Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—39.0% | |||||||||
* | Adobe, Inc. | 14,791 | $ | 8,515 | |||||
* | Advanced Micro Devices, Inc. | 87,107 | 8,963 | ||||||
* | Alarm.com Holdings, Inc. | 20,467 | 1,600 | ||||||
Brooks Automation, Inc. | 24,734 | 2,532 | |||||||
Fidelity National Information Services, Inc. | 51,564 | 6,274 | |||||||
* | GoDaddy, Inc. | 57,906 | 4,036 | ||||||
* | Grid Dynamics Holdings, Inc. | 156,497 | 4,573 | ||||||
Mastercard, Inc. | 38,429 | 13,361 | |||||||
Microsoft Corporation | 106,459 | 30,013 | |||||||
* | MongoDB, Inc. | 7,730 | 3,645 | ||||||
National Instruments Corporation | 100,566 | 3,945 | |||||||
* | Nice, Ltd.—ADR | 19,062 | 5,414 | ||||||
* | PayPal Holdings, Inc. | 47,461 | 12,350 | ||||||
* | Pure Storage, Inc. | 270,215 | 6,799 | ||||||
Texas Instruments, Inc. | 40,562 | 7,796 | |||||||
* | Verra Mobility Corporation | 257,842 | 3,886 | ||||||
* | Workday, Inc. | 22,913 | 5,726 | ||||||
129,428 | |||||||||
Consumer Discretionary—14.3% | |||||||||
Advance Auto Parts, Inc. | 13,993 | 2,923 | |||||||
* | Amazon.com, Inc. | 7,081 | 23,261 | ||||||
* | Bright Horizons Family Solutions, Inc. | 29,563 | 4,122 | ||||||
* | Burlington Stores, Inc. | 7,370 | 2,090 | ||||||
* | Etsy, Inc. | 14,448 | 3,005 | ||||||
* | Revolve Group, Inc. | 33,661 | 2,079 | ||||||
* | Rush Street Interactive, Inc. | 215,861 | 4,147 | ||||||
* | Skyline Champion Corporation | 40,294 | 2,420 | ||||||
* | Ulta Beauty, Inc. | 9,254 | 3,340 | ||||||
47,387 | |||||||||
Health Care—13.2% | |||||||||
* | Aerie Pharmaceuticals, Inc. | 174,661 | 1,991 | ||||||
Agilent Technologies, Inc. | 25,235 | 3,975 | |||||||
* | Certara, Inc. | 89,467 | 2,962 | ||||||
* | HealthEquity, Inc. | 38,694 | 2,506 | ||||||
* | Horizon Therapeutics plc† | 57,606 | 6,310 | ||||||
STERIS plc† | 24,991 | 5,105 | |||||||
Stryker Corporation | 32,638 | 8,607 | |||||||
UnitedHealth Group, Inc. | 21,053 | 8,226 | |||||||
Zoetis, Inc. | 20,364 | 3,954 | |||||||
43,636 | |||||||||
Communication Services—11.4% | |||||||||
Activision Blizzard, Inc. | 39,841 | 3,083 | |||||||
* | Alphabet, Inc. Class “A” | 10,227 | 27,342 | ||||||
Warner Music Group Corporation | 103,909 | 4,441 | |||||||
* | ZipRecruiter, Inc. | 111,322 | 3,073 | ||||||
37,939 | |||||||||
Industrials—9.2% | |||||||||
BWX Technologies, Inc. | 81,870 | 4,410 | |||||||
* | Clarivate plc† | 105,347 | 2,307 | ||||||
* | Copart, Inc. | 43,965 | 6,099 | ||||||
* | CoStar Group, Inc. | 47,046 | 4,049 |
See accompanying Notes to Portfolio of Investments.
Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Industrials — (continued) | |||||||||
Fortive Corporation | 61,647 | $ | 4,350 | ||||||
* | Kornit Digital, Ltd.† | 21,306 | 3,084 | ||||||
The Brink’s Co. | 61,677 | 3,904 | |||||||
* | Trex Co., Inc. | 22,442 | 2,287 | ||||||
30,490 | |||||||||
Consumer Staples—3.1% | |||||||||
The Coca-Cola Co. | 104,429 | 5,480 | |||||||
The Estee Lauder Cos., Inc. | 15,414 | 4,623 | |||||||
10,103 | |||||||||
Financials—3.0% | |||||||||
Aon plc† | 18,785 | 5,368 | |||||||
Ares Management Corporation | 63,365 | 4,678 | |||||||
10,046 | |||||||||
Energy—2.2% | |||||||||
Cameco Corporation† | 228,484 | 4,965 | |||||||
* | Green Plains, Inc. | 71,654 | 2,340 | ||||||
7,305 | |||||||||
Materials—1.5% | |||||||||
Ball Corporation | 55,468 | 4,990 | |||||||
Real Estate—1.0% | |||||||||
SBA Communications Corporation | 9,680 | 3,200 | |||||||
Total Common Stocks—97.9% (cost $164,209) | 324,524 | ||||||||
Exchange-Traded Fund | |||||||||
iShares Russell 1000 Growth ETF | 14,500 | 3,973 | |||||||
Total Exchange-Traded Fund—1.2% (cost $4,196) | 3,973 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $3,206, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $3,270 | $ | 3,206 | 3,206 | ||||||
Total Repurchase Agreement—1.0% (cost $3,206) | 3,206 | ||||||||
Total Investments—100.1% (cost $171,611) | 331,703 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (191 | ) | |||||||
Net assets—100.0% | $ | 331,512 |
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, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—45.3% | |||||||||
Accenture plc† | 88,980 | $ | 28,467 | ||||||
* | Adobe, Inc. | 49,460 | 28,475 | ||||||
* | Advanced Micro Devices, Inc. | 285,368 | 29,364 | ||||||
* | Guidewire Software, Inc. | 92,800 | 11,031 | ||||||
Intuit, Inc. | 47,390 | 25,567 | |||||||
Lam Research Corporation | 31,970 | 18,196 | |||||||
Mastercard, Inc. | 130,790 | 45,473 | |||||||
Microsoft Corporation | 357,400 | 100,758 | |||||||
NVIDIA Corporation | 75,490 | 15,639 | |||||||
* | PayPal Holdings, Inc. | 141,040 | 36,700 | ||||||
* | salesforce.com, Inc. | 103,150 | 27,976 | ||||||
Texas Instruments, Inc. | 123,180 | 23,677 | |||||||
* | Unity Software, Inc. | 47,390 | 5,983 | ||||||
397,306 | |||||||||
Consumer Discretionary—16.5% | |||||||||
* | Amazon.com, Inc. | 22,665 | 74,456 | ||||||
* | Marriott International, Inc. | 147,930 | 21,907 | ||||||
NIKE, Inc. | 180,630 | 26,233 | |||||||
Starbucks Corporation | 198,770 | 21,926 | |||||||
144,522 | |||||||||
Communication Services—12.9% | |||||||||
Activision Blizzard, Inc. | 190,200 | 14,720 | |||||||
* | Alphabet, Inc. Class “A” | 23,220 | 62,079 | ||||||
* | Alphabet, Inc. Class “C” | 5,640 | 15,032 | ||||||
* | Live Nation Entertainment, Inc. | 230,840 | 21,037 | ||||||
112,868 | |||||||||
Health Care—9.4% | |||||||||
* | ABIOMED, Inc. | 42,408 | 13,805 | ||||||
Stryker Corporation | 81,240 | 21,424 | |||||||
UnitedHealth Group, Inc. | 68,360 | 26,711 | |||||||
Zoetis, Inc. | 107,470 | 20,864 | |||||||
82,804 | |||||||||
Industrials—6.4% | |||||||||
* | Copart, Inc. | 148,660 | 20,622 | ||||||
Equifax, Inc. | 74,660 | 18,920 | |||||||
Fortive Corporation | 230,180 | 16,244 | |||||||
55,786 | |||||||||
Consumer Staples—5.2% | |||||||||
Costco Wholesale Corporation | 59,710 | 26,831 | |||||||
The Estee Lauder Cos., Inc. | 62,810 | 18,838 | |||||||
45,669 | |||||||||
Financials—2.6% | |||||||||
Apollo Global Management, Inc. | 368,690 | 22,708 | |||||||
Materials—1.4% | |||||||||
Linde plc† | 41,180 | 12,080 | |||||||
Total Common Stocks—99.7% (cost $570,616) | 873,743 |
See accompanying Notes to Portfolio of Investments.
Large Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $2,571, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $2,622 | $ | 2,571 | $ | 2,571 | |||||
Total Repurchase Agreement—0.3% (cost $2,571) | 2,571 | ||||||||
Total Investments—100.0% (cost $573,187) | 876,314 | ||||||||
Cash and other assets, less liabilities—0.0% | 197 | ||||||||
Net assets—100.0% | $ | 876,511 |
† = 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, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—32.3% | |||||||||
* | Anaplan, Inc. | 23,330 | $ | 1,421 | |||||
* | Cadence Design Systems, Inc. | 20,320 | 3,077 | ||||||
Dolby Laboratories, Inc. | 11,640 | 1,024 | |||||||
* | Dynatrace, Inc. | 34,435 | 2,444 | ||||||
* | EPAM Systems, Inc. | 2,950 | 1,683 | ||||||
* | Euronet Worldwide, Inc. | 13,680 | 1,741 | ||||||
* | GoDaddy, Inc. | 12,510 | 872 | ||||||
* | Guidewire Software, Inc. | 6,892 | 819 | ||||||
MKS Instruments, Inc. | 10,215 | 1,542 | |||||||
* | MongoDB, Inc. | 4,685 | 2,209 | ||||||
* | Nice, Ltd.—ADR | 6,575 | 1,868 | ||||||
* | Palo Alto Networks, Inc. | 3,960 | 1,897 | ||||||
Pegasystems, Inc. | 12,465 | 1,584 | |||||||
* | Pure Storage, Inc. | 83,755 | 2,107 | ||||||
* | SolarEdge Technologies, Inc. | 3,335 | 884 | ||||||
* | Teledyne Technologies, Inc. | 4,625 | 1,987 | ||||||
* | Zendesk, Inc. | 7,860 | 915 | ||||||
28,074 | |||||||||
Health Care—21.5% | |||||||||
* | 10X Genomics, Inc. | 5,790 | 843 | ||||||
* | ABIOMED, Inc. | 5,553 | 1,808 | ||||||
Agilent Technologies, Inc. | 12,460 | 1,963 | |||||||
* | Align Technology, Inc. | 3,170 | 2,109 | ||||||
Bio-Techne Corporation | 2,727 | 1,321 | |||||||
* | Centene Corporation | 12,025 | 749 | ||||||
* | Horizon Therapeutics plc† | 24,060 | 2,636 | ||||||
* | IDEXX Laboratories, Inc. | 2,380 | 1,480 | ||||||
* | Insulet Corporation | 6,255 | 1,778 | ||||||
* | Mettler-Toledo International, Inc. | 940 | 1,295 | ||||||
STERIS plc† | 5,410 | 1,105 | |||||||
* | Veeva Systems, Inc. | 5,420 | 1,562 | ||||||
18,649 | |||||||||
Industrials—15.5% | |||||||||
* | Axon Enterprise, Inc. | 7,480 | 1,309 | ||||||
BWX Technologies, Inc. | 35,514 | 1,913 | |||||||
* | Clarivate plc† | 63,070 | 1,381 | ||||||
* | Copart, Inc. | 23,392 | 3,245 | ||||||
* | CoStar Group, Inc. | 29,585 | 2,546 | ||||||
Equifax, Inc. | 4,515 | 1,144 | |||||||
* | Generac Holdings, Inc. | 2,560 | 1,046 | ||||||
Rockwell Automation, Inc. | 2,870 | 844 | |||||||
13,428 | |||||||||
Consumer Discretionary—11.3% | |||||||||
Advance Auto Parts, Inc. | 4,558 | 952 | |||||||
* | Aptiv plc† | 9,365 | 1,395 | ||||||
* | Bright Horizons Family Solutions, Inc. | 13,935 | 1,943 | ||||||
* | Burlington Stores, Inc. | 7,555 | 2,142 | ||||||
* | Chipotle Mexican Grill, Inc. | 995 | 1,808 | ||||||
* | Etsy, Inc. | 7,744 | 1,611 | ||||||
9,851 |
See accompanying Notes to Portfolio of Investments.
Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Communication Services—5.8% | |||||||||
Cable One, Inc. | 305 | $ | 553 | ||||||
* | Live Nation Entertainment, Inc. | 10,959 | 999 | ||||||
* | Take-Two Interactive Software, Inc. | 6,010 | 926 | ||||||
Warner Music Group Corporation | 41,505 | 1,774 | |||||||
* | Zillow Group, Inc. | 8,590 | 757 | ||||||
5,009 | |||||||||
Materials—4.4% | |||||||||
Ball Corporation | 17,555 | 1,579 | |||||||
Vulcan Materials Co. | 13,280 | 2,247 | |||||||
3,826 | |||||||||
Financials—3.3% | |||||||||
Ares Management Corporation | 17,370 | 1,282 | |||||||
East West Bancorp, Inc. | 20,905 | 1,621 | |||||||
2,903 | |||||||||
Real Estate—1.3% | |||||||||
SBA Communications Corporation | 3,340 | 1,104 | |||||||
Energy—1.3% | |||||||||
New Fortress Energy, Inc. | 39,408 | 1,094 | |||||||
Total Common Stocks—96.7% (cost $60,759) | 83,938 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $2,975, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $3,035 | $ | 2,975 | 2,975 | ||||||
Total Repurchase Agreement—3.4% (cost $2,975) | 2,975 | ||||||||
Total Investments—100.1% (cost $63,734) | 86,913 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (111 | ) | |||||||
Net assets—100.0% | $ | 86,802 |
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, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—17.2% | |||||||||
* | Axon Enterprise, Inc. | 6,189 | $ | 1,083 | |||||
* | Builders FirstSource, Inc. | 37,253 | 1,928 | ||||||
BWX Technologies, Inc. | 21,635 | 1,165 | |||||||
* | Casella Waste Systems, Inc. | 6,791 | 516 | ||||||
* | Chart Industries, Inc. | 2,425 | 463 | ||||||
Douglas Dynamics, Inc. | 12,117 | 440 | |||||||
* | IAA, Inc. | 15,636 | 853 | ||||||
* | Kornit Digital, Ltd.† | 5,895 | 853 | ||||||
Lincoln Electric Holdings, Inc. | 6,483 | 835 | |||||||
Luxfer Holdings plc† | 45,329 | 890 | |||||||
* | Mercury Systems, Inc. | 9,120 | 433 | ||||||
Owens Corning | 15,199 | 1,300 | |||||||
* | Stem, Inc. | 21,364 | 510 | ||||||
The Brink’s Co. | 18,677 | 1,182 | |||||||
* | Trex Co., Inc. | 8,770 | 894 | ||||||
* | WillScot Mobile Mini Holdings Corporation | 22,665 | 719 | ||||||
14,064 | |||||||||
Financials—15.5% | |||||||||
Ares Management Corporation | 17,204 | 1,270 | |||||||
East West Bancorp, Inc. | 22,233 | 1,724 | |||||||
* | Encore Capital Group, Inc. | 11,062 | 545 | ||||||
FirstCash, Inc. | 6,032 | 528 | |||||||
Glacier Bancorp, Inc. | 16,049 | 888 | |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 9,206 | 492 | |||||||
LPL Financial Holdings, Inc. | 5,704 | 894 | |||||||
PacWest Bancorp | 30,875 | 1,399 | |||||||
Virtu Financial, Inc. | 47,111 | 1,151 | |||||||
Voya Financial, Inc. | 10,431 | 641 | |||||||
Western Alliance Bancorp | 20,390 | 2,219 | |||||||
Wintrust Financial Corporation | 10,952 | 880 | |||||||
12,631 | |||||||||
Health Care—14.9% | |||||||||
* | Acadia Healthcare Co., Inc. | 13,792 | 880 | ||||||
* | Certara, Inc. | 26,991 | 893 | ||||||
Chemed Corporation | 1,251 | 582 | |||||||
* | Codexis, Inc. | 42,001 | 977 | ||||||
Encompass Health Corporation | 10,541 | 791 | |||||||
* | Globus Medical, Inc. | 7,818 | 599 | ||||||
* | Hanger, Inc. | 37,749 | 829 | ||||||
* | HealthEquity, Inc. | 6,979 | 452 | ||||||
* | Horizon Therapeutics plc† | 11,151 | 1,221 | ||||||
* | LHC Group, Inc. | 4,353 | 683 | ||||||
* | Ligand Pharmaceuticals, Inc. | 3,193 | 445 | ||||||
* | Merit Medical Systems, Inc. | 21,470 | 1,542 | ||||||
Owens & Minor, Inc. | 47,463 | 1,485 | |||||||
STERIS plc† | 3,730 | 762 | |||||||
12,141 | |||||||||
Consumer Discretionary—12.8% | |||||||||
Aramark | 20,722 | 681 | |||||||
* | Boot Barn Holdings, Inc. | 14,296 | 1,270 | ||||||
* | Bright Horizons Family Solutions, Inc. | 5,476 | 763 | ||||||
* | Burlington Stores, Inc. | 2,894 | 821 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Core Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary—(continued) | |||||||||
* | Callaway Golf Co. | 21,581 | $ | 596 | |||||
* | Fox Factory Holding Corporation | 6,035 | 872 | ||||||
* | Grand Canyon Education, Inc. | 9,981 | 878 | ||||||
* | National Vision Holdings, Inc. | 13,574 | 771 | ||||||
* | Overstock.com, Inc. | 11,667 | 909 | ||||||
* | Skyline Champion Corporation | 21,921 | 1,317 | ||||||
* | Terminix Global Holdings, Inc. | 12,457 | 519 | ||||||
Wyndham Hotels & Resorts, Inc. | 13,567 | 1,047 | |||||||
10,444 | |||||||||
Information Technology—10.9% | |||||||||
* | Alarm.com Holdings, Inc. | 8,890 | 695 | ||||||
Brooks Automation, Inc. | 10,692 | 1,094 | |||||||
CMC Materials, Inc. | 3,337 | 411 | |||||||
* | Cree, Inc. | 6,428 | 519 | ||||||
Entegris, Inc. | 5,121 | 645 | |||||||
* | Euronet Worldwide, Inc. | 6,335 | 806 | ||||||
* | Nice, Ltd.—ADR | 3,986 | 1,132 | ||||||
Power Integrations, Inc. | 7,908 | 783 | |||||||
* | Pure Storage, Inc. | 35,520 | 894 | ||||||
* | SolarEdge Technologies, Inc. | 3,038 | 806 | ||||||
* | Verra Mobility Corporation | 76,037 | 1,146 | ||||||
8,931 | |||||||||
Energy—7.7% | |||||||||
Cameco Corporation† | 72,945 | 1,585 | |||||||
* | Denbury, Inc. | 27,185 | 1,910 | ||||||
* | Green Plains, Inc. | 26,552 | 867 | ||||||
New Fortress Energy, Inc. | 30,718 | 852 | |||||||
Whitecap Resources, Inc. † | 197,939 | 1,105 | |||||||
6,319 | |||||||||
Real Estate—5.5% | |||||||||
Acadia Realty Trust | 52,018 | 1,062 | |||||||
Americold Realty Trust | 22,288 | 647 | |||||||
CoreSite Realty Corporation | 6,624 | 918 | |||||||
Equity LifeStyle Properties, Inc. | 16,272 | 1,271 | |||||||
Healthcare Realty Trust, Inc. | 20,046 | 597 | |||||||
4,495 | |||||||||
Materials—4.8% | |||||||||
* | Century Aluminum Co. | 32,621 | 439 | ||||||
Crown Holdings, Inc. | 12,589 | 1,268 | |||||||
Eagle Materials, Inc. | 6,571 | 862 | |||||||
Martin Marietta Materials, Inc. | 2,265 | 774 | |||||||
* | Orion Engineered Carbons S.A.† | 33,307 | 607 | ||||||
3,950 | |||||||||
Consumer Staples—4.2% | |||||||||
Inter Parfums, Inc. | 10,584 | 791 | |||||||
* | Performance Food Group Co. | 23,700 | 1,101 | ||||||
Primo Water Corporation† | 34,984 | 550 | |||||||
Spectrum Brands Holdings, Inc. | 10,332 | 989 | |||||||
3,431 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Core Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Communication Services—2.9% | |||||||||
Cable One, Inc. | 307 | $ | 557 | ||||||
* | Live Nation Entertainment, Inc. | 6,471 | 590 | ||||||
* | ZipRecruiter, Inc. | 42,449 | 1,171 | ||||||
2,318 | |||||||||
Utilities—1.2% | |||||||||
IDACORP, Inc. | 9,435 | 975 | |||||||
Total Common Stocks—97.6% (cost $69,981) | 79,699 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $1,238, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $1,263 | $ | 1,238 | 1,238 | ||||||
Total Repurchase Agreement—1.5% (cost $1,238) | 1,238 | ||||||||
Total Investments—99.1% (cost $71,219) | 80,937 | ||||||||
Cash and other assets, less liabilities—0.9% | 718 | ||||||||
Net assets—100.0% | $ | 81,655 |
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, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Health Care—27.1% | |||||||||
* | 10X Genomics, Inc. | 224,750 | $ | 32,719 | |||||
* | ABIOMED, Inc. | 161,104 | 52,443 | ||||||
* | Acadia Healthcare Co., Inc. | 729,814 | 46,548 | ||||||
* | Amedisys, Inc. | 164,825 | 24,575 | ||||||
Bio-Techne Corporation | 134,326 | 65,090 | |||||||
* | Blueprint Medicines Corporation | 331,869 | 34,120 | ||||||
* | Certara, Inc. | 611,947 | 20,255 | ||||||
* | Charles River Laboratories International, Inc. | 162,833 | 67,196 | ||||||
Chemed Corporation | 69,443 | 32,299 | |||||||
Encompass Health Corporation | 618,433 | 46,407 | |||||||
* | Halozyme Therapeutics, Inc. | 964,050 | 39,218 | ||||||
* | HealthEquity, Inc. | 690,090 | 44,690 | ||||||
* | Horizon Therapeutics plc† | 533,693 | 58,461 | ||||||
* | Insmed, Inc. | 888,765 | 24,477 | ||||||
* | Inspire Medical Systems, Inc. | 164,807 | 38,380 | ||||||
* | Insulet Corporation | 148,776 | 42,287 | ||||||
* | Ligand Pharmaceuticals, Inc. | 231,292 | 32,224 | ||||||
* | Merit Medical Systems, Inc. | 501,171 | 35,984 | ||||||
* | Pacific Biosciences of California, Inc. | 789,017 | 20,159 | ||||||
* | Penumbra, Inc. | 147,268 | 39,247 | ||||||
* | Twist Bioscience Corporation | 227,901 | 24,379 | ||||||
* | Veracyte, Inc. | 753,421 | 34,996 | ||||||
856,154 | |||||||||
Information Technology—24.5% | |||||||||
* | Alarm.com Holdings, Inc. | 455,879 | 35,645 | ||||||
* | Avalara, Inc. | 268,418 | 46,911 | ||||||
Brooks Automation, Inc. | 650,755 | 66,605 | |||||||
* | Cree, Inc. | 274,172 | 22,134 | ||||||
* | Dynatrace, Inc. | 1,124,743 | 79,823 | ||||||
Entegris, Inc. | 314,297 | 39,570 | |||||||
* | Euronet Worldwide, Inc. | 434,598 | 55,316 | ||||||
* | GoDaddy, Inc. | 457,303 | 31,874 | ||||||
* | Guidewire Software, Inc. | 353,001 | 41,961 | ||||||
National Instruments Corporation | 876,782 | 34,396 | |||||||
* | Nice, Ltd.—ADR | 211,225 | 59,996 | ||||||
* | Novanta, Inc.† | 186,003 | 28,737 | ||||||
Pegasystems, Inc. | 240,981 | 30,629 | |||||||
* | Pure Storage, Inc. | 2,484,143 | 62,501 | ||||||
* | SolarEdge Technologies, Inc. | 122,242 | 32,421 | ||||||
* | Varonis Systems, Inc. | 671,759 | 40,877 | ||||||
* | Workiva, Inc. | 245,772 | 34,644 | ||||||
* | Zendesk, Inc. | 269,816 | 31,404 | ||||||
775,444 | |||||||||
Industrials—15.6% | |||||||||
* | Axon Enterprise, Inc. | 357,501 | 62,570 | ||||||
* | Builders FirstSource, Inc. | 1,464,604 | 75,778 | ||||||
BWX Technologies, Inc. | 1,204,513 | 64,875 | |||||||
* | Chart Industries, Inc. | 123,450 | 23,592 | ||||||
* | Generac Holdings, Inc. | 37,512 | 15,330 | ||||||
HEICO Corporation | 197,723 | 23,416 | |||||||
Lincoln Electric Holdings, Inc. | 192,785 | 24,829 | |||||||
* | Mercury Systems, Inc. | 625,004 | 29,638 | ||||||
Ritchie Bros Auctioneers, Inc.† | 603,713 | 37,225 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Industrials — (continued) | |||||||||
* | Stem, Inc. | 813,295 | $ | 19,430 | |||||
The Brink’s Co. | 842,792 | 53,349 | |||||||
* | Trex Co., Inc. | 627,242 | 63,935 | ||||||
493,967 | |||||||||
Consumer Discretionary—13.4% | |||||||||
* | Bright Horizons Family Solutions, Inc. | 375,985 | 52,420 | ||||||
* | Burlington Stores, Inc. | 125,308 | 35,534 | ||||||
* | Fox Factory Holding Corporation | 330,263 | 47,736 | ||||||
* | Grand Canyon Education, Inc. | 361,372 | 31,786 | ||||||
* | Helen of Troy, Ltd.† | 169,606 | 38,107 | ||||||
* | Leslie’s, Inc. | 1,668,239 | 34,266 | ||||||
* | National Vision Holdings, Inc. | 646,473 | 36,700 | ||||||
* | Overstock.com, Inc. | 469,322 | 36,569 | ||||||
* | Revolve Group, Inc. | 585,897 | 36,191 | ||||||
* | Terminix Global Holdings, Inc. | 711,261 | 29,638 | ||||||
Wyndham Hotels & Resorts, Inc. | 596,551 | 46,048 | |||||||
424,995 | |||||||||
Financials—4.9% | |||||||||
Ares Management Corporation | 586,835 | 43,326 | |||||||
FirstCash, Inc. | 298,676 | 26,134 | |||||||
Virtu Financial, Inc. | 1,882,294 | 45,985 | |||||||
Western Alliance Bancorp | 372,935 | 40,583 | |||||||
156,028 | |||||||||
Materials—4.0% | |||||||||
Crown Holdings, Inc. | 666,902 | 67,211 | |||||||
Martin Marietta Materials, Inc. | 172,642 | 58,988 | |||||||
126,199 | |||||||||
Communication Services—3.4% | |||||||||
Cable One, Inc. | 21,555 | 39,082 | |||||||
* | Live Nation Entertainment, Inc. | 433,320 | 39,488 | ||||||
* | Zynga, Inc. | 3,860,785 | 29,072 | ||||||
107,642 | |||||||||
Energy—3.2% | |||||||||
Cameco Corporation† | 2,262,978 | 49,175 | |||||||
* | Denbury, Inc. | 529,111 | 37,170 | ||||||
New Fortress Energy, Inc. | 578,359 | 16,049 | |||||||
102,394 | |||||||||
Consumer Staples—1.9% | |||||||||
* | Celsius Holdings, Inc. | 309,025 | 27,840 | ||||||
* | Performance Food Group Co. | 678,483 | 31,522 | ||||||
59,362 | |||||||||
Real Estate—1.1% | |||||||||
FirstService Corporation† | 185,342 | 33,451 | |||||||
Total Common Stocks—99.1% (cost $2,283,729) | 3,135,636 |
See accompanying Notes to Portfolio of Investments.
Small-Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $41,286, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $42,112 | $ | 41,286 | $ | 41,286 | |||||
Total Repurchase Agreement—1.3% (cost $41,286) | 41,286 | ||||||||
Total Investments—100.4% (cost $2,325,015) | 3,176,922 | ||||||||
Liabilities, plus cash and other assets—(0.4)% | (13,308 | ) | |||||||
Net assets—100.0% | $ | 3,163,614 |
ADR = American Depository Receipt
* = 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, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—23.4% | |||||||||
* | Alarm.com Holdings, Inc. | 98,360 | $ | 7,691 | |||||
American Software, Inc. | 274,860 | 6,528 | |||||||
Brooks Automation, Inc. | 141,535 | 14,486 | |||||||
* | BTRS Holdings, Inc. | 348,630 | 3,709 | ||||||
CMC Materials, Inc. | 50,740 | 6,253 | |||||||
Computer Services, Inc. | 112,089 | 6,613 | |||||||
* | Euronet Worldwide, Inc. | 60,700 | 7,726 | ||||||
* | Grid Dynamics Holdings, Inc. | 341,235 | 9,971 | ||||||
* | J2 Global, Inc. | 86,563 | 11,826 | ||||||
Littelfuse, Inc. | 14,353 | 3,922 | |||||||
* | LivePerson, Inc. | 143,277 | 8,446 | ||||||
* | LiveRamp Holdings, Inc. | 156,880 | 7,409 | ||||||
* | Novanta, Inc.† | 39,220 | 6,059 | ||||||
* | PAR Technology Corporation | 31,030 | 1,909 | ||||||
* | PDF Solutions, Inc. | 323,484 | 7,453 | ||||||
* | PROS Holdings, Inc. | 192,990 | 6,847 | ||||||
* | Pure Storage, Inc. | 484,006 | 12,178 | ||||||
* | SiTime Corporation | 41,335 | 8,439 | ||||||
* | Upland Software, Inc. | 176,810 | 5,913 | ||||||
* | Varonis Systems, Inc. | 140,600 | 8,556 | ||||||
* | Verra Mobility Corporation | 724,189 | 10,914 | ||||||
* | Vertex, Inc. | 251,763 | 4,839 | ||||||
* | WNS Holdings, Ltd.—ADR | 93,692 | 7,664 | ||||||
175,351 | |||||||||
Health Care—22.6% | |||||||||
* | Acadia Healthcare Co., Inc. | 136,469 | 8,704 | ||||||
* | Aerie Pharmaceuticals, Inc. | 762,431 | 8,692 | ||||||
* | Amicus Therapeutics, Inc. | 586,760 | 5,604 | ||||||
* | Axogen, Inc. | 363,063 | 5,736 | ||||||
* | Blueprint Medicines Corporation | 53,540 | 5,504 | ||||||
* | Butterfly Network, Inc. | 303,869 | 3,172 | ||||||
* | Certara, Inc. | 273,493 | 9,053 | ||||||
* | Codexis, Inc. | 415,468 | 9,664 | ||||||
* | CryoLife, Inc. | 275,012 | 6,130 | ||||||
* | Halozyme Therapeutics, Inc. | 157,820 | 6,420 | ||||||
* | Hanger, Inc. | 438,500 | 9,629 | ||||||
* | Health Catalyst, Inc. | 235,858 | 11,795 | ||||||
* | HealthEquity, Inc. | 100,415 | 6,503 | ||||||
* | Innovage Holding Corporation | 338,670 | 2,239 | ||||||
* | Insmed, Inc. | 254,940 | 7,021 | ||||||
* | Inspire Medical Systems, Inc. | 39,530 | 9,206 | ||||||
* | LHC Group, Inc. | 48,463 | 7,604 | ||||||
* | Ligand Pharmaceuticals, Inc. | 69,728 | 9,715 | ||||||
* | Merit Medical Systems, Inc. | 177,740 | 12,762 | ||||||
* | Pacific Biosciences of California, Inc. | 135,090 | 3,452 | ||||||
* | Twist Bioscience Corporation | 42,396 | 4,535 | ||||||
US Physical Therapy, Inc. | 54,037 | 5,976 | |||||||
* | Veracyte, Inc. | 150,350 | 6,984 | ||||||
* | Vericel Corporation | 69,100 | 3,372 | ||||||
169,472 | |||||||||
Industrials—20.8% | |||||||||
Albany International Corporation | 103,965 | 7,992 | |||||||
* | Builders FirstSource, Inc. | 282,330 | 14,608 |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Industrials — (continued) | |||||||||
BWX Technologies, Inc. | 237,509 | $ | 12,792 | ||||||
* | Casella Waste Systems, Inc. | 190,190 | 14,443 | ||||||
Douglas Dynamics, Inc. | 172,173 | 6,250 | |||||||
* | Ducommun, Inc. | 267,729 | 13,480 | ||||||
* | Energy Recovery, Inc. | 376,956 | 7,174 | ||||||
* | IAA, Inc. | 146,180 | 7,977 | ||||||
* | Kornit Digital, Ltd.† | 61,630 | 8,920 | ||||||
Lincoln Electric Holdings, Inc. | 51,360 | 6,615 | |||||||
Luxfer Holdings plc† | 489,016 | 9,599 | |||||||
* | Mercury Systems, Inc. | 96,376 | 4,570 | ||||||
* | Montrose Environmental Group, Inc. | 224,778 | 13,878 | ||||||
Ritchie Bros Auctioneers, Inc.† | 145,675 | 8,982 | |||||||
* | Stem, Inc. | 224,404 | 5,361 | ||||||
The Brink’s Co. | 211,516 | 13,389 | |||||||
156,030 | |||||||||
Consumer Discretionary—9.7% | |||||||||
* | Boot Barn Holdings, Inc. | 126,254 | 11,220 | ||||||
* | National Vision Holdings, Inc. | 162,178 | 9,207 | ||||||
* | Overstock.com, Inc. | 108,810 | 8,478 | ||||||
* | Porch Group, Inc. | 258,670 | 4,573 | ||||||
* | Revolve Group, Inc. | 148,917 | 9,199 | ||||||
* | Rush Street Interactive, Inc. | 302,840 | 5,818 | ||||||
* | Skyline Champion Corporation | 222,880 | 13,386 | ||||||
* | The Cheesecake Factory, Inc. | 98,990 | 4,652 | ||||||
Winmark Corporation | 28,330 | 6,092 | |||||||
72,625 | |||||||||
Financials—4.5% | |||||||||
* | Encore Capital Group, Inc. | 152,093 | 7,493 | ||||||
FirstCash, Inc. | 128,718 | 11,263 | |||||||
* | Open Lending Corporation | 174,717 | 6,302 | ||||||
PacWest Bancorp | 185,210 | 8,394 | |||||||
33,452 | |||||||||
Energy—4.4% | |||||||||
Cameco Corporation† | 694,770 | 15,097 | |||||||
* | Denbury, Inc. | 149,789 | 10,523 | ||||||
* | Green Plains, Inc. | 230,350 | 7,521 | ||||||
33,141 | |||||||||
Consumer Staples—3.3% | |||||||||
* | Celsius Holdings, Inc. | 48,250 | 4,347 | ||||||
* | The Beauty Health Co. | 563,400 | 14,631 | ||||||
* | Vital Farms, Inc. | 346,760 | 6,093 | ||||||
25,071 | |||||||||
Communication Services—3.2% | |||||||||
* | Gogo, Inc. | 650,880 | 11,260 | ||||||
* | QuinStreet, Inc. | 267,735 | 4,702 | ||||||
* | ZipRecruiter, Inc. | 290,110 | 8,007 | ||||||
23,969 | |||||||||
Real Estate—2.2% | |||||||||
Colliers International Group, Inc.† | 69,818 | 8,916 |
See accompanying Notes to Portfolio of Investments.
Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Real Estate — (continued) | |||||||||
FirstService Corporation† | 43,427 | $ | 7,838 | ||||||
16,754 | |||||||||
Materials—1.8% | |||||||||
* | Century Aluminum Co. | 276,600 | 3,720 | ||||||
* | Orion Engineered Carbons S.A.† | 528,297 | 9,631 | ||||||
13,351 | |||||||||
Total Common Stocks—95.9% (cost $514,877) | 719,216 | ||||||||
Exchange-Traded Funds | |||||||||
Exchange-Traded Fund—1.0% | |||||||||
iShares Russell 2000 Growth ETF | 25,330 | 7,437 | |||||||
Total Exchange-Traded Fund—1.0% (cost $7,595) | 7,437 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $25,606, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $26,119 | $ | 25,606 | 25,606 | ||||||
Total Repurchase Agreement—3.4% (cost $25,606) | 25,606 | ||||||||
Total Investments—100.3% (cost $548,078) | 752,259 | ||||||||
Liabilities, plus cash and other assets—(0.3)% | (2,300 | ) | |||||||
Net assets—100.0% | $ | 749,959 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Western Hemisphere—50.8% | |||||||||
Canada—1.4% | |||||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 4,972 | $ | 2,012 | |||||
United States—49.4% | |||||||||
* | Adobe, Inc. (Software) | 3,180 | 1,831 | ||||||
* | Align Technology, Inc. (Health care equipment & supplies) | 2,221 | 1,478 | ||||||
* | Alphabet, Inc. Class “A” (Interactive Media & Services) | 1,586 | 4,240 | ||||||
* | Amazon.com, Inc. (Internet & direct marketing retail) | 1,118 | 3,673 | ||||||
* | Autodesk, Inc. (Software) | 4,788 | 1,365 | ||||||
BlackRock, Inc. (Capital markets) | 2,293 | 1,923 | |||||||
* | Charles River Laboratories International, Inc. (Life sciences tools & services) | 6,715 | 2,771 | ||||||
* | CoStar Group, Inc. (Professional services) | 14,896 | 1,282 | ||||||
Ecolab, Inc. (Chemicals) | 5,463 | 1,140 | |||||||
* | Edwards Lifesciences Corporation (Health care equipment & supplies) | 15,245 | 1,726 | ||||||
* | Facebook, Inc. Class “A” (Interactive Media & Services) | 10,136 | 3,440 | ||||||
Fidelity National Information Services, Inc. (IT services) | 12,047 | 1,466 | |||||||
* | IDEXX Laboratories, Inc. (Health care equipment & supplies) | 3,161 | 1,966 | ||||||
Intercontinental Exchange, Inc. (Capital markets) | 14,796 | 1,699 | |||||||
* | Intuitive Surgical, Inc. (Health care equipment & supplies) | 1,641 | 1,631 | ||||||
Lockheed Martin Corporation (Aerospace & defense) | 5,765 | 1,989 | |||||||
Mastercard, Inc. Class “A” (IT services) | 9,430 | 3,279 | |||||||
Microsoft Corporation (Software) | 14,629 | 4,124 | |||||||
NextEra Energy, Inc. (Electric utilities) | 14,622 | 1,148 | |||||||
NIKE, Inc. Class “B” (Textiles, apparel & luxury goods) | 14,171 | 2,058 | |||||||
* | PayPal Holdings, Inc. (IT services) | 9,011 | 2,345 | ||||||
Prologis, Inc. (Equity REIT) | 11,054 | 1,387 | |||||||
Roper Technologies, Inc. (Industrial conglomerates) | 3,401 | 1,517 | |||||||
* | salesforce.com, Inc. (Software) | 12,265 | 3,327 | ||||||
The Estee Lauder Cos., Inc. Class “A” (Personal products) | 7,050 | 2,115 | |||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 3,861 | 2,206 | |||||||
* | Ulta Beauty, Inc. (Specialty retail) | 7,722 | 2,787 | ||||||
Union Pacific Corporation (Road & rail) | 9,719 | 1,905 | |||||||
UnitedHealth Group, Inc. (Health care providers & services) | 5,575 | 2,178 | |||||||
* | Veeva Systems, Inc. Class “A” (Health care technology) | 3,005 | 866 | ||||||
* | Workday, Inc. Class “A” (Software) | 7,892 | 1,972 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 9,866 | 1,915 | |||||||
68,749 | |||||||||
Europe—25.2% | |||||||||
Denmark—3.8% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 10,280 | 838 | |||||||
DSV A/S (Air freight & logistics) | 9,931 | 2,377 | |||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 21,100 | 2,034 | |||||||
5,249 | |||||||||
France—4.1% | |||||||||
* | Airbus SE (Aerospace & defense) | 27,335 | 3,624 | ||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 2,970 | 2,127 | |||||||
5,751 | |||||||||
Germany—4.3% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 76,664 | 3,136 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 8,811 | 1,981 |
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Germany—(continued) | |||||||||
Rational AG (Machinery) | 885 | $ | 831 | ||||||
5,948 | |||||||||
Ireland—3.5% | |||||||||
Allegion plc (Building products)† | 7,633 | 1,009 | |||||||
* | Aptiv plc (Auto components)† | 15,704 | 2,339 | ||||||
* | Ryanair Holdings plc—ADR (Airlines) | 13,817 | 1,521 | ||||||
4,869 | |||||||||
Netherlands—1.1% | |||||||||
* | Adyen N.V. (IT services) | 582 | 1,627 | ||||||
Sweden—5.3% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 40,144 | 2,424 | |||||||
Evolution Gaming Group AB (Hotels, restaurants & leisure) | 5,221 | 791 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 195,287 | 3,021 | |||||||
Indutrade AB (Machinery) | 41,558 | 1,155 | |||||||
7,391 | |||||||||
Switzerland—3.1% | |||||||||
Lonza Group AG (Life sciences tools & services) | 2,782 | 2,087 | |||||||
Partners Group Holding AG (Capital markets) | 1,412 | 2,203 | |||||||
4,290 | |||||||||
Emerging Asia—6.9% | |||||||||
China—3.3% | |||||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 90,544 | 1,676 | ||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 48,300 | 1,025 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 30,500 | 1,821 | |||||||
4,522 | |||||||||
India—1.5% | |||||||||
HDFC Bank, Ltd.—ADR (Banks) | 27,940 | 2,042 | |||||||
Taiwan—2.1% | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 26,675 | 2,979 | |||||||
Asia—5.7% | |||||||||
Australia—3.9% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 67,066 | 2,230 | |||||||
* | Atlassian Corporation plc Class “A” (Software)† | 4,934 | 1,931 | ||||||
CSL, Ltd. (Biotechnology) | 6,363 | 1,330 | |||||||
5,491 | |||||||||
Hong Kong—1.4% | |||||||||
AIA Group, Ltd. (Insurance) | 167,800 | 1,931 | |||||||
New Zealand—0.4% | |||||||||
Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies) | 23,927 | 526 |
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—5.0% | |||||||||
Daikin Industries, Ltd. (Building products) | 7,900 | $ | 1,723 | ||||||
Keyence Corporation (Electronic equipment, instruments & components) | 3,400 | 2,029 | |||||||
Nihon M&A Center, Inc. (Professional services) | 57,500 | 1,689 | |||||||
SMC Corporation (Machinery) | 2,400 | 1,497 | |||||||
6,938 | |||||||||
United Kingdom—3.6% | |||||||||
* | Compass Group plc (Hotels, restaurants & leisure) | 118,948 | 2,432 | ||||||
Experian plc (Professional services) | 27,232 | 1,141 | |||||||
Halma plc (Electronic equipment, instruments & components) | 15,519 | 592 | |||||||
Rentokil Initial plc (Commercial services & supplies) | 115,211 | 905 | |||||||
5,070 | |||||||||
Emerging Latin America—1.9% | |||||||||
Argentina—1.9% | |||||||||
* | Globant S.A. (IT services)† | 5,707 | 1,604 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 591 | 992 | ||||||
2,596 | |||||||||
Total Common Stocks—99.1% (cost $73,182) | 137,981 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $1,210, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $1,234 | $ | 1,210 | 1,210 | ||||||
Total Repurchase Agreement—0.9% (cost $1,210) | 1,210 | ||||||||
Total Investments—100.0% (cost $74,392) | 139,191 | ||||||||
Liabilities, plus cash and other assets—(0.0)% | (20 | ) | |||||||
Net assets—100.0% | $ | 139,171 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Global Leaders Fund
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 26.6 | % | ||
Industrials | 20.7 | % | ||
Consumer Discretionary | 17.5 | % | ||
Health Care | 16.5 | % | ||
Financials | 7.1 | % | ||
Communication Services | 6.9 | % | ||
Consumer Staples | 1.5 | % | ||
Materials | 1.4 | % | ||
Real Estate | 1.0 | % | ||
Utilities | 0.8 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 61.7 | % | ||
Euro | 9.7 | % | ||
Swedish Krona | 5.3 | % | ||
Japanese Yen | 5.0 | % | ||
Hong Kong Dollar | 4.7 | % | ||
Danish Krone | 3.8 | % | ||
British Pound Sterling | 3.7 | % | ||
Swiss Franc | 3.1 | % | ||
Australian Dollar | 2.6 | % | ||
All Other Currencies | 0.4 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—52.2% | |||||||||
Denmark—6.5% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 106,275 | $ | 8,665 | ||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 107,098 | 16,746 | |||||||
DSV A/S (Air freight & logistics) | 76,703 | 18,360 | |||||||
Novo Nordisk A/S Class “B” (Pharmaceuticals) | 257,125 | 24,784 | |||||||
Orsted A/S (Electric utilities) | 90,807 | 11,970 | |||||||
80,525 | |||||||||
Finland—1.3% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 283,548 | 15,996 | |||||||
France—12.2% | |||||||||
* | Airbus SE (Aerospace & defense) | 282,710 | 37,481 | ||||||
L’Oreal S.A. (Personal products) | 44,659 | 18,480 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 53,434 | 38,273 | |||||||
Safran S.A. (Aerospace & defense) | 206,986 | 26,180 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 33,817 | 18,897 | |||||||
Teleperformance (Professional services) | 32,978 | 12,971 | |||||||
152,282 | |||||||||
Germany—4.2% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 648,421 | 26,519 | |||||||
Rational AG (Machinery) | 16,854 | 15,832 | |||||||
* | TeamViewer AG (Software) | 320,136 | 9,366 | ||||||
51,717 | |||||||||
Ireland—4.4% | |||||||||
* | ICON plc (Life sciences tools & services)† | 58,042 | 15,208 | ||||||
Kingspan Group plc (Building products) | 225,961 | 22,540 | |||||||
* | Ryanair Holdings plc—ADR (Airlines) | 154,354 | 16,988 | ||||||
54,736 | |||||||||
Israel—0.7% | |||||||||
* | Wix.com, Ltd. (IT services)† | 42,365 | 8,302 | ||||||
Netherlands—4.7% | |||||||||
* | Adyen N.V. (IT services) | 9,574 | 26,763 | ||||||
ASML Holding N.V. (Semiconductors & semiconductor equipment) | 42,586 | 31,814 | |||||||
58,577 | |||||||||
Norway—0.9% | |||||||||
TOMRA Systems ASA (Commercial services & supplies) | 225,497 | 11,792 | |||||||
Spain—1.7% | |||||||||
* | Amadeus IT Group S.A. (IT services) | 318,977 | 20,980 | ||||||
Sweden—6.9% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 416,426 | 25,146 | |||||||
EQT AB (Capital markets) | 36,090 | 1,499 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 1,835,259 | 28,388 | |||||||
Indutrade AB (Machinery) | 409,205 | 11,379 | |||||||
Nibe Industrier AB Class “B” (Building products) | 1,546,567 | 19,435 | |||||||
85,847 |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland—8.7% | |||||||||
Lonza Group AG (Life sciences tools & services) | 39,372 | $ | 29,533 | ||||||
Partners Group Holding AG (Capital markets) | 16,241 | 25,346 | |||||||
Sika AG (Chemicals) | 53,000 | 16,757 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 20,555 | 36,865 | |||||||
108,501 | |||||||||
Emerging Asia—14.0% | |||||||||
China—5.6% | |||||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 986,856 | 18,270 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 504,272 | 8,551 | |||||||
NetEase, Inc. (Entertainment) | 373,675 | 6,323 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 382,200 | 22,817 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 836,000 | 13,560 | ||||||
69,521 | |||||||||
India—4.5% | |||||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 662,779 | 24,405 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 947,276 | 31,562 | |||||||
55,967 | |||||||||
Taiwan—2.6% | |||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment) | 1,556,000 | 32,181 | |||||||
Thailand—1.3% | |||||||||
* | Sea, Ltd.—ADR (Entertainment) | 50,114 | 15,973 | ||||||
United Kingdom—12.3% | |||||||||
Ashtead Group plc (Trading companies & distributors) | 380,377 | 28,754 | |||||||
* | Compass Group plc (Hotels, restaurants & leisure) | 690,018 | 14,112 | ||||||
Experian plc (Professional services) | 526,518 | 22,056 | |||||||
Halma plc (Electronic equipment, instruments & components) | 320,840 | 12,238 | |||||||
London Stock Exchange Group plc (Capital markets) | 193,456 | 19,386 | |||||||
Rentokil Initial plc (Commercial services & supplies) | 1,701,249 | 13,359 | |||||||
Segro plc (Equity REIT) | 1,146,613 | 18,419 | |||||||
Spirax-Sarco Engineering plc (Machinery) | 77,289 | 15,551 | |||||||
* | Trainline plc (Hotels, restaurants & leisure) | 1,865,121 | 8,798 | ||||||
152,673 | |||||||||
Japan—9.2% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 235,100 | 6,439 | |||||||
Daikin Industries, Ltd. (Building products) | 102,100 | 22,262 | |||||||
Hoya Corporation (Health care equipment & supplies) | 151,100 | 23,574 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 47,800 | 28,530 | |||||||
M3, Inc. (Health care technology) | 93,400 | 6,657 | |||||||
Nihon M&A Center, Inc. (Professional services) | 390,600 | 11,470 | |||||||
SMC Corporation (Machinery) | 25,900 | 16,159 | |||||||
115,091 |
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—5.7% | |||||||||
Australia—3.3% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 727,441 | $ | 24,192 | ||||||
* | Atlassian Corporation plc Class “A” (Software)† | 42,748 | 16,732 | ||||||
40,924 | |||||||||
Hong Kong—1.7% | |||||||||
AIA Group, Ltd. (Insurance) | 1,796,800 | 20,671 | |||||||
New Zealand—0.7% | |||||||||
Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies) | 396,429 | 8,720 | |||||||
Canada—3.4% | |||||||||
Canadian National Railway Co. (Road & rail) | 228,247 | 26,451 | |||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 39,267 | 15,891 | ||||||
42,342 | |||||||||
Emerging Latin America—1.2% | |||||||||
Argentina—1.2% | |||||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 9,252 | 15,538 | ||||||
Total Common Stocks—98.0% (cost $835,516) | 1,218,856 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $25,779, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $26,295 | $ | 25,779 | 25,779 | ||||||
Total Repurchase Agreement—2.0% (cost $25,779) | 25,779 | ||||||||
Total Investments—100.0% (cost $861,295) | 1,244,635 | ||||||||
Liabilities, plus cash and other assets—(0.0)% | (609 | ) | |||||||
Net assets—100.0% | $ | 1,244,026 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
International Leaders Fund |
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 30.7 | % | ||
Information Technology | 19.8 | % | ||
Health Care | 16.5 | % | ||
Consumer Discretionary | 11.1 | % | ||
Financials | 7.5 | % | ||
Energy | 3.9 | % | ||
Communication Services | 3.7 | % | ||
Consumer Staples | 2.2 | % | ||
Materials | 2.1 | % | ||
Real Estate | 1.5 | % | ||
Utilities | 1.0 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 26.4 | % | ||
British Pound Sterling | 12.5 | % | ||
Japanese Yen | 9.4 | % | ||
Swiss Franc | 8.9 | % | ||
U.S. Dollar | 8.6 | % | ||
Swedish Krona | 7.1 | % | ||
Hong Kong Dollar | 6.7 | % | ||
Danish Krone | 6.6 | % | ||
Indian Rupee | 4.6 | % | ||
New Taiwan Dollar | 2.6 | % | ||
Canadian Dollar | 2.2 | % | ||
Australian Dollar | 2.0 | % | ||
All Other Currencies | 2.4 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—46.5% | |||||||||
Belgium—0.3% | |||||||||
Warehouses De Pauw CVA (Equity REIT) | 165,684 | $ | 6,713 | ||||||
Denmark—4.1% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 66,381 | 5,412 | |||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 57,827 | 9,042 | |||||||
DSV A/S (Air freight & logistics) | 178,009 | 42,609 | |||||||
* | Genmab A/S (Biotechnology) | 36,520 | 15,957 | ||||||
Netcompany Group A/S (Software) | 50,679 | 5,846 | |||||||
Orsted A/S (Electric utilities) | 83,491 | 11,005 | |||||||
Royal Unibrew A/S (Beverages) | 38,403 | 4,619 | |||||||
94,490 | |||||||||
Finland—0.8% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 348,722 | 19,672 | |||||||
France—10.2% | |||||||||
* | Airbus SE (Aerospace & defense) | 304,770 | 40,405 | ||||||
Dassault Systemes SE (Software) | 386,490 | 20,339 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 7,978 | 11,008 | |||||||
Kering S.A. (Textiles, apparel & luxury goods) | 35,776 | 25,411 | |||||||
L’Oreal S.A. (Personal products) | 53,410 | 22,101 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 49,154 | 35,207 | |||||||
Safran S.A. (Aerospace & defense) | 187,113 | 23,666 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 33,607 | 18,780 | |||||||
Teleperformance (Professional services) | 71,321 | 28,053 | |||||||
* | Worldline S.A. (IT services) | 141,975 | 10,822 | ||||||
235,792 | |||||||||
Germany—5.4% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 54,679 | 10,474 | |||||||
CompuGroup Medical SE & Co. KgaA (Health care technology) | 57,600 | 4,740 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 115,835 | 8,715 | ||||||
* | HelloFresh SE (Internet & direct marketing retail) | 137,330 | 12,657 | ||||||
* | Hypoport SE (Diversified financial services) | 6,390 | 4,287 | ||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 576,519 | 23,578 | |||||||
KION Group AG (Machinery) | 84,108 | 7,820 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 122,456 | 27,531 | |||||||
Nemetschek SE (Software) | 48,919 | 5,110 | |||||||
Puma SE (Textiles, apparel & luxury goods) | 146,550 | 16,291 | |||||||
* | TeamViewer AG (Software) | 99,526 | 2,912 | ||||||
124,115 | |||||||||
Ireland—2.4% | |||||||||
* | ICON plc (Life sciences tools & services)† | 79,327 | 20,785 | ||||||
Kingspan Group plc (Building products) | 175,228 | 17,479 | |||||||
* | Ryanair Holdings plc—ADR (Airlines) | 148,645 | 16,360 | ||||||
54,624 | |||||||||
Israel—1.1% | |||||||||
* | Inmode, Ltd. (Health care equipment & supplies)† | 50,902 | 8,116 | ||||||
* | Nice, Ltd.—ADR (Software) | 26,128 | 7,422 | ||||||
* | Wix.com, Ltd. (IT services)† | 46,405 | 9,094 | ||||||
24,632 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Italy—0.7% | |||||||||
Amplifon SpA (Health care providers & services) | 124,387 | $ | 5,911 | ||||||
* | Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 73,130 | 4,011 | ||||||
Moncler SpA (Textiles, apparel & luxury goods) | 89,192 | 5,440 | |||||||
15,362 | |||||||||
Luxembourg—1.0% | |||||||||
Eurofins Scientific SE (Life sciences tools & services) | 137,275 | 17,589 | |||||||
Tenaris S.A. (Energy equipment & services) | 479,893 | 5,048 | |||||||
22,637 | |||||||||
Netherlands—4.2% | |||||||||
* | Adyen N.V. (IT services) | 10,171 | 28,431 | ||||||
ASML Holding N.V. (Semiconductors & semiconductor equipment) | 66,391 | 49,598 | |||||||
BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment) | 44,355 | 3,529 | |||||||
Euronext N.V. (Capital markets) | 71,077 | 8,020 | |||||||
IMCD N.V. (Trading companies & distributors) | 38,942 | 7,453 | |||||||
97,031 | |||||||||
Norway—0.6% | |||||||||
* | Pexip Holding ASA (Software) | 267,469 | 2,159 | ||||||
Scatec ASA (Independent power & renewable electricity producers) | 131,233 | 2,439 | |||||||
TOMRA Systems ASA (Commercial services & supplies) | 175,763 | 9,191 | |||||||
13,789 | |||||||||
Spain—1.6% | |||||||||
* | Amadeus IT Group S.A. (IT services) | 394,362 | 25,938 | ||||||
EDP Renovaveis S.A. (Independent power & renewable electricity producers) | 352,286 | 8,745 | |||||||
* | Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers) | 138,037 | 2,181 | ||||||
36,864 | |||||||||
Sweden—6.9% | |||||||||
AddTech AB Class “B” (Trading companies & distributors) | 219,286 | 3,891 | |||||||
Atlas Copco AB Class “A” (Machinery) | 636,095 | 38,411 | |||||||
Beijer Ref AB (Trading companies & distributors) | 323,202 | 6,428 | |||||||
* | BICO Group AB (Life sciences tools & services) | 59,009 | 3,493 | ||||||
EQT AB (Capital markets) | 40,414 | 1,678 | |||||||
Evolution Gaming Group AB (Hotels, restaurants & leisure) | 120,246 | 18,210 | |||||||
* | Hemnet Group AB (Interactive Media & Services) | 171,760 | 3,318 | ||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 1,761,103 | 27,241 | |||||||
Indutrade AB (Machinery) | 350,502 | 9,747 | |||||||
Investment AB Latour Class “B” (Industrial conglomerates) | 215,190 | 6,659 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 281,605 | 7,564 | |||||||
Nibe Industrier AB Class “B” (Building products) | 870,848 | 10,944 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 483,204 | 5,763 | |||||||
Sweco AB Class “B” (Construction & engineering) | 218,153 | 3,440 | |||||||
Thule Group AB (Leisure products) | 97,147 | 4,870 | |||||||
Vitrolife AB (Biotechnology) | 123,799 | 6,515 | |||||||
158,172 | |||||||||
Switzerland—7.2% | |||||||||
Belimo Holding AG (Building products) | 9,374 | 4,948 | |||||||
Logitech International S.A. (Technology hardware, storage & peripherals) | 42,139 | 3,749 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Lonza Group AG (Life sciences tools & services) | 40,344 | $ | 30,262 | ||||||
Partners Group Holding AG (Capital markets) | 18,208 | 28,416 | |||||||
Siegfried Holding AG (Life sciences tools & services) | 5,973 | 5,322 | |||||||
SIG Combibloc Group AG (Containers & packaging) | 273,924 | 7,283 | |||||||
Sika AG (Chemicals) | 104,906 | 33,168 | |||||||
Softwareone Holding AG (Electronic equipment, instruments & components) | 135,392 | 2,961 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 12,546 | 22,501 | |||||||
Tecan Group AG (Life sciences tools & services) | 13,907 | 7,877 | |||||||
Temenos AG (Software) | 44,404 | 6,025 | |||||||
VAT Group AG (Machinery) | 23,187 | 9,151 | |||||||
* | Zur Rose Group AG (Food & staples retailing) | 9,300 | 3,721 | ||||||
165,384 | |||||||||
Emerging Asia—19.4% | |||||||||
China—8.3% | |||||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 750,312 | 6,184 | |||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 1,005,184 | 18,610 | ||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 1,345,000 | 5,272 | |||||||
Chacha Food Co., Ltd. Class “A” (Food products) | 411,542 | 2,946 | |||||||
Country Garden Services Holdings Co., Ltd. (Real estate management & development) | 797,000 | 6,298 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 378,465 | 6,417 | |||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 329,870 | 8,871 | |||||||
* | JD.com, Inc. Class “A” (Internet & direct marketing retail) | 292,100 | 10,531 | ||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 1,913,000 | 22,049 | |||||||
NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment) | 157,013 | 8,805 | |||||||
NetEase, Inc. (Entertainment) | 249,625 | 4,224 | |||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 2,397,500 | 16,397 | |||||||
Proya Cosmetics Co., Ltd. Class “A” (Personal products) | 155,999 | 4,175 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies) | 114,950 | 6,862 | |||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 31,000 | 4,509 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 424,100 | 25,318 | |||||||
* | Weimob, Inc. (Software) | 1,331,000 | 1,921 | ||||||
WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services) | 307,636 | 7,254 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 1,464,500 | 23,755 | ||||||
190,398 | |||||||||
India—4.6% | |||||||||
Crompton Greaves Consumer Electricals, Ltd. (Household durables) | 757,050 | 4,887 | |||||||
Dr. Lal PathLabs, Ltd. (Health care providers & services) | 140,304 | 6,947 | |||||||
Havells India, Ltd. (Electrical equipment) | 290,358 | 5,352 | |||||||
HDFC Bank, Ltd. (Banks) | 1,122,504 | 23,966 | |||||||
Info Edge India, Ltd. (Interactive Media & Services) | 62,319 | 5,382 | |||||||
* | InterGlobe Aviation, Ltd. (Airlines) | 278,560 | 7,574 | ||||||
Ipca Laboratories, Ltd. (Pharmaceuticals) | 105,566 | 3,436 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 141,009 | 4,529 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 1,180,956 | 39,451 | |||||||
Voltas, Ltd. (Construction & engineering) | 243,037 | 3,992 | |||||||
105,516 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Indonesia—1.2% | |||||||||
Bank Central Asia Tbk PT (Banks) | 11,408,500 | $ | 27,788 | ||||||
South Korea—1.0% | |||||||||
Kakao Corporation (Interactive Media & Services) | 122,043 | 12,002 | |||||||
Samsung SDI Co., Ltd. (Electronic equipment, instruments & components) | 19,357 | 11,551 | |||||||
23,553 | |||||||||
Taiwan—3.2% | |||||||||
Airtac International Group (Machinery) | 123,000 | 3,827 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 59,000 | 3,485 | |||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 137,000 | 3,865 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 728,000 | 23,432 | |||||||
momo.com, Inc. (Internet & direct marketing retail) | 71,000 | 4,115 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 306,615 | 34,233 | |||||||
72,957 | |||||||||
Thailand—1.1% | |||||||||
Carabao Group PCL Class “F” (Beverages) | 703,900 | 2,480 | |||||||
* | Sea, Ltd.—ADR (Entertainment) | 72,987 | 23,263 | ||||||
25,743 | |||||||||
United Kingdom—11.7% | |||||||||
3i Group plc (Capital markets) | 470,503 | 8,082 | |||||||
Ashtead Group plc (Trading companies & distributors) | 554,959 | 41,951 | |||||||
Avast plc (Software) | 589,777 | 4,507 | |||||||
AVEVA Group plc (Software) | 135,361 | 6,542 | |||||||
Big Yellow Group plc (Equity REIT) | 252,824 | 4,756 | |||||||
* | boohoo Group plc (Internet & direct marketing retail) | 853,692 | 2,492 | ||||||
* | Ceres Power Holdings plc (Electrical equipment) | 178,704 | 2,568 | ||||||
* | Compass Group plc (Hotels, restaurants & leisure) | 1,194,485 | 24,429 | ||||||
Croda International plc (Chemicals) | 177,043 | 20,285 | |||||||
* | CVS Group plc (Health care providers & services) | 144,087 | 4,680 | ||||||
Diploma plc (Trading companies & distributors) | 126,292 | 4,802 | |||||||
Experian plc (Professional services) | 472,862 | 19,808 | |||||||
Halma plc (Electronic equipment, instruments & components) | 456,708 | 17,420 | |||||||
Intermediate Capital Group plc (Capital markets) | 364,092 | 9,970 | |||||||
Intertek Group plc (Professional services) | 109,517 | 7,323 | |||||||
London Stock Exchange Group plc (Capital markets) | 195,189 | 19,559 | |||||||
Renishaw plc (Electronic equipment, instruments & components) | 53,963 | 3,426 | |||||||
Rentokil Initial plc (Commercial services & supplies) | 1,814,825 | 14,251 | |||||||
Rotork plc (Machinery) | 1,801,776 | 8,421 | |||||||
Segro plc (Equity REIT) | 921,753 | 14,807 | |||||||
Softcat plc (IT services) | 184,209 | 5,006 | |||||||
Spirax-Sarco Engineering plc (Machinery) | 82,506 | 16,601 | |||||||
* | Trainline plc (Hotels, restaurants & leisure) | 694,316 | 3,275 | ||||||
* | Trustpilot Group plc (Interactive Media & Services) | 766,060 | 3,974 | ||||||
268,935 | |||||||||
Japan—10.3% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 251,400 | 6,885 | |||||||
* | BASE, Inc. (IT services) | 234,000 | 2,277 | ||||||
Benefit One, Inc. (Professional services) | 170,300 | 8,028 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
* | Bengo4.com, Inc. (Interactive Media & Services) | 29,600 | $ | 1,694 | |||||
Daikin Industries, Ltd. (Building products) | 109,100 | 23,788 | |||||||
Disco Corporation (Semiconductors & semiconductor equipment) | 10,800 | 3,025 | |||||||
Food & Life Cos., Ltd. (Hotels, restaurants & leisure) | 129,800 | 5,969 | |||||||
GMO Payment Gateway, Inc. (IT services) | 43,500 | 5,492 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 72,200 | 3,463 | |||||||
Hoya Corporation (Health care equipment & supplies) | 120,200 | 18,753 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 47,000 | 28,053 | |||||||
M3, Inc. (Health care technology) | 181,700 | 12,949 | |||||||
MISUMI Group, Inc. (Machinery) | 185,000 | 7,872 | |||||||
MonotaRO Co., Ltd. (Trading companies & distributors) | 331,300 | 7,424 | |||||||
Nihon M&A Center, Inc. (Professional services) | 376,700 | 11,062 | |||||||
Olympus Corporation (Health care equipment & supplies) | 838,000 | 18,342 | |||||||
Omron Corporation (Electronic equipment, instruments & components) | 203,000 | 20,087 | |||||||
Rakus Co., Ltd. (Software) | 192,800 | 6,831 | |||||||
* | SHIFT, Inc. (IT services) | 28,800 | 6,128 | ||||||
SMC Corporation (Machinery) | 37,000 | 23,085 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 226,100 | 6,800 | |||||||
TIS, Inc. (IT services) | 308,800 | 8,428 | |||||||
236,435 | |||||||||
Canada—3.8% | |||||||||
* | Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)† | 143,897 | 5,133 | ||||||
Canadian National Railway Co. (Road & rail)† | 323,360 | 37,473 | |||||||
Enghouse Systems, Ltd. (Software)† | 58,840 | 2,582 | |||||||
* | Kinaxis, Inc. (Software)† | 41,949 | 6,052 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 49,336 | 19,966 | ||||||
* | Nuvei Corporation (IT services)† | 117,313 | 13,439 | ||||||
Toromont Industries, Ltd. (Trading companies & distributors)† | 44,553 | 3,719 | |||||||
88,364 | |||||||||
Asia—3.4% | |||||||||
Australia—1.8% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 400,535 | 13,320 | |||||||
* | Atlassian Corporation plc Class “A” (Software)† | 57,060 | 22,334 | ||||||
Netwealth Group, Ltd. (Capital markets) | 293,824 | 3,033 | |||||||
Pro Medicus, Ltd. (Health care technology) | 96,910 | 3,760 | |||||||
42,447 | |||||||||
Hong Kong—1.6% | |||||||||
AIA Group, Ltd. (Insurance) | 3,248,400 | 37,371 | |||||||
Emerging Latin America—2.2% | |||||||||
Argentina—1.0% | |||||||||
* | Globant S.A. (IT services)† | 27,576 | 7,749 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 8,861 | 14,881 | ||||||
22,630 | |||||||||
Brazil—0.9% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 2,299,300 | 5,379 | |||||||
Locaweb Servicos de Internet S.A. (IT services) | 1,471,193 | 6,181 | |||||||
Magazine Luiza S.A. (Multiline retail) | 1,706,100 | 4,493 |
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Brazil — (continued) | |||||||||
Notre Dame Intermedica Participacoes S.A. (Health care providers & services) | 326,200 | $ | 4,469 | ||||||
20,522 | |||||||||
Mexico—0.2% | |||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 22,852 | 4,273 | |||||||
Uruguay—0.1% | |||||||||
* | Dlocal, Ltd. (IT services)† | 56,259 | 3,070 | ||||||
Emerging Europe—1.0% | |||||||||
Poland—0.4% | |||||||||
* | Allegro.eu S.A. (Internet & direct marketing retail) | 403,202 | 5,855 | ||||||
* | InPost S.A. (Air freight & logistics) | 244,877 | 4,063 | ||||||
9,918 | |||||||||
Russia—0.6% | |||||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 162,138 | 12,921 | ||||||
Total Common Stocks—98.3% (cost $1,305,213) |
2,262,118 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $36,418, collateralized by U.S. Treasury Bond, 2.250% - 4.375%, due 5/15/41, valued at $37,147 | $ | 36,418 | 36,418 | ||||||
Total Repurchase Agreement—1.6% (cost $36,418) |
36,418 | ||||||||
Total Investments—99.9% (cost $1,341,631) | 2,298,536 | ||||||||
Cash and other assets, less liabilities—0.1% | 1,362 | ||||||||
Net assets—100.0% | $ | 2,299,898 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
International Growth Fund |
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 26.9 | % | ||
Information Technology | 22.3 | % | ||
Health Care | 14.2 | % | ||
Consumer Discretionary | 13.0 | % | ||
Financials | 8.6 | % | ||
Communication Services | 4.5 | % | ||
Materials | 3.1 | % | ||
Energy | 2.8 | % | ||
Consumer Staples | 2.1 | % | ||
Real Estate | 1.4 | % | ||
Utilities | 1.1 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 25.6 | % | ||
British Pound Sterling | 11.9 | % | ||
Japanese Yen | 10.4 | % | ||
U.S. Dollar | 9.3 | % | ||
Hong Kong Dollar | 7.4 | % | ||
Swiss Franc | 7.3 | % | ||
Swedish Krona | 7.0 | % | ||
Indian Rupee | 4.7 | % | ||
Danish Krone | 4.2 | % | ||
Canadian Dollar | 2.8 | % | ||
Chinese Yuan Renminbi | 2.5 | % | ||
New Taiwan Dollar | 1.9 | % | ||
Indonesian Rupiah | 1.2 | % | ||
South Korean Won | 1.0 | % | ||
All Other Currencies | 2.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—46.7% | |||||||||
Belgium—0.3% | |||||||||
Warehouses De Pauw CVA (Equity REIT) | 92,888 | $ | 3,764 | ||||||
Denmark—4.1% | |||||||||
Chr Hansen Holding A/S (Chemicals) | 37,216 | 3,034 | |||||||
Coloplast A/S Class “B” (Health care equipment & supplies) | 32,419 | 5,069 | |||||||
DSV A/S (Air freight & logistics) | 99,797 | 23,888 | |||||||
* | Genmab A/S (Biotechnology) | 20,474 | 8,945 | ||||||
Netcompany Group A/S (Software) | 28,413 | 3,277 | |||||||
Orsted A/S (Electric utilities) | 46,807 | 6,170 | |||||||
Royal Unibrew A/S (Beverages) | 21,530 | 2,590 | |||||||
52,973 | |||||||||
Finland—0.9% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 195,504 | 11,029 | |||||||
France—10.3% | |||||||||
* | Airbus SE (Aerospace & defense) | 170,863 | 22,652 | ||||||
Dassault Systemes SE (Software) | 214,039 | 11,264 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 4,473 | 6,172 | |||||||
Kering S.A. (Textiles, apparel & luxury goods) | 20,058 | 14,246 | |||||||
L’Oreal S.A. (Personal products) | 29,943 | 12,391 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 27,558 | 19,739 | |||||||
Safran S.A. (Aerospace & defense) | 104,900 | 13,268 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 18,840 | 10,528 | |||||||
Teleperformance (Professional services) | 39,984 | 15,727 | |||||||
* | Worldline S.A. (IT services) | 79,612 | 6,068 | ||||||
132,055 | |||||||||
Germany—5.4% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 30,654 | 5,872 | |||||||
CompuGroup Medical SE & Co. KgaA (Health care technology) | 32,292 | 2,657 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 64,856 | 4,880 | ||||||
* | HelloFresh SE (Internet & direct marketing retail) | 76,992 | 7,096 | ||||||
* | Hypoport SE (Diversified financial services) | 3,583 | 2,404 | ||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 323,214 | 13,219 | |||||||
KION Group AG (Machinery) | 47,153 | 4,384 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 68,653 | 15,435 | |||||||
Nemetschek SE (Software) | 27,426 | 2,865 | |||||||
Puma SE (Textiles, apparel & luxury goods) | 82,160 | 9,133 | |||||||
* | TeamViewer AG (Software) | 55,797 | 1,632 | ||||||
69,577 | |||||||||
Ireland—2.4% | |||||||||
* | ICON plc (Life sciences tools & services)† | 44,472 | 11,652 | ||||||
Kingspan Group plc (Building products) | 98,238 | 9,799 | |||||||
* | Ryanair Holdings plc—ADR (Airlines) | 83,334 | 9,172 | ||||||
30,623 | |||||||||
Israel—1.1% | |||||||||
* | Inmode, Ltd. (Health care equipment & supplies)† | 28,538 | 4,550 | ||||||
* | Nice, Ltd.—ADR (Software) | 14,622 | 4,153 | ||||||
* | Wix.com, Ltd. (IT services)† | 26,017 | 5,099 | ||||||
13,802 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Italy—0.7% | |||||||||
Amplifon SpA (Health care providers & services) | 69,735 | $ | 3,314 | ||||||
* | Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 40,999 | 2,249 | ||||||
Moncler SpA (Textiles, apparel & luxury goods) | 50,004 | 3,050 | |||||||
8,613 | |||||||||
Luxembourg—1.0% | |||||||||
Eurofins Scientific SE (Life sciences tools & services) | 76,961 | 9,861 | |||||||
Tenaris S.A. (Energy equipment & services) | 269,042 | 2,830 | |||||||
12,691 | |||||||||
Netherlands—4.2% | |||||||||
* | Adyen N.V. (IT services) | 5,702 | 15,939 | ||||||
ASML Holding N.V. (Semiconductors & semiconductor equipment) | 37,221 | 27,807 | |||||||
BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment) | 24,866 | 1,978 | |||||||
Euronext N.V. (Capital markets) | 39,915 | 4,504 | |||||||
IMCD N.V. (Trading companies & distributors) | 21,831 | 4,178 | |||||||
54,406 | |||||||||
Norway—0.6% | |||||||||
* | Pexip Holding ASA (Software) | 149,951 | 1,210 | ||||||
Scatec ASA (Independent power & renewable electricity producers) | 73,573 | 1,367 | |||||||
TOMRA Systems ASA (Commercial services & supplies) | 98,537 | 5,153 | |||||||
7,730 | |||||||||
Spain—1.6% | |||||||||
* | Amadeus IT Group S.A. (IT services) | 221,091 | 14,542 | ||||||
EDP Renovaveis S.A. (Independent power & renewable electricity producers) | 197,503 | 4,903 | |||||||
* | Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers) | 77,388 | 1,222 | ||||||
20,667 | |||||||||
Sweden—6.9% | |||||||||
AddTech AB Class “B” (Trading companies & distributors) | 122,938 | 2,181 | |||||||
Atlas Copco AB Class “A” (Machinery) | 356,614 | 21,534 | |||||||
Beijer Ref AB (Trading companies & distributors) | 181,197 | 3,604 | |||||||
* | BICO Group AB (Life sciences tools & services) | 33,036 | 1,956 | ||||||
EQT AB (Capital markets) | 22,627 | 940 | |||||||
Evolution Gaming Group AB (Hotels, restaurants & leisure) | 67,413 | 10,209 | |||||||
* | Hemnet Group AB (Interactive Media & Services) | 96,353 | 1,861 | ||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 987,326 | 15,272 | |||||||
Indutrade AB (Machinery) | 196,502 | 5,464 | |||||||
Investment AB Latour Class “B” (Industrial conglomerates) | 120,642 | 3,733 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 155,945 | 4,189 | |||||||
Nibe Industrier AB Class “B” (Building products) | 488,223 | 6,135 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 270,899 | 3,231 | |||||||
Sweco AB Class “B” (Construction & engineering) | 122,303 | 1,928 | |||||||
Thule Group AB (Leisure products) | 54,463 | 2,731 | |||||||
Vitrolife AB (Biotechnology) | 69,406 | 3,653 | |||||||
88,621 | |||||||||
Switzerland—7.2% | |||||||||
Belimo Holding AG (Building products) | 5,165 | 2,726 | |||||||
Logitech International S.A. (Technology hardware, storage & peripherals) | 23,624 | 2,102 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Lonza Group AG (Life sciences tools & services) | 22,617 | $ | 16,965 | ||||||
Partners Group Holding AG (Capital markets) | 10,209 | 15,933 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 3,349 | 2,984 | ||||||
* | SIG Combibloc Group AG (Containers & packaging) | 153,570 | 4,083 | ||||||
Sika AG (Chemicals) | 58,813 | 18,595 | |||||||
* | Softwareone Holding AG (Electronic equipment, instruments & components) | 75,905 | 1,660 | ||||||
Straumann Holding AG (Health care equipment & supplies) | 7,034 | 12,615 | |||||||
Tecan Group AG (Life sciences tools & services) | 7,801 | 4,418 | |||||||
Temenos AG (Software) | 24,895 | 3,378 | |||||||
VAT Group AG (Machinery) | 12,999 | 5,130 | |||||||
* | Zur Rose Group AG (Food & staples retailing) | 5,214 | 2,086 | ||||||
92,675 | |||||||||
Emerging Asia—19.5% | |||||||||
China—8.3% | |||||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 420,827 | 3,468 | |||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 563,500 | 10,433 | ||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 754,200 | 2,956 | |||||||
Chacha Food Co., Ltd. Class “A” (Food products) | 230,700 | 1,651 | |||||||
Country Garden Services Holdings Co., Ltd. (Real estate management & development) | 448,000 | 3,540 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 212,112 | 3,597 | |||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 184,900 | 4,973 | |||||||
* | JD.com, Inc. Class “A” (Internet & direct marketing retail) | 163,750 | 5,904 | ||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 1,072,500 | 12,361 | |||||||
NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment) | 88,000 | 4,935 | |||||||
NetEase, Inc. (Entertainment) | 139,800 | 2,365 | |||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 1,344,000 | 9,192 | |||||||
Proya Cosmetics Co., Ltd. Class “A” (Personal products) | 87,400 | 2,339 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies) | 64,400 | 3,844 | |||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 17,000 | 2,473 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 237,700 | 14,190 | |||||||
* | Weimob, Inc. (Software) | 746,000 | 1,077 | ||||||
WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services) | 172,556 | 4,069 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 821,000 | 13,317 | ||||||
106,684 | |||||||||
India—4.6% | |||||||||
Crompton Greaves Consumer Electricals, Ltd. (Household durables) | 424,424 | 2,740 | |||||||
Dr. Lal PathLabs, Ltd. (Health care providers & services) | 78,659 | 3,895 | |||||||
Havells India, Ltd. (Electrical equipment) | 162,784 | 3,000 | |||||||
HDFC Bank, Ltd. (Banks) | 629,308 | 13,436 | |||||||
Info Edge India, Ltd. (Interactive Media & Services) | 34,937 | 3,017 | |||||||
* | InterGlobe Aviation, Ltd. (Airlines) | 156,169 | 4,247 | ||||||
Ipca Laboratories, Ltd. (Pharmaceuticals) | 59,184 | 1,926 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 79,053 | 2,539 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 661,922 | 22,113 | |||||||
Voltas, Ltd. (Construction & engineering) | 136,253 | 2,238 | |||||||
59,151 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Indonesia—1.2% | |||||||||
Bank Central Asia Tbk PT (Banks) | 6,396,006 | $ | 15,579 | ||||||
South Korea—1.1% | |||||||||
Kakao Corporation (Interactive Media & Services) | 68,421 | 6,729 | |||||||
Samsung SDI Co., Ltd. (Electronic equipment, instruments & components) | 10,853 | 6,476 | |||||||
13,205 | |||||||||
Taiwan—3.2% | |||||||||
Airtac International Group (Machinery) | 69,000 | 2,147 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 33,000 | 1,949 | |||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 77,000 | 2,172 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 408,000 | 13,133 | |||||||
momo.com, Inc. (Internet & direct marketing retail) | 40,000 | 2,318 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 171,898 | 19,193 | |||||||
40,912 | |||||||||
Thailand—1.1% | |||||||||
Carabao Group PCL Class “F” (Beverages) | 394,600 | 1,390 | |||||||
* | Sea, Ltd.—ADR (Entertainment) | 40,918 | 13,042 | ||||||
14,432 | |||||||||
United Kingdom—11.7% | |||||||||
3i Group plc (Capital markets) | 263,778 | 4,531 | |||||||
Ashtead Group plc (Trading companies & distributors) | 311,126 | 23,519 | |||||||
Avast plc (Software) | 330,646 | 2,527 | |||||||
AVEVA Group plc (Software) | 75,887 | 3,668 | |||||||
Big Yellow Group plc (Equity REIT) | 141,740 | 2,666 | |||||||
* | boohoo Group plc (Internet & direct marketing retail) | 478,604 | 1,397 | ||||||
* | Ceres Power Holdings plc (Electrical equipment) | 100,185 | 1,440 | ||||||
* | Compass Group plc (Hotels, restaurants & leisure) | 669,663 | 13,695 | ||||||
Croda International plc (Chemicals) | 99,255 | 11,372 | |||||||
* | CVS Group plc (Health care providers & services) | 80,780 | 2,624 | ||||||
Diploma plc (Trading companies & distributors) | 70,803 | 2,692 | |||||||
Experian plc (Professional services) | 265,100 | 11,105 | |||||||
Halma plc (Electronic equipment, instruments & components) | 256,044 | 9,766 | |||||||
Intermediate Capital Group plc (Capital markets) | 204,121 | 5,589 | |||||||
Intertek Group plc (Professional services) | 61,398 | 4,106 | |||||||
London Stock Exchange Group plc (Capital markets) | 109,429 | 10,966 | |||||||
Renishaw plc (Electronic equipment, instruments & components) | 30,253 | 1,921 | |||||||
Rentokil Initial plc (Commercial services & supplies) | 1,017,444 | 7,990 | |||||||
Rotork plc (Machinery) | 1,010,127 | 4,721 | |||||||
Segro plc (Equity REIT) | 516,762 | 8,301 | |||||||
Softcat plc (IT services) | 103,273 | 2,806 | |||||||
Spirax-Sarco Engineering plc (Machinery) | 46,256 | 9,307 | |||||||
* | Trainline plc (Hotels, restaurants & leisure) | 389,253 | 1,836 | ||||||
* | Trustpilot Group plc (Interactive Media & Services) | 429,475 | 2,228 | ||||||
150,773 | |||||||||
Japan—10.3% | |||||||||
Asahi Intecc Co., Ltd. (Health care equipment & supplies) | 141,000 | 3,862 | |||||||
* | BASE, Inc. (IT services) | 131,100 | 1,275 | ||||||
Benefit One, Inc. (Professional services) | 95,500 | 4,502 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
* | Bengo4.com, Inc. (Interactive Media & Services) | 16,700 | $ | 956 | |||||
Daikin Industries, Ltd. (Building products) | 61,100 | 13,322 | |||||||
Disco Corporation (Semiconductors & semiconductor equipment) | 6,100 | 1,709 | |||||||
Food & Life Cos., Ltd. (Hotels, restaurants & leisure) | 72,700 | 3,343 | |||||||
GMO Payment Gateway, Inc. (IT services) | 24,400 | 3,081 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 40,500 | 1,942 | |||||||
Hoya Corporation (Health care equipment & supplies) | 67,400 | 10,516 | |||||||
Keyence Corporation (Electronic equipment, instruments & components) | 26,400 | 15,757 | |||||||
M3, Inc. (Health care technology) | 101,900 | 7,262 | |||||||
MISUMI Group, Inc. (Machinery) | 103,700 | 4,412 | |||||||
MonotaRO Co., Ltd. (Trading companies & distributors) | 185,700 | 4,162 | |||||||
Nihon M&A Center, Inc. (Professional services) | 211,200 | 6,202 | |||||||
Olympus Corporation (Health care equipment & supplies) | 469,800 | 10,283 | |||||||
Omron Corporation (Electronic equipment, instruments & components) | 113,800 | 11,261 | |||||||
Rakus Co., Ltd. (Software) | 108,000 | 3,826 | |||||||
* | SHIFT, Inc. (IT services) | 16,200 | 3,447 | ||||||
SMC Corporation (Machinery) | 20,700 | 12,915 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 126,800 | 3,813 | |||||||
TIS, Inc. (IT services) | 173,000 | 4,722 | |||||||
132,570 | |||||||||
Canada—3.8% | |||||||||
* | Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)† | 80,673 | 2,878 | ||||||
Canadian National Railway Co. (Road & rail)† | 181,285 | 21,008 | |||||||
Enghouse Systems, Ltd. (Software)† | 32,988 | 1,447 | |||||||
* | Kinaxis, Inc. (Software)† | 23,537 | 3,396 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 27,660 | 11,194 | ||||||
* | Nuvei Corporation (IT services)† | 65,769 | 7,534 | ||||||
Toromont Industries, Ltd. (Trading companies & distributors)† | 24,978 | 2,085 | |||||||
49,542 | |||||||||
Asia—3.5% | |||||||||
Australia—1.9% | |||||||||
Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure) | 224,552 | 7,468 | |||||||
* | Atlassian Corporation plc Class “A” (Software)† | 31,990 | 12,522 | ||||||
Netwealth Group, Ltd. (Capital markets) | 164,727 | 1,700 | |||||||
Pro Medicus, Ltd. (Health care technology) | 54,331 | 2,108 | |||||||
23,798 | |||||||||
Hong Kong—1.6% | |||||||||
AIA Group, Ltd. (Insurance) | 1,821,063 | 20,950 | |||||||
Emerging Latin America—2.2% | |||||||||
Argentina—1.0% | |||||||||
* | Globant S.A. (IT services)† | 15,461 | 4,345 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 4,969 | 8,345 | ||||||
12,690 | |||||||||
Brazil—0.9% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 1,289,100 | 3,016 | |||||||
Locaweb Servicos de Internet S.A. (IT services) | 824,686 | 3,465 | |||||||
Magazine Luiza S.A. (Multiline retail) | 956,500 | 2,519 |
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Brazil — (continued) | |||||||||
Notre Dame Intermedica Participacoes S.A. (Health care providers & services) | 183,000 | $ | 2,507 | ||||||
11,507 | |||||||||
Mexico—0.2% | |||||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure) | 12,812 | 2,396 | |||||||
Uruguay—0.1% | |||||||||
* | Dlocal, Ltd. (IT services)† | 31,642 | 1,726 | ||||||
Emerging Europe—1.0% | |||||||||
Poland—0.4% | |||||||||
* | Allegro.eu S.A. (Internet & direct marketing retail) | 226,047 | 3,282 | ||||||
* | InPost S.A. (Air freight & logistics) | 137,286 | 2,278 | ||||||
5,560 | |||||||||
Russia—0.6% | |||||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 90,899 | 7,244 | ||||||
Total Common Stocks—98.7% (cost $727,159) | 1,267,945 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $18,081, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $18,443 | $ | 18,081 | 18,081 | ||||||
Total Repurchase Agreement—1.4% (cost $18,081) | 18,081 | ||||||||
Total Investments—100.1% (cost $745,240) | 1,286,026 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (1,764 | ) | |||||||
Net assets—100.0% | $ | 1,284,262 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 26.9 | % | ||
Information Technology | 22.3 | % | ||
Health Care | 14.2 | % | ||
Consumer Discretionary | 13.0 | % | ||
Financials | 8.6 | % | ||
Communication Services | 4.5 | % | ||
Materials | 3.1 | % | ||
Energy | 2.8 | % | ||
Consumer Staples | 2.1 | % | ||
Real Estate | 1.4 | % | ||
Utilities | 1.1 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 25.6 | % | ||
British Pound Sterling | 11.9 | % | ||
Japanese Yen | 10.4 | % | ||
U.S. Dollar | 9.3 | % | ||
Hong Kong Dollar | 7.4 | % | ||
Swiss Franc | 7.3 | % | ||
Swedish Krona | 7.0 | % | ||
Indian Rupee | 4.7 | % | ||
Danish Krone | 4.2 | % | ||
Canadian Dollar | 2.8 | % | ||
Chinese Yuan Renminbi | 2.5 | % | ||
New Taiwan Dollar | 1.9 | % | ||
Indonesian Rupiah | 1.2 | % | ||
South Korean Won | 1.0 | % | ||
All Other Currencies | 2.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—40.0% | |||||||||
Belgium—2.2% | |||||||||
Melexis N.V. (Semiconductors & semiconductor equipment) | 49,680 | $ | 5,273 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 79,466 | 3,220 | |||||||
8,493 | |||||||||
Finland—1.0% | |||||||||
Musti Group Oyj (Specialty retail) | 105,441 | 3,763 | |||||||
Germany—3.6% | |||||||||
CompuGroup Medical SE & Co. KgaA (Health care technology) | 35,465 | 2,919 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 37,191 | 2,798 | ||||||
* | Hypoport SE (Diversified financial services) | 7,362 | 4,939 | ||||||
* | Westwing Group AG (Internet & direct marketing retail) | 85,066 | 3,186 | ||||||
13,842 | |||||||||
Israel—2.7% | |||||||||
* | Inmode, Ltd. (Health care equipment & supplies)† | 57,502 | 9,168 | ||||||
* | NEOGAMES S.A. (Hotels, restaurants & leisure)† | 38,527 | 1,415 | ||||||
10,583 | |||||||||
Italy—1.9% | |||||||||
Amplifon SpA (Health care providers & services) | 57,524 | 2,734 | |||||||
* | Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 38,429 | 2,108 | ||||||
Carel Industries SpA (Building products) | 85,821 | 2,334 | |||||||
7,176 | |||||||||
Netherlands—0.5% | |||||||||
BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment) | 23,016 | 1,831 | |||||||
Norway—1.4% | |||||||||
* | Pexip Holding ASA (Software) | 208,849 | 1,685 | ||||||
TOMRA Systems ASA (Commercial services & supplies) | 71,816 | 3,756 | |||||||
5,441 | |||||||||
Spain—1.4% | |||||||||
EDP Renovaveis S.A. (Independent power & renewable electricity producers) | 117,345 | 2,913 | |||||||
* | Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers) | 147,677 | 2,333 | ||||||
5,246 | |||||||||
Sweden—19.9% | |||||||||
AddTech AB Class “B” (Trading companies & distributors) | 328,368 | 5,826 | |||||||
Arjo AB Class “B” (Health care equipment & supplies) | 527,716 | 6,499 | |||||||
Beijer Ref AB (Trading companies & distributors) | 411,267 | 8,179 | |||||||
* | BICO Group AB (Life sciences tools & services) | 88,980 | 5,268 | ||||||
Biotage AB (Life sciences tools & services) | 146,032 | 3,981 | |||||||
* | Hemnet Group AB (Interactive Media & Services) | 140,490 | 2,714 | ||||||
Investment AB Latour Class “B” (Industrial conglomerates) | 203,321 | 6,292 | |||||||
Lagercrantz Group AB Class “B” (Electronic equipment, instruments & components) | 216,641 | 2,593 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 250,643 | 6,732 | |||||||
MIPS AB (Leisure products) | 83,170 | 8,341 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 504,597 | 6,019 | |||||||
Paradox Interactive AB (Entertainment) | 29,271 | 468 | |||||||
* | Sdiptech AB Class “B” (Commercial services & supplies) | 67,539 | 3,293 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Sweden —(continued) | |||||||||
Sweco AB Class “B” (Construction & engineering) | 192,198 | $ | 3,030 | ||||||
Vitrolife AB (Biotechnology) | 132,928 | 6,996 | |||||||
76,231 | |||||||||
Switzerland—5.4% | |||||||||
Belimo Holding AG (Building products) | 7,133 | 3,765 | |||||||
Kardex Holding AG (Machinery) | 19,927 | 5,611 | |||||||
Siegfried Holding AG (Life sciences tools & services) | 4,534 | 4,040 | |||||||
Softwareone Holding AG (Electronic equipment, instruments & components) | 147,737 | 3,230 | |||||||
* | Zur Rose Group AG (Food & staples retailing) | 9,873 | 3,950 | ||||||
20,596 | |||||||||
Japan—17.2% | |||||||||
* | BASE, Inc. (IT services) | 228,100 | 2,219 | ||||||
BayCurrent Consulting, Inc. (Professional services) | 14,500 | 7,260 | |||||||
Benefit One, Inc. (Professional services) | 196,300 | 9,254 | |||||||
* | Bengo4.com, Inc. (Interactive Media & Services) | 36,100 | 2,065 | ||||||
Food & Life Cos., Ltd. (Hotels, restaurants & leisure) | 132,100 | 6,074 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 58,000 | 2,782 | |||||||
* | Hennge KK (IT services) | 33,900 | 1,797 | ||||||
Japan Elevator Service Holdings Co., Ltd. (Commercial services & supplies) | 194,100 | 4,464 | |||||||
JINS Holdings, Inc. (Specialty retail) | 67,300 | 4,906 | |||||||
* | Plaid, Inc. (Software) | 81,900 | 2,140 | ||||||
Rakus Co., Ltd. (Software) | 200,300 | 7,097 | |||||||
* | SHIFT, Inc. (IT services) | 19,400 | 4,128 | ||||||
SMS Co., Ltd. (Professional services) | 140,200 | 5,107 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 225,100 | 6,770 | |||||||
66,063 | |||||||||
Emerging Asia—15.3% | |||||||||
Cambodia—0.6% | |||||||||
NagaCorp, Ltd. (Hotels, restaurants & leisure) | 2,676,000 | 2,283 | |||||||
China—1.7% | |||||||||
Chacha Food Co., Ltd. Class “A” (Food products) | 353,700 | 2,532 | |||||||
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components) | 53,062 | 1,484 | |||||||
Proya Cosmetics Co., Ltd. Class “A” (Personal products) | 90,544 | 2,423 | |||||||
6,439 | |||||||||
India—7.8% | |||||||||
* | Aavas Financiers, Ltd. (Thrifts & mortgage finance) | 87,703 | 2,999 | ||||||
* | Affle India, Ltd. (Media) | 19,318 | 1,378 | ||||||
* | AU Small Finance Bank, Ltd. (Banks) | 369,208 | 5,775 | ||||||
IndiaMart InterMesh, Ltd. (Trading companies & distributors) | 18,371 | 2,056 | |||||||
Indian Energy Exchange Ltd. (Capital markets) | 276,816 | 2,397 | |||||||
Info Edge India, Ltd. (Interactive Media & Services) | 43,715 | 3,775 | |||||||
Ipca Laboratories, Ltd. (Pharmaceuticals) | 143,613 | 4,674 | |||||||
Motherson Sumi Systems, Ltd. (Auto components) | 2,227,561 | 6,751 | |||||||
29,805 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Indonesia—0.5% | |||||||||
Ace Hardware Indonesia Tbk PT (Specialty retail) | 22,954,600 | $ | 2,027 | ||||||
Malaysia—0.5% | |||||||||
MR DIY Group M Bhd (Specialty retail) | 2,135,000 | 1,982 | |||||||
South Korea—0.9% | |||||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 209,424 | 3,418 | |||||||
Taiwan—3.3% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 46,000 | 3,788 | |||||||
momo.com, Inc. (Internet & direct marketing retail) | 59,800 | 3,466 | |||||||
Voltronic Power Technology Corporation (Electrical equipment) | 87,451 | 5,333 | |||||||
12,587 | |||||||||
United Kingdom—13.8% | |||||||||
AVEVA Group plc (Software) | 36,025 | 1,741 | |||||||
* | Beazley plc (Insurance) | 536,565 | 2,732 | ||||||
* | boohoo Group plc (Internet & direct marketing retail) | 870,358 | 2,540 | ||||||
Burford Capital, Ltd. (Diversified financial services) | 193,120 | 2,105 | |||||||
* | Ceres Power Holdings plc (Electrical equipment) | 37,326 | 536 | ||||||
* | CVS Group plc (Health care providers & services) | 114,057 | 3,704 | ||||||
Diploma plc (Trading companies & distributors) | 88,142 | 3,352 | |||||||
dotdigital group plc (Software) | 827,842 | 2,681 | |||||||
Ideagen plc (Software) | 446,030 | 1,907 | |||||||
IntegraFin Holdings plc (Capital markets) | 680,472 | 4,725 | |||||||
* | Moonpig Group plc (Internet & direct marketing retail) | 137,554 | 589 | ||||||
Renishaw plc (Electronic equipment, instruments & components) | 38,259 | 2,429 | |||||||
Rotork plc (Machinery) | 784,642 | 3,667 | |||||||
Safestore Holdings plc (Equity REIT) | 485,019 | 6,864 | |||||||
Softcat plc (IT services) | 269,169 | 7,315 | |||||||
* | Trainline plc (Hotels, restaurants & leisure) | 542,404 | 2,559 | ||||||
* | Trustpilot Group plc (Interactive Media & Services) | 646,827 | 3,356 | ||||||
52,802 | |||||||||
Emerging Latin America—4.2% | |||||||||
Brazil—2.8% | |||||||||
Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods) | 206,200 | 3,138 | |||||||
Locaweb Servicos de Internet S.A. (IT services) | 319,400 | 1,342 | |||||||
Pet Center Comercio e Participacoes S.A. (Specialty retail) | 779,700 | 3,359 | |||||||
TOTVS S.A. (Software) | 442,500 | 2,933 | |||||||
10,772 | |||||||||
Mexico—1.4% | |||||||||
* | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure) | 912,400 | 5,366 | ||||||
Asia—2.6% | |||||||||
Australia—1.9% | |||||||||
* | Nanosonics, Ltd. (Health care equipment & supplies) | 405,464 | 1,815 | ||||||
Netwealth Group, Ltd. (Capital markets) | 153,652 | 1,586 | |||||||
Pro Medicus, Ltd. (Health care technology) | 99,025 | 3,841 | |||||||
7,242 |
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—(continued) | |||||||||
New Zealand—0.7% | |||||||||
Ryman Healthcare, Ltd. (Health care providers & services) | 263,495 | $ | 2,742 | ||||||
Canada—2.4% | |||||||||
* | Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)† | 48,629 | 1,734 | ||||||
Enghouse Systems, Ltd. (Software) † | 68,903 | 3,023 | |||||||
* | Kinaxis, Inc. (Software) † | 30,003 | 4,329 | ||||||
9,086 | |||||||||
Emerging Mid-East, Africa—1.8% | |||||||||
South Africa—1.0% | |||||||||
Clicks Group, Ltd. (Food & staples retailing) | 201,630 | 3,718 | |||||||
United Arab Emirates—0.8% | |||||||||
* | Network International Holdings plc (IT services) | 664,780 | 3,257 | ||||||
Total Common Stocks—97.3% (cost $286,296) |
| 372,791 | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $12,345, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $12,592 | $ | 12,345 | 12,345 | ||||||
Total Repurchase Agreement—3.2% (cost $12,345) |
| 12,345 | |||||||
Total Investments—100.5% (cost $298,641) |
| 385,136 | |||||||
Liabilities, plus cash and other assets—(0.5)% | (1,784 | ) | |||||||
Net assets—100.0% | $ | 383,352 |
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 29.7 | % | ||
Information Technology | 18.8 | % | ||
Consumer Discretionary | 16.6 | % | ||
Health Care | 15.7 | % | ||
Financials | 7.3 | % | ||
Communication Services | 4.4 | % | ||
Consumer Staples | 3.4 | % | ||
Real Estate | 2.7 | % | ||
Utilities | 1.4 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Swedish Krona | 20.5 | % | ||
Japanese Yen | 17.7 | % | ||
British Pound Sterling | 15.0 | % | ||
Euro | 10.8 | % | ||
Indian Rupee | 8.0 | % | ||
Swiss Franc | 5.5 | % | ||
New Taiwan Dollar | 3.4 | % | ||
U.S. Dollar | 3.3 | % | ||
Brazilian Real | 2.9 | % | ||
Canadian Dollar | 2.0 | % | ||
Australian Dollar | 2.0 | % | ||
Chinese Yuan Renminbi | 1.7 | % | ||
Norwegian Krone | 1.5 | % | ||
Mexican Peso | 1.4 | % | ||
All Other Currencies | 4.3 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—70.7% | |||||||||
China—22.9% | |||||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 448,986 | $ | 3,701 | ||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 1,041,428 | 19,281 | ||||||
China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail) | 166,756 | 6,681 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 350,302 | 5,940 | |||||||
Kweichow Moutai Co., Ltd. Class “A” (Beverages) | 18,759 | 5,295 | |||||||
Midea Group Co., Ltd. Class “A” (Household durables) | 720,700 | 7,749 | |||||||
NetEase, Inc. (Entertainment) | 153,550 | 2,598 | |||||||
Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance) | 1,157,500 | 7,917 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 167,200 | 3,548 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 369,300 | 22,047 | |||||||
TravelSky Technology, Ltd. Class “H” (IT services) | 2,374,000 | 4,579 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals) | 100,000 | 5,840 | |||||||
Total China | 95,176 | ||||||||
India—22.6% | |||||||||
Asian Paints, Ltd. (Chemicals) | 121,999 | 5,324 | |||||||
Bajaj Finance, Ltd. (Consumer finance) | 56,084 | 5,775 | |||||||
Britannia Industries, Ltd. (Food products) | 78,430 | 4,166 | |||||||
Havells India, Ltd. (Electrical equipment) | 250,910 | 4,624 | |||||||
HDFC Bank, Ltd. (Banks) | 528,778 | 11,289 | |||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 184,860 | 6,807 | |||||||
Infosys, Ltd. (IT services) | 548,404 | 12,327 | |||||||
* | InterGlobe Aviation, Ltd. (Airlines) | 240,201 | 6,531 | ||||||
Motherson Sumi Systems, Ltd. (Auto components) | 2,766,272 | 8,383 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 597,464 | 19,883 | |||||||
UPL, Ltd. (Chemicals) | 907,873 | 8,636 | |||||||
93,745 | |||||||||
Indonesia—2.2% | |||||||||
Bank Central Asia Tbk PT (Banks) | 3,713,900 | 9,046 | |||||||
South Korea—8.0% | |||||||||
* | Coupang, Inc. (Internet & direct marketing retail) | 123,506 | 3,440 | ||||||
Douzone Bizon Co., Ltd. (Software) | 52,270 | 4,199 | |||||||
Kakao Corporation (Interactive Media & Services) | 59,912 | 5,892 | |||||||
* | KakaoBank Corporation (Banks) | 63,166 | 3,649 | ||||||
LG Household & Health Care, Ltd. (Personal products) | 6,608 | 7,450 | |||||||
NAVER Corporation (Interactive Media & Services) | 27,029 | 8,770 | |||||||
33,400 | |||||||||
Taiwan—12.5% | |||||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 4,680,267 | 4,404 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 68,000 | 4,756 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 304,000 | 9,785 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 295,550 | 32,998 | |||||||
51,943 | |||||||||
Thailand—2.5% | |||||||||
* | Sea, Ltd.—ADR (Entertainment) | 33,232 | 10,592 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—15.6% | |||||||||
Argentina—5.3% | |||||||||
* | Globant S.A. (IT services)† | 33,511 | $ | 9,417 | |||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 7,564 | 12,703 | ||||||
22,120 | |||||||||
Brazil—5.5% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 2,599,900 | 6,082 | |||||||
Locaweb Servicos de Internet S.A. (IT services) | 277,700 | 1,167 | |||||||
Raia Drogasil S.A. (Food & staples retailing) | 621,300 | 2,666 | |||||||
* | Rumo S.A. (Road & rail) | 2,264,000 | 6,980 | ||||||
TOTVS S.A. (Software) | 871,400 | 5,777 | |||||||
22,672 | |||||||||
Mexico—4.0% | |||||||||
Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure) | 799,700 | 9,298 | |||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 2,225,500 | 7,542 | |||||||
16,840 | |||||||||
Peru—0.8% | |||||||||
Credicorp, Ltd. (Banks)† | 29,666 | 3,291 | |||||||
Emerging Europe, Mid-East, Africa—10.3% | |||||||||
Poland—1.1% | |||||||||
* | Allegro.eu S.A. (Internet & direct marketing retail) | 307,799 | 4,469 | ||||||
Russia—4.5% | |||||||||
HeadHunter Group plc—ADR (Professional services) | 157,880 | 7,705 | |||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 138,853 | 11,065 | ||||||
18,770 | |||||||||
South Africa—3.5% | |||||||||
Capitec Bank Holdings, Ltd. (Banks) | 76,188 | 9,238 | |||||||
Clicks Group, Ltd. (Food & staples retailing) | 288,344 | 5,317 | |||||||
14,555 | |||||||||
United Arab Emirates—1.2% | |||||||||
* | Network International Holdings plc (IT services) | 973,395 | 4,770 | ||||||
Total Common Stocks—96.6% (cost $349,914) | 401,389 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $14,896, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $15,194 | $ | 14,896 | 14,896 | ||||||
Total Repurchase Agreement—3.6% (cost $14,896) | 14,896 | ||||||||
Total Investments—100.2% (cost $364,810) |
| 416,285 | |||||||
Liabilities, plus cash and other assets—(0.2)% | (794 | ) | |||||||
Net assets—100.0% | $ | 415,491 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology | 22.2 | % | ||
Financials | 16.8 | % | ||
Consumer Discretionary | 16.5 | % | ||
Communication Services | 15.2 | % | ||
Consumer Staples | 9.6 | % | ||
Industrials | 8.8 | % | ||
Energy | 5.0 | % | ||
Materials | 3.5 | % | ||
Health Care | 2.4 | % | ||
Total | 100.0 | % |
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee | 23.4 | % | ||
U.S. Dollar | 22.7 | % | ||
Hong Kong Dollar | 14.9 | % | ||
Chinese Yuan Renminbi | 8.8 | % | ||
South Korean Won | 7.5 | % | ||
Brazilian Real | 5.6 | % | ||
New Taiwan Dollar | 4.7 | % | ||
Mexican Peso | 4.2 | % | ||
South African Rand | 3.6 | % | ||
Indonesian Rupiah | 2.3 | % | ||
British Pound Sterling | 1.2 | % | ||
Polish Zloty | 1.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—84.7% | |||||||||
China—21.8% | |||||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 878,532 | $ | 16,265 | |||||
ANTA Sports Products, Ltd. (Textiles, apparel & luxury goods) | 406,000 | 7,667 | |||||||
Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class “A” (Construction materials) | 538,330 | 3,671 | |||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 965,600 | 3,785 | |||||||
China Meidong Auto Holdings, Ltd. (Specialty retail) | 1,016,000 | 5,112 | |||||||
China Merchants Bank Co., Ltd. Class “H” (Banks) | 2,001,500 | 15,928 | |||||||
China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail) | 80,758 | 3,236 | |||||||
Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment) | 138,800 | 11,245 | |||||||
Country Garden Services Holdings Co., Ltd. (Real estate management & development) | 468,000 | 3,698 | |||||||
* | JD.com, Inc. Class “A” (Internet & direct marketing retail) | 243,250 | 8,770 | ||||||
Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure) | 1,232,000 | 3,711 | |||||||
* | Kingdee International Software Group Co., Ltd. (Software) | 668,000 | 2,224 | ||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 1,232,500 | 14,205 | |||||||
* | Meituan Class “B” (Internet & direct marketing retail) | 246,100 | 7,856 | ||||||
NetEase, Inc. (Entertainment) | 421,200 | 7,127 | |||||||
Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery) | 738,864 | 7,181 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 334,000 | 7,089 | |||||||
Silergy Corporation (Semiconductors & semiconductor equipment) | 145,000 | 21,091 | |||||||
Sungrow Power Supply Co., Ltd. Class “A” (Electrical equipment) | 137,900 | 3,134 | |||||||
Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment) | 33,600 | 3,148 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 597,960 | 35,697 | |||||||
Wuliangye Yibin Co., Ltd. Class “A” (Beverages) | 89,094 | 3,015 | |||||||
WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services) | 438,860 | 10,217 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 1,029,000 | 16,691 | ||||||
Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 337,520 | 3,604 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals) | 67,229 | 3,926 | |||||||
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class “A” (Semiconductors & semiconductor equipment) | 377,890 | 3,748 | |||||||
Zhongsheng Group Holdings, Ltd. (Specialty retail) | 929,500 | 7,451 | |||||||
240,492 | |||||||||
India—25.3% | |||||||||
Aarti Industries, Ltd. (Chemicals) | 269,903 | 3,369 | |||||||
* | Affle India, Ltd. (Media) | 37,349 | 2,663 | ||||||
* | Amber Enterprises India, Ltd. (Household durables) | 67,081 | 2,913 | ||||||
* | APL Apollo Tubes, Ltd. (Metals & mining) | 333,384 | 3,721 | ||||||
Apollo Hospitals Enterprise, Ltd. (Health care providers & services) | 145,519 | 8,750 | |||||||
Asian Paints, Ltd. (Chemicals) | 183,823 | 8,021 | |||||||
Astral Poly Technik, Ltd. (Building products) | 136,032 | 3,961 | |||||||
Atul, Ltd. (Chemicals) | 23,152 | 2,936 | |||||||
Bajaj Finance, Ltd. (Consumer finance) | 94,890 | 9,772 | |||||||
Balkrishna Industries, Ltd. (Auto components) | 130,421 | 4,439 | |||||||
Coforge, Ltd. (IT services) | 68,569 | 4,825 | |||||||
Computer Age Management Services, Ltd. (IT services) | 75,034 | 3,063 | |||||||
Crompton Greaves Consumer Electricals, Ltd. (Household durables) | 733,093 | 4,732 | |||||||
Dabur India, Ltd. (Personal products) | 517,110 | 4,295 | |||||||
Divi’s Laboratories, Ltd. (Life sciences tools & services) | 131,040 | 8,463 | |||||||
Dixon Technologies India, Ltd. (Household durables) | 82,801 | 5,103 | |||||||
Dr. Lal PathLabs, Ltd. (Health care providers & services) | 83,771 | 4,148 | |||||||
Escorts, Ltd. (Machinery) | 140,983 | 2,796 | |||||||
* | Godrej Properties, Ltd. (Real estate management & development) | 134,174 | 4,172 | ||||||
Gujarat Gas, Ltd. (Gas utilities) | 293,974 | 2,519 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Havells India, Ltd. (Electrical equipment) | 340,986 | $ | 6,285 | ||||||
HDFC Bank, Ltd. (Banks) | 850,795 | 18,165 | |||||||
HDFC Life Insurance Co., Ltd. (Insurance) | 252,179 | 2,447 | |||||||
Hindustan Unilever, Ltd. (Household products) | 120,493 | 4,369 | |||||||
Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance) | 398,620 | 14,678 | |||||||
IndiaMart InterMesh, Ltd. (Trading companies & distributors) | 26,474 | 2,963 | |||||||
Indian Energy Exchange Ltd. (Capital markets) | 406,049 | 3,517 | |||||||
Indraprastha Gas, Ltd. (Gas utilities) | 379,666 | 2,720 | |||||||
Info Edge India, Ltd. (Interactive Media & Services) | 78,354 | 6,767 | |||||||
JK Cement, Ltd. (Construction materials) | 66,311 | 2,774 | |||||||
Kajaria Ceramics, Ltd. (Building products) | 213,699 | 3,400 | |||||||
Larsen & Toubro Infotech, Ltd. (IT services) | 62,760 | 4,864 | |||||||
Laurus Labs Ltd. (Pharmaceuticals) | 471,176 | 3,900 | |||||||
Metropolis Healthcare, Ltd. (Health care providers & services) | 74,168 | 2,689 | |||||||
Navin Fluorine International, Ltd. (Chemicals) | 61,539 | 3,048 | |||||||
Nestle India, Ltd. (Food products) | 13,105 | 3,420 | |||||||
PI Industries, Ltd. (Chemicals) | 125,189 | 5,329 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 203,803 | 6,545 | |||||||
Polycab India, Ltd. (Electrical equipment) | 86,906 | 2,790 | |||||||
Reliance Industries, Ltd. (Oil, gas & consumable fuels) | 934,319 | 30,995 | |||||||
SRF, Ltd. (Chemicals) | 63,106 | 9,600 | |||||||
Tata Consultancy Services, Ltd. (IT services) | 403,124 | 20,447 | |||||||
Tata Consumer Products, Ltd. (Food products) | 427,680 | 4,670 | |||||||
Tata Elxsi, Ltd. (Software) | 82,504 | 6,179 | |||||||
UPL, Ltd. (Chemicals) | 505,697 | 4,810 | |||||||
Varun Beverages, Ltd. (Beverages) | 292,677 | 3,557 | |||||||
Voltas, Ltd. (Construction & engineering) | 204,841 | 3,365 | |||||||
278,954 | |||||||||
Indonesia—1.7% | |||||||||
Bank Central Asia Tbk PT (Banks) | 3,943,999 | 9,606 | |||||||
* | Bank Jago Tbk PT (Banks) | 3,634,000 | 3,823 | ||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 20,367,751 | 5,429 | |||||||
18,858 | |||||||||
Philippines—0.3% | |||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 763,090 | 2,915 | |||||||
South Korea—12.2% | |||||||||
Hansol Chemical Co., Ltd. (Chemicals) | 22,119 | 6,411 | |||||||
JYP Entertainment Corporation (Entertainment) | 59,529 | 2,117 | |||||||
Kakao Corporation (Interactive Media & Services) | 194,910 | 19,169 | |||||||
* | KakaoBank Corporation (Banks) | 114,277 | 6,602 | ||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 116,002 | 1,893 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 29,776 | 4,395 | |||||||
LG Household & Health Care, Ltd. (Personal products) | 2,263 | 2,551 | |||||||
NAVER Corporation (Interactive Media & Services) | 53,443 | 17,341 | |||||||
NICE Information Service Co., Ltd. (Professional services) | 125,641 | 2,153 | |||||||
PI Advanced Materials Co., Ltd. (Chemicals) | 69,803 | 3,246 | |||||||
Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals) | 819,916 | 50,830 | |||||||
Samsung SDI Co., Ltd. (Electronic equipment, instruments & components) | 20,644 | 12,319 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 35,621 | 3,050 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
South Korea — (continued) | |||||||||
WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment) | 76,980 | $ | 2,563 | ||||||
134,640 | |||||||||
Taiwan—20.2% | |||||||||
Accton Technology Corporation (Communications equipment) | 341,000 | 3,214 | |||||||
Advantech Co., Ltd. (Technology hardware, storage & peripherals) | 314,766 | 4,102 | |||||||
Airtac International Group (Machinery) | 126,000 | 3,920 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 56,000 | 3,308 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 113,000 | 9,306 | |||||||
Chailease Holding Co., Ltd. (Diversified financial services) | 1,500,800 | 13,180 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 485,000 | 3,037 | |||||||
E.Sun Financial Holding Co., Ltd. (Banks) | 4,253,646 | 4,003 | |||||||
Elite Material Co., Ltd. (Electronic equipment, instruments & components) | 461,000 | 3,571 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 107,000 | 7,483 | |||||||
Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods) | 410,000 | 3,151 | |||||||
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment) | 128,000 | 3,611 | |||||||
Lotes Co., Ltd. (Electronic equipment, instruments & components) | 182,459 | 3,610 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 1,051,000 | 33,829 | |||||||
momo.com, Inc. (Internet & direct marketing retail) | 90,600 | 5,251 | |||||||
Parade Technologies, Ltd. (Semiconductors & semiconductor equipment) | 139,000 | 8,136 | |||||||
Poya International Co., Ltd. (Multiline retail) | 9,270 | 157 | |||||||
Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment) | 454,000 | 7,998 | |||||||
Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components) | 416,000 | 3,498 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment) | 994,000 | 20,558 | |||||||
Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment) | 595,745 | 66,515 | |||||||
Voltronic Power Technology Corporation (Electrical equipment) | 112,586 | 6,865 | |||||||
Wiwynn Corporation (Technology hardware, storage & peripherals) | 121,000 | 3,747 | |||||||
222,050 | |||||||||
Thailand—2.2% | |||||||||
Com7 PCL Class “F” (Specialty retail) | 1,474,300 | 2,908 | |||||||
* | Sea, Ltd.—ADR (Entertainment) | 68,588 | 21,861 | ||||||
24,769 | |||||||||
Vietnam—1.0% | |||||||||
Hoa Phat Group JSC (Metals & mining) | 4,602,601 | 10,642 | |||||||
Emerging Europe, Mid-East, Africa—8.0% | |||||||||
Hungary—1.0% | |||||||||
* | OTP Bank Nyrt (Banks) | 194,424 | 11,376 | ||||||
Kazakhstan—0.2% | |||||||||
Kaspi.KZ JSC—GDR (Consumer finance) | 15,529 | 1,656 | |||||||
Kenya—0.3% | |||||||||
Safaricom plc (Wireless telecommunication services) | 8,354,754 | 3,213 | |||||||
Poland—1.5% | |||||||||
* | Allegro.eu S.A. (Internet & direct marketing retail) | 326,805 | 4,745 | ||||||
* | Dino Polska S.A. (Food & staples retailing) | 102,137 | 8,518 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East, Africa—(continued) | |||||||||
Poland — (continued) | |||||||||
* | InPost S.A. (Air freight & logistics) | 182,291 | $ | 3,025 | |||||
16,288 | |||||||||
Russia—3.6% | |||||||||
* | Ozon Holdings plc—ADR (Internet & direct marketing retail) | 67,941 | 3,428 | ||||||
TCS Group Holding plc—GDR (Banks) | 187,609 | 17,059 | |||||||
* | Yandex N.V. Class “A” (Interactive Media & Services)† | 241,909 | 19,278 | ||||||
39,765 | |||||||||
South Africa—1.4% | |||||||||
Capitec Bank Holdings, Ltd. (Banks) | 92,844 | 11,257 | |||||||
Clicks Group, Ltd. (Food & staples retailing) | 215,992 | 3,983 | |||||||
15,240 | |||||||||
Emerging Latin America—7.5% | |||||||||
Argentina—2.6% | |||||||||
* | Globant S.A. (IT services)† | 35,593 | 10,002 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 10,828 | 18,185 | ||||||
28,187 | |||||||||
Brazil—3.6% | |||||||||
B3 S.A. - Brasil Bolsa Balcao (Capital markets) | 1,051,900 | 2,461 | |||||||
Localiza Rent a Car S.A. (Road & rail) | 411,200 | 4,113 | |||||||
Locaweb Servicos de Internet S.A. (IT services) | 809,600 | 3,402 | |||||||
Magazine Luiza S.A. (Multiline retail) | 1,524,300 | 4,014 | |||||||
Patria Investments, Ltd. Class “A” (Capital markets)† | 193,950 | 3,167 | |||||||
Pet Center Comercio e Participacoes S.A. (Specialty retail) | 545,400 | 2,350 | |||||||
Raia Drogasil S.A. (Food & staples retailing) | 1,074,700 | 4,612 | |||||||
TOTVS S.A. (Software) | 867,300 | 5,749 | |||||||
Vinci Partners Investments, Ltd. Class “A” (Capital markets)† | 218,675 | 2,849 | |||||||
WEG S.A. (Electrical equipment) | 949,940 | 6,913 | |||||||
39,630 | |||||||||
Mexico—0.7% | |||||||||
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing) | 2,387,900 | 8,092 | |||||||
Uruguay—0.6% | |||||||||
* | Dlocal, Ltd. (IT services)† | 130,892 | 7,141 | ||||||
Total Common Stocks—100.2% (cost $792,912) | 1,103,908 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $7,774, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $7,930 | $ | 7,774 | 7,774 | ||||||
Total Repurchase Agreement—0.7% (cost $7,774) | 7,774 | ||||||||
Total Investments—100.9% (cost $800,686) | 1,111,682 | ||||||||
Liabilities, plus cash and other assets—(0.9)% | (10,195 | ) | |||||||
Net assets—100.0% | $ | 1,101,487 |
ADR = American Depository Receipt
GDR = Global Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology | 32.4 | % | ||
Financials | 14.2 | % | ||
Consumer Discretionary | 12.9 | % | ||
Communication Services | 12.3 | % | ||
Industrials | 7.6 | % | ||
Materials | 6.7 | % | ||
Health Care | 5.3 | % | ||
Consumer Staples | 4.6 | % | ||
Energy | 2.8 | % | ||
Real Estate | 0.7 | % | ||
Utilities | 0.5 | % | ||
Total | 100.0 | % |
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee | 25.3 | % | ||
New Taiwan Dollar | 16.0 | % | ||
U.S. Dollar | 15.5 | % | ||
Hong Kong Dollar | 15.4 | % | ||
South Korean Won | 12.2 | % | ||
Chinese Yuan Renminbi | 4.5 | % | ||
Brazilian Real | 3.0 | % | ||
Indonesian Rupiah | 1.7 | % | ||
South African Rand | 1.4 | % | ||
Polish Zloty | 1.2 | % | ||
Hungarian Forint | 1.0 | % | ||
All Other Currencies | 2.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—81.4% | |||||||||
Cambodia—0.1% | |||||||||
NagaCorp, Ltd. (Hotels, restaurants & leisure) | 906,000 | $ | 773 | ||||||
China—9.4% | |||||||||
A-Living Smart City Services Co., Ltd. (Real estate management & development) | 782,750 | 2,780 | |||||||
By-health Co., Ltd. Class “A” (Personal products) | 1,091,300 | 4,771 | |||||||
Centre Testing International Group Co., Ltd. Class “A” (Professional services) | 2,503,105 | 9,812 | |||||||
Chacha Food Co., Ltd. Class “A” (Food products) | 165,073 | 1,182 | |||||||
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components) | 128,635 | 3,597 | |||||||
China Lesso Group Holdings, Ltd. (Building products) | 1,350,000 | 2,149 | |||||||
China Meidong Auto Holdings, Ltd. (Specialty retail) | 708,000 | 3,562 | |||||||
CIFI Ever Sunshine Services Group, Ltd. (Real estate management & development) | 1,758,000 | 3,514 | |||||||
Estun Automation Co., Ltd. Class “A” (Machinery) | 485,300 | 1,637 | |||||||
Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure) | 2,164,000 | 6,518 | |||||||
JNBY Design, Ltd. (Textiles, apparel & luxury goods) | 752,500 | 1,306 | |||||||
Proya Cosmetics Co., Ltd. Class “A” (Personal products) | 183,724 | 4,916 | |||||||
Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies) | 146,219 | 1,537 | |||||||
* | Weimob, Inc. (Software) | 1,622,000 | 2,341 | ||||||
49,622 | |||||||||
India—41.4% | |||||||||
Aarti Industries, Ltd. (Chemicals) | 615,984 | 7,689 | |||||||
* | Aavas Financiers, Ltd. (Thrifts & mortgage finance) | 75,749 | 2,591 | ||||||
* | Affle India, Ltd. (Media) | 38,113 | 2,718 | ||||||
* | Amber Enterprises India, Ltd. (Household durables) | 60,208 | 2,614 | ||||||
Apollo Hospitals Enterprise, Ltd. (Health care providers & services) | 58,831 | 3,538 | |||||||
Astral Poly Technik, Ltd. (Building products) | 295,892 | 8,616 | |||||||
Atul, Ltd. (Chemicals) | 63,724 | 8,081 | |||||||
* | AU Small Finance Bank Ltd. (Banks) | 523,245 | 8,184 | ||||||
Balkrishna Industries, Ltd. (Auto components) | 215,523 | 7,336 | |||||||
Berger Paints India, Ltd. (Chemicals) | 124,295 | 1,351 | |||||||
Cholamandalam Investment and Finance Co., Ltd. (Consumer finance) | 398,121 | 3,004 | |||||||
Coforge, Ltd. (IT services) | 109,612 | 7,713 | |||||||
Computer Age Management Services, Ltd. (IT services) | 98,608 | 4,026 | |||||||
Crompton Greaves Consumer Electricals, Ltd. (Household durables) | 490,417 | 3,166 | |||||||
Dixon Technologies India, Ltd. (Household durables) | 49,289 | 3,037 | |||||||
Dr. Lal PathLabs, Ltd. (Health care providers & services) | 135,836 | 6,726 | |||||||
Endurance Technologies, Ltd. (Auto components) | 62,759 | 1,335 | |||||||
* | Godrej Properties, Ltd. (Real estate management & development) | 204,945 | 6,372 | ||||||
Havells India, Ltd. (Electrical equipment) | 196,644 | 3,624 | |||||||
IndiaMart InterMesh Ltd. (Trading companies & distributors) | 27,103 | 3,033 | |||||||
Indian Energy Exchange Ltd. (Capital markets) | 652,406 | 5,650 | |||||||
Indraprastha Gas, Ltd. (Gas utilities) | 211,749 | 1,517 | |||||||
Ipca Laboratories, Ltd. (Pharmaceuticals) | 66,272 | 2,157 | |||||||
JK Cement, Ltd. (Construction materials) | 100,061 | 4,187 | |||||||
Kajaria Ceramics, Ltd. (Building products) | 277,951 | 4,422 | |||||||
Kansai Nerolac Paints, Ltd. (Chemicals) | 325,302 | 2,766 | |||||||
KEC International, Ltd. (Construction & engineering) | 133,449 | 795 | |||||||
KEI Industries, Ltd. (Electrical equipment) | 190,104 | 2,365 | |||||||
Larsen & Toubro Infotech Ltd. (IT services) | 105,199 | 8,154 | |||||||
Laurus Labs Ltd. (Pharmaceuticals) | 572,115 | 4,735 | |||||||
* | MakeMyTrip, Ltd. (Hotels, restaurants & leisure)† | 62,480 | 1,699 | ||||||
Metropolis Healthcare, Ltd. (Health care providers & services) | 100,789 | 3,655 | |||||||
Motherson Sumi Systems, Ltd. (Auto components) | 803,053 | 2,434 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Navin Fluorine International, Ltd. (Chemicals) | 120,460 | $ | 5,966 | ||||||
* | Oberoi Realty, Ltd. (Real estate management & development) | 554,608 | 7,170 | ||||||
PI Industries, Ltd. (Chemicals) | 174,440 | 7,425 | |||||||
Pidilite Industries, Ltd. (Chemicals) | 27,559 | 885 | |||||||
Polycab India, Ltd. (Electrical equipment) | 132,529 | 4,254 | |||||||
Radico Khaitan, Ltd. (Beverages) | 347,577 | 4,112 | |||||||
Relaxo Footwears, Ltd. (Textiles, apparel & luxury goods) | 338,483 | 5,195 | |||||||
SRF, Ltd. (Chemicals) | 89,133 | 13,559 | |||||||
Sundram Fasteners, Ltd. (Auto components) | 174,388 | 2,145 | |||||||
Tata Elxsi, Ltd. (Software) | 119,704 | 8,965 | |||||||
Trent, Ltd. (Multiline retail) | 363,586 | 5,030 | |||||||
* | V-Mart Retail, Ltd. (Multiline retail) | 31,188 | 1,488 | ||||||
Varun Beverages, Ltd. (Beverages) | 783,873 | 9,525 | |||||||
Vinati Organics, Ltd. (Chemicals) | 108,408 | 2,803 | |||||||
217,812 | |||||||||
Indonesia—0.5% | |||||||||
PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks) | 9,802,900 | 2,366 | |||||||
Malaysia—2.4% | |||||||||
Inari Amertron Bhd (Electronic equipment, instruments & components) | 8,045,100 | 7,038 | |||||||
MR DIY Group M Bhd (Specialty retail) | 3,923,100 | 3,642 | |||||||
UWC BHD (Machinery) | 1,370,000 | 1,951 | |||||||
12,631 | |||||||||
Philippines—2.0% | |||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 1,540,690 | 5,884 | |||||||
Wilcon Depot, Inc. (Specialty retail) | 8,162,200 | 4,390 | |||||||
10,274 | |||||||||
South Korea—8.7% | |||||||||
* | Doosan Fuel Cell Co., Ltd. (Electrical equipment) | 20,192 | 871 | ||||||
Douzone Bizon Co., Ltd. (Software) | 15,611 | 1,254 | |||||||
* | F&F Co., Ltd. (Textiles, apparel & luxury goods) | 21,015 | 12,387 | ||||||
Hansol Chemical Co., Ltd. (Chemicals) | 30,411 | 8,815 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 53,351 | 7,875 | |||||||
* | NHN KCP Corporation (IT services) | 54,252 | 2,363 | ||||||
NICE Information Service Co., Ltd. (Professional services) | 204,817 | 3,510 | |||||||
PI Advanced Materials Co., Ltd. (Chemicals) | 126,604 | 5,888 | |||||||
WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment) | 84,941 | 2,828 | |||||||
45,791 | |||||||||
Taiwan—14.3% | |||||||||
Airtac International Group (Machinery) | 68,000 | 2,116 | |||||||
Alchip Technologies, Ltd. (Semiconductors & semiconductor equipment) | 60,000 | 1,979 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 44,000 | 2,599 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 154,000 | 12,683 | |||||||
Elite Material Co., Ltd. (Electronic equipment, instruments & components) | 564,000 | 4,369 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 163,000 | 11,399 | |||||||
Lotes Co., Ltd. (Electronic equipment, instruments & components) | 257,831 | 5,101 | |||||||
Makalot Industrial Co., Ltd. (Textiles, apparel & luxury goods) | 382,000 | 3,364 | |||||||
momo.com, Inc. (Internet & direct marketing retail) | 125,600 | 7,279 | |||||||
Parade Technologies, Ltd. (Semiconductors & semiconductor equipment) | 142,000 | 8,312 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Poya International Co., Ltd. (Multiline retail) | 82,400 | $ | 1,392 | ||||||
RichWave Technology Corporation (Semiconductors & semiconductor equipment) | 84,000 | 703 | |||||||
Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components) | 602,000 | 5,062 | |||||||
Sporton International, Inc. (Professional services) | 290,500 | 2,276 | |||||||
Voltronic Power Technology Corporation (Electrical equipment) | 108,507 | 6,617 | |||||||
75,251 | |||||||||
Thailand—1.9% | |||||||||
Carabao Group PCL Class “F” (Beverages) | 129,200 | 455 | |||||||
Com7 PCL Class “F” (Specialty retail) | 3,103,300 | 6,122 | |||||||
Muangthai Capital PCL (Consumer finance) | 2,056,200 | 3,512 | |||||||
10,089 | |||||||||
Vietnam—0.7% | |||||||||
Hoa Phat Group JSC (Metals & mining) | 1,516,220 | 3,506 | |||||||
Emerging Europe, Mid-East, Africa—10.0% | |||||||||
Greece—0.5% | |||||||||
Terna Energy S.A. (Independent power & renewable electricity producers) | 175,712 | 2,338 | |||||||
Kenya—1.1% | |||||||||
Safaricom plc (Wireless telecommunication services) | 15,589,400 | 5,996 | |||||||
Poland—1.9% | |||||||||
* | Dino Polska S.A. (Food & staples retailing) | 116,258 | 9,696 | ||||||
Romania—0.5% | |||||||||
Banca Transilvania S.A. (Banks) | 4,548,863 | 2,853 | |||||||
Russia—4.1% | |||||||||
HeadHunter Group plc—ADR (Professional services) | 184,610 | 9,009 | |||||||
* | Ozon Holdings plc—ADR (Internet & direct marketing retail) | 62,447 | 3,150 | ||||||
TCS Group Holding plc—GDR (Banks) | 101,796 | 9,257 | |||||||
21,416 | |||||||||
South Africa—1.4% | |||||||||
Clicks Group, Ltd. (Food & staples retailing) | 74,328 | 1,370 | |||||||
Transaction Capital, Ltd. (Consumer finance) | 2,235,878 | 6,069 | |||||||
7,439 | |||||||||
United Arab Emirates—0.5% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 2,439,407 | 2,756 | |||||||
Emerging Latin America—9.7% | |||||||||
Brazil—7.3% | |||||||||
* | Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Electrical equipment) | 693,500 | 1,018 | ||||||
Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods) | 179,300 | 2,729 | |||||||
* | Azul S.A.—ADR (Airlines) | 145,476 | 2,918 | ||||||
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household durables) | 165,200 | 546 | |||||||
* | Grupo SBF S.A. (Specialty retail) | 285,600 | 1,466 | ||||||
* | Infracommerce CXAAS S.A. (Interactive Media & Services) | 717,400 | 2,240 | ||||||
Locaweb Servicos de Internet S.A. (IT services) | 1,807,478 | 7,594 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Brazil — (continued) | |||||||||
Pet Center Comercio e Participacoes S.A. (Specialty retail) | 1,550,500 | $ | 6,679 | ||||||
* | Sequoia Logistica e Transportes S.A. (Air freight & logistics) | 707,400 | 2,012 | ||||||
TOTVS S.A. (Software) | 1,738,000 | 11,521 | |||||||
38,723 | |||||||||
Mexico—1.6% | |||||||||
* | Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure) | 737,499 | 4,337 | ||||||
Grupo Aeroportuario del Sureste S.A.B. de C.V. Class “B” (Transportation infrastructure) | 226,455 | 4,224 | |||||||
8,561 | |||||||||
Uruguay—0.8% | |||||||||
* | Dlocal, Ltd. (IT services)† | 74,919 | 4,088 | ||||||
Total Common Stocks—101.1% (cost $420,412) | 531,981 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $7,347, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $7,494 | $ | 7,347 | 7,347 | ||||||
Total Repurchase Agreement—1.4% (cost $7,347) | 7,347 | ||||||||
Total Investments—102.5% (cost $427,759) | 539,328 | ||||||||
Liabilities, plus cash and other assets—(2.5)% | (13,308 | ) | |||||||
Net assets—100.0% | $ | 526,020 |
ADR = American Depository Receipt
GDR = Global Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology | 24.1 | % | ||
Consumer Discretionary | 20.1 | % | ||
Industrials | 16.7 | % | ||
Materials | 13.7 | % | ||
Financials | 8.2 | % | ||
Consumer Staples | 6.8 | % | ||
Health Care | 3.9 | % | ||
Real Estate | 3.7 | % | ||
Communication Services | 2.1 | % | ||
Utilities | 0.7 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 40.6 | % | ||
New Taiwan Dollar | 14.2 | % | ||
South Korean Won | 8.6 | % | ||
Brazilian Real | 6.7 | % | ||
U.S. Dollar | 5.7 | % | ||
Chinese Yuan Renminbi | 5.2 | % | ||
Hong Kong Dollar | 4.3 | % | ||
Malaysian Ringgit | 2.4 | % | ||
Philippine Peso | 1.9 | % | ||
Thai Baht | 1.9 | % | ||
Polish Zloty | 1.8 | % | ||
Mexican Peso | 1.6 | % | ||
South African Rand | 1.4 | % | ||
Kenyan Shilling | 1.1 | % | ||
All Other Currencies | 2.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
China Growth Fund
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—95.8% | |||||||||
China—95.8% | |||||||||
Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services) | 6,500 | $ | 54 | ||||||
* | Alibaba Group Holding, Ltd. (Internet & direct marketing retail) | 5,600 | 104 | ||||||
* | Angelalign Technology, Inc. (Health care equipment & supplies) | 400 | 17 | ||||||
ANTA Sports Products, Ltd. (Textiles, apparel & luxury goods) | 2,000 | 38 | |||||||
Bank of Ningbo Co., Ltd. Class “A” (Banks) | 7,000 | 38 | |||||||
Beijing Kingsoft Office Software, Inc. Class “A” (Software) | 754 | 33 | |||||||
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components) | 1,434 | 40 | |||||||
China Meidong Auto Holdings, Ltd. (Specialty retail) | 8,000 | 40 | |||||||
China Merchants Bank Co., Ltd. Class “H” (Banks) | 13,500 | 107 | |||||||
China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail) | 2,400 | 96 | |||||||
Chongqing Zhifei Biological Products Co., Ltd. Class “A” (Biotechnology) | 800 | 20 | |||||||
Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment) | 1,500 | 121 | |||||||
Country Garden Services Holdings Co., Ltd. (Real estate management & development) | 5,000 | 39 | |||||||
Estun Automation Co., Ltd. Class “A” (Machinery) | 8,000 | 27 | |||||||
Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products) | 6,600 | 112 | |||||||
Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services) | 1,500 | 40 | |||||||
* | Hua Hong Semiconductor, Ltd. (Semiconductors & semiconductor equipment) | 5,000 | 26 | ||||||
* | JD.com, Inc. Class “A” (Internet & direct marketing retail) | 1,950 | 70 | ||||||
Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery) | 2,200 | 29 | |||||||
JS Global Lifestyle Co. Ltd. (Household durables) | 12,000 | 28 | |||||||
Juewei Food Co., Ltd. Class “A” (Food products) | 2,000 | 20 | |||||||
* | Kingdee International Software Group Co., Ltd. (Software) | 8,000 | 27 | ||||||
Kweichow Moutai Co., Ltd. Class “A” (Beverages) | 400 | 113 | |||||||
Li Ning Co., Ltd. (Textiles, apparel & luxury goods) | 3,500 | 40 | |||||||
Maxscend Microelectronics Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 900 | 49 | |||||||
* | Meituan Class “B” (Internet & direct marketing retail) | 2,000 | 64 | ||||||
Midea Group Co., Ltd. Class “A” (Household durables) | 1,800 | 19 | |||||||
NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment) | 900 | 50 | |||||||
NetEase, Inc. (Entertainment) | 3,600 | 61 | |||||||
Ovctek China, Inc. Class “A” (Health care equipment & supplies) | 2,300 | 29 | |||||||
Proya Cosmetics Co., Ltd. Class “A” (Personal products) | 900 | 24 | |||||||
Sangfor Technologies, Inc. Class “A” (Software) | 1,000 | 36 | |||||||
SG Micro Corporation Class “A” (Semiconductors & semiconductor equipment) | 1,000 | 51 | |||||||
Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies) | 2,500 | 26 | |||||||
Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery) | 7,200 | 70 | |||||||
Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods) | 2,000 | 42 | |||||||
Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment) | 300 | 28 | |||||||
Tencent Holdings, Ltd. (Interactive Media & Services) | 3,200 | 191 | |||||||
* | Topchoice Medical Corporation Class “A” (Health care providers & services) | 600 | 28 | ||||||
Will Semiconductor Co., Ltd. Shanghai Class “A” (Semiconductors & semiconductor equipment) | 1,200 | 45 | |||||||
Wuliangye Yibin Co., Ltd. Class “A” (Beverages) | 2,000 | 68 | |||||||
WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services) | 1,100 | 26 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 5,000 | 81 | ||||||
Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Electronic equipment, instruments & components) | 3,300 | 35 |
See accompanying Notes to Portfolio of Investments.
China Growth Fund
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Emerging Asia—(continued) | ||||||||||
China—(continued) | ||||||||||
Yonyou Network Technology Co., Ltd. Class “A” (Software) | 4,900 | $ | 25 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals) | 900 | 53 | ||||||||
Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class “A” (Semiconductors & semiconductor equipment) | 2,300 | 23 | ||||||||
Zhongsheng Group Holdings, Ltd. (Specialty retail) | 3,000 | 24 | ||||||||
2,427 | ||||||||||
Asia—2.7% | ||||||||||
Hong Kong—2.7% | ||||||||||
AIA Group, Ltd. (Insurance) | 3,200 | 37 | ||||||||
Hong Kong Exchanges and Clearing, Ltd. (Diversified financial services) | 500 | 31 | ||||||||
68 | ||||||||||
Total Common Stocks—98.5% (cost $2,498) | 2,495 | |||||||||
Total Investments—98.5% (cost $2,498) | 2,495 | |||||||||
Cash and other assets, less liabilities—1.5% | 39 | |||||||||
Net assets—100.0% | $ | 2,534 | ||||||||
* = Non-income producing security |
See accompanying Notes to Portfolio of Investments.
China Growth Fund
Portfolio of Investments, September 30, 2021 (unaudited)
At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 24.3 | % | ||
Information Technology | 16.0 | % | ||
Health Care | 13.9 | % | ||
Consumer Staples | 13.5 | % | ||
Industrials | 12.1 | % | ||
Communication Services | 10.1 | % | ||
Financials | 8.5 | % | ||
Real Estate | 1.6 | % | ||
Total | 100.0 | % | ||
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Chinese Yuan Renminbi | 56.2 | % | ||
Hong Kong Dollar | 43.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government and U.S. Government Agency—43.7% | |||||||||
U.S. Treasury Inflation Indexed Notes/Bonds—1.0% | |||||||||
U.S. Treasury Inflation Indexed Note, 0.125%, due 4/15/26 | $ | 1,551 | $ | 1,680 | |||||
U.S. Treasury Inflation Indexed Note, 0.125%, due 7/15/31 | 1,517 | 1,670 | |||||||
Total U.S. Treasury Inflation Indexed Notes/Bonds | 3,350 | ||||||||
U.S. Treasury—14.5% | |||||||||
U.S. Treasury Bill, 0.106%, due 10/7/21(a) | 2,000 | 2,000 | |||||||
U.S. Treasury Bond, 1.125%, due 5/15/40 | 3,900 | 3,365 | |||||||
U.S. Treasury Bond, 2.375%, due 11/15/49 | 2,267 | 2,407 | |||||||
U.S. Treasury Bond, 1.250%, due 5/15/50 | 1,100 | 897 | |||||||
U.S. Treasury Bond, 2.000%, due 8/15/51 | 3,300 | 3,234 | |||||||
U.S. Treasury Note, 0.335%, due 10/31/21 | 5,000 | 5,001 | |||||||
U.S. Treasury Note, 0.625%, due 7/31/26 | 6,800 | 6,689 | |||||||
U.S. Treasury Note, 1.125%, due 2/28/27 | 2,250 | 2,257 | |||||||
U.S. Treasury Note, 1.250%, due 6/30/28 | 2,475 | 2,468 | |||||||
U.S. Treasury Note, 0.625%, due 5/15/30 | 2,100 | 1,959 | |||||||
U.S. Treasury Note, 0.625%, due 8/15/30 | 7,900 | 7,344 | |||||||
U.S. Treasury Note, 1.125%, due 2/15/31 | 6,720 | 6,504 | |||||||
U.S. Treasury Strip Principal, 0.000%, due 8/15/27 | 4,750 | 4,442 | |||||||
Total U.S. Treasury | 48,567 | ||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—8.6% | |||||||||
#G02210, 7.000%, due 12/1/28 | 21 | 24 | |||||||
#G02183, 6.500%, due 3/1/30 | 3 | 3 | |||||||
#G01400, 7.000%, due 4/1/32 | 264 | 308 | |||||||
#G01728, 7.500%, due 7/1/32 | 45 | 53 | |||||||
#C01385, 6.500%, due 8/1/32 | 34 | 39 | |||||||
#ZT1221, 5.500%, due 1/1/33 | 404 | 465 | |||||||
#C01623, 5.500%, due 9/1/33 | 40 | 46 | |||||||
#A15039, 5.500%, due 10/1/33 | 2 | 2 | |||||||
#A17603, 5.500%, due 1/1/34 | 998 | 1,165 | |||||||
#G01843, 6.000%, due 6/1/35 | 8 | 9 | |||||||
#A62858, 6.500%, due 7/1/37 | 54 | 61 | |||||||
#G03170, 6.500%, due 8/1/37 | 88 | 105 | |||||||
#A78138, 5.500%, due 6/1/38 | 104 | 121 | |||||||
#G04466, 5.500%, due 7/1/38 | 7,306 | 8,632 | |||||||
#G60366, 6.000%, due 10/1/39 | 7,080 | 8,416 | |||||||
#G61450, 6.000%, due 4/1/40 | 7,500 | 8,937 | |||||||
#C03665, 9.000%, due 4/1/41 | 162 | 195 | |||||||
Total FHLMC Mortgage Obligations | 28,581 | ||||||||
Federal National Mortgage Association (FNMA)—19.4% | |||||||||
#893325, 7.000%, due 9/1/21 | — | —(b) | |||||||
#735104, 7.000%, due 5/1/22 | — | —(b) | |||||||
#255956, 5.500%, due 10/1/25 | 4 | 4 | |||||||
2018-M2, Tranche A1, 2.899%, due 1/25/28, VRN | 1,157 | 1,212 | |||||||
#252925, 7.500%, due 12/1/29 | — | 1 | |||||||
#AD0729, 7.500%, due 12/1/30 | 1,887 | 2,187 | |||||||
#535977, 6.500%, due 4/1/31 | 3 | 3 | |||||||
#253907, 7.000%, due 7/1/31 | 1 | 1 | |||||||
#MA4448, 1.500%, due 10/1/31 | 3,335 | 3,399 | |||||||
#587849, 6.500%, due 11/1/31 | 3 | 4 | |||||||
#545437, 7.000%, due 2/1/32 | 22 | 25 | |||||||
#545869, 6.500%, due 7/1/32 | 523 | 610 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (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) | |||||||||
#545759, 6.500%, due 7/1/32 | $ | 179 | $ | 208 | |||||
#670385, 6.500%, due 9/1/32 | 277 | 327 | |||||||
#254548, 5.500%, due 12/1/32 | 16 | 19 | |||||||
#AD0725, 7.000%, due 12/1/32 | 882 | 1,048 | |||||||
#555340, 5.500%, due 4/1/33 | 135 | 158 | |||||||
#741850, 5.500%, due 9/1/33 | 218 | 251 | |||||||
#555800, 5.500%, due 10/1/33 | 18 | 21 | |||||||
#756153, 5.500%, due 11/1/33 | 191 | 220 | |||||||
#CA2754, 4.500%, due 11/1/33 | 486 | 530 | |||||||
#725228, 6.000%, due 3/1/34 | 1,870 | 2,172 | |||||||
#763798, 5.500%, due 3/1/34 | 35 | 40 | |||||||
#725611, 5.500%, due 6/1/34 | 44 | 51 | |||||||
#745563, 5.500%, due 8/1/34 | 254 | 294 | |||||||
#AL6413, 8.000%, due 8/1/34 | 205 | 233 | |||||||
#794474, 6.000%, due 10/1/34 | 20 | 23 | |||||||
#745092, 6.500%, due 7/1/35 | 140 | 161 | |||||||
#357944, 6.000%, due 9/1/35 | 7 | 8 | |||||||
#AL6412, 7.500%, due 9/1/35 | 362 | 412 | |||||||
#AD0979, 7.500%, due 10/1/35 | 26 | 31 | |||||||
#888305, 7.000%, due 3/1/36 | 4 | 5 | |||||||
#895637, 6.500%, due 5/1/36 | 25 | 29 | |||||||
#831540, 6.000%, due 6/1/36 | 10 | 12 | |||||||
#893318, 6.500%, due 8/1/36 | 7 | 8 | |||||||
#831926, 6.000%, due 12/1/36 | 249 | 289 | |||||||
#902974, 6.000%, due 12/1/36 | 76 | 90 | |||||||
#AB0265, 6.000%, due 2/1/37 | 5,683 | 6,746 | |||||||
#938440, 6.000%, due 7/1/37 | 48 | 57 | |||||||
#948689, 6.000%, due 8/1/37 | 53 | 61 | |||||||
#AL6411, 7.000%, due 12/1/37 | 886 | 1,018 | |||||||
#AL0904, 5.500%, due 1/1/38 | 50 | 58 | |||||||
#986856, 6.500%, due 9/1/38 | 47 | 55 | |||||||
#991911, 7.000%, due 11/1/38 | 70 | 79 | |||||||
#AD0752, 7.000%, due 1/1/39 | 287 | 352 | |||||||
#FM2467, 6.000%, due 1/1/39 | 3,213 | 3,791 | |||||||
#AC1619, 5.500%, due 8/1/39 | 159 | 185 | |||||||
#BM5204, 6.500%, due 6/1/40 | 3,325 | 3,992 | |||||||
#AD7137, 5.500%, due 7/1/40 | 2,026 | 2,369 | |||||||
#BM3525, 6.000%, due 4/1/41 | 7,209 | 8,499 | |||||||
#AL9226, 5.500%, due 12/1/41 | 8,134 | 9,583 | |||||||
#AL9225, 6.000%, due 1/1/42 | 3,640 | 4,302 | |||||||
#BM5121, 5.500%, due 12/1/48 | 7,972 | 9,543 | |||||||
Total FNMA Mortgage Obligations | 64,776 | ||||||||
Collateralized Mortgage Obligation—0.2% | |||||||||
Seasoned Credit Risk Transfer Trust, 2018-4, Tranche MA, 3.500%, due 3/25/58 | 521 | 546 | |||||||
Asset-Backed Securities—2.9% | |||||||||
Automobile—2.4% | |||||||||
Carmax Auto Owner Trust, 2021-1, Tranche D, 1.280%, 7/15/27 | 500 | 499 | |||||||
GM Financial Automobile Leasing Trust, 2020-1, Tranche D, 2.280%, 6/20/24 | 3,050 | 3,098 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Asset-Backed Securities—(continued) | |||||||||
Automobile — (continued) | |||||||||
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A4, 1.040%, 9/15/27 | $ | 1,093 | $ | 1,092 | |||||
Tesla Auto Lease Trust—144A, 2019-A, Tranche D, 3.370%, 1/20/23 | 1,750 | 1,798 | |||||||
Tesla Auto Lease Trust—144A, 2019-A, Tranche E, 5.480%, 5/22/23 | 1,650 | 1,718 | |||||||
Total Automobile | 8,205 | ||||||||
Other—0.5% | |||||||||
JPMorgan Structured, 1.000%, 9/20/51 | 1,680 | 1,686 | |||||||
Total Asset-Backed Securities | 9,891 | ||||||||
Corporate Obligations—50.4% | |||||||||
Financials—10.0% | |||||||||
Banco Inbursa S.A. Institucion de Banca Multiple—144A, 4.125%, due 6/6/24 | 2,000 | 2,130 | |||||||
Bank of America Corporation, 5.875%, due 2/7/42 | 2,000 | 2,847 | |||||||
Boston Properties L.P., 2.550%, due 4/1/32 | 3,200 | 3,194 | |||||||
Brookfield Finance I UK plc, 2.340%, due 1/30/32 | 2,425 | 2,382 | |||||||
Citigroup, Inc., 5.875%, due 1/30/42 | 2,000 | 2,850 | |||||||
ERP Operating L.P., 4.500%, due 6/1/45 | 2,500 | 3,152 | |||||||
Itau Unibanco Holding S.A.—144A, 5 year CMT + 3.446%, 3.875%, due 4/15/31, VRN | 1,250 | 1,219 | |||||||
JPMorgan Chase & Co., SOFR + 3.125%, 4.600%, due 2/1/25, VRN | 3,000 | 3,071 | |||||||
Owl Rock Capital Corporation, 2.875%, due 6/11/28 | 1,725 | 1,722 | |||||||
Royal Bank of Canada, SOFR + 0.525%, 0.575%, due 1/20/26, VRN | 3,100 | 3,110 | |||||||
Simon Property Group L.P., 3.300%, due 1/15/26 | 2,750 | 2,977 | |||||||
The Bank of Nova Scotia, SOFR + 0.545%, 0.595%, due 3/2/26, VRN | 3,100 | 3,098 | |||||||
Wells Fargo & Co., 4.480%, due 1/16/24 | 1,500 | 1,625 | |||||||
Total Financials | 33,377 | ||||||||
Consumer Discretionary—7.9% | |||||||||
Brunswick Corporation, 0.850%, due 8/18/24 | 3,200 | 3,201 | |||||||
Brunswick Corporation, 2.400%, due 8/18/31 | 3,350 | 3,239 | |||||||
Costco Wholesale Corporation, 1.750%, due 4/20/32 | 2,500 | 2,450 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Consumer Discretionary — (continued) | |||||||||
Dana, Inc., 4.250%, due 9/1/30 | $ | 500 | $ | 515 | |||||
Ford Motor Co., 9.000%, due 4/22/25 | 500 | 602 | |||||||
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%, 1.360%, due 2/15/23, VRN | 700 | 698 | |||||||
General Motors Financial Co., Inc., 3M USD LIBOR + 1.100%, 1.222%, due 11/6/21, VRN | 1,690 | 1,691 | |||||||
General Motors Financial Co., Inc., SOFR + 0.760%, 0.810%, due 3/8/24, VRN | 1,475 | 1,488 | |||||||
Hyatt Hotels Corporation, 1.300%, due 10/1/23 | 1,770 | 1,772 | |||||||
Las Vegas Sands Corporation, 3.900%, due 8/8/29 | 1,600 | 1,631 | |||||||
Lennar Corporation, 4.500%, due 4/30/24 | 2,450 | 2,652 | |||||||
Meritage Homes Corporation, 5.125%, due 6/6/27 | 1,500 | 1,672 | |||||||
The Goodyear Tire & Rubber Co., 5.250%, due 4/30/31 | 2,000 | 2,152 | |||||||
Wolverine World Wide, Inc.—144A, 4.000%, due 8/15/29 | 1,000 | 1,011 | |||||||
Yum! Brands, Inc., 6.875%, due 11/15/37 | 1,250 | 1,621 | |||||||
Total Consumer Discretionary | 26,395 | ||||||||
Industrials—7.0% | |||||||||
ACCO Brands Corp.—144A, 4.250%, due 3/15/29 | 2,000 | 2,011 | |||||||
Caterpillar Financial Services Corporation, SOFR + 0.245%, 0.295%, due 5/17/24, VRN | 2,025 | 2,032 | |||||||
CNH Industrial Capital LLC, 1.950%, due 7/2/23 | 2,500 | 2,556 | |||||||
FedEx Corporation, 3.250%, due 4/1/26 | 1,900 | 2,063 | |||||||
Flowserve Corporation, 2.800%, due 1/15/32 | 1,700 | 1,682 | |||||||
Johnson Controls International plc, 1.750%, due 9/15/30 | 2,100 | 2,035 | |||||||
Owens Corning, 7.000%, due 12/1/36 | 2,250 | 3,242 | |||||||
Republic Services, Inc., 2.900%, due 7/1/26 | 2,500 | 2,662 | |||||||
Sealed Air Corp.—144A, 1.573%, due 10/15/26 | 1,000 | 994 | |||||||
The Boeing Co., 2.196%, due 2/4/26 | 1,715 | 1,730 | |||||||
Xylem, Inc., 3.250%, due 11/1/26 | 2,225 | 2,416 | |||||||
Total Industrials | 23,423 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Communication Services—5.7% | |||||||||
Activision Blizzard, Inc., 2.500%, due 9/15/50 | $ | 2,600 | $ | 2,250 | |||||
Alphabet, Inc., 1.100%, due 8/15/30 | 1,000 | 944 | |||||||
AT&T, Inc., SOFR + 0.640%, 0.690%, due 3/25/24, VRN | 750 | 751 | |||||||
AT&T, Inc., 5.700%, due 3/1/57 | 2,400 | 3,330 | |||||||
Comcast Corporation, 4.950%, due 10/15/58 | 2,000 | 2,758 | |||||||
Motorola Solutions, Inc., 4.600%, due 2/23/28 | 2,750 | 3,169 | |||||||
Omnicom Group, Inc., 2.450%, due 4/30/30 | 2,800 | 2,834 | |||||||
Verizon Communications, Inc., SOFR + 0.790%, 0.840%, due 3/20/26, VRN | 3,000 | 3,054 | |||||||
Total Communication Services | 19,090 | ||||||||
Consumer Staples—5.0% | |||||||||
Altria Group, Inc., 6.200%, due 2/14/59 | 2,250 | 2,913 | |||||||
Fresenius Medical Care U.S. Finance III, Inc.—144A, 2.375%, due 2/16/31 | 1,800 | 1,746 | |||||||
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24 | 2,000 | 2,142 | |||||||
JDE Peet’s N.V.—144A, 0.800%, due 9/24/24 | 250 | 249 | |||||||
JDE Peet’s N.V.—144A, 1.375%, due 1/15/27 | 850 | 840 | |||||||
PepsiCo, Inc., 4.450%, due 4/14/46 | 2,250 | 2,842 | |||||||
The J M Smucker Co., 3.500%, due 10/15/21 | 250 | 250 | |||||||
The Kroger Co., 8.000%, due 9/15/29 | 2,000 | 2,785 | |||||||
TreeHouse Foods, Inc., 4.000%, due 9/1/28 | 1,400 | 1,372 | |||||||
United Rentals North America, Inc., 5.250%, due 1/15/30 | 1,250 | 1,370 | |||||||
Total Consumer Staples | 16,509 | ||||||||
Information Technology—4.8% | |||||||||
Analog Devices, Inc., SOFR + 0.250%, 0.300%, due 10/1/24, VRN | 750 | 752 | |||||||
Booz Allen Hamilton, Inc.—144A, 4.000%, due 7/1/29 | 100 | 103 | |||||||
Corning, Inc., 5.850%, due 11/15/68 | 2,150 | 3,130 | |||||||
FLIR Systems, Inc., 2.500%, due 8/1/30 | 2,500 | 2,520 | |||||||
HP, Inc.—144A, 1.450%, due 6/17/26 | 325 | 323 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Information Technology — (continued) | |||||||||
HP, Inc.—144A, 2.650%, due 6/17/31 | $ | 1,850 | $ | 1,831 | |||||
Intuit, Inc., 1.650%, due 7/15/30 | 1,200 | 1,169 | |||||||
Oracle Corporation, 3.950%, due 3/25/51 | 3,250 | 3,450 | |||||||
Roper Technologies, Inc., 4.200%, due 9/15/28 | 2,500 | 2,842 | |||||||
Total Information Technology | 16,120 | ||||||||
Health Care—3.6% | |||||||||
Abbott Laboratories, 1.400%, due 6/30/30 | 2,000 | 1,921 | |||||||
AbbVie, Inc., 4.700%, due 5/14/45 | 2,250 | 2,774 | |||||||
Centene Corporation, 2.450%, due 7/15/28 | 1,300 | 1,308 | |||||||
Gilead Sciences, Inc., 1.200%, due 10/1/27 | 1,600 | 1,564 | |||||||
Laboratory Corporation of America Holdings, 3.250%, due 9/1/24 | 3,144 | 3,353 | |||||||
Mozart Debt Merger Sub, Inc.—144A, 3.875%, due 4/1/29 | 1,000 | 1,000 | |||||||
Total Health Care | 11,920 | ||||||||
Real Estate—2.6% | |||||||||
American Tower Corporation, 4.000%, due 6/1/25 | 2,500 | 2,729 | |||||||
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22 | 2,500 | 2,585 | |||||||
Public Storage, 1.850%, due 5/1/28 | 3,100 | 3,141 | |||||||
Total Real Estate | 8,455 | ||||||||
Energy—1.6% | |||||||||
ConocoPhillips, 6.500%, due 2/1/39 | 2,000 | 2,915 | |||||||
Enbridge, Inc., 0.550%, due 10/4/23 | 575 | 575 | |||||||
S.A. Global Sukuk Ltd.—144A, 2.694%, due 6/17/31 | 1,800 | 1,818 | |||||||
Total Energy | 5,308 | ||||||||
Materials—1.5% | |||||||||
Orbia Advance Corp S.A.B. de C.V. —144A, 5.875%, due 9/17/44 | 2,250 | 2,760 | |||||||
Suzano Austria GmbH, 3.125%, due 1/15/32 | 2,420 | 2,333 | |||||||
Total Materials | 5,093 |
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount |
Value | |||||||
Corporate Obligations—(continued) | |||||||||
Utilities—0.7% | |||||||||
NextEra Energy Capital Holdings, Inc., 1.900%, due 6/15/28 | $ | 2,400 | $ | 2,401 | |||||
Total Corporate Obligations | 168,091 | ||||||||
Total Long-Term Investments—97.0% (cost $312,553) | 323,802 | ||||||||
Repurchase Agreement—2.0% | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $6,646, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $6,779 | 6,646 | 6,646 | |||||||
Total Repurchase Agreement—2.0% (cost $6,646) | 6,646 | ||||||||
Commercial Paper—4.6% | |||||||||
Black Hills Corporation, 0.122%, due 10/1/21 | 3,300 | 3,300 | |||||||
Centerpoint Energy, Inc., 0.112%, due 10/1/21 | 3,000 | 3,000 | |||||||
Eversource Energy, 0.091%, due 10/1/21 | 3,000 | 3,000 | |||||||
Intercontinental Exchange, Inc., 0.101%, due 10/1/21 | 3,000 | 3,000 | |||||||
Welltower, Inc., 0.132%, due 10/1/21 | 3,000 | 3,000 | |||||||
Total Commercial Paper—4.6% (cost $15,300) | 15,300 | ||||||||
Total Investments—103.6% (cost $334,499) | 345,748 | ||||||||
Securities Sold , Not Yet Purchased | |||||||||
U.S. Government Agency—(2.3)% | |||||||||
Federal National Mortgage Association (FNMA)—(2.3)% | |||||||||
TBA, 2.000%, due 10/1/51 | (4,000) | (4,008) | |||||||
TBA, 2.500%, due 10/1/51 | (3,500) | (3,607) | |||||||
Total Securities Sold , Not Yet Purchased—(2.3)% (proceeds $7,618) | (7,615) | ||||||||
Liabilities, plus cash and other assets—(1.3)% | (4,546) | ||||||||
Net assets—100.0% | $ | 333,587 |
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.
SOFR = Secured Overnight Financing Rate
See accompanying Notes to Portfolio of Investments.
Bond Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.
VRN = Variable Rate Note
(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $1,037 (in thousands).
(b) Amount is less than the minimum amount disclosed.
Centrally Cleared Credit Default Swaps
Reference Entity |
Buy/Sell Protection |
Fixed Rate | Payment Frequency |
Maturity Date |
Cleared Exchange |
Notional Amount (in thousands) |
Upfront Payment Paid (Received) |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||||||||
CDX.NA.HY- 34 | Buy | 5.000 | % | 3M | June 2025 | ICE | $ | 9,200 | $ | (907 | ) | $ | (816 | ) | $ | 91 | ||||||||||||
CDX.NA.HY- 35 | Buy | 5.000 | % | 3M | December 2025 | ICE | 5,000 | (501 | ) | (460 | ) | 41 | ||||||||||||||||
CDX.NA.IG- 35 | Buy | 1.000 | % | 3M | December 2030 | ICE | 15,000 | (186 | ) | (193 | ) | (7 | ) | |||||||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | 125 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government and U.S. Government Agency—41.1% | |||||||||
U.S. Treasury Inflation Indexed Notes/Bonds—1.0% | |||||||||
U.S. Treasury Inflation Indexed Note, 0.500%, due 4/15/24 | $ | 227 | $ | 243 | |||||
U.S. Treasury Inflation Indexed Note, 0.125%, due 4/15/26 | 219 | 236 | |||||||
Total U.S. Treasury Inflation Indexed Notes/Bonds | 479 | ||||||||
U.S. Treasury—9.1% | |||||||||
U.S. Treasury Note, 0.335%, due 10/31/21 | 450 | 450 | |||||||
U.S. Treasury Note, 2.500%, due 2/15/22(a) | 470 | 474 | |||||||
U.S. Treasury Note, 0.084%, due 1/31/23 | 500 | 500 | |||||||
U.S. Treasury Note, 0.375%, due 9/15/24 | 250 | 249 | |||||||
U.S. Treasury Note, 0.250%, due 7/31/25 | 500 | 490 | |||||||
U.S. Treasury Note, 0.625%, due 7/31/26 | 500 | 492 | |||||||
U.S. Treasury Note, 0.875%, due 9/30/26 | 500 | 497 | |||||||
U.S. Treasury Note, 1.125%, due 2/28/27 | 450 | 452 | |||||||
U.S. Treasury Strip Principal, 0.000%, due 8/15/27 | 775 | 725 | |||||||
Total U.S. Treasury | 4,329 | ||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—8.3% | |||||||||
#J13022, 4.000%, due 9/1/25 | 115 | 122 | |||||||
#G14150, 4.500%, due 4/1/26 | 34 | 36 | |||||||
#J16051, 4.500%, due 7/1/26 | 283 | 302 | |||||||
#G15030, 4.000%, due 3/1/29 | 211 | 228 | |||||||
#A17603, 5.500%, due 1/1/34 | 289 | 337 | |||||||
#G01705, 5.500%, due 6/1/34 | 548 | 641 | |||||||
#A45790, 7.500%, due 5/1/35 | 57 | 64 | |||||||
#G04126, 6.000%, due 6/1/37 | 119 | 142 | |||||||
#G04564, 6.000%, due 12/1/37 | 99 | 118 | |||||||
#G05566, 5.500%, due 12/1/38 | 69 | 80 | |||||||
#G05875, 5.500%, due 2/1/40 | 46 | 55 | |||||||
#G61450, 6.000%, due 4/1/40 | 1,124 | 1,340 | |||||||
#C03665, 9.000%, due 4/1/41 | 78 | 95 | |||||||
5113, Tranche CE, 1.000%, due 1/25/43 | 413 | 414 | |||||||
Total FHLMC Mortgage Obligations | 3,974 | ||||||||
Federal National Mortgage Association (FNMA)—19.8% | |||||||||
FNR G93-19 SH, 1M USD LIBOR + 56.169%, 11.234%, due 4/25/23, VRN | 3 | 3 | |||||||
#255956, 5.500%, due 10/1/25 | 12 | 13 | |||||||
#AL2853, 4.500%, due 6/1/26 | 175 | 184 | |||||||
#AJ6954, 4.000%, due 11/1/26 | 57 | 61 | |||||||
#256639, 5.000%, due 2/1/27 | 3 | 3 | |||||||
#806458, 8.000%, due 6/1/28 | 52 | 58 | |||||||
#880155, 8.500%, due 7/1/29 | 36 | 36 | |||||||
#745519, 8.500%, due 5/1/32 | 37 | 40 | |||||||
#654674, 6.500%, due 9/1/32 | 25 | 28 | |||||||
#AD0725, 7.000%, due 12/1/32 | 376 | 447 | |||||||
#254693, 5.500%, due 4/1/33 | 3 | 3 | |||||||
#711736, 5.500%, due 6/1/33 | 44 | 51 | |||||||
#555531, 5.500%, due 6/1/33 | 27 | 31 | |||||||
#555591, 5.500%, due 7/1/33 | 5 | 5 | |||||||
#725424, 5.500%, due 4/1/34 | 29 | 34 | |||||||
#AL6413, 8.000%, due 8/1/34 | 100 | 114 | |||||||
#AL6412, 7.500%, due 9/1/35 | 271 | 309 | |||||||
#888884, 5.500%, due 12/1/35 | 69 | 80 | |||||||
#928658, 6.500%, due 9/1/37 | 10 | 12 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, September 30, 2021 (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) | |||||||||
#889371, 6.000%, due 1/1/38 | $ | 1,281 | $ | 1,516 | |||||
#991911, 7.000%, due 11/1/38 | 45 | 51 | |||||||
#FM2467, 6.000%, due 1/1/39 | 357 | 421 | |||||||
#BM5204, 6.500%, due 6/1/40 | 97 | 116 | |||||||
#AL9226, 5.500%, due 12/1/41 | 1,535 | 1,808 | |||||||
#BM1328, 6.000%, due 1/1/42 | 1,095 | 1,299 | |||||||
#AL9225, 6.000%, due 1/1/42 | 1,001 | 1,183 | |||||||
#BM5121, 5.500%, due 12/1/48 | 1,311 | 1,569 | |||||||
Total FNMA Mortgage Obligations | 9,475 | ||||||||
Collateralized Mortgage Obligation—2.4% | |||||||||
Seasoned Credit Risk Transfer Trust, 2018-4, Tranche MA, 3.500%, due 3/25/58 | 451 | 472 | |||||||
Seasoned Loans Structured Transaction, 2018-1, Tranche A1 3.500%, due 6/25/28 | 658 | 687 | |||||||
Total WL Collateral CMO | 1,159 | ||||||||
Government National Mortgage Association (GNMA)—0.5% | |||||||||
2017-9, Tranche AE, 2.400%, due 9/16/50 | 237 | 242 | |||||||
Asset-Backed Securities—9.6% | |||||||||
Automobile—6.6% | |||||||||
Carmax Auto Owner Trust, 2021-1, Tranche C, 0.940%, 12/15/26 | 550 | 548 | |||||||
Carvana Auto Receivables Trust, 2021-P3, Tranche A3, 0.700%, 11/10/26 | 550 | 550 | |||||||
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23 | 950 | 963 | |||||||
JPMorgan Chase Bank NA - CACLN—144A, 2021-3, Tranche B, 0.760%, 2/26/29 | 377 | 377 | |||||||
Tesla Auto Lease Trust—144A, 2019-A, Tranche C, 2.680%, 1/20/23 | 700 | 714 | |||||||
Total Automobile | 3,152 | ||||||||
Other—3.0% | |||||||||
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-1, Tranche A3, 0.340%, 8/15/24 | 400 | 399 | |||||||
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A3, 0.670%, 7/15/25 | 335 | 336 | |||||||
JPMorgan Structured, 1.000%, 9/20/51 | 245 | 246 | |||||||
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24 | 425 | 435 | |||||||
Total Other | 1,416 | ||||||||
Total Asset-Backed Securities | 4,568 | ||||||||
Corporate Obligations—47.1% | |||||||||
Financials—23.0% | |||||||||
Bank of America Corporation, SOFR + 0.910%, 0.981%, due 9/25/25, VRN | 700 | 701 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Financials — (continued) | |||||||||
Bank of Montreal, SOFR + 0.680%, 0.730%, due 3/10/23, VRN | $ | 600 | $ | 605 | |||||
Brookfield Finance, Inc., 4.250%, due 6/2/26 | 550 | 614 | |||||||
Canadian Imperial Bank of Commerce, SOFR + 0.800%, 0.850%, due 3/17/23, VRN | 750 | 757 | |||||||
Capital One Financial Corporation, 4.200%, due 10/29/25 | 300 | 332 | |||||||
Citigroup, Inc., SOFR + 0.770%, 0.820%, due 6/9/27, VRN | 625 | 628 | |||||||
Intercontinental Exchange, Inc., 3.750%, due 12/1/25 | 450 | 495 | |||||||
JPMorgan Chase & Co., SOFR + 3.125%, 4.600%, due 2/1/25, VRN | 450 | 461 | |||||||
JPMorgan Chase & Co., SOFR + 0.765%, 0.815%, due 9/22/27, VRN | 400 | 403 | |||||||
KeyBank NA, SOFR + 0.340%, 0.390%, due 1/3/24, VRN | 700 | 701 | |||||||
Morgan Stanley, SOFR + 0.745%, 0.864%, due 10/21/25, VRN | 550 | 549 | |||||||
New York Life Global Funding—144A, SOFR + 0.480%, 0.530%, due 6/9/26, VRN | 600 | 603 | |||||||
Owl Rock Capital Corporation, 2.875%, due 6/11/28 | 250 | 249 | |||||||
Royal Bank of Canada, SOFR + 0.450%, 0.500%, due 10/26/23, VRN | 350 | 352 | |||||||
Simon Property Group L.P., 3.300%, due 1/15/26 | 550 | 595 | |||||||
Skandinaviska Enskilda Banken AB—144A, 0.850%, due 9/2/25 | 500 | 495 | |||||||
The Bank of Nova Scotia, SOFR + 0.545%, 0.595%, due 3/2/26, VRN | 675 | 675 | |||||||
The Charles Schwab Corporation, SOFR + 0.520%, 0.570%, due 5/13/26, VRN | 470 | 474 | |||||||
The Goldman Sachs Group, Inc., SOFR + 0.810%, 0.860%, due 3/9/27, VRN | 600 | 601 | |||||||
Wells Fargo & Co., 4.480%, due 1/16/24 | 650 | 704 | |||||||
Total Financials | 10,994 | ||||||||
Consumer Discretionary—4.7% | |||||||||
American Honda Finance Corporation, 1.200%, due 7/8/25 | 450 | 453 | |||||||
BMW US Capital LLC Co.—144A, SOFR + 0.530%, 0.580%, due 4/1/24, VRN | 110 | 111 | |||||||
Brunswick Corporation, 0.850%, due 8/18/24 | 250 | 250 | |||||||
General Motors Financial Co., Inc., SOFR + 0.760%, 0.810%, due 3/8/24, VRN | 500 | 504 | |||||||
Hyatt Hotels Corporation, 1.300%, due 10/1/23 | 250 | 250 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Consumer Discretionary — (continued) | |||||||||
Toyota Motor Credit Corporation, SOFR + 0.330%, 0.380%, due 1/11/24, VRN | $ | 650 | $ | 653 | |||||
Total Consumer Discretionary | 2,221 | ||||||||
Health Care—4.5% | |||||||||
Abbott Laboratories, 1.150%, due 1/30/28 | 600 | 586 | |||||||
Centene Corporation, 2.450%, due 7/15/28 | 200 | 201 | |||||||
Gilead Sciences, Inc., 1.200%, due 10/1/27 | 400 | 391 | |||||||
GlaxoSmithKline Capital plc, 0.534%, due 10/1/23 | 300 | 300 | |||||||
Merck & Co., Inc., 0.750%, due 2/24/26 | 700 | 691 | |||||||
Total Health Care | 2,169 | ||||||||
Communication Services—3.8% | |||||||||
AT&T, Inc., 4.125%, due 2/17/26 | 400 | 446 | |||||||
Comcast Corporation, 3.950%, due 10/15/25 | 600 | 666 | |||||||
Tencent Holdings Ltd.—144A, 1.810%, due 1/26/26 | 700 | 706 | |||||||
Total Communication Services | 1,818 | ||||||||
Energy—3.0% | |||||||||
ConocoPhillips Co., 4.950%, due 3/15/26 | 600 | 690 | |||||||
Enbridge, Inc., 0.010%, due 10/4/23 | 75 | 75 | |||||||
S.A. Global Sukuk Ltd.—144A, 1.602%, due 6/17/26 | 175 | 174 | |||||||
Shell International Finance BV, 0.375%, due 9/15/23 | 500 | 500 | |||||||
Total Energy | 1,439 | ||||||||
Information Technology—2.6% | |||||||||
Analog Devices, Inc., SOFR + 0.250%, 0.300%, due 10/1/24, VRN | 125 | 125 | |||||||
HP, Inc.—144A, 1.450%, due 6/17/26 | 400 | 398 | |||||||
Intuit, Inc., 0.950%, due 7/15/25 | 450 | 450 | |||||||
Roper Technologies, Inc., 4.200%, due 9/15/28 | 250 | 284 | |||||||
Total Information Technology | 1,257 | ||||||||
Consumer Staples—2.3% | |||||||||
JDE Peet’s N.V.—144A, 0.800%, due 9/24/24 | 250 | 249 |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Consumer Staples — (continued) | |||||||||
The Hershey Co., 0.900%, due 6/1/25 | $ | 525 | $ | 525 | |||||
The Kroger Co., 8.000%, due 9/15/29 | 250 | 348 | |||||||
Total Consumer Staples | 1,122 | ||||||||
Industrials—1.8% | |||||||||
Caterpillar Financial Services Corporation, SOFR + 0.245%, 0.295%, due 5/17/24, VRN | 600 | 602 | |||||||
Sealed Air Corp.—144A, 1.573%, due 10/15/26 | 250 | 249 | |||||||
Total Industrials | 851 | ||||||||
Materials—1.0% | |||||||||
Fibria Overseas Finance, Ltd., 5.500%, due 1/17/27 | 400 | 456 | |||||||
Real Estate—0.4% | |||||||||
Public Storage, SOFR + 0.470%, 0.520%, due 4/23/24, VRN | 175 | 175 | |||||||
Total Corporate Obligations | 22,502 | ||||||||
Total Long-Term Investments—97.8% (cost $46,060) | 46,728 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $2,132, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $2,174 | 2,132 | 2,132 | |||||||
Total Repurchase Agreement—4.5% (cost $2,132) | 2,132 | ||||||||
Commercial Paper | |||||||||
Chariot Funding LLC, 0.061%, due 10/1/21 | 500 | 500 | |||||||
Total Commercial Paper—1.0% (cost $500) | 500 | ||||||||
Total Investments—103.3% (cost $48,692) | 49,360 | ||||||||
Securities Sold , Not Yet Purchased | |||||||||
U.S. Government Agency—(4.3)% | |||||||||
Federal National Mortgage Association (FNMA)—(4.3)% | |||||||||
TBA, 2.000%, due 10/1/51 | (1,000 | ) | (1,002 | ) | |||||
TBA, 2.500%, due 10/1/51 | (1,000 | ) | (1,031 | ) | |||||
Total FNMA Mortgage Obligations | (2,033 | ) |
See accompanying Notes to Portfolio of Investments.
Income Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Value | ||||||||
Total Securities Sold, Not Yet Purchased—(4.3)% (proceeds $2,037) |
$ | (2,033 | ) | ||||||
Cash and other assets, less liabilities—1.0% | 455 | ||||||||
Net assets—100.0% | $ | 47,782 |
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.
SOFR = Secured Overnight Financing Rate
TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.
VRN = Variable Rate Note
(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $213 (in thousands).
Centrally Cleared Credit Default Swaps
Reference Entity | Buy/Sell
Protection | Fixed Rate | Payment Frequency | Maturity Date | Cleared
Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||
CDX.NA.HY- 34 | Buy | 5.000% | 3M | June 2025 | ICE | $ | 4,600 | $ | (454 | ) | $ | (409 | ) | $ | 45 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government and U.S. Government Agency—50.2% | |||||||||
U.S. Treasury—7.1% | |||||||||
U.S. Treasury Note, 2.500%, due 1/15/22 | $ | 2,300 | $ | 2,316 | |||||
U.S. Treasury Note, 0.189%, due 1/31/22 | 2,000 | 2,001 | |||||||
U.S. Treasury Note, 0.149%, due 4/30/22 | 2,500 | 2,502 | |||||||
U.S. Treasury Note, 0.125%, due 8/31/22 | 260 | 260 | |||||||
U.S. Treasury Note, 0.069%, due 4/30/23 | 2,500 | 2,501 | |||||||
Total U.S. Treasury | 9,580 | ||||||||
Federal Home Loan Mortgage Corp. (FHLMC)—15.1% | |||||||||
#E02322, 5.500%, due 5/1/22 | 1 | 1 | |||||||
#G12725, 6.000%, due 6/1/22 | 5 | 5 | |||||||
K023, Tranche A2, 2.307%, due 8/25/22 | 1,250 | 1,268 | |||||||
#G13225, 5.000%, due 6/1/23 | 196 | 204 | |||||||
#J08450, 5.500%, due 7/1/23 | 4 | 4 | |||||||
#J08703, 5.500%, due 9/1/23 | 2 | 2 | |||||||
K726, Tranche A2, 2.905%, due 4/25/24 | 908 | 952 | |||||||
#C00351, 8.000%, due 7/1/24 | 12 | 13 | |||||||
KI05, Tranche A, 1M USD LIBOR + 0.340%, 0.423%, due 7/25/24, VRN | 1,002 | 1,004 | |||||||
#J11208, 5.000%, due 11/1/24 | 10 | 10 | |||||||
#G00363, 8.000%, due 6/1/25 | 21 | 23 | |||||||
#C80329, 8.000%, due 8/1/25 | 3 | 4 | |||||||
#G14643, 4.000%, due 8/1/26 | 54 | 58 | |||||||
#G14550, 4.500%, due 9/1/26 | 309 | 324 | |||||||
#G15360, 4.500%, due 11/1/26 | 125 | 133 | |||||||
#G04821, 8.500%, due 7/1/31 | 965 | 1,167 | |||||||
#G02454, 6.500%, due 7/1/32 | 410 | 468 | |||||||
#ZT1221, 5.500%, due 1/1/33 | 400 | 462 | |||||||
4427, Tranche MA, 3.000%, due 2/15/34 | 1,852 | 1,933 | |||||||
#A81372, 6.000%, due 8/1/38 | 122 | 141 | |||||||
#G04687, 6.000%, due 9/1/38 | 30 | 36 | |||||||
#G04745, 6.000%, due 9/1/38 | 93 | 106 | |||||||
#G06085, 6.500%, due 9/1/38 | 30 | 35 | |||||||
#G60681, 7.000%, due 2/1/39 | 3,958 | 4,785 | |||||||
#G07480, 6.000%, due 5/1/39 | 500 | 584 | |||||||
#G07058, 6.000%, due 9/1/39 | 522 | 636 | |||||||
#G60680, 6.500%, due 9/1/39 | 478 | 569 | |||||||
#G61450, 6.000%, due 4/1/40 | 3,372 | 4,019 | |||||||
#G61050, 5.500%, due 3/1/41 | 233 | 272 | |||||||
5113, Tranche CE, 1.000%, due 1/25/43 | 1,173 | 1,177 | |||||||
Total FHLMC Mortgage Obligations | 20,395 | ||||||||
Federal National Mortgage Association (FNMA)—25.3% | |||||||||
#323933, 7.000%, due 9/1/29 | 176 | 204 | |||||||
#880993, 6.000%, due 1/1/22 | — | —(a) | |||||||
#888982, 6.000%, due 12/1/22 | 9 | 9 | |||||||
#AM2182, 2.160%, due 1/1/23 | 680 | 691 | |||||||
#972934, 5.500%, due 2/1/23 | 8 | 8 | |||||||
#889670, 5.500%, due 6/1/23 | 2 | 2 | |||||||
#AN1746, 2.150%, due 9/1/23 | 1,024 | 1,052 | |||||||
#AE0011, 5.500%, due 9/1/23 | 1 | 1 | |||||||
#995253, 5.500%, due 12/1/23 | 59 | 59 | |||||||
#995395, 6.000%, due 12/1/23 | 3 | 3 | |||||||
#190988, 9.000%, due 6/1/24 | 1 | 1 | |||||||
#AL8529, 6.000%, due 11/1/24 | 1,120 | 1,160 | |||||||
#AL2853, 4.500%, due 6/1/26 | 553 | 583 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, September 30, 2021 (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) | |||||||||
#AL9730, 4.500%, due 2/1/27 | $ | 991 | $ | 1,053 | |||||
#AL9870, 6.500%, due 2/1/28 | 437 | 491 | |||||||
#AL4502, 4.000%, due 11/1/28 | 357 | 386 | |||||||
#AL9857, 4.000%, due 2/1/29 | 2,669 | 2,838 | |||||||
#555933, 7.000%, due 6/1/32 | 245 | 276 | |||||||
#555866, 7.500%, due 3/1/33 | 137 | 159 | |||||||
#745409, 7.000%, due 4/1/33 | 322 | 363 | |||||||
#CA2754, 4.500%, due 11/1/33 | 80 | 87 | |||||||
#725228, 6.000%, due 3/1/34 | 599 | 696 | |||||||
#AL6413, 8.000%, due 8/1/34 | 116 | 132 | |||||||
#AD0720, 5.500%, due 12/1/34 | 166 | 192 | |||||||
#AL6412, 7.500%, due 9/1/35 | 452 | 515 | |||||||
#886762, 7.000%, due 9/1/36 | 154 | 184 | |||||||
#888530, 7.500%, due 8/1/37 | 1,269 | 1,582 | |||||||
#AD0731, 7.500%, due 8/1/37 | 3,460 | 4,160 | |||||||
#AL6411, 7.000%, due 12/1/37 | 886 | 1,018 | |||||||
#AD0100, 7.000%, due 12/1/38 | 357 | 427 | |||||||
#FM2467, 6.000%, due 1/1/39 | 1,428 | 1,685 | |||||||
#BM5204, 6.500%, due 6/1/40 | 1,884 | 2,262 | |||||||
#AL0515, 6.000%, due 7/1/40 | 393 | 475 | |||||||
#BM3525, 6.000%, due 4/1/41 | 2,047 | 2,414 | |||||||
#AL9226, 5.500%, due 12/1/41 | 2,072 | 2,441 | |||||||
#BM1328, 6.000%, due 1/1/42 | 1,053 | 1,249 | |||||||
#AL9225, 6.000%, due 1/1/42 | 1,638 | 1,936 | |||||||
#AL6276, 5.500%, due 10/1/43 | 120 | 138 | |||||||
#BM5121, 5.500%, due 12/1/48 | 865 | 1,035 | |||||||
#CA5837, 6.000%, due 7/1/49 | 1,192 | 1,428 | |||||||
2021-58, Tranche F, SOFR30A + 0.200%, 0.250%, due 9/25/61, VRN | 710 | 703 | |||||||
Total FNMA Mortgage Obligations | 34,098 | ||||||||
Collateralized Mortgage Obligation—2.0% | |||||||||
Seasoned Loans Structured Transaction, 2018-1, Tranche A1, 3.500%, due 6/25/28 | 2,654 | 2,770 | |||||||
Government National Mortgage Association (GNMA)—0.7% | |||||||||
2019-42, Tranche F, 1M USD LIBOR + 0.450%, 0.536%, due 3/20/46, VRN | 333 | 334 | |||||||
2017-9, Tranche AE, 2.400%, due 9/16/50 | 631 | 646 | |||||||
Total GNMA Mortgage Obligations | 980 | ||||||||
Asset-Backed Securities—15.4% | |||||||||
Automobile—9.8% | |||||||||
Canadian Pacer Auto Receivables Trust—144A, 2021-1A, Tranche A2A, 0.240%, 10/19/23 | 570 | 571 | |||||||
CarMax Auto Owner Trust, 2020-1, Tranche C, 2.340%, 11/17/25 | 600 | 618 | |||||||
CarMax Auto Owner Trust, 2021-3, Tranche A2B, 1M USD LIBOR + 0.110%, 0.194%, 9/16/24, VRN | 1,210 | 1,210 | |||||||
Carvana Auto Receivables Trust, 2021-P3, Tranche A3, 0.700%, 11/10/26 | 1,450 | 1,450 | |||||||
Ford Credit Auto Lease Trust, 2021-B, Tranche A2, 0.240%, 4/15/24 | 1,950 | 1,951 | |||||||
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23 | 1,400 | 1,419 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Asset-Backed Securities—(continued) | |||||||||
Automobile — (continued) | |||||||||
GM Financial Automobile Leasing Trust, 2020-3, Tranche A3, 0.450%, 8/21/23 | $ | 510 | $ | 511 | |||||
JPMorgan Chase Bank NA - CACLN—144A, 2021-3, Tranche B, 0.760%, 2/26/29 | 1,005 | 1,005 | |||||||
Mercedes-Benz Auto Lease Trust, 2020-B, Tranche A2, 0.310%, 2/15/23 | 220 | 220 | |||||||
Nissan Auto Lease Trust, 2020-B, Tranche A3, 0.430%, 10/16/23 | 550 | 551 | |||||||
Tesla Auto Lease Trust—144A, 2019-A, Tranche C, 2.680%, 1/20/23 | 1,625 | 1,658 | |||||||
Toyota Auto Receivables Owner Trust, 2020-B, Tranche A2, 1.380%, 12/15/22 | 165 | 165 | |||||||
Toyota Auto Receivables Owner Trust, 2021-B, Tranche A2, 0.140%, 1/16/24 | 1,900 | 1,899 | |||||||
Total Automobile | 13,228 | ||||||||
Credit Card—0.3% | |||||||||
American Express Credit Account Master Trust, 2017-5, Tranche B, 1M USD LIBOR + 0.580%, 0.664%, 2/18/25, VRN | 450 | 451 | |||||||
Other—5.3% | |||||||||
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A2, 0.380%, 3/15/24 | 1,225 | 1,227 | |||||||
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A3, 0.670%, 7/15/25 | 475 | 476 | |||||||
JPMorgan Structured, 1.000%, 9/20/51 | 1,940 | 1,947 | |||||||
Kubota Credit Owner Trust—144A, 2020-2A, Tranche A2, 0.410%, 6/15/23 | 848 | 849 | |||||||
PFS Financing Corp.—144A, 2018-F, Tranche B, 3.770%, 10/15/23 | 1,000 | 998 | |||||||
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24 | 1,250 | 1,281 | |||||||
Verizon Owner Trust, 2018-A, Tranche A1A, 3.230%, 4/20/23 | 231 | 232 | |||||||
Verizon Owner Trust, 2019-C, Tranche C, 2.160%, 4/22/24 | 60 | 61 | |||||||
Total Other | 7,071 | ||||||||
Total Asset-Backed Securities | 20,750 | ||||||||
Corporate Obligations—33.1% | |||||||||
Financials—22.2% | |||||||||
Bank of America Corporation, SOFR + 0.970%, 1.020%, due 7/22/27, VRN | 1,850 | 1,886 | |||||||
Bank of Montreal, SOFR + 0.680%, 0.730%, due 3/10/23, VRN | 2,700 | 2,721 | |||||||
Canadian Imperial Bank of Commerce, SOFR + 0.800%, 0.850%, due 3/17/23, VRN | 1,000 | 1,009 | |||||||
Canadian Imperial Bank of Commerce, SOFR + 0.400%, 0.450%, due 12/14/23, VRN | 1,900 | 1,905 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Financials — (continued) | |||||||||
Citigroup, Inc., SOFR + 0.770%, 0.820%, due 6/9/27, VRN | $ | 1,250 | $ | 1,256 | |||||
Credit Suisse AG, 0.520%, due 8/9/23 | 950 | 950 | |||||||
JPMorgan Chase & Co., SOFR + 0.885%, 0.935%, due 4/22/27, VRN | 1,075 | 1,089 | |||||||
JPMorgan Chase & Co., SOFR + 0.765%, 0.815%, due 9/22/27, VRN | 1,525 | 1,535 | |||||||
KeyBank NA, SOFR + 0.340%, 0.390%, due 1/3/24, VRN | 2,700 | 2,705 | |||||||
Met Tower Global Funding—144A, SOFR + 0.550%, 0.600%, due 1/17/23, VRN | 1,481 | 1,489 | |||||||
New York Life Global Funding—144A, SOFR + 0.480%, 0.530%, due 6/9/26, VRN | 1,750 | 1,759 | |||||||
Royal Bank of Canada, SOFR + 0.525%, 0.575%, due 1/20/26, VRN | 1,500 | 1,505 | |||||||
The Bank of Nova Scotia, SOFR + 0.545%, 0.595%, due 3/2/26, VRN | 980 | 979 | |||||||
The Bank of Nova Scotia, SOFR + 0.260%, 0.310%, due 9/15/23, VRN | 1,300 | 1,302 | |||||||
The Charles Schwab Corporation, SOFR + 0.520%, 0.570%, due 5/13/26, VRN | 2,500 | 2,519 | |||||||
The Goldman Sachs Group, Inc., SOFR + 0.810%, 0.860%, due 3/9/27, VRN | 1,300 | 1,302 | |||||||
The Toronto-Dominion Bank, SOFR + 0.355%, 0.405%, due 3/4/24, VRN | 2,700 | 2,708 | |||||||
Truist Financial Corporation, SOFR + 0.400%, 0.450%, due 6/9/25, VRN | 1,305 | 1,310 | |||||||
Total Financials | 29,929 | ||||||||
Industrials—2.6% | |||||||||
Caterpillar Financial Services Corporation, SOFR + 0.245%, 0.295%, due 5/17/24, VRN | 2,750 | 2,759 | |||||||
Rockwell Automation, Inc., 0.350%, due 8/15/23 | 825 | 826 | |||||||
Total Industrials | 3,585 | ||||||||
Consumer Discretionary—2.5% | |||||||||
BMW US Capital LLC Co.—144A, SOFR + 0.530%, 0.580%, due 4/1/24, VRN | 500 | 506 | |||||||
Toyota Motor Credit Corporation, SOFR + 0.330%, 0.380%, due 1/11/24, VRN | 2,800 | 2,811 | |||||||
Total Consumer Discretionary | 3,317 | ||||||||
Utilities—2.0% | |||||||||
Florida Power & Light Co., SOFR + 0.250%, 0.300%, due 5/10/23, VRN | 1,075 | 1,075 | |||||||
Southern California Edison Co., 3M USD LIBOR + 0.270%, 0.389%, due 12/3/21, VRN | 1,600 | 1,600 | |||||||
Total Utilities | 2,675 |
See accompanying Notes to Portfolio of Investments.
Low Duration Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Corporate Obligations—(continued) | |||||||||
Real Estate—1.5% | |||||||||
Public Storage, SOFR + 0.470%, 0.520%, due 4/23/24, VRN | $ | 2,005 | $ | 2,008 | |||||
Information Technology—1.4% | |||||||||
Analog Devices, Inc., SOFR + 0.250%, 0.300%, due 10/1/24, VRN | 325 | 326 | |||||||
Intuit, Inc., 0.650%, due 7/15/23 | 1,515 | 1,522 | |||||||
Total Information Technology | 1,848 | ||||||||
Health Care—0.9% | |||||||||
Roche Holdings, Inc.—144A, SOFR + 0.240%, 0.290%, due 3/5/24, VRN | 1,275 | 1,279 | |||||||
Total Corporate Obligations | 44,641 | ||||||||
Total Long-Term Investments—98.7% (cost $133,057) |
133,214 | ||||||||
U.S. Government—1.1% | |||||||||
U.S. Treasury Bill, 0.047%, due 1/27/22 | 1,500 | 1,500 | |||||||
Total U.S. Government—1.1% (cost $1,501) | 1,500 | ||||||||
Total Investments—99.8% (cost $134,558) | 134,714 | ||||||||
Securities Sold, Not Yet Purchased | |||||||||
U.S. Government Agency—(7.6)% | |||||||||
Federal National Mortgage Association (FNMA)—(7.6)% | |||||||||
TBA, 2.000%, due 10/1/51 | (2,500 | ) | (2,505 | ) | |||||
TBA, 2.500%, due 10/1/51 | (7,500 | ) | (7,729 | ) | |||||
Total Securities Sold, Not Yet Purchased—(7.6)% (proceeds $10,273) |
(10,234 | ) | |||||||
Cash and other assets, less liabilities—7.8% | 10,515 | ||||||||
Net assets—100.0% | $ | 134,995 |
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.
SOFR = Secured Overnight Financing Rate
TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.
VRN = Variable Rate Note
(a) Amount is less than the minimum amount disclosed.
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—58.1% | |||||||||
Angola—1.1% | |||||||||
Angolan Government International Bond, 9.500%, due 11/12/25 | $ | 250 | $ | 275 | |||||
Angolan Government International Bond, 8.000%, due 11/26/29 | 300 | 307 | |||||||
582 | |||||||||
Argentina—1.1% | |||||||||
Argentine Republic Government International Bond, 2.500%, due 7/9/41, VRN(a) | 475 | 173 | |||||||
Argentine Republic Government International Bond, 1.125%, due 7/9/46, VRN(a) | 125 | 41 | |||||||
Argentine Republic Government International Bond, 2.000%, due 1/9/38, VRN(a) | 300 | 116 | |||||||
Provincia de Buenos Aires—144A, 3.500%, due 9/1/37, VRN(a) | 600 | 243 | |||||||
573 | |||||||||
Bahrain—2.1% | |||||||||
Bahrain Government International Bond, 5.450%, due 9/16/32 | 400 | 388 | |||||||
Bahrain Government International Bond, 6.250%, due 1/25/51 | 300 | 275 | |||||||
Bahrain Government International Bond, 7.500%, due 9/20/47 | 400 | 410 | |||||||
1,073 | |||||||||
Belarus—0.5% | |||||||||
Republic of Belarus International Bond, 6.378%, due 2/24/31 | 300 | 263 | |||||||
Belize—0.6% | |||||||||
Belize Government International Bond, 4.938%, due 2/20/34, VRN(a) | 633 | 311 | |||||||
Bolivia—0.3% | |||||||||
Bolivian Government International Bond, 4.500%, due 3/20/28 | 200 | 181 | |||||||
Brazil—2.1% | |||||||||
Brazilian Government International Bond, 5.625%, due 1/7/41 | 700 | 707 | |||||||
Brazilian Government International Bond, 5.625%, due 2/21/47 | 200 | 199 | |||||||
Brazilian Government International Bond, 3.750%, due 9/12/31 | 200 | 190 | |||||||
1,096 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Cameroon—0.5% | |||||||||
Republic of Cameroon—144A, 5.950%, due 7/7/32 | EUR | 250 | 283 | ||||||
Chile—0.7% | |||||||||
Chile Government International Bond, 2.550%, due 7/27/33 | $ | 200 | $ | 196 | |||||
Chile Government International Bond, 3.250%, due 9/21/71 | 200 | 180 | |||||||
376 | |||||||||
Colombia—3.2% | |||||||||
Colombia Government International Bond, 6.125%, due 1/18/41 | 1,500 | 1,647 | |||||||
Costa Rica—0.4% | |||||||||
Costa Rica Government International Bond, 7.158%, due 3/12/45 | 200 | 200 | |||||||
Dominican Republic—1.6% | |||||||||
Dominican Republic International Bond, 6.850%, due 1/27/45 | 150 | 168 | |||||||
Dominican Republic International Bond, 5.875%, due 1/30/60 | 700 | 685 | |||||||
853 | |||||||||
Ecuador—2.1% | |||||||||
Ecuador Government International Bond, 5.000%, due 7/31/30, VRN(a) | 310 | 262 | |||||||
Ecuador Government International Bond, 1.000%, due 7/31/35, VRN(a) | 400 | 264 | |||||||
Ecuador Government International Bond, 0.500%, due 7/31/40, VRN(a) | 350 | 202 | |||||||
Ecuador Government International Bond, 0.000%, due 7/31/30 | 700 | 369 | |||||||
1,097 | |||||||||
Egypt—4.1% | |||||||||
Egypt Government International Bond, 3.875%, due 2/16/26 | 250 | 234 | |||||||
Egypt Government International Bond, 7.500%, due 2/16/61 | 750 | 652 | |||||||
Egypt Government International Bond, 4.750%, due 4/16/26 | EUR | 300 | 348 | ||||||
Egypt Government International Bond, 6.375%, due 4/11/31 | 150 | 170 | |||||||
Egypt Government International Bond—144A, 5.800%, due 9/30/27 | $ | 250 | 244 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Egypt—(continued) | |||||||||
Egypt Government International Bond—144A, 7.300%, due 9/30/33 | $ | 250 | $ | 241 | |||||
Egypt Government International Bond—144A, 8.750%, due 9/30/51 | 250 | 242 | |||||||
2,131 | |||||||||
El Salvador—0.5% | |||||||||
El Salvador Government International Bond, 7.625%, due 2/1/41 | 150 | 106 | |||||||
El Salvador Government International Bond, 9.500%, due 7/15/52 | 200 | 156 | |||||||
262 | |||||||||
Gabon—0.5% | |||||||||
Gabon Government International Bond, 6.375%, due 12/12/24 | 250 | 266 | |||||||
Ghana—1.6% | |||||||||
Ghana Government International Bond, 8.625%, due 4/7/34 | 400 | 378 | |||||||
Ghana Government International Bond, 7.750%, due 4/7/29 | 500 | 475 | |||||||
853 | |||||||||
Guatemala—0.4% | |||||||||
Guatemala Government International Bond, 4.650%, due 10/7/41 | 200 | 195 | |||||||
Indonesia—2.4% | |||||||||
Indonesia Government International Bond, 3.400%, due 9/18/29 | 550 | 591 | |||||||
Indonesia Government International Bond, 4.750%, due 2/11/29 | 300 | 349 | |||||||
Indonesia Government International Bond, 4.450%, due 4/15/70 | 250 | 286 | |||||||
1,226 | |||||||||
Iraq—1.2% | |||||||||
Iraq International Bond, 6.752%, due 3/9/23 | 600 | 606 | |||||||
Ivory Coast—0.4% | |||||||||
Ivory Coast Government International Bond, 6.625%, due 3/22/48 | EUR | 200 | 233 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Jamaica—0.4% | |||||||||
Jamaica Government International Bond, 6.750%, due 4/28/28 | $ | 200 | $ | 233 | |||||
Jordan—0.4% | |||||||||
Jordan Government International Bond, 7.375%, due 10/10/47 | 200 | 206 | |||||||
Lebanon—1.0% | |||||||||
Lebanon Government International Bond, 6.850%, due 3/23/27(b) | 600 | 99 | |||||||
Lebanon Government International Bond, 5.800%, due 4/14/20(b) | 1,400 | 230 | |||||||
Lebanon Government International Bond, 7.150%, due 11/20/31(b) | 1,200 | 192 | |||||||
521 | |||||||||
Macedonia—0.5% | |||||||||
North Macedonia Government International Bond, 3.675%, due 6/3/26 | EUR | 200 | 253 | ||||||
Mexico—1.1% | |||||||||
Mexico Government International Bond, 3.750%, due 4/19/71 | $ | 400 | 346 | ||||||
Mexico Government International Bond, 6.050%, due 1/11/40 | 200 | 245 | |||||||
591 | |||||||||
Mongolia—0.4% | |||||||||
Mongolia Government International Bond—144A, 4.450%, due 7/7/31 | 200 | 193 | |||||||
Nigeria—1.7% | |||||||||
Nigeria Government International Bond, 7.696%, due 2/23/38 | 200 | 197 | |||||||
Nigeria Government International Bond—144A, 6.125%, due 9/28/28 | 225 | 225 | |||||||
Nigeria Government International Bond—144A, 7.375%, due 9/28/33 | 250 | 252 | |||||||
Nigeria Government International Bond—144A, 8.250%, due 9/28/51 | 225 | 226 | |||||||
900 | |||||||||
Oman—1.9% | |||||||||
Oman Government International Bond, 6.000%, due 8/1/29 | 200 | 209 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Oman—(continued) | |||||||||
Oman Government International Bond, 6.750%, due 1/17/48 | $ | 800 | $ | 788 | |||||
997 | |||||||||
Pakistan—1.7% | |||||||||
Pakistan Government International Bond, 8.875%, due 4/8/51 | 200 | 201 | |||||||
Pakistan Government International Bond, 6.000%, due 4/8/26 | 250 | 248 | |||||||
Pakistan Government International Bond, 8.250%, due 4/15/24 | 200 | 213 | |||||||
Pakistan Government International Bond—144A, 6.000%, due 4/8/26 | 200 | 198 | |||||||
860 | |||||||||
Panama—1.4% | |||||||||
Panama Government International Bond, 4.500%, due 5/15/47 | 450 | 490 | |||||||
Panama Government International Bond, 4.500%, due 4/1/56 | 200 | 217 | |||||||
707 | |||||||||
Paraguay—0.5% | |||||||||
Paraguay Government International Bond, 4.700%, due 3/27/27 | 250 | 276 | |||||||
Peru—1.4% | |||||||||
Peruvian Government International Bond, 3.230%, due 7/28/21 | 280 | 232 | |||||||
Peruvian Government International Bond, 2.783%, due 1/23/31 | 250 | 248 | |||||||
Peruvian Government International Bond, 3.300%, due 3/11/41 | 250 | 242 | |||||||
722 | |||||||||
Philippines—1.4% | |||||||||
Philippine Government International Bond, 3.700%, due 2/2/42 | 700 | 740 | |||||||
Qatar—1.9% | |||||||||
Qatar Government International Bond, 4.400%, due 4/16/50 | 550 | 669 | |||||||
Qatar Government International Bond, 9.750%, due 6/15/30 | 200 | 317 | |||||||
986 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Romania—1.4% | |||||||||
Romanian Government International Bond, 4.625%, due 4/3/49 | EUR | 450 | 610 | ||||||
Romanian Government International Bond, 3.500%, due 4/3/34 | 100 | 127 | |||||||
737 | |||||||||
Russia—1.9% | |||||||||
Russian Foreign Bond, 5.100%, due 3/28/35 | $ | 400 | $ | 479 | |||||
Russian Foreign Bond, 5.625%, due 4/4/42 | 200 | 259 | |||||||
Russian Foreign Bond, 5.250%, due 6/23/47 | 200 | 253 | |||||||
991 | |||||||||
Saudi Arabia—2.1% | |||||||||
Saudi Government International Bond, 2.250%, due 2/2/33 | 400 | 389 | |||||||
Saudi Government International Bond, 3.450%, due 2/2/61 | 500 | 489 | |||||||
Saudi Government International Bond, 3.750%, due 1/21/55 | 200 | 209 | |||||||
1,087 | |||||||||
Senegal—0.2% | |||||||||
Senegal Government International Bond—144A, 5.375%, due 6/8/37 | EUR | 100 | 114 | ||||||
Serbia—0.9% | |||||||||
Serbia International Bond—144A, 1.000%, due 9/23/28 | 400 | 448 | |||||||
South Africa—0.4% | |||||||||
Republic of South Africa Government International Bond, 5.650%, due 9/27/47 | $ | 200 | 190 | ||||||
Sri Lanka—1.8% | |||||||||
Sri Lanka Government International Bond, 6.850%, due 3/14/24 | 200 | 127 | |||||||
Sri Lanka Government International Bond, 7.850%, due 3/14/29 | 1,000 | 608 | |||||||
Sri Lanka Government International Bond, 5.750%, due 1/18/22 | 250 | 223 | |||||||
958 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Tunisia—0.6% | |||||||||
Banque Centrale de Tunisie International Bond, 5.625%, due 2/17/24 | EUR | 300 | 294 | ||||||
Turkey—1.0% | |||||||||
Turkey Government International Bond, 4.875%, due 4/16/43 | $ | 450 | $ | 349 | |||||
Turkey Government International Bond, 5.750%, due 5/11/47 | 200 | 166 | |||||||
515 | |||||||||
Ukraine—2.8% | |||||||||
Ukraine Government International Bond, 0.000%, due 5/31/40, VRN(a) | 450 | 487 | |||||||
Ukraine Government International Bond, 7.750%, due 9/1/22 | 400 | 416 | |||||||
Ukraine Government International Bond, 7.253%, due 3/15/33 | 550 | 555 | |||||||
1,458 | |||||||||
Uruguay—1.0% | |||||||||
Uruguay Government International Bond, 4.975%, due 4/20/55 | 400 | 500 | |||||||
Zambia—0.9% | |||||||||
Zambia Government International Bond, 8.500%, due 4/14/24 | 400 | 312 | |||||||
Zambia Government International Bond, 8.970%, due 7/30/27 | 200 | 154 | |||||||
466 | |||||||||
Total Foreign Government Bonds—58.1% (cost $31,107) | 30,250 | ||||||||
Foreign Corporate Bonds—33.7% | |||||||||
Argentina—0.4% | |||||||||
Provincia de Buenos Aires—144A, 3.900%, due 9/1/37, VRN(a) | 500 | 228 | |||||||
Azerbaijan—0.9% | |||||||||
State Oil Co. of the Azerbaijan Republic, 6.950%, due 3/18/30 | 400 | 491 | |||||||
Brazil—1.7% | |||||||||
Atento Luxco 1 S.A., 8.000%, due 2/10/26 | 250 | 274 | |||||||
Azul Investments LLP—144A, 7.250%, due 6/15/26 | 200 | 191 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Brazil—(continued) | |||||||||
MV24 Capital BV, 6.748%, due 6/1/34 | $ | 187 | $ | 198 | |||||
Petrorio Luxembourg S.a.r.l., 6.125%, due 6/9/26 | 200 | 201 | |||||||
864 | |||||||||
Chile—2.2% | |||||||||
AES Andes S.A., 5 year CMT + 4.917%, 6.350%, due 10/7/79, VRN | 250 | 264 | |||||||
CAP S.A., 3.900%, due 4/27/31 | 250 | 244 | |||||||
Empresa Nacional del Petroleo, 5.250%, due 11/6/29 | 200 | 223 | |||||||
Kenbourne Invest S.A., 4.700%, due 1/22/28 | 200 | 201 | |||||||
VTR Finance N.V., 6.375%, due 7/15/28 | 200 | 215 | |||||||
1,147 | |||||||||
China—3.3% | |||||||||
China Evergrande Group, 9.500%, due 3/29/24 | 300 | 71 | |||||||
China Huaneng Group Hong Kong Treasury Management Holding, Ltd., 5 year CMT + 5.651%, 3.080%, VRN(c) | 500 | 512 | |||||||
China SCE Group Holdings, Ltd., 6.000%, due 2/4/26 | 200 | 178 | |||||||
CNAC HK Finbridge Co., Ltd., 4.875%, due 3/14/25 | 200 | 219 | |||||||
CNAC HK Finbridge Co., Ltd., 3.875%, due 6/19/29 | 200 | 213 | |||||||
Huarong Finance 2017 Co., Ltd., 5 year CMT + 6.983%, 4.000%, VRN(c) | 200 | 185 | |||||||
Sinopec Group Overseas Development 2015, Ltd., 4.100%, due 4/28/45 | 200 | 225 | |||||||
Yuzhou Group Holdings Co., Ltd., 7.850%, due 8/12/26 | 200 | 134 | |||||||
1,737 | |||||||||
Colombia—0.8% | |||||||||
Gran Colombia Gold Corp.—144A, 6.875%, due 8/9/26 | 200 | 198 | |||||||
SierraCol Energy Andina LLC—144A, 6.000%, due 6/15/28 | 200 | 196 | |||||||
394 | |||||||||
Georgia—0.4% | |||||||||
Georgian Railway JSC—144A, 4.000%, due 6/17/28 | 200 | 203 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Ghana—0.3% | |||||||||
Tullow Oil plc, 7.000%, due 3/1/25 | $ | 200 | $ | 173 | |||||
Guatemala—1.2% | |||||||||
Banco Industrial S.A., 4.875%, due 1/29/31 | 200 | 202 | |||||||
Energuate Trust, 5.875%, due 5/3/27 | 200 | 207 | |||||||
Investment Energy Resources Ltd.—144A, 6.250%, due 4/26/29 | 200 | 217 | |||||||
626 | |||||||||
India—2.0% | |||||||||
Continuum Energy Levante, 4.500%, due 2/9/27 | 199 | 204 | |||||||
Export-Import Bank of India, 2.250%, due 1/13/31 | 200 | 186 | |||||||
HDFC Bank Ltd.—144A, 5 year CMT + 2.925%, 3.700%, VRN(c) | 250 | 249 | |||||||
Periama Holdings LLC, 5.950%, due 4/19/26 | 200 | 214 | |||||||
Vedanta Resources Finance II plc, 9.250%, due 4/23/26 | 200 | 190 | |||||||
1,043 | |||||||||
Indonesia—3.3% | |||||||||
Medco Bell Pte, Ltd., 6.375%, due 1/30/27 | 200 | 201 | |||||||
Nickel Mines Ltd.—144A, 6.500%, due 4/1/24 | 200 | 202 | |||||||
Perusahaan Penerbit SBSN Indonesia III, 2.800%, due 6/23/30 | 300 | 309 | |||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.250%, due 10/24/42 | 250 | 279 | |||||||
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara, 5.375%, due 1/25/29 | 300 | 346 | |||||||
PT Bank Tabungan Negara Persero Tbk, 4.200%, due 1/23/25 | 200 | 204 | |||||||
PT Pertamina Persero, 2.300%, due 2/9/31 | 200 | 190 | |||||||
1,731 | |||||||||
Kazakhstan—0.5% | |||||||||
KazMunayGas National Co. JSC, 5.750%, due 4/19/47 | 200 | 240 | |||||||
Malaysia—3.4% | |||||||||
1MDB Global Investments, Ltd., 4.400%, due 3/9/23 | 1,200 | 1,206 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Malaysia—(continued) | |||||||||
Dua Capital, Ltd., 2.780%, due 5/11/31 | $ | 300 | $ | 297 | |||||
Petronas Capital, Ltd., 4.550%, due 4/21/50 | 200 | 243 | |||||||
1,746 | |||||||||
Mexico—3.3% | |||||||||
BBVA Bancomer S.A., 5 year CMT + 2.650%, 5.125%, due 1/18/33, VRN | 200 | 208 | |||||||
Petroleos Mexicanos, 7.690%, due 1/23/50 | 500 | 470 | |||||||
Petroleos Mexicanos, 6.950%, due 1/28/60 | 500 | 433 | |||||||
Petroleos Mexicanos, 6.500%, due 3/13/27 | 300 | 315 | |||||||
Unifin Financiera S.A. DE Co., 8.375%, due 1/27/28 | 300 | 284 | |||||||
1,710 | |||||||||
Mongolia—0.4% | |||||||||
Development Bank of Mongolia, 7.250%, due 10/23/23 | 200 | 214 | |||||||
Nigeria—0.5% | |||||||||
SEPLAT Energy plc, 7.750%, due 4/1/26 | 250 | 261 | |||||||
Panama—0.4% | |||||||||
Aeropuerto Internacional de Tocumen S.A.—144A, 5.125%, due 8/11/61 | 200 | 210 | |||||||
Qatar—1.1% | |||||||||
Qatar Petroleum —144A, 2.250%, due 7/12/31 | 600 | 594 | |||||||
Russia—0.5% | |||||||||
Credit Bank of Moscow Via CBOM Finance plc—144A, 5 year USD Swap + 6.561%, 7.625%, VRN(c) | 250 | 249 | |||||||
South Africa—2.0% | |||||||||
Eskom Holdings SOC, Ltd., 8.450%, due 8/10/28 | 400 | 440 | |||||||
Eskom Holdings SOC, Ltd., 6.750%, due 8/6/23 | 200 | 205 | |||||||
Eskom Holdings SOC, Ltd., 7.125%, due 2/11/25 | 200 | 208 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
South Africa—(continued) | |||||||||
Liquid Telecommunications Financing plc, 5.500%, due 9/4/26 | $ | 200 | $ | 206 | |||||
1,059 | |||||||||
Supranational—0.4% | |||||||||
The African Export-Import Bank—144A, 3.798%, due 5/17/31 | 200 | 207 | |||||||
Trinidad—0.4% | |||||||||
Trinidad Generation UnLtd, 5.250%, due 11/4/27 | 200 | 205 | |||||||
Turkey—1.4% | |||||||||
Akbank TAS—144A, 5 year CMT + 6.015%, 6.800%, due 6/22/31, VRN | 250 | 247 | |||||||
Aydem Yenilenebilir Enerji A.S.—144A, 7.750%, due 2/2/27 | 200 | 195 | |||||||
Turkiye Ihracat Kredi Bankasi A.S.—144A, 5.750%, due 7/6/26 | 300 | 294 | |||||||
736 | |||||||||
Ukraine—0.4% | |||||||||
NAK Naftogaz Ukraine via Kondor Finance plc, 7.625%, due 11/8/26 | 200 | 198 | |||||||
United Arab Emirates—2.1% | |||||||||
Abu Dhabi Government International Bond, 2.700%, due 9/2/70 | 450 | 404 | |||||||
Emirate of Dubai Government International Bonds, 3.900%, due 9/9/50 | 200 | 189 | |||||||
Finance Department Government of Sharjah, 4.375%, due 3/10/51 | 200 | 188 | |||||||
Sharjah Sukuk Program, Ltd., 3.234%, due 10/23/29 | 300 | 303 | |||||||
1,084 | |||||||||
Uzbekistan—0.4% | |||||||||
Ipoteka-Bank ATIB, 5.500%, due 11/19/25 | 200 | 208 | |||||||
Total Foreign Corporate Bonds—33.7% (cost $17,624) | 17,558 | ||||||||
Foreign Municipal Bonds—0.7% | |||||||||
Argentina—0.7% | |||||||||
Provincia de Cordoba, 5.000%, due 6/1/27, VRN(a) | 150 | 101 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Municipal Bonds—(continued) | |||||||||
Argentina—(continued) | |||||||||
Provincia de Entre Rios Argentina, 5.000%, due 8/8/28, VRN(a) | $ | 150 | $ | 104 | |||||
Provincia de Neuquen Argentina, 2.500%, due 4/27/30, VRN(a) | 200 | 123 | |||||||
328 | |||||||||
Total Foreign
Municipal Bonds—0.7% (cost $345) | 328 | ||||||||
Repurchase Agreement—7.5% | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $3,902, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $3,980 | 3,902 | 3,902 | |||||||
Total Repurchase Agreement—7.5% (cost $3,902) | 3,902 | ||||||||
Total Investments in Securities—100.0% (cost $52,978) | 52,038 | ||||||||
Total Investments—100.0% (cost $52,978) | 52,038 | ||||||||
Cash and other assets, less liabilities—0.0% | 26 | ||||||||
Net assets—100.0% | $ | 52,064 |
(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of September 30, 2021.
(b) = Defaulted securities.
(c) Security is perpetual in nature and has no stated maturity.
144A = Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
VRN = Variable Rate Note
Forward Foreign Currency Contracts
Settlement Date |
Deliver/Receive | Counterparty | Local Currency (in thousands) |
USD (Base) Purchased or Sold |
Current Value |
Net Unrealized Appreciation (Depreciation) |
||||||||||
Sold | ||||||||||||||||
12/15/21 | Euro | Citibank N.A. London | 2,213 | $ | 2,619 | $ | 2,567 | $ | 52 |
See accompanying Notes to Portfolio of Investments.
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Centrally Cleared Interest Rate Swaps
Floating Rate Reference |
Pay/Receive Floating Rate |
Fixed Rates |
Payment Frequency |
Maturity Dates |
Cleared Exchange |
Notional Amount (in thousands) |
Upfront Payment Paid (Received) |
Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||
3 Month USD LIBOR | Receive | 1.774% | 6M | February 2071 | LCH | $ | 405 | $ | (14 | ) | $ | (11 | ) | $ | 3 | ||||||||||
3 Month USD LIBOR | Receive | 0.750% | 6M | June 2036 | LCH | 1,963 | 225 | 253 | 28 | ||||||||||||||||
3 Month USD LIBOR | Receive | 1.250% | 6M | June 2051 | LCH | 902 | 120 | 124 | 4 | ||||||||||||||||
6 Month EURIBOR | Receive | (0.250)% | 1Y | June 2026 | LCH | EUR 483 | (4) | — | 4 | ||||||||||||||||
6 Month EURIBOR | Receive | 0.000% | 1Y | June 2031 | LCH | EUR 527 | (6) | 7 | 13 | ||||||||||||||||
6 Month EURIBOR | Receive | 0.000% | 1Y | June 2036 | LCH | EUR 270 | 19 | 17 | (2 | ) | |||||||||||||||
6 Month EURIBOR | Receive | 0.250% | 1Y | June 2041 | LCH | EUR 567 | 11 | 30 | 19 | ||||||||||||||||
3 Month USD LIBOR | Receive | 0.500% | 6M | June 2026 | LCH | $ | 651 | 11 | 15 | 4 | |||||||||||||||
3 Month USD LIBOR | Pay | 0.500% | 6M | June 2028 | LCH | 1,518 | (57 | ) | (77 | ) | (20 | ) | |||||||||||||
3 Month USD LIBOR | Pay | 1.000% | 6M | June 2041 | LCH | 3,083 | (398 | ) | (420 | ) | (22 | ) | |||||||||||||
3 Month USD LIBOR | Pay | 0.750% | 6M | June 2031 | LCH | 2,922 | (148 | ) | (203 | ) | (55 | ) | |||||||||||||
$ | (24 | ) |
Centrally Cleared Credit Default Swaps
Reference Entity |
Buy/Sell Protection |
Fixed Rate | Payment Frequency |
Maturity Date |
Cleared Exchange |
Notional Amount (in thousands) |
Upfront Payment Paid (Received) |
Value | Unrealized Appreciation (Depreciation) |
||||||||||||||||
Russian Federation | Buy | 1.000% | 3M | June 2026 | ICE | $ | 400 | $ | (2 | ) | $ | (4) | $ | (2 | ) | ||||||||||
Republic of South Africa | Buy | 1.000% | 3M | June 2026 | ICE | 600 | 27 | 25 | (2 | ) | |||||||||||||||
Republic of Colombia | Buy | 1.000% | 3M | June 2031 | ICE | 745 | 71 | 80 | 9 | ||||||||||||||||
Federative Republic of Brazil | Buy | 1.000% | 3M | June 2031 | ICE | 300 | 41 | 44 | 3 | ||||||||||||||||
Kingdom of Saudi Arabia | Buy | 1.000% | 3M | June 2026 | ICE | 400 | (8 | ) | (10) | (2 | ) | ||||||||||||||
$ | 6 | ||||||||||||||||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | (18 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Exchange-Traded Funds—65.7% | |||||||||
Equity Exchange-Traded Funds—61.6% | |||||||||
Financial Select Sector SPDR Fund | 53,900 | $ | 2,023 | ||||||
iShares Core S&P 500 ETF | 90,000 | 38,774 | |||||||
iShares MSCI Brazil ETF | 76,700 | 2,464 | |||||||
iShares MSCI India ETF | 12,200 | 594 | |||||||
SPDR S&P 500 ETF Trust (a) | 95,000 | 40,768 | |||||||
Utilities Select Sector SPDR Fund | 7,800 | 498 | |||||||
Vanguard S&P 500 ETF | 98,300 | 38,770 | |||||||
Vietnam Enterprise Investments, Ltd. Class “C” | 440,900 | 4,208 | |||||||
Total Equity Exchange-Traded Funds | 128,099 | ||||||||
Fixed Income Exchange-Traded Funds—4.1% | |||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 47,300 | 6,292 | |||||||
SPDR Bloomberg Barclays High Yield Bond ETF | 20,700 | 2,264 | |||||||
Total Fixed Income Exchange-Traded Funds | 8,556 | ||||||||
Total Exchange-Traded Funds—65.7% (cost $124,253) | 136,655 | ||||||||
Common Stocks—4.3% | |||||||||
Emerging Asia—2.7% | |||||||||
Philippines—2.7% | |||||||||
Ayala Corporation (Industrial conglomerates) | 33,552 | 536 | |||||||
Ayala Land, Inc. (Real estate management & development) | 923,619 | 606 | |||||||
Bank of the Philippine Islands (Banks) | 213,075 | 340 | |||||||
BDO Unibank, Inc. (Banks) | 230,665 | 500 | |||||||
Globe Telecom, Inc. (Wireless telecommunication services) | 3,160 | 185 | |||||||
GT Capital Holdings, Inc. (Diversified financial services) | 11,878 | 118 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 119,131 | 455 | |||||||
JG Summit Holdings, Inc. (Industrial conglomerates) | 344,760 | 439 | |||||||
Jollibee Foods Corporation (Hotels, restaurants & leisure) | 53,147 | 213 | |||||||
Manila Electric Co. (Electric utilities) | 27,347 | 159 | |||||||
Metro Pacific Investments Corporation (Diversified financial services) | 1,454,264 | 104 | |||||||
Metropolitan Bank & Trust Co. (Banks) | 212,149 | 181 | |||||||
PLDT, Inc. (Wireless telecommunication services) | 9,033 | 297 | |||||||
SM Investments Corporation (Industrial conglomerates) | 28,190 | 546 | |||||||
SM Prime Holdings, Inc. (Real estate management & development) | 1,186,350 | 759 | |||||||
Universal Robina Corporation (Food products) | 105,596 | 281 | |||||||
5,719 | |||||||||
Emerging Latin America—1.6% | |||||||||
Chile—1.6% | |||||||||
Banco de Chile (Banks) | 5,428,313 | 501 | |||||||
Banco de Credito e Inversiones S.A. (Banks) | 5,787 | 211 | |||||||
Banco Santander Chile (Banks) | 7,844,452 | 393 | |||||||
Cencosud S.A. (Food & staples retailing) | 179,595 | 348 | |||||||
Cencosud Shopping S.A. (Real estate management & development) | 58,679 | 69 | |||||||
Cia Cervecerias Unidas S.A. (Beverages) | 18,876 | 167 | |||||||
Colbun S.A. (Independent power & renewable electricity producers) | 960,366 | 156 | |||||||
Empresas CMPC S.A. (Paper & forest products) | 128,868 | 242 | |||||||
Empresas COPEC S.A. (Oil, gas & consumable fuels) | 45,822 | 381 | |||||||
Enel Americas S.A. (Electric utilities) | 2,543,598 | 300 |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America — (continued) | |||||||||
Chile—(continued) | |||||||||
Enel Chile S.A. (Electric utilities) | 3,358,387 | $ | 159 | ||||||
Falabella S.A. (Multiline retail) | 90,552 | 318 | |||||||
3,245 | |||||||||
Total Common Stocks—4.3% (cost $8,909) | 8,964 | ||||||||
Foreign Government Bonds—12.4% | |||||||||
Brazil—3.9% | |||||||||
Brazil Notas do Tesouro Nacional Serie F, 10.000%, due 1/1/25 | BRL | 44,620 | 8,136 | ||||||
Malaysia—6.0% | |||||||||
Malaysia Government Bond, 3.480%, due 3/15/23 | MYR | 51,240 | 12,503 | ||||||
South Africa—2.5% | |||||||||
Republic of South Africa Government Bond, 7.000%, due 2/28/31 | ZAR | 92,913 | 5,191 | ||||||
Total Foreign Government Bonds—12.4% (cost $26,822) | 25,830 | ||||||||
Preferred Stock—0.4% | |||||||||
Emerging Latin America—0.4% | |||||||||
Chile—0.4% | |||||||||
Sociedad Quimica y Minera de Chile S.A. Class “B” (Chemicals) | 16,536 | 890 | |||||||
Total Preferred Stock—0.4% (cost $723) | 890 | ||||||||
Repurchase Agreement—7.8% | |||||||||
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $16,204, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $16,528 | $ | 16,204 | 16,204 | ||||||
Total Repurchase Agreement—7.8% (cost $16,204) | 16,204 | ||||||||
U.S. Government—7.7% | |||||||||
U.S. Treasury Bill, 0.079%, due 11/4/21 | 500 | 500 | |||||||
U.S. Treasury Bill, 0.084%, due 12/2/21 | 500 | 500 | |||||||
U.S. Treasury Bill, 0.093%, due 12/30/21(b) | 500 | 500 | |||||||
U.S. Treasury Bill, 0.086%, due 1/27/22(b) | 2,500 | 2,500 | |||||||
U.S. Treasury Bill, 0.074%, due 2/24/22(b) | 3,000 | 2,999 | |||||||
U.S. Treasury Bill, 0.068%, due 3/24/22(b) | 2,000 | 2,000 | |||||||
U.S. Treasury Bill, 0.058%, due 4/21/22(b) | 1,500 | 1,500 | |||||||
U.S. Treasury Bill, 0.043%, due 5/19/22(b) | 1,500 | 1,499 | |||||||
U.S. Treasury Bill, 0.066%, due 6/16/22(b) | 1,500 | 1,499 | |||||||
U.S. Treasury Bill, 0.073%, due 7/14/22(b) | 1,500 | 1,499 | |||||||
U.S. Treasury Bill, 0.076%, due 8/11/22(b) | 500 | 500 |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
U.S. Government—(continued) | |||||||||
U.S. Treasury Bill, 0.069%, due 9/8/22(b) | 500 | $ | 500 | ||||||
Total U.S. Government—7.7% (cost $15,994) | 15,996 | ||||||||
Total Purchased Options—0.2% (cost $404) | 342 | ||||||||
Total Investments in Securities—98.5% (cost $193,309) | 204,881 | ||||||||
Cash and other assets, less liabilities—1.5% | 3,167 | ||||||||
Net assets—100.0% | $ | 208,048 |
(a) The SPDR S&P 500 ETF Trust’s financial statements are available free of charge on the SEC’s website at https://www.sec.gov.
(b) Security, or portion of security, is segregated as collateral for centrally cleared swaps and to cover initial margin requirements on open futures contracts aggregating a total value of $13,921 (in thousands).
Purchased Options Contracts
Description | Counterparty | Exercise Price/ FX Rate | Expiration Date |
Number of Contracts | Notional Amount (in thousands) | Market Value | Premiums Paid (Received) by Fund | Unrealized Appreciation/ (Depreciation) | |||||||||||||||
Calls | |||||||||||||||||||||||
Calls Euro Stoxx 50 | Credit Suisse International | 4,250 | 12/17/21 | 213 | EUR | 8,622 | $ | 94 | $ | 214 | $ | (120 | ) | ||||||||||
Puts | |||||||||||||||||||||||
NZD Put/JPY Call | Citibank N.A. | 78 | 12/15/21 | 11,185,000 | NZD | 11,850 | $ | 248 | $ | 190 | $ | 58 | |||||||||||
Total Purchased Options Contracts | $ | 342 | $ | 404 | $ | (62 | ) |
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 | ||||||||||||||||||||
10/20/21 | Brazilian Real | Citibank N.A. London | 73,389 | $ | 13,824 | $ | 13,443 | $ | (381 | ) | ||||||||||
10/20/21 | Chilean Peso | Citibank N.A. London | 5,128,813 | 6,446 | 6,317 | (129 | ) | |||||||||||||
10/20/21 | Chinese Yuan Renminbi | Citibank N.A. London | 2,288 | 354 | 354 | — | ||||||||||||||
10/20/21 | Colombian Peso | Citibank N.A. London | 70,610,809 | 18,391 | 18,523 | 132 | ||||||||||||||
10/20/21 | Czech Koruna | Citibank N.A. London | 11,127 | 509 | 508 | (1 | ) | |||||||||||||
10/20/21 | Hong Kong Dollar | Citibank N.A. London | 4,440 | 570 | 570 | — | ||||||||||||||
10/20/21 | Indian Rupee | Citibank N.A. London | 247,365 | 3,351 | 3,325 | (26 | ) | |||||||||||||
10/20/21 | Israeli Shekel | Citibank N.A. London | 2,217 | 688 | 688 | — | ||||||||||||||
10/20/21 | Mexican Peso | Citibank N.A. London | 170,322 | 8,501 | 8,231 | (270 | ) | |||||||||||||
10/20/21 | New Turkish Lira | Citibank N.A. London | 77,490 | 8,992 | 8,628 | (364 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Forward Foreign Currency Contracts - (continued)
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||||
Purchased — (continued) | ||||||||||||||||||||
10/20/21 | Philippine Peso | Citibank N.A. London | 258,327 | $ | 5,164 | $ | 5,047 | $ | (117 | ) | ||||||||||
10/20/21 | Russian Ruble | Citibank N.A. London | 1,671,093 | 22,746 | 22,906 | 160 | ||||||||||||||
10/20/21 | Singapore Dollar | Citibank N.A. London | 36,352 | 27,076 | 26,772 | (304 | ) | |||||||||||||
10/20/21 | South Korean Won | Citibank N.A. London | 1,902,630 | 1,627 | 1,606 | (21 | ) | |||||||||||||
10/20/21 | Taiwan Dollar | Citibank N.A. London | 143,851 | 5,208 | 5,175 | (33 | ) | |||||||||||||
10/20/21 | Thai Baht | Citibank N.A. London | 8,539 | 253 | 252 | (1 | ) | |||||||||||||
10/21/21 | Indonesian Rupiah | Citibank N.A. London | 9,705,264 | 678 | 677 | (1 | ) | |||||||||||||
12/15/21 | Australian Dollar | Citibank N.A. London | 554 | 401 | 401 | — | ||||||||||||||
12/15/21 | British Pound Sterling | Citibank N.A. London | 3,197 | 4,426 | 4,308 | (118 | ) | |||||||||||||
12/15/21 | Canadian Dollar | Citibank N.A. London | 1,065 | 841 | 841 | — | ||||||||||||||
12/15/21 | Euro | Citibank N.A. London | 693 | 805 | 804 | (1 | ) | |||||||||||||
12/15/21 | Japanese Yen | Citibank N.A. London | 1,954,579 | 17,810 | 17,573 | (237 | ) | |||||||||||||
12/15/21 | New Zealand Dollar | Citibank N.A. London | 1,687 | 1,164 | 1,164 | — | ||||||||||||||
12/15/21 | Norwegian Krone | Citibank N.A. London | 58,183 | 6,709 | 6,652 | (57 | ) | |||||||||||||
12/15/21 | Swedish Krona | Citibank N.A. London | 46,269 | 5,369 | 5,289 | (80 | ) | |||||||||||||
12/15/21 | Swiss Franc | Citibank N.A. London | 510 | 548 | 548 | — | ||||||||||||||
$ | (1,849 | ) | ||||||||||||||||||
Sold | ||||||||||||||||||||
10/20/21 | Chilean Peso | Citibank N.A. London | 283,864 | $ | 348 | $ | 350 | $ | (2 | ) | ||||||||||
10/20/21 | Chinese Yuan Renminbi | Citibank N.A. London | 42,463 | 6,564 | 6,579 | (15 | ) | |||||||||||||
10/20/21 | Colombian Peso | Citibank N.A. London | 3,253,630 | 853 | 854 | (1 | ) | |||||||||||||
10/20/21 | Czech Koruna | Citibank N.A. London | 240,624 | 11,181 | 10,993 | 188 | ||||||||||||||
10/20/21 | Hong Kong Dollar | Citibank N.A. London | 84,266 | 10,835 | 10,825 | 10 | ||||||||||||||
10/20/21 | Indian Rupee | Citibank N.A. London | 16,690 | 224 | 224 | — | ||||||||||||||
10/20/21 | Israeli Shekel | Citibank N.A. London | 61,065 | 19,052 | 18,943 | 109 | ||||||||||||||
10/20/21 | Mexican Peso | Citibank N.A. London | 4,445 | 216 | 215 | 1 | ||||||||||||||
10/20/21 | New Turkish Lira | Citibank N.A. London | 3,465 | 387 | 386 | 1 | ||||||||||||||
10/20/21 | Russian Ruble | Citibank N.A. London | 77,133 | 1,056 | 1,057 | (1 | ) | |||||||||||||
10/20/21 | Singapore Dollar | Citibank N.A. London | 1,406 | 1,035 | 1,035 | — | ||||||||||||||
10/20/21 | South African Rand | Citibank N.A. London | 22,651 | 1,594 | 1,501 | 93 | ||||||||||||||
10/20/21 | Taiwan Dollar | Citibank N.A. London | 8,586 | 309 | 309 | — | ||||||||||||||
10/20/21 | Thai Baht | Citibank N.A. London | 216,281 | 6,613 | 6,391 | 222 | ||||||||||||||
10/21/21 | Indonesian Rupiah | Citibank N.A. London | 215,568,834 | 15,052 | 15,026 | 26 | ||||||||||||||
12/15/21 | Australian Dollar | Citibank N.A. London | 15,100 | 11,143 | 10,920 | 223 | ||||||||||||||
12/15/21 | Canadian Dollar | Citibank N.A. London | 29,555 | 23,342 | 23,334 | 8 | ||||||||||||||
12/15/21 | Euro | Citibank N.A. London | 17,906 | 21,197 | 20,772 | 425 | ||||||||||||||
12/15/21 | Japanese Yen | Citibank N.A. London | 90,443 | 810 | 813 | (3 | ) | |||||||||||||
12/15/21 | New Zealand Dollar | Citibank N.A. London | 48,025 | 34,193 | 33,136 | 1,057 | ||||||||||||||
12/15/21 | Norwegian Krone | Citibank N.A. London | 2,138 | 244 | 244 | — | ||||||||||||||
12/15/21 | Swedish Krona | Citibank N.A. London | 3,005 | 344 | 344 | — | ||||||||||||||
12/15/21 | Swiss Franc | Citibank N.A. London | 10,983 | 11,979 | 11,807 | 172 | ||||||||||||||
$ | 2,513 | |||||||||||||||||||
Total net unrealized appreciation (depreciation) on forward foreign currency contracts | $ | 664 |
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 | ||||||||||||||||||||||
36 | CAC 40 Index | October 2021 | Euro | 2,346 | $ | 2,746 | $ | 2,718 | $ | (28 | ) |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Number of Contracts | Description | Expiration Date | Local Currency | Notional Value (Local, in Thousands | Notional Amount (USD) | Notional Value (USD) | Net Unrealized Appreciation (Depreciation) | |||||||||||||||
Long — (continued) | ||||||||||||||||||||||
40 | IBEX 35 Index | October 2021 | Euro | 3,527 | $ | 4,059 | $ | 4,085 | $ | 26 | ||||||||||||
65 | OMXS 30 Index | October 2021 | Swedish Krona | 14,646 | 1,727 | 1,673 | (54 | ) | ||||||||||||||
13 | FTSE Taiwan Index | October 2021 | U.S. Dollar | 769 | 785 | 769 | (16 | ) | ||||||||||||||
236 | MSCI Singapore ETS Index | October 2021 | Singapore Dollar | 8,343 | 6,231 | 6,144 | (87 | ) | ||||||||||||||
227 | FTSE KLCI Index | October 2021 | Malaysian Ringgit | 17,456 | 4,163 | 4,170 | 7 | |||||||||||||||
13 | KOSPI 200 Index | December 2021 | South Korean Won | 1,304,875 | 1,149 | 1,102 | (47 | ) | ||||||||||||||
48 | SPI 200 Index | December 2021 | Australian Dollar | 8,752 | 6,423 | 6,327 | (96 | ) | ||||||||||||||
7 | DAX Index | December 2021 | Euro | 2,675 | 3,167 | 3,099 | (68 | ) | ||||||||||||||
183 | FTSE 100 Index | December 2021 | British Pound Sterling | 12,945 | 17,324 | 17,442 | 118 | |||||||||||||||
14 | FTSE MIB Index | December 2021 | Euro | 1,776 | 2,053 | 2,057 | 4 | |||||||||||||||
120 | MSCI China Index | December 2021 | U.S. Dollar | 5,956 | 6,093 | 5,956 | (137 | ) | ||||||||||||||
280 | MSCI Indonesia Index | December 2021 | U.S. Dollar | 4,253 | 4,162 | 4,253 | 91 | |||||||||||||||
238 | MSCI World Energy Index | December 2021 | U.S. Dollar | 7,016 | 6,540 | 7,016 | 476 | |||||||||||||||
6 | SWISS Markets Index | December 2021 | Swiss Franc | 696 | 779 | 747 | (32 | ) | ||||||||||||||
100 | U.S. 5 Year Treasury Note | December 2021 | U.S. Dollar | 12,274 | 12,352 | 12,274 | (78 | ) | ||||||||||||||
$ | 79 | |||||||||||||||||||||
Short | ||||||||||||||||||||||
3 | Amsterdam Index | October 2021 | Euro | 462 | $ | 552 | $ | 535 | $ | 17 | ||||||||||||
68 | Euro-Bobl | December 2021 | Euro | 9,175 | 10,696 | 10,628 | 68 | |||||||||||||||
6 | Euro-Bund | December 2021 | Euro | 1,019 | 1,199 | 1,180 | 19 | |||||||||||||||
8 | NIKKEI 225 | December 2021 | Japanese Yen | 118,680 | 1,021 | 1,066 | (45 | ) | ||||||||||||||
29 | FTSE/JSE Top 40 Index | December 2021 | South African Rand | 16,872 | 1,117 | 1,121 | (4 | ) | ||||||||||||||
236 | EURO STOXX 50 Index | December 2021 | Euro | 9,553 | 11,354 | 11,066 | 288 | |||||||||||||||
82 | MSCI Emerging Markets Index | December 2021 | U.S. Dollar | 5,107 | 5,288 | 5,107 | 181 | |||||||||||||||
4 | MSCI Hong Kong | December 2021 | U.S. Dollar | 288 | 309 | 288 | 21 | |||||||||||||||
83 | MSCI Mexico Index | December 2021 | U.S. Dollar | 2,241 | 2,331 | 2,241 | 90 | |||||||||||||||
29 | NASDAQ 100 E Mini Index | December 2021 | U.S. Dollar | 8,516 | 8,952 | 8,516 | 436 | |||||||||||||||
457 | S&P 500 E Mini Index | December 2021 | U.S. Dollar | 98,204 | 101,472 | 98,204 | 3,268 | |||||||||||||||
10 | S&P E Mini Com Ser Index | December 2021 | U.S. Dollar | 1,048 | 1,094 | 1,048 | 46 | |||||||||||||||
7 | XAK Technology | December 2021 | U.S. Dollar | 1,053 | 1,102 | 1,053 | 49 | |||||||||||||||
11 | XAY Cons Discret | December 2021 | U.S. Dollar | 1,995 | 2,034 | 1,995 | 39 | |||||||||||||||
28 | 10YR Can Bond | December 2021 | Canadian Dollar | 4,008 | 3,245 | 3,165 | 80 | |||||||||||||||
73 | U.S. 10 Year Treasury Note | December 2021 | U.S. Dollar | 9,607 | 9,737 | 9,608 | 129 | |||||||||||||||
$ | 4,682 | |||||||||||||||||||||
Total net unrealized appreciation (depreciation) on futures contracts | $ | 4,761 |
See accompanying Notes to Portfolio of Investments.
Macro Allocation Fund |
Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)
Centrally Cleared Interest Rate Swap
Floating Rate Reference | Pay/Receive Floating Rate |
Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
Brazil CDI ON Deposit Rate | Pay | 9.985% | 1M | January 2025 | CME | BRL 47,088 | $ | — | $ | (31 | ) | $ | (31 | ) |
Total Return Swaps
Reference Entity | Pay/Receive Floating Rate | Floating Rates | Maturity Dates | Counterparty | Notional Amount (in thousands) | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||||
CSI 500 Net Total Return Index | Pay | (1,140) bp | Sep 2022 | Credit Suisse International | $ | 1,921 | $ | (63 | ) | $ | (63 | ) | ||||||||
MSCI Philippines Index Future | Pay | 0 bp | Dec 2021 | Goldman Sachs International | 514 | (11 | ) | (11 | ) | |||||||||||
RTS Index Future | Pay | 0 bp | Dec 2021 | Credit Suisse International | 2,628 | 27 | 27 | |||||||||||||
$ | (47 | ) |
Centrally Cleared Credit Default Swap
Reference Entity | Buy/Sell Protection |
Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||
ITRAXX-EUROPE S35 V1-5Y | Sell | 1.000% | 3M | June 2026 | ICE | EUR 3,675 | $ | 116 | $ | 112 | $ | (4 | ) | |||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | (82 | ) |
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 September 30, 2021, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity Funds | International Equity Funds | Fixed Income Funds | ||
Growth | International Leaders | Bond | ||
Large Cap Growth | International Growth | Income | ||
Mid Cap Growth | Institutional International Growth | Low Duration | ||
Small-Mid Cap Core | International Small Cap Growth | |||
Small-Mid Cap Growth | Emerging Markets Leaders | Emerging Markets Debt Fund | ||
Small Cap Growth | Emerging Markets Growth | Emerging Markets Debt | ||
Small Cap Value2 | Emerging Markets Small Cap Growth | |||
China Growth1 | ||||
Multi-Asset and Alternative Fund | ||||
Global Equity Fund | Macro Allocation | |||
Global Leaders |
The investment objectives of the Funds are as follows:
U.S. Equity Funds |
Long-term capital appreciation. | |
Global Equity Fund |
Long-term capital appreciation. | |
International Equity Funds |
Long-term capital appreciation. | |
Bond Fund |
Outperform the Bloomberg Barclays U.S. Aggregate Index by maximizing total return through a combination of income and capital appreciation. | |
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. | |
Emerging Markets Debt Fund | Provide attractive risk-adjusted returns relative to the Fund’s benchmark through investments in hard currency denominated debt issued in emerging market countries. | |
Macro Allocation Fund | Maximize long-term risk-adjusted total return. |
1 Effective August 27, 2021 (Commencement of Operations).
2 At September 30, 2021, the Small Cap Value Fund’s fiscal year end is October 31 and, therefore, is not included herein.
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(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, 2021, fair valuation estimates for foreign equity securities were obtained.
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements are valued at cost, which approximates fair value.
Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the Over-the-Counter (“OTC”) market shall be valued by an independent pricing service. Futures contracts are valued at the most recent settlement price on the exchange on which they are traded most extensively, or if no settlement price is available, at the last sale price as of the close of the exchange. Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset. All other swap contracts are valued by an independent pricing service. Depending on the product and the terms of the transaction, the independent pricing service may use a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, yield curves, dividends and exchange rates.
Securities, and other assets, for which a market price is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value as determined in good faith by, or under the direction of, the Board of Trustees and in accordance with the Valuation Procedures approved by the Board of Trustees. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
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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, 2021, 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).
3 |
Investments in securities | Growth | Large Cap Growth | Mid Cap Growth | Small-Mid Cap Core | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 324,524 | $ | 873,743 | $ | 83,938 | $ | 79,699 | ||||||||
Exchange-Traded Funds | 3,973 | — | — | — | ||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 3,206 | 2,571 | 2,975 | 1,238 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 331,703 | $ | 876,314 | $ | 86,913 | $ | 80,937 | ||||||||
Investments in securities | Small-Mid Cap Growth | Small Cap Growth | Global Leaders | |||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 3,135,636 | $ | 719,216 | $ | 85,178 | ||||||||||
Exchange-Traded Funds | — | 7,437 | — | |||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | — | — | 52,803 | |||||||||||||
Repurchase Agreements | 41,286 | 25,606 | 1,210 | |||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | |||||||||||||
Total investments in securities | $ | 3,176,922 | $ | 752,259 | $ | 139,191 | ||||||||||
Investments in securities | International Leaders | International Growth | Institutional International Growth | International Small Cap Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 131,083 | $ | 293,387 | $ | 164,487 | $ | 35,807 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 1,087,773 | 1,968,731 | 1,103,458 | 336,984 | ||||||||||||
Repurchase Agreements | 25,779 | 36,418 | 18,081 | 12,345 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 1,244,635 | $ | 2,298,536 | $ | 1,286,026 | $ | 385,136 | ||||||||
Investments in securities | Emerging Markets Leaders | Emerging Markets Growth | Emerging Markets Small Cap Growth | China Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 134,372 | $ | 200,733 | $ | 65,230 | $ | — | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 267,017 | 903,175 | 466,751 | 2,495 | ||||||||||||
Repurchase Agreements | 14,896 | 7,774 | 7,347 | — | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 416,285 | $ | 1,111,682 | $ | 539,328 | $ | 2,495 |
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Investments in securities | Bond | Income | Low Duration | Emerging Markets Debt | Macro Allocation | |||||||||||||||
Assets | ||||||||||||||||||||
Level 1 - Quoted prices | ||||||||||||||||||||
Exchange-Traded Funds | $ | — | $ | — | $ | — | $ | — | $ | 136,655 | ||||||||||
Preferred Stocks | — | — | — | — | 890 | |||||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||||||
Asset-Backed Securities | 9,891 | 4,568 | 20,750 | — | — | |||||||||||||||
Commercial Paper | 15,300 | 500 | — | — | — | |||||||||||||||
Collateralized Mortgage Obligation | 546 | 1,159 | 2,770 | |||||||||||||||||
Common Stocks | — | — | — | — | 8,964 | |||||||||||||||
Corporate Obligations | 168,091 | 22,502 | 44,641 | — | — | |||||||||||||||
Foreign Corporate Obligations | — | — | — | 17,558 | — | |||||||||||||||
Foreign Government Bonds | — | — | — | 30,250 | 25,830 | |||||||||||||||
Foreign Municipal Bonds | — | — | — | 328 | — | |||||||||||||||
Purchased Options | — | — | — | — | 342 | |||||||||||||||
Repurchase Agreements | 6,646 | 2,132 | — | 3,902 | 16,204 | |||||||||||||||
U.S. Government and U.S. Government Agency | 145,274 | 18,499 | 66,553 | — | 15,996 | |||||||||||||||
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 | $ | 345,748 | $ | 49,360 | $ | 134,714 | $ | 52,038 | $ | 204,881 | ||||||||||
Other financial instruments | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Level 1 - Quoted prices | ||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | 5,453 | ||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||||||
Forward Foreign Currency Contracts | — | — | — | 52 | 2,827 | |||||||||||||||
Purchased Options | — | — | — | — | 58 | |||||||||||||||
Swaps | 132 | 45 | — | 87 | 27 | |||||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||||||
None | — | — | — | — | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Level 1 - Quoted prices | ||||||||||||||||||||
Futures Contracts | — | — | — | — | (692 | ) | ||||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||||||
Forward Foreign Currency Contracts | — | — | — | — | (2,163 | ) | ||||||||||||||
Purchased Options | — | — | — | — | (120 | ) | ||||||||||||||
Swaps | (7 | ) | — | — | (105 | ) | (109 | ) | ||||||||||||
U.S. Government Agency | (7,615 | ) | (2,033 | ) | (10,234 | ) | — | — | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||||||
None | — | — | — | — | — | |||||||||||||||
Total other financial instruments | $ | (7,490 | ) | $ | (1,988 | ) | $ | (10,234 | ) | $ | 34 | $ | 5,281 |
See Portfolio of Investments for Sector Classification.
5 |
(3) Financial Derivative Instruments
Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus. Macro Allocation Fund may also use derivative instruments to obtain investment exposures.
Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.
Macro Allocation Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by Macro Allocation Fund with various counterparties and allow Macro Allocation Fund to close out and net its total exposure to a counterparty in the event of a default.
Futures Contracts
A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price at a designated date, time and place. An index futures contract is an agreement pursuant to which the parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index futures contract was originally written. 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.
6 |
Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, 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.
7 |