 | ||||
Robert Half, Inc. | 56,070 | 3,601,376 | ||||
Science Applications International Corp. | 36,469 | 4,910,551 | ||||
Verisk Analytics, Inc. | 61,706 | 15,598,043 | ||||
96,557,636 | ||||||
Real Estate Management & Development - 0.8% | ||||||
CBRE Group, Inc. - Class A(a) | 168,829 | 14,868,770 | ||||
Semiconductors & Semiconductor Equipment - 4.0% | ||||||
Applied Materials, Inc. | 58,544 | 12,591,644 | ||||
Entegris, Inc. | 134,949 | 17,050,806 | ||||
InterDigital, Inc. | 18,754 | 2,135,518 | ||||
Microchip Technology, Inc. | 36,775 | 3,575,633 | ||||
Monolithic Power Systems, Inc. | 26,769 | 19,692,079 | ||||
NXP Semiconductors NV | 9,568 | 2,603,453 | ||||
Skyworks Solutions, Inc. | 107,874 | 9,995,605 | ||||
Teradyne, Inc. | 40,724 | 5,739,641 | ||||
73,384,379 | ||||||
Software - 4.0% | ||||||
ANSYS, Inc.(a) | 39,691 | 12,599,908 | ||||
Aspen Technology, Inc.(a) | 91,470 | 19,268,156 | ||||
Bentley Systems, Inc. - Class B | 387,527 | 19,469,356 | ||||
Check Point Software Technologies Ltd.(a) | 45,411 | 6,834,356 | ||||
Gen Digital, Inc. | 104,111 | 2,585,076 | ||||
Synopsys, Inc.(a) | 19,703 | 11,049,442 | ||||
71,806,294 | ||||||
Specialty Retail - 3.1% | ||||||
AutoZone, Inc.(a) | 3,360 | 9,306,998 | ||||
Ross Stores, Inc. | 203,027 | 28,375,054 | ||||
TJX Cos., Inc. | 97,243 | 10,025,753 | ||||
Ulta Beauty, Inc.(a) | 21,263 | 8,400,799 | ||||
56,108,604 | ||||||
Technology Hardware, Storage & Peripherals - 0.5% | ||||||
Dell Technologies, Inc. - Class C | 40,607 | 5,667,113 | ||||
NetApp, Inc. | 23,690 | 2,852,987 | ||||
8,520,100 | ||||||
Textiles, Apparel & Luxury Goods - 0.2% | ||||||
Ralph Lauren Corp. | 17,575 | 3,284,416 | ||||
Trading Companies & Distributors - 1.7% | ||||||
Air Lease Corp. | 258,134 | 12,297,504 | ||||
Beacon Roofing Supply, Inc.(a) | 31,893 | 3,095,535 | ||||
Ferguson PLC | 25,912 | 5,331,135 | ||||
GATX Corp. | 68,892 | 9,504,340 | ||||
30,228,514 | ||||||
TOTAL COMMON STOCKS (Cost $1,614,296,669) | 1,692,182,115 | |||||
REAL ESTATE INVESTMENT TRUSTS - 4.0% | Shares | Value | ||||
American Homes 4 Rent - Class A | 56,245 | 2,027,070 | ||||
Americold Realty Trust, Inc. | 328,019 | 8,748,267 | ||||
Boston Properties, Inc. | 148,558 | 9,013,014 | ||||
EastGroup Properties, Inc. | 18,589 | 3,070,531 | ||||
Equity LifeStyle Properties, Inc. | 64,251 | 4,033,035 | ||||
Equity Residential | 52,507 | 3,414,530 | ||||
Essex Property Trust, Inc. | 13,612 | 3,536,262 | ||||
Extra Space Storage, Inc. | 21,195 | 3,068,400 | ||||
Invitation Homes, Inc. | 62,312 | 2,167,835 | ||||
Lamar Advertising Co. - Class A | 49,791 | 5,880,815 | ||||
Regency Centers Corp. | 80,506 | 4,943,068 | ||||
Rexford Industrial Realty, Inc. | 55,984 | 2,539,434 | ||||
SBA Communications Corp. | 40,541 | 7,973,604 | ||||
Simon Property Group, Inc. | 44,829 | 6,783,076 | ||||
VICI Properties, Inc. | 166,673 | 4,785,182 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $75,093,978) | 71,984,123 | |||||
SHORT-TERM INVESTMENTS - 3.3% | ||||||
Money Market Funds - 3.3% | Shares | |||||
First American Government Obligations Fund - Class X, 5.24%(b) | 59,441,699 | 59,441,699 | ||||
TOTAL SHORT-TERM INVESTMENTS (Cost $59,441,699) | 59,441,699 | |||||
TOTAL INVESTMENTS - 100.4% (Cost $1,748,832,346) | $ | 1,823,607,937 | ||||
Liabilities in Excess of Other Assets - (0.4)% | (6,461,300) | |||||
TOTAL NET ASSETS - 100.0% | $ | 1,817,146,637 |
Percentages are stated as a percent of net assets. | |
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |
NV - Naamloze Vennootschap |
PLC - Public Limited Company |
(a) | Non-income producing security. |
(b) | The rate shown represents the 7-day effective yield as of May 31, 2024. |
Notes to Schedule of Investments
May 31, 2024 (Unaudited)
Investment Valuation
Each equity security owned by a Fund, including depositary receipts, that is listed on a national securities exchange, except for portfolio securities listed on the NASDAQ Stock Market, LLC (“NASDAQ”) is valued at its last sale price or official closing price on that exchange on the close of that exchange on the date as of which assets are valued. If a security is listed on more than one exchange, the Funds will use the price on the exchange that the Funds generally consider to be the principal exchange on which the security is traded.
Portfolio securities listed on NASDAQ will be valued at the NASDAQ Official Closing Price (“NOCP”), which may not necessarily represent the last sale price. If there has been no sale on such exchange or on NASDAQ on such day, the security is valued at the most recent quoted bid at the close of the exchange on such day or the security shall be valued at the latest sales price on the “composite market” for the day such security is being valued. The composite market is defined as a consolidation of the trade information provided by national securities and foreign exchanges and over-the-counter markets as published by an approved independent pricing service (a “Pricing Service”).
Debt securities, including short-term debt instruments having a maturity of 60 days or less, are valued at prices supplied by an approved Pricing Service. Where the price of a long-term debt security is not available from a Pricing Service, the most recent quotation from one or more broker-dealers known to follow the issue will be obtained. Quotations will be valued at the bid price. When a Fund buys a when-issued, new issue or delayed delivery debt security and the security is not yet being traded or 97 Column Funds Notes to Financial Statements February 29, 2024 (Unaudited) priced by a Pricing Service, the security will be valued at cost. Thereafter, the security will be valued at its market value or its fair value if the security has not commenced trading or is not priced by a Pricing Service for longer than five days. Any discount or premium is accreted or amortized using the constant yield method until maturity.
Forward currency contracts are valued at the mean between the bid and asked prices. Redeemable securities issued by open-end, registered investment companies, including money market funds, are valued at the net asset values (“NAVs”) of such companies for purchase and/or redemption orders placed on that day. All ETFs are valued at the last reported sale price on the exchange on which the security is principally traded.
Foreign securities will be priced in their local currencies as of the close of their primary exchange or market or as of the time a Fund calculates its NAV, whichever is earlier. Foreign securities, currencies and other assets denominated in foreign currencies are then translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as provided by an approved pricing service or reporting agency. All assets denominated in foreign currencies will be converted into U.S. dollars using the applicable currency exchange rates as of the close of the NYSE, generally 4:00 p.m. Eastern Time. Occasionally, events which affect the values of such securities may occur between the times at which the values are determined and the close of the New York Stock Exchange and will therefore not be reflected in the computation of the Fund’s net asset value. If events materially affecting the value of such securities occur during such period, then these securities will be valued at fair value in good faith as determined by the Adviser in accordance with its fair valuation procedures. If on any business day a change in the value of the equity markets exceeds a certain threshold as determined by reference to a broad-based index, then each foreign equity security held by a Fund (other than those traded in countries outside of Canada, Mexico, Central and South America) will be valued at its fair value by using a value determined by an independent pricing agent rather than using the last closing price of such foreign security on its principal overseas market. A value determined by an independent pricing agent will also be used to fair value foreign securities held by a Fund on any day when a foreign market is closed due to a local holiday or other scheduled closure, but the New York Stock Exchange is open.
If market quotations are not readily available, a security or other asset will be valued at its fair value in accordance with Rule 2a-5 of the 1940 Act as determined under the Adviser’s fair value pricing procedures, subject to oversight by the Trust’s Board of Trustees. These fair value pricing procedures will also be used to price a security when corporate events, events in the securities market and/or world events cause the Adviser to believe that a security’s last sale price may not reflect its actual fair value. The intended effect of using fair value pricing procedures is to ensure that the Fund is accurately priced. The Adviser will regularly evaluate whether the Fund’s fair value pricing procedures continue to be appropriate in light of the specific circumstances of the Fund and the quality of prices obtained through the application of such procedures.
FASB Accounting Standards Codification, “Fair Value Measurement” Topic 820 (“ASC 820”), establishes an authoritative definition of fair value and sets out a hierarchy for measuring fair value. ASC 820 requires an entity to evaluate certain factors to determine whether there has been a significant decrease in volume and level of activity for the security such that recent transactions and quoted prices may not be determinative of fair value and further analysis and adjustment may be necessary to estimate fair value. ASC 820 also requires enhanced disclosures regarding the inputs and valuation techniques used to measure fair value in those instances as well as expanded disclosure of valuation levels for each class of investments. These inputs are summarized in the three broad levels listed below:
Level 1—Quoted prices in active markets for identical securities.
Level 2—Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3—Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
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 to value each Fund’s investments carried at fair value as of May 31, 2024:
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Investments: | ||||||||||||||||
Common Stocks | 1,692,182,115 | – | – | 1,692,182,115 | ||||||||||||
Real Estate Investment Trusts | 71,984,123 | – | – | 71,984,123 | ||||||||||||
Money Market Funds | 59,441,699 | – | – | 59,441,699 | ||||||||||||
Total Investments | 1,823,607,937 | – | – | 1,823,607,937 | ||||||||||||
Refer to the Schedule of Investments for additional information. | ||||||||||||||||