Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—32.6%
*	Advanced Micro Devices, Inc.		43,931	$	4,517
*	Dynatrace, Inc.		57,845		2,703
	Microsoft Corp.		68,717		21,697
*	MongoDB, Inc.		5,333		1,845
*	Nice Ltd.—ADR		12,941		2,200
	NVIDIA Corp.		25,234		10,977
*	Palo Alto Networks, Inc.		27,698		6,494
	Power Integrations, Inc.		18,619		1,421
*	Pure Storage, Inc.		84,229		3,000
*	ServiceNow, Inc.		7,466		4,173
	Texas Instruments, Inc.		25,680		4,083
*	Tyler Technologies, Inc.		7,466		2,883
*	Vertex, Inc.		85,671		1,979
*	Workday, Inc.		10,981		2,359
*	Workiva, Inc.		17,939		1,818
					72,149
	Health Care—15.4%
	Abbott Laboratories		43,694		4,232
*	HealthEquity, Inc.		23,547		1,720
*	Intuitive Surgical, Inc.		18,331		5,358
*	Repligen Corp.		13,865		2,204
*	Treace Medical Concepts, Inc.		127,362		1,670
	UnitedHealth Group, Inc.		19,051		9,605
*	Veeva Systems, Inc.		27,096		5,513
	Zoetis, Inc.		22,686		3,947
					34,249
	Consumer Discretionary—11.4%
*	Amazon.com, Inc.		119,570		15,200
*	Bright Horizons Family Solutions, Inc.		27,928		2,275
*	Etsy, Inc.		10,174		657
*	Five Below, Inc.		14,096		2,268
	NIKE, Inc.		34,688		3,317
*	Skyline Champion Corp.		23,720		1,511
					25,228
	Communication Services—9.0%
*	Alphabet, Inc.		125,243		16,389
	Warner Music Group Corp.		89,850		2,821
*	ZipRecruiter, Inc.		68,797		825
					20,035
	Financials—8.2%
	Aon PLC†		8,272		2,682
	Apollo Global Management, Inc.		35,941		3,226
	Carlyle Group, Inc.		47,759		1,441
	Mastercard, Inc.		27,274		10,798
					18,147
	Industrials—7.8%
*	ACV Auctions, Inc.		190,290		2,888
	Brink’s Co.		50,202		3,647

See accompanying Notes to Portfolio of Investments.

1 

Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Industrials — (continued)
*	Chart Industries, Inc.		13,173	$	2,228
*	Copart, Inc.		107,261		4,622
*	Energy Recovery, Inc.		55,980		1,187
*	Kornit Digital Ltd.†		19,194		363
*	Verra Mobility Corp.		122,625		2,293
					17,228
	Consumer Staples—5.8%
	Coca-Cola Co.		84,604		4,736
	Estee Lauder Cos., Inc.		10,001		1,445
	Lancaster Colony Corp.		15,912		2,626
*	Performance Food Group Co.		47,447		2,793
*	Vital Farms, Inc.		104,478		1,210
					12,810
	Energy—4.4%
	Cameco Corp.		94,234		3,736
*	Green Plains, Inc.		60,805		1,830
	New Fortress Energy, Inc.		67,644		2,217
	Whitecap Resources, Inc.		228,037		1,925
					9,708
	Real Estate—1.5%
*	CoStar Group, Inc.		43,931		3,378
	Materials—1.1%
	Crown Holdings, Inc.		26,520		2,347
	Total Common Stocks—97.2% (cost $125,382)				215,279
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $5,553, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $5,663	$	5,552		5,552
	Total Repurchase Agreement—2.5% (cost $5,552)				5,552
	Total Investments—99.7% (cost $130,934)				220,831
	Cash and other assets, less liabilities—0.3%				756
	Net assets—100.0%			$	221,587

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

2 

Large Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—38.3%
	Accenture PLC†		173,680	$	53,339
*	Advanced Micro Devices, Inc.		252,868		26,000
	Intuit, Inc.		90,800		46,393
	Lam Research Corp.		44,750		28,048
	Microsoft Corp.		645,020		203,665
	NVIDIA Corp.		183,200		79,690
*	Palo Alto Networks, Inc.		143,870		33,729
*	Salesforce, Inc.		200,260		40,609
*	ServiceNow, Inc.		63,550		35,522
	Texas Instruments, Inc.		100,180		15,930
					562,925
	Consumer Discretionary—15.3%
*	Amazon.com, Inc.		937,380		119,160
*	Chipotle Mexican Grill, Inc.		20,120		36,856
	NIKE, Inc.		167,760		16,041
*	O’Reilly Automotive, Inc.		34,950		31,765
	Starbucks Corp.		238,350		21,754
					225,576
	Communication Services—11.6%
*	Alphabet, Inc.		1,129,540		147,812
*	Live Nation Entertainment, Inc.		280,842		23,321
					171,133
	Health Care—11.5%
*	Intuitive Surgical, Inc.		119,280		34,864
	UnitedHealth Group, Inc.		147,830		74,534
*	Veeva Systems, Inc.		125,520		25,537
	Zoetis, Inc.		196,060		34,111
					169,046
	Financials—8.7%
	Apollo Global Management, Inc.		363,171		32,598
	Carlyle Group, Inc.		574,980		17,341
	Mastercard, Inc.		199,140		78,842
					128,781
	Consumer Staples—5.4%
	Costco Wholesale Corp.		86,080		48,632
*	Monster Beverage Corp.		589,000		31,187
					79,819
	Materials—3.4%
	Linde PLC†		90,040		33,527
	Martin Marietta Materials, Inc.		39,980		16,411
					49,938
	Industrials—2.2%
*	Copart, Inc.		739,680		31,873
	Real Estate—1.6%
*	CoStar Group, Inc.		300,340		23,093

See accompanying Notes to Portfolio of Investments.

3 

Large Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Energy—1.4%
Pioneer Natural Resources Co.		87,250	$	20,028
Total Common Stocks—99.4% (cost $1,182,387)				1,462,212
Repurchase Agreement
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $8,495, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $8,663	$	8,493		8,493
Total Repurchase Agreement—0.6% (cost $8,493)				8,493
Total Investments—100.0% (cost $1,190,880)				1,470,705
Liabilities, plus cash and other assets—(0.0)%				(472	)
Net assets—100.0%			$	1,470,233

† = U.S. listed foreign security

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

4 

Mid Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—15.8%
	Acuity Brands, Inc.		171	$	29
	AGCO Corp.		254		30
*	Alaska Air Group, Inc.		619		23
	Flowserve Corp.		810		32
	ITT, Inc.		359		35
	Knight-Swift Transportation Holdings, Inc.		621		31
	Snap-on, Inc.		142		36
	Timken Co.		440		33
					249
	Information Technology—14.7%
*	Check Point Software Technologies Ltd.†		217		29
	Cognizant Technology Solutions Corp.		433		29
*	DXC Technology Co.		1,074		22
*	F5, Inc.		193		31
*	Flex Ltd.†		1,072		29
	Hewlett Packard Enterprise Co.		1,766		31
	Jabil, Inc.		258		33
	Skyworks Solutions, Inc.		267		26
					230
	Financials—12.3%
*	Arch Capital Group Ltd.†		457		36
	East West Bancorp, Inc.		418		22
	Hartford Financial Services Group, Inc.		390		28
	Huntington Bancshares, Inc.		1,891		20
	Invesco Ltd.†		1,704		25
	KKR & Co., Inc.		536		33
	Willis Towers Watson PLC†		140		29
					193
	Health Care—12.0%
	Cencora, Inc.		161		29
*	Centene Corp.		397		27
	Encompass Health Corp.		428		29
*	Envista Holdings Corp.		953		27
*	Henry Schein, Inc.		228		17
*	Hologic, Inc.		161		11
	Laboratory Corp. of America Holdings		134		27
	Viatris, Inc.		2,117		21
					188
	Consumer Discretionary—10.9%
	Advance Auto Parts, Inc.		408		23
	Brunswick Corp.		315		25
	LKQ Corp.		604		30
	Ralph Lauren Corp.		269		31
	Toll Brothers, Inc.		503		37
	Whirlpool Corp.		193		26
					172
	Energy—7.4%
	APA Corp.		752		31

See accompanying Notes to Portfolio of Investments.

5 

Mid Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Energy—(continued)
	Coterra Energy, Inc.		824	$	22
	Diamondback Energy, Inc.		194		30
	Phillips 66		279		34
					117
	Materials—7.0%
*	Axalta Coating Systems Ltd.†		978		26
	Crown Holdings, Inc.		352		31
	Huntsman Corp.		1,035		25
	PPG Industries, Inc.		211		28
					110
	Real Estate—5.6%
	Camden Property Trust		216		21
	Highwoods Properties, Inc.		982		20
	Host Hotels & Resorts, Inc.		1,756		28
	VICI Properties, Inc.		652		19
					88
	Consumer Staples—4.5%
	Ingredion, Inc.		311		30
	Molson Coors Beverage Co.		248		16
	Tyson Foods, Inc.		478		24
					70
	Utilities—3.1%
	Entergy Corp.		283		26
	PPL Corp.		989		23
					49
	Communication Services—1.0%
*	Warner Bros Discovery, Inc.		1,211		15
	Total Common Stocks—94.3% (cost $1,557)				1,481
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $106, collateralized by U.S. Treasury Note, 1.250%, due 12/31/26, valued at $108	$	106		106
	Total Repurchase Agreement—6.7% (cost $106)				106
	Total Investments—101.0% (cost $1,663)				1,587
	Liabilities, plus cash and other assets—(1.0)%				(15	)
	Net assets—100.0%			$	1,572

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

6 

Small-Mid Cap Core Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—22.8%
*	ACV Auctions, Inc.		133,222	$	2,022
*	Atkore, Inc.		6,028		899
*	Axon Enterprise, Inc.		14,433		2,872
	Brink’s Co.		33,541		2,436
*	Builders FirstSource, Inc.		21,152		2,633
	BWX Technologies, Inc.		54,988		4,123
*	Casella Waste Systems, Inc.		41,856		3,194
*	Chart Industries, Inc.		21,994		3,720
*	Energy Recovery, Inc.		32,977		699
*	GXO Logistics, Inc.		41,966		2,461
	Lincoln Electric Holdings, Inc.		5,926		1,077
*	Mercury Systems, Inc.		81,601		3,027
*	Shoals Technologies Group, Inc.		60,537		1,105
*	Trex Co., Inc.		19,917		1,228
*	Verra Mobility Corp.		136,984		2,562
*	WillScot Mobile Mini Holdings Corp.		55,167		2,294
					36,352
	Health Care—14.4%
*	Acadia Healthcare Co., Inc.		24,348		1,712
*	Avantor, Inc.		44,729		943
	Bio-Techne Corp.		20,422		1,390
*	Certara, Inc.		77,579		1,128
	Chemed Corp.		5,553		2,886
	Encompass Health Corp.		54,878		3,686
*	Globus Medical, Inc.		30,187		1,499
*	Insulet Corp.		7,685		1,226
*	Merit Medical Systems, Inc.		46,696		3,223
*	Neogen Corp.		72,136		1,337
*	Repligen Corp.		6,493		1,032
*	Sotera Health Co.		75,714		1,134
*	Veradigm, Inc.		134,088		1,762
					22,958
	Financials—11.7%
	Carlyle Group, Inc.		76,346		2,303
	Columbia Banking System, Inc.		83,669		1,699
	East West Bancorp, Inc.		39,879		2,102
*	Euronet Worldwide, Inc.		13,866		1,101
	Everest Group Ltd.†		3,369		1,252
*	Goosehead Insurance, Inc.		14,671		1,093
	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		55,753		1,182
	Tradeweb Markets, Inc.		25,323		2,031
	Virtu Financial, Inc.		105,931		1,829
	Western Alliance Bancorp		50,267		2,311
	Wintrust Financial Corp.		23,168		1,749
					18,652
	Consumer Discretionary—10.4%
	ADT, Inc.		207,397		1,244
*	Boot Barn Holdings, Inc.		12,091		982
*	Bright Horizons Family Solutions, Inc.		39,637		3,229
*	Fox Factory Holding Corp.		6,768		670
*	Grand Canyon Education, Inc.		12,796		1,496

See accompanying Notes to Portfolio of Investments.

7 

Small-Mid Cap Core Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary—(continued)
	Installed Building Products, Inc.		8,304	$	1,037
*	National Vision Holdings, Inc.		98,256		1,590
	Pool Corp.		6,285		2,238
*	Revolve Group, Inc.		36,057		491
	Signet Jewelers Ltd.†		17,831		1,280
*	Skyline Champion Corp.		36,613		2,333
					16,590
	Materials—8.6%
	Berry Global Group, Inc.		42,494		2,631
	CF Industries Holdings, Inc.		26,134		2,241
	Crown Holdings, Inc.		33,060		2,925
	Eagle Materials, Inc.		11,051		1,840
	FMC Corp.		15,306		1,025
	Sylvamo Corp.		68,352		3,003
					13,665
	Information Technology—8.5%
*	Alarm.com Holdings, Inc.		18,798		1,149
*	Ambarella, Inc.†		14,141		750
	Cognex Corp.		26,444		1,122
*	Dynatrace, Inc.		43,112		2,015
	Entegris, Inc.		13,124		1,232
*	JFrog Ltd.†		42,972		1,090
*	Lattice Semiconductor Corp.		14,921		1,282
*	Nice Ltd.—ADR		11,529		1,960
*	Onto Innovation, Inc.		7,545		962
*	Pure Storage, Inc.		29,932		1,066
*	Wolfspeed, Inc.		25,349		966
					13,594
	Energy—6.7%
	Cameco Corp.		63,446		2,515
*	Green Plains, Inc.		45,007		1,355
	New Fortress Energy, Inc.		69,901		2,291
	TechnipFMC PLC†		128,413		2,612
	Whitecap Resources, Inc.		218,910		1,848
					10,621
	Real Estate—6.4%
	Agree Realty Corp.		31,258		1,727
	Americold Realty Trust, Inc.		93,343		2,838
	Equity LifeStyle Properties, Inc.		38,897		2,478
	Healthcare Realty Trust, Inc.		129,971		1,985
	Pebblebrook Hotel Trust		80,545		1,095
					10,123
	Consumer Staples—4.6%
	Inter Parfums, Inc.		13,542		1,819
	Lancaster Colony Corp.		11,167		1,843
*	Performance Food Group Co.		26,934		1,586
	Primo Water Corp.		150,809		2,081
					7,329

See accompanying Notes to Portfolio of Investments.

8 

Small-Mid Cap Core Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Utilities—1.5%
	IDACORP, Inc.		25,936	$	2,429
	Communication Services—0.9%
*	Live Nation Entertainment, Inc.		9,742		809
*	ZipRecruiter, Inc.		57,301		687
					1,496
	Total Common Stocks—96.5% (cost $155,412)				153,809
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $5,594, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $5,705	$	5,593		5,593
	Total Repurchase Agreement—3.5% (cost $5,593)				5,593
	Total Investments—100.0% (cost $161,005)				159,402
	Cash and other assets, less liabilities—0.0%				61
	Net assets—100.0%			$	159,463

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

9 

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Health Care—23.5%
*	Acadia Healthcare Co., Inc.		450,180	$	31,652
*	Amicus Therapeutics, Inc.		1,589,700		19,331
	Bio-Techne Corp.		385,400		26,234
*	Blueprint Medicines Corp.		240,204		12,063
*	Certara, Inc.		893,283		12,988
*	Charles River Laboratories International, Inc.		76,437		14,980
	Chemed Corp.		85,384		44,374
	Encompass Health Corp.		799,466		53,692
*	Evolent Health, Inc.		518,400		14,116
*	Globus Medical, Inc.		252,695		12,546
*	HealthEquity, Inc.		435,108		31,785
*	Insmed, Inc.		661,151		16,694
*	Inspire Medical Systems, Inc.		97,442		19,336
*	Insulet Corp.		118,246		18,859
*	Merit Medical Systems, Inc.		511,926		35,333
*	Neogen Corp.		692,000		12,830
*	Penumbra, Inc.		129,886		31,421
*	Repligen Corp.		159,600		25,378
*	Twist Bioscience Corp.		592,973		12,014
					445,626
	Industrials—22.0%
	Advanced Drainage Systems, Inc.		286,300		32,590
*	Axon Enterprise, Inc.		218,948		43,568
	Brink’s Co.		431,237		31,325
*	Builders FirstSource, Inc.		267,056		33,246
	BWX Technologies, Inc.		838,552		62,875
*	Casella Waste Systems, Inc.		334,161		25,497
*	Chart Industries, Inc.		223,687		37,830
	HEICO Corp.		265,156		34,263
*	Mercury Systems, Inc.		917,692		34,037
	Regal Rexnord Corp.		99,600		14,231
*	Shoals Technologies Group, Inc.		802,930		14,653
*	SiteOne Landscape Supply, Inc.		107,600		17,587
*	Trex Co., Inc.		348,221		21,461
*	WillScot Mobile Mini Holdings Corp.		327,000		13,600
					416,763
	Information Technology—17.9%
*	Alarm.com Holdings, Inc.		353,041		21,585
*	Ambarella, Inc.†		229,300		12,160
	Cognex Corp.		453,247		19,236
*	Dynatrace, Inc.		584,986		27,336
	Entegris, Inc.		157,076		14,751
*	Guidewire Software, Inc.		405,155		36,464
*	Lattice Semiconductor Corp.		229,200		19,695
	National Instruments Corp.		259,451		15,468
*	Nice Ltd.—ADR		119,868		20,378
*	Novanta, Inc.†		159,554		22,886
*	SPS Commerce, Inc.		90,800		15,491
*	Super Micro Computer, Inc.		90,800		24,899
*	Tenable Holdings, Inc.		599,188		26,844
*	Tyler Technologies, Inc.		83,800		32,359
*	Varonis Systems, Inc.		516,332		15,769

See accompanying Notes to Portfolio of Investments.

10 

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Information Technology — (continued)
*	Wolfspeed, Inc.		359,213	$	13,686
					339,007
	Consumer Discretionary—8.3%
*	Bright Horizons Family Solutions, Inc.		227,100		18,500
*	Burlington Stores, Inc.		70,461		9,533
*	Five Below, Inc.		200,600		32,276
*	Fox Factory Holding Corp.		91,106		9,027
*	National Vision Holdings, Inc.		1,386,376		22,432
	Pool Corp.		98,000		34,898
*	Revolve Group, Inc.		875,092		11,910
*	TopBuild Corp.		75,100		18,895
					157,471
	Financials—7.2%
	Carlyle Group, Inc.		890,300		26,851
*	Euronet Worldwide, Inc.		158,374		12,572
	Everest Group Ltd.†		40,500		15,053
*	Flywire Corp.		527,303		16,816
	Tradeweb Markets, Inc.		360,400		28,904
	Virtu Financial, Inc.		1,040,036		17,961
	Western Alliance Bancorp		399,416		18,361
					136,518
	Energy—7.1%
	Cameco Corp.		710,462		28,163
*	Kosmos Energy Ltd.		2,521,500		20,626
	New Fortress Energy, Inc.		846,612		27,752
	Noble Corp. PLC†		319,900		16,203
	TechnipFMC PLC†		800,400		16,280
	Whitecap Resources, Inc.		3,122,100		26,350
					135,374
	Consumer Staples—6.2%
*	elf Beauty, Inc.		237,600		26,096
*	Freshpet, Inc.		542,279		35,725
	Lancaster Colony Corp.		213,330		35,206
*	Performance Food Group Co.		348,095		20,489
					117,516
	Materials—4.9%
	CF Industries Holdings, Inc.		479,231		41,089
	Crown Holdings, Inc.		409,887		36,267
	Eagle Materials, Inc.		92,500		15,403
					92,759
	Real Estate—1.0%
	FirstService Corp.		138,468		20,153
	Communication Services—0.9%
*	Live Nation Entertainment, Inc.		213,312		17,713

See accompanying Notes to Portfolio of Investments.

11 

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Total Common Stocks—99.0% (cost $1,785,077)			$	1,878,900
	Rights
	Health Care—0.0%
*	Abiomed, Inc. CVR**		80,133		—
	Total Rights—0.0% (cost $81)				—
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $11,285, collateralized by U.S. Treasury Note, 1.500% - 4.125%, due 01/31/27 - 09/30/27, valued at $11,508	$	11,283		11,283
	Total Repurchase Agreement—0.6% (cost $11,283)				11,283
	Total Investments—99.6% (cost $1,796,441)				1,890,183
	Cash and other assets, less liabilities—0.4%				6,838
	Net assets—100.0%			$	1,897,021

ADR = American Depository Receipt

CVR = Contingent Value Right

* = Non-income producing security

** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at September 30, 2023.

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

12 

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—20.7%
	ABM Industries, Inc.		556	$	22
	Acuity Brands, Inc.		134		23
	AGCO Corp.		196		23
*	Alaska Air Group, Inc.		477		18
	Armstrong World Industries, Inc.		263		19
	Flowserve Corp.		688		27
	GrafTech International Ltd.		2,395		9
*	Hub Group, Inc.		356		28
	ITT, Inc.		225		22
	Knight-Swift Transportation Holdings, Inc.		411		21
	Korn Ferry		264		12
	Maximus, Inc.		308		23
	MillerKnoll, Inc.		716		17
*	OPENLANE, Inc.		1,067		16
	Snap-on, Inc.		90		23
	Terex Corp.		359		21
	Timken Co.		282		21
					345
	Information Technology—14.5%
*	Check Point Software Technologies Ltd.†		171		23
*	DXC Technology Co.		865		18
*	F5, Inc.		151		24
	Hewlett Packard Enterprise Co.		1,305		23
*	IPG Photonics Corp.		230		23
	Jabil, Inc.		203		26
	Kulicke & Soffa Industries, Inc.		405		20
	Methode Electronics, Inc.		679		15
*	NetScout Systems, Inc.		593		17
*	Perficient, Inc.		303		17
*	Qorvo, Inc.		217		21
*	Verint Systems, Inc.		665		15
					242
	Consumer Discretionary—13.2%
*	Adient PLC†		536		20
	Advance Auto Parts, Inc.		318		18
	Bloomin’ Brands, Inc.		844		21
	Brunswick Corp.		237		19
	Carter’s, Inc.		346		24
	Cracker Barrel Old Country Store, Inc.		205		14
	LKQ Corp.		469		23
	Ralph Lauren Corp.		212		24
*	Taylor Morrison Home Corp.		529		22
	Whirlpool Corp.		150		20
	Winnebago Industries, Inc.		253		15
					220
	Financials—11.5%
	Ameris Bancorp		474		18
*	Arch Capital Group Ltd.†		344		27
	Eastern Bankshares, Inc.		1,410		18
	Invesco Ltd.†		1,322		19
	Old National Bancorp		1,070		16

See accompanying Notes to Portfolio of Investments.

13 

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Financials — (continued)
	Pacific Premier Bancorp, Inc.		728	$	16
	Pinnacle Financial Partners, Inc.		301		20
*	PRA Group, Inc.		508		10
	Synovus Financial Corp.		519		14
*	Texas Capital Bancshares, Inc.		277		16
	Webster Financial Corp.		408		17
					191
	Real Estate—9.2%
	Camden Property Trust		147		14
	Elme Communities		1,036		14
	Empire State Realty Trust, Inc.		2,263		18
	Four Corners Property Trust, Inc.		802		18
	Highwoods Properties, Inc.		588		12
	Kite Realty Group Trust		1,073		23
	Pebblebrook Hotel Trust		1,197		16
	STAG Industrial, Inc.		634		22
	Sunstone Hotel Investors, Inc.		1,793		17
					154
	Materials—7.4%
*	Axalta Coating Systems Ltd.†		920		25
	Crown Holdings, Inc.		277		25
	Greif, Inc.		301		20
	Huntsman Corp.		799		19
	Minerals Technologies, Inc.		293		16
	Orion SA†		885		19
					124
	Health Care—6.2%
	Encompass Health Corp.		365		24
*	Envista Holdings Corp.		737		21
	Laboratory Corp. of America Holdings		105		21
*	QuidelOrtho Corp.		293		21
	Viatris, Inc.		1,727		17
					104
	Energy—6.2%
*	Expro Group Holdings NV†		1,177		27
	Matador Resources Co.		485		29
	PBF Energy, Inc.		390		21
	SM Energy Co.		676		27
					104
	Consumer Staples—3.5%
	Ingredion, Inc.		242		24
	Spectrum Brands Holdings, Inc.		205		16
*	TreeHouse Foods, Inc.		407		18
					58
	Utilities—2.2%
	Northwestern Energy Group, Inc.		333		16

See accompanying Notes to Portfolio of Investments.

14 

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Utilities — (continued)
Spire, Inc.		353	$	20
				36
Communication Services—1.1%
John Wiley & Sons, Inc.		503		19
Total Common Stocks—95.7% (cost $1,653)				1,597
Total Investments—95.7% (cost $1,653)				1,597
Cash and other assets, less liabilities—4.3%				71
Net assets—100.0%			$	1,668

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

15 

Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Health Care—22.3%
*	Acadia Healthcare Co., Inc.		115,159	$	8,097
*	Alignment Healthcare, Inc.		634,588		4,404
*	Amicus Therapeutics, Inc.		774,140		9,413
*	BioLife Solutions, Inc.		224,587		3,101
*	Blueprint Medicines Corp.		80,660		4,051
*	Certara, Inc.		411,533		5,984
	Encompass Health Corp.		213,630		14,347
*	Globus Medical, Inc.		165,310		8,208
*	HealthEquity, Inc.		130,815		9,556
*	Insmed, Inc.		299,080		7,552
*	Inspire Medical Systems, Inc.		44,320		8,795
*	Ligand Pharmaceuticals, Inc.		53,070		3,180
*	Merit Medical Systems, Inc.		160,920		11,107
*	Mirum Pharmaceuticals, Inc.		177,290		5,602
*	OmniAb, Inc.		950,479		4,933
*	OmniAb, Inc. 12.50 Earnout (Acquired 11/02/22, Cost $0)**#		23,037		—
*	OmniAb, Inc. 15.00 Earnout (Acquired 11/02/22, Cost $0)**#		23,037		—
*	Sotera Health Co.		250,370		3,750
*	Treace Medical Concepts, Inc.		517,510		6,785
*	Twist Bioscience Corp.		192,146		3,893
*	Veracyte, Inc.		209,240		4,672
*	Veradigm, Inc.		651,878		8,566
*	Vericel Corp.		284,310		9,530
					145,526
	Industrials—20.7%
*	ACV Auctions, Inc.		551,450		8,371
	Albany International Corp.		113,005		9,750
*	Atkore, Inc.		58,300		8,698
	Brink’s Co.		201,056		14,604
	BWX Technologies, Inc.		192,587		14,440
*	Casella Waste Systems, Inc.		200,850		15,325
*	Chart Industries, Inc.		47,753		8,076
	Douglas Dynamics, Inc.		239,623		7,232
*	Ducommun, Inc.		159,042		6,920
*	Energy Recovery, Inc.		133,196		2,825
*	Kornit Digital Ltd.†		288,300		5,452
*	Mercury Systems, Inc.		253,406		9,399
*	Montrose Environmental Group, Inc.		166,548		4,873
*	Shoals Technologies Group, Inc.		252,760		4,613
*	Verra Mobility Corp.		455,019		8,509
*	WNS Holdings Ltd.—ADR		96,830		6,629
					135,716
	Information Technology—17.7%
*	Alarm.com Holdings, Inc.		136,960		8,374
*	Ambarella, Inc.†		84,250		4,468
*	Applied Digital Corp.		382,940		2,390
*	Calix, Inc.		124,190		5,693
*	Guidewire Software, Inc.		100,230		9,021
*	JFrog Ltd.†		339,810		8,618
*	Novanta, Inc.†		54,710		7,848
*	Onto Innovation, Inc.		72,670		9,267
*	PDF Solutions, Inc.		184,641		5,982

See accompanying Notes to Portfolio of Investments.

16 

Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Information Technology — (continued)
	Power Integrations, Inc.		69,080	$	5,271
*	PROS Holdings, Inc.		224,621		7,776
*	SiTime Corp.		23,085		2,637
*	SPS Commerce, Inc.		36,740		6,268
*	Super Micro Computer, Inc.		18,370		5,037
*	Varonis Systems, Inc.		212,310		6,484
*	Vertex, Inc.		424,193		9,799
*	Workiva, Inc.		104,220		10,562
					115,495
	Consumer Discretionary—10.2%
*	Boot Barn Holdings, Inc.		71,714		5,822
	Cheesecake Factory, Inc.		214,430		6,497
*	Fox Factory Holding Corp.		30,750		3,047
	Golden Entertainment, Inc.		150,940		5,159
*	Grand Canyon Education, Inc.		66,330		7,753
*	National Vision Holdings, Inc.		429,502		6,949
*	OneSpaWorld Holdings Ltd.†		440,440		4,942
*	Revolve Group, Inc.		137,927		1,877
	Signet Jewelers Ltd.†		87,850		6,309
*	Skyline Champion Corp.		136,960		8,727
	Winmark Corp.		25,560		9,537
					66,619
	Financials—6.7%
*	Donnelley Financial Solutions, Inc.		173,300		9,753
*	Euronet Worldwide, Inc.		75,870		6,023
*	Flywire Corp.		160,120		5,106
*	Goosehead Insurance, Inc.		53,910		4,018
	StepStone Group, Inc.		138,160		4,363
	Virtu Financial, Inc.		392,120		6,772
	Western Alliance Bancorp		172,825		7,945
					43,980
	Energy—6.0%
	ChampionX Corp.		274,330		9,772
*	Green Plains, Inc.		261,512		7,871
	New Fortress Energy, Inc.		214,830		7,042
	TechnipFMC PLC†		288,300		5,864
	Whitecap Resources, Inc.		1,037,810		8,759
					39,308
	Consumer Staples—4.4%
*	elf Beauty, Inc.		75,630		8,306
*	Performance Food Group Co.		123,390		7,263
*	Vita Coco Co., Inc.		249,570		6,499
*	Vital Farms, Inc.		607,350		7,033
					29,101
	Materials—3.2%
	Balchem Corp.		61,090		7,578
	Orion SA†		254,437		5,414

See accompanying Notes to Portfolio of Investments.

17 

Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Materials — (continued)
	Sylvamo Corp.		176,100	$	7,738
					20,730
	Communication Services—2.7%
*	Gogo, Inc.		542,660		6,474
*	QuinStreet, Inc.		724,755		6,501
*	ZipRecruiter, Inc.		395,720		4,745
					17,720
	Real Estate—2.1%
	Colliers International Group, Inc.		54,028		5,146
	FirstService Corp.		58,177		8,467
					13,613
	Total Common Stocks—96.0% (cost $591,978)				627,808
	Exchange-Traded Fund
	Exchange-Traded Fund—0.9%
	iShares Russell 2000 Growth ETF		26,280		5,890
	Total Exchange-Traded Fund—0.9% (cost $5,993)				5,890
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $25,272, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $25,772	$	25,267		25,267
	Total Repurchase Agreement—3.9% (cost $25,267)				25,267
	Total Investments—100.8% (cost $623,238)				658,965
	Liabilities, plus cash and other assets—(0.8)%				(5,076	)
	Net assets—100.0%			$	653,889

ADR = American Depository Receipt

* = Non-income producing security

** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at September 30, 2023.

# = Investment in securities not registered under the Securities Act of 1933 (excluding securities acquired pursuant to Rule 144A and Regulation S). The value of such restricted securities represents 0.00% of the Fund’s net assets at September 30, 2023.

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

18 

Small Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks
	Industrials—22.8%
	ABM Industries, Inc.		328,548	$	13,145
	Albany International Corp.		153,153		13,214
	Armstrong World Industries, Inc.		179,637		12,934
	Astec Industries, Inc.		83,192		3,919
	Brady Corp.		273,916		15,043
*	CBIZ, Inc.		231,184		11,998
*	Conduent, Inc.		2,559,628		8,908
	CSG Systems International, Inc.		247,686		12,662
	Deluxe Corp.		516,501		9,757
	GrafTech International Ltd.		1,815,113		6,952
	Granite Construction, Inc.		416,785		15,846
*	Great Lakes Dredge & Dock Corp.		978,865		7,802
	Hillenbrand, Inc.		318,422		13,472
*	Hub Group, Inc.		167,537		13,158
	Korn Ferry		125,568		5,957
	Marten Transport Ltd.		604,073		11,906
	Maximus, Inc.		175,466		13,104
	MillerKnoll, Inc.		449,355		10,987
*	OPENLANE, Inc.		606,395		9,047
*	PGT Innovations, Inc.		643,518		17,858
*	SP Plus Corp.		348,205		12,570
	Tennant Co.		8,443		626
	Terex Corp.		207,977		11,984
*	Thermon Group Holdings, Inc.		284,604		7,818
*	Titan Machinery, Inc.		168,498		4,479
	Werner Enterprises, Inc.		297,757		11,598
					276,744
	Financials—15.9%
	Ameris Bancorp		316,753		12,160
	Atlantic Union Bankshares Corp.		276,628		7,961
	Banc of California, Inc.		726,391		8,993
	Brightsphere Investment Group, Inc.		481,521		9,337
	Compass Diversified Holdings		688,674		12,926
	Eastern Bankshares, Inc.		1,001,480		12,559
	Enterprise Financial Services Corp.		280,191		10,507
	First Bancorp		273,165		7,687
	First Merchants Corp.		331,182		9,213
	Hancock Whitney Corp.		240,042		8,879
	MGIC Investment Corp.		729,000		12,167
	Old National Bancorp		834,882		12,139
	Pacific Premier Bancorp, Inc.		337,214		7,338
	Pinnacle Financial Partners, Inc.		174,545		11,702
*	PRA Group, Inc.		425,235		8,169
	Seacoast Banking Corp. of Florida		377,921		8,299
	Simmons First National Corp.		427,475		7,250
	Stellar Bancorp, Inc.		34,187		729
*	Texas Capital Bancshares, Inc.		253,428		14,927
	Washington Federal, Inc.		375,170		9,612
					192,554
	Consumer Discretionary—13.0%
*	Adient PLC†		272,611		10,005
	Bloomin’ Brands, Inc.		633,084		15,567

See accompanying Notes to Portfolio of Investments.

19 

Small Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Consumer Discretionary — (continued)
	Carter’s, Inc.		215,750	$	14,919
	Cracker Barrel Old Country Store, Inc.		123,064		8,270
	Designer Brands, Inc.		1,048,825		13,278
	El Pollo Loco Holdings, Inc.		567,223		5,077
	La-Z-Boy, Inc.		486,376		15,019
	Oxford Industries, Inc.		125,229		12,038
	Standard Motor Products, Inc.		376,599		12,661
	Steven Madden Ltd.		363,196		11,539
*	Taylor Morrison Home Corp.		310,818		13,244
*	Tri Pointe Homes, Inc.		455,635		12,462
*	Universal Electronics, Inc.		213,215		1,930
	Winnebago Industries, Inc.		199,047		11,833
					157,842
	Information Technology—10.1%
	ADTRAN Holdings, Inc.		936,932		7,711
	AudioCodes Ltd.†		560,373		5,665
	Belden, Inc.		153,483		14,819
*	Cognyte Software Ltd.†		1,106,118		5,320
*	Diodes, Inc.		62,607		4,936
*	Knowles Corp.		898,243		13,303
	Kulicke & Soffa Industries, Inc.		285,009		13,860
	Methode Electronics, Inc.		422,057		9,644
*	NetScout Systems, Inc.		449,994		12,609
*	Perficient, Inc.		219,184		12,682
*	Plexus Corp.		9,218		857
	Progress Software Corp.		218,160		11,471
*	Verint Systems, Inc.		400,003		9,196
					122,073
	Real Estate—8.9%
	Brandywine Realty Trust		642,784		2,918
	CareTrust REIT, Inc.		625,875		12,830
	Elme Communities		665,097		9,072
	Empire State Realty Trust, Inc.		1,500,806		12,067
	Four Corners Property Trust, Inc.		442,577		9,821
	Kite Realty Group Trust		782,128		16,753
	Pebblebrook Hotel Trust		867,241		11,786
	STAG Industrial, Inc.		377,337		13,022
	Sunstone Hotel Investors, Inc.		963,025		9,004
	UMH Properties, Inc.		804,335		11,277
					108,550
	Energy—7.8%
*	Dril-Quip, Inc.		496,873		13,997
*	Earthstone Energy, Inc.		923,271		18,687
*	Expro Group Holdings NV†		749,836		17,419
	Matador Resources Co.		219,555		13,059
	PBF Energy, Inc.		284,790		15,245
	SM Energy Co.		404,101		16,022
					94,429
	Materials—6.8%
*	Ecovyst, Inc.		1,317,267		12,962

See accompanying Notes to Portfolio of Investments.

20 

Small Cap Value Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount			Value
	Common Stocks—(continued)
	Materials — (continued)
	Greif, Inc.		182,766	$	12,210
	Kaiser Aluminum Corp.		170,180		12,808
	Minerals Technologies, Inc.		220,866		12,095
	Myers Industries, Inc.		649,027		11,637
	Orion SA†		577,893		12,297
	Ryerson Holding Corp.		315,501		9,178
					83,187
	Health Care—5.4%
*	ANI Pharmaceuticals, Inc.		196,404		11,403
*	Avanos Medical, Inc.		428,206		8,658
*	Integer Holdings Corp.		185,305		14,534
*	Lantheus Holdings, Inc.		133,923		9,305
*	ModivCare, Inc.		103,295		3,255
*	NextGen Healthcare, Inc.		535,508		12,708
*	Owens & Minor, Inc.		354,592		5,730
					65,593
	Consumer Staples—5.3%
	Cal-Maine Foods, Inc.		266,960		12,926
*	Central Garden & Pet Co.		348,019		13,952
	Edgewell Personal Care Co.		244,042		9,020
	Spectrum Brands Holdings, Inc.		108,734		8,519
*	Sprouts Farmers Market, Inc.		203,569		8,713
*	TreeHouse Foods, Inc.		246,083		10,724
					63,854
	Utilities—1.7%
	Northwestern Energy Group, Inc.		221,163		10,629
	Spire, Inc.		184,349		10,431
					21,060
	Communication Services—0.9%
	John Wiley & Sons, Inc.		289,226		10,750
	Total Common Stocks—98.6% (cost $1,235,072)				1,196,636
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $15,354, collateralized by U.S. Treasury Note, 1.250%, due 06/30/28, valued at $15,658	$	15,351		15,351
	Total Repurchase Agreement—1.3% (cost $15,351)				15,351
	Total Investments—99.9% (cost $1,250,423)				1,211,987
	Cash and other assets, less liabilities—0.1%				1,119
	Net assets—100.0%			$	1,213,106

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

21 

Global Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks
	Western Hemisphere—52.1%
	Canada—3.2%
	Canadian Pacific Kansas City Ltd. (Ground transportation)		27,083	$	2,015
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		2,516		970
					2,985
	United States—48.9%
*	Alphabet, Inc. (Interactive media & services)		26,070		3,412
*	Amazon.com, Inc. (Broadline retail)		20,147		2,561
*	Autodesk, Inc. (Software)		5,825		1,205
	Booz Allen Hamilton Holding Corp. (Professional services)		11,959		1,307
	Chevron Corp. (Oil, gas & consumable fuels)		9,742		1,643
	Crown Holdings, Inc. (Containers & packaging)		16,675		1,475
*	Enphase Energy, Inc. (Semiconductors & semiconductor equipment)		2,130		256
*	IDEXX Laboratories, Inc. (Health care equipment & supplies)		2,598		1,136
*	Inspire Medical Systems, Inc. (Health care equipment & supplies)		2,715		539
	Intercontinental Exchange, Inc. (Capital markets)		12,162		1,338
*	Intuitive Surgical, Inc. (Health care equipment & supplies)		4,714		1,378
	Mastercard, Inc. (Financial services)		8,482		3,358
*	Meta Platforms, Inc. (Interactive media & services)		7,142		2,144
	Microsoft Corp. (Software)		16,350		5,162
*	Monster Beverage Corp. (Beverages)		18,184		963
	NIKE, Inc. (Textiles, apparel & luxury goods)		11,911		1,139
	Old Dominion Freight Line, Inc. (Ground transportation)		4,602		1,883
	Prologis, Inc. (Industrial REITs)		5,216		585
	Roper Technologies, Inc. (Software)		2,205		1,068
*	Salesforce, Inc. (Software)		7,379		1,496
*	Synopsys, Inc. (Software)		4,626		2,123
	Thermo Fisher Scientific, Inc. (Life sciences tools & services)		3,174		1,607
*	Ulta Beauty, Inc. (Specialty retail)		2,794		1,116
	UnitedHealth Group, Inc. (Health care providers & services)		4,869		2,455
	Vulcan Materials Co. (Construction materials)		4,974		1,005
	Watsco, Inc. (Trading companies & distributors)		2,465		931
*	Workday, Inc. (Software)		6,359		1,366
	Zoetis, Inc. (Pharmaceuticals)		7,257		1,263
					45,914
	Europe—26.8%
	Denmark—4.5%
	DSV AS (Air freight & logistics)		10,051		1,879
	Novo Nordisk AS (Pharmaceuticals)		25,222		2,302
					4,181
	France—7.5%
	Airbus SE (Aerospace & defense)		21,379		2,870
	Dassault Systemes SE (Software)		37,116		1,385
	Hermes International SCA (Textiles, apparel & luxury goods)		261		477
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		2,142		1,622
	Vinci SA (Construction & engineering)		6,527		725
					7,079

See accompanying Notes to Portfolio of Investments.

22 

Global Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe—(continued)
	Germany—2.4%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		32,213	$	1,068
	MTU Aero Engines AG (Aerospace & defense)		6,659		1,209
					2,277
	Ireland—4.4%
	Linde PLC (Chemicals)†		4,365		1,625
*	Ryanair Holdings PLC—ADR (Passenger airlines)		11,358		1,104
	Trane Technologies PLC (Building products)†		6,783		1,377
					4,106
	Italy—0.6%
	Ferrari NV (Automobiles)†		1,811		535
	Netherlands—0.9%
	ASML Holding NV (Semiconductors & semiconductor equipment)		1,426		843
	Sweden—3.5%
	Atlas Copco AB (Machinery)		131,992		1,779
	Evolution AB (Hotels, restaurants & leisure)		7,990		809
	Hexagon AB (Electronic equipment, instruments & components)		13,009		111
	Indutrade AB (Machinery)		34,160		634
					3,333
	Switzerland—3.0%
	Lonza Group AG (Life sciences tools & services)		2,287		1,064
	Partners Group Holding AG (Capital markets)		829		937
	Zurich Insurance Group AG (Insurance)		1,746		801
					2,802
	United Kingdom—8.9%
	Ashtead Group PLC (Trading companies & distributors)		20,622		1,259
	Compass Group PLC (Hotels, restaurants & leisure)		72,828		1,777
	Diageo PLC (Beverages)		25,317		937
	Experian PLC (Professional services)		33,848		1,111
	Halma PLC (Electronic equipment, instruments & components)		43,472		1,028
	Rentokil Initial PLC (Commercial services & supplies)		206,827		1,540
	Spirax-Sarco Engineering PLC (Machinery)		6,520		758
					8,410
	Emerging Asia—4.8%
	India—3.1%
	HDFC Bank Ltd.—ADR (Banks)		26,756		1,579
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		48,227		1,360
					2,939
	Taiwan—1.7%
	Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)		17,820		1,549

See accompanying Notes to Portfolio of Investments.

23 

Global Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount			Value
	Common Stocks—(continued)
	Asia—2.2%
	Australia—0.9%
	CSL Ltd. (Biotechnology)		5,230	$	843
	Hong Kong—1.3%
	AIA Group Ltd. (Insurance)		154,000		1,256
	Japan—1.8%
	Daikin Industries Ltd. (Building products)		4,400		691
	Keyence Corp. (Electronic equipment, instruments & components)		2,800		1,040
					1,731
	Emerging Latin America—0.9%
	Brazil—0.9%
*	MercadoLibre, Inc. (Broadline retail)		652		827
	Total Common Stocks—97.5% (cost $62,460)				91,610
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $1,960, collateralized by U.S. Treasury Note, 4.125%, due 09/30/27, valued at $1,999	$	1,959		1,959
	Total Repurchase Agreement—2.1% (cost $1,959)				1,959
	Total Investments—99.6% (cost $64,419)				93,569
	Cash and other assets, less liabilities—0.4%				346
	Net assets—100.0%			$	93,915

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.

24 

Global Leaders Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	25.2	%
Information Technology	21.5	%
Health Care	13.7	%
Consumer Discretionary	12.9	%
Financials	10.1	%
Communication Services	6.1	%
Materials	4.5	%
Energy	3.3	%
Consumer Staples	2.1	%
Real Estate	0.6	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
U.S. Dollar	62.8	%
Euro	11.1	%
British Pound Sterling	9.2	%
Danish Krone	4.6	%
Swedish Krona	3.6	%
Swiss Franc	3.0	%
Japanese Yen	1.9	%
Indian Rupee	1.5	%
Hong Kong Dollar	1.4	%
All Other Currencies	0.9	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

25 

International Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks
	Europe—43.6%
	Denmark—4.9%
	DSV AS (Air freight & logistics)		86,806	$	16,230
	Novo Nordisk AS (Pharmaceuticals)		357,256		32,609
					48,839
	France—13.8%
	Airbus SE (Aerospace & defense)		139,404		18,715
	Dassault Systemes SE (Software)		406,467		15,168
	L’Oreal SA (Personal care products)		46,242		19,223
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		32,552		24,655
	Safran SA (Aerospace & defense)		106,705		16,769
	Sartorius Stedim Biotech (Life sciences tools & services)		27,788		6,640
	Schneider Electric SE (Electrical equipment)		94,385		15,665
	Vinci SA (Construction & engineering)		186,436		20,700
					137,535
	Germany—1.6%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		475,206		15,753
	Ireland—4.9%
*	ICON PLC (Life sciences tools & services)†		71,883		17,701
	Kingspan Group PLC (Building products)		165,906		12,447
	Linde PLC (Chemicals)†		49,537		18,445
					48,593
	Italy—2.3%
	Ferrari NV (Automobiles)†		42,876		12,672
	Moncler SpA (Textiles, apparel & luxury goods)		184,088		10,720
					23,392
	Netherlands—3.9%
	ASML Holding NV (Semiconductors & semiconductor equipment)		46,773		27,648
	BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)		110,901		10,904
					38,552
	Norway—1.4%
	Equinor ASA (Oil, gas & consumable fuels)		419,032		13,756
	Spain—2.6%
	Amadeus IT Group SA (Hotels, restaurants & leisure)		312,816		18,944
	Industria de Diseno Textil SA (Specialty retail)		193,365		7,214
					26,158
	Sweden—3.5%
	Atlas Copco AB (Machinery)		1,155,337		15,571
	Evolution AB (Hotels, restaurants & leisure)		132,866		13,455
	Hexagon AB (Electronic equipment, instruments & components)		138,207		1,181
	Indutrade AB (Machinery)		242,585		4,501
					34,708
	Switzerland—4.7%
	Lonza Group AG (Life sciences tools & services)		19,534		9,083
	Partners Group Holding AG (Capital markets)		9,014		10,187

See accompanying Notes to Portfolio of Investments.

26 

International Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe—(continued)
	Switzerland — (continued)
	Straumann Holding AG (Health care equipment & supplies)		101,151	$	12,951
	Zurich Insurance Group AG (Insurance)		32,805		15,056
					47,277
	United Kingdom—15.7%
	Ashtead Group PLC (Trading companies & distributors)		248,655		15,175
	AstraZeneca PLC (Pharmaceuticals)		227,944		30,876
	Compass Group PLC (Hotels, restaurants & leisure)		858,978		20,961
	Diageo PLC (Beverages)		426,410		15,785
	Experian PLC (Professional services)		453,529		14,891
	Halma PLC (Electronic equipment, instruments & components)		387,463		9,164
	London Stock Exchange Group PLC (Capital markets)		213,684		21,467
	Rentokil Initial PLC (Commercial services & supplies)		2,636,804		19,631
	Spirax-Sarco Engineering PLC (Machinery)		77,683		9,029
					156,979
	Emerging Asia—15.3%
	China—5.2%
*	Alibaba Group Holding Ltd. (Broadline retail)		1,927,300		21,067
	Contemporary Amperex Technology Co. Ltd. (Electrical equipment)		530,035		14,747
	Kweichow Moutai Co. Ltd. (Beverages)		64,071		15,792
					51,606
	India—6.0%
	HDFC Bank Ltd. (Banks)		1,095,362		20,127
	Infosys Ltd. (IT services)		769,055		13,240
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		923,625		26,049
					59,416
	South Korea—1.0%
	Samsung SDI Co. Ltd. (Electronic equipment, instruments & components)		26,710		10,135
	Taiwan—3.1%
	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)		1,928,000		31,237
	Canada—10.4%
	Canadian Pacific Kansas City Ltd. (Ground transportation)		373,176		27,768
	Dollarama, Inc. (Broadline retail)		366,936		25,281
	Intact Financial Corp. (Insurance)		127,770		18,628
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		49,396		19,048
	Toronto-Dominion Bank (Banks)		210,292		12,669
					103,394
	Japan—6.9%
	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		300,500		8,256
	Daikin Industries Ltd. (Building products)		50,900		7,996
	Hoya Corp. (Health care equipment & supplies)		165,200		16,941
	Keyence Corp. (Electronic equipment, instruments & components)		48,700		18,087

See accompanying Notes to Portfolio of Investments.

27 

International Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount			Value
	Common Stocks—(continued)
	Japan—(continued)
	Shin-Etsu Chemical Co. Ltd. (Chemicals)		595,300	$	17,300
					68,580
	Emerging Latin America—2.8%
	Argentina—0.6%
*	Globant SA (IT services)†		27,700		5,481
	Brazil—2.2%
	B3 SA - Brasil Bolsa Balcao (Capital markets)		2,880,000		7,042
*	MercadoLibre, Inc. (Broadline retail)		12,026		15,247
					22,289
	Asia—2.4%
	Australia—1.2%
	CSL Ltd. (Biotechnology)		73,665		11,879
	Hong Kong—1.2%
	AIA Group Ltd. (Insurance)		1,477,889		12,048
	Total Common Stocks—97.1% (cost $877,030)				967,607
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $24,044, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $24,520	$	24,039		24,039
	Total Repurchase Agreement—2.4% (cost $24,039)				24,039
	Total Investments—99.5% (cost $901,069)				991,646
	Cash and other assets, less liabilities—0.5%				4,598
	Net assets—100.0%			$	996,244

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

28 

International Leaders Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	23.7	%
Consumer Discretionary	19.6	%
Information Technology	16.3	%
Health Care	15.2	%
Financials	12.1	%
Consumer Staples	5.3	%
Energy	4.1	%
Materials	3.7	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	24.9	%
British Pound Sterling	16.2	%
U.S. Dollar	12.0	%
Japanese Yen	7.1	%
Indian Rupee	6.1	%
Canadian Dollar	5.9	%
Danish Krone	5.1	%
Swiss Franc	4.9	%
Swedish Krona	3.6	%
Hong Kong Dollar	3.4	%
New Taiwan Dollar	3.2	%
Chinese Yuan Renminbi	3.2	%
Norwegian Krone	1.4	%
Australian Dollar	1.2	%
South Korean Won	1.1	%
All Other Currencies	0.7	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

29 

International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—40.6%
	Belgium—0.1%
	Warehouses De Pauw CVA (Industrial REITs)		81,849	$	2,028
	Denmark—4.7%
	Coloplast AS (Health care equipment & supplies)		36,438		3,862
	DSV AS (Air freight & logistics)		112,152		20,970
*	Genmab AS (Biotechnology)		29,268		10,405
	Novo Nordisk AS (Pharmaceuticals)		322,260		29,414
					64,651
	Finland—0.3%
	Metso Oyj (Machinery)		252,544		2,658
	Valmet Oyj (Machinery)		80,755		1,849
					4,507
	France—11.9%
	Airbus SE (Aerospace & defense)		144,231		19,363
	Capgemini SE (IT services)		49,214		8,627
	Dassault Systemes SE (Software)		449,590		16,777
	Hermes International SCA (Textiles, apparel & luxury goods)		6,890		12,601
	L’Oreal SA (Personal care products)		33,231		13,815
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		21,133		16,006
	Remy Cointreau SA (Beverages)		17,978		2,198
	Safran SA (Aerospace & defense)		117,877		18,524
	Sartorius Stedim Biotech (Life sciences tools & services)		18,410		4,399
	SEB SA (Household durables)		20,388		1,911
*	SES-imagotag SA (Electronic equipment, instruments & components)		18,086		2,111
	Thales SA (Aerospace & defense)		101,664		14,306
	TotalEnergies SE (Oil, gas & consumable fuels)		316,794		20,870
	Vinci SA (Construction & engineering)		107,441		11,929
					163,437
	Germany—3.1%
	CTS Eventim AG & Co. KGaA (Entertainment)		93,900		5,346
	Hannover Rueck SE (Insurance)		62,662		13,773
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		272,803		9,044
	MTU Aero Engines AG (Aerospace & defense)		58,049		10,541
	Nemetschek SE (Software)		39,257		2,402
	Siltronic AG (Semiconductors & semiconductor equipment)		23,895		2,045
					43,151
	Ireland—4.6%
*	ICON PLC (Life sciences tools & services)†		63,369		15,605
	Kingspan Group PLC (Building products)		204,511		15,343
	Linde PLC (Chemicals)†		59,021		21,976
*	Ryanair Holdings PLC—ADR (Passenger airlines)		101,503		9,867
					62,791
	Israel—0.8%
*	Inmode Ltd. (Health care equipment & supplies)†		98,197		2,991
	Mizrahi Tefahot Bank Ltd. (Banks)		88,162		3,192

See accompanying Notes to Portfolio of Investments.

30 

International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Israel—(continued)
*	Nice Ltd.—ADR (Software)		27,557	$	4,685
					10,868
	Italy—1.9%
	Amplifon SpA (Health care providers & services)		100,263		2,981
	Azimut Holding SpA (Capital markets)		90,940		1,988
	Brembo SpA (Automobile components)		141,623		1,761
	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		58,916		4,488
	Ferrari NV (Automobiles)†		29,028		8,579
	Moncler SpA (Textiles, apparel & luxury goods)		84,233		4,905
	Stevanato Group SpA (Life sciences tools & services)†		68,940		2,049
					26,751
	Netherlands—2.7%
	ASML Holding NV (Semiconductors & semiconductor equipment)		40,801		24,118
	BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)		64,071		6,300
	IMCD NV (Trading companies & distributors)		31,313		3,972
	JDE Peet’s NV (Food products)		105,151		2,937
					37,327
	Norway—0.3%
*	AutoStore Holdings Ltd. (Machinery)		1,519,464		2,150
	Gjensidige Forsikring ASA (Insurance)		145,899		2,148
					4,298
	Spain—1.3%
	Amadeus IT Group SA (Hotels, restaurants & leisure)		171,682		10,397
	Industria de Diseno Textil SA (Specialty retail)		186,793		6,969
					17,366
	Sweden—3.3%
	Atlas Copco AB (Machinery)		898,305		12,107
	Beijer Ref AB (Trading companies & distributors)		399,747		4,226
	Evolution AB (Hotels, restaurants & leisure)		79,556		8,056
	Fortnox AB (Software)		443,439		2,370
	Hemnet Group AB (Interactive media & services)		137,978		2,436
	Hexagon AB (Electronic equipment, instruments & components)		878,506		7,509
	Indutrade AB (Machinery)		200,490		3,720
	Lifco AB (Industrial conglomerates)		230,743		4,054
	Sweco AB (Construction & engineering)		175,074		1,638
					46,116
	Switzerland—5.6%
	Belimo Holding AG (Building products)		7,435		3,540
	Galenica AG (Health care providers & services)		49,273		3,647
	Lonza Group AG (Life sciences tools & services)		17,736		8,246
	Partners Group Holding AG (Capital markets)		8,223		9,293
	Siegfried Holding AG (Life sciences tools & services)		4,013		3,439
	SIG Group AG (Containers & packaging)		273,997		6,777
	Sika AG (Chemicals)		53,765		13,692
	Straumann Holding AG (Health care equipment & supplies)		43,250		5,538

See accompanying Notes to Portfolio of Investments.

31 

International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland — (continued)
	Tecan Group AG (Life sciences tools & services)		13,348	$	4,509
	VAT Group AG (Machinery)		18,623		6,693
	Zurich Insurance Group AG (Insurance)		24,638		11,308
					76,682
	Emerging Asia—15.6%
	China—2.2%
	Airtac International Group (Machinery)		103,713		3,145
	Contemporary Amperex Technology Co. Ltd. (Electrical equipment)		114,760		3,193
	Kweichow Moutai Co. Ltd. (Beverages)		41,599		10,253
	Proya Cosmetics Co. Ltd. (Personal care products)		115,189		1,604
	Tencent Holdings Ltd. (Interactive media & services)		321,400		12,567
					30,762
	India—6.5%
	Apollo Hospitals Enterprise Ltd. (Health care providers & services)		49,493		3,066
	Asian Paints Ltd. (Chemicals)		151,601		5,780
	Britannia Industries Ltd. (Food products)		51,940		2,833
	Havells India Ltd. (Electrical equipment)		234,327		3,910
	HDFC Bank Ltd. (Banks)		905,897		16,646
	Hindustan Unilever Ltd. (Personal care products)		237,480		7,061
	Infosys Ltd. (IT services)		384,316		6,616
*	InterGlobe Aviation Ltd. (Passenger airlines)		179,731		5,151
	Mahindra & Mahindra Ltd. (Automobiles)		180,143		3,375
	Max Healthcare Institute Ltd. (Health care providers & services)		359,109		2,453
	Nestle India Ltd. (Food products)		8,246		2,230
	Petronet LNG Ltd. (Oil, gas & consumable fuels)		1,051,189		3,044
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		659,406		18,598
	Titan Co. Ltd. (Textiles, apparel & luxury goods)		100,981		3,829
	Varun Beverages Ltd. (Beverages)		231,197		2,645
	Voltas Ltd. (Construction & engineering)		252,828		2,619
					89,856
	Indonesia—1.9%
	Bank Central Asia Tbk PT (Banks)		32,210,700		18,393
	Telkom Indonesia Persero Tbk PT (Diversified telecommunication services)		30,713,500		7,452
					25,845
	South Korea—2.0%
	Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)		277,413		14,062
	Samsung SDI Co. Ltd. (Electronic equipment, instruments & components)		7,458		2,830
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		120,350		10,230
					27,122
	Taiwan—3.0%
	Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)		26,000		2,167
	Global Unichip Corp. (Semiconductors & semiconductor equipment)		70,000		2,960
	Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment)		112,000		1,573
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		362,000		8,242
	Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)		285,317		24,794

See accompanying Notes to Portfolio of Investments.

32 

International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Unimicron Technology Corp. (Electronic equipment, instruments & components)		397,000	$	2,134
					41,870
	United Kingdom—15.2%
	3i Group PLC (Capital markets)		576,519		14,582
	Ashtead Group PLC (Trading companies & distributors)		279,934		17,084
	AstraZeneca PLC (Pharmaceuticals)		163,558		22,155
	Beazley PLC (Insurance)		523,358		3,534
	Big Yellow Group PLC (Specialized REITs)		203,807		2,334
	Compass Group PLC (Hotels, restaurants & leisure)		803,283		19,602
	ConvaTec Group PLC (Health care equipment & supplies)		2,545,177		6,763
	Diageo PLC (Beverages)		364,676		13,499
	Diploma PLC (Trading companies & distributors)		147,210		5,395
	Experian PLC (Professional services)		206,852		6,792
	Greggs PLC (Hotels, restaurants & leisure)		129,054		3,855
	Halma PLC (Electronic equipment, instruments & components)		392,356		9,280
	Intermediate Capital Group PLC (Capital markets)		292,978		4,944
	London Stock Exchange Group PLC (Capital markets)		197,862		19,878
	RELX PLC (Professional services)		414,694		14,041
	Renishaw PLC (Electronic equipment, instruments & components)		43,849		1,884
	Rentokil Initial PLC (Commercial services & supplies)		2,153,311		16,031
	Rotork PLC (Machinery)		1,061,306		4,048
	Segro PLC (Industrial REITs)		355,956		3,124
	Softcat PLC (IT services)		148,414		2,642
	Spectris PLC (Electronic equipment, instruments & components)		95,062		3,936
	Spirax-Sarco Engineering PLC (Machinery)		62,529		7,268
	SSE PLC (Electric utilities)		180,407		3,544
	Weir Group PLC (Machinery)		129,475		3,004
					209,219
	Japan—12.4%
	Ajinomoto Co., Inc. (Food products)		242,500		9,353
	BayCurrent Consulting, Inc. (Professional services)		88,600		2,963
	Benefit One, Inc. (Professional services)		222,300		1,609
	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		259,600		7,133
	Daikin Industries Ltd. (Building products)		42,800		6,723
	Disco Corp. (Semiconductors & semiconductor equipment)		34,800		6,423
	Food & Life Cos. Ltd. (Hotels, restaurants & leisure)		104,100		1,751
	Harmonic Drive Systems, Inc. (Machinery)		58,300		1,295
	Hoya Corp. (Health care equipment & supplies)		133,700		13,711
	Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies)		146,600		2,153
	Japan Exchange Group, Inc. (Capital markets)		199,400		3,701
	Keyence Corp. (Electronic equipment, instruments & components)		48,800		18,124
	MatsukiyoCocokara & Co. (Consumer staples distribution & retail)		187,200		3,358
	MonotaRO Co. Ltd. (Trading companies & distributors)		408,000		4,370
	Pan Pacific International Holdings Corp. (Broadline retail)		508,700		10,682
	Rakus Co. Ltd. (Software)		154,700		2,135
*	SHIFT, Inc. (IT services)		15,700		2,869
	Shin-Etsu Chemical Co. Ltd. (Chemicals)		522,400		15,182
	SMS Co. Ltd. (Professional services)		71,100		1,211
	Sumitomo Mitsui Financial Group, Inc. (Banks)		346,000		17,011
	Sundrug Co. Ltd. (Consumer staples distribution & retail)		99,500		2,700

See accompanying Notes to Portfolio of Investments.

33 

International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—(continued)
	TechnoPro Holdings, Inc. (Professional services)		182,600	$	3,975
	TIS, Inc. (IT services)		165,200		3,640
	Tokio Marine Holdings, Inc. (Insurance)		586,800		13,606
	Tokyo Electron Ltd. (Semiconductors & semiconductor equipment)		81,900		11,202
	Tsuruha Holdings, Inc. (Consumer staples distribution & retail)		50,200		3,374
					170,254
	Canada—8.7%
	Boyd Group Services, Inc. (Commercial services & supplies)		14,139		2,514
	Canadian National Railway Co. (Ground transportation)		112,254		12,156
	Canadian Pacific Kansas City Ltd. (Ground transportation)		274,446		20,422
	CCL Industries, Inc. (Containers & packaging)		149,594		6,279
	Dollarama, Inc. (Broadline retail)		254,712		17,549
	Intact Financial Corp. (Insurance)		82,946		12,093
*	Kinaxis, Inc. (Software)		25,290		2,852
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		30,075		11,597
	Metro, Inc. (Consumer staples distribution & retail)		209,801		10,896
	Parkland Corp. (Oil, gas & consumable fuels)		151,942		4,444
	Toromont Industries Ltd. (Trading companies & distributors)		95,324		7,764
	Toronto-Dominion Bank (Banks)		180,333		10,864
					119,430
	Emerging Latin America—3.4%
	Argentina—0.3%
*	Globant SA (IT services)†		22,260		4,404
	Brazil—2.0%
	B3 SA - Brasil Bolsa Balcao (Capital markets)		2,467,800		6,034
	Locaweb Servicos de Internet SA (IT services)		1,186,993		1,509
*	MercadoLibre, Inc. (Broadline retail)		7,453		9,449
	Raia Drogasil SA (Consumer staples distribution & retail)		759,364		4,173
	Rumo SA (Ground transportation)		674,300		3,061
	WEG SA (Electrical equipment)		450,500		3,251
					27,477
	Mexico—0.9%
	Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure)		10,809		2,656
	Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)		2,735,400		10,324
					12,980
	Peru—0.2%
	Credicorp Ltd. (Banks)†		20,373		2,607
	Asia—2.3%
	Australia—0.6%
	Pro Medicus Ltd. (Health care technology)		78,216		4,194
	Steadfast Group Ltd. (Insurance)		1,119,067		4,058
					8,252
	Hong Kong—1.0%
	AIA Group Ltd. (Insurance)		876,200		7,144

See accompanying Notes to Portfolio of Investments.

34 

International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount			Value
Common Stocks—(continued)
Asia—(continued)
Hong Kong — (continued)
Techtronic Industries Co. Ltd. (Machinery)		593,000	$	5,755
				12,899
Singapore—0.7%
DBS Group Holdings Ltd. (Banks)		402,700		9,910
Emerging Africa—0.4%
South Africa—0.4%
Bid Corp. Ltd. (Consumer staples distribution & retail)		242,038		5,398
Total Common Stocks—98.6% (cost $1,130,029)				1,358,258
Rights
Europe—0.0%
Italy – 0.00%
Brembo SpA, Expiring 10/3/23 (Automobile components)		141,623		—
Total Rights—0.0% (cost $0)				—
Repurchase Agreement
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $18,715, collateralized by U.S. Treasury Note, 1.500%, due 01/31/27, valued at $19,086	$	18,712		18,712
Total Repurchase Agreement—1.3% (cost $18,712)				18,712
Total Investments—99.9% (cost $1,148,741)				1,376,970
Cash and other assets, less liabilities—0.1%				1,071
Net assets—100.0%			$	1,378,041

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.

35 

International Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	25.1	%
Information Technology	17.1	%
Financials	15.2	%
Consumer Discretionary	11.6	%
Health Care	11.5	%
Consumer Staples	8.0	%
Materials	5.1	%
Energy	3.5	%
Communication Services	2.0	%
Real Estate	0.6	%
Utilities	0.3	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	22.0	%
British Pound Sterling	15.4	%
Japanese Yen	12.5	%
U.S. Dollar	10.4	%
Indian Rupee	6.6	%
Canadian Dollar	6.4	%
Swiss Franc	5.7	%
Danish Krone	4.8	%
Swedish Krona	3.4	%
South Korean Won	2.0	%
Indonesian Rupiah	1.9	%
Hong Kong Dollar	1.9	%
New Taiwan Dollar	1.5	%
Brazilian Real	1.3	%
Chinese Yuan Renminbi	1.1	%
All Other Currencies	3.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

36 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks
	Europe, Mid-East—40.6%
	Belgium—0.1%
	Warehouses De Pauw CVA (Industrial REITs)		48,306	$	1,197
	Denmark—4.7%
	Coloplast AS (Health care equipment & supplies)		21,505		2,279
	DSV AS (Air freight & logistics)		66,190		12,376
*	Genmab AS (Biotechnology)		17,273		6,141
	Novo Nordisk AS (Pharmaceuticals)		190,193		17,360
					38,156
	Finland—0.3%
	Metso Oyj (Machinery)		149,047		1,569
	Valmet Oyj (Machinery)		47,660		1,091
					2,660
	France—11.9%
	Airbus SE (Aerospace & defense)		85,123		11,428
	Capgemini SE (IT services)		29,045		5,091
	Dassault Systemes SE (Software)		265,341		9,901
	Hermes International SCA (Textiles, apparel & luxury goods)		4,060		7,425
	L’Oreal SA (Personal care products)		19,612		8,153
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		12,472		9,446
	Remy Cointreau SA (Beverages)		10,611		1,297
	Safran SA (Aerospace & defense)		69,569		10,933
	Sartorius Stedim Biotech (Life sciences tools & services)		10,984		2,625
	SEB SA (Household durables)		12,033		1,128
*	SES-imagotag SA (Electronic equipment, instruments & components)		10,674		1,246
	Thales SA (Aerospace & defense)		60,001		8,443
	TotalEnergies SE (Oil, gas & consumable fuels)		186,625		12,294
	Vinci SA (Construction & engineering)		63,410		7,041
					96,451
	Germany—3.1%
	CTS Eventim AG & Co. KGaA (Entertainment)		55,418		3,155
	Hannover Rueck SE (Insurance)		36,915		8,114
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		161,004		5,337
	MTU Aero Engines AG (Aerospace & defense)		34,188		6,208
	Nemetschek SE (Software)		23,169		1,418
	Siltronic AG (Semiconductors & semiconductor equipment)		14,102		1,207
					25,439
	Ireland—4.6%
*	ICON PLC (Life sciences tools & services)†		37,400		9,210
	Kingspan Group PLC (Building products)		120,699		9,055
	Linde PLC (Chemicals)†		34,833		12,970
*	Ryanair Holdings PLC—ADR (Passenger airlines)		59,808		5,814
					37,049
	Israel—0.8%
*	Inmode Ltd. (Health care equipment & supplies)†		57,954		1,765
	Mizrahi Tefahot Bank Ltd. (Banks)		52,600		1,904

See accompanying Notes to Portfolio of Investments.

37 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Israel—(continued)
*	Nice Ltd.—ADR (Software)		16,264	$	2,765
					6,434
	Italy—1.9%
	Amplifon SpA (Health care providers & services)		59,174		1,759
	Azimut Holding SpA (Capital markets)		53,671		1,174
	Brembo SpA (Automobile components)		83,584		1,039
	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		34,771		2,649
	Ferrari NV (Automobiles)†		17,104		5,055
	Moncler SpA (Textiles, apparel & luxury goods)		49,633		2,890
	Stevanato Group SpA (Life sciences tools & services)†		40,687		1,209
					15,775
	Netherlands—2.7%
	ASML Holding NV (Semiconductors & semiconductor equipment)		24,080		14,234
	BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)		37,814		3,718
	IMCD NV (Trading companies & distributors)		18,480		2,345
	JDE Peet’s NV (Food products)		62,059		1,733
					22,030
	Norway—0.3%
*	AutoStore Holdings Ltd. (Machinery)		896,763		1,269
	Gjensidige Forsikring ASA (Insurance)		86,107		1,268
					2,537
	Spain—1.3%
	Amadeus IT Group SA (Hotels, restaurants & leisure)		101,184		6,128
	Industria de Diseno Textil SA (Specialty retail)		109,932		4,101
					10,229
	Sweden—3.3%
	Atlas Copco AB (Machinery)		530,166		7,145
	Beijer Ref AB (Trading companies & distributors)		235,924		2,494
	Evolution AB (Hotels, restaurants & leisure)		46,953		4,755
	Fortnox AB (Software)		261,710		1,399
	Hemnet Group AB (Interactive media & services)		81,432		1,438
	Hexagon AB (Electronic equipment, instruments & components)		517,823		4,426
	Indutrade AB (Machinery)		118,326		2,195
	Lifco AB (Industrial conglomerates)		136,181		2,393
	Sweco AB (Construction & engineering)		103,326		966
					27,211
	Switzerland—5.6%
	Belimo Holding AG (Building products)		4,388		2,089
	Galenica AG (Health care providers & services)		29,080		2,152
	Lonza Group AG (Life sciences tools & services)		10,448		4,858
	Partners Group Holding AG (Capital markets)		4,853		5,485
	Siegfried Holding AG (Life sciences tools & services)		2,368		2,029
	SIG Group AG (Containers & packaging)		161,709		4,000
	Sika AG (Chemicals)		31,731		8,081
	Straumann Holding AG (Health care equipment & supplies)		25,498		3,265
	Tecan Group AG (Life sciences tools & services)		7,878		2,661

See accompanying Notes to Portfolio of Investments.

38 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland — (continued)
	VAT Group AG (Machinery)		10,991	$	3,950
	Zurich Insurance Group AG (Insurance)		14,541		6,674
					45,244
	Emerging Asia—15.6%
	China—2.2%
	Airtac International Group (Machinery)		61,204		1,856
	Contemporary Amperex Technology Co. Ltd. (Electrical equipment)		67,700		1,884
	Kweichow Moutai Co. Ltd. (Beverages)		24,600		6,063
	Proya Cosmetics Co. Ltd. (Personal care products)		69,076		962
	Tencent Holdings Ltd. (Interactive media & services)		189,700		7,417
					18,182
	India—6.5%
	Apollo Hospitals Enterprise Ltd. (Health care providers & services)		29,210		1,810
	Asian Paints Ltd. (Chemicals)		89,473		3,411
	Britannia Industries Ltd. (Food products)		30,654		1,672
	Havells India Ltd. (Electrical equipment)		138,296		2,307
	HDFC Bank Ltd. (Banks)		534,646		9,824
	Hindustan Unilever Ltd. (Personal care products)		140,157		4,167
	Infosys Ltd. (IT services)		226,817		3,905
*	InterGlobe Aviation Ltd. (Passenger airlines)		106,075		3,040
	Mahindra & Mahindra Ltd. (Automobiles)		106,146		1,988
	Max Healthcare Institute Ltd. (Health care providers & services)		211,940		1,448
	Nestle India Ltd. (Food products)		4,867		1,316
	Petronet LNG Ltd. (Oil, gas & consumable fuels)		620,394		1,797
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		389,171		10,976
	Titan Co. Ltd. (Textiles, apparel & luxury goods)		59,597		2,260
	Varun Beverages Ltd. (Beverages)		136,449		1,561
	Voltas Ltd. (Construction & engineering)		149,215		1,546
					53,028
	Indonesia—1.9%
	Bank Central Asia Tbk PT (Banks)		19,010,230		10,855
	Telkom Indonesia Persero Tbk PT (Diversified telecommunication services)		18,126,600		4,399
					15,254
	South Korea—2.0%
	Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)		163,725		8,299
	Samsung SDI Co. Ltd. (Electronic equipment, instruments & components)		4,401		1,670
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		71,027		6,037
					16,006
	Taiwan—3.0%
	Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)		15,000		1,250
	Global Unichip Corp. (Semiconductors & semiconductor equipment)		41,000		1,734
	Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment)		66,000		927
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		213,000		4,850
	Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)		168,390		14,633

See accompanying Notes to Portfolio of Investments.

39 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Unimicron Technology Corp. (Electronic equipment, instruments & components)		234,000	$	1,258
					24,652
	United Kingdom—15.2%
	3i Group PLC (Capital markets)		339,781		8,594
	Ashtead Group PLC (Trading companies & distributors)		165,212		10,083
	AstraZeneca PLC (Pharmaceuticals)		96,529		13,075
	Beazley PLC (Insurance)		308,450		2,083
	Big Yellow Group PLC (Specialized REITs)		120,284		1,377
	Compass Group PLC (Hotels, restaurants & leisure)		474,085		11,569
	ConvaTec Group PLC (Health care equipment & supplies)		1,502,197		3,992
	Diageo PLC (Beverages)		215,226		7,967
	Diploma PLC (Trading companies & distributors)		86,881		3,184
	Experian PLC (Professional services)		121,911		4,003
	Greggs PLC (Hotels, restaurants & leisure)		76,166		2,275
	Halma PLC (Electronic equipment, instruments & components)		231,562		5,477
	Intermediate Capital Group PLC (Capital markets)		172,911		2,918
	London Stock Exchange Group PLC (Capital markets)		116,775		11,732
	RELX PLC (Professional services)		244,299		8,271
	Renishaw PLC (Electronic equipment, instruments & components)		25,820		1,110
	Rentokil Initial PLC (Commercial services & supplies)		1,270,850		9,462
	Rotork PLC (Machinery)		626,366		2,389
	Segro PLC (Industrial REITs)		210,079		1,844
	Softcat PLC (IT services)		87,591		1,559
	Spectris PLC (Electronic equipment, instruments & components)		56,104		2,323
	Spirax-Sarco Engineering PLC (Machinery)		36,904		4,289
	SSE PLC (Electric utilities)		106,474		2,091
	Weir Group PLC (Machinery)		76,414		1,773
					123,440
	Japan—12.3%
	Ajinomoto Co., Inc. (Food products)		143,100		5,519
	BayCurrent Consulting, Inc. (Professional services)		52,300		1,749
	Benefit One, Inc. (Professional services)		131,200		950
	Daiichi Sankyo Co. Ltd. (Pharmaceuticals)		152,900		4,201
	Daikin Industries Ltd. (Building products)		25,200		3,959
	Disco Corp. (Semiconductors & semiconductor equipment)		20,500		3,783
	Food & Life Cos. Ltd. (Hotels, restaurants & leisure)		61,400		1,033
	Harmonic Drive Systems, Inc. (Machinery)		34,400		764
	Hoya Corp. (Health care equipment & supplies)		78,900		8,091
	Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies)		86,500		1,271
	Japan Exchange Group, Inc. (Capital markets)		117,600		2,183
	Keyence Corp. (Electronic equipment, instruments & components)		28,800		10,696
	MatsukiyoCocokara & Co. (Consumer staples distribution & retail)		110,400		1,980
	MonotaRO Co. Ltd. (Trading companies & distributors)		240,800		2,579
	Pan Pacific International Holdings Corp. (Broadline retail)		299,700		6,293
	Rakus Co. Ltd. (Software)		91,300		1,260
*	SHIFT, Inc. (IT services)		9,200		1,681
	Shin-Etsu Chemical Co. Ltd. (Chemicals)		308,300		8,960
	SMS Co. Ltd. (Professional services)		42,000		715
	Sumitomo Mitsui Financial Group, Inc. (Banks)		203,800		10,020
	Sundrug Co. Ltd. (Consumer staples distribution & retail)		58,600		1,590

See accompanying Notes to Portfolio of Investments.

40 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Japan—(continued)
	TechnoPro Holdings, Inc. (Professional services)		107,800	$	2,347
	TIS, Inc. (IT services)		97,500		2,148
	Tokio Marine Holdings, Inc. (Insurance)		345,700		8,016
	Tokyo Electron Ltd. (Semiconductors & semiconductor equipment)		48,300		6,606
	Tsuruha Holdings, Inc. (Consumer staples distribution & retail)		29,600		1,990
					100,384
	Canada—8.7%
	Boyd Group Services, Inc. (Commercial services & supplies)		8,344		1,484
	Canadian National Railway Co. (Ground transportation)		66,144		7,163
	Canadian Pacific Kansas City Ltd. (Ground transportation)		161,973		12,052
	CCL Industries, Inc. (Containers & packaging)		88,288		3,706
	Dollarama, Inc. (Broadline retail)		150,327		10,357
	Intact Financial Corp. (Insurance)		48,953		7,137
*	Kinaxis, Inc. (Software)		14,926		1,683
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		17,750		6,844
	Metro, Inc. (Consumer staples distribution & retail)		123,821		6,431
	Parkland Corp. (Oil, gas & consumable fuels)		89,674		2,623
	Toromont Industries Ltd. (Trading companies & distributors)		56,258		4,582
	Toronto-Dominion Bank (Banks)		106,430		6,412
					70,474
	Emerging Latin America—3.5%
	Argentina—0.3%
*	Globant SA (IT services)†		13,138		2,600
	Brazil—2.0%
	B3 SA - Brasil Bolsa Balcao (Capital markets)		1,456,400		3,561
	Locaweb Servicos de Internet SA (IT services)		700,586		890
*	MercadoLibre, Inc. (Broadline retail)		4,399		5,577
	Raia Drogasil SA (Consumer staples distribution & retail)		448,200		2,463
	Rumo SA (Ground transportation)		398,000		1,807
	WEG SA (Electrical equipment)		265,900		1,919
					16,217
	Mexico—1.0%
	Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure)		6,693		1,644
	Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)		1,611,800		6,084
					7,728
	Peru—0.2%
	Credicorp Ltd. (Banks)†		12,024		1,539
	Asia—2.2%
	Australia—0.6%
	Pro Medicus Ltd. (Health care technology)		46,162		2,475
	Steadfast Group Ltd. (Insurance)		660,455		2,395
					4,870
	Hong Kong—0.9%
	AIA Group Ltd. (Insurance)		516,263		4,209

See accompanying Notes to Portfolio of Investments.

41 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount			Value
	Common Stocks—(continued)
	Asia—(continued)
	Hong Kong — (continued)
	Techtronic Industries Co. Ltd. (Machinery)		349,500	$	3,392
					7,601
	Singapore—0.7%
	DBS Group Holdings Ltd. (Banks)		237,600		5,847
	Emerging Africa—0.4%
	South Africa—0.4%
	Bid Corp. Ltd. (Consumer staples distribution & retail)		142,847		3,186
	Total Common Stocks—98.5% (cost $671,881)				801,420
	Rights
	Europe—0.0%
	Italy—0.0%
*	Brembo SpA , Expiring 10/3/23 (Automobile components)		85,072		—
	Total Rights—0.0% (cost $0)				—
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $11,084, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $11,303	$	11,082		11,082
	Total Repurchase Agreement—1.4% (cost $11,082)				11,082
	Total Investments—99.9% (cost $682,963)				812,502
	Cash and other assets, less liabilities—0.1%				938
	Net assets—100.0%			$	813,440

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.

42 

Institutional International Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	25.1	%
Information Technology	17.1	%
Financials	15.2	%
Consumer Discretionary	11.6	%
Health Care	11.5	%
Consumer Staples	8.0	%
Materials	5.1	%
Energy	3.5	%
Communication Services	2.0	%
Real Estate	0.6	%
Utilities	0.3	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	22.0	%
British Pound Sterling	15.4	%
Japanese Yen	12.5	%
U.S. Dollar	10.4	%
Indian Rupee	6.6	%
Canadian Dollar	6.4	%
Swiss Franc	5.7	%
Danish Krone	4.8	%
Swedish Krona	3.4	%
South Korean Won	2.0	%
Indonesian Rupiah	1.9	%
Hong Kong Dollar	1.9	%
New Taiwan Dollar	1.5	%
Brazilian Real	1.3	%
Chinese Yuan Renminbi	1.1	%
All Other Currencies	3.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

43 

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—33.0%
	Belgium—1.9%
	D’ieteren Group (Distributors)		15,091	$	2,551
	Melexis NV (Semiconductors & semiconductor equipment)		17,599		1,520
					4,071
	Finland—1.1%
*	Musti Group Oyj (Specialty retail)		52,801		1,005
	Valmet Oyj (Machinery)		59,843		1,370
					2,375
	France—3.3%
	Dassault Aviation SA (Aerospace & defense)		14,764		2,785
	Remy Cointreau SA (Beverages)		6,990		854
	SEB SA (Household durables)		10,720		1,005
*	SES-imagotag SA (Electronic equipment, instruments & components)		19,947		2,328
					6,972
	Germany—3.0%
	CTS Eventim AG & Co. KGaA (Entertainment)		57,598		3,279
	Siltronic AG (Semiconductors & semiconductor equipment)		37,167		3,181
					6,460
	Israel—2.1%
	First International Bank Of Israel Ltd. (Banks)		31,883		1,368
*	Inmode Ltd. (Health care equipment & supplies)†		91,805		2,796
	Maytronics Ltd. (Household durables)		36,569		384
					4,548
	Italy—5.1%
	Ariston Holding NV (Household durables)		368,517		2,402
	Azimut Holding SpA (Capital markets)		61,174		1,338
	Brembo SpA (Automobile components)		120,299		1,496
	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		32,697		2,491
	Carel Industries SpA (Building products)		72,890		1,749
	Stevanato Group SpA (Life sciences tools & services)†		49,274		1,464
					10,940
	Netherlands—2.7%
	BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)		44,690		4,394
	JDE Peet’s NV (Food products)		51,892		1,450
					5,844
	Norway—1.6%
*	AutoStore Holdings Ltd. (Machinery)		592,077		838
	Gjensidige Forsikring ASA (Insurance)		127,856		1,882
	TOMRA Systems ASA (Machinery)		70,208		802
					3,522
	Sweden—8.8%
	AddTech AB (Trading companies & distributors)		139,138		2,231
	Beijer Ref AB (Trading companies & distributors)		189,103		1,999
	Bravida Holding AB (Commercial services & supplies)		107,116		790

See accompanying Notes to Portfolio of Investments.

44 

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Sweden — (continued)
	Bufab AB (Trading companies & distributors)		58,797	$	1,484
	Fortnox AB (Software)		467,247		2,498
	Hemnet Group AB (Interactive media & services)		82,494		1,456
	Lagercrantz Group AB (Electronic equipment, instruments & components)		183,150		1,861
	Lifco AB (Industrial conglomerates)		118,140		2,076
	MIPS AB (Leisure products)		33,066		1,122
*	Sdiptech AB (Commercial services & supplies)		60,048		1,217
	Sweco AB (Construction & engineering)		138,320		1,294
	Vitec Software Group AB (Software)		16,992		799
					18,827
	Switzerland—3.4%
	Galenica AG (Health care providers & services)		23,218		1,718
	Kardex Holding AG (Machinery)		14,333		3,140
*	Siegfried Holding AG (Life sciences tools & services)		2,715		2,327
					7,185
	Japan—16.1%
	AZ-COM MARUWA Holdings, Inc. (Air freight & logistics)		130,100		1,853
	BayCurrent Consulting, Inc. (Professional services)		102,400		3,425
	Benefit One, Inc. (Professional services)		114,100		826
	Food & Life Cos. Ltd. (Hotels, restaurants & leisure)		75,200		1,265
	Fukuoka Financial Group, Inc. (Banks)		84,700		2,028
	Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies)		216,700		3,183
	Kotobuki Spirits Co. Ltd. (Food products)		103,000		1,666
	MEITEC Group Holdings, Inc. (Professional services)		170,700		3,089
	Prestige International, Inc. (Commercial services & supplies)		172,000		712
	Rakus Co. Ltd. (Software)		102,800		1,419
*	SHIFT, Inc. (IT services)		12,300		2,248
	SIGMAXYZ Holdings, Inc. (Professional services)		91,600		964
	SMS Co. Ltd. (Professional services)		171,800		2,926
	Socionext, Inc. (Semiconductors & semiconductor equipment)		14,100		1,394
	Sundrug Co. Ltd. (Consumer staples distribution & retail)		83,400		2,263
	TechnoPro Holdings, Inc. (Professional services)		159,500		3,472
	TIS, Inc. (IT services)		84,100		1,853
					34,586
	Emerging Asia—15.2%
	China—1.0%
	Proya Cosmetics Co. Ltd. (Personal care products)		155,091		2,159
	India—9.8%
*	Aavas Financiers Ltd. (Financial services)		92,508		1,932
	AU Small Finance Bank Ltd. (Banks)		509,768		4,388
	Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)		123,669		1,817
	Max Healthcare Institute Ltd. (Health care providers & services)		237,444		1,622
	Motherson Sumi Wiring India Ltd. (Automobile components)		2,644,869		2,043
	Polycab India Ltd. (Electrical equipment)		49,210		3,167
	Tube Investments of India Ltd. (Automobile components)		52,681		1,894
	Varun Beverages Ltd. (Beverages)		368,845		4,219
					21,082

See accompanying Notes to Portfolio of Investments.

45 

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Indonesia—0.6%
	Bank Negara Indonesia Persero Tbk PT (Banks)		1,850,000	$	1,236
	South Korea—0.6%
	Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)		131,302		1,205
	Taiwan—2.7%
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		22,600		1,936
	Global Unichip Corp. (Semiconductors & semiconductor equipment)		46,000		1,945
	Voltronic Power Technology Corp. (Electrical equipment)		37,451		1,839
					5,720
	Thailand—0.5%
	Tisco Financial Group PCL (Banks)		417,400		1,132
	United Kingdom—10.4%
	Beazley PLC (Insurance)		503,688		3,402
	Burford Capital Ltd. (Financial services)		164,137		2,265
	Diploma PLC (Trading companies & distributors)		113,463		4,159
	Greggs PLC (Hotels, restaurants & leisure)		77,288		2,308
	Pets at Home Group PLC (Specialty retail)		387,847		1,584
	Renishaw PLC (Electronic equipment, instruments & components)		50,069		2,152
	Rotork PLC (Machinery)		1,004,168		3,830
	Softcat PLC (IT services)		145,900		2,597
					22,297
	Emerging Latin America—8.3%
	Brazil—3.2%
	Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)		302,900		1,481
	Rumo SA (Ground transportation)		405,300		1,840
	TOTVS SA (Software)		372,700		2,002
	Vivara Participacoes SA (Textiles, apparel & luxury goods)		279,800		1,495
					6,818
	Mexico—5.1%
	Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)		761,200		2,505
	Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development)		6,230		205
	Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure)		354,200		3,850
	Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure)		84,345		2,067
	Qualitas Controladora SAB de CV (Insurance)		169,900		1,279
	Regional SAB de CV (Banks)		149,300		1,071
					10,977
	Canada—6.7%
	Boyd Group Services, Inc. (Commercial services & supplies)		14,169		2,520
	EQB, Inc. (Banks)		27,273		1,514
*	Kinaxis, Inc. (Software)		25,519		2,878
	North West Co., Inc. (Consumer staples distribution & retail)		124,318		3,130
	Parkland Corp. (Oil, gas & consumable fuels)		109,406		3,200

See accompanying Notes to Portfolio of Investments.

46 

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Canada—(continued)
	Richelieu Hardware Ltd. (Trading companies & distributors)		38,656	$	1,132
					14,374
	Asia—4.3%
	Australia—3.0%
	Pro Medicus Ltd. (Health care technology)		59,316		3,180
	Steadfast Group Ltd. (Insurance)		863,647		3,132
					6,312
	New Zealand—1.3%
	Mainfreight Ltd. (Air freight & logistics)		71,903		2,809
	Emerging Europe, Africa—2.8%
	Greece—1.2%
	JUMBO SA (Specialty retail)		93,399		2,567
	Poland—0.5%
*	Dino Polska SA (Consumer staples distribution & retail)		12,223		993
	South Africa—1.1%
	Bidvest Group Ltd. (Industrial conglomerates)		84,987		1,225
	Clicks Group Ltd. (Consumer staples distribution & retail)		81,695		1,116
					2,341
	Total Common Stocks—96.8% (cost $198,228)				207,352
	Rights
	Europe—0.0%
	Italy—0.0%
*	Brembo SpA, Expiring 10/3/23 (Automobile components)		121,434		—
	Total Rights—0.0% (cost $0)				—
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $7,367, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $7,513	$	7,366		7,366
	Total Repurchase Agreement—3.4% (cost $7,366)				7,366
	Total Investments—100.2% (cost $205,594)				214,718
	Liabilities, plus cash and other assets—(0.2)%				(416	)
	Net assets—100.0%			$	214,302

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

47 

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	34.1	%
Information Technology	18.4	%
Financials	14.4	%
Consumer Discretionary	12.4	%
Consumer Staples	8.6	%
Health Care	6.3	%
Communication Services	2.3	%
Real Estate	2.0	%
Energy	1.5	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	18.2	%
Japanese Yen	16.7	%
British Pound Sterling	10.7	%
Indian Rupee	10.2	%
Swedish Krona	9.1	%
Canadian Dollar	6.9	%
Mexican Peso	5.2	%
Swiss Franc	3.5	%
Brazilian Real	3.3	%
Australian Dollar	3.0	%
New Taiwan Dollar	2.8	%
U.S. Dollar	2.2	%
Norwegian Krone	1.7	%
New Zealand Dollar	1.4	%
South African Rand	1.1	%
Chinese Yuan Renminbi	1.0	%
All Other Currencies	3.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

48 

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—71.1%
	China—22.3%
	Airtac International Group (Machinery)		116,000	$	3,518
*	Alibaba Group Holding Ltd. (Broadline retail)		630,928		6,897
	ANTA Sports Products Ltd. (Textiles, apparel & luxury goods)		356,000		4,007
	Contemporary Amperex Technology Co. Ltd. (Electrical equipment)		123,320		3,431
	Kweichow Moutai Co. Ltd. (Beverages)		41,359		10,194
	Midea Group Co. Ltd. (Household durables)		583,100		4,433
	Shenzhen Inovance Technology Co. Ltd. (Machinery)		335,700		3,059
	Silergy Corp. (Semiconductors & semiconductor equipment)		73,000		689
	Tencent Holdings Ltd. (Interactive media & services)		368,300		14,401
	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)		96,000		3,620
					54,249
	India—19.8%
	Apollo Hospitals Enterprise Ltd. (Health care providers & services)		32,469		2,012
	Asian Paints Ltd. (Chemicals)		54,033		2,060
	Bajaj Finance Ltd. (Consumer finance)		14,150		1,331
	Britannia Industries Ltd. (Food products)		34,850		1,901
	Havells India Ltd. (Electrical equipment)		135,831		2,267
	HDFC Bank Ltd. (Banks)		566,030		10,401
	Hindustan Unilever Ltd. (Personal care products)		75,202		2,236
	Infosys Ltd. (IT services)		212,556		3,659
*	InterGlobe Aviation Ltd. (Passenger airlines)		194,356		5,570
	Kotak Mahindra Bank Ltd. (Banks)		171,329		3,582
	Pidilite Industries Ltd. (Chemicals)		79,385		2,337
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		277,319		7,821
	Titan Co. Ltd. (Textiles, apparel & luxury goods)		37,580		1,425
	Varun Beverages Ltd. (Beverages)		127,793		1,462
					48,064
	Indonesia—7.3%
	Bank Central Asia Tbk PT (Banks)		18,491,000		10,559
	Bank Rakyat Indonesia Persero Tbk PT (Banks)		14,520,100		4,909
	Telkom Indonesia Persero Tbk PT (Diversified telecommunication services)		9,223,700		2,238
					17,706
	South Korea—8.2%
	Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)		225,732		11,442
	Samsung SDI Co. Ltd. (Electronic equipment, instruments & components)		9,789		3,715
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		56,354		4,790
					19,947
	Taiwan—10.6%
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		17,000		1,456
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		32,000		1,997
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		148,000		3,370
	Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)		206,335		17,931
	Voltronic Power Technology Corp. (Electrical equipment)		21,000		1,031
					25,785
	Thailand—2.9%
*	Airports of Thailand PCL (Transportation infrastructure)		1,923,500		3,684

See accompanying Notes to Portfolio of Investments.

49 

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Thailand — (continued)
	Bangkok Dusit Medical Services PCL (Health care providers & services)		4,519,100	$	3,320
					7,004
	Emerging Latin America—21.7%
	Argentina—1.8%
*	Globant SA (IT services)†		21,624		4,278
	Brazil—15.1%
	B3 SA - Brasil Bolsa Balcao (Capital markets)		1,949,700		4,767
	Banco BTG Pactual SA (Capital markets)		661,500		4,089
	Locaweb Servicos de Internet SA (IT services)		1,818,300		2,312
*	MercadoLibre, Inc. (Broadline retail)		6,664		8,449
	Raia Drogasil SA (Consumer staples distribution & retail)		522,784		2,873
	Rumo SA (Ground transportation)		857,700		3,894
	TOTVS SA (Software)		741,400		3,982
	WEG SA (Electrical equipment)		882,700		6,369
					36,735
	Mexico—4.5%
	Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure)		179,100		2,941
	Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)		2,093,800		7,903
					10,844
	Peru—0.3%
	Credicorp Ltd. (Banks)†		5,950		761
	Emerging Mid-East, Africa—3.7%
	Saudi Arabia—2.3%
	Saudi Arabian Oil Co. (Oil, gas & consumable fuels)		601,415		5,612
	South Africa—0.7%
	Capitec Bank Holdings Ltd. (Banks)		17,957		1,628
	United Arab Emirates—0.7%
	Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail)		1,746,512		1,783
	Asia—1.3%
	Hong Kong—1.3%
	AIA Group Ltd. (Insurance)		394,800		3,219
	Total Common Stocks—97.8% (cost $222,030)				237,615

See accompanying Notes to Portfolio of Investments.

50 

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $6,771, collateralized by U.S. Treasury Note, 1.250% - 4.125%, due 09/30/27 - 06/30/28, valued at $6,905	$	6,770	$	6,770
Total Repurchase Agreement—2.8% (cost $6,770)				6,770
Total Investments—100.6% (cost $228,800)				244,385
Liabilities, plus cash and other assets—(0.6)%				(1,499	)
Net assets—100.0%			$	242,886

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

51 

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology	24.9	%
Financials	19.0	%
Industrials	15.1	%
Consumer Discretionary	11.4	%
Consumer Staples	11.2	%
Communication Services	7.0	%
Energy	5.7	%
Health Care	3.8	%
Materials	1.9	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee	20.2	%
U.S. Dollar	13.2	%
Hong Kong Dollar	12.0	%
Brazilian Real	11.9	%
Chinese Yuan Renminbi	10.4	%
South Korean Won	8.4	%
Indonesian Rupiah	7.5	%
New Taiwan Dollar	5.1	%
Mexican Peso	4.6	%
South African Rand	3.0	%
Thai Baht	2.9	%
All Other Currencies	0.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

52 

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks
	Emerging Asia—75.9%
	China—15.5%
	Airtac International Group (Machinery)		177,852	$	5,394
*	Alibaba Group Holding Ltd. (Broadline retail)		1,904,100		20,814
	ANTA Sports Products Ltd. (Textiles, apparel & luxury goods)		519,000		5,842
	Kweichow Moutai Co. Ltd. (Beverages)		65,674		16,187
	Li Ning Co. Ltd. (Textiles, apparel & luxury goods)		1,015,500		4,273
*	Meituan (Hotels, restaurants & leisure)		273,836		4,007
	NetEase, Inc. (Entertainment)		579,600		11,805
	Proya Cosmetics Co. Ltd. (Personal care products)		285,788		3,979
	Shenzhen Inovance Technology Co. Ltd. (Machinery)		241,163		2,197
	Tencent Holdings Ltd. (Interactive media & services)		776,060		30,345
	Wuliangye Yibin Co. Ltd. (Beverages)		359,599		7,692
	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)		83,906		3,165
					115,700
	India—24.9%
	ABB India Ltd. (Electrical equipment)		111,395		5,499
	APL Apollo Tubes Ltd. (Metals & mining)		186,026		3,656
	Apollo Hospitals Enterprise Ltd. (Health care providers & services)		76,069		4,713
	Asian Paints Ltd. (Chemicals)		98,550		3,757
	Astral Ltd. (Building products)		95,267		2,198
	Bajaj Finance Ltd. (Consumer finance)		103,332		9,718
	Bharat Electronics Ltd. (Aerospace & defense)		2,633,877		4,374
	Britannia Industries Ltd. (Food products)		49,867		2,720
	CG Power & Industrial Solutions Ltd. (Electrical equipment)		661,455		3,538
	Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)		309,357		4,545
	Coforge Ltd. (IT services)		52,604		3,230
	Cummins India Ltd. (Machinery)		122,752		2,514
*	Devyani International Ltd. (Hotels, restaurants & leisure)		676,362		1,742
	Dixon Technologies India Ltd. (Household durables)		52,265		3,314
	Escorts Kubota Ltd. (Machinery)		59,060		2,264
	Havells India Ltd. (Electrical equipment)		122,214		2,039
	HDFC Bank Ltd. (Banks)		1,214,381		22,314
	HDFC Life Insurance Co. Ltd. (Insurance)		245,312		1,889
	Indian Hotels Co. Ltd. (Hotels, restaurants & leisure)		834,118		4,138
*	InterGlobe Aviation Ltd. (Passenger airlines)		79,411		2,276
*	Jio Financial Services Ltd. (Financial services)		592,978		1,650
	Kajaria Ceramics Ltd. (Building products)		140,235		2,237
*	Kaynes Technology India Ltd. (Electronic equipment, instruments & components)		16,741		461
	KEI Industries Ltd. (Electrical equipment)		124,693		3,982
	KPIT Technologies Ltd. (Software)		331,268		4,582
	Macrotech Developers Ltd. (Real estate management & development)		304,712		2,918
	Mahindra & Mahindra Ltd. (Automobiles)		193,558		3,626
	Max Healthcare Institute Ltd. (Health care providers & services)		486,422		3,323
	Motherson Sumi Wiring India Ltd. (Automobile components)		3,385,575		2,615
	Nestle India Ltd. (Food products)		12,992		3,513
	NTPC Ltd. (Independent power & renewable electricity producers)		2,198,636		6,513
	Oberoi Realty Ltd. (Real estate management & development)		150,033		2,076
	PI Industries Ltd. (Chemicals)		54,288		2,259
	Pidilite Industries Ltd. (Chemicals)		85,898		2,529
	Polycab India Ltd. (Electrical equipment)		70,586		4,543
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		637,611		17,983
	Tata Consultancy Services Ltd. (IT services)		49,635		2,107

See accompanying Notes to Portfolio of Investments.

53 

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Tata Consumer Products Ltd. (Food products)		267,861	$	2,831
	Titan Co. Ltd. (Textiles, apparel & luxury goods)		168,650		6,395
	Trent Ltd. (Specialty retail)		162,160		4,067
	Tube Investments of India Ltd. (Automobile components)		87,200		3,134
	UNO Minda Ltd. (Automobile components)		555,706		4,022
	Varun Beverages Ltd. (Beverages)		666,432		7,624
					185,428
	Indonesia—5.7%
	Bank Central Asia Tbk PT (Banks)		41,572,695		23,739
	Bank Rakyat Indonesia Persero Tbk PT (Banks)		50,396,651		17,038
	Mitra Adiperkasa Tbk PT (Broadline retail)		15,305,900		1,802
					42,579
	Philippines—1.2%
	BDO Unibank, Inc. (Banks)		2,163,084		5,425
	International Container Terminal Services, Inc. (Transportation infrastructure)		842,120		3,084
					8,509
	South Korea—8.3%
	JYP Entertainment Corp. (Entertainment)		42,830		3,565
*	LG Energy Solution Ltd. (Electrical equipment)		5,271		1,861
	Orion Corp. (Food products)		22,213		2,112
*	Samsung Biologics Co. Ltd. (Life sciences tools & services)		3,498		1,765
	Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)		774,812		39,275
	Samsung SDI Co. Ltd. (Electronic equipment, instruments & components)		4,815		1,827
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		133,142		11,317
					61,722
	Taiwan—18.3%
	Accton Technology Corp. (Communications equipment)		359,000		5,483
	Advantech Co. Ltd. (Technology hardware, storage & peripherals)		320,409		3,424
	Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)		117,000		9,750
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		63,300		5,422
	Chroma ATE, Inc. (Electronic equipment, instruments & components)		376,000		3,215
	Delta Electronics, Inc. (Electronic equipment, instruments & components)		865,000		8,695
	E.Sun Financial Holding Co. Ltd. (Banks)		3,519,723		2,644
	Elite Material Co. Ltd. (Electronic equipment, instruments & components)		535,000		7,093
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		58,000		3,620
	Global Unichip Corp. (Semiconductors & semiconductor equipment)		94,000		3,975
	Innodisk Corp. (Technology hardware, storage & peripherals)		189,000		1,736
	Lotes Co. Ltd. (Electronic equipment, instruments & components)		150,132		3,828
	Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components)		381,000		3,818
	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)		590,000		9,559
	Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)		556,670		48,375
	Tripod Technology Corp. (Electronic equipment, instruments & components)		362,000		2,159
	Unimicron Technology Corp. (Electronic equipment, instruments & components)		966,000		5,192
	Voltronic Power Technology Corp. (Electrical equipment)		78,586		3,859

See accompanying Notes to Portfolio of Investments.

54 

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Wiwynn Corp. (Technology hardware, storage & peripherals)		101,000	$	4,678
					136,525
	Thailand—2.0%
*	Airports of Thailand PCL (Transportation infrastructure)		1,112,800		2,132
	Bangkok Dusit Medical Services PCL (Health care providers & services)		6,483,200		4,763
	Bumrungrad Hospital PCL (Health care providers & services)		609,500		4,486
	Central Pattana PCL (Real estate management & development)		1,973,700		3,428
					14,809
	Emerging Latin America—13.9%
	Argentina—0.4%
*	Globant SA (IT services)†		15,774		3,121
	Brazil—8.0%
	B3 SA - Brasil Bolsa Balcao (Capital markets)		932,100		2,279
	Banco BTG Pactual SA (Capital markets)		720,200		4,452
	Hypera SA (Pharmaceuticals)		294,900		2,179
	Itau Unibanco Holding SA—ADR (Banks)		1,064,575		5,717
	Localiza Rent a Car SA (Ground transportation)		257,900		3,004
*	MercadoLibre, Inc. (Broadline retail)		14,801		18,766
	Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)		421,200		2,059
	Patria Investments Ltd. (Capital markets)†		120,472		1,756
	Raia Drogasil SA (Consumer staples distribution & retail)		889,388		4,887
	Rumo SA (Ground transportation)		795,300		3,611
	TOTVS SA (Software)		703,500		3,779
	Vinci Partners Investments Ltd. (Capital markets)†		155,512		1,586
	WEG SA (Electrical equipment)		775,641		5,597
					59,672
	Mexico—5.1%
*	Alsea SAB de CV (Hotels, restaurants & leisure)		234,000		854
	Arca Continental SAB de CV (Beverages)		649,400		5,916
	Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)		839,800		2,764
	Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development)		11,640		383
	Fomento Economico Mexicano SAB de CV—ADR (Beverages)		71,452		7,799
	Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure)		186,700		2,030
	Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure)		219,100		3,597
	Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure)		10,160		2,496
	Prologis Property Mexico SA de CV (Industrial REITs)		989,700		3,411
	Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)		2,328,600		8,789
					38,039
	Peru—0.4%
	Credicorp Ltd. (Banks)†		19,428		2,486
	Emerging Europe, Mid-East, Africa—6.5%
	Poland—0.3%
*	Dino Polska SA (Consumer staples distribution & retail)		25,893		2,104

See accompanying Notes to Portfolio of Investments.

55 

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount			Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—(continued)
	Qatar—0.2%
	Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels)		1,609,428	$	1,645
	Saudi Arabia—2.9%
	Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels)		62,563		2,342
	Alinma Bank (Banks)		248,209		2,210
	Arabian Internet & Communications Services Co. (IT services)		32,245		2,748
	Bupa Arabia for Cooperative Insurance Co. (Insurance)		46,760		2,593
	Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services)		37,785		2,374
	Elm Co. (IT services)		25,123		5,225
	Leejam Sports Co. JSC (Hotels, restaurants & leisure)		57,424		2,177
	Saudia Dairy & Foodstuff Co. (Food products)		21,717		1,865
					21,534
	South Africa—1.3%
	Bid Corp. Ltd. (Consumer staples distribution & retail)		260,494		5,810
	Bidvest Group Ltd. (Industrial conglomerates)		150,711		2,171
	Clicks Group Ltd. (Consumer staples distribution & retail)		127,165		1,737
					9,718
	United Arab Emirates—1.8%
	Americana Restaurants International PLC (Hotels, restaurants & leisure)		2,640,899		2,948
	Emaar Properties PJSC (Real estate management & development)		2,576,634		5,640
	Emirates Central Cooling Systems Corp. (Water utilities)		3,853,988		1,983
	Salik Co. PJSC (Transportation infrastructure)		3,074,024		2,770
					13,341
	Asia—2.0%
	Hong Kong—2.0%
	AIA Group Ltd. (Insurance)		1,873,800		15,278
	Total Common Stocks—98.3% (cost $664,961)				732,210
	Rights
	Emerging Latin America—0.0%
	Brazil—0.0%
*	Localiza Rent a Car SA, Expiring 11/10/23 (Ground transportation)		1,891		6
	Total Rights—0.0% (cost $0)				6
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $10,307, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $10,511	$	10,305		10,305
	Total Repurchase Agreement—1.4% (cost $10,305)				10,305
	Total Investments—99.7% (cost $675,266)				742,521
	Cash and other assets, less liabilities—0.3%				2,245
	Net assets—100.0%			$	744,766

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.

56 

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology	28.3	%
Financials	17.4	%
Consumer Discretionary	12.9	%
Consumer Staples	11.7	%
Industrials	10.8	%
Communication Services	6.2	%
Health Care	3.7	%
Real Estate	3.1	%
Energy	3.0	%
Materials	1.7	%
Utilities	1.2	%
Total	100.0	%
At September 30, 2023, 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	12.8	%
U.S. Dollar	12.6	%
Hong Kong Dollar	12.6	%
South Korean Won	8.4	%
Indonesian Rupiah	5.8	%
Chinese Yuan Renminbi	4.6	%
Brazilian Real	4.4	%
South African Rand	4.3	%
Mexican Peso	3.7	%
Thai Baht	2.0	%
UAE Dirham	1.8	%
Philippine Peso	1.2	%
All Other Currencies	0.5	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

57 

Emerging Markets ex China Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—72.1%
	India—27.5%
	ABB India Ltd. (Electrical equipment)		3,360	$	166
	APL Apollo Tubes Ltd. (Metals & mining)		5,413		106
	Apollo Hospitals Enterprise Ltd. (Health care providers & services)		2,409		149
	Asian Paints Ltd. (Chemicals)		2,659		101
	AU Small Finance Bank Ltd. (Banks)		13,666		118
	Bajaj Finance Ltd. (Consumer finance)		1,418		133
	Bharat Electronics Ltd. (Aerospace & defense)		64,385		107
	Cera Sanitaryware Ltd. (Building products)		615		63
	CG Power & Industrial Solutions Ltd. (Electrical equipment)		19,654		105
	Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)		9,634		142
	Coforge Ltd. (IT services)		1,129		69
	Cummins India Ltd. (Machinery)		4,265		87
	Dixon Technologies India Ltd. (Household durables)		1,592		101
	Havells India Ltd. (Electrical equipment)		5,716		95
	HDFC Bank Ltd. (Banks)		28,946		532
	HDFC Life Insurance Co. Ltd. (Insurance)		8,581		66
	Hindustan Unilever Ltd. (Personal care products)		4,540		135
	Indian Hotels Co. Ltd. (Hotels, restaurants & leisure)		19,925		99
*	InterGlobe Aviation Ltd. (Passenger airlines)		4,471		128
	Jindal Stainless Ltd. (Metals & mining)		18,488		106
	KEI Industries Ltd. (Electrical equipment)		5,738		183
	Kotak Mahindra Bank Ltd. (Banks)		3,139		66
	KPIT Technologies Ltd. (Software)		11,969		166
	Macrotech Developers Ltd. (Real estate management & development)		9,263		89
	Max Healthcare Institute Ltd. (Health care providers & services)		17,740		121
	Nestle India Ltd. (Food products)		515		139
	NTPC Ltd. (Independent power & renewable electricity producers)		36,879		109
	PI Industries Ltd. (Chemicals)		1,583		66
	Polycab India Ltd. (Electrical equipment)		2,255		145
	Reliance Industries Ltd. (Oil, gas & consumable fuels)		7,898		223
	Tata Elxsi Ltd. (Software)		1,149		100
	Titagarh Rail System Ltd. (Machinery)		12,044		113
	Titan Co. Ltd. (Textiles, apparel & luxury goods)		3,749		142
	Trent Ltd. (Specialty retail)		6,536		164
*	Triveni Turbine Ltd. (Electrical equipment)		19,329		102
	Tube Investments of India Ltd. (Automobile components)		2,695		97
	UNO Minda Ltd. (Automobile components)		17,090		124
	Varun Beverages Ltd. (Beverages)		22,796		261
	Venus Pipes & Tubes Ltd. (Metals & mining)		3,564		56
					5,074
	Indonesia—6.5%
	Astra International Tbk PT (Industrial conglomerates)		157,500		63
	Bank Central Asia Tbk PT (Banks)		1,150,100		657
	Bank Rakyat Indonesia Persero Tbk PT (Banks)		1,147,200		388
	Mitra Adiperkasa Tbk PT (Broadline retail)		779,000		92
					1,200
	Philippines—1.4%
	BDO Unibank, Inc. (Banks)		65,228		163
	International Container Terminal Services, Inc. (Transportation infrastructure)		28,350		104
					267

See accompanying Notes to Portfolio of Investments.

58 

Emerging Markets ex China Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	South Korea—10.0%
	JYP Entertainment Corp. (Entertainment)		1,451	$	121
	NAVER Corp. (Interactive media & services)		873		130
	Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)		23,802		1,207
	Samsung SDI Co. Ltd. (Electronic equipment, instruments & components)		321		122
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		3,228		274
					1,854
	Taiwan—25.4%
	Accton Technology Corp. (Communications equipment)		18,000		275
	Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)		2,500		208
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		2,000		71
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		2,100		180
	Chailease Holding Co. Ltd. (Financial services)		10,200		57
	Chroma ATE, Inc. (Electronic equipment, instruments & components)		18,000		154
	Delta Electronics, Inc. (Electronic equipment, instruments & components)		14,000		141
	E.Sun Financial Holding Co. Ltd. (Banks)		152,491		114
	Elite Material Co. Ltd. (Electronic equipment, instruments & components)		10,000		133
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		2,300		144
	Global Unichip Corp. (Semiconductors & semiconductor equipment)		3,100		131
	Innodisk Corp. (Technology hardware, storage & peripherals)		7,900		73
	Lotes Co. Ltd. (Electronic equipment, instruments & components)		4,103		105
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		5,000		114
	Parade Technologies Ltd. (Semiconductors & semiconductor equipment)		3,000		91
	Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components)		12,000		120
	Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)		129,000		2,090
	Tripod Technology Corp. (Electronic equipment, instruments & components)		18,400		110
	Unimicron Technology Corp. (Electronic equipment, instruments & components)		23,500		126
	Voltronic Power Technology Corp. (Electrical equipment)		2,600		128
	Wiwynn Corp. (Technology hardware, storage & peripherals)		3,000		139
					4,704
	Thailand—1.3%
	Bangkok Dusit Medical Services PCL (Health care providers & services)		116,800		86
	Bumrungrad Hospital PCL (Health care providers & services)		19,900		146
					232
	Emerging Latin America—16.9%
	Argentina—1.2%
	Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)†		9,348		88
*	Globant SA (IT services)†		624		124
					212
	Brazil—9.8%
	B3 SA - Brasil Bolsa Balcao (Capital markets)		42,000		103
	Banco BTG Pactual SA (Capital markets)		22,100		137
	Itau Unibanco Holding SA—ADR (Banks)		34,448		185
	Localiza Rent a Car SA (Ground transportation)		8,800		103
*	MercadoLibre, Inc. (Broadline retail)		393		498
	Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)		16,800		82
	Patria Investments Ltd. (Capital markets)†		6,367		93

See accompanying Notes to Portfolio of Investments.

59 

Emerging Markets ex China Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—(continued)
	Brazil — (continued)
	Raia Drogasil SA (Consumer staples distribution & retail)		29,016	$	159
	Rumo SA (Ground transportation)		31,600		143
	TOTVS SA (Software)		27,200		146
	WEG SA (Electrical equipment)		23,500		170
					1,819
	Mexico—5.4%
*	Alsea SAB de CV (Hotels, restaurants & leisure)		27,600		101
	Arca Continental SAB de CV (Beverages)		10,300		94
	Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)		69,800		230
	Fomento Economico Mexicano SAB de CV—ADR (Beverages)		1,296		141
	Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure)		9,100		99
	Qualitas Controladora SAB de CV (Insurance)		20,700		156
	Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)		48,300		182
					1,003
	Peru—0.5%
	Credicorp Ltd. (Banks)†		676		86
	Emerging Europe, Mid-East, Africa—10.2%
	Greece—0.4%
	JUMBO SA (Specialty retail)		2,965		82
	Poland—0.7%
*	Dino Polska SA (Consumer staples distribution & retail)		1,564		127
	Saudi Arabia—4.0%
	Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels)		3,403		128
	Arabian Internet & Communications Services Co. (IT services)		921		79
	Bupa Arabia for Cooperative Insurance Co. (Insurance)		1,893		105
	Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services)		2,186		137
	Elm Co. (IT services)		659		137
	Leejam Sports Co. JSC (Hotels, restaurants & leisure)		1,921		73
	Saudia Dairy & Foodstuff Co. (Food products)		913		78
					737
	South Africa—1.9%
	Bidvest Group Ltd. (Industrial conglomerates)		12,546		181
	Naspers Ltd. (Broadline retail)		1,080		172
					353
	United Arab Emirates—3.2%
	Air Arabia PJSC (Passenger airlines)		120,747		92
	Americana Restaurants International PLC (Hotels, restaurants & leisure)		122,779		137
	Emaar Properties PJSC (Real estate management & development)		73,155		160
	Emirates Central Cooling Systems Corp. (Water utilities)		128,903		66
	Salik Co. PJSC (Transportation infrastructure)		146,898		133
					588
	Total Common Stocks—99.2% (cost $16,748)				18,338

See accompanying Notes to Portfolio of Investments.

60 

Emerging Markets ex China Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Rights
	Emerging Latin America—0.0%
	Brazil—0.0%
*	Localiza Rent a Car SA, Expiring 11/10/23 (Ground transportation)		64	$	—
	Total Rights—0.0% (cost $0)				—
	Repurchase Agreement
	Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $238, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $243	$	238		238
	Total Repurchase Agreement—1.3% (cost $238)				238
	Total Investments—100.5% (cost $16,986)				18,576
	Liabilities, plus cash and other assets—(0.5)%				(94	)
	Net assets—100.0%			$	18,482

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

61 

Emerging Markets ex China Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology	37.1	%
Financials	18.0	%
Industrials	13.7	%
Consumer Discretionary	10.7	%
Consumer Staples	7.2	%
Health Care	3.5	%
Real Estate	3.1	%
Materials	2.4	%
Energy	1.9	%
Communication Services	1.4	%
Utilities	1.0	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee	27.7	%
New Taiwan Dollar	25.7	%
South Korean Won	10.1	%
U.S. Dollar	6.6	%
Indonesian Rupiah	6.5	%
South African Rand	5.9	%
Brazilian Real	5.7	%
Mexican Peso	4.7	%
UAE Dirham	3.2	%
Philippine Peso	1.5	%
Thai Baht	1.3	%
All Other Currencies	1.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

62 

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—72.2%
	China—8.3%
	Airtac International Group (Machinery)		12,158	$	369
	Centre Testing International Group Co. Ltd. (Professional services)		693,405		1,775
	Estun Automation Co. Ltd. (Machinery)		158,100		478
	Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers)		6,020,612		6,122
	Jiumaojiu International Holdings Ltd. (Hotels, restaurants & leisure)		1,770,000		2,409
	MINISO Group Holding Ltd. (Broadline retail)		328,200		2,181
	Proya Cosmetics Co. Ltd. (Personal care products)		389,688		5,426
	Shenzhen Envicool Technology Co. Ltd. (Machinery)		689,700		2,484
	Sichuan Swellfun Co. Ltd. (Beverages)		41,800		345
	Sunresin New Materials Co. Ltd. (Chemicals)		179,850		1,439
	Topsports International Holdings Ltd. (Specialty retail)		1,949,000		1,481
	Yankershop Food Co. Ltd. (Food products)		160,500		1,636
	Zhejiang Dingli Machinery Co. Ltd. (Machinery)		236,078		1,707
	Zhejiang Shuanghuan Driveline Co. Ltd. (Automobile components)		573,100		2,237
					30,089
	India—41.3%
	ABB India Ltd. (Electrical equipment)		112,114		5,534
*	Amber Enterprises India Ltd. (Household durables)		91,981		3,310
	APL Apollo Tubes Ltd. (Metals & mining)		324,135		6,370
	Astral Ltd. (Building products)		203,517		4,696
	AU Small Finance Bank Ltd. (Banks)		257,534		2,217
	Berger Paints India Ltd. (Chemicals)		134,549		920
*	Berger Paints India Ltd. (Chemicals)		26,910		184
	Cera Sanitaryware Ltd. (Building products)		17,396		1,785
	CG Power & Industrial Solutions Ltd. (Electrical equipment)		1,004,198		5,372
	Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)		353,771		5,197
	Coforge Ltd. (IT services)		68,649		4,216
	Craftsman Automation Ltd. (Machinery)		32,027		1,787
*	Devyani International Ltd. (Hotels, restaurants & leisure)		486,795		1,254
	Dixon Technologies India Ltd. (Household durables)		94,273		5,977
	Escorts, Ltd. (Machinery)		94,342		3,616
*	Godrej Properties Ltd. (Real estate management & development)		224,247		4,199
	Home First Finance Co. India Ltd. (Financial services)		156,545		1,523
	IndiaMart InterMesh Ltd. (Trading companies & distributors)		57,278		1,975
	JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals)		76,662		1,367
	Jindal Stainless Ltd. (Metals & mining)		636,917		3,650
	Kajaria Ceramics Ltd. (Building products)		138,535		2,210
	KEC International Ltd. (Construction & engineering)		319,318		2,560
	KEI Industries Ltd. (Electrical equipment)		299,037		9,550
	KPIT Technologies Ltd. (Software)		341,673		4,726
*	Lemon Tree Hotels Ltd. (Hotels, restaurants & leisure)		1,480,777		2,036
	Macrotech Developers Ltd. (Real estate management & development)		617,420		5,912
	Max Healthcare Institute Ltd. (Health care providers & services)		390,289		2,666
	Narayana Hrudayalaya Ltd. (Health care providers & services)		75,431		986
	Oberoi Realty Ltd. (Real estate management & development)		234,823		3,249
	Polycab India Ltd. (Electrical equipment)		157,061		10,109
	Radico Khaitan Ltd. (Beverages)		155,302		2,255
	Ramkrishna Forgings Ltd. (Metals & mining)		421,652		3,260
	Sundram Fasteners Ltd. (Automobile components)		205,693		3,111
	Titagarh Rail System Ltd. (Machinery)		429,728		4,031

See accompanying Notes to Portfolio of Investments.

63 

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Trent Ltd. (Specialty retail)		284,426	$	7,133
*	Triveni Turbine Ltd. (Electrical equipment)		726,046		3,830
	Tube Investments of India Ltd. (Automobile components)		97,850		3,517
	UNO Minda Ltd. (Automobile components)		299,906		2,171
	Varun Beverages Ltd. (Beverages)		813,014		9,300
	Venus Pipes & Tubes Ltd. (Metals & mining)		129,137		2,040
					149,801
	Indonesia—3.3%
	Bank Negara Indonesia Persero Tbk PT (Banks)		9,269,400		6,192
	Mitra Adiperkasa Tbk PT (Broadline retail)		47,568,200		5,602
					11,794
	Philippines—0.1%
	International Container Terminal Services, Inc. (Transportation infrastructure)		100,300		367
	South Korea—2.4%
	JYP Entertainment Corp. (Entertainment)		28,350		2,359
	LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)		24,091		2,746
	Orion Corp. (Food products)		39,668		3,772
					8,877
	Taiwan—16.3%
	Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)		87,000		7,250
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		13,000		465
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		33,900		2,904
	Chroma ATE, Inc. (Electronic equipment, instruments & components)		382,000		3,266
	Elite Material Co. Ltd. (Electronic equipment, instruments & components)		372,000		4,932
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		44,000		2,747
	Faraday Technology Corp. (Semiconductors & semiconductor equipment)		258,000		2,446
	Global Unichip Corporation (Semiconductors & semiconductor equipment)		85,000		3,594
	Great Tree Pharmacy Co. Ltd. (Consumer staples distribution & retail)		243,160		2,636
	Innodisk Corp. (Technology hardware, storage & peripherals)		219,000		2,012
	Kaori Heat Treatment Co. Ltd. (Machinery)		209,000		1,920
	Lotes Co. Ltd. (Electronic equipment, instruments & components)		49,669		1,266
	Nanya Technology Corp. (Semiconductors & semiconductor equipment)		2,374,000		4,824
	Parade Technologies Ltd. (Semiconductors & semiconductor equipment)		43,000		1,311
	Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components)		571,000		5,722
	Tripod Technology Corp. (Electronic equipment, instruments & components)		312,000		1,861
	Voltronic Power Technology Corp. (Electrical equipment)		100,507		4,935
	Wiwynn Corp. (Technology hardware, storage & peripherals)		106,000		4,909
					59,000
	Thailand—0.5%
	Bumrungrad Hospital PCL (Health care providers & services)		151,600		1,116
*	Central Plaza Hotel PCL (Hotels, restaurants & leisure)		304,400		393
	Com7 PCL (Specialty retail)		442,000		379
					1,888

See accompanying Notes to Portfolio of Investments.

64 

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—16.2%
	Argentina—1.1%
	Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)†		399,257	$	3,777
	Brazil—7.5%
	Cury Construtora e Incorporadora SA (Household durables)		589,900		1,908
	Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables)		1,584,500		6,390
	Hypera SA (Pharmaceuticals)		145,200		1,073
	Iguatemi SA (Real estate management & development)		489,700		1,973
	Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)		1,397,500		6,831
	TOTVS SA (Software)		1,067,200		5,732
	Vivara Participacoes SA (Textiles, apparel & luxury goods)		615,000		3,286
					27,193
	Mexico—7.6%
*	Alsea SAB de CV (Hotels, restaurants & leisure)		1,462,700		5,338
	Banco del Bajio SA (Banks)		563,300		1,765
	Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)		1,629,300		5,363
	Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development)		15,420		507
	Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure)		547,499		5,952
	Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure)		72,825		1,784
	Prologis Property Mexico SA de CV (Industrial REITs)		1,316,800		4,538
	Qualitas Controladora SAB de CV (Insurance)		262,700		1,978
	Regional SAB de CV (Banks)		51,500		369
					27,594
	Emerging Europe, Mid-East—11.5%
	Greece—0.6%
	JUMBO SA (Specialty retail)		76,270		2,096
	Kazakhstan—1.3%
	Kaspi.KZ JSC—GDR (Consumer finance)		50,058		4,846
	Poland—0.7%
*	Dino Polska SA (Consumer staples distribution & retail)		32,607		2,650
	Qatar—0.1%
	Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels)		337,748		345
	Saudi Arabia—4.7%
	Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels)		111,229		4,164
	Arabian Internet & Communications Services Co. (IT services)		11,169		952
	Bupa Arabia for Cooperative Insurance Co. (Insurance)		49,195		2,728
	Dallah Healthcare Co. (Health care providers & services)		10,080		383
	Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services)		5,658		356
	Elm Co. (IT services)		19,739		4,105
	Leejam Sports Co. JSC (Hotels, restaurants & leisure)		31,384		1,190
	Saudia Dairy & Foodstuff Co. (Food products)		36,270		3,114
					16,992
	United Arab Emirates—4.1%
	Air Arabia PJSC (Passenger airlines)		4,609,876		3,527
	Americana Restaurants International PLC (Hotels, restaurants & leisure)		3,380,362		3,773
	Emirates Central Cooling Systems Corp. (Water utilities)		5,467,622		2,814

See accompanying Notes to Portfolio of Investments.

65 

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Emerging Europe, Mid-East—(continued)
United Arab Emirates—(continued)
Salik Co. PJSC (Transportation infrastructure)		5,084,979	$	4,582
				14,696
Total Common Stocks—99.9% (cost $306,927)				362,005
Repurchase Agreement
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $4,839, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $4,935	$	4,838		4,838
Total Repurchase Agreement—1.3% (cost $4,838)				4,838
Total Investments—101.2% (cost $311,765)				366,843
Liabilities, plus cash and other assets—(1.2)%				(4,437	)
Net assets—100.0%			$	362,406

ADR = American Depository Receipt

GDR = Global Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

66 

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	24.0	%
Information Technology	19.9	%
Consumer Discretionary	19.6	%
Real Estate	9.0	%
Consumer Staples	8.6	%
Financials	7.4	%
Materials	4.9	%
Utilities	2.5	%
Health Care	2.2	%
Energy	1.2	%
Communication Services	0.7	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee	41.4	%
New Taiwan Dollar	16.4	%
Brazilian Real	7.5	%
Mexican Peso	7.5	%
Chinese Yuan Renminbi	6.5	%
South African Rand	4.7	%
UAE Dirham	4.1	%
Indonesian Rupiah	3.3	%
U.S. Dollar	2.5	%
South Korean Won	2.4	%
Hong Kong Dollar	1.7	%
All Other Currencies	2.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

67 

China Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—106.2%
	China—106.2%
	Aier Eye Hospital Group Co. Ltd. (Health care providers & services)		12,848	$	32
	Airtac International Group (Machinery)		1,000		30
	AK Medical Holdings Ltd. (Health care equipment & supplies)		10,000		8
*	Alibaba Group Holding Ltd. (Broadline retail)		9,400		103
	Bank of Chengdu Co. Ltd. (Banks)		7,800		15
	Bank of Ningbo Co. Ltd. (Banks)		5,890		22
	Beijing Kingsoft Office Software, Inc. (Software)		629		32
	BYD Co. Ltd. (Automobiles)		1,400		43
	China Tourism Group Duty Free Corp. Ltd. (Specialty retail)		900		13
	Contemporary Amperex Technology Co. Ltd. (Electrical equipment)		1,240		35
	East Money Information Co. Ltd. (Capital markets)		15,544		32
	Eastroc Beverage Group Co. Ltd. (Beverages)		600		15
	Estun Automation Co. Ltd. (Machinery)		4,300		13
	Foshan Haitian Flavouring & Food Co. Ltd. (Food products)		1,772		9
*	Giant Biogene Holding Co. Ltd. (Personal care products)		2,200		10
	Hangzhou Tigermed Consulting Co. Ltd. (Life sciences tools & services)		1,217		11
	Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers)		18,200		19
	Hundsun Technologies, Inc. (Software)		2,700		12
	Inner Mongolia Yili Industrial Group Co. Ltd. (Food products)		2,600		9
	JD.com, Inc. (Broadline retail)		802		12
	Jiangsu Hengli Hydraulic Co. Ltd. (Machinery)		2,500		22
*	Kuaishou Technology (Interactive media & services)		2,100		17
	Kweichow Moutai Co. Ltd. (Beverages)		400		99
	Li Ning Co. Ltd. (Textiles, apparel & luxury goods)		3,500		15
	Maxscend Microelectronics Co. Ltd. (Electronic equipment, instruments & components)		600		10
*	Meituan (Hotels, restaurants & leisure)		2,810		41
	Midea Group Co. Ltd. (Household durables)		2,000		15
	NAURA Technology Group Co. Ltd. (Semiconductors & semiconductor equipment)		1,100		36
	NetEase, Inc. (Entertainment)		3,900		79
	Proya Cosmetics Co. Ltd. (Personal care products)		2,188		30
	Shenzhen Inovance Technology Co. Ltd. (Machinery)		2,400		22
	Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Health care equipment & supplies)		500		18
	Silergy Corp. (Semiconductors & semiconductor equipment)		1,100		10
	Sunresin New Materials Co. Ltd. (Chemicals)		1,500		12
	SUPCON Technology Co. Ltd. (Electronic equipment, instruments & components)		2,743		18
	Tencent Holdings Ltd. (Interactive media & services)		3,500		137
	Topsports International Holdings Ltd. (Specialty retail)		12,000		9
	Weichai Power Co. Ltd. (Machinery)		9,000		12
	Will Semiconductor Co. Ltd. Shanghai (Semiconductors & semiconductor equipment)		1,000		13
	Wuliangye Yibin Co. Ltd. (Beverages)		1,300		28
	WuXi AppTec Co. Ltd. (Life sciences tools & services)		1,400		17
	Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)		900		34
	Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (Semiconductors & semiconductor equipment)		2,800		18
					1,187

See accompanying Notes to Portfolio of Investments.

68 

China Growth Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Asia—4.3%
Hong Kong—4.3%
AIA Group Ltd. (Insurance)		4,000	$	33
Hong Kong Exchanges & Clearing Ltd. (Capital markets)		400		15
				48
Total Common Stocks—110.5% (cost $1,613)				1,235
Total Investments—110.5% (cost $1,613)				1,235
Liabilities, plus cash and other assets—(10.5)%				(117	)
Net assets—100.0%			$	1,118

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

69 

China Growth Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Consumer Discretionary	20.4	%
Communication Services	18.9	%
Consumer Staples	16.2	%
Information Technology	12.1	%
Industrials	10.8	%
Health Care	9.7	%
Financials	9.4	%
Utilities	1.5	%
Materials	1.0	%
Total	100.0	%
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Chinese Yuan Renminbi	52.2	%
Hong Kong Dollar	44.6	%
New Taiwan Dollar	3.2	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

70 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—62.6%
Angola—2.3%
Angolan Government International Bond,
8.000%, due 11/26/29	$	300	$	246
9.125%, due 11/26/49		1,200		858
				1,104
Argentina—2.0%
Argentine Government International Bond,
0.750%, due 7/9/30 (a)		650		185
3.500%, due 7/9/41 (a)		2,715		699
3.750%, due 1/9/38 (a)	EUR	320		85
				969
Armenia—1.1%
Republic of Armenia International Bond, 3.600%, due 2/2/31	$	700		526
Bahrain—2.3%
Bahrain Government International Bond,
5.250%, due 1/25/33		200		170
6.250%, due 1/25/51		300		229
7.000%, due 1/26/26		200		201
7.000%, due 10/12/28		500		506
				1,106
Bermuda—0.6%
Bermuda Government International Bond,  3.375%, due 8/20/50		460		286
Brazil—1.4%
Brazilian Government International Bond,  4.750%, due 1/14/50		680		470
Brazil Notas do Tesouro Nacional Serie F,
10.000%, due 1/1/25	BRL	560		110
10.000%, due 1/1/33	BRL	610		111
				691
Chile—0.8%
Chile Government International Bond,
3.250%, due 9/21/71	$	400		226
4.340%, due 3/7/42		200		161
				387
Colombia—2.9%
Colombia Government International Bond,
3.250%, due 4/22/32		550		395
4.125%, due 2/22/42		330		199
4.125%, due 5/15/51		300		167
4.500%, due 1/28/26		250		239
5.000%, due 6/15/45		450		295

See accompanying Notes to Portfolio of Investments.

71 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Colombia — (continued)
5.200%, due 5/15/49	$	200	$	131
				1,426
Costa Rica—0.7%
Costa Rica Government International Bond, 4.375%, due 4/30/25		340		329
Dominican Republic—2.4%
Dominican Republic International Bond,
5.300%, due 1/21/41		250		183
5.875%, due 1/30/60		910		649
11.250%, due 9/15/35 (b)	DOP	18,000		324
				1,156
Ecuador—1.4%
Ecuador Government International Bond,	$
0.000%, due 7/31/30		480		142
2.500%, due 7/31/40 (a)		830		272
3.500%, due 7/31/35 (a)		280		103
6.000%, due 7/31/30 (a)		360		183
				700
Egypt—2.4%
Egypt Government International Bond,
7.300%, due 9/30/33 (b)		250		139
7.500%, due 2/16/61		250		125
8.150%, due 11/20/59		200		103
8.750%, due 9/30/51		250		134
8.750%, due 9/30/51 (b)		250		134
8.875%, due 5/29/50		1,025		553
				1,188
El Salvador—1.2%
El Salvador Government International Bond, 7.625%, due 2/1/41		850		579
Gabon—0.7%
Gabon Government International Bond,
6.950%, due 6/16/25		200		178
7.000%, due 11/24/31		250		185
				363
Ghana—1.9%
Ghana Government International Bond,
0.000%, due 4/7/25 (c)		350		139
6.375%, due 2/11/27 (c)		600		265
7.750%, due 4/7/29 (c)		500		220
8.625%, due 4/7/34 (c)		400		177

See accompanying Notes to Portfolio of Investments.

72 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Ghana — (continued)
8.950%, due 3/26/51 (c)	$	350	$	148
				949
Guatemala—2.1%
Guatemala Government Bond,
3.700%, due 10/7/33		1,090		834
7.050%, due 10/4/32 (b)		200		201
				1,035
Hungary—1.5%
Hungary Government International Bond,
3.125%, due 9/21/51		600		332
6.750%, due 9/25/52 (b)		400		379
				711
Indonesia—1.4%
Indonesia Government International Bond,
5.650%, due 1/11/53		500		476
6.500%, due 6/15/25	IDR	3,500,000		227
				703
Iraq—0.3%
Iraq International Bond, 5.800%, due 1/15/28	$	141		130
Ivory Coast—0.9%
Ivory Coast Government International Bond, 6.625%, due 3/22/48	EUR	600		436
Kenya—1.6%
Kenya Government International Bond,
6.875%, due 6/24/24	$	700		646
8.250%, due 2/28/48		200		136
				782
Lebanon—0.7%
Lebanon Government International Bond,
5.800%, due 4/14/20 (c)		1,400		112
6.650%, due 4/22/24 (c)		268		21
6.750%, due 11/29/27 (c)		341		27
6.850%, due 3/23/27 (c)		600		47
6.850%, due 5/25/29 (c)		600		48
7.150%, due 11/20/31 (c)		1,200		95
				350
Mexico—1.6%
Mexico Government International Bond, 3.750%, due 4/19/71		310		175

See accompanying Notes to Portfolio of Investments.

73 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Mexico — (continued)
6.350%, due 2/9/35	$	600	$	586
				761
Mongolia—0.4%
Mongolia Government International Bond, 8.650%, due 1/19/28 (b)		200		199
Morocco—0.3%
Morocco Government International Bond, 4.000%, due 12/15/50		200		123
Mozambique—0.6%
Mozambique International Bond, 9.000%, due 9/15/31 (a)		400		313
Nigeria—0.9%
Nigeria Government International Bond,
6.500%, due 11/28/27		200		166
7.625%, due 11/21/25		250		239
8.250%, due 9/28/51		75		52
				457
Oman—1.6%
Oman Government International Bond,
5.625%, due 1/17/28		600		584
6.750%, due 1/17/48		200		183
				767
Pakistan—1.2%
Pakistan Government International Bond,
6.000%, due 4/8/26		300		154
6.875%, due 12/5/27		400		202
8.875%, due 4/8/51		550		252
				608
Panama—2.0%
Panama Government International Bond,
3.870%, due 7/23/60		710		407
4.500%, due 4/1/56		200		131
4.500%, due 1/19/63		400		259
Panama Bonos del Tesoro, 6.375%, due 7/25/33 (b)		200		190
				987
Paraguay—1.6%
Paraguay Government International Bond, 2.739%, due 1/29/33		1,060		803
Peru—1.3%
Peruvian Government International Bond,

See accompanying Notes to Portfolio of Investments.

74 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Peru— (continued)
2.783%, due 1/23/31	$	400	$	327
3.230%, due 7/28/2121		230		119
3.600%, due 1/15/72		300		178
				624
Philippines—1.2%
Philippines Government International Bond,
3.700%, due 2/2/42		500		372
5.609%, due 4/13/33		200		200
				572
Poland—0.4%
Poland Government International Bond,  5.500%, due 4/4/53		200		181
Qatar—2.0%
Qatar Government International Bond,
4.400%, due 4/16/50		1,000		813
5.103%, due 4/23/48		200		181
				994
Romania—1.1%
Romania Government International Bond,
2.875%, due 4/13/42	EUR	100		62
3.375%, due 1/28/50	EUR	430		267
7.625%, due 1/17/53 (b)	$	200		204
				533
Saudi Arabia—2.1%
Saudi Government International Bond,
3.250%, due 11/17/51		200		122
3.450%, due 2/2/61		1,000		611
3.750%, due 1/21/55		200		132
5.000%, due 1/18/53 (b)		200		166
				1,031
Senegal—0.3%
Senegal Government International Bond, 5.375%, due 6/8/37	EUR	200		135
Serbia—0.3%
Serbia International Bond,  2.050%, due 9/23/36	EUR	200		125
South Africa—2.5%
South Africa Government International Bond,
4.300%, due 10/12/28	$	400		346
5.750%, due 9/30/49		1,000		662

See accompanying Notes to Portfolio of Investments.

75 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
South Africa — (continued)
8.750%, due 2/28/48	ZAR	5,400	$	198
				1,206
Sri Lanka—1.5%
Sri Lanka Government International Bond,
5.750%, due 4/18/23 (c)	$	400		190
6.350%, due 6/28/24 (c)		400		189
6.850%, due 11/3/25 (c)		400		192
7.850%, due 3/14/29 (c)		400		184
				755
Trinidad And Tobago—0.4%
Trinidad and Tobago Government International Bond,  5.950%, due 1/14/31 (b)		200		197
Tunisia—0.6%
Tunisian Republic,
6.375%, due 7/15/26	EUR	300		191
6.750%, due 10/31/23	EUR	100		102
				293
Turkey—2.5%
Turkey Government International Bond,
4.250%, due 4/14/26	$	250		229
4.875%, due 10/9/26		200		183
4.875%, due 4/16/43		700		443
6.000%, due 3/25/27		200		186
9.375%, due 1/19/33		200		203
				1,244
Ukraine—1.0%
Ukraine Government International Bond,
7.253%, due 3/15/35 (c)		1,300		340
7.750%, due 8/1/41 (a) (c)		290		133
				473
United Arab Emirates—0.7%
Abu Dhabi Government International Bond,
2.700%, due 9/2/70		450		238
3.000%, due 9/15/51		200		125
				363
Uruguay—0.6%
Uruguay Government International Bond,
9.750%, due 7/20/33	UYU	3,788		99
3.875%, due 7/2/40	UYU	6,205		169
				268

See accompanying Notes to Portfolio of Investments.

76 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Vietnam—0.4%
Vietnam Government International Bond, 4.800%, due 11/19/24	$	200	$	196
Zambia—0.9%
Zambia Government International Bond,
5.375%, due 9/20/22		250		124
8.500%, due 4/14/24		200		109
8.970%, due 7/30/27		400		217
				450
Total Foreign Government Bonds—62.6% (cost $34,017)				30,564
Foreign Corporate Bonds—30.1%
Brazil—2.5%
Aegea Finance Sarl, 9.000%, due 1/20/31 (b)		200		201
Azul Secured Finance LLP, 10.875%, due 5/28/30 (b)		175		143
Banco do Brasil SA, 10 year CMT + 4.398%, 6.250%, due 4/15/24 (d)(e)		200		185
ERO Copper Corp., 6.500%, due 2/15/30		200		173
Hidrovias International Finance Sarl, 4.950%, due 2/8/31		200		159
Minerva Luxembourg SA, 4.375%, due 3/18/31		200		155
Petrorio Luxembourg Trading Sarl, 6.125%, due 6/9/26		200		192
				1,208
Chile—1.6%
CAP SA, 3.900%, due 4/27/31		250		184
Empresa Nacional del Petroleo, 5.250%, due 11/6/29		450		420
Inversiones CMPC SA, 3.000%, due 4/6/31		200		158
				762
China—2.2%
China Evergrande Group, 9.500%, due 3/29/24 (c)		300		7
China Hongqiao Group Ltd., 6.250%, due 6/8/24		200		195
China Oil & Gas Group Ltd., 4.700%, due 6/30/26		200		159
ENN Clean Energy International Investment Ltd., 3.375%, due 5/12/26		200		182
Sinochem Offshore Capital Co. Ltd., 2.375%, due 9/23/31		500		381

See accompanying Notes to Portfolio of Investments.

77 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
China — (continued)
Standard Chartered PLC, 5 year CMT + 3.135%, 4.300%, due 2/19/49 (d)(e)	$	200	$	145
Yuzhou Group Holdings Co. Ltd., 7.850%, due 8/12/26 (c)		200		12
				1,081
Colombia—0.6%
Canacol Energy Ltd., 5.750%, due 11/24/28 (b)		200		159
SierraCol Energy Andina LLC, 6.000%, due 6/15/28		200		159
				318
Costa Rica—0.4%
Instituto Costarricense de Electricidad, 6.375%, due 5/15/43		250		204
Dominican Republic—0.4%
Empresa Generadora de Electricidad Haina SA, 5.625%, due 11/8/28 (b)		250		220
Georgia—0.4%
Energo-Pro AS, 8.500%, due 2/4/27		200		196
Guatemala—0.4%
Banco Industrial SA, 5 year CMT + 4.442%, 4.875%, due 1/29/31 (e)		200		184
Hungary—0.8%
Magyar Export-Import Bank Zrt, 6.125%, due 12/4/27		200		196
OTP Bank Nyrt, 5 year CMT + 5.060%, 8.750%, due 5/15/33 (e)		200		198
				394
India—1.6%
European Bank for Reconstruction & Development, 6.300%, due 10/26/27	INR	20,000		231
Export-Import Bank of India, 2.250%, due 1/13/31	$	200		155
International Bank for Reconstruction & Development, 6.850%, due 4/24/28	INR	20,000		235
ReNew Wind Energy AP2/ReNew Power Pvt Ltd., 4.500%, due 7/14/28		200		167
				788
Indonesia—2.6%
Bank Mandiri Persero Tbk PT, 2.000%, due 4/19/26	$	200		180

See accompanying Notes to Portfolio of Investments.

78 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
Indonesia — (continued)
European Bank for Reconstruction & Development, 6.000%, due 1/17/30	IDR	3,500,000	$	223
Pertamina Persero PT,
6.000%, due 5/3/42	$	200		182
2.300%, due 2/9/31		200		155
3.100%, due 8/27/30		400		333
Perusahaan Penerbit SBSN Indonesia III, 4.700%, due 6/6/32 (b)		200		189
				1,262
Kazakhstan—1.2%
KazMunayGas National Co. JSC, 3.500%, due 4/14/33		800		598
Kuwait—0.4%
NBK Tier 1 Ltd., 6 year CMT + 2.875%, 3.625%, due 8/24/26 (d)(e)		200		173
Malaysia—1.3%
Dua Capital Ltd., 2.780%, due 5/11/31		550		450
Petronas Capital Ltd., 4.550%, due 4/21/50		200		161
				611
Mexico—5.7%
Banco Nacional de Comercio Exterior SNC, 5 year CMT + 2.000%, 2.720%, due 8/11/31 (e)		220		180
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, due 4/17/25		200		196
BBVA Bancomer SA, 5 year CMT + 2.650%, 5.125%, due 1/18/33 (e)		200		172
Credito Real SAB de CV SOFOM ER, 5.000%, due 2/1/27 (c)	EUR	200		22
Grupo Axo SAPI de CV, 5.750%, due 6/8/26	$	200		176
Orbia Advance Corp. SAB de CV, 1.875%, due 5/11/26		200		178
Petroleos Mexicanos,
6.700%, due 2/16/32		230		170
5.950%, due 1/28/31		1,000		712
6.490%, due 1/23/27		200		176
7.690%, due 1/23/50		250		160
6.750%, due 9/21/47		808		473
4.750%, due 2/26/29	EUR	200		160
				2,775
Mongolia—0.4%
Development Bank of Mongolia LLC, 7.250%, due 10/23/23	$	200		199

See accompanying Notes to Portfolio of Investments.

79 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
Nigeria—0.3%
SEPLAT Energy PLC, 7.750%, due 4/1/26	$	200	$	170
Peru—1.5%
Banco Internacional del Peru SAA Interbank, 5 year CMT + 3.711%, 4.000%, due 7/8/30 (e)		200		184
Corp. Financiera de Desarrollo SA, 2.400%, due 9/28/27		420		360
InRetail Consumer, 3.250%, due 3/22/28		200		169
				713
Saudi Arabia—0.5%
Gaci First Investment Co., 5.125%, due 2/14/53		300		243
South Africa—0.4%
Stillwater Mining Co., 4.000%, due 11/16/26		200		173
Supranational—1.0%
Gabon Blue Bond Master Trust, 6.097%, due 8/1/38 (b)		500		488
Thailand—0.3%
Bangkok Bank PCL, 5 year CMT + 2.150%, 3.466%, due 9/23/36 (e)		200		155
Trinidad And Tobago—0.8%
Heritage Petroleum Co. Ltd.,
9.000%, due 8/12/29 (b)		200		207
9.000%, due 8/12/29		200		207
				414
Turkey—1.6%
Turkiye Ihracat Kredi Bankasi AS,
5.750%, due 7/6/26		200		187
9.375%, due 1/31/26 (b)		200		203
Turkiye Vakiflar Bankasi TAO, 9.000%, due 10/12/28 (b)		200		198
WE Soda Investments Holding PLC, 9.500%, due 10/6/28 (b)		200		201
				789
United Arab Emirates—1.2%
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125%, due 7/31/26		200		194
MAF Global Securities Ltd., 5 year CMT + 3.539%, 6.375%, due 3/20/26 (d)(e)		200		193

See accompanying Notes to Portfolio of Investments.

80 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
United Arab Emirates — (continued)
Sobha Sukuk Ltd., 8.750%, due 7/17/28	$	200	$	195
				582
Total Foreign Corporate Bonds—30.1% (cost $16,033)				14,700
Foreign Municipal Bonds—0.5%
Argentina—0.5%
Provincia de Buenos Aires,
6.375%, due 9/1/37 (a)(b)		50		16
5.500%, due 9/1/37 (a)(b)		200		53
6.375%, due 9/1/37 (a)		170		55
Provincia de Cordoba, 6.875%, due 12/10/25 (a)		167		137
				261
Total Foreign Municipal Bonds—0.5% (cost $331)				261
Repurchase Agreement
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $1,534, collateralized by U.S. Treasury Note, 1.500%, due 01/31/27, valued at $1,564		1,534		1,534
Total Repurchase Agreement—3.1% (cost $1,534)				1,534
U.S. Government—3.4%
U.S. Treasury Bill,
5.278%, due 11/24/23 (f)		520		516
5.452%, due 12/12/23		630		623
5.385%, due 1/4/24		250		247
5.488%, due 1/23/24		250		246
Total U.S. Government—3.4% (cost $1,632)				1,632
Total Investments in Securities—99.7% (cost $53,547)				48,691
Total Investments—99.7% (cost $53,547)				48,691
Cash and other assets, less liabilities—0.3%				161
Net assets—100.0%			$	48,852

(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, 2023.

(b) 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.

See accompanying Notes to Portfolio of Investments.

81 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

(c) Security is currently in default and/or non-income producing.

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

(e) Floating Rate Bond. Rate shown is as of September 30, 2023.

(f) Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $516.

CMT = Constant Maturity Treasury

EURIBOR = Euro Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

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
12/20/23	Euro	Citibank N.A.		149	$	159	$	158	$	(1	)
Sold
12/20/23	Euro	Citibank N.A.		1,741		1,877		1,847		30
Total net unrealized appreciation (depreciation) on forward foreign currency contracts									$	29

Centrally Cleared Interest Rate Swaps

Floating Rate Reference	Pay/Receive Floating Rate	Fixed Rate			Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value			Unrealized Appreciation (Depreciation)
1-Day USD SOFR	Receive		3.500	%	1Y	Jun 2063	LCH	$	227	$	1		$	15		$	14
1-Day USD SOFR	Receive		3.750	%	1Y	Jun 2048	LCH		856		14			53			39
EUR 6M EURIBOR	Receive		3.500	%	1Y	Sep 2028	LCH	EUR	649		(4	)		(3	)		1
EUR 6M EURIBOR	Receive		3.250	%	1Y	Sep 2033	LCH	EUR	116		—			1			1
EUR 6M EURIBOR	Receive		3.250	%	1Y	Sep 2038	LCH	EUR	525		3			12			9
EUR 6M EURIBOR	Receive		3.000	%	1Y	Sep 2048	LCH	EUR	192		2			7			5
1-Day USD SOFR	Pay		4.500	%	1Y	Jun 2026	LCH	$	3,643		(20	)		(28	)		(8	)
1-Day USD SOFR	Pay		4.250	%	1Y	Jun 2028	LCH		5,349		(14	)		(49	)		(35	)
1-Day USD SOFR	Pay		4.000	%	1Y	Jun 2030	LCH		738		(7	)		(16	)		(9	)
1-Day USD SOFR	Pay		4.000	%	1Y	Jun 2033	LCH		1,224		(5	)		(31	)		(26	)
1-Day USD SOFR	Pay		4.000	%	1Y	Jun 2043	LCH		495		3			(17	)		(20	)
																$	(29	)

See accompanying Notes to Portfolio of Investments.

82 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)

Centrally Cleared Credit Default Swaps

Reference Entity	Buy/Sell Protection	Fixed Rate			Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value			Unrealized Appreciation (Depreciation)
Kingdom of Saudi Arabia	Buy		1.000	%	3M	Jun 2026	ICE	$	400	$	(8	)	$	(7	)	$	1
Argentine Republic	Buy		1.000	%	3M	Dec 2025	ICE		500		304			330			26
Argentine Republic	Buy		1.000	%	3M	Jun 2027	ICE		250		205			185			(20	)
Argentine Republic	Buy		5.000	%	3M	Jun 2033	ICE		250		186			180			(6	)
Republic of South Africa	Buy		1.000	%	3M	Jun 2028	ICE		450		30			29			(1	)
Argentine Republic	Buy		5.000	%	3M	Jun 2026	ICE		300		168			194			26
Argentine Republic	Sell		5.000	%	3M	Dec 2031	ICE		500		(293	)		(359	)		(66	)
Argentine Republic	Sell		5.000	%	3M	Jun 2032	ICE		100		(63	)		(72	)		(9	)
Argentine Republic	Sell		5.000	%	3M	Jun 2027	ICE		250		(190	)		(171	)		19
Republic of Colombia	Sell		1.000	%	3M	Jun 2033	ICE		100		(20	)		(16	)		4
Argentine Republic	Sell		5.000	%	3M	Jun 2025	ICE		150		(68	)		(82	)		(14	)
Argentine Republic	Sell		5.000	%	3M	Jun 2028	ICE		150		(96	)		(106	)		(10	)
																$	(50	)
Total net unrealized appreciation (depreciation) on swaps																$	(79	)

Currency Legend

BRL Brazilian Real

DOP Dominican Peso

EUR Euro

IDR Indonesian Rupiah

INR Indian Rupee

USD U.S. Dollar

UYU Uruguayan Peso

ZAR South African Rand

See accompanying Notes to Portfolio of Investments.

83 

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2023 (unaudited)

At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

U.S. Dollar	92.3	%
Euro	3.5	%
Indian Rupee	1.0	%
Indonesian Rupiah	1.0	%
All Other Currencies	2.2	%
Total	100.0	%

At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Sovereign	68.4	%
Corporate
Financials	5.3	%
Materials	2.8	%
Utilities	2.0	%
Energy	1.5	%
Consumer Discretionary	1.1	%
Consumer Staples	0.7	%
Industrials	0.4	%
Quasi-Sovereign	14.6	%
Sub Sovereign	0.6	%
Supranational	2.6	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

84 

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, 2023, 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	Emerging Markets Debt Fund
Growth	International Leaders	Emerging Markets Debt
Large Cap Growth	International Growth
Mid Cap Value	Institutional International Growth
Small-Mid Cap Core	International Small Cap Growth
Small-Mid Cap Growth	Emerging Markets Leaders
Small-Mid Cap Value1	Emerging Markets Growth
Small Cap Growth	Emerging Markets ex China Growth
Small Cap Value	Emerging Markets Small Cap Growth
	China Growth
Global Equity Fund
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.
Emerging Markets Debt Fund	Provide attractive risk-adjusted returns relative to the Fund’s benchmark.

¹ Effective August 17, 2023 (Commencement of Operations).

85 

(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.

(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 Adviser 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, 2023, fair valuation estimates for foreign equity securities were not obtained.

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

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

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.

Securities, and other assets, for which a market quotation 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. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. 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 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

Forward foreign currency contracts and swaps are valued using pricing inputs observed from actively quoted markets and are categorized within Level 2 of the fair value hierarchy.

As of September 30, 2023, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

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Investments in securities	Growth		Large Cap Growth		Mid Cap Value		Small-Mid Cap Core
Level 1
Common Stocks	$	215,279	$	1,462,212	$	1,481	$	153,809
Level 2
Repurchase Agreements		5,552		8,493		106		5,593
Level 3
None		—		—		—		—
Total investments in securities	$	220,831	$	1,470,705	$	1,587	$	159,402
Investments in securities	Small-Mid Cap Growth		Small-Mid Cap Value		Small Cap Growth		Small Cap Value
Level 1
Common Stocks	$	1,878,900	$	1,597	$	627,808	$	1,196,636
Exchange-Traded Funds		—		—		5,890		—
Level 2
Repurchase Agreements		11,283		—		25,267		15,351
Level 3
Common Stocks		—		—		—		—
Rights		—		—		—		—
Total investments in securities	$	1,890,183	$	1,597	$	658,965	$	1,211,987
Investments in securities	Global Leaders		International Leaders		International Growth		Institutional International Growth
Level 1
Common Stocks	$	91,610	$	967,607	$	1,358,258	$	801,420
Rights		—		—		—		—
Level 2
Repurchase Agreements		1,959		24,039		18,712		11,082
Level 3
None		—		—		—		—
Total investments in securities	$	93,569	$	991,646	$	1,376,970	$	812,502
Investments in securities	International Small Cap Growth		Emerging Markets Leaders		Emerging Markets Growth		Emerging Markets ex China Growth
Level 1
Common Stocks	$	206,220	$	230,611	$	717,401	$	18,106
Rights		—		—		6		—
Level 2
Common Stocks		1,132		7,004		14,809		232
Repurchase Agreements		7,366		6,770		10,305		238
Level 3
None		—		—		—		—
Total investments in securities	$	214,718	$	244,385	$	742,521	$	18,576

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Investments in securities	Emerging Markets Small Cap Growth		China Growth		Emerging Markets Debt
Assets
Level 1
Common Stocks	$	359,933	$	1,235	$	—
Level 2
Common Stocks		2,072		—		—
Foreign Corporate Bonds		—		—		14,700
Foreign Government Bonds		—		—		30,564
Foreign Municipal Bonds		—		—		261
Repurchase Agreements		4,838		—		1,534
U.S. Government		—		—		1,632
Level 3
None		—		—		—
Liabilities
Level 1
None		—		—		—
Level 2
None		—		—		—
Level 3
None		—		—		—
Total investments in securities	$	366,843	$	1,235	$	48,691
Other financial instruments
Assets
Level 1
None	$	—	$	—	$	—
Level 2
Forward Foreign Currency Contracts		—		—		30
Swaps		—		—		145
Level 3
None		—		—		—
Liabilities
Level 1
None		—		—		—
Level 2
Forward Foreign Currency Contracts		—		—		(1	)
Swaps		—		—		(224	)
Level 3
None		—		—		—
Total other financial instruments	$	—	$	—	$	(50	)

See Portfolio of Investments for Sector Classification.

The fair value estimates for the Level 3 securities in the Small-Mid Cap Growth and Small Cap Growth Funds were determined in good faith by the Adviser pursuant to the Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 securities represented 0.00% and 0.00% as a percentage of net assets in the Small-Mid Cap Growth and Small Cap Growth Funds, respectively.

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(3) Financial Derivative Instruments

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

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.

The Emerging Markets Debt 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 the Emerging Markets Debt Fund with various counterparties and allow the Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.

Forward Foreign Currency Contracts

The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.

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Swap Contracts

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

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

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

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

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