William Blair Funds NPORT-P William Blair International Leaders Fund (Sep 2020 report)

Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Growth Fund

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

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

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

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

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

† = U.S. listed foreign security

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

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

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

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

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

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

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

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

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

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

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

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

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

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

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

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

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

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

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

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

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

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

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

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

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

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

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

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

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

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

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

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

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

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

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

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

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

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

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

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

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

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

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

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

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

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

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

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

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

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

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

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

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

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

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

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

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

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

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

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

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

See accompanying Notes to Portfolio of Investments.

Bond Fund

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

Issuer		Principal Amount	Value
U.S. Government and U.S. Government Agency—60.2%
U.S. Treasury Inflation Indexed Notes/Bonds—4.5%
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29	$	9,494	$	13,664
U.S. Treasury—5.8%
U.S. Treasury Bill, 0.108%, due 7/15/21(a)		1,000		999
U.S. Treasury Note, 0.400%, due 10/31/21		3,250		3,261
U.S. Treasury Strip Principal, 0.000%, due 8/15/27		4,750		4,613
U.S. Treasury Note, 0.625%, due 5/15/30		1,500		1,496
U.S. Treasury Note, 0.625%, due 8/15/30		2,500		2,488
U.S. Treasury Bond, 1.125%, due 5/15/40		2,000		1,973
U.S. Treasury Bond, 2.375%, due 11/15/49		2,267		2,776
Total U.S. Treasury Obligations				17,606
Federal Home Loan Mortgage Corp. (FHLMC)—11.9%
#G61450, 6.000%, due 4/1/40		9,352		11,114
#ZT1221, 5.500%, due 1/1/33		496		580
#J02986, 6.500%, due 7/1/21		1		1
#G30255, 7.000%, due 7/1/21		—		—(b)
#G02210, 7.000%, due 12/1/28		32		36
#G02183, 6.500%, due 3/1/30		3		4
#G01400, 7.000%, due 4/1/32		349		410
#G01728, 7.500%, due 7/1/32		58		70
#C01385, 6.500%, due 8/1/32		45		51
#C01623, 5.500%, due 9/1/33		50		60
#A15039, 5.500%, due 10/1/33		2		2
#A17603, 5.500%, due 1/1/34		1,295		1,525
#G01843, 6.000%, due 6/1/35		11		13
#A62858, 6.500%, due 7/1/37		56		65
#G03170, 6.500%, due 8/1/37		103		119
#A78138, 5.500%, due 6/1/38		149		172
#G04466, 5.500%, due 7/1/38		9,332		11,009
#G60366, 6.000%, due 10/1/39		8,885		10,413
#C03665, 9.000%, due 4/1/41		188		231
Total FHLMC Mortgage Obligations				35,875
Federal National Mortgage Association (FNMA)—38.0%
#AL6411, 7.000%, due 12/1/37		1,227		1,403
#725228, 6.000%, due 3/1/34		2,397		2,899
#900725, 6.000%, due 8/1/21		2		2
#893325, 7.000%, due 9/1/21		1		1
#735104, 7.000%, due 5/1/22		—		—(b)
#255956, 5.500%, due 10/1/25		6		6
#252925, 7.500%, due 12/1/29		1		1
#AD0729, 7.500%, due 12/1/30		2,407		2,823
#535977, 6.500%, due 4/1/31		4		4
#253907, 7.000%, due 7/1/31		1		1
#587849, 6.500%, due 11/1/31		4		5
#545437, 7.000%, due 2/1/32		26		31
#545759, 6.500%, due 7/1/32		224		264
#545869, 6.500%, due 7/1/32		763		890
#670385, 6.500%, due 9/1/32		341		402
#254548, 5.500%, due 12/1/32		22		26
#AD0725, 7.000%, due 12/1/32		1,130		1,341

See accompanying Notes to Portfolio of Investments.

Bond Fund

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

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

See accompanying Notes to Portfolio of Investments.

Bond Fund

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

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

See accompanying Notes to Portfolio of Investments.

Bond Fund

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

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

See accompanying Notes to Portfolio of Investments.

Bond Fund

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

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

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

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

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

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

VRN = Variable Rate Note

SOFR = Secured Overnight Financing Rate

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

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

See accompanying Notes to Portfolio of Investments.

Bond Fund

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

Centrally Cleared Credit Default Swap

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

See accompanying Notes to Portfolio of Investments.

Income Fund

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

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

See accompanying Notes to Portfolio of Investments.

Income Fund

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

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

See accompanying Notes to Portfolio of Investments.

Income Fund

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

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

See accompanying Notes to Portfolio of Investments.

Income Fund

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

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

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

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

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

VRN = Variable Rate Note

SOFR = Secured Overnight Financing Rate

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

See accompanying Notes to Portfolio of Investments.

Income Fund

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

Centrally Cleared Credit Default Swap

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

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

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

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

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

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

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

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

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

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

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

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

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

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2020 (unaudited)

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

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

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

SOFR = Secured Overnight Financing Rate

VRN = Variable Rate Note

(a) Amount is less than minimum amount disclosed.

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

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

Issuer		Shares or Principal Amount	Value
Exchange-Traded Funds—70.8%
Equity Exchange-Traded Funds—61.4%
iShares MSCI Brazil ETF		29,300	$	811
iShares MSCI Chile ETF		514,900		12,404
iShares MSCI China ETF		56,500		4,191
SPDR S&P 500 ETF Trust		665,700		222,936
Utilities Select Sector SPDR Fund		17,500		1,039
Vietnam Enterprise Investments, Ltd. Class “C”		1,647,473		9,566
Total Equity Exchange-Traded Funds				250,947
Fixed Income Exchange-Traded Funds—9.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF		100,300		13,511
iShares MBS ETF		186,700		20,612
SPDR Bloomberg Barclays High Yield Bond ETF		42,200		4,400
Total Fixed Income Exchange-Traded Funds				38,523
Total Exchange-Traded Funds—70.8% (cost $251,928)				289,470
Foreign Government Bond—3.2%
Malaysia—3.2%
Malaysia Government Bond, 4.160%, due 7/15/21	MYR	54,040		13,235
Total Foreign Government Bond—3.2% (cost $13,097)				13,235
Repurchase Agreement—2.5%
Fixed Income Clearing Corporation, 0.000% dated 9/30/20, due 10/1/20, repurchase price $9,965, collateralized by U.S. Treasury Note, 2.750%, due 2/15/28, valued at $10,164	$	9,965		9,965
Total Repurchase Agreement—2.5% (cost $9,965)				9,965
U.S. Government—25.0%
U.S. Treasury Bill, 1.358%, due 10/8/20 (a)		4,475		4,475
U.S. Treasury Bill, 1.520%, due 11/5/20 (a)		12,757		12,756
U.S. Treasury Bill, 1.524%, due 12/3/20 (a)		15,000		14,998
U.S. Treasury Bill, 1.454%, due 12/31/20		7,500		7,498
U.S. Treasury Bill, 1.400%, due 1/28/21		7,500		7,498
U.S. Treasury Bill, 1.273%, due 2/25/21 (b)		7,500		7,497
U.S. Treasury Bill, 0.212%, due 3/25/21		7,500		7,496
U.S. Treasury Bill, 0.162%, due 4/22/21 (a)(b)		7,500		7,496
U.S. Treasury Bill, 0.157%, due 5/20/21		7,500		7,496
U.S. Treasury Bill, 0.192%, due 6/17/21 (a)		7,500		7,495
U.S. Treasury Bill, 0.154%, due 7/15/21 (a)(b)		7,500		7,494

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

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

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

(a) Security, or portion of security, is segregated as collateral for centrally cleared swaps and to cover initial margin requirements on open futures contracts aggregating a total value of $33,420 (in thousands).

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

Forward Foreign Currency Contracts

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

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

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

Forward Foreign Currency Contracts—(continued)

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

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

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

Futures Contracts

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

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

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

Centrally Cleared Interest Rate Swap

Floating Rate Reference

Pay/Receive Floating Rate

Fixed Rate

Pay/Receive Payment Frequency

Maturity Date

Cleared Exchange

Notional Amount (in thousands)

Upfront Payment Paid (Received)

Value

Unrealized Appreciation (Depreciation)

China 1-Week Repo Rate

Pay

2.800%

3M

December 2025

LCH

CNY

213,550

$

–

$

187

$

187

Total Return Swaps

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

Centrally Cleared Credit Default Swap

Reference Entity	Buy/Sell Protection	Fixed Deal Pay Rate			Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)		Value		Unrealized Appreciation (Depreciation)
iTRAXX Europe S33	Sell		1.000	%	3M	June 2025	ICE	EUR	8,183	$	42	$	172	$	130
Total net unrealized appreciation (depreciation) on swaps														$	(282	)

See accompanying Notes to Portfolio of Investments.

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Trust

William Blair Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. As of the date of this report, the Trust has the following twenty funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.

U.S. Equity Funds	International Equity Funds
Growth	International Leaders
Large Cap Growth	International Growth
Mid Cap Growth	Institutional International Growth
Small-Mid Cap Core	International Small Cap Growth
Small-Mid Cap Growth	Emerging Markets Leaders
Small-Mid Cap Value	Emerging Markets Growth
Small Cap Growth	Emerging Markets Small Cap Growth
Small Cap Value
Global Equity Fund	Fixed Income Funds
Global Leaders	Bond
	Income
Multi-Asset and Alternative Fund	Low Duration
Macro Allocation

The investment objectives of the Funds are as follows:

U.S. Equity Funds	Long-term capital appreciation.
Global Equity Fund	Long-term capital appreciation.
International Equity Funds	Long-term capital appreciation.
Bond Fund	Outperform the Bloomberg Barclays U.S. Aggregate Index by maximizing total return through a combination of income and capital appreciation.
Income Fund	High level of current income with relative stability of principal.
Low Duration Fund	Maximize total return. Total return includes both income and capital appreciation.
Macro Allocation Fund	Maximize long-term risk-adjusted total return.

1

(b) Repurchase Agreements

In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

(c) TBA Securities

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

(d) Securities Sold, Not Yet Purchased

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

(2) Valuation

(a) Investment Valuation

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

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

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

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

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

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

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

2

(b) Fair Value Measurements

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

• Level 1—Quoted prices (unadjusted) in active markets for an identical security.

• Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated.

• Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available.

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

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

Exchange-Traded Securities

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

Fixed Income Securities

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

Repurchase Agreements

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

Derivative Instruments

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

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

3

Investments in securities	Growth		Large Cap Growth		Mid Cap Growth		Small-Mid Cap Core
Level 1 - Quoted prices
Common Stocks	$	262,208	$	617,346	$	71,961	$	55,028
Level 2 - Other significant observable inputs
Repurchase Agreements		4,340		4,335		1,043		372
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	266,548	$	621,681	$	73,004	$	55,400
Investments in securities	Small-Mid Cap Growth		Small-Mid Cap Value		Small Cap Growth		Small Cap Value
Level 1 - Quoted prices
Common Stocks	$	2,982,053	$	1,116	$	526,158	$	70,871
Level 2 - Other significant observable inputs
Repurchase Agreements		100,085		—		7,610		702
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	3,082,138	$	1,116	$	533,768	$	71,573
Investments in securities	Global Leaders		International Leaders		International Growth		Institutional International Growth
Level 1 - Quoted prices
Common Stocks	$	106,835	$	858,939	$	2,030,596	$	1,199,264
Level 2 - Other significant observable inputs
Common Stocks		—		—		5,418		3,196
Repurchase Agreements		2,398		5,620		4,233		—
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	109,233	$	864,559	$	2,040,247	$	1,202,460
Investments in securities	International Small Cap Growth		Emerging Markets Leaders		Emerging Markets Growth		Emerging Markets Small Cap Growth
Level 1 - Quoted prices
Common Stocks	$	287,677	$	231,593	$	1,000,130	$	267,481
Preferred Stocks		—		—		—		2,013
Level 2 - Other significant observable inputs
Common Stocks		—		2,931		—		5,093
Repurchase Agreements		4,364		5,203		27,463		2,049
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	292,041	$	239,727	$	1,027,593	$	276,636

4

Investments in securities	Bond			Income			Low Duration		Macro Allocation
Assets
Level 1 - Quoted Prices
Exchange-Traded Funds	$	—		$	—		$	—	$	289,470
Level 2 - Other significant observable inputs
Asset-Backed Securities		4,091			3,426			16,517		—
Commercial Paper		1,500			250			—		—
Corporate Obligations		123,170			25,071			37,207		—
Foreign Government Bonds		—			—			—		13,235
Repurchase Agreements		119			—			—		9,965
U.S. Government and U.S. Government Agency		182,204			44,617			86,239		102,189
Level 3 - Significant unobservable inputs
None		—			—			—		—
Liabilities
Level 1 - Quoted Prices
None		—			—			—		—
Level 2 - Other significant observable inputs
None		—			—			—		—
Level 3 - Significant unobservable inputs
None		—			—			—		—
Total investments in securities	$	311,084		$	73,364		$	139,963	$	414,859
Other financial instruments
Assets
Level 1 - Quoted Prices
Futures Contracts	$	—		$	—		$	—	$	3,168
Level 2 - Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—		3,168
Swaps		—			—			—		423
Level 3 - Significant unobservable inputs
None		—			—			—		—
Liabilities
Level 1 - Quoted Prices
Futures Contracts		—			—			—		(4,924	)
Level 2 - Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—		(7,499	)
Swaps		(244	)		(122	)		—		(705	)
Level 3 - Significant unobservable inputs
None		—			—			—		—
Total other financial instruments	$	(244	)	$	(122	)	$	—	$	(6,369	)

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

5

(3) Financial Derivative Instruments

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

Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.

Macro Allocation Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by Macro Allocation Fund with various counterparties and allow Macro Allocation Fund to close out and net its total exposure to a counterparty in the event of a default.

Futures Contracts

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price at a designated date, time and place. An index futures contract is an agreement pursuant to which the parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index futures contract was originally written. A futures contract can be closed out prior to delivery by entering into an offsetting transaction in a matching futures contract. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of those securities is made. If the offsetting purchase price is less than the original sale price, a Fund realizes a gain; if it is more, a Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, a Fund realizes a gain; if it is less, a Fund realizes a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that a Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If a Fund is not able to enter into an offsetting transaction, a Fund will continue to be required to maintain the margin deposits on the futures contract.

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

Options

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

Forward Foreign Currency Contracts

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

6

Swap Contracts

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

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

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

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

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

7