Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—32.4%
*	Adobe, Inc.		16,789	$	4,638
*	Arista Networks, Inc.		5,832		1,393
	Booz Allen Hamilton Holding Corporation		62,125		4,412
	Dolby Laboratories, Inc.		71,254		4,606
	Fidelity National Information Services, Inc.		41,297		5,483
	Genpact, Ltd.†		87,159		3,377
*	Guidewire Software, Inc.		25,059		2,641
	Mastercard, Inc. Class “A”		41,485		11,266
*	MaxLinear, Inc.		83,872		1,877
	Microsoft Corporation		155,551		21,626
	National Instruments Corporation		56,859		2,387
	Perspecta, Inc.		125,245		3,271
*	Pure Storage, Inc.		157,947		2,676
*	Rogers Corporation		9,755		1,334
	Sabre Corporation		146,149		3,273
	Texas Instruments, Inc.		46,124		5,961
*	Verra Mobility Corporation		142,685		2,048
					82,269
	Health Care—14.9%
	Abbott Laboratories		54,854		4,590
*	ABIOMED, Inc.		16,400		2,917
	Agilent Technologies, Inc.		39,480		3,025
*	Codexis, Inc.		70,190		963
*	Horizon Therapeutics plc†		106,129		2,890
*	Portola Pharmaceuticals, Inc.		90,623		2,430
	Stryker Corporation		19,192		4,151
	Teleflex, Inc.		7,599		2,582
	UnitedHealth Group, Inc.		35,274		7,666
*	Veeva Systems, Inc. Class “A”		12,547		1,916
	Zoetis, Inc.		38,631		4,813
					37,943
	Consumer Discretionary—12.8%
	Advance Auto Parts, Inc.		20,464		3,385
*	Amazon.com, Inc.		8,942		15,523
*	Burlington Stores, Inc.		25,910		5,177
*	Grand Canyon Education, Inc.		32,351		3,177
*	Laureate Education, Inc.		143,650		2,381
*	Ulta Salon Cosmetics & Fragrance, Inc.		10,957		2,746
					32,389
	Industrials—10.7%
	BWX Technologies, Inc.		112,957		6,462
*	Copart, Inc.		63,337		5,088
*	CoStar Group, Inc.		8,051		4,776
	Luxfer Holdings plc†		90,093		1,404
	Raytheon Co.		26,155		5,131
	The Brink’s Co.		30,750		2,551
*	Trex Co., Inc.		20,182		1,835
					27,247
	Communication Services—10.6%
	Activision Blizzard, Inc.		74,506		3,943

See accompanying Notes to Portfolio of Investments.

Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Communication Services — (continued)
*	Alphabet, Inc. Class “A”		14,389	$	17,571
*	Live Nation Entertainment, Inc.		38,631		2,563
*	Take-Two Interactive Software, Inc.		22,196		2,782
					26,859
	Consumer Staples—8.4%
*	BJ’s Wholesale Club Holdings, Inc.		119,464		3,091
	Costco Wholesale Corporation		16,022		4,616
*	Primo Water Corporation		131,446		1,614
	The Coca-Cola Co.		156,470		8,518
	The Estee Lauder Cos., Inc. Class “A”		18,096		3,600
					21,439
	Financials—5.5%
	East West Bancorp, Inc.		46,973		2,081
*	Encore Capital Group, Inc.		69,452		2,315
	Intercontinental Exchange, Inc.		81,752		7,543
	Virtu Financial, Inc.		120,503		1,971
					13,910
	Materials—4.0%
	Ball Corporation		77,228		5,623
	Linde plc†		23,963		4,642
					10,265
	Energy—0.8%
	Cameco Corporation†		217,601		2,067
	Total Common Stocks—100.1% (cost $165,875)				254,388
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $209, collateralized by U.S. Treasury Note, 2.375%, due 5/15/29	$	209		209
	Total Repurchase Agreement—0.1% (cost $209)				209
	Total Investments—100.2% (cost $166,084)				254,597
	Liabilities, plus cash and other assets—(0.2)%				(413	)
	Net assets—100.0%			$	254,184

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—33.9%
	Accenture plc†		46,890	$	9,019
*	Adobe, Inc.		20,720		5,724
	Fidelity National Information Services, Inc.		35,960		4,774
*	Guidewire Software, Inc.		45,780		4,825
	Intuit, Inc.		19,590		5,210
	Lam Research Corporation		20,260		4,682
	Mastercard, Inc.		28,730		7,802
	Microsoft Corporation		154,650		21,501
*	PayPal Holdings, Inc.		83,330		8,632
	Texas Instruments, Inc.		64,300		8,310
					80,479
	Health Care—16.0%
	Abbott Laboratories		71,590		5,990
*	ABIOMED, Inc.		15,370		2,734
	Stryker Corporation		28,940		6,260
	UnitedHealth Group, Inc.		43,210		9,391
*	Veeva Systems, Inc. Class “A”		34,870		5,324
	Zoetis, Inc.		66,010		8,224
					37,923
	Communication Services—11.9%
	Activision Blizzard, Inc.		126,820		6,711
*	Alphabet, Inc. Class “A”		9,630		11,760
*	Alphabet, Inc. Class “C”		4,186		5,103
*	Live Nation Entertainment, Inc.		68,700		4,557
					28,131
	Consumer Discretionary—11.4%
*	Amazon.com, Inc.		9,540		16,561
	McDonald’s Corporation		20,560		4,414
	Starbucks Corporation		68,980		6,099
					27,074
	Consumer Staples—9.5%
	Costco Wholesale Corporation		18,500		5,330
*	Monster Beverage Corporation		75,950		4,410
	The Coca-Cola Co.		133,050		7,243
	The Estee Lauder Cos., Inc. Class “A”		28,530		5,676
					22,659
	Industrials—9.3%
*	Copart, Inc.		84,680		6,802
	Equifax, Inc.		39,830		5,603
	Fortive Corporation		43,110		2,956
	Raytheon Co.		34,780		6,823
					22,184
	Financials—4.9%
	Aon plc†		25,120		4,862
	Intercontinental Exchange, Inc.		73,930		6,822
					11,684

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Materials—2.4%
Linde plc†		29,610	$	5,736
Total Common Stocks—99.3% (cost $166,064)				235,870
Repurchase Agreement
Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $1,384, collateralized by U.S. Treasury Note, 2.375%, due 5/15/29	$	1,384		1,384
Total Repurchase Agreement—0.6% (cost $1,384)				1,384
Total Investments—99.9% (cost $167,448)				237,254
Cash and other assets, less liabilities—0.1%				200
Net assets—100.0%			$	237,454

† = U.S. listed foreign security

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—28.5%
*	Advanced Micro Devices, Inc.		59,980	$	1,739
*	Arista Networks, Inc.		1,965		469
*	Autodesk, Inc.		9,895		1,461
	Booz Allen Hamilton Holding Corporation		19,134		1,359
	Dolby Laboratories, Inc.		20,045		1,296
*	EPAM Systems, Inc.		5,910		1,077
*	Euronet Worldwide, Inc.		6,825		998
	Global Payments, Inc.		11,180		1,778
*	GoDaddy, Inc.		17,700		1,168
*	Guidewire Software, Inc.		6,843		721
	j2 Global, Inc.		10,218		928
	MAXIMUS, Inc.		11,790		911
	Microchip Technology, Inc.		18,885		1,755
*	Pure Storage, Inc.		59,345		1,005
	Sabre Corporation		63,188		1,415
*	WEX, Inc.		8,545		1,727
					19,807
	Industrials—17.9%
	BWX Technologies, Inc.		39,174		2,241
*	Copart, Inc.		28,130		2,260
*	CoStar Group, Inc.		3,734		2,215
	Equifax, Inc.		9,815		1,381
	Fortive Corporation		10,525		722
*	The Middleby Corporation		10,260		1,199
	Verisk Analytics, Inc.		3,505		554
	Waste Connections, Inc.†		11,615		1,069
	Xylem, Inc.		9,775		778
					12,419
	Consumer Discretionary—15.0%
	Advance Auto Parts, Inc.		10,538		1,743
	Aptiv plc†		10,815		945
*	Burlington Stores, Inc.		8,875		1,773
*	CarMax, Inc.		6,395		563
	Ross Stores, Inc.		11,425		1,255
	Service Corporation International		20,350		973
*	Ulta Salon Cosmetics & Fragrance, Inc.		4,240		1,063
	Vail Resorts, Inc.		6,055		1,378
*	Wayfair, Inc.		6,480		727
					10,420
	Health Care—13.4%
*	ABIOMED, Inc.		3,600		640
	Agilent Technologies, Inc.		20,370		1,561
*	Centene Corporation		21,801		943
	Encompass Health Corporation		21,760		1,377
*	IDEXX Laboratories, Inc.		2,885		785
*	Insulet Corporation		4,735		781
*	Mettler-Toledo International, Inc.		895		631
	Teleflex, Inc.		4,840		1,644
*	Veeva Systems, Inc. Class “A”		5,986		914
					9,276

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Financials—6.1%
	Arthur J Gallagher & Co.		17,275	$	1,547
	Cboe Global Markets, Inc.		11,470		1,318
	Signature Bank		4,995		595
*	SVB Financial Group		3,650		763
					4,223
	Materials—5.6%
	Ball Corporation		27,195		1,980
	Vulcan Materials Co.		12,755		1,929
					3,909
	Consumer Staples—3.6%
	Conagra Brands, Inc.		31,920		979
	Lamb Weston Holdings, Inc.		20,990		1,527
					2,506
	Communication Services—3.6%
*	Live Nation Entertainment, Inc.		15,930		1,057
*	Take-Two Interactive Software, Inc.		11,490		1,440
					2,497
	Real Estate—2.4%
	SBA Communications Corporation		6,775		1,634
	Energy—0.8%
	Parsley Energy, Inc.		34,295		576
	Total Common Stocks—96.9% (cost $55,018)				67,267
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $2,185, collateralized by U.S. Treasury Note, 2.875%, due 5/15/28	$	2,185		2,185
	Total Repurchase Agreement—3.2% (cost $2,185)				2,185
	Total Investments—100.1% (cost $57,203)				69,452
	Liabilities, plus cash and other assets—(0.1)%				(40	)
	Net assets—100.0%			$	69,412

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—22.8%
*	Aspen Technology, Inc.		437,525	$	53,850
*	Avalara, Inc.		482,562		32,472
	Booz Allen Hamilton Holding Corporation		613,897		43,599
*	Euronet Worldwide, Inc.		467,155		68,345
*	GoDaddy, Inc.		655,323		43,238
*	Guidewire Software, Inc.		279,348		29,438
	j2 Global, Inc.		475,371		43,173
*	MaxLinear, Inc.		55,909		1,251
	National Instruments Corporation		600,207		25,203
*	Nice, Ltd.—ADR		329,357		47,361
*	Novanta, Inc.†		246,268		20,125
	Perspecta, Inc.		832,100		21,734
*	Proofpoint, Inc.		230,100		29,694
*	Pure Storage, Inc.		2,846,258		48,216
*	Qualys, Inc.		314,041		23,732
*	Rogers Corporation		192,653		26,338
	Sabre Corporation		2,087,688		46,754
*	WEX, Inc.		196,636		39,734
					644,257
	Industrials—21.1%
	BWX Technologies, Inc.		1,583,728		90,605
*	Copart, Inc.		618,405		49,676
	Healthcare Services Group, Inc.		1,313,227		31,898
	HEICO Corporation		368,734		35,882
*	IAA, Inc.		791,400		33,025
	Ritchie Bros Auctioneers, Inc.†		805,662		32,146
*	SiteOne Landscape Supply, Inc.		323,397		23,938
*	Teledyne Technologies, Inc.		208,578		67,160
	The Brink’s Co.		467,495		38,779
*	The Middleby Corporation		351,495		41,090
	TransUnion		849,479		68,901
*	Trex Co., Inc.		922,852		83,915
					597,015
	Health Care—20.2%
*	ABIOMED, Inc.		159,392		28,354
*	Amedisys, Inc.		242,518		31,772
*	Catalent, Inc.		536,193		25,555
	Encompass Health Corporation		1,002,079		63,412
*	Glaukos Corporation		603,278		37,711
*	Halozyme Therapeutics, Inc.		1,372,741		21,291
*	Horizon Therapeutics plc†		1,924,940		52,416
*	Inspire Medical Systems, Inc.		261,238		15,941
*	Insulet Corporation		426,768		70,387
*	Ligand Pharmaceuticals, Inc.		318,512		31,705
*	Penumbra, Inc.		303,426		40,808
*	Portola Pharmaceuticals, Inc.		1,627,153		43,640
	STERIS plc†		280,298		40,500
	Teleflex, Inc.		157,951		53,664
*	Veracyte, Inc.		595,600		14,294
					571,450

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Consumer Discretionary—9.4%
*	Adtalem Global Education, Inc.		1,080,521	$	41,157
	Advance Auto Parts, Inc.		84,090		13,908
*	Burlington Stores, Inc.		353,186		70,574
*	Grand Canyon Education, Inc.		669,101		65,706
	Vail Resorts, Inc.		195,728		44,540
*	Wayfair, Inc.		268,686		30,125
					266,010
	Financials—7.6%
	Cboe Global Markets, Inc.		483,003		55,502
	East West Bancorp, Inc.		900,169		39,868
*	Encore Capital Group, Inc.		700,013		23,328
	FirstCash, Inc.		462,627		42,409
	Signature Bank		210,937		25,148
	Virtu Financial, Inc.		1,742,771		28,512
					214,767
	Materials—5.4%
*	Axalta Coating Systems, Ltd.†		807,574		24,348
*	Crown Holdings, Inc.		802,781		53,032
	Martin Marietta Materials, Inc.		278,745		76,404
					153,784
	Communication Services—4.5%
	Cable One, Inc.		30,347		38,076
*	Live Nation Entertainment, Inc.		892,522		59,210
	World Wrestling Entertainment, Inc.		414,500		29,492
					126,778
	Consumer Staples—4.1%
*	BJ’s Wholesale Club Holdings, Inc.		2,128,779		55,072
	Lamb Weston Holdings, Inc.		821,938		59,771
					114,843
	Real Estate—2.5%
	Colliers International Group, Inc.†		228,795		17,171
	FirstService Corporation†		343,960		35,280
	Jones Lang LaSalle, Inc.		137,338		19,098
					71,549
	Energy—0.5%
	Parsley Energy, Inc.		877,252		14,738
	Total Common Stocks—98.1% (cost $2,399,139)				2,775,191
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $44,740, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27	$	44,740		44,740
	Total Repurchase Agreement—1.6% (cost $44,740)				44,740

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Total Investments—99.7% (cost $2,443,879)	$	2,819,931
Cash and other assets, less liabilities—0.3%		8,899
Net assets—100.0%	$	2,828,830

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—21.9%
	American Financial Group, Inc.		387	$	42
	CNO Financial Group, Inc.		1,800		29
	E*TRADE Financial Corporation		644		28
	East West Bancorp, Inc.		822		36
	First American Financial Corporation		706		42
	FNB Corporation		3,319		38
	Hancock Whitney Corporation		867		33
	Hanover Insurance Group, Inc.		366		50
	Home BancShares, Inc.		2,074		39
	Iberiabank Corporation		588		44
	National Bank Holdings Corporation		1,040		36
	PacWest Bancorp		1,574		57
	Radian Group, Inc.		1,979		45
	Selective Insurance Group, Inc.		676		51
	Sterling Bancorp		2,206		44
*	SVB Financial Group		167		35
	Umpqua Holdings Corporation		2,387		39
	Voya Financial, Inc.		1,031		56
	Western Alliance Bancorp		815		38
	WSFS Financial Corporation		867		38
					820
	Real Estate—15.0%
	Acadia Realty Trust		1,969		56
	American Assets Trust, Inc.		1,166		54
	American Campus Communities, Inc.		1,519		73
	Americold Realty Trust		1,583		59
	Douglas Emmett, Inc.		1,227		53
	EPR Properties		713		55
	Equity LifeStyle Properties, Inc.		423		56
	Healthcare Realty Trust, Inc.		1,842		62
	Pebblebrook Hotel Trust		1,500		42
	Terreno Realty Corporation		1,009		51
					561
	Industrials—12.8%
	AGCO Corporation		489		37
	Brady Corporation		1,554		82
	Curtiss-Wright Corporation		645		83
*	FTI Consulting, Inc.		676		72
	Jacobs Engineering Group, Inc.		910		83
	Kansas City Southern		631		84
	Simpson Manufacturing Co., Inc.		543		38
					479
	Consumer Discretionary—9.4%
	Carter’s, Inc.		823		75
	Cracker Barrel Old Country Store, Inc.		278		45
	Dana, Inc.		2,169		32
	Dick’s Sporting Goods, Inc.		1,083		44
	Foot Locker, Inc.		1,187		51
*	LKQ Corporation		2,033		64

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary — (continued)
	Wolverine World Wide, Inc.		1,433	$	41
					352
	Information Technology—8.6%
	Avnet, Inc.		1,245		55
	Belden, Inc.		1,036		55
	Booz Allen Hamilton Holding Corporation		777		55
*	Ciena Corporation		930		37
	j2 Global, Inc.		668		61
	MAXIMUS, Inc.		777		60
					323
	Utilities—6.2%
	Alliant Energy Corporation		1,012		55
	Atmos Energy Corporation		540		62
	Black Hills Corporation		422		32
	IDACORP, Inc.		405		46
	ONE Gas, Inc.		420		40
					235
	Materials—6.1%
	Carpenter Technology Corporation		919		48
	FMC Corporation		459		40
	Minerals Technologies, Inc.		573		30
	PolyOne Corporation		1,245		41
	Sensient Technologies Corporation		514		35
	Steel Dynamics, Inc.		1,206		36
					230
	Health Care—4.9%
	CONMED Corporation		359		34
	Encompass Health Corporation		727		46
*	Hologic, Inc.		1,083		55
	PerkinElmer, Inc.		572		49
					184
	Energy—4.6%
	Murphy Oil Corporation		1,376		30
	Patterson-UTI Energy, Inc.		3,949		34
	Targa Resources Corporation		1,439		58
	TechnipFMC plc†		661		16
*	WPX Energy, Inc.		3,316		35
					173
	Consumer Staples—3.4%
	J&J Snack Foods Corporation		289		55
	Lamb Weston Holdings, Inc.		1,003		73
					128
	Communication Services—2.4%
	Cinemark Holdings, Inc.		1,108		43

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Communication Services — (continued)
The Interpublic Group of Cos., Inc.		2,122	$	46
				89
Total Common Stocks—95.3% (cost $3,341)				3,574
Total Investments—95.3% (cost $3,341)				3,574
Cash and other assets, less liabilities—4.7%				176
Net assets—100.0%			$	3,750

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—24.8%
	Albany International Corporation		120,285	$	10,845
	Argan, Inc.		217,540		8,547
	Armstrong World Industries, Inc.		93,603		9,051
*	Blue Bird Corporation		579,070		11,023
	BWX Technologies, Inc.		274,949		15,730
*	Casella Waste Systems, Inc.		224,440		9,637
	Douglas Dynamics, Inc.		244,967		10,918
	ESCO Technologies, Inc.		91,766		7,301
	Healthcare Services Group, Inc.		278,707		6,770
	John Bean Technologies Corporation		83,000		8,253
	Luxfer Holdings plc†		487,295		7,592
*	Mercury Systems, Inc.		109,616		8,898
	Ritchie Bros Auctioneers, Inc.†		295,425		11,787
*	SiteOne Landscape Supply, Inc.		84,828		6,279
	The Brink’s Co.		201,520		16,716
*	Trex Co., Inc.		108,950		9,907
*	Willdan Group, Inc.		142,924		5,014
					164,268
	Health Care—21.3%
*	Amedisys, Inc.		70,560		9,244
*	AxoGen, Inc.		389,380		4,860
*	CareDx, Inc.		152,100		3,439
*	Catalent, Inc.		48,373		2,305
*	Codexis, Inc.		363,791		4,989
*	CryoLife, Inc.		299,622		8,135
	Encompass Health Corporation		176,087		11,143
*	Glaukos Corporation		106,583		6,663
*	Halozyme Therapeutics, Inc.		227,780		3,533
*	Hanger, Inc.		477,390		9,729
*	Horizon Therapeutics plc†		466,822		12,712
*	Inspire Medical Systems, Inc.		90,220		5,505
*	LHC Group, Inc.		79,335		9,009
*	Ligand Pharmaceuticals, Inc.		95,669		9,523
*	Penumbra, Inc.		36,503		4,909
*	Portola Pharmaceuticals, Inc.		368,180		9,875
	Simulations Plus, Inc.		210,520		7,305
*	Tabula Rasa HealthCare, Inc.		163,150		8,963
*	Veracyte, Inc.		379,510		9,108
					140,949
	Information Technology—20.9%
*	Agilysys, Inc.		473,381		12,123
*	Avalara, Inc.		94,438		6,355
*	Euronet Worldwide, Inc.		79,710		11,662
	j2 Global, Inc.		148,002		13,442
*	Knowles Corporation		330,560		6,724
	Littelfuse, Inc.		43,513		7,715
*	LivePerson, Inc.		209,867		7,492
*	MaxLinear, Inc.		435,229		9,740
*	MobileIron, Inc.		665,762		4,357
	Perspecta, Inc.		257,650		6,730
*	Pure Storage, Inc.		521,336		8,831
*	Qualys, Inc.		42,050		3,178

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Information Technology — (continued)
*	Repay Holdings Corporation		702,720	$	9,367
*	Rogers Corporation		37,367		5,108
*	Varonis Systems, Inc.		146,580		8,763
*	Verra Mobility Corporation		518,340		7,438
*	WNS Holdings, Ltd.—ADR		158,312		9,301
					138,326
	Consumer Discretionary—11.3%
*	Adtalem Global Education, Inc.		184,273		7,019
*	Aspen Group, Inc.		713,880		3,705
*	Boot Barn Holdings, Inc.		317,545		11,082
	Dine Brands Global, Inc.		92,240		6,997
*	Etsy, Inc.		66,612		3,764
*	Grand Canyon Education, Inc.		103,833		10,197
*	Laureate Education, Inc.		791,123		13,113
	Lithia Motors, Inc.		77,149		10,213
*	OneSpaWorld Holdings, Ltd.†		556,110		8,636
					74,726
	Financials—6.4%
*	Encore Capital Group, Inc.		306,788		10,224
	FirstCash, Inc.		117,178		10,742
	Glacier Bancorp, Inc.		165,995		6,716
	Home BancShares, Inc.		397,064		7,463
	Virtu Financial, Inc.		437,496		7,157
					42,302
	Consumer Staples—4.7%
*	BJ’s Wholesale Club Holdings, Inc.		287,010		7,425
	Calavo Growers, Inc.		85,921		8,178
*	Darling Ingredients, Inc.		358,200		6,852
	Medifast, Inc.		32,140		3,331
*	Primo Water Corporation		421,413		5,175
					30,961
	Real Estate—3.9%
	Colliers International Group, Inc.†		105,954		7,952
	CoreSite Realty Corporation		66,174		8,063
	FirstService Corporation†		97,437		9,994
					26,009
	Communication Services—3.6%
	Cable One, Inc.		9,510		11,932
*	ORBCOMM, Inc.		996,135		4,741
*	QuinStreet, Inc.		562,320		7,080
					23,753
	Energy—1.4%
*	Callon Petroleum Co.		444,593		1,930
	Cameco Corporation†		618,990		5,880
*	Centennial Resource Development, Inc.		352,090		1,590
					9,400

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Materials—1.0%
Orion Engineered Carbons S.A.†		400,802	$	6,697
Total Common Stocks—99.3% (cost $576,614)				657,391
Repurchase Agreement
Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $9,581, collateralized by U.S. Treasury Bonds, 2.750%-2.875%, due 11/15/42-5/15/43, and U.S. Treasury Notes, 2.250%-2.875%, due 11/15/27-5/15/29	$	9,581		9,581
Total Repurchase Agreement—1.4% (cost $9,581)				9,581
Total Investments—100.7% (cost $586,195)				666,972
Liabilities, plus cash and other assets—(0.7)%				(4,785	)
Net assets—100.0%			$	662,187

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—26.1%
	Banc of California, Inc.		236,572	$	3,345
	Banner Corporation		93,320		5,242
	Boston Private Financial Holdings, Inc.		396,978		4,627
	CNO Financial Group, Inc.		242,109		3,832
	FNB Corporation		428,873		4,945
	Glacier Bancorp, Inc.		81,089		3,281
	Hancock Whitney Corporation		160,792		6,157
	Home BancShares, Inc.		336,353		6,322
	Horace Mann Educators Corporation		83,780		3,881
	Iberiabank Corporation		79,625		6,015
	National Bank Holdings Corporation		142,249		4,863
	OceanFirst Financial Corporation		179,947		4,247
	PacWest Bancorp		135,944		4,940
	Radian Group, Inc.		281,118		6,421
	Renasant Corporation		138,712		4,856
	Sandy Spring Bancorp, Inc.		123,707		4,170
*	Seacoast Banking Corporation of Florida		193,795		4,905
	Selective Insurance Group, Inc.		87,245		6,560
	Sterling Bancorp		266,730		5,351
	The Hanover Insurance Group, Inc.		42,931		5,819
	Umpqua Holdings Corporation		237,342		3,907
	Western Alliance Bancorp		102,705		4,733
	WSFS Financial Corporation		113,017		4,984
					113,403
	Industrials—13.5%
	Brady Corporation		184,424		9,784
*	Continental Building Products, Inc.		203,753		5,560
	Curtiss-Wright Corporation		75,810		9,808
	ESCO Technologies, Inc.		82,782		6,586
*	FTI Consulting, Inc.		72,335		7,667
	Matson, Inc.		139,021		5,215
	Simpson Manufacturing Co., Inc.		80,096		5,556
	Watts Water Technologies, Inc.		92,478		8,668
					58,844
	Real Estate—12.0%
	Acadia Realty Trust		191,178		5,464
	Agree Realty Corporation		48,852		3,573
	American Assets Trust, Inc.		93,626		4,376
	Americold Realty Trust		174,730		6,477
	Columbia Property Trust, Inc.		152,177		3,219
	Equity Commonwealth		96,781		3,315
	Healthcare Realty Trust, Inc.		218,336		7,314
	Highwoods Properties, Inc.		136,479		6,133
	Pebblebrook Hotel Trust		212,566		5,914
	Terreno Realty Corporation		124,019		6,336
					52,121
	Consumer Discretionary—10.1%
	Abercrombie & Fitch Co.		260,036		4,057
	Carter’s, Inc.		96,411		8,794
*	Cavco Industries, Inc.		28,758		5,524
	Cracker Barrel Old Country Store, Inc.		36,405		5,921

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary — (continued)
	Dana, Inc.		270,037	$	3,899
	Dick’s Sporting Goods, Inc.		126,354		5,157
	Foot Locker, Inc.		143,790		6,206
	Wolverine World Wide, Inc.		148,176		4,187
					43,745
	Information Technology—8.7%
	Avnet, Inc.		115,706		5,147
	Belden, Inc.		103,706		5,532
*	Inphi Corporation		49,453		3,019
	j2 Global, Inc.		66,627		6,051
*	LiveRamp Holdings, Inc.		84,689		3,638
	MAXIMUS, Inc.		61,547		4,755
*	Semtech Corporation		80,241		3,901
*	Viavi Solutions, Inc.		403,117		5,646
					37,689
	Utilities—6.4%
	Black Hills Corporation		71,472		5,484
	IDACORP, Inc.		44,468		5,010
	ONE Gas, Inc.		63,700		6,122
	PNM Resources, Inc.		116,095		6,047
	South Jersey Industries, Inc.		160,343		5,277
					27,940
	Energy—5.7%
	Archrock, Inc.		441,292		4,400
*	Callon Petroleum Co.		915,567		3,973
*	Helix Energy Solutions Group, Inc.		510,995		4,119
*	Newpark Resources, Inc.		447,060		3,406
*	PDC Energy, Inc.		153,883		4,270
	Solaris Oilfield Infrastructure, Inc.		226,448		3,039
*	Talos Energy, Inc.		71,413		1,452
					24,659
	Health Care—5.5%
	CONMED Corporation		83,011		7,982
	Encompass Health Corporation		104,709		6,626
*	Integer Holdings Corporation		79,549		6,011
*	Magellan Health, Inc.		51,391		3,191
					23,810
	Materials—4.5%
	Carpenter Technology Corporation		90,934		4,698
	Minerals Technologies, Inc.		60,009		3,186
	PolyOne Corporation		105,399		3,441
	Sensient Technologies Corporation		63,472		4,357
	Silgan Holdings, Inc.		136,108		4,088
					19,770
	Consumer Staples—2.8%
*	Darling Ingredients, Inc.		254,496		4,869

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Consumer Staples — (continued)
	J&J Snack Foods Corporation		38,700	$	7,430
					12,299
	Communication Services—1.8%
	Cinemark Holdings, Inc.		109,863		4,245
*	IMAX Corporation†		168,715		3,703
					7,948
	Total Common Stocks—97.1% (cost $336,693)				422,228
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $12,080, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27	$	12,080		12,080
	Total Repurchase Agreement—2.8% (cost $12,080)				12,080
	Total Investments—99.9% (cost $348,773)				434,308
	Cash and other assets, less liabilities—0.1%				643
	Net assets—100.0%			$	434,951

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Western Hemisphere—50.7%
	Canada—1.8%
	Brookfield Asset Management, Inc. Class “A” (Capital markets)†		59,933	$	3,182
	United States—48.9%
*	Adobe, Inc. (Software)		11,309		3,124
*	Alphabet, Inc. Class “A” (Interactive Media & Services)		4,272		5,217
*	Amazon.com, Inc. (Internet & direct marketing retail)		2,803		4,866
	BlackRock, Inc. (Capital markets)		6,748		3,007
*	CoStar Group, Inc. (Professional services)		3,149		1,868
	Domino’s Pizza, Inc. (Hotels, restaurants & leisure)		8,025		1,963
*	Facebook, Inc. Class “A” (Interactive Media & Services)		19,826		3,530
	Fidelity National Information Services, Inc. (IT services)		25,572		3,395
*	Guidewire Software, Inc. (Software)		12,164		1,282
*	IDEXX Laboratories, Inc. (Health care equipment & supplies)		6,181		1,681
*	Illumina, Inc. (Life sciences tools & services)		3,721		1,132
	Intercontinental Exchange, Inc. (Capital markets)		35,848		3,308
*	Intuitive Surgical, Inc. (Health care equipment & supplies)		3,483		1,880
	JPMorgan Chase & Co. (Banks)		28,419		3,345
	Lockheed Martin Corporation (Aerospace & defense)		7,090		2,765
	Mastercard, Inc. Class “A” (IT services)		16,055		4,360
	NextEra Energy, Inc. (Electric utilities)		12,732		2,966
*	PayPal Holdings, Inc. (IT services)		27,308		2,829
	Prologis, Inc. (Equity REIT)		23,465		2,000
	Roper Technologies, Inc. (Industrial conglomerates)		9,227		3,290
*	salesforce.com, Inc. (Software)		26,369		3,914
	Southwest Airlines Co. (Airlines)		17,684		955
	The Boeing Co. (Aerospace & defense)		6,858		2,609
	The Estee Lauder Cos., Inc. Class “A” (Personal products)		14,904		2,965
	Thermo Fisher Scientific, Inc. (Life sciences tools & services)		10,729		3,125
*	Ulta Salon Cosmetics & Fragrance, Inc. (Specialty retail)		7,188		1,802
	Union Pacific Corporation (Road & rail)		21,563		3,493
	UnitedHealth Group, Inc. (Health care providers & services)		17,282		3,756
	Vail Resorts, Inc. (Hotels, restaurants & leisure)		9,628		2,191
*	Veeva Systems, Inc. Class “A” (Health care technology)		6,352		970
	Zoetis, Inc. (Pharmaceuticals)		24,054		2,997
					86,585
	Europe—19.7%
	Denmark—3.9%
	Chr Hansen Holding A/S (Chemicals)		21,822		1,852
	DSV A/S (Road & rail)		24,076		2,291
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		54,377		2,796
					6,939
	France—3.2%
	Capgemini SE (IT services)		21,434		2,526
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		7,788		3,095
					5,621
	Germany—2.7%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		117,829		2,121

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Germany—2.7%—(continued)
	MTU Aero Engines AG (Aerospace & defense)		9,879	$	2,625
					4,746
	Ireland—2.1%
	Allegion plc (Building products)†		16,203		1,679
	Aptiv plc (Auto components)†		23,234		2,031
					3,710
	Netherlands—1.2%
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		74,242		2,177
	Sweden—3.5%
	Atlas Copco AB Class “A” (Machinery)		84,873		2,614
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		57,326		2,764
	Indutrade AB (Trading companies & distributors)		29,405		824
					6,202
	Switzerland—3.1%
*	Lonza Group AG (Life sciences tools & services)		8,088		2,734
	Partners Group Holding AG (Capital markets)		3,557		2,729
					5,463
	Emerging Asia—9.8%
	China—5.5%
*	Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail)		24,091		4,029
	Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure)		31,124		1,028
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		103,600		1,353
	Tencent Holdings, Ltd. (Interactive Media & Services)		80,000		3,370
					9,780
	India—1.4%
	HDFC Bank, Ltd.—ADR (Banks)		45,010		2,568
	Taiwan—2.9%
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		108,834		5,059
	Asia—7.6%
	Australia—4.5%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		83,164		1,717
	CSL, Ltd. (Biotechnology)		22,195		3,501
	Macquarie Group, Ltd. (Capital markets)		30,628		2,710
					7,928
	Hong Kong—3.1%
	AIA Group, Ltd. (Insurance)		356,200		3,365
	Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		354,000		2,202
					5,567
	Japan—6.9%
	Daikin Industries, Ltd. (Building products)		23,700		3,108
	Keyence Corporation (Electronic equipment, instruments & components)		4,900		3,032

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Japan—6.9%—(continued)
	MISUMI Group, Inc. (Machinery)		29,500	$	694
	Nihon M&A Center, Inc. (Professional services)		63,800		1,794
	Nissan Chemical Corp. (Chemicals)		16,500		686
	SMC Corporation (Machinery)		3,000		1,279
	ZOZO Inc. (Internet & direct marketing retail)		70,400		1,622
					12,215
	United Kingdom—3.2%
	Compass Group plc (Hotels, restaurants & leisure)		127,320		3,276
	Fevertree Drinks plc (Beverages)		28,603		852
	Victrex plc (Chemicals)		54,713		1,452
					5,580
	Emerging Latin America—0.6%
	Argentina—0.6%
*	Globant S.A. (Software)†		12,114		1,110
	Total Common Stocks—98.5% (cost $132,753)				174,432
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $3,119, collateralized by U.S. Treasury Note, 2.375%, due 5/15/27	$	3,119		3,119
	Total Repurchase Agreement—1.8% (cost $3,119)				3,119
	Total Investments—100.3% (cost $135,872)				177,551
	Liabilities, plus cash and other assets—(0.3)%				(548	)
	Net assets—100.0%			$	177,003

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

† = U.S. listed foreign security

* = Non-income producing security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	20.4	%
Industrials	18.3	%
Consumer Discretionary	17.9	%
Health Care	14.1	%
Financials	13.9	%
Communication Services	6.9	%
Materials	2.3	%
Consumer Staples	2.2	%
Utilities	1.7	%
Energy	1.2	%
Real Estate	1.1	%
Total	100.0	%

At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

U.S. Dollar	61.5	%
Euro	7.2	%
Japanese Yen	7.0	%
Hong Kong Dollar	5.9	%
Australian Dollar	4.5	%
Danish Krone	4.0	%
Swedish Krona	3.6	%
British Pound Sterling	3.2	%
Swiss Franc	3.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—42.8%
	Denmark—5.9%
	Coloplast A/S Class “B” (Health care equipment & supplies)		89,797	$	10,815
	DSV A/S (Road & rail)		47,429		4,513
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		166,217		8,545
	Orsted A/S (Electric utilities)		111,699		10,381
					34,254
	Finland—0.5%
	Neste Oyj (Oil, gas & consumable fuels)		78,416		2,596
	France—9.2%
	Airbus SE (Aerospace & defense)		101,175		13,145
	Capgemini SE (IT services)		88,569		10,435
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		36,713		14,592
	Safran S.A. (Aerospace & defense)		95,803		15,083
					53,255
	Germany—4.3%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		454,333		8,177
	Rational AG (Machinery)		9,414		6,752
	SAP SE (Software)		84,905		9,983
					24,912
	Ireland—1.6%
	Kingspan Group plc (Building products)		191,889		9,370
	Israel—1.5%
*	Check Point Software Technologies, Ltd. (Software)†		80,013		8,761
	Italy—0.6%
	Ferrari N.V. (Automobiles)		20,675		3,190
	Luxembourg—0.6%
	Tenaris S.A. (Energy equipment & services)		339,135		3,598
	Netherlands—5.0%
*	Adyen N.V. (IT services)		9,249		6,093
	Koninklijke Philips N.V. (Health care equipment & supplies)		284,929		13,199
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		317,286		9,302
					28,594
	Spain—3.4%
	ACS Actividades de Construccion y Servicios S.A. (Construction & engineering)		232,560		9,292
	Amadeus IT Group S.A. (IT services)		143,800		10,301
					19,593
	Sweden—3.1%
	Atlas Copco AB Class “A” (Machinery)		337,248		10,388
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		159,179		7,674
					18,062
	Switzerland—7.1%
*	Lonza Group AG (Life sciences tools & services)		39,622		13,395

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—42.8%—(continued)
	Partners Group Holding AG (Capital markets)		12,633	$	9,693
	Sika AG (Chemicals)		50,639		7,408
*	Temenos AG (Software)		63,185		10,572
					41,068
	Emerging Asia—12.4%
	China—8.4%
*	Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail)		93,498		15,636
	China Merchants Bank Co., Ltd. Class “H” (Banks)		2,405,500		11,448
	NetEase, Inc.—ADR (Entertainment)		33,289		8,861
	Tencent Holdings, Ltd. (Interactive Media & Services)		294,500		12,407
					48,352
	India—1.4%
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		296,851		8,281
	Taiwan—2.6%
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		1,746,000		15,308
	United Kingdom—12.4%
	Abcam plc (Biotechnology)		143,329		2,018
	Compass Group plc (Hotels, restaurants & leisure)		411,416		10,588
	Diageo plc (Beverages)		244,577		10,023
	Experian plc (Professional services)		411,328		13,144
	London Stock Exchange Group plc (Capital markets)		123,262		11,076
	RELX plc (Professional services)		477,880		11,355
	Segro plc (Equity REIT)		913,498		9,107
	St James’s Place plc (Capital markets)		351,387		4,231
					71,542
	Japan—11.0%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		115,100		3,020
	Daikin Industries, Ltd. (Building products)		73,100		9,587
	Hoya Corporation (Health care equipment & supplies)		108,400		8,841
	Keyence Corporation (Electronic equipment, instruments & components)		23,800		14,726
	Nitori Holdings Co., Ltd. (Specialty retail)		54,200		7,925
	Shiseido Co., Ltd. (Personal products)		140,400		11,205
	SMC Corporation (Machinery)		18,800		8,015
					63,319
	Asia—9.1%
	Australia—5.0%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		294,035		6,073
	CSL, Ltd. (Biotechnology)		69,790		11,008
	Macquarie Group, Ltd. (Capital markets)		132,453		11,718
					28,799
	Hong Kong—4.1%
	AIA Group, Ltd. (Insurance)		1,789,200		16,904
	Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		1,125,000		6,998
					23,902

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Canada—8.3%
Brookfield Asset Management, Inc. Class “A” (Capital markets)†		257,888	$	13,691
Canadian National Railway Co. (Road & rail)		162,564		14,597
Dollarama, Inc. (Multiline retail)		196,171		7,023
The Toronto-Dominion Bank (Banks)		218,578		12,745
				48,056
Total Common Stocks—96.0% (cost $462,483)				554,812
Repurchase Agreement
Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $42,288, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27	$	42,288		42,288
Total Repurchase Agreement—7.3% (cost $42,288)				42,288
Total Investments—103.3% (cost $504,771)				597,100
Liabilities, plus cash and other assets—(3.3)%				(19,060	)
Net assets—100.0%			$	578,040

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Industrials	22.6	%
Information Technology	18.4	%
Financials	18.0	%
Consumer Discretionary	13.0	%
Health Care	12.8	%
Communication Services	3.8	%
Consumer Staples	3.8	%
Energy	2.8	%
Utilities	1.9	%
Real Estate	1.6	%
Materials	1.3	%
Total	100.0	%

At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Euro	26.1	%
British Pound Sterling	12.9	%
Japanese Yen	11.4	%
Hong Kong Dollar	8.6	%
U.S. Dollar	8.5	%
Swiss Franc	7.4	%
Canadian Dollar	6.2	%
Danish Krone	6.2	%
Australian Dollar	5.2	%
Swedish Krona	3.2	%
New Taiwan Dollar	2.8	%
Indian Rupee	1.5	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—43.4%
	Belgium—0.3%
	Melexis N.V. (Semiconductors & semiconductor equipment)		37,905	$	2,626
	Warehouses De Pauw CVA (Equity REIT)		23,855		4,378
					7,004
	Denmark—4.6%
	Chr Hansen Holding A/S (Chemicals)		93,905		7,970
	Coloplast A/S Class “B” (Health care equipment & supplies)		118,385		14,258
	DSV A/S (Road & rail)		194,912		18,547
*	Genmab A/S (Biotechnology)		58,638		11,903
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		311,161		15,996
	Orsted A/S (Electric utilities)		186,911		17,371
	Royal Unibrew A/S (Beverages)		54,329		4,480
	Tryg A/S (Insurance)		103,074		2,954
					93,479
	Finland—0.8%
	Neste Oyj (Oil, gas & consumable fuels)		493,307		16,329
	France—10.8%
	Airbus SE (Aerospace & defense)		267,329		34,732
	Alten S.A. (IT services)		32,121		3,669
	Capgemini SE (IT services)		174,294		20,536
	Dassault Systemes SE (Software)		108,017		15,394
	Hermes International (Textiles, apparel & luxury goods)		11,287		7,800
	Ipsen S.A. (Pharmaceuticals)		34,277		3,254
	Kering S.A. (Textiles, apparel & luxury goods)		33,693		17,170
	L’Oreal S.A. (Personal products)		74,205		20,778
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		69,535		27,637
	Orpea (Health care providers & services)		48,870		5,971
	Rubis SCA (Gas utilities)		67,439		3,918
	Safran S.A. (Aerospace & defense)		179,569		28,272
	Teleperformance (Professional services)		48,270		10,464
	Thales S.A. (Aerospace & defense)		133,124		15,308
*	Worldline S.A. (IT services)		51,775		3,267
					218,170
	Germany—4.8%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		52,096		5,940
	GRENKE AG (Diversified financial services)		38,081		3,138
	KION Group AG (Machinery)		56,348		2,963
	MTU Aero Engines AG (Aerospace & defense)		89,291		23,727
	Puma SE (Textiles, apparel & luxury goods)		94,532		7,316
*	QIAGEN N.V. (Life sciences tools & services)†		288,274		9,504
	SAP SE (Software)		169,519		19,933
*	TeamViewer AG (Software)		111,286		2,995
	Vonovia SE (Real estate management & development)		442,581		22,455
					97,971
	Ireland—1.7%
*	ICON plc (Life sciences tools & services)†		78,376		11,548
	Kerry Group plc Class “A” (Food products)		104,463		12,217

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—43.4%—(continued)
	Kingspan Group plc (Building products)		210,811	$	10,294
					34,059
	Israel—1.1%
*	Check Point Software Technologies, Ltd. (Software)†		128,811		14,105
*	CyberArk Software, Ltd. (Software)†		23,898		2,385
*	Wix.com, Ltd. (IT services)†		45,477		5,309
					21,799
	Italy—2.0%
	Amplifon SpA (Health care providers & services)		175,956		4,315
	Banca Generali SpA (Capital markets)		157,173		4,848
	Enel SpA (Electric utilities)		1,476,169		11,023
	Ferrari N.V. (Automobiles)		67,320		10,386
	Interpump Group SpA (Machinery)		108,395		3,426
	Moncler SpA (Textiles, apparel & luxury goods)		94,287		3,361
	Technogym SpA (Leisure products)		259,544		2,886
					40,245
	Luxembourg—0.2%
	Tenaris S.A. (Energy equipment & services)		418,212		4,437
	Netherlands—5.5%
*	Adyen N.V. (IT services)		14,789		9,743
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		140,817		34,879
	Euronext N.V. (Capital markets)		55,004		4,499
	Koninklijke Philips N.V. (Health care equipment & supplies)		474,661		21,988
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		809,572		23,736
	Wolters Kluwer N.V. (Professional services)		229,563		16,759
					111,604
	Spain—1.8%
	ACS Actividades de Construccion y Servicios S.A. (Construction & engineering)		298,694		11,935
	Amadeus IT Group S.A. (IT services)		336,463		24,101
					36,036
	Sweden—3.1%
	Atlas Copco AB Class “A” (Machinery)		793,669		24,445
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		219,507		4,317
	Fabege AB (Real estate management & development)		282,411		4,653
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		264,336		12,744
	Indutrade AB (Trading companies & distributors)		130,367		3,655
	Lifco AB Class “B” (Industrial conglomerates)		77,289		3,645
	Nibe Industrier AB Class “B” (Building products)		239,817		3,042
	Nolato AB Class “B” (Industrial conglomerates)		68,354		3,649
	Vitrolife AB (Biotechnology)		126,687		2,072
					62,222
	Switzerland—6.7%
*	Alcon, Inc. (Health care equipment & supplies)		158,658		9,252
	Belimo Holding AG (Building products)		453		2,492
	Logitech International S.A. (Technology hardware, storage & peripherals)		165,885		6,728
*	Lonza Group AG (Life sciences tools & services)		93,394		31,573
	Novartis AG (Pharmaceuticals)		299,213		25,944

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—43.4%—(continued)
	Partners Group Holding AG (Capital markets)		21,745	$	16,685
	Sika AG (Chemicals)		141,638		20,720
	Tecan Group AG (Life sciences tools & services)		12,427		2,968
*	Temenos AG (Software)		85,084		14,237
*	VAT Group AG (Machinery)		32,802		4,136
					134,735
	Emerging Asia—16.4%
	China—9.7%
*	Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail)		227,989		38,127
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		2,804,700		4,958
*	China Mengniu Dairy Co., Ltd. (Food products)		1,797,000		6,729
	China Merchants Bank Co., Ltd. Class “H” (Banks)		4,596,500		21,875
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		1,609,000		4,640
	Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure)		120,153		3,968
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		65,953		10,625
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		3,657,000		10,498
	NetEase, Inc.—ADR (Entertainment)		55,982		14,901
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		2,516,000		28,907
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		568,000		7,421
	Tencent Holdings, Ltd. (Interactive Media & Services)		937,700		39,505
*	Tencent Music Entertainment Group—ADR (Entertainment)		204,602		2,613
	Vitasoy International Holdings, Ltd. (Food products)		578,000		2,341
					197,108
	India—1.8%
	HDFC Bank, Ltd. (Banks)		596,906		10,339
	Hexaware Technologies, Ltd. (IT services)		517,962		2,789
	Hindustan Unilever, Ltd. (Household products)		264,008		7,395
	Maruti Suzuki India, Ltd. (Automobiles)		63,704		6,023
	Pidilite Industries, Ltd. (Chemicals)		197,382		4,016
	Titan Co., Ltd. (Textiles, apparel & luxury goods)		281,113		5,057
					35,619
	Indonesia—1.1%
	PT Bank Central Asia Tbk (Banks)		10,880,400		23,263
	South Korea—0.6%
	Kakao Corporation (Interactive Media & Services)		36,979		4,189
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		37,345		6,962
					11,151
	Taiwan—2.8%
	Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods)		253,000		3,393
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		323,000		3,269
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,017,000		12,096
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		809,342		37,618
					56,376
	Thailand—0.4%
	Airports of Thailand PCL (Transportation infrastructure)		1,766,100		4,316

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—16.4%—(continued)
Tisco Financial Group PCL (Banks)		1,374,600	$	4,607
				8,923
United Kingdom—13.8%
3i Group plc (Capital markets)		665,582		9,546
Abcam plc (Biotechnology)		169,511		2,386
Avast plc (Software)		1,138,958		5,434
AVEVA Group plc (Software)		130,292		5,927
Beazley plc (Insurance)		672,558		5,144
Big Yellow Group plc (Equity REIT)		327,828		4,188
Burford Capital, Ltd. (Capital markets)		122,904		1,245
Close Brothers Group plc (Capital markets)		131,931		2,286
Compass Group plc (Hotels, restaurants & leisure)		1,108,927		28,538
Croda International plc (Chemicals)		135,609		8,103
Diageo plc (Beverages)		610,380		25,014
Experian plc (Professional services)		784,872		25,081
Fevertree Drinks plc (Beverages)		120,863		3,601
Greggs plc (Hotels, restaurants & leisure)		301,438		7,746
Halma plc (Electronic equipment, instruments & components)		449,036		10,882
Hiscox, Ltd. (Insurance)		407,139		8,310
Intermediate Capital Group plc (Capital markets)		378,511		6,772
Intertek Group plc (Professional services)		89,112		6,002
London Stock Exchange Group plc (Capital markets)		221,352		19,890
Melrose Industries plc (Electrical equipment)		3,423,852		8,487
RELX plc (Professional services)		697,299		16,569
Renishaw plc (Electronic equipment, instruments & components)		57,342		2,583
Rentokil Initial plc (Commercial services & supplies)		2,147,769		12,354
Rotork plc (Machinery)		1,208,272		4,628
Segro plc (Equity REIT)		1,303,926		12,999
Softcat plc (IT services)		260,585		3,210
Spirax-Sarco Engineering plc (Machinery)		79,239		7,643
SSP Group plc (Hotels, restaurants & leisure)		480,324		3,662
St James’s Place plc (Capital markets)		686,285		8,264
The Weir Group plc (Machinery)		243,352		4,265
Victrex plc (Chemicals)		180,846		4,798
WH Smith plc (Specialty retail)		176,073		4,302
				279,859
Japan—11.7%
Asahi Intecc Co., Ltd. (Health care equipment & supplies)		355,900		9,338
Benefit One, Inc. (Professional services)		240,900		4,550
Daikin Industries, Ltd. (Building products)		154,400		20,249
Digital Arts, Inc. (Software)		40,000		2,641
GMO Payment Gateway, Inc. (IT services)		61,600		4,119
Harmonic Drive Systems, Inc. (Machinery)		102,100		4,438
Hoya Corporation (Health care equipment & supplies)		286,200		23,343
Keyence Corporation (Electronic equipment, instruments & components)		52,300		32,360
MISUMI Group, Inc. (Machinery)		261,900		6,160
MonotaRO Co., Ltd. (Trading companies & distributors)		165,100		4,315
Nihon M&A Center, Inc. (Professional services)		195,800		5,505
Nitori Holdings Co., Ltd. (Specialty retail)		41,200		6,024
Nomura Research Institute, Ltd. (IT services)		462,400		9,199
Sankyu, Inc. (Road & rail)		72,620		3,768
Shimadzu Corporation (Electronic equipment, instruments & components)		206,100		5,200

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—11.7%—(continued)
	Shiseido Co., Ltd. (Personal products)		279,500	$	22,306
	SMC Corporation (Machinery)		47,100		20,081
	TechnoPro Holdings, Inc. (Professional services)		89,700		5,309
	Terumo Corporation (Health care equipment & supplies)		640,800		20,624
	TIS, Inc. (IT services)		144,700		8,337
	Yakult Honsha Co., Ltd. (Food products)		156,200		8,726
	Zenkoku Hosho Co., Ltd. (Diversified financial services)		89,900		3,496
	ZOZO Inc. (Internet & direct marketing retail)		268,400		6,186
					236,274
	Canada—5.6%
	Alimentation Couche-Tard, Inc. Class “B” (Food & staples retailing)		510,758		15,652
	Brookfield Asset Management, Inc. Class “A” (Capital markets)†		525,092		27,877
	Canadian National Railway Co. (Road & rail)		264,804		23,777
	Canadian Pacific Railway, Ltd. (Road & rail)†		73,453		16,341
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		46,755		9,002
	The Toronto-Dominion Bank (Banks)		336,920		19,645
					112,294
	Asia—5.0%
	Australia—2.7%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		401,705		8,297
	CSL, Ltd. (Biotechnology)		131,572		20,753
	Goodman Group (Equity REIT)		819,624		7,844
	Macquarie Group, Ltd. (Capital markets)		190,460		16,850
					53,744
	Hong Kong—2.2%
	AIA Group, Ltd. (Insurance)		3,754,600		35,473
	Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		1,582,000		9,840
					45,313
	New Zealand—0.1%
	Auckland International Airport, Ltd. (Transportation infrastructure)		489,626		2,806
	Emerging Latin America—2.7%
	Argentina—0.2%
*	Globant S.A. (Software)†		39,012		3,573
	Brazil—1.7%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		863,500		9,067
	IRB Brasil Resseguros S.A. (Insurance)		665,100		6,028
	Localiza Rent a Car S.A. (Road & rail)		421,600		4,613
	Lojas Renner S.A. (Multiline retail)		346,600		4,210
	Magazine Luiza S.A. (Multiline retail)		597,000		5,322
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		456,300		5,958
					35,198
	Mexico—0.2%
	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		23,789		3,628

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—2.7%—(continued)
	Peru—0.6%
	Credicorp, Ltd. (Banks)†		58,862	$	12,269
	Emerging Europe, Mid-East, Africa—1.2%
	Russia—0.4%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		229,367		8,030
	South Africa—0.6%
	Bid Corporation, Ltd. (Food & staples retailing)		152,003		3,232
	Mr. Price Group, Ltd. (Specialty retail)		204,113		2,133
	RMB Holdings, Ltd. (Diversified financial services)		951,438		4,718
	Bidvest Group, Ltd. (Industrial conglomerates)		152,003		1,915
					11,998
	United Arab Emirates—0.2%
	First Abu Dhabi Bank PJSC (Banks)		1,202,137		4,923
	Total Common Stocks—99.8% (cost $1,668,807)				2,020,439
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $4,181, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27	$	4,181		4,181
	Total Repurchase Agreement—0.2% (cost $4,181)				4,181
	Total Investments—100.0% (cost $1,672,988)				2,024,620
	Liabilities, plus cash and other assets—0.0%				(769	)
	Net assets—100.0%			$	2,023,851

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	22.1	%
Information Technology	17.3	%
Financials	16.0	%
Health Care	12.8	%
Consumer Discretionary	12.4	%
Consumer Staples	7.1	%
Communication Services	3.4	%
Real Estate	2.8	%
Materials	2.3	%
Energy	2.2	%
Utilities	1.6	%
Total	100.0	%
At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	27.0	%
British Pound Sterling	13.8	%
Japanese Yen	11.7	%
U.S. Dollar	10.9	%
Hong Kong Dollar	8.3	%
Swiss Franc	6.7	%
Danish Krone	4.6	%
Swedish Krona	3.1	%
Canadian Dollar	2.9	%
Australian Dollar	2.7	%
Indian Rupee	1.8	%
Brazilian Real	1.7	%
Indonesian Rupiah	1.1	%
All Other Currencies	3.7	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—43.0%
	Belgium—0.3%
	Melexis N.V. (Semiconductors & semiconductor equipment)		32,297	$	2,237
	Warehouses De Pauw CVA (Equity REIT)		20,325		3,731
					5,968
	Denmark—4.6%
	Chr Hansen Holding A/S (Chemicals)		80,011		6,791
	Coloplast A/S Class “B” (Health care equipment & supplies)		100,869		12,148
	DSV A/S (Road & rail)		166,074		15,803
*	Genmab A/S (Biotechnology)		49,962		10,142
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		265,123		13,630
	Orsted A/S (Electric utilities)		159,257		14,800
	Royal Unibrew A/S (Beverages)		46,291		3,817
	Tryg A/S (Insurance)		87,824		2,517
					79,648
	Finland—0.8%
	Neste Oyj (Oil, gas & consumable fuels)		420,320		13,913
	France—10.7%
	Airbus SE (Aerospace & defense)		227,777		29,593
	Alten S.A. (IT services)		27,369		3,126
	Capgemini SE (IT services)		148,506		17,497
	Dassault Systemes SE (Software)		92,035		13,116
	Hermes International (Textiles, apparel & luxury goods)		9,617		6,646
	Ipsen S.A. (Pharmaceuticals)		29,205		2,772
	Kering S.A. (Textiles, apparel & luxury goods)		28,708		14,630
	L’Oreal S.A. (Personal products)		63,226		17,704
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		59,247		23,548
	Orpea (Health care providers & services)		41,639		5,088
	Rubis SCA (Gas utilities)		57,461		3,338
	Safran S.A. (Aerospace & defense)		153,001		24,089
	Teleperformance (Professional services)		41,128		8,916
	Thales S.A. (Aerospace & defense)		113,428		13,043
*	Worldline S.A. (IT services)		44,115		2,784
					185,890
	Germany—4.8%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		44,388		5,061
	GRENKE AG (Diversified financial services)		32,447		2,674
	KION Group AG (Machinery)		48,011		2,525
	MTU Aero Engines AG (Aerospace & defense)		76,080		20,217
	Puma SE (Textiles, apparel & luxury goods)		80,546		6,233
*	QIAGEN N.V. (Life sciences tools & services)†		245,623		8,098
	SAP SE (Software)		144,438		16,983
	TeamViewer AG (Software)		96,651		2,601
	Vonovia SE (Real estate management & development)		377,099		19,133
					83,525
	Ireland—1.7%
*	ICON plc (Life sciences tools & services)†		66,780		9,839
	Kerry Group plc Class “A” (Food products)		89,008		10,410

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—43.0%—(continued)
	Kingspan Group plc (Building products)		179,621	$	8,771
					29,020
	Israel—1.1%
*	Check Point Software Technologies, Ltd. (Software)†		109,753		12,018
*	CyberArk Software, Ltd. (Software)†		20,362		2,033
*	Wix.com, Ltd. (IT services)†		38,748		4,523
					18,574
	Italy—2.0%
	Amplifon SpA (Health care providers & services)		149,923		3,677
	Banca Generali SpA (Capital markets)		133,919		4,131
	Enel SpA (Electric utilities)		1,257,763		9,392
	Ferrari N.V. (Automobiles)		57,360		8,850
	Interpump Group SpA (Machinery)		92,357		2,919
	Moncler SpA (Textiles, apparel & luxury goods)		80,337		2,863
	Technogym SpA (Leisure products)		221,143		2,458
					34,290
	Luxembourg—0.2%
	Tenaris S.A. (Energy equipment & services)		356,335		3,781
	Netherlands—5.4%
*	Adyen N.V. (IT services)		12,601		8,301
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		119,982		29,719
	Euronext N.V. (Capital markets)		46,866		3,834
	Koninklijke Philips N.V. (Health care equipment & supplies)		404,432		18,734
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		689,792		20,224
	Wolters Kluwer N.V. (Professional services)		195,598		14,280
					95,092
	Spain—1.8%
	ACS Actividades de Construccion y Servicios S.A. (Construction & engineering)		254,501		10,169
	Amadeus IT Group S.A. (IT services)		286,682		20,536
					30,705
	Sweden—3.0%
	Atlas Copco AB Class “A” (Machinery)		676,242		20,829
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		187,030		3,678
	Fabege AB (Real estate management & development)		240,627		3,965
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		225,227		10,859
	Indutrade AB (Trading companies & distributors)		111,079		3,114
	Lifco AB Class “B” (Industrial conglomerates)		65,854		3,105
	Nibe Industrier AB Class “B” (Building products)		204,335		2,592
	Nolato AB Class “B” (Industrial conglomerates)		58,240		3,109
	Vitrolife AB (Biotechnology)		107,943		1,765
					53,016
	Switzerland—6.6%
*	Alcon, Inc. (Health care equipment & supplies)		135,184		7,883
	Belimo Holding AG (Building products)		386		2,123
	Logitech International S.A. (Technology hardware, storage & peripherals)		141,341		5,733
*	Lonza Group AG (Life sciences tools & services)		79,576		26,901
	Novartis AG (Pharmaceuticals)		254,943		22,106

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—43.0%—(continued)
	Partners Group Holding AG (Capital markets)		18,527	$	14,216
	Sika AG (Chemicals)		120,682		17,654
	Tecan Group AG (Life sciences tools & services)		10,589		2,529
*	Temenos AG (Software)		72,496		12,131
*	VAT Group AG (Machinery)		27,949		3,524
					114,800
	Emerging Asia—16.3%
	China—9.7%
*	Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail)		194,257		32,486
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		2,389,800		4,225
*	China Mengniu Dairy Co., Ltd. (Food products)		1,531,000		5,733
	China Merchants Bank Co., Ltd. Class “H” (Banks)		3,916,500		18,639
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		1,371,000		3,953
	Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure)		102,376		3,381
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		56,117		9,041
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		3,116,000		8,945
	NetEase, Inc.—ADR (Entertainment)		47,699		12,697
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		2,143,500		24,627
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		483,900		6,322
	Tencent Holdings, Ltd. (Interactive Media & Services)		798,900		33,657
*	Tencent Music Entertainment Group—ADR (Entertainment)		174,330		2,226
	Vitasoy International Holdings, Ltd. (Food products)		492,000		1,993
					167,925
	India—1.7%
	HDFC Bank, Ltd. (Banks)		508,591		8,809
	Hexaware Technologies, Ltd. (IT services)		441,327		2,376
	Hindustan Unilever, Ltd. (Household products)		224,947		6,301
	Maruti Suzuki India, Ltd. (Automobiles)		54,279		5,132
	Pidilite Industries, Ltd. (Chemicals)		168,179		3,422
	Titan Co., Ltd. (Textiles, apparel & luxury goods)		239,521		4,309
					30,349
	Indonesia—1.1%
	PT Bank Central Asia Tbk (Banks)		9,270,606		19,821
	South Korea—0.6%
	Kakao Corporation (Interactive Media & Services)		31,508		3,569
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		31,820		5,932
					9,501
	Taiwan—2.8%
	Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods)		216,000		2,896
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		275,000		2,783
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		867,000		10,312
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		689,596		32,053
					48,044
	Thailand—0.4%
	Airports of Thailand PCL (Transportation infrastructure)		1,504,800		3,678

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—16.3%—(continued)
Tisco Financial Group PCL (Banks)		1,171,200	$	3,925
				7,603
United Kingdom—13.7%
3i Group plc (Capital markets)		567,106		8,134
Abcam plc (Biotechnology)		144,431		2,033
Avast plc (Software)		970,444		4,630
AVEVA Group plc (Software)		111,014		5,050
Beazley plc (Insurance)		573,050		4,383
Big Yellow Group plc (Equity REIT)		279,325		3,568
Burford Capital, Ltd. (Capital markets)		104,720		1,061
Close Brothers Group plc (Capital markets)		112,411		1,948
Compass Group plc (Hotels, restaurants & leisure)		944,856		24,315
Croda International plc (Chemicals)		115,545		6,905
Diageo plc (Beverages)		520,072		21,313
Experian plc (Professional services)		668,746		21,371
Fevertree Drinks plc (Beverages)		102,981		3,068
Greggs plc (Hotels, restaurants & leisure)		256,839		6,600
Halma plc (Electronic equipment, instruments & components)		382,599		9,272
Hiscox, Ltd. (Insurance)		346,900		7,080
Intermediate Capital Group plc (Capital markets)		322,509		5,770
Intertek Group plc (Professional services)		75,928		5,114
London Stock Exchange Group plc (Capital markets)		188,602		16,947
Melrose Industries plc (Electrical equipment)		2,917,277		7,231
RELX plc (Professional services)		594,131		14,117
Renishaw plc (Electronic equipment, instruments & components)		48,858		2,201
Rentokil Initial plc (Commercial services & supplies)		1,829,997		10,526
Rotork plc (Machinery)		1,029,502		3,943
Segro plc (Equity REIT)		1,111,004		11,076
Softcat plc (IT services)		222,031		2,735
Spirax-Sarco Engineering plc (Machinery)		67,515		6,512
SSP Group plc (Hotels, restaurants & leisure)		409,258		3,120
St James’s Place plc (Capital markets)		584,746		7,042
The Weir Group plc (Machinery)		207,347		3,634
Victrex plc (Chemicals)		154,089		4,089
WH Smith plc (Specialty retail)		150,022		3,665
				238,453
Japan—11.5%
Asahi Intecc Co., Ltd. (Health care equipment & supplies)		303,300		7,958
Benefit One, Inc. (Professional services)		205,300		3,877
Daikin Industries, Ltd. (Building products)		131,600		17,259
Digital Arts, Inc. (Software)		34,100		2,252
GMO Payment Gateway, Inc. (IT services)		52,500		3,511
Harmonic Drive Systems, Inc. (Machinery)		87,000		3,782
Hoya Corporation (Health care equipment & supplies)		243,900		19,893
Keyence Corporation (Electronic equipment, instruments & components)		44,500		27,533
MISUMI Group, Inc. (Machinery)		223,100		5,247
MonotaRO Co., Ltd. (Trading companies & distributors)		140,700		3,677
Nihon M&A Center, Inc. (Professional services)		166,800		4,690
Nitori Holdings Co., Ltd. (Specialty retail)		35,100		5,132
Nomura Research Institute, Ltd. (IT services)		394,000		7,838
Sankyu, Inc. (Road & rail)		61,860		3,210
Shimadzu Corporation (Electronic equipment, instruments & components)		175,600		4,430

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—11.5%—(continued)
	Shiseido Co., Ltd. (Personal products)		238,100	$	19,002
	SMC Corporation (Machinery)		40,100		17,097
	TechnoPro Holdings, Inc. (Professional services)		76,400		4,522
	Terumo Corporation (Health care equipment & supplies)		546,000		17,573
	TIS, Inc. (IT services)		123,300		7,104
	Yakult Honsha Co., Ltd. (Food products)		133,100		7,435
	Zenkoku Hosho Co., Ltd. (Diversified financial services)		76,600		2,979
	ZOZO Inc. (Internet & direct marketing retail)		228,700		5,271
					201,272
	Canada—5.5%
	Alimentation Couche-Tard, Inc. Class “B” (Food & staples retailing)		435,190		13,336
	Brookfield Asset Management, Inc. Class “A” (Capital markets)†		447,402		23,752
	Canadian National Railway Co. (Road & rail)		225,625		20,259
	Canadian Pacific Railway, Ltd. (Road & rail)†		62,585		13,923
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		39,838		7,670
	The Toronto-Dominion Bank (Banks)		287,071		16,739
					95,679
	Asia—5.0%
	Australia—2.6%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		342,271		7,069
	CSL, Ltd. (Biotechnology)		112,106		17,682
	Goodman Group (Equity REIT)		698,357		6,684
	Macquarie Group, Ltd. (Capital markets)		162,281		14,358
					45,793
	Hong Kong—2.2%
	AIA Group, Ltd. (Insurance)		3,199,263		30,226
	Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		1,348,000		8,385
					38,611
	New Zealand—0.2%
	Auckland International Airport, Ltd. (Transportation infrastructure)		417,183		2,390
	Emerging Latin America—2.7%
	Argentina—0.2%
*	Globant S.A. (Software)†		33,240		3,044
	Brazil—1.7%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		735,700		7,725
	IRB Brasil Resseguros S.A. (Insurance)		566,700		5,137
	Localiza Rent a Car S.A. (Road & rail)		359,200		3,930
	Lojas Renner S.A. (Multiline retail)		295,360		3,588
	Magazine Luiza S.A. (Multiline retail)		508,700		4,535
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		388,800		5,076
					29,991
	Mexico—0.2%
	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		20,270		3,091

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—2.7%—(continued)
	Peru—0.6%
	Credicorp, Ltd. (Banks)†		50,153	$	10,454
	Emerging Europe, Mid-East, Africa—1.2%
	Russia—0.4%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		195,431		6,842
	South Africa—0.6%
	Bid Corporation, Ltd. (Food & staples retailing)		129,513		2,754
	Bidvest Group, Ltd. (Industrial conglomerates)		129,513		1,632
	Mr. Price Group, Ltd. (Specialty retail)		173,913		1,817
	RMB Holdings, Ltd. (Diversified financial services)		810,668		4,020
					10,223
	United Arab Emirates—0.2%
	First Abu Dhabi Bank PJSC (Banks)		1,024,276		4,194
	Total Common Stocks—98.9% (cost $1,432,725)				1,721,502
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $13,318, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27	$	13,318		13,318
	Total Repurchase Agreement—0.7% (cost $13,318)				13,318
	Total Investments—99.6% (cost $1,446,043)				1,734,820
	Cash and other assets, less liabilities—0.4%				6,129
	Net assets—100.0%			$	1,740,949

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Industrials	22.1	%
Information Technology	17.3	%
Financials	16.0	%
Health Care	12.8	%
Consumer Discretionary	12.4	%
Consumer Staples	7.1	%
Communication Services	3.4	%
Real Estate	2.8	%
Materials	2.3	%
Energy	2.2	%
Utilities	1.6	%
Total	100.0	%

At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Euro	27.0	%
British Pound Sterling	13.8	%
Japanese Yen	11.7	%
U.S. Dollar	10.9	%
Hong Kong Dollar	8.3	%
Swiss Franc	6.7	%
Danish Krone	4.6	%
Swedish Krona	3.1	%
Canadian Dollar	2.9	%
Australian Dollar	2.7	%
Indian Rupee	1.8	%
Brazilian Real	1.7	%
Indonesian Rupiah	1.1	%
All Other Currencies	3.7	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—36.4%
	Belgium—2.1%
	Melexis N.V. (Semiconductors & semiconductor equipment)		31,582	$	2,188
	Warehouses De Pauw CVA (Equity REIT)		20,077		3,685
					5,873
	Denmark—3.1%
*	Netcompany Group A/S (Software)		81,956		3,269
	Royal Unibrew A/S (Beverages)		43,014		3,547
	Tryg A/S (Insurance)		62,099		1,779
					8,595
	Foroe Islands—1.2%
	Bakkafrost P/F (Food products)		55,111		3,253
	France—5.7%
	Alten S.A. (IT services)		34,240		3,911
	Ipsen S.A. (Pharmaceuticals)		22,152		2,103
	Nexity S.A. (Real estate management & development)		59,461		2,831
	Rubis SCA (Gas utilities)		62,149		3,610
*	Worldline S.A. (IT services)		54,281		3,426
					15,881
	Germany—3.6%
	AURELIUS Equity Opportunities SE & Co KGaA (Capital markets)		29,114		1,201
	Carl Zeiss Meditec AG (Health care equipment & supplies)		30,019		3,422
	CTS Eventim AG & Co. KGaA (Entertainment)		29,738		1,676
	GRENKE AG (Diversified financial services)		12,944		1,067
	Norma Group SE (Machinery)		40,485		1,404
	TeamViewer AG (Software)		45,294		1,219
					9,989
	Israel—2.5%
*	CyberArk Software, Ltd. (Software)†		13,056		1,303
	Elbit Systems, Ltd. (Aerospace & defense)		14,220		2,356
	Mizrahi Tefahot Bank, Ltd. (Banks)		79,913		1,986
*	Wix.com, Ltd. (IT services)†		11,842		1,383
					7,028
	Italy—1.8%
	Amplifon SpA (Health care providers & services)		117,642		2,885
	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		45,932		1,431
	Technogym SpA (Leisure products)		69,991		778
					5,094
	Jersey—0.7%
	Sanne Group plc (Capital markets)		271,639		1,813
	Netherlands—2.9%
*	Basic-Fit N.V. (Hotels, restaurants & leisure)		57,855		1,813
	Euronext N.V. (Capital markets)		77,039		6,302
					8,115

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—36.4%—(continued)
	Spain—0.5%
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		129,025	$	1,391
	Sweden—8.6%
	AddTech AB Class “B” (Trading companies & distributors)		48,042		1,249
	Beijer Ref AB (Trading companies & distributors)		98,470		2,239
	Biotage AB (Life sciences tools & services)		62,953		654
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		221,415		4,354
	Indutrade AB (Trading companies & distributors)		175,294		4,915
	Lifco AB Class “B” (Industrial conglomerates)		43,457		2,049
	MIPS AB (Leisure products)		60,123		1,020
	Nibe Industrier AB Class “B” (Building products)		149,461		1,896
	Nolato AB Class “B” (Industrial conglomerates)		37,089		1,980
	Thule Group AB (Leisure products)		96,399		1,825
	Vitrolife AB (Biotechnology)		95,613		1,564
					23,745
	Switzerland—3.7%
*	Galenica AG (Pharmaceuticals)		47,051		2,701
	Kardex AG (Machinery)		15,125		2,088
	Tecan Group AG (Life sciences tools & services)		13,913		3,324
*	VAT Group AG (Machinery)		16,417		2,070
					10,183
	Japan—18.8%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		141,600		3,715
	Benefit One, Inc. (Professional services)		130,100		2,457
	Digital Arts, Inc. (Software)		23,000		1,519
	GMO Payment Gateway, Inc. (IT services)		30,100		2,013
	Harmonic Drive Systems, Inc. (Machinery)		64,700		2,812
	Kose Corporation (Personal products)		9,400		1,586
	Matsumotokiyoshi Holdings Co., Ltd. (Food & staples retailing)		108,900		3,983
	Meitec Corporation (Professional services)		32,700		1,600
	MonotaRO Co., Ltd. (Trading companies & distributors)		61,500		1,607
	Nihon M&A Center, Inc. (Professional services)		152,800		4,296
	Nihon Unisys, Ltd. (IT services)		149,500		4,812
	NS Solutions Corporation (IT services)		81,000		2,641
	PALTAC Corporation (Distributors)		50,800		2,481
	Park24 Co., Ltd. (Commercial services & supplies)		75,800		1,758
	Sankyu, Inc. (Road & rail)		29,620		1,537
	SMS Co., Ltd. (Professional services)		30,200		734
	Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)		22,400		1,506
	TechnoPro Holdings, Inc. (Professional services)		43,300		2,563
	TIS, Inc. (IT services)		85,800		4,944
	Tokyo Century Corporation (Diversified financial services)		68,300		3,155
	United Arrows, Ltd. (Specialty retail)		13,200		386
					52,105
	United Kingdom—17.9%
	Abcam plc (Biotechnology)		170,858		2,405
	Avast plc (Software)		801,664		3,824
	AVEVA Group plc (Software)		77,370		3,520
	Beazley plc (Insurance)		688,250		5,264

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—17.9%—(continued)
	Big Yellow Group plc (Equity REIT)		154,312	$	1,971
	Burford Capital, Ltd. (Capital markets)		92,382		936
	Diploma plc (Trading companies & distributors)		203,916		4,170
	Electrocomponents plc (Electronic equipment, instruments & components)		395,698		3,132
	Fevertree Drinks plc (Beverages)		96,051		2,862
	Hill & Smith Holdings plc (Metals & mining)		104,811		1,611
	Intermediate Capital Group plc (Capital markets)		146,047		2,613
	Renishaw plc (Electronic equipment, instruments & components)		24,404		1,099
	Rotork plc (Machinery)		558,115		2,138
	Safestore Holdings plc (Equity REIT)		83,760		688
	Scapa Group plc (Chemicals)		263,177		696
	Softcat plc (IT services)		178,975		2,205
	SSP Group plc (Hotels, restaurants & leisure)		426,731		3,253
	The UNITE Group plc (Equity REIT)		307,611		4,130
	Victrex plc (Chemicals)		63,792		1,693
	Workspace Group plc (Equity REIT)		111,956		1,325
					49,535
	Emerging Asia—10.2%
	Cambodia—1.0%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		1,708,000		2,672
	China—4.3%
	Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure)		85,503		2,823
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		2,168,000		6,224
	Silergy Corporation (Semiconductors & semiconductor equipment)		80,000		1,983
	Travelsky Technology, Ltd. Class “H” (IT services)		499,000		1,036
					12,066
	India—1.0%
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		517,962		1,868
	RBL Bank, Ltd. (Banks)		181,471		843
					2,711
	Taiwan—2.9%
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		26,000		661
	Chailease Holding Co., Ltd. (Diversified financial services)		335,736		1,353
	Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods)		193,000		2,588
	Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods)		260,400		1,867
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		146,000		1,478
					7,947
	Thailand—1.0%
	Tisco Financial Group PCL (Banks)		823,800		2,761
	Emerging Latin America—5.6%
	Argentina—1.5%
*	Globant S.A. (Software)†		46,667		4,274
	Brazil—2.3%
	CVC Brasil Operadora e Agencia de Viagens S.A. (Hotels, restaurants & leisure)		219,600		2,952
	IRB Brasil Resseguros S.A. (Insurance)		164,400		1,490

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—5.6%—(continued)
	Localiza Rent a Car S.A. (Road & rail)		185,585	$	2,030
					6,472
	Mexico—1.8%
	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)		395,200		2,352
	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		16,717		2,549
					4,901
	Asia—4.6%
	Australia—1.3%
	Corporate Travel Management, Ltd. (Hotels, restaurants & leisure)		105,083		1,339
	Orora, Ltd. (Containers & packaging)		1,225,369		2,390
					3,729
	Hong Kong—0.6%
	MGM China Holdings, Ltd. (Hotels, restaurants & leisure)		1,068,800		1,666
	New Zealand—2.7%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		201,805		2,186
	Ryman Healthcare, Ltd. (Health care providers & services)		314,949		2,621
	Spark New Zealand, Ltd. (Diversified telecommunication services)		949,935		2,624
					7,431
	Canada—3.4%
	Enghouse Systems, Ltd. (Software)		49,357		1,360
*	Kinaxis, Inc. (Software)		34,165		2,224
	Parkland Fuel Corporation (Oil, gas & consumable fuels)		107,580		3,450
	Toromont Industries, Ltd. (Trading companies & distributors)		50,785		2,453
					9,487
	Emerging Europe, Mid-East, Africa—2.5%
	South Africa—2.0%
	AVI, Ltd. (Food products)		218,236		1,186
	Bidvest Group, Ltd. (Industrial conglomerates)		147,418		1,857
	Clicks Group, Ltd. (Food & staples retailing)		182,059		2,584
					5,627
	United Arab Emirates—0.5%
*	Network International Holdings plc (IT services)		187,986		1,237
	Total Common Stocks—99.4% (cost $246,282)				275,581
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $617, collateralized by U.S. Treasury Note, 2.375%, due 5/15/29	$	617		617
	Total Repurchase Agreement—0.2% (cost $617)				617

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Total Investments—99.6% (cost $246,899)	$	276,198
Cash and other assets, less liabilities—0.4%		1,042
Net assets—100.0%	$	277,240

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	22.0	%
Industrials	21.5	%
Consumer Discretionary	15.5	%
Financials	11.8	%
Health Care	10.0	%
Consumer Staples	6.9	%
Real Estate	5.3	%
Materials	2.3	%
Utilities	1.8	%
Communication Services	1.6	%
Energy	1.3	%
Total	100.0	%

At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

British Pound Sterling	19.1	%
Japanese Yen	18.9	%
Euro	16.8	%
Swedish Krona	8.6	%
U.S. Dollar	4.5	%
Hong Kong Dollar	4.2	%
Swiss Franc	3.7	%
New Taiwan Dollar	3.6	%
Canadian Dollar	3.4	%
Danish Krone	3.1	%
New Zealand Dollar	2.7	%
Brazilian Real	2.4	%
South African Rand	2.0	%
Israeli Shekel	1.6	%
Australian Dollar	1.4	%
Norwegian Krone	1.2	%
Thai Baht	1.0	%
All Other Currencies	1.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—75.1%
	Australia—0.9%
	Oil Search, Ltd. (Oil, gas & consumable fuels)		402,652	$	1,989
	China—34.7%
*	Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail)		87,676		14,662
	China International Travel Service Corporation, Ltd. Class “A” (Hotels, restaurants & leisure)		310,556		4,049
	CNOOC, Ltd. (Oil, gas & consumable fuels)		2,050,000		3,128
	Haier Electronics Group Co., Ltd. (Household durables)		1,122,000		2,928
	Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure)		139,833		4,617
	Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals)		213,992		2,419
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		27,759		4,472
	NetEase, Inc.—ADR (Entertainment)		18,345		4,883
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		762,000		8,755
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		303,200		3,961
*	TAL Education Group—ADR (Diversified consumer services)		65,658		2,248
	Tencent Holdings, Ltd. (Interactive Media & Services)		312,900		13,182
*	Tencent Music Entertainment Group—ADR (Entertainment)		261,575		3,340
	Travelsky Technology, Ltd. Class “H” (IT services)		840,000		1,745
	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)		153,100		2,185
					76,574
	India—18.5%
	Asian Paints, Ltd. (Chemicals)		98,400		2,449
	Bajaj Finance, Ltd. (Consumer finance)		75,177		4,295
	Britannia Industries, Ltd. (Food products)§		58,331		2,429
	HDFC Bank, Ltd.—ADR (Banks)		14,472		826
	HDFC Bank, Ltd. (Banks)		275,061		4,764
	HDFC Life Insurance Co. Ltd. (Insurance)		329,151		2,789
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		132,342		3,692
	IndusInd Bank, Ltd. (Banks)		139,895		2,744
	Infosys, Ltd. (IT services)		395,454		4,487
	Maruti Suzuki India, Ltd. (Automobiles)		17,533		1,658
	Motherson Sumi Systems, Ltd. (Auto components)		1,251,647		1,856
	MRF, Ltd. (Auto components)		3,157		2,818
	Petronet LNG, Ltd. (Oil, gas & consumable fuels)		664,249		2,437
	UPL, Ltd. (Chemicals)		412,072		3,496
					40,740
	Indonesia—5.4%
	PT Bank Rakyat Indonesia Persero Tbk (Banks)		15,977,300		4,637
	PT Telekomunikasi Indonesia Persero Tbk (Diversified telecommunication services)		15,990,600		4,855
	PT Unilever Indonesia Tbk (Household products)		728,000		2,385
					11,877
	South Korea—2.2%
	Douzone Bizon Co., Ltd. (Software)		20,308		1,110
	LG Household & Health Care, Ltd. (Personal products)		3,403		3,719
					4,829
	Taiwan—10.3%
	E.Sun Financial Holding Co., Ltd. (Banks)		2,964,648		2,509

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Asia—75.1%—(continued)
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		343,920	$	15,985
	Uni-President Enterprises Corporation (Food products)		1,743,000		4,202
					22,696
	Thailand—3.1%
	Airports of Thailand PCL (Transportation infrastructure)		1,368,200		3,344
	CP ALL PCL (Food & staples retailing)		1,302,100		3,459
					6,803
	Emerging Latin America—13.7%
	Brazil—8.7%
	AMBEV S.A.—ADR (Beverages)		532,654		2,461
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		378,100		3,970
	IRB Brasil Resseguros S.A. (Insurance)		572,700		5,191
	Odontoprev S.A. (Health care providers & services)		466,153		1,813
	Raia Drogasil S.A. (Food & staples retailing)		135,200		3,118
	WEG S.A. (Electrical equipment)		443,000		2,583
					19,136
	Mexico—3.4%
	Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure)		304,800		2,942
	Grupo Financiero Banorte S.A.B. de C.V. Class “O” (Banks)		458,900		2,473
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		707,000		2,095
					7,510
	Peru—1.6%
	Credicorp, Ltd. (Banks)†		17,557		3,660
	Emerging Europe, Mid-East, Africa—7.0%
	Russia—1.4%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		90,069		3,154
	South Africa—5.6%
	Bid Corporation, Ltd. (Food & staples retailing)		88,111		1,873
	Bidvest Group, Ltd. (Industrial conglomerates)		200,951		2,532
	Capitec Bank Holdings, Ltd. (Banks)		39,056		3,320
	Clicks Group, Ltd. (Food & staples retailing)		160,321		2,276
	FirstRand, Ltd. (Diversified financial services)		562,289		2,309
					12,310
	Total Common Stocks—95.8% (cost $184,862)				211,278
	Corporate Obligation
	Emerging Asia—0.0%
	India—0.0%
	Britannia Industries, Ltd. (Food products)	$	1,331,490		19

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligation—(continued)
Total Corporate Obligations—0.0% (cost $19)			$	19
Repurchase Agreement
Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $9,533 collateralized by U.S. Treasury Note, 2.375%, due 5/15/27	$	9,533		9,533
Total Repurchase Agreement—4.4% (cost $9,533)				9,533
Total Investments—100.2% (cost $194,414)				220,830
Liabilities, plus cash and other assets—(0.2)%				(335	)
Net assets—100.0%			$	220,495

ADR = American Depository Receipt

* = Non-income producing security

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 1.10% of the Fund’s net assets at September 30, 2019.

† = U.S. listed foreign security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Financials	26.5	%
Consumer Discretionary	18.4	%
Consumer Staples	15.4	%
Communication Services	13.9	%
Information Technology	11.0	%
Industrials	5.4	%
Energy	3.6	%
Health Care	3.0	%
Materials	2.8	%
Total	100.0	%

At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

U.S. Dollar	26.4	%
Indian Rupee	18.9	%
Hong Kong Dollar	16.0	%
Brazilian Real	7.9	%
Yuan Renminbi	6.2	%
South African Rand	5.8	%
Indonesian Rupiah	5.6	%
Mexican Peso	3.6	%
Thai Baht	3.2	%
New Taiwan Dollar	3.2	%
South Korean Won	2.3	%
All Other Currencies	0.9	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—71.9%
	China—31.9%
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		654,320	$	3,251
*	Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail)		318,396		53,245
	ANTA Sports Products, Ltd. (Textiles, apparel & luxury goods)		868,000		7,182
*	BeiGene, Ltd.—ADR (Biotechnology)		13,606		1,666
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		1,973,500		3,489
	China International Travel Service Corporation, Ltd. Class “A” (Hotels, restaurants & leisure)		613,240		7,995
*	China Mengniu Dairy Co., Ltd. (Food products)		1,480,000		5,542
	China Merchants Bank Co., Ltd. Class “H” (Banks)		2,487,000		11,836
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		1,645,000		4,743
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		508,743		7,833
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		333,866		2,902
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		57,842		9,318
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,886,000		5,414
	Luxshare Precision Industry Co., Ltd. Class “A” (Electronic equipment, instruments & components)		773,000		2,898
	Midea Group Co., Ltd. Class “A” (Household durables)		483,076		3,458
	NetEase, Inc.—ADR (Entertainment)		14,150		3,766
*	New Oriental Education & Technology Group, Inc.—ADR (Diversified consumer services)		64,185		7,109
*	Ping An Healthcare and Technology Co. Ltd. (Health care technology)		377,200		2,207
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		2,338,800		26,871
	Shanghai International Airport Co., Ltd. Class “A” (Transportation infrastructure)		351,665		3,930
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)		106,000		2,739
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		459,000		5,997
	Silergy Corporation (Semiconductors & semiconductor equipment)		143,000		3,545
	Sunny Optical Technology Group Co., Ltd. (Electronic equipment, instruments & components)		388,300		5,707
	Tencent Holdings, Ltd. (Interactive Media & Services)		653,660		27,539
*	Topchoice Medical Investment Corporation Class “A” (Health care providers & services)		150,600		2,163
	Wuliangye Yibin Co., Ltd. Class “A” (Beverages)		492,294		8,952
	WuXi AppTec Co. Ltd. Class “H” (Life sciences tools & services)		304,600		3,331
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		266,000		2,715
*	Yihai International Holding, Ltd. (Food products)		587,000		3,490
	Yum China Holdings, Inc. (Hotels, restaurants & leisure)		139,204		6,324
	Zhejiang Supor Co., Ltd. Class “A” (Household durables)		531,082		5,337
					252,494
	India—15.5%
	Asian Paints, Ltd. (Chemicals)		199,992		4,978
	Bajaj Finance, Ltd. (Consumer finance)		278,630		15,919
	HDFC Asset Management Co., Ltd. (Capital markets)		120,538		4,762
	HDFC Bank, Ltd. (Banks)		1,289,674		22,338
	HDFC Life Insurance Co. Ltd. (Insurance)		587,642		4,978
	Hindustan Unilever, Ltd. (Household products)		211,020		5,910
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		415,456		11,590
	Indraprastha Gas, Ltd. (Gas utilities)		696,342		3,432
	Info Edge India, Ltd. (Interactive Media & Services)		84,828		2,442
	Infosys, Ltd. (IT services)		781,285		8,866
	Nestle India, Ltd. (Food products)		23,064		4,540
	Pidilite Industries, Ltd. (Chemicals)		187,952		3,825
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		890,657		16,758

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—71.9%—(continued)
SRF, Ltd. (Chemicals)		44,945	$	1,741
Tata Consultancy Services, Ltd. (IT services)		337,638		9,991
				122,070
Indonesia—3.0%
PT Bank Central Asia Tbk (Banks)		7,501,000		16,038
PT Bank Rakyat Indonesia Persero Tbk (Banks)		26,557,305		7,708
				23,746
Philippines—0.5%
Ayala Land, Inc. (Real estate management & development)		4,108,500		3,920
South Korea—3.8%
Fila Korea, Ltd. (Textiles, apparel & luxury goods)		62,914		3,045
Kakao Corporation (Interactive Media & Services)		56,063		6,351
Korea Investment Holdings Co., Ltd. (Capital markets)		29,520		1,858
LG Household & Health Care, Ltd. (Personal products)		8,362		9,137
Macquarie Korea Infrastructure Fund (Capital markets)		289,652		2,845
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		166,941		6,846
				30,082
Taiwan—14.3%
Accton Technology Corporation (Communications equipment)		518,000		2,730
Advantech Co., Ltd. (Technology hardware, storage & peripherals)		107,000		942
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		113,000		1,767
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		110,000		2,797
Bizlink Holding, Inc. (Electrical equipment)		354,000		2,448
Chailease Holding Co., Ltd. (Diversified financial services)		886,071		3,570
E.Sun Financial Holding Co., Ltd. (Banks)		11,148,007		9,432
Elite Material Co., Ltd. (Electronic equipment, instruments & components)		626,000		2,532
Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods)		414,200		2,971
Giant Manufacturing Co., Ltd. (Leisure products)		287,000		1,952
ITEQ Corporation (Electronic equipment, instruments & components)		728,000		3,543
King Yuan Electronics Co., Ltd. (Semiconductors & semiconductor equipment)		1,662,000		1,867
MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,295,000		15,402
Nanya Technology Corporation (Semiconductors & semiconductor equipment)		1,129,000		2,929
Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		140,000		2,437
Powertech Technology, Inc. (Semiconductors & semiconductor equipment)		298,000		838
Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)		485,000		1,884
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		528,893		24,583
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		1,809,000		15,860
Taiwan Union Technology Corporation (Electronic equipment, instruments & components)		651,000		2,980
Tripod Technology Corporation (Electronic equipment, instruments & components)		795,000		2,857
Voltronic Power Technology Corporation (Electrical equipment)		100,700		2,077
Win Semiconductors Corporation (Semiconductors & semiconductor equipment)		550,000		4,937
				113,335
Thailand—2.5%
Airports of Thailand PCL (Transportation infrastructure)		1,027,900		2,512
CP ALL PCL (Food & staples retailing)		2,250,500		5,978
Home Product Center PCL (Specialty retail)		5,692,800		3,183

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—71.9%—(continued)
	Muangthai Capital PCL (Consumer finance)		1,141,100	$	2,127
*	Sea, Ltd.—ADR (Entertainment)		187,603		5,806
					19,606
	Vietnam—0.4%
	Vincom Retail JSC (Real estate management & development)		1,024,601		1,462
*	Vingroup JSC (Real estate management & development)		369,658		1,908
					3,370
	Emerging Latin America—17.1%
	Argentina—1.8%
*	Globant S.A. (Software)†		43,303		3,966
*	MercadoLibre, Inc. (Interactive Media & Services)		18,032		9,940
					13,906
	Brazil—13.1%
*	Azul S.A.—ADR (Airlines)		46,521		1,666
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		1,758,400		18,464
	Banco BTG Pactual S.A. (Capital markets)		486,000		6,849
	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables)		534,900		3,096
	Energisa S.A. (Electric utilities)		243,975		2,933
	Engie Brasil Energia S.A. (Independent power & renewable electricity producers)		206,750		2,209
	Hapvida Participacoes e Investimentos S.A. (Health care providers & services)		303,900		3,939
	IRB Brasil Resseguros S.A. (Insurance)		903,900		8,193
	Localiza Rent a Car S.A. (Road & rail)		885,420		9,688
	Lojas Renner S.A. (Multiline retail)		791,680		9,616
	Magazine Luiza S.A. (Multiline retail)		882,100		7,864
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		324,700		4,239
*	Pagseguro Digital, Ltd. Class “A” (IT services)†		113,309		5,247
*	Rumo S.A. (Road & rail)		708,200		4,176
*	StoneCo, Ltd. Class “A” (IT services)†		122,817		4,272
	Sul America S.A. (Insurance)		250,800		2,880
	TOTVS S.A. (Software)		288,800		4,013
	WEG S.A. (Electrical equipment)		783,620		4,570
					103,914
	Colombia—0.6%
	Bancolombia S.A.—ADR (Banks)		99,958		4,943
	Mexico—0.8%
	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)		302,800		1,802
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		1,632,100		4,837
					6,639
	Peru—0.8%
	Credicorp, Ltd. (Banks)†		19,138		3,989
*	Intercorp Financial Services, Inc. (Banks)†		49,672		2,048
					6,037
	Emerging Europe, Mid-East, Africa—8.3%
	Czech Republic—0.3%
	Moneta Money Bank A.S. (Banks)		691,475		2,132

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—8.3%—(continued)
	Greece—0.3%
	JUMBO S.A. (Specialty retail)		130,839	$	2,483
	Hungary—1.3%
	OTP Bank Nyrt (Banks)		240,656		10,019
	Kenya—0.2%
	Safaricom plc (Wireless telecommunication services)		7,556,554		2,001
	Poland—0.9%
	CD Projekt S.A. (Entertainment)		62,095		3,769
*	Dino Polska S.A. (Food & staples retailing)		77,999		3,054
					6,823
	Romania—0.3%
	Banca Transilvania S.A. (Banks)		4,435,940		2,446
	Russia—1.2%
	TCS Group Holding plc—GDR (Banks)		109,995		1,925
*	Yandex N.V. Class “A” (Interactive Media & Services)†		208,442		7,297
					9,222
	South Africa—2.5%
	Capitec Bank Holdings, Ltd. (Banks)		37,897		3,222
	Clicks Group, Ltd. (Food & staples retailing)		185,438		2,632
	Naspers, Ltd. (Media)		93,422		14,157
					20,011
	United Arab Emirates—1.3%
	Aramex PJSC (Air freight & logistics)		1,427,215		1,558
	First Abu Dhabi Bank PJSC (Banks)		1,273,041		5,212
*	Network International Holdings plc (IT services)		513,172		3,376
					10,146
	Total Common Stocks—97.3% (cost $644,505)				769,345
	Preferred Stock
	Brazil—1.5%
	Itau Unibanco Holding S.A. (Banks)		1,427,590		12,036
	Total Preferred Stock—1.5% (cost $13,456)				12,036
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $8,958, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27	$	8,957		8,957
	Total Repurchase Agreement—1.1% (cost $8,957)				8,957

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Total Investments—99.9% (cost $666,918)	$	790,338
Cash and other assets, less liabilities—0.1%		789
Net assets—100.0%	$	791,127

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials	29.2	%
Consumer Discretionary	20.5	%
Information Technology	19.1	%
Consumer Staples	9.1	%
Communication Services	7.5	%
Industrials	5.5	%
Health Care	3.7	%
Energy	2.1	%
Materials	1.3	%
Utilities	1.1	%
Real Estate	0.9	%
Total	100.0	%
At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
U.S. Dollar	18.9	%
Indian Rupee	15.6	%
Hong Kong Dollar	14.4	%
Brazilian Real	13.4	%
New Taiwan Dollar	11.8	%
Yuan Renminbi	8.2	%
South Korean Won	3.9	%
Indonesian Rupiah	3.0	%
South African Rand	2.6	%
Thai Baht	1.8	%
Hungarian Forint	1.3	%
All Other Currencies	5.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—74.3%
	Cambodia—1.3%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		2,094,000	$	3,275
	China—20.4%
	A-Living Services Co. Ltd. Class “H” (Commercial services & supplies)		1,376,750		3,186
	Anhui Gujing Distillery Co., Ltd. Class “A” (Beverages)		101,100		1,629
	AVIC Jonhon OptronicTechnology Co., Ltd. Class “A” (Electronic equipment, instruments & components)		270,400		1,560
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		2,375,405		4,199
	China East Education Holdings, Ltd. (Diversified consumer services)		783,000		1,429
	China Education Group Holdings, Ltd. (Diversified consumer services)		466,000		685
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		1,438,000		4,146
*	GSX Techedu, Inc.—ADR (Diversified consumer services)		127,453		1,951
	Guangdong Haid Group Co., Ltd. Class “A” (Food products)		473,804		2,078
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		247,000		2,147
	Hua Hong Semiconductor Ltd. (Semiconductors & semiconductor equipment)		337,600		672
	Jiajiayue Group Co., Ltd. Class “A” (Food & staples retailing)		480,852		1,793
	Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery)		476,866		2,572
	Jiangsu Hengshun Vinegar Industry Co., Ltd. Class “A” (Food products)		319,700		605
	Jinxin Fertility Group, Ltd. (Health care providers & services)		500,000		725
	Jonjee Hi-Tech Industrial And Commercial Holding Co., Ltd. Class “A” (Food products)		202,229		1,202
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,594,500		4,577
	Logan Property Holdings Co., Ltd. (Real estate management & development)		688,000		980
	Offcn Education Technology Co., Ltd. Class “A” (Specialty retail)		900,200		2,052
	Qiaqia Food Co., Ltd. Class “A” (Food products)		285,313		1,019
	Silergy Corporation (Semiconductors & semiconductor equipment)		74,000		1,834
	Toly Bread Co., Ltd. Class “A” (Food products)		208,300		1,418
*	Topchoice Medical Investment Corporation Class “A” (Health care providers & services)		218,800		3,142
*	Yihai International Holding, Ltd. (Food products)		693,000		4,120
	Zhejiang Dingli Machinery Co., Ltd. Class “A” (Machinery)		227,294		1,917
	Zhejiang Supor Co., Ltd. Class “A” (Household durables)		154,508		1,553
					53,191
	India—20.2%
	Aarti Industries, Ltd. (Chemicals)		260,088		2,936
	Apollo Hospitals Enterprise, Ltd. (Health care providers & services)		111,992		2,208
*	Arti Surfactants, Ltd. (Chemicals)**§		13,896		2
	Astral Poly Technik, Ltd. (Building products)		229,716		3,767
	Bandhan Bank Ltd. (Banks)		82,150		569
	Bata India, Ltd. (Textiles, apparel & luxury goods)		35,057		851
	Berger Paints India, Ltd. (Chemicals)		603,959		3,713
	City Union Bank, Ltd. (Banks)		663,084		2,030
	Colgate-Palmolive India, Ltd. (Personal products)		67,393		1,438
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		66,624		1,297
	Endurance Technologies Ltd. (Auto components)		27,721		391
*	Godrej Properties, Ltd. (Real estate management & development)		91,794		1,344
	GRUH Finance, Ltd. (Thrifts & mortgage finance)		463,774		1,760
	Havells India, Ltd. (Electrical equipment)		121,515		1,233
	HDFC Asset Management Co. Ltd. (Capital markets)		107,239		4,237
	Indraprastha Gas, Ltd. (Gas utilities)		355,388		1,752
	Info Edge India, Ltd. (Interactive Media & Services)		54,407		1,566
	Ipca Laboratories, Ltd. (Pharmaceuticals)		156,973		1,998
	KEI Industries, Ltd. (Electrical equipment)		133,199		1,008
	NIIT Technologies, Ltd. (IT services)		106,445		2,095

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—74.3%—(continued)
	PI Industries, Ltd. (Chemicals)		118,209	$	2,182
	Pidilite Industries, Ltd. (Chemicals)		172,945		3,519
	PVR, Ltd. (Entertainment)		108,887		2,835
	SRF, Ltd. (Chemicals)		61,054		2,365
	The Phoenix Mills, Ltd. (Real estate management & development)		89,166		883
	Titan Co., Ltd. (Textiles, apparel & luxury goods)		85,418		1,537
	V-Mart Retail, Ltd. (Multiline retail)		31,189		913
	Varun Beverages, Ltd. (Beverages)		252,405		2,222
					52,651
	Indonesia—4.2%
	PT Ace Hardware Indonesia Tbk (Specialty retail)		36,087,400		4,500
*	PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks)		7,897,000		1,836
	PT Indofood CBP Sukses Makmur Tbk (Food products)		2,190,600		1,856
	PT Pakuwon Jati Tbk (Real estate management & development)		57,537,500		2,695
					10,887
	Philippines—2.9%
	Bloomberry Resorts Corporation (Hotels, restaurants & leisure)		5,276,300		1,106
	International Container Terminal Services, Inc. (Transportation infrastructure)		838,190		1,947
	Security Bank Corporation (Banks)		785,930		2,987
	Wilcon Depot, Inc. (Specialty retail)		4,586,900		1,460
					7,500
	South Korea—4.6%
	Dentium Co., Ltd. (Health care equipment & supplies)		10,653		586
	Douzone Bizon Co., Ltd. (Software)		37,698		2,061
	Fila Korea, Ltd. (Textiles, apparel & luxury goods)		44,937		2,175
	JYP Entertainment Corporation (Entertainment)		97,234		1,752
	Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)		39,286		2,920
	Korea Investment Holdings Co., Ltd. (Capital markets)		40,424		2,545
					12,039
	Taiwan—17.8%
	Accton Technology Corporation (Communications equipment)		377,000		1,987
	Airtac International Group (Machinery)		154,000		1,834
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		113,000		1,766
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		76,000		1,933
	Bizlink Holding, Inc. (Electrical equipment)		311,000		2,150
	Chailease Holding Co., Ltd. (Diversified financial services)		277,730		1,119
	Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods)		41,000		550
	Elite Material Co., Ltd. (Electronic equipment, instruments & components)		503,000		2,035
	Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods)		338,700		2,429
	Giant Manufacturing Co., Ltd. (Leisure products)		255,000		1,734
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		119,000		1,204
	ITEQ Corporation (Electronic equipment, instruments & components)		690,000		3,358
	King Yuan Electronics Co., Ltd. (Semiconductors & semiconductor equipment)		1,582,000		1,777
	Nanya Technology Corporation (Semiconductors & semiconductor equipment)		788,000		2,045
	Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		221,000		3,847
	Powertech Technology, Inc. (Semiconductors & semiconductor equipment)		70,000		197
	Poya International Co., Ltd. (Multiline retail)		66,000		937
	Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)		891,000		3,461
	Sporton International, Inc. (Professional services)		194,000		1,263
	Sunny Friend Environmental Technology Co., Ltd. (Commercial services & supplies)		14,000		123

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—74.3%—(continued)
	Taiwan Paiho, Ltd. (Textiles, apparel & luxury goods)		491,000	$	1,225
	Taiwan Union Technology Corporation (Electronic equipment, instruments & components)		597,000		2,732
	Tripod Technology Corporation (Electronic equipment, instruments & components)		821,000		2,951
	Voltronic Power Technology Corporation (Electrical equipment)		102,100		2,106
	Win Semiconductors Corporation (Semiconductors & semiconductor equipment)		166,000		1,490
					46,253
	Thailand—2.9%
	Home Product Center PCL (Specialty retail)		3,073,000		1,718
	Muangthai Capital PCL (Consumer finance)		998,700		1,861
	Tisco Financial Group PCL (Banks)		898,800		3,012
	TOA Paint Thailand PCL (Chemicals)		796,600		1,055
					7,646
	Emerging Latin America—17.8%
	Argentina—1.0%
*	Globant S.A. (Software)†		29,756		2,725
	Brazil—16.0%
*	Arco Platform, Ltd. Class “A” (Diversified consumer services)†		26,810		1,359
	BK Brasil Operacao e Assessoria a Restaurantes S.A. (Hotels, restaurants & leisure)		164,900		818
	Construtora Tenda S.A. (Household durables)		497,972		2,953
	CVC Brasil Operadora e Agencia de Viagens S.A. (Hotels, restaurants & leisure)		92,100		1,238
	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables)		710,300		4,111
*	Grupo SBF S.A. (Specialty retail)		452,400		2,457
	Hapvida Participacoes e Investimentos S.A. (Health care providers & services)		223,100		2,891
	Iguatemi Empresa de Shopping Centers S.A. (Real estate management & development)		134,600		1,540
	IRB Brasil Resseguros S.A. (Insurance)		243,900		2,211
	Localiza Rent a Car S.A. (Road & rail)		322,895		3,533
	Magazine Luiza S.A. (Multiline retail)		431,200		3,844
	Multiplan Empreendimentos Imobiliarios S.A. (Real estate management & development)		251,700		1,748
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		332,000		4,335
	OdontoPrev S.A. (Health care providers & services)		296,900		1,155
	Sul America S.A. (Insurance)		83,300		957
	Tegma Gestao Logistica S.A. (Road & rail)		371,000		2,795
	TOTVS S.A. (Software)		261,100		3,628
					41,573
	Peru—0.8%
*	Intercorp Financial Services, Inc. (Banks)†		53,702		2,214
	Emerging Europe, Mid-East, Africa—6.5%
	Greece—0.7%
	JUMBO S.A. (Specialty retail)		92,183		1,749
	Kenya—0.4%
	Safaricom plc (Wireless telecommunication services)		3,678,000		974
	Poland—2.0%
	CD Projekt S.A. (Entertainment)		14,057		853

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—6.5%—(continued)
*	Dino Polska S.A. (Food & staples retailing)		114,653	$	4,489
					5,342
	Russia—0.5%
	TCS Group Holding plc—GDR (Banks)		68,791		1,204
	South Africa—1.9%
	Capitec Bank Holdings, Ltd. (Banks)		31,817		2,705
	Clicks Group, Ltd. (Food & staples retailing)		150,166		2,132
	Santam, Ltd. (Insurance)		9,477		184
					5,021
	United Arab Emirates—1.0%
*	Network International Holdings plc (IT services)		413,537		2,720
	Total Common Stocks—98.6% (cost $215,297)				256,964
	Preferred Stock
	Brazil—0.9%
	Randon S.A. Implementos e Participacoes (Machinery)		971,650		2,243
	Total Preferred Stock—0.9% (cost $2,022)				2,243
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.250% dated  9/30/19, due 10/1/19, repurchase price $434, collateralized by U.S. Treasury Note, 2.375%, due 5/15/27	$	433		433
	Total Repurchase Agreement—0.2% (cost $433)				433
	Total Investments—99.7% (cost $217,752)				259,640
	Cash and other assets, less liabilities—0.3%				853
	Net assets—100.0%			$	260,493

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. This holding represents 0.00% of the Fund’s net assets at September 30, 2019.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.00% of the Fund’s net assets at September 30, 2019.

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

At September 30, 2019, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Consumer Discretionary	21.5	%
Information Technology	19.7	%
Industrials	15.4	%
Financials	12.1	%
Consumer Staples	10.0	%
Health Care	7.9	%
Materials	6.1	%
Real Estate	3.5	%
Communication Services	3.1	%
Utilities	0.7	%
Total	100.0	%
At September 30, 2019, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee	20.3	%
New Taiwan Dollar	18.6	%
Brazilian Real	16.4	%
Yuan Renminbi	11.1	%
Hong Kong Dollar	9.2	%
South Korean Won	4.6	%
Indonesian Rupiah	4.2	%
U.S. Dollar	3.6	%
Thai Baht	3.0	%
Philippine Peso	2.9	%
Polish Zloty	2.1	%
South African Rand	1.9	%
British Pound Sterling	1.0	%
All Other Currencies	1.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—58.8%
U.S. Treasury Inflation Indexed Notes/Bonds—5.6%
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29	$	11,705	$	15,693
U.S. Treasury—0.2%
U.S. Treasury Bill, 1.936%, due 10/29/19(a)		500		499
Federal Home Loan Mortgage Corp. (FHLMC)—17.0%
#J02986, 6.500%, due 7/1/21		4		4
#G12720, 5.500%, due 6/1/22		10		10
#G14150, 4.500%, due 4/1/26		795		854
#J16051, 4.500%, due 7/1/26		469		504
#G02210, 7.000%, due 12/1/28		41		46
#G02183, 6.500%, due 3/1/30		7		7
#G01400, 7.000%, due 4/1/32		409		475
#G01728, 7.500%, due 7/1/32		70		85
#C01385, 6.500%, due 8/1/32		54		63
#C01623, 5.500%, due 9/1/33		63		71
#A15039, 5.500%, due 10/1/33		2		2
#A17603, 5.500%, due 1/1/34		1,416		1,602
#G01843, 6.000%, due 6/1/35		12		14
#G03711, 6.000%, due 6/1/37		400		463
#A62858, 6.500%, due 7/1/37		70		79
#G03170, 6.500%, due 8/1/37		124		142
#A66843, 6.500%, due 10/1/37		537		634
#G07837, 6.500%, due 2/1/38		1,808		2,141
#G04053, 5.500%, due 3/1/38		532		601
#A78138, 5.500%, due 6/1/38		197		225
#G04466, 5.500%, due 7/1/38		10,596		12,083
#A81799, 6.500%, due 9/1/38		306		363
#G05723, 6.500%, due 11/1/38		853		1,006
#G60366, 6.000%, due 10/1/39		10,936		12,598
#G05875, 5.500%, due 2/1/40		392		443
#G61450, 6.000%, due 4/1/40		10,888		12,629
#G61050, 5.500%, due 3/1/41		398		452
#C03665, 9.000%, due 4/1/41		342		401
Total FHLMC Mortgage Obligations				47,997
Federal National Mortgage Association (FNMA)—36.0%
#900725, 6.000%, due 8/1/21		8		8
#893325, 7.000%, due 9/1/21		3		3
#AC5410, 4.500%, due 10/1/24		166		175
#AC9560, 5.000%, due 1/1/25		700		734
#255956, 5.500%, due 10/1/25		8		9
#AL2853, 4.500%, due 6/1/26		3,483		3,733
#AL9730, 4.500%, due 2/1/27		1,092		1,172
#AL2134, 4.000%, due 7/1/27		172		181
#AL9857, 4.000%, due 2/1/29		1,737		1,816
#252925, 7.500%, due 12/1/29		1		1
#AD0729, 7.500%, due 12/1/30		2,950		3,412
#535977, 6.500%, due 4/1/31		5		6
#253907, 7.000%, due 7/1/31		1		1
#545339, 6.500%, due 11/1/31		28		32
#587849, 6.500%, due 11/1/31		6		6
#618547, 6.500%, due 11/1/31		3,451		3,939

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#545437, 7.000%, due 2/1/32	$	32	$	37
#545759, 6.500%, due 7/1/32		272		309
#545869, 6.500%, due 7/1/32		863		979
#670385, 6.500%, due 9/1/32		396		453
#254548, 5.500%, due 12/1/32		27		29
#AD0725, 7.000%, due 12/1/32		1,347		1,568
#741850, 5.500%, due 9/1/33		311		352
#555800, 5.500%, due 10/1/33		30		34
#CA2754, 4.500%, due 11/1/33		824		894
#756153, 5.500%, due 11/1/33		336		380
#AL3455, 5.500%, due 11/1/33		4,289		4,852
#AL3401, 5.500%, due 2/1/34		850		962
#763798, 5.500%, due 3/1/34		55		62
#725611, 5.500%, due 6/1/34		67		76
#745563, 5.500%, due 8/1/34		402		454
#AL6413, 8.000%, due 8/1/34		439		498
#794474, 6.000%, due 10/1/34		32		37
#745092, 6.500%, due 7/1/35		214		244
#357944, 6.000%, due 9/1/35		10		12
#AL6412, 7.500%, due 9/1/35		686		782
#AD0979, 7.500%, due 10/1/35		46		53
#745349, 6.500%, due 2/1/36		174		207
#888305, 7.000%, due 3/1/36		7		8
#895637, 6.500%, due 5/1/36		39		45
#831540, 6.000%, due 6/1/36		15		17
#893318, 6.500%, due 8/1/36		7		8
#310037, 6.500%, due 10/1/36		114		134
#831926, 6.000%, due 12/1/36		419		482
#902974, 6.000%, due 12/1/36		115		132
#AB0265, 6.000%, due 2/1/37		8,943		10,363
#938440, 6.000%, due 7/1/37		64		73
#948689, 6.000%, due 8/1/37		105		120
#888703, 6.500%, due 8/1/37		2,752		3,279
#AL6411, 7.000%, due 12/1/37		1,614		1,828
#AL0904, 5.500%, due 1/1/38		82		93
#962058, 6.500%, due 3/1/38		952		1,113
#934006, 6.500%, due 9/1/38		233		283
#986856, 6.500%, due 9/1/38		94		114
#991911, 7.000%, due 11/1/38		102		117
#AD0752, 7.000%, due 1/1/39		427		526
#AC1619, 5.500%, due 8/1/39		277		312
#AD0315, 6.500%, due 8/1/39		1,409		1,649
#AD7137, 5.500%, due 7/1/40		3,076		3,520
#BM1689, 5.500%, due 8/1/40		2,517		2,848
#AI1201, 5.500%, due 4/1/41		3,626		4,150
#AL5815, 5.500%, due 4/1/41		3,055		3,495
#BM3525, 6.000%, due 4/1/41		10,679		12,298
#AL9226, 5.500%, due 12/1/41		12,786		14,528
#AL9225, 6.000%, due 1/1/42		5,598		6,463
#BM5121, 5.500%, due 12/1/48		4,584		5,234
Total Federal National Mortgage Association				101,734

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Asset-Backed Securities—1.9%
Tesla Auto Lease Trust—144A, 2018-A, Tranche D, 3.300%, 5/20/20	AA	$	1,325	$	1,329
Centre Point Funding LLC—144A, 2012-2A, Tranche 1, 2.610%, 8/20/21	Baa1		626		624
Oxford Finance Funding LLC—144A, 2019-1A, Tranche B, 5.438%, 2/15/27	BBB		1,180		1,208
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 4.528%, 1/15/43, VRN	AAA		2,224		2,233
Total Asset-Backed Securities					5,394
Corporate Obligations—38.8%
Fresenius Medical Care US Finance II, Inc.—144A,  5.875%, due 1/31/22	BBB		2,000		2,135
Masco Corporation,  5.950%, due 3/15/22	BBB		2,750		2,959
Jones Lang LaSalle, Inc.,  4.400%, due 11/15/22	BBB+		2,500		2,603
Toll Brothers Finance Corporation,  4.375%, due 4/15/23	BBB-		2,750		2,894
Itau Unibanco Holding S.A.—144A,  5.125%, due 5/13/23	Ba3		2,000		2,120
Wells Fargo & Co.,  4.480%, due 1/16/24	A		1,500		1,618
Lennar Corporation,  4.500%, due 4/30/24	BBB-		2,450		2,587
Banco Inbursa S.A. Institucion de Banca Multiple—144A,  4.125%, due 6/6/24	BBB+		2,000		2,055
Grupo Bimbo S.A.B. de C.V.—144A,  3.875%, due 6/27/24	BBB		2,000		2,081
Iron Mountain, Inc.,  5.750%, due 8/15/24	B		675		683
Cemex S.A.B. de C.V.—144A,  5.700%, due 1/11/25	BB		2,250		2,320
Centene Corporation,  4.750%, due 1/15/25	BB+		1,750		1,801
Booz Allen Hamilton, Inc.—144A,  5.125%, due 5/1/25	B+		1,750		1,807
DaVita, Inc.,  5.000%, due 5/1/25	Ba3		1,750		1,750
Simon Property Group L.P.,  3.300%, due 1/15/26	A		2,750		2,879
Penske Automotive Group, Inc.,  5.500%, due 5/15/26	Ba3		1,500		1,574
Post Holdings, Inc.—144A,  5.000%, due 8/15/26	B+		1,750		1,822
Xylem, Inc.,  3.250%, due 11/1/26	BBB		2,225		2,296
Netflix, Inc.,  4.375%, due 11/15/26	BB-		2,000		2,031

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
Hess Corporation,  4.300%, due 4/1/27	BBB-	$	2,750	$	2,876
Sirius XM Radio, Inc.—144A,  5.000%, due 8/1/27	BB		1,750		1,813
Lear Corporation,  3.800%, due 9/15/27	Baa2		2,750		2,766
Motorola Solutions, Inc.,  4.600%, due 2/23/28	BBB-		2,750		2,972
The Kroger Co.,  8.000%, due 9/15/29	Baa1		2,250		3,028
United Rentals North America, Inc.,  5.250%, due 1/15/30	BB-		1,500		1,578
Owens Corning,  7.000%, due 12/1/36	BBB		2,250		2,763
Yum! Brands, Inc.,  6.875%, due 11/15/37	B+		1,500		1,688
ConocoPhillips,  6.500%, due 2/1/39	A		2,000		2,897
Citigroup, Inc.,  5.875%, due 1/30/42	A		2,000		2,731
Bank of America Corporation,  5.875%, due 2/7/42	A+		2,000		2,773
Cox Communications, Inc.—144A,  4.700%, due 12/15/42	BBB+		2,500		2,722
JPMorgan Chase & Co.,  4.850%, due 2/1/44	AA-		2,250		2,841
Mexichem S.A.B. de C.V. —144A,  5.875%, due 9/17/44	BBB		2,250		2,388
AbbVie, Inc.,  4.700%, due 5/14/45	A-		2,750		2,947
ERP Operating L.P.,  4.500%, due 6/1/45	A		2,500		3,008
Apple, Inc.,  4.650%, due 2/23/46	AA+		2,250		2,833
PepsiCo, Inc.,  4.450%, due 4/14/46	A+		2,250		2,807
Verizon Communications, Inc.,  4.125%, due 8/15/46	A-		2,500		2,790
Brookfield Finance, Inc.,  4.700%, due 9/20/47	A-		2,750		3,019
Microsoft Corporation,  4.750%, due 11/3/55	AAA		2,250		3,036
AT&T, Inc.,  5.700%, due 3/1/57	A-		2,250		2,831
Comcast Corporation,  4.950%, due 10/15/58	A-		2,000		2,546
Altria Group, Inc.,  6.200%, due 2/14/59	A3		2,250		2,642
Corning, Inc.,  5.850%, due 11/15/68	BBB+		2,400		2,948

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount			Value
Corporate Obligations—(continued)
Petrobras Global Finance BV,  6.850%, due 6/5/15	Ba2	$	2,000		$	2,294
Total Corporate Obligations						109,552
Total Long-Term Investments—99.5% (cost $267,687)						280,869
Repurchase Agreements
Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $115, collateralized by U.S. Treasury Bond, 2.750%, due 11/15/42			115			115
Total Repurchase Agreement—0.1% (cost $115)						115
Commercial Paper
Dairy Farmers of America, Inc.,  2.231%, due 10/1/19			600			600
Total Commercial Paper—0.2% (cost $600)						600
Total Investments—99.8% (cost $268,402)						281,584
Securities Sold, Not Yet Purchased
U.S. Government Agency— (2.9) %
Federal National Mortgage Association (FNMA)— (2.9) %
TBA, 3.000%, due 10/1/49			(8,000	)		(8,121	)
Total Securities Sold, Not Yet Purchased— (2.9) % (proceeds $8,172)						(8,121	)
Cash and other assets, less liabilities—3.1%						8,680
Net assets—100.0%					$	282,143

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

144A = Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by any of Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.

TBA = To Be Announced - TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2019. 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.

VRN = Variable Rate Note

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $200.

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Centrally Cleared Credit Default Swap

Reference Entity	Buy/Sell Protection	Fixed Deal Pay Rate	Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value			Unrealized Appreciation (Depreciation)
CDX.IG-31	Buy	1.000%	3M	December 2023	ICE	$	25,000	$	(423	)		(558	)	$	(135	)

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—62.3%
U.S. Treasury Inflation Indexed Notes/Bonds—2.6%
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29	$	1,170	$	1,569
Federal Home Loan Mortgage Corp. (FHLMC)—13.1%
#J05444, 6.000%, due 8/1/22		12		12
#E02388, 6.000%, due 9/1/22		24		25
#E02490, 6.000%, due 4/1/23		30		32
#J13022, 4.000%, due 9/1/25		265		277
#G14150, 4.500%, due 4/1/26		75		81
#J16051, 4.500%, due 7/1/26		566		608
#A17603, 5.500%, due 1/1/34		410		464
#G01705, 5.500%, due 6/1/34		780		868
#A45790, 7.500%, due 5/1/35		84		94
#G04126, 6.000%, due 6/1/37		192		223
#G03201, 6.500%, due 6/1/37		111		130
#A66843, 6.500%, due 10/1/37		172		203
#G03534, 6.500%, due 10/1/37		1,329		1,521
#G04564, 6.000%, due 12/1/37		151		174
#A81799, 6.500%, due 9/1/38		171		203
#G05566, 5.500%, due 12/1/38		105		118
#G60366, 6.000%, due 10/1/39		815		939
#G05875, 5.500%, due 2/1/40		78		89
#G61450, 6.000%, due 4/1/40		1,632		1,893
#C03665, 9.000%, due 4/1/41		166		194
Total FHLMC Mortgage Obligations				8,148
Federal National Mortgage Association (FNMA)—46.6%
#880991, 5.500%, due 1/1/22		28		28
#735574, 8.000%, due 3/1/22		18		18
FNR G93-19 SH, 1M LIBOR + 56.169%, 11.234%, due 4/25/23, VRN		11		12
#982885, 5.000%, due 5/1/23		147		154
#AL0955, 6.000%, due 5/1/23		61		63
#933985, 5.500%, due 8/1/23		77		79
#255956, 5.500%, due 10/1/25		24		26
#AH0971, 4.000%, due 12/1/25		275		287
#AL2853, 4.500%, due 6/1/26		450		483
#AJ6954, 4.000%, due 11/1/26		121		128
#AL9730, 4.500%, due 2/1/27		874		938
#256639, 5.000%, due 2/1/27		5		6
#806458, 8.000%, due 6/1/28		70		77
#AL9857, 4.000%, due 2/1/29		5,271		5,510
#880155, 8.500%, due 7/1/29		139		159
#797846, 7.000%, due 3/1/32		33		33
#745519, 8.500%, due 5/1/32		48		54
#654674, 6.500%, due 9/1/32		33		37
#AD0725, 7.000%, due 12/1/32		575		669
#254693, 5.500%, due 4/1/33		5		5
#555531, 5.500%, due 6/1/33		44		49
#711736, 5.500%, due 6/1/33		66		74
#555591, 5.500%, due 7/1/33		7		8
#CA2754, 4.500%, due 11/1/33		451		489
#AL3455, 5.500%, due 11/1/33		1,260		1,425
#725424, 5.500%, due 4/1/34		47		53
#AL6413, 8.000%, due 8/1/34		214		243

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#AL6412, 7.500%, due 9/1/35		$	515	$	587
#888884, 5.500%, due 12/1/35			105		119
#888703, 6.500%, due 8/1/37			581		693
#928658, 6.500%, due 9/1/37			17		20
#AL6411, 7.000%, due 12/1/37			516		585
#889371, 6.000%, due 1/1/38			1,986		2,302
#962058, 6.500%, due 3/1/38			308		360
#991911, 7.000%, due 11/1/38			65		75
#BM1689, 5.500%, due 8/1/40			340		385
#AL5815, 5.500%, due 4/1/41			436		499
#BM3525, 6.000%, due 4/1/41			948		1,091
#AL9226, 5.500%, due 12/1/41			4,041		4,591
#AL9225, 6.000%, due 1/1/42			1,539		1,777
#BM1328, 6.000%, due 1/1/42			1,602		1,856
#BM5121, 5.500%, due 12/1/48			2,521		2,879
Total Federal National Mortgage Association (FNMA)					28,926
Asset-Backed Securities—1.4%
Tesla Auto Lease Trust—144A, 2018-A, Tranche C, 2.970%, 4/20/20	AAA		150		150
Oxford Finance Funding LLC—144A, 2019-1A, Tranche A2, 4.459%, 2/15/27	A		500		513
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 4.528%, 1/15/43, VRN	AAA		222		224
Total Asset-Backed Securities					887
Corporate Obligations—35.6%
Citigroup, Inc.,   2.450%, due 1/10/20	A		650		650
American Express Credit Corporation, 3M USD LIBOR + 0.730%, 2.862%, due 5/26/20, VRN	A2		500		502
Georgia-Pacific LLC—144A,   5.400%, due 11/1/20	A+		600		621
HSBC Holdings plc, 3M USD LIBOR + 2.240%, 4.342%, due 3/8/21, VRN	AA-		500		513
Westpac Banking Corporation, 3M USD LIBOR + 1.000%, 3.176%, due 5/13/21, VRN	AA-		500		506
Chevron Corporation, 3M USD LIBOR + 0.950%, 3.118%, due 5/16/21, VRN	AA		500		506
The Boeing Co.,   2.300%, due 8/1/21	A		650		653
Apple, Inc.,   1.550%, due 8/4/21	AA+		650		647
Lloyds Banking Group plc,   3.000%, due 1/11/22	A+		650		657
FedEx Corporation,   3.400%, due 1/14/22	BBB		500		513
Bancolombia S.A.,   5.125%, due 9/11/22	BBB-		400		421

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
Jones Lang LaSalle, Inc.,   4.400%, due 11/15/22	BBB+	$	600	$	625
Toll Brothers Finance Corporation,   4.375%, due 4/15/23	BBB-		500		526
Ryder System, Inc.,   3.750%, due 6/9/23	A-		650		682
Wells Fargo & Co., 4.480%, due 1/16/24	A		650		701
The Goldman Sachs Group, Inc.,   4.000%, due 3/3/24	A		650		693
Bank of America Corporation, 3M USD LIBOR + 0.780%, 3.550%, due 3/5/24, VRN	A+		650		676
Mitsubishi UFJ Financial Group, Inc.,   3.407%, due 3/7/24	A1		650		677
Grupo Bimbo S.A.B. de C.V.—144A,   3.875%, due 6/27/24	BBB		500		520
BNP Paribas S.A.,   4.250%, due 10/15/24	A		650		687
AbbVie, Inc.,   3.600%, due 5/14/25	A-		650		677
ERP Operating L.P.,   3.375%, due 6/1/25	A		650		688
Comcast Corporation,   3.950%, due 10/15/25	A-		650		708
Capital One Financial Corporation,   4.200%, due 10/29/25	Baa1		675		720
Intercontinental Exchange, Inc.,   3.750%, due 12/1/25	A		650		700
Simon Property Group L.P.,   3.300%, due 1/15/26	A		650		681
AT&T, Inc.,   4.125%, due 2/17/26	A-		650		703
ConocoPhillips Co.,   4.950%, due 3/15/26	A		650		750
Brookfield Finance, Inc.,   4.250%, due 6/2/26	A-		650		693
Amazon.com, Inc.,   3.150%, due 8/22/27	AA-		650		691
Motorola Solutions, Inc.,   4.600%, due 2/23/28	BBB-		500		540
Roper Technologies, Inc.,   4.200%, due 9/15/28	BBB+		500		550
Quest Diagnostics, Inc.,   4.200%, due 6/30/29	BBB+		675		746
United Parcel Service, Inc.,   2.500%, due 9/1/29	A		620		618

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount			Value
Corporate Obligations—(continued)
The Kroger Co.,   8.000%, due 9/15/29	Baa1	$	500		$	673
Total Corporate Obligations						22,114
Total Long-Term Investments—99.3% (cost $60,958)						61,644
Commercial Paper
Nestle Capital Corp.,   1.946%, due 10/1/19			250			250
Total Commercial Paper—0.4% (cost $250)						250
Total Investments—99.7% (cost $61,208)						61,894
Securities Sold , Not Yet Purchased
U.S. Government Agency—(4.9)%
Federal National Mortgage Association (FNMA)—(4.9)%
TBA, 2.500%, due 10/1/34			(3,000	)		(3,026	)
Total Securities Sold , Not Yet Purchased—(4.9)% (proceeds $3,045)						(3,026	)
Cash and other assets, less liabilities—5.2%						3,211
Net assets—100.0%					$	62,079

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

144A = Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by any of Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.

TBA = To Be Announced - TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2019. 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.

VRN = Variable Rate Note

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government Agency—61.8%
Federal Home Loan Mortgage Corp. (FHLMC)—14.9%
#B17294, 5.000%, due 11/1/19	$	2	$	2
#B19222, 4.500%, due 4/1/20		4		4
#G11836, 5.500%, due 12/1/20		2		2
#E02322, 5.500%, due 5/1/22		10		10
#G12725, 6.000%, due 6/1/22		43		44
#J08450, 5.500%, due 7/1/23		15		15
#J08703, 5.500%, due 9/1/23		18		19
#C00351, 8.000%, due 7/1/24		24		26
#J11208, 5.000%, due 11/1/24		34		36
#G00363, 8.000%, due 6/1/25		39		42
#C80329, 8.000%, due 8/1/25		8		8
#G14402, 4.000%, due 2/1/27		186		196
#G04821, 8.500%, due 7/1/31		1,433		1,740
#G07837, 6.500%, due 2/1/38		981		1,161
#G04641, 6.000%, due 6/1/38		1,096		1,259
#A81372, 6.000%, due 8/1/38		169		191
#G04687, 6.000%, due 9/1/38		46		53
#G04745, 6.000%, due 9/1/38		177		204
#A81799, 6.500%, due 9/1/38		161		191
#G06085, 6.500%, due 9/1/38		46		53
#G05723, 6.500%, due 11/1/38		775		914
#G60680, 6.500%, due 9/1/39		727		866
#G61450, 6.000%, due 4/1/40		5,712		6,626
Total FHLMC Mortgage Obligations				13,662
Federal National Mortgage Association (FNMA)—46.9%
#357865, 5.000%, due 7/1/20		7		7
#879607, 5.500%, due 4/1/21		7		7
#831497, 6.000%, due 4/1/21		31		32
#831525, 5.500%, due 6/1/21		10		10
#880993, 6.000%, due 1/1/22		2		2
#888982, 6.000%, due 12/1/22		50		52
#972934, 5.500%, due 2/1/23		66		68
#889670, 5.500%, due 6/1/23		13		14
#AE0011, 5.500%, due 9/1/23		13		13
#995395, 6.000%, due 12/1/23		37		38
#190988, 9.000%, due 6/1/24		5		5
#AL8529, 6.000%, due 11/1/24		6,029		6,272
#AL2853, 4.500%, due 6/1/26		1,428		1,531
#AL9730, 4.500%, due 2/1/27		1,310		1,406
#AL9857, 4.000%, due 2/1/29		4,963		5,189
#555933, 7.000%, due 6/1/32		390		444
#CA2754, 4.500%, due 11/1/33		135		147
#AL6413, 8.000%, due 8/1/34		249		282
#AL6412, 7.500%, due 9/1/35		858		977
#886762, 7.000%, due 9/1/36		220		264
#948637, 6.500%, due 8/1/37		206		240
#888703, 6.500%, due 8/1/37		2,171		2,587
#888530, 7.500%, due 8/1/37		1,554		1,896
#AL6411, 7.000%, due 12/1/37		1,614		1,828
#AD0100, 7.000%, due 12/1/38		549		656
#AE0934, 6.500%, due 10/1/39		1,766		2,083
#BM3525, 6.000%, due 4/1/41		3,412		3,929

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#AL9226, 5.500%, due 12/1/41		$	3,438	$	3,906
#BM1328, 6.000%, due 1/1/42			1,540		1,784
#AL9225, 6.000%, due 1/1/42			2,799		3,231
#BM5121, 5.500%, due 12/1/48			3,599		4,109
Total FNMA Mortgage Obligations					43,009
Asset-Backed Securities—9.5%
Tesla Auto Lease Trust —144A, 2018-A, Tranche A, 2.320%, 12/20/19	Aaa		12		11
Nissan Auto Lease Trust, 2018-A, Tranche A2B, 1M USD LIBOR + 0.150%, 2.634%, 2/16/21, VRN	AAA		1,097		1,097
GM Financial Consumer Automobile Receivables Trust, 2018-3, Tranche A2B, 1M USD LIBOR + 0.110%, 2.138%, 7/16/21, VRN	AAA		847		847
Ford Credit Auto Owner Trust, 2018-B, Tranche A2B, 1M USD LIBOR + 0.120%, 2.148%, 9/15/21, VRN	Aaa		392		392
PFS Financing Corporation—144A, 2018-A, Tranche A, 1M USD LIBOR + 0.400%, 2.428%, 2/17/22, VRN	AAA		1,500		1,500
Honda Auto Receivables Owner Trust, 2019-3, Tranche A2, 1.900%, 4/15/22	AAA		500		500
Mercedes-Benz Master Owner Trust—144A, 2017-BA, Tranche A, 1M LIBOR + 0.420%, 2.448%, 5/16/22, VRN	Aaa		2,280		2,283
Oxford Finance Funding LLC—144A, 2019-1A, Tranche A2, 4.459%, 2/15/27	A		1,000		1,026
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 4.528%, 1/15/43, VRN	AAA		1,045		1,050
Total Asset-Backed Securities					8,706
Corporate Obligations—28.7%
Mondelez International Holdings Netherlands BV—144A, 3M USD LIBOR + 0.610%, 2.866%, due 10/28/19, VRN	A3		1,750		1,751
Daimler Finance North America LLC—144A, 3M USD LIBOR + 0.620%, 2.886%, due 10/30/19, VRN	A		1,600		1,601
Harley-Davidson Financial Services, Inc.—144A, 3M USD LIBOR + 0.500%, 2.652%, due 5/21/20, VRN	A		1,000		1,001
National Australia Bank Ltd.—144A, 3M USD LIBOR + 0.510%, 2.660%, due 5/22/20, VRN	AA-		1,750		1,755
Apple, Inc., 3M USD LIBOR + 1.130%, 3.278%, due 2/23/21, VRN	AA+		550		558
JPMorgan Chase & Co., 3M USD LIBOR + 1.480%, 3.618%, due 3/1/21, VRN	AA-		1,750		1,777
Wells Fargo & Co., 3M USD LIBOR + 1.340%, 3.473%, due 3/4/21, VRN	A+		1,750		1,775
HSBC Holdings plc, 3M USD LIBOR + 2.240%, 4.342%, due 3/8/21, VRN	AA-		1,800		1,846
Bank of America Corporation, 3M USD LIBOR + 1.420%, 3.723%, due 4/19/21, VRN	A+		1,000		1,018

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount			Value
Corporate Obligations—(continued)
The Goldman Sachs Group, Inc., 3M USD LIBOR + 1.360%, 3.636%, due 4/23/21, VRN	A	$	1,000		$	1,014
Westpac Banking Corporation, 3M USD LIBOR + 1.000%, 3.176%, due 5/13/21, VRN	AA-		1,750			1,771
The Boeing Co., 2.300%, due 8/1/21	A		2,000			2,009
Barclays plc, 3M USD LIBOR + 2.110%, 4.291%, due 8/10/21, VRN	A		1,750			1,786
Verizon Communications, Inc., 3.125%, due 3/16/22	A-		1,000			1,029
Bristol-Myers Squibb Co.—144A, 2.600%, due 5/16/22	A+		1,000			1,014
Ryder System, Inc., 2.875%, due 6/1/22	A-		1,650			1,677
Mitsubishi UFJ Financial Group, Inc., 2.623%, due 7/18/22	A1		1,150			1,161
Lloyds Bank plc, 2.250%, due 8/14/22	Aa3		1,800			1,796
Total Corporate Obligations						26,339
Total Long-Term Investments—100.0% (cost $91,716)						91,716
Total Investments—100.0% (cost $91,716)						91,716
Securities Sold , Not Yet Purchased
U.S. Government Agency
Federal National Mortgage Association (FNMA)—(13.2)%
TBA, 2.500%, due 10/1/34			(12,000	)		(12,103	)
Total Securities Sold , Not Yet Purchased—(13.2)% (proceeds $12,182)						(12,103	)
Cash and other assets, less liabilities—13.2%						12,142
Net assets—100.0%					$	91,755

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

144A = Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by any of Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.

TBA = To Be Announced - TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2019. 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.

VRN = Variable Rate Note

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Exchange-Traded Funds—63.6%
Equity Exchange-Traded Funds—59.4%
Consumer Staples Select Sector SPDR Fund		205,700	$	12,634
Dragon Capital - Vietnam Enterprise Investments, Ltd. Class “C”§		2,699,756		16,730
Global X MSCI Greece ETF		2,452,700		22,884
iShares Core MSCI Emerging Markets ETF		663,700		32,535
iShares MSCI Brazil ETF		591,400		24,916
iShares MSCI Malaysia ETF		282,700		7,873
SPDR S&P 500 ETF Trust		1,228,200		364,493
Utilities Select Sector SPDR Fund		31,900		2,065
VanEck Vectors Russia ETF		80,900		1,845
Total Equity Exchange-Traded Funds				485,975
Fixed Income Exchange-Traded Funds—4.2%
iShares iBoxx $ Investment Grade Corporate Bond ETF		194,500		24,795
SPDR Bloomberg Barclays High Yield Bond ETF		87,400		9,504
Total Fixed Income Exchange-Traded Funds				34,299
Total Exchange-Traded Funds—63.6% (cost $482,216)				520,274
Foreign Government Bond—2.2%
Malaysia
Malaysia Government Bond, 4.160%, due 7/15/21	MYR	74,432		18,099
Total Foreign Government Bonds—2.2% (cost $18,364)				18,099
Repurchase Agreement—5.9%
Fixed Income Clearing Corporation, 0.250% dated 9/30/19, due 10/1/19, repurchase price $48,134, collateralized by U.S. Treasury Notes, 2.250%-2.375%, due 5/15/27-11/15/27	$	48,134		48,134
Total Repurchase Agreement—5.9% (cost $48,134)				48,134
U.S. Government Agency—27.5%
U.S. Treasury Bill, 2.198%, due 10/10/19		17,500		17,492
U.S. Treasury Bill, 2.405%, due 11/7/19		17,500		17,469
U.S. Treasury Bill, 2.409%, due 12/5/19(a)		17,500		17,444
U.S. Treasury Bill, 2.408%, due 1/2/20(b)		17,500		17,418
U.S. Treasury Bill, 2.422%, due 1/30/20(b)		17,500		17,396
U.S. Treasury Bill, 2.384%, due 2/27/20(a) (b)		17,500		17,371
U.S. Treasury Bill, 2.267%, due 3/26/20(b)		17,500		17,348
U.S. Treasury Bill, 2.301%, due 4/23/20(b)		17,500		17,323
U.S. Treasury Bill, 2.254%, due 5/21/20(b)		17,500		17,300
U.S. Treasury Bill, 2.012%, due 6/18/20(b)		17,500		17,277
U.S. Treasury Bill, 1.915%, due 7/16/20(b)		17,500		17,253
U.S. Treasury Bill, 1.781%, due 8/13/20		17,500		17,235

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government Agency—(continued)
U.S. Treasury Bill, 1.785%, due 9/10/20	$	17,500	$	17,214
Total U.S. Government Agency—27.5% (cost $225,217)				225,540
Total Investments in Securities—99.2% (cost $773,931)				812,047
Cash and other assets, less liabilities—0.8%				6,446
Net assets—100.0%			$	818,493

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 2.04% of the Fund’s net assets at September 30, 2019.

(a) Security, or portion of security, is pledged as collateral for OTC swap contracts aggregating a total value of $1,796 (in thousands).

(b) 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 $34,152 (in thousands).

If a fund’s portfolio holdings represent ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined in the Investment Company Act of 1940. The Fund had the following transactions during the period ended September 30, 2019 with companies deemed affiliated during the period or at September 30, 2019.

	Share Activity										Period Ended September 30, 2019
															Change in net
															unrealized
	Balance						Balance		Value		Dividend		Net realized		appreciation
Security Name	12/31/2018		Purchases		Sales		09/30/2019		9/30/2019		Income		gain (loss)		(depreciation)
Global X MSCI Greece ETF		2,434,000		963,200		944,500		2,452,700	$	22,884	$	121	$	1,041	$	5,031
									$	22,884	$	121	$	1,041	$	5,031

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
10/16/19	New Turkish Lira	Citibank N.A. London		280,033		48,187	$	49,329	$	1,142
12/18/19	Colombian Peso	Citibank N.A. London		138,351,198		40,926		39,613		(1,313	)
12/18/19	Indian Rupee	Citibank N.A. London		2,840,515		39,115		39,829		714
12/18/19	Japanese Yen	Citibank N.A. London		5,266,941		49,193		48,977		(216	)
12/18/19	Mexican Peso	Citibank N.A. London		1,556,331		78,369		77,904		(465	)
12/18/19	New Zealand Dollar	Citibank N.A. London		1,473		925		924		(1	)
12/18/19	Norwegian Krone	Citibank N.A. London		293,251		32,714		32,273		(441	)
12/18/19	Philippine Peso	Citibank N.A. London		4,293,547		81,938		82,614		676
12/18/19	Polish Zloty	Citibank N.A. London		96,792		24,563		24,164		(399	)
12/18/19	Russian Ruble	Citibank N.A. London		1,968,467		29,708		30,048		340
12/18/19	Singapore Dollar	Citibank N.A. London		95,634		69,397		69,255		(142	)
12/18/19	South African Rand	Citibank N.A. London		479,092		32,131		31,320		(811	)
12/18/19	Swedish Krona	Citibank N.A. London		638,085		66,137		65,162		(975	)
12/18/19	Swiss Franc	Citibank N.A. London		987		997		996		(1	)
12/18/19	Thai Baht	Citibank N.A. London		42,960		1,406		1,407		1
									$	(1,891	)
Sold
12/18/19	Australian Dollar	Citibank N.A. London		72,171		49,661	$	48,831	$	830
12/18/19	Brazilian Real	Citibank N.A. London		11,298		2,764		2,706		58

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)		USD (Base) Purchased or Sold		Current Value		Net Unrealized Appreciation (Depreciation)
Sold — (continued)
12/18/19	Yuan Renminbi	Citibank N.A. London		166,837		23,401	$	23,324	$	77
12/18/19	Czech Koruna	Citibank N.A. London		859,539		36,527		36,375		152
12/18/19	Euro	Citibank N.A. London		67,170		74,364		73,648		716
12/18/19	Hong Kong Dollar	Citibank N.A. London		207,524		26,473		26,498		(25	)
12/18/19	Hungarian Forint	Citibank N.A. London		4,949,472		16,412		16,187		225
12/18/19	Indonesian Rupiah	Citibank N.A. London		720,048,546		50,494		50,290		204
12/18/19	Israeli Shekel	Citibank N.A. London		144,567		41,016		41,758		(742	)
12/18/19	Mexican Peso	Citibank N.A. London		23,536		1,177		1,178		(1	)
12/18/19	New Zealand Dollar	Citibank N.A. London		115,975		74,549		72,751		1,798
12/18/19	Norwegian Krone	Citibank N.A. London		10,707		1,179		1,178		1
12/18/19	Philippine Peso	Citibank N.A. London		56,984		1,096		1,096		—
12/18/19	Polish Zloty	Citibank N.A. London		4,010		1,001		1,001		—
12/18/19	South Korean Won	Citibank N.A. London		34,538,636		29,046		28,865		181
12/18/19	Swiss Franc	Citibank N.A. London		73,227		74,283		73,870		413
12/18/19	Taiwan Dollar	Citibank N.A. London		1,281,552		41,434		41,533		(99	)
12/18/19	Thai Baht	Citibank N.A. London		3,407,929		111,352		111,591		(239	)
									$	3,549
Total net unrealized appreciation (depreciation) on forward foreign currency contracts									$	1,658

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
446	CAC 40 Index	October 2019	Euro		25,315	$	27,255	$	27,592	$	337
330	IBEX 35 Index	October 2019	Euro		30,467		32,226		33,208		982
74	HSCEI Future	October 2019	Hong Kong Dollar		37,777		4,860		4,820		(40	)
624	MSCI Singapore ETS  Index	October 2019	Singapore Dollar		22,417		16,361		16,219		(142	)
3,686	BIST 30 Index	October 2019	Turkish Lira		48,591		8,010		8,604		594
332	KOSPI 12 Index	December 2019	South Korean Won		22,754,450		18,764		19,023		259
11	NIKKEI 225 Index	December 2019	Japanese Yen		119,570		1,071		1,106		35
81	SPI 200 Index	December 2019	Australian Dollar		13,531		9,080		9,133		53
203	Ultra U.S. Treasury Bond	December 2019	U.S. Dollar		38,957		39,163		38,957		(206	)
33	DAX Index	December 2019	Euro		10,239		11,121		11,160		39
1,176	EURO STOXX 600 Banks Index	December 2019	Euro		7,709		8,495		8,402		(93	)
										$	1,818
Short
98	Amsterdam Index	October 2019	Euro		11,371	$	12,337	$	12,394	$	(57	)
83	OMXS 30 Index	October 2019	Swedish Krona		13,676		1,394		1,389		5
48	HANG SENG Index	October 2019	Hong Kong Dollar		62,501		8,059		7,974		85
323	MSCI Taiwan Index	October 2019	U.S. Dollar		13,149		13,053		13,149		(96	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Number of Contracts	Description	Expiration Date	Local Currency	Notional Value (Local, in Thousands		Notional Amount (USD)		Notional Value (USD)		Net Unrealized Appreciation (Depreciation)
Short — (continued)
283	10YR Can Bond	December 2019	Canadian Dollar		40,356	$	30,865	$	30,461	$	404
613	FTSE 40 Index	December 2019	South African Rand		302,344		21,015		19,963		1,052
200	S&P TSE 60 Index	December 2019	Canadian Dollar		39,844		30,026		30,074		(48	)
250	EURO STOXX 50 Index	December 2019	Euro		8,888		9,558		9,687		(129	)
29	FTSE 100 Index	December 2019	British Pound Sterling		2,141		2,614		2,633		(19	)
668	MSCI Emerging Markets Small Cap	December 2019	U.S. Dollar		33,463		34,640		33,464		1,176
1,184	MSCI Mexico Index	December 2019	U.S. Dollar		26,747		27,272		26,747		525
2,065	S&P 500 E Mini Index	December 2019	U.S. Dollar		307,530		311,168		307,530		3,638
62	S&P E Mini Com Ser Index	December 2019	U.S. Dollar		4,025		4,153		4,025		128
127	XAK Technology	December 2019	U.S. Dollar		10,305		10,355		10,305		50
120	XAY Cons Discret	December 2019	U.S. Dollar		14,650		14,742		14,650		92
										$	6,806
Total net unrealized appreciation (depreciation) on future contracts										$	8,624

Total Return Swaps

Reference Entity	Pay/Receive Floating Rate	Floating Rates	Maturity Dates	Counterparty	Notional Amount (in thousands)		Market Value			Unrealized Appreciation (Depreciation)
10YR T-Note Future	Pay	0 bp	Dec 2019	Credit Suisse International	$	45,575	$	(227	)	$	(227	)
5YR T-Note Future	Receive	0 bp	Dec 2019	Credit Suisse International		6,948		37			37
Euro-Bund Future	Receive	0 bp	Dec 2019	Credit Suisse International	EUR	4,403		51			51
MSCI Emerging Markets India Net Total Return Index	Pay	3 Month LIBOR minus 21 bp	Dec 2019	Goldman Sachs International		15,810		768			768
MSCI Emerging Markets Indonesia Net Total Return USD	Pay	3 Month LIBOR minus 5 bp	Jun 2020	Citibank N.A.		14,102		1,171			1,171
Swiss Market Index (Total Return)	Receive	3 Month CHF LIBOR plus 0 bp	Dec 2019	Goldman Sachs International	CHF	10,887		(25	)		(25	)
										$	1,775

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2019 (all dollar amounts in thousands) (unaudited)

Centrally Cleared Credit Default Swap

Reference Entity

Buy/Sell Protection

Fixed Deal Pay Rate

Payment Frequency

Maturity Date

Cleared Exchange

Notional Amount (in thousands)

Upfront Payment Paid (Received)

Value

Unrealized Appreciation (Depreciation)

iTRAXX Europe S31

Sell

1.000

%

3M

June 2024

ICE

EUR

15,522

$

358

$

422

$

64

Total net unrealized appreciation (depreciation) on swaps

$

1,839

See accompanying Notes to Portfolio of Investments.

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Trust

William Blair Funds (the “Trust”) is a mutual fund registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. The Trust currently consists of the following nineteen funds (the “Funds”), each with its own investment objectives and policies. For each Fund, the number of shares authorized is unlimited.

U.S. Equity Funds	International Equity Funds
Growth	International Leaders
Large Cap Growth	International Growth
Mid Cap Growth	Institutional International Growth
Small-Mid Cap Growth	International Small Cap Growth
Small-Mid Cap Value	Emerging Markets Leaders
Small Cap Growth	Emerging Markets Growth
Small Cap Value	Emerging Markets Small Cap Growth
Global Equity Fund	Fixed Income Funds
Global Leaders	Bond
	Income
Multi-Asset and Alternative Fund	Low Duration
Macro Allocation

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.
Income Fund	High level of current income with relative stability of principal.
Low Duration Fund	Maximize total return. Total return includes both income and capital appreciation.
Macro Allocation Fund	Maximize long-term risk-adjusted total return.

1

(b) Income Taxes

The cost of investments, including derivatives, for federal income tax purposes and related gross unrealized appreciation (depreciation) and net unrealized appreciation/(depreciation) at September 30, 2019 were as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ (Depreciation)
Growth	$	166,892	$	93,020	$	5,315	$	87,705
Large Cap Growth		167,973		72,486		3,205		69,281
Mid Cap Growth		57,447		13,512		1,507		12,005
Small-Mid Cap Growth		2,454,630		471,410		106,109		365,301
Small-Mid Cap Value		3,386		230		42		188
Small Cap Growth		590,346		121,110		44,484		76,626
Small Cap Value		351,485		95,400		12,577		82,823
Global Leaders		136,417		43,363		2,229		41,134
International Leaders		509,355		94,341		6,596		87,745
International Growth		1,687,587		380,530		43,497		337,033
Institutional International Growth		1,456,911		314,923		37,014		277,909
International Small Cap Growth		253,371		38,625		15,798		22,827
Emerging Markets Leaders		197,200		29,968		6,338		23,630
Emerging Markets Growth		666,555		137,100		13,317		123,783
Emerging Markets Small Cap Growth		223,172		39,254		2,786		36,468
Bond		268,476		14,759		1,735		13,024
Income		61,218		1,183		387		696
Low Duration		91,716		748		669		79
Macro Allocation		784,988		47,675		8,496		39,179

(c) Repurchase Agreements

In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. As of September 30, 2019, each Fund’s outstanding repurchase agreement, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

(d) TBA Securities

The Fixed Income Funds may invest in mortgage pass-through securities eligible to be sold in the “to-be announced” market (“TBAs”). TBAs provide for the forward or delayed delivery of the underlying instrument with settlement 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.

(e) 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 domestic equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.

The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of September 30, 2019, fair valuation estimates for foreign equity securities were not 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 and commercial paper are valued at cost, which approximates fair value.

Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. 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.

Centrally cleared swaps listed or settled on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels, along with external third-party prices, are used to produce daily settlement prices.

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.

2

(b) Fair Value Measurements

Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

• Level 1—Quoted prices (unadjusted) in active markets for an identical security.

• Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time 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 would be based on the best information available.

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation technique applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis as follows:

Exchange-Traded Securities

Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

Fixed-Income Securities

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agency obligations, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, asset-backed securities and non-U.S. bonds are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed-income securities using inputs including, but not limited to, recent transaction prices 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.

Short-Term Investments

Repurchase agreements and commercial paper are valued at cost, which approximates fair value. These investments are categorized as Level 2 of the fair value hierarchy.

Derivative Instruments

Listed derivatives, such as certain options and futures contracts, that are actively traded are valued based on quoted prices from the exchange on which they are traded most extensively and are categorized 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 September 30, 2019, the value of securities and other assets, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

3

Investments in securities			Growth		Large Cap Growth		Mid Cap Growth
Level 1—Quoted prices
Common Stocks			$	254,388	$	235,870	$	67,267
Level 2—Other significant observable inputs
Short-Term Investments				209		1,384		2,185
Level 3—Significant unobservable inputs
None				—		—		—
Total investments in securities			$	254,597	$	237,254	$	69,452
Investments in securities	Small-Mid Cap Growth		Small-Mid Cap Value		Small Cap Growth		Small Cap Value
Level 1—Quoted prices
Common Stocks	$	2,775,191	$	3,574	$	657,391	$	422,228
Level 2—Other significant observable inputs
Short-Term Investments		44,740		—		9,581		12,080
Level 3—Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	2,819,931	$	3,574	$	666,972	$	434,308
Investments in securities	Global Leaders		International Leaders		International Growth		Institutional International Growth
Level 1—Quoted prices
Common Stocks	$	174,432	$	554,812	$	2,011,516	$	1,713,899
Level 2—Other significant observable inputs
Common Stocks		—		—		8,923		7,603
Short-Term Investments		3,119		42,288		4,181		13,318
Level 3—Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	177,551	$	597,100	$	2,024,620	$	1,734,820
Investments in securities	International Small Cap Growth		Emerging Markets Leaders		Emerging Markets Growth		Emerging Markets Small Cap Growth
Level 1—Quoted prices
Common Stocks	$	272,820	$	204,475	$	755,545	$	249,318
Preferred Stocks		—		—		12,036		2,243
Level 2—Other significant observable inputs
Common Stocks		2,761		6,803		13,800		7,646
Corporate Obligations/Notes		—		19		—		—
Short-Term Investments		617		9,533		8,957		433
Level 3—Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	276,198	$	220,830	$	790,338	$	259,640

4

Investments in securities	Bond			Income			Low Duration			Macro Allocation
Assets
Level 1—Quoted Prices
Common Stocks	$	—		$	—		$	—		$	—
Exchange-Traded Funds		—			—			—			520,274
Level 2—Other significant observable inputs
Asset-Backed Securities		5,394			887			8,706			—
Commercial Paper		600			250			—			—
Corporate Obligation/Notes		109,552			22,114			26,339			—
Foreign Government		—			—			—			18,099
Short-Term Investments		115			—			—			48,134
U.S. Government and U.S. Government Agency		165,923			38,643			56,671			225,540
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	$	281,584		$	61,894		$	91,716		$	812,047
Other financial instruments
Assets
Level 1—Quoted Prices
Futures Contracts	$	—		$	—		$	—		$	9,454
Level 2—Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—			7,528
Swaps		—			—			—			2,091
Level 3—Significant unobservable inputs
None		—			—			—			—
Liabilities
Level 1—Quoted Prices
Futures Contracts		—			—			—			(830	)
Level 2—Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—			(5,870	)
Swaps		(135	)		—			—			(252	)
U.S. Government Agency		(8,121	)		(3,026	)		(12,103	)		—
Level 3—Significant unobservable inputs
None		—			—			—			—
Total Other Financial Instruments	$	(8,256	)	$	(3,026	)	$	(12,103	)	$	12,121

Level 1 Common Stocks are exchange-traded securities with a quoted price. See Portfolio of Investments for Sector Classification.

5

(3) Financial Derivative Instruments

Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus. Macro Allocation Fund may also use derivative instruments to obtain investment exposures.

Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.

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. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, a Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, a Fund will continue to be required to maintain the margin deposits on the futures contract.

Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other liquid assets equal to a certain percentage of the contract amount (initial margin deposit). Futures contracts are marked to market daily and an appropriate payable or receivable for the change in value (“variation margin”) is recorded by a Fund and a cash payment is either made to or received from the broker. Futures held through swaps are marked to market daily, however, a Fund does not make or receive cash payments to/from the broker. Gains or losses are recognized but not considered realized until the contracts expire or are closed.

Options

The purchase or sale of an option by a Fund involves the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, either to purchase or sell the underlying security, commodity, or other instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so the investor loses its premium. 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 and Multi-Asset and Alternative Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.

6

Swap Contracts

Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. 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. A Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by a Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, 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, 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.

7