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William Blair Funds

Portfolios of Investments

 

March 31, 2024

 

   

Table of Contents

         

Portfolio of Investments

   

Growth Fund

      1  

Large Cap Growth Fund

      3  

Mid Cap Value Fund

      5  

Small-Mid Cap Core Fund

      7  

Small-Mid Cap Growth Fund

      10  

Small-Mid Cap Value Fund

      13  

Small Cap Growth Fund

      16  

Small Cap Value Fund

      19  

Global Leaders Fund

      22  

International Leaders Fund

      26  

International Growth Fund

      30  

Institutional International Growth Fund

      37  

International Small Cap Growth Fund

      44  

Emerging Markets Leaders Fund

      49  

Emerging Markets Growth Fund

      53  

Emerging Markets ex China Growth Fund

      58  

Emerging Markets Small Cap Growth Fund

      63  

China Growth Fund

      68  

Emerging Markets Debt Fund

      71  

Notes to Portfolios of Investments

     85  

Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Information Technology—33.3%

 

*

  

Advanced Micro Devices, Inc.

      33,700      $ 6,082  

*

  

Clearwater Analytics Holdings, Inc.

      102,531        1,814  

*

  

Dynatrace, Inc.

      70,318        3,266  
 

Microsoft Corp.

      57,622        24,243  

*

  

MongoDB, Inc.

      4,062        1,457  

*

  

Nice Ltd.—ADR

      15,877        4,138  
 

NVIDIA Corp.

      13,197        11,924  

*

  

Palo Alto Networks, Inc.

      20,655        5,869  
 

Power Integrations, Inc.

      18,481        1,322  

*

  

Pure Storage, Inc.

      83,593        4,346  

*

  

ServiceNow, Inc.

      8,325        6,347  

*

  

SPS Commerce, Inc.

      10,900        2,015  
 

Texas Instruments, Inc.

      25,490        4,441  

*

  

Tyler Technologies, Inc.

      8,125        3,453  

*

  

Workday, Inc.

      13,074        3,566  

*

  

Workiva, Inc.

      27,492        2,331  
       

 

 

  
     86,614  
       

 

 

  
 

Health Care—14.9%

 

 

Abbott Laboratories

      46,688        5,307  
 

Agilent Technologies, Inc.

      21,256        3,093  

*

  

Doximity, Inc.

      70,204        1,889  

*

  

HealthEquity, Inc.

      23,373        1,908  

*

  

Intuitive Surgical, Inc.

      18,195        7,261  

*

  

Repligen Corp.

      7,209        1,326  

*

  

Treace Medical Concepts, Inc.

      159,919        2,087  
 

UnitedHealth Group, Inc.

      18,910        9,355  

*

  

Veeva Systems, Inc.

      13,389        3,102  
 

Zoetis, Inc.

      20,769        3,514  
       

 

 

  
     38,842  
       

 

 

  
 

Consumer Discretionary—12.5%

 

*

  

Amazon.com, Inc.

      116,702        21,051  

*

  

Bright Horizons Family Solutions, Inc.

      21,570        2,445  

*

  

Five Below, Inc.

      16,678        3,025  
 

NIKE, Inc.

      35,760        3,361  

*

  

Skyline Champion Corp.

      31,354        2,665  
       

 

 

  
     32,547  
       

 

 

  
 

Financials—9.8%

 

 

Apollo Global Management, Inc.

      17,432        1,960  

*

  

BRP Group, Inc.

      65,043        1,883  
 

Carlyle Group, Inc.

      90,144        4,229  
 

Everest Group Ltd.†

      7,953        3,161  

*

  

Flywire Corp.

      73,408        1,821  
 

Mastercard, Inc.

      25,865        12,456  
       

 

 

  
     25,510  
       

 

 

  
 

Communication Services—8.8%

 

*

  

Alphabet, Inc.

      126,737        19,128  
 

Warner Music Group Corp.

      89,171        2,945  

*

  

ZipRecruiter, Inc.

      68,287        785  
       

 

 

  
     22,858  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

1

Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares or  
Principal
Amount		        Value    
 

Common Stocks—(continued)

 

 

Industrials—8.2%

 

*

  

ACV Auctions, Inc.

      234,299      $ 4,398  
 

Brink’s Co.

      44,829        4,141  

*

  

Chart Industries, Inc.

      17,108        2,818  

*

  

Copart, Inc.

      106,450        6,166  

*

  

Kornit Digital Ltd.†

      75,010        1,359  

*

  

Verra Mobility Corp.

      102,617        2,562  
       

 

 

  
     21,444  
       

 

 

  
 

Consumer Staples—6.3%

 

 

Coca-Cola Co.

      83,964        5,137  
 

Lancaster Colony Corp.

      13,045        2,708  

*

  

Performance Food Group Co.

      47,089        3,515  

*

  

Vital Farms, Inc.

      210,097        4,885  
       

 

 

  
     16,245  
       

 

 

  
 

Energy—3.7%

 

 

Cameco Corp.

      105,706        4,579  

*

  

Green Plains, Inc.

      81,533        1,885  
 

New Fortress Energy, Inc.

      99,613        3,047  
       

 

 

  
     9,511  
       

 

 

  
 

Materials—0.8%

 

 

Crown Holdings, Inc.

      26,319        2,086  
       

 

 

  
 

Total Common Stocks—98.3%
(cost $134,018)

 

      255,657  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $4,585, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $4,676

    $ 4,584        4,584  
       

 

 

  
 

Total Repurchase Agreement—1.7%
(cost $4,584)

 

      4,584  
       

 

 

  
 

Total Investments—100.0%
(cost $138,602)

 

      260,241  
 

Liabilities, plus cash and other assets—(0.0)%

 

      (113 ) 
       

 

 

  
 

Net assets—100.0%

 

    $ 260,128  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

2

Large Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

      
 

Information Technology—42.5%

      
 

Accenture PLC†

      204,060      $ 70,729  

*

  

Advanced Micro Devices, Inc.

      258,998        46,746  
 

Intuit, Inc.

      99,570        64,720  
 

Lam Research Corp.

      50,120        48,695  
 

Microsoft Corp.

      761,690        320,458  
 

NVIDIA Corp.

      235,050        212,382  

*

  

Palo Alto Networks, Inc.

      171,330        48,680  
 

Salesforce, Inc.

      237,920        71,657  

*

  

ServiceNow, Inc.

      70,700        53,902  
 

Texas Instruments, Inc.

      227,780        39,682  
       

 

 

  
          977,651  
       

 

 

  
 

Consumer Discretionary—15.1%

      

*

  

Amazon.com, Inc.

      1,101,880        198,757  

*

  

Chipotle Mexican Grill, Inc.

      19,630        57,060  
 

NIKE, Inc.

      273,780        25,730  

*

  

O’Reilly Automotive, Inc.

      40,420        45,629  
 

Starbucks Corp.

      228,510        20,884  
       

 

 

  
          348,060  
       

 

 

  
 

Communication Services—10.7%

      

*

  

Alphabet, Inc.

      1,327,490        200,358  

*

  

Live Nation Entertainment, Inc.

      428,832        45,358  
       

 

 

  
          245,716  
       

 

 

  
 

Health Care—9.7%

      
 

Agilent Technologies, Inc.

      167,030        24,305  

*

  

Intuitive Surgical, Inc.

      141,670        56,539  
 

UnitedHealth Group, Inc.

      162,745        80,510  

*

  

Veeva Systems, Inc.

      115,420        26,742  
 

Zoetis, Inc.

      201,640        34,119  
       

 

 

  
          222,215  
       

 

 

  
 

Financials—8.6%

      
 

Apollo Global Management, Inc.

      369,881        41,593  
 

Carlyle Group, Inc.

      930,740        43,661  
 

Mastercard, Inc.

      234,080        112,726  
       

 

 

  
          197,980  
       

 

 

  
 

Consumer Staples—4.5%

      
 

Costco Wholesale Corp.

      70,800        51,870  

*

  

Monster Beverage Corp.

      864,220        51,231  
       

 

 

  
          103,101  
       

 

 

  
 

Materials—4.1%

      
 

Linde PLC†

      105,540        49,004  
 

Martin Marietta Materials, Inc.

      74,070        45,475  
       

 

 

  
          94,479  
       

 

 

  
 

Industrials—3.2%

      

*

  

Copart, Inc.

      869,500        50,361  

*

  

Uber Technologies, Inc.

      304,760        23,464  
       

 

 

  
          73,825  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

3

Large Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares or  
Principal
Amount		        Value    
 

Common Stocks—(continued)

 

 

Real Estate—1.2%

 

*

  

CoStar Group, Inc.

      286,847      $ 27,709  
       

 

 

  
 

Total Common Stocks—99.6%
(cost $1,558,723)

 

      2,290,736  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $9,528, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $9,716

    $ 9,525        9,525  
       

 

 

  
 

Total Repurchase Agreement—0.4%
(cost $9,525)

 

      9,525  
       

 

 

  
 

Total Investments—100.0%
(cost $1,568,248)

 

      2,300,261  
 

Cash and other assets, less liabilities—0.0%

 

      551  
       

 

 

  
 

Net assets—100.0%

 

    $ 2,300,812  
       

 

 

  

 

† = U.S. listed foreign security

* = Non-income producing security

 

See accompanying Notes to Financial Statements.

 

4

Mid Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Industrials—18.0%

 

 

Acuity Brands, Inc.

      130      $ 35  
 

AGCO Corp.

      238        29  

*

  

Alaska Air Group, Inc.

      724        31  
 

Allegion PLC†

      205        28  
 

Flowserve Corp.

      749        34  
 

Johnson Controls International PLC†

      478        31  
 

Knight-Swift Transportation Holdings, Inc.

      272        15  

*

  

Middleby Corp.

      193        31  
 

Snap-on, Inc.

      131        39  
 

Timken Co.

      408        36  
       

 

 

  
     309  
       

 

 

  
 

Health Care—11.8%

 

 

Cencora, Inc.

      127        31  

*

  

Centene Corp.

      367        29  
 

Encompass Health Corp.

      396        33  

*

  

Envista Holdings Corp.

      882        19  

*

  

Henry Schein, Inc.

      214        16  

*

  

Hologic, Inc.

      370        29  
 

Laboratory Corp. of America Holdings

      126        27  
 

Viatris, Inc.

      1,631        19  
       

 

 

  
     203  
       

 

 

  
 

Consumer Discretionary—11.4%

 

 

Advance Auto Parts, Inc.

      237        20  
 

BorgWarner, Inc.

      777        27  
 

Brunswick Corp.

      287        28  
 

LKQ Corp.

      559        30  
 

Ralph Lauren Corp.

      134        25  
 

Toll Brothers, Inc.

      338        44  
 

Whirlpool Corp.

      181        21  
       

 

 

  
     195  
       

 

 

  
 

Information Technology—10.9%

 

 

Amdocs Ltd.†

      315        29  

*

  

Check Point Software Technologies Ltd.†

      123        20  
 

Cognizant Technology Solutions Corp.

      401        29  

*

  

Flex Ltd.†

      1,173        34  
 

Hewlett Packard Enterprise Co.

      1,635        29  
 

Jabil, Inc.

      144        19  
 

Skyworks Solutions, Inc.

      251        27  
       

 

 

  
     187  
       

 

 

  
 

Financials—10.2%

 

*

  

Arch Capital Group Ltd.†

      289        27  
 

East West Bancorp, Inc.

      381        30  
 

Hartford Financial Services Group, Inc.

      288        30  
 

Huntington Bancshares, Inc.

      1,720        24  
 

KKR & Co., Inc.

      299        30  
 

Willis Towers Watson PLC†

      129        35  
       

 

 

  
     176  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

5

Mid Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Materials—8.3%

 

*

  

Axalta Coating Systems Ltd.†

      905      $ 31  
 

CRH PLC†

      292        25  
 

Crown Holdings, Inc.

      369        29  
 

Huntsman Corp.

      1,080        28  
 

PPG Industries, Inc.

      198        29  
       

 

 

  
     142  
       

 

 

  
 

Consumer Staples—7.1%

 

 

Ingredion, Inc.

      292        34  
 

Molson Coors Beverage Co.

      441        30  
 

Tyson Foods, Inc.

      443        26  

*

  

U.S. Foods Holding Corp.

      589        32  
       

 

 

  
     122  
       

 

 

  
 

Energy—6.9%

 

 

Coterra Energy, Inc.

      851        24  
 

Diamondback Energy, Inc.

      151        30  
 

Permian Resources Corp.

      1,824        32  
 

Phillips 66

      195        32  
       

 

 

  
     118  
       

 

 

  
 

Real Estate—6.3%

 

 

Camden Property Trust

      203        20  
 

Host Hotels & Resorts, Inc.

      1,626        33  
 

Regency Centers Corp.

      457        28  
 

VICI Properties, Inc.

      943        28  
       

 

 

  
     109  
       

 

 

  
 

Utilities—5.1%

 

 

Entergy Corp.

      276        29  
 

NiSource, Inc.

      1,071        30  
 

PPL Corp.

      1,028        28  
       

 

 

  
     87  
       

 

 

  
 

Communication Services—0.7%

 

*

  

Warner Bros Discovery, Inc.

      1,306        12  
       

 

 

  
 

Total Common Stocks—96.7%
(cost $1,479)

 

      1,660  
       

 

 

  
 

Total Investments—96.7%
(cost $1,479)

 

      1,660  
 

Cash and other assets, less liabilities—3.3%

 

      57  
       

 

 

  
 

Net assets—100.0%

 

    $ 1,717  
       

 

 

  

 

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

6

Small-Mid Cap Core Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Industrials—23.5%

 

*

  

ACV Auctions, Inc.

      178,365      $ 3,348  
 

Atkore, Inc.

      10,328        1,966  

*

  

Axon Enterprise, Inc.

      12,562        3,930  
 

Brink’s Co.

      26,813        2,477  

*

  

Builders FirstSource, Inc.

      17,771        3,706  
 

BWX Technologies, Inc.

      49,338        5,063  

*

  

Casella Waste Systems, Inc.

      39,329        3,889  

*

  

Chart Industries, Inc.

      19,186        3,160  

*

  

Core & Main, Inc.

      39,108        2,239  

*

  

ExlService Holdings, Inc.

      68,783        2,187  

*

  

GXO Logistics, Inc.

      35,130        1,889  
 

Lincoln Electric Holdings, Inc.

      6,628        1,693  

*

  

Mercury Systems, Inc.

      91,143        2,689  

*

  

Shoals Technologies Group, Inc.

      77,579        867  
 

Tecnoglass, Inc.†

      33,376        1,737  

*

  

Trex Co., Inc.

      22,275        2,222  

*

  

Verra Mobility Corp.

      120,907        3,019  

*

  

WillScot Mobile Mini Holdings Corp.

      54,840        2,550  
       

 

 

  
     48,631  
       

 

 

  
 

Financials—13.9%

 

*

  

BRP Group, Inc.

      126,562        3,663  
 

Carlyle Group, Inc.

      94,195        4,419  
 

East West Bancorp, Inc.

      44,600        3,528  

*

  

Euronet Worldwide, Inc.

      10,426        1,146  
 

Everest Group Ltd.†

      10,636        4,228  
 

Tradeweb Markets, Inc.

      22,073        2,299  
 

Virtu Financial, Inc.

      159,206        3,267  
 

Western Alliance Bancorp

      62,782        4,030  
 

Wintrust Financial Corp.

      20,496        2,139  
       

 

 

  
     28,719  
       

 

 

  
 

Consumer Discretionary—13.6%

 

 

ADT, Inc.

      231,802        1,558  

*

  

Boot Barn Holdings, Inc.

      13,523        1,287  

*

  

Bright Horizons Family Solutions, Inc.

      39,769        4,508  

*

  

Garrett Motion, Inc.

      303,790        3,020  
 

Installed Building Products, Inc.

      7,844        2,029  

*

  

National Vision Holdings, Inc.

      104,372        2,313  

*

  

On Holding AG†

      63,481        2,246  
 

Pool Corp.

      7,605        3,069  

*

  

Revolve Group, Inc.

      40,326        854  
 

Signet Jewelers Ltd.†

      20,600        2,061  

*

  

Skyline Champion Corp.

      40,878        3,475  

*

  

Stride, Inc.

      25,829        1,628  
       

 

 

  
     28,048  
       

 

 

  
 

Health Care—13.0%

 

*

  

Acadia Healthcare Co., Inc.

      27,231        2,157  

*

  

Avantor, Inc.

      79,392        2,030  
 

Bio-Techne Corp.

      25,331        1,783  
 

Chemed Corp.

      5,887        3,779  

*

  

Doximity, Inc.

      68,915        1,855  
 

Encompass Health Corp.

      40,675        3,359  

 

See accompanying Notes to Financial Statements.

 

7

Small-Mid Cap Core Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Health Care—(continued)

 

*

  

Globus Medical, Inc.

      33,760      $ 1,811  

*

  

Insulet Corp.

      8,713        1,494  

*

  

Merit Medical Systems, Inc.

      34,962        2,648  

*

  

Neogen Corp.

      112,936        1,782  

*

  

Penumbra, Inc.

      7,716        1,722  

*

  

Sotera Health Co.

      84,677        1,017  
 

Stevanato Group SpA†

      44,491        1,428  
       

 

 

  
     26,865  
       

 

 

  
 

Information Technology—10.4%

 

*

  

Alarm.com Holdings, Inc.

      21,023        1,524  

*

  

Ambarella, Inc.†

      15,815        803  

*

  

Calix, Inc.

      36,349        1,205  

*

  

Clearwater Analytics Holdings, Inc.

      91,397        1,617  
 

Cognex Corp.

      29,574        1,255  

*

  

Dynatrace, Inc.

      48,216        2,239  
 

Entegris, Inc.

      11,090        1,559  

*

  

JFrog Ltd.†

      48,060        2,125  

*

  

Lattice Semiconductor Corp.

      19,537        1,528  

*

  

Nice Ltd.—ADR

      12,894        3,361  

*

  

Onto Innovation, Inc.

      6,977        1,263  

*

  

Pure Storage, Inc.

      33,475        1,740  

*

  

Tyler Technologies, Inc.

      3,266        1,388  
       

 

 

  
     21,607  
       

 

 

  
 

Materials—7.8%

 

 

Berry Global Group, Inc.

      47,525        2,874  
 

CF Industries Holdings, Inc.

      31,744        2,641  
 

Crown Holdings, Inc.

      34,077        2,701  
 

Eagle Materials, Inc.

      12,360        3,359  
 

FMC Corp.

      19,788        1,261  
 

Sylvamo Corp.

      52,527        3,243  
       

 

 

  
     16,079  
       

 

 

  
 

Real Estate—5.2%

 

 

Agree Realty Corp.

      34,959        1,997  
 

Americold Realty Trust, Inc.

      104,394        2,601  
 

Equity LifeStyle Properties, Inc.

      43,502        2,801  
 

Healthcare Realty Trust, Inc.

      145,358        2,057  
 

Pebblebrook Hotel Trust

      89,930        1,386  
       

 

 

  
     10,842  
       

 

 

  
 

Energy—5.1%

 

*

  

Antero Resources Corp.

      36,750        1,066  
 

Cameco Corp.

      53,614        2,323  

*

  

Green Plains, Inc.

      50,335        1,164  
 

New Fortress Energy, Inc.

      88,762        2,715  
 

TechnipFMC PLC†

      75,115        1,886  
 

Whitecap Resources, Inc.

      180,275        1,366  
       

 

 

  
     10,520  
       

 

 

  
 

Consumer Staples—4.2%

 

 

Inter Parfums, Inc.

      17,554        2,467  

 

See accompanying Notes to Financial Statements.

 

8

Small-Mid Cap Core Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares or  
Principal
Amount		        Value    
 

Common Stocks—(continued)

 

 

Consumer Staples—(continued)

 

 

Lancaster Colony Corp.

      14,286      $ 2,966  
 

Primo Water Corp.

      176,303        3,210  
       

 

 

  
     8,643  
       

 

 

  
 

Utilities—1.3%

 

 

IDACORP, Inc.

      29,007        2,694  
       

 

 

  
 

Communication Services—0.9%

 

*

  

Live Nation Entertainment, Inc.

      10,896        1,153  

*

  

ZipRecruiter, Inc.

      64,084        736  
       

 

 

  
     1,889  
       

 

 

  
 

Total Common Stocks—98.9%
(cost $178,449)

 

      204,537  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $1,997, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $2,037

    $ 1,997        1,997  
       

 

 

  
 

Total Repurchase Agreement—1.0%
(cost $1,997)

 

      1,997  
       

 

 

  
 

Total Investments—99.9%
(cost $180,446)

 

      206,534  
 

Cash and other assets, less liabilities—0.1%

 

      187  
       

 

 

  
 

Net assets—100.0%

 

    $ 206,721  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

9

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Health Care—22.8%

 

*

  

Acadia Healthcare Co., Inc.

      391,980      $ 31,053  

*

  

Amicus Therapeutics, Inc.

      1,601,100        18,861  
 

Bio-Techne Corp.

      335,600        23,623  

*

  

Blueprint Medicines Corp.

      259,504        24,616  

*

  

Certara, Inc.

      777,783        13,907  

*

  

Charles River Laboratories International, Inc.

      66,537        18,028  
 

Chemed Corp.

      70,166        45,042  

*

  

Doximity, Inc.

      665,352        17,905  
 

Encompass Health Corp.

      527,017        43,521  

*

  

Evolent Health, Inc.

      678,600        22,251  

*

  

Globus Medical, Inc.

      219,995        11,800  

*

  

HealthEquity, Inc.

      180,408        14,727  

*

  

Insmed, Inc.

      575,751        15,620  

*

  

Inspire Medical Systems, Inc.

      113,442        24,366  

*

  

Insulet Corp.

      152,565        26,150  

*

  

Merit Medical Systems, Inc.

      391,126        29,628  

*

  

Neogen Corp.

      1,058,000        16,695  

*

  

Penumbra, Inc.

      133,486        29,791  

*

  

Repligen Corp.

      113,200        20,820  

*

  

Twist Bioscience Corp.

      516,373        17,717  
       

 

 

  
     466,121  
       

 

 

  
 

Industrials—20.3%

 

 

Advanced Drainage Systems, Inc.

      249,200        42,922  

*

  

Axon Enterprise, Inc.

      148,958        46,606  
 

Brink’s Co.

      337,238        31,154  

*

  

Builders FirstSource, Inc.

      146,556        30,564  
 

BWX Technologies, Inc.

      524,752        53,850  

*

  

Casella Waste Systems, Inc.

      290,961        28,767  

*

  

Chart Industries, Inc.

      157,655        25,969  

*

  

ExlService Holdings, Inc.

      468,500        14,898  
 

HEICO Corp.

      128,656        19,805  

*

  

Mercury Systems, Inc.

      801,492        23,644  
 

Regal Rexnord Corp.

      118,000        21,252  

*

  

Shoals Technologies Group, Inc.

      1,357,547        15,178  

*

  

SiteOne Landscape Supply, Inc.

      93,700        16,356  

*

  

Trex Co., Inc.

      303,221        30,246  

*

  

WillScot Mobile Mini Holdings Corp.

      284,700        13,239  
       

 

 

  
     414,450  
       

 

 

  
 

Information Technology—19.1%

 

*

  

Alarm.com Holdings, Inc.

      240,441        17,425  

*

  

Ambarella, Inc.†

      199,700        10,139  

*

  

Clearwater Analytics Holdings, Inc.

      1,418,669        25,096  
 

Cognex Corp.

      537,347        22,794  

*

  

Dynatrace, Inc.

      663,886        30,831  
 

Entegris, Inc.

      106,276        14,936  

*

  

Guidewire Software, Inc.

      231,955        27,071  

*

  

Lattice Semiconductor Corp.

      408,100        31,926  

*

  

Nice Ltd.—ADR

      173,968        45,339  

*

  

Novanta, Inc.†

      138,954        24,285  

*

  

Procore Technologies, Inc.

      201,500        16,557  

*

  

SPS Commerce, Inc.

      79,100        14,626  

*

  

Super Micro Computer, Inc.

      31,900        32,220  

 

See accompanying Notes to Financial Statements.

 

10

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

      
 

Information Technology — (continued)

      

*

  

Tenable Holdings, Inc.

      637,988      $ 31,536  

*

  

Tyler Technologies, Inc.

      73,000        31,026  

*

  

Varonis Systems, Inc.

      298,032        14,058  
       

 

 

  
          389,865  
       

 

 

  
 

Consumer Discretionary—10.9%

      

*

  

Bright Horizons Family Solutions, Inc.

      250,778        28,428  

*

  

Burlington Stores, Inc.

      83,861        19,472  

*

  

Five Below, Inc.

      174,300        31,614  

*

  

National Vision Holdings, Inc.

      1,110,871        24,617  

*

  

On Holding AG†

      474,600        16,791  
 

Pool Corp.

      99,900        40,310  

*

  

Revolve Group, Inc.

      761,892        16,129  

*

  

Stride, Inc.

      259,700        16,374  

*

  

TopBuild Corp.

      65,200        28,736  
       

 

 

  
          222,471  
       

 

 

  
 

Financials—7.8%

      
 

Carlyle Group, Inc.

      1,037,800        48,683  

*

  

Euronet Worldwide, Inc.

      91,880        10,100  
 

Everest Group Ltd.†

      51,800        20,591  

*

  

Flywire Corp.

      758,103        18,809  
 

Tradeweb Markets, Inc.

      279,180        29,082  
 

Virtu Financial, Inc.

      686,187        14,081  
 

Western Alliance Bancorp

      273,616        17,563  
       

 

 

  
          158,909  
       

 

 

  
 

Consumer Staples—6.7%

      

*

  

elf Beauty, Inc.

      203,400        39,872  

*

  

Freshpet, Inc.

      472,179        54,707  
 

Lancaster Colony Corp.

      205,630        42,695  
       

 

 

  
          137,274  
       

 

 

  
 

Energy—5.0%

      
 

Cameco Corp.

      534,762        23,166  

*

  

Kosmos Energy Ltd.

      2,195,500        13,085  
 

New Fortress Energy, Inc.

      1,219,712        37,311  
 

Noble Corp. PLC†

      278,500        13,504  
 

Whitecap Resources, Inc.

      2,039,400        15,459  
       

 

 

  
          102,525  
       

 

 

  
 

Materials—3.6%

      
 

CF Industries Holdings, Inc.

      314,631        26,181  
 

Crown Holdings, Inc.

      318,487        25,243  
 

Eagle Materials, Inc.

      80,800        21,957  
       

 

 

  
          73,381  
       

 

 

  
 

Communication Services—1.3%

      

*

  

Live Nation Entertainment, Inc.

      243,900        25,797  
       

 

 

  
 

Real Estate—1.0%

      
 

FirstService Corp.

      120,568        19,990  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

11

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares or  
Principal
Amount		        Value    
 

Common Stocks—(continued)

      
 

Total Common Stocks—98.5%
(cost $1,590,646)

       $ 2,010,783  
       

 

 

  
 

Rights

      
 

Health Care—0.0%

      

*

  

Abiomed, Inc. CVR**

      80,133        —   
       

 

 

  
 

Total Rights—0.0%
(cost $82)

         —   
       

 

 

  
 

Repurchase Agreement

      
 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $22,856, collateralized by U.S. Treasury Notes, 1.375% - 4.625%, due 08/31/26 - 09/15/26, valued at $23,308

    $ 22,851        22,851  
       

 

 

  
 

Total Repurchase Agreement—1.1%
(cost $22,851)

         22,851  
       

 

 

  
 

Total Investments—99.6%
(cost $1,613,579)

         2,033,634  
 

Cash and other assets, less liabilities—0.4%

         7,487  
       

 

 

  
 

Net assets—100.0%

       $ 2,041,121  
       

 

 

  

 

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 March 31, 2024.
† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

12

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

      
 

Industrials—23.5%

      
 

ABM Industries, Inc.

      831      $ 37  
 

Acuity Brands, Inc.

      106        28  
 

AGCO Corp.

      293        36  

*

  

Alaska Air Group, Inc.

      893        38  
 

Allegion PLC†

      234        31  
 

Armstrong World Industries, Inc.

      295        37  
 

Flowserve Corp.

      772        35  
 

Hillenbrand, Inc.

      717        36  
 

Hub Group, Inc.

      767        33  
 

Knight-Swift Transportation Holdings, Inc.

      345        19  
 

Korn Ferry

      510        33  
 

Maximus, Inc.

      460        39  

*

  

Middleby Corp.

      235        38  
 

MillerKnoll, Inc.

      562        14  

*

  

OPENLANE, Inc.

      1,596        28  
 

Rush Enterprises, Inc.

      798        43  
 

Snap-on, Inc.

      117        35  
 

Tecnoglass, Inc.†

      781        41  
 

Terex Corp.

      537        35  
 

Timken Co.

      422        37  
       

 

 

  
          673  
       

 

 

  
 

Consumer Discretionary—13.5%

      

*

  

Adient PLC†

      865        29  
 

Advance Auto Parts, Inc.

      401        34  
 

Bloomin’ Brands, Inc.

      1,261        36  
 

BorgWarner, Inc.

      961        33  
 

Brunswick Corp.

      201        19  
 

Carter’s, Inc.

      324        28  
 

Cracker Barrel Old Country Store, Inc.

      307        22  
 

LKQ Corp.

      702        38  
 

Ralph Lauren Corp.

      194        36  

*

  

Taylor Morrison Home Corp.

      792        49  
 

Whirlpool Corp.

      280        34  
 

Winnebago Industries, Inc.

      379        28  
       

 

 

  
          386  
       

 

 

  
 

Information Technology—9.9%

      
 

Amdocs Ltd.†

      390        35  
 

Avnet, Inc.

      740        37  
 

Belden, Inc.

      406        38  

*

  

IPG Photonics Corp.

      384        35  
 

Kulicke & Soffa Industries, Inc.

      606        30  

*

  

Perficient, Inc.

      453        26  

*

  

Qorvo, Inc.

      325        37  

*

  

Verint Systems, Inc.

      1,428        47  
       

 

 

  
          285  
       

 

 

  
 

Financials—9.3%

      
 

American Financial Group, Inc.

      213        29  
 

Ameris Bancorp

      708        34  
 

Columbia Banking System, Inc.

      1,787        35  
 

East West Bancorp, Inc.

      467        37  
 

Eastern Bankshares, Inc.

      2,109        29  

 

See accompanying Notes to Financial Statements.

 

13

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

      
 

Financials — (continued)

      
 

Pacific Premier Bancorp, Inc.

      1,340      $ 32  
 

Pinnacle Financial Partners, Inc.

      450        39  
 

Webster Financial Corp.

      610        31  
       

 

 

  
          266  
       

 

 

  
 

Real Estate—8.7%

      
 

Camden Property Trust

      220        22  
 

Elme Communities

      1,549        22  
 

Four Corners Property Trust, Inc.

      1,199        29  
 

Healthpeak Properties, Inc.

      1,973        37  
 

Host Hotels & Resorts, Inc.

      1,649        34  
 

Kite Realty Group Trust

      1,604        35  
 

Regency Centers Corp.

      550        33  
 

STAG Industrial, Inc.

      948        36  
       

 

 

  
          248  
       

 

 

  
 

Materials—8.7%

      

*

  

Axalta Coating Systems Ltd.†

      1,063        36  
 

Commercial Metals Co.

      713        42  
 

Crown Holdings, Inc.

      453        36  
 

Greif, Inc.

      449        31  
 

Huntsman Corp.

      1,336        35  
 

Orion SA†

      1,323        31  
 

Silgan Holdings, Inc.

      757        37  
       

 

 

  
          248  
       

 

 

  
 

Health Care—7.0%

      
 

Encompass Health Corp.

      545        45  

*

  

Envista Holdings Corp.

      1,101        24  

*

  

Globus Medical, Inc.

      661        35  
 

Laboratory Corp. of America Holdings

      159        35  

*

  

Lantheus Holdings, Inc.

      457        28  

*

  

QuidelOrtho Corp.

      437        21  
 

Viatris, Inc.

      1,154        14  
       

 

 

  
          202  
       

 

 

  
 

Energy—6.7%

      

*

  

Expro Group Holdings NV†

      2,121        42  
 

Matador Resources Co.

      616        41  
 

PBF Energy, Inc.

      583        33  
 

Permian Resources Corp.

      1,735        31  
 

SM Energy Co.

      878        44  
       

 

 

  
          191  
       

 

 

  
 

Consumer Staples—6.5%

      
 

Ingredion, Inc.

      361        42  
 

Molson Coors Beverage Co.

      545        37  
 

Spectrum Brands Holdings, Inc.

      375        33  

*

  

TreeHouse Foods, Inc.

      900        35  

*

  

U.S. Foods Holding Corp.

      709        38  
       

 

 

  
          185  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

14

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

      
 

Utilities—3.0%

      
 

NiSource, Inc.

      1,022      $ 28  
 

Northwestern Energy Group, Inc.

      498        25  

 

  

Spire, Inc.

      528        33  
       

 

 

  
          86  
       

 

 

  
 

Communication Services—1.0%

      
 

John Wiley & Sons, Inc.

      752        29  
       

 

 

  
 

Total Common Stocks—97.8%
(cost $2,638)

         2,799  
       

 

 

  
 

Total Investments—97.8%
(cost $2,638)

         2,799  
 

Cash and other assets, less liabilities—2.2%

         64  
       

 

 

  
 

Net assets—100.0%

       $ 2,863  
       

 

 

  

 

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

 

See accompanying Notes to Financial Statements.

 

15

Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

      
 

Health Care—20.8%

      

*

  

Acadia Healthcare Co., Inc.

      128,299      $ 10,164  

*

  

Alignment Healthcare, Inc.

      503,526        2,497  

*

  

Amicus Therapeutics, Inc.

      868,720        10,233  

*

  

BioLife Solutions, Inc.

      544,450        10,100  

*

  

Blueprint Medicines Corp.

      90,400        8,575  

*

  

Certara, Inc.

      459,283        8,212  

*

  

Doximity, Inc.

      259,580        6,985  
 

Encompass Health Corp.

      202,890        16,755  

*

  

Establishment Labs Holdings, Inc.†

      140,858        7,170  

*

  

Globus Medical, Inc.

      184,110        9,876  

*

  

Insmed, Inc.

      334,220        9,067  

*

  

Inspire Medical Systems, Inc.

      42,710        9,174  

*

  

Ligand Pharmaceuticals, Inc.

      59,670        4,362  

*

  

Merit Medical Systems, Inc.

      137,670        10,428  

*

  

Mirum Pharmaceuticals, Inc.

      197,790        4,968  

*

  

OmniAb, Inc.

      1,060,829        5,750  

*

  

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        —   

*

  

Treace Medical Concepts, Inc.

      627,800        8,193  

*

  

Twist Bioscience Corp.

      214,466        7,358  

*

  

Veracyte, Inc.

      233,870        5,183  

*

  

Vericel Corp.

      265,380        13,805  
       

 

 

  
          168,855  
       

 

 

  
 

Industrials—19.0%

      

*

  

ACV Auctions, Inc.

      615,360        11,550  
 

Albany International Corp.

      100,765        9,423  
 

Atkore, Inc.

      75,050        14,286  
 

Brink’s Co.

      185,146        17,104  
 

BWX Technologies, Inc.

      185,067        18,992  

*

  

Casella Waste Systems, Inc.

      174,570        17,260  

*

  

Chart Industries, Inc.

      47,436        7,814  
 

Douglas Dynamics, Inc.

      267,503        6,452  

*

  

Kornit Digital Ltd.†

      258,455        4,683  

*

  

Mercury Systems, Inc.

      283,046        8,350  

*

  

Montrose Environmental Group, Inc.

      185,808        7,278  

*

  

Shoals Technologies Group, Inc.

      540,096        6,038  
 

Tecnoglass, Inc.†

      123,570        6,429  

*

  

Verra Mobility Corp.

      507,749        12,678  

*

  

WNS Holdings Ltd.

      120,930        6,111  
       

 

 

  
          154,448  
       

 

 

  
 

Information Technology—18.2%

      

*

  

Alarm.com Holdings, Inc.

      153,010        11,089  

*

  

Ambarella, Inc.†

      94,130        4,779  

*

  

Calix, Inc.

      138,910        4,606  

*

  

Clearwater Analytics Holdings, Inc.

      358,971        6,350  
 

Cognex Corp.

      120,670        5,119  

*

  

Guidewire Software, Inc.

      92,050        10,743  

*

  

JFrog Ltd.†

      219,770        9,718  

*

  

Novanta, Inc.†

      61,370        10,726  

*

  

Onto Innovation, Inc.

      71,320        12,915  

*

  

PDF Solutions, Inc.

      205,841        6,931  
 

Power Integrations, Inc.

      77,130        5,519  

 

See accompanying Notes to Financial Statements.

 

16

Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

      
 

Information Technology — (continued)

      

*

  

PROS Holdings, Inc.

      217,700      $ 7,909  

*

  

SiTime Corp.

      40,555        3,781  

*

  

SPS Commerce, Inc.

      44,370        8,204  

*

  

Super Micro Computer, Inc.

      16,170        16,332  

*

  

Varonis Systems, Inc.

      177,350        8,365  

*

  

Vertex, Inc.

      228,813        7,267  

*

  

Workiva, Inc.

      88,320        7,489  
       

 

 

  
          147,842  
       

 

 

  
 

Consumer Discretionary—12.5%

      

*

  

Boot Barn Holdings, Inc.

      79,864        7,599  
 

Cheesecake Factory, Inc.

      239,260        8,649  

*

  

Garrett Motion, Inc.

      955,380        9,497  
 

Golden Entertainment, Inc.

      167,940        6,185  

*

  

Grand Canyon Education, Inc.

      61,780        8,415  
 

Installed Building Products, Inc.

      42,300        10,944  

*

  

National Vision Holdings, Inc.

      439,240        9,734  

*

  

OneSpaWorld Holdings Ltd.†

      491,790        6,507  

*

  

Revolve Group, Inc.

      154,007        3,260  
 

Signet Jewelers Ltd.†

      75,880        7,593  

*

  

Skyline Champion Corp.

      184,520        15,686  
 

Winmark Corp.

      20,692        7,484  
       

 

 

  
          101,553  
       

 

 

  
 

Financials—7.6%

      

*

  

BRP Group, Inc.

      347,649        10,061  

*

  

Donnelley Financial Solutions, Inc.

      140,570        8,717  

*

  

Euronet Worldwide, Inc.

      84,180        9,254  

*

  

Flywire Corp.

      285,290        7,078  
 

StepStone Group, Inc.

      191,990        6,862  
 

Virtu Financial, Inc.

      525,230        10,778  
 

Western Alliance Bancorp

      145,045        9,310  
       

 

 

  
          62,060  
       

 

 

  
 

Energy—5.6%

      

*

  

Antero Resources Corp.

      142,474        4,132  
 

ChampionX Corp.

      306,020        10,983  

*

  

Green Plains, Inc.

      291,882        6,748  
 

New Fortress Energy, Inc.

      276,160        8,447  
 

TechnipFMC PLC†

      321,780        8,080  
 

Whitecap Resources, Inc.

      946,670        7,176  
       

 

 

  
          45,566  
       

 

 

  
 

Consumer Staples—4.3%

      

*

  

elf Beauty, Inc.

      71,740        14,063  

*

  

Vita Coco Co., Inc.

      222,260        5,430  

*

  

Vital Farms, Inc.

      677,970        15,763  
       

 

 

  
          35,256  
       

 

 

  
 

Materials—3.9%

      
 

Balchem Corp.

      68,000        10,537  
 

Orion SA†

      365,817        8,604  

 

See accompanying Notes to Financial Statements.

 

17

Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares or  
Principal
Amount		        Value    
 

Common Stocks—(continued)

      
 

Materials — (continued)

      
 

Sylvamo Corp.

      196,550      $ 12,135  
       

 

 

  
          31,276  
       

 

 

  
 

Communication Services—2.3%

      

*

  

Gogo, Inc.

      605,820        5,319  

*

  

QuinStreet, Inc.

      482,665        8,524  

*

  

ZipRecruiter, Inc.

      441,620        5,074  
       

 

 

  
          18,917  
       

 

 

  
 

Real Estate—1.9%

      
 

Colliers International Group, Inc.

      38,688        4,729  
 

FirstService Corp.

      64,897        10,760  
       

 

 

  
          15,489  
       

 

 

  
 

Total Common Stocks—96.1%
(cost $637,558)

         781,262  
       

 

 

  
 

Exchange-Traded Fund

      
 

Exchange-Traded Fund—1.0%

      
 

iShares Russell 2000 Growth ETF

      29,870        8,089  
       

 

 

  
 

Total Exchange-Traded Fund—1.0%
(cost $6,767)

         8,089  
       

 

 

  
 

Repurchase Agreement

      
 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $22,329, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $22,769

    $ 22,323        22,323  
       

 

 

  
 

Total Repurchase Agreement—2.7%
(cost $22,323)

         22,323  
       

 

 

  
 

Total Investments—99.8%
(cost $666,648)

         811,674  
 

Cash and other assets, less liabilities—0.2%

         1,286  
       

 

 

  
 

Net assets—100.0%

       $ 812,960  
       

 

 

  

 

* = Non-income producing security

** = Fair valued pursuant to the Fund’s Valuation Procedures. These holdings represent 0.00% of the Fund’s net assets at March 31, 2024.

# = 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 March 31, 2024.

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

18

Small Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

      
 

Industrials—21.3%

      
 

ABM Industries, Inc.

      326,046      $ 14,548  
 

Albany International Corp.

      151,990        14,213  
 

Armstrong World Industries, Inc.

      108,495        13,477  
 

Brady Corp.

      271,826        16,114  

*

  

CBIZ, Inc.

      130,735        10,263  

*

  

Conduent, Inc.

      2,540,104        8,586  
 

CSG Systems International, Inc.

      243,782        12,564  
 

Deluxe Corp.

      512,562        10,554  
 

GrafTech International Ltd.

      1,793,714        2,475  
 

Granite Construction, Inc.

      372,844        21,301  

*

  

Great Lakes Dredge & Dock Corp.

      971,399        8,500  
 

Hillenbrand, Inc.

      313,330        15,757  
 

Hub Group, Inc.

      332,528        14,372  
 

Korn Ferry

      189,509        12,462  
 

Marten Transport Ltd.

      599,466        11,078  
 

Maximus, Inc.

      174,127        14,609  
 

MillerKnoll, Inc.

      373,815        9,256  

*

  

OPENLANE, Inc.

      562,487        9,731  
 

Rush Enterprises, Inc.

      313,622        16,785  
 

Tecnoglass, Inc.†

      307,902        16,020  
 

Terex Corp.

      207,927        13,390  

*

  

Thermon Group Holdings, Inc.

      352,412        11,531  

*

  

Titan Machinery, Inc.

      370,605        9,195  
 

Werner Enterprises, Inc.

      295,487        11,559  
       

 

 

  
          298,340  
       

 

 

  
 

Financials—18.3%

      
 

Ameris Bancorp

      314,340        15,208  
 

Atlantic Union Bankshares Corp.

      272,818        9,633  
 

Banc of California, Inc.

      1,024,690        15,586  
 

Brightsphere Investment Group, Inc.

      477,850        10,914  
 

Columbia Banking System, Inc.

      706,128        13,664  
 

Compass Diversified Holdings

      745,903        17,954  
 

Eastern Bankshares, Inc.

      997,442        13,745  
 

Enterprise Financial Services Corp.

      278,051        11,278  
 

First Bancorp/Southern Pines NC

      269,400        9,731  
 

First Merchants Corp.

      328,658        11,470  
 

Hancock Whitney Corp.

      238,212        10,967  
 

MGIC Investment Corp.

      672,250        15,031  
 

Old National Bancorp

      828,513        14,424  
 

Pacific Premier Bancorp, Inc.

      523,161        12,556  
 

Pinnacle Financial Partners, Inc.

      174,508        14,987  

*

  

PRA Group, Inc.

      421,991        11,005  
 

Seacoast Banking Corp. of Florida

      465,461        11,818  
 

Stellar Bancorp, Inc.

      439,525        10,707  

*

  

Texas Capital Bancshares, Inc.

      251,495        15,479  
 

WaFd, Inc.

      372,305        10,808  
       

 

 

  
          256,965  
       

 

 

  
 

Consumer Discretionary—13.4%

      

*

  

Adient PLC†

      329,889        10,860  
 

Bloomin’ Brands, Inc.

      569,951        16,346  
 

Carter’s, Inc.

      212,842        18,023  
 

Cracker Barrel Old Country Store, Inc.

      122,121        8,882  

 

See accompanying Notes to Financial Statements.

 

19

Small Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

      
 

Consumer Discretionary — (continued)

      

*

  

El Pollo Loco Holdings, Inc.

      562,894      $ 5,483  
 

Golden Entertainment, Inc.

      46,497        1,713  
 

La-Z-Boy, Inc.

      482,667        18,158  
 

Monro, Inc.

      401,678        12,669  
 

Oxford Industries, Inc.

      147,429        16,571  
 

Standard Motor Products, Inc.

      373,731        12,539  
 

Steven Madden Ltd.

      307,123        12,985  

*

  

Taylor Morrison Home Corp.

      310,975        19,333  

*

  

Tri Pointe Homes, Inc.

      455,871        17,624  

*

  

Universal Electronics, Inc.

      211,593        2,118  
 

Winnebago Industries, Inc.

      197,531        14,617  
       

 

 

  
          187,921  
       

 

 

  
 

Information Technology—10.8%

      
 

ADTRAN Holdings, Inc.

      1,770,434        9,631  
 

AudioCodes Ltd.†

      556,102        7,252  
 

Avnet, Inc.

      291,172        14,436  
 

Belden, Inc.

      166,751        15,443  

*

  

Cognyte Software Ltd.†

      1,097,682        9,078  

*

  

Diodes, Inc.

      190,199        13,409  

*

  

Knowles Corp.

      891,393        14,352  
 

Kulicke & Soffa Industries, Inc.

      282,833        14,229  

*

  

NetScout Systems, Inc.

      446,564        9,753  

*

  

Perficient, Inc.

      219,138        12,335  

*

  

Tower Semiconductor Ltd.†

      410,682        13,737  

*

  

Verint Systems, Inc.

      561,026        18,598  
       

 

 

  
          152,253  
       

 

 

  
 

Real Estate—8.7%

      
 

CareTrust REIT, Inc.

      627,448        15,291  
 

Elme Communities

      771,477        10,739  
 

Empire State Realty Trust, Inc.

      1,489,363        15,087  
 

Four Corners Property Trust, Inc.

      556,678        13,622  
 

Kite Realty Group Trust

      776,161        16,827  
 

Pebblebrook Hotel Trust

      866,271        13,349  
 

STAG Industrial, Inc.

      352,789        13,561  
 

Sunstone Hotel Investors, Inc.

      955,682        10,647  
 

UMH Properties, Inc.

      797,555        12,952  
       

 

 

  
          122,075  
       

 

 

  
 

Energy—8.0%

      

*

  

Dril-Quip, Inc.

      492,160        11,088  

*

  

Expro Group Holdings NV†

      839,219        16,759  

*

  

Gulfport Energy Corp.

      88,314        14,141  
 

Matador Resources Co.

      219,749        14,673  
 

PBF Energy, Inc.

      285,348        16,428  
 

Permian Resources Corp.

      1,103,791        19,493  
 

SM Energy Co.

      398,534        19,867  
       

 

 

  
          112,449  
       

 

 

  
 

Materials—5.9%

      
 

Commercial Metals Co.

      272,357        16,006  

*

  

Ecovyst, Inc.

      1,451,197        16,181  
 

Greif, Inc.

      181,371        12,524  

 

See accompanying Notes to Financial Statements.

 

20

Small Cap Value Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Shares or
Principal
  Amount  		        Value    
 

Common Stocks—(continued)

 

 

Materials — (continued)

 

 

Myers Industries, Inc.

      556,914      $ 12,904  
 

Orion SA†

      582,057        13,690  
 

Ryerson Holding Corp.

      344,208        11,531  
       

 

 

  
     82,836  
       

 

 

  
 

Consumer Staples—5.0%

 

 

Cal-Maine Foods, Inc.

      267,478        15,741  

*

  

Central Garden & Pet Co.

      433,291        15,997  
 

Edgewell Personal Care Co.

      256,905        9,927  
 

Spectrum Brands Holdings, Inc.

      156,169        13,901  

*

  

TreeHouse Foods, Inc.

      359,483        14,002  
       

 

 

  
     69,568  
       

 

 

  
 

Health Care—3.9%

 

*

  

ANI Pharmaceuticals, Inc.

      194,910        13,474  

*

  

Avanos Medical, Inc.

      566,392        11,277  

*

  

Integer Holdings Corp.

      116,418        13,583  

*

  

Lantheus Holdings, Inc.

      221,352        13,777  

*

  

ModivCare, Inc.

      102,507        2,404  
       

 

 

  
     54,515  
       

 

 

  
 

Utilities—1.6%

 

 

Northwestern Energy Group, Inc.

      219,475        11,178  
 

Spire, Inc.

      182,947        11,227  
       

 

 

  
     22,405  
       

 

 

  
 

Communication Services—1.1%

 

 

John Wiley & Sons, Inc.

      420,274        16,025  
       

 

 

  
 

Total Common Stocks—98.0%
(cost $1,253,781)

 

      1,375,352  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $20,719, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $21,128

    $ 20,713        20,713  
       

 

 

  
 

Total Repurchase Agreement—1.5%
(cost $20,713)

 

      20,713  
       

 

 

  
 

Total Investments—99.5%
(cost $1,274,494)

 

      1,396,065  
 

Cash and other assets, less liabilities—0.5%

 

      6,338  
       

 

 

  
 

Net assets—100.0%

 

    $ 1,402,403  
       

 

 

  

 

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

21

Global Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Western Hemisphere—54.3%

 

 

Canada—2.4%

 

 

Canadian Pacific Kansas City Ltd. (Ground transportation)

      20,563      $ 1,813  

*

  

Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)

      2,005        783  
       

 

 

  
     2,596  
       

 

 

  
 

United States—51.9%

 

*

  

Alphabet, Inc. (Interactive media & services)

      25,915        3,911  

*

  

Amazon.com, Inc. (Broadline retail)

      18,871        3,404  
 

Applied Materials, Inc. (Semiconductors & semiconductor equipment)

      7,038        1,451  

*

  

Autodesk, Inc. (Software)

      5,966        1,554  
 

Booz Allen Hamilton Holding Corp. (Professional services)

      8,760        1,300  
 

Chevron Corp. (Oil, gas & consumable fuels)

      11,661        1,839  

*

  

Chipotle Mexican Grill, Inc. (Hotels, restaurants & leisure)

      296        860  

*

  

Copart, Inc. (Commercial services & supplies)

      30,679        1,777  
 

Crown Holdings, Inc. (Containers & packaging)

      19,755        1,566  

*

  

IDEXX Laboratories, Inc. (Health care equipment & supplies)

      2,434        1,314  
 

Intercontinental Exchange, Inc. (Capital markets)

      11,392        1,566  

*

  

Intuitive Surgical, Inc. (Health care equipment & supplies)

      3,821        1,525  
 

Mastercard, Inc. (Financial services)

      7,945        3,826  
 

Meta Platforms, Inc. (Interactive media & services)

      7,255        3,523  
 

Microsoft Corp. (Software)

      15,992        6,728  

*

  

Monster Beverage Corp. (Beverages)

      17,080        1,013  
 

Murphy USA, Inc. (Specialty retail)

      4,648        1,948  

*

  

O’Reilly Automotive, Inc. (Specialty retail)

      765        864  
 

Old Dominion Freight Line, Inc. (Ground transportation)

      7,426        1,629  
 

Roper Technologies, Inc. (Software)

      2,066        1,159  
 

Salesforce, Inc. (Software)

      6,112        1,841  

*

  

Synopsys, Inc. (Software)

      3,683        2,105  
 

Thermo Fisher Scientific, Inc. (Life sciences tools & services)

      1,444        839  

*

  

Ulta Beauty, Inc. (Specialty retail)

      4,141        2,165  
 

UnitedHealth Group, Inc. (Health care providers & services)

      4,573        2,262  
 

Vulcan Materials Co. (Construction materials)

      4,659        1,272  
 

Watsco, Inc. (Trading companies & distributors)

      2,316        1,000  
 

West Pharmaceutical Services, Inc. (Life sciences tools & services)

      2,241        887  
 

Zoetis, Inc. (Pharmaceuticals)

      6,797        1,150  
       

 

 

  
     56,278  
       

 

 

  
 

Europe—28.4%

 

 

Denmark—4.1%

 

 

DSV AS (Air freight & logistics)

      8,472        1,375  
 

Novo Nordisk AS (Pharmaceuticals)

      23,626        3,012  
       

 

 

  
     4,387  
       

 

 

  
 

France—8.7%

 

 

Airbus SE (Aerospace & defense)

      16,776        3,090  
 

Dassault Systemes SE (Software)

      36,396        1,611  
 

Hermes International SCA (Textiles, apparel & luxury goods)

      772        1,971  
 

LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)

      1,533        1,379  
 

TotalEnergies SE (Oil, gas & consumable fuels)

      7,616        521  
 

Vinci SA (Construction & engineering)

      6,922        887  
       

 

 

  
     9,459  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

22

Global Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Europe—(continued)

 

 

Germany—2.5%

 

 

Infineon Technologies AG (Semiconductors & semiconductor equipment)

      34,143      $ 1,161  
 

MTU Aero Engines AG (Aerospace & defense)

      6,247        1,585  
       

 

 

  
     2,746  
       

 

 

  
 

Ireland—6.0%

 

 

Accenture PLC (IT services)†

      3,504        1,215  

*

  

ICON PLC (Life sciences tools & services)†

      2,686        902  
 

Linde PLC (Chemicals)†

      3,444        1,599  
 

Ryanair Holdings PLC—ADR (Passenger airlines)

      9,200        1,339  
 

Trane Technologies PLC (Building products)†

      4,900        1,471  
       

 

 

  
     6,526  
       

 

 

  
 

Italy—1.0%

 

 

Ferrari NV (Automobiles)†

      2,559        1,116  
       

 

 

  
 

Netherlands—2.0%

 

 

ASML Holding NV (Semiconductors & semiconductor equipment)

      2,219        2,136  
       

 

 

  
 

Sweden—3.1%

 

 

Atlas Copco AB (Machinery)

      123,633        2,088  
 

Evolution AB (Hotels, restaurants & leisure)

      9,900        1,231  
       

 

 

  
     3,319  
       

 

 

  
 

Switzerland—1.0%

 

 

Partners Group Holding AG (Capital markets)

      776        1,108  
       

 

 

  
 

Emerging Asia—7.1%

 

 

India—2.3%

 

 

HDFC Bank Ltd.—ADR (Banks)

      20,784        1,163  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      39,495        1,407  
       

 

 

  
     2,570  
       

 

 

  
 

Taiwan—4.8%

 

 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      47,000        1,704  
 

Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)

      25,531        3,473  
       

 

 

  
     5,177  
       

 

 

  
 

United Kingdom—6.9%

 

 

Ashtead Group PLC (Trading companies & distributors)

      19,316        1,375  
 

Compass Group PLC (Hotels, restaurants & leisure)

      64,396        1,888  
 

Experian PLC (Professional services)

      19,348        844  
 

Halma PLC (Electronic equipment, instruments & components)

      40,719        1,217  
 

Rentokil Initial PLC (Commercial services & supplies)

      193,730        1,153  
 

Spirax-Sarco Engineering PLC (Machinery)

      7,599        964  
       

 

 

  
     7,441  
       

 

 

  
 

Japan—1.5%

 

 

Keyence Corp. (Electronic equipment, instruments & components)

      3,400        1,574  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

23

Global Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Shares or
Principal
  Amount  		        Value    
 

Common Stocks—(continued)

 

 

Asia—0.8%

 

 

Hong Kong—0.8%

 

 

AIA Group Ltd. (Insurance)

      125,400      $ 842  
       

 

 

  
 

Emerging Latin America—0.7%

 

 

Brazil—0.7%

 

*

  

MercadoLibre, Inc. (Broadline retail)

      483        730  
       

 

 

  
 

Total Common Stocks—99.7%
(cost $63,978)

 

      108,005  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $364, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $371

    $ 364        364  
       

 

 

  
 

Total Repurchase Agreement—0.3%
(cost $364)

 

      364  
       

 

 

  
 

Total Investments—100.0%
(cost $64,342)

 

      108,369  
 

Cash and other assets, less liabilities—0.0%

 

      15  
       

 

 

  
 

Net assets—100.0%

 

    $ 108,384  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

24

Global Leaders Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

  

Information Technology

      26.8%  

Industrials

      21.9%  

Consumer Discretionary

      17.0%  

Health Care

      11.0%  

Financials

      7.9%  

Communication Services

      6.9%  

Materials

      4.1%  

Energy

      3.5%  

Consumer Staples

      0.9%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

  

U.S. Dollar

      66.5%  

Euro

      13.3%  

British Pound Sterling

      6.9%  

Danish Krone

      4.1%  

Swedish Krona

      3.1%  

New Taiwan Dollar

      1.6%  

Japanese Yen

      1.4%  

Indian Rupee

      1.3%  

Swiss Franc

      1.0%  

All Other Currencies

      0.8%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

25

International Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Europe—45.8%

 

 

Denmark—4.6%

 

 

DSV AS (Air freight & logistics)

      94,900      $ 15,401  
 

Novo Nordisk AS (Pharmaceuticals)

      298,086        37,997  
       

 

 

  
     53,398  
       

 

 

  
 

France—15.7%

 

 

Airbus SE (Aerospace & defense)

      132,868        24,472  
 

Capgemini SE (IT services)

      66,681        15,344  
 

Dassault Systemes SE (Software)

      387,416        17,153  
 

L’Oreal SA (Personal care products)

      44,073        20,857  
 

LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)

      19,786        17,796  
 

Safran SA (Aerospace & defense)

      101,705        23,048  
 

Schneider Electric SE (Electrical equipment)

      89,959        20,347  
 

Thales SA (Aerospace & defense)

      63,946        10,904  
 

TotalEnergies SE (Oil, gas & consumable fuels)

      187,922        12,868  
 

Vinci SA (Construction & engineering)

      143,634        18,403  
       

 

 

  
     181,192  
       

 

 

  
 

Germany—1.3%

 

 

Infineon Technologies AG (Semiconductors & semiconductor equipment)

      452,932        15,400  
       

 

 

  
 

Ireland—7.0%

 

 

CRH PLC (Construction materials)†

      193,538        16,694  

*

  

ICON PLC (Life sciences tools & services)†

      82,788        27,813  
 

Kingspan Group PLC (Building products)

      158,130        14,409  
 

Linde PLC (Chemicals)†

      47,214        21,922  
       

 

 

  
     80,838  
       

 

 

  
 

Italy—2.5%

 

 

Ferrari NV (Automobiles)†

      34,718        15,135  
 

Moncler SpA (Textiles, apparel & luxury goods)

      175,459        13,095  
       

 

 

  
     28,230  
       

 

 

  
 

Netherlands—4.7%

 

 

ASML Holding NV (Semiconductors & semiconductor equipment)

      44,580        42,911  
 

BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)

      70,353        10,770  
       

 

 

  
     53,681  
       

 

 

  
 

Spain—4.0%

 

 

Amadeus IT Group SA (Hotels, restaurants & leisure)

      298,152        19,120  
 

Industria de Diseno Textil SA (Specialty retail)

      523,604        26,363  
       

 

 

  
     45,483  
       

 

 

  
 

Sweden—3.4%

 

 

Atlas Copco AB (Machinery)

      1,367,520        23,099  
 

Evolution AB (Hotels, restaurants & leisure)

      126,638        15,742  
       

 

 

  
     38,841  
       

 

 

  
 

Switzerland—2.6%

 

 

Partners Group Holding AG (Capital markets)

      12,069        17,236  
 

Straumann Holding AG (Health care equipment & supplies)

      81,354        12,990  
       

 

 

  
     30,226  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

26

International Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Japan—15.4%

 

 

Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)

      134,100      $ 5,108  
 

Daiichi Sankyo Co. Ltd. (Pharmaceuticals)

      445,400        14,117  
 

Hoya Corp. (Health care equipment & supplies)

      202,700        25,220  
 

ITOCHU Corp. (Trading companies & distributors)

      185,800        7,934  
 

Keyence Corp. (Electronic equipment, instruments & components)

      34,300        15,881  
 

Lasertec Corp. (Semiconductors & semiconductor equipment)

      64,900        18,405  
 

Mitsui & Co. Ltd. (Trading companies & distributors)

      206,000        9,584  
 

Shin-Etsu Chemical Co. Ltd. (Chemicals)

      560,700        24,468  
 

SMC Corp. (Machinery)

      19,800        11,110  
 

Tokio Marine Holdings, Inc. (Insurance)

      391,500        12,220  
 

Tokyo Electron Ltd. (Semiconductors & semiconductor equipment)

      127,500        33,067  
       

 

 

  
     177,114  
       

 

 

  
 

United Kingdom—14.2%

 

 

Ashtead Group PLC (Trading companies & distributors)

      236,998        16,871  
 

AstraZeneca PLC (Pharmaceuticals)

      143,490        19,338  
 

BAE Systems PLC (Aerospace & defense)

      861,224        14,669  
 

Compass Group PLC (Hotels, restaurants & leisure)

      818,713        24,004  
 

Experian PLC (Professional services)

      432,268        18,845  
 

Haleon PLC (Personal care products)

      3,539,680        14,882  
 

Halma PLC (Electronic equipment, instruments & components)

      376,396        11,250  
 

London Stock Exchange Group PLC (Capital markets)

      203,668        24,395  
 

Rentokil Initial PLC (Commercial services & supplies)

      1,640,611        9,767  
 

Spirax-Sarco Engineering PLC (Machinery)

      75,465        9,572  
       

 

 

  
     163,593  
       

 

 

  
 

Emerging Asia—12.7%

 

 

China—2.0%

 

 

Kweichow Moutai Co. Ltd. (Beverages)

      60,771        14,239  

*

  

PDD Holdings, Inc.—ADR (Broadline retail)

      69,027        8,025  
       

 

 

  
     22,264  
       

 

 

  
 

India—4.9%

 

 

HDFC Bank Ltd. (Banks)

      1,044,017        18,113  
 

Infosys Ltd. (IT services)

      733,004        13,142  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      716,761        25,527  
       

 

 

  
     56,782  
       

 

 

  
 

Taiwan—5.8%

 

 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      633,000        22,944  
 

Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)

      1,836,000        44,116  
       

 

 

  
     67,060  
       

 

 

  
 

Canada—7.9%

 

 

Canadian Pacific Kansas City Ltd. (Ground transportation)

      191,366        16,873  
 

Constellation Software, Inc. (Software)

      4,553        12,437  
 

Dollarama, Inc. (Broadline retail)

      225,143        17,151  
 

Intact Financial Corp. (Insurance)

      90,765        14,744  

*

  

Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)

      42,183        16,479  

*

  

Shopify, Inc. (IT services)

      167,462        12,923  
       

 

 

  
     90,607  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

27

International Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Shares or
Principal
  Amount  		        Value    
 

Common Stocks—(continued)

 

 

Emerging Latin America—2.4%

 

 

Brazil—2.4%

 

 

Itau Unibanco Holding SA—ADR (Banks)

      1,575,081      $ 10,915  

*

  

MercadoLibre, Inc. (Broadline retail)

      11,465        17,335  
       

 

 

  
     28,250  
       

 

 

  
 

Total Common Stocks—98.4%
(cost $823,737)

 

      1,132,959  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $16,593, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $16,920

    $ 16,588        16,588  
       

 

 

  
 

Total Repurchase Agreement—1.4%
(cost $16,588)

 

      16,588  
       

 

 

  
 

Total Investments—99.8%
(cost $840,325)

 

      1,149,547  
 

Cash and other assets, less liabilities—0.2%

 

      1,863  
       

 

 

  
 

Net assets—100.0%

 

    $ 1,151,410  
       

 

 

  

 

ADR = American Depository Receipt

† = U.S. listed foreign security

* = Non-income producing security

 

See accompanying Notes to Financial Statements.

 

28

International Leaders Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

  

Information Technology

      25.2%  

Industrials

      23.4%  

Consumer Discretionary

      16.8%  

Health Care

      12.6%  

Financials

      8.6%  

Materials

      5.6%  

Consumer Staples

      4.4%  

Energy

      3.4%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

  

Euro

      28.5%  

Japanese Yen

      15.6%  

U.S. Dollar

      14.5%  

British Pound Sterling

      14.5%  

New Taiwan Dollar

      5.9%  

Indian Rupee

      5.0%  

Danish Krone

      4.7%  

Canadian Dollar

      3.9%  

Swedish Krona

      3.4%  

Swiss Franc

      2.7%  

Chinese Yuan Renminbi

      1.3%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

29

International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

      
 

Europe, Mid-East—41.3%

      
 

Denmark—3.1%

      
 

DSV AS (Air freight & logistics)

      75,331      $ 12,225  
 

Novo Nordisk AS (Pharmaceuticals)

      272,790        34,772  
       

 

 

  
          46,997  
       

 

 

  
 

Finland—0.3%

      
 

Metso OYJ (Machinery)

      228,434        2,712  
 

Valmet OYJ (Machinery)

      73,045        1,922  
       

 

 

  
          4,634  
       

 

 

  
 

France—11.6%

      
 

Airbus SE (Aerospace & defense)

      130,059        23,954  
 

Capgemini SE (IT services)

      44,379        10,213  
 

Dassault Systemes SE (Software)

      405,417        17,950  
 

Hermes International SCA (Textiles, apparel & luxury goods)

      6,489        16,564  
 

L’Oreal SA (Personal care products)

      27,124        12,836  
 

LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)

      16,864        15,168  
 

Publicis Groupe SA (Media)

      126,522        13,793  
 

Safran SA (Aerospace & defense)

      97,345        22,060  
 

SEB SA (Household durables)

      18,442        2,360  
 

Thales SA (Aerospace & defense)

      79,668        13,584  
 

TotalEnergies SE (Oil, gas & consumable fuels)

      181,104        12,401  
 

Vinci SA (Construction & engineering)

      94,755        12,140  

*

  

VusionGroup (Electronic equipment, instruments & components)

      16,359        2,517  
       

 

 

  
          175,540  
       

 

 

  
 

Germany—3.6%

      
 

CTS Eventim AG & Co. KGaA (Entertainment)

      84,674        7,532  
 

Hannover Rueck SE (Insurance)

      41,687        11,410  
 

Infineon Technologies AG (Semiconductors & semiconductor equipment)

      246,000        8,364  
 

MTU Aero Engines AG (Aerospace & defense)

      52,237        13,255  
 

Nemetschek SE (Software)

      35,509        3,513  
 

Siltronic AG (Semiconductors & semiconductor equipment)

      21,615        1,917  
 

Symrise AG (Chemicals)

      69,005        8,260  
       

 

 

  
          54,251  
       

 

 

  
 

Ireland—5.8%

      
 

Accenture PLC (IT services)†

      39,454        13,675  
 

CRH PLC (Construction materials)†

      142,634        12,303  

*

  

ICON PLC (Life sciences tools & services)†

      48,501        16,294  
 

Kingspan Group PLC (Building products)

      131,977        12,026  
 

Linde PLC (Chemicals)†

      40,033        18,588  
 

Ryanair Holdings PLC—ADR (Passenger airlines)

      96,193        14,005  
       

 

 

  
          86,891  
       

 

 

  
 

Israel—0.5%

      

*

  

Nice Ltd.—ADR (Software)

      30,158        7,860  
       

 

 

  
 

Italy—1.8%

      
 

Azimut Holding SpA (Capital markets)

      82,258        2,234  
 

Brunello Cucinelli SpA (Textiles, apparel & luxury goods)

      53,291        6,094  
 

Ferrari NV (Automobiles)†

      26,135        11,393  
 

Moncler SpA (Textiles, apparel & luxury goods)

      76,073        5,678  

 

See accompanying Notes to Financial Statements.

 

30

International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Europe, Mid-East—(continued)

 

 

Italy — (continued)

 

 

Stevanato Group SpA (Life sciences tools & services)†

      62,359      $ 2,002  
       

 

 

  
     27,401  
       

 

 

  
 

Netherlands—4.1%

 

 

ASML Holding NV (Semiconductors & semiconductor equipment)

      36,792        35,414  
 

BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)

      46,454        7,111  
 

IMCD NV (Trading companies & distributors)

      42,580        7,504  
 

Wolters Kluwer NV (Professional services)

      70,180        10,994  
       

 

 

  
     61,023  
       

 

 

  
 

Norway—0.3%

 

*

  

AutoStore Holdings Ltd. (Machinery)

      1,374,406        2,530  
 

Gjensidige Forsikring ASA (Insurance)

      47,535        688  
 

Kongsberg Gruppen ASA (Aerospace & defense)

      26,740        1,846  
       

 

 

  
     5,064  
       

 

 

  
 

Spain—1.5%

 

 

Amadeus IT Group SA (Hotels, restaurants & leisure)

      154,599        9,914  
 

Industria de Diseno Textil SA (Specialty retail)

      250,464        12,611  
       

 

 

  
     22,525  
       

 

 

  
 

Sweden—4.1%

 

 

Atlas Copco AB (Machinery)

      810,046        13,682  
 

Beijer Ref AB (Trading companies & distributors)

      540,056        8,022  
 

Evolution AB (Hotels, restaurants & leisure)

      90,434        11,242  
 

Fortnox AB (Software)

      401,106        2,508  
 

Hemnet Group AB (Interactive media & services)

      132,061        4,044  
 

Hexagon AB (Electronic equipment, instruments & components)

      735,651        8,708  

*

  

Indutrade AB (Machinery)

      212,885        5,806  
 

Lifco AB (Industrial conglomerates)

      208,714        5,452  
 

Nibe Industrier AB (Building products)

      475,473        2,335  
       

 

 

  
     61,799  
       

 

 

  
 

Switzerland—4.6%

 

 

Belimo Holding AG (Building products)

      6,725        3,298  
 

Galenica AG (Health care providers & services)

      44,569        3,716  
 

Lonza Group AG (Life sciences tools & services)

      19,618        11,751  
 

Partners Group Holding AG (Capital markets)

      7,924        11,317  
 

Siegfried Holding AG (Life sciences tools & services)

      3,629        3,706  
 

SIG Group AG (Containers & packaging)

      247,078        5,479  
 

Sika AG (Chemicals)

      36,197        10,781  
 

Straumann Holding AG (Health care equipment & supplies)

      38,931        6,216  
 

Tecan Group AG (Life sciences tools & services)

      12,074        5,005  
 

VAT Group AG (Machinery)

      16,793        8,701  
       

 

 

  
     69,970  
       

 

 

  
 

Japan—17.3%

 

 

Ajinomoto Co., Inc. (Food products)

      165,500        6,157  
 

BayCurrent Consulting, Inc. (Professional services)

      80,100        1,567  
 

Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)

      301,300        11,476  
 

Daifuku Co. Ltd. (Machinery)

      335,600        8,001  

 

See accompanying Notes to Financial Statements.

 

31

International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Japan—(continued)

 

 

Daiichi Sankyo Co. Ltd. (Pharmaceuticals)

      370,100      $ 11,730  
 

Daikin Industries Ltd. (Building products)

      38,700        5,269  
 

Disco Corp. (Semiconductors & semiconductor equipment)

      43,100        15,713  
 

Harmonic Drive Systems, Inc. (Machinery)

      98,900        2,620  
 

Hoya Corp. (Health care equipment & supplies)

      120,500        14,993  
 

Internet Initiative Japan, Inc. (Diversified telecommunication services)

      142,900        2,661  
 

ITOCHU Corp. (Trading companies & distributors)

      171,800        7,336  
 

Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies)

      132,500        2,158  
 

Japan Exchange Group, Inc. (Capital markets)

      278,300        7,510  
 

Keyence Corp. (Electronic equipment, instruments & components)

      45,700        21,159  
 

Lasertec Corp. (Semiconductors & semiconductor equipment)

      43,000        12,194  
 

MatsukiyoCocokara & Co. (Consumer staples distribution & retail)

      230,500        3,692  
 

Mitsui & Co. Ltd. (Trading companies & distributors)

      173,200        8,058  
 

MonotaRO Co. Ltd. (Trading companies & distributors)

      369,000        4,424  
 

Nomura Research Institute Ltd. (IT services)

      122,600        3,448  
 

Pan Pacific International Holdings Corp. (Broadline retail)

      457,800        12,112  
 

Rakus Co. Ltd. (Software)

      140,000        1,888  
 

SCREEN Holdings Co. Ltd. (Semiconductors & semiconductor equipment)

      49,400        6,360  

*

  

SHIFT, Inc. (IT services)

      18,200        2,890  
 

Shin-Etsu Chemical Co. Ltd. (Chemicals)

      378,700        16,526  
 

SMC Corp. (Machinery)

      21,300        11,952  
 

Socionext, Inc. (Semiconductors & semiconductor equipment)

      85,800        2,325  
 

Sumitomo Mitsui Financial Group, Inc. (Banks)

      219,000        12,777  
 

Sundrug Co. Ltd. (Consumer staples distribution & retail)

      89,800        2,781  
 

TechnoPro Holdings, Inc. (Professional services)

      165,200        3,295  
 

TIS, Inc. (IT services)

      149,400        3,192  
 

Tokio Marine Holdings, Inc. (Insurance)

      528,100        16,484  
 

Tokyo Electron Ltd. (Semiconductors & semiconductor equipment)

      73,800        19,140  
       

 

 

  
     261,888  
       

 

 

  
 

Emerging Asia—14.0%

 

 

China—0.8%

 

 

Airtac International Group (Machinery)

      94,713        3,285  
 

Kweichow Moutai Co. Ltd. (Beverages)

      37,499        8,787  
       

 

 

  
     12,072  
       

 

 

  
 

India—5.3%

 

 

Apollo Hospitals Enterprise Ltd. (Health care providers & services)

      30,144        2,294  
 

Asian Paints Ltd. (Chemicals)

      136,707        4,683  
 

Britannia Industries Ltd. (Food products)

      46,981        2,785  
 

Havells India Ltd. (Electrical equipment)

      211,957        3,876  
 

HDFC Bank Ltd. (Banks)

      660,079        11,452  
 

Infosys Ltd. (IT services)

      346,559        6,213  

*

  

InterGlobe Aviation Ltd. (Passenger airlines)

      105,852        4,493  
 

Mahindra & Mahindra Ltd. (Automobiles)

      266,022        6,109  
 

Max Healthcare Institute Ltd. (Health care providers & services)

      231,824        2,271  
 

Nestle India Ltd. (Food products)

      74,588        2,353  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      539,600        19,217  
 

Tata Consultancy Services Ltd. (IT services)

      144,483        6,725  
 

Titan Co. Ltd. (Textiles, apparel & luxury goods)

      91,340        4,162  
 

Varun Beverages Ltd. (Beverages)

      209,125        3,508  
       

 

 

  
     80,141  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

32

International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

Indonesia—1.2%

 

 

Bank Central Asia Tbk. PT (Banks)

      29,046,100      $ 18,457  
       

 

 

  
 

South Korea—2.2%

 

 

Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)

      314,410        18,870  
 

SK Hynix, Inc. (Semiconductors & semiconductor equipment)

      108,523        14,365  
       

 

 

  
     33,235  
       

 

 

  
 

Taiwan—4.5%

 

 

Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)

      38,000        3,758  
 

Global Unichip Corp. (Semiconductors & semiconductor equipment)

      43,000        1,639  
 

Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment)

      159,000        2,758  
 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      369,000        13,375  
 

Parade Technologies Ltd. (Semiconductors & semiconductor equipment)

      58,000        1,667  
 

Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)

      309,421        42,097  
 

Unimicron Technology Corp. (Electronic equipment, instruments & components)

      359,000        2,131  
       

 

 

  
     67,425  
       

 

 

  
 

United Kingdom—13.1%

 

 

3i Group PLC (Capital markets)

      456,727        16,193  
 

Ashtead Group PLC (Trading companies & distributors)

      168,215        11,974  
 

AstraZeneca PLC (Pharmaceuticals)

      117,031        15,773  
 

BAE Systems PLC (Aerospace & defense)

      674,834        11,494  
 

Beazley PLC (Insurance)

      472,739        3,971  
 

Compass Group PLC (Hotels, restaurants & leisure)

      525,317        15,402  
 

ConvaTec Group PLC (Health care equipment & supplies)

      2,295,200        8,297  
 

Diploma PLC (Trading companies & distributors)

      132,747        6,236  
 

Experian PLC (Professional services)

      186,270        8,120  
 

Greggs PLC (Hotels, restaurants & leisure)

      116,734        4,234  
 

Haleon PLC (Personal care products)

      2,538,262        10,671  
 

Halma PLC (Electronic equipment, instruments & components)

      396,452        11,849  
 

Intermediate Capital Group PLC (Capital markets)

      310,842        8,058  
 

London Stock Exchange Group PLC (Capital markets)

      178,422        21,371  
 

RELX PLC (Professional services)

      283,126        12,236  
 

Rentokil Initial PLC (Commercial services & supplies)

      1,333,365        7,938  
 

Rotork PLC (Machinery)

      959,987        3,984  
 

Smith & Nephew PLC (Health care equipment & supplies)

      253,717        3,175  
 

Softcat PLC (IT services)

      134,244        2,691  
 

Spectris PLC (Electronic equipment, instruments & components)

      85,987        3,589  
 

Spirax-Sarco Engineering PLC (Machinery)

      56,387        7,153  
 

Weir Group PLC (Machinery)

      117,115        2,989  
       

 

 

  
     197,398  
       

 

 

  
 

Canada—7.6%

 

 

Alimentation Couche-Tard, Inc. (Consumer staples distribution & retail)

      168,637        9,625  
 

Boyd Group Services, Inc. (Commercial services & supplies)

      12,789        2,704  
 

Canadian National Railway Co. (Ground transportation)

      101,069        13,309  
 

Canadian Pacific Kansas City Ltd. (Ground transportation)

      210,679        18,576  
 

Constellation Software, Inc. (Software)

      2,855        7,798  
 

Dollarama, Inc. (Broadline retail)

      183,472        13,977  
 

Intact Financial Corp. (Insurance)

      74,796        12,150  

*

  

Kinaxis, Inc. (Software)

      22,875        2,601  

 

See accompanying Notes to Financial Statements.

 

33

International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Canada—(continued)

 

*

  

Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)

      22,172      $ 8,661  
 

Parkland Corp. (Oil, gas & consumable fuels)

      137,436        4,377  

*

  

Shopify, Inc. (IT services)

      84,009        6,483  
 

TFI International, Inc. (Ground transportation)

      43,064        6,867  
 

Toromont Industries Ltd. (Trading companies & distributors)

      85,958        8,272  
       

 

 

  
     115,400  
       

 

 

  
 

Emerging Latin America—2.7%

 

 

Argentina—0.2%

 

*

  

Globant SA (IT services)†

      20,135        4,065  
       

 

 

  
 

Brazil—1.4%

 

*

  

MercadoLibre, Inc. (Broadline retail)

      6,721        10,162  
 

Raia Drogasil SA (Consumer staples distribution & retail)

      686,964        3,749  
 

Rumo SA (Ground transportation)

      610,100        2,708  
 

WEG SA (Electrical equipment)

      599,200        4,564  
       

 

 

  
     21,183  
       

 

 

  
 

Mexico—0.9%

 

 

Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure)

      10,258        3,269  
 

Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)

      2,462,900        9,956  
       

 

 

  
     13,225  
       

 

 

  
 

Peru—0.2%

 

 

Credicorp Ltd. (Banks)†

      18,428        3,122  
       

 

 

  
 

Asia—1.8%

 

 

Australia—0.7%

 

 

Pro Medicus Ltd. (Health care technology)

      70,749        4,783  
 

Steadfast Group Ltd. (Insurance)

      1,012,233        3,879  
 

Technology One Ltd. (Software)

      208,933        2,310  
       

 

 

  
     10,972  
       

 

 

  
 

Hong Kong—0.5%

 

 

Techtronic Industries Co. Ltd. (Machinery)

      534,500        7,246  
       

 

 

  
 

Singapore—0.6%

 

 

DBS Group Holdings Ltd. (Banks)

      363,100        9,689  
       

 

 

  
 

Emerging Africa—0.5%

 

 

South Africa—0.5%

 

 

Bid Corp. Ltd. (Consumer staples distribution & retail)

      218,258        5,322  
 

Clicks Group Ltd. (Consumer staples distribution & retail)

      123,340        1,928  
       

 

 

  
     7,250  
       

 

 

  
 

Total Common Stocks—98.3%
(cost $1,023,831)

 

      1,486,723  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

34

International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Principal  
Amount		        Value    
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $24,917, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $25,409

    $ 24,911      $ 24,911  
       

 

 

  
 

Total Repurchase Agreement—1.7%
(cost $24,911)

 

      24,911  
       

 

 

  
 

Total Investments—100.0%
(cost $1,048,742)

 

      1,511,634  
 

Cash and other assets, less liabilities—0.0%

 

      291  
       

 

 

  
 

Net assets—100.0%

 

    $ 1,511,925  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

35

International Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

  

Industrials

      27.1%  

Information Technology

      24.4%  

Financials

      11.5%  

Consumer Discretionary

      11.2%  

Health Care

      10.6%  

Consumer Staples

      5.7%  

Materials

      5.2%  

Energy

      2.4%  

Communication Services

      1.9%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

  

Euro

      23.1%  

Japanese Yen

      17.6%  

British Pound Sterling

      13.3%  

U.S. Dollar

      13.0%  

Canadian Dollar

      5.5%  

Indian Rupee

      5.4%  

Swiss Franc

      4.7%  

Swedish Krona

      4.2%  

Danish Krone

      3.2%  

South Korean Won

      2.2%  

New Taiwan Dollar

      1.9%  

Indonesian Rupiah

      1.2%  

All Other Currencies

      4.7%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

36

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Europe, Mid-East—41.2%

 

 

Denmark—3.1%

 

 

DSV AS (Air freight & logistics)

      48,666      $ 7,898  
 

Novo Nordisk AS (Pharmaceuticals)

      176,231        22,464  
       

 

 

  
     30,362  
       

 

 

  
 

Finland—0.3%

 

 

Metso OYJ (Machinery)

      147,575        1,752  
 

Valmet OYJ (Machinery)

      47,189        1,242  
       

 

 

  
     2,994  
       

 

 

  
 

France—11.6%

 

 

Airbus SE (Aerospace & defense)

      84,022        15,475  
 

Capgemini SE (IT services)

      28,671        6,598  
 

Dassault Systemes SE (Software)

      261,912        11,596  
 

Hermes International SCA (Textiles, apparel & luxury goods)

      4,192        10,700  
 

L’Oreal SA (Personal care products)

      17,523        8,293  
 

LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)

      10,895        9,799  
 

Publicis Groupe SA (Media)

      81,737        8,911  
 

Safran SA (Aerospace & defense)

      62,888        14,251  
 

SEB SA (Household durables)

      11,914        1,524  
 

Thales SA (Aerospace & defense)

      51,433        8,770  
 

TotalEnergies SE (Oil, gas & consumable fuels)

      116,999        8,012  
 

Vinci SA (Construction & engineering)

      61,347        7,860  

*

  

VusionGroup (Electronic equipment, instruments & components)

      10,568        1,626  
       

 

 

  
     113,415  
       

 

 

  
 

Germany—3.6%

 

 

CTS Eventim AG & Co. KGaA (Entertainment)

      54,702        4,866  
 

Hannover Rueck SE (Insurance)

      26,931        7,371  
 

Infineon Technologies AG (Semiconductors & semiconductor equipment)

      158,923        5,404  
 

MTU Aero Engines AG (Aerospace & defense)

      33,747        8,563  
 

Nemetschek SE (Software)

      22,940        2,270  
 

Siltronic AG (Semiconductors & semiconductor equipment)

      13,964        1,238  
 

Symrise AG (Chemicals)

      44,579        5,336  
       

 

 

  
     35,048  
       

 

 

  
 

Ireland—5.7%

 

 

Accenture PLC (IT services)†

      25,471        8,829  
 

CRH PLC (Construction materials)†

      92,146        7,949  

*

  

ICON PLC (Life sciences tools & services)†

      31,333        10,526  
 

Kingspan Group PLC (Building products)

      85,446        7,786  
 

Linde PLC (Chemicals)†

      25,862        12,008  
 

Ryanair Holdings PLC—ADR (Passenger airlines)

      62,143        9,047  
       

 

 

  
     56,145  
       

 

 

  
 

Israel—0.5%

 

*

  

Nice Ltd.—ADR (Software)

      19,470        5,074  
       

 

 

  
 

Italy—1.8%

 

 

Azimut Holding SpA (Capital markets)

      53,141        1,444  
 

Brunello Cucinelli SpA (Textiles, apparel & luxury goods)

      34,428        3,937  
 

Ferrari NV (Automobiles)†

      16,884        7,360  
 

Moncler SpA (Textiles, apparel & luxury goods)

      49,145        3,668  

 

See accompanying Notes to Financial Statements.

 

37

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Europe, Mid-East—(continued)

 

 

Italy — (continued)

 

 

Stevanato Group SpA (Life sciences tools & services)†

      40,286      $ 1,293  
       

 

 

  
     17,702  
       

 

 

  
 

Netherlands—4.0%

 

 

ASML Holding NV (Semiconductors & semiconductor equipment)

      23,769        22,879  
 

BE Semiconductor Industries NV (Semiconductors & semiconductor equipment)

      30,010        4,594  
 

IMCD NV (Trading companies & distributors)

      27,568        4,858  
 

Wolters Kluwer NV (Professional services)

      45,308        7,098  
       

 

 

  
     39,429  
       

 

 

  
 

Norway—0.4%

 

*

  

AutoStore Holdings Ltd. (Machinery)

      887,909        1,634  
 

Gjensidige Forsikring ASA (Insurance)

      30,709        445  
 

Kongsberg Gruppen ASA (Aerospace & defense)

      17,270        1,192  
       

 

 

  
     3,271  
       

 

 

  
 

Spain—1.5%

 

 

Amadeus IT Group SA (Hotels, restaurants & leisure)

      99,876        6,405  
 

Industria de Diseno Textil SA (Specialty retail)

      161,807        8,147  
       

 

 

  
     14,552  
       

 

 

  
 

Sweden—4.1%

 

 

Atlas Copco AB (Machinery)

      523,315        8,839  
 

Beijer Ref AB (Trading companies & distributors)

      348,893        5,183  
 

Evolution AB (Hotels, restaurants & leisure)

      58,423        7,263  
 

Fortnox AB (Software)

      259,127        1,621  
 

Hemnet Group AB (Interactive media & services)

      85,360        2,614  
 

Hexagon AB (Electronic equipment, instruments & components)

      475,253        5,625  

*

  

Indutrade AB (Machinery)

      137,530        3,750  
 

Lifco AB (Industrial conglomerates)

      134,836        3,522  
 

Nibe Industrier AB (Building products)

      307,170        1,508  
       

 

 

  
     39,925  
       

 

 

  
 

Switzerland—4.6%

 

 

Belimo Holding AG (Building products)

      4,345        2,130  
 

Galenica AG (Health care providers & services)

      28,793        2,401  
 

Lonza Group AG (Life sciences tools & services)

      12,701        7,608  
 

Partners Group Holding AG (Capital markets)

      5,119        7,311  
 

Siegfried Holding AG (Life sciences tools & services)

      2,345        2,395  
 

SIG Group AG (Containers & packaging)

      159,620        3,540  
 

Sika AG (Chemicals)

      23,384        6,964  
 

Straumann Holding AG (Health care equipment & supplies)

      25,151        4,016  
 

Tecan Group AG (Life sciences tools & services)

      7,800        3,233  
 

VAT Group AG (Machinery)

      10,849        5,621  
       

 

 

  
     45,219  
       

 

 

  
 

Japan—17.3%

 

 

Ajinomoto Co., Inc. (Food products)

      106,900        3,977  
 

BayCurrent Consulting, Inc. (Professional services)

      51,700        1,012  
 

Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals)

      194,600        7,412  
 

Daifuku Co. Ltd. (Machinery)

      217,300        5,181  

 

See accompanying Notes to Financial Statements.

 

38

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Japan—(continued)

 

 

Daiichi Sankyo Co. Ltd. (Pharmaceuticals)

      239,100      $ 7,578  
 

Daikin Industries Ltd. (Building products)

      25,000        3,404  
 

Disco Corp. (Semiconductors & semiconductor equipment)

      27,900        10,172  
 

Harmonic Drive Systems, Inc. (Machinery)

      63,900        1,693  
 

Hoya Corp. (Health care equipment & supplies)

      77,900        9,692  
 

Internet Initiative Japan, Inc. (Diversified telecommunication services)

      92,300        1,718  
 

ITOCHU Corp. (Trading companies & distributors)

      111,000        4,740  
 

Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies)

      85,600        1,394  
 

Japan Exchange Group, Inc. (Capital markets)

      180,200        4,863  
 

Keyence Corp. (Electronic equipment, instruments & components)

      29,500        13,659  
 

Lasertec Corp. (Semiconductors & semiconductor equipment)

      27,800        7,884  
 

MatsukiyoCocokara & Co. (Consumer staples distribution & retail)

      148,900        2,385  
 

Mitsui & Co. Ltd. (Trading companies & distributors)

      111,900        5,206  
 

MonotaRO Co. Ltd. (Trading companies & distributors)

      238,400        2,858  
 

Nomura Research Institute Ltd. (IT services)

      79,200        2,227  
 

Pan Pacific International Holdings Corp. (Broadline retail)

      295,800        7,826  
 

Rakus Co. Ltd. (Software)

      90,400        1,219  
 

SCREEN Holdings Co. Ltd. (Semiconductors & semiconductor equipment)

      31,900        4,107  

*

  

SHIFT, Inc. (IT services)

      11,800        1,874  
 

Shin-Etsu Chemical Co. Ltd. (Chemicals)

      244,600        10,674  
 

SMC Corp. (Machinery)

      13,800        7,743  
 

Socionext, Inc. (Semiconductors & semiconductor equipment)

      55,500        1,504  
 

Sumitomo Mitsui Financial Group, Inc. (Banks)

      141,500        8,255  
 

Sundrug Co. Ltd. (Consumer staples distribution & retail)

      58,000        1,796  
 

TechnoPro Holdings, Inc. (Professional services)

      106,700        2,128  
 

TIS, Inc. (IT services)

      96,500        2,062  
 

Tokio Marine Holdings, Inc. (Insurance)

      341,200        10,650  
 

Tokyo Electron Ltd. (Semiconductors & semiconductor equipment)

      47,700        12,371  
       

 

 

  
     169,264  
       

 

 

  
 

Emerging Asia—14.0%

 

 

China—0.8%

 

 

Airtac International Group (Machinery)

      61,204        2,123  
 

Kweichow Moutai Co. Ltd. (Beverages)

      24,200        5,670  
       

 

 

  
     7,793  
       

 

 

  
 

India—5.3%

 

 

Apollo Hospitals Enterprise Ltd. (Health care providers & services)

      19,461        1,481  
 

Asian Paints Ltd. (Chemicals)

      88,317        3,025  
 

Britannia Industries Ltd. (Food products)

      30,351        1,799  
 

Havells India Ltd. (Electrical equipment)

      136,931        2,504  
 

HDFC Bank Ltd. (Banks)

      426,432        7,398  
 

Infosys Ltd. (IT services)

      223,887        4,014  

*

  

InterGlobe Aviation Ltd. (Passenger airlines)

      68,383        2,903  
 

Mahindra & Mahindra Ltd. (Automobiles)

      171,858        3,947  
 

Max Healthcare Institute Ltd. (Health care providers & services)

      149,663        1,466  
 

Nestle India Ltd. (Food products)

      48,186        1,520  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      349,353        12,442  
 

Tata Consultancy Services Ltd. (IT services)

      93,341        4,345  
 

Titan Co. Ltd. (Textiles, apparel & luxury goods)

      59,009        2,688  
 

Varun Beverages Ltd. (Beverages)

      135,101        2,266  
       

 

 

  
     51,798  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

39

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

Indonesia—1.2%

 

 

Bank Central Asia Tbk. PT (Banks)

      18,764,630      $ 11,924  
       

 

 

  
 

South Korea—2.2%

 

 

Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)

      203,119        12,191  
 

SK Hynix, Inc. (Semiconductors & semiconductor equipment)

      70,109        9,280  
       

 

 

  
     21,471  
       

 

 

  
 

Taiwan—4.5%

 

 

Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)

      25,000        2,472  
 

Global Unichip Corp. (Semiconductors & semiconductor equipment)

      28,000        1,067  
 

Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment)

      102,000        1,769  
 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      238,000        8,627  
 

Parade Technologies Ltd. (Semiconductors & semiconductor equipment)

      37,000        1,064  
 

Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)

      199,896        27,196  
 

Unimicron Technology Corp. (Electronic equipment, instruments & components)

      232,000        1,377  
       

 

 

  
     43,572  
       

 

 

  
 

United Kingdom—13.0%

 

 

3i Group PLC (Capital markets)

      295,060        10,461  
 

Ashtead Group PLC (Trading companies & distributors)

      108,672        7,736  
 

AstraZeneca PLC (Pharmaceuticals)

      75,554        10,183  
 

BAE Systems PLC (Aerospace & defense)

      435,964        7,426  
 

Beazley PLC (Insurance)

      305,404        2,565  
 

Compass Group PLC (Hotels, restaurants & leisure)

      339,371        9,950  
 

ConvaTec Group PLC (Health care equipment & supplies)

      1,482,770        5,360  
 

Diploma PLC (Trading companies & distributors)

      85,759        4,029  
 

Experian PLC (Professional services)

      120,336        5,246  
 

Greggs PLC (Hotels, restaurants & leisure)

      75,414        2,735  
 

Haleon PLC (Personal care products)

      1,639,796        6,894  
 

Halma PLC (Electronic equipment, instruments & components)

      256,120        7,655  
 

Intermediate Capital Group PLC (Capital markets)

      200,813        5,206  
 

London Stock Exchange Group PLC (Capital markets)

      115,266        13,806  
 

RELX PLC (Professional services)

      182,908        7,904  
 

Rentokil Initial PLC (Commercial services & supplies)

      860,811        5,125  
 

Rotork PLC (Machinery)

      620,181        2,574  
 

Smith & Nephew PLC (Health care equipment & supplies)

      163,909        2,051  
 

Softcat PLC (IT services)

      86,726        1,738  
 

Spectris PLC (Electronic equipment, instruments & components)

      55,550        2,319  
 

Spirax-Sarco Engineering PLC (Machinery)

      36,428        4,621  
 

Weir Group PLC (Machinery)

      75,660        1,931  
       

 

 

  
     127,515  
       

 

 

  
 

Canada—7.6%

 

 

Alimentation Couche-Tard, Inc. (Consumer staples distribution & retail)

      108,945        6,218  
 

Boyd Group Services, Inc. (Commercial services & supplies)

      8,262        1,747  
 

Canadian National Railway Co. (Ground transportation)

      65,294        8,598  
 

Canadian Pacific Kansas City Ltd. (Ground transportation)

      136,105        12,000  
 

Constellation Software, Inc. (Software)

      1,845        5,040  
 

Dollarama, Inc. (Broadline retail)

      118,529        9,030  
 

Intact Financial Corp. (Insurance)

      48,321        7,849  

*

  

Kinaxis, Inc. (Software)

      14,778        1,680  

 

See accompanying Notes to Financial Statements.

 

40

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Canada—(continued)

 

*

  

Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)

      14,324      $ 5,596  
 

Parkland Corp. (Oil, gas & consumable fuels)

      88,788        2,828  

*

  

Shopify, Inc. (IT services)

      54,272        4,188  
 

TFI International, Inc. (Ground transportation)

      27,821        4,436  
 

Toromont Industries Ltd. (Trading companies & distributors)

      55,532        5,344  
       

 

 

  
     74,554  
       

 

 

  
 

Emerging Latin America—2.7%

 

 

Argentina—0.2%

 

*

  

Globant SA (IT services)†

      13,008        2,626  
       

 

 

  
 

Brazil—1.4%

 

*

  

MercadoLibre, Inc. (Broadline retail)

      4,342        6,565  
 

Raia Drogasil SA (Consumer staples distribution & retail)

      443,800        2,422  
 

Rumo SA (Ground transportation)

      394,100        1,749  
 

WEG SA (Electrical equipment)

      386,900        2,947  
       

 

 

  
     13,683  
       

 

 

  
 

Mexico—0.9%

 

 

Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure)

      6,627        2,112  
 

Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)

      1,591,100        6,432  
       

 

 

  
     8,544  
       

 

 

  
 

Peru—0.2%

 

 

Credicorp Ltd. (Banks)†

      11,905        2,017  
       

 

 

  
 

Asia—1.8%

 

 

Australia—0.7%

 

 

Pro Medicus Ltd. (Health care technology)

      45,706        3,090  
 

Steadfast Group Ltd. (Insurance)

      653,934        2,506  
 

Technology One Ltd. (Software)

      135,177        1,495  
       

 

 

  
     7,091  
       

 

 

  
 

Hong Kong—0.5%

 

 

Techtronic Industries Co. Ltd. (Machinery)

      345,500        4,683  
       

 

 

  
 

Singapore—0.6%

 

 

DBS Group Holdings Ltd. (Banks)

      234,600        6,260  
       

 

 

  
 

Emerging Africa—0.5%

 

 

South Africa—0.5%

 

 

Bid Corp. Ltd. (Consumer staples distribution & retail)

      141,001        3,438  
 

Clicks Group Ltd. (Consumer staples distribution & retail)

      79,682        1,246  
       

 

 

  
     4,684  
       

 

 

  
 

Total Common Stocks—98.1%
(cost $670,525)

 

      960,615  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

41

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Principal  
Amount		      Value    
 

Repurchase Agreement

 

 

  

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $19,259, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $19,639

    $ 19,254    $  19,254  
       

 

 

  
 

Total Repurchase Agreement—2.0%
(cost $19,254)

      19,254  
       

 

 

  
 

Total Investments—100.1%
(cost $689,779)

      979,869  
 

Liabilities, plus cash and other assets—(0.1)%

      (700 ) 
       

 

 

  
 

Net assets—100.0%

    $  979,169  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

42

Institutional International Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

  

Industrials

      27.1%  

Information Technology

      24.4%  

Financials

      11.5%  

Consumer Discretionary

      11.2%  

Health Care

      10.6%  

Consumer Staples

      5.7%  

Materials

      5.2%  

Energy

      2.4%  

Communication Services

      1.9%  
  

 

 

  

Total

      100.0%  
  

 

 

  
  

 

 

  

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

  

Euro

      23.1%  

Japanese Yen

      17.6%  

British Pound Sterling

      13.3%  

U.S. Dollar

      13.0%  

Canadian Dollar

      5.5%  

Indian Rupee

      5.4%  

Swiss Franc

      4.7%  

Swedish Krona

      4.2%  

Danish Krone

      3.2%  

South Korean Won

      2.2%  

New Taiwan Dollar

      1.9%  

Indonesian Rupiah

      1.2%  

All Other Currencies

      4.7%  
  

 

 

  

Total

      100.0%  
  

 

 

  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

43

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Europe—30.5%

 

 

Belgium—1.8%

 

 

Azelis Group NV (Trading companies & distributors)

      48,053      $ 1,016  
 

D’ieteren Group (Distributors)

      14,544        3,226  
       

 

 

  
     4,242  
       

 

 

  
 

Finland—0.6%

 

 

Puuilo OYJ (Broadline retail)

      139,518        1,491  
       

 

 

  
 

France—3.0%

 

 

Dassault Aviation SA (Aerospace & defense)

      16,552        3,643  
 

SEB SA (Household durables)

      10,353        1,325  

*

  

VusionGroup (Electronic equipment, instruments & components)

      13,381        2,058  
       

 

 

  
     7,026  
       

 

 

  
 

Germany—4.1%

 

 

CTS Eventim AG & Co. KGaA (Entertainment)

      45,346        4,034  
 

Nemetschek SE (Software)

      18,794        1,860  
 

Siltronic AG (Semiconductors & semiconductor equipment)

      41,244        3,657  
       

 

 

  
     9,551  
       

 

 

  
 

Italy—5.0%

 

 

Ariston Holding NV (Household durables)

      355,906        1,999  
 

Azimut Holding SpA (Capital markets)

      73,203        1,989  
 

Brunello Cucinelli SpA (Textiles, apparel & luxury goods)

      31,577        3,611  
 

Carel Industries SpA (Building products)

      79,129        1,737  
 

Sanlorenzo SpA (Leisure products)

      12,631        574  
 

Stevanato Group SpA (Life sciences tools & services)†

      58,613        1,881  
       

 

 

  
     11,791  
       

 

 

  
 

Jersey—0.3%

 

 

JTC PLC (Capital markets)

      57,640        597  
       

 

 

  
 

Norway—1.8%

 

*

  

AutoStore Holdings Ltd. (Machinery)

      815,575        1,501  
 

Gjensidige Forsikring ASA (Insurance)

      56,605        820  
 

Kongsberg Gruppen ASA (Aerospace & defense)

      29,064        2,006  
       

 

 

  
     4,327  
       

 

 

  
 

Sweden—10.3%

 

 

AddTech AB (Trading companies & distributors)

      134,376        3,061  
 

Beijer Ref AB (Trading companies & distributors)

      253,896        3,771  

*

  

BoneSupport Holding AB (Biotechnology)

      49,675        1,058  
 

Bufab AB (Trading companies & distributors)

      42,554        1,669  
 

Fortnox AB (Software)

      372,581        2,330  
 

Hemnet Group AB (Interactive media & services)

      85,030        2,604  
 

Lagercrantz Group AB (Electronic equipment, instruments & components)

      176,882        2,707  
 

Lifco AB (Industrial conglomerates)

      145,974        3,813  
 

MIPS AB (Leisure products)

      31,934        1,047  

*

  

Sdiptech AB (Commercial services & supplies)

      57,993        1,412  
 

Vitec Software Group AB (Software)

      16,377        851  
       

 

 

  
     24,323  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

44

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Europe—(continued)

 

 

Switzerland—3.6%

 

 

Galenica AG (Health care providers & services)

      22,423      $ 1,870  
 

Kardex Holding AG (Machinery)

      13,843        3,883  
 

Siegfried Holding AG (Life sciences tools & services)

      2,621        2,677  
       

 

 

  
     8,430  
       

 

 

  
 

Japan—18.9%

 

 

AZ-COM MARUWA Holdings, Inc. (Air freight & logistics)

      181,200        1,619  
 

BayCurrent Consulting, Inc. (Professional services)

      68,200        1,334  
 

Fukuoka Financial Group, Inc. (Banks)

      82,000        2,182  
 

Internet Initiative Japan, Inc. (Diversified telecommunication services)

      90,000        1,676  
 

Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies)

      209,500        3,413  
 

Kokusai Electric Corp. (Semiconductors & semiconductor equipment)

      87,800        2,230  
 

Kotobuki Spirits Co. Ltd. (Food products)

      99,700        1,249  
 

Kurita Water Industries Ltd. (Machinery)

      46,500        1,921  
 

MEITEC Group Holdings, Inc. (Professional services)

      180,900        3,489  
 

OBIC Business Consultants Co. Ltd. (Software)

      25,200        1,179  
 

PAL GROUP Holdings Co. Ltd. (Specialty retail)

      120,700        2,052  
 

Rakus Co. Ltd. (Software)

      123,000        1,659  

*

  

Rakuten Bank Ltd. (Banks)

      10,500        209  
 

Sangetsu Corp. (Household durables)

      2,200        48  
 

SBI Sumishin Net Bank Ltd. (Banks)

      110,600        1,608  
 

Senko Group Holdings Co. Ltd. (Air freight & logistics)

      147,100        1,099  

*

  

SHIFT, Inc. (IT services)

      14,800        2,350  
 

Shimamura Co. Ltd. (Specialty retail)

      23,300        1,326  
 

SIGMAXYZ Holdings, Inc. (Professional services)

      88,400        983  
 

SMS Co. Ltd. (Professional services)

      165,900        2,843  
 

Socionext, Inc. (Semiconductors & semiconductor equipment)

      68,600        1,859  
 

Sundrug Co. Ltd. (Consumer staples distribution & retail)

      80,700        2,499  
 

TechnoPro Holdings, Inc. (Professional services)

      130,100        2,595  
 

TIS, Inc. (IT services)

      81,300        1,737  
 

Yamazaki Baking Co. Ltd. (Food products)

      53,100        1,368  
       

 

 

  
     44,527  
       

 

 

  
 

Emerging Asia—15.8%

 

 

China—1.2%

 

 

Proya Cosmetics Co. Ltd. (Personal care products)

      149,591        1,922  
 

Silergy Corp. (Semiconductors & semiconductor equipment)

      81,000        827  
       

 

 

  
     2,749  
       

 

 

  
 

India—7.7%

 

 

AU Small Finance Bank Ltd. (Banks)

      232,467        1,575  
 

Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)

      119,437        1,663  
 

Coforge Ltd. (IT services)

      22,110        1,456  
 

Home First Finance Co. India Ltd. (Financial services)

      81,469        878  
 

Max Healthcare Institute Ltd. (Health care providers & services)

      171,498        1,680  
 

Motherson Sumi Wiring India Ltd. (Automobile components)

      2,554,350        2,017  
 

Polycab India Ltd. (Electrical equipment)

      21,858        1,327  
 

Sundaram Finance Ltd. (Consumer finance)

      35,106        1,722  
 

Tube Investments of India Ltd. (Automobile components)

      50,768        2,271  
 

Varun Beverages Ltd. (Beverages)

      210,095        3,524  
       

 

 

  
     18,113  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

45

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (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)

      3,573,400      $ 1,330  
       

 

 

  
 

Taiwan—5.8%

 

 

Advantech Co. Ltd. (Technology hardware, storage & peripherals)

      119,000        1,513  
 

ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)

      31,000        2,238  
 

ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)

      21,600        2,248  
 

Global Unichip Corp. (Semiconductors & semiconductor equipment)

      28,000        1,067  
 

Innodisk Corp. (Technology hardware, storage & peripherals)

      181,000        1,756  
 

Lotes Co. Ltd. (Electronic equipment, instruments & components)

      36,000        1,558  
 

Parade Technologies Ltd. (Semiconductors & semiconductor equipment)

      53,000        1,524  
 

Voltronic Power Technology Corp. (Electrical equipment)

      36,451        1,879  
       

 

 

  
     13,783  
       

 

 

  
 

Thailand—0.5%

 

 

Tisco Financial Group PCL (Banks)

      403,100        1,096  
       

 

 

  
 

United Kingdom—9.0%

 

 

Beazley PLC (Insurance)

      539,245        4,529  
 

Burford Capital Ltd. (Financial services)

      158,520        2,487  
 

Diploma PLC (Trading companies & distributors)

      89,181        4,190  
 

Greggs PLC (Hotels, restaurants & leisure)

      50,871        1,845  
 

Renishaw PLC (Electronic equipment, instruments & components)

      22,678        1,217  
 

Rotork PLC (Machinery)

      812,258        3,371  
 

Softcat PLC (IT services)

      140,906        2,824  

*

  

Trustpilot Group PLC (Interactive media & services)

      276,367        693  
       

 

 

  
     21,156  
       

 

 

  
 

Canada—7.7%

 

 

Boyd Group Services, Inc. (Commercial services & supplies)

      13,685        2,893  
 

EQB, Inc. (Banks)

      35,330        2,216  

*

  

Kinaxis, Inc. (Software)

      19,411        2,207  
 

North West Co., Inc. (Consumer staples distribution & retail)

      139,104        4,031  
 

Parkland Corp. (Oil, gas & consumable fuels)

      105,587        3,363  
 

Richelieu Hardware Ltd. (Trading companies & distributors)

      49,515        1,557  
 

Stella-Jones, Inc. (Paper & forest products)

      30,727        1,792  
       

 

 

  
     18,059  
       

 

 

  
 

Emerging Latin America—7.5%

 

 

Brazil—1.1%

 

 

Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)

      207,600        1,059  
 

TOTVS SA (Software)

      282,100        1,597  
       

 

 

  
     2,656  
       

 

 

  
 

Mexico—6.4%

 

 

Arca Continental SAB de CV (Beverages)

      104,500        1,142  

*

  

BBB Foods, Inc. (Consumer staples distribution & retail)†

      57,752        1,373  
 

Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)

      735,200        2,864  
 

Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development)

      6,060        238  
 

Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure)

      342,000        3,369  
 

Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure)

      81,460        2,576  

 

See accompanying Notes to Financial Statements.

 

46

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares or  
Principal
Amount		        Value    
 

Common Stocks—(continued)

 

 

Emerging Latin America—(continued)

 

 

Mexico — (continued)

 

 

Qualitas Controladora SAB de CV (Insurance)

      174,800      $ 2,029  
 

Regional SAB de CV (Banks)

      144,300        1,421  
       

 

 

  
     15,012  
       

 

 

  
 

Asia—5.6%

 

 

Australia—4.0%

 

 

Pro Medicus Ltd. (Health care technology)

      57,285        3,873  
 

Steadfast Group Ltd. (Insurance)

      834,089        3,196  
 

Technology One Ltd. (Software)

      216,332        2,392  
       

 

 

  
     9,461  
       

 

 

  
 

New Zealand—1.3%

 

 

Mainfreight Ltd. (Air freight & logistics)

      69,442        2,892  
       

 

 

  
 

Singapore—0.3%

 

 

Sheng Siong Group Ltd. (Consumer staples distribution & retail)

      633,600        718  
       

 

 

  
 

Emerging Europe, Africa—2.7%

 

 

Greece—1.1%

 

 

JUMBO SA (Specialty retail)

      90,203        2,598  
       

 

 

  
 

Lithuania—0.3%

 

 

Baltic Classifieds Group PLC (Interactive media & services)

      249,960        711  
       

 

 

  
 

Poland—0.8%

 

*

  

Dino Polska SA (Consumer staples distribution & retail)

      19,370        1,880  
       

 

 

  
 

South Africa—0.5%

 

 

Clicks Group Ltd. (Consumer staples distribution & retail)

      78,899        1,234  
       

 

 

  
 

Total Common Stocks—97.7%
(cost $191,421)

 

      229,753  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $4,646, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $4,738

    $ 4,645        4,645  
       

 

 

  
 

Total Repurchase Agreement—2.0%
(cost $4,645)

 

      4,645  
       

 

 

  
 

Total Investments—99.7%
(cost $196,066)

 

      234,398  
 

Cash and other assets, less liabilities—0.3%

 

      794  
       

 

 

  
 

Net assets—100.0%

 

    $ 235,192  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

47

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

  

Industrials

      30.8%  

Information Technology

      21.3%  

Financials

      13.7%  

Consumer Discretionary

      11.1%  

Consumer Staples

      9.1%  

Health Care

      5.7%  

Communication Services

      4.2%  

Real Estate

      1.8%  

Energy

      1.5%  

Materials

      0.8%  
  

 

 

  

Total

      100.0%  
  

 

 

  
  

 

 

  

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

  

Japanese Yen

      19.4%  

Euro

      15.1%  

Swedish Krona

      10.6%  

British Pound Sterling

      9.8%  

Indian Rupee

      7.9%  

Canadian Dollar

      7.9%  

New Taiwan Dollar

      6.4%  

Mexican Peso

      5.8%  

Australian Dollar

      4.1%  

Swiss Franc

      3.7%  

Norwegian Krone

      1.9%  

U.S. Dollar

      1.5%  

New Zealand Dollar

      1.2%  

Brazilian Real

      1.1%  

All Other Currencies

      3.6%  
  

 

 

  

Total

      100.0%  
  

 

 

  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

48

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Emerging Asia—73.9%

 

 

China—20.3%

 

 

Airtac International Group (Machinery)

      140,000      $ 4,856  
 

Alibaba Group Holding Ltd. (Broadline retail)

      551,928        4,954  
 

ANTA Sports Products Ltd. (Textiles, apparel & luxury goods)

      229,000        2,434  
 

Contemporary Amperex Technology Co. Ltd. (Electrical equipment)

      89,320        2,322  
 

Kweichow Moutai Co. Ltd. (Beverages)

      16,359        3,833  

*

  

Meituan (Hotels, restaurants & leisure)

      418,500        5,176  
 

Midea Group Co. Ltd. (Household durables)

      362,195        3,221  
 

NARI Technology Co. Ltd. (Electrical equipment)

      767,100        2,546  

*

  

PDD Holdings, Inc.—ADR (Broadline retail)

      16,062        1,867  
 

Proya Cosmetics Co. Ltd. (Personal care products)

      145,400        1,868  
 

Shenzhen Inovance Technology Co. Ltd. (Machinery)

      403,300        3,345  
 

Silergy Corp. (Semiconductors & semiconductor equipment)

      201,000        2,054  
 

Sungrow Power Supply Co. Ltd. (Electrical equipment)

      204,500        2,906  
 

Tencent Holdings Ltd. (Interactive media & services)

      257,800        10,006  
       

 

 

  
       51,388  
       

 

 

  
 

India—20.8%

 

 

Apollo Hospitals Enterprise Ltd. (Health care providers & services)

      17,468        1,330  
 

Britannia Industries Ltd. (Food products)

      32,991        1,956  
 

Havells India Ltd. (Electrical equipment)

      128,586        2,351  
 

HDFC Bank Ltd. (Banks)

      335,018        5,812  
 

Hindustan Unilever Ltd. (Personal care products)

      71,191        1,931  
 

Infosys Ltd. (IT services)

      201,219        3,607  

*

  

InterGlobe Aviation Ltd. (Passenger airlines)

      85,874        3,645  
 

Kotak Mahindra Bank Ltd. (Banks)

      162,191        3,481  
 

Mahindra & Mahindra Ltd. (Automobiles)

      132,945        3,053  

*

  

MakeMyTrip Ltd. (Hotels, restaurants & leisure)†

      30,973        2,201  
 

Nestle India Ltd. (Food products)

      96,322        3,039  
 

Pidilite Industries Ltd. (Chemicals)

      95,220        3,443  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      206,878        7,368  
 

Tata Consultancy Services Ltd. (IT services)

      103,310        4,809  
 

Tata Consumer Products Ltd. (Food products)

      187,385        2,471  
 

Titan Co. Ltd. (Textiles, apparel & luxury goods)

      46,998        2,141  
       

 

 

  
     52,638  
       

 

 

  
 

Indonesia—5.3%

 

 

Bank Central Asia Tbk. PT (Banks)

      10,771,600        6,845  
 

Bank Rakyat Indonesia Persero Tbk. PT (Banks)

      12,334,700        4,706  
 

Telkom Indonesia Persero Tbk. PT (Diversified telecommunication services)

      8,731,700        1,911  
       

 

 

  
     13,462  
       

 

 

  
 

South Korea—9.2%

 

 

Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)

      311,955        18,723  
 

SK Hynix, Inc. (Semiconductors & semiconductor equipment)

      35,015        4,635  
       

 

 

  
     23,358  
       

 

 

  
 

Taiwan—15.9%

 

 

Advantech Co. Ltd. (Technology hardware, storage & peripherals)

      216,000        2,747  
 

Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)

      14,000        1,384  
 

ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)

      16,000        1,665  
 

eMemory Technology, Inc. (Semiconductors & semiconductor equipment)

      18,000        1,350  
 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      157,000        5,691  

 

See accompanying Notes to Financial Statements.

 

49

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

Taiwan — (continued)

 

 

Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components)

      177,000      $ 1,549  
 

Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)

      313,000        7,521  
 

Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)

      114,585        15,589  
 

Voltronic Power Technology Corp. (Electrical equipment)

      56,000        2,887  
       

 

 

  
     40,383  
       

 

 

  
 

Thailand—2.4%

 

 

Airports of Thailand PCL (Transportation infrastructure)

      1,820,900        3,256  
 

Bangkok Dusit Medical Services PCL (Health care providers & services)

      3,591,000        2,781  
       

 

 

  
 

Total Thailand

 

      6,037  
       

 

 

  
 

Emerging Latin America—19.8%

 

 

Argentina—1.4%

 

*

  

Globant SA (IT services)†

      16,932        3,419  
       

 

 

  
 

Brazil—12.8%

 

 

B3 SA - Brasil Bolsa Balcao (Capital markets)

      1,016,300        2,429  
 

Banco BTG Pactual SA (Capital markets)

      514,300        3,736  
 

Itau Unibanco Holding SA—ADR (Banks)

      322,607        2,236  

*

  

MercadoLibre, Inc. (Broadline retail)

      4,964        7,505  
 

Raia Drogasil SA (Consumer staples distribution & retail)

      775,884        4,234  
 

Rumo SA (Ground transportation)

      567,300        2,518  
 

TOTVS SA (Software)

      701,800        3,971  
 

WEG SA (Electrical equipment)

      760,800        5,795  
       

 

 

  
     32,424  
       

 

 

  
 

Mexico—4.9%

 

 

Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure)

      194,600        3,137  
 

Grupo Financiero Banorte SAB de CV (Banks)

      340,500        3,618  
 

Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)

      1,417,200        5,729  
       

 

 

  
     12,484  
       

 

 

  
 

Peru—0.7%

 

 

Credicorp Ltd. (Banks)†

      10,998        1,863  
       

 

 

  
 

Emerging Mid-East, Africa—4.3%

 

 

Saudi Arabia—2.1%

 

 

Saudi Arabian Oil Co. (Oil, gas & consumable fuels)

      655,646        5,375  
       

 

 

  
 

South Africa—1.5%

 

 

Capitec Bank Holdings Ltd. (Banks)

      17,000        1,881  
 

Clicks Group Ltd. (Consumer staples distribution & retail)

      118,191        1,848  
       

 

 

  
     3,729  
       

 

 

  
 

United Arab Emirates—0.7%

 

 

Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail)

      1,653,361        1,639  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

50

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Shares or
Principal
  Amount  		        Value    

 

  

Common Stocks—(continued)

 

 

Asia—1.2%

 

 

Hong Kong—1.2%

 

 

AIA Group Ltd. (Insurance)

      461,000      $ 3,095  
       

 

 

  
 

Total Common Stocks—99.2%
(cost $210,881)

 

      251,294  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $2,144, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $2,187

    $ 2,144        2,144  
       

 

 

  
 

Total Repurchase Agreement—0.8%
(cost $2,144)

 

      2,144  
       

 

 

  
 

Total Investments—100.0%
(cost $213,025)

 

      253,438  
 

Cash and other assets, less liabilities—0.0%

 

      19  
       

 

 

  
 

Net assets—100.0%

 

    $ 253,457  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

51

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):  

Information Technology

      31.4%  

Financials

      15.8%  

Industrials

      15.7%  

Consumer Discretionary

      13.6%  

Consumer Staples

      10.7%  

Energy

      5.1%  

Communication Services

      4.7%  

Health Care

      1.6%  

Materials

      1.4%  
  

 

 

  

Total

      100.0%  
  

 

 

  
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):  

Indian Rupee

      20.1%  

U.S. Dollar

      13.8%  

New Taiwan Dollar

      12.6%  

Hong Kong Dollar

      10.2%  

South Korean Won

      9.3%  

Brazilian Real

      9.0%  

Chinese Yuan Renminbi

      8.0%  

Indonesian Rupiah

      5.4%  

Mexican Peso

      5.0%  

South African Rand

      3.6%  

Thai Baht

      2.4%  

All Other Currencies

      0.6%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

52

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Emerging Asia—77.9%

 

 

China—12.7%

 

 

Airtac International Group (Machinery)

      204,852      $ 7,105  
 

ANTA Sports Products Ltd. (Textiles, apparel & luxury goods)

      205,000        2,179  
 

Fuyao Glass Industry Group Co. Ltd (Automobile components)

      378,700        2,240  
 

Huaming Power Equipment Co. Ltd. (Machinery)

      1,022,300        2,480  
 

Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers)

      2,712,200        3,507  
 

Kweichow Moutai Co. Ltd. (Beverages)

      58,974        13,818  
 

NARI Technology Co. Ltd. (Electrical equipment)

      793,000        2,633  
 

NetEase, Inc. (Entertainment)

      761,900        15,848  

*

  

PDD Holdings, Inc.—ADR (Broadline retail)

      99,181        11,530  
 

Proya Cosmetics Co. Ltd. (Personal care products)

      217,588        2,795  
 

Shanghai BOCHU Electronic Technology Corp. Ltd. (Electronic equipment, instruments & components)

      9,377        364  
 

Shenzhen Inovance Technology Co. Ltd. (Machinery)

      217,263        1,802  
 

Tencent Holdings Ltd. (Interactive media & services)

      655,560        25,445  

*

  

Trip.com Group Ltd. (Hotels, restaurants & leisure)

      15,000        662  
 

Weichai Power Co. Ltd. (Machinery)

      1,401,000        2,671  
 

Zhongji Innolight Co. Ltd. (Communications equipment)

      117,200        2,496  
       

 

 

  
     97,575  
       

 

 

  
 

India—26.8%

 

 

ABB India Ltd. (Electrical equipment)

      99,961        7,630  
 

Apollo Hospitals Enterprise Ltd. (Health care providers & services)

      68,261        5,196  
 

Astral Ltd. (Building products)

      85,829        2,051  
 

Bajaj Finance Ltd. (Consumer finance)

      28,658        2,486  
 

Bharat Electronics Ltd. (Aerospace & defense)

      3,245,866        7,856  
 

Britannia Industries Ltd. (Food products)

      23,908        1,417  
 

Central Depository Services India Ltd. (Capital markets)

      106,273        2,188  
 

CG Power & Industrial Solutions Ltd. (Electrical equipment)

      362,179        2,332  
 

Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)

      144,272        2,008  
 

Coforge Ltd. (IT services)

      27,681        1,824  
 

Cummins India Ltd. (Machinery)

      110,591        4,008  
 

Dixon Technologies India Ltd. (Household durables)

      61,398        5,502  

*

  

GMR Airports Infrastructure Ltd. (Transportation infrastructure)

      2,865,485        2,810  

*

  

Godrej Properties Ltd. (Real estate management & development)

      96,329        2,654  
 

HDFC Asset Management Co. Ltd. (Capital markets)

      63,419        2,857  
 

Hindustan Aeronautics Ltd. (Aerospace & defense)

      107,790        4,318  
 

ICICI Bank Ltd. (Banks)

      267,491        3,515  
 

Indian Hotels Co. Ltd. (Hotels, restaurants & leisure)

      915,355        6,508  

*

  

InterGlobe Aviation Ltd. (Passenger airlines)

      119,450        5,071  
 

Jindal Stainless Ltd. (Metals & mining)

      294,669        2,449  

*

  

Kaynes Technology India Ltd. (Electronic equipment, instruments & components)

      57,646        1,987  
 

KEI Industries Ltd. (Electrical equipment)

      98,945        4,117  
 

KPIT Technologies Ltd. (Software)

      162,820        2,894  
 

Larsen & Toubro Ltd. (Construction & engineering)

      109,627        4,949  
 

Macrotech Developers Ltd. (Real estate management & development)

      274,525        3,713  
 

Mahindra & Mahindra Ltd. (Automobiles)

      250,653        5,756  

*

  

MakeMyTrip Ltd. (Hotels, restaurants & leisure)†

      8,422        598  
 

Max Healthcare Institute Ltd. (Health care providers & services)

      438,234        4,293  
 

Motherson Sumi Wiring India Ltd. (Automobile components)

      2,392,637        1,889  
 

Nestle India Ltd. (Food products)

      128,186        4,044  
 

NTPC Ltd. (Independent power & renewable electricity producers)

      2,820,428        11,403  

 

See accompanying Notes to Financial Statements.

 

53

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

India — (continued)

 

 

Oberoi Realty Ltd. (Real estate management & development)

      116,875      $ 2,060  
 

Phoenix Mills Ltd. (Real estate management & development)

      76,789        2,550  
 

Pidilite Industries Ltd. (Chemicals)

      58,561        2,117  
 

REC Ltd. (Financial services)

      550,097        2,980  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      557,788        19,865  
 

Siemens Ltd. (Industrial conglomerates)

      3,623        234  
 

Sun Pharmaceutical Industries Ltd. (Pharmaceuticals)

      323,049        6,302  
 

Tata Consultancy Services Ltd. (IT services)

      116,652        5,430  
 

Tata Consumer Products Ltd. (Food products)

      241,325        3,183  
 

Tata Motors Ltd. (Automobiles)

      694,392        8,284  
 

Titagarh Rail System Ltd. (Machinery)

      195,531        2,168  
 

Titan Co. Ltd. (Textiles, apparel & luxury goods)

      126,683        5,772  
 

Trent Ltd. (Specialty retail)

      145,514        6,878  
 

Tube Investments of India Ltd. (Automobile components)

      44,726        2,000  
 

TVS Motor Co. Ltd. (Automobiles)

      108,786        2,824  
 

UNO Minda Ltd. (Automobile components)

      286,368        2,352  
 

Varun Beverages Ltd. (Beverages)

      598,024        10,031  

*

  

Zomato Ltd. (Hotels, restaurants & leisure)

      126,349        276  
       

 

 

  
     205,629  
       

 

 

  
 

Indonesia—5.3%

 

 

Bank Central Asia Tbk. PT (Banks)

      33,877,295        21,527  
 

Bank Rakyat Indonesia Persero Tbk. PT (Banks)

      45,223,551        17,257  
 

Mitra Adiperkasa Tbk. PT (Broadline retail)

      13,789,600        1,583  
       

 

 

  
     40,367  
       

 

 

  
 

Philippines—1.3%

 

 

BDO Unibank, Inc. (Banks)

      1,957,024        5,379  
 

International Container Terminal Services, Inc. (Transportation infrastructure)

      764,940        4,327  
       

 

 

  
     9,706  
       

 

 

  
 

South Korea—10.1%

 

 

Hanwha Aerospace Co. Ltd. (Aerospace & defense)

      30,178        4,651  
 

HD Hyundai Electric Co. Ltd. (Electrical equipment)

      34,320        4,555  

*

  

Samsung Biologics Co. Ltd. (Life sciences tools & services)

      3,151        1,950  
 

Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)

      617,427        37,057  
 

SK Hynix, Inc. (Semiconductors & semiconductor equipment)

      218,011        28,858  
       

 

 

  
     77,071  
       

 

 

  
 

Taiwan—20.7%

 

 

Accton Technology Corp. (Communications equipment)

      251,000        3,596  
 

Advantech Co. Ltd. (Technology hardware, storage & peripherals)

      137,409        1,747  
 

Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)

      105,000        10,384  
 

Asia Vital Components Co. Ltd. (Technology hardware, storage & peripherals)

      291,000        4,928  
 

ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)

      49,000        3,537  
 

ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)

      34,300        3,569  
 

Elite Material Co. Ltd. (Electronic equipment, instruments & components)

      386,000        4,861  
 

eMemory Technology, Inc. (Semiconductors & semiconductor equipment)

      60,000        4,500  
 

Faraday Technology Corp. (Semiconductors & semiconductor equipment)

      192,570        2,013  
 

Fortune Electric Co. Ltd. (Electrical equipment)

      178,000        3,726  
 

Fositek Corp. (Electronic equipment, instruments & components)

      96,000        2,325  
 

Gold Circuit Electronics Ltd. (Electronic equipment, instruments & components)

      329,000        2,514  

 

See accompanying Notes to Financial Statements.

 

54

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

Taiwan — (continued)

 

 

Innodisk Corp. (Technology hardware, storage & peripherals)

      170,000      $ 1,649  
 

Lotes Co. Ltd. (Electronic equipment, instruments & components)

      118,132        5,112  
 

M31 Technology Corp. (Semiconductors & semiconductor equipment)

      40,000        1,606  
 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      371,000        13,447  
 

Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)

      530,000        12,735  
 

Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment)

      473,783        64,458  
 

Tripod Technology Corp. (Electronic equipment, instruments & components)

      507,000        3,240  
 

Unimicron Technology Corp. (Electronic equipment, instruments & components)

      473,000        2,808  
 

Wiwynn Corp. (Technology hardware, storage & peripherals)

      91,000        6,227  
       

 

 

  
     158,982  
       

 

 

  
 

Thailand—1.0%

 

 

Bangkok Dusit Medical Services PCL (Health care providers & services)

      4,723,200        3,657  
 

Bumrungrad Hospital PCL (Health care providers & services)

      355,200        2,171  
 

Central Pattana PCL (Real estate management & development)

      1,172,300        2,016  
       

 

 

  
     7,844  
       

 

 

  
 

Emerging Latin America—13.0%

 

 

Argentina—0.3%

 

*

  

Globant SA (IT services)†

      11,725        2,367  
       

 

 

  
 

Brazil—7.0%

 

 

Banco BTG Pactual SA (Capital markets)

      763,600        5,547  
 

Itau Unibanco Holding SA—ADR (Banks)

      1,393,856        9,659  

*

  

MercadoLibre, Inc. (Broadline retail)

      12,629        19,095  
 

Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)

      379,500        1,936  

*

  

NU Holdings Ltd. (Banks)†

      536,840        6,405  
 

Raia Drogasil SA (Consumer staples distribution & retail)

      731,688        3,993  
 

Rumo SA (Ground transportation)

      580,200        2,575  
 

TOTVS SA (Software)

      199,300        1,128  
 

WEG SA (Electrical equipment)

      351,241        2,675  
       

 

 

  
     53,013  
       

 

 

  
 

Mexico—5.7%

 

*

  

Alsea SAB de CV (Hotels, restaurants & leisure)

      597,500        2,945  
 

Arca Continental SAB de CV (Beverages)

      555,900        6,077  

*

  

BBB Foods, Inc. (Consumer staples distribution & retail)†

      102,531        2,438  
 

Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)

      756,600        2,947  
 

Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development)

      19,820        778  
 

Fomento Economico Mexicano SAB de CV—ADR (Beverages)

      86,784        11,305  
 

Grupo Financiero Banorte SAB de CV (Banks)

      887,000        9,426  
 

Prologis Property Mexico SA de CV (Industrial REITs)

      912,204        3,979  
 

Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)

      947,600        3,831  
       

 

 

  
     43,726  
       

 

 

  
 

Emerging Europe, Mid-East, Africa—7.4%

 

 

Greece—0.5%

 

*

  

Eurobank Ergasias Services & Holdings SA (Banks)

      1,865,596        3,587  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

55

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Shares or
Principal
  Amount  		        Value    
 

Common Stocks—(continued)

 

 

Emerging Europe, Mid-East, Africa—(continued)

 

 

Kazakhstan—0.5%

 

 

Kaspi.KZ JSC—ADR (Consumer finance)

      29,976      $ 3,856  
       

 

 

  
 

Poland—0.2%

 

*

  

Dino Polska SA (Consumer staples distribution & retail)

      20,538        1,993  
       

 

 

  
 

Saudi Arabia—3.6%

 

 

Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels)

      56,365        2,573  
 

Alinma Bank (Banks)

      223,620        2,612  
 

Arabian Internet & Communications Services Co. (IT services)

      29,051        2,929  
 

Bupa Arabia for Cooperative Insurance Co. (Insurance)

      42,128        2,963  
 

Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services)

      38,606        3,228  
 

Elm Co. (IT services)

      22,635        5,788  
 

Leejam Sports Co. JSC (Hotels, restaurants & leisure)

      56,394        3,281  
 

Riyadh Cables Group Co. (Electrical equipment)

      87,095        2,345  
 

Saudia Dairy & Foodstuff Co. (Food products)

      19,566        2,019  
       

 

 

  
     27,738  
       

 

 

  
 

South Africa—0.8%

 

 

Bid Corp. Ltd. (Consumer staples distribution & retail)

      95,574        2,330  
 

Bidvest Group Ltd. (Industrial conglomerates)

      135,781        1,739  
 

Clicks Group Ltd. (Consumer staples distribution & retail)

      114,567        1,791  
       

 

 

  
     5,860  
       

 

 

  
 

Turkey—0.6%

 

 

BIM Birlesik Magazalar AS (Consumer staples distribution & retail)

      398,607        4,334  
       

 

 

  
 

United Arab Emirates—1.2%

 

 

Emaar Properties PJSC (Real estate management & development)

      2,321,375        5,152  
 

Emirates Central Cooling Systems Corp. (Water utilities)

      3,472,186        1,560  
 

Salik Co. PJSC (Transportation infrastructure)

      2,769,491        2,798  
       

 

 

  
     9,510  
       

 

 

  
 

Asia—0.4%

 

 

Hong Kong—0.4%

 

 

AIA Group Ltd. (Insurance)

      402,600        2,703  
       

 

 

  
 

Total Common Stocks—98.7%
(cost $577,380)

 

      755,861  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $977, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $997

    $ 977        977  
       

 

 

  
 

Total Repurchase Agreement—0.1%
(cost $977)

 

      977  
       

 

 

  
 

Total Investments—98.8%
(cost $578,357)

         756,838  

 

  

Cash and other assets, less liabilities—1.2%

         9,492  
       

 

 

  
 

Net assets—100.0%

       $ 766,330  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

56

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):  

Information Technology

      32.8%  

Financials

      14.1%  

Industrials

      12.4%  

Consumer Discretionary

      12.2%  

Consumer Staples

      10.0%  

Communication Services

      5.5%  

Real Estate

      3.7%  

Health Care

      3.5%  

Energy

      3.0%  

Utilities

      2.2%  

Materials

      0.6%  
  

 

 

  

Total

      100.0%  
  

 

 

  
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):  

Indian Rupee

      27.1%  

U.S. Dollar

      17.5%  

New Taiwan Dollar

      13.4%  

South Korean Won

      10.2%  

Hong Kong Dollar

      6.6%  

Indonesian Rupiah

      5.3%  

South African Rand

      4.4%  

Chinese Yuan Renminbi

      4.3%  

Mexican Peso

      3.9%  

Brazilian Real

      2.4%  

Philippine Peso

      1.3%  

UAE Dirham

      1.3%  

Thai Baht

      1.0%  

All Other Currencies

      1.3%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

57

Emerging Markets ex China Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Emerging Asia—70.2%

 

 

India—27.9%

 

 

ABB India Ltd. (Electrical equipment)

      3,546      $ 271  
 

Apollo Hospitals Enterprise Ltd. (Health care providers & services)

      1,811        138  
 

Bajaj Finance Ltd. (Consumer finance)

      1,702        148  
 

Bharat Electronics Ltd. (Aerospace & defense)

      93,237        226  
 

Bharti Airtel Ltd. (Wireless Telecommunication Services)

      8,097        120  
 

Central Depository Services India Ltd. (Capital markets)

      3,289        68  
 

Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)

      5,860        82  
 

Computer Age Management Services Ltd. (Professional services)

      2,025        71  
 

Cummins India Ltd. (Machinery)

      4,997        181  
 

Dixon Technologies India Ltd. (Household durables)

      1,997        179  

*

  

Ethos Ltd. (Specialty retail)

      2,424        75  
 

HDFC Asset Management Co. Ltd. (Capital markets)

      2,493        112  
 

HDFC Bank Ltd. (Banks)

      9,715        169  
 

Indian Hotels Co. Ltd. (Hotels, restaurants & leisure)

      28,080        200  

*

  

InterGlobe Aviation Ltd. (Passenger airlines)

      4,446        189  
 

Jindal Stainless Ltd. (Metals & mining)

      22,429        186  

*

  

Kaynes Technology India Ltd. (Electronic equipment, instruments & components)

      4,723        163  
 

KEI Industries Ltd. (Electrical equipment)

      3,613        150  
 

KPIT Technologies Ltd. (Software)

      9,167        163  
 

Larsen & Toubro Ltd. (Construction & engineering)

      4,647        210  
 

Macrotech Developers Ltd. (Real estate management & development)

      11,632        157  
 

Mahindra & Mahindra Ltd. (Automobiles)

      5,176        119  

*

  

MakeMyTrip Ltd. (Hotels, restaurants & leisure)†

      1,714        122  
 

Max Healthcare Institute Ltd. (Health care providers & services)

      14,954        146  
 

Nestle India Ltd. (Food products)

      2,509        79  
 

NTPC Ltd. (Independent power & renewable electricity producers)

      64,737        262  
 

Phoenix Mills Ltd. (Real estate management & development)

      3,121        104  
 

REC Ltd. (Financial services)

      21,231        115  
 

Reliance Industries Ltd. (Oil, gas & consumable fuels)

      7,697        274  
 

Sun Pharmaceutical Industries Ltd. (Pharmaceuticals)

      6,178        120  
 

Tata Consultancy Services Ltd. (IT services)

      4,487        209  
 

Tata Motors Ltd. (Automobiles)

      23,504        280  
 

Titagarh Rail System Ltd. (Machinery)

      10,176        113  
 

Titan Co. Ltd. (Textiles, apparel & luxury goods)

      3,740        170  
 

Trent Ltd. (Specialty retail)

      6,480        306  
 

Tube Investments of India Ltd. (Automobile components)

      2,486        111  
 

UNO Minda Ltd. (Automobile components)

      10,171        83  
 

Varun Beverages Ltd. (Beverages)

      17,355        291  
 

Voltamp Transformers Ltd. (Electrical equipment)

      105        12  

*

  

Zomato Ltd. (Hotels, restaurants & leisure)

      58,958        129  
       

 

 

  
     6,303  
       

 

 

  
 

Indonesia—4.5%

 

 

Bank Central Asia Tbk. PT (Banks)

      761,400        484  
 

Bank Negara Indonesia Persero Tbk. PT (Banks)

      377,000        140  
 

Bank Rakyat Indonesia Persero Tbk. PT (Banks)

      715,000        273  
 

Mitra Adiperkasa Tbk. PT (Broadline retail)

      1,117,200        128  
       

 

 

  
     1,025  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

58

Emerging Markets ex China Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

Philippines—1.5%

 

 

BDO Unibank, Inc. (Banks)

      64,728      $ 178  
 

International Container Terminal Services, Inc. (Transportation infrastructure)

      28,290        160  
       

 

 

  
     338  
       

 

 

  
 

South Korea—9.3%

 

 

Hanwha Aerospace Co. Ltd. (Aerospace & defense)

      1,024        158  
 

HD Hyundai Electric Co. Ltd. (Electrical equipment)

      1,674        222  
 

Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals)

      18,212        1,093  
 

SK Hynix, Inc. (Semiconductors & semiconductor equipment)

      4,730        626  
       

 

 

  
     2,099  
       

 

 

  
 

Taiwan—26.0%

 

 

Accton Technology Corp. (Communications equipment)

      10,000        143  
 

Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)

      3,500        346  
 

Asia Vital Components Co. Ltd. (Technology hardware, storage & peripherals)

      10,000        169  
 

ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)

      2,000        144  
 

ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)

      1,100        114  
 

Elite Material Co. Ltd. (Electronic equipment, instruments & components)

      12,000        151  
 

eMemory Technology, Inc. (Semiconductors & semiconductor equipment)

      3,300        248  
 

Faraday Technology Corp. (Semiconductors & semiconductor equipment)

      6,231        65  
 

Fortune Electric Co. Ltd. (Electrical equipment)

      6,000        126  
 

Fositek Corp. (Electronic equipment, instruments & components)

      5,000        121  
 

Innodisk Corp. (Technology hardware, storage & peripherals)

      9,900        96  
 

Lotes Co. Ltd. (Electronic equipment, instruments & components)

      3,103        134  
 

M31 Technology Corp. (Semiconductors & semiconductor equipment)

      2,000        80  
 

MediaTek, Inc. (Semiconductors & semiconductor equipment)

      10,000        363  
 

Parade Technologies Ltd. (Semiconductors & semiconductor equipment)

      3,000        86  
 

Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment)

      129,000        3,100  
 

Tripod Technology Corp. (Electronic equipment, instruments & components)

      18,400        118  
 

Wiwynn Corp. (Technology hardware, storage & peripherals)

      4,000        274  
       

 

 

  
     5,878  
       

 

 

  
 

Thailand—1.0%

 

 

Bangkok Dusit Medical Services PCL (Health care providers & services)

      116,300        90  
 

Bumrungrad Hospital PCL (Health care providers & services)

      20,100        123  
       

 

 

  
     213  
       

 

 

  
 

Emerging Latin America—15.4%

 

 

Argentina—1.0%

 

 

Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)†

      11,236        125  

*

  

Globant SA (IT services)†

      517        104  
       

 

 

  
     229  
       

 

 

  
 

Brazil—7.6%

 

 

Banco BTG Pactual SA (Capital markets)

      28,000        203  
 

Itau Unibanco Holding SA—ADR (Banks)

      39,419        273  

*

  

MercadoLibre, Inc. (Broadline retail)

      385        582  
 

Multiplan Empreendimentos Imobiliarios SA (Real estate management & development)

      14,800        76  

*

  

NU Holdings Ltd. (Banks)†

      14,827        177  
 

Raia Drogasil SA (Consumer staples distribution & retail)

      20,816        114  
 

Rumo SA (Ground transportation)

      17,200        76  

 

See accompanying Notes to Financial Statements.

 

59

Emerging Markets ex China Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Latin America—(continued)

 

 

Brazil — (continued)

 

 

TOTVS SA (Software)

      18,500      $ 105  
 

WEG SA (Electrical equipment)

      14,400        110  
       

 

 

  
     1,716  
       

 

 

  
 

Mexico—6.8%

 

*

  

Alsea SAB de CV (Hotels, restaurants & leisure)

      39,400        194  
 

Arca Continental SAB de CV (Beverages)

      7,300        80  

*

  

BBB Foods, Inc. (Consumer staples distribution & retail)†

      5,459        130  
 

Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)

      68,500        267  
 

Fomento Economico Mexicano SAB de CV—ADR (Beverages)

      1,955        255  
 

Grupo Financiero Banorte SAB de CV (Banks)

      15,700        167  
 

Qualitas Controladora SAB de CV (Insurance)

      14,300        166  
 

TF Administradora Industrial S de Real de CV (Industrial REITs)

      54,400        148  
 

Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail)

      28,000        113  
       

 

 

  
     1,520  
       

 

 

  
 

Emerging Europe, Mid-East—12.2%

 

 

Georgia—0.5%

 

 

Bank of Georgia Group PLC (Banks)

      1,745        111  
       

 

 

  
 

Greece—1.2%

 

*

  

Eurobank Ergasias Services & Holdings SA (Banks)

      53,381        103  

*

  

Piraeus Financial Holdings SA (Banks)

      40,800        170  
       

 

 

  
     273  
       

 

 

  
 

Poland—0.5%

 

*

  

Dino Polska SA (Consumer staples distribution & retail)

      1,170        114  
       

 

 

  
 

Saudi Arabia—7.8%

 

 

Al Hammadi Holding (Health care providers & services)

      3,767        61  
 

Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels)

      2,421        111  
 

Arabian Contracting Services Co. (Media)

      1,839        109  
 

Arabian Internet & Communications Services Co. (IT services)

      941        95  
 

Bupa Arabia for Cooperative Insurance Co. (Insurance)

      1,888        133  
 

Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services)

      2,170        181  
 

Elm Co. (IT services)

      660        169  
 

Leejam Sports Co. JSC (Hotels, restaurants & leisure)

      3,176        185  
 

National Co. for Learning & Education (Diversified consumer services)

      2,815        104  
 

National Medical Care Co. (Health care providers & services)

      2,118        106  
 

Retal Urban Development Co. (Real estate management & development)

      39,364        101  
 

Riyadh Cables Group Co. (Electrical equipment)

      4,560        123  
 

Saudia Dairy & Foodstuff Co. (Food products)

      1,648        170  
 

Savola Group (Food products)

      7,257        109  
       

 

 

  
     1,757  
       

 

 

  
 

Turkey—0.4%

 

 

BIM Birlesik Magazalar AS (Consumer staples distribution & retail)

      9,490        103  
       

 

 

  
 

United Arab Emirates—1.8%

 

 

Air Arabia PJSC (Passenger airlines)

      120,594        91  
 

Emaar Properties PJSC (Real estate management & development)

      72,999        162  

 

See accompanying Notes to Financial Statements.

 

60

Emerging Markets ex China Growth Fund

Portfolio of Investments, March 31, 2024 (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)

      145,875      $ 147  
       

 

 

  
          400  
       

 

 

  
 

Total Common Stocks—97.8%
(cost $17,086)

 

      22,079  
       

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $408, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $416

    $ 407        407  
       

 

 

  
 

Total Repurchase Agreement—1.8%
(cost $407)

 

      407  
       

 

 

  
 

Total Investments—99.6%
(cost $17,493)

 

      22,486  
 

Cash and other assets, less liabilities—0.4%

 

      86  
       

 

 

  
 

Net assets—100.0%

 

    $ 22,572  
       

 

 

  

 

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

REIT = Real Estate Investment Trust

 

See accompanying Notes to Financial Statements.

 

61

Emerging Markets ex China Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):  

Information Technology

      38.5%  

Financials

      14.8%  

Consumer Discretionary

      14.0%  

Industrials

      11.9%  

Consumer Staples

      7.1%  

Real Estate

      4.6%  

Health Care

      4.4%  

Energy

      1.7%  

Utilities

      1.2%  

Communication Services

      1.0%  

Materials

      0.8%  
  

 

 

  

Total

      100.0%  
  

 

 

  
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):  

Indian Rupee

      28.0%  

New Taiwan Dollar

      26.6%  

South Korean Won

      9.5%  

U.S. Dollar

      8.0%  

South African Rand

      8.0%  

Mexican Peso

      5.1%  

Indonesian Rupiah

      4.7%  

Brazilian Real

      3.1%  

UAE Dirham

      1.8%  

Philippine Peso

      1.5%  

Euro

      1.2%  

All Other Currencies

      2.5%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

62

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Emerging Asia—63.9%

 

 

China—11.3%

 

 

Airtac International Group (Machinery)

      87,158      $ 3,023  
 

Beijing Roborock Technology Co. Ltd. (Household durables)

      107,865        5,079  

*

  

Giant Biogene Holding Co. Ltd. (Personal care products)

      1,262,400        6,863  
 

Hisense Home Appliances Group Co. Ltd. (Household durables)

      1,599,100        6,573  
 

HLA Group Corp. Ltd. (Specialty retail)

      4,009,771        4,842  
 

Huaming Power Equipment Co. Ltd. (Machinery)

      3,128,650        7,591  
 

Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers)

      2,642,612        3,417  
 

Proya Cosmetics Co. Ltd. (Personal care products)

      136,388        1,752  
 

Shenzhen Envicool Technology Co. Ltd. (Machinery)

      346,200        1,453  
 

Yankershop Food Co. Ltd. (Food products)

      412,100        4,318  
 

Zhejiang Shuanghuan Driveline Co. Ltd. (Automobile components)

      403,200        1,281  
       

 

 

  
     46,192  
       

 

 

  
 

India—30.3%

 

 

ABB India Ltd. (Electrical equipment)

      93,816        7,161  
 

Apar Industries Ltd. (Industrial conglomerates)

      41,212        3,429  
 

Bikaji Foods International Ltd. (Food products)

      345,246        2,036  
 

Blue Star Ltd. (Building products)

      121,899        1,867  
 

CG Power & Industrial Solutions Ltd. (Electrical equipment)

      507,622        3,268  

*

  

Chalet Hotels Ltd. (Hotels, restaurants & leisure)

      227,424        2,426  
 

Cholamandalam Investment & Finance Co. Ltd. (Consumer finance)

      139,144        1,937  

*

  

Cyient DLM Ltd. (Electronic equipment, instruments & components)

      238,042        2,055  
 

Data Patterns India Ltd. (Aerospace & defense)

      71,548        2,084  
 

Dixon Technologies India Ltd. (Household durables)

      98,282        8,807  

*

  

Ethos Ltd. (Specialty retail)

      52,739        1,637  

*

  

Global Health Ltd. (Health care providers & services)

      172,675        2,733  

*

  

GMR Airports Infrastructure Ltd. (Transportation infrastructure)

      2,320,774        2,276  

*

  

Godrej Properties Ltd. (Real estate management & development)

      189,832        5,231  
 

Home First Finance Co. India Ltd. (Financial services)

      107,366        1,157  
 

JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals)

      109,049        2,157  
 

Jindal Stainless Ltd. (Metals & mining)

      775,706        6,445  
 

Karur Vysya Bank Ltd. (Banks)

      824,869        1,809  

*

  

Kaynes Technology India Ltd. (Electronic equipment, instruments & components)

      150,999        5,205  
 

KEI Industries Ltd. (Electrical equipment)

      226,068        9,406  
 

KPIT Technologies Ltd. (Software)

      174,164        3,096  

*

  

Lemon Tree Hotels Ltd. (Hotels, restaurants & leisure)

      1,726,135        2,713  
 

Macrotech Developers Ltd. (Real estate management & development)

      381,854        5,165  
 

Maharashtra Seamless Ltd. (Metals & mining)

      121,208        1,221  

*

  

MakeMyTrip Ltd. (Hotels, restaurants & leisure)†

      35,471        2,520  
 

Max Healthcare Institute Ltd. (Health care providers & services)

      296,876        2,909  
 

Narayana Hrudayalaya Ltd. (Health care providers & services)

      146,681        2,276  
 

Newgen Software Technologies Ltd. (Software)

      97,672        932  
 

Oberoi Realty Ltd. (Real estate management & development)

      107,813        1,900  

*

  

PG Electroplast Ltd. (Electronic equipment, instruments & components)

      63,983        1,274  
 

Phoenix Mills Ltd. (Real estate management & development)

      87,970        2,922  
 

Radico Khaitan Ltd. (Beverages)

      21,853        452  
 

Rainbow Children’s Medicare Ltd. (Health care providers & services)

      78,617        1,225  
 

Ramkrishna Forgings Ltd. (Metals & mining)

      348,694        2,897  
 

Solar Industries India Ltd. (Chemicals)

      22,459        2,370  
 

Titagarh Rail System Ltd. (Machinery)

      37,592        417  
 

Transformers & Rectifiers India Ltd. (Electrical equipment)

      248,182        1,177  

 

See accompanying Notes to Financial Statements.

 

63

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Asia—(continued)

 

 

India — (continued)

 

 

Triveni Turbine Ltd. (Electrical equipment)

      325,490      $ 2,098  
 

Tube Investments of India Ltd. (Automobile components)

      22,983        1,028  
 

Varun Beverages Ltd. (Beverages)

      383,364        6,431  
 

Venus Pipes & Tubes Ltd. (Metals & mining)

      126,599        2,886  
 

Voltamp Transformers Ltd. (Electrical equipment)

      21,677        2,487  
       

 

 

  
     123,522  
       

 

 

  
 

Indonesia—5.5%

 

 

Bank Negara Indonesia Persero Tbk. PT (Banks)

      18,878,000        7,025  
 

Bank Syariah Indonesia Tbk. PT (Banks)

      31,037,900        5,305  
 

Indofood CBP Sukses Makmur Tbk. PT (Food products)

      1,846,500        1,351  
 

Map Aktif Adiperkasa PT (Specialty retail)

      35,516,300        2,341  
 

Mitra Adiperkasa Tbk. PT (Broadline retail)

      53,770,400        6,172  
       

 

 

  
     22,194  
       

 

 

  
 

Philippines—0.9%

 

 

International Container Terminal Services, Inc. (Transportation infrastructure)

      654,860        3,704  
       

 

 

  
 

South Korea—4.7%

 

 

AfreecaTV Co. Ltd. (Interactive media & services)

      25,369        2,320  
 

Hanwha Aerospace Co. Ltd. (Aerospace & defense)

      19,671        3,032  
 

HD Hyundai Electric Co. Ltd. (Electrical equipment)

      54,575        7,244  
 

HPSP Co. Ltd. (Semiconductors & semiconductor equipment)

      72,274        2,872  
 

LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)

      18,554        3,556  
       

 

 

  
     19,024  
       

 

 

  
 

Taiwan—10.9%

 

 

Alchip Technologies Ltd. (Semiconductors & semiconductor equipment)

      21,000        2,077  
 

AP Memory Technology Corp. (Semiconductors & semiconductor equipment)

      32,000        388  
 

Asia Vital Components Co. Ltd. (Technology hardware, storage & peripherals)

      274,000        4,640  
 

ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)

      51,000        3,681  
 

ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)

      24,000        2,497  
 

AURAS Technology Co. Ltd. (Technology hardware, storage & peripherals)

      84,000        1,730  
 

Elite Material Co. Ltd. (Electronic equipment, instruments & components)

      230,000        2,896  
 

eMemory Technology, Inc. (Semiconductors & semiconductor equipment)

      23,000        1,725  
 

Faraday Technology Corp. (Semiconductors & semiconductor equipment)

      158,385        1,656  
 

Fortune Electric Co. Ltd. (Electrical equipment)

      65,000        1,361  
 

Fositek Corp. (Electronic equipment, instruments & components)

      11,000        266  
 

Gold Circuit Electronics Ltd. (Electronic equipment, instruments & components)

      226,000        1,727  
 

Lotes Co. Ltd. (Electronic equipment, instruments & components)

      165,669        7,170  
 

M31 Technology Corp. (Semiconductors & semiconductor equipment)

      29,000        1,164  
 

Tripod Technology Corp. (Electronic equipment, instruments & components)

      516,000        3,297  
 

Voltronic Power Technology Corp. (Electrical equipment)

      9,507        490  
 

Wiwynn Corp. (Technology hardware, storage & peripherals)

      109,000        7,459  
       

 

 

  
     44,224  
       

 

 

  
 

Vietnam—0.3%

 

*

  

Hoa Phat Group JSC (Metals & mining)

      1,128,900        1,391  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

64

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Latin America—18.1%

 

 

Argentina—0.9%

 

 

Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)†

      340,955      $ 3,792  
       

 

 

  
 

Brazil—6.8%

 

 

Companhia Paranaense de Energia (Electric utilities)

      923,900        1,593  
 

Cury Construtora e Incorporadora SA (Household durables)

      1,381,500        5,608  
 

Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables)

      1,648,400        8,197  
 

Direcional Engenharia SA (Household durables)

      703,500        3,595  
 

Grupo SBF SA (Specialty retail)

      408,500        1,055  

*

  

Inter & Co., Inc. (Banks)

      367,319        2,090  
 

Smartfit Escola de Ginastica e Danca SA (Hotels, restaurants & leisure)

      913,200        4,734  
 

TOTVS SA (Software)

      168,700        955  
       

 

 

  
     27,827  
       

 

 

  
 

Mexico—10.4%

 

*

  

Alsea SAB de CV (Hotels, restaurants & leisure)

      1,691,800        8,340  

*

  

BBB Foods, Inc. (Consumer staples distribution & retail)†

      223,334        5,311  
 

Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development)

      1,478,100        5,758  
 

Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development)

      14,970        587  
 

Gentera SAB de CV (Consumer finance)

      1,971,300        3,369  
 

Prologis Property Mexico SA de CV (Industrial REITs)

      1,690,723        7,375  
 

Qualitas Controladora SAB de CV (Insurance)

      441,900        5,130  
 

Regional SAB de CV (Banks)

      224,200        2,208  

*

  

Vista Energy SAB de CV—ADR (Oil, gas & consumable fuels)

      97,353        4,029  
       

 

 

  
     42,107  
       

 

 

  
 

Emerging Europe, Mid-East—17.4%

 

 

Georgia—0.6%

 

 

Bank of Georgia Group PLC (Banks)

      40,561        2,585  
       

 

 

  
 

Greece—2.5%

 

 

JUMBO SA (Specialty retail)

      128,201        3,693  

*

  

Piraeus Financial Holdings SA (Banks)

      1,591,300        6,654  
       

 

 

  
     10,347  
       

 

 

  
 

Kazakhstan—1.2%

 

 

Kaspi.KZ JSC—ADR (Consumer finance)

      37,890        4,874  
       

 

 

  
 

Lithuania—0.4%

 

 

Baltic Classifieds Group plc (Interactive media & services)

      591,707        1,684  
       

 

 

  
 

Poland—1.6%

 

*

  

Alior Bank SA (Banks)

      128,691        3,156  
 

Benefit Systems SA (Professional services)

      4,551        3,224  
       

 

 

  
     6,380  
       

 

 

  
 

Saudi Arabia—8.9%

 

 

Al Hammadi Holding (Health care providers & services)

      80,318        1,304  

*

  

Al Rajhi Co. for Co-operative Insurance (Insurance)

      42,541        1,255  
 

Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels)

      62,471        2,852  

*

  

AlKhorayef Water & Power Technologies Co. (Water utilities)

      29,084        1,799  
 

Bupa Arabia for Cooperative Insurance Co. (Insurance)

      36,540        2,570  
 

Dallah Healthcare Co. (Health care providers & services)

      50,288        2,368  

 

See accompanying Notes to Financial Statements.

 

65

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks—(continued)

 

 

Emerging Europe, Mid-East—(continued)

 

 

Saudi Arabia — (continued)

 

 

Elm Co. (IT services)

      12,359      $ 3,160  
 

Leejam Sports Co. JSC (Hotels, restaurants & leisure)

      58,197        3,386  

*

  

Lumi Rental Co. (Ground transportation)

      75,978        2,070  

*

  

National Agriculture Development Co. (Food products)

      291,825        2,303  
 

National Co. for Learning & Education (Diversified consumer services)

      38,746        1,438  
 

National Medical Care Co. (Health care providers & services)

      55,719        2,778  
 

Riyadh Cables Group Co. (Electrical equipment)

      146,754        3,952  
 

Saudia Dairy & Foodstuff Co. (Food products)

      49,255        5,083  
       

 

 

  
     36,318  
       

 

 

  
 

United Arab Emirates—2.2%

 

 

Air Arabia PJSC (Passenger airlines)

      3,918,865        2,956  
 

Emirates Central Cooling Systems Corp. (Water utilities)

      5,360,206        2,408  
 

Salik Co. PJSC (Transportation infrastructure)

      3,338,204        3,373  
       

 

 

  
     8,737  
       

 

 

  
 

Total Common Stocks—99.4%
(cost $326,227)

 

      404,902  
       

 

 

  
 

Total Investments—99.4%
(cost $326,227)

 

      404,902  
 

Cash and other assets, less liabilities—0.6%

 

      2,564  
       

 

 

  
 

Net assets—100.0%

 

    $ 407,466  
       

 

 

  

 

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

 

See accompanying Notes to Financial Statements.

 

66

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):  

Consumer Discretionary

      22.0%  

Industrials

      19.5%  

Information Technology

      16.2%  

Financials

      12.6%  

Consumer Staples

      8.9%  

Real Estate

      7.1%  

Health Care

      4.4%  

Materials

      4.3%  

Utilities

      2.3%  

Energy

      1.7%  

Communication Services

      1.0%  
  

 

 

  

Total

      100.0%  
  

 

 

  
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):  

Indian Rupee

      29.9%  

New Taiwan Dollar

      11.7%  

South African Rand

      9.0%  

Chinese Yuan Renminbi

      9.0%  

Mexican Peso

      7.9%  

Brazilian Real

      6.9%  

Indonesian Rupiah

      5.5%  

U.S. Dollar

      5.2%  

South Korean Won

      4.7%  

Euro

      2.5%  

UAE Dirham

      2.1%  

Hong Kong Dollar

      1.7%  

Polish Zloty

      1.6%  

British Pound Sterling

      1.0%  

All Other Currencies

      1.3%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

67

China Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Common Stocks

 

 

Emerging Asia—97.0%

 

 

China—97.0%

 

 

Agricultural Bank of China Ltd. (Banks)

      22,300      $ 13  
 

Aier Eye Hospital Group Co. Ltd. (Health care providers & services)

      15,648        28  
 

Airtac International Group (Machinery)

      2,000        69  
 

Alibaba Group Holding Ltd. (Broadline retail)

      6,000        54  
 

Bank of Chengdu Co. Ltd. (Banks)

      11,400        21  
 

Bank of Ningbo Co. Ltd. (Banks)

      6,790        19  
 

Beijing Kingsoft Office Software, Inc. (Software)

      376        16  
 

Beijing Roborock Technology Co. Ltd. (Household durables)

      615        29  
 

China Merchants Bank Co. Ltd. (Banks)

      8,000        32  
 

Chongqing Zhifei Biological Products Co. Ltd. (Biotechnology)

      2,400        15  
 

Contemporary Amperex Technology Co. Ltd. (Electrical equipment)

      2,140        56  
 

Eastroc Beverage Group Co. Ltd. (Beverages)

      1,000        26  
 

Estun Automation Co. Ltd. (Machinery)

      6,200        16  
 

Fuyao Glass Industry Group Co. Ltd. (Automobile components)

      8,000        40  

*

  

Giant Biogene Holding Co. Ltd. (Personal care products)

      5,000        27  
 

Hisense Home Appliances Group Co. Ltd. (Household durables)

      14,000        44  
 

HLA Group Corp. Ltd. (Specialty retail)

      10,500        13  
 

Huaming Power Equipment Co. Ltd. (Machinery)

      15,300        37  
 

Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers)

      55,900        72  
 

Inner Mongolia Yili Industrial Group Co. Ltd. (Food products)

      3,700        14  
 

Jiangsu Hengli Hydraulic Co. Ltd. (Machinery)

      1,700        12  

*

  

Kuaishou Technology (Interactive media & services)

      2,200        14  
 

Kweichow Moutai Co. Ltd. (Beverages)

      500        117  
 

Maxscend Microelectronics Co. Ltd. (Electronic equipment, instruments & components)

      1,200        17  

*

  

Meituan (Hotels, restaurants & leisure)

      3,110        38  
 

Midea Group Co. Ltd. (Household durables)

      3,700        33  
 

MINISO Group Holding Ltd. (Broadline retail)

      3,000        15  
 

NAURA Technology Group Co. Ltd. (Semiconductors & semiconductor equipment)

      1,700        72  
 

NetEase, Inc. (Entertainment)

      6,000        125  

*

  

PDD Holdings, Inc.—ADR (Broadline retail)

      657        76  
 

Proya Cosmetics Co. Ltd. (Personal care products)

      1,588        20  
 

Shenzhen Inovance Technology Co. Ltd. (Machinery)

      3,300        27  
 

Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Health care equipment & supplies)

      600        23  
 

Silergy Corp. (Semiconductors & semiconductor equipment)

      3,900        40  
 

Sunresin New Materials Co. Ltd. (Chemicals)

      2,000        12  
 

Tencent Holdings Ltd. (Interactive media & services)

      4,300        167  

*

  

Trip.com Group Ltd. (Hotels, restaurants & leisure)

      50        2  
 

Weichai Power Co. Ltd. (Machinery)

      30,000        57  
 

Will Semiconductor Co. Ltd. Shanghai (Semiconductors & semiconductor equipment)

      1,600        22  
 

Wuliangye Yibin Co. Ltd. (Beverages)

      2,000        42  
 

Yutong Bus Co. Ltd. (Machinery)

      11,400        30  
 

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals)

      600        19  
 

Zhejiang Dingli Machinery Co. Ltd. (Machinery)

      2,100        16  
 

Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (Semiconductors & semiconductor equipment)

      4,100        20  
 

Zhejiang Shuanghuan Driveline Co. Ltd. (Automobile components)

      3,700        12  
 

Zhongji Innolight Co. Ltd. (Communications equipment)

      1,500        32  
       

 

 

  
     1,701  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

68

China Growth Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

      Shares          Value    
 

Asia—1.0%

 

 

Hong Kong—1.0%

 

 

AIA Group Ltd. (Insurance)

      2,600      $ 17  
       

 

 

  
 

Total Common Stocks—98.0%
(cost $1,842)

 

      1,718  
       

 

 

  
 

Total Investments—98.0%
(cost $1,842)

 

      1,718  
 

Cash and other assets, less liabilities—2.0%

 

      35  
       

 

 

  
 

Net assets—100.0%

 

    $ 1,753  
       

 

 

  

 

 

ADR = American Depository Receipt

* = Non-income producing security

 

See accompanying Notes to Financial Statements.

 

69

China Growth Fund

Portfolio of Investments, March 31, 2024 (unaudited)

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):        

Consumer Discretionary

      20.8%  

Industrials

      18.6%  

Communication Services

      17.8%  

Consumer Staples

      14.4%  

Information Technology

      12.6%  

Financials

      6.0%  

Health Care

      4.9%  

Utilities

      4.2%  

Materials

      0.7%  
  

 

 

  

Total

      100.0%  
  

 

 

  
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):        

Chinese Yuan Renminbi

      52.5%  

Hong Kong Dollar

      36.8%  

New Taiwan Dollar

      6.3%  

U.S. Dollar

      4.4%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

70

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		        Value    

 

  

Foreign Government Bonds—61.4%

      
 

Angola—1.6%

      
 

Angolan Government International Bond,

      
 

8.750%, due 4/14/32

      $ 200      $ 184  
 

9.125%, due 11/26/49

      600        508  
 

9.500%, due 11/12/25

      200        204  
       

 

 

  
          896  
       

 

 

  
 

Argentina—2.1%

      
 

Argentine Government International Bond,

      
 

0.750%, due 7/9/30 (a)

      920        478  
 

3.500%, due 7/9/41 (a)

      485        195  
 

3.625%, due 7/9/46 (a)

      725        325  
 

3.750%, due 1/9/38 (a)

    EUR 320        136  
       

 

 

  
          1,134  
       

 

 

  
 

Bahamas—0.3%

      
 

Bahamas Government International Bond,
6.000%, due 11/21/28

      $ 200        179  
       

 

 

  
 

Bahrain—1.5%

      
 

Bahrain Government International Bond,

      
 

5.250%, due 1/25/33

      400        356  
 

6.250%, due 1/25/51

      300        249  
 

7.000%, due 1/26/26

      200        202  
       

 

 

  
          807  
       

 

 

  
 

Benin—0.8%

      
 

Benin Government International Bond,

      
 

6.875%, due 1/19/52

    EUR 250        220  
 

7.960%, due 2/13/38 (b)

      $ 200        195  
       

 

 

  
          415  
       

 

 

  
 

Bermuda—0.6%

      
 

Bermuda Government International Bond,
3.375%, due 8/20/50

      460        309  
       

 

 

  
 

Bolivia—0.2%

      
 

Bolivia Government International Bond,
7.500%, due 3/2/30

      200        120  
       

 

 

  
 

Brazil—1.7%

      
 

Brazil Notas do Tesouro Nacional Serie F,

      
 

10.000%, due 1/1/25

    BRL 560        112  
 

10.000%, due 1/1/31

      500        96  
 

10.000%, due 1/1/33

      1,610        304  
 

Brazilian Government International Bond,

      
 

4.750%, due 1/14/50

      $ 280        209  
 

7.125%, due 5/13/54

      200        202  
       

 

 

  
          923  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

71

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		        Value    

 

  

Foreign Government Bonds—(continued)

      
 

Chile—0.5%

      
 

Chile Government International Bond,
3.250%, due 9/21/71

      $ 400      $ 253  
       

 

 

  
 

Colombia—1.8%

      
 

Colombia Government International Bond,

      
 

3.250%, due 4/22/32

      400        311  
 

4.125%, due 2/22/42

      330        223  
 

4.125%, due 5/15/51

      300        187  
 

4.500%, due 3/15/29

      300        276  
       

 

 

  
          997  
       

 

 

  
 

Costa Rica—0.4%

      
 

Costa Rica Government International Bond,
6.550%, due 4/3/34

      200        207  
       

 

 

  
 

Dominican Republic—2.0%

      
 

Dominican Republic International Bond,

      
 

4.875%, due 9/23/32

      230        206  
 

5.500%, due 2/22/29

      300        290  
 

5.875%, due 1/30/60

      310        264  
 

11.250%, due 9/15/35 (b)

    DOP 18,000        328  
       

 

 

  
          1,088  
       

 

 

  
 

Ecuador—1.5%

      
 

Ecuador Government International Bond,

      
 

0.000%, due 7/31/30

      $ 610        301  
 

2.500%, due 7/31/40 (a)

      260        126  
 

3.500%, due 7/31/35 (a)

      730        382  
       

 

 

  
          809  
       

 

 

  
 

Egypt—2.3%

      
 

Egypt Government International Bond,

      
 

5.800%, due 9/30/27

      200        181  
 

7.053%, due 1/15/32

      200        166  
 

7.300%, due 9/30/33 (b)

      250        205  
 

7.500%, due 2/16/61

      650        466  
 

8.150%, due 11/20/59

      200        153  
 

8.875%, due 5/29/50

      150        123  
       

 

 

  
          1,294  
       

 

 

  
 

El Salvador—0.6%

      
 

El Salvador Government International Bond,

      
 

7.625%, due 2/1/41

      400        293  
 

8.625%, due 2/28/29

      60        52  
       

 

 

  
          345  
       

 

 

  
 

Ethiopia—0.3%

      
 

Ethiopia International Bond,
6.625%, due 12/11/24

      200        146  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

72

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		        Value    
 

Foreign Government Bonds—(continued)

      

 

  

Gabon—0.8%

      
 

Gabon Government International Bond,

      
 

6.950%, due 6/16/25

      $ 200      $ 196  
 

7.000%, due 11/24/31

      300        255  
       

 

 

  
          451  
       

 

 

  
 

Ghana—2.4%

      
 

Ghana Government International Bond,

      
 

0.000%, due 4/7/25 (c)

      350        141  
 

6.375%, due 2/11/27 (c)

      600        308  
 

7.750%, due 4/7/29 (c)

      500        259  
 

8.625%, due 4/7/34 (c)

      400        206  
 

8.950%, due 3/26/51 (c)

      750        383  
       

 

 

  
          1,297  
       

 

 

  
 

Guatemala—1.5%

      
 

Guatemala Government Bond,

      
 

3.700%, due 10/7/33

      755        624  
 

4.650%, due 10/7/41

      280        225  
       

 

 

  
          849  
       

 

 

  
 

Hungary—1.8%

      
 

Hungary Government International Bond,

      
 

3.125%, due 9/21/51

      600        380  
 

6.125%, due 5/22/28

      200        205  
 

6.750%, due 9/25/52 (b)

      400        430  
       

 

 

  
          1,015  
       

 

 

  
 

Iraq—0.2%

      
 

Iraq International Bond,
5.800%, due 1/15/28

      125        118  
       

 

 

  
 

Ivory Coast—1.7%

      
 

Ivory Coast Government International Bond,

      
 

6.625%, due 3/22/48

    EUR 400        352  
 

6.875%, due 10/17/40

      400        374  
 

7.625%, due 1/30/33 (b)

      $ 200        198  
       

 

 

  
          924  
       

 

 

  
 

Jamaica—0.5%

      
 

Jamaica Government International Bond,
9.625%, due 11/3/30

    JMD 41,000        278  
       

 

 

  
 

Kenya—0.3%

      
 

Republic of Kenya Government International Bond,
8.000%, due 5/22/32

      $ 200        187  
       

 

 

  
 

Lebanon—0.7%

      
 

Lebanon Government International Bond,

      
 

5.800%, due 4/14/20 (c)

      1,400        91  
 

6.600%, due 11/27/26 (c)

      800        52  

 

See accompanying Notes to Financial Statements.

 

73

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		        Value    

 

  

Foreign Government Bonds—(continued)

      
 

Lebanon — (continued)

      
 

6.650%, due 4/22/24 (c)

      $ 268      $ 18  
 

6.750%, due 11/29/27 (c)

      776        51  
 

6.850%, due 3/23/27 (c)

      600        39  
 

7.150%, due 11/20/31 (c)

      1,200        78  
 

8.200%, due 5/17/33 (c)

      600        39  
       

 

 

  
          368  
       

 

 

  
 

Mexico—1.7%

      
 

Mexico Bonos,
7.500%, due 5/26/33

    MXN 5,000        268  
 

Mexico Government International Bond,

      
 

5.750%, due 10/12/10

      $ 270        237  
 

6.350%, due 2/9/35

      400        413  
       

 

 

  
          918  
       

 

 

  
 

Mongolia—0.3%

      
 

Mongolia Government International Bond,
3.500%, due 7/7/27

      200        180  
       

 

 

  
 

Morocco—0.2%

      
 

Morocco Government International Bond,
4.000%, due 12/15/50

      200        137  
       

 

 

  
 

Mozambique—0.3%

      
 

Mozambique International Bond,
9.000%, due 9/15/31 (a)

      200        171  
       

 

 

  
 

Nigeria—1.0%

      
 

Nigeria Government International Bond,
8.250%, due 9/28/51

      500        410  
 

Nigeria OMO Bill,
23.450%, due 2/25/25

    NGN 250,000        159  
       

 

 

  
          569  
       

 

 

  
 

Oman—2.2%

      
 

Oman Government International Bond,

      
 

4.750%, due 6/15/26

      $ 600        589  
 

5.625%, due 1/17/28

      400        402  
 

6.750%, due 1/17/48

      200        205  
       

 

 

  
          1,196  
       

 

 

  
 

Pakistan—1.5%

      
 

Pakistan Government International Bond,

      
 

8.250%, due 9/30/25

      450        423  
 

8.875%, due 4/8/51

      500        377  
       

 

 

  
          800  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

74

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		        Value    

 

  

Foreign Government Bonds—(continued)

      
 

Panama—2.3%

      
 

Panama Government International Bond,

      
 

3.870%, due 7/23/60

      $ 710      $ 408  
 

3.875%, due 3/17/28

      250        228  
 

4.500%, due 5/15/47

      200        138  
 

4.500%, due 4/1/56

      200        129  
 

4.500%, due 1/19/63

      600        384  
       

 

 

  
          1,287  
       

 

 

  
 

Paraguay—2.5%

      
 

Paraguay Government International Bond,

      
 

2.739%, due 1/29/33

      860        696  
 

3.849%, due 6/28/33

      300        262  
 

7.900%, due 2/9/31 (b)

    PYG  3,000,000        418  
       

 

 

  
          1,376  
       

 

 

  
 

Peru—0.9%

      
 

Peruvian Government International Bond,

      
 

2.783%, due 1/23/31

      $ 200        172  
 

3.230%, due 7/28/21

      230        132  
 

3.600%, due 1/15/72

      300        199  
       

 

 

  
          503  
       

 

 

  
 

Philippines—1.5%

      
 

Philippines Government International Bond,

      
 

3.700%, due 2/2/42

      700        574  
 

6.250%, due 1/14/36

    PHP 15,000        250  
       

 

 

  
          824  
       

 

 

  
 

Poland—0.7%

      
 

Poland Government International Bond,
5.500%, due 4/4/53

      $ 400        400  
       

 

 

  
 

Qatar—2.2%

      
 

Qatar Government International Bond,
4.400%, due 4/16/50

      1,400        1,239  
       

 

 

  
 

Romania—1.6%

      
 

Romania Government International Bond,

      
 

2.875%, due 4/13/42

    EUR 100        74  
 

5.250%, due 11/25/27

      $ 400        394  
 

5.625%, due 2/22/36 (b)

    EUR 200        216  
 

7.625%, due 1/17/53 (b)

      $ 200        222  
       

 

 

  
          906  
       

 

 

  
 

Saudi Arabia—2.4%

      
 

Saudi Government International Bond,

      
 

3.450%, due 2/2/61

      800        533  
 

5.750%, due 1/16/54 (b)

      800        792  
       

 

 

  
          1,325  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

75

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		         Value    
 

Foreign Government Bonds—(continued)

 

 

Senegal—0.7%

 

 

Senegal Government International Bond,
5.375%, due 6/8/37

    EUR 500      $ 391  
       

 

 

  

 

  

Serbia—0.3%

 

 

Serbia International Bond,
2.050%, due 9/23/36

      200        151  
       

 

 

  
 

South Africa—1.0%

 

 

South Africa Government International Bond,
8.750%, due 2/28/48

    ZAR 15,000        548  
       

 

 

  
 

Sri Lanka—1.4%

 

 

Sri Lanka Government International Bond,

      
 

5.750%, due 4/18/23 (c)

      $ 400        230  
 

6.350%, due 6/28/24 (c)

      100        59  
 

6.850%, due 11/3/25 (c)

      400        240  
 

7.550%, due 3/28/30 (c)

      200        117  
 

7.850%, due 3/14/29 (c)

      200        117  
       

 

 

  
          763  
       

 

 

  
 

Suriname—0.8%

 

 

Suriname Government International Bond,

      
 

7.950%, due 7/15/33

      120        110  
 

7.950%, due 7/15/33 (b)

      352        322  
       

 

 

  
          432  
       

 

 

  
 

Trinidad And Tobago—0.4%

 

 

Trinidad and Tobago Government International Bond,
5.950%, due 1/14/31 (b)

      200        201  
       

 

 

  
 

Tunisia—0.8%

 

 

Tunisian Republic,

      
 

5.750%, due 1/30/25

      400        377  
 

6.375%, due 7/15/26

    EUR 100        91  
       

 

 

  
          468  
       

 

 

  
 

Turkey—2.1%

 

 

Turkiye Government International Bond,

      
 

4.875%, due 10/9/26

      $ 200        194  
 

4.875%, due 4/16/43

      200        140  
 

5.875%, due 5/21/30

    EUR 200        215  
 

7.625%, due 5/15/34

      $ 200        201  
 

9.375%, due 3/14/29

      400        435  
       

 

 

  
          1,185  
       

 

 

  
 

Ukraine—1.8%

 

 

Ukraine Government International Bond,

      
 

6.876%, due 5/21/31 (c)

      300        87  
 

7.253%, due 3/15/35 (c)

      1,050        305  
 

7.375%, due 9/25/34 (c)

      600        175  
 

7.750%, due 8/1/41 (a)(c)

      480        265  

 

See accompanying Notes to Financial Statements.

 

76

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		         Value    

 

  

Foreign Government Bonds—(continued)

 

 

Ukraine — (continued)

 

 

9.750%, due 11/1/30 (c)

      $ 400      $ 140  
       

 

 

  
          972  
       

 

 

  
 

United Arab Emirates—0.6%

 

 

Abu Dhabi Government International Bond,
3.000%, due 9/15/51

      450        306  
       

 

 

  
 

Uruguay—0.5%

 

 

Uruguay Government International Bond,

      
 

4.975%, due 4/20/55

      200        188  
 

9.750%, due 7/20/33

    UYU 3,788        105  
       

 

 

  
          293  
       

 

 

  
 

Uzbekistan—0.3%

 

 

Republic of Uzbekistan International Bond,
3.900%, due 10/19/31

      $ 200        165  
       

 

 

  
 

Venezuela—0.5%

 

 

Venezuela Government International Bond,

      
 

8.250%, due 10/13/24 (c)

      400        56  
 

9.250%, due 5/7/28 (c)

      500        80  
 

11.950%, due 8/5/31 (c)

      800        134  
       

 

 

  
          270  
       

 

 

  
 

Zambia—0.8%

 

 

Zambia Government International Bond,

      
 

5.375%, due 9/20/22

      250        163  
 

8.500%, due 4/14/24

      200        147  
 

8.970%, due 7/30/27

      200        147  
       

 

 

  
          457  
       

 

 

  
 

Total Foreign Government Bonds—61.4%
(cost $32,784)

 

      33,842  
       

 

 

  
 

Foreign Corporate Bonds—30.6%

 

 

Brazil—2.8%

 

 

3R Lux SARL,
9.750%, due 2/5/31 (b)

      200        209  
 

Aegea Finance SARL,
9.000%, due 1/20/31 (b)

      200        211  
 

Ambipar Lux SARL,
9.875%, due 2/6/31 (b)

      200        199  
 

Azul Secured Finance LLP,
10.875%, due 5/28/30 (b)

      175        148  
 

CSN Resources SA,
8.875%, due 12/5/30 (b)

      200        206  
 

ERO Copper Corp.,
6.500%, due 2/15/30

      200        190  
 

Minerva Luxembourg SA,
4.375%, due 3/18/31

      200        166  

 

See accompanying Notes to Financial Statements.

 

77

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
  Amount  		         Value    

 

  

Foreign Corporate Bonds—(continued)

 

 

Brazil — (continued)

 

 

Petrorio Luxembourg Trading SARL,
6.125%, due 6/9/26

      $ 200      $ 196  
       

 

 

  
          1,525  
       

 

 

  
 

Chile—1.6%

 

 

Corp. Nacional del Cobre de Chile,

      
 

3.700%, due 1/30/50

      200        138  
 

3.750%, due 1/15/31

      400        356  
 

6.300%, due 9/8/53 (b)

      200        199  
 

6.440%, due 1/26/36 (b)

      200        206  
       

 

 

  
          899  
       

 

 

  
 

China—1.4%

 

 

China Evergrande Group,
9.500%, due 3/29/24 (c)

      300        3  
 

China Oil & Gas Group Ltd.,
4.700%, due 6/30/26

      200        169  
 

Sinochem Offshore Capital Co. Ltd.,
2.375%, due 9/23/31

      500        415  
 

Standard Chartered PLC,
5 year CMT + 3.135%, 4.300%, due 8/19/28 (d)(e)

      200        165  
 

Yuzhou Group Holdings Co. Ltd.,
7.850%, due 8/12/26 (c)

      200        10  
       

 

 

  
          762  
       

 

 

  
 

Colombia—1.4%

 

 

Banco Davivienda SA,
10 year CMT + 5.097%, 6.650%, due 4/22/31 (d)(e)

      200        141  
 

Corp. Andina de Fomento,
6.770%, due 5/24/28

    COP  2,000,000        450  
 

Gran Tierra Energy, Inc.,
9.500%, due 10/15/29

      $ 200        186  
       

 

 

  
          777  
       

 

 

  
 

Costa Rica—0.8%

 

 

Instituto Costarricense de Electricidad,
6.375%, due 5/15/43

      250        223  
 

Liberty Costa Rica Senior Secured Finance,
10.875%, due 1/15/31

      200        211  
       

 

 

  
          434  
       

 

 

  
 

Czech Republic—0.4%

 

 

Energo-Pro AS,
8.500%, due 2/4/27

      200        203  
       

 

 

  
 

Hungary—0.4%

 

 

Magyar Export-Import Bank Zrt,
6.125%, due 12/4/27

      200        201  
       

 

 

  

 

See accompanying Notes to Financial Statements.

 

78

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
Amount		      Value  
 

Foreign Corporate Bonds—(continued)

 

 

India—2.6%

 

 

Adani Ports & Special Economic Zone Ltd.,
3.828%, due 2/2/32

      $        200      $ 163  
 

European Bank for Reconstruction & Development,
6.300%, due 10/26/27

      INR        20,000        235  
 

Indiabulls Housing Finance Ltd.,
9.700%, due 7/3/27 (b)

      $        200        200  

 

  

International Bank for Reconstruction & Development,
6.850%, due 4/24/28

      INR        20,000        237  
 

Network i2i Ltd.,
5 year CMT + 4.274%, 5.650%, due 1/15/25 (d)(e)

      $        200        198  
 

ReNew Wind Energy AP2/ReNew Power Pvt Ltd.,
4.500%, due 7/14/28

         200        183  
 

Shriram Finance Ltd.,
6.625%, due 4/22/27 (b)

         200        201  
          

 

 

  
                 1,417  
          

 

 

  
 

Indonesia—2.5%

 

 

European Bank for Reconstruction & Development,
6.000%, due 1/17/30

      IDR        3,500,000        218  
 

Medco Maple Tree Pte. Ltd.,
8.960%, due 4/27/29 (b)

      $        250        260  
 

Pertamina Persero PT,

         
 

2.300%, due 2/9/31

         200        165  
 

3.100%, due 8/27/30

         400        354  
 

6.000%, due 5/3/42

         200        203  
 

Perusahaan Penerbit SBSN Indonesia III,
4.700%, due 6/6/32 (b)

         200        196  
          

 

 

  
             1,396  
          

 

 

  
 

Kazakhstan—0.3%

 

 

KazMunayGas National Co. JSC,
3.500%, due 4/14/33

         200        166  
          

 

 

  
 

Malaysia—1.9%

 

 

Dua Capital Ltd.,
2.780%, due 5/11/31

         550        471  
 

Petronas Capital Ltd.,

         
 

4.550%, due 4/21/50

         200        177  
 

4.800%, due 4/21/60

         450        408  
          

 

 

  
             1,056  
          

 

 

  
 

Mexico—4.8%

 

 

Banco Nacional de Comercio Exterior SNC,
5 year CMT + 2.000%, 2.720%, due 8/11/31 (e)

         220        196  
 

Credito Real SAB de CV SOFOM ER,
5.000%, due 2/1/27 (c)

      EUR        200        24  
 

Grupo Axo SAPI de CV,
5.750%, due 6/8/26

      $        200        193  
 

Orbia Advance Corp. SAB de CV,
1.875%, due 5/11/26

         200        183  

 

See accompanying Notes to Financial Statements.

 

79

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
Amount		      Value  
 

Foreign Corporate Bonds—(continued)

 

 

Mexico — (continued)

 

 

Petroleos Mexicanos,

         
 

4.750%, due 2/26/29

      EUR        200      $ 181  
 

5.950%, due 1/28/31

      $        1,200        962  
 

6.490%, due 1/23/27

         200        188  
 

6.700%, due 2/16/32

         230        192  
 

6.750%, due 9/21/47

         808        534  
          

 

 

  
             2,653  
          

 

 

  
 

Nigeria—0.3%

 

 

  

SEPLAT Energy PLC,
7.750%, due 4/1/26

         200        194  
          

 

 

  
 

Peru—1.4%

 

 

Banco de Credito del Peru SA,
7.850%, due 1/11/29 (b)

      PEN        800        219  
 

Corp. Financiera de Desarrollo SA,
2.400%, due 9/28/27

      $        420        375  
 

InRetail Consumer,
3.250%, due 3/22/28

         200        179  
          

 

 

  
             773  
          

 

 

  
 

Poland—0.4%

 

 

Bank Polska Kasa Opieki SA,
3 mo. EURIBOR + 2.400%, 5.500%, due 11/23/27 (e)

      EUR        200        220  
          

 

 

  
 

Saudi Arabia—1.1%

 

 

Gaci First Investment Co.,
5.125%, due 2/14/53

      $        700        607  
          

 

 

  
 

South Africa—0.3%

 

 

Stillwater Mining Co.,
4.000%, due 11/16/26

         200        179  
          

 

 

  
 

Supranational—0.9%

 

 

Gabon Blue Bond Master Trust,
6.097%, due 8/1/38 (b)

         500        495  
          

 

 

  
 

Trinidad And Tobago—0.8%

 

 

Heritage Petroleum Co. Ltd.,

         
 

9.000%, due 8/12/29

         200        211  
 

9.000%, due 8/12/29 (b)

         200        210  
          

 

 

  
             421  
          

 

 

  
 

Turkey—2.1%

 

 

European Bank for Reconstruction & Development,
0.000%, due 11/10/30

      TRY          60,000              132  
 

Hazine Mustesarligi Varlik Kiralama AS,
7.250%, due 2/24/27

      $        200        204  
 

Istanbul Metropolitan Municipality,
10.500%, due 12/6/28 (b)

         400        426  
 

Turkiye Ihracat Kredi Bankasi AS,
5.750%, due 7/6/26

         200        195  

 

See accompanying Notes to Financial Statements.

 

80

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
Amount		      Value  
 

Foreign Corporate Bonds—(continued)

 

 

Turkey — (continued)

 

 

  

WE Soda Investments Holding PLC,
9.500%, due 10/6/28 (b)

    $          200      $ 207  
          

 

 

  
             1,164  
          

 

 

  
 

United Arab Emirates—2.1%

 

 

Emirates NBD Bank PJSC,
2.625%, due 2/18/25

         200        194  
 

Finance Department Government of Sharjah,
6.125%, due 3/6/36 (b)

         200        201  
 

GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC,
7.125%, due 7/31/26

         200        200  
 

MAF Global Securities Ltd.,
5 year CMT + 3.539%, 6.375%, due 3/20/26 (d)(e)

               200        200  
 

Shelf Drilling Holdings Ltd.,
9.625%, due 4/15/29 (b)

         200        193  
 

Sobha Sukuk Ltd.,
8.750%, due 7/17/28

         200        201  
          

 

 

  
                 1,189  
          

 

 

  
 

Venezuela—0.3%

 

 

Petroleos de Venezuela SA,

         
 

6.000%, due 11/15/26 (c)

         250        23  
 

8.500%, due 10/27/20 (c)

         75        59  
 

9.750%, due 5/17/35 (c)

         530        59  
          

 

 

  
             141  
          

 

 

  
 

Total Foreign Corporate Bonds—30.6%
(cost $17,240)

 

      16,872  
          

 

 

  
 

Foreign Municipal Bonds—0.3%

 

 

Argentina—0.3%

 

 

Provincia de Buenos Aires,

         
 

5.500%, due 9/1/37 (a)(b)

         200        71  
 

6.375%, due 9/1/37 (a)

         167        67  
 

6.375%, due 9/1/37 (a)(b)

         49        20  
          

 

 

  
             158  
          

 

 

  
 

Total Foreign Municipal Bonds—0.3%
(cost $192)

 

      158  
          

 

 

  
 

Repurchase Agreement

 

 

Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $276, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $281

         276        276  
          

 

 

  
 

Total Repurchase Agreement—0.5%
(cost $276)

 

      276  
          

 

 

  

 

See accompanying Notes to Financial Statements.

 

81

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

   

Issuer

    Principal
Amount		      Value  
 

U.S. Government—5.7%

 

 

U.S. Treasury Bill,

         
 

4.706%, due 11/29/24 (f)

    $          730      $   706  
 

4.755%, due 12/26/24 (f)

         550        530  
 

5.037%, due 1/23/25

         300        288  
 

5.122%, due 10/31/24

         280        272  
 

5.185%, due 9/5/24

             1,100        1,076  
 

5.248%, due 8/15/24

         300        294  
          

 

 

  

 

  

Total U.S. Government—5.7%
(cost $3,169)

 

      3,166  
          

 

 

  
 

Total Investments in Securities—98.5%
(cost $53,661)

 

      54,314  
          

 

 

  
 

Total Investments—98.5%
(cost $53,661)

 

      54,314  
 

Cash and other assets, less liabilities—1.5%

 

      847  
          

 

 

  
 

Net assets—100.0%

 

    $    55,161  
          

 

 

  

 

(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 March 31, 2024.

(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.

(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 March 31, 2024.

(f)

Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $456 (in thousands).

CMT = Constant Maturity Treasury

EURIBOR = Euro Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TIIE = Interbank Equilibrium Interest Rate

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):  

U.S. Dollar

      87.0%  

Euro

      4.9%  

South African Rand

      1.0%  

Brazilian Real

      1.0%  

All Other Currencies

      6.1%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):  

Sovereign

      70.7%  

Corporate

   

Financials

      3.3%  

Energy

      2.6%  

Materials

      1.8%  

Utilities

      1.4%  

Consumer Discretionary

      1.0%  

Communication Services

      0.8%  

Industrials

      0.6%  

Consumer Staples

      0.6%  

Quasi-Sovereign

      12.8%  

Supranational

      3.3%  

Sub Sovereign

      1.1%  
  

 

 

  

Total

      100.0%  
  

 

 

  

 

See accompanying Notes to Financial Statements.

 

82

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

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   
7/29/24   

Egyptian Pound

    Citibank N.A.      6,500      $ 130      $ 133      $ 3  
                 

 

 

  
   $ 3  
                 

 

 

  
Sold   
4/17/24   

Euro

    Citibank N.A.      1,764      $ 1,927      $ 1,904      $ 23  
4/17/24   

South African Rand

    Citibank N.A.      10,400        548        548        —   
                 

 

 

  
   $ 23  
                 

 

 

  

Total net unrealized appreciation (depreciation) on forward foreign currency contracts

      $ 26  
                 

 

 

  

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      3.750 %      1Y        June 2048        LCH        $        1,403      $ 41     $ 11     $ (30 ) 

EUR 6M EURIBOR

    Receive      3.750 %      1Y        September 2026        LCH        EUR        209        (8 )      (8 )      —  

EUR 6M EURIBOR

    Receive      3.500 %      1Y        September 2028        LCH        EUR        90        —       (5 )      (5 ) 

EUR 6M EURIBOR

    Receive      3.250 %      1Y        September 2030        LCH        EUR        161        1       (9 )      (10 ) 

EUR 6M EURIBOR

    Receive      3.250 %      1Y        September 2033        LCH        EUR        767        (37 )      (59 )      (22 ) 

EUR 6M EURIBOR

    Receive      3.250 %      1Y        September 2038        LCH        EUR        713        (20 )      (71 )      (51 ) 

1-Day USD SOFR

    Pay      4.500 %      1Y        June 2026        LCH        $        3,609        (18 )      (20 )      (2 ) 

1-Day USD SOFR

    Pay      4.250 %      1Y        June 2028        LCH        $        2,199        (8 )      (3 )      5  

1-Day USD SOFR

    Pay      4.000 %      1Y        June 2030        LCH        $        2,936        (19 )      (17 )      2  

1-Day USD SOFR

    Pay      4.000 %      1Y        June 2033        LCH        $        1,539        (8 )      3       11  

1-Day USD SOFR

    Pay      4.000 %      1Y        June 2043        LCH        $        1,638        (58 )      25       83  

MXN 28D TIIE

    Pay      10.650 %      28D        October 2025        LCH        MXN        10,000        —       5       5  
                          

 

 

  
                           $ (14 ) 
                          

 

 

  

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        June 2026        ICE      $ 400      $ (8 )    $ (6 )    $ 2  

Argentine Republic

    Buy      1.000 %      3M        June 2027        ICE        250        205       129       (76 ) 

Argentine Republic

    Buy      5.000 %      3M        June 2026        ICE        300        168       105       (63 ) 

Republic of Turkey

    Buy      1.000 %      3M        June 2029        ICE        200        20       18       (2 ) 

Argentine Republic

    Sell      5.000 %      3M        June 2032        ICE        100        (63 )      (53 )      10  

Argentine Republic

    Sell      5.000 %      3M        June 2027        ICE        250        (190 )      (109 )      81  

Argentine Republic

    Sell      5.000 %      3M        June 2025        ICE        205        (82 )      (38 )      44  

Argentine Republic

    Sell      5.000 %      3M        June 2028        ICE        150        (96 )      (72 )      24  

Argentine Republic

    Sell      5.000 %      3M        June 2024        ICE        50        (11 )      (1 )      10  
                       

 

 

  
                        $ 30  
                       

 

 

  

 

See accompanying Notes to Financial Statements.

 

83

Emerging Markets Debt Fund

Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)

 

OTC Total Return Swap

 

Reference Entity

    Pay/Receive
Floating Rate		    Floating Rate    Maturity
Date		   

Counterparty

    Notional
Amount
(in thousands)		      Market
Value		     Unrealized
Appreciation
(Depreciation)		  

iShares J.P. Morgan USD Emerging Markets Bond ETF

    Receive    USD SOFR    May 2024   

Goldman Sachs
International

    $ 658      $ (12 )    $ (12 ) 
                   

 

 

  

Total net unrealized appreciation (depreciation) on swaps

 

   $ 4  
                   

 

 

  

Currency Legend

BRL Brazilian Real

COP Colombian Peso

DOP Dominican Peso

EUR Euro

IDR Indonesian Rupiah

INR Indian Rupee

JMD Jamaican Dollar

MXN Mexican Peso

NGN Nigerian Naira

PEN Peruvian Nouveau Sol

PHP Philippine Peso

PYG Paraguay Guarani

TRY Turkish Lira

USD U.S. Dollar

UYU Uruguayan Peso

ZAR South African Rand

 

See accompanying Notes to Financial Statements.

 

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 March 31, 2024, 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 Value    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.

 

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 March 31, 2024, 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.

 

86

(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 March 31, 2024, 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).

 

87

Investments in securities

    Growth      Large Cap
Growth		      Mid Cap
Value		      Small-Mid
Cap Core		  

Level 1

            

Common Stocks

    $ 255,657      $ 2,290,736      $ 1,660      $ 204,537  

Level 2

            

Repurchase Agreements

      4,584        9,525        —         1,997  

Level 3

            

None

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments in securities

    $ 260,241      $ 2,300,261      $ 1,660      $ 206,534  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments in securities

    Small-Mid
Cap Growth		      Small-Mid
Cap Value		      Small Cap
Growth		      Small Cap
Value		  

Level 1

            

Common Stocks

    $ 2,010,783      $ 2,799      $ 781,262      $ 1,375,352  

Exchange-Traded Funds

      —         —         8,089        —   

Level 2

            

Repurchase Agreements

      22,851        —         22,323        20,713  

Level 3

            

Common Stocks

      —         —         —         —   

Rights

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments in securities

    $ 2,033,634      $ 2,799      $ 811,674      $ 1,396,065  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments in securities

    Global
Leaders		      International
Leaders		      International
Growth		      Institutional
International
Growth		  

Level 1

            

Common Stocks

    $ 108,005      $ 1,132,959      $ 1,486,723      $ 960,615  

Level 2

            

Repurchase Agreements

      364        16,588        24,911        19,254  

Level 3

            

None

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments in securities

    $ 108,369      $ 1,149,547      $ 1,511,634      $ 979,869  
  

 

 

     

 

 

     

 

 

     

 

 

  

Investments in securities

    International
Small Cap
Growth		      Emerging
Markets
Leaders		      Emerging
Markets
Growth		      Emerging
Markets
ex China
Growth		  

Level 1

            

Common Stocks

    $ 228,657      $ 245,257      $ 748,017      $ 21,866  

Level 2

            

Common Stocks

      1,096        6,037        7,844        213  

Repurchase Agreements

      4,645        2,144        977        407  

Level 3

            

None

      —         —         —         —   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total investments in securities

    $ 234,398      $ 253,438      $ 756,838      $ 22,486  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

88

Investments in securities

    Emerging
Markets
Small Cap
Growth		      China
Growth		      Emerging
Markets Debt		  

Level 1

         

Common Stocks

    $ 404,902      $ 1,718      $ —   

Level 2

         

Foreign Corporate Bonds

      —         —         16,872  

Foreign Government Bonds

      —         —         33,842  

Foreign Municipal Bonds

      —         —         158  

Repurchase Agreements

      —         —         276  

U.S. Government

      —         —         3,166  

Level 3

         

None

      —         —         —   
  

 

 

     

 

 

     

 

 

  

Total investments in securities

    $ 404,902      $ 1,718      $ 54,314  
  

 

 

     

 

 

     

 

 

  

Other financial instruments

         

Assets

         

Level 1

         

None

    $ —       $ —       $ —   

Level 2

         

Forward Foreign Currency Contracts

      —         —         26  

Swaps

      —         —         277  

Level 3

         

None

      —         —         —   

Liabilities

         

Level 1

         

None

      —         —         —   

Level 2

         

Swaps

      —         —         (273 ) 

Level 3

         

None

      —         —         —   
  

 

 

     

 

 

     

 

 

  

Total other financial instruments

    $ —       $ —       $ 30  
  

 

 

     

 

 

     

 

 

  

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.

 

89

(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.

 

90

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.

 

91

William Blair Funds

 

U.S. EQUITY

  

GLOBAL EQUITY

  

EMERGING MARKETS
DEBT

 

Growth Fund

  

Global Leaders Fund

Large Cap Growth Fund

    

Emerging Markets Debt Fund

Mid Cap Value Fund

  

INTERNATIONAL EQUITY

  

Small-Mid Cap Core Fund

  

International Leaders Fund

  

Small-Mid Cap Growth Fund

  

International Growth Fund

  

Small-Mid Cap Value Fund

  

Institutional International Growth Fund

  

Small Cap Growth Fund

  

International Small Cap Growth Fund

  

Small Cap Value Fund

  

Emerging Markets Leaders Fund

  
 

Emerging Markets Growth Fund

  
 

Emerging Markets ex China Growth Fund

  
 

Emerging Markets Small Cap Growth Fund

  
 

China Growth Fund

  

 

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