Form N-Q WILLIAM BLAIR FUNDS For: Mar 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY
Investment Company Act file number 811-05344
WILLIAM BLAIR FUNDS
(Exact name of registrant as specified in charter)
222 WEST ADAMS STREET CHICAGO, IL 60606
(Address of principal executive offices) (Zip code)
Michelle R. Seitz, President, William Blair Funds.
222 West Adams Street
Chicago, IL 60606
(Name and address of agent for service)
Registrant’s telephone number, including area code: 312-236-1600
Date of fiscal year end: December 31
Date of reporting period: March 31, 2016
Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 ((S)(S) 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. (S) 3507.
Item 1. Schedule of Investments
Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Information Technology—31.6% | ||||||||||
* | Adobe Systems, Inc. | 142,700 | $ | 13,385 | ||||||
* | Akamai Technologies, Inc. | 226,887 | 12,608 | |||||||
* | Alphabet, Inc. Class “C” | 32,438 | 24,165 | |||||||
* | Alphabet, Inc. Class “A” | 42,780 | 32,637 | |||||||
* | CoStar Group, Inc. | 49,857 | 9,381 | |||||||
CSRA, Inc. | 289,600 | 7,790 | ||||||||
* | Facebook, Inc. | 224,500 | 25,615 | |||||||
* | Guidewire Software, Inc. | 83,400 | 4,544 | |||||||
j2 Global, Inc. | 108,400 | 6,675 | ||||||||
Mastercard, Inc. | 286,200 | 27,046 | ||||||||
Microsoft Corporation | 662,200 | 36,573 | ||||||||
* | NeuStar, Inc. | 297,278 | 7,313 | |||||||
* | Red Hat, Inc. | 124,006 | 9,240 | |||||||
Texas Instruments, Inc. | 345,800 | 19,856 | ||||||||
* | Vantiv, Inc. | 313,300 | 16,881 | |||||||
253,709 | ||||||||||
Consumer Discretionary—19.8% | ||||||||||
* | Amazon.com, Inc. | 52,500 | 31,166 | |||||||
BorgWarner, Inc. | 340,100 | 13,060 | ||||||||
Dollar General Corporation | 390,500 | 33,427 | ||||||||
Lowe’s Cos., Inc. | 444,100 | 33,641 | ||||||||
Newell Rubbermaid, Inc. | 285,900 | 12,662 | ||||||||
* | Sally Beauty Holdings, Inc. | 352,100 | 11,401 | |||||||
* | Steven Madden, Ltd. | 241,900 | 8,960 | |||||||
VF Corporation | 227,500 | 14,733 | ||||||||
159,050 | ||||||||||
Health Care—16.9% | ||||||||||
* | Align Technology, Inc. | 118,200 | 8,592 | |||||||
* | Biogen, Inc. | 52,900 | 13,771 | |||||||
* | BioMarin Pharmaceutical, Inc. | 83,100 | 6,854 | |||||||
Bristol-Myers Squibb Co. | 375,300 | 23,974 | ||||||||
* | Cerner Corporation | 376,600 | 19,945 | |||||||
Gilead Sciences, Inc. | 228,170 | 20,960 | ||||||||
* | Mednax, Inc. | 227,800 | 14,720 | |||||||
Perrigo Co. plc† | 54,300 | 6,947 | ||||||||
Shire plc—ADR | 48,600 | 8,354 | ||||||||
Zoetis, Inc. | 267,800 | 11,872 | ||||||||
135,989 | ||||||||||
Industrials—12.2% | ||||||||||
Danaher Corporation | 194,700 | 18,469 | ||||||||
Equifax, Inc. | 84,004 | 9,601 | ||||||||
Fastenal Co. | 203,000 | 9,947 | ||||||||
Rockwell Collins, Inc. | 135,700 | 12,513 | ||||||||
* | TransDigm Group, Inc. | 68,980 | 15,199 | |||||||
Union Pacific Corporation | 271,400 | 21,590 | ||||||||
* | Verisk Analytics, Inc. | 129,620 | 10,359 | |||||||
97,678 | ||||||||||
Financials—8.1% | ||||||||||
* | Affiliated Managers Group, Inc. | 78,400 | 12,732 | |||||||
Intercontinental Exchange, Inc. | 75,000 | 17,635 |
See accompanying Notes to Portfolio of Investments.
Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Financials—(continued) | ||||||||||
Moody’s Corporation | 93,661 | $ | 9,044 | |||||||
* | Signature Bank | 69,000 | 9,392 | |||||||
Willis Towers Watson plc† | 136,100 | 16,150 | ||||||||
64,953 | ||||||||||
Consumer Staples—4.9% | ||||||||||
Costco Wholesale Corporation | 130,900 | 20,627 | ||||||||
The Kroger Co. | 497,100 | 19,014 | ||||||||
39,641 | ||||||||||
Materials—2.2% | ||||||||||
PPG Industries, Inc. | 161,100 | 17,961 | ||||||||
Energy—1.7% | ||||||||||
Schlumberger, Ltd.† | 182,300 | 13,445 | ||||||||
Total Common Stocks—97.4% (cost $642,422) | 782,426 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $19,335, collateralized by FNMA, 3.300%, due 8/27/32 | $ | 19,335 | 19,335 | |||||||
Total Repurchase Agreement—2.4% (cost $19,335) | 19,335 | |||||||||
Total Investments—99.8% (cost $661,757) | 801,761 | |||||||||
Cash and other assets, less liabilities—0.2% | 1,983 | |||||||||
Net assets—100.0% | $ | 803,744 |
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Large Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Information Technology—34.4% | ||||||||||
Accenture plc† | 10,710 | $ | 1,236 | |||||||
* | Adobe Systems, Inc. | 24,120 | 2,263 | |||||||
* | Alphabet, Inc. Class “C” | 3,146 | 2,344 | |||||||
* | Alphabet, Inc. Class “A” | 4,660 | 3,555 | |||||||
Apple, Inc. | 55,985 | 6,102 | ||||||||
* | Facebook, Inc. | 24,690 | 2,817 | |||||||
Mastercard, Inc. | 25,460 | 2,406 | ||||||||
Microsoft Corporation | 52,040 | 2,874 | ||||||||
* | Red Hat, Inc. | 24,860 | 1,852 | |||||||
Texas Instruments, Inc. | 46,350 | 2,661 | ||||||||
28,110 | ||||||||||
Consumer Discretionary—23.5% | ||||||||||
* | Amazon.com, Inc. | 6,050 | 3,591 | |||||||
* | Chipotle Mexican Grill, Inc. | 3,550 | 1,672 | |||||||
Dollar General Corporation | 43,720 | 3,742 | ||||||||
* | O’Reilly Automotive, Inc. | 8,810 | 2,411 | |||||||
Starbucks Corporation | 21,170 | 1,264 | ||||||||
The Home Depot, Inc. | 33,350 | 4,450 | ||||||||
VF Corporation | 32,780 | 2,123 | ||||||||
19,253 | ||||||||||
Health Care—16.1% | ||||||||||
* | Biogen, Inc. | 7,480 | 1,947 | |||||||
Bristol-Myers Squibb Co. | 38,150 | 2,437 | ||||||||
* | Cerner Corporation | 40,560 | 2,148 | |||||||
* | IDEXX Laboratories, Inc. | 18,090 | 1,417 | |||||||
UnitedHealth Group, Inc. | 22,040 | 2,841 | ||||||||
Zoetis, Inc. | 53,990 | 2,393 | ||||||||
13,183 | ||||||||||
Industrials—8.7% | ||||||||||
Danaher Corporation | 11,440 | 1,085 | ||||||||
* | TransDigm Group, Inc. | 8,270 | 1,822 | |||||||
Union Pacific Corporation | 39,550 | 3,146 | ||||||||
* | Verisk Analytics, Inc. | 13,380 | 1,070 | |||||||
7,123 | ||||||||||
Consumer Staples—7.4% | ||||||||||
* | Monster Beverage Corporation | 8,490 | 1,132 | |||||||
The Estee Lauder Cos., Inc. | 20,510 | 1,934 | ||||||||
The Kroger Co. | 78,450 | 3,001 | ||||||||
6,067 | ||||||||||
Financials—4.3% | ||||||||||
* | Affiliated Managers Group, Inc. | 11,490 | 1,866 | |||||||
Moody’s Corporation | 17,270 | 1,668 | ||||||||
3,534 | ||||||||||
Materials—2.1% | ||||||||||
PPG Industries, Inc. | 15,120 | 1,686 | ||||||||
Energy—1.9% | ||||||||||
Schlumberger, Ltd.† | 21,540 | 1,589 |
See accompanying Notes to Portfolio of Investments.
Large Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Telecommunication Services—1.4% | ||||||||||
* | SBA Communications Corporation | 11,020 | $ | 1,104 | ||||||
Total Common Stocks—99.8% (cost $68,430) | 81,649 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $754, collateralized by FHLB, 3.180%, due 11/26/32 | $ | 754 | 754 | |||||||
Total Repurchase Agreement—0.9% (cost $754) | 754 | |||||||||
Total Investments—100.7% (cost $69,184) | 82,403 | |||||||||
Liabilities, plus cash and other assets—(0.7)% | (591 | ) | ||||||||
Net assets—100.0% | $ | 81,812 |
† = U.S. listed foreign security
* Non-income producing securities
See accompanying Notes to Portfolio of Investments.
Large Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Financials—23.2% | ||||||||||
American International Group, Inc. | 1,033 | $ | 56 | |||||||
American Tower Corporation | 632 | 65 | ||||||||
Bank of America Corporation | 4,616 | 62 | ||||||||
* | CBRE Group, Inc. | 722 | 21 | |||||||
Citigroup, Inc. | 1,379 | 58 | ||||||||
Citizens Financial Group, Inc. | 1,582 | 33 | ||||||||
CNA Financial Corporation | 891 | 29 | ||||||||
Discover Financial Services | 382 | 19 | ||||||||
JPMorgan Chase & Co. | 1,731 | 103 | ||||||||
Lincoln National Corporation | 1,002 | 39 | ||||||||
Regions Financial Corporation | 5,091 | 40 | ||||||||
SunTrust Banks, Inc. | 1,232 | 44 | ||||||||
* | Synchrony Financial | 1,542 | 44 | |||||||
Zions Bancorporation | 991 | 24 | ||||||||
637 | ||||||||||
Health Care—13.0% | ||||||||||
AbbVie, Inc. | 518 | 30 | ||||||||
Baxalta, Inc. | 610 | 25 | ||||||||
* | Boston Scientific Corporation | 2,341 | 44 | |||||||
Cardinal Health, Inc. | 446 | 36 | ||||||||
* | Express Scripts Holding Co. | 389 | 27 | |||||||
Johnson & Johnson | 452 | 49 | ||||||||
Merck & Co., Inc. | 1,331 | 70 | ||||||||
PerkinElmer, Inc. | 657 | 32 | ||||||||
Zimmer Biomet Holdings, Inc. | 413 | 44 | ||||||||
357 | ||||||||||
Information Technology—12.1% | ||||||||||
Belden, Inc. | 643 | 39 | ||||||||
Cisco Systems, Inc. | 2,915 | 83 | ||||||||
* | Citrix Systems, Inc. | 300 | 24 | |||||||
Corning, Inc. | 1,576 | 33 | ||||||||
Microsoft Corporation | 1,544 | 85 | ||||||||
QUALCOMM, Inc. | 905 | 46 | ||||||||
* | VeriFone Systems, Inc. | 806 | 23 | |||||||
333 | ||||||||||
Energy—11.6% | ||||||||||
Baker Hughes, Inc. | 811 | 35 | ||||||||
Chevron Corporation | 1,002 | 96 | ||||||||
Exxon Mobil Corporation | 876 | 73 | ||||||||
Hess Corporation | 1,283 | 68 | ||||||||
Schlumberger, Ltd.† | 654 | 48 | ||||||||
320 | ||||||||||
Industrials—10.5% | ||||||||||
Emerson Electric Co. | 536 | 29 | ||||||||
FedEx Corporation | 284 | 46 | ||||||||
Ingersoll-Rand plc† | 553 | 35 | ||||||||
Kansas City Southern | 424 | 36 | ||||||||
Textron, Inc. | 1,120 | 41 | ||||||||
The Boeing Co. | 210 | 27 | ||||||||
Union Pacific Corporation | 352 | 28 |
See accompanying Notes to Portfolio of Investments.
Large Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Industrials—(continued) | ||||||||||
United Technologies Corporation | 480 | $ | 48 | |||||||
290 | ||||||||||
Consumer Staples—8.2% | ||||||||||
General Mills, Inc. | 442 | 28 | ||||||||
Molson Coors Brewing Co. | 362 | 35 | ||||||||
Philip Morris International, Inc. | 873 | 86 | ||||||||
* | The Hain Celestial Group, Inc. | 606 | 25 | |||||||
Walgreens Boots Alliance, Inc. | 613 | 51 | ||||||||
225 | ||||||||||
Consumer Discretionary—6.0% | ||||||||||
Big Lots, Inc. | 604 | 27 | ||||||||
* | Burlington Stores, Inc. | 518 | 29 | |||||||
CBS Corporation | 799 | 44 | ||||||||
Delphi Automotive plc† | 254 | 19 | ||||||||
* | MGM Resorts International | 1,067 | 23 | |||||||
Nordstrom, Inc. | 410 | 24 | ||||||||
166 | ||||||||||
Utilities—5.9% | ||||||||||
Duke Energy Corporation | 257 | 21 | ||||||||
NextEra Energy, Inc. | 715 | 85 | ||||||||
WEC Energy Group, Inc. | 942 | 56 | ||||||||
162 | ||||||||||
Materials—4.0% | ||||||||||
Alcoa, Inc. | 2,498 | 24 | ||||||||
* | Axalta Coating Systems, Ltd.† | 715 | 21 | |||||||
* | Owens-Illinois, Inc. | 2,398 | 38 | |||||||
Valspar Corporation | 263 | 28 | ||||||||
111 | ||||||||||
Telecommunication Services—3.7% | ||||||||||
* | T-Mobile US, Inc. | 1,512 | 58 | |||||||
Verizon Communications, Inc. | 783 | 42 | ||||||||
100 | ||||||||||
Total Common Stocks—98.2% (cost $2,328) | 2,701 | |||||||||
Total Investments—98.2% (cost $2,328) | 2,701 | |||||||||
Cash and other assets, less liabilities—1.8% | 50 | |||||||||
Net assets—100.0% | $ | 2,751 |
* Non-income producing securities
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Mid Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Consumer Discretionary—24.3% | ||||||||||
BorgWarner, Inc. | 95,043 | $ | 3,650 | |||||||
Brunswick Corporation | 45,000 | 2,159 | ||||||||
* | Chipotle Mexican Grill, Inc. | 4,045 | 1,905 | |||||||
Dollar General Corporation | 92,065 | 7,881 | ||||||||
Hanesbrands, Inc. | 179,900 | 5,098 | ||||||||
L Brands, Inc. | 26,500 | 2,327 | ||||||||
Newell Rubbermaid, Inc. | 142,200 | 6,298 | ||||||||
* | O’Reilly Automotive, Inc. | 12,834 | 3,512 | |||||||
Ross Stores, Inc. | 95,600 | 5,535 | ||||||||
* | Sally Beauty Holdings, Inc. | 70,601 | 2,286 | |||||||
Six Flags Entertainment Corporation | 50,580 | 2,807 | ||||||||
Tractor Supply Co. | 20,000 | 1,809 | ||||||||
45,267 | ||||||||||
Information Technology—19.3% | ||||||||||
* | Akamai Technologies, Inc. | 62,513 | 3,474 | |||||||
Booz Allen Hamilton Holding Corporation | 94,000 | 2,846 | ||||||||
* | Check Point Software Technologies, Ltd.† | 21,300 | 1,863 | |||||||
* | CoStar Group, Inc. | 23,677 | 4,455 | |||||||
CSRA, Inc. | 119,000 | 3,201 | ||||||||
* | Genpact, Ltd.† | 204,852 | 5,570 | |||||||
* | Guidewire Software, Inc. | 68,520 | 3,733 | |||||||
MAXIMUS, Inc. | 49,900 | 2,627 | ||||||||
* | Red Hat, Inc. | 46,030 | 3,430 | |||||||
* | Vantiv, Inc. | 87,224 | 4,700 | |||||||
35,899 | ||||||||||
Health Care—17.4% | ||||||||||
* | Align Technology, Inc. | 37,280 | 2,710 | |||||||
* | BioMarin Pharmaceutical, Inc. | 24,042 | 1,983 | |||||||
* | Centene Corporation | 68,500 | 4,218 | |||||||
* | Cerner Corporation | 76,400 | 4,046 | |||||||
DENTSPLY SIRONA, Inc. | 63,359 | 3,905 | ||||||||
* | IDEXX Laboratories, Inc. | 25,540 | 2,000 | |||||||
* | Mednax, Inc. | 82,560 | 5,335 | |||||||
* | Mettler-Toledo International, Inc. | 9,020 | 3,110 | |||||||
Perrigo Co. plc† | 19,600 | 2,507 | ||||||||
Zoetis, Inc. | 59,200 | 2,624 | ||||||||
32,438 | ||||||||||
Industrials—15.9% | ||||||||||
AMETEK, Inc. | 53,658 | 2,682 | ||||||||
Carlisle Cos., Inc. | 26,900 | 2,677 | ||||||||
Equifax, Inc. | 25,300 | 2,892 | ||||||||
* | Old Dominion Freight Line, Inc. | 112,086 | 7,803 | |||||||
Rockwell Collins, Inc. | 55,670 | 5,133 | ||||||||
* | The Middleby Corporation | 23,570 | 2,517 | |||||||
* | TransDigm Group, Inc. | 12,500 | 2,754 | |||||||
* | Verisk Analytics, Inc. | 39,780 | 3,179 | |||||||
29,637 | ||||||||||
Financials—12.1% | ||||||||||
* | Affiliated Managers Group, Inc. | 27,255 | 4,426 | |||||||
Intercontinental Exchange, Inc. | 21,295 | 5,007 |
See accompanying Notes to Portfolio of Investments.
Mid Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Financials—(continued) | ||||||||||
Moody’s Corporation | 42,800 | $ | 4,133 | |||||||
* | Signature Bank | 27,520 | 3,746 | |||||||
Willis Towers Watson plc† | 44,290 | 5,256 | ||||||||
22,568 | ||||||||||
Materials—4.2% | ||||||||||
Ball Corporation | 58,100 | 4,142 | ||||||||
Vulcan Materials Co. | 34,000 | 3,589 | ||||||||
7,731 | ||||||||||
Telecommunication Services—2.0% | ||||||||||
* | SBA Communications Corporation | 37,550 | 3,761 | |||||||
Consumer Staples—1.5% | ||||||||||
Tyson Foods, Inc. | 40,900 | 2,726 | ||||||||
Energy—0.7% | ||||||||||
* | Concho Resources, Inc. | 12,920 | 1,306 | |||||||
Total Common Stocks—97.4% (cost $165,632) | 181,333 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $5,186, collateralized by FHLB, 3.180%, due 11/26/32 | $ | 5,186 | 5,186 | |||||||
Total Repurchase Agreement—2.8% (cost $5,186) | 5,186 | |||||||||
Total Investments—100.2% (cost $170,818) | 186,519 | |||||||||
Liabilities, plus cash and other assets—(0.2)% | (432 | ) | ||||||||
Net assets—100.0% | $ | 186,087 |
* Non-income producing securities
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Financials—31.9% | ||||||||||
Allied World Assurance Co. Holdings, Ltd.† | 836 | $ | 29 | |||||||
American Campus Communities, Inc. | 943 | 44 | ||||||||
Ameriprise Financial, Inc. | 237 | 22 | ||||||||
* | Arch Capital Group, Ltd.† | 472 | 33 | |||||||
Assured Guaranty, Ltd.† | 943 | 24 | ||||||||
Camden Property Trust | 462 | 39 | ||||||||
DDR Corporation | 1,753 | 31 | ||||||||
Douglas Emmett, Inc. | 1,266 | 38 | ||||||||
* | E*TRADE Financial Corporation | 948 | 23 | |||||||
East West Bancorp, Inc. | 983 | 32 | ||||||||
* | Equity Commonwealth | 719 | 20 | |||||||
Essex Property Trust, Inc. | 156 | 36 | ||||||||
FNF Group | 821 | 28 | ||||||||
General Growth Properties, Inc. | 1,212 | 36 | ||||||||
Hanover Insurance Group, Inc. | 450 | 41 | ||||||||
Hartford Financial Services Group, Inc. | 910 | 42 | ||||||||
Jones Lang LaSalle, Inc. | 271 | 32 | ||||||||
National Retail Properties, Inc. | 446 | 21 | ||||||||
Northern Trust Corporation | 625 | 41 | ||||||||
PacWest Bancorp | 827 | 31 | ||||||||
Pebblebrook Hotel Trust | 558 | 16 | ||||||||
Principal Financial Group, Inc. | 704 | 28 | ||||||||
Prologis, Inc. | 661 | 29 | ||||||||
* | Signature Bank | 166 | 23 | |||||||
SL Green Realty Corporation | 283 | 27 | ||||||||
SunTrust Banks, Inc. | 715 | 26 | ||||||||
* | SVB Financial Group | 236 | 24 | |||||||
Taubman Centers, Inc. | 318 | 23 | ||||||||
Ventas, Inc. | 529 | 33 | ||||||||
Zions Bancorporation | 693 | 17 | ||||||||
889 | ||||||||||
Utilities—12.4% | ||||||||||
American Water Works Co., Inc. | 582 | 40 | ||||||||
Aqua America, Inc. | 1,260 | 40 | ||||||||
Atmos Energy Corporation | 571 | 43 | ||||||||
CMS Energy Corporation | 1,085 | 46 | ||||||||
Eversource Energy | 705 | 41 | ||||||||
Pinnacle West Capital Corporation | 478 | 36 | ||||||||
WEC Energy Group, Inc. | 868 | 52 | ||||||||
Xcel Energy, Inc. | 1,166 | 49 | ||||||||
347 | ||||||||||
Information Technology—10.3% | ||||||||||
* | Akamai Technologies, Inc. | 418 | 23 | |||||||
Belden, Inc. | 726 | 45 | ||||||||
* | Cadence Design Systems, Inc. | 2,355 | 56 | |||||||
* | CommScope Holding Co., Inc. | 1,184 | 33 | |||||||
* | Genpact, Ltd.† | 990 | 27 | |||||||
Juniper Networks, Inc. | 1,388 | 35 | ||||||||
TE Connectivity, Ltd.† | 552 | 34 | ||||||||
* | Trimble Navigation, Ltd. | 1,364 | 34 | |||||||
287 |
See accompanying Notes to Portfolio of Investments.
Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Industrials—10.1% | ||||||||||
Carlisle Cos., Inc. | 316 | $ | 31 | |||||||
Flowserve Corporation | 374 | 17 | ||||||||
Fortune Brands Home & Security, Inc. | 485 | 27 | ||||||||
Hubbell, Inc. | 342 | 36 | ||||||||
Ingersoll-Rand plc† | 621 | 39 | ||||||||
Kansas City Southern | 303 | 26 | ||||||||
KAR Auction Services, Inc. | 929 | 35 | ||||||||
The Toro Co. | 409 | 35 | ||||||||
Wabtec Corporation | 464 | 37 | ||||||||
283 | ||||||||||
Consumer Discretionary—8.4% | ||||||||||
Autoliv, Inc. | 244 | 29 | ||||||||
Darden Restaurants, Inc. | 479 | 32 | ||||||||
Foot Locker, Inc. | 282 | 18 | ||||||||
H&R Block, Inc. | 729 | 19 | ||||||||
Lennar Corporation | 546 | 26 | ||||||||
Newell Rubbermaid, Inc. | 738 | 33 | ||||||||
* | The Michaels Cos., Inc. | 872 | 24 | |||||||
Vail Resorts, Inc. | 157 | 21 | ||||||||
VF Corporation | 505 | 33 | ||||||||
235 | ||||||||||
Energy—8.3% | ||||||||||
* | Cameron International Corporation | 552 | 37 | |||||||
Cimarex Energy Co. | 260 | 25 | ||||||||
* | Gulfport Energy Corporation | 776 | 22 | |||||||
Hess Corporation | 388 | 21 | ||||||||
* | Memorial Resource Development Corporation | 1,868 | 19 | |||||||
Noble Energy, Inc. | 893 | 28 | ||||||||
Patterson-UTI Energy, Inc. | 1,681 | 30 | ||||||||
Pioneer Natural Resources Co. | 209 | 29 | ||||||||
Rowan Cos. plc† | 827 | 13 | ||||||||
* | Whiting Petroleum Corporation | 836 | 7 | |||||||
231 | ||||||||||
Health Care—6.9% | ||||||||||
CIGNA Corporation | 178 | 24 | ||||||||
* | Hologic, Inc. | 900 | 31 | |||||||
* | Mednax, Inc. | 611 | 40 | |||||||
* | Mettler-Toledo International, Inc. | 137 | 47 | |||||||
Zimmer Biomet Holdings, Inc. | 476 | 51 | ||||||||
193 | ||||||||||
Consumer Staples—5.2% | ||||||||||
ConAgra Foods, Inc. | 827 | 37 | ||||||||
Ingredion, Inc. | 472 | 51 | ||||||||
The Kroger Co. | 1,472 | 56 | ||||||||
144 | ||||||||||
Materials—4.9% | ||||||||||
Carpenter Technology Corporation | 817 | 28 | ||||||||
Eastman Chemical Co. | 541 | 39 | ||||||||
FMC Corporation | 640 | 26 |
See accompanying Notes to Portfolio of Investments.
Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Materials—(continued) | ||||||||||
Steel Dynamics, Inc. | 1,970 | $ | 44 | |||||||
137 | ||||||||||
Total Common Stocks—98.4% (cost $2,301) | 2,746 | |||||||||
Total Investments—98.4% (cost $2,301) | 2,746 | |||||||||
Cash and other assets, less liabilities—1.6% | 44 | |||||||||
Net assets—100.0% | $ | 2,790 |
† = U.S. listed foreign security
* Non-income producing securities
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Health Care—21.7% | ||||||||||
* | ABIOMED, Inc. | 166,158 | $ | 15,754 | ||||||
* | Align Technology, Inc. | 349,253 | 25,387 | |||||||
* | Amedisys, Inc. | 142,200 | 6,874 | |||||||
* | Cambrex Corporation | 400,350 | 17,615 | |||||||
* | Centene Corporation | 360,050 | 22,168 | |||||||
DENTSPLY SIRONA, Inc. | 270,904 | 16,696 | ||||||||
* | ExamWorks Group, Inc. | 461,016 | 13,628 | |||||||
HealthSouth Corporation | 370,954 | 13,959 | ||||||||
* | IDEXX Laboratories, Inc. | 342,812 | 26,849 | |||||||
* | Ligand Pharmaceuticals, Inc. | 254,489 | 27,253 | |||||||
* | Mednax, Inc. | 382,270 | 24,702 | |||||||
* | Mettler-Toledo International, Inc. | 82,340 | 28,388 | |||||||
* | Quintiles Transnational Holdings, Inc. | 320,030 | 20,834 | |||||||
260,107 | ||||||||||
Information Technology—19.4% | ||||||||||
* | Akamai Technologies, Inc. | 257,476 | 14,308 | |||||||
Booz Allen Hamilton Holding Corporation | 765,348 | 23,175 | ||||||||
* | CoStar Group, Inc. | 148,320 | 27,909 | |||||||
CSRA, Inc. | 437,640 | 11,773 | ||||||||
* | Gartner, Inc. | 231,820 | 20,713 | |||||||
* | Guidewire Software, Inc. | 591,414 | 32,220 | |||||||
j2 Global, Inc. | 360,125 | 22,176 | ||||||||
MAXIMUS, Inc. | 484,630 | 25,511 | ||||||||
* | NeuStar, Inc. | 435,656 | 10,717 | |||||||
* | Pandora Media, Inc. | 630,873 | 5,646 | |||||||
* | Vantiv, Inc. | 490,120 | 26,408 | |||||||
* | WNS Holdings, Ltd.—ADR | 411,420 | 12,606 | |||||||
233,162 | ||||||||||
Consumer Discretionary—16.0% | ||||||||||
* | 2U, Inc. | 493,495 | 11,153 | |||||||
Brunswick Corporation | 242,422 | 11,631 | ||||||||
Choice Hotels International, Inc. | 249,026 | 13,460 | ||||||||
* | Fiesta Restaurant Group, Inc. | 42,302 | 1,387 | |||||||
* | IMAX Corporation† | 512,323 | 15,928 | |||||||
* | Jarden Corporation | 446,495 | 26,321 | |||||||
* | Sally Beauty Holdings, Inc. | 586,090 | 18,977 | |||||||
* | ServiceMaster Global Holdings, Inc. | 386,028 | 14,545 | |||||||
Six Flags Entertainment Corporation | 562,696 | 31,224 | ||||||||
* | Steven Madden, Ltd. | 182,365 | 6,755 | |||||||
Tractor Supply Co. | 196,030 | 17,733 | ||||||||
* | Ulta Salon Cosmetics & Fragrance, Inc. | 120,510 | 23,348 | |||||||
192,462 | ||||||||||
Financials—14.1% | ||||||||||
* | Affiliated Managers Group, Inc. | 154,951 | 25,164 | |||||||
CBOE Holdings, Inc. | 381,700 | 24,936 | ||||||||
* | Colliers International Group, Inc.† | 221,364 | 8,381 | |||||||
* | Encore Capital Group, Inc. | 399,041 | 10,271 | |||||||
FactSet Research Systems, Inc. | 94,654 | 14,343 | ||||||||
First Cash Financial Services, Inc. | 303,623 | 13,985 | ||||||||
* | FirstService Corporation† | 551,982 | 22,598 | |||||||
Jones Lang LaSalle, Inc. | 112,111 | 13,153 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Financials—(continued) | ||||||||||
OM Asset Management plc† | 640,328 | $ | 8,548 | |||||||
* | Signature Bank | 135,730 | 18,476 | |||||||
Virtu Financial, Inc. | 419,222 | 9,269 | ||||||||
169,124 | ||||||||||
Industrials—14.0% | ||||||||||
CEB, Inc. | 291,698 | 18,882 | ||||||||
Healthcare Services Group, Inc. | 454,075 | 16,714 | ||||||||
Hexcel Corporation | 356,750 | 15,594 | ||||||||
* | Huron Consulting Group, Inc. | 222,014 | 12,919 | |||||||
Manpowergroup, Inc. | 190,130 | 15,480 | ||||||||
* | Old Dominion Freight Line, Inc. | 421,181 | 29,323 | |||||||
* | Stericycle, Inc. | 101,680 | 12,831 | |||||||
* | The Middleby Corporation | 167,152 | 17,847 | |||||||
The Toro Co. | 145,863 | 12,562 | ||||||||
* | TransDigm Group, Inc. | 71,155 | 15,678 | |||||||
167,830 | ||||||||||
Materials—4.9% | ||||||||||
Ball Corporation | 228,830 | 16,313 | ||||||||
Celanese Corporation | 239,170 | 15,666 | ||||||||
International Flavors & Fragrances, Inc. | 194,020 | 22,074 | ||||||||
Martin Marietta Materials, Inc. | 32,847 | 5,239 | ||||||||
59,292 | ||||||||||
Consumer Staples—2.9% | ||||||||||
Nu Skin Enterprises, Inc. | 408,002 | 15,606 | ||||||||
WD-40 Co. | 179,390 | 19,376 | ||||||||
34,982 | ||||||||||
Energy—1.9% | ||||||||||
* | Carrizo Oil & Gas, Inc. | 253,850 | 7,849 | |||||||
* | Diamondback Energy, Inc. | 194,010 | 14,974 | |||||||
22,823 | ||||||||||
Telecommunication Services—1.9% | ||||||||||
* | SBA Communications Corporation | 222,500 | 22,288 | |||||||
Total Common Stocks—96.8% (cost $1,028,451) |
1,162,070 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $30,774, collateralized by FHLB, 3.300%, due 8/27/32 | $ | 30,774 | 30,774 | |||||||
Total Repurchase Agreement—2.6% (cost $30,774) |
30,774 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Value | |||||||||
Total Investments—99.4% (cost $1,059,225) |
$ | 1,192,844 | ||||||||
Cash and other assets, less liabilities—0.6% | 6,862 | |||||||||
Net assets—100.0% | $ | 1,199,706 |
ADR = American Depository Receipt |
* Non-income producing securities |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Financials—36.6% | ||||||||||
Acadia Realty Trust | 1,040 | $ | 37 | |||||||
Allied World Assurance Co. Holdings, Ltd.† | 1,179 | 41 | ||||||||
American Assets Trust, Inc. | 979 | 39 | ||||||||
American Campus Communities, Inc. | 909 | 43 | ||||||||
* | Arch Capital Group, Ltd.† | 765 | 54 | |||||||
Assured Guaranty, Ltd.† | 1,411 | 36 | ||||||||
Bank of the Ozarks, Inc. | 811 | 34 | ||||||||
Boston Private Financial Holdings, Inc. | 1,302 | 15 | ||||||||
Camden Property Trust | 671 | 56 | ||||||||
Care Capital Properties, Inc. | 648 | 17 | ||||||||
CNO Financial Group, Inc. | 1,737 | 31 | ||||||||
CVB Financial Corporation | 1,025 | 18 | ||||||||
DDR Corporation | 1,914 | 34 | ||||||||
Douglas Emmett, Inc. | 1,531 | 46 | ||||||||
* | E*TRADE Financial Corporation | 1,814 | 44 | |||||||
East West Bancorp, Inc. | 1,248 | 41 | ||||||||
EastGroup Properties, Inc. | 591 | 36 | ||||||||
Education Realty Trust, Inc. | 907 | 38 | ||||||||
EPR Properties | 541 | 36 | ||||||||
* | Equity Commonwealth | 1,053 | 30 | |||||||
Equity One, Inc. | 1,005 | 29 | ||||||||
First American Financial Corporation | 1,110 | 42 | ||||||||
Glacier Bancorp, Inc. | 1,515 | 38 | ||||||||
Hanover Insurance Group, Inc. | 606 | 55 | ||||||||
Highwoods Properties, Inc. | 906 | 43 | ||||||||
Home BancShares, Inc. | 730 | 30 | ||||||||
Iberiabank Corporation | 592 | 30 | ||||||||
Jones Lang LaSalle, Inc. | 329 | 39 | ||||||||
National Retail Properties, Inc. | 435 | 20 | ||||||||
PacWest Bancorp | 1,015 | 38 | ||||||||
Pebblebrook Hotel Trust | 995 | 29 | ||||||||
Prosperity Bancshares, Inc. | 723 | 34 | ||||||||
Radian Group, Inc. | 2,422 | 30 | ||||||||
Renasant Corporation | 848 | 28 | ||||||||
Selective Insurance Group, Inc. | 1,206 | 44 | ||||||||
* | Signature Bank | 264 | 36 | |||||||
Sunstone Hotel Investors, Inc. | 2,266 | 32 | ||||||||
* | SVB Financial Group | 267 | 27 | |||||||
Taubman Centers, Inc. | 528 | 38 | ||||||||
Umpqua Holdings Corporation | 1,965 | 31 | ||||||||
* | Western Alliance Bancorp | 881 | 29 | |||||||
WSFS Financial Corporation | 1,270 | 41 | ||||||||
Yadkin Financial Corporation | 994 | 23 | ||||||||
Zions Bancorporation | 1,031 | 25 | ||||||||
1,537 | ||||||||||
Industrials—13.1% | ||||||||||
Barnes Group, Inc. | 565 | 20 | ||||||||
Carlisle Cos., Inc. | 420 | 42 | ||||||||
CIRCOR International, Inc. | 453 | 21 | ||||||||
Curtiss-Wright Corporation | 449 | 34 | ||||||||
EMCOR Group, Inc. | 790 | 38 | ||||||||
Flowserve Corporation | 441 | 20 | ||||||||
Fortune Brands Home & Security, Inc. | 632 | 35 | ||||||||
* | FTI Consulting, Inc. | 659 | 23 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Industrials—(continued) | ||||||||||
G&K Services, Inc. | 519 | $ | 38 | |||||||
Hubbell, Inc. | 394 | 42 | ||||||||
Interface, Inc. | 1,747 | 32 | ||||||||
KAR Auction Services, Inc. | 1,119 | 43 | ||||||||
* | Lydall, Inc. | 686 | 22 | |||||||
Matson, Inc. | 857 | 34 | ||||||||
Standex International Corporation | 292 | 23 | ||||||||
The Toro Co. | 508 | 44 | ||||||||
Wabtec Corporation | 502 | 40 | ||||||||
551 | ||||||||||
Consumer Discretionary—10.6% | ||||||||||
Autoliv, Inc. | 265 | 31 | ||||||||
Children’s Place, Inc. | 547 | 46 | ||||||||
Churchill Downs, Inc. | 139 | 21 | ||||||||
Dana Holding Corporation | 1,159 | 16 | ||||||||
Darden Restaurants, Inc. | 391 | 26 | ||||||||
Ethan Allen Interiors, Inc. | 681 | 22 | ||||||||
* | Express, Inc. | 1,783 | 38 | |||||||
Foot Locker, Inc. | 275 | 18 | ||||||||
* | Genesco, Inc. | 408 | 29 | |||||||
H&R Block, Inc. | 719 | 19 | ||||||||
* | Krispy Kreme Doughnuts, Inc. | 2,156 | 34 | |||||||
Lennar Corporation | 688 | 33 | ||||||||
Meredith Corporation | 687 | 33 | ||||||||
* | The Michaels Cos., Inc. | 851 | 24 | |||||||
Vail Resorts, Inc. | 254 | 34 | ||||||||
Wolverine World Wide, Inc. | 1,105 | 20 | ||||||||
444 | ||||||||||
Information Technology—10.3% | ||||||||||
* | Acxiom Corporation | 3,346 | 72 | |||||||
Belden, Inc. | 863 | 53 | ||||||||
Booz Allen Hamilton Holding Corporation | 1,424 | 43 | ||||||||
* | Cadence Design Systems, Inc. | 2,993 | 71 | |||||||
* | CommScope Holding Co., Inc. | 831 | 23 | |||||||
* | Genpact, Ltd.† | 1,456 | 40 | |||||||
* | Inphi Corporation | 1,584 | 53 | |||||||
j2 Global, Inc. | 769 | 47 | ||||||||
Littelfuse, Inc. | 238 | 29 | ||||||||
431 | ||||||||||
Utilities—10.2% | ||||||||||
American Water Works Co., Inc. | 633 | 44 | ||||||||
Aqua America, Inc. | 1,607 | 51 | ||||||||
Atmos Energy Corporation | 760 | 56 | ||||||||
CMS Energy Corporation | 1,324 | 56 | ||||||||
IDACORP, Inc. | 607 | 45 | ||||||||
Pinnacle West Capital Corporation | 558 | 42 | ||||||||
PNM Resources, Inc. | 1,032 | 35 | ||||||||
Portland General Electric Co. | 729 | 29 | ||||||||
Southwest Gas Corporation | 571 | 38 | ||||||||
The Laclede Group, Inc. | 469 | 32 | ||||||||
428 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Health Care—5.2% | ||||||||||
CONMED Corporation | 518 | $ | 22 | |||||||
* | Greatbatch, Inc. | 646 | 23 | |||||||
HealthSouth Corporation | 954 | 36 | ||||||||
* | Hologic, Inc. | 655 | 23 | |||||||
* | Magellan Health, Inc. | 356 | 24 | |||||||
* | Mednax, Inc. | 664 | 43 | |||||||
* | Mettler-Toledo International, Inc. | 135 | 46 | |||||||
* | Nuvectra Corporation | 1 | — | |||||||
217 | ||||||||||
Energy—5.1% | ||||||||||
* | Exterran Corporation | 567 | 9 | |||||||
* | Gulfport Energy Corporation | 1,228 | 35 | |||||||
* | Helix Energy Solutions Group, Inc. | 2,813 | 16 | |||||||
* | Memorial Resource Development Corporation | 3,204 | 32 | |||||||
* | Parsley Energy, Inc. | 1,311 | 30 | |||||||
Patterson-UTI Energy, Inc. | 1,591 | 28 | ||||||||
* | PDC Energy, Inc. | 558 | 33 | |||||||
* | TETRA Technologies, Inc. | 4,111 | 26 | |||||||
* | Whiting Petroleum Corporation | 929 | 7 | |||||||
216 | ||||||||||
Materials—5.0% | ||||||||||
Carpenter Technology Corporation | 664 | 23 | ||||||||
FMC Corporation | 521 | 21 | ||||||||
Minerals Technologies, Inc. | 633 | 36 | ||||||||
PolyOne Corporation | 1,310 | 39 | ||||||||
Sensient Technologies Corporation | 511 | 32 | ||||||||
Silgan Holdings, Inc. | 446 | 24 | ||||||||
Steel Dynamics, Inc. | 1,509 | 34 | ||||||||
209 | ||||||||||
Consumer Staples—2.6% | ||||||||||
* | Darling Ingredients, Inc. | 1,313 | 17 | |||||||
Ingredion, Inc. | 568 | 61 | ||||||||
J&J Snack Foods Corporation | 292 | 32 | ||||||||
110 | ||||||||||
Total Common Stocks—98.7% (cost $3,683) |
4,143 | |||||||||
Repurchase Agreement | ||||||||||
State Street Bank and Trust Company, 0.030% dated 3/31/16, due 4/1/16, repurchase price $75, collateralized by U.S. Treasury Note, 3.125%, due 5/15/21 | $ | 75 | 75 | |||||||
Total Repurchase Agreement—1.8% (cost $75) |
75 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Value | |||||||||
Total Investments—100.5% (cost $3,758) |
$ | 4,218 | ||||||||
Liabilities, plus cash and other assets—(0.5)% | (19 | ) | ||||||||
Net assets—100.0% | $ | 4,199 |
† = U.S. listed foreign security |
* Non-income producing securities |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Information Technology—21.7% | ||||||||||
* | Acxiom Corporation | 250,990 | $ | 5,381 | ||||||
* | Callidus Software, Inc. | 298,927 | 4,986 | |||||||
* | Envestnet, Inc. | 143,390 | 3,900 | |||||||
* | Guidewire Software, Inc. | 87,396 | 4,761 | |||||||
* | Inphi Corporation | 121,200 | 4,041 | |||||||
j2 Global, Inc. | 132,161 | 8,139 | ||||||||
MAXIMUS, Inc. | 52,730 | 2,776 | ||||||||
* | MaxLinear, Inc. | 235,061 | 4,349 | |||||||
* | Mercury Systems, Inc. | 89,675 | 1,820 | |||||||
* | NeuStar, Inc. | 153,358 | 3,773 | |||||||
* | OSI Systems, Inc. | 67,474 | 4,419 | |||||||
* | Pandora Media, Inc. | 337,970 | 3,025 | |||||||
* | Q2 Holdings, Inc. | 107,690 | 2,589 | |||||||
* | Quotient Technology, Inc. | 179,274 | 1,900 | |||||||
TeleTech Holdings, Inc. | 110,478 | 3,067 | ||||||||
* | Ultimate Software Group, Inc. | 23,682 | 4,582 | |||||||
* | USA Technologies, Inc. | 1,249,230 | 5,447 | |||||||
* | WNS Holdings, Ltd.—ADR | 168,644 | 5,167 | |||||||
* | Xactly Corporation | 500,031 | 3,425 | |||||||
77,547 | ||||||||||
Health Care—17.5% | ||||||||||
* | ABIOMED, Inc. | 45,580 | 4,321 | |||||||
* | Accelerate Diagnostics, Inc. | 252,059 | 3,622 | |||||||
* | Air Methods Corporation | 195,350 | 7,076 | |||||||
* | Akorn, Inc. | 85,090 | 2,002 | |||||||
* | Amedisys, Inc. | 100,805 | 4,873 | |||||||
* | AtriCure, Inc. | 220,413 | 3,709 | |||||||
* | Cambrex Corporation | 98,905 | 4,352 | |||||||
* | Connecture, Inc. | 149,866 | 384 | |||||||
* | Exact Sciences Corporation | 132,070 | 890 | |||||||
* | ExamWorks Group, Inc. | 291,604 | 8,620 | |||||||
HealthSouth Corporation | 99,345 | 3,738 | ||||||||
LeMaitre Vascular, Inc. | 238,955 | 3,709 | ||||||||
* | Ligand Pharmaceuticals, Inc. | 62,300 | 6,672 | |||||||
* | NxStage Medical, Inc. | 297,956 | 4,466 | |||||||
* | Repligen Corporation | 152,800 | 4,098 | |||||||
62,532 | ||||||||||
Consumer Discretionary—17.4% | ||||||||||
* | 2U, Inc. | 153,400 | 3,467 | |||||||
Cable One, Inc. | 5,740 | 2,509 | ||||||||
Choice Hotels International, Inc. | 104,452 | 5,646 | ||||||||
Collectors Universe, Inc. | 140,208 | 2,328 | ||||||||
* | Fiesta Restaurant Group, Inc. | 112,140 | 3,676 | |||||||
* | Five Below, Inc. | 82,680 | 3,418 | |||||||
* | IMAX Corporation† | 202,061 | 6,282 | |||||||
Interval Leisure Group, Inc. | 192,459 | 2,779 | ||||||||
* | Mattress Firm Holding Corporation | 35,550 | 1,507 | |||||||
Monro Muffler Brake, Inc. | 30,351 | 2,169 | ||||||||
Nutrisystem, Inc. | 170,730 | 3,563 | ||||||||
Six Flags Entertainment Corporation | 196,072 | 10,880 | ||||||||
* | Steven Madden, Ltd. | 112,480 | 4,166 | |||||||
* | U.S. Auto Parts Network, Inc. | 1,647,409 | 4,217 |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Consumer Discretionary—(continued) | ||||||||||
* | Universal Electronics, Inc. | 90,462 | $ | 5,608 | ||||||
62,215 | ||||||||||
Industrials—14.3% | ||||||||||
Albany International Corporation | 43,760 | 1,645 | ||||||||
CEB, Inc. | 65,060 | 4,211 | ||||||||
ESCO Technologies, Inc. | 117,960 | 4,598 | ||||||||
* | Franklin Covey Co. | 298,999 | 5,259 | |||||||
* | GP Strategies Corporation | 195,350 | 5,353 | |||||||
Healthcare Services Group, Inc. | 188,910 | 6,954 | ||||||||
HEICO Corporation | 50,510 | 3,037 | ||||||||
* | Hudson Technologies, Inc. | 1,734,104 | 5,688 | |||||||
* | Huron Consulting Group, Inc. | 60,399 | 3,515 | |||||||
* | ICF International, Inc. | 168,901 | 5,805 | |||||||
John Bean Technologies Corporation | 84,745 | 4,780 | ||||||||
50,845 | ||||||||||
Financials—10.8% | ||||||||||
* | BofI Holding, Inc. | 162,840 | 3,475 | |||||||
* | Colliers International Group, Inc.† | 124,093 | 4,698 | |||||||
* | Cowen Group, Inc. | 879,344 | 3,350 | |||||||
* | Encore Capital Group, Inc. | 75,626 | 1,947 | |||||||
First Cash Financial Services, Inc. | 145,616 | 6,707 | ||||||||
* | FirstService Corporation† | 126,329 | 5,172 | |||||||
OM Asset Management plc† | 359,707 | 4,802 | ||||||||
Pinnacle Financial Partners, Inc. | 53,250 | 2,613 | ||||||||
Virtu Financial, Inc. | 264,452 | 5,847 | ||||||||
38,611 | ||||||||||
Consumer Staples—4.6% | ||||||||||
* | Herbalife, Ltd.† | 80,590 | 4,961 | |||||||
Nu Skin Enterprises, Inc. | 121,345 | 4,642 | ||||||||
WD-40 Co. | 61,291 | 6,620 | ||||||||
16,223 | ||||||||||
Materials—2.6% | ||||||||||
* | Headwaters, Inc. | 221,372 | 4,392 | |||||||
* | Stillwater Mining Co. | 461,976 | 4,920 | |||||||
9,312 | ||||||||||
Energy—2.0% | ||||||||||
* | Carrizo Oil & Gas, Inc. | 72,553 | 2,243 | |||||||
* | Gulfport Energy Corporation | 60,507 | 1,715 | |||||||
* | Hornbeck Offshore Services, Inc. | 109,710 | 1,089 | |||||||
* | Parsley Energy, Inc. | 88,310 | 1,996 | |||||||
7,043 | ||||||||||
Telecommunication Services—1.8% | ||||||||||
* | ORBCOMM, Inc. | 638,922 | 6,472 | |||||||
Total Common Stocks—92.7% (cost $291,756) |
330,800 |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Exchange-Traded Fund | ||||||||||
iShares Russell 2000 Growth Index Fund | 91,850 | $ | 12,187 | |||||||
Total Exchange-Traded Fund—3.4% (cost $11,137) |
12,187 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $11,614, collateralized by FHLB, 3.180%, due 11/26/32-12/6/32, and FNMA, 3.250%, due 12/27/32 | $ | 11,614 | 11,614 | |||||||
Total Repurchase Agreement—3.2% (cost $11,614) |
11,614 | |||||||||
Total Investments—99.3% (cost $314,507) |
354,601 | |||||||||
Cash and other assets, less liabilities—0.7% | 2,364 | |||||||||
Net assets—100.0% | $ | 356,965 |
ADR = American Depository Receipt |
* Non-income producing securities |
† = U.S. listed foreign security |
If a fund’s portfolio holdings represent ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined in the Investment Company Act of 1940. The Fund had the following transactions during the period ended March 31, 2016 with companies deemed affiliated during the period or at March 31, 2016.
Share Activity | Period Ended March 31, 2016 | ||||||||||||||||||||||||||
Change in net | |||||||||||||||||||||||||||
unrealized | |||||||||||||||||||||||||||
Balance | Balance | Dividend | Net realized | appreciation | |||||||||||||||||||||||
Security Name | 12/31/2015 | Purchases | Sales | 3/31/2016 | Value | Income | gain (loss) | (depreciation) | |||||||||||||||||||
p | Hudson Technologies, Inc. | 1,681,784 | 52,320 | — | 1,734,104 | $ | 5,688 | $ | — | $ | — | $ | 514 | ||||||||||||||
$ | 5,688 | $ | — | $ | — | $ | 514 | ||||||||||||||||||||
p | Affiliated company at March 31, 2016. The Fund’s total value in companies deemed to be affiliated at March 31, 2016 was $5,688. |
See accompanying Notes to Portfolio of Investments.
Small Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Financials—38.1% | ||||||||||
Acadia Realty Trust | 192,971 | $ | 6,779 | |||||||
American Assets Trust, Inc. | 178,637 | 7,131 | ||||||||
American Campus Communities, Inc. | 181,746 | 8,558 | ||||||||
Bank of the Ozarks, Inc. | 154,410 | 6,481 | ||||||||
Berkshire Hills Bancorp, Inc. | 209,967 | 5,646 | ||||||||
Boston Private Financial Holdings, Inc. | 302,442 | 3,463 | ||||||||
Care Capital Properties, Inc. | 113,016 | 3,033 | ||||||||
* | Cascade Bancorp | 675,669 | 3,858 | |||||||
CNO Financial Group, Inc. | 455,371 | 8,160 | ||||||||
CoBiz Financial, Inc. | 538,476 | 6,365 | ||||||||
CVB Financial Corporation | 184,021 | 3,211 | ||||||||
Douglas Emmett, Inc. | 228,520 | 6,881 | ||||||||
EastGroup Properties, Inc. | 82,654 | 4,990 | ||||||||
Education Realty Trust, Inc. | 200,479 | 8,340 | ||||||||
EPR Properties | 108,649 | 7,238 | ||||||||
* | Equity Commonwealth | 147,311 | 4,157 | |||||||
Equity One, Inc. | 144,530 | 4,142 | ||||||||
First American Financial Corporation | 182,302 | 6,948 | ||||||||
Glacier Bancorp, Inc. | 290,954 | 7,396 | ||||||||
Hanover Insurance Group, Inc. | 92,543 | 8,349 | ||||||||
Highwoods Properties, Inc. | 155,307 | 7,425 | ||||||||
Home BancShares, Inc. | 154,309 | 6,319 | ||||||||
Iberiabank Corporation | 135,756 | 6,960 | ||||||||
National Bank Holdings Corporation | 202,632 | 4,132 | ||||||||
PacWest Bancorp | 182,506 | 6,780 | ||||||||
Pebblebrook Hotel Trust | 205,967 | 5,988 | ||||||||
Prosperity Bancshares, Inc. | 137,605 | 6,384 | ||||||||
Radian Group, Inc. | 504,761 | 6,259 | ||||||||
Renasant Corporation | 212,632 | 6,998 | ||||||||
* | Safeguard Scientifics, Inc. | 277,954 | 3,683 | |||||||
Selective Insurance Group, Inc. | 211,408 | 7,740 | ||||||||
Sunstone Hotel Investors, Inc. | 407,999 | 5,712 | ||||||||
Umpqua Holdings Corporation | 453,148 | 7,187 | ||||||||
* | Western Alliance Bancorp | 226,074 | 7,546 | |||||||
WSFS Financial Corporation | 219,629 | 7,142 | ||||||||
Yadkin Financial Corporation | 256,624 | 6,074 | ||||||||
223,455 | ||||||||||
Industrials—12.9% | ||||||||||
Barnes Group, Inc. | 114,871 | 4,024 | ||||||||
CIRCOR International, Inc. | 115,450 | 5,356 | ||||||||
Curtiss-Wright Corporation | 96,482 | 7,301 | ||||||||
EMCOR Group, Inc. | 148,620 | 7,223 | ||||||||
* | FTI Consulting, Inc. | 126,998 | 4,510 | |||||||
G&K Services, Inc. | 135,754 | 9,944 | ||||||||
Interface, Inc. | 349,742 | 6,484 | ||||||||
Kadant, Inc. | 120,072 | 5,422 | ||||||||
* | Lydall, Inc. | 125,470 | 4,080 | |||||||
Matson, Inc. | 148,017 | 5,946 | ||||||||
* | Northwest Pipe Co. | 236,252 | 2,178 | |||||||
Standex International Corporation | 66,099 | 5,143 | ||||||||
The Toro Co. | 96,098 | 8,276 | ||||||||
75,887 |
See accompanying Notes to Portfolio of Investments.
Small Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Information Technology—11.1% | ||||||||||
* | Acxiom Corporation | 526,672 | $ | 11,292 | ||||||
ADTRAN, Inc. | 192,966 | 3,902 | ||||||||
Belden, Inc. | 118,982 | 7,303 | ||||||||
Booz Allen Hamilton Holding Corporation | 235,761 | 7,139 | ||||||||
* | Cadence Design Systems, Inc. | 381,049 | 8,985 | |||||||
* | CommScope Holding Co., Inc. | 114,979 | 3,210 | |||||||
* | Inphi Corporation | 219,743 | 7,326 | |||||||
* | Intralinks Holdings, Inc. | 476,414 | 3,754 | |||||||
j2 Global, Inc. | 108,537 | 6,684 | ||||||||
Littelfuse, Inc. | 47,190 | 5,810 | ||||||||
65,405 | ||||||||||
Consumer Discretionary—11.0% | ||||||||||
Brunswick Corporation | 59,877 | 2,873 | ||||||||
* | Cavco Industries, Inc. | 48,990 | 4,579 | |||||||
Children’s Place, Inc. | 103,092 | 8,605 | ||||||||
Churchill Downs, Inc. | 32,132 | 4,752 | ||||||||
Dana Holding Corporation | 265,403 | 3,739 | ||||||||
Ethan Allen Interiors, Inc. | 137,401 | 4,372 | ||||||||
* | Express, Inc. | 316,395 | 6,774 | |||||||
* | Genesco, Inc. | 67,658 | 4,888 | |||||||
* | Krispy Kreme Doughnuts, Inc. | 462,949 | 7,217 | |||||||
Meredith Corporation | 111,872 | 5,314 | ||||||||
Vail Resorts, Inc. | 55,211 | 7,382 | ||||||||
Wolverine World Wide, Inc. | 208,299 | 3,837 | ||||||||
64,332 | ||||||||||
Utilities—8.1% | ||||||||||
ALLETE, Inc. | 109,718 | 6,152 | ||||||||
Chesapeake Utilities Corporation | 72,330 | 4,555 | ||||||||
IDACORP, Inc. | 102,207 | 7,624 | ||||||||
PNM Resources, Inc. | 229,521 | 7,739 | ||||||||
Portland General Electric Co. | 177,193 | 6,997 | ||||||||
Southwest Gas Corporation | 122,315 | 8,054 | ||||||||
The Laclede Group, Inc. | 90,873 | 6,157 | ||||||||
47,278 | ||||||||||
Energy—4.8% | ||||||||||
Archrock, Inc. | 378,400 | 3,027 | ||||||||
* | Exterran Corporation | 183,305 | 2,834 | |||||||
* | Helix Energy Solutions Group, Inc. | 482,035 | 2,700 | |||||||
* | Memorial Resource Development Corporation | 501,366 | 5,104 | |||||||
* | Parsley Energy, Inc. | 236,740 | 5,350 | |||||||
* | PDC Energy, Inc. | 89,098 | 5,297 | |||||||
* | Ring Energy, Inc. | 67,401 | 340 | |||||||
* | TETRA Technologies, Inc. | 573,018 | 3,639 | |||||||
28,291 | ||||||||||
Materials—4.1% | ||||||||||
Minerals Technologies, Inc. | 106,096 | 6,032 | ||||||||
PolyOne Corporation | 201,537 | 6,096 | ||||||||
Sensient Technologies Corporation | 99,763 | 6,331 | ||||||||
Silgan Holdings, Inc. | 109,618 | 5,828 | ||||||||
24,287 |
See accompanying Notes to Portfolio of Investments.
Small Cap Value Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Health Care—4.0% | ||||||||||
CONMED Corporation | 161,055 | $ | 6,755 | |||||||
* | Greatbatch, Inc. | 167,235 | 5,960 | |||||||
HealthSouth Corporation | 163,795 | 6,164 | ||||||||
* | Magellan Health, Inc. | 70,093 | 4,761 | |||||||
* | Nuvectra Corporation | 7 | — | |||||||
23,640 | ||||||||||
Consumer Staples—3.5% | ||||||||||
* | Darling Ingredients, Inc. | 433,789 | 5,713 | |||||||
J&J Snack Foods Corporation | 69,734 | 7,551 | ||||||||
SpartanNash Co. | 238,718 | 7,235 | ||||||||
20,499 | ||||||||||
Total Common Stocks—97.6% (cost $488,933) | 573,074 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $9,095, collateralized by FHLB, 3.180%, due 11/26/32 | $ | 9,095 | 9,095 | |||||||
Total Repurchase Agreement—1.5% (cost $9,095) | 9,095 | |||||||||
Total Investments—99.1% (cost $498,028) | 582,169 | |||||||||
Cash and other assets, less liabilities—0.9% | 5,195 | |||||||||
Net assets—100.0% | $ | 587,364 |
* Non-income producing securities
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Western Hemisphere—51.1% | ||||||||||
Canada—5.6% | ||||||||||
Alimentation Couche Tard, Inc. Class “B” (Food & staples retailing) | 50,573 | $ | 2,251 | |||||||
Brookfield Asset Management, Inc. Class “A” (Real estate management & development)† | 61,065 | 2,124 | ||||||||
Intact Financial Corporation (Insurance) | 26,795 | 1,876 | ||||||||
Suncor Energy, Inc. (Oil, gas & consumable fuels) | 88,150 | 2,455 | ||||||||
8,706 | ||||||||||
United States—45.5% | ||||||||||
* | Affiliated Managers Group, Inc. (Capital markets) | 12,708 | 2,064 | |||||||
* | Align Technology, Inc. (Health care equipment & supplies) | 28,460 | 2,069 | |||||||
* | Alphabet, Inc. Class “A” (Internet software & services) | 4,859 | 3,707 | |||||||
* | Amazon.com, Inc. (Internet & catalog retail) | 4,442 | 2,637 | |||||||
* | ANSYS, Inc. (Software) | 18,069 | 1,616 | |||||||
Apogee Enterprises, Inc. (Building products) | 26,136 | 1,147 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 43,401 | 2,772 | ||||||||
* | Centene Corporation (Health care providers & services) | 41,852 | 2,577 | |||||||
* | CoStar Group, Inc. (Internet software & services) | 4,952 | 932 | |||||||
Costco Wholesale Corporation (Food & staples retailing) | 12,420 | 1,957 | ||||||||
Danaher Corporation (Industrial conglomerates) | 24,166 | 2,292 | ||||||||
* | Edwards Lifesciences Corporation (Health care equipment & supplies) | 10,881 | 960 | |||||||
Eli Lilly & Co. (Pharmaceuticals) | 26,302 | 1,894 | ||||||||
EOG Resources, Inc. (Oil, gas & consumable fuels) | 16,810 | 1,220 | ||||||||
Equifax, Inc. (Professional services) | 17,167 | 1,962 | ||||||||
* | Facebook, Inc. (Internet software & services) | 19,924 | 2,273 | |||||||
General Electric Co. (Industrial conglomerates) | 96,052 | 3,053 | ||||||||
Gilead Sciences, Inc. (Biotechnology) | 25,998 | 2,388 | ||||||||
Intercontinental Exchange, Inc. (Diversified financial services) | 8,349 | 1,963 | ||||||||
Jones Lang LaSalle, Inc. (Real estate management & development) | 16,983 | 1,992 | ||||||||
Mastercard, Inc. Class “A” (IT services) | 30,335 | 2,867 | ||||||||
Moody’s Corporation (Diversified financial services) | 20,401 | 1,970 | ||||||||
NIKE, Inc. Class “B” (Textiles, apparel & luxury goods) | 24,807 | 1,525 | ||||||||
* | O’Reilly Automotive, Inc. (Specialty retail) | 5,809 | 1,590 | |||||||
Pioneer Natural Resources Co. (Oil, gas & consumable fuels) | 6,827 | 961 | ||||||||
PPG Industries, Inc. (Chemicals) | 25,928 | 2,891 | ||||||||
Raytheon Co. (Aerospace & defense) | 14,117 | 1,731 | ||||||||
* | Red Hat, Inc. (Software) | 21,714 | 1,618 | |||||||
Schlumberger, Ltd. (Energy equipment & services)† | 24,415 | 1,801 | ||||||||
The Home Depot, Inc. (Specialty retail) | 37,087 | 4,948 | ||||||||
The Sherwin-Williams Co. (Chemicals) | 7,546 | 2,148 | ||||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 11,265 | 1,595 | ||||||||
* | Ulta Salon Cosmetics & Fragrance, Inc. (Specialty retail) | 8,277 | 1,604 | |||||||
Watsco, Inc. (Trading companies & distributors) | 12,956 | 1,746 | ||||||||
70,470 | ||||||||||
Europe, Mid-East—16.9% | ||||||||||
Denmark—1.5% | ||||||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 41,919 | 2,274 | ||||||||
Finland—1.1% | ||||||||||
Kone Oyj Class “B” (Machinery) | 34,211 | 1,649 |
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Europe, Mid-East—(continued) | ||||||||||
France—4.2% | ||||||||||
Cap Gemini S.A. (IT services) | 42,812 | $ | 4,023 | |||||||
Valeo S.A. (Auto components) | 16,075 | 2,502 | ||||||||
6,525 | ||||||||||
Germany—1.3% | ||||||||||
Continental AG (Auto components) | 8,543 | 1,944 | ||||||||
Israel—2.0% | ||||||||||
Teva Pharmaceutical Industries, Ltd.—ADR (Pharmaceuticals) | 57,985 | 3,103 | ||||||||
Netherlands—3.2% | ||||||||||
* | NXP Semiconductor N.V. (Semiconductors & semiconductor equipment)† | 31,873 | 2,584 | |||||||
Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels) | 100,368 | 2,437 | ||||||||
5,021 | ||||||||||
Sweden—2.1% | ||||||||||
Assa Abloy AB Class “B” (Building products) | 82,558 | 1,629 | ||||||||
Atlas Copco AB Class “A” (Machinery) | 66,968 | 1,686 | ||||||||
3,315 | ||||||||||
Switzerland—1.5% | ||||||||||
Partners Group Holding AG (Capital markets) | 5,797 | 2,330 | ||||||||
United Kingdom—8.5% | ||||||||||
ARM Holdings plc (Semiconductors & semiconductor equipment) | 50,160 | 730 | ||||||||
Compass Group plc (Hotels, restaurants & leisure) | 164,853 | 2,908 | ||||||||
easyJet plc (Airlines) | 78,147 | 1,705 | ||||||||
Prudential plc (Insurance) | 125,077 | 2,337 | ||||||||
Reckitt Benckiser Group plc (Household products) | 26,977 | 2,608 | ||||||||
WPP plc (Media) | 121,418 | 2,837 | ||||||||
13,125 | ||||||||||
Emerging Asia—8.3% | ||||||||||
China—4.2% | ||||||||||
* | Baidu, Inc.—ADR (Internet software & services) | 11,776 | 2,248 | |||||||
China Overseas Land & Investment, Ltd. (Real estate management & development) | 678,000 | 2,146 | ||||||||
Tencent Holdings, Ltd. (Internet software & services) | 104,900 | 2,143 | ||||||||
6,537 | ||||||||||
India—1.6% | ||||||||||
HDFC Bank, Ltd.—ADR (Banks) | 39,844 | 2,456 | ||||||||
Taiwan—2.5% | ||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 149,445 | 3,915 | ||||||||
Japan—7.9% | ||||||||||
Daikin Industries, Ltd. (Building products) | 30,700 | 2,295 | ||||||||
Fuji Heavy Industries, Ltd. (Automobiles) | 61,500 | 2,172 | ||||||||
Kao Corporation (Personal products) | 40,500 | 2,160 | ||||||||
Keyence Corporation (Electronic equipment, instruments & components) | 2,400 | 1,309 | ||||||||
ORIX Corporation (Diversified financial services) | 163,400 | 2,331 |
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Japan—(continued) | ||||||||||
Shimano, Inc. (Leisure products) | 12,700 | $ | 1,990 | |||||||
12,257 | ||||||||||
Asia—4.4% | ||||||||||
Australia—1.2% | ||||||||||
Macquarie Group, Ltd. (Capital markets) | 37,560 | 1,903 | ||||||||
Hong Kong—1.5% | ||||||||||
AIA Group, Ltd. (Insurance) | 404,200 | 2,290 | ||||||||
Singapore—1.7% | ||||||||||
Broadcom, Ltd. (Semiconductors & semiconductor equipment)† | 16,517 | 2,552 | ||||||||
Emerging Europe, Mid-East, Africa—0.5% | ||||||||||
South Africa—0.5% | ||||||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 32,847 | 830 | ||||||||
Total Common Stocks—97.6% (cost $134,856) | 151,202 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $3,014, collateralized by FHLMC, 4.125%, due 10/11/33 | $ | 3,014 | 3,014 | |||||||
Total Repurchase Agreement—1.9% (cost $3,014) | 3,014 | |||||||||
Total Investments—99.5% (cost $137,870) | 154,216 | |||||||||
Cash and other assets, less liabilities—0.5% | 707 | |||||||||
Net assets—100.0% | $ | 154,923 |
ADR = American Depository Receipt
† = U.S. listed foreign security
* Non-income producing securities
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 21.5 | % | ||
Financials | 18.4 | % | ||
Consumer Discretionary | 17.6 | % | ||
Industrials | 14.4 | % | ||
Health Care | 13.0 | % | ||
Consumer Staples | 5.9 | % | ||
Energy | 5.9 | % | ||
Materials | 3.3 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 59.2 | % | ||
British Pound Sterling | 8.7 | % | ||
Euro | 8.3 | % | ||
Japanese Yen | 8.1 | % | ||
Canadian Dollar | 4.4 | % | ||
Hong Kong Dollar | 4.3 | % | ||
Swedish Krona | 2.2 | % | ||
Swiss Franc | 1.5 | % | ||
Danish Krone | 1.5 | % | ||
Australian Dollar | 1.3 | % | ||
All Other Currencies | 0.5 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe, Mid-East—37.1% | ||||||||||
Denmark—2.0% | ||||||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 60,890 | $ | 3,303 | |||||||
Finland—3.0% | ||||||||||
Kone Oyj Class “B” (Machinery) | 46,097 | 2,222 | ||||||||
Sampo Oyj Class “A” (Insurance) | 59,882 | 2,844 | ||||||||
5,066 | ||||||||||
France—9.3% | ||||||||||
Cap Gemini S.A. (IT services) | 44,648 | 4,196 | ||||||||
JCDecaux S.A. (Media) | 57,632 | 2,523 | ||||||||
Total S.A. (Oil, gas & consumable fuels) | 55,092 | 2,511 | ||||||||
Valeo S.A. (Auto components) | 21,290 | 3,314 | ||||||||
Vinci S.A. (Construction & engineering) | 39,456 | 2,939 | ||||||||
15,483 | ||||||||||
Germany—3.7% | ||||||||||
Bayerische Motoren Werke AG (Automobiles) | 23,621 | 2,169 | ||||||||
Continental AG (Auto components) | 12,522 | 2,850 | ||||||||
Rational AG (Machinery) | 2,247 | 1,201 | ||||||||
6,220 | ||||||||||
Ireland—2.2% | ||||||||||
Ryanair Holdings plc—ADR (Airlines) | 42,753 | 3,669 | ||||||||
Israel—2.3% | ||||||||||
Teva Pharmaceutical Industries, Ltd.—ADR (Pharmaceuticals) | 72,616 | 3,886 | ||||||||
Italy—1.5% | ||||||||||
Intesa Sanpaolo SpA (Banks) | 874,474 | 2,422 | ||||||||
Netherlands—3.3% | ||||||||||
* | NXP Semiconductor N.V. (Semiconductors & semiconductor equipment)† | 39,695 | 3,218 | |||||||
Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels) | 91,588 | 2,224 | ||||||||
5,442 | ||||||||||
Portugal—1.4% | ||||||||||
Safran S.A. (Aerospace & defense) | 32,945 | 2,305 | ||||||||
Spain—1.4% | ||||||||||
Amadeus IT Holding S.A. Class “A” (IT services) | 55,031 | 2,360 | ||||||||
Sweden—2.5% | ||||||||||
Atlas Copco AB Class “A” (Machinery) | 78,891 | 1,985 | ||||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 58,206 | 2,266 | ||||||||
4,251 | ||||||||||
Switzerland—4.5% | ||||||||||
* | Actelion, Ltd. (Biotechnology) | 25,011 | 3,737 | |||||||
Partners Group Holding AG (Capital markets) | 8,115 | 3,262 | ||||||||
SGS S.A. (Professional services) | 273 | 577 | ||||||||
7,576 |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
United Kingdom—17.1% | ||||||||||
ARM Holdings plc (Semiconductors & semiconductor equipment) | 72,342 | $ | 1,053 | |||||||
Compass Group plc (Hotels, restaurants & leisure) | 242,704 | 4,281 | ||||||||
Experian plc (Professional services) | 140,815 | 2,518 | ||||||||
IG Group Holdings plc (Diversified financial services) | 168,219 | 1,933 | ||||||||
Micro Focus International plc (Software) | 42,666 | 962 | ||||||||
Prudential plc (Insurance) | 125,550 | 2,346 | ||||||||
Reckitt Benckiser Group plc (Household products) | 32,069 | 3,100 | ||||||||
RELX plc (Media) | 191,144 | 3,552 | ||||||||
St James’s Place plc (Insurance) | 146,423 | 1,932 | ||||||||
Wolseley plc (Trading companies & distributors) | 55,967 | 3,166 | ||||||||
WPP plc (Media) | 160,614 | 3,753 | ||||||||
28,596 | ||||||||||
Japan—17.0% | ||||||||||
Daikin Industries, Ltd. (Building products) | 37,500 | 2,803 | ||||||||
Fuji Heavy Industries, Ltd. (Automobiles) | 78,359 | 2,767 | ||||||||
Hoya Corporation (Health care equipment & supplies) | 64,800 | 2,465 | ||||||||
Kao Corporation (Personal products) | 49,500 | 2,640 | ||||||||
Keyence Corporation (Electronic equipment, instruments & components) | 4,500 | 2,455 | ||||||||
Makita Corporation (Machinery) | 36,400 | 2,257 | ||||||||
Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components) | 16,700 | 2,014 | ||||||||
Nippon Prologis REIT, Inc. (Real estate investment trusts (REITs)) | 862 | 1,929 | ||||||||
Nitori Holdings Co., Ltd. (Specialty retail) | 23,700 | 2,171 | ||||||||
ORIX Corporation (Diversified financial services) | 203,700 | 2,906 | ||||||||
Shimano, Inc. (Leisure products) | 17,200 | 2,696 | ||||||||
SMC Corporation (Machinery) | 5,200 | 1,208 | ||||||||
28,311 | ||||||||||
Emerging Asia—14.1% | ||||||||||
China—5.9% | ||||||||||
* | Baidu, Inc.—ADR (Internet software & services) | 9,983 | 1,906 | |||||||
China Overseas Land & Investment, Ltd. (Real estate management & development) | 840,000 | 2,659 | ||||||||
Lenovo Group, Ltd. (Technology hardware, storage & peripherals) | 690,000 | 539 | ||||||||
NetEase, Inc.—ADR (Internet software & services) | 16,056 | 2,305 | ||||||||
Tencent Holdings, Ltd. (Internet software & services) | 116,500 | 2,380 | ||||||||
9,789 | ||||||||||
India—3.8% | ||||||||||
Hero MotoCorp, Ltd. (Automobiles) | 56,728 | 2,518 | ||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 103,301 | 1,727 | ||||||||
* | Tata Motors, Ltd.—ADR (Automobiles) | 71,089 | 2,065 | |||||||
6,310 | ||||||||||
South Korea—1.8% | ||||||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 2,640 | 3,029 | ||||||||
Taiwan—2.6% | ||||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment) | 880,000 | 4,429 | ||||||||
Canada—5.4% | ||||||||||
Alimentation Couche Tard, Inc. Class “B” (Food & staples retailing) | 67,735 | 3,015 | ||||||||
Brookfield Asset Management, Inc. Class “A” (Real estate management & development)† | 113,968 | 3,965 |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Canada—(continued) | ||||||||||
Suncor Energy, Inc. (Oil, gas & consumable fuels) | 72,532 | $ | 2,020 | |||||||
9,000 | ||||||||||
Asia—3.2% | ||||||||||
Australia—1.4% | ||||||||||
Macquarie Group, Ltd. (Capital markets) | 46,587 | 2,360 | ||||||||
Hong Kong—1.8% | ||||||||||
AIA Group, Ltd. (Insurance) | 522,000 | 2,958 | ||||||||
Emerging Europe, Mid-East, Africa—1.6% | ||||||||||
South Africa—1.6% | ||||||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 76,519 | 1,933 | ||||||||
Discovery, Ltd. (Insurance) | 98,127 | 808 | ||||||||
2,741 | ||||||||||
Emerging Latin America—1.3% | ||||||||||
Mexico—1.3% | ||||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 903,100 | 2,138 | ||||||||
Total Common Stocks—96.8% (cost $150,110) | 161,644 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $4,974, collateralized by FHLB, 3.180%, due 11/26/32 | $ | 4,974 | 4,974 | |||||||
Total Repurchase Agreement—3.0% (cost $4,974) | 4,974 | |||||||||
Total Investments—99.8% (cost $155,084) | 166,618 | |||||||||
Cash and other assets, less liabilities—0.2% | 400 | |||||||||
Net assets—100.0% | $ | 167,018 |
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
International Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 21.4 | % | ||
Financials | 21.1 | % | ||
Information Technology | 20.5 | % | ||
Industrials | 17.8 | % | ||
Health Care | 8.3 | % | ||
Consumer Staples | 6.7 | % | ||
Energy | 4.2 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 22.3 | % | ||
British Pound Sterling | 17.7 | % | ||
Japanese Yen | 17.5 | % | ||
U.S. Dollar | 13.0 | % | ||
Hong Kong Dollar | 5.3 | % | ||
Swiss Franc | 4.7 | % | ||
Canadian Dollar | 3.1 | % | ||
New Taiwan Dollar | 2.7 | % | ||
Swedish Krona | 2.6 | % | ||
Indian Rupee | 2.6 | % | ||
Danish Krone | 2.1 | % | ||
South Korean Won | 1.9 | % | ||
South African Rand | 1.7 | % | ||
Australian Dollar | 1.5 | % | ||
Mexican Peso | 1.3 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe—29.8% | ||||||||||
Belgium—2.8% | ||||||||||
Anheuser-Busch InBev N.V. (Beverages) | 8,086 | $ | 1,005 | |||||||
UCB S.A. (Pharmaceuticals) | 9,519 | 729 | ||||||||
1,734 | ||||||||||
Denmark—1.8% | ||||||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 12,666 | 687 | ||||||||
Vestas Wind Systems A/S (Electrical equipment) | 5,925 | 418 | ||||||||
1,105 | ||||||||||
Finland—1.2% | ||||||||||
Kone Oyj Class “B” (Machinery) | 15,381 | 741 | ||||||||
France—8.1% | ||||||||||
AXA S.A. (Insurance) | 40,392 | 951 | ||||||||
Cap Gemini S.A. (IT services) | 9,544 | 897 | ||||||||
Essilor International S.A. (Health care equipment & supplies) | 4,895 | 605 | ||||||||
Thales S.A. (Aerospace & defense) | 6,900 | 604 | ||||||||
Total S.A. (Oil, gas & consumable fuels) | 22,257 | 1,014 | ||||||||
Veolia Environnement S.A. (Multi-utilities) | 39,631 | 955 | ||||||||
5,026 | ||||||||||
Germany—4.7% | ||||||||||
BASF SE (Chemicals) | 7,345 | 554 | ||||||||
Continental AG (Auto components) | 3,875 | 882 | ||||||||
Fresenius SE & Co. KGaA (Health care providers & services) | 10,779 | 788 | ||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 50,325 | 716 | ||||||||
2,940 | ||||||||||
Italy—0.7% | ||||||||||
Intesa Sanpaolo SpA (Banks) | 159,660 | 442 | ||||||||
Netherlands—3.7% | ||||||||||
* | NXP Semiconductor N.V. (Semiconductors & semiconductor equipment)† | 7,412 | 601 | |||||||
Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels) | 42,796 | 1,039 | ||||||||
* | Sensata Technologies Holding N.V. (Electrical equipment)† | 16,398 | 637 | |||||||
2,277 | ||||||||||
Spain—1.9% | ||||||||||
Atresmedia Corporation de Medios de Comunicaion S.A. (Media) | 34,195 | 375 | ||||||||
Industria de Diseno Textil S.A. (Specialty retail) | 24,614 | 828 | ||||||||
1,203 | ||||||||||
Sweden—1.2% | ||||||||||
Assa Abloy AB Class “B” (Building products) | 37,763 | 745 | ||||||||
Switzerland—3.7% | ||||||||||
Cie Financiere Richemont S.A. (Textiles, apparel & luxury goods) | 9,757 | 645 | ||||||||
Nestle S.A. (Food products) | 6,466 | 483 | ||||||||
Roche Holding AG (Pharmaceuticals) | 4,866 | 1,198 | ||||||||
2,326 |
See accompanying Notes to Portfolio of Investments.
International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
United Kingdom—28.8% | ||||||||||
Babcock International Group plc (Commercial services & supplies) | 55,752 | $ | 760 | |||||||
Bunzl plc (Trading companies & distributors) | 18,013 | 523 | ||||||||
Compass Group plc (Hotels, restaurants & leisure) | 97,633 | 1,722 | ||||||||
Diageo plc (Beverages) | 33,719 | 911 | ||||||||
Experian plc (Professional services) | 54,105 | 967 | ||||||||
InterContinental Hotels Group plc (Hotels, restaurants & leisure) | 14,808 | 611 | ||||||||
Johnson Matthey plc (Chemicals) | 16,669 | 657 | ||||||||
Next plc (Multiline retail) | 4,306 | 334 | ||||||||
Prudential plc (Insurance) | 41,786 | 781 | ||||||||
Reckitt Benckiser Group plc (Household products) | 12,803 | 1,238 | ||||||||
Regus plc (Commercial services & supplies) | 125,137 | 569 | ||||||||
RELX plc (Media) | 66,762 | 1,241 | ||||||||
Rio Tinto plc (Metals & mining) | 39,985 | 1,123 | ||||||||
Schroders plc (Capital markets) | 21,895 | 844 | ||||||||
Travis Perkins plc (Trading companies & distributors) | 23,780 | 624 | ||||||||
UBM plc (Media) | 56,843 | 491 | ||||||||
Unilever N.V. (Personal products) | 40,507 | 1,815 | ||||||||
Whitbread plc (Hotels, restaurants & leisure) | 12,299 | 699 | ||||||||
Wolseley plc (Trading companies & distributors) | 18,309 | 1,036 | ||||||||
WPP plc (Media) | 43,058 | 1,006 | ||||||||
17,952 | ||||||||||
Japan—17.9% | ||||||||||
Astellas Pharma, Inc. (Pharmaceuticals) | 26,200 | 348 | ||||||||
Daikin Industries, Ltd. (Building products) | 6,518 | 487 | ||||||||
Fuji Heavy Industries, Ltd. (Automobiles) | 22,372 | 790 | ||||||||
GLP J-Reit (Real estate investment trusts (REITs)) | 493 | 562 | ||||||||
Hitachi Capital Corporation (Consumer finance) | 19,800 | 431 | ||||||||
Hoya Corporation (Health care equipment & supplies) | 17,664 | 672 | ||||||||
Japan Exchange Group, Inc. (Diversified financial services) | 44,500 | 682 | ||||||||
Kao Corporation (Personal products) | 14,789 | 789 | ||||||||
Keyence Corporation (Electronic equipment, instruments & components) | 1,205 | 657 | ||||||||
Mitsubishi UFJ Financial Group, Inc. (Banks) | 176,900 | 820 | ||||||||
Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components) | 4,200 | 506 | ||||||||
Nihon M&A Center, Inc. (Capital markets) | 8,570 | 499 | ||||||||
Nippon Prologis REIT, Inc. (Real estate investment trusts (REITs)) | 390 | 873 | ||||||||
Obic Co., Ltd. (IT services) | 8,274 | 438 | ||||||||
ORIX Corporation (Diversified financial services) | 58,729 | 838 | ||||||||
SCSK Corporation (IT services) | 21,263 | 831 | ||||||||
Shimano, Inc. (Leisure products) | 3,800 | 596 | ||||||||
Sumitomo Realty & Development Co., Ltd. (Real estate management & development) | 12,000 | 351 | ||||||||
11,170 | ||||||||||
Canada—7.6% | ||||||||||
Alimentation Couche Tard, Inc. Class “B” (Food & staples retailing) | 14,325 | 638 | ||||||||
Canadian National Railway Co. (Road & rail)† | 14,890 | 930 | ||||||||
Canadian Natural Resources, Ltd. (Oil, gas & consumable fuels) | 39,374 | 1,065 | ||||||||
Enerplus Corporation (Oil, gas & consumable fuels) | 139,946 | 548 | ||||||||
Intact Financial Corporation (Insurance) | 7,065 | 495 | ||||||||
The Toronto-Dominion Bank (Banks)† | 23,910 | 1,031 | ||||||||
4,707 |
See accompanying Notes to Portfolio of Investments.
International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—7.1% | ||||||||||
China—0.5% | ||||||||||
China Everbright International, Ltd. (Commercial services & supplies) | 305,765 | $ | 343 | |||||||
India—1.3% | ||||||||||
HDFC Bank, Ltd.—ADR (Banks) | 12,628 | 778 | ||||||||
Taiwan—4.5% | ||||||||||
Largan Precision Co., Ltd. (Electronic equipment, instruments & components) | 6,000 | 465 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 56,000 | 430 | ||||||||
Novatek Microelectronics Corporation (Semiconductors & semiconductor equipment) | 128,000 | 515 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 52,731 | 1,381 | ||||||||
2,791 | ||||||||||
Thailand—0.8% | ||||||||||
CP ALL PCL (Food & staples retailing) | 371,900 | 484 | ||||||||
Asia—2.7% | ||||||||||
Australia—1.0% | ||||||||||
Macquarie Group, Ltd. (Capital markets) | 11,949 | 605 | ||||||||
Hong Kong—1.7% | ||||||||||
AIA Group, Ltd. (Insurance) | 186,186 | 1,055 | ||||||||
Emerging Latin America—2.1% | ||||||||||
Mexico—1.0% | ||||||||||
Grupo Financiero Santander Mexico S.A.B. de C.V. Class “B” (Banks) | 61,600 | 112 | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 202,000 | 478 | ||||||||
590 | ||||||||||
Peru—1.1% | ||||||||||
Credicorp, Ltd. (Banks)† | 5,270 | 690 | ||||||||
Total Common Stocks—96.0% (cost $55,007) | 59,704 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $1,702, collateralized by FHLB, 3.180%, due 11/26/32 | $ | 1,702 | 1,702 | |||||||
Total Repurchase Agreement—2.7% (cost $1,702) | 1,702 | |||||||||
Total Investments—98.7% (cost $56,709) | 61,406 | |||||||||
Cash and other assets, less liabilities—1.3% | 814 | |||||||||
Net assets—100.0% | $ | 62,220 |
See accompanying Notes to Portfolio of Investments.
International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Financials | 21.6 | % | ||
Consumer Discretionary | 17.1 | % | ||
Industrials | 15.7 | % | ||
Consumer Staples | 13.1 | % | ||
Information Technology | 12.5 | % | ||
Health Care | 8.4 | % | ||
Energy | 6.1 | % | ||
Materials | 3.9 | % | ||
Utilities | 1.6 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
British Pound Sterling | 27.0 | % | ||
Euro | 25.0 | % | ||
Japanese Yen | 18.7 | % | ||
U.S. Dollar | 10.1 | % | ||
Canadian Dollar | 4.6 | % | ||
Swiss Franc | 3.9 | % | ||
New Taiwan Dollar | 2.4 | % | ||
Hong Kong Dollar | 2.3 | % | ||
Danish Krone | 1.9 | % | ||
Swedish Krona | 1.3 | % | ||
Australian Dollar | 1.0 | % | ||
All Other Currencies | 1.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Institutional International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe—30.1% | ||||||||||
Belgium—2.8% | ||||||||||
Anheuser-Busch InBev N.V. (Beverages) | 2,046 | $ | 255 | |||||||
UCB S.A. (Pharmaceuticals) | 2,408 | 184 | ||||||||
439 | ||||||||||
Denmark—1.8% | ||||||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 3,204 | 174 | ||||||||
Vestas Wind Systems A/S (Electrical equipment) | 1,500 | 106 | ||||||||
280 | ||||||||||
Finland—1.2% | ||||||||||
Kone Oyj Class “B” (Machinery) | 3,904 | 188 | ||||||||
France—8.1% | ||||||||||
AXA S.A. (Insurance) | 10,149 | 239 | ||||||||
Cap Gemini S.A. (IT services) | 2,398 | 225 | ||||||||
Essilor International S.A. (Health care equipment & supplies) | 1,239 | 153 | ||||||||
Thales S.A. (Aerospace & defense) | 1,734 | 152 | ||||||||
Total S.A. (Oil, gas & consumable fuels) | 5,650 | 258 | ||||||||
Veolia Environnement S.A. (Multi-utilities) | 10,025 | 241 | ||||||||
1,268 | ||||||||||
Germany—4.8% | ||||||||||
BASF SE (Chemicals) | 1,858 | 140 | ||||||||
Continental AG (Auto components) | 980 | 223 | ||||||||
Fresenius SE & Co. KGaA (Health care providers & services) | 2,726 | 199 | ||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 12,728 | 181 | ||||||||
743 | ||||||||||
Italy—0.7% | ||||||||||
Intesa Sanpaolo SpA (Banks) | 40,090 | 111 | ||||||||
Netherlands—3.7% | ||||||||||
* | NXP Semiconductor N.V. (Semiconductors & semiconductor equipment)† | 1,874 | 152 | |||||||
Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels) | 10,846 | 263 | ||||||||
* | Sensata Technologies Holding N.V. (Electrical equipment)† | 4,148 | 161 | |||||||
576 | ||||||||||
Spain—2.0% | ||||||||||
Atresmedia Corporation de Medios de Comunicaion S.A. (Media) | 8,592 | 94 | ||||||||
Industria de Diseno Textil S.A. (Specialty retail) | 6,226 | 210 | ||||||||
304 | ||||||||||
Sweden—1.2% | ||||||||||
Assa Abloy AB Class “B” (Building products) | 9,462 | 187 | ||||||||
Switzerland—3.8% | ||||||||||
Cie Financiere Richemont S.A. (Textiles, apparel & luxury goods) | 2,468 | 163 | ||||||||
Nestle S.A. (Food products) | 1,635 | 122 | ||||||||
Roche Holding AG (Pharmaceuticals) | 1,222 | 301 | ||||||||
586 |
See accompanying Notes to Portfolio of Investments.
Institutional International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
United Kingdom—29.1% | ||||||||||
Babcock International Group plc (Commercial services & supplies) | 14,102 | $ | 192 | |||||||
Bunzl plc (Trading companies & distributors) | 4,556 | 132 | ||||||||
Compass Group plc (Hotels, restaurants & leisure) | 24,696 | 436 | ||||||||
Diageo plc (Beverages) | 8,526 | 230 | ||||||||
Experian plc (Professional services) | 13,686 | 245 | ||||||||
InterContinental Hotels Group plc (Hotels, restaurants & leisure) | 3,720 | 153 | ||||||||
Johnson Matthey plc (Chemicals) | 4,186 | 165 | ||||||||
Next plc (Multiline retail) | 1,089 | 84 | ||||||||
Prudential plc (Insurance) | 10,570 | 198 | ||||||||
Reckitt Benckiser Group plc (Household products) | 3,217 | 311 | ||||||||
Regus plc (Commercial services & supplies) | 31,737 | 144 | ||||||||
RELX plc (Media) | 16,881 | 314 | ||||||||
Rio Tinto plc (Metals & mining) | 10,133 | 285 | ||||||||
Schroders plc (Capital markets) | 5,544 | 214 | ||||||||
Travis Perkins plc (Trading companies & distributors) | 6,030 | 158 | ||||||||
UBM plc (Media) | 14,378 | 124 | ||||||||
Unilever N.V. (Personal products) | 10,204 | 457 | ||||||||
Whitbread plc (Hotels, restaurants & leisure) | 3,098 | 176 | ||||||||
Wolseley plc (Trading companies & distributors) | 4,631 | 262 | ||||||||
WPP plc (Media) | 10,892 | 255 | ||||||||
4,535 | ||||||||||
Japan—18.2% | ||||||||||
Astellas Pharma, Inc. (Pharmaceuticals) | 6,538 | 87 | ||||||||
Daikin Industries, Ltd. (Building products) | 1,606 | 120 | ||||||||
Fuji Heavy Industries, Ltd. (Automobiles) | 5,700 | 201 | ||||||||
GLP J-Reit (Real estate investment trusts (REITs)) | 124 | 141 | ||||||||
Hitachi Capital Corporation (Consumer finance) | 5,000 | 109 | ||||||||
Hoya Corporation (Health care equipment & supplies) | 4,500 | 171 | ||||||||
Japan Exchange Group, Inc. (Diversified financial services) | 11,200 | 172 | ||||||||
Kao Corporation (Personal products) | 3,700 | 197 | ||||||||
Keyence Corporation (Electronic equipment, instruments & components) | 300 | 164 | ||||||||
Mitsubishi UFJ Financial Group, Inc. (Banks) | 44,400 | 206 | ||||||||
Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components) | 1,100 | 133 | ||||||||
Nihon M&A Center, Inc. (Capital markets) | 2,200 | 128 | ||||||||
Nippon Prologis REIT, Inc. (Real estate investment trusts (REITs)) | 98 | 219 | ||||||||
Obic Co., Ltd. (IT services) | 2,100 | 111 | ||||||||
ORIX Corporation (Diversified financial services) | 14,812 | 211 | ||||||||
SCSK Corporation (IT services) | 5,383 | 211 | ||||||||
Shimano, Inc. (Leisure products) | 900 | 141 | ||||||||
Sumitomo Realty & Development Co., Ltd. (Real estate management & development) | 4,000 | 117 | ||||||||
2,839 | ||||||||||
Canada—7.6% | ||||||||||
Alimentation Couche Tard, Inc. Class “B” (Food & staples retailing) | 3,599 | 160 | ||||||||
Canadian National Railway Co. (Road & rail)† | 3,766 | 235 | ||||||||
Canadian Natural Resources, Ltd. (Oil, gas & consumable fuels) | 9,960 | 270 | ||||||||
Enerplus Corporation (Oil, gas & consumable fuels) | 35,147 | 138 | ||||||||
Intact Financial Corporation (Insurance) | 1,787 | 125 | ||||||||
The Toronto-Dominion Bank (Banks)† | 6,048 | 261 | ||||||||
1,189 |
See accompanying Notes to Portfolio of Investments.
Institutional International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—6.8% | ||||||||||
China—0.5% | ||||||||||
China Everbright International, Ltd. (Commercial services & supplies) | 77,037 | $ | 86 | |||||||
India—1.3% | ||||||||||
HDFC Bank, Ltd.—ADR (Banks) | 3,194 | 197 | ||||||||
Taiwan—4.2% | ||||||||||
Largan Precision Co., Ltd. (Electronic equipment, instruments & components) | 1,000 | 78 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 14,000 | 107 | ||||||||
Novatek Microelectronics Corporation (Semiconductors & semiconductor equipment) | 32,000 | 129 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 13,241 | 347 | ||||||||
661 | ||||||||||
Thailand—0.8% | ||||||||||
CP ALL PCL (Food & staples retailing) | 93,300 | 121 | ||||||||
Asia—2.7% | ||||||||||
Australia—1.0% | ||||||||||
Macquarie Group, Ltd. (Capital markets) | 3,002 | 152 | ||||||||
Hong Kong—1.7% | ||||||||||
AIA Group, Ltd. (Insurance) | 47,071 | 267 | ||||||||
Emerging Latin America—2.1% | ||||||||||
Mexico—1.0% | ||||||||||
Grupo Financiero Santander Mexico S.A.B. de C.V. Class “B” (Banks) | 15,400 | 28 | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 50,700 | 120 | ||||||||
148 | ||||||||||
Peru—1.1% | ||||||||||
Credicorp, Ltd. (Banks)† | 1,324 | 173 | ||||||||
Total Common Stocks—96.6% (cost $14,333) |
15,050 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $261, collateralized by FHLMC, 4.125%, due 10/11/33 | $ | 261 | 261 | |||||||
Total Repurchase Agreement—1.7% (cost $261) |
261 | |||||||||
Total Investments—98.3% (cost $14,594) |
15,311 | |||||||||
Cash and other assets, less liabilities—1.7% | 269 | |||||||||
Net assets—100.0% | $ | 15,580 |
See accompanying Notes to Portfolio of Investments.
Institutional International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
Institutional International Equity Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials | 21.7 | % | ||
Consumer Discretionary | 17.2 | % | ||
Industrials | 15.7 | % | ||
Consumer Staples | 13.1 | % | ||
Information Technology | 12.2 | % | ||
Health Care | 8.4 | % | ||
Energy | 6.2 | % | ||
Materials | 3.9 | % | ||
Utilities | 1.6 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
British Pound Sterling | 27.1 | % | ||
Euro | 25.1 | % | ||
Japanese Yen | 18.9 | % | ||
U.S. Dollar | 10.1 | % | ||
Canadian Dollar | 4.6 | % | ||
Swiss Franc | 3.9 | % | ||
Hong Kong Dollar | 2.3 | % | ||
New Taiwan Dollar | 2.1 | % | ||
Danish Krone | 1.9 | % | ||
Swedish Krona | 1.2 | % | ||
Australian Dollar | 1.0 | % | ||
All Other Currencies | 1.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe, Mid-East—41.9% | ||||||||||
Belgium—1.1% | ||||||||||
KBC Groep N.V. (Banks) | 467,233 | $ | 24,103 | |||||||
* | Telenet Group Holding N.V. (Media) | 273,972 | 13,868 | |||||||
37,971 | ||||||||||
Denmark—2.9% | ||||||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 172,894 | 13,101 | ||||||||
DSV A/S (Road & rail) | 246,718 | 10,270 | ||||||||
ISS A/S (Commercial services & supplies) | 281,651 | 11,307 | ||||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 543,182 | 29,463 | ||||||||
Pandora A/S (Textiles, apparel & luxury goods) | 131,928 | 17,276 | ||||||||
Vestas Wind Systems A/S (Electrical equipment) | 246,453 | 17,387 | ||||||||
98,804 | ||||||||||
Finland—2.5% | ||||||||||
* | Elisa Oyj (Diversified telecommunication services) | 191,694 | 7,454 | |||||||
Kone Oyj Class “B” (Machinery) | 786,346 | 37,903 | ||||||||
Sampo Oyj Class “A” (Insurance) | 815,695 | 38,742 | ||||||||
84,099 | ||||||||||
France—9.6% | ||||||||||
AXA S.A. (Insurance) | 1,502,628 | 35,377 | ||||||||
Cap Gemini S.A. (IT services) | 289,386 | 27,193 | ||||||||
Christian Dior SE (Textiles, apparel & luxury goods) | 90,311 | 16,381 | ||||||||
Essilor International S.A. (Health care equipment & supplies) | 110,785 | 13,684 | ||||||||
Hermes International (Textiles, apparel & luxury goods) | 30,153 | 10,618 | ||||||||
Orpea (Health care providers & services) | 68,780 | 5,727 | ||||||||
Plastic Omnium S.A. (Auto components) | 156,118 | 5,369 | ||||||||
Technicolor S.A. (Media) | 663,954 | 4,148 | ||||||||
Thales S.A. (Aerospace & defense) | 234,215 | 20,521 | ||||||||
Total S.A. (Oil, gas & consumable fuels) | 1,354,024 | 61,722 | ||||||||
Unibail-Rodamco SE (Real estate investment trusts (REITs)) | 78,113 | 21,492 | ||||||||
Valeo S.A. (Auto components) | 233,782 | 36,392 | ||||||||
Veolia Environnement S.A. (Multi-utilities) | 1,126,766 | 27,143 | ||||||||
Vinci S.A. (Construction & engineering) | 552,336 | 41,148 | ||||||||
326,915 | ||||||||||
Germany—6.1% | ||||||||||
Bayerische Motoren Werke AG (Automobiles) | 194,084 | 17,822 | ||||||||
Brenntag AG (Trading companies & distributors) | 213,638 | 12,204 | ||||||||
Continental AG (Auto components) | 173,455 | 39,475 | ||||||||
Deutsche Telekom AG (Diversified telecommunication services) | 962,262 | 17,273 | ||||||||
Deutsche Wohnen AG (Real estate management & development) | 278,536 | 8,662 | ||||||||
Evonik Industries AG (Chemicals) | 221,361 | 6,641 | ||||||||
Gerresheimer AG (Life sciences tools & services) | 67,921 | 5,327 | ||||||||
ProSiebenSat.1 Media SE (Media) | 552,483 | 28,406 | ||||||||
Rubis SCA (Gas utilities) | 68,190 | 5,476 | ||||||||
SAP SE (Software) | 509,374 | 41,211 | ||||||||
TUI AG (Hotels, restaurants & leisure) | 1,002,397 | 15,644 | ||||||||
Vonovia SE (Real estate management & development) | 249,965 | 8,995 | ||||||||
207,136 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Europe, Mid-East—(continued) | ||||||||||
Ireland—1.8% | ||||||||||
* | ICON plc (Life sciences tools & services)† | 249,623 | $ | 18,747 | ||||||
Kingspan Group plc (Building products) | 291,805 | 7,753 | ||||||||
Shire plc (Pharmaceuticals) | 593,448 | 33,744 | ||||||||
60,244 | ||||||||||
Israel—2.2% | ||||||||||
* | Check Point Software Technologies, Ltd. (Software)† | 488,433 | 42,723 | |||||||
Teva Pharmaceutical Industries, Ltd.—ADR (Pharmaceuticals) | 580,197 | 31,047 | ||||||||
73,770 | ||||||||||
Italy—1.6% | ||||||||||
Azimut Holding SpA (Capital markets) | 450,938 | 10,391 | ||||||||
Banca Generali SpA (Capital markets) | 445,795 | 13,113 | ||||||||
Intesa Sanpaolo SpA (Banks) | 9,539,627 | 26,421 | ||||||||
* | Yoox Net-A-Porter Group SpA (Internet & catalog retail) | 177,394 | 5,444 | |||||||
55,369 | ||||||||||
Luxembourg—0.3% | ||||||||||
Eurofins Scientific SE (Life sciences tools & services) | 28,690 | 10,524 | ||||||||
Netherlands—3.4% | ||||||||||
GrandVision N.V.—144A (Specialty retail) | 166,194 | 4,737 | ||||||||
* | NXP Semiconductor N.V. (Semiconductors & semiconductor equipment)† | 367,035 | 29,756 | |||||||
Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels) | 2,097,645 | 50,937 | ||||||||
Wolters Kluwer N.V. (Media) | 792,138 | 31,620 | ||||||||
117,050 | ||||||||||
Norway—0.4% | ||||||||||
Gjensidige Forsikring ASA (Insurance) | 502,144 | 8,562 | ||||||||
Telenor ASA (Diversified telecommunication services) | 399,089 | 6,458 | ||||||||
15,020 | ||||||||||
Portugal—1.5% | ||||||||||
Jeronimo Martins SGPS S.A. (Food & staples retailing) | 773,219 | 12,652 | ||||||||
NOS SGPS S.A. (Media) | 675,606 | 4,505 | ||||||||
Safran S.A. (Aerospace & defense) | 492,253 | 34,437 | ||||||||
51,594 | ||||||||||
Spain—2.2% | ||||||||||
Amadeus IT Holding S.A. Class “A” (IT services) | 726,829 | 31,172 | ||||||||
Bankinter S.A. (Banks) | 2,094,033 | 14,797 | ||||||||
* | Distribuidora Internacional de Alimentacion S.A. (Food & staples retailing) | 1,324,465 | 6,881 | |||||||
Industria de Diseno Textil S.A. (Specialty retail) | 619,272 | 20,834 | ||||||||
Viscofan S.A. (Food products) | 25,891 | 1,551 | ||||||||
75,235 | ||||||||||
Sweden—1.9% | ||||||||||
Assa Abloy AB Class “B” (Building products) | 748,522 | 14,771 | ||||||||
Atlas Copco AB Class “A” (Machinery) | 753,790 | 18,970 | ||||||||
BillerudKorsnas AB (Containers & packaging) | 293,055 | 4,790 | ||||||||
Hexpol AB (Chemicals) | 561,159 | 6,238 | ||||||||
Intrum Justitia AB (Commercial services & supplies) | 174,504 | 6,156 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Europe, Mid-East—(continued) | ||||||||||
Sweden—(continued) | ||||||||||
Swedbank AB Class “A” (Banks) | 689,701 | $ | 14,859 | |||||||
65,784 | ||||||||||
Switzerland—4.4% | ||||||||||
* | Actelion, Ltd. (Biotechnology) | 212,324 | 31,731 | |||||||
* | Clariant AG (Chemicals) | 863,342 | 15,623 | |||||||
Logitech International S.A. (Technology hardware, storage & peripherals) | 314,425 | 5,003 | ||||||||
* | Lonza Group AG (Life sciences tools & services) | 139,870 | 23,667 | |||||||
* | Luxoft Holding, Inc. (IT services)† | 76,212 | 4,194 | |||||||
Partners Group Holding AG (Capital markets) | 97,408 | 39,154 | ||||||||
Roche Holding AG (Pharmaceuticals) | 94,537 | 23,272 | ||||||||
Straumann Holding AG (Health care equipment & supplies) | 18,699 | 6,446 | ||||||||
149,090 | ||||||||||
United Kingdom—17.3% | ||||||||||
Admiral Group plc (Insurance) | 421,973 | 12,018 | ||||||||
Babcock International Group plc (Commercial services & supplies) | 615,352 | 8,392 | ||||||||
Berkeley Group Holdings plc (Household durables) | 286,734 | 13,252 | ||||||||
BT Group plc (Diversified telecommunication services) | 3,423,086 | 21,657 | ||||||||
Bunzl plc (Trading companies & distributors) | 591,915 | 17,198 | ||||||||
Compass Group plc (Hotels, restaurants & leisure) | 2,185,727 | 38,550 | ||||||||
Croda International plc (Chemicals) | 191,270 | 8,348 | ||||||||
Derwent London plc (Real estate investment trusts (REITs)) | 170,612 | 7,724 | ||||||||
Diageo plc (Beverages) | 928,431 | 25,089 | ||||||||
easyJet plc (Airlines) | 819,142 | 17,871 | ||||||||
Experian plc (Professional services) | 1,028,289 | 18,387 | ||||||||
Halma plc (Electronic equipment, instruments & components) | 691,426 | 9,052 | ||||||||
Hiscox, Ltd. (Insurance) | 673,462 | 9,373 | ||||||||
Inchcape plc (Distributors) | 708,727 | 7,364 | ||||||||
Intertek Group plc (Professional services) | 342,058 | 15,559 | ||||||||
ITV plc (Media) | 6,759,887 | 23,418 | ||||||||
Micro Focus International plc (Software) | 433,130 | 9,767 | ||||||||
Moneysupermarket.com Group plc (Internet software & services) | 1,061,418 | 4,843 | ||||||||
Next plc (Multiline retail) | 229,225 | 17,778 | ||||||||
Provident Financial plc (Consumer finance) | 490,471 | 20,887 | ||||||||
Prudential plc (Insurance) | 1,270,712 | 23,744 | ||||||||
Reckitt Benckiser Group plc (Household products) | 304,538 | 29,436 | ||||||||
RELX plc (Media) | 1,226,288 | 22,791 | ||||||||
SEB S.A. (Household durables) | 36,127 | 3,747 | ||||||||
Sodexo S.A. (Hotels, restaurants & leisure) | 153,728 | 16,573 | ||||||||
Spirax-Sarco Engineering plc (Machinery) | 19,099 | 998 | ||||||||
SSE plc (Electric utilities) | 814,405 | 17,452 | ||||||||
Taylor Wimpey plc (Household durables) | 3,460,119 | 9,457 | ||||||||
The Sage Group plc (Software) | 1,741,380 | 15,732 | ||||||||
UBM plc (Media) | 674,323 | 5,821 | ||||||||
Unilever plc (Personal products) | 1,390,237 | 62,947 | ||||||||
WH Smith plc (Specialty retail) | 204,919 | 5,351 | ||||||||
Whitbread plc (Hotels, restaurants & leisure) | 239,014 | 13,594 | ||||||||
Wolseley plc (Trading companies & distributors) | 468,258 | 26,491 | ||||||||
WPP plc (Media) | 1,222,802 | 28,574 | ||||||||
589,235 | ||||||||||
Japan—14.8% | ||||||||||
Alps Electric Co., Ltd. (Electronic equipment, instruments & components) | 291,100 | 5,075 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Japan—(continued) | ||||||||||
Casio Computer Co., Ltd. (Household durables) | 560,300 | $ | 11,306 | |||||||
Daicel Corporation (Chemicals) | 838,100 | 11,453 | ||||||||
Daifuku Co., Ltd. (Machinery) | 341,426 | 5,755 | ||||||||
Daikin Industries, Ltd. (Building products) | 434,400 | 32,469 | ||||||||
Daito Trust Construction Co., Ltd. (Real estate management & development) | 59,400 | 8,434 | ||||||||
Daiwa House Industry Co., Ltd. (Real estate management & development) | 1,083,200 | 30,471 | ||||||||
Fuji Heavy Industries, Ltd. (Automobiles) | 492,000 | 17,377 | ||||||||
Haseko Corporation (Household durables) | 434,500 | 4,046 | ||||||||
Hoya Corporation (Health care equipment & supplies) | 439,500 | 16,718 | ||||||||
IT Holdings Corporation (IT services) | 231,100 | 5,470 | ||||||||
Japan Tobacco, Inc. (Tobacco) | 572,300 | 23,849 | ||||||||
Kao Corporation (Personal products) | 560,600 | 29,902 | ||||||||
KDDI Corporation (Wireless telecommunication services) | 1,397,700 | 37,332 | ||||||||
Keyence Corporation (Electronic equipment, instruments & components) | 33,100 | 18,055 | ||||||||
Lawson, Inc. (Food & staples retailing) | 99,500 | 8,328 | ||||||||
M3, Inc. (Health care technology) | 366,200 | 9,215 | ||||||||
Makita Corporation (Machinery) | 171,100 | 10,612 | ||||||||
Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components) | 312,700 | 37,703 | ||||||||
Nippon Prologis REIT, Inc. (Real estate investment trusts (REITs)) | 2,508 | 5,613 | ||||||||
Nissan Chemical Industries, Ltd. (Chemicals) | 269,200 | 6,937 | ||||||||
Nitori Holdings Co., Ltd. (Specialty retail) | 65,400 | 5,991 | ||||||||
ORIX Corporation (Diversified financial services) | 3,157,900 | 45,049 | ||||||||
Pola Orbis Holdings, Inc. (Personal products) | 104,800 | 8,688 | ||||||||
Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals) | 79,100 | 4,955 | ||||||||
SCSK Corporation (IT services) | 191,200 | 7,475 | ||||||||
Secom Co., Ltd. (Commercial services & supplies) | 136,900 | 10,176 | ||||||||
Shionogi & Co., Ltd. (Pharmaceuticals) | 451,400 | 21,245 | ||||||||
Sumitomo Realty & Development Co., Ltd. (Real estate management & development) | 676,000 | 19,785 | ||||||||
Tadano, Ltd. (Machinery) | 589,000 | 5,469 | ||||||||
Taisei Corporation (Construction & engineering) | 2,519,000 | 16,652 | ||||||||
Temp Holdings Co., Ltd. (Professional services) | 360,500 | 5,228 | ||||||||
Trend Micro, Inc. (Software) | 158,500 | 5,802 | ||||||||
Tsuruha Holdings, Inc. (Food & staples retailing) | 102,100 | 10,043 | ||||||||
502,678 | ||||||||||
Emerging Asia—10.8% | ||||||||||
China—3.9% | ||||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet software & services) | 147,906 | 11,689 | |||||||
* | Baidu, Inc.—ADR (Internet software & services) | 100,097 | 19,107 | |||||||
China Overseas Land & Investment, Ltd. (Real estate management & development) | 5,188,000 | 16,419 | ||||||||
China Resources Land, Ltd. (Real estate management & development) | 4,126,000 | 10,563 | ||||||||
ENN Energy Holdings, Ltd. (Gas utilities) | 1,826,000 | 10,075 | ||||||||
NetEase, Inc.—ADR (Internet software & services) | 132,416 | 19,012 | ||||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 3,885,000 | 18,605 | ||||||||
Tencent Holdings, Ltd. (Internet software & services) | 1,344,100 | 27,463 | ||||||||
132,933 | ||||||||||
India—1.6% | ||||||||||
Bharat Petroleum Corporation, Ltd. (Oil, gas & consumable fuels) | 413,173 | 5,649 | ||||||||
HDFC Bank, Ltd. (Banks) | 915,885 | 14,823 | ||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 546,729 | 9,139 | ||||||||
Maruti Suzuki India, Ltd. (Automobiles) | 147,989 | 8,291 | ||||||||
Tata Consultancy Services, Ltd. (IT services) | 291,610 | 11,141 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
India—(continued) | ||||||||||
Yes Bank, Ltd. (Banks) | 455,588 | $ | 5,965 | |||||||
55,008 | ||||||||||
Indonesia—0.5% | ||||||||||
PT Bank Central Asia Tbk (Banks) | 16,513,100 | 16,563 | ||||||||
South Korea—2.5% | ||||||||||
Amorepacific Corporation (Personal products) | 18,361 | 6,206 | ||||||||
LG Chem, Ltd. (Chemicals) | 44,920 | 12,864 | ||||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 37,412 | 42,921 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 348,860 | 8,587 | ||||||||
SK Innovation Co., Ltd. (Oil, gas & consumable fuels) | 104,799 | 15,762 | ||||||||
86,340 | ||||||||||
Taiwan—2.3% | ||||||||||
Catcher Technology Co., Ltd. (Technology hardware, storage & peripherals) | 1,121,000 | 9,195 | ||||||||
Chipbond Technology Corporation (Semiconductors & semiconductor equipment) | 2,864,000 | 4,627 | ||||||||
Largan Precision Co., Ltd. (Electronic equipment, instruments & components) | 194,000 | 15,040 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 1,859,513 | 48,719 | ||||||||
77,581 | ||||||||||
Canada—5.8% | ||||||||||
Alimentation Couche Tard, Inc. Class “B” (Food & staples retailing) | 259,567 | 11,552 | ||||||||
Brookfield Asset Management, Inc. Class “A” (Real estate management & development)† | 906,620 | 31,541 | ||||||||
Canadian Natural Resources, Ltd. (Oil, gas & consumable fuels) | 308,493 | 8,345 | ||||||||
CI Financial Corporation (Capital markets) | 483,984 | 10,695 | ||||||||
Constellation Software, Inc. (Software) | 15,472 | 6,335 | ||||||||
Dollarama, Inc. (Multiline retail) | 213,674 | 15,036 | ||||||||
Enbridge, Inc. (Oil, gas & consumable fuels) | 746,146 | 29,047 | ||||||||
Intact Financial Corporation (Insurance) | 156,948 | 10,989 | ||||||||
Suncor Energy, Inc. (Oil, gas & consumable fuels) | 893,222 | 24,876 | ||||||||
The Toronto-Dominion Bank (Banks) | 1,119,578 | 48,326 | ||||||||
196,742 | ||||||||||
Asia—4.1% | ||||||||||
Australia—1.8% | ||||||||||
Flight Centre Travel Group Ltd. (Hotels, restaurants & leisure) | 185,149 | 6,136 | ||||||||
James Hardie Industries plc (Construction materials) | 616,500 | 8,440 | ||||||||
JB Hi-Fi, Ltd. (Specialty retail) | 186,337 | 3,368 | ||||||||
LendLease Group (Real estate management & development) | 1,138,216 | 12,102 | ||||||||
Macquarie Group, Ltd. (Capital markets) | 493,044 | 24,978 | ||||||||
Vicinity Centres (Real estate investment trusts (REITs)) | 2,199,224 | 5,378 | ||||||||
60,402 | ||||||||||
Hong Kong—1.3% | ||||||||||
AIA Group, Ltd. (Insurance) | 4,818,000 | 27,297 | ||||||||
* | China High Precision Automation Group, Ltd. (Electronic equipment, instruments & components)**§ | 6,597,000 | — | |||||||
Techtronic Industries Co., Ltd. (Household durables) | 4,278,500 | 16,932 | ||||||||
44,229 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Asia—(continued) | ||||||||||
Singapore—1.0% | ||||||||||
Jardine Cycle & Carriage, Ltd. (Distributors) | 292,200 | $ | 8,678 | |||||||
Singapore Telecommunications, Ltd. (Diversified telecommunication services) | 9,197,800 | 26,068 | ||||||||
34,746 | ||||||||||
Emerging Latin America—2.3% | ||||||||||
Brazil—1.4% | ||||||||||
AMBEV S.A.—ADR (Beverages) | 6,510,753 | 33,726 | ||||||||
BB Seguridade Participacoes S.A. (Insurance) | 1,747,100 | 14,431 | ||||||||
48,157 | ||||||||||
Mexico—0.5% | ||||||||||
Arca Continental S.A.B. de C.V. (Beverages) | 1,250,306 | 8,679 | ||||||||
Fomento Economico Mexicano S.A.B. de C.V.—ADR (Beverages) | 80,143 | 7,718 | ||||||||
16,397 | ||||||||||
Peru—0.4% | ||||||||||
Credicorp, Ltd. (Banks)† | 115,335 | 15,110 | ||||||||
Emerging Europe, Mid-East, Africa—1.8% | ||||||||||
South Africa—1.5% | ||||||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 334,971 | 8,463 | ||||||||
Naspers, Ltd. (Media) | 171,751 | 23,976 | ||||||||
Steinhoff International Holdings N.V. (Household durables) | 2,821,927 | 18,512 | ||||||||
50,951 | ||||||||||
United Arab Emirates—0.3% | ||||||||||
Dubai Islamic Bank PJSC (Banks) | 5,744,532 | 9,274 | ||||||||
Total Common Stocks—98.8% (cost $3,129,593) |
3,364,951 | |||||||||
Affiliated Fund | ||||||||||
China—0.1% | ||||||||||
William Blair China A-Share Fund, LLC**§ | 133,038 | 2,327 | ||||||||
Total Affiliated Fund—0.1% (cost $1,330) |
2,327 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/15, due 4/1/16, repurchase price $22,520, collateralized by FHLB, 5.500%, due 7/15/36, and FHLMC, 4.125%, due 10/11/33, and FNMA, 3.250%-3.430%, due 12/27/32-5/27/33. | $ | 22,520 | 22,520 | |||||||
Total Repurchase Agreement—0.6% (cost $22,520) |
22,520 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Value | |||||||||
Total Investments—99.5% (cost $3,153,443) |
$ | 3,389,798 | ||||||||
Cash and other assets, less liabilities—0.5% | 15,763 | |||||||||
Net assets—100.0% | $ | 3,405,561 |
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. These holdings represent 0.07% of the Fund’s net assets at March 31, 2016.
§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.07% of the Fund’s net assets at March 31, 2016.
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
As of March 31, 2016, the Fund invested in William Blair China A-Share Fund, LLC, an affiliated fund. There are no unfunded commitments to the affiliated fund. The Fund may redeem its investment weekly, but is subject to monthly repatriation and other redemption restrictions imposed on the William Blair China A-Share Fund, LLC by the Chinese government.
Share Activity | Period Ended March 31, 2016 | |||||||||||||||||||||||||||||||
Change in net | ||||||||||||||||||||||||||||||||
unrealized | ||||||||||||||||||||||||||||||||
Balance | Balance | Dividend | Net realized | appreciation | ||||||||||||||||||||||||||||
Security Name | 12/31/2015 | Purchases | Sales | 03/31/2016 | Value | Income | gain (loss) | (depreciation) | ||||||||||||||||||||||||
William Blair China A-Share Fund, LLC | 223,614 | — | 90,576 | 133,038 | $ | 2,327 | $ | — | $ | 660 | $ | (695 | ) |
See accompanying Notes to Portfolio of Investments.
International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials | 22.3 | % | ||
Consumer Discretionary | 18.4 | % | ||
Information Technology | 15.6 | % | ||
Industrials | 12.8 | % | ||
Health Care | 8.9 | % | ||
Consumer Staples | 8.5 | % | ||
Energy | 5.8 | % | ||
Telecommunication Services | 3.5 | % | ||
Materials | 2.4 | % | ||
Utilities | 1.8 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro | 28.6 | % | ||
British Pound Sterling | 17.9 | % | ||
Japanese Yen | 14.9 | % | ||
U.S. Dollar | 9.4 | % | ||
Canadian Dollar | 4.9 | % | ||
Swiss Franc | 4.3 | % | ||
Hong Kong Dollar | 3.8 | % | ||
Danish Krone | 2.9 | % | ||
South Korean Won | 2.6 | % | ||
Swedish Krona | 2.0 | % | ||
Australian Dollar | 1.8 | % | ||
Indian Rupee | 1.6 | % | ||
South African Rand | 1.5 | % | ||
Singapore Dollar | 1.0 | % | ||
All Other Currencies | 2.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe, Mid-East—41.6% | ||||||||||
Belgium—1.1% | ||||||||||
KBC Groep N.V. (Banks) | 277,969 | $ | 14,339 | |||||||
* | Telenet Group Holding N.V. (Media) | 163,394 | 8,271 | |||||||
22,610 | ||||||||||
Denmark—2.9% | ||||||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 103,020 | 7,806 | ||||||||
DSV A/S (Road & rail) | 147,224 | 6,129 | ||||||||
ISS A/S (Commercial services & supplies) | 169,364 | 6,799 | ||||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 323,148 | 17,528 | ||||||||
Pandora A/S (Textiles, apparel & luxury goods) | 78,720 | 10,308 | ||||||||
Vestas Wind Systems A/S (Electrical equipment) | 146,616 | 10,344 | ||||||||
58,914 | ||||||||||
Finland—2.5% | ||||||||||
* | Elisa Oyj (Diversified telecommunication services) | 113,179 | 4,400 | |||||||
Kone Oyj Class “B” (Machinery) | 469,813 | 22,646 | ||||||||
Sampo Oyj Class “A” (Insurance) | 485,279 | 23,049 | ||||||||
50,095 | ||||||||||
France—9.5% | ||||||||||
AXA S.A. (Insurance) | 893,957 | 21,046 | ||||||||
Cap Gemini S.A. (IT services) | 172,525 | 16,212 | ||||||||
Christian Dior SE (Textiles, apparel & luxury goods) | 53,728 | 9,745 | ||||||||
Essilor International S.A. (Health care equipment & supplies) | 65,910 | 8,141 | ||||||||
Hermes International (Textiles, apparel & luxury goods) | 17,938 | 6,316 | ||||||||
Orpea (Health care providers & services) | 40,609 | 3,382 | ||||||||
Plastic Omnium S.A. (Auto components) | 92,175 | 3,170 | ||||||||
Technicolor S.A. (Media) | 392,010 | 2,449 | ||||||||
Thales S.A. (Aerospace & defense) | 140,217 | 12,286 | ||||||||
Total S.A. (Oil, gas & consumable fuels) | 807,814 | 36,824 | ||||||||
Unibail-Rodamco SE (Real estate investment trusts (REITs)) | 46,471 | 12,786 | ||||||||
Valeo S.A. (Auto components) | 139,083 | 21,650 | ||||||||
Veolia Environnement S.A. (Multi-utilities) | 670,346 | 16,148 | ||||||||
Vinci S.A. (Construction & engineering) | 329,989 | 24,584 | ||||||||
194,739 | ||||||||||
Germany—6.0% | ||||||||||
Bayerische Motoren Werke AG (Automobiles) | 115,675 | 10,622 | ||||||||
Brenntag AG (Trading companies & distributors) | 127,615 | 7,290 | ||||||||
Continental AG (Auto components) | 103,194 | 23,485 | ||||||||
Deutsche Telekom AG (Diversified telecommunication services) | 574,178 | 10,307 | ||||||||
Deutsche Wohnen AG (Real estate management & development) | 164,452 | 5,114 | ||||||||
Evonik Industries AG (Chemicals) | 130,695 | 3,921 | ||||||||
Gerresheimer AG (Life sciences tools & services) | 40,102 | 3,145 | ||||||||
ProSiebenSat.1 Media SE (Media) | 328,688 | 16,900 | ||||||||
Rubis SCA (Gas utilities) | 40,261 | 3,233 | ||||||||
SAP SE (Software) | 303,594 | 24,562 | ||||||||
TUI AG (Hotels, restaurants & leisure) | 596,354 | 9,307 | ||||||||
Vonovia SE (Real estate management & development) | 147,583 | 5,311 | ||||||||
123,197 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Europe, Mid-East—(continued) | ||||||||||
Ireland—1.8% | ||||||||||
* | ICON plc (Life sciences tools & services)† | 148,509 | $ | 11,153 | ||||||
Kingspan Group plc (Building products) | 172,286 | 4,578 | ||||||||
Shire plc (Pharmaceuticals) | 352,072 | 20,019 | ||||||||
35,750 | ||||||||||
Israel—2.2% | ||||||||||
* | Check Point Software Technologies, Ltd. (Software)† | 290,198 | 25,384 | |||||||
Teva Pharmaceutical Industries, Ltd.—ADR (Pharmaceuticals) | 346,650 | 18,549 | ||||||||
43,933 | ||||||||||
Italy—1.6% | ||||||||||
Azimut Holding SpA (Capital markets) | 266,241 | 6,135 | ||||||||
Banca Generali SpA (Capital markets) | 265,217 | 7,801 | ||||||||
Intesa Sanpaolo SpA (Banks) | 5,680,476 | 15,733 | ||||||||
* | Yoox Net-A-Porter Group SpA (Internet & catalog retail) | 104,736 | 3,214 | |||||||
32,883 | ||||||||||
Luxembourg—0.3% | ||||||||||
Eurofins Scientific SE (Life sciences tools & services) | 17,068 | 6,261 | ||||||||
Netherlands—3.4% | ||||||||||
GrandVision N.V.—144A (Specialty retail) | 98,029 | 2,794 | ||||||||
* | NXP Semiconductor N.V. (Semiconductors & semiconductor equipment)† | 218,359 | 17,702 | |||||||
Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels) | 1,247,949 | 30,304 | ||||||||
Wolters Kluwer N.V. (Media) | 471,311 | 18,814 | ||||||||
69,614 | ||||||||||
Norway—0.4% | ||||||||||
Gjensidige Forsikring ASA (Insurance) | 296,474 | 5,056 | ||||||||
Telenor ASA (Diversified telecommunication services) | 238,790 | 3,864 | ||||||||
8,920 | ||||||||||
Portugal—1.5% | ||||||||||
Jeronimo Martins SGPS S.A. (Food & staples retailing) | 460,010 | 7,527 | ||||||||
NOS SGPS S.A. (Media) | 398,889 | 2,660 | ||||||||
Safran S.A. (Aerospace & defense) | 293,391 | 20,525 | ||||||||
30,712 | ||||||||||
Spain—2.2% | ||||||||||
Amadeus IT Holding S.A. Class “A” (IT services) | 432,410 | 18,545 | ||||||||
Bankinter S.A. (Banks) | 1,245,801 | 8,803 | ||||||||
* | Distribuidora Internacional de Alimentacion S.A. (Food & staples retailing) | 781,987 | 4,063 | |||||||
Industria de Diseno Textil S.A. (Specialty retail) | 368,423 | 12,395 | ||||||||
Viscofan S.A. (Food products) | 15,493 | 928 | ||||||||
44,734 | ||||||||||
Sweden—1.9% | ||||||||||
Assa Abloy AB Class “B” (Building products) | 445,318 | 8,788 | ||||||||
Atlas Copco AB Class “A” (Machinery) | 448,238 | 11,280 | ||||||||
BillerudKorsnas AB (Containers & packaging) | 173,025 | 2,828 | ||||||||
Hexpol AB (Chemicals) | 331,318 | 3,683 | ||||||||
Intrum Justitia AB (Commercial services & supplies) | 103,030 | 3,635 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Europe, Mid-East—(continued) | ||||||||||
Sweden—(continued) | ||||||||||
Swedbank AB Class “A” (Banks) | 410,046 | $ | 8,834 | |||||||
39,048 | ||||||||||
Switzerland—4.3% | ||||||||||
* | Actelion, Ltd. (Biotechnology) | 126,857 | 18,958 | |||||||
* | Clariant AG (Chemicals) | 513,628 | 9,295 | |||||||
Logitech International S.A. (Technology hardware, storage & peripherals) | 185,642 | 2,954 | ||||||||
* | Lonza Group AG (Life sciences tools & services) | 83,338 | 14,101 | |||||||
* | Luxoft Holding, Inc. (IT services)† | 44,997 | 2,476 | |||||||
Partners Group Holding AG (Capital markets) | 58,057 | 23,337 | ||||||||
Roche Holding AG (Pharmaceuticals) | 56,361 | 13,874 | ||||||||
Straumann Holding AG (Health care equipment & supplies) | 11,040 | 3,806 | ||||||||
88,801 | ||||||||||
United Kingdom—17.2% | ||||||||||
Admiral Group plc (Insurance) | 251,745 | 7,170 | ||||||||
Babcock International Group plc (Commercial services & supplies) | 367,063 | 5,006 | ||||||||
Berkeley Group Holdings plc (Household durables) | 170,587 | 7,884 | ||||||||
BT Group plc (Diversified telecommunication services) | 2,045,194 | 12,939 | ||||||||
Bunzl plc (Trading companies & distributors) | 352,148 | 10,232 | ||||||||
Compass Group plc (Hotels, restaurants & leisure) | 1,300,353 | 22,934 | ||||||||
Croda International plc (Chemicals) | 112,959 | 4,930 | ||||||||
Derwent London plc (Real estate investment trusts (REITs)) | 100,732 | 4,560 | ||||||||
Diageo plc (Beverages) | 551,622 | 14,906 | ||||||||
easyJet plc (Airlines) | 488,924 | 10,667 | ||||||||
Experian plc (Professional services) | 670,125 | 11,983 | ||||||||
Halma plc (Electronic equipment, instruments & components) | 408,229 | 5,344 | ||||||||
Hiscox, Ltd. (Insurance) | 402,562 | 5,603 | ||||||||
Inchcape plc (Distributors) | 418,444 | 4,348 | ||||||||
Intertek Group plc (Professional services) | 203,872 | 9,273 | ||||||||
ITV plc (Media) | 4,038,830 | 13,991 | ||||||||
Micro Focus International plc (Software) | 255,727 | 5,766 | ||||||||
Moneysupermarket.com Group plc (Internet software & services) | 633,156 | 2,889 | ||||||||
Next plc (Multiline retail) | 136,371 | 10,577 | ||||||||
Provident Financial plc (Consumer finance) | 291,795 | 12,426 | ||||||||
Prudential plc (Insurance) | 755,983 | 14,126 | ||||||||
Reckitt Benckiser Group plc (Household products) | 181,458 | 17,540 | ||||||||
RELX plc (Media) | 729,555 | 13,559 | ||||||||
SEB S.A. (Household durables) | 22,342 | 2,317 | ||||||||
Sodexo S.A. (Hotels, restaurants & leisure) | 91,727 | 9,889 | ||||||||
Spirax-Sarco Engineering plc (Machinery) | 11,514 | 602 | ||||||||
SSE plc (Electric utilities) | 485,237 | 10,398 | ||||||||
Taylor Wimpey plc (Household durables) | 2,042,913 | 5,584 | ||||||||
The Sage Group plc (Software) | 1,037,606 | 9,374 | ||||||||
UBM plc (Media) | 398,131 | 3,437 | ||||||||
Unilever plc (Personal products) | 827,092 | 37,449 | ||||||||
WH Smith plc (Specialty retail) | 120,988 | 3,159 | ||||||||
Whitbread plc (Hotels, restaurants & leisure) | 142,196 | 8,087 | ||||||||
Wolseley plc (Trading companies & distributors) | 279,510 | 15,813 | ||||||||
WPP plc (Media) | 727,480 | 17,000 | ||||||||
351,762 | ||||||||||
Japan—14.6% | ||||||||||
Alps Electric Co., Ltd. (Electronic equipment, instruments & components) | 171,900 | 2,997 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Japan—(continued) | ||||||||||
Casio Computer Co., Ltd. (Household durables) | 333,300 | $ | 6,726 | |||||||
Daicel Corporation (Chemicals) | 498,600 | 6,814 | ||||||||
Daifuku Co., Ltd. (Machinery) | 201,600 | 3,398 | ||||||||
Daikin Industries, Ltd. (Building products) | 259,300 | 19,381 | ||||||||
Daito Trust Construction Co., Ltd. (Real estate management & development) | 35,400 | 5,026 | ||||||||
Daiwa House Industry Co., Ltd. (Real estate management & development) | 644,000 | 18,116 | ||||||||
Fuji Heavy Industries, Ltd. (Automobiles) | 292,800 | 10,341 | ||||||||
Haseko Corporation (Household durables) | 256,500 | 2,389 | ||||||||
Hoya Corporation (Health care equipment & supplies) | 261,600 | 9,951 | ||||||||
IT Holdings Corporation (IT services) | 136,400 | 3,229 | ||||||||
Japan Tobacco, Inc. (Tobacco) | 341,400 | 14,227 | ||||||||
Kao Corporation (Personal products) | 333,800 | 17,804 | ||||||||
KDDI Corporation (Wireless telecommunication services) | 831,600 | 22,211 | ||||||||
Keyence Corporation (Electronic equipment, instruments & components) | 19,700 | 10,746 | ||||||||
Lawson, Inc. (Food & staples retailing) | 59,400 | 4,972 | ||||||||
M3, Inc. (Health care technology) | 216,200 | 5,440 | ||||||||
Makita Corporation (Machinery) | 101,800 | 6,314 | ||||||||
Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components) | 186,100 | 22,439 | ||||||||
Nippon Prologis REIT, Inc. (Real estate investment trusts (REITs)) | 1,496 | 3,348 | ||||||||
Nissan Chemical Industries, Ltd. (Chemicals) | 158,900 | 4,094 | ||||||||
Nitori Holdings Co., Ltd. (Specialty retail) | 38,600 | 3,536 | ||||||||
ORIX Corporation (Diversified financial services) | 1,884,400 | 26,882 | ||||||||
Pola Orbis Holdings, Inc. (Personal products) | 61,700 | 5,115 | ||||||||
Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals) | 46,700 | 2,925 | ||||||||
SCSK Corporation (IT services) | 112,900 | 4,414 | ||||||||
Secom Co., Ltd. (Commercial services & supplies) | 81,500 | 6,058 | ||||||||
Shionogi & Co., Ltd. (Pharmaceuticals) | 268,600 | 12,642 | ||||||||
Sumitomo Realty & Development Co., Ltd. (Real estate management & development) | 401,000 | 11,737 | ||||||||
Tadano, Ltd. (Machinery) | 348,000 | 3,231 | ||||||||
Taisei Corporation (Construction & engineering) | 1,498,000 | 9,903 | ||||||||
Temp Holdings Co., Ltd. (Professional services) | 212,800 | 3,086 | ||||||||
Trend Micro, Inc. (Software) | 93,600 | 3,426 | ||||||||
Tsuruha Holdings, Inc. (Food & staples retailing) | 60,300 | 5,931 | ||||||||
298,849 | ||||||||||
Emerging Asia—10.7% | ||||||||||
China—3.9% | ||||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet software & services) | 87,992 | 6,954 | |||||||
* | Baidu, Inc.—ADR (Internet software & services) | 59,551 | 11,367 | |||||||
China Overseas Land & Investment, Ltd. (Real estate management & development) | 3,092,000 | 9,785 | ||||||||
China Resources Land, Ltd. (Real estate management & development) | 2,452,000 | 6,278 | ||||||||
ENN Energy Holdings, Ltd. (Gas utilities) | 1,086,000 | 5,992 | ||||||||
NetEase, Inc.—ADR (Internet software & services) | 78,779 | 11,311 | ||||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 2,312,000 | 11,072 | ||||||||
Tencent Holdings, Ltd. (Internet software & services) | 799,700 | 16,340 | ||||||||
79,099 | ||||||||||
India—1.6% | ||||||||||
Bharat Petroleum Corporation, Ltd. (Oil, gas & consumable fuels) | 246,540 | 3,371 | ||||||||
HDFC Bank, Ltd. (Banks) | 544,885 | 8,819 | ||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 322,798 | 5,396 | ||||||||
Maruti Suzuki India, Ltd. (Automobiles) | 87,375 | 4,895 | ||||||||
Tata Consultancy Services, Ltd. (IT services) | 175,804 | 6,716 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
India—(continued) | ||||||||||
Yes Bank, Ltd. (Banks) | 268,987 | $ | 3,522 | |||||||
32,719 | ||||||||||
Indonesia—0.5% | ||||||||||
PT Bank Central Asia Tbk (Banks) | 9,824,100 | 9,854 | ||||||||
South Korea—2.5% | ||||||||||
Amorepacific Corporation (Personal products) | 10,841 | 3,664 | ||||||||
LG Chem, Ltd. (Chemicals) | 26,725 | 7,653 | ||||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 22,259 | 25,537 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 205,970 | 5,070 | ||||||||
SK Innovation Co., Ltd. (Oil, gas & consumable fuels) | 62,532 | 9,405 | ||||||||
51,329 | ||||||||||
Taiwan—2.2% | ||||||||||
Catcher Technology Co., Ltd. (Technology hardware, storage & peripherals) | 662,000 | 5,430 | ||||||||
Chipbond Technology Corporation (Semiconductors & semiconductor equipment) | 1,683,000 | 2,719 | ||||||||
Largan Precision Co., Ltd. (Electronic equipment, instruments & components) | 115,000 | 8,915 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 1,109,107 | 29,059 | ||||||||
46,123 | ||||||||||
Canada—5.7% | ||||||||||
Alimentation Couche Tard, Inc. Class “B” (Food & staples retailing) | 154,883 | 6,893 | ||||||||
Brookfield Asset Management, Inc. Class “A” (Real estate management & development)† | 539,375 | 18,765 | ||||||||
Canadian Natural Resources, Ltd. (Oil, gas & consumable fuels) | 184,520 | 4,991 | ||||||||
CI Financial Corporation (Capital markets) | 288,463 | 6,375 | ||||||||
Constellation Software, Inc. (Software) | 9,135 | 3,740 | ||||||||
Dollarama, Inc. (Multiline retail) | 127,120 | 8,945 | ||||||||
Enbridge, Inc. (Oil, gas & consumable fuels) | 443,905 | 17,281 | ||||||||
Intact Financial Corporation (Insurance) | 93,374 | 6,537 | ||||||||
Suncor Energy, Inc. (Oil, gas & consumable fuels) | 531,403 | 14,800 | ||||||||
The Toronto-Dominion Bank (Banks) | 667,401 | 28,808 | ||||||||
117,135 | ||||||||||
Asia—4.1% | ||||||||||
Australia—1.8% | ||||||||||
Flight Centre Travel Group Ltd. (Hotels, restaurants & leisure) | 109,315 | 3,622 | ||||||||
James Hardie Industries plc (Construction materials) | 364,090 | 4,985 | ||||||||
JB Hi-Fi, Ltd. (Specialty retail) | 111,142 | 2,009 | ||||||||
LendLease Group (Real estate management & development) | 645,212 | 6,860 | ||||||||
Macquarie Group, Ltd. (Capital markets) | 293,325 | 14,860 | ||||||||
Vicinity Centres (Real estate investment trusts (REITs)) | 1,311,834 | 3,208 | ||||||||
35,544 | ||||||||||
Hong Kong—1.3% | ||||||||||
AIA Group, Ltd. (Insurance) | 2,866,263 | 16,239 | ||||||||
* | China High Precision Automation Group, Ltd. (Electronic equipment, instruments & components)**§ | 3,373,000 | — | |||||||
Techtronic Industries Co., Ltd. (Household durables) | 2,545,000 | 10,072 | ||||||||
26,311 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Asia—(continued) | ||||||||||
Singapore—1.0% | ||||||||||
Jardine Cycle & Carriage, Ltd. (Distributors) | 174,400 | $ | 5,179 | |||||||
Singapore Telecommunications, Ltd. (Diversified telecommunication services) | 5,472,100 | 15,509 | ||||||||
20,688 | ||||||||||
Emerging Latin America—2.3% | ||||||||||
Brazil—1.4% | ||||||||||
AMBEV S.A.—ADR (Beverages) | 3,883,642 | 20,117 | ||||||||
BB Seguridade Participacoes S.A. (Insurance) | 1,041,200 | 8,601 | ||||||||
28,718 | ||||||||||
Mexico—0.5% | ||||||||||
Arca Continental S.A.B. de C.V. (Beverages) | 738,202 | 5,124 | ||||||||
Fomento Economico Mexicano S.A.B. de C.V.—ADR (Beverages) | 47,318 | 4,557 | ||||||||
9,681 | ||||||||||
Peru—0.4% | ||||||||||
Credicorp, Ltd. (Banks)† | 68,615 | 8,989 | ||||||||
Emerging Europe, Mid-East, Africa—1.8% | ||||||||||
South Africa—1.5% | ||||||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 197,772 | 4,997 | ||||||||
Naspers, Ltd. (Media) | 102,179 | 14,264 | ||||||||
Steinhoff International Holdings N.V. (Household durables) | 1,683,833 | 11,046 | ||||||||
30,307 | ||||||||||
United Arab Emirates—0.3% | ||||||||||
Dubai Islamic Bank PJSC (Banks) | 3,426,605 | 5,532 | ||||||||
Total Common Stocks—98.0% (cost $1,879,812) | 2,002,851 | |||||||||
Affiliated Fund | ||||||||||
China—0.1% | ||||||||||
William Blair China A-Share Fund, LLC**§ | 82,669 | 1,446 | ||||||||
Total Affiliated Fund—0.1% (cost $827) | 1,446 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $21,466, collateralized by FHLB, 3.180%, due 12/6/32 | $ | 21,466 | 21,466 | |||||||
Total Repurchase Agreement—1.0% (cost $21,466) | 21,466 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Value | |||||||||
Total Investments—99.1% (cost $1,902,105) | $ | 2,025,763 | ||||||||
Cash and other assets, less liabilities—0.9% | 18,582 | |||||||||
Net assets—100.0% | $ | 2,044,345 |
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. These holdings represent 0.07% of the Fund’s net assets at March 31, 2016.
§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.07% of the Fund’s net assets at March 31, 2016.
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
As of March 31, 2016, the Fund invested in William Blair China A-Share Fund, LLC, an affiliated fund. There are no unfunded commitments to the affiliated fund. The Fund may redeem its investment weekly, but is subject to monthly repatriation and other redemption restrictions imposed on the William Blair China A-Share Fund, LLC by the Chinese government.
Share Activity | Period Ended March 31, 2016 | ||||||||||||||||||||
Change in net | |||||||||||||||||||||
unrealized | |||||||||||||||||||||
Balance | Balance | Dividend | Net realized | appreciation | |||||||||||||||||
Security Name | 12/31/2015 | Purchases | Sales | 03/31/2016 | Value | Income | gain (loss) | (depreciation) | |||||||||||||
William Blair China A-Share Fund, LLC | 138,952 | — | 56,283 | 82,669 | $ | 1,446 | $ | — | $ | 410 | $ | (432 | ) |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials | 22.2 | % | ||
Consumer Discretionary | 18.4 | % | ||
Information Technology | 15.6 | % | ||
Industrials | 12.9 | % | ||
Health Care | 8.9 | % | ||
Consumer Staples | 8.5 | % | ||
Energy | 5.8 | % | ||
Telecommunication Services | 3.5 | % | ||
Materials | 2.4 | % | ||
Utilities | 1.8 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro | 28.6 | % | ||
British Pound Sterling | 17.9 | % | ||
Japanese Yen | 14.9 | % | ||
U.S. Dollar | 9.4 | % | ||
Canadian Dollar | 4.9 | % | ||
Swiss Franc | 4.3 | % | ||
Hong Kong Dollar | 3.8 | % | ||
Danish Krone | 2.9 | % | ||
South Korean Won | 2.6 | % | ||
Swedish Krona | 2.0 | % | ||
Australian Dollar | 1.8 | % | ||
Indian Rupee | 1.6 | % | ||
South African Rand | 1.5 | % | ||
Singapore Dollar | 1.0 | % | ||
All Other Currencies | 2.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe, Mid-East—34.5% | ||||||||||
Denmark—1.4% | ||||||||||
Royal Unibrew A/S (Beverages) | 167,662 | $ | 8,090 | |||||||
Finland—1.4% | ||||||||||
Huhtamaki Oyj (Containers & packaging) | 120,227 | 4,464 | ||||||||
Tieto Oyj (IT services) | 151,558 | 3,953 | ||||||||
8,417 | ||||||||||
France—6.4% | ||||||||||
Alten S.A. (IT services) | 85,298 | 5,236 | ||||||||
Ipsen S.A. (Pharmaceuticals) | 114,215 | 6,559 | ||||||||
Metropole Television S.A. (Media) | 217,511 | 3,966 | ||||||||
Orpea (Health care providers & services) | 36,881 | 3,071 | ||||||||
Rubis SCA (Gas utilities) | 70,975 | 5,700 | ||||||||
SEB S.A. (Household durables) | 26,445 | 2,743 | ||||||||
Technicolor S.A. (Media) | 597,029 | 3,730 | ||||||||
Teleperformance (Professional services) | 68,956 | 6,062 | ||||||||
37,067 | ||||||||||
Germany—5.0% | ||||||||||
Aareal Bank AG (Thrifts & mortgage finance) | 137,153 | 4,445 | ||||||||
Aurelius SE & Co KGaA (Capital markets) | 149,063 | 9,074 | ||||||||
CTS Eventim AG & Co KGaA (Media) | 88,201 | 3,134 | ||||||||
Gerresheimer AG (Life sciences tools & services) | 78,807 | 6,181 | ||||||||
Norma Group SE (Machinery) | 108,246 | 6,064 | ||||||||
28,898 | ||||||||||
Ireland—3.8% | ||||||||||
Beazley plc (Insurance) | 1,334,707 | 6,897 | ||||||||
* | ICON plc (Life sciences tools & services)† | 102,915 | 7,729 | |||||||
Irish Continental Group plc (Marine) | 569,568 | 3,532 | ||||||||
Kingspan Group plc (Building products) | 136,608 | 3,630 | ||||||||
21,788 | ||||||||||
Israel—1.9% | ||||||||||
Elbit Systems, Ltd. (Aerospace & defense) | 86,792 | 8,173 | ||||||||
Frutarom Industries, Ltd. (Chemicals) | 56,660 | 2,971 | ||||||||
11,144 | ||||||||||
Italy—6.2% | ||||||||||
Banca IFIS SpA (Diversified financial services) | 135,758 | 4,497 | ||||||||
Brembo SpA (Auto components) | 113,080 | 5,848 | ||||||||
Cerved Information Solutions SpA (Diversified financial services) | 736,536 | 6,060 | ||||||||
DiaSorin SpA (Health care equipment & supplies) | 56,083 | 3,239 | ||||||||
FinecoBank Banca Fineco SpA (Banks) | 371,638 | 3,129 | ||||||||
Industria Macchine Automatiche SpA (Machinery) | 97,355 | 5,711 | ||||||||
Recordati SpA (Pharmaceuticals) | 144,217 | 3,610 | ||||||||
* | Yoox Net-A-Porter Group SpA (Internet & catalog retail) | 131,022 | 4,021 | |||||||
36,115 | ||||||||||
Luxembourg—1.0% | ||||||||||
Grand City Properties S.A. (Real estate management & development) | 246,257 | 5,660 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Europe, Mid-East—(continued) | ||||||||||
Netherlands—0.4% | ||||||||||
GrandVision N.V.—144A (Specialty retail) | 91,748 | $ | 2,615 | |||||||
Spain—2.2% | ||||||||||
Atresmedia Corporation de Medios de Comunicaion S.A. (Media) | 293,842 | 3,220 | ||||||||
Cia de Distribucion Integral Logista Holdings S.A. (Air freight & logistics) | 121,717 | 2,751 | ||||||||
* | Distribuidora Internacional de Alimentacion S.A. (Food & staples retailing) | 545,337 | 2,833 | |||||||
Viscofan S.A. (Food products) | 61,845 | 3,705 | ||||||||
12,509 | ||||||||||
Sweden—3.7% | ||||||||||
BillerudKorsnas AB (Containers & packaging) | 259,898 | 4,248 | ||||||||
Hexpol AB (Chemicals) | 338,306 | 3,761 | ||||||||
Intrum Justitia AB (Commercial services & supplies) | 144,555 | 5,100 | ||||||||
Loomis AB Class “B” (Commercial services & supplies) | 173,274 | 4,899 | ||||||||
NetEnt AB (Internet software & services) | 65,586 | 3,703 | ||||||||
21,711 | ||||||||||
Switzerland—1.1% | ||||||||||
* | Luxoft Holding, Inc. (IT services)† | 42,461 | 2,337 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 11,377 | 3,922 | ||||||||
6,259 | ||||||||||
Japan—17.5% | ||||||||||
ABC-Mart, Inc. (Specialty retail) | 81,700 | 5,234 | ||||||||
Casio Computer Co., Ltd. (Household durables) | 332,400 | 6,707 | ||||||||
Daicel Corporation (Chemicals) | 307,000 | 4,195 | ||||||||
Daifuku Co., Ltd. (Machinery) | 243,200 | 4,099 | ||||||||
Daiichikosho Co., Ltd. (Media) | 113,700 | 4,950 | ||||||||
Fuji Electric Co., Ltd. (Electrical equipment) | 467,000 | 1,614 | ||||||||
GLP J-Reit (Real estate investment trusts (REITs)) | 6,005 | 6,846 | ||||||||
Haseko Corporation (Household durables) | 502,000 | 4,675 | ||||||||
Hitachi Capital Corporation (Consumer finance) | 122,900 | 2,675 | ||||||||
Hoshizaki Electric Co., Ltd. (Machinery) | 40,000 | 3,337 | ||||||||
IT Holdings Corporation (IT services) | 223,800 | 5,297 | ||||||||
M3, Inc. (Health care technology) | 116,700 | 2,937 | ||||||||
Meitec Corporation (Professional services) | 164,900 | 5,766 | ||||||||
Nihon M&A Center, Inc. (Capital markets) | 62,400 | 3,632 | ||||||||
Nissan Chemical Industries, Ltd. (Chemicals) | 313,200 | 8,070 | ||||||||
NS Solutions Corporation (IT services) | 218,900 | 4,297 | ||||||||
OSG Corporation (Machinery) | 209,100 | 3,903 | ||||||||
Relo Holdings, Inc. (Real estate management & development) | 29,400 | 3,942 | ||||||||
Resorttrust, Inc. (Hotels, restaurants & leisure) | 108,400 | 2,436 | ||||||||
Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals) | 56,800 | 3,558 | ||||||||
Skylark Co., Ltd. (Hotels, restaurants & leisure) | 308,300 | 4,071 | ||||||||
Temp Holdings Co., Ltd. (Professional services) | 411,200 | 5,963 | ||||||||
Zenkoku Hosho Co., Ltd. (Diversified financial services) | 106,600 | 3,618 | ||||||||
101,822 | ||||||||||
United Kingdom—16.2% | ||||||||||
Bellway plc (Household durables) | 116,151 | 4,376 | ||||||||
Berendsen plc (Commercial services & supplies) | 348,538 | 6,022 | ||||||||
Big Yellow Group plc (Real estate investment trusts (REITs)) | 248,126 | 2,760 | ||||||||
Close Brothers Group plc (Capital markets) | 242,501 | 4,396 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
United Kingdom—(continued) | ||||||||||
Domino’s Pizza Group plc (Hotels, restaurants & leisure) | 210,128 | $ | 3,042 | |||||||
Halfords Group plc (Specialty retail) | 567,273 | 3,227 | ||||||||
Halma plc (Electronic equipment, instruments & components) | 452,309 | 5,921 | ||||||||
Howden Joinery Group plc (Specialty retail) | 384,437 | 2,640 | ||||||||
IG Group Holdings plc (Diversified financial services) | 348,618 | 4,006 | ||||||||
Inchcape plc (Distributors) | 644,035 | 6,692 | ||||||||
Jupiter Fund Management plc (Capital markets) | 731,348 | 4,299 | ||||||||
Micro Focus International plc (Software) | 422,252 | 9,521 | ||||||||
Moneysupermarket.com Group plc (Internet software & services) | 1,002,063 | 4,572 | ||||||||
OneSavings Bank plc (Thrifts & mortgage finance) | 476,024 | 2,275 | ||||||||
Provident Financial plc (Consumer finance) | 55,147 | 2,349 | ||||||||
Rentokil Initial plc (Commercial services & supplies) | 1,271,414 | 3,229 | ||||||||
Rightmove plc (Internet software & services) | 52,082 | 3,150 | ||||||||
Senior plc (Aerospace & defense) | 703,067 | 2,303 | ||||||||
SSP Group plc (Hotels, restaurants & leisure) | 905,696 | 3,770 | ||||||||
Ted Baker plc (Textiles, apparel & luxury goods) | 69,863 | 2,732 | ||||||||
The UNITE Group plc (Real estate management & development) | 460,056 | 4,206 | ||||||||
Ultra Electronics Holdings plc (Aerospace & defense) | 102,925 | 2,668 | ||||||||
Victrex plc (Chemicals) | 133,967 | 3,171 | ||||||||
Workspace Group plc (Real estate investment trusts (REITs)) | 222,437 | 2,502 | ||||||||
93,829 | ||||||||||
Asia—9.1% | ||||||||||
Australia—5.3% | ||||||||||
Domino’s Pizza Enterprises, Ltd. (Hotels, restaurants & leisure) | 57,733 | 2,544 | ||||||||
DuluxGroup, Ltd. (Chemicals) | 1,569,572 | 7,556 | ||||||||
JB Hi-Fi, Ltd. (Specialty retail) | 24,936 | 451 | ||||||||
Magellan Financial Group, Ltd. (Capital markets) | 275,063 | 4,782 | ||||||||
Orora, Ltd. (Containers & packaging) | 3,450,366 | 6,612 | ||||||||
The Star Entertainment Group, Ltd. (Hotels, restaurants & leisure) | 2,065,186 | 8,992 | ||||||||
30,937 | ||||||||||
Hong Kong—0.9% | ||||||||||
Man Wah Holdings, Ltd. (Household durables) | 4,218,000 | 5,356 | ||||||||
New Zealand—0.6% | ||||||||||
Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies) | 456,614 | 3,093 | ||||||||
Singapore—2.3% | ||||||||||
ComfortDelGro Corporation, Ltd. (Road & rail) | 3,221,000 | 6,978 | ||||||||
SATS, Ltd. (Transportation infrastructure) | 2,116,000 | 6,201 | ||||||||
13,179 | ||||||||||
Emerging Asia—9.1% | ||||||||||
China—4.2% | ||||||||||
Beijing Capital International Airport Co., Ltd. Class “H” (Transportation infrastructure) | 4,150,000 | 4,451 | ||||||||
* | China Biologic Products, Inc. (Biotechnology) † | 28,361 | 3,247 | |||||||
China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure) | 82,098 | 3,137 | ||||||||
* | Hollysys Automation Technologies, Ltd. (Electronic equipment, instruments & components)† | 198,183 | 4,172 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 683,000 | 3,720 | ||||||||
Travelsky Technology, Ltd. Class “H” (IT services) | 3,440,000 | 5,649 | ||||||||
24,376 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
India—1.7% | ||||||||||
Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance) | 392,876 | $ | 3,856 | |||||||
Yes Bank, Ltd. (Banks) | 438,212 | 5,737 | ||||||||
9,593 | ||||||||||
Indonesia—0.7% | ||||||||||
PT Bank Negara Indonesia Persero Tbk (Banks) | 10,528,100 | 4,129 | ||||||||
South Korea—0.6% | ||||||||||
Kangwon Land, Inc. (Hotels, restaurants & leisure) | 102,720 | 3,674 | ||||||||
Taiwan—1.3% | ||||||||||
Advantech Co., Ltd. (Technology hardware, storage & peripherals) | 335,000 | 2,462 | ||||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 5,280,769 | 2,953 | ||||||||
Novatek Microelectronics Corporation (Semiconductors & semiconductor equipment) | 490,000 | 1,972 | ||||||||
7,387 | ||||||||||
Thailand—0.6% | ||||||||||
Minor International PCL (Hotels, restaurants & leisure) | 3,232,300 | 3,399 | ||||||||
Emerging Latin America—5.6% | ||||||||||
Brazil—0.5% | ||||||||||
Localiza Rent a Car S.A. (Road & rail) | 339,300 | 2,805 | ||||||||
Mexico—4.6% | ||||||||||
Alsea S.A.B. de C.V. (Hotels, restaurants & leisure) | 917,630 | 3,445 | ||||||||
Gentera S.A.B. de C.V. (Consumer finance) | 2,567,400 | 5,067 | ||||||||
Gruma S.A.B. de C.V. Class “B” (Food products) | 366,500 | 5,812 | ||||||||
* | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure) | 929,500 | 5,333 | |||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 28,683 | 4,307 | ||||||||
Promotora y Operadora de Infraestructura S.A.B. de C.V. (Transportation infrastructure) | 241,300 | 3,198 | ||||||||
27,162 | ||||||||||
Panama—0.5% | ||||||||||
Copa Holdings S.A. Class “A” (Airlines)† | 41,911 | 2,839 | ||||||||
Canada—3.0% | ||||||||||
Canadian Energy Services & Technology Corporation (Energy equipment & services) | 644,623 | 1,583 | ||||||||
Linamar Corporation (Auto components) | 129,736 | 6,242 | ||||||||
Peyto Exploration & Development Corporation (Oil, gas & consumable fuels) | 170,155 | 3,785 | ||||||||
* | Raging River Exploration, Inc. (Oil, gas & consumable fuels) | 409,381 | 2,862 | |||||||
WestJet Airlines, Ltd. (Airlines) | 72,886 | 1,156 | ||||||||
Whitecap Resources, Inc. (Oil, gas & consumable fuels) | 287,542 | 1,714 | ||||||||
17,342 | ||||||||||
Emerging Europe, Mid-East, Africa—2.9% | ||||||||||
Hungary—0.5% | ||||||||||
Richter Gedeon Nyrt (Pharmaceuticals) | 138,868 | 2,768 | ||||||||
South Africa—1.2% | ||||||||||
Clicks Group, Ltd. (Food & staples retailing) | 733,596 | 4,829 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Europe, Mid-East, Africa—(continued) | ||||||||||
South Africa—(continued) | ||||||||||
Rand Merchant Investment Holdings, Ltd. (Insurance) | 845,524 | $ | 2,383 | |||||||
7,212 | ||||||||||
Turkey—1.2% | ||||||||||
Ford Otomotiv Sanayi A.S. (Automobiles) | 386,299 | 5,092 | ||||||||
Turkiye Sinai Kalkinma Bankasi A.S. (Banks) | 3,432,553 | 2,010 | ||||||||
7,102 | ||||||||||
Total Common Stocks—97.9% (cost $510,950) |
568,277 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $8,661, collateralized by FNMA, 3.430%, due 5/27/33 | $ | 8,661 | 8,661 | |||||||
Total Repurchase Agreement—1.5% (cost $8,661) |
8,661 | |||||||||
Total Investments—99.4% (cost $519,611) |
576,938 | |||||||||
Cash and other assets, less liabilities—0.6% | 3,233 | |||||||||
Net assets—100.0% | $ | 580,171 |
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 22.9 | % | ||
Industrials | 21.5 | % | ||
Financials | 20.8 | % | ||
Information Technology | 11.0 | % | ||
Health Care | 8.8 | % | ||
Materials | 7.9 | % | ||
Consumer Staples | 4.4 | % | ||
Energy | 1.7 | % | ||
Utilities | 1.0 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 24.4 | % | ||
Japanese Yen | 17.9 | % | ||
British Pound Sterling | 17.7 | % | ||
Australian Dollar | 5.4 | % | ||
U.S. Dollar | 4.9 | % | ||
Mexican Peso | 4.0 | % | ||
Swedish Krona | 3.8 | % | ||
Hong Kong Dollar | 3.4 | % | ||
Canadian Dollar | 3.1 | % | ||
Singapore Dollar | 2.3 | % | ||
Israeli Shekel | 2.0 | % | ||
Indian Rupee | 1.7 | % | ||
Danish Krone | 1.4 | % | ||
New Taiwan Dollar | 1.3 | % | ||
South African Rand | 1.3 | % | ||
Turkish Lira | 1.2 | % | ||
All Other Currencies | 4.2 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Emerging Asia—64.0% | ||||||||||
China—19.9% | ||||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet software & services) | 40,315 | $ | 3,186 | ||||||
* | Baidu, Inc.—ADR (Internet software & services) | 15,687 | 2,994 | |||||||
China Overseas Land & Investment, Ltd. (Real estate management & development) | 386,000 | 1,222 | ||||||||
CNOOC, Ltd. (Oil, gas & consumable fuels) | 3,032,000 | 3,584 | ||||||||
* | Ctrip.com International, Ltd.—ADR (Internet & catalog retail) | 25,173 | 1,114 | |||||||
* | Dali Foods Group Co., Ltd.—144A (Food products) | 2,407,500 | 1,456 | |||||||
ENN Energy Holdings, Ltd. (Gas utilities) | 206,000 | 1,137 | ||||||||
NetEase, Inc.—ADR (Internet software & services) | 12,777 | 1,834 | ||||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 647,500 | 3,101 | ||||||||
* | TAL Education Group—ADR (Diversified consumer services) | 10,973 | 545 | |||||||
Tencent Holdings, Ltd. (Internet software & services) | 209,900 | 4,289 | ||||||||
24,462 | ||||||||||
India—14.2% | ||||||||||
Asian Paints, Ltd. (Chemicals) | 90,080 | 1,186 | ||||||||
Axis Bank, Ltd. (Banks) | 98,918 | 665 | ||||||||
Bharat Petroleum Corporation, Ltd. (Oil, gas & consumable fuels) | 85,595 | 1,170 | ||||||||
Bharti Infratel, Ltd. (Wireless telecommunication services) | 237,804 | 1,408 | ||||||||
HDFC Bank, Ltd. (Banks) | 129,791 | 2,101 | ||||||||
Hindustan Unilever, Ltd. (Household products) | 140,667 | 1,854 | ||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 69,216 | 1,157 | ||||||||
Infosys, Ltd. (IT services) | 140,395 | 2,586 | ||||||||
Maruti Suzuki India, Ltd. (Automobiles) | 10,988 | 616 | ||||||||
Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals) | 133,938 | 1,671 | ||||||||
* | Tata Motors, Ltd. (Automobiles) | 373,370 | 2,191 | |||||||
Zee Entertainment Enterprises, Ltd. (Media) | 142,961 | 836 | ||||||||
17,441 | ||||||||||
Indonesia—5.8% | ||||||||||
PT Astra International Tbk (Automobiles) | 2,147,100 | 1,174 | ||||||||
* | PT Bank Rakyat Indonesia Persero Tbk (Banks) | 2,591,700 | 2,233 | |||||||
PT Hanjaya Mandala Sampoerna Tbk (Tobacco) | 69,400 | 515 | ||||||||
PT Kalbe Farma Tbk (Pharmaceuticals) | 7,352,500 | 801 | ||||||||
PT Telekomunikasi Indonesia Persero Tbk (Diversified telecommunication services) | 6,890,500 | 1,728 | ||||||||
PT Unilever Indonesia Tbk (Household products) | 210,500 | 681 | ||||||||
7,132 | ||||||||||
Malaysia—1.0% | ||||||||||
Public Bank Bhd (Banks) | 254,700 | 1,226 | ||||||||
Philippines—1.0% | ||||||||||
SM Prime Holdings, Inc. (Real estate management & development) | 1,301,700 | 621 | ||||||||
Universal Robina Corporation (Food products) | 138,980 | 654 | ||||||||
1,275 | ||||||||||
South Korea—10.1% | ||||||||||
Amorepacific Corporation (Personal products) | 1,918 | 648 | ||||||||
Coway Co., Ltd. (Household durables) | 15,407 | 1,300 | ||||||||
KT&G Corporation (Tobacco) | 6,505 | 626 | ||||||||
LG Chem, Ltd. (Chemicals) | 6,975 | 1,997 | ||||||||
LG Household & Health Care, Ltd. (Household products) | 994 | 821 | ||||||||
NAVER Corporation (Internet software & services) | 998 | 556 | ||||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 3,753 | 4,306 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
South Korea—(continued) | ||||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 89,030 | $ | 2,192 | |||||||
12,446 | ||||||||||
Taiwan—8.5% | ||||||||||
Chunghwa Telecom Co., Ltd. (Diversified telecommunication services) | 516,000 | 1,755 | ||||||||
Largan Precision Co., Ltd. (Electronic equipment, instruments & components) | 34,000 | 2,636 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 213,356 | 5,590 | ||||||||
Uni-President Enterprises Corporation (Food products) | 254,000 | 446 | ||||||||
10,427 | ||||||||||
Thailand—3.5% | ||||||||||
Airports of Thailand PCL (Transportation infrastructure) | 100,900 | 1,153 | ||||||||
Bangkok Dusit Medical Services PCL Class “F” (Health care providers & services) | 1,600,000 | 1,064 | ||||||||
CP ALL PCL (Food & staples retailing) | 977,500 | 1,271 | ||||||||
Kasikornbank PCL (Banks) | 160,500 | 799 | ||||||||
4,287 | ||||||||||
Emerging Europe, Mid-East, Africa—19.0% | ||||||||||
Czech Republic—0.7% | ||||||||||
Komercni banka A.S. (Banks) | 4,062 | 897 | ||||||||
Russia—3.6% | ||||||||||
Magnit PJSC—GDR (Food & staples retailing) | 59,580 | 2,380 | ||||||||
* | Mail.Ru Group, Ltd.—GDR (Internet software & services) | 97,096 | 2,107 | |||||||
4,487 | ||||||||||
South Africa—8.2% | ||||||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 54,169 | 1,369 | ||||||||
Discovery, Ltd. (Insurance) | 82,679 | 680 | ||||||||
FirstRand, Ltd. (Diversified financial services) | 521,570 | 1,709 | ||||||||
Naspers, Ltd. (Media) | 27,456 | 3,833 | ||||||||
Steinhoff International Holdings N.V. (Household durables) | 380,198 | 2,494 | ||||||||
10,085 | ||||||||||
Turkey—3.7% | ||||||||||
BIM Birlesik Magazalar A.S. (Food & staples retailing) | 59,753 | 1,295 | ||||||||
KOC Holding A.S. (Industrial conglomerates) | 369,894 | 1,878 | ||||||||
Turkiye Garanti Bankasi A.S. (Banks) | 455,051 | 1,331 | ||||||||
4,504 | ||||||||||
United Arab Emirates—2.8% | ||||||||||
DP World, Ltd. (Transportation infrastructure)† | 46,652 | 877 | ||||||||
* | Emaar Malls Group PJSC (Real estate management & development) | 826,544 | 648 | |||||||
Emaar Properties PJSC (Real estate management & development) | 1,142,505 | 1,872 | ||||||||
3,397 | ||||||||||
Emerging Latin America—12.5% | ||||||||||
Brazil—5.2% | ||||||||||
AMBEV S.A.—ADR (Beverages) | 489,143 | 2,534 | ||||||||
BB Seguridade Participacoes S.A. (Insurance) | 117,600 | 971 | ||||||||
Cielo S.A. (IT services) | 65,700 | 639 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Latin America—(continued) | ||||||||||
Brazil—(continued) | ||||||||||
* | Hypermarcas S.A. (Personal products) | 80,700 | $ | 631 | ||||||
Lojas Renner S.A. (Multiline retail) | 113,400 | 656 | ||||||||
Ultrapar Participacoes S.A. (Oil, gas & consumable fuels) | 49,500 | 961 | ||||||||
6,392 | ||||||||||
Chile—0.8% | ||||||||||
Banco Santander Chile—ADR (Banks) | 48,840 | 945 | ||||||||
Mexico—4.7% | ||||||||||
Fomento Economico Mexicano S.A.B. de C.V.—ADR (Beverages) | 13,944 | 1,343 | ||||||||
Grupo Financiero Inbursa S.A.B. de C.V. Class “O” (Banks) | 484,100 | 969 | ||||||||
Kimberly-Clark de Mexico S.A.B. de C.V. Class “A” (Household products) | 509,100 | 1,230 | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 969,900 | 2,296 | ||||||||
5,838 | ||||||||||
Peru—1.8% | ||||||||||
Credicorp, Ltd. (Banks)† | 17,030 | 2,231 | ||||||||
Total Common Stocks—95.5% (cost $114,879) |
117,472 | |||||||||
Preferred Stock | ||||||||||
Brazil—1.0% | ||||||||||
Itau Unibanco Holding S.A. (Banks) | 141,600 | 1,229 | ||||||||
Total Preferred Stock—1.0% (cost $1,212) |
1,229 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $3,939, collateralized by FHLMC, 4.125%, due 10/11/33 | $ | 3,939 | 3,939 | |||||||
Total Repurchase Agreement—3.2% (cost $3,939) |
3,939 | |||||||||
Total Investments—99.7% (cost $120,030) |
122,640 | |||||||||
Cash and other assets, less liabilities—0.3% | 389 | |||||||||
Net assets—100.0% | $ | 123,029 |
ADR = American Depository Receipt |
GDR = Global Depository Receipt |
* Non-income producing securities |
† = U.S. listed foreign security |
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees. |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 27.8 | % | ||
Financials | 22.4 | % | ||
Consumer Staples | 17.4 | % | ||
Consumer Discretionary | 12.4 | % | ||
Energy | 4.8 | % | ||
Industrials | 4.4 | % | ||
Telecommunication Services | 4.1 | % | ||
Health Care | 3.0 | % | ||
Materials | 2.7 | % | ||
Utilities | 1.0 | % | ||
Total | 100.0 | % | ||
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 23.3 | % | ||
Indian Rupee | 14.7 | % | ||
Hong Kong Dollar | 12.5 | % | ||
South Korean Won | 10.5 | % | ||
South African Rand | 8.5 | % | ||
Indonesian Rupiah | 6.0 | % | ||
Brazilian Real | 4.3 | % | ||
New Taiwan Dollar | 4.1 | % | ||
Turkish Lira | 3.8 | % | ||
Mexican Peso | 3.8 | % | ||
Thai Baht | 3.6 | % | ||
UAE Dirham | 2.1 | % | ||
Philippine Peso | 1.1 | % | ||
Malaysian Ringgit | 1.0 | % | ||
All Other Currencies | 0.7 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Emerging Asia—64.8% | ||||||||||
China—16.5% | ||||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet software & services) | 237,755 | $ | 18,790 | ||||||
* | Baidu, Inc.—ADR (Internet software & services) | 98,035 | 18,713 | |||||||
* | China Biologic Products, Inc. (Biotechnology) † | 15,366 | 1,759 | |||||||
China Overseas Land & Investment, Ltd. (Real estate management & development) | 1,404,000 | 4,443 | ||||||||
CNOOC, Ltd. (Oil, gas & consumable fuels) | 21,688,000 | 25,638 | ||||||||
* | Ctrip.com International, Ltd.—ADR (Internet & catalog retail) | 138,689 | 6,138 | |||||||
* | Dali Foods Group Co., Ltd.—144A (Food products) | 6,750,000 | 4,081 | |||||||
* | Fuyao Glass Industry Group Co. Ltd.—144A Class “H” (Auto components) | 120,000 | 291 | |||||||
Huaneng Renewables Corporation, Ltd. Class “H” (Independent power & renewable electricity producers) | 16,155,932 | 4,998 | ||||||||
NetEase, Inc.—ADR (Internet software & services) | 45,308 | 6,505 | ||||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 4,412,000 | 21,129 | ||||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 505,000 | 2,751 | ||||||||
* | TAL Education Group—ADR (Diversified consumer services) | 43,091 | 2,141 | |||||||
Tencent Holdings, Ltd. (Internet software & services) | 1,371,960 | 28,032 | ||||||||
Xinyi Solar Holdings, Ltd. (Semiconductors & semiconductor equipment) | 9,482,000 | 3,349 | ||||||||
148,758 | ||||||||||
India—15.0% | ||||||||||
Apollo Hospitals Enterprise, Ltd. (Health care providers & services) | 120,184 | 2,432 | ||||||||
Asian Paints, Ltd. (Chemicals) | 231,323 | 3,046 | ||||||||
Aurobindo Pharma, Ltd. (Pharmaceuticals) | 416,703 | 4,688 | ||||||||
Bharat Petroleum Corporation, Ltd. (Oil, gas & consumable fuels) | 314,973 | 4,306 | ||||||||
Bharti Infratel, Ltd. (Wireless telecommunication services) | 521,542 | 3,087 | ||||||||
Britannia Industries, Ltd. (Food products) | 51,322 | 2,086 | ||||||||
Dabur India, Ltd. (Personal products) | 581,975 | 2,204 | ||||||||
Glenmark Pharmaceuticals, Ltd. (Pharmaceuticals) | 243,111 | 2,919 | ||||||||
Godrej Consumer Products, Ltd. (Personal products) | 110,459 | 2,304 | ||||||||
Havells India, Ltd. (Electrical equipment) | 629,324 | 3,072 | ||||||||
HDFC Bank, Ltd. (Banks) | 1,002,321 | 16,222 | ||||||||
Hindustan Unilever, Ltd. (Household products) | 685,036 | 9,028 | ||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 526,877 | 8,808 | ||||||||
IndusInd Bank, Ltd. (Banks) | 733,615 | 10,705 | ||||||||
Infosys, Ltd. (IT services) | 1,003,836 | 18,493 | ||||||||
Maruti Suzuki India, Ltd. (Automobiles) | 41,773 | 2,341 | ||||||||
Motherson Sumi Systems, Ltd. (Auto components) | 587,001 | 2,331 | ||||||||
Pidilite Industries, Ltd. (Chemicals) | 232,355 | 2,070 | ||||||||
* | SKS Microfinance, Ltd. (Consumer finance) | 271,143 | 2,244 | |||||||
Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals) | 326,570 | 4,074 | ||||||||
* | Tata Motors, Ltd. (Automobiles) | 3,165,804 | 18,582 | |||||||
Yes Bank, Ltd. (Banks) | 615,868 | 8,063 | ||||||||
Zee Entertainment Enterprises, Ltd. (Media) | 486,245 | 2,842 | ||||||||
135,947 | ||||||||||
Indonesia—5.5% | ||||||||||
PT Astra International Tbk (Automobiles) | 16,692,300 | 9,127 | ||||||||
* | PT Bank Rakyat Indonesia Persero Tbk (Banks) | 16,759,821 | 14,440 | |||||||
PT Gudang Garam Tbk (Tobacco) | 884,600 | 4,356 | ||||||||
PT Kalbe Farma Tbk (Pharmaceuticals) | 26,278,015 | 2,864 | ||||||||
PT Lippo Karawaci Tbk (Real estate management & development) | 24,357,200 | 1,920 | ||||||||
PT Matahari Department Store Tbk (Multiline retail) | 3,167,500 | 4,383 | ||||||||
PT Telekomunikasi Indonesia Persero Tbk (Diversified telecommunication services) | 41,097,300 | 10,305 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
Indonesia—(continued) | ||||||||||
PT Unilever Indonesia Tbk (Household products) | 592,700 | $ | 1,919 | |||||||
49,314 | ||||||||||
Malaysia—1.3% | ||||||||||
Public Bank Bhd (Banks) | 2,502,500 | 12,046 | ||||||||
Philippines—3.0% | ||||||||||
Ayala Land, Inc. (Real estate management & development) | 8,940,800 | 6,845 | ||||||||
BDO Unibank, Inc. (Banks) | 3,028,410 | 6,728 | ||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 1,712,210 | 2,518 | ||||||||
Jollibee Foods Corporation (Hotels, restaurants & leisure) | 618,810 | 3,051 | ||||||||
SM Investments Corporation (Industrial conglomerates) | 146,860 | 3,028 | ||||||||
Universal Robina Corporation (Food products) | 1,073,200 | 5,053 | ||||||||
27,223 | ||||||||||
South Korea—10.5% | ||||||||||
Amorepacific Corporation (Personal products) | 7,222 | 2,441 | ||||||||
CJ CGV Co., Ltd. (Media) | 18,110 | 1,563 | ||||||||
Coway Co., Ltd. (Household durables) | 60,981 | 5,146 | ||||||||
Hanssem Co., Ltd. (Household durables) | 11,572 | 2,261 | ||||||||
Kangwon Land, Inc. (Hotels, restaurants & leisure) | 133,030 | 4,758 | ||||||||
KT&G Corporation (Tobacco) | 48,886 | 4,702 | ||||||||
LG Chem, Ltd. (Chemicals) | 39,425 | 11,290 | ||||||||
LG Household & Health Care, Ltd. (Personal products) | 7,463 | 6,167 | ||||||||
* | Loen Entertainment, Inc. (Media) | 30,425 | 2,078 | |||||||
Medy-Tox, Inc. (Biotechnology) | 5,568 | 2,149 | ||||||||
NAVER Corporation (Internet software & services) | 7,332 | 4,084 | ||||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 23,861 | 27,375 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 649,100 | 15,978 | ||||||||
SK Innovation Co., Ltd. (Oil, gas & consumable fuels) | 32,773 | 4,929 | ||||||||
94,921 | ||||||||||
Taiwan—9.4% | ||||||||||
Advantech Co., Ltd. (Technology hardware, storage & peripherals) | 450,145 | 3,308 | ||||||||
Chunghwa Telecom Co., Ltd. (Diversified telecommunication services) | 3,191,000 | 10,857 | ||||||||
Cub Elecparts, Inc. (Auto components) | 252,168 | 3,075 | ||||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 8,762,146 | 4,900 | ||||||||
Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods) | 182,483 | 2,401 | ||||||||
Ennoconn Corporation (Technology hardware, storage & peripherals) | 151,000 | 1,816 | ||||||||
Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods) | 439,000 | 2,332 | ||||||||
Hota Industrial Manufacturing Co., Ltd. (Auto components) | 637,000 | 2,771 | ||||||||
Largan Precision Co., Ltd. (Electronic equipment, instruments & components) | 132,000 | 10,233 | ||||||||
St Shine Optical Co., Ltd. (Health care equipment & supplies) | 58,000 | 1,184 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment) | 2,085,000 | 10,495 | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 1,121,825 | 29,392 | ||||||||
Uni-President Enterprises Corporation (Food products) | 1,229,000 | 2,158 | ||||||||
84,922 | ||||||||||
Thailand—3.6% | ||||||||||
Airports of Thailand PCL (Transportation infrastructure) | 371,000 | 4,239 | ||||||||
Bangkok Dusit Medical Services PCL Class “F” (Health care providers & services) | 8,258,100 | 5,493 | ||||||||
Central Pattana PCL (Real estate management & development) | 4,607,600 | 6,745 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
Thailand—(continued) | ||||||||||
CP ALL PCL (Food & staples retailing) | 3,365,100 | $ | 4,376 | |||||||
Kasikornbank PCL (Banks) | 900,000 | 4,477 | ||||||||
Minor International PCL (Hotels, restaurants & leisure) | 2,021,700 | 2,126 | ||||||||
Thai Beverage PCL (Beverages) | 10,295,500 | 5,462 | ||||||||
32,918 | ||||||||||
Emerging Europe, Mid-East, Africa—15.9% | ||||||||||
Czech Republic—0.5% | ||||||||||
Komercni banka A.S. (Banks) | 19,888 | 4,392 | ||||||||
Hungary—0.2% | ||||||||||
Richter Gedeon Nyrt (Pharmaceuticals) | 102,337 | 2,040 | ||||||||
Poland—0.3% | ||||||||||
Eurocash S.A. (Food & staples retailing) | 169,069 | 2,417 | ||||||||
Qatar—0.5% | ||||||||||
Qatar National Bank S.A.Q. (Banks) | 111,776 | 4,322 | ||||||||
Russia—1.5% | ||||||||||
Magnit PJSC—GDR (Food & staples retailing) | 334,188 | 13,351 | ||||||||
South Africa—6.1% | ||||||||||
* | Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals) | 149,555 | 3,243 | |||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 211,348 | 5,340 | ||||||||
Capitec Bank Holdings, Ltd. (Banks) | 30,378 | 1,179 | ||||||||
Discovery, Ltd. (Insurance) | 318,668 | 2,623 | ||||||||
FirstRand, Ltd. (Diversified financial services) | 2,891,105 | 9,472 | ||||||||
Naspers, Ltd. (Media) | 184,852 | 25,805 | ||||||||
Steinhoff International Holdings N.V. (Household durables) | 1,184,957 | 7,773 | ||||||||
55,435 | ||||||||||
Turkey—4.1% | ||||||||||
Arcelik A.S. (Household durables) | 681,217 | 4,632 | ||||||||
BIM Birlesik Magazalar A.S. (Food & staples retailing) | 176,072 | 3,815 | ||||||||
KOC Holding A.S. (Industrial conglomerates) | 2,023,433 | 10,276 | ||||||||
Tofas Turk Otomobil Fabrikasi A.S. (Automobiles) | 542,177 | 4,398 | ||||||||
* | Tupras Turkiye Petrol Rafinerileri A.S. (Oil, gas & consumable fuels) | 144,550 | 4,071 | |||||||
Turkiye Garanti Bankasi A.S. (Banks) | 3,315,337 | 9,695 | ||||||||
36,887 | ||||||||||
United Arab Emirates—2.7% | ||||||||||
DP World, Ltd. (Transportation infrastructure) † | 223,136 | 4,193 | ||||||||
Dubai Islamic Bank PJSC (Banks) | 2,466,675 | 3,982 | ||||||||
* | Emaar Malls Group PJSC (Real estate management & development) | 2,867,046 | 2,248 | |||||||
Emaar Properties PJSC (Real estate management & development) | 5,481,124 | 8,984 | ||||||||
First Gulf Bank PJSC (Banks) | 1,637,089 | 5,237 | ||||||||
24,644 | ||||||||||
Emerging Latin America—14.9% | ||||||||||
Argentina—0.8% | ||||||||||
MercadoLibre, Inc. (Internet software & services)† | 19,273 | 2,271 | ||||||||
OTP Bank plc (Banks) | 81,125 | 2,037 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Latin America—(continued) | ||||||||||
Argentina—(continued) | ||||||||||
YPF S.A.—ADR (Oil, gas & consumable fuels) | 147,535 | $ | 2,638 | |||||||
6,946 | ||||||||||
Brazil—4.9% | ||||||||||
AMBEV S.A.—ADR (Beverages) | 3,564,243 | 18,463 | ||||||||
BB Seguridade Participacoes S.A. (Insurance) | 860,500 | 7,108 | ||||||||
Cielo S.A. (IT services) | 287,600 | 2,797 | ||||||||
* | Hypermarcas S.A. (Personal products) | 434,600 | 3,399 | |||||||
Lojas Renner S.A. (Multiline retail) | 889,900 | 5,145 | ||||||||
Raia Drogasil S.A. (Food & staples retailing) | 163,500 | 2,374 | ||||||||
Ultrapar Participacoes S.A. (Oil, gas & consumable fuels) | 250,200 | 4,856 | ||||||||
44,142 | ||||||||||
Chile—1.1% | ||||||||||
Banco Santander Chile—ADR (Banks) | 264,163 | 5,112 | ||||||||
S.A.C.I. Falabella (Multiline retail) | 732,802 | 5,107 | ||||||||
10,219 | ||||||||||
Mexico—6.5% | ||||||||||
Fibra Uno Administracion S.A. de C.V. (Real estate investment trusts (REITs)) | 3,020,469 | 7,026 | ||||||||
Fomento Economico Mexicano S.A.B. de C.V.—ADR (Beverages) | 87,805 | 8,457 | ||||||||
Gruma S.A.B. de C.V. Class “B” (Food products) | 158,900 | 2,520 | ||||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure) | 451,500 | 4,019 | ||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 25,112 | 3,771 | ||||||||
* | Grupo Bimbo S.A.B. de C.V. Class “A”Class “A”Class “A”Class “A” (Food products) | 1,028,800 | 3,044 | |||||||
Grupo Financiero Inbursa S.A.B. de C.V. Class “O” (Banks) | 1,582,500 | 3,167 | ||||||||
Grupo Financiero Santander Mexico S.A.B. de C.V. Class “B” (Banks) | 3,066,200 | 5,560 | ||||||||
Grupo Lala S.A.B. de C.V. (Food products) | 812,200 | 2,208 | ||||||||
Nemak S.A.B. de C.V.—144A (Auto components) | 2,241,200 | 3,222 | ||||||||
Promotora y Operadora de Infraestructura S.A.B. de C.V. (Transportation infrastructure) | 276,000 | 3,658 | ||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 5,375,900 | 12,726 | ||||||||
59,378 | ||||||||||
Panama—0.4% | ||||||||||
Copa Holdings S.A. Class “A” (Airlines)† | 50,971 | 3,453 | ||||||||
Peru—1.2% | ||||||||||
Credicorp, Ltd. (Banks)† | 84,535 | 11,075 | ||||||||
Total Common Stocks—95.6% (cost $834,055) |
864,750 | |||||||||
Preferred Stock | ||||||||||
Brazil—0.5% | ||||||||||
Itau Unibanco Holding S.A. (Banks) | 542,200 | 4,706 | ||||||||
Total Preferred Stock—0.5% (cost $3,718) |
4,706 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Affiliated Fund | ||||||||||
Emerging Asia—0.3% | ||||||||||
China—0.3% | ||||||||||
William Blair China A-Share Fund, LLC**§ | 163,216 | $ | 2,855 | |||||||
Total Affiliated Fund—0.3% (cost $1,632) |
2,855 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $40,155, collateralized by FHLB, 3.300%, due 9/7/32 | $ | 40,155 | 40,155 | |||||||
Total Repurchase Agreement—4.4% (cost $40,155) |
40,155 | |||||||||
Total Investments—100.8% (cost $879,560) |
912,466 | |||||||||
Liabilities, plus cash and other assets—(0.8)% | (7,487 | ) | ||||||||
Net assets—100.0% | $ | 904,979 |
ADR = American Depository Receipt
GDR = Global Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. This holding represents 0.32% of the Fund’s net assets at March 31, 2016.
§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.32% of the Fund’s net assets at March 31, 2016.
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
As of March 31, 2016, the Fund invested in William Blair China A-Share Fund, LLC, an affiliated fund. There are no unfunded commitments to the affiliated fund. The Fund may redeem its investment weekly, but is subject to monthly repatriation and other redemption restrictions imposed on the William Blair China A-Share Fund, LLC by the Chinese government.
Share Activity | Period Ended March 31, 2016 | |||||||||||||||||||||||
Security Name | Balance 12/31/2015 | Purchases | Sales | Balance 03/31/2016 | Value | Dividend Income | Net realized gain (loss) | Change in net unrealized appreciation (depreciation) | ||||||||||||||||
William Blair China A-Share Fund, LLC | 274,339 | — | 111,123 | 163,216 | $ | 2,855 | $ | — | $ | 810 | $ | (853 | ) |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Financials | 26.1 | % | ||
Information Technology | 23.3 | % | ||
Consumer Discretionary | 15.9 | % | ||
Consumer Staples | 14.8 | % | ||
Industrials | 5.5 | % | ||
Energy | 5.3 | % | ||
Health Care | 3.8 | % | ||
Telecommunication Services | 2.8 | % | ||
Materials | 1.9 | % | ||
Utilities | 0.6 | % | ||
Total | 100.0 | % | ||
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 18.2 | % | ||
Indian Rupee | 15.6 | % | ||
South Korean Won | 10.9 | % | ||
Hong Kong Dollar | 10.9 | % | ||
New Taiwan Dollar | 6.4 | % | ||
South African Rand | 6.4 | % | ||
Indonesian Rupiah | 5.6 | % | ||
Mexican Peso | 5.4 | % | ||
Turkish Lira | 4.2 | % | ||
Brazilian Real | 3.5 | % | ||
Thai Baht | 3.1 | % | ||
Philippine Peso | 3.1 | % | ||
UAE Dirham | 2.3 | % | ||
Malaysian Ringgit | 1.4 | % | ||
All Other Currencies | 3.0 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Emerging Asia—70.9% | ||||||||||
China—8.6% | ||||||||||
Anta Sports Products, Ltd. (Textiles, apparel & luxury goods) | 750,000 | $ | 1,659 | |||||||
Beijing Capital International Airport Co., Ltd. Class “H” (Transportation infrastructure) | 1,658,000 | 1,778 | ||||||||
* | Beijing Enterprises Water Group, Ltd. (Water utilities) | 516,000 | 323 | |||||||
Bloomage BioTechnology Corporation, Ltd. (Chemicals) | 95,000 | 209 | ||||||||
* | China Biologic Products, Inc. (Biotechnology)† | 6,405 | 733 | |||||||
China Lilang, Ltd. (Textiles, apparel & luxury goods) | 1,372,000 | 840 | ||||||||
China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure) | 77,504 | 2,962 | ||||||||
CT Environmental Group, Ltd. (Water utilities) | 4,818,000 | 1,410 | ||||||||
* | Fuyao Glass Industry Group Co. Ltd.—144A Class “H” (Auto components) | 34,800 | 84 | |||||||
* | Noah Holdings, Ltd.—ADR (Capital markets) | 78,979 | 1,965 | |||||||
PAX Global Technology, Ltd. (Electronic equipment, instruments & components) | 1,017,000 | 1,017 | ||||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 658,000 | 3,584 | ||||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 162,000 | 2,210 | ||||||||
* | TAL Education Group—ADR (Diversified consumer services) | 73,394 | 3,646 | |||||||
Travelsky Technology, Ltd. Class “H” (IT services) | 1,288,000 | 2,115 | ||||||||
24,535 | ||||||||||
Hong Kong—0.7% | ||||||||||
* | IMAX China Holding, Inc.—144A (Media) | 185,300 | 1,114 | |||||||
Shenzhen Investment, Ltd. (Real estate management & development) | 2,218,000 | 881 | ||||||||
1,995 | ||||||||||
India—16.6% | ||||||||||
Alembic Pharmaceuticals, Ltd. (Pharmaceuticals) | 23,473 | 213 | ||||||||
Apollo Hospitals Enterprise, Ltd. (Health care providers & services) | 86,271 | 1,746 | ||||||||
Aurobindo Pharma, Ltd. (Pharmaceuticals) | 29,311 | 330 | ||||||||
Bajaj Finance, Ltd. (Consumer finance) | 45,251 | 4,723 | ||||||||
Blue Dart Express, Ltd. (Air freight & logistics) | 19,204 | 1,773 | ||||||||
Britannia Industries, Ltd. (Food products) | 13,662 | 555 | ||||||||
Dabur India, Ltd. (Personal products) | 381,434 | 1,444 | ||||||||
* | Dish TV India, Ltd. (Media) | 234,669 | 312 | |||||||
Eicher Motors, Ltd. (Machinery) | 4,916 | 1,425 | ||||||||
Finolex Industries, Ltd. (Chemicals) | 188,775 | 1,040 | ||||||||
Godrej Consumer Products, Ltd. (Personal products) | 110,676 | 2,308 | ||||||||
Gruh Finance, Ltd. (Thrifts & mortgage finance) | 638,862 | 2,302 | ||||||||
Havells India, Ltd. (Electrical equipment) | 499,828 | 2,440 | ||||||||
Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance) | 145,243 | 1,426 | ||||||||
IndusInd Bank, Ltd. (Banks) | 257,614 | 3,759 | ||||||||
Kajaria Ceramics, Ltd. (Building products) | 100,421 | 1,460 | ||||||||
LIC Housing Finance, Ltd. (Thrifts & mortgage finance) | 144,366 | 1,070 | ||||||||
Marico, Ltd. (Personal products) | 816,516 | 3,021 | ||||||||
Max India, Ltd. (Insurance) | 128,966 | 665 | ||||||||
Max India, Ltd. (Health care providers & services)**§ | 181,994 | 495 | ||||||||
Max Ventures & Industries, Ltd. (Chemicals)**§ | 36,399 | 17 | ||||||||
Oracle Financial Services Software, Ltd. (Software) | 22,773 | 1,207 | ||||||||
Persistent Systems, Ltd. (IT services) | 41,854 | 480 | ||||||||
PI Industries, Ltd. (Chemicals) | 29,230 | 250 | ||||||||
Pidilite Industries, Ltd. (Chemicals) | 168,890 | 1,505 | ||||||||
Repco Home Finance, Ltd. (Consumer finance) | 95,575 | 835 | ||||||||
Sadbhav Engineering, Ltd. (Construction & engineering) | 190,998 | 860 | ||||||||
* | SKS Microfinance, Ltd. (Consumer finance) | 255,410 | 2,114 | |||||||
Strides Shasun, Ltd. (Pharmaceuticals) | 54,866 | 902 | ||||||||
Supreme Industries, Ltd. (Chemicals) | 160,687 | 1,788 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
India—(continued) | ||||||||||
Torrent Pharmaceuticals, Ltd. (Pharmaceuticals) | 12,738 | $ | 257 | |||||||
Yes Bank, Ltd. (Banks) | 286,827 | 3,755 | ||||||||
Zee Entertainment Enterprises, Ltd. (Media) | 162,869 | 952 | ||||||||
47,429 | ||||||||||
Indonesia—6.5% | ||||||||||
PT Ace Hardware Indonesia Tbk (Specialty retail) | 14,156,300 | 955 | ||||||||
PT Bank Negara Indonesia Persero Tbk (Banks) | 8,789,900 | 3,447 | ||||||||
PT Bank Tabungan Negara Persero Tbk (Banks) | 16,598,800 | 2,184 | ||||||||
PT Ciputra Development Tbk (Real estate management & development) | 3,604,500 | 355 | ||||||||
PT Gudang Garam Tbk (Tobacco) | 115,100 | 567 | ||||||||
PT Indofood CBP Sukses Makmur Tbk (Food products) | 1,955,300 | 2,241 | ||||||||
PT Matahari Department Store Tbk (Multiline retail) | 1,779,500 | 2,463 | ||||||||
PT Pakuwon Jati Tbk (Real estate management & development) | 61,439,500 | 2,243 | ||||||||
PT Summarecon Agung Tbk (Real estate management & development) | 22,460,500 | 2,685 | ||||||||
PT Waskita Karya Persero Tbk (Construction & engineering) | 10,058,300 | 1,521 | ||||||||
18,661 | ||||||||||
Malaysia—1.9% | ||||||||||
Globetronics Technology Bhd (Semiconductors & semiconductor equipment) | 806,300 | 1,118 | ||||||||
Inari Amertron Bhd (Electronic equipment, instruments & components) | 1,479,650 | 1,221 | ||||||||
My EG Services Bhd (IT services) | 1,516,100 | 832 | ||||||||
SapuraKencana Petroleum Bhd (Energy equipment & services) | 4,731,400 | 2,256 | ||||||||
5,427 | ||||||||||
Pakistan—3.0% | ||||||||||
D.G. Khan Cement Co., Ltd. (Construction materials) | 1,622,500 | 2,684 | ||||||||
Engro Corporation, Ltd. (Chemicals) | 479,200 | 1,442 | ||||||||
Engro Fertilizers, Ltd. (Chemicals) | 280,000 | 186 | ||||||||
* | Engro Foods, Ltd. (Food products) | 1,502,500 | 2,278 | |||||||
Lucky Cement, Ltd. (Construction materials) | 120,300 | 617 | ||||||||
Maple Leaf Cement Factory, Ltd. (Construction materials) | 1,471,621 | 1,294 | ||||||||
8,501 | ||||||||||
Philippines—5.4% | ||||||||||
D&L Industries, Inc. (Chemicals) | 5,330,000 | 1,113 | ||||||||
GT Capital Holdings, Inc. (Diversified financial services) | 136,690 | 4,126 | ||||||||
Jollibee Foods Corporation (Hotels, restaurants & leisure) | 502,540 | 2,478 | ||||||||
Robinsons Land Corporation (Real estate management & development) | 3,737,000 | 2,264 | ||||||||
Security Bank Corporation (Banks) | 721,210 | 2,741 | ||||||||
Universal Robina Corporation (Food products) | 547,490 | 2,578 | ||||||||
15,300 | ||||||||||
South Korea—7.5% | ||||||||||
BGF retail Co., Ltd. (Food & staples retailing) | 4,970 | 713 | ||||||||
Cell Biotech Co., Ltd. (Biotechnology) | 27,730 | 1,535 | ||||||||
CJ CGV Co., Ltd. (Media) | 11,410 | 985 | ||||||||
Eo Technics Co., Ltd. (Semiconductors & semiconductor equipment) | 13,062 | 1,366 | ||||||||
Hanssem Co., Ltd. (Household durables) | 6,360 | 1,243 | ||||||||
InBody Co., Ltd. (Health care equipment & supplies) | 29,339 | 1,239 | ||||||||
Kangwon Land, Inc. (Hotels, restaurants & leisure) | 98,460 | 3,521 | ||||||||
Korea Kolmar Co., Ltd. (Personal products) | 25,006 | 1,778 | ||||||||
* | Loen Entertainment, Inc. (Media) | 18,233 | 1,245 | |||||||
Medy-Tox, Inc. (Biotechnology) | 9,544 | 3,684 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
South Korea—(continued) | ||||||||||
Modetour Network, Inc. (Hotels, restaurants & leisure) | 38,414 | $ | 1,011 | |||||||
OCI Materials Co., Ltd. (Chemicals) | 32,776 | 3,196 | ||||||||
21,516 | ||||||||||
Taiwan—15.7% | ||||||||||
Actron Technology Corporation (Auto components) | 240,000 | 958 | ||||||||
Advantech Co., Ltd. (Technology hardware, storage & peripherals) | 186,000 | 1,367 | ||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 113,000 | 1,201 | ||||||||
Bizlink Holding, Inc. (Electrical equipment) | 306,000 | 1,626 | ||||||||
Chipbond Technology Corporation (Semiconductors & semiconductor equipment) | 1,005,000 | 1,624 | ||||||||
Cleanaway Co., Ltd. (Commercial services & supplies) | 232,000 | 1,287 | ||||||||
Cub Elecparts, Inc. (Auto components) | 254,080 | 3,099 | ||||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 3,672,611 | 2,054 | ||||||||
Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods) | 108,770 | 1,431 | ||||||||
Ennoconn Corporation (Technology hardware, storage & peripherals) | 168,000 | 2,020 | ||||||||
Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods) | 335,000 | 1,780 | ||||||||
Hota Industrial Manufacturing Co., Ltd. (Auto components) | 577,000 | 2,510 | ||||||||
Kung Long Batteries Industrial Co., Ltd. (Electrical equipment) | 364,000 | 1,606 | ||||||||
Macauto Industrial Co., Ltd. (Auto components) | 450,000 | 2,363 | ||||||||
Posiflex Technology, Inc. (Electronic equipment, instruments & components) | 108,000 | 545 | ||||||||
Poya Co., Ltd. (Multiline retail) | 200,100 | 2,126 | ||||||||
Shin Zu Shing Co., Ltd. (Machinery) | 722,000 | 2,580 | ||||||||
Silicon Motion Technology Corporation—ADR (Semiconductors & semiconductor equipment) | 42,820 | 1,662 | ||||||||
Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components) | 949,000 | 1,937 | ||||||||
Sporton International, Inc. (Professional services) | 439,757 | 2,248 | ||||||||
St Shine Optical Co., Ltd. (Health care equipment & supplies) | 24,000 | 490 | ||||||||
Taiwan Paiho, Ltd. (Textiles, apparel & luxury goods) | 874,000 | 2,618 | ||||||||
Tung Thih Electronic Co., Ltd. (Auto components) | 44,600 | 734 | ||||||||
Visual Photonics Epitaxy Co., Ltd. (Semiconductors & semiconductor equipment) | 1,078,000 | 1,859 | ||||||||
Voltronic Power Technology Corporation (Electrical equipment) | 99,103 | 1,561 | ||||||||
Win Semiconductors Corporation (Semiconductors & semiconductor equipment) | 730,539 | 1,448 | ||||||||
44,734 | ||||||||||
Thailand—5.0% | ||||||||||
Beauty Community PCL (Specialty retail) | 15,776,800 | 2,422 | ||||||||
Central Plaza Hotel PCL (Hotels, restaurants & leisure) | 1,285,800 | 1,562 | ||||||||
Delta Electronics Thailand PCL (Electronic equipment, instruments & components) | 609,700 | 1,508 | ||||||||
KCE Electronics PCL (Electronic equipment, instruments & components) | 1,578,500 | 3,544 | ||||||||
Kiatnakin Bank PCL (Banks) | 647,300 | 773 | ||||||||
Minor International PCL (Hotels, restaurants & leisure) | 2,500,501 | 2,630 | ||||||||
Srisawad Power 1979 PCL Class “F” (Consumer finance) | 1,456,500 | 1,749 | ||||||||
14,188 | ||||||||||
Emerging Latin America—14.6% | ||||||||||
Brazil—4.5% | ||||||||||
BR Malls Participacoes S.A. (Real estate management & development) | 299,100 | 1,227 | ||||||||
CVC Brasil Operadora e Agencia de Viagens S.A. (Hotels, restaurants & leisure) | 160,400 | 747 | ||||||||
* | Hypermarcas S.A. (Personal products) | 227,000 | 1,775 | |||||||
Kroton Educacional S.A. (Diversified consumer services) | 872,400 | 2,786 | ||||||||
Lojas Renner S.A. (Multiline retail) | 403,000 | 2,330 | ||||||||
Raia Drogasil S.A. (Food & staples retailing) | 273,400 | 3,969 | ||||||||
12,834 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Latin America—(continued) | ||||||||||
Mexico—9.4% | ||||||||||
Alsea S.A.B. de C.V. (Hotels, restaurants & leisure) | 940,300 | $ | 3,529 | |||||||
Banregio Grupo Financiero S.A.B. de C.V. (Banks) | 684,308 | 3,987 | ||||||||
* | Controladora Vuela Cia de Aviacion S.A.B. de C.V.—ADR (Airlines) | 105,677 | 2,227 | |||||||
Gruma S.A.B. de C.V. Class “B” (Food products) | 118,831 | 1,885 | ||||||||
* | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure) | 936,209 | 5,371 | |||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure) | 160,000 | 1,424 | ||||||||
Grupo Financiero Santander Mexico S.A.B. de C.V. Class “B” (Banks) | 544,001 | 986 | ||||||||
Grupo Lala S.A.B. de C.V. (Food products) | 1,075,890 | 2,924 | ||||||||
Megacable Holdings S.A.B. de C.V. (Media) | 273,400 | 1,135 | ||||||||
Nemak S.A.B. de C.V.—144A (Auto components) | 649,200 | 933 | ||||||||
Promotora y Operadora de Infraestructura S.A.B. de C.V. (Transportation infrastructure) | 127,100 | 1,685 | ||||||||
Unifin Financiera SAPI de C.V. SOFOM E.N.R. (Consumer finance) | 291,300 | 816 | ||||||||
26,902 | ||||||||||
Panama—0.7% | ||||||||||
Copa Holdings S.A. CLASS “A” (Airlines)† | 28,982 | 1,963 | ||||||||
Emerging Europe, Mid-East, Africa—12.5% | ||||||||||
Hungary—0.8% | ||||||||||
* | Magyar Telekom Telecommunications plc (Diversified telecommunication services) | 880,209 | 1,455 | |||||||
Richter Gedeon Nyrt (Pharmaceuticals) | 36,237 | 723 | ||||||||
2,178 | ||||||||||
Kenya—0.8% | ||||||||||
Safaricom, Ltd. (Wireless telecommunication services) | 14,524,600 | 2,405 | ||||||||
Poland—1.1% | ||||||||||
Eurocash S.A. (Food & staples retailing) | 106,432 | 1,522 | ||||||||
KRUK S.A. (Consumer finance) | 31,004 | 1,495 | ||||||||
3,017 | ||||||||||
Qatar—0.5% | ||||||||||
Al Meera Consumer Goods Co. (Food & staples retailing) | 26,288 | 1,494 | ||||||||
Romania—0.7% | ||||||||||
* | Banca Transilvania S.A. (Banks) | 2,758,420 | 1,890 | |||||||
Russia—0.3% | ||||||||||
* | Yandex N.V. Class “A” (Internet software & services)† | 66,117 | 1,013 | |||||||
South Africa—3.2% | ||||||||||
AVI, Ltd. (Food products) | 376,798 | 2,217 | ||||||||
Capitec Bank Holdings, Ltd. (Banks) | 14,531 | 564 | ||||||||
Cashbuild, Ltd. (Specialty retail) | 73,311 | 1,609 | ||||||||
Clicks Group, Ltd. (Food & staples retailing) | 334,752 | 2,203 | ||||||||
EOH Holdings, Ltd. (IT services) | 134,544 | 1,344 | ||||||||
PSG Group, Ltd. (Diversified financial services) | 22,521 | 306 | ||||||||
Resilient REIT, Ltd. (Real estate investment trusts (REITs)) | 85,693 | 787 | ||||||||
9,030 | ||||||||||
Turkey—3.9% | ||||||||||
Arcelik A.S. (Household durables) | 330,672 | 2,249 | ||||||||
Tofas Turk Otomobil Fabrikasi A.S. (Automobiles) | 587,876 | 4,769 | ||||||||
* | Tupras Turkiye Petrol Rafinerileri A.S. (Oil, gas & consumable fuels) | 78,695 | 2,216 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Europe, Mid-East, Africa—(continued) | ||||||||||
Turkey—(continued) | ||||||||||
Turkiye Sinai Kalkinma Bankasi A.S. (Banks) | 1,443,121 | $ | 845 | |||||||
Ulker Biskuvi Sanayi A.S. (Food products) | 131,999 | 979 | ||||||||
11,058 | ||||||||||
United Arab Emirates—1.2% | ||||||||||
* | Emaar Malls Group PJSC (Real estate management & development) | 2,045,022 | 1,604 | |||||||
NMC Health plc (Health care providers & services) | 128,333 | 1,948 | ||||||||
3,552 | ||||||||||
Total Common Stocks—98.0% (cost $259,346) |
279,622 | |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $941, collateralized by FNMA, 3.430%, due 5/27/33 | $ | 941 | 941 | |||||||
Total Repurchase Agreement—0.4% (cost $941) |
941 | |||||||||
Total Investments—98.4% (cost $260,287) |
280,563 | |||||||||
Cash and other assets, less liabilities—1.6% | 4,688 | |||||||||
Net assets—100.0% | $ | 285,251 |
ADR = American Depository Receipt
* Non-income producing securities
** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. These holdings represent 0.18% of the Fund’s net assets at March 31, 2016.
§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.18% of the Fund’s net assets at March 31, 2016.
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
At March 31, 2016, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Consumer Discretionary | 26.2 | % | ||
Financials | 22. 6 | % | ||
Consumer Staples | 13.0 | % | ||
Industrials | 12.5 | % | ||
Information Technology | 11.7 | % | ||
Materials | 5.5 | % | ||
Health Care | 4.9 | % | ||
Energy | 1.6 | % | ||
Telecommunication Services | 1.4 | % | ||
Utilities | 0.6 | % | ||
Total | 100.0 | % |
At March 31, 2016, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee | 17.0 | % | ||
New Taiwan Dollar | 16.2 | % | ||
Mexican Peso | 8.8 | % | ||
South Korean Won | 7.7 | % | ||
Indonesian Rupiah | 6.7 | % | ||
U.S. Dollar | 5.8 | % | ||
Philippine Peso | 5.5 | % | ||
Hong Kong Dollar | 5.4 | % | ||
Thai Baht | 5.1 | % | ||
Brazilian Real | 4.6 | % | ||
Turkish Lira | 3.9 | % | ||
South African Rand | 3.2 | % | ||
Pakistan Rupee | 3.0 | % | ||
Malaysian Ringgit | 1.9 | % | ||
All Other Currencies | 5.2 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
U.S. Government and U.S. Government Agency—50.7% | ||||||||||
U.S. Treasury Inflation Indexed Notes/Bonds—5.6% | ||||||||||
U.S. Treasury Inflation Indexed Note, 1.875%, due 7/15/19 | $ | 4,993 | $ | 5,431 | ||||||
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29 | 17,293 | 24,789 | ||||||||
Total U.S. Treasury Inflation Indexed Notes/Bonds | 30,220 | |||||||||
U.S. Treasury—0.6% | ||||||||||
U.S. Treasury Bill, 0.191%, due 7/14/16 | 200 | 200 | ||||||||
U.S. Treasury Strip Principal, 0.000%, due 5/15/20 | 3,500 | 3,335 | ||||||||
Total U.S. Treasury Obligations | 3,535 | |||||||||
Government National Mortgage Association (GNMA)—0.3% | ||||||||||
#623162, 6.500%, due 7/15/18 | 11 | 11 | ||||||||
#589335, 6.500%, due 10/15/22 | 25 | 28 | ||||||||
#357322, 7.000%, due 9/15/23 | 9 | 10 | ||||||||
#616250, 6.000%, due 2/15/24 | 3 | 4 | ||||||||
#509405, 7.500%, due 8/15/29 | 1 | 1 | ||||||||
GNR 2004-2 M5, 4.891%, due 7/16/34 | 24 | 24 | ||||||||
#699118, 6.000%, due 9/15/38 | 1,564 | 1,768 | ||||||||
Total GNMA Mortgage Obligations | 1,846 | |||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—13.0% | ||||||||||
#G12258, 6.000%, due 8/1/16 | 1 | 1 | ||||||||
#J04096, 6.500%, due 1/1/17 | 2 | 2 | ||||||||
#E90398, 7.000%, due 5/1/17 | 8 | 9 | ||||||||
#G90027, 6.000%, due 11/17/17 | 3 | 3 | ||||||||
#G30093, 7.000%, due 12/1/17 | 3 | 3 | ||||||||
#O20005, 6.500%, due 1/1/18 | 3 | 3 | ||||||||
#E96940, 4.500%, due 6/1/18 | 18 | 19 | ||||||||
#B13747, 5.000%, due 4/1/19 | 230 | 241 | ||||||||
#G30254, 6.500%, due 5/1/19 | 4 | 5 | ||||||||
#G11697, 5.500%, due 4/1/20 | 405 | 424 | ||||||||
#G12113, 5.500%, due 5/1/21 | 383 | 410 | ||||||||
#J02986, 6.500%, due 7/1/21 | 16 | 17 | ||||||||
#G30255, 7.000%, due 7/1/21 | 4 | 4 | ||||||||
#G30243, 6.000%, due 12/1/21 | 4 | 5 | ||||||||
#G12720, 5.500%, due 6/1/22 | 45 | 48 | ||||||||
#D95621, 6.500%, due 7/1/22 | 29 | 33 | ||||||||
#G14150, 4.500%, due 4/1/26 | 2,178 | 2,335 | ||||||||
#J16051, 4.500%, due 7/1/26 | 946 | 1,016 | ||||||||
#G02183, 6.500%, due 3/1/30 | 29 | 33 | ||||||||
#G01728, 7.500%, due 7/1/32 | 131 | 164 | ||||||||
#C01385, 6.500%, due 8/1/32 | 106 | 123 | ||||||||
#G01551, 6.000%, due 4/1/33 | 2,342 | 2,694 | ||||||||
#C01623, 5.500%, due 9/1/33 | 132 | 149 | ||||||||
#A15039, 5.500%, due 10/1/33 | 2 | 3 | ||||||||
#A17603, 5.500%, due 1/1/34 | 2,288 | 2,623 | ||||||||
#G01705, 5.500%, due 6/1/34 | 947 | 1,091 | ||||||||
#G01843, 6.000%, due 6/1/35 | 24 | 28 | ||||||||
#G02141, 6.000%, due 3/1/36 | 672 | 775 | ||||||||
#A62179, 6.000%, due 6/1/37 | 291 | 335 | ||||||||
#G03711, 6.000%, due 6/1/37 | 922 | 1,057 | ||||||||
#A63539, 6.000%, due 7/1/37 | 365 | 419 | ||||||||
#A62858, 6.500%, due 7/1/37 | 144 | 164 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
U.S. Government and U.S. Government Agency—(continued) | ||||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—(continued) | ||||||||||
#G03170, 6.500%, due 8/1/37 | $ | 304 | $ | 355 | ||||||
#A66843, 6.500%, due 10/1/37 | 997 | 1,185 | ||||||||
#G07837, 6.500%, due 2/1/38 | 3,473 | 4,094 | ||||||||
#G04053, 5.500%, due 3/1/38 | 683 | 777 | ||||||||
#A78138, 5.500%, due 6/1/38 | 426 | 488 | ||||||||
#G04466, 5.500%, due 7/1/38 | 18,695 | 21,538 | ||||||||
#G04544, 6.000%, due 8/1/38 | 851 | 982 | ||||||||
#A81799, 6.500%, due 9/1/38 | 708 | 848 | ||||||||
#G05723, 6.500%, due 11/1/38 | 1,787 | 2,061 | ||||||||
#A86143, 5.000%, due 5/1/39 | 64 | 72 | ||||||||
#G05810, 5.000%, due 2/1/40 | 16,966 | 19,103 | ||||||||
#G05875, 5.500%, due 2/1/40 | 836 | 952 | ||||||||
#G06017, 5.500%, due 6/1/40 | 208 | 236 | ||||||||
#C03665, 9.000%, due 4/1/41 | 842 | 1,054 | ||||||||
#G06583, 5.000%, due 6/1/41 | 2,163 | 2,446 | ||||||||
Total FHLMC Mortgage Obligations | 70,427 | |||||||||
Federal National Mortgage Association (FNMA)—31.2% | ||||||||||
#679247, 7.000%, due 8/1/17 | 1 | 1 | ||||||||
#683100, 5.500%, due 2/1/18 | 73 | 75 | ||||||||
#689612, 5.000%, due 5/1/18 | 35 | 36 | ||||||||
#695910, 5.000%, due 5/1/18 | 95 | 98 | ||||||||
#697593, 5.000%, due 5/1/18 | 83 | 86 | ||||||||
#704049, 5.500%, due 5/1/18 | 190 | 195 | ||||||||
#735357, 5.500%, due 5/1/18 | 249 | 257 | ||||||||
#735003, 5.500%, due 7/1/18 | 257 | 265 | ||||||||
#251960, 6.000%, due 9/1/18 | 1 | 2 | ||||||||
#745498, 7.000%, due 11/1/18 | 121 | 123 | ||||||||
#770395, 5.000%, due 4/1/19 | 3 | 3 | ||||||||
#788424, 5.500%, due 9/1/19 | 17 | 17 | ||||||||
#835563, 7.000%, due 10/1/20 | 15 | 16 | ||||||||
#900725, 6.000%, due 8/1/21 | 36 | 39 | ||||||||
#888555, 5.500%, due 9/1/21 | 4,205 | 4,496 | ||||||||
#893325, 7.000%, due 9/1/21 | 13 | 14 | ||||||||
#735104, 7.000%, due 5/1/22 | 2 | 2 | ||||||||
#949589, 5.500%, due 8/1/22 | 2,884 | 3,135 | ||||||||
#949592, 6.000%, due 8/1/22 | 4,626 | 5,113 | ||||||||
#889342, 5.000%, due 3/1/23 | 52 | 55 | ||||||||
#AA2924, 4.500%, due 4/1/24 | 276 | 298 | ||||||||
#931299, 4.500%, due 6/1/24 | 628 | 678 | ||||||||
#AC1848, 4.500%, due 9/1/24 | 395 | 428 | ||||||||
#AC5410, 4.500%, due 10/1/24 | 313 | 338 | ||||||||
#932095, 4.000%, due 11/1/24 | 1,435 | 1,528 | ||||||||
#932100, 4.500%, due 11/1/24 | 264 | 285 | ||||||||
#AC9560, 5.000%, due 1/1/25 | 1,851 | 1,990 | ||||||||
#AD8164, 4.000%, due 8/1/25 | 645 | 690 | ||||||||
#AB1459, 4.000%, due 9/1/25 | 288 | 309 | ||||||||
#255956, 5.500%, due 10/1/25 | 20 | 22 | ||||||||
#AH2671, 4.000%, due 1/1/26 | 1,166 | 1,245 | ||||||||
#AI4872, 4.500%, due 6/1/26 | 425 | 459 | ||||||||
#AL2851, 4.000%, due 8/1/26 | 2,034 | 2,178 | ||||||||
#AI9811, 4.500%, due 8/1/26 | 342 | 368 | ||||||||
#AJ3203, 4.000%, due 10/1/26 | 114 | 122 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
U.S. Government and U.S. Government Agency—(continued) | ||||||||||
Federal National Mortgage Association (FNMA)—(continued) | ||||||||||
#AJ7724, 4.000%, due 12/1/26 | $ | 865 | $ | 924 | ||||||
#AJ9402, 4.000%, due 12/1/26 | 1,220 | 1,300 | ||||||||
#AK7384, 4.000%, due 3/1/27 | 1,044 | 1,116 | ||||||||
#AB4818, 4.000%, due 4/1/27 | 664 | 713 | ||||||||
#AL2590, 4.000%, due 7/1/27 | 4,490 | 4,804 | ||||||||
#AV6413, 4.000%, due 2/1/29 | 3,422 | 3,669 | ||||||||
#252925, 7.500%, due 12/1/29 | 1 | 2 | ||||||||
#535977, 6.500%, due 4/1/31 | 9 | 11 | ||||||||
#253907, 7.000%, due 7/1/31 | 2 | 2 | ||||||||
#587849, 6.500%, due 11/1/31 | 14 | 16 | ||||||||
#545437, 7.000%, due 2/1/32 | 61 | 74 | ||||||||
#545759, 6.500%, due 7/1/32 | 552 | 658 | ||||||||
#545869, 6.500%, due 7/1/32 | 1,766 | 2,081 | ||||||||
#678007, 6.000%, due 9/1/32 | 9 | 10 | ||||||||
#670385, 6.500%, due 9/1/32 | 850 | 1,021 | ||||||||
#254548, 5.500%, due 12/1/32 | 57 | 65 | ||||||||
#677290, 6.000%, due 1/1/33 | 2,592 | 3,029 | ||||||||
#684601, 6.000%, due 3/1/33 | 596 | 696 | ||||||||
#703391, 5.000%, due 5/1/33 | 188 | 212 | ||||||||
#708993, 5.000%, due 6/1/33 | 31 | 35 | ||||||||
#730131, 5.000%, due 8/1/33 | 62 | 70 | ||||||||
#741850, 5.500%, due 9/1/33 | 645 | 735 | ||||||||
#739243, 6.000%, due 9/1/33 | 708 | 826 | ||||||||
#739331, 6.000%, due 9/1/33 | 388 | 452 | ||||||||
#555800, 5.500%, due 10/1/33 | 65 | 73 | ||||||||
#555946, 5.500%, due 11/1/33 | 484 | 560 | ||||||||
#756153, 5.500%, due 11/1/33 | 649 | 743 | ||||||||
#AL3455, 5.500%, due 11/1/33 | 7,583 | 8,762 | ||||||||
#725017, 5.500%, due 12/1/33 | 61 | 71 | ||||||||
#AL3380, 5.500%, due 1/1/34 | 969 | 1,120 | ||||||||
#763798, 5.500%, due 3/1/34 | 98 | 112 | ||||||||
#725611, 5.500%, due 6/1/34 | 133 | 151 | ||||||||
#783786, 5.500%, due 7/1/34 | 130 | 150 | ||||||||
#786546, 6.000%, due 7/1/34 | 265 | 309 | ||||||||
#787816, 6.000%, due 7/1/34 | 386 | 451 | ||||||||
#745563, 5.500%, due 8/1/34 | 745 | 855 | ||||||||
#794474, 6.000%, due 10/1/34 | 53 | 62 | ||||||||
#745092, 6.500%, due 7/1/35 | 425 | 510 | ||||||||
#357944, 6.000%, due 9/1/35 | 27 | 31 | ||||||||
#829306, 6.000%, due 9/1/35 | 306 | 355 | ||||||||
#836140, 5.500%, due 10/1/35 | 65 | 75 | ||||||||
#843487, 6.000%, due 10/1/35 | 120 | 139 | ||||||||
#849191, 6.000%, due 1/1/36 | 171 | 198 | ||||||||
#745349, 6.500%, due 2/1/36 | 383 | 453 | ||||||||
#888305, 7.000%, due 3/1/36 | 12 | 15 | ||||||||
#895637, 6.500%, due 5/1/36 | 96 | 110 | ||||||||
#831540, 6.000%, due 6/1/36 | 34 | 39 | ||||||||
#745802, 6.000%, due 7/1/36 | 193 | 225 | ||||||||
#886220, 6.000%, due 7/1/36 | 368 | 425 | ||||||||
#AL3449, 6.000%, due 7/1/36 | 1,930 | 2,260 | ||||||||
#893318, 6.500%, due 8/1/36 | 38 | 45 | ||||||||
#831926, 6.000%, due 12/1/36 | 11 | 13 | ||||||||
#902974, 6.000%, due 12/1/36 | 276 | 318 | ||||||||
#909480, 6.000%, due 2/1/37 | 314 | 364 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
U.S. Government and U.S. Government Agency—(continued) | ||||||||||||||
Federal National Mortgage Association (FNMA)—(continued) | ||||||||||||||
#AB0265, 6.000%, due 2/1/37 | $ | 18,491 | $ | 21,505 | ||||||||||
#888418, 5.500%, due 5/1/37 | 1,488 | 1,721 | ||||||||||||
#938440, 6.000%, due 7/1/37 | 117 | 134 | ||||||||||||
#928561, 6.000%, due 8/1/37 | 262 | 304 | ||||||||||||
#948689, 6.000%, due 8/1/37 | 232 | 267 | ||||||||||||
#888703, 6.500%, due 8/1/37 | 5,131 | 6,190 | ||||||||||||
#946646, 6.000%, due 9/1/37 | 81 | 93 | ||||||||||||
#888967, 6.000%, due 12/1/37 | 879 | 1,025 | ||||||||||||
#AL0904, 5.500%, due 1/1/38 | 67 | 77 | ||||||||||||
#889371, 6.000%, due 1/1/38 | 4,274 | 4,962 | ||||||||||||
#889385, 6.000%, due 2/1/38 | 204 | 237 | ||||||||||||
#962058, 6.500%, due 3/1/38 | 1,622 | 1,945 | ||||||||||||
#934006, 6.500%, due 9/1/38 | 478 | 579 | ||||||||||||
#986856, 6.500%, due 9/1/38 | 250 | 296 | ||||||||||||
#AL5817, 6.000%, due 11/1/38 | 1,852 | 2,154 | ||||||||||||
#991911, 7.000%, due 11/1/38 | 285 | 346 | ||||||||||||
#AL3775, 5.000%, due 1/1/39 | 2,138 | 2,418 | ||||||||||||
#AA7611, 5.000%, due 5/1/39 | 994 | 1,124 | ||||||||||||
#AA8443, 5.000%, due 6/1/39 | 239 | 271 | ||||||||||||
#AA8587, 5.500%, due 7/1/39 | 4,070 | 4,699 | ||||||||||||
#931492, 6.000%, due 7/1/39 | 209 | 242 | ||||||||||||
#AA6898, 6.000%, due 7/1/39 | 777 | 903 | ||||||||||||
#931801, 5.000%, due 8/1/39 | 932 | 1,050 | ||||||||||||
#AC1619, 5.500%, due 8/1/39 | 551 | 629 | ||||||||||||
#AD0315, 6.500%, due 8/1/39 | 3,490 | 4,235 | ||||||||||||
#AC0505, 5.500%, due 9/1/39 | 436 | 500 | ||||||||||||
#932279, 5.000%, due 12/1/39 | 107 | 120 | ||||||||||||
#AC9569, 5.000%, due 2/1/40 | 1,839 | 2,088 | ||||||||||||
#932638, 5.000%, due 3/1/40 | 199 | 224 | ||||||||||||
#932751, 5.000%, due 4/1/40 | 4,668 | 5,300 | ||||||||||||
#AE0082, 5.000%, due 5/1/40 | 566 | 636 | ||||||||||||
#AB1146, 5.000%, due 6/1/40 | 117 | 131 | ||||||||||||
#AD7531, 5.500%, due 6/1/40 | 271 | 310 | ||||||||||||
#AD8810, 5.500%, due 6/1/40 | 714 | 822 | ||||||||||||
#AB1200, 5.500%, due 7/1/40 | 1,448 | 1,668 | ||||||||||||
#AD7137, 5.500%, due 7/1/40 | 5,235 | 6,049 | ||||||||||||
#AD9169, 5.500%, due 8/1/40 | 463 | 532 | ||||||||||||
#AH0955, 5.000%, due 12/1/40 | 5,851 | 6,610 | ||||||||||||
#AH5585, 5.000%, due 2/1/41 | 200 | 227 | ||||||||||||
#AL0028, 5.000%, due 2/1/41 | 2,909 | 3,276 | ||||||||||||
#AL5815, 5.500%, due 4/1/41 | 4,133 | 4,782 | ||||||||||||
#AI6071, 5.000%, due 6/1/41 | 2,205 | 2,503 | ||||||||||||
#AI4222, 5.000%, due 7/1/41 | 162 | 183 | ||||||||||||
#AL0672, 5.000%, due 7/1/41 | 3,472 | 3,942 | ||||||||||||
#AL0913, 6.000%, due 7/1/41 | 2,579 | 2,954 | ||||||||||||
#AK2733, 5.000%, due 2/1/42 | 2,298 | 2,609 | ||||||||||||
Total FNMA Mortgage Obligations | 169,353 | |||||||||||||
Asset-Backed Securities—2.9% | ||||||||||||||
Hertz Vehicle Financing LLC—144A, 2013-1A, Tranche B1, 1.860%, 8/25/17 | Baa1 | 2,875 | 2,870 | |||||||||||
GE Capital Credit Card Master Note Trust, 2012-6, Tranche B, 1.830%, 8/17/20 | AA+ | 3,000 | 2,996 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
Asset-Backed Securities—(continued) | ||||||||||||||
American Express Credit Account Master Trust, 2008-2, Tranche A, 1.696%, 9/15/20, VRN | AAA | $ | 4,800 | $ | 4,887 | |||||||||
Centre Point Funding LLC—144A, 2012-2A, Tranche 1, 2.610%, 8/20/21 | Baa2 | 3,045 | 3,014 | |||||||||||
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 2.936%, 1/15/43, VRN | AAA | 2,000 | 2,020 | |||||||||||
Total Asset-Backed Securities | 15,787 | |||||||||||||
Corporate Obligations—43.8% | ||||||||||||||
Penske Truck Leasing Co. L.P.—144A, 3.750%, due 5/11/17 | BBB+ | 3,000 | 3,047 | |||||||||||
Toll Brothers Finance Corporation, 8.910%, due 10/15/17 | BBB- | 1,050 | 1,155 | |||||||||||
Morgan Stanley, 6.625%, due 4/1/18 | A | 3,400 | 3,716 | |||||||||||
The Goldman Sachs Group, Inc., 1.818%, due 4/30/18, VRN | A | 3,744 | 3,761 | |||||||||||
Bank of America Corporation, 6.875%, due 11/15/18 | A | 1,100 | 1,231 | |||||||||||
Glencore Funding LLC—144A, 1.982%, due 1/15/19, VRN | BBB- | 1,500 | 1,328 | |||||||||||
Petrobras Global Finance BV, 2.762%, due 1/15/19, VRN | BB+ | 4,000 | 3,260 | |||||||||||
CSX Corporation, 7.375%, due 2/1/19 | BBB+ | 1,870 | 2,153 | |||||||||||
Cemex S.A.B. de C.V.—144A, 5.875%, due 3/25/19 | BB- | 3,000 | 3,023 | |||||||||||
Baidu, Inc., 2.750%, due 6/9/19 | A | 5,250 | 5,336 | |||||||||||
Roper Industries, Inc., 6.250%, due 9/1/19 | BBB | 1,850 | 2,071 | |||||||||||
Republic Services, Inc., 5.500%, due 9/15/19 | BBB+ | 1,725 | 1,917 | |||||||||||
Boston Properties L.P., 5.875%, due 10/15/19 | A- | 4,000 | 4,477 | |||||||||||
Toll Brothers Finance Corporation, 6.750%, due 11/1/19 | BBB- | 500 | 560 | |||||||||||
Ford Motor Credit Co. LLC, 8.125%, due 1/15/20 | BBB | 4,000 | 4,754 | |||||||||||
Georgia-Pacific LLC—144A, 5.400%, due 11/1/20 | A+ | 4,000 | 4,473 | |||||||||||
United Continental Holdings, Inc., 6.000%, due 12/1/20 | BB- | 2,500 | 2,631 | |||||||||||
JBS USA LLC / JBS USA Finance, Inc.—144A, 7.250%, due 6/1/21 | BB+ | 3,000 | 3,003 | |||||||||||
Discovery Communications LLC, 4.375%, due 6/15/21 | BBB- | 3,100 | 3,253 | |||||||||||
Capital One Financial Corporation, 4.750%, due 7/15/21 | A- | 3,372 | 3,700 | |||||||||||
O’Reilly Automotive, Inc., 4.625%, due 9/15/21 | BBB+ | 2,855 | 3,133 | |||||||||||
Fresenius Medical Care US Finance II, Inc.—144A, 5.875%, due 1/31/22 | BB+ | 1,200 | 1,324 | |||||||||||
Post Holdings, Inc., 7.375%, due 2/15/22 | B | 3,000 | 3,184 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
Corporate Obligations—(continued) | ||||||||||||||
Ball Corporation, 5.000%, due 3/15/22 | BB+ | $ | 2,500 | $ | 2,625 | |||||||||
Masco Corporation, 5.950%, due 3/15/22 | BBB | 3,800 | 4,190 | |||||||||||
United Rentals North America, Inc., 7.625%, due 4/15/22 | BB- | 2,500 | 2,675 | |||||||||||
Discover Financial Services, 5.200%, due 4/27/22 | BBB+ | 3,000 | 3,212 | |||||||||||
The Goodyear Tire & Rubber Co., 7.000%, due 5/15/22 | BB | 2,000 | 2,150 | |||||||||||
Triumph Group, Inc., 5.250%, due 6/1/22 | Ba3 | 2,000 | 1,810 | |||||||||||
Penske Automotive Group, Inc., 5.750%, due 10/1/22 | B+ | 1,500 | 1,538 | |||||||||||
American Axle & Manufacturing, Inc., 6.625%, due 10/15/22 | BB- | 3,000 | 3,128 | |||||||||||
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22 | BBB+ | 3,092 | 3,181 | |||||||||||
Jaguar Land Rover Automotive plc—144A, 5.625%, due 2/1/23 | BB | 3,225 | 3,326 | |||||||||||
Wyndham Worldwide Corporation, 3.900%, due 3/1/23 | BBB- | 3,500 | 3,548 | |||||||||||
MGM Resorts International, 6.000%, due 3/15/23 | BB | 3,000 | 3,120 | |||||||||||
Avis Budget Car Rental LLC, 5.500%, due 4/1/23 | B+ | 2,500 | 2,434 | |||||||||||
Toll Brothers Finance Corporation, 4.375%, due 4/15/23 | BBB- | 1,300 | 1,277 | |||||||||||
Wells Fargo & Co., 4.480%, due 1/16/24 | A+ | 5,000 | 5,437 | |||||||||||
Fibria Overseas Finance, Ltd., 5.250%, due 5/12/24 | BBB- | 3,500 | 3,404 | |||||||||||
BRF S.A.—144A, 4.750%, due 5/22/24 | BBB | 2,500 | 2,375 | |||||||||||
Banco Inbursa S.A. Institucion de Banca Multiple—144A, 4.125%, due 6/6/24 | BBB+ | 2,500 | 2,481 | |||||||||||
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24 | BBB | 2,500 | 2,521 | |||||||||||
Synchrony Financial, 4.250%, due 8/15/24 | BBB- | 5,000 | 5,093 | |||||||||||
HSBC Holdings plc, 6.375%, due 9/17/24, VRN | BBB | 3,500 | 3,255 | |||||||||||
BNP Paribas S.A., 4.250%, due 10/15/24 | A | 3,000 | 3,041 | |||||||||||
Owens Corning, 4.200%, due 12/1/24 | BBB- | 3,200 | 3,202 | |||||||||||
Credit Suisse Group AG—144A, 6.250%, due 12/18/24, VRN | BB+ | 2,000 | 1,843 | |||||||||||
USG Corp.—144A, 5.500%, due 3/1/25 | BB+ | 3,000 | 3,131 | |||||||||||
Simon Property Group L.P., 3.300%, due 1/15/26 | A | 4,500 | 4,676 | |||||||||||
The Kroger Co., 8.000%, due 9/15/29 | BBB | 3,323 | 4,539 | |||||||||||
Comcast Corporation, 6.450%, due 3/15/37 | A- | 4,000 | 5,313 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
Corporate Obligations—(continued) | ||||||||||||||
Yum! Brands, Inc., 6.875%, due 11/15/37 | BB | $ | 1,500 | $ | 1,433 | |||||||||
JPMorgan Chase & Co., 6.400%, due 5/15/38 | A+ | 3,500 | 4,658 | |||||||||||
Philip Morris International, Inc., 6.375%, due 5/16/38 | A | 2,175 | 2,909 | |||||||||||
ConocoPhillips, 6.500%, due 2/1/39 | A | 4,125 | 4,524 | |||||||||||
Burlington Northern Santa Fe LLC, 5.750%, due 5/1/40 | A | 4,000 | 4,958 | |||||||||||
Petroleos Mexicanos, 6.500%, due 6/2/41 | BBB+ | 2,500 | 2,366 | |||||||||||
Express Scripts Holding Co., 6.125%, due 11/15/41 | BBB+ | 4,000 | 4,511 | |||||||||||
Gilead Sciences, Inc., 5.650%, due 12/1/41 | A | 4,000 | 4,862 | |||||||||||
Citigroup, Inc., 5.875%, due 1/30/42 | A | 4,000 | 4,831 | |||||||||||
Bank of America Corporation, 5.875%, due 2/7/42 | A | 4,000 | 4,865 | |||||||||||
American International Group, Inc., 4.500%, due 7/16/44 | A- | 3,500 | 3,314 | |||||||||||
Mexichem S.A.B. de C.V.—144A, 5.875%, due 9/17/44 | BBB | 3,500 | 3,154 | |||||||||||
Northrop Grumman Corporation, 3.850%, due 4/15/45 | BBB+ | 4,500 | 4,472 | |||||||||||
ERP Operating L.P., 4.500%, due 6/1/45 | A- | 4,500 | 4,791 | |||||||||||
Anheuser-Busch InBev Finance, Inc., 4.900%, due 2/1/46 | A | 3,500 | 3,921 | |||||||||||
Apple, Inc., 4.650%, due 2/23/46 | AA+ | 5,000 | 5,472 | |||||||||||
Exxon Mobil Corporation, 4.114%, due 3/1/46 | AAA | 2,275 | 2,419 | |||||||||||
PepsiCo, Inc., 4.450%, due 4/14/46 | A1 | 4,500 | 5,030 | |||||||||||
AT&T, Inc., 4.750%, due 5/15/46 | A- | 5,000 | 4,897 | |||||||||||
Microsoft Corporation, 4.750%, due 11/3/55 | AAA | 4,950 | 5,516 | |||||||||||
Total Corporate Obligations | 237,918 | |||||||||||||
Total Long-Term Investments—97.4% (cost $517,231) | 529,086 | |||||||||||||
Repurchase Agreements | ||||||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $4,754, collateralized by U.S. Treasury Note, 1.750%, due 3/31/22 | 4,754 | 4,754 | ||||||||||||
Total Repurchase Agreement—0.9% (cost $4,754) | 4,754 | |||||||||||||
Commercial Paper | ||||||||||||||
The Kroger Co. 144A, 0.530%, due 4/1/16 | 2,000 | 2,000 |
See accompanying Notes to Portfolio of Investments.
Bond Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount/ Contracts | Value | ||||||||
Commercial Paper—(continued) | ||||||||||
BNP Paribas NY., 0.240%, due 4/1/16 | $ | 2,000 | $ | 2,000 | ||||||
Total Commercial Paper—0.8% (cost $4,000) |
4,000 | |||||||||
Purchased Option—0.0% | ||||||||||
Eurodollar Future, September 2016, Strike $97, PUT | 300 | 2 | ||||||||
Total Purchased Option—0.0% (cost $95) |
2 | |||||||||
Total Investments—99.1% (cost $526,080) | 537,842 | |||||||||
Cash and other assets, less liabilities—0.9% | 5,014 | |||||||||
Net assets—100.0% | $ | 542,856 |
144A = Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by any of Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.
The obligations of certain U.S. Government-sponsored securities are neither issued nor guaranteed by the U.S. Treasury.
VRN = Variable Rate Note
Centrally Cleared Credit Default Swap
Reference Entity | Buy/Sell Protection | Fixed Deal Pay Rate | Maturity Date | Cleared Exchange | Notional Amount | Unrealized Appreciation (Depreciation) | |||||||||
CDX.IG-25 | Buy | 1.000% | December 2020 | CME | $ | 15,000 | $ | (30 | ) |
See accompanying Notes to Portfolio of Investments.
Income Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
U.S. Government and U.S. Government Agency—58.7% | ||||||||||
U.S. Treasury Inflation Indexed Notes/Bonds—4.9% | ||||||||||
U.S. Treasury Inflation Indexed Note, 1.875%, due 7/15/19 | $ | 1,110 | $ | 1,207 | ||||||
U.S. Treasury Inflation Indexed Note, 1.125%, due 1/15/21 | 3,249 | 3,475 | ||||||||
Total U.S. Treasury Inflation Indexed Notes/Bonds | 4,682 | |||||||||
U.S. Treasury—1.0% | ||||||||||
U.S. Treasury Strip Principal, 0.000%, due 5/15/20 | 1,000 | 953 | ||||||||
Government National Mortgage Association (GNMA)—0.0% | ||||||||||
#780405, 9.500%, due 11/15/17 | 4 | 4 | ||||||||
#357322, 7.000%, due 9/15/23 | 32 | 35 | ||||||||
Total GNMA Mortgage Obligations | 39 | |||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—9.7% | ||||||||||
#E90398, 7.000%, due 5/1/17 | 58 | 59 | ||||||||
#E97112, 4.000%, due 5/1/18 | 30 | 32 | ||||||||
#D95621, 6.500%, due 7/1/22 | 754 | 859 | ||||||||
#J13022, 4.000%, due 9/1/25 | 569 | 610 | ||||||||
#J16051, 4.500%, due 7/1/26 | 1,084 | 1,164 | ||||||||
#A17603, 5.500%, due 1/1/34 | 801 | 919 | ||||||||
#A45790, 7.500%, due 5/1/35 | 139 | 161 | ||||||||
#G02141, 6.000%, due 3/1/36 | 337 | 388 | ||||||||
#G03201, 6.500%, due 6/1/37 | 207 | 242 | ||||||||
#A66843, 6.500%, due 10/1/37 | 361 | 429 | ||||||||
#A81799, 6.500%, due 9/1/38 | 397 | 476 | ||||||||
#G06964, 5.500%, due 11/1/38 | 1,209 | 1,394 | ||||||||
#G05875, 5.500%, due 2/1/40 | 167 | 190 | ||||||||
#C03665, 9.000%, due 4/1/41 | 408 | 511 | ||||||||
#G06583, 5.000%, due 6/1/41 | 1,702 | 1,925 | ||||||||
Total FHLMC Mortgage Obligations | 9,359 | |||||||||
Federal National Mortgage Association (FNMA)—43.1% | ||||||||||
#735569, 8.000%, due 10/1/16 | 1 | 1 | ||||||||
#643217, 6.500%, due 6/1/17 | 28 | 28 | ||||||||
#679247, 7.000%, due 8/1/17 | 69 | 70 | ||||||||
#695910, 5.000%, due 5/1/18 | 98 | 102 | ||||||||
#740847, 6.000%, due 10/1/18 | 59 | 61 | ||||||||
#323501, 6.500%, due 1/1/19 | 21 | 24 | ||||||||
#751313, 5.000%, due 3/1/19 | 119 | 124 | ||||||||
#852864, 7.000%, due 7/1/20 | 383 | 406 | ||||||||
#458147, 10.000%, due 8/15/20 | 42 | 44 | ||||||||
#835563, 7.000%, due 10/1/20 | 159 | 170 | ||||||||
#831430, 5.500%, due 3/1/21 | 252 | 270 | ||||||||
#888555, 5.500%, due 9/1/21 | 1,682 | 1,798 | ||||||||
#735574, 8.000%, due 3/1/22 | 128 | 138 | ||||||||
#679253, 6.000%, due 10/1/22 | 356 | 407 | ||||||||
FNR G93-19 SH, 11.234%, due 4/25/23, VRN | 11 | 15 | ||||||||
#982878, 4.500%, due 5/1/23 | 228 | 244 | ||||||||
#AA6066, 4.000%, due 5/1/24 | 902 | 964 | ||||||||
#932095, 4.000%, due 11/1/24 | 4,058 | 4,322 | ||||||||
#AC5124, 4.000%, due 11/1/24 | 740 | 787 | ||||||||
#932100, 4.500%, due 11/1/24 | 1,008 | 1,088 | ||||||||
#AC6257, 4.000%, due 12/1/24 | 857 | 919 |
See accompanying Notes to Portfolio of Investments.
Income Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
U.S. Government and U.S. Government Agency—(continued) | ||||||||||||||
Federal National Mortgage Association (FNMA)—(continued) | ||||||||||||||
#AC0596, 4.000%, due 12/1/24 | $ | 222 | $ | 238 | ||||||||||
#AD4073, 4.000%, due 5/1/25 | 111 | 118 | ||||||||||||
#AD4677, 4.000%, due 6/1/25 | 711 | 752 | ||||||||||||
#935995, 4.000%, due 6/1/25 | 111 | 119 | ||||||||||||
#AE1176, 4.000%, due 8/1/25 | 326 | 349 | ||||||||||||
#255956, 5.500%, due 10/1/25 | 59 | 66 | ||||||||||||
#AL2851, 4.000%, due 8/1/26 | 2,543 | 2,723 | ||||||||||||
#AI9811, 4.500%, due 8/1/26 | 481 | 518 | ||||||||||||
#AJ3203, 4.000%, due 10/1/26 | 1,137 | 1,220 | ||||||||||||
#AJ7724, 4.000%, due 12/1/26 | 923 | 986 | ||||||||||||
#256639, 5.000%, due 2/1/27 | 12 | 13 | ||||||||||||
#AB4818, 4.000%, due 4/1/27 | 2,055 | 2,205 | ||||||||||||
#AL2590, 4.000%, due 7/1/27 | 1,591 | 1,702 | ||||||||||||
#806458, 8.000%, due 6/1/28 | 149 | 170 | ||||||||||||
#880155, 8.500%, due 7/1/29 | 217 | 255 | ||||||||||||
#797846, 7.000%, due 3/1/32 | 107 | 115 | ||||||||||||
#745519, 8.500%, due 5/1/32 | 157 | 187 | ||||||||||||
#654674, 6.500%, due 9/1/32 | 63 | 72 | ||||||||||||
#733897, 6.500%, due 12/1/32 | 239 | 273 | ||||||||||||
#688034, 5.500%, due 3/1/33 | 183 | 211 | ||||||||||||
#254693, 5.500%, due 4/1/33 | 9 | 11 | ||||||||||||
#555531, 5.500%, due 6/1/33 | 94 | 107 | ||||||||||||
#711736, 5.500%, due 6/1/33 | 105 | 120 | ||||||||||||
#555591, 5.500%, due 7/1/33 | 15 | 17 | ||||||||||||
#762505, 5.500%, due 11/1/33 | 156 | 179 | ||||||||||||
#AL3455, 5.500%, due 11/1/33 | 2,227 | 2,574 | ||||||||||||
#776964, 5.000%, due 4/1/34 | 415 | 467 | ||||||||||||
#725424, 5.500%, due 4/1/34 | 97 | 110 | ||||||||||||
#824463, 5.500%, due 7/1/35 | 206 | 231 | ||||||||||||
#888884, 5.500%, due 12/1/35 | 202 | 232 | ||||||||||||
#886220, 6.000%, due 7/1/36 | 262 | 302 | ||||||||||||
#AL3449, 6.000%, due 7/1/36 | 1,103 | 1,291 | ||||||||||||
#888703, 6.500%, due 8/1/37 | 1,084 | 1,308 | ||||||||||||
#928658, 6.500%, due 9/1/37 | 37 | 45 | ||||||||||||
#889385, 6.000%, due 2/1/38 | 475 | 553 | ||||||||||||
#962058, 6.500%, due 3/1/38 | 561 | 673 | ||||||||||||
#AL5817, 6.000%, due 11/1/38 | 1,134 | 1,319 | ||||||||||||
#991911, 7.000%, due 11/1/38 | 182 | 222 | ||||||||||||
#AA8587, 5.500%, due 7/1/39 | 933 | 1,077 | ||||||||||||
#AD0315, 6.500%, due 8/1/39 | 368 | 447 | ||||||||||||
#AC3237, 5.000%, due 10/1/39 | 169 | 190 | ||||||||||||
#AC6156, 5.500%, due 11/1/39 | 2,313 | 2,691 | ||||||||||||
#AC9569, 5.000%, due 2/1/40 | 245 | 278 | ||||||||||||
#AB1200, 5.500%, due 7/1/40 | 483 | 556 | ||||||||||||
#AL0028, 5.000%, due 2/1/41 | 1,241 | 1,398 | ||||||||||||
#AL5815, 5.500%, due 4/1/41 | 780 | 902 | ||||||||||||
Total FNMA Mortgage Obligations | 41,574 | |||||||||||||
Asset-Backed Securities—8.0% | ||||||||||||||
Hertz Vehicle Financing LLC—144A, 2013-1A, Tranche B1, 1.860%, 8/25/17 |
Baa1 | 833 | 832 |
See accompanying Notes to Portfolio of Investments.
Income Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
Asset-Backed Securities—(continued) | ||||||||||||||
Harley-Davidson Motorcycle Trust, 2014-1, Tranche A2B, 0.606%, 4/15/18, VRN | AAA | $ | 103 | $ | 103 | |||||||||
Mercedes Benz Auto Lease Trust, 2016-A, Tranche A2B, 0.998%, 7/16/18, VRN | AAA | 1,000 | 1,000 | |||||||||||
Harley-Davidson Motorcycle Trust, 2015-2, Tranche A2B, 0.686%, 1/15/19, VRN | AAA | 1,357 | 1,355 | |||||||||||
Citibank Credit Card Issuance Trust, 2008-A2, Tranche A2, 1.582%, 1/23/20, VRN | AAA | 1,225 | 1,243 | |||||||||||
GE Capital Credit Card Master Note Trust, 2012-6, Tranche B, 1.830%, 8/17/20 | AA+ | 1,705 | 1,703 | |||||||||||
American Express Credit Account Master Trust, 2008-2, Tranche A, 1.696%, 9/15/20, VRN | AAA | 1,000 | 1,018 | |||||||||||
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 2.936%, 1/15/43, VRN | AAA | 500 | 505 | |||||||||||
Total Asset-Backed Securities | 7,759 | |||||||||||||
Corporate Obligations—31.7% | ||||||||||||||
Macquarie Group Ltd.—144A, 4.875%, due 8/10/17 | A3 | 1,000 | 1,037 | |||||||||||
Morgan Stanley, 6.625%, due 4/1/18 | A | 1,000 | 1,093 | |||||||||||
The Goldman Sachs Group, Inc., 1.818%, due 4/30/18, VRN | A | 1,000 | 1,005 | |||||||||||
Bank of America Corporation, 6.875%, due 11/15/18 | A | 1,000 | 1,119 | |||||||||||
Honeywell International, Inc., 5.000%, due 2/15/19 | A | 750 | 829 | |||||||||||
JPMorgan Chase & Co., 5.000%, due 7/1/19, VRN | BBB- | 1,000 | 956 | |||||||||||
Burlington Northern Santa Fe LLC, 4.700%, due 10/1/19 | A | 750 | 829 | |||||||||||
Boston Properties L.P., 5.875%, due 10/15/19 | A- | 1,000 | 1,119 | |||||||||||
Petroleos Mexicanos, 6.000%, due 3/5/20 | BBB+ | 500 | 530 | |||||||||||
PepsiCo, Inc., 2.150%, due 10/14/20 | A1 | 900 | 923 | |||||||||||
Georgia-Pacific LLC—144A, 5.400%, due 11/1/20 | A+ | 1,000 | 1,118 | |||||||||||
Mitsubishi UFJ Financial Group, Inc., 2.950%, due 3/1/21 | A1 | 1,000 | 1,020 | |||||||||||
Discovery Communications LLC, 4.375%, due 6/15/21 | BBB- | 750 | 787 | |||||||||||
Capital One Financial Corporation, 4.750%, due 7/15/21 | A- | 1,000 | 1,097 | |||||||||||
General Electric Capital Corporation, 4.650%, due 10/17/21 | AA+ | 1,000 | 1,142 | |||||||||||
Ryder System, Inc., 3.450%, due 11/15/21 | A- | 900 | 919 | |||||||||||
Gilead Sciences, Inc., 4.400%, due 12/1/21 | A | 1,000 | 1,118 | |||||||||||
Masco Corporation, 5.950%, due 3/15/22 | BBB | 750 | 827 |
See accompanying Notes to Portfolio of Investments.
Income Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount/ Contracts | Value | |||||||||||
Corporate Obligations—(continued) | ||||||||||||||
American International Group, Inc., 4.875%, due 6/1/22 | A- | $ | 1,000 | $ | 1,101 | |||||||||
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22 | BBB+ | 658 | 677 | |||||||||||
Wyndham Worldwide Corporation, 3.900%, due 3/1/23 | BBB- | 750 | 760 | |||||||||||
Toll Brothers Finance Corporation, 4.375%, due 4/15/23 | BBB- | 850 | 835 | |||||||||||
Wells Fargo & Co., 4.480%, due 1/16/24 | A+ | 1,000 | 1,088 | |||||||||||
Fibria Overseas Finance, Ltd., 5.250%, due 5/12/24 | BBB- | 750 | 729 | |||||||||||
BRF S.A.—144A, 4.750%, due 5/22/24 | BBB | 750 | 713 | |||||||||||
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24 | BBB | 750 | 756 | |||||||||||
Synchrony Financial, 4.250%, due 8/15/24 | BBB- | 700 | 713 | |||||||||||
BNP Paribas S.A., 4.250%, due 10/15/24 | A | 500 | 507 | |||||||||||
Brookfield Asset Management, Inc., 4.000%, due 1/15/25 | A- | 1,000 | 1,019 | |||||||||||
ConocoPhillips Co., 3.350%, due 5/15/25 | A | 750 | 719 | |||||||||||
ERP Operating L.P., 3.375%, due 6/1/25 | A- | 750 | 774 | |||||||||||
Philip Morris International, Inc., 3.375%, due 8/11/25 | A | 750 | 809 | |||||||||||
Simon Property Group L.P., 3.300%, due 1/15/26 | A | 750 | 779 | |||||||||||
Crown Castle Towers LLC—144A, 6.113%, due 1/15/40 | A2 | 1,000 | 1,105 | |||||||||||
Total Corporate Obligations | 30,552 | |||||||||||||
Total Long-Term Investments—98.4% (cost $93,768) | 94,918 | |||||||||||||
Repurchase Agreement | ||||||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $545, collateralized by FNMA, 3.250%, due 12/27/32 | 545 | 545 | ||||||||||||
Total Repurchase Agreement—0.6% (cost $545) | 545 | |||||||||||||
Commercial Paper | ||||||||||||||
BNP Paribas NY., 0.240%, due 4/1/16 | 350 | 350 | ||||||||||||
Total Commercial Paper—0.4% (cost $350) | 350 | |||||||||||||
Purchased Option—0.0% | ||||||||||||||
Eurodollar Future, September 2016, Strike $97, PUT | 150 | 1 | ||||||||||||
Total Purchased Option—0.0% (cost $47) | 1 |
See accompanying Notes to Portfolio of Investments.
Income Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Value | |||||||||||||
Total Investments—99.4% (cost $94,710) | $ | 95,814 | ||||||||||||
Cash and other assets, less liabilities—0.6% | 535 | |||||||||||||
Net assets—100.0% | $ | 96,349 |
VRN = Variable Rate Note
NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by any of Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.
The obligations of certain U.S. Government-sponsored securities are neither issued nor guaranteed by the U.S. Treasury.
See accompanying Notes to Portfolio of Investments.
Low Duration Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
U.S. Government and U.S. Government Agency—53.3% | ||||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—16.8% | ||||||||||
#E95760, 4.500%, due 4/1/18 | $ | 5 | $ | 5 | ||||||
#E99582, 5.000%, due 9/1/18 | 9 | 9 | ||||||||
#E99684, 5.000%, due 10/1/18 | 210 | 218 | ||||||||
#B11362, 5.500%, due 12/1/18 | 21 | 21 | ||||||||
#B11849, 5.500%, due 1/1/19 | 56 | 58 | ||||||||
#B13870, 4.500%, due 5/1/19 | 44 | 45 | ||||||||
#G11604, 5.000%, due 7/1/19 | 52 | 55 | ||||||||
#G11596, 5.500%, due 8/1/19 | 44 | 46 | ||||||||
#G11605, 5.500%, due 9/1/19 | 25 | 26 | ||||||||
#B17294, 5.000%, due 11/1/19 | 121 | 128 | ||||||||
#B19222, 4.500%, due 4/1/20 | 113 | 118 | ||||||||
#G11697, 5.500%, due 4/1/20 | 113 | 119 | ||||||||
#J02537, 5.000%, due 9/1/20 | 44 | 46 | ||||||||
#G11836, 5.500%, due 12/1/20 | 14 | 16 | ||||||||
#G12113, 5.500%, due 5/1/21 | 136 | 146 | ||||||||
#G12395, 6.000%, due 10/1/21 | 493 | 535 | ||||||||
#E02322, 5.500%, due 5/1/22 | 30 | 32 | ||||||||
#G12725, 6.000%, due 6/1/22 | 189 | 208 | ||||||||
#G13124, 6.000%, due 12/1/22 | 97 | 106 | ||||||||
#J06871, 5.500%, due 1/1/23 | 89 | 96 | ||||||||
#J08450, 5.500%, due 7/1/23 | 41 | 45 | ||||||||
#J08703, 5.500%, due 9/1/23 | 77 | 83 | ||||||||
#J10351, 4.000%, due 7/1/24 | 162 | 172 | ||||||||
#C00351, 8.000%, due 7/1/24 | 59 | 69 | ||||||||
#J10600, 4.000%, due 8/1/24 | 11 | 11 | ||||||||
#G13695, 4.000%, due 9/1/24 | 701 | 748 | ||||||||
#J11208, 5.000%, due 11/1/24 | 99 | 106 | ||||||||
#G00363, 8.000%, due 6/1/25 | 90 | 103 | ||||||||
#J12853, 4.000%, due 8/1/25 | 199 | 213 | ||||||||
#C80329, 8.000%, due 8/1/25 | 20 | 23 | ||||||||
#J13022, 4.000%, due 9/1/25 | 228 | 244 | ||||||||
#J14491, 4.000%, due 2/1/26 | 3,603 | 3,856 | ||||||||
#J16051, 4.500%, due 7/1/26 | 2,445 | 2,626 | ||||||||
#G30348, 6.000%, due 7/1/27 | 1,235 | 1,421 | ||||||||
#G07837, 6.500%, due 2/1/38 | 1,884 | 2,221 | ||||||||
#G04424, 6.000%, due 6/1/38 | 88 | 103 | ||||||||
#G04778, 6.000%, due 7/1/38 | 107 | 125 | ||||||||
#G04544, 6.000%, due 8/1/38 | 425 | 491 | ||||||||
#G04687, 6.000%, due 9/1/38 | 108 | 122 | ||||||||
#G04745, 6.000%, due 9/1/38 | 58 | 67 | ||||||||
#A81799, 6.500%, due 9/1/38 | 373 | 447 | ||||||||
#G06085, 6.500%, due 9/1/38 | 15 | 17 | ||||||||
#G06964, 5.500%, due 11/1/38 | 3,607 | 4,158 | ||||||||
#G05723, 6.500%, due 11/1/38 | 1,624 | 1,874 | ||||||||
#G06017, 5.500%, due 6/1/40 | 1,357 | 1,543 | ||||||||
#4122, Tranche FP, 0.836%, due 10/15/42, VRN | 979 | 983 | ||||||||
Total FHLMC Mortgage Obligations | 23,904 | |||||||||
Federal National Mortgage Association (FNMA)—36.5% | ||||||||||
#672953, 5.000%, due 12/1/17 | 6 | 6 | ||||||||
#888979, 6.000%, due 12/1/17 | 1 | 1 | ||||||||
#678938, 5.500%, due 2/1/18 | 34 | 35 | ||||||||
#695838, 5.500%, due 4/1/18 | 17 | 17 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
U.S. Government and U.S. Government Agency—(continued) | ||||||||||
Federal National Mortgage Association (FNMA)—(continued) | ||||||||||
#697593, 5.000%, due 5/1/18 | $ | 55 | $ | 57 | ||||||
#709848, 5.000%, due 6/1/18 | 35 | 36 | ||||||||
#656573, 5.000%, due 6/1/18 | 42 | 43 | ||||||||
#705741, 5.000%, due 6/1/18 | 30 | 31 | ||||||||
#728715, 5.000%, due 7/1/18 | 73 | 75 | ||||||||
#711991, 5.000%, due 8/1/18 | 42 | 44 | ||||||||
#257378, 5.000%, due 9/1/18 | 10 | 10 | ||||||||
#743183, 5.000%, due 10/1/18 | 19 | 20 | ||||||||
#749596, 5.000%, due 11/1/18 | 77 | 80 | ||||||||
#753866, 6.000%, due 12/1/18 | 118 | 122 | ||||||||
#761246, 5.000%, due 1/1/19 | 104 | 109 | ||||||||
#766059, 5.500%, due 2/1/19 | 89 | 93 | ||||||||
#766276, 5.000%, due 3/1/19 | 289 | 302 | ||||||||
#751313, 5.000%, due 3/1/19 | 52 | 54 | ||||||||
#779363, 5.000%, due 6/1/19 | 26 | 26 | ||||||||
#785259, 5.000%, due 8/1/19 | 100 | 105 | ||||||||
#788424, 5.500%, due 9/1/19 | 67 | 70 | ||||||||
#761489, 5.500%, due 9/1/19 | 60 | 63 | ||||||||
#725953, 5.000%, due 10/1/19 | 33 | 35 | ||||||||
#745877, 5.000%, due 1/1/20 | 72 | 77 | ||||||||
#AL5831, 5.000%, due 1/1/20 | 3,860 | 3,987 | ||||||||
#357865, 5.000%, due 7/1/20 | 71 | 76 | ||||||||
#888105, 5.000%, due 8/1/20 | 5 | 5 | ||||||||
#357978, 5.000%, due 9/1/20 | 717 | 759 | ||||||||
#844026, 6.000%, due 11/1/20 | 338 | 360 | ||||||||
#745735, 5.000%, due 3/1/21 | 285 | 303 | ||||||||
#879607, 5.500%, due 4/1/21 | 46 | 50 | ||||||||
#831497, 6.000%, due 4/1/21 | 155 | 166 | ||||||||
#831525, 5.500%, due 6/1/21 | 58 | 62 | ||||||||
#888555, 5.500%, due 9/1/21 | 2,115 | 2,261 | ||||||||
#880993, 6.000%, due 1/1/22 | 11 | 12 | ||||||||
#888982, 6.000%, due 12/1/22 | 188 | 208 | ||||||||
#972934, 5.500%, due 2/1/23 | 166 | 182 | ||||||||
#889342, 5.000%, due 3/1/23 | 56 | 59 | ||||||||
#982878, 4.500%, due 5/1/23 | 206 | 221 | ||||||||
#889670, 5.500%, due 6/1/23 | 60 | 65 | ||||||||
#555734, 5.000%, due 7/1/23 | 450 | 497 | ||||||||
#AE0011, 5.500%, due 9/1/23 | 72 | 77 | ||||||||
#747339, 5.500%, due 10/1/23 | 233 | 261 | ||||||||
#995395, 6.000%, due 12/1/23 | 165 | 182 | ||||||||
#AA4519, 4.500%, due 3/1/24 | 743 | 796 | ||||||||
#934808, 4.500%, due 3/1/24 | 109 | 116 | ||||||||
#AA5028, 4.500%, due 4/1/24 | 184 | 198 | ||||||||
#AA5999, 4.500%, due 5/1/24 | 1,215 | 1,302 | ||||||||
#190988, 9.000%, due 6/1/24 | 49 | 54 | ||||||||
#AC1848, 4.500%, due 9/1/24 | 421 | 455 | ||||||||
#AC6600, 4.500%, due 11/1/24 | 44 | 47 | ||||||||
#AL3422, 5.000%, due 1/1/25 | 728 | 788 | ||||||||
#AL3889, 4.000%, due 5/1/25 | 302 | 324 | ||||||||
#AE1176, 4.000%, due 8/1/25 | 611 | 655 | ||||||||
#AI4856, 4.500%, due 6/1/26 | 1,599 | 1,725 | ||||||||
#AI4872, 4.500%, due 6/1/26 | 64 | 69 | ||||||||
#AL2851, 4.000%, due 8/1/26 | 2,441 | 2,614 | ||||||||
#AK7384, 4.000%, due 3/1/27 | 444 | 474 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
U.S. Government and U.S. Government Agency—(continued) | ||||||||||||||
Federal National Mortgage Association (FNMA)—(continued) | ||||||||||||||
#AL2590, 4.000%, due 7/1/27 | $ | 2,652 | $ | 2,837 | ||||||||||
#759336, 6.000%, due 1/1/34 | 1,695 | 1,983 | ||||||||||||
#AL3449, 6.000%, due 7/1/36 | 1,765 | 2,066 | ||||||||||||
#886762, 7.000%, due 9/1/36 | 409 | 472 | ||||||||||||
#831926, 6.000%, due 12/1/36 | 729 | 843 | ||||||||||||
#899057, 6.000%, due 3/1/37 | 86 | 100 | ||||||||||||
#928574, 6.000%, due 7/1/37 | 153 | 177 | ||||||||||||
#948637, 6.500%, due 8/1/37 | 512 | 589 | ||||||||||||
#888703, 6.500%, due 8/1/37 | 4,049 | 4,884 | ||||||||||||
#965534, 6.000%, due 1/1/38 | 58 | 67 | ||||||||||||
#889371, 6.000%, due 1/1/38 | 977 | 1,134 | ||||||||||||
#889385, 6.000%, due 2/1/38 | 679 | 790 | ||||||||||||
#975649, 6.000%, due 7/1/38 | 155 | 178 | ||||||||||||
#889987, 5.500%, due 8/1/38 | 107 | 124 | ||||||||||||
#AD0100, 7.000%, due 12/1/38 | 1,071 | 1,326 | ||||||||||||
#AA8706, 5.500%, due 6/1/39 | 2,922 | 3,372 | ||||||||||||
#AD0315, 6.500%, due 8/1/39 | 800 | 971 | ||||||||||||
#AC3270, 5.500%, due 9/1/39 | 1,816 | 2,115 | ||||||||||||
#AD3360, 5.500%, due 5/1/40 | 2,247 | 2,589 | ||||||||||||
#AL5815, 5.500%, due 4/1/41 | 3,899 | 4,512 | ||||||||||||
Total FNMA Mortgage Obligations | 52,050 | |||||||||||||
Asset-Backed Securities—23.1% | ||||||||||||||
Mercedes Benz Auto Lease Trust, 2014-A, Tranche A3, 0.680%, 12/15/16 | AAA | 96 | 96 | |||||||||||
BMW Vehicle Owner Trust, 2014-A, Tranche A2, 0.530%, 4/25/17 | Aaa | 7 | 7 | |||||||||||
Volvo Financial Equipment LLC—144A, 2015-1A, Tranche A2, 0.950%, 11/15/17 | Aaa | 750 | 749 | |||||||||||
John Deere Owner Trust 2015, 2015-A, Tranche A2B, 0.706%, 2/15/18, VRN | Aaa | 106 | 105 | |||||||||||
Ford Credit Auto Owner Trust, 2015-B, Tranche A2B, 0.666%, 3/15/18, VRN | Aaa | 940 | 939 | |||||||||||
Harley-Davidson Motorcycle Trust, 2014-1, Tranche A2B, 0.606%, 4/15/18, VRN | AAA | 248 | 248 | |||||||||||
Mercedes Benz Auto Lease Trust, 2016-A, Tranche A2B, 0.998%, 7/16/18 | Aaa | 2,800 | 2,801 | |||||||||||
Ford Credit Floorplan Master Owner Trust A, 2013-5, Tranche A2, 0.906%, 9/15/18, VRN | AAA | 200 | 200 | |||||||||||
Ford Credit Auto Lease Trust, 2016-A, Tranche A2B, 0.940%, 11/15/18, VRN | AAA | 650 | 650 | |||||||||||
Ford Credit Auto Owner Trust, 2016-A, Tranche A2B, 0.836%, 12/15/18, VRN | AAA | 1,550 | 1,552 | |||||||||||
Citibank Credit Card Issuance Trust, 2006-A8, Tranche A8, 0.662%, 12/17/18, VRN | AAA | 200 | 200 | |||||||||||
Harley-Davidson Motorcycle Trust, 2015-2, Tranche A2B, 0.686%, 1/15/19, VRN | AAA | 1,357 | 1,356 | |||||||||||
Capital One Multi-Asset Execution Trust, 2013-A2, Tranche A2, 0.616%, 2/15/19, VRN | AAA | 2,000 | 2,000 | |||||||||||
Discover Card Master Trust, 2012-A4, Tranche A, 0.806%, 11/15/19, VRN | AAA | 2,000 | 2,004 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount | Value | |||||||||||
Asset-Backed Securities—(continued) | ||||||||||||||
Bank of America Credit Card Trust, 2007-A11, Tranche A11, 0.506%, 12/15/19, VRN | AAA | $ | 915 | $ | 913 | |||||||||
Capital One Multi-Asset Execution Trust, 2007-A2, Tranche A2, 0.516%, 12/16/19, VRN | AAA | 715 | 714 | |||||||||||
Citibank Credit Card Issuance Trust, 2008-A2, Tranche A2, 1.582%, 1/23/20, VRN | AAA | 2,980 | 3,024 | |||||||||||
Mercedes-Benz Master Owner Trust—144A, 2015-BA, Tranche A, 0.816%, 4/15/20, VRN | Aaa | 1,500 | 1,495 | |||||||||||
Citibank Credit Card Issuance Trust, 2013-A2, Tranche A2, 0.712%, 5/26/20, VRN | AAA | 1,900 | 1,898 | |||||||||||
Chase Issuance Trust, 2013-A6, Tranche A6, 0.856%, 7/15/20, VRN | AAA | 2,000 | 2,003 | |||||||||||
Discover Card Execution Note Trust, 2015-A1, Tranche A1, 0.886%, 8/17/20, VRN | AAA | 1,950 | 1,950 | |||||||||||
American Express Credit Account Master Trust, 2008-2, Tranche A, 1.696%, 9/15/20, VRN | AAA | 2,200 | 2,240 | |||||||||||
Bank of America Credit Card Trust, 2014-A1, Tranche A, 0.816%, 6/15/21, VRN | AAA | 1,000 | 1,000 | |||||||||||
MBNA Credit Card Master Note Trust, 2004-A3, Tranche A3, 0.696%, 8/16/21, VRN | AAA | 515 | 513 | |||||||||||
Capital One Multi-Asset Execution Trust, 2014-A3, Tranche A3, 0.816%, 1/18/22, VRN | AAA | 750 | 749 | |||||||||||
SLM Student Loan Trust, 2008-4, Tranche A4, 2.269%, 7/25/22, VRN | Aaa | 1,030 | 1,027 | |||||||||||
Sierra Timeshare 2012-2 Receivables Funding LLC—144A, 2012-2A, Tranche A, 2.380%, 3/20/29 | A+ | 308 | 308 | |||||||||||
SLM Private Education Loan
Trust—144A, 2011-A, Tranche A3, 2.936%, 1/15/43, VRN | AAA | 2,250 | 2,272 | |||||||||||
Total Asset-Backed Securities | 33,013 | |||||||||||||
Corporate Obligations—23.2% | ||||||||||||||
HSBC Finance Corporation, 1.065%, due 6/1/16, VRN | A+ | 1,550 | 1,550 | |||||||||||
Bank of America NA, 0.914%, due 6/15/16, VRN | A2 | 2,300 | 2,299 | |||||||||||
Macquarie Bank Ltd.—144A, 1.084%, due 6/15/16, VRN | A | 1,400 | 1,401 | |||||||||||
Bayer US Finance LLC—144A, 0.867%, due 10/7/16, VRN | A- | 1,000 | 1,000 | |||||||||||
Fifth Third Bancorp, 1.043%, due 12/20/16, VRN | A- | 1,000 | 997 | |||||||||||
JPMorgan Chase & Co., 1.138%, due 2/15/17, VRN | A+ | 1,000 | 1,001 | |||||||||||
Barclays Bank plc, 1.198%, due 2/17/17, VRN | A2 | 1,620 | 1,619 | |||||||||||
Nissan Motor Acceptance Corp.—144A, 1.182%, due 3/3/17, VRN | A- | 1,500 | 1,501 | |||||||||||
Citigroup, Inc., 1.175%, due 3/10/17, VRN | A | 1,500 | 1,498 | |||||||||||
Mizuho Bank Ltd.—144A, 1.050%, due 4/16/17, VRN | A1 | 1,000 | 996 | |||||||||||
Tencent Holdings Ltd.—144A, 2.000%, due 5/2/17 | A+ | 1,200 | 1,206 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating |
Principal Amount/ Contracts | Value | |||||||||||
Corporate Obligations—(continued) | ||||||||||||||
American Express Credit Corporation, 0.906%, due 6/5/17, VRN | A+ | $ | 1,000 | $ | 995 | |||||||||
Standard Chartered plc—144A, 0.974%, due 9/8/17, VRN | A1 | 2,000 | 1,982 | |||||||||||
Royal Bank of Canada, 0.882%, due 10/13/17, VRN | AA | 1,725 | 1,718 | |||||||||||
Canadian National Railway Co., 0.787%, due 11/14/17, VRN | A | 500 | 499 | |||||||||||
General Electric Capital Corporation, 1.136%, due 12/7/17, VRN | AA+ | 500 | 498 | |||||||||||
Exxon Mobil Corporation, 1.232%, due 2/28/18, VRN | AAA | 1,000 | 1,003 | |||||||||||
Wells Fargo & Co., 1.249%, due 4/23/18, VRN | AA- | 1,000 | 1,000 | |||||||||||
Morgan Stanley, 1.899%, due 4/25/18, VRN | A | 2,000 | 2,013 | |||||||||||
The Goldman Sachs Group, Inc., 1.818%, due 4/30/18, VRN | A | 2,000 | 2,009 | |||||||||||
KeyBank NA, 1.155%, due 6/1/18, VRN | A- | 1,200 | 1,194 | |||||||||||
PNC Bank NA, 1.055%, due 6/1/18, VRN | A+ | 1,035 | 1,025 | |||||||||||
Toyota Motor Credit Corporation, 1.439%, due 2/19/19, VRN | AA- | 1,000 | 1,005 | |||||||||||
American Honda Finance Corporation, 1.443%, due 2/22/19, VRN | A+ | 1,000 | 1,003 | |||||||||||
PepsiCo, Inc., 1.215%, due 2/22/19, VRN | A1 | 1,000 | 1,006 | |||||||||||
Johnson & Johnson, 0.905%, due 3/1/19, VRN | AAA | 1,000 | 1,004 | |||||||||||
Total Corporate Obligations | 33,022 | |||||||||||||
Total Long-Term Investments—99.6% (cost $141,797) | 141,989 | |||||||||||||
Purchased Option—0.0% | ||||||||||||||
Eurodollar Future, September 2016, Strike $97, PUT | 300 | 2 | ||||||||||||
Total Purchased Option—0.0% (cost $95) | 2 | |||||||||||||
Total Investments—99.6% (cost $141,892) | 141,991 | |||||||||||||
Securities Sold Short, Not Yet Purchased | ||||||||||||||
U.S. Government and U.S. Government Agency—(7.2)% | ||||||||||||||
Federal National Mortgage Association (FNMA)—(7.2)% | ||||||||||||||
TBA, 2.500%, due 4/1/31 | (10,000 | ) | (10,266 | ) | ||||||||||
Total Securities Sold Short,
Not Yet Purchased—(7.2)% (proceeds $10,191) | (10,266 | ) |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Value | |||||||||||||
Cash and other assets, less liabilities—7.6% | $ | 10,802 | ||||||||||||
Net assets—100.0% | $ | 142,527 |
VRN = Variable Rate Note
144A = Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
NRSRO = Nationally Recognized Statistical Rating Organization—The
credit quality ratings of the securities in the Fund reflect the highest category rating by any of Fitch Ratings, Moody’s
Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.
The obligations of certain U.S. Government-sponsored securities are neither issued nor guaranteed by the U.S. Treasury.
TBA = To Be Announced - TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after March 31, 2016. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Shares/ Principal Amount | Value | ||||||||
Exchange-Traded Funds—56.1% | ||||||||||
Equity Exchange-Traded Funds—43.0% | ||||||||||
Consumer Staples Select Sector SPDR Fund | 707,000 | $ | 37,506 | |||||||
Energy Select Sector SPDR Fund | 512,000 | 31,703 | ||||||||
Global X MSCI Greece ETF(a) | 2,499,000 | 18,817 | ||||||||
iShares Global Energy ETF(a) | 596,000 | 17,589 | ||||||||
iShares MSCI India ETF | 1,686,000 | 45,724 | ||||||||
iShares MSCI Japan ETF(a) | 2,396,000 | 27,338 | ||||||||
iShares MSCI Switzerland Capped ETF | 510,000 | 15,162 | ||||||||
iShares Russell 1000 Growth ETF | 313,000 | 31,231 | ||||||||
iShares Russell 1000 Value ETF(a) | 2,227,000 | 220,050 | ||||||||
Market Vectors Russia ETF | 1,154,000 | 18,880 | ||||||||
SPDR S&P 500 ETF Trust | 1,362,000 | 279,973 | ||||||||
Total Equity Exchange-Traded Funds | 743,973 | |||||||||
Fixed Income Exchange-Traded Funds—13.1% | ||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 1,308,000 | 155,417 | ||||||||
SPDR Barclays High Yield Bond ETF | 1,653,000 | 56,615 | ||||||||
WisdomTree Emerging Markets Local Debt Fund ETF | 415,000 | 15,280 | ||||||||
Total Fixed Income Exchange-Traded Funds | 227,312 | |||||||||
Total Exchange-Traded Funds—56.1% (cost $988,464) | 971,285 | |||||||||
Repurchase Agreement—25.5% | ||||||||||
Fixed Income Clearing Corporation, 0.030% dated 3/31/16, due 4/1/16, repurchase price $442,524, collateralized by FFCB, 3.020%-3.500%, due 8/19/25-3/14/31, and FHLB, 3.180%-3.300%, due 5/7/32-11/26/32, and FHLMC, 6.250%, due 7/15/32, and FNMA, 2.625%-7.125%, due 9/6/24-9/27/32, and U.S. Treasury Note, 2.375%, due 8/15/24 | $ | 442,523 | 442,523 | |||||||
Total Repurchase Agreement—25.5% (cost $442,523) | 442,523 | |||||||||
U.S. Government—19.2% | ||||||||||
U.S. Treasury Bill, 0.162%, due 4/28/16 (a) | 12,000 | 11,998 | ||||||||
U.S. Treasury Bill, 0.124%, due 5/26/16 (a) | 12,000 | 11,998 | ||||||||
U.S. Treasury Bill, 0.203%, due 6/23/16 (a)(b) | 35,000 | 34,984 | ||||||||
U.S. Treasury Bill, 0.262%, due 7/21/16 (a)(b) | 35,000 | 34,972 | ||||||||
U.S. Treasury Bill, 0.332%, due 8/18/16 (a)(b) | 35,000 | 34,955 | ||||||||
U.S. Treasury Bill, 0.326%, due 9/15/16 (a)(b) | 35,000 | 34,948 | ||||||||
U.S. Treasury Bill, 0.276%, due 10/13/16 (a)(b) | 35,000 | 34,948 | ||||||||
U.S. Treasury Bill, 0.278%, due 11/10/16 (a)(b) | 35,000 | 34,940 | ||||||||
U.S. Treasury Bill, 0.340%, due 12/8/16 (a)(b) | 35,000 | 34,918 | ||||||||
U.S. Treasury Bill, 0.478%, due 1/5/17 (a)(b) | 35,000 | 34,872 | ||||||||
U.S. Treasury Bill, 0.535%, due 2/2/17 | 10,000 | 9,956 | ||||||||
U.S. Treasury Bill, 0.557%, due 3/2/17 | 10,000 | 9,949 | ||||||||
U.S. Treasury Bill, 0.588%, due 3/30/17 | 10,000 | 9,942 | ||||||||
Total U.S. Government—19.2% (cost $333,211) | 333,380 |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Issuer | Contracts | Value | ||||||||
Purchased Options—0.3% | ||||||||||
FTSE 100 Index, July 2016, Strike 6100 GBP, CALL | 313 | $ | 1,180 | |||||||
FTSE 100 Index, June 2016, Strike 6100 GBP, CALL | 313 | 863 | ||||||||
GBP PUT/USD CALL, May 2016, Strike 1.4126 | 45,706,000 | 549 | ||||||||
KOSPI 200 Index, April 2016, Strike 244 KRW, CALL | 170,066,000 | 483 | ||||||||
S&P 500 Index, May 2016, Strike $2,025, CALL | 336 | 1,959 | ||||||||
US 10 YR, May 2016, Strike $126, PUT | 1,940 | 30 | ||||||||
Total Purchased Options—0.3% (cost $6,011) | 5,064 | |||||||||
Total Investments in Securities—101.1% (cost $1,770,209) | 1,752,252 | |||||||||
Written Option—0.0% | ||||||||||
NIKKEI 225 Index, April 2016, Strike 16,875 JPY, CALL | (227 | ) | (313 | ) | ||||||
Total Written Option—0.0% (premium received $937) | (313 | ) | ||||||||
Liabilities, plus cash and other assets—(1.1)% | (18,830 | ) | ||||||||
Net assets—100.0% | $ | 1,733,109 |
(a) Security, or portion of security, is pledged as collateral for the credit default swaps and to cover initial margin requirements on open futures contracts aggregating a total value of $74,796.
(b) Security, or portion of security, is segregated as collateral for OTC swap contracts and a written option aggregating a total value of $39,349.
If a fund’s portfolio holdings represent ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined in the Investment Company Act of 1940. The Fund had the following transactions during the period ended March 31, 2016 with companies deemed affiliated during the period or at March 31, 2016.
Share Activity | Period Ended March 31, 2016 | |||||||||||||||||||||
Change in net | ||||||||||||||||||||||
unrealized | ||||||||||||||||||||||
Balance | Balance | Dividend | Net realized | appreciation | ||||||||||||||||||
Security Name | 12/31/2015 | Purchases | Sales | 3/31/2016 | Value | Income | gain (loss) | (depreciation) | ||||||||||||||
π | Global X MSCI Greece ETF | 1,987,000 | 512,000 | — | 2,499,000 | $ | 18,817 | $ | — | $ | — | $ | (611 | ) | ||||||||
$ | 18,817 | $ | — | $ | — | $ | (611 | ) | ||||||||||||||
π | Affiliated company at March 31, 2016. The Fund’s total value in companies deemed to be affiliated at March 31, 2016 was $18,817. |
Forward Foreign Currency Contracts
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | Current Value | Net Unrealized Appreciation (Depreciation) | |||||||||||
Purchased | ||||||||||||||||
6/15/16 | Brazilian Real | Citibank N.A. London | 237,100 | $ | 64,568 | $ | 1,889 | |||||||||
6/15/16 | Chinese Yuan Renminbi | Citibank N.A. London | 221,184 | 34,081 | 428 | |||||||||||
6/15/16 | Colombian Peso | Citibank N.A. London | 157,117,372 | 51,929 | 3,436 | |||||||||||
6/15/16 | Hungarian Forint | Citibank N.A. London | 15,638,284 | 56,626 | 1,230 | |||||||||||
6/15/16 | Indonesian Rupiah | Citibank N.A. London | 1,540,508,258 | 115,917 | 947 | |||||||||||
6/15/16 | Indian Rupee | Citibank N.A. London | 6,870,711 | 102,536 | 1,930 | |||||||||||
6/15/16 | Mexican Peso | Citibank N.A. London | 1,417,320 | 81,471 | 1,587 | |||||||||||
6/15/16 | Malaysian Ringgit | Citibank N.A. London | 352,927 | 90,989 | 4,929 | |||||||||||
6/15/16 | Polish Zloty | Citibank N.A. London | 183,134 | 49,037 | 2,535 | |||||||||||
6/15/16 | Russian Ruble | Citibank N.A. London | 3,654,529 | 53,363 | 3,455 | |||||||||||
6/15/16 | Singapore Dollar | Citibank N.A. London | 64,725 | 47,998 | 1,280 | |||||||||||
6/15/16 | New Turkish Lira | Citibank N.A. London | 50,259 | 17,473 | 610 | |||||||||||
6/15/16 | South African Rand | Citibank N.A. London | 675,607 | 45,067 | 1,816 | |||||||||||
$ | 26,072 | |||||||||||||||
Sold | ||||||||||||||||
6/15/16 | Australian Dollar | Citibank N.A. London | 74,678 | $ | 57,042 | $ | (1,408 | ) | ||||||||
6/15/16 | Swiss Franc | Citibank N.A. London | 206,084 | 215,064 | (8,090 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Forward Foreign Currency Contracts (continued) | ||||||||||||||||
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | Current Value | Net Unrealized Appreciation (Depreciation) | |||||||||||
Sold—(continued) | ||||||||||||||||
6/15/16 | Czech Koruna | Citibank N.A. London | 1,917,406 | $ | 80,828 | $ | (2,916 | ) | ||||||||
6/15/16 | Euro | Citibank N.A. London | 122,300 | 139,497 | (5,143 | ) | ||||||||||
6/15/16 | British Pound Sterling | Citibank N.A. London | 39,956 | 57,401 | (636 | ) | ||||||||||
6/15/16 | Hong Kong Dollar | Citibank N.A. London | 724,119 | 93,387 | (45 | ) | ||||||||||
6/15/16 | Indian Rupee | Citibank N.A. London | 1,374,212 | 20,508 | (418 | ) | ||||||||||
6/15/16 | Japanese Yen | Citibank N.A. London | 284,588 | 2,534 | (3 | ) | ||||||||||
6/15/16 | South Korean Won | Citibank N.A. London | 8,960,418 | 7,806 | (427 | ) | ||||||||||
6/15/16 | New Zealand Dollar | Citibank N.A. London | 126,381 | 87,008 | (1,904 | ) | ||||||||||
6/15/16 | Thai Baht | Citibank N.A. London | 4,267,441 | 121,088 | (375 | ) | ||||||||||
6/15/16 | Taiwan Dollar | Citibank N.A. London | 245,758 | 7,646 | (183 | ) | ||||||||||
$ | (21,548 | ) |
Futures Contracts | ||||||||||||||
Number of Contracts | Description | Expiration Date | Local Currency | Notional Amount (Local, in thousands) | Net Unrealized Appreciation (Depreciation) | |||||||||
Long | ||||||||||||||
204 | Amsterdam Index | April 2016 | Euro | 17,940 | $ | (1 | ) | |||||||
146 | IBEX 35 Index | April 2016 | Euro | 12,687 | (657 | ) | ||||||||
2,162 | OMXS 30 Index | April 2016 | Swedish Krona | 290,681 | (1,257 | ) | ||||||||
90 | HANG SENG Index | April 2016 | Hong Kong Dollar | 93,632 | 255 | |||||||||
2,170 | MSCI Singapore ETS Index | April 2016 | Singapore Dollar | 69,201 | 195 | |||||||||
325 | MSCI Taiwan Index | April 2016 | U.S. Dollar | 10,465 | 74 | |||||||||
269 | KOSPI 200 Index | June 2016 | South Korean Won | 33,140,800 | 459 | |||||||||
385 | 10YR JGB Mini | June 2016 | Japanese Yen | 5,832,365 | 49 | |||||||||
275 | SPI 200 Index | June 2016 | Australian Dollar | 34,829 | (232 | ) | ||||||||
5,774 | EURO STOXX Index | June 2016 | Euro | 28,379 | (1,773 | ) | ||||||||
671 | FTSE MIB Index | June 2016 | Euro | 59,370 | (3,221 | ) | ||||||||
$ | (6,109 | ) | ||||||||||||
Short | ||||||||||||||
87 | CAC 40 Index | April 2016 | Euro | 3,814 | $ | 75 | ||||||||
300 | H-Shares Index | April 2016 | Hong Kong Dollar | 135,030 | (610 | ) | ||||||||
30 | EURO-BTP | June 2016 | Euro | 4,219 | (92 | ) | ||||||||
180 | EURO-OAT* | June 2016 | Euro | 28,483 | (462 | ) | ||||||||
90 | German Euro Bund* | June 2016 | Euro | 14,699 | (81 | ) | ||||||||
360 | NIKKEI 225 Index | June 2016 | Japanese Yen | 3,019,500 | 14 | |||||||||
2,395 | FTSE 40 Index | June 2016 | South African Rand | 1,120,692 | (984 | ) | ||||||||
155 | S&P TSX 60 Index | June 2016 | Canadian Dollar | 24,397 | (128 | ) | ||||||||
146 | DAX Index | June 2016 | Euro | 36,500 | (693 | ) | ||||||||
1,604 | EURO STOXX 50 Index | June 2016 | Euro | 47,013 | 600 | |||||||||
29 | FTSE 100 Index | June 2016 | British Pound Sterling | 1,773 | (26 | ) | ||||||||
1,432 | MEX BOLSA Index | June 2016 | Mexican Peso | 657,617 | (1,161 | ) | ||||||||
505 | Russell 2000 Mini Index | June 2016 | U.S. Dollar | 56,035 | (2,628 | ) | ||||||||
4,870 | S&P 500 E Mini Index | June 2016 | U.S. Dollar | 499,540 | (13,172 | ) | ||||||||
555 | 10YR Can Bond | June 2016 | Canadian Dollar | 78,299 | 390 | |||||||||
12 | 10YR US Treasury Notes* | June 2016 | U.S. Dollar | 1,565 | 2 | |||||||||
120 | Long Gilt | June 2016 | British Pound Sterling | 14,546 | 13 |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Futures Contracts (continued) | ||||||||||||||
Number of Contracts | Description | Expiration Date | Local Currency | Notional Amount (Local, in thousands) | Net Unrealized Appreciation (Depreciation) | |||||||||
450 | 5YR US Treasury Notes* | June 2016 | U.S. Dollar | 54,524 | $ | (61 | ) | |||||||
$ | (19,004 | ) |
*Exposure to Futures Contract is achieved through the use of a swap contract with Credit Suisse.
Interest Rate Swaps | ||||||||||||||||
Floating Rate Reference | Pay/Receive Floating Rate | Fixed Rates | Maturity Dates | Counterparty | Notional Amount (in thousands) | Unrealized Appreciation (Depreciation) | ||||||||||
6 Month Swiss Franc LIBOR Rate | Receive | 1.250% | June 2025 | Credit Suisse International | 44,750 CHF | $ | (2,968 | ) | ||||||||
6 Month Swiss Franc LIBOR Rate | Receive | 1.250% | June 2025 | Goldman Sachs International | 4,200 CHF | (160 | ) | |||||||||
$ | (3,128 | ) | ||||||||||||||
Total Return Swaps | ||||||||||||||||
Reference Entity | Pay/Receive Floating Rate | Floating Rates | Maturity Dates | Counterparty | Notional Amount (in thousands) | Unrealized Appreciation (Depreciation) | ||||||||||
Consumer Discretionary Select Sector Total Return Index | Receive | 3 Month LIBOR minus 42 bp | May 2016 | Goldman Sachs International | $ | 57,469 | $ | (4,405 | ) | |||||||
Dow Jones US Health Care Total Return Index | Receive | 3 Month LIBOR minus 30 bp | May 2016 | Goldman Sachs International | 24,721 | (866 | ) | |||||||||
Dow Jones US Telecommunications Total Return Index | Receive | 3 Month LIBOR minus 45 bp | May 2016 | Goldman Sachs International | 32,663 | (2,441 | ) | |||||||||
MSCI China Small Cap Index (Net) | Pay | 1 Month LIBOR plus 30 bp - 75 bp | Apr 2016 to Mar 2017 | Credit Suisse International | 16,488 | (2,381 | ) | |||||||||
MSCI China Small Cap Index (Net) | Pay | 1 Month LIBOR plus 125 bp | Aug 2016 to Nov 2016 | Goldman Sachs International | 20,123 | (2,230 | ) | |||||||||
MSCI China Small Cap Index (Net) | Pay | 1 Month LIBOR plus 20 bp | Dec 2016 | Citibank N.A. | 7,042 | (606 | ) | |||||||||
MSCI Emerging Markets Small Cap (Net) | Pay | 1 Month LIBOR plus 110 bp - 115 bp | Aug 2016 to Sep 2016 | Goldman Sachs International | 4,161 | (455 | ) | |||||||||
MSCI Emerging Markets Small Cap (Net) | Pay | 1 Month LIBOR plus 94 bp – 96bp | Nov 2016 to Mar 2017 | Credit Suisse International | 31,750 | 851 | ||||||||||
MSCI Vietnam Daily Total Return Index | Pay | 3 Month LIBOR plus 100 bp | May 2016 | Goldman Sachs International | 16,564 | 317 | ||||||||||
Vietnam Equity Basket | Pay | 3 Month LIBOR plus 100 bp | May 2016 | Goldman Sachs International | 17,075 | 36 | ||||||||||
$ | (12,180 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund
Portfolio of Investments, March 31, 2016 (all dollar amounts in thousands) (unaudited)
Centrally Cleared Credit Default Swap | ||||||||||||||||
Reference Entity | Buy/Sell Protection | Fixed Deal Pay Rate | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Unrealized Appreciation (Depreciation) | ||||||||||
iTRAXX Europe S24 | Sell | 1.000% | December 2020 | ICE | 48,000 EUR | $ | 337 | |||||||||
iTRAXX Europe Crossover S24 | Sell | 5.000% | December 2020 | ICE | 15,895 EUR | 80 | ||||||||||
$ | 417 | |||||||||||||||
Variance Swaps | ||||||||||||||||
Reference Entity | Pay/Receive Variance | Variance Strike Price | Maturity Dates | Counterparty | Notional Amount (in thousands) | Unrealized Appreciation (Depreciation) | ||||||||||
Euro Stoxx 50 | Pay | 841.00 | Apr 2016 | Credit Suisse International | 159 | $ | 515 | |||||||||
Euro Stoxx 50 | Pay | 910.23 | Dec 2017 | Citibank N.A | 757 | 2,594 | ||||||||||
$ | 3,109 | |||||||||||||||
Total Net Unrealized Appreciation (Depreciation) on Swaps | $ | (11,782 | ) |
See accompanying Notes to Portfolio of Investments.
Notes to Portfolios of Investments
(1) Significant Accounting Policies
(a) Description of the Trust
William Blair Funds (the “Trust”) is a mutual fund registered under the Investment Company Act of 1940 (“the 1940 Act”), as amended, as an open-end management investment company. The Trust currently consists of the following twenty-three funds (the “Funds”), each with its own investment objectives and policies. For each Fund, the number of shares authorized is unlimited.
Domestic Equity Funds | International Equity Funds |
Growth | International Leaders |
Large Cap Growth | International Equity |
Large Cap Value | Institutional International Equity |
Mid Cap Growth | International Growth |
Mid Cap Value | Institutional International Growth |
Small-Mid Cap Growth | International Small Cap Growth |
Small-Mid Cap Value | Emerging Markets Leaders |
Small Cap Growth | Emerging Markets Growth |
Small Cap Value | Emerging Markets Small Cap Growth |
Global Equity Fund | Fixed Income Funds |
Global Leaders | Bond |
Income | |
Low Duration | |
Multi-Asset and Alternative Fund | |
Macro Allocation |
The investment objectives of the Funds are as follows:
Domestic Equity |
Long-term capital appreciation. | |
Global Equity |
Long-term capital appreciation. | |
International Equity |
Long-term capital appreciation. | |
Fixed Income |
High level of current income with relative stability of principal. (Maximize total return—Low Duration). | |
Multi-Asset and Alternative | Maximize long-term risk-adjusted total return. |
1 |
|
(b) Income Taxes
The cost of investments for federal income tax purposes and related gross unrealized appreciation (depreciation) and net unrealized appreciation/(depreciation) at March 31, 2016 were as follows (in thousands):
Fund | Cost of Investments | Gross Unrealized Appreciation | Gross Unrealized Depreciation | Net Unrealized Appreciation/ (Depreciation) | |||||||||||||
Growth | $ | 643,899 | $ | 156,170 | $ | (17,643 | ) | $ | 138,527 | ||||||||
Large Cap Growth | 68,683 | 13,978 | (1,012 | ) | 12,966 | ||||||||||||
Large Cap Value | 2,376 | 355 | (30 | ) | 325 | ||||||||||||
Mid Cap Growth | 166,866 | 19,124 | (4,657 | ) | 14,467 | ||||||||||||
Mid Cap Value | 2,330 | 537 | (121 | ) | 416 | ||||||||||||
Small-Mid Cap Growth | 1,032,070 | 152,827 | (22,827 | ) | 130,000 | ||||||||||||
Small-Mid Cap Value | 3,699 | 648 | (204 | ) | 444 | ||||||||||||
Small Cap Growth | 308,464 | 50,304 | (15,781 | ) | 34,523 | ||||||||||||
Small Cap Value | 493,029 | 104,182 | (24,137 | ) | 80,045 | ||||||||||||
Global Leaders | 137,412 | 16,830 | (3,040 | ) | 13,790 | ||||||||||||
International Leaders | 150,642 | 14,009 | (3,007 | ) | 11,002 | ||||||||||||
International Equity | 55,102 | 8,133 | (3,531 | ) | 4,602 | ||||||||||||
Institutional International Equity | 14,378 | 1,659 | (987 | ) | 672 | ||||||||||||
International Growth | 3,138,208 | 343,748 | (114,678 | ) | 229,070 | ||||||||||||
Institutional International Growth | 1,884,025 | 192,619 | (72,347 | ) | 120,272 | ||||||||||||
International Small Cap Growth | 512,952 | 74,352 | (19,027 | ) | 55,325 | ||||||||||||
Emerging Markets Leaders | 119,497 | 3,158 | (3,954 | ) | (796 | ) | |||||||||||
Emerging Markets Growth | 862,402 | 33,000 | (23,091 | ) | 9,909 | ||||||||||||
Emerging Markets Small Cap Growth | 262,283 | 23,154 | (5,815 | ) | 17,339 | ||||||||||||
Bond | 521,326 | 14,947 | (3,185 | ) | 11,762 | ||||||||||||
Income | 94,165 | 1,724 | (620 | ) | 1,104 | ||||||||||||
Low Duration | 141,897 | 888 | (870 | ) | 18 | ||||||||||||
Macro Allocation | 1,331,545 | 8,209 | (30,025 | ) | (21,816 | ) |
(c) Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. As of March 31, 2016, each Fund’s outstanding repurchase agreement, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.
(d) TBA Securities
The Fixed Income Funds may invest in mortgage pass-through securities eligible to be sold in the “to-be announced” market (“TBAs”). TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is generally announced 48 hours before the settlement date. When a Fund sells TBAs, it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold the securities. A Fund generally has the ability to close out a TBA obligation on or before the settlement date, rather than take delivery of the security.
(2) Valuation
(a) Investment Valuation
The value of domestic equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.
The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a security may be different from the last sale price (or the mean between the last reported bid and ask prices).
Fixed-income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed-income securities using inputs including, but not limited to, recent transaction prices, dealer quotes, transaction prices for securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements and commercial paper are valued at cost, which approximates fair value.
Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. Futures contracts (and options and swaps thereon) are valued at the most recent settlement price on the exchange on which they are traded most extensively. Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Over-the-Counter (“OTC”) swap contracts are valued by an independent pricing service. Depending on the product and the terms of the transaction, the independent pricing service may use a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates.
Centrally cleared swaps listed or settled on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps the clearing facility requires its members to provide actionable price levels across complete term structures. These levels along with external third-party prices are used to produce daily settlement prices.
Investments in other investment funds that are not exchange-traded funds are valued at the underlying fund’s ending net asset value on the date of valuation.
Securities, and other assets, for which a market price is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value as determined in good faith by, or under the direction of, the Board of Trustees and in accordance with the Valuation Procedures approved by the Board of Trustees. The value of fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
As of March 31, 2016, there were securities held in the International Growth, Institutional International Growth, Emerging Markets Growth, and Emerging Markets Small Cap Growth Funds requiring fair valuation pursuant to the Trust’s Valuation Procedures.
2 |
|
(b) Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• | Level 1—Quoted prices (unadjusted) in active markets for an identical security. | |
• | Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time the net asset value of the Fund is calculated. | |
• | Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.
A description of the valuation technique applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis as follows:
Exchange-Traded Securities
Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.
Fixed-Income Securities
Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed-income securities using inputs including, but not limited to, recent transaction prices, dealer quotes, transaction prices for securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.
Short-Term Investments
Repurchase agreements and commercial paper are valued at cost, which approximates fair value. These investments are categorized as Level 2 of the fair value hierarchy.
Derivative Instruments
Listed derivatives, such as certain options and futures contracts, that are actively traded are valued based on quoted prices from the exchange on which they are traded most extensively and are categorized in Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap and certain option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of forward foreign currency contracts and interest rate swaps. A substantial majority of OTC derivative products valued by a Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.
Any transfers between Level 1 and Level 2 are disclosed, effective as of the beginning of the year, in the following tables with the reasons for the transfers disclosed in a note to the tables, if applicable. Transfer amounts are based on end of period values.
As of March 31, 2016, the hierarchical input levels of securities in each Fund, segregated by security class or other financial instruments, are as follows (in thousands):
3 |
Investments in securities | Growth | Large
Cap Growth |
Large
Cap Value |
Mid
Cap Growth |
Mid
Cap Value |
|||||||||||
Level 1—Quoted prices | ||||||||||||||||
Common Stocks | $ | 782,426 | $ | 81,649 | $ | 2,701 | $ | 181,333 | $ | 2,746 | ||||||
Level 2—Other significant observable inputs | ||||||||||||||||
Short-Term Investments | 19,335 | 754 | — | 5,186 | — | |||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | — | |||||||||||
Total investments in securities | $ | 801,761 | $ | 82,403 | $ | 2,701 | $ | 186,519 | $ | 2,746 |
Investments in securities | Small-Mid Cap Growth |
Small-Mid Cap Value |
Small
Cap Growth |
Small
Cap Value |
|||||||||
Level 1—Quoted prices | |||||||||||||
Common Stocks | $ | 1,162,070 | $ | 4,143 | $ | 330,800 | $ | 573,074 | |||||
Exchange-Traded Fund | — | — | 12,187 | — | |||||||||
Level 2—Other significant observable inputs | |||||||||||||
Short-Term Investments | 30,774 | 75 | 11,614 | 9,095 | |||||||||
Level 3—Significant unobservable inputs | |||||||||||||
None | — | — | — | — | |||||||||
Total investments in securities | $ | 1,192,844 | $ | 4,218 | $ | 354,601 | $ | 582,169 |
Investments in securities | Global Leaders |
International Leaders |
International Equity |
Institutional International Equity |
International Growth |
|||||||||||||||
Level 1—Quoted prices | ||||||||||||||||||||
Common Stocks | $ | 151,202 | $ | 161,644 | $ | 59,220 | $ | 14,929 | $ | 3,364,951 | ||||||||||
Level 2—Other significant observable inputs | ||||||||||||||||||||
Affiliated Fund | — | — | — | — | 2,327 | |||||||||||||||
Common Stocks | — | — | 484 | 121 | — | |||||||||||||||
Short-Term Investments | 3,014 | 4,974 | 1,702 | 261 | 22,520 | |||||||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||||||
Common Stocks | — | — | — | — | — | |||||||||||||||
Total investments in securities | $ | 154,216 | $ | 166,618 | $ | 61,406 | $ | 15,311 | $ | 3,389,798 | ||||||||||
Level 1 and Level 2 transfers | ||||||||||||||||||||
Transfers from Level 1 to Level 2 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Transfers from Level 2 to Level 1 | — | — | — | — | — |
Investments in securities | Institutional International Growth |
International Small Cap Growth |
Emerging Markets Leaders |
Emerging Markets Growth |
Emerging Markets Small Cap Growth |
|||||||||||||||
Level 1—Quoted prices | ||||||||||||||||||||
Common Stocks | $ | 2,002,851 | $ | 564,878 | $ | 113,984 | $ | 841,771 | $ | 264,922 | ||||||||||
Preferred Stocks | — | — | 1,229 | 4,706 | — | |||||||||||||||
Level 2—Other significant observable inputs | ||||||||||||||||||||
Affiliated Fund | 1,446 | — | — | 2,855 | — | |||||||||||||||
Common Stocks | — | 3,399 | 3,488 | 22,979 | 14,188 | |||||||||||||||
Short-Term Investments | 21,466 | 8,661 | 3,939 | 40,155 | 941 | |||||||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||||||
Common Stocks | — | — | — | — | 512 | |||||||||||||||
Total investments in securities | $ | 2,025,763 | $ | 576,938 | $ | 122,640 | $ | 912,466 | $ | 280,563 | ||||||||||
Level 1 and Level 2 transfers | ||||||||||||||||||||
Transfers from Level 1 to Level 2 | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Transfers from Level 2 to Level 1 | — | — | — | — | — |
4 |
Investments in securities | Bond | Income | Low Duration | Macro Allocation | ||||||||||||
Assets | ||||||||||||||||
Level 1—Quoted Prices | ||||||||||||||||
Exchange-Traded Funds | $ | — | $ | — | $ | — | $ | 971,285 | ||||||||
Purchased Options | 2 | 1 | 2 | 4,032 | ||||||||||||
Level 2—Other significant observable inputs | ||||||||||||||||
Asset-Backed Securities | 15,787 | 7,759 | 33,013 | — | ||||||||||||
Commercial Paper | 4,000 | 350 | — | — | ||||||||||||
Corporate Obligation/Notes | 237,918 | 30,552 | 33,022 | — | ||||||||||||
Purchased Options | — | — | — | 1,032 | ||||||||||||
Short-Term Investments | 4,754 | 545 | — | 442,523 | ||||||||||||
U.S. Government and U.S. Government Agency | 275,381 | 56,607 | 75,954 | 333,380 | ||||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Liabilities | ||||||||||||||||
Level 1—Quoted Prices | ||||||||||||||||
Written Options | — | — | — | (313 | ) | |||||||||||
Level 2—Other significant observable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 537,842 | $ | 95,814 | $ | 141,991 | $ | 1,751,939 | ||||||||
Other financial instruments | ||||||||||||||||
Assets | ||||||||||||||||
Level 1—Quoted Prices | ||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | 2,124 | ||||||||
Level 2—Other significant observable inputs | ||||||||||||||||
Forward Foreign Currency Contracts | — | — | — | 26,072 | ||||||||||||
Futures Contracts | — | — | — | 2 | ||||||||||||
Swaps | — | — | — | 4,730 | ||||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Liabilities | ||||||||||||||||
Level 1—Quoted Prices | ||||||||||||||||
Futures Contracts | — | — | — | (26,635 | ) | |||||||||||
Level 2—Other significant observable inputs | ||||||||||||||||
Forward Foreign Currency Contracts | — | — | — | (21,548 | ) | |||||||||||
Futures Contracts | — | — | — | (604 | ) | |||||||||||
Swaps | (30 | ) | — | — | (16,512 | ) | ||||||||||
U.S. Government and U.S. Government Agency | — | — | (10,266 | ) | ||||||||||||
Level 3—Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total other financial instruments | $ | (30 | ) | $ | — | $ | (10,266 | ) | $ | (32,371 | ) |
Level 1 Common Stocks are exchange-traded securities with a quoted price. See Portfolio of Investments for Sector Classification.
Level 1 Common Stocks are exchange traded securities with a quoted price. Typically, Level 2 Common Stocks are non-U.S. exchange traded securities with a quoted price that are fair valued by an independent pricing service approved by the Board of Trustees. See Portfolio of Investments for Sector Classification.
The fair value estimates for the Level 3 securities in the International Growth, Institutional International Growth and Emerging Markets Small Cap Growth Funds were determined in good faith by the Pricing Committee, pursuant to the Valuation Procedures adopted by the Board of Trustees. There were various factors considered in reaching this fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained from a broker-dealer for the security, analysis of the company’s performance, and market trends that influence its performance. Level 3 securities represented 0.07%, 0.07%, 0.32%, and 0.18% as a percentage of Net Assets in the International Growth, Institutional International Growth, Emerging Markets Growth, and Emerging Markets Small Cap Growth Funds, respectively.
5 |
(3) Financial Derivative Instruments
Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus. The Macro Allocation Fund may also use derivative instruments to obtain investment exposures.
Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.
The Macro Allocation Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by Macro Allocation Fund with various counterparties and allow the Macro Allocation Fund to close out and net its total exposure to a counterparty in the event of a default.
Futures Contracts
A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price at a designated date, time and place. An index futures contract is an agreement pursuant to which the parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index futures contract was originally written. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, a Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, a Fund will continue to be required to maintain the margin deposits on the futures contract.
Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other liquid assets equal to a certain percentage of the contract amount (initial margin deposit). Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by a Fund and a cash payment is either made to or received from the broker. Futures held through swaps are marked to market daily, however, a Fund does not make or receive cash payments to/from the broker. Gains or losses are recognized but not considered realized until the contracts expire or are closed.
Options
The purchase or sale of an option by a Fund involves the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, either to purchase or sell the underlying security, commodity, or other instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so the investor loses its premium. Selling options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the amount of the premium paid (which could result in a potentially unlimited loss). OTC options also involve counterparty credit risk.
Forward Foreign Currency Contracts
The Global Equity, International Equity and Multi-Asset and Alternative Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.
6 |
Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to several years. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money.
Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. A Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.
Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.
Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer, a Fund would make a payment for a positive return and would receive a payment for a negative return.
Variance Swap—A Fund may invest in variance swaps in order to gain or mitigate its exposure to an underlying reference entity such as a broad based index. A variance swap is an agreement between two parties to exchange cash flows based on the measured variance of a reference entity. The payer agrees to exchange the fixed rate, or the variance strike price of the reference entity, to the receiver for the floating rate, or realized variance price of the reference entity. At the time the trade is originated, the agreed upon variance strike price is generally set so that the fair value of the swap is near zero. At maturity, a net cash flow is exchanged between the parties based on the difference between the final realized variance price of the swap and the variance strike price multiplied by the notional, or vega amount. As a receiver of the floating rate, a Fund would receive a payment if the final realized variance price is greater than the variance strike price and would make a payment if the final realized variance price is less than the variance strike price. As a payer of the floating rate, a Fund would receive a payment if the final realized variance price is less than the variance strike price and would make a payment if the final realized variance price is greater than the variance strike price.
7 |
Item 2. Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures. |
(b) | There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 3. Exhibits
Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as exhibit EX-99.CERT.
|
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
WILLIAM BLAIR FUNDS | ||
By: | /s/ Michelle R. Seitz | |
Michelle R. Seitz President |
Date: May 20, 2016
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Michelle R. Seitz | |
Michelle R. Seitz President (Principal Executive Officer) |
Date: May 20, 2016
By: | /s/ Colette M. Garavalia | |
Colette M. Garavalia | ||
Treasurer (Principal Financial Officer) |
Date: May 20, 2016
Exhibit 99.CERT
CERTIFICATIONS
I, Michelle R. Seitz, certify that:
1. | I have reviewed this report on Form N-Q of WILLIAM BLAIR FUNDS; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: May 20, 2016
/s/ Michelle R. Seitz |
Michelle R. Seitz President (Principal Executive Officer) |
CERTIFICATIONS
I, Colette M. Garavalia, certify that:
1. | I have reviewed this report on Form N-Q of WILLIAM BLAIR FUNDS; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; |
4. | The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: |
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and
(d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5. | The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
May 20, 2016
/s/ Colette M. Garavalia |
Colette M. Garavalia |
Treasurer (Principal Financial Officer) |
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