Choose a Role
* includes items 7-11 of form N-CSR as required, if any.
of 52
Current View
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1
6
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2
8
Notes to Financial Statements (Item 7)
4
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Report of Independent Registered Public Accounting Firm (Item 7)
4
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Changes in and Disagreements with Accountants (Item 8)
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Electric: Utilities 2.12%
NextEra Energy, Inc. 1,188,465 $ 93,496,542
Electrical Equipment 1.34%
Eaton Corp. PLC
158,059
59,338,510
Financial Services 2.65%
Jack Henry & Associates,
Inc.
76,119
13,410,645
Mastercard, Inc. Class A 194,442
103,625,920
Total
117,036,565
Ground Transportation 1.40%
Old Dominion Freight
Line, Inc.
224,471
50,537,401
Union Pacific Corp.
46,077
11,273,199
Total
61,810,600
Health Care Equipment & Supplies 1.67%
Abbott Laboratories
619,872
73,622,197
Health Care Providers & Services 3.88%
UnitedHealth Group, Inc. 280,813
171,352,093
Hotels, Restaurants & Leisure 1.31%
McDonald’s Corp.
194,796
57,661,564
Information Technology Services 1.47%
Accenture PLC Class A
(Ireland)
(a)
179,816
65,159,924
Insurance 4.16%
Allstate Corp.
194,219
40,279,079
Arthur J Gallagher & Co. 251,746
78,605,171
Chubb Ltd.
(Switzerland)
(a)
224,370
64,782,350
Total
183,666,600
Life Sciences Tools & Services 2.42%
Danaher Corp.
291,568
69,885,934
West Pharmaceutical
Services, Inc.
113,054
36,819,427
Total
106,705,361
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Specialty Retail 4.59%
Home Depot, Inc.
107,778 $ 46,250,773
Lowe’s Cos., Inc.
243,628
66,371,576
TJX Cos., Inc.
716,977
90,116,839
Total
202,739,188
Technology Hardware, Storage &
Peripherals 3.08%
Apple, Inc.
574,182
136,270,614
Tobacco 2.66%
Philip Morris
International, Inc.
884,812
117,733,085
Trading Companies & Distributors 0.96%
Watsco, Inc.
77,253
42,612,755
Total Common Stocks
(cost $2,604,787,764)
4,348,571,900
Principal
Amount
SHORT-TERM INVESTMENTS 1.54%
Repurchase Agreements 1.54%
Repurchase Agreement
dated 11/29/2024, 2.200%
due 12/2/2024 with
Fixed Income Clearing
Corp. collateralized by
$68,078,300 of U.S.
Treasury Note at 4.250%
due 12/31/2025;
value: $69,167,089;
proceeds: $67,823,125
(cost $67,810,693) $67,810,693
67,810,693
Total Investments in
Securities
9
9
.
9
7
%
(cost $2,672,598,457)
4,416,382,593
Other Assets and
Liabilities – Net 0.03%
1,444,912
Net Assets 100.00%
$4,417,827,505
ADR American Depositary Receipt.
(a)
Foreign security traded in U.S. dollars.
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DIVIDEND GROWTH FUND
N
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m
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3
0
,
2
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.
3
The following is a summary of the inputs used as of November 30, 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
$4,348,571,900 $ – $ –
$4,348,571,900
Short- Term Investments
Repurchase Agreements
67,810,693 –
67,810,693
Total
$4,348,571,900 $67,810,693 $ –
$4,416,382,593
(1)
Refer to Note 2(i) 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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a
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S
t
a
t
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m
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n
t
s
.
Fair
Investments
Shares
Value
Fair
Investments
Shares
Value
LONG-TERM INVESTMENTS 98.13%
COMMON STOCKS 98.13%
Aerospace & Defense 5.46%
AeroVironment, Inc.*
30,152 $ 5,864,564
Axon Enterprise, Inc.* 18,096
11,707,388
HEICO Corp.
20,350
5,563,080
Loar Holdings, Inc.*
46,811
4,310,357
TransDigm Group, Inc.
2,723
3,411,837
Total
30,857,226
Banks 0.91%
NU Holdings Ltd. Class A
(Brazil)*
(a)
411,751
5,159,240
Biotechnology 9.71%
Arcellx, Inc.*
76,098
6,701,951
Argenx SE ADR*
13,654
8,418,374
Blueprint Medicines
Corp.*
53,932
5,197,966
Insmed, Inc.*
90,628
6,811,600
Krystal Biotech, Inc.*
28,985
5,722,219
Natera, Inc.*
96,721
16,227,849
REVOLUTION Medicines,
Inc.*
100,096
5,790,554
Total
54,870,513
Broadline Retail 2.46%
Coupang, Inc.*
221,670
5,621,551
MercadoLibre, Inc.
(Uruguay)*
(a)
4,179
8,296,025
Total
13,917,576
Capital Markets 8.51%
ARES Management Corp.
Class A
60,872
10,757,909
Coinbase Global, Inc.
Class A*
17,311
5,127,518
Evercore, Inc. Class A
18,774
5,780,515
Jefferies Financial Group,
Inc.
87,088
6,892,144
Piper Sandler Cos.
17,294
5,931,669
Capital Markets (continued)
Raymond James Financial,
Inc.
25,734 $ 4,356,252
Tradeweb Markets, Inc.
Class A
68,543
9,287,576
Total
48,133,583
Communications Equipment 0.90%
Arista Networks, Inc.* 12,573
5,102,375
Construction & Engineering 5.16%
Comfort Systems USA,
Inc.
20,689
10,205,263
EMCOR Group, Inc.
22,775
11,617,983
Quanta Services, Inc.
21,395
7,371,005
Total
29,194,251
Consumer Staples Distribution & Retail 1.14%
Maplebear, Inc.*
148,020
6,464,033
Diversified Consumer Services 1.13%
Duolingo, Inc.*
18,376
6,399,809
Electrical Equipment 2.40%
Vertiv Holdings Co.
Class A
106,462
13,584,551
Electronic Equipment, Instruments &
Components 0.52%
Fabrinet (Thailand)*
(a)
12,417
2,912,780
Entertainment 4.73%
Liberty Media Corp.-
Liberty Formula One
Class A*
63,782
5,159,964
Sea Ltd. ADR*
58,920
6,705,096
Spotify Technology SA
(Sweden)*
(a)
31,179
14,871,136
Total
26,736,196
Financial Services 3.05%
Affirm Holdings, Inc.* 89,002
6,231,030
Toast, Inc. Class A*
253,496
11,037,216
Total
17,268,246
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GROWTH OPPORTUNITIES FUND
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2
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2
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