|
Number of Shares
|
Value
|
|
|
Common Stocks 96.9%
|
||
|
Automobiles 1.2%
|
||
|
28,400
|
General Motors Co.
|
$920,444
|
|
Banks 3.7%
|
||
|
11,650
|
JPMorgan Chase & Co.
|
1,581,021
|
|
11,930
|
PNC Financial Services Group,
Inc.
|
1,381,852
|
|
|
|
2,962,873
|
|
Capital Markets 6.2%
|
||
|
1,275
|
BlackRock, Inc.
|
838,376
|
|
9,675
|
Cboe Global Markets, Inc.
|
1,281,164
|
|
32,000
|
Charles Schwab Corp.
|
1,686,080
|
|
13,400
|
Morgan Stanley
|
1,095,584
|
|
|
|
4,901,204
|
|
Chemicals 1.2%
|
||
|
20,140
|
Novozymes AS Class B
|
970,481
|
|
Consumer Finance 1.2%
|
||
|
6,050
|
American Express Co.
|
959,288
|
|
Consumer Staples Distribution & Retail 1.8%
|
||
|
9,600
|
Walmart, Inc.
|
1,409,952
|
|
Distributors 1.9%
|
||
|
28,250
|
LKQ Corp.
|
1,490,188
|
|
Electronic Equipment, Instruments & Components 6.7%
|
||
|
26,900
|
Amphenol Corp. Class A
|
2,029,605
|
|
50,525
|
Corning, Inc.
|
1,556,675
|
|
6,550
|
Zebra Technologies Corp.
Class A*
|
1,719,834
|
|
|
|
5,306,114
|
|
Energy Equipment & Services 1.0%
|
||
|
18,675
|
Schlumberger NV
|
799,850
|
|
Entertainment 4.9%
|
||
|
19,800
|
Electronic Arts, Inc.
|
2,534,400
|
|
15,575
|
Walt Disney Co.*
|
1,369,977
|
|
|
|
3,904,377
|
|
Financial Services 0.7%
|
||
|
23,725
|
Equitable Holdings, Inc.
|
582,212
|
|
Food Products 2.8%
|
||
|
20,150
|
Mondelez International, Inc.
Class A
|
1,479,212
|
|
18,490
|
Tootsie Roll Industries, Inc.
|
722,404
|
|
|
|
2,201,616
|
|
Ground Transportation 2.0%
|
||
|
42,425
|
CSX Corp.
|
1,301,175
|
|
13,275
|
RXO, Inc.*
|
277,049
|
|
|
|
1,578,224
|
|
Number of Shares
|
Value
|
|
|
Health Care Equipment & Supplies 2.8%
|
||
|
4,150
|
Becton Dickinson & Co.
|
$1,003,304
|
|
14,450
|
Medtronic PLC
|
1,195,882
|
|
|
|
2,199,186
|
|
Health Care Providers & Services 0.8%
|
||
|
1,250
|
UnitedHealth Group, Inc.
|
609,050
|
|
Hotels, Restaurants & Leisure 2.6%
|
||
|
12,250
|
Marriott International, Inc.
Class A
|
2,055,427
|
|
Industrial Conglomerates 2.0%
|
||
|
8,200
|
Honeywell International, Inc.
|
1,571,120
|
|
Industrial REITs 1.4%
|
||
|
18,685
|
Terreno Realty Corp.
|
1,145,951
|
|
Insurance 2.3%
|
||
|
2,675
|
Aon PLC Class A
|
824,676
|
|
5,950
|
Marsh & McLennan Cos., Inc.
|
1,030,421
|
|
|
|
1,855,097
|
|
Life Sciences Tools & Services 4.2%
|
||
|
13,535
|
Agilent Technologies, Inc.
|
1,565,593
|
|
7,700
|
Danaher Corp.
|
1,768,074
|
|
|
|
3,333,667
|
|
Machinery 3.0%
|
||
|
6,025
|
Caterpillar, Inc.
|
1,239,644
|
|
5,050
|
Nordson Corp.
|
1,100,546
|
|
|
|
2,340,190
|
|
Media 1.7%
|
||
|
33,400
|
Comcast Corp. Class A
|
1,314,290
|
|
Metals & Mining 3.4%
|
||
|
34,675
|
Freeport-McMoRan, Inc.
|
1,190,739
|
|
33,700
|
Wheaton Precious Metals Corp.
|
1,524,925
|
|
|
|
2,715,664
|
|
Multi-Utilities 0.9%
|
||
|
24,300
|
CenterPoint Energy, Inc.
|
685,503
|
|
Office REITs 0.3%
|
||
|
9,825
|
Equity Commonwealth
|
200,921
|
|
Oil, Gas & Consumable Fuels 2.4%
|
||
|
36,500
|
Devon Energy Corp.
|
1,682,650
|
|
6,900
|
Shell PLC
|
190,591
|
|
|
|
1,873,241
|
|
Pharmaceuticals 6.8%
|
||
|
32,680
|
AstraZeneca PLC ADR
|
2,388,254
|
|
4,325
|
Eli Lilly & Co.
|
1,857,415
|
|
12,300
|
Novartis AG ADR
|
1,183,875
|
|
|
|
5,429,544
|
|
Number of Shares
|
Value
|
|
|
Professional Services 1.1%
|
||
|
4,300
|
Automatic Data Processing, Inc.
|
$898,657
|
|
Semiconductors & Semiconductor Equipment 11.9%
|
||
|
13,275
|
Analog Devices, Inc.
|
2,358,835
|
|
20,995
|
Applied Materials, Inc.
|
2,798,633
|
|
19,800
|
QUALCOMM, Inc.
|
2,245,518
|
|
13,955
|
Universal Display Corp.
|
2,055,990
|
|
|
|
9,458,976
|
|
Software 5.3%
|
||
|
2,370
|
Intuit, Inc.
|
993,315
|
|
9,675
|
Microsoft Corp.
|
3,177,173
|
|
|
|
4,170,488
|
|
Specialized REITs 0.5%
|
||
|
2,025
|
American Tower Corp.
|
373,491
|
|
Specialty Retail 2.0%
|
||
|
21,100
|
TJX Cos., Inc.
|
1,620,269
|
|
Technology Hardware, Storage & Peripherals 3.2%
|
||
|
14,250
|
Apple, Inc.
|
2,525,812
|
|
Number of Shares
|
Value
|
|
|
Textiles, Apparel & Luxury Goods 2.5%
|
||
|
12,550
|
Cie Financiere Richemont SA
Class A
|
$1,991,878
|
|
Transportation Infrastructure 0.5%
|
||
|
2,575
|
Aena SME SA(a)
|
402,404
|
|
Total Common Stocks (Cost $58,811,526)
|
76,757,649
|
|
|
|
||
|
Short-Term Investments 2.9%
|
||
|
Investment Companies 2.9%
|
||
|
2,339,007
|
State Street Institutional Treasury
Money Market Fund Premier
Class, 4.94%(b)
(Cost $2,339,007)
|
2,339,007
|
|
Total Investments 99.8%
(Cost $61,150,533)
|
79,096,656
|
|
|
Other Assets Less Liabilities 0.2%
|
152,655
|
|
|
Net Assets 100.0%
|
$79,249,311
|
|
|
*
|
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, 2023 amounted to $402,404, which represents 0.5% of net assets of the Fund.
|
|
(b)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
POSITIONS BY COUNTRY
|
||
|
Country
|
Investments at
Value
|
Percentage of
Net Assets
|
|
United States
|
$68,105,241
|
86.0%
|
|
Switzerland
|
3,175,753
|
4.0%
|
|
United Kingdom
|
2,388,254
|
3.0%
|
|
Brazil
|
1,524,925
|
1.9%
|
|
Denmark
|
970,481
|
1.2%
|
|
Spain
|
402,404
|
0.5%
|
|
Netherlands
|
190,591
|
0.3%
|
|
Short-Term Investments and Other Assets—Net
|
2,491,662
|
3.1%
|
|
|
$79,249,311
|
100.0%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$76,757,649
|
$—
|
$—
|
$76,757,649
|
|
Short-Term Investments
|
—
|
2,339,007
|
—
|
2,339,007
|
|
Total Investments
|
$76,757,649
|
$2,339,007
|
$—
|
$79,096,656
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 96.9%
|
||
|
Australia 0.7%
|
||
|
76,191
|
Rio Tinto PLC
|
$4,532,273
|
|
Brazil 3.9%
|
||
|
1,357,614
|
B3 SA - Brasil Bolsa Balcao
|
3,564,429
|
|
573,603
|
Hypera SA
|
4,615,236
|
|
1,426,012
|
Itau Unibanco Holding SA
|
7,400,882
|
|
289,710
|
Pagseguro Digital Ltd. Class A*
|
2,882,615
|
|
1,179,284
|
Petroleo Brasileiro SA
|
6,071,570
|
|
|
|
24,534,732
|
|
Canada 0.6%
|
||
|
200,302
|
Parex Resources, Inc.(a)
|
4,032,599
|
|
Chile 0.5%
|
||
|
50,196
|
Sociedad Quimica y Minera de
Chile SA ADR
|
3,221,077
|
|
China 26.2%
|
||
|
2,029,536
|
Alibaba Group Holding Ltd.*
|
20,190,520
|
|
27,976
|
Baidu, Inc. ADR*
|
3,436,852
|
|
2,079,448
|
Bank of Ningbo Co. Ltd.
Class A
|
7,200,386
|
|
113,500
|
BYD Co. Ltd. Class H
|
3,426,546
|
|
2,000,000
|
China Mengniu Dairy Co. Ltd.*
|
7,764,560
|
|
2,126,478
|
CITIC Securities Co. Ltd.
Class A
|
6,001,335
|
|
1,845,800
|
Foxconn Industrial Internet Co.
Ltd. Class A
|
4,689,585
|
|
893,000
|
Hua Hong Semiconductor
Ltd.*(b)
|
2,890,964
|
|
2,835,379
|
Jiangsu Changshu Rural
Commercial Bank Co. Ltd.
Class A
|
2,829,632
|
|
28,802
|
Kweichow Moutai Co. Ltd.
Class A
|
6,603,735
|
|
1,094,500
|
Li Ning Co. Ltd.
|
5,870,544
|
|
774,068
|
LONGi Green Energy
Technology Co. Ltd. Class A
|
3,140,116
|
|
307,660
|
Meituan Class B*(b)
|
4,329,781
|
|
1,725,698
|
NARI Technology Co. Ltd.
Class A
|
6,665,327
|
|
46,819
|
PDD Holdings, Inc. ADR*
|
3,058,217
|
|
1,309,130
|
Ping An Insurance Group Co.
of China Ltd. Class A
|
8,660,705
|
|
732,441
|
Shenzhen Inovance Technology
Co. Ltd. Class A
|
6,091,991
|
|
3,604,200
|
Shenzhen Topband Co. Ltd.
Class A
|
5,529,781
|
|
201,000
|
Sungrow Power Supply Co.
Ltd. Class A
|
3,116,117
|
|
864,500
|
Tencent Holdings Ltd.
|
34,290,967
|
|
182,648
|
Trip.com Group Ltd. ADR*
|
5,768,024
|
|
Number of Shares
|
Value
|
|
|
China – cont'd
|
||
|
330,000
|
Tsingtao Brewery Co. Ltd. H
Shares
|
$2,840,450
|
|
554,251
|
Wingtech Technology Co. Ltd.
Class A
|
3,892,957
|
|
683,181
|
Yifeng Pharmacy Chain Co.
Ltd. Class A
|
4,771,612
|
|
1,799,368
|
Zhejiang Juhua Co. Ltd.
Class A
|
3,330,568
|
|
|
|
166,391,272
|
|
Hong Kong 1.0%
|
||
|
170,100
|
Hong Kong Exchanges &
Clearing Ltd.
|
6,225,780
|
|
Hungary 1.1%
|
||
|
274,689
|
Richter Gedeon Nyrt
|
6,913,950
|
|
India 16.8%
|
||
|
12,416,910
|
API Holdings Ltd.*#(c)(d)
|
5,107,371
|
|
60,470
|
Apollo Hospitals Enterprise Ltd.
|
3,375,366
|
|
1,131,057
|
Aptus Value Housing Finance
India Ltd.
|
3,633,162
|
|
185,589
|
Avalon Technologies Ltd.*(b)
|
962,358
|
|
185,589
|
Avalon Technologies Ltd. *#(d)
|
949,549
|
|
169,009
|
Best Agrolife Ltd.
|
1,881,671
|
|
2,431,412
|
Bharat Electronics Ltd.
|
3,297,451
|
|
1,223,661
|
EPL Ltd.
|
2,682,290
|
|
216,807
|
GMM Pfaudler Ltd.
|
3,861,057
|
|
489,971
|
HDFC Bank Ltd.
|
9,542,163
|
|
53,949
|
Housing Development Finance
Corp. Ltd.
|
1,724,594
|
|
1,471,819
|
ICICI Bank Ltd.
|
16,923,840
|
|
377,852
|
IndusInd Bank Ltd.
|
5,860,385
|
|
151,495
|
JB Chemicals &
Pharmaceuticals Ltd.
|
3,850,921
|
|
114,277
|
Mankind Pharma Ltd. *#(d)
|
1,835,849
|
|
114,276
|
Mankind Pharma Ltd. *#(d)
|
1,876,166
|
|
1,388,402
|
Motherson Sumi Wiring India
Ltd.
|
969,996
|
|
463,830
|
National Stock Exchange of
India Ltd.*#(c)(d)
|
15,557,823
|
|
4,084
|
Pine Labs PTE Ltd.*#(c)(d)
|
1,536,809
|
|
275,296
|
Reliance Industries Ltd.
|
8,208,943
|
|
884,853
|
State Bank of India
|
6,214,043
|
|
232,397
|
Sun Pharmaceutical Industries
Ltd.
|
2,741,620
|
|
860,289
|
Syrma SGS Technology Ltd.*
|
4,127,691
|
|
|
|
106,721,118
|
|
Indonesia 1.6%
|
||
|
5,385,500
|
Bank Central Asia Tbk PT
|
3,251,419
|
|
11,466,000
|
Bank Negara Indonesia Persero
Tbk PT
|
6,922,435
|
|
|
|
10,173,854
|
|
Number of Shares
|
Value
|
|
|
Korea 13.1%
|
||
|
138,612
|
Hana Financial Group, Inc.
|
$4,328,851
|
|
19,009
|
LG Chem Ltd.
|
9,925,211
|
|
13,782
|
NCSoft Corp.
|
3,333,224
|
|
53,718
|
Orion Corp.
|
5,229,132
|
|
726,331
|
Samsung Electronics Co. Ltd.
|
39,073,297
|
|
184,166
|
Samsung Engineering Co.
Ltd.*
|
3,926,840
|
|
147,745
|
SK Hynix, Inc.
|
12,088,986
|
|
131,177
|
SK Telecom Co. Ltd.
|
4,912,034
|
|
|
|
82,817,575
|
|
Macau 0.9%
|
||
|
907,000
|
Galaxy Entertainment Group
Ltd.*
|
5,623,540
|
|
Mexico 2.2%
|
||
|
335,460
|
Grupo Aeroportuario del
Pacifico SAB de CV Class B
|
5,909,854
|
|
391,069
|
Grupo Financiero Banorte SAB
de CV Class O
|
3,142,436
|
|
1,271,549
|
Wal-Mart de Mexico SAB de
CV
|
4,837,047
|
|
|
|
13,889,337
|
|
Peru 1.0%
|
||
|
50,797
|
Credicorp Ltd.
|
6,575,672
|
|
Philippines 1.6%
|
||
|
2,141,600
|
BDO Unibank, Inc.
|
5,186,211
|
|
295,660
|
SM Investments Corp.
|
4,890,814
|
|
|
|
10,077,025
|
|
Poland 1.4%
|
||
|
91,819
|
Dino Polska SA*(b)
|
9,021,035
|
|
Saudi Arabia 2.4%
|
||
|
93,400
|
Arabian Drilling Co.*
|
3,695,361
|
|
711,797
|
Saudi Arabian Oil Co.(b)
|
5,977,820
|
|
541,471
|
Saudi National Bank
|
5,326,938
|
|
|
|
15,000,119
|
|
South Africa 2.9%
|
||
|
550,262
|
Absa Group Ltd.
|
4,292,706
|
|
134,595
|
Anglo American PLC
|
3,722,793
|
|
350,575
|
Bid Corp. Ltd.
|
7,467,259
|
|
19,446
|
Naspers Ltd. N Shares
|
2,935,664
|
|
|
|
18,418,422
|
|
Taiwan 14.3%
|
||
|
456,600
|
Accton Technology Corp.
|
5,245,458
|
|
217,000
|
Chroma ATE, Inc.
|
1,645,464
|
|
1,719,000
|
Chunghwa Telecom Co. Ltd.
|
7,048,865
|
|
934,779
|
Hiwin Technologies Corp.
|
7,285,968
|
|
2,974,839
|
Taiwan Semiconductor
Manufacturing Co. Ltd.
|
54,021,973
|
|
Number of Shares
|
Value
|
|
|
Taiwan – cont'd
|
||
|
3,752,000
|
Uni-President Enterprises Corp.
|
$9,072,446
|
|
367,451
|
Yageo Corp.
|
6,074,855
|
|
|
|
90,395,029
|
|
Thailand 1.5%
|
||
|
1,452,200
|
Bangkok Bank PCL
|
6,801,971
|
|
760,200
|
PTT Exploration & Production
PCL
|
3,047,354
|
|
|
|
9,849,325
|
|
United Arab Emirates 2.4%
|
||
|
6,168,269
|
Adnoc Gas PLC*
|
5,189,276
|
|
3,115,957
|
Americana Restaurants
International PLC
|
3,264,826
|
|
2,445,986
|
Dubai Islamic Bank PJSC
|
3,502,876
|
|
698,771
|
Network International
Holdings PLC*(b)
|
3,181,404
|
|
|
|
15,138,382
|
|
United States 0.8%
|
||
|
26,283
|
Globant SA*
|
4,831,078
|
|
|
||
|
Total Common Stocks
(Cost $605,479,573)
|
614,383,194
|
|
|
Preferred Stocks 2.2%
|
||
|
India 2.2%
|
||
|
217,973
|
Gupshup, Inc., Series F*#(c)(d)
|
4,983,996
|
|
9,762
|
Pine Labs PTE Ltd.,
Series 1*#(c)(d)
|
3,678,322
|
|
2,439
|
Pine Labs PTE Ltd.,
Series A*#(c)(d)
|
918,040
|
|
2,654
|
Pine Labs PTE Ltd.,
Series B*#(c)(d)
|
999,497
|
|
2,147
|
Pine Labs PTE Ltd.,
Series B2*#(c)(d)
|
808,560
|
|
3,993
|
Pine Labs PTE Ltd.,
Series C*#(c)(d)
|
1,506,958
|
|
841
|
Pine Labs PTE Ltd.,
Series C1*#(c)(d)
|
317,393
|
|
900
|
Pine Labs PTE Ltd.,
Series D*#(c)(d)
|
341,550
|
|
Total Preferred Stocks
(Cost $13,478,212)
|
13,554,316
|
|
|
|
||
|
Number of Shares
|
Value
|
|
|
|
||
|
Short-Term Investments 0.3%
|
||
|
Investment Companies 0.3%
|
||
|
2,105,927
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(e)
(Cost $2,105,927)
|
$2,105,927
|
|
Total Investments 99.4%
(Cost $621,063,712)
|
630,043,437
|
|
|
Other Assets Less Liabilities 0.6%
|
3,948,639
|
|
|
Net Assets 100.0%
|
$633,992,076
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of this security is on loan at May 31, 2023. Total value of all such securities at May 31,
2023 amounted to $571,829, collateralized by non-cash (U.S. Treasury Securities) collateral of $608,670 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, 2023 amounted to $26,363,362, which represents 4.2% of net assets of the
Fund.
|
|
(c)
|
Value determined using significant unobservable inputs.
|
|
(d)
|
Security fair valued as of May 31, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2023 amounted to $40,417,883, which represents 6.4% of net
assets of the Fund.
|
|
(e)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
5/31/2023
|
Fair Value
Percentage
of Net Assets
as of
5/31/2023
|
|
API Holdings Ltd.
|
10/18/2021
|
$8,879,972
|
$5,107,371
|
0.8%
|
|
Avalon Technologies Ltd.
|
3/31/2023
|
984,599
|
949,549
|
0.1%
|
|
Gupshup, Inc. (Ser. F Preferred Shares)
|
7/16/2021
|
4,983,996
|
4,983,996
|
0.8%
|
|
Mankind Pharma Ltd.
|
4/24/2023
|
1,506,674
|
1,835,849
|
0.3%
|
|
Mankind Pharma Ltd.
|
4/24/2023
|
1,506,660
|
1,876,166
|
0.3%
|
|
National Stock Exchange of India Ltd.
|
4/16/2018
|
11,160,012
|
15,557,823
|
2.5%
|
|
Pine Labs PTE Ltd.
|
7/6/2021
|
1,522,760
|
1,536,809
|
0.2%
|
|
Pine Labs PTE Ltd. (Series 1 Preferred Shares)
|
7/6/2021
|
3,639,859
|
3,678,322
|
0.6%
|
|
Pine Labs PTE Ltd. (Series A Preferred Shares)
|
7/6/2021
|
909,406
|
918,040
|
0.1%
|
|
Pine Labs PTE Ltd. (Series B Preferred Shares)
|
7/6/2021
|
989,570
|
999,497
|
0.2%
|
|
Pine Labs PTE Ltd. (Series B2 Preferred Shares)
|
7/6/2021
|
800,530
|
808,560
|
0.1%
|
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
5/31/2023
|
Fair Value
Percentage
of Net Assets
as of
5/31/2023
|
|
Pine Labs PTE Ltd. (Series C Preferred Shares)
|
7/6/2021
|
$1,488,830
|
$1,506,958
|
0.2%
|
|
Pine Labs PTE Ltd. (Series C1 Preferred Shares)
|
7/6/2021
|
313,575
|
317,393
|
0.1%
|
|
Pine Labs PTE Ltd. (Series D Preferred Shares)
|
7/6/2021
|
335,574
|
341,550
|
0.1%
|
|
Total
|
|
$39,022,017
|
$40,417,883
|
6.4%
|
|
POSITIONS BY INDUSTRY
|
||
|
Industry
|
Investments at
Value
|
Percentage of
Net Assets
|
|
Banks
|
$105,302,846
|
16.6
%
|
|
Semiconductors & Semiconductor Equipment
|
72,142,039
|
11.4
%
|
|
Technology Hardware, Storage & Peripherals
|
39,073,297
|
6.2
%
|
|
Interactive Media & Services
|
37,727,819
|
6.0
%
|
|
Oil, Gas & Consumable Fuels
|
32,527,562
|
5.1
%
|
|
Capital Markets
|
31,349,367
|
5.0
%
|
|
Electronic Equipment, Instruments & Components
|
27,872,240
|
4.4
%
|
|
Pharmaceuticals
|
26,941,113
|
4.3
%
|
|
Broadline Retail
|
26,184,401
|
4.1
%
|
|
Consumer Staples Distribution & Retail
|
26,096,953
|
4.1
%
|
|
Food Products
|
22,066,138
|
3.5
%
|
|
IT Services
|
19,922,203
|
3.1
%
|
|
Hotels, Restaurants & Leisure
|
18,986,171
|
3.0
%
|
|
Chemicals
|
18,358,527
|
2.9
%
|
|
Machinery
|
17,239,016
|
2.7
%
|
|
Financial Services
|
11,421,775
|
1.8
%
|
|
Electrical Equipment
|
9,781,444
|
1.6
%
|
|
Beverages
|
9,444,185
|
1.5
%
|
|
Insurance
|
8,660,705
|
1.4
%
|
|
Metals & Mining
|
8,255,066
|
1.3
%
|
|
Diversified Telecommunication Services
|
7,048,865
|
1.1
%
|
|
Transportation Infrastructure
|
5,909,854
|
0.9
%
|
|
Textiles, Apparel & Luxury Goods
|
5,870,544
|
0.9
%
|
|
Communications Equipment
|
5,245,458
|
0.8
%
|
|
Wireless Telecommunication Services
|
4,912,034
|
0.8
%
|
|
Industrial Conglomerates
|
4,890,814
|
0.8
%
|
|
Construction & Engineering
|
3,926,840
|
0.6
%
|
|
Energy Equipment & Services
|
3,695,361
|
0.6
%
|
|
Automobiles
|
3,426,546
|
0.5
%
|
|
Health Care Providers & Services
|
3,375,366
|
0.5
%
|
|
Entertainment
|
3,333,224
|
0.5
%
|
|
Aerospace & Defense
|
3,297,451
|
0.5
%
|
|
Containers & Packaging
|
2,682,290
|
0.4
%
|
|
Automobile Components
|
969,996
|
0.2
%
|
|
Short-Term Investments and Other Assets—Net
|
6,054,566
|
0.9
%
|
|
|
$633,992,076
|
100.0
%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
India
|
$79,857,551
|
$4,661,564
|
$22,202,003
|
$106,721,118
|
|
Other Common Stocks#
|
507,662,076
|
—
|
—
|
507,662,076
|
|
Total Common Stocks
|
587,519,627
|
4,661,564
|
22,202,003
|
614,383,194
|
|
Preferred Stocks
|
|
|
|
|
|
India
|
—
|
—
|
13,554,316
|
13,554,316
|
|
Short-Term Investments
|
—
|
2,105,927
|
—
|
2,105,927
|
|
Total Investments
|
$587,519,627
|
$6,767,491
|
$35,756,319
|
$630,043,437
|
|
#
|
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
unobservable inputs (Level 3) were used in determining value:
|
|
(000's
omitted)
|
Beginning
balance as
of 9/1/2022
|
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
5/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2023
|
|
Investments in Securities:
|
||||||||||
|
Common Stocks(1)
|
$47,469
|
$—
|
$9,826
|
$(16,503
)
|
$4
|
$(18,594
)
|
$—
|
$—
|
$22,202
|
$(16,503
)
|
|
Preferred Stocks(1)
|
17,634
|
—
|
—
|
(4,080
)
|
—
|
—
|
—
|
—
|
13,554
|
(4,080
)
|
|
Total
|
$65,103
|
$—
|
$9,826
|
$(20,583
)
|
$4
|
$(18,594
)
|
$—
|
$—
|
$35,756
|
$(20,583
)
|
|
(1)
Quantitative Information about Level 3 Fair Value Measurements: |
||||||
|
Investment type
|
Fair value
at
5/31/2023
|
Valuation
approach
|
Unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
|
Common Stocks
|
$6,644,180
|
Market Approach
|
Enterprise value
Revenue multiple(c) (EV/Revenue)
|
3.0x - 15.8x
|
6.0x
|
Increase
|
|
|
|
|
Discount Rate
|
12.0%
|
12.0%
|
Decrease
|
|
|
|
|
Expected Volatility
|
70.0%
|
70.0%
|
Decrease
|
|
Common Stocks
|
15,557,823
|
Market Approach
|
Transaction Price
|
INR 2,775
|
INR 2,775
|
Increase
|
|
Preferred Stocks
|
13,554,316
|
Market Approach
|
Enterprise value
Revenue multiple(c) (EV/Revenue)
|
4.0x - 13.7x
|
10.1x
|
Increase
|
|
|
|
|
Discount Rate
|
12.0%
|
12.0%
|
Decrease
|
|
|
|
|
Expected Volatility
|
70.0%
|
70.0%
|
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.
|
||||||
|
(c)
Represents amounts used when the reporting entity has determined that market participants
would use such multiples when pricing the investments.
|
||||||
|
Number of Shares
|
Value
|
|
|
Common Stocks 98.7%
|
||
|
Aerospace & Defense 4.3%
|
||
|
30,675
|
Lockheed Martin Corp.
|
$13,620,007
|
|
288,875
|
Raytheon Technologies Corp.
|
26,616,942
|
|
|
|
40,236,949
|
|
Banks 5.5%
|
||
|
130,430
|
JPMorgan Chase & Co.(a)
|
17,700,655
|
|
105,250
|
PNC Financial Services Group,
Inc.(a)
|
12,191,108
|
|
554,025
|
Wells Fargo & Co.
|
22,055,735
|
|
|
|
51,947,498
|
|
Beverages 3.5%
|
||
|
199,450
|
Coca-Cola Co.
|
11,899,187
|
|
100,000
|
Keurig Dr Pepper, Inc.
|
3,112,000
|
|
99,150
|
PepsiCo, Inc.
|
18,080,002
|
|
|
|
33,091,189
|
|
Biotechnology 2.4%
|
||
|
131,500
|
AbbVie, Inc.
|
18,141,740
|
|
63,225
|
Gilead Sciences, Inc.
|
4,864,531
|
|
|
|
23,006,271
|
|
Capital Markets 3.7%
|
||
|
29,500
|
CME Group, Inc.
|
5,273,125
|
|
53,720
|
Goldman Sachs Group, Inc.
|
17,399,908
|
|
141,900
|
Morgan Stanley
|
11,601,744
|
|
|
|
34,274,777
|
|
Chemicals 1.7%
|
||
|
296,200
|
Nutrien Ltd.
|
15,609,740
|
|
Construction & Engineering 3.9%
|
||
|
679,020
|
Ferrovial SA
|
21,012,044
|
|
519,825
|
MDU Resources Group, Inc.
|
15,168,494
|
|
|
|
36,180,538
|
|
Construction Materials 2.4%
|
||
|
233,450
|
CRH PLC
|
11,004,483
|
|
155,600
|
Heidelberg Materials AG
|
11,123,540
|
|
|
|
22,128,023
|
|
Distributors 1.2%
|
||
|
206,725
|
LKQ Corp.
|
10,904,744
|
|
Diversified Telecommunication Services 1.6%
|
||
|
770,225
|
TELUS Corp.
|
14,598,182
|
|
Electric Utilities 2.5%
|
||
|
323,575
|
NextEra Energy, Inc.(a)
|
23,769,819
|
|
Electrical Equipment 4.3%
|
||
|
142,475
|
Eaton Corp. PLC
|
25,061,352
|
|
198,625
|
Emerson Electric Co.
|
15,429,190
|
|
|
|
40,490,542
|
|
Number of Shares
|
Value
|
|
|
Electronic Equipment, Instruments & Components 0.8%
|
||
|
245,200
|
Corning, Inc.
|
$7,554,612
|
|
Food Products 2.1%
|
||
|
293,400
|
Kellogg Co.
|
19,590,318
|
|
Ground Transportation 0.5%
|
||
|
24,700
|
Union Pacific Corp.
|
4,755,244
|
|
Health Care Equipment & Supplies 1.1%
|
||
|
14,050
|
Becton Dickinson & Co.
|
3,396,728
|
|
80,075
|
Medtronic PLC
|
6,627,007
|
|
|
|
10,023,735
|
|
Hotels, Restaurants & Leisure 3.4%
|
||
|
98,875
|
Darden Restaurants, Inc.
|
15,673,665
|
|
57,925
|
McDonald's Corp.
|
16,514,997
|
|
|
|
32,188,662
|
|
Household Products 0.7%
|
||
|
43,225
|
Procter & Gamble Co.
|
6,159,563
|
|
Industrial REITs 2.3%
|
||
|
133,953
|
Prologis, Inc.
|
16,683,846
|
|
84,375
|
Terreno Realty Corp.
|
5,174,719
|
|
|
|
21,858,565
|
|
Insurance 1.6%
|
||
|
120,325
|
Progressive Corp.
|
15,390,771
|
|
Machinery 2.5%
|
||
|
43,125
|
Caterpillar, Inc.
|
8,872,969
|
|
41,250
|
Deere & Co.
|
14,271,675
|
|
|
|
23,144,644
|
|
Metals & Mining 6.0%
|
||
|
514,740
|
Agnico Eagle Mines Ltd.
|
26,138,497
|
|
391,650
|
Freeport-McMoRan, Inc.
|
13,449,261
|
|
277,095
|
Rio Tinto PLC ADR
|
16,362,460
|
|
|
|
55,950,218
|
|
Multi-Utilities 5.3%
|
||
|
169,200
|
Ameren Corp.
|
13,717,044
|
|
969,625
|
CenterPoint Energy, Inc.
|
27,353,121
|
|
62,050
|
Sempra Energy
|
8,906,037
|
|
|
|
49,976,202
|
|
Oil, Gas & Consumable Fuels 9.8%
|
||
|
266,500
|
Chesapeake Energy Corp.
|
20,054,125
|
|
109,300
|
Chevron Corp.
|
16,462,766
|
|
291,573
|
ConocoPhillips
|
28,953,199
|
|
95,900
|
Pioneer Natural Resources Co.
|
19,126,296
|
|
257,700
|
Williams Cos., Inc.
|
7,385,682
|
|
|
|
91,982,068
|
|
Personal Care Products 0.1%
|
||
|
34,200
|
Kenvue, Inc.*
|
858,078
|
|
Number of Shares
|
Value
|
|
|
Pharmaceuticals 10.7%
|
||
|
390,175
|
AstraZeneca PLC ADR
|
$28,513,989
|
|
124,760
|
Johnson & Johnson
|
19,345,285
|
|
309,075
|
Merck & Co., Inc.
|
34,124,971
|
|
455,242
|
Roche Holding AG ADR
|
18,023,031
|
|
|
|
100,007,276
|
|
Professional Services 1.7%
|
||
|
155,075
|
Paychex, Inc.
|
16,272,020
|
|
Retail REITs 2.2%
|
||
|
1,034,650
|
Brixmor Property Group, Inc.
|
20,724,040
|
|
Semiconductors & Semiconductor Equipment 4.5%
|
||
|
45,360
|
Analog Devices, Inc.
|
8,060,018
|
|
30,000
|
Intel Corp.
|
943,200
|
|
87,740
|
QUALCOMM, Inc.(a)
|
9,950,594
|
|
131,125
|
Texas Instruments, Inc.
|
22,800,015
|
|
|
|
41,753,827
|
|
Software 1.5%
|
||
|
41,725
|
Microsoft Corp.
|
13,702,073
|
|
Specialized REITs 1.7%
|
||
|
101,970
|
Lamar Advertising Co. Class A
|
9,165,063
|
|
217,345
|
VICI Properties, Inc.
|
6,722,481
|
|
|
|
15,887,544
|
|
Specialty Retail 1.3%
|
||
|
42,700
|
Home Depot, Inc.
|
12,103,315
|
|
Number of Shares
|
Value
|
|
|
Trading Companies & Distributors 1.9%
|
||
|
56,475
|
Watsco, Inc.
|
$18,318,796
|
|
Total Common Stocks (Cost $728,723,762)
|
924,439,843
|
|
|
Principal Amount
|
|
|
|
Convertible Bonds 0.8%
|
||
|
Electric Utilities 0.8%
|
|
|
|
$7,355,000
|
Alliant Energy Corp., 3.88%,
due 3/15/2026(b)
(Cost $7,355,000)
|
7,384,583
|
|
Number of Shares
|
|
|
|
|
||
|
Short-Term Investments 0.3%
|
||
|
Investment Companies 0.3%
|
||
|
2,830,655
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(c)
(Cost $ 2,830,655)
|
2,830,655
|
|
Total Investments 99.8%
(Cost $738,909,417)
|
934,655,081
|
|
|
Other Assets Less Liabilities 0.2%(d)
|
2,099,868
|
|
|
Net Assets 100.0%
|
$936,754,949
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of this security is pledged as collateral for options written.
|
|
(b)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only
be sold to qualified institutional investors or may have other restrictions on resale. At May 31, 2023, these
securities amounted to $7,384,583, which represents 0.8% of net assets of the Fund.
|
|
(c)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(d)
|
Includes the impact of the Fund’s open positions in derivatives at May 31, 2023.
|
|
POSITIONS BY COUNTRY
|
||
|
Country
|
Investments at
Value
|
Percentage of
Net Assets
|
|
United States
|
$787,461,491
|
84.1%
|
|
Canada
|
56,346,419
|
6.0%
|
|
United Kingdom
|
28,513,989
|
3.0%
|
|
Spain
|
21,012,044
|
2.2%
|
|
Australia
|
16,362,460
|
1.8%
|
|
Germany
|
11,123,540
|
1.2%
|
|
Ireland
|
11,004,483
|
1.2%
|
|
Short-Term Investments and Other Assets—Net
|
4,930,523
|
0.5%
|
|
|
$936,754,949
|
100.0%
|
|
Description
|
Number of
Contracts
|
Notional
Amount
|
Exercise
Price
|
Expiration
Date
|
Value
|
|
Calls
|
|||||
|
Hotels, Restaurants & Leisure
|
|||||
|
Darden Restaurants, Inc.
|
200
|
$(3,170,400)
|
$170
|
6/16/2023
|
$(2,500)
|
|
Darden Restaurants, Inc.
|
200
|
(3,170,400)
|
175
|
7/21/2023
|
(14,000)
|
|
|
|
|
|
|
(16,500)
|
|
Oil, Gas & Consumable Fuels
|
|||||
|
ConocoPhillips
|
200
|
(1,986,000)
|
120
|
6/16/2023
|
(600)
|
|
Pharmaceuticals
|
|||||
|
Merck & Co., Inc.
|
200
|
(2,208,200)
|
125
|
6/16/2023
|
(700)
|
|
Total calls
|
|
|
|
|
$(17,800)
|
|
Puts
|
|||||
|
Air Freight & Logistics
|
|||||
|
United Parcel Service, Inc.
|
200
|
(3,340,000)
|
150
|
6/16/2023
|
(6,100)
|
|
Consumer Staples Distribution & Retail
|
|||||
|
Sysco Corp.
|
400
|
(2,798,000)
|
65
|
6/16/2023
|
(7,000)
|
|
Energy Equipment & Services
|
|||||
|
Schlumberger NV
|
800
|
(3,426,400)
|
35
|
6/16/2023
|
(8,000)
|
|
Health Care Equipment & Supplies
|
|||||
|
Becton Dickinson & Co.
|
150
|
(3,626,400)
|
230
|
6/16/2023
|
(9,750)
|
|
Metals & Mining
|
|||||
|
Freeport-McMoRan, Inc.
|
1,000
|
(3,434,000)
|
27
|
6/16/2023
|
(2,500)
|
|
Freeport-McMoRan, Inc.
|
1,000
|
(3,434,000)
|
25
|
7/21/2023
|
(15,000)
|
|
|
|
|
|
|
(17,500)
|
|
Software
|
|||||
|
Oracle Corp.
|
500
|
(5,297,000)
|
77.5
|
6/16/2023
|
(1,500)
|
|
Oracle Corp.
|
500
|
(5,297,000)
|
80
|
6/16/2023
|
(1,500)
|
|
Oracle Corp.
|
500
|
(5,297,000)
|
82.5
|
6/16/2023
|
(5,000)
|
|
|
|
|
|
|
(8,000)
|
|
Total puts
|
|
|
|
|
$(56,350)
|
|
Total options written (premium received $165,408)
|
$(74,150)
|
||||
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$924,439,843
|
$—
|
$—
|
$924,439,843
|
|
Convertible Bonds#
|
—
|
7,384,583
|
—
|
7,384,583
|
|
Short-Term Investments
|
—
|
2,830,655
|
—
|
2,830,655
|
|
Total Investments
|
$924,439,843
|
$10,215,238
|
$—
|
$934,655,081
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
|
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Options Written
|
|
|
|
|
|
Liabilities
|
$(74,150
)
|
$—
|
$—
|
$(74,150
)
|
|
Total
|
$(74,150
)
|
$—
|
$—
|
$(74,150
)
|
|
(a)
|
The following is a reconciliation between the beginning and ending balances of derivative investments in
which unobservable inputs (Level 3) were used in determining value:
|
|
(000's
omitted)
|
Beginning
balance as
of 9/1/2022
|
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
5/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2023
|
|
Other Financial Instruments
|
||||||||||
|
Written Option
Contracts(1)
|
$(15
)
|
$—
|
$32
|
$(17
)
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
|
Total
|
$(15
)
|
$—
|
$32
|
$(17
)
|
$—
|
$—
|
$—
|
$—
|
$—
|
$—
|
|
(1)
At the beginning of the period, these investments were valued in accordance with procedures approved by the valuation designee. The Fund no longer held these investments at May 31, 2023.
|
||||||||||
|
Number of Shares
|
Value
|
|
|
Common Stocks 94.8%
|
||
|
Aerospace & Defense 2.8%
|
||
|
130,091
|
Airbus SE
|
$17,039,714
|
|
Automobiles 2.9%
|
||
|
233,284
|
Mercedes-Benz Group AG
|
17,397,660
|
|
Banks 3.6%
|
||
|
536,905
|
ICICI Bank Ltd. ADR
|
12,305,863
|
|
237,361
|
Wells Fargo & Co.
|
9,449,341
|
|
|
|
21,755,204
|
|
Beverages 2.9%
|
||
|
428,132
|
Diageo PLC
|
17,825,275
|
|
Broadline Retail 4.3%
|
||
|
86,556
|
Amazon.com, Inc.*
|
10,436,922
|
|
12,594
|
MercadoLibre, Inc.*
|
15,603,966
|
|
|
|
26,040,888
|
|
Chemicals 1.2%
|
||
|
44,414
|
Air Liquide SA
|
7,436,349
|
|
Computers 0.2%
|
||
|
90,909
|
Arctic Wolf Networks,
Inc.*#(a)(b)
|
899,999
|
|
Diversified Telecommunication Services 3.2%
|
||
|
882,919
|
Deutsche Telekom AG
|
19,578,142
|
|
Electric Utilities 2.7%
|
||
|
222,331
|
NextEra Energy, Inc.
|
16,332,435
|
|
Entertainment 4.9%
|
||
|
99,092
|
Activision Blizzard, Inc.*
|
7,947,179
|
|
32,466
|
Netflix, Inc.*
|
12,831,537
|
|
88,000
|
World Wrestling
Entertainment, Inc. Class A
|
8,916,160
|
|
|
|
29,694,876
|
|
Financial Services 5.4%
|
||
|
41,297
|
Apollo Global Management,
Inc.
|
2,760,704
|
|
90,513
|
Fiserv, Inc.*
|
10,154,653
|
|
90,016
|
Visa, Inc. Class A
|
19,896,237
|
|
|
|
32,811,594
|
|
Ground Transportation 4.1%
|
||
|
81,512
|
Canadian National Railway Co.
|
9,190,590
|
|
131,601
|
Canadian Pacific Kansas City
Ltd.
|
10,027,851
|
|
139,418
|
Uber Technologies, Inc.*
|
5,288,125
|
|
|
|
24,506,566
|
|
Health Care Equipment & Supplies 3.2%
|
||
|
376,641
|
Boston Scientific Corp.*
|
19,389,479
|
|
Number of Shares
|
Value
|
|
|
Health Care Providers & Services 5.7%
|
||
|
38,942
|
Elevance Health, Inc.
|
$17,439,007
|
|
64,702
|
HCA Healthcare, Inc.
|
17,093,621
|
|
|
|
34,532,628
|
|
Hotels, Restaurants & Leisure 0.9%
|
||
|
1,173
|
Booking Holdings, Inc.*
|
2,942,787
|
|
84,293
|
Trip.com Group Ltd. ADR*
|
2,661,973
|
|
|
|
5,604,760
|
|
Household Durables 1.0%
|
||
|
63,500
|
Sony Group Corp.
|
5,997,919
|
|
Insurance 4.0%
|
||
|
190,671
|
Progressive Corp.
|
24,388,728
|
|
Interactive Media & Services 2.5%
|
||
|
23,801
|
Meta Platforms, Inc. Class A*
|
6,300,601
|
|
228,500
|
Tencent Holdings Ltd.
|
9,063,604
|
|
|
|
15,364,205
|
|
Life Sciences Tools & Services 2.0%
|
||
|
23,787
|
Thermo Fisher Scientific, Inc.
|
12,094,738
|
|
Oil, Gas & Consumable Fuels 2.6%
|
||
|
41,427
|
EOG Resources, Inc.
|
4,444,703
|
|
204,585
|
Shell PLC ADR
|
11,456,760
|
|
|
|
15,901,463
|
|
Personal Care Products 2.4%
|
||
|
33,666
|
L'Oreal SA
|
14,358,253
|
|
Pharmaceuticals 1.3%
|
||
|
110,283
|
AstraZeneca PLC ADR
|
8,059,482
|
|
Semiconductors & Semiconductor Equipment 7.3%
|
||
|
51,810
|
Analog Devices, Inc.
|
9,206,119
|
|
24,511
|
Lam Research Corp.
|
15,115,934
|
|
18,700
|
NVIDIA Corp.
|
7,074,958
|
|
77,682
|
ON Semiconductor Corp.*
|
6,494,215
|
|
62,142
|
Taiwan Semiconductor
Manufacturing Co. Ltd. ADR
|
6,126,580
|
|
|
|
44,017,806
|
|
Software 11.7%
|
||
|
17,137
|
Constellation Software, Inc.
|
34,943,195
|
|
54,692
|
Microsoft Corp.
|
17,960,306
|
|
115,313
|
Oracle Corp.
|
12,216,259
|
|
10,328
|
ServiceNow, Inc.*
|
5,626,488
|
|
|
|
70,746,248
|
|
Specialty Retail 1.7%
|
||
|
34,302
|
Floor & Decor Holdings, Inc.
Class A*
|
3,132,115
|
|
17,360
|
Ulta Beauty, Inc.*
|
7,114,649
|
|
|
|
10,246,764
|
|
Number of Shares
|
Value
|
|
|
Technology Hardware, Storage & Peripherals 4.0%
|
||
|
136,155
|
Apple, Inc.
|
$24,133,474
|
|
Textiles, Apparel & Luxury Goods 3.0%
|
||
|
21,040
|
LVMH Moet Hennessy Louis
Vuitton SE
|
18,304,335
|
|
Wireless Telecommunication Services 3.3%
|
||
|
145,466
|
T-Mobile U.S., Inc.*
|
19,965,208
|
|
|
||
|
Total Common Stocks (Cost $506,048,952)
|
574,424,192
|
|
|
Preferred Stocks 0.5%
|
||
|
Internet 0.2%
|
|
|
|
1,000
|
Fabletics LLC, Series G*#(a)(b)
|
1,000,000
|
|
IT Services 0.1%
|
|
|
|
106,691
|
Druva, Inc., Series 5*#(a)(b)
|
999,993
|
|
Number of Shares
|
Value
|
|
|
Software 0.2%
|
|
|
|
63,363
|
Videoamp, Inc., Series F1*#(a)(b)
|
$999,995
|
|
Total Preferred Stocks (Cost $2,999,995)
|
2,999,988
|
|
|
|
||
|
Short-Term Investments 4.5%
|
||
|
Investment Companies 4.5%
|
||
|
27,519,128
|
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.02%(c)
(Cost $27,519,128)
|
27,519,128
|
|
Total Investments 99.8%
(Cost $536,568,075)
|
604,943,308
|
|
|
Other Assets Less Liabilities 0.2%
|
1,338,074
|
|
|
Net Assets 100.0%
|
$606,281,382
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Value determined using significant unobservable inputs.
|
|
(b)
|
Security fair valued as of May 31, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2023 amounted to $3,899,987, which represents 0.7% of net
assets of the Fund.
|
|
(c)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
5/31/2023
|
Fair Value
Percentage
of Net Assets
as of
5/31/2023
|
|
Arctic Wolf Networks, Inc.
|
12/31/2021
|
$999,999
|
$899,999
|
0.2%
|
|
Druva, Inc. (Series 5 Preferred Shares)
|
4/1/2021
|
1,000,000
|
999,993
|
0.1%
|
|
Fabletics LLC (Series G Preferred Shares)
|
1/10/2022
|
1,000,000
|
1,000,000
|
0.2%
|
|
Videoamp, Inc. (Series F1 Preferred Shares)
|
1/4/2022
|
999,995
|
999,995
|
0.2%
|
|
Total
|
|
$3,999,994
|
$3,899,987
|
0.7%
|
|
POSITIONS BY COUNTRY
|
||
|
Country
|
Investments at
Value
|
Percentage of
Net Assets
|
|
United States
|
$340,046,669
|
56.1%
|
|
France
|
57,138,651
|
9.4%
|
|
Canada
|
54,161,636
|
8.9%
|
|
Germany
|
36,975,802
|
6.1%
|
|
United Kingdom
|
25,884,757
|
4.3%
|
|
Brazil
|
15,603,966
|
2.6%
|
|
India
|
12,305,863
|
2.0%
|
|
China
|
11,725,577
|
2.0%
|
|
Netherlands
|
11,456,760
|
1.9%
|
|
Taiwan
|
6,126,580
|
1.0%
|
|
Japan
|
5,997,919
|
1.0%
|
|
Short-Term Investments and Other Assets—Net
|
28,857,202
|
4.7%
|
|
|
$606,281,382
|
100.0%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Computers
|
$—
|
$—
|
$899,999
|
$899,999
|
|
Other Common Stocks#
|
573,524,193
|
—
|
—
|
573,524,193
|
|
Total Common Stocks
|
573,524,193
|
—
|
899,999
|
574,424,192
|
|
Preferred Stocks#
|
—
|
—
|
2,999,988
|
2,999,988
|
|
Short-Term Investments
|
—
|
27,519,128
|
—
|
27,519,128
|
|
Total Investments
|
$573,524,193
|
$27,519,128
|
$3,899,987
|
$604,943,308
|
|
#
|
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
unobservable inputs (Level 3) were used in determining value:
|
|
(000's
omitted)
|
Beginning
balance as
of 9/1/2022
|
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
5/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2023
|
|
Investments in Securities:
|
||||||||||
|
Common Stocks(1)
|
$1,000
|
$—
|
$—
|
$(100
)
|
$—
|
$—
|
$—
|
$—
|
$900
|
$(100
)
|
|
Preferred Stocks(1)
|
3,000
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
3,000
|
—
|
|
Total
|
$4,000
|
$—
|
$—
|
$(100
)
|
$—
|
$—
|
$—
|
$—
|
$3,900
|
$(100
)
|
|
(1)
Quantitative Information about Level 3 Fair Value Measurements: |
||||||
|
Investment type
|
Fair value
at
5/31/2023
|
Valuation
approach
|
Unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
|
Common Stocks
|
$899,999
|
Market Approach
|
Enterprise value/
Revenue multiple(c) (EV/Revenue)
|
9.0x
|
9.0x
|
Increase
|
|
Preferred Stocks
|
2,999,988
|
Market Approach
|
Enterprise value/
Revenue multiple(c) (EV/Revenue)
|
3.0x - 8.0x
|
6.0x
|
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.
|
||||||
|
Number of Shares
|
Value
|
|
|
Common Stocks 99.2%
|
||
|
Air Freight & Logistics 1.0%
|
||
|
977,563
|
Forward Air Corp.
|
$95,087,553
|
|
Automobile Components 3.0%
|
||
|
1,424,344
|
Fox Factory Holding Corp.*
|
126,652,668
|
|
705,946
|
LCI Industries
|
76,270,406
|
|
1,072,124
|
XPEL, Inc.*
|
73,837,180
|
|
|
|
276,760,254
|
|
Banks 7.0%
|
||
|
1,343,689
|
Bank of Hawaii Corp.
|
52,605,424
|
|
627,479
|
BOK Financial Corp.
|
51,026,592
|
|
1,676,710
|
Community Bank System,
Inc.
|
82,896,542
|
|
1,001,644
|
Cullen/Frost Bankers, Inc.
|
100,364,729
|
|
3,012,474
|
CVB Financial Corp.
|
36,179,813
|
|
1,822,635
|
First Financial Bankshares,
Inc.
|
47,206,247
|
|
2,171,140
|
Glacier Bancorp, Inc.
|
62,572,255
|
|
896,581
|
Lakeland Financial Corp.
|
45,035,264
|
|
1,305,644
|
Prosperity Bancshares, Inc.
|
74,656,724
|
|
887,456
|
Stock Yards Bancorp, Inc.
|
37,184,406
|
|
2,699,144
|
United Community Banks,
Inc.
|
61,027,646
|
|
|
|
650,755,642
|
|
Biotechnology 0.4%
|
||
|
2,284,906
|
Abcam PLC ADR*
|
36,901,232
|
|
Building Products 1.7%
|
||
|
734,896
|
CSW Industrials, Inc.
|
104,149,461
|
|
5,109,026
|
Hayward Holdings, Inc.*
|
55,484,023
|
|
|
|
159,633,484
|
|
Capital Markets 1.8%
|
||
|
779,196
|
Artisan Partners Asset
Management, Inc. Class A
|
24,934,272
|
|
474,509
|
Hamilton Lane, Inc. Class A
|
32,223,906
|
|
695,816
|
Houlihan Lokey, Inc.
|
60,751,695
|
|
179,787
|
MarketAxess Holdings, Inc.
|
48,975,777
|
|
|
|
166,885,650
|
|
Chemicals 2.0%
|
||
|
545,765
|
Chase Corp.(a)
|
64,181,964
|
|
2,877,701
|
Element Solutions, Inc.
|
51,597,179
|
|
359,688
|
Quaker Chemical Corp.
|
68,272,379
|
|
|
|
184,051,522
|
|
Commercial Services & Supplies 3.1%
|
||
|
3,766,643
|
Driven Brands Holdings, Inc.*
|
93,525,746
|
|
1,906,289
|
Rollins, Inc.
|
74,955,283
|
|
888,102
|
Tetra Tech, Inc.
|
122,087,382
|
|
|
|
290,568,411
|
|
Number of Shares
|
Value
|
|
|
Communications Equipment 1.1%
|
||
|
3,445,319
|
NetScout Systems, Inc.*
|
$105,151,136
|
|
Construction & Engineering 1.7%
|
||
|
595,224
|
Valmont Industries, Inc.
|
156,109,398
|
|
Construction Materials 1.7%
|
||
|
953,636
|
Eagle Materials, Inc.
|
155,375,913
|
|
Consumer Staples Distribution & Retail 0.4%
|
||
|
1,425,733
|
Grocery Outlet Holding
Corp.*
|
40,947,052
|
|
Containers & Packaging 0.8%
|
||
|
692,753
|
AptarGroup, Inc.
|
77,927,785
|
|
Distributors 1.9%
|
||
|
571,228
|
Pool Corp.
|
180,639,430
|
|
Diversified Consumer Services 0.6%
|
||
|
621,146
|
Bright Horizons Family
Solutions, Inc.*
|
53,170,098
|
|
Electronic Equipment, Instruments & Components 4.0%
|
||
|
628,651
|
Advanced Energy Industries,
Inc.
|
61,702,096
|
|
594,839
|
Littelfuse, Inc.
|
152,302,578
|
|
619,009
|
Novanta, Inc.*
|
102,507,890
|
|
195,146
|
Zebra Technologies Corp.
Class A*
|
51,239,485
|
|
|
|
367,752,049
|
|
Energy Equipment & Services 1.7%
|
||
|
1,130,422
|
Cactus, Inc. Class A
|
35,698,727
|
|
2,815,851
|
Oceaneering International,
Inc.*
|
43,110,679
|
|
1,810,528
|
Tidewater, Inc.*
|
81,129,759
|
|
|
|
159,939,165
|
|
Financial Services 1.2%
|
||
|
444,187
|
Jack Henry & Associates, Inc.
|
67,911,750
|
|
724,651
|
Shift4 Payments, Inc.
Class A*
|
45,450,111
|
|
|
|
113,361,861
|
|
Food Products 1.0%
|
||
|
1,306,240
|
Simply Good Foods Co.*
|
47,272,826
|
|
2,776,976
|
Utz Brands, Inc.
|
45,681,255
|
|
|
|
92,954,081
|
|
Health Care Equipment & Supplies 3.8%
|
||
|
124,347
|
Atrion Corp.(a)
|
64,705,205
|
|
1,993,683
|
Haemonetics Corp.*
|
168,665,582
|
|
514,782
|
QuidelOrtho Corp.*
|
43,828,539
|
|
509,078
|
UFP Technologies, Inc.*(a)
|
78,718,731
|
|
|
|
355,918,057
|
|
Number of Shares
|
Value
|
|
|
Health Care Providers & Services 1.9%
|
||
|
324,577
|
Chemed Corp.
|
$173,249,465
|
|
Health Care Technology 0.4%
|
||
|
902,030
|
Simulations Plus, Inc.
|
39,860,706
|
|
Hotels, Restaurants & Leisure 1.2%
|
||
|
1,043,060
|
Texas Roadhouse, Inc.
|
112,546,174
|
|
Household Products 1.5%
|
||
|
551,218
|
Church & Dwight Co., Inc.
|
50,960,104
|
|
465,261
|
WD-40 Co.
|
88,236,749
|
|
|
|
139,196,853
|
|
Insurance 1.8%
|
||
|
863,660
|
AMERISAFE, Inc.
|
44,098,479
|
|
2,223,946
|
Hagerty, Inc. Class A*
|
19,370,570
|
|
868,180
|
RLI Corp.
|
107,524,093
|
|
|
|
170,993,142
|
|
Life Sciences Tools & Services 5.1%
|
||
|
2,370,572
|
Bio-Techne Corp.
|
193,889,084
|
|
353,631
|
ICON PLC*
|
75,334,012
|
|
2,088,566
|
Stevanato Group SpA(a)
|
56,203,311
|
|
434,414
|
West Pharmaceutical
Services, Inc.
|
145,367,957
|
|
|
|
470,794,364
|
|
Machinery 9.6%
|
||
|
1,018,503
|
Esab Corp.
|
59,806,496
|
|
51,176
|
ESCO Technologies, Inc.
|
4,605,840
|
|
1,255,470
|
Graco, Inc.
|
96,030,900
|
|
5,521,080
|
Hillman Solutions Corp.*
|
44,720,748
|
|
590,781
|
Kadant, Inc.(a)
|
112,082,971
|
|
459,262
|
Lindsay Corp.
|
54,101,064
|
|
424,693
|
Nordson Corp.
|
92,553,345
|
|
300,269
|
Omega Flex, Inc.
|
31,279,022
|
|
808,969
|
RBC Bearings, Inc.*
|
160,410,463
|
|
856,944
|
SPX Technologies, Inc.*
|
65,436,244
|
|
286,345
|
Standex International Corp.
|
38,997,326
|
|
1,385,552
|
Toro Co.
|
135,548,552
|
|
|
|
895,572,971
|
|
Marine Transportation 1.7%
|
||
|
2,171,898
|
Kirby Corp.*
|
155,421,021
|
|
Media 2.8%
|
||
|
108,004
|
Cable One, Inc.
|
66,080,087
|
|
1,005,673
|
Nexstar Media Group, Inc.
Class A
|
151,776,169
|
|
1,211,590
|
TechTarget, Inc.*
|
42,090,637
|
|
|
|
259,946,893
|
|
Oil, Gas & Consumable Fuels 2.3%
|
||
|
1,145,610
|
Matador Resources Co.
|
50,372,472
|
|
2,846,826
|
Sitio Royalties Corp. Class A
|
72,537,126
|
|
Number of Shares
|
Value
|
|
|
Oil, Gas & Consumable Fuels – cont'd
|
||
|
12,349,803
|
Southwestern Energy Co.*
|
$58,908,560
|
|
27,338
|
Texas Pacific Land Corp.
|
35,640,551
|
|
|
|
217,458,709
|
|
Pharmaceuticals 0.4%
|
||
|
908,746
|
Amphastar Pharmaceuticals,
Inc.*
|
40,321,060
|
|
Professional Services 3.5%
|
||
|
352,754
|
CRA International, Inc.(a)
|
32,689,713
|
|
1,624,707
|
Exponent, Inc.
|
148,368,244
|
|
785,319
|
FTI Consulting, Inc.*
|
147,647,825
|
|
|
|
328,705,782
|
|
Real Estate Management & Development 1.7%
|
||
|
1,060,212
|
FirstService Corp.
|
153,879,170
|
|
Semiconductors & Semiconductor Equipment 6.0%
|
||
|
969,185
|
FormFactor, Inc.*
|
30,325,799
|
|
3,031,889
|
Lattice Semiconductor
Corp.*
|
246,522,894
|
|
1,033,242
|
MKS Instruments, Inc.
|
100,544,779
|
|
2,099,395
|
Power Integrations, Inc.
|
181,387,728
|
|
|
|
558,781,200
|
|
Software 12.7%
|
||
|
1,947,159
|
American Software, Inc.
Class A(a)
|
24,787,334
|
|
595,879
|
Aspen Technology, Inc.*
|
97,676,486
|
|
908,451
|
CommVault Systems, Inc.*
|
63,309,950
|
|
279,510
|
Fair Isaac Corp.*
|
220,161,642
|
|
1,248,651
|
Manhattan Associates, Inc.*
|
226,530,264
|
|
1,800,267
|
Model N, Inc.*
|
57,464,523
|
|
1,268,354
|
Qualys, Inc.*
|
160,142,376
|
|
1,146,159
|
SPS Commerce, Inc.*
|
178,571,572
|
|
246,384
|
Tyler Technologies, Inc.*
|
97,804,593
|
|
2,512,077
|
Vertex, Inc. Class A*
|
55,215,452
|
|
|
|
1,181,664,192
|
|
Specialty Retail 4.1%
|
||
|
788,725
|
Asbury Automotive Group,
Inc.*
|
164,930,285
|
|
999,829
|
Floor & Decor Holdings, Inc.
Class A*
|
91,294,386
|
|
359,689
|
Tractor Supply Co.
|
75,387,217
|
|
152,612
|
Winmark Corp.
|
49,749,986
|
|
|
|
381,361,874
|
|
Trading Companies & Distributors 2.6%
|
||
|
1,516,688
|
Richelieu Hardware Ltd.
|
47,487,501
|
|
419,381
|
SiteOne Landscape Supply,
Inc.*
|
57,828,446
|
|
464,252
|
Transcat, Inc.*(a)
|
39,243,222
|
|
Number of Shares
|
Value
|
|
|
Trading Companies & Distributors – cont'd
|
||
|
310,041
|
Watsco, Inc.
|
$100,567,999
|
|
|
|
245,127,168
|
|
Total Common Stocks
(Cost $5,523,932,672)
|
9,244,770,517
|
|
|
|
||
|
Short-Term Investments 0.9%
|
||
|
Investment Companies 0.9%
|
||
|
5,787,481
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(b)
|
5,787,481
|
|
Number of Shares
|
Value
|
|
|
Investment Companies – cont'd
|
||
|
80,381,926
|
State Street Institutional
Treasury Plus Money Market
Fund Premier Class, 5.03%(b)
|
$80,381,926
|
|
Total Short-Term Investments
(Cost $86,169,407)
|
86,169,407
|
|
|
Total Investments 100.1%
(Cost $5,610,102,079)
|
9,330,939,924
|
|
|
Liabilities Less Other Assets (0.1)%
|
(6,155,492
)
|
|
|
Net Assets 100.0%
|
$9,324,784,432
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Affiliated company (see Note § below).
|
|
(b)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$9,244,770,517
|
$—
|
$—
|
$9,244,770,517
|
|
Short-Term Investments
|
—
|
86,169,407
|
—
|
86,169,407
|
|
Total Investments
|
$9,244,770,517
|
$86,169,407
|
$—
|
$9,330,939,924
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
|
Value at
August 31,
2022
|
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,
2023
|
Value at
May 31,
2023
|
|
Genesis
|
|
|
|
|
|
|
|
|
|
American
Software, Inc.
|
$34,871,398
|
$—
|
$1,473,644
|
$(8,003,186
)
|
$(607,234
)
|
$668,941
|
1,947,159
|
$24,787,334
|
|
Atrion Corp.
|
79,955,129
|
—
|
4,787,291
|
(10,569,408
)
|
106,775
|
845,012
|
124,347
|
64,705,205
|
|
Chase Corp.
|
48,036,092
|
2,251,075
|
2,382,096
|
16,342,863
|
(65,970
)
|
546,348
|
545,765
|
64,181,964
|
|
CRA
International, Inc.
|
—
|
39,703,411
|
603,946
|
(6,312,821
)
|
(96,931
)
|
195,250
|
352,754
|
32,689,713
|
|
Kadant, Inc.
|
96,569,944
|
14,869,732
|
4,923,456
|
3,682,746
|
1,884,005
|
458,775
|
590,781
|
112,082,971
|
|
Stevanato Group
SpA
|
—
|
50,227,676
|
—
|
5,975,635
|
—
|
—*
|
2,088,566
|
56,203,311
|
|
Transcat, Inc.
|
36,025,818
|
—
|
1,875,333
|
4,238,366
|
854,371
|
—*
|
464,252
|
39,243,222
|
|
UFP Technologies,
Inc.
|
39,644,985
|
11,810,437
|
900,550
|
27,797,417
|
366,442
|
—*
|
509,078
|
78,718,731
|
|
Sub-total for
affiliates held
as of 5/31/23(b)
|
$335,103,366
|
$118,862,331
|
$16,946,316
|
$33,151,612
|
$2,441,458
|
$2,714,326
|
|
$472,612,451
|
|
AMERISAFE, Inc.
|
43,971,877
|
—
|
2,893,600
|
3,468,532
|
(448,330
)
|
4,528,595
|
863,660
|
44,098,479
|
|
Lindsay Corp.
|
83,895,381
|
4,859,324
|
14,038,033
|
(25,319,747
)
|
4,704,139
|
506,540
|
459,262
|
54,101,064
|
|
Model N, Inc.
|
63,151,970
|
—
|
11,904,660
|
3,064,071
|
3,153,142
|
—*
|
1,800,267
|
57,464,523
|
|
NetScout
Systems, Inc.
|
116,428,097
|
—
|
6,726,793
|
(4,301,755
)
|
(248,413
)
|
—*
|
3,445,319
|
105,151,136
|
|
Simulations Plus,
Inc.
|
64,467,818
|
—
|
7,101,413
|
(17,850,668
)
|
344,969
|
173,635
|
902,030
|
39,860,706
|
|
Vertex, Inc.
|
33,599,900
|
2,974,585
|
2,738,975
|
21,994,798
|
(614,856
)
|
—*
|
2,512,077
|
55,215,452
|
|
Sub-total for
securities no
longer affiliated
as of 5/31/23(c)
|
$405,515,043
|
$7,833,909
|
$45,403,474
|
$(18,944,769
)
|
$6,890,651
|
$5,208,770
|
|
355,891,360
|
|
Total
|
$740,618,409
|
$126,696,240
|
$62,349,790
|
$14,206,843
|
$9,332,109
|
$7,923,096
|
|
$828,503,811
|
|
(a)
|
Affiliated persons, as defined in the Investment Company Act of 1940, as amended.
|
|
(b)
|
At May 31, 2023, these securities amounted to 5.07% of net assets of the Fund.
|
|
(c)
|
At May 31, 2023, the issuers of these securities were no longer affiliated with the Fund.
|
|
*
|
Non-income producing security.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 96.9%
|
||
|
Australia 5.4%
|
||
|
18,502
|
Charter Hall Retail REIT
|
$44,769
|
|
10,197
|
GPT Group
|
27,791
|
|
50,331
|
Region RE Ltd.
|
82,172
|
|
|
|
154,732
|
|
Canada 4.0%
|
||
|
1,336
|
Canadian Apartment Properties REIT
|
48,273
|
|
4,550
|
RioCan Real Estate Investment Trust
|
67,102
|
|
|
|
115,375
|
|
France 2.5%
|
||
|
303
|
ARGAN SA
|
22,671
|
|
489
|
Gecina SA
|
50,048
|
|
|
|
72,719
|
|
Hong Kong 5.2%
|
||
|
11,000
|
CK Asset Holdings Ltd.
|
59,281
|
|
4,000
|
Link REIT
|
23,243
|
|
5,269
|
Sun Hung Kai Properties Ltd.
|
67,087
|
|
|
|
149,611
|
|
Japan 8.7%
|
||
|
55
|
LaSalle Logiport REIT
|
66,280
|
|
4,500
|
Mitsui Fudosan Co. Ltd.
|
85,995
|
|
31
|
Nippon Prologis REIT, Inc.
|
65,015
|
|
1,400
|
Nomura Real Estate Holdings, Inc.
|
33,914
|
|
|
|
251,204
|
|
Singapore 3.8%
|
||
|
25,400
|
Mapletree Pan Asia Commercial Trust
|
30,991
|
|
16,800
|
UOL Group Ltd.
|
78,888
|
|
|
|
109,879
|
|
Spain 2.5%
|
||
|
1,752
|
Cellnex Telecom SA(a)
|
70,995
|
|
United Kingdom 8.8%
|
||
|
13,716
|
Grainger PLC
|
42,382
|
|
4,909
|
Great Portland Estates PLC
|
29,519
|
|
4,528
|
Safestore Holdings PLC
|
52,637
|
|
7,007
|
Segro PLC
|
69,521
|
|
5,142
|
UNITE Group PLC
|
57,248
|
|
|
|
251,307
|
|
United States 56.0%
|
||
|
922
|
American Homes 4 Rent Class A
|
31,606
|
|
Number of Shares
|
Value
|
|
|
United States – cont'd
|
||
|
739
|
American Tower Corp.
|
$136,301
|
|
1,556
|
Apartment Income REIT Corp.
|
53,978
|
|
332
|
Boston Properties, Inc.
|
16,158
|
|
855
|
Crown Castle, Inc.
|
96,795
|
|
178
|
EastGroup Properties, Inc.
|
29,301
|
|
101
|
Equinix, Inc.
|
75,301
|
|
750
|
Equity LifeStyle Properties, Inc.
|
47,377
|
|
721
|
Equity Residential
|
43,837
|
|
238
|
Essex Property Trust, Inc.
|
51,422
|
|
320
|
Extra Space Storage, Inc.
|
46,166
|
|
1,304
|
Healthpeak Properties, Inc.
|
26,028
|
|
1,439
|
Invitation Homes, Inc.
|
48,753
|
|
1,019
|
Iron Mountain, Inc.
|
54,435
|
|
3,454
|
Kimco Realty Corp.
|
63,484
|
|
137
|
Life Storage, Inc.
|
17,452
|
|
1,149
|
Prologis, Inc.
|
143,108
|
|
433
|
Public Storage
|
122,669
|
|
1,468
|
Realty Income Corp.
|
87,258
|
|
1,077
|
Retail Opportunity Investments Corp.
|
13,139
|
|
404
|
Rexford Industrial Realty, Inc.
|
21,994
|
|
177
|
SBA Communications Corp.
|
39,255
|
|
472
|
Simon Property Group, Inc.
|
49,631
|
|
249
|
Sun Communities, Inc.
|
31,531
|
|
836
|
UDR, Inc.
|
33,164
|
|
1,056
|
Ventas, Inc.
|
45,556
|
|
1,963
|
VICI Properties, Inc.
|
60,716
|
|
1,080
|
Welltower, Inc.
|
80,579
|
|
1,570
|
Weyerhaeuser Co.
|
44,996
|
|
|
|
1,611,990
|
|
Total Common Stocks
(Cost $3,057,158)
|
2,787,812
|
|
|
|
||
|
|
||
|
Short-Term Investments 3.3%
|
||
|
Investment Companies 3.3%
|
||
|
94,951
|
State Street Institutional
U.S. Government Money Market Fund
Premier Class, 5.02%(b)
(Cost $94,951)
|
94,951
|
|
Total Investments 100.2% (Cost $3,152,109)
|
2,882,763
|
|
|
Liabilities Less Other Assets (0.2)%
|
(5,915
)
|
|
|
Net Assets 100.0%
|
$2,876,848
|
|
|
(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, 2023 amounted to $70,995, which represents 2.5% of net assets of the Fund.
|
|
(b)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
POSITIONS BY SECTOR
|
||
|
Sector
|
Investments at
Value
|
Percentage of
Net Assets
|
|
Specialty REITs
|
$975,445
|
33.9
%
|
|
Retail REITs
|
461,789
|
16.1
%
|
|
Industrial & Office REITs
|
447,335
|
15.5
%
|
|
Residential REITs
|
447,189
|
15.5
%
|
|
Real Estate Holding & Development
|
367,547
|
12.8
%
|
|
Hotel & Lodging REITs
|
60,716
|
2.1
%
|
|
Diversified REITs
|
27,791
|
1.0
%
|
|
Short-Term Investments and Other Liabilities-Net
|
89,036
|
3.1
%
|
|
Total
|
$2,876,848
|
100.0
%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$2,787,812
|
$—
|
$—
|
$2,787,812
|
|
Short-Term Investments
|
—
|
94,951
|
—
|
94,951
|
|
Total Investments
|
$2,787,812
|
$94,951
|
$—
|
$2,882,763
|
|
#
|
The Schedule of Investments provides a geographic categorization as well as a Positions by Sector summary.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 96.0%
|
||
|
Air Freight & Logistics 5.2%
|
||
|
2,137
|
Milkyway Chemical Supply Chain
Service Co. Ltd. Class A
|
$25,667
|
|
3,284
|
ZTO Express Cayman, Inc. ADR
|
82,888
|
|
|
|
108,555
|
|
Banks 4.5%
|
||
|
20,000
|
China Merchants Bank Co. Ltd. H
Shares
|
92,970
|
|
Beverages 4.3%
|
||
|
14,000
|
China Resources Beer Holdings Co.
Ltd.
|
88,322
|
|
Biotechnology 4.0%
|
||
|
18,666
|
Akeso, Inc. Class B*(a)
|
83,194
|
|
Broadline Retail 3.9%
|
||
|
8,100
|
Alibaba Group Holding Ltd.*
|
80,582
|
|
Chemicals 16.2%
|
||
|
57,043
|
Satellite Chemical Co. Ltd. Class A
|
101,730
|
|
10,300
|
Shandong Hualu Hengsheng
Chemical Co. Ltd. Class A
|
42,291
|
|
9,800
|
Wanhua Chemical Group Co. Ltd.
Class A
|
113,472
|
|
6,100
|
Yunnan Energy New Material Co. Ltd.
Class A*
|
78,066
|
|
|
|
335,559
|
|
Construction Materials 0.9%
|
||
|
34,000
|
China National Building Material Co.
Ltd. H Shares
|
19,235
|
|
Electrical Equipment 2.6%
|
||
|
6,000
|
Eve Energy Co. Ltd. Class A
|
54,051
|
|
Electronic Equipment, Instruments & Components 6.1%
|
||
|
27,012
|
Luxshare Precision Industry Co. Ltd.
Class A
|
103,799
|
|
7,117
|
Shenzhen Sunlord Electronics Co. Ltd.
Class A
|
23,191
|
|
|
|
126,990
|
|
Food Products 4.2%
|
||
|
21,300
|
Inner Mongolia Yili Industrial Group
Co. Ltd. Class A
|
86,376
|
|
Hotels, Restaurants & Leisure 3.7%
|
||
|
1,489
|
H World Group Ltd. ADR*
|
54,527
|
|
1,600
|
Meituan Class B*(a)
|
22,517
|
|
|
|
77,044
|
|
Number of Shares
|
Value
|
|
|
Household Durables 8.2%
|
||
|
43,000
|
Haier Smart Home Co. Ltd. H Shares
|
$123,282
|
|
5,200
|
Man Wah Holdings Ltd.
|
3,407
|
|
6,013
|
Midea Group Co. Ltd. Class A
|
43,444
|
|
|
|
170,133
|
|
Insurance 5.5%
|
||
|
45,000
|
China Pacific Insurance Group Co.
Ltd. H Shares
|
113,786
|
|
Interactive Media & Services 5.8%
|
||
|
3,000
|
Tencent Holdings Ltd.
|
118,997
|
|
Machinery 5.9%
|
||
|
4,200
|
Jiangsu Hengli Hydraulic Co. Ltd.
Class A
|
32,255
|
|
5,600
|
Shenzhen Inovance Technology Co.
Ltd. Class A
|
46,577
|
|
48,450
|
Zoomlion Heavy Industry Science and
Technology Co. Ltd. Class A
|
43,169
|
|
|
|
122,001
|
|
Marine Transportation 1.0%
|
||
|
12,000
|
SITC International Holdings Co. Ltd.
|
20,842
|
|
Pharmaceuticals 2.9%
|
||
|
70,000
|
CSPC Pharmaceutical Group Ltd.
|
60,967
|
|
Real Estate Management & Development 4.0%
|
||
|
22,000
|
China Resources Land Ltd.
|
82,320
|
|
Semiconductors & Semiconductor Equipment 6.1%
|
||
|
14,000
|
TCL Zhonghuan Renewable Energy
Technology Co. Ltd. Class A
|
73,208
|
|
5,368
|
Zhejiang Jingsheng Mechanical &
Electrical Co. Ltd. Class A
|
52,098
|
|
|
|
125,306
|
|
Textiles, Apparel & Luxury Goods 1.0%
|
||
|
4,000
|
Li Ning Co. Ltd.
|
21,455
|
|
Total Common Stocks (Cost $2,312,062)
|
1,988,685
|
|
|
|
||
|
Short-Term Investments 2.6%
|
||
|
Investment Companies 2.6%
|
||
|
53,813
|
State Street Institutional
U.S. Government Money Market Fund
Premier Class, 5.02%(b)
(Cost $ 53,813)
|
53,813
|
|
Total Investments 98.6% (Cost $2,365,875)
|
2,042,498
|
|
|
Other Assets Less Liabilities 1.4%
|
29,031
|
|
|
Net Assets 100.0%
|
$2,071,529
|
|
|
*
|
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, 2023 amounted to $105,711, which represents 5.1% of net assets of the Fund.
|
|
(b)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$1,988,685
|
$—
|
$—
|
$1,988,685
|
|
Short-Term Investments
|
—
|
53,813
|
—
|
53,813
|
|
Total Investments
|
$1,988,685
|
$53,813
|
$—
|
$2,042,498
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 97.6%
|
||
|
Austria 1.1%
|
||
|
261,743
|
BAWAG Group AG*(a)
|
$11,375,739
|
|
Belgium 1.1%
|
||
|
462,113
|
Azelis Group NV
|
11,331,275
|
|
Canada 2.7%
|
||
|
841,318
|
Cenovus Energy, Inc.
|
13,444,262
|
|
529,271
|
Softchoice Corp.(b)
|
6,986,767
|
|
148,666
|
Toronto-Dominion Bank
|
8,415,098
|
|
|
|
28,846,127
|
|
China 0.5%
|
||
|
586,300
|
Shenzhou International
Group Holdings Ltd.
|
4,747,035
|
|
Finland 1.0%
|
||
|
1,081,090
|
Nordea Bank Abp
|
10,627,793
|
|
France 7.8%
|
||
|
62,223
|
Air Liquide SA
|
10,418,155
|
|
609,245
|
Bureau Veritas SA
|
15,453,501
|
|
472,630
|
Exclusive Networks SA
|
9,831,081
|
|
14,476
|
Kering SA
|
7,711,169
|
|
80,131
|
Pernod Ricard SA
|
17,310,278
|
|
76,646
|
Teleperformance
|
11,461,577
|
|
167,752
|
TotalEnergies SE
|
9,517,783
|
|
|
|
81,703,544
|
|
Germany 10.1%
|
||
|
58,243
|
adidas AG
|
9,431,777
|
|
140,975
|
Brenntag SE
|
11,057,501
|
|
78,596
|
Deutsche Boerse AG
|
13,567,822
|
|
549,887
|
Deutsche Telekom AG
|
12,193,379
|
|
187,814
|
HelloFresh SE*
|
4,462,771
|
|
31,035
|
Merck KGaA
|
5,398,958
|
|
54,969
|
MTU Aero Engines AG
|
12,679,626
|
|
355,528
|
QIAGEN NV*
|
16,055,645
|
|
91,203
|
SAP SE ADR
|
11,896,519
|
|
151,310
|
Stabilus SE
|
9,024,829
|
|
|
|
105,768,827
|
|
Hong Kong 2.9%
|
||
|
1,375,600
|
AIA Group Ltd.
|
13,193,056
|
|
987,944
|
Prudential PLC
|
12,977,740
|
|
480,800
|
Techtronic Industries Co. Ltd.
|
4,460,806
|
|
|
|
30,631,602
|
|
Ireland 4.8%
|
||
|
1,310,242
|
Bank of Ireland Group PLC
|
12,316,155
|
|
316,076
|
CRH PLC
|
14,964,532
|
|
142,868
|
Kerry Group PLC Class A
|
13,924,247
|
|
Number of Shares
|
Value
|
|
|
Ireland – cont'd
|
||
|
266,258
|
Smurfit Kappa Group PLC
|
$9,457,366
|
|
|
|
50,662,300
|
|
Italy 0.9%
|
||
|
1,236,843
|
Nexi SpA*(a)
|
9,688,069
|
|
Japan 17.9%
|
||
|
41,700
|
Disco Corp.
|
6,090,759
|
|
240,900
|
Ebara Corp.
|
10,806,567
|
|
106,900
|
Fujitsu Ltd.
|
13,596,038
|
|
296,200
|
Hitachi Ltd.
|
17,105,510
|
|
513,800
|
KDDI Corp.
|
15,824,266
|
|
335,100
|
Koito Manufacturing Co.
Ltd.
|
6,306,350
|
|
37,500
|
Lasertec Corp.
|
5,827,203
|
|
80,000
|
Oracle Corp. Japan(b)
|
6,132,424
|
|
313,100
|
Otsuka Corp.
|
11,820,606
|
|
653,900
|
SCSK Corp.
|
10,362,901
|
|
24,475
|
SMC Corp.
|
13,189,184
|
|
281,600
|
Sony Group Corp.
|
26,598,643
|
|
727,300
|
TechnoPro Holdings, Inc.
|
15,843,212
|
|
388,000
|
Terumo Corp.
|
11,824,497
|
|
117,000
|
Tokyo Electron Ltd.
|
16,220,025
|
|
|
|
187,548,185
|
|
Netherlands 5.7%
|
||
|
12,656
|
ASML Holding NV
|
9,084,053
|
|
174,433
|
Heineken NV
|
17,615,935
|
|
868,250
|
ING Groep NV
|
10,680,260
|
|
811,076
|
Shell PLC
|
22,403,463
|
|
|
|
59,783,711
|
|
Singapore 0.9%
|
||
|
444,607
|
DBS Group Holdings Ltd.
|
9,961,985
|
|
Spain 0.9%
|
||
|
1,499,479
|
Bankinter SA
|
8,562,122
|
|
32,283
|
Fluidra SA
|
570,406
|
|
|
|
9,132,528
|
|
Sweden 0.7%
|
||
|
87,178
|
Autoliv, Inc.
|
7,105,007
|
|
Switzerland 9.5%
|
||
|
80,002
|
DSM-Firmenich AG*
|
8,896,893
|
|
192,359
|
Julius Baer Group Ltd.
|
11,751,693
|
|
13,246
|
Lonza Group AG
|
8,281,386
|
|
310,125
|
Novartis AG
|
29,679,380
|
|
88,428
|
Roche Holding AG
|
27,982,377
|
|
479,862
|
SIG Group AG*
|
13,087,864
|
|
|
|
99,679,593
|
|
United Kingdom 21.0%
|
||
|
216,174
|
AstraZeneca PLC
|
31,354,858
|
|
1,211,226
|
BAE Systems PLC
|
13,985,229
|
|
Number of Shares
|
Value
|
|
|
United Kingdom – cont'd
|
||
|
488,584
|
Bunzl PLC
|
$19,108,413
|
|
126,696
|
Coca-Cola Europacific
Partners PLC
|
7,904,563
|
|
670,039
|
Compass Group PLC
|
18,353,556
|
|
477,393
|
Experian PLC
|
16,817,914
|
|
22,516,290
|
Lloyds Banking Group PLC
|
12,371,634
|
|
223,961
|
London Stock Exchange
Group PLC
|
23,819,978
|
|
4,876,576
|
Petershill Partners PLC(a)
|
8,856,675
|
|
740,357
|
RELX PLC
|
23,116,269
|
|
961,693
|
RS GROUP PLC
|
9,529,708
|
|
837,811
|
Smith & Nephew PLC
|
12,527,181
|
|
601,880
|
TechnipFMC PLC*
|
7,908,703
|
|
299,710
|
Unilever PLC
|
14,991,251
|
|
|
|
220,645,932
|
|
United States 8.1%
|
||
|
50,133
|
Aon PLC Class A
|
15,455,503
|
|
79,962
|
ICON PLC*
|
17,034,305
|
|
222,880
|
Nestle SA
|
26,405,437
|
|
358,392
|
Schlumberger NV
|
15,349,929
|
|
59,783
|
Schneider Electric SE
|
10,309,959
|
|
|
|
84,555,133
|
|
Total Common Stocks
(Cost $1,013,654,621)
|
1,023,794,385
|
|
|
|
||
|
Number of Shares
|
Value
|
|
|
|
||
|
Short-Term Investments 1.0%
|
||
|
Investment Companies 1.0%
|
||
|
9,898,755
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(c)
|
$9,898,755
|
|
274,818
|
State Street Navigator
Securities Lending
Government Money Market
Portfolio, 5.11%(c)(d)
|
274,818
|
|
Total Short-Term Investments
(Cost $10,173,573)
|
10,173,573
|
|
|
Total Investments 98.6%
(Cost $1,023,828,194)
|
1,033,967,958
|
|
|
Other Assets Less Liabilities 1.4%
|
15,080,650
|
|
|
Net Assets 100.0%
|
$1,049,048,608
|
|
|
*
|
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, 2023 amounted to $29,920,483, which represents 2.9% of net assets of the
Fund.
|
|
(b)
|
All or a portion of this security is on loan at May 31, 2023. Total value of all such securities at May 31,
2023 amounted to $6,278,057, collateralized by cash collateral of $274,818 and non-cash (U.S. Treasury
Securities) collateral of $6,419,014 for the Fund.
|
|
(c)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(d)
|
Represents investment of cash collateral received from securities lending.
|
|
POSITIONS BY INDUSTRY
|
||
|
Industry
|
Investments at
Value
|
Percentage of
Net Assets
|
|
Pharmaceuticals
|
$94,415,573
|
9.0
%
|
|
Banks
|
84,310,786
|
8.0
%
|
|
Professional Services
|
82,692,473
|
7.9
%
|
|
Capital Markets
|
57,996,168
|
5.5
%
|
|
Trading Companies & Distributors
|
51,026,897
|
4.9
%
|
|
IT Services
|
45,610,626
|
4.4
%
|
|
Oil, Gas & Consumable Fuels
|
45,365,508
|
4.3
%
|
|
Beverages
|
42,830,776
|
4.1
%
|
|
Insurance
|
41,626,299
|
4.0
%
|
|
Life Sciences Tools & Services
|
41,371,336
|
3.9
%
|
|
Food Products
|
40,329,684
|
3.9
%
|
|
Machinery
|
38,051,792
|
3.6
%
|
|
Semiconductors & Semiconductor Equipment
|
37,222,040
|
3.6
%
|
|
Aerospace & Defense
|
26,664,855
|
2.5
%
|
|
Household Durables
|
26,598,643
|
2.5
%
|
|
Health Care Equipment & Supplies
|
24,351,678
|
2.3
%
|
|
Energy Equipment & Services
|
23,258,632
|
2.2
%
|
|
Containers & Packaging
|
22,545,230
|
2.2
%
|
|
Textiles, Apparel & Luxury Goods
|
21,889,981
|
2.1
%
|
|
Chemicals
|
19,315,048
|
1.8
%
|
|
Hotels, Restaurants & Leisure
|
18,353,556
|
1.8
%
|
|
Software
|
18,028,943
|
1.7
%
|
|
Industrial Conglomerates
|
17,105,510
|
1.6
%
|
|
Wireless Telecommunication Services
|
15,824,266
|
1.5
%
|
|
Personal Care Products
|
14,991,251
|
1.4
%
|
|
Construction Materials
|
14,964,532
|
1.4
%
|
|
Automobile Components
|
13,411,357
|
1.3
%
|
|
Diversified Telecommunication Services
|
12,193,379
|
1.2
%
|
|
Electrical Equipment
|
10,309,959
|
1.0
%
|
|
Financial Services
|
9,688,069
|
0.9
%
|
|
Electronic Equipment, Instruments & Components
|
6,986,767
|
0.7
%
|
|
Consumer Staples Distribution & Retail
|
4,462,771
|
0.4
%
|
|
Short-Term Investments and Other Assets—Net
|
25,254,223
|
2.4
%
|
|
|
$1,049,048,608
|
100.0
%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$1,023,794,385
|
$—
|
$—
|
$1,023,794,385
|
|
Short-Term Investments
|
—
|
10,173,573
|
—
|
10,173,573
|
|
Total Investments
|
$1,023,794,385
|
$10,173,573
|
$—
|
$1,033,967,958
|
|
#
|
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 97.4%
|
||
|
Austria 1.1%
|
||
|
35,407
|
BAWAG Group AG*(a)
|
$1,538,841
|
|
Canada 2.3%
|
||
|
112,999
|
Cenovus Energy, Inc.
|
1,805,724
|
|
24,985
|
Toronto-Dominion Bank
|
1,414,252
|
|
|
|
3,219,976
|
|
China 0.6%
|
||
|
104,300
|
Shenzhou International Group
Holdings Ltd.
|
844,475
|
|
Finland 1.0%
|
||
|
144,205
|
Nordea Bank Abp
|
1,417,626
|
|
France 6.9%
|
||
|
8,336
|
Air Liquide SA
|
1,395,718
|
|
81,332
|
Bureau Veritas SA
|
2,062,986
|
|
1,929
|
Kering SA
|
1,027,552
|
|
10,704
|
Pernod Ricard SA
|
2,312,329
|
|
10,959
|
Teleperformance
|
1,638,799
|
|
22,357
|
TotalEnergies SE
|
1,268,474
|
|
|
|
9,705,858
|
|
Germany 10.0%
|
||
|
7,761
|
adidas AG
|
1,256,804
|
|
30,239
|
Brenntag SE
|
2,371,823
|
|
12,754
|
Deutsche Boerse AG
|
2,201,690
|
|
72,152
|
Deutsche Telekom AG
|
1,599,923
|
|
25,473
|
HelloFresh SE*
|
605,280
|
|
4,144
|
Merck KGaA
|
720,905
|
|
7,213
|
MTU Aero Engines AG
|
1,663,813
|
|
47,390
|
QIAGEN NV*
|
2,140,132
|
|
12,150
|
SAP SE ADR
|
1,584,846
|
|
|
|
14,145,216
|
|
Hong Kong 3.3%
|
||
|
223,300
|
AIA Group Ltd.
|
2,141,618
|
|
141,860
|
Prudential PLC
|
1,863,489
|
|
63,100
|
Techtronic Industries Co. Ltd.
|
585,434
|
|
|
|
4,590,541
|
|
Ireland 4.8%
|
||
|
175,132
|
Bank of Ireland Group PLC
|
1,646,225
|
|
42,131
|
CRH PLC
|
1,994,681
|
|
19,250
|
Kerry Group PLC Class A
|
1,876,150
|
|
35,491
|
Smurfit Kappa Group PLC
|
1,260,624
|
|
|
|
6,777,680
|
|
Italy 0.9%
|
||
|
163,235
|
Nexi SpA*(a)
|
1,278,604
|
|
Japan 19.4%
|
||
|
5,600
|
Disco Corp.
|
817,944
|
|
Number of Shares
|
Value
|
|
|
Japan – cont'd
|
||
|
32,600
|
Ebara Corp.
|
$1,462,408
|
|
14,500
|
Fujitsu Ltd.
|
1,844,177
|
|
39,400
|
Hitachi Ltd.
|
2,275,345
|
|
68,800
|
KDDI Corp.
|
2,118,936
|
|
47,000
|
Koito Manufacturing Co. Ltd.
|
884,508
|
|
5,000
|
Lasertec Corp.
|
776,960
|
|
29,000
|
Nomura Research Institute Ltd.
|
730,594
|
|
10,700
|
Oracle Corp. Japan(b)
|
820,212
|
|
42,100
|
Otsuka Corp.
|
1,589,420
|
|
44,600
|
Renesas Electronics Corp.*
|
733,063
|
|
62,500
|
SCSK Corp.
|
990,490
|
|
22,700
|
Shin-Etsu Chemical Co. Ltd.
|
700,103
|
|
3,300
|
SMC Corp.
|
1,778,317
|
|
37,800
|
Sony Group Corp.
|
3,570,414
|
|
99,500
|
TechnoPro Holdings, Inc.
|
2,167,468
|
|
61,300
|
Terumo Corp.
|
1,868,149
|
|
15,600
|
Tokyo Electron Ltd.
|
2,162,670
|
|
|
|
27,291,178
|
|
Netherlands 5.7%
|
||
|
1,689
|
ASML Holding NV
|
1,212,308
|
|
23,432
|
Heineken NV(b)
|
2,366,391
|
|
115,869
|
ING Groep NV
|
1,425,293
|
|
108,297
|
Shell PLC
|
2,991,369
|
|
|
|
7,995,361
|
|
Singapore 0.9%
|
||
|
59,372
|
DBS Group Holdings Ltd.
|
1,330,305
|
|
Spain 0.8%
|
||
|
199,965
|
Bankinter SA
|
1,141,813
|
|
Sweden 0.7%
|
||
|
11,734
|
Autoliv, Inc.
|
956,321
|
|
Switzerland 9.7%
|
||
|
11,015
|
DSM-Firmenich AG*
|
1,224,960
|
|
29,234
|
Julius Baer Group Ltd.
|
1,785,978
|
|
1,784
|
Lonza Group AG
|
1,115,355
|
|
41,387
|
Novartis AG
|
3,960,792
|
|
11,953
|
Roche Holding AG
|
3,782,437
|
|
64,516
|
SIG Group AG*
|
1,759,624
|
|
|
|
13,629,146
|
|
United Kingdom 20.8%
|
||
|
28,779
|
AstraZeneca PLC
|
4,174,237
|
|
161,449
|
BAE Systems PLC
|
1,864,145
|
|
70,009
|
Bunzl PLC
|
2,738,036
|
|
16,908
|
Coca-Cola Europacific Partners
PLC
|
1,054,890
|
|
90,351
|
Compass Group PLC
|
2,474,874
|
|
63,555
|
Experian PLC
|
2,238,957
|
|
3,524,771
|
Lloyds Banking Group PLC
|
1,936,695
|
|
Number of Shares
|
Value
|
|
|
United Kingdom – cont'd
|
||
|
30,175
|
London Stock Exchange Group
PLC
|
$3,209,344
|
|
523,418
|
Petershill Partners PLC(a)
|
950,614
|
|
98,633
|
RELX PLC
|
3,079,632
|
|
128,339
|
RS GROUP PLC
|
1,271,750
|
|
112,863
|
Smith & Nephew PLC
|
1,687,559
|
|
54,135
|
TechnipFMC PLC*
|
711,334
|
|
39,933
|
Unilever PLC
|
1,997,416
|
|
|
|
29,389,483
|
|
United States 8.5%
|
||
|
6,694
|
Aon PLC Class A
|
2,063,693
|
|
10,671
|
ICON PLC*
|
2,273,243
|
|
29,696
|
Nestle SA
|
3,518,198
|
|
64,629
|
Schlumberger NV
|
2,768,060
|
|
8,010
|
Schneider Electric SE
|
1,381,375
|
|
|
|
12,004,569
|
|
Total Common Stocks
(Cost $135,896,450)
|
137,256,993
|
|
|
Number of Shares
|
Value
|
|
|
|
||
|
|
||
|
Short-Term Investments 1.8%
|
||
|
Investment Companies 1.8%
|
||
|
2,118,339
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(c)
|
$2,118,339
|
|
466,586
|
State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.11%(c)(d)
|
466,586
|
|
Total Short-Term Investments
(Cost $2,584,925)
|
2,584,925
|
|
|
Total Investments 99.2%
(Cost $138,481,375)
|
139,841,918
|
|
|
Other Assets Less Liabilities 0.8%
|
1,062,815
|
|
|
Net Assets 100.0%
|
$140,904,733
|
|
|
*
|
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, 2023 amounted to $3,768,059, which represents 2.7% of net assets of the Fund.
|
|
(b)
|
All or a portion of this security is on loan at May 31, 2023. Total value of all such securities at May 31,
2023 amounted to $1,096,309, collateralized by cash collateral of $466,586 and non-cash (U.S. Treasury
Securities) collateral of $698,050 for the Fund.
|
|
(c)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(d)
|
Represents investment of cash collateral received from securities lending.
|
|
POSITIONS BY INDUSTRY
|
||
|
Industry
|
Investments at
Value
|
Percentage of
Net Assets
|
|
Pharmaceuticals
|
$12,638,371
|
9.0
%
|
|
Banks
|
11,851,050
|
8.4
%
|
|
Professional Services
|
11,187,842
|
7.9
%
|
|
Capital Markets
|
8,147,626
|
5.8
%
|
|
Trading Companies & Distributors
|
6,381,609
|
4.5
%
|
|
Insurance
|
6,068,800
|
4.3
%
|
|
Oil, Gas & Consumable Fuels
|
6,065,567
|
4.3
%
|
|
Beverages
|
5,733,610
|
4.1
%
|
|
Semiconductors & Semiconductor Equipment
|
5,702,945
|
4.1
%
|
|
Life Sciences Tools & Services
|
5,528,730
|
3.9
%
|
|
Food Products
|
5,394,348
|
3.8
%
|
|
IT Services
|
5,154,681
|
3.7
%
|
|
Machinery
|
3,826,159
|
2.7
%
|
|
Household Durables
|
3,570,414
|
2.5
%
|
|
Health Care Equipment & Supplies
|
3,555,708
|
2.5
%
|
|
Aerospace & Defense
|
3,527,958
|
2.5
%
|
|
Energy Equipment & Services
|
3,479,394
|
2.5
%
|
|
Chemicals
|
3,320,781
|
2.4
%
|
|
Textiles, Apparel & Luxury Goods
|
3,128,831
|
2.2
%
|
|
Containers & Packaging
|
3,020,248
|
2.2
%
|
|
Hotels, Restaurants & Leisure
|
2,474,874
|
1.8
%
|
|
Software
|
2,405,058
|
1.7
%
|
|
Industrial Conglomerates
|
2,275,345
|
1.6
%
|
|
Wireless Telecommunication Services
|
2,118,936
|
1.5
%
|
|
Personal Care Products
|
1,997,416
|
1.4
%
|
|
Construction Materials
|
1,994,681
|
1.4
%
|
|
Automobile Components
|
1,840,829
|
1.3
%
|
|
Diversified Telecommunication Services
|
1,599,923
|
1.1
%
|
|
Electrical Equipment
|
1,381,375
|
1.0
%
|
|
Financial Services
|
1,278,604
|
0.9
%
|
|
Consumer Staples Distribution & Retail
|
605,280
|
0.4
%
|
|
Short-Term Investments and Other Assets—Net
|
3,647,740
|
2.6
%
|
|
|
$140,904,733
|
100.0
%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$137,256,993
|
$—
|
$—
|
$137,256,993
|
|
Short-Term Investments
|
—
|
2,584,925
|
—
|
2,584,925
|
|
Total Investments
|
$137,256,993
|
$2,584,925
|
$—
|
$139,841,918
|
|
#
|
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 95.2%
|
||
|
Australia 5.0%
|
||
|
1,547
|
ARB Corp. Ltd.
|
$28,779
|
|
2,257
|
Corporate Travel Management Ltd.
|
30,433
|
|
5,530
|
Elders Ltd.
|
23,021
|
|
8,513
|
Hansen Technologies Ltd.
|
27,465
|
|
13,380
|
Steadfast Group Ltd.
|
51,609
|
|
|
|
161,307
|
|
Belgium 2.0%
|
||
|
539
|
Bekaert SA
|
23,057
|
|
900
|
Shurgard Self Storage Ltd.
|
41,184
|
|
|
|
64,241
|
|
Bermuda 0.8%
|
||
|
1,046
|
Bank of NT Butterfield & Son Ltd.
|
26,223
|
|
Brazil 0.8%
|
||
|
1,568
|
ERO Copper Corp.*
|
25,954
|
|
Canada 2.7%
|
||
|
396
|
Colliers International Group, Inc.
|
36,884
|
|
329
|
Descartes Systems Group, Inc.*
|
25,438
|
|
1,979
|
Softchoice Corp.(a)
|
26,124
|
|
|
|
88,446
|
|
Denmark 1.3%
|
||
|
206
|
Chemometec AS*
|
14,241
|
|
362
|
Schouw & Co. AS
|
28,319
|
|
|
|
42,560
|
|
Finland 1.2%
|
||
|
2,543
|
Kemira Oyj
|
40,284
|
|
France 11.1%
|
||
|
812
|
Believe SA*
|
9,738
|
|
2,364
|
Coface SA
|
32,723
|
|
1,705
|
Exclusive Networks SA
|
35,465
|
|
779
|
Interparfums SA
|
55,706
|
|
1,126
|
Lectra
|
32,316
|
|
1,747
|
Lhyfe SAS*
|
13,090
|
|
1,343
|
Lumibird*
|
21,418
|
|
1,512
|
Rubis SCA
|
41,213
|
|
402
|
Societe BIC SA
|
23,977
|
|
246
|
Sopra Steria Group SACA
|
46,174
|
|
1,233
|
Tikehau Capital SCA(a)
|
31,104
|
|
64
|
Virbac SA
|
19,497
|
|
|
|
362,421
|
|
Germany 2.6%
|
||
|
365
|
Dermapharm Holding SE
|
18,290
|
|
1,061
|
Jenoptik AG
|
35,339
|
|
534
|
Stabilus SE
|
31,850
|
|
|
|
85,479
|
|
Number of Shares
|
Value
|
|
|
Ireland 0.9%
|
||
|
8,326
|
Uniphar PLC(a)
|
$29,369
|
|
Italy 4.3%
|
||
|
4,290
|
BFF Bank SpA(b)
|
44,457
|
|
1,163
|
Carel Industries SpA(b)
|
32,259
|
|
4,725
|
GVS SpA*(b)
|
29,218
|
|
1,986
|
Intercos SpA
|
33,159
|
|
|
|
139,093
|
|
Japan 29.4%
|
||
|
1,550
|
Aeon Delight Co. Ltd.
|
32,819
|
|
1,800
|
Amano Corp.
|
37,466
|
|
1,000
|
Ariake Japan Co. Ltd.*
|
35,744
|
|
800
|
As One Corp.
|
30,490
|
|
1,200
|
Azbil Corp.
|
38,026
|
|
3,500
|
Casio Computer Co. Ltd.
|
29,141
|
|
2,500
|
Daiei Kankyo Co. Ltd.
|
36,121
|
|
1,500
|
Idec Corp.
|
33,052
|
|
1,600
|
Konishi Co. Ltd.(a)
|
23,726
|
|
1,500
|
Nagaileben Co. Ltd.
|
22,469
|
|
1,400
|
Nakanishi, Inc.
|
29,542
|
|
1,800
|
Nichias Corp.
|
34,107
|
|
4,100
|
Nihon Parkerizing Co. Ltd.
|
30,104
|
|
1,600
|
Nippon Kanzai Holdings Co. Ltd.*
|
29,893
|
|
2,000
|
Nohmi Bosai Ltd.
|
25,035
|
|
1,200
|
NS Solutions Corp.
|
34,796
|
|
8,000
|
Prestige International, Inc.
|
35,198
|
|
1,700
|
Relo Group, Inc.
|
23,928
|
|
700
|
Riken Keiki Co. Ltd.
|
23,915
|
|
1,200
|
Roland Corp.
|
34,667
|
|
2,200
|
Shinnihonseiyaku Co. Ltd.
|
21,538
|
|
1,100
|
SHO-BOND Holdings Co. Ltd.
|
44,371
|
|
2,300
|
Shoei Co. Ltd.
|
43,103
|
|
2,000
|
Simplex Holdings, Inc.*
|
33,878
|
|
3,600
|
Sun Frontier Fudousan Co. Ltd.*
|
34,056
|
|
1,700
|
T Hasegawa Co. Ltd.(a)
|
36,788
|
|
1,600
|
TechnoPro Holdings, Inc.(a)
|
34,854
|
|
600
|
Ulvac, Inc.
|
24,418
|
|
3,800
|
YAMABIKO Corp.
|
38,757
|
|
1,900
|
Yellow Hat Ltd.
|
24,956
|
|
|
|
956,958
|
|
Korea 0.4%
|
||
|
1,760
|
NICE Information Service Co. Ltd.
|
14,016
|
|
Netherlands 1.9%
|
||
|
1,027
|
Corbion NV
|
28,190
|
|
2,373
|
Fugro NV*
|
34,116
|
|
|
|
62,306
|
|
New Zealand 0.2%
|
||
|
2,884
|
Skellerup Holdings Ltd.
|
7,990
|
|
Number of Shares
|
Value
|
|
|
Norway 2.6%
|
||
|
6,698
|
Aker Solutions ASA
|
$21,976
|
|
2,530
|
Borregaard ASA
|
42,075
|
|
8,912
|
Elopak ASA
|
19,590
|
|
|
|
83,641
|
|
Singapore 0.9%
|
||
|
4,400
|
Haw Par Corp. Ltd.
|
30,097
|
|
Spain 2.9%
|
||
|
4,423
|
Applus Services SA
|
42,361
|
|
745
|
Befesa SA(b)
|
27,792
|
|
26,205
|
Unicaja Banco SA(a)(b)
|
24,957
|
|
|
|
95,110
|
|
Sweden 4.4%
|
||
|
1,000
|
Biotage AB
|
12,993
|
|
733
|
Cellavision AB
|
13,746
|
|
16,162
|
Cloetta AB B Shares
|
28,402
|
|
3,505
|
Sweco AB Class B
|
39,663
|
|
1,136
|
Thule Group AB(a)(b)
|
28,798
|
|
775
|
Xvivo Perfusion AB*
|
20,389
|
|
|
|
143,991
|
|
Switzerland 10.5%
|
||
|
1,019
|
Accelleron Industries AG
|
24,570
|
|
87
|
Belimo Holding AG
|
39,586
|
|
147
|
Bossard Holding AG Class A
|
34,299
|
|
52
|
Burckhardt Compression Holding AG
|
31,802
|
|
28
|
Inficon Holding AG
|
31,051
|
|
9
|
Interroll Holding AG
|
29,152
|
|
128
|
Kardex Holding AG
|
27,743
|
|
134
|
Komax Holding AG
|
34,355
|
|
158
|
Medacta Group SA(b)
|
19,430
|
|
149
|
Medartis Holding AG*(b)
|
12,058
|
|
50
|
Tecan Group AG*
|
19,149
|
|
467
|
VZ Holding AG
|
38,765
|
|
|
|
341,960
|
|
Number of Shares
|
Value
|
|
|
United Arab Emirates 0.5%
|
||
|
3,467
|
Network International Holdings
PLC*(b)
|
$15,785
|
|
United Kingdom 8.8%
|
||
|
2,378
|
Big Yellow Group PLC
|
34,018
|
|
51,717
|
Coats Group PLC
|
44,647
|
|
1,369
|
Diploma PLC
|
51,634
|
|
9,230
|
Essentra PLC
|
20,989
|
|
370
|
Games Workshop Group PLC
|
43,541
|
|
433
|
Genus PLC
|
13,617
|
|
6,170
|
OSB Group PLC
|
37,915
|
|
6,168
|
Restore PLC
|
18,952
|
|
1,151
|
Victrex PLC
|
22,178
|
|
|
|
287,491
|
|
Total Common Stocks
(Cost $3,194,799)
|
3,104,722
|
|
|
|
||
|
|
||
|
Short-Term Investments 5.8%
|
||
|
Investment Companies 5.8%
|
||
|
105,486
|
State Street Institutional Treasury
Money Market Fund Premier Class,
4.94%(c)
|
105,486
|
|
83,860
|
State Street Navigator Securities
Lending Government Money Market
Portfolio, 5.11%(c)(d)
|
83,860
|
|
Total Short-Term Investments
(Cost $189,346)
|
189,346
|
|
|
Total Investments 101.0% (Cost $3,384,145)
|
3,294,068
|
|
|
Liabilities Less Other Assets (1.0)%
|
(33,034
)
|
|
|
Net Assets 100.0%
|
$3,261,034
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of this security is on loan at May 31, 2023. Total value of all such securities at May 31,
2023 amounted to $217,634, collateralized by cash collateral of $83,860 and non-cash (U.S. Treasury
Securities) collateral of $145,475 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, 2023 amounted to $234,754, which represents 7.2% of net assets of the Fund.
|
|
(c)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(d)
|
Represents investment of cash collateral received from securities lending.
|
|
POSITIONS BY INDUSTRY
|
||
|
Industry
|
Investments at
Value
|
Percentage of
Net Assets
|
|
Chemicals
|
$244,334
|
7.5
%
|
|
Electronic Equipment, Instruments & Components
|
238,374
|
7.3
%
|
|
Machinery
|
230,867
|
7.1
%
|
|
Commercial Services & Supplies
|
204,752
|
6.3
%
|
|
IT Services
|
150,313
|
4.6
%
|
|
Real Estate Management & Development
|
136,052
|
4.2
%
|
|
Construction & Engineering
|
118,150
|
3.6
%
|
|
Health Care Equipment & Supplies
|
117,634
|
3.6
%
|
|
Food Products
|
115,486
|
3.5
%
|
|
Personal Care Products
|
110,403
|
3.4
%
|
|
Leisure Products
|
107,006
|
3.3
%
|
|
Building Products
|
105,952
|
3.3
%
|
|
Financial Services
|
98,157
|
3.0
%
|
|
Professional Services
|
91,231
|
2.8
%
|
|
Trading Companies & Distributors
|
85,933
|
2.6
%
|
|
Software
|
85,219
|
2.6
%
|
|
Insurance
|
84,332
|
2.6
%
|
|
Automobile Components
|
71,882
|
2.2
%
|
|
Capital Markets
|
69,869
|
2.1
%
|
|
Pharmaceuticals
|
67,884
|
2.1
%
|
|
Health Care Providers & Services
|
59,859
|
1.8
%
|
|
Electrical Equipment
|
57,622
|
1.8
%
|
|
Banks
|
51,180
|
1.6
%
|
|
Metals & Mining
|
49,011
|
1.5
%
|
|
Life Sciences Tools & Services
|
46,383
|
1.4
%
|
|
Textiles, Apparel & Luxury Goods
|
44,647
|
1.4
%
|
|
Gas Utilities
|
41,213
|
1.3
%
|
|
Specialized REITs
|
34,018
|
1.0
%
|
|
Hotels, Restaurants & Leisure
|
30,433
|
0.9
%
|
|
Household Durables
|
29,141
|
0.9
%
|
|
Specialty Retail
|
24,956
|
0.8
%
|
|
Semiconductors & Semiconductor Equipment
|
24,418
|
0.7
%
|
|
Energy Equipment & Services
|
21,976
|
0.7
%
|
|
Containers & Packaging
|
19,590
|
0.6
%
|
|
Biotechnology
|
13,617
|
0.4
%
|
|
Oil, Gas & Consumable Fuels
|
13,090
|
0.4
%
|
|
Entertainment
|
9,738
|
0.3
%
|
|
Short-Term Investments and Other Liabilities—Net
|
156,312
|
4.8
%
|
|
|
$3,261,034
|
100.0
%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$3,104,722
|
$—
|
$—
|
$3,104,722
|
|
Short-Term Investments
|
—
|
189,346
|
—
|
189,346
|
|
Total Investments
|
$3,104,722
|
$189,346
|
$—
|
$3,294,068
|
|
#
|
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 95.5%
|
||
|
Aerospace & Defense 0.7%
|
||
|
229,121
|
Mercury Systems, Inc.*
|
$9,300,021
|
|
Banks 4.0%
|
||
|
294,051
|
Banc of California, Inc.
|
3,143,405
|
|
565,737
|
BankUnited, Inc.
|
10,703,744
|
|
282,296
|
Comerica, Inc.
|
10,190,886
|
|
1,469,395
|
Huntington Bancshares, Inc.
|
15,149,462
|
|
327,136
|
Texas Capital Bancshares,
Inc.*
|
15,473,533
|
|
|
|
54,661,030
|
|
Building Products 1.8%
|
||
|
1,576,806
|
Resideo Technologies, Inc.*
|
25,276,200
|
|
Commercial Services & Supplies 4.4%
|
||
|
111,954
|
Clean Harbors, Inc.*
|
15,718,342
|
|
1,216,503
|
Harsco Corp.*
|
10,291,615
|
|
1,232,058
|
OPENLANE, Inc.*
|
18,505,511
|
|
395,395
|
Stericycle, Inc.*
|
16,665,899
|
|
|
|
61,181,367
|
|
Communications Equipment 7.4%
|
||
|
718,860
|
Ciena Corp.*
|
33,599,516
|
|
791,807
|
EMCORE Corp.*
|
590,688
|
|
428,662
|
Radware Ltd.*
|
8,427,495
|
|
5,879,065
|
Ribbon Communications,
Inc.*(a)
|
16,343,801
|
|
768,181
|
Viasat, Inc.*
|
34,268,555
|
|
911,112
|
Viavi Solutions, Inc.*
|
8,965,342
|
|
|
|
102,195,397
|
|
Construction & Engineering 1.7%
|
||
|
170,463
|
Arcosa, Inc.
|
11,192,600
|
|
43,970
|
Valmont Industries, Inc.
|
11,532,012
|
|
|
|
22,724,612
|
|
Consumer Finance 0.3%
|
||
|
162,473
|
Bread Financial Holdings, Inc.
|
4,578,489
|
|
Containers & Packaging 4.3%
|
||
|
174,703
|
Avery Dennison Corp.
|
28,149,894
|
|
403,428
|
Crown Holdings, Inc.
|
30,753,317
|
|
|
|
58,903,211
|
|
Electrical Equipment 1.4%
|
||
|
2,388,935
|
Babcock & Wilcox
Enterprises, Inc.*
|
11,466,888
|
|
560,011
|
Bloom Energy Corp. Class A*
|
7,683,351
|
|
|
|
19,150,239
|
|
Electronic Equipment, Instruments & Components 4.4%
|
||
|
157,490
|
Coherent Corp.*
|
5,820,830
|
|
1,144,221
|
Innoviz Technologies Ltd.*
|
3,364,010
|
|
Number of Shares
|
Value
|
|
|
Electronic Equipment, Instruments & Components –
cont'd
|
||
|
267,166
|
Itron, Inc.*
|
$18,095,153
|
|
411,507
|
nLight, Inc.*
|
5,950,391
|
|
120,778
|
OSI Systems, Inc.*
|
14,373,790
|
|
32,673
|
Teledyne Technologies, Inc.*
|
12,698,362
|
|
|
|
60,302,536
|
|
Energy Equipment & Services 3.1%
|
||
|
302,038
|
Dril-Quip, Inc.*
|
6,750,549
|
|
964,503
|
Oil States International, Inc.*
|
6,134,239
|
|
734,411
|
Patterson-UTI Energy, Inc.
|
7,153,163
|
|
1,312,831
|
TechnipFMC PLC*
|
17,250,600
|
|
2,171,597
|
TETRA Technologies, Inc.*
|
5,646,152
|
|
|
|
42,934,703
|
|
Entertainment 1.8%
|
||
|
2,495,876
|
Lions Gate Entertainment
Corp. Class B*
|
24,185,038
|
|
Financial Services 0.4%
|
||
|
247,722
|
Cannae Holdings, Inc.*
|
4,867,737
|
|
Food Products 1.9%
|
||
|
481,498
|
Hain Celestial Group, Inc.*
|
5,879,091
|
|
418,414
|
TreeHouse Foods, Inc.*
|
19,811,903
|
|
|
|
25,690,994
|
|
Health Care Equipment & Supplies 5.0%
|
||
|
1,984,014
|
Accuray, Inc.*
|
7,321,012
|
|
295,073
|
AtriCure, Inc.*
|
13,269,433
|
|
332,400
|
Avanos Medical, Inc.*
|
8,143,800
|
|
533,154
|
CytoSorbents Corp.*
|
1,583,467
|
|
213,016
|
Haemonetics Corp.*
|
18,021,154
|
|
1,247,223
|
OraSure Technologies, Inc.*
|
6,273,532
|
|
394,056
|
Varex Imaging Corp.*
|
8,684,994
|
|
516,539
|
Zimvie, Inc.*
|
5,155,059
|
|
|
|
68,452,451
|
|
Health Care Providers & Services 4.1%
|
||
|
399,965
|
Acadia Healthcare Co., Inc.*
|
28,249,528
|
|
72,739
|
Molina Healthcare, Inc.*
|
19,923,212
|
|
291,175
|
Patterson Cos., Inc.
|
7,625,873
|
|
|
|
55,798,613
|
|
Hotel & Resort REITs 0.6%
|
||
|
453,230
|
Chatham Lodging Trust
|
4,255,830
|
|
446,312
|
RLJ Lodging Trust
|
4,588,087
|
|
|
|
8,843,917
|
|
Hotels, Restaurants & Leisure 3.4%
|
||
|
1,486,575
|
International Game
Technology PLC
|
36,465,685
|
|
181,337
|
SeaWorld Entertainment,
Inc.*
|
10,111,351
|
|
|
|
46,577,036
|
|
Number of Shares
|
Value
|
|
|
Household Durables 0.9%
|
||
|
353,270
|
Tempur Sealy International,
Inc.
|
$12,590,543
|
|
Independent Power and Renewable Electricity
Producers 4.0%
|
||
|
400,761
|
Ormat Technologies, Inc.
|
34,104,761
|
|
896,623
|
Vistra Corp.
|
21,492,053
|
|
|
|
55,596,814
|
|
IT Services 2.9%
|
||
|
1,842,596
|
Kyndryl Holdings, Inc.*
|
23,143,006
|
|
2,135,942
|
Unisys Corp.*
|
8,394,252
|
|
117,290
|
Wix.com Ltd.*
|
8,939,844
|
|
|
|
40,477,102
|
|
Life Sciences Tools & Services 1.4%
|
||
|
79,789
|
Charles River Laboratories
International, Inc.*
|
15,429,597
|
|
1,461,604
|
Standard BioTools, Inc.*
|
3,434,769
|
|
|
|
18,864,366
|
|
Machinery 0.9%
|
||
|
387,915
|
Enerpac Tool Group Corp.
|
9,860,799
|
|
1,226,233
|
Markforged Holding Corp.*
|
1,091,347
|
|
115,661
|
Twin Disc, Inc.*
|
1,300,030
|
|
|
|
12,252,176
|
|
Media 3.3%
|
||
|
1,430,173
|
Criteo SA ADR*
|
45,608,217
|
|
Metals & Mining 1.5%
|
||
|
1,499,836
|
Cleveland-Cliffs, Inc.*
|
20,817,724
|
|
Oil, Gas & Consumable Fuels 2.8%
|
||
|
698,903
|
CNX Resources Corp.*
|
10,798,051
|
|
606,040
|
Devon Energy Corp.
|
27,938,444
|
|
|
|
38,736,495
|
|
Pharmaceuticals 0.2%
|
||
|
1,327,090
|
Amneal Pharmaceuticals,
Inc.*
|
3,105,391
|
|
Professional Services 4.4%
|
||
|
4,806,838
|
Conduent, Inc.*
|
14,564,719
|
|
774,336
|
KBR, Inc.
|
45,701,311
|
|
|
|
60,266,030
|
|
Semiconductors & Semiconductor Equipment 9.0%
|
||
|
285,762
|
CEVA, Inc.*
|
7,149,765
|
|
39,433
|
Entegris, Inc.
|
4,150,323
|
|
511,798
|
MACOM Technology
Solutions Holdings, Inc.*
|
30,620,874
|
|
773,441
|
Rambus, Inc.*
|
49,469,287
|
|
1,316,949
|
Veeco Instruments, Inc.*
|
32,146,725
|
|
|
|
123,536,974
|
|
Number of Shares
|
Value
|
|
|
Software 7.2%
|
||
|
1,300,650
|
Adeia, Inc.
|
$12,759,376
|
|
371,987
|
Box, Inc. Class A*
|
10,478,874
|
|
1,855,639
|
Cognyte Software Ltd.*
|
9,222,526
|
|
304,484
|
New Relic, Inc.*
|
21,450,898
|
|
588,033
|
OneSpan, Inc.*
|
8,902,820
|
|
294,108
|
Varonis Systems, Inc.*
|
7,729,158
|
|
461,850
|
Verint Systems, Inc.*
|
16,571,178
|
|
1,041,139
|
Xperi, Inc.*
|
12,316,674
|
|
|
|
99,431,504
|
|
Specialty Retail 2.0%
|
||
|
364,316
|
Caleres, Inc.
|
6,288,094
|
|
1,057,568
|
Chico's FAS, Inc.*
|
4,801,359
|
|
162,221
|
Children's Place, Inc.*
|
2,438,182
|
|
342,639
|
ODP Corp.*
|
13,726,118
|
|
|
|
27,253,753
|
|
Technology Hardware, Storage & Peripherals 2.2%
|
||
|
7,453,714
|
Quantum Corp.*(b)
|
8,199,085
|
|
1,556,126
|
Stratasys Ltd.*
|
22,641,634
|
|
|
|
30,840,719
|
|
Textiles, Apparel & Luxury Goods 0.3%
|
||
|
685,120
|
Under Armour, Inc. Class C*
|
4,508,090
|
|
Trading Companies & Distributors 1.8%
|
||
|
424,569
|
AerCap Holdings NV*
|
24,234,399
|
|
|
||
|
Total Common Stocks
(Cost $1,251,683,216)
|
1,313,743,888
|
|
|
Preferred Stocks 1.1%
|
||
|
Communications Equipment 1.1%
|
|
|
|
17,113
|
Ribbon Communications,
Inc., Series A*#(a)(c)(d)
(Cost $14,135,352)
|
14,539,014
|
|
Principal Amount
|
|
|
|
Convertible Bonds 1.2%
|
||
|
Communications Equipment 1.2%
|
|
|
|
$9,304,000
|
Infinera Corp., 2.50%, due
3/1/2027
|
8,817,984
|
|
7,500,000
|
Infinera Corp., 3.75%, due
8/1/2028(e)
|
7,642,944
|
|
Total Convertible Bonds
(Cost $16,804,000)
|
16,460,928
|
|
|
Number of Shares
|
Value
|
|
|
Warrants 0.1%
|
||
|
Communications Equipment 0.1%
|
|
|
|
1,511,444
|
Ribbon Communications,
Inc. Expires
3/31/2027*#(a)(c)(d)
(Cost $2,464,258)
|
$1,835,085
|
|
Escrow Units 0.0%(f)
|
||
|
Software 0.0%(f)
|
|
|
|
3,150,000
|
Ion Geophysical(c)(d)(g)
(Cost $0)
|
0
|
|
Number of Shares
|
Value
|
|
|
|
||
|
Short-Term Investments 2.0%
|
||
|
Investment Companies 2.0%
|
||
|
27,893,917
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(h)
(Cost $ 27,893,917)
|
$27,893,917
|
|
Total Investments 99.9%
(Cost $1,312,980,743)
|
1,374,472,832
|
|
|
Other Assets Less Liabilities 0.1%
|
1,110,391
|
|
|
Net Assets 100.0%
|
$1,375,583,223
|
|
|
*
|
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, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2023 amounted to $16,374,099, which represents 1.2% of net
assets of the Fund.
|
|
(e)
|
Securities were purchased under Rule 144A of the Securities Act of 1933, as amended, or are otherwise
restricted and, unless registered under the Securities Act of 1933 or exempted from registration, may only
be sold to qualified institutional investors or may have other restrictions on resale. At May 31, 2023, these
securities amounted to $7,642,944, which represents 0.6% of net assets of the Fund.
|
|
(f)
|
Represents less than 0.05% of net assets of the Fund.
|
|
(g)
|
Defaulted security.
|
|
(h)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
5/31/2023
|
Fair Value
Percentage
of Net Assets
as of
5/31/2023
|
|
Ribbon Communications, Inc. (Series A Preferred Shares)
|
3/29/2023
|
$14,135,352
|
$14,539,014
|
1.1%
|
|
Ribbon Communications, Inc. Expires 3/31/2027 (Warrants)
|
3/29/2023
|
2,464,258
|
1,835,085
|
0.1%
|
|
Total
|
|
$16,599,610
|
$16,374,099
|
1.2%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$1,313,743,888
|
$—
|
$—
|
$1,313,743,888
|
|
Preferred Stocks#
|
—
|
—
|
14,539,014
|
14,539,014
|
|
Convertible Bonds#
|
—
|
16,460,928
|
—
|
16,460,928
|
|
Warrants#
|
—
|
—
|
1,835,085
|
1,835,085
|
|
Escrow Units#
|
—
|
—
|
—
|
—
|
|
Short-Term Investments
|
—
|
27,893,917
|
—
|
27,893,917
|
|
Total Investments
|
$1,313,743,888
|
$44,354,845
|
$16,374,099
|
$1,374,472,832
|
|
#
|
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
unobservable inputs (Level 3) were used in determining value:
|
|
(000's
omitted)
|
Beginning
balance as
of 9/1/2022
|
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
5/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2023
|
|
Investments in Securities:
|
||||||||||
|
Preferred Stocks(1)
|
$—
|
$—
|
$—
|
$403
|
$14,136
|
$—
|
$—
|
$—
|
$14,539
|
$403
|
|
Warrants(1)
|
—
|
—
|
—
|
(629
)
|
2,464
|
—
|
—
|
—
|
1,835
|
(629
)
|
|
Escrow Units(2)
|
—
|
—
|
—
|
(1,569
)
|
—
|
—
|
1,569
|
—
|
—
|
(1,581
)
|
|
Total
|
$—
|
$—
|
$—
|
$(1,795
)
|
$16,600
|
$—
|
$1,569
|
$—
|
$16,374
|
$(1,807
)
|
|
(1)
Quantitative Information about Level 3 Fair Value Measurements: |
||||||
|
Investment type
|
Fair value
at
5/31/2023
|
Valuation
approach
|
Unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
|
Preferred Stocks
|
$14,539,014
|
Income Approach
|
Discount Yield
|
18.8%
|
18.8%
|
Decrease
|
|
Warrants
|
1,835,085
|
Income Approach
|
Discount Yield
|
18.8%
|
18.8%
|
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, 2023, 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 unobservable inputs used in formulating valuations is not presented.
|
|
|
Value at
August 31,
2022
|
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,
2023
|
Value at
May 31,
2023
|
|
Intrinsic Value
|
|
|
|
|
|
|
|
|
|
Quantum Corp.
|
$11,702,331
|
$—
|
$—
|
$(3,503,246
)
|
$—
|
$—
|
7,453,714
|
$8,199,085
|
|
Sub-total for
affiliates held
as of 5/31/23(b)
|
$11,702,331
|
$—
|
$—
|
$(3,503,246
)
|
$—
|
$—
|
|
$8,199,085
|
|
(a)
|
Affiliated persons, as defined in the Investment Company Act of 1940, as amended.
|
|
(b)
|
At May 31, 2023, these securities amounted to 0.60% of net assets of the Fund.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 96.1%
|
||
|
Beverages 1.3%
|
||
|
801,784
|
Keurig Dr Pepper, Inc.
|
$24,951,518
|
|
Biotechnology 1.8%
|
||
|
251,150
|
AbbVie, Inc.
|
34,648,654
|
|
Broadline Retail 5.4%
|
||
|
840,488
|
Amazon.com, Inc.*
|
101,346,043
|
|
Capital Markets 3.7%
|
||
|
178,370
|
CME Group, Inc.
|
31,883,637
|
|
103,939
|
S&P Global, Inc.
|
38,190,307
|
|
|
|
70,073,944
|
|
Commercial Services & Supplies 1.5%
|
||
|
172,253
|
Waste Management, Inc.
|
27,891,206
|
|
Computers 0.1%
|
||
|
90,909
|
Arctic Wolf Networks,
Inc.*#(a)(b)
|
899,999
|
|
Consumer Staples Distribution & Retail 4.0%
|
||
|
59,463
|
Costco Wholesale Corp.
|
30,418,892
|
|
213,939
|
Dollar Tree, Inc.*
|
28,856,093
|
|
108,908
|
Walmart, Inc.
|
15,995,318
|
|
|
|
75,270,303
|
|
Containers & Packaging 0.5%
|
||
|
62,815
|
Avery Dennison Corp.
|
10,121,381
|
|
Electric Utilities 1.8%
|
||
|
460,305
|
NextEra Energy, Inc.
|
33,814,005
|
|
Electronic Equipment, Instruments & Components 3.2%
|
||
|
184,873
|
CDW Corp.
|
31,740,845
|
|
233,514
|
TE Connectivity Ltd.
|
28,600,795
|
|
|
|
60,341,640
|
|
Entertainment 1.8%
|
||
|
271,040
|
Activision Blizzard, Inc.*
|
21,737,408
|
|
29,944
|
Netflix, Inc.*
|
11,834,767
|
|
15,640
|
Walt Disney Co.*
|
1,375,694
|
|
|
|
34,947,869
|
|
Financial Services 4.4%
|
||
|
111,760
|
MasterCard, Inc. Class A
|
40,794,635
|
|
195,243
|
Visa, Inc. Class A
|
43,154,560
|
|
|
|
83,949,195
|
|
Ground Transportation 1.4%
|
||
|
138,324
|
Union Pacific Corp.
|
26,630,136
|
|
Health Care Equipment & Supplies 1.2%
|
||
|
434,649
|
Boston Scientific Corp.*
|
22,375,731
|
|
Number of Shares
|
Value
|
|
|
Health Care Providers & Services 3.4%
|
||
|
133,109
|
UnitedHealth Group, Inc.
|
$64,856,029
|
|
Hotels, Restaurants & Leisure 2.3%
|
||
|
130,558
|
McDonald's Corp.
|
37,223,392
|
|
567,708
|
Sweetgreen, Inc. Class A*
|
5,410,257
|
|
|
|
42,633,649
|
|
Insurance 1.2%
|
||
|
182,535
|
Progressive Corp.
|
23,348,052
|
|
Interactive Media & Services 7.0%
|
||
|
625,993
|
Alphabet, Inc. Class A*
|
76,915,760
|
|
210,217
|
Meta Platforms, Inc. Class A*
|
55,648,644
|
|
|
|
132,564,404
|
|
IT Services 0.6%
|
||
|
115,418
|
Okta, Inc.*
|
10,491,496
|
|
Life Sciences Tools & Services 1.7%
|
||
|
63,384
|
Thermo Fisher Scientific, Inc.
|
32,228,229
|
|
Oil, Gas & Consumable Fuels 0.3%
|
||
|
329
|
Venture Global LNG,
Inc.*#(a)(b)
|
5,922,000
|
|
Pharmaceuticals 1.6%
|
||
|
201,055
|
Johnson & Johnson
|
31,175,588
|
|
Professional Services 2.6%
|
||
|
153,118
|
Equifax, Inc.
|
31,943,477
|
|
779,687
|
Paycor HCM, Inc.*
|
17,145,317
|
|
|
|
49,088,794
|
|
Semiconductors & Semiconductor Equipment 5.3%
|
||
|
196,961
|
Analog Devices, Inc.
|
34,998,000
|
|
174,214
|
NVIDIA Corp.
|
65,912,125
|
|
|
|
100,910,125
|
|
Software 23.5%
|
||
|
83,195
|
Adobe, Inc.*
|
34,758,039
|
|
69,010
|
Atlassian Corp. Class A*
|
12,476,318
|
|
106,995
|
Grammarly, Inc.*#(a)(b)
|
1,925,910
|
|
53,093
|
Intuit, Inc.
|
22,252,338
|
|
700,816
|
Microsoft Corp.(c)
|
230,140,966
|
|
254,064
|
Salesforce, Inc.*
|
56,752,817
|
|
97,363
|
ServiceNow, Inc.*
|
53,041,415
|
|
159,011
|
Workday, Inc. Class A*
|
33,708,742
|
|
|
|
445,056,545
|
|
Specialized REITs 1.0%
|
||
|
89,093
|
SBA Communications Corp.
|
19,759,046
|
|
Specialty Retail 7.9%
|
||
|
114,474
|
Chewy, Inc. Class A*
|
3,375,839
|
|
1,297,807
|
Fanatics Holdings, Inc.
Class A*#(a)(b)
|
98,853,959
|
|
35,865
|
Home Depot, Inc.
|
10,165,934
|
|
Number of Shares
|
Value
|
|
|
Specialty Retail – cont'd
|
||
|
471,029
|
TJX Cos., Inc.
|
$36,170,317
|
|
|
|
148,566,049
|
|
Technology Hardware, Storage & Peripherals 4.6%
|
||
|
488,563
|
Apple, Inc.
|
86,597,792
|
|
Textiles, Apparel & Luxury Goods 1.0%
|
||
|
181,169
|
NIKE, Inc. Class B
|
19,069,849
|
|
|
||
|
Total Common Stocks
(Cost $1,247,039,085)
|
1,819,529,271
|
|
|
Preferred Stocks 1.0%
|
||
|
Entertainment 0.0%(d)
|
|
|
|
8,256
|
A24 Films LLC*#(a)(b)(e)
|
940,028
|
|
Internet 0.4%
|
|
|
|
7,000
|
Fabletics LLC, Series G*#(a)(b)
|
7,000,000
|
|
20,788
|
Savage X, Inc., Series C*#(a)(b)
|
1,000,028
|
|
|
|
8,000,028
|
|
IT Services 0.4%
|
|
|
|
287,787
|
Druva, Inc., Series 4*#(a)(b)
|
2,697,370
|
|
461,441
|
Druva, Inc., Series 5*#(a)(b)
|
4,324,994
|
|
|
|
7,022,364
|
|
Software 0.2%
|
|
|
|
33,179
|
Grammarly, Inc.,
Series 3*#(a)(b)
|
869,684
|
|
90,310
|
Signifyd, Inc.,
Series Seed*#(a)(b)
|
852,617
|
|
39,343
|
Signifyd, Inc., Series A*#(a)(b)
|
371,791
|
|
82,373
|
Videoamp, Inc.,
Series F1*#(a)(b)
|
1,300,011
|
|
|
|
3,394,103
|
|
Total Preferred Stocks
(Cost $20,934,539)
|
19,356,523
|
|
|
Number of Units
|
Value
|
|
|
Master Limited Partnerships and
Limited Partnerships 1.1%
|
||
|
Oil, Gas & Consumable Fuels 1.1%
|
|
|
|
819,829
|
Enterprise Products
Partners LP
(Cost $20,313,658)
|
$20,766,268
|
|
Number of Shares
|
|
|
|
Warrants 0.0%(d)
|
||
|
Food Products 0.0%(d)
|
|
|
|
142,005
|
Whole Earth Brands, Inc.
Expires 6/25/2025*
(Cost $204,203)
|
13,093
|
|
|
||
|
Short-Term Investments 1.8%
|
||
|
Investment Companies 1.8%
|
||
|
33,250,152
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(f)
(Cost $ 33,250,152)
|
33,250,152
|
|
Total Investments 100.0%
(Cost $1,321,741,637)
|
1,892,915,307
|
|
|
Liabilities Less Other Assets (0.0)%(d)(g)
|
(114,851
)
|
|
|
Net Assets 100.0%
|
$1,892,800,456
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Value determined using significant unobservable inputs.
|
|
(b)
|
Security fair valued as of May 31, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2023 amounted to $126,958,391, which represents 6.7% of net
assets of the Fund.
|
|
(c)
|
All or a portion of this security is pledged as collateral for options written.
|
|
(d)
|
Represents less than 0.05% of net assets of the Fund.
|
|
(e)
|
Security represented in Units.
|
|
(f)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(g)
|
Includes the impact of the Fund’s open positions in derivatives at May 31, 2023.
|
|
Restricted Security
|
Acquisition
Date(s)
|
Acquisition
Cost
|
Value as of
5/31/2023
|
Fair Value
Percentage
of Net Assets
as of
5/31/2023
|
|
A24 Films LLC (Preferred Units)
|
2/25/2022
|
$940,028
|
$940,028
|
0.0%
|
|
Arctic Wolf Networks, Inc.
|
12/31/2021
|
999,999
|
899,999
|
0.1%
|
|
Druva, Inc. (Series 4 Preferred Shares)
|
6/14/2019
|
1,500,003
|
2,697,370
|
0.2%
|
|
Druva, Inc. (Series 5 Preferred Shares)
|
4/1/2021
|
4,325,000
|
4,324,994
|
0.2%
|
|
Fabletics LLC (Series G Preferred Shares)
|
1/10/2022
|
7,000,000
|
7,000,000
|
0.4%
|
|
Fanatics Holdings, Inc. Class A
|
8/13/2020-4/29/2021
|
23,018,871
|
98,853,959
|
5.2%
|
|
Grammarly, Inc. Class A
|
12/23/2021-1/24/2022
|
2,804,542
|
1,925,910
|
0.1%
|
|
Grammarly, Inc. (Series 3 Preferred Shares)
|
12/23/2021-1/24/2022
|
869,685
|
869,684
|
0.1%
|
|
Savage X, Inc. (Series C Preferred Shares)
|
11/30/2021
|
1,000,028
|
1,000,028
|
0.0%
|
|
Signifyd, Inc. (Series A Preferred Shares)
|
5/27/2021
|
1,213,732
|
371,791
|
0.0%
|
|
Signifyd, Inc. (Series Seed Preferred Shares)
|
5/27/2021
|
2,786,053
|
852,617
|
0.0%
|
|
Venture Global LNG, Inc.
|
11/21/2018
|
2,303,000
|
5,922,000
|
0.3%
|
|
Videoamp, Inc. (Series F1 Preferred Shares)
|
1/4/2022
|
1,300,011
|
1,300,011
|
0.1%
|
|
Total
|
|
$50,060,952
|
$126,958,391
|
6.7%
|
|
Description
|
Number of
Contracts
|
Notional
Amount
|
Exercise
Price
|
Expiration
Date
|
Value
|
|
Calls
|
|||||
|
Interactive Media & Services
|
|||||
|
Meta Platforms, Inc.
|
308
|
$(8,153,376)
|
$265
|
6/16/2023
|
$(239,470)
|
|
Technology Hardware, Storage & Peripherals
|
|||||
|
Apple, Inc.
|
1,170
|
(20,738,250)
|
170
|
6/16/2023
|
(1,058,850)
|
|
Total options written (premium received $612,531)
|
$(1,298,320)
|
||||
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Computers
|
$—
|
$—
|
$899,999
|
$899,999
|
|
Oil, Gas & Consumable Fuels
|
—
|
—
|
5,922,000
|
5,922,000
|
|
Software
|
443,130,635
|
—
|
1,925,910
|
445,056,545
|
|
Specialty Retail
|
49,712,090
|
—
|
98,853,959
|
148,566,049
|
|
Other Common Stocks#
|
1,219,084,678
|
—
|
—
|
1,219,084,678
|
|
Total Common Stocks
|
1,711,927,403
|
—
|
107,601,868
|
1,819,529,271
|
|
Preferred Stocks#
|
—
|
—
|
19,356,523
|
19,356,523
|
|
Master Limited Partnerships and Limited Partnerships#
|
20,766,268
|
—
|
—
|
20,766,268
|
|
Warrants#
|
13,093
|
—
|
—
|
13,093
|
|
Short-Term Investments
|
—
|
33,250,152
|
—
|
33,250,152
|
|
Total Investments
|
$1,732,706,764
|
$33,250,152
|
$126,958,391
|
$1,892,915,307
|
|
#
|
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
unobservable inputs (Level 3) were used in determining value:
|
|
(000's
omitted)
|
Beginning
balance as
of 9/1/2022
|
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
5/31/2023
|
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2023
|
|
Investments in Securities:
|
||||||||||
|
Common Stocks(1)
|
$94,532
|
$—
|
$—
|
$13,070
|
$—
|
$—
|
$—
|
$—
|
$107,602
|
$13,070
|
|
Preferred Stocks(1)
|
19,951
|
—
|
—
|
(595
)
|
—
|
—
|
—
|
—
|
19,356
|
(595
)
|
|
Total
|
$114,483
|
$—
|
$—
|
$12,475
|
$—
|
$—
|
$—
|
$—
|
$126,958
|
$12,475
|
|
(1)
Quantitative Information about Level 3 Fair Value Measurements: |
||||||
|
Investment type
|
Fair value
at
5/31/2023
|
Valuation
approach
|
Unobservable
input(s)
|
Input value/
range
|
Weighted
average(a)
|
Impact to
valuation
from
increase
in input(b)
|
|
Common Stocks
|
$104,775,959
|
Market Approach
|
Transaction Price
|
$76.17 - $18,000
|
$1,089.24
|
Increase
|
|
Common Stocks
|
2,825,909
|
Market Approach
|
Enterprise value
Revenue multiple(c) (EV/Revenue)
|
9.0x - 12.0x
|
11.0x
|
Increase
|
|
|
|
|
Liquidation Preference Discount
|
31.3%
|
31.3%
|
Decrease
|
|
Preferred Stocks
|
18,416,495
|
Market Approach
|
Enterprise value/
Revenue multiple(c) (EV/Revenue)
|
0.86x - 12.0x
|
5.7x
|
Increase
|
|
|
|
|
Expected Volatility
|
70.0%
|
70.0%
|
Decrease
|
|
|
|
|
Option Term (Years)
|
2.5
|
2.5
|
Decrease
|
|
|
|
|
Discount Rate
|
0.3%
|
0.3%
|
Decrease
|
|
Preferred Units
|
940,028
|
Market Approach
|
Enterprise value/
Revenue multiple(c) (EV/Revenue)
|
3.0x
|
3.0x
|
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.
|
||||||
|
Other Financial Instruments
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Options Written
|
|
|
|
|
|
Liabilities
|
$(1,298,320
)
|
$—
|
$—
|
$(1,298,320
)
|
|
Total
|
$(1,298,320
)
|
$—
|
$—
|
$(1,298,320
)
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 96.8%
|
||
|
Aerospace & Defense 3.0%
|
||
|
434,300
|
Lockheed Martin Corp.
|
$192,833,543
|
|
1,939,017
|
Raytheon Technologies
Corp.
|
178,661,026
|
|
|
|
371,494,569
|
|
Banks 8.1%
|
||
|
4,535,784
|
Bank of America Corp.
|
126,049,438
|
|
2,634,854
|
Citigroup, Inc.
|
116,776,729
|
|
2,985,688
|
JPMorgan Chase & Co.
|
405,187,719
|
|
1,878,411
|
PNC Financial Services
Group, Inc.
|
217,576,346
|
|
2,442,309
|
Truist Financial Corp.
|
74,417,155
|
|
1,839,028
|
U.S. Bancorp
|
54,986,937
|
|
|
|
994,994,324
|
|
Beverages 4.6%
|
||
|
712,596
|
Constellation Brands, Inc.
Class A
|
173,139,450
|
|
4,534,594
|
Keurig Dr Pepper, Inc.
|
141,116,565
|
|
1,374,538
|
PepsiCo, Inc.
|
250,647,005
|
|
|
|
564,903,020
|
|
Biotechnology 3.4%
|
||
|
299,102
|
Amgen, Inc.
|
65,996,856
|
|
224,922
|
Biogen, Inc.*
|
66,669,130
|
|
1,901,228
|
Gilead Sciences, Inc.
|
146,280,482
|
|
179,165
|
Regeneron
Pharmaceuticals, Inc.*
|
131,786,608
|
|
|
|
410,733,076
|
|
Capital Markets 0.8%
|
||
|
558,351
|
CME Group, Inc.
|
99,805,241
|
|
Chemicals 1.5%
|
||
|
370,997
|
Air Products & Chemicals,
Inc.
|
99,850,133
|
|
2,468,462
|
Mosaic Co.
|
78,892,045
|
|
|
|
178,742,178
|
|
Consumer Staples Distribution & Retail 3.4%
|
||
|
3,906,350
|
Kroger Co.
|
177,074,845
|
|
1,602,040
|
Walmart, Inc.
|
235,291,615
|
|
|
|
412,366,460
|
|
Diversified Telecommunication Services 1.4%
|
||
|
4,871,594
|
Verizon Communications,
Inc.
|
173,574,894
|
|
Electric Utilities 9.2%
|
||
|
2,987,613
|
American Electric Power
Co., Inc.
|
248,330,393
|
|
3,771,067
|
Duke Energy Corp.
|
336,718,572
|
|
6,862,209
|
Exelon Corp.
|
272,086,587
|
|
Number of Shares
|
Value
|
|
|
Electric Utilities – cont'd
|
||
|
3,594,548
|
NextEra Energy, Inc.
|
$264,055,496
|
|
|
|
1,121,191,048
|
|
Electrical Equipment 0.5%
|
||
|
770,222
|
Emerson Electric Co.
|
59,830,845
|
|
Entertainment 0.3%
|
||
|
496,542
|
Activision Blizzard, Inc.*
|
39,822,668
|
|
Financial Services 4.1%
|
||
|
1,388,214
|
Berkshire Hathaway, Inc.
Class B*
|
445,727,751
|
|
445,887
|
Fiserv, Inc.*
|
50,024,063
|
|
|
|
495,751,814
|
|
Food Products 2.6%
|
||
|
4,342,694
|
Mondelez International,
Inc. Class A
|
318,797,167
|
|
Health Care Equipment & Supplies 6.2%
|
||
|
609,083
|
Becton Dickinson & Co.
|
147,251,906
|
|
4,181,432
|
Boston Scientific Corp.*
|
215,260,119
|
|
2,418,773
|
Medtronic PLC
|
200,177,654
|
|
1,517,127
|
Zimmer Biomet Holdings,
Inc.
|
193,190,952
|
|
|
|
755,880,631
|
|
Health Care Providers & Services 1.3%
|
||
|
313,204
|
Humana, Inc.
|
157,187,692
|
|
Hotels, Restaurants & Leisure 2.8%
|
||
|
621,197
|
McDonald's Corp.
|
177,109,477
|
|
2,903,133
|
Yum China Holdings, Inc.
|
163,910,889
|
|
|
|
341,020,366
|
|
Household Products 3.9%
|
||
|
3,390,578
|
Procter & Gamble Co.
|
483,157,365
|
|
Industrial Conglomerates 1.6%
|
||
|
1,307,032
|
3M Co.
|
121,959,156
|
|
684,857
|
General Electric Co.
|
69,533,531
|
|
|
|
191,492,687
|
|
Industrial REITs 0.4%
|
||
|
442,124
|
Prologis, Inc.
|
55,066,544
|
|
Insurance 0.7%
|
||
|
269,566
|
Aon PLC Class A
|
83,104,502
|
|
Life Sciences Tools & Services 0.7%
|
||
|
169,201
|
Thermo Fisher Scientific,
Inc.
|
86,031,940
|
|
Machinery 1.6%
|
||
|
356,348
|
Caterpillar, Inc.
|
73,318,601
|
|
570,151
|
Cummins, Inc.
|
116,544,566
|
|
|
|
189,863,167
|
|
Number of Shares
|
Value
|
|
|
Media 1.0%
|
||
|
3,005,803
|
Comcast Corp. Class A
|
$118,278,348
|
|
Metals & Mining 7.7%
|
||
|
3,069,563
|
Barrick Gold Corp.
|
51,814,223
|
|
943,096
|
Franco-Nevada Corp.
|
137,116,728
|
|
3,114,873
|
Freeport-McMoRan, Inc.
|
106,964,739
|
|
6,831,053
|
Newmont Corp.
|
276,999,199
|
|
3,733,475
|
Rio Tinto PLC ADR
|
220,461,699
|
|
3,252,689
|
Wheaton Precious Metals
Corp.
|
147,184,177
|
|
|
|
940,540,765
|
|
Multi-Utilities 4.5%
|
||
|
2,476,775
|
DTE Energy Co.
|
266,500,990
|
|
2,014,251
|
Sempra Energy
|
289,105,446
|
|
|
|
555,606,436
|
|
Oil, Gas & Consumable Fuels 6.5%
|
||
|
2,048,490
|
Chevron Corp.
|
308,543,564
|
|
4,010,610
|
Exxon Mobil Corp.
|
409,804,130
|
|
848,081
|
Phillips 66
|
77,692,700
|
|
|
|
796,040,394
|
|
Personal Care Products 0.6%
|
||
|
271,446
|
Estee Lauder Cos., Inc.
Class A
|
49,954,207
|
|
817,812
|
Kenvue, Inc.*
|
20,518,903
|
|
|
|
70,473,110
|
|
Pharmaceuticals 10.9%
|
||
|
2,992,102
|
Bristol-Myers Squibb Co.
|
192,811,053
|
|
2,901,276
|
Johnson & Johnson
|
449,871,856
|
|
Number of Shares
|
Value
|
|
|
Pharmaceuticals – cont'd
|
||
|
3,839,903
|
Merck & Co., Inc.
|
$423,963,690
|
|
7,142,585
|
Pfizer, Inc.
|
271,561,082
|
|
|
|
1,338,207,681
|
|
Semiconductors & Semiconductor Equipment 0.5%
|
||
|
357,443
|
Analog Devices, Inc.
|
63,514,047
|
|
Software 0.9%
|
||
|
1,066,075
|
Oracle Corp.
|
112,939,986
|
|
Tobacco 1.6%
|
||
|
2,229,492
|
Philip Morris International,
Inc.
|
200,676,575
|
|
Wireless Telecommunication Services 0.5%
|
||
|
430,952
|
T-Mobile U.S., Inc.*
|
59,148,162
|
|
Total Common Stocks
(Cost $11,640,763,328)
|
11,840,237,702
|
|
|
|
||
|
Short-Term Investments 2.6%
|
||
|
Investment Companies 2.6%
|
||
|
316,793,425
|
State Street Institutional
U.S. Government Money
Market Fund Premier
Class, 5.02%(a)
(Cost $ 316,793,425)
|
316,793,425
|
|
Total Investments 99.4%
(Cost $11,957,556,753)
|
12,157,031,127
|
|
|
Other Assets Less Liabilities 0.6%
|
68,051,114
|
|
|
Net Assets 100.0%
|
$12,225,082,241
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$11,840,237,702
|
$—
|
$—
|
$11,840,237,702
|
|
Short-Term Investments
|
—
|
316,793,425
|
—
|
316,793,425
|
|
Total Investments
|
$11,840,237,702
|
$316,793,425
|
$—
|
$12,157,031,127
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 97.6%
|
||
|
Aerospace & Defense 2.9%
|
||
|
109,800
|
Axon Enterprise, Inc.*
|
$21,181,518
|
|
146,100
|
HEICO Corp.
|
22,584,138
|
|
|
|
43,765,656
|
|
Automobile Components 1.2%
|
||
|
198,800
|
Aptiv PLC*
|
17,510,304
|
|
Biotechnology 1.2%
|
||
|
64,333
|
Alnylam Pharmaceuticals,
Inc.*
|
11,902,248
|
|
50,950
|
Sarepta Therapeutics, Inc.*
|
6,297,420
|
|
|
|
18,199,668
|
|
Building Products 1.4%
|
||
|
178,400
|
Builders FirstSource, Inc.*
|
20,685,480
|
|
Capital Markets 1.7%
|
||
|
210,083
|
Ares Management Corp.
Class A
|
18,296,128
|
|
59,690
|
Evercore, Inc. Class A
|
6,443,536
|
|
|
|
24,739,664
|
|
Commercial Services & Supplies 3.2%
|
||
|
57,837
|
Cintas Corp.
|
27,307,161
|
|
150,400
|
Waste Connections, Inc.
|
20,552,160
|
|
|
|
47,859,321
|
|
Communications Equipment 4.9%
|
||
|
391,665
|
Arista Networks, Inc.*
|
65,149,556
|
|
248,580
|
Juniper Networks, Inc.
|
7,549,375
|
|
|
|
72,698,931
|
|
Construction & Engineering 0.8%
|
||
|
67,600
|
Quanta Services, Inc.
|
12,004,408
|
|
Consumer Staples Distribution & Retail 1.0%
|
||
|
247,967
|
BJ's Wholesale Club
Holdings, Inc.*
|
15,535,133
|
|
Distributors 1.2%
|
||
|
337,000
|
LKQ Corp.
|
17,776,750
|
|
Electrical Equipment 1.7%
|
||
|
172,500
|
AMETEK, Inc.
|
25,024,575
|
|
Electronic Equipment, Instruments & Components 1.5%
|
||
|
59,400
|
Teledyne Technologies, Inc.*
|
23,085,810
|
|
Entertainment 4.3%
|
||
|
570,480
|
ROBLOX Corp. Class A*
|
23,880,293
|
|
217,592
|
Spotify Technology SA*
|
32,399,449
|
|
738,011
|
Warner Bros Discovery, Inc.*
|
8,324,764
|
|
|
|
64,604,506
|
|
Number of Shares
|
Value
|
|
|
Ground Transportation 1.5%
|
||
|
70,200
|
Old Dominion Freight Line,
Inc.
|
$21,792,888
|
|
Health Care Equipment & Supplies 6.8%
|
||
|
30,641
|
Align Technology, Inc.*
|
8,660,985
|
|
246,708
|
Axonics, Inc.*
|
11,938,200
|
|
266,062
|
Dexcom, Inc.*
|
31,198,430
|
|
48,000
|
IDEXX Laboratories, Inc.*
|
22,308,960
|
|
52,902
|
Insulet Corp.*
|
14,508,374
|
|
42,894
|
Penumbra, Inc.*
|
13,183,042
|
|
|
|
101,797,991
|
|
Hotels, Restaurants & Leisure 6.0%
|
||
|
12,000
|
Chipotle Mexican Grill, Inc.*
|
24,917,880
|
|
45,400
|
Churchill Downs, Inc.
|
6,166,228
|
|
167,000
|
Darden Restaurants, Inc.
|
26,472,840
|
|
327,100
|
DraftKings, Inc. Class A*
|
7,634,514
|
|
106,600
|
Marriott Vacations
Worldwide Corp.
|
13,135,252
|
|
45,400
|
Vail Resorts, Inc.
|
11,041,280
|
|
|
|
89,367,994
|
|
Household Products 1.6%
|
||
|
257,100
|
Church & Dwight Co., Inc.
|
23,768,895
|
|
Insurance 3.1%
|
||
|
235,700
|
Arch Capital Group Ltd.*
|
16,428,290
|
|
148,094
|
Arthur J Gallagher & Co.
|
29,667,671
|
|
|
|
46,095,961
|
|
IT Services 1.7%
|
||
|
84,971
|
MongoDB, Inc.*
|
24,963,630
|
|
Life Sciences Tools & Services 5.0%
|
||
|
146,294
|
Agilent Technologies, Inc.
|
16,921,827
|
|
1,058,000
|
Avantor, Inc.*
|
21,096,520
|
|
43,009
|
Bio-Rad Laboratories, Inc.
Class A*
|
16,057,410
|
|
100,457
|
IQVIA Holdings, Inc.*
|
19,780,988
|
|
|
|
73,856,745
|
|
Machinery 1.8%
|
||
|
203,700
|
Fortive Corp.
|
13,262,907
|
|
69,000
|
IDEX Corp.
|
13,742,040
|
|
|
|
27,004,947
|
|
Media 2.7%
|
||
|
573,565
|
Trade Desk, Inc. Class A*
|
40,195,435
|
|
Oil, Gas & Consumable Fuels 2.3%
|
||
|
369,400
|
Devon Energy Corp.
|
17,029,340
|
|
131,774
|
Diamondback Energy, Inc.
|
16,755,064
|
|
|
|
33,784,404
|
|
Pharmaceuticals 0.9%
|
||
|
400,000
|
Royalty Pharma PLC Class A
|
13,096,000
|
|
Number of Shares
|
Value
|
|
|
Professional Services 1.6%
|
||
|
150,600
|
CoStar Group, Inc.*
|
$11,957,640
|
|
51,900
|
Verisk Analytics, Inc.
|
11,371,809
|
|
|
|
23,329,449
|
|
Semiconductors & Semiconductor Equipment 11.4%
|
||
|
88,032
|
Enphase Energy, Inc.*
|
15,307,004
|
|
509,888
|
Lattice Semiconductor
Corp.*
|
41,458,993
|
|
98,894
|
Monolithic Power Systems,
Inc.
|
48,449,160
|
|
714,102
|
ON Semiconductor Corp.*
|
59,698,927
|
|
18,367
|
SolarEdge Technologies, Inc.*
|
5,231,473
|
|
|
|
170,145,557
|
|
Software 15.4%
|
||
|
70,825
|
Bills Holdings, Inc.*
|
7,336,053
|
|
280,872
|
Cadence Design Systems,
Inc.*
|
64,856,154
|
|
151,954
|
Crowdstrike Holdings, Inc.
Class A*
|
24,332,394
|
|
117,544
|
Datadog, Inc. Class A*
|
11,156,101
|
|
300,000
|
Descartes Systems Group,
Inc.*
|
23,199,000
|
|
441,905
|
Fortinet, Inc.*
|
30,195,369
|
|
210,340
|
Manhattan Associates, Inc.*
|
38,159,883
|
|
92,309
|
Palo Alto Networks, Inc.*
|
19,697,817
|
|
78,048
|
Zscaler, Inc.*
|
10,573,943
|
|
|
|
229,506,714
|
|
Specialty Retail 5.8%
|
||
|
59,100
|
Five Below, Inc.*
|
10,195,932
|
|
Number of Shares
|
Value
|
|
|
Specialty Retail – cont'd
|
||
|
21,900
|
O'Reilly Automotive, Inc.*
|
$19,782,489
|
|
24,100
|
RH*
|
5,904,018
|
|
129,900
|
Ross Stores, Inc.
|
13,460,238
|
|
85,000
|
Tractor Supply Co.
|
17,815,150
|
|
45,600
|
Ulta Beauty, Inc.*
|
18,688,248
|
|
|
|
85,846,075
|
|
Textiles, Apparel & Luxury Goods 0.4%
|
||
|
247,900
|
On Holding AG Class A*
|
6,804,855
|
|
Trading Companies & Distributors 2.6%
|
||
|
51,300
|
United Rentals, Inc.
|
17,123,427
|
|
32,400
|
W.W. Grainger, Inc.
|
21,028,248
|
|
|
|
38,151,675
|
|
Total Common Stocks
(Cost $1,263,502,239)
|
1,452,999,421
|
|
|
|
||
|
Short-Term Investments 2.2%
|
||
|
Investment Companies 2.2%
|
||
|
32,558,633
|
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.02%(a)
(Cost $32,558,633)
|
32,558,633
|
|
Total Investments 99.8%
(Cost $1,296,060,872)
|
1,485,558,054
|
|
|
Other Assets Less Liabilities 0.2%
|
2,654,653
|
|
|
Net Assets 100.0%
|
$1,488,212,707
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$1,452,999,421
|
$—
|
$—
|
$1,452,999,421
|
|
Short-Term Investments
|
—
|
32,558,633
|
—
|
32,558,633
|
|
Total Investments
|
$1,452,999,421
|
$32,558,633
|
$—
|
$1,485,558,054
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 99.9%
|
||
|
Aerospace & Defense 2.5%
|
||
|
2,804
|
General Dynamics Corp.
|
$572,521
|
|
4,019
|
L3Harris Technologies, Inc.
|
707,022
|
|
|
|
1,279,543
|
|
Automobile Components 1.8%
|
||
|
10,346
|
Aptiv PLC*
|
911,276
|
|
Banks 5.5%
|
||
|
26,822
|
BankUnited, Inc.
|
507,472
|
|
9,781
|
Comerica, Inc.
|
353,094
|
|
72,792
|
Huntington Bancshares, Inc.
|
750,486
|
|
5,761
|
M&T Bank Corp.
|
686,481
|
|
14,988
|
Truist Financial Corp.
|
456,684
|
|
|
|
2,754,217
|
|
Beverages 2.3%
|
||
|
18,765
|
Molson Coors Beverage Co. Class B
|
1,160,615
|
|
Building Products 4.8%
|
||
|
3,538
|
Carlisle Cos., Inc.
|
751,613
|
|
17,467
|
Fortune Brands Innovations, Inc.
|
1,055,880
|
|
17,584
|
Masterbrand, Inc.*
|
182,522
|
|
26,943
|
Resideo Technologies, Inc.*
|
431,896
|
|
|
|
2,421,911
|
|
Chemicals 0.7%
|
||
|
4,133
|
Ashland, Inc.
|
350,809
|
|
Commercial Services & Supplies 2.1%
|
||
|
44,600
|
OPENLANE, Inc.*
|
669,892
|
|
8,657
|
Stericycle, Inc.*
|
364,893
|
|
|
|
1,034,785
|
|
Communications Equipment 3.2%
|
||
|
16,310
|
Ciena Corp.*
|
762,329
|
|
2,982
|
Motorola Solutions, Inc.
|
840,686
|
|
|
|
1,603,015
|
|
Construction & Engineering 1.8%
|
||
|
13,656
|
Arcosa, Inc.
|
896,653
|
|
Consumer Finance 0.4%
|
||
|
6,581
|
Bread Financial Holdings, Inc.
|
185,453
|
|
Consumer Staples Distribution & Retail 2.2%
|
||
|
8,335
|
Dollar Tree, Inc.*
|
1,124,225
|
|
Containers & Packaging 3.0%
|
||
|
1,560
|
Avery Dennison Corp.
|
251,363
|
|
6,897
|
Crown Holdings, Inc.
|
525,758
|
|
18,875
|
Sealed Air Corp.
|
714,419
|
|
|
|
1,491,540
|
|
Number of Shares
|
Value
|
|
|
Electric Utilities 3.4%
|
||
|
22,543
|
Evergy, Inc.
|
$1,304,112
|
|
12,100
|
OGE Energy Corp.
|
426,888
|
|
|
|
1,731,000
|
|
Electronic Equipment, Instruments & Components 3.8%
|
||
|
4,145
|
CDW Corp.
|
711,655
|
|
9,148
|
Coherent Corp.*
|
338,110
|
|
12,849
|
Itron, Inc.*
|
870,263
|
|
|
|
1,920,028
|
|
Energy Equipment & Services 1.8%
|
||
|
32,224
|
Baker Hughes Co.
|
878,104
|
|
Entertainment 2.3%
|
||
|
117,228
|
Lions Gate Entertainment Corp.
Class B*
|
1,135,939
|
|
Food Products 3.4%
|
||
|
21,800
|
Hain Celestial Group, Inc.*
|
266,178
|
|
30,230
|
TreeHouse Foods, Inc.*
|
1,431,390
|
|
|
|
1,697,568
|
|
Health Care Equipment & Supplies 4.8%
|
||
|
19,023
|
Avanos Medical, Inc.*
|
466,063
|
|
9,706
|
Haemonetics Corp.*
|
821,128
|
|
8,916
|
Zimmer Biomet Holdings, Inc.
|
1,135,363
|
|
920
|
Zimvie, Inc.*
|
9,182
|
|
|
|
2,431,736
|
|
Health Care Providers & Services 2.2%
|
||
|
2,788
|
McKesson Corp.
|
1,089,662
|
|
Hotels, Restaurants & Leisure 5.0%
|
||
|
26,140
|
International Game Technology PLC
|
641,214
|
|
26,084
|
MGM Resorts International
|
1,024,841
|
|
23,239
|
Travel & Leisure Co.
|
847,526
|
|
|
|
2,513,581
|
|
Independent Power and Renewable Electricity
Producers 3.4%
|
||
|
44,615
|
AES Corp.
|
880,700
|
|
33,795
|
Vistra Corp.
|
810,066
|
|
|
|
1,690,766
|
|
Insurance 3.2%
|
||
|
5,855
|
Allstate Corp.
|
634,975
|
|
9,461
|
Globe Life, Inc.
|
976,186
|
|
|
|
1,611,161
|
|
IT Services 1.9%
|
||
|
20,743
|
Kyndryl Holdings, Inc.*
|
260,532
|
|
9,385
|
Wix.com Ltd.*
|
715,325
|
|
|
|
975,857
|
|
Number of Shares
|
Value
|
|
|
Life Sciences Tools & Services 0.3%
|
||
|
696
|
Charles River Laboratories
International, Inc.*
|
$134,592
|
|
Machinery 3.2%
|
||
|
17,322
|
Allison Transmission Holdings, Inc.
|
819,331
|
|
31,241
|
Enerpac Tool Group Corp.
|
794,146
|
|
|
|
1,613,477
|
|
Metals & Mining 0.5%
|
||
|
16,803
|
Cleveland-Cliffs, Inc.*
|
233,226
|
|
Mortgage Real Estate Investment Trusts 1.8%
|
||
|
52,414
|
Starwood Property Trust, Inc.
|
919,866
|
|
Multi-Utilities 2.7%
|
||
|
48,382
|
CenterPoint Energy, Inc.
|
1,364,856
|
|
Oil, Gas & Consumable Fuels 6.3%
|
||
|
17,594
|
Devon Energy Corp.
|
811,083
|
|
10,685
|
EOG Resources, Inc.
|
1,146,393
|
|
5,265
|
Phillips 66
|
482,327
|
|
25,930
|
Williams Cos., Inc.
|
743,154
|
|
|
|
3,182,957
|
|
Personal Care Products 0.1%
|
||
|
1,700
|
Kenvue, Inc.*
|
42,653
|
|
Professional Services 5.1%
|
||
|
143,600
|
Conduent, Inc.*
|
435,108
|
|
33,426
|
Dun & Bradstreet Holdings, Inc.
|
334,260
|
|
30,649
|
KBR, Inc.
|
1,808,904
|
|
|
|
2,578,272
|
|
Retail REITs 1.9%
|
||
|
17,121
|
Regency Centers Corp.
|
963,399
|
|
Number of Shares
|
Value
|
|
|
Semiconductors & Semiconductor Equipment 3.2%
|
||
|
4,049
|
NXP Semiconductors NV
|
$725,176
|
|
8,640
|
Skyworks Solutions, Inc.
|
894,326
|
|
|
|
1,619,502
|
|
Software 2.6%
|
||
|
11,230
|
DocuSign, Inc.*
|
633,372
|
|
29,180
|
Dropbox, Inc. Class A*
|
671,724
|
|
|
|
1,305,096
|
|
Specialty Retail 2.3%
|
||
|
141,442
|
Chico's FAS, Inc.*
|
642,147
|
|
17,661
|
Children's Place, Inc.*
|
265,445
|
|
6,460
|
ODP Corp.*
|
258,787
|
|
|
|
1,166,379
|
|
Technology Hardware, Storage & Peripherals 1.4%
|
||
|
25,243
|
Pure Storage, Inc. Class A*
|
726,746
|
|
Trading Companies & Distributors 3.0%
|
||
|
26,392
|
AerCap Holdings NV*
|
1,506,455
|
|
Total Common Stocks (Cost $45,798,068)
|
50,246,920
|
|
|
|
||
|
Short-Term Investments 0.1%
|
||
|
Investment Companies 0.1%
|
||
|
40,082
|
State Street Institutional
U.S. Government Money Market
Fund Premier Class, 5.02%(a)
(Cost $ 40,082)
|
40,082
|
|
Total Investments 100.0%
(Cost $45,838,150)
|
50,287,002
|
|
|
Other Assets Less Liabilities 0.0%(b)
|
12,000
|
|
|
Net Assets 100.0%
|
$50,299,002
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(b)
|
Represents less than 0.05% of net assets of the Fund.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$50,246,920
|
$—
|
$—
|
$50,246,920
|
|
Short-Term Investments
|
—
|
40,082
|
—
|
40,082
|
|
Total Investments
|
$50,246,920
|
$40,082
|
$—
|
$50,287,002
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 98.3%
|
||
|
Aerospace & Defense 1.3%
|
||
|
36,500
|
Raytheon Technologies Corp.
|
$3,363,110
|
|
Banks 3.2%
|
||
|
59,500
|
JPMorgan Chase & Co.
|
8,074,745
|
|
Broadline Retail 2.9%
|
||
|
60,000
|
Amazon.com, Inc.*
|
7,234,800
|
|
Capital Markets 5.7%
|
||
|
245,000
|
Brookfield Corp. Class A
|
7,359,800
|
|
50,000
|
Charles Schwab Corp.
|
2,634,500
|
|
41,000
|
Intercontinental Exchange, Inc.
|
4,343,950
|
|
|
|
14,338,250
|
|
Communications Equipment 3.0%
|
||
|
27,000
|
Motorola Solutions, Inc.
|
7,611,840
|
|
Construction Materials 2.2%
|
||
|
34,000
|
Eagle Materials, Inc.
|
5,539,620
|
|
Consumer Staples Distribution & Retail 5.7%
|
||
|
64,000
|
BJ's Wholesale Club Holdings,
Inc.*
|
4,009,600
|
|
27,000
|
Dollar Tree, Inc.*
|
3,641,760
|
|
170,000
|
U.S. Foods Holding Corp.*
|
6,762,600
|
|
|
|
14,413,960
|
|
Containers & Packaging 5.5%
|
||
|
60,000
|
Ball Corp.
|
3,069,600
|
|
455,000
|
Graphic Packaging Holding Co.
|
10,874,500
|
|
|
|
13,944,100
|
|
Electrical Equipment 1.7%
|
||
|
15,000
|
Rockwell Automation, Inc.
|
4,179,000
|
|
Entertainment 2.6%
|
||
|
24,000
|
Electronic Arts, Inc.
|
3,072,000
|
|
40,000
|
Walt Disney Co.*
|
3,518,400
|
|
|
|
6,590,400
|
|
Financial Services 6.5%
|
||
|
45,000
|
Apollo Global Management,
Inc.
|
3,008,250
|
|
42,000
|
Berkshire Hathaway, Inc.
Class B*
|
13,485,360
|
|
|
|
16,493,610
|
|
Food Products 3.6%
|
||
|
78,000
|
Mondelez International, Inc.
Class A
|
5,725,980
|
|
90,000
|
Simply Good Foods Co.*
|
3,257,100
|
|
|
|
8,983,080
|
|
Ground Transportation 3.4%
|
||
|
282,000
|
CSX Corp.
|
8,648,940
|
|
Number of Shares
|
Value
|
|
|
Health Care Equipment & Supplies 2.0%
|
||
|
21,000
|
Becton Dickinson & Co.
|
$5,076,960
|
|
Health Care Providers & Services 3.4%
|
||
|
32,000
|
HCA Healthcare, Inc.
|
8,454,080
|
|
Hotels, Restaurants & Leisure 6.7%
|
||
|
222,000
|
Aramark
|
8,764,560
|
|
850
|
Booking Holdings, Inc.*
|
2,132,455
|
|
21,000
|
McDonald's Corp.
|
5,987,310
|
|
|
|
16,884,325
|
|
Household Products 0.5%
|
||
|
7,000
|
WD-40 Co.
|
1,327,550
|
|
Independent Power and Renewable Electricity
Producers 1.5%
|
||
|
115,000
|
Brookfield Renewable Corp.
Class A
|
3,861,700
|
|
Insurance 2.2%
|
||
|
30,000
|
Chubb Ltd.
|
5,574,000
|
|
Interactive Media & Services 5.1%
|
||
|
105,000
|
Alphabet, Inc. Class C*
|
12,953,850
|
|
Leisure Products 0.4%
|
||
|
14,000
|
Brunswick Corp.
|
1,057,000
|
|
Machinery 5.0%
|
||
|
9,000
|
Deere & Co.
|
3,113,820
|
|
27,000
|
Nordson Corp.
|
5,884,110
|
|
40,000
|
Westinghouse Air Brake
Technologies Corp.
|
3,705,200
|
|
|
|
12,703,130
|
|
Oil, Gas & Consumable Fuels 0.7%
|
||
|
16,000
|
EOG Resources, Inc.
|
1,716,640
|
|
Pharmaceuticals 1.7%
|
||
|
110,000
|
Pfizer, Inc.
|
4,182,200
|
|
Professional Services 2.2%
|
||
|
31,000
|
TransUnion
|
2,231,380
|
|
15,000
|
Verisk Analytics, Inc.
|
3,286,650
|
|
|
|
5,518,030
|
|
Semiconductors & Semiconductor Equipment 1.1%
|
||
|
25,000
|
QUALCOMM, Inc.
|
2,835,250
|
|
Software 5.0%
|
||
|
38,000
|
Microsoft Corp.
|
12,478,820
|
|
Specialty Retail 3.4%
|
||
|
25,000
|
Lowe's Cos., Inc.
|
5,028,250
|
|
47,000
|
TJX Cos., Inc.
|
3,609,130
|
|
|
|
8,637,380
|
|
Number of Shares
|
Value
|
|
|
Technology Hardware, Storage & Peripherals 4.6%
|
||
|
65,000
|
Apple, Inc.
|
$11,521,250
|
|
Textiles, Apparel & Luxury Goods 2.5%
|
||
|
25,000
|
Columbia Sportswear Co.
|
1,845,750
|
|
42,000
|
NIKE, Inc. Class B
|
4,420,920
|
|
|
|
6,266,670
|
|
Wireless Telecommunication Services 3.0%
|
||
|
54,500
|
T-Mobile U.S., Inc.*
|
7,480,125
|
|
Total Common Stocks (Cost $144,987,506)
|
247,944,415
|
|
|
|
||
|
Short-Term Investments 1.6%
|
||
|
Investment Companies 1.6%
|
||
|
4,114,569
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(a)
(Cost $ 4,114,569)
|
4,114,569
|
|
Total Investments 99.9%
(Cost $149,102,075)
|
252,058,984
|
|
|
Other Assets Less Liabilities 0.1%
|
140,599
|
|
|
Net Assets 100.0%
|
$252,199,583
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$247,944,415
|
$—
|
$—
|
$247,944,415
|
|
Short-Term Investments
|
—
|
4,114,569
|
—
|
4,114,569
|
|
Total Investments
|
$247,944,415
|
$4,114,569
|
$—
|
$252,058,984
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 96.3%
|
||
|
Health Care REITs 8.9%
|
||
|
651,814
|
Healthpeak Properties, Inc.
|
$13,010,207
|
|
513,048
|
Ventas, Inc.
|
22,132,891
|
|
494,852
|
Welltower, Inc.
|
36,920,908
|
|
|
|
72,064,006
|
|
Industrial REITs 11.4%
|
||
|
84,980
|
EastGroup Properties, Inc.
|
13,988,558
|
|
544,356
|
Prologis, Inc.
|
67,799,540
|
|
196,284
|
Rexford Industrial Realty, Inc.
|
10,685,701
|
|
|
|
92,473,799
|
|
Office REITs 0.9%
|
||
|
152,164
|
Boston Properties, Inc.
|
7,405,822
|
|
Residential REITs 20.4%
|
||
|
432,720
|
American Homes 4 Rent
Class A
|
14,833,642
|
|
746,641
|
Apartment Income REIT Corp.
|
25,900,976
|
|
361,800
|
Equity LifeStyle Properties, Inc.
|
22,854,906
|
|
327,888
|
Equity Residential
|
19,935,590
|
|
116,253
|
Essex Property Trust, Inc.
|
25,117,623
|
|
720,462
|
Invitation Homes, Inc.
|
24,409,253
|
|
119,648
|
Sun Communities, Inc.
|
15,151,026
|
|
414,449
|
UDR, Inc.
|
16,441,192
|
|
|
|
164,644,208
|
|
Retail REITs 13.3%
|
||
|
1,209,047
|
Kimco Realty Corp.
|
22,222,284
|
|
753,526
|
Realty Income Corp.
|
44,789,585
|
|
147,707
|
Regency Centers Corp.
|
8,311,473
|
|
560,381
|
Retail Opportunity Investments
Corp.
|
6,836,648
|
|
Number of Shares
|
Value
|
|
|
Retail REITs – cont'd
|
||
|
237,764
|
Simon Property Group, Inc.
|
$25,000,885
|
|
|
|
107,160,875
|
|
Specialized REITs 41.4%
|
||
|
356,192
|
American Tower Corp.
|
65,696,052
|
|
419,805
|
Crown Castle, Inc.
|
47,526,124
|
|
49,183
|
Equinix, Inc.
|
36,668,386
|
|
145,404
|
Extra Space Storage, Inc.
|
20,977,435
|
|
506,123
|
Iron Mountain, Inc.
|
27,037,091
|
|
76,228
|
Life Storage, Inc.
|
9,710,685
|
|
195,804
|
Public Storage
|
55,471,273
|
|
85,525
|
SBA Communications Corp.
|
18,967,734
|
|
956,018
|
VICI Properties, Inc.
|
29,569,637
|
|
803,300
|
Weyerhaeuser Co.
|
23,022,578
|
|
|
|
334,646,995
|
|
Total Common Stocks (Cost $904,301,030)
|
778,395,705
|
|
|
|
||
|
Short-Term Investments 3.9%
|
||
|
Investment Companies 3.9%
|
||
|
31,419,524
|
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.02%(a)
(Cost $ 31,419,524)
|
31,419,524
|
|
Total Investments 100.2%
(Cost $935,720,554)
|
809,815,229
|
|
|
Liabilities Less Other Assets (0.2)%
|
(1,864,942
)
|
|
|
Net Assets 100.0%
|
$807,950,287
|
|
|
(a)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$778,395,705
|
$—
|
$—
|
$778,395,705
|
|
Short-Term Investments
|
—
|
31,419,524
|
—
|
31,419,524
|
|
Total Investments
|
$778,395,705
|
$31,419,524
|
$—
|
$809,815,229
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 95.0%
|
||
|
Aerospace & Defense 2.2%
|
||
|
49,800
|
BWX Technologies, Inc.
|
$3,003,936
|
|
27,300
|
Curtiss-Wright Corp.
|
4,315,038
|
|
|
|
7,318,974
|
|
Automobile Components 2.1%
|
||
|
9,580
|
Dorman Products, Inc.*
|
786,039
|
|
32,000
|
Fox Factory Holding Corp.*
|
2,845,440
|
|
24,800
|
Visteon Corp.*
|
3,312,784
|
|
|
|
6,944,263
|
|
Beverages 1.5%
|
||
|
20,100
|
Celsius Holdings, Inc.*
|
2,523,153
|
|
23,571
|
MGP Ingredients, Inc.
|
2,240,659
|
|
|
|
4,763,812
|
|
Biotechnology 9.2%
|
||
|
67,869
|
Alkermes PLC*
|
1,963,450
|
|
333,316
|
Amicus Therapeutics, Inc.*
|
3,753,138
|
|
25,982
|
Apellis Pharmaceuticals, Inc.*
|
2,230,555
|
|
162,505
|
Arcutis Biotherapeutics, Inc.*(a)
|
1,220,413
|
|
82,152
|
Arrowhead Pharmaceuticals,
Inc.*
|
2,826,850
|
|
26,412
|
Beam Therapeutics, Inc.*
|
842,543
|
|
36,185
|
Blueprint Medicines Corp.*
|
2,045,176
|
|
32,164
|
Cerevel Therapeutics Holdings,
Inc.*
|
1,048,546
|
|
22,880
|
Cytokinetics, Inc.*
|
862,347
|
|
108,608
|
Halozyme Therapeutics, Inc.*
|
3,522,158
|
|
155,411
|
Insmed, Inc.*
|
2,957,471
|
|
8,956
|
Karuna Therapeutics, Inc.*
|
2,028,982
|
|
68,073
|
Ultragenyx Pharmaceutical,
Inc.*
|
3,360,083
|
|
27,830
|
Vaxcyte, Inc.*
|
1,378,142
|
|
|
|
30,039,854
|
|
Building Products 1.1%
|
||
|
72,400
|
Trex Co., Inc.*
|
3,717,740
|
|
Capital Markets 0.4%
|
||
|
13,125
|
Evercore, Inc. Class A
|
1,416,844
|
|
Commercial Services & Supplies 2.9%
|
||
|
68,345
|
Casella Waste Systems, Inc.
Class A*
|
6,161,985
|
|
24,938
|
Tetra Tech, Inc.
|
3,428,227
|
|
|
|
9,590,212
|
|
Communications Equipment 4.3%
|
||
|
232,413
|
Calix, Inc.*
|
10,832,770
|
|
177,795
|
Harmonic, Inc.*
|
3,130,970
|
|
|
|
13,963,740
|
|
Number of Shares
|
Value
|
|
|
Construction & Engineering 1.6%
|
||
|
233,768
|
API Group Corp.*
|
$5,283,157
|
|
Consumer Staples Distribution & Retail 1.0%
|
||
|
58,892
|
Performance Food Group Co.*
|
3,256,139
|
|
Containers & Packaging 1.1%
|
||
|
148,633
|
Graphic Packaging Holding
Co.
|
3,552,329
|
|
Diversified Consumer Services 1.3%
|
||
|
24,036
|
Bright Horizons Family
Solutions, Inc.*
|
2,057,482
|
|
213,759
|
OneSpaWorld Holdings Ltd.*
|
2,229,506
|
|
|
|
4,286,988
|
|
Electrical Equipment 2.1%
|
||
|
94,900
|
nVent Electric PLC
|
4,116,762
|
|
113,934
|
Shoals Technologies Group,
Inc. Class A*
|
2,676,310
|
|
|
|
6,793,072
|
|
Financial Services 3.5%
|
||
|
186,442
|
Flywire Corp.*
|
5,600,718
|
|
147,830
|
I3 Verticals, Inc. Class A*
|
3,377,915
|
|
38,417
|
Shift4 Payments, Inc. Class A*
|
2,409,514
|
|
|
|
11,388,147
|
|
Food Products 1.0%
|
||
|
207,875
|
Utz Brands, Inc.
|
3,419,544
|
|
Ground Transportation 1.2%
|
||
|
14,000
|
Saia, Inc.*
|
3,978,240
|
|
Health Care Equipment & Supplies 10.3%
|
||
|
134,415
|
Axonics, Inc.*
|
6,504,342
|
|
16,301
|
Inspire Medical Systems, Inc.*
|
4,767,879
|
|
24,952
|
iRhythm Technologies, Inc.*
|
2,851,265
|
|
20,459
|
Lantheus Holdings, Inc.*
|
1,771,545
|
|
310,461
|
Neogen Corp.*
|
5,429,963
|
|
99,314
|
Outset Medical, Inc.*
|
2,068,711
|
|
268,381
|
Paragon 28, Inc.*
|
4,825,490
|
|
9,834
|
Shockwave Medical, Inc.*
|
2,705,235
|
|
103,072
|
Treace Medical Concepts, Inc.*
|
2,741,715
|
|
|
|
33,666,145
|
|
Health Care Providers & Services 0.9%
|
||
|
33,267
|
HealthEquity, Inc.*
|
1,823,032
|
|
46,911
|
Option Care Health, Inc.*
|
1,292,398
|
|
|
|
3,115,430
|
|
Health Care Technology 0.9%
|
||
|
96,397
|
Phreesia, Inc.*
|
2,893,838
|
|
Hotels, Restaurants & Leisure 5.2%
|
||
|
68,022
|
Boyd Gaming Corp.
|
4,335,042
|
|
24,362
|
Churchill Downs, Inc.
|
3,308,847
|
|
Number of Shares
|
Value
|
|
|
Hotels, Restaurants & Leisure – cont'd
|
||
|
25,779
|
Marriott Vacations Worldwide
Corp.
|
$3,176,488
|
|
41,808
|
Texas Roadhouse, Inc.
|
4,511,083
|
|
8,300
|
Wingstop, Inc.
|
1,654,688
|
|
|
|
16,986,148
|
|
Household Durables 1.8%
|
||
|
22,600
|
Installed Building Products, Inc.
|
2,362,604
|
|
60,400
|
Skyline Champion Corp.*
|
3,511,052
|
|
|
|
5,873,656
|
|
Insurance 2.0%
|
||
|
22,044
|
Kinsale Capital Group, Inc.
|
6,678,891
|
|
Life Sciences Tools & Services 1.1%
|
||
|
7,289
|
Medpace Holdings, Inc.*
|
1,508,605
|
|
181,256
|
Pacific Biosciences of
California, Inc.*
|
2,243,949
|
|
|
|
3,752,554
|
|
Metals & Mining 1.1%
|
||
|
104,900
|
ATI, Inc.*
|
3,627,442
|
|
Oil, Gas & Consumable Fuels 3.7%
|
||
|
51,822
|
Denbury, Inc.*
|
4,672,790
|
|
265,273
|
Magnolia Oil & Gas Corp.
Class A
|
5,127,727
|
|
56,985
|
Matador Resources Co.
|
2,505,630
|
|
|
|
12,306,147
|
|
Passenger Airlines 1.1%
|
||
|
77,500
|
Alaska Air Group, Inc.*
|
3,482,075
|
|
Personal Care Products 1.2%
|
||
|
38,100
|
elf Beauty, Inc.*
|
3,963,162
|
|
Pharmaceuticals 1.4%
|
||
|
69,647
|
Arvinas, Inc.*
|
1,520,394
|
|
42,000
|
Prestige Consumer Healthcare,
Inc.*
|
2,403,660
|
|
24,889
|
Revance Therapeutics, Inc.*
|
760,608
|
|
|
|
4,684,662
|
|
Professional Services 2.6%
|
||
|
80,800
|
CBIZ, Inc.*
|
4,073,936
|
|
50,587
|
Exponent, Inc.
|
4,619,605
|
|
|
|
8,693,541
|
|
Semiconductors & Semiconductor Equipment 5.8%
|
||
|
103,412
|
Impinj, Inc.*
|
10,583,184
|
|
97,289
|
MACOM Technology Solutions
Holdings, Inc.*
|
5,820,801
|
|
Number of Shares
|
Value
|
|
|
Semiconductors & Semiconductor Equipment – cont'd
|
||
|
18,921
|
Silicon Laboratories, Inc.*
|
$2,661,617
|
|
|
|
19,065,602
|
|
Software 13.1%
|
||
|
16,036
|
CyberArk Software Ltd.*
|
2,481,250
|
|
72,866
|
Descartes Systems Group, Inc.*
|
5,634,728
|
|
136,738
|
DoubleVerify Holdings, Inc.*
|
4,768,054
|
|
115,155
|
Intapp, Inc.*
|
4,867,602
|
|
52,924
|
Manhattan Associates, Inc.*
|
9,601,472
|
|
105,866
|
Smartsheet, Inc. Class A*
|
5,248,836
|
|
147,288
|
Sprout Social, Inc. Class A*
|
6,379,043
|
|
25,590
|
SPS Commerce, Inc.*
|
3,986,922
|
|
|
|
42,967,907
|
|
Specialty Retail 0.6%
|
||
|
37,100
|
Academy Sports & Outdoors,
Inc.
|
1,816,416
|
|
Technology Hardware, Storage & Peripherals 1.5%
|
||
|
21,517
|
Super Micro Computer, Inc.*
|
4,818,732
|
|
Trading Companies & Distributors 4.2%
|
||
|
100,941
|
Air Lease Corp.
|
3,837,777
|
|
32,900
|
Applied Industrial
Technologies, Inc.
|
4,045,384
|
|
79,832
|
H&E Equipment Services, Inc.
|
2,870,758
|
|
21,960
|
WESCO International, Inc.
|
3,016,865
|
|
|
|
13,770,784
|
|
Total Common Stocks (Cost $305,103,390)
|
311,876,187
|
|
|
|
||
|
Short-Term Investments 4.2%
|
||
|
Investment Companies 4.2%
|
||
|
13,575,064
|
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.02%(b)
|
13,575,064
|
|
20,392
|
State Street Navigator
Securities Lending Government
Money Market Portfolio,
5.11%(b)(c)
|
20,392
|
|
Total Short-Term Investments
(Cost $13,595,456)
|
13,595,456
|
|
|
Total Investments 99.2%
(Cost $318,698,846)
|
325,471,643
|
|
|
Other Assets Less Liabilities 0.8%
|
2,683,333
|
|
|
Net Assets 100.0%
|
$328,154,976
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
All or a portion of this security is on loan at May 31, 2023. Total value of all such securities at May 31,
2023 amounted to $19,143 for the Fund.
|
|
(b)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
(c)
|
Represents investment of cash collateral received from securities lending.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$311,876,187
|
$—
|
$—
|
$311,876,187
|
|
Short-Term Investments
|
—
|
13,595,456
|
—
|
13,595,456
|
|
Total Investments
|
$311,876,187
|
$13,595,456
|
$—
|
$325,471,643
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 99.7%
|
||
|
Banks 5.1%
|
||
|
1,103,742
|
Bank of America Corp.
|
$30,672,990
|
|
258,236
|
JPMorgan Chase & Co.
|
35,045,208
|
|
|
|
65,718,198
|
|
Broadline Retail 7.0%
|
||
|
749,224
|
Amazon.com, Inc.*
|
90,341,430
|
|
Capital Markets 2.2%
|
||
|
80,089
|
Interactive Brokers Group, Inc.
Class A
|
6,185,273
|
|
209,582
|
Intercontinental Exchange,
Inc.
|
22,205,213
|
|
|
|
28,390,486
|
|
Chemicals 1.7%
|
||
|
98,538
|
Sherwin-Williams Co.
|
22,444,986
|
|
Communications Equipment 1.9%
|
||
|
147,191
|
Arista Networks, Inc.*
|
24,483,751
|
|
Consumer Staples Distribution & Retail 1.8%
|
||
|
45,831
|
Costco Wholesale Corp.
|
23,445,306
|
|
Electrical Equipment 1.8%
|
||
|
797,497
|
Vestas Wind Systems AS*
|
22,704,679
|
|
Electronic Equipment, Instruments & Components 2.0%
|
||
|
97,299
|
Zebra Technologies Corp.
Class A*
|
25,547,798
|
|
Financial Services 12.2%
|
||
|
32
|
Berkshire Hathaway, Inc.
Class A*
|
15,616,767
|
|
185,893
|
Berkshire Hathaway, Inc.
Class B*
|
59,686,525
|
|
222,514
|
Fiserv, Inc.*
|
24,963,846
|
|
154,208
|
MasterCard, Inc. Class A
|
56,289,004
|
|
|
|
156,556,142
|
|
Ground Transportation 2.2%
|
||
|
900,263
|
CSX Corp.
|
27,611,066
|
|
Health Care Equipment & Supplies 2.7%
|
||
|
112,192
|
Becton Dickinson & Co.
|
27,123,538
|
|
37,798
|
Embecta Corp.
|
1,045,871
|
|
13,273
|
IDEXX Laboratories, Inc.*
|
6,168,892
|
|
|
|
34,338,301
|
|
Health Care Providers & Services 7.6%
|
||
|
249,671
|
AmerisourceBergen Corp.
|
42,481,521
|
|
222,984
|
Cigna Group
|
55,168,471
|
|
|
|
97,649,992
|
|
Hotels, Restaurants & Leisure 4.2%
|
||
|
1,969,579
|
Compass Group PLC
|
53,950,261
|
|
Number of Shares
|
Value
|
|
|
Household Products 2.4%
|
||
|
416,558
|
Colgate-Palmolive Co.
|
$30,983,584
|
|
Insurance 3.4%
|
||
|
344,301
|
Progressive Corp.
|
44,039,541
|
|
Interactive Media & Services 7.1%
|
||
|
737,752
|
Alphabet, Inc. Class A*
|
90,647,588
|
|
IT Services 2.9%
|
||
|
514,884
|
GoDaddy, Inc. Class A*
|
37,782,188
|
|
Life Sciences Tools & Services 2.9%
|
||
|
101,883
|
Danaher Corp.
|
23,394,375
|
|
67,099
|
IQVIA Holdings, Inc.*
|
13,212,464
|
|
|
|
36,606,839
|
|
Machinery 1.9%
|
||
|
307,344
|
Otis Worldwide Corp.
|
24,436,921
|
|
Multi-Utilities 2.2%
|
||
|
2,056,394
|
National Grid PLC
|
28,292,042
|
|
Oil, Gas & Consumable Fuels 1.6%
|
||
|
909,046
|
Coterra Energy, Inc.
|
21,135,320
|
|
Pharmaceuticals 2.3%
|
||
|
94,962
|
Roche Holding AG
|
30,050,012
|
|
Semiconductors & Semiconductor Equipment 3.5%
|
||
|
261,876
|
Texas Instruments, Inc.
|
45,534,999
|
|
Software 10.5%
|
||
|
58,356
|
Intuit, Inc.
|
24,458,167
|
|
338,295
|
Microsoft Corp.
|
111,092,695
|
|
|
|
135,550,862
|
|
Technology Hardware, Storage & Peripherals 2.9%
|
||
|
208,473
|
Apple, Inc.
|
36,951,839
|
|
Trading Companies & Distributors 3.7%
|
||
|
50,106
|
United Rentals, Inc.
|
16,724,882
|
|
47,323
|
W.W. Grainger, Inc.
|
30,713,573
|
|
|
|
47,438,455
|
|
Total Common Stocks
(Cost $786,065,730)
|
1,282,632,586
|
|
|
Principal Amount
|
|
|
|
|
||
|
Short-Term Investments 0.2%
|
||
|
Certificates of Deposit 0.0%(a)
|
||
|
$100,000
|
Carver Federal Savings Bank,
1.25%, due 6/23/2023
|
100,000
|
|
250,000
|
Self Help Credit Union,
0.10%, due 8/16/2023
|
250,000
|
|
Principal Amount
|
Value
|
|
|
Certificates of Deposit – cont'd
|
||
|
$250,000
|
Self Help Federal Credit
Union, 0.10%, due 6/1/2023
|
$250,000
|
|
|
600,000
|
|
|
Number of Shares
|
|
|
|
Investment Companies 0.2%
|
||
|
1,955,742
|
State Street Institutional
Treasury Money Market Fund
Premier Class, 4.94%(b)
|
1,955,742
|
|
Total Short-Term Investments
(Cost $2,555,742)
|
2,555,742
|
|
|
Total Investments 99.9%
(Cost $788,621,472)
|
1,285,188,328
|
|
|
Other Assets Less Liabilities 0.1%
|
788,572
|
|
|
Net Assets 100.0%
|
$1,285,976,900
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Represents less than 0.05% of net assets of the Fund.
|
|
(b)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
POSITIONS BY COUNTRY
|
||
|
Country
|
Investments at
Value
|
Percentage of
Net Assets
|
|
United States
|
$1,147,635,592
|
89.2%
|
|
United Kingdom
|
82,242,303
|
6.4%
|
|
Switzerland
|
30,050,012
|
2.3%
|
|
Denmark
|
22,704,679
|
1.8%
|
|
Short-Term Investments and Other Assets—Net
|
3,344,314
|
0.3%
|
|
|
$1,285,976,900
|
100.0%
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks#
|
$1,282,632,586
|
$—
|
$—
|
$1,282,632,586
|
|
Short-Term Investments
|
—
|
2,555,742
|
—
|
2,555,742
|
|
Total Investments
|
$1,282,632,586
|
$2,555,742
|
$—
|
$1,285,188,328
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
|
|
Number of Shares
|
Value
|
|
|
Common Stocks 95.5%
|
||
|
Automobile Components 2.2%
|
||
|
1,647
|
Aptiv PLC*
|
$145,068
|
|
Building Products 4.6%
|
||
|
1,801
|
Trane Technologies PLC
|
293,977
|
|
Chemicals 4.1%
|
||
|
1,611
|
Ecolab, Inc.
|
265,896
|
|
Commercial Services & Supplies 1.0%
|
||
|
465
|
Tetra Tech, Inc.
|
63,924
|
|
Communications Equipment 4.1%
|
||
|
933
|
Motorola Solutions, Inc.
|
263,031
|
|
Containers & Packaging 7.4%
|
||
|
2,476
|
Ball Corp.
|
126,672
|
|
14,553
|
Graphic Packaging Holding Co.
|
347,817
|
|
|
|
474,489
|
|
Electric Utilities 2.6%
|
||
|
2,276
|
NextEra Energy, Inc.
|
167,195
|
|
Electrical Equipment 0.5%
|
||
|
1,933
|
Sunrun, Inc.*
|
34,098
|
|
Electronic Equipment, Instruments & Components 2.7%
|
||
|
3,516
|
Coherent Corp.*
|
129,951
|
|
998
|
Trimble, Inc.*
|
46,577
|
|
|
|
176,528
|
|
Food Products 2.9%
|
||
|
5,111
|
Simply Good Foods Co.*
|
184,967
|
|
Ground Transportation 6.6%
|
||
|
2,778
|
Canadian Pacific Kansas City Ltd.
|
211,684
|
|
7,084
|
CSX Corp.
|
217,266
|
|
|
|
428,950
|
|
Health Care Equipment & Supplies 6.0%
|
||
|
1,717
|
Baxter International, Inc.
|
69,916
|
|
4,481
|
Boston Scientific Corp.*
|
230,682
|
|
248
|
Contra Abiomed, Inc.*(a)(b)
|
434
|
|
714
|
Dexcom, Inc.*
|
83,724
|
|
|
|
384,756
|
|
Health Care Providers & Services 5.6%
|
||
|
1,113
|
HCA Healthcare, Inc.
|
294,044
|
|
130
|
Humana, Inc.
|
65,243
|
|
|
|
359,287
|
|
Household Products 2.3%
|
||
|
921
|
Clorox Co.
|
145,684
|
|
Number of Shares
|
Value
|
|
|
Independent Power and Renewable Electricity
Producers 4.1%
|
||
|
7,964
|
Brookfield Renewable Corp. Class A
|
$267,431
|
|
Life Sciences Tools & Services 3.8%
|
||
|
457
|
Danaher Corp.
|
104,936
|
|
276
|
Thermo Fisher Scientific, Inc.
|
140,335
|
|
|
|
245,271
|
|
Machinery 10.3%
|
||
|
602
|
Deere & Co.
|
208,280
|
|
3,321
|
Pentair PLC
|
184,216
|
|
2,304
|
Westinghouse Air Brake
Technologies Corp.
|
213,419
|
|
620
|
Xylem, Inc.
|
62,140
|
|
|
|
668,055
|
|
Mortgage Real Estate Investment Trusts 0.6%
|
||
|
1,756
|
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
|
41,319
|
|
Personal Care Products 2.2%
|
||
|
3,847
|
BellRing Brands, Inc.*
|
140,877
|
|
Pharmaceuticals 9.8%
|
||
|
642
|
Eli Lilly & Co.
|
275,713
|
|
1,613
|
Merck & Co., Inc.
|
178,091
|
|
2,879
|
Organon & Co.
|
55,824
|
|
3,277
|
Pfizer, Inc.
|
124,592
|
|
|
|
634,220
|
|
Professional Services 3.7%
|
||
|
1,103
|
Verisk Analytics, Inc.
|
241,678
|
|
Semiconductors & Semiconductor Equipment 3.9%
|
||
|
375
|
First Solar, Inc.*
|
76,110
|
|
1,281
|
ON Semiconductor Corp.*
|
107,091
|
|
248
|
SolarEdge Technologies, Inc.*
|
70,638
|
|
|
|
253,839
|
|
Software 4.5%
|
||
|
489
|
Fortinet, Inc.*
|
33,413
|
|
115
|
Intuit, Inc.
|
48,199
|
|
522
|
Tyler Technologies, Inc.*
|
207,213
|
|
|
|
288,825
|
|
Total Common Stocks (Cost $6,057,305)
|
6,169,365
|
|
|
Number of Shares
|
Value
|
|
|
|
||
|
Short-Term Investments 4.9%
|
||
|
Investment Companies 4.9%
|
||
|
313,201
|
State Street Institutional Treasury
Money Market Fund Premier Class,
4.94%(c)
(Cost $313,201)
|
$313,201
|
|
Total Investments 100.4% (Cost $6,370,506)
|
6,482,566
|
|
|
Liabilities Less Other Assets (0.4)%
|
(24,780
)
|
|
|
Net Assets 100.0%
|
$6,457,786
|
|
|
*
|
Non-income producing security.
|
|
(a)
|
Value determined using significant unobservable inputs.
|
|
(b)
|
Security fair valued as of May 31, 2023 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2023 amounted to $434, which represents 0.0% of net assets of
the Fund.
|
|
(c)
|
Represents 7-day effective yield as of May 31, 2023.
|
|
Asset Valuation Inputs
|
Level 1
|
Level 2
|
Level 3(a)
|
Total
|
|
Investments:
|
|
|
|
|
|
Common Stocks
|
|
|
|
|
|
Health Care Equipment & Supplies
|
$384,322
|
$—
|
$434
|
$384,756
|
|
Other Common Stocks#
|
5,784,609
|
—
|
—
|
5,784,609
|
|
Total Common Stocks
|
6,168,931
|
—
|
434
|
6,169,365
|
|
Short-Term Investments
|
—
|
313,201
|
—
|
313,201
|
|
Total Investments
|
$6,168,931
|
$313,201
|
$434
|
$6,482,566
|
|
#
|
The Schedule of Investments provides information on the industry or sector categorization.
|
|
(a)
|
At May 31, 2023, 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 unobservable inputs used in formulating valuations is not presented.
|
|
|
Investment in
Blocker
|
Percentage of
Net Assets
|
|
|
$877,607
|
0.0
%
|
|
Investment Methods:
|
|
|
PIPE
|
= Private investment in public equity
|
|
Other Abbreviations:
|
|
|
ADR
|
= American Depositary Receipt
|
|
Management
|
= Neuberger Berman Investment Advisers LLC
|
|
PJSC
|
= Public Joint Stock Company
|
|
Currency Abbreviations:
|
|
|
INR
|
= Indian Rupee
|