| Shares | | Value |
| | Semiconductors (6.7%) | |
| 1,683,406 | Micron Technology, Inc. | $84,338,641 |
| 1,593,433 | Taiwan Semiconductor Manufacturing Co., Ltd. - SP ADR (Taiwan) | 109,245,766 |
| | | 193,584,407 |
| | Total Common Stocks (Cost $2,307,843,420) | 2,829,964,663 |
| | Total Investments (98.1%)
(Cost $2,307,843,420)(b) | 2,829,964,663 |
| | Other Assets Less Liabilities (1.9%) | 55,845,732 |
| | Net Assets (100.0%) | $2,885,810,395 |
| (a) | Non-income producing security. |
| (b) | The cost for federal income tax purposes is $2,346,903,507. The difference between book cost and tax cost is attributable to financial and tax accounting differences on a corporate spin-off. At September 30, 2022, the aggregate gross tax basis unrealized appreciation and depreciation of securities were $944,025,491 and $460,964,335, respectively. |
| Abbreviation: |
| SP ADR | Sponsored American Depository Receipt |
Notes to Schedule of Investments (Unaudited)
Investments are carried at fair value as determined under the supervision of the Fund’s Board of Directors. 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. 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 the last quoted sales price or, if adequate trading volume is not present, at the mean of the last bid and asked prices.
When reliable market quotations are insufficient or not readily available at time of valuation or when Ruane, Cunniff & Goldfarb L.P. (the “Investment Adviser”) determines that the prices or values available do not represent the fair value of a security, such security is valued as determined in good faith by the Investment Adviser, in conformity with procedures adopted by and subject to review by the Fund’s Board of Directors.
