0001752724-24-167641.txt : 20240729 0001752724-24-167641.hdr.sgml : 20240729 20240729115637 ACCESSION NUMBER: 0001752724-24-167641 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240531 FILED AS OF DATE: 20240729 DATE AS OF CHANGE: 20240729 PERIOD START: 20240831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NEUBERGER BERMAN EQUITY FUNDS CENTRAL INDEX KEY: 0000044402 ORGANIZATION NAME: IRS NUMBER: 136068441 STATE OF INCORPORATION: DE FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-00582 FILM NUMBER: 241150184 BUSINESS ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 BUSINESS PHONE: 2124768800 MAIL ADDRESS: STREET 1: 1290 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10104 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER & BERMAN EQUITY FUNDS DATE OF NAME CHANGE: 19931103 FORMER COMPANY: FORMER CONFORMED NAME: NEUBERGER & BERMAN GUARDIAN FUND INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: GUARDIAN MUTUAL FUND INC DATE OF NAME CHANGE: 19890625 0000044402 S000052017 Neuberger Berman Dividend Growth Fund C000163610 Class A NDGAX C000163611 Class C NDGCX C000163612 Class Institutional NDGIX C000163613 Class R6 NRDGX NPORT-P 1 primary_doc.xml NPORT-P false 0000044402 XXXXXXXX S000052017 C000163611 C000163613 C000163612 C000163610 NEUBERGER BERMAN EQUITY FUNDS 811-00582 0000044402 5493007JOB1812PHXG23 1290 AVENUE OF THE AMERICAS NEW YORK 10104 212-476-8800 Neuberger Berman Dividend Growth Fund S000052017 549300H6F8BDSTHT1L31 2024-08-31 2024-05-31 N 99329966.90 150074.32 99179892.58 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 2.60000000 N Honeywell International Inc ISRPG12PN4EIEOEMW547 Honeywell International Inc 438516106 8200.00000000 NS USD 1657958.00000000 1.671667468950 Long EC CORP US N 1 N N N Nordson Corp 14OS6Q5N55N95WM84M53 Nordson Corp 655663102 5050.00000000 NS USD 1185336.00000000 1.195137410583 Long EC CORP US N 1 N N N McCormick & Co Inc/MD 549300JQQA6MQ4OJP259 McCormick & Co Inc/MD 579780107 1285.00000000 NS USD 92866.95000000 0.093634856405 Long EC CORP US N 1 N N N Equitable Holdings Inc 549300FIBAKMNHPZ4009 Equitable Holdings Inc 29452E101 16850.00000000 NS USD 699106.50000000 0.704887333323 Long EC CORP US N 1 N N N Shell PLC 21380068P1DRHMJ8KU70 Shell PLC 780259305 10075.00000000 NS USD 733258.50000000 0.739321732384 Long EC CORP GB N 1 N N N Salesforce Inc RCGZFPDMRW58VJ54VR07 Salesforce Inc 79466L302 2300.00000000 NS USD 539212.00000000 0.543670683616 Long EC CORP US N 1 N N N Intuit Inc VI90HBPH7XSFMB9E4M29 Intuit Inc 461202103 2370.00000000 NS USD 1366162.80000000 1.377459447133 Long EC CORP US N 1 N N N BlackRock Inc 549300LRIF3NWCU26A80 BlackRock Inc 09247X101 1275.00000000 NS USD 984338.25000000 0.992477632707 Long EC CORP US N 1 N N N State Street Global Advisors 549300Q3FHSMZ70NLT76 State Street Institutional Treasury Money Market Fund 857492870 4274794.97000000 NS USD 4274794.97000000 4.310142770674 Long STIV RF US N 2 N N N Mondelez International, Inc. 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1.356811814365 Long EC CORP US N 1 N N N Comcast Corp 51M0QTTNCGUN7KFCFZ59 Comcast Corp 20030N101 43200.00000000 NS USD 1729296.00000000 1.743595354880 Long EC CORP US N 1 N N N Tootsie Roll Industries Inc 529900SBKOV9XX4M4Q35 Tootsie Roll Industries Inc 890516107 42255.00000000 NS USD 1236381.30000000 1.246604798450 Long EC CORP US N 1 N N N Medtronic PLC 549300GX3ZBSQWUXY261 Medtronic PLC 000000000 8975.00000000 NS USD 730295.75000000 0.736334483737 Long EC CORP IE N 1 N N N Terreno Realty Corp N/A Terreno Realty Corp 88146M101 30955.00000000 NS USD 1751433.90000000 1.765916310694 Long EC US N 1 N N N Microsoft Corp INR2EJN1ERAN0W5ZP974 Microsoft Corp 594918104 9675.00000000 NS USD 4016382.75000000 4.049593768979 Long EC CORP US N 1 N N N Becton Dickinson & Co ICE2EP6D98PQUILVRZ91 Becton Dickinson & Co 075887109 4150.00000000 NS USD 962675.50000000 0.970635755854 Long EC CORP US N 1 N N N Applied Materials Inc 41BNNE1AFPNAZELZ6K07 Applied Materials Inc 038222105 18280.00000000 NS USD 3931662.40000000 3.964172875896 Long EC CORP US N 1 N N N AstraZeneca PLC PY6ZZQWO2IZFZC3IOL08 AstraZeneca PLC 046353108 35885.00000000 NS USD 2799747.70000000 2.822898500058 Long EC CORP GB N 1 N N N Cie Financiere Richemont SA 549300YIPGJ6UX2QPS51 Cie Financiere Richemont SA 000000000 13220.00000000 NS 2127319.94000000 2.144910510246 Long EC CORP CH N 2 N N N Walt Disney Co/The 549300GZKULIZ0WOW665 Walt Disney Co/The 254687106 16375.00000000 NS USD 1701526.25000000 1.715595979928 Long EC CORP US N 1 N N N Marsh & McLennan Cos Inc 549300XMP3KDCKJXIU47 Marsh & McLennan Cos Inc 571748102 4775.00000000 NS USD 991194.50000000 0.999390576270 Long EC CORP US N 1 N N N Walmart Inc Y87794H0US1R65VBXU25 Walmart Inc 931142103 28800.00000000 NS USD 1893888.00000000 1.909548347687 Long EC CORP US N 1 N N N Universal Display Corp N/A Universal Display Corp 91347P105 13955.00000000 NS USD 2451893.50000000 2.472167932650 Long EC CORP US N 1 N N N McCormick & Co Inc/MD 549300JQQA6MQ4OJP259 McCormick 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549300VSGCJ7E698NM85 Charles Schwab Corp/The 808513105 30325.00000000 NS USD 2222216.00000000 2.240591255135 Long EC CORP US N 1 N N N Aon PLC 635400FALWQYX5E6QC64 Aon PLC 000000000 2675.00000000 NS USD 753387.00000000 0.759616672696 Long EC CORP IE N 1 N N N Devon Energy Corp 54930042348RKR3ZPN35 Devon Energy Corp 25179M103 36500.00000000 NS USD 1791420.00000000 1.806233051276 Long EC CORP US N 1 N N N LKQ Corp DS830JTTZQN6GK0I2E41 LKQ Corp 501889208 28250.00000000 NS USD 1215597.50000000 1.225649139536 Long EC CORP US N 1 N N N Morgan Stanley IGJSJL3JD5P30I6NJZ34 Morgan Stanley 617446448 18300.00000000 NS USD 1790472.00000000 1.805277212370 Long EC CORP US N 1 N N N QUALCOMM Inc H1J8DDZKZP6H7RWC0H53 QUALCOMM Inc 747525103 21250.00000000 NS USD 4336062.50000000 4.371916915016 Long EC CORP US N 1 N N N Wheaton Precious Metals Corp 549300XSFG5ZCGVYD886 Wheaton Precious Metals Corp 962879102 37325.00000000 NS USD 2056980.75000000 2.073989693365 Long EC CORP CA N 1 N N N Electronic Arts Inc 549300O7A67PUEYKDL45 Electronic Arts Inc 285512109 21550.00000000 NS USD 2863564.00000000 2.887242489893 Long EC CORP US N 1 N N N Humana Inc 529900YLDW34GJAO4J06 Humana Inc 444859102 940.00000000 NS USD 336632.80000000 0.339416378908 Long EC CORP US N 1 N N N Apple Inc HWUPKR0MPOU8FGXBT394 Apple Inc 037833100 14250.00000000 NS USD 2739562.50000000 2.762215635382 Long EC CORP US N 1 N N N Danaher Corp S4BKK9OTCEWQ3YHPFM11 Danaher Corp 235851102 10910.00000000 NS USD 2801688.00000000 2.824854844181 Long EC CORP US N 1 N N N Cboe Global Markets Inc 529900RLNSGA90UPEH54 Cboe Global Markets Inc 12503M108 7700.00000000 NS USD 1332023.00000000 1.343037348952 Long EC CORP US N 1 N N N Automatic Data Processing Inc HGBOLILQXWER4SAL2I23 Automatic Data Processing Inc 053015103 4300.00000000 NS USD 1053156.00000000 1.061864428972 Long EC CORP US N 1 N N N T-Mobile US Inc 549300QHIJYOHPACPG31 T-Mobile US Inc 872590104 10225.00000000 NS USD 1788966.00000000 1.803758759424 Long EC CORP US N 1 N N N Chesapeake Energy Corp X2MT1W32SPAZ9WSKLE78 Chesapeake Energy Corp 165167735 5250.00000000 NS USD 477382.50000000 0.481329922408 Long EC CORP US N 1 N N N Eli Lilly & Co FRDRIPF3EKNDJ2CQJL29 Eli Lilly & Co 532457108 3390.00000000 NS USD 2780952.60000000 2.803947985481 Long EC CORP US N 1 N N N Siemens Energy AG 5299005CHJZ14D4FDJ62 Siemens Energy AG 000000000 18240.00000000 NS 496697.68000000 0.500804817467 Long EC CORP DE N 2 N N N JPMorgan Chase & Co 8I5DZWZKVSZI1NUHU748 JPMorgan Chase & Co 46625H100 11650.00000000 NS USD 2360639.50000000 2.380159363548 Long EC CORP US N 1 N N N American Express Co R4PP93JZOLY261QX3811 American Express Co 025816109 6050.00000000 NS USD 1452000.00000000 1.464006425323 Long EC CORP US N 1 N N N Public Service Enterprise Group Inc PUSS41EMO3E6XXNV3U28 Public Service Enterprise Group Inc 744573106 20030.00000000 NS USD 1517472.80000000 1.530020612571 Long EC CORP US N 1 N N N Equity Commonwealth 549300YPGVU9PR4L0606 Equity Commonwealth 294628102 101585.00000000 NS USD 1961606.35000000 1.977826653137 Long EC US N 1 N N N 2024-06-27 NEUBERGER BERMAN EQUITY FUNDS John McGovern John McGovern Treasurer XXXX NPORT-EX 2 NPORT_9WN5_82922474_0524.htm FOR VALIDATION PURPOSES ONLY - [287135.STST_NB]
Schedule of Investments Dividend Growth Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 95.6%
Banks 3.7%
11,650
JPMorgan Chase & Co.
$2,360,639
8,550
PNC Financial Services Group,
Inc.
1,345,685
 
3,706,324
Capital Markets 6.4%
1,275
BlackRock, Inc.
984,338
7,700
Cboe Global Markets, Inc.
1,332,023
30,325
Charles Schwab Corp.
2,222,216
18,300
Morgan Stanley
1,790,472
 
6,329,049
Chemicals 1.2%
20,140
Novonesis (Novozymes) B Class B
1,201,183
Commercial Services & Supplies 0.3%
2,853
Veralto Corp.
281,249
Consumer Finance 1.5%
6,050
American Express Co.
1,452,000
Consumer Staples Distribution & Retail 1.9%
28,800
Walmart, Inc.
1,893,888
Distributors 1.2%
28,250
LKQ Corp.
1,215,598
Electrical Equipment 0.5%
18,240
Siemens Energy AG*
496,698
Electronic Equipment, Instruments & Components 4.1%
30,400
Amphenol Corp. Class A
4,024,048
Energy Equipment & Services 1.1%
23,025
Schlumberger NV
1,056,617
Entertainment 4.6%
21,550
Electronic Arts, Inc.
2,863,564
16,375
Walt Disney Co.
1,701,526
 
4,565,090
Financial Services 0.7%
16,850
Equitable Holdings, Inc.
699,107
Food Products 3.8%
15,075
McCormick & Co., Inc.
1,088,717
1,285
McCormick & Co., Inc.
92,867
20,150
Mondelez International, Inc.
Class A
1,380,879
42,255
Tootsie Roll Industries, Inc.
1,236,381
 
3,798,844
Ground Transportation 1.4%
42,425
CSX Corp.
1,431,844
Number of Shares
Value
Health Care Equipment & Supplies 1.7%
4,150
Becton Dickinson & Co.
$962,675
8,975
Medtronic PLC
730,296
 
1,692,971
Health Care Providers & Services 0.3%
940
Humana, Inc.
336,633
Industrial Conglomerates 1.7%
8,200
Honeywell International, Inc.
1,657,958
Industrial REITs 1.8%
30,955
Terreno Realty Corp.
1,751,434
Insurance 1.8%
2,675
Aon PLC Class A
753,387
4,775
Marsh & McLennan Cos., Inc.
991,195
 
1,744,582
Life Sciences Tools & Services 4.6%
13,535
Agilent Technologies, Inc.
1,765,099
10,910
Danaher Corp.
2,801,688
 
4,566,787
Machinery 1.2%
5,050
Nordson Corp.
1,185,336
Media 1.7%
43,200
Comcast Corp. Class A
1,729,296
Metals & Mining 3.6%
29,125
Freeport-McMoRan, Inc.
1,535,761
37,325
Wheaton Precious Metals Corp.
2,056,981
 
3,592,742
Multi-Utilities 1.5%
20,030
Public Service Enterprise Group,
Inc.
1,517,473
Office REITs 2.0%
101,585
Equity Commonwealth*
1,961,606
Oil, Gas & Consumable Fuels 3.5%
5,250
Chesapeake Energy Corp.
477,383
36,500
Devon Energy Corp.
1,791,420
13,894
Shell PLC
501,500
10,075
Shell PLC ADR
733,258
 
3,503,561
Pharmaceuticals 5.6%
35,885
AstraZeneca PLC ADR
2,799,748
3,390
Eli Lilly & Co.
2,780,952
 
5,580,700
Professional Services 1.1%
4,300
Automatic Data Processing, Inc.
1,053,156
See Notes to Schedule of Investments
Schedule of Investments Dividend Growth Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Semiconductors & Semiconductor Equipment 14.5%
15,675
Analog Devices, Inc.
$3,675,631
18,280
Applied Materials, Inc.
3,931,662
21,250
QUALCOMM, Inc.
4,336,062
13,955
Universal Display Corp.
2,451,894
 
14,395,249
Software 6.0%
2,370
Intuit, Inc.
1,366,163
9,675
Microsoft Corp.
4,016,383
2,300
Salesforce, Inc.
539,212
 
5,921,758
Specialty Retail 2.2%
21,100
TJX Cos., Inc.
2,175,410
Technology Hardware, Storage & Peripherals 2.8%
14,250
Apple, Inc.
2,739,562
Textiles, Apparel & Luxury Goods 3.8%
13,220
Cie Financiere Richemont SA
Class A
2,127,320
Number of Shares
Value
Textiles, Apparel & Luxury Goods – cont'd
17,570
NIKE, Inc. Class B
$1,670,028
 
3,797,348
Wireless Telecommunication Services 1.8%
10,225
T-Mobile U.S., Inc.
1,788,966
Total Common Stocks (Cost $61,246,404)
94,844,067
 
Short-Term Investments 4.3%
Investment Companies 4.3%
4,274,795
State Street Institutional Treasury
Money Market Fund Premier
Class, 5.24%(a)
(Cost $4,274,795)
4,274,795
Total Investments 99.9%
(Cost $65,521,199)
99,118,862
Other Assets Less Liabilities 0.1%
61,031
Net Assets 100.0%
$99,179,893
 
*
Non-income producing security.
(a)
Represents 7-day effective yield as of May 31, 2024.
See Notes to Schedule of Investments
Schedule of Investments Dividend Growth Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks
Chemicals
$—
$1,201,183
$—
$1,201,183
Electrical Equipment
—
496,698
—
496,698
Oil, Gas & Consumable Fuels
3,002,061
501,500
—
3,503,561
Textiles, Apparel & Luxury Goods
1,670,028
2,127,320
—
3,797,348
Other Common Stocks#
85,845,277
—
—
85,845,277
Total Common Stocks
90,517,366
4,326,701
—
94,844,067
Short-Term Investments
—
4,274,795
—
4,274,795
Total Investments
$90,517,366
$8,601,496
$—
$99,118,862
 
#
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 94.9%
Australia 1.3%
50,073
Rio Tinto PLC
$3,525,008
Brazil 5.0%
460,303
B3 SA - Brasil Bolsa Balcao
937,981
236,510
Banco BTG Pactual SA
1,422,870
324,203
Banco do Brasil SA
1,674,453
484,857
Embraer SA*
3,345,402
303,569
Equatorial Energia SA
1,689,867
1,135
MercadoLibre, Inc.*
1,958,533
309,377
Petroleo Brasileiro SA
2,285,462
 
13,314,568
Canada 0.4%
68,924
Parex Resources, Inc.
1,131,245
Chile 0.7%
67,044
Antofagasta PLC
1,901,750
China 22.1%
3,001,800
Agricultural Bank of China Ltd.
Class A
1,813,300
677,236
Alibaba Group Holding Ltd.
6,612,895
65,000
BYD Co. Ltd. Class H
1,823,852
8,441,000
China Construction Bank
Corp. Class H
5,990,781
537,000
China Resources Beer Holdings
Co. Ltd.
2,161,105
642,600
Foxconn Industrial Internet Co.
Ltd. Class A
2,020,982
213,977
Hainan Jinpan Smart
Technology Co. Ltd. Class A*
1,708,600
245,800
Jiangsu Hengrui
Pharmaceuticals Co. Ltd.
Class A
1,432,472
7,802
Kweichow Moutai Co. Ltd.
Class A
1,769,895
324,000
Meituan Class B*(a)
4,414,881
29,063
NetEase, Inc. ADR
2,587,479
23,841
PDD Holdings, Inc. ADR*
3,570,905
268,041
Shenzhen Inovance Technology
Co. Ltd. Class A
2,136,538
53,416
Shenzhen Mindray Bio-Medical
Electronics Co. Ltd. Class A
2,132,033
251,050
Sieyuan Electric Co. Ltd.
Class A
2,435,874
294,600
Tencent Holdings Ltd.
13,667,543
39,965
Trip.com Group Ltd. ADR*
2,058,597
 
58,337,732
Hong Kong 1.3%
444,000
AIA Group Ltd.
3,448,635
Number of Shares
Value
Hungary 1.7%
51,649
OTP Bank Nyrt
$2,494,143
82,502
Richter Gedeon Nyrt
2,090,514
 
4,584,657
India 23.3%
396,844
Aadhar Housing Finance Ltd.*#
1,626,432
396,845
Aadhar Housing Finance Ltd.*#
1,626,436
562,642
Aptus Value Housing Finance
India Ltd.
2,030,150
452,709
ASK Automotive Ltd.*
1,623,207
92,887
AurionPro Solutions Ltd.
2,453,824
425,600
Bharat Electronics Ltd.
1,517,838
119,483
Bharti Airtel Ltd.
1,963,639
143,766
Cholamandalam Investment &
Finance Co. Ltd.
2,147,886
617,635
CMS Info Systems Ltd.
3,266,819
46,556
Doms Industries Ltd.*
1,066,648
180,265
ICICI Bank Ltd.
2,424,678
91,428
IndusInd Bank Ltd.
1,604,283
108,693
JB Chemicals &
Pharmaceuticals Ltd.
2,365,330
125,668
Jupiter Life Line Hospitals Ltd.*
1,788,569
431,198
Jyoti CNC Automation Ltd.*(a)
5,198,132
54,505
Kaynes Technology India Ltd.*
2,190,939
244,459
Max Healthcare Institute Ltd.
2,217,993
424,941
NCC Ltd.
1,470,473
4,084
Pine Labs PTE Ltd.*#(b)(c)
1,182,563
108,351
Reliance Industries Ltd.
3,714,738
2,280,949
SBFC Finance Ltd.*
2,227,389
67,827
Sun Pharmaceutical Industries
Ltd.
1,190,488
756,113
Texmaco Rail & Engineering
Ltd.
1,809,681
28,403
Tube Investments of India Ltd.
1,218,629
106,611
Venus Pipes & Tubes Ltd.(a)
2,695,011
26,103
Voltamp Transformers Ltd.
3,633,909
274,550
XPRO India Ltd.
3,239,345
61,861
Yasho Industries Ltd.
1,314,543
266,926
Zaggle Prepaid Ocean Services
Ltd.*
870,807
 
61,680,379
Indonesia 1.1%
10,267,400
Bank Negara Indonesia Persero
Tbk. PT
2,786,048
Korea 9.5%
28,108
DB Insurance Co. Ltd.
2,106,623
50,726
Kia Corp.
4,329,781
212,077
Samsung Electronics Co. Ltd.
11,236,433
53,337
SK Hynix, Inc.
7,349,211
 
25,022,048
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Mexico 2.6%
824,550
FIBRA Macquarie Mexico(a)
$1,541,065
2,654,930
Fibra MTY SAPI de CV
1,608,622
239,679
Grupo Financiero Banorte SAB
de CV Class O
2,276,785
414,730
Wal-Mart de Mexico SAB de
CV
1,558,308
 
6,984,780
Peru 0.8%
12,322
Credicorp Ltd.
2,037,073
Philippines 1.2%
947,170
BDO Unibank, Inc.
2,104,103
75,450
SM Investments Corp.
1,122,784
 
3,226,887
Poland 0.4%
11,234
Dino Polska SA*(a)
1,119,451
Saudi Arabia 1.9%
98,983
Al Rajhi Bank
2,016,253
146,116
Alinma Bank
1,194,108
247,790
Saudi Arabian Oil Co.(a)
1,915,607
 
5,125,968
South Africa 1.7%
116,207
Bid Corp. Ltd.
2,572,452
199,934
Standard Bank Group Ltd.
1,909,977
 
4,482,429
Taiwan 14.3%
120,000
Asia Vital Components Co.
Ltd.
2,848,397
185,000
Delta Electronics, Inc.
1,864,153
757,000
Far EasTone
Telecommunications Co. Ltd.
1,952,808
33,000
Lotes Co. Ltd.
1,647,126
91,000
MediaTek, Inc.
3,484,761
940,839
Taiwan Semiconductor
Manufacturing Co. Ltd.
24,092,940
26,000
Wiwynn Corp.
1,989,896
 
37,880,081
United Arab Emirates 1.4%
1,894,481
Adnoc Gas PLC
1,538,378
1,371,006
Dubai Islamic Bank PJSC
2,060,400
 
3,598,778
Number of Shares
Value
United States 3.1%
10,367
Globant SA*
$1,670,331
5,826
NVIDIA Corp.
6,387,219
 
8,057,550
Vietnam 1.1%
625,700
Military Commercial Joint
Stock Bank
536,962
1,227,800
Vietnam Technological &
Commercial Joint Stock Bank
2,276,400
 
2,813,362
Total Common Stocks
(Cost $211,411,722)
251,058,429
Preferred Stocks 3.8%
India 3.8%
217,973
Gupshup, Inc., Series F*#(b)(c)
3,559,499
9,762
Pine Labs PTE Ltd.,
Series 1*#(b)(c)
2,826,685
2,439
Pine Labs PTE Ltd.,
Series A*#(b)(c)
706,310
2,654
Pine Labs PTE Ltd.,
Series B*#(b)(c)
768,572
2,147
Pine Labs PTE Ltd.,
Series B2*#(b)(c)
622,608
3,993
Pine Labs PTE Ltd.,
Series C*#(b)(c)
1,157,371
841
Pine Labs PTE Ltd.,
Series C1*#(b)(c)
246,405
900
Pine Labs PTE Ltd.,
Series D*#(b)(c)
265,590
Total Preferred Stocks
(Cost $13,478,212)
10,153,040
 
Short-Term Investments 0.5%
Investment Companies 0.5%
1,432,652
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(d)
(Cost $1,432,652)
1,432,652
Total Investments 99.2%
(Cost $226,322,586)
262,644,121
Other Assets Less Liabilities 0.8%
2,044,685
Net Assets 100.0%
$264,688,806
 
*
Non-income producing security.
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited)  (cont’d)
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended.
Regulation S applies to securities offerings that are made outside of the United States and do not involve
directed selling efforts in the United States and as such may have restrictions on resale. Total value of all
such securities at May 31, 2024 amounted to $16,884,147, which represents 6.4% of net assets of the
Fund.
(b)
Value determined using significant unobservable inputs.
(c)
Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2024 amounted to $11,335,603, which represents 4.3% of net
assets of the Fund.
(d)
Represents 7-day effective yield as of May 31, 2024.
#  This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $14,588,471, which represents 5.5% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
5/31/2024
Fair Value
Percentage
of Net Assets
as of
5/31/2024
Aadhar Housing Finance Ltd.
5/7/2024
$1,496,740
$1,626,432
0.6%
Aadhar Housing Finance Ltd.
5/7/2024
1,496,744
1,626,436
0.6%
Gupshup, Inc. (Ser. F Preferred Shares)
7/16/2021
4,983,996
3,559,499
1.3%
Pine Labs PTE Ltd.
7/6/2021
1,525,790
1,182,563
0.5%
Pine Labs PTE Ltd. (Series 1 Preferred Shares)
7/6/2021
3,647,103
2,826,685
1.1%
Pine Labs PTE Ltd. (Series A Preferred Shares)
7/6/2021
911,215
706,310
0.3%
Pine Labs PTE Ltd. (Series B Preferred Shares)
7/6/2021
991,540
768,572
0.3%
Pine Labs PTE Ltd. (Series B2 Preferred Shares)
7/6/2021
802,124
622,608
0.2%
Pine Labs PTE Ltd. (Series C Preferred Shares)
7/6/2021
1,491,793
1,157,371
0.4%
Pine Labs PTE Ltd. (Series C1 Preferred Shares)
7/6/2021
314,199
246,405
0.1%
Pine Labs PTE Ltd. (Series D Preferred Shares)
7/6/2021
336,242
265,590
0.1%
Total
$17,997,486
$14,588,471
5.5%
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY INDUSTRY
Industry
Investments at
Value
Percentage of
Net Assets
Semiconductors & Semiconductor Equipment
$41,314,131
15.6
%
Banks
35,199,747
13.3
%
Technology Hardware, Storage & Peripherals
16,074,726
6.1
%
Interactive Media & Services
13,667,543
5.2
%
IT Services
13,005,934
4.9
%
Broadline Retail
12,142,333
4.6
%
Oil, Gas & Consumable Fuels
10,585,430
4.0
%
Machinery
9,144,351
3.5
%
Metals & Mining
8,121,769
3.1
%
Electrical Equipment
7,778,383
2.9
%
Electronic Equipment, Instruments & Components
7,723,200
2.9
%
Pharmaceuticals
7,078,804
2.7
%
Hotels, Restaurants & Leisure
6,473,478
2.4
%
Automobiles
6,153,633
2.3
%
Insurance
5,555,258
2.1
%
Financial Services
5,283,018
2.0
%
Consumer Staples Distribution & Retail
5,250,211
2.0
%
Aerospace & Defense
4,863,240
1.8
%
Chemicals
4,553,888
1.7
%
Consumer Finance
4,375,275
1.6
%
Commercial Services & Supplies
4,333,467
1.6
%
Health Care Providers & Services
4,006,562
1.5
%
Beverages
3,931,000
1.5
%
Wireless Telecommunication Services
3,916,447
1.5
%
Software
3,324,631
1.3
%
Automobile Components
2,841,836
1.1
%
Entertainment
2,587,479
1.0
%
Capital Markets
2,360,851
0.9
%
Health Care Equipment & Supplies
2,132,033
0.8
%
Electric Utilities
1,689,867
0.6
%
Office REITs
1,608,622
0.6
%
Industrial REITs
1,541,065
0.6
%
Construction & Engineering
1,470,473
0.6
%
Industrial Conglomerates
1,122,784
0.4
%
Short-Term Investments and Other Assets—Net
3,477,337
1.3
%
 
$264,688,806
100.0
%
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
Australia
$—
$3,525,008
$—
$3,525,008
Chile
—
1,901,750
—
1,901,750
China
9,925,581
48,412,151
—
58,337,732
Hong Kong
—
3,448,635
—
3,448,635
Hungary
2,090,514
2,494,143
—
4,584,657
India
3,252,868
57,244,948
1,182,563
61,680,379
Indonesia
—
2,786,048
—
2,786,048
Korea
—
25,022,048
—
25,022,048
Philippines
2,104,103
1,122,784
—
3,226,887
Poland
—
1,119,451
—
1,119,451
Saudi Arabia
—
5,125,968
—
5,125,968
South Africa
2,572,452
1,909,977
—
4,482,429
Taiwan
—
37,880,081
—
37,880,081
United Arab Emirates
2,060,400
1,538,378
—
3,598,778
Vietnam
—
2,813,362
—
2,813,362
Other Common Stocks#
31,525,216
—
—
31,525,216
Total Common Stocks
53,531,134
196,344,732
1,182,563
251,058,429
Preferred Stocks#
—
—
10,153,040
10,153,040
Short-Term Investments
—
1,432,652
—
1,432,652
Total Investments
$53,531,134
$197,777,384
$11,335,603
$262,644,121
 
 
 
#
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 9/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
5/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2024
Investments in Securities:
Common Stocks(1)
$21,813
$—
$1,763
$(2,602
)
$—
$(17,419
)
$—
$(2,372
)
$1,183
$(58
)
Preferred Stocks(1)
10,303
—
—
(150
)
—
—
—
—
10,153
(150
)
Total
$32,116
$—
$1,763
$(2,752
)
$—
$(17,419
)
$—
$(2,372
)
$11,336
$(208
)
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
5/31/2024
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$1,182,563
Market Approach
Enterprise value/
Revenue multiple(c) (EV/Revenue)
11.8x
11.8x
Increase
See Notes to Schedule of Investments
Schedule of Investments Emerging Markets Equity Fund^ (Unaudited)  (cont’d)
 
 
Discount Rate
5.0%
5.0%
Decrease
 
 
Term (Years)
0.6
0.6
Increase
 
 
Expected Volatility
55%
55%
Increase
Preferred Stocks
$10,153,040
Market Approach
Enterprise value/
Revenue multiple(c) (EV/Revenue)
3.6x - 11.8x
8.9x
Increase
 
 
Discount Rate
4.9% - 5.0%
5.0%
Decrease
 
 
Term (Years)
0.6 - 0.9
0.7
Increase
 
 
Expected Volatility
55% - 70%
60.3%
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
(c) Represents amounts used when the reporting entity has determined that market participants
would use such multiples when pricing the investments.
 
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.9%
Aerospace & Defense 3.7%
521,885
BAE Systems PLC
$9,292,693
52,440
Lockheed Martin Corp.
24,664,630
 
33,957,323
Air Freight & Logistics 0.9%
57,965
United Parcel Service, Inc.
Class B
8,053,077
Banks 7.2%
130,430
JPMorgan Chase & Co.(a)
26,429,031
69,525
PNC Financial Services Group,
Inc.(a)
10,942,540
486,000
Wells Fargo & Co.
29,121,120
 
66,492,691
Beverages 3.3%
151,960
Coca-Cola Co.
9,562,843
415,245
Keurig Dr Pepper, Inc.
14,222,141
40,475
PepsiCo, Inc.
6,998,127
 
30,783,111
Biotechnology 0.5%
71,150
Gilead Sciences, Inc.
4,572,810
Capital Markets 4.3%
88,475
CME Group, Inc.
17,958,656
20,545
Goldman Sachs Group, Inc.
9,379,203
127,500
Morgan Stanley
12,474,600
 
39,812,459
Construction & Engineering 4.2%
637,457
Ferrovial SE
25,192,749
519,825
MDU Resources Group, Inc.
13,120,383
 
38,313,132
Construction Materials 3.8%
233,450
CRH PLC
19,086,872
155,600
Heidelberg Materials AG
16,318,296
 
35,405,168
Diversified Telecommunication Services 2.4%
263,325
AT&T, Inc.
4,797,782
9,621,900
Singapore Telecommunications
Ltd.
17,699,959
 
22,497,741
Electric Utilities 2.7%
306,400
NextEra Energy, Inc.(a)
24,518,128
Electrical Equipment 5.5%
71,935
Eaton Corp. PLC
23,943,564
241,055
Emerson Electric Co.
27,036,729
 
50,980,293
Number of Shares
Value
Energy Equipment & Services 1.0%
195,415
Noble Corp. PLC
$9,078,981
Gas Utilities 0.3%
38,375
Southwest Gas Holdings, Inc.
2,977,516
Ground Transportation 1.4%
56,050
Union Pacific Corp.
13,049,561
Health Care Providers & Services 0.2%
27,575
CVS Health Corp.
1,643,470
Hotels, Restaurants & Leisure 2.9%
98,875
Darden Restaurants, Inc.
14,869,811
46,210
McDonald's Corp.
11,963,307
 
26,833,118
Household Products 2.0%
112,974
Procter & Gamble Co.
18,588,742
Industrial REITs 1.4%
69,978
Prologis, Inc.
7,731,869
84,375
Terreno Realty Corp.
4,773,938
 
12,505,807
Insurance 4.2%
237,125
American International Group,
Inc.
18,690,193
92,825
Progressive Corp.
19,602,783
 
38,292,976
IT Services 2.2%
123,603
International Business Machines
Corp.
20,623,161
Metals & Mining 5.5%
483,500
Agnico Eagle Mines Ltd.
32,979,535
164,250
Rio Tinto PLC ADR
11,513,925
53,625
Southern Copper Corp.
6,361,534
 
50,854,994
Multi-Utilities 4.0%
886,125
CenterPoint Energy, Inc.
27,035,674
124,100
Sempra
9,559,423
 
36,595,097
Oil, Gas & Consumable Fuels 9.2%
227,925
Chesapeake Energy Corp.
20,725,220
248,133
ConocoPhillips
28,902,532
204,865
Exxon Mobil Corp.
24,022,470
257,700
Williams Cos., Inc.
10,697,127
 
84,347,349
Pharmaceuticals 8.5%
350,900
AstraZeneca PLC ADR
27,377,218
57,932
Johnson & Johnson
8,496,887
256,150
Merck & Co., Inc.
32,157,071
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Pharmaceuticals – cont'd
331,126
Roche Holding AG ADR
$10,599,343
 
78,630,519
Professional Services 2.0%
151,375
Paychex, Inc.
18,189,220
Retail REITs 2.5%
1,034,650
Brixmor Property Group, Inc.
23,289,971
Semiconductors & Semiconductor Equipment 4.0%
50,335
Analog Devices, Inc.
11,803,054
30,000
Intel Corp.
925,500
54,040
QUALCOMM, Inc.(a)
11,026,862
67,450
Texas Instruments, Inc.
13,153,425
 
36,908,841
Software 1.9%
41,725
Microsoft Corp.
17,321,299
Specialized REITs 3.8%
186,500
Lamar Advertising Co. Class A
22,027,515
439,370
VICI Properties, Inc.
12,614,313
 
34,641,828
Specialty Retail 1.5%
42,700
Home Depot, Inc.
14,298,949
Trading Companies & Distributors 1.4%
26,940
Watsco, Inc.
12,793,806
Number of Shares
Value
Transportation Infrastructure 0.5%
23,700
Aena SME SA(b)
$4,634,833
Total Common Stocks (Cost $635,439,084)
911,485,971
Principal Amount
Convertible Bonds 0.8%
Electric 0.8%
$7,355,000
Alliant Energy Corp., 3.88%,
due 3/15/2026
(Cost $7,355,000)
7,240,998
Number of Shares
 
Short-Term Investments 0.6%
Investment Companies 0.6%
4,974,073
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(c)
(Cost $4,974,073)
4,974,073
Total Investments 100.3%
(Cost $647,768,157)
923,701,042
Liabilities Less Other Assets (0.3)%(d)
(2,474,701
)
Net Assets 100.0%
$921,226,341
 
(a)
All or a portion of this security is pledged as collateral for options written.
(b)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended.
Regulation S applies to securities offerings that are made outside of the United States and do not involve
directed selling efforts in the United States and as such may have restrictions on resale. Total value of all
such securities at May 31, 2024 amounted to $4,634,833, which represents 0.5% of net assets of the Fund.
(c)
Represents 7-day effective yield as of May 31, 2024.
(d)
Includes the impact of the Fund’s open positions in derivatives at May 31, 2024.
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY COUNTRY
Country
Investments at
Value
Percentage of
Net Assets
United States
$792,548,976
86.0%
United Kingdom
36,669,911
4.0%
Canada
32,979,535
3.6%
Singapore
17,699,959
1.9%
Germany
16,318,296
1.8%
Australia
11,513,925
1.2%
Mexico
6,361,534
0.7%
Spain
4,634,833
0.5%
Short-Term Investments and Other Liabilities—Net
2,499,372
0.3%
 
$921,226,341
100.0%
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited)  (cont’d)
Derivative Instruments
Written option contracts ("options written")
At May 31, 2024, the Fund had outstanding options written as follows: 
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Calls
Electrical Equipment
Eaton Corp. PLC
50
$(1,664,250)
$360
6/21/2024
$(4,000)
Eaton Corp. PLC
50
(1,664,250)
370
6/21/2024
(2,125)
Emerson Electric Co.
200
(2,243,200)
125
6/21/2024
(6,000)(a)(b)
 
(12,125)
Insurance
Progressive Corp.
100
(2,111,800)
240
6/21/2024
(7,250)
Semiconductors & Semiconductor Equipment
Analog Devices, Inc.
100
(2,344,900)
270
7/19/2024
(3,750)
Software
Microsoft Corp.
50
(2,075,650)
455
6/21/2024
(1,000)
Total calls
$(24,125)
Puts
Air Freight & Logistics
United Parcel Service, Inc.
150
(2,083,950)
135
6/21/2024
(17,550)
Chemicals
Air Products & Chemicals, Inc.
100
(2,667,000)
210
6/21/2024
(19,750)(a)(b)
Health Care Equipment & Supplies
Becton Dickinson & Co.
100
(2,319,700)
210
6/21/2024
(2,500)
Hotels, Restaurants & Leisure
Darden Restaurants, Inc.
150
(2,255,850)
130
6/21/2024
(3,375)
McDonald's Corp.
100
(2,588,900)
240
6/21/2024
(2,800)
McDonald's Corp.
100
(2,588,900)
250
6/21/2024
(11,000)
 
(17,175)
IT Services
International Business Machines Corp.
200
(3,337,000)
150
6/21/2024
(3,800)
Media
Comcast Corp.
700
(2,802,100)
35
6/21/2024
(2,800)
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited)  (cont’d)
Description
Number of
Contracts
Notional
Amount
Exercise
Price
Expiration
Date
Value
Media (cont’d)
Comcast Corp.
600
$(2,401,800)
$32.5
6/21/2024
$(2,400)(a)(b)
 
(5,200)
Total puts
$(65,975)
Total options written (premium received $88,154)
$(90,100)
 
 
 
(a)
Value determined using significant unobservable inputs.
(b)
Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee.
At May 31, 2024, the Fund had securities pledged in the amount of $32,415,965 to cover collateral requirements for options written.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks
Aerospace & Defense
$24,664,630
$9,292,693
$—
$33,957,323
Construction & Engineering
13,120,383
25,192,749
—
38,313,132
Construction Materials
19,086,872
16,318,296
—
35,405,168
Diversified Telecommunication Services
4,797,782
17,699,959
—
22,497,741
Transportation Infrastructure
—
4,634,833
—
4,634,833
Other Common Stocks#
776,677,774
—
—
776,677,774
Total Common Stocks
838,347,441
73,138,530
—
911,485,971
Convertible Bonds#
—
7,240,998
—
7,240,998
Short-Term Investments
—
4,974,073
—
4,974,073
Total Investments
$838,347,441
$85,353,601
$—
$923,701,042
 
#
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s derivatives as of May 31, 2024: 
Other Financial Instruments
Level 1
Level 2
Level 3(a)
Total
Options Written
Liabilities
$(61,950
)
$—
$(28,150
)
$(90,100
)
Total
$(61,950
)
$—
$(28,150
)
$(90,100
)
 
See Notes to Schedule of Investments
Schedule of Investments Equity Income Fund^ (Unaudited)  (cont’d)
(a)
The following is a reconciliation between the beginning and ending balances of derivative investments in
which significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 9/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases/
Closing
of options
Sales/
Writing
of options
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
5/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2024
Other Financial Instruments
Written Option
Contracts(1)
$(1
)
$—
$10
$(26
)
$—
$(11
)
$—
$—
$(28
)
$(17
)
Total
$(1
)
$—
$10
$(26
)
$—
$(11
)
$—
$—
$(28
)
$(17
)
(1)
At May 31, 2024, these investments were valued in accordance with procedures approved by the
valuation designee. These investments did not have a material impact on the Fund’s net assets and,
therefore, disclosure of significant unobservable inputs used in formulating valuations is not
presented.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 95.8%
Aerospace & Defense 3.2%
130,091
Airbus SE
$22,128,686
Automobiles 1.4%
111,590
Kia Corp.
9,524,903
Banks 2.2%
373,414
Bank of America Corp.
14,932,826
Broadline Retail 7.0%
198,018
Amazon.com, Inc.*
34,938,296
7,654
MercadoLibre, Inc.*
13,207,589
 
48,145,885
Capital Markets 2.5%
64,046
Intercontinental Exchange, Inc.
8,575,759
72,366
London Stock Exchange Group
PLC
8,482,490
 
17,058,249
Chemicals 1.0%
35,394
Air Liquide SA
6,968,151
Construction Materials 2.4%
199,466
CRH PLC
16,308,340
Diversified Telecommunication Services 3.1%
882,919
Deutsche Telekom AG
21,467,556
Electric Utilities 2.1%
180,874
NextEra Energy, Inc.
14,473,538
Entertainment 0.9%
54,076
TKO Group Holdings, Inc.
5,898,069
Financial Services 4.9%
87,423
Fiserv, Inc.*
13,092,468
75,965
Visa, Inc. Class A
20,697,424
 
33,789,892
Food Products 1.0%
78,526
Lamb Weston Holdings, Inc.
6,933,061
Ground Transportation 5.4%
81,512
Canadian National Railway Co.
10,376,266
150,863
Canadian Pacific Kansas City
Ltd.
12,008,604
234,422
Uber Technologies, Inc.*
15,134,285
 
37,519,155
Health Care Equipment & Supplies 3.6%
325,254
Boston Scientific Corp.*
24,579,445
Hotels, Restaurants & Leisure 2.9%
309,820
DraftKings, Inc. Class A*
10,883,977
133,333
Las Vegas Sands Corp.
6,003,985
Number of Shares
Value
Hotels, Restaurants & Leisure – cont'd
94,900
Viking Holdings Ltd.*
$2,980,809
 
19,868,771
Household Durables 1.3%
110,800
Sony Group Corp.
9,096,760
Household Products 1.2%
52,254
Procter & Gamble Co.
8,597,873
Interactive Media & Services 7.9%
151,791
Alphabet, Inc. Class C*
26,405,562
59,959
Meta Platforms, Inc. Class A
27,990,660
 
54,396,222
IT Services 2.0%
14,618
Gartner, Inc.*
6,134,736
45,856
International Business
Machines Corp.
7,651,074
 
13,785,810
Life Sciences Tools & Services 1.7%
20,726
Thermo Fisher Scientific, Inc.
11,771,954
Oil, Gas & Consumable Fuels 2.9%
41,427
EOG Resources, Inc.
5,159,733
204,585
Shell PLC ADR
14,889,696
 
20,049,429
Personal Care Products 2.2%
30,181
L'Oreal SA
14,897,345
Pharmaceuticals 1.7%
154,209
AstraZeneca PLC ADR
12,031,386
Professional Services 1.5%
142,664
TransUnion
10,260,395
Semiconductors & Semiconductor Equipment 11.4%
42,864
Analog Devices, Inc.
10,051,179
17,126
Lam Research Corp.
15,968,967
24,033
NVIDIA Corp.
26,348,099
51,903
QUALCOMM, Inc.
10,590,807
102,288
Taiwan Semiconductor
Manufacturing Co. Ltd. ADR
15,449,580
 
78,408,632
Software 12.7%
90,909
Arctic Wolf Networks,
Inc.*#(a)(b)
976,363
6,438
Constellation Software, Inc.
17,907,413
81,870
Microsoft Corp.
33,986,693
115,313
Oracle Corp.
13,513,531
54,044
Salesforce, Inc.
12,670,075
12,462
ServiceNow, Inc.*
8,186,662
 
87,240,737
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Technology Hardware, Storage & Peripherals 3.5%
124,505
Apple, Inc.
$23,936,086
Textiles, Apparel & Luxury Goods 2.2%
18,952
LVMH Moet Hennessy Louis
Vuitton SE
15,156,733
Total Common Stocks (Cost $503,692,339)
659,225,889
Preferred Stocks 0.5%
Internet 0.2%
1,000
Fabletics LLC, Series G*#(a)(b)
1,150,200
IT Services 0.2%
106,691
Druva, Inc., Series 5*#(a)(b)
1,022,100
Software 0.1%
63,363
Videoamp, Inc.,
Series F1*#(a)(b)
999,868
Total Preferred Stocks (Cost $2,999,995)
3,172,168
Warrants 0.0%(c)
Software 0.0%(c)
10,268
Constellation Software, Inc.
Expires 3/31/2040*(a)(b)
(Cost $0)
1
Number of Shares
Value
 
Short-Term Investments 3.5%
Investment Companies 3.5%
24,179,334
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.26%(d)
(Cost $24,179,334)
$24,179,334
Total Investments 99.8%
(Cost $530,871,668)
686,577,392
Other Assets Less Liabilities 0.2%
1,117,718
Net Assets 100.0%
$687,695,110
 
*
Non-income producing security.
(a)
Value determined using significant unobservable inputs.
(b)
Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2024 amounted to $4,148,532, which represents 0.6% of net
assets of the Fund.
(c)
Represents less than 0.05% of net assets of the Fund.
(d)
Represents 7-day effective yield as of May 31, 2024.
#  This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $4,148,531, which represents 0.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
5/31/2024
Fair Value
Percentage
of Net Assets
as of
5/31/2024
Arctic Wolf Networks, Inc.
12/31/2021
$999,999
$976,363
0.1%
Druva, Inc. (Series 5 Preferred Shares)
4/1/2021
1,000,000
1,022,100
0.2%
Fabletics LLC (Series G Preferred Shares)
1/10/2022
1,000,000
1,150,200
0.2%
Videoamp, Inc. (Series F1 Preferred Shares)
1/4/2022
999,995
999,868
0.1%
Total
$3,999,994
$4,148,531
0.6%
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY COUNTRY
Country
Investments at
Value
Percentage of
Net Assets
United States
$473,694,595
68.9%
France
59,150,915
8.6%
Canada
40,292,284
5.9%
Germany
21,467,556
3.1%
United Kingdom
20,513,876
3.0%
Taiwan
15,449,580
2.2%
Brazil
13,207,589
1.9%
Korea
9,524,903
1.4%
Japan
9,096,760
1.3%
Short-Term Investments and Other Assets—Net
25,297,052
3.7%
 
$687,695,110
100.0%
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
Aerospace & Defense
$—
$22,128,686
$—
$22,128,686
Automobiles
—
9,524,903
—
9,524,903
Capital Markets
8,575,759
8,482,490
—
17,058,249
Chemicals
—
6,968,151
—
6,968,151
Diversified Telecommunication Services
—
21,467,556
—
21,467,556
Household Durables
—
9,096,760
—
9,096,760
Personal Care Products
—
14,897,345
—
14,897,345
Software
86,264,374
—
976,363
87,240,737
Textiles, Apparel & Luxury Goods
—
15,156,733
—
15,156,733
Other Common Stocks#
455,686,769
—
—
455,686,769
Total Common Stocks
550,526,902
107,722,624
976,363
659,225,889
Preferred Stocks#
—
—
3,172,168
3,172,168
Warrants#
—
—
1
1
Short-Term Investments
—
24,179,334
—
24,179,334
Total Investments
$550,526,902
$131,901,958
$4,148,532
$686,577,392
 
#
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 9/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
5/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2024
Investments in Securities:
Common Stocks(1)
$1,077
$—
$—
$(101
)
$—
$—
$—
$—
$976
$(101
)
Preferred Stocks(1)
3,243
—
—
(71
)
—
—
—
—
3,172
(71
)
Warrants(2)
—
—
—
—
—
—
—
—
—
—
Total
$4,320
$—
$—
$(172
)
$—
$—
$—
$—
$4,148
$(172
)
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
5/31/2024
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$976,363
Market Approach
Enterprise value/
Revenue multiple(c) (EV/Revenue)
13.5x
13.5x
Increase
 
 
Discount Rate
4.9%
4.9%
Decrease
 
 
Term (Years)
2.2
2.2
Increase
 
 
Expected Volatility
80.0%
80.0%
Increase
Preferred Stocks
3,172,168
Market Approach
Enterprise value/
Revenue multiple(c) (EV/Revenue)
2.4x - 7.4x
5.2x
Increase
See Notes to Schedule of Investments
Schedule of Investments Focus Fund^ (Unaudited)  (cont’d)
 
 
Discount Rate
4.7% - 5.0%
4.9%
Decrease
 
 
Term (Years)
1.7 - 3.7
2.6
Increase
 
 
Expected Volatility
50% - 65%
58.0%
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
(c) Represents amounts used when the reporting entity has determined that market participants
would use such multiples when pricing the investments.
 
(2) At May 31, 2024, these investments were valued in accordance with procedures approved by the
valuation designee. These investments did not have a material impact on the Fund's net assets and,
therefore, disclosure of significant unobservable inputs used in formulating valuations is not
presented.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 99.2%
Automobile Components 0.8%
1,046,048
Fox Factory Holding Corp.*
$48,766,758
250,203
LCI Industries
27,492,305
 
76,259,063
Banks 5.8%
872,287
Bank of Hawaii Corp.
50,365,851
1,949,464
Community Financial
System, Inc.
88,622,633
885,559
Cullen/Frost Bankers, Inc.
89,955,083
2,202,253
First Financial Bankshares,
Inc.
66,023,545
1,911,681
Glacier Bancorp, Inc.
71,458,636
725,394
Lakeland Financial Corp.
44,996,190
1,243,183
Prosperity Bancshares, Inc.
77,450,301
830,454
Stock Yards Bancorp, Inc.
38,906,770
2,413,142
United Community Banks,
Inc.
61,921,224
 
589,700,233
Building Products 2.8%
212,692
Armstrong World
Industries, Inc.
24,629,733
638,887
CSW Industrials, Inc.
162,443,409
4,780,875
Hayward Holdings, Inc.*
69,274,879
143,008
Simpson Manufacturing
Co., Inc.
23,727,887
 
280,075,908
Capital Markets 1.4%
444,032
Hamilton Lane, Inc. Class A
55,721,576
612,812
Houlihan Lokey, Inc.
82,944,104
 
138,665,680
Chemicals 1.2%
3,424,059
Element Solutions, Inc.
82,280,138
197,262
Quaker Chemical Corp.
35,773,463
 
118,053,601
Commercial Services & Supplies 3.2%
449,558
Casella Waste Systems, Inc.
Class A*
45,221,039
1,783,849
Rollins, Inc.
81,504,061
120,852
Stericycle, Inc.*
6,228,712
883,392
Tetra Tech, Inc.
185,061,790
 
318,015,602
Construction & Engineering 2.5%
1,096,269
Arcosa, Inc.
96,373,008
633,586
Valmont Industries, Inc.
159,283,520
 
255,656,528
Construction Materials 1.8%
795,198
Eagle Materials, Inc.
184,796,063
Number of Shares
Value
Consumer Staples Distribution & Retail 0.3%
1,334,160
Grocery Outlet Holding
Corp.*
$29,338,178
Containers & Packaging 1.1%
746,929
AptarGroup, Inc.
110,313,944
Distributors 1.6%
444,878
Pool Corp.
161,735,397
Diversified Consumer Services 0.6%
623,713
Bright Horizons Family
Solutions, Inc.*
65,564,711
Electric Utilities 0.2%
261,233
IDACORP, Inc.
24,939,914
Electronic Equipment, Instruments & Components 3.7%
588,272
Advanced Energy
Industries, Inc.
63,198,061
652,533
Littelfuse, Inc.
167,439,968
579,252
Novanta, Inc.*
93,931,504
443,680
Rogers Corp.*
52,354,240
 
376,923,773
Energy Equipment & Services 3.3%
1,152,810
Cactus, Inc. Class A
59,196,794
3,144,912
Oceaneering International,
Inc.*
74,471,516
1,443,147
Tidewater, Inc.*
149,120,380
8,250,157
Transocean Ltd.*
51,150,973
 
333,939,663
Financial Services 1.2%
415,659
Jack Henry & Associates,
Inc.
68,450,724
773,331
Shift4 Payments, Inc.
Class A*
52,029,710
 
120,480,434
Food Products 0.8%
803,621
Simply Good Foods Co.*
30,931,373
2,598,619
Utz Brands, Inc.
48,178,396
 
79,109,769
Health Care Equipment & Supplies 3.3%
93,625
Atrion Corp.(a)
43,090,906
2,013,895
Haemonetics Corp.*
169,328,292
445,815
UFP Technologies, Inc.*(a)
116,072,393
 
328,491,591
Health Care Providers & Services 2.1%
303,728
Chemed Corp.
168,377,691
185,068
CorVel Corp.*
44,388,560
 
212,766,251
Health Care Technology 0.4%
844,097
Simulations Plus, Inc.
40,719,239
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Hotels, Restaurants & Leisure 1.7%
976,066
Texas Roadhouse, Inc.
$168,537,316
Household Durables 0.6%
273,503
Installed Building Products,
Inc.
57,938,876
Household Products 1.2%
413,002
Church & Dwight Co., Inc.
44,195,344
343,306
WD-40 Co.
77,137,425
 
121,332,769
Insurance 2.4%
1,204,404
AMERISAFE, Inc.(a)
52,789,027
2,431,072
Hagerty, Inc. Class A*
23,386,913
812,418
RLI Corp.
118,596,780
809,139
Stewart Information
Services Corp.
51,226,590
 
245,999,310
Life Sciences Tools & Services 4.0%
2,228,225
Bio-Techne Corp.
171,996,688
330,920
ICON PLC*
107,489,434
2,541,180
Stevanato Group SpA(a)
51,636,778
230,521
West Pharmaceutical
Services, Inc.
76,396,965
 
407,519,865
Machinery 13.7%
461,813
Crane Co.
68,847,082
961,629
Enerpac Tool Group Corp.
37,811,252
226,337
Enpro, Inc.
34,688,409
1,177,858
Esab Corp.
121,107,360
589,733
ESCO Technologies, Inc.
64,357,562
615,386
Federal Signal Corp.
56,627,820
1,071,357
Graco, Inc.
86,512,078
5,286,277
Hillman Solutions Corp.*
48,580,886
557,316
Kadant, Inc.
159,397,949
519,231
Lindsay Corp.
59,618,103
335,301
Nordson Corp.
78,701,851
280,986
Omega Flex, Inc.
16,637,181
696,668
RBC Bearings, Inc.*
205,712,127
1,042,825
SPX Technologies, Inc.*
145,390,661
562,213
Standex International Corp.
94,569,849
1,296,560
Toro Co.
103,971,146
 
1,382,531,316
Marine Transportation 2.5%
2,032,400
Kirby Corp.*
252,363,108
Media 2.2%
101,066
Cable One, Inc.
39,002,380
911,811
Nexstar Media Group, Inc.
Class A
151,077,964
Number of Shares
Value
Media – cont'd
941,690
TechTarget, Inc.*
$28,457,872
 
218,538,216
Oil, Gas & Consumable Fuels 3.2%
3,215,539
CNX Resources Corp.*
84,568,676
1,072,026
Matador Resources Co.
68,020,050
3,619,101
Sitio Royalties Corp. Class A
84,795,536
76,749
Texas Pacific Land Corp.
47,147,678
946,743
Viper Energy, Inc.
36,411,736
 
320,943,676
Pharmaceuticals 0.5%
1,078,440
Amphastar
Pharmaceuticals, Inc.*
45,650,365
Professional Services 3.6%
678,485
CBIZ, Inc.*
51,442,733
414,541
CRA International, Inc.(a)
72,946,780
1,589,607
Exponent, Inc.
151,203,418
415,587
FTI Consulting, Inc.*
89,268,087
 
364,861,018
Real Estate Management & Development 1.7%
216,387
Colliers International
Group, Inc.
24,269,966
992,114
FirstService Corp.
145,959,812
 
170,229,778
Semiconductors & Semiconductor Equipment 4.3%
2,726,623
Lattice Semiconductor
Corp.*
202,424,492
611,578
MKS Instruments, Inc.
77,419,659
1,964,550
Power Integrations, Inc.
149,325,445
 
429,169,596
Software 11.9%
543,757
Aspen Technology, Inc.*
114,542,412
978,211
CommVault Systems, Inc.*
105,240,831
2,381,729
Computer Modelling Group
Ltd.
22,769,329
160,166
Fair Isaac Corp.*
206,602,928
912,263
Manhattan Associates, Inc.*
200,278,219
1,186,893
Qualys, Inc.*
166,900,894
1,044,003
SPS Commerce, Inc.*
196,366,524
230,560
Tyler Technologies, Inc.*
110,751,802
2,323,947
Vertex, Inc. Class A*
76,806,448
 
1,200,259,387
Specialty Retail 4.7%
738,068
Asbury Automotive Group,
Inc.*
173,497,645
935,609
Floor & Decor Holdings, Inc.
Class A*
109,335,268
336,587
Tractor Supply Co.
96,024,905
585,346
Valvoline, Inc.*
23,765,047
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Specialty Retail – cont'd
213,431
Winmark Corp.(a)
$75,960,093
 
478,582,958
Trading Companies & Distributors 2.9%
1,420,025
Richelieu Hardware Ltd.
39,632,966
392,445
SiteOne Landscape Supply,
Inc.*
60,758,335
464,529
Transcat, Inc.*(a)
59,180,995
290,128
Watsco, Inc.
137,781,787
 
297,354,083
Total Common Stocks
(Cost $5,430,020,356)
10,007,357,179
 
Short-Term Investments 0.8%
Investment Companies 0.8%
6,095,039
State Street Institutional
Treasury Money Market
Fund Premier Class,
5.24%(b)
6,095,039
Number of Shares
Value
Investment Companies – cont'd
74,989,096
State Street Institutional
Treasury Plus Money
Market Fund Premier Class,
5.26%(b)
$74,989,096
Total Short-Term Investments
(Cost $81,084,135)
81,084,135
Total Investments 100.0%
(Cost $5,511,104,491)
10,088,441,314
Liabilities Less Other Assets (0.0)%(c)
(2,779,818
)
Net Assets 100.0%
$10,085,661,496
 
*
Non-income producing security.
(a)
Affiliated company (see Note § below).
(b)
Represents 7-day effective yield as of May 31, 2024.
(c)
Represents less than 0.05% of net assets of the Fund.
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks
Trading Companies & Distributors
$257,721,117
$39,632,966
$—
$297,354,083
Other Common Stocks#
9,710,003,096
—
—
9,710,003,096
Total Common Stocks
9,967,724,213
39,632,966
—
10,007,357,179
Short-Term Investments
—
81,084,135
—
81,084,135
Total Investments
$9,967,724,213
$120,717,101
$—
$10,088,441,314
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
§    Investments in Affiliates(a): 
 
Value at
August 31,
2023
Purchase
Cost
Sales
Proceeds/
Return of
Capital
Change in
Net Unrealized
Appreciation/
(Depreciation)
from
Investments
in Affiliated
Persons
Net Realized
Gain/(Loss)
from
Investments
in Affiliated
Persons
Distributions
from
Investments
in Affiliated
Persons
Shares
Held at
May 31,
2024
Value at
May 31,
2024
Genesis
 
 
 
 
 
 
 
 
AMERISAFE, Inc.
$61,757,462
$4,020,839
$3,240,678
$(9,187,052
)
$(561,544
)
$5,740,958
1,204,404
$52,789,027
Atrion Corp.
57,089,630
—
13,028,345
2,954,755
(3,925,134
)
805,341
93,625
43,090,906
CRA
International,
Inc.
42,452,604
2,567,082
90,663
28,009,365
8,392
478,550
414,541
72,946,780
Stevanato Group
SpA
66,504,178
16,049,632
3,254,440
(28,201,146
)
538,554
—*
2,541,180
51,636,778
Transcat, Inc.
46,726,025
1,586,926
839,448
11,240,042
467,450
—*
464,529
59,180,995
UFP
Technologies,
Inc.
90,586,061
—
15,669,652
30,915,299
10,240,685
—*
445,815
116,072,393
Winmark Corp
75,348,745
8,262,867
2,141,629
(5,723,988
)
214,098
2,401,156
213,431
75,960,093
Sub-total for
affiliates held
as of 5/31/24(b)
$440,464,705
$32,487,346
$38,264,855
$30,007,275
$6,982,501
$9,426,005
$471,676,972
Kadant, Inc.
134,376,723
—
16,025,633
31,079,048
9,967,811
542,671
557,316
159,397,949
Model N, Inc.
57,913,110
4,662,989
68,938,460
2,716,920
3,645,441
—*
—
—
Sub-total for
securities no
longer
affiliated as of
5/31/24(c)
$192,289,833
$4,662,989
$84,964,093
$33,795,968
$13,613,252
$542,671
159,397,949
Total
$632,754,538
$37,150,335
$123,228,948
$63,803,243
$20,595,753
$9,968,676
$631,074,921
 
(a)
Affiliated persons, as defined in the Investment Company Act of 1940, as amended.
(b)
At May 31, 2024, these securities amounted to 4.68% of net assets of the Fund.
(c)
At May 31, 2024, the issuers of these securities were no longer affiliated with the Fund.
*
Non-income producing security.
 
See Notes to Schedule of Investments
Schedule of Investments Genesis Fund^ (Unaudited)  (cont’d)
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.1%
Australia 0.8%
1,385,275
Glencore PLC
$8,538,413
Austria 0.9%
140,942
BAWAG Group AG*(a)
9,323,596
Belgium 1.3%
634,291
Azelis Group NV
13,492,545
Canada 1.5%
95,869
Kinaxis, Inc.*
10,301,196
450,439
Softchoice Corp.(b)
5,978,533
 
16,279,729
Denmark 2.8%
73,379
DSV AS
11,298,112
141,173
Novo Nordisk AS Class B
19,127,258
 
30,425,370
France 2.5%
23,098
Dassault Aviation SA
5,013,047
405,171
Exclusive Networks SA*
9,012,831
52,414
Safran SA
12,275,631
 
26,301,509
Germany 9.8%
36,939
adidas AG
9,355,551
66,890
Deutsche Boerse AG
13,329,609
549,848
Deutsche Telekom AG
13,369,169
88,943
Merck KGaA
16,165,384
23,110
MTU Aero Engines AG
5,772,832
208,866
Qiagen NV*
9,035,543
74,546
SAP SE ADR
13,600,172
80,501
Stabilus SE
5,021,077
157,002
Symrise AG
18,753,978
 
104,403,315
Hong Kong 0.8%
1,170,800
AIA Group Ltd.
9,093,833
7,105
Prudential PLC
68,056
 
9,161,889
Ireland 3.7%
1,115,089
Bank of Ireland Group PLC
12,815,773
149,639
Kerry Group PLC Class A
12,677,755
279,415
Smurfit Kappa Group PLC
13,627,902
 
39,121,430
Italy 3.5%
114,052
Interpump Group SpA
5,379,126
431,247
Leonardo SpA*
11,092,503
1,039,973
Nexi SpA*(a)
6,922,641
346,040
UniCredit SpA
13,776,756
 
37,171,026
Number of Shares
Value
Japan 18.6%
189,100
Azbil Corp.
$5,246,010
299,600
Daiei Kankyo Co. Ltd.
4,755,942
241,300
Dexerials Corp.
10,160,381
147,100
Ebara Corp.
10,757,838
400,500
Fuji Corp.
6,482,012
728,700
Fujitsu Ltd.
10,552,281
213,700
Hitachi Ltd.
22,008,467
288,200
Hoshizaki Corp.
10,349,550
391,500
Kokusai Electric Corp.(b)
10,736,293
671,300
MISUMI Group, Inc.
11,562,550
462,200
Nexon Co. Ltd.
7,938,733
241,300
NS Solutions Corp.
7,824,902
201,700
Oracle Corp. Japan(b)
14,343,027
616,200
Renesas Electronics Corp.
11,354,479
1,875,800
Resona Holdings, Inc.
13,020,661
25,675
SMC Corp.
12,966,631
174,200
Sony Group Corp.
14,301,946
449,900
Terumo Corp.
7,663,586
132,300
Visional, Inc.*
6,334,191
 
198,359,480
Luxembourg 0.8%
428,253
CVC Capital Partners PLC*(a)
8,280,521
Netherlands 7.9%
106,388
Aalberts NV
5,090,445
19,491
ASM International NV
13,716,005
38,814
ASML Holding NV
37,136,073
149,561
Heineken NV
15,006,662
746,004
ING Groep NV
13,327,626
 
84,276,811
Spain 1.5%
259,472
Fluidra SA
6,331,120
329,180
Puig Brands SA Class B*
9,286,591
 
15,617,711
Sweden 1.5%
127,269
Autoliv, Inc.
16,235,706
Switzerland 9.5%
127,758
Alcon, Inc.(b)
11,387,071
118,918
DSM-Firmenich AG
13,765,121
132,859
Galderma Group AG*
10,788,030
177,733
Julius Baer Group Ltd.
10,676,656
16,846
Lonza Group AG
9,144,862
133,410
Novartis AG
13,807,661
6,975
Partners Group Holding AG
9,387,144
145,460
Sandoz Group AG
5,145,498
330,990
SIG Group AG*
6,893,724
34,494
Sonova Holding AG
10,959,417
 
101,955,184
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
United Kingdom 21.6%
159,432
Ashtead Group PLC
$11,677,303
166,908
AstraZeneca PLC
25,945,689
924,678
BAE Systems PLC
16,464,832
217,326
Coca-Cola Europacific
Partners PLC
16,019,099
475,005
Compass Group PLC
13,336,336
295,572
ConvaTec Group PLC(a)
942,317
479,776
Experian PLC
22,231,929
1,983,193
GlobalData PLC
5,559,586
1,526,646
HSBC Holdings PLC
13,606,814
293,029
Intermediate Capital Group
PLC
8,730,645
15,842,358
Lloyds Banking Group PLC
11,309,236
179,732
London Stock Exchange
Group PLC
21,067,558
415,269
RELX PLC
18,216,554
2,510,745
Rentokil Initial PLC
13,385,372
612,292
Smith & Nephew PLC
7,747,657
403,848
TechnipFMC PLC
10,576,779
262,209
Unilever PLC
14,346,302
 
231,164,008
United States 9.1%
40,123
Aon PLC Class A
11,300,242
2,288,041
BP PLC
14,312,805
116,913
CRH PLC
9,226,359
2,535,626
Haleon PLC
10,536,534
Number of Shares
Value
United States – cont'd
40,771
ICON PLC*
$13,243,236
78,997
Nestle SA
8,385,224
249,807
Schlumberger NV
11,463,643
523,684
Shell PLC
18,902,242
 
97,370,285
Total Common Stocks
(Cost $911,285,520)
1,047,478,528
 
Short-Term Investments 3.3%
Investment Companies 3.3%
13,085,585
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(c)
13,085,585
22,288,828
State Street Navigator
Securities Lending
Government Money Market
Portfolio, 5.33%(c)(d)
22,288,828
Total Short-Term Investments
(Cost $35,374,413)
35,374,413
Total Investments 101.4%
(Cost $946,659,933)
1,082,852,941
Liabilities Less Other Assets (1.4)%
(15,252,401
)
Net Assets 100.0%
$1,067,600,540
 
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended.
Regulation S applies to securities offerings that are made outside of the United States and do not involve
directed selling efforts in the United States and as such may have restrictions on resale. Total value of all
such securities at May 31, 2024 amounted to $25,469,075, which represents 2.4% of net assets of the
Fund.
(b)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $31,912,522, collateralized by cash collateral of $22,288,828 and non-cash
(U.S. Treasury Securities) collateral of $11,046,541 for the Fund.
(c)
Represents 7-day effective yield as of May 31, 2024.
(d)
Represents investment of cash collateral received from securities lending.
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY INDUSTRY
Industry
Investments at
Value
Percentage of
Net Assets
Pharmaceuticals
$90,979,520
8.5
%
Banks
87,180,462
8.2
%
Machinery
73,940,349
6.9
%
Semiconductors & Semiconductor Equipment
72,942,850
6.8
%
Capital Markets
71,472,133
6.7
%
Professional Services
52,342,260
4.9
%
Aerospace & Defense
50,618,845
4.7
%
Health Care Equipment & Supplies
38,700,048
3.6
%
Software
38,244,395
3.6
%
Personal Care Products
34,169,427
3.2
%
Oil, Gas & Consumable Fuels
33,215,047
3.1
%
Chemicals
32,519,099
3.0
%
Life Sciences Tools & Services
31,423,641
2.9
%
Beverages
31,025,761
2.9
%
IT Services
27,390,014
2.6
%
Trading Companies & Distributors
25,169,848
2.4
%
Energy Equipment & Services
22,040,422
2.1
%
Industrial Conglomerates
22,008,467
2.1
%
Electronic Equipment, Instruments & Components
21,384,924
2.0
%
Food Products
21,062,979
2.0
%
Containers & Packaging
20,521,626
1.9
%
Insurance
20,462,131
1.9
%
Commercial Services & Supplies
18,141,314
1.7
%
Automobile Components
16,235,706
1.5
%
Household Durables
14,301,946
1.3
%
Diversified Telecommunication Services
13,369,169
1.3
%
Hotels, Restaurants & Leisure
13,336,336
1.3
%
Air Freight & Logistics
11,298,112
1.1
%
Textiles, Apparel & Luxury Goods
9,355,551
0.9
%
Construction Materials
9,226,359
0.9
%
Metals & Mining
8,538,413
0.8
%
Entertainment
7,938,733
0.7
%
Financial Services
6,922,641
0.6
%
Short-Term Investments and Other Liabilities—Net
20,122,012
1.9
%
 
$1,067,600,540
100.0
%
See Notes to Schedule of Investments
Schedule of Investments International Equity Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks
Australia
$—
$8,538,413
$—
$8,538,413
Austria
—
9,323,596
—
9,323,596
Belgium
—
13,492,545
—
13,492,545
Denmark
—
30,425,370
—
30,425,370
France
—
26,301,509
—
26,301,509
Germany
22,635,715
81,767,600
—
104,403,315
Hong Kong
—
9,161,889
—
9,161,889
Ireland
—
39,121,430
—
39,121,430
Italy
—
37,171,026
—
37,171,026
Japan
—
198,359,480
—
198,359,480
Netherlands
—
84,276,811
—
84,276,811
Spain
9,286,591
6,331,120
—
15,617,711
Switzerland
22,175,101
79,780,083
—
101,955,184
United Kingdom
32,155,464
199,008,544
—
231,164,008
United States
36,007,121
61,363,164
—
97,370,285
Other Common Stocks#
40,795,956
—
—
40,795,956
Total Common Stocks
163,055,948
884,422,580
—
1,047,478,528
Short-Term Investments
—
35,374,413
—
35,374,413
Total Investments
$163,055,948
$919,796,993
$—
$1,082,852,941
 
#
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 97.5%
Australia 0.8%
218,510
Glencore PLC
$1,346,829
Austria 0.9%
22,184
BAWAG Group AG*(a)
1,467,516
Belgium 0.8%
18,056
KBC Group NV
1,318,641
Canada 1.7%
21,620
Alimentation Couche-Tard, Inc.
1,261,874
14,930
Kinaxis, Inc.*
1,604,240
 
2,866,114
Denmark 2.9%
11,535
DSV AS
1,776,036
22,325
Novo Nordisk AS Class B
3,024,771
 
4,800,807
France 1.7%
3,936
Dassault Aviation SA
854,245
8,227
Safran SA
1,926,806
 
2,781,051
Germany 9.7%
7,374
adidas AG
1,867,615
10,639
Deutsche Boerse AG
2,120,103
87,285
Deutsche Telekom AG
2,122,274
13,891
Merck KGaA
2,524,688
3,640
MTU Aero Engines AG
909,265
32,946
Qiagen NV*
1,425,244
13,491
SAP SE ADR
2,461,298
24,288
Symrise AG
2,901,215
 
16,331,702
Hong Kong 1.0%
225,100
AIA Group Ltd.
1,748,396
1,611
Prudential PLC
15,431
 
1,763,827
Ireland 3.7%
178,240
Bank of Ireland Group PLC
2,048,521
23,784
Kerry Group PLC Class A
2,015,035
43,986
Smurfit Kappa Group PLC
2,145,328
 
6,208,884
Italy 3.0%
68,037
Leonardo SpA*
1,750,043
164,805
Nexi SpA*(a)
1,097,034
54,797
UniCredit SpA
2,181,612
 
5,028,689
Japan 17.8%
27,700
Bridgestone Corp.
1,214,131
27,700
Ebara Corp.
2,025,779
Number of Shares
Value
Japan – cont'd
115,000
Fujitsu Ltd.
$1,665,311
33,800
Hitachi Ltd.
3,480,984
59,100
Hoshizaki Corp.
2,122,340
61,700
Kokusai Electric Corp.(b)
1,692,029
138,300
MISUMI Group, Inc.
2,382,095
72,900
Nexon Co. Ltd.
1,252,128
62,300
Nomura Research Institute Ltd.
1,667,925
31,800
Oracle Corp. Japan(b)
2,261,320
115,500
Renesas Electronics Corp.
2,128,274
295,000
Resona Holdings, Inc.
2,047,710
4,100
SMC Corp.
2,070,621
27,400
Sony Group Corp.
2,249,560
95,200
Terumo Corp.
1,621,635
 
29,881,842
Luxembourg 0.8%
66,691
CVC Capital Partners PLC*(a)
1,289,509
Netherlands 9.4%
25,142
Aalberts NV
1,202,993
3,069
ASM International NV
2,159,685
6,118
ASML Holding NV
5,853,519
23,780
Heineken NV
2,386,039
13,896
IMCD NV
2,120,600
117,970
ING Groep NV
2,107,576
 
15,830,412
Spain 0.9%
51,855
Puig Brands SA Class B*
1,462,896
Sweden 1.5%
20,154
Autoliv, Inc.
2,571,046
Switzerland 9.8%
20,058
Alcon, Inc.(b)
1,787,770
18,752
DSM-Firmenich AG
2,170,601
20,855
Galderma Group AG*
1,693,407
28,036
Julius Baer Group Ltd.
1,684,160
2,657
Lonza Group AG
1,442,354
25,173
Novartis AG
2,605,354
1,104
Partners Group Holding AG
1,485,793
22,948
Sandoz Group AG
811,762
52,610
SIG Group AG*
1,095,739
5,387
Sonova Holding AG
1,711,555
 
16,488,495
United Kingdom 21.7%
25,214
Ashtead Group PLC
1,846,753
26,293
AstraZeneca PLC
4,087,222
169,375
BAE Systems PLC
3,015,894
33,942
Coca-Cola Europacific Partners
PLC
2,501,865
75,841
Compass Group PLC
2,129,327
46,554
ConvaTec Group PLC(a)
148,420
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
United Kingdom – cont'd
75,704
Experian PLC
$3,507,983
240,276
HSBC Holdings PLC
2,141,551
46,220
Intermediate Capital Group PLC
1,377,101
2,510,399
Lloyds Banking Group PLC
1,792,075
28,286
London Stock Exchange Group
PLC
3,315,586
74,878
RELX PLC
3,284,664
396,003
Rentokil Initial PLC
2,111,185
97,162
Smith & Nephew PLC
1,229,443
64,249
TechnipFMC PLC
1,682,681
41,778
Unilever PLC
2,285,809
 
36,457,559
United States 9.4%
6,345
Aon PLC Class A
1,787,006
379,908
BP PLC
2,376,509
18,402
CRH PLC
1,452,220
488,488
Haleon PLC
2,029,862
6,427
ICON PLC*
2,087,618
12,442
Nestle SA
1,320,670
39,410
Schlumberger NV
1,808,525
82,410
Shell PLC
2,974,568
 
15,836,978
Total Common Stocks
(Cost $141,065,352)
163,732,797
 
Number of Shares
Value
Short-Term Investments 3.1%
Investment Companies 3.1%
2,778,061
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(c)
$2,778,061
2,462,905
State Street Navigator Securities
Lending Government Money
Market Portfolio, 5.33%(c)(d)
2,462,905
Total Short-Term Investments
(Cost $5,240,966)
5,240,966
Total Investments 100.6%
(Cost $146,306,318)
168,973,763
Liabilities Less Other Assets (0.6)%
(1,063,514
)
Net Assets 100.0%
$167,910,249
 
*
Non-income producing security.
(a)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended.
Regulation S applies to securities offerings that are made outside of the United States and do not involve
directed selling efforts in the United States and as such may have restrictions on resale. Total value of all
such securities at May 31, 2024 amounted to $4,002,479, which represents 2.4% of net assets of the Fund.
(b)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $3,992,004, collateralized by cash collateral of $2,462,905 and non-cash (U.S. Treasury
Securities) collateral of $1,739,341 for the Fund.
(c)
Represents 7-day effective yield as of May 31, 2024.
(d)
Represents investment of cash collateral received from securities lending.
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY INDUSTRY
Industry
Investments at
Value
Percentage of
Net Assets
Banks
$15,105,202
9.0
%
Pharmaceuticals
14,747,204
8.8
%
Semiconductors & Semiconductor Equipment
11,833,507
7.0
%
Capital Markets
11,272,252
6.7
%
Machinery
9,803,828
5.8
%
Aerospace & Defense
8,456,253
5.0
%
Professional Services
6,792,647
4.0
%
Health Care Equipment & Supplies
6,498,823
3.9
%
Software
6,326,858
3.8
%
Personal Care Products
5,778,567
3.4
%
Oil, Gas & Consumable Fuels
5,351,077
3.2
%
Chemicals
5,071,816
3.0
%
Life Sciences Tools & Services
4,955,216
2.9
%
Beverages
4,887,904
2.9
%
Trading Companies & Distributors
3,967,353
2.4
%
Automobile Components
3,785,177
2.3
%
Insurance
3,550,833
2.1
%
Energy Equipment & Services
3,491,206
2.1
%
Industrial Conglomerates
3,480,984
2.1
%
Food Products
3,335,705
2.0
%
IT Services
3,333,236
2.0
%
Containers & Packaging
3,241,067
1.9
%
Household Durables
2,249,560
1.3
%
Hotels, Restaurants & Leisure
2,129,327
1.3
%
Diversified Telecommunication Services
2,122,274
1.3
%
Commercial Services & Supplies
2,111,185
1.3
%
Textiles, Apparel & Luxury Goods
1,867,615
1.1
%
Air Freight & Logistics
1,776,036
1.1
%
Construction Materials
1,452,220
0.9
%
Metals & Mining
1,346,829
0.8
%
Consumer Staples Distribution & Retail
1,261,874
0.7
%
Entertainment
1,252,128
0.7
%
Financial Services
1,097,034
0.7
%
Short-Term Investments and Other Liabilities—Net
4,177,452
2.5
%
 
$167,910,249
100.0
%
See Notes to Schedule of Investments
Schedule of Investments International Select Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks
Australia
$—
$1,346,829
$—
$1,346,829
Austria
—
1,467,516
—
1,467,516
Belgium
—
1,318,641
—
1,318,641
Denmark
—
4,800,807
—
4,800,807
France
—
2,781,051
—
2,781,051
Germany
3,886,542
12,445,160
—
16,331,702
Hong Kong
—
1,763,827
—
1,763,827
Ireland
—
6,208,884
—
6,208,884
Italy
—
5,028,689
—
5,028,689
Japan
—
29,881,842
—
29,881,842
Netherlands
—
15,830,412
—
15,830,412
Switzerland
3,481,177
13,007,318
—
16,488,495
United Kingdom
4,184,546
32,273,013
—
36,457,559
United States
5,683,149
10,153,829
—
15,836,978
Other Common Stocks#
8,189,565
—
—
8,189,565
Total Common Stocks
25,424,979
138,307,818
—
163,732,797
Short-Term Investments
—
5,240,966
—
5,240,966
Total Investments
$25,424,979
$143,548,784
$—
$168,973,763
 
#
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 96.0%
Australia 3.1%
2,393
ARB Corp. Ltd.
$61,565
14,839
Steadfast Group Ltd.
54,720
 
116,285
Belgium 2.6%
963
Bekaert SA
45,384
1,212
Shurgard Self Storage Ltd.
53,541
 
98,925
Canada 7.1%
464
Colliers International Group, Inc.
52,029
588
Descartes Systems Group, Inc.*
54,298
433
Kinaxis, Inc.*
46,526
4,086
Softchoice Corp.(a)
54,232
3,862
Triple Flag Precious Metals Corp.(a)
63,784
 
270,869
Finland 1.9%
3,048
Kemira OYJ
71,843
France 9.3%
2,515
Exclusive Networks SA*
55,945
1,017
Interparfums SA
54,011
1,734
Lectra
58,791
271
Sopra Steria Group
64,409
2,426
Tikehau Capital SCA
55,562
165
Virbac SACA
64,391
 
353,109
Germany 2.3%
1,698
Jenoptik AG
50,926
561
Nexus AG
35,001
 
85,927
Ireland 1.3%
17,792
Uniphar PLC
50,387
Italy 3.3%
2,279
BFF Bank SpA(a)(b)
22,738
2,265
Carel Industries SpA(b)
42,917
3,443
Intercos SpA
59,773
 
125,428
Japan 29.8%
2,800
As One Corp.
44,529
1,700
Azbil Corp.
47,161
3,700
Daiei Kankyo Co. Ltd.
58,735
900
Dexerials Corp.
37,896
3,000
Fuji Corp.
48,554
2,900
Idec Corp.
51,109
2,300
Kokusai Electric Corp.
63,074
5,400
Konishi Co. Ltd.
42,160
2,900
Nakanishi, Inc.
41,603
Number of Shares
Value
Japan – cont'd
2,500
Nichias Corp.
$75,809
1,400
NS Solutions Corp.
45,399
2,200
Riken Keiki Co. Ltd.(a)
55,572
1,800
Roland Corp.
45,980
4,500
Shinnihonseiyaku Co. Ltd.
48,116
1,400
SHO-BOND Holdings Co. Ltd.
52,816
4,100
Shoei Co. Ltd.
53,099
2,900
Simplex Holdings, Inc.
49,818
4,600
Sun Frontier Fudousan Co. Ltd.
57,125
2,200
T Hasegawa Co. Ltd.
43,037
1,000
Ulvac, Inc.
71,377
600
Visional, Inc.*
28,727
5,200
YAMABIKO Corp.
71,147
 
1,132,843
Jersey 1.6%
5,238
JTC PLC(b)
60,456
Netherlands 2.2%
3,134
Fugro NV(a)
84,089
Norway 4.6%
13,665
Aker Solutions ASA
59,770
3,078
Borregaard ASA
56,420
17,112
Elopak ASA
58,609
 
174,799
Spain 1.4%
1,524
Befesa SA(b)
55,050
Sweden 6.7%
3,614
Biotage AB
63,991
4,821
Sweco AB Class B
67,520
2,009
Thule Group AB(b)
60,647
1,462
Xvivo Perfusion AB*
61,462
 
253,620
Switzerland 12.8%
1,948
Accelleron Industries AG
78,939
108
Belimo Holding AG
50,327
93
Burckhardt Compression Holding AG
62,132
38
Inficon Holding AG
60,689
20
Interroll Holding AG
61,748
224
Kardex Holding AG
62,019
131
Tecan Group AG
46,630
523
VZ Holding AG
64,944
 
487,428
United Kingdom 6.0%
56,256
Coats Group PLC
61,433
1,532
Diploma PLC
80,307
484
Games Workshop Group PLC
61,920
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
United Kingdom – cont'd
9,317
GlobalData PLC
$26,120
 
229,780
Total Common Stocks
(Cost $3,135,508)
3,650,838
 
Short-Term Investments 8.7%
Investment Companies 8.7%
125,102
State Street Institutional Treasury
Money Market Fund Premier Class,
5.24%(c)
125,102
Number of Shares
Value
Investment Companies – cont'd
206,421
State Street Navigator Securities
Lending Government Money Market
Portfolio, 5.33%(c)(d)
$206,421
Total Short-Term Investments
(Cost $331,523)
331,523
Total Investments 104.7% (Cost $3,467,031)
3,982,361
Liabilities Less Other Assets (4.7)%
(179,258
)
Net Assets 100.0%
$3,803,103
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $249,104, collateralized by cash collateral of $206,421 and non-cash (U.S. Treasury
Securities) collateral of $54,665 for the Fund.
(b)
Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended.
Regulation S applies to securities offerings that are made outside of the United States and do not involve
directed selling efforts in the United States and as such may have restrictions on resale. Total value of all
such securities at May 31, 2024 amounted to $241,808, which represents 6.4% of net assets of the Fund.
(c)
Represents 7-day effective yield as of May 31, 2024.
(d)
Represents investment of cash collateral received from securities lending.
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY INDUSTRY
Industry
Investments at
Value
Percentage of
Net Assets
Electronic Equipment, Instruments & Components
$306,476
8.1
%
Machinery
305,600
8.0
%
IT Services
215,571
5.7
%
Chemicals
213,460
5.6
%
Construction & Engineering
204,425
5.4
%
Capital Markets
180,962
4.8
%
Building Products
169,053
4.5
%
Leisure Products
168,547
4.4
%
Personal Care Products
161,900
4.3
%
Software
159,615
4.2
%
Semiconductors & Semiconductor Equipment
134,451
3.5
%
Electrical Equipment
130,048
3.4
%
Automobile Components
114,664
3.0
%
Commercial Services & Supplies
113,785
3.0
%
Life Sciences Tools & Services
110,621
2.9
%
Metals & Mining
109,168
2.9
%
Real Estate Management & Development
109,154
2.9
%
Health Care Equipment & Supplies
103,065
2.7
%
Health Care Providers & Services
94,916
2.5
%
Trading Companies & Distributors
80,307
2.1
%
Pharmaceuticals
64,391
1.7
%
Textiles, Apparel & Luxury Goods
61,433
1.6
%
Energy Equipment & Services
59,770
1.6
%
Containers & Packaging
58,609
1.5
%
Professional Services
54,847
1.4
%
Insurance
54,720
1.4
%
Specialized REITs
53,541
1.4
%
Health Care Technology
35,001
0.9
%
Financial Services
22,738
0.6
%
Short-Term Investments and Other Liabilities—Net
152,265
4.0
%
 
$3,803,103
100.0
%
See Notes to Schedule of Investments
Schedule of Investments International Small Cap Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks
Australia
$—
$116,285
$—
$116,285
Belgium
—
98,925
—
98,925
Finland
—
71,843
—
71,843
France
—
353,109
—
353,109
Germany
35,001
50,926
—
85,927
Italy
59,773
65,655
—
125,428
Japan
—
1,132,843
—
1,132,843
Jersey
—
60,456
—
60,456
Netherlands
—
84,089
—
84,089
Norway
115,029
59,770
—
174,799
Spain
—
55,050
—
55,050
Sweden
—
253,620
—
253,620
Switzerland
—
487,428
—
487,428
United Kingdom
87,553
142,227
—
229,780
Other Common Stocks#
321,256
—
—
321,256
Total Common Stocks
618,612
3,032,226
—
3,650,838
Short-Term Investments
—
331,523
—
331,523
Total Investments
$618,612
$3,363,749
$—
$3,982,361
 
#
The Schedule of Investments provides a geographic categorization as well as a Positions by Industry
summary.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 97.1%
Aerospace & Defense 0.8%
321,748
Mercury Systems, Inc.*
$9,958,101
Banks 2.7%
633,503
Banc of California, Inc.
8,780,352
95,416
Comerica, Inc.
4,889,116
274,182
Huntington Bancshares, Inc.
3,816,613
260,518
Texas Capital Bancshares, Inc.*
15,704,025
 
33,190,106
Building Products 2.2%
1,255,726
Resideo Technologies, Inc.*
27,123,682
Commercial Services & Supplies 4.8%
53,781
Clean Harbors, Inc.*
11,648,427
1,396,197
Enviri Corp.*
12,356,343
981,177
OPENLANE, Inc.*
16,925,303
367,507
Stericycle, Inc.*
18,941,311
 
59,871,384
Communications Equipment 5.5%
613,307
Ciena Corp.*
29,542,998
4,685,665
Ribbon Communications,
Inc.*(a)
14,712,988
1,085,604
Viasat, Inc.*
18,335,852
725,583
Viavi Solutions, Inc.*
5,456,384
 
68,048,222
Construction & Engineering 1.4%
197,391
Arcosa, Inc.
17,352,643
Consumer Finance 0.4%
129,388
Bread Financial Holdings, Inc.
5,403,243
Containers & Packaging 2.6%
139,128
Avery Dennison Corp.
31,664,141
Electric Utilities 1.1%
318,834
Portland General Electric Co.
14,207,243
Electrical Equipment 0.9%
1,904,658
Babcock & Wilcox Enterprises,
Inc.*
2,228,450
524,950
Bloom Energy Corp. Class A*
8,567,184
 
10,795,634
Electronic Equipment, Instruments & Components 4.5%
141,666
Coherent Corp.*
8,083,462
1,407,045
Innoviz Technologies Ltd.*
1,477,397
69,896
IPG Photonics Corp.*
6,062,080
108,858
Itron, Inc.*
11,707,678
327,713
nLight, Inc.*
4,309,426
96,184
OSI Systems, Inc.*
13,825,488
26,021
Teledyne Technologies, Inc.*
10,329,036
 
55,794,567
Number of Shares
Value
Energy Equipment & Services 3.3%
240,534
Dril-Quip, Inc.*
$4,651,928
584,862
Patterson-UTI Energy, Inc.
6,445,179
802,187
TechnipFMC PLC
21,009,277
2,273,718
TETRA Technologies, Inc.*
8,435,494
 
40,541,878
Entertainment 2.3%
1,987,638
Lions Gate Entertainment
Corp. Class B*
15,344,565
1,557,632
Lionsgate Studios Corp.*
12,975,075
 
28,319,640
Financial Services 0.3%
197,278
Cannae Holdings, Inc.
3,586,514
Food Products 1.5%
760,589
Hain Celestial Group, Inc.*
5,826,112
333,211
TreeHouse Foods, Inc.*
12,098,891
 
17,925,003
Gas Utilities 2.2%
116,326
Atmos Energy Corp.
13,484,510
311,665
New Jersey Resources Corp.
13,544,961
 
27,029,471
Health Care Equipment & Supplies 4.4%
1,580,013
Accuray, Inc.*
2,796,623
235,259
AtriCure, Inc.*
5,302,738
265,697
Avanos Medical, Inc.*
5,290,027
726,136
CytoSorbents Corp.*
653,595
169,640
Haemonetics Corp.*
14,263,331
265,117
Integra LifeSciences Holdings
Corp.*
8,192,115
1,184,105
OraSure Technologies, Inc.*
5,600,817
314,977
Varex Imaging Corp.*
4,866,395
428,481
Zimvie, Inc.*
7,134,209
 
54,099,850
Health Care Providers & Services 3.8%
318,517
Acadia Healthcare Co., Inc.*
21,942,636
48,018
Molina Healthcare, Inc.*
15,105,502
405,940
Patterson Cos., Inc.
9,982,065
 
47,030,203
Hotels, Restaurants & Leisure 2.4%
1,497,445
International Game
Technology PLC
29,559,564
Household Durables 1.2%
281,333
Tempur Sealy International,
Inc.
14,449,263
Independent Power and Renewable Electricity
Producers 6.2%
440,849
Ormat Technologies, Inc.
33,240,015
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Independent Power and Renewable Electricity Producers
– cont'd
441,203
Vistra Corp.
$43,714,393
 
76,954,408
IT Services 4.9%
1,467,391
Kyndryl Holdings, Inc.*
39,047,274
1,703,206
Unisys Corp.*
7,306,754
89,457
Wix.com Ltd.*
14,411,523
 
60,765,551
Life Sciences Tools & Services 1.3%
65,223
Charles River Laboratories
International, Inc.*
13,595,082
1,163,979
Standard BioTools, Inc.*
2,886,668
 
16,481,750
Machinery 1.3%
105,868
Helios Technologies, Inc.
5,301,869
1,206,976
Markforged Holding Corp.*
507,292
1,239,251
Stratasys Ltd.*
10,731,914
 
16,541,075
Media 3.4%
1,062,264
Criteo SA ADR*
41,449,541
Metals & Mining 1.7%
1,194,427
Cleveland-Cliffs, Inc.*
20,639,698
Multi-Utilities 1.1%
260,455
Northwestern Energy Group,
Inc.
13,533,242
Oil, Gas & Consumable Fuels 3.1%
556,588
CNX Resources Corp.*
14,638,264
482,632
Devon Energy Corp.
23,687,579
 
38,325,843
Pharmaceuticals 0.6%
1,056,854
Amneal Pharmaceuticals, Inc.*
7,059,785
Professional Services 4.7%
763,814
Alight, Inc. Class A*
5,919,559
4,047,641
Conduent, Inc.*
14,166,743
583,463
KBR, Inc.
38,310,181
 
58,396,483
Semiconductors & Semiconductor Equipment 9.7%
227,572
CEVA, Inc.*
4,533,234
800,298
indie Semiconductor, Inc.
Class A*
5,337,988
245,142
MACOM Technology
Solutions Holdings, Inc.*
24,793,662
380,950
Rambus, Inc.*
21,051,297
373,224
Semtech Corp.*
14,514,681
1,048,782
Veeco Instruments, Inc.*
42,632,988
Number of Shares
Value
Semiconductors & Semiconductor Equipment – cont'd
260,773
Wolfspeed, Inc.*
$6,701,866
 
119,565,716
Software 5.6%
1,035,801
Adeia, Inc.
12,253,526
296,240
Box, Inc. Class A*
8,072,540
1,560,023
Cognyte Software Ltd.*
11,856,175
468,294
OneSpan, Inc.*
6,167,432
341,375
Radware Ltd.*
6,926,499
139,582
Varonis Systems, Inc.*
5,996,442
367,804
Verint Systems, Inc.*
10,909,066
829,133
Xperi, Inc.*
7,304,662
 
69,486,342
Specialty Retail 1.7%
290,129
Caleres, Inc.
10,061,674
272,868
ODP Corp.*
10,685,511
 
20,747,185
Technology Hardware, Storage & Peripherals 0.3%
7,438,258
Quantum Corp.*(b)
3,421,599
Textiles, Apparel & Luxury Goods 0.6%
1,142,995
Under Armour, Inc. Class C*
7,955,245
Trading Companies & Distributors 2.6%
342,924
AerCap Holdings NV
31,792,484
Total Common Stocks
(Cost $908,720,828)
1,199,066,299
Preferred Stocks 1.4%
Communications Equipment 1.4%
17,113
Ribbon Communications, Inc.,
Series A*#(a)(c)(d)
(Cost $14,135,352)
17,676,961
Principal Amount
Convertible Bonds 0.7%
Communications Equipment 0.7%
$7,500,000
Infinera Corp., 3.75%, due
8/1/2028
(Cost $7,500,000)
8,100,000
Number of Shares
Warrants 0.2%
Communications Equipment 0.2%
1,511,444
Ribbon Communications, Inc.
Expires 3/31/2027*#(a)(c)(d)
2,087,721
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Health Care Equipment & Supplies
0.0%(e)
131,579
CytoSorbents Corp.*(d)
$0
Total Warrants (Cost $2,464,258)
2,087,721
Escrow Units 0.0%(e)
Software 0.0%(e)
3,150,000
Ion Geophysical(c)(d)
(Cost $0)
0
Total Investments 99.4%
(Cost $932,820,438)
1,226,930,981
Other Assets Less Liabilities 0.6%
7,240,602
Net Assets 100.0%
$1,234,171,583
 
*
Non-income producing security.
(a)
Security acquired via a PIPE transaction.
(b)
Affiliated company (see Note § below).
(c)
Value determined using significant unobservable inputs.
(d)
Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2024 amounted to $19,764,682, which represents 1.6% of net
assets of the Fund.
(e)
Represents less than 0.05% of net assets of the Fund.
#  This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $19,764,682, which represents 1.6% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
5/31/2024
Fair Value
Percentage
of Net Assets
as of
5/31/2024
Ribbon Communications, Inc. (Series A Preferred Shares)
3/29/2023
$14,135,352
$17,676,961
1.4%
Ribbon Communications, Inc. Expires 3/31/2027 (Warrants)
3/29/2023
2,464,258
2,087,721
0.2%
Total
$16,599,610
$19,764,682
1.6%
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited)  (cont’d)
 
POSITIONS BY COUNTRY
Country
Investments at
Value
Percentage of
Net Assets
United States
$1,092,670,097
88.5%
France
41,449,541
3.4%
Israel
34,671,594
2.8%
Netherlands
31,792,484
2.6%
United Kingdom
21,009,277
1.7%
China
5,337,988
0.4%
Short-Term Investments and Other Assets—Net
7,240,602
0.6%
 
$1,234,171,583
100.0%
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks#
$1,199,066,299
$—
$—
$1,199,066,299
Preferred Stocks#
—
—
17,676,961
17,676,961
Convertible Bonds#
—
8,100,000
—
8,100,000
Warrants#
—
—
2,087,721
2,087,721
Escrow Units#
—
—
—
—
Total Investments
$1,199,066,299
$8,100,000
$19,764,682
$1,226,930,981
 
#
The Schedule of Investments provides information on the industry or sector categorization.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 9/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
5/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2024
Investments in Securities:
Preferred Stocks(1)
$14,928
$—
$—
$2,749
$—
$—
$—
$—
$17,677
$2,749
Warrants(1)
2,110
—
—
(22
)
—
—
—
—
2,088
(22
)
Escrow Units(2)
—
—
139
—
—
(139
)
—
—
—
—
Total
$17,038
$—
$139
$2,727
$—
$(139
)
$—
$—
$19,765
$2,727
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
5/31/2024
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Preferred Stocks
$17,676,961
Income Approach
Discount Yield
19.8%
19.8%
Decrease
Warrants
2,087,721
Income Approach
Discount Yield
19.8%
19.8%
Decrease
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
 
(2) At May 31, 2024, these investments were valued in accordance with procedures approved by the
valuation designee. These investments did not have a material impact on the Fund's net assets and,
therefore, disclosure of significant unobservable inputs used in formulating valuations is not
presented.
 
See Notes to Schedule of Investments
Schedule of Investments Intrinsic Value Fund^ (Unaudited)  (cont’d)
§   Investments in Affiliates(a): 
 
Value at
August 31,
2023
Purchase
Cost
Sales
Proceeds/
Return of
Capital
Change in
Net Unrealized
Appreciation/
(Depreciation)
from
Investments
in Affiliated
Persons
Net Realized
Gain/(Loss)
from
Investments
in Affiliated
Persons
Distributions
from
Investments
in Affiliated
Persons
Shares
Held at
May 31,
2024
Value at
May 31,
2024
Intrinsic Value
 
 
 
 
 
 
 
 
Quantum Corp.
$4,621,303
$—
$(5,829
)
$(1,074,331
)
$(119,544
)
$—*
7,438,258
$3,421,599
Sub-total for
affiliates held
as of 5/31/24(b)
$4,621,303
$—
$(5,829
)
$(1,074,331
)
$(119,544
)
$—
$3,421,599
 
(a)
Affiliated persons, as defined in the Investment Company Act of 1940, as amended.
(b)
At May 31, 2024, these securities amounted to 0.28% of net assets of the Fund.
*
Non-income producing security.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.8%
Aerospace & Defense 0.0%(a)
14,200
Loar Holdings, Inc.*
$808,974
Application Software 0.2%
4,688
Canva, Inc.*#(b)(c)
5,000,507
Beverages 1.4%
994,799
Keurig Dr Pepper, Inc.
34,071,866
Biotechnology 1.7%
257,724
AbbVie, Inc.
41,555,418
Broadline Retail 7.6%
1,037,517
Amazon.com, Inc.*
183,059,499
Capital Markets 3.9%
583,635
Brookfield Asset
Management Ltd. Class A(d)
22,901,838
177,191
CME Group, Inc.
35,966,229
83,938
S&P Global, Inc.
35,884,334
 
94,752,401
Commercial Services & Supplies 0.7%
75,878
Waste Management, Inc.
15,989,771
Consumer Staples Distribution & Retail 3.2%
36,962
Costco Wholesale Corp.
29,935,154
194,725
Dollar Tree, Inc.*
22,967,814
359,584
Walmart, Inc.
23,646,244
 
76,549,212
Containers & Packaging 1.0%
100,726
Avery Dennison Corp.
22,924,230
Electric Utilities 2.4%
58,490
Constellation Energy Corp.
12,706,952
560,387
NextEra Energy, Inc.
44,842,168
 
57,549,120
Electronic Equipment, Instruments & Components 2.2%
129,469
CDW Corp.
28,951,858
161,529
TE Connectivity Ltd.
24,180,891
 
53,132,749
Entertainment 2.3%
86,104
Netflix, Inc.*
55,246,048
Financial Services 4.2%
104,124
MasterCard, Inc. Class A
46,550,717
199,370
Visa, Inc. Class A
54,320,350
 
100,871,067
Ground Transportation 1.6%
188,922
Uber Technologies, Inc.*
12,196,804
115,780
Union Pacific Corp.
26,955,900
 
39,152,704
Number of Shares
Value
Health Care Equipment & Supplies 1.3%
430,896
Boston Scientific Corp.*
$32,562,811
Health Care Providers & Services 1.8%
87,021
UnitedHealth Group, Inc.
43,107,593
Hotels, Restaurants & Leisure 2.2%
154,328
McDonald's Corp.
39,953,976
407,360
Sweetgreen, Inc. Class A*
12,526,320
 
52,480,296
Insurance 0.4%
42,108
Progressive Corp.
8,892,367
Interactive Media & Services 10.4%
597,286
Alphabet, Inc. Class A*
103,031,835
888,120
Match Group, Inc.*
27,203,116
259,305
Meta Platforms, Inc. Class A
121,051,353
 
251,286,304
IT Services 0.9%
255,026
Okta, Inc.*
22,615,706
Life Sciences Tools & Services 1.6%
68,340
Thermo Fisher Scientific, Inc.
38,815,753
Pharmaceuticals 1.1%
127,917
Johnson & Johnson
18,761,586
54,099
Novo Nordisk AS ADR
7,318,513
 
26,080,099
Professional Services 1.3%
138,374
Equifax, Inc.
32,018,360
Semiconductors & Semiconductor Equipment 11.0%
117,971
Advanced Micro Devices,
Inc.*
19,689,360
123,667
Analog Devices, Inc.
28,998,675
41,369
Broadcom, Inc.
54,960,785
147,678
NVIDIA Corp.
161,903,821
 
265,552,641
Software 21.0%
40,393
Adobe, Inc.*
17,965,191
90,909
Arctic Wolf Networks,
Inc.*#(b)(c)
976,363
106,995
Grammarly, Inc.*#(b)(c)
1,708,710
79,337
Intuit, Inc.
45,733,020
690,218
Microsoft Corp.
286,530,198
275,368
Salesforce, Inc.
64,557,274
41,062
ServiceNow, Inc.*
26,974,860
56,386
Synopsys, Inc.*
31,621,269
141,034
Workday, Inc. Class A*
29,821,639
 
505,888,524
Specialty Retail 7.1%
536,526
Chewy, Inc. Class A*(d)
11,379,716
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Specialty Retail – cont'd
1,297,807
Fanatics Holdings, Inc.
Class A*#(b)(c)
$100,424,306
45,276
Home Depot, Inc.
15,161,574
427,770
TJX Cos., Inc.
44,103,087
 
171,068,683
Technology Hardware, Storage & Peripherals 4.7%
594,567
Apple, Inc.
114,305,506
Textiles, Apparel & Luxury Goods 1.6%
398,931
NIKE, Inc. Class B
37,918,392

 

 
Total Common Stocks
(Cost $1,423,392,181)
2,383,256,601
Preferred Stocks 0.8%
Entertainment 0.0%(a)
8,256
A24 Films LLC*#(b)(c)(e)
1,165,136
Internet 0.4%
7,000
Fabletics LLC, Series G*#(b)(c)
8,051,400
20,788
Savage X, Inc., Series C*#(b)(c)
956,040
 
9,007,440
IT Services 0.3%
287,787
Druva, Inc., Series 4*#(b)(c)
2,279,273
461,441
Druva, Inc., Series 5*#(b)(c)
4,420,605
 
6,699,878
Software 0.1%
33,179
Grammarly, Inc.,
Series 3*#(b)(c)
968,335
Number of Shares
Value
Software – cont'd
90,310
Signifyd, Inc.,
Series Seed*#(b)(c)
$636,685
39,343
Signifyd, Inc., Series A*#(b)(c)
278,155
82,373
Videoamp, Inc.,
Series F1*#(b)(c)
1,299,846
 
3,183,021
Total Preferred Stocks
(Cost $20,934,539)
20,055,475
 
Short-Term Investments 0.8%
Investment Companies 0.8%
12,417,216
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(f)
12,417,216
6,484,104
State Street Navigator
Securities Lending
Government Money Market
Portfolio, 5.33%(f)(g)
6,484,104
Total Short-Term Investments
(Cost $18,901,320)
18,901,320
Total Investments 100.4%
(Cost $1,463,228,040)
2,422,213,396
Liabilities Less Other Assets (0.4)%
(9,722,731
)
Net Assets 100.0%
$2,412,490,665
 
*
Non-income producing security.
(a)
Represents less than 0.05% of net assets of the Fund.
(b)
Value determined using significant unobservable inputs.
(c)
Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2024 amounted to $128,165,361, which represents 5.3% of net
assets of the Fund.
(d)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $6,571,463, collateralized by cash collateral of $6,484,104 and non-cash (U.S. Treasury
Securities) collateral of $336,119 for the Fund.
(e)
Security represented in Units.
(f)
Represents 7-day effective yield as of May 31, 2024.
(g)
Represents investment of cash collateral received from securities lending.
#  This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $128,165,361, which represents 5.3% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited)  (cont’d)
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
5/31/2024
Fair Value
Percentage
of Net Assets
as of
5/31/2024
A24 Films LLC
2/25/2022
$940,028
$1,165,136
0.1%
Arctic Wolf Networks, Inc.
12/31/2021
999,999
976,363
0.0%
Canva, Inc.
3/19/2024
5,000,507
5,000,507
0.2%
Druva, Inc. (Series 4 Preferred Shares)
6/14/2019
1,500,003
2,279,273
0.1%
Druva, Inc. (Series 5 Preferred Shares)
4/1/2021
4,325,000
4,420,605
0.2%
Fabletics LLC (Series G Preferred Shares)
1/10/2022
7,000,000
8,051,400
0.3%
Fanatics Holdings, Inc. Class A
8/13/2020-4/29/2021
23,018,871
100,424,306
4.2%
Grammarly, Inc. Class A
12/23/2021-1/24/2022
2,804,542
1,708,710
0.1%
Grammarly, Inc. (Series 3 Preferred Shares)
12/23/2021-1/24/2022
869,685
968,335
0.0%
Savage X, Inc. (Series C Preferred Shares)
11/30/2021
1,000,028
956,040
0.0%
Signifyd, Inc. (Series A Preferred Shares)
5/27/2021
1,213,731
278,155
0.0%
Signifyd, Inc. (Series Seed Preferred Shares)
5/27/2021
2,786,053
636,685
0.0%
Videoamp, Inc. (Series F1 Preferred Shares)
1/4/2022
1,300,011
1,299,846
0.1%
Total
$52,758,458
$128,165,361
5.3%
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Consolidated Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
Application Software
$—
$—
$5,000,507
$5,000,507
Software
503,203,451
—
2,685,073
505,888,524
Specialty Retail
70,644,377
—
100,424,306
171,068,683
Other Common Stocks#
1,701,298,887
—
—
1,701,298,887
Total Common Stocks
2,275,146,715
—
108,109,886
2,383,256,601
Preferred Stocks#
—
—
20,055,475
20,055,475
Short-Term Investments
—
18,901,320
—
18,901,320
Total Investments
$2,275,146,715
$18,901,320
$128,165,361
$2,422,213,396
 
#
The Consolidated Schedule of Investments provides information on the industry or sector categorization.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 9/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
5/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2024
Investments in Securities:
Common Stocks(1)
$108,256
$—
$—
$(5,147
)
$5,001
$—
$—
$—
$108,110
$(5,147
)
Preferred Stocks(1)
20,253
—
—
(198
)
—
—
—
—
20,055
(198
)
Total
$128,509
$—
$—
$(5,345
)
$5,001
$—
$—
$—
$128,165
$(5,345
)
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
5/31/2024
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$103,109,379
Market Approach
Enterprise value/
Revenue multiple(c) (EV/Revenue)
4.5x - 13.5x
4.7x
Increase
 
 
Discount Rate
4.8% - 4.9%
4.8%
Decrease
 
 
Term (Years)
2.2 - 2.7
2.5
Increase
 
 
Expected Volatility
65% - 80%
70%
Increase
Common Stocks
5,000,507
Market Approach
Transaction Price
$1066.66
$1066.66
Increase
Preferred Stocks
18,890,339
Market Approach
Enterprise value/
Revenue multiple(c) (EV/Revenue)
0.6x - 10.5x
4.4x
Increase
 
 
Discount Rate
0.3% - 5.0%
4.7%
Decrease
 
 
Term (Years)
1.7 - 3.7
2.3
Increase
 
 
Expected Volatility
50% - 70%
0.6x
Increase
Preferred Units
1,165,136
Market Approach
Transaction Price
$147.00
$147.00
Increase
 
 
Discount Rate
20.0%
20.0%
Decrease
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
See Notes to Consolidated Schedule of Investments
Consolidated Schedule of Investments Large Cap Growth Fund^ (Unaudited)  (cont’d)
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
(c) Represents amounts used when the reporting entity has determined that market participants
would use such multiples when pricing the investments.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Consolidated Schedule of Investments
Schedule of Investments Large Cap Value Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.3%
Banks 9.7%
3,265,359
Bank of America Corp.
$130,581,706
1,411,124
Citigroup, Inc.
87,927,136
1,295,044
JPMorgan Chase & Co.
262,414,766
1,632,335
PNC Financial Services
Group, Inc.
256,913,206
1,289,336
Truist Financial Corp.
48,672,434
1,956,103
Wells Fargo & Co.
117,209,692
 
903,718,940
Biotechnology 0.3%
190,939
AbbVie, Inc.
30,787,004
Capital Markets 3.9%
82,153
BlackRock, Inc.
63,424,581
100,227
Goldman Sachs Group, Inc.
45,755,630
56,665
Moody's Corp.
22,495,438
377,858
Morgan Stanley
36,969,627
421,554
S&P Global, Inc.
180,218,551
325,931
UBS Group AG
10,390,680
 
359,254,507
Chemicals 0.6%
186,905
Sherwin-Williams Co.
56,781,739
Commercial Services & Supplies 0.5%
210,125
Waste Management, Inc.
44,279,641
Consumer Finance 0.5%
209,779
Capital One Financial Corp.
28,871,884
113,755
Discover Financial Services
13,953,188
 
42,825,072
Consumer Staples Distribution & Retail 5.0%
3,238,711
Kroger Co.
169,611,295
4,526,876
Walmart, Inc.
297,687,366
 
467,298,661
Containers & Packaging 0.4%
184,463
Avery Dennison Corp.
41,981,934
Diversified Telecommunication Services 1.3%
2,966,265
Verizon Communications,
Inc.
122,061,805
Electric Utilities 6.3%
3,054,765
Duke Energy Corp.
316,382,011
4,305,373
Exelon Corp.
161,666,756
1,962,773
FirstEnergy Corp.
79,021,241
425,790
NextEra Energy, Inc.
34,071,716
 
591,141,724
Financial Services 3.3%
562,603
Berkshire Hathaway, Inc.
Class B*
233,142,683
Number of Shares
Value
Financial Services – cont'd
1,180,050
PayPal Holdings, Inc.*
$74,331,350
 
307,474,033
Food Products 1.7%
2,269,417
Mondelez International,
Inc. Class A
155,523,147
Health Care Equipment & Supplies 4.2%
434,102
Abbott Laboratories
44,360,883
808,701
Becton Dickinson & Co.
187,594,371
360,571
Stryker Corp.
122,987,162
306,411
Zimmer Biomet Holdings,
Inc.
35,283,227
 
390,225,643
Health Care Providers & Services 2.2%
325,695
Elevance Health, Inc.
175,380,244
73,555
HCA Healthcare, Inc.
24,990,311
 
200,370,555
Hotels, Restaurants & Leisure 0.6%
1,180,513
Las Vegas Sands Corp.
53,158,500
Household Products 6.4%
390,104
Clorox Co.
51,322,082
1,239,348
Colgate-Palmolive Co.
115,209,790
2,589,384
Procter & Gamble Co.
426,057,244
 
592,589,116
Industrial REITs 0.3%
268,578
Prologis, Inc.
29,675,183
Insurance 1.3%
1,215,404
American International
Group, Inc.
95,798,143
91,387
Aon PLC Class A
25,738,235
 
121,536,378
IT Services 1.3%
706,142
International Business
Machines Corp.
117,819,793
Life Sciences Tools & Services 2.3%
754,512
Danaher Corp.
193,758,682
29,576
Thermo Fisher Scientific,
Inc.
16,798,576
 
210,557,258
Machinery 0.7%
231,154
Cummins, Inc.
65,123,016
Metals & Mining 13.1%
2,965,981
Agnico Eagle Mines Ltd.
202,309,564
4,673,884
Freeport-McMoRan, Inc.
246,453,903
4,279,310
Newmont Corp.
179,474,261
276,476
Nucor Corp.
46,682,973
See Notes to Schedule of Investments
Schedule of Investments Large Cap Value Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Metals & Mining – cont'd
2,712,624
Rio Tinto PLC ADR
$190,154,943
1,353,264
Southern Copper Corp.
160,537,708
3,564,114
Wheaton Precious Metals
Corp.
196,418,323
 
1,222,031,675
Multi-Utilities 10.0%
4,207,907
CenterPoint Energy, Inc.
128,383,242
2,114,784
Dominion Energy, Inc.
114,029,153
2,309,841
DTE Energy Co.
269,165,772
1,863,635
Public Service Enterprise
Group, Inc.
141,188,988
3,654,295
Sempra
281,490,344
 
934,257,499
Oil, Gas & Consumable Fuels 7.6%
1,569,454
Cenovus Energy, Inc.
32,676,032
1,017,996
ConocoPhillips
118,576,174
3,215,986
Exxon Mobil Corp.
377,106,518
854,945
Occidental Petroleum Corp.
53,434,063
746,300
Suncor Energy, Inc.(a)
30,463,966
329,294
Valero Energy Corp.
51,745,259
1,122,870
Williams Cos., Inc.
46,610,334
 
710,612,346
Pharmaceuticals 9.9%
2,122,568
Johnson & Johnson
311,317,048
2,576,553
Merck & Co., Inc.
323,460,464
8,285,374
Pfizer, Inc.
237,458,819
3,140,157
Teva Pharmaceutical
Industries Ltd. ADR*
53,162,858
 
925,399,189
Semiconductors & Semiconductor Equipment 2.9%
353,583
Advanced Micro Devices,
Inc.*
59,013,003
Number of Shares
Value
Semiconductors & Semiconductor Equipment – cont'd
233,419
Analog Devices, Inc.
$54,734,421
333,627
Micron Technology, Inc.
41,703,375
561,049
QUALCOMM, Inc.
114,482,049
 
269,932,848
Software 0.5%
421,881
Oracle Corp.
49,440,234
Tobacco 1.1%
1,041,160
Philip Morris International,
Inc.
105,552,801
Wireless Telecommunication Services 0.4%
215,996
T-Mobile U.S., Inc.
37,790,660
Total Common Stocks
(Cost $7,893,944,274)
9,159,200,901
 
Short-Term Investments 1.5%
Investment Companies 1.5%
109,094,431
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.26%(b)
109,094,431
30,408,669
State Street Navigator
Securities Lending
Government Money Market
Portfolio, 5.33%(b)(c)
30,408,669
Total Short-Term Investments
(Cost $139,503,100)
139,503,100
Total Investments 99.8%
(Cost $8,033,447,374)
9,298,704,001
Other Assets Less Liabilities 0.2%
17,035,216
Net Assets 100.0%
$9,315,739,217
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $30,460,905 for the Fund.
(b)
Represents 7-day effective yield as of May 31, 2024.
(c)
Represents investment of cash collateral received from securities lending.
See Notes to Schedule of Investments
Schedule of Investments Large Cap Value Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$9,159,200,901
$—
$—
$9,159,200,901
Short-Term Investments
—
139,503,100
—
139,503,100
Total Investments
$9,159,200,901
$139,503,100
$—
$9,298,704,001
 
#
The Schedule of Investments provides information on the industry or sector categorization as well as a
Positions by Country summary.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.6%
Aerospace & Defense 3.8%
109,400
Axon Enterprise, Inc.*
$30,814,698
143,700
HEICO Corp.
31,868,349
 
62,683,047
Beverages 0.8%
165,800
Celsius Holdings, Inc.*
13,260,684
Biotechnology 3.6%
68,159
Alnylam Pharmaceuticals,
Inc.*
10,116,840
116,434
BioMarin Pharmaceutical,
Inc.*
8,740,701
197,106
Exact Sciences Corp.*
8,958,468
114,354
Natera, Inc.*
12,182,132
87,908
Neurocrine Biosciences, Inc.*
11,903,622
63,941
Sarepta Therapeutics, Inc.*
8,303,378
 
60,205,141
Building Products 0.9%
91,600
Builders FirstSource, Inc.*
14,728,364
Capital Markets 9.4%
281,881
Ares Management Corp.
Class A
39,511,260
89,634
Coinbase Global, Inc.
Class A*
20,250,113
90,814
Evercore, Inc. Class A
18,429,793
307,884
Jefferies Financial Group, Inc.
14,322,764
348,860
KKR & Co., Inc.
35,876,763
262,330
Tradeweb Markets, Inc.
Class A
28,596,593
 
156,987,286
Commercial Services & Supplies 3.8%
50,637
Cintas Corp.
34,330,367
186,600
Veralto Corp.
18,395,028
66,700
Waste Connections, Inc.
10,960,144
 
63,685,539
Communications Equipment 0.5%
27,920
Arista Networks, Inc.*
8,310,388
Construction & Engineering 1.0%
61,100
Quanta Services, Inc.
16,859,934
Consumer Staples Distribution & Retail 1.0%
188,867
BJ's Wholesale Club
Holdings, Inc.*
16,633,517
Containers & Packaging 1.1%
98,200
Packaging Corp. of America
18,018,718
Electrical Equipment 3.6%
120,200
AMETEK, Inc.
20,383,516
Number of Shares
Value
Electrical Equipment – cont'd
47,200
Hubbell, Inc.
$18,355,608
213,700
Vertiv Holdings Co.
20,957,559
 
59,696,683
Energy Equipment & Services 0.8%
109,800
Weatherford International
PLC*
13,213,332
Entertainment 2.6%
146,244
Spotify Technology SA*
43,402,294
Financial Services 3.1%
280,735
Apollo Global Management,
Inc.
32,610,178
305,430
Block, Inc.*
19,571,954
 
52,182,132
Ground Transportation 1.5%
138,800
Old Dominion Freight Line,
Inc.
24,324,700
Health Care Equipment & Supplies 4.9%
57,768
Align Technology, Inc.*
14,858,507
290,490
Dexcom, Inc.*
34,501,497
46,808
IDEXX Laboratories, Inc.*
23,261,236
56,443
Inspire Medical Systems,
Inc.*
8,962,584
 
81,583,824
Health Care Providers & Services 1.8%
132,080
Cencora, Inc.
29,925,366
Hotels, Restaurants & Leisure 4.7%
96,900
Churchill Downs, Inc.
12,548,550
141,000
Darden Restaurants, Inc.
21,204,990
190,500
DoorDash, Inc. Class A*
20,975,955
682,400
DraftKings, Inc. Class A*
23,972,712
 
78,702,207
Household Durables 0.6%
23,900
TopBuild Corp.*
9,989,005
Household Products 1.6%
251,000
Church & Dwight Co., Inc.
26,859,510
Independent Power and Renewable Electricity
Producers 0.8%
128,000
Vistra Corp.
12,682,240
Interactive Media & Services 1.8%
729,434
Pinterest, Inc. Class A*
30,264,217
IT Services 0.9%
61,219
MongoDB, Inc.*
14,451,357
Life Sciences Tools & Services 4.4%
200,985
Agilent Technologies, Inc.
26,210,454
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Life Sciences Tools & Services – cont'd
357,419
Avantor, Inc.*
$8,606,649
142,176
IQVIA Holdings, Inc.*
31,149,340
378,903
Stevanato Group SpA(a)
7,699,309
 
73,665,752
Machinery 1.8%
216,900
Fortive Corp.
16,146,036
142,000
Ingersoll Rand, Inc.
13,213,100
 
29,359,136
Media 2.4%
440,249
Trade Desk, Inc. Class A*
40,846,302
Oil, Gas & Consumable Fuels 1.2%
100,974
Diamondback Energy, Inc.
20,120,079
Personal Care Products 0.4%
36,900
elf Beauty, Inc.*
6,896,979
Professional Services 1.2%
133,500
Booz Allen Hamilton Holding
Corp.
20,320,035
Real Estate Management & Development 0.8%
163,900
CoStar Group, Inc.*
12,812,063
Semiconductors & Semiconductor Equipment 2.1%
46,961
Monolithic Power Systems,
Inc.
34,545,920
Software 14.7%
54,953
Cadence Design Systems,
Inc.*
15,733,594
151,740
Crowdstrike Holdings, Inc.
Class A*
47,596,286
302,902
Datadog, Inc. Class A*
33,373,742
213,083
Descartes Systems Group,
Inc.*
19,673,953
119,712
Manhattan Associates, Inc.*
26,281,573
25,749
MicroStrategy, Inc.
Class A*(a)
39,254,093
2,092,424
Palantir Technologies, Inc.
Class A*
45,363,752
98,440
Zscaler, Inc.*
16,730,862
 
244,007,855
Number of Shares
Value
Specialty Retail 4.3%
17,800
O'Reilly Automotive, Inc.*
$17,146,028
39,300
RH*
10,686,849
215,800
Ross Stores, Inc.
30,160,208
36,300
Ulta Beauty, Inc.*
14,341,767
 
72,334,852
Technology Hardware, Storage & Peripherals 3.9%
571,696
Pure Storage, Inc. Class A*
34,467,552
39,266
Super Micro Computer, Inc.*
30,804,569
 
65,272,121
Textiles, Apparel & Luxury Goods 3.5%
35,700
Deckers Outdoor Corp.*
39,052,944
455,700
On Holding AG Class A*
19,385,478
 
58,438,422
Trading Companies & Distributors 3.3%
32,800
United Rentals, Inc.
21,956,648
36,200
W.W. Grainger, Inc.
33,356,852
 
55,313,500
Total Common Stocks
(Cost $1,307,756,348)
1,642,582,501
 
Short-Term Investments 2.8%
Investment Companies 2.8%
32,085,876
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.26%(b)
32,085,876
14,336,900
State Street Navigator
Securities Lending
Government Money Market
Portfolio, 5.33%(b)(c)
14,336,900
Total Short-Term Investments
(Cost $46,422,776)
46,422,776
Total Investments 101.4%
(Cost $1,354,179,124)
1,689,005,277
Liabilities Less Other Assets (1.4)%
(23,888,614
)
Net Assets 100.0%
$1,665,116,663
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $14,253,844 for the Fund.
(b)
Represents 7-day effective yield as of May 31, 2024.
(c)
Represents investment of cash collateral received from securities lending.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Growth Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$1,642,582,501
$—
$—
$1,642,582,501
Short-Term Investments
—
46,422,776
—
46,422,776
Total Investments
$1,642,582,501
$46,422,776
$—
$1,689,005,277
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 99.9%
Aerospace & Defense 3.5%
2,565
General Dynamics Corp.
$768,910
5,207
L3Harris Technologies, Inc.
1,170,690
 
1,939,600
Automobile Components 2.0%
13,345
Aptiv PLC*
1,111,105
Banks 3.2%
68,548
Huntington Bancshares, Inc.
954,188
22,578
Truist Financial Corp.
852,320
 
1,806,508
Building Products 3.0%
15,773
Fortune Brands Innovations, Inc.
1,105,056
26,125
Resideo Technologies, Inc.*
564,300
 
1,669,356
Chemicals 1.7%
4,488
Albemarle Corp.
550,184
3,941
Ashland, Inc.
394,770
 
944,954
Commercial Services & Supplies 2.1%
41,637
OPENLANE, Inc.*
718,238
8,362
Stericycle, Inc.*
430,978
 
1,149,216
Communications Equipment 2.9%
18,191
Ciena Corp.*
876,261
2,017
Motorola Solutions, Inc.
736,023
 
1,612,284
Construction & Engineering 2.0%
12,466
Arcosa, Inc.
1,095,886
Consumer Finance 0.7%
8,808
Bread Financial Holdings, Inc.
367,822
Consumer Staples Distribution & Retail 1.6%
7,598
Dollar Tree, Inc.*
896,184
Containers & Packaging 2.3%
2,259
Avery Dennison Corp.
514,126
20,573
Sealed Air Corp.
799,672
 
1,313,798
Electric Utilities 2.0%
27,755
FirstEnergy Corp.
1,117,416
Electronic Equipment, Instruments & Components 7.7%
2,892
CDW Corp.
646,709
8,742
Coherent Corp.*
498,818
14,849
IPG Photonics Corp.*
1,287,854
7,536
Itron, Inc.*
810,497
Number of Shares
Value
Electronic Equipment, Instruments & Components –
cont'd
2,716
Teledyne Technologies, Inc.*
$1,078,116
 
4,321,994
Energy Equipment & Services 1.7%
28,677
Baker Hughes Co.
960,106
Entertainment 1.4%
102,609
Lions Gate Entertainment Corp.
Class B*
792,142
Financial Services 1.4%
7,608
Global Payments, Inc.
774,875
Food Products 2.9%
43,182
Hain Celestial Group, Inc.*
330,774
3,252
Lamb Weston Holdings, Inc.
287,119
28,293
TreeHouse Foods, Inc.*
1,027,319
 
1,645,212
Health Care Equipment & Supplies 4.1%
18,071
Avanos Medical, Inc.*
359,794
9,093
Haemonetics Corp.*
764,539
8,406
Zimmer Biomet Holdings, Inc.
967,951
12,408
Zimvie, Inc.*
206,593
 
2,298,877
Health Care Providers & Services 2.6%
2,526
McKesson Corp.
1,438,784
Hotels, Restaurants & Leisure 5.7%
10,177
Bloomin' Brands, Inc.
221,859
38,078
International Game Technology PLC
751,660
24,491
MGM Resorts International*
983,803
21,834
Travel & Leisure Co.
959,386
5,139
United Parks & Resorts, Inc.*
268,718
 
3,185,426
Independent Power and Renewable Electricity
Producers 3.5%
19,699
Vistra Corp.
1,951,777
Insurance 2.6%
4,866
Allstate Corp.
815,152
7,589
Globe Life, Inc.
628,066
 
1,443,218
IT Services 2.4%
13,549
Kyndryl Holdings, Inc.*
360,539
6,221
Wix.com Ltd.*
1,002,203
 
1,362,742
Life Sciences Tools & Services 0.5%
1,397
Charles River Laboratories
International, Inc.*
291,191
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Machinery 3.5%
11,910
Allison Transmission Holdings, Inc.
$902,897
12,584
Enerpac Tool Group Corp.
494,803
31,951
Gates Industrial Corp. PLC*
556,586
 
1,954,286
Multi-Utilities 3.8%
42,877
CenterPoint Energy, Inc.
1,308,178
14,910
Dominion Energy, Inc.
803,947
 
2,112,125
Oil, Gas & Consumable Fuels 6.4%
15,995
Devon Energy Corp.
785,035
9,524
EOG Resources, Inc.
1,186,214
4,201
Phillips 66
597,004
24,290
Williams Cos., Inc.
1,008,278
 
3,576,531
Professional Services 5.8%
83,910
Alight, Inc. Class A*
650,302
9,754
Concentrix Corp.
598,213
163,835
Conduent, Inc.*
573,423
21,459
KBR, Inc.
1,408,998
 
3,230,936
Retail REITs 1.8%
16,026
Regency Centers Corp.
983,996
Semiconductors & Semiconductor Equipment 4.0%
5,600
Enphase Energy, Inc.*
716,240
2,758
NXP Semiconductors NV
750,452
Number of Shares
Value
Semiconductors & Semiconductor Equipment – cont'd
8,123
Skyworks Solutions, Inc.
$752,677
 
2,219,369
Software 2.6%
10,535
DocuSign, Inc.*
576,686
22,011
Dropbox, Inc. Class A*
495,908
10,478
Smartsheet, Inc. Class A*
387,686
 
1,460,280
Specialty Retail 1.4%
3,615
Best Buy Co., Inc.
306,624
11,847
ODP Corp.*
463,929
 
770,553
Technology Hardware, Storage & Peripherals 4.4%
59,281
Hewlett Packard Enterprise Co.
1,046,310
23,543
Pure Storage, Inc. Class A*
1,419,407
 
2,465,717
Textiles, Apparel & Luxury Goods 0.6%
52,677
Under Armour, Inc. Class C*
366,632
Trading Companies & Distributors 2.1%
12,778
AerCap Holdings NV
1,184,648
Total Investments 99.9%
(Cost $42,628,844)
55,815,546
Other Assets Less Liabilities 0.1%
51,913
Net Assets 100.0%
$55,867,459
 
*
Non-income producing security.
See Notes to Schedule of Investments
Schedule of Investments Mid Cap Intrinsic Value Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$55,815,546
$—
$—
$55,815,546
Total Investments
$55,815,546
$—
$—
$55,815,546
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.7%
Banks 3.6%
44,000
JPMorgan Chase & Co.
$8,915,720
Broadline Retail 3.4%
48,000
Amazon.com, Inc.*
8,469,120
Capital Markets 7.7%
228,000
Brookfield Corp. Class A
9,915,720
43,000
Intercontinental Exchange, Inc.
5,757,700
58,000
Nasdaq, Inc.
3,423,740
 
19,097,160
Commercial Services & Supplies 1.7%
44,000
Veralto Corp.
4,337,520
Communications Equipment 3.2%
22,000
Motorola Solutions, Inc.
8,028,020
Construction Materials 2.4%
26,000
Eagle Materials, Inc.
6,042,140
Consumer Staples Distribution & Retail 4.7%
41,000
BJ's Wholesale Club Holdings,
Inc.*
3,610,870
153,000
U.S. Foods Holding Corp.*
8,082,990
 
11,693,860
Containers & Packaging 7.4%
24,000
Avery Dennison Corp.
5,462,160
48,000
Ball Corp.
3,332,640
340,000
Graphic Packaging Holding Co.
9,628,800
 
18,423,600
Electric Utilities 1.3%
40,000
NextEra Energy, Inc.
3,200,800
Electrical Equipment 1.3%
13,000
Rockwell Automation, Inc.
3,347,890
Financial Services 7.7%
58,000
Apollo Global Management,
Inc.
6,737,280
30,000
Berkshire Hathaway, Inc.
Class B*
12,432,000
 
19,169,280
Food Products 2.1%
78,000
Mondelez International, Inc.
Class A
5,345,340
Ground Transportation 2.5%
187,500
CSX Corp.
6,328,125
Health Care Equipment & Supplies 2.2%
24,000
Becton Dickinson & Co.
5,567,280
Number of Shares
Value
Health Care Providers & Services 3.7%
27,000
HCA Healthcare, Inc.
$9,173,250
Hotels, Restaurants & Leisure 6.3%
246,000
Aramark
7,908,900
700
Booking Holdings, Inc.
2,643,445
20,000
McDonald's Corp.
5,177,800
 
15,730,145
Household Products 0.3%
3,500
WD-40 Co.
786,415
Insurance 2.2%
20,000
Chubb Ltd.
5,416,400
Interactive Media & Services 5.2%
75,000
Alphabet, Inc. Class C*
13,047,000
Life Sciences Tools & Services 0.7%
8,500
Charles River Laboratories
International, Inc.*
1,771,740
Machinery 4.6%
3,500
Deere & Co.
1,311,660
21,000
Nordson Corp.
4,929,120
31,000
Westinghouse Air Brake
Technologies Corp.
5,246,130
 
11,486,910
Oil, Gas & Consumable Fuels 2.5%
49,000
EOG Resources, Inc.
6,102,950
Professional Services 3.4%
53,000
TransUnion
3,811,760
18,500
Verisk Analytics, Inc.
4,676,430
 
8,488,190
Semiconductors & Semiconductor Equipment 1.8%
22,000
QUALCOMM, Inc.
4,489,100
Software 7.5%
33,000
Microsoft Corp.
13,699,290
43,000
Oracle Corp.
5,039,170
 
18,738,460
Specialty Retail 2.7%
15,000
Lowe's Cos., Inc.
3,319,350
33,000
TJX Cos., Inc.
3,402,300
 
6,721,650
Technology Hardware, Storage & Peripherals 3.6%
47,000
Apple, Inc.
9,035,750
Wireless Telecommunication Services 3.0%
42,000
T-Mobile U.S., Inc.
7,348,320
Total Common Stocks (Cost $124,414,641)
246,302,135
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
 
Short-Term Investments 1.3%
Investment Companies 1.3%
3,237,240
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(a)
(Cost $3,237,240)
$3,237,240
Total Investments 100.0%
(Cost $127,651,881)
249,539,375
Other Assets Less Liabilities 0.0%(b)
46,804
Net Assets 100.0%
$249,586,179
 
*
Non-income producing security.
(a)
Represents 7-day effective yield as of May 31, 2024.
(b)
Represents less than 0.05% of net assets of the Fund.
See Notes to Schedule of Investments
Schedule of Investments Multi-Cap Opportunities Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$246,302,135
$—
$—
$246,302,135
Short-Term Investments
—
3,237,240
—
3,237,240
Total Investments
$246,302,135
$3,237,240
$—
$249,539,375
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Real Estate Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 99.0%
Capital Markets 1.2%
192,175
Brookfield Corp. Class A
$8,357,691
Health Care REITs 10.5%
483,695
American Healthcare REIT, Inc.
7,090,969
374,357
Omega Healthcare Investors,
Inc.
12,102,962
437,419
Ventas, Inc.
21,984,679
303,774
Welltower, Inc.
31,492,250
 
72,670,860
Industrial REITs 8.7%
449,679
Prologis, Inc.
49,685,033
229,373
Rexford Industrial Realty, Inc.
10,404,359
 
60,089,392
Office REITs 1.7%
2,339,213
Hudson Pacific Properties, Inc.
11,485,536
Residential REITs 18.7%
209,523
AvalonBay Communities, Inc.
40,370,892
222,125
Camden Property Trust
22,801,131
195,031
Equity LifeStyle Properties, Inc.
12,242,096
332,112
Invitation Homes, Inc.
11,554,176
208,255
Sun Communities, Inc.
24,572,007
436,764
UDR, Inc.
16,867,826
 
128,408,128
Retail REITs 14.2%
104,161
Federal Realty Investment Trust
10,515,053
626,616
Kimco Realty Corp.
12,131,286
668,988
Macerich Co.
10,115,099
474,741
Realty Income Corp.
25,189,757
565,179
Retail Opportunity Investments
Corp.
7,076,041
Number of Shares
Value
Retail REITs – cont'd
214,544
Simon Property Group, Inc.
$32,462,653
 
97,489,889
Specialized REITs 44.0%
326,711
American Tower Corp.
63,950,411
169,701
Crown Castle, Inc.
17,394,353
100,490
Digital Realty Trust, Inc.
14,605,217
63,756
Equinix, Inc.
48,644,553
177,577
Extra Space Storage, Inc.
25,707,822
259,889
Gaming & Leisure Properties,
Inc.
11,669,016
319,760
Iron Mountain, Inc.
25,801,434
162,201
Public Storage
44,415,500
114,696
SBA Communications Corp.
22,558,409
431,354
VICI Properties, Inc.
12,384,173
520,467
Weyerhaeuser Co.
15,629,624
 
302,760,512
Total Common Stocks (Cost $740,447,453)
681,262,008
 
Short-Term Investments 0.8%
Investment Companies 0.8%
5,427,407
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.26%(a)
(Cost $5,427,407)
5,427,407
Total Investments 99.8%
(Cost $745,874,860)
686,689,415
Other Assets Less Liabilities 0.2%
1,264,634
Net Assets 100.0%
$687,954,049
 
(a)
Represents 7-day effective yield as of May 31, 2024.
See Notes to Schedule of Investments
Schedule of Investments Real Estate Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$681,262,008
$—
$—
$681,262,008
Short-Term Investments
—
5,427,407
—
5,427,407
Total Investments
$681,262,008
$5,427,407
$—
$686,689,415
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 92.7%
Aerospace & Defense 2.6%
41,300
BWX Technologies, Inc.
$3,804,969
19,100
Curtiss-Wright Corp.
5,401,862
 
9,206,831
Automobile Components 1.2%
26,300
Dorman Products, Inc.*
2,418,811
19,600
Modine Manufacturing Co.*
1,978,032
 
4,396,843
Banks 1.3%
35,994
Pinnacle Financial Partners, Inc.
2,861,883
26,178
Western Alliance Bancorp
1,649,999
 
4,511,882
Biotechnology 8.9%
298,521
Amicus Therapeutics, Inc.*
2,925,506
41,348
Arcturus Therapeutics
Holdings, Inc.*
1,604,716
20,411
Blueprint Medicines Corp.*
2,154,585
44,871
Cytokinetics, Inc.*
2,176,692
121,974
Halozyme Therapeutics, Inc.*
5,402,229
41,602
Ideaya Biosciences, Inc.*
1,520,553
53,504
Insmed, Inc.*
2,945,395
62,543
Kymera Therapeutics, Inc.*
2,008,256
124,426
Recursion Pharmaceuticals, Inc.
Class A*(a)
1,030,247
70,483
REVOLUTION Medicines, Inc.*
2,701,613
73,321
Rocket Pharmaceuticals, Inc.*
1,563,204
50,747
Vaxcyte, Inc.*
3,565,992
32,581
Viking Therapeutics, Inc.*
2,028,493
 
31,627,481
Building Products 2.7%
9,200
CSW Industrials, Inc.
2,339,192
37,100
Trex Co., Inc.*
3,208,408
127,000
Zurn Elkay Water Solutions
Corp.
3,976,370
 
9,523,970
Capital Markets 2.6%
18,632
Evercore, Inc. Class A
3,781,178
26,131
Piper Sandler Cos.
5,534,023
 
9,315,201
Commercial Services & Supplies 1.6%
55,145
Casella Waste Systems, Inc.
Class A*
5,547,036
Construction & Engineering 3.8%
169,068
API Group Corp.*
6,025,584
22,900
Comfort Systems USA, Inc.
7,496,086
 
13,521,670
Number of Shares
Value
Consumer Staples Distribution & Retail 1.0%
44,700
Sprouts Farmers Market, Inc.*
$3,530,406
Containers & Packaging 1.2%
148,633
Graphic Packaging Holding
Co.
4,209,287
Diversified Consumer Services 2.2%
30,500
Bright Horizons Family
Solutions, Inc.*
3,206,160
289,759
OneSpaWorld Holdings Ltd.*
4,505,752
 
7,711,912
Electrical Equipment 1.3%
55,600
nVent Electric PLC
4,524,728
Electronic Equipment, Instruments & Components 3.6%
118,876
Coherent Corp.*
6,783,065
24,359
Fabrinet*
5,834,711
 
12,617,776
Energy Equipment & Services 2.0%
76,100
ChampionX Corp.
2,482,382
38,400
Weatherford International
PLC*
4,621,056
 
7,103,438
Financial Services 2.3%
50,134
Mr Cooper Group, Inc.*
4,181,175
57,053
Shift4 Payments, Inc.
Class A*(a)
3,838,526
 
8,019,701
Food Products 1.4%
37,800
Freshpet, Inc.*
4,958,226
Ground Transportation 0.8%
26,200
XPO, Inc.*
2,802,876
Health Care Equipment & Supplies 2.6%
18,014
Glaukos Corp.*
2,030,538
46,547
iRhythm Technologies, Inc.*
4,105,911
38,943
Lantheus Holdings, Inc.*
3,186,706
 
9,323,155
Health Care Providers & Services 3.4%
23,457
HealthEquity, Inc.*
1,915,968
170,654
RadNet, Inc.*
10,007,150
 
11,923,118
Hotels, Restaurants & Leisure 4.8%
52,722
Boyd Gaming Corp.
2,811,137
24,362
Churchill Downs, Inc.
3,154,879
32,900
Dave & Buster's Entertainment,
Inc.*
1,680,861
28,808
Texas Roadhouse, Inc.
4,974,277
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Hotels, Restaurants & Leisure – cont'd
11,700
Wingstop, Inc.
$4,313,205
 
16,934,359
Household Durables 1.9%
15,900
Installed Building Products, Inc.
3,368,256
47,400
Skyline Champion Corp.*
3,299,514
 
6,667,770
Life Sciences Tools & Services 0.4%
72,439
Stevanato Group SpA(a)
1,471,960
Machinery 0.7%
23,600
Esab Corp.
2,426,552
Marine Transportation 1.9%
53,400
Kirby Corp.*
6,630,678
Metals & Mining 1.8%
104,900
ATI, Inc.*
6,434,566
Oil, Gas & Consumable Fuels 1.5%
73,373
Magnolia Oil & Gas Corp.
Class A
1,904,030
56,985
Matador Resources Co.
3,615,698
 
5,519,728
Personal Care Products 1.7%
33,000
elf Beauty, Inc.*
6,168,030
Pharmaceuticals 3.2%
27,511
Arvinas, Inc.*
911,715
35,969
Axsome Therapeutics, Inc.*
2,641,204
43,456
Intra-Cellular Therapies, Inc.*
2,921,981
56,280
Prestige Consumer Healthcare,
Inc.*
3,619,367
107,222
Verona Pharma PLC ADR*(a)
1,294,169
 
11,388,436
Professional Services 1.7%
80,800
CBIZ, Inc.*
6,126,256
Semiconductors & Semiconductor Equipment 7.8%
273,961
Credo Technology Group
Holding Ltd.*
7,142,163
61,531
MACOM Technology Solutions
Holdings, Inc.*
6,223,246
22,873
Onto Innovation, Inc.*
4,956,579
122,933
Rambus, Inc.*
6,793,278
33,103
Silicon Motion Technology
Corp. ADR
2,585,013
 
27,700,279
Number of Shares
Value
Software 9.7%
39,171
Altair Engineering, Inc.
Class A*
$3,420,803
28,312
CyberArk Software Ltd.*
6,490,526
42,635
Descartes Systems Group, Inc.*
3,936,490
22,863
Manhattan Associates, Inc.*
5,019,343
7,276
MicroStrategy, Inc. Class A*(a)
11,092,189
23,719
SPS Commerce, Inc.*
4,461,307
 
34,420,658
Technology Hardware, Storage & Peripherals 4.3%
19,485
Super Micro Computer, Inc.*
15,286,177
Trading Companies & Distributors 4.8%
82,541
Air Lease Corp.
3,932,253
34,000
Applied Industrial
Technologies, Inc.
6,562,000
79,000
FTAI Aviation Ltd.
6,661,280
 
17,155,533
Total Common Stocks (Cost $257,112,409)
328,706,519
Exchange-Traded Funds 3.0%
40,413
iShares Russell 2000 Growth
ETF
(Cost $10,596,745)
10,643,572
 
Short-Term Investments 11.8%
Investment Companies 11.8%
26,135,869
State Street Institutional
U.S. Government Money
Market Fund Premier Class,
5.26%(b)
26,135,869
15,642,648
State Street Navigator
Securities Lending Government
Money Market Portfolio,
5.33%(b)(c)
15,642,648
Total Short-Term Investments
(Cost $41,778,517)
41,778,517
Total Investments 107.5%
(Cost $309,487,671)
381,128,608
Liabilities Less Other Assets (7.5)%
(26,732,210
)
Net Assets 100.0%
$354,396,398
 
*
Non-income producing security.
(a)
All or a portion of this security is on loan at May 31, 2024. Total value of all such securities at May 31,
2024 amounted to $15,367,293 for the Fund.
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited)  (cont’d)
(b)
Represents 7-day effective yield as of May 31, 2024.
(c)
Represents investment of cash collateral received from securities lending.
See Notes to Schedule of Investments
Schedule of Investments Small Cap Growth Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3
Total
Investments:
 
 
 
 
Common Stocks#
$328,706,519
$—
$—
$328,706,519
Exchange-Traded Funds
10,643,572
—
—
10,643,572
Short-Term Investments
—
41,778,517
—
41,778,517
Total Investments
$339,350,091
$41,778,517
$—
$381,128,608
 
#
The Schedule of Investments provides information on the industry or sector categorization.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 98.4%
Banks 3.7%
691,017
Bank of America Corp.
$27,633,770
129,971
JPMorgan Chase & Co.
26,336,024
 
53,969,794
Broadline Retail 8.3%
693,171
Amazon.com, Inc.*
122,303,091
Capital Markets 4.0%
472,275
Interactive Brokers Group, Inc.
Class A
59,374,413
Chemicals 1.4%
68,180
Sherwin-Williams Co.
20,713,084
Communications Equipment 1.8%
89,052
Arista Networks, Inc.*
26,506,328
Consumer Staples Distribution & Retail 1.2%
21,801
Costco Wholesale Corp.
17,656,412
Diversified Telecommunication Services 1.8%
128,024
Space Exploration
Technologies Corp.
Class A*#(a)(b)
12,418,328
137,408
Space Exploration
Technologies Corp.
Class C*#(a)(b)
13,328,576
 
25,746,904
Electrical Equipment 1.1%
566,156
Vestas Wind Systems AS*
15,885,412
Electronic Equipment, Instruments & Components 1.3%
63,459
Zebra Technologies Corp.
Class A*
19,820,784
Financial Services 12.8%
32
Berkshire Hathaway, Inc.
Class A*
20,076,800
176,406
Berkshire Hathaway, Inc.
Class B*
73,102,646
183,991
Fiserv, Inc.*
27,554,492
149,868
MasterCard, Inc. Class A
67,001,487
 
187,735,425
Ground Transportation 1.5%
636,778
CSX Corp.
21,491,258
Health Care Equipment & Supplies 1.6%
77,965
Becton Dickinson & Co.
18,085,541
11,115
IDEXX Laboratories, Inc.*
5,523,599
 
23,609,140
Health Care Providers & Services 6.8%
171,121
Cencora, Inc.
38,770,885
158,400
Cigna Group
54,587,808
Number of Shares
Value
Health Care Providers & Services – cont'd
14,423
UnitedHealth Group, Inc.
$7,144,722
 
100,503,415
Hotels, Restaurants & Leisure 2.7%
1,397,030
Compass Group PLC
39,223,296
Household Products 1.8%
280,516
Colgate-Palmolive Co.
26,076,767
Insurance 3.0%
207,329
Progressive Corp.
43,783,738
Interactive Media & Services 8.7%
737,752
Alphabet, Inc. Class A*
127,262,220
IT Services 3.5%
364,192
GoDaddy, Inc. Class A*
50,852,129
Life Sciences Tools & Services 2.1%
72,063
Danaher Corp.
18,505,778
54,384
IQVIA Holdings, Inc.*
11,914,991
 
30,420,769
Machinery 1.4%
204,630
Otis Worldwide Corp.
20,299,296
Multi-Utilities 1.1%
1,458,136
National Grid PLC
16,520,668
Oil, Gas & Consumable Fuels 1.2%
642,989
Coterra Energy, Inc.
18,338,046
Pharmaceuticals 1.2%
67,394
Roche Holding AG
17,206,818
Semiconductors & Semiconductor Equipment 6.3%
270,596
Applied Materials, Inc.
58,199,788
174,727
Texas Instruments, Inc.
34,073,512
 
92,273,300
Software 10.9%
41,278
Intuit, Inc.
23,794,290
327,305
Microsoft Corp.
135,874,125
 
159,668,415
Specialty Retail 0.7%
31,420
Home Depot, Inc.
10,521,616
Technology Hardware, Storage & Peripherals 2.7%
208,473
Apple, Inc.
40,078,934
Trading Companies & Distributors 3.8%
38,431
United Rentals, Inc.
25,726,096
33,471
W.W. Grainger, Inc.
30,842,187
 
56,568,283
Total Common Stocks
(Cost $707,993,628)
1,444,409,755
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
Preferred Stocks 1.4%
Diversified Telecommunication Services 1.4%
21,111
Space Exploration
Technologies Corp.,
Series E*#(a)(b)
(Cost $17,099,910)
$20,477,670
Rights 0.0%(c)
Multi-Utilities 0.0%(c)
425,289
National Grid PLC Expires
6/10/2024*
(Cost $0)
1,062,443
Principal Amount
 
Short-Term Investments 0.1%
Certificates of Deposit 0.0%(c)
$100,000
Carver Federal Savings Bank,
1.25%(d), due 6/23/2024
100,000
250,000
Self Help Credit Union,
0.10%(d), due 8/16/2024
250,000
Principal Amount
Value
Certificates of Deposit – cont'd
$250,000
Self Help Federal Credit
Union, 0.10%(d), due
6/1/2024
$250,000
 
600,000
Number of Shares
Investment Companies 0.1%
812,228
State Street Institutional
Treasury Money Market Fund
Premier Class, 5.24%(d)
812,228
Total Short-Term Investments
(Cost $1,412,228)
1,412,228
Total Investments 99.9%
(Cost $726,505,766)
1,467,362,096
Other Assets Less Liabilities 0.1%
850,604
Net Assets 100.0%
$1,468,212,700
 
*
Non-income producing security.
(a)
Value determined using significant unobservable inputs.
(b)
Security fair valued as of May 31, 2024 in accordance with procedures approved by the valuation designee.
Total value of all such securities at May 31, 2024 amounted to $46,224,574, which represents 3.1% of net
assets of the Fund.
(c)
Represents less than 0.05% of net assets of the Fund.
(d)
Represents 7-day effective yield as of May 31, 2024.
#  This security is subject to restrictions on resale. Total value of all such securities at May 31, 2024 amounted to $46,224,574, which represents 3.1% of net assets of the Fund. Acquisition dates shown with a range, if any, represent securities that were acquired over the period shown in the table. 
Restricted Security
Acquisition
Date(s)
Acquisition
Cost
Value as of
5/31/2024
Fair Value
Percentage
of Net Assets
as of
5/31/2024
Space Exploration Technologies Corp. (Series E Preferred Shares)
11/7/2023
$17,099,910
$20,477,670
1.4%
Space Exploration Technologies Corp. Class A
8/18/2023
10,369,944
12,418,328
0.8%
Space Exploration Technologies Corp. Class C
8/18/2023
11,130,048
13,328,576
0.9%
Total
$38,599,902
$46,224,574
3.1%
See Notes to Schedule of Investments
Schedule of Investments Sustainable Equity Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks
Diversified Telecommunication Services
$—
$—
$25,746,904
$25,746,904
Electrical Equipment
—
15,885,412
—
15,885,412
Hotels, Restaurants & Leisure
—
39,223,296
—
39,223,296
Multi-Utilities
—
16,520,668
—
16,520,668
Pharmaceuticals
—
17,206,818
—
17,206,818
Other Common Stocks#
1,329,826,657
—
—
1,329,826,657
Total Common Stocks
1,329,826,657
88,836,194
25,746,904
1,444,409,755
Preferred Stocks#
—
—
20,477,670
20,477,670
Rights#
1,062,443
—
—
1,062,443
Short-Term Investments
—
1,412,228
—
1,412,228
Total Investments
$1,330,889,100
$90,248,422
$46,224,574
$1,467,362,096
 
#
The Schedule of Investments provides information on the industry or sector categorization.
(a)
The following is a reconciliation between the beginning and ending balances of investments in which
significant unobservable inputs (Level 3) were used in determining value:
 
(000's
omitted)
Beginning
balance as
of 9/1/2023
Accrued
discounts/
(premiums)
Realized
gain/(loss)
Change
in unrealized
appreciation/
(depreciation)
Purchases
Sales
Transfers
into
Level 3
Transfers
out of
Level 3
Balance
as of
5/31/2024
Net change in
unrealized
appreciation/
(depreciation)
from
investments
still held as of
5/31/2024
Investments in Securities:
Common Stocks(1)
$21,500
$—
$—
$4,247
$—
$—
$—
$—
$25,747
$4,247
Preferred Stocks(1)
—
—
—
3,378
17,100
—
—
—
20,478
3,378
Total
$21,500
$—
$—
$7,625
$17,100
$—
$—
$—
$46,225
$7,625
 
(1)
Quantitative Information about Level 3 Fair Value Measurements:
Investment type
Fair value
at
5/31/2024
Valuation
approach
Significant unobservable
input(s)
Input value/
range
Weighted
average(a)
Impact to
valuation
from
increase
in input(b)
Common Stocks
$25,746,904
Market Approach
Transaction Price
$97.00
$97.00
Increase
Preferred Stocks
20,477,670
Market Approach
Transaction Price
$97.00
$97.00
Increase
(a) The weighted averages disclosed in the table above were weighted by relative fair value.
(b) Represents the expected directional change in the fair value of the Level 3 investments that
would result from an increase or decrease in the corresponding input. Significant changes in
these inputs could result in significantly higher or lower fair value measurements.
 
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Impact Fund^ (Unaudited) 
May 31, 2024

 
Number of Shares
Value
Common Stocks 97.0%
Automobile Components 2.4%
3,933
Aptiv PLC*
$327,462
Building Products 4.8%
1,966
Trane Technologies PLC
643,786
Chemicals 3.7%
2,130
Ecolab, Inc.
494,586
Commercial Services & Supplies 3.4%
1,146
Tetra Tech, Inc.
240,076
2,261
Veralto Corp.
222,889
 
462,965
Communications Equipment 3.9%
1,423
Motorola Solutions, Inc.
519,267
Containers & Packaging 6.6%
3,982
Ball Corp.
276,470
21,729
Graphic Packaging Holding Co.
615,365
 
891,835
Electric Utilities 3.5%
5,880
NextEra Energy, Inc.
470,518
Electrical Equipment 1.5%
2,420
nVent Electric PLC
196,940
Electronic Equipment, Instruments & Components 2.7%
2,340
Coherent Corp.*
133,520
4,012
Trimble, Inc.*
223,388
 
356,908
Food Products 1.3%
4,528
Simply Good Foods Co.*
174,283
Ground Transportation 6.8%
4,040
Canadian Pacific Kansas City Ltd.
320,614
11,777
CSX Corp.
397,474
3,078
Uber Technologies, Inc.*
198,716
 
916,804
Health Care Equipment & Supplies 7.5%
5,781
Baxter International, Inc.
197,074
7,448
Boston Scientific Corp.*
562,846
1,129
Dexcom, Inc.*
134,091
520
STERIS PLC
115,898
 
1,009,909
Health Care Providers & Services 5.2%
1,679
HCA Healthcare, Inc.
570,440
358
Humana, Inc.
128,207
 
698,647
Household Products 1.6%
1,603
Clorox Co.
210,891
Number of Shares
Value
Independent Power and Renewable Electricity
Producers 4.1%
17,412
Brookfield Renewable Corp.
Class A
$549,174
Life Sciences Tools & Services 4.1%
1,003
Danaher Corp.
257,570
513
Thermo Fisher Scientific, Inc.
291,374
 
548,944
Machinery 12.5%
850
Deere & Co.
318,546
6,573
Pentair PLC
534,911
3,593
Westinghouse Air Brake
Technologies Corp.
608,043
1,548
Xylem, Inc.
218,299
 
1,679,799
Mortgage Real Estate Investment Trusts 0.9%
3,507
Hannon Armstrong Sustainable
Infrastructure Capital, Inc.
116,748
Personal Care Products 1.5%
3,504
BellRing Brands, Inc.*
203,828
Pharmaceuticals 5.8%
519
Eli Lilly & Co.
425,756
2,801
Merck & Co., Inc.
351,638
 
777,394
Professional Services 2.7%
1,426
Verisk Analytics, Inc.
360,464
Semiconductors & Semiconductor Equipment 4.7%
590
Analog Devices, Inc.
138,349
297
NVIDIA Corp.
325,610
2,315
ON Semiconductor Corp.*
169,088
 
633,047
Software 5.8%
374
Intuit, Inc.
215,589
499
Palo Alto Networks, Inc.*
147,160
854
Tyler Technologies, Inc.*
410,227
 
772,976
Total Common Stocks (Cost $10,472,914)
13,017,175
Rights 0.0%(a)
Health Care Equipment & Supplies 0.0%(a)
248
Contra Abiomed, Inc., CVR*(b)
(Cost $253)
434
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Impact Fund^ (Unaudited)  (cont’d)
Number of Shares
Value
 
Short-Term Investments 3.3%
Investment Companies 3.3%
439,656
State Street Institutional Treasury
Money Market Fund Premier Class,
5.24%(c)
(Cost $439,656)
$439,656
Total Investments 100.3%
(Cost $10,912,823)
13,457,265
Liabilities Less Other Assets (0.3)%
(42,679
)
Net Assets 100.0%
$13,414,586
 
*
Non-income producing security.
(a)
Represents less than 0.05% of net assets of the Fund.
(b)
Value determined using significant unobservable inputs.
(c)
Represents 7-day effective yield as of May 31, 2024.
See Notes to Schedule of Investments
Schedule of Investments U.S. Equity Impact Fund^ (Unaudited)  (cont’d)
The following is a summary, categorized by Level (see the Notes to Schedule of Investments), of inputs used to value the Fund’s investments as of May 31, 2024: 
Asset Valuation Inputs
Level 1
Level 2
Level 3(a)
Total
Investments:
 
 
 
 
Common Stocks#
$13,017,175
$—
$—
$13,017,175
Rights(b)
—
—
434
434
Short-Term Investments
—
439,656
—
439,656
Total Investments
$13,017,175
$439,656
$434
$13,457,265
 
#
The Schedule of Investments provides information on the industry or sector categorization.
(a)
The reconciliation between beginning and ending balances of investments in which significant unobservable
inputs (Level 3) were used is not presented as all values rounded to less than $1,000.
(b)
Securities categorized as Level 3 were valued using a single quotation obtained from a dealer. The Fund
does not have access to significant unobservable inputs and therefore cannot disclose such inputs used in
formulating such quotation.
 
^  A balance indicated with a "—", reflects either a zero balance or an amount that rounds to less than 1.
See Notes to Schedule of Investments
May 31, 2024
Notes to Schedule of Investments Equity Fundsß (Unaudited) 
In accordance with Accounting Standards Codification 820 "Fair Value Measurement" ("ASC 820"), all investments held by each of Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman International Small Cap Fund, Neuberger Berman Intrinsic Value Fund, Neuberger Berman Large Cap Growth Fund ("Large Cap Growth"), Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Real Estate Fund, Neuberger Berman Small Cap Growth Fund, Neuberger Berman Sustainable Equity Fund and Neuberger Berman U.S. Equity Impact Fund (each individually a "Fund," and collectively, the "Funds") are carried at the value that Management believes a Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment under current market conditions. Various inputs, including the volume and level of activity for the asset or liability in the market, are considered in valuing the Funds' investments, some of which are discussed below. At times, Management may need to apply significant judgment to value investments in accordance with ASC 820. 
ASC 820 established a three-tier hierarchy of inputs to create a classification of value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. 
•
Level 1 – unadjusted quoted prices in active markets for identical investments
•
Level 2 – other observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, amortized cost, etc.)
•
Level 3 – unobservable inputs (including a Fund's own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. 
The value of the Funds’ investments in equity securities, preferred stocks, warrants, rights, escrow units, exchange-traded funds and exchange-traded options written, for which market quotations are available, is generally determined by Management by obtaining valuations from independent pricing services based on the latest sale price quoted on a principal exchange or market for that security (Level 1 inputs). Securities traded primarily on the NASDAQ Stock Market are normally valued at the NASDAQ Official Closing Price ("NOCP") provided by NASDAQ each business day. The NOCP is the most recently reported price as of 4:00:02 p.m., Eastern Time, unless that price is outside the range of the "inside" bid and asked prices (i.e., the bid and asked prices that dealers quote to each other when trading for their own accounts); in that case, NASDAQ will adjust the price to equal the inside bid or asked price, whichever is closer. Because of delays in reporting trades, the NOCP may not be based on the price of the last trade to occur before the market closes. If there is no sale of a security on a particular day, the independent pricing services may value the security based on market quotations. 
The value of the Funds’ investments in debt securities is determined by Management primarily by obtaining valuations from independent pricing services based on bid quotations, or if quotations are not available, by methods that include various considerations based on security type (generally Level 2 inputs). In addition to the consideration of yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions, the following is a description of other Level 2 inputs and related valuation techniques used by independent pricing services to value certain types of debt securities held by the Funds: 
Convertible Bonds. Inputs used to value convertible bonds generally include underlying stock data, conversion rates, credit-specific details, relevant listed bond and preferred stock prices and other market information, which may include benchmark yield curves, reported trades, broker-dealer quotes, issuer spreads, comparable securities, and reference data, such as market research publications, when available.
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth
Notes to Schedule of Investments Equity Fundsß (Unaudited)  (cont’d)
Management has developed a process to periodically review information provided by independent pricing services for all types of securities. 
Certificates of deposit are valued at amortized cost (Level 2 inputs). 
Publicly traded securities acquired via a private investment in public equity (PIPE) transaction are typically valued at a discount to the market price of an issuer's common stock. Discounts are applied due to certain trading restrictions imposed or a lack of marketability preceding the conversion to publicly traded securities. The primary inputs used in determining the discount are the length of the lock-up period and the volatility of the underlying security (Level 1 or Level 2 inputs). 
Investments in non-exchange traded investment companies are valued using the respective fund's daily calculated net asset value per share (Level 2 inputs), when available. 
If a valuation is not available from an independent pricing service, or if Management has reason to believe that the valuation received does not represent the amount a Fund might reasonably expect to receive on a current sale in an orderly transaction, Management seeks to obtain quotations from brokers or dealers (generally considered Level 2 or Level 3 inputs depending on the number of quotes available). If such quotations are not available, the security is valued using methods Management has approved in the good-faith belief that the resulting valuation will reflect the fair value of the security. Pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, the Funds' Board of Trustees designated Management as the Funds' valuation designee. As the Funds' valuation designee, Management is responsible for determining fair value in good-faith for all Fund investments. Inputs and assumptions considered in determining fair value of a security based on Level 2 or Level 3 inputs may include, but are not limited to, the type of security; the initial cost of the security; the existence of any contractual restrictions on the security's disposition; the price and extent of public trading in similar securities of the issuer or of comparable companies; quotations or evaluated prices from broker-dealers or pricing services; information obtained from the issuer and analysts; an analysis of the company's or issuer's financial statements; an evaluation of the inputs that influence the issuer and the market(s) in which the security is purchased and sold. 
The value of the Funds’ investments in foreign securities is generally determined using the same valuation methods and inputs as other Fund investments, as discussed above. Foreign security prices expressed in local currency values are normally translated from the local currency into U.S. dollars using the exchange rates as of 4:00 p.m., Eastern Time, on days the New York Stock Exchange is open for business. Management has approved the use of ICE Data Services ("ICE") to assist in determining the fair value of foreign equity securities when changes in the value of a certain index suggest that the closing prices on the foreign exchanges may no longer represent the amount that a Fund could expect to receive for those securities or when foreign markets are closed and U.S. markets are open. In each of these events, ICE will provide adjusted prices for certain foreign equity securities using a statistical analysis of historical correlations of multiple factors (Level 2 inputs). Management has also approved the use of ICE to evaluate the prices of foreign debt securities as of the time at which a Fund’s share price is calculated. ICE utilizes benchmark spread and yield curves and evaluates available market activity from the local close to the time as of which a Fund’s share price is calculated (Level 2 inputs) to assist in determining prices for certain foreign debt securities. In the case of both foreign equity and foreign debt securities, in the absence of precise information about the market values of these foreign securities as of the time at which a Fund’s share price is calculated, Management has determined based on available data that prices adjusted or evaluated in this way are likely to be closer to the prices a Fund could realize on a current sale than the prices of those securities established at the close of the foreign markets in which the securities primarily trade. 
Fair value prices are necessarily estimates, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or traded. 
To facilitate compliance with certain requirements necessary to maintain its status as a regulated investment company, Large Cap Growth formed NB A24 Guardian Blocker LLC (the "Blocker"), a Delaware limited liability company, to hold interests in certain private placements. The Blocker is a wholly owned subsidiary of Large Cap
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth
Notes to Schedule of Investments Equity Fundsß (Unaudited)  (cont’d)
Growth and Large Cap Growth expects to remain its sole member. As of May 31, 2024, the value of Large Cap Growth’s investment in the Blocker was as follows:  
 
Investment in
Blocker
Percentage of
Net Assets
$1,121,947
0.0
%
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth
Notes to Schedule of Investments Equity Fundsß (Unaudited) (cont'd)
Legend
 
Investment Methods:
PIPE
= Private investment in public equity
Other Abbreviations:
ADR
= American Depositary Receipt
CVR
= Contingent Value Right
Management
= Neuberger Berman Investment Advisers LLC
PJSC
= Public Joint Stock Company
For information on the Funds' significant accounting policies, please refer to the Funds' most recent shareholder reports.
ßNotes to Consolidated Schedule of Investments for Large Cap Growth