NPORT-EX 2 NPORT_253727403736238.htm
Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Information Technology—37.1%          
* Adobe, Inc.   16,561   $8,122 
* Advanced Micro Devices, Inc.   56,297    4,616 
* Alarm.com Holdings, Inc.   22,475    1,242 
* Arista Networks, Inc.   19,811    4,099 
  Fidelity National Information Services, Inc.   39,335    5,791 
* Grid Dynamics Holdings, Inc.   110,452    854 
* Inphi Corporation   17,835    2,002 
  Mastercard, Inc. Class “A”   34,336    11,611 
  Microsoft Corporation   120,250    25,292 
* MongoDB, Inc.   8,105    1,876 
  National Instruments Corporation   92,178    3,291 
* Nice, Ltd.—ADR   15,715    3,568 
* PayPal Holdings, Inc.   43,394    8,550 
  Perspecta, Inc.   95,890    1,865 
* Pure Storage, Inc.   269,132    4,142 
  Texas Instruments, Inc.   42,528    6,073 
* Verra Mobility Corporation   138,561    1,338 
* Workday, Inc.   20,434    4,396 
               98,728 
                 
  Health Care—16.4%          
  Abbott Laboratories   37,938    4,129 
  Agilent Technologies, Inc.   43,602    4,401 
* Horizon Therapeutics plc†   73,020    5,672 
* Illumina, Inc.   6,826    2,110 
* Ligand Pharmaceuticals, Inc.   14,379    1,371 
* Penumbra, Inc.   8,628    1,677 
* Quidel Corporation   6,914    1,517 
  STERIS plc†   11,736    2,068 
  Stryker Corporation   27,190    5,665 
  Teleflex, Inc.   4,938    1,681 
  UnitedHealth Group, Inc.   26,522    8,269 
* Veracyte, Inc.   43,864    1,425 
  Zoetis, Inc.   21,351    3,531 
               43,516 
                 
  Consumer Discretionary—14.2%          
  Advance Auto Parts, Inc.   19,376    2,974 
* Amazon.com, Inc.   7,128    22,444 
* Bright Horizons Family Solutions, Inc.   21,201    3,223 
* Burlington Stores, Inc.   10,922    2,251 
* Etsy, Inc.   14,728    1,791 
* Grand Canyon Education, Inc.   18,882    1,510 
* Revolve Group, Inc.   88,176    1,449 
* Ulta Beauty, Inc.   9,877    2,212 
               37,854 
                 
  Communication Services—8.8%          
  Activision Blizzard, Inc.   59,725    4,835 
* Alphabet, Inc. Class “A”   10,194    14,940 
* Live Nation Entertainment, Inc.   31,750    1,711 
* Take-Two Interactive Software, Inc.   11,445    1,891 
               23,377 

 

See accompanying Notes to Portfolio of Investments.

 
Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Industrials—7.9%          
  BWX Technologies, Inc.   68,146   $3,837 
* Copart, Inc.   46,623    4,903 
* CoStar Group, Inc.   4,933    4,186 
  Fortive Corporation   44,910    3,423 
  The Brink’s Co.   64,551    2,652 
* Trex Co., Inc.   28,410    2,034 
               21,035 
                 
  Consumer Staples—5.6%          
* BJ’s Wholesale Club Holdings, Inc.   69,906    2,904 
  Costco Wholesale Corporation   11,678    4,146 
  The Coca-Cola Co.   90,691    4,477 
  The Estee Lauder Cos., Inc. Class “A”   15,861    3,462 
               14,989 
                 
  Financials—3.2%          
  Aon plc†   15,628    3,224 
  Ares Management Corporation   66,435    2,685 
  Virtu Financial, Inc.   113,538    2,613 
               8,522 
                 
  Materials—3.0%          
  Ball Corporation   54,226    4,507 
  Linde plc†   14,118    3,362 
               7,869 
                 
  Real Estate—1.4%          
  SBA Communications Corporation   11,503    3,663 
             
  Energy—1.0%          
  Cameco Corporation†   262,852    2,655 
             
  Total Common Stocks—98.6%
(cost $150,242)		           262,208 
                
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $4,340, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $4,426  $4,340    4,340 
             
  Total Repurchase Agreement—1.6%
(cost $4,340)		           4,340 
                
  Total Investments—100.2%
(cost $154,582)		           266,548 
                
  Liabilities, plus cash and other assets—(0.2)%           (485)
                
  Net assets—100.0%          $266,063 

 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

 
Large Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Information Technology—44.0%          
  Accenture plc†   90,980   $20,561 
* Adobe, Inc.   48,240    23,658 
* Advanced Micro Devices, Inc.   258,548    21,198 
  Fidelity National Information Services, Inc.   90,810    13,368 
* Guidewire Software, Inc.   82,750    8,628 
  Intuit, Inc.   50,650    16,523 
  Lam Research Corporation   41,830    13,877 
  Mastercard, Inc. Class “A”   87,100    29,455 
  Microsoft Corporation   297,340    62,540 
* PayPal Holdings, Inc.   155,850    30,707 
* salesforce.com, Inc.   52,270    13,136 
  Texas Instruments, Inc.   142,990    20,418 
               274,069 
                 
  Consumer Discretionary—16.4%          
* Amazon.com, Inc.   17,305    54,488 
  Marriott International, Inc.   68,060    6,301 
  NIKE, Inc. Class “B”   196,940    24,724 
  Starbucks Corporation   190,990    16,410 
               101,923 
                 
  Health Care—14.2%          
  Abbott Laboratories   145,620    15,848 
* ABIOMED, Inc.   27,318    7,568 
* Illumina, Inc.   35,660    11,022 
  Stryker Corporation   73,610    15,338 
  UnitedHealth Group, Inc.   75,440    23,520 
  Zoetis, Inc.   93,900    15,528 
               88,824 
                 
  Communication Services—9.4%          
  Activision Blizzard, Inc.   208,720    16,896 
* Alphabet, Inc. Class “A”   20,920    30,660 
* Live Nation Entertainment, Inc.   209,290    11,277 
               58,833 
                 
  Industrials—6.7%          
* Copart, Inc.   153,150    16,105 
  Equifax, Inc.   79,270    12,438 
  Fortive Corporation   173,850    13,249 
               41,792 
                 
  Consumer Staples—4.8%          
  Costco Wholesale Corporation   50,810    18,037 
  The Estee Lauder Cos., Inc. Class “A”   53,100    11,589 
               29,626 
                 
  Financials—1.9%          
  Apollo Global Management, Inc.   263,970    11,813 
             
  Materials—1.7%          
  Linde plc†   43,950    10,466 

 

See accompanying Notes to Portfolio of Investments.

 
Large Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value
           
  Common Stocks—(continued)          
                
  Total Common Stocks—99.1%
(cost $448,196)		          $617,346 
                
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $4,335, collateralized by U.S. Treasury Note, 2.750%, due 2/15/28, valued at $4,421  $4,335    4,335 
             
  Total Repurchase Agreement—0.7%
(cost $4,335)		           4,335 
                
  Total Investments—99.8%
(cost $452,531)		           621,681 
                
  Cash and other assets, less liabilities—0.2%           1,512 
                
  Net assets—100.0%          $623,193 

 

 

† = U.S. listed foreign security

* = Non-income producing security

 

See accompanying Notes to Portfolio of Investments.

 
Mid Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Information Technology—30.3%          
* Arista Networks, Inc.   7,620   $1,577 
* Aspen Technology, Inc.   6,785    859 
  Booz Allen Hamilton Holding Corporation   17,359    1,440 
* Cadence Design Systems, Inc.   19,585    2,088 
* Coupa Software, Inc.   3,710    1,017 
  Dolby Laboratories, Inc.   18,180    1,205 
* EPAM Systems, Inc.   5,365    1,734 
* Euronet Worldwide, Inc.   11,800    1,075 
* GoDaddy, Inc.   18,535    1,408 
* Guidewire Software, Inc.   7,217    753 
  MAXIMUS, Inc.   10,695    732 
  Microchip Technology, Inc.   11,635    1,196 
* MongoDB, Inc.   5,115    1,184 
* Nice, Ltd.—ADR   5,075    1,152 
* Pure Storage, Inc.   73,730    1,135 
* RingCentral, Inc.   2,890    794 
* WEX, Inc.   5,220    725 
* Workday, Inc.   5,185    1,115 
* Zendesk, Inc.   8,235    848 
               22,037 
                 
  Health Care—21.9%          
* ABIOMED, Inc.   3,853    1,068 
  Agilent Technologies, Inc.   23,320    2,354 
* Align Technology, Inc.   4,420    1,447 
* Centene Corporation   15,515    905 
  Encompass Health Corporation   19,733    1,282 
* Exact Sciences Corporation   12,540    1,278 
* Horizon Therapeutics plc†   29,495    2,291 
* Insulet Corporation   6,555    1,551 
* Mettler-Toledo International, Inc.   985    951 
  STERIS plc†   6,740    1,188 
  Teleflex, Inc.   4,665    1,588 
               15,903 
                 
  Industrials—14.9%          
  BWX Technologies, Inc.   37,204    2,095 
* Copart, Inc.   26,212    2,756 
* CoStar Group, Inc.   3,414    2,897 
  Equifax, Inc.   4,730    742 
  Fortive Corporation   10,890    830 
  Rockwell Automation, Inc.   4,190    925 
* Teledyne Technologies, Inc.   1,980    614 
               10,859 
                 
  Consumer Discretionary—11.8%          
  Advance Auto Parts, Inc.   9,563    1,468 
  Aptiv plc†   9,810    899 
* Bright Horizons Family Solutions, Inc.   5,345    813 
* Burlington Stores, Inc.   3,965    817 
  Domino’s Pizza, Inc.   2,518    1,071 
* Floor & Decor Holdings, Inc.   12,870    963 
  Ross Stores, Inc.   10,365    967 
  Service Corporation International   18,460    779 

 

See accompanying Notes to Portfolio of Investments.

 
Mid Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Consumer Discretionary — (continued)          
* Ulta Beauty, Inc.   3,595   $805 
               8,582 
                 
  Materials—6.0%          
  Ball Corporation   29,370    2,441 
  Vulcan Materials Co.   13,910    1,886 
               4,327 
                 
  Communication Services—5.7%          
  Cable One, Inc.   320    603 
* Live Nation Entertainment, Inc.   13,429    723 
* Take-Two Interactive Software, Inc.   10,420    1,722 
* Zynga, Inc.   117,205    1,069 
               4,117 
                 
  Financials—3.1%          
  Arthur J Gallagher & Co.   15,670    1,654 
* SVB Financial Group   2,610    628 
               2,282 
                 
  Consumer Staples—2.9%          
* BJ’s Wholesale Club Holdings, Inc.   25,399    1,055 
  Conagra Brands, Inc.   28,955    1,034 
               2,089 
                 
  Real Estate—1.9%          
  SBA Communications Corporation   4,285    1,365 
             
  Energy—0.5%          
  New Fortress Energy, Inc.   9,077    400 
             
  Total Common Stocks—99.0%
(cost $53,276)		           71,961 
                
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $1,043, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $1,064  $1,043    1,043 
             
  Total Repurchase Agreement—1.5%
(cost $1,043)		           1,043 
                
  Total Investments—100.5%
(cost $54,319)		           73,004 
                
  Liabilities, plus cash and other assets—(0.5)%           (335)
                
  Net assets—100.0%          $72,669 

 

 

ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Core Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Information Technology—16.6%          
* Alarm.com Holdings, Inc.   9,764   $539 
  Booz Allen Hamilton Holding Corporation   5,878    488 
  Brooks Automation, Inc.   14,141    654 
  CMC Materials, Inc.   3,665    523 
* Cree, Inc.   7,060    450 
  Dolby Laboratories, Inc.   8,944    593 
  Entegris, Inc.   7,446    554 
* Euronet Worldwide, Inc.   6,958    634 
* j2 Global, Inc.   7,303    505 
* Knowles Corporation   31,215    465 
  MAXIMUS, Inc.   5,823    398 
* Nice, Ltd.—ADR   4,378    994 
  Perspecta, Inc.   19,307    376 
* Pure Storage, Inc.   39,012    600 
* SolarEdge Technologies, Inc.   2,872    685 
* Verra Mobility Corporation   57,006    551 
               9,009 
                 
  Health Care—16.3%          
* Codexis, Inc.   45,571    535 
  Encompass Health Corporation   11,578    752 
* Hanger, Inc.   41,460    656 
* HealthEquity, Inc.   9,510    489 
* Horizon Therapeutics plc†   19,110    1,484 
* LHC Group, Inc.   4,781    1,016 
* Mednax, Inc.   57,592    938 
* Merit Medical Systems, Inc.   28,989    1,261 
  STERIS plc†   4,776    842 
* Tabula Rasa HealthCare, Inc.   9,714    396 
* Veracyte, Inc.   15,799    513 
               8,882 
                 
  Financials—14.6%          
  Ares Management Corporation   18,896    764 
  Columbia Banking System, Inc.   16,521    394 
  East West Bancorp, Inc.   23,518    770 
* Encore Capital Group, Inc.   24,060    928 
  FirstCash, Inc.   10,994    629 
  Hannon Armstrong Sustainable Infrastructure Capital, Inc.   13,856    586 
  LPL Financial Holdings, Inc.   7,228    554 
* SVB Financial Group   3,723    896 
  Virtu Financial, Inc.   19,720    454 
  Voya Financial, Inc.   11,457    549 
  Western Alliance Bancorp   28,648    906 
  Wintrust Financial Corporation   12,837    514 
               7,944 
                 
  Industrials—13.8%          
* Builders FirstSource, Inc.   32,249    1,052 
  BWX Technologies, Inc.   23,765    1,338 
* Casella Waste Systems, Inc.   5,139    287 
  Douglas Dynamics, Inc.   13,308    455 
* Generac Holdings, Inc.   3,860    748 
* IAA, Inc.   9,279    483 

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Core Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Industrials—13.8%—(continued)          
  John Bean Technologies Corporation   3,052   $281 
  Lincoln Electric Holdings, Inc.   7,790    717 
  Luxfer Holdings plc†   26,456    332 
* Teledyne Technologies, Inc.   1,033    320 
  The Brink’s Co.   18,309    752 
* Trex Co., Inc.   10,566    757 
               7,522 
                 
  Consumer Discretionary—13.3%          
  Aaron’s, Inc.   10,475    593 
  Advance Auto Parts, Inc.   6,923    1,063 
* Boot Barn Holdings, Inc.   36,669    1,032 
* Burlington Stores, Inc.   3,179    655 
* Grand Canyon Education, Inc.   13,821    1,105 
* National Vision Holdings, Inc.   23,462    897 
  Service Corporation International   16,152    681 
* ServiceMaster Global Holdings, Inc.   13,681    546 
* Skyline Champion Corporation   25,458    681 
               7,253 
                 
  Materials—7.6%          
  Avery Dennison Corporation   4,801    614 
* Crown Holdings, Inc.   12,870    989 
  Eagle Materials, Inc.   7,933    685 
  FMC Corporation   4,206    445 
  Martin Marietta Materials, Inc.   2,743    646 
  Orion Engineered Carbons S.A.†   59,314    742 
               4,121 
                 
  Real Estate—7.5%          
  Americold Realty Trust   24,602    880 
  CoreSite Realty Corporation   4,829    574 
  Douglas Emmett, Inc.   20,713    520 
  Equity LifeStyle Properties, Inc.   10,529    645 
  Healthcare Realty Trust, Inc.   22,017    663 
  Jones Lang LaSalle, Inc.   3,807    364 
  Sunstone Hotel Investors, Inc.   57,266    455 
               4,101 
                 
  Consumer Staples—4.3%          
* BJ’s Wholesale Club Holdings, Inc.   17,230    716 
  Lamb Weston Holdings, Inc.   6,764    448 
  Primo Water Corporation†   38,423    546 
  Spectrum Brands Holdings, Inc.   11,347    648 
               2,358 
                 
  Communication Services—3.1%          
  Cable One, Inc.   338    637 
* Live Nation Entertainment, Inc.   8,537    460 
* Zynga, Inc.   64,710    590 
               1,687 
                 
  Energy—2.8%          
  Cameco Corporation†   83,981    848 

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Core Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Energy—2.8%—(continued)          
  New Fortress Energy, Inc.   5,273   $232 
  Parsley Energy, Inc.   32,613    306 
* Talos Energy, Inc.   23,439    151 
               1,537 
                 
  Utilities—1.1%          
  IDACORP, Inc.   7,687    614 
             
  Total Common Stocks—101.0%
(cost $50,863)		           55,028 
                
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $372, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $380  $372    372 
             
  Total Repurchase Agreement—0.7%
(cost $372)		           372 
                
  Total Investments—101.7%
(cost $51,235)		           55,400 
                
  Liabilities, plus cash and other assets—(1.7)%           (916)
                
  Net assets—100.0%          $54,484 

 

 

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, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Information Technology—26.0%          
* Alarm.com Holdings, Inc.   634,000   $35,028 
* Aspen Technology, Inc.   390,167    49,391 
* Avalara, Inc.   346,215    44,087 
  Booz Allen Hamilton Holding Corporation   508,007    42,154 
  Brooks Automation, Inc.   838,311    38,780 
* Cree, Inc.   507,738    32,363 
  Entegris, Inc.   387,483    28,805 
* Euronet Worldwide, Inc.   414,862    37,794 
* GoDaddy, Inc.   588,960    44,743 
* Guidewire Software, Inc.   243,923    25,434 
* j2 Global, Inc.   407,491    28,207 
* LiveRamp Holdings, Inc.   563,251    29,160 
  MAXIMUS, Inc.   285,284    19,516 
* MongoDB, Inc.   131,769    30,506 
  National Instruments Corporation   910,075    32,490 
* Nice, Ltd.—ADR   297,292    67,494 
* Novanta, Inc.†   238,681    25,143 
* Proofpoint, Inc.   252,118    26,611 
* Pure Storage, Inc.   3,202,126    49,281 
* Rogers Corporation   161,216    15,809 
* SolarEdge Technologies, Inc.   262,680    62,610 
* Varonis Systems, Inc.   289,256    33,386 
           798,792 
             
  Health Care—24.5%          
* ABIOMED, Inc.   108,171    29,970 
* Amedisys, Inc.   202,152    47,795 
  Encompass Health Corporation   934,606    60,731 
* Exact Sciences Corporation   528,811    53,912 
* Halozyme Therapeutics, Inc.   1,477,206    38,821 
* HealthEquity, Inc.   853,003    43,819 
* Horizon Therapeutics plc†   1,300,837    101,049 
* Insmed, Inc.   413,884    13,302 
* Insulet Corporation   220,235    52,105 
* iRhythm Technologies, Inc.   251,325    59,843 
* Ligand Pharmaceuticals, Inc.   421,798    40,206 
* Masimo Corporation   118,364    27,941 
* Penumbra, Inc.   295,041    57,350 
  STERIS plc†   273,068    48,112 
  Teleflex, Inc.   117,421    39,972 
* Veracyte, Inc.   1,232,826    40,055 
           754,983 
             
  Industrials—18.1%          
* Axon Enterprise, Inc.   461,300    41,840 
* Builders FirstSource, Inc.   743,700    24,259 
  BWX Technologies, Inc.   1,552,031    87,395 
* Generac Holdings, Inc.   264,103    51,141 
  HEICO Corporation   254,005    22,520 
  Lincoln Electric Holdings, Inc.   248,696    22,890 
* Mercury Systems, Inc.   674,125    52,218 
  Ritchie Bros Auctioneers, Inc.†   1,007,391    59,688 
* Teledyne Technologies, Inc.   148,528    46,075 
  The Brink’s Co.   996,979    40,966 

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Industrials — (continued)          
  TransUnion   525,267   $44,191 
* Trex Co., Inc.   901,248    64,529 
           557,712 
             
  Consumer Discretionary—11.8%          
  Advance Auto Parts, Inc.   283,188    43,469 
* Bright Horizons Family Solutions, Inc.   372,418    56,623 
* Burlington Stores, Inc.   128,795    26,543 
* Etsy, Inc.   527,472    64,157 
* Grand Canyon Education, Inc.   922,084    73,711 
* Helen of Troy, Ltd.†   221,880    42,938 
* National Vision Holdings, Inc.   911,359    34,850 
* Ulta Beauty, Inc.   90,163    20,195 
           362,486 
             
  Communication Services—4.4%          
  Cable One, Inc.   27,155    51,199 
* Live Nation Entertainment, Inc.   557,264    30,025 
* Zynga, Inc.   5,818,577    53,066 
           134,290 
             
  Materials—4.3%          
* Crown Holdings, Inc.   780,564    59,994 
  Martin Marietta Materials, Inc.   301,116    70,871 
           130,865 
             
  Financials—3.1%          
  Ares Management Corporation   866,071    35,007 
  FirstCash, Inc.   449,351    25,707 
  Virtu Financial, Inc.   1,494,607    34,391 
           95,105 
             
  Consumer Staples—2.5%          
* BJ’s Wholesale Club Holdings, Inc.   1,369,138    56,888 
  Lamb Weston Holdings, Inc.   303,823    20,134 
           77,022 
             
  Real Estate—1.3%          
  FirstService Corporation†   302,422    39,886 
             
  Energy—1.0%          
  Cameco Corporation†   3,060,600    30,912 
             
  Total Common Stocks—97.0%
(cost $2,249,917)		        2,982,053 

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value
           
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $100,085, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $102,087  $100,085   $100,085 
             
  Total Repurchase Agreement—3.2%
(cost $100,085)		        100,085 
             
  Total Investments—100.2%
(cost $2,350,002)		        3,082,138 
             
  Liabilities, plus cash and other assets—(0.2)%        (7,139)
             
  Net assets—100.0%       $3,074,999 

 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Value Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Industrials—17.8%          
  Brady Corporation   466   $19 
  Curtiss-Wright Corporation   192    18 
  Fortune Brands Home & Security, Inc.   176    15 
* FTI Consulting, Inc.   156    17 
  IDEX Corporation   178    32 
  Kansas City Southern   149    27 
  Simpson Manufacturing Co., Inc.   233    23 
  The Toro Co.   332    28 
  Westinghouse Air Brake Technologies Corporation   409    25 
           204 
             
  Financials—17.3%          
  American Financial Group, Inc.   145    10 
  CNO Financial Group, Inc.   673    11 
  East West Bancorp, Inc.   361    12 
  First American Financial Corporation   263    13 
  FNB Corporation   1,395    9 
  Hancock Whitney Corporation   454    9 
  Home BancShares, Inc.   777    12 
  National Bank Holdings Corporation   390    10 
  PacWest Bancorp   704    12 
  Radian Group, Inc.   737    11 
  Selective Insurance Group, Inc.   302    16 
* SVB Financial Group   63    15 
  The Hanover Insurance Group, Inc.   163    15 
  Umpqua Holdings Corporation   1,261    13 
  Voya Financial, Inc.   383    18 
  Western Alliance Bancorp   411    13 
           199 
             
  Consumer Discretionary—13.4%          
* Deckers Outdoor Corporation   82    18 
  Dunkin’ Brands Group, Inc.   336    28 
* Helen of Troy, Ltd.†   116    22 
* Murphy USA, Inc.   137    18 
  PulteGroup, Inc.   549    25 
  Service Corporation International   407    17 
* TopBuild Corporation   153    26 
           154 
             
  Real Estate—12.1%          
  American Assets Trust, Inc.   566    14 
  American Campus Communities, Inc.   340    12 
  Americold Realty Trust   388    14 
  CoreSite Realty Corporation   43    5 
  Equity LifeStyle Properties, Inc.   328    20 
  Healthcare Realty Trust, Inc.   716    22 
  Highwoods Properties, Inc.   389    13 
  Life Storage, Inc.   203    21 
  Terreno Realty Corporation   328    18 
           139 
             
  Information Technology—7.8%          
* Arista Networks, Inc.   68    14 

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Value Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Information Technology — (continued)          
  Booz Allen Hamilton Holding Corporation   194   $16 
* Cadence Design Systems, Inc.   162    17 
* Ciena Corporation   348    14 
* Inphi Corporation   95    11 
  MAXIMUS, Inc.   266    18 
           90 
             
  Health Care—7.5%          
* Bio-Rad Laboratories, Inc.   26    13 
  CONMED Corporation   135    11 
  Encompass Health Corporation   270    18 
* Hologic, Inc.   303    20 
  PerkinElmer, Inc.   195    24 
           86 
             
  Materials—6.5%          
  Avient Corporation   466    12 
  FMC Corporation   242    26 
  Sensient Technologies Corporation   190    11 
  Silgan Holdings, Inc.   322    12 
  Steel Dynamics, Inc.   508    14 
           75 
             
  Utilities—4.2%          
  Alliant Energy Corporation   305    16 
  Atmos Energy Corporation   175    17 
  IDACORP, Inc.   190    15 
           48 
             
  Consumer Staples—4.0%          
* BJ’s Wholesale Club Holdings, Inc.   297    12 
  Casey’s General Stores, Inc.   37    7 
  J&J Snack Foods Corporation   90    12 
  Lamb Weston Holdings, Inc.   226    15 
           46 
             
  Energy—3.5%          
* CNX Resources Corporation   1,003    9 
  Diamondback Energy, Inc.   246    7 
  Helmerich & Payne, Inc.   374    6 
  Parsley Energy, Inc.   1,055    10 
  Valero Energy Corporation   179    8 
           40 
             
  Communication Services—3.1%          
  The Interpublic Group of Cos., Inc.   1,198    20 
* Zynga, Inc.   1,665    15 
           35 
             
  Total Common Stocks—97.2%
(cost $906)		        1,116 

 

See accompanying Notes to Portfolio of Investments.

 
Small-Mid Cap Value Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  Value
        
  Cash and other assets, less liabilities—2.8%  $32 
        
  Net assets—100.0%  $1,148 

 

 

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

 
Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Health Care—26.8%          
* Aerie Pharmaceuticals, Inc.   427,831   $5,036 
* Amicus Therapeutics, Inc.   291,070    4,110 
* AxoGen, Inc.   382,490    4,448 
* CareDx, Inc.   156,907    5,953 
* Codexis, Inc.   422,548    4,961 
* CryoLife, Inc.   238,892    4,412 
  Encompass Health Corporation   145,221    9,436 
* GenMark Diagnostics, Inc.   320,530    4,552 
* Halozyme Therapeutics, Inc.   290,300    7,629 
* Hanger, Inc.   380,600    6,021 
* Harmony Biosciences Holdings, Inc.   86,478    2,932 
* Health Catalyst, Inc.   205,018    7,504 
* HealthEquity, Inc.   87,275    4,483 
* Insmed, Inc.   255,600    8,215 
* iRhythm Technologies, Inc.   38,072    9,065 
* LHC Group, Inc.   34,363    7,304 
* Ligand Pharmaceuticals, Inc.   83,908    7,998 
* Merit Medical Systems, Inc.   154,080    6,703 
* Penumbra, Inc.   28,963    5,630 
  Simulations Plus, Inc.   84,110    6,339 
* Tabula Rasa HealthCare, Inc.   97,184    3,962 
* Twist Bioscience Corporation   89,446    6,795 
  US Physical Therapy, Inc.   47,027    4,086 
* Veracyte, Inc.   197,330    6,411 
           143,985 
             
  Information Technology—23.4%          
* Agilysys, Inc.   242,255    5,853 
* Alarm.com Holdings, Inc.   111,610    6,167 
  American Software, Inc.   238,760    3,352 
  Brooks Automation, Inc.   141,575    6,549 
  CMC Materials, Inc.   34,180    4,881 
  Computer Services, Inc.   97,139    6,023 
* Euronet Worldwide, Inc.   52,310    4,766 
* Grid Dynamics Holdings, Inc.   913,769    7,063 
* Inphi Corporation   48,170    5,407 
* j2 Global, Inc.   87,992    6,091 
* Knowles Corporation   266,470    3,970 
  Littelfuse, Inc.   34,963    6,200 
* LivePerson, Inc.   94,597    4,918 
* LiveRamp Holdings, Inc.   102,290    5,296 
* Novanta, Inc.†   33,920    3,573 
* PDF Solutions, Inc.   190,882    3,571 
  Perspecta, Inc.   219,600    4,271 
* Pure Storage, Inc.   462,996    7,126 
* SiTime Corporation   97,835    8,221 
* Upland Software, Inc.   104,620    3,944 
* Varonis Systems, Inc.   50,470    5,825 
* Verra Mobility Corporation   498,109    4,812 
* WNS Holdings, Ltd.—ADR   120,932    7,735 
           125,614 
             
  Industrials—19.4%          
  Albany International Corporation   90,375    4,475 

 

See accompanying Notes to Portfolio of Investments.

 
Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Industrials — (continued)          
  BWX Technologies, Inc.   206,389   $11,622 
* Casella Waste Systems, Inc.   165,220    9,228 
  Douglas Dynamics, Inc.   149,963    5,129 
* Ducommun, Inc.   244,409    8,046 
* Energy Recovery, Inc.   61,821    507 
  ESCO Technologies, Inc.   47,386    3,817 
* Forrester Research, Inc.   131,763    4,321 
* IAA, Inc.   89,080    4,638 
  John Bean Technologies Corporation   41,954    3,855 
  Lincoln Electric Holdings, Inc.   44,800    4,123 
  Luxfer Holdings plc†   388,135    4,871 
* Mercury Systems, Inc.   83,286    6,451 
* Montrose Environmental Group, Inc.   133,266    3,174 
* PAE, Inc.   877,988    7,463 
  Ritchie Bros Auctioneers, Inc.†   126,375    7,488 
  The Brink’s Co.   191,766    7,880 
* Trex Co., Inc.   57,560    4,121 
* Willdan Group, Inc.   109,578    2,795 
           104,004 
             
  Consumer Discretionary—11.9%          
  Aaron’s, Inc.   159,827    9,054 
* Boot Barn Holdings, Inc.   368,394    10,367 
* dMY Technology Group, Inc.   407,020    5,194 
* Grand Canyon Education, Inc.   96,492    7,714 
* Laureate Education, Inc.   321,782    4,273 
  Lithia Motors, Inc.   34,699    7,909 
* National Vision Holdings, Inc.   242,128    9,259 
* Revolve Group, Inc.   263,544    4,330 
* Skyline Champion Corporation   193,700    5,185 
  Winmark Corporation   4,839    833 
           64,118 
             
  Financials—6.2%          
* Encore Capital Group, Inc.   181,683    7,011 
  FirstCash, Inc.   132,718    7,593 
  Home BancShares, Inc.   290,298    4,401 
  LPL Financial Holdings, Inc.   53,870    4,130 
* Open Lending Corporation   244,017    6,222 
* StepStone Group, Inc.   155,989    4,151 
           33,508 
             
  Consumer Staples—2.8%          
* BJ’s Wholesale Club Holdings, Inc.   145,280    6,037 
* Darling Ingredients, Inc.   251,190    9,050 
           15,087 
             
  Real Estate—2.6%          
  Colliers International Group, Inc.†   79,199    5,282 
  FirstService Corporation†   64,607    8,521 
           13,803 
             
  Communication Services—2.6%          
* PropTech Acquisition Corporation   339,269    3,776 

 

See accompanying Notes to Portfolio of Investments.

 
Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Communication Services— (continued)          
* QuinStreet, Inc.   627,235   $9,935 
           13,711 
             
  Energy—1.2%          
  Cameco Corporation†   628,760    6,350 
             
  Materials—1.1%          
  Orion Engineered Carbons S.A.†   477,837    5,978 
             
  Total Common Stocks—98.0%
(cost $423,058)		        526,158 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $7,610, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $7,762  $7,610    7,610 
             
  Total Repurchase Agreement—1.4%
(cost $7,610)		        7,610 
             
  Total Investments—99.4%
(cost $430,668)		        533,768 
             
  Cash and other assets, less liabilities—0.6%        3,372 
             
  Net assets—100.0%       $537,140 

 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

 
Small Cap Value Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Financials—24.1%          
  Banc of California, Inc.   41,520   $420 
  Banner Corporation   19,655    634 
  Boston Private Financial Holdings, Inc.   120,652    666 
  Cadence BanCorp   59,675    513 
  CNO Financial Group, Inc.   58,531    939 
  First American Financial Corporation   10,955    558 
  FNB Corporation   104,412    708 
  Glacier Bancorp, Inc.   27,226    873 
  Hancock Whitney Corporation   46,237    870 
  Home BancShares, Inc.   70,840    1,074 
  Horace Mann Educators Corporation   25,398    848 
  National Bank Holdings Corporation   29,963    786 
  OceanFirst Financial Corporation   43,231    592 
  PacWest Bancorp   37,964    648 
  Radian Group, Inc.   72,726    1,062 
  Renasant Corporation   29,213    664 
  Sandy Spring Bancorp, Inc.   30,324    700 
* Seacoast Banking Corporation of Florida   43,401    782 
  Selective Insurance Group, Inc.   23,802    1,226 
  The Hanover Insurance Group, Inc.   10,456    974 
  Umpqua Holdings Corporation   73,128    777 
  Western Alliance Bancorp   29,394    929 
          17,243 
             
  Industrials—17.1%          
  Brady Corporation   39,212    1,569 
  Curtiss-Wright Corporation   14,052    1,311 
  ESCO Technologies, Inc.   13,274    1,069 
  Federal Signal Corporation   24,146    706 
* FTI Consulting, Inc.   10,232    1,084 
* Gibraltar Industries, Inc.   23,048    1,501 
* Saia, Inc.   7,590    957 
  Simpson Manufacturing Co., Inc.   13,099    1,273 
  UniFirst Corporation   6,558    1,242 
  Watts Water Technologies, Inc.   15,182    1,521 
          12,233 
             
  Consumer Discretionary—12.2%          
  Carter’s, Inc.   8,774    760 
* Cavco Industries, Inc.   5,209    939 
* Deckers Outdoor Corporation   5,487    1,207 
  Dunkin’ Brands Group, Inc.   17,203    1,409 
* Helen of Troy, Ltd.†   6,650    1,287 
* Monarch Casino & Resort, Inc.   15,483    691 
* Murphy USA, Inc.   7,655    982 
* TopBuild Corporation   8,632    1,473 
          8,748 
             
  Real Estate—10.5%          
  Agree Realty Corporation   17,049    1,085 
  American Assets Trust, Inc.   36,005    867 
  Americold Realty Trust   15,791    565 
  CoreSite Realty Corporation   5,227    621 
  Healthcare Realty Trust, Inc.   45,403    1,368 

 

See accompanying Notes to Portfolio of Investments.

 
Small Cap Value Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Real Estate — (continued)          
  Highwoods Properties, Inc.   26,722   $897 
  Life Storage, Inc.   9,924    1,045 
  Terreno Realty Corporation   19,566    1,071 
           7,519 
             
  Information Technology—6.5%          
* Inphi Corporation   4,490    504 
* j2 Global, Inc.   9,845    681 
* LiveRamp Holdings, Inc.   16,008    829 
  MAXIMUS, Inc.   13,275    908 
  Perspecta, Inc.   27,797    541 
* Semtech Corporation   10,309    546 
* Viavi Solutions, Inc.   56,737    666 
           4,675 
             
  Health Care—6.5%          
  CONMED Corporation   17,481    1,375 
  Encompass Health Corporation   22,051    1,433 
* Integer Holdings Corporation   16,759    989 
* Magellan Health, Inc.   10,824    820 
           4,617 
             
  Utilities—5.7%          
  Black Hills Corporation   17,923    959 
  IDACORP, Inc.   10,523    841 
  ONE Gas, Inc.   16,592    1,145 
  PNM Resources, Inc.   28,118    1,162 
           4,107 
             
  Materials—5.7%          
  Avient Corporation   28,199    746 
  Carpenter Technology Corporation   26,812    487 
  Minerals Technologies, Inc.   17,549    897 
  Sensient Technologies Corporation   13,871    801 
  Silgan Holdings, Inc.   30,801    1,132 
           4,063 
             
  Consumer Staples—4.8%          
* BJ’s Wholesale Club Holdings, Inc.   16,961    705 
  Casey’s General Stores, Inc.   3,415    607 
* Darling Ingredients, Inc.   38,813    1,398 
  J&J Snack Foods Corporation   5,580    727 
           3,437 
             
  Energy—4.2%          
  Archrock, Inc.   92,946    500 
  Brigham Minerals, Inc. Class “A”   54,684    488 
  Cactus, Inc. Class “A”   19,141    368 
* CNX Resources Corporation   63,785    602 
* Dril-Quip, Inc.   8,352    207 
  HollyFrontier Corporation   17,874    352 
* PDC Energy, Inc.   41,807    518 
           3,035 

 

See accompanying Notes to Portfolio of Investments.

 
Small Cap Value Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Communication Services—1.7%          
* QuinStreet, Inc.   29,305   $464 
  The Interpublic Group of Cos., Inc.   19,497    325 
* Zynga, Inc.   44,379    405 
           1,194 
             
  Total Common Stocks—99.0%
(cost $63,318)		        70,871 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $702, collateralized by U.S. Treasury Note, 2.750%, due 2/15/28, valued at $716  $702    702 
             
  Total Repurchase Agreement—1.0%
(cost $702)		        702 
             
  Total Investments—100.0%
(cost $64,020)		        71,573 
             
  Liabilities, plus cash and other assets—(0.0)%        (3)
             
  Net assets—100.0%       $71,570 

 

 
* = Non-income producing security
† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

 
Global Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Western Hemisphere—50.4%          
             
  Canada—2.5%          
  Brookfield Asset Management, Inc. Class “A” (Capital markets)†   33,524   $1,108 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   4,948    1,630 
           2,738 
             
  United States—47.9%          
* Adobe, Inc. (Software)   4,322    2,120 
* Alphabet, Inc. Class “A” (Interactive Media & Services)   2,084    3,054 
* Amazon.com, Inc. (Internet & direct marketing retail)   1,342    4,226 
  BlackRock, Inc. (Capital markets)   2,608    1,470 
* Charles River Laboratories International, Inc. (Life sciences tools & services)   4,847    1,098 
* CoStar Group, Inc. (Professional services)   1,482    1,257 
  Ecolab, Inc. (Chemicals)   5,436    1,086 
* Edwards Lifesciences Corporation (Health care equipment & supplies)   15,170    1,211 
* Facebook, Inc. Class “A” (Interactive Media & Services)   10,586    2,772 
  Fidelity National Information Services, Inc. (IT services)   11,989    1,765 
* IDEXX Laboratories, Inc. (Health care equipment & supplies)   3,673    1,444 
  Intercontinental Exchange, Inc. (Capital markets)   14,724    1,473 
* Intuitive Surgical, Inc. (Health care equipment & supplies)   1,633    1,159 
  JPMorgan Chase & Co. (Banks)   13,310    1,281 
  Lockheed Martin Corporation (Aerospace & defense)   3,337    1,279 
  Mastercard, Inc. Class “A” (IT services)   7,963    2,693 
  NextEra Energy, Inc. (Electric utilities)   3,638    1,010 
  NIKE, Inc. Class “B” (Textiles, apparel & luxury goods)   14,102    1,770 
* PayPal Holdings, Inc. (IT services)   10,501    2,069 
  Prologis, Inc. (Equity REIT)   11,001    1,107 
  Roper Technologies, Inc. (Industrial conglomerates)   3,929    1,552 
* salesforce.com, Inc. (Software)   11,381    2,860 
  The Estee Lauder Cos., Inc. Class “A” (Personal products)   7,015    1,531 
  Thermo Fisher Scientific, Inc. (Life sciences tools & services)   3,842    1,696 
* Ulta Beauty, Inc. (Specialty retail)   5,569    1,247 
  Union Pacific Corporation (Road & rail)   8,465    1,667 
  UnitedHealth Group, Inc. (Health care providers & services)   6,312    1,968 
* Veeva Systems, Inc. Class “A” (Health care technology)   2,990    841 
* Workday, Inc. Class “A” (Software)   8,470    1,822 
  Zoetis, Inc. (Pharmaceuticals)   9,818    1,624 
           52,152 
             
  Europe—21.6%          
             
  Denmark—4.1%          
  Chr Hansen Holding A/S (Chemicals)   10,230    1,137 
  DSV PANALPINA A/S (Air freight & logistics)   11,287    1,844 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   20,998    1,453 
           4,434 
             
  France—3.0%          
* Airbus SE (Aerospace & defense)   20,707    1,507 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   3,665    1,716 
           3,223 
             
  Germany—3.8%          
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   81,573    2,306 

 

See accompanying Notes to Portfolio of Investments.

 
Global Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Europe—21.6%—(continued)          
             
  Germany — (continued)          
  MTU Aero Engines AG (Aerospace & defense)   6,730   $1,121 
  Rational AG (Machinery)   880    690 
           4,117 
             
  Ireland—2.2%          
  Allegion plc (Building products)†   7,596    751 
  Aptiv plc (Auto components)†   18,154    1,665 
           2,416 
             
  Netherlands—1.1%          
* Adyen N.V. (IT services)   658    1,213 
             
  Sweden—4.4%          
  Atlas Copco AB Class “A” (Machinery)   39,949    1,913 
* Hexagon AB Class “B” (Electronic equipment, instruments & components)   28,979    2,193 
* Indutrade AB (Trading companies & distributors)   13,785    740 
           4,846 
             
  Switzerland—3.0%          
  Lonza Group AG (Life sciences tools & services)   2,769    1,710 
  Partners Group Holding AG (Capital markets)   1,690    1,555 
           3,265 
             
  Emerging Asia—9.7%          
             
  China—5.9%          
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   90,144    3,206 
  Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)   48,300    813 
  Tencent Holdings, Ltd. (Interactive Media & Services)   37,300    2,462 
           6,481 
             
  India—1.0%          
* HDFC Bank, Ltd.—ADR (Banks)   21,101    1,054 
             
  Taiwan—2.8%          
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   37,893    3,072 
             
  Japan—6.4%          
  Daikin Industries, Ltd. (Building products)   9,500    1,738 
  Keyence Corporation (Electronic equipment, instruments & components)   4,200    1,951 
  Nihon M&A Center, Inc. (Professional services)   35,300    2,002 
  SMC Corporation (Machinery)   2,400    1,330 
           7,021 
             
  Asia—5.0%          
             
  Australia—3.0%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   53,351    1,145 
* Atlassian Corporation plc Class “A” (Software)†   4,910    892 
  CSL, Ltd. (Biotechnology)   6,332    1,302 
           3,339 

 

See accompanying Notes to Portfolio of Investments.

 
Global Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Asia—5.0%—(continued)          
             
  Hong Kong—1.5%          
  AIA Group, Ltd. (Insurance)   167,000   $1,636 
             
  New Zealand—0.5%          
  Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)   23,811    524 
             
  United Kingdom—3.2%          
  Compass Group plc (Hotels, restaurants & leisure)   79,963    1,206 
  Experian plc (Professional services)   27,099    1,021 
  Halma plc (Electronic equipment, instruments & components)   15,444    467 
* Rentokil Initial plc (Commercial services & supplies)   114,651    793 
           3,487 
             
  Emerging Latin America—1.7%          
             
  Argentina—1.7%          
* Globant S.A. (Software)†   5,679    1,017 
* MercadoLibre, Inc. (Internet & direct marketing retail)   739    800 
           1,817 
             
  Total Common Stocks—98.0%
(cost $63,091)		        106,835 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $2,398, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $2,446  $2,398    2,398 
             
  Total Repurchase Agreement—2.2%
(cost $2,398)		        2,398 
             
  Total Investments—100.2%
(cost $65,489)		        109,233 
             
  Liabilities, plus cash and other assets—(0.2)%        (248)
             
  Net assets—100.0%       $108,985 

 

 
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
† = U.S. listed foreign security
* = Non-income producing security
   
  For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

 

See accompanying Notes to Portfolio of Investments.

 
Global Leaders Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

 

Information Technology   24.8%
Industrials   19.8%
Consumer Discretionary   18.2%
Health Care   15.0%
Financials   9.0%
Communication Services   7.8%
Materials   2.1%
Consumer Staples   1.4%
Real Estate   1.0%
Utilities   0.9%
Total   100.0%

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

 

U.S. Dollar   60.0%
Euro   8.0%
Hong Kong Dollar   7.6%
Japanese Yen   6.6%
Swedish Krona   4.5%
Danish Krone   4.1%
British Pound Sterling   3.3%
Swiss Franc   3.1%
Australian Dollar   2.3%
All Other Currencies   0.5%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
International Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Europe—46.1%          
             
  Denmark—6.9%          
  Chr Hansen Holding A/S (Chemicals)   37,283   $4,144 
  Coloplast A/S Class “B” (Health care equipment & supplies)   92,390    14,601 
  DSV PANALPINA A/S (Air freight & logistics)   66,170    10,811 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   221,815    15,347 
  Orsted A/S (Electric utilities)   106,040    14,619 
           59,522 
             
  Finland—1.3%          
  Neste Oyj (Oil, gas & consumable fuels)   220,818    11,643 
             
  France—10.1%          
* Airbus SE (Aerospace & defense)   121,668    8,854 
  Capgemini SE (IT services)   106,509    13,705 
  L’Oreal S.A. (Personal products)   38,525    12,539 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   50,693    23,738 
* Safran S.A. (Aerospace & defense)   115,209    11,406 
  Sartorius Stedim Biotech (Life sciences tools & services)   24,315    8,399 
  Teleperformance (Professional services)   28,449    8,792 
           87,433 
             
  Germany—5.8%          
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   688,678    19,472 
  Rational AG (Machinery)   14,538    11,403 
  SAP SE (Software)   100,858    15,699 
* TeamViewer AG (Software)   74,111    3,660 
           50,234 
             
  Ireland—2.0%          
* Kingspan Group plc (Building products)   185,109    16,863 
             
  Netherlands—3.7%          
* Adyen N.V. (IT services)   11,124    20,509 
  ASML Holding N.V. (Semiconductors & semiconductor equipment)   31,268    11,537 
           32,046 
             
  Norway—1.0%          
* TOMRA Systems ASA (Commercial services & supplies)   194,529    8,386 
             
  Spain—1.1%          
  Amadeus IT Group S.A. (IT services)   172,926    9,649 
             
  Sweden—5.5%          
  Atlas Copco AB Class “A” (Machinery)   359,242    17,200 
* Hexagon AB Class “B” (Electronic equipment, instruments & components)   283,846    21,482 
* Nibe Industrier AB Class “B” (Building products)   333,547    8,607 
           47,289 
             
  Switzerland—8.7%          
  Lonza Group AG (Life sciences tools & services)   33,966    20,969 
  Partners Group Holding AG (Capital markets)   14,011    12,894 
  Sika AG (Chemicals)   60,897    14,962 
  Straumann Holding AG (Health care equipment & supplies)   14,975    15,120 

 

See accompanying Notes to Portfolio of Investments.

 
International Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Europe—46.1%—(continued)          
             
  Switzerland — (continued)          
  Temenos AG (Software)   82,422   $11,101 
           75,046 
             
  Emerging Asia—20.4%          
             
  China—13.5%          
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   1,003,656    35,691 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   383,517    9,128 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   34,500    8,452 
  NetEase, Inc. (Entertainment)   858,875    15,282 
* TAL Education Group—ADR (Diversified consumer services)   253,048    19,242 
  Tencent Holdings, Ltd. (Interactive Media & Services)   432,800    28,565 
           116,360 
             
  India—3.1%          
  Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)   356,979    8,385 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   629,379    18,550 
           26,935 
             
  Taiwan—2.7%          
  Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)   1,590,000    23,772 
             
  Thailand—1.1%          
* Sea, Ltd.—ADR (Entertainment)   60,161    9,267 
             
  United Kingdom—10.7%          
  Ashtead Group plc (Trading companies & distributors)   292,977    10,585 
  Compass Group plc (Hotels, restaurants & leisure)   595,260    8,979 
  Experian plc (Professional services)   454,212    17,114 
  Halma plc (Electronic equipment, instruments & components)   276,782    8,375 
  London Stock Exchange Group plc (Capital markets)   138,023    15,808 
* Rentokil Initial plc (Commercial services & supplies)   1,467,625    10,143 
  Segro plc (Equity REIT)   989,154    11,900 
  Spirax-Sarco Engineering plc (Machinery)   66,676    9,520 
           92,424 
             
  Japan—9.9%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   202,800    6,346 
  Daikin Industries, Ltd. (Building products)   88,100    16,122 
  Hoya Corporation (Health care equipment & supplies)   130,400    14,664 
  Keyence Corporation (Electronic equipment, instruments & components)   50,000    23,221 
  Nihon M&A Center, Inc. (Professional services)   168,600    9,560 
  SMC Corporation (Machinery)   28,100    15,576 
           85,489 
             
  Asia—6.0%          
             
  Australia—3.4%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   403,457    8,661 
* Atlassian Corporation plc Class “A” (Software)†   36,875    6,704 

 

See accompanying Notes to Portfolio of Investments.

 
International Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Asia—6.0%—(continued)          
             
  Australia — (continued)          
  CSL, Ltd. (Biotechnology)   67,650   $13,906 
           29,271 
             
  Hong Kong—1.7%          
  AIA Group, Ltd. (Insurance)   1,549,800    15,178 
             
  New Zealand—0.9%          
  Fisher & Paykel Healthcare Corp., Ltd. Class “C” (Health care equipment & supplies)   341,991    7,527 
             
  Canada—4.8%          
  Brookfield Asset Management, Inc. Class “A” (Capital markets)†   115,239    3,810 
  Canadian National Railway Co. (Road & rail)   168,761    17,973 
  Dollarama, Inc. (Multiline retail)   235,906    9,042 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   33,874    11,157 
           41,982 
             
  Emerging Latin America—1.5%          
             
  Argentina—1.5%          
* MercadoLibre, Inc. (Internet & direct marketing retail)   11,661    12,623 
             
  Total Common Stocks—99.4%
(cost $632,579)		        858,939 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $5,620, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $5,732  $5,620    5,620 
             
  Total Repurchase Agreement—0.6%
(cost $5,620)		        5,620 
             
  Total Investments—100.0%
(cost $638,199)		        864,559 
             
  Liabilities, plus cash and other assets—(0.0)%        (258)
             
  Net assets—100.0%       $864,301 

 

 
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, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

 

Industrials   24.4%
Information Technology   22.0%
Consumer Discretionary   15.0%
Health Care   13.6%
Financials   6.5%
Communication Services   6.2%
Energy   3.5%
Consumer Staples   3.5%
Materials   2.2%
Utilities   1.7%
Real Estate   1.4%
Total   100.0%

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

 

Euro   24.2%
Hong Kong Dollar   11.0%
British Pound Sterling   10.8%
Japanese Yen   10.0%
Swiss Franc   8.7%
U.S. Dollar   7.3%
Danish Krone   6.9%
Swedish Krona   5.5%
Canadian Dollar   3.1%
Indian Rupee   3.1%
New Taiwan Dollar   2.8%
Australian Dollar   2.6%
Chinese Yuan Renminbi   2.1%
All Other Currencies   1.9%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks        
           
  Europe, Mid-East—42.5%        
           
  Belgium—0.4%          
  Melexis N.V. (Semiconductors & semiconductor equipment)   30,090   $2,344 
  Warehouses De Pauw CVA (Equity REIT)   132,555    4,827 
           7,171  
              
  Denmark—5.5%          
  Chr Hansen Holding A/S (Chemicals)   74,539    8,285 
  Coloplast A/S Class “B” (Health care equipment & supplies)   64,937    10,262 
  DSV PANALPINA A/S (Air freight & logistics)   217,862    35,596 
* Genmab A/S (Biotechnology)   41,009    14,854 
* Netcompany Group A/S (Software)   56,909    4,719 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   278,808    19,291 
  Orsted A/S (Electric utilities)   93,757    12,925 
  Royal Unibrew A/S (Beverages)   43,127    4,453 
  Tryg A/S (Insurance)   81,820    2,582 
           112,967  
              
  Faroe Islands—0.1%          
* Bakkafrost P/F (Food products)   39,616    2,555 
             
  Finland—1.0%          
  Neste Oyj (Oil, gas & consumable fuels)   391,589    20,647 
             
  France—8.4%          
* Airbus SE (Aerospace & defense)   290,723    21,157 
  Dassault Systemes SE (Software)   85,744    16,060 
  Hermes International (Textiles, apparel & luxury goods)   8,961    7,735 
  Kering S.A. (Textiles, apparel & luxury goods)   26,744    17,798 
  L’Oreal S.A. (Personal products)   59,975    19,520 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   55,196    25,847 
* Orpea (Health care providers & services)   38,794    4,415 
  Rubis SCA (Gas utilities)   55,339    2,221 
* Safran S.A. (Aerospace & defense)   210,115    20,802 
  Sartorius Stedim Biotech (Life sciences tools & services)   25,122    8,677 
  Teleperformance (Professional services)   52,704    16,288 
* Worldline S.A. (IT services)   151,815    12,481 
           173,001  
              
  Germany—5.7%          
  Carl Zeiss Meditec AG (Health care equipment & supplies)   41,356    5,237 
* HelloFresh SE (Internet & direct marketing retail)   91,754    5,119 
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   901,788    25,497 
  KION Group AG (Machinery)   85,000    7,293 
  MTU Aero Engines AG (Aerospace & defense)   115,361    19,206 
* Puma SE (Textiles, apparel & luxury goods)   126,152    11,368 
  SAP SE (Software)   134,564    20,945 
* TeamViewer AG (Software)   177,923    8,786 
  Vonovia SE (Real estate management & development)   206,633    14,192 
           117,643  
              
  Ireland—2.1%          
* ICON plc (Life sciences tools & services)†   72,377    13,830 
  Kerry Group plc Class “A” (Food products)   82,925    10,646 

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)
   
  Europe, Mid-East—42.5%—(continued)
   
  Ireland — (continued)          
* Kingspan Group plc (Building products)   196,770   $17,926 
              42,402  
                 
  Israel—0.7%          
* CyberArk Software, Ltd. (Software)†   38,480    3,980 
* Wix.com, Ltd. (IT services)†   36,100    9,200 
              13,180  
                 
  Italy—0.5%          
* Amplifon SpA (Health care providers & services)   139,675    5,003 
* Brunello Cucinelli SpA (Textiles, apparel & luxury goods)   82,123    2,507 
* Moncler SpA (Textiles, apparel & luxury goods)   74,846    3,070 
              10,580  
                 
  Luxembourg—0.4%          
* Eurofins Scientific SE (Life sciences tools & services)   10,869    8,607 
             
  Netherlands—3.7%          
* Adyen N.V. (IT services)   13,975    25,765 
  ASML Holding N.V. (Semiconductors & semiconductor equipment)   96,757    35,701 
  BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)   84,578    3,629 
  Euronext N.V. (Capital markets)   43,661    5,472 
  IMCD N.V. (Trading companies & distributors)   42,748    5,092 
              75,659  
                 
  Norway—0.4%          
* TOMRA Systems ASA (Commercial services & supplies)   197,371    8,508 
             
  Spain—0.9%          
  Amadeus IT Group S.A. (IT services)   339,347    18,935 
             
  Sweden—5.4%          
* AAK AB (Food products)   124,585    2,325 
  AddTech AB Class “B” (Trading companies & distributors)   92,160    1,210 
  Atlas Copco AB Class “A” (Machinery)   724,415    34,685 
  Beijer Ref AB (Trading companies & distributors)   120,981    4,001 
  Evolution Gaming Group AB (Hotels, restaurants & leisure)   174,245    11,572 
  Fabege AB (Real estate management & development)   224,177    3,111 
* Hexagon AB Class “B” (Electronic equipment, instruments & components)   353,351    26,743 
* Indutrade AB (Trading companies & distributors)   131,197    7,043 
  Lifco AB Class “B” (Industrial conglomerates)   61,351    4,765 
* Nibe Industrier AB Class “B” (Building products)   242,078    6,247 
* Nolato AB Class “B” (Industrial conglomerates)   54,262    5,289 
* Vitrolife AB (Biotechnology)   100,565    2,758 
              109,749  
                 
  Switzerland—7.3%          
  Belimo Holding AG (Building products)   518    3,914 
  Logitech International S.A. (Technology hardware, storage & peripherals)   131,682    10,248 
  Lonza Group AG (Life sciences tools & services)   45,304    27,968 
  Partners Group Holding AG (Capital markets)   17,261    15,884 
  SIG Combibloc Group AG (Containers & packaging)   228,353    4,584 

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)
   
  Europe, Mid-East—42.5%—(continued)
   
  Switzerland — (continued)          
  Sika AG (Chemicals)   112,432   $27,624 
  Softwareone Holding AG (Electronic equipment, instruments & components)   152,031    4,250 
  STMicroelectronics N.V. (Semiconductors & semiconductor equipment)   529,623    16,300 
  Straumann Holding AG (Health care equipment & supplies)   14,091    14,228 
  Tecan Group AG (Life sciences tools & services)   14,126    7,040 
  Temenos AG (Software)   67,542    9,097 
  VAT Group AG (Machinery)   26,039    4,979 
* Zur Rose Group AG (Food & staples retailing)   10,444    2,495 
              148,611  
                 
  Emerging Asia—24.4%          
             
  China—15.9%          
  A-Living Services Co., Ltd. Class “H” (Commercial services & supplies)   711,750    3,600 
  Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)   1,000,116    7,551 
  AK Medical Holdings, Ltd. (Health care equipment & supplies)   828,000    2,113 
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   1,409,084    50,109 
  Centre Testing International Group Co., Ltd. Class “A” (Professional services)   2,232,100    8,007 
  Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)   1,667,000    10,723 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   326,859    7,780 
  Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)   486,970    7,361 
* JD.com, Inc. Class “A” (Internet & direct marketing retail)   428,300    16,237 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   51,953    12,728 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   3,455,500    16,051 
* Meituan Dianping Class “B” (Internet & direct marketing retail)   479,300    14,954 
  NAURA Technology Group Co., Ltd. Class “A” (Electronic equipment, instruments & components)   176,213    4,115 
  NetEase, Inc. (Entertainment)   953,225    16,961 
  Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)   938,121    4,495 
  Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)   1,998,000    20,495 
  Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)   98,450    5,030 
  Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)   451,000    7,594 
  Silergy Corporation (Semiconductors & semiconductor equipment)   148,000    8,713 
* TAL Education Group—ADR (Diversified consumer services)   299,695    22,789 
  Tencent Holdings, Ltd. (Interactive Media & Services)   711,300    46,945 
* Tencent Music Entertainment Group—ADR (Entertainment)   202,821    2,996 
* Topchoice Medical Corporation Class “A” (Health care providers & services)   202,439    6,352 
* Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)   145,000    1,540 
  Will Semiconductor, Ltd. Class “A” (Semiconductors & semiconductor equipment)   81,877    2,132 
  WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services)   288,214    4,295 
* Wuxi Biologics Cayman, Inc. (Life sciences tools & services)   571,000    13,895 
              325,561  
                 
  India—2.0%          
* HDFC Bank, Ltd. (Banks)   478,839    6,996 
  Ipca Laboratories, Ltd. (Pharmaceuticals)   118,541    3,493 
  Pidilite Industries, Ltd. (Chemicals)   158,341    3,065 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   915,318    27,110 
              40,664  

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)
   
  Emerging Asia—24.4%—(continued)
   
  Indonesia—0.7%          
  PT Bank Central Asia Tbk (Banks)   8,728,200   $15,896 
             
  South Korea—1.1%          
  Kakao Corporation (Interactive Media & Services)   36,526    11,384 
  Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)   30,102    11,158 
              22,542  
                 
  Taiwan—3.4%          
  Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)   257,000    3,407 
  MediaTek, Inc. (Semiconductors & semiconductor equipment)   1,159,000    24,291 
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   514,404    41,703 
              69,401  
                 
  Thailand—1.3%          
  Airports of Thailand PCL (Transportation infrastructure)   1,401,900    2,500 
  Carabao Group PCL Class “F” (Beverages)   790,300    2,918 
* Sea, Ltd.—ADR (Entertainment)   139,638    21,510 
              26,928  
                 
  Japan—12.1%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   282,500    8,840 
* BASE, Inc. (IT services)   52,600    5,486 
  Benefit One, Inc. (Professional services)   191,200    4,808 
  Daikin Industries, Ltd. (Building products)   122,600    22,436 
  Disco Corporation (Semiconductors & semiconductor equipment)   43,400    10,457 
  GMO Payment Gateway, Inc. (IT services)   48,900    5,212 
  Harmonic Drive Systems, Inc. (Machinery)   81,200    5,189 
  Hoya Corporation (Health care equipment & supplies)   135,000    15,181 
  Keyence Corporation (Electronic equipment, instruments & components)   82,700    38,408 
  Meitec Corporation (Professional services)   43,100    2,186 
  MISUMI Group, Inc. (Machinery)   208,100    5,791 
  MonotaRO Co., Ltd. (Trading companies & distributors)   185,800    9,196 
  Nihon M&A Center, Inc. (Professional services)   211,500    11,992 
  Nomura Research Institute, Ltd. (IT services)   367,100    10,773 
  NS Solutions Corporation (IT services)   74,700    2,295 
  Olympus Corporation (Health care equipment & supplies)   99,400    2,057 
  Omron Corporation (Electronic equipment, instruments & components)   288,100    22,345 
  Persol Holdings Co., Ltd. (Professional services)   308,900    4,988 
  Shimadzu Corporation (Electronic equipment, instruments & components)   185,000    5,596 
  SMC Corporation (Machinery)   50,700    28,103 
  Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)   145,700    3,658 
  TechnoPro Holdings, Inc. (Professional services)   71,000    4,389 
  Terumo Corporation (Health care equipment & supplies)   297,400    11,787 
  TIS, Inc. (IT services)   346,600    7,322 
              248,495  
                 
  United Kingdom—10.4%          
  3i Group plc (Capital markets)   528,341    6,794 
  Abcam plc (Biotechnology)   134,558    2,125 
  Ashtead Group plc (Trading companies & distributors)   325,118    11,746 
  Avast plc (Software)   904,110    6,148 

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)
   
  United Kingdom—10.4%—(continued)          
  AVEVA Group plc (Software)   103,427   $6,387 
  Big Yellow Group plc (Equity REIT)   283,905    3,810 
* boohoo Group plc (Internet & direct marketing retail)   958,630    4,645 
  Compass Group plc (Hotels, restaurants & leisure)   1,073,625    16,195 
  Croda International plc (Chemicals)   107,645    8,681 
  Experian plc (Professional services)   623,034    23,475 
* Greggs plc (Hotels, restaurants & leisure)   239,282    3,628 
  Halma plc (Electronic equipment, instruments & components)   512,849    15,518 
  Intermediate Capital Group plc (Capital markets)   408,847    6,294 
  Intertek Group plc (Professional services)   122,980    10,051 
  London Stock Exchange Group plc (Capital markets)   175,709    20,124 
  RELX plc (Professional services)   553,518    12,328 
* Renishaw plc (Electronic equipment, instruments & components)   60,599    4,395 
* Rentokil Initial plc (Commercial services & supplies)   2,037,912    14,084 
  Rotork plc (Machinery)   1,438,788    5,239 
  Segro plc (Equity REIT)   1,035,061    12,453 
  Softcat plc (IT services)   206,853    3,222 
  Spirax-Sarco Engineering plc (Machinery)   92,648    13,228 
* Trainline plc (Internet & direct marketing retail)   439,682    2,060 
              212,630  
                 
  Canada—3.8%          
  Alimentation Couche-Tard, Inc. Class “B” (Food & staples retailing)   408,021    14,209 
  Brookfield Asset Management, Inc. Class “A” (Capital markets)†   148,138    4,897 
  Canadian National Railway Co. (Road & rail)   274,871    29,274 
  Enghouse Systems, Ltd. (Software)   66,072    3,611 
* Kinaxis, Inc. (Software)   34,386    5,062 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   55,401    18,247 
  Toromont Industries, Ltd. (Trading companies & distributors)   50,029    2,994 
              78,294  
                 
  Asia—3.6%          
             
  Australia—2.2%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   549,060    11,786 
* Atlassian Corporation plc Class “A” (Software)†   64,072    11,648 
  CSL, Ltd. (Biotechnology)   62,998    12,950 
  Goodman Group (Equity REIT)   650,618    8,360 
              44,744  
                 
  Hong Kong—1.4%          
  AIA Group, Ltd. (Insurance)   2,980,200    29,186 
             
  Emerging Latin America—1.9%          
             
  Argentina—0.8%          
* Globant S.A. (Software)†   30,968    5,550 
* MercadoLibre, Inc. (Internet & direct marketing retail)   9,950    10,771 
              16,321  
                 
  Brazil—1.0%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   860,800    8,432 
  Magazine Luiza S.A. (Multiline retail)   478,900    7,607 

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Emerging Latin America—1.9%—(continued)          
             
  Brazil — (continued)          
  Notre Dame Intermedica Participacoes S.A. (Health care providers & services)   366,100   $4,241 
              20,280  
                 
  Mexico—0.1%          
* Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)   25,660    2,977 
             
  Emerging Europe—0.6%          
             
  Russia—0.6%          
* Yandex N.V. Class “A” (Interactive Media & Services)†   182,070    11,880 
             
  Total Common Stocks—99.3%
(cost $1,291,024)		          2,036,014  
                
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $4,233, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $4,318  $4,233    4,233 
             
  Total Repurchase Agreement—0.2%
(cost $4,233)		          4,233  
                
  Total Investments—99.5%
(cost $1,295,257)		          2,040,247  
                
  Cash and other assets, less liabilities—0.5%          9,632  
                
  Net assets—100.0%        $ 2,049,879  

 

 

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

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

 

See accompanying Notes to Portfolio of Investments.

 
International Growth Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Information Technology   25.7%
Industrials   23.2%
Consumer Discretionary   14.5%
Health Care   12.3%
Financials   7.0%
Communication Services   5.5%
Consumer Staples   3.9%
Materials   2.6%
Energy   2.3%
Real Estate   2.3%
Utilities   0.7%
Total   100.0%
 
At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
Euro   23.4%
Hong Kong Dollar   12.3%
Japanese Yen   12.2%
British Pound Sterling   10.5%
U.S. Dollar   8.9%
Swiss Franc   6.5%
Danish Krone   5.6%
Swedish Krona   5.4%
Chinese Yuan Renminbi   3.4%
Canadian Dollar   2.7%
Indian Rupee   2.0%
New Taiwan Dollar   1.8%
Australian Dollar   1.6%
South Korean Won   1.1%
All Other Currencies   2.6%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Europe, Mid-East—42.4%          
             
  Belgium—0.4%          
  Melexis N.V. (Semiconductors & semiconductor equipment)   17,751   $1,383 
  Warehouses De Pauw CVA (Equity REIT)   78,197    2,848 
           4,231 
             
  Denmark—5.5%          
  Chr Hansen Holding A/S (Chemicals)   43,973    4,888 
  Coloplast A/S Class “B” (Health care equipment & supplies)   38,308    6,054 
  DSV PANALPINA A/S (Air freight & logistics)   128,522    20,999 
* Genmab A/S (Biotechnology)   24,192    8,762 
* Netcompany Group A/S (Software)   33,572    2,784 
  Novo Nordisk A/S Class “B” (Pharmaceuticals)   164,475    11,380 
  Orsted A/S (Electric utilities)   55,309    7,625 
* Royal Unibrew A/S (Beverages)   25,441    2,627 
  Tryg A/S (Insurance)   48,267    1,523 
           66,642 
             
  Faroe Islands—0.1%          
* Bakkafrost P/F (Food products)   23,370    1,507 
             
  Finland—1.0%          
  Neste Oyj (Oil, gas & consumable fuels)   231,007    12,180 
             
  France—8.4%          
* Airbus SE (Aerospace & defense)   171,504    12,481 
  Dassault Systemes SE (Software)   50,582    9,474 
  Hermes International (Textiles, apparel & luxury goods)   5,286    4,563 
  Kering S.A. (Textiles, apparel & luxury goods)   15,777    10,499 
  L’Oreal S.A. (Personal products)   35,381    11,515 
  LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)   32,562    15,248 
  Orpea (Health care providers & services)   22,885    2,604 
  Rubis SCA (Gas utilities)   32,646    1,311 
* Safran S.A. (Aerospace & defense)   123,952    12,271 
  Sartorius Stedim Biotech (Life sciences tools & services)   14,820    5,119 
  Teleperformance (Professional services)   31,091    9,609 
* Worldline S.A. (IT services)   89,559    7,363 
           102,057 
             
  Germany—5.7%          
  Carl Zeiss Meditec AG (Health care equipment & supplies)   24,397    3,089 
* HelloFresh SE (Internet & direct marketing retail)   54,128    3,020 
  Infineon Technologies AG (Semiconductors & semiconductor equipment)   531,985    15,041 
  KION Group AG (Machinery)   50,144    4,303 
  MTU Aero Engines AG (Aerospace & defense)   68,054    11,330 
* Puma SE (Textiles, apparel & luxury goods)   74,420    6,706 
  SAP SE (Software)   79,383    12,356 
* TeamViewer AG (Software)   104,961    5,184 
  Vonovia SE (Real estate management & development)   121,898    8,372 
           69,401 
             
  Ireland—2.1%          
* ICON plc (Life sciences tools & services)†   42,697    8,159 
  Kerry Group plc Class “A” (Food products)   48,919    6,280 

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Europe, Mid-East—42.4%—(continued)          
             
  Ireland — (continued)          
  Kingspan Group plc (Building products)   116,079   $10,575 
           25,014 
             
  Israel—0.6%          
* CyberArk Software, Ltd. (Software)†   22,700    2,348 
* Wix.com, Ltd. (IT services)†   21,296    5,427 
           7,775 
             
  Italy—0.5%          
* Amplifon SpA (Health care providers & services)   82,398    2,951 
* Brunello Cucinelli SpA (Textiles, apparel & luxury goods)   48,446    1,479 
* Moncler SpA (Textiles, apparel & luxury goods)   44,153    1,811 
           6,241 
             
  Luxembourg—0.4%          
* Eurofins Scientific SE (Life sciences tools & services)   6,412    5,078 
             
  Netherlands—3.7%          
* Adyen N.V. (IT services)   8,244    15,199 
  ASML Holding N.V. (Semiconductors & semiconductor equipment)   57,079    21,060 
  BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)   49,894    2,141 
  Euronext N.V. (Capital markets)   25,757    3,228 
  IMCD N.V. (Trading companies & distributors)   25,796    3,073 
           44,701 
             
  Norway—0.4%          
  TOMRA Systems ASA (Commercial services & supplies)   116,434    5,019 
             
  Spain—0.9%          
  Amadeus IT Group S.A. (IT services)   200,188    11,170 
             
  Sweden—5.4%          
* AAK AB (Food products)   73,496    1,372 
  Addtech AB Class “B” (Trading companies & distributors)   55,875    734 
  Atlas Copco AB Class “A” (Machinery)   427,349    20,461 
  Beijer Ref AB (Trading companies & distributors)   71,369    2,360 
  Evolution Gaming Group AB (Hotels, restaurants & leisure)   102,791    6,827 
  Fabege AB (Real estate management & development)   132,247    1,835 
* Hexagon AB Class “B” (Electronic equipment, instruments & components)   208,450    15,776 
* Indutrade AB (Trading companies & distributors)   77,396    4,155 
  Lifco AB Class “B” (Industrial conglomerates)   36,192    2,811 
* Nibe Industrier AB Class “B” (Building products)   142,807    3,685 
* Nolato AB Class “B” (Industrial conglomerates)   32,010    3,120 
* Vitrolife AB (Biotechnology)   59,326    1,627 
           64,763 
             
  Switzerland—7.3%          
  Belimo Holding AG (Building products)   305    2,305 
  Logitech International S.A. (Technology hardware, storage & peripherals)   77,682    6,045 
  Lonza Group AG (Life sciences tools & services)   26,726    16,499 
  Partners Group Holding AG (Capital markets)   10,183    9,371 
* SIG Combibloc Group AG (Containers & packaging)   134,711    2,704 

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Europe, Mid-East—42.4%—(continued)          
             
  Switzerland — (continued)          
  Sika AG (Chemicals)   66,326   $16,296 
* Softwareone Holding AG (Electronic equipment, instruments & components)   89,687    2,507 
  STMicroelectronics N.V. (Semiconductors & semiconductor equipment)   312,437    9,616 
  Straumann Holding AG (Health care equipment & supplies)   8,312    8,393 
  Tecan Group AG (Life sciences tools & services)   8,333    4,153 
  Temenos AG (Software)   39,844    5,366 
  VAT Group AG (Machinery)   15,361    2,937 
* Zur Rose Group AG (Food & staples retailing)   6,161    1,472 
           87,664 
             
  Emerging Asia—24.5%          
             
  China—15.9%          
  A-Living Services Co., Ltd. Class “H” (Commercial services & supplies)   419,750    2,123 
  Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)   590,030    4,455 
  AK Medical Holdings, Ltd. (Health care equipment & supplies)   488,000    1,246 
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   831,200    29,558 
  Centre Testing International Group Co., Ltd. Class “A” (Professional services)   1,316,800    4,723 
  Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)   983,000    6,323 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   192,840    4,590 
  Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)   287,300    4,343 
* JD.com, Inc. Class “A” (Internet & direct marketing retail)   252,650    9,578 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   30,717    7,525 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   2,038,500    9,469 
* Meituan Dianping Class “B” (Internet & direct marketing retail)   282,700    8,820 
  NAURA Technology Group Co., Ltd. Class “A” (Electronic equipment, instruments & components)   104,000    2,429 
  NetEase, Inc. (Entertainment)   562,300    10,005 
  Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)   553,400    2,651 
  Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)   1,178,500    12,089 
  Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)   58,100    2,969 
  Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)   265,400    4,469 
  Silergy Corporation (Semiconductors & semiconductor equipment)   87,000    5,122 
* TAL Education Group—ADR (Diversified consumer services)   176,797    13,444 
  Tencent Holdings, Ltd. (Interactive Media & Services)   419,600    27,693 
* Tencent Music Entertainment Group—ADR (Entertainment)   119,649    1,767 
* Topchoice Medical Corporation Class “A” (Health care providers & services)   119,400    3,747 
* Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)   90,500    961 
  Will Semiconductor, Ltd. Class “A” (Semiconductors & semiconductor equipment)   48,270    1,257 
  WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services)   169,964    2,533 
* Wuxi Biologics Cayman, Inc. (Life sciences tools & services)   337,000    8,201 
           192,090 
             
  India—2.0%          
  HDFC Bank, Ltd. (Banks)   282,478    4,127 
  Ipca Laboratories, Ltd. (Pharmaceuticals)   69,930    2,061 
  Pidilite Industries, Ltd. (Chemicals)   93,409    1,808 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   539,968    15,993 
          23,989 

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Emerging Asia—24.5%—(continued)          
             
  Indonesia—0.8%          
  PT Bank Central Asia Tbk (Banks)   5,148,906   $9,377 
             
  South Korea—1.1%          
  Kakao Corporation (Interactive Media & Services)   21,813    6,798 
  Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)   17,977    6,664 
           13,462 
             
  Taiwan—3.4%          
  Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)   152,000    2,015 
  MediaTek, Inc. (Semiconductors & semiconductor equipment)   684,000    14,336 
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   303,459    24,601 
           40,952 
             
  Thailand—1.3%          
  Airports of Thailand PCL (Transportation infrastructure)   827,000    1,475 
  Carabao Group PCL Class “F” (Beverages)   466,200    1,721 
* Sea, Ltd.—ADR (Entertainment)   82,376    12,689 
           15,885 
             
  Japan—12.1%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   166,600    5,213 
* BASE, Inc. (IT services)   31,000    3,233 
  Benefit One, Inc. (Professional services)   112,800    2,836 
  Daikin Industries, Ltd. (Building products)   72,300    13,231 
  Disco Corporation (Semiconductors & semiconductor equipment)   25,600    6,168 
  GMO Payment Gateway, Inc. (IT services)   28,800    3,069 
  Harmonic Drive Systems, Inc. (Machinery)   47,900    3,061 
  Hoya Corporation (Health care equipment & supplies)   79,600    8,951 
  Keyence Corporation (Electronic equipment, instruments & components)   48,800    22,664 
  Meitec Corporation (Professional services)   25,400    1,289 
  MISUMI Group, Inc. (Machinery)   122,700    3,415 
  MonotaRO Co., Ltd. (Trading companies & distributors)   109,600    5,425 
  Nihon M&A Center, Inc. (Professional services)   124,700    7,071 
  Nomura Research Institute, Ltd. (IT services)   216,500    6,353 
  NS Solutions Corporation (IT services)   44,100    1,355 
  Olympus Corporation (Health care equipment & supplies)   59,400    1,229 
  Omron Corporation (Electronic equipment, instruments & components)   169,900    13,178 
  Persol Holdings Co., Ltd. (Professional services)   182,200    2,942 
  Shimadzu Corporation (Electronic equipment, instruments & components)   110,500    3,342 
  SMC Corporation (Machinery)   29,900    16,574 
  Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)   86,000    2,159 
  TechnoPro Holdings, Inc. (Professional services)   41,900    2,590 
  Terumo Corporation (Health care equipment & supplies)   175,500    6,956 
  TIS, Inc. (IT services)   204,500    4,320 
           146,624 
             
  United Kingdom—10.4%          
  3i Group plc (Capital markets)   311,681    4,008 
  Abcam plc (Biotechnology)   79,379    1,254 
  Ashtead Group plc (Trading companies & distributors)   191,795    6,929 
  Avast plc (Software)   533,355    3,627 

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  United Kingdom—10.4%—(continued)          
  AVEVA Group plc (Software)   61,014   $3,768 
  Big Yellow Group plc (Equity REIT)   167,482    2,248 
* boohoo Group plc (Internet & direct marketing retail)   565,518    2,740 
  Compass Group plc (Hotels, restaurants & leisure)   633,356    9,554 
  Croda International plc (Chemicals)   63,502    5,121 
  Experian plc (Professional services)   367,542    13,848 
  Greggs plc (Hotels, restaurants & leisure)   141,158    2,140 
  Halma plc (Electronic equipment, instruments & components)   302,542    9,155 
  Intermediate Capital Group plc (Capital markets)   241,188    3,713 
  Intertek Group plc (Professional services)   72,549    5,929 
  London Stock Exchange Group plc (Capital markets)   103,655    11,872 
  RELX plc (Professional services)   326,533    7,272 
  Renishaw plc (Electronic equipment, instruments & components)   35,749    2,592 
  Rentokil Initial plc (Commercial services & supplies)   1,202,211    8,309 
  Rotork plc (Machinery)   848,774    3,091 
  Segro plc (Equity REIT)   610,606    7,346 
  Softcat plc (IT services)   122,027    1,901 
  Spirax-Sarco Engineering plc (Machinery)   54,655    7,803 
* Trainline plc (Internet & direct marketing retail)   259,379    1,215 
           125,435 
             
  Canada—3.9%          
  Alimentation Couche-Tard, Inc. Class “B” (Food & staples retailing)   240,701    8,382 
  Brookfield Asset Management, Inc. Class “A” (Capital markets)†   119,044    3,936 
  Canadian National Railway Co. (Road & rail)   162,153    17,269 
  Enghouse Systems, Ltd. (Software)   38,978    2,130 
* Kinaxis, Inc. (Software)   20,285    2,986 
* Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)   32,682    10,765 
  Toromont Industries, Ltd. (Trading companies & distributors)   29,513    1,766 
           47,234 
             
  Asia—3.6%          
             
  Australia—2.2%          
  Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)   323,903    6,953 
* Atlassian Corporation plc Class “A” (Software)†   37,797    6,871 
  CSL, Ltd. (Biotechnology)   37,164    7,639 
  Goodman Group (Equity REIT)   383,814    4,932 
           26,395 
             
  Hong Kong—1.4%          
  AIA Group, Ltd. (Insurance)   1,758,063    17,218 
             
  Emerging Latin America—1.9%          
             
  Argentina—0.8%          
* Globant S.A. (Software)†   18,269    3,274 
* MercadoLibre, Inc. (Internet & direct marketing retail)   5,870    6,354 
           9,628 
             
  Brazil—1.0%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   507,800    4,974 
  Magazine Luiza S.A. (Multiline retail)   282,500    4,487 

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Emerging Latin America—1.9%—(continued)          
             
  Brazil — (continued)          
  Notre Dame Intermedica Participacoes S.A. (Health care providers & services)   215,900   $2,502 
           11,963 
             
  Mexico—0.1%          
* Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)   15,137    1,756 
             
  Emerging Europe—0.6%          
             
  Russia—0.6%          
* Yandex N.V. Class “A” (Interactive Media & Services)†   107,407    7,009 
             
  Total Common Stocks—99.4%
(cost $751,533)		        1,202,460 
             
  Total Investments—99.4%
(cost $751,533)		        1,202,460 
             
  Cash and other assets, less liabilities—0.6%        7,177 
             
  Net assets—100.0%       $1,209,637 

 

 

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

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

 

See accompanying Notes to Portfolio of Investments.

 

Institutional International Growth Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

  
Information Technology   25.6%
Industrials   23.2%
Consumer Discretionary   14.5%
Health Care   12.3%
Financials   7.1%
Communication Services   5.5%
Consumer Staples   3.9%
Materials   2.6%
Energy   2.3%
Real Estate   2.3%
Utilities   0.7%
Total   100.0%
      
At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
  
Euro   23.4%
Hong Kong Dollar   12.3%
Japanese Yen   12.2%
British Pound Sterling   10.4%
U.S. Dollar   9.0%
Swiss Franc   6.5%
Danish Krone   5.6%
Swedish Krona   5.4%
Chinese Yuan Renminbi   3.4%
Canadian Dollar   2.7%
Indian Rupee   2.0%
New Taiwan Dollar   1.8%
Australian Dollar   1.6%
South Korean Won   1.1%
All Other Currencies   2.6%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
International Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Europe, Mid-East—45.2%          
             
  Belgium—1.9%          
  Melexis N.V. (Semiconductors & semiconductor equipment)   33,814   $2,634 
  Warehouses De Pauw CVA (Equity REIT)   77,867    2,836 
           5,470 
             
  Denmark—4.6%          
* Netcompany Group A/S (Software)   68,479    5,678 
  Royal Unibrew A/S (Beverages)   35,941    3,711 
  SimCorp A/S (Software)   18,789    2,472 
  Tryg A/S (Insurance)   51,887    1,637 
           13,498 
             
  Faroe Islands—1.3%          
* Bakkafrost P/F (Food products)   57,636    3,717 
             
  Germany—5.1%          
  Carl Zeiss Meditec AG (Health care equipment & supplies)   37,371    4,732 
* HelloFresh SE (Internet & direct marketing retail)   57,515    3,209 
  Siltronic AG (Semiconductors & semiconductor equipment)   40,760    3,662 
* TeamViewer AG (Software)   66,081    3,263 
           14,866 
             
  Israel—1.7%          
* CyberArk Software, Ltd. (Software)†   28,206    2,917 
  Strauss Group, Ltd. (Food products)   73,688    2,116 
           5,033 
             
  Italy—2.6%          
* Amplifon SpA (Health care providers & services)   127,866    4,580 
* Brunello Cucinelli SpA (Textiles, apparel & luxury goods)   38,379    1,172 
* Nexi SpA (IT services)   91,839    1,843 
           7,595 
             
  Jersey—0.6%          
  Sanne Group plc (Capital markets)   226,968    1,924 
             
  Netherlands—2.6%          
  BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)   44,918    1,927 
  Euronext N.V. (Capital markets)   18,141    2,274 
  IMCD N.V. (Trading companies & distributors)   29,376    3,499 
           7,700 
             
  Norway—1.3%          
* TOMRA Systems ASA (Commercial services & supplies)   89,929    3,877 
             
  Spain—1.2%          
  EDP Renovaveis S.A. (Independent power & renewable electricity producers)   215,864    3,579 
             
  Sweden—14.1%          
  Addtech AB Class “B” (Trading companies & distributors)   242,727    3,187 
  Arjo AB Class “B” (Health care equipment & supplies)   448,832    2,779 
  Beijer Ref AB (Trading companies & distributors)   140,220    4,638 
  BioGaia AB Class “B” (Biotechnology)   22,871    1,486 

 

See accompanying Notes to Portfolio of Investments.

 
International Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Europe, Mid-East—45.2%—(continued)          
             
  Sweden — (continued)          
* Biotage AB (Life sciences tools & services)   116,173   $2,300 
* Indutrade AB (Trading companies & distributors)   125,253    6,724 
  Investment AB Latour Class “B” (Industrial conglomerates)   160,361    3,775 
  Lifco AB Class “B” (Industrial conglomerates)   58,815    4,567 
  MIPS AB (Leisure products)   83,062    3,712 
* Nolato AB Class “B” (Industrial conglomerates)   33,239    3,240 
  Sweco AB Class “B” (Construction & engineering)   48,577    2,700 
* Vitrolife AB (Biotechnology)   79,890    2,191 
           41,299 
             
  Switzerland—8.2%          
  Belimo Holding AG (Building products)   356    2,690 
  Galenica AG (Health care providers & services)   22,733    1,584 
  Kardex AG (Machinery)   15,485    2,875 
  Siegfried Holding AG (Life sciences tools & services)   2,429    1,663 
  SIG Combibloc Group AG (Containers & packaging)   138,181    2,774 
  Softwareone Holding AG (Electronic equipment, instruments & components)   147,546    4,125 
  Tecan Group AG (Life sciences tools & services)   6,744    3,361 
  VAT Group AG (Machinery)   18,344    3,507 
* Zur Rose Group AG (Food & staples retailing)   5,995    1,432 
           24,011 
             
  Japan—16.3%          
  Asahi Intecc Co., Ltd. (Health care equipment & supplies)   46,500    1,455 
* BASE, Inc. (IT services)   51,000    5,319 
  Benefit One, Inc. (Professional services)   181,100    4,554 
* Bengo4.com, Inc. (Interactive Media & Services)   14,800    1,569 
  GMO Payment Gateway, Inc. (IT services)   21,000    2,238 
  Harmonic Drive Systems, Inc. (Machinery)   85,300    5,451 
  JINS Holdings, Inc. (Specialty retail)   38,400    3,015 
  MonotaRO Co., Ltd. (Trading companies & distributors)   59,900    2,965 
  Nihon M&A Center, Inc. (Professional services)   86,600    4,910 
  Nihon Unisys, Ltd. (IT services)   124,900    3,908 
* SHIFT, Inc. (IT services)   19,400    2,899 
  SMS Co., Ltd. (Professional services)   63,600    1,833 
  Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)   107,800    2,707 
  TechnoPro Holdings, Inc. (Professional services)   51,800    3,203 
  TIS, Inc. (IT services)   94,300    1,992 
           48,018 
             
  United Kingdom—15.4%          
  Abcam plc (Biotechnology)   82,397    1,301 
  Avast plc (Software)   384,678    2,616 
  AVEVA Group plc (Software)   75,704    4,675 
  Beazley plc (Insurance)   535,873    2,114 
  Big Yellow Group plc (Equity REIT)   210,581    2,826 
* boohoo Group plc (Internet & direct marketing retail)   869,236    4,212 
  Burford Capital, Ltd. (Capital markets)   77,190    623 
  Diploma plc (Trading companies & distributors)   193,877    5,509 
  Hill & Smith Holdings plc (Metals & mining)   87,574    1,349 
  Intermediate Capital Group plc (Capital markets)   198,802    3,060 
* Renishaw plc (Electronic equipment, instruments & components)   90,829    6,587 

 

See accompanying Notes to Portfolio of Investments.

 
International Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  United Kingdom—15.4%—(continued)          
  Rotork plc (Machinery)   688,996   $2,509 
  Safestore Holdings plc (Equity REIT)   346,389    3,486 
  Softcat plc (IT services)   149,543    2,329 
* Trainline plc (Internet & direct marketing retail)   410,870    1,925 
           45,121 
             
  Emerging Asia—10.8%          
             
  Cambodia—1.1%          
  NagaCorp, Ltd. (Hotels, restaurants & leisure)   2,764,000    3,284 
             
  China—3.2%          
  A-Living Services Co., Ltd. Class “H” (Commercial services & supplies)   473,250    2,393 
  AK Medical Holdings, Ltd. (Health care equipment & supplies)   1,146,000    2,925 
  Silergy Corporation (Semiconductors & semiconductor equipment)   47,000    2,767 
* Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)   125,500    1,333 
           9,418 
             
  India—2.4%          
* AU Small Finance Bank, Ltd. (Banks)   152,843    1,365 
  Ipca Laboratories, Ltd. (Pharmaceuticals)   117,765    3,470 
  Motherson Sumi Systems, Ltd. (Auto components)   1,502,506    2,326 
           7,161 
             
  South Korea—0.6%          
  Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)   21,570    1,651 
             
  Taiwan—3.5%          
  ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)   35,000    1,372 
  Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods)   487,680    2,921 
  Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)   266,000    3,527 
  Voltronic Power Technology Corporation (Electrical equipment)   71,451    2,425 
           10,245 
             
  Canada—4.2%          
  Enghouse Systems, Ltd. (Software)   41,240    2,254 
* Kinaxis, Inc. (Software)   20,989    3,090 
  Parkland Corporation (Oil, gas & consumable fuels)   111,282    2,942 
  Toromont Industries, Ltd. (Trading companies & distributors)   67,450    4,036 
           12,322 
             
  Asia—2.5%          
             
  Australia—1.2%          
* Nanosonics, Ltd. (Health care equipment & supplies)   404,942    1,648 
  Pro Medicus, Ltd. (Health care technology)   90,989    1,764 
           3,412 
             
  New Zealand—1.3%          
  Ryman Healthcare, Ltd. (Health care providers & services)   263,156    2,451 
  Spark New Zealand, Ltd. (Diversified telecommunication services)   439,621    1,367 
           3,818 

 

See accompanying Notes to Portfolio of Investments.

 
International Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
             
  Common Stocks—(continued)          
             
  Emerging Latin America—2.1%          
             
  Argentina—0.7%          
* Globant S.A. (Software)†   11,952   $2,142 
             
  Brazil—0.7%          
  Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)   205,900    1,992 
             
  Mexico—0.7%          
* Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)   471,900    2,164 
             
  Mid-East, Africa—1.5%          
             
  South Africa—0.7%          
  Clicks Group, Ltd. (Food & staples retailing)   152,120    2,019 
             
  United Arab Emirates—0.8%          
* Network International Holdings plc (IT services)   663,923    2,341 
             
  Total Common Stocks—98.0%
(cost $219,021)		        287,677 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $4,364, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $4,451  $4,364    4,364 
             
  Total Repurchase Agreement—1.5%
(cost $4,364)		        4,364 
             
  Total Investments—99.5%
(cost $223,385)		        292,041 
             
  Cash and other assets, less liabilities—0.5%        1,521 
             
  Net assets—100.0%       $293,562 

 

 

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

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

 

See accompanying Notes to Portfolio of Investments.

 
International Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

 

Industrials   30.4%
Information Technology   27.9%
Health Care   14.3%
Consumer Discretionary   10.6%
Financials   4.5%
Consumer Staples   4.5%
Real Estate   3.2%
Materials   1.4%
Utilities   1.2%
Communication Services   1.0%
Energy   1.0%
Total   100.0%
      
At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
British Pound Sterling   17.2%
Japanese Yen   16.7%
Swedish Krona   14.4%
Euro   13.6%
Swiss Franc   8.3%
Danish Krone   4.7%
New Taiwan Dollar   4.5%
Canadian Dollar   4.3%
Hong Kong Dollar   3.4%
Norwegian Krone   2.6%
Indian Rupee   2.5%
U.S. Dollar   1.8%
New Zealand Dollar   1.3%
Australian Dollar   1.2%
All Other Currencies   3.5%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks          
             
  Emerging Asia—78.4%          
             
  China—37.7%          
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   528,128   $18,781 
  China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)   215,956    7,069 
  Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals)   146,670    1,934 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   16,759    4,106 
  Midea Group Co., Ltd. Class “A” (Household durables)   470,400    5,015 
  NetEase, Inc. (Entertainment)   438,650    7,805 
  Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)   798,000    8,186 
  Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)   318,200    5,358 
* TAL Education Group—ADR (Diversified consumer services)   49,708    3,780 
  Tencent Holdings, Ltd. (Interactive Media & Services)   241,300    15,926 
* Tencent Music Entertainment Group—ADR (Entertainment)   336,586    4,971 
  Travelsky Technology, Ltd. Class “H” (IT services)   1,298,000    2,770 
  Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)   116,000    4,144 
           89,845 
             
  India—16.3%          
  Asian Paints, Ltd. (Chemicals)   109,122    2,931 
  Bajaj Finance, Ltd. (Consumer finance)   36,395    1,611 
  Britannia Industries, Ltd. (Food products)   36,582    1,882 
* HDFC Bank, Ltd. (Banks)   304,062    4,443 
  Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)   119,965    2,818 
  Infosys, Ltd. (IT services)   355,886    4,852 
  Maruti Suzuki India, Ltd. (Automobiles)   21,796    1,989 
  Motherson Sumi Systems, Ltd. (Auto components)   2,246,914    3,478 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   364,236    10,753 
  UPL, Ltd. (Chemicals)   616,121    4,186 
           38,943 
             
  Indonesia—2.3%          
  PT Bank Central Asia Tbk (Banks)   1,740,300    3,170 
  PT Telekomunikasi Indonesia Persero Tbk (Diversified telecommunication services)   13,016,300    2,239 
           5,409 
             
  South Korea—6.7%          
  Douzone Bizon Co., Ltd. (Software)   33,732    3,014 
  Kakao Corporation (Interactive Media & Services)   7,733    2,410 
  LG Household & Health Care, Ltd. (Personal products)   4,265    5,281 
  NAVER Corporation (Interactive Media & Services)   20,777    5,267 
           15,972 
             
  Taiwan—12.8%          
  E.Sun Financial Holding Co., Ltd. (Banks)   2,877,301    2,543 
  MediaTek, Inc. (Semiconductors & semiconductor equipment)   307,000    6,434 
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   213,380    17,299 
  Uni-President Enterprises Corporation (Food products)   1,948,000    4,204 
           30,480 
             
  Thailand—2.6%          
  Airports of Thailand PCL (Transportation infrastructure)   1,643,900    2,931 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
             
  Common Stocks—(continued)          
             
  Emerging Asia—78.4%—(continued)          
             
  Thailand — (continued)          
* Sea, Ltd.—ADR (Entertainment)   21,565   $3,322 
           6,253 
             
  Emerging Latin America—13.7%          
             
  Argentina—3.3%          
* Globant S.A. (Software)†   18,475    3,311 
* MercadoLibre, Inc. (Internet & direct marketing retail)   4,312    4,668 
           7,979 
             
  Brazil—6.4%          
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   444,300    4,352 
  Odontoprev S.A. (Health care providers & services)   608,353    1,300 
  Raia Drogasil S.A. (Food & staples retailing)   403,200    1,681 
* Rumo S.A. (Road & rail)   916,600    3,111 
  TOTVS S.A. (Software)   565,400    2,728 
  WEG S.A. (Electrical equipment)   178,800    2,092 
           15,264 
             
  Mexico—2.6%          
  Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure)   391,600    3,142 
  Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)   1,228,600    2,940 
           6,082 
             
  Peru—1.4%          
  Credicorp, Ltd. (Banks)†   27,276    3,382 
             
  Emerging Europe, Mid-East, Africa—6.2%          
             
  Russia—2.5%          
* Yandex N.V. Class “A” (Interactive Media & Services)†   90,107    5,879 
             
  South Africa—3.3%          
  Bid Corporation, Ltd. (Food & staples retailing)   108,631    1,675 
  Capitec Bank Holdings, Ltd. (Banks)   41,184    2,551 
  Clicks Group, Ltd. (Food & staples retailing)   144,281    1,915 
  The Bidvest Group, Ltd. (Industrial conglomerates)   218,457    1,801 
           7,942 
             
  United Arab Emirates—0.4%          
* Network International Holdings plc (IT services)   310,199    1,094 
             
  Total Common Stocks—98.3%
(cost $167,293)		        234,524 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Leaders Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $5,203, collateralized by U.S. Treasury Notes, 0.375%—2.750%, due 9/30/27—2/15/28, valued at $5,308  $5,203   $5,203 
             
  Total Repurchase Agreement—2.2%
(cost $5,203)		        5,203 
             
  Total Investments—100.5%
(cost $172,496)		        239,727 
             
  Liabilities, plus cash and other assets—(0.5)%        (1,212)
             
  Net assets—100.0%       $238,515 

 

 

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, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

 

Consumer Discretionary   21.4%
Communication Services   20.4%
Information Technology   17.7%
Financials   14.1%
Consumer Staples   10.1%
Industrials   5.6%
Energy   4.6%
Health Care   3.1%
Materials   3.0%
Total   100.0%
      
At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
      
Hong Kong Dollar   25.1%
U.S. Dollar   19.9%
Indian Rupee   16.6%
Chinese Yuan Renminbi   9.5%
South Korean Won   6.8%
Brazilian Real   6.5%
New Taiwan Dollar   5.6%
South African Rand   3.4%
Mexican Peso   2.6%
Indonesian Rupiah   2.3%
Thai Baht   1.2%
All Other Currencies   0.5%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Emerging Asia—86.6%          
             
  China—46.2%          
  A-Living Services Co., Ltd. Class “H” (Commercial services & supplies)   941,500   $4,762 
  Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)   538,209    4,063 
* Alibaba Group Holding, Ltd. (Internet & direct marketing retail)   2,173,432    77,290 
* Alibaba Health Information Technology, Ltd. (Health care technology)   1,458,000    3,552 
  Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class “A” (Construction materials)   455,400    3,604 
  Centre Testing International Group Co., Ltd. Class “A” (Professional services)   1,458,200    5,231 
  Chacha Food Co., Ltd. Class “A” (Food products)   394,297    3,358 
  Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)   129,200    2,840 
  China Education Group Holdings, Ltd. (Diversified consumer services)   1,342,000    2,459 
  China Meidong Auto Holdings, Ltd. (Specialty retail)   1,156,000    4,430 
  China Merchants Bank Co., Ltd. Class “H” (Banks)   913,000    4,306 
  China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)   229,458    7,511 
  Chongqing Zhifei Biological Products Co., Ltd. Class “A” (Biotechnology)   145,300    2,972 
  Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)   1,510,000    9,713 
  Double Medical Technology, Inc. Class “A” (Health care equipment & supplies)   145,900    1,957 
  Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)   386,381    9,196 
  Guangdong Haid Group Co., Ltd. Class “A” (Food products)   294,033    2,648 
  Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)   308,366    4,661 
  Hefei Meiya Optoelectronic Technology, Inc. Class “A” (Machinery)   313,610    2,208 
  Hualan Biological Engineering, Inc. Class “A” (Biotechnology)   318,632    2,666 
  Hundsun Technologies, Inc. Class “A” (Software)   313,081    4,532 
* JD.com, Inc. Class “A” (Internet & direct marketing retail)   663,050    25,136 
  Jiajiayue Group Co., Ltd. Class “A” (Food & staples retailing)   455,804    2,414 
  Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery)   939,165    9,846 
  Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals)   400,051    5,276 
  Jiangsu Hengshun Vinegar Industry Co., Ltd. Class “A” (Food products)   726,800    2,254 
  Kingdee International Software Group Co., Ltd. (Software)   1,476,000    3,809 
  Kweichow Moutai Co., Ltd. Class “A” (Beverages)   41,642    10,202 
  Li Ning Co., Ltd. (Textiles, apparel & luxury goods)   1,045,000    4,854 
  Luxshare Precision Industry Co., Ltd. Class “A” (Electronic equipment, instruments & components)   1,210,440    10,154 
* Meituan Dianping Class “B” (Internet & direct marketing retail)   798,700    24,919 
  NetEase, Inc. (Entertainment)   928,800    16,526 
  Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)   1,148,190    5,501 
* Ping An Healthcare and Technology Co., Ltd. (Health care technology)   258,100    3,305 
  Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)   418,300    4,291 
  Sangfor Technologies, Inc. Class “A” (Software)   87,500    2,721 
  SG Micro Corporation Class “A” (Semiconductors & semiconductor equipment)   78,800    3,463 
  Shandong Weigao Group Medical Polymer Co., Ltd. Class “H” (Health care equipment & supplies)   1,456,000    2,901 
  Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies)   283,477    2,827 
  Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)   162,968    8,327 
  Sichuan Teway Food Group Co., Ltd. Class “A” (Food products)   312,300    3,008 
  Silergy Corporation (Semiconductors & semiconductor equipment)   145,000    8,536 
  Skshu Paint Co., Ltd. Class “A” (Chemicals)   184,600    4,352 
  Tencent Holdings, Ltd. (Interactive Media & Services)   971,060    64,089 
* Topchoice Medical Corporation Class “A” (Health care providers & services)   110,900    3,480 
  Topsports International Holdings Ltd. (Specialty retail)   2,027,000    2,799 
* Weimob, Inc. (Software)   2,106,000    2,810 
  Wuliangye Yibin Co., Ltd. Class “A” (Beverages)   309,494    10,043 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—86.6%—(continued)          
             
  China — (continued)          
  WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services)   561,400   $8,062 
* Wuxi Biologics Cayman, Inc. (Life sciences tools & services)   507,500    12,350 
  Yifeng Pharmacy Chain Co., Ltd. Class “A” (Food & staples retailing)   272,860    3,978 
  Yihai International Holding, Ltd. (Food products)   707,000    11,029 
  Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)   220,229    7,868 
  Zhejiang Dingli Machinery Co., Ltd. Class “A” (Machinery)   422,560    6,152 
  Zhongsheng Group Holdings, Ltd. (Specialty retail)   820,500    5,119 
           466,360 
             
  India—8.5%          
  Asian Paints, Ltd. (Chemicals)   129,871    3,488 
  Dabur India, Ltd. (Personal products)   355,799    2,459 
* HDFC Bank, Ltd. (Banks)   754,312    11,021 
* HDFC Life Insurance Co. Ltd. (Insurance)   293,320    2,222 
  Hindustan Unilever, Ltd. (Household products)   158,540    4,437 
  Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)   220,021    5,168 
  Nestle India, Ltd. (Food products)   22,269    4,806 
  PI Industries, Ltd. (Chemicals)   93,182    2,478 
  Pidilite Industries, Ltd. (Chemicals)   125,618    2,431 
  Reliance Industries, Ltd. (Oil, gas & consumable fuels)   1,196,411    35,260 
  SRF, Ltd. (Chemicals)   45,751    2,557 
  Tata Consultancy Services, Ltd. (IT services)   141,835    4,774 
  Tata Consumer Products, Ltd. (Food products)   485,760    3,286 
  Varun Beverages, Ltd. (Beverages)   192,027    1,821 
           86,208 
             
  Indonesia—0.8%          
  PT Bank Central Asia Tbk (Banks)   4,563,599    8,312 
             
  Malaysia—1.1%          
  Hartalega Holdings Bhd (Health care equipment & supplies)   873,600    3,406 
  Top Glove Corporation Bhd (Health care equipment & supplies)   3,599,500    7,189 
           10,595 
             
  South Korea—10.6%          
  Hansol Chemical Co., Ltd. (Chemicals)   22,827    2,918 
  Kakao Corporation (Interactive Media & Services)   66,778    20,813 
  LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)   28,718    3,020 
  LG Household & Health Care, Ltd. (Personal products)   6,481    8,024 
  NAVER Corporation (Interactive Media & Services)   70,230    17,805 
  NCSoft Corporation (Entertainment)   7,642    5,267 
  NHN KCP Corporation (IT services)   56,951    3,336 
  NICE Information Service Co., Ltd. (Professional services)   105,719    1,785 
  Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)   823,035    40,958 
  Seegene, Inc. (Biotechnology)   15,133    3,370 
           107,296 
             
  Taiwan—17.9%          
  Accton Technology Corporation (Communications equipment)   389,000    2,988 
  Advantech Co., Ltd. (Technology hardware, storage & peripherals)   310,766    3,122 
  Airtac International Group (Machinery)   396,000    8,901 
  ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)   166,000    8,340 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—86.6%—(continued)          
             
  Taiwan — (continued)          
  ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)   148,000   $5,800 
  E.Sun Financial Holding Co., Ltd. (Banks)   9,041,313    7,992 
  Elite Material Co., Ltd. (Electronic equipment, instruments & components)   683,000    3,443 
  Lotes Co., Ltd. (Electronic equipment, instruments & components)   224,000    3,566 
  MediaTek, Inc. (Semiconductors & semiconductor equipment)   867,000    18,171 
  momo.com, Inc. (Internet & direct marketing retail)   160,000    3,884 
  Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)   179,000    6,490 
  Powertech Technology, Inc. (Semiconductors & semiconductor equipment)   965,000    2,875 
  Poya International Co., Ltd. (Multiline retail)   104,000    1,986 
  Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment)   323,000    4,110 
  Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)   584,000    3,609 
  Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)   1,745,000    26,089 
  Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)   716,501    58,087 
  Voltronic Power Technology Corporation (Electrical equipment)   127,586    4,330 
  Win Semiconductors Corporation (Semiconductors & semiconductor equipment)   426,000    4,214 
  Wiwynn Corporation (Technology hardware, storage & peripherals)   138,000    3,111 
           181,108 
             
  Thailand—1.5%          
* Sea, Ltd.—ADR (Entertainment)   94,242    14,517 
             
  Emerging Latin America—6.7%          
             
  Argentina—2.1%          
* Globant S.A. (Software)†   31,312    5,612 
* MercadoLibre, Inc. (Internet & direct marketing retail)   14,661    15,870 
           21,482 
             
  Brazil—4.2%          
* B2W Cia Digital (Internet & direct marketing retail)   151,400    2,426 
  B3 S.A. - Brasil Bolsa Balcao (Capital markets)   806,500    7,900 
* Locaweb Servicos de Internet S.A. (IT services)   250,600    2,660 
  Magazine Luiza S.A. (Multiline retail)   788,800    12,529 
* StoneCo, Ltd. Class “A” (IT services)†   138,150    7,306 
  TOTVS S.A. (Software)   779,000    3,759 
  WEG S.A. (Electrical equipment)   539,520    6,312 
           42,892 
             
  Mexico—0.4%          
  Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)   1,575,900    3,771 
             
  Emerging Europe, Africa—5.7%          
             
  Greece—0.3%          
  JUMBO S.A. (Specialty retail)   160,551    2,824 
             
  Kenya—0.3%          
  Safaricom plc (Wireless telecommunication services)   9,489,354    2,606 
             
  Poland—1.2%          
* CD Projekt S.A. (Entertainment)   49,031    5,307 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Emerging Europe, Africa—5.7%—(continued)          
             
  Poland — (continued)          
* Dino Polska S.A. (Food & staples retailing)   125,478   $7,395 
           12,702 
             
  Russia—1.8%          
* Yandex N.V. Class “A” (Interactive Media & Services)†   274,762    17,928 
             
  South Africa—2.1%          
  Clicks Group, Ltd. (Food & staples retailing)   245,325    3,256 
  Naspers, Ltd. (Internet & direct marketing retail)   103,400    18,273 
           21,529 
             
  Total Common Stocks—99.0%
(cost $691,875)		        1,000,130 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $27,463, collateralized by U.S. Treasury Note, 2.750%, due 2/15/28, valued at $28,013  $27,463    27,463 
             
  Total Repurchase Agreement—2.7%
(cost $27,463)		        27,463 
             
  Total Investments—101.7%
(cost $719,338)		        1,027,593 
             
  Liabilities, plus cash and other assets—(1.7)%        (17,634)
             
  Net assets—100.0%       $1,009,959 

 

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

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

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Growth Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Information Technology   26.2%
Consumer Discretionary   22.1%
Communication Services   16.5%
Consumer Staples   9.7%
Health Care   8.5%
Industrials   6.2%
Financials   5.1%
Energy   3.5%
Materials   2.2%
Total   100.0%
      
At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
 
Hong Kong Dollar   29.8%
Chinese Yuan Renminbi   15.9%
New Taiwan Dollar   13.2%
U.S. Dollar   11.9%
South Korean Won   10.7%
Indian Rupee   8.6%
Brazilian Real   3.6%
South African Rand   2.2%
Polish Zloty   1.3%
Malaysian Ringgit   1.1%
All Other Currencies   1.7%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks          
             
  Emerging Asia—81.9%          
             
  Cambodia—0.6%          
  NagaCorp, Ltd. (Hotels, restaurants & leisure)   1,362,000   $1,619 
             
  China—28.2%          
  A-Living Services Co., Ltd. Class “H” (Commercial services & supplies)   255,000    1,290 
  AK Medical Holdings, Ltd. (Health care equipment & supplies)   336,000    858 
  Anhui Gujing Distillery Co., Ltd. Class “A” (Beverages)   36,700    1,168 
  Aoyuan Healthy Life Group Co., Ltd. (Real estate management & development)   634,000    510 
  Autobio Diagnostics Co., Ltd. Class “A” (Health care equipment & supplies)   52,300    1,239 
  Centre Testing International Group Co., Ltd. Class “A” (Professional services)   1,780,405    6,386 
  Chacha Food Co., Ltd. Class “A” (Food products)   173,473    1,477 
  Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)   135,247    2,973 
  China Lesso Group Holdings, Ltd. (Building products)   1,170,000    2,101 
  China Meidong Auto Holdings, Ltd. (Specialty retail)   1,248,000    4,783 
  Double Medical Technology, Inc. Class “A” (Health care equipment & supplies)   87,000    1,167 
  Ever Sunshine Lifestyle Services Group, Ltd. (Commercial services & supplies)   2,354,000    4,635 
  Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)   214,817    3,247 
  Hefei Meiya Optoelectronic Technology, Inc. Class “A” (Machinery)   39,295    277 
  Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery)   531,913    5,576 
  Jiangsu Hengshun Vinegar Industry Co., Ltd. Class “A” (Food products)   353,400    1,096 
  Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd. Class “A” (Food products)   342,491    3,294 
  Kingdee International Software Group Co., Ltd. (Software)   460,000    1,187 
* Kingsoft Cloud Holdings, Ltd.—ADR (IT services)   98,295    2,903 
  KWG Group Holdings, Ltd. (Real estate management & development)   1,641,500    2,800 
  Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)   376,100    1,802 
  Ovctek China, Inc. Class “A” (Health care equipment & supplies)   153,677    1,404 
* Ping An Healthcare and Technology Co., Ltd. (Health care technology)   179,500    2,299 
  Proya Cosmetics Co., Ltd. Class “A” (Personal products)   34,224    724 
  Shandong Weigao Group Medical Polymer Co., Ltd. Class “H” (Health care equipment & supplies)   524,000    1,044 
  Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies)   209,719    2,091 
  Sichuan Teway Food Group Co., Ltd. Class “A” (Food products)   255,900    2,465 
  Silergy Corporation (Semiconductors & semiconductor equipment)   41,000    2,414 
  Skshu Paint Co., Ltd. Class “A” (Chemicals)   53,051    1,251 
* Topchoice Medical Corporation Class “A” (Health care providers & services)   72,700    2,281 
  Topsports International Holdings, Ltd. (Specialty retail)   543,000    750 
* Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)   73,500    780 
* Weimob, Inc. (Software)   1,748,000    2,332 
  Yifeng Pharmacy Chain Co., Ltd. Class “A” (Food & staples retailing)   100,550    1,466 
  Yihai International Holding, Ltd. (Food products)   108,000    1,685 
  Zhejiang Dingli Machinery Co., Ltd. Class “A” (Machinery)   275,671    4,013 
  Zhongsheng Group Holdings, Ltd. (Specialty retail)   176,000    1,098 
           78,866 
             
  India—20.2%          
  Aarti Industries, Ltd. (Chemicals)   176,292    2,423 
  Amber Enterprises India, Ltd. (Household durables)   79,543    2,198 
  Astral Poly Technik, Ltd. (Building products)   163,824    2,722 
  Atul, Ltd. (Chemicals)   39,551    3,277 
  Balkrishna Industries, Ltd. (Auto components)   173,861    3,492 
* Bandhan Bank, Ltd. (Banks)   622,351    2,312 
  Berger Paints India, Ltd. (Chemicals)   325,215    2,563 
  Britannia Industries, Ltd. (Food products)   28,059    1,443 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—81.9%—(continued)          
             
  India — (continued)          
  Divi’s Laboratories, Ltd. (Life sciences tools & services)   35,403   $1,465 
  Dr. Lal PathLabs, Ltd. (Health care providers & services)   29,934    763 
  Escorts, Ltd. (Machinery)   194,265    3,480 
* Godrej Properties, Ltd. (Real estate management & development)   97,482    1,134 
  HDFC Asset Management Co., Ltd. (Capital markets)   9,339    287 
  Indraprastha Gas, Ltd. (Gas utilities)   78,290    409 
  Info Edge India, Ltd. (Interactive Media & Services)   15,874    779 
  Ipca Laboratories, Ltd. (Pharmaceuticals)   125,478    3,697 
  Larsen & Toubro Infotech Ltd. (IT services)   58,567    2,020 
  Navin Fluorine International, Ltd. (Chemicals)   65,582    1,938 
  PI Industries, Ltd. (Chemicals)   164,782    4,382 
  Pidilite Industries, Ltd. (Chemicals)   16,380    317 
* Relaxo Footwears, Ltd. (Textiles, apparel & luxury goods)   131,961    1,191 
  SRF, Ltd. (Chemicals)   74,573    4,168 
  Tata Consumer Products, Ltd. (Food products)   308,668    2,088 
  Tata Elxsi, Ltd. (Software)   103,617    1,814 
  Titan Co., Ltd. (Textiles, apparel & luxury goods)   20,723    336 
  Torrent Pharmaceuticals, Ltd. (Pharmaceuticals)   24,488    929 
  Trent, Ltd. (Multiline retail)   242,098    2,232 
  Varun Beverages, Ltd. (Beverages)   285,075    2,704 
           56,563 
             
  Indonesia—1.0%          
  PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks)   12,682,500    2,796 
             
  Malaysia—0.6%          
  Inari Amertron Bhd (Electronic equipment, instruments & components)   2,814,900    1,544 
             
  Philippines—0.7%          
  Wilcon Depot, Inc. (Specialty retail)   6,032,300    1,991 
             
  South Korea—9.0%          
  Douzone Bizon Co., Ltd. (Software)   52,494    4,690 
  Hansol Chemical Co., Ltd. (Chemicals)   8,307    1,062 
  Hite Jinro Co., Ltd. (Beverages)   35,959    1,114 
  JYP Entertainment Corporation (Entertainment)   39,249    1,284 
  Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)   15,993    1,224 
  LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)   35,804    3,766 
  NHN KCP Corporation (IT services)   76,109    4,458 
  NICE Information Service Co., Ltd. (Professional services)   150,573    2,543 
  RFHIC Corporation (Semiconductors & semiconductor equipment)   34,492    1,215 
  Seegene, Inc. (Biotechnology)   6,516    1,451 
* WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment)   79,686    2,272 
           25,079 
             
  Taiwan—18.9%          
  Accton Technology Corporation (Communications equipment)   247,000    1,898 
  Airtac International Group (Machinery)   331,000    7,440 
  ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)   28,000    1,407 
  ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)   78,000    3,057 
  Bizlink Holding, Inc. (Electrical equipment)   171,000    1,331 
  Elite Material Co., Ltd. (Electronic equipment, instruments & components)   406,000    2,047 
  Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)   30,000    398 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares   Value
           
  Common Stocks—(continued)          
             
  Emerging Asia—81.9%—(continued)          
             
  Taiwan — (continued)          
  Hiwin Technologies Corporation (Machinery)   294,590   $2,899 
  ITEQ Corporation (Electronic equipment, instruments & components)   177,000    752 
  Lotes Co., Ltd. (Electronic equipment, instruments & components)   266,000    4,234 
  momo.com, Inc. (Internet & direct marketing retail)   66,000    1,602 
  Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)   126,000    4,568 
  Powertech Technology, Inc. (Semiconductors & semiconductor equipment)   237,000    706 
  Poya International Co., Ltd. (Multiline retail)   109,000    2,081 
  Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment)   169,000    2,150 
  RichWave Technology Corporation (Semiconductors & semiconductor equipment)   248,000    2,046 
  Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)   873,000    5,396 
  Sporton International, Inc. (Professional services)   313,000    2,631 
  Taiwan Union Technology Corporation (Electronic equipment, instruments & components)   438,000    1,694 
  Voltronic Power Technology Corporation (Electrical equipment)   134,507    4,565 
           52,902 
             
  Thailand—1.8%          
  Carabao Group PCL Class “F” (Beverages)   696,400    2,571 
  Com7 PCL Class “F” (Specialty retail)   2,022,800    2,522 
           5,093 
             
  Vietnam—0.9%          
  Hoa Phat Group JSC (Metals & mining)   2,153,646    2,453 
             
  Emerging Latin America—10.4%          
             
  Argentina—1.3%          
* Globant S.A. (Software)†   21,061    3,775 
             
  Brazil—8.7%          
* B2W Cia Digital (Internet & direct marketing retail)   172,400    2,762 
  Banco BTG Pactual S.A. (Capital markets)   244,169    2,994 
  Construtora Tenda S.A. (Household durables)   382,900    1,935 
  Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household durables)   300,400    1,243 
  Ez Tec Empreendimentos e Participacoes S.A. (Household durables)   113,400    711 
* Grupo SBF S.A. (Specialty retail)   145,492    658 
  Hapvida Participacoes e Investimentos S.A. (Health care providers & services)   91,200    1,009 
* Locaweb Servicos de Internet S.A. (IT services)   406,300    4,313 
* Pet Center Comercio e Participacoes S.A. (Specialty retail)   706,500    1,799 
  Tegma Gestao Logistica S.A. (Road & rail)   504,700    1,873 
  TOTVS S.A. (Software)   1,041,500    5,026 
           24,323 
             
  Mexico—0.4%          
* Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)   213,800    980 
             
  Emerging Europe, Africa—5.2%          
             
  Greece—1.9%          
  JUMBO S.A. (Specialty retail)   97,495    1,715 
  OPAP S.A. (Hotels, restaurants & leisure)   130,411    1,238 
  Terna Energy S.A. (Independent power & renewable electricity producers)   182,737    2,442 
           5,395 

 

See accompanying Notes to Portfolio of Investments.

 
Emerging Markets Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Shares or
Principal
Amount		   Value
           
  Common Stocks—(continued)          
             
  Emerging Europe, Africa—5.2%—(continued)          
             
  Kenya—0.6%          
  Safaricom plc (Wireless telecommunication services)   5,738,300   $1,576 
             
  Poland—2.1%          
* Dino Polska S.A. (Food & staples retailing)   101,770    5,998 
             
  South Africa—0.6%          
  Clicks Group, Ltd. (Food & staples retailing)   54,933    729 
  Transaction Capital, Ltd. (Consumer finance)   689,571    892 
           1,621 
             
  Total Common Stocks—97.5%
(cost $210,231)		        272,574 
             
  Preferred Stock          
             
  Brazil—0.7%          
  Randon S.A. Implementos e Participacoes (Machinery)   928,650    2,013 
             
  Total Preferred Stock—0.7%
(cost $1,905)		        2,013 
             
  Repurchase Agreement          
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $2,049, collateralized by U.S. Treasury Note, 0.375%, due 9/30/27, valued at $2,090  $2,049    2,049 
             
  Total Repurchase Agreement—0.7%
(cost $2,049)		        2,049 
             
  Total Investments—98.9%
(cost $214,185)		        276,636 
             
  Cash and other assets, less liabilities—1.1%        2,998 
             
  Net assets—100.0%       $279,634 

 

 

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 Small Cap Growth Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

At September 30, 2020, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
      
Information Technology   27.5%
Industrials   21.4%
Consumer Discretionary   15.6%
Consumer Staples   10.9%
Materials   8.7%
Health Care   8.6%
Financials   3.4%
Real Estate   1.6%
Communication Services   1.3%
Utilities   1.0%
Total   100.0%
      
At September 30, 2020, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
 
Indian Rupee   20.6%
New Taiwan Dollar   20.2%
Chinese Yuan Renminbi   16.5%
Hong Kong Dollar   10.8%
Brazilian Real   9.6%
South Korean Won   9.1%
U.S. Dollar   2.4%
Polish Zloty   2.2%
Euro   2.0%
Thai Baht   1.9%
Indonesian Rupiah   1.0%
All Other Currencies   3.7%
Total   100.0%

 

See accompanying Notes to Portfolio of Investments.

 
Bond Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value 
           
  U.S. Government and U.S. Government Agency—60.2%          
             
  U.S. Treasury Inflation Indexed Notes/Bonds—4.5%          
  U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29  $9,494   $13,664 
             
  U.S. Treasury—5.8%          
  U.S. Treasury Bill, 0.108%, due 7/15/21(a)   1,000    999 
  U.S. Treasury Note, 0.400%, due 10/31/21   3,250    3,261 
  U.S. Treasury Strip Principal, 0.000%, due 8/15/27   4,750    4,613 
  U.S. Treasury Note, 0.625%, due 5/15/30   1,500    1,496 
  U.S. Treasury Note, 0.625%, due 8/15/30   2,500    2,488 
  U.S. Treasury Bond, 1.125%, due 5/15/40   2,000    1,973 
  U.S. Treasury Bond, 2.375%, due 11/15/49   2,267    2,776 
             
  Total U.S. Treasury Obligations        17,606 
             
  Federal Home Loan Mortgage Corp. (FHLMC)—11.9%          
  #G61450, 6.000%, due 4/1/40   9,352    11,114 
  #ZT1221, 5.500%, due 1/1/33   496    580 
  #J02986, 6.500%, due 7/1/21   1    1 
  #G30255, 7.000%, due 7/1/21   —    —(b) 
  #G02210, 7.000%, due 12/1/28   32    36 
  #G02183, 6.500%, due 3/1/30   3    4 
  #G01400, 7.000%, due 4/1/32   349    410 
  #G01728, 7.500%, due 7/1/32   58    70 
  #C01385, 6.500%, due 8/1/32   45    51 
  #C01623, 5.500%, due 9/1/33   50    60 
  #A15039, 5.500%, due 10/1/33   2    2 
  #A17603, 5.500%, due 1/1/34   1,295    1,525 
  #G01843, 6.000%, due 6/1/35   11    13 
  #A62858, 6.500%, due 7/1/37   56    65 
  #G03170, 6.500%, due 8/1/37   103    119 
  #A78138, 5.500%, due 6/1/38   149    172 
  #G04466, 5.500%, due 7/1/38   9,332    11,009 
  #G60366, 6.000%, due 10/1/39   8,885    10,413 
  #C03665, 9.000%, due 4/1/41   188    231 
             
  Total FHLMC Mortgage Obligations        35,875 
             
  Federal National Mortgage Association (FNMA)—38.0%          
  #AL6411, 7.000%, due 12/1/37   1,227    1,403 
  #725228, 6.000%, due 3/1/34   2,397    2,899 
  #900725, 6.000%, due 8/1/21   2    2 
  #893325, 7.000%, due 9/1/21   1    1 
  #735104, 7.000%, due 5/1/22   —    —(b) 
  #255956, 5.500%, due 10/1/25   6    6 
  #252925, 7.500%, due 12/1/29   1    1 
  #AD0729, 7.500%, due 12/1/30   2,407    2,823 
  #535977, 6.500%, due 4/1/31   4    4 
  #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   26    31 
  #545759, 6.500%, due 7/1/32   224    264 
  #545869, 6.500%, due 7/1/32   763    890 
  #670385, 6.500%, due 9/1/32   341    402 
  #254548, 5.500%, due 12/1/32   22    26 
  #AD0725, 7.000%, due 12/1/32   1,130    1,341 

 

See accompanying Notes to Portfolio of Investments.

 
Bond Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value 
           
  U.S. Government and U.S. Government Agency—(continued)          
             
  Federal National Mortgage Association (FNMA) — (continued)          
  #555340, 5.500%, due 4/1/33  $169   $198 
  #741850, 5.500%, due 9/1/33   254    300 
  #555800, 5.500%, due 10/1/33   25    29 
  #756153, 5.500%, due 11/1/33   257    303 
  #AL3455, 5.500%, due 11/1/33   3,651    4,304 
  #AL3401, 5.500%, due 2/1/34   733    862 
  #763798, 5.500%, due 3/1/34   47    55 
  #725611, 5.500%, due 6/1/34   56    66 
  #745563, 5.500%, due 8/1/34   323    380 
  #794474, 6.000%, due 10/1/34   29    34 
  #745092, 6.500%, due 7/1/35   177    207 
  #357944, 6.000%, due 9/1/35   7    8 
  #AD0979, 7.500%, due 10/1/35   35    42 
  #888305, 7.000%, due 3/1/36   6    7 
  #895637, 6.500%, due 5/1/36   32    39 
  #831540, 6.000%, due 6/1/36   14    16 
  #893318, 6.500%, due 8/1/36   7    9 
  #831926, 6.000%, due 12/1/36   391    461 
  #902974, 6.000%, due 12/1/36   97    114 
  #AB0265, 6.000%, due 2/1/37   7,262    8,616 
  #938440, 6.000%, due 7/1/37   56    66 
  #948689, 6.000%, due 8/1/37   76    87 
  #AL0904, 5.500%, due 1/1/38   66    78 
  #986856, 6.500%, due 9/1/38   67    80 
  #991911, 7.000%, due 11/1/38   72    84 
  #AD0752, 7.000%, due 1/1/39   367    464 
  #AC1619, 5.500%, due 8/1/39   208    242 
  #AD7137, 5.500%, due 7/1/40   2,548    3,016 
  #BM1689, 5.500%, due 8/1/40   2,071    2,439 
  #AL5815, 5.500%, due 4/1/41   2,503    2,954 
  #AL2853, 4.500%, due 6/1/26   2,354    2,511 
  #CA2754, 4.500%, due 11/1/33   657    735 
  #AL6413, 8.000%, due 8/1/34   316    364 
  #AL6412, 7.500%, due 9/1/35   512    589 
  #FM1735, 6.500%, due 10/1/38   4,199    5,102 
  #FM2467, 6.000%, due 1/1/39   4,101    4,873 
  #FM1736, 6.500%, due 10/1/39   6,809    8,199 
  #BM5204, 6.500%, due 6/1/40   4,344    5,395 
  #BM3525, 6.000%, due 4/1/41   8,823    10,480 
  #AL9226, 5.500%, due 12/1/41   10,504    12,375 
  #AL9225, 6.000%, due 1/1/42   4,724    5,627 
  #BM5121, 5.500%, due 12/1/48   10,943    12,948 
  TBA, 1.500%, due 10/1/50   5,000    5,032 
  TBA, 2.000%, due 10/1/50   5,000    5,170 
             
  Total FNMA Mortgage Obligations        115,059 

 

See accompanying Notes to Portfolio of Investments.

 
Bond Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		   Value 
              
  Asset-Backed Securities—1.4%             
  Tesla Auto Lease Trust—144A, 2019-A, Tranche E,
5.480%, 5/22/23		  Ba3  $1,000   $1,048 
  GM Financial Automobile Leasing Trust, 2020-1, Tranche D,
2.280%, 6/20/24		  A   3,050    3,043 
                
  Total Asset-Backed Securities              4,091  
                    
  Corporate Obligations—40.7%             
  Fresenius Medical Care US Finance II, Inc.—144A,
5.875%, due 1/31/22		  BBB   1,000    1,064 
  Jones Lang LaSalle, Inc.,
4.400%, due 11/15/22		  BBB+   2,500    2,646 
  Toll Brothers Finance Corporation,
4.375%, due 4/15/23		  BBB-   2,750    2,884 
  CNH Industrial Capital LLC,
1.950%, due 7/2/23		  BBB   2,500    2,549 
  Wells Fargo & Co.,
4.480%, due 1/16/24		  A3   1,500    1,665 
  Lennar Corporation,
4.500%, due 4/30/24		  BBB-   2,450    2,626 
  Banco Inbursa S.A. Institucion de Banca Multiple—144A,
4.125%, due 6/6/24		  BBB   2,000    2,101 
  Grupo Bimbo S.A.B. de C.V.—144A,
3.875%, due 6/27/24		  BBB   2,000    2,173 
  JPMorgan Chase & Co.,
SOFR + 3.125%, 4.600%, due 2/1/25, VRN		  BBB+   3,000    2,944 
  Ford Motor Co.,
9.000%, due 4/22/25		  BB+   700    803 
  American Tower Corporation,
4.000%, due 6/1/25		  BBB+   2,500    2,814 
  Simon Property Group L.P.,
3.300%, due 1/15/26		  A   2,750    2,981 
  Republic Services, Inc.,
2.900%, due 7/1/26		  BBB+   2,500    2,769 
  Xylem, Inc.,
3.250%, due 11/1/26		  BBB   2,225    2,485 
  Fibria Overseas Finance, Ltd.,
5.500%, due 1/17/27		  BBB-   2,000    2,262 
  Gilead Sciences, Inc.,
1.200%, due 10/1/27		  A3   1,600    1,606 
  Methanex Corporation,
5.125%, due 10/15/27		  Ba1   700    697 
  Motorola Solutions, Inc.,
4.600%, due 2/23/28		  BBB-   2,750    3,213 
  TreeHouse Foods, Inc.,
4.000%, due 9/1/28		  BB-   700    709 
  Roper Technologies, Inc.,
4.200%, due 9/15/28		  BBB+   2,500    2,987 
  The Kroger Co.,
8.000%, due 9/15/29		  Baa1   2,000    2,841 

 

See accompanying Notes to Portfolio of Investments.

 
Bond Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		   Value 
              
  Corporate Obligations—(continued)             
  United Rentals North America, Inc.,
5.250%, due 1/15/30		  BB-  $1,250   $1,366 
  Sysco Corporation,
2.400%, due 2/15/30		  Baa1   3,000    3,019 
  Omnicom Group, Inc.,
2.450%, due 4/30/30		  BBB+   2,800    2,885 
  Abbott Laboratories,
1.400%, due 6/30/30		  A-   2,000    2,017 
  Intuit, Inc.,
1.650%, due 7/15/30		  A-   1,200    1,221 
  FLIR Systems, Inc.,
2.500%, due 8/1/30		  BBB   2,500    2,564 
  Alphabet, Inc.,
1.100%, due 8/15/30		  AA+   2,620    2,615 
  Johnson Controls International plc,
1.750%, due 9/15/30		  BBB+   2,100    2,109 
  Fresenius Medical Care U.S. Finance III, Inc.—144A,
2.375%, due 2/16/31		  BBB   1,800    1,782 
  Costco Wholesale Corporation,
1.750%, due 4/20/32		  Aa3   2,500    2,573 
  Owens Corning,
7.000%, due 12/1/36		  BBB   2,250    3,006 
  Yum! Brands, Inc.,
6.875%, due 11/15/37		  B+   1,250    1,505 
  ConocoPhillips,
6.500%, due 2/1/39		  A   2,000    2,933 
  Citigroup, Inc.,
5.875%, due 1/30/42		  A   2,000    2,938 
  Bank of America Corporation,
5.875%, due 2/7/42		  A+   2,000    2,962 
  Cox Communications, Inc.—144A,
4.700%, due 12/15/42		  BBB+   2,500    3,104 
  Orbia Advance Corp S.A.B. de C.V. —144A,
5.875%, due 9/17/44		  BBB   2,250    2,611 
  AbbVie, Inc.,
4.700%, due 5/14/45		  BBB+   2,250    2,779 
  ERP Operating L.P.,
4.500%, due 6/1/45		  A   2,500    3,221 
  Apple, Inc.,
4.650%, due 2/23/46		  AA+   2,250    3,151 
  PepsiCo, Inc.,
4.450%, due 4/14/46		  A+   2,250    3,007 
  Brookfield Finance, Inc.,
4.700%, due 9/20/47		  A-   2,750    3,205 
  Activision Blizzard, Inc.,
2.500%, due 9/15/50		  A-   1,275    1,196 
  Microsoft Corporation,
4.750%, due 11/3/55		  AAA   2,000    2,979 
  AT&T, Inc.,
5.700%, due 3/1/57		  A-   2,000    2,790 

 

See accompanying Notes to Portfolio of Investments.

 
Bond Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		   Value 
              
  Corporate Obligations—(continued)             
  Comcast Corporation,
 4.950%, due 10/15/58		  A-  $2,000   $2,880 
  Altria Group, Inc.,
 6.200%, due 2/14/59		  A3   2,250    3,087 
  Amazon.com, Inc.,
 2.700%, due 6/3/60		  AA-   2,500    2,607 
  Corning, Inc.,
 5.850%, due 11/15/68		  BBB+   2,150    2,908 
  Petrobras Global Finance BV,
 6.850%, due 6/5/15		  Ba2   1,250    1,331 
                
  Total Corporate Obligations           123,170 
                
  Total Long-Term Investments—102.3%
(cost $289,013)		           309,465 
                
  Repurchase Agreement             
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $119, collateralized by U.S. Treasury Note, 2.750%, due 2/15/28, valued at $122      119    119 
                
  Total Repurchase Agreement—0.0%
(cost $119)		           119 
                
  Commercial Paper             
  American Transmission Company LLC,
 0.102%, due 10/1/20		      1,500    1,500 
                
  Total Commercial Paper—0.5%
(cost $1,500)		           1,500 
                
  Total Investments—102.8%
(cost $290,632)		           311,084 
                
  Liabilities, plus cash and other assets—(2.8)%           (8,405)
                
  Net assets—100.0%          $302,679 

 

 

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

 

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

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

TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2020. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

SOFR = Secured Overnight Financing Rate

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $625 (in thousands).

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

 

See accompanying Notes to Portfolio of Investments.

 
Bond Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

Centrally Cleared Credit Default Swap

 

Reference
Entity		  Buy/Sell
Protection		  Fixed Deal
Pay Rate		  Payment
Frequency		  Maturity
Date		  Cleared
Exchange		  Notional
Amount		   Upfront
Payment
Paid
(Received)		   Value   Unrealized
Appreciation
(Depreciation)		 
CDX.NA.HY-34  Buy  5.000%  3M  June 2025  ICE  $9,200   $(221)  $(465)  $(244)

 

See accompanying Notes to Portfolio of Investments.

 
Income Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value 
             
  U.S. Government and U.S. Government Agency—62.5%          
             
  U.S. Treasury Inflation Indexed Notes/Bonds—2.4%          
  U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29  $1,182   $1,701 
             
  U.S. Treasury—8.4%          
  U.S. Treasury Note, 0.320%, due 7/31/21   275    275 
  U.S. Treasury Note, 0.400%, due 10/31/21   600    602 
  U.S. Treasury Note, 2.500%, due 2/15/22(a)   470    485 
  U.S. Treasury Note, 0.250%, due 7/31/25   1,000    999 
  U.S. Treasury Note, 1.125%, due 2/28/27   1,900    1,987 
  U.S. Treasury Note, 0.625%, due 8/15/30   900    896 
  U.S. Treasury Strip Principal, 0.000%, due 8/15/27   775    753 
             
  Total U.S. Treasury Obligations          5,997  
                
  Federal Home Loan Mortgage Corp. (FHLMC)—6.5%          
  #E02490, 6.000%, due 4/1/23   18    19 
  #J13022, 4.000%, due 9/1/25   184    195 
  #G14150, 4.500%, due 4/1/26   54    59 
  #J16051, 4.500%, due 7/1/26   408    449 
  #G15030, 4.000%, due 3/1/29   294    324 
  #A17603, 5.500%, due 1/1/34   375    441 
  #G01705, 5.500%, due 6/1/34   671    792 
  #A45790, 7.500%, due 5/1/35   63    73 
  #G04126, 6.000%, due 6/1/37   152    179 
  #G04564, 6.000%, due 12/1/37   123    146 
  #G05566, 5.500%, due 12/1/38   89    103 
  #G05875, 5.500%, due 2/1/40   62    73 
  #G61450, 6.000%, due 4/1/40   1,402    1,666 
  #C03665, 9.000%, due 4/1/41   91    112 
             
  Total FHLMC Mortgage Obligations          4,631  
                
  Federal National Mortgage Association (FNMA)—45.2%          
  #735574, 8.000%, due 3/1/22   8    8 
  FNR G93-19 SH, 1M USD LIBOR + 56.169%, 11.234%, due 4/25/23, VRN   8    8 
  #982885, 5.000%, due 5/1/23   89    94 
  #933985, 5.500%, due 8/1/23   47    49 
  #255956, 5.500%, due 10/1/25   17    19 
  #AH0971, 4.000%, due 12/1/25   199    211 
  #AL2853, 4.500%, due 6/1/26   304    325 
  #AJ6954, 4.000%, due 11/1/26   90    95 
  #256639, 5.000%, due 2/1/27   4    4 
  #AL9730, 4.500%, due 2/1/27   609    660 
  #806458, 8.000%, due 6/1/28   60    68 
  #AL9857, 4.000%, due 2/1/29   3,736    3,972 
  #880155, 8.500%, due 7/1/29   91    105 
  #797846, 7.000%, due 3/1/32   18    18 
  #745519, 8.500%, due 5/1/32   42    47 
  #654674, 6.500%, due 9/1/32   31    36 
  #AD0725, 7.000%, due 12/1/32   482    572 
  #254693, 5.500%, due 4/1/33   4    4 
  #711736, 5.500%, due 6/1/33   54    64 
  #555531, 5.500%, due 6/1/33   36    42 
  #555591, 5.500%, due 7/1/33   6    7 
  #AL3455, 5.500%, due 11/1/33   1,072    1,264 
  #CA2754, 4.500%, due 11/1/33   359    402 
             

 

See accompanying Notes to Portfolio of Investments.

 
Income Fund

 

Portfolio of Investments, September 30, 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)             
  #725424, 5.500%, due 4/1/3     $38   $44 
  #AL6413, 8.000%, due 8/1/34      154    177 
  #CA5931, 4.000%, due 5/1/35      4,471    5,027 
  #AL6412, 7.500%, due 9/1/35      384    442 
  FNCI 1.5 11/20, 1.500%, due 11/1/35      2,000    2,045 
  #888884, 5.500%, due 12/1/35      88    104 
  #928658, 6.500%, due 9/1/37      14    15 
  #889371, 6.000%, due 1/1/38      1,633    1,928 
  #FM1735, 6.500%, due 10/1/38      1,188    1,443 
  #991911, 7.000%, due 11/1/38      46    54 
  #FM2467, 6.000%, due 1/1/39      456    541 
  #FM1736, 6.500%, due 10/1/39      1,126    1,356 
  #BM5204, 6.500%, due 6/1/40      127    157 
  #BM1689, 5.500%, due 8/1/40      280    330 
  #AL5815, 5.500%, due 4/1/41      358    422 
  #BM3525, 6.000%, due 4/1/41      783    930 
  #AL9226, 5.500%, due 12/1/41      3,320    3,911 
  #AL9225, 6.000%, due 1/1/42      1,299    1,548 
  #BM1328, 6.000%, due 1/1/42      1,361    1,611 
  #BM5121, 5.500%, due 12/1/48      1,799    2,129 
                
  Total FNMA Mortgage Obligations           32,288 
                
  Asset-Backed Securities—4.8%             
  Verizon Owner Trust 2018-1—144A, 2018-1A, Tranche A1A,
2.820%, 9/20/22		  AAA   224    226 
  GMF Floorplan Owner Revolving Trust—144A, 2018-2, Tranche A2,
1M USD LIBOR + 0.380%, 0.532%, 3/15/23, VRN		  AAA   1,000    1,001 
  Citibank Credit Card Issuance Trust, 2016-A3, Tranche A3,
1M LIBOR + 0.490%, 0.644%, 12/7/23, VRN		  AAA   800    804 
  GM Financial Automobile Leasing Trust, 2020-1, Tranche C,
2.040%, 12/20/23		  A+   950    956 
  Verizon Owner Trust, 2020-A, Tranche C,
2.060%, 7/22/24		  Aa3   425    439 
                
  Total Asset-Backed Securities           3,426 
                
  Corporate Obligations—35.1%             
  Barclays Bank plc,
3M USD LIBOR + 0.460%, 0.726%, due 1/11/21, VRN		  A1   700    701 
  HSBC Holdings plc,
3M USD LIBOR + 2.240%, 2.488%, due 3/8/21, VRN		  A+   500    504 
  Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand—144A,  4.125%, due 11/9/22  Baa1   475    500 
  Canadian Imperial Bank of Commerce,
SOFR + 0.800%, 0.880%, due 3/17/23, VRN		  AA-   1,000    1,007 
  Toll Brothers Finance Corporation,
4.375%, due 4/15/23		  BBB-   500    524 
  CNH Industrial Capital LLC,
1.950%, due 7/2/23		  BBB   350    357 
  Shell International Finance BV,
0.375%, due 9/15/23		  Aa2   500    498 

 

See accompanying Notes to Portfolio of Investments.

 
Income Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		   Value 
              
  Corporate Obligations—(continued)             
                
  GlaxoSmithKline Capital plc,
0.534%, due 10/1/23		  A  $300   $301 
  Ally Financial, Inc.,  
 1.450%, due 10/2/23		  BBB-   525    525 
  Wells Fargo & Co.,
4.480%, due 1/16/24		  A3   650    721 
  The Goldman Sachs Group, Inc.,
4.000%, due 3/3/24		  A   550    605 
  Mitsubishi UFJ Financial Group, Inc.,
3.407%, due 3/7/24		  A1   550    597 
  Citigroup, Inc.,
SOFR + 1.667%, 1.678%, due 5/15/24, VRN		  A   500    513 
  Grupo Bimbo S.A.B. de C.V.—144A,
3.875%, due 6/27/24		  BBB   500    543 
  JPMorgan Chase & Co.,
 3.875%, due 9/10/24		  A   625    694 
  United Parcel Service, Inc.,
3.900%, due 4/1/25		  A2   500    570 
  ERP Operating L.P.,
3.375%, due 6/1/25		  A   550    609 
  The Hershey Co.,
0.900%, due 6/1/25		  A1   525    528 
  American Honda Finance Corporation,
1.200%, due 7/8/25		  A-   450    454 
  Intuit, Inc.,
0.950%, due 7/15/25		  A-   450    455 
  Skandinaviska Enskilda Banken AB—144A,
 0.850%, due 9/2/25		  Aa2   500    500 
  Bank of America Corporation,
SOFR + 0.910%, 0.981%, due 9/25/25, VRN		  A+   700    700 
  Comcast Corporation,
 3.950%, due 10/15/25		  A-   600    690 
  Capital One Financial Corporation,
4.200%, due 10/29/25		  Baa1   500    556 
  Intercontinental Exchange, Inc.,
 3.750%, due 12/1/25		  A3   450    510 
  Nestle Holdings, Inc.—144A,
0.625%, due 1/15/26		  AA-   500    496 
  Simon Property Group L.P.,
3.300%, due 1/15/26		  A   550    596 
  Tencent Holdings Ltd.—144A,
1.810%, due 1/26/26		  A+   700    709 
  AT&T, Inc.,
4.125%, due 2/17/26		  A-   600    689 
  Merck & Co., Inc.,
0.750%, due 2/24/26		  AA-   700    703 
  ConocoPhillips Co.,
4.950%, due 3/15/26		  A   600    718 
  Brookfield Finance, Inc.,
4.250%, due 6/2/26		  A-   550    634 
  Fibria Overseas Finance, Ltd.,
5.500%, due 1/17/27		  BBB-   500    566 
  Costco Wholesale Corporation,
1.375%, due 6/20/27		  Aa3   500    513 

 

See accompanying Notes to Portfolio of Investments.

 
Income Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		   Value 
              
  Corporate Obligations—(continued)             
                
  Gilead Sciences, Inc.,
1.200%, due 10/1/27		  A3  $400   $402 
  Abbott Laboratories,
1.150%, due 1/30/28		  A-   700    706 
  Motorola Solutions, Inc.,
4.600%, due 2/23/28		  BBB-   600    701 
  Roper Technologies, Inc.,
4.200%, due 9/15/28		  BBB+   375    448 
  The Kroger Co.,
8.000%, due 9/15/29		  Baa1   450    639 
  Sysco Corporation,
2.400%, due 2/15/30		  Baa1   525    528 
  Omnicom Group, Inc.,
2.450%, due 4/30/30		  BBB+   500    515 
  Amazon.com, Inc.,
1.500%, due 6/3/30		  AA-   450    461 
  Alphabet, Inc.,
1.100%, due 8/15/30		  AA+   535    534 
  Johnson Controls International plc,
1.750%, due 9/15/30		  BBB+   350    351 
                
  Total Corporate Obligations           25,071 
                
  Total Long-Term Investments—102.4%
(cost $71,275)		           73,114 
                
  Commercial Paper             
  American Transmission Company LLC,
0.101%, due 10/1/20		      250    250 
                
  Total Commercial Paper—0.4%
(cost $250)		           250 
                
  Total Investments—102.8%
(cost $71,525)		           73,364 
                
  Liabilities, plus cash and other assets—(2.8)%           (1,985)
                
  Net assets—100.0%          $71,379 

 

 

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

SOFR = Secured Overnight Financing Rate

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $361 (in thousands).

 

See accompanying Notes to Portfolio of Investments.

 
Income Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

Centrally Cleared Credit Default Swap

 

Reference
Entity		  Buy/Sell
Protection		  Fixed Deal
Pay Rate		  Payment
Frequency		  Maturity
Date		  Cleared
Exchange		  Notional
Amount		   Upfront
Payment
Paid
(Received)		   Value   Unrealized
Appreciation
(Depreciation)		 
CDX.NA.HY-34  Buy  5.000%  3M  June 2025  ICE  $4,600   $(110)  $(232)  $(122)

 

See accompanying Notes to Portfolio of Investments.

 

Low Duration Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value
             
  U.S. Government and U.S. Government Agency—60.1%          
             
  U.S. Treasury—8.0%          
  U.S. Treasury Note, 0.400%, due 10/31/21  $3,000   $3,010 
  U.S. Treasury Note, 0.320%, due 7/31/21   3,500    3,507 
  U.S. Treasury Strip Principal, 0.000%, due 8/15/21   5,000    4,995 
             
  Total U.S. Treasury Obligations        11,512 
             
  Federal Home Loan Mortgage Corp. (FHLMC)—13.0%          
  #G11836, 5.500% due 12/1/20   —    —(a)
  #E02322, 5.500%, due 5/1/22   4    4 
  #G12725, 6.000%, due 6/1/22   21    22 
  #G13225, 5.000%, due 6/1/23   433    457 
  #J08450, 5.500%, due 7/1/23   6    7 
  #J08703, 5.500%, due 9/1/23   12    13 
  #C00351, 8.000%, due 7/1/24   18    20 
  #J11208, 5.000%, due 11/1/24   20    22 
  #G00363, 8.000%, due 6/1/25   30    33 
  #C80329, 8.000%, due 8/1/25   6    7 
  #G14550, 4.500%, due 9/1/26   534    566 
  #G15360, 4.500%, due 11/1/26   185    197 
  #G14402, 4.000%, due 2/1/27   133    142 
  #G04821, 8.500%, due 7/1/31   1,176    1,420 
  #G02454, 6.500%, due 7/1/32   553    624 
  #ZT1221, 5.500%, due 1/1/33   492    575 
  #A81372, 6.000%, due 8/1/38   138    160 
  #G04687, 6.000%, due 9/1/38   38    45 
  #G04745, 6.000%, due 9/1/38   166    193 
  #G06085, 6.500%, due 9/1/38   37    42 
  #G60681, 7.000%, due 2/1/39   5,120    6,487 
  #G07480, 6.000%, due 5/1/39   636    751 
  #G07058, 6.000%, due 9/1/39   623    766 
  #G60680, 6.500%, due 9/1/39   617    739 
  #G61450, 6.000%, due 4/1/40   4,205    4,998 
  #G61050, 5.500%, due 3/1/41   297    350 
             
  Total FHLMC Mortgage Obligations        18,640 
             
  Federal National Mortgage Association (FNMA)—39.1%          
  #831497, 6.000%, due 4/1/21   9    9 
  #879607, 5.500%, due 4/1/21   1    1 
  #831525, 5.500%, due 6/1/21   2    2 
  #880993, 6.000%, due 1/1/22   1    1 
  #888982, 6.000%, due 12/1/22   25    26 
  #972934, 5.500%, due 2/1/23   35    36 
  #889670, 5.500%, due 6/1/23   6    7 
  #AE0011, 5.500%, due 9/1/23   5    5 
  #995253, 5.500%, due 12/1/23   305    313 
  #995395, 6.000%, due 12/1/23   15    16 
  #190988, 9.000%, due 6/1/24   3    3 
  #AL8529, 6.000%, due 11/1/24   2,865    2,995 
  #AL2853, 4.500%, due 6/1/26   965    1,029 
  #AL9730, 4.500%, due 2/1/27   1,523    1,650 
  #BM3382, 5.000%, due 3/1/27   1,062    1,120 
  #AL3388, 4.000%, due 9/1/27   320    349 

 

See accompanying Notes to Portfolio of Investments.

 

Low Duration Fund

 

Portfolio of Investments, September 30, 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)             
  #AL9870, 6.500%, due 2/1/28     $858   $960 
  #AL4502, 4.000%, due 11/1/28      387    425 
  #AL9857, 4.000%, due 2/1/29      3,816    4,058 
  #323933, 7.000%, due 9/1/29      228    271 
  #555933, 7.000%, due 6/1/32      314    365 
  #555866, 7.500%, due 3/1/33      186    220 
  #745409, 7.000%, due 4/1/33      450    521 
  #CA2754, 4.500%, due 11/1/33      108    121 
  #725228, 6.000%, due 3/1/34      768    929 
  #AL6413, 8.000%, due 8/1/34      179    206 
  #AD0720, 5.500%, due 12/1/34      219    259 
  #CA5298, 4.000%, due 2/1/35      4,649    5,225 
  #AL6412, 7.500%, due 9/1/35      640    736 
  #886762, 7.000%, due 9/1/36      183    223 
  #888530, 7.500%, due 8/1/37      1,396    1,779 
  #AD0731, 7.500%, due 8/1/37      4,322    5,305 
  #AL6411, 7.000%, due 12/1/37      1,227    1,403 
  #FM1735, 6.500%, due 10/1/38      2,121    2,577 
  #AD0100, 7.000%, due 12/1/38      441    532 
  #FM2467, 6.000%, due 1/1/39      1,823    2,166 
  #FM1736, 6.500%, due 10/1/39      2,720    3,275 
  #BM5204, 6.500%, due 6/1/40      2,462    3,057 
  #AL0515, 6.000%, due 7/1/40      518    634 
  #BM3525, 6.000%, due 4/1/41      2,506    2,976 
  #AL9226, 5.500%, due 12/1/41      2,329    2,744 
  #AL9225, 6.000%, due 1/1/42      2,126    2,532 
  #BM1328, 6.000%, due 1/1/42      1,309    1,549 
  #AL6276, 5.500%, due 10/1/43      173    202 
  #BM5121, 5.500%, due 12/1/48      1,187    1,405 
  #CA5837, 6.000%, due 7/1/49      1,513    1,870 
                
  Total FNMA Mortgage Obligations           56,087 
                
  Asset-Backed Securities—11.5%             
  Tesla Auto Lease Trust 2018-B—144A, 2018-B, Tranche A,
3.710%, 8/20/21		  Aaa   521    525 
  Honda Auto Receivables Owner Trust, 2019-3, Tranche A2,
1.900%, 4/15/22		  AAA   643    647 
  CNH Equipment Trust 2019-A, 2019-A, Tranche A2,
2.960%, 5/16/22		  AAA   201    201 
  Ford Credit Auto Lease Trust 2019-B, 2019-B, Tranche A4,
2.270%, 11/15/22		  Aaa   329    336 
  Toyota Auto Receivables 2020-B Owner Trust, 2020-B, Tranche A2,
1.380%, 12/15/22		  AAA   1,250    1,258 
  Tesla Auto Lease Trust—144A, 2019-A, Tranche C,
2.680%, 1/20/23		  A2   675    694 
  Mercedes-Benz Auto Lease Trust 2020-B, 2020-B, Tranche A2,
0.310%, 2/15/23		  AAA   500    500 
  GM Financial Automobile Leasing Trust, 2019-2, Tranche C,
3.120%, 3/20/23		  A+   425    433 

 

See accompanying Notes to Portfolio of Investments.

 

Low Duration Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		  Value
                
  Asset-Backed Securities—(continued)             
  Verizon Owner Trust 2018-A, 2018-A, Tranche A1A,
3.230%, 4/20/23		  AAA  $1,000   $1,016 
  American Express Credit Account Master Trust, 2017-6, Tranche A,
2.040%, 5/15/23		  AAA   1,000    1,001 
  Kubota Credit Owner Trust—144A, 2020-2A, Tranche A2,
0.410%, 6/15/23		  Aaa   1,500    1,501 
  BA Credit Card Trust, 2018-A2, Tranche A2,
3.000%, 9/15/23		  AAA   1,000    1,015 
  GM Financial Consumer Automobile Receivables Trust, 2018-4, Tranche A3,
3.210%, 10/16/23		  AAA   697    713 
  Nissan Auto Lease Trust 2020-B, 2020-B, Tranche A3,
0.430%, 10/16/23		  AAA   550    550 
  Citibank Credit Card Issuance Trust, 2016-A3, Tranche A3,
1M LIBOR + 0.490%, 0.644%, 12/7/23, VRN		  AAA   1,150    1,156 
  GM Financial Automobile Leasing Trust, 2020-1, Tranche C,
2.040%, 12/20/23		  A+   1,400    1,409 
  Verizon Owner Trust 2019-C, 2019-C, Tranche C,
2.160%, 4/22/24		  A+   60    62 
  Canadian Pacer Auto Receivables Trust—144A, 2020-1A, Tranche A3,
1.830%, 7/19/24		  AAA   500    511 
  Verizon Owner Trust, 2020-A, Tranche C,
2.060%, 7/22/24		  Aa3   1,250    1,292 
  CNH Equipment Trust 2020-A, 2020-A, Tranche A3,
1.160%, 6/16/25		  AAA   300    305 
  Canadian Pacer Auto Receivables Trust—144A, 2020-1A, Tranche B,
2.000%, 7/21/25		  AA+   500    503 
  CarMax Auto Owner Trust, 2020-1, Tranche C,
2.340%, 11/17/25		  A   600    619 
  Navient Private Education Refi Loan Trust 2020-F—144A, 2020-FA, Tranche A,
1.220%, 7/15/69		  AAA   269    270 
                
  Total Asset-Backed Securities           16,517 
                
  Corporate Obligations—26.0%             
  Barclays Bank plc,
3M USD LIBOR + 0.460%, 0.726%, due 1/11/21, VRN		  A1   2,500    2,502 
  Apple, Inc.,
3M USD LIBOR + 1.130%, 1.386%, due 2/23/21, VRN		  AA+   550    553 
  Philip Morris International, Inc.,
 1.875%, due 2/25/21		  A   119    119 
  JPMorgan Chase & Co.,
3M USD LIBOR + 1.480%, 1.726%, due 3/1/21, VRN		  AA-   1,500    1,507 
  Wells Fargo & Co.,
3M USD LIBOR + 1.340%, 1.591%, due 3/4/21, VRN		  A+   1,500    1,508 
  HSBC Holdings plc,
3M USD LIBOR + 2.240%, 2.488%, due 3/8/21, VRN		  A+   2,000    2,017 
  The Toronto-Dominion Bank,
3M USD LIBOR + 0.270%, 0.516%, due 3/17/21, VRN		  Aa3   2,150    2,152 

 

See accompanying Notes to Portfolio of Investments.

 

Low Duration Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer  NRSRO
Rating		    Principal
Amount		    Value
                
  Corporate Obligations—(continued)             
  Bank of America Corporation,
3M USD LIBOR + 1.420%, 1.692%, due 4/19/21, VRN		  A+  $1,200   $1,209 
  The Goldman Sachs Group, Inc.,
3M USD LIBOR + 1.360%, 1.605%, due 4/23/21, VRN		  A   1,150    1,157 
  American Express Credit Corporation,
 2.250%, due 5/5/21		  A2   1,500    1,515 
  Chevron Corporation,
3M USD LIBOR + 0.950%, 1.230%, due 5/16/21, VRN		  AA   500    503 
  Citibank NA,
 3.400%, due 7/23/21		  Aa3   525    537 
  The Goldman Sachs Group, Inc.,
 5.250%, due 7/27/21		  A   1,000    1,040 
  Gilead Sciences, Inc.,
3M USD LIBOR + 0.150%, 0.358%, due 9/17/21, VRN		  A3   1,000    1,000 
  Bristol-Myers Squibb Co.,
 2.600%, due 5/16/22		  A+   1,000    1,038 
  Toyota Motor Credit Corporation,
 1.150%, due 5/26/22		  A+   2,225    2,254 
  AT&T, Inc.,
 3.000%, due 6/30/22		  A-   1,500    1,561 
  John Deere Capital Corporation,
 0.550%, due 7/5/22		  A   1,200    1,207 
  Mitsubishi UFJ Financial Group, Inc.,
 2.623%, due 7/18/22		  A1   2,000    2,073 
  Philip Morris International, Inc.,
 2.375%, due 8/17/22		  A   1,500    1,546 
  Morgan Stanley,
SOFR + 0.700%, 0.788%, due 1/20/23, VRN		  A   400    401 
  Capital One Bank USA NA,
SOFR + 0.616%, 2.014%, due 1/27/23, VRN		  A-   1,400    1,424 
  Morgan Stanley,
 3.750%, due 2/25/23		  A   2,003    2,151 
  Caterpillar Financial Services Corporation,
 2.625%, due 3/1/23		  A   1,579    1,661 
  Bank of Montreal,
SOFR + 0.680%, 0.754%, due 3/10/23, VRN		  AA-   1,250    1,256 
  Canadian Imperial Bank of Commerce,
SOFR + 0.800%, 0.880%, due 3/17/23, VRN		  AA-   1,000    1,007 
  Intuit, Inc.,
 0.650%, due 7/15/23		  A-   1,300    1,307 
  GlaxoSmithKline Capital plc,
 0.534%, due 10/1/23		  A   1,000    1,002 
                
  Total Corporate Obligations           37,207 
                
  Total Long-Term Investments—97.6%
(cost $138,652)		           139,963 
                
  Total Investments—97.6%
(cost $138,652)		           139,963 
                
  Cash and other assets, less liabilities—2.4%           3,469 
                
  Net assets—100.0%          $143,432 

 

See accompanying Notes to Portfolio of Investments.

 

Low Duration Fund

 

Portfolio of Investments, September 30, 2020 (unaudited)

 

 

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.

SOFR = Secured Overnight Financing Rate

VRN = Variable Rate Note

(a) Amount is less than minimum amount disclosed.

 

See accompanying Notes to Portfolio of Investments.

 

Macro Allocation Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer       Shares or
Principal
Amount		   Value
                
  Exchange-Traded Funds—70.8%             
                
  Equity Exchange-Traded Funds—61.4%             
  iShares MSCI Brazil ETF      29,300   $811 
  iShares MSCI Chile ETF      514,900    12,404 
  iShares MSCI China ETF      56,500    4,191 
  SPDR S&P 500 ETF Trust      665,700    222,936 
  Utilities Select Sector SPDR Fund      17,500    1,039 
  Vietnam Enterprise Investments, Ltd. Class “C”      1,647,473    9,566 
                
  Total Equity Exchange-Traded Funds           250,947 
                
  Fixed Income Exchange-Traded Funds—9.4%             
  iShares iBoxx $ Investment Grade Corporate Bond ETF      100,300    13,511 
  iShares MBS ETF      186,700    20,612 
  SPDR Bloomberg Barclays High Yield Bond ETF      42,200    4,400 
                
  Total Fixed Income Exchange-Traded Funds           38,523 
                
  Total Exchange-Traded Funds—70.8%
(cost $251,928)		           289,470 
                
  Foreign Government Bond—3.2%              
                
  Malaysia—3.2%              
  Malaysia Government Bond, 4.160%, due 7/15/21     MYR54,040    13,235 
                
  Total Foreign Government Bond—3.2%
(cost $13,097)		           13,235 
                
  Repurchase Agreement—2.5%             
  Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $9,965, collateralized by U.S. Treasury Note, 2.750%, due 2/15/28, valued at $10,164     $9,965    9,965 
                
  Total Repurchase Agreement—2.5%
(cost $9,965)		           9,965 
                
  U.S. Government—25.0%             
  U.S. Treasury Bill, 1.358%, due 10/8/20 (a)      4,475    4,475 
  U.S. Treasury Bill, 1.520%, due 11/5/20 (a)      12,757    12,756 
  U.S. Treasury Bill, 1.524%, due 12/3/20 (a)      15,000    14,998 
  U.S. Treasury Bill, 1.454%, due 12/31/20      7,500    7,498 
  U.S. Treasury Bill, 1.400%, due 1/28/21      7,500    7,498 
  U.S. Treasury Bill, 1.273%, due 2/25/21 (b)      7,500    7,497 
  U.S. Treasury Bill, 0.212%, due 3/25/21      7,500    7,496 
  U.S. Treasury Bill, 0.162%, due 4/22/21 (a)(b)      7,500    7,496 
  U.S. Treasury Bill, 0.157%, due 5/20/21      7,500    7,496 
  U.S. Treasury Bill, 0.192%, due 6/17/21 (a)      7,500    7,495 
  U.S. Treasury Bill, 0.154%, due 7/15/21 (a)(b)      7,500    7,494 

 

See accompanying Notes to Portfolio of Investments.

 

Macro Allocation Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

  Issuer    Principal
Amount		   Value
  U.S. Treasury Bill, 0.142%, due 8/12/21 (b)  $5,000   $4,996 
  U.S. Treasury Bill, 0.137%, due 9/9/21   5,000    4,994 
             
  Total U.S. Government—25.0%
(cost $102,017)		        102,189 
             
  Total Investments in Securities—101.5%
(cost $377,007)		        414,859 
             
  Liabilities, plus cash and other assets—(1.5)%        (5,967)
             
  Net assets—100.0%       $408,892 

 

 

(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 $33,420 (in thousands).

(b) Security, or portion of security, is pledged as collateral for forward foreign currency contracts and for OTC swap contracts aggregating a total value of $7,862 (in thousands).

 

Forward Foreign Currency Contracts

 

  Settlement
Date		  Deliver/Receive  Counterparty  Local Currency
(in thousands)		   USD (Base)
Purchased
or Sold		   Current
Value		   Net
Unrealized
Appreciation
(Depreciation)		 
                         
  Purchased                          
                             
  10/14/20  Australian Dollar  Citibank N.A. London   4,055   $2,851   $2,904   $53 
  10/14/20  Brazilian Real  Citibank N.A. London   139,799    26,428    24,885    (1,543)
  10/14/20  British Pound Sterling  Citibank N.A. London   12,457    16,067    16,075    8 
  10/14/20  Canadian Dollar  Citibank N.A. London   1,015    760    762    2 
  10/14/20  Chinese Yuan Renminbi  Citibank N.A. London   13,708    2,007    2,021    14 
  10/14/20  Colombian Peso  Citibank N.A. London   84,764,020    22,842    22,135    (707)
  10/14/20  Czech Koruna  Citibank N.A. London   16,878    731    731    — 
  10/14/20  Euro  Citibank N.A. London   1,397    1,624    1,638    14 
  10/14/20  Hong Kong Dollar  Citibank N.A. London   9,894    1,277    1,277    — 
  10/14/20  Indian Rupee  Citibank N.A. London   704,060    9,571    9,565    (6)
  10/14/20  Indonesian Rupiah  Citibank N.A. London   14,406,246    968    969    1 
  10/14/20  Israeli Shekel  Citibank N.A. London   7,679    2,212    2,242    30 
  10/14/20  Japanese Yen  Citibank N.A. London   3,690,496    35,081    34,997    (84)
  10/14/20  Mexican Peso  Citibank N.A. London   800,218    37,496    36,139    (1,357)
  10/14/20  New Turkish Lira  Citibank N.A. London   268,807    35,572    34,720    (852)
  10/14/20  New Zealand Dollar  Citibank N.A. London   2,919    1,913    1,931    18 
  10/14/20  Norwegian Krone  Citibank N.A. London   163,449    18,250    17,524    (726)
  10/14/20  Philippine Peso  Citibank N.A. London   1,336,365    27,495    27,575    80 
  10/14/20  Russian Ruble  Citibank N.A. London   2,003,995    26,739    25,766    (973)
  10/14/20  Singapore Dollar  Citibank N.A. London   48,861    35,800    35,795    (5)
  10/14/20  South African Rand  Citibank N.A. London   320,060    19,027    19,080    53 
  10/14/20  South Korean Won  Citibank N.A. London   829,583    712    711    (1)
  10/14/20  Swedish Krona  Citibank N.A. London   116,802    13,411    13,044    (367)
  10/14/20  Swiss Franc  Citibank N.A. London   2,070    2,229    2,248    19 
  10/14/20  Taiwan Dollar  Citibank N.A. London   19,670    680    680    — 
  10/14/20  Thai Baht  Citibank N.A. London   50,914    1,613    1,607    (6)
                          $(6,335)

 

See accompanying Notes to Portfolio of Investments.

 

Macro Allocation Fund

 

Portfolio of Investments, September 30, 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                          
                             
  10/14/20  Australian Dollar  Citibank N.A. London   57,398   $41,851   $41,113   $738 
  10/14/20  Brazilian Real  Citibank N.A. London   9,563    1,722    1,702    20 
  10/14/20  British Pound Sterling  Citibank N.A. London   1,000    1,274    1,290    (16)
  10/14/20  Canadian Dollar  Citibank N.A. London   9,467    7,193    7,110    83 
  10/14/20  Chilean Peso  Citibank N.A. London   3,945,155    5,154    5,026    128 
  10/14/20  Chinese Yuan Renminbi  Citibank N.A. London   273,007    39,916    40,242    (326)
  10/14/20  Colombian Peso  Citibank N.A. London   6,111,784    1,576    1,596    (20)
  10/14/20  Czech Koruna  Citibank N.A. London   398,244    17,836    17,257    579 
  10/14/20  Euro  Citibank N.A. London   20,587    24,483    24,143    340 
  10/14/20  Hong Kong Dollar  Citibank N.A. London   143,476    18,508    18,513    (5)
  10/14/20  Indian Rupee  Citibank N.A. London   74,299    1,009    1,009    — 
  10/14/20  Indonesian Rupiah  Citibank N.A. London   253,739,957    16,858    17,066    (208)
  10/14/20  Israeli Shekel  Citibank N.A. London   108,016    31,573    31,534    39 
  10/14/20  Japanese Yen  Citibank N.A. London   173,203    1,640    1,642    (2)
  10/14/20  Mexican Peso  Citibank N.A. London   50,788    2,268    2,294    (26)
  10/14/20  New Turkish Lira  Citibank N.A. London   10,049    1,304    1,298    6 
  10/14/20  New Zealand Dollar  Citibank N.A. London   44,165    29,487    29,218    269 
  10/14/20  Norwegian Krone  Citibank N.A. London   163,449    17,626    17,524    102 
  10/14/20  Philippine Peso  Citibank N.A. London   94,520    1,949    1,950    (1)
  10/14/20  Russian Ruble  Citibank N.A. London   422,155    5,474    5,427    47 
  10/14/20  Singapore Dollar  Citibank N.A. London   3,801    2,766    2,785    (19)
  10/14/20  South African Rand  Citibank N.A. London   22,678    1,320    1,352    (32)
  10/14/20  South Korean Won  Citibank N.A. London   9,953,529    8,391    8,536    (145)
  10/14/20  Swedish Krona  Citibank N.A. London   9,154    1,022    1,022    — 
  10/14/20  Swiss Franc  Citibank N.A. London   29,112    32,125    31,618    507 
  10/14/20  Taiwan Dollar  Citibank N.A. London   237,490    8,140    8,212    (72)
  10/14/20  Thai Baht  Citibank N.A. London   698,065    22,047    22,029    18 
                          $2,004 
Total net unrealized appreciation (depreciation) on forward foreign currency contracts   $(4,331)

 

See accompanying Notes to Portfolio of Investments.

 

Macro Allocation Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

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                               
                                  
  104    CAC 40 Index  October 2020  Euro   4,993   $6,134   $5,854   $(280)
  103    IBEX 35 Index  October 2020  Euro   6,932    8,501    8,128    (373)
  25    HSCEI Index  October 2020  Hong Kong Dollar   11,725    1,510    1,513    3 
  588    MSCI Singapore ETS Index  October 2020  Singapore Dollar   16,623    12,139    12,177    38 
  22    MSCI Taiwan Index  October 2020  U.S. Dollar   1,085    1,072    1,085    13 
  29    KOSPI 200 Index  December 2020  South Korean Won   2,247,138    1,925    1,922    (3)
  2    NIKKEI 225 Index  December 2020  Japanese Yen   23,205    219    220    1 
  119    SPI 200 Index  December 2020  Australian Dollar   17,261    12,557    12,363    (194)
  17    DAX Index  December 2020  Euro   5,431    6,599    6,368    (231)
  464    FTSE 100 Index  December 2020  British Pound Sterling   27,105    36,026    34,974    (1,052)
  36    FTSE MIB Index  December 2020  Euro   3,414    4,174    4,002    (172)
  628    MSCI Indonesia Index  December 2020  U.S. Dollar   7,696    8,236    7,696    (540)
  708    MSCI World Energy Index  December 2020  U.S. Dollar   12,312    13,526    12,312    (1,214)
                               $(4,004)
                                  
  Short                               
                                  
  8    Amsterdam Index  October 2020  Euro   876   $1,041   $1,027   $14 
  33    OMXS 30 Index  October 2020  Swedish Krona   6,043    665    675    (10)
  225    EURO-BTP  December 2020  Euro   33,206    38,404    38,932    (528)
  78    FTSE 40 Index  December 2020  South African Rand   39,298    2,438    2,346    92 
  2    S&P TSE 60 Index  December 2020  Canadian Dollar   385    290    289    1 
  58    10YR Can Bond  December 2020  Canadian Dollar   8,805    6,616    6,612    4 
  781    EURO STOXX 50 Index  December 2020  Euro   24,945    30,334    29,247    1,087 
  152    MSCI Emerging Markets Index  December 2020  U.S. Dollar   8,273    8,336    8,273    63 
  269    MSCI Mexico Index  December 2020  U.S. Dollar   4,796    4,993    4,796    197 
  36    NASDAQ 100 E Mini Index  December 2020  U.S. Dollar   8,213    7,955    8,213    (258)
  1,216    S&P 500 E Mini Index  December 2020  U.S. Dollar   203,802    205,232    203,802    1,430 
  26    S&P E Mini Com Ser Index  December 2020  U.S. Dollar   2,020    2,072    2,019    53 
  51    SWISS Markets Index  December 2020  Swiss Franc   5,194    5,801    5,639    162 
  18    XAK Technology  December 2020  U.S. Dollar   2,115    2,046    2,115    (69)
  28    XAY Cons Discret  December 2020  U.S. Dollar   4,153    4,163    4,153    10 
                               $2,248 
Total net unrealized appreciation (depreciation) on futures contracts   $(1,756)

 

See accompanying Notes to Portfolio of Investments.

 

Macro Allocation Fund

 

Portfolio of Investments, September 30, 2020 (all dollar amounts in thousands) (unaudited)

 

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 1-Week Repo Rate  Pay   2.800%   3M  December
2025   		  LCH  CNY 213,550   $–   $187   $187 

 

Total Return Swaps

 

Reference Entity  Pay/Receive
Floating/Fixed
Rate		  Floating/Fixed Rate  Maturity
Dates		  Counterparty  Notional
Amount
(in
thousands)		   Market
Value		   Unrealized
Appreciation
(Depreciation)		 
10YR T-Note Future  Pay  0 bp  Dec 2020  Credit Suisse International  $35,907   $92   $92 
5YR T-Note Future  Pay  0 bp  Dec 2020  Credit Suisse International   16,496    14    14 
CSI 500 Net Total Return Index USD  Pay  (1,305) bp  Sep 2021  Credit Suisse International   9,055    (566)   (566)
Euro-Bund Future  Receive  0 bp  Dec 2020  Credit Suisse International  EUR 2,088    (8)   (8)
RTS Index Future  Pay  0 bp  Dec 2020  Credit Suisse International  $4,858    (131)   (131)
                         $(599)

 

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  EUR 8,183    $42   $172   $130 
                                        
Total net unrealized appreciation (depreciation) on swaps    $(282)

 

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. As of the date of this report, the Trust 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. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

(c) TBA Securities

 

The Fixed Income Funds may invest in mortgage pass-through securities eligible to be sold in the “to-be announced” market (“TBAs”). TBAs provide for the forward or delayed delivery of the underlying instrument with settlement in up to 180 days. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is generally announced 48 hours before the settlement date. A Fund generally has the ability to close out a TBA obligation on or before the settlement date, rather than take delivery of the security. When a Fund sells TBAs, it incurs risks similar to those incurred in short sales. For example, when a Fund sells TBAs without owning or having the right to obtain the deliverable securities it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold the securities.

 

(d) Securities Sold, Not Yet Purchased

 

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

 

(2) Valuation

 

(a) Investment Valuation

 

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

 

The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of September 30, 2020, fair valuation estimates for foreign equity securities were not obtained.

 

Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.

 

Repurchase agreements are valued at cost, which approximates fair value.

 

Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the Over-the-Counter (“OTC”) market shall be valued by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which they are traded most extensively, or if no settlement price is available, at the last sale price as of the close of the exchange. Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.

 

Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset. All other swap contracts are valued by an independent pricing service. Depending on the product and the terms of the transaction, the independent pricing service may use a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates.

 

Securities, and other assets, for which a market price is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value as determined in good faith by, or under the direction of, the Board of Trustees and in accordance with the Valuation Procedures approved by the Board of Trustees. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.

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(b) Fair Value Measurements

 

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

 

  • Level 1—Quoted prices (unadjusted) in active markets for an identical security.
     
  • Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated.
     
  • Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available.

 

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

 

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

 

Exchange-Traded Securities

 

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

 

Fixed Income Securities

 

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agency obligations, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, asset-backed securities, non-U.S. bonds and commercial paper are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.

 

Repurchase Agreements

 

Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.

 

Derivative Instruments

 

Listed derivatives, such as certain options and futures contracts, that are actively traded are valued based on quoted prices from the exchange on which they are traded most extensively and are categorized as Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap and certain option contracts related to interest rates, foreign currencies, the credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled by independent pricing services taking into account the counterparties’ creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of forward foreign currency contracts and interest rate swaps. A substantial majority of OTC derivative products valued by a Fund using pricing models fall into this category and are categorized within Level 2 of the fair value hierarchy.

 

As of September 30, 2020, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

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Investments in securities   Growth    Large Cap
Growth		   Mid Cap
Growth		   Small-Mid
Cap Core		 
Level 1 - Quoted prices                       
Common Stocks   $ 262,208    $617,346   $71,961   $55,028 
Level 2 - Other significant observable inputs                       
Repurchase Agreements     4,340     4,335    1,043    372 
Level 3 - Significant unobservable inputs                       
None     —     —    —    — 
Total investments in securities   $ 266,548    $621,681   $73,004   $55,400 
                        
Investments in securities  Small-Mid
Cap Growth		   Small-Mid
Cap Value		   Small Cap
Growth		   Small Cap
Value		 
Level 1 - Quoted prices                    
Common Stocks  $2,982,053   $1,116   $526,158   $70,871 
Level 2 - Other significant observable inputs                    
Repurchase Agreements   100,085    —    7,610    702 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $3,082,138   $1,116   $533,768   $71,573 
                     
Investments in securities  Global
Leaders		   International
Leaders		   International
Growth		   Institutional
International
Growth		 
Level 1 - Quoted prices                    
Common Stocks  $106,835   $858,939   $2,030,596   $1,199,264 
Level 2 - Other significant observable inputs                    
Common Stocks   —    —    5,418    3,196 
Repurchase Agreements   2,398    5,620    4,233    — 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $109,233   $864,559   $2,040,247   $1,202,460 
                     
Investments in securities  International
Small Cap
Growth		   Emerging
Markets
Leaders		   Emerging
Markets
Growth		   Emerging
Markets
Small Cap
Growth		 
Level 1 - Quoted prices                    
Common Stocks  $287,677   $231,593   $1,000,130   $267,481 
Preferred Stocks   —    —    —    2,013 
Level 2 - Other significant observable inputs                    
Common Stocks   —    2,931    —    5,093 
Repurchase Agreements   4,364    5,203    27,463    2,049 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total investments in securities  $292,041   $239,727   $1,027,593   $276,636 
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Investments in securities  Bond   Income   Low
Duration		   Macro
Allocation		 
Assets                    
Level 1 - Quoted Prices                    
Exchange-Traded Funds  $—   $—   $—   $289,470 
Level 2 - Other significant observable inputs                    
Asset-Backed Securities   4,091    3,426    16,517    — 
Commercial Paper   1,500    250    —    — 
Corporate Obligations   123,170    25,071    37,207    — 
Foreign Government Bonds   —    —    —    13,235 
Repurchase Agreements   119    —    —    9,965 
U.S. Government and U.S. Government Agency   182,204    44,617    86,239    102,189 
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  $311,084   $73,364   $139,963   $414,859 
Other financial instruments                    
Assets                    
Level 1 - Quoted Prices                    
Futures Contracts  $—   $—   $—   $3,168 
Level 2 - Other significant observable inputs                    
Forward Foreign Currency Contracts   —    —    —    3,168 
Swaps   —    —    —    423 
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Liabilities                    
Level 1 - Quoted Prices                    
Futures Contracts   —    —    —    (4,924)
Level 2 - Other significant observable inputs                    
Forward Foreign Currency Contracts   —    —    —    (7,499)
Swaps   (244)   (122)   —    (705)
Level 3 - Significant unobservable inputs                    
None   —    —    —    — 
Total other financial instruments  $(244)  $(122)  $—   $(6,369)

 

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

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(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. A futures contract can be closed out prior to delivery by entering into an offsetting transaction in a matching futures contract. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is made. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, a Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, a Fund will continue to be required to maintain the margin deposits on the futures contract.

 

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

 

Options

 

The purchase or sale of an option by a Fund involves the payment or receipt of a premium by the investor and the corresponding right or obligation, as the case may be, either to purchase or sell the underlying security, commodity, or other instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so the investor loses its premium. Writing options involves potentially greater risk because the investor is exposed to the extent of the actual price movement in the underlying security rather than only the amount of the premium paid (which could result in a potentially unlimited loss). OTC options also involve counterparty credit risk.

 

Forward Foreign Currency Contracts

 

The Global Equity, International Equity 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.

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Swap Contracts

 

Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:

 

Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. A Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.

 

Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.

 

Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.

 

Variance Swap—A Fund may invest in variance swaps in order to gain or mitigate its exposure to an underlying reference entity such as a broad based index. A variance swap is an agreement between two parties to exchange cash flows based on the measured variance of a reference entity. The payer agrees to exchange the fixed rate, which is the variance strike price of the reference entity, to the receiver for the floating rate, which is the realized variance price of the reference entity. At the time the trade is originated, the agreed upon variance strike price is generally set so that the fair value of the swap is near zero. At maturity, a net cash flow is exchanged between the parties based on the difference between the final realized variance price of the swap and the variance strike price multiplied by the notional, or vega amount. As a receiver of the floating rate, a Fund would receive a payment if the final realized variance price is greater than the variance strike price and would make a payment if the final realized variance price is less than the variance strike price. As a payer of the floating rate, a Fund would receive a payment if the final realized variance price is less than the variance strike price and would make a payment if the final realized variance price is greater than the variance strike price.

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