developing_growth_fund_annual

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1

Schedule of Investments (Item 7)

5

Statement of Assets and Liabilities (Item 7)

7

Statement of Operations (Item 7)

8

Statements of Changes in Net Assets (Item 7)

10

Financial Highlights (Item 7)

14

Notes to Financial Statements (Item 7)

24

Report of Independent Registered Public Accounting Firm (Item 7)

25

Changes in and Disagreements with Accountants (Item 8)

25

Proxy Disclosures (Item 9)

25

Remuneration Paid to Directors, Officers, and Others (Item 10)

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1

LONG-TERM INVESTMENTS 98.99%

COMMON STOCKS 98.99%

Aerospace & Defense 2.63%

AeroVironment, Inc.*

147,072 $

26,258,235

Loar Holdings, Inc.*

605,135

37,820,937

Total

64,079,172

Automobile Components 1.20%

Modine Manufacturing Co.* 248,872

29,282,280

Beverages 0.72%

Primo Water Corp.

804,588

17,644,615

Biotechnology 17.45%

ADMA Biologics, Inc.*

1,397,945

17,166,765

Arcellx, Inc.*

457,838

28,298,967

Avidity Biosciences, Inc.* 314,906

14,353,415

Blueprint Medicines Corp.* 446,532

48,359,416

Crinetics Pharmaceuticals,

Inc.*

428,557

22,764,948

Dyne Therapeutics, Inc.*

347,331

14,903,973

Insmed, Inc.*

564,243

41,048,678

Janux Therapeutics, Inc.* 363,608

14,762,485

Krystal Biotech, Inc.*

245,598

51,197,359

Merus NV (Netherlands)*

(a)

554,740

29,423,410

Mirum Pharmaceuticals,

Inc.*

325,451

13,197,038

Natera, Inc.*

300,596

30,778,024

Nuvalent, Inc. Class A*

180,891

14,460,426

REVOLUTION Medicines,

Inc.*

528,329

24,112,936

SpringWorks Therapeutics,

Inc.*

747,759

26,852,026

Twist Bioscience Corp.*

340,612

19,009,556

Vaxcyte, Inc.*

189,805

14,973,716

Total

425,663,138

Building Products 2.27%

AAON, Inc.

160,066

14,170,643

AZEK Co., Inc.*

522,139

23,438,820

Trex Co., Inc.*

211,031

17,648,522

Total

55,257,985

Capital Markets 5.19%

Evercore, Inc. Class A

154,215 $

38,613,894

Hamilton Lane, Inc.

Class A

261,154

37,702,803

Piper Sandler Cos.

184,155

50,325,878

Total

126,642,575

Commercial Services & Supplies 2.43%

MSA Safety, Inc.

133,891

25,258,537

Tetra Tech, Inc.

101,202

21,580,314

VSE Corp.

139,537

12,417,398

Total

59,256,249

Construction & Engineering 3.64%

Comfort Systems USA, Inc. 121,076

40,248,084

EMCOR Group, Inc.

58,672

22,027,816

Sterling Infrastructure,

Inc.*

228,297

26,564,639

Total

88,840,539

Consumer Finance 0.08%

NerdWallet, Inc. Class A* 139,797

2,045,230

Consumer Staples Distribution & Retail 2.24%

Maplebear, Inc.*

538,827

18,584,143

Sprouts Farmers Market,

Inc.*

361,222

36,082,466

Total

54,666,609

Diversified Consumer Services 2.19%

Bright Horizons Family

Solutions, Inc.*

223,755

26,906,539

Stride, Inc.*

350,204

26,608,500

Total

53,515,039

Electrical Equipment 0.91%

nVent Electric PLC

(United Kingdom)

(a)

304,024

22,081,263

Electronic Equipment, Instruments &

Components 2.18%

Fabrinet (Thailand)*

(a)

95,671

21,101,196

Itron, Inc.*

310,066

32,073,227

Total

53,174,423

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July 31, 2024

Fair

Investments

Shares

Value

Fair

Investments

Shares

Value

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Financial Services 0.81%

AvidXchange Holdings,

Inc.*

2,216,044 $

19,811,433

Food Products 1.53%

Freshpet, Inc.*

307,021

37,364,456

Health Care Equipment & Supplies 6.54%

Glaukos Corp.*

409,620

47,995,175

Lantheus Holdings, Inc.*

288,782

30,273,017

PROCEPT BioRobotics

Corp.*

272,608

17,261,539

RxSight, Inc.*

396,247

18,136,225

TransMedics Group, Inc.* 323,298

45,992,374

Total

159,658,330

Hotels, Restaurants & Leisure 6.32%

Cava Group, Inc.*

456,137

38,415,858

Dutch Bros, Inc. Class A*

460,487

17,613,628

MakeMyTrip Ltd. (India)*

(a)

410,398

38,409,149

Sweetgreen, Inc. Class A* 1,047,796

28,793,434

Wingstop, Inc.

83,029

31,042,882

Total

154,274,951

Information Technology Services 1.34%

Wix.com Ltd. (Israel)*

(a)

209,942

32,735,206

Insurance 0.76%

Baldwin Insurance Group,

Inc.*

423,885

18,540,730

Interactive Media & Services 0.91%

Reddit, Inc. Class A*

(b)

364,142

22,158,041

Machinery 2.99%

Crane Co.

293,825

47,135,406

SPX Technologies, Inc.*

174,211

25,703,091

Total

72,838,497

Media 0.56%

Criteo SA ADR*

305,197

13,593,474

Personal Care Products 2.04%

elf Beauty, Inc.*

111,013 $

19,158,624

Oddity Tech Ltd. Class A

(Israel)*

(a)(b)

759,753

30,728,210

Total

49,886,834

Pharmaceuticals 1.56%

Intra-Cellular Therapies,

Inc.*

483,548

38,064,899

Professional Services 2.93%

Parsons Corp.*

398,201

36,383,625

Verra Mobility Corp.*

1,161,684

35,001,539

Total

71,385,164

Semiconductors & Semiconductor

Equipment 7.45%

Astera Labs, Inc.*

(b)

334,667

14,671,801

Camtek Ltd. (Israel)

(a)

379,863

39,885,615

Credo Technology Group

Holding Ltd.*

1,107,900

30,744,225

Impinj, Inc.*

162,289

25,851,015

Nova Ltd. (Israel)*

(a)

94,313

19,472,805

Onto Innovation, Inc.*

209,341

40,046,933

Rambus, Inc.*

217,277

11,176,729

Total

181,849,123

Software 17.46%

Agilysys, Inc.*

421,713

47,269,810

Appfolio, Inc. Class A*

193,799

42,922,603

CyberArk Software Ltd.

(Israel)*

(a)

187,446

48,057,405

Descartes Systems Group,

Inc. (Canada)*

(a)

259,084

26,335,889

Guidewire Software, Inc.* 228,222

34,249,276

JFrog Ltd. (Israel)*

(a)

712,182

27,461,738

Monday.com Ltd. (Israel)*

(a)

123,369

28,351,430

Q2 Holdings, Inc.*

184,778

12,466,972

Sapiens International

Corp. NV (Israel)

(a)

56,277

2,189,175

SPS Commerce, Inc.*

198,904

42,847,900

Varonis Systems, Inc.*

856,301

47,207,874

Vertex, Inc. Class A*

712,153

28,236,866

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July 31, 2024

Fair

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Shares

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Fair

Investments

Shares

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3

Software (continued)

Zeta Global Holdings

Corp. Class A*

1,799,132 $

38,537,407

Total

426,134,345

Textiles, Apparel & Luxury Goods 1.10%

Birkenstock Holding PLC

(United Kingdom)*

(a)

453,384

26,799,528

Trading Companies & Distributors 1.56%

FTAI Aviation Ltd.

342,462

38,167,390

Total Common Stocks

(cost $1,800,189,027)

2,415,411,518

Principal

Amount

SHORT-TERM INVESTMENTS 3.03%

REPURCHASE AGREEMENTS 1.39%

Repurchase Agreement

dated 7/31/2024, 2.800%

due 8/1/2024 with Fixed

Income Clearing Corp.

collateralized by $36,737,500

of U.S. Treasury Note at

0.375% due 12/31/2025;

value: $34,643,892;

proceeds: $33,967,208

(cost $33,964,566)

$33,964,566

33,964,566

Money Market Funds 1.47%

Fidelity Government Portfolio

(c)

(cost $35,937,421)

35,937,421 $

35,937,421

Principal

Amount

Time Deposits 0.17%

CitiBank N.A.

(c)

(cost $3,993,047)

$3,993,047

3,993,047

Total Short-Term Investments

(cost $73,895,034)

73,895,034

Total Investments

in Securities 102.02%

(cost $1,874,084,061)

2,489,306,552

Other Assets and

Liabilities – Net (2.02)%

(49,266,900)

Net Assets 100.00%

$2,440,039,652

ADR American Depositary Receipt.

*

Non-income producing security.

(a)

Foreign security traded in U.S. dollars.

(b)

All or a portion of this security is temporarily on

loan to unaffiliated broker/dealers.

(c)

Security was purchased with the cash collateral

from loaned securities.

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July 31, 2024

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Shares

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Fair

Investments

Shares

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The following is a summary of the inputs used as of July 31, 2024 in valuing the Fund’s investments carried

at fair value

(

1)

:

Investment Type

(

2)

Level 1

Level 2

Level 3

Total

Long-Term Investments

Common Stocks

$ 2,415,411,518 $

– $ – $

2,415,411,518

Short-Term Investments

Repurchase Agreements

–

33,964,566 –

33,964,566

Money Market Funds

35,937,421

– –

35,937,421

Time Deposits

–

3,993,047 –

3,993,047

Total

$2,451,348,939 $

37,957,613 $ – $

2,489,306,552

(1)

Refer to Note 2(g) for a description of fair value measurements and the three-tier hierarchy of inputs.

(2)

See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

The table above is presented by Investment Type. Industries are presented within an Investment Type should such

Investment Type include securities classified as two or more levels within the three-tier fair value hierarchy. When

applicable, each Level 3 security is identified on the Schedule of Investments along with the valuation technique

utilized.

A reconciliation of Level 3 investments is presented when the Fund has a material amount of Level 3

investments at the beginning or end of the year in relation to the Fund’s net assets.

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July 31, 2024

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ASSETS:

Investments in securities, at fair value including $40,377,922

of securities loaned (cost $1,874,084,061)

$2,489,306,552

Cash

2,468

Receivables:

Capital shares sold

1,712,347

Interest and dividends

60,407

Securities lending income

145,099

Prepaid expenses and other assets

58,481

Total assets

2,491,285,354

LIABILITIES:

Payables:

Collateral due to broker for securities lending

39,930,468

Capital shares reacquired

6,003,647

Investment securities purchased

2,843,256

Management fee

1,064,317

Directors' fees

361,534

12b-1 distribution plan

318,752

Fund administration

83,451

Accrued expenses

640,277

Total liabilities

51,245,702

NET ASSETS

$2,440,039,652

COMPOSITION OF NET ASSETS:

Paid-in capital

$2,473,149,818

Total distributable earnings (loss)

(33,110,166)

Net Assets

$2,440,039,652

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Net assets by class:

Class A Shares $

613,647,548

Class C Shares $

19,942,630

Class F Shares $

20,464,180

Class F3 Shares $

317,326,823

Class I Shares $

710,137,403

Class P Shares

$ 12,957,765

Class R2 Shares $

1,721,761

Class R3 Shares $

50,442,560

Class R4 Shares $

9,113,438

Class R5 Shares $

14,685,072

Class R6 Shares

$669,600,472

Outstanding shares by class:

Class A Shares (1.12 billion shares of common stock authorized, $.001 par value)

29,353,930

Class C Shares (35 million shares of common stock authorized, $.001 par value)

2,130,378

Class F Shares (134.1 million shares of common stock authorized, $.001 par value)

901,819

Class F3 Shares (89.4 million shares of common stock authorized, $.001 par value)

11,338,931

Class I Shares (335.25 million shares of common stock authorized, $.001 par value)

25,719,862

Class P Shares (30 million shares of common stock authorized, $.001 par value)

671,054

Class R2 Shares (98.75 million shares of common stock authorized, $.001 par value)

92,904

Class R3 Shares (98.75 million shares of common stock authorized, $.001 par value)

2,608,758

Class R4 Shares (98.75 million shares of common stock authorized, $.001 par value)

436,146

Class R5 Shares (98.75 million shares of common stock authorized, $.001 par value)

531,887

Class R6 Shares (98.75 million shares of common stock authorized, $.001 par value)

23,928,391

Net asset value, offering and redemption price per share

(Net assets divided by outstanding shares):

Class A Shares-Net asset value

$20.91

Class A Shares-Maximum offering price (Net asset value plus sales charge of 5.75%)

$22.19

Class C Shares-Net asset value

$ 9.36

Class F Shares-Net asset value

$22.69

Class F3 Shares-Net asset value

$27.99

Class I Shares-Net asset value

$27.61

Class P Shares-Net asset value

$19.31

Class R2 Shares-Net asset value

$18.53

Class R3 Shares-Net asset value

$19.34

Class R4 Shares-Net asset value

$20.90

Class R5 Shares-Net asset value

$27.61

Class R6 Shares-Net asset value

$27.98

6

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Investment income:

Dividends (net of foreign withholding taxes of $149,388) $

3,526,608

Securities lending net income

1,541,170

Interest and other

1,483,073

Interest earned from Interfund Lending (See Note 9)

714

Total investment income

6,551,565

Expenses:

Management fee

12,294,681

12b-1 distribution plan–Class A

1,490,694

12b-1 distribution plan–Class C

197,443

12b-1 distribution plan–Class F

26,346

12b-1 distribution plan–Class P

53,500

12b-1 distribution plan–Class R2

9,165

12b-1 distribution plan–Class R3

256,569

12b-1 distribution plan–Class R4

26,346

Shareholder servicing

1,557,490

Fund administration

963,574

Reports to shareholders

239,648

Registration

216,352

Professional

110,683

Directors’ fees

85,634

Custody

35,304

Other

145,386

Gross expenses

17,708,815

Fees waived and expenses reimbursed (See Note 3)

(35,304)

Net expenses

17,673,511

Net investment loss

(11,121,946)

Net realized and unrealized gain (loss):

Net realized gain (loss) on investments

168,683,000

Net change in unrealized appreciation/depreciation on investments

32,024,106

Net realized and unrealized gain (loss)

200,707,106

Net Increase in Net Assets Resulting From Operations

$189,585,160

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For the Year Ended

INCREASE (DECREASE) IN NET ASSETS

July 31, 2024

July 31, 2023

Operations:

Net investment loss $

(11,121,946) $

(12,016,717)

Net realized gain (loss) on investments

168,683,000

(327,399,780)

Net change in unrealized appreciation/depreciation

on investments

32,024,106

441,459,159

Net increase in net assets resulting from operations

189,585,160

102,042,662

Capital share transactions (See Note 13):

Net proceeds from sales of shares

430,925,507

661,196,434

Cost of shares reacquired

(908,899,914)

(850,857,080)

Net decrease in net assets resulting from capital

share transactions

(477,974,407)

(189,660,646)

Net decrease in net assets

(288,389,247)

(87,617,984)

NET ASSETS:

Beginning of year

$2,728,428,899 $

2,816,046,883

End of year

$2,440,039,652

$2,728,428,899

8

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Per Share Operating Performance:

____________________________________________

Distributions

to

shareholders

Investment Operations:

from:

________________________________ ___________

Net asset

Net

value,

investment realized and Total from

Net

beginning

income

unrealized

investment

realized

of period

(loss)

(a)

gain (loss)

operations

gain

_________________________________________________________

Class A

7/31/2024

$19.20

$(0.12) $

1.83 $

1.71 $

–

$

8

0

(

$

6

7/31/2023

18.50

(0.12)

0.82

0.70 –

1

3

0

(

6

7/31/2022

31.36

(0.16)

(9.36)

(9.52)

(3.34)

1

(

0

(

7

7/31/2021

24.46

(0.23)

10.08

9.85

(2.95)

3

4

0

(

1

7/31/2020

26.30

(0.16)

2.81

2.65

(4.49)

2

1

0

(

7

Class C

7/31/2024

8.66

(0.12)

0.82

0.70 –

9

8

1

(

1

7/31/2023

8.41

(0.11)

0.36

0.25 –

8

2

1

(

2

7/31/2022

16.21

(0.16)

(4.30)

(4.46)

(3.34)

8

(

1

(

2

7/31/2021

13.89

(0.25)

5.52

5.27

(2.95)

1

4

1

(

5

7/31/2020

17.24

(0.19)

1.33

1.14

(4.49)

1

(

1

Class F

7/31/2024

20.81

(0.10)

1.98

1.88 –

2

9

0

(

2

7/31/2023

20.03

(0.10)

0.88

0.78 –

2

3

0

(

4

7/31/2022

33.61

(0.14)

(10.10)

(10.24)

(3.34)

2

(

0

(

1

7/31/2021

26.01

(0.21)

10.76

10.55

(2.95)

3

4

0

(

8

7/31/2020

27.61

(0.14)

3.03

2.89

(4.49)

2

1

0

(

3

Class F3

7/31/2024

25.61

(0.08)

2.46

2.38 –

2

9

0

(

3

7/31/2023

24.60

(0.08)

1.09

1.01 –

2

7/31/2022

40.43

(0.10)

(12.39)

(12.49)

(3.34)

7/31/2021

30.74

(0.17)

12.81

12.64

(2.95)

7/31/2020

31.66

(0.13)

3.70

3.57

(4.49)

Class I

7/31/2024

25.29

(0.10)

2.42

2.32 –

2

7/31/2023

24.32

(0.09)

1.06

0.97 –

2

7/31/2022

40.04

(0.13)

(12.25)

(12.38)

(3.34)

7/31/2021

30.50

(0.20)

12.69

12.49

(2.95)

7/31/2020

31.48

(0.13)

3.64

3.51

(4.49)

Class P

7/31/2024

17.77

(0.15)

1.69

1.54 –

1

7/31/2023

17.16

(0.14)

0.75

0.61 –

1

7/31/2022

29.38

(0.20)

(8.68)

(8.88)

(3.34)

7/31/2021

23.11

(0.27)

9.49

9.22

(2.95)

7/31/2020

25.18

(0.19)

2.61

2.42

(4.49)

10

S

e

N

o

t

e

s

t

o

F

i

n

a

n

c

i

a

l

S

t

a

t

e

m

e

n

t

s

.

S

e

N

o

t

e

s

t

o

F

i

n

a

n

c

i

a

l

S

t

a

t

e

m

e

n

t

s

.

11

Ratios to Average Net Assets:

Supplemental Data:

_____________________________________ _____________________

Total

expenses

after waivers

Net

Net asset

and/or

investment Net assets,

Portfolio

value,

Total

reimburse-

Total

income

end of

turnover

end of

return

(b)

ments

expenses

(loss)

period

rate

period

(%)

(000)

(%)

_

___________________________________________________________________________________

$

1

$

1

$

–

$20.91

8.91

0.94

(0.67) $

613,648

122

1

(

0

–

19.20

3.78

0.92

(0.65)

675,765

128

3

(

18.50

(33.80)

0.94

(0.67)

703,073

116

2

(

1

9

(

31.36

42.08

0.93

(0.77)

1,297,753

102

2

(

2

(

24.46

15.24

0.93

(0.76)

765,172

122

8

(

0

–

9.36

8.08

1.69

(1.42)

19,943

122

8

(

0

–

8.66

2.97

1.68

(1.40)

23,486

128

1

(

8.41

(34.30)

1.69

(1.42)

27,447

116

1

(

5

(

16.21

41.07

1.68

(1.54)

57,889

102

1

(

1

(

13.89

14.30

1.68

(1.51)

16,876

122

2

(

1

–

22.69

9.03

0.79

(0.52)

20,464

122

2

(

0

–

20.81

3.89

0.78

(0.50)

43,337

128

3

(

20.03

(33.69)

0.79

(0.52)

177,913

116

2

(

1

(

33.61

42.37

0.78

(0.63)

899,774

102

2

(

3

2

(

26.01

15.37

0.78

(0.62)

348,248

122

2

(

2

–

27.99

9.29

0.59

(0.31)

317,327

122

2

(

1

–

25.61

4.11

0.59

(0.31)

348,733

128

4

(

24.60

(33.57)

0.59

(0.31)

345,576

116

3

(

1

(

40.43

42.62

0.59

(0.44)

638,777

102

3

(

3

(

30.74

15.61

0.59

(0.46)

130,387

122

2

(

2

–

27.61

9.17

0.69

(0.42)

710,137

122

2

(

1

0

–

25.29

3.99

0.67

(0.40)

751,271

128

4

(

24.32

(33.62)

0.69

(0.41)

688,585

116

3

(

1

(

40.04

42.45

0.68

(0.52)

953,104

102

3

(

3

(

30.50

15.50

0.69

(0.51)

593,675

122

1

(

1

–

19.31

8.67

1.14

(0.87)

12,958

122

1

(

0

–

17.77

3.55

1.13

(0.85)

12,953

128

2

(

17.16

(33.94)

1.14

(0.87)

14,047

116

2

(

9

(

29.38

41.83

1.13

(0.96)

26,086

102

2

(

2

(

23.11

14.97

1.14

(0.96)

20,793

122