Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—36.0% | |||||||||
* | Adobe, Inc. | 17,532 | $ | 5,579 | |||||
* | Advanced Micro Devices, Inc. | 73,320 | 3,335 | ||||||
* | Alarm.com Holdings, Inc. | 32,500 | 1,264 | ||||||
* | Arista Networks, Inc. | 20,948 | 4,243 | ||||||
Booz Allen Hamilton Holding Corporation | 31,225 | 2,143 | |||||||
Dolby Laboratories, Inc. | 35,175 | 1,907 | |||||||
Fidelity National Information Services, Inc. | 41,290 | 5,022 | |||||||
* | Guidewire Software, Inc. | 17,324 | 1,374 | ||||||
* | Knowles Corporation | 19,634 | 263 | ||||||
Mastercard, Inc. Class “A” | 36,333 | 8,777 | |||||||
Microchip Technology, Inc. | 30,247 | 2,051 | |||||||
Microsoft Corporation | 128,240 | 20,225 | |||||||
* | MongoDB, Inc. | 8,516 | 1,163 | ||||||
National Instruments Corporation | 82,501 | 2,729 | |||||||
Perspecta, Inc. | 133,452 | 2,434 | |||||||
* | Pure Storage, Inc. | 220,309 | 2,710 | ||||||
Texas Instruments, Inc. | 44,864 | 4,483 | |||||||
* | Verra Mobility Corporation | 79,717 | 569 | ||||||
* | Workday, Inc. | 19,604 | 2,553 | ||||||
72,824 | |||||||||
Health Care—14.8% | |||||||||
Abbott Laboratories | 45,337 | 3,577 | |||||||
Agilent Technologies, Inc. | 46,118 | 3,303 | |||||||
* | Codexis, Inc. | 63,414 | 708 | ||||||
* | Horizon Therapeutics plc† | 98,432 | 2,915 | ||||||
* | Illumina, Inc. | 6,616 | 1,807 | ||||||
* | Penumbra, Inc. | 9,097 | 1,468 | ||||||
* | Portola Pharmaceuticals, Inc. | 114,264 | 815 | ||||||
STERIS plc† | 15,088 | 2,112 | |||||||
Stryker Corporation | 13,350 | 2,223 | |||||||
Teleflex, Inc. | 6,426 | 1,882 | |||||||
UnitedHealth Group, Inc. | 24,024 | 5,991 | |||||||
Zoetis, Inc. | 27,875 | 3,280 | |||||||
30,081 | |||||||||
Consumer Discretionary—12.6% | |||||||||
Advance Auto Parts, Inc. | 20,456 | 1,909 | |||||||
* | Amazon.com, Inc. | 8,507 | 16,586 | ||||||
* | Burlington Stores, Inc. | 11,653 | 1,847 | ||||||
* | Etsy, Inc. | 21,178 | 814 | ||||||
* | Grand Canyon Education, Inc. | 19,879 | 1,516 | ||||||
* | Laureate Education, Inc. | 144,142 | 1,515 | ||||||
* | Ulta Salon Cosmetics & Fragrance, Inc. | 7,857 | 1,381 | ||||||
25,568 | |||||||||
Communication Services—9.9% | |||||||||
Activision Blizzard, Inc. | 62,959 | 3,745 | |||||||
* | Alphabet, Inc. Class “A” | 11,120 | 12,921 | ||||||
* | Live Nation Entertainment, Inc. | 33,873 | 1,540 | ||||||
* | Take-Two Interactive Software, Inc. | 15,253 | 1,809 | ||||||
20,015 |
See accompanying Notes to Portfolio of Investments.
Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Industrials—9.9% | |||||||||
BWX Technologies, Inc. | 110,151 | $ | 5,366 | ||||||
* | Copart, Inc. | 49,741 | 3,408 | ||||||
* | CoStar Group, Inc. | 5,913 | 3,472 | ||||||
Fortive Corporation | 47,912 | 2,644 | |||||||
Luxfer Holdings plc† | 104,192 | 1,473 | |||||||
The Brink’s Co. | 30,774 | 1,602 | |||||||
* | Trex Co., Inc. | 25,460 | 2,040 | ||||||
20,005 | |||||||||
Consumer Staples—7.1% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 73,253 | 1,866 | ||||||
Costco Wholesale Corporation | 12,458 | 3,552 | |||||||
The Coca-Cola Co. | 141,248 | 6,250 | |||||||
The Estee Lauder Cos., Inc. Class “A” | 16,686 | 2,659 | |||||||
14,327 | |||||||||
Financials—3.5% | |||||||||
Intercontinental Exchange, Inc. | 51,228 | 4,137 | |||||||
Virtu Financial, Inc. | 141,363 | 2,943 | |||||||
7,080 | |||||||||
Materials—3.4% | |||||||||
Ball Corporation | 67,716 | 4,378 | |||||||
Linde plc† | 15,062 | 2,606 | |||||||
6,984 | |||||||||
Real Estate—1.5% | |||||||||
SBA Communications Corporation | 11,383 | 3,073 | |||||||
Energy—0.9% | |||||||||
Cameco Corporation† | 242,367 | 1,852 | |||||||
Total Common Stocks—99.6% (cost $144,010) | 201,809 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $1,512, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $1,547 | $ | 1,512 | 1,512 | ||||||
Total Repurchase Agreement—0.8% (cost $1,512) | 1,512 | ||||||||
Total Investments—100.4% (cost $145,522) | 203,321 | ||||||||
Liabilities, plus cash and other assets—(0.4)% | (781 | ) | |||||||
Net assets—100.0% | $ | 202,540 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Large Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—38.1% | |||||||||
Accenture plc† | 63,300 | $ | 10,334 | ||||||
* | Adobe, Inc. | 32,150 | 10,232 | ||||||
* | Advanced Micro Devices, Inc. | 252,758 | 11,496 | ||||||
* | Autodesk, Inc. | 20,720 | 3,234 | ||||||
Fidelity National Information Services, Inc. | 54,310 | 6,606 | |||||||
* | Guidewire Software, Inc. | 69,160 | 5,485 | ||||||
Intuit, Inc. | 28,020 | 6,445 | |||||||
Lam Research Corporation | 30,610 | 7,346 | |||||||
Mastercard, Inc. | 43,410 | 10,486 | |||||||
Microsoft Corporation | 212,170 | 33,461 | |||||||
* | PayPal Holdings, Inc. | 125,880 | 12,052 | ||||||
Texas Instruments, Inc. | 103,250 | 10,318 | |||||||
127,495 | |||||||||
Health Care—15.4% | |||||||||
Abbott Laboratories | 130,880 | 10,328 | |||||||
* | Illumina, Inc. | 7,366 | 2,012 | ||||||
Stryker Corporation | 56,640 | 9,430 | |||||||
UnitedHealth Group, Inc. | 63,150 | 15,748 | |||||||
* | Veeva Systems, Inc. Class “A” | 31,430 | 4,915 | ||||||
Zoetis, Inc. | 77,680 | 9,142 | |||||||
51,575 | |||||||||
Consumer Discretionary—13.1% | |||||||||
* | Amazon.com, Inc. | 14,320 | 27,920 | ||||||
NIKE, Inc. Class “B” | 64,160 | 5,309 | |||||||
Starbucks Corporation | 159,790 | 10,504 | |||||||
43,733 | |||||||||
Communication Services—10.7% | |||||||||
Activision Blizzard, Inc. | 171,370 | 10,193 | |||||||
* | Alphabet, Inc. Class “A” | 14,820 | 17,220 | ||||||
* | Alphabet, Inc. Class “C” | 2,986 | 3,472 | ||||||
* | Live Nation Entertainment, Inc. | 112,710 | 5,124 | ||||||
36,009 | |||||||||
Industrials—6.6% | |||||||||
* | Copart, Inc. | 99,190 | 6,796 | ||||||
Equifax, Inc. | 51,820 | 6,190 | |||||||
Fortive Corporation | 162,630 | 8,976 | |||||||
21,962 | |||||||||
Consumer Staples—6.5% | |||||||||
Costco Wholesale Corporation | 21,540 | 6,142 | |||||||
The Coca-Cola Co. | 233,990 | 10,354 | |||||||
The Estee Lauder Cos., Inc. Class “A” | 33,450 | 5,330 | |||||||
21,826 | |||||||||
Financials—5.7% | |||||||||
Aon plc† | 37,980 | 6,268 | |||||||
Apollo Global Management, Inc. | 188,630 | 6,319 | |||||||
Intercontinental Exchange, Inc. | 80,380 | 6,491 | |||||||
19,078 |
See accompanying Notes to Portfolio of Investments.
Large Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials—2.3% | |||||||||
Linde plc† | 44,740 | $ | 7,740 | ||||||
Total Common Stocks—98.4% (cost $297,959) | 329,418 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $5,723, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $5,842 | $ | 5,723 | 5,723 | ||||||
Total Repurchase Agreement—1.7% (cost $5,723) | 5,723 | ||||||||
Total Investments—100.1% (cost $303,682) | 335,141 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (222 | ) | |||||||
Net assets—100.0% | $ | 334,919 |
† = U.S. listed foreign security
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—31.7% | |||||||||
* | Advanced Micro Devices, Inc. | 36,990 | $ | 1,682 | |||||
* | Arista Networks, Inc. | 7,315 | 1,482 | ||||||
* | Aspen Technology, Inc. | 5,990 | 569 | ||||||
* | Autodesk, Inc. | 6,245 | 975 | ||||||
Booz Allen Hamilton Holding Corporation | 18,674 | 1,282 | |||||||
* | Coupa Software, Inc. | 3,995 | 558 | ||||||
Dolby Laboratories, Inc. | 19,560 | 1,060 | |||||||
* | EPAM Systems, Inc. | 5,770 | 1,071 | ||||||
* | Euronet Worldwide, Inc. | 7,825 | 671 | ||||||
Global Payments, Inc. | 8,765 | 1,264 | |||||||
* | GoDaddy, Inc. | 19,940 | 1,139 | ||||||
j2 Global, Inc. | 9,968 | 746 | |||||||
MAXIMUS, Inc. | 11,505 | 670 | |||||||
Microchip Technology, Inc. | 18,680 | 1,266 | |||||||
* | MongoDB, Inc. | 3,305 | 451 | ||||||
* | Nice, Ltd.—ADR | 4,525 | 650 | ||||||
* | Pure Storage, Inc. | 79,325 | 976 | ||||||
* | WEX, Inc. | 8,340 | 872 | ||||||
* | Workday, Inc. | 5,565 | 725 | ||||||
18,109 | |||||||||
Health Care—16.1% | |||||||||
* | ABIOMED, Inc. | 4,050 | 588 | ||||||
Agilent Technologies, Inc. | 25,090 | 1,797 | |||||||
* | Centene Corporation | 19,520 | 1,160 | ||||||
Encompass Health Corporation | 21,233 | 1,359 | |||||||
* | Horizon Therapeutics plc† | 26,555 | 786 | ||||||
* | Insulet Corporation | 3,680 | 610 | ||||||
* | Mettler-Toledo International, Inc. | 1,060 | 732 | ||||||
STERIS plc† | 4,900 | 686 | |||||||
Teleflex, Inc. | 5,020 | 1,470 | |||||||
9,188 | |||||||||
Industrials—14.9% | |||||||||
BWX Technologies, Inc. | 40,024 | 1,949 | |||||||
* | Copart, Inc. | 28,177 | 1,931 | ||||||
* | CoStar Group, Inc. | 3,304 | 1,940 | ||||||
Equifax, Inc. | 5,090 | 608 | |||||||
Fortive Corporation | 11,685 | 645 | |||||||
* | Teledyne Technologies, Inc. | 2,125 | 632 | ||||||
Waste Connections, Inc.† | 10,125 | 785 | |||||||
8,490 | |||||||||
Consumer Discretionary—10.2% | |||||||||
Advance Auto Parts, Inc. | 10,288 | 960 | |||||||
Aptiv plc† | 10,555 | 520 | |||||||
* | Burlington Stores, Inc. | 6,250 | 990 | ||||||
* | CarMax, Inc. | 6,240 | 336 | ||||||
Domino’s Pizza, Inc. | 1,728 | 560 | |||||||
Ross Stores, Inc. | 11,150 | 970 | |||||||
Service Corporation International | 19,860 | 777 | |||||||
* | Ulta Salon Cosmetics & Fragrance, Inc. | 3,865 | 679 | ||||||
5,792 |
See accompanying Notes to Portfolio of Investments.
Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials—6.9% | |||||||||
Ball Corporation | 31,600 | $ | 2,043 | ||||||
Celanese Corporation | 3,875 | 285 | |||||||
Vulcan Materials Co. | 14,965 | 1,617 | |||||||
3,945 | |||||||||
Financials—5.6% | |||||||||
Arthur J Gallagher & Co. | 16,860 | 1,374 | |||||||
Cboe Global Markets, Inc. | 11,195 | 999 | |||||||
Signature Bank | 4,875 | 392 | |||||||
* | SVB Financial Group | 2,805 | 424 | ||||||
3,189 | |||||||||
Communication Services—5.3% | |||||||||
* | Live Nation Entertainment, Inc. | 18,379 | 835 | ||||||
* | Take-Two Interactive Software, Inc. | 11,210 | 1,330 | ||||||
* | Zynga, Inc. | 126,095 | 864 | ||||||
3,029 | |||||||||
Consumer Staples—4.2% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 27,624 | 703 | ||||||
Conagra Brands, Inc. | 31,150 | 914 | |||||||
Lamb Weston Holdings, Inc. | 13,972 | 798 | |||||||
2,415 | |||||||||
Real Estate—3.1% | |||||||||
SBA Communications Corporation | 6,610 | 1,784 | |||||||
Energy—0.3% | |||||||||
Parsley Energy, Inc. | 33,470 | 192 | |||||||
Total Common Stocks—98.3% (cost $55,552) | 56,133 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $1,118, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $1,143 | $ | 1,118 | 1,118 | ||||||
Total Repurchase Agreement—1.9% (cost $1,118) | 1,118 | ||||||||
Total Investments—100.2% (cost $56,670) | 57,251 | ||||||||
Liabilities, plus cash and other assets—(0.2)% | (125 | ) | |||||||
Net assets—100.0% | $ | 57,126 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—17.1% | |||||||||
Armstrong World Industries, Inc. | 18,871 | $ | 1,499 | ||||||
* | Blue Bird Corporation | 96,108 | 1,051 | ||||||
BWX Technologies, Inc. | 94,354 | 4,596 | |||||||
Douglas Dynamics, Inc. | 52,418 | 1,861 | |||||||
* | Generac Holdings, Inc. | 17,101 | 1,593 | ||||||
Healthcare Services Group, Inc. | 90,589 | 2,166 | |||||||
John Bean Technologies Corporation | 17,720 | 1,316 | |||||||
Lincoln Electric Holdings, Inc. | 18,805 | 1,298 | |||||||
Luxfer Holdings plc† | 104,255 | 1,474 | |||||||
Nordson Corporation | 11,051 | 1,493 | |||||||
* | Teledyne Technologies, Inc. | 4,067 | 1,209 | ||||||
Tennant Co. | 37,412 | 2,168 | |||||||
The Brink’s Co. | 73,169 | 3,808 | |||||||
The Toro Co. | 21,701 | 1,413 | |||||||
* | Trex Co., Inc. | 27,244 | 2,183 | ||||||
29,128 | |||||||||
Health Care—16.6% | |||||||||
* | Codexis, Inc. | 178,920 | 1,997 | ||||||
Encompass Health Corporation | 45,874 | 2,937 | |||||||
* | Hanger, Inc. | 162,273 | 2,528 | ||||||
* | HealthEquity, Inc. | 26,757 | 1,354 | ||||||
* | Horizon Therapeutics plc† | 117,447 | 3,479 | ||||||
* | LHC Group, Inc. | 21,365 | 2,995 | ||||||
* | Mednax, Inc. | 79,745 | 928 | ||||||
* | Merit Medical Systems, Inc. | 86,616 | 2,707 | ||||||
* | Portola Pharmaceuticals, Inc. | 122,899 | 876 | ||||||
STERIS plc† | 18,820 | 2,634 | |||||||
* | Tabula Rasa HealthCare, Inc. | 48,993 | 2,562 | ||||||
Teleflex, Inc. | 6,084 | 1,782 | |||||||
* | Veracyte, Inc. | 62,266 | 1,514 | ||||||
28,293 | |||||||||
Information Technology—15.5% | |||||||||
Booz Allen Hamilton Holding Corporation | 23,163 | 1,590 | |||||||
Brooks Automation, Inc. | 29,283 | 893 | |||||||
Dolby Laboratories, Inc. | 43,201 | 2,342 | |||||||
Entegris, Inc. | 28,704 | 1,285 | |||||||
* | Euronet Worldwide, Inc. | 19,409 | 1,664 | ||||||
j2 Global, Inc. | 35,631 | 2,667 | |||||||
* | Knowles Corporation | 123,013 | 1,646 | ||||||
MAXIMUS, Inc. | 22,950 | 1,336 | |||||||
* | Nice, Ltd.—ADR | 24,499 | 3,517 | ||||||
Perspecta, Inc. | 117,306 | 2,140 | |||||||
* | Pure Storage, Inc. | 153,733 | 1,891 | ||||||
* | Rogers Corporation | 13,436 | 1,268 | ||||||
* | SolarEdge Technologies, Inc. | 21,897 | 1,793 | ||||||
* | Verra Mobility Corporation | 185,175 | 1,322 | ||||||
* | WEX, Inc. | 10,095 | 1,055 | ||||||
26,409 | |||||||||
Financials—11.9% | |||||||||
Ares Management Corporation | 49,319 | 1,525 | |||||||
Arthur J Gallagher & Co. | 16,713 | 1,362 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Financials—11.9%—(continued) | |||||||||
Cboe Global Markets, Inc. | 20,132 | $ | 1,797 | ||||||
* | Encore Capital Group, Inc. | 39,065 | 913 | ||||||
FirstCash, Inc. | 23,983 | 1,721 | |||||||
Signature Bank | 21,282 | 1,711 | |||||||
* | SVB Financial Group | 19,090 | 2,884 | ||||||
Virtu Financial, Inc. | 158,746 | 3,305 | |||||||
Western Alliance Bancorp | 110,969 | 3,397 | |||||||
Wintrust Financial Corporation | 50,586 | 1,662 | |||||||
20,277 | |||||||||
Real Estate—9.4% | |||||||||
Americold Realty Trust | 109,855 | 3,739 | |||||||
CoreSite Realty Corporation | 26,565 | 3,079 | |||||||
Douglas Emmett, Inc. | 91,444 | 2,790 | |||||||
Healthcare Realty Trust, Inc. | 86,761 | 2,423 | |||||||
Jones Lang LaSalle, Inc. | 22,783 | 2,301 | |||||||
Rexford Industrial Realty, Inc. | 41,870 | 1,717 | |||||||
16,049 | |||||||||
Consumer Discretionary—9.2% | |||||||||
Advance Auto Parts, Inc. | 23,045 | 2,150 | |||||||
* | Boot Barn Holdings, Inc. | 124,493 | 1,610 | ||||||
* | Burlington Stores, Inc. | 12,523 | 1,984 | ||||||
* | CarMax, Inc. | 28,157 | 1,516 | ||||||
Domino’s Pizza, Inc. | 4,956 | 1,606 | |||||||
* | Grand Canyon Education, Inc. | 54,340 | 4,145 | ||||||
* | National Vision Holdings, Inc. | 80,980 | 1,573 | ||||||
Service Corporation International | 30,528 | 1,194 | |||||||
15,778 | |||||||||
Communication Services—5.2% | |||||||||
Cable One, Inc. | 1,600 | 2,630 | |||||||
* | Live Nation Entertainment, Inc. | 41,805 | 1,900 | ||||||
* | Take-Two Interactive Software, Inc. | 20,578 | 2,441 | ||||||
* | Zynga, Inc. | 284,608 | 1,950 | ||||||
8,921 | |||||||||
Materials—5.1% | |||||||||
* | Crown Holdings, Inc. | 58,809 | 3,413 | ||||||
Eagle Materials, Inc. | 27,028 | 1,579 | |||||||
FMC Corporation | 16,576 | 1,354 | |||||||
* | Ingevity Corporation | 27,864 | 981 | ||||||
Orion Engineered Carbons S.A.† | 173,634 | 1,296 | |||||||
8,623 | |||||||||
Consumer Staples—5.0% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 112,659 | 2,870 | ||||||
Lamb Weston Holdings, Inc. | 47,953 | 2,738 | |||||||
Primo Water Corporation† | 151,411 | 1,372 | |||||||
Spectrum Brands Holdings, Inc. | 44,718 | 1,626 | |||||||
8,606 | |||||||||
Energy—1.6% | |||||||||
Cameco Corporation† | 235,957 | 1,803 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Energy—1.6%—(continued) | |||||||||
* | Oceaneering International, Inc. | 38,209 | $ | 112 | |||||
Parsley Energy, Inc. | 128,515 | 736 | |||||||
* | Talos Energy, Inc. | 28,479 | 164 | ||||||
2,815 | |||||||||
Utilities—1.6% | |||||||||
IDACORP, Inc. | 30,287 | 2,659 | |||||||
Total Common Stocks—98.2% (cost $224,072) | 167,558 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $2,721, collateralized by U.S. Treasury Note, 1.125%, due 2/28/25, valued at $2,776 | $ | 2,721 | 2,721 | ||||||
Total Repurchase Agreement—1.6% (cost $2,721) | 2,721 | ||||||||
Total Investments—99.8% (cost $226,793) | 170,279 | ||||||||
Cash and other assets, less liabilities—0.2% | 280 | ||||||||
Net assets—100.0% | $ | 170,559 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—24.5% | |||||||||
* | Aspen Technology, Inc. | 400,025 | $ | 38,030 | |||||
* | Avalara, Inc. | 354,962 | 26,480 | ||||||
Booz Allen Hamilton Holding Corporation | 612,197 | 42,021 | |||||||
Brooks Automation, Inc. | 600,300 | 18,309 | |||||||
* | Coupa Software, Inc. | 156,400 | 21,854 | ||||||
Entegris, Inc. | 409,624 | 18,339 | |||||||
* | Euronet Worldwide, Inc. | 332,055 | 28,464 | ||||||
* | GoDaddy, Inc. | 652,523 | 37,266 | ||||||
j2 Global, Inc. | 472,671 | 35,379 | |||||||
* | MongoDB, Inc. | 135,100 | 18,447 | ||||||
National Instruments Corporation | 933,007 | 30,864 | |||||||
* | Nice, Ltd.—ADR | 346,552 | 49,751 | ||||||
* | Novanta, Inc.† | 244,768 | 19,552 | ||||||
Perspecta, Inc. | 1,344,286 | 24,520 | |||||||
* | Proofpoint, Inc. | 258,500 | 26,519 | ||||||
* | Pure Storage, Inc. | 3,282,858 | 40,379 | ||||||
* | Rogers Corporation | 191,753 | 18,105 | ||||||
* | SolarEdge Technologies, Inc. | 364,457 | 29,842 | ||||||
* | Varonis Systems, Inc. | 296,500 | 18,878 | ||||||
* | WEX, Inc. | 196,036 | 20,496 | ||||||
563,495 | |||||||||
Health Care—22.3% | |||||||||
* | ABIOMED, Inc. | 83,292 | 12,091 | ||||||
* | Amedisys, Inc. | 241,718 | 44,365 | ||||||
Encompass Health Corporation | 958,211 | 61,354 | |||||||
* | Halozyme Therapeutics, Inc. | 1,514,447 | 27,245 | ||||||
* | HealthEquity, Inc. | 330,737 | 16,732 | ||||||
* | Horizon Therapeutics plc† | 1,743,140 | 51,632 | ||||||
* | Insulet Corporation | 225,792 | 37,409 | ||||||
* | iRhythm Technologies, Inc. | 330,100 | 26,854 | ||||||
* | Ligand Pharmaceuticals, Inc. | 335,712 | 24,413 | ||||||
* | Masimo Corporation | 217,800 | 38,577 | ||||||
* | Penumbra, Inc. | 302,426 | 48,790 | ||||||
* | Portola Pharmaceuticals, Inc. | 2,129,353 | 15,182 | ||||||
STERIS plc† | 279,898 | 39,177 | |||||||
Teleflex, Inc. | 157,951 | 46,258 | |||||||
* | Veracyte, Inc. | 894,291 | 21,740 | ||||||
511,819 | |||||||||
Industrials—20.9% | |||||||||
BWX Technologies, Inc. | 1,592,700 | 77,580 | |||||||
* | Copart, Inc. | 648,162 | 44,412 | ||||||
* | Generac Holdings, Inc. | 232,600 | 21,671 | ||||||
Healthcare Services Group, Inc. | 1,304,627 | 31,194 | |||||||
HEICO Corporation Class “A” | 366,834 | 23,441 | |||||||
Lincoln Electric Holdings, Inc. | 255,953 | 17,661 | |||||||
* | Mercury Systems, Inc. | 501,666 | 35,789 | ||||||
Ritchie Bros Auctioneers, Inc.† | 867,311 | 29,645 | |||||||
* | Teledyne Technologies, Inc. | 208,078 | 61,855 | ||||||
The Brink’s Co. | 804,444 | 41,871 | |||||||
TransUnion | 538,479 | 35,637 | |||||||
* | Trex Co., Inc. | 728,847 | 58,410 | ||||||
479,166 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary—8.7% | |||||||||
Advance Auto Parts, Inc. | 182,690 | $ | 17,049 | ||||||
* | Burlington Stores, Inc. | 216,286 | 34,273 | ||||||
Domino’s Pizza, Inc. | 71,600 | 23,203 | |||||||
* | Etsy, Inc. | 767,300 | 29,495 | ||||||
* | Grand Canyon Education, Inc. | 945,401 | 72,120 | ||||||
* | Planet Fitness, Inc. | 504,237 | 24,556 | ||||||
200,696 | |||||||||
Financials—6.1% | |||||||||
Ares Management Corporation | 669,084 | 20,695 | |||||||
Cboe Global Markets, Inc. | 249,803 | 22,295 | |||||||
* | Encore Capital Group, Inc. | 439,500 | 10,275 | ||||||
FirstCash, Inc. | 460,727 | 33,053 | |||||||
Signature Bank | 210,737 | 16,941 | |||||||
Virtu Financial, Inc. | 1,731,371 | 36,047 | |||||||
139,306 | |||||||||
Communication Services—5.8% | |||||||||
Cable One, Inc. | 27,847 | 45,781 | |||||||
* | Live Nation Entertainment, Inc. | 1,043,558 | 47,440 | ||||||
* | Zynga, Inc. | 5,965,400 | 40,863 | ||||||
134,084 | |||||||||
Materials—4.6% | |||||||||
* | Crown Holdings, Inc. | 800,281 | 46,448 | ||||||
Martin Marietta Materials, Inc. | 308,745 | 58,424 | |||||||
104,872 | |||||||||
Consumer Staples—3.7% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 1,899,671 | 48,384 | ||||||
Lamb Weston Holdings, Inc. | 637,560 | 36,405 | |||||||
84,789 | |||||||||
Real Estate—2.0% | |||||||||
FirstService Corporation† | 310,060 | 23,912 | |||||||
Jones Lang LaSalle, Inc. | 219,579 | 22,173 | |||||||
46,085 | |||||||||
Energy—0.7% | |||||||||
Cameco Corporation† | 2,033,036 | 15,532 | |||||||
Total Common Stocks—99.3% (cost $2,325,522) | 2,279,844 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $32,186 collateralized by U.S. Treasury Note, 1.125%, due 2/28/25, valued at $32,830 | $ | 32,186 | 32,186 | ||||||
Total Repurchase Agreement—1.4% (cost $32,186) | 32,186 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Total Investments—100.7% (cost $2,357,708) | $ | 2,312,030 | |||||||
Liabilities, plus cash and other assets—(0.7)% | (16,117 | ) | |||||||
Net assets—100.0% | $ | 2,295,913 |
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, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Financials—21.1% | |||||||||
American Financial Group, Inc. | 974 | $ | 68 | ||||||
CNO Financial Group, Inc. | 4,527 | 56 | |||||||
East West Bancorp, Inc. | 2,430 | 63 | |||||||
First American Financial Corporation | 1,780 | 75 | |||||||
FNB Corporation | 9,399 | 69 | |||||||
Hancock Whitney Corporation | 3,066 | 60 | |||||||
Hanover Insurance Group, Inc. | 1,101 | 100 | |||||||
Home BancShares, Inc. | 5,217 | 63 | |||||||
National Bank Holdings Corporation | 2,615 | 63 | |||||||
PacWest Bancorp | 4,736 | 85 | |||||||
Radian Group, Inc. | 4,973 | 64 | |||||||
Selective Insurance Group, Inc. | 2,036 | 101 | |||||||
Sterling Bancorp | 6,896 | 72 | |||||||
* | SVB Financial Group | 421 | 64 | ||||||
Umpqua Holdings Corporation | 8,482 | 92 | |||||||
Voya Financial, Inc. | 2,590 | 105 | |||||||
Western Alliance Bancorp | 2,774 | 85 | |||||||
1,285 | |||||||||
Industrials—14.8% | |||||||||
Brady Corporation | 2,398 | 108 | |||||||
Curtiss-Wright Corporation | 1,029 | 95 | |||||||
* | FTI Consulting, Inc. | 731 | 88 | ||||||
IDEX Corporation | 784 | 108 | |||||||
Jacobs Engineering Group, Inc. | 1,174 | 93 | |||||||
Kansas City Southern | 756 | 96 | |||||||
Simpson Manufacturing Co., Inc. | 942 | 59 | |||||||
The Toro Co. | 1,455 | 95 | |||||||
Watts Water Technologies, Inc. | 724 | 61 | |||||||
Westinghouse Air Brake Technologies Corporation | 2,011 | 97 | |||||||
900 | |||||||||
Real Estate—14.6% | |||||||||
Acadia Realty Trust | 1,031 | 13 | |||||||
American Assets Trust, Inc. | 3,812 | 95 | |||||||
American Campus Communities, Inc. | 2,279 | 63 | |||||||
Americold Realty Trust | 3,986 | 136 | |||||||
Douglas Emmett, Inc. | 3,087 | 94 | |||||||
Equity LifeStyle Properties, Inc. | 2,215 | 127 | |||||||
Healthcare Realty Trust, Inc. | 4,833 | 135 | |||||||
Life Storage, Inc. | 989 | 94 | |||||||
Terreno Realty Corporation | 2,531 | 131 | |||||||
888 | |||||||||
Information Technology—11.4% | |||||||||
* | Arista Networks, Inc. | 465 | 94 | ||||||
Booz Allen Hamilton Holding Corporation | 1,791 | 123 | |||||||
* | Cadence Design Systems, Inc. | 1,610 | 106 | ||||||
* | Ciena Corporation | 2,341 | 93 | ||||||
* | Inphi Corporation | 874 | 69 | ||||||
j2 Global, Inc. | 1,426 | 107 | |||||||
MAXIMUS, Inc. | 1,797 | 105 | |||||||
697 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Value Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary—9.5% | |||||||||
* | Deckers Outdoor Corporation | 320 | $ | 43 | |||||
Dunkin’ Brands Group, Inc. | 1,537 | 82 | |||||||
* | Helen of Troy, Ltd.† | 326 | 46 | ||||||
* | LKQ Corporation | 2,687 | 55 | ||||||
* | Murphy USA, Inc. | 595 | 50 | ||||||
Newell Brands, Inc. | 4,137 | 55 | |||||||
PulteGroup, Inc. | 2,639 | 59 | |||||||
Service Corporation International | 1,912 | 75 | |||||||
Strategic Education, Inc. | 469 | 65 | |||||||
* | TopBuild Corporation | 681 | 49 | ||||||
579 | |||||||||
Utilities—8.3% | |||||||||
Alliant Energy Corporation | 2,666 | 129 | |||||||
Atmos Energy Corporation | 1,402 | 139 | |||||||
CMS Energy Corporation | 1,837 | 108 | |||||||
IDACORP, Inc. | 1,459 | 128 | |||||||
504 | |||||||||
Health Care—6.6% | |||||||||
* | Bio-Rad Laboratories, Inc. | 79 | 28 | ||||||
CONMED Corporation | 906 | 52 | |||||||
Encompass Health Corporation | 1,826 | 117 | |||||||
* | Hologic, Inc. | 2,723 | 95 | ||||||
PerkinElmer, Inc. | 1,436 | 108 | |||||||
400 | |||||||||
Materials—6.0% | |||||||||
FMC Corporation | 1,621 | 132 | |||||||
PolyOne Corporation | 3,133 | 60 | |||||||
Sensient Technologies Corporation | 1,287 | 56 | |||||||
Silgan Holdings, Inc. | 1,455 | 42 | |||||||
Steel Dynamics, Inc. | 3,432 | 77 | |||||||
367 | |||||||||
Consumer Staples—4.2% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 2,141 | 54 | ||||||
Casey’s General Stores, Inc. | 165 | 22 | |||||||
J&J Snack Foods Corporation | 603 | 73 | |||||||
Lamb Weston Holdings, Inc. | 1,926 | 110 | |||||||
259 | |||||||||
Communication Services—2.1% | |||||||||
The Interpublic Group of Cos., Inc. | 8,069 | 131 | |||||||
Energy—0.4% | |||||||||
Helmerich & Payne, Inc. | 988 | 15 | |||||||
Valero Energy Corporation | 143 | 8 | |||||||
23 | |||||||||
Total Common Stocks—99.0% (cost $7,541) | 6,033 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Value Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $199, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $205 | $ | 199 | $ | 199 | |||||
Total Repurchase Agreement—3.3% (cost $199) | 199 | ||||||||
Total Investments—102.3% (cost $7,740) | 6,232 | ||||||||
Liabilities, plus cash and other assets—(2.3)% | (138 | ) | |||||||
Net assets—100.0% | $ | 6,094 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Health Care—27.6% | |||||||||
* | Amedisys, Inc. | 25,715 | $ | 4,720 | |||||
* | AxoGen, Inc. | 343,970 | 3,577 | ||||||
* | Codexis, Inc. | 468,158 | 5,225 | ||||||
* | CryoLife, Inc. | 264,742 | 4,479 | ||||||
Encompass Health Corporation | 114,811 | 7,351 | |||||||
* | Halozyme Therapeutics, Inc. | 321,670 | 5,787 | ||||||
* | Hanger, Inc. | 421,770 | 6,571 | ||||||
* | Health Catalyst, Inc. | 163,128 | 4,266 | ||||||
* | HealthEquity, Inc. | 54,410 | 2,753 | ||||||
* | Horizon Therapeutics plc† | 244,022 | 7,228 | ||||||
* | Insmed, Inc. | 236,950 | 3,798 | ||||||
* | iRhythm Technologies, Inc. | 70,760 | 5,756 | ||||||
* | LHC Group, Inc. | 53,809 | 7,544 | ||||||
* | Ligand Pharmaceuticals, Inc. | 93,058 | 6,767 | ||||||
* | Merit Medical Systems, Inc. | 196,956 | 6,155 | ||||||
* | Penumbra, Inc. | 42,123 | 6,796 | ||||||
* | Portola Pharmaceuticals, Inc. | 446,840 | 3,186 | ||||||
Simulations Plus, Inc. | 185,860 | 6,490 | |||||||
* | Tabula Rasa HealthCare, Inc. | 141,604 | 7,404 | ||||||
* | Twist Bioscience Corporation | 227,017 | 6,942 | ||||||
* | Veracyte, Inc. | 275,300 | 6,693 | ||||||
119,488 | |||||||||
Industrials—25.6% | |||||||||
Albany International Corporation | 100,485 | 4,756 | |||||||
Armstrong World Industries, Inc. | 64,213 | 5,100 | |||||||
* | Blue Bird Corporation | 308,788 | 3,375 | ||||||
BWX Technologies, Inc. | 254,189 | 12,381 | |||||||
* | Casella Waste Systems, Inc. | 201,270 | 7,862 | ||||||
Douglas Dynamics, Inc. | 166,223 | 5,903 | |||||||
* | Ducommun, Inc. | 178,172 | 4,428 | ||||||
ESCO Technologies, Inc. | 52,626 | 3,995 | |||||||
* | Forrester Research, Inc. | 145,913 | 4,265 | ||||||
Healthcare Services Group, Inc. | 192,437 | 4,601 | |||||||
John Bean Technologies Corporation | 73,130 | 5,431 | |||||||
Lincoln Electric Holdings, Inc. | 49,650 | 3,426 | |||||||
Luxfer Holdings plc† | 430,125 | 6,082 | |||||||
* | Mercury Systems, Inc. | 109,586 | 7,818 | ||||||
* | PAE, Inc. | 972,878 | 6,314 | ||||||
Ritchie Bros Auctioneers, Inc.† | 197,995 | 6,767 | |||||||
The Brink’s Co. | 179,126 | 9,323 | |||||||
* | Trex Co., Inc. | 75,510 | 6,051 | ||||||
* | Willdan Group, Inc. | 135,178 | 2,889 | ||||||
110,767 | |||||||||
Information Technology—22.9% | |||||||||
* | Agilysys, Inc. | 311,122 | 5,196 | ||||||
* | Alarm.com Holdings, Inc. | 140,920 | 5,483 | ||||||
* | Avalara, Inc. | 64,598 | 4,819 | ||||||
Brooks Automation, Inc. | 112,230 | 3,423 | |||||||
Computer Services, Inc. | 99,459 | 4,001 | |||||||
* | Euronet Worldwide, Inc. | 57,970 | 4,969 | ||||||
* | Grid Dynamics Holdings, Inc. | 653,101 | 5,225 | ||||||
* | Inphi Corporation | 42,810 | 3,389 |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
j2 Global, Inc. | 130,452 | $ | 9,764 | ||||||
* | Knowles Corporation | 295,220 | 3,950 | ||||||
Littelfuse, Inc. | 38,653 | 5,157 | |||||||
* | LivePerson, Inc. | 145,767 | 3,316 | ||||||
* | Novanta, Inc.† | 37,460 | 2,992 | ||||||
* | PDF Solutions, Inc. | 2,668 | 31 | ||||||
Perspecta, Inc. | 286,890 | 5,233 | |||||||
* | Pure Storage, Inc. | 513,106 | 6,311 | ||||||
* | Qualys, Inc. | 37,460 | 3,259 | ||||||
* | Repay Holdings Corporation | 147,088 | 2,111 | ||||||
* | Rogers Corporation | 32,767 | 3,094 | ||||||
* | SiTime Corporation | 100,422 | 2,186 | ||||||
* | Varonis Systems, Inc. | 107,000 | 6,813 | ||||||
* | Verra Mobility Corporation | 372,420 | 2,659 | ||||||
* | WNS Holdings, Ltd.—ADR | 134,082 | 5,763 | ||||||
99,144 | |||||||||
Consumer Discretionary—7.0% | |||||||||
* | Boot Barn Holdings, Inc. | 312,487 | 4,040 | ||||||
* | Etsy, Inc. | 114,522 | 4,402 | ||||||
* | Grand Canyon Education, Inc. | 109,582 | 8,359 | ||||||
* | Laureate Education, Inc. | 554,403 | 5,827 | ||||||
Lithia Motors, Inc. | 51,139 | 4,183 | |||||||
* | National Vision Holdings, Inc. | 177,604 | 3,449 | ||||||
30,260 | |||||||||
Financials—5.2% | |||||||||
* | Encore Capital Group, Inc. | 101,765 | 2,379 | ||||||
FirstCash, Inc. | 103,308 | 7,411 | |||||||
Glacier Bancorp, Inc. | 146,265 | 4,974 | |||||||
Home BancShares, Inc. | 230,408 | 2,763 | |||||||
Virtu Financial, Inc. | 241,876 | 5,036 | |||||||
22,563 | |||||||||
Real Estate—4.4% | |||||||||
Colliers International Group, Inc.† | 121,088 | 5,813 | |||||||
CoreSite Realty Corporation | 58,274 | 6,754 | |||||||
FirstService Corporation† | 86,067 | 6,638 | |||||||
19,205 | |||||||||
Consumer Staples—2.9% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 253,300 | 6,452 | ||||||
* | Darling Ingredients, Inc. | 316,230 | 6,062 | ||||||
12,514 | |||||||||
Communication Services—2.8% | |||||||||
Cable One, Inc. | 4,521 | 7,433 | |||||||
* | QuinStreet, Inc. | 579,430 | 4,664 | ||||||
12,097 | |||||||||
Energy—1.2% | |||||||||
Cameco Corporation† | 546,730 | 4,177 |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Energy — (continued) | |||||||||
Parsley Energy, Inc. | 154,000 | $ | 883 | ||||||
5,060 | |||||||||
Materials—0.6% | |||||||||
Orion Engineered Carbons S.A.† | 360,022 | 2,686 | |||||||
Total Common Stocks—100.2% (cost $459,266) | 433,784 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $2,040, collateralized by U.S. Treasury Notes, 1.625% - 2.375%, due 10/31/26 - 5/15/27, valued at $2,081 | $ | 2,040 | 2,040 | ||||||
Total Repurchase Agreement—0.5% (cost $2,040) | 2,040 | ||||||||
Total Investments—100.7% (cost $461,306) | 435,824 | ||||||||
Liabilities, plus cash and other assets—(0.7)% | (3,155 | ) | |||||||
Net assets—100.0% | $ | 432,669 |
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, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Financials—25.5% | |||||||||
Banc of California, Inc. | 75,837 | $ | 607 | ||||||
Banner Corporation | 29,915 | 988 | |||||||
Boston Private Financial Holdings, Inc. | 144,858 | 1,036 | |||||||
CNO Financial Group, Inc. | 89,074 | 1,104 | |||||||
First American Financial Corporation | 12,485 | 529 | |||||||
FNB Corporation | 137,468 | 1,013 | |||||||
Glacier Bancorp, Inc. | 35,274 | 1,200 | |||||||
Hancock Whitney Corporation | 62,717 | 1,224 | |||||||
Hanover Insurance Group, Inc. | 15,906 | 1,441 | |||||||
Home BancShares, Inc. | 107,808 | 1,293 | |||||||
Horace Mann Educators Corporation | 35,395 | 1,295 | |||||||
National Bank Holdings Corporation | 45,599 | 1,090 | |||||||
OceanFirst Financial Corporation | 65,787 | 1,047 | |||||||
PacWest Bancorp | 54,544 | 977 | |||||||
Radian Group, Inc. | 90,108 | 1,167 | |||||||
Renasant Corporation | 44,457 | 971 | |||||||
Sandy Spring Bancorp, Inc. | 39,642 | 898 | |||||||
* | Seacoast Banking Corporation of Florida | 62,120 | 1,137 | ||||||
Selective Insurance Group, Inc. | 36,220 | 1,800 | |||||||
Sterling Bancorp | 85,495 | 893 | |||||||
Umpqua Holdings Corporation | 111,287 | 1,213 | |||||||
Western Alliance Bancorp | 44,730 | 1,369 | |||||||
24,292 | |||||||||
Industrials—14.9% | |||||||||
Brady Corporation | 59,707 | 2,695 | |||||||
Curtiss-Wright Corporation | 15,809 | 1,461 | |||||||
ESCO Technologies, Inc. | 13,007 | 987 | |||||||
Federal Signal Corporation | 38,661 | 1,055 | |||||||
* | FTI Consulting, Inc. | 15,069 | 1,805 | ||||||
* | Gibraltar Industries, Inc. | 23,490 | 1,008 | ||||||
Simpson Manufacturing Co., Inc. | 17,515 | 1,086 | |||||||
The Toro Co. | 7,521 | 489 | |||||||
UniFirst Corporation | 9,732 | 1,470 | |||||||
Watts Water Technologies, Inc. | 25,236 | 2,136 | |||||||
14,192 | |||||||||
Real Estate—11.6% | |||||||||
Acadia Realty Trust | 17,659 | 219 | |||||||
Agree Realty Corporation | 28,480 | 1,763 | |||||||
American Assets Trust, Inc. | 48,721 | 1,218 | |||||||
Americold Realty Trust | 63,100 | 2,148 | |||||||
Healthcare Realty Trust, Inc. | 72,796 | 2,033 | |||||||
Highwoods Properties, Inc. | 29,349 | 1,040 | |||||||
Life Storage, Inc. | 10,085 | 953 | |||||||
Terreno Realty Corporation | 31,749 | 1,643 | |||||||
11,017 | |||||||||
Information Technology—11.5% | |||||||||
Avnet, Inc. | 21,501 | 540 | |||||||
Belden, Inc. | 15,226 | 549 | |||||||
* | Inphi Corporation | 15,848 | 1,255 | ||||||
j2 Global, Inc. | 21,357 | 1,599 | |||||||
* | LiveRamp Holdings, Inc. | 30,644 | 1,009 |
See accompanying Notes to Portfolio of Investments.
Small Cap Value Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
* | Lumentum Holdings, Inc. | 9,465 | $ | 698 | |||||
ManTech International Corporation | 10,255 | 745 | |||||||
MAXIMUS, Inc. | 23,512 | 1,368 | |||||||
Perspecta, Inc. | 43,190 | 788 | |||||||
* | Semtech Corporation | 25,721 | 964 | ||||||
* | Viavi Solutions, Inc. | 129,212 | 1,448 | ||||||
10,963 | |||||||||
Consumer Discretionary—8.9% | |||||||||
* | Adtalem Global Education, Inc. | 18,910 | 506 | ||||||
Carter’s, Inc. | 12,516 | 823 | |||||||
* | Cavco Industries, Inc. | 4,270 | 619 | ||||||
* | Deckers Outdoor Corporation | 5,050 | 677 | ||||||
Dunkin’ Brands Group, Inc. | 18,505 | 982 | |||||||
* | Helen of Troy, Ltd.† | 7,595 | 1,094 | ||||||
MDC Holdings, Inc. | 36,969 | 858 | |||||||
* | Murphy USA, Inc. | 12,895 | 1,088 | ||||||
Strategic Education, Inc. | 7,360 | 1,029 | |||||||
* | TopBuild Corporation | 11,155 | 799 | ||||||
8,475 | |||||||||
Utilities—8.5% | |||||||||
Black Hills Corporation | 21,317 | 1,365 | |||||||
Chesapeake Utilities Corporation | 13,450 | 1,153 | |||||||
IDACORP, Inc. | 16,013 | 1,406 | |||||||
ONE Gas, Inc. | 25,255 | 2,112 | |||||||
PNM Resources, Inc. | 37,205 | 1,414 | |||||||
Portland General Electric Co. | 14,075 | 674 | |||||||
8,124 | |||||||||
Health Care—6.4% | |||||||||
CONMED Corporation | 26,601 | 1,523 | |||||||
Encompass Health Corporation | 33,559 | 2,149 | |||||||
* | Integer Holdings Corporation | 25,499 | 1,603 | ||||||
* | Magellan Health, Inc. | 16,476 | 793 | ||||||
6,068 | |||||||||
Materials—4.6% | |||||||||
Carpenter Technology Corporation | 31,399 | 612 | |||||||
Minerals Technologies, Inc. | 24,069 | 873 | |||||||
PolyOne Corporation | 33,784 | 641 | |||||||
Sensient Technologies Corporation | 20,342 | 885 | |||||||
Silgan Holdings, Inc. | 46,872 | 1,360 | |||||||
4,371 | |||||||||
Consumer Staples—3.9% | |||||||||
* | BJ’s Wholesale Club Holdings, Inc. | 30,745 | 783 | ||||||
Casey’s General Stores, Inc. | 5,195 | 688 | |||||||
* | Darling Ingredients, Inc. | 66,301 | 1,271 | ||||||
J&J Snack Foods Corporation | 8,490 | 1,027 | |||||||
3,769 | |||||||||
Energy—0.7% | |||||||||
Archrock, Inc. | 141,447 | 532 |
See accompanying Notes to Portfolio of Investments.
Small Cap Value Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Energy — (continued) | |||||||||
Brigham Minerals, Inc. | 16,320 | $ | 135 | ||||||
667 | |||||||||
Communication Services—0.2% | |||||||||
The Interpublic Group of Cos., Inc. | 14,515 | 235 | |||||||
Total Common
Stocks—96.7% (cost $91,912) | 92,173 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $2,763, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $2,819 | $ | 2,763 | 2,763 | ||||||
Total Repurchase
Agreement—2.9% (cost $2,763) | 2,763 | ||||||||
Total Investments—99.6% (cost $94,675) | 94,936 | ||||||||
Cash and other assets, less liabilities—0.4% | 396 | ||||||||
Net assets—100.0% | $ | 95,332 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Western Hemisphere—53.0% | |||||||||
Canada—2.6% | |||||||||
Brookfield Asset Management, Inc. Class “A” (Capital markets)† | 47,332 | $ | 2,094 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 6,545 | 1,241 | ||||||
3,335 | |||||||||
United States—50.4% | |||||||||
* | Adobe, Inc. (Software) | 8,931 | 2,842 | ||||||
* | Alphabet, Inc. Class “A” (Interactive Media & Services) | 3,374 | 3,920 | ||||||
* | Amazon.com, Inc. (Internet & direct marketing retail) | 2,213 | 4,315 | ||||||
BlackRock, Inc. (Capital markets) | 5,330 | 2,345 | |||||||
* | CoStar Group, Inc. (Professional services) | 2,497 | 1,466 | ||||||
* | Edwards Lifesciences Corporation (Health care equipment & supplies) | 9,867 | 1,861 | ||||||
* | Facebook, Inc. Class “A” (Interactive Media & Services) | 19,129 | 3,191 | ||||||
Fidelity National Information Services, Inc. (IT services) | 20,195 | 2,457 | |||||||
* | IDEXX Laboratories, Inc. (Health care equipment & supplies) | 7,123 | 1,725 | ||||||
* | Illumina, Inc. (Life sciences tools & services) | 2,939 | 803 | ||||||
Intercontinental Exchange, Inc. (Capital markets) | 28,311 | 2,286 | |||||||
* | Intuitive Surgical, Inc. (Health care equipment & supplies) | 2,751 | 1,362 | ||||||
JPMorgan Chase & Co. (Banks) | 26,981 | 2,429 | |||||||
Lockheed Martin Corporation (Aerospace & defense) | 5,622 | 1,906 | |||||||
Mastercard, Inc. Class “A” (IT services) | 14,431 | 3,486 | |||||||
NextEra Energy, Inc. (Electric utilities) | 10,055 | 2,419 | |||||||
NIKE, Inc. Class “B” (Textiles, apparel & luxury goods) | 20,205 | 1,672 | |||||||
* | PayPal Holdings, Inc. (IT services) | 21,566 | 2,065 | ||||||
Prologis, Inc. (Equity REIT) | 18,531 | 1,489 | |||||||
Roper Technologies, Inc. (Industrial conglomerates) | 7,316 | 2,281 | |||||||
* | salesforce.com, Inc. (Software) | 20,878 | 3,006 | ||||||
The Estee Lauder Cos., Inc. Class “A” (Personal products) | 11,818 | 1,883 | |||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 8,473 | 2,403 | |||||||
* | Ulta Salon Cosmetics & Fragrance, Inc. (Specialty retail) | 8,007 | 1,407 | ||||||
Union Pacific Corporation (Road & rail) | 17,030 | 2,402 | |||||||
UnitedHealth Group, Inc. (Health care providers & services) | 13,702 | 3,417 | |||||||
* | Veeva Systems, Inc. Class “A” (Health care technology) | 5,037 | 788 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 19,072 | 2,245 | |||||||
63,871 | |||||||||
Europe—18.6% | |||||||||
Denmark—4.4% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 17,234 | 1,272 | |||||||
DSV PANALPINA A/S (Air freight & logistics) | 19,014 | 1,729 | |||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 43,115 | 2,574 | |||||||
5,575 | |||||||||
France—2.9% | |||||||||
Airbus SE (Aerospace & defense) | 22,275 | 1,436 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 6,175 | 2,265 | |||||||
3,701 | |||||||||
Germany—2.1% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 109,120 | 1,576 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 7,802 | 1,128 | |||||||
2,704 |
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—18.6%—(continued) | |||||||||
Ireland—1.7% | |||||||||
Allegion plc (Building products)† | 12,796 | $ | 1,177 | ||||||
Aptiv plc (Auto components)† | 18,349 | 904 | |||||||
2,081 | |||||||||
Sweden—3.9% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 67,296 | 2,238 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 48,816 | 2,064 | |||||||
Indutrade AB (Trading companies & distributors) | 23,222 | 628 | |||||||
4,930 | |||||||||
Switzerland—3.6% | |||||||||
Lonza Group AG (Life sciences tools & services) | 6,388 | 2,628 | |||||||
Partners Group Holding AG (Capital markets) | 2,809 | 1,923 | |||||||
4,551 | |||||||||
Emerging Asia—11.3% | |||||||||
China—7.0% | |||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail) | 20,253 | 3,939 | ||||||
Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure) | 24,580 | 706 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 81,300 | 853 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 67,600 | 3,341 | |||||||
8,839 | |||||||||
India—1.1% | |||||||||
HDFC Bank, Ltd.—ADR (Banks) | 35,546 | 1,367 | |||||||
Taiwan—3.2% | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 85,950 | 4,108 | |||||||
Japan—7.0% | |||||||||
Daikin Industries, Ltd. (Building products) | 18,700 | 2,257 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 8,700 | 2,797 | |||||||
MISUMI Group, Inc. (Machinery) | 37,200 | 805 | |||||||
Nihon M&A Center, Inc. (Professional services) | 50,400 | 1,373 | |||||||
SMC Corporation (Machinery) | 4,100 | 1,719 | |||||||
8,951 | |||||||||
Asia—5.8% | |||||||||
Australia—3.3% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 65,679 | 851 | |||||||
CSL, Ltd. (Biotechnology) | 17,598 | 3,190 | |||||||
Macquarie Group, Ltd. (Capital markets) | 2,745 | 146 | |||||||
4,187 | |||||||||
Hong Kong—2.5% | |||||||||
AIA Group, Ltd. (Insurance) | 281,400 | 2,520 | |||||||
Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure) | 114,000 | 600 | |||||||
3,120 |
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
United Kingdom—3.3% | |||||||||
Compass Group plc (Hotels, restaurants & leisure) | 100,550 | $ | 1,566 | ||||||
Experian plc (Professional services) | 45,488 | 1,264 | |||||||
Fevertree Drinks plc (Beverages) | 20,700 | 309 | |||||||
Victrex plc (Chemicals) | 43,209 | 1,044 | |||||||
4,183 | |||||||||
Emerging Latin America—0.7% | |||||||||
Argentina—0.7% | |||||||||
* | Globant S.A. (Software)† | 9,567 | 841 | ||||||
Total Common Stocks—99.7% (cost $110,634) | 126,344 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $317, collateralized by U.S. Treasury Note, 1.125%, due 2/28/25, valued at $327 | $ | 317 | 317 | ||||||
Total Repurchase Agreement—0.2% (cost $317) | 317 | ||||||||
Total Investments—99.9% (cost $110,951) | 126,661 | ||||||||
Cash and other assets, less liabilities—0.1% | 70 | ||||||||
Net assets—100.0% | $ | 126,731 |
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, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 20.0 | % | ||
Industrials | 18.8 | % | ||
Health Care | 18.2 | % | ||
Consumer Discretionary | 16.1 | % | ||
Financials | 12.0 | % | ||
Communication Services | 8.3 | % | ||
Utilities | 1.9 | % | ||
Materials | 1.8 | % | ||
Consumer Staples | 1.7 | % | ||
Real Estate | 1.2 | % | ||
Total | 100.0 | % | ||
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 63.5 | % | ||
Japanese Yen | 7.1 | % | ||
Hong Kong Dollar | 5.8 | % | ||
Euro | 5.1 | % | ||
Danish Krone | 4.4 | % | ||
Swedish Krona | 3.9 | % | ||
Swiss Franc | 3.6 | % | ||
Australian Dollar | 3.3 | % | ||
British Pound Sterling | 3.3 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—41.1% | |||||||||
Denmark—8.1% | |||||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 93,984 | $ | 13,630 | ||||||
DSV PANALPINA A/S (Air freight & logistics) | 49,641 | 4,514 | |||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 238,958 | 14,269 | |||||||
Orsted A/S (Electric utilities) | 116,905 | 11,445 | |||||||
43,858 | |||||||||
Finland—1.0% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 160,336 | 5,331 | |||||||
France—8.6% | |||||||||
Airbus SE (Aerospace & defense) | 105,892 | 6,828 | |||||||
Capgemini SE (IT services) | 92,699 | 7,746 | |||||||
L’Oreal S.A. (Personal products) | 14,783 | 3,826 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 38,424 | 14,092 | |||||||
Safran S.A. (Aerospace & defense) | 100,270 | 8,884 | |||||||
Teleperformance (Professional services) | 24,759 | 5,128 | |||||||
46,504 | |||||||||
Germany—4.3% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 569,806 | 8,226 | |||||||
Rational AG (Machinery) | 9,854 | 5,211 | |||||||
SAP SE (Software) | 88,862 | 9,921 | |||||||
23,358 | |||||||||
Ireland—2.0% | |||||||||
Kingspan Group plc (Building products) | 200,834 | 10,830 | |||||||
Luxembourg—0.4% | |||||||||
Tenaris S.A. (Energy equipment & services) | 354,944 | 2,142 | |||||||
Netherlands—2.2% | |||||||||
* | Adyen N.V. (IT services) | 9,681 | 8,271 | ||||||
ASML Holding N.V. (Semiconductors & semiconductor equipment) | 14,678 | 3,869 | |||||||
12,140 | |||||||||
Spain—1.3% | |||||||||
Amadeus IT Group S.A. (IT services) | 150,503 | 7,084 | |||||||
Sweden—3.7% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 352,969 | 11,738 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 202,160 | 8,548 | |||||||
20,286 | |||||||||
Switzerland—9.5% | |||||||||
Lonza Group AG (Life sciences tools & services) | 41,467 | 17,057 | |||||||
Partners Group Holding AG (Capital markets) | 13,223 | 9,053 | |||||||
Sika AG (Chemicals) | 53,000 | 8,703 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 11,253 | 8,227 | |||||||
* | Temenos AG (Software) | 66,130 | 8,620 | ||||||
51,660 |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—18.9% | |||||||||
China—13.4% | |||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail) | 109,204 | $ | 21,238 | |||||
China Merchants Bank Co., Ltd. Class “H” (Banks) | 2,517,500 | 11,263 | |||||||
NetEase, Inc.—ADR (Entertainment) | 34,840 | 11,182 | |||||||
* | TAL Education Group—ADR (Diversified consumer services) | 220,236 | 11,730 | ||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 350,000 | 17,299 | |||||||
72,712 | |||||||||
India—2.4% | |||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 310,690 | 6,673 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 450,063 | 6,482 | |||||||
13,155 | |||||||||
Taiwan—3.1% | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment) | 1,896,000 | 17,068 | |||||||
United Kingdom—13.5% | |||||||||
Abcam plc (Biotechnology) | 150,010 | 2,116 | |||||||
Compass Group plc (Hotels, restaurants & leisure) | 430,596 | 6,709 | |||||||
Diageo plc (Beverages) | 255,979 | 8,117 | |||||||
Experian plc (Professional services) | 430,503 | 11,964 | |||||||
Halma plc (Electronic equipment, instruments & components) | 240,893 | 5,658 | |||||||
London Stock Exchange Group plc (Capital markets) | 129,008 | 11,540 | |||||||
RELX plc (Professional services) | 500,158 | 10,675 | |||||||
Segro plc (Equity REIT) | 956,081 | 9,038 | |||||||
Spirax-Sarco Engineering plc (Machinery) | 58,031 | 5,826 | |||||||
St James’s Place plc (Capital markets) | 214,109 | 1,999 | |||||||
73,642 | |||||||||
Japan—10.7% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 176,300 | 4,360 | |||||||
Daikin Industries, Ltd. (Building products) | 76,500 | 9,235 | |||||||
Hoya Corporation (Health care equipment & supplies) | 113,500 | 9,651 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 49,900 | 16,044 | |||||||
Shiseido Co., Ltd. (Personal products) | 147,000 | 8,640 | |||||||
SMC Corporation (Machinery) | 24,500 | 10,271 | |||||||
58,201 | |||||||||
Asia—6.9% | |||||||||
Australia—3.3% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 307,742 | 3,987 | |||||||
CSL, Ltd. (Biotechnology) | 73,045 | 13,241 | |||||||
Macquarie Group, Ltd. (Capital markets) | 15,734 | 838 | |||||||
18,066 | |||||||||
Hong Kong—3.6% | |||||||||
AIA Group, Ltd. (Insurance) | 1,872,800 | 16,770 | |||||||
Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure) | 481,000 | 2,534 | |||||||
19,304 |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Canada—6.1% | |||||||||
Brookfield Asset Management, Inc. Class “A” (Capital markets)† | 198,351 | $ | 8,777 | ||||||
Canadian National Railway Co. (Road & rail) | 170,144 | 13,303 | |||||||
Dollarama, Inc. (Multiline retail) | 205,316 | 5,696 | |||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 29,483 | 5,588 | ||||||
33,364 | |||||||||
Total Common Stocks—97.2% (cost $493,352) | 528,705 | ||||||||
Repurchase Agreement | |||||||||
|
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $10,615, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $10,832 | $ | 10,615 | 10,615 | |||||
Total Repurchase Agreement—2.0% (cost $10,615) | 10,615 | ||||||||
Total Investments—99.2% (cost $503,967) | 539,320 | ||||||||
Cash and other assets, less liabilities—0.8% | 4,342 | ||||||||
Net assets—100.0% | $ | 543,662 |
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 Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | |
Industrials | 21.7% |
Information Technology | 19.1% |
Health Care | 15.6% |
Consumer Discretionary | 13.5% |
Financials | 12.7% |
Communication Services | 5.4% |
Consumer Staples | 3.9% |
Energy | 2.6% |
Utilities | 2.2% |
Real Estate | 1.7% |
Materials | 1.6% |
Total | 100.0% |
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | |
Euro | 20.3% |
British Pound Sterling | 13.9% |
U.S. Dollar | 11.1% |
Japanese Yen | 11.0% |
Swiss Franc | 9.8% |
Hong Kong Dollar | 9.1% |
Danish Krone | 8.3% |
Swedish Krona | 3.8% |
Canadian Dollar | 3.6% |
Australian Dollar | 3.4% |
New Taiwan Dollar | 3.2% |
Indian Rupee | 2.5% |
Total | 100.0% |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—40.3% | |||||||||
Belgium—0.4% | |||||||||
Melexis N.V. (Semiconductors & semiconductor equipment) | 33,406 | $ | 1,742 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 147,167 | 4,201 | |||||||
5,943 | |||||||||
Denmark—6.2% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 82,759 | 6,107 | |||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 104,335 | 15,131 | |||||||
DSV PANALPINA A/S (Air freight & logistics) | 171,780 | 15,620 | |||||||
* | Genmab A/S (Biotechnology) | 51,679 | 10,381 | ||||||
* | Netcompany Group A/S (Software) | 9,812 | 451 | ||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 482,410 | 28,808 | |||||||
Orsted A/S (Electric utilities) | 164,729 | 16,126 | |||||||
Royal Unibrew A/S (Beverages) | 47,882 | 3,442 | |||||||
Tryg A/S (Insurance) | 90,841 | 2,211 | |||||||
98,277 | |||||||||
Faroe Islands—0.1% | |||||||||
Bakkafrost P/F (Food products) | 43,984 | 2,084 | |||||||
Finland—0.9% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 434,762 | 14,455 | |||||||
France—9.8% | |||||||||
Airbus SE (Aerospace & defense) | 235,603 | 15,192 | |||||||
Alten S.A. (IT services) | 1,222 | 86 | |||||||
Capgemini SE (IT services) | 153,609 | 12,836 | |||||||
Dassault Systemes SE (Software) | 95,196 | 13,898 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 9,948 | 6,769 | |||||||
Kering S.A. (Textiles, apparel & luxury goods) | 29,693 | 15,482 | |||||||
L’Oreal S.A. (Personal products) | 86,564 | 22,404 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 61,283 | 22,475 | |||||||
Orpea (Health care providers & services) | 43,070 | 4,472 | |||||||
Rubis SCA (Gas utilities) | 59,436 | 2,451 | |||||||
Safran S.A. (Aerospace & defense) | 158,258 | 14,021 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 20,060 | 4,003 | |||||||
Teleperformance (Professional services) | 58,516 | 12,120 | |||||||
* | Worldline S.A. (IT services) | 168,553 | 9,948 | ||||||
156,157 | |||||||||
Germany—4.3% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 45,914 | 4,372 | |||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 492,772 | 7,114 | |||||||
KION Group AG (Machinery) | 49,660 | 2,137 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 78,693 | 11,379 | |||||||
Puma SE (Textiles, apparel & luxury goods) | 104,975 | 6,168 | |||||||
SAP SE (Software) | 149,400 | 16,680 | |||||||
* | TeamViewer AG (Software) | 161,360 | 6,561 | ||||||
Vonovia SE (Real estate management & development) | 295,261 | 14,687 | |||||||
69,098 | |||||||||
Ireland—1.9% | |||||||||
* | ICON plc (Life sciences tools & services)† | 68,410 | 9,304 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—40.3%—(continued) | |||||||||
Ireland — (continued) | |||||||||
Kerry Group plc Class “A” (Food products) | 92,066 | $ | 10,746 | ||||||
Kingspan Group plc (Building products) | 185,791 | 10,019 | |||||||
30,069 | |||||||||
Israel—0.5% | |||||||||
* | CyberArk Software, Ltd. (Software)† | 42,311 | 3,620 | ||||||
* | Wix.com, Ltd. (IT services)† | 39,695 | 4,002 | ||||||
7,622 | |||||||||
Italy—1.2% | |||||||||
Amplifon SpA (Health care providers & services) | 155,075 | 3,150 | |||||||
Banca Generali SpA (Capital markets) | 138,521 | 2,878 | |||||||
Enel SpA (Electric utilities) | 1,300,977 | 8,974 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 83,097 | 3,020 | |||||||
Technogym SpA (Leisure products) | 160,022 | 1,044 | |||||||
19,066 | |||||||||
Netherlands—3.2% | |||||||||
* | Adyen N.V. (IT services) | 16,645 | 14,220 | ||||||
ASML Holding N.V. (Semiconductors & semiconductor equipment) | 124,105 | 32,716 | |||||||
* | Basic-Fit N.V. (Hotels, restaurants & leisure) | 63,371 | 1,060 | ||||||
Euronext N.V. (Capital markets) | 48,475 | 3,569 | |||||||
51,565 | |||||||||
Norway—0.2% | |||||||||
TOMRA Systems ASA (Commercial services & supplies) | 131,732 | 3,679 | |||||||
Spain—0.9% | |||||||||
Amadeus IT Group S.A. (IT services) | 296,531 | 13,957 | |||||||
Sweden—4.1% | |||||||||
AAK AB (Food products) | 138,322 | 2,237 | |||||||
Atlas Copco AB Class “A” (Machinery) | 804,283 | 26,746 | |||||||
Evolution Gaming Group AB (Hotels, restaurants & leisure) | 193,457 | 6,559 | |||||||
Fabege AB (Real estate management & development) | 248,895 | 3,176 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 342,982 | 14,503 | |||||||
Indutrade AB (Trading companies & distributors) | 114,895 | 3,109 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 68,116 | 2,497 | |||||||
Nibe Industrier AB Class “B” (Building products) | 211,355 | 3,057 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 60,242 | 2,716 | |||||||
Vitrolife AB (Biotechnology) | 111,652 | 1,603 | |||||||
66,203 | |||||||||
Switzerland—6.6% | |||||||||
Belimo Holding AG (Building products) | 400 | 2,549 | |||||||
Logitech International S.A. (Technology hardware, storage & peripherals) | 146,198 | 6,261 | |||||||
Lonza Group AG (Life sciences tools & services) | 82,310 | 33,856 | |||||||
Partners Group Holding AG (Capital markets) | 19,165 | 13,122 | |||||||
Sika AG (Chemicals) | 124,828 | 20,498 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 15,645 | 11,438 | |||||||
Tecan Group AG (Life sciences tools & services) | 15,685 | 4,698 | |||||||
* | Temenos AG (Software) | 74,987 | 9,775 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—40.3%—(continued) | |||||||||
Switzerland — (continued) | |||||||||
* | VAT Group AG (Machinery) | 28,908 | $ | 3,941 | |||||
106,138 | |||||||||
Emerging Asia—22.8% | |||||||||
China—15.6% | |||||||||
A-Living Services Co., Ltd. Class “H” (Commercial services & supplies) | 790,500 | 3,791 | |||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 852,328 | 4,677 | |||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail) | 218,293 | 42,454 | ||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 2,472,000 | 5,296 | |||||||
* | China Mengniu Dairy Co., Ltd. (Food products) | 1,584,000 | 5,463 | ||||||
China Merchants Bank Co., Ltd. Class “H” (Banks) | 4,051,000 | 18,123 | |||||||
Country Garden Services Holdings Co., Ltd. (Commercial services & supplies) | 1,419,000 | 5,710 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 298,416 | 5,239 | |||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 534,270 | 4,784 | |||||||
Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure) | 104,877 | 3,013 | |||||||
Kweichow Moutai Co., Ltd. Class “A” (Beverages) | 58,153 | 9,037 | |||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 3,223,500 | 9,274 | |||||||
NAURA Technology Group Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 193,313 | 3,135 | |||||||
NetEase, Inc.—ADR (Entertainment) | 48,863 | 15,683 | |||||||
Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services) | 1,029,221 | 3,273 | |||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 2,217,500 | 21,657 | |||||||
Shenzhen Goodix Technology Co., Ltd. Class “A” (Semiconductors & semiconductor equipment) | 86,586 | 3,145 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies) | 109,350 | 3,978 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 501,000 | 5,255 | |||||||
* | TAL Education Group—ADR (Diversified consumer services) | 415,188 | 22,113 | ||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 854,600 | 42,241 | |||||||
* | Tencent Music Entertainment Group—ADR (Entertainment) | 178,587 | 1,796 | ||||||
* | Topchoice Medical Corporation Class “A” (Health care providers & services) | 222,639 | 3,353 | ||||||
Vitasoy International Holdings, Ltd. (Food products) | 510,000 | 1,535 | |||||||
WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services) | 227,896 | 2,873 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 245,000 | 3,128 | ||||||
250,026 | |||||||||
India—1.5% | |||||||||
HDFC Bank, Ltd. (Banks) | 526,064 | 5,967 | |||||||
Hexaware Technologies, Ltd. (IT services) | 456,490 | 1,363 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 173,957 | 3,115 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 708,529 | 10,204 | |||||||
Titan Co., Ltd. (Textiles, apparel & luxury goods) | 247,750 | 3,056 | |||||||
23,705 | |||||||||
Indonesia—1.0% | |||||||||
PT Bank Central Asia Tbk (Banks) | 9,589,200 | 16,157 | |||||||
South Korea—0.7% | |||||||||
Kakao Corporation (Interactive Media & Services) | 32,590 | 4,122 | |||||||
Samsung SDI Co., Ltd. (Electronic equipment, instruments & components) | 32,913 | 6,408 | |||||||
10,530 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—22.8%—(continued) | |||||||||
Taiwan—3.3% | |||||||||
Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods) | 174,000 | $ | 1,377 | ||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 284,000 | 3,172 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 1,276,000 | 13,696 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 706,439 | 33,761 | |||||||
52,006 | |||||||||
Thailand—0.7% | |||||||||
Airports of Thailand PCL (Transportation infrastructure) | 1,556,600 | 2,396 | |||||||
* | Sea, Ltd.—ADR (Entertainment) | 133,644 | 5,922 | ||||||
Tisco Financial Group PCL (Banks) | 1,211,400 | 2,581 | |||||||
10,899 | |||||||||
Japan—13.2% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 313,700 | 7,758 | |||||||
Benefit One, Inc. (Professional services) | 212,300 | 2,752 | |||||||
Daikin Industries, Ltd. (Building products) | 136,100 | 16,429 | |||||||
Disco Corporation (Semiconductors & semiconductor equipment) | 48,300 | 9,397 | |||||||
en-japan, Inc. (Professional services) | 47,300 | 879 | |||||||
GMO Payment Gateway, Inc. (IT services) | 54,200 | 3,799 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 90,100 | 3,893 | |||||||
Hoya Corporation (Health care equipment & supplies) | 252,300 | 21,453 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 92,000 | 29,579 | |||||||
Meitec Corporation (Professional services) | 47,900 | 1,900 | |||||||
MISUMI Group, Inc. (Machinery) | 230,900 | 4,995 | |||||||
MonotaRO Co., Ltd. (Trading companies & distributors) | 145,500 | 3,844 | |||||||
Nihon M&A Center, Inc. (Professional services) | 234,900 | 6,398 | |||||||
Nomura Research Institute, Ltd. (IT services) | 407,500 | 8,608 | |||||||
NS Solutions Corporation (IT services) | 82,900 | 2,014 | |||||||
Omron Corporation (Electronic equipment, instruments & components) | 206,800 | 10,692 | |||||||
Persol Holdings Co., Ltd. (Professional services) | 199,400 | 1,995 | |||||||
Shimadzu Corporation (Electronic equipment, instruments & components) | 226,100 | 5,901 | |||||||
Shiseido Co., Ltd. (Personal products) | 246,300 | 14,476 | |||||||
SMC Corporation (Machinery) | 56,200 | 23,561 | |||||||
Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure) | 160,800 | 2,357 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 79,000 | 3,687 | |||||||
Terumo Corporation (Health care equipment & supplies) | 437,500 | 14,989 | |||||||
TIS, Inc. (IT services) | 382,500 | 6,343 | |||||||
* | UT Group Co., Ltd. (Professional services) | 84,500 | 859 | ||||||
Zenkoku Hosho Co., Ltd. (Diversified financial services) | 79,200 | 2,492 | |||||||
211,050 | |||||||||
United Kingdom—12.5% | |||||||||
3i Group plc (Capital markets) | 586,590 | 5,684 | |||||||
Abcam plc (Biotechnology) | 149,393 | 2,107 | |||||||
Avast plc (Software) | 1,003,786 | 4,853 | |||||||
AVEVA Group plc (Software) | 114,828 | 4,947 | |||||||
Beazley plc (Insurance) | 592,738 | 2,859 | |||||||
Big Yellow Group plc (Equity REIT) | 288,922 | 3,575 | |||||||
Compass Group plc (Hotels, restaurants & leisure) | 977,320 | 15,227 | |||||||
Croda International plc (Chemicals) | 119,514 | 6,305 | |||||||
Diageo plc (Beverages) | 537,939 | 17,058 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
United Kingdom—12.5%—(continued) | |||||||||
Experian plc (Professional services) | 691,724 | $ | 19,224 | ||||||
Fevertree Drinks plc (Beverages) | 97,615 | 1,456 | |||||||
Greggs plc (Hotels, restaurants & leisure) | 265,663 | 5,287 | |||||||
Halma plc (Electronic equipment, instruments & components) | 569,392 | 13,373 | |||||||
Hiscox, Ltd. (Insurance) | 358,819 | 4,086 | |||||||
Intermediate Capital Group plc (Capital markets) | 333,589 | 3,682 | |||||||
Intertek Group plc (Professional services) | 136,540 | 7,977 | |||||||
London Stock Exchange Group plc (Capital markets) | 195,082 | 17,451 | |||||||
RELX plc (Professional services) | 614,543 | 13,116 | |||||||
Renishaw plc (Electronic equipment, instruments & components) | 67,280 | 2,613 | |||||||
Rentokil Initial plc (Commercial services & supplies) | 1,892,871 | 9,040 | |||||||
Rotork plc (Machinery) | 1,064,874 | 2,817 | |||||||
Segro plc (Equity REIT) | 1,149,177 | 10,864 | |||||||
Softcat plc (IT services) | 229,660 | 2,924 | |||||||
Spirax-Sarco Engineering plc (Machinery) | 102,863 | 10,327 | |||||||
SSP Group plc (Hotels, restaurants & leisure) | 423,318 | 1,595 | |||||||
St James’s Place plc (Capital markets) | 356,691 | 3,331 | |||||||
The UNITE Group plc (Equity REIT) | 153,176 | 1,529 | |||||||
Victrex plc (Chemicals) | 159,383 | 3,850 | |||||||
WH Smith plc (Specialty retail) | 155,176 | 2,180 | |||||||
199,337 | |||||||||
Canada—4.7% | |||||||||
Alimentation Couche-Tard, Inc. Class “B” (Food & staples retailing) | 448,652 | 10,568 | |||||||
Brookfield Asset Management, Inc. Class “A” (Capital markets)† | 286,840 | 12,693 | |||||||
Canadian National Railway Co. (Road & rail) | 231,135 | 18,071 | |||||||
Canadian Pacific Railway, Ltd. (Road & rail)† | 64,114 | 14,079 | |||||||
Enghouse Systems, Ltd. (Software) | 72,650 | 2,247 | |||||||
* | Kinaxis, Inc. (Software) | 37,812 | 2,926 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 60,920 | 11,547 | ||||||
Parkland Fuel Corporation (Oil, gas & consumable fuels) | 40,878 | 721 | |||||||
Toromont Industries, Ltd. (Trading companies & distributors) | 55,013 | 2,410 | |||||||
75,262 | |||||||||
Asia—4.1% | |||||||||
Australia—2.0% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 354,030 | 4,587 | |||||||
CSL, Ltd. (Biotechnology) | 115,957 | 21,020 | |||||||
Goodman Group (Equity REIT) | 722,351 | 5,294 | |||||||
Macquarie Group, Ltd. (Capital markets) | 19,299 | 1,028 | |||||||
31,929 | |||||||||
Hong Kong—2.0% | |||||||||
AIA Group, Ltd. (Insurance) | 3,309,000 | 29,631 | |||||||
Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure) | 576,000 | 3,034 | |||||||
32,665 | |||||||||
New Zealand—0.1% | |||||||||
Auckland International Airport, Ltd. (Transportation infrastructure) | 431,517 | 1,286 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—1.3% | |||||||||
Argentina—0.2% | |||||||||
* | Globant S.A. (Software)† | 34,053 | $ | 2,992 | |||||
Brazil—1.0% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 753,500 | 5,206 | |||||||
Localiza Rent a Car S.A. (Road & rail) | 386,595 | 1,957 | |||||||
Lojas Renner S.A. (Multiline retail) | 302,600 | 1,954 | |||||||
Magazine Luiza S.A. (Multiline retail) | 521,000 | 3,909 | |||||||
Notre Dame Intermedica Participacoes S.A. (Health care providers & services) | 398,100 | 3,445 | |||||||
16,471 | |||||||||
Mexico—0.1% | |||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 20,764 | 1,955 | |||||||
Emerging Europe, Mid-East, Africa—0.7% | |||||||||
Russia—0.4% | |||||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 200,204 | 6,817 | ||||||
South Africa—0.3% | |||||||||
Bid Corporation, Ltd. (Food & staples retailing) | 133,963 | 1,579 | |||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 133,963 | 1,092 | |||||||
Mr. Price Group, Ltd. (Specialty retail) | 179,889 | 1,142 | |||||||
3,813 | |||||||||
Total Common Stocks—99.6% (cost $1,440,170) | 1,591,213 | ||||||||
Total Investments—99.6% (cost $1,440,170) | 1,591,213 | ||||||||
Cash and other assets, less liabilities—0.4% | 5,869 | ||||||||
Net assets—100.0% | $ | 1,597,082 |
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, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | |
Information Technology | 21.9% |
Industrials | 20.1% |
Health Care | 14.1% |
Consumer Discretionary | 12.9% |
Financials | 11.0% |
Consumer Staples | 6.7% |
Communication Services | 4.8% |
Real Estate | 2.7% |
Materials | 2.5% |
Utilities | 1.7% |
Energy | 1.6% |
Total | 100.0% |
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | |
Euro | 22.1% |
Japanese Yen | 13.3% |
British Pound Sterling | 12.5% |
U.S. Dollar | 12.0% |
Hong Kong Dollar | 9.3% |
Swiss Franc | 6.7% |
Danish Krone | 6.2% |
Swedish Krona | 4.2% |
Yuan Renminbi | 3.1% |
Canadian Dollar | 2.3% |
Australian Dollar | 2.0% |
Indian Rupee | 1.5% |
New Taiwan Dollar | 1.1% |
Brazilian Real | 1.0% |
Indonesian Rupiah | 1.0% |
All Other Currencies | 1.7% |
Total | 100.0% |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—40.1% | |||||||||
Belgium—0.4% | |||||||||
Melexis N.V. (Semiconductors & semiconductor equipment) | 31,879 | $ | 1,663 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 140,438 | 4,009 | |||||||
5,672 | |||||||||
Denmark—6.1% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 78,975 | 5,828 | |||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 99,564 | 14,439 | |||||||
DSV PANALPINA A/S (Air freight & logistics) | 163,925 | 14,906 | |||||||
* | Genmab A/S (Biotechnology) | 49,316 | 9,906 | ||||||
* | Netcompany Group A/S (Software) | 9,368 | 430 | ||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 460,352 | 27,490 | |||||||
Orsted A/S (Electric utilities) | 157,197 | 15,389 | |||||||
Royal Unibrew A/S (Beverages) | 45,692 | 3,285 | |||||||
Tryg A/S (Insurance) | 86,687 | 2,110 | |||||||
93,783 | |||||||||
Faroe Islands—0.1% | |||||||||
Bakkafrost P/F (Food products) | 41,973 | 1,989 | |||||||
Finland—0.9% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 414,883 | 13,794 | |||||||
France—9.7% | |||||||||
Airbus SE (Aerospace & defense) | 224,830 | 14,498 | |||||||
Alten S.A. (IT services) | 1,132 | 80 | |||||||
Capgemini SE (IT services) | 146,585 | 12,249 | |||||||
Dassault Systemes SE (Software) | 90,844 | 13,262 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 9,493 | 6,459 | |||||||
Kering S.A. (Textiles, apparel & luxury goods) | 28,336 | 14,775 | |||||||
L’Oreal S.A. (Personal products) | 82,624 | 21,384 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 58,481 | 21,448 | |||||||
Orpea (Health care providers & services) | 41,100 | 4,268 | |||||||
Rubis SCA (Gas utilities) | 56,718 | 2,339 | |||||||
Safran S.A. (Aerospace & defense) | 151,021 | 13,380 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 19,143 | 3,820 | |||||||
Teleperformance (Professional services) | 55,840 | 11,565 | |||||||
* | Worldline S.A. (IT services) | 160,846 | 9,493 | ||||||
149,020 | |||||||||
Germany—4.3% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 43,814 | 4,172 | |||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 470,343 | 6,790 | |||||||
KION Group AG (Machinery) | 47,390 | 2,040 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 75,095 | 10,858 | |||||||
Puma SE (Textiles, apparel & luxury goods) | 100,176 | 5,886 | |||||||
SAP SE (Software) | 142,569 | 15,917 | |||||||
* | TeamViewer AG (Software) | 153,982 | 6,261 | ||||||
Vonovia SE (Real estate management & development) | 281,761 | 14,016 | |||||||
65,940 | |||||||||
Ireland—1.9% | |||||||||
* | ICON plc (Life sciences tools & services)† | 65,916 | 8,965 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—40.1%—(continued) | |||||||||
Ireland — (continued) | |||||||||
Kerry Group plc Class “A” (Food products) | 87,857 | $ | 10,255 | ||||||
Kingspan Group plc (Building products) | 177,296 | 9,561 | |||||||
28,781 | |||||||||
Israel—0.5% | |||||||||
* | CyberArk Software, Ltd. (Software)† | 40,769 | 3,488 | ||||||
* | Wix.com, Ltd. (IT services)† | 38,247 | 3,856 | ||||||
7,344 | |||||||||
Italy—1.2% | |||||||||
Amplifon SpA (Health care providers & services) | 147,984 | 3,006 | |||||||
Banca Generali SpA (Capital markets) | 132,187 | 2,747 | |||||||
Enel SpA (Electric utilities) | 1,241,491 | 8,564 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 79,297 | 2,881 | |||||||
Technogym SpA (Leisure products) | 152,705 | 996 | |||||||
18,194 | |||||||||
Netherlands—3.2% | |||||||||
* | Adyen N.V. (IT services) | 15,884 | 13,570 | ||||||
ASML Holding N.V. (Semiconductors & semiconductor equipment) | 118,430 | 31,220 | |||||||
* | Basic-Fit N.V. (Hotels, restaurants & leisure) | 60,473 | 1,011 | ||||||
Euronext N.V. (Capital markets) | 46,259 | 3,406 | |||||||
49,207 | |||||||||
Norway—0.2% | |||||||||
TOMRA Systems ASA (Commercial services & supplies) | 125,708 | 3,510 | |||||||
Spain—0.9% | |||||||||
Amadeus IT Group S.A. (IT services) | 282,972 | 13,319 | |||||||
Sweden—4.1% | |||||||||
AAK AB (Food products) | 131,998 | 2,134 | |||||||
Atlas Copco AB Class “A” (Machinery) | 767,508 | 25,523 | |||||||
Evolution Gaming Group AB (Hotels, restaurants & leisure) | 184,611 | 6,259 | |||||||
Fabege AB (Real estate management & development) | 237,514 | 3,030 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 327,299 | 13,840 | |||||||
Indutrade AB (Trading companies & distributors) | 109,641 | 2,966 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 65,001 | 2,383 | |||||||
Nibe Industrier AB Class “B” (Building products) | 201,691 | 2,918 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 57,487 | 2,592 | |||||||
Vitrolife AB (Biotechnology) | 106,547 | 1,530 | |||||||
63,175 | |||||||||
Switzerland—6.6% | |||||||||
Belimo Holding AG (Building products) | 382 | 2,434 | |||||||
Logitech International S.A. (Technology hardware, storage & peripherals) | 139,513 | 5,975 | |||||||
Lonza Group AG (Life sciences tools & services) | 78,546 | 32,308 | |||||||
Partners Group Holding AG (Capital markets) | 18,288 | 12,521 | |||||||
Sika AG (Chemicals) | 119,121 | 19,561 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 14,929 | 10,915 | |||||||
Tecan Group AG (Life sciences tools & services) | 14,968 | 4,483 | |||||||
* | Temenos AG (Software) | 71,559 | 9,328 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—40.1%—(continued) | |||||||||
Switzerland — (continued) | |||||||||
* | VAT Group AG (Machinery) | 27,587 | $ | 3,761 | |||||
101,286 | |||||||||
Emerging Asia—22.7% | |||||||||
China—15.6% | |||||||||
A-Living Services Co., Ltd. Class “H” (Commercial services & supplies) | 754,250 | 3,617 | |||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 813,400 | 4,464 | |||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail) | 210,377 | 40,914 | ||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 2,358,900 | 5,054 | |||||||
* | China Mengniu Dairy Co., Ltd. (Food products) | 1,511,000 | 5,211 | ||||||
China Merchants Bank Co., Ltd. Class “H” (Banks) | 3,866,000 | 17,296 | |||||||
Country Garden Services Holdings Co., Ltd. (Commercial services & supplies) | 1,354,000 | 5,448 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 287,100 | 5,041 | |||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 513,800 | 4,601 | |||||||
Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure) | 101,052 | 2,903 | |||||||
Kweichow Moutai Co., Ltd. Class “A” (Beverages) | 55,417 | 8,612 | |||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 3,076,000 | 8,849 | |||||||
NAURA Technology Group Co., Ltd. (Electronic equipment, instruments & components) | 186,000 | 3,016 | |||||||
NetEase, Inc.—ADR (Entertainment) | 47,081 | 15,111 | |||||||
Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services) | 989,800 | 3,148 | |||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 2,116,000 | 20,665 | |||||||
Shenzhen Goodix Technology Co., Ltd. (Semiconductors & semiconductor equipment) | 83,300 | 3,026 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies) | 105,200 | 3,827 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 477,900 | 5,013 | |||||||
* | TAL Education Group—ADR (Diversified consumer services) | 400,133 | 21,311 | ||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 815,800 | 40,323 | |||||||
* | Tencent Music Entertainment Group—ADR (Entertainment) | 172,074 | 1,731 | ||||||
* | Topchoice Medical Corporation Class “A” (Health care providers & services) | 214,100 | 3,224 | ||||||
Vitasoy International Holdings, Ltd. (Food products) | 486,000 | 1,463 | |||||||
WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services) | 217,460 | 2,741 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 233,500 | 2,981 | ||||||
239,590 | |||||||||
India—1.5% | |||||||||
HDFC Bank, Ltd. (Banks) | 502,010 | 5,695 | |||||||
Hexaware Technologies, Ltd. (IT services) | 435,617 | 1,300 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 166,003 | 2,972 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 676,132 | 9,738 | |||||||
Titan Co., Ltd. (Textiles, apparel & luxury goods) | 236,422 | 2,916 | |||||||
22,621 | |||||||||
Indonesia—1.0% | |||||||||
PT Bank Central Asia Tbk (Banks) | 9,150,706 | 15,418 | |||||||
South Korea—0.6% | |||||||||
Kakao Corporation (Interactive Media & Services) | 31,100 | 3,933 | |||||||
Samsung SDI Co., Ltd. (Electronic equipment, instruments & components) | 31,408 | 6,115 | |||||||
10,048 | |||||||||
Taiwan—3.3% | |||||||||
Eclat Textile Co., Ltd. (Textiles, apparel & luxury goods) | 166,000 | 1,314 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—22.7%—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 271,000 | $ | 3,027 | ||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 1,218,000 | 13,073 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 680,675 | 32,530 | |||||||
49,944 | |||||||||
Thailand—0.7% | |||||||||
Airports of Thailand PCL (Transportation infrastructure) | 1,485,400 | 2,286 | |||||||
* | Sea, Ltd.—ADR (Entertainment) | 129,066 | 5,719 | ||||||
Tisco Financial Group PCL (Banks) | 1,156,000 | 2,464 | |||||||
10,469 | |||||||||
Japan—13.1% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 299,400 | 7,405 | |||||||
Benefit One, Inc. (Professional services) | 202,600 | 2,626 | |||||||
Daikin Industries, Ltd. (Building products) | 129,800 | 15,669 | |||||||
Disco Corporation (Semiconductors & semiconductor equipment) | 46,100 | 8,969 | |||||||
en-japan, Inc. (Professional services) | 45,200 | 840 | |||||||
GMO Payment Gateway, Inc. (IT services) | 51,800 | 3,630 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 85,900 | 3,712 | |||||||
Hoya Corporation (Health care equipment & supplies) | 240,800 | 20,476 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 87,800 | 28,229 | |||||||
Meitec Corporation (Professional services) | 45,700 | 1,812 | |||||||
MISUMI Group, Inc. (Machinery) | 220,300 | 4,765 | |||||||
MonotaRO Co., Ltd. (Trading companies & distributors) | 138,900 | 3,670 | |||||||
Nihon M&A Center, Inc. (Professional services) | 224,200 | 6,106 | |||||||
Nomura Research Institute, Ltd. (IT services) | 388,900 | 8,215 | |||||||
NS Solutions Corporation (IT services) | 79,100 | 1,921 | |||||||
Omron Corporation (Electronic equipment, instruments & components) | 197,400 | 10,206 | |||||||
Persol Holdings Co., Ltd. (Professional services) | 190,300 | 1,904 | |||||||
Shimadzu Corporation (Electronic equipment, instruments & components) | 215,800 | 5,632 | |||||||
Shiseido Co., Ltd. (Personal products) | 235,100 | 13,817 | |||||||
SMC Corporation (Machinery) | 53,600 | 22,471 | |||||||
Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure) | 153,600 | 2,252 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 75,400 | 3,519 | |||||||
Terumo Corporation (Health care equipment & supplies) | 417,500 | 14,304 | |||||||
TIS, Inc. (IT services) | 364,800 | 6,050 | |||||||
* | UT Group Co., Ltd. (Professional services) | 80,700 | 820 | ||||||
Zenkoku Hosho Co., Ltd. (Diversified financial services) | 75,600 | 2,379 | |||||||
201,399 | |||||||||
United Kingdom—12.4% | |||||||||
3i Group plc (Capital markets) | 559,769 | 5,424 | |||||||
Abcam plc (Biotechnology) | 142,562 | 2,011 | |||||||
Avast plc (Software) | 957,889 | 4,631 | |||||||
AVEVA Group plc (Software) | 109,578 | 4,721 | |||||||
Beazley plc (Insurance) | 565,636 | 2,728 | |||||||
Big Yellow Group plc (Equity REIT) | 275,711 | 3,411 | |||||||
Compass Group plc (Hotels, restaurants & leisure) | 932,633 | 14,530 | |||||||
Croda International plc (Chemicals) | 114,049 | 6,017 | |||||||
Diageo plc (Beverages) | 513,342 | 16,278 | |||||||
Experian plc (Professional services) | 660,095 | 18,345 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
United Kingdom—12.4%—(continued) | |||||||||
Fevertree Drinks plc (Beverages) | 93,152 | $ | 1,389 | ||||||
Greggs plc (Hotels, restaurants & leisure) | 253,516 | 5,045 | |||||||
Halma plc (Electronic equipment, instruments & components) | 543,357 | 12,761 | |||||||
Hiscox, Ltd. (Insurance) | 342,413 | 3,899 | |||||||
Intermediate Capital Group plc (Capital markets) | 318,336 | 3,514 | |||||||
Intertek Group plc (Professional services) | 130,297 | 7,613 | |||||||
London Stock Exchange Group plc (Capital markets) | 186,162 | 16,653 | |||||||
RELX plc (Professional services) | 586,444 | 12,516 | |||||||
Renishaw plc (Electronic equipment, instruments & components) | 64,204 | 2,494 | |||||||
Rentokil Initial plc (Commercial services & supplies) | 1,806,321 | 8,627 | |||||||
Rotork plc (Machinery) | 1,016,184 | 2,689 | |||||||
Segro plc (Equity REIT) | 1,096,632 | 10,367 | |||||||
Softcat plc (IT services) | 219,159 | 2,791 | |||||||
Spirax-Sarco Engineering plc (Machinery) | 98,160 | 9,855 | |||||||
SSP Group plc (Hotels, restaurants & leisure) | 403,962 | 1,522 | |||||||
St James’s Place plc (Capital markets) | 336,025 | 3,138 | |||||||
The UNITE Group plc (Equity REIT) | 146,172 | 1,459 | |||||||
Victrex plc (Chemicals) | 152,095 | 3,674 | |||||||
WH Smith plc (Specialty retail) | 148,081 | 2,080 | |||||||
190,182 | |||||||||
Canada—4.7% | |||||||||
Alimentation Couche-Tard, Inc. Class “B” (Food & staples retailing) | 432,290 | 10,183 | |||||||
Brookfield Asset Management, Inc. Class “A” (Capital markets)† | 276,440 | 12,233 | |||||||
Canadian National Railway Co. (Road & rail) | 222,706 | 17,412 | |||||||
Canadian Pacific Railway, Ltd. (Road & rail)† | 61,776 | 13,565 | |||||||
Enghouse Systems, Ltd. (Software) | 70,000 | 2,165 | |||||||
* | Kinaxis, Inc. (Software) | 36,433 | 2,819 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 58,698 | 11,126 | ||||||
Parkland Fuel Corporation (Oil, gas & consumable fuels) | 39,008 | 688 | |||||||
Toromont Industries, Ltd. (Trading companies & distributors) | 53,007 | 2,322 | |||||||
72,513 | |||||||||
Asia—4.1% | |||||||||
Australia—2.0% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 337,842 | 4,378 | |||||||
CSL, Ltd. (Biotechnology) | 110,655 | 20,059 | |||||||
Goodman Group (Equity REIT) | 689,322 | 5,052 | |||||||
Macquarie Group, Ltd. (Capital markets) | 18,180 | 968 | |||||||
30,457 | |||||||||
Hong Kong—2.0% | |||||||||
AIA Group, Ltd. (Insurance) | 3,157,663 | 28,276 | |||||||
Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure) | 544,000 | 2,865 | |||||||
31,141 | |||||||||
New Zealand—0.1% | |||||||||
Auckland International Airport, Ltd. (Transportation infrastructure) | 411,786 | 1,227 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—1.4% | |||||||||
Argentina—0.2% | |||||||||
* | Globant S.A. (Software)† | 32,810 | $ | 2,883 | |||||
Brazil—1.1% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 726,100 | 5,017 | |||||||
Localiza Rent a Car S.A. (Road & rail) | 372,395 | 1,885 | |||||||
Lojas Renner S.A. (Multiline retail) | 291,560 | 1,883 | |||||||
Magazine Luiza S.A. (Multiline retail) | 502,100 | 3,767 | |||||||
Notre Dame Intermedica Participacoes S.A. (Health care providers & services) | 383,700 | 3,320 | |||||||
15,872 | |||||||||
Mexico—0.1% | |||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 20,007 | 1,884 | |||||||
Emerging Europe, Mid-East, Africa—0.7% | |||||||||
Russia—0.4% | |||||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 192,902 | 6,568 | ||||||
South Africa—0.3% | |||||||||
Bid Corporation, Ltd. (Food & staples retailing) | 127,838 | 1,507 | |||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 127,838 | 1,042 | |||||||
Mr. Price Group, Ltd. (Specialty retail) | 171,664 | 1,090 | |||||||
3,639 | |||||||||
Total Common Stocks—99.2% (cost $1,397,405) | 1,520,869 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $1,000, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $1,024 | $ | 1,000 | 1,000 | ||||||
Total Repurchase Agreement—0.1% (cost $1,000) | 1,000 | ||||||||
Total Investments—99.3% (cost $1,398,405) | 1,521,869 | ||||||||
Cash and other assets, less liabilities—0.7% | 10,322 | ||||||||
Net assets—100.0% | $ | 1,532,191 |
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, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | |
Information Technology | 21.9% |
Industrials | 20.1% |
Health Care | 14.1% |
Consumer Discretionary | 12.9% |
Financials | 11.0% |
Consumer Staples | 6.7% |
Communication Services | 4.8% |
Real Estate | 2.7% |
Materials | 2.5% |
Utilities | 1.7% |
Energy | 1.6% |
Total | 100.0% |
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | |
Euro | 22.0% |
Japanese Yen | 13.2% |
British Pound Sterling | 12.5% |
U.S. Dollar | 12.2% |
Hong Kong Dollar | 9.3% |
Swiss Franc | 6.7% |
Danish Krone | 6.2% |
Swedish Krona | 4.2% |
Yuan Renminbi | 3.1% |
Canadian Dollar | 2.3% |
Australian Dollar | 2.0% |
Indian Rupee | 1.5% |
New Taiwan Dollar | 1.1% |
Brazilian Real | 1.0% |
Indonesian Rupiah | 1.0% |
All Other Currencies | 1.7% |
Total | 100.0% |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—42.1% | |||||||||
Belgium—2.8% | |||||||||
Melexis N.V. (Semiconductors & semiconductor equipment) | 35,154 | $ | 1,833 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 138,412 | 3,951 | |||||||
5,784 | |||||||||
Denmark—3.5% | |||||||||
* | Netcompany Group A/S (Software) | 71,191 | 3,270 | ||||||
Royal Unibrew A/S (Beverages) | 37,364 | 2,686 | |||||||
Tryg A/S (Insurance) | 53,943 | 1,313 | |||||||
7,269 | |||||||||
Faroe Islands—1.1% | |||||||||
Bakkafrost P/F (Food products) | 49,245 | 2,334 | |||||||
France—1.2% | |||||||||
Alten S.A. (IT services) | 1,640 | 116 | |||||||
Rubis SCA (Gas utilities) | 42,692 | 1,760 | |||||||
* | Worldline S.A. (IT services) | 12,655 | 747 | ||||||
2,623 | |||||||||
Germany—5.1% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 38,852 | 3,699 | |||||||
* | HelloFresh SE (Internet & direct marketing retail) | 44,793 | 1,463 | ||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 28,409 | 2,055 | |||||||
* | TeamViewer AG (Software) | 83,470 | 3,394 | ||||||
10,611 | |||||||||
Greece—0.6% | |||||||||
OPAP S.A. (Hotels, restaurants & leisure) | 159,338 | 1,201 | |||||||
Israel—3.1% | |||||||||
* | CyberArk Software, Ltd. (Software)† | 29,323 | 2,509 | ||||||
Elbit Systems, Ltd. (Aerospace & defense) | 12,352 | 1,601 | |||||||
Mizrahi Tefahot Bank, Ltd. (Banks) | 69,415 | 1,277 | |||||||
Strauss Group, Ltd. (Food products) | 41,614 | 1,093 | |||||||
6,480 | |||||||||
Italy—1.7% | |||||||||
Amplifon SpA (Health care providers & services) | 102,190 | 2,076 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 39,899 | 1,208 | |||||||
Technogym SpA (Leisure products) | 30,526 | 199 | |||||||
3,483 | |||||||||
Jersey—0.9% | |||||||||
Sanne Group plc (Capital markets) | 235,959 | 1,814 | |||||||
Netherlands—2.9% | |||||||||
* | Basic-Fit N.V. (Hotels, restaurants & leisure) | 42,852 | 717 | ||||||
Euronext N.V. (Capital markets) | 48,378 | 3,562 | |||||||
IMCD N.V. (Trading companies & distributors) | 23,961 | 1,719 | |||||||
5,998 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—42.1%—(continued) | |||||||||
Norway—0.9% | |||||||||
TOMRA Systems ASA (Commercial services & supplies) | 68,411 | $ | 1,910 | ||||||
Spain—1.0% | |||||||||
EDP Renovaveis S.A. (Independent power & renewable electricity producers) | 177,393 | 2,134 | |||||||
Sweden—10.9% | |||||||||
AddTech AB Class “B” (Trading companies & distributors) | 63,086 | 1,540 | |||||||
Arjo AB (Health care equipment & supplies) | 106,261 | 525 | |||||||
Beijer Ref AB (Trading companies & distributors) | 85,536 | 1,536 | |||||||
Biotage AB (Life sciences tools & services) | 54,684 | 545 | |||||||
Evolution Gaming Group AB (Hotels, restaurants & leisure) | 85,336 | 2,893 | |||||||
Indutrade AB (Trading companies & distributors) | 152,269 | 4,120 | |||||||
Investment AB Latour Class “B” (Industrial conglomerates) | 83,488 | 1,179 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 48,850 | 1,791 | |||||||
MIPS AB (Leisure products) | 86,352 | 1,934 | |||||||
Nibe Industrier AB Class “B” (Building products) | 180,278 | 2,608 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 32,217 | 1,453 | |||||||
Thule Group AB (Leisure products) | 83,737 | 1,445 | |||||||
Vitrolife AB (Biotechnology) | 83,054 | 1,192 | |||||||
22,761 | |||||||||
Switzerland—6.4% | |||||||||
Belimo Holding AG (Building products) | 143 | 911 | |||||||
Galenica AG (Health care providers & services) | 40,870 | 2,789 | |||||||
Kardex AG (Machinery) | 13,138 | 1,807 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 3,824 | 1,539 | ||||||
Tecan Group AG (Life sciences tools & services) | 12,086 | 3,620 | |||||||
* | VAT Group AG (Machinery) | 19,071 | 2,600 | ||||||
13,266 | |||||||||
Japan—16.9% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 123,000 | 3,042 | |||||||
Benefit One, Inc. (Professional services) | 113,000 | 1,465 | |||||||
GMO Payment Gateway, Inc. (IT services) | 21,800 | 1,528 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 71,700 | 3,098 | |||||||
JINS Holdings, Inc. (Specialty retail) | 24,500 | 1,342 | |||||||
Matsumotokiyoshi Holdings Co., Ltd. (Food & staples retailing) | 39,400 | 1,436 | |||||||
MonotaRO Co., Ltd. (Trading companies & distributors) | 108,300 | 2,862 | |||||||
Nihon M&A Center, Inc. (Professional services) | 180,400 | 4,913 | |||||||
Nihon Unisys, Ltd. (IT services) | 129,800 | 3,462 | |||||||
NS Solutions Corporation (IT services) | 49,500 | 1,202 | |||||||
PALTAC Corporation (Distributors) | 44,100 | 2,184 | |||||||
SMS Co., Ltd. (Professional services) | 51,300 | 989 | |||||||
Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure) | 112,000 | 1,642 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 49,200 | 2,296 | |||||||
TIS, Inc. (IT services) | 223,200 | 3,702 | |||||||
35,163 | |||||||||
United Kingdom—15.8% | |||||||||
Abcam plc (Biotechnology) | 148,415 | 2,093 | |||||||
Avast plc (Software) | 812,125 | 3,926 | |||||||
AVEVA Group plc (Software) | 67,207 | 2,896 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
United Kingdom—15.8%—(continued) | |||||||||
Beazley plc (Insurance) | 597,848 | $ | 2,884 | ||||||
Big Yellow Group plc (Equity REIT) | 134,043 | 1,658 | |||||||
Burford Capital, Ltd. (Capital markets) | 80,248 | 412 | |||||||
Diploma plc (Trading companies & distributors) | 177,131 | 3,546 | |||||||
Fevertree Drinks plc (Beverages) | 76,019 | 1,134 | |||||||
Hill & Smith Holdings plc (Metals & mining) | 91,043 | 1,070 | |||||||
Intermediate Capital Group plc (Capital markets) | 126,864 | 1,400 | |||||||
Renishaw plc (Electronic equipment, instruments & components) | 52,197 | 2,027 | |||||||
Rotork plc (Machinery) | 484,806 | 1,283 | |||||||
Safestore Holdings plc (Equity REIT) | 140,713 | 1,113 | |||||||
Softcat plc (IT services) | 155,466 | 1,980 | |||||||
SSP Group plc (Hotels, restaurants & leisure) | 184,673 | 696 | |||||||
The UNITE Group plc (Equity REIT) | 220,984 | 2,205 | |||||||
Victrex plc (Chemicals) | 55,413 | 1,339 | |||||||
Workspace Group plc (Equity REIT) | 127,452 | 1,196 | |||||||
32,858 | |||||||||
Emerging Asia—13.4% | |||||||||
Cambodia—0.9% | |||||||||
NagaCorp, Ltd. (Hotels, restaurants & leisure) | 1,788,000 | 1,810 | |||||||
China—5.2% | |||||||||
A-Living Services Co., Ltd. Class “H” (Commercial services & supplies) | 492,000 | 2,360 | |||||||
Country Garden Services Holdings Co., Ltd. (Commercial services & supplies) | 525,000 | 2,112 | |||||||
Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure) | 74,272 | 2,134 | |||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 91,000 | 2,952 | |||||||
Travelsky Technology, Ltd. Class “H” (IT services) | 764,000 | 1,337 | |||||||
10,895 | |||||||||
India—1.6% | |||||||||
AU Small Finance Bank, Ltd. (Banks) | 68,553 | 469 | |||||||
Ipca Laboratories, Ltd. (Pharmaceuticals) | 46,402 | 836 | |||||||
Motherson Sumi Systems, Ltd. (Auto components) | 979,141 | 782 | |||||||
PVR, Ltd. (Entertainment) | 80,558 | 1,263 | |||||||
3,350 | |||||||||
South Korea—0.5% | |||||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 15,633 | 990 | |||||||
Taiwan—4.5% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 37,000 | 1,260 | |||||||
Chailease Holding Co., Ltd. (Diversified financial services) | 453,736 | 1,367 | |||||||
Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods) | 460,400 | 1,972 | |||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 276,000 | 3,083 | |||||||
Tripod Technology Corporation (Electronic equipment, instruments & components) | 235,000 | 731 | |||||||
Voltronic Power Technology Corporation (Electrical equipment) | 40,000 | 831 | |||||||
9,244 | |||||||||
Thailand—0.7% | |||||||||
Tisco Financial Group PCL (Banks) | 715,600 | 1,525 | |||||||
Canada—4.0% | |||||||||
Enghouse Systems, Ltd. (Software) | 42,874 | 1,326 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares
or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Canada—4.0%—(continued) | |||||||||
* | Kinaxis, Inc. (Software) | 29,678 | $ | 2,296 | |||||
Parkland Fuel Corporation (Oil, gas & consumable fuels) | 93,449 | 1,648 | |||||||
Toromont Industries, Ltd. (Trading companies & distributors) | 70,122 | 3,072 | |||||||
8,342 | |||||||||
Emerging Latin America—3.2% | |||||||||
Argentina—1.7% | |||||||||
* | Globant S.A. (Software)† | 40,537 | 3,562 | ||||||
Brazil—0.3% | |||||||||
Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods) | 94,000 | 667 | |||||||
Mexico—1.2% | |||||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure) | 343,300 | 1,162 | |||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 14,521 | 1,367 | |||||||
2,529 | |||||||||
Asia—1.8% | |||||||||
New Zealand—1.8% | |||||||||
Ryman Healthcare, Ltd. (Health care providers & services) | 273,580 | 1,660 | |||||||
Spark New Zealand, Ltd. (Diversified telecommunication services) | 825,161 | 2,008 | |||||||
3,668 | |||||||||
Emerging Europe, Mid-East, Africa—1.5% | |||||||||
South Africa—1.1% | |||||||||
Clicks Group, Ltd. (Food & staples retailing) | 158,146 | 2,279 | |||||||
United Arab Emirates—0.4% | |||||||||
* | Network International Holdings plc (IT services) | 163,293 | 794 | ||||||
Total Common Stocks—98.7% (cost $212,293) | 205,344 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $1,998, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $2,043 | $ | 1,998 | 1,998 | ||||||
Total Repurchase Agreement—1.0% (cost $1,998) | 1,998 | ||||||||
Total Investments—99.7% (cost $214,291) | 207,342 | ||||||||
Cash and other assets, less liabilities—0.3% | 586 | ||||||||
Net assets—100.0% | $ | 207,928 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | |
Industrials | 27.4% |
Information Technology | 25.8% |
Consumer Discretionary | 11.8% |
Health Care | 11.5% |
Financials | 7.8% |
Consumer Staples | 5.3% |
Real Estate | 4.9% |
Utilities | 1.9% |
Communication Services | 1.6% |
Materials | 1.2% |
Energy | 0.8% |
Total | 100.0% |
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | |
British Pound Sterling | 17.3% |
Japanese Yen | 17.1% |
Euro | 15.5% |
Swedish Krona | 11.1% |
Swiss Franc | 6.5% |
New Taiwan Dollar | 5.9% |
U.S. Dollar | 4.7% |
Canadian Dollar | 4.1% |
Hong Kong Dollar | 3.7% |
Danish Krone | 3.5% |
Norwegian Krone | 2.1% |
Israeli Shekel | 1.9% |
New Zealand Dollar | 1.8% |
Indian Rupee | 1.6% |
South African Rand | 1.1% |
All Other Currencies | 2.1% |
Total | 100.0% |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—78.5% | |||||||||
China—40.1% | |||||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail) | 69,673 | $ | 13,550 | |||||
China International Travel Service Corporation, Ltd. Class “A” (Specialty retail) | 364,856 | 3,417 | |||||||
Huazhu Group, Ltd.—ADR (Hotels, restaurants & leisure) | 157,101 | 4,513 | |||||||
Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals) | 134,992 | 1,733 | |||||||
Kweichow Moutai Co., Ltd. Class “A” (Beverages) | 21,359 | 3,319 | |||||||
Midea Group Co., Ltd. Class “A” (Household durables) | 415,200 | 2,810 | |||||||
NetEase, Inc.—ADR (Entertainment) | 19,353 | 6,212 | |||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 807,500 | 7,886 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 351,200 | 3,684 | |||||||
* | TAL Education Group—ADR (Diversified consumer services) | 73,133 | 3,895 | ||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 266,100 | 13,153 | |||||||
* | Tencent Music Entertainment Group—ADR (Entertainment) | 329,423 | 3,314 | ||||||
Travelsky Technology, Ltd. Class “H” (IT services) | 1,431,000 | 2,505 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals) | 155,900 | 2,709 | |||||||
72,700 | |||||||||
India—14.4% | |||||||||
Asian Paints, Ltd. (Chemicals) | 120,341 | 2,634 | |||||||
Bajaj Finance, Ltd. (Consumer finance) | 40,137 | 1,172 | |||||||
Britannia Industries, Ltd. (Food products) | 40,344 | 1,426 | |||||||
HDFC Bank, Ltd.—ADR (Banks) | 5,208 | 200 | |||||||
HDFC Bank, Ltd. (Banks) | 317,677 | 3,604 | |||||||
HDFC Life Insurance Co. Ltd. (Insurance) | 231,381 | 1,332 | |||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 104,715 | 2,249 | |||||||
IndusInd Bank, Ltd. (Banks) | 137,113 | 641 | |||||||
Infosys, Ltd. (IT services) | 392,477 | 3,242 | |||||||
Maruti Suzuki India, Ltd. (Automobiles) | 24,038 | 1,356 | |||||||
Motherson Sumi Systems, Ltd. (Auto components) | 1,388,797 | 1,110 | |||||||
MRF, Ltd. (Auto components) | 827 | 639 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 327,865 | 4,722 | |||||||
UPL, Ltd. (Chemicals) | 408,970 | 1,780 | |||||||
26,107 | |||||||||
Indonesia—4.0% | |||||||||
PT Bank Rakyat Indonesia Persero Tbk (Banks) | 12,167,600 | 2,232 | |||||||
PT Telekomunikasi Indonesia Persero Tbk (Diversified telecommunication services) | 17,763,500 | 3,450 | |||||||
PT Unilever Indonesia Tbk (Household products) | 3,331,000 | 1,473 | |||||||
7,155 | |||||||||
Papua New Guinea—0.3% | |||||||||
Oil Search, Ltd. (Oil, gas & consumable fuels) | 399,623 | 579 | |||||||
South Korea—4.6% | |||||||||
Douzone Bizon Co., Ltd. (Software) | 29,739 | 1,962 | |||||||
LG Household & Health Care, Ltd. (Personal products) | 4,730 | 4,333 | |||||||
NAVER Corporation (Interactive Media & Services) | 14,070 | 1,956 | |||||||
8,251 | |||||||||
Taiwan—12.2% | |||||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 2,940,648 | 2,347 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 175,000 | 1,878 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—78.5%—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 282,207 | $ | 13,487 | ||||||
Uni-President Enterprises Corporation (Food products) | 2,055,000 | 4,448 | |||||||
22,160 | |||||||||
Thailand—2.9% | |||||||||
Airports of Thailand PCL (Transportation infrastructure) | 1,812,800 | 2,790 | |||||||
CP ALL PCL (Food & staples retailing) | 1,292,300 | 2,389 | |||||||
5,179 | |||||||||
Emerging Latin America—12.0% | |||||||||
Argentina—1.2% | |||||||||
* | Globant S.A. (Software)† | 4,315 | 379 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 3,663 | 1,790 | ||||||
2,169 | |||||||||
Brazil—6.9% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 489,900 | 3,385 | |||||||
IRB Brasil Resseguros S.A. (Insurance) | 568,500 | 1,059 | |||||||
Odontoprev S.A. (Health care providers & services) | 670,153 | 1,867 | |||||||
Raia Drogasil S.A. (Food & staples retailing) | 115,700 | 2,268 | |||||||
* | Rumo S.A. (Road & rail) | 524,700 | 1,984 | ||||||
TOTVS S.A. (Software) | 40,700 | 366 | |||||||
WEG S.A. (Electrical equipment) | 234,900 | 1,518 | |||||||
12,447 | |||||||||
Mexico—2.3% | |||||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure) | 302,500 | 1,635 | |||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 1,096,200 | 2,583 | |||||||
4,218 | |||||||||
Peru—1.6% | |||||||||
Credicorp, Ltd. (Banks)† | 20,186 | 2,888 | |||||||
Emerging Europe, Mid-East, Africa—6.5% | |||||||||
Russia—2.2% | |||||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 115,176 | 3,922 | ||||||
South Africa—4.3% | |||||||||
Bid Corporation, Ltd. (Food & staples retailing) | 119,798 | 1,412 | |||||||
Bidvest Group, Ltd. (Industrial conglomerates) | 240,918 | 1,964 | |||||||
Capitec Bank Holdings, Ltd. (Banks) | 45,420 | 2,234 | |||||||
Clicks Group, Ltd. (Food & staples retailing) | 159,115 | 2,294 | |||||||
7,904 | |||||||||
Total Common Stocks—97.0% (cost $186,111) | 175,679 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $4,413, collateralized by U.S. Treasury Note, 1.125%, due 2/28/25, valued at $4,503 | $ | 4,413 | $ | 4,413 | |||||
Total Repurchase Agreement—2.4% (cost $4,413) | 4,413 | ||||||||
Total Investments—99.4% (cost $190,524) | 180,092 | ||||||||
Cash and other assets, less liabilities—0.6% | 1,139 | ||||||||
Net assets—100.0% | $ | 181,231 |
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 Leaders Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 20.9 | % | ||
Communication Services | 18.2 | % | ||
Financials | 17.8 | % | ||
Consumer Staples | 14.8 | % | ||
Information Technology | 13.6 | % | ||
Industrials | 5.6 | % | ||
Health Care | 3.6 | % | ||
Energy | 3.0 | % | ||
Materials | 2.5 | % | ||
Total | 100.0 | % | ||
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 30.8 | % | ||
Hong Kong Dollar | 15.5 | % | ||
Indian Rupee | 14.7 | % | ||
Yuan Renminbi | 8.0 | % | ||
Brazilian Real | 7.1 | % | ||
New Taiwan Dollar | 4.9 | % | ||
South Korean Won | 4.7 | % | ||
South African Rand | 4.5 | % | ||
Indonesian Rupiah | 4.1 | % | ||
Thai Baht | 3.0 | % | ||
Mexican Peso | 2.4 | % | ||
All Other Currencies | 0.3 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—81.8% | |||||||||
China—42.2% | |||||||||
A-Living Services Co., Ltd. Class “H” (Commercial services & supplies) | 835,250 | $ | 4,006 | ||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 589,220 | 3,233 | |||||||
* | Alibaba Group Holding, Ltd.—ADR (Internet & direct marketing retail) | 263,371 | 51,220 | ||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 1,777,200 | 3,807 | |||||||
Chacha Food Co., Ltd. Class “A” (Food products) | 497,667 | 3,123 | |||||||
Chengdu Hongqi Chain Co., Ltd. Class “A” (Food & staples retailing) | 1,426,800 | 1,943 | |||||||
China International Travel Service Corporation, Ltd. Class “A” (Specialty retail) | 218,123 | 2,043 | |||||||
China Merchants Bank Co., Ltd. Class “H” (Banks) | 1,429,500 | 6,395 | |||||||
Country Garden Services Holdings Co., Ltd. (Commercial services & supplies) | 1,624,000 | 6,535 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 321,454 | 5,644 | |||||||
* | GSX Techedu, Inc.—ADR (Diversified consumer services) | 105,278 | 4,460 | ||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 369,066 | 3,305 | |||||||
Jiajiayue Group Co., Ltd. Class “A” (Food & staples retailing) | 470,000 | 2,137 | |||||||
Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery) | 461,546 | 3,945 | |||||||
Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals) | 376,100 | 4,828 | |||||||
Kweichow Moutai Co., Ltd. Class “A” (Beverages) | 25,442 | 3,954 | |||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 1,622,500 | 4,668 | |||||||
Luxshare Precision Industry Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 1,095,500 | 5,809 | |||||||
* | Meituan Dianping Class “B” (Internet & direct marketing retail) | 550,900 | 6,567 | ||||||
Midea Group Co., Ltd. Class “A” (Household durables) | 441,193 | 2,986 | |||||||
NAURA Technology Group Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 111,200 | 1,803 | |||||||
NetEase, Inc.—ADR (Entertainment) | 35,883 | 11,517 | |||||||
* | New Oriental Education & Technology Group, Inc.—ADR (Diversified consumer services) | 48,150 | 5,212 | ||||||
Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services) | 1,203,100 | 3,826 | |||||||
* | Ping An Healthcare and Technology Co., Ltd. (Health care technology) | 339,700 | 3,128 | ||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 1,124,800 | 10,985 | |||||||
Shandong Weigao Group Medical Polymer Co., Ltd. Class “H” (Health care equipment & supplies) | 1,592,000 | 1,999 | |||||||
Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies) | 264,400 | 1,714 | |||||||
Shennan Circuits Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 116,003 | 3,174 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies) | 205,500 | 7,476 | |||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 155,000 | 5,028 | |||||||
Sunny Optical Technology Group Co., Ltd. (Electronic equipment, instruments & components) | 349,900 | 4,628 | |||||||
* | TAL Education Group—ADR (Diversified consumer services) | 88,098 | 4,692 | ||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 836,760 | 41,359 | |||||||
* | Topchoice Medical Corporation Class “A” (Health care providers & services) | 169,700 | 2,555 | ||||||
Topsports International Holdings Ltd. (Specialty retail) | 2,894,000 | 3,000 | |||||||
Wuliangye Yibin Co., Ltd. Class “A” (Beverages) | 356,494 | 5,735 | |||||||
WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services) | 372,700 | 4,530 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 502,000 | 6,409 | ||||||
Yifeng Pharmacy Chain Co., Ltd. Class “A” (Food & staples retailing) | 154,900 | 2,025 | |||||||
* | Yihai International Holding, Ltd. (Food products) | 570,000 | 4,293 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals) | 183,100 | 3,181 | |||||||
268,877 | |||||||||
India—9.8% | |||||||||
Asian Paints, Ltd. (Chemicals) | 180,102 | 3,942 | |||||||
Bajaj Finance, Ltd. (Consumer finance) | 158,372 | 4,626 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—81.8%—(continued) | |||||||||
India — (continued) | |||||||||
Crompton Greaves Consumer Electricals, Ltd. (Household durables) | 502,598 | $ | 1,373 | ||||||
Dabur India, Ltd. (Personal products) | 330,877 | 1,956 | |||||||
HDFC Asset Management Co., Ltd. (Capital markets) | 80,996 | 2,251 | |||||||
HDFC Bank, Ltd. (Banks) | 853,809 | 9,686 | |||||||
HDFC Life Insurance Co. Ltd. (Insurance) | 402,246 | 2,315 | |||||||
Hindustan Unilever, Ltd. (Household products) | 147,876 | 4,485 | |||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 303,766 | 6,524 | |||||||
Indraprastha Gas, Ltd. (Gas utilities) | 428,694 | 2,207 | |||||||
Info Edge India, Ltd. (Interactive Media & Services) | 76,392 | 2,081 | |||||||
Nestle India, Ltd. (Food products) | 20,770 | 4,483 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 148,526 | 2,659 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 574,975 | 8,281 | |||||||
SRF, Ltd. (Chemicals) | 32,832 | 1,204 | |||||||
Tata Consultancy Services, Ltd. (IT services) | 132,242 | 3,169 | |||||||
Varun Beverages, Ltd. (Beverages) | 178,537 | 1,235 | |||||||
62,477 | |||||||||
Indonesia—1.9% | |||||||||
PT Bank Central Asia Tbk (Banks) | 5,582,900 | 9,407 | |||||||
PT Bank Rakyat Indonesia Persero Tbk (Banks) | 13,477,605 | 2,472 | |||||||
11,879 | |||||||||
South Korea—8.6% | |||||||||
Kakao Corporation (Interactive Media & Services) | 57,640 | 7,290 | |||||||
LG Household & Health Care, Ltd. (Personal products) | 3,591 | 3,289 | |||||||
Macquarie Korea Infrastructure Fund (Capital markets) | 260,846 | 2,317 | |||||||
NAVER Corporation (Interactive Media & Services) | 42,756 | 5,945 | |||||||
RFHIC Corporation (Semiconductors & semiconductor equipment) | 39,154 | 1,241 | |||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 761,006 | 29,589 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 77,893 | 5,330 | |||||||
55,001 | |||||||||
Taiwan—18.5% | |||||||||
Accton Technology Corporation (Communications equipment) | 466,000 | 2,493 | |||||||
Advantech Co., Ltd. (Technology hardware, storage & peripherals) | 264,000 | 2,175 | |||||||
Airtac International Group (Machinery) | 163,000 | 2,403 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 105,000 | 2,656 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 116,000 | 3,952 | |||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 10,039,007 | 8,014 | |||||||
Elite Material Co., Ltd. (Electronic equipment, instruments & components) | 637,000 | 2,215 | |||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 268,000 | 2,994 | |||||||
ITEQ Corporation (Electronic equipment, instruments & components) | 457,000 | 2,016 | |||||||
King Yuan Electronics Co., Ltd. (Semiconductors & semiconductor equipment) | 2,032,000 | 2,017 | |||||||
Lotes Co., Ltd. (Electronic equipment, instruments & components) | 180,000 | 1,621 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 1,167,000 | 12,526 | |||||||
Nanya Technology Corporation (Semiconductors & semiconductor equipment) | 1,386,000 | 2,439 | |||||||
Parade Technologies, Ltd. (Semiconductors & semiconductor equipment) | 126,000 | 2,663 | |||||||
Powertech Technology, Inc. (Semiconductors & semiconductor equipment) | 1,120,000 | 3,172 | |||||||
Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components) | 436,000 | 1,795 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 668,318 | 31,939 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—81.8%—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment) | 1,628,000 | $ | 14,656 | ||||||
Taiwan Union Technology Corporation (Electronic equipment, instruments & components) | 586,000 | 2,333 | |||||||
Tripod Technology Corporation (Electronic equipment, instruments & components) | 716,000 | 2,227 | |||||||
Voltronic Power Technology Corporation (Electrical equipment) | 113,700 | 2,363 | |||||||
Win Semiconductors Corporation (Semiconductors & semiconductor equipment) | 718,000 | 6,162 | |||||||
Wiwynn Corporation (Technology hardware, storage & peripherals) | 128,000 | 2,943 | |||||||
117,774 | |||||||||
Thailand—0.8% | |||||||||
* | Sea, Ltd.—ADR (Entertainment) | 114,124 | 5,057 | ||||||
Vietnam—0.0% | |||||||||
* | Vingroup JSC (Real estate management & development) | 8 | — | ||||||
Emerging Latin America—7.3% | |||||||||
Argentina—1.7% | |||||||||
* | Globant S.A. (Software)† | 29,207 | 2,566 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 17,362 | 8,483 | ||||||
11,049 | |||||||||
Brazil—4.9% | |||||||||
* | Arco Platform, Ltd. Class “A” (Diversified consumer services)† | 37,143 | 1,570 | ||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 1,300,600 | 8,986 | |||||||
Localiza Rent a Car S.A. (Road & rail) | 340,321 | 1,722 | |||||||
Lojas Renner S.A. (Multiline retail) | 431,080 | 2,784 | |||||||
Magazine Luiza S.A. (Multiline retail) | 443,900 | 3,331 | |||||||
* | StoneCo, Ltd. Class “A” (IT services)† | 126,503 | 2,754 | ||||||
TOTVS S.A. (Software) | 260,100 | 2,337 | |||||||
WEG S.A. (Electrical equipment) | 756,520 | 4,888 | |||||||
* | XP, Inc. Class “A” (Capital markets)† | 148,283 | 2,860 | ||||||
31,232 | |||||||||
Mexico—0.5% | |||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 1,469,800 | 3,463 | |||||||
Peru—0.2% | |||||||||
* | Intercorp Financial Services, Inc. (Banks)† | 35,042 | 971 | ||||||
Emerging Europe, Mid-East, Africa—5.5% | |||||||||
Czech Republic—0.2% | |||||||||
Moneta Money Bank A.S. (Banks) | 733,248 | 1,510 | |||||||
Greece—0.2% | |||||||||
JUMBO S.A. (Specialty retail) | 117,827 | 1,582 | |||||||
Hungary—0.6% | |||||||||
OTP Bank Nyrt (Banks) | 132,708 | 3,807 | |||||||
Kenya—0.4% | |||||||||
Safaricom plc (Wireless telecommunication services) | 8,851,254 | 2,242 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East, Africa—5.5%—(continued) | |||||||||
Poland—0.7% | |||||||||
CD Projekt S.A. (Entertainment) | 27,459 | $ | 1,891 | ||||||
* | Dino Polska S.A. (Food & staples retailing) | 70,242 | 2,732 | ||||||
4,623 | |||||||||
Romania—0.3% | |||||||||
Banca Transilvania S.A. (Banks) | 3,994,775 | 1,644 | |||||||
Russia—0.8% | |||||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 142,541 | 4,853 | ||||||
South Africa—2.3% | |||||||||
Capitec Bank Holdings, Ltd. (Banks) | 39,101 | 1,923 | |||||||
Clicks Group, Ltd. (Food & staples retailing) | 224,554 | 3,237 | |||||||
Naspers, Ltd. (Internet & direct marketing retail) | 65,935 | 9,370 | |||||||
14,530 | |||||||||
Asia—0.5% | |||||||||
China—0.5% | |||||||||
* | Alibaba Health Information Technology, Ltd. (Health care technology) | 2,022,000 | 3,324 | ||||||
Total Common Stocks—95.1% (cost $576,338) | 605,895 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $26,201, collateralized by U.S. Treasury Note, 1.125%, due 2/28/25, valued at $26,729 | $ | 26,201 | 26,201 | ||||||
Total Repurchase Agreement—4.1% (cost $26,201) | 26,201 | ||||||||
Total Investments—99.2% (cost $602,539) | 632,096 | ||||||||
Cash and other assets, less liabilities—0.8% | 5,196 | ||||||||
Net assets—100.0% | $ | 637,292 |
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, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 28.3 | % | ||
Consumer Discretionary | 19.3 | % | ||
Financials | 14.3 | % | ||
Communication Services | 13.6 | % | ||
Consumer Staples | 8.9 | % | ||
Health Care | 7.3 | % | ||
Industrials | 5.2 | % | ||
Energy | 1.4 | % | ||
Materials | 1.3 | % | ||
Utilities | 0.4 | % | ||
Total | 100.0 | % | ||
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 22.8 | % | ||
Hong Kong Dollar | 18.4 | % | ||
New Taiwan Dollar | 15.0 | % | ||
Yuan Renminbi | 12.9 | % | ||
Indian Rupee | 10.3 | % | ||
South Korean Won | 9.1 | % | ||
Brazilian Real | 4.0 | % | ||
South African Rand | 2.4 | % | ||
Indonesian Rupiah | 2.0 | % | ||
All Other Currencies | 3.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—85.0% | |||||||||
Cambodia—0.7% | |||||||||
NagaCorp, Ltd. (Hotels, restaurants & leisure) | 1,408,000 | $ | 1,425 | ||||||
China—35.7% | |||||||||
A-Living Services Co. Ltd. Class “H” (Commercial services & supplies) | 1,431,500 | 6,865 | |||||||
Anhui Gujing Distillery Co., Ltd. Class “A” (Beverages) | 33,400 | 536 | |||||||
* | Aoyuan Healthy Life Group Co., Ltd. (Real estate management & development) | 1,276,000 | 1,056 | ||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 2,229,205 | 4,776 | |||||||
Chacha Food Co., Ltd. Class “A” (Food products) | 392,798 | 2,465 | |||||||
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components) | 108,447 | 1,272 | |||||||
Chengdu Hongqi Chain Co., Ltd. Class “A” (Food & staples retailing) | 1,623,080 | 2,210 | |||||||
* | China East Education Holdings, Ltd. (Diversified consumer services) | 737,000 | 1,184 | ||||||
* | China Feihe Ltd. (Food products) | 1,548,000 | 2,752 | ||||||
China Lesso Group Holdings, Ltd. (Building products) | 1,264,000 | 1,636 | |||||||
CIFI Holdings Group Co., Ltd. (Real estate management & development) | 2,276,000 | 1,614 | |||||||
Country Garden Services Holdings Co., Ltd. (Commercial services & supplies) | 1,355,000 | 5,452 | |||||||
Ever Sunshine Lifestyle Services Group, Ltd. (Commercial services & supplies) | 2,184,000 | 2,725 | |||||||
Greentown Service Group Co., Ltd. (Commercial services & supplies) | 2,358,000 | 2,836 | |||||||
* | GSX Techedu, Inc.—ADR (Diversified consumer services) | 78,231 | 3,314 | ||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 231,717 | 2,075 | |||||||
Hefei Meiya Optoelectronic Technology, Inc. Class “A” (Machinery) | 264,995 | 1,405 | |||||||
Jiajiayue Group Co., Ltd. Class “A” (Food & staples retailing) | 558,552 | 2,540 | |||||||
Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery) | 341,709 | 2,921 | |||||||
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd. Class “A” (Food products) | 110,300 | 739 | |||||||
Juewei Food Co., Ltd. Class “A” (Food products) | 129,935 | 947 | |||||||
Kingdee International Software Group Co., Ltd. (Software) | 1,220,000 | 1,605 | |||||||
* | KWG Group Holdings, Ltd. (Real estate management & development) | 1,521,500 | 2,132 | ||||||
Logan Property Holdings Co., Ltd. (Real estate management & development) | 516,000 | 785 | |||||||
Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services) | 487,200 | 1,549 | |||||||
Ovctek China Inc. Class “A” (Health care equipment & supplies) | 143,385 | 1,108 | |||||||
* | Ping An Healthcare and Technology Co., Ltd. (Health care technology) | 223,400 | 2,057 | ||||||
Proya Cosmetics Co., Ltd. Class “A” (Personal products) | 119,124 | 1,922 | |||||||
Shandong Weigao Group Medical Polymer Co., Ltd. (Health care equipment & supplies) | 960,000 | 1,205 | |||||||
Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies) | 300,919 | 1,950 | |||||||
Shennan Circuits Co., Ltd. Class “A”Class “A” (Electronic equipment, instruments & components) | 46,098 | 1,261 | |||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 89,000 | 2,887 | |||||||
* | Topchoice Medical Corporation Class “A” (Health care providers & services) | 139,700 | 2,104 | ||||||
Yifeng Pharmacy Chain Co., Ltd. Class “A” (Food & staples retailing) | 73,000 | 954 | |||||||
* | Yihai International Holding, Ltd. (Food products) | 238,000 | 1,793 | ||||||
Zhejiang Dingli Machinery Co., Ltd. Class “A” (Machinery) | 167,394 | 1,339 | |||||||
75,971 | |||||||||
India—18.2% | |||||||||
Aarti Industries, Ltd. (Chemicals) | 245,118 | 2,519 | |||||||
Apollo Hospitals Enterprise, Ltd. (Health care providers & services) | 66,113 | 992 | |||||||
* | Arti Surfactants, Ltd. (Chemicals)** | 13,896 | 2 | ||||||
Astral Poly Technik, Ltd. (Building products) | 216,492 | 2,725 | |||||||
Bata India, Ltd. (Textiles, apparel & luxury goods) | 32,702 | 531 | |||||||
Berger Paints India, Ltd. (Chemicals) | 442,003 | 2,888 | |||||||
City Union Bank, Ltd. (Banks) | 48,734 | 83 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—85.0%—(continued) | |||||||||
India — (continued) | |||||||||
Divi’s Laboratories, Ltd. (Life sciences tools & services) | 46,316 | $ | 1,202 | ||||||
Dr. Lal PathLabs, Ltd. (Health care providers & services) | 104,672 | 1,927 | |||||||
* | Godrej Properties, Ltd. (Real estate management & development) | 84,717 | 669 | ||||||
HDFC Asset Management Co. Ltd. (Capital markets) | 48,995 | 1,362 | |||||||
Indraprastha Gas, Ltd. (Gas utilities)* | 522,716 | 2,691 | |||||||
Info Edge India, Ltd. (Interactive Media & Services) | 64,614 | 1,760 | |||||||
Ipca Laboratories, Ltd. (Pharmaceuticals) | 184,566 | 3,326 | |||||||
KEI Industries, Ltd. (Electrical equipment) | 181,431 | 641 | |||||||
NIIT Technologies, Ltd. (IT services) | 100,319 | 1,518 | |||||||
PI Industries, Ltd. (Chemicals) | 132,810 | 2,080 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 162,990 | 2,918 | |||||||
PVR, Ltd. (Entertainment) | 42,901 | 673 | |||||||
Relaxo Footwears, Ltd. (Textiles, apparel & luxury goods) | 104,800 | 824 | |||||||
SRF, Ltd. (Chemicals) | 66,627 | 2,443 | |||||||
Tata Consumer Products, Ltd. (Food products) | 333,060 | 1,293 | |||||||
The Phoenix Mills, Ltd. (Real estate management & development) | 139,077 | 1,047 | |||||||
Titan Co., Ltd. (Textiles, apparel & luxury goods) | 39,602 | 488 | |||||||
Varun Beverages, Ltd. (Beverages) | 307,599 | 2,128 | |||||||
38,730 | |||||||||
Indonesia—0.3% | |||||||||
* | PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks) | 5,127,400 | 667 | ||||||
Malaysia—0.5% | |||||||||
Top Glove Corporation Bhd (Health care equipment & supplies) | 771,900 | 1,149 | |||||||
Pakistan—0.7% | |||||||||
Lucky Cement, Ltd. (Construction materials) | 632,500 | 1,407 | |||||||
Philippines—0.6% | |||||||||
Wilcon Depot, Inc. (Specialty retail) | 5,175,300 | 1,317 | |||||||
South Korea—6.5% | |||||||||
Douzone Bizon Co., Ltd. (Software) | 71,524 | 4,720 | |||||||
F&F Co., Ltd. (Textiles, apparel & luxury goods) | 14,393 | 1,081 | |||||||
JYP Entertainment Corporation (Entertainment) | 120,659 | 1,741 | |||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 52,529 | 3,328 | |||||||
Macquarie Korea Infrastructure Fund (Capital markets) | 170,420 | 1,513 | |||||||
RFHIC Corporation (Semiconductors & semiconductor equipment) | 44,466 | 1,409 | |||||||
13,792 | |||||||||
Taiwan—21.0% | |||||||||
Accton Technology Corporation (Communications equipment) | 355,000 | 1,899 | |||||||
Airtac International Group (Machinery) | 282,000 | 4,158 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 108,000 | 3,679 | |||||||
Bizlink Holding, Inc. (Electrical equipment) | 84,000 | 451 | |||||||
Elite Material Co., Ltd. (Electronic equipment, instruments & components) | 303,000 | 1,054 | |||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)* | 327,000 | 3,653 | |||||||
Hiwin Technologies Corporation (Machinery) | 45,000 | 296 | |||||||
ITEQ Corporation (Electronic equipment, instruments & components) | 549,000 | 2,422 | |||||||
King Yuan Electronics Co., Ltd. (Semiconductors & semiconductor equipment) | 2,262,000 | 2,246 | |||||||
Lotes Co., Ltd. (Electronic equipment, instruments & components) | 206,000 | 1,855 | |||||||
Nanya Technology Corporation (Semiconductors & semiconductor equipment) | 1,486,000 | 2,615 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—85.0%—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Parade Technologies, Ltd. (Semiconductors & semiconductor equipment) | 218,000 | $ | 4,608 | ||||||
Powertech Technology, Inc. (Semiconductors & semiconductor equipment) | 653,000 | 1,849 | |||||||
Poya International Co., Ltd. (Multiline retail) | 95,000 | 1,345 | |||||||
Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment) | 34,000 | 246 | |||||||
RichWave Technology Corporation (Semiconductors & semiconductor equipment) | 177,000 | 696 | |||||||
Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components) | 839,000 | 3,454 | |||||||
Sporton International, Inc. (Professional services) | 181,000 | 944 | |||||||
Taiwan Union Technology Corporation (Electronic equipment, instruments & components) | 563,000 | 2,241 | |||||||
Tripod Technology Corporation (Electronic equipment, instruments & components) | 70,000 | 218 | |||||||
Voltronic Power Technology Corporation (Electrical equipment) | 96,100 | 1,997 | |||||||
Win Semiconductors Corporation (Semiconductors & semiconductor equipment) | 156,000 | 1,339 | |||||||
Wiwynn Corporation (Technology hardware, storage & peripherals) | 61,000 | 1,403 | |||||||
44,668 | |||||||||
Thailand—0.8% | |||||||||
Com7 PCL Class “F” (Specialty retail) | 857,900 | 407 | |||||||
Tisco Financial Group PCL (Banks) | 574,700 | 1,225 | |||||||
1,632 | |||||||||
Emerging Latin America—7.5% | |||||||||
Argentina—0.9% | |||||||||
* | Globant S.A. (Software)† | 22,409 | 1,969 | ||||||
Brazil—6.4% | |||||||||
* | Arco Platform, Ltd. Class “A” (Diversified consumer services)† | 43,902 | 1,855 | ||||||
* | B2W Cia Digital (Internet & direct marketing retail) | 47,600 | 440 | ||||||
* | BR Properties S.A. (Real estate management & development) | 569,000 | 1,003 | ||||||
Construtora Tenda S.A. (Household durables) | 219,200 | 870 | |||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables) | 359,100 | 977 | |||||||
* | EcoRodovias Infraestrutura e Logistica S.A. (Transportation infrastructure) | 305,400 | 555 | ||||||
Ez Tec Empreendimentos e Participacoes S.A. (Household durables) | 258,700 | 1,479 | |||||||
* | Grupo SBF S.A. (Specialty retail) | 203,100 | 940 | ||||||
Iguatemi Empresa de Shopping Centers S.A. (Real estate management & development) | 53,700 | 323 | |||||||
Localiza Rent a Car S.A. (Road & rail) | 100,829 | 510 | |||||||
* | Locaweb Servicos de Internet S.A. (IT services) | 346,600 | 1,201 | ||||||
Notre Dame Intermedica Participacoes S.A. (Health care providers & services) | 24,200 | 209 | |||||||
Tegma Gestao Logistica S.A. (Road & rail) | 265,900 | 1,059 | |||||||
TOTVS S.A. (Software) | 237,500 | 2,134 | |||||||
13,555 | |||||||||
Mexico—0.2% | |||||||||
Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure) | 98,300 | 333 | |||||||
Emerging Europe, Mid-East, Africa—5.8% | |||||||||
Greece—1.1% | |||||||||
JUMBO S.A. (Specialty retail) | 86,876 | 1,166 | |||||||
OPAP S.A. (Hotels, restaurants & leisure) | 140,294 | 1,057 | |||||||
2,223 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East, Africa—5.8%—(continued) | |||||||||
Kenya—0.6% | |||||||||
Safaricom plc (Wireless telecommunication services) | 4,893,400 | $ | 1,239 | ||||||
Poland—2.3% | |||||||||
CD Projekt S.A. (Entertainment) | 13,112 | 903 | |||||||
* | Dino Polska S.A. (Food & staples retailing) | 102,089 | 3,971 | ||||||
4,874 | |||||||||
Russia—0.3% | |||||||||
HeadHunter Group plc—ADR (Professional services) | 41,509 | 663 | |||||||
South Africa—1.5% | |||||||||
Capitec Bank Holdings, Ltd. (Banks) | 17,247 | 848 | |||||||
Clicks Group, Ltd. (Food & staples retailing) | 141,523 | 2,040 | |||||||
Transaction Capital, Ltd. (Consumer finance) | 547,638 | 373 | |||||||
3,261 | |||||||||
Total Common Stocks—98.3% (cost $202,518) | 208,875 | ||||||||
Preferred Stocks | |||||||||
Brazil—0.7% | |||||||||
Alpargatas S.A. (Textiles, apparel & luxury goods) | 109,900 | 490 | |||||||
Randon S.A. Implementos e Participacoes (Machinery) | 1,003,750 | 1,053 | |||||||
1,543 | |||||||||
Total Preferred Stocks—0.7% (cost $2,980) | 1,543 | ||||||||
Total Investments—99.0% (cost $205,498) | 210,418 | ||||||||
Cash and other assets, less liabilities—1.0% | 2,196 | ||||||||
Net assets—100.0% | $ | 212,614 |
ADR = American 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 March 31, 2020.
† = U.S. listed foreign security
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
At March 31, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 27.3 | % | ||
Industrials | 22.5 | % | ||
Consumer Staples | 12.5 | % | ||
Consumer Discretionary | 11.4 | % | ||
Health Care | 8.2 | % | ||
Materials | 6.8 | % | ||
Real Estate | 4.1 | % | ||
Communication Services | 3.0 | % | ||
Financials | 2.9 | % | ||
Utilities | 1.3 | % | ||
Total | 100.0 | % | ||
At March 31, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
New Taiwan Dollar | 22.6 | % | ||
Indian Rupee | 18.4 | % | ||
Hong Kong Dollar | 17.6 | % | ||
Yuan Renminbi | 16.2 | % | ||
South Korean Won | 6.6 | % | ||
Brazilian Real | 6.3 | % | ||
U.S. Dollar | 3.7 | % | ||
Polish Zloty | 2.3 | % | ||
South African Rand | 1.5 | % | ||
Euro | 1.1 | % | ||
All Other Currencies | 3.7 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government and U.S. Government Agency—59.7% | |||||||||
U.S. Treasury Inflation Indexed Notes/Bonds—3.9% | |||||||||
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29 | $ | 7,767 | $ | 10,464 | |||||
U.S. Treasury—0.5% | |||||||||
U.S. Treasury Bill, 1.106%, due 10/8/20(a) | 1,450 | 1,449 | |||||||
Federal Home Loan Mortgage Corp. (FHLMC)—14.4% | |||||||||
#J02986, 6.500%, due 7/1/21 | 2 | 2 | |||||||
#G12720, 5.500%, due 6/1/22 | 7 | 7 | |||||||
#G14150, 4.500%, due 4/1/26 | 675 | 720 | |||||||
#J16051, 4.500%, due 7/1/26 | 392 | 421 | |||||||
#G02210, 7.000%, due 12/1/28 | 36 | 42 | |||||||
#G02183, 6.500%, due 3/1/30 | 4 | 5 | |||||||
#G01400, 7.000%, due 4/1/32 | 375 | 446 | |||||||
#G01728, 7.500%, due 7/1/32 | 66 | 81 | |||||||
#C01385, 6.500%, due 8/1/32 | 49 | 56 | |||||||
#C01623, 5.500%, due 9/1/33 | 56 | 64 | |||||||
#A15039, 5.500%, due 10/1/33 | 2 | 2 | |||||||
#A17603, 5.500%, due 1/1/34 | 1,339 | 1,531 | |||||||
#G01843, 6.000%, due 6/1/35 | 11 | 13 | |||||||
#A62858, 6.500%, due 7/1/37 | 68 | 79 | |||||||
#G03170, 6.500%, due 8/1/37 | 117 | 138 | |||||||
#A78138, 5.500%, due 6/1/38 | 169 | 192 | |||||||
#G04466, 5.500%, due 7/1/38 | 10,092 | 11,655 | |||||||
#G60366, 6.000%, due 10/1/39 | 9,794 | 11,263 | |||||||
#G61450, 6.000%, due 4/1/40 | 10,125 | 11,919 | |||||||
#C03665, 9.000%, due 4/1/41 | 241 | 293 | |||||||
Total FHLMC Mortgage Obligations | 38,929 | ||||||||
Federal National Mortgage Association (FNMA)—40.9% | |||||||||
#900725, 6.000%, due 8/1/21 | 4 | 4 | |||||||
#893325, 7.000%, due 9/1/21 | 2 | 2 | |||||||
#AC5410, 4.500%, due 10/1/24 | 137 | 145 | |||||||
#AC9560, 5.000%, due 1/1/25 | 519 | 549 | |||||||
#255956, 5.500%, due 10/1/25 | 7 | 8 | |||||||
#AL2853, 4.500%, due 6/1/26 | 2,928 | 3,121 | |||||||
#AL9730, 4.500%, due 2/1/27 | 1,147 | 1,223 | |||||||
#AL2134, 4.000%, due 7/1/27 | 148 | 157 | |||||||
#AL4502, 4.000%, due 11/1/28 | 299 | 317 | |||||||
#AL9857, 4.000%, due 2/1/29 | 1,478 | 1,562 | |||||||
#AS1902, 4.000%, due 3/1/29 | 460 | 490 | |||||||
#252925, 7.500%, due 12/1/29 | 1 | 1 | |||||||
#AD0729, 7.500%, due 12/1/30 | 2,691 | 3,173 | |||||||
#535977, 6.500%, due 4/1/31 | 5 | 5 | |||||||
#253907, 7.000%, due 7/1/31 | 1 | 1 | |||||||
#587849, 6.500%, due 11/1/31 | 4 | 5 | |||||||
#545437, 7.000%, due 2/1/32 | 29 | 34 | |||||||
#AS9876, 4.000%, due 6/1/32 | 331 | 354 | |||||||
#545759, 6.500%, due 7/1/32 | 248 | 283 | |||||||
#545869, 6.500%, due 7/1/32 | 796 | 933 | |||||||
#670385, 6.500%, due 9/1/32 | 375 | 446 | |||||||
#254548, 5.500%, due 12/1/32 | 24 | 27 | |||||||
#AD0725, 7.000%, due 12/1/32 | 1,238 | 1,468 | |||||||
#555340, 5.500%, due 4/1/33 | 186 | 213 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, March 31, 2020 (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) | |||||||||||
#741850, 5.500%, due 9/1/33 | $ | 284 | $ | 321 | |||||||
#555800, 5.500%, due 10/1/33 | 27 | 31 | |||||||||
#CA2754, 4.500%, due 11/1/33 | 742 | 798 | |||||||||
#756153, 5.500%, due 11/1/33 | 290 | 329 | |||||||||
#AL3455, 5.500%, due 11/1/33 | 3,970 | 4,541 | |||||||||
#AL3401, 5.500%, due 2/1/34 | 790 | 904 | |||||||||
#763798, 5.500%, due 3/1/34 | 51 | 58 | |||||||||
#725611, 5.500%, due 6/1/34 | 61 | 69 | |||||||||
#745563, 5.500%, due 8/1/34 | 358 | 405 | |||||||||
#AL6413, 8.000%, due 8/1/34 | 374 | 432 | |||||||||
#794474, 6.000%, due 10/1/34 | 30 | 35 | |||||||||
#745092, 6.500%, due 7/1/35 | 196 | 228 | |||||||||
#357944, 6.000%, due 9/1/35 | 8 | 9 | |||||||||
#AL6412, 7.500%, due 9/1/35 | 599 | 693 | |||||||||
#AD0979, 7.500%, due 10/1/35 | 39 | 46 | |||||||||
#888305, 7.000%, due 3/1/36 | 6 | 7 | |||||||||
#895637, 6.500%, due 5/1/36 | 37 | 45 | |||||||||
#831540, 6.000%, due 6/1/36 | 15 | 17 | |||||||||
#893318, 6.500%, due 8/1/36 | 7 | 9 | |||||||||
#831926, 6.000%, due 12/1/36 | 398 | 459 | |||||||||
#902974, 6.000%, due 12/1/36 | 108 | 124 | |||||||||
#AB0265, 6.000%, due 2/1/37 | 7,958 | 9,167 | |||||||||
#938440, 6.000%, due 7/1/37 | 62 | 71 | |||||||||
#948689, 6.000%, due 8/1/37 | 102 | 118 | |||||||||
#AL6411, 7.000%, due 12/1/37 | 1,406 | 1,616 | |||||||||
#AL0904, 5.500%, due 1/1/38 | 74 | 84 | |||||||||
#986856, 6.500%, due 9/1/38 | 84 | 100 | |||||||||
#FM1735, 6.500%, due 10/1/38 | 4,609 | 5,614 | |||||||||
#991911, 7.000%, due 11/1/38 | 85 | 101 | |||||||||
#FM2467, 6.000%, due 1/1/39 | 4,462 | 5,279 | |||||||||
#AD0752, 7.000%, due 1/1/39 | 396 | 509 | |||||||||
#AC1619, 5.500%, due 8/1/39 | 241 | 274 | |||||||||
#FM1736, 6.500%, due 10/1/39 | 7,473 | 8,950 | |||||||||
#AD7137, 5.500%, due 7/1/40 | 2,833 | 3,277 | |||||||||
#BM1689, 5.500%, due 8/1/40 | 2,309 | 2,615 | |||||||||
#AL5815, 5.500%, due 4/1/41 | 2,785 | 3,219 | |||||||||
#BM3525, 6.000%, due 4/1/41 | 9,807 | 11,348 | |||||||||
#AL9226, 5.500%, due 12/1/41 | 11,633 | 13,412 | |||||||||
#AL9225, 6.000%, due 1/1/42 | 5,189 | 6,020 | |||||||||
#BM5121, 5.500%, due 12/1/48 | 12,331 | 14,256 | |||||||||
Total Federal National Mortgage Association | 110,111 | ||||||||||
Asset-Backed Securities—2.3% | |||||||||||
Tesla Auto Lease Trust—144A, 2018-A, Tranche D, 3.300%, 5/20/20 | Aaa | 314 | 313 | ||||||||
Centre Point Funding LLC—144A, 2012-2A, Tranche 1, 2.610%, 8/20/21 | A1 | 157 | 156 | ||||||||
Tesla Auto Lease Trust—144A, 2019-A, Tranche E, 5.480%, 5/22/23 | Ba3 | 1,000 | 1,000 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating | Principal Amount | Value | ||||||||
Asset-Backed Securities—(continued) | |||||||||||
GM Financial Automobile Leasing Trust, 2020-1, Tranche D, 2.280%, 6/20/24 | A | $ | 3,050 | $ | 2,974 | ||||||
Oxford Finance Funding LLC—144A, 2019-1A, Tranche B, 5.438%, 2/15/27 | A | 1,180 | 1,191 | ||||||||
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 3.205%, 1/15/43, VRN | AAA | 630 | 631 | ||||||||
Total Asset-Backed Securities | 6,265 | ||||||||||
Corporate Obligations—37.6% | |||||||||||
Fresenius Medical Care US Finance II, Inc.—144A, 5.875%, due 1/31/22 | BBB | 2,000 | 2,101 | ||||||||
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22 | BBB+ | 2,500 | 2,442 | ||||||||
Toll Brothers Finance Corporation, 4.375%, due 4/15/23 | BBB- | 2,750 | 2,637 | ||||||||
Itau Unibanco Holding S.A.—144A, 5.125%, due 5/13/23 | Ba3 | 1,400 | 1,396 | ||||||||
Wells Fargo & Co., 4.480%, due 1/16/24 | A | 1,500 | 1,577 | ||||||||
Lennar Corporation, 4.500%, due 4/30/24 | BBB- | 2,450 | 2,416 | ||||||||
Banco Inbursa S.A. Institucion de Banca Multiple—144A, 4.125%, due 6/6/24 | BBB | 2,000 | 1,871 | ||||||||
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24 | BBB | 2,000 | 1,997 | ||||||||
JPMorgan Chase & Co., SOFRRATE + 3.125%, 4.600%, due 2/1/25, VRN | Baa2 | 3,000 | 2,629 | ||||||||
Booz Allen Hamilton, Inc.—144A, 5.125%, due 5/1/25 | BB- | 1,400 | 1,384 | ||||||||
DaVita, Inc., 5.000%, due 5/1/25 | Ba3 | 1,400 | 1,407 | ||||||||
Simon Property Group L.P., 3.300%, due 1/15/26 | A | 2,750 | 2,767 | ||||||||
Penske Automotive Group, Inc., 5.500%, due 5/15/26 | Ba3 | 1,500 | 1,377 | ||||||||
Xylem, Inc., 3.250%, due 11/1/26 | BBB | 2,225 | 2,360 | ||||||||
Netflix, Inc., 4.375%, due 11/15/26 | BB- | 1,400 | 1,429 | ||||||||
Fibria Overseas Finance, Ltd., 5.500%, due 1/17/27 | BBB- | 2,000 | 1,920 | ||||||||
Hess Corporation, 4.300%, due 4/1/27 | BBB- | 2,750 | 1,996 | ||||||||
Sirius XM Radio, Inc.—144A, 5.000%, due 8/1/27 | BB | 1,400 | 1,429 | ||||||||
Lear Corporation, 3.800%, due 9/15/27 | Baa2 | 2,750 | 2,487 | ||||||||
Motorola Solutions, Inc., 4.600%, due 2/23/28 | BBB- | 2,750 | 2,809 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating | Principal Amount | Value | ||||||||
Corporate Obligations—(continued) | |||||||||||
Roper Technologies, Inc., 4.200%, due 9/15/28 | BBB+ | $ | 2,500 | $ | 2,695 | ||||||
The Kroger Co., 8.000%, due 9/15/29 | Baa1 | 2,250 | 3,121 | ||||||||
United Rentals North America, Inc., 5.250%, due 1/15/30 | BB- | 1,250 | 1,257 | ||||||||
Sysco Corporation, 2.400%, due 2/15/30 | Baa1 | 3,200 | 2,643 | ||||||||
Omnicom Group, Inc., 2.450%, due 4/30/30 | BBB+ | 2,800 | 2,559 | ||||||||
Owens Corning, 7.000%, due 12/1/36 | BBB | 2,250 | 2,566 | ||||||||
Yum! Brands, Inc., 6.875%, due 11/15/37 | B+ | 1,250 | 1,206 | ||||||||
ConocoPhillips, 6.500%, due 2/1/39 | A | 2,000 | 2,506 | ||||||||
Citigroup, Inc., 5.875%, due 1/30/42 | A | 2,000 | 2,546 | ||||||||
Bank of America Corporation, 5.875%, due 2/7/42 | A+ | 2,000 | 2,825 | ||||||||
Cox Communications, Inc.—144A, 4.700%, due 12/15/42 | BBB+ | 2,500 | 2,471 | ||||||||
Orbia Advance Corp S.A.B. de C.V. —144A, 5.875%, due 9/17/44 | BBB | 2,250 | 1,950 | ||||||||
AbbVie, Inc., 4.700%, due 5/14/45 | A- | 2,750 | 3,103 | ||||||||
ERP Operating L.P., 4.500%, due 6/1/45 | A | 2,500 | 2,559 | ||||||||
Apple, Inc., 4.650%, due 2/23/46 | AA+ | 2,250 | 2,996 | ||||||||
PepsiCo, Inc., 4.450%, due 4/14/46 | A+ | 2,250 | 2,920 | ||||||||
Brookfield Finance, Inc., 4.700%, due 9/20/47 | A- | 2,750 | 2,635 | ||||||||
Union Pacific Corporation, 4.300%, due 3/1/49 | A- | 2,500 | 2,849 | ||||||||
Microsoft Corporation, 4.750%, due 11/3/55 | AAA | 2,250 | 3,207 | ||||||||
AT&T, Inc., 5.700%, due 3/1/57 | A- | 2,250 | 2,836 | ||||||||
Comcast Corporation, 4.950%, due 10/15/58 | A- | 2,250 | 3,057 | ||||||||
Altria Group, Inc., 6.200%, due 2/14/59 | A3 | 2,250 | 2,485 | ||||||||
Corning, Inc., 5.850%, due 11/15/68 | BBB+ | 2,400 | 2,655 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, March 31, 2020 (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 | $ | 1,250 | $ | 1,163 | ||||||
Total Corporate Obligations | 101,241 | ||||||||||
Total Long-Term Investments—99.6% (cost $262,040) | 268,459 | ||||||||||
Repurchase Agreement | |||||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $1,321, collateralized by U.S. Treasury Note, 1.625%, due 10/31/26, valued at $1,347 | 1,321 | 1,321 | |||||||||
Total Repurchase Agreement—0.5% (cost $1,321) | 1,321 | ||||||||||
Total Investments—100.1% (cost $263,361) | 269,780 | ||||||||||
Liabilities, plus cash and other assets—(0.1)% | (10 | ) | |||||||||
Net assets—100.0% | $ | 269,770 |
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.
VRN = Variable Rate Note
(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swaps, aggregating a total of $337.
Credit Default Swaps
Reference Entity | Buy/Sell Protection | Fixed Deal Pay Rate | Payment Frequency | Maturity Date | Cleared Exchange/ Counter- party | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||
CDX.NA.HY-33 | Buy | 5.000% | 3M | December 2024 | ICE | $ | 98 | $ | 6 | $ | 6 | $ | 0 | |||||||||||||
CDX.NA.EM-32 | Buy | 5.000% | 3M | December 2024 | ICE | 5,000 | 275 | 585 | 310 | |||||||||||||||||
CDX.NA.EM-32 | Sell | 5.000% | 3M | December 2024 | Credit Suisse | 5,000 | (477 | ) | (586 | ) | (108 | ) | ||||||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | 202 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government and U.S. Government Agency—69.1% | |||||||||
U.S. Treasury Inflation Indexed Notes/Bonds—3.1% | |||||||||
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29 | $ | 1,177 | $ | 1,585 | |||||
U.S. Treasury—2.0% | |||||||||
U.S. Treasury Strip Principal, 0.000%, due 5/15/22 | 1,000 | 996 | |||||||
Federal Home Loan Mortgage Corp. (FHLMC)—9.5% | |||||||||
#E02490, 6.000%, due 4/1/23 | 22 | 23 | |||||||
#J13022, 4.000%, due 9/1/25 | 220 | 232 | |||||||
#G14150, 4.500%, due 4/1/26 | 64 | 68 | |||||||
#J16051, 4.500%, due 7/1/26 | 473 | 507 | |||||||
#G15030, 4.000%, due 3/1/29 | 153 | 163 | |||||||
#A17603, 5.500%, due 1/1/34 | 388 | 443 | |||||||
#G01705, 5.500%, due 6/1/34 | 731 | 823 | |||||||
#A45790, 7.500%, due 5/1/35 | 80 | 93 | |||||||
#G04126, 6.000%, due 6/1/37 | 173 | 200 | |||||||
#G04564, 6.000%, due 12/1/37 | 141 | 162 | |||||||
#G05566, 5.500%, due 12/1/38 | 96 | 110 | |||||||
#G05875, 5.500%, due 2/1/40 | 73 | 84 | |||||||
#G61450, 6.000%, due 4/1/40 | 1,518 | 1,787 | |||||||
#C03665, 9.000%, due 4/1/41 | 117 | 142 | |||||||
Total FHLMC Mortgage Obligations | 4,837 | ||||||||
Federal National Mortgage Association (FNMA)—54.5% | |||||||||
#735574, 8.000%, due 3/1/22 | 13 | 13 | |||||||
FNR G93-19 SH, 1M USD LIBOR + 56.169%, 11.234%, due 4/25/23, VRN | 11 | 12 | |||||||
#982885, 5.000%, due 5/1/23 | 114 | 120 | |||||||
#933985, 5.500%, due 8/1/23 | 59 | 62 | |||||||
#255956, 5.500%, due 10/1/25 | 21 | 23 | |||||||
#AH0971, 4.000%, due 12/1/25 | 240 | 253 | |||||||
#AL2853, 4.500%, due 6/1/26 | 379 | 404 | |||||||
#AJ6954, 4.000%, due 11/1/26 | 105 | 111 | |||||||
#AL9730, 4.500%, due 2/1/27 | 740 | 789 | |||||||
#256639, 5.000%, due 2/1/27 | 5 | 5 | |||||||
#806458, 8.000%, due 6/1/28 | 65 | 74 | |||||||
#AL9857, 4.000%, due 2/1/29 | 4,486 | 4,738 | |||||||
#880155, 8.500%, due 7/1/29 | 96 | 110 | |||||||
#797846, 7.000%, due 3/1/32 | 25 | 26 | |||||||
#745519, 8.500%, due 5/1/32 | 45 | 52 | |||||||
#654674, 6.500%, due 9/1/32 | 32 | 37 | |||||||
#AD0725, 7.000%, due 12/1/32 | 528 | 627 | |||||||
#254693, 5.500%, due 4/1/33 | 4 | 5 | |||||||
#555531, 5.500%, due 6/1/33 | 40 | 44 | |||||||
#711736, 5.500%, due 6/1/33 | 59 | 67 | |||||||
#555591, 5.500%, due 7/1/33 | 7 | 7 | |||||||
#CA2754, 4.500%, due 11/1/33 | 406 | 436 | |||||||
#AL3455, 5.500%, due 11/1/33 | 1,166 | 1,334 | |||||||
#725424, 5.500%, due 4/1/34 | 42 | 48 | |||||||
#AL6413, 8.000%, due 8/1/34 | 182 | 211 | |||||||
#AL6412, 7.500%, due 9/1/35 | 449 | 520 | |||||||
#888884, 5.500%, due 12/1/35 | 95 | 108 | |||||||
#928658, 6.500%, due 9/1/37 | 16 | 18 | |||||||
#889371, 6.000%, due 1/1/38 | 1,819 | 2,105 | |||||||
#FM1735, 6.500%, due 10/1/38 | 1,304 | 1,588 | |||||||
#991911, 7.000%, due 11/1/38 | 55 | 64 | |||||||
#FM2467, 6.000%, due 1/1/39 | 496 | 587 | |||||||
#FM1736, 6.500%, due 10/1/39 | 1,236 | 1,480 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, March 31, 2020 (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) | |||||||||||
#BM1689, 5.500%, due 8/1/40 | $ | 312 | $ | 353 | |||||||
#AL5815, 5.500%, due 4/1/41 | 398 | 460 | |||||||||
#BM3525, 6.000%, due 4/1/41 | 870 | 1,007 | |||||||||
#AL9226, 5.500%, due 12/1/41 | 3,677 | 4,239 | |||||||||
#AL9225, 6.000%, due 1/1/42 | 1,427 | 1,656 | |||||||||
#BM1328, 6.000%, due 1/1/42 | 1,487 | 1,717 | |||||||||
#BM5121, 5.500%, due 12/1/48 | 2,027 | 2,344 | |||||||||
Total FNMA Mortgage Association | 27,854 | ||||||||||
Asset-Backed Securities—3.7% | |||||||||||
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23 | A+ | 950 | 924 | ||||||||
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24 | Aa3 | 425 | 398 | ||||||||
Oxford Finance Funding LLC—144A, 2019-1A, Tranche A2, 4.459%, 2/15/27 | A | 500 | 507 | ||||||||
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 3.205%, 1/15/43, VRN | AAA | 63 | 63 | ||||||||
Total Asset-Backed Securities | 1,892 | ||||||||||
Corporate Obligations—25.2% | |||||||||||
HSBC Holdings plc, 3M USD LIBOR + 2.240%, 3.239%, due 3/8/21, VRN | A+ | 500 | 498 | ||||||||
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22 | BBB+ | 500 | 488 | ||||||||
Toll Brothers Finance Corporation, 4.375%, due 4/15/23 | BBB- | 500 | 479 | ||||||||
Ryder System, Inc., 3.750%, due 6/9/23 | A- | 550 | 553 | ||||||||
Wells Fargo & Co., 4.480%, due 1/16/24 | A | 550 | 578 | ||||||||
The Goldman Sachs Group, Inc., 4.000%, due 3/3/24 | A | 550 | 576 | ||||||||
Bank of America Corporation, 3M USD LIBOR + 0.780%, 3.550%, due 3/5/24, VRN | A+ | 650 | 677 | ||||||||
Mitsubishi UFJ Financial Group, Inc., 3.407%, due 3/7/24 | A1 | 550 | 563 | ||||||||
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24 | BBB | 500 | 499 | ||||||||
AbbVie, Inc., 3.600%, due 5/14/25 | A- | 550 | 578 | ||||||||
ERP Operating L.P., 3.375%, due 6/1/25 | A | 550 | 571 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating | Principal Amount | Value | ||||||||
Corporate Obligations—(continued) | |||||||||||
Comcast Corporation, 3.950%, due 10/15/25 | A- | $ | 500 | $ | 545 | ||||||
Capital One Financial Corporation, 4.200%, due 10/29/25 | Baa1 | 500 | 495 | ||||||||
Intercontinental Exchange, Inc., 3.750%, due 12/1/25 | A | 550 | 579 | ||||||||
Simon Property Group L.P., 3.300%, due 1/15/26 | A | 550 | 553 | ||||||||
AT&T, Inc., 4.125%, due 2/17/26 | A- | 550 | 584 | ||||||||
ConocoPhillips Co., 4.950%, due 3/15/26 | A | 500 | 535 | ||||||||
Brookfield Finance, Inc., 4.250%, due 6/2/26 | A- | 550 | 578 | ||||||||
Motorola Solutions, Inc., 4.600%, due 2/23/28 | BBB- | 500 | 511 | ||||||||
Roper Technologies, Inc., 4.200%, due 9/15/28 | BBB+ | 500 | 539 | ||||||||
Quest Diagnostics, Inc., 4.200%, due 6/30/29 | BBB+ | 450 | 486 | ||||||||
The Kroger Co., 8.000%, due 9/15/29 | Baa1 | 350 | 486 | ||||||||
Sysco Corporation, 2.400%, due 2/15/30 | Baa1 | 575 | 475 | ||||||||
Omnicom Group, Inc., 2.450%, due 4/30/30 | BBB+ | 500 | 457 | ||||||||
Total Corporate Obligations | 12,883 | ||||||||||
Total Long-Term Investments—98.0% (cost $49,752) | 50,047 | ||||||||||
Repurchase Agreement | |||||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $827, collateralized by U.S. Treasury Note, 2.375%, due 5/15/27, valued at $848 | 827 | 827 | |||||||||
Total Repurchase Agreement—1.6% (cost $827) | 827 | ||||||||||
Total Investments—99.6% (cost $50,579) | 50,874 | ||||||||||
Cash and other assets, less liabilities—0.4% | 224 | ||||||||||
Net assets—100.0% | $ | 51,098 |
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.
VRN = Variable Rate Note
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government and U.S. Government Agency —66.2% | |||||||||
U.S. Treasury—5.3% | |||||||||
U.S. Treasury Strip Principal, 0.000%, due 8/15/21 | $ | 3,990 | $ | 3,979 | |||||
Federal Home Loan Mortgage Corp. (FHLMC)—11.3% | |||||||||
#G11836, 5.500%, due 12/1/20 | 1 | 1 | |||||||
#E02322, 5.500%, due 5/1/22 | 6 | 7 | |||||||
#G12725, 6.000%, due 6/1/22 | 31 | 32 | |||||||
#J08450, 5.500%, due 7/1/23 | 9 | 10 | |||||||
#J08703, 5.500%, due 9/1/23 | 15 | 16 | |||||||
#C00351, 8.000%, due 7/1/24 | 21 | 23 | |||||||
#J11208, 5.000%, due 11/1/24 | 26 | 28 | |||||||
#G00363, 8.000%, due 6/1/25 | 34 | 37 | |||||||
#C80329, 8.000%, due 8/1/25 | 7 | 8 | |||||||
#G14402, 4.000%, due 2/1/27 | 159 | 168 | |||||||
#G04821, 8.500%, due 7/1/31 | 1,337 | 1,640 | |||||||
#A81372, 6.000%, due 8/1/38 | 141 | 159 | |||||||
#G04687, 6.000%, due 9/1/38 | 43 | 50 | |||||||
#G04745, 6.000%, due 9/1/38 | 171 | 197 | |||||||
#G06085, 6.500%, due 9/1/38 | 39 | 45 | |||||||
#G60680, 6.500%, due 9/1/39 | 678 | 817 | |||||||
#G61450, 6.000%, due 4/1/40 | 4,553 | 5,360 | |||||||
Total FHLMC Mortgage Obligations | 8,598 | ||||||||
Federal National Mortgage Association (FNMA)—49.6% | |||||||||
#357865, 5.000%, due 7/1/20 | 2 | 2 | |||||||
#879607, 5.500%, due 4/1/21 | 3 | 3 | |||||||
#831497, 6.000%, due 4/1/21 | 19 | 19 | |||||||
#831525, 5.500%, due 6/1/21 | 6 | 6 | |||||||
#880993, 6.000%, due 1/1/22 | 1 | 2 | |||||||
#888982, 6.000%, due 12/1/22 | 39 | 41 | |||||||
#972934, 5.500%, due 2/1/23 | 44 | 46 | |||||||
#889670, 5.500%, due 6/1/23 | 10 | 10 | |||||||
#AE0011, 5.500%, due 9/1/23 | 8 | 8 | |||||||
#995395, 6.000%, due 12/1/23 | 25 | 26 | |||||||
#190988, 9.000%, due 6/1/24 | 4 | 4 | |||||||
#AL8529, 6.000%, due 11/1/24 | 4,004 | 4,211 | |||||||
#AL2853, 4.500%, due 6/1/26 | 1,200 | 1,280 | |||||||
#AL9730, 4.500%, due 2/1/27 | 1,110 | 1,184 | |||||||
#AL9857, 4.000%, due 2/1/29 | 3,801 | 4,015 | |||||||
#555933, 7.000%, due 6/1/32 | 349 | 408 | |||||||
#CA2754, 4.500%, due 11/1/33 | 122 | 131 | |||||||
#AL6413, 8.000%, due 8/1/34 | 212 | 245 | |||||||
#AL6412, 7.500%, due 9/1/35 | 748 | 866 | |||||||
#886762, 7.000%, due 9/1/36 | 188 | 229 | |||||||
#888530, 7.500%, due 8/1/37 | 1,475 | 1,834 | |||||||
#AL6411, 7.000%, due 12/1/37 | 1,406 | 1,616 | |||||||
#FM1735, 6.500%, due 10/1/38 | 2,328 | 2,836 | |||||||
#AD0100, 7.000%, due 12/1/38 | 470 | 566 | |||||||
#FM2467, 6.000%, due 1/1/39 | 1,983 | 2,346 | |||||||
#FM1736, 6.500%, due 10/1/39 | 2,986 | 3,576 | |||||||
#BM3525, 6.000%, due 4/1/41 | 2,785 | 3,223 | |||||||
#AL9226, 5.500%, due 12/1/41 | 2,579 | 2,973 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating | Principal Amount | Value | ||||||||
U.S. Government Agency—(continued) | |||||||||||
Federal National Mortgage Association (FNMA) — (continued) | |||||||||||
#BM1328, 6.000%, due 1/1/42 | $ | 1,430 | $ | 1,651 | |||||||
#AL9225, 6.000%, due 1/1/42 | 2,335 | 2,709 | |||||||||
#BM5121, 5.500%, due 12/1/48 | 1,338 | 1,546 | |||||||||
Total FNMA Mortgage Obligations | 37,612 | ||||||||||
Asset-Backed Securities—8.7% | |||||||||||
American Express Credit Account Master Trust, 2017-3, Tranche A, 1.770%, 11/15/22 | AAA | 1,000 | 1,000 | ||||||||
Tesla Auto Lease Trust—144A, 2019-A, Tranche C, 2.680%, 1/20/23 | A2 | 675 | 654 | ||||||||
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23 | A+ | 1,400 | 1,362 | ||||||||
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24 | Aa3 | 1,250 | 1,169 | ||||||||
Canadian Pacer Auto Receivables Trust—144A, 2020-1A, Tranche B, 2.000%, 7/21/25 | AA+ | 500 | 500 | ||||||||
CarMax Auto Owner Trust, 2020-1, Tranche C, 2.340%, 11/17/25 | A | 600 | 603 | ||||||||
Oxford Finance Funding LLC—144A, 2019-1A, Tranche A2, 4.459%, 2/15/27 | A | 1,000 | 1,013 | ||||||||
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 3.205%, 1/15/43, VRN | AAA | 296 | 296 | ||||||||
Total Asset-Backed Securities | 6,597 | ||||||||||
Corporate Obligations—23.1% | |||||||||||
Apple, Inc., 3M USD LIBOR + 1.130%, 2.813%, due 2/23/21, VRN | AA+ | 550 | 551 | ||||||||
JPMorgan Chase & Co., 3M USD LIBOR + 1.480%, 3.060%, due 3/1/21, VRN | AA- | 1,500 | 1,504 | ||||||||
Wells Fargo & Co., 3M USD LIBOR + 1.340%, 2.594%, due 3/4/21, VRN | A+ | 1,500 | 1,474 | ||||||||
HSBC Holdings plc, 3M USD LIBOR + 2.240%, 3.239%, due 3/8/21, VRN | A+ | 1,500 | 1,493 | ||||||||
Bank of America Corporation, 3M USD LIBOR + 1.420%, 3.239%, due 4/19/21, VRN | A+ | 1,000 | 990 | ||||||||
The Goldman Sachs Group, Inc., 3M USD LIBOR + 1.360%, 3.154%, due 4/23/21, VRN | A | 1,000 | 994 | ||||||||
Barclays plc, 3M USD LIBOR + 2.110%, 3.844%, due 8/10/21, VRN | A | 1,500 | 1,471 | ||||||||
Verizon Communications, Inc., 3.125%, due 3/16/22 | A- | 1,000 | 1,030 | ||||||||
Bristol-Myers Squibb Co.—144A, 2.600%, due 5/16/22 | A+ | 1,000 | 1,023 | ||||||||
Ryder System, Inc., 2.875%, due 6/1/22 | A- | 1,500 | 1,506 | ||||||||
AT&T, Inc., 3.000%, due 6/30/22 | A- | 1,500 | 1,515 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | NRSRO Rating | Principal Amount | Value | ||||||||
Corporate Obligations—(continued) | |||||||||||
Mitsubishi UFJ Financial Group, Inc., 2.623%, due 7/18/22 | A1 | $ | 1,150 | $ | 1,142 | ||||||
Lloyds Bank plc, 2.250%, due 8/14/22 | Aa3 | 1,500 | 1,497 | ||||||||
Capital One Bank USA NA, SOFRRATE + 0.616%, 2.014%, due 1/27/23, VRN | A- | 1,400 | 1,369 | ||||||||
Total Corporate Obligations | 17,559 | ||||||||||
Total Long-Term
Investments—98.0% (cost $74,190) | 74,345 | ||||||||||
Repurchase Agreement | |||||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $1,501, collateralized by U.S. Treasury Note, 1.125%, due 2/28/25, valued at $1,536 | 1,501 | 1,501 | |||||||||
Total Repurchase
Agreement—2.0% (cost $1,501) | 1,501 | ||||||||||
Total Investments—100.0% (cost $75,691) | 75,846 | ||||||||||
Liabilities, plus cash and other assets—0.0% | (25 | ) | |||||||||
Net assets—100.0% | $ | 75,821 |
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.
VRN = Variable Rate Note
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Exchange-Traded Funds—60.9% | |||||||||
Equity Exchange-Traded Funds—51.7% | |||||||||
iShares Core MSCI Emerging Markets ETF | 599,000 | $ | 24,242 | ||||||
iShares MSCI Brazil ETF | 485,000 | 11,427 | |||||||
iShares MSCI Chile ETF | 282,300 | 6,120 | |||||||
iShares MSCI Malaysia ETF | 237,600 | 5,512 | |||||||
SPDR S&P 500 ETF Trust | 967,600 | 249,399 | |||||||
Utilities Select Sector SPDR Fund | 26,600 | 1,474 | |||||||
VanEck Vectors Russia ETF | 70,500 | 1,176 | |||||||
Vietnam Enterprise Investments, Ltd. Class "C" | 2,515,402 | 10,418 | |||||||
Total Equity Exchange-Traded Funds | 309,768 | ||||||||
Fixed Income Exchange-Traded Funds—9.2% | |||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 151,000 | 18,650 | |||||||
iShares MBS ETF | 273,600 | 30,216 | |||||||
SPDR Bloomberg Barclays High Yield Bond ETF | 71,200 | 6,745 | |||||||
Total Fixed Income Exchange-Traded Funds | 55,611 | ||||||||
Total Exchange-Traded Funds—60.9% (cost $399,194) | 365,379 | ||||||||
Foreign Government Bond—2.2% | |||||||||
Malaysia—2.2% | |||||||||
Malaysia Government Bond, 4.160%, due 7/15/21 | MYR 56,991 | 13,458 | |||||||
Total Foreign Government Bonds—2.2% (cost $14,003) | 13,458 | ||||||||
Repurchase Agreement—3.9% | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 3/31/20, due 4/1/20, repurchase price $24,222, collateralized by U.S. Treasury Notes, 1.625%-1.125%, due 10/31/26-2/28/25, valued at $24,711 | 24,222 | 24,222 | |||||||
Total Repurchase Agreement—3.9% (cost $24,222) | 24,222 | ||||||||
U.S. Government—30.8% | |||||||||
U.S. Treasury Bill, 2.186%, due 4/23/20(a) | 17,500 | 17,500 | |||||||
U.S. Treasury Bill, 2.194%, due 5/21/20(a) | 17,500 | 17,499 | |||||||
U.S. Treasury Bill, 1.974%, due 6/18/20(a) | 17,500 | 17,497 | |||||||
U.S. Treasury Bill, 1.885%, due 7/16/20(a) | 17,500 | 17,496 | |||||||
U.S. Treasury Bill, 1.757%, due 8/13/20(b) | 17,500 | 17,496 | |||||||
U.S. Treasury Bill, 1.763%, due 9/10/20(a)(b) | 17,500 | 17,492 | |||||||
U.S. Treasury Bill, 1.556%, due 10/8/20(a)(b) | 17,500 | 17,492 | |||||||
U.S. Treasury Bill, 1.569%, due 11/5/20 | 17,500 | 17,493 | |||||||
U.S. Treasury Bill, 1.554%, due 12/3/20 | 15,000 | 14,993 | |||||||
U.S. Treasury Bill, 1.476%, due 12/31/20 | 7,500 | 7,495 | |||||||
U.S. Treasury Bill, 1.432%, due 1/28/21 | 7,500 | 7,494 | |||||||
U.S. Treasury Bill, 1.286%, due 2/25/21 | 7,500 | 7,493 |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government—(continued) | |||||||||
U.S. Treasury Bill, 0.213%, due 3/25/21 | $ | 7,500 | $ | 7,489 | |||||
Total U.S. Government—30.8% (cost $183,769) | 184,929 | ||||||||
Total Investments in Securities—97.8% (cost $621,188) | 587,988 | ||||||||
Total Written Option Contracts (premiums received $3,275)—0.0% | (2,367 | ) | |||||||
Cash and other assets, less liabilities—2.2% | 13,237 | ||||||||
Net assets—100.0% | $ | 598,858 |
(a) Security, or portion of security, is segregated as collateral for centrally cleared swaps and to cover initial margin requirements on open futures contracts aggregating a total value of $53,282 (in thousands).
(b) Security, or portion of security, is pledged as collateral for OTC swap contracts aggregating a total value of $8,827 (in thousands).
Written Options Contracts
Description | Exercise Price | Expiration Date | Number of Contracts | Notional Amount | Market Value | Premiums Paid (Received) by Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||||
Puts | ||||||||||||||||||||||||
S&P 500 Index | 2,300 | 04/17/20 | 119 | $ | 2,737,000 | $ | (451) | $ | (2,461) | $ | 2,010 | |||||||||||||
S&P 500 Index | 2,700 | 04/17/20 | 119 | 3,213,000 | (1,916) | (814) | (1,102 | ) | ||||||||||||||||
Total written options contracts | $ | (2,367) | $ | (3,275) | $ | 908 |
Forward Foreign Currency Contracts
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||||
Purchased | ||||||||||||||||||||
4/15/20 | Australian Dollar | Citibank N.A. London | 2,582 | $ | 1,588 | $ | 1,588 | $ | — | |||||||||||
4/15/20 | Brazilian Real | Citibank N.A. London | 3,943 | 758 | 758 | — | ||||||||||||||
4/15/20 | British Pound Sterling | Citibank N.A. London | 44,569 | 58,065 | 55,372 | (2,693 | ) | |||||||||||||
4/15/20 | Chilean Peso | Citibank N.A. London | 17,296,064 | 20,688 | 20,215 | (473 | ) | |||||||||||||
4/15/20 | Chinese Yuan Renminbi | Citibank N.A. London | 40,840 | 5,789 | 5,757 | (32 | ) | |||||||||||||
4/15/20 | Colombian Peso | Citibank N.A. London | 99,047,659 | 26,060 | 24,367 | (1,693 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Forward Foreign Currency Contracts - (continued)
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||||
Purchased — (continued) | ||||||||||||||||||||
4/15/20 | Czech Koruna | Citibank N.A. London | 38,863 | $ | 1,625 | $ | 1,564 | $ | (61 | ) | ||||||||||
4/15/20 | Euro | Citibank N.A. London | 15,829 | 16,982 | 17,466 | 484 | ||||||||||||||
4/15/20 | Hong Kong Dollar | Citibank N.A. London | 24,119 | 3,109 | 3,111 | 2 | ||||||||||||||
4/15/20 | Hungarian Forint | Citibank N.A. London | 571,707 | 1,852 | 1,748 | (104 | ) | |||||||||||||
4/15/20 | Indian Rupee | Citibank N.A. London | 2,336,633 | 31,373 | 30,693 | (680 | ) | |||||||||||||
4/15/20 | Indonesian Rupiah | Citibank N.A. London | 248,991,354 | 15,467 | 15,299 | (168 | ) | |||||||||||||
4/15/20 | Japanese Yen | Citibank N.A. London | 6,405,912 | 61,367 | 59,606 | (1,761 | ) | |||||||||||||
4/15/20 | Mexican Peso | Citibank N.A. London | 999,548 | 47,413 | 42,057 | (5,356 | ) | |||||||||||||
4/15/20 | New Turkish Lira | Citibank N.A. London | 125,630 | 20,228 | 18,920 | (1,308 | ) | |||||||||||||
4/15/20 | New Zealand Dollar | Citibank N.A. London | 3,495 | 2,086 | 2,085 | (1 | ) | |||||||||||||
4/15/20 | Norwegian Krone | Citibank N.A. London | 525,024 | 54,858 | 50,504 | (4,354 | ) | |||||||||||||
4/15/20 | Philippine Peso | Citibank N.A. London | 4,391,499 | 86,840 | 86,207 | (633 | ) | |||||||||||||
4/15/20 | Polish Zloty | Citibank N.A. London | 25,008 | 6,580 | 6,045 | (535 | ) | |||||||||||||
4/15/20 | Russian Ruble | Citibank N.A. London | 733,121 | 10,135 | 9,342 | (793 | ) | |||||||||||||
4/15/20 | Singapore Dollar | Citibank N.A. London | 73,968 | 53,259 | 52,051 | (1,208 | ) | |||||||||||||
4/15/20 | Swedish Krona | Citibank N.A. London | 559,163 | 59,038 | 56,541 | (2,497 | ) | |||||||||||||
4/15/20 | Swiss Franc | Citibank N.A. London | 56,975 | 60,964 | 59,231 | (1,733 | ) | |||||||||||||
4/15/20 | Taiwan Dollar | Citibank N.A. London | 113,555 | 3,785 | 3,762 | (23 | ) | |||||||||||||
4/16/20 | Israeli Shekel | Citibank N.A. London | 20,395 | 5,763 | 5,761 | (2 | ) | |||||||||||||
4/16/20 | South Korean Won | Citibank N.A. London | 4,055,488 | 3,365 | 3,331 | (34 | ) | |||||||||||||
4/16/20 | Thai Baht | Citibank N.A. London | 1,885,203 | 59,660 | 57,445 | (2,215 | ) | |||||||||||||
$ | (27,871 | ) | ||||||||||||||||||
Sold | ||||||||||||||||||||
4/15/20 | Australian Dollar | Citibank N.A. London | 41,224 | $ | 27,010 | $ | 25,359 | $ | 1,651 | |||||||||||
4/15/20 | Brazilian Real | Citibank N.A. London | 35,778 | 7,643,401 | 6,879 | 764 | ||||||||||||||
4/15/20 | British Pound Sterling | Citibank N.A. London | 7,188 | 9,000 | 8,930 | 69 | ||||||||||||||
4/15/20 | Chilean Peso | Citibank N.A. London | 22,534,007 | 26,401 | 26,337 | 64 | ||||||||||||||
4/15/20 | Chinese Yuan Renminbi | Citibank N.A. London | 307,835 | 44,158 | 43,395 | 763 | ||||||||||||||
4/15/20 | Colombian Peso | Citibank N.A. London | 99,047,659 | 24,627 | 24,367 | 260 | ||||||||||||||
4/15/20 | Czech Koruna | Citibank N.A. London | 410,970 | 18,195 | 16,534 | 1,661 | ||||||||||||||
4/15/20 | Euro | Citibank N.A. London | 900 | 998 | 993 | 5 | ||||||||||||||
4/15/20 | Hong Kong Dollar | Citibank N.A. London | 187,721 | 24,158 | 24,212 | (54 | ) | |||||||||||||
4/15/20 | Hungarian Forint | Citibank N.A. London | 4,367,282 | 14,778 | 13,356 | 1,422 | ||||||||||||||
4/15/20 | Indian Rupee | Citibank N.A. London | 2,483,641 | 32,753 | 32,624 | 129 | ||||||||||||||
4/15/20 | Indonesian Rupiah | Citibank N.A. London | 633,267,454 | 43,586 | 38,911 | 4,675 | ||||||||||||||
4/15/20 | Japanese Yen | Citibank N.A. London | 1,238,790 | 11,595 | 11,527 | 68 | ||||||||||||||
4/15/20 | Mexican Peso | Citibank N.A. London | 590,760 | 26,566 | 24,857 | 1,709 | ||||||||||||||
4/15/20 | New Turkish Lira | Citibank N.A. London | 125,630 | 19,934 | 18,920 | 1,014 | ||||||||||||||
4/15/20 | New Zealand Dollar | Citibank N.A. London | 58,756 | 37,094 | 35,055 | 2,039 | ||||||||||||||
4/15/20 | Norwegian Krone | Citibank N.A. London | 344,305 | 34,832 | 33,120 | 1,712 | ||||||||||||||
4/15/20 | Philippine Peso | Citibank N.A. London | 3,134,995 | 61,033 | 61,541 | (508 | ) | |||||||||||||
4/15/20 | Russian Ruble | Citibank N.A. London | 939,849 | 12,504 | 11,976 | 528 | ||||||||||||||
4/15/20 | Singapore Dollar | Citibank N.A. London | 10,450 | 7,393 | 7,354 | 39 | ||||||||||||||
4/15/20 | South African Rand | Citibank N.A. London | 28,060 | 1,749 | 1,566 | 183 | ||||||||||||||
4/15/20 | Swedish Krona | Citibank N.A. London | 381,629 | 39,738 | 38,589 | 1,149 | ||||||||||||||
4/15/20 | Swiss Franc | Citibank N.A. London | 56,975 | 61,185 | 59,231 | 1,954 | ||||||||||||||
4/15/20 | Taiwan Dollar | Citibank N.A. London | 1,064,373 | 35,618 | 35,260 | 358 | ||||||||||||||
4/16/20 | Israeli Shekel | Citibank N.A. London | 170,191 | 47,965 | 48,075 | (110 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Forward Foreign Currency Contracts - (continued)
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||||
Sold — (continued) | ||||||||||||||||||||
4/16/20 | South Korean Won | Citibank N.A. London | 38,554,940 | $ | 32,294 | $ | 31,665 | $ | 629 | |||||||||||
4/16/20 | Thai Baht | Citibank N.A. London | 3,294,719 | 104,536 | 100,394 | 4,142 | ||||||||||||||
$ | 26,315 | |||||||||||||||||||
Total net unrealized appreciation (depreciation) on forward foreign currency contracts | $ | (1,556 | ) |
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 | ||||||||||||||||||
151 | CAC 40 Index | April 2020 | Euro | 6,636 | $ | 6,507 | $ | 7,319 | $ | 812 | ||||||||
156 | IBEX 35 Index | April 2020 | Euro | 10,551 | 11,340 | 11,637 | 297 | |||||||||||
299 | MSCI Singapore ETS Index | April 2020 | Singapore Dollar | 8,414 | 5,919 | 5,920 | 1 | |||||||||||
41 | KOSPI 200 Index | June 2020 | South Korean Won | 2,419,000 | 2,149 | 1,987 | (162 | ) | ||||||||||
8 | NIKKEI 225 Index | June 2020 | Japanese Yen | 75,200 | 715 | 699 | (16 | ) | ||||||||||
88 | NIKKEI 225 Index | June 2020 | Australian Dollar | 11,240 | 6,692 | 6,914 | 222 | |||||||||||
30 | DAX Index | June 2020 | Euro | 7,431 | 7,477 | 8,195 | 718 | |||||||||||
582 | FTSE 100 Index | June 2020 | British Pound Sterling | 32,799 | 36,371 | 40,739 | 4,368 | |||||||||||
$ | 6,240 | |||||||||||||||||
Short | ||||||||||||||||||
86 | Amsterdam Index | April 2020 | Euro | 8,302 | $ | 7,967 | $ | 9,156 | $ | (1,189 | ) | |||||||
75 | OMXS 30 Index | April 2020 | Swedish Krona | 11,100 | 988 | 1,122 | (134 | ) | ||||||||||
80 | HANG SENG Index | April 2020 | Hong Kong Dollar | 94,880 | 11,908 | 12,238 | (330 | ) | ||||||||||
91 | HSCEI Index | April 2020 | Hong Kong Dollar | 43,835 | 5,520 | 5,654 | (134 | ) | ||||||||||
66 | MSCI Taiwan Index | April 2020 | U.S. Dollar | 2,449 | 2,450 | 2,449 | 1 | |||||||||||
693 | FTSE/JSE Top 40 Index | June 2020 | South African Rand | 284,407 | 14,547 | 15,902 | (1,355 | ) | ||||||||||
86 | 10YR Can Bond | June 2020 | Canadian Dollar | 12,654 | 8,658 | 8,992 | (334 | ) | ||||||||||
1,302 | EURO STOXX 50 Index | June 2020 | Euro | 35,766 | 35,302 | 39,446 | (4,144 | ) | ||||||||||
3 | FTSE MIB Index | June 2020 | Euro | 254 | 279 | 280 | (1 | ) | ||||||||||
1,038 | MSCI Emerging Markets Index | June 2020 | U.S. Dollar | 43,747 | 42,062 | 43,747 | (1,685 | ) | ||||||||||
870 | MSCI Mexico Index | June 2020 | U.S. Dollar | 13,642 | 14,014 | 13,642 | 372 | |||||||||||
54 | S&P 500 E Mini Index | June 2020 | U.S. Dollar | 3,111 | 2,910 | 3,111 | (201 | ) | ||||||||||
1,793 | S&P 500 E Mini Index | June 2020 | U.S. Dollar | 230,374 | 221,050 | 230,374 | (9,324 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, March 31, 2020 (all dollar amounts in thousands) (unaudited)
Futures Contracts - (continued) | ||||||||||||||||||
Number of Contracts | Description | Expiration Date | Local Currency | Notional Value (Local, in Thousands | Notional Amount (USD) | Notional Value (USD) | Net Unrealized Appreciation (Depreciation) | |||||||||||
Short — (continued) | ||||||||||||||||||
38 | XAK Technology | June 2020 | U.S. Dollar | 3,065 | $ | 2,740 | $ | 3,065 | $ | (325 | ) | |||||||
59 | XAY Cons Discret | June 2020 | U.S. Dollar | 5,824 | 5,439 | 5,824 | (385 | ) | ||||||||||
$ | (19,168 | ) | ||||||||||||||||
Total net unrealized appreciation (depreciation) on futures contracts | $ | (12,928 | ) |
Centrally Cleared Interest Rate Swap
Floating Rate Reference | Pay/Receive Floating Rate | Fixed Rate | Pay/Receive Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
China 7-Day Repo Rate | Pay | 2.613 % | 3M | March 2025 | LCH | CNY 307,560 | $ | 320 | $ | 802 | $ | 482 |
Total Return Swaps
Reference Entity | Pay/Receive Floating Rate | Floating Rate | Maturity Date | Counterparty | Notional Amount (in thousands) | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||
Swiss Market Index (Total Return) | Receive | 3 Month LIBOR plus 10 bp | Jun 2020 | Credit Suisse International | CHF 7,379 | $ | (641 | ) | $ | (641 | ) | |||||||
Euro Bund Future | Receive | 0 bp | Jun 2020 | Credit Suisse International | EUR 3,320 | 46 | 46 | |||||||||||
10-Year T-Note | Pay | 0 bp | Jun 2020 | Credit Suisse International | $ 71,103 | 2,956 | 2,956 | |||||||||||
5-Year T-Note | Pay | 0 bp | Jun 2020 | Credit Suisse International | 10,708 | 74 | 74 | |||||||||||
MSCI Emerging Markets Indonesia Net Total Return USD | Pay | 3 Month LIBOR minus 5 bp | Jun 2020 | Citibank, N.A. | 6,802 | (1,752 | ) | (1,752 | ) | |||||||||
$ | 683 |
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 S33 | Sell | 1.000 % | 3M | June 2025 | ICE | $ | 11,921 | $ | 61 | $ | 22 | $ | (39 | ) | ||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | 1,126 |
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 Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. The Trust currently has the following twenty funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity Funds | International Equity Funds |
Growth | International Leaders |
Large Cap Growth | International Growth |
Mid Cap Growth | Institutional International Growth |
Small-Mid Cap Core | International Small Cap Growth |
Small-Mid Cap Growth | Emerging Markets Leaders |
Small-Mid Cap Value | Emerging Markets Growth |
Small Cap Growth | Emerging Markets Small Cap Growth |
Small Cap Value | |
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) Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. As of March 31, 2020, 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.
(c) TBA Securities
The Fixed Income Funds may invest in mortgage pass-through securities eligible to be sold in the “to-be announced” market (“TBAs”). TBAs provide for the forward or delayed delivery of the underlying instrument with settlement in up to 180 days. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is generally announced 48 hours before the settlement date. A Fund generally has the ability to close out a TBA obligation on or before the settlement date, rather than take delivery of the security. When a Fund sells TBAs, it incurs risks similar to those incurred in short sales. For example, when a Fund sells TBAs without owning or having the right to obtain the deliverable securities it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold the securities.
(d) Securities Sold, Not Yet Purchased
A Fund may sell a security it does not own (known as selling a security short) in anticipation of a decline in the fair value of that security. When a fund sells a security short, it must borrow the security sold short and deliver it to the broker through which it made the short sale. A gain, limited to the price at which the fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale. A fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the price at which it sold the security short.
(2) Valuation
(a) Investment Valuation
The value of 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 March 31, 2020, fair valuation estimates for foreign equity securities were obtained.
Fixed-income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed-income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements are valued at cost, which approximates fair value.
Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the Over-the-Counter (“OTC”) market shall be valued by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which they are traded most extensively, or if no settlement price is available, at the last sale price as of the close of the exchange. Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset. All other swap contracts are valued by an independent pricing service. Depending on the product and the terms of the transaction, the independent pricing service may use a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates.
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, non-U.S. bonds and commercial paper are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed-income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.
Repurchase Agreements
Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.
Derivative Instruments
Listed derivatives, such as certain options and futures contracts, that are actively traded are valued based on quoted prices from the exchange on which they are traded most extensively and are categorized as Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap and certain option contracts related to interest rates, foreign currencies, the credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled by independent pricing services taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of forward foreign currency contracts and interest rate swaps. A substantial majority of OTC derivative products valued by a Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.
As of March 31, 2020, 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 | Small-Mid Cap Core | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 201,809 | $ | 329,418 | $ | 56,133 | $ | 167,558 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 1,512 | 5,723 | 1,118 | 2,721 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 203,321 | $ | 335,141 | $ | 57,251 | $ | 170,279 | ||||||||
Investments in securities | Small-Mid Cap Growth | Small-Mid Cap Value | Small Cap Growth | Small Cap Value | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 2,279,844 | $ | 6,033 | $ | 433,784 | $ | 92,173 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 32,186 | 199 | 2,040 | 2,763 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 2,312,030 | $ | 6,232 | $ | 435,824 | $ | 94,936 | ||||||||
Investments in securities | Global Leaders | International Leaders | International Growth | Institutional International Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 80,248 | $ | 77,514 | $ | 245,165 | $ | 236,248 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 46,096 | 451,191 | 1,346,048 | 1,284,621 | ||||||||||||
Repurchase Agreements | 317 | 10,615 | — | 1,000 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 126,661 | $ | 539,320 | $ | 1,591,213 | $ | 1,521,869 | ||||||||
Investments in securities | International Small Cap Growth | Emerging Markets Leaders | Emerging Markets Growth | Emerging Markets Small Cap Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 19,743 | $ | 70,815 | $ | 170,995 | $ | 20,080 | ||||||||
Preferred Stocks | — | — | — | 1,543 | ||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 185,601 | 104,864 | 434,900 | 188,793 | ||||||||||||
Repurchase Agreements | 1,998 | 4,413 | 26,201 | — | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
Common Stocks | — | — | — | 2 | ||||||||||||
Total investments in securities | $ | 207,342 | $ | 180,092 | $ | 632,096 | $ | 210,418 |
4 |
Investments in securities | Bond | Income | Low Duration | Macro Allocation | ||||||||||||
Assets | ||||||||||||||||
Level 1 - Quoted Prices | ||||||||||||||||
Exchange-Traded Funds | $ | — | $ | — | $ | — | $ | 354,961 | ||||||||
Level 2—Other significant observable inputs | ||||||||||||||||
Exchange-Traded Fund | — | — | — | 10,418 | ||||||||||||
Asset-Backed Securities | 6,265 | 1,892 | 6,597 | — | ||||||||||||
Corporate Obligations | 101,241 | 12,883 | 17,559 | — | ||||||||||||
Foreign Government Bond | — | — | — | 13,458 | ||||||||||||
Repurchase Agreements | 1,321 | 827 | 1,501 | 24,222 | ||||||||||||
U.S. Government and U.S. Government Agency | 160,953 | 35,272 | 50,189 | 184,929 | ||||||||||||
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 | $ | 269,780 | $ | 50,874 | $ | 75,846 | $ | 587,988 | ||||||||
Other financial instruments | ||||||||||||||||
Assets | ||||||||||||||||
Level 1 - Quoted Prices | ||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | 6,791 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Forward Foreign Currency Contracts | — | — | — | 27,473 | ||||||||||||
Swaps | 202 | — | — | 3,558 | ||||||||||||
Written Options | — | — | — | — | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Liabilities | ||||||||||||||||
Level 1 - Quoted Prices | ||||||||||||||||
Futures Contracts | — | — | — | (19,719 | ) | |||||||||||
Level 2—Other significant observable inputs | ||||||||||||||||
Forward Foreign Currency Contracts | — | — | — | (29,029 | ) | |||||||||||
Swaps | — | — | — | (2,432 | ) | |||||||||||
Written Options | — | — | — | (2,367 | ) | |||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total other financial instruments | $ | 202 | $ | — | $ | — | $ | (15,725 | ) |
Level 1 Common Stocks are exchange-traded securities with a quoted price. See Portfolio of Investments for Sector Classification.
The fair value estimate for the Level 3 security in the Emerging Markets Small Cap Growth Fund was determined in good faith by the Pricing Committee, pursuant to the Valuation Procedures approved by the Board of Trustees. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 security represented 0.00% as a percentage of net assets in the Emerging Markets Small Cap Growth Fund.
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.
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