William Blair Funds NPORT-P William Blair Bond Fund (Mar 2021 report)

Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—38.1%
*	Adobe, Inc.		16,256	$	7,728
*	Advanced Micro Devices, Inc.		76,929		6,039
*	Alarm.com Holdings, Inc.		14,360		1,240
	Brooks Automation, Inc.		30,917		2,524
	Fidelity National Information Services, Inc.		50,903		7,157
*	GoDaddy, Inc.		50,958		3,955
*	Grid Dynamics Holdings, Inc.		184,373		2,937
	Mastercard, Inc.		37,958		13,515
	Microsoft Corporation		120,443		28,397
*	MongoDB, Inc.		7,635		2,042
	National Instruments Corporation		99,314		4,289
*	Nice, Ltd.—ADR		16,909		3,686
*	PayPal Holdings, Inc.		46,880		11,384
*	Pure Storage, Inc.		232,913		5,017
	Texas Instruments, Inc.		40,066		7,572
*	Verra Mobility Corporation		254,570		3,446
*	Workday, Inc.		17,406		4,324
					115,252
	Consumer Discretionary—15.7%
	Advance Auto Parts, Inc.		21,784		3,997
*	Amazon.com, Inc.		7,363		22,782
*	Bright Horizons Family Solutions, Inc.		19,595		3,360
*	Burlington Stores, Inc.		10,290		3,075
*	Etsy, Inc.		8,873		1,789
*	Grand Canyon Education, Inc.		16,692		1,788
*	Revolve Group, Inc.		46,413		2,085
*	Rush Street Interactive, Inc.		167,624		2,739
*	Skyline Champion Corporation		59,332		2,685
*	Ulta Beauty, Inc.		10,865		3,359
					47,659
	Health Care—14.7%
	Abbott Laboratories		32,385		3,881
	Agilent Technologies, Inc.		37,986		4,830
*	Certara, Inc.		102,102		2,787
*	Horizon Therapeutics plc†		68,793		6,332
*	Ligand Pharmaceuticals, Inc.		10,618		1,619
	STERIS plc†		17,022		3,242
	Stryker Corporation		32,168		7,836
	UnitedHealth Group, Inc.		26,601		9,897
*	Veracyte, Inc.		18,965		1,019
	Zoetis, Inc.		20,115		3,168
					44,611
	Communication Services—9.7%
	Activision Blizzard, Inc.		39,401		3,664
*	Alphabet, Inc. Class “A”		10,813		22,302
*	Take-Two Interactive Software, Inc.		10,783		1,905
	Warner Music Group Corporation		46,530		1,598
					29,469
	Industrials—8.8%
	BWX Technologies, Inc.		71,727		4,730

See accompanying Notes to Portfolio of Investments.

Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Industrials — (continued)
*	Copart, Inc.		47,217	$	5,128
*	CoStar Group, Inc.		4,647		3,819
	Fortive Corporation		60,892		4,301
*	Kornit Digital, Ltd.†		18,318		1,816
	The Brink’s Co.		60,922		4,827
*	Trex Co., Inc.		22,167		2,029
					26,650
	Consumer Staples—5.3%
*	BJ’s Wholesale Club Holdings, Inc.		58,470		2,623
	The Coca-Cola Co.		137,829		7,265
	The Estee Lauder Cos., Inc.		20,826		6,057
					15,945
	Financials—2.6%
	Aon plc†		18,555		4,270
	Ares Management Corporation		62,589		3,507
					7,777
	Energy—1.9%
	Cameco Corporation†		225,274		3,742
	New Fortress Energy, Inc.		45,932		2,108
					5,850
	Materials—1.5%
	Ball Corporation		54,789		4,643
	Real Estate—1.0%
	SBA Communications Corporation		10,837		3,008
	Total Common Stocks—99.3% (cost $160,999)				300,864
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $2,261, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $2,306	$	2,261		2,261
	Total Repurchase Agreement—0.8% (cost $2,261)				2,261
	Total Investments—100.1% (cost $163,260)				303,125
	Liabilities, plus cash and other assets—(0.1)%				(167	)
	Net assets—100.0%			$	302,958

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, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—43.2%
	Accenture plc†		89,020	$	24,592
*	Adobe, Inc.		46,500		22,105
*	Advanced Micro Devices, Inc.		232,328		18,238
	Fidelity National Information Services, Inc.		88,780		12,483
*	Guidewire Software, Inc.		76,370		7,761
	Intuit, Inc.		50,880		19,490
	Lam Research Corporation		39,380		23,441
	Mastercard, Inc.		100,360		35,733
	Microsoft Corporation		336,080		79,238
*	PayPal Holdings, Inc.		134,120		32,570
*	salesforce.com, Inc.		71,900		15,233
	Texas Instruments, Inc.		127,660		24,126
					315,010
	Consumer Discretionary—16.6%
*	Amazon.com, Inc.		20,845		64,496
*	Marriott International, Inc.		88,280		13,075
	NIKE, Inc.		177,300		23,562
	Starbucks Corporation		186,740		20,405
					121,538
	Health Care—13.4%
	Abbott Laboratories		103,170		12,364
*	ABIOMED, Inc.		37,318		11,894
*	Illumina, Inc.		26,060		10,009
	Stryker Corporation		76,370		18,602
	UnitedHealth Group, Inc.		78,930		29,367
	Zoetis, Inc.		101,020		15,909
					98,145
	Communication Services—12.2%
	Activision Blizzard, Inc.		163,650		15,219
*	Alphabet, Inc. Class “A”		21,930		45,231
*	Alphabet, Inc. Class “C”		5,300		10,964
*	Live Nation Entertainment, Inc.		210,150		17,789
					89,203
	Industrials—5.6%
*	Copart, Inc.		142,060		15,429
	Equifax, Inc.		65,030		11,779
	Fortive Corporation		194,930		13,770
					40,978
	Consumer Staples—5.1%
	Costco Wholesale Corporation		56,180		19,802
	The Estee Lauder Cos., Inc.		59,070		17,181
					36,983
	Financials—1.8%
	Apollo Global Management, Inc.		277,080		13,026
	Materials—1.5%
	Linde plc†		38,800		10,869

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Common Stocks—(continued)
Total Common Stocks—99.4% (cost $498,832)				725,752
Repurchase Agreement
Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $6,222, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $6,346	$	6,222	$	6,222
Total Repurchase Agreement—0.9% (cost $6,222)				6,222
Total Investments—100.3% (cost $505,054)				731,974
Liabilities, plus cash and other assets—(0.3)%				(2,043	)
Net assets—100.0%			$	729,931

† = U.S. listed foreign security

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—27.7%
*	Anaplan, Inc.		23,760	$	1,279
*	Aspen Technology, Inc.		7,952		1,148
*	Cadence Design Systems, Inc.		19,090		2,615
	Dolby Laboratories, Inc.		11,885		1,173
*	Dynatrace, Inc.		32,545		1,570
*	EPAM Systems, Inc.		3,010		1,194
*	Euronet Worldwide, Inc.		11,505		1,591
*	GoDaddy, Inc.		18,065		1,402
*	Guidewire Software, Inc.		7,037		715
	Microchip Technology, Inc.		11,340		1,760
*	MongoDB, Inc.		4,985		1,333
*	Nice, Ltd.—ADR		6,680		1,456
	Pegasystems, Inc.		12,695		1,452
*	Pure Storage, Inc.		71,865		1,548
*	RingCentral, Inc.		4,880		1,454
*	Zendesk, Inc.		8,030		1,065
					22,755
	Health Care—25.4%
*	10X Genomics, Inc.		5,910		1,070
*	ABIOMED, Inc.		3,753		1,196
	Agilent Technologies, Inc.		20,790		2,643
*	Align Technology, Inc.		4,310		2,334
	Bio-Techne Corporation		2,782		1,063
*	Centene Corporation		12,280		785
	Encompass Health Corporation		19,238		1,576
*	Exact Sciences Corporation		12,225		1,611
*	Horizon Therapeutics plc†		28,750		2,646
*	Insulet Corporation		6,390		1,667
*	Mettler-Toledo International, Inc.		960		1,109
	STERIS plc†		6,565		1,251
	Teleflex, Inc.		4,545		1,888
					20,839
	Industrials—15.3%
	BWX Technologies, Inc.		36,264		2,391
*	Clarivate plc†		47,880		1,264
*	Copart, Inc.		22,372		2,430
*	CoStar Group, Inc.		3,019		2,481
	Equifax, Inc.		4,610		835
	Fortive Corporation		10,615		750
	Rockwell Automation, Inc.		4,085		1,084
*	Teledyne Technologies, Inc.		3,190		1,319
					12,554
	Consumer Discretionary—8.6%
	Advance Auto Parts, Inc.		8,168		1,499
*	Aptiv plc†		9,560		1,318
*	Bright Horizons Family Solutions, Inc.		6,095		1,045
*	Burlington Stores, Inc.		4,510		1,347
	Domino’s Pizza, Inc.		2,458		904
*	Etsy, Inc.		4,818		972
					7,085

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Communication Services—7.5%
	Cable One, Inc.		310	$	567
*	Live Nation Entertainment, Inc.		11,164		945
*	Take-Two Interactive Software, Inc.		11,855		2,095
	Warner Music Group Corporation		42,275		1,451
*	Zillow Group, Inc.		8,770		1,137
					6,195
	Materials—5.8%
	Ball Corporation		17,865		1,514
	FMC Corporation		8,675		960
	Vulcan Materials Co.		13,560		2,288
					4,762
	Financials—4.2%
	Arthur J Gallagher & Co.		15,275		1,906
	East West Bancorp, Inc.		21,345		1,575
					3,481
	Real Estate—1.4%
	SBA Communications Corporation		4,175		1,159
	Consumer Staples—1.4%
*	BJ’s Wholesale Club Holdings, Inc.		24,759		1,111
	Energy—0.9%
	New Fortress Energy, Inc.		16,838		773
	Total Common Stocks—98.2% (cost $56,655)				80,714
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $1,639, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $1,672	$	1,639		1,639
	Total Repurchase Agreement—2.0% (cost $1,639)				1,639
	Total Investments—100.2% (cost $58,294)				82,353
	Liabilities, plus cash and other assets—(0.2)%				(139	)
	Net assets—100.0%			$	82,214

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, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Health Care—16.9%
*	Acadia Healthcare Co., Inc.		7,443	$	425
*	Butterfly Network, Inc.		10,718		180
*	Certara, Inc.		14,560		398
*	Codexis, Inc.		22,667		519
	Encompass Health Corporation		5,689		466
*	Globus Medical, Inc.		4,219		260
*	Hanger, Inc.		20,373		465
*	HealthEquity, Inc.		3,767		256
*	Horizon Therapeutics plc†		6,018		554
*	LHC Group, Inc.		2,349		449
*	Ligand Pharmaceuticals, Inc.		1,723		263
*	Mednax, Inc.		20,262		516
*	Merit Medical Systems, Inc.		12,443		745
	Owens & Minor, Inc.		21,856		822
*	Penumbra, Inc.		1,271		344
	STERIS plc†		2,013		383
					7,045
	Financials—16.1%
	Ares Management Corporation		9,285		520
	Columbia Banking System, Inc.		11,926		514
	East West Bancorp, Inc.		11,758		868
*	Encore Capital Group, Inc.		8,091		325
	FirstCash, Inc.		3,255		214
	Glacier Bancorp, Inc.		10,914		623
	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		4,968		279
	LPL Financial Holdings, Inc.		3,551		505
*	Star Peak Energy Transition Corporation		13,153		350
	Virtu Financial, Inc.		17,159		533
	Voya Financial, Inc.		5,630		358
	Western Alliance Bancorp		10,838		1,023
	Wintrust Financial Corporation		8,157		618
					6,730
	Industrials—15.9%
*	Axon Enterprise, Inc.		2,290		326
*	Builders FirstSource, Inc.		15,847		735
	BWX Technologies, Inc.		11,676		770
*	Casella Waste Systems, Inc.		3,665		233
	Douglas Dynamics, Inc.		6,539		302
*	Generac Holdings, Inc.		1,026		336
*	IAA, Inc.		4,560		252
*	Kornit Digital, Ltd.†		3,182		315
	Lincoln Electric Holdings, Inc.		3,828		471
	Luxfer Holdings plc†		29,687		632
	Owens Corning		6,224		573
	The Brink’s Co.		11,390		902
*	Trex Co., Inc.		4,733		433
*	WillScot Mobile Mini Holdings Corporation		12,232		339
					6,619
	Information Technology—12.3%
*	Alarm.com Holdings, Inc.		4,798		415
	Brooks Automation, Inc.		5,770		471

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Information Technology—12.3%—(continued)
	CMC Materials, Inc.		1,801	$	318
*	Cree, Inc.		3,469		375
	Dolby Laboratories, Inc.		4,395		434
	Entegris, Inc.		2,764		309
*	Euronet Worldwide, Inc.		3,419		473
*	j2 Global, Inc.		3,589		430
*	Knowles Corporation		11,460		240
*	Nice, Ltd.—ADR		2,151		469
*	Pure Storage, Inc.		19,170		413
*	Verra Mobility Corporation		41,036		555
*	Vertex, Inc.		10,083		222
					5,124
	Consumer Discretionary—10.0%
	Advance Auto Parts, Inc.		2,467		453
*	Boot Barn Holdings, Inc.		8,211		512
*	Bright Horizons Family Solutions, Inc.		2,228		382
*	Burlington Stores, Inc.		1,562		467
*	Grand Canyon Education, Inc.		6,792		727
*	National Vision Holdings, Inc.		7,326		321
	Service Corporation International		7,937		405
*	Skyline Champion Corporation		12,510		566
*	Terminix Global Holdings, Inc.		6,723		320
					4,153
	Materials—6.6%
	Avery Dennison Corporation		2,359		433
	Crown Holdings, Inc.		6,794		659
	Eagle Materials, Inc.		3,898		524
	FMC Corporation		2,067		229
	Martin Marietta Materials, Inc.		1,222		410
*	Orion Engineered Carbons S.A.†		25,151		496
					2,751
	Real Estate—6.4%
	Acadia Realty Trust		5,021		95
	Americold Realty Trust		9,965		383
	CoreSite Realty Corporation		3,575		429
	Douglas Emmett, Inc.		4,472		141
	Equity LifeStyle Properties, Inc.		8,782		559
	Healthcare Realty Trust, Inc.		10,819		328
*	Jones Lang LaSalle, Inc.		1,871		335
	Sunstone Hotel Investors, Inc.		32,132		400
					2,670
	Energy—5.6%
	Cameco Corporation†		41,267		685
*	ChampionX Corporation		11,976		260
*	Denbury, Inc.		19,732		945
	New Fortress Energy, Inc.		9,969		458
					2,348
	Consumer Staples—4.7%
*	BJ’s Wholesale Club Holdings, Inc.		8,467		380

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Consumer Staples—4.7%—(continued)
	Inter Parfums, Inc.		4,413	$	313
*	Performance Food Group Co.		8,761		505
	Primo Water Corporation†		18,880		307
	Spectrum Brands Holdings, Inc.		5,576		474
					1,979
	Communication Services—2.2%
	Cable One, Inc.		166		303
*	Live Nation Entertainment, Inc.		3,492		296
*	Zynga, Inc.		31,797		325
					924
	Utilities—1.2%
	IDACORP, Inc.		5,092		509
	Total Common Stocks—97.9% (cost $30,264)				40,852
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $905, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $924	$	905		905
	Total Repurchase Agreement—2.2% (cost $905)				905
	Total Investments—100.1% (cost $31,169)				41,757
	Liabilities, plus cash and other assets—(0.1)%				(38	)
	Net assets—100.0%			$	41,719

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, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Health Care—27.9%
*	10X Genomics, Inc.		257,215	$	46,556
*	ABIOMED, Inc.		178,441		56,875
*	Acadia Healthcare Co., Inc.		923,824		52,787
*	Amedisys, Inc.		178,879		47,365
	Bio-Techne Corporation		189,131		72,235
*	Blueprint Medicines Corporation		208,572		20,280
*	Butterfly Network, Inc.		859,159		14,460
*	Certara, Inc.		695,174		18,978
*	Charles River Laboratories International, Inc.		191,500		55,503
	Encompass Health Corporation		901,872		73,863
*	Halozyme Therapeutics, Inc.		1,144,828		47,728
*	HealthEquity, Inc.		789,504		53,686
*	Horizon Therapeutics plc†		812,484		74,781
*	Insmed, Inc.		688,241		23,442
*	Inspire Medical Systems, Inc.		153,743		31,823
*	Insulet Corporation		170,190		44,406
*	Ligand Pharmaceuticals, Inc.		241,432		36,806
*	Masimo Corporation		104,713		24,048
*	Merit Medical Systems, Inc.		572,733		34,295
*	Penumbra, Inc.		195,798		52,979
	Teleflex, Inc.		83,127		34,536
*	Twist Bioscience Corporation		137,706		17,056
*	Veracyte, Inc.		958,270		51,507
					985,995
	Information Technology—24.4%
*	Alarm.com Holdings, Inc.		500,779		43,257
*	Aspen Technology, Inc.		346,046		49,945
*	Avalara, Inc.		307,017		40,965
	Brooks Automation, Inc.		743,798		60,731
*	Cree, Inc.		313,382		33,886
*	Dynatrace, Inc.		891,994		43,030
	Entegris, Inc.		343,605		38,415
*	Euronet Worldwide, Inc.		387,141		53,542
*	GoDaddy, Inc.		522,818		40,581
*	Guidewire Software, Inc.		216,039		21,956
*	j2 Global, Inc.		361,841		43,370
*	LiveRamp Holdings, Inc.		590,386		30,629
	National Instruments Corporation		961,876		41,539
*	Nice, Ltd.—ADR		241,980		52,744
*	Novanta, Inc.†		212,149		27,980
	Pegasystems, Inc.		196,900		22,514
*	Proofpoint, Inc.		223,400		28,102
*	Pure Storage, Inc.		2,840,860		61,192
*	Q2 Holdings, Inc.		208,600		20,902
*	Varonis Systems, Inc.		768,831		39,472
*	Workiva, Inc.		280,509		24,758
*	Zendesk, Inc.		308,433		40,904
					860,414
	Industrials—15.7%
*	Axon Enterprise, Inc.		409,138		58,269
*	Builders FirstSource, Inc.		1,069,683		49,601
	BWX Technologies, Inc.		1,377,280		90,818

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Industrials — (continued)
*	Generac Holdings, Inc.		185,776	$	60,832
	HEICO Corporation		225,841		25,656
	Lincoln Electric Holdings, Inc.		220,358		27,091
*	Mercury Systems, Inc.		715,257		50,533
	Ritchie Bros Auctioneers, Inc.†		846,047		49,536
	The Brink’s Co.		964,278		76,400
*	Trex Co., Inc.		701,104		64,179
					552,915
	Consumer Discretionary—12.0%
	Advance Auto Parts, Inc.		206,665		37,921
*	Bright Horizons Family Solutions, Inc.		319,260		54,737
*	Burlington Stores, Inc.		142,989		42,725
*	Etsy, Inc.		262,630		52,965
*	Grand Canyon Education, Inc.		818,142		87,623
*	Helen of Troy, Ltd.†		203,158		42,797
*	Leslie’s, Inc.		1,425,100		34,901
*	National Vision Holdings, Inc.		738,930		32,387
*	Terminix Global Holdings, Inc.		813,686		38,788
					424,844
	Financials—5.2%
	Ares Management Corporation		764,133		42,814
	FirstCash, Inc.		398,890		26,195
*	Star Peak Energy Transition Corporation		929,592		24,709
	Virtu Financial, Inc.		1,543,972		47,940
	Western Alliance Bancorp		427,075		40,333
					181,991
	Materials—4.2%
	Crown Holdings, Inc.		762,407		73,984
	Martin Marietta Materials, Inc.		223,902		75,191
					149,175
	Communication Services—3.7%
	Cable One, Inc.		23,727		43,382
*	Live Nation Entertainment, Inc.		495,060		41,907
*	Zynga, Inc.		4,415,602		45,083
					130,372
	Consumer Staples—2.2%
*	BJ’s Wholesale Club Holdings, Inc.		1,276,631		57,269
*	Celsius Holdings, Inc.		381,950		18,353
					75,622
	Energy—2.1%
	Cameco Corporation†		2,715,120		45,098
	New Fortress Energy, Inc.		661,804		30,384
					75,482
	Real Estate—1.1%
	FirstService Corporation†		268,237		39,750

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Common Stocks—(continued)
Total Common Stocks—98.5% (cost $2,406,926)				3,476,560
Repurchase Agreement
Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $53,784, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $54,860	$	53,784	$	53,784
Total Repurchase Agreement—1.5% (cost $53,784)				53,784
Total Investments—100.0% (cost $2,460,710)				3,530,344
Cash and other assets, less liabilities—0.0%				789
Net assets—100.0%			$	3,531,133

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, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—22.5%
	American Financial Group, Inc.		145	$	16
	CNO Financial Group, Inc.		518		13
	East West Bancorp, Inc.		278		20
	First American Financial Corporation		245		14
	FNB Corporation		1,076		14
	Hancock Whitney Corporation		351		15
	Home BancShares, Inc.		599		16
	National Bank Holdings Corporation		302		12
	PacWest Bancorp		543		21
	Radian Group, Inc.		567		13
	Selective Insurance Group, Inc.		232		17
*	SVB Financial Group		49		24
	The Hanover Insurance Group, Inc.		126		16
	Umpqua Holdings Corporation		973		17
	Voya Financial, Inc.		297		19
	Western Alliance Bancorp		315		30
					277
	Industrials—18.6%
	Booz Allen Hamilton Holding Corporation		149		12
	Brady Corporation		359		19
*	Chart Industries, Inc.		159		23
	Curtiss-Wright Corporation		148		18
	Fortune Brands Home & Security, Inc.		220		21
*	FTI Consulting, Inc.		137		19
	Kansas City Southern		115		30
	Rexnord Corporation		408		19
	Simpson Manufacturing Co., Inc.		154		16
	The Toro Co.		256		27
	Westinghouse Air Brake Technologies Corporation		314		25
					229
	Consumer Discretionary—12.6%
	Churchill Downs, Inc.		83		19
*	Deckers Outdoor Corporation		63		21
*	Helen of Troy, Ltd.†		89		19
*	LKQ Corporation		439		18
	Murphy USA, Inc.		106		15
	PulteGroup, Inc.		425		22
	Service Corporation International		313		16
*	TopBuild Corporation		118		25
					155
	Real Estate—10.1%
	American Assets Trust, Inc.		437		14
	American Campus Communities, Inc.		263		11
	Americold Realty Trust		417		16
	CoreSite Realty Corporation		69		8
	Equity LifeStyle Properties, Inc.		308		20
	Healthcare Realty Trust, Inc.		551		17
	Highwoods Properties, Inc.		260		11
	Life Storage, Inc.		173		15

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Real Estate—(continued)
	Terreno Realty Corporation		210	$	12
					124
	Materials—6.5%
	Avient Corporation		359		17
	FMC Corporation		187		21
	Sensient Technologies Corporation		146		11
	Silgan Holdings, Inc.		248		10
	Steel Dynamics, Inc.		393		20
					79
	Health Care—6.3%
*	Bio-Rad Laboratories, Inc.		18		10
	CONMED Corporation		105		14
	Encompass Health Corporation		208		17
*	Hologic, Inc.		234		18
	PerkinElmer, Inc.		150		19
					78
	Information Technology—5.8%
*	Arista Networks, Inc.		54		16
*	Cadence Design Systems, Inc.		125		17
*	Ciena Corporation		355		20
	MAXIMUS, Inc.		205		18
					71
	Energy—4.2%
*	CNX Resources Corporation		1,040		15
	Diamondback Energy, Inc.		249		18
	Helmerich & Payne, Inc.		288		8
	Valero Energy Corporation		139		10
					51
	Communication Services—3.4%
	The Interpublic Group of Cos., Inc.		924		27
*	Zynga, Inc.		1,489		15
					42
	Consumer Staples—3.3%
*	BJ’s Wholesale Club Holdings, Inc.		229		10
	Casey’s General Stores, Inc.		40		9
	J&J Snack Foods Corporation		69		11
	Lamb Weston Holdings, Inc.		145		11
					41
	Utilities—3.3%
	Alliant Energy Corporation		236		13
	Atmos Energy Corporation		134		13
	IDACORP, Inc.		146		15
					41
	Total Common Stocks—96.6% (cost $717)				1,188

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Total Investments—96.6% (cost $717)		1,188
Cash and other assets, less liabilities—3.4%		42
Net assets—100.0%	$	1,230

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—23.8%
*	Alarm.com Holdings, Inc.		97,620	$	8,432
	American Software, Inc.		273,100		5,653
	Brooks Automation, Inc.		140,595		11,480
*	BTRS Holdings, Inc.		346,540		5,014
	CMC Materials, Inc.		39,230		6,935
	Computer Services, Inc.		111,509		6,579
*	Euronet Worldwide, Inc.		60,170		8,322
*	Grid Dynamics Holdings, Inc.		826,965		13,174
*	j2 Global, Inc.		86,153		10,326
*	Knowles Corporation		292,570		6,121
	Littelfuse, Inc.		28,313		7,487
*	LivePerson, Inc.		108,327		5,713
*	LiveRamp Holdings, Inc.		155,720		8,079
*	Novanta, Inc.†		38,930		5,134
*	PAR Technology Corporation		30,570		2,000
*	PDF Solutions, Inc.		218,872		3,892
*	PROS Holdings, Inc.		112,070		4,763
*	Pure Storage, Inc.		395,466		8,518
*	SiTime Corporation		40,935		4,036
*	Upland Software, Inc.		175,480		8,281
*	Varonis Systems, Inc.		139,710		7,173
*	Verra Mobility Corporation		719,159		9,734
*	Vertex, Inc.		151,243		3,324
*	WNS Holdings, Ltd.—ADR		138,612		10,041
					170,211
	Health Care—23.2%
*	Acadia Healthcare Co., Inc.		185,919		10,623
*	Aerie Pharmaceuticals, Inc.		469,851		8,396
*	Amicus Therapeutics, Inc.		332,980		3,290
*	AxoGen, Inc.		420,270		8,515
*	Blueprint Medicines Corporation		53,380		5,190
*	Butterfly Network, Inc.		188,029		3,165
*	CareDx, Inc.		99,357		6,765
*	Certara, Inc.		322,864		8,814
*	Codexis, Inc.		412,808		9,449
*	CryoLife, Inc.		273,252		6,170
	Encompass Health Corporation		80,571		6,599
*	Halozyme Therapeutics, Inc.		156,900		6,541
*	Hanger, Inc.		435,520		9,939
*	Health Catalyst, Inc.		234,378		10,962
*	HealthEquity, Inc.		99,865		6,791
*	Insmed, Inc.		253,640		8,639
*	LHC Group, Inc.		39,433		7,540
*	Ligand Pharmaceuticals, Inc.		55,148		8,407
*	Merit Medical Systems, Inc.		176,660		10,578
*	Twist Bioscience Corporation		22,766		2,820
	US Physical Therapy, Inc.		53,557		5,575
*	Veracyte, Inc.		149,230		8,021
*	Vericel Corporation		68,460		3,803
					166,592
	Industrials—23.0%
	Albany International Corporation		103,225		8,616

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Industrials — (continued)
*	Builders FirstSource, Inc.		138,030	$	6,400
	BWX Technologies, Inc.		235,939		15,558
*	Casella Waste Systems, Inc.		189,050		12,018
	Douglas Dynamics, Inc.		171,383		7,909
*	Ducommun, Inc.		266,059		15,964
*	Energy Recovery, Inc.		295,816		5,425
	ESCO Technologies, Inc.		53,976		5,877
*	Forrester Research, Inc.		147,879		6,282
*	IAA, Inc.		101,750		5,610
*	Kornit Digital, Ltd.†		61,350		6,081
	Lincoln Electric Holdings, Inc.		51,320		6,309
	Luxfer Holdings plc†		485,926		10,341
*	Mercury Systems, Inc.		95,736		6,764
*	Montrose Environmental Group, Inc.		222,468		11,166
*	PAE, Inc.		1,004,938		9,065
	Ritchie Bros Auctioneers, Inc.†		144,815		8,479
	The Brink’s Co.		210,136		16,649
					164,513
	Consumer Discretionary—11.7%
*	Boot Barn Holdings, Inc.		193,064		12,030
	Dine Brands Global, Inc.		77,270		6,956
*	Grand Canyon Education, Inc.		110,772		11,864
	Lithia Motors, Inc.		13,569		5,293
*	National Vision Holdings, Inc.		161,028		7,058
*	Porch Group, Inc.		477,048		8,444
*	Revolve Group, Inc.		200,933		9,028
*	Rush Street Interactive, Inc.		468,050		7,648
*	Skyline Champion Corporation		221,490		10,025
	Winmark Corporation		28,310		5,278
					83,624
	Financials—7.4%
*	Encore Capital Group, Inc.		207,803		8,360
	FirstCash, Inc.		151,738		9,965
	Home BancShares, Inc.		332,388		8,991
	LPL Financial Holdings, Inc.		61,640		8,763
*	Open Lending Corporation		173,507		6,146
*	Star Peak Energy Transition Corporation		264,224		7,023
*	Vesper Healthcare Acquisition Corporation		324,310		3,502
					52,750
	Energy—2.6%
	Cameco Corporation†		690,430		11,468
*	Denbury, Inc.		148,699		7,121
					18,589
	Real Estate—2.0%
	Colliers International Group, Inc.†		69,098		6,788

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Real Estate — (continued)
	FirstService Corporation†		51,757	$	7,670
					14,458
	Materials—1.4%
	Orion Engineered Carbons S.A.†		525,037		10,354
	Communication Services—1.4%
*	QuinStreet, Inc.		509,075		10,334
	Consumer Staples—1.0%
*	BJ’s Wholesale Club Holdings, Inc.		166,340		7,462
	Total Common Stocks—97.5% (cost $482,718)				698,887
	Exchange-Traded Funds
	Exchange-Traded Fund—1.0%
	iShares Russell 2000 Growth ETF		23,170		6,968
	Total Exchange-Traded Fund—1.0% (cost $7,237)				6,968
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $11,492, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $11,722	$	11,492		11,492
	Total Repurchase Agreement—1.6% (cost $11,492)				11,492
	Total Investments—100.1% (cost $501,447)				717,347
	Liabilities, plus cash and other assets—(0.1)%				(918	)
	Net assets—100.0%			$	716,429

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, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—28.6%
	Banc of California, Inc.		20,003	$	362
	Banner Corporation		9,469		505
	Boston Private Financial Holdings, Inc.		28,967		386
	Cadence BanCorp		28,751		596
	CNO Financial Group, Inc.		28,199		685
	First American Financial Corporation		7,876		446
	FNB Corporation		50,304		639
	Glacier Bancorp, Inc.		13,119		749
	Hancock Whitney Corporation		22,279		936
	Home BancShares, Inc.		34,132		923
	Horace Mann Educators Corporation		12,236		529
	National Bank Holdings Corporation		14,435		573
	OceanFirst Financial Corporation		20,829		498
	PacWest Bancorp		18,289		698
	Radian Group, Inc.		35,039		815
	Renasant Corporation		14,077		582
	Sandy Spring Bancorp, Inc.		14,612		634
*	Seacoast Banking Corporation of Florida		20,907		758
	Selective Insurance Group, Inc.		11,470		832
	The Hanover Insurance Group, Inc.		5,035		652
	Umpqua Holdings Corporation		35,231		618
	Western Alliance Bancorp		11,653		1,100
					14,516
	Industrials—16.6%
	Alamo Group, Inc.		1,500		234
	Brady Corporation		18,894		1,010
*	Chart Industries, Inc.		5,360		763
	Curtiss-Wright Corporation		6,768		803
	ESCO Technologies, Inc.		4,320		470
	Federal Signal Corporation		9,306		356
*	FTI Consulting, Inc.		4,930		691
*	Gibraltar Industries, Inc.		10,605		971
	Rexnord Corporation		11,275		531
*	Saia, Inc.		2,449		565
	Simpson Manufacturing Co., Inc.		5,152		534
	UniFirst Corporation		3,160		707
	Watts Water Technologies, Inc.		6,524		775
					8,410
	Consumer Discretionary—11.2%
	Carter’s, Inc.		5,892		524
*	Cavco Industries, Inc.		1,607		363
	Churchill Downs, Inc.		2,670		607
*	Deckers Outdoor Corporation		2,641		873
*	Helen of Troy, Ltd.†		3,202		674
	KB Home		10,245		477
*	Monarch Casino & Resort, Inc.		10,418		632
	Murphy USA, Inc.		4,700		679
*	TopBuild Corporation		4,156		870
					5,699
	Real Estate—7.6%
	Acadia Realty Trust		15,080		286

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Real Estate — (continued)
	Agree Realty Corporation		8,233	$	554
	American Assets Trust, Inc.		15,814		513
	CoreSite Realty Corporation		2,516		301
	Healthcare Realty Trust, Inc.		19,946		605
	Highwoods Properties, Inc.		12,925		555
	Life Storage, Inc.		6,407		551
	Terreno Realty Corporation		8,775		507
					3,872
	Health Care—6.4%
*	Allscripts Healthcare Solutions, Inc.		14,365		216
*	Avanos Medical, Inc.		7,300		319
	CONMED Corporation		7,832		1,023
	Encompass Health Corporation		10,623		870
*	Integer Holdings Corporation		8,881		818
					3,246
	Materials—5.8%
	Avient Corporation		13,587		642
	Carpenter Technology Corporation		12,915		531
	Minerals Technologies, Inc.		8,455		637
	Sensient Technologies Corporation		6,682		521
	Silgan Holdings, Inc.		14,837		624
					2,955
	Information Technology—5.5%
	Belden, Inc.		10,520		467
*	j2 Global, Inc.		4,741		568
*	LiveRamp Holdings, Inc.		7,712		400
	MAXIMUS, Inc.		6,394		569
*	Semtech Corporation		3,005		208
*	Viavi Solutions, Inc.		38,084		598
					2,810
	Energy—5.1%
	Archrock, Inc.		47,098		447
	Brigham Minerals, Inc.		26,344		386
	Cactus, Inc.		7,812		239
*	CNX Resources Corporation		39,287		578
	HollyFrontier Corporation		8,609		308
*	PDC Energy, Inc.		18,122		623
					2,581
	Consumer Staples—4.9%
*	BJ’s Wholesale Club Holdings, Inc.		8,173		366
	Casey’s General Stores, Inc.		2,442		528
*	Darling Ingredients, Inc.		14,076		1,036
	J&J Snack Foods Corporation		3,373		530
					2,460
	Utilities—4.3%
	Black Hills Corporation		8,632		576
	Chesapeake Utilities Corporation		4,140		480
	IDACORP, Inc.		5,068		507

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Utilities — (continued)
	ONE Gas, Inc.		7,994	$	615
					2,178
	Communication Services—2.1%
	John Wiley & Sons, Inc.		6,825		370
	Nexstar Media Group, Inc.		2,515		360
*	QuinStreet, Inc.		17,448		354
					1,084
	Total Common Stocks—98.1% (cost $31,915)				49,811
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $1,129, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $1,151	$	1,129		1,129
	Total Repurchase Agreement—2.2% (cost $1,129)				1,129
	Total Investments—100.3% (cost $33,044)				50,940
	Liabilities, plus cash and other assets—(0.3)%				(168	)
	Net assets—100.0%			$	50,772

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Western Hemisphere—48.5%
	Canada—1.2%
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		4,932	$	1,512
	United States—47.3%
*	Adobe, Inc. (Software)		3,154		1,499
*	Alphabet, Inc. Class “A” (Interactive Media & Services)		1,795		3,702
*	Amazon.com, Inc. (Internet & direct marketing retail)		1,109		3,431
	BlackRock, Inc. (Capital markets)		2,600		1,960
*	Charles River Laboratories International, Inc. (Life sciences tools & services)		6,662		1,931
*	CoStar Group, Inc. (Professional services)		1,478		1,215
	Ecolab, Inc. (Chemicals)		5,420		1,160
*	Edwards Lifesciences Corporation (Health care equipment & supplies)		15,123		1,265
*	Facebook, Inc. Class “A” (Interactive Media & Services)		9,902		2,916
	Fidelity National Information Services, Inc. (IT services)		11,952		1,681
*	IDEXX Laboratories, Inc. (Health care equipment & supplies)		3,136		1,535
	Intercontinental Exchange, Inc. (Capital markets)		14,678		1,639
*	Intuitive Surgical, Inc. (Health care equipment & supplies)		1,628		1,203
	Lockheed Martin Corporation (Aerospace & defense)		5,719		2,113
	Mastercard, Inc. Class “A” (IT services)		9,355		3,331
	Microsoft Corporation (Software)		12,888		3,039
	NextEra Energy, Inc. (Electric utilities)		14,506		1,097
	NIKE, Inc. Class “B” (Textiles, apparel & luxury goods)		14,059		1,868
*	PayPal Holdings, Inc. (IT services)		8,939		2,171
	Prologis, Inc. (Equity REIT)		10,967		1,163
	Roper Technologies, Inc. (Industrial conglomerates)		3,916		1,580
*	salesforce.com, Inc. (Software)		12,167		2,578
	The Estee Lauder Cos., Inc. Class “A” (Personal products)		6,994		2,034
	Thermo Fisher Scientific, Inc. (Life sciences tools & services)		3,831		1,748
*	Ulta Beauty, Inc. (Specialty retail)		7,661		2,369
	Union Pacific Corporation (Road & rail)		9,642		2,125
	UnitedHealth Group, Inc. (Health care providers & services)		6,293		2,341
*	Veeva Systems, Inc. Class “A” (Health care technology)		2,981		779
*	Workday, Inc. Class “A” (Software)		7,829		1,945
	Zoetis, Inc. (Pharmaceuticals)		9,788		1,541
					58,959
	Europe—25.5%
	Denmark—3.7%
*	Chr Hansen Holding A/S (Chemicals)		10,199		927
	DSV PANALPINA A/S (Air freight & logistics)		11,252		2,208
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		20,933		1,418
					4,553
	France—4.2%
*	Airbus SE (Aerospace & defense)		27,118		3,070
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		3,323		2,214
					5,284
	Germany—4.8%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		76,055		3,225
	MTU Aero Engines AG (Aerospace & defense)		8,741		2,057

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—(continued)
	Germany — (continued)
	Rational AG (Machinery)		878	$	682
					5,964
	Ireland—3.2%
	Allegion plc (Building products)†		7,573		951
*	Aptiv plc (Auto components)†		15,580		2,149
*	Ryanair Holdings plc—ADR (Airlines)		7,958		915
					4,015
	Netherlands—1.0%
*	Adyen N.V. (IT services)		577		1,288
	Sweden—5.6%
	Atlas Copco AB Class “A” (Machinery)		39,825		2,424
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		7,091		1,044
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		27,677		2,553	��
*	Indutrade AB (Trading companies & distributors)		41,640		961
					6,982
	Switzerland—3.0%
	Lonza Group AG (Life sciences tools & services)		2,760		1,543
	Partners Group Holding AG (Capital markets)		1,685		2,152
					3,695
	Emerging Asia—9.0%
	China—4.8%
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		89,844		2,542
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		48,300		1,001
	Tencent Holdings, Ltd. (Interactive Media & Services)		30,300		2,378
					5,921
	India—1.7%
*	HDFC Bank, Ltd.—ADR (Banks)		27,718		2,153
	Taiwan—2.5%
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		26,463		3,130
	Asia—5.5%
	Australia—3.5%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		76,791		2,003
*	Atlassian Corporation plc Class “A” (Software)†		4,895		1,032
	CSL, Ltd. (Biotechnology)		6,313		1,269
					4,304
	Hong Kong—1.6%
	AIA Group, Ltd. (Insurance)		166,400		2,019
	New Zealand—0.4%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		23,737		532

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Japan—5.4%
	Daikin Industries, Ltd. (Building products)		9,500	$	1,915
	Keyence Corporation (Electronic equipment, instruments & components)		3,400		1,544
	Nihon M&A Center, Inc. (Professional services)		70,400		1,903
	SMC Corporation (Machinery)		2,400		1,394
					6,756
	United Kingdom—3.7%
*	Compass Group plc (Hotels, restaurants & leisure)		118,004		2,378
	Experian plc (Professional services)		27,015		930
	Halma plc (Electronic equipment, instruments & components)		15,396		504
*	Rentokil Initial plc (Commercial services & supplies)		114,297		763
					4,575
	Emerging Latin America—1.6%
	Argentina—1.6%
*	Globant S.A. (IT services)†		5,662		1,175
*	MercadoLibre, Inc. (Internet & direct marketing retail)		586		863
					2,038
	Total Common Stocks—99.2% (cost $69,334)				123,680
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $1,613, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $1,645	$	1,613		1,613
	Total Repurchase Agreement—1.3% (cost $1,613)				1,613
	Total Investments—100.5% (cost $70,947)				125,293
	Liabilities, plus cash and other assets—(0.5)%				(651	)
	Net assets—100.0%			$	124,642

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology	24.9	%
Industrials	22.0	%
Consumer Discretionary	18.9	%
Health Care	13.8	%
Financials	8.0	%
Communication Services	7.3	%
Materials	1.7	%
Consumer Staples	1.6	%
Real Estate	0.9	%
Utilities	0.9	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
U.S. Dollar	58.9	%
Euro	10.1	%
Hong Kong Dollar	6.4	%
Swedish Krona	5.6	%
Japanese Yen	5.5	%
British Pound Sterling	3.7	%
Danish Krone	3.7	%
Swiss Franc	3.0	%
Australian Dollar	2.7	%
All Other Currencies	0.4	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—47.8%
	Denmark—5.9%
*	Chr Hansen Holding A/S (Chemicals)		42,935	$	3,902
	Coloplast A/S Class “B” (Health care equipment & supplies)		106,396		15,998
	DSV PANALPINA A/S (Air freight & logistics)		76,201		14,950
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		255,441		17,306
	Orsted A/S (Electric utilities)		90,211		14,570
					66,726
	Finland—1.3%
	Neste Oyj (Oil, gas & consumable fuels)		281,691		14,951
	France—12.5%
*	Airbus SE (Aerospace & defense)		280,858		31,797
	L’Oreal S.A. (Personal products)		44,365		17,002
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		58,379		38,893
*	Safran S.A. (Aerospace & defense)		205,629		27,984
	Sartorius Stedim Biotech (Life sciences tools & services)		33,596		13,837
	Teleperformance (Professional services)		32,763		11,941
					141,454
	Germany—4.1%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		644,173		27,312
	Rational AG (Machinery)		16,743		13,008
*	TeamViewer AG (Software)		156,395		6,681
					47,001
	Ireland—2.8%
	Kingspan Group plc (Building products)		224,480		19,033
*	Ryanair Holdings plc—ADR (Airlines)		115,495		13,282
					32,315
	Netherlands—4.1%
*	Adyen N.V. (IT services)		9,511		21,231
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		42,307		25,650
					46,881
	Norway—0.9%
	TOMRA Systems ASA (Commercial services & supplies)		224,019		9,699
	Spain—2.0%
*	Amadeus IT Group S.A. (IT services)		316,888		22,438
	Sweden—5.4%
	Atlas Copco AB Class “A” (Machinery)		413,698		25,181
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		260,462		24,026
	Nibe Industrier AB Class “B” (Building products)		384,109		11,910
					61,117
	Switzerland—8.8%
	Lonza Group AG (Life sciences tools & services)		39,115		21,868
	Partners Group Holding AG (Capital markets)		16,134		20,604
	Sika AG (Chemicals)		62,187		17,765
	Straumann Holding AG (Health care equipment & supplies)		20,420		25,472

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—47.8%—(continued)
	Switzerland — (continued)
	Temenos AG (Software)		94,916	$	13,663
					99,372
	Emerging Asia—18.2%
	China—10.2%
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		980,356		27,743
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		385,287		9,393
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		44,500		13,639
	NetEase, Inc. (Entertainment)		988,975		20,125
*	TAL Education Group—ADR (Diversified consumer services)		291,409		15,692
	Tencent Holdings, Ltd. (Interactive Media & Services)		379,700		29,793
					116,385
	India—4.2%
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		658,438		22,551
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		941,048		25,253
					47,804
	Taiwan—2.8%
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		1,546,000		31,805
	Thailand—1.0%
*	Sea, Ltd.—ADR (Entertainment)		49,786		11,114
					��
	United Kingdom—12.4%
	Ashtead Group plc (Trading companies & distributors)		508,416		30,328
*	Compass Group plc (Hotels, restaurants & leisure)		685,497		13,811
	Experian plc (Professional services)		523,068		18,006
	Halma plc (Electronic equipment, instruments & components)		318,738		10,432
	London Stock Exchange Group plc (Capital markets)		192,190		18,388
*	Rentokil Initial plc (Commercial services & supplies)		1,690,104		11,286
	Segro plc (Equity REIT)		1,139,102		14,724
	Spirax-Sarco Engineering plc (Machinery)		76,782		12,067
*	Trainline plc (Internet & direct marketing retail)		1,852,900		11,725
					140,767
	Japan—9.0%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		233,500		6,432
	Daikin Industries, Ltd. (Building products)		101,400		20,440
	Hoya Corporation (Health care equipment & supplies)		150,200		17,642
	Keyence Corporation (Electronic equipment, instruments & components)		47,500		21,565
	M3, Inc. (Health care technology)		92,800		6,345
	Nihon M&A Center, Inc. (Professional services)		388,200		10,494
	SMC Corporation (Machinery)		32,300		18,760
					101,678
	Asia—6.5%
	Australia—3.8%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		722,675		18,855
*	Atlassian Corporation plc Class “A” (Software)†		42,467		8,950

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Asia—6.5%—(continued)
	Australia — (continued)
	CSL, Ltd. (Biotechnology)		77,905	$	15,660
					43,465
	Hong Kong—1.9%
	AIA Group, Ltd. (Insurance)		1,784,800		21,650
	New Zealand—0.8%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		393,833		8,829
	Canada—3.4%
	Canadian National Railway Co. (Road & rail)		226,752		26,315
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		39,009		11,964
					38,279
	Emerging Latin America—1.2%
	Argentina—1.2%
*	MercadoLibre, Inc. (Internet & direct marketing retail)		9,193		13,534
	Total Common Stocks—98.5% (cost $814,433)				1,117,264
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $18,773, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $19,149	$	18,773		18,773
	Total Repurchase Agreement—1.7% (cost $18,773)				18,773
	Total Investments—100.2% (cost $833,206)				1,136,037
	Liabilities, plus cash and other assets—(0.2)%				(2,121	)
	Net assets—100.0%			$	1,133,916

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	29.3	%
Information Technology	19.1	%
Consumer Discretionary	13.6	%
Health Care	13.4	%
Financials	7.4	%
Communication Services	5.5	%
Energy	3.6	%
Consumer Staples	3.6	%
Materials	1.9	%
Real Estate	1.3	%
Utilities	1.3	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	26.1	%
British Pound Sterling	12.6	%
Japanese Yen	9.1	%
Swiss Franc	8.9	%
Hong Kong Dollar	8.9	%
U.S. Dollar	6.7	%
Danish Krone	6.0	%
Swedish Krona	5.5	%
Indian Rupee	4.3	%
Australian Dollar	3.1	%
New Taiwan Dollar	2.8	%
Canadian Dollar	2.3	%
Chinese Yuan Renminbi	2.1	%
All Other Currencies	1.6	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—44.8%
	Belgium—0.3%
	Warehouses De Pauw CVA (Equity REIT)		171,498	$	5,668
	Denmark—4.2%
*	Chr Hansen Holding A/S (Chemicals)		70,240		6,383
	Coloplast A/S Class “B” (Health care equipment & supplies)		61,189		9,201
	DSV PANALPINA A/S (Air freight & logistics)		211,712		41,536
*	Genmab A/S (Biotechnology)		38,643		12,714
	Netcompany Group A/S (Software)		53,626		5,106
	Orsted A/S (Electric utilities)		88,345		14,269
	Royal Unibrew A/S (Beverages)		40,637		4,250
					93,459
	Finland—0.9%
	Neste Oyj (Oil, gas & consumable fuels)		368,994		19,585
	France—9.9%
*	Airbus SE (Aerospace & defense)		321,821		36,434
	Dassault Systemes SE (Software)		80,796		17,282
	Hermes International (Textiles, apparel & luxury goods)		8,444		9,348
	Kering S.A. (Textiles, apparel & luxury goods)		37,777		26,076
	L’Oreal S.A. (Personal products)		56,516		21,659
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		52,011		34,650
*	Safran S.A. (Aerospace & defense)		197,989		26,945
	Sartorius Stedim Biotech (Life sciences tools & services)		23,672		9,749
	Teleperformance (Professional services)		75,311		27,449
*	Worldline S.A. (IT services)		103,925		8,707
					218,299
	Germany—6.1%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		57,857		8,719
	CompuGroup Medical SE & Co. KgaA (Health care technology)		60,951		5,150
*	CTS Eventim AG & Co. KGaA (Entertainment)		99,408		5,763
*	HelloFresh SE (Internet & direct marketing retail)		145,012		10,816
*	Hypoport SE (Diversified financial services)		6,761		3,584
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		607,165		25,743
	KION Group AG (Machinery)		88,995		8,787
	MTU Aero Engines AG (Aerospace & defense)		128,967		30,354
	Nemetschek SE (Software)		51,764		3,302
*	Puma SE (Textiles, apparel & luxury goods)		155,069		15,192
*	TeamViewer AG (Software)		105,093		4,490
	Vonovia SE (Real estate management & development)		194,712		12,718
					134,618
	Ireland—2.1%
*	ICON plc (Life sciences tools & services)†		68,200		13,392
	Kingspan Group plc (Building products)		185,415		15,721
*	Ryanair Holdings plc—ADR (Airlines)		141,201		16,238
					45,351
	Israel—1.0%
*	CyberArk Software, Ltd. (Software)†		36,261		4,690
*	Inmode, Ltd. (Health care equipment & supplies)†		54,244		3,926

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Israel — (continued)
*	Wix.com, Ltd. (IT services)†		48,870	$	13,645
					22,261
	Italy—0.6%
*	Amplifon SpA (Health care providers & services)		131,617		4,899
*	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		77,383		3,327
*	Moncler SpA (Textiles, apparel & luxury goods)		93,973		5,385
					13,611
	Luxembourg—0.6%
*	Eurofins Scientific SE (Life sciences tools & services)		144,572		13,819
	Netherlands—3.7%
*	Adyen N.V. (IT services)		10,740		23,974
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		69,920		42,391
	BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)		79,698		6,677
	Euronext N.V. (Capital markets)		41,143		4,145
	IMCD N.V. (Trading companies & distributors)		41,205		5,726
					82,913
	Norway—0.7%
*	Pexip Holding ASA (Software)		277,211		3,101
	Scatec ASA (Independent power & renewable electricity producers)		138,861		4,199
	TOMRA Systems ASA (Commercial services & supplies)		185,982		8,052
					15,352
	Spain—1.8%
*	Amadeus IT Group S.A. (IT services)		416,424		29,486
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		371,013		7,927
*	Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers)		146,063		3,097
					40,510
	Sweden—6.1%
	AddTech AB Class “B” (Trading companies & distributors)		232,031		3,454
	Atlas Copco AB Class “A” (Machinery)		669,908		40,777
	Beijer Ref AB (Trading companies & distributors)		113,997		5,010
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		126,974		18,697
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		265,659		24,505
*	Indutrade AB (Trading companies & distributors)		370,878		8,561
	Investment AB Latour Class “B” (Industrial conglomerates)		227,700		5,897
	Lifco AB Class “B” (Industrial conglomerates)		57,809		5,375
	Nibe Industrier AB Class “B” (Building products)		228,109		7,073
*	Nolato AB Class “B” (Industrial conglomerates)		51,130		4,555
	Sweco AB Class “B” (Construction & engineering)		230,834		3,769
*	Thule Group AB (Leisure products)		102,311		4,442
*	Vitrolife AB (Biotechnology)		94,762		2,782
					134,897
	Switzerland—6.8%
	Belimo Holding AG (Building products)		487		3,937
	Logitech International S.A. (Technology hardware, storage & peripherals)		77,937		8,175

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland — (continued)
	Lonza Group AG (Life sciences tools & services)		42,691	$	23,867
	Partners Group Holding AG (Capital markets)		19,227		24,554
*	Siegfried Holding AG (Life sciences tools & services)		6,235		5,136
*	SIG Combibloc Group AG (Containers & packaging)		289,848		6,704
	Sika AG (Chemicals)		123,232		35,204
	Softwareone Holding AG (Electronic equipment, instruments & components)		143,260		3,698
	Straumann Holding AG (Health care equipment & supplies)		13,278		16,563
	Tecan Group AG (Life sciences tools & services)		13,310		5,906
	Temenos AG (Software)		46,889		6,749
	VAT Group AG (Machinery)		24,536		6,874
*	Zur Rose Group AG (Food & staples retailing)		9,841		3,696
					151,063
	Emerging Asia—23.6%
	China—12.6%
	A-Living Smart City Services Co., Ltd. Class “H” (Commercial services & supplies)		670,750		2,977
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		753,416		6,810
	AK Medical Holdings, Ltd. (Health care equipment & supplies)		782,000		996
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		1,061,084		30,028
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		1,200,800		5,221
	Chacha Food Co., Ltd. Class “A” (Food products)		435,242		3,254
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		838,000		8,494
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		308,059		7,510
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		347,270		7,952
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		308,250		12,767
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		28,353		8,690
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		2,020,000		13,122
*	Meituan Class “B” (Internet & direct marketing retail)		337,200		12,934
	NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		166,113		3,637
	NetEase, Inc. (Entertainment)		689,725		14,036
	Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)		883,921		3,799
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		2,532,000		30,143
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		164,999		4,011
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)		92,750		5,647
	Silergy Corporation (Semiconductors & semiconductor equipment)		78,000		6,301
*	TAL Education Group—ADR (Diversified consumer services)		177,289		9,547
	Tencent Holdings, Ltd. (Interactive Media & Services)		446,700		35,051
*	Tencent Music Entertainment Group—ADR (Entertainment)		231,518		4,744
*	Topchoice Medical Corporation Class “A” (Health care providers & services)		165,539		6,326
*	Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)		406,500		3,297
*	Weimob, Inc. (Software)		1,409,000		3,150
	Will Semiconductor Co., Ltd. Shanghai Class “A” (Semiconductors & semiconductor equipment)		77,077		3,019
	WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services)		271,414		5,805
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		1,543,500		19,328
					278,596
	India—4.0%
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		801,058		4,239
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		148,462		5,482

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Havells India, Ltd. (Electrical equipment)		307,237	$	4,424
*	HDFC Bank, Ltd. (Banks)		1,185,297		24,227
	Info Edge India, Ltd. (Interactive Media & Services)		65,940		3,860
*	InterGlobe Aviation, Ltd. (Airlines)		293,367		6,504
	Ipca Laboratories, Ltd. (Pharmaceuticals)		111,702		2,921
*	Pidilite Industries, Ltd. (Chemicals)		149,204		3,694
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		1,245,215		33,594
					88,945
	Indonesia—1.2%
	Bank Central Asia Tbk PT (Banks)		12,046,700		25,773
	South Korea—1.0%
	Kakao Corporation (Interactive Media & Services)		25,828		11,365
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		20,438		11,919
					23,284
	Taiwan—3.8%
	Advantech Co., Ltd. (Technology hardware, storage & peripherals)		373,000		4,628
	Airtac International Group (Machinery)		130,000		4,579
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		62,000		3,238
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		243,000		6,387
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		767,000		26,048
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		322,913		38,194
					83,074
	Thailand—1.0%
	Airports of Thailand PCL (Transportation infrastructure)		1,321,000		2,917
	Carabao Group PCL Class “F” (Beverages)		744,700		3,074
*	Sea, Ltd.—ADR (Entertainment)		77,071		17,204
					23,195
	United Kingdom—11.3%
	3i Group plc (Capital markets)		497,854		7,917
*	Abcam plc (Biotechnology)		126,792		2,431
	Ashtead Group plc (Trading companies & distributors)		586,004		34,956
	Avast plc (Software)		1,236,207		7,771
	AVEVA Group plc (Software)		142,556		6,725
	Big Yellow Group plc (Equity REIT)		267,522		4,112
*	boohoo Group plc (Internet & direct marketing retail)		903,317		4,234
*	Ceres Power Holdings plc (Electrical equipment)		137,659		2,384
*	Compass Group plc (Hotels, restaurants & leisure)		1,261,305		25,413
	Croda International plc (Chemicals)		186,947		16,360
	Diploma plc (Trading companies & distributors)		133,634		4,694
	Experian plc (Professional services)		500,350		17,224
	Halma plc (Electronic equipment, instruments & components)		483,257		15,816
	Intermediate Capital Group plc (Capital markets)		385,257		9,783
	Intertek Group plc (Professional services)		115,883		8,950
	London Stock Exchange Group plc (Capital markets)		205,469		19,658
	Renishaw plc (Electronic equipment, instruments & components)		57,101		5,046
*	Rentokil Initial plc (Commercial services & supplies)		1,920,322		12,824

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—(continued)
	Rotork plc (Machinery)		1,555,115	$	7,645
	Segro plc (Equity REIT)		975,336		12,607
	Softcat plc (IT services)		194,918		4,872
	Spirax-Sarco Engineering plc (Machinery)		87,303		13,721
*	Trainline plc (Internet & direct marketing retail)		734,675		4,649
					249,792
	Japan—10.5%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		266,000		7,327
*	BASE, Inc. (IT services)		247,500		3,561
	Benefit One, Inc. (Professional services)		180,200		4,783
*	Bengo4.com, Inc. (Interactive Media & Services)		31,200		2,454
	Daikin Industries, Ltd. (Building products)		115,500		23,283
	Disco Corporation (Semiconductors & semiconductor equipment)		18,800		5,900
	GMO Payment Gateway, Inc. (IT services)		46,000		6,099
	Harmonic Drive Systems, Inc. (Machinery)		76,300		5,154
	Hoya Corporation (Health care equipment & supplies)		127,100		14,928
	Keyence Corporation (Electronic equipment, instruments & components)		49,700		22,564
	M3, Inc. (Health care technology)		192,500		13,162
	MISUMI Group, Inc. (Machinery)		196,000		5,691
	MonotaRO Co., Ltd. (Trading companies & distributors)		350,400		9,475
	Nihon M&A Center, Inc. (Professional services)		398,800		10,780
	Nomura Research Institute, Ltd. (IT services)		233,900		7,235
	Olympus Corporation (Health care equipment & supplies)		882,700		18,264
	Omron Corporation (Electronic equipment, instruments & components)		214,300		16,722
	Rakus Co., Ltd. (Software)		204,100		3,934
*	SHIFT, Inc. (IT services)		30,500		3,606
	SMC Corporation (Machinery)		47,800		27,763
	Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)		137,300		6,064
	TechnoPro Holdings, Inc. (Professional services)		79,300		6,603
	TIS, Inc. (IT services)		326,700		7,792
					233,144
	Canada—3.2%
*	Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†		151,947		5,964
	Canadian National Railway Co. (Road & rail)		341,448		39,625
	Enghouse Systems, Ltd. (Software)		62,261		2,888
*	Kinaxis, Inc. (Software)		32,401		3,781
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		52,203		16,011
	Toromont Industries, Ltd. (Trading companies & distributors)		47,142		3,609
					71,878
	Asia—3.2%
	Australia—1.3%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		421,825		11,006
*	Atlassian Corporation plc Class “A” (Software)†		60,376		12,725
	Netwealth Group, Ltd. (Capital markets)		227,135		2,325
	Pro Medicus, Ltd. (Health care technology)		102,508		3,218
					29,274

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Asia—(continued)
	Hong Kong—1.9%
	AIA Group, Ltd. (Insurance)		3,430,200	$	41,608
	Emerging Latin America—2.3%
	Argentina—0.9%
*	Globant S.A. (IT services)†		29,182		6,059
*	MercadoLibre, Inc. (Internet & direct marketing retail)		9,377		13,804
					19,863
	Brazil—1.2%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		811,100		7,871
	Locaweb Servicos de Internet S.A. (IT services)		1,556,493		6,319
	Magazine Luiza S.A. (Multiline retail)		1,805,200		6,491
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		344,800		5,072
					25,753
	Mexico—0.2%
*	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		24,180		4,299
	Emerging Europe—1.0%
	Poland—0.5%
*	Allegro.eu S.A. (Internet & direct marketing retail)		424,617		5,971
*	InPost S.A. (Air freight & logistics)		259,113		4,244
					10,215
	Russia—0.5%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		171,565		10,990
	Total Common Stocks—99.9% (cost $1,381,577)				2,211,089
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $10,476, collateralized by U.S. Treasury Bond—U.S. Treasury Note, 2.000%—2.250%, due 11/15/27—2/15/50, valued at $10,685	$	10,476		10,476
	Total Repurchase Agreement—0.5% (cost $10,476)				10,476
	Total Investments—100.4% (cost $1,392,053)				2,221,565
	Liabilities, plus cash and other assets—(0.4)%				(8,481	)
	Net assets—100.0%			$	2,213,084

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	26.9	%
Information Technology	22.1	%
Consumer Discretionary	14.2	%
Health Care	12.0	%
Financials	9.1	%
Communication Services	4.8	%
Materials	3.1	%
Consumer Staples	2.5	%
Energy	2.4	%
Real Estate	1.6	%
Utilities	1.3	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	24.8	%
British Pound Sterling	11.3	%
Japanese Yen	10.5	%
Hong Kong Dollar	10.3	%
U.S. Dollar	8.7	%
Swiss Franc	6.8	%
Swedish Krona	6.1	%
Danish Krone	4.2	%
Indian Rupee	4.0	%
Chinese Yuan Renminbi	3.2	%
New Taiwan Dollar	2.3	%
Canadian Dollar	2.3	%
Indonesian Rupiah	1.2	%
Brazilian Real	1.2	%
South Korean Won	1.1	%
All Other Currencies	2.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—44.3%
	Belgium—0.3%
	Warehouses De Pauw CVA (Equity REIT)		96,787	$	3,198
	Denmark—4.2%
*	Chr Hansen Holding A/S (Chemicals)		39,641		3,602
	Coloplast A/S Class “B” (Health care equipment & supplies)		34,533		5,193
	DSV PANALPINA A/S (Air freight & logistics)		120,200		23,582
*	Genmab A/S (Biotechnology)		21,809		7,175
	Netcompany Group A/S (Software)		30,264		2,882
	Orsted A/S (Electric utilities)		49,858		8,053
	Royal Unibrew A/S (Beverages)		22,934		2,398
					52,885
	Finland—0.9%
	Neste Oyj (Oil, gas & consumable fuels)		208,246		11,053
	France—9.7%
*	Airbus SE (Aerospace & defense)		182,000		20,605
	Dassault Systemes SE (Software)		45,598		9,753
	Hermes International (Textiles, apparel & luxury goods)		4,766		5,276
	Kering S.A. (Textiles, apparel & luxury goods)		21,364		14,747
	L’Oreal S.A. (Personal products)		31,895		12,223
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		29,353		19,555
*	Safran S.A. (Aerospace & defense)		111,737		15,207
	Sartorius Stedim Biotech (Life sciences tools & services)		13,360		5,502
	Teleperformance (Professional services)		42,590		15,523
*	Worldline S.A. (IT services)		58,773		4,924
					123,315
	Germany—6.0%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		32,652		4,920
	CompuGroup Medical SE & Co. KgaA (Health care technology)		34,398		2,906
*	CTS Eventim AG & Co. KGaA (Entertainment)		56,259		3,262
*	HelloFresh SE (Internet & direct marketing retail)		82,009		6,116
*	Hypoport SE (Diversified financial services)		3,816		2,023
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		344,718		14,616
	KION Group AG (Machinery)		50,226		4,959
	MTU Aero Engines AG (Aerospace & defense)		73,221		17,233
	Nemetschek SE (Software)		29,214		1,864
*	Puma SE (Textiles, apparel & luxury goods)		87,515		8,574
*	TeamViewer AG (Software)		59,433		2,539
	Vonovia SE (Real estate management & development)		109,888		7,178
					76,190
	Ireland—2.0%
*	ICON plc (Life sciences tools & services)†		38,489		7,558
	Kingspan Group plc (Building products)		104,641		8,872
*	Ryanair Holdings plc—ADR (Airlines)		80,247		9,229
					25,659
	Israel—1.0%
*	CyberArk Software, Ltd. (Software)†		20,464		2,647
*	Inmode, Ltd. (Health care equipment & supplies)†		30,397		2,200

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Israel — (continued)
*	Wix.com, Ltd. (IT services)†		27,746	$	7,747
					12,594
	Italy—0.6%
*	Amplifon SpA (Health care providers & services)		74,280		2,765
*	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		43,672		1,877
*	Moncler SpA (Textiles, apparel & luxury goods)		53,234		3,051
					7,693
	Luxembourg—0.6%
*	Eurofins Scientific SE (Life sciences tools & services)		82,081		7,846
	Netherlands—3.7%
*	Adyen N.V. (IT services)		6,074		13,559
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		39,697		24,068
	BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)		44,978		3,768
	Euronext N.V. (Capital markets)		23,219		2,339
	IMCD N.V. (Trading companies & distributors)		23,254		3,231
					46,965
	Norway—0.7%
*	Pexip Holding ASA (Software)		158,756		1,776
	Scatec ASA (Independent power & renewable electricity producers)		78,368		2,370
	TOMRA Systems ASA (Commercial services & supplies)		104,961		4,544
					8,690
	Spain—1.8%
*	Amadeus IT Group S.A. (IT services)		235,500		16,675
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		210,643		4,501
*	Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers)		82,432		1,748
					22,924
	Sweden—6.0%
	AddTech AB Class “B” (Trading companies & distributors)		130,949		1,949
	Atlas Copco AB Class “A” (Machinery)		380,341		23,151
	Beijer Ref AB (Trading companies & distributors)		64,335		2,827
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		71,807		10,574
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		150,239		13,859
*	Indutrade AB (Trading companies & distributors)		209,309		4,832
	Investment AB Latour Class “B” (Industrial conglomerates)		128,505		3,328
	Lifco AB Class “B” (Industrial conglomerates)		32,625		3,033
	Nibe Industrier AB Class “B” (Building products)		128,736		3,992
*	Nolato AB Class “B” (Industrial conglomerates)		28,856		2,571
	Sweco AB Class “B” (Construction & engineering)		130,274		2,127
*	Thule Group AB (Leisure products)		58,087		2,522
*	Vitrolife AB (Biotechnology)		53,480		1,570
					76,335
	Switzerland—6.8%
	Belimo Holding AG (Building products)		275		2,223
	Logitech International S.A. (Technology hardware, storage & peripherals)		44,249		4,641

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland — (continued)
	Lonza Group AG (Life sciences tools & services)		24,093	$	13,470
	Partners Group Holding AG (Capital markets)		10,873		13,885
*	Siegfried Holding AG (Life sciences tools & services)		3,564		2,936
*	SIG Combibloc Group AG (Containers & packaging)		163,579		3,783
	Sika AG (Chemicals)		69,691		19,909
	Softwareone Holding AG (Electronic equipment, instruments & components)		80,850		2,087
	Straumann Holding AG (Health care equipment & supplies)		7,494		9,348
	Tecan Group AG (Life sciences tools & services)		7,512		3,333
	Temenos AG (Software)		26,518		3,817
	VAT Group AG (Machinery)		13,847		3,880
*	Zur Rose Group AG (Food & staples retailing)		5,554		2,086
					85,398
	Emerging Asia—23.4%
	China—12.5%
	A-Living Smart City Services Co., Ltd. (Commercial services & supplies)		378,500		1,680
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		427,730		3,866
	AK Medical Holdings, Ltd. (Health care equipment & supplies)		442,000		563
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		600,100		16,982
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		679,100		2,953
	Chacha Food Co., Ltd. Class “A” (Food products)		245,600		1,836
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		476,000		4,825
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		173,840		4,238
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		197,200		4,516
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		174,450		7,226
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		16,017		4,909
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,142,000		7,418
*	Meituan Class “B” (Internet & direct marketing retail)		190,300		7,300
	NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		93,700		2,052
	NetEase, Inc. (Entertainment)		390,100		7,938
	Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)		498,900		2,144
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		1,432,000		17,048
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		93,100		2,263
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)		52,300		3,184
	Silergy Corporation (Semiconductors & semiconductor equipment)		44,000		3,555
*	TAL Education Group—ADR (Diversified consumer services)		100,656		5,420
	Tencent Holdings, Ltd. (Interactive Media & Services)		253,600		19,899
*	Tencent Music Entertainment Group—ADR (Entertainment)		130,660		2,677
*	Topchoice Medical Corporation Class “A” (Health care providers & services)		94,000		3,592
*	Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)		232,500		1,886
*	Weimob, Inc. (Software)		795,000		1,777
	Will Semiconductor Co., Ltd. Shanghai Class “A” (Semiconductors & semiconductor equipment)		43,470		1,702
	WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services)		153,164		3,276
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		876,500		10,976
					157,701
	India—4.0%
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		452,085		2,392
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		83,786		3,094

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Havells India, Ltd. (Electrical equipment)		173,393	$	2,497
*	HDFC Bank, Ltd. (Banks)		670,322		13,701
	Info Edge India, Ltd. (Interactive Media & Services)		37,214		2,178
*	InterGlobe Aviation, Ltd. (Airlines)		166,559		3,693
	Ipca Laboratories, Ltd. (Pharmaceuticals)		63,040		1,649
*	Pidilite Industries, Ltd. (Chemicals)		84,205		2,085
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		704,635		19,004
					50,293
	Indonesia—1.2%
	Bank Central Asia Tbk PT (Banks)		6,812,806		14,575
	South Korea—1.0%
	Kakao Corporation (Interactive Media & Services)		14,693		6,465
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		11,636		6,786
					13,251
	Taiwan—3.7%
	Advantech Co., Ltd. (Technology hardware, storage & peripherals)		211,000		2,618
	Airtac International Group (Machinery)		75,000		2,642
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		36,000		1,880
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		138,000		3,627
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		435,000		14,773
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		183,334		21,685
					47,225
	Thailand—1.0%
	Airports of Thailand PCL (Transportation infrastructure)		745,500		1,646
	Carabao Group PCL Class “F” (Beverages)		420,300		1,735
*	Sea, Ltd.—ADR (Entertainment)		43,585		9,730
					13,111
	United Kingdom—11.2%
	3i Group plc (Capital markets)		280,969		4,468
*	Abcam plc (Biotechnology)		71,557		1,372
	Ashtead Group plc (Trading companies & distributors)		331,404		19,769
	Avast plc (Software)		701,857		4,412
	AVEVA Group plc (Software)		80,936		3,818
	Big Yellow Group plc (Equity REIT)		150,979		2,321
*	boohoo Group plc (Internet & direct marketing retail)		509,797		2,390
*	Ceres Power Holdings plc (Electrical equipment)		78,281		1,355
*	Compass Group plc (Hotels, restaurants & leisure)		713,306		14,372
	Croda International plc (Chemicals)		105,724		9,252
	Diploma plc (Trading companies & distributors)		75,418		2,649
	Experian plc (Professional services)		282,378		9,721
	Halma plc (Electronic equipment, instruments & components)		272,731		8,926
	Intermediate Capital Group plc (Capital markets)		217,424		5,521
	Intertek Group plc (Professional services)		65,400		5,051
	London Stock Exchange Group plc (Capital markets)		116,889		11,183
	Renishaw plc (Electronic equipment, instruments & components)		32,225		2,848
*	Rentokil Initial plc (Commercial services & supplies)		1,083,753		7,237

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—(continued)
	Rotork plc (Machinery)		880,075	$	4,327
	Segro plc (Equity REIT)		550,441		7,115
	Softcat plc (IT services)		110,004		2,749
	Spirax-Sarco Engineering plc (Machinery)		49,270		7,743
*	Trainline plc (Internet & direct marketing retail)		414,622		2,624
					141,223
	Japan—10.4%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		150,100		4,135
*	BASE, Inc. (IT services)		140,000		2,014
	Benefit One, Inc. (Professional services)		101,700		2,699
*	Bengo4.com, Inc. (Interactive Media & Services)		17,600		1,385
	Daikin Industries, Ltd. (Building products)		65,200		13,143
	Disco Corporation (Semiconductors & semiconductor equipment)		10,600		3,327
	GMO Payment Gateway, Inc. (IT services)		26,000		3,447
	Harmonic Drive Systems, Inc. (Machinery)		43,100		2,912
	Hoya Corporation (Health care equipment & supplies)		71,700		8,421
	Keyence Corporation (Electronic equipment, instruments & components)		28,200		12,803
	M3, Inc. (Health care technology)		108,600		7,426
	MISUMI Group, Inc. (Machinery)		110,600		3,211
	MonotaRO Co., Ltd. (Trading companies & distributors)		197,800		5,349
	Nihon M&A Center, Inc. (Professional services)		225,000		6,082
	Nomura Research Institute, Ltd. (IT services)		132,200		4,089
	Olympus Corporation (Health care equipment & supplies)		499,700		10,339
	Omron Corporation (Electronic equipment, instruments & components)		121,200		9,457
	Rakus Co., Ltd. (Software)		115,200		2,220
*	SHIFT, Inc. (IT services)		17,200		2,033
	SMC Corporation (Machinery)		27,000		15,682
	Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)		77,500		3,423
	TechnoPro Holdings, Inc. (Professional services)		45,000		3,747
	TIS, Inc. (IT services)		184,400		4,398
					131,742
	Canada—3.2%
*	Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†		85,931		3,373
	Canadian National Railway Co. (Road & rail)		193,100		22,409
	Enghouse Systems, Ltd. (Software)		35,138		1,630
*	Kinaxis, Inc. (Software)		18,286		2,134
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		29,462		9,036
	Toromont Industries, Ltd. (Trading companies & distributors)		26,605		2,036
					40,618
	Asia—3.2%
	Australia—1.3%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		239,491		6,248
*	Atlassian Corporation plc Class “A” (Software)†		34,074		7,181
	Netwealth Group, Ltd. (Capital markets)		128,512		1,316
	Pro Medicus, Ltd. (Health care technology)		57,871		1,817
					16,562

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Asia—(continued)
	Hong Kong—1.9%
	AIA Group, Ltd. (Insurance)		1,939,863	$	23,531
	Emerging Latin America—2.2%
	Argentina—0.9%
*	Globant S.A. (IT services)†		16,469		3,419
*	MercadoLibre, Inc. (Internet & direct marketing retail)		5,292		7,791
					11,210
	Brazil—1.1%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		457,800		4,442
	Locaweb Servicos de Internet S.A. (IT services)		878,386		3,566
	Magazine Luiza S.A. (Multiline retail)		1,018,800		3,663
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		194,600		2,863
					14,534
	Mexico—0.2%
*	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		13,646		2,426
	Emerging Europe—1.0%
	Poland—0.5%
*	Allegro.eu S.A. (Internet & direct marketing retail)		241,090		3,390
*	InPost S.A. (Air freight & logistics)		146,233		2,395
					5,785
	Russia—0.5%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		96,825		6,203
	Total Common Stocks—98.9% (cost $776,940)				1,250,735
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $14,756, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $15,051	$	14,756		14,756
	Total Repurchase Agreement—1.1% (cost $14,756)				14,756
	Total Investments—100.0% (cost $791,696)				1,265,491
	Liabilities, plus cash and other assets—(0.0)%				(503	)
	Net assets—100.0%			$	1,264,988

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	26.9	%
Information Technology	22.1	%
Consumer Discretionary	14.2	%
Health Care	12.0	%
Financials	9.1	%
Communication Services	4.8	%
Materials	3.1	%
Consumer Staples	2.5	%
Energy	2.4	%
Real Estate	1.6	%
Utilities	1.3	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	24.8	%
British Pound Sterling	11.3	%
Japanese Yen	10.5	%
Hong Kong Dollar	10.3	%
U.S. Dollar	8.7	%
Swiss Franc	6.8	%
Swedish Krona	6.1	%
Danish Krone	4.2	%
Indian Rupee	4.0	%
Chinese Yuan Renminbi	3.2	%
New Taiwan Dollar	2.3	%
Canadian Dollar	2.3	%
Indonesian Rupiah	1.2	%
Brazilian Real	1.2	%
South Korean Won	1.1	%
All Other Currencies	2.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—38.1%
	Belgium—2.1%
	Melexis N.V. (Semiconductors & semiconductor equipment)		40,312	$	4,267
	Warehouses De Pauw CVA (Equity REIT)		77,143		2,549
					6,816
	Denmark—0.6%
	Netcompany Group A/S (Software)		22,342		2,127
	Germany—4.5%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		24,539		3,698
	CompuGroup Medical SE & Co. KgaA (Health care technology)		35,090		2,965
*	CTS Eventim AG & Co. KGaA (Entertainment)		37,000		2,145
*	Hypoport SE (Diversified financial services)		5,165		2,737
	Siltronic AG (Semiconductors & semiconductor equipment)		20,180		3,195
					14,740
	Israel—1.0%
*	Inmode, Ltd. (Health care equipment & supplies)†		39,651		2,870
*	NEOGAMES S.A. (Hotels, restaurants & leisure)†		11,242		402
					3,272
	Italy—2.4%
*	Amplifon SpA (Health care providers & services)		126,677		4,715
*	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		38,022		1,635
	Carel Industries SpA (Electronic equipment, instruments & components)		83,905		1,708
					8,058
	Netherlands—1.7%
	BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)		66,751		5,592
	Norway—1.4%
*	Pexip Holding ASA (Software)		136,659		1,529
	TOMRA Systems ASA (Commercial services & supplies)		71,057		3,076
					4,605
	Spain—2.5%
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		247,377		5,286
*	Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers)		146,115		3,098
					8,384
	Sweden—14.8%
	AddTech AB Class “B” (Trading companies & distributors)		240,470		3,579
	Arjo AB Class “B” (Health care equipment & supplies)		444,658		3,312
	Beijer Ref AB (Trading companies & distributors)		135,639		5,961
	BioGaia AB Class “B” (Biotechnology)		24,272		1,140
*	Biotage AB (Life sciences tools & services)		115,093		2,030
*	Indutrade AB (Trading companies & distributors)		201,715		4,656
	Investment AB Latour Class “B” (Industrial conglomerates)		201,171		5,210
	Lifco AB Class “B” (Industrial conglomerates)		58,268		5,418
	MIPS AB (Leisure products)		82,290		5,889
*	Nolato AB Class “B” (Industrial conglomerates)		43,503		3,875
	Paradox Interactive AB (Entertainment)		61,396		1,385

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Sweden — (continued)
	Sweco AB Class “B” (Construction & engineering)		190,165	$	3,105
*	Vitrolife AB (Biotechnology)		109,420		3,212
					48,772
	Switzerland—7.1%
	Belimo Holding AG (Building products)		353		2,853
	Kardex Holding AG (Machinery)		15,341		3,129
*	Siegfried Holding AG (Life sciences tools & services)		4,486		3,695
	Softwareone Holding AG (Electronic equipment, instruments & components)		146,174		3,774
	Tecan Group AG (Life sciences tools & services)		6,681		2,965
	VAT Group AG (Machinery)		11,874		3,327
*	Zur Rose Group AG (Food & staples retailing)		9,769		3,669
					23,412
	Emerging Asia—18.8%
	Cambodia—1.2%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		3,324,000		3,925
	China—5.9%
	A-Living Smart City Services Co., Ltd. (Commercial services & supplies)		469,000		2,081
	AK Medical Holdings, Ltd. (Health care equipment & supplies)		1,568,000		1,997
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		804,890		3,500
	Chacha Food Co., Ltd. Class “A” (Food products)		349,900		2,616
	Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)		52,562		1,516
*	iClick Interactive Asia Group, Ltd.—ADR (Media)		64,651		761
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		89,644		2,179
	Silergy Corporation (Semiconductors & semiconductor equipment)		22,000		1,777
*	Venus MedTech Hangzhou, Inc. Class “H” (Health care equipment & supplies)		363,000		2,944
					19,371
	India—7.0%
*	Affle India, Ltd. (Media)		19,113		1,425
*	AU Small Finance Bank, Ltd. (Banks)		365,303		6,175
*	IndiaMart InterMesh, Ltd. (Trading companies & distributors)		18,177		1,928
	Info Edge India, Ltd. (Interactive Media & Services)		43,253		2,532
	Ipca Laboratories, Ltd. (Pharmaceuticals)		142,094		3,716
*	Motherson Sumi Systems, Ltd. (Auto components)		2,648,944		7,282
					23,058
	Indonesia—0.4%
	Ace Hardware Indonesia Tbk PT (Specialty retail)		14,711,600		1,545
	South Korea—1.0%
	Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)		31,438		3,194
	Taiwan—3.3%
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		35,000		2,116
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		160,000		4,206
	momo.com, Inc. (Internet & direct marketing retail)		35,000		1,214

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Voltronic Power Technology Corporation (Electrical equipment)		86,451	$	3,348
					10,884
	Japan—15.1%
*	BASE, Inc. (IT services)		187,500		2,698
	BayCurrent Consulting, Inc. (Professional services)		11,600		2,645
	Benefit One, Inc. (Professional services)		179,500		4,764
*	Bengo4.com, Inc. (Interactive Media & Services)		24,700		1,943
	GMO Payment Gateway, Inc. (IT services)		23,000		3,049
	Harmonic Drive Systems, Inc. (Machinery)		57,400		3,878
*	Hennge KK (IT services)		33,500		2,236
	Japan Elevator Service Holdings Co., Ltd. (Commercial services & supplies)		111,900		2,405
	JINS Holdings, Inc. (Specialty retail)		66,600		4,734
	Nihon Unisys, Ltd. (IT services)		37,400		1,152
	Rakus Co., Ltd. (Software)		198,100		3,818
*	SHIFT, Inc. (IT services)		19,200		2,270
	SMS Co., Ltd. (Professional services)		109,900		3,355
	Sushiro Global Holdings, Ltd. (Hotels, restaurants & leisure)		130,700		5,772
	TechnoPro Holdings, Inc. (Professional services)		63,200		5,263
					49,982
	United Kingdom—13.4%
	AVEVA Group plc (Software)		96,101		4,534
*	Beazley plc (Insurance)		530,890		2,575
*	boohoo Group plc (Internet & direct marketing retail)		861,153		4,036
*	Burford Capital, Ltd. (Diversified financial services)		191,078		1,654
*	Ceres Power Holdings plc (Electrical equipment)		27,480		476
*	CVS Group plc (Health care providers & services)		50,156		1,294
	Diploma plc (Trading companies & distributors)		163,840		5,755
	dotdigital group plc (Software)		359,243		827
	IntegraFin Holdings plc (Capital markets)		228,109		1,594
*	Moonpig Group plc (Internet & direct marketing retail)		136,099		797
	Renishaw plc (Electronic equipment, instruments & components)		37,855		3,345
	Rotork plc (Machinery)		987,587		4,855
	Safestore Holdings plc (Equity REIT)		479,890		5,263
	Softcat plc (IT services)		148,152		3,703
*	Trainline plc (Internet & direct marketing retail)		536,667		3,396
					44,104
	Canada—4.3%
*	Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†		48,114		1,889
	Enghouse Systems, Ltd. (Software)		68,175		3,162
*	Kinaxis, Inc. (Software)		29,686		3,464
	Parkland Corporation (Oil, gas & consumable fuels)		110,247		3,313
	Toromont Industries, Ltd. (Trading companies & distributors)		32,756		2,507
					14,335
	Emerging Latin America—3.5%
	Brazil—1.8%
	Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)		204,000		2,550

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—(continued)
	Brazil — (continued)
	Locaweb Servicos de Internet S.A. (IT services)		316,000	$	1,283
	Pet Center Comercio e Participacoes S.A. (Specialty retail)		563,600		1,981
					5,814
	Mexico—1.7%
*	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)		902,700		5,695
	Asia—2.7%
	Australia—1.8%
*	Nanosonics, Ltd. (Health care equipment & supplies)		401,176		1,737
	Netwealth Group, Ltd. (Capital markets)		112,203		1,149
	Pro Medicus, Ltd. (Health care technology)		97,978		3,075
					5,961
	New Zealand—0.9%
	Ryman Healthcare, Ltd. (Health care providers & services)		260,709		2,786
	Emerging Mid-East, Africa—2.1%
	South Africa—1.0%
	Clicks Group, Ltd. (Food & staples retailing)		199,497		3,249
	United Arab Emirates—1.1%
*	Network International Holdings plc  (IT services)		657,799		3,751
	Total Common Stocks—98.0% (cost $258,180)				323,432
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $3,609, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $3,682	$	3,609		3,609
	Total Repurchase Agreement—1.1% (cost $3,609)				3,609
	Total Investments—99.1% (cost $261,789)				327,041
	Cash and other assets, less liabilities—0.9%				2,914
	Net assets—100.0%			$	329,955

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	29.9	%
Information Technology	22.5	%
Consumer Discretionary	15.0	%
Health Care	14.9	%
Financials	4.9	%
Consumer Staples	3.6	%
Communication Services	3.2	%
Utilities	2.6	%
Real Estate	2.4	%
Energy	1.0	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Japanese Yen	15.5	%
Swedish Krona	15.1	%
British Pound Sterling	14.8	%
Euro	13.5	%
Swiss Franc	7.2	%
Indian Rupee	7.1	%
New Taiwan Dollar	3.9	%
Canadian Dollar	3.9	%
Hong Kong Dollar	3.4	%
Chinese Yuan Renminbi	3.0	%
Australian Dollar	1.8	%
U.S. Dollar	1.8	%
Brazilian Real	1.8	%
Mexican Peso	1.8	%
Norwegian Krone	1.4	%
South African Rand	1.0	%
All Other Currencies	3.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—78.1%
	China—36.9%
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		724,628	$	20,506
	China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)		104,756		4,892
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		99,600		2,428
	Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals)		141,970		1,995
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		13,159		4,033
	Midea Group Co., Ltd. Class “A” (Household durables)		452,500		5,676
	NetEase, Inc. (Entertainment)		451,950		9,197
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		856,500		10,197
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		105,200		2,180
*	TAL Education Group—ADR (Diversified consumer services)		48,105		2,590
	Tencent Holdings, Ltd. (Interactive Media & Services)		294,000		23,069
*	Tencent Music Entertainment Group—ADR (Entertainment)		331,241		6,787
	TravelSky Technology, Ltd. Class “H” (IT services)		1,491,000		3,487
	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)		81,000		3,546
					100,583
	India—19.0%
	Asian Paints, Ltd. (Chemicals)		76,617		2,659
*	Bajaj Finance, Ltd. (Consumer finance)		35,221		2,475
	Britannia Industries, Ltd. (Food products)		49,255		2,432
*	HDFC Bank, Ltd. (Banks)		332,080		6,787
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		116,094		3,976
	Infosys, Ltd. (IT services)		344,405		6,441
*	InterGlobe Aviation, Ltd. (Airlines)		126,311		2,800
	Maruti Suzuki India, Ltd. (Automobiles)		21,094		1,981
*	Motherson Sumi Systems, Ltd. (Auto components)		2,174,424		5,978
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		372,852		10,012
	UPL, Ltd. (Chemicals)		708,389		6,200
					51,741
	Indonesia—1.5%
	Bank Central Asia Tbk PT (Banks)		1,977,100		4,230
	South Korea—7.6%
*	Coupang, Inc. (Internet & direct marketing retail)		61,579		3,039
	Douzone Bizon Co., Ltd. (Software)		32,826		2,848
	Kakao Corporation (Interactive Media & Services)		7,525		3,311
	LG Household & Health Care, Ltd. (Personal products)		4,150		5,757
	NAVER Corporation (Interactive Media & Services)		16,974		5,654
					20,609
	Taiwan—11.4%
	E.Sun Financial Holding Co., Ltd. (Banks)		2,770,301		2,534
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		191,000		6,486
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		185,609		21,954
					30,974
	Thailand—1.7%
*	Sea, Ltd.—ADR (Entertainment)		20,870		4,659

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—14.2%
	Argentina—3.8%
*	Globant S.A. (IT services)†		21,045	$	4,369
*	MercadoLibre, Inc. (Internet & direct marketing retail)		4,173		6,143
					10,512
	Brazil—5.5%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		544,300		5,282
	Raia Drogasil S.A. (Food & staples retailing)		390,200		1,737
*	Rumo S.A. (Road & rail)		1,421,800		5,115
	TOTVS S.A. (Software)		547,300		2,813
					14,947
	Mexico—3.3%
*	Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure)		502,200		5,242
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		1,188,800		3,755
					8,997
	Peru—1.6%
	Credicorp, Ltd. (Banks)†		31,563		4,311
	Emerging Europe, Mid-East, Africa—6.9%
	Poland—0.7%
*	Allegro.eu S.A. (Internet & direct marketing retail)		144,592		2,033
	Russia—2.8%
	HeadHunter Group plc—ADR (Professional services)		59,353		2,013
*	Yandex N.V. Class “A” (Interactive Media & Services)†		87,201		5,586
					7,599
	South Africa—2.8%
*	Capitec Bank Holdings, Ltd. (Banks)		47,847		4,603
	Clicks Group, Ltd. (Food & staples retailing)		181,084		2,949
					7,552
	United Arab Emirates—0.6%
*	Network International Holdings plc  (IT services)		300,191		1,712
	Total Common Stocks—99.2% (cost $192,896)				270,459
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $994, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $1,014	$	994		994
	Total Repurchase Agreement—0.4% (cost $994)				994

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Total Investments—99.6% (cost $193,890)	$	271,453
Cash and other assets, less liabilities—0.4%		1,026
Net assets—100.0%	$	272,479

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Communication Services	21.5	%
Consumer Discretionary	20.5	%
Information Technology	18.5	%
Financials	16.4	%
Consumer Staples	8.5	%
Industrials	5.6	%
Energy	3.7	%
Materials	3.3	%
Health Care	2.0	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Hong Kong Dollar	25.4	%
U.S. Dollar	22.7	%
Indian Rupee	19.1	%
Chinese Yuan Renminbi	8.4	%
South Korean Won	6.5	%
Brazilian Real	5.5	%
New Taiwan Dollar	3.3	%
Mexican Peso	3.3	%
South African Rand	2.8	%
Indonesian Rupiah	1.6	%
All Other Currencies	1.4	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—86.8%
	China—31.5%
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		256,709	$	2,320
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		1,691,932		47,880
*	Alibaba Health Information Technology, Ltd. (Health care technology)		1,384,000		3,917
*	BeiGene, Ltd. (Biotechnology)		117,800		3,049
	Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class “A” (Construction materials)		576,330		4,498
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		987,900		4,295
	China Education Group Holdings, Ltd. (Diversified consumer services)		1,243,000		2,210
	China Meidong Auto Holdings, Ltd. (Specialty retail)		1,096,000		5,082
	China Merchants Bank Co., Ltd. Class “H” (Banks)		1,444,000		11,024
	China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)		174,158		8,132
	Chongqing Zhifei Biological Products Co., Ltd. Class “A” (Biotechnology)		137,900		3,629
	Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment)		93,700		4,605
	Country Garden Services Holdings Co., Ltd. (Commercial services & supplies)		1,149,000		11,647
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		175,981		4,290
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		171,666		3,931
*	Hua Hong Semiconductor, Ltd. (Semiconductors & semiconductor equipment)		631,000		3,437
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		344,200		14,257
	Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals)		241,751		3,396
*	Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)		1,329,000		5,317
	Kingdee International Software Group Co., Ltd. (Software)		802,000		2,486
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		28,742		8,809
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,133,500		7,363
*	Meituan Class “B” (Internet & direct marketing retail)		544,600		20,890
	Midea Group Co., Ltd. Class “A” (Household durables)		567,433		7,118
	NetEase, Inc. (Entertainment)		762,200		15,510
	Offcn Education Technology Co., Ltd. Class “A” (Diversified consumer services)		600,090		2,579
	Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery)		441,743		5,763
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)		109,168		6,647
	Silergy Corporation (Semiconductors & semiconductor equipment)		156,000		12,602
	Tencent Holdings, Ltd. (Interactive Media & Services)		922,060		72,350
*	Topchoice Medical Corporation Class “A” (Health care providers & services)		69,100		2,641
	Topsports International Holdings, Ltd. (Specialty retail)		430,000		641
*	Weimob, Inc. (Software)		1,287,000		2,877
	Wuliangye Yibin Co., Ltd. Class “A” (Beverages)		208,894		8,540
	WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services)		366,400		7,206
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		1,109,500		13,894
	Yifeng Pharmacy Chain Co., Ltd. Class “A” (Food & staples retailing)		193,360		2,616
*	Yihai International Holding, Ltd. (Food products)		140,000		1,450
	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)		140,229		6,139
	Zhongsheng Group Holdings, Ltd. (Specialty retail)		1,003,000		7,070
					362,107
	India—15.2%
*	Affle India, Ltd. (Media)		40,279		3,002
*	Amber Enterprises India, Ltd. (Household durables)		72,343		3,285
*	APL Apollo Tubes, Ltd. (Metals & mining)		138,621		2,645
	Apollo Hospitals Enterprise, Ltd. (Health care providers & services)		90,999		3,603
	Asian Paints, Ltd. (Chemicals)		198,241		6,879
	Astral Poly Technik, Ltd. (Building products)		117,675		2,614
*	Bajaj Finance, Ltd. (Consumer finance)		74,757		5,254
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		790,593		4,184

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Dabur India, Ltd. (Personal products)		557,669	$	4,119
*	Divi’s Laboratories, Ltd. (Life sciences tools & services)		79,057		3,894
*	Dixon Technologies India, Ltd. (Household durables)		89,815		4,519
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		67,431		2,490
	Escorts, Ltd. (Machinery)		152,041		2,680
	Havells India, Ltd. (Electrical equipment)		367,731		5,295
*	HDFC Bank, Ltd. (Banks)		917,527		18,754
*	HDFC Life Insurance Co., Ltd. (Insurance)		271,958		2,584
	Hindustan Unilever, Ltd. (Household products)		110,590		3,660
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		429,885		14,723
*	IndiaMart InterMesh, Ltd. (Trading companies & distributors)		28,551		3,028
	Indraprastha Gas, Ltd. (Gas utilities)		409,445		2,867
	Info Edge India, Ltd. (Interactive Media & Services)		84,500		4,947
*	JK Cement, Ltd. (Construction materials)		72,451		2,844
	Kajaria Ceramics, Ltd. (Building products)		230,460		2,919
	Larsen & Toubro Infotech, Ltd. (IT services)		53,034		2,954
*	MakeMyTrip, Ltd. (Internet & direct marketing retail)†		80,368		2,538
	Nestle India, Ltd. (Food products)		14,133		3,306
	PI Industries, Ltd. (Chemicals)		106,423		3,266
*	Pidilite Industries, Ltd. (Chemicals)		219,788		5,441
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		770,511		20,256
	SRF, Ltd. (Chemicals)		55,836		4,124
	Tata Consultancy Services, Ltd. (IT services)		279,173		12,124
	Tata Consumer Products, Ltd. (Food products)		461,224		4,015
	Tata Elxsi, Ltd. (Software)		88,976		3,270
	Varun Beverages, Ltd. (Beverages)		217,101		3,001
					175,084
	Indonesia—1.3%
	Bank Central Asia Tbk PT (Banks)		4,253,399		9,100
	Bank Rakyat Indonesia Persero Tbk PT (Banks)		17,783,900		5,387
					14,487
	South Korea—14.4%
	Hansol Chemical Co., Ltd. (Chemicals)		23,854		5,080
	JYP Entertainment Corporation (Entertainment)		64,197		2,019
	Kakao Corporation (Interactive Media & Services)		60,295		26,531
	LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)		32,112		4,441
	LG Household & Health Care, Ltd. (Personal products)		6,153		8,536
	NAVER Corporation (Interactive Media & Services)		60,552		20,171
	NCSoft Corporation (Entertainment)		7,255		5,596
*	NHN KCP Corporation (IT services)		57,859		2,561
	NICE Information Service Co., Ltd. (Professional services)		135,497		3,035
	PI Advanced Materials Co., Ltd. (Chemicals)		62,017		2,504
	Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		849,021		61,065
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		13,339		7,779
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		109,747		12,849
	WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment)		83,017		3,792
					165,959
	Taiwan—22.5%
	Accton Technology Corporation (Communications equipment)		368,000		3,560

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Advantech Co., Ltd. (Technology hardware, storage & peripherals)		442,766	$	5,493
	Airtac International Group (Machinery)		357,000		12,574
	Alchip Technologies, Ltd. (Semiconductors & semiconductor equipment)		127,000		4,006
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		106,000		5,535
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		122,000		7,376
	Bizlink Holding, Inc. (Electrical equipment)		293,000		2,731
	Chailease Holding Co., Ltd. (Diversified financial services)		809,000		5,586
	E.Sun Financial Holding Co., Ltd. (Banks)		4,323,313		3,955
	Elite Material Co., Ltd. (Electronic equipment, instruments & components)		497,000		2,944
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		174,000		4,574
	Hiwin Technologies Corporation (Machinery)		396,000		5,586
	Lotes Co., Ltd. (Electronic equipment, instruments & components)		213,000		3,729
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,204,000		40,889
	momo.com, Inc. (Internet & direct marketing retail)		153,000		5,309
	Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		142,000		6,096
	Poya International Co., Ltd. (Multiline retail)		100,000		2,089
	Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment)		380,000		6,579
	RichWave Technology Corporation (Semiconductors & semiconductor equipment)		205,000		4,555
	Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)		555,000		5,135
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		1,656,000		34,068
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		642,472		75,992
	Voltronic Power Technology Corporation (Electrical equipment)		120,586		4,670
	Win Semiconductors Corporation (Semiconductors & semiconductor equipment)		167,000		2,288
	Wiwynn Corporation (Technology hardware, storage & peripherals)		131,000		3,870
					259,189
	Thailand—1.4%
	Com7 PCL Class “F” (Specialty retail)		1,589,900		3,256
*	Sea, Ltd.—ADR (Entertainment)		55,498		12,389
					15,645
	Vietnam—0.5%
	Hoa Phat Group JSC (Metals & mining)		2,816,060		5,711
	Emerging Europe, Africa—6.1%
	Kenya—0.3%
	Safaricom plc (Wireless telecommunication services)		9,010,054		2,999
	Poland—1.2%
*	Allegro.eu S.A. (Internet & direct marketing retail)		352,438		4,956
*	Dino Polska S.A. (Food & staples retailing)		94,565		6,236
*	InPost S.A. (Air freight & logistics)		196,588		3,219
					14,411
	Russia—2.5%
	TCS Group Holding plc—GDR (Banks)		202,324		11,735

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Africa—(continued)
	Russia — (continued)
*	Yandex N.V. Class “A” (Interactive Media & Services)†		260,882	$	16,712
					28,447
	South Africa—2.1%
*	Capitec Bank Holdings, Ltd. (Banks)		44,689		4,299
	Clicks Group, Ltd. (Food & staples retailing)		232,933		3,794
	Naspers, Ltd. Class “N” (Internet & direct marketing retail)		67,782		16,218
					24,311
	Emerging Latin America—6.6%
	Argentina—2.0%
*	Globant S.A. (IT services)†		29,732		6,173
*	MercadoLibre, Inc. (Internet & direct marketing retail)		11,451		16,857
					23,030
	Brazil—4.2%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		621,200		6,028
	Localiza Rent a Car S.A. (Road & rail)		443,500		4,706
	Locaweb Servicos de Internet S.A. (IT services)		873,000		3,544
	Magazine Luiza S.A. (Multiline retail)		2,058,300		7,402
*	Patria Investments, Ltd. Class “A” (Capital markets)†		209,163		3,644
*	StoneCo, Ltd. Class “A” (IT services)†		126,803		7,763
	TOTVS S.A. (Software)		935,300		4,807
*	Vinci Partners Investments, Ltd. Class “A” (Capital markets)†		235,828		3,101
	WEG S.A. (Electrical equipment)		512,220		6,785
					47,780
	Mexico—0.4%
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		1,496,300		4,726
	Total Common Stocks—99.5% (cost $790,274)				1,143,886
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $4,706, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $4,800	$	4,706		4,706
	Total Repurchase Agreement—0.4% (cost $4,706)				4,706
	Total Investments—99.9% (cost $794,980)				1,148,592
	Cash and other assets, less liabilities—0.1%				1,422
	Net assets—100.0%			$	1,150,014

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	32.4	%
Consumer Discretionary	17.4	%
Communication Services	15.9	%
Financials	9.2	%
Industrials	7.5	%
Consumer Staples	5.9	%
Health Care	5.8	%
Materials	3.8	%
Energy	1.8	%
Utilities	0.3	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Hong Kong Dollar	22.7	%
New Taiwan Dollar	17.1	%
Indian Rupee	15.1	%
South Korean Won	14.5	%
U.S. Dollar	13.7	%
Chinese Yuan Renminbi	7.9	%
Brazilian Real	2.9	%
South African Rand	2.1	%
Indonesian Rupiah	1.3	%
All Other Currencies	2.7	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—81.4%
	Cambodia—0.4%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		1,094,000	$	1,292
	China—14.1%
	A-Living Smart City Services Co., Ltd. (Commercial services & supplies)		108,750		483
	By-health Co., Ltd. Class “A” (Personal products)		106,700		466
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		1,623,205		7,057
	Chacha Food Co., Ltd. Class “A” (Food products)		117,673		880
	Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)		91,747		2,645
	China Lesso Group Holdings, Ltd. (Building products)		803,000		1,727
	China Meidong Auto Holdings, Ltd. (Specialty retail)		506,000		2,346
*	Estun Automation Co., Ltd. Class “A” (Machinery)		214,800		848
	Ever Sunshine Lifestyle Services Group, Ltd. (Commercial services & supplies)		1,254,000		3,155
*	iClick Interactive Asia Group, Ltd.—ADR (Media)		133,859		1,576
	Jiangsu Hengshun Vinegar Industry Co., Ltd. Class “A” (Food products)		107,000		311
*	Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)		1,411,000		5,645
	JNBY Design, Ltd. (Textiles, apparel & luxury goods)		536,500		959
*	Kingsoft Cloud Holdings, Ltd.—ADR (IT services)		95,287		3,747
	Ovctek China, Inc. Class “A” (Health care equipment & supplies)		64,577		888
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		111,324		2,706
	Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies)		104,219		1,358
	Silergy Corporation (Semiconductors & semiconductor equipment)		17,000		1,373
	Topsports International Holdings, Ltd. (Specialty retail)		524,000		781
*	Weimob, Inc. (Software)		1,994,000		4,458
	Zhejiang Dingli Machinery Co., Ltd. Class “A” (Machinery)		260,271		3,824
					47,233
	India—35.8%
	Aarti Industries, Ltd. (Chemicals)		170,022		3,070
*	Affle India, Ltd. (Media)		56,279		4,195
*	Amber Enterprises India, Ltd. (Household durables)		93,882		4,263
	Apollo Hospitals Enterprise, Ltd. (Health care providers & services)		41,931		1,660
	Astral Poly Technik, Ltd. (Building products)		258,282		5,737
*	Atul, Ltd. (Chemicals)		50,804		4,924
*	AU Small Finance Bank Ltd. (Banks)		514,001		8,689
	Balkrishna Industries, Ltd. (Auto components)		237,768		5,483
	Berger Paints India, Ltd. (Chemicals)		169,966		1,778
	Cholamandalam Investment and Finance Co., Ltd. (Consumer finance)		520,714		3,984
*	City Union Bank, Ltd. (Banks)		552,133		1,178
	Coforge, Ltd. (IT services)		61,549		2,458
	Computer Age Management Services, Ltd. (IT services)		70,283		1,773
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		449,644		2,379
*	Dixon Technologies India, Ltd. (Household durables)		67,786		3,411
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		70,091		2,588
*	Endurance Technologies, Ltd. (Auto components)		44,731		869
	Escorts, Ltd. (Machinery)		250,095		4,408
*	Godrej Properties, Ltd. (Real estate management & development)		207,670		3,991
	Havells India, Ltd. (Electrical equipment)		56,795		818
	HDFC Asset Management Co., Ltd. (Capital markets)		38,713		1,545
*	IndiaMart InterMesh Ltd. (Trading companies & distributors)		41,819		4,436
	Indraprastha Gas, Ltd. (Gas utilities)		272,020		1,905
*	JK Cement, Ltd. (Construction materials)		71,319		2,800
	Kajaria Ceramics, Ltd. (Building products)		68,037		862

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Kansai Nerolac Paints, Ltd. (Chemicals)		231,860	$	1,912
*	KEC International, Ltd. (Construction & engineering)		280,482		1,573
	Larsen & Toubro Infotech Ltd. (IT services)		74,981		4,177
*	MakeMyTrip, Ltd. (Internet & direct marketing retail)†		44,533		1,406
	Metropolis Healthcare, Ltd. (Health care providers & services)		32,404		986
*	Motherson Sumi Systems, Ltd. (Auto components)		927,132		2,549
	Navin Fluorine International, Ltd. (Chemicals)		65,031		2,467
*	Oberoi Realty, Ltd. (Real estate management & development)		273,582		2,170
	PI Industries, Ltd. (Chemicals)		91,148		2,797
*	Pidilite Industries, Ltd. (Chemicals)		38,159		945
	Radico Khaitan, Ltd. (Beverages)		94,832		722
*	RBL Bank, Ltd. (Banks)		262,945		746
*	Relaxo Footwears, Ltd. (Textiles, apparel & luxury goods)		241,255		2,910
	SRF, Ltd. (Chemicals)		56,608		4,181
	Sundram Fasteners, Ltd. (Auto components)		124,295		1,377
	Tata Elxsi, Ltd. (Software)		67,563		2,483
	Trent, Ltd. (Multiline retail)		259,146		2,652
*	V-Mart Retail, Ltd. (Multiline retail)		22,228		839
	Varun Beverages, Ltd. (Beverages)		307,121		4,245
					120,341
	Indonesia—0.9%
	PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks)		12,377,000		2,965
	Malaysia—1.0%
	Inari Amertron Bhd (Electronic equipment, instruments & components)		4,464,100		3,531
	Philippines—0.6%
	Wilcon Depot, Inc. (Specialty retail)		5,817,700		2,134
	South Korea—8.7%
*	Doosan Fuel Cell Co., Ltd. (Electrical equipment)		40,882		1,853
	Douzone Bizon Co., Ltd. (Software)		37,411		3,246
	F&F Co., Ltd. (Textiles, apparel & luxury goods)		15,617		1,759
	Hansol Chemical Co., Ltd. (Chemicals)		22,464		4,784
	LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)		38,027		5,259
*	NHN KCP Corporation (IT services)		58,601		2,594
	NICE Information Service Co., Ltd. (Professional services)		192,161		4,304
	PI Advanced Materials Co., Ltd. (Chemicals)		22,197		896
	WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment)		98,651		4,507
					29,202
	Taiwan—16.5%
	Airtac International Group (Machinery)		252,000		8,876
	Alchip Technologies, Ltd. (Semiconductors & semiconductor equipment)		82,000		2,587
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		68,000		3,551
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		93,000		5,622
	Bizlink Holding, Inc. (Electrical equipment)		158,000		1,473
	Elite Material Co., Ltd. (Electronic equipment, instruments & components)		258,000		1,528
	Hiwin Technologies Corporation (Machinery)		120,106		1,694
	Lotes Co., Ltd. (Electronic equipment, instruments & components)		284,000		4,972
	momo.com, Inc. (Internet & direct marketing retail)		77,000		2,672
	Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		83,000		3,563

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Poya International Co., Ltd. (Multiline retail)		55,000	$	1,149
	RichWave Technology Corporation (Semiconductors & semiconductor equipment)		237,000		5,266
	Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)		842,000		7,791
	Sporton International, Inc. (Professional services)		197,000		1,698
	Voltronic Power Technology Corporation (Electrical equipment)		77,507		3,002
					55,444
	Thailand—2.9%
	Carabao Group PCL Class “F” (Beverages)		207,100		855
	Com7 PCL Class “F” (Specialty retail)		2,652,500		5,432
*	Muangthai Capital PCL (Consumer finance)		1,465,500		3,318
					9,605
	Vietnam—0.5%
	Hoa Phat Group JSC (Metals & mining)		825,126		1,673
	Emerging Latin America—9.4%
	Brazil—7.2%
*	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Electrical equipment)		494,100		776
	Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)		77,600		970
	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household durables)		191,200		838
	Locaweb Servicos de Internet S.A. (IT services)		2,013,078		8,172
	Pet Center Comercio e Participacoes S.A. (Specialty retail)		926,300		3,257
*	Sequoia Logistica e Transportes S.A. (Air freight & logistics)		504,100		2,375
	Tegma Gestao Logistica S.A. (Road & rail)		378,800		1,267
	TOTVS S.A. (Software)		970,500		4,988
*	Vinci Partners Investments, Ltd. Class “A” (Capital markets)†		120,900		1,590
					24,233
	Mexico—2.2%
*	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)		525,699		3,316
*	Grupo Aeroportuario del Sureste S.A.B. de C.V. Class “B” (Transportation infrastructure)		226,710		4,026
					7,342
	Emerging Europe, Mid-East, Africa—7.0%
	Greece—1.3%
	JUMBO S.A. (Specialty retail)		37,751		692
	Terna Energy S.A. (Independent power & renewable electricity producers)		240,451		3,553
					4,245
	Kenya—0.5%
	Safaricom plc (Wireless telecommunication services)		5,534,100		1,842
	Poland—1.7%
*	Dino Polska S.A. (Food & staples retailing)		85,624		5,646
	Russia—1.9%
	HeadHunter Group plc—ADR (Professional services)		62,976		2,136

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—(continued)
	Russia — (continued)
	TCS Group Holding plc—GDR (Banks)		72,556	$	4,209
					6,345
	South Africa—1.2%
	Clicks Group, Ltd. (Food & staples retailing)		52,979		863
*	Transaction Capital, Ltd. (Consumer finance)		1,593,631		3,342
					4,205
	United Arab Emirates—0.4%
	Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail)		1,145,467		1,400
	Total Common Stocks—97.8% (cost $253,596)				328,678
	Preferred Stock
	Brazil—1.1%
	Randon S.A. Implementos e Participacoes (Machinery)		1,489,050		3,624
	Total Preferred Stock—1.1% (cost $3,391)				3,624
	Total Investments—98.9% (cost $256,987)				332,302
	Cash and other assets, less liabilities—1.1%				3,669
	Net assets—100.0%			$	335,971

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2021 (unaudited)

At March 31, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	26.4	%
Industrials	23.1	%
Consumer Discretionary	18.7	%
Materials	9.7	%
Financials	9.5	%
Consumer Staples	5.0	%
Communication Services	2.3	%
Real Estate	1.9	%
Health Care	1.8	%
Utilities	1.6	%
Total	100.0	%

At March 31, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Indian Rupee	35.8	%
New Taiwan Dollar	17.1	%
South Korean Won	8.8	%
Brazilian Real	7.9	%
Chinese Yuan Renminbi	6.3	%
Hong Kong Dollar	6.3	%
U.S. Dollar	4.4	%
Thai Baht	2.9	%
Mexican Peso	2.2	%
Polish Zloty	1.7	%
Euro	1.3	%
South African Rand	1.3	%
Malaysian Ringgit	1.0	%
All Other Currencies	3.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—58.4%
U.S. Treasury Inflation Indexed Notes/Bonds—6.1%
U.S. Treasury Inflation Indexed Bond, 1.375%, due 2/15/44	$	2,806	$	3,654
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29		11,137		15,630
Total U.S. Treasury Inflation Indexed Notes/Bonds				19,284
U.S. Treasury—9.7%
U.S. Treasury Bill, 0.103%, due 4/22/21		1,500		1,500
U.S. Treasury Bill, 0.107%, due 7/15/21(a)		1,000		1,000
U.S. Treasury Bill, 0.123%, due 10/7/21(a)		3,000		3,000
U.S. Treasury Note, 0.315%, due 10/31/21		7,500		7,509
U.S. Treasury Note, 1.125%, due 2/28/27		2,250		2,243
U.S. Treasury Strip Principal, 0.000%, due 8/15/27		4,750		4,378
U.S. Treasury Note, 0.625%, due 5/15/30		2,100		1,910
U.S. Treasury Note, 0.625%, due 8/15/30		4,300		3,894
U.S. Treasury Bond, 1.125%, due 5/15/40		2,000		1,628
U.S. Treasury Bond, 2.375%, due 11/15/49		2,267		2,247
U.S. Treasury Bond, 1.250%, due 5/15/50		1,500		1,128
Total U.S. Treasury				30,437
Federal Home Loan Mortgage Corp. (FHLMC)—10.3%
#J02986, 6.500%, due 7/1/21		—		—(b)
#G30255, 7.000%, due 7/1/21		—		—(b)
#G02210, 7.000%, due 12/1/28		25		28
#G02183, 6.500%, due 3/1/30		3		3
#G01400, 7.000%, due 4/1/32		322		381
#G01728, 7.500%, due 7/1/32		50		60
#C01385, 6.500%, due 8/1/32		39		46
#ZT1221, 5.500%, due 1/1/33		447		520
#C01623, 5.500%, due 9/1/33		45		53
#A15039, 5.500%, due 10/1/33		2		2
#A17603, 5.500%, due 1/1/34		1,180		1,378
#G01843, 6.000%, due 6/1/35		9		11
#A62858, 6.500%, due 7/1/37		55		63
#G03170, 6.500%, due 8/1/37		99		118
#A78138, 5.500%, due 6/1/38		122		141
#G04466, 5.500%, due 7/1/38		8,324		9,860
#G60366, 6.000%, due 10/1/39		8,018		9,586
#G61450, 6.000%, due 4/1/40		8,496		10,203
#C03665, 9.000%, due 4/1/41		168		205
Total FHLMC Mortgage Obligations				32,658
Federal National Mortgage Association (FNMA)—32.3%
#900725, 6.000%, due 8/1/21		1		1
#893325, 7.000%, due 9/1/21		—		—(b)
#735104, 7.000%, due 5/1/22		—		—(b)
#255956, 5.500%, due 10/1/25		5		5
#AL2853, 4.500%, due 6/1/26		1,791		1,896
#252925, 7.500%, due 12/1/29		—		1
#AD0729, 7.500%, due 12/1/30		2,153		2,516
#535977, 6.500%, due 4/1/31		3		4
#253907, 7.000%, due 7/1/31		1		1
#587849, 6.500%, due 11/1/31		4		4
#545437, 7.000%, due 2/1/32		24		27

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#545869, 6.500%, due 7/1/32	$	703	$	825
#545759, 6.500%, due 7/1/32		201		234
#670385, 6.500%, due 9/1/32		297		352
#AD0725, 7.000%, due 12/1/32		999		1,184
#254548, 5.500%, due 12/1/32		19		22
#555340, 5.500%, due 4/1/33		150		175
#741850, 5.500%, due 9/1/33		234		273
#555800, 5.500%, due 10/1/33		22		25
#AL3455, 5.500%, due 11/1/33		3,323		3,876
#CA2754, 4.500%, due 11/1/33		574		629
#756153, 5.500%, due 11/1/33		228		266
#AL3401, 5.500%, due 2/1/34		653		762
#763798, 5.500%, due 3/1/34		41		48
#725228, 6.000%, due 3/1/34		2,148		2,524
#725611, 5.500%, due 6/1/34		49		58
#745563, 5.500%, due 8/1/34		282		329
#AL6413, 8.000%, due 8/1/34		257		295
#794474, 6.000%, due 10/1/34		25		30
#745092, 6.500%, due 7/1/35		161		186
#AL6412, 7.500%, due 9/1/35		430		494
#357944, 6.000%, due 9/1/35		7		8
#AD0979, 7.500%, due 10/1/35		29		35
#CA8368, 2.000%, due 12/1/35		4,878		5,040
#888305, 7.000%, due 3/1/36		5		6
#895637, 6.500%, due 5/1/36		31		37
#831540, 6.000%, due 6/1/36		12		15
#893318, 6.500%, due 8/1/36		7		8
#831926, 6.000%, due 12/1/36		336		402
#902974, 6.000%, due 12/1/36		92		110
#AB0265, 6.000%, due 2/1/37		6,577		7,900
#938440, 6.000%, due 7/1/37		51		61
#948689, 6.000%, due 8/1/37		65		75
#AL6411, 7.000%, due 12/1/37		1,048		1,202
#AL0904, 5.500%, due 1/1/38		59		69
#986856, 6.500%, due 9/1/38		49		58
#FM1735, 6.500%, due 10/1/38		3,848		4,684
#991911, 7.000%, due 11/1/38		71		81
#995076, 6.000%, due 11/1/38		2,976		3,588
#FM2467, 6.000%, due 1/1/39		3,654		4,412
#AD0752, 7.000%, due 1/1/39		334		413
#AC1619, 5.500%, due 8/1/39		165		192
#FM1736, 6.500%, due 10/1/39		6,288		7,569
#BM5204, 6.500%, due 6/1/40		3,877		4,662
#AD7137, 5.500%, due 7/1/40		2,250		2,628
#BM1689, 5.500%, due 8/1/40		1,826		2,138
#AL5815, 5.500%, due 4/1/41		2,225		2,601
#BM3525, 6.000%, due 4/1/41		7,996		9,573
#AL9226, 5.500%, due 12/1/41		9,385		11,075
#AL9225, 6.000%, due 1/1/42		4,097		4,903
#BM5121, 5.500%, due 12/1/48		9,585		11,466
Total FNMA Mortgage Obligations				102,053

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Asset-Backed Securities—1.5%
Tesla Auto Lease Trust—144A, 2019-A, Tranche D, 3.370%, 1/20/23	$	650	$	675
Tesla Auto Lease Trust—144A, 2019-A, Tranche E, 5.480%, 5/22/23		1,000		1,056
GM Financial Automobile Leasing Trust, 2020-1, Tranche D, 2.280%, 6/20/24		3,050		3,116
Total Asset-Backed Securities				4,847
Corporate Obligations—39.5%
Fresenius Medical Care US Finance II, Inc.—144A, 5.875%, due 1/31/22		1,000		1,043
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22		2,500		2,619
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%, 1.429%, due 2/15/23, VRN		700		693
Toll Brothers Finance Corporation, 4.375%, due 4/15/23		1,250		1,309
CNH Industrial Capital LLC, 1.950%, due 7/2/23		2,500		2,568
Wells Fargo & Co., 4.480%, due 1/16/24		1,500		1,651
AT&T, Inc., SOFR + 0.640%, 0.650%, due 3/25/24, VRN		750		751
Lennar Corporation, 4.500%, due 4/30/24		2,450		2,670
Banco Inbursa S.A. Institucion de Banca Multiple—144A, 4.125%, due 6/6/24		2,000		2,135
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24		2,000		2,157
JPMorgan Chase & Co., SOFR + 3.125%, 4.600%, due 2/1/25, VRN		3,000		3,038
Ford Motor Co., 9.000%, due 4/22/25		700		849
American Tower Corporation, 4.000%, due 6/1/25		2,500		2,750
Simon Property Group L.P., 3.300%, due 1/15/26		2,750		2,945
Royal Bank of Canada, SOFR + 0.525%, 0.554%, due 1/20/26, VRN		3,100		3,095
The Bank of Nova Scotia, SOFR + 0.545%, 0.557%, due 3/2/26, VRN		3,100		3,093
Verizon Communications, Inc., SOFR + 0.790%, 0.800%, due 3/20/26, VRN		3,000		3,020
Republic Services, Inc., 2.900%, due 7/1/26		2,500		2,667
Xylem, Inc., 3.250%, due 11/1/26		2,225		2,419
Fibria Overseas Finance, Ltd., 5.500%, due 1/17/27		2,000		2,277
Gilead Sciences, Inc., 1.200%, due 10/1/27		1,600		1,535
Motorola Solutions, Inc., 4.600%, due 2/23/28		2,750		3,131

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
TreeHouse Foods, Inc., 4.000%, due 9/1/28	$	1,400	$	1,412
Roper Technologies, Inc., 4.200%, due 9/15/28		2,500		2,816
TransDigm, Inc.—144A, 4.625%, due 1/15/29		500		493
ACCO Brands Corp.—144A, 4.250%, due 3/15/29		2,000		1,949
The Kroger Co., 8.000%, due 9/15/29		2,000		2,735
Toll Brothers Finance Corporation, 3.800%, due 11/1/29		1,500		1,588
United Rentals North America, Inc., 5.250%, due 1/15/30		1,250		1,360
Omnicom Group, Inc., 2.450%, due 4/30/30		2,800		2,771
Abbott Laboratories, 1.400%, due 6/30/30		2,000		1,870
Intuit, Inc., 1.650%, due 7/15/30		1,200		1,139
FLIR Systems, Inc., 2.500%, due 8/1/30		2,500		2,449
Alphabet, Inc., 1.100%, due 8/15/30		2,620		2,410
Johnson Controls International plc, 1.750%, due 9/15/30		2,100		1,970
Fresenius Medical Care U.S. Finance III, Inc.—144A, 2.375%, due 2/16/31		1,800		1,718
Goodyear Tire & Rubber Co., 5.250%, due 4/30/31		2,000		2,000
Boston Properties L.P., 2.550%, due 4/1/32		1,585		1,520
Costco Wholesale Corporation, 1.750%, due 4/20/32		2,500		2,390
Owens Corning, 7.000%, due 12/1/36		2,250		3,078
Yum! Brands, Inc., 6.875%, due 11/15/37		1,250		1,518
ConocoPhillips, 6.500%, due 2/1/39		2,000		2,852
Citigroup, Inc., 5.875%, due 1/30/42		2,000		2,715
Bank of America Corporation, 5.875%, due 2/7/42		2,000		2,735
Orbia Advance Corp S.A.B. de C.V. —144A, 5.875%, due 9/17/44		2,250		2,636
AbbVie, Inc., 4.700%, due 5/14/45		2,250		2,675
ERP Operating L.P., 4.500%, due 6/1/45		2,500		2,916
Apple, Inc., 4.650%, due 2/23/46		2,250		2,797
PepsiCo, Inc., 4.450%, due 4/14/46		2,250		2,723

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount			Value
Corporate Obligations—(continued)
Activision Blizzard, Inc., 2.500%, due 9/15/50	$	2,600		$	2,181
AT&T, Inc., 5.700%, due 3/1/57		2,000			2,549
Comcast Corporation, 4.950%, due 10/15/58		2,000			2,613
Altria Group, Inc., 6.200%, due 2/14/59		2,250			2,742
Amazon.com, Inc., 2.700%, due 6/3/60		2,500			2,214
Microsoft Corporation, 3.041%, due 3/17/62		2,032			1,992
Corning, Inc., 5.850%, due 11/15/68		2,150			2,840
Total Corporate Obligations					124,781
Total Long-Term Investments—98.4% (cost $303,205)					314,060
Repurchase Agreement—0.1%
Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $163, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $167		163			163
Total Repurchase Agreement—0.1% (cost $163)					163
Commercial Paper—0.7%
Ameren Corporation, 0.112%, due 4/1/21		2,200			2,200
Total Commercial Paper—0.7% (cost $2,200)					2,200
Total Investments—100.2% (cost $305,568)					316,423
Securities Sold , Not Yet Purchased
U.S. Government Agency—(1.7)%
Federal National Mortgage Association (FNMA)—(1.7)%
TBA, 4.000%, due 5/1/51		(5,000	)		(5,372	)
Total Securities Sold , Not Yet Purchased—(1.7)% (proceeds $5,373)					(5,372	)
Cash and other assets, less liabilities—1.5%					4,895
Net assets—100.0%				$	315,946

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

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

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

SOFR = Secured Overnight Financing Rate

TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after March 31, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swaps, aggregating a total of $1,119 (in thousands).

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

Centrally Cleared Credit Default Swaps

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)
CDX.NA.HY- 34	Buy		5.000	%	3M	June 2025	ICE	$	9,200	$	(221	)	$	(863	)	$	(642	)
CDX.NA.HY- 35	Buy		5.000	%	3M	December 2025	ICE		5,000		(241	)		(463	)		(222	)
CDX.NA.IG- 35	Buy		1.000	%	3M	December 2030	ICE		15,000		(103	)		(116	)		(13	)
Total net unrealized appreciation (depreciation) on swaps																$	(877	)

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—57.5%
U.S. Treasury Inflation Indexed Notes/Bonds—3.7%
U.S. Treasury Inflation Indexed Bond, 2.375%, due 1/15/27	$	324	$	397
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29		1,432		2,009
Total U.S. Treasury Inflation Indexed Notes/Bonds				2,406
U.S. Treasury—6.9%
U.S. Treasury Note, 0.235%, due 7/31/21		175		175
U.S. Treasury Note, 0.315%, due 10/31/21		1,000		1,001
U.S. Treasury Note, 2.500%, due 2/15/22(a)		470		480
U.S. Treasury Note, 0.064%, due 1/31/23		500		500
U.S. Treasury Note, 0.250%, due 7/31/25		1,000		978
U.S. Treasury Note, 1.125%, due 2/28/27		600		598
U.S. Treasury Strip Principal, 0.000%, due 8/15/27		775		715
Total U.S. Treasury				4,447
Federal Home Loan Mortgage Corp. (FHLMC)—6.4%
#E02490, 6.000%, due 4/1/23		10		11
#J13022, 4.000%, due 9/1/25		137		146
#G14150, 4.500%, due 4/1/26		43		46
#J16051, 4.500%, due 7/1/26		347		373
#G15030, 4.000%, due 3/1/29		254		275
#A17603, 5.500%, due 1/1/34		342		399
#G01705, 5.500%, due 6/1/34		611		716
#A45790, 7.500%, due 5/1/35		60		68
#G04126, 6.000%, due 6/1/37		140		168
#G04564, 6.000%, due 12/1/37		108		129
#G05566, 5.500%, due 12/1/38		78		92
#G05875, 5.500%, due 2/1/40		53		63
#G61450, 6.000%, due 4/1/40		1,273		1,529
#C03665, 9.000%, due 4/1/41		82		100
Total FHLMC Mortgage Obligations				4,115
Federal National Mortgage Association (FNMA)—40.5%
FNR G93-19 SH, 1M USD LIBOR + 56.169%, 11.234%, due 4/25/23, VRN		5		5
#982885, 5.000%, due 5/1/23		65		69
#933985, 5.500%, due 8/1/23		38		39
#255956, 5.500%, due 10/1/25		15		16
#AH0971, 4.000%, due 12/1/25		156		166
#AL2853, 4.500%, due 6/1/26		232		245
#AJ6954, 4.000%, due 11/1/26		75		80
#256639, 5.000%, due 2/1/27		4		4
#806458, 8.000%, due 6/1/28		55		62
#AL9857, 4.000%, due 2/1/29		3,008		3,212
#880155, 8.500%, due 7/1/29		87		99
#797846, 7.000%, due 3/1/32		3		3
#745519, 8.500%, due 5/1/32		39		42
#654674, 6.500%, due 9/1/32		26		30
#AD0725, 7.000%, due 12/1/32		426		506
#254693, 5.500%, due 4/1/33		3		4
#711736, 5.500%, due 6/1/33		49		58
#555531, 5.500%, due 6/1/33		31		36
#555591, 5.500%, due 7/1/33		5		6
#CA2754, 4.500%, due 11/1/33		314		344

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#AL3455, 5.500%, due 11/1/33	$	976	$	1,138
#725424, 5.500%, due 4/1/34		34		39
#AL6413, 8.000%, due 8/1/34		125		144
#CA5931, 4.000%, due 5/1/35		3,985		4,405
#AL6412, 7.500%, due 9/1/35		322		371
#888884, 5.500%, due 12/1/35		79		92
#CA8368, 2.000%, due 12/1/35		976		1,008
#928658, 6.500%, due 9/1/37		13		15
#889371, 6.000%, due 1/1/38		1,430		1,711
#FM1735, 6.500%, due 10/1/38		1,089		1,325
#991911, 7.000%, due 11/1/38		46		52
#995076, 6.000%, due 11/1/38		397		478
#FM2467, 6.000%, due 1/1/39		406		490
#FM1736, 6.500%, due 10/1/39		1,040		1,252
#BM5204, 6.500%, due 6/1/40		113		136
#BM1689, 5.500%, due 8/1/40		247		289
#BM3525, 6.000%, due 4/1/41		—		—(b)
#AL9226, 5.500%, due 12/1/41		2,966		3,500
#BM1328, 6.000%, due 1/1/42		1,220		1,465
#AL9225, 6.000%, due 1/1/42		1,127		1,348
#BM5121, 5.500%, due 12/1/48		1,576		1,885
Total FNMA Mortgage Obligations				26,169
Asset-Backed Securities—4.3%
Verizon Owner Trust 2018-1—144A, 2018-1A, Tranche A1A, 2.820%, 9/20/22		33		33
Citibank Credit Card Issuance Trust, 2016-A3, Tranche A3, 1M USD LIBOR + 0.490%, 0.594%, 12/7/23, VRN		800		803
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23		950		969
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24		425		436
Carmax Auto Owner Trust, 2021-1, Tranche C, 0.940%, 12/15/26		550		543
Total Asset-Backed Securities				2,784
Corporate Obligations—37.9%
Banco Santander Mexico S.A. Institucion de Banca Multiple Grupo Financiero Santand—144A,  4.125%, due 11/9/22		475		495
Bank of Montreal, SOFR + 0.680%, 0.690%, due 3/10/23, VRN		600		606
Canadian Imperial Bank of Commerce, SOFR + 0.800%, 0.810%, due 3/17/23, VRN		750		756
Toll Brothers Finance Corporation,  4.375%, due 4/15/23		250		262
Shell International Finance BV,  0.375%, due 9/15/23		500		499
GlaxoSmithKline Capital plc,  0.534%, due 10/1/23		300		301
Ally Financial, Inc.,  1.450%, due 10/2/23		525		533

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Royal Bank of Canada, SOFR + 0.450%, 0.474%, due 10/26/23, VRN	$	350	$	351
KeyBank NA, SOFR + 0.340%, 0.350%, due 1/3/24, VRN		700		700
Toyota Motor Credit Corporation, SOFR + 0.330%, 0.367%, due 1/11/24, VRN		650		652
Wells Fargo & Co.,  4.480%, due 1/16/24		650		716
Mitsubishi UFJ Financial Group, Inc.,  3.407%, due 3/7/24		550		589
The Charles Schwab Corporation, SOFR + 0.500%, 0.510%, due 3/18/24, VRN		600		604
BMW US Capital LLC Co.—144A, SOFR + 53.000%, 0.540%, due 4/1/24, VRN		110		110
Citigroup, Inc., SOFR + 1.667%, 1.678%, due 5/15/24, VRN		500		510
Grupo Bimbo S.A.B. de C.V.—144A,  3.875%, due 6/27/24		500		539
JPMorgan Chase & Co., SOFR + 3.125%, 4.600%, due 2/1/25, VRN		450		456
United Parcel Service, Inc.,  3.900%, due 4/1/25		500		554
The Hershey Co.,  0.900%, due 6/1/25		525		521
American Honda Finance Corporation,  1.200%, due 7/8/25		450		448
Intuit, Inc.,  0.950%, due 7/15/25		450		447
Skandinaviska Enskilda Banken AB—144A,  0.850%, due 9/2/25		500		489
Bank of America Corporation, SOFR + 0.910%, 0.981%, due 9/25/25, VRN		700		699
Comcast Corporation,  3.950%, due 10/15/25		600		670
Morgan Stanley, SOFR + 0.745%, 0.864%, due 10/21/25, VRN		550		547
Capital One Financial Corporation,  4.200%, due 10/29/25		500		554
Intercontinental Exchange, Inc.,  3.750%, due 12/1/25		450		495
Simon Property Group L.P.,  3.300%, due 1/15/26		550		589
Tencent Holdings Ltd.—144A,  1.810%, due 1/26/26		700		702
AT&T, Inc.,  4.125%, due 2/17/26		600		672
Merck & Co., Inc.,  0.750%, due 2/24/26		700		689
The Bank of Nova Scotia, SOFR + 0.545%, 0.557%, due 3/2/26, VRN		675		674
ConocoPhillips Co.,  4.950%, due 3/15/26		600		696
Verizon Communications, Inc., SOFR + 0.790%, 0.800%, due 3/20/26, VRN		600		604

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount			Value
Corporate Obligations—(continued)
Brookfield Finance, Inc.,  4.250%, due 6/2/26	$	550		$	620
Fibria Overseas Finance, Ltd.,  5.500%, due 1/17/27		500			569
The Goldman Sachs Group, Inc., SOFR + 0.810%, 0.821%, due 3/9/27, VRN		600			596
Costco Wholesale Corporation,  1.375%, due 6/20/27		500			499
Gilead Sciences, Inc.,  1.200%, due 10/1/27		400			384
Abbott Laboratories,  1.150%, due 1/30/28		600			576
Motorola Solutions, Inc.,  4.600%, due 2/23/28		450			512
Roper Technologies, Inc.,  4.200%, due 9/15/28		375			422
The Kroger Co.,  8.000%, due 9/15/29		450			615
Toll Brothers Finance Corporation,  3.800%, due 11/1/29		250			265
Amazon.com, Inc.,  1.500%, due 6/3/30		450			429
Johnson Controls International plc,  1.750%, due 9/15/30		350			328
Total Corporate Obligations					24,544
Total Long-Term Investments—99.7% (cost $63,395)					64,465
Repurchase Agreement—0.3%
Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $170, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $173		170			170
Total Repurchase Agreement—0.3% (cost $170)					170
Total Investments—100.0% (cost $63,565)					64,635
Securities Sold , Not Yet Purchased
U.S. Government Agency—(1.7)%
Federal National Mortgage Association (FNMA)—(1.7)%
TBA,  4.000%, due 5/1/51		(1,000	)		(1,075	)
Total Securities Sold , Not Yet Purchased—(1.7)% (proceeds $1,075)					(1,075	)

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Cash and other assets, less liabilities—1.7%	$	1,114
Net assets—100.0%	$	64,674

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

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

SOFR = Secured Overnight Financing Rate

TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after March 31, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $357 (in thousands).

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

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)
CDX.NA.HY- 34	Buy	5.000%	3M	June 2025	ICE	$4,600	$(110)	$(431)	$(321)

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Principal Amount		Value
	U.S. Government and U.S. Government Agency—55.1%
	U.S. Treasury—13.4%
	U.S. Treasury Strip Principal, 0.000%, due 8/15/21	$	3,000	$	2,999
	U.S. Treasury Note, 0.315%, due 10/31/21		3,950		3,955
	U.S. Treasury Note, 0.169%, due 1/31/22		4,750		4,756
	U.S. Treasury Note, 2.500%, due 1/15/22		4,000		4,077
	U.S. Treasury Note, 0.129%, due 4/30/22		4,500		4,505
	U.S. Treasury Note, 0.064%, due 1/31/23		2,000		2,001
	Total U.S. Treasury				22,293
	Federal Home Loan Mortgage Corp. (FHLMC)—9.8%
	#E02322, 5.500%, due 5/1/22		2		2
	#G12725, 6.000%, due 6/1/22		12		12
	#G13225, 5.000%, due 6/1/23		310		325
	#J08450, 5.500%, due 7/1/23		5		5
	#J08703, 5.500%, due 9/1/23		3		3
	#C00351, 8.000%, due 7/1/24		15		16
	#J11208, 5.000%, due 11/1/24		13		14
	#G00363, 8.000%, due 6/1/25		27		29
	#C80329, 8.000%, due 8/1/25		5		5
	#G14643, 4.000%, due 8/1/26		68		73
	#G14550, 4.500%, due 9/1/26		402		423
	#G15360, 4.500%, due 11/1/26		153		163
	#G14402, 4.000%, due 2/1/27		114		122
	#G04821, 8.500%, due 7/1/31		1,068		1,266
	#G02454, 6.500%, due 7/1/32		485		546
	#ZT1221, 5.500%, due 1/1/33		443		516
	#A81372, 6.000%, due 8/1/38		125		145
	#G04687, 6.000%, due 9/1/38		37		43
	#G04745, 6.000%, due 9/1/38		123		142
	#G06085, 6.500%, due 9/1/38		35		41
	#G60681, 7.000%, due 2/1/39		4,531		5,552
	#G07480, 6.000%, due 5/1/39		570		676
	#G60680, 6.500%, due 9/1/39		542		644
	#G07058, 6.000%, due 9/1/39		567		696
	#G61450, 6.000%, due 4/1/40		3,820		4,588
	#G61050, 5.500%, due 3/1/41		265		312
	Total FHLMC Mortgage Obligations				16,359
	Federal National Mortgage Association (FNMA)—31.9%
	#831497, 6.000%, due 4/1/21		1		1
��	#879607, 5.500%, due 4/1/21		—		—(a)
	#831525, 5.500%, due 6/1/21		—		—(a)
	#880993, 6.000%, due 1/1/22		—		—(a)
	#888982, 6.000%, due 12/1/22		16		17
	#972934, 5.500%, due 2/1/23		20		20
	#889670, 5.500%, due 6/1/23		4		4
	#AE0011, 5.500%, due 9/1/23		2		2
	#995395, 6.000%, due 12/1/23		7		8
	#995253, 5.500%, due 12/1/23		158		161
	#190988, 9.000%, due 6/1/24		1		1
	#AL8529, 6.000%, due 11/1/24		1,892		1,966
	#AL2853, 4.500%, due 6/1/26		734		777
	#AI4748, 4.000%, due 7/1/26		150		160
	#AL9730, 4.500%, due 2/1/27		1,238		1,319
	#BM3382, 5.000%, due 3/1/27		761		800
	#AL3388, 4.000%, due 9/1/27		259		277

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#AL9870, 6.500%, due 2/1/28	$	612	$	687
#AL4502, 4.000%, due 11/1/28		333		361
#AL9857, 4.000%, due 2/1/29		3,073		3,281
#323933, 7.000%, due 9/1/29		209		245
#555933, 7.000%, due 6/1/32		272		310
#555866, 7.500%, due 3/1/33		159		187
#745409, 7.000%, due 4/1/33		386		437
#CA2408, 4.000%, due 10/1/33		151		166
#CA2754, 4.500%, due 11/1/33		94		103
#725228, 6.000%, due 3/1/34		689		809
#AL6413, 8.000%, due 8/1/34		145		167
#AD0720, 5.500%, due 12/1/34		193		225
#CA5298, 4.000%, due 2/1/35		4,151		4,588
#AL6412, 7.500%, due 9/1/35		537		618
#CA8368, 2.000%, due 12/1/35		1,463		1,512
#886762, 7.000%, due 9/1/36		176		212
#888530, 7.500%, due 8/1/37		1,413		1,731
#AD0731, 7.500%, due 8/1/37		3,864		4,633
#AL6411, 7.000%, due 12/1/37		1,048		1,202
#889219, 6.000%, due 3/1/38		1,000		1,234
#FM1735, 6.500%, due 10/1/38		1,944		2,366
#995076, 6.000%, due 11/1/38		1,811		2,183
#AD0100, 7.000%, due 12/1/38		391		468
#FM2467, 6.000%, due 1/1/39		1,624		1,961
#FM1736, 6.500%, due 10/1/39		2,512		3,024
#BM5204, 6.500%, due 6/1/40		2,197		2,642
#AL0515, 6.000%, due 7/1/40		443		542
#BM3525, 6.000%, due 4/1/41		2,271		2,719
#AL9226, 5.500%, due 12/1/41		2,081		2,455
#BM1328, 6.000%, due 1/1/42		1,173		1,409
#AL9225, 6.000%, due 1/1/42		1,844		2,206
#AL6276, 5.500%, due 10/1/43		150		173
#BM5121, 5.500%, due 12/1/48		1,040		1,244
#CA5837, 6.000%, due 7/1/49		1,347		1,614
Total FNMA Mortgage Obligations				53,227
Asset-Backed Securities—10.2%
Tesla Auto Lease Trust 2018-B—144A, 2018-B, Tranche A, 3.710%, 8/20/21		165		165
Honda Auto Receivables Owner Trust, 2019-3, Tranche A2, 1.900%, 4/15/22		170		171
Ford Credit Auto Lease Trust 2019-B, 2019-B, Tranche A4, 2.270%, 11/15/22		329		333
Toyota Auto Receivables 2020-B Owner Trust, 2020-B, Tranche A2, 1.380%, 12/15/22		736		739
Tesla Auto Lease Trust—144A, 2019-A, Tranche C, 2.680%, 1/20/23		675		694
Mercedes-Benz Auto Lease Trust 2020-B, 2020-B, Tranche A2, 0.310%, 2/15/23		488		488
GM Financial Automobile Leasing Trust, 2019-2, Tranche C, 3.120%, 3/20/23		425		432
Verizon Owner Trust 2018-A, 2018-A, Tranche A1A, 3.230%, 4/20/23		904		913

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Asset-Backed Securities—(continued)
Kubota Credit Owner Trust—144A, 2020-2A, Tranche A2, 0.410%, 6/15/23	$	1,486	$	1,488
BA Credit Card Trust, 2018-A2, Tranche A2, 3.000%, 9/15/23		1,000		1,001
GM Financial Consumer Automobile Receivables Trust, 2018-4, Tranche A3, 3.210%, 10/16/23		448		454
Nissan Auto Lease Trust 2020-B, 2020-B, Tranche A3, 0.430%, 10/16/23		550		551
Citibank Credit Card Issuance Trust, 2016-A3, Tranche A3, 1M USD LIBOR + 0.490%, 0.594%, 12/7/23, VRN		1,150		1,154
Discover Card Execution Note Trust, 2019-A2, Tranche A, 1M USD LIBOR + 0.270%, 0.376%, 12/15/23, VRN		647		648
Discover Card Execution Note Trust, 2018-A3, Tranche A3, 1M USD LIBOR + 0.230%, 0.336%, 12/15/23, VRN		920		922
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23		1,400		1,427
Chase Issuance Trust, 2017-A2, Tranche A, 1M USD LIBOR + 0.400%, 0.506%, 3/15/24, VRN		1,545		1,552
Verizon Owner Trust 2019-C, 2019-C, Tranche C, 2.160%, 4/22/24		60		62
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24		1,250		1,283
Nissan Auto Receivables 2020-A Owner Trust, 2020-A, Tranche A3, 1.380%, 12/16/24		1,126		1,143
American Express Credit Account Master Trust, 2017-5, Tranche B, 1M USD LIBOR + 0.580%, 0.686%, 2/18/25, VRN		450		452
CNH Equipment Trust 2020-A, 2020-A, Tranche A3, 1.160%, 6/16/25		300		303
CarMax Auto Owner Trust, 2020-1, Tranche C, 2.340%, 11/17/25		600		622
Total Asset-Backed Securities				16,997
Corporate Obligations—33.6%
Mizuho Financial Group, Inc.—144A, 3M USD LIBOR + 1.480%, 1.704%, due 4/12/21, VRN		2,000		2,001
Bank of America Corporation, 3M USD LIBOR + 1.420%, 1.643%, due 4/19/21, VRN		1,200		1,201
American Express Credit Corporation,  2.250%, due 5/5/21		1,500		1,500
JPMorgan Chase & Co.,  4.625%, due 5/10/21		951		955
Chevron Corporation, 3M USD LIBOR + 0.950%, 1.144%, due 5/16/21, VRN		500		501
American Express Co., 3M USD LIBOR + 0.525%, 0.717%, due 5/17/21, VRN		1,225		1,225
American Honda Finance Corporation, 3M USD LIBOR + 0.350%, 0.527%, due 6/11/21, VRN		2,893		2,895
Citibank NA,  3.400%, due 7/23/21		525		529
Wells Fargo & Co.,  2.100%, due 7/26/21		3,000		3,017
Citigroup, Inc., 3M USD LIBOR + 1.190%, 1.392%, due 8/2/21, VRN		1,305		1,310

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Toyota Motor Credit Corporation, SOFR + 0.340%, 0.371%, due 10/14/22, VRN	$	200	$	200
Met Tower Global Funding—144A, SOFR + 0.550%, 0.580%, due 1/17/23, VRN		1,481		1,489
Morgan Stanley, SOFR + 0.700%, 0.725%, due 1/20/23, VRN		3,900		3,912
Capital One Bank USA NA, SOFR + 0.616%, 2.014%, due 1/27/23, VRN		1,400		1,417
Bank of Montreal, SOFR + 0.680%, 0.690%, due 3/10/23, VRN		2,900		2,926
Canadian Imperial Bank of Commerce, SOFR + 0.800%, 0.810%, due 3/17/23, VRN		1,000		1,009
The Bank of Nova Scotia, SOFR + 0.550%, 0.560%, due 9/15/23, VRN		2,000		2,010
Royal Bank of Canada, SOFR + 0.450%, 0.474%, due 10/26/23, VRN		1,500		1,504
Canadian Imperial Bank of Commerce, SOFR + 0.400%, 0.410%, due 12/14/23, VRN		1,900		1,900
KeyBank NA, SOFR + 0.340%, 0.350%, due 1/3/24, VRN		2,900		2,900
Metropolitan Life Global Funding I—144A, SOFR + 0.320%, 0.358%, due 1/7/24, VRN		1,500		1,504
Toyota Motor Credit Corporation, SOFR + 0.330%, 0.367%, due 1/11/24, VRN		2,800		2,809
The Toronto-Dominion Bank, SOFR + 0.355%, 0.367%, due 3/4/24, VRN		2,900		2,901
Roche Holdings, Inc.—144A, SOFR + 0.240%, 0.251%, due 3/5/24, VRN		1,150		1,151
JPMorgan Chase & Co., SOFR + 0.580%, 0.590%, due 3/16/24, VRN		1,825		1,832
The Charles Schwab Corporation, SOFR + 0.500%, 0.510%, due 3/18/24, VRN		2,700		2,718
BMW US Capital LLC Co.—144A, SOFR + 53.000%, 1.000%, due 4/1/24, VRN		500		501
Royal Bank of Canada, SOFR + 0.525%, 0.554%, due 1/20/26, VRN		1,500		1,497
The Bank of Nova Scotia, SOFR + 0.545%, 0.557%, due 3/2/26, VRN		925		923
Verizon Communications, Inc., SOFR + 0.790%, 0.800%, due 3/20/26, VRN		2,900		2,919
The Goldman Sachs Group, Inc., SOFR + 0.810%, 0.821%, due 3/9/27, VRN		2,900		2,882
Total Corporate Obligations				56,038
Total Long-Term Investments—98.9% (cost $164,525)				164,914
Repurchase Agreement—1.0%
Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $1,630, collateralized by U.S. Treasury Bond, 2.000%, due 2/15/50, valued at $1,663		1,630		1,630
Total Repurchase Agreement—1.0% (cost $1,630)				1,630

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount			Value
Total Investments—99.9% (cost $166,155)				$	166,544
Securities Sold , Not Yet Purchased
U.S. Government Agency—(14.0)%
Federal National Mortgage Association (FNMA)—(14.0)%
TBA, 2.500%, due 5/1/36	$	(10,000	)		(10,402	)
TBA, 4.000%, due 5/1/51		(12,000	)		(12,893	)
Total Securities Sold , Not Yet Purchased—(14.0)% (proceeds $23,402)					(23,296	)
Cash and other assets, less liabilities—14.1%					23,442
Net assets—100.0%				$	166,690

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

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

SOFR = Secured Overnight Financing Rate

TBA = To Be Announced —TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after March 31, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

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

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Exchange-Traded Funds—65.3%
Equity Exchange-Traded Funds—61.3%
Energy Select Sector SPDR Fund		53,700	$	2,635
Financial Select Sector SPDR Fund		83,000		2,826
iShares MSCI Brazil ETF		99,800		3,338
iShares MSCI India ETF		10,200		430
SPDR S&P 500 ETF Trust		393,200		155,837
Utilities Select Sector SPDR Fund		11,100		711
Vietnam Enterprise Investments, Ltd. Class “C”		696,748		5,744
Total Equity Exchange-Traded Funds				171,521
Fixed Income Exchange-Traded Funds—4.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF		64,500		8,388
SPDR Bloomberg Barclays High Yield Bond ETF		27,200		2,960
Total Fixed Income Exchange-Traded Funds				11,348
Total Exchange-Traded Funds—65.3% (cost $137,643)				182,869
Common Stocks—4.3%
Emerging Asia—1.5%
Philippines—1.5%
Aboitiz Equity Ventures, Inc. (Industrial conglomerates)		185,163		132
Ayala Corporation (Industrial conglomerates)		24,300		370
Ayala Land, Inc. (Real estate management & development)		666,910		472
Bank of the Philippine Islands (Banks)		155,006		260
BDO Unibank, Inc. (Banks)		165,123		347
Globe Telecom, Inc. (Wireless telecommunication services)		3,163		122
GT Capital Holdings, Inc. (Diversified financial services)		7,975		86
International Container Terminal Services, Inc. (Transportation infrastructure)		88,154		220
JG Summit Holdings, Inc. (Industrial conglomerates)		260,594		321
Jollibee Foods Corporation (Hotels, restaurants & leisure)		35,005		128
Manila Electric Co. (Electric utilities)		19,247		108
Megaworld Corporation (Real estate management & development)		1,002,038		74
Metro Pacific Investments Corporation (Diversified financial services)		1,146,973		88
Metropolitan Bank & Trust Co. (Banks)		152,967		140
PLDT, Inc. (Wireless telecommunication services)		8,056		203
Puregold Price Club, Inc. (Food & staples retailing)		107,530		87
SM Investments Corporation (Industrial conglomerates)		20,851		412
SM Prime Holdings, Inc. (Real estate management & development)		824,474		594
Universal Robina Corporation (Food products)		78,434		215
				4,379
Emerging Latin America—2.8%
Chile—2.8%
Banco de Chile (Banks)		8,648,503		1,020
Banco de Credito e Inversiones S.A. (Banks)		10,111		535
Banco Santander Chile (Banks)		12,392,049		774
Cencosud S.A. (Food & staples retailing)		313,755		671
Cencosud Shopping S.A.		102,518		213
Cia Cervecerias Unidas S.A. (Beverages)		32,976		289
Colbun S.A. (Independent power & renewable electricity producers)		1,677,888		327

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America — (continued)
	Empresas CMPC S.A. (Paper & forest products)		225,122	$	723
	Empresas COPEC S.A. (Oil, gas & consumable fuels)		73,462		907
	Enel Americas S.A. (Electric utilities)		6,760,566		1,127
*	Enel Chile S.A. (Electric utilities)		5,867,452		457
	Falabella S.A. (Multiline retail)		158,200		718
					7,761
	Total Common Stocks—4.3% (cost $9,807)				12,140
	Foreign Government Bonds—12.6%
	Brazil—3.9%
	Brazil Notas do Tesouro Nacional Serie F, 10.000%, due 1/1/25	BRL	58,370		10,941
	Malaysia—3.8%
	Malaysia Government Bond, 3.480%, due 3/15/23	MYR	42,610		10,543
	South Africa—4.9%
	Republic of South Africa Government Bond, 8.000%, due 1/31/30	ZAR	65,055		4,017
	Republic of South Africa Government Bond, 7.000%, due 2/28/31	ZAR	177,645		9,825
					13,842
	Total Foreign Government Bonds—12.6% (cost $35,934)				35,326
	Preferred Stocks—0.5%
	Emerging Latin America—0.5%
	Chile—0.5%
	Embotelladora Andina S.A. Class “B” (Beverages)		79,237		210
	Sociedad Quimica y Minera de Chile S.A. Class “B” (Chemicals)		21,391		1,146
					1,356
	Total Preferred Stocks—0.5% (cost $936)				1,356
	Rights—0.0%
	Emerging Latin America—0.0%
	Chile—0.0%
	Sociedad Quimica y Minera de Chile S.A. (Chemicals)		3,997		16
	Total Rights—0.0% (cost $0)				16

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement—1.8%
Fixed Income Clearing Corporation, 0.000% dated 3/31/21, due 4/1/21, repurchase price $4,890, collateralized by U.S. Treasury Note, 2.250%, due 11/15/27, valued at $4,988	$	4,890	$	4,890
Total Repurchase Agreement—1.8% (cost $4,890)				4,890
U.S. Government—15.2%
U.S. Treasury Bill, 0.153%, due 7/15/21		2,275		2,275
U.S. Treasury Bill, 0.133%, due 8/12/21(a)		4,225		4,225
U.S. Treasury Bill, 0.128%, due 9/9/21		3,500		3,500
U.S. Treasury Bill, 0.104%, due 10/7/21(a)(b)		5,500		5,499
U.S. Treasury Bill, 0.098%, due 11/4/21(b)		5,500		5,499
U.S. Treasury Bill, 0.096%, due 12/2/21(a)		5,500		5,498
U.S. Treasury Bill, 0.101%, due 12/30/21(a)		5,500		5,498
U.S. Treasury Bill, 0.086%, due 1/27/22(b)		5,500		5,498
U.S. Treasury Bill, 0.074%, due 2/24/22(a)		3,000		2,998
U.S. Treasury Bill, 0.068%, due 3/24/22		2,000		1,999
Total U.S. Government—15.2% (cost $42,474)				42,489
Total Investments in Securities—99.7% (cost $231,684)				279,086
Total Written Options—(0.0)% (premiums received $218)				(78	)
Cash and other assets, less liabilities—0.3%				920
Net assets—100.0%			$	279,928

* = Non-income producing security

(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 $18,147 (in thousands).

(b) Security, or portion of security, is pledged as collateral for OTC swap contracts and foreign forward currency contracts aggregating a total value of $3,822 (in thousands).

Written Options Contracts

Description	Counterparty	Exercise Price	Expiration Date	Number of Contracts	Notional Amount		Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Calls
Energy Select Sector SPDR ETF	Credit Suisse International	52	04/16/21	1,688	$	16,880	$	(78	)	$	(218	)	$	140

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Forward Foreign Currency Contracts

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)		USD (Base) Purchased or Sold		Current Value		Net Unrealized Appreciation (Depreciation)
Purchased
4/21/21	Australian Dollar	Citibank N.A. London		1,171	$	893	$	889	$	(4	)
4/21/21	British Pound Sterling	Citibank N.A. London		9,257		12,917		12,762		(155	)
4/21/21	Chilean Peso	Citibank N.A. London		423,421		589		588		(1	)
4/21/21	Chinese Yuan Renminbi	Citibank N.A. London		4,177		639		636		(3	)
4/21/21	Colombian Peso	Citibank N.A. London		63,641,792		17,987		17,377		(610	)
4/21/21	Czech Koruna	Citibank N.A. London		12,345		555		555		—
4/21/21	Euro	Citibank N.A. London		843		995		989		(6	)
4/21/21	Hong Kong Dollar	Citibank N.A. London		4,515		581		581		—
4/21/21	Indonesian Rupiah	Citibank N.A. London		7,093,392		486		486		—
4/21/21	Israeli Shekel	Citibank N.A. London		2,924		884		875		(9	)
4/21/21	Japanese Yen	Citibank N.A. London		1,832,311		16,859		16,551		(308	)
4/21/21	Mexican Peso	Citibank N.A. London		504,523		24,226		24,643		417
4/21/21	New Turkish Lira	Citibank N.A. London		285,109		37,046		34,029		(3,017	)
4/21/21	New Zealand Dollar	Citibank N.A. London		1,036		723		724		1
4/21/21	Philippine Peso	Citibank N.A. London		813,454		16,732		16,732		—
4/21/21	Russian Ruble	Citibank N.A. London		1,631,640		22,098		21,538		(560	)
4/21/21	Singapore Dollar	Citibank N.A. London		36,967		27,538		27,478		(60	)
4/21/21	South African Rand	Citibank N.A. London		92,558		6,155		6,258		103
4/21/21	South Korean Won	Citibank N.A. London		448,366		398		398		—
4/21/21	Swedish Krona	Citibank N.A. London		59,765		7,034		6,844		(190	)
4/21/21	Swiss Franc	Citibank N.A. London		528		559		559		—
4/21/21	Taiwan Dollar	Citibank N.A. London		21,603		769		760		(9	)
4/22/21	Brazilian Real	Citibank N.A. London		117,252		21,032		20,810		(222	)
4/22/21	Indian Rupee	Citibank N.A. London		557,379		7,619		7,593		(26	)
									$	(4,659	)
Sold
4/21/21	Australian Dollar	Citibank N.A. London		41,167		31,922		31,272		650
4/21/21	British Pound Sterling	Citibank N.A. London		455		624		627		(3	)
4/21/21	Canadian Dollar	Citibank N.A. London		10,818		8,605		8,609		(4	)
4/21/21	Chilean Peso	Citibank N.A. London		6,686,719		9,324		9,283		41
4/21/21	Chinese Yuan Renminbi	Citibank N.A. London		135,162		20,755		20,566		189
4/21/21	Colombian Peso	Citibank N.A. London		2,605,901		709		711		(2	)
4/21/21	Czech Koruna	Citibank N.A. London		300,377		13,695		13,497		198
4/21/21	Euro	Citibank N.A. London		23,195		27,714		27,209		505
4/21/21	Hong Kong Dollar	Citibank N.A. London		110,422		14,231		14,204		27
4/21/21	Indonesian Rupiah	Citibank N.A. London		173,614,173		12,030		11,892		138
4/21/21	Israeli Shekel	Citibank N.A. London		80,791		24,440		24,170		270
4/21/21	Mexican Peso	Citibank N.A. London		14,040		686		686		—
4/21/21	New Turkish Lira	Citibank N.A. London		196,655		23,363		23,472		(109	)
4/21/21	New Zealand Dollar	Citibank N.A. London		37,109		26,717		25,916		801
4/21/21	Philippine Peso	Citibank N.A. London		28,891		594		594		—
4/21/21	Russian Ruble	Citibank N.A. London		54,013		705		713		(8	)
4/21/21	Singapore Dollar	Citibank N.A. London		1,503		1,116		1,117		(1	)
4/21/21	South African Rand	Citibank N.A. London		153,475		10,285		10,376		(91	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Forward Foreign Currency Contracts - (continued)

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)		USD (Base) Purchased or Sold		Current Value		Net Unrealized Appreciation (Depreciation)
Sold — (continued)
4/21/21	South Korean Won	Citibank N.A. London		6,878,264	$	6,074	$	6,100	$	(26	)
4/21/21	Swiss Franc	Citibank N.A. London		14,671		15,828		15,529		299
4/21/21	Thai Baht	Citibank N.A. London		514,725		16,797		16,470		327
4/22/21	Brazilian Real	Citibank N.A. London		61,946		11,089		10,994		95
4/22/21	Indian Rupee	Citibank N.A. London		60,174		820		820		—
									$	3,296
Total net unrealized appreciation (depreciation) on forward foreign currency contracts									$	(1,363	)

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
58	CAC 40 Index	April 2021	Euro		3,518	$	4,113	$	4,126	$	13
57	IBEX 35 Index	April 2021	Euro		4,894		5,790		5,740		(50	)
16	FTSE Taiwan Index	April 2021	U.S. Dollar		927		895		927		32
314	MSCI Singapore ETS Index	April 2021	Singapore Dollar		11,240		8,282		8,355		73
143	FTSE KLCI  Index	April 2021	Malaysian Ringgit		11,240		2,759		2,711		(48	)
16	KOSPI 200 Index	June 2021	South Korean Won		1,658,600		1,464		1,465		1
2	NIKKEI 225 Index	June 2021	Japanese Yen		29,220		261		264		3
62	10YR Aust Bond	June 2021	Australian Dollar		8,563		6,523		6,504		(19	)
117	5YR Aust Bond	June 2021	Australian Dollar		12,363		9,401		9,390		(11	)
66	SPI 200 Index	June 2021	Australian Dollar		11,164		8,485		8,479		(6	)
11	DAX Index	June 2021	Euro		4,133		4,694		4,847		153
262	FTSE 100 Index	June 2021	British Pound Sterling		17,500		24,226		24,126		(100	)
20	FTSE MIB Index	June 2021	Euro		2,439		2,815		2,861		46
45	MSCI China Index	June 2021	U.S. Dollar		2,677		2,736		2,677		(59	)
328	MSCI Indonesia Index	June 2021	U.S. Dollar		4,871		5,082		4,871		(211	)
324	MSCI World Energy Index	June 2021	U.S. Dollar		8,657		9,041		8,657		(384	)
										$	(567	)
Short
5	Amsterdam Index	April 2021	Euro		699	$	796	$	820	$	(24	)
21	OMXS 30 Index	April 2021	Swedish Krona		4,593		518		526		(8	)
39	FTSE/JSE Top 40 Index	June 2021	South African Rand		23,860		1,633		1,617		16

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Number of Contracts	Description	Expiration Date	Local Currency	Notional Value (Local, in Thousands)		Notional Amount (USD)		Notional Value (USD)		Net Unrealized Appreciation (Depreciation)
Short — (continued)
322	EURO STOXX 50 Index	June 2021	Euro		12,449	$	14,259	$	14,598	$	(339	)
82	MSCI Emerging Markets Index	June 2021	U.S. Dollar		5,422		5,527		5,422		105
136	MSCI Mexico Index	June 2021	U.S. Dollar		3,319		3,339		3,319		20
11	MSCI Philippines Index	June 2021	U.S. Dollar		243		247		243		4
22	NASDAQ 100 E Mini Index	June 2021	U.S. Dollar		5,759		5,686		5,759		(73	)
652	S&P 500 E Mini Index	June 2021	U.S. Dollar		129,337		128,909		129,337		(428	)
15	S&P E Mini Index	June 2021	U.S. Dollar		1,440		1,488		1,440		48
33	SWISS Markets Index	June 2021	Swiss Franc		3,606		3,726		3,816		(90	)
11	XAK Technology	June 2021	U.S. Dollar		1,471		1,452		1,471		(19	)
17	XAY Cons Discret	June 2021	U.S. Dollar		2,886		2,866		2,886		(20	)
44	10YR Can Bond	June 2021	Canadian Dollar		6,106		4,980		4,859		121
										$	(687	)
Total net unrealized appreciation (depreciation) on futures contracts										$	(1,254	)

Centrally Cleared Interest Rate Swaps

Floating Rate Reference	Pay/Receive Floating Rate	Fixed Rates	Pay/Receive Payment Frequency	Maturity Dates	Cleared Exchange	Notional Amount (in thousands)	Upfront Payment Paid (Received)		Value			Unrealized Appreciation (Depreciation)
Brazil CDI ON Deposit Rate	Pay	6.010%	3M	January 2023	CME	BRL 128,068	$	—	$	(118	)	$	(118	)
China 1-Week Repo Rate	Pay	2.800%	3M	December 2025	LCH	CNY 53,420		1		13			12
Total centrally cleared interest rate swaps												$	(106	)

Total Return Swaps

Reference Entity

Pay/Receive Floating Rate

Floating/Fixed Rates

Maturity Dates

Counterparty

Notional Amount (in thousands)

Market Value

Unrealized Appreciation (Depreciation)

10YR T-Note Future

Pay

0 bp

Jun 2021

Credit Suisse International

$

4,029

$

(101

)

$

(101

)

5YR T-Note Future

Pay

0 bp

Jun 2021

Credit Suisse International

16,747

(212

)

(212

)

CSI 500 Net Total Return Index

Pay

(1,305) bp

Sep 2021

Credit Suisse International

6,324

323

323

Euro-Bund Future

Receive

0 bp

Jun 2021

Credit Suisse International

EUR 1,029

2

2

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2021 (all dollar amounts in thousands) (unaudited)

Total Return Swaps - (continued)

Reference Entity	Pay/Receive Floating Rate	Floating/Fixed Rates	Maturity Dates	Counterparty	Notional Amount (in thousands)		Market Value			Unrealized Appreciation (Depreciation)
RTS Index Future	Pay	0 bp	Jun 2021	Credit Suisse International	$	3,450	$	(141	)	$	(141	)
										$	(129)

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 S34

Sell

1.000%

3M

December 2025

ICE

EUR 4,843

$

122

$

152

$

30

Total net unrealized appreciation (depreciation) on swaps

$

(205

)

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 March 31, 2021, the Trust had 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 Value1	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 Effective April 15, 2021, the Small-Mid Cap Value Fund liquidated.

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 March 31, 2021, fair valuation estimates for foreign equity securities were not obtained.

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

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

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

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

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

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(b) Fair Value Measurements

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

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

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

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

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

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

Exchange-Traded Securities

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

Fixed Income Securities

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

Repurchase Agreements

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

Derivative Instruments

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

As of March 31, 2021, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

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Investments in securities	Growth		Large Cap Growth		Mid Cap Growth		Small-Mid Cap Core
Level 1 - Quoted prices
Common Stocks	$	300,864	$	725,752	$	80,714	$	40,852
Level 2 - Other significant observable inputs
Repurchase Agreements		2,261		6,222		1,639		905
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	303,125	$	731,974	$	82,353	$	41,757
Investments in securities	Small-Mid Cap Growth		Small-Mid Cap Value		Small Cap Growth		Small Cap Value
Level 1 - Quoted prices
Common Stocks	$	3,476,560	$	1,188	$	698,887	$	49,811
Exchange-Traded Funds						6,968		—
Level 2 - Other significant observable inputs
Repurchase Agreements		53,784		—		11,492		1,129
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	3,530,344	$	1,188	$	717,347	$	50,940
Investments in securities	Global Leaders		International Leaders		International Growth		Institutional International Growth
Level 1 - Quoted prices
Common Stocks	$	123,680	$	1,117,264	$	2,205,098	$	1,247,354
Level 2 - Other significant observable inputs
Common Stocks		—		—		5,991		3,381
Repurchase Agreements		1,613		18,773		10,476		14,756
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	125,293	$	1,136,037	$	2,221,565	$	1,265,491
Investments in securities	International Small Cap Growth		Emerging Markets Leaders		Emerging Markets Growth		Emerging Markets Small Cap Growth
Level 1 - Quoted prices
Common Stocks	$	323,432	$	270,459	$	1,140,630	$	319,073
Preferred Stocks		—		—		—		3,624
Level 2 - Other significant observable inputs
Common Stocks		—		—		3,256		9,605
Repurchase Agreements		3,609		994		4,706		—
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	327,041	$	271,453	$	1,148,592	$	332,302

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Investments in securities	Bond			Income			Low Duration			Macro Allocation
Assets
Level 1 - Quoted Prices
Common Stocks	$	—		$	—		$	—		$	12,140
Preferred Stocks		—			—			—			1,356
Rights		—			—			—			16
Exchange-Traded Funds		—			—			—			182,869
Level 2 - Other significant observable inputs
Asset-Backed Securities		4,847			2,784			16,997			—
Commercial Paper		2,200			—			—			—
Corporate Obligations		124,781			24,544			56,038			—
Foreign Government Bonds		—			—			—			35,326
Repurchase Agreements		163			170			1,630			4,890
U.S. Government and U.S. Government Agency		184,432			37,137			91,879			42,489
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	$	316,423		$	64,635		$	166,544		$	279,086
Other financial instruments
Assets
Level 1 - Quoted Prices
Futures Contracts	$	—		$	—		$	—		$	635
Level 2 - Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—			4,061
Swaps		—			—			—			367
Level 3 - Significant unobservable inputs
None		—			—			—			—
Liabilities
Level 1 - Quoted Prices
Futures Contracts		—			—			—			(1,889	)
Level 2 - Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—			(5,424	)
Swaps		(877	)		(321	)		—			(572	)
Written Options											(78	)
U.S. Government Agency		(5,372	)		(1,075	)		(23,296	)		—
Level 3 - Significant unobservable inputs
None		—			—			—			—
Total other financial instruments	$	(6,249	)	$	(1,396	)	$	(23,296	)	$	(2,900	)

See Portfolio of Investments for Sector Classification.

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(3) Financial Derivative Instruments

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

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

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

Futures Contracts

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

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

Options

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

Forward Foreign Currency Contracts

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

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Swap Contracts

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

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

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

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

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

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