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Form NPORT-P WILLIAM BLAIR FUNDS For: Mar 31

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May 24, 2022 12:27 PM EDT 

  
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      2022-04-29
      WILLIAM BLAIR FUNDS
      John Raczek
      John Raczek
      Principal Financial Officer
    
  
  XXXX
Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
         
  Common Stocks      
         
  Information Technology—35.4%      
* Adobe, Inc.   13,866   $6,318 
* Advanced Micro Devices, Inc.   53,884    5,892 
* Dynatrace, Inc.   54,015    2,544 
  Fidelity National Information Services, Inc.   47,287    4,749 
  Mastercard, Inc.   35,199    12,579 
  Microsoft Corporation   88,325    27,231 
* MongoDB, Inc.   5,491    2,436 
  National Instruments Corporation   101,961    4,139 
* Nice, Ltd.—ADR   13,143    2,878 
  NVIDIA Corporation   25,997    7,094 
* PayPal Holdings, Inc.   43,495    5,030 
* Pure Storage, Inc.   193,414    6,829 
  Texas Instruments, Inc.   32,157    5,900 
* Verra Mobility Corporation   236,237    3,846 
* Workday, Inc.   20,977    5,023 
           102,488 
             
  Consumer Discretionary—15.1%          
* Amazon.com, Inc.   6,764    22,050 
* Bright Horizons Family Solutions, Inc.   34,962    4,639 
* Burlington Stores, Inc.   15,683    2,857 
* Etsy, Inc.   11,891    1,478 
* Farfetch, Ltd.†   91,916    1,390 
  NIKE, Inc.   37,479    5,043 
* Overstock.com, Inc.   24,256    1,067 
* Revolve Group, Inc.   38,240    2,053 
* Rush Street Interactive, Inc.   124,702    907 
* Skyline Champion Corporation   37,845    2,077 
           43,561 
             
  Health Care—13.4%          
  Agilent Technologies, Inc.   16,118    2,133 
  Azenta, Inc.   22,676    1,879 
* Certara, Inc.   89,873    1,931 
* HealthEquity, Inc.   36,344    2,451 
* Horizon Therapeutics plc†   39,546    4,161 
* Penumbra, Inc.   9,955    2,211 
  STERIS plc†   18,368    4,441 
  Stryker Corporation   29,944    8,006 
  UnitedHealth Group, Inc.   16,929    8,633 
  Zoetis, Inc.   15,841    2,987 
           38,833 
             
  Communication Services—11.2%          
* Alphabet, Inc. Class “A”   7,966    22,156 
* Take-Two Interactive Software, Inc.   23,031    3,541 
  Warner Music Group Corporation   107,097    4,054 
* ZipRecruiter, Inc.   115,511    2,654 
           32,405 
             
  Industrials—7.6%          
* ACV Auctions, Inc.   100,855    1,494 
* Clarivate plc†   191,243    3,205 
* Copart, Inc.   41,440    5,199 

 

See accompanying Notes to Portfolio of Investments.

1
Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		    Value
         
  Common Stocks—(continued)      
         
  Industrials — (continued)      
* CoStar Group, Inc.   43,099   $2,871 
* Energy Recovery, Inc.   124,874    2,515 
* Kornit Digital, Ltd.†   19,671    1,627 
  The Brink’s Co.   56,531    3,844 
* Trex Co., Inc.   20,465    1,337 
           22,092 
             
  Consumer Staples—4.6%          
* Performance Food Group Co.   73,913    3,763 
  The Coca-Cola Co.   98,998    6,138 
  The Estee Lauder Cos., Inc.   12,523    3,410 
           13,311 
             
  Energy—3.8%          
  Cameco Corporation   192,384    5,598 
* Green Plains, Inc.   67,237    2,085 
  New Fortress Energy, Inc.   80,964    3,450 
           11,133 
             
  Financials—3.4%          
  Aon plc†   11,264    3,668 
  Ares Management Corporation   49,657    4,034 
  Bridge Investment Group Holdings, Inc.   98,524    2,005 
           9,707 
             
  Real Estate—1.9%          
  SBA Communications Corporation   9,047    3,113 
* Zillow Group, Inc.   46,852    2,309 
           5,422 
             
  Materials—1.8%          
  Ball Corporation   57,375    5,164 
             
  Total Common Stocks—98.2%
(cost $161,680)		        284,116 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $3,944, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $4,023  $3,944    3,944 
             
  Total Repurchase Agreement—1.3%
(cost $3,944)		        3,944 
             
  Total Investments—99.5%
(cost $165,624)		        288,060 
             
  Cash and other assets, less liabilities—0.5%        1,339 
             
  Net assets—100.0%       $289,399 
 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

2
Large Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks          
             
  Information Technology—42.2%          
  Accenture plc†   114,970   $38,771 
* Adobe, Inc.   60,140    27,401 
* Advanced Micro Devices, Inc.   258,338    28,247 
* Guidewire Software, Inc.   158,100    14,959 
  Intuit, Inc.   66,520    31,986 
  Lam Research Corporation   42,680    22,945 
  Mastercard, Inc.   148,540    53,085 
  Microsoft Corporation   522,460    161,080 
  NVIDIA Corporation   168,280    45,917 
* PayPal Holdings, Inc.   262,900    30,404 
* salesforce.com, Inc.   162,510    34,504 
  Texas Instruments, Inc.   117,700    21,596 
* Unity Software, Inc.   200,330    19,875 
           530,770 
             
  Consumer Discretionary—17.3%          
* Amazon.com, Inc.   36,455    118,842 
* Marriott International, Inc.   220,220    38,704 
  NIKE, Inc.   244,370    32,882 
  Starbucks Corporation   292,670    26,624 
           217,052 
             
  Communication Services—14.0%          
* Alphabet, Inc. Class “A”   33,870    94,204 
* Alphabet, Inc. Class “C”   7,290    20,361 
* Live Nation Entertainment, Inc.   297,830    35,037 
* Netflix, Inc.   68,500    25,659 
           175,261 
             
  Health Care—9.9%          
* ABIOMED, Inc.   70,778    23,445 
  Stryker Corporation   118,770    31,753 
  UnitedHealth Group, Inc.   83,990    42,832 
  Zoetis, Inc.   140,330    26,465 
           124,495 
             
  Consumer Staples—6.0%          
  Costco Wholesale Corporation   87,330    50,289 
  The Estee Lauder Cos., Inc.   91,730    24,980 
           75,269 
             
  Industrials—5.8%          
* Copart, Inc.   251,960    31,613 
* CoStar Group, Inc.   202,600    13,495 
  Equifax, Inc.   116,950    27,729 
           72,837 
             
  Financials—2.7%          
  Apollo Global Management, Inc.   541,290    33,555 
             
  Materials—1.5%          
  Linde plc†   60,140    19,211 

 

See accompanying Notes to Portfolio of Investments.

3
Large Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Total Common Stocks—99.4%
(cost $1,006,580)		       $1,248,450 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $8,999, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $9,179  $8,999    8,999 
             
  Total Repurchase Agreement—0.7%
(cost $8,999)		        8,999 
             
  Total Investments—100.1%
(cost $1,015,579)		        1,257,449 
             
  Liabilities, plus cash and other assets—(0.1)%        (700)
             
  Net assets—100.0%       $1,256,749 
 

† = U.S. listed foreign security

* = Non-income producing security

 

See accompanying Notes to Portfolio of Investments.

4
Mid Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks          
             
  Information Technology—30.9%          
* Cadence Design Systems, Inc.   8,270   $1,360 
* Coupa Software, Inc.   5,428    552 
  Dolby Laboratories, Inc.   5,690    445 
* Dynatrace, Inc.   28,355    1,336 
* EPAM Systems, Inc.   2,175    645 
* Euronet Worldwide, Inc.   9,715    1,264 
* Guidewire Software, Inc.   3,967    375 
  MKS Instruments, Inc.   6,880    1,032 
* MongoDB, Inc.   1,795    796 
* Nice, Ltd.—ADR   3,785    829 
* Palo Alto Networks, Inc.   2,270    1,413 
* Pure Storage, Inc.   39,770    1,404 
* SolarEdge Technologies, Inc.   3,185    1,027 
* Teledyne Technologies, Inc.   2,655    1,255 
           13,733 
             
  Health Care—20.1%          
* ABIOMED, Inc.   3,198    1,059 
  Agilent Technologies, Inc.   6,255    828 
* Align Technology, Inc.   1,225    534 
  Bio-Techne Corporation   1,387    601 
* Charles River Laboratories International, Inc.   2,415    686 
* DexCom, Inc.   2,175    1,113 
* Horizon Therapeutics plc†   11,070    1,165 
* IDEXX Laboratories, Inc.   1,370    749 
* Mettler-Toledo International, Inc.   540    741 
  STERIS plc†   2,120    512 
* Veeva Systems, Inc.   4,480    952 
           8,940 
             
  Industrials—16.3%          
* Axon Enterprise, Inc.   4,300    592 
* Builders FirstSource, Inc.   11,250    726 
  BWX Technologies, Inc.   20,454    1,102 
* Clarivate plc†   46,210    775 
* Copart, Inc.   13,462    1,689 
* CoStar Group, Inc.   20,070    1,337 
  Equifax, Inc.   2,590    614 
* Generac Holdings, Inc.   1,480    440 
           7,275 
             
  Consumer Discretionary—10.0%          
* Aptiv plc†   5,395    646 
* Bright Horizons Family Solutions, Inc.   8,030    1,065 
* Burlington Stores, Inc.   4,335    790 
* Chipotle Mexican Grill, Inc.   694    1,098 
* Etsy, Inc.   4,429    550 
* Farfetch, Ltd.†   18,715    283 
           4,432 
             
  Communication Services—5.7%          
  Cable One, Inc.   176    258 
* Live Nation Entertainment, Inc.   6,309    742 
* Take-Two Interactive Software, Inc.   3,460    532 

 

See accompanying Notes to Portfolio of Investments.

5
Mid Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
          
  Common Stocks—(continued)          
             
  Communication Services — (continued)          
  Warner Music Group Corporation   26,710   $1,011 
           2,543 
             
  Materials—4.9%          
  Ball Corporation   10,100    909 
  Vulcan Materials Co.   6,990    1,284 
           2,193 
             
  Financials—4.2%          
  Ares Management Corporation   10,060    817 
  PacWest Bancorp   13,410    579 
  Western Alliance Bancorp   5,945    492 
           1,888 
             
  Energy—3.6%          
  Cameco Corporation   21,535    627 
  New Fortress Energy, Inc.   22,743    969 
           1,596 
             
  Real Estate—2.8%          
  SBA Communications Corporation   1,920    661 
* Zillow Group, Inc.   12,255    604 
           1,265 
             
  Consumer Staples—1.2%          
* Performance Food Group Co.   10,100    514 
             
  Total Common Stocks—99.7%
(cost $37,203)		        44,379 
             
  Total Investments—99.7%
(cost $37,203)		        44,379 
             
  Cash and other assets, less liabilities—0.3%        133 
             
  Net assets—100.0%       $44,512 
 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

6

Mid Cap Value Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks          
             
  Industrials—16.9%          
  Acuity Brands, Inc.   195   $37 
  AGCO Corporation   239    35 
* Alaska Air Group, Inc.   518    30 
  Flowserve Corporation   573    20 
  Knight-Swift Transportation Holdings, Inc.   576    29 
  MSC Industrial Direct Co., Inc.   243    21 
  Regal Beloit Corporation   285    42 
  Snap-on, Inc.   131    27 
  The Timken Co.   408    25 
           266 
             
  Financials—16.5%          
* Arch Capital Group, Ltd.†   680    33 
  Comerica, Inc.   317    29 
  East West Bancorp, Inc.   321    25 
  Huntington Bancshares, Inc.   1,887    28 
  Invesco, Ltd.†   1,069    25 
  SLM Corporation   1,905    35 
  Synovus Financial Corporation   573    28 
  The Hartford Financial Services Group, Inc.   387    28 
  Willis Towers Watson plc†   129    30 
           261 
             
  Information Technology—14.8%          
* Check Point Software Technologies, Ltd.†   236    33 
  Cognizant Technology Solutions Corporation   348    31 
* DXC Technology Co.   851    28 
* F5, Inc.   138    29 
* Flex, Ltd.†   1,497    28 
  Hewlett Packard Enterprise Co.   1,844    31 
  Jabil, Inc.   438    27 
  Skyworks Solutions, Inc.   207    27 
           234 
             
  Health Care—13.0%          
  AmerisourceBergen Corporation   218    34 
* Centene Corporation   427    36 
  Encompass Health Corporation   397    28 
* Henry Schein, Inc.   349    30 
* Hologic, Inc.   384    30 
* Laboratory Corporation of America Holdings   101    27 
  Viatris, Inc.   1,963    21 
           206 
             
  Consumer Discretionary—10.3%          
  Brunswick Corporation   279    23 
  Carter’s, Inc.   247    23 
  LKQ Corporation   560    25 
* Mohawk Industries, Inc.   157    19 
  Ralph Lauren Corporation   253    29 
* Taylor Morrison Home Corporation   817    22 
  Whirlpool Corporation   127    22 
           163 

 

See accompanying Notes to Portfolio of Investments.

7
Mid Cap Value Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks—(continued)          
             
  Materials—8.2%          
* Axalta Coating Systems, Ltd.†   950   $24 
  Huntsman Corporation   960    36 
  Sealed Air Corporation   468    31 
  Westlake Corporation   310    38 
           129 
             
  Real Estate—7.8%          
  Camden Property Trust   178    29 
  Duke Realty Corporation   599    35 
  Highwoods Properties, Inc.   594    27 
  Host Hotels & Resorts, Inc.   1,629    32 
           123 
             
  Consumer Staples—5.1%          
  Ingredion, Inc.   292    25 
  Molson Coors Brewing Co.   574    31 
  Tyson Foods, Inc.   263    24 
           80 
             
  Energy—2.2%          
  Diamondback Energy, Inc.   259    35 
             
  Utilities—2.0%          
  Entergy Corporation   267    31 
             
  Communication Services—1.6%          
* Discovery Inc   1,047    26 
             
  Total Common Stocks—98.4%
(cost $1,529)		        1,554 
             
  Total Investments—98.4%
(cost $1,529)		        1,554 
             
  Cash and other assets, less liabilities—1.6%        26 
             
  Net assets—100.0%       $1,580 
 

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

8
Small-Mid Cap Core Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks          
             
  Industrials—17.5%          
* Axon Enterprise, Inc.   10,238   $1,410 
* Builders FirstSource, Inc.   51,474    3,322 
  BWX Technologies, Inc.   35,788    1,927 
* Casella Waste Systems, Inc.   15,843    1,389 
* Chart Industries, Inc.   7,841    1,347 
  Douglas Dynamics, Inc.   20,043    693 
* Energy Recovery, Inc.   52,961    1,067 
* IAA, Inc.   25,767    986 
* Kornit Digital, Ltd.†   9,752    806 
  Lincoln Electric Holdings, Inc.   10,728    1,478 
* Mercury Systems, Inc.   34,891    2,249 
  Owens Corning   13,763    1,259 
* Stem, Inc.   104,960    1,156 
  The Brink’s Co.   27,954    1,901 
* Trex Co., Inc.   21,653    1,415 
* WillScot Mobile Mini Holdings Corporation   52,530    2,055 
           24,460 
             
  Health Care—14.5%          
* Acadia Healthcare Co., Inc.   22,815    1,495 
  Azenta, Inc.   15,850    1,314 
* Certara, Inc.   44,648    959 
  Chemed Corporation   2,147    1,088 
* Globus Medical, Inc.   24,179    1,784 
* Halozyme Therapeutics, Inc.   27,750    1,107 
* Hanger, Inc.   52,435    961 
* Horizon Therapeutics plc†   10,661    1,122 
* Ligand Pharmaceuticals, Inc.   8,155    917 
* Merit Medical Systems, Inc.   35,514    2,362 
  Owens & Minor, Inc.   78,513    3,456 
* Penumbra, Inc.   5,236    1,163 
* Sotera Health Co.   51,917    1,124 
  STERIS plc†   5,742    1,388 
           20,240 
             
  Financials—14.5%          
  Ares Management Corporation   28,459    2,312 
  East West Bancorp, Inc.   28,156    2,225 
* Encore Capital Group, Inc.   19,444    1,220 
  Glacier Bancorp, Inc.   24,150    1,214 
  Hannon Armstrong Sustainable Infrastructure Capital, Inc.   23,648    1,122 
  LPL Financial Holdings, Inc.   11,387    2,080 
  PacWest Bancorp   60,676    2,617 
  Virtu Financial, Inc.   82,898    3,085 
  Western Alliance Bancorp   32,076    2,656 
  Wintrust Financial Corporation   18,124    1,684 
           20,215 
             
  Information Technology—11.4%          
* Alarm.com Holdings, Inc.   14,706    977 
* Coupa Software, Inc.   14,395    1,463 
  Entegris, Inc.   8,470    1,112 
* Euronet Worldwide, Inc.   16,035    2,087 
  MKS Instruments, Inc.   7,440    1,116 

 

See accompanying Notes to Portfolio of Investments.

9
Small-Mid Cap Core Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks—(continued)          
             
  Information Technology—(continued)          
* Nice, Ltd.—ADR   5,596   $1,225 
  Power Integrations, Inc.   16,519    1,531 
* Pure Storage, Inc.   52,096    1,839 
* SolarEdge Technologies, Inc.   5,027    1,621 
* Verra Mobility Corporation   125,779    2,048 
* Wolfspeed, Inc.   8,371    953 
           15,972 
             
  Consumer Discretionary—11.1%          
  Aramark   44,008    1,655 
* Boot Barn Holdings, Inc.   20,849    1,976 
* Bright Horizons Family Solutions, Inc.   9,058    1,202 
* Burlington Stores, Inc.   7,237    1,318 
* Callaway Golf Co.   44,539    1,043 
* Fox Factory Holding Corporation   9,983    978 
* Leslie’s, Inc.   65,894    1,276 
* National Vision Holdings, Inc.   44,426    1,936 
* Overstock.com, Inc.   15,374    677 
* Skyline Champion Corporation   27,044    1,484 
  Wyndham Hotels & Resorts, Inc.   23,680    2,005 
           15,550 
             
  Energy—8.1%          
  Cameco Corporation   96,018    2,794 
* Denbury, Inc.   31,843    2,502 
* Green Plains, Inc.   40,155    1,245 
  New Fortress Energy, Inc.   52,725    2,247 
  Whitecap Resources, Inc.   303,796    2,513 
           11,301 
             
  Materials—5.6%          
* Century Aluminum Co.   66,671    1,754 
  CF Industries Holdings, Inc.   22,994    2,370 
  Crown Holdings, Inc.   20,825    2,605 
  Eagle Materials, Inc.   8,646    1,110 
           7,839 
             
  Real Estate—5.0%          
  Acadia Realty Trust   67,254    1,457 
  Americold Realty Trust   36,868    1,028 
  Equity LifeStyle Properties, Inc.   22,593    1,728 
  Healthcare Realty Trust, Inc.   64,941    1,785 
  Pebblebrook Hotel Trust   41,184    1,008 
           7,006 
             
  Consumer Staples—4.0%          
  Inter Parfums, Inc.   14,842    1,307 
* Performance Food Group Co.   39,204    1,996 
  Primo Water Corporation   57,869    825 
  Spectrum Brands Holdings, Inc.   17,091    1,516 
           5,644 

 

See accompanying Notes to Portfolio of Investments.

10
Small-Mid Cap Core Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Communication Services—2.5%          
  Cable One, Inc.   508   $744 
* Live Nation Entertainment, Inc.   7,621    897 
* ZipRecruiter, Inc.   83,139    1,910 
           3,551 
             
  Utilities—1.3%          
  IDACORP, Inc.   15,407    1,800 
             
  Total Common Stocks—95.5%
(cost $126,175)		        133,578 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $4,429, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $4,517  $4,429    4,429 
             
  Total Repurchase Agreement—3.2%
(cost $4,429)		        4,429 
             
  Total Investments—98.7%
(cost $130,604)		        138,007 
             
  Cash and other assets, less liabilities—1.3%        1,782 
             
  Net assets—100.0%       $139,789 

 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

11
Small-Mid Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value 
             
  Common Stocks          
             
  Information Technology—23.4%          
* Alarm.com Holdings, Inc.   425,952   $28,309 
* Avalara, Inc.   293,134    29,170 
  Cognex Corporation   258,277    19,926 
* Coupa Software, Inc.   223,600    22,724 
* Dynatrace, Inc.   1,398,686    65,878 
  Entegris, Inc.   284,958    37,404 
* Euronet Worldwide, Inc.   449,983    58,565 
* Guidewire Software, Inc.   320,824    30,356 
  MKS Instruments, Inc.   194,825    29,224 
  National Instruments Corporation   966,286    39,222 
* Nice, Ltd.—ADR   149,566    32,755 
* Novanta, Inc.†   179,088    25,482 
* PagerDuty, Inc.   798,100    27,287 
* Pure Storage, Inc.   1,126,137    39,764 
* SolarEdge Technologies, Inc.   177,059    57,079 
* Varonis Systems, Inc.   791,470    37,627 
* Wolfspeed, Inc.   202,232    23,026 
* Workiva, Inc.   166,021    19,590 
           623,388 
             
  Health Care—22.6%          
* ABIOMED, Inc.   129,470    42,886 
* Acadia Healthcare Co., Inc.   662,183    43,393 
* Amedisys, Inc.   149,431    25,745 
  Azenta, Inc.   523,508    43,388 
  Bio-Techne Corporation   97,220    42,100 
* Blueprint Medicines Corporation   193,050    12,332 
* Certara, Inc.   775,747    16,663 
* Charles River Laboratories International, Inc.   165,160    46,900 
  Chemed Corporation   77,706    39,362 
* Halozyme Therapeutics, Inc.   874,782    34,886 
* HealthEquity, Inc.   547,802    36,944 
* Horizon Therapeutics plc†   320,472    33,717 
* Insmed, Inc.   645,823    15,177 
* Inspire Medical Systems, Inc.   127,765    32,796 
* Insulet Corporation   106,600    28,397 
* Ligand Pharmaceuticals, Inc.   104,051    11,705 
* Merit Medical Systems, Inc.   455,171    30,278 
* Penumbra, Inc.   157,381    34,959 
* Twist Bioscience Corporation   277,999    13,728 
* Veracyte, Inc.   605,192    16,685 
           602,041 
             
  Industrials—17.0%          
* Axon Enterprise, Inc.   324,950    44,755 
* Builders FirstSource, Inc.   1,104,762    71,301 
  BWX Technologies, Inc.   1,093,609    58,902 
* Casella Waste Systems, Inc.   279,600    24,507 
* Chart Industries, Inc.   134,320    23,072 
  HEICO Corporation   179,292    22,740 
* Kornit Digital, Ltd.†   140,982    11,658 
  Lincoln Electric Holdings, Inc.   174,734    24,080 
* Mercury Systems, Inc.   758,777    48,903 
  Ritchie Bros Auctioneers, Inc.   464,724    27,433 

 

See accompanying Notes to Portfolio of Investments.

12

Small-Mid Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value 
             
  Common Stocks—(continued)          
             
  Industrials — (continued)          
* Stem, Inc.   803,664   $8,848 
  The Brink’s Co.   710,707    48,328 
* Trex Co., Inc.   569,380    37,198 
           451,725 
             
  Consumer Discretionary—11.9%          
* Bright Horizons Family Solutions, Inc.   303,733    40,302 
* Burlington Stores, Inc.   176,474    32,148 
* Fox Factory Holding Corporation   287,105    28,122 
* Helen of Troy, Ltd.†   90,827    17,788 
* Leslie’s, Inc.   2,017,530    39,059 
* National Vision Holdings, Inc.   828,395    36,093 
* Overstock.com, Inc.   504,037    22,180 
* Revolve Group, Inc.   762,397    40,933 
  Wyndham Hotels & Resorts, Inc.   714,567    60,517 
           317,142 
             
  Financials—5.5%          
  Ares Management Corporation   586,940    47,677 
  Virtu Financial, Inc.   1,600,033    59,553 
  Western Alliance Bancorp   468,231    38,779 
           146,009 
             
  Materials—5.2%          
  CF Industries Holdings, Inc.   395,700    40,781 
  Crown Holdings, Inc.   581,241    72,707 
  Martin Marietta Materials, Inc.   65,319    25,141 
           138,629 
             
  Energy—4.8%          
  Cameco Corporation   1,906,831    55,489 
* Denbury, Inc.   534,969    42,033 
  New Fortress Energy, Inc.   735,401    31,335 
           128,857 
             
             
  Consumer Staples—3.1%          
* Celsius Holdings, Inc.   267,500    14,761 
* Performance Food Group Co.   1,027,321    52,301 
* The Beauty Health Co.   868,376    14,658 
           81,720 
             
  Communication Services—1.9%          
  Cable One, Inc.   19,603    28,704 
* Live Nation Entertainment, Inc.   182,320    21,448 
           50,152 
             
  Real Estate—1.7%          
  FirstService Corporation   168,013    24,342 
* Zillow Group, Inc.   395,700    19,504 
           43,846 
             
  Total Common Stocks—97.1%
(cost $2,117,976)		        2,583,509 

 

See accompanying Notes to Portfolio of Investments.

13

Small-Mid Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
           
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $69,862, collateralized by U.S. Treasury Bond, 4.250% - 4.375%, due 5/15/39 - 11/15/39, valued at $71,259  $69,862   $69,862 
             
  Total Repurchase Agreement—2.6%
(cost $69,862)		        69,862 
             
  Total Investments—99.7%
(cost $2,187,838)		        2,653,371 
             
  Cash and other assets, less liabilities—0.3%        7,487 
             
  Net assets—100.0%       $2,660,858 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

14
Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks        
           
  Industrials—22.5%        
* ACV Auctions, Inc.   306,810   $4,544 
  Albany International Corporation   104,155    8,782 
* Builders FirstSource, Inc.   179,370    11,577 
  BWX Technologies, Inc.   237,569    12,795 
* Casella Waste Systems, Inc.   139,670    12,242 
  Douglas Dynamics, Inc.   172,233    5,958 
* Ducommun, Inc.   265,376    13,903 
* Energy Recovery, Inc.   377,236    7,598 
* IAA, Inc.   145,050    5,548 
* Kornit Digital, Ltd.†   61,480    5,084 
  Lincoln Electric Holdings, Inc.   51,330    7,074 
  Luxfer Holdings plc†   489,156    8,218 
* Mercury Systems, Inc.   149,406    9,629 
* Montrose Environmental Group, Inc.   175,518    9,290 
  Ritchie Bros Auctioneers, Inc.   119,675    7,064 
* Stem, Inc.   477,856    5,261 
  The Brink’s Co.   176,536    12,004 
           146,571 
             
  Health Care—21.5%          
* Acadia Healthcare Co., Inc.   149,939    9,826 
* Amicus Therapeutics, Inc.   728,510    6,899 
* Artivion, Inc.   275,322    5,886 
* Axogen, Inc.   468,654    3,721 
  Azenta, Inc.   141,675    11,742 
* Blueprint Medicines Corporation   44,470    2,841 
* Certara, Inc.   273,853    5,882 
* Codexis, Inc.   295,281    6,089 
* Halozyme Therapeutics, Inc.   201,750    8,046 
* Hanger, Inc.   393,113    7,206 
* Health Catalyst, Inc.   235,988    6,166 
* HealthEquity, Inc.   112,995    7,620 
* Insmed, Inc.   138,780    3,261 
* Inspire Medical Systems, Inc.   39,690    10,188 
* Ligand Pharmaceuticals, Inc.   81,478    9,165 
* Merit Medical Systems, Inc.   177,880    11,833 
  Owens & Minor, Inc.   116,990    5,150 
* Pulmonx Corporation   199,781    4,957 
* Twist Bioscience Corporation   95,566    4,719 
* Veracyte, Inc.   150,420    4,147 
* Vericel Corporation   131,620    5,031 
           140,375 
             
  Information Technology—20.5%          
* Alarm.com Holdings, Inc.   98,490    6,546 
  American Software, Inc.   275,170    5,735 
* BTRS Holdings, Inc.   348,890    2,610 
  Computer Services, Inc.   112,249    5,556 
* Coupa Software, Inc.   78,190    7,946 
* Euronet Worldwide, Inc.   60,590    7,886 
* Grid Dynamics Holdings, Inc.   417,078    5,873 
* LiveRamp Holdings, Inc.   156,980    5,870 
* Novanta, Inc.†   39,400    5,606 
* PagerDuty, Inc.   96,320    3,293 

 

See accompanying Notes to Portfolio of Investments.

15
Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks—(continued)        
           
  Information Technology — (continued)          
* PDF Solutions, Inc.   226,937   $6,325 
  Power Integrations, Inc.   58,200    5,394 
* PROS Holdings, Inc.   193,100    6,432 
* Pure Storage, Inc.   304,086    10,737 
* SiTime Corporation   24,115    5,976 
* Upland Software, Inc.   173,100    3,048 
* Varonis Systems, Inc.   192,710    9,161 
* Verra Mobility Corporation   724,489    11,795 
* Vertex, Inc.   251,833    3,863 
* WNS Holdings, Ltd.—ADR   93,712    8,011 
* Workiva, Inc.   54,620    6,445 
           134,108 
             
  Consumer Discretionary—8.8%          
* Boot Barn Holdings, Inc.   85,234    8,079 
* Fox Factory Holding Corporation   46,260    4,531 
* National Vision Holdings, Inc.   218,168    9,506 
* Overstock.com, Inc.   126,540    5,568 
* Revolve Group, Inc.   149,347    8,019 
* Rush Street Interactive, Inc.   300,540    2,185 
* Skyline Champion Corporation   117,290    6,437 
* The Cheesecake Factory, Inc.   168,920    6,721 
  Winmark Corporation   28,350    6,237 
           57,283 
             
  Energy—5.4%          
  Cameco Corporation   474,830    13,817 
* Denbury, Inc.   92,969    7,305 
* Green Plains, Inc.   205,630    6,377 
  Whitecap Resources, Inc.   923,700    7,641 
           35,140 
             
  Communication Services—4.1%          
* Gogo, Inc.   458,980    8,748 
* QuinStreet, Inc.   267,735    3,106 
* Ziff Davis Inc   86,583    8,379 
* ZipRecruiter, Inc.   290,390    6,673 
           26,906 
             
  Consumer Staples—4.0%          
* Celsius Holdings, Inc.   79,390    4,381 
* Performance Food Group Co.   162,950    8,296 
* The Beauty Health Co.   559,020    9,436 
* Vital Farms, Inc.   346,800    4,286 
           26,399 
             
  Financials—3.4%          
* Encore Capital Group, Inc.   89,713    5,628 
* Open Lending Corporation   174,977    3,309 
  PacWest Bancorp   184,140    7,942 
  Wintrust Financial Corporation   56,110    5,214 
           22,093 

 

See accompanying Notes to Portfolio of Investments.

16

Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)        
           
  Materials—3.1%        
* Ardagh Metal Packaging S.A.†   705,830   $5,738 
* Century Aluminum Co.   235,180    6,188 
  Orion Engineered Carbons S.A.†   528,617    8,442 
           20,368 
             
  Real Estate—2.4%          
  Colliers International Group, Inc.   52,918    6,901 
  FirstService Corporation   60,437    8,756 
           15,657 
             
  Total Common Stocks—95.7%
(cost $518,187)		        624,900 
             
  Exchange-Traded Funds          
             
  Exchange-Traded Fund—1.0%          
  iShares Russell 2000 Growth ETF   25,360    6,486 
             
  Total Exchange-Traded Fund—1.0%
(cost $6,555)		        6,486 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $16,652, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $16,985  $16,652    16,652 
             
  Total Repurchase Agreement—2.5%
(cost $16,652)		        16,652 
             
  Total Investments—99.2%
(cost $541,394)		        648,038 
             
  Cash and other assets, less liabilities—0.8%        4,954 
             
  Net assets—100.0%       $652,992 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

17

Small Cap Value Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks        
           
  Financials—21.9%          
  Ameris Bancorp   295,184   $12,953 
  Argo Group International Holdings, Ltd.†   351,322    14,503 
  Atlantic Union Bankshares Corporation   402,084    14,752 
  Banc of California, Inc.   808,956    15,661 
  Berkshire Hills Bancorp, Inc.   523,377    15,162 
  Compass Diversified Holdings   634,471    15,081 
  ConnectOne Bancorp, Inc.   652,000    20,870 
  Dime Community Bancshares, Inc.   462,010    15,972 
  Eastern Bankshares, Inc.   812,761    17,507 
  Enterprise Financial Services Corporation   304,714    14,416 
  First Bancorp   289,892    12,109 
  First Merchants Corporation   360,059    14,978 
  MGIC Investment Corporation   1,023,594    13,870 
  Pacific Premier Bancorp, Inc.   377,703    13,352 
  PJT Partners, Inc.   217,216    13,711 
* PRA Group, Inc.   415,499    18,731 
  Seacoast Banking Corporation of Florida   423,059    14,816 
  Simmons First National Corporation   503,411    13,199 
* Texas Capital Bancshares, Inc.   280,316    16,065 
  Veritex Holdings, Inc.   367,303    14,020 
  Washington Federal, Inc.   404,625    13,280 
           315,008 
             
  Industrials—18.4%          
  ABM Industries, Inc.   354,422    16,318 
  Albany International Corporation   188,092    15,860 
  Astec Industries, Inc.   130,276    5,602 
  Brady Corporation   295,410    13,669 
* CBIZ, Inc.   435,178    18,264 
  Deluxe Corporation   451,594    13,656 
  GrafTech International, Ltd.   1,335,219    12,845 
  Granite Construction, Inc.   341,335    11,196 
* Great Lakes Dredge & Dock Corporation   1,055,725    14,812 
* Harsco Corporation   770,106    9,426 
  Hillenbrand, Inc.   328,532    14,511 
* Hub Group, Inc.   219,014    16,910 
  ICF International, Inc.   137,600    12,954 
  Kaman Corporation   270,405    11,757 
* KAR Auction Services, Inc.   906,714    16,366 
  Marten Transport, Ltd.   670,508    11,908 
  MillerKnoll, Inc.   484,618    16,748 
* PGT Innovations, Inc.   521,405    9,375 
* SP Plus Corporation   344,364    10,799 
  Werner Enterprises, Inc.   304,949    12,503 
           265,479 
             
  Information Technology—14.1%          
  Advanced Energy Industries, Inc.   122,745    10,566 
  AudioCodes, Ltd.†   246,371    6,295 
  Belden, Inc.   376,327    20,849 
  Benchmark Electronics, Inc.   148,165    3,710 
* Cognyte Software, Ltd.†   1,192,969    13,492 
* Conduent, Inc.   2,386,136    12,312 
  CSG Systems International, Inc.   217,897    13,852 

 

See accompanying Notes to Portfolio of Investments.

18

Small Cap Value Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
   
  Common Stocks—(continued)
   
  Information Technology — (continued)
* Knowles Corporation   739,830   $15,929 
  Kulicke & Soffa Industries, Inc.   234,682    13,147 
  Maximus, Inc.   189,302    14,188 
  Methode Electronics, Inc.   376,698    16,292 
* NetScout Systems, Inc.   496,661    15,933 
* Plexus Corporation   179,116    14,653 
  Progress Software Corporation   359,192    16,914 
* Tower Semiconductor, Ltd.†   306,318    14,826 
           202,958 
             
  Consumer Discretionary—11.6%          
* Adient plc†   361,520    14,739 
  Bloomin’ Brands, Inc.   688,405    15,104 
  Cracker Barrel Old Country Store, Inc.   97,028    11,520 
* Designer Brands, Inc.   1,249,481    16,880 
* El Pollo Loco Holdings, Inc.   621,574    7,223 
  La-Z-Boy, Inc.   489,163    12,899 
  Oxford Industries, Inc.   213,590    19,330 
  Standard Motor Products, Inc.   411,785    17,764 
* Taylor Morrison Home Corporation   424,275    11,549 
* Tri Pointe Homes, Inc.   539,176    10,827 
* Universal Electronics, Inc.   237,226    7,411 
* Urban Outfitters, Inc.   405,772    10,189 
  Winnebago Industries, Inc.   219,195    11,843 
           167,278 
             
  Real Estate—7.4%          
  Brandywine Realty Trust   720,012    10,181 
  CatchMark Timber Trust, Inc.   901,666    7,394 
  Empire State Realty Trust, Inc.   1,258,988    12,363 
  Four Corners Property Trust, Inc.   404,189    10,929 
  Kite Realty Group Trust   874,358    19,909 
  Pebblebrook Hotel Trust   524,578    12,842 
  Retail Opportunity Investments Corporation   300,631    5,829 
* Sunstone Hotel Investors, Inc.   1,047,178    12,336 
  UMH Properties, Inc.   612,875    15,071 
           106,854 
             
  Materials—5.9%          
  Greif, Inc.   226,544    14,739 
  Kaiser Aluminum Corporation   146,357    13,781 
  Materion Corporation   200,039    17,151 
  Minerals Technologies, Inc.   179,067    11,845 
  Myers Industries, Inc.   623,512    13,468 
  Orion Engineered Carbons S.A.†   856,092    13,672 
           84,656 
             
  Health Care—5.7%          
* ANI Pharmaceuticals, Inc.   211,822    5,954 
* Hanger, Inc.   633,700    11,616 
* Lantheus Holdings, Inc.   456,517    25,250 
* ModivCare, Inc.   93,051    10,737 
* NextGen Healthcare, Inc.   410,198    8,577 
* NuVasive, Inc.   52,772    2,992 

 

See accompanying Notes to Portfolio of Investments.

19

Small Cap Value Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Health Care — (continued)          
  Owens & Minor, Inc.   385,997   $16,992 
           82,118 
             
  Energy—4.7%          
* Dril-Quip, Inc.   426,348    15,924 
* Earthstone Energy, Inc.   596,341    7,532 
* Expro Group Holdings N.V.†   639,658    11,373 
  Matador Resources Co.   501,941    26,593 
  SM Energy Co.   162,051    6,312 
           67,734 
             
  Consumer Staples—4.6%          
  Cal-Maine Foods, Inc.   286,258    15,807 
* Central Garden & Pet Co.   277,891    11,332 
  Edgewell Personal Care Co.   382,420    14,023 
  Spectrum Brands Holdings, Inc.   167,928    14,899 
* TreeHouse Foods, Inc.   331,477    10,694 
           66,755 
             
  Utilities—1.9%          
  NorthWestern Corporation   216,248    13,081 
  Spire, Inc.   208,196    14,940 
           28,021 
             
  Communication Services—1.9%          
  John Wiley & Sons, Inc.   301,770    16,003 
  Telephone and Data Systems, Inc.   600,080    11,329 
           27,332 
             
  Total Common Stocks—98.1%
(cost $1,271,949)		        1,414,193 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $32,642, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $33,295  $32,642    32,642 
             
  Total Repurchase Agreement—2.3%
(cost $32,642)		        32,642 
             
  Total Investments—100.4%
(cost $1,304,591)		        1,446,835 
             
  Liabilities, plus cash and other assets—(0.4)%        (5,198)
             
  Net assets—100.0%       $1,441,637 

 

† = U.S. listed foreign security

* = Non-income producing security

 

See accompanying Notes to Portfolio of Investments.

20
Global Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks          
             
  Western Hemisphere—53.6%          
             
  Canada—1.4%          
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   4,872   $1,779 
             
  United States—52.2%          
* Adobe, Inc. (Software)   3,116    1,420 
* Align Technology, Inc. (Health care equipment & supplies)   2,177    949 
* Alphabet, Inc. Class “A” (Interactive Media & Services)   1,554    4,322 
* Amazon.com, Inc. (Internet & direct marketing retail)   1,195    3,896 
* Autodesk, Inc. (Software)   6,944    1,488 
  BlackRock, Inc. (Capital markets)   2,247    1,717 
* Charles River Laboratories International, Inc. (Life sciences tools & services)   6,580    1,869 
* CoStar Group, Inc. (Professional services)   19,603    1,306 
  Ecolab, Inc. (Chemicals)   5,353    945 
* Edwards Lifesciences Corporation (Health care equipment & supplies)   14,938    1,759 
  Fidelity National Information Services, Inc. (IT services)   7,406    744 
* IDEXX Laboratories, Inc. (Health care equipment & supplies)   3,098    1,695 
  Intercontinental Exchange, Inc. (Capital markets)   14,499    1,916 
* Intuitive Surgical, Inc. (Health care equipment & supplies)   4,824    1,455 
  Mastercard, Inc. Class “A” (IT services)   10,112    3,614 
* Meta Platforms, Inc. Class “A” (Interactive Media & Services)   9,781    2,175 
  Microsoft Corporation (Software)   14,335    4,420 
  NextEra Energy, Inc. (Electric utilities)   18,836    1,596 
  NIKE, Inc. Class “B” (Textiles, apparel & luxury goods)   13,887    1,869 
* PayPal Holdings, Inc. (IT services)   10,161    1,175 
  Prologis, Inc. (Equity REIT)   6,212    1,003 
  Roper Technologies, Inc. (Industrial conglomerates)   3,333    1,574 
* salesforce.com, Inc. (Software)   13,623    2,892 
* SVB Financial Group (Banks)   2,184    1,222 
* Synopsys, Inc. (Software)   5,963    1,987 
  The Estee Lauder Cos., Inc. Class “A” (Personal products)   5,800    1,579 
  Thermo Fisher Scientific, Inc. (Life sciences tools & services)   3,784    2,235 
* Ulta Beauty, Inc. (Specialty retail)   5,435    2,164 
  Union Pacific Corporation (Road & rail)   9,524    2,602 
  UnitedHealth Group, Inc. (Health care providers & services)   4,740    2,417 
* Veeva Systems, Inc. Class “A” (Health care technology)   2,944    625 
* Workday, Inc. Class “A” (Software)   8,804    2,108 
  Zoetis, Inc. (Pharmaceuticals)   8,648    1,631 
           64,369 
             
  Europe—24.2%          
             
  Denmark—3.4%          
  DSV A/S (Air freight & logistics)   9,732    1,865 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   20,676    2,294 
           4,159 
             
  France—4.0%          
* Airbus SE (Aerospace & defense)   23,825    2,875 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   2,910    2,077 
           4,952 
             
  Germany—4.1%          
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   63,777    2,158 

 

See accompanying Notes to Portfolio of Investments.

21
Global Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
          
  Common Stocks—(continued)          
             
  Europe—(continued)          
             
  Germany — (continued)          
  MTU Aero Engines AG (Aerospace & defense)   10,119   $2,340 
  Rational AG (Machinery)   867    597 
           5,095 
             
  Ireland—2.4%          
* Aptiv plc (Auto components)†   15,227    1,823 
* Ryanair Holdings plc—ADR (Airlines)   13,540    1,179 
           3,002 
             
  Netherlands—1.7%          
* Adyen N.V. (IT services)   1,020    2,020 
             
  Sweden—5.6%          
  Atlas Copco AB Class “A” (Machinery)   39,337    2,042 
  Evolution AB (Hotels, restaurants & leisure)   11,800    1,201 
  Hexagon AB Class “B” (Electronic equipment, instruments & components)   191,364    2,681 
  Indutrade AB (Machinery)   40,723    1,024 
           6,948 
             
  Switzerland—3.0%          
  Lonza Group AG (Life sciences tools & services)   2,726    1,975 
  Partners Group Holding AG (Capital markets)   1,383    1,713 
           3,688 
             
  Asia—5.9%          
             
  Australia—3.9%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   65,719    1,783 
* Atlassian Corporation plc Class “A” (Software)†   5,952    1,749 
  CSL, Ltd. (Biotechnology)   6,235    1,245 
           4,777 
             
  Hong Kong—1.4%          
  AIA Group, Ltd. (Insurance)   164,400    1,717 
             
  New Zealand—0.6%          
  Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)   43,135    724 
             
  Emerging Asia—5.2%          
             
  India—3.0%          
  HDFC Bank, Ltd.—ADR (Banks)   27,378    1,679 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   56,015    1,939 
           3,618 
             
  Taiwan—2.2%          
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   26,139    2,725 
             
  United Kingdom—4.9%          
  Compass Group plc (Hotels, restaurants & leisure)   125,224    2,695 
  Experian plc (Professional services)   40,350    1,554 
  Halma plc (Electronic equipment, instruments & components)   15,208    497 

 

See accompanying Notes to Portfolio of Investments.

22
Global Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		    Value
            
  Common Stocks—(continued)          
             
  United Kingdom—(continued)          
  Rentokil Initial plc (Commercial services & supplies)   187,356   $1,291 
           6,037 
             
  Japan—3.0%          
  Daikin Industries, Ltd. (Building products)   7,700    1,398 
  Keyence Corporation (Electronic equipment, instruments & components)   3,300    1,530 
  Nihon M&A Center Holdings, Inc. (Professional services)   56,400    789 
           3,717 
             
  Emerging Latin America—1.9%          
             
  Argentina—1.9%          
* Globant S.A. (IT services)†   5,592    1,466 
* MercadoLibre, Inc. (Internet & direct marketing retail)   777    924 
           2,390 
             
  Total Common Stocks—98.7%
(cost $74,343)		        121,717 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $1,118, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $1,140  $1,118    1,118 
             
  Total Repurchase Agreement—0.9%
(cost $1,118)		        1,118 
             
  Total Investments—99.6%
(cost $75,461)		        122,835 
             
  Cash and other assets, less liabilities—0.4%        548 
             
  Net assets—100.0%       $123,383 

 

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

23
Global Leaders Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

      
Information Technology   28.6%
Industrials   18.4%
Health Care   17.1%
Consumer Discretionary   16.6%
Financials   8.2%
Communication Services   5.3%
Energy   1.6%
Utilities   1.3%
Consumer Staples   1.3%
Materials   0.8%
Real Estate   0.8%
Total   100.0%

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

      
U.S. Dollar   63.8%
Euro   9.9%
Swedish Krona   5.7%
British Pound Sterling   5.0%
Danish Krone   3.4%
Japanese Yen   3.1%
Swiss Franc   3.0%
Australian Dollar   2.5%
Indian Rupee   1.6%
Hong Kong Dollar   1.4%
All Other Currencies   0.6%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

24
International Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks          
             
  Europe—52.9%          
             
  Denmark—7.0%          
  Chr Hansen Holding A/S (Chemicals)   154,296   $11,329 
  Coloplast A/S Class “B” (Health care equipment & supplies)   118,311    17,917 
  DSV A/S (Air freight & logistics)   62,217    11,924 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   284,046    31,505 
  Orsted A/S (Electric utilities)   100,315    12,557 
           85,232 
             
  Finland—1.2%          
  Neste Oyj (Oil, gas & consumable fuels)   313,232    14,281 
             
  France—14.2%          
* Airbus SE (Aerospace & defense)   312,309    37,686 
  Dassault Systemes SE (Software)   198,739    9,764 
  L’Oreal S.A. (Personal products)   49,335    19,707 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   41,289    29,472 
  Safran S.A. (Aerospace & defense)   228,657    26,921 
  Sartorius Stedim Biotech (Life sciences tools & services)   37,356    15,294 
  Teleperformance (Professional services)   40,574    15,454 
  Vinci S.A. (Construction & engineering)   172,293    17,604 
           171,902 
             
  Germany—3.0%          
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   716,306    24,233 
  Rational AG (Machinery)   18,617    12,822 
           37,055 
             
  Ireland—4.7%          
* ICON plc (Life sciences tools & services)†   78,342    19,054 
  Kingspan Group plc (Building products)   215,735    21,088 
* Ryanair Holdings plc—ADR (Airlines)   194,975    16,986 
           57,128 
             
  Netherlands—4.3%          
* Adyen N.V. (IT services)   10,575    20,946 
  ASML Holding N.V. (Semiconductors & semiconductor equipment)   47,043    31,435 
           52,381 
             
  Norway—1.0%          
  TOMRA Systems ASA (Commercial services & supplies)   249,104    12,708 
             
  Spain—2.2%          
* Amadeus IT Group S.A. (IT services)   408,782    26,578 
             
  Sweden—6.7%          
  Atlas Copco AB Class “A” (Machinery)   410,912    21,329 
  EQT AB (Capital markets)   245,887    9,589 
  Hexagon AB Class “B” (Electronic equipment, instruments & components)   2,027,395    28,405 
  Indutrade AB (Machinery)   452,045    11,369 
  Nibe Industrier AB Class “B” (Building products)   979,032    10,852 
           81,544 

 

See accompanying Notes to Portfolio of Investments.

25
International Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks—(continued)          
             
  Europe—(continued)          
             
  Switzerland—8.6%          
* Lonza Group AG (Life sciences tools & services)   48,124   $34,871 
  Partners Group Holding AG (Capital markets)   17,943    22,217 
  Sika AG (Chemicals)   58,548    19,371 
  Straumann Holding AG (Health care equipment & supplies)   17,140    27,367 
           103,826 
             
  United Kingdom—15.8%          
  Ashtead Group plc (Trading companies & distributors)   338,025    21,284 
  AstraZeneca plc (Pharmaceuticals)   155,893    20,673 
  Compass Group plc (Hotels, restaurants & leisure)   994,337    21,398 
  Experian plc (Professional services)   620,627    23,910 
  Halma plc (Electronic equipment, instruments & components)   354,430    11,596 
  Linde plc (Chemicals)†   46,526    14,862 
  London Stock Exchange Group plc (Capital markets)   255,427    26,636 
  Rentokil Initial plc (Commercial services & supplies)   2,723,032    18,758 
  Segro plc (Equity REIT)   1,042,112    18,319 
  Spirax-Sarco Engineering plc (Machinery)   85,380    13,958 
           191,394 
             
  Emerging Asia—10.8%          
             
  China—1.7%          
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   557,072    7,651 
  Tencent Holdings, Ltd. (Interactive Media & Services)   262,700    12,109 
           19,760 
             
  India—6.5%          
  Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)   732,166    22,841 
  Infosys, Ltd. (IT services)   794,168    19,902 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   1,045,905    36,192 
           78,935 
             
  Taiwan—2.6%          
  Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)   1,551,000    31,817 
             
  Japan—6.3%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   259,800    5,068 
  Daikin Industries, Ltd. (Building products)   97,800    17,761 
  Hoya Corporation (Health care equipment & supplies)   166,700    18,997 
  Keyence Corporation (Electronic equipment, instruments & components)   52,800    24,483 
  M3, Inc. (Health care technology)   103,200    3,727 
  Nihon M&A Center Holdings, Inc. (Professional services)   431,500    6,036 
           76,072 
             
  Asia—5.8%          
             
  Australia—3.5%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   803,599    21,811 

 

See accompanying Notes to Portfolio of Investments.

26
International Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Asia—(continued)          
             
  Australia — (continued)          
* Atlassian Corporation plc Class “A” (Software)†   71,737   $21,079 
           42,890 
             
  Hong Kong—1.7%          
  AIA Group, Ltd. (Insurance)   1,985,200    20,729 
             
  New Zealand—0.6%          
  Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)   437,932    7,348 
             
  Canada—5.6%          
  Canadian National Railway Co. (Road & rail)   252,144    33,823 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   43,377    15,843 
  The Toronto-Dominion Bank (Banks)   232,736    18,466 
           68,132 
             
  Emerging Latin America—1.6%          
             
  Argentina—1.6%          
* Globant S.A. (IT services)†   28,607    7,497 
* MercadoLibre, Inc. (Internet & direct marketing retail)   10,219    12,155 
           19,652 
             
  Total Common Stocks—98.8%
(cost $965,386)		        1,199,364 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $21,910, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $22,348  $21,910    21,910 
             
  Total Repurchase Agreement—1.8%
(cost $21,910)		        21,910 
             
  Total Investments—100.6%
(cost $987,296)		        1,221,274 
             
  Liabilities, plus cash and other assets—(0.6)%        (7,682)
             
  Net assets—100.0%       $1,213,592 

 

   
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

27
International Leaders Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):    
      
Industrials   29.5%
Information Technology   21.5%
Health Care   16.8%
Financials   10.0%
Consumer Discretionary   8.4%
Energy   4.2%
Materials   3.8%
Consumer Staples   2.3%
Real Estate   1.5%
Communication Services   1.0%
Utilities   1.0%
Total   100.0%
      
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):     
      
Euro   27.0%
British Pound Sterling   14.7%
U.S. Dollar   9.0%
Swiss Franc   8.7%
Danish Krone   7.1%
Swedish Krona   6.8%
Indian Rupee   6.6%
Japanese Yen   6.3%
Canadian Dollar   4.4%
Hong Kong Dollar   2.7%
New Taiwan Dollar   2.6%
Australian Dollar   1.8%
Norwegian Krone   1.1%
All Other Currencies   1.2%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

28
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks
   
  Europe, Mid-East—46.9%
   
  Belgium—1.0%          
  KBC Group N.V. (Banks)   204,711   $14,688 
  Warehouses De Pauw CVA (Equity REIT)   91,006    3,926 
           18,614 
             
  Denmark—5.0%          
  Chr Hansen Holding A/S (Chemicals)   59,695    4,383 
  Coloplast A/S Class “B” (Health care equipment & supplies)   52,001    7,875 
  DSV A/S (Air freight & logistics)   115,699    22,174 
* Genmab A/S (Biotechnology)   32,838    11,860 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   250,685    27,805 
  Orsted A/S (Electric utilities)   75,080    9,398 
  Royal Unibrew A/S (Beverages)   51,971    4,855 
           88,350 
             
  Finland—0.8%          
  Neste Oyj (Oil, gas & consumable fuels)   313,596    14,298 
             
  France—10.6%          
* Airbus SE (Aerospace & defense)   274,070    33,071 
  Dassault Systemes SE (Software)   343,327    16,867 
  Hermes International (Textiles, apparel & luxury goods)   7,177    10,158 
  Kering S.A. (Textiles, apparel & luxury goods)   27,212    17,180 
  L’Oreal S.A. (Personal products)   48,031    19,186 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   28,050    20,022 
  Safran S.A. (Aerospace & defense)   199,849    23,529 
  Sartorius Stedim Biotech (Life sciences tools & services)   30,221    12,373 
  Teleperformance (Professional services)   49,532    18,867 
  Vinci S.A. (Construction & engineering)   158,802    16,225 
           187,478 
             
  Germany—4.8%          
  Carl Zeiss Meditec AG (Health care equipment & supplies)   49,170    7,920 
  CompuGroup Medical SE & Co. KgaA (Health care technology)   51,796    3,156 
* CTS Eventim AG & Co. KGaA (Entertainment)   104,623    7,106 
* Hypoport SE (Diversified financial services)   5,747    2,169 
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   481,795    16,299 
  KION Group AG (Machinery)   32,761    2,159 
  MTU Aero Engines AG (Aerospace & defense)   130,676    30,223 
  Nemetschek SE (Software)   43,992    4,225 
  Puma SE (Textiles, apparel & luxury goods)   131,788    11,208 
           84,465 
             
  Ireland—2.9%          
* ICON plc (Life sciences tools & services)†   86,226    20,972 
  Kingspan Group plc (Building products)   157,578    15,403 
* Ryanair Holdings plc—ADR (Airlines)   172,964    15,068 
           51,443 
             
  Israel—0.7%          
* Inmode, Ltd. (Health care equipment & supplies)†   91,555    3,379 
  Mizrahi Tefahot Bank, Ltd. (Banks)   98,543    3,848 

 

See accompanying Notes to Portfolio of Investments.

29
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks—(continued)          
             
  Europe, Mid-East—(continued)          
             
  Israel—(continued)          
* Nice, Ltd.—ADR (Software)   23,454   $5,137 
           12,364 
             
  Italy—1.1%          
  Amplifon SpA (Health care providers & services)   111,856    4,978 
* Brunello Cucinelli SpA (Textiles, apparel & luxury goods)   65,764    3,826 
  FinecoBank Banca Fineco SpA (Banks)   427,806    6,490 
  Moncler SpA (Textiles, apparel & luxury goods)   80,207    4,450 
           19,744 
             
  Luxembourg—1.3%          
  Eurofins Scientific SE (Life sciences tools & services)   123,447    12,212 
  Tenaris S.A. (Energy equipment & services)   702,249    10,548 
           22,760 
             
  Netherlands—3.8%          
* Adyen N.V. (IT services)   9,146    18,115 
  ASML Holding N.V. (Semiconductors & semiconductor equipment)   51,867    34,659 
  BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)   39,888    3,400 
  Euronext N.V. (Capital markets)   64,065    5,820 
  IMCD N.V. (Trading companies & distributors)   35,018    5,974 
           67,968 
             
  Norway—0.6%          
* AutoStore Holdings, Ltd. (Machinery)   663,681    2,405 
  Gjensidige Forsikring ASA (Insurance)   110,155    2,732 
  TOMRA Systems ASA (Commercial services & supplies)   93,019    4,745 
           9,882 
             
  Spain—2.0%          
* Amadeus IT Group S.A. (IT services)   414,540    26,953 
  EDP Renovaveis S.A. (Independent power & renewable electricity producers)   316,802    8,145 
           35,098 
             
  Sweden—5.6%          
  Atlas Copco AB Class “A” (Machinery)   395,189    20,513 
  Beijer Ref AB (Trading companies & distributors)   233,208    4,224 
* BICO Group AB (Life sciences tools & services)   92,631    1,620 
  EQT AB (Capital markets)   224,267    8,746 
  Evolution AB (Hotels, restaurants & leisure)   74,857    7,615 
* Hemnet Group AB (Interactive Media & Services)   154,566    2,325 
  Hexagon AB Class “B” (Electronic equipment, instruments & components)   1,307,532    18,320 
  Indutrade AB (Machinery)   222,918    5,606 
  Investment AB Latour Class “B” (Industrial conglomerates)   148,494    4,714 
  Lifco AB Class “B” (Industrial conglomerates)   257,093    6,526 
  Nibe Industrier AB Class “B” (Building products)   588,209    6,520 
  Nolato AB Class “B” (Industrial conglomerates)   407,519    3,018 
  Sweco AB Class “B” (Construction & engineering)   196,177    2,852 
  Thule Group AB (Leisure products)   87,359    3,458 
  Vitrolife AB (Biotechnology)   111,329    3,660 
           99,717 

 

See accompanying Notes to Portfolio of Investments.

30
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
   
  Common Stocks—(continued)
   
  Europe, Mid-East—(continued)
   
  Switzerland—6.7%          
  Bachem Holding AG Class “B” (Life sciences tools & services)   5,079   $2,795 
  Belimo Holding AG (Building products)   8,446    4,473 
  Lonza Group AG (Life sciences tools & services)   39,970    28,962 
  Partners Group Holding AG (Capital markets)   16,377    20,278 
  Siegfried Holding AG (Life sciences tools & services)   5,374    4,430 
  SIG Combibloc Group AG (Containers & packaging)   246,330    6,210 
  Sika AG (Chemicals)   81,495    26,963 
  Straumann Holding AG (Health care equipment & supplies)   8,680    13,859 
  Tecan Group AG (Life sciences tools & services)   12,515    4,948 
  VAT Group AG (Machinery)   14,481    5,514 
           118,432 
             
  Emerging Asia—14.7%          
             
  China—2.9%          
  Chacha Food Co., Ltd. Class “A” (Food products)   369,742    3,120 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   340,065    4,670 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   1,721,000    14,614 
  NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)   82,813    3,538 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   140,399    4,158 
  Silergy Corporation (Semiconductors & semiconductor equipment)   27,000    3,166 
  Tencent Holdings, Ltd. (Interactive Media & Services)   381,100    17,566 
           50,832 
             
  India—6.8%          
  Apollo Hospitals Enterprise, Ltd. (Health care providers & services)   55,151    3,277 
  Crompton Greaves Consumer Electricals, Ltd. (Household durables)   680,791    3,335 
  Dr. Lal PathLabs, Ltd. (Health care providers & services)   126,174    4,308 
  Havells India, Ltd. (Electrical equipment)   261,111    3,951 
  HDFC Bank, Ltd. (Banks)   1,009,432    19,437 
  Info Edge India, Ltd. (Interactive Media & Services)   56,040    3,313 
  Infosys, Ltd. (IT services)   984,577    24,674 
* InterGlobe Aviation, Ltd. (Airlines)   250,500    6,599 
  Petronet LNG, Ltd. (Oil, gas & consumable fuels)   1,294,966    3,300 
  Pidilite Industries, Ltd. (Chemicals)   126,801    4,110 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   1,065,064    36,855 
  UPL, Ltd. (Chemicals)   362,851    3,660 
  Voltas, Ltd. (Construction & engineering)   280,319    4,582 
           121,401 
             
  Indonesia—1.6%          
  Bank Central Asia Tbk PT (Banks)   51,297,100    28,514 
             
  South Korea—0.4%          
  Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)   13,752    6,693 
             
  Taiwan—3.0%          
  Airtac International Group (Machinery)   116,713    3,753 
  Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)   125,000    2,909 
  MediaTek, Inc. (Semiconductors & semiconductor equipment)   656,000    20,415 

 

See accompanying Notes to Portfolio of Investments.

31
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks—(continued)
   
  Emerging Asia—(continued)
   
  Taiwan — (continued)          
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   247,869   $25,843 
           52,920 
             
  United Kingdom—13.7%          
  3i Group plc (Capital markets)   423,112    7,651 
  Ashtead Group plc (Trading companies & distributors)   343,659    21,638 
  AstraZeneca plc (Pharmaceuticals)   143,516    19,032 
  AVEVA Group plc (Software)   189,052    6,038 
  Big Yellow Group plc (Equity REIT)   227,357    4,584 
  Compass Group plc (Hotels, restaurants & leisure)   1,294,233    27,852 
  Croda International plc (Chemicals)   159,210    16,378 
  CVS Group plc (Health care providers & services)   129,573    3,038 
  Diploma plc (Trading companies & distributors)   113,569    3,899 
  Experian plc (Professional services)   425,229    16,382 
  Halma plc (Electronic equipment, instruments & components)   410,706    13,437 
  Intermediate Capital Group plc (Capital markets)   327,416    7,602 
  Intertek Group plc (Professional services)   98,487    6,719 
  Linde plc (Chemicals)†   45,894    14,660 
  London Stock Exchange Group plc (Capital markets)   246,536    25,709 
  Renishaw plc (Electronic equipment, instruments & components)   48,528    2,449 
  Rentokil Initial plc (Commercial services & supplies)   1,999,996    13,777 
  Rotork plc (Machinery)   1,620,283    6,899 
  Segro plc (Equity REIT)   696,440    12,243 
  Softcat plc (IT services)   165,654    3,693 
  Spirax-Sarco Engineering plc (Machinery)   53,229    8,702 
* Trustpilot Group plc (Interactive Media & Services)   99,388    188 
           242,570 
             
  Japan—7.5%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   226,200    4,413 
  Benefit One, Inc. (Professional services)   153,500    3,222 
  Daikin Industries, Ltd. (Building products)   75,600    13,729 
  Disco Corporation (Semiconductors & semiconductor equipment)   9,800    2,740 
  Food & Life Cos., Ltd. (Hotels, restaurants & leisure)   116,600    3,252 
  GMO Payment Gateway, Inc. (IT services)   39,300    4,004 
  Harmonic Drive Systems, Inc. (Machinery)   64,900    2,229 
  Hoya Corporation (Health care equipment & supplies)   108,000    12,308 
  Keyence Corporation (Electronic equipment, instruments & components)   42,400    19,661 
  M3, Inc. (Health care technology)   163,300    5,898 
  MISUMI Group, Inc. (Machinery)   166,400    4,954 
  MonotaRO Co., Ltd. (Trading companies & distributors)   297,700    6,389 
  Nihon M&A Center Holdings, Inc. (Professional services)   338,700    4,738 
  Olympus Corporation (Health care equipment & supplies)   840,700    15,933 
  Rakus Co., Ltd. (Software)   173,300    2,326 
* SHIFT, Inc. (IT services)   26,000    4,562 
  SMC Corporation (Machinery)   16,500    9,223 
  SMS Co., Ltd. (Professional services)   79,500    2,180 
  TechnoPro Holdings, Inc. (Professional services)   203,500    5,498 
  TIS, Inc. (IT services)   277,800    6,501 
           133,760 

 

See accompanying Notes to Portfolio of Investments.

32
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
   
  Common Stocks—(continued)
   
  Canada—6.5%          
* Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†   129,401   $3,407 
  Canadian National Railway Co. (Road & rail)   330,198    44,294 
  Intact Financial Corporation (Insurance)   95,367    14,091 
* Kinaxis, Inc. (Software)   37,694    4,933 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   44,369    16,205 
  Parkland Corporation (Oil, gas & consumable fuels)   168,449    4,982 
  The Toronto-Dominion Bank (Banks)   265,199    21,042 
  Toromont Industries, Ltd. (Trading companies & distributors)   64,591    6,123 
           115,077 
             
  Asia—4.6%          
             
  Australia—1.7%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   360,190    9,776 
* Atlassian Corporation plc Class “A” (Software)†   51,313    15,078 
  Netwealth Group, Ltd. (Capital markets)   264,231    2,934 
  Pro Medicus, Ltd. (Health care technology)   87,150    3,157 
           30,945 
             
  Hong Kong—2.1%          
  AIA Group, Ltd. (Insurance)   3,533,000    36,891 
             
  Singapore—0.8%          
  DBS Group Holdings, Ltd. (Banks)   507,700    13,303 
             
  Emerging Latin America—3.0%          
             
  Argentina—0.9%          
* Globant S.A. (IT services)†   24,800    6,499 
* MercadoLibre, Inc. (Internet & direct marketing retail)   7,974    9,485 
           15,984 
             
  Brazil—0.8%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   2,067,800    6,823 
  Hapvida Participacoes e Investimentos S.A. (Health care providers & services)   1,537,436    3,823 
* Locaweb Servicos de Internet S.A. (IT services)   1,322,693    2,806 
           13,452 
             
  Mexico—1.2%          
  Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)   20,549    4,554 
  Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)   3,989,600    16,349 
           20,903 
             
  Uruguay—0.1%          
* Dlocal, Ltd. (IT services)†   80,635    2,521 
             
  Emerging Europe, Mid-East—0.5%          
             
  Poland—0.2%          
* Allegro.eu S.A. (Internet & direct marketing retail)   362,587    3,037 
             
  United Arab Emirates—0.3%          
  First Abu Dhabi Bank PJSC (Banks)   942,310    6,047 

 

See accompanying Notes to Portfolio of Investments.

33
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
           
  Total Common Stocks—97.4%
(cost $1,206,633)		       $1,725,463 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $41,650, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $42,483  $41,650    41,650 
             
  Total Repurchase Agreement—2.4%
(cost $41,650)		        41,650 
             
  Total Investments—99.8%
(cost $1,248,283)		        1,767,113 
             
  Cash and other assets, less liabilities—0.2%        3,591 
             
  Net assets—100.0%       $1,770,704 

 

 

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

34
International Growth Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
 
Industrials   26.5%
Information Technology   19.0%
Financials   14.8%
Health Care   14.4%
Consumer Discretionary   9.8%
Materials   4.4%
Energy   4.1%
Consumer Staples   3.0%
Communication Services   1.8%
Real Estate   1.2%
Utilities   1.0%
Total   100.0%
      
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
 
Euro   27.0%
British Pound Sterling   13.2%
U.S. Dollar   8.3%
Japanese Yen   7.7%
Indian Rupee   7.0%
Swiss Franc   6.9%
Swedish Krona   5.8%
Canadian Dollar   5.5%
Danish Krone   5.1%
Hong Kong Dollar   4.0%
New Taiwan Dollar   1.8%
Indonesian Rupiah   1.7%
All Other Currencies   6.0%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

35
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks          
             
  Europe, Mid-East—46.6%          
             
  Belgium—1.0%          
  KBC Group N.V. (Banks)   123,282   $8,845 
  Warehouses De Pauw CVA (Equity REIT)   54,806    2,365 
            11,210 
              
  Denmark—5.0%          
  Chr Hansen Holding A/S (Chemicals)   35,770    2,627 
  Coloplast A/S Class “B” (Health care equipment & supplies)   31,161    4,719 
  DSV A/S (Air freight & logistics)   69,321    13,286 
* Genmab A/S (Biotechnology)   19,677    7,106 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   150,742    16,720 
  Orsted A/S (Electric utilities)   44,990    5,631 
  Royal Unibrew A/S (Beverages)   31,136    2,909 
            52,998 
              
  Finland—0.8%          
  Neste Oyj (Oil, gas & consumable fuels)   187,915    8,568 
             
  France—10.5%          
* Airbus SE (Aerospace & defense)   164,229    19,817 
  Dassault Systemes SE (Software)   205,730    10,107 
  Hermes International (Textiles, apparel & luxury goods)   4,301    6,087 
  Kering S.A. (Textiles, apparel & luxury goods)   16,387    10,346 
  L’Oreal S.A. (Personal products)   28,781    11,497 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   16,893    12,058 
  Safran S.A. (Aerospace & defense)   119,729    14,096 
  Sartorius Stedim Biotech (Life sciences tools & services)   18,109    7,414 
  Teleperformance (Professional services)   29,829    11,362 
  Vinci S.A. (Construction & engineering)   95,534    9,761 
            112,545 
              
  Germany—4.7%          
  Carl Zeiss Meditec AG (Health care equipment & supplies)   29,464    4,746 
  CompuGroup Medical SE & Co. KgaA (Health care technology)   31,037    1,891 
* CTS Eventim AG & Co. KGaA (Entertainment)   62,692    4,258 
* Hypoport SE (Diversified financial services)   3,444    1,300 
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   290,150    9,816 
  KION Group AG (Machinery)   19,861    1,309 
  MTU Aero Engines AG (Aerospace & defense)   78,289    18,107 
  Nemetschek SE (Software)   26,362    2,531 
  Puma SE (Textiles, apparel & luxury goods)   78,970    6,716 
            50,674 
              
  Ireland—2.9%          
* ICON plc (Life sciences tools & services)†   51,487    12,523 
  Kingspan Group plc (Building products)   94,425    9,230 
* Ryanair Holdings plc—ADR (Airlines)   103,623    9,027 
            30,780 
              
  Israel—0.7%          
* Inmode, Ltd. (Health care equipment & supplies)†   54,862    2,025 
  Mizrahi Tefahot Bank, Ltd. (Banks)   59,037    2,306 

 

See accompanying Notes to Portfolio of Investments.

36
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks—(continued)          
             
  Europe, Mid-East—(continued)          
             
  Israel—(continued)          
* Nice, Ltd.—ADR (Software)   14,055   $3,078 
            7,409 
              
  Italy—1.1%          
  Amplifon SpA (Health care providers & services)   67,027    2,983 
* Brunello Cucinelli SpA (Textiles, apparel & luxury goods)   39,407    2,293 
  FinecoBank Banca Fineco SpA (Banks)   257,636    3,908 
  Moncler SpA (Textiles, apparel & luxury goods)   48,062    2,667 
            11,851 
             
  Luxembourg—1.3%          
  Eurofins Scientific SE (Life sciences tools & services)   73,973    7,318 
  Tenaris S.A. (Energy equipment & services)   422,913    6,352 
            13,670 
             
  Netherlands—3.8%          
* Adyen N.V. (IT services)   5,481    10,856 
  ASML Holding N.V. (Semiconductors & semiconductor equipment)   31,236    20,873 
  BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)   23,901    2,037 
  Euronext N.V. (Capital markets)   38,389    3,487 
  IMCD N.V. (Trading companies & distributors)   20,984    3,580 
            40,833 
              
  Norway—0.6%          
* AutoStore Holdings, Ltd. (Machinery)   397,695    1,441 
  Gjensidige Forsikring ASA (Insurance)   66,268    1,643 
  TOMRA Systems ASA (Commercial services & supplies)   56,018    2,858 
            5,942 
              
  Spain—2.0%          
* Amadeus IT Group S.A. (IT services)   248,351    16,147 
  EDP Renovaveis S.A. (Independent power & renewable electricity producers)   189,835    4,881 
            21,028 
              
  Sweden—5.6%          
  Atlas Copco AB Class “A” (Machinery)   237,994    12,353 
  Beijer Ref AB (Trading companies & distributors)   140,444    2,544 
* BICO Group AB (Life sciences tools & services)   55,507    970 
  EQT AB (Capital markets)   134,387    5,241 
  Evolution AB (Hotels, restaurants & leisure)   45,081    4,586 
* Hemnet Group AB (Interactive Media & Services)   92,620    1,393 
  Hexagon AB Class “B” (Electronic equipment, instruments & components)   787,431    11,033 
  Indutrade AB (Machinery)   134,248    3,376 
  Investment AB Latour Class “B” (Industrial conglomerates)   89,427    2,839 
  Lifco AB Class “B” (Industrial conglomerates)   154,056    3,911 
  Nibe Industrier AB Class “B” (Building products)   353,279    3,916 
  Nolato AB Class “B” (Industrial conglomerates)   247,055    1,830 
  Sweco AB Class “B” (Construction & engineering)   117,554    1,709 
  Thule Group AB (Leisure products)   52,347    2,072 
  Vitrolife AB (Biotechnology)   66,711    2,193 
               59,966 

 

See accompanying Notes to Portfolio of Investments.

37
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks—(continued)          
             
  Europe, Mid-East—(continued)          
             
  Switzerland—6.6%          
  Bachem Holding AG Class “B” (Life sciences tools & services)   3,043   $1,675 
  Belimo Holding AG (Building products)   4,966    2,630 
* Lonza Group AG (Life sciences tools & services)   24,043    17,422 
  Partners Group Holding AG (Capital markets)   9,813    12,150 
* Siegfried Holding AG (Life sciences tools & services)   3,220    2,654 
* SIG Combibloc Group AG (Containers & packaging)   147,607    3,721 
  Sika AG (Chemicals)   49,078    16,238 
  Straumann Holding AG (Health care equipment & supplies)   5,206    8,312 
  Tecan Group AG (Life sciences tools & services)   7,500    2,965 
  VAT Group AG (Machinery)   8,720    3,320 
               71,087 
                 
  Emerging Asia—14.6%          
             
  China—2.8%          
  Chacha Food Co., Ltd. Class “A” (Food products)   221,600    1,870 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   203,812    2,799 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   1,031,500    8,759 
  NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)   49,800    2,127 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   84,100    2,491 
  Silergy Corporation (Semiconductors & semiconductor equipment)   17,000    1,993 
  Tencent Holdings, Ltd. (Interactive Media & Services)   228,400    10,528 
               30,567 
                 
  India—6.8%          
  Apollo Hospitals Enterprise, Ltd. (Health care providers & services)   33,049    1,964 
  Crompton Greaves Consumer Electricals, Ltd. (Household durables)   407,947    1,998 
  Dr. Lal PathLabs, Ltd. (Health care providers & services)   75,607    2,582 
  Havells India, Ltd. (Electrical equipment)   156,464    2,367 
  HDFC Bank, Ltd. (Banks)   604,878    11,647 
  Info Edge India, Ltd. (Interactive Media & Services)   33,580    1,985 
  Infosys, Ltd. (IT services)   589,908    14,783 
* InterGlobe Aviation, Ltd. (Airlines)   150,107    3,955 
  Petronet LNG, Ltd. (Oil, gas & consumable fuels)   779,864    1,988 
  Pidilite Industries, Ltd. (Chemicals)   75,982    2,463 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   638,214    22,085 
  UPL, Ltd. (Chemicals)   218,519    2,204 
  Voltas, Ltd. (Construction & engineering)   168,815    2,759 
               72,780 
                 
  Indonesia—1.6%          
  Bank Central Asia Tbk PT (Banks)   30,738,430    17,086 
             
  South Korea—0.4%          
  Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)   8,269    4,025 
             
  Taiwan—3.0%          
  Airtac International Group (Machinery)   69,204    2,225 
  Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)   75,000    1,746 
* MediaTek, Inc. (Semiconductors & semiconductor equipment)   394,000    12,261 

 

See accompanying Notes to Portfolio of Investments.

38
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks—(continued)          
             
  Emerging Asia—(continued)          
             
  Taiwan — (continued)          
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   149,273   $15,563 
               31,795 
                 
  United Kingdom—13.6%          
  3i Group plc (Capital markets)   253,540    4,585 
  Ashtead Group plc (Trading companies & distributors)   206,960    13,031 
  AstraZeneca plc (Pharmaceuticals)   86,338    11,450 
  AVEVA Group plc (Software)   113,852    3,637 
  Big Yellow Group plc (Equity REIT)   136,238    2,747 
  Compass Group plc (Hotels, restaurants & leisure)   775,373    16,686 
  Croda International plc (Chemicals)   95,403    9,814 
  CVS Group plc (Health care providers & services)   77,644    1,820 
  Diploma plc (Trading companies & distributors)   68,053    2,336 
  Experian plc (Professional services)   254,808    9,817 
  Halma plc (Electronic equipment, instruments & components)   246,106    8,052 
  Intermediate Capital Group plc (Capital markets)   196,196    4,555 
  Intertek Group plc (Professional services)   59,016    4,026 
  Linde plc (Chemicals)†   27,707    8,850 
  London Stock Exchange Group plc (Capital markets)   148,314    15,466 
  Renishaw plc (Electronic equipment, instruments & components)   29,079    1,468 
  Rentokil Initial plc (Commercial services & supplies)   1,204,452    8,297 
  Rotork plc (Machinery)   970,915    4,134 
  Segro plc (Equity REIT)   416,043    7,314 
  Softcat plc (IT services)   99,263    2,213 
  Spirax-Sarco Engineering plc (Machinery)   32,055    5,240 
* Trustpilot Group plc (Interactive Media & Services)   61,032    115 
               145,653 
                 
  Japan—7.5%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   135,500    2,643 
  Benefit One, Inc. (Professional services)   92,000    1,931 
  Daikin Industries, Ltd. (Building products)   45,400    8,245 
  Disco Corporation (Semiconductors & semiconductor equipment)   5,800    1,622 
  Food & Life Cos., Ltd. (Hotels, restaurants & leisure)   69,800    1,947 
  GMO Payment Gateway, Inc. (IT services)   23,600    2,404 
  Harmonic Drive Systems, Inc. (Machinery)   38,900    1,336 
  Hoya Corporation (Health care equipment & supplies)   64,700    7,373 
  Keyence Corporation (Electronic equipment, instruments & components)   25,500    11,824 
  M3, Inc. (Health care technology)   97,900    3,536 
  MISUMI Group, Inc. (Machinery)   99,700    2,968 
  MonotaRO Co., Ltd. (Trading companies & distributors)   178,300    3,827 
  Nihon M&A Center Holdings, Inc. (Professional services)   203,000    2,840 
  Olympus Corporation (Health care equipment & supplies)   506,300    9,596 
  Rakus Co., Ltd. (Software)   103,900    1,395 
* SHIFT, Inc. (IT services)   15,600    2,737 
  SMC Corporation (Machinery)   10,000    5,590 
  SMS Co., Ltd. (Professional services)   47,600    1,305 
  TechnoPro Holdings, Inc. (Professional services)   121,900    3,293 
  TIS, Inc. (IT services)   166,400    3,894 
               80,306 

 

See accompanying Notes to Portfolio of Investments.

39
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Common Stocks—(continued)          
             
  Canada—6.5%          
* Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)   77,540   $2,042 
  Canadian National Railway Co. (Road & rail)   197,821    26,536 
  Intact Financial Corporation (Insurance)   57,433    8,486 
* Kinaxis, Inc. (Software)   22,587    2,956 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   26,588    9,711 
  Parkland Corporation (Oil, gas & consumable fuels)   101,444    3,000 
  The Toronto-Dominion Bank (Banks)   159,541    12,658 
  Toromont Industries, Ltd. (Trading companies & distributors)   38,893    3,687 
               69,076 
                 
  Asia—4.6%          
             
  Australia—1.7%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   215,835    5,858 
* Atlassian Corporation plc Class “A” (Software)†   30,748    9,035 
  Netwealth Group, Ltd. (Capital markets)   158,333    1,758 
  Pro Medicus, Ltd. (Health care technology)   52,222    1,892 
               18,543 
                 
  Hong Kong—2.1%          
  AIA Group, Ltd. (Insurance)   2,116,663    22,102 
             
  Singapore—0.8%          
  DBS Group Holdings, Ltd. (Banks)   305,700    8,010 
             
  Emerging Latin America—3.0%          
             
  Argentina—0.9%          
* Globant S.A. (IT services)†   14,861    3,895 
* MercadoLibre, Inc. (Internet & direct marketing retail)   4,778    5,683 
               9,578 
             
  Brazil—0.8%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   1,239,100    4,089 
* Hapvida Participacoes e Investimentos S.A. (Health care providers & services)   921,380    2,291 
* Locaweb Servicos de Internet S.A. (IT services)   792,586    1,681 
               8,061 
                 
  Mexico—1.2%          
  Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)   12,314    2,729 
  Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)   2,402,600    9,846 
               12,575 
                 
  Uruguay—0.1%          
* Dlocal, Ltd. (IT services)†   48,319    1,510 
             
  Emerging Europe, Mid-East—0.5%          
             
  Poland—0.2%          
* Allegro.eu S.A. (Internet & direct marketing retail)   217,271    1,820 
             
  United Arab Emirates—0.3%          
  First Abu Dhabi Bank PJSC (Banks)   573,940    3,683 

 

See accompanying Notes to Portfolio of Investments.

40
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		    Value
             
  Total Common Stocks—96.9%
(cost $725,550)		          $1,035,731 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $32,960, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $33,619  $32,960    32,960 
                
  Total Repurchase Agreement—3.1%
(cost $32,960)		           32,960 
                
  Total Investments—100.0%
(cost $758,510)		           1,068,691 
                
  Cash and other assets, less liabilities—0.0%           505 
                
  Net assets—100.0%          $1,069,196 
 

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

41
Institutional International Growth Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
 
Industrials 26.5%
Information Technology 19.0%
Financials 14.8%
Health Care 14.4%
Consumer Discretionary 9.8%
Materials 4.4%
Energy 4.1%
Consumer Staples 3.0%
Communication Services 1.8%
Real Estate 1.2%
Utilities 1.0%
Total 100.0%
   
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
 
Euro 27.0%
British Pound Sterling 13.2%
U.S. Dollar 8.3%
Japanese Yen 7.8%
Indian Rupee 7.0%
Swiss Franc 6.9%
Swedish Krona 5.8%
Canadian Dollar 5.5%
Danish Krone 5.1%
Hong Kong Dollar 4.0%
New Taiwan Dollar 1.8%
Indonesian Rupiah 1.6%
All Other Currencies 6.0%
Total 100.0%

 

See accompanying Notes to Portfolio of Investments.

42
International Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
         
  Common Stocks      
         
  Europe, Mid-East—40.9%      
         
  Belgium—2.3%      
  Melexis N.V. (Semiconductors & semiconductor equipment)   57,544   $5,298 
  Warehouses De Pauw CVA (Equity REIT)   37,974    1,638 
           6,936 
             
  Finland—1.6%          
* Musti Group Oyj (Specialty retail)   105,505    2,783 
  Valmet Oyj (Machinery)   70,342    2,183 
           4,966 
             
  Germany—3.5%          
  CompuGroup Medical SE & Co. KgaA (Health care technology)   35,541    2,166 
* CTS Eventim AG & Co. KGaA (Entertainment)   55,855    3,793 
* Hypoport SE (Diversified financial services)   7,370    2,782 
  Siltronic AG (Semiconductors & semiconductor equipment)   19,334    1,987 
* Westwing Group AG (Internet & direct marketing retail)   5,673    70 
           10,798 
             
  Israel—2.1%          
* Inmode, Ltd. (Health care equipment & supplies)†   147,633    5,449 
  Maytronics, Ltd. (Household durables)   43,096    841 
           6,290 
             
  Italy—4.3%          
  Amplifon SpA (Health care providers & services)   57,559    2,561 
* Ariston Holding N.V. (Household durables)   339,320    3,555 
  Azimut Holding SpA (Capital markets)   45,803    1,062 
  Brembo SpA (Auto components)   141,353    1,573 
* Brunello Cucinelli SpA (Textiles, apparel & luxury goods)   38,533    2,242 
  Carel Industries SpA (Building products)   85,900    2,193 
           13,186 
             
  Netherlands—1.4%          
  BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)   48,563    4,139 
             
  Norway—2.0%          
* AutoStore Holdings, Ltd. (Machinery)   417,591    1,513 
  Gjensidige Forsikring ASA (Insurance)   97,929    2,428 
  TOMRA Systems ASA (Commercial services & supplies)   41,369    2,111 
           6,052 
             
  Spain—1.0%          
  EDP Renovaveis S.A. (Independent power & renewable electricity producers)   117,417    3,019 
             
  Sweden—20.0%          
  AddTech AB Class “B” (Trading companies & distributors)   253,024    4,858 
  Arjo AB Class “B” (Health care equipment & supplies)   280,797    2,377 
  Beijer Ref AB (Trading companies & distributors)   406,390    7,360 
* BICO Group AB (Life sciences tools & services)   107,578    1,881 
  Biotage AB (Life sciences tools & services)   146,126    3,397 
  Fortnox AB (Software)   446,248    2,427 
* Hemnet Group AB (Interactive Media & Services)   140,612    2,115 
  Investment AB Latour Class “B” (Industrial conglomerates)   201,720    6,404 

 

See accompanying Notes to Portfolio of Investments.

43
International Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
         
  Common Stocks—(continued)      
         
  Europe, Mid-East—(continued)      
         
  Sweden — (continued)      
  Lagercrantz Group AB Class “B” (Electronic equipment, instruments & components)   215,838   $2,442 
  Lifco AB Class “B” (Industrial conglomerates)   248,648    6,312 
  MIPS AB (Leisure products)   66,646    6,198 
  Nolato AB Class “B” (Industrial conglomerates)   402,156    2,978 
* Sdiptech AB Class “B” (Commercial services & supplies)   93,733    3,594 
  Sweco AB Class “B” (Construction & engineering)   287,408    4,179 
  Vitrolife AB (Biotechnology)   133,150    4,378 
           60,900 
             
  Switzerland—2.7%          
  Kardex Holding AG (Machinery)   19,939    4,592 
* Siegfried Holding AG (Life sciences tools & services)   4,546    3,747 
           8,339 
             
  Emerging Asia—14.6%          
             
  China—1.9%          
  Chacha Food Co., Ltd. Class “A” (Food products)   351,500    2,966 
  Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)   14,772    301 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   89,744    2,658 
           5,925 
             
  India—6.9%          
* Aavas Financiers, Ltd. (Thrifts & mortgage finance)   86,852    2,949 
* Affle India, Ltd. (Media)   60,663    993 
* AU Small Finance Bank, Ltd. (Banks)   366,482    5,978 
  Indian Energy Exchange Ltd. (Capital markets)   525,747    1,543 
  Info Edge India, Ltd. (Interactive Media & Services)   43,504    2,572 
  Motherson Sumi Systems, Ltd. (Auto components)   2,560,421    4,683 
* Motherson Sumi Wiring India, Ltd. (Auto components)   2,582,453    2,202 
           20,920 
             
  Indonesia—0.5%          
  Ace Hardware Indonesia Tbk PT (Specialty retail)   22,874,800    1,631 
             
  Malaysia—0.6%          
  MR DIY Group M Bhd (Specialty retail)   2,112,200    1,736 
             
  South Korea—1.1%          
  Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)   207,655    3,223 
             
  Taiwan—3.6%          
  ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)   35,000    3,940 
  momo.com, Inc. (Internet & direct marketing retail)   39,800    1,293 
  Tripod Technology Corporation (Electronic equipment, instruments & components)   489,000    2,276 
  Voltronic Power Technology Corporation (Electrical equipment)   69,451    3,505 
           11,014 
             
  Japan—14.3%          
  BayCurrent Consulting, Inc. (Professional services)   14,500    5,249 
  Benefit One, Inc. (Professional services)   193,800    4,067 

 

See accompanying Notes to Portfolio of Investments.

44
International Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks—(continued)          
             
  Japan—(continued)          
  Food & Life Cos., Ltd. (Hotels, restaurants & leisure)   132,300   $3,690 
  GMO Payment Gateway, Inc. (IT services)   25,200    2,567 
  Harmonic Drive Systems, Inc. (Machinery)   101,700    3,493 
  Japan Elevator Service Holdings Co., Ltd. (Commercial services & supplies)   194,600    2,519 
  JINS Holdings, Inc. (Specialty retail)   67,300    3,173 
  Meitec Corporation (Professional services)   2,400    130 
  Rakus Co., Ltd. (Software)   200,600    2,692 
* SHIFT, Inc. (IT services)   26,100    4,579 
  SMS Co., Ltd. (Professional services)   193,900    5,318 
  TechnoPro Holdings, Inc. (Professional services)   225,200    6,084 
           43,561 
             
  United Kingdom—14.0%          
  AVEVA Group plc (Software)   81,788    2,612 
  Beazley plc (Insurance)   808,251    4,444 
  Burford Capital, Ltd. (Diversified financial services)   193,432    1,762 
  CVS Group plc (Health care providers & services)   64,711    1,517 
  Diploma plc (Trading companies & distributors)   88,281    3,031 
  Greggs plc (Hotels, restaurants & leisure)   47,064    1,512 
  Ideagen plc (Software)   674,930    1,931 
  IntegraFin Holdings plc (Capital markets)   682,231    3,772 
  Pets at Home Group plc (Specialty retail)   456,170    2,155 
  Renishaw plc (Electronic equipment, instruments & components)   68,469    3,456 
  Rotork plc (Machinery)   1,059,323    4,511 
  Safestore Holdings plc (Equity REIT)   324,099    5,691 
  Softcat plc (IT services)   269,908    6,018 
* Trustpilot Group plc (Interactive Media & Services)   212,427    401 
           42,813 
             
  Emerging Latin America—6.9%          
             
  Brazil—3.7%          
  Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)   244,700    4,635 
  Pet Center Comercio e Participacoes S.A. (Specialty retail)   858,592    3,365 
  TOTVS S.A. (Software)   439,200    3,356 
           11,356 
             
  Mexico—3.2%          
  Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)   914,400    6,806 
  Grupo Aeroportuario del Sureste S.A.B. de C.V. Class “B” (Transportation infrastructure)   124,935    2,775 
           9,581 
             
  Canada—2.5%          
* Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)   48,728    1,283 
* Kinaxis, Inc. (Software)   30,073    3,936 
  Parkland Corporation (Oil, gas & consumable fuels)   88,132    2,606 
           7,825 

 

See accompanying Notes to Portfolio of Investments.

45
International Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		    Value
            
  Common Stocks—(continued)          
             
  Emerging Mid-East, Africa—2.1%          
             
  South Africa—1.4%          
  Clicks Group, Ltd. (Food & staples retailing)   202,001   $4,276 
             
  United Arab Emirates—0.7%          
* Network International Holdings plc  (IT services)   578,556    2,115 
             
  Asia—1.8%          
             
  Australia—1.4%          
  Netwealth Group, Ltd. (Capital markets)   153,821    1,708 
  Pro Medicus, Ltd. (Health care technology)   69,901    2,533 
           4,241 
             
  New Zealand—0.4%          
  Mainfreight, Ltd. (Air freight & logistics)   21,181    1,232 
             
  Total Common Stocks—97.1%
(cost $272,454)		        296,074 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $9,833, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $10,029  $9,833    9,833 
             
  Total Repurchase Agreement—3.2%
(cost $9,833)		        9,833 
             
  Total Investments—100.3%
(cost $282,287)		        305,907 
             
  Liabilities, plus cash and other assets—(0.3)%        (1,001)
             
  Net assets—100.0%       $304,906 
 

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

46
International Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Industrials   32.9%
Information Technology   19.9%
Consumer Discretionary   16.5%
Health Care   10.1%
Financials   9.6%
Consumer Staples   3.3%
Communication Services   3.3%
Real Estate   2.5%
Utilities   1.0%
Energy   0.9%
Total   100.0%
      
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
 
Swedish Krona   20.6%
British Pound Sterling   15.2%
Japanese Yen   14.7%
Euro   14.5%
Indian Rupee   7.1%
Brazilian Real   3.8%
New Taiwan Dollar   3.7%
Mexican Peso   3.2%
Swiss Franc   2.8%
U.S. Dollar   2.3%
Canadian Dollar   2.2%
Norwegian Krone   2.1%
Chinese Yuan Renminbi   2.0%
South African Rand   1.5%
Australian Dollar   1.4%
South Korean Won   1.1%
All Other Currencies   1.8%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

47
Emerging Markets Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks          
             
  Emerging Asia—67.3%          
             
  China—20.2%          
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   1,201,528   $16,397 
  China Merchants Bank Co., Ltd. Class “H” (Banks)   1,059,000    8,244 
  China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)   198,356    5,102 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   489,101    6,717 
* JD.com, Inc. Class “A” (Internet & direct marketing retail)   19,804    563 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   22,359    6,023 
  Midea Group Co., Ltd. Class “A” (Household durables)   857,200    7,646 
  Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)   199,200    2,630 
  Silergy Corporation (Semiconductors & semiconductor equipment)   27,000    3,166 
  Tencent Holdings, Ltd. (Interactive Media & Services)   425,500    19,613 
  TravelSky Technology, Ltd. Class “H” (IT services)   2,738,000    3,928 
  Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Machinery)   462,469    4,224 
  Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)   101,600    5,050 
           89,303 
             
  India—23.0%          
  Asian Paints, Ltd. (Chemicals)   145,108    5,872 
  Bajaj Finance, Ltd. (Consumer finance)   79,939    7,590 
  Britannia Industries, Ltd. (Food products)   122,651    5,176 
  Havells India, Ltd. (Electrical equipment)   298,439    4,516 
  HDFC Bank, Ltd. (Banks)   628,943    12,110 
  Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)   219,877    6,859 
  Infosys, Ltd. (IT services)   652,286    16,346 
* InterGlobe Aviation, Ltd. (Airlines)   285,701    7,527 
* Motherson Sumi Wiring India, Ltd. (Auto components)   3,215,871    2,742 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   650,381    22,506 
  UPL, Ltd. (Chemicals)   1,079,848    10,891 
           102,135 
             
  Indonesia—4.1%          
  Bank Central Asia Tbk PT (Banks)   27,181,600    15,109 
* Sea, Ltd.—ADR (Entertainment)   23,475    2,812 
           17,921 
             
  South Korea—5.7%          
* Coupang, Inc. (Internet & direct marketing retail)   171,202    3,027 
  Douzone Bizon Co., Ltd. (Software)   28,570    1,087 
  Kakao Corporation (Interactive Media & Services)   71,260    6,194 
  LG Household & Health Care, Ltd. (Personal products)   8,788    6,199 
  NAVER Corporation (Interactive Media & Services)   32,149    8,935 
           25,442 
             
  Taiwan—14.3%          
  Airtac International Group (Machinery)   135,000    4,340 
  E.Sun Financial Holding Co., Ltd. (Banks)   7,210,267    8,273 
* eMemory Technology, Inc. (Semiconductors & semiconductor equipment)   81,000    5,147 
* MediaTek, Inc. (Semiconductors & semiconductor equipment)   362,000    11,266 
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   331,104    34,521 
           63,547 

 

See accompanying Notes to Portfolio of Investments.

48
Emerging Markets Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		    Value
             
  Common Stocks—(continued)          
             
  Emerging Latin America—24.8%          
             
  Argentina—5.7%          
* Globant S.A. (IT services)†   44,863   $11,757 
* MercadoLibre, Inc. (Internet & direct marketing retail)   11,503    13,683 
           25,440 
             
  Brazil—10.3%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   3,580,900    11,816 
* Locaweb Servicos de Internet S.A. (IT services)   1,424,400    3,022 
  Raia Drogasil S.A. (Food & staples retailing)   739,000    3,716 
* Rumo S.A. (Road & rail)   2,992,600    11,660 
  TOTVS S.A. (Software)   1,192,700    9,113 
  WEG S.A. (Electrical equipment)   841,500    6,163 
           45,490 
             
  Mexico—6.5%          
* Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure)   953,200    15,366 
  Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)   3,310,900    13,568 
           28,934 
             
  Peru—1.7%          
  Credicorp, Ltd. (Banks)†   43,533    7,482 
             
  Uruguay—0.6%          
* Dlocal, Ltd. (IT services)†   86,735    2,711 
             
  Emerging Europe, Mid-East, Africa—6.1%          
             
  Russia—0.0%          
  HeadHunter Group plc—ADR (Professional services)**   69,047    52 
             
  South Africa—5.1%          
  Capitec Bank Holdings, Ltd. (Banks)   97,402    15,512 
  Clicks Group, Ltd. (Food & staples retailing)   342,964    7,260 
           22,772 
             
  United Arab Emirates—1.0%          
* Network International Holdings plc  (IT services)   1,157,781    4,231 
             
  Total Common Stocks—98.2%
(cost $418,447)		        435,460 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $9,834, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $10,030  $9,834    9,834 
             
  Total Repurchase Agreement—2.2%
(cost $9,834)		        9,834 

 

See accompanying Notes to Portfolio of Investments.

49
Emerging Markets Leaders Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
                      
  Total Investments—100.4%
(cost $428,281)		       $445,294 
             
  Liabilities, plus cash and other assets—(0.4)%        (1,885)
             
  Net assets—100.0%       $443,409 
 

ADR = American Depository Receipt

* = Non-income producing security

** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. This holding represents 0.01% of the Fund’s net assets at March 31, 2022.

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

50
Emerging Markets Leaders Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

      
Information Technology   24.3%
Financials   21.4%
Industrials   12.4%
Consumer Discretionary   11.9%
Consumer Staples   11.2%
Communication Services   8.6%
Energy   5.2%
Materials   3.8%
Health Care   1.2%
Total   100.0%

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

      
Indian Rupee   23.5%
U.S. Dollar   17.5%
Hong Kong Dollar   11.8%
Brazilian Real   10.4%
Chinese Yuan Renminbi   8.0%
New Taiwan Dollar   7.4%
Mexican Peso   6.6%
South African Rand   5.2%
South Korean Won   5.1%
Indonesian Rupiah   3.5%
All Other Currencies   1.0%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

51
Emerging Markets Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks          
             
  Emerging Asia—77.6%          
             
  China—14.4%          
  ANTA Sports Products, Ltd. (Textiles, apparel & luxury goods)   366,000   $4,540 
  Bank of Ningbo Co., Ltd. Class “A” (Banks)   1,814,900    10,634 
  Chacha Food Co., Ltd. Class “A” (Food products)   238,300    2,011 
  China Meidong Auto Holdings, Ltd. (Specialty retail)   918,000    3,489 
  China Merchants Bank Co., Ltd. Class “H” (Banks)   2,659,500    20,703 
  Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment)   39,900    3,193 
  East Money Information Co., Ltd. Class “A” (Capital markets)   878,500    3,480 
* JD.com, Inc. Class “A” (Internet & direct marketing retail)   158,521    4,504 
  Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)   1,455,000    3,078 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   19,474    5,246 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   1,113,500    9,455 
  NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)   57,400    2,452 
  NetEase, Inc. (Entertainment)   215,800    3,894 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   113,800    3,371 
  Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery)   503,664    4,497 
  Silergy Corporation (Semiconductors & semiconductor equipment)   77,000    9,028 
  Sungrow Power Supply Co., Ltd. Class “A” (Electrical equipment)   189,693    3,182 
  Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment)   44,692    3,680 
  Tencent Holdings, Ltd. (Interactive Media & Services)   293,160    13,513 
  Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Machinery)   405,205    3,701 
  Yunnan Botanee Bio-Technology Group Co., Ltd. Class “A” (Personal products)   55,500    1,629 
  Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)   426,990    4,006 
  Zhongsheng Group Holdings, Ltd. (Specialty retail)   469,500    3,301 
           126,587 
             
  India—23.8%          
  Aarti Industries, Ltd. (Chemicals)   194,810    2,439 
* Affle India, Ltd. (Media)   168,410    2,757 
* Amber Enterprises India, Ltd. (Household durables)   60,494    2,786 
* APL Apollo Tubes, Ltd. (Metals & mining)   229,533    2,747 
  Apollo Hospitals Enterprise, Ltd. (Health care providers & services)   113,476    6,743 
  Asian Paints, Ltd. (Chemicals)   93,552    3,786 
  Astral, Ltd. (Building products)   69,527    1,844 
  Atul, Ltd. (Chemicals)   20,879    2,821 
  Bajaj Finance, Ltd. (Consumer finance)   143,442    13,620 
  Bata India, Ltd. (Textiles, apparel & luxury goods)   111,819    2,878 
* Clean Science & Technology, Ltd. (Chemicals)   74,797    1,952 
  Coforge, Ltd. (IT services)   48,456    2,828 
  Computer Age Management Services, Ltd. (IT services)   88,368    2,678 
  Crompton Greaves Consumer Electricals, Ltd. (Household durables)   507,046    2,484 
  Dabur India, Ltd. (Personal products)   382,069    2,699 
  Divi’s Laboratories, Ltd. (Life sciences tools & services)   48,105    2,796 
  Dixon Technologies India, Ltd. (Household durables)   42,259    2,383 
  Dr. Lal PathLabs, Ltd. (Health care providers & services)   54,960    1,877 
  Escorts, Ltd. (Machinery)   95,656    2,123 
* Godrej Properties, Ltd. (Real estate management & development)   67,083    1,470 
  Havells India, Ltd. (Electrical equipment)   176,191    2,666 
  HDFC Bank, Ltd. (Banks)   767,261    14,774 
  Hindustan Unilever, Ltd. (Personal products)   75,802    2,037 
  Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)   359,483    11,214 

 

See accompanying Notes to Portfolio of Investments.

52
Emerging Markets Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks—(continued)          
             
  Emerging Asia—(continued)          
             
  India — (continued)          
  Indian Energy Exchange Ltd. (Capital markets)   735,070   $2,158 
  Info Edge India, Ltd. (Interactive Media & Services)   38,965    2,304 
  Infosys, Ltd. (IT services)   256,228    6,421 
  JK Cement, Ltd. (Construction materials)   43,644    1,392 
  Jubilant Foodworks, Ltd. (Hotels, restaurants & leisure)   25,045    865 
  Kajaria Ceramics, Ltd. (Building products)   139,974    1,862 
  KEI Industries, Ltd. (Electrical equipment)   157,262    2,587 
  Larsen & Toubro Infotech, Ltd. (IT services)   56,599    4,563 
  Minda Industries, Ltd. (Auto components)   193,380    2,355 
  Nestle India, Ltd. (Food products)   11,818    2,696 
  Pidilite Industries, Ltd. (Chemicals)   102,223    3,313 
  Polycab India, Ltd. (Electrical equipment)   56,911    1,760 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   896,860    31,035 
  SRF, Ltd. (Chemicals)   228,510    8,046 
  Tata Consultancy Services, Ltd. (IT services)   363,543    17,880 
  Tata Consumer Products, Ltd. (Food products)   246,007    2,513 
  Tata Elxsi, Ltd. (Software)   58,815    6,826 
  Trent, Ltd. (Multiline retail)   225,835    3,793 
  UPL, Ltd. (Chemicals)   456,047    4,600 
  Varun Beverages, Ltd. (Beverages)   263,940    3,248 
  Voltas, Ltd. (Construction & engineering)   184,729    3,020 
           209,639 
             
  Indonesia—5.2%          
  Bank Central Asia Tbk PT (Banks)   46,193,495    25,677 
* Bank Jago Tbk PT (Banks)   2,124,800    2,165 
  Bank Rakyat Indonesia Persero Tbk PT (Banks)   53,834,051    17,387 
           45,229 
             
  Philippines—0.5%          
  International Container Terminal Services, Inc. (Transportation infrastructure)   1,061,280    4,597 
             
  South Korea—8.8%          
  Chunbo Co., Ltd. (Chemicals)   9,063    2,496 
  JYP Entertainment Corporation (Entertainment)   73,901    3,708 
  Kakao Corporation (Interactive Media & Services)   85,944    7,470 
  LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)   26,853    4,056 
  NAVER Corporation (Interactive Media & Services)   27,706    7,700 
* Samsung Biologics Co., Ltd. (Life sciences tools & services)   7,030    4,777 
  Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)   783,639    44,842 
  Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)   5,147    2,505 
           77,554 
             
  Taiwan—22.8%          
  Accton Technology Corporation (Communications equipment)   123,000    946 
  Advantech Co., Ltd. (Technology hardware, storage & peripherals)   335,766    4,302 
  Airtac International Group (Machinery)   58,852    1,892 
  ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)   50,000    3,341 
  ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)   102,000    11,482 
  Chailease Holding Co., Ltd. (Diversified financial services)   1,514,800    13,287 
  Chroma ATE, Inc. (Electronic equipment, instruments & components)   437,000    2,725 
  E.Sun Financial Holding Co., Ltd. (Banks)   18,157,646    20,832 

 

See accompanying Notes to Portfolio of Investments.

53
Emerging Markets Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks—(continued)          
             
  Emerging Asia—(continued)          
             
  Taiwan — (continued)          
  Elite Material Co., Ltd. (Electronic equipment, instruments & components)   416,000   $3,694 
* eMemory Technology, Inc. (Semiconductors & semiconductor equipment)   47,000    2,987 
  Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods)   413,000    2,746 
  Lotes Co., Ltd. (Electronic equipment, instruments & components)   161,459    3,911 
* MediaTek, Inc. (Semiconductors & semiconductor equipment)   947,000    29,471 
  momo.com, Inc. (Internet & direct marketing retail)   60,600    1,970 
  Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)   126,000    7,875 
  Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment)   184,000    2,733 
  Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)   375,000    3,382 
  Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)   896,000    18,380 
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   537,525    56,042 
  Voltronic Power Technology Corporation (Electrical equipment)   101,586    5,127 
  Wiwynn Corporation (Technology hardware, storage & peripherals)   109,000    3,845 
           200,970 
             
  Thailand—1.7%          
  Com7 PCL Class “F” (Specialty retail)   3,644,400    4,691 
  Kasikornbank PCL (Banks)   2,184,500    10,557 
           15,248 
             
  Vietnam—0.4%          
  Hoa Phat Group JSC (Metals & mining)   1,743,701    3,432 
             
  Emerging Latin America—12.7%          
             
  Argentina—2.3%          
* Globant S.A. (IT services)†   32,125    8,419 
* MercadoLibre, Inc. (Internet & direct marketing retail)   9,772    11,624 
           20,043 
             
  Brazil—6.3%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   1,000,300    3,301 
* Itau Unibanco Holding S.A.—ADR (Banks)   3,114,912    17,786 
  Localiza Rent a Car S.A. (Road & rail)   505,800    6,491 
  Patria Investments, Ltd. Class “A” (Capital markets)†   174,996    3,117 
  Pet Center Comercio e Participacoes S.A. (Specialty retail)   902,991    3,539 
* Raia Drogasil S.A. (Food & staples retailing)   1,142,400    5,744 
* TOTVS S.A. (Software)   782,200    5,977 
  Vinci Partners Investments, Ltd. Class “A” (Capital markets)†   197,305    2,733 
* WEG S.A. (Electrical equipment)   921,640    6,750 
           55,438 
             
  Mexico—2.1%          
  Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)   4,566,200    18,712 
             
  Peru—1.6%          
  Credicorp, Ltd. (Banks)†   81,150    13,947 
             
  Uruguay—0.4%          
* Dlocal, Ltd. (IT services)†   118,156    3,694 

 

See accompanying Notes to Portfolio of Investments.

54
Emerging Markets Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Emerging Europe, Mid-East, Africa—7.9%          
             
  Kenya—0.2%          
  Safaricom plc (Wireless telecommunication services)   7,534,354   $2,213 
             
  Poland—0.4%          
* Dino Polska S.A. (Food & staples retailing)   42,130    3,400 
             
  Qatar—1.8%          
  Qatar Islamic Bank S.A.Q. (Banks)   700,586    4,585 
  Qatar National Bank QPSC (Banks)   1,747,615    11,044 
           15,629 
             
  South Africa—4.0%          
  Capitec Bank Holdings, Ltd. (Banks)   172,204    27,425 
  Clicks Group, Ltd. (Food & staples retailing)   359,646    7,614 
           35,039 
             
  United Arab Emirates—1.5%          
  First Abu Dhabi Bank PJSC (Banks)   2,027,286    13,009 
             
  Total Common Stocks—98.2%
(cost $695,061)		        864,380 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/01/22, repurchase price $26,557, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $27,088  $26,557    26,557 
             
  Total Repurchase Agreement—3.0%
(cost $26,557)		        26,557 
             
  Total Investments—101.2%
(cost $721,618)		        890,937 
             
  Liabilities, plus cash and other assets—(1.2)%        (10,343)
             
  Net assets—100.0%       $880,594 

 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

55
Emerging Markets Growth Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
    
Information Technology   32.5%
Financials   30.5%
Consumer Discretionary   8.2%
Consumer Staples   7.0%
Industrials   6.8%
Communication Services   5.0%
Materials   4.3%
Energy   3.6%
Health Care   1.9%
Real Estate   0.2%
Total   100.0%
 
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
Indian Rupee   24.2%
New Taiwan Dollar   17.8%
U.S. Dollar   13.6%
South Korean Won   9.0%
Hong Kong Dollar   7.7%
Chinese Yuan Renminbi   5.9%
Indonesian Rupiah   5.2%
South African Rand   4.0%
Brazilian Real   3.7%
Mexican Peso   2.2%
Qatari Rial   1.8%
Thai Baht   1.8%
UAE Dirham   1.5%
All Other Currencies   1.6%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

56
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks          
             
  Emerging Asia—72.8%          
             
  Cambodia—0.4%          
  NagaCorp, Ltd. (Hotels, restaurants & leisure)   2,304,000   $2,041 
             
  China—8.9%          
  By-health Co., Ltd. Class “A” (Personal products)   1,048,776    3,500 
  Centre Testing International Group Co., Ltd. Class “A” (Professional services)   1,240,605    3,836 
  Chacha Food Co., Ltd. Class “A” (Food products)   754,171    6,363 
  Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)   17,763    362 
  China Lesso Group Holdings, Ltd. (Building products)   542,000    651 
  China Meidong Auto Holdings, Ltd. (Specialty retail)   972,000    3,694 
  CIFI Ever Sunshine Services Group, Ltd. (Real estate management & development)   2,268,000    3,023 
  Estun Automation Co., Ltd. Class “A” (Machinery)   445,800    1,403 
  Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)   2,383,000    5,041 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   346,600    10,266 
  Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment)   32,900    2,709 
           40,848 
             
  India—33.2%          
  Aarti Industries, Ltd. (Chemicals)   318,016    3,982 
* Aavas Financiers, Ltd. (Thrifts & mortgage finance)   113,198    3,844 
* Affle India, Ltd. (Media)   259,940    4,255 
* Amber Enterprises India, Ltd. (Household durables)   56,706    2,612 
* APL Apollo Tubes, Ltd. (Metals & mining)   264,913    3,171 
  Apollo Hospitals Enterprise, Ltd. (Health care providers & services)   31,545    1,875 
  Astral Poly Technik, Ltd. (Building products)   133,208    3,533 
  Atul, Ltd. (Chemicals)   29,227    3,949 
* AU Small Finance Bank Ltd. (Banks)   493,563    8,050 
  Balkrishna Industries, Ltd. (Auto components)   24,760    691 
  Bata India, Ltd. (Textiles, apparel & luxury goods)   65,243    1,679 
  Berger Paints India, Ltd. (Chemicals)   117,067    1,075 
  Carborundum Universal, Ltd. (Chemicals)   243,433    2,557 
  Central Depository Services India, Ltd. (Capital markets)   138,445    2,677 
  Century Plyboards India, Ltd. (Paper & forest products)   294,516    2,778 
  Cholamandalam Investment and Finance Co., Ltd. (Consumer finance)   717,053    6,735 
* Clean Science & Technology, Ltd. (Chemicals)   78,841    2,057 
  Coforge, Ltd. (IT services)   19,724    1,151 
  Computer Age Management Services, Ltd. (IT services)   49,602    1,503 
  Crompton Greaves Consumer Electricals, Ltd. (Household durables)   189,935    930 
  Dixon Technologies India, Ltd. (Household durables)   50,415    2,843 
  Dr. Lal PathLabs, Ltd. (Health care providers & services)   12,737    435 
* Godrej Properties, Ltd. (Real estate management & development)   193,027    4,230 
  Havells India, Ltd. (Electrical equipment)   73,912    1,118 
  Indian Energy Exchange Ltd. (Capital markets)   598,709    1,758 
  JK Cement, Ltd. (Construction materials)   13,835    441 
  Kajaria Ceramics, Ltd. (Building products)   160,234    2,132 
  Kansai Nerolac Paints, Ltd. (Chemicals)   114,320    691 
  KEC International, Ltd. (Construction & engineering)   125,689    627 
  KEI Industries, Ltd. (Electrical equipment)   328,114    5,398 
  Larsen & Toubro Infotech Ltd. (IT services)   74,971    6,044 
  Laurus Labs Ltd. (Pharmaceuticals)   266,980    2,073 
  Minda Industries, Ltd. (Auto components)   146,190    1,780 
  Navin Fluorine International, Ltd. (Chemicals)   27,351    1,465 

 

See accompanying Notes to Portfolio of Investments.

57
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—(continued)          
             
  India — (continued)          
* Oberoi Realty, Ltd. (Real estate management & development)   522,357   $6,443 
  PI Industries, Ltd. (Chemicals)   14,872    550 
  Pidilite Industries, Ltd. (Chemicals)   25,957    841 
  Polycab India, Ltd. (Electrical equipment)   124,822    3,860 
  Radico Khaitan, Ltd. (Beverages)   216,737    2,526 
  Relaxo Footwears, Ltd. (Textiles, apparel & luxury goods)   154,245    2,167 
  SRF, Ltd. (Chemicals)   201,496    7,095 
  Sundram Fasteners, Ltd. (Auto components)   164,247    1,934 
  Tata Elxsi, Ltd. (Software)   52,223    6,061 
  Trent, Ltd. (Multiline retail)   525,314    8,823 
  Tube Investments of India, Ltd. (Auto components)   105,513    2,238 
* V-Mart Retail, Ltd. (Multiline retail)   71,898    3,689 
  Varun Beverages, Ltd. (Beverages)   738,293    9,086 
  Vinati Organics, Ltd. (Chemicals)   102,103    2,618 
  VIP Industries, Ltd. (Textiles, apparel & luxury goods)   373,126    3,639 
           151,709 
             
  Indonesia—1.5%          
  PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks)   30,457,900    6,975 
             
  Malaysia—2.1%          
  Inari Amertron Bhd (Electronic equipment, instruments & components)   7,532,700    5,449 
  MR DIY Group M Bhd (Specialty retail)   3,694,800    3,036 
  UWC BHD (Machinery)   1,290,400    1,189 
           9,674 
             
  Philippines—3.8%          
  International Container Terminal Services, Inc. (Transportation infrastructure)   2,290,640    9,923 
* TDCX, Inc.—ADR (IT services)   137,465    1,670 
  Wilcon Depot, Inc. (Specialty retail)   10,868,300    5,662 
           17,255 
             
  South Korea—5.4%          
  Chunbo Co., Ltd. (Chemicals)   11,801    3,250 
* Doosan Fuel Cell Co., Ltd. (Electrical equipment)   19,016    635 
  F&F Co., Ltd. (Textiles, apparel & luxury goods)   16,663    10,163 
  LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)   50,249    7,589 
* NHN KCP Corporation (IT services)   86,423    1,897 
  NICE Information Service Co., Ltd. (Professional services)   82,915    1,344 
           24,878 
             
  Taiwan—13.8%          
  Airtac International Group (Machinery)   71,158    2,288 
  Alchip Technologies, Ltd. (Semiconductors & semiconductor equipment)   114,000    4,307 
  ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)   65,000    4,343 
  ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)   116,000    13,058 
  Elite Material Co., Ltd. (Electronic equipment, instruments & components)   820,000    7,281 
  eMemory Technology, Inc. (Semiconductors & semiconductor equipment)   34,000    2,160 
  Lotes Co., Ltd. (Electronic equipment, instruments & components)   337,831    8,183 
  Makalot Industrial Co., Ltd. (Textiles, apparel & luxury goods)   507,000    3,611 
  momo.com, Inc. (Internet & direct marketing retail)   13,600    442 
  Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)   87,000    5,437 

 

See accompanying Notes to Portfolio of Investments.

58
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—(continued)          
             
  Taiwan — (continued)          
  Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)   757,000   $6,828 
  Voltronic Power Technology Corporation (Electrical equipment)   100,507    5,072 
           63,010 
             
  Thailand—3.4%          
  Bumrungrad Hospital PCL (Health care providers & services)   261,500    1,231 
  Carabao Group PCL Class “F” (Beverages)   121,700    394 
  Com7 PCL Class “F” (Specialty retail)   8,500,300    10,941 
  Muangthai Capital PCL (Consumer finance)   1,936,700    3,045 
           15,611 
             
  Vietnam—0.3%          
  Hoa Phat Group JSC (Metals & mining)   642,920    1,265 
             
  Emerging Latin America—18.6%          
             
  Brazil—12.0%          
  Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)   490,200    9,285 
* Azul S.A.—ADR (Airlines)   85,103    1,281 
  Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household durables)   1,215,100    4,464 
* Grupo SBF S.A. (Specialty retail)   767,600    4,079 
* Infracommerce CXAAS S.A. (Interactive Media & Services)   1,203,400    3,614 
* Locaweb Servicos de Internet S.A. (IT services)   2,338,878    4,962 
  Lojas Quero Quero S (Specialty retail)   435,400    937 
  Pet Center Comercio e Participacoes S.A. (Specialty retail)   2,381,306    9,333 
* Sequoia Logistica e Transportes S.A. (Air freight & logistics)   1,694,500    4,449 
  TOTVS S.A. (Software)   1,647,400    12,588 
           54,992 
             
  Mexico—5.9%          
  Banco del Bajio S.A. (Banks)   2,480,400    6,778 
  Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)   914,099    6,804 
  Grupo Aeroportuario del Sureste S.A.B. de C.V. Class “B” (Transportation infrastructure)   487,390    10,826 
  Regional S.A.B. de C.V. (Banks)   361,200    2,523 
           26,931 
             
  Uruguay—0.7%          
* Dlocal, Ltd. (IT services)†   100,981    3,157 
             
  Emerging Europe, Mid-East, Africa—7.7%          
             
  Kazakhstan—0.2%          
  Kaspi.KZ JSC—GDR (Consumer finance)   18,713    928 
             
  Kenya—0.8%          
  Safaricom plc (Wireless telecommunication services)   13,027,160    3,828 
             
  Lithuania—0.3%          
* Baltic Classifieds Group plc (Interactive Media & Services)   779,857    1,406 
             
  Poland—2.4%          
* Dino Polska S.A. (Food & staples retailing)   109,497    8,837 

 

See accompanying Notes to Portfolio of Investments.

59

 

Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Emerging Europe, Mid-East, Africa—(continued)          
             
  Poland — (continued)          
  ING Bank Slaski S.A. (Banks)   37,802   $2,116 
           10,953 
             
  Romania—0.9%          
  Banca Transilvania S.A. (Banks)   7,291,476    3,970 
             
  Russia—0.0%          
* Cian plc—ADR (Interactive Media & Services)**   226,219    39 
  HeadHunter Group plc—ADR (Professional services)**   52,166    39 
           78 
             
  South Africa—2.5%          
  Clicks Group, Ltd. (Food & staples retailing)   70,007    1,482 
  Transaction Capital, Ltd. (Consumer finance)   2,915,730    9,877 
           11,359 
             
  United Arab Emirates—0.6%          
  Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail)   2,328,230    2,658 
             
  Europe—0.7%          
             
  Greece—0.7%          
  Terna Energy S.A. (Independent power & renewable electricity producers)   165,495    3,032 
             
  Total Common Stocks—99.8%
(cost $416,787)		        456,558 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $988, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $1,008  $988    988 
             
  Total Repurchase Agreement—0.2%
(cost $988)		        988 
             
  Total Investments—100.0%
(cost $417,775)		        457,546 
             
  Cash and other assets, less liabilities—0.0%        147 
             
  Net assets—100.0%       $457,693 
 

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. These holdings represent 0.02% of the Fund’s net assets at March 31, 2022.

 

See accompanying Notes to Portfolio of Investments.

60

Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Consumer Discretionary   23.8%
Information Technology   22.7%
Industrials   15.1%
Financials   13.0%
Consumer Staples   9.3%
Materials   8.3%
Real Estate   3.0%
Communication Services   2.9%
Health Care   1.2%
Utilities   0.7%
Total   100.0%
      
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
Indian Rupee   33.2%
New Taiwan Dollar   13.8%
Brazilian Real   11.8%
Chinese Yuan Renminbi   6.2%
Mexican Peso   5.9%
South Korean Won   5.5%
Thai Baht   3.4%
Philippine Peso   3.4%
Hong Kong Dollar   3.2%
South African Rand   2.5%
Polish Zloty   2.4%
Malaysian Ringgit   2.1%
U.S. Dollar   1.6%
Indonesian Rupiah   1.5%
All Other Currencies   3.5%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

61
China Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares   Value
             
  Common Stocks          
             
  Emerging Asia—94.5%          
             
  China—94.5%          
  Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)   21,168   $105 
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   14,400    197 
  Bank of Ningbo Co., Ltd. Class “A” (Banks)   48,490    284 
  Beijing Kingsoft Office Software, Inc. Class “A” (Software)   2,405    71 
  By-health Co., Ltd. Class “A” (Personal products)   12,200    41 
  Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)   701    14 
  China Meidong Auto Holdings, Ltd. (Specialty retail)   16,000    61 
  China Merchants Bank Co., Ltd. Class “H” (Banks)   35,000    273 
  China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)   8,500    219 
  Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment)   2,100    168 
  Country Garden Services Holdings Co., Ltd. (Real estate management & development)   12,000    51 
  East Money Information Co., Ltd. Class “A” (Capital markets)   33,600    133 
  Ecovacs Robotics Co., Ltd. Class “A” (Household durables)   3,600    61 
  Estun Automation Co., Ltd. Class “A” (Machinery)   8,000    25 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   16,300    224 
  Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)   3,517    59 
* JD.com, Inc. Class “A” (Internet & direct marketing retail)   6,802    193 
  Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery)   7,700    63 
  Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)   21,000    44 
  Juewei Food Co., Ltd. Class “A” (Food products)   5,800    38 
* Kingdee International Software Group Co., Ltd. (Software)   16,000    35 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   1,100    296 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   11,000    93 
  Maxscend Microelectronics Co., Ltd. Class “A” (Electronic equipment, instruments & components)   1,600    53 
* Meituan Class “B” (Internet & direct marketing retail)   5,300    100 
  NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)   2,300    98 
  NetEase, Inc. (Entertainment)   8,900    161 
  Ovctek China, Inc. Class “A” (Health care equipment & supplies)   8,100    46 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   2,600    77 
  Sangfor Technologies, Inc. Class “A” (Software)   3,600    63 
  SG Micro Corporation Class “A” (Semiconductors & semiconductor equipment)   2,700    138 
  Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies)   8,300    64 
  Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery)   16,100    144 
  Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)   5,000    66 
  Silergy Corporation (Semiconductors & semiconductor equipment)   1,500    176 
  Sungrow Power Supply Co., Ltd. Class “A” (Electrical equipment)   3,900    65 
  Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment)   700    58 
  Tencent Holdings, Ltd. (Interactive Media & Services)   10,400    479 
* Topchoice Medical Corporation Class “A” (Health care providers & services)   2,300    52 
  Will Semiconductor Co., Ltd. Shanghai Class “A” (Semiconductors & semiconductor equipment)   2,600    79 
  Wuliangye Yibin Co., Ltd. Class “A” (Beverages)   6,200    151 
  WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services)   3,900    61 
* Wuxi Biologics Cayman, Inc. (Life sciences tools & services)   9,000    72 
  Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Machinery)   10,500    96 
  Yonyou Network Technology Co., Ltd. Class “A” (Software)   15,400    55 
  Yunnan Botanee Bio-Technology Group Co., Ltd. Class “A” (Personal products)   1,000    29 
  Yunnan Energy New Material Co., Ltd. Class “A” (Chemicals)   2,500    86 
  Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)   2,300    114 

 

See accompanying Notes to Portfolio of Investments.

62
China Growth Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—(continued)          
             
  China—(continued)          
  Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)   6,100   $57 
  Zhongsheng Group Holdings, Ltd. (Specialty retail)   11,000    77 
           5,465 
             
  Asia—2.8%          
             
  Hong Kong—2.8%          
  AIA Group, Ltd. (Insurance)   9,800    103 
  Hong Kong Exchanges and Clearing, Ltd. (Capital markets)   1,200    56 
           159 
             
  Total Common Stocks—97.3%
(cost $7,374)		        5,624 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $187, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $191  $187    187 
             
  Total Repurchase Agreement—3.2%
(cost $187)		        187 
             
  Total Investments—100.5%
(cost $7,561)		        5,811 
             
  Liabilities, plus cash and other assets—(0.5)%        (28)
             
  Net assets—100.0%       $5,783 
 

* = Non-income producing security

 

See accompanying Notes to Portfolio of Investments.

63
China Growth Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Consumer Discretionary   20.1%
Consumer Staples   15.2%
Financials   15.1%
Information Technology   14.7%
Industrials   12.1%
Communication Services   11.4%
Health Care   9.0%
Materials   1.5%
Real Estate   0.9%
Total   100.0%
      
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
Chinese Yuan Renminbi   59.2%
Hong Kong Dollar   37.7%
New Taiwan Dollar   3.1%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

64
Bond Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  U.S. Government and U.S. Government Agency—10.7%          
             
  U.S. Treasury—10.6%          
  U.S. Treasury Note, 1.125%, due 2/28/27  $850   $799 
  U.S. Treasury Note, 1.250%, due 6/30/28   2,475    2,306 
  U.S. Treasury Note, 0.625%, due 5/15/30   2,100    1,831 
  U.S. Treasury Note, 1.125%, due 2/15/31   3,220    2,910 
             
  Total U.S. Treasury        7,846 
             
  Federal National Mortgage Association (FNMA)—0.0%          
  #255956, 5.500%, due 10/1/25   —(a)   —(a)
             
  Collateralized Mortgage Obligation—0.1%          
  Seasoned Credit Risk Transfer Trust, 2018-3, Tranche MA, 3.500%, due 8/25/57 VRN   31    32 
  Seasoned Credit Risk Transfer Trust, 2018-4, Tranche MA, 3.500%, due 3/25/58   18    18 
  Seasoned Credit Risk Transfer Trust, 2019-2, Tranche MA, 3.500%, due 8/25/58   22    22 
  Seasoned Credit Risk Transfer Trust, 2021-3, Tranche TT, 2.000%, due 3/25/61   33    32 
             
  Total Collateralized Mortgage Obligation        104 
             
  Total Long-Term Investments—10.7%
(cost $8,772)		        7,950 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $67,036, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $68,376   67,036    67,036 
             
  Total Repurchase Agreement—90.6%
(cost $67,036)		        67,036 
             
  Total Investments—101.3%
(cost $75,808)		        74,986 
             
  Liabilities, plus cash and other assets—(1.3)%        (982)
             
  Net assets—100.0%       $74,004 

 

The obligations of certain U.S. Government-sponsored securities are neither issued nor guaranteed by the U.S. Treasury.

 

VRN = Variable Rate Note

(a) Amount is less than the minimum amount disclosed.

 

See accompanying Notes to Portfolio of Investments.

65

Short Duration Bond Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
           
  U.S. Government and U.S. Government Agency—8.1%        
           
  U.S. Treasury—8.0%        
  U.S. Treasury Floating Rate Note, 3M Treasury money market yield + 0.049%, 0.655%, due 1/31/23 VRN  $900   $901 
  U.S. Treasury Note, 0.375%, due 9/15/24   500    475 
  U.S. Treasury Note, 0.250%, due 7/31/25   450    418 
             
  Total U.S. Treasury        1,794 
             
  Collateralized Mortgage Obligation—0.1%          
  Seasoned Credit Risk Transfer Trust, 2018-3, Tranche MA, 3.500%, due 8/25/57 VRN   9    9 
  Seasoned Credit Risk Transfer Trust, 2018-4, Tranche MA, 3.500%, due 3/25/58   10    10 
  Seasoned Credit Risk Transfer Trust, 2019-2, Tranche MA, 3.500%, due 8/25/58   2    2 
  Seasoned Credit Risk Transfer Trust, 2021-3, Tranche TT, 2.000%, due 3/25/61   5    5 
             
  Total Collateralized Mortgage Obligation        26 
             
  Total Long-Term Investments—8.1%
(cost $1,870)		        1,820 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $20,815, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $21,232   20,815    20,815 
             
  Total Repurchase Agreement—92.3%
(cost $20,815)		        20,815 
             
  Total Investments—100.4%
(cost $22,685)		        22,635 
             
  Liabilities, plus cash and other assets—(0.4)%        (85)
             
  Net assets—100.0%       $22,550 

 

The obligations of certain U.S. Government-sponsored securities are neither issued nor guaranteed by the U.S. Treasury.

 

VRN = Variable Rate Note

 

See accompanying Notes to Portfolio of Investments.

66
Ultra-Short Duration Bond Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
           
  U.S. Government and U.S. Government Agency—13.2%          
             
  U.S. Treasury—13.2%          
  U.S. Treasury Bill, 0.102%, due 4/21/22  $1,015   $1,015 
  U.S. Treasury Bill, 0.234%, due 7/14/22   1,015    1,013 
  U.S. Treasury Note, 0.720%, due 4/30/22   500    500 
  U.S. Treasury Note, 0.125%, due 8/31/22   260    259 
  U.S. Treasury Note, 0.640%, due 4/30/23   2,500    2,504 
             
  Total U.S. Treasury        5,291 
             
  Federal National Mortgage Association (FNMA)—0.0%          
  #888982, 6.000%, due 12/1/22   —(a)    —(a) 
  #995395, 6.000%, due 12/1/23   —(a)    —(a) 
             
  Total FNMA Mortgage Obligations        — 
             
  Total Long-Term Investments—13.2%
(cost $5,290)		        5,291 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $35,251, collateralized by U.S. Treasury Bond, 4.375%, due 11/15/39, valued at $35,956   35,251    35,251 
             
  Total Repurchase Agreement—88.3%
(cost $35,251)		        35,251 
             
  Total Investments—101.5%
(cost $40,541)		        40,542 
             
  Liabilities, plus cash and other assets—(1.5)%        (596)
             
  Net assets—100.0%       $39,946 

 

 

The obligations of certain U.S. Government-sponsored securities are neither issued nor guaranteed by the U.S. Treasury.

 

(a) Amount is less than the minimum amount disclosed.

 

See accompanying Notes to Portfolio of Investments.

67
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
           
  Foreign Government Bonds—61.2%          
             
  Albania—0.4%          
  Albania Government International Bond—144A,
3.500%, due 11/23/31		  EUR      200   $191 
             
  Angola—2.4%          
  Angolan Government International Bond,
9.125%, due 11/26/49		  $400    388 
  Angolan Government International Bond,
9.500%, due 11/12/25		   250    273 
  Angolan Government International Bond,
8.000%, due 11/26/29		   500    502 
           1,163 
             
  Argentina—1.0%          
  Argentine Republic Government International Bond,
2.000%, due 1/9/38, VRN(a)		   600    225 
  Argentine Republic Government International Bond,
2.500%, due 7/9/41, VRN(a)		   475    165 
  Argentine Republic Government International Bond,
0.500%, due 7/9/30, VRN(a)		   275    92 
           482 
             
  Bahrain—2.5%          
  Bahrain Government International Bond,
5.250%, due 1/25/33		   400    370 
  Bahrain Government International Bond,
6.250%, due 1/25/51		   300    265 
  Bahrain Government International Bond,
7.500%, due 9/20/47		   600    589 
           1,224 
             
  Brazil—0.8%          
  Brazilian Government International Bond,
5.625%, due 2/21/47		   400    376 
             
  Cameroon—0.5%          
  Republic of Cameroon—144A,
5.950%, due 7/7/32		  EUR250    243 
             
  Chile—1.4%          
  Chile Government International Bond,
2.550%, due 7/27/33		  $550    502 
  Chile Government International Bond,
3.250%, due 9/21/71		   200    162 
           664 

 

See accompanying Notes to Portfolio of Investments.

68
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount 		   Value
          
  Foreign Government Bonds—(continued)          
             
  Colombia—3.0%          
  Colombia Government International Bond,
5.000%, due 6/15/45		  $        830   $699 
  Colombia Government International Bond,
4.125%, due 5/15/51		   250    189 
  Colombia Government International Bond,
4.125%, due 2/22/42		   300    236 
  Colombia Government International Bond,
5.625%, due 2/26/44		   200    180 
  Colombia Government International Bond,
5.200%, due 5/15/49		   200    170 
           1,474 
             
  Costa Rica—0.4%          
  Costa Rica Government International Bond,
5.625%, due 4/30/43		   200    174 
             
  Dominican Republic—2.9%          
  Dominican Republic International Bond,
4.875%, due 9/23/32		   450    407 
  Dominican Republic International Bond,
5.875%, due 1/30/60		   550    468 
  Dominican Republic International Bond—144A,
6.000%, due 2/22/33		   200    195 
  Dominican Republic International Bond—144A,
5.500%, due 2/22/29		   350    346 
           1,416 
             
  Ecuador—2.6%          
  Ecuador Government International Bond,
0.500%, due 7/31/40, VRN(a)		   450    256 
  Ecuador Government International Bond,
5.000%, due 7/31/30, VRN(a)		   200    167 
  Ecuador Government International Bond,
1.000%, due 7/31/35, VRN(a)		   1,300    850 
           1,273 
             
  Egypt—3.0%          
  Egypt Government International Bond,
8.875%, due 5/29/50		   550    474 
  Egypt Government International Bond,
7.500%, due 2/16/61		   250    198 
  Egypt Government International Bond,
4.750%, due 4/16/26		  EUR200    204 
  Egypt Government International Bond,
6.375%, due 4/11/31		  EUR150    142 
  Egypt Government International Bond—144A,
7.300%, due 9/30/33		  $250    217 

 

See accompanying Notes to Portfolio of Investments.

69
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
          
  Foreign Government Bonds—(continued)          
             
  Egypt — (continued)          
  Egypt Government International Bond—144A,
8.750%, due 9/30/51		  $       250   $215 
           1,450 
             
  El Salvador—0.5%          
  El Salvador Government International Bond,
7.625%, due 2/1/41		   500    228 
             
  Gabon—1.3%          
  Gabon Government International Bond,
7.000%, due 11/24/31		   400    380 
  Gabon Government International Bond—144A,
7.000%, due 11/24/31		   250    238 
           618 
             
  Ghana—1.8%          
  Ghana Government International Bond,
8.750%, due 3/11/61		   550    374 
  Ghana Government International Bond,
8.625%, due 4/7/34		   400    281 
  Ghana Government International Bond,
7.750%, due 4/7/29		   300    213 
           868 
             
  Indonesia—3.0%          
  Indonesia Government International Bond,
3.500%, due 2/14/50		   300    280 
  Indonesia Government International Bond,
4.750%, due 2/11/29		   300    332 
  Indonesia Government International Bond,
4.450%, due 4/15/70		   250    258 
  Indonesia Government International Bond,
3.400%, due 9/18/29		   550    563 
           1,433 
             
  Iraq—1.6%          
  Iraq International Bond,
5.800%, due 1/15/28		   188    183 
  Iraq International Bond,
6.752%, due 3/9/23		   600    600 
           783 
             
  Ivory Coast—0.4%          
  Ivory Coast Government International Bond,
6.625%, due 3/22/48		  EUR200    193 
             
  Jamaica—0.4%          
  Jamaica Government International Bond,
6.750%, due 4/28/28		  $200    219 

 

See accompanying Notes to Portfolio of Investments.

70
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
            
  Foreign Government Bonds—(continued)          
             
  Jordan—0.4%          
  Jordan Government International Bond,
7.375%, due 10/10/47		  $200   $181 
             
  Lebanon—0.8%          
  Lebanon Government International Bond,
5.800%, due 4/14/20(b)		   1,400    164 
  Lebanon Government International Bond,
7.150%, due 11/20/31(b)		   1,200    132 
  Lebanon Government International Bond,
6.850%, due 3/23/27(b)		   600    71 
           367 
             
  Mexico—1.5%          
  Mexico Government International Bond,
3.750%, due 4/19/71		   900    716 
             
  Mongolia—0.4%          
  Mongolia Government International Bond,
5.625%, due 5/1/23		   200    201 
             
  Morocco—0.3%          
  Morocco Government International Bond,
4.000%, due 12/15/50		   200    160 
             
  Nigeria—2.9%          
  Nigeria Government International Bond,
8.375%, due 3/24/29		   250    251 
  Nigeria Government International Bond,
7.625%, due 11/28/47		   200    166 
  Nigeria Government International Bond,
7.696%, due 2/23/38		   400    347 
  Nigeria Government International Bond—144A,
6.125%, due 9/28/28		   225    206 
  Nigeria Government International Bond—144A,
7.375%, due 9/28/33		   250    226 
  Nigeria Government International Bond—144A,
8.250%, due 9/28/51		   225    195 
           1,391 
             
  Oman—2.1%          
  Oman Government International Bond,
6.750%, due 1/17/48		   800    797 
  Oman Government International Bond,
6.000%, due 8/1/29		   200    208 
           1,005 
             
  Pakistan—0.9%          
  Pakistan Government International Bond,
8.875%, due 4/8/51		   400    276 

 

See accompanying Notes to Portfolio of Investments.

71
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Foreign Government Bonds—(continued)          
             
  Pakistan — (continued)          
  Pakistan Government International Bond—144A,
6.000%, due 4/8/26		  $        200   $156 
           432 
             
  Panama—1.6%          
  Panama Government International Bond,
4.500%, due 1/19/63		   400    385 
  Panama Government International Bond,
4.500%, due 4/1/56		   400    392 
           777 
             
  Paraguay—1.0%          
  Paraguay Government International Bond,
5.400%, due 3/30/50		   200    201 
  Paraguay Government International Bond,
4.700%, due 3/27/27		   250    260 
           461 
             
  Peru—1.3%          
  Peruvian Government International Bond,
3.230%, due 7/28/21		   480    366 
  Peruvian Government International Bond,
3.000%, due 1/15/34		   200    187 
  Peruvian Government International Bond,
3.600%, due 1/15/72		   100    86 
           639 
             
  Philippines—1.4%          
  Philippine Government International Bond,
3.700%, due 2/2/42		   700    680 
             
  Qatar—2.9%          
  Qatar Government International Bond,
4.400%, due 4/16/50		   1,000    1,121 
  Qatar Government International Bond,
9.750%, due 6/15/30		   200    294 
           1,415 
             
  Romania—1.7%          
  Romanian Government International Bond,
3.375%, due 1/28/50		  EUR720    637 
  Romanian Government International Bond,
2.875%, due 4/13/42		  EUR200    170 
           807 
             
  Saudi Arabia—2.1%          
  Saudi Government International Bond,
2.250%, due 2/2/33		  $400    367 

 

See accompanying Notes to Portfolio of Investments.

72
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Foreign Government Bonds—(continued)          
             
  Saudi Arabia — (continued)          
  Saudi Government International Bond,
3.450%, due 2/2/61		  $      500   $443 
  Saudi Government International Bond,
3.750%, due 1/21/55		   200    192 
           1,002 
             
  Senegal—0.4%          
  Senegal Government International Bond,
6.750%, due 3/13/48		   200    172 
             
  South Africa—1.4%          
  Republic of South Africa Government International Bond,
5.650%, due 9/27/47		   200    174 
  Republic of South Africa Government International Bond,
5.750%, due 9/30/49		   600    523 
           697 
             
  Sri Lanka—1.4%          
  Sri Lanka Government International Bond,
6.850%, due 11/3/25		   400    198 
  Sri Lanka Government International Bond,
5.750%, due 4/18/23		   200    98 
  Sri Lanka Government International Bond,
7.850%, due 3/14/29		   800    378 
           674 
             
  Tunisia—0.5%          
  Banque Centrale de Tunisie International Bond,
5.625%, due 2/17/24		  EUR300    227 
             
  Turkey—2.4%          
  Turkey Government International Bond,
8.600%, due 9/24/27		  $500    512 
  Turkey Government International Bond,
5.950%, due 1/15/31		   200    172 
  Turkey Government International Bond,
4.875%, due 4/16/43		   450    318 
  Turkey Government International Bond,
5.750%, due 5/11/47		   200    150 
           1,152 
             
  Ukraine—1.8%          
  Ukraine Government International Bond,
7.253%, due 3/15/33		   1,800    743 
  Ukraine Government International Bond,
0.000%, due 5/31/40, VRN(a)		   450    137 
           880 

 

See accompanying Notes to Portfolio of Investments.

73
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Foreign Government Bonds—(continued)          
             
  Uruguay—1.2%          
  Uruguay Government International Bond,
4.975%, due 4/20/55		  $510   $595 
             
  Zambia—0.9%          
  Zambia Government International Bond,
8.500%, due 4/14/24		   400    284 
  Zambia Government International Bond,
8.970%, due 7/30/27		   200    141 
           425 
             
  Total Foreign Government Bonds—61.2%
(cost $32,435)		        29,528 
             
  Foreign Corporate Bonds—29.8%          
             
  Azerbaijan—0.4%          
  State Oil Co. of the Azerbaijan Republic,
6.950%, due 3/18/30		   200    222 
             
  Brazil—1.5%          
  Atento Luxco 1 S.A.,
8.000%, due 2/10/26		   150    152 
  Itau Unibanco Holding S.A.,
5 year CMT + 3.446%, 3.875%, due 4/15/31, VRN		   200    189 
  MV24 Capital BV,
6.748%, due 6/1/34		   181    175 
  Petrorio Luxembourg S.a.r.l.,
6.125%, due 6/9/26		   200    200 
           716 
             
  Chile—1.6%          
  Agrosuper S.A.—144A,
4.600%, due 1/20/32		   200    193 
  CAP S.A.,
3.900%, due 4/27/31		   250    225 
  Kenbourne Invest S.A.,
4.700%, due 1/22/28		   200    176 
  VTR Finance N.V.,
6.375%, due 7/15/28		   200    195 
           789 
             
  China—2.7%          
  China Evergrande Group,
9.500%, due 3/29/24(b)		   300    38 

 

See accompanying Notes to Portfolio of Investments.

74
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Foreign Corporate Bonds—(continued)          
             
  China — (continued)          
  CNAC HK Finbridge Co., Ltd.,
3.000%, due 9/22/30		  $200   $183 
  CNAC HK Finbridge Co., Ltd.,
4.875%, due 3/14/25		   200    205 
  Huarong Finance 2017 Co., Ltd.,
5 year CMT + 6.983%, 4.000%, due 11/7/22, VRN(c)		   200    200 
  Lee & Man Paper Manufacturing, Ltd.,
5 year CMT + 8.280%, 5.500%, due 5/29/24, VRN(c)		   200    195 
  Sinochem Offshore Capital Co., Ltd.,
2.375%, due 9/23/31		   300    258 
  Sinopec Group Overseas Development 2015, Ltd.,
4.100%, due 4/28/45		   200    192 
  Yuzhou Group Holdings Co., Ltd.,
7.850%, due 8/12/26(b)		   200    28 
           1,299 
             
  Colombia—1.5%          
  Bancolombia S.A.,
5 year CMT + 2.929%, 4.875%, due 10/18/27, VRN		   200    198 
  Canacol Energy Ltd.—144A,
5.750%, due 11/24/28		   200    186 
  Gran Colombia Gold Corp.—144A,
6.875%, due 8/9/26		   200    175 
  Gran Tierra Energy International Holdings, Ltd.,
6.250%, due 2/15/25		   200    185 
           744 
             
  Dominican Republic—0.9%          
  Aeropuertos Dominicanos Siglo XXI S.A.,
6.750%, due 3/30/29		   200    193 
  Empresa Generadora de Electricidad Haina S.A.—144A,
5.625%, due 11/8/28		   250    230 
          423 
             
  Ghana—0.3%          
  Tullow Oil plc,
7.000%, due 3/1/25		   200    166 
             
  Guatemala—1.2%          
  Banco Industrial S.A.,
4.875%, due 1/29/31, VRN(a)		   200    193 
  Energuate Trust,
5.875%, due 5/3/27		   200    195 
  Investment Energy Resources Ltd.—144A,
6.250%, due 4/26/29		   200    202 
          590 
             
  India—1.2%          
  Continuum Energy Levante,
4.500%, due 2/9/27		   197    188 

 

See accompanying Notes to Portfolio of Investments.

75
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Foreign Corporate Bonds—(continued)          
             
  India — (continued)          
  Export-Import Bank of India,
2.250%, due 1/13/31		  $        200   $173 
  Periama Holdings LLC,
5.950%, due 4/19/26		   200    203 
           564 
             
  Indonesia—2.4%          
  Nickel Mines Ltd.—144A,
6.500%, due 4/1/24		   200    185 
  PT Bank Tabungan Negara Persero Tbk,
4.200%, due 1/23/25		   200    193 
  PT Pertamina Persero,
6.000%, due 5/3/42		   200    221 
  PT Pertamina Persero,
2.300%, due 2/9/31		   200    177 
  PT Pertamina Persero,
3.100%, due 8/27/30		   400    379 
           1,155 
             
  Kazakhstan—1.3%          
  KazMunayGas National Co. JSC,
5.750%, due 4/19/47		   500    444 
  KazMunayGas National Co. JSC,
3.500%, due 4/14/33		   200    165 
           609 
             
  Malaysia—3.4%          
  1MDB Global Investments, Ltd.,
4.400%, due 3/9/23		   1,200    1,168 
  Dua Capital, Ltd.,
2.780%, due 5/11/31		   300    270 
  Petronas Capital, Ltd.,
4.550%, due 4/21/50		   200    224 
           1,662 
             
  Mauritius—0.4%          
  Axian Telecom—144A,
7.375%, due 2/16/27		   200    194 
             
  Mexico—3.1%          
  BBVA Bancomer S.A.,
5 year CMT + 2.650%, 5.125%, due 1/18/33, VRN		   200    188 
  Credito Real S.A.B. de C.V. SOFOM ER,
5.000%, due 2/1/27		  EUR 200    27 
  Petroleos Mexicanos,
7.690%, due 1/23/50		  $500    435 
  Petroleos Mexicanos,
6.950%, due 1/28/60		   500    405 
  Petroleos Mexicanos,
6.750%, due 9/21/47		   538    432 
           1,487 

 

See accompanying Notes to Portfolio of Investments.

76
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount 		   Value
             
  Foreign Corporate Bonds—(continued)          
             
  Mongolia—0.4%          
  Development Bank of Mongolia,
7.250%, due 10/23/23		  $200   $202 
             
  Nigeria—0.9%          
  Fidelity Bank plc—144A,
7.625%, due 10/28/26		   200    190 
  SEPLAT Energy plc,
7.750%, due 4/1/26		   250    238 
           428 
             
  Panama—0.9%          
  Aeropuerto Internacional de Tocumen S.A.,
5.125%, due 8/11/61		   250    229 
  Global Bank Corporation,
3M USD LIBOR + 3.300%, 5.250%, due 4/16/29, VRN(a)		   200    189 
           418 
             
  Qatar—0.8%          
  Qatar Petroleum —144A,
2.250%, due 7/12/31		   400    369 
             
  Supranational—0.4%          
  The African Export-Import Bank—144A,
3.798%, due 5/17/31		   200    185 
             
  Trinidad And Tobago—0.8%          
  National Gas Co of Trinidad & Tobago, Ltd.,
6.050%, due 1/15/36		   200    200 
  Trinidad Petroleum Holdings, Ltd.,
9.750%, due 6/15/26		   200    203 
           403 
             
  Turkey—0.6%          
  Turkiye Ihracat Kredi Bankasi A.S.—144A,
5.750%, due 7/6/26		   300    273 
             
  United Arab Emirates—2.4%          
  Abu Dhabi Government International Bond,
2.700%, due 9/2/70		   450    351 
  DP World, Ltd.,
4.700%, due 9/30/49		   200    194 
  Emirate of Dubai Government International Bonds,
3.900%, due 9/9/50		   200    171 
  Finance Department Government of Sharjah,
3.625%, due 3/10/33		   300    276 
  Shelf Drilling Holdings, Ltd.,
8.250%, due 2/15/25		   200    165 
           1,157 
             
  Uzbekistan—0.7%          
  Ipoteka-Bank ATIB,
5.500%, due 11/19/25		   200    178 

 

See accompanying Notes to Portfolio of Investments.

77
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Principal
Amount		   Value
             
  Foreign Corporate Bonds—(continued)          
             
  Uzbekistan — (continued)          
  Uzbekneftegaz JSC—144A,
4.750%, due 11/16/28		  $200   $165 
           343 
             
  Total Foreign Corporate Bonds—29.8%
(cost $15,529)		        14,398 
             
  Foreign Municipal Bonds—1.6%          
             
  Argentina—1.6%          
  Provincia de Buenos Aires,
3.900%, due 9/1/37, VRN(a)		   400    171 
  Provincia de Buenos Aires—144A,
3.500%, due 9/1/37, VRN(a)		   200    73 
  Provincia de Buenos Aires—144A,
3.900%, due 9/1/37, VRN(a)		   50    21 
  Provincia de Cordoba,
5.000%, due 12/10/25(a)		   350    273 
  Provincia de Entre Rios Argentina,
5.000%, due 8/8/28, VRN(a)		   150    99 
  Provincia de Neuquen Argentina,
4.625%, due 4/27/30, VRN		   200    114 
           751 
             
  Total Foreign Municipal Bonds—1.6%
(cost $810)		        751 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $2,406, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $2,454   2,406    2,406 
             
  Total Repurchase Agreement—5.0%
(cost $2,406)		        2,406 
             
  Total Investments in Securities—97.6%
(cost $51,180)		        47,083 
             
  Total Investments—97.6%
(cost $51,180)		        47,083 
             
  Cash and other assets, less liabilities—2.4%        1,163 
             
  Net assets—100.0%       $48,246 

 

 

(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of March 31, 2022.

(b) = Defaulted securities.

(c) Security is perpetual in nature and has no stated maturity.

 

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.

SOFR = Secured Overnight Financing Rate

VRN = Variable Rate Note

 

See accompanying Notes to Portfolio of Investments.

78
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (unaudited)

 

At March 31, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Sovereign   66.3%
Corporate     
Quasi-Sovereign   16.5%
Financials   4.1%
Energy   3.8%
Materials   2.2%
Sovereign   1.8%
Communication Services   1.3%
Utilities   1.0%
Consumer Staples   0.4%
Industrials   0.4%
Consumer Discretionary   0.3%
Sub Sovereign   1.5%
Supranational   0.4%
Total   100.0%
      
At March 31, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
U.S. Dollar   95.4%
Euro   4.6%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

79
 
Emerging Markets Debt Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

Forward Foreign Currency Contracts

 

Settlement
Date		  Deliver/Receive  Counterparty  Local Currency
(in thousands)		  USD (Base)
Purchased
or Sold		  Current
Value		  Net
Unrealized
Appreciation
(Depreciation)		 
Purchased                      
6/15/22  Euro  Citibank N.A. London  1,130  $1,253  $1,253  $— 
Sold                      
6/15/22  Euro  Citibank N.A. London  2,978   3,253  3,303  (50)
                    $(50)

 

Centrally Cleared Interest Rate Swaps

 

Floating Rate
Reference		  Pay/Receive
Floating Rate		  Fixed Rate  Payment
Frequency		  Maturity
Date		  Cleared Exchange  Notional Amount
(in thousands)		  Upfront
Payment
Paid
(Received)		   Value   Unrealized
Appreciation
(Depreciation)		 
3 Month USD LIBOR  Receive  1.774%  6M  February 2071  LCH  $321  $(21)  $15   $36 
6 Month EURIBOR  Receive  (0.250)%  1Y  June 2026  LCH   EUR 157   (1)   9    10 
6 Month EURIBOR  Receive  (0.250)%  1Y  June 2028  LCH   EUR 377   6    33    27 
6 Month EURIBOR  Receive  0.000%  1Y  June 2031  LCH   EUR 166   (2)   19    21 
6 Month EURIBOR  Receive  0.000%  1Y  June 2036  LCH   EUR 347   47    65    18 
6 Month EURIBOR  Receive  0.250%  1Y  June 2041  LCH   EUR 620   13    116    103 
12 Month SOFR  Receive  1.500%  1Y  December 2031  LCH  $1,279   12    62    50 
12 Month SOFR  Receive  1.600%  1Y  December 2036  LCH   1,651   34    96    62 
12 Month SOFR  Receive  1.600%  1Y  December 2051  LCH   515   12    40    28 
12 Month SOFR  Pay  1.250%  1Y  December 2026  LCH   2,662   (29)   (106)   (77)
12 Month SOFR  Pay  1.100%  1Y  December 2024  LCH   3,416   (45)   (99)   (54)
12 Month SOFR  Pay  1.650%  1Y  December 2041  LCH   354   1    (23)   (24)
12 Month SOFR  Pay  1.400%  1Y  December 2028  LCH   1,989   (8)   (84)   (76)
                                $124 

 

Centrally Cleared Credit Default Swaps

 

Reference
Entity		  Buy/Sell
Protection		  Fixed Rate  Payment
Frequency		  Maturity
Date		  Cleared
Exchange		  Notional
Amount
(in thousands)		  Upfront
Payment
Paid
(Received)		   Value   Unrealized
Appreciation
(Depreciation)		 
Kingdom of Saudi Arabia  Buy  1.000%  3M  June 2026  ICE  $400  $(8)  $(9)  $(1)
Republic of Colombia  Buy  1.000%  3M  December 2031  ICE   800   98    97    (1)
Republic of Argentina  Buy  5.000%  3M  December 2023  ICE   350   58    56    (2)
Republic of Argentina  Buy  1.000%  3M  December 2025  ICE   500   304    283    (21)
United Mexican States  Buy  1.000%  3M  December 2031  ICE   800   56    41    (15)
Republic of Argentina  Sell  5.000%  3M  December 2031  ICE   500   (293)   (294)   (1)
                                $(41)
                                   
Total net unrealized appreciation (depreciation) on swaps    $83 

 

See accompanying Notes to Portfolio of Investments.

80
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares    Value
             
  Exchange-Traded Funds—65.9%          
             
  Equity Exchange-Traded Funds—61.8%          
  Financial Select Sector SPDR Fund   46,500   $1,782 
  iShares Core S&P 500 ETF   71,500    32,439 
  iShares MSCI Brazil ETF   9,100    344 
  iShares MSCI India ETF   14,900    664 
  SPDR S&P 500 ETF Trust   81,800    36,944 
  Vanguard S&P 500 ETF   78,200    32,466 
  Vietnam Enterprise Investments, Ltd. Class “C”   366,491    3,617 
  Total Equity Exchange-Traded Funds        108,256 
             
  Fixed Income Exchange-Traded Funds—4.1%          
  iShares iBoxx $ Investment Grade Corporate Bond ETF   43,400    5,249 
  SPDR Bloomberg Barclays High Yield Bond ETF   18,800    1,927 
  Total Fixed Income Exchange-Traded Funds        7,176 
             
  Total Exchange-Traded Funds—65.9%
(cost $100,380)		   

 

 

    115,432 
             
  Common Stocks—6.0%          
             
  Emerging Asia—1.8%          
             
  Philippines—1.8%          
  Ayala Corporation (Industrial conglomerates)   17,285    275 
  Ayala Land, Inc. (Real estate management & development)   475,819    321 
  Bank of the Philippine Islands (Banks)   109,769    211 
  BDO Unibank, Inc. (Banks)   118,831    303 
  Globe Telecom, Inc. (Wireless telecommunication services)   1,628    80 
  GT Capital Holdings, Inc. (Industrial conglomerates)   6,119    65 
  International Container Terminal Services, Inc. (Transportation infrastructure)   61,372    266 
  JG Summit Holdings, Inc. (Industrial conglomerates)   177,607    210 
  Jollibee Foods Corporation (Hotels, restaurants & leisure)   27,380    119 
  Manila Electric Co. (Electric utilities)   14,088    101 
  Metro Pacific Investments Corporation (Diversified financial services)   749,188    55 
  Metropolitan Bank & Trust Co. (Banks)   109,293    120 
* Monde Nissin Corp. (Food products)   256,484    68 
  PLDT, Inc. (Wireless telecommunication services)   4,653    166 
  SM Investments Corporation (Industrial conglomerates)   14,523    255 
  SM Prime Holdings, Inc. (Real estate management & development)   611,168    446 
  Universal Robina Corporation (Food products)   54,400    127 
           3,188 
             
  Emerging Latin America—0.8%          
             
  Chile—0.8%          
  Banco de Chile (Banks)   2,580,562    277 
  Banco de Credito e Inversiones S.A. (Banks)   2,887    104 
  Banco Santander Chile (Banks)   3,729,174    210 
  Cencosud S.A. (Food & staples retailing)   85,456    168 
  Cia Cervecerias Unidas S.A. (Beverages)   8,982    67 
  Empresas CMPC S.A. (Paper & forest products)   61,218    113 
  Empresas COPEC S.A. (Oil, gas & consumable fuels)   21,782    180 

 

See accompanying Notes to Portfolio of Investments.

81
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		    Value
             
  Common Stocks—(continued)          
             
  Emerging Latin America — (continued)          
             
  Chile—(continued)          
  Enel Americas S.A. (Electric utilities)   1,209,182   $146 
  Enel Chile S.A. (Electric utilities)   1,595,645    48 
  Falabella S.A. (Multiline retail)   43,023    137 
           1,450 
             
  Mid-East—0.5%          
             
  Israel—0.5%          
* Check Point Software Technologies, Ltd. (Software)†   1,793    248 
* CyberArk Software, Ltd. (Software)†   1,650    278 
* Tufin Software Technologies, Ltd. (Software)†   28,116    251 
           777 
             
  United Kingdom—0.3%          
  Avast plc (Software)   29,952    222 
* Darktrace plc (Software)   38,951    229 
           451 
             
  United States—2.6%          
* Crowdstrike Holdings, Inc. Class “A” (Software)   1,497    340 
* ForgeRock, Inc. Class “A” (Software)   14,929    327 
* Fortinet, Inc. (Software)   860    294 
* Mandiant, Inc. (Software)   11,139    249 
* Okta, Inc. (IT services)   1,623    245 
* OneSpan, Inc. (Software)   19,345    279 
* Palo Alto Networks, Inc. (Software)   470    293 
* Ping Identity Holding Corporation (Software)   12,834    352 
* Qualys, Inc. (Software)   2,006    286 
* Rapid7, Inc. (Software)   2,470    275 
* SecureWorks Corporation Class “A” (Software)   18,272    242 
* SentinelOne, Inc. Class “A” (Software)   7,385    286 
  SolarWinds Corporation (IT services)   21,412    285 
* Tenable Holdings, Inc. (Software)   4,610    266 
* Varonis Systems, Inc. (Software)   6,229    296 
* Zscaler, Inc. (Software)   1,226    296 
           4,611 
             
  Total Common Stocks—6.0%
(cost $9,835)		   

 

 

    10,477 
             
  Foreign Government Bonds—12.6%          
             
  Brazil—4.0%          
  Brazil Notas do Tesouro Nacional Serie F, 10.000%, due 1/1/25  BRL34,420    6,976 

 

See accompanying Notes to Portfolio of Investments.

82
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Shares or
Principal
Amount		    Value
             
  Foreign Government Bonds—(continued)          
             
  Malaysia—6.1%          
  Malaysia Government Bond, 3.480%, due 3/15/23  MYR44,450   $10,694 
             
  South Africa—2.5%          
  Republic of South Africa Government Bond, 7.000%, due 2/28/31  ZAR75,723    4,323 
             
  Total Foreign Government Bonds—12.6%
(cost $21,897)		   

 

 

    21,993 
             
  Preferred Stock—0.4%          
             
  Emerging Latin America—0.4%          
             
  Chile—0.4%          
  Sociedad Quimica y Minera de Chile S.A. Class “B” (Chemicals)   7,859    675 
             
  Total Preferred Stock—0.4%
(cost $401)		   

 

 

    675 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 3/31/22, due 4/1/22, repurchase price $5,877, collateralized by U.S. Treasury Bond, 4.250%, due 5/15/39, valued at $5,994  $5,877    5,877 
             
  Total Repurchase Agreement—3.3%
(cost $5,877)		   

 

 

    5,877 
             
  U.S. Government—10.5%          
  U.S. Treasury Bill, 0.043%, due 5/19/22(a)   1,000    1,000 
  U.S. Treasury Bill, 0.065%, due 6/16/22(a)   1,500    1,499 
  U.S. Treasury Bill, 0.139%, due 7/14/22(a)(b)   1,750    1,747 
  U.S. Treasury Bill, 0.148%, due 8/11/22(a)(b)   1,750    1,745 
  U.S. Treasury Bill, 0.156%, due 9/8/22(a)(b)   1,750    1,743 
  U.S. Treasury Bill, 0.171%, due 10/6/22(a)   1,750    1,741 
  U.S. Treasury Bill, 0.238%, due 11/3/22(a)   1,750    1,739 
  U.S. Treasury Bill, 0.327%, due 12/1/22(a)(b)   1,750    1,737 
  U.S. Treasury Bill, 0.572%, due 12/29/22(a)(b)   1,750    1,734 
  U.S. Treasury Bill, 0.694%, due 1/26/23(a)(b)   1,750    1,730 
  U.S. Treasury Bill, 1.118%, due 2/23/23(a)   1,750    1,727 
  U.S. Treasury Bill, 0.000%, due 3/23/23   250    246 
             
  Total U.S. Government—10.5%
(cost $18,451)		        18,388 
             
  Total Investments in Securities—98.7%
(cost $156,841)		        172,842 
             
  Cash and other assets, less liabilities—1.3%        2,205 
             
  Net assets—100.0%       $175,047 

 

 

* = Non-income producing security

† = U.S. listed foreign security

(a) Security, or portion of security, is segregated as collateral for centrally cleared swaps and to cover initial margin requirements on open futures contracts aggregating a total value of $12,683 (in thousands).

 

See accompanying Notes to Portfolio of Investments.

83
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

(b) Security, or portion of security, is pledged as collateral for OTC swap contracts, foreign forward currency contracts, and an OTC option aggregating a total value of $2,361 (in thousands).

 

Written Options Contracts

 

Description   Counterparty   Exercise
Price/
FX Rate		   Expiration
Date		   Number of
Contracts		   Notional
Amount
(in thousand)		   Market
Value		   Premiums
Paid
(Received)
by Fund		   Unrealized
Appreciation/
(Depreciation)
                                               
Puts                                              
                                               
KOSPI 200 Index   Citibank N.A. London   362.50   04/14/22   (48)   KRW (4,350,000 ) $ (30 )   $ (115 )   $ 85  

 

Forward Foreign Currency Contracts

 

Settlement
Date		  Deliver/Receive  Counterparty  Local Currency
(in thousands)		  USD (Base)
Purchased
or Sold		  Current
Value		  Net
Unrealized
Appreciation
(Depreciation)
                           
Purchased                          
4/20/22  Brazilian Real  Citibank N.A. London   68,324   $13,566   $14,285   $719 
4/20/22  Chilean Peso  Citibank N.A. London   9,305,544    11,450    11,794    344 
4/20/22  Chinese Yuan Renminbi  Citibank N.A. London   8,067    1,269    1,268    (1)
4/20/22  Colombian Peso  Citibank N.A. London   69,560,713    18,303    18,397    94 
4/20/22  Czech Koruna  Citibank N.A. London   4,133    188    187    (1)
4/20/22  Hong Kong Dollar  Citibank N.A. London   3,932    502    502    — 
4/20/22  Indian Rupee  Citibank N.A. London   214,021    2,758    2,812    54 
4/20/22  Indonesian Rupiah  Citibank N.A. London   3,615,324    252    252    — 
4/20/22  Israeli Shekel  Citibank N.A. London   1,047    328    328    — 
4/20/22  Mexican Peso  Citibank N.A. London   187,845    8,700    9,418    718 
4/20/22  Philippine Peso  Citibank N.A. London   544,079    10,342    10,504    162 
4/20/22  Singapore Dollar  Citibank N.A. London   25,357    18,660    18,707    47 
4/20/22  South African Rand  Citibank N.A. London   2,735    187    187    — 
4/20/22  South Korean Won  Citibank N.A. London   8,191,422    6,628    6,740    112 
4/20/22  Taiwan Dollar  Citibank N.A. London   120,887    4,272    4,222    (50)
6/15/22  Australian Dollar  Citibank N.A. London   1,243    935    931    (4)
6/15/22  British Pound Sterling  Citibank N.A. London   512    674    672    (2)
6/15/22  Canadian Dollar  Citibank N.A. London   1,936    1,555    1,548    (7)
6/15/22  Euro  Citibank N.A. London   391    437    434    (3)
6/15/22  Japanese Yen  Citibank N.A. London   2,202,991    18,877    18,130    (747)
6/15/22  New Zealand Dollar  Citibank N.A. London   1,456    1,012    1,008    (4)
6/15/22  Norwegian Krone  Citibank N.A. London   49,071    5,456    5,571    115 
6/15/22  Swedish Krona  Citibank N.A. London   76,935    7,735    8,197    462 
6/15/22  Swiss Franc  Citibank N.A. London   272    296    295    (1)
                        $2,007 
Sold                          
4/20/22  Brazilian Real  Citibank N.A. London   6,094   $1,271   $1,274   $(3)
4/20/22  Chilean Peso  Citibank N.A. London   224,795    285    285    — 
4/20/22  Chinese Yuan Renminbi  Citibank N.A. London   95,158    14,972    14,960    12 
4/20/22  Colombian Peso  Citibank N.A. London   3,766,942    1,000    996    4 

 

See accompanying Notes to Portfolio of Investments.

84
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

Forward Foreign Currency Contracts – (continued)

 

 

Settlement
Date		  Deliver/Receive  Counterparty  Local Currency
(in thousands)		  USD (Base)
Purchased
or Sold		  Current
Value		  Net
Unrealized
Appreciation
(Depreciation)
                           
Sold — (continued)                   
4/20/22  Czech Koruna  Citibank N.A. London   201,278   $8,766   $9,104   $(338)
4/20/22  Hong Kong Dollar  Citibank N.A. London   68,626    8,778    8,762    16 
4/20/22  Indian Rupee  Citibank N.A. London   26,571    349    349    — 
4/20/22  Indonesian Rupiah  Citibank N.A. London   152,420,591    10,575    10,620    (45)
4/20/22  Israeli Shekel  Citibank N.A. London   52,217    15,984    16,367    (383)
4/20/22  Mexican Peso  Citibank N.A. London   15,195    760    762    (2)
4/20/22  Philippine Peso  Citibank N.A. London   28,800    555    556    (1)
4/20/22  Singapore Dollar  Citibank N.A. London   1,985    1,459    1,464    (5)
4/20/22  South African Rand  Citibank N.A. London   22,651    1,497    1,547    (50)
4/20/22  South Korean Won  Citibank N.A. London   352,303    290    290    — 
4/20/22  Thai Baht  Citibank N.A. London   182,209    5,521    5,480    41 
6/15/22  Australian Dollar  Citibank N.A. London   24,679    18,007    18,490    (483)
6/15/22  British Pound Sterling  Citibank N.A. London   5,942    7,789    7,804    (15)
6/15/22  Canadian Dollar  Citibank N.A. London   24,565    19,116    19,646    (530)
6/15/22  Euro  Citibank N.A. London   16,733    18,280    18,561    (281)
6/15/22  New Zealand Dollar  Citibank N.A. London   26,559    18,125    18,385    (260)
6/15/22  Norwegian Krone  Citibank N.A. London   2,319    265    263    2 
6/15/22  Swedish Krona  Citibank N.A. London   1,788    193    191    2 
6/15/22  Swiss Franc  Citibank N.A. London   9,191    9,938    9,976    (38)
                        $(2,357)
Total net unrealized appreciation (depreciation) on forward foreign currency contracts   $(350)

 

Futures Contracts

 

Number of
Contracts		  Description  Expiration
Date		  Local
Currency		  Notional Value
(Local, in
Thousands)		  Notional
Amount
(USD)		  Notional
Value (USD)		  Net Unrealized
Appreciation (Depreciation)
                              
Long                          
183  OMXS 30 Index  April 2022  Swedish Krona   38,156   $4,109   $4,058   $(51)
62  CAC 40 Index  April 2022  Euro   4,128    4,519    4,566    47 
73  IBEX 35 Index  April 2022  Euro   6,144    6,586    6,797    211 
16  FTSE Taiwan Index  April 2022  U.S. Dollar   988    973    988    15 
213  MSCI Singapore ETS  Index  April 2022  Singapore Dollar   7,132    5,206    5,262    56 
186  FTSE KLCI  Index  April 2022  Malaysian Ringgit   14,717    3,536    3,500    (36)
97  Euro-Bund  June 2022  Euro   15,390    17,858    17,025    (833)
11  KOSPI 200 Index  June 2022  South Korean Won   1,005,675    788    830    42 
38  SPI 200 Index  June 2022  Australian Dollar   7,105    5,049    5,317    268 
13  DAX Index  June 2022  Euro   4,691    4,988    5,189    201 
148  E-Mini Russell 1000 Index  June 2022  U.S. Dollar   12,072    11,663    12,072    409 
132  FTSE 100 Index  June 2022  British Pound Sterling   9,882    12,389    12,981    592 

 

See accompanying Notes to Portfolio of Investments.

85
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

Futures Contracts – (continued)

 

Number of
Contracts		  Description  Expiration
Date		  Local
Currency		  Notional Value
(Local, in
Thousands)		  Notional
Amount
(USD)		  Notional
Value (USD)		  Net Unrealized
Appreciation (Depreciation)
                              
Long — (continued)               
11  FTSE MIB Index  June 2022  Euro   1,342   $1,372   $1,485   $113 
190  MSCI China Index  June 2022  U.S. Dollar   4,956    4,953    4,956    3 
101  MSCI Indonesia Index  June 2022  U.S. Dollar   1,823    1,795    1,823    28 
43  MSCI World Energy Index  June 2022  U.S. Dollar   1,747    1,645    1,747    102 
5  SWISS Markets Index  June 2022  Swiss Franc   602    616    651    35 
86  U.S. 5 Year Treasury Note  June 2022  U.S. Dollar   9,863    10,108    9,863    (245)
                           $957 
Short                             
3  Amsterdam Index  April 2022  Euro   434   $453   $481   $(28)
40  Euro-Buxl 30YR Bond  June 2022  Euro   7,448    8,847    8,239    608 
8  NIKKEI 225 Index  June 2022  Japanese Yen   111,180    821    913    (92)
24  FTSE/JSE Top 40 Index  June 2022  South African Rand   16,531    1,079    1,131    (52)
62  E-Mini Russell 1000 Index  June 2022  U.S. Dollar   8,659    7,803    8,659    (856)
13  E-mini Russell 2000 Index  June 2022  U.S. Dollar   1,343    1,283    1,343    (60)
274  EURO STOXX 50 Index  June 2022  Euro   10,475    11,132    11,588    (456)
447  EURO STOXX 600 Banks Index  June 2022  Euro   2,986    3,169    3,303    (134)
70  MSCI Emerging Markets Index  June 2022  U.S. Dollar   3,939    3,666    3,939    (273)
3  MSCI Hong Kong Index  June 2022  U.S. Dollar   205    194    205    (11)
140  MSCI Mexico Index  June 2022  U.S. Dollar   4,359    3,918    4,359    (441)
24  NASDAQ 100 E-Mini Index  June 2022  U.S. Dollar   7,137    6,379    7,137    (758)
379  S&P 500 E Mini Index  June 2022  U.S. Dollar   85,858    80,928    85,858    (4,930)
11  S&P E-Mini Com Ser Index  June 2022  U.S. Dollar   990    947    991    (44)
27  XAK Technology  June 2022  U.S. Dollar   4,328    3,906    4,328    (422)
19  XAU Utilities  June 2022  U.S. Dollar   1,426    1,338    1,426    (88)
11  XAY Consumer Discretionary  June 2022  U.S. Dollar   2,058    1,849    2,058    (209)
27  10YR Canada Bond  June 2022  Canadian Dollar   3,525    2,933    2,820    113 
62  U.S. 10 Year Treasury Note  June 2022  U.S. Dollar   7,618    7,836    7,618    218 
                           $(7,915)
Total net unrealized appreciation (depreciation) on futures contracts   $(6,958)

 

See accompanying Notes to Portfolio of Investments.

86
Macro Allocation Fund

 

Portfolio of Investments, March 31, 2022 (all dollar amounts in thousands) (unaudited)

 

Centrally Cleared Interest Rate Swap

 

Floating Rate
Reference		  Pay/Receive
Floating Rate		  Fixed Rate  Payment
Frequency		  Maturity
Date		  Cleared Exchange  Notional Amount
(in thousands)		  Upfront
Payment Paid
(Received)		  Value  Unrealized
Appreciation
(Depreciation)
Brazil CDI ON Deposit Rate  Pay  9.985%  Maturity  January 2025  CME  BRL 41,858  $—   $(251)  $(251)

 

Total Return Swaps

 

Reference Entity  Pay/Receive
Floating/Fixed Rate		  Floating/Fixed
Rates		  Maturity
Dates		  Counterparty  Notional
Amount
(in thousands)		  Market
Value		  Unrealized
Appreciation
(Depreciation)
CSI 500 Net Total Return Index  Pay  (1,140) bp  Sep 2022  Credit Suisse International  $1,921   $(122)  $(122)
RTS Index Futures**  Pay  0 bp  Apr 2022  Credit Suisse International   2,535    (1,575)   (1,575)
MSCI Philippines Index Future  Pay  0 bp  Jun 2022  Goldman Sachs International   236    7    7 
                         $(1,690)

 

Centrally Cleared Credit Default Swaps

 

Reference
Entity		  Buy/Sell
Protection		  Fixed Rate  Payment
Frequency		  Maturity
Date		  Cleared
Exchange		  Notional
Amount
(in thousands)		  Upfront
Payment
Paid
(Received)		  Value  Unrealized
Appreciation
(Depreciation)
ITRAXX-EUROPE fS37V1-5Y  Sell  1.000%  3M  June 2027  ICE  EUR 3,282  $37   $50   $13 
           
Total net unrealized appreciation (depreciation) on swaps       $(1,928)

 

 

** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. This holding represents -0.90% of the Fund’s net assets at March 31, 2022.

 

See accompanying Notes to Portfolio of Investments.

87

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Trust

William Blair Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. As of March 31, 2022, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.

 

U.S. Equity Funds   International Equity Funds   Fixed Income Funds
Growth   International Leaders   Bond2
Large Cap Growth   International Growth   Short Duration Bond2
Mid Cap Growth   Institutional International Growth   Ultra-Short Duration Bond2
Mid Cap Value1   International Small Cap Growth    
Small-Mid Cap Core   Emerging Markets Leaders   Emerging Markets Debt Fund
Small-Mid Cap Growth   Emerging Markets Growth   Emerging Markets Debt
Small Cap Growth   Emerging Markets Small Cap Growth    
Small Cap Value   China Growth    
        Multi-Asset and Alternative Fund
Global Equity Fund       Macro Allocation
Global Leaders        

The investment objectives of the Funds are as follows:

 

U.S. Equity Funds   

   

Long-term capital appreciation.

Global Equity Fund 

   

Long-term capital appreciation.

International Equity Funds

   

Long-term capital appreciation.

Bond Fund

    Outperform the Bloomberg Barclays U.S. Aggregate Index by maximizing total return through a combination of income and capital appreciation.

Short Duration Bond Fund

   Generate current income, consistent with relative stability of capital.
Ultra-Short Duration Bond Fund   Maximize total return. Total return includes both income and capital appreciation.
Emerging Markets Debt Fund   Provide attractive risk-adjusted returns relative to the Fund’s benchmark through investments in hard currency denominated debt issued in emerging market countries.
Macro Allocation Fund   Maximize long-term risk-adjusted total return.
 

1 Effective March 16, 2022 (Commencement of Operations).

2 Effective April 14, 2022, the Bond, Short Duration Bond and Ultra-Short Duration Bond Funds liquidated.

 

88

(b) 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. Each Fund’s outstanding repurchase agreements, 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.

(c) 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 in 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. 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. When a Fund sells TBAs, it incurs risks similar to those incurred in short sales. For example, when a Fund sells TBAs without owning or having the right to obtain the deliverable securities 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.

 

(d) Securities Sold, Not Yet Purchased

 

A Fund may sell a security it does not own (known as selling a security short) in anticipation of a decline in the fair value of that security. When a Fund sells a security short, it must borrow the security sold short and deliver it to the broker through which it made the short sale. A gain, limited to the price at which the fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale. A Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the price at which it sold the security short.

 

(2) Valuation

 

(a) Investment Valuation

 

The value of U.S. 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 foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of March 31, 2022, fair valuation estimates for foreign equity securities were obtained.

 

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 for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.

 

Repurchase agreements 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. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the Over-the-Counter (“OTC”) market shall be valued by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which they are traded most extensively, or if no settlement price is available, at the last sale price as of the close of the exchange. 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.

 

Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset. All other 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.

 

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 these 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.

 

The Funds have limited market value in Russian securities. These Russian assets have been fair valued to reflect the limited liquidity and transferability in the current environment. With the closure of local markets and imposition of sanctions in February and March, there is currently only a limited degree of portfolio management actions possible as most of these assets are either sanctioned and/or cannot be settled. These assets continue to be closely monitored and proactively managed to ensure we comply with all sanctions and to maximize shareholder value where possible.

 

89

(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 at which 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 are 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.

 

A description of the valuation methodologies applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is 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 as 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 agency obligations, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, asset-backed securities, non-U.S. bonds and commercial paper 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 for such securities, dealer quotes, transaction prices for other 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.

 

Repurchase Agreements

 

Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements 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 as 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, the 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 by independent pricing services 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.

 

As of March 31, 2022, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

 

90
Investments in securities  Growth   Large Cap
Growth		   Mid Cap
Growth		   Mid Cap
Value		 
Level 1 - Quoted prices                    
Common Stocks  $284,116   $1,248,450   $44,379   $1,554 
Level 2 - Other significant observable inputs                    
Repurchase Agreements   3,944    8,999    —    — 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $288,060   $1,257,449   $44,379   $1,554 
                     
Investments in securities  Small-Mid
Cap Core		   Small-Mid
Cap Growth		   Small Cap
Growth		   Small Cap
Value		 
Level 1 - Quoted prices                    
Common Stocks  $133,578   $2,583,509   $624,900   $1,414,193 
Exchange-Traded Funds   —    —    6,486    — 
Level 2 - Other significant observable inputs                    
Repurchase Agreements   4,429    69,862    16,652    32,642 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $138,007   $2,653,371   $648,038   $1,446,835 
                 
Investments in securities  Global
Leaders		   International
Leaders		   International
Growth		   Institutional
International
Growth		 
Level 1 - Quoted prices                    
Common Stocks  $77,693   $159,765   $268,073   $160,903 
Level 2 - Other significant observable inputs                    
Common Stocks   44,024    1,039,599    1,457,390    874,828 
Repurchase Agreements   1,118    21,910    41,650    32,960 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $122,835   $1,221,274   $1,767,113   $1,068,691 
                 
Investments in securities  International
Small Cap
Growth		   Emerging
Markets
Leaders		   Emerging
Markets
Growth		   Emerging
Markets
Small Cap
Growth		 
Level 1 - Quoted prices                    
Common Stocks  $36,413   $153,158   $167,876   $87,980 
Level 2 - Other significant observable inputs                    
Common Stocks   259,661    282,250    696,504    368,500 
Repurchase Agreements   9,833    9,834    26,557    988 
Level 3 - Significant unobservable inputs                    
None   —    52    —    78 
Total investments in securities  $305,907   $445,294   $890,937   $457,546 
                 
Investments in securities  China
Growth		   Bond   Short
Duration
Bond		   Ultra-Short
Duration
Bond		 
Level 1 - Quoted prices                    
None  $—   $—   $—   $— 
Level 2 - Other significant observable inputs                    
Common Stocks   5,624    —    —    — 
Repurchase Agreements   187    67,036    20,815    35,251 
U.S. Government and U.S. Government Agency   —    7,950    1,820    5,291 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $5,811   $74,986   $22,635   $40,542 
                     
91
Investments in securities  Emerging
Markets Debt		   Macro
Allocation		 
Assets          
Level 1 - Quoted prices          
Common Stocks  $—   $5,388 
Exchange-Traded Funds   —    111,815 
Level 2 - Other significant observable inputs          
Common Stocks   —    5,089 
Exchange-Traded Funds   —    3,617 
Preferred Stocks   —    675 
Foreign Corporate Obligations   14,419    — 
Foreign Government Bonds   29,528    21,993 
Foreign Municipal Bonds   730    — 
Repurchase Agreements   2,406    5,877 
U.S. Government and U.S. Government Agency   —    18,388 
Level 3 - Significant unobservable inputs          
None   —    — 
Liabilities          
Level 1 - Quoted prices          
None   —    — 
Level 2 - Other significant observable inputs          
None   —    — 
Level 3 - Significant unobservable inputs          
None   —    — 
Total investments in securities  $47,083   $172,842 
Other financial instruments          
Assets          
Level 1 - Quoted prices          
Futures Contracts  $—   $3,061 
Level 2 - Other significant observable inputs          
Forward Foreign Currency Contracts   —    2,904 
Swaps   355    20 
Level 3 - Significant unobservable inputs          
None   —    — 
Liabilities          
Level 1 - Quoted prices          
Futures Contracts   —    (10,019)
Level 2 - Other significant observable inputs          
Forward Foreign Currency Contracts   (50)   (3,254)
Swaps   (272)   (373)
Written Options   —    (30)
Level 3 - Significant unobservable inputs          
Swaps   —    (1,575)
Total other financial instruments  $33   $(9,266)

 

See Portfolio of Investments for Sector Classification.

 

The fair value estimates for the Level 3 securities in the Emerging Markets Leaders, Emerging Markets Small Cap Growth and Macro Allocation Funds were determined in good faith by the Pricing Committee, pursuant to the Valuation Procedures approved by the Board of Trustees. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 securities represented 0.01%, 0.02% and (0.90)% as a percentage of net assets in the Emerging Markets Leaders, Emerging Markets Small Cap Growth and Macro Allocation Funds, respectively.

 

92

(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. Macro Allocation Fund may also use derivative instruments to implement its investment strategy and obtain desired investment exposures, including by taking long or short positions indirectly through derivative instruments such as, but not limited to, futures, swaps, options and forward foreign currency contracts. Such long and short positions may be intended to enhance expected return, reduce expected risk, or both. For additional information regarding the asset class exposures the Macro Allocation Fund typically seeks through futures, swaps, options and forward foreign currency contracts, see the Fund’s principal investment strategy disclosure in its prospectus.

 

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.

 

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 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. A futures contract can be closed out prior to delivery by entering into an offsetting transaction in a matching futures contract. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is made. 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 each day. Gains or losses on futures contracts 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. Writing 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, Emerging Markets Debt 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.

 

93

Swap Contracts

 

Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. 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, for example, 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. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:

 

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. Under current regulatory requirements, 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 the period end for which a Fund is the seller of protection are disclosed in the Fund’s 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 the same 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, typically 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 in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, 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, which is the variance strike price of the reference entity, to the receiver for the floating rate, which is the 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.

 

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William Blair