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Form N-Q WILLIAM BLAIR FUNDS For: Mar 31

May 20, 2016 11:56 AM EDT

 

 

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 registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s 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 registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s 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 registrant’s 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 registrant’s internal control over financial reporting.

May 20, 2016

 

/s/ Colette M. Garavalia

Colette M. Garavalia
Treasurer (Principal Financial Officer)
 


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