Schedule of Investments Dividend Growth Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 95.6% | ||
Banks 3.7% | ||
11,650 | JPMorgan Chase & Co. | $2,360,639 |
8,550 | PNC Financial Services Group, Inc. | 1,345,685 |
3,706,324 | ||
Capital Markets 6.4% | ||
1,275 | BlackRock, Inc. | 984,338 |
7,700 | Cboe Global Markets, Inc. | 1,332,023 |
30,325 | Charles Schwab Corp. | 2,222,216 |
18,300 | Morgan Stanley | 1,790,472 |
6,329,049 | ||
Chemicals 1.2% | ||
20,140 | Novonesis (Novozymes) B Class B | 1,201,183 |
Commercial Services & Supplies 0.3% | ||
2,853 | Veralto Corp. | 281,249 |
Consumer Finance 1.5% | ||
6,050 | American Express Co. | 1,452,000 |
Consumer Staples Distribution & Retail 1.9% | ||
28,800 | Walmart, Inc. | 1,893,888 |
Distributors 1.2% | ||
28,250 | LKQ Corp. | 1,215,598 |
Electrical Equipment 0.5% | ||
18,240 | Siemens Energy AG* | 496,698 |
Electronic Equipment, Instruments & Components 4.1% | ||
30,400 | Amphenol Corp. Class A | 4,024,048 |
Energy Equipment & Services 1.1% | ||
23,025 | Schlumberger NV | 1,056,617 |
Entertainment 4.6% | ||
21,550 | Electronic Arts, Inc. | 2,863,564 |
16,375 | Walt Disney Co. | 1,701,526 |
4,565,090 | ||
Financial Services 0.7% | ||
16,850 | Equitable Holdings, Inc. | 699,107 |
Food Products 3.8% | ||
15,075 | McCormick & Co., Inc. | 1,088,717 |
1,285 | McCormick & Co., Inc. | 92,867 |
20,150 | Mondelez International, Inc. Class A | 1,380,879 |
42,255 | Tootsie Roll Industries, Inc. | 1,236,381 |
3,798,844 | ||
Ground Transportation 1.4% | ||
42,425 | CSX Corp. | 1,431,844 |
Number of Shares | Value | |
Health Care Equipment & Supplies 1.7% | ||
4,150 | Becton Dickinson & Co. | $962,675 |
8,975 | Medtronic PLC | 730,296 |
1,692,971 | ||
Health Care Providers & Services 0.3% | ||
940 | Humana, Inc. | 336,633 |
Industrial Conglomerates 1.7% | ||
8,200 | Honeywell International, Inc. | 1,657,958 |
Industrial REITs 1.8% | ||
30,955 | Terreno Realty Corp. | 1,751,434 |
Insurance 1.8% | ||
2,675 | Aon PLC Class A | 753,387 |
4,775 | Marsh & McLennan Cos., Inc. | 991,195 |
1,744,582 | ||
Life Sciences Tools & Services 4.6% | ||
13,535 | Agilent Technologies, Inc. | 1,765,099 |
10,910 | Danaher Corp. | 2,801,688 |
4,566,787 | ||
Machinery 1.2% | ||
5,050 | Nordson Corp. | 1,185,336 |
Media 1.7% | ||
43,200 | Comcast Corp. Class A | 1,729,296 |
Metals & Mining 3.6% | ||
29,125 | Freeport-McMoRan, Inc. | 1,535,761 |
37,325 | Wheaton Precious Metals Corp. | 2,056,981 |
3,592,742 | ||
Multi-Utilities 1.5% | ||
20,030 | Public Service Enterprise Group, Inc. | 1,517,473 |
Office REITs 2.0% | ||
101,585 | Equity Commonwealth* | 1,961,606 |
Oil, Gas & Consumable Fuels 3.5% | ||
5,250 | Chesapeake Energy Corp. | 477,383 |
36,500 | Devon Energy Corp. | 1,791,420 |
13,894 | Shell PLC | 501,500 |
10,075 | Shell PLC ADR | 733,258 |
3,503,561 | ||
Pharmaceuticals 5.6% | ||
35,885 | AstraZeneca PLC ADR | 2,799,748 |
3,390 | Eli Lilly & Co. | 2,780,952 |
5,580,700 | ||
Professional Services 1.1% | ||
4,300 | Automatic Data Processing, Inc. | 1,053,156 |
See Notes to Schedule of Investments
Schedule of Investments Dividend Growth Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Semiconductors & Semiconductor Equipment 14.5% | ||
15,675 | Analog Devices, Inc. | $3,675,631 |
18,280 | Applied Materials, Inc. | 3,931,662 |
21,250 | QUALCOMM, Inc. | 4,336,062 |
13,955 | Universal Display Corp. | 2,451,894 |
14,395,249 | ||
Software 6.0% | ||
2,370 | Intuit, Inc. | 1,366,163 |
9,675 | Microsoft Corp. | 4,016,383 |
2,300 | Salesforce, Inc. | 539,212 |
5,921,758 | ||
Specialty Retail 2.2% | ||
21,100 | TJX Cos., Inc. | 2,175,410 |
Technology Hardware, Storage & Peripherals 2.8% | ||
14,250 | Apple, Inc. | 2,739,562 |
Textiles, Apparel & Luxury Goods 3.8% | ||
13,220 | Cie Financiere Richemont SA Class A | 2,127,320 |
Number of Shares | Value | |
Textiles, Apparel & Luxury Goods – cont'd | ||
17,570 | NIKE, Inc. Class B | $1,670,028 |
3,797,348 | ||
Wireless Telecommunication Services 1.8% | ||
10,225 | T-Mobile U.S., Inc. | 1,788,966 |
Total Common Stocks (Cost $61,246,404) | 94,844,067 | |
Short-Term Investments 4.3% | ||
Investment Companies 4.3% | ||
4,274,795 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(a) (Cost $4,274,795) | 4,274,795 |
Total Investments 99.9% (Cost $65,521,199) | 99,118,862 | |
Other Assets Less Liabilities 0.1% | 61,031 | |
Net Assets 100.0% | $99,179,893 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of May 31, 2024. |
See Notes to Schedule of Investments
Schedule of Investments Dividend Growth Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Chemicals | $— | $1,201,183 | $— | $1,201,183 |
Electrical Equipment | — | 496,698 | — | 496,698 |
Oil, Gas & Consumable Fuels | 3,002,061 | 501,500 | — | 3,503,561 |
Textiles, Apparel & Luxury Goods | 1,670,028 | 2,127,320 | — | 3,797,348 |
Other Common Stocks# | 85,845,277 | — | — | 85,845,277 |
Total Common Stocks | 90,517,366 | 4,326,701 | — | 94,844,067 |
Short-Term Investments | — | 4,274,795 | — | 4,274,795 |
Total Investments | $90,517,366 | $8,601,496 | $— | $99,118,862 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 94.9% | ||
Australia 1.3% | ||
50,073 | Rio Tinto PLC | $3,525,008 |
Brazil 5.0% | ||
460,303 | B3 SA - Brasil Bolsa Balcao | 937,981 |
236,510 | Banco BTG Pactual SA | 1,422,870 |
324,203 | Banco do Brasil SA | 1,674,453 |
484,857 | Embraer SA* | 3,345,402 |
303,569 | Equatorial Energia SA | 1,689,867 |
1,135 | MercadoLibre, Inc.* | 1,958,533 |
309,377 | Petroleo Brasileiro SA | 2,285,462 |
13,314,568 | ||
Canada 0.4% | ||
68,924 | Parex Resources, Inc. | 1,131,245 |
Chile 0.7% | ||
67,044 | Antofagasta PLC | 1,901,750 |
China 22.1% | ||
3,001,800 | Agricultural Bank of China Ltd. Class A | 1,813,300 |
677,236 | Alibaba Group Holding Ltd. | 6,612,895 |
65,000 | BYD Co. Ltd. Class H | 1,823,852 |
8,441,000 | China Construction Bank Corp. Class H | 5,990,781 |
537,000 | China Resources Beer Holdings Co. Ltd. | 2,161,105 |
642,600 | Foxconn Industrial Internet Co. Ltd. Class A | 2,020,982 |
213,977 | Hainan Jinpan Smart Technology Co. Ltd. Class A* | 1,708,600 |
245,800 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. Class A | 1,432,472 |
7,802 | Kweichow Moutai Co. Ltd. Class A | 1,769,895 |
324,000 | Meituan Class B*(a) | 4,414,881 |
29,063 | NetEase, Inc. ADR | 2,587,479 |
23,841 | PDD Holdings, Inc. ADR* | 3,570,905 |
268,041 | Shenzhen Inovance Technology Co. Ltd. Class A | 2,136,538 |
53,416 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A | 2,132,033 |
251,050 | Sieyuan Electric Co. Ltd. Class A | 2,435,874 |
294,600 | Tencent Holdings Ltd. | 13,667,543 |
39,965 | Trip.com Group Ltd. ADR* | 2,058,597 |
58,337,732 | ||
Hong Kong 1.3% | ||
444,000 | AIA Group Ltd. | 3,448,635 |
Number of Shares | Value | |
Hungary 1.7% | ||
51,649 | OTP Bank Nyrt | $2,494,143 |
82,502 | Richter Gedeon Nyrt | 2,090,514 |
4,584,657 | ||
India 23.3% | ||
396,844 | Aadhar Housing Finance Ltd.*# | 1,626,432 |
396,845 | Aadhar Housing Finance Ltd.*# | 1,626,436 |
562,642 | Aptus Value Housing Finance India Ltd. | 2,030,150 |
452,709 | ASK Automotive Ltd.* | 1,623,207 |
92,887 | AurionPro Solutions Ltd. | 2,453,824 |
425,600 | Bharat Electronics Ltd. | 1,517,838 |
119,483 | Bharti Airtel Ltd. | 1,963,639 |
143,766 | Cholamandalam Investment & Finance Co. Ltd. | 2,147,886 |
617,635 | CMS Info Systems Ltd. | 3,266,819 |
46,556 | Doms Industries Ltd.* | 1,066,648 |
180,265 | ICICI Bank Ltd. | 2,424,678 |
91,428 | IndusInd Bank Ltd. | 1,604,283 |
108,693 | JB Chemicals & Pharmaceuticals Ltd. | 2,365,330 |
125,668 | Jupiter Life Line Hospitals Ltd.* | 1,788,569 |
431,198 | Jyoti CNC Automation Ltd.*(a) | 5,198,132 |
54,505 | Kaynes Technology India Ltd.* | 2,190,939 |
244,459 | Max Healthcare Institute Ltd. | 2,217,993 |
424,941 | NCC Ltd. | 1,470,473 |
4,084 | Pine Labs PTE Ltd.*#(b)(c) | 1,182,563 |
108,351 | Reliance Industries Ltd. | 3,714,738 |
2,280,949 | SBFC Finance Ltd.* | 2,227,389 |
67,827 | Sun Pharmaceutical Industries Ltd. | 1,190,488 |
756,113 | Texmaco Rail & Engineering Ltd. | 1,809,681 |
28,403 | Tube Investments of India Ltd. | 1,218,629 |
106,611 | Venus Pipes & Tubes Ltd.(a) | 2,695,011 |
26,103 | Voltamp Transformers Ltd. | 3,633,909 |
274,550 | XPRO India Ltd. | 3,239,345 |
61,861 | Yasho Industries Ltd. | 1,314,543 |
266,926 | Zaggle Prepaid Ocean Services Ltd.* | 870,807 |
61,680,379 | ||
Indonesia 1.1% | ||
10,267,400 | Bank Negara Indonesia Persero Tbk. PT | 2,786,048 |
Korea 9.5% | ||
28,108 | DB Insurance Co. Ltd. | 2,106,623 |
50,726 | Kia Corp. | 4,329,781 |
212,077 | Samsung Electronics Co. Ltd. | 11,236,433 |
53,337 | SK Hynix, Inc. | 7,349,211 |
25,022,048 |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Mexico 2.6% | ||
824,550 | FIBRA Macquarie Mexico(a) | $1,541,065 |
2,654,930 | Fibra MTY SAPI de CV | 1,608,622 |
239,679 | Grupo Financiero Banorte SAB de CV Class O | 2,276,785 |
414,730 | Wal-Mart de Mexico SAB de CV | 1,558,308 |
6,984,780 | ||
Peru 0.8% | ||
12,322 | Credicorp Ltd. | 2,037,073 |
Philippines 1.2% | ||
947,170 | BDO Unibank, Inc. | 2,104,103 |
75,450 | SM Investments Corp. | 1,122,784 |
3,226,887 | ||
Poland 0.4% | ||
11,234 | Dino Polska SA*(a) | 1,119,451 |
Saudi Arabia 1.9% | ||
98,983 | Al Rajhi Bank | 2,016,253 |
146,116 | Alinma Bank | 1,194,108 |
247,790 | Saudi Arabian Oil Co.(a) | 1,915,607 |
5,125,968 | ||
South Africa 1.7% | ||
116,207 | Bid Corp. Ltd. | 2,572,452 |
199,934 | Standard Bank Group Ltd. | 1,909,977 |
4,482,429 | ||
Taiwan 14.3% | ||
120,000 | Asia Vital Components Co. Ltd. | 2,848,397 |
185,000 | Delta Electronics, Inc. | 1,864,153 |
757,000 | Far EasTone Telecommunications Co. Ltd. | 1,952,808 |
33,000 | Lotes Co. Ltd. | 1,647,126 |
91,000 | MediaTek, Inc. | 3,484,761 |
940,839 | Taiwan Semiconductor Manufacturing Co. Ltd. | 24,092,940 |
26,000 | Wiwynn Corp. | 1,989,896 |
37,880,081 | ||
United Arab Emirates 1.4% | ||
1,894,481 | Adnoc Gas PLC | 1,538,378 |
1,371,006 | Dubai Islamic Bank PJSC | 2,060,400 |
3,598,778 |
Number of Shares | Value | |
United States 3.1% | ||
10,367 | Globant SA* | $1,670,331 |
5,826 | NVIDIA Corp. | 6,387,219 |
8,057,550 | ||
Vietnam 1.1% | ||
625,700 | Military Commercial Joint Stock Bank | 536,962 |
1,227,800 | Vietnam Technological & Commercial Joint Stock Bank | 2,276,400 |
2,813,362 | ||
Total Common Stocks (Cost $211,411,722) | 251,058,429 | |
Preferred Stocks 3.8% | ||
India 3.8% | ||
217,973 | Gupshup, Inc., Series F*#(b)(c) | 3,559,499 |
9,762 | Pine Labs PTE Ltd., Series 1*#(b)(c) | 2,826,685 |
2,439 | Pine Labs PTE Ltd., Series A*#(b)(c) | 706,310 |
2,654 | Pine Labs PTE Ltd., Series B*#(b)(c) | 768,572 |
2,147 | Pine Labs PTE Ltd., Series B2*#(b)(c) | 622,608 |
3,993 | Pine Labs PTE Ltd., Series C*#(b)(c) | 1,157,371 |
841 | Pine Labs PTE Ltd., Series C1*#(b)(c) | 246,405 |
900 | Pine Labs PTE Ltd., Series D*#(b)(c) | 265,590 |
Total Preferred Stocks (Cost $13,478,212) | 10,153,040 | |
Short-Term Investments 0.5% | ||
Investment Companies 0.5% | ||
1,432,652 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(d) (Cost $1,432,652) | 1,432,652 |
Total Investments 99.2% (Cost $226,322,586) | 262,644,121 | |
Other Assets Less Liabilities 0.8% | 2,044,685 | |
Net Assets 100.0% | $264,688,806 |
* | Non-income producing security. |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont’d)
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $16,884,147, which represents 6.4% of net assets of the Fund. |
(b) | Value determined using significant unobservable inputs. |
(c) | Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee. Total value of all such securities at May 31, 2024 amounted to $11,335,603, which represents 4.3% of net assets of the Fund. |
(d) | Represents 7-day effective yield as of May 31, 2024. |
# This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $14,588,471, which represents 5.5% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.
Restricted Security | Acquisition Date(s) | Acquisition Cost | Value as of 5/31/2024 | Fair Value Percentage of Net Assets as of 5/31/2024 |
Aadhar Housing Finance Ltd. | 5/7/2024 | $1,496,740 | $1,626,432 | 0.6% |
Aadhar Housing Finance Ltd. | 5/7/2024 | 1,496,744 | 1,626,436 | 0.6% |
Gupshup, Inc. (Ser. F Preferred Shares) | 7/16/2021 | 4,983,996 | 3,559,499 | 1.3% |
Pine Labs PTE Ltd. | 7/6/2021 | 1,525,790 | 1,182,563 | 0.5% |
Pine Labs PTE Ltd. (Series 1 Preferred Shares) | 7/6/2021 | 3,647,103 | 2,826,685 | 1.1% |
Pine Labs PTE Ltd. (Series A Preferred Shares) | 7/6/2021 | 911,215 | 706,310 | 0.3% |
Pine Labs PTE Ltd. (Series B Preferred Shares) | 7/6/2021 | 991,540 | 768,572 | 0.3% |
Pine Labs PTE Ltd. (Series B2 Preferred Shares) | 7/6/2021 | 802,124 | 622,608 | 0.2% |
Pine Labs PTE Ltd. (Series C Preferred Shares) | 7/6/2021 | 1,491,793 | 1,157,371 | 0.4% |
Pine Labs PTE Ltd. (Series C1 Preferred Shares) | 7/6/2021 | 314,199 | 246,405 | 0.1% |
Pine Labs PTE Ltd. (Series D Preferred Shares) | 7/6/2021 | 336,242 | 265,590 | 0.1% |
Total | $17,997,486 | $14,588,471 | 5.5% |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont’d)
POSITIONS BY INDUSTRY | ||
Industry | Investments at Value | Percentage of Net Assets |
Semiconductors & Semiconductor Equipment | $41,314,131 | 15.6 % |
Banks | 35,199,747 | 13.3 % |
Technology Hardware, Storage & Peripherals | 16,074,726 | 6.1 % |
Interactive Media & Services | 13,667,543 | 5.2 % |
IT Services | 13,005,934 | 4.9 % |
Broadline Retail | 12,142,333 | 4.6 % |
Oil, Gas & Consumable Fuels | 10,585,430 | 4.0 % |
Machinery | 9,144,351 | 3.5 % |
Metals & Mining | 8,121,769 | 3.1 % |
Electrical Equipment | 7,778,383 | 2.9 % |
Electronic Equipment, Instruments & Components | 7,723,200 | 2.9 % |
Pharmaceuticals | 7,078,804 | 2.7 % |
Hotels, Restaurants & Leisure | 6,473,478 | 2.4 % |
Automobiles | 6,153,633 | 2.3 % |
Insurance | 5,555,258 | 2.1 % |
Financial Services | 5,283,018 | 2.0 % |
Consumer Staples Distribution & Retail | 5,250,211 | 2.0 % |
Aerospace & Defense | 4,863,240 | 1.8 % |
Chemicals | 4,553,888 | 1.7 % |
Consumer Finance | 4,375,275 | 1.6 % |
Commercial Services & Supplies | 4,333,467 | 1.6 % |
Health Care Providers & Services | 4,006,562 | 1.5 % |
Beverages | 3,931,000 | 1.5 % |
Wireless Telecommunication Services | 3,916,447 | 1.5 % |
Software | 3,324,631 | 1.3 % |
Automobile Components | 2,841,836 | 1.1 % |
Entertainment | 2,587,479 | 1.0 % |
Capital Markets | 2,360,851 | 0.9 % |
Health Care Equipment & Supplies | 2,132,033 | 0.8 % |
Electric Utilities | 1,689,867 | 0.6 % |
Office REITs | 1,608,622 | 0.6 % |
Industrial REITs | 1,541,065 | 0.6 % |
Construction & Engineering | 1,470,473 | 0.6 % |
Industrial Conglomerates | 1,122,784 | 0.4 % |
Short-Term Investments and Other Assets—Net | 3,477,337 | 1.3 % |
$264,688,806 | 100.0 % |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Common Stocks | ||||
Australia | $— | $3,525,008 | $— | $3,525,008 |
Chile | — | 1,901,750 | — | 1,901,750 |
China | 9,925,581 | 48,412,151 | — | 58,337,732 |
Hong Kong | — | 3,448,635 | — | 3,448,635 |
Hungary | 2,090,514 | 2,494,143 | — | 4,584,657 |
India | 3,252,868 | 57,244,948 | 1,182,563 | 61,680,379 |
Indonesia | — | 2,786,048 | — | 2,786,048 |
Korea | — | 25,022,048 | — | 25,022,048 |
Philippines | 2,104,103 | 1,122,784 | — | 3,226,887 |
Poland | — | 1,119,451 | — | 1,119,451 |
Saudi Arabia | — | 5,125,968 | — | 5,125,968 |
South Africa | 2,572,452 | 1,909,977 | — | 4,482,429 |
Taiwan | — | 37,880,081 | — | 37,880,081 |
United Arab Emirates | 2,060,400 | 1,538,378 | — | 3,598,778 |
Vietnam | — | 2,813,362 | — | 2,813,362 |
Other Common Stocks# | 31,525,216 | — | — | 31,525,216 |
Total Common Stocks | 53,531,134 | 196,344,732 | 1,182,563 | 251,058,429 |
Preferred Stocks# | — | — | 10,153,040 | 10,153,040 |
Short-Term Investments | — | 1,432,652 | — | 1,432,652 |
Total Investments | $53,531,134 | $197,777,384 | $11,335,603 | $262,644,121 |
# | The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary. |
(a) | The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: |
(000's omitted) | Beginning balance as of 9/1/2023 | Accrued discounts/ (premiums) | Realized gain/(loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 5/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 5/31/2024 |
Investments in Securities: | ||||||||||
Common Stocks(1) | $21,813 | $— | $1,763 | $(2,602 ) | $— | $(17,419 ) | $— | $(2,372 ) | $1,183 | $(58 ) |
Preferred Stocks(1) | 10,303 | — | — | (150 ) | — | — | — | — | 10,153 | (150 ) |
Total | $32,116 | $— | $1,763 | $(2,752 ) | $— | $(17,419 ) | $— | $(2,372 ) | $11,336 | $(208 ) |
(1) Quantitative Information about Level 3 Fair Value Measurements: | ||||||
Investment type | Fair value at 5/31/2024 | Valuation approach | Significant unobservable input(s) | Input value/ range | Weighted average(a) | Impact to valuation from increase in input(b) |
Common Stocks | $1,182,563 | Market Approach | Enterprise value/ Revenue multiple(c) (EV/Revenue) | 11.8x | 11.8x | Increase |
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) (cont’d)
Discount Rate | 5.0% | 5.0% | Decrease | |||
Term (Years) | 0.6 | 0.6 | Increase | |||
Expected Volatility | 55% | 55% | Increase | |||
Preferred Stocks | $10,153,040 | Market Approach | Enterprise value/ Revenue multiple(c) (EV/Revenue) | 3.6x - 11.8x | 8.9x | Increase |
Discount Rate | 4.9% - 5.0% | 5.0% | Decrease | |||
Term (Years) | 0.6 - 0.9 | 0.7 | Increase | |||
Expected Volatility | 55% - 70% | 60.3% | Increase | |||
(a) The weighted averages disclosed in the table above were weighted by relative fair value. | ||||||
(b) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase or decrease in the corresponding input. Significant changes in these inputs could result in significantly higher or lower fair value measurements. | ||||||
(c) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.9% | ||
Aerospace & Defense 3.7% | ||
521,885 | BAE Systems PLC | $9,292,693 |
52,440 | Lockheed Martin Corp. | 24,664,630 |
33,957,323 | ||
Air Freight & Logistics 0.9% | ||
57,965 | United Parcel Service, Inc. Class B | 8,053,077 |
Banks 7.2% | ||
130,430 | JPMorgan Chase & Co.(a) | 26,429,031 |
69,525 | PNC Financial Services Group, Inc.(a) | 10,942,540 |
486,000 | Wells Fargo & Co. | 29,121,120 |
66,492,691 | ||
Beverages 3.3% | ||
151,960 | Coca-Cola Co. | 9,562,843 |
415,245 | Keurig Dr Pepper, Inc. | 14,222,141 |
40,475 | PepsiCo, Inc. | 6,998,127 |
30,783,111 | ||
Biotechnology 0.5% | ||
71,150 | Gilead Sciences, Inc. | 4,572,810 |
Capital Markets 4.3% | ||
88,475 | CME Group, Inc. | 17,958,656 |
20,545 | Goldman Sachs Group, Inc. | 9,379,203 |
127,500 | Morgan Stanley | 12,474,600 |
39,812,459 | ||
Construction & Engineering 4.2% | ||
637,457 | Ferrovial SE | 25,192,749 |
519,825 | MDU Resources Group, Inc. | 13,120,383 |
38,313,132 | ||
Construction Materials 3.8% | ||
233,450 | CRH PLC | 19,086,872 |
155,600 | Heidelberg Materials AG | 16,318,296 |
35,405,168 | ||
Diversified Telecommunication Services 2.4% | ||
263,325 | AT&T, Inc. | 4,797,782 |
9,621,900 | Singapore Telecommunications Ltd. | 17,699,959 |
22,497,741 | ||
Electric Utilities 2.7% | ||
306,400 | NextEra Energy, Inc.(a) | 24,518,128 |
Electrical Equipment 5.5% | ||
71,935 | Eaton Corp. PLC | 23,943,564 |
241,055 | Emerson Electric Co. | 27,036,729 |
50,980,293 |
Number of Shares | Value | |
Energy Equipment & Services 1.0% | ||
195,415 | Noble Corp. PLC | $9,078,981 |
Gas Utilities 0.3% | ||
38,375 | Southwest Gas Holdings, Inc. | 2,977,516 |
Ground Transportation 1.4% | ||
56,050 | Union Pacific Corp. | 13,049,561 |
Health Care Providers & Services 0.2% | ||
27,575 | CVS Health Corp. | 1,643,470 |
Hotels, Restaurants & Leisure 2.9% | ||
98,875 | Darden Restaurants, Inc. | 14,869,811 |
46,210 | McDonald's Corp. | 11,963,307 |
26,833,118 | ||
Household Products 2.0% | ||
112,974 | Procter & Gamble Co. | 18,588,742 |
Industrial REITs 1.4% | ||
69,978 | Prologis, Inc. | 7,731,869 |
84,375 | Terreno Realty Corp. | 4,773,938 |
12,505,807 | ||
Insurance 4.2% | ||
237,125 | American International Group, Inc. | 18,690,193 |
92,825 | Progressive Corp. | 19,602,783 |
38,292,976 | ||
IT Services 2.2% | ||
123,603 | International Business Machines Corp. | 20,623,161 |
Metals & Mining 5.5% | ||
483,500 | Agnico Eagle Mines Ltd. | 32,979,535 |
164,250 | Rio Tinto PLC ADR | 11,513,925 |
53,625 | Southern Copper Corp. | 6,361,534 |
50,854,994 | ||
Multi-Utilities 4.0% | ||
886,125 | CenterPoint Energy, Inc. | 27,035,674 |
124,100 | Sempra | 9,559,423 |
36,595,097 | ||
Oil, Gas & Consumable Fuels 9.2% | ||
227,925 | Chesapeake Energy Corp. | 20,725,220 |
248,133 | ConocoPhillips | 28,902,532 |
204,865 | Exxon Mobil Corp. | 24,022,470 |
257,700 | Williams Cos., Inc. | 10,697,127 |
84,347,349 | ||
Pharmaceuticals 8.5% | ||
350,900 | AstraZeneca PLC ADR | 27,377,218 |
57,932 | Johnson & Johnson | 8,496,887 |
256,150 | Merck & Co., Inc. | 32,157,071 |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Pharmaceuticals – cont'd | ||
331,126 | Roche Holding AG ADR | $10,599,343 |
78,630,519 | ||
Professional Services 2.0% | ||
151,375 | Paychex, Inc. | 18,189,220 |
Retail REITs 2.5% | ||
1,034,650 | Brixmor Property Group, Inc. | 23,289,971 |
Semiconductors & Semiconductor Equipment 4.0% | ||
50,335 | Analog Devices, Inc. | 11,803,054 |
30,000 | Intel Corp. | 925,500 |
54,040 | QUALCOMM, Inc.(a) | 11,026,862 |
67,450 | Texas Instruments, Inc. | 13,153,425 |
36,908,841 | ||
Software 1.9% | ||
41,725 | Microsoft Corp. | 17,321,299 |
Specialized REITs 3.8% | ||
186,500 | Lamar Advertising Co. Class A | 22,027,515 |
439,370 | VICI Properties, Inc. | 12,614,313 |
34,641,828 | ||
Specialty Retail 1.5% | ||
42,700 | Home Depot, Inc. | 14,298,949 |
Trading Companies & Distributors 1.4% | ||
26,940 | Watsco, Inc. | 12,793,806 |
Number of Shares | Value | |
Transportation Infrastructure 0.5% | ||
23,700 | Aena SME SA(b) | $4,634,833 |
Total Common Stocks (Cost $635,439,084) | 911,485,971 | |
Principal Amount | ||
Convertible Bonds 0.8% | ||
Electric 0.8% | ||
$7,355,000 | Alliant Energy Corp., 3.88%, due 3/15/2026 (Cost $7,355,000) | 7,240,998 |
Number of Shares | ||
Short-Term Investments 0.6% | ||
Investment Companies 0.6% | ||
4,974,073 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(c) (Cost $4,974,073) | 4,974,073 |
Total Investments 100.3% (Cost $647,768,157) | 923,701,042 | |
Liabilities Less Other Assets (0.3)%(d) | (2,474,701 ) | |
Net Assets 100.0% | $921,226,341 |
(a) | All or a portion of this security is pledged as collateral for options written. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $4,634,833, which represents 0.5% of net assets of the Fund. |
(c) | Represents 7-day effective yield as of May 31, 2024. |
(d) | Includes the impact of the Fund’s open positions in derivatives at May 31, 2024. |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) (cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $792,548,976 | 86.0% |
United Kingdom | 36,669,911 | 4.0% |
Canada | 32,979,535 | 3.6% |
Singapore | 17,699,959 | 1.9% |
Germany | 16,318,296 | 1.8% |
Australia | 11,513,925 | 1.2% |
Mexico | 6,361,534 | 0.7% |
Spain | 4,634,833 | 0.5% |
Short-Term Investments and Other Liabilities—Net | 2,499,372 | 0.3% |
$921,226,341 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) (cont’d)
Derivative Instruments
Written option contracts ("options written")
At May 31, 2024, the Fund had outstanding options written as follows:
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value |
Calls | |||||
Electrical Equipment | |||||
Eaton Corp. PLC | 50 | $(1,664,250) | $360 | 6/21/2024 | $(4,000) |
Eaton Corp. PLC | 50 | (1,664,250) | 370 | 6/21/2024 | (2,125) |
Emerson Electric Co. | 200 | (2,243,200) | 125 | 6/21/2024 | (6,000)(a)(b) |
(12,125) | |||||
Insurance | |||||
Progressive Corp. | 100 | (2,111,800) | 240 | 6/21/2024 | (7,250) |
Semiconductors & Semiconductor Equipment | |||||
Analog Devices, Inc. | 100 | (2,344,900) | 270 | 7/19/2024 | (3,750) |
Software | |||||
Microsoft Corp. | 50 | (2,075,650) | 455 | 6/21/2024 | (1,000) |
Total calls | $(24,125) | ||||
Puts | |||||
Air Freight & Logistics | |||||
United Parcel Service, Inc. | 150 | (2,083,950) | 135 | 6/21/2024 | (17,550) |
Chemicals | |||||
Air Products & Chemicals, Inc. | 100 | (2,667,000) | 210 | 6/21/2024 | (19,750)(a)(b) |
Health Care Equipment & Supplies | |||||
Becton Dickinson & Co. | 100 | (2,319,700) | 210 | 6/21/2024 | (2,500) |
Hotels, Restaurants & Leisure | |||||
Darden Restaurants, Inc. | 150 | (2,255,850) | 130 | 6/21/2024 | (3,375) |
McDonald's Corp. | 100 | (2,588,900) | 240 | 6/21/2024 | (2,800) |
McDonald's Corp. | 100 | (2,588,900) | 250 | 6/21/2024 | (11,000) |
(17,175) | |||||
IT Services | |||||
International Business Machines Corp. | 200 | (3,337,000) | 150 | 6/21/2024 | (3,800) |
Media | |||||
Comcast Corp. | 700 | (2,802,100) | 35 | 6/21/2024 | (2,800) |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) (cont’d)
Description | Number of Contracts | Notional Amount | Exercise Price | Expiration Date | Value |
Media (cont’d) | |||||
Comcast Corp. | 600 | $(2,401,800) | $32.5 | 6/21/2024 | $(2,400)(a)(b) |
(5,200) | |||||
Total puts | $(65,975) | ||||
Total options written (premium received $88,154) | $(90,100) |
(a) | Value determined using significant unobservable inputs. |
(b) | Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee. |
At May 31, 2024, the Fund had securities pledged in the amount of $32,415,965 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Aerospace & Defense | $24,664,630 | $9,292,693 | $— | $33,957,323 |
Construction & Engineering | 13,120,383 | 25,192,749 | — | 38,313,132 |
Construction Materials | 19,086,872 | 16,318,296 | — | 35,405,168 |
Diversified Telecommunication Services | 4,797,782 | 17,699,959 | — | 22,497,741 |
Transportation Infrastructure | — | 4,634,833 | — | 4,634,833 |
Other Common Stocks# | 776,677,774 | — | — | 776,677,774 |
Total Common Stocks | 838,347,441 | 73,138,530 | — | 911,485,971 |
Convertible Bonds# | — | 7,240,998 | — | 7,240,998 |
Short-Term Investments | — | 4,974,073 | — | 4,974,073 |
Total Investments | $838,347,441 | $85,353,601 | $— | $923,701,042 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of May 31, 2024:
Other Financial Instruments | Level 1 | Level 2 | Level 3(a) | Total |
Options Written | ||||
Liabilities | $(61,950 ) | $— | $(28,150 ) | $(90,100 ) |
Total | $(61,950 ) | $— | $(28,150 ) | $(90,100 ) |
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) (cont’d)
(a) | The following is a reconciliation between the beginning and ending balances of derivative investments in which significant unobservable inputs (Level 3) were used in determining value: |
(000's omitted) | Beginning balance as of 9/1/2023 | Accrued discounts/ (premiums) | Realized gain/(loss) | Change in unrealized appreciation/ (depreciation) | Purchases/ Closing of options | Sales/ Writing of options | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 5/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 5/31/2024 |
Other Financial Instruments | ||||||||||
Written Option Contracts(1) | $(1 ) | $— | $10 | $(26 ) | $— | $(11 ) | $— | $— | $(28 ) | $(17 ) |
Total | $(1 ) | $— | $10 | $(26 ) | $— | $(11 ) | $— | $— | $(28 ) | $(17 ) |
(1) At May 31, 2024, these investments were valued in accordance with procedures approved by the valuation designee. These investments did not have a material impact on the Fund’s net assets and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not presented. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 95.8% | ||
Aerospace & Defense 3.2% | ||
130,091 | Airbus SE | $22,128,686 |
Automobiles 1.4% | ||
111,590 | Kia Corp. | 9,524,903 |
Banks 2.2% | ||
373,414 | Bank of America Corp. | 14,932,826 |
Broadline Retail 7.0% | ||
198,018 | Amazon.com, Inc.* | 34,938,296 |
7,654 | MercadoLibre, Inc.* | 13,207,589 |
48,145,885 | ||
Capital Markets 2.5% | ||
64,046 | Intercontinental Exchange, Inc. | 8,575,759 |
72,366 | London Stock Exchange Group PLC | 8,482,490 |
17,058,249 | ||
Chemicals 1.0% | ||
35,394 | Air Liquide SA | 6,968,151 |
Construction Materials 2.4% | ||
199,466 | CRH PLC | 16,308,340 |
Diversified Telecommunication Services 3.1% | ||
882,919 | Deutsche Telekom AG | 21,467,556 |
Electric Utilities 2.1% | ||
180,874 | NextEra Energy, Inc. | 14,473,538 |
Entertainment 0.9% | ||
54,076 | TKO Group Holdings, Inc. | 5,898,069 |
Financial Services 4.9% | ||
87,423 | Fiserv, Inc.* | 13,092,468 |
75,965 | Visa, Inc. Class A | 20,697,424 |
33,789,892 | ||
Food Products 1.0% | ||
78,526 | Lamb Weston Holdings, Inc. | 6,933,061 |
Ground Transportation 5.4% | ||
81,512 | Canadian National Railway Co. | 10,376,266 |
150,863 | Canadian Pacific Kansas City Ltd. | 12,008,604 |
234,422 | Uber Technologies, Inc.* | 15,134,285 |
37,519,155 | ||
Health Care Equipment & Supplies 3.6% | ||
325,254 | Boston Scientific Corp.* | 24,579,445 |
Hotels, Restaurants & Leisure 2.9% | ||
309,820 | DraftKings, Inc. Class A* | 10,883,977 |
133,333 | Las Vegas Sands Corp. | 6,003,985 |
Number of Shares | Value | |
Hotels, Restaurants & Leisure – cont'd | ||
94,900 | Viking Holdings Ltd.* | $2,980,809 |
19,868,771 | ||
Household Durables 1.3% | ||
110,800 | Sony Group Corp. | 9,096,760 |
Household Products 1.2% | ||
52,254 | Procter & Gamble Co. | 8,597,873 |
Interactive Media & Services 7.9% | ||
151,791 | Alphabet, Inc. Class C* | 26,405,562 |
59,959 | Meta Platforms, Inc. Class A | 27,990,660 |
54,396,222 | ||
IT Services 2.0% | ||
14,618 | Gartner, Inc.* | 6,134,736 |
45,856 | International Business Machines Corp. | 7,651,074 |
13,785,810 | ||
Life Sciences Tools & Services 1.7% | ||
20,726 | Thermo Fisher Scientific, Inc. | 11,771,954 |
Oil, Gas & Consumable Fuels 2.9% | ||
41,427 | EOG Resources, Inc. | 5,159,733 |
204,585 | Shell PLC ADR | 14,889,696 |
20,049,429 | ||
Personal Care Products 2.2% | ||
30,181 | L'Oreal SA | 14,897,345 |
Pharmaceuticals 1.7% | ||
154,209 | AstraZeneca PLC ADR | 12,031,386 |
Professional Services 1.5% | ||
142,664 | TransUnion | 10,260,395 |
Semiconductors & Semiconductor Equipment 11.4% | ||
42,864 | Analog Devices, Inc. | 10,051,179 |
17,126 | Lam Research Corp. | 15,968,967 |
24,033 | NVIDIA Corp. | 26,348,099 |
51,903 | QUALCOMM, Inc. | 10,590,807 |
102,288 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 15,449,580 |
78,408,632 | ||
Software 12.7% | ||
90,909 | Arctic Wolf Networks, Inc.*#(a)(b) | 976,363 |
6,438 | Constellation Software, Inc. | 17,907,413 |
81,870 | Microsoft Corp. | 33,986,693 |
115,313 | Oracle Corp. | 13,513,531 |
54,044 | Salesforce, Inc. | 12,670,075 |
12,462 | ServiceNow, Inc.* | 8,186,662 |
87,240,737 |
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Technology Hardware, Storage & Peripherals 3.5% | ||
124,505 | Apple, Inc. | $23,936,086 |
Textiles, Apparel & Luxury Goods 2.2% | ||
18,952 | LVMH Moet Hennessy Louis Vuitton SE | 15,156,733 |
Total Common Stocks (Cost $503,692,339) | 659,225,889 | |
Preferred Stocks 0.5% | ||
Internet 0.2% | ||
1,000 | Fabletics LLC, Series G*#(a)(b) | 1,150,200 |
IT Services 0.2% | ||
106,691 | Druva, Inc., Series 5*#(a)(b) | 1,022,100 |
Software 0.1% | ||
63,363 | Videoamp, Inc., Series F1*#(a)(b) | 999,868 |
Total Preferred Stocks (Cost $2,999,995) | 3,172,168 | |
Warrants 0.0%(c) | ||
Software 0.0%(c) | ||
10,268 | Constellation Software, Inc. Expires 3/31/2040*(a)(b) (Cost $0) | 1 |
Number of Shares | Value | |
Short-Term Investments 3.5% | ||
Investment Companies 3.5% | ||
24,179,334 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(d) (Cost $24,179,334) | $24,179,334 |
Total Investments 99.8% (Cost $530,871,668) | 686,577,392 | |
Other Assets Less Liabilities 0.2% | 1,117,718 | |
Net Assets 100.0% | $687,695,110 |
* | Non-income producing security. |
(a) | Value determined using significant unobservable inputs. |
(b) | Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee. Total value of all such securities at May 31, 2024 amounted to $4,148,532, which represents 0.6% of net assets of the Fund. |
(c) | Represents less than 0.05% of net assets of the Fund. |
(d) | Represents 7-day effective yield as of May 31, 2024. |
# This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $4,148,531, which represents 0.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.
Restricted Security | Acquisition Date(s) | Acquisition Cost | Value as of 5/31/2024 | Fair Value Percentage of Net Assets as of 5/31/2024 |
Arctic Wolf Networks, Inc. | 12/31/2021 | $999,999 | $976,363 | 0.1% |
Druva, Inc. (Series 5 Preferred Shares) | 4/1/2021 | 1,000,000 | 1,022,100 | 0.2% |
Fabletics LLC (Series G Preferred Shares) | 1/10/2022 | 1,000,000 | 1,150,200 | 0.2% |
Videoamp, Inc. (Series F1 Preferred Shares) | 1/4/2022 | 999,995 | 999,868 | 0.1% |
Total | $3,999,994 | $4,148,531 | 0.6% |
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited) (cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $473,694,595 | 68.9% |
France | 59,150,915 | 8.6% |
Canada | 40,292,284 | 5.9% |
Germany | 21,467,556 | 3.1% |
United Kingdom | 20,513,876 | 3.0% |
Taiwan | 15,449,580 | 2.2% |
Brazil | 13,207,589 | 1.9% |
Korea | 9,524,903 | 1.4% |
Japan | 9,096,760 | 1.3% |
Short-Term Investments and Other Assets—Net | 25,297,052 | 3.7% |
$687,695,110 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Common Stocks | ||||
Aerospace & Defense | $— | $22,128,686 | $— | $22,128,686 |
Automobiles | — | 9,524,903 | — | 9,524,903 |
Capital Markets | 8,575,759 | 8,482,490 | — | 17,058,249 |
Chemicals | — | 6,968,151 | — | 6,968,151 |
Diversified Telecommunication Services | — | 21,467,556 | — | 21,467,556 |
Household Durables | — | 9,096,760 | — | 9,096,760 |
Personal Care Products | — | 14,897,345 | — | 14,897,345 |
Software | 86,264,374 | — | 976,363 | 87,240,737 |
Textiles, Apparel & Luxury Goods | — | 15,156,733 | — | 15,156,733 |
Other Common Stocks# | 455,686,769 | — | — | 455,686,769 |
Total Common Stocks | 550,526,902 | 107,722,624 | 976,363 | 659,225,889 |
Preferred Stocks# | — | — | 3,172,168 | 3,172,168 |
Warrants# | — | — | 1 | 1 |
Short-Term Investments | — | 24,179,334 | — | 24,179,334 |
Total Investments | $550,526,902 | $131,901,958 | $4,148,532 | $686,577,392 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
(a) | The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: |
(000's omitted) | Beginning balance as of 9/1/2023 | Accrued discounts/ (premiums) | Realized gain/(loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 5/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 5/31/2024 |
Investments in Securities: | ||||||||||
Common Stocks(1) | $1,077 | $— | $— | $(101 ) | $— | $— | $— | $— | $976 | $(101 ) |
Preferred Stocks(1) | 3,243 | — | — | (71 ) | — | — | — | — | 3,172 | (71 ) |
Warrants(2) | — | — | — | — | — | — | — | — | — | — |
Total | $4,320 | $— | $— | $(172 ) | $— | $— | $— | $— | $4,148 | $(172 ) |
(1) Quantitative Information about Level 3 Fair Value Measurements: | ||||||
Investment type | Fair value at 5/31/2024 | Valuation approach | Significant unobservable input(s) | Input value/ range | Weighted average(a) | Impact to valuation from increase in input(b) |
Common Stocks | $976,363 | Market Approach | Enterprise value/ Revenue multiple(c) (EV/Revenue) | 13.5x | 13.5x | Increase |
Discount Rate | 4.9% | 4.9% | Decrease | |||
Term (Years) | 2.2 | 2.2 | Increase | |||
Expected Volatility | 80.0% | 80.0% | Increase | |||
Preferred Stocks | 3,172,168 | Market Approach | Enterprise value/ Revenue multiple(c) (EV/Revenue) | 2.4x - 7.4x | 5.2x | Increase |
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited) (cont’d)
Discount Rate | 4.7% - 5.0% | 4.9% | Decrease | |||
Term (Years) | 1.7 - 3.7 | 2.6 | Increase | |||
Expected Volatility | 50% - 65% | 58.0% | Increase | |||
(a) The weighted averages disclosed in the table above were weighted by relative fair value. | ||||||
(b) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase or decrease in the corresponding input. Significant changes in these inputs could result in significantly higher or lower fair value measurements. | ||||||
(c) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments. |
(2) At May 31, 2024, these investments were valued in accordance with procedures approved by the valuation designee. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not presented. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 99.2% | ||
Automobile Components 0.8% | ||
1,046,048 | Fox Factory Holding Corp.* | $48,766,758 |
250,203 | LCI Industries | 27,492,305 |
76,259,063 | ||
Banks 5.8% | ||
872,287 | Bank of Hawaii Corp. | 50,365,851 |
1,949,464 | Community Financial System, Inc. | 88,622,633 |
885,559 | Cullen/Frost Bankers, Inc. | 89,955,083 |
2,202,253 | First Financial Bankshares, Inc. | 66,023,545 |
1,911,681 | Glacier Bancorp, Inc. | 71,458,636 |
725,394 | Lakeland Financial Corp. | 44,996,190 |
1,243,183 | Prosperity Bancshares, Inc. | 77,450,301 |
830,454 | Stock Yards Bancorp, Inc. | 38,906,770 |
2,413,142 | United Community Banks, Inc. | 61,921,224 |
589,700,233 | ||
Building Products 2.8% | ||
212,692 | Armstrong World Industries, Inc. | 24,629,733 |
638,887 | CSW Industrials, Inc. | 162,443,409 |
4,780,875 | Hayward Holdings, Inc.* | 69,274,879 |
143,008 | Simpson Manufacturing Co., Inc. | 23,727,887 |
280,075,908 | ||
Capital Markets 1.4% | ||
444,032 | Hamilton Lane, Inc. Class A | 55,721,576 |
612,812 | Houlihan Lokey, Inc. | 82,944,104 |
138,665,680 | ||
Chemicals 1.2% | ||
3,424,059 | Element Solutions, Inc. | 82,280,138 |
197,262 | Quaker Chemical Corp. | 35,773,463 |
118,053,601 | ||
Commercial Services & Supplies 3.2% | ||
449,558 | Casella Waste Systems, Inc. Class A* | 45,221,039 |
1,783,849 | Rollins, Inc. | 81,504,061 |
120,852 | Stericycle, Inc.* | 6,228,712 |
883,392 | Tetra Tech, Inc. | 185,061,790 |
318,015,602 | ||
Construction & Engineering 2.5% | ||
1,096,269 | Arcosa, Inc. | 96,373,008 |
633,586 | Valmont Industries, Inc. | 159,283,520 |
255,656,528 | ||
Construction Materials 1.8% | ||
795,198 | Eagle Materials, Inc. | 184,796,063 |
Number of Shares | Value | |
Consumer Staples Distribution & Retail 0.3% | ||
1,334,160 | Grocery Outlet Holding Corp.* | $29,338,178 |
Containers & Packaging 1.1% | ||
746,929 | AptarGroup, Inc. | 110,313,944 |
Distributors 1.6% | ||
444,878 | Pool Corp. | 161,735,397 |
Diversified Consumer Services 0.6% | ||
623,713 | Bright Horizons Family Solutions, Inc.* | 65,564,711 |
Electric Utilities 0.2% | ||
261,233 | IDACORP, Inc. | 24,939,914 |
Electronic Equipment, Instruments & Components 3.7% | ||
588,272 | Advanced Energy Industries, Inc. | 63,198,061 |
652,533 | Littelfuse, Inc. | 167,439,968 |
579,252 | Novanta, Inc.* | 93,931,504 |
443,680 | Rogers Corp.* | 52,354,240 |
376,923,773 | ||
Energy Equipment & Services 3.3% | ||
1,152,810 | Cactus, Inc. Class A | 59,196,794 |
3,144,912 | Oceaneering International, Inc.* | 74,471,516 |
1,443,147 | Tidewater, Inc.* | 149,120,380 |
8,250,157 | Transocean Ltd.* | 51,150,973 |
333,939,663 | ||
Financial Services 1.2% | ||
415,659 | Jack Henry & Associates, Inc. | 68,450,724 |
773,331 | Shift4 Payments, Inc. Class A* | 52,029,710 |
120,480,434 | ||
Food Products 0.8% | ||
803,621 | Simply Good Foods Co.* | 30,931,373 |
2,598,619 | Utz Brands, Inc. | 48,178,396 |
79,109,769 | ||
Health Care Equipment & Supplies 3.3% | ||
93,625 | Atrion Corp.(a) | 43,090,906 |
2,013,895 | Haemonetics Corp.* | 169,328,292 |
445,815 | UFP Technologies, Inc.*(a) | 116,072,393 |
328,491,591 | ||
Health Care Providers & Services 2.1% | ||
303,728 | Chemed Corp. | 168,377,691 |
185,068 | CorVel Corp.* | 44,388,560 |
212,766,251 | ||
Health Care Technology 0.4% | ||
844,097 | Simulations Plus, Inc. | 40,719,239 |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Hotels, Restaurants & Leisure 1.7% | ||
976,066 | Texas Roadhouse, Inc. | $168,537,316 |
Household Durables 0.6% | ||
273,503 | Installed Building Products, Inc. | 57,938,876 |
Household Products 1.2% | ||
413,002 | Church & Dwight Co., Inc. | 44,195,344 |
343,306 | WD-40 Co. | 77,137,425 |
121,332,769 | ||
Insurance 2.4% | ||
1,204,404 | AMERISAFE, Inc.(a) | 52,789,027 |
2,431,072 | Hagerty, Inc. Class A* | 23,386,913 |
812,418 | RLI Corp. | 118,596,780 |
809,139 | Stewart Information Services Corp. | 51,226,590 |
245,999,310 | ||
Life Sciences Tools & Services 4.0% | ||
2,228,225 | Bio-Techne Corp. | 171,996,688 |
330,920 | ICON PLC* | 107,489,434 |
2,541,180 | Stevanato Group SpA(a) | 51,636,778 |
230,521 | West Pharmaceutical Services, Inc. | 76,396,965 |
407,519,865 | ||
Machinery 13.7% | ||
461,813 | Crane Co. | 68,847,082 |
961,629 | Enerpac Tool Group Corp. | 37,811,252 |
226,337 | Enpro, Inc. | 34,688,409 |
1,177,858 | Esab Corp. | 121,107,360 |
589,733 | ESCO Technologies, Inc. | 64,357,562 |
615,386 | Federal Signal Corp. | 56,627,820 |
1,071,357 | Graco, Inc. | 86,512,078 |
5,286,277 | Hillman Solutions Corp.* | 48,580,886 |
557,316 | Kadant, Inc. | 159,397,949 |
519,231 | Lindsay Corp. | 59,618,103 |
335,301 | Nordson Corp. | 78,701,851 |
280,986 | Omega Flex, Inc. | 16,637,181 |
696,668 | RBC Bearings, Inc.* | 205,712,127 |
1,042,825 | SPX Technologies, Inc.* | 145,390,661 |
562,213 | Standex International Corp. | 94,569,849 |
1,296,560 | Toro Co. | 103,971,146 |
1,382,531,316 | ||
Marine Transportation 2.5% | ||
2,032,400 | Kirby Corp.* | 252,363,108 |
Media 2.2% | ||
101,066 | Cable One, Inc. | 39,002,380 |
911,811 | Nexstar Media Group, Inc. Class A | 151,077,964 |
Number of Shares | Value | |
Media – cont'd | ||
941,690 | TechTarget, Inc.* | $28,457,872 |
218,538,216 | ||
Oil, Gas & Consumable Fuels 3.2% | ||
3,215,539 | CNX Resources Corp.* | 84,568,676 |
1,072,026 | Matador Resources Co. | 68,020,050 |
3,619,101 | Sitio Royalties Corp. Class A | 84,795,536 |
76,749 | Texas Pacific Land Corp. | 47,147,678 |
946,743 | Viper Energy, Inc. | 36,411,736 |
320,943,676 | ||
Pharmaceuticals 0.5% | ||
1,078,440 | Amphastar Pharmaceuticals, Inc.* | 45,650,365 |
Professional Services 3.6% | ||
678,485 | CBIZ, Inc.* | 51,442,733 |
414,541 | CRA International, Inc.(a) | 72,946,780 |
1,589,607 | Exponent, Inc. | 151,203,418 |
415,587 | FTI Consulting, Inc.* | 89,268,087 |
364,861,018 | ||
Real Estate Management & Development 1.7% | ||
216,387 | Colliers International Group, Inc. | 24,269,966 |
992,114 | FirstService Corp. | 145,959,812 |
170,229,778 | ||
Semiconductors & Semiconductor Equipment 4.3% | ||
2,726,623 | Lattice Semiconductor Corp.* | 202,424,492 |
611,578 | MKS Instruments, Inc. | 77,419,659 |
1,964,550 | Power Integrations, Inc. | 149,325,445 |
429,169,596 | ||
Software 11.9% | ||
543,757 | Aspen Technology, Inc.* | 114,542,412 |
978,211 | CommVault Systems, Inc.* | 105,240,831 |
2,381,729 | Computer Modelling Group Ltd. | 22,769,329 |
160,166 | Fair Isaac Corp.* | 206,602,928 |
912,263 | Manhattan Associates, Inc.* | 200,278,219 |
1,186,893 | Qualys, Inc.* | 166,900,894 |
1,044,003 | SPS Commerce, Inc.* | 196,366,524 |
230,560 | Tyler Technologies, Inc.* | 110,751,802 |
2,323,947 | Vertex, Inc. Class A* | 76,806,448 |
1,200,259,387 | ||
Specialty Retail 4.7% | ||
738,068 | Asbury Automotive Group, Inc.* | 173,497,645 |
935,609 | Floor & Decor Holdings, Inc. Class A* | 109,335,268 |
336,587 | Tractor Supply Co. | 96,024,905 |
585,346 | Valvoline, Inc.* | 23,765,047 |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Specialty Retail – cont'd | ||
213,431 | Winmark Corp.(a) | $75,960,093 |
478,582,958 | ||
Trading Companies & Distributors 2.9% | ||
1,420,025 | Richelieu Hardware Ltd. | 39,632,966 |
392,445 | SiteOne Landscape Supply, Inc.* | 60,758,335 |
464,529 | Transcat, Inc.*(a) | 59,180,995 |
290,128 | Watsco, Inc. | 137,781,787 |
297,354,083 | ||
Total Common Stocks (Cost $5,430,020,356) | 10,007,357,179 | |
Short-Term Investments 0.8% | ||
Investment Companies 0.8% | ||
6,095,039 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(b) | 6,095,039 |
Number of Shares | Value | |
Investment Companies – cont'd | ||
74,989,096 | State Street Institutional Treasury Plus Money Market Fund Premier Class, 5.26%(b) | $74,989,096 |
Total Short-Term Investments (Cost $81,084,135) | 81,084,135 | |
Total Investments 100.0% (Cost $5,511,104,491) | 10,088,441,314 | |
Liabilities Less Other Assets (0.0)%(c) | (2,779,818 ) | |
Net Assets 100.0% | $10,085,661,496 |
* | Non-income producing security. |
(a) | Affiliated company (see Note § below). |
(b) | Represents 7-day effective yield as of May 31, 2024. |
(c) | Represents less than 0.05% of net assets of the Fund. |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Trading Companies & Distributors | $257,721,117 | $39,632,966 | $— | $297,354,083 |
Other Common Stocks# | 9,710,003,096 | — | — | 9,710,003,096 |
Total Common Stocks | 9,967,724,213 | 39,632,966 | — | 10,007,357,179 |
Short-Term Investments | — | 81,084,135 | — | 81,084,135 |
Total Investments | $9,967,724,213 | $120,717,101 | $— | $10,088,441,314 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
§ Investments in Affiliates(a):
Value at August 31, 2023 | Purchase Cost | Sales Proceeds/ Return of Capital | Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Persons | Net Realized Gain/(Loss) from Investments in Affiliated Persons | Distributions from Investments in Affiliated Persons | Shares Held at May 31, 2024 | Value at May 31, 2024 | |
Genesis | ||||||||
AMERISAFE, Inc. | $61,757,462 | $4,020,839 | $3,240,678 | $(9,187,052 ) | $(561,544 ) | $5,740,958 | 1,204,404 | $52,789,027 |
Atrion Corp. | 57,089,630 | — | 13,028,345 | 2,954,755 | (3,925,134 ) | 805,341 | 93,625 | 43,090,906 |
CRA International, Inc. | 42,452,604 | 2,567,082 | 90,663 | 28,009,365 | 8,392 | 478,550 | 414,541 | 72,946,780 |
Stevanato Group SpA | 66,504,178 | 16,049,632 | 3,254,440 | (28,201,146 ) | 538,554 | —* | 2,541,180 | 51,636,778 |
Transcat, Inc. | 46,726,025 | 1,586,926 | 839,448 | 11,240,042 | 467,450 | —* | 464,529 | 59,180,995 |
UFP Technologies, Inc. | 90,586,061 | — | 15,669,652 | 30,915,299 | 10,240,685 | —* | 445,815 | 116,072,393 |
Winmark Corp | 75,348,745 | 8,262,867 | 2,141,629 | (5,723,988 ) | 214,098 | 2,401,156 | 213,431 | 75,960,093 |
Sub-total for affiliates held as of 5/31/24(b) | $440,464,705 | $32,487,346 | $38,264,855 | $30,007,275 | $6,982,501 | $9,426,005 | $471,676,972 | |
Kadant, Inc. | 134,376,723 | — | 16,025,633 | 31,079,048 | 9,967,811 | 542,671 | 557,316 | 159,397,949 |
Model N, Inc. | 57,913,110 | 4,662,989 | 68,938,460 | 2,716,920 | 3,645,441 | —* | — | — |
Sub-total for securities no longer affiliated as of 5/31/24(c) | $192,289,833 | $4,662,989 | $84,964,093 | $33,795,968 | $13,613,252 | $542,671 | 159,397,949 | |
Total | $632,754,538 | $37,150,335 | $123,228,948 | $63,803,243 | $20,595,753 | $9,968,676 | $631,074,921 |
(a) | Affiliated persons, as defined in the Investment Company Act of 1940, as amended. |
(b) | At May 31, 2024, these securities amounted to 4.68% of net assets of the Fund. |
(c) | At May 31, 2024, the issuers of these securities were no longer affiliated with the Fund. |
* | Non-income producing security. |
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited) (cont’d)
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.1% | ||
Australia 0.8% | ||
1,385,275 | Glencore PLC | $8,538,413 |
Austria 0.9% | ||
140,942 | BAWAG Group AG*(a) | 9,323,596 |
Belgium 1.3% | ||
634,291 | Azelis Group NV | 13,492,545 |
Canada 1.5% | ||
95,869 | Kinaxis, Inc.* | 10,301,196 |
450,439 | Softchoice Corp.(b) | 5,978,533 |
16,279,729 | ||
Denmark 2.8% | ||
73,379 | DSV AS | 11,298,112 |
141,173 | Novo Nordisk AS Class B | 19,127,258 |
30,425,370 | ||
France 2.5% | ||
23,098 | Dassault Aviation SA | 5,013,047 |
405,171 | Exclusive Networks SA* | 9,012,831 |
52,414 | Safran SA | 12,275,631 |
26,301,509 | ||
Germany 9.8% | ||
36,939 | adidas AG | 9,355,551 |
66,890 | Deutsche Boerse AG | 13,329,609 |
549,848 | Deutsche Telekom AG | 13,369,169 |
88,943 | Merck KGaA | 16,165,384 |
23,110 | MTU Aero Engines AG | 5,772,832 |
208,866 | Qiagen NV* | 9,035,543 |
74,546 | SAP SE ADR | 13,600,172 |
80,501 | Stabilus SE | 5,021,077 |
157,002 | Symrise AG | 18,753,978 |
104,403,315 | ||
Hong Kong 0.8% | ||
1,170,800 | AIA Group Ltd. | 9,093,833 |
7,105 | Prudential PLC | 68,056 |
9,161,889 | ||
Ireland 3.7% | ||
1,115,089 | Bank of Ireland Group PLC | 12,815,773 |
149,639 | Kerry Group PLC Class A | 12,677,755 |
279,415 | Smurfit Kappa Group PLC | 13,627,902 |
39,121,430 | ||
Italy 3.5% | ||
114,052 | Interpump Group SpA | 5,379,126 |
431,247 | Leonardo SpA* | 11,092,503 |
1,039,973 | Nexi SpA*(a) | 6,922,641 |
346,040 | UniCredit SpA | 13,776,756 |
37,171,026 |
Number of Shares | Value | |
Japan 18.6% | ||
189,100 | Azbil Corp. | $5,246,010 |
299,600 | Daiei Kankyo Co. Ltd. | 4,755,942 |
241,300 | Dexerials Corp. | 10,160,381 |
147,100 | Ebara Corp. | 10,757,838 |
400,500 | Fuji Corp. | 6,482,012 |
728,700 | Fujitsu Ltd. | 10,552,281 |
213,700 | Hitachi Ltd. | 22,008,467 |
288,200 | Hoshizaki Corp. | 10,349,550 |
391,500 | Kokusai Electric Corp.(b) | 10,736,293 |
671,300 | MISUMI Group, Inc. | 11,562,550 |
462,200 | Nexon Co. Ltd. | 7,938,733 |
241,300 | NS Solutions Corp. | 7,824,902 |
201,700 | Oracle Corp. Japan(b) | 14,343,027 |
616,200 | Renesas Electronics Corp. | 11,354,479 |
1,875,800 | Resona Holdings, Inc. | 13,020,661 |
25,675 | SMC Corp. | 12,966,631 |
174,200 | Sony Group Corp. | 14,301,946 |
449,900 | Terumo Corp. | 7,663,586 |
132,300 | Visional, Inc.* | 6,334,191 |
198,359,480 | ||
Luxembourg 0.8% | ||
428,253 | CVC Capital Partners PLC*(a) | 8,280,521 |
Netherlands 7.9% | ||
106,388 | Aalberts NV | 5,090,445 |
19,491 | ASM International NV | 13,716,005 |
38,814 | ASML Holding NV | 37,136,073 |
149,561 | Heineken NV | 15,006,662 |
746,004 | ING Groep NV | 13,327,626 |
84,276,811 | ||
Spain 1.5% | ||
259,472 | Fluidra SA | 6,331,120 |
329,180 | Puig Brands SA Class B* | 9,286,591 |
15,617,711 | ||
Sweden 1.5% | ||
127,269 | Autoliv, Inc. | 16,235,706 |
Switzerland 9.5% | ||
127,758 | Alcon, Inc.(b) | 11,387,071 |
118,918 | DSM-Firmenich AG | 13,765,121 |
132,859 | Galderma Group AG* | 10,788,030 |
177,733 | Julius Baer Group Ltd. | 10,676,656 |
16,846 | Lonza Group AG | 9,144,862 |
133,410 | Novartis AG | 13,807,661 |
6,975 | Partners Group Holding AG | 9,387,144 |
145,460 | Sandoz Group AG | 5,145,498 |
330,990 | SIG Group AG* | 6,893,724 |
34,494 | Sonova Holding AG | 10,959,417 |
101,955,184 |
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
United Kingdom 21.6% | ||
159,432 | Ashtead Group PLC | $11,677,303 |
166,908 | AstraZeneca PLC | 25,945,689 |
924,678 | BAE Systems PLC | 16,464,832 |
217,326 | Coca-Cola Europacific Partners PLC | 16,019,099 |
475,005 | Compass Group PLC | 13,336,336 |
295,572 | ConvaTec Group PLC(a) | 942,317 |
479,776 | Experian PLC | 22,231,929 |
1,983,193 | GlobalData PLC | 5,559,586 |
1,526,646 | HSBC Holdings PLC | 13,606,814 |
293,029 | Intermediate Capital Group PLC | 8,730,645 |
15,842,358 | Lloyds Banking Group PLC | 11,309,236 |
179,732 | London Stock Exchange Group PLC | 21,067,558 |
415,269 | RELX PLC | 18,216,554 |
2,510,745 | Rentokil Initial PLC | 13,385,372 |
612,292 | Smith & Nephew PLC | 7,747,657 |
403,848 | TechnipFMC PLC | 10,576,779 |
262,209 | Unilever PLC | 14,346,302 |
231,164,008 | ||
United States 9.1% | ||
40,123 | Aon PLC Class A | 11,300,242 |
2,288,041 | BP PLC | 14,312,805 |
116,913 | CRH PLC | 9,226,359 |
2,535,626 | Haleon PLC | 10,536,534 |
Number of Shares | Value | |
United States – cont'd | ||
40,771 | ICON PLC* | $13,243,236 |
78,997 | Nestle SA | 8,385,224 |
249,807 | Schlumberger NV | 11,463,643 |
523,684 | Shell PLC | 18,902,242 |
97,370,285 | ||
Total Common Stocks (Cost $911,285,520) | 1,047,478,528 | |
Short-Term Investments 3.3% | ||
Investment Companies 3.3% | ||
13,085,585 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(c) | 13,085,585 |
22,288,828 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(c)(d) | 22,288,828 |
Total Short-Term Investments (Cost $35,374,413) | 35,374,413 | |
Total Investments 101.4% (Cost $946,659,933) | 1,082,852,941 | |
Liabilities Less Other Assets (1.4)% | (15,252,401 ) | |
Net Assets 100.0% | $1,067,600,540 |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $25,469,075, which represents 2.4% of net assets of the Fund. |
(b) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $31,912,522, collateralized by cash collateral of $22,288,828 and non-cash (U.S. Treasury Securities) collateral of $11,046,541 for the Fund. |
(c) | Represents 7-day effective yield as of May 31, 2024. |
(d) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited) (cont’d)
POSITIONS BY INDUSTRY | ||
Industry | Investments at Value | Percentage of Net Assets |
Pharmaceuticals | $90,979,520 | 8.5 % |
Banks | 87,180,462 | 8.2 % |
Machinery | 73,940,349 | 6.9 % |
Semiconductors & Semiconductor Equipment | 72,942,850 | 6.8 % |
Capital Markets | 71,472,133 | 6.7 % |
Professional Services | 52,342,260 | 4.9 % |
Aerospace & Defense | 50,618,845 | 4.7 % |
Health Care Equipment & Supplies | 38,700,048 | 3.6 % |
Software | 38,244,395 | 3.6 % |
Personal Care Products | 34,169,427 | 3.2 % |
Oil, Gas & Consumable Fuels | 33,215,047 | 3.1 % |
Chemicals | 32,519,099 | 3.0 % |
Life Sciences Tools & Services | 31,423,641 | 2.9 % |
Beverages | 31,025,761 | 2.9 % |
IT Services | 27,390,014 | 2.6 % |
Trading Companies & Distributors | 25,169,848 | 2.4 % |
Energy Equipment & Services | 22,040,422 | 2.1 % |
Industrial Conglomerates | 22,008,467 | 2.1 % |
Electronic Equipment, Instruments & Components | 21,384,924 | 2.0 % |
Food Products | 21,062,979 | 2.0 % |
Containers & Packaging | 20,521,626 | 1.9 % |
Insurance | 20,462,131 | 1.9 % |
Commercial Services & Supplies | 18,141,314 | 1.7 % |
Automobile Components | 16,235,706 | 1.5 % |
Household Durables | 14,301,946 | 1.3 % |
Diversified Telecommunication Services | 13,369,169 | 1.3 % |
Hotels, Restaurants & Leisure | 13,336,336 | 1.3 % |
Air Freight & Logistics | 11,298,112 | 1.1 % |
Textiles, Apparel & Luxury Goods | 9,355,551 | 0.9 % |
Construction Materials | 9,226,359 | 0.9 % |
Metals & Mining | 8,538,413 | 0.8 % |
Entertainment | 7,938,733 | 0.7 % |
Financial Services | 6,922,641 | 0.6 % |
Short-Term Investments and Other Liabilities—Net | 20,122,012 | 1.9 % |
$1,067,600,540 | 100.0 % |
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Australia | $— | $8,538,413 | $— | $8,538,413 |
Austria | — | 9,323,596 | — | 9,323,596 |
Belgium | — | 13,492,545 | — | 13,492,545 |
Denmark | — | 30,425,370 | — | 30,425,370 |
France | — | 26,301,509 | — | 26,301,509 |
Germany | 22,635,715 | 81,767,600 | — | 104,403,315 |
Hong Kong | — | 9,161,889 | — | 9,161,889 |
Ireland | — | 39,121,430 | — | 39,121,430 |
Italy | — | 37,171,026 | — | 37,171,026 |
Japan | — | 198,359,480 | — | 198,359,480 |
Netherlands | — | 84,276,811 | — | 84,276,811 |
Spain | 9,286,591 | 6,331,120 | — | 15,617,711 |
Switzerland | 22,175,101 | 79,780,083 | — | 101,955,184 |
United Kingdom | 32,155,464 | 199,008,544 | — | 231,164,008 |
United States | 36,007,121 | 61,363,164 | — | 97,370,285 |
Other Common Stocks# | 40,795,956 | — | — | 40,795,956 |
Total Common Stocks | 163,055,948 | 884,422,580 | — | 1,047,478,528 |
Short-Term Investments | — | 35,374,413 | — | 35,374,413 |
Total Investments | $163,055,948 | $919,796,993 | $— | $1,082,852,941 |
# | The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 97.5% | ||
Australia 0.8% | ||
218,510 | Glencore PLC | $1,346,829 |
Austria 0.9% | ||
22,184 | BAWAG Group AG*(a) | 1,467,516 |
Belgium 0.8% | ||
18,056 | KBC Group NV | 1,318,641 |
Canada 1.7% | ||
21,620 | Alimentation Couche-Tard, Inc. | 1,261,874 |
14,930 | Kinaxis, Inc.* | 1,604,240 |
2,866,114 | ||
Denmark 2.9% | ||
11,535 | DSV AS | 1,776,036 |
22,325 | Novo Nordisk AS Class B | 3,024,771 |
4,800,807 | ||
France 1.7% | ||
3,936 | Dassault Aviation SA | 854,245 |
8,227 | Safran SA | 1,926,806 |
2,781,051 | ||
Germany 9.7% | ||
7,374 | adidas AG | 1,867,615 |
10,639 | Deutsche Boerse AG | 2,120,103 |
87,285 | Deutsche Telekom AG | 2,122,274 |
13,891 | Merck KGaA | 2,524,688 |
3,640 | MTU Aero Engines AG | 909,265 |
32,946 | Qiagen NV* | 1,425,244 |
13,491 | SAP SE ADR | 2,461,298 |
24,288 | Symrise AG | 2,901,215 |
16,331,702 | ||
Hong Kong 1.0% | ||
225,100 | AIA Group Ltd. | 1,748,396 |
1,611 | Prudential PLC | 15,431 |
1,763,827 | ||
Ireland 3.7% | ||
178,240 | Bank of Ireland Group PLC | 2,048,521 |
23,784 | Kerry Group PLC Class A | 2,015,035 |
43,986 | Smurfit Kappa Group PLC | 2,145,328 |
6,208,884 | ||
Italy 3.0% | ||
68,037 | Leonardo SpA* | 1,750,043 |
164,805 | Nexi SpA*(a) | 1,097,034 |
54,797 | UniCredit SpA | 2,181,612 |
5,028,689 | ||
Japan 17.8% | ||
27,700 | Bridgestone Corp. | 1,214,131 |
27,700 | Ebara Corp. | 2,025,779 |
Number of Shares | Value | |
Japan – cont'd | ||
115,000 | Fujitsu Ltd. | $1,665,311 |
33,800 | Hitachi Ltd. | 3,480,984 |
59,100 | Hoshizaki Corp. | 2,122,340 |
61,700 | Kokusai Electric Corp.(b) | 1,692,029 |
138,300 | MISUMI Group, Inc. | 2,382,095 |
72,900 | Nexon Co. Ltd. | 1,252,128 |
62,300 | Nomura Research Institute Ltd. | 1,667,925 |
31,800 | Oracle Corp. Japan(b) | 2,261,320 |
115,500 | Renesas Electronics Corp. | 2,128,274 |
295,000 | Resona Holdings, Inc. | 2,047,710 |
4,100 | SMC Corp. | 2,070,621 |
27,400 | Sony Group Corp. | 2,249,560 |
95,200 | Terumo Corp. | 1,621,635 |
29,881,842 | ||
Luxembourg 0.8% | ||
66,691 | CVC Capital Partners PLC*(a) | 1,289,509 |
Netherlands 9.4% | ||
25,142 | Aalberts NV | 1,202,993 |
3,069 | ASM International NV | 2,159,685 |
6,118 | ASML Holding NV | 5,853,519 |
23,780 | Heineken NV | 2,386,039 |
13,896 | IMCD NV | 2,120,600 |
117,970 | ING Groep NV | 2,107,576 |
15,830,412 | ||
Spain 0.9% | ||
51,855 | Puig Brands SA Class B* | 1,462,896 |
Sweden 1.5% | ||
20,154 | Autoliv, Inc. | 2,571,046 |
Switzerland 9.8% | ||
20,058 | Alcon, Inc.(b) | 1,787,770 |
18,752 | DSM-Firmenich AG | 2,170,601 |
20,855 | Galderma Group AG* | 1,693,407 |
28,036 | Julius Baer Group Ltd. | 1,684,160 |
2,657 | Lonza Group AG | 1,442,354 |
25,173 | Novartis AG | 2,605,354 |
1,104 | Partners Group Holding AG | 1,485,793 |
22,948 | Sandoz Group AG | 811,762 |
52,610 | SIG Group AG* | 1,095,739 |
5,387 | Sonova Holding AG | 1,711,555 |
16,488,495 | ||
United Kingdom 21.7% | ||
25,214 | Ashtead Group PLC | 1,846,753 |
26,293 | AstraZeneca PLC | 4,087,222 |
169,375 | BAE Systems PLC | 3,015,894 |
33,942 | Coca-Cola Europacific Partners PLC | 2,501,865 |
75,841 | Compass Group PLC | 2,129,327 |
46,554 | ConvaTec Group PLC(a) | 148,420 |
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
United Kingdom – cont'd | ||
75,704 | Experian PLC | $3,507,983 |
240,276 | HSBC Holdings PLC | 2,141,551 |
46,220 | Intermediate Capital Group PLC | 1,377,101 |
2,510,399 | Lloyds Banking Group PLC | 1,792,075 |
28,286 | London Stock Exchange Group PLC | 3,315,586 |
74,878 | RELX PLC | 3,284,664 |
396,003 | Rentokil Initial PLC | 2,111,185 |
97,162 | Smith & Nephew PLC | 1,229,443 |
64,249 | TechnipFMC PLC | 1,682,681 |
41,778 | Unilever PLC | 2,285,809 |
36,457,559 | ||
United States 9.4% | ||
6,345 | Aon PLC Class A | 1,787,006 |
379,908 | BP PLC | 2,376,509 |
18,402 | CRH PLC | 1,452,220 |
488,488 | Haleon PLC | 2,029,862 |
6,427 | ICON PLC* | 2,087,618 |
12,442 | Nestle SA | 1,320,670 |
39,410 | Schlumberger NV | 1,808,525 |
82,410 | Shell PLC | 2,974,568 |
15,836,978 | ||
Total Common Stocks (Cost $141,065,352) | 163,732,797 | |
Number of Shares | Value | |
Short-Term Investments 3.1% | ||
Investment Companies 3.1% | ||
2,778,061 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(c) | $2,778,061 |
2,462,905 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(c)(d) | 2,462,905 |
Total Short-Term Investments (Cost $5,240,966) | 5,240,966 | |
Total Investments 100.6% (Cost $146,306,318) | 168,973,763 | |
Liabilities Less Other Assets (0.6)% | (1,063,514 ) | |
Net Assets 100.0% | $167,910,249 |
* | Non-income producing security. |
(a) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $4,002,479, which represents 2.4% of net assets of the Fund. |
(b) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $3,992,004, collateralized by cash collateral of $2,462,905 and non-cash (U.S. Treasury Securities) collateral of $1,739,341 for the Fund. |
(c) | Represents 7-day effective yield as of May 31, 2024. |
(d) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited) (cont’d)
POSITIONS BY INDUSTRY | ||
Industry | Investments at Value | Percentage of Net Assets |
Banks | $15,105,202 | 9.0 % |
Pharmaceuticals | 14,747,204 | 8.8 % |
Semiconductors & Semiconductor Equipment | 11,833,507 | 7.0 % |
Capital Markets | 11,272,252 | 6.7 % |
Machinery | 9,803,828 | 5.8 % |
Aerospace & Defense | 8,456,253 | 5.0 % |
Professional Services | 6,792,647 | 4.0 % |
Health Care Equipment & Supplies | 6,498,823 | 3.9 % |
Software | 6,326,858 | 3.8 % |
Personal Care Products | 5,778,567 | 3.4 % |
Oil, Gas & Consumable Fuels | 5,351,077 | 3.2 % |
Chemicals | 5,071,816 | 3.0 % |
Life Sciences Tools & Services | 4,955,216 | 2.9 % |
Beverages | 4,887,904 | 2.9 % |
Trading Companies & Distributors | 3,967,353 | 2.4 % |
Automobile Components | 3,785,177 | 2.3 % |
Insurance | 3,550,833 | 2.1 % |
Energy Equipment & Services | 3,491,206 | 2.1 % |
Industrial Conglomerates | 3,480,984 | 2.1 % |
Food Products | 3,335,705 | 2.0 % |
IT Services | 3,333,236 | 2.0 % |
Containers & Packaging | 3,241,067 | 1.9 % |
Household Durables | 2,249,560 | 1.3 % |
Hotels, Restaurants & Leisure | 2,129,327 | 1.3 % |
Diversified Telecommunication Services | 2,122,274 | 1.3 % |
Commercial Services & Supplies | 2,111,185 | 1.3 % |
Textiles, Apparel & Luxury Goods | 1,867,615 | 1.1 % |
Air Freight & Logistics | 1,776,036 | 1.1 % |
Construction Materials | 1,452,220 | 0.9 % |
Metals & Mining | 1,346,829 | 0.8 % |
Consumer Staples Distribution & Retail | 1,261,874 | 0.7 % |
Entertainment | 1,252,128 | 0.7 % |
Financial Services | 1,097,034 | 0.7 % |
Short-Term Investments and Other Liabilities—Net | 4,177,452 | 2.5 % |
$167,910,249 | 100.0 % |
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Australia | $— | $1,346,829 | $— | $1,346,829 |
Austria | — | 1,467,516 | — | 1,467,516 |
Belgium | — | 1,318,641 | — | 1,318,641 |
Denmark | — | 4,800,807 | — | 4,800,807 |
France | — | 2,781,051 | — | 2,781,051 |
Germany | 3,886,542 | 12,445,160 | — | 16,331,702 |
Hong Kong | — | 1,763,827 | — | 1,763,827 |
Ireland | — | 6,208,884 | — | 6,208,884 |
Italy | — | 5,028,689 | — | 5,028,689 |
Japan | — | 29,881,842 | — | 29,881,842 |
Netherlands | — | 15,830,412 | — | 15,830,412 |
Switzerland | 3,481,177 | 13,007,318 | — | 16,488,495 |
United Kingdom | 4,184,546 | 32,273,013 | — | 36,457,559 |
United States | 5,683,149 | 10,153,829 | — | 15,836,978 |
Other Common Stocks# | 8,189,565 | — | — | 8,189,565 |
Total Common Stocks | 25,424,979 | 138,307,818 | — | 163,732,797 |
Short-Term Investments | — | 5,240,966 | — | 5,240,966 |
Total Investments | $25,424,979 | $143,548,784 | $— | $168,973,763 |
# | The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 96.0% | ||
Australia 3.1% | ||
2,393 | ARB Corp. Ltd. | $61,565 |
14,839 | Steadfast Group Ltd. | 54,720 |
116,285 | ||
Belgium 2.6% | ||
963 | Bekaert SA | 45,384 |
1,212 | Shurgard Self Storage Ltd. | 53,541 |
98,925 | ||
Canada 7.1% | ||
464 | Colliers International Group, Inc. | 52,029 |
588 | Descartes Systems Group, Inc.* | 54,298 |
433 | Kinaxis, Inc.* | 46,526 |
4,086 | Softchoice Corp.(a) | 54,232 |
3,862 | Triple Flag Precious Metals Corp.(a) | 63,784 |
270,869 | ||
Finland 1.9% | ||
3,048 | Kemira OYJ | 71,843 |
France 9.3% | ||
2,515 | Exclusive Networks SA* | 55,945 |
1,017 | Interparfums SA | 54,011 |
1,734 | Lectra | 58,791 |
271 | Sopra Steria Group | 64,409 |
2,426 | Tikehau Capital SCA | 55,562 |
165 | Virbac SACA | 64,391 |
353,109 | ||
Germany 2.3% | ||
1,698 | Jenoptik AG | 50,926 |
561 | Nexus AG | 35,001 |
85,927 | ||
Ireland 1.3% | ||
17,792 | Uniphar PLC | 50,387 |
Italy 3.3% | ||
2,279 | BFF Bank SpA(a)(b) | 22,738 |
2,265 | Carel Industries SpA(b) | 42,917 |
3,443 | Intercos SpA | 59,773 |
125,428 | ||
Japan 29.8% | ||
2,800 | As One Corp. | 44,529 |
1,700 | Azbil Corp. | 47,161 |
3,700 | Daiei Kankyo Co. Ltd. | 58,735 |
900 | Dexerials Corp. | 37,896 |
3,000 | Fuji Corp. | 48,554 |
2,900 | Idec Corp. | 51,109 |
2,300 | Kokusai Electric Corp. | 63,074 |
5,400 | Konishi Co. Ltd. | 42,160 |
2,900 | Nakanishi, Inc. | 41,603 |
Number of Shares | Value | |
Japan – cont'd | ||
2,500 | Nichias Corp. | $75,809 |
1,400 | NS Solutions Corp. | 45,399 |
2,200 | Riken Keiki Co. Ltd.(a) | 55,572 |
1,800 | Roland Corp. | 45,980 |
4,500 | Shinnihonseiyaku Co. Ltd. | 48,116 |
1,400 | SHO-BOND Holdings Co. Ltd. | 52,816 |
4,100 | Shoei Co. Ltd. | 53,099 |
2,900 | Simplex Holdings, Inc. | 49,818 |
4,600 | Sun Frontier Fudousan Co. Ltd. | 57,125 |
2,200 | T Hasegawa Co. Ltd. | 43,037 |
1,000 | Ulvac, Inc. | 71,377 |
600 | Visional, Inc.* | 28,727 |
5,200 | YAMABIKO Corp. | 71,147 |
1,132,843 | ||
Jersey 1.6% | ||
5,238 | JTC PLC(b) | 60,456 |
Netherlands 2.2% | ||
3,134 | Fugro NV(a) | 84,089 |
Norway 4.6% | ||
13,665 | Aker Solutions ASA | 59,770 |
3,078 | Borregaard ASA | 56,420 |
17,112 | Elopak ASA | 58,609 |
174,799 | ||
Spain 1.4% | ||
1,524 | Befesa SA(b) | 55,050 |
Sweden 6.7% | ||
3,614 | Biotage AB | 63,991 |
4,821 | Sweco AB Class B | 67,520 |
2,009 | Thule Group AB(b) | 60,647 |
1,462 | Xvivo Perfusion AB* | 61,462 |
253,620 | ||
Switzerland 12.8% | ||
1,948 | Accelleron Industries AG | 78,939 |
108 | Belimo Holding AG | 50,327 |
93 | Burckhardt Compression Holding AG | 62,132 |
38 | Inficon Holding AG | 60,689 |
20 | Interroll Holding AG | 61,748 |
224 | Kardex Holding AG | 62,019 |
131 | Tecan Group AG | 46,630 |
523 | VZ Holding AG | 64,944 |
487,428 | ||
United Kingdom 6.0% | ||
56,256 | Coats Group PLC | 61,433 |
1,532 | Diploma PLC | 80,307 |
484 | Games Workshop Group PLC | 61,920 |
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
United Kingdom – cont'd | ||
9,317 | GlobalData PLC | $26,120 |
229,780 | ||
Total Common Stocks (Cost $3,135,508) | 3,650,838 | |
Short-Term Investments 8.7% | ||
Investment Companies 8.7% | ||
125,102 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(c) | 125,102 |
Number of Shares | Value | |
Investment Companies – cont'd | ||
206,421 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(c)(d) | $206,421 |
Total Short-Term Investments (Cost $331,523) | 331,523 | |
Total Investments 104.7% (Cost $3,467,031) | 3,982,361 | |
Liabilities Less Other Assets (4.7)% | (179,258 ) | |
Net Assets 100.0% | $3,803,103 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $249,104, collateralized by cash collateral of $206,421 and non-cash (U.S. Treasury Securities) collateral of $54,665 for the Fund. |
(b) | Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve directed selling efforts in the United States and as such may have restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $241,808, which represents 6.4% of net assets of the Fund. |
(c) | Represents 7-day effective yield as of May 31, 2024. |
(d) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited) (cont’d)
POSITIONS BY INDUSTRY | ||
Industry | Investments at Value | Percentage of Net Assets |
Electronic Equipment, Instruments & Components | $306,476 | 8.1 % |
Machinery | 305,600 | 8.0 % |
IT Services | 215,571 | 5.7 % |
Chemicals | 213,460 | 5.6 % |
Construction & Engineering | 204,425 | 5.4 % |
Capital Markets | 180,962 | 4.8 % |
Building Products | 169,053 | 4.5 % |
Leisure Products | 168,547 | 4.4 % |
Personal Care Products | 161,900 | 4.3 % |
Software | 159,615 | 4.2 % |
Semiconductors & Semiconductor Equipment | 134,451 | 3.5 % |
Electrical Equipment | 130,048 | 3.4 % |
Automobile Components | 114,664 | 3.0 % |
Commercial Services & Supplies | 113,785 | 3.0 % |
Life Sciences Tools & Services | 110,621 | 2.9 % |
Metals & Mining | 109,168 | 2.9 % |
Real Estate Management & Development | 109,154 | 2.9 % |
Health Care Equipment & Supplies | 103,065 | 2.7 % |
Health Care Providers & Services | 94,916 | 2.5 % |
Trading Companies & Distributors | 80,307 | 2.1 % |
Pharmaceuticals | 64,391 | 1.7 % |
Textiles, Apparel & Luxury Goods | 61,433 | 1.6 % |
Energy Equipment & Services | 59,770 | 1.6 % |
Containers & Packaging | 58,609 | 1.5 % |
Professional Services | 54,847 | 1.4 % |
Insurance | 54,720 | 1.4 % |
Specialized REITs | 53,541 | 1.4 % |
Health Care Technology | 35,001 | 0.9 % |
Financial Services | 22,738 | 0.6 % |
Short-Term Investments and Other Liabilities—Net | 152,265 | 4.0 % |
$3,803,103 | 100.0 % |
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks | ||||
Australia | $— | $116,285 | $— | $116,285 |
Belgium | — | 98,925 | — | 98,925 |
Finland | — | 71,843 | — | 71,843 |
France | — | 353,109 | — | 353,109 |
Germany | 35,001 | 50,926 | — | 85,927 |
Italy | 59,773 | 65,655 | — | 125,428 |
Japan | — | 1,132,843 | — | 1,132,843 |
Jersey | — | 60,456 | — | 60,456 |
Netherlands | — | 84,089 | — | 84,089 |
Norway | 115,029 | 59,770 | — | 174,799 |
Spain | — | 55,050 | — | 55,050 |
Sweden | — | 253,620 | — | 253,620 |
Switzerland | — | 487,428 | — | 487,428 |
United Kingdom | 87,553 | 142,227 | — | 229,780 |
Other Common Stocks# | 321,256 | — | — | 321,256 |
Total Common Stocks | 618,612 | 3,032,226 | — | 3,650,838 |
Short-Term Investments | — | 331,523 | — | 331,523 |
Total Investments | $618,612 | $3,363,749 | $— | $3,982,361 |
# | The Schedule of Investments provides a geographic categorization as well as a Positions by Industry summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 97.1% | ||
Aerospace & Defense 0.8% | ||
321,748 | Mercury Systems, Inc.* | $9,958,101 |
Banks 2.7% | ||
633,503 | Banc of California, Inc. | 8,780,352 |
95,416 | Comerica, Inc. | 4,889,116 |
274,182 | Huntington Bancshares, Inc. | 3,816,613 |
260,518 | Texas Capital Bancshares, Inc.* | 15,704,025 |
33,190,106 | ||
Building Products 2.2% | ||
1,255,726 | Resideo Technologies, Inc.* | 27,123,682 |
Commercial Services & Supplies 4.8% | ||
53,781 | Clean Harbors, Inc.* | 11,648,427 |
1,396,197 | Enviri Corp.* | 12,356,343 |
981,177 | OPENLANE, Inc.* | 16,925,303 |
367,507 | Stericycle, Inc.* | 18,941,311 |
59,871,384 | ||
Communications Equipment 5.5% | ||
613,307 | Ciena Corp.* | 29,542,998 |
4,685,665 | Ribbon Communications, Inc.*(a) | 14,712,988 |
1,085,604 | Viasat, Inc.* | 18,335,852 |
725,583 | Viavi Solutions, Inc.* | 5,456,384 |
68,048,222 | ||
Construction & Engineering 1.4% | ||
197,391 | Arcosa, Inc. | 17,352,643 |
Consumer Finance 0.4% | ||
129,388 | Bread Financial Holdings, Inc. | 5,403,243 |
Containers & Packaging 2.6% | ||
139,128 | Avery Dennison Corp. | 31,664,141 |
Electric Utilities 1.1% | ||
318,834 | Portland General Electric Co. | 14,207,243 |
Electrical Equipment 0.9% | ||
1,904,658 | Babcock & Wilcox Enterprises, Inc.* | 2,228,450 |
524,950 | Bloom Energy Corp. Class A* | 8,567,184 |
10,795,634 | ||
Electronic Equipment, Instruments & Components 4.5% | ||
141,666 | Coherent Corp.* | 8,083,462 |
1,407,045 | Innoviz Technologies Ltd.* | 1,477,397 |
69,896 | IPG Photonics Corp.* | 6,062,080 |
108,858 | Itron, Inc.* | 11,707,678 |
327,713 | nLight, Inc.* | 4,309,426 |
96,184 | OSI Systems, Inc.* | 13,825,488 |
26,021 | Teledyne Technologies, Inc.* | 10,329,036 |
55,794,567 |
Number of Shares | Value | |
Energy Equipment & Services 3.3% | ||
240,534 | Dril-Quip, Inc.* | $4,651,928 |
584,862 | Patterson-UTI Energy, Inc. | 6,445,179 |
802,187 | TechnipFMC PLC | 21,009,277 |
2,273,718 | TETRA Technologies, Inc.* | 8,435,494 |
40,541,878 | ||
Entertainment 2.3% | ||
1,987,638 | Lions Gate Entertainment Corp. Class B* | 15,344,565 |
1,557,632 | Lionsgate Studios Corp.* | 12,975,075 |
28,319,640 | ||
Financial Services 0.3% | ||
197,278 | Cannae Holdings, Inc. | 3,586,514 |
Food Products 1.5% | ||
760,589 | Hain Celestial Group, Inc.* | 5,826,112 |
333,211 | TreeHouse Foods, Inc.* | 12,098,891 |
17,925,003 | ||
Gas Utilities 2.2% | ||
116,326 | Atmos Energy Corp. | 13,484,510 |
311,665 | New Jersey Resources Corp. | 13,544,961 |
27,029,471 | ||
Health Care Equipment & Supplies 4.4% | ||
1,580,013 | Accuray, Inc.* | 2,796,623 |
235,259 | AtriCure, Inc.* | 5,302,738 |
265,697 | Avanos Medical, Inc.* | 5,290,027 |
726,136 | CytoSorbents Corp.* | 653,595 |
169,640 | Haemonetics Corp.* | 14,263,331 |
265,117 | Integra LifeSciences Holdings Corp.* | 8,192,115 |
1,184,105 | OraSure Technologies, Inc.* | 5,600,817 |
314,977 | Varex Imaging Corp.* | 4,866,395 |
428,481 | Zimvie, Inc.* | 7,134,209 |
54,099,850 | ||
Health Care Providers & Services 3.8% | ||
318,517 | Acadia Healthcare Co., Inc.* | 21,942,636 |
48,018 | Molina Healthcare, Inc.* | 15,105,502 |
405,940 | Patterson Cos., Inc. | 9,982,065 |
47,030,203 | ||
Hotels, Restaurants & Leisure 2.4% | ||
1,497,445 | International Game Technology PLC | 29,559,564 |
Household Durables 1.2% | ||
281,333 | Tempur Sealy International, Inc. | 14,449,263 |
Independent Power and Renewable Electricity Producers 6.2% | ||
440,849 | Ormat Technologies, Inc. | 33,240,015 |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Independent Power and Renewable Electricity Producers – cont'd | ||
441,203 | Vistra Corp. | $43,714,393 |
76,954,408 | ||
IT Services 4.9% | ||
1,467,391 | Kyndryl Holdings, Inc.* | 39,047,274 |
1,703,206 | Unisys Corp.* | 7,306,754 |
89,457 | Wix.com Ltd.* | 14,411,523 |
60,765,551 | ||
Life Sciences Tools & Services 1.3% | ||
65,223 | Charles River Laboratories International, Inc.* | 13,595,082 |
1,163,979 | Standard BioTools, Inc.* | 2,886,668 |
16,481,750 | ||
Machinery 1.3% | ||
105,868 | Helios Technologies, Inc. | 5,301,869 |
1,206,976 | Markforged Holding Corp.* | 507,292 |
1,239,251 | Stratasys Ltd.* | 10,731,914 |
16,541,075 | ||
Media 3.4% | ||
1,062,264 | Criteo SA ADR* | 41,449,541 |
Metals & Mining 1.7% | ||
1,194,427 | Cleveland-Cliffs, Inc.* | 20,639,698 |
Multi-Utilities 1.1% | ||
260,455 | Northwestern Energy Group, Inc. | 13,533,242 |
Oil, Gas & Consumable Fuels 3.1% | ||
556,588 | CNX Resources Corp.* | 14,638,264 |
482,632 | Devon Energy Corp. | 23,687,579 |
38,325,843 | ||
Pharmaceuticals 0.6% | ||
1,056,854 | Amneal Pharmaceuticals, Inc.* | 7,059,785 |
Professional Services 4.7% | ||
763,814 | Alight, Inc. Class A* | 5,919,559 |
4,047,641 | Conduent, Inc.* | 14,166,743 |
583,463 | KBR, Inc. | 38,310,181 |
58,396,483 | ||
Semiconductors & Semiconductor Equipment 9.7% | ||
227,572 | CEVA, Inc.* | 4,533,234 |
800,298 | indie Semiconductor, Inc. Class A* | 5,337,988 |
245,142 | MACOM Technology Solutions Holdings, Inc.* | 24,793,662 |
380,950 | Rambus, Inc.* | 21,051,297 |
373,224 | Semtech Corp.* | 14,514,681 |
1,048,782 | Veeco Instruments, Inc.* | 42,632,988 |
Number of Shares | Value | |
Semiconductors & Semiconductor Equipment – cont'd | ||
260,773 | Wolfspeed, Inc.* | $6,701,866 |
119,565,716 | ||
Software 5.6% | ||
1,035,801 | Adeia, Inc. | 12,253,526 |
296,240 | Box, Inc. Class A* | 8,072,540 |
1,560,023 | Cognyte Software Ltd.* | 11,856,175 |
468,294 | OneSpan, Inc.* | 6,167,432 |
341,375 | Radware Ltd.* | 6,926,499 |
139,582 | Varonis Systems, Inc.* | 5,996,442 |
367,804 | Verint Systems, Inc.* | 10,909,066 |
829,133 | Xperi, Inc.* | 7,304,662 |
69,486,342 | ||
Specialty Retail 1.7% | ||
290,129 | Caleres, Inc. | 10,061,674 |
272,868 | ODP Corp.* | 10,685,511 |
20,747,185 | ||
Technology Hardware, Storage & Peripherals 0.3% | ||
7,438,258 | Quantum Corp.*(b) | 3,421,599 |
Textiles, Apparel & Luxury Goods 0.6% | ||
1,142,995 | Under Armour, Inc. Class C* | 7,955,245 |
Trading Companies & Distributors 2.6% | ||
342,924 | AerCap Holdings NV | 31,792,484 |
Total Common Stocks (Cost $908,720,828) | 1,199,066,299 | |
Preferred Stocks 1.4% | ||
Communications Equipment 1.4% | ||
17,113 | Ribbon Communications, Inc., Series A*#(a)(c)(d) (Cost $14,135,352) | 17,676,961 |
Principal Amount | ||
Convertible Bonds 0.7% | ||
Communications Equipment 0.7% | ||
$7,500,000 | Infinera Corp., 3.75%, due 8/1/2028 (Cost $7,500,000) | 8,100,000 |
Number of Shares | ||
Warrants 0.2% | ||
Communications Equipment 0.2% | ||
1,511,444 | Ribbon Communications, Inc. Expires 3/31/2027*#(a)(c)(d) | 2,087,721 |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Health Care Equipment & Supplies 0.0%(e) | ||
131,579 | CytoSorbents Corp.*(d) | $0 |
Total Warrants (Cost $2,464,258) | 2,087,721 | |
Escrow Units 0.0%(e) | ||
Software 0.0%(e) | ||
3,150,000 | Ion Geophysical(c)(d) (Cost $0) | 0 |
Total Investments 99.4% (Cost $932,820,438) | 1,226,930,981 | |
Other Assets Less Liabilities 0.6% | 7,240,602 | |
Net Assets 100.0% | $1,234,171,583 |
* | Non-income producing security. |
(a) | Security acquired via a PIPE transaction. |
(b) | Affiliated company (see Note § below). |
(c) | Value determined using significant unobservable inputs. |
(d) | Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee. Total value of all such securities at May 31, 2024 amounted to $19,764,682, which represents 1.6% of net assets of the Fund. |
(e) | Represents less than 0.05% of net assets of the Fund. |
# This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $19,764,682, which represents 1.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.
Restricted Security | Acquisition Date(s) | Acquisition Cost | Value as of 5/31/2024 | Fair Value Percentage of Net Assets as of 5/31/2024 |
Ribbon Communications, Inc. (Series A Preferred Shares) | 3/29/2023 | $14,135,352 | $17,676,961 | 1.4% |
Ribbon Communications, Inc. Expires 3/31/2027 (Warrants) | 3/29/2023 | 2,464,258 | 2,087,721 | 0.2% |
Total | $16,599,610 | $19,764,682 | 1.6% |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont’d)
POSITIONS BY COUNTRY | ||
Country | Investments at Value | Percentage of Net Assets |
United States | $1,092,670,097 | 88.5% |
France | 41,449,541 | 3.4% |
Israel | 34,671,594 | 2.8% |
Netherlands | 31,792,484 | 2.6% |
United Kingdom | 21,009,277 | 1.7% |
China | 5,337,988 | 0.4% |
Short-Term Investments and Other Assets—Net | 7,240,602 | 0.6% |
$1,234,171,583 | 100.0% |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Common Stocks# | $1,199,066,299 | $— | $— | $1,199,066,299 |
Preferred Stocks# | — | — | 17,676,961 | 17,676,961 |
Convertible Bonds# | — | 8,100,000 | — | 8,100,000 |
Warrants# | — | — | 2,087,721 | 2,087,721 |
Escrow Units# | — | — | — | — |
Total Investments | $1,199,066,299 | $8,100,000 | $19,764,682 | $1,226,930,981 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
(a) | The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: |
(000's omitted) | Beginning balance as of 9/1/2023 | Accrued discounts/ (premiums) | Realized gain/(loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 5/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 5/31/2024 |
Investments in Securities: | ||||||||||
Preferred Stocks(1) | $14,928 | $— | $— | $2,749 | $— | $— | $— | $— | $17,677 | $2,749 |
Warrants(1) | 2,110 | — | — | (22 ) | — | — | — | — | 2,088 | (22 ) |
Escrow Units(2) | — | — | 139 | — | — | (139 ) | — | — | — | — |
Total | $17,038 | $— | $139 | $2,727 | $— | $(139 ) | $— | $— | $19,765 | $2,727 |
(1) Quantitative Information about Level 3 Fair Value Measurements: | ||||||
Investment type | Fair value at 5/31/2024 | Valuation approach | Significant unobservable input(s) | Input value/ range | Weighted average(a) | Impact to valuation from increase in input(b) |
Preferred Stocks | $17,676,961 | Income Approach | Discount Yield | 19.8% | 19.8% | Decrease |
Warrants | 2,087,721 | Income Approach | Discount Yield | 19.8% | 19.8% | Decrease |
(a) The weighted averages disclosed in the table above were weighted by relative fair value. | ||||||
(b) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase or decrease in the corresponding input. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
(2) At May 31, 2024, these investments were valued in accordance with procedures approved by the valuation designee. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of significant unobservable inputs used in formulating valuations is not presented. |
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) (cont’d)
§ Investments in Affiliates(a):
Value at August 31, 2023 | Purchase Cost | Sales Proceeds/ Return of Capital | Change in Net Unrealized Appreciation/ (Depreciation) from Investments in Affiliated Persons | Net Realized Gain/(Loss) from Investments in Affiliated Persons | Distributions from Investments in Affiliated Persons | Shares Held at May 31, 2024 | Value at May 31, 2024 | |
Intrinsic Value | ||||||||
Quantum Corp. | $4,621,303 | $— | $(5,829 ) | $(1,074,331 ) | $(119,544 ) | $—* | 7,438,258 | $3,421,599 |
Sub-total for affiliates held as of 5/31/24(b) | $4,621,303 | $— | $(5,829 ) | $(1,074,331 ) | $(119,544 ) | $— | $3,421,599 |
(a) | Affiliated persons, as defined in the Investment Company Act of 1940, as amended. |
(b) | At May 31, 2024, these securities amounted to 0.28% of net assets of the Fund. |
* | Non-income producing security. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.8% | ||
Aerospace & Defense 0.0%(a) | ||
14,200 | Loar Holdings, Inc.* | $808,974 |
Application Software 0.2% | ||
4,688 | Canva, Inc.*#(b)(c) | 5,000,507 |
Beverages 1.4% | ||
994,799 | Keurig Dr Pepper, Inc. | 34,071,866 |
Biotechnology 1.7% | ||
257,724 | AbbVie, Inc. | 41,555,418 |
Broadline Retail 7.6% | ||
1,037,517 | Amazon.com, Inc.* | 183,059,499 |
Capital Markets 3.9% | ||
583,635 | Brookfield Asset Management Ltd. Class A(d) | 22,901,838 |
177,191 | CME Group, Inc. | 35,966,229 |
83,938 | S&P Global, Inc. | 35,884,334 |
94,752,401 | ||
Commercial Services & Supplies 0.7% | ||
75,878 | Waste Management, Inc. | 15,989,771 |
Consumer Staples Distribution & Retail 3.2% | ||
36,962 | Costco Wholesale Corp. | 29,935,154 |
194,725 | Dollar Tree, Inc.* | 22,967,814 |
359,584 | Walmart, Inc. | 23,646,244 |
76,549,212 | ||
Containers & Packaging 1.0% | ||
100,726 | Avery Dennison Corp. | 22,924,230 |
Electric Utilities 2.4% | ||
58,490 | Constellation Energy Corp. | 12,706,952 |
560,387 | NextEra Energy, Inc. | 44,842,168 |
57,549,120 | ||
Electronic Equipment, Instruments & Components 2.2% | ||
129,469 | CDW Corp. | 28,951,858 |
161,529 | TE Connectivity Ltd. | 24,180,891 |
53,132,749 | ||
Entertainment 2.3% | ||
86,104 | Netflix, Inc.* | 55,246,048 |
Financial Services 4.2% | ||
104,124 | MasterCard, Inc. Class A | 46,550,717 |
199,370 | Visa, Inc. Class A | 54,320,350 |
100,871,067 | ||
Ground Transportation 1.6% | ||
188,922 | Uber Technologies, Inc.* | 12,196,804 |
115,780 | Union Pacific Corp. | 26,955,900 |
39,152,704 |
Number of Shares | Value | |
Health Care Equipment & Supplies 1.3% | ||
430,896 | Boston Scientific Corp.* | $32,562,811 |
Health Care Providers & Services 1.8% | ||
87,021 | UnitedHealth Group, Inc. | 43,107,593 |
Hotels, Restaurants & Leisure 2.2% | ||
154,328 | McDonald's Corp. | 39,953,976 |
407,360 | Sweetgreen, Inc. Class A* | 12,526,320 |
52,480,296 | ||
Insurance 0.4% | ||
42,108 | Progressive Corp. | 8,892,367 |
Interactive Media & Services 10.4% | ||
597,286 | Alphabet, Inc. Class A* | 103,031,835 |
888,120 | Match Group, Inc.* | 27,203,116 |
259,305 | Meta Platforms, Inc. Class A | 121,051,353 |
251,286,304 | ||
IT Services 0.9% | ||
255,026 | Okta, Inc.* | 22,615,706 |
Life Sciences Tools & Services 1.6% | ||
68,340 | Thermo Fisher Scientific, Inc. | 38,815,753 |
Pharmaceuticals 1.1% | ||
127,917 | Johnson & Johnson | 18,761,586 |
54,099 | Novo Nordisk AS ADR | 7,318,513 |
26,080,099 | ||
Professional Services 1.3% | ||
138,374 | Equifax, Inc. | 32,018,360 |
Semiconductors & Semiconductor Equipment 11.0% | ||
117,971 | Advanced Micro Devices, Inc.* | 19,689,360 |
123,667 | Analog Devices, Inc. | 28,998,675 |
41,369 | Broadcom, Inc. | 54,960,785 |
147,678 | NVIDIA Corp. | 161,903,821 |
265,552,641 | ||
Software 21.0% | ||
40,393 | Adobe, Inc.* | 17,965,191 |
90,909 | Arctic Wolf Networks, Inc.*#(b)(c) | 976,363 |
106,995 | Grammarly, Inc.*#(b)(c) | 1,708,710 |
79,337 | Intuit, Inc. | 45,733,020 |
690,218 | Microsoft Corp. | 286,530,198 |
275,368 | Salesforce, Inc. | 64,557,274 |
41,062 | ServiceNow, Inc.* | 26,974,860 |
56,386 | Synopsys, Inc.* | 31,621,269 |
141,034 | Workday, Inc. Class A* | 29,821,639 |
505,888,524 | ||
Specialty Retail 7.1% | ||
536,526 | Chewy, Inc. Class A*(d) | 11,379,716 |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Specialty Retail – cont'd | ||
1,297,807 | Fanatics Holdings, Inc. Class A*#(b)(c) | $100,424,306 |
45,276 | Home Depot, Inc. | 15,161,574 |
427,770 | TJX Cos., Inc. | 44,103,087 |
171,068,683 | ||
Technology Hardware, Storage & Peripherals 4.7% | ||
594,567 | Apple, Inc. | 114,305,506 |
Textiles, Apparel & Luxury Goods 1.6% | ||
398,931 | NIKE, Inc. Class B | 37,918,392 |
| ||
Total Common Stocks (Cost $1,423,392,181) | 2,383,256,601 | |
Preferred Stocks 0.8% | ||
Entertainment 0.0%(a) | ||
8,256 | A24 Films LLC*#(b)(c)(e) | 1,165,136 |
Internet 0.4% | ||
7,000 | Fabletics LLC, Series G*#(b)(c) | 8,051,400 |
20,788 | Savage X, Inc., Series C*#(b)(c) | 956,040 |
9,007,440 | ||
IT Services 0.3% | ||
287,787 | Druva, Inc., Series 4*#(b)(c) | 2,279,273 |
461,441 | Druva, Inc., Series 5*#(b)(c) | 4,420,605 |
6,699,878 | ||
Software 0.1% | ||
33,179 | Grammarly, Inc., Series 3*#(b)(c) | 968,335 |
Number of Shares | Value | |
Software – cont'd | ||
90,310 | Signifyd, Inc., Series Seed*#(b)(c) | $636,685 |
39,343 | Signifyd, Inc., Series A*#(b)(c) | 278,155 |
82,373 | Videoamp, Inc., Series F1*#(b)(c) | 1,299,846 |
3,183,021 | ||
Total Preferred Stocks (Cost $20,934,539) | 20,055,475 | |
Short-Term Investments 0.8% | ||
Investment Companies 0.8% | ||
12,417,216 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(f) | 12,417,216 |
6,484,104 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(f)(g) | 6,484,104 |
Total Short-Term Investments (Cost $18,901,320) | 18,901,320 | |
Total Investments 100.4% (Cost $1,463,228,040) | 2,422,213,396 | |
Liabilities Less Other Assets (0.4)% | (9,722,731 ) | |
Net Assets 100.0% | $2,412,490,665 |
* | Non-income producing security. |
(a) | Represents less than 0.05% of net assets of the Fund. |
(b) | Value determined using significant unobservable inputs. |
(c) | Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee. Total value of all such securities at May 31, 2024 amounted to $128,165,361, which represents 5.3% of net assets of the Fund. |
(d) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $6,571,463, collateralized by cash collateral of $6,484,104 and non-cash (U.S. Treasury Securities) collateral of $336,119 for the Fund. |
(e) | Security represented in Units. |
(f) | Represents 7-day effective yield as of May 31, 2024. |
(g) | Represents investment of cash collateral received from securities lending. |
# This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $128,165,361, which represents 5.3% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont’d)
Restricted Security | Acquisition Date(s) | Acquisition Cost | Value as of 5/31/2024 | Fair Value Percentage of Net Assets as of 5/31/2024 |
A24 Films LLC | 2/25/2022 | $940,028 | $1,165,136 | 0.1% |
Arctic Wolf Networks, Inc. | 12/31/2021 | 999,999 | 976,363 | 0.0% |
Canva, Inc. | 3/19/2024 | 5,000,507 | 5,000,507 | 0.2% |
Druva, Inc. (Series 4 Preferred Shares) | 6/14/2019 | 1,500,003 | 2,279,273 | 0.1% |
Druva, Inc. (Series 5 Preferred Shares) | 4/1/2021 | 4,325,000 | 4,420,605 | 0.2% |
Fabletics LLC (Series G Preferred Shares) | 1/10/2022 | 7,000,000 | 8,051,400 | 0.3% |
Fanatics Holdings, Inc. Class A | 8/13/2020-4/29/2021 | 23,018,871 | 100,424,306 | 4.2% |
Grammarly, Inc. Class A | 12/23/2021-1/24/2022 | 2,804,542 | 1,708,710 | 0.1% |
Grammarly, Inc. (Series 3 Preferred Shares) | 12/23/2021-1/24/2022 | 869,685 | 968,335 | 0.0% |
Savage X, Inc. (Series C Preferred Shares) | 11/30/2021 | 1,000,028 | 956,040 | 0.0% |
Signifyd, Inc. (Series A Preferred Shares) | 5/27/2021 | 1,213,731 | 278,155 | 0.0% |
Signifyd, Inc. (Series Seed Preferred Shares) | 5/27/2021 | 2,786,053 | 636,685 | 0.0% |
Videoamp, Inc. (Series F1 Preferred Shares) | 1/4/2022 | 1,300,011 | 1,299,846 | 0.1% |
Total | $52,758,458 | $128,165,361 | 5.3% |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Common Stocks | ||||
Application Software | $— | $— | $5,000,507 | $5,000,507 |
Software | 503,203,451 | — | 2,685,073 | 505,888,524 |
Specialty Retail | 70,644,377 | — | 100,424,306 | 171,068,683 |
Other Common Stocks# | 1,701,298,887 | — | — | 1,701,298,887 |
Total Common Stocks | 2,275,146,715 | — | 108,109,886 | 2,383,256,601 |
Preferred Stocks# | — | — | 20,055,475 | 20,055,475 |
Short-Term Investments | — | 18,901,320 | — | 18,901,320 |
Total Investments | $2,275,146,715 | $18,901,320 | $128,165,361 | $2,422,213,396 |
# | The Consolidated Schedule of Investments provides information on the industry or sector categorization. |
(a) | The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: |
(000's omitted) | Beginning balance as of 9/1/2023 | Accrued discounts/ (premiums) | Realized gain/(loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 5/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 5/31/2024 |
Investments in Securities: | ||||||||||
Common Stocks(1) | $108,256 | $— | $— | $(5,147 ) | $5,001 | $— | $— | $— | $108,110 | $(5,147 ) |
Preferred Stocks(1) | 20,253 | — | — | (198 ) | — | — | — | — | 20,055 | (198 ) |
Total | $128,509 | $— | $— | $(5,345 ) | $5,001 | $— | $— | $— | $128,165 | $(5,345 ) |
(1) Quantitative Information about Level 3 Fair Value Measurements: | ||||||
Investment type | Fair value at 5/31/2024 | Valuation approach | Significant unobservable input(s) | Input value/ range | Weighted average(a) | Impact to valuation from increase in input(b) |
Common Stocks | $103,109,379 | Market Approach | Enterprise value/ Revenue multiple(c) (EV/Revenue) | 4.5x - 13.5x | 4.7x | Increase |
Discount Rate | 4.8% - 4.9% | 4.8% | Decrease | |||
Term (Years) | 2.2 - 2.7 | 2.5 | Increase | |||
Expected Volatility | 65% - 80% | 70% | Increase | |||
Common Stocks | 5,000,507 | Market Approach | Transaction Price | $1066.66 | $1066.66 | Increase |
Preferred Stocks | 18,890,339 | Market Approach | Enterprise value/ Revenue multiple(c) (EV/Revenue) | 0.6x - 10.5x | 4.4x | Increase |
Discount Rate | 0.3% - 5.0% | 4.7% | Decrease | |||
Term (Years) | 1.7 - 3.7 | 2.3 | Increase | |||
Expected Volatility | 50% - 70% | 0.6x | Increase | |||
Preferred Units | 1,165,136 | Market Approach | Transaction Price | $147.00 | $147.00 | Increase |
Discount Rate | 20.0% | 20.0% | Decrease | |||
(a) The weighted averages disclosed in the table above were weighted by relative fair value. |
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) (cont’d)
(b) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase or decrease in the corresponding input. Significant changes in these inputs could result in significantly higher or lower fair value measurements. | ||||||
(c) Represents amounts used when the reporting entity has determined that market participants would use such multiples when pricing the investments. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Consolidated Schedule of Investments
Schedule of Investments Large Cap Value Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.3% | ||
Banks 9.7% | ||
3,265,359 | Bank of America Corp. | $130,581,706 |
1,411,124 | Citigroup, Inc. | 87,927,136 |
1,295,044 | JPMorgan Chase & Co. | 262,414,766 |
1,632,335 | PNC Financial Services Group, Inc. | 256,913,206 |
1,289,336 | Truist Financial Corp. | 48,672,434 |
1,956,103 | Wells Fargo & Co. | 117,209,692 |
903,718,940 | ||
Biotechnology 0.3% | ||
190,939 | AbbVie, Inc. | 30,787,004 |
Capital Markets 3.9% | ||
82,153 | BlackRock, Inc. | 63,424,581 |
100,227 | Goldman Sachs Group, Inc. | 45,755,630 |
56,665 | Moody's Corp. | 22,495,438 |
377,858 | Morgan Stanley | 36,969,627 |
421,554 | S&P Global, Inc. | 180,218,551 |
325,931 | UBS Group AG | 10,390,680 |
359,254,507 | ||
Chemicals 0.6% | ||
186,905 | Sherwin-Williams Co. | 56,781,739 |
Commercial Services & Supplies 0.5% | ||
210,125 | Waste Management, Inc. | 44,279,641 |
Consumer Finance 0.5% | ||
209,779 | Capital One Financial Corp. | 28,871,884 |
113,755 | Discover Financial Services | 13,953,188 |
42,825,072 | ||
Consumer Staples Distribution & Retail 5.0% | ||
3,238,711 | Kroger Co. | 169,611,295 |
4,526,876 | Walmart, Inc. | 297,687,366 |
467,298,661 | ||
Containers & Packaging 0.4% | ||
184,463 | Avery Dennison Corp. | 41,981,934 |
Diversified Telecommunication Services 1.3% | ||
2,966,265 | Verizon Communications, Inc. | 122,061,805 |
Electric Utilities 6.3% | ||
3,054,765 | Duke Energy Corp. | 316,382,011 |
4,305,373 | Exelon Corp. | 161,666,756 |
1,962,773 | FirstEnergy Corp. | 79,021,241 |
425,790 | NextEra Energy, Inc. | 34,071,716 |
591,141,724 | ||
Financial Services 3.3% | ||
562,603 | Berkshire Hathaway, Inc. Class B* | 233,142,683 |
Number of Shares | Value | |
Financial Services – cont'd | ||
1,180,050 | PayPal Holdings, Inc.* | $74,331,350 |
307,474,033 | ||
Food Products 1.7% | ||
2,269,417 | Mondelez International, Inc. Class A | 155,523,147 |
Health Care Equipment & Supplies 4.2% | ||
434,102 | Abbott Laboratories | 44,360,883 |
808,701 | Becton Dickinson & Co. | 187,594,371 |
360,571 | Stryker Corp. | 122,987,162 |
306,411 | Zimmer Biomet Holdings, Inc. | 35,283,227 |
390,225,643 | ||
Health Care Providers & Services 2.2% | ||
325,695 | Elevance Health, Inc. | 175,380,244 |
73,555 | HCA Healthcare, Inc. | 24,990,311 |
200,370,555 | ||
Hotels, Restaurants & Leisure 0.6% | ||
1,180,513 | Las Vegas Sands Corp. | 53,158,500 |
Household Products 6.4% | ||
390,104 | Clorox Co. | 51,322,082 |
1,239,348 | Colgate-Palmolive Co. | 115,209,790 |
2,589,384 | Procter & Gamble Co. | 426,057,244 |
592,589,116 | ||
Industrial REITs 0.3% | ||
268,578 | Prologis, Inc. | 29,675,183 |
Insurance 1.3% | ||
1,215,404 | American International Group, Inc. | 95,798,143 |
91,387 | Aon PLC Class A | 25,738,235 |
121,536,378 | ||
IT Services 1.3% | ||
706,142 | International Business Machines Corp. | 117,819,793 |
Life Sciences Tools & Services 2.3% | ||
754,512 | Danaher Corp. | 193,758,682 |
29,576 | Thermo Fisher Scientific, Inc. | 16,798,576 |
210,557,258 | ||
Machinery 0.7% | ||
231,154 | Cummins, Inc. | 65,123,016 |
Metals & Mining 13.1% | ||
2,965,981 | Agnico Eagle Mines Ltd. | 202,309,564 |
4,673,884 | Freeport-McMoRan, Inc. | 246,453,903 |
4,279,310 | Newmont Corp. | 179,474,261 |
276,476 | Nucor Corp. | 46,682,973 |
See Notes to Schedule of Investments
Schedule of Investments Large Cap Value Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Metals & Mining – cont'd | ||
2,712,624 | Rio Tinto PLC ADR | $190,154,943 |
1,353,264 | Southern Copper Corp. | 160,537,708 |
3,564,114 | Wheaton Precious Metals Corp. | 196,418,323 |
1,222,031,675 | ||
Multi-Utilities 10.0% | ||
4,207,907 | CenterPoint Energy, Inc. | 128,383,242 |
2,114,784 | Dominion Energy, Inc. | 114,029,153 |
2,309,841 | DTE Energy Co. | 269,165,772 |
1,863,635 | Public Service Enterprise Group, Inc. | 141,188,988 |
3,654,295 | Sempra | 281,490,344 |
934,257,499 | ||
Oil, Gas & Consumable Fuels 7.6% | ||
1,569,454 | Cenovus Energy, Inc. | 32,676,032 |
1,017,996 | ConocoPhillips | 118,576,174 |
3,215,986 | Exxon Mobil Corp. | 377,106,518 |
854,945 | Occidental Petroleum Corp. | 53,434,063 |
746,300 | Suncor Energy, Inc.(a) | 30,463,966 |
329,294 | Valero Energy Corp. | 51,745,259 |
1,122,870 | Williams Cos., Inc. | 46,610,334 |
710,612,346 | ||
Pharmaceuticals 9.9% | ||
2,122,568 | Johnson & Johnson | 311,317,048 |
2,576,553 | Merck & Co., Inc. | 323,460,464 |
8,285,374 | Pfizer, Inc. | 237,458,819 |
3,140,157 | Teva Pharmaceutical Industries Ltd. ADR* | 53,162,858 |
925,399,189 | ||
Semiconductors & Semiconductor Equipment 2.9% | ||
353,583 | Advanced Micro Devices, Inc.* | 59,013,003 |
Number of Shares | Value | |
Semiconductors & Semiconductor Equipment – cont'd | ||
233,419 | Analog Devices, Inc. | $54,734,421 |
333,627 | Micron Technology, Inc. | 41,703,375 |
561,049 | QUALCOMM, Inc. | 114,482,049 |
269,932,848 | ||
Software 0.5% | ||
421,881 | Oracle Corp. | 49,440,234 |
Tobacco 1.1% | ||
1,041,160 | Philip Morris International, Inc. | 105,552,801 |
Wireless Telecommunication Services 0.4% | ||
215,996 | T-Mobile U.S., Inc. | 37,790,660 |
Total Common Stocks (Cost $7,893,944,274) | 9,159,200,901 | |
Short-Term Investments 1.5% | ||
Investment Companies 1.5% | ||
109,094,431 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(b) | 109,094,431 |
30,408,669 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(b)(c) | 30,408,669 |
Total Short-Term Investments (Cost $139,503,100) | 139,503,100 | |
Total Investments 99.8% (Cost $8,033,447,374) | 9,298,704,001 | |
Other Assets Less Liabilities 0.2% | 17,035,216 | |
Net Assets 100.0% | $9,315,739,217 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $30,460,905 for the Fund. |
(b) | Represents 7-day effective yield as of May 31, 2024. |
(c) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments Large Cap Value Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $9,159,200,901 | $— | $— | $9,159,200,901 |
Short-Term Investments | — | 139,503,100 | — | 139,503,100 |
Total Investments | $9,159,200,901 | $139,503,100 | $— | $9,298,704,001 |
# | The Schedule of Investments provides information on the industry or sector categorization as well as a Positions by Country summary. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.6% | ||
Aerospace & Defense 3.8% | ||
109,400 | Axon Enterprise, Inc.* | $30,814,698 |
143,700 | HEICO Corp. | 31,868,349 |
62,683,047 | ||
Beverages 0.8% | ||
165,800 | Celsius Holdings, Inc.* | 13,260,684 |
Biotechnology 3.6% | ||
68,159 | Alnylam Pharmaceuticals, Inc.* | 10,116,840 |
116,434 | BioMarin Pharmaceutical, Inc.* | 8,740,701 |
197,106 | Exact Sciences Corp.* | 8,958,468 |
114,354 | Natera, Inc.* | 12,182,132 |
87,908 | Neurocrine Biosciences, Inc.* | 11,903,622 |
63,941 | Sarepta Therapeutics, Inc.* | 8,303,378 |
60,205,141 | ||
Building Products 0.9% | ||
91,600 | Builders FirstSource, Inc.* | 14,728,364 |
Capital Markets 9.4% | ||
281,881 | Ares Management Corp. Class A | 39,511,260 |
89,634 | Coinbase Global, Inc. Class A* | 20,250,113 |
90,814 | Evercore, Inc. Class A | 18,429,793 |
307,884 | Jefferies Financial Group, Inc. | 14,322,764 |
348,860 | KKR & Co., Inc. | 35,876,763 |
262,330 | Tradeweb Markets, Inc. Class A | 28,596,593 |
156,987,286 | ||
Commercial Services & Supplies 3.8% | ||
50,637 | Cintas Corp. | 34,330,367 |
186,600 | Veralto Corp. | 18,395,028 |
66,700 | Waste Connections, Inc. | 10,960,144 |
63,685,539 | ||
Communications Equipment 0.5% | ||
27,920 | Arista Networks, Inc.* | 8,310,388 |
Construction & Engineering 1.0% | ||
61,100 | Quanta Services, Inc. | 16,859,934 |
Consumer Staples Distribution & Retail 1.0% | ||
188,867 | BJ's Wholesale Club Holdings, Inc.* | 16,633,517 |
Containers & Packaging 1.1% | ||
98,200 | Packaging Corp. of America | 18,018,718 |
Electrical Equipment 3.6% | ||
120,200 | AMETEK, Inc. | 20,383,516 |
Number of Shares | Value | |
Electrical Equipment – cont'd | ||
47,200 | Hubbell, Inc. | $18,355,608 |
213,700 | Vertiv Holdings Co. | 20,957,559 |
59,696,683 | ||
Energy Equipment & Services 0.8% | ||
109,800 | Weatherford International PLC* | 13,213,332 |
Entertainment 2.6% | ||
146,244 | Spotify Technology SA* | 43,402,294 |
Financial Services 3.1% | ||
280,735 | Apollo Global Management, Inc. | 32,610,178 |
305,430 | Block, Inc.* | 19,571,954 |
52,182,132 | ||
Ground Transportation 1.5% | ||
138,800 | Old Dominion Freight Line, Inc. | 24,324,700 |
Health Care Equipment & Supplies 4.9% | ||
57,768 | Align Technology, Inc.* | 14,858,507 |
290,490 | Dexcom, Inc.* | 34,501,497 |
46,808 | IDEXX Laboratories, Inc.* | 23,261,236 |
56,443 | Inspire Medical Systems, Inc.* | 8,962,584 |
81,583,824 | ||
Health Care Providers & Services 1.8% | ||
132,080 | Cencora, Inc. | 29,925,366 |
Hotels, Restaurants & Leisure 4.7% | ||
96,900 | Churchill Downs, Inc. | 12,548,550 |
141,000 | Darden Restaurants, Inc. | 21,204,990 |
190,500 | DoorDash, Inc. Class A* | 20,975,955 |
682,400 | DraftKings, Inc. Class A* | 23,972,712 |
78,702,207 | ||
Household Durables 0.6% | ||
23,900 | TopBuild Corp.* | 9,989,005 |
Household Products 1.6% | ||
251,000 | Church & Dwight Co., Inc. | 26,859,510 |
Independent Power and Renewable Electricity Producers 0.8% | ||
128,000 | Vistra Corp. | 12,682,240 |
Interactive Media & Services 1.8% | ||
729,434 | Pinterest, Inc. Class A* | 30,264,217 |
IT Services 0.9% | ||
61,219 | MongoDB, Inc.* | 14,451,357 |
Life Sciences Tools & Services 4.4% | ||
200,985 | Agilent Technologies, Inc. | 26,210,454 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Life Sciences Tools & Services – cont'd | ||
357,419 | Avantor, Inc.* | $8,606,649 |
142,176 | IQVIA Holdings, Inc.* | 31,149,340 |
378,903 | Stevanato Group SpA(a) | 7,699,309 |
73,665,752 | ||
Machinery 1.8% | ||
216,900 | Fortive Corp. | 16,146,036 |
142,000 | Ingersoll Rand, Inc. | 13,213,100 |
29,359,136 | ||
Media 2.4% | ||
440,249 | Trade Desk, Inc. Class A* | 40,846,302 |
Oil, Gas & Consumable Fuels 1.2% | ||
100,974 | Diamondback Energy, Inc. | 20,120,079 |
Personal Care Products 0.4% | ||
36,900 | elf Beauty, Inc.* | 6,896,979 |
Professional Services 1.2% | ||
133,500 | Booz Allen Hamilton Holding Corp. | 20,320,035 |
Real Estate Management & Development 0.8% | ||
163,900 | CoStar Group, Inc.* | 12,812,063 |
Semiconductors & Semiconductor Equipment 2.1% | ||
46,961 | Monolithic Power Systems, Inc. | 34,545,920 |
Software 14.7% | ||
54,953 | Cadence Design Systems, Inc.* | 15,733,594 |
151,740 | Crowdstrike Holdings, Inc. Class A* | 47,596,286 |
302,902 | Datadog, Inc. Class A* | 33,373,742 |
213,083 | Descartes Systems Group, Inc.* | 19,673,953 |
119,712 | Manhattan Associates, Inc.* | 26,281,573 |
25,749 | MicroStrategy, Inc. Class A*(a) | 39,254,093 |
2,092,424 | Palantir Technologies, Inc. Class A* | 45,363,752 |
98,440 | Zscaler, Inc.* | 16,730,862 |
244,007,855 |
Number of Shares | Value | |
Specialty Retail 4.3% | ||
17,800 | O'Reilly Automotive, Inc.* | $17,146,028 |
39,300 | RH* | 10,686,849 |
215,800 | Ross Stores, Inc. | 30,160,208 |
36,300 | Ulta Beauty, Inc.* | 14,341,767 |
72,334,852 | ||
Technology Hardware, Storage & Peripherals 3.9% | ||
571,696 | Pure Storage, Inc. Class A* | 34,467,552 |
39,266 | Super Micro Computer, Inc.* | 30,804,569 |
65,272,121 | ||
Textiles, Apparel & Luxury Goods 3.5% | ||
35,700 | Deckers Outdoor Corp.* | 39,052,944 |
455,700 | On Holding AG Class A* | 19,385,478 |
58,438,422 | ||
Trading Companies & Distributors 3.3% | ||
32,800 | United Rentals, Inc. | 21,956,648 |
36,200 | W.W. Grainger, Inc. | 33,356,852 |
55,313,500 | ||
Total Common Stocks (Cost $1,307,756,348) | 1,642,582,501 | |
Short-Term Investments 2.8% | ||
Investment Companies 2.8% | ||
32,085,876 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(b) | 32,085,876 |
14,336,900 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(b)(c) | 14,336,900 |
Total Short-Term Investments (Cost $46,422,776) | 46,422,776 | |
Total Investments 101.4% (Cost $1,354,179,124) | 1,689,005,277 | |
Liabilities Less Other Assets (1.4)% | (23,888,614 ) | |
Net Assets 100.0% | $1,665,116,663 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $14,253,844 for the Fund. |
(b) | Represents 7-day effective yield as of May 31, 2024. |
(c) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $1,642,582,501 | $— | $— | $1,642,582,501 |
Short-Term Investments | — | 46,422,776 | — | 46,422,776 |
Total Investments | $1,642,582,501 | $46,422,776 | $— | $1,689,005,277 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 99.9% | ||
Aerospace & Defense 3.5% | ||
2,565 | General Dynamics Corp. | $768,910 |
5,207 | L3Harris Technologies, Inc. | 1,170,690 |
1,939,600 | ||
Automobile Components 2.0% | ||
13,345 | Aptiv PLC* | 1,111,105 |
Banks 3.2% | ||
68,548 | Huntington Bancshares, Inc. | 954,188 |
22,578 | Truist Financial Corp. | 852,320 |
1,806,508 | ||
Building Products 3.0% | ||
15,773 | Fortune Brands Innovations, Inc. | 1,105,056 |
26,125 | Resideo Technologies, Inc.* | 564,300 |
1,669,356 | ||
Chemicals 1.7% | ||
4,488 | Albemarle Corp. | 550,184 |
3,941 | Ashland, Inc. | 394,770 |
944,954 | ||
Commercial Services & Supplies 2.1% | ||
41,637 | OPENLANE, Inc.* | 718,238 |
8,362 | Stericycle, Inc.* | 430,978 |
1,149,216 | ||
Communications Equipment 2.9% | ||
18,191 | Ciena Corp.* | 876,261 |
2,017 | Motorola Solutions, Inc. | 736,023 |
1,612,284 | ||
Construction & Engineering 2.0% | ||
12,466 | Arcosa, Inc. | 1,095,886 |
Consumer Finance 0.7% | ||
8,808 | Bread Financial Holdings, Inc. | 367,822 |
Consumer Staples Distribution & Retail 1.6% | ||
7,598 | Dollar Tree, Inc.* | 896,184 |
Containers & Packaging 2.3% | ||
2,259 | Avery Dennison Corp. | 514,126 |
20,573 | Sealed Air Corp. | 799,672 |
1,313,798 | ||
Electric Utilities 2.0% | ||
27,755 | FirstEnergy Corp. | 1,117,416 |
Electronic Equipment, Instruments & Components 7.7% | ||
2,892 | CDW Corp. | 646,709 |
8,742 | Coherent Corp.* | 498,818 |
14,849 | IPG Photonics Corp.* | 1,287,854 |
7,536 | Itron, Inc.* | 810,497 |
Number of Shares | Value | |
Electronic Equipment, Instruments & Components – cont'd | ||
2,716 | Teledyne Technologies, Inc.* | $1,078,116 |
4,321,994 | ||
Energy Equipment & Services 1.7% | ||
28,677 | Baker Hughes Co. | 960,106 |
Entertainment 1.4% | ||
102,609 | Lions Gate Entertainment Corp. Class B* | 792,142 |
Financial Services 1.4% | ||
7,608 | Global Payments, Inc. | 774,875 |
Food Products 2.9% | ||
43,182 | Hain Celestial Group, Inc.* | 330,774 |
3,252 | Lamb Weston Holdings, Inc. | 287,119 |
28,293 | TreeHouse Foods, Inc.* | 1,027,319 |
1,645,212 | ||
Health Care Equipment & Supplies 4.1% | ||
18,071 | Avanos Medical, Inc.* | 359,794 |
9,093 | Haemonetics Corp.* | 764,539 |
8,406 | Zimmer Biomet Holdings, Inc. | 967,951 |
12,408 | Zimvie, Inc.* | 206,593 |
2,298,877 | ||
Health Care Providers & Services 2.6% | ||
2,526 | McKesson Corp. | 1,438,784 |
Hotels, Restaurants & Leisure 5.7% | ||
10,177 | Bloomin' Brands, Inc. | 221,859 |
38,078 | International Game Technology PLC | 751,660 |
24,491 | MGM Resorts International* | 983,803 |
21,834 | Travel & Leisure Co. | 959,386 |
5,139 | United Parks & Resorts, Inc.* | 268,718 |
3,185,426 | ||
Independent Power and Renewable Electricity Producers 3.5% | ||
19,699 | Vistra Corp. | 1,951,777 |
Insurance 2.6% | ||
4,866 | Allstate Corp. | 815,152 |
7,589 | Globe Life, Inc. | 628,066 |
1,443,218 | ||
IT Services 2.4% | ||
13,549 | Kyndryl Holdings, Inc.* | 360,539 |
6,221 | Wix.com Ltd.* | 1,002,203 |
1,362,742 | ||
Life Sciences Tools & Services 0.5% | ||
1,397 | Charles River Laboratories International, Inc.* | 291,191 |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Machinery 3.5% | ||
11,910 | Allison Transmission Holdings, Inc. | $902,897 |
12,584 | Enerpac Tool Group Corp. | 494,803 |
31,951 | Gates Industrial Corp. PLC* | 556,586 |
1,954,286 | ||
Multi-Utilities 3.8% | ||
42,877 | CenterPoint Energy, Inc. | 1,308,178 |
14,910 | Dominion Energy, Inc. | 803,947 |
2,112,125 | ||
Oil, Gas & Consumable Fuels 6.4% | ||
15,995 | Devon Energy Corp. | 785,035 |
9,524 | EOG Resources, Inc. | 1,186,214 |
4,201 | Phillips 66 | 597,004 |
24,290 | Williams Cos., Inc. | 1,008,278 |
3,576,531 | ||
Professional Services 5.8% | ||
83,910 | Alight, Inc. Class A* | 650,302 |
9,754 | Concentrix Corp. | 598,213 |
163,835 | Conduent, Inc.* | 573,423 |
21,459 | KBR, Inc. | 1,408,998 |
3,230,936 | ||
Retail REITs 1.8% | ||
16,026 | Regency Centers Corp. | 983,996 |
Semiconductors & Semiconductor Equipment 4.0% | ||
5,600 | Enphase Energy, Inc.* | 716,240 |
2,758 | NXP Semiconductors NV | 750,452 |
Number of Shares | Value | |
Semiconductors & Semiconductor Equipment – cont'd | ||
8,123 | Skyworks Solutions, Inc. | $752,677 |
2,219,369 | ||
Software 2.6% | ||
10,535 | DocuSign, Inc.* | 576,686 |
22,011 | Dropbox, Inc. Class A* | 495,908 |
10,478 | Smartsheet, Inc. Class A* | 387,686 |
1,460,280 | ||
Specialty Retail 1.4% | ||
3,615 | Best Buy Co., Inc. | 306,624 |
11,847 | ODP Corp.* | 463,929 |
770,553 | ||
Technology Hardware, Storage & Peripherals 4.4% | ||
59,281 | Hewlett Packard Enterprise Co. | 1,046,310 |
23,543 | Pure Storage, Inc. Class A* | 1,419,407 |
2,465,717 | ||
Textiles, Apparel & Luxury Goods 0.6% | ||
52,677 | Under Armour, Inc. Class C* | 366,632 |
Trading Companies & Distributors 2.1% | ||
12,778 | AerCap Holdings NV | 1,184,648 |
Total Investments 99.9% (Cost $42,628,844) | 55,815,546 | |
Other Assets Less Liabilities 0.1% | 51,913 | |
Net Assets 100.0% | $55,867,459 |
* | Non-income producing security. |
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $55,815,546 | $— | $— | $55,815,546 |
Total Investments | $55,815,546 | $— | $— | $55,815,546 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.7% | ||
Banks 3.6% | ||
44,000 | JPMorgan Chase & Co. | $8,915,720 |
Broadline Retail 3.4% | ||
48,000 | Amazon.com, Inc.* | 8,469,120 |
Capital Markets 7.7% | ||
228,000 | Brookfield Corp. Class A | 9,915,720 |
43,000 | Intercontinental Exchange, Inc. | 5,757,700 |
58,000 | Nasdaq, Inc. | 3,423,740 |
19,097,160 | ||
Commercial Services & Supplies 1.7% | ||
44,000 | Veralto Corp. | 4,337,520 |
Communications Equipment 3.2% | ||
22,000 | Motorola Solutions, Inc. | 8,028,020 |
Construction Materials 2.4% | ||
26,000 | Eagle Materials, Inc. | 6,042,140 |
Consumer Staples Distribution & Retail 4.7% | ||
41,000 | BJ's Wholesale Club Holdings, Inc.* | 3,610,870 |
153,000 | U.S. Foods Holding Corp.* | 8,082,990 |
11,693,860 | ||
Containers & Packaging 7.4% | ||
24,000 | Avery Dennison Corp. | 5,462,160 |
48,000 | Ball Corp. | 3,332,640 |
340,000 | Graphic Packaging Holding Co. | 9,628,800 |
18,423,600 | ||
Electric Utilities 1.3% | ||
40,000 | NextEra Energy, Inc. | 3,200,800 |
Electrical Equipment 1.3% | ||
13,000 | Rockwell Automation, Inc. | 3,347,890 |
Financial Services 7.7% | ||
58,000 | Apollo Global Management, Inc. | 6,737,280 |
30,000 | Berkshire Hathaway, Inc. Class B* | 12,432,000 |
19,169,280 | ||
Food Products 2.1% | ||
78,000 | Mondelez International, Inc. Class A | 5,345,340 |
Ground Transportation 2.5% | ||
187,500 | CSX Corp. | 6,328,125 |
Health Care Equipment & Supplies 2.2% | ||
24,000 | Becton Dickinson & Co. | 5,567,280 |
Number of Shares | Value | |
Health Care Providers & Services 3.7% | ||
27,000 | HCA Healthcare, Inc. | $9,173,250 |
Hotels, Restaurants & Leisure 6.3% | ||
246,000 | Aramark | 7,908,900 |
700 | Booking Holdings, Inc. | 2,643,445 |
20,000 | McDonald's Corp. | 5,177,800 |
15,730,145 | ||
Household Products 0.3% | ||
3,500 | WD-40 Co. | 786,415 |
Insurance 2.2% | ||
20,000 | Chubb Ltd. | 5,416,400 |
Interactive Media & Services 5.2% | ||
75,000 | Alphabet, Inc. Class C* | 13,047,000 |
Life Sciences Tools & Services 0.7% | ||
8,500 | Charles River Laboratories International, Inc.* | 1,771,740 |
Machinery 4.6% | ||
3,500 | Deere & Co. | 1,311,660 |
21,000 | Nordson Corp. | 4,929,120 |
31,000 | Westinghouse Air Brake Technologies Corp. | 5,246,130 |
11,486,910 | ||
Oil, Gas & Consumable Fuels 2.5% | ||
49,000 | EOG Resources, Inc. | 6,102,950 |
Professional Services 3.4% | ||
53,000 | TransUnion | 3,811,760 |
18,500 | Verisk Analytics, Inc. | 4,676,430 |
8,488,190 | ||
Semiconductors & Semiconductor Equipment 1.8% | ||
22,000 | QUALCOMM, Inc. | 4,489,100 |
Software 7.5% | ||
33,000 | Microsoft Corp. | 13,699,290 |
43,000 | Oracle Corp. | 5,039,170 |
18,738,460 | ||
Specialty Retail 2.7% | ||
15,000 | Lowe's Cos., Inc. | 3,319,350 |
33,000 | TJX Cos., Inc. | 3,402,300 |
6,721,650 | ||
Technology Hardware, Storage & Peripherals 3.6% | ||
47,000 | Apple, Inc. | 9,035,750 |
Wireless Telecommunication Services 3.0% | ||
42,000 | T-Mobile U.S., Inc. | 7,348,320 |
Total Common Stocks (Cost $124,414,641) | 246,302,135 |
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Short-Term Investments 1.3% | ||
Investment Companies 1.3% | ||
3,237,240 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(a) (Cost $3,237,240) | $3,237,240 |
Total Investments 100.0% (Cost $127,651,881) | 249,539,375 | |
Other Assets Less Liabilities 0.0%(b) | 46,804 | |
Net Assets 100.0% | $249,586,179 |
* | Non-income producing security. |
(a) | Represents 7-day effective yield as of May 31, 2024. |
(b) | Represents less than 0.05% of net assets of the Fund. |
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $246,302,135 | $— | $— | $246,302,135 |
Short-Term Investments | — | 3,237,240 | — | 3,237,240 |
Total Investments | $246,302,135 | $3,237,240 | $— | $249,539,375 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Real Estate Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 99.0% | ||
Capital Markets 1.2% | ||
192,175 | Brookfield Corp. Class A | $8,357,691 |
Health Care REITs 10.5% | ||
483,695 | American Healthcare REIT, Inc. | 7,090,969 |
374,357 | Omega Healthcare Investors, Inc. | 12,102,962 |
437,419 | Ventas, Inc. | 21,984,679 |
303,774 | Welltower, Inc. | 31,492,250 |
72,670,860 | ||
Industrial REITs 8.7% | ||
449,679 | Prologis, Inc. | 49,685,033 |
229,373 | Rexford Industrial Realty, Inc. | 10,404,359 |
60,089,392 | ||
Office REITs 1.7% | ||
2,339,213 | Hudson Pacific Properties, Inc. | 11,485,536 |
Residential REITs 18.7% | ||
209,523 | AvalonBay Communities, Inc. | 40,370,892 |
222,125 | Camden Property Trust | 22,801,131 |
195,031 | Equity LifeStyle Properties, Inc. | 12,242,096 |
332,112 | Invitation Homes, Inc. | 11,554,176 |
208,255 | Sun Communities, Inc. | 24,572,007 |
436,764 | UDR, Inc. | 16,867,826 |
128,408,128 | ||
Retail REITs 14.2% | ||
104,161 | Federal Realty Investment Trust | 10,515,053 |
626,616 | Kimco Realty Corp. | 12,131,286 |
668,988 | Macerich Co. | 10,115,099 |
474,741 | Realty Income Corp. | 25,189,757 |
565,179 | Retail Opportunity Investments Corp. | 7,076,041 |
Number of Shares | Value | |
Retail REITs – cont'd | ||
214,544 | Simon Property Group, Inc. | $32,462,653 |
97,489,889 | ||
Specialized REITs 44.0% | ||
326,711 | American Tower Corp. | 63,950,411 |
169,701 | Crown Castle, Inc. | 17,394,353 |
100,490 | Digital Realty Trust, Inc. | 14,605,217 |
63,756 | Equinix, Inc. | 48,644,553 |
177,577 | Extra Space Storage, Inc. | 25,707,822 |
259,889 | Gaming & Leisure Properties, Inc. | 11,669,016 |
319,760 | Iron Mountain, Inc. | 25,801,434 |
162,201 | Public Storage | 44,415,500 |
114,696 | SBA Communications Corp. | 22,558,409 |
431,354 | VICI Properties, Inc. | 12,384,173 |
520,467 | Weyerhaeuser Co. | 15,629,624 |
302,760,512 | ||
Total Common Stocks (Cost $740,447,453) | 681,262,008 | |
Short-Term Investments 0.8% | ||
Investment Companies 0.8% | ||
5,427,407 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(a) (Cost $5,427,407) | 5,427,407 |
Total Investments 99.8% (Cost $745,874,860) | 686,689,415 | |
Other Assets Less Liabilities 0.2% | 1,264,634 | |
Net Assets 100.0% | $687,954,049 |
(a) | Represents 7-day effective yield as of May 31, 2024. |
See Notes to Schedule of Investments
Schedule of Investments Real Estate Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $681,262,008 | $— | $— | $681,262,008 |
Short-Term Investments | — | 5,427,407 | — | 5,427,407 |
Total Investments | $681,262,008 | $5,427,407 | $— | $686,689,415 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 92.7% | ||
Aerospace & Defense 2.6% | ||
41,300 | BWX Technologies, Inc. | $3,804,969 |
19,100 | Curtiss-Wright Corp. | 5,401,862 |
9,206,831 | ||
Automobile Components 1.2% | ||
26,300 | Dorman Products, Inc.* | 2,418,811 |
19,600 | Modine Manufacturing Co.* | 1,978,032 |
4,396,843 | ||
Banks 1.3% | ||
35,994 | Pinnacle Financial Partners, Inc. | 2,861,883 |
26,178 | Western Alliance Bancorp | 1,649,999 |
4,511,882 | ||
Biotechnology 8.9% | ||
298,521 | Amicus Therapeutics, Inc.* | 2,925,506 |
41,348 | Arcturus Therapeutics Holdings, Inc.* | 1,604,716 |
20,411 | Blueprint Medicines Corp.* | 2,154,585 |
44,871 | Cytokinetics, Inc.* | 2,176,692 |
121,974 | Halozyme Therapeutics, Inc.* | 5,402,229 |
41,602 | Ideaya Biosciences, Inc.* | 1,520,553 |
53,504 | Insmed, Inc.* | 2,945,395 |
62,543 | Kymera Therapeutics, Inc.* | 2,008,256 |
124,426 | Recursion Pharmaceuticals, Inc. Class A*(a) | 1,030,247 |
70,483 | REVOLUTION Medicines, Inc.* | 2,701,613 |
73,321 | Rocket Pharmaceuticals, Inc.* | 1,563,204 |
50,747 | Vaxcyte, Inc.* | 3,565,992 |
32,581 | Viking Therapeutics, Inc.* | 2,028,493 |
31,627,481 | ||
Building Products 2.7% | ||
9,200 | CSW Industrials, Inc. | 2,339,192 |
37,100 | Trex Co., Inc.* | 3,208,408 |
127,000 | Zurn Elkay Water Solutions Corp. | 3,976,370 |
9,523,970 | ||
Capital Markets 2.6% | ||
18,632 | Evercore, Inc. Class A | 3,781,178 |
26,131 | Piper Sandler Cos. | 5,534,023 |
9,315,201 | ||
Commercial Services & Supplies 1.6% | ||
55,145 | Casella Waste Systems, Inc. Class A* | 5,547,036 |
Construction & Engineering 3.8% | ||
169,068 | API Group Corp.* | 6,025,584 |
22,900 | Comfort Systems USA, Inc. | 7,496,086 |
13,521,670 |
Number of Shares | Value | |
Consumer Staples Distribution & Retail 1.0% | ||
44,700 | Sprouts Farmers Market, Inc.* | $3,530,406 |
Containers & Packaging 1.2% | ||
148,633 | Graphic Packaging Holding Co. | 4,209,287 |
Diversified Consumer Services 2.2% | ||
30,500 | Bright Horizons Family Solutions, Inc.* | 3,206,160 |
289,759 | OneSpaWorld Holdings Ltd.* | 4,505,752 |
7,711,912 | ||
Electrical Equipment 1.3% | ||
55,600 | nVent Electric PLC | 4,524,728 |
Electronic Equipment, Instruments & Components 3.6% | ||
118,876 | Coherent Corp.* | 6,783,065 |
24,359 | Fabrinet* | 5,834,711 |
12,617,776 | ||
Energy Equipment & Services 2.0% | ||
76,100 | ChampionX Corp. | 2,482,382 |
38,400 | Weatherford International PLC* | 4,621,056 |
7,103,438 | ||
Financial Services 2.3% | ||
50,134 | Mr Cooper Group, Inc.* | 4,181,175 |
57,053 | Shift4 Payments, Inc. Class A*(a) | 3,838,526 |
8,019,701 | ||
Food Products 1.4% | ||
37,800 | Freshpet, Inc.* | 4,958,226 |
Ground Transportation 0.8% | ||
26,200 | XPO, Inc.* | 2,802,876 |
Health Care Equipment & Supplies 2.6% | ||
18,014 | Glaukos Corp.* | 2,030,538 |
46,547 | iRhythm Technologies, Inc.* | 4,105,911 |
38,943 | Lantheus Holdings, Inc.* | 3,186,706 |
9,323,155 | ||
Health Care Providers & Services 3.4% | ||
23,457 | HealthEquity, Inc.* | 1,915,968 |
170,654 | RadNet, Inc.* | 10,007,150 |
11,923,118 | ||
Hotels, Restaurants & Leisure 4.8% | ||
52,722 | Boyd Gaming Corp. | 2,811,137 |
24,362 | Churchill Downs, Inc. | 3,154,879 |
32,900 | Dave & Buster's Entertainment, Inc.* | 1,680,861 |
28,808 | Texas Roadhouse, Inc. | 4,974,277 |
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Hotels, Restaurants & Leisure – cont'd | ||
11,700 | Wingstop, Inc. | $4,313,205 |
16,934,359 | ||
Household Durables 1.9% | ||
15,900 | Installed Building Products, Inc. | 3,368,256 |
47,400 | Skyline Champion Corp.* | 3,299,514 |
6,667,770 | ||
Life Sciences Tools & Services 0.4% | ||
72,439 | Stevanato Group SpA(a) | 1,471,960 |
Machinery 0.7% | ||
23,600 | Esab Corp. | 2,426,552 |
Marine Transportation 1.9% | ||
53,400 | Kirby Corp.* | 6,630,678 |
Metals & Mining 1.8% | ||
104,900 | ATI, Inc.* | 6,434,566 |
Oil, Gas & Consumable Fuels 1.5% | ||
73,373 | Magnolia Oil & Gas Corp. Class A | 1,904,030 |
56,985 | Matador Resources Co. | 3,615,698 |
5,519,728 | ||
Personal Care Products 1.7% | ||
33,000 | elf Beauty, Inc.* | 6,168,030 |
Pharmaceuticals 3.2% | ||
27,511 | Arvinas, Inc.* | 911,715 |
35,969 | Axsome Therapeutics, Inc.* | 2,641,204 |
43,456 | Intra-Cellular Therapies, Inc.* | 2,921,981 |
56,280 | Prestige Consumer Healthcare, Inc.* | 3,619,367 |
107,222 | Verona Pharma PLC ADR*(a) | 1,294,169 |
11,388,436 | ||
Professional Services 1.7% | ||
80,800 | CBIZ, Inc.* | 6,126,256 |
Semiconductors & Semiconductor Equipment 7.8% | ||
273,961 | Credo Technology Group Holding Ltd.* | 7,142,163 |
61,531 | MACOM Technology Solutions Holdings, Inc.* | 6,223,246 |
22,873 | Onto Innovation, Inc.* | 4,956,579 |
122,933 | Rambus, Inc.* | 6,793,278 |
33,103 | Silicon Motion Technology Corp. ADR | 2,585,013 |
27,700,279 |
Number of Shares | Value | |
Software 9.7% | ||
39,171 | Altair Engineering, Inc. Class A* | $3,420,803 |
28,312 | CyberArk Software Ltd.* | 6,490,526 |
42,635 | Descartes Systems Group, Inc.* | 3,936,490 |
22,863 | Manhattan Associates, Inc.* | 5,019,343 |
7,276 | MicroStrategy, Inc. Class A*(a) | 11,092,189 |
23,719 | SPS Commerce, Inc.* | 4,461,307 |
34,420,658 | ||
Technology Hardware, Storage & Peripherals 4.3% | ||
19,485 | Super Micro Computer, Inc.* | 15,286,177 |
Trading Companies & Distributors 4.8% | ||
82,541 | Air Lease Corp. | 3,932,253 |
34,000 | Applied Industrial Technologies, Inc. | 6,562,000 |
79,000 | FTAI Aviation Ltd. | 6,661,280 |
17,155,533 | ||
Total Common Stocks (Cost $257,112,409) | 328,706,519 | |
Exchange-Traded Funds 3.0% | ||
40,413 | iShares Russell 2000 Growth ETF (Cost $10,596,745) | 10,643,572 |
Short-Term Investments 11.8% | ||
Investment Companies 11.8% | ||
26,135,869 | State Street Institutional U.S. Government Money Market Fund Premier Class, 5.26%(b) | 26,135,869 |
15,642,648 | State Street Navigator Securities Lending Government Money Market Portfolio, 5.33%(b)(c) | 15,642,648 |
Total Short-Term Investments (Cost $41,778,517) | 41,778,517 | |
Total Investments 107.5% (Cost $309,487,671) | 381,128,608 | |
Liabilities Less Other Assets (7.5)% | (26,732,210 ) | |
Net Assets 100.0% | $354,396,398 |
* | Non-income producing security. |
(a) | All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31, 2024 amounted to $15,367,293 for the Fund. |
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont’d)
(b) | Represents 7-day effective yield as of May 31, 2024. |
(c) | Represents investment of cash collateral received from securities lending. |
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3 | Total |
Investments: | ||||
Common Stocks# | $328,706,519 | $— | $— | $328,706,519 |
Exchange-Traded Funds | 10,643,572 | — | — | 10,643,572 |
Short-Term Investments | — | 41,778,517 | — | 41,778,517 |
Total Investments | $339,350,091 | $41,778,517 | $— | $381,128,608 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 98.4% | ||
Banks 3.7% | ||
691,017 | Bank of America Corp. | $27,633,770 |
129,971 | JPMorgan Chase & Co. | 26,336,024 |
53,969,794 | ||
Broadline Retail 8.3% | ||
693,171 | Amazon.com, Inc.* | 122,303,091 |
Capital Markets 4.0% | ||
472,275 | Interactive Brokers Group, Inc. Class A | 59,374,413 |
Chemicals 1.4% | ||
68,180 | Sherwin-Williams Co. | 20,713,084 |
Communications Equipment 1.8% | ||
89,052 | Arista Networks, Inc.* | 26,506,328 |
Consumer Staples Distribution & Retail 1.2% | ||
21,801 | Costco Wholesale Corp. | 17,656,412 |
Diversified Telecommunication Services 1.8% | ||
128,024 | Space Exploration Technologies Corp. Class A*#(a)(b) | 12,418,328 |
137,408 | Space Exploration Technologies Corp. Class C*#(a)(b) | 13,328,576 |
25,746,904 | ||
Electrical Equipment 1.1% | ||
566,156 | Vestas Wind Systems AS* | 15,885,412 |
Electronic Equipment, Instruments & Components 1.3% | ||
63,459 | Zebra Technologies Corp. Class A* | 19,820,784 |
Financial Services 12.8% | ||
32 | Berkshire Hathaway, Inc. Class A* | 20,076,800 |
176,406 | Berkshire Hathaway, Inc. Class B* | 73,102,646 |
183,991 | Fiserv, Inc.* | 27,554,492 |
149,868 | MasterCard, Inc. Class A | 67,001,487 |
187,735,425 | ||
Ground Transportation 1.5% | ||
636,778 | CSX Corp. | 21,491,258 |
Health Care Equipment & Supplies 1.6% | ||
77,965 | Becton Dickinson & Co. | 18,085,541 |
11,115 | IDEXX Laboratories, Inc.* | 5,523,599 |
23,609,140 | ||
Health Care Providers & Services 6.8% | ||
171,121 | Cencora, Inc. | 38,770,885 |
158,400 | Cigna Group | 54,587,808 |
Number of Shares | Value | |
Health Care Providers & Services – cont'd | ||
14,423 | UnitedHealth Group, Inc. | $7,144,722 |
100,503,415 | ||
Hotels, Restaurants & Leisure 2.7% | ||
1,397,030 | Compass Group PLC | 39,223,296 |
Household Products 1.8% | ||
280,516 | Colgate-Palmolive Co. | 26,076,767 |
Insurance 3.0% | ||
207,329 | Progressive Corp. | 43,783,738 |
Interactive Media & Services 8.7% | ||
737,752 | Alphabet, Inc. Class A* | 127,262,220 |
IT Services 3.5% | ||
364,192 | GoDaddy, Inc. Class A* | 50,852,129 |
Life Sciences Tools & Services 2.1% | ||
72,063 | Danaher Corp. | 18,505,778 |
54,384 | IQVIA Holdings, Inc.* | 11,914,991 |
30,420,769 | ||
Machinery 1.4% | ||
204,630 | Otis Worldwide Corp. | 20,299,296 |
Multi-Utilities 1.1% | ||
1,458,136 | National Grid PLC | 16,520,668 |
Oil, Gas & Consumable Fuels 1.2% | ||
642,989 | Coterra Energy, Inc. | 18,338,046 |
Pharmaceuticals 1.2% | ||
67,394 | Roche Holding AG | 17,206,818 |
Semiconductors & Semiconductor Equipment 6.3% | ||
270,596 | Applied Materials, Inc. | 58,199,788 |
174,727 | Texas Instruments, Inc. | 34,073,512 |
92,273,300 | ||
Software 10.9% | ||
41,278 | Intuit, Inc. | 23,794,290 |
327,305 | Microsoft Corp. | 135,874,125 |
159,668,415 | ||
Specialty Retail 0.7% | ||
31,420 | Home Depot, Inc. | 10,521,616 |
Technology Hardware, Storage & Peripherals 2.7% | ||
208,473 | Apple, Inc. | 40,078,934 |
Trading Companies & Distributors 3.8% | ||
38,431 | United Rentals, Inc. | 25,726,096 |
33,471 | W.W. Grainger, Inc. | 30,842,187 |
56,568,283 | ||
Total Common Stocks (Cost $707,993,628) | 1,444,409,755 |
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Preferred Stocks 1.4% | ||
Diversified Telecommunication Services 1.4% | ||
21,111 | Space Exploration Technologies Corp., Series E*#(a)(b) (Cost $17,099,910) | $20,477,670 |
Rights 0.0%(c) | ||
Multi-Utilities 0.0%(c) | ||
425,289 | National Grid PLC Expires 6/10/2024* (Cost $0) | 1,062,443 |
Principal Amount | ||
Short-Term Investments 0.1% | ||
Certificates of Deposit 0.0%(c) | ||
$100,000 | Carver Federal Savings Bank, 1.25%(d), due 6/23/2024 | 100,000 |
250,000 | Self Help Credit Union, 0.10%(d), due 8/16/2024 | 250,000 |
Principal Amount | Value | |
Certificates of Deposit – cont'd | ||
$250,000 | Self Help Federal Credit Union, 0.10%(d), due 6/1/2024 | $250,000 |
600,000 | ||
Number of Shares | ||
Investment Companies 0.1% | ||
812,228 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(d) | 812,228 |
Total Short-Term Investments (Cost $1,412,228) | 1,412,228 | |
Total Investments 99.9% (Cost $726,505,766) | 1,467,362,096 | |
Other Assets Less Liabilities 0.1% | 850,604 | |
Net Assets 100.0% | $1,468,212,700 |
* | Non-income producing security. |
(a) | Value determined using significant unobservable inputs. |
(b) | Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee. Total value of all such securities at May 31, 2024 amounted to $46,224,574, which represents 3.1% of net assets of the Fund. |
(c) | Represents less than 0.05% of net assets of the Fund. |
(d) | Represents 7-day effective yield as of May 31, 2024. |
# This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $46,224,574, which represents 3.1% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table.
Restricted Security | Acquisition Date(s) | Acquisition Cost | Value as of 5/31/2024 | Fair Value Percentage of Net Assets as of 5/31/2024 |
Space Exploration Technologies Corp. (Series E Preferred Shares) | 11/7/2023 | $17,099,910 | $20,477,670 | 1.4% |
Space Exploration Technologies Corp. Class A | 8/18/2023 | 10,369,944 | 12,418,328 | 0.8% |
Space Exploration Technologies Corp. Class C | 8/18/2023 | 11,130,048 | 13,328,576 | 0.9% |
Total | $38,599,902 | $46,224,574 | 3.1% |
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Common Stocks | ||||
Diversified Telecommunication Services | $— | $— | $25,746,904 | $25,746,904 |
Electrical Equipment | — | 15,885,412 | — | 15,885,412 |
Hotels, Restaurants & Leisure | — | 39,223,296 | — | 39,223,296 |
Multi-Utilities | — | 16,520,668 | — | 16,520,668 |
Pharmaceuticals | — | 17,206,818 | — | 17,206,818 |
Other Common Stocks# | 1,329,826,657 | — | — | 1,329,826,657 |
Total Common Stocks | 1,329,826,657 | 88,836,194 | 25,746,904 | 1,444,409,755 |
Preferred Stocks# | — | — | 20,477,670 | 20,477,670 |
Rights# | 1,062,443 | — | — | 1,062,443 |
Short-Term Investments | — | 1,412,228 | — | 1,412,228 |
Total Investments | $1,330,889,100 | $90,248,422 | $46,224,574 | $1,467,362,096 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
(a) | The following is a reconciliation between the beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used in determining value: |
(000's omitted) | Beginning balance as of 9/1/2023 | Accrued discounts/ (premiums) | Realized gain/(loss) | Change in unrealized appreciation/ (depreciation) | Purchases | Sales | Transfers into Level 3 | Transfers out of Level 3 | Balance as of 5/31/2024 | Net change in unrealized appreciation/ (depreciation) from investments still held as of 5/31/2024 |
Investments in Securities: | ||||||||||
Common Stocks(1) | $21,500 | $— | $— | $4,247 | $— | $— | $— | $— | $25,747 | $4,247 |
Preferred Stocks(1) | — | — | — | 3,378 | 17,100 | — | — | — | 20,478 | 3,378 |
Total | $21,500 | $— | $— | $7,625 | $17,100 | $— | $— | $— | $46,225 | $7,625 |
(1) Quantitative Information about Level 3 Fair Value Measurements: | ||||||
Investment type | Fair value at 5/31/2024 | Valuation approach | Significant unobservable input(s) | Input value/ range | Weighted average(a) | Impact to valuation from increase in input(b) |
Common Stocks | $25,746,904 | Market Approach | Transaction Price | $97.00 | $97.00 | Increase |
Preferred Stocks | 20,477,670 | Market Approach | Transaction Price | $97.00 | $97.00 | Increase |
(a) The weighted averages disclosed in the table above were weighted by relative fair value. | ||||||
(b) Represents the expected directional change in the fair value of the Level 3 investments that would result from an increase or decrease in the corresponding input. Significant changes in these inputs could result in significantly higher or lower fair value measurements. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Impact Fund^ (Unaudited) May 31, 2024
Number of Shares | Value | |
Common Stocks 97.0% | ||
Automobile Components 2.4% | ||
3,933 | Aptiv PLC* | $327,462 |
Building Products 4.8% | ||
1,966 | Trane Technologies PLC | 643,786 |
Chemicals 3.7% | ||
2,130 | Ecolab, Inc. | 494,586 |
Commercial Services & Supplies 3.4% | ||
1,146 | Tetra Tech, Inc. | 240,076 |
2,261 | Veralto Corp. | 222,889 |
462,965 | ||
Communications Equipment 3.9% | ||
1,423 | Motorola Solutions, Inc. | 519,267 |
Containers & Packaging 6.6% | ||
3,982 | Ball Corp. | 276,470 |
21,729 | Graphic Packaging Holding Co. | 615,365 |
891,835 | ||
Electric Utilities 3.5% | ||
5,880 | NextEra Energy, Inc. | 470,518 |
Electrical Equipment 1.5% | ||
2,420 | nVent Electric PLC | 196,940 |
Electronic Equipment, Instruments & Components 2.7% | ||
2,340 | Coherent Corp.* | 133,520 |
4,012 | Trimble, Inc.* | 223,388 |
356,908 | ||
Food Products 1.3% | ||
4,528 | Simply Good Foods Co.* | 174,283 |
Ground Transportation 6.8% | ||
4,040 | Canadian Pacific Kansas City Ltd. | 320,614 |
11,777 | CSX Corp. | 397,474 |
3,078 | Uber Technologies, Inc.* | 198,716 |
916,804 | ||
Health Care Equipment & Supplies 7.5% | ||
5,781 | Baxter International, Inc. | 197,074 |
7,448 | Boston Scientific Corp.* | 562,846 |
1,129 | Dexcom, Inc.* | 134,091 |
520 | STERIS PLC | 115,898 |
1,009,909 | ||
Health Care Providers & Services 5.2% | ||
1,679 | HCA Healthcare, Inc. | 570,440 |
358 | Humana, Inc. | 128,207 |
698,647 | ||
Household Products 1.6% | ||
1,603 | Clorox Co. | 210,891 |
Number of Shares | Value | |
Independent Power and Renewable Electricity Producers 4.1% | ||
17,412 | Brookfield Renewable Corp. Class A | $549,174 |
Life Sciences Tools & Services 4.1% | ||
1,003 | Danaher Corp. | 257,570 |
513 | Thermo Fisher Scientific, Inc. | 291,374 |
548,944 | ||
Machinery 12.5% | ||
850 | Deere & Co. | 318,546 |
6,573 | Pentair PLC | 534,911 |
3,593 | Westinghouse Air Brake Technologies Corp. | 608,043 |
1,548 | Xylem, Inc. | 218,299 |
1,679,799 | ||
Mortgage Real Estate Investment Trusts 0.9% | ||
3,507 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 116,748 |
Personal Care Products 1.5% | ||
3,504 | BellRing Brands, Inc.* | 203,828 |
Pharmaceuticals 5.8% | ||
519 | Eli Lilly & Co. | 425,756 |
2,801 | Merck & Co., Inc. | 351,638 |
777,394 | ||
Professional Services 2.7% | ||
1,426 | Verisk Analytics, Inc. | 360,464 |
Semiconductors & Semiconductor Equipment 4.7% | ||
590 | Analog Devices, Inc. | 138,349 |
297 | NVIDIA Corp. | 325,610 |
2,315 | ON Semiconductor Corp.* | 169,088 |
633,047 | ||
Software 5.8% | ||
374 | Intuit, Inc. | 215,589 |
499 | Palo Alto Networks, Inc.* | 147,160 |
854 | Tyler Technologies, Inc.* | 410,227 |
772,976 | ||
Total Common Stocks (Cost $10,472,914) | 13,017,175 | |
Rights 0.0%(a) | ||
Health Care Equipment & Supplies 0.0%(a) | ||
248 | Contra Abiomed, Inc., CVR*(b) (Cost $253) | 434 |
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Impact Fund^ (Unaudited) (cont’d)
Number of Shares | Value | |
Short-Term Investments 3.3% | ||
Investment Companies 3.3% | ||
439,656 | State Street Institutional Treasury Money Market Fund Premier Class, 5.24%(c) (Cost $439,656) | $439,656 |
Total Investments 100.3% (Cost $10,912,823) | 13,457,265 | |
Liabilities Less Other Assets (0.3)% | (42,679 ) | |
Net Assets 100.0% | $13,414,586 |
* | Non-income producing security. |
(a) | Represents less than 0.05% of net assets of the Fund. |
(b) | Value determined using significant unobservable inputs. |
(c) | Represents 7-day effective yield as of May 31, 2024. |
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Impact Fund^ (Unaudited) (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024:
Asset Valuation Inputs | Level 1 | Level 2 | Level 3(a) | Total |
Investments: | ||||
Common Stocks# | $13,017,175 | $— | $— | $13,017,175 |
Rights(b) | — | — | 434 | 434 |
Short-Term Investments | — | 439,656 | — | 439,656 |
Total Investments | $13,017,175 | $439,656 | $434 | $13,457,265 |
# | The Schedule of Investments provides information on the industry or sector categorization. |
(a) | The reconciliation between beginning and ending balances of investments in which significant unobservable inputs (Level 3) were used is not presented as all values rounded to less than $1,000. |
(b) | Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The Fund does not have access to significant unobservable inputs and therefore cannot disclose such inputs used in formulating such quotation. |
^ A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
May 31, 2024
Notes to Schedule of Investments Equity Fundsß (Unaudited)
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman International Small Cap Fund, Neuberger Berman Intrinsic Value Fund, Neuberger Berman Large Cap Growth Fund ("Large Cap Growth"), Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Real Estate Fund, Neuberger Berman Small Cap Growth Fund, Neuberger Berman Sustainable Equity Fund and Neuberger Berman U.S. Equity Impact Fund (each individually a "Fund," and collectively, the "Funds") are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820.
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
The value of the Funds’ investments in equity securities, preferred stocks, warrants, rights, escrow units, exchange-traded funds and exchange-traded options written, for which market quotations are available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations.
The value of the Funds’ investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds:
Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit-specific details, relevant listed bond and preferred stock prices and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth
Notes to Schedule of Investments Equity Fundsß (Unaudited) (cont’d)
Management has developed a process to periodically review information provided by independent pricing services for all types of securities.
Certificates of deposit are valued at amortized cost (Level 2 inputs).
Publicly traded securities acquired via a private investment in public equity (PIPE) transaction are typically valued at a discount to the market price of an issuer's common stock. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up period and the volatility of the underlying security (Level 1 or Level 2 inputs).
Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs), when available.
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Funds' Board of Trustees designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good-faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold.
The value of the Funds’ investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). Management has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time at which a Fund’s share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund’s share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time at which a Fund’s share price is calculated, Management has determined based on available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade.
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded.
To facilitate compliance with certain requirements necessary to maintain its status as a regulated investment company, Large Cap Growth formed NB A24 Guardian Blocker LLC (the "Blocker"), a Delaware limited liability company, to hold interests in certain private placements. The Blocker is a wholly owned subsidiary of Large Cap
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth
Notes to Schedule of Investments Equity Fundsß (Unaudited) (cont’d)
Growth and Large Cap Growth expects to remain its sole member. As of May 31, 2024, the value of Large Cap Growth’s investment in the Blocker was as follows:
Investment in Blocker | Percentage of Net Assets | |
$1,121,947 | 0.0 % |
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth
Notes to Schedule of Investments Equity Fundsß (Unaudited) (cont'd)
Legend
Investment Methods: | |
PIPE | = Private investment in public equity |
Other Abbreviations: | |
ADR | = American Depositary Receipt |
CVR | = Contingent Value Right |
Management | = Neuberger Berman Investment Advisers LLC |
PJSC | = Public Joint Stock Company |
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth