Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—30.2% | |||||||||
* | Advanced Micro Devices, Inc. | 51,659 | $ | 5,063 | |||||
* | Dynatrace, Inc. | 57,563 | 2,435 | ||||||
Microsoft Corp. | 81,110 | 23,384 | |||||||
* | MongoDB, Inc. | 7,199 | 1,678 | ||||||
National Instruments Corp. | 63,414 | 3,324 | |||||||
* | Nice Ltd.-ADR | 12,878 | 2,948 | ||||||
NVIDIA Corp. | 23,605 | 6,557 | |||||||
* | Palo Alto Networks, Inc. | 27,563 | 5,505 | ||||||
Power Integrations, Inc. | 24,694 | 2,090 | |||||||
* | Pure Storage, Inc. | 70,441 | 1,797 | ||||||
Texas Instruments, Inc. | 25,555 | 4,753 | |||||||
* | Workday, Inc. | 10,928 | 2,257 | ||||||
* | Workiva, Inc. | 11,137 | 1,141 | ||||||
62,932 | |||||||||
Health Care—13.6% | |||||||||
Abbott Laboratories | 39,695 | 4,019 | |||||||
* | HealthEquity, Inc. | 23,433 | 1,376 | ||||||
* | Intuitive Surgical, Inc. | 18,210 | 4,652 | ||||||
* | Penumbra, Inc. | 4,245 | 1,183 | ||||||
UnitedHealth Group, Inc. | 16,090 | 7,604 | |||||||
* | Veeva Systems, Inc. | 18,299 | 3,363 | ||||||
Zoetis, Inc. | 37,056 | 6,168 | |||||||
28,365 | |||||||||
Consumer Discretionary—12.2% | |||||||||
* | Amazon.com, Inc. | 116,646 | 12,048 | ||||||
* | Bright Horizons Family Solutions, Inc. | 27,792 | 2,140 | ||||||
* | Burlington Stores, Inc. | 8,920 | 1,803 | ||||||
* | Etsy, Inc. | 10,124 | 1,127 | ||||||
NIKE, Inc. | 46,005 | 5,642 | |||||||
* | Revolve Group, Inc. | 36,855 | 969 | ||||||
* | Skyline Champion Corp. | 23,605 | 1,776 | ||||||
25,505 | |||||||||
Industrials—10.7% | |||||||||
* | ACV Auctions, Inc. | 142,689 | 1,842 | ||||||
Brink’s Co. | 44,943 | 3,002 | |||||||
* | Chart Industries, Inc. | 16,234 | 2,036 | ||||||
* | Copart, Inc. | 80,938 | 6,088 | ||||||
* | CoStar Group, Inc. | 57,853 | 3,983 | ||||||
* | Energy Recovery, Inc. | 84,380 | 1,945 | ||||||
* | Kornit Digital Ltd.† | 44,484 | 861 | ||||||
* | Verra Mobility Corp. | 150,076 | 2,539 | ||||||
22,296 | |||||||||
Communication Services—10.0% | |||||||||
* | Alphabet, Inc. | 139,792 | 14,501 | ||||||
* | Take-Two Interactive Software, Inc. | 20,249 | 2,416 | ||||||
Warner Music Group Corp. | 84,007 | 2,803 | |||||||
* | ZipRecruiter, Inc. | 68,462 | 1,091 | ||||||
20,811 |
See accompanying Notes to Portfolio of Investments.
1 |
Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Financials—9.9% | |||||||||
Aon PLC† | 8,231 | $ | 2,595 | ||||||
Apollo Global Management, Inc. | 35,765 | 2,259 | |||||||
Ares Management Corp. | 25,756 | 2,149 | |||||||
Mastercard, Inc. | 27,015 | 9,818 | |||||||
* | PayPal Holdings, Inc. | 49,131 | 3,731 | ||||||
20,552 | |||||||||
Consumer Staples—5.6% | |||||||||
Coca-Cola Co. | 92,210 | 5,720 | |||||||
Estee Lauder Cos., Inc. | 9,952 | 2,453 | |||||||
* | Performance Food Group Co. | 58,739 | 3,544 | ||||||
11,717 | |||||||||
Energy—4.4% | |||||||||
Cameco Corp. | 149,830 | 3,921 | |||||||
* | Green Plains, Inc. | 47,668 | 1,477 | ||||||
New Fortress Energy, Inc. | 67,315 | 1,981 | |||||||
Whitecap Resources, Inc. | 226,925 | 1,754 | |||||||
9,133 | |||||||||
Real Estate—1.9% | |||||||||
SBA Communications Corp. | 15,527 | 4,054 | |||||||
Materials—1.3% | |||||||||
Crown Holdings, Inc. | 31,664 | 2,619 | |||||||
Total Common Stocks—99.8% (cost $126,699) | 207,984 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $591, collateralized by U.S. Treasury Bond, 4.500%, due 05/15/38, valued at $603 | $ | 591 | 591 | ||||||
Total Repurchase Agreement—0.3% (cost $591) | 591 | ||||||||
Total Investments—100.1% (cost $127,290) | 208,575 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (124 | ) | |||||||
Net assets—100.0% | $ | 208,451 |
ADR = American Depository Receipt |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
2 |
Large Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—33.1% | |||||||||
Accenture PLC† | 144,790 | $ | 41,382 | ||||||
* | Adobe, Inc. | 63,370 | 24,421 | ||||||
* | Advanced Micro Devices, Inc. | 391,268 | 38,348 | ||||||
* | Guidewire Software, Inc. | 217,610 | 17,855 | ||||||
Intuit, Inc. | 84,340 | 37,601 | |||||||
Lam Research Corp. | 24,970 | 13,237 | |||||||
Microsoft Corp. | 608,320 | 175,379 | |||||||
* | Palo Alto Networks, Inc. | 130,850 | 26,136 | ||||||
* | Salesforce, Inc. | 174,120 | 34,786 | ||||||
Texas Instruments, Inc. | 94,490 | 17,576 | |||||||
426,721 | |||||||||
Consumer Discretionary—17.5% | |||||||||
* | Amazon.com, Inc. | 814,870 | 84,168 | ||||||
* | Chipotle Mexican Grill, Inc. | 16,890 | 28,853 | ||||||
Marriott International, Inc. | 129,340 | 21,476 | |||||||
NIKE, Inc. | 296,770 | 36,396 | |||||||
* | O’Reilly Automotive, Inc. | 29,820 | 25,316 | ||||||
Starbucks Corp. | 289,770 | 30,174 | |||||||
226,383 | |||||||||
Health Care—11.3% | |||||||||
* | Intuitive Surgical, Inc. | 60,000 | 15,328 | ||||||
UnitedHealth Group, Inc. | 132,760 | 62,741 | |||||||
* | Veeva Systems, Inc. | 146,950 | 27,008 | ||||||
Zoetis, Inc. | 244,500 | 40,695 | |||||||
145,772 | |||||||||
Financials—11.2% | |||||||||
Apollo Global Management, Inc. | 427,911 | 27,027 | |||||||
Carlyle Group, Inc. | 349,590 | 10,858 | |||||||
Mastercard, Inc. | 208,930 | 75,927 | |||||||
* | PayPal Holdings, Inc. | 404,560 | 30,723 | ||||||
144,535 | |||||||||
Communication Services—8.7% | |||||||||
* | Alphabet, Inc. | 899,660 | 93,322 | ||||||
* | Live Nation Entertainment, Inc. | 264,792 | 18,535 | ||||||
111,857 | |||||||||
Consumer Staples—6.2% | |||||||||
Costco Wholesale Corp. | 78,150 | 38,830 | |||||||
Estee Lauder Cos., Inc. | 92,160 | 22,714 | |||||||
* | Monster Beverage Corp. | 353,180 | 19,075 | ||||||
80,619 | |||||||||
Industrials—6.0% | |||||||||
* | Copart, Inc. | 632,350 | 47,559 | ||||||
* | CoStar Group, Inc. | 425,220 | 29,277 | ||||||
76,836 | |||||||||
Materials—2.7% | |||||||||
Linde PLC† | 98,090 | 34,865 |
See accompanying Notes to Portfolio of Investments.
3 |
Large Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Energy—1.5% | |||||||||
Pioneer Natural Resources Co. | 95,930 | $ | 19,593 | ||||||
Total Common Stocks—98.2% (cost $1,146,496) | 1,267,181 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $17,309, collateralized by U.S. Treasury Note, 3.625%, due 03/31/30, valued at $17,652 | $ | 17,306 | 17,306 | ||||||
Total Repurchase Agreement—1.3% (cost $17,306) | 17,306 | ||||||||
Total Investments—99.5% (cost $1,163,802) | 1,284,487 | ||||||||
Cash and other assets, less liabilities—0.5% | 6,469 | ||||||||
Net assets—100.0% | $ | 1,290,956 |
† = U.S. listed foreign security |
* = Non-income producing security |
See accompanying Notes to Portfolio of Investments.
4 |
Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—23.6% | |||||||||
* | Cadence Design Systems, Inc. | 6,785 | $ | 1,425 | |||||
* | Dynatrace, Inc. | 20,605 | 872 | ||||||
* | Guidewire Software, Inc. | 3,717 | 305 | ||||||
MKS Instruments, Inc. | 6,435 | 570 | |||||||
* | MongoDB, Inc. | 2,515 | 586 | ||||||
* | Nice Ltd. —ADR | 3,540 | 810 | ||||||
* | Palo Alto Networks, Inc. | 3,840 | 767 | ||||||
* | Pure Storage, Inc. | 28,355 | 723 | ||||||
* | SolarEdge Technologies, Inc. | 2,045 | 622 | ||||||
* | Teledyne Technologies, Inc. | 2,630 | 1,177 | ||||||
7,857 | |||||||||
Industrials—19.3% | |||||||||
* | Axon Enterprise, Inc. | 4,565 | 1,027 | ||||||
* | Builders FirstSource, Inc. | 10,525 | 934 | ||||||
BWX Technologies, Inc. | 19,139 | 1,207 | |||||||
* | Clarivate PLC† | 55,805 | 524 | ||||||
* | Copart, Inc. | 18,524 | 1,393 | ||||||
* | CoStar Group, Inc. | 14,915 | 1,027 | ||||||
HEICO Corp. | 2,480 | 337 | |||||||
6,449 | |||||||||
Health Care—18.9% | |||||||||
Agilent Technologies, Inc. | 5,855 | 810 | |||||||
* | Align Technology, Inc. | 1,460 | 488 | ||||||
* | Charles River Laboratories International, Inc. | 2,260 | 456 | ||||||
* | DexCom, Inc. | 8,155 | 947 | ||||||
* | IDEXX Laboratories, Inc. | 1,280 | 640 | ||||||
* | Mettler-Toledo International, Inc. | 504 | 771 | ||||||
STERIS PLC† | 1,990 | 381 | |||||||
* | Veeva Systems, Inc. | 6,785 | 1,247 | ||||||
West Pharmaceutical Services, Inc. | 1,595 | 553 | |||||||
6,293 | |||||||||
Consumer Discretionary—11.8% | |||||||||
* | Aptiv PLC† | 5,045 | 566 | ||||||
* | Bright Horizons Family Solutions, Inc. | 4,825 | 371 | ||||||
* | Burlington Stores, Inc. | 4,055 | 820 | ||||||
* | Chipotle Mexican Grill, Inc. | 652 | 1,114 | ||||||
* | Etsy, Inc. | 4,149 | 462 | ||||||
Pool Corp. | 1,765 | 604 | |||||||
3,937 | |||||||||
Energy—6.0% | |||||||||
Cameco Corp. | 23,710 | 621 | |||||||
Hess Corp. | 6,715 | 889 | |||||||
New Fortress Energy, Inc. | 17,308 | 509 | |||||||
2,019 |
See accompanying Notes to Portfolio of Investments.
5 |
Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Financials—5.3% | |||||||||
Ares Management Corp. | 5,475 | $ | 457 | ||||||
* | Euronet Worldwide, Inc. | 9,100 | 1,018 | ||||||
Western Alliance Bancorp | 7,845 | 279 | |||||||
1,754 | |||||||||
Communication Services—5.0% | |||||||||
* | Live Nation Entertainment, Inc. | 8,016 | 561 | ||||||
* | Take-Two Interactive Software, Inc. | 3,230 | 385 | ||||||
Warner Music Group Corp. | 21,895 | 731 | |||||||
1,677 | |||||||||
Materials—4.9% | |||||||||
Crown Holdings, Inc. | 6,115 | 506 | |||||||
Vulcan Materials Co. | 6,545 | 1,123 | |||||||
1,629 | |||||||||
Consumer Staples—1.7% | |||||||||
* | Performance Food Group Co. | 9,450 | 570 | ||||||
Real Estate—1.4% | |||||||||
SBA Communications Corp. | 1,805 | 471 | |||||||
Total Common Stocks—97.9% (cost $28,732) | 32,656 | ||||||||
Rights | |||||||||
Health Care—0.0% | |||||||||
* | Abiomed, Inc. CVR** | 1,508 | — | ||||||
Total Rights—0.0% (cost $2) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $900, collateralized by U.S. Treasury Bond, 4.500%, due 05/15/38, valued at $918 | $ | 899 | 899 | ||||||
Total Repurchase Agreement—2.7% (cost $899) | 899 | ||||||||
Total Investments—100.6% (cost $29,633) | 33,555 | ||||||||
Liabilities, plus cash and other assets—(0.6)% | (192 | ) | |||||||
Net assets—100.0% | $ | 33,363 |
ADR = American Depository Receipt |
CVR = Contingent Value Right |
* = Non-income producing security |
** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at March 31, 2023. |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
6 |
Mid Cap Value Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—17.9% | |||||||||
Acuity Brands, Inc. | 159 | $ | 29 | ||||||
AGCO Corp. | 260 | 35 | |||||||
* | Alaska Air Group, Inc. | 625 | 26 | ||||||
Flowserve Corp. | 623 | 21 | |||||||
ITT, Inc. | 362 | 31 | |||||||
Knight-Swift Transportation Holdings, Inc. | 626 | 36 | |||||||
MSC Industrial Direct Co., Inc. | 343 | 29 | |||||||
Regal Rexnord Corp. | 39 | 6 | |||||||
Snap-on, Inc. | 142 | 35 | |||||||
Timken Co. | 444 | 36 | |||||||
284 | |||||||||
Information Technology—13.7% | |||||||||
* | Check Point Software Technologies Ltd.† | 222 | 29 | ||||||
Cognizant Technology Solutions Corp. | 437 | 27 | |||||||
* | DXC Technology Co. | 926 | 24 | ||||||
* | F5, Inc. | 186 | 27 | ||||||
* | Flex Ltd.† | 1,225 | 28 | ||||||
Hewlett Packard Enterprise Co. | 1,205 | 19 | |||||||
Jabil, Inc. | 433 | 38 | |||||||
Skyworks Solutions, Inc. | 225 | 26 | |||||||
218 | |||||||||
Financials—12.3% | |||||||||
* | Arch Capital Group Ltd.† | 460 | 31 | ||||||
East West Bancorp, Inc. | 294 | 16 | |||||||
Hartford Financial Services Group, Inc. | 321 | 22 | |||||||
Huntington Bancshares, Inc. | 1,607 | 18 | |||||||
Invesco Ltd.† | 1,719 | 28 | |||||||
KKR & Co., Inc. | 411 | 22 | |||||||
SLM Corp. | 2,037 | 25 | |||||||
Willis Towers Watson PLC† | 140 | 33 | |||||||
195 | |||||||||
Consumer Discretionary—12.1% | |||||||||
Advance Auto Parts, Inc. | 211 | 26 | |||||||
Brunswick Corp. | 304 | 25 | |||||||
LKQ Corp. | 609 | 35 | |||||||
* | Mohawk Industries, Inc. | 153 | 15 | ||||||
Ralph Lauren Corp. | 275 | 32 | |||||||
Toll Brothers, Inc. | 593 | 36 | |||||||
Whirlpool Corp. | 178 | 23 | |||||||
192 | |||||||||
Health Care—9.6% | |||||||||
AmerisourceBergen Corp. | 134 | 22 | |||||||
* | Centene Corp. | 400 | 25 | ||||||
Encompass Health Corp. | 431 | 23 | |||||||
* | Henry Schein, Inc. | 234 | 19 | ||||||
* | Hologic, Inc. | 277 | 22 | ||||||
Laboratory Corp. of America Holdings | 85 | 20 | |||||||
Viatris, Inc. | 2,135 | 21 | |||||||
152 |
See accompanying Notes to Portfolio of Investments.
7 |
Mid Cap Value Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials—7.2% | |||||||||
Crown Holdings, Inc. | 356 | $ | 29 | ||||||
Huntsman Corp. | 1,044 | 29 | |||||||
PPG Industries, Inc. | 216 | 29 | |||||||
Westlake Corp. | 231 | 27 | |||||||
114 | |||||||||
Energy—6.2% | |||||||||
APA Corp. | 640 | 23 | |||||||
Coterra Energy, Inc. | 831 | 21 | |||||||
Diamondback Energy, Inc. | 194 | 26 | |||||||
Phillips 66 | 286 | 29 | |||||||
99 | |||||||||
Consumer Staples—5.9% | |||||||||
Ingredion, Inc. | 318 | 32 | |||||||
Molson Coors Beverage Co. | 624 | 32 | |||||||
Tyson Foods, Inc. | 482 | 29 | |||||||
93 | |||||||||
Real Estate—4.7% | |||||||||
Camden Property Trust | 221 | 23 | |||||||
Highwoods Properties, Inc. | 991 | 23 | |||||||
Host Hotels & Resorts, Inc. | 1,772 | 29 | |||||||
75 | |||||||||
Utilities—3.7% | |||||||||
Entergy Corp. | 290 | 31 | |||||||
PPL Corp. | 997 | 28 | |||||||
59 | |||||||||
Communication Services—1.3% | |||||||||
* | Warner Bros Discovery, Inc. | 1,424 | 21 | ||||||
Total Common Stocks—94.6% (cost $1,573) | 1,502 | ||||||||
Total Investments—94.6% (cost $1,573) | 1,502 | ||||||||
Cash and other assets, less liabilities—5.4% | 87 | ||||||||
Net assets—100.0% | $ | 1,589 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
8 |
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—24.6% | |||||||||
* | ACV Auctions, Inc. | 128,586 | $ | 1,660 | |||||
AGCO Corp. | 10,863 | 1,469 | |||||||
* | Axon Enterprise, Inc. | 16,634 | 3,740 | ||||||
Brink’s Co. | 32,299 | 2,158 | |||||||
* | Builders FirstSource, Inc. | 40,090 | 3,559 | ||||||
BWX Technologies, Inc. | 61,416 | 3,872 | |||||||
* | Casella Waste Systems, Inc. | 40,399 | 3,339 | ||||||
* | Chart Industries, Inc. | 22,095 | 2,771 | ||||||
Douglas Dynamics, Inc. | 24,730 | 789 | |||||||
* | Energy Recovery, Inc. | 59,757 | 1,377 | ||||||
* | GXO Logistics, Inc. | 30,330 | 1,530 | ||||||
Lincoln Electric Holdings, Inc. | 5,720 | 967 | |||||||
* | Mercury Systems, Inc. | 53,284 | 2,724 | ||||||
* | Shoals Technologies Group, Inc. | 47,110 | 1,074 | ||||||
* | Trex Co., Inc. | 23,807 | 1,159 | ||||||
* | Verra Mobility Corp. | 166,800 | 2,822 | ||||||
* | WillScot Mobile Mini Holdings Corp. | 53,125 | 2,490 | ||||||
37,500 | |||||||||
Health Care—13.6% | |||||||||
* | Acadia Healthcare Co., Inc. | 23,407 | 1,691 | ||||||
* | Avantor, Inc. | 43,112 | 911 | ||||||
* | Certara, Inc. | 74,513 | 1,797 | ||||||
Chemed Corp. | 5,360 | 2,882 | |||||||
Encompass Health Corp. | 52,968 | 2,866 | |||||||
* | Globus Medical, Inc. | 29,136 | 1,650 | ||||||
* | Merit Medical Systems, Inc. | 42,570 | 3,148 | ||||||
* | Penumbra, Inc. | 6,358 | 1,772 | ||||||
* | Repligen Corp. | 6,267 | 1,055 | ||||||
* | Sotera Health Co. | 73,079 | 1,309 | ||||||
* | Veradigm, Inc. | 129,134 | 1,685 | ||||||
20,766 | |||||||||
Consumer Discretionary—12.2% | |||||||||
ADT, Inc. | 116,741 | 844 | |||||||
* | Boot Barn Holdings, Inc. | 11,670 | 894 | ||||||
* | Bright Horizons Family Solutions, Inc. | 25,279 | 1,946 | ||||||
* | Burlington Stores, Inc. | 3,500 | 707 | ||||||
* | Cavco Industries, Inc. | 3,016 | 958 | ||||||
* | Fox Factory Holding Corp. | 12,316 | 1,495 | ||||||
* | Grand Canyon Education, Inc. | 16,531 | 1,883 | ||||||
* | National Vision Holdings, Inc. | 109,652 | 2,066 | ||||||
Pool Corp. | 5,361 | 1,836 | |||||||
* | Revolve Group, Inc. | 34,802 | 915 | ||||||
Signet Jewelers Ltd.† | 17,211 | 1,339 | |||||||
* | Skyline Champion Corp. | 29,097 | 2,189 | ||||||
Wyndham Hotels & Resorts, Inc. | 21,526 | 1,461 | |||||||
18,533 | |||||||||
Financials—9.8% | |||||||||
Carlyle Group, Inc. | 47,623 | 1,479 | |||||||
Columbia Banking System, Inc. | 68,406 | 1,465 | |||||||
East West Bancorp, Inc. | 34,738 | 1,928 | |||||||
* | Euronet Worldwide, Inc. | 19,783 | 2,214 |
See accompanying Notes to Portfolio of Investments.
9 |
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Financials—(continued) | |||||||||
* | Goosehead Insurance, Inc. | 26,592 | $ | 1,388 | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 53,812 | 1,539 | |||||||
Tradeweb Markets, Inc. | 9,881 | 781 | |||||||
Virtu Financial, Inc. | 90,127 | 1,703 | |||||||
Western Alliance Bancorp | 22,780 | 810 | |||||||
Wintrust Financial Corp. | 22,362 | 1,631 | |||||||
14,938 | |||||||||
Energy—7.7% | |||||||||
Cameco Corp. | 132,293 | 3,462 | |||||||
* | Denbury, Inc. | 26,572 | 2,329 | ||||||
* | Green Plains, Inc. | 43,440 | 1,346 | ||||||
New Fortress Energy, Inc. | 34,238 | 1,008 | |||||||
* | TechnipFMC PLC† | 134,704 | 1,839 | ||||||
Whitecap Resources, Inc. | 221,009 | 1,708 | |||||||
11,692 | |||||||||
Information Technology—7.5% | |||||||||
* | Alarm.com Holdings, Inc. | 18,144 | 912 | ||||||
* | Ambarella, Inc.† | 16,077 | 1,245 | ||||||
Cognex Corp. | 25,523 | 1,265 | |||||||
* | Dynatrace, Inc. | 41,611 | 1,760 | ||||||
Entegris, Inc. | 15,215 | 1,248 | |||||||
MKS Instruments, Inc. | 9,179 | 813 | |||||||
* | Nice Ltd.—ADR | 8,348 | 1,911 | ||||||
* | SolarEdge Technologies, Inc. | 3,882 | 1,180 | ||||||
* | Wolfspeed, Inc. | 18,131 | 1,177 | ||||||
11,511 | |||||||||
Materials—6.9% | |||||||||
Berry Global Group, Inc. | 23,683 | 1,395 | |||||||
CF Industries Holdings, Inc. | 25,124 | 1,821 | |||||||
Crown Holdings, Inc. | 31,910 | 2,639 | |||||||
Eagle Materials, Inc. | 10,667 | 1,566 | |||||||
Sylvamo Corp. | 65,662 | 3,038 | |||||||
10,459 | |||||||||
Real Estate—6.6% | |||||||||
Agree Realty Corp. | 30,012 | 2,059 | |||||||
Americold Realty Trust, Inc. | 83,276 | 2,369 | |||||||
Equity LifeStyle Properties, Inc. | 37,433 | 2,513 | |||||||
Healthcare Realty Trust, Inc. | 124,788 | 2,412 | |||||||
Pebblebrook Hotel Trust | 50,812 | 714 | |||||||
10,067 | |||||||||
Consumer Staples—5.6% | |||||||||
Inter Parfums, Inc. | 18,312 | 2,605 | |||||||
Lancaster Colony Corp. | 10,735 | 2,178 | |||||||
* | Performance Food Group Co. | 25,937 | 1,565 | ||||||
Primo Water Corp. | 144,979 | 2,225 | |||||||
8,573 |
See accompanying Notes to Portfolio of Investments.
10 |
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Utilities—1.8% | |||||||||
IDACORP, Inc. | 25,034 | $ | 2,712 | ||||||
Communication Services—1.0% | |||||||||
* | Live Nation Entertainment, Inc. | 9,403 | 658 | ||||||
* | ZipRecruiter, Inc. | 55,307 | 882 | ||||||
1,540 | |||||||||
Total Common Stocks—97.3% (cost $146,296) | 148,291 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $5,138, collateralized by U.S. Treasury Note, 0.125%, due 01/15/30, valued at $5,240 | $ | 5,137 | 5,137 | ||||||
Total Repurchase Agreement—3.4% (cost $5,137) | 5,137 | ||||||||
Total Investments—100.7% (cost $151,433) | 153,428 | ||||||||
Liabilities, plus cash and other assets—(0.7)% | (1,052 | ) | |||||||
Net assets—100.0% | $ | 152,376 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
11 |
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—24.0% | |||||||||
Advanced Drainage Systems, Inc. | 315,900 | $ | 26,602 | ||||||
* | Axon Enterprise, Inc. | 238,848 | 53,705 | ||||||
Brink’s Co. | 614,223 | 41,030 | |||||||
* | Builders FirstSource, Inc. | 672,915 | 59,741 | ||||||
BWX Technologies, Inc. | 988,952 | 62,344 | |||||||
* | Casella Waste Systems, Inc. | 364,661 | 30,143 | ||||||
* | Chart Industries, Inc. | 256,287 | 32,138 | ||||||
Genpact Ltd.† | 411,900 | 19,038 | |||||||
HEICO Corp. | 272,656 | 37,054 | |||||||
Lincoln Electric Holdings, Inc. | 114,035 | 19,283 | |||||||
* | Mercury Systems, Inc. | 825,501 | 42,200 | ||||||
* | Shoals Technologies Group, Inc. | 485,530 | 11,065 | ||||||
* | SiteOne Landscape Supply, Inc. | 117,500 | 16,082 | ||||||
* | Trex Co., Inc. | 466,421 | 22,701 | ||||||
* | WillScot Mobile Mini Holdings Corp. | 334,900 | 15,700 | ||||||
488,826 | |||||||||
Information Technology—20.3% | |||||||||
* | Alarm.com Holdings, Inc. | 385,241 | 19,370 | ||||||
* | Ambarella, Inc.† | 212,300 | 16,436 | ||||||
Cognex Corp. | 398,647 | 19,753 | |||||||
* | Dynatrace, Inc. | 812,286 | 34,360 | ||||||
Entegris, Inc. | 285,076 | 23,379 | |||||||
* | Guidewire Software, Inc. | 374,055 | 30,691 | ||||||
MKS Instruments, Inc. | 155,865 | 13,813 | |||||||
* | MongoDB, Inc. | 76,000 | 17,717 | ||||||
National Instruments Corp. | 773,251 | 40,526 | |||||||
* | Nice Ltd.-ADR | 163,968 | 37,531 | ||||||
* | Novanta, Inc.† | 185,254 | 29,472 | ||||||
* | PagerDuty, Inc. | 865,420 | 30,272 | ||||||
* | Pure Storage, Inc. | 713,848 | 18,210 | ||||||
* | SolarEdge Technologies, Inc. | 81,032 | 24,630 | ||||||
* | Tenable Holdings, Inc. | 376,200 | 17,873 | ||||||
* | Varonis Systems, Inc. | 785,732 | 20,437 | ||||||
* | Wolfspeed, Inc. | 283,013 | 18,382 | ||||||
412,852 | |||||||||
Health Care—20.2% | |||||||||
* | Acadia Healthcare Co., Inc. | 413,980 | 29,910 | ||||||
* | Blueprint Medicines Corp. | 174,604 | 7,856 | ||||||
* | Certara, Inc. | 974,883 | 23,504 | ||||||
* | Charles River Laboratories International, Inc. | 112,037 | 22,611 | ||||||
Chemed Corp. | 99,384 | 53,444 | |||||||
Encompass Health Corp. | 806,600 | 43,637 | |||||||
* | Globus Medical, Inc. | 199,395 | 11,294 | ||||||
* | HealthEquity, Inc. | 545,108 | 32,003 | ||||||
* | Insmed, Inc. | 583,951 | 9,956 | ||||||
* | Inspire Medical Systems, Inc. | 142,542 | 33,365 | ||||||
* | Insulet Corp. | 98,846 | 31,528 | ||||||
* | Merit Medical Systems, Inc. | 476,426 | 35,232 | ||||||
* | Penumbra, Inc. | 154,759 | 43,130 | ||||||
* | Repligen Corp. | 169,000 | 28,453 |
See accompanying Notes to Portfolio of Investments.
12 |
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Health Care—(continued) | |||||||||
* | Twist Bioscience Corp. | 329,073 | $ | 4,962 | |||||
410,885 | |||||||||
Consumer Discretionary—9.7% | |||||||||
* | Burlington Stores, Inc. | 76,861 | 15,534 | ||||||
* | Five Below, Inc. | 115,700 | 23,831 | ||||||
* | Fox Factory Holding Corp. | 211,506 | 25,670 | ||||||
* | Leslie’s, Inc. | 820,874 | 9,038 | ||||||
* | National Vision Holdings, Inc. | 1,207,276 | 22,745 | ||||||
* | Planet Fitness, Inc. | 382,000 | 29,670 | ||||||
Pool Corp. | 94,000 | 32,189 | |||||||
* | Revolve Group, Inc. | 954,992 | 25,116 | ||||||
Wyndham Hotels & Resorts, Inc. | 214,445 | 14,550 | |||||||
198,343 | |||||||||
Energy—7.8% | |||||||||
Cameco Corp. | 1,413,662 | 36,996 | |||||||
* | Denbury, Inc. | 288,285 | 25,262 | ||||||
* | Kosmos Energy Ltd. | 2,730,300 | 20,313 | ||||||
New Fortress Energy, Inc. | 563,712 | 16,590 | |||||||
* | TechnipFMC PLC† | 2,353,900 | 32,131 | ||||||
Whitecap Resources, Inc. | 3,644,300 | 28,171 | |||||||
159,463 | |||||||||
Financials—5.9% | |||||||||
Ares Management Corp. | 248,840 | 20,763 | |||||||
Carlyle Group, Inc. | 447,000 | 13,884 | |||||||
* | Euronet Worldwide, Inc. | 408,380 | 45,698 | ||||||
Tradeweb Markets, Inc. | 135,500 | 10,707 | |||||||
Virtu Financial, Inc. | 996,536 | 18,835 | |||||||
Western Alliance Bancorp | 309,382 | 10,995 | |||||||
120,882 | |||||||||
Consumer Staples—5.3% | |||||||||
* | Freshpet, Inc. | 415,879 | 27,527 | ||||||
Lancaster Colony Corp. | 206,530 | 41,901 | |||||||
* | Performance Food Group Co. | 623,795 | 37,640 | ||||||
107,068 | |||||||||
Materials—4.4% | |||||||||
CF Industries Holdings, Inc. | 266,331 | 19,306 | |||||||
Crown Holdings, Inc. | 476,687 | 39,427 | |||||||
Martin Marietta Materials, Inc. | 86,496 | 30,711 | |||||||
89,444 | |||||||||
Real Estate—1.1% | |||||||||
FirstService Corp. | 151,168 | 21,313 | |||||||
Communication Services—0.8% | |||||||||
* | Live Nation Entertainment, Inc. | 232,712 | 16,290 | ||||||
Total Common Stocks—99.5% (cost $1,816,719) | 2,025,366 |
See accompanying Notes to Portfolio of Investments.
13 |
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Rights | |||||||||
Health Care—0.0% | |||||||||
* | Abiomed, Inc. CVR** | 80,133 | $ | — | |||||
Total Rights—0.0% (cost $82) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $54,639, collateralized by U.S. Treasury Note, 0.125%, due 01/15/30, valued at $55,723 | $ | 54,631 | 54,631 | ||||||
Total Repurchase Agreement—2.7% (cost $54,631) | 54,631 | ||||||||
Total Investments—102.2% (cost $1,871,432) | 2,079,997 | ||||||||
Liabilities, plus cash and other assets—(2.2)% | (45,074 | ) | |||||||
Net assets—100.0% | $ | 2,034,923 |
ADR = American Depository Receipt
CVR = Contingent Value Right
* = Non-income producing security
** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at March 31, 2023.
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
14 |
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—26.4% | |||||||||
* | ACV Auctions, Inc. | 524,330 | $ | 6,769 | |||||
Albany International Corp. | 119,855 | 10,710 | |||||||
Brink’s Co. | 217,096 | 14,502 | |||||||
* | Builders FirstSource, Inc. | 76,210 | 6,766 | ||||||
BWX Technologies, Inc. | 232,847 | 14,679 | |||||||
* | Casella Waste Systems, Inc. | 170,820 | 14,120 | ||||||
* | Chart Industries, Inc. | 52,683 | 6,606 | ||||||
Douglas Dynamics, Inc. | 203,373 | 6,486 | |||||||
* | Ducommun, Inc. | 134,812 | 7,376 | ||||||
* | Energy Recovery, Inc. | 445,586 | 10,271 | ||||||
Lincoln Electric Holdings, Inc. | 37,310 | 6,309 | |||||||
Luxfer Holdings PLC† | 518,956 | 8,770 | |||||||
* | Mercury Systems, Inc. | 194,046 | 9,920 | ||||||
* | Montrose Environmental Group, Inc. | 141,458 | 5,046 | ||||||
* | Shoals Technologies Group, Inc. | 130,400 | 2,972 | ||||||
* | Stem, Inc. | 466,556 | 2,645 | ||||||
* | Verra Mobility Corp. | 539,289 | 9,125 | ||||||
* | WNS Holdings Ltd. | 125,862 | 11,726 | ||||||
154,798 | |||||||||
Health Care—20.0% | |||||||||
* | Acadia Healthcare Co., Inc. | 56,099 | 4,053 | ||||||
* | Alignment Healthcare, Inc. | 161,906 | 1,030 | ||||||
* | Amicus Therapeutics, Inc. | 669,170 | 7,421 | ||||||
* | Axogen, Inc. | 467,504 | 4,418 | ||||||
* | Azenta, Inc. | 70,115 | 3,129 | ||||||
* | Blueprint Medicines Corp. | 68,310 | 3,073 | ||||||
* | Certara, Inc. | 349,633 | 8,430 | ||||||
Encompass Health Corp. | 181,210 | 9,803 | |||||||
* | Globus Medical, Inc. | 140,410 | 7,953 | ||||||
* | HealthEquity, Inc. | 47,125 | 2,767 | ||||||
* | Insmed, Inc. | 254,260 | 4,335 | ||||||
* | Inspire Medical Systems, Inc. | 42,060 | 9,845 | ||||||
* | Ligand Pharmaceuticals, Inc. | 44,870 | 3,301 | ||||||
* | Merit Medical Systems, Inc. | 136,620 | 10,103 | ||||||
* | OmniAb, Inc. | 807,139 | 2,970 | ||||||
* | OmniAb, Inc. 12.50 Earnout (Acquired 11/02/22, Cost $0)**# | 23,037 | — | ||||||
* | OmniAb, Inc. 15.00 Earnout (Acquired 11/02/22, Cost $0)**# | 23,037 | — | ||||||
* | Penumbra, Inc. | 25,930 | 7,226 | ||||||
* | Sotera Health Co. | 212,510 | 3,806 | ||||||
* | Treace Medical Concepts, Inc. | 282,720 | 7,122 | ||||||
* | Twist Bioscience Corp. | 132,886 | 2,004 | ||||||
* | Veracyte, Inc. | 177,410 | 3,956 | ||||||
* | Veradigm, Inc. | 456,808 | 5,961 | ||||||
* | Vericel Corp. | 155,590 | 4,562 | ||||||
117,268 | |||||||||
Information Technology—14.8% | |||||||||
* | Alarm.com Holdings, Inc. | 116,380 | 5,852 | ||||||
* | Ambarella, Inc.† | 43,960 | 3,403 | ||||||
American Software, Inc. | 324,150 | 4,088 | |||||||
* | Guidewire Software, Inc. | 89,050 | 7,307 | ||||||
* | JFrog Ltd.† | 189,110 | 3,725 | ||||||
* | Novanta, Inc.† | 46,490 | 7,396 |
See accompanying Notes to Portfolio of Investments.
15 |
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
* | PagerDuty, Inc. | 194,490 | $ | 6,803 | |||||
* | PDF Solutions, Inc. | 229,871 | 9,746 | ||||||
Power Integrations, Inc. | 46,170 | 3,908 | |||||||
* | PROS Holdings, Inc. | 228,010 | 6,247 | ||||||
* | SiTime Corp. | 39,785 | 5,659 | ||||||
* | Varonis Systems, Inc. | 269,660 | 7,014 | ||||||
* | Vertex, Inc. | 322,953 | 6,682 | ||||||
* | Workiva, Inc. | 88,550 | 9,068 | ||||||
86,898 | |||||||||
Consumer Discretionary—12.1% | |||||||||
* | Boot Barn Holdings, Inc. | 81,784 | 6,268 | ||||||
Cheesecake Factory, Inc. | 241,920 | 8,479 | |||||||
* | Fox Factory Holding Corp. | 49,330 | 5,987 | ||||||
* | Golden Entertainment, Inc. | 128,080 | 5,573 | ||||||
* | Grand Canyon Education, Inc. | 71,790 | 8,177 | ||||||
* | National Vision Holdings, Inc. | 346,827 | 6,534 | ||||||
* | Overstock.com, Inc. | 157,490 | 3,192 | ||||||
* | Revolve Group, Inc. | 117,137 | 3,081 | ||||||
Signet Jewelers Ltd.† | 74,320 | 5,781 | |||||||
* | Skyline Champion Corp. | 116,380 | 8,755 | ||||||
Winmark Corp. | 29,090 | 9,321 | |||||||
71,148 | |||||||||
Energy—8.1% | |||||||||
Cameco Corp. | 361,110 | 9,450 | |||||||
ChampionX Corp. | 232,750 | 6,315 | |||||||
* | Denbury, Inc. | 89,329 | 7,828 | ||||||
* | Green Plains, Inc. | 221,972 | 6,879 | ||||||
* | Kosmos Energy Ltd. | 638,490 | 4,750 | ||||||
* | TechnipFMC PLC† | 535,710 | 7,313 | ||||||
Whitecap Resources, Inc. | 683,850 | 5,286 | |||||||
47,821 | |||||||||
Consumer Staples—4.8% | |||||||||
* | Beauty Health Co. | 348,530 | 4,402 | ||||||
* | Performance Food Group Co. | 177,390 | 10,704 | ||||||
* | Vita Coco Co., Inc. | 351,030 | 6,887 | ||||||
* | Vital Farms, Inc. | 409,220 | 6,261 | ||||||
28,254 | |||||||||
Financials—4.5% | |||||||||
* | Donnelley Financial Solutions, Inc. | 147,370 | 6,022 | ||||||
* | Euronet Worldwide, Inc. | 84,120 | 9,413 | ||||||
* | Goosehead Insurance, Inc. | 104,040 | 5,431 | ||||||
Wintrust Financial Corp. | 74,000 | 5,398 | |||||||
26,264 | |||||||||
Communication Services—3.0% | |||||||||
* | Gogo, Inc. | 389,610 | 5,649 | ||||||
* | QuinStreet, Inc. | 413,045 | 6,555 | ||||||
* | ZipRecruiter, Inc. | 335,530 | 5,349 | ||||||
17,553 |
See accompanying Notes to Portfolio of Investments.
16 |
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Real Estate—2.8% | |||||||||
Colliers International Group, Inc. | 62,398 | $ | 6,586 | ||||||
FirstService Corp. | 71,947 | 10,144 | |||||||
16,730 | |||||||||
Materials—2.8% | |||||||||
Ardagh Metal Packaging SA† | 832,980 | 3,398 | |||||||
Orion Engineered Carbons SA† | 283,427 | 7,395 | |||||||
Sylvamo Corp. | 119,650 | 5,535 | |||||||
16,328 | |||||||||
Total Common Stocks—99.3% (cost $514,195) | 583,062 | ||||||||
Exchange-Traded Funds | |||||||||
Exchange-Traded Fund—0.9% | |||||||||
iShares Russell 2000 Growth ETF | 25,010 | 5,673 | |||||||
Total Exchange-Traded Fund—0.9% (cost $5,618) | 5,673 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $20,423, collateralized by U.S. Treasury Bond, 4.500%, due 05/15/38, valued at $20,828 | $ | 20,419 | 20,419 | ||||||
Total Repurchase Agreement—3.5% (cost $20,419) | 20,419 | ||||||||
Total Investments—103.7% (cost $540,232) | 609,154 | ||||||||
Liabilities, plus cash and other assets—(3.7)% | (21,918 | ) | |||||||
Net assets—100.0% | $ | 587,236 |
* = Non-income producing security |
** = Fair valued pursuant to the Fund’s Valuation Procedures. These holdings represent 0.00% of the Fund’s net assets at March 31, 2023. |
† = U.S. listed foreign security |
# = Investment in securities not registered under the Securities Act of 1933 (excluding securities acquired pursuant to Rule 144A and Regulation S). The value of such restricted securities represents 0.00% of the Fund’s net assets at March 31, 2023. |
See accompanying Notes to Portfolio of Investments.
17 |
Small Cap Value Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—22.8% | |||||||||
ABM Industries, Inc. | 328,548 | $ | 14,765 | ||||||
Albany International Corp. | 153,153 | 13,686 | |||||||
Armstrong World Industries, Inc. | 179,637 | 12,797 | |||||||
Astec Industries, Inc. | 120,592 | 4,974 | |||||||
Brady Corp. | 273,916 | 14,718 | |||||||
* | CBIZ, Inc. | 273,412 | 13,531 | ||||||
* | Conduent, Inc. | 2,559,628 | 8,780 | ||||||
CSG Systems International, Inc. | 247,686 | 13,301 | |||||||
Deluxe Corp. | 516,501 | 8,264 | |||||||
Federal Signal Corp. | 202,059 | 10,954 | |||||||
GrafTech International Ltd. | 1,815,113 | 8,821 | |||||||
Granite Construction, Inc. | 416,785 | 17,122 | |||||||
* | Great Lakes Dredge & Dock Corp. | 978,865 | 5,315 | ||||||
Hillenbrand, Inc. | 318,422 | 15,135 | |||||||
* | Hub Group, Inc. | 167,537 | 14,063 | ||||||
* | KAR Auction Services, Inc. | 606,395 | 8,296 | ||||||
Korn Ferry | 28,591 | 1,479 | |||||||
Marten Transport Ltd. | 604,073 | 12,655 | |||||||
Maximus, Inc. | 175,466 | 13,809 | |||||||
MillerKnoll, Inc. | 449,355 | 9,189 | |||||||
Mueller Water Products, Inc. | 601,464 | 8,384 | |||||||
* | PGT Innovations, Inc. | 643,518 | 16,159 | ||||||
* | SP Plus Corp. | 348,205 | 11,940 | ||||||
Tennant Co. | 59,902 | 4,105 | |||||||
Terex Corp. | 279,930 | 13,543 | |||||||
Werner Enterprises, Inc. | 297,757 | 13,545 | |||||||
289,330 | |||||||||
Financials—18.4% | |||||||||
Ameris Bancorp | 316,753 | 11,587 | |||||||
Argo Group International Holdings Ltd.† | 321,311 | 9,411 | |||||||
Atlantic Union Bankshares Corp. | 371,754 | 13,030 | |||||||
Banc of California, Inc. | 726,391 | 9,102 | |||||||
Brightsphere Investment Group, Inc. | 481,521 | 11,354 | |||||||
Compass Diversified Holdings | 688,674 | 13,140 | |||||||
ConnectOne Bancorp, Inc. | 418,250 | 7,395 | |||||||
Dime Community Bancshares, Inc. | 419,778 | 9,537 | |||||||
Eastern Bankshares, Inc. | 747,643 | 9,435 | |||||||
Enterprise Financial Services Corp. | 280,191 | 12,494 | |||||||
First Bancorp | 293,820 | 10,436 | |||||||
First Merchants Corp. | 331,182 | 10,912 | |||||||
Hancock Whitney Corp. | 240,042 | 8,737 | |||||||
MGIC Investment Corp. | 941,332 | 12,633 | |||||||
Old National Bancorp | 834,882 | 12,039 | |||||||
Pacific Premier Bancorp, Inc. | 337,214 | 8,100 | |||||||
* | PRA Group, Inc. | 425,235 | 16,567 | ||||||
Seacoast Banking Corp. of Florida | 377,921 | 8,957 | |||||||
Simmons First National Corp. | 520,673 | 9,107 | |||||||
* | Texas Capital Bancshares, Inc. | 253,428 | 12,408 | ||||||
Veritex Holdings, Inc. | 317,639 | 5,800 | |||||||
Washington Federal, Inc. | 375,170 | 11,300 | |||||||
233,481 |
See accompanying Notes to Portfolio of Investments.
18 |
Small Cap Value Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary—14.1% | |||||||||
* | Adient PLC† | 230,737 | $ | 9,451 | |||||
Bloomin’ Brands, Inc. | 633,084 | 16,239 | |||||||
Carter’s, Inc. | 182,056 | 13,093 | |||||||
Cracker Barrel Old Country Store, Inc. | 123,064 | 13,980 | |||||||
Designer Brands, Inc. | 1,048,825 | 9,167 | |||||||
El Pollo Loco Holdings, Inc. | 567,223 | 5,440 | |||||||
La-Z-Boy, Inc. | 486,376 | 14,144 | |||||||
Oxford Industries, Inc. | 95,465 | 10,080 | |||||||
Standard Motor Products, Inc. | 376,599 | 13,900 | |||||||
Steven Madden Ltd. | 422,062 | 15,194 | |||||||
* | Taylor Morrison Home Corp. | 423,815 | 16,215 | ||||||
* | Tri Pointe Homes, Inc. | 610,465 | 15,457 | ||||||
* | Universal Electronics, Inc. | 213,215 | 2,162 | ||||||
* | Urban Outfitters, Inc. | 476,343 | 13,204 | ||||||
Winnebago Industries, Inc. | 199,047 | 11,485 | |||||||
179,211 | |||||||||
Information Technology—10.5% | |||||||||
Advanced Energy Industries, Inc. | 114,820 | 11,252 | |||||||
AudioCodes Ltd.† | 560,373 | 8,450 | |||||||
Belden, Inc. | 153,483 | 13,318 | |||||||
* | Cognyte Software Ltd.† | 1,106,118 | 3,750 | ||||||
* | Knowles Corp. | 898,243 | 15,270 | ||||||
Kulicke & Soffa Industries, Inc. | 285,009 | 15,017 | |||||||
Methode Electronics, Inc. | 378,361 | 16,603 | |||||||
* | NetScout Systems, Inc. | 449,994 | 12,892 | ||||||
* | Plexus Corp. | 89,190 | 8,702 | ||||||
Progress Software Corp. | 268,784 | 15,442 | |||||||
* | Verint Systems, Inc. | 344,901 | 12,844 | ||||||
133,540 | |||||||||
Real Estate—8.3% | |||||||||
Brandywine Realty Trust | 642,784 | 3,040 | |||||||
CareTrust REIT, Inc. | 512,654 | 10,038 | |||||||
Elme Communities | 665,097 | 11,879 | |||||||
Empire State Realty Trust, Inc. | 1,500,806 | 9,740 | |||||||
Four Corners Property Trust, Inc. | 442,577 | 11,888 | |||||||
Kite Realty Group Trust | 782,128 | 16,362 | |||||||
Pebblebrook Hotel Trust | 580,222 | 8,146 | |||||||
STAG Industrial, Inc. | 377,337 | 12,761 | |||||||
Sunstone Hotel Investors, Inc. | 963,025 | 9,515 | |||||||
UMH Properties, Inc. | 804,335 | 11,896 | |||||||
105,265 | |||||||||
Materials—5.7% | |||||||||
Greif, Inc. | 182,766 | 11,582 | |||||||
Kaiser Aluminum Corp. | 170,180 | 12,700 | |||||||
Minerals Technologies, Inc. | 220,866 | 13,345 | |||||||
Myers Industries, Inc. | 647,752 | 13,881 | |||||||
Orion Engineered Carbons SA† | 777,184 | 20,277 | |||||||
71,785 |
See accompanying Notes to Portfolio of Investments.
19 |
Small Cap Value Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Health Care—5.6% | |||||||||
* | ANI Pharmaceuticals, Inc. | 196,404 | $ | 7,801 | |||||
* | Integer Holdings Corp. | 221,414 | 17,160 | ||||||
* | Lantheus Holdings, Inc. | 188,722 | 15,581 | ||||||
* | ModivCare, Inc. | 103,295 | 8,685 | ||||||
* | NextGen Healthcare, Inc. | 573,210 | 9,980 | ||||||
* | NuVasive, Inc. | 176,249 | 7,281 | ||||||
* | Owens & Minor, Inc. | 354,592 | 5,159 | ||||||
71,647 | |||||||||
Energy—4.8% | |||||||||
* | Dril-Quip, Inc. | 456,934 | 13,109 | ||||||
* | Earthstone Energy, Inc. | 923,271 | 12,012 | ||||||
* | Expro Group Holdings NV† | 710,441 | 13,044 | ||||||
PBF Energy, Inc. | 285,567 | 12,382 | |||||||
SM Energy Co. | 377,561 | 10,632 | |||||||
61,179 | |||||||||
Consumer Staples—3.9% | |||||||||
* | Central Garden & Pet Co. | 310,802 | 12,143 | ||||||
Edgewell Personal Care Co. | 244,042 | 10,352 | |||||||
Spectrum Brands Holdings, Inc. | 108,734 | 7,201 | |||||||
* | Sprouts Farmers Market, Inc. | 203,569 | 7,131 | ||||||
* | TreeHouse Foods, Inc. | 246,083 | 12,410 | ||||||
49,237 | |||||||||
Utilities—2.0% | |||||||||
NorthWestern Corp. | 221,163 | 12,797 | |||||||
Spire, Inc. | 184,349 | 12,930 | |||||||
25,727 | |||||||||
Communication Services—0.9% | |||||||||
John Wiley & Sons, Inc. | 289,226 | 11,213 | |||||||
Total Common Stocks—97.0% (cost $1,225,277) | 1,231,615 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $36,708, collateralized by U.S. Treasury Note and U.S. Treasury Bond, 0.625% - 4.500%, due 05/15/30 - 05/15/38, valued at $37,436 | $ | 36,702 | 36,702 | ||||||
Total Repurchase Agreement—2.9% (cost $36,702) | 36,702 | ||||||||
Total Investments—99.9% (cost $1,261,979) | 1,268,317 | ||||||||
Cash and other assets, less liabilities—0.1% | 1,618 | ||||||||
Net assets—100.0% | $ | 1,269,935 |
REIT = Real Estate Investment Trust |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
20 |
Global Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Western Hemisphere—47.1% | |||||||||
Canada—2.9% | |||||||||
Canadian Pacific Railway Ltd. (Ground transportation) | 28,162 | $ | 2,167 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 1,981 | 721 | ||||||
2,888 | |||||||||
United States—44.2% | |||||||||
* | Alphabet, Inc. (Interactive media & services) | 27,109 | 2,812 | ||||||
* | Amazon.com, Inc. (Broadline retail) | 20,949 | 2,164 | ||||||
* | Autodesk, Inc. (Software) | 6,057 | 1,261 | ||||||
BlackRock, Inc. (Capital markets) | 1,960 | 1,311 | |||||||
* | Charles River Laboratories International, Inc. (Life sciences tools & services) | 5,740 | 1,158 | ||||||
* | CoStar Group, Inc. (Professional services) | 17,099 | 1,177 | ||||||
* | Enphase Energy, Inc. (Semiconductors & semiconductor equipment) | 2,215 | 466 | ||||||
Estee Lauder Cos., Inc. (Personal care products) | 5,061 | 1,247 | |||||||
* | IDEXX Laboratories, Inc. (Health care equipment & supplies) | 2,702 | 1,351 | ||||||
Intercontinental Exchange, Inc. (Capital markets) | 12,647 | 1,319 | |||||||
* | Intuitive Surgical, Inc. (Health care equipment & supplies) | 4,208 | 1,075 | ||||||
Mastercard, Inc. (Financial services) | 8,820 | 3,205 | |||||||
* | Meta Platforms, Inc. (Interactive media & services) | 8,553 | 1,813 | ||||||
Microsoft Corp. (Software) | 15,562 | 4,486 | |||||||
NIKE, Inc. (Textiles, apparel & luxury goods) | 12,113 | 1,486 | |||||||
Old Dominion Freight Line, Inc. (Ground transportation) | 3,038 | 1,035 | |||||||
Prologis, Inc. (Industrial REITs) | 5,424 | 677 | |||||||
Roper Technologies, Inc. (Software) | 2,907 | 1,281 | |||||||
* | Salesforce, Inc. (Software) | 8,695 | 1,737 | ||||||
* | Synopsys, Inc. (Software) | 5,045 | 1,949 | ||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 3,300 | 1,902 | |||||||
* | Ulta Beauty, Inc. (Specialty retail) | 3,758 | 2,051 | ||||||
UnitedHealth Group, Inc. (Health care providers & services) | 4,134 | 1,954 | |||||||
Vulcan Materials Co. (Construction materials) | 5,232 | 898 | |||||||
Watsco, Inc. (Trading companies & distributors) | 4,044 | 1,287 | |||||||
* | Workday, Inc. (Software) | 7,777 | 1,606 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 7,546 | 1,256 | |||||||
43,964 | |||||||||
Europe—30.9% | |||||||||
Denmark—4.5% | |||||||||
DSV AS (Air freight & logistics) | 10,452 | 2,018 | |||||||
Novo Nordisk AS (Pharmaceuticals) | 15,640 | 2,472 | |||||||
4,490 | |||||||||
France—6.9% | |||||||||
Airbus SE (Aerospace & defense) | 25,575 | 3,419 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 272 | 550 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 3,128 | 2,865 | |||||||
6,834 | |||||||||
Germany—4.9% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 55,630 | 2,273 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 10,426 | 2,608 | |||||||
4,881 |
See accompanying Notes to Portfolio of Investments.
21 |
Global Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Ireland—2.8% | |||||||||
Linde PLC (Chemicals)† | 4,539 | $ | 1,613 | ||||||
* | Ryanair Holdings PLC—ADR (Passenger airlines) | 11,810 | 1,114 | ||||||
2,727 | |||||||||
Italy—0.5% | |||||||||
Ferrari NV (Automobiles)† | 1,883 | 510 | |||||||
Netherlands—2.4% | |||||||||
* | Adyen NV (Financial services) | 893 | 1,413 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 1,483 | 1,006 | |||||||
2,419 | |||||||||
Sweden—5.8% | |||||||||
Atlas Copco AB (Machinery) | 137,250 | 1,740 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 10,318 | 1,380 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 166,920 | 1,911 | |||||||
Indutrade AB (Machinery) | 35,521 | 753 | |||||||
5,784 | |||||||||
Switzerland—3.1% | |||||||||
Lonza Group AG (Life sciences tools & services) | 2,378 | 1,423 | |||||||
Partners Group Holding AG (Capital markets) | 862 | 807 | |||||||
Zurich Insurance Group AG (Insurance) | 1,815 | 868 | |||||||
3,098 | |||||||||
United Kingdom—8.0% | |||||||||
Ashtead Group PLC (Trading companies & distributors) | 14,457 | 884 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 109,806 | 2,754 | |||||||
Experian PLC (Professional services) | 35,196 | 1,155 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 45,203 | 1,243 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 215,066 | 1,569 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 2,598 | 380 | |||||||
7,985 | |||||||||
Emerging Asia—4.6% | |||||||||
India—3.0% | |||||||||
HDFC Bank Ltd.—ADR (Banks) | 23,881 | 1,592 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 50,148 | 1,423 | |||||||
3,015 | |||||||||
Taiwan—1.6% | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 16,458 | 1,531 | |||||||
Japan—2.9% | |||||||||
Daikin Industries Ltd. (Building products) | 8,100 | 1,443 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 2,900 | 1,408 | |||||||
2,851 |
See accompanying Notes to Portfolio of Investments.
22 |
Global Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—2.6% | |||||||||
Australia—1.1% | |||||||||
CSL Ltd. (Biotechnology) | 5,439 | $ | 1,048 | ||||||
Hong Kong—1.5% | |||||||||
AIA Group Ltd. (Insurance) | 143,400 | 1,510 | |||||||
Emerging Latin America—0.9% | |||||||||
Brazil—0.9% | |||||||||
* | MercadoLibre, Inc. (Broadline retail) | 677 | 892 | ||||||
Total Common Stocks—97.0% (cost $61,226) | 96,427 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $2,494, collateralized by U.S. Treasury Bond, 4.500%, due 05/15/38, valued at $2,543 | $ | 2,493 | 2,493 | ||||||
Total Repurchase Agreement—2.5% (cost $2,493) | 2,493 | ||||||||
Total Investments—99.5% (cost $63,719) | 98,920 | ||||||||
Cash and other assets, less liabilities—0.5% | 503 | ||||||||
Net assets—100.0% | $ | 99,423 |
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.
23 |
Global Leaders Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 23.6 | % | ||
Information Technology | 23.0 | % | ||
Consumer Discretionary | 15.9 | % | ||
Health Care | 14.1 | % | ||
Financials | 12.5 | % | ||
Communication Services | 4.8 | % | ||
Materials | 2.6 | % | ||
Energy | 1.5 | % | ||
Consumer Staples | 1.3 | % | ||
Real Estate | 0.7 | % | ||
Total | 100.0 | % |
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 56.1 | % | ||
Euro | 14.7 | % | ||
British Pound Sterling | 8.3 | % | ||
Swedish Krona | 6.0 | % | ||
Danish Krone | 4.6 | % | ||
Swiss Franc | 3.2 | % | ||
Japanese Yen | 2.9 | % | ||
Hong Kong Dollar | 1.6 | % | ||
Indian Rupee | 1.5 | % | ||
Australian Dollar | 1.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
24 |
International Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe—43.9% | |||||||||
Denmark—3.8% | |||||||||
DSV AS (Air freight & logistics) | 88,594 | $ | 17,108 | ||||||
Novo Nordisk AS (Pharmaceuticals) | 161,153 | 25,472 | |||||||
42,580 | |||||||||
France—14.1% | |||||||||
Airbus SE (Aerospace & defense) | 163,001 | 21,793 | |||||||
Dassault Systemes SE (Software) | 196,408 | 8,067 | |||||||
L’Oreal SA (Personal care products) | 44,940 | 20,043 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 39,100 | 35,806 | |||||||
Safran SA (Aerospace & defense) | 127,778 | 18,921 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 36,917 | 11,290 | |||||||
Teleperformance (Professional services) | 46,228 | 11,115 | |||||||
Vinci SA (Construction & engineering) | 247,919 | 28,425 | |||||||
155,460 | |||||||||
Germany—1.9% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 528,889 | 21,613 | |||||||
Ireland—3.6% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 93,742 | 20,022 | ||||||
Linde PLC (Chemicals)† | 55,125 | 19,594 | |||||||
39,616 | |||||||||
Italy—1.4% | |||||||||
Ferrari NV (Automobiles)† | 58,096 | 15,741 | |||||||
Luxembourg—1.3% | |||||||||
Tenaris SA (Energy equipment & services) | 1,002,887 | 14,248 | |||||||
Netherlands—4.1% | |||||||||
* | Adyen NV (Financial services) | 10,452 | 16,540 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 41,728 | 28,293 | |||||||
44,833 | |||||||||
Norway—1.1% | |||||||||
Equinor ASA (Oil, gas & consumable fuels) | 427,664 | 12,201 | |||||||
Spain—2.5% | |||||||||
* | Amadeus IT Group SA (Hotels, restaurants & leisure) | 406,255 | 27,166 | ||||||
Sweden—4.8% | |||||||||
Atlas Copco AB (Machinery) | 1,179,133 | 14,944 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 154,607 | 20,679 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 1,085,553 | 12,431 | |||||||
Indutrade AB (Machinery) | 247,581 | 5,250 | |||||||
53,304 | |||||||||
Switzerland—5.3% | |||||||||
Lonza Group AG (Life sciences tools & services) | 37,303 | 22,318 | |||||||
Partners Group Holding AG (Capital markets) | 9,200 | 8,615 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 103,235 | 15,385 |
See accompanying Notes to Portfolio of Investments.
25 |
International Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Switzerland—(continued) | |||||||||
Zurich Insurance Group AG (Insurance) | 25,270 | $ | 12,089 | ||||||
58,407 | |||||||||
United Kingdom—16.9% | |||||||||
Ashtead Group PLC (Trading companies & distributors) | 253,776 | 15,521 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 175,722 | 24,348 | |||||||
Bunzl PLC (Trading companies & distributors) | 567,927 | 21,417 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 1,061,003 | 26,609 | |||||||
Diageo PLC (Beverages) | 435,192 | 19,402 | |||||||
Experian PLC (Professional services) | 462,870 | 15,189 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 395,443 | 10,873 | |||||||
London Stock Exchange Group PLC (Capital markets) | 192,934 | 18,726 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 2,691,114 | 19,640 | |||||||
Segro PLC (Industrial REITs) | 774,981 | 7,338 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 57,130 | 8,355 | |||||||
187,418 | |||||||||
Emerging Asia—15.6% | |||||||||
China—6.5% | |||||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,967,000 | 25,158 | ||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 469,997 | 12,532 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 218,964 | 12,938 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 38,800 | 10,276 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 1,055,569 | 10,799 | |||||||
71,703 | |||||||||
India—5.2% | |||||||||
Housing Development Finance Corp. Ltd. (Financial services) | 534,185 | 17,030 | |||||||
Infosys Ltd. (IT services) | 784,860 | 13,616 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 942,606 | 26,735 | |||||||
57,381 | |||||||||
South Korea—1.3% | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 26,646 | 15,044 | |||||||
Taiwan—2.6% | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 1,652,000 | 28,919 | |||||||
Canada—8.5% | |||||||||
Canadian Pacific Railway Ltd. (Ground transportation) | 344,404 | 26,498 | |||||||
Dollarama, Inc. (Broadline retail) | 331,585 | 19,817 | |||||||
Intact Financial Corp. (Insurance) | 116,068 | 16,611 | |||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 50,413 | 18,360 | ||||||
Toronto-Dominion Bank (Banks) | 214,624 | 12,855 | |||||||
94,141 | |||||||||
Japan—6.7% | |||||||||
Daikin Industries Ltd. (Building products) | 96,900 | 17,263 | |||||||
Hoya Corp. (Health care equipment & supplies) | 120,200 | 13,181 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 49,700 | 24,125 |
See accompanying Notes to Portfolio of Investments.
26 |
International Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 607,500 | $ | 19,560 | ||||||
74,129 | |||||||||
Asia—3.6% | |||||||||
Australia—1.3% | |||||||||
CSL Ltd. (Biotechnology) | 75,182 | 14,489 | |||||||
Hong Kong—2.3% | |||||||||
AIA Group Ltd. (Insurance) | 1,508,000 | 15,877 | |||||||
Techtronic Industries Co. Ltd. (Machinery) | 846,000 | 9,145 | |||||||
25,022 | |||||||||
Emerging Latin America—2.2% | |||||||||
Argentina—0.4% | |||||||||
* | Globant SA (IT services)† | 28,271 | 4,637 | ||||||
Brazil—1.8% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 2,939,200 | 6,002 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 10,099 | 13,311 | ||||||
19,313 | |||||||||
Total Common Stocks—97.4% (cost $904,058) | 1,077,365 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $26,323, collateralized by U.S. Treasury Note, 0.125% - 3.875%, due 12/31/29 - 01/15/30, valued at $26,846 | $ | 26,319 | 26,319 | ||||||
Total Repurchase Agreement—2.4% (cost $26,319) | 26,319 | ||||||||
Total Investments—99.8% (cost $930,377) | 1,103,684 | ||||||||
Cash and other assets, less liabilities—0.2% | 1,927 | ||||||||
Net assets—100.0% | $ | 1,105,611 |
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
27 |
International Leaders Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 25.5 | % | ||
Consumer Discretionary | 20.0 | % | ||
Information Technology | 15.6 | % | ||
Health Care | 13.6 | % | ||
Financials | 11.5 | % | ||
Energy | 4.9 | % | ||
Consumer Staples | 4.6 | % | ||
Materials | 3.6 | % | ||
Real Estate | 0.7 | % | ||
Total | 100.0 | % |
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 24.4 | % | ||
British Pound Sterling | 17.4 | % | ||
U.S. Dollar | 11.0 | % | ||
Japanese Yen | 6.9 | % | ||
Swiss Franc | 5.4 | % | ||
Indian Rupee | 5.3 | % | ||
Swedish Krona | 4.9 | % | ||
Hong Kong Dollar | 4.7 | % | ||
Canadian Dollar | 4.6 | % | ||
Chinese Yuan Renminbi | 4.3 | % | ||
Danish Krone | 4.0 | % | ||
New Taiwan Dollar | 2.7 | % | ||
South Korean Won | 1.4 | % | ||
Australian Dollar | 1.3 | % | ||
Norwegian Krone | 1.1 | % | ||
All Other Currencies | 0.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
28 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—43.9% | |||||||||
Belgium—0.2% | |||||||||
Warehouses De Pauw CVA (Industrial REITs) | 83,347 | $ | 2,469 | ||||||
Denmark—4.4% | |||||||||
Coloplast AS (Health care equipment & supplies) | 47,387 | 6,221 | |||||||
DSV AS (Air freight & logistics) | 113,875 | 21,990 | |||||||
* | Genmab AS (Biotechnology) | 29,565 | 11,143 | ||||||
Novo Nordisk AS (Pharmaceuticals) | 163,605 | 25,860 | |||||||
65,214 | |||||||||
Finland—0.2% | |||||||||
Metso Outotec Oyj (Machinery) | 311,872 | 3,396 | |||||||
France—13.5% | |||||||||
Airbus SE (Aerospace & defense) | 146,445 | 19,579 | |||||||
Capgemini SE (IT services) | 67,089 | 12,423 | |||||||
Dassault Systemes SE (Software) | 454,475 | 18,668 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 9,850 | 19,912 | |||||||
L’Oreal SA (Personal care products) | 44,751 | 19,959 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 21,559 | 19,743 | |||||||
Safran SA (Aerospace & defense) | 131,940 | 19,537 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 24,835 | 7,595 | |||||||
SEB SA (Household durables) | 20,689 | 2,351 | |||||||
* | SES-imagotag SA (Electronic equipment, instruments & components) | 16,260 | 1,929 | ||||||
Teleperformance (Professional services) | 48,661 | 11,700 | |||||||
Thales SA (Aerospace & defense) | 146,942 | 21,729 | |||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 120,262 | 7,090 | |||||||
Vinci SA (Construction & engineering) | 171,797 | 19,697 | |||||||
201,912 | |||||||||
Germany—4.2% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 33,263 | 4,618 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 95,341 | 5,940 | ||||||
Hannover Rueck SE (Insurance) | 36,624 | 7,163 | |||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 523,509 | 21,393 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 79,646 | 19,918 | |||||||
Nemetschek SE (Software) | 40,091 | 2,751 | |||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 24,321 | 1,773 | |||||||
63,556 | |||||||||
Ireland—2.9% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 80,729 | 17,243 | ||||||
Kingspan Group PLC (Building products) | 107,463 | 7,347 | |||||||
Linde PLC (Chemicals)† | 53,342 | 18,960 | |||||||
43,550 | |||||||||
Israel—0.8% | |||||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 99,782 | 3,189 | ||||||
Mizrahi Tefahot Bank Ltd. (Banks) | 89,782 | 2,801 | |||||||
* | Nice Ltd.—ADR (Software) | 28,056 | 6,422 | ||||||
12,412 |
See accompanying Notes to Portfolio of Investments.
29 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Italy—1.8% | |||||||||
Amplifon SpA (Health care providers & services) | 101,933 | $ | 3,531 | ||||||
Azimut Holding SpA (Capital markets) | 92,403 | 1,974 | |||||||
Brembo SpA (Automobile components) | 142,341 | 2,084 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 59,930 | 5,944 | |||||||
Ferrari NV (Automobiles)† | 30,652 | 8,305 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 73,091 | 5,036 | |||||||
26,874 | |||||||||
Luxembourg—0.4% | |||||||||
Tenaris SA (Energy equipment & services) | 440,170 | 6,253 | |||||||
Netherlands—3.1% | |||||||||
* | Adyen NV (Financial services) | 4,952 | 7,837 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 30,430 | 20,632 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 64,995 | 5,646 | |||||||
Euronext NV (Capital markets) | 58,381 | 4,469 | |||||||
IMCD NV (Trading companies & distributors) | 31,913 | 5,205 | |||||||
JDE Peet’s NV (Food products) | 106,183 | 3,089 | |||||||
46,878 | |||||||||
Norway—0.8% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 1,549,557 | 3,325 | ||||||
Equinor ASA (Oil, gas & consumable fuels) | 196,919 | 5,618 | |||||||
Gjensidige Forsikring ASA (Insurance) | 148,809 | 2,435 | |||||||
11,378 | |||||||||
Spain—1.9% | |||||||||
* | Amadeus IT Group SA (Hotels, restaurants & leisure) | 321,173 | 21,477 | ||||||
EDP Renovaveis SA (Independent power & renewable electricity producers) | 288,698 | 6,603 | |||||||
28,080 | |||||||||
Sweden—3.7% | |||||||||
Atlas Copco AB (Machinery) | 912,097 | 11,560 | |||||||
Beijer Ref AB (Trading companies & distributors) | 284,781 | 4,985 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 68,559 | 9,170 | |||||||
Hemnet Group AB (Interactive media & services) | 140,853 | 2,369 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 1,207,756 | 13,830 | |||||||
Indutrade AB (Machinery) | 204,160 | 4,329 | |||||||
Lifco AB (Industrial conglomerates) | 234,287 | 5,034 | |||||||
Sweco AB (Construction & engineering) | 178,775 | 2,265 | |||||||
Vitrolife AB (Biotechnology) | 69,332 | 1,438 | |||||||
54,980 | |||||||||
Switzerland—6.0% | |||||||||
Belimo Holding AG (Building products) | 7,551 | 3,640 | |||||||
Galenica AG (Health care providers & services) | 50,205 | 4,244 | |||||||
Lonza Group AG (Life sciences tools & services) | 34,256 | 20,495 | |||||||
Partners Group Holding AG (Capital markets) | 8,305 | 7,777 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 4,073 | 2,989 | ||||||
* | SIG Group AG (Containers & packaging) | 278,205 | 7,152 |
See accompanying Notes to Portfolio of Investments.
30 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland—(continued) | |||||||||
Sika AG (Chemicals) | 39,283 | $ | 10,970 | ||||||
Straumann Holding AG (Health care equipment & supplies) | 61,221 | 9,123 | |||||||
Tecan Group AG (Life sciences tools & services) | 13,491 | 5,886 | |||||||
VAT Group AG (Machinery) | 14,122 | 5,066 | |||||||
Zurich Insurance Group AG (Insurance) | 24,885 | 11,905 | |||||||
89,247 | |||||||||
Emerging Asia—15.5% | |||||||||
China—5.6% | |||||||||
Airtac International Group (Machinery) | 106,713 | 4,153 | |||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,682,000 | 21,513 | ||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 212,300 | 5,661 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 64,700 | 3,823 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. (Food products) | 340,791 | 3,796 | |||||||
JD.com, Inc. (Broadline retail) | 226,700 | 4,967 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 42,099 | 11,150 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 83,078 | 2,199 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 845,692 | 8,652 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 102,000 | 1,606 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 324,600 | 15,953 | |||||||
83,473 | |||||||||
India—5.0% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 50,260 | 2,633 | |||||||
Britannia Industries Ltd. (Food products) | 52,741 | 2,773 | |||||||
Havells India Ltd. (Electrical equipment) | 237,948 | 3,448 | |||||||
HDFC Bank Ltd. (Banks) | 919,888 | 18,010 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 241,174 | 7,513 | |||||||
Infosys Ltd. (IT services) | 390,253 | 6,770 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 182,523 | 4,253 | ||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 364,656 | 1,941 | ||||||
Petronet LNG Ltd. (Oil, gas & consumable fuels) | 1,186,005 | 3,308 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 669,593 | 18,992 | |||||||
UPL Ltd. (Chemicals) | 332,320 | 2,900 | |||||||
Voltas Ltd. (Construction & engineering) | 256,733 | 2,551 | |||||||
75,092 | |||||||||
Indonesia—1.8% | |||||||||
Bank Central Asia Tbk PT (Banks) | 32,708,200 | 19,087 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 31,187,800 | 8,444 | |||||||
27,531 | |||||||||
South Korea—0.5% | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 12,575 | 7,100 | |||||||
Taiwan—2.6% | |||||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 115,000 | 1,956 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 367,000 | 9,486 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 289,988 | 26,975 | |||||||
38,417 |
See accompanying Notes to Portfolio of Investments.
31 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
United Kingdom—14.7% | |||||||||
3i Group PLC (Capital markets) | 385,579 | $ | 8,015 | ||||||
* | Abcam PLC—ADR (Biotechnology) | 136,614 | 1,839 | ||||||
Ashtead Group PLC (Trading companies & distributors) | 186,896 | 11,431 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 165,334 | 22,908 | |||||||
Beazley PLC (Insurance) | 421,229 | 3,105 | |||||||
Big Yellow Group PLC (Specialized REITs) | 207,186 | 2,988 | |||||||
Bunzl PLC (Trading companies & distributors) | 200,417 | 7,558 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 942,697 | 23,642 | |||||||
ConvaTec Group PLC (Health care equipment & supplies) | 2,575,806 | 7,264 | |||||||
Croda International PLC (Chemicals) | 68,691 | 5,506 | |||||||
CVS Group PLC (Health care providers & services) | 118,080 | 2,702 | |||||||
Diageo PLC (Beverages) | 370,275 | 16,508 | |||||||
Diploma PLC (Trading companies & distributors) | 120,832 | 4,188 | |||||||
Experian PLC (Professional services) | 418,733 | 13,740 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 131,394 | 4,496 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 398,964 | 10,970 | |||||||
Intermediate Capital Group PLC (Capital markets) | 298,373 | 4,479 | |||||||
London Stock Exchange Group PLC (Capital markets) | 181,482 | 17,615 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 44,223 | 2,233 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 1,831,711 | 13,368 | |||||||
Rotork PLC (Machinery) | 1,691,782 | 6,570 | |||||||
Segro PLC (Industrial REITs) | 361,737 | 3,425 | |||||||
Softcat PLC (IT services) | 150,960 | 2,413 | |||||||
Spectris PLC (Electronic equipment, instruments & components) | 73,942 | 3,338 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 48,748 | 7,129 | |||||||
SSE PLC (Electric utilities) | 344,736 | 7,668 | |||||||
Weir Group PLC (Machinery) | 205,587 | 4,715 | |||||||
219,813 | |||||||||
Canada—8.0% | |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 14,370 | 2,297 | |||||||
Canadian National Railway Co. (Ground transportation) | 153,688 | 18,134 | |||||||
Canadian Pacific Railway Ltd. (Ground transportation) | 277,450 | 21,347 | |||||||
CCL Industries, Inc. (Containers & packaging) | 108,578 | 5,394 | |||||||
Dollarama, Inc. (Broadline retail) | 257,288 | 15,376 | |||||||
Intact Financial Corp. (Insurance) | 97,325 | 13,929 | |||||||
* | Kinaxis, Inc. (Software) | 25,678 | 3,526 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 18,427 | 6,711 | ||||||
Metro, Inc. (Consumer staples distribution & retail) | 213,274 | 11,731 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 154,275 | 3,699 | |||||||
Toromont Industries Ltd. (Trading companies & distributors) | 70,693 | 5,802 | |||||||
Toronto-Dominion Bank (Banks) | 182,270 | 10,917 | |||||||
118,863 | |||||||||
Japan—7.8% | |||||||||
BayCurrent Consulting, Inc. (Professional services) | 90,200 | 3,702 | |||||||
Benefit One, Inc. (Professional services) | 140,000 | 1,978 | |||||||
Daikin Industries Ltd. (Building products) | 105,200 | 18,742 | |||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 35,400 | 4,079 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 106,100 | 2,749 | |||||||
GMO Payment Gateway, Inc. (Financial services) | 35,900 | 3,077 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 59,400 | 1,966 | |||||||
Hoya Corp. (Health care equipment & supplies) | 98,500 | 10,802 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 149,400 | 2,417 |
See accompanying Notes to Portfolio of Investments.
32 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan— (continued) | |||||||||
Keyence Corp. (Electronic equipment, instruments & components) | 49,100 | $ | 23,834 | ||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 333,200 | 4,158 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 308,600 | 2,287 | |||||||
Rakus Co. Ltd. (Software) | 157,900 | 2,257 | |||||||
* | SHIFT, Inc. (IT services) | 16,100 | 2,845 | ||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 378,000 | 12,171 | |||||||
SMS Co. Ltd. (Professional services) | 72,300 | 1,740 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 185,500 | 5,092 | |||||||
TIS, Inc. (IT services) | 176,700 | 4,645 | |||||||
Tokio Marine Holdings, Inc. (Insurance) | 379,200 | 7,274 | |||||||
115,815 | |||||||||
Asia—4.4% | |||||||||
Australia—1.9% | |||||||||
CSL Ltd. (Biotechnology) | 101,656 | 19,591 | |||||||
IDP Education Ltd. (Diversified consumer services) | 106,023 | 1,935 | |||||||
Pro Medicus Ltd. (Health care technology) | 79,418 | 3,391 | |||||||
Steadfast Group Ltd. (Insurance) | 910,181 | 3,559 | |||||||
28,476 | |||||||||
Hong Kong—1.8% | |||||||||
AIA Group Ltd. (Insurance) | 1,727,000 | 18,183 | |||||||
Techtronic Industries Co. Ltd. (Machinery) | 798,000 | 8,626 | |||||||
26,809 | |||||||||
Singapore—0.7% | |||||||||
DBS Group Holdings Ltd. (Banks) | 407,000 | 10,092 | |||||||
Emerging Latin America—3.2% | |||||||||
Argentina—0.2% | |||||||||
* | Globant SA (IT services)† | 22,602 | 3,707 | ||||||
Brazil—1.5% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 2,505,900 | 5,117 | |||||||
* | Locaweb Servicos de Internet SA (IT services) | 1,205,393 | 1,139 | ||||||
* | MercadoLibre, Inc. (Broadline retail) | 6,140 | 8,093 | ||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 562,100 | 2,712 | |||||||
Rumo SA (Ground transportation) | 684,900 | 2,547 | |||||||
WEG SA (Electrical equipment) | 358,000 | 2,864 | |||||||
22,472 | |||||||||
Mexico—1.3% | |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 16,282 | 4,990 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 3,653,900 | 14,599 | |||||||
19,589 | |||||||||
Peru—0.2% | |||||||||
Credicorp Ltd. (Banks)† | 20,684 | 2,739 |
See accompanying Notes to Portfolio of Investments.
33 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Mid-East, Africa—0.5% | |||||||||
South Africa—0.4% | |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 245,803 | $ | 5,501 | ||||||
United Arab Emirates—0.1% | |||||||||
First Abu Dhabi Bank PJSC (Banks) | 606,308 | 2,127 | |||||||
Total Common Stocks—98.0% (cost $1,116,962) | 1,463,815 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $27,985, collateralized by U.S. Treasury Bond, 4.500%, due 05/15/38, valued at $28,540 | $ | 27,980 | 27,980 | ||||||
Total Repurchase Agreement—1.9% (cost $27,980) | 27,980 | ||||||||
Total Investments—99.9% (cost $1,144,942) | 1,491,795 | ||||||||
Cash and other assets, less liabilities—0.1% | 2,068 | ||||||||
Net assets—100.0% | $ | 1,493,863 |
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.
34 |
International Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 27.0 | % | ||
Information Technology | 15.4 | % | ||
Health Care | 13.4 | % | ||
Financials | 13.2 | % | ||
Consumer Discretionary | 12.9 | % | ||
Consumer Staples | 6.9 | % | ||
Materials | 4.3 | % | ||
Energy | 3.1 | % | ||
Communication Services | 2.2 | % | ||
Utilities | 1.0 | % | ||
Real Estate | 0.6 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 25.9 | % | ||
British Pound Sterling | 14.9 | % | ||
U.S. Dollar | 8.9 | % | ||
Japanese Yen | 7.9 | % | ||
Canadian Dollar | 6.2 | % | ||
Swiss Franc | 6.1 | % | ||
Indian Rupee | 5.1 | % | ||
Hong Kong Dollar | 4.7 | % | ||
Danish Krone | 4.5 | % | ||
Swedish Krona | 3.8 | % | ||
Chinese Yuan Renminbi | 2.4 | % | ||
Australian Dollar | 1.9 | % | ||
Indonesian Rupiah | 1.9 | % | ||
New Taiwan Dollar | 1.2 | % | ||
All Other Currencies | 4.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
35 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—43.8% | |||||||||
Belgium—0.2% | |||||||||
Warehouses De Pauw CVA (Industrial REITs) | 49,568 | $ | 1,469 | ||||||
Denmark—4.3% | |||||||||
Coloplast AS (Health care equipment & supplies) | 28,183 | 3,700 | |||||||
DSV AS (Air freight & logistics) | 67,724 | 13,078 | |||||||
* | Genmab AS (Biotechnology) | 17,674 | 6,661 | ||||||
Novo Nordisk AS (Pharmaceuticals) | 97,300 | 15,379 | |||||||
38,818 | |||||||||
Finland—0.2% | |||||||||
Metso Outotec Oyj (Machinery) | 185,478 | 2,020 | |||||||
France—13.5% | |||||||||
Airbus SE (Aerospace & defense) | 87,094 | 11,644 | |||||||
Capgemini SE (IT services) | 39,900 | 7,389 | |||||||
Dassault Systemes SE (Software) | 271,689 | 11,160 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 5,889 | 11,905 | |||||||
L’Oreal SA (Personal care products) | 26,753 | 11,932 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 12,822 | 11,742 | |||||||
Safran SA (Aerospace & defense) | 78,468 | 11,619 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 14,770 | 4,517 | |||||||
SEB SA (Household durables) | 12,326 | 1,401 | |||||||
* | SES-imagotag SA (Electronic equipment, instruments & components) | 9,669 | 1,147 | ||||||
Teleperformance (Professional services) | 28,940 | 6,958 | |||||||
Thales SA (Aerospace & defense) | 87,390 | 12,922 | |||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 71,523 | 4,217 | |||||||
Vinci SA (Construction & engineering) | 102,171 | 11,714 | |||||||
120,267 | |||||||||
Germany—4.2% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 19,782 | 2,746 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 56,702 | 3,533 | ||||||
Hannover Rueck SE (Insurance) | 21,781 | 4,260 | |||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 311,344 | 12,723 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 47,367 | 11,846 | |||||||
Nemetschek SE (Software) | 23,843 | 1,636 | |||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 14,429 | 1,051 | |||||||
37,795 | |||||||||
Ireland—2.9% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 48,011 | 10,255 | ||||||
Kingspan Group PLC (Building products) | 63,911 | 4,369 | |||||||
Linde PLC (Chemicals)† | 31,724 | 11,276 | |||||||
25,900 | |||||||||
Israel—0.8% | |||||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 59,354 | 1,897 | ||||||
Mizrahi Tefahot Bank Ltd. (Banks) | 53,394 | 1,666 | |||||||
* | Nice Ltd.—ADR (Software) | 16,685 | 3,819 | ||||||
7,382 |
See accompanying Notes to Portfolio of Investments.
36 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Italy—1.8% | |||||||||
Amplifon SpA (Health care providers & services) | 60,621 | $ | 2,100 | ||||||
Azimut Holding SpA (Capital markets) | 54,955 | 1,174 | |||||||
Brembo SpA (Automobile components) | 85,731 | 1,255 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 35,642 | 3,535 | |||||||
Ferrari NV (Automobiles)† | 18,229 | 4,939 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 43,468 | 2,995 | |||||||
15,998 | |||||||||
Luxembourg—0.4% | |||||||||
Tenaris SA (Energy equipment & services) | 261,754 | 3,719 | |||||||
Netherlands—3.1% | |||||||||
* | Adyen NV (Financial services) | 2,945 | 4,661 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 18,097 | 12,270 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 38,719 | 3,363 | |||||||
Euronext NV (Capital markets) | 34,721 | 2,658 | |||||||
IMCD NV (Trading companies & distributors) | 18,980 | 3,096 | |||||||
JDE Peet’s NV (Food products) | 63,736 | 1,854 | |||||||
27,902 | |||||||||
Norway—0.8% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 921,560 | 1,978 | ||||||
Equinor ASA (Oil, gas & consumable fuels) | 117,112 | 3,341 | |||||||
Gjensidige Forsikring ASA (Insurance) | 88,501 | 1,448 | |||||||
6,767 | |||||||||
Spain—1.9% | |||||||||
* | Amadeus IT Group SA (Hotels, restaurants & leisure) | 191,010 | 12,773 | ||||||
EDP Renovaveis SA (Independent power & renewable electricity producers) | 171,697 | 3,927 | |||||||
16,700 | |||||||||
Sweden—3.7% | |||||||||
Atlas Copco AB (Machinery) | 542,446 | 6,875 | |||||||
Beijer Ref AB (Trading companies & distributors) | 165,635 | 2,900 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 40,774 | 5,453 | |||||||
Hemnet Group AB (Interactive media & services) | 83,769 | 1,409 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 718,282 | 8,225 | |||||||
Indutrade AB (Machinery) | 121,419 | 2,575 | |||||||
Lifco AB (Industrial conglomerates) | 139,336 | 2,994 | |||||||
Sweco AB (Construction & engineering) | 106,323 | 1,347 | |||||||
Vitrolife AB (Biotechnology) | 41,233 | 855 | |||||||
32,633 | |||||||||
Switzerland—6.0% | |||||||||
Belimo Holding AG (Building products) | 4,491 | 2,165 | |||||||
Galenica AG (Health care providers & services) | 29,857 | 2,524 | |||||||
Lonza Group AG (Life sciences tools & services) | 20,373 | 12,189 | |||||||
Partners Group Holding AG (Capital markets) | 4,966 | 4,650 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 2,423 | 1,778 | ||||||
* | SIG Group AG (Containers & packaging) | 165,456 | 4,253 |
See accompanying Notes to Portfolio of Investments.
37 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Sika AG (Chemicals) | 23,363 | $ | 6,524 | ||||||
Straumann Holding AG (Health care equipment & supplies) | 36,409 | 5,426 | |||||||
Tecan Group AG (Life sciences tools & services) | 8,065 | 3,519 | |||||||
VAT Group AG (Machinery) | 8,399 | 3,013 | |||||||
Zurich Insurance Group AG (Insurance) | 14,878 | 7,117 | |||||||
53,158 | |||||||||
Emerging Asia—15.4% | |||||||||
China—5.6% | |||||||||
Airtac International Group (Machinery) | 64,204 | 2,499 | |||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,000,300 | 12,794 | ||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 126,200 | 3,365 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 38,500 | 2,275 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. (Food products) | 202,763 | 2,258 | |||||||
JD.com, Inc. (Broadline retail) | 134,800 | 2,954 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 25,000 | 6,621 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 49,340 | 1,306 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 503,000 | 5,146 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 60,000 | 945 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 194,000 | 9,534 | |||||||
49,697 | |||||||||
India—5.0% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 29,890 | 1,566 | |||||||
Britannia Industries Ltd. (Food products) | 31,366 | 1,649 | |||||||
Havells India Ltd. (Electrical equipment) | 141,513 | 2,050 | |||||||
HDFC Bank Ltd. (Banks) | 547,081 | 10,711 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 143,418 | 4,468 | |||||||
Infosys Ltd. (IT services) | 232,093 | 4,026 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 108,541 | 2,529 | ||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 216,870 | 1,154 | ||||||
Petronet LNG Ltd. (Oil, gas & consumable fuels) | 705,346 | 1,968 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 398,224 | 11,295 | |||||||
UPL Ltd. (Chemicals) | 197,639 | 1,725 | |||||||
Voltas Ltd. (Construction & engineering) | 152,686 | 1,517 | |||||||
44,658 | |||||||||
Indonesia—1.8% | |||||||||
Bank Central Asia Tbk PT (Banks) | 19,452,430 | 11,352 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 18,548,200 | 5,022 | |||||||
16,374 | |||||||||
South Korea—0.5% | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 7,478 | 4,222 | |||||||
Taiwan—2.5% | |||||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 68,000 | 1,157 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 219,000 | 5,661 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 172,463 | 16,042 | |||||||
22,860 |
See accompanying Notes to Portfolio of Investments.
38 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
United Kingdom—14.7% | |||||||||
3i Group PLC (Capital markets) | 229,314 | $ | 4,767 | ||||||
* | Abcam PLC—ADR (Biotechnology) | 81,247 | 1,094 | ||||||
Ashtead Group PLC (Trading companies & distributors) | 111,153 | 6,798 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 98,838 | 13,695 | |||||||
Beazley PLC (Insurance) | 250,516 | 1,847 | |||||||
Big Yellow Group PLC (Specialized REITs) | 123,220 | 1,777 | |||||||
Bunzl PLC (Trading companies & distributors) | 119,811 | 4,518 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 560,645 | 14,060 | |||||||
ConvaTec Group PLC (Health care equipment & supplies) | 1,531,898 | 4,320 | |||||||
Croda International PLC (Chemicals) | 40,851 | 3,275 | |||||||
CVS Group PLC (Health care providers & services) | 70,225 | 1,607 | |||||||
Diageo PLC (Beverages) | 220,213 | 9,818 | |||||||
Diploma PLC (Trading companies & distributors) | 72,096 | 2,499 | |||||||
Experian PLC (Professional services) | 249,031 | 8,172 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 78,143 | 2,674 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 237,274 | 6,524 | |||||||
Intermediate Capital Group PLC (Capital markets) | 177,450 | 2,664 | |||||||
London Stock Exchange Group PLC (Capital markets) | 107,932 | 10,476 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 26,301 | 1,328 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 1,089,365 | 7,950 | |||||||
Rotork PLC (Machinery) | 1,006,145 | 3,907 | |||||||
Segro PLC (Industrial REITs) | 215,134 | 2,037 | |||||||
Softcat PLC (IT services) | 89,780 | 1,435 | |||||||
Spectris PLC (Electronic equipment, instruments & components) | 43,975 | 1,985 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 28,992 | 4,240 | |||||||
SSE PLC (Electric utilities) | 204,583 | 4,550 | |||||||
Weir Group PLC (Machinery) | 122,268 | 2,804 | |||||||
130,821 | |||||||||
Canada—8.0% | |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 8,545 | 1,366 | |||||||
Canadian National Railway Co. (Ground transportation) | 91,876 | 10,841 | |||||||
Canadian Pacific Railway Ltd. (Ground transportation) | 165,862 | 12,761 | |||||||
CCL Industries, Inc. (Containers & packaging) | 64,574 | 3,208 | |||||||
Dollarama, Inc. (Broadline retail) | 153,809 | 9,192 | |||||||
Intact Financial Corp. (Insurance) | 57,882 | 8,284 | |||||||
* | Kinaxis, Inc. (Software) | 15,272 | 2,097 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 10,959 | 3,991 | ||||||
Metro, Inc. (Consumer staples distribution & retail) | 126,826 | 6,976 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 91,751 | 2,200 | |||||||
Toromont Industries Ltd. (Trading companies & distributors) | 42,112 | 3,456 | |||||||
Toronto-Dominion Bank (Banks) | 108,969 | 6,527 | |||||||
70,899 | |||||||||
Japan—7.7% | |||||||||
BayCurrent Consulting, Inc. (Professional services) | 53,700 | 2,204 | |||||||
Benefit One, Inc. (Professional services) | 83,200 | 1,176 | |||||||
Daikin Industries Ltd. (Building products) | 62,900 | 11,206 | |||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 21,300 | 2,454 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 63,100 | 1,635 | |||||||
GMO Payment Gateway, Inc. (Financial services) | 21,400 | 1,834 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 35,300 | 1,168 | |||||||
Hoya Corp. (Health care equipment & supplies) | 58,600 | 6,426 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 88,800 | 1,437 |
See accompanying Notes to Portfolio of Investments.
39 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
Keyence Corp. (Electronic equipment, instruments & components) | 29,400 | $ | 14,271 | ||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 198,100 | 2,472 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 183,600 | 1,361 | |||||||
Rakus Co. Ltd. (Software) | 94,000 | 1,344 | |||||||
* | SHIFT, Inc. (IT services) | 9,500 | 1,679 | ||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 226,500 | 7,293 | |||||||
SMS Co. Ltd. (Professional services) | 42,900 | 1,032 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 110,300 | 3,028 | |||||||
TIS, Inc. (IT services) | 99,800 | 2,623 | |||||||
Tokio Marine Holdings, Inc. (Insurance) | 226,700 | 4,349 | |||||||
68,992 | |||||||||
Asia—4.4% | |||||||||
Australia—1.9% | |||||||||
CSL Ltd. (Biotechnology) | 60,771 | 11,711 | |||||||
IDP Education Ltd. (Diversified consumer services) | 63,055 | 1,151 | |||||||
Pro Medicus Ltd. (Health care technology) | 47,232 | 2,017 | |||||||
Steadfast Group Ltd. (Insurance) | 542,066 | 2,120 | |||||||
16,999 | |||||||||
Hong Kong—1.8% | |||||||||
AIA Group Ltd. (Insurance) | 1,027,063 | 10,813 | |||||||
Techtronic Industries Co. Ltd. (Machinery) | 474,500 | 5,129 | |||||||
15,942 | |||||||||
Singapore—0.7% | |||||||||
DBS Group Holdings Ltd. (Banks) | 243,300 | 6,033 | |||||||
Emerging Latin America—3.2% | |||||||||
Argentina—0.2% | |||||||||
* | Globant SA (IT services)† | 13,442 | 2,204 | ||||||
Brazil—1.5% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 1,490,400 | 3,043 | |||||||
* | Locaweb Servicos de Internet SA (IT services) | 716,886 | 677 | ||||||
* | MercadoLibre, Inc. (Broadline retail) | 3,652 | 4,814 | ||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 334,300 | 1,613 | |||||||
Rumo SA (Ground transportation) | 407,300 | 1,515 | |||||||
WEG SA (Electrical equipment) | 212,900 | 1,703 | |||||||
13,365 | |||||||||
Mexico—1.3% | |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 9,683 | 2,968 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 2,173,000 | 8,682 | |||||||
11,650 | |||||||||
Peru—0.2% | |||||||||
Credicorp Ltd. (Banks)† | 12,302 | 1,629 |
See accompanying Notes to Portfolio of Investments.
40 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Mid-East, Africa—0.5% | |||||||||
South Africa—0.4% | |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 146,170 | $ | 3,271 | ||||||
United Arab Emirates—0.1% | |||||||||
First Abu Dhabi Bank PJSC (Banks) | 365,463 | 1,282 | |||||||
Total Common Stocks—97.7% (cost $669,165) | 871,426 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $14,530, collateralized by U.S. Treasury Note, 3.625%, due 03/31/30, valued at $14,819 | $ | 14,528 | 14,528 | ||||||
Total Repurchase Agreement—1.6% (cost $14,528) | 14,528 | ||||||||
Total Investments—99.3% (cost $683,693) | 885,954 | ||||||||
Cash and other assets, less liabilities—0.7% | 6,463 | ||||||||
Net assets—100.0% | $ | 892,417 |
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.
41 |
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 27.1 | % | ||
Information Technology | 15.3 | % | ||
Health Care | 13.4 | % | ||
Financials | 13.2 | % | ||
Consumer Discretionary | 12.9 | % | ||
Consumer Staples | 6.9 | % | ||
Materials | 4.3 | % | ||
Energy | 3.1 | % | ||
Communication Services | 2.2 | % | ||
Utilities | 1.0 | % | ||
Real Estate | 0.6 | % | ||
Total | 100.0 | % |
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 25.9 | % | ||
British Pound Sterling | 14.9 | % | ||
U.S. Dollar | 8.9 | % | ||
Japanese Yen | 7.9 | % | ||
Canadian Dollar | 6.2 | % | ||
Swiss Franc | 6.1 | % | ||
Indian Rupee | 5.1 | % | ||
Hong Kong Dollar | 4.7 | % | ||
Danish Krone | 4.5 | % | ||
Swedish Krona | 3.7 | % | ||
Chinese Yuan Renminbi | 2.4 | % | ||
Australian Dollar | 2.0 | % | ||
Indonesian Rupiah | 1.9 | % | ||
New Taiwan Dollar | 1.2 | % | ||
All Other Currencies | 4.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
42 |
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—36.7% | |||||||||
Belgium—2.2% | |||||||||
Melexis NV (Semiconductors & semiconductor equipment) | 36,087 | $ | 4,164 | ||||||
Warehouses De Pauw CVA (Industrial REITs) | 33,791 | 1,001 | |||||||
5,165 | |||||||||
Finland—1.2% | |||||||||
* | Musti Group Oyj (Specialty retail) | 55,370 | 967 | ||||||
Valmet Oyj (Machinery) | 62,755 | 2,031 | |||||||
2,998 | |||||||||
France—1.3% | |||||||||
SEB SA (Household durables) | 11,242 | 1,278 | |||||||
* | SES-imagotag SA (Electronic equipment, instruments & components) | 15,644 | 1,856 | ||||||
3,134 | |||||||||
Germany—2.8% | |||||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 60,400 | 3,763 | ||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 38,976 | 2,841 | |||||||
6,604 | |||||||||
Israel—1.9% | |||||||||
First International Bank Of Israel Ltd. (Banks) | 33,446 | 1,176 | |||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 96,272 | 3,077 | ||||||
Maytronics Ltd. (Household durables) | 38,680 | 410 | |||||||
4,663 | |||||||||
Italy—5.8% | |||||||||
Amplifon SpA (Health care providers & services) | 29,562 | 1,024 | |||||||
Ariston Holding NV (Household durables) | 386,450 | 4,254 | |||||||
Azimut Holding SpA (Capital markets) | 64,151 | 1,370 | |||||||
Brembo SpA (Automobile components) | 126,153 | 1,847 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 34,288 | 3,401 | |||||||
Carel Industries SpA (Building products) | 76,437 | 2,089 | |||||||
13,985 | |||||||||
Netherlands—2.4% | |||||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 46,865 | 4,071 | |||||||
JDE Peet’s NV (Food products) | 54,372 | 1,582 | |||||||
5,653 | |||||||||
Norway—2.3% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 929,734 | 1,995 | ||||||
Gjensidige Forsikring ASA (Insurance) | 134,078 | 2,194 | |||||||
TOMRA Systems ASA (Commercial services & supplies) | 73,624 | 1,238 | |||||||
5,427 | |||||||||
Spain—1.4% | |||||||||
EDP Renovaveis SA (Independent power & renewable electricity producers) | 104,482 | 2,390 | |||||||
* | Solaria Energia y Medio Ambiente SA (Independent power & renewable electricity producers) | 54,435 | 980 | ||||||
3,370 |
See accompanying Notes to Portfolio of Investments.
43 |
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Sweden—11.5% | |||||||||
AddTech AB (Trading companies & distributors) | 119,554 | $ | 2,215 | ||||||
Beijer Ref AB (Trading companies & distributors) | 198,277 | 3,471 | |||||||
Biotage AB (Life sciences tools & services) | 130,029 | 1,656 | |||||||
Bravida Holding AB (Commercial services & supplies) | 112,329 | 1,264 | |||||||
Bufab AB (Trading companies & distributors) | 61,658 | 1,643 | |||||||
Fortnox AB (Software) | 489,984 | 3,348 | |||||||
Hemnet Group AB (Interactive media & services) | 86,507 | 1,455 | |||||||
Lagercrantz Group AB (Electronic equipment, instruments & components) | 192,063 | 2,400 | |||||||
Lifco AB (Industrial conglomerates) | 123,890 | 2,662 | |||||||
MIPS AB (Leisure products) | 34,674 | 1,749 | |||||||
Nolato AB (Industrial conglomerates) | 190,285 | 963 | |||||||
* | Sdiptech AB (Commercial services & supplies) | 62,970 | 1,459 | ||||||
Sweco AB (Construction & engineering) | 145,051 | 1,838 | |||||||
Vitrolife AB (Biotechnology) | 71,565 | 1,484 | |||||||
27,607 | |||||||||
Switzerland—3.9% | |||||||||
Galenica AG (Health care providers & services) | 41,095 | 3,474 | |||||||
Kardex Holding AG (Machinery) | 17,743 | 3,840 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 2,847 | 2,089 | ||||||
9,403 | |||||||||
Japan—13.9% | |||||||||
AZ-COM MARUWA Holdings, Inc. (Air freight & logistics) | 81,900 | 1,228 | |||||||
BayCurrent Consulting, Inc. (Professional services) | 107,400 | 4,408 | |||||||
Benefit One, Inc. (Professional services) | 172,500 | 2,437 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 78,800 | 2,042 | |||||||
Fukuoka Financial Group, Inc. (Banks) | 51,400 | 987 | |||||||
GMO Payment Gateway, Inc. (Financial services) | 15,200 | 1,303 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 173,100 | 2,800 | |||||||
Meitec Corp. (Professional services) | 130,100 | 2,316 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 90,900 | 674 | |||||||
Prestige International, Inc. (Commercial services & supplies) | 180,400 | 810 | |||||||
Rakus Co. Ltd. (Software) | 82,200 | 1,175 | |||||||
* | SHIFT, Inc. (IT services) | 12,900 | 2,279 | ||||||
SIGMAXYZ Holdings, Inc. (Professional services) | 96,000 | 820 | |||||||
SMS Co. Ltd. (Professional services) | 151,300 | 3,641 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 167,300 | 4,593 | |||||||
TIS, Inc. (IT services) | 65,900 | 1,732 | |||||||
33,245 | |||||||||
Emerging Asia—13.7% | |||||||||
China—3.3% | |||||||||
Chacha Food Co. Ltd. (Food products) | 438,200 | 2,700 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 115,708 | 3,062 | |||||||
Sichuan Swellfun Co. Ltd. (Beverages) | 191,482 | 2,099 | |||||||
7,861 |
See accompanying Notes to Portfolio of Investments.
44 |
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India—6.3% | |||||||||
* | Aavas Financiers Ltd. (Financial services) | 77,286 | $ | 1,504 | |||||
* | Affle India Ltd. (Media) | 53,981 | 650 | ||||||
AU Small Finance Bank Ltd. (Banks) | 534,574 | 3,760 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 129,687 | 1,199 | |||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 195,221 | 1,039 | ||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 2,773,570 | 1,618 | |||||||
Polycab India Ltd. (Electrical equipment) | 51,605 | 1,808 | |||||||
Tube Investments of India Ltd. (Automobile components) | 40,036 | 1,244 | |||||||
UPL Ltd. (Chemicals) | 112,432 | 981 | |||||||
Varun Beverages Ltd. (Beverages) | 73,052 | 1,230 | |||||||
15,033 | |||||||||
Indonesia—1.0% | |||||||||
Bank Negara Indonesia Persero Tbk PT (Banks) | 1,940,700 | 1,210 | |||||||
* | Mitra Adiperkasa Tbk PT (Broadline retail) | 12,334,100 | 1,242 | ||||||
2,452 | |||||||||
South Korea—0.8% | |||||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 137,690 | 1,788 | |||||||
Taiwan—1.8% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 23,600 | 2,042 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 39,451 | 2,242 | |||||||
4,284 | |||||||||
Thailand—0.5% | |||||||||
Tisco Financial Group PCL (Banks) | 437,700 | 1,286 | |||||||
United Kingdom—12.1% | |||||||||
* | Abcam PLC—ADR (Biotechnology) | 110,130 | 1,482 | ||||||
Beazley PLC (Insurance) | 528,198 | 3,893 | |||||||
Burford Capital Ltd. (Financial services) | 172,124 | 1,602 | |||||||
CVS Group PLC (Health care providers & services) | 57,696 | 1,320 | |||||||
Diploma PLC (Trading companies & distributors) | 118,987 | 4,125 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 80,986 | 2,771 | |||||||
IntegraFin Holdings PLC (Capital markets) | 256,612 | 861 | |||||||
* | Kin & Carta PLC (IT services) | 415,022 | 396 | ||||||
Pets at Home Group PLC (Specialty retail) | 406,721 | 1,852 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 61,057 | 3,084 | |||||||
Rotork PLC (Machinery) | 1,053,032 | 4,089 | |||||||
Safestore Holdings PLC (Specialized REITs) | 89,523 | 1,049 | |||||||
Softcat PLC (IT services) | 153,000 | 2,446 | |||||||
28,970 | |||||||||
Emerging Latin America—7.4% | |||||||||
Brazil—1.9% | |||||||||
Arezzo Industria e Comercio SA (Textiles, apparel & luxury goods) | 61,900 | 775 | |||||||
Rumo SA (Ground transportation) | 425,100 | 1,581 | |||||||
TOTVS SA (Software) | 390,900 | 2,172 | |||||||
4,528 |
See accompanying Notes to Portfolio of Investments.
45 |
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Mexico—5.5% | |||||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 690,300 | $ | 2,172 | ||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 463,800 | 5,180 | |||||||
Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure) | 114,430 | 3,500 | |||||||
Qualitas Controladora SAB de CV (Insurance) | 178,200 | 1,138 | |||||||
Regional SAB de CV (Banks) | 156,600 | 1,196 | |||||||
13,186 | |||||||||
Asia—5.3% | |||||||||
Australia—3.9% | |||||||||
EBOS Group Ltd. (Health care providers & services) | 88,623 | 2,577 | |||||||
IDP Education Ltd. (Diversified consumer services) | 56,424 | 1,030 | |||||||
Johns Lyng Group Ltd. (Construction & engineering) | 170,425 | 728 | |||||||
Pro Medicus Ltd. (Health care technology) | 62,202 | 2,656 | |||||||
Steadfast Group Ltd. (Insurance) | 641,357 | 2,508 | |||||||
9,499 | |||||||||
New Zealand—1.4% | |||||||||
Mainfreight Ltd. (Air freight & logistics) | 75,402 | 3,301 | |||||||
Emerging Europe, Mid-East, Africa—3.6% | |||||||||
Greece—0.7% | |||||||||
JUMBO SA (Specialty retail) | 76,289 | 1,613 | |||||||
Poland—0.5% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 12,820 | 1,162 | ||||||
South Africa—1.6% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 89,122 | 1,268 | |||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 179,750 | 2,596 | |||||||
3,864 | |||||||||
United Arab Emirates—0.8% | |||||||||
* | Network International Holdings PLC (Financial services) | 638,974 | 1,930 | ||||||
Canada—5.3% | |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 11,611 | 1,856 | |||||||
EQB, Inc. (Banks) | 28,609 | 1,234 | |||||||
* | Kinaxis, Inc. (Software) | 26,761 | 3,674 | ||||||
North West Co., Inc. (Consumer staples distribution & retail) | 87,683 | 2,452 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 97,024 | 2,326 | |||||||
Richelieu Hardware Ltd. (Trading companies & distributors) | 40,539 | 1,120 | |||||||
12,662 | |||||||||
Total Common Stocks—98.0% (cost $219,540) | 234,673 |
See accompanying Notes to Portfolio of Investments.
46 |
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $5,095, collateralized by U.S. Treasury Note, 0.625% - 3.625%, due 03/31/30 - 05/15/30, valued at $5,196 | $ | 5,094 | $ | 5,094 | |||||
Total Repurchase Agreement—2.1% (cost $5,094) | 5,094 | ||||||||
Total Investments—100.1% (cost $224,634) | 239,767 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (272 | ) | |||||||
Net assets—100.0% | $ | 239,495 |
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
47 |
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 34.7 | % | ||
Information Technology | 16.8 | % | ||
Financials | 12.9 | % | ||
Consumer Discretionary | 12.0 | % | ||
Health Care | 9.3 | % | ||
Consumer Staples | 7.2 | % | ||
Communication Services | 2.5 | % | ||
Real Estate | 1.8 | % | ||
Utilities | 1.4 | % | ||
Energy | 1.0 | % | ||
Materials | 0.4 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 18.1 | % | ||
Japanese Yen | 14.2 | % | ||
British Pound Sterling | 12.5 | % | ||
Swedish Krona | 11.8 | % | ||
Indian Rupee | 6.4 | % | ||
Mexican Peso | 5.6 | % | ||
Canadian Dollar | 5.4 | % | ||
Swiss Franc | 4.0 | % | ||
Chinese Yuan Renminbi | 3.4 | % | ||
Australian Dollar | 3.0 | % | ||
New Zealand Dollar | 2.5 | % | ||
Norwegian Krone | 2.3 | % | ||
U.S. Dollar | 1.9 | % | ||
Brazilian Real | 1.9 | % | ||
New Taiwan Dollar | 1.8 | % | ||
South African Rand | 1.7 | % | ||
Indonesian Rupiah | 1.0 | % | ||
All Other Currencies | 2.5 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
48 |
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—70.1% | |||||||||
China—29.8% | |||||||||
Airtac International Group (Machinery) | 144,000 | $ | 5,604 | ||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,192,228 | 15,249 | ||||||
China Merchants Bank Co. Ltd. (Banks) | 1,036,000 | 5,292 | |||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 279,556 | 7,454 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 57,100 | 3,374 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. (Food products) | 452,101 | 5,036 | |||||||
JD.com, Inc. (Broadline retail) | 211,204 | 4,628 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 30,959 | 8,200 | |||||||
Midea Group Co. Ltd. (Household durables) | 720,300 | 5,640 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 414,700 | 4,242 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 90,000 | 1,417 | |||||||
Suzhou Maxwell Technologies Co. Ltd. (Electrical equipment) | 99,996 | 4,438 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 328,100 | 16,125 | |||||||
Wuxi Lead Intelligent Equipment Co. Ltd. (Machinery) | 622,769 | 3,669 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 118,600 | 4,908 | |||||||
95,276 | |||||||||
India—16.0% | |||||||||
Asian Paints Ltd. (Chemicals) | 66,744 | 2,245 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 65,125 | 4,450 | |||||||
Britannia Industries Ltd. (Food products) | 73,934 | 3,888 | |||||||
Havells India Ltd. (Electrical equipment) | 167,786 | 2,431 | |||||||
HDFC Bank Ltd. (Banks) | 412,543 | 8,077 | |||||||
Housing Development Finance Corp. Ltd. (Financial services) | 170,625 | 5,439 | |||||||
Infosys Ltd. (IT services) | 262,562 | 4,555 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 240,079 | 5,594 | ||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 342,560 | 9,716 | |||||||
UPL Ltd. (Chemicals) | 552,996 | 4,826 | |||||||
51,221 | |||||||||
Indonesia—6.0% | |||||||||
Bank Central Asia Tbk PT (Banks) | 22,841,200 | 13,329 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 17,936,100 | 5,658 | |||||||
18,987 | |||||||||
South Korea—5.5% | |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 257,168 | 12,642 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 8,560 | 4,833 | |||||||
17,475 | |||||||||
Taiwan—11.3% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 21,000 | 1,817 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 4,230,449 | 3,515 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 39,000 | 2,383 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 183,000 | 4,730 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 254,877 | 23,709 | |||||||
36,154 | |||||||||
Thailand—1.5% | |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 5,582,200 | 4,816 |
See accompanying Notes to Portfolio of Investments.
49 |
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—22.7% | |||||||||
Argentina—1.6% | |||||||||
* | Globant SA (IT services)† | 30,240 | $ | 4,960 | |||||
Brazil—13.6% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 3,221,800 | 6,579 | |||||||
Banco BTG Pactual SA (Capital markets) | 817,100 | 3,168 | |||||||
* | Locaweb Servicos de Internet SA (IT services) | 2,246,100 | 2,123 | ||||||
* | MercadoLibre, Inc. (Broadline retail) | 8,231 | 10,849 | ||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 621,000 | 2,996 | |||||||
Rumo SA (Ground transportation) | 1,059,500 | 3,940 | |||||||
TOTVS SA (Software) | 915,800 | 5,088 | |||||||
WEG SA (Electrical equipment) | 1,090,300 | 8,723 | |||||||
43,466 | |||||||||
Mexico—6.0% | |||||||||
Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure) | 377,600 | 7,366 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 2,964,900 | 11,846 | |||||||
19,212 | |||||||||
Peru—1.5% | |||||||||
Credicorp Ltd. (Banks)† | 36,582 | 4,843 | |||||||
Emerging Mid-East, Africa—4.5% | |||||||||
Saudi Arabia—1.2% | |||||||||
Saudi Arabian Oil Co. (Oil, gas & consumable fuels) | 462,553 | 3,980 | |||||||
South Africa—3.3% | |||||||||
Capitec Bank Holdings Ltd. (Banks) | 67,509 | 6,399 | |||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 288,199 | 4,162 | |||||||
10,561 | |||||||||
Asia—0.9% | |||||||||
Hong Kong—0.9% | |||||||||
AIA Group Ltd. (Insurance) | 285,400 | 3,005 | |||||||
Total Common Stocks—98.2% (cost $306,496) | 313,956 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $5,020, collateralized by U.S. Treasury Note, 0.125%, due 01/15/30, valued at $5,120 | $ | 5,020 | 5,020 | ||||||
Total Repurchase Agreement—1.6% (cost $5,020) | 5,020 |
See accompanying Notes to Portfolio of Investments.
50 |
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Value | ||||||||
Total Investments—99.8% (cost $311,516) | $ | 318,976 | |||||||
Cash and other assets, less liabilities—0.2% | 646 | ||||||||
Net assets—100.0% | $ | 319,622 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
51 |
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Financials | 22.2 | % | ||
Information Technology | 21.7 | % | ||
Industrials | 15.7 | % | ||
Consumer Discretionary | 14.0 | % | ||
Consumer Staples | 11.5 | % | ||
Communication Services | 5.1 | % | ||
Energy | 4.4 | % | ||
Health Care | 3.1 | % | ||
Materials | 2.3 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 16.3 | % | ||
Chinese Yuan Renminbi | 15.0 | % | ||
U.S. Dollar | 14.1 | % | ||
Hong Kong Dollar | 14.1 | % | ||
Brazilian Real | 10.4 | % | ||
New Taiwan Dollar | 6.2 | % | ||
Mexican Peso | 6.1 | % | ||
Indonesian Rupiah | 6.1 | % | ||
South Korean Won | 5.6 | % | ||
South African Rand | 4.6 | % | ||
Thai Baht | 1.5 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
52 |
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—75.1% | |||||||||
China—24.6% | |||||||||
Airtac International Group (Machinery) | 235,852 | $ | 9,179 | ||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,842,000 | 23,559 | ||||||
ANTA Sports Products Ltd. (Textiles, apparel & luxury goods) | 503,000 | 7,305 | |||||||
Bank of Chengdu Co. Ltd. (Banks) | 1,815,835 | 3,583 | |||||||
Bank of Ningbo Co. Ltd. (Banks) | 921,500 | 3,662 | |||||||
Chacha Food Co. Ltd. (Food products) | 124,485 | 767 | |||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 565,090 | 15,068 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 85,300 | 5,040 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. (Food products) | 318,529 | 3,548 | |||||||
JD.com, Inc. (Broadline retail) | 509,471 | 11,163 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 63,574 | 16,838 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 982,500 | 7,748 | |||||||
* | Meituan (Hotels, restaurants & leisure) | 264,936 | 4,843 | ||||||
NetEase, Inc. (Entertainment) | 560,700 | 9,857 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 215,420 | 5,701 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 537,963 | 5,503 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 746,760 | 36,701 | |||||||
Wuliangye Yibin Co. Ltd. (Beverages) | 347,899 | 9,974 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 81,100 | 3,356 | |||||||
183,395 | |||||||||
India—18.8% | |||||||||
ABB India Ltd. (Electrical equipment) | 79,630 | 3,251 | |||||||
APL Apollo Tubes Ltd. (Metals & mining) | 141,416 | 2,077 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 73,588 | 3,856 | |||||||
Asian Paints Ltd. (Chemicals) | 78,415 | 2,637 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 99,962 | 6,830 | |||||||
Bharat Electronics Ltd. (Aerospace & defense) | 1,830,751 | 2,172 | |||||||
Britannia Industries Ltd. (Food products) | 67,901 | 3,571 | |||||||
Dabur India Ltd. (Personal care products) | 307,783 | 2,049 | |||||||
* | Devyani International Ltd. (Hotels, restaurants & leisure) | 654,301 | 1,146 | ||||||
Havells India Ltd. (Electrical equipment) | 97,384 | 1,411 | |||||||
HDFC Bank Ltd. (Banks) | 706,251 | 13,827 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 117,366 | 3,656 | |||||||
Housing Development Finance Corp. Ltd. (Financial services) | 293,352 | 9,352 | |||||||
Infosys Ltd. (IT services) | 201,820 | 3,501 | |||||||
Jubilant Foodworks Ltd. (Hotels, restaurants & leisure) | 55,262 | 296 | |||||||
Kajaria Ceramics Ltd. (Building products) | 135,661 | 1,734 | |||||||
KEI Industries Ltd. (Electrical equipment) | 120,626 | 2,481 | |||||||
KPIT Technologies Ltd. (Software) | 322,698 | 3,624 | |||||||
* | Macrotech Developers Ltd. (Real estate management & development) | 147,386 | 1,664 | ||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 470,556 | 2,505 | ||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 3,275,147 | 1,911 | |||||||
Nestle India Ltd. (Food products) | 9,580 | 2,294 | |||||||
Oberoi Realty Ltd. (Real estate management & development) | 145,139 | 1,487 | |||||||
Page Industries Ltd. (Textiles, apparel & luxury goods) | 789 | 364 | |||||||
PI Industries Ltd. (Chemicals) | 52,517 | 1,937 | |||||||
Pidilite Industries Ltd. (Chemicals) | 83,096 | 2,377 | |||||||
Polycab India Ltd. (Electrical equipment) | 60,288 | 2,112 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 782,843 | 22,204 | |||||||
SRF Ltd. (Chemicals) | 83,519 | 2,442 | |||||||
Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 426,446 | 5,097 |
See accompanying Notes to Portfolio of Investments.
53 |
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Tata Consultancy Services Ltd. (IT services) | 90,249 | $ | 3,518 | ||||||
Tata Consumer Products Ltd. (Food products) | 259,125 | 2,242 | |||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 131,160 | 4,014 | |||||||
Trent Ltd. (Specialty retail) | 156,870 | 2,627 | |||||||
Tube Investments of India Ltd. (Automobile components) | 84,356 | 2,621 | |||||||
UNO Minda Ltd. (Automobile components) | 537,580 | 3,139 | |||||||
UPL Ltd. (Chemicals) | 285,621 | 2,492 | |||||||
Varun Beverages Ltd. (Beverages) | 322,347 | 5,429 | |||||||
139,947 | |||||||||
Indonesia—5.2% | |||||||||
Astra International Tbk PT (Automobiles) | 4,834,600 | 1,934 | |||||||
Bank Central Asia Tbk PT (Banks) | 40,216,695 | 23,468 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 36,991,851 | 11,669 | |||||||
United Tractors Tbk PT (Oil, gas & consumable fuels) | 1,048,900 | 2,036 | |||||||
39,107 | |||||||||
Philippines—1.2% | |||||||||
BDO Unibank, Inc. (Banks) | 1,833,604 | 4,334 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 1,112,420 | 4,367 | |||||||
8,701 | |||||||||
South Korea—7.0% | |||||||||
JYP Entertainment Corp. (Entertainment) | 62,041 | 3,689 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 21,502 | 2,367 | |||||||
* | Samsung Biologics Co. Ltd. (Life sciences tools & services) | 6,606 | 3,998 | ||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 661,239 | 32,507 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 17,240 | 9,733 | |||||||
52,294 | |||||||||
Taiwan—15.1% | |||||||||
Accton Technology Corp. (Communications equipment) | 288,000 | 3,018 | |||||||
Advantech Co. Ltd. (Technology hardware, storage & peripherals) | 220,766 | 2,690 | |||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 61,000 | 2,484 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 65,000 | 2,444 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 45,300 | 3,920 | |||||||
Chailease Holding Co. Ltd. (Financial services) | 669,190 | 4,912 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 280,000 | 1,632 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 3,170,915 | 2,635 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 67,000 | 4,093 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 145,132 | 4,376 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 145,000 | 3,748 | |||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 69,000 | 2,380 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 393,000 | 4,414 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 649,000 | 11,361 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 538,513 | 50,093 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 106,586 | 6,056 | |||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 73,000 | 2,697 | |||||||
112,953 |
See accompanying Notes to Portfolio of Investments.
54 |
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Thailand—3.2% | |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 9,312,400 | $ | 8,034 | ||||||
Bumrungrad Hospital PCL (Health care providers & services) | 589,600 | 3,897 | |||||||
Central Pattana PCL (Real estate management & development) | 2,682,400 | 5,393 | |||||||
* | Central Plaza Hotel PCL (Hotels, restaurants & leisure) | 1,188,400 | 1,946 | ||||||
Central Retail Corp. PCL (Broadline retail) | 2,037,200 | 2,666 | |||||||
PTT Exploration & Production PCL (Oil, gas & consumable fuels) | 512,200 | 2,254 | |||||||
24,190 | |||||||||
Emerging Latin America—13.6% | |||||||||
Argentina—0.3% | |||||||||
* | Globant SA (IT services)† | 15,285 | 2,507 | ||||||
Brazil—7.3% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 898,600 | 1,835 | |||||||
Banco BTG Pactual SA (Capital markets) | 698,100 | 2,707 | |||||||
Hypera SA (Pharmaceuticals) | 465,900 | 3,465 | |||||||
Itau Unibanco Holding SA—ADR (Banks) | 1,031,877 | 5,025 | |||||||
Localiza Rent a Car SA (Ground transportation) | 250,000 | 2,634 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 12,612 | 16,623 | ||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 337,200 | 1,639 | |||||||
Patria Investments Ltd. (Capital markets)† | 127,130 | 1,882 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 827,300 | 3,991 | |||||||
Rumo SA (Ground transportation) | 651,100 | 2,422 | |||||||
TOTVS SA (Software) | 681,900 | 3,789 | |||||||
Vinci Partners Investments Ltd. (Capital markets)† | 164,107 | 1,334 | |||||||
WEG SA (Electrical equipment) | 870,341 | 6,963 | |||||||
54,309 | |||||||||
Chile—0.4% | |||||||||
Sociedad Quimica y Minera de Chile SA—ADR (Chemicals) | 32,907 | 2,667 | |||||||
Mexico—5.3% | |||||||||
Arca Continental SAB de CV (Beverages) | 628,200 | 5,696 | |||||||
Banco del Bajio SA (Banks) | 658,400 | 2,395 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 606,300 | 1,908 | |||||||
Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure) | 287,000 | 5,599 | |||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 12,740 | 3,904 | |||||||
Prologis Property Mexico SA de CV (Industrial REITs) | 731,000 | 2,633 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 4,380,500 | 17,502 | |||||||
39,637 | |||||||||
Peru—0.3% | |||||||||
Credicorp Ltd. (Banks)† | 18,795 | 2,488 | |||||||
Emerging Europe, Mid-East, Africa—6.6% | |||||||||
Poland—0.8% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 62,074 | 5,624 | ||||||
Qatar—0.3% | |||||||||
Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels) | 1,556,932 | 1,480 |
See accompanying Notes to Portfolio of Investments.
55 |
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East, Africa—(continued) | |||||||||
Qatar—(continued) | |||||||||
Qatar National Bank QPSC (Banks) | 245,347 | $ | 1,083 | ||||||
2,563 | |||||||||
Saudi Arabia—2.2% | |||||||||
Alinma Bank (Banks) | 239,834 | 1,882 | |||||||
Arabian Internet & Communications Services Co. (IT services) | 31,193 | 2,067 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 45,235 | 2,094 | |||||||
Dallah Healthcare Co. (Health care providers & services) | 41,694 | 1,711 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 36,553 | 2,838 | |||||||
Elm Co. (IT services) | 20,307 | 2,390 | |||||||
Nahdi Medical Co. (Consumer staples distribution & retail) | 39,715 | 1,953 | |||||||
Saudi Arabian Oil Co. (Oil, gas & consumable fuels) | 187,519 | 1,614 | |||||||
16,549 | |||||||||
South Africa—1.9% | |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 258,802 | 5,792 | |||||||
Bidvest Group Ltd. (Industrial conglomerates) | 196,817 | 2,801 | |||||||
Capitec Bank Holdings Ltd. (Banks) | 19,780 | 1,875 | |||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 123,913 | 1,790 | |||||||
Shoprite Holdings Ltd. (Consumer staples distribution & retail) | 148,779 | 1,857 | |||||||
14,115 | |||||||||
United Arab Emirates—1.4% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 1,505,301 | 1,713 | |||||||
* | Americana Restaurants International PLC (Hotels, restaurants & leisure) | 2,554,760 | 2,651 | ||||||
Emaar Properties PJSC (Real estate management & development) | 2,482,363 | 3,785 | |||||||
* | Salik Co. PJSC (Transportation infrastructure) | 2,973,758 | 2,340 | ||||||
10,489 | |||||||||
Asia—2.4% | |||||||||
Hong Kong—2.4% | |||||||||
AIA Group Ltd. (Insurance) | 1,663,200 | 17,512 | |||||||
Total Common Stocks—97.7% (cost $675,629) | 729,047 | ||||||||
Rights | |||||||||
Emerging Latin America—0.0% | |||||||||
Brazil—0.0% | |||||||||
* | Localiza Rent A Car SA, Expiring 5/11/2023 (Ground transportation) | 1,540 | 4 | ||||||
Total Rights—0.0% (cost $0) | 4 |
See accompanying Notes to Portfolio of Investments.
56 |
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $10,406, collateralized by U.S. Treasury Bond, 1.125% - 4.500%, due 05/15/38 - 08/15/40, valued at $10,612 | $ | 10,404 | $ | 10,404 | |||||
Total Repurchase Agreement—1.4% (cost $10,404) | 10,404 | ||||||||
Total Investments—99.1% (cost $686,033) | 739,455 | ||||||||
Cash and other assets, less liabilities—0.9% | 6,546 | ||||||||
Net assets—100.0% | $ | 746,001 |
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.
57 |
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 22.7 | % | ||
Financials | 17.3 | % | ||
Consumer Discretionary | 15.5 | % | ||
Consumer Staples | 13.8 | % | ||
Industrials | 9.6 | % | ||
Communication Services | 6.9 | % | ||
Health Care | 5.3 | % | ||
Energy | 4.1 | % | ||
Real Estate | 2.5 | % | ||
Materials | 2.3 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 19.2 | % | ||
Hong Kong Dollar | 16.3 | % | ||
U.S. Dollar | 11.9 | % | ||
Chinese Yuan Renminbi | 10.0 | % | ||
New Taiwan Dollar | 9.9 | % | ||
South Korean Won | 7.2 | % | ||
Indonesian Rupiah | 5.4 | % | ||
Mexican Peso | 4.9 | % | ||
South African Rand | 4.2 | % | ||
Brazilian Real | 4.0 | % | ||
Thai Baht | 3.3 | % | ||
UAE Dirham | 1.4 | % | ||
Philippine Peso | 1.2 | % | ||
All Other Currencies | 1.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
58 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—69.7% | |||||||||
India—23.5% | |||||||||
ABB India Ltd. (Electrical equipment) | 1,807 | $ | 74 | ||||||
* | Affle India Ltd. (Media) | 2,828 | 34 | ||||||
APL Apollo Tubes Ltd. (Metals & mining) | 5,413 | 80 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 2,409 | 126 | |||||||
Asian Paints Ltd. (Chemicals) | 2,659 | 89 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 2,482 | 170 | |||||||
Bharat Electronics Ltd. (Aerospace & defense) | 38,874 | 46 | |||||||
Britannia Industries Ltd. (Food products) | 1,237 | 65 | |||||||
Computer Age Management Services Ltd. (Professional services) | 2,007 | 50 | |||||||
Dabur India Ltd. (Personal care products) | 8,136 | 54 | |||||||
* | Devyani International Ltd. (Hotels, restaurants & leisure) | 29,026 | 51 | ||||||
Escorts Kubota Ltd. (Machinery) | 2,324 | 53 | |||||||
Fine Organic Industries Ltd. (Chemicals) | 748 | 39 | |||||||
Havells India Ltd. (Electrical equipment) | 3,453 | 50 | |||||||
HDFC Bank Ltd. (Banks) | 21,445 | 420 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 6,881 | 214 | |||||||
Housing Development Finance Corp. Ltd. (Financial services) | 8,953 | 285 | |||||||
Infosys Ltd. (IT services) | 8,225 | 143 | |||||||
KEI Industries Ltd. (Electrical equipment) | 5,222 | 107 | |||||||
KPIT Technologies Ltd. (Software) | 6,963 | 78 | |||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 12,769 | 68 | ||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 95,733 | 56 | |||||||
Nestle India Ltd. (Food products) | 316 | 76 | |||||||
PI Industries Ltd. (Chemicals) | 1,583 | 58 | |||||||
Polycab India Ltd. (Electrical equipment) | 1,482 | 52 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 20,072 | 569 | |||||||
SRF Ltd. (Chemicals) | 2,302 | 67 | |||||||
Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 10,517 | 126 | |||||||
Tata Consultancy Services Ltd. (IT services) | 4,370 | 170 | |||||||
Tata Elxsi Ltd. (Software) | 554 | 40 | |||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 3,055 | 94 | |||||||
Trent Ltd. (Specialty retail) | 6,536 | 110 | |||||||
Tube Investments of India Ltd. (Automobile components) | 2,695 | 84 | |||||||
UNO Minda Ltd. (Automobile components) | 17,090 | 100 | |||||||
UPL Ltd. (Chemicals) | 11,369 | 99 | |||||||
Varun Beverages Ltd. (Beverages) | 11,398 | 192 | |||||||
4,189 | |||||||||
Indonesia—6.5% | |||||||||
Astra International Tbk PT (Automobiles) | 157,500 | 63 | |||||||
Bank Central Asia Tbk PT (Banks) | 1,254,400 | 732 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 1,147,200 | 362 | |||||||
1,157 | |||||||||
Philippines—2.4% | |||||||||
BDO Unibank, Inc. (Banks) | 90,118 | 213 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 28,350 | 111 | |||||||
Wilcon Depot, Inc. (Specialty retail) | 177,000 | 98 | |||||||
422 | |||||||||
South Korea—11.4% | |||||||||
JYP Entertainment Corp. (Entertainment) | 3,165 | 188 |
See accompanying Notes to Portfolio of Investments.
59 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
South Korea—(continued) | |||||||||
Kakao Corp. (Interactive media & services) | 1,216 | $ | 57 | ||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 1,271 | 140 | |||||||
NAVER Corp. (Interactive media & services) | 801 | 124 | |||||||
* | Samsung Biologics Co. Ltd. (Life sciences tools & services) | 198 | 120 | ||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 23,802 | 1,170 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 411 | 232 | |||||||
2,031 | |||||||||
Taiwan—21.7% | |||||||||
Accton Technology Corp. (Communications equipment) | 10,000 | 105 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 1,500 | 130 | |||||||
Chailease Holding Co. Ltd. (Financial services) | 35,000 | 257 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 15,000 | 87 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 141,000 | 117 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 3,300 | 202 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 4,103 | 124 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 5,000 | 129 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 12,000 | 135 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 129,000 | 2,258 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 3,700 | 210 | |||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 3,000 | 111 | |||||||
3,865 | |||||||||
Thailand—4.2% | |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 274,700 | 237 | |||||||
Bumrungrad Hospital PCL (Health care providers & services) | 19,100 | 126 | |||||||
Central Pattana PCL (Real estate management & development) | 71,200 | 143 | |||||||
* | Central Plaza Hotel PCL (Hotels, restaurants & leisure) | 55,800 | 92 | ||||||
Central Retail Corp. PCL (Broadline retail) | 49,600 | 65 | |||||||
PTT Exploration & Production PCL (Oil, gas & consumable fuels) | 16,900 | 74 | |||||||
737 | |||||||||
Emerging Latin America—17.9% | |||||||||
Argentina—0.6% | |||||||||
* | Globant SA (IT services)† | 624 | 102 | ||||||
Brazil—10.3% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 58,800 | 120 | |||||||
Banco BTG Pactual SA (Capital markets) | 33,000 | 128 | |||||||
Hypera SA (Pharmaceuticals) | 18,400 | 137 | |||||||
Itau Unibanco Holding SA—ADR (Banks) | 50,880 | 248 | |||||||
Localiza Rent a Car SA (Ground transportation) | 8,800 | 93 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 279 | 368 | ||||||
Patria Investments Ltd. (Capital markets)† | 6,367 | 94 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 27,900 | 135 | |||||||
Rumo SA (Ground transportation) | 31,600 | 117 | |||||||
TOTVS SA (Software) | 27,200 | 151 | |||||||
Vinci Partners Investments Ltd. (Capital markets)† | 7,280 | 59 | |||||||
WEG SA (Electrical equipment) | 23,500 | 188 | |||||||
1,838 |
See accompanying Notes to Portfolio of Investments.
60 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Chile—0.5% | |||||||||
Sociedad Quimica y Minera de Chile SA—ADR (Chemicals) | 969 | $ | 79 | ||||||
Mexico—6.0% | �� | ||||||||
Arca Continental SAB de CV (Beverages) | 10,300 | 93 | |||||||
Banco del Bajio SA (Banks) | 35,300 | 128 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 69,800 | 220 | |||||||
Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure) | 6,130 | 188 | |||||||
Regional SAB de CV (Banks) | 11,800 | 90 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 88,100 | 352 | |||||||
1,071 | |||||||||
Peru—0.5% | |||||||||
Credicorp Ltd. (Banks)† | 676 | 89 | |||||||
Emerging Europe, Mid-East, Africa—10.5% | |||||||||
Poland—1.1% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 2,108 | 191 | ||||||
Qatar—0.6% | |||||||||
Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels) | 42,730 | 41 | |||||||
Qatar National Bank QPSC (Banks) | 16,539 | 73 | |||||||
114 | |||||||||
Saudi Arabia—3.0% | |||||||||
Alinma Bank (Banks) | 11,016 | 86 | |||||||
Arabian Internet & Communications Services Co. (IT services) | 921 | 61 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 1,237 | 57 | |||||||
Dallah Healthcare Co. (Health care providers & services) | 1,144 | 47 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 1,557 | 121 | |||||||
Elm Co. (IT services) | 626 | 74 | |||||||
Nahdi Medical Co. (Consumer staples distribution & retail) | 1,216 | 60 | |||||||
Saudi Tadawul Group Holding Co. (Capital markets) | 806 | 31 | |||||||
537 | |||||||||
South Africa—4.0% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 9,863 | 140 | |||||||
Capitec Bank Holdings Ltd. (Banks) | 1,249 | 118 | |||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 5,721 | 83 | |||||||
Naspers Ltd. (Broadline retail) | 1,080 | 200 | |||||||
Shoprite Holdings Ltd. (Consumer staples distribution & retail) | 13,829 | 173 | |||||||
714 | |||||||||
United Arab Emirates—1.8% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 49,643 | 56 | |||||||
* | Americana Restaurants International PLC (Hotels, restaurants & leisure) | 87,719 | 91 | ||||||
Emaar Properties PJSC (Real estate management & development) | 73,155 | 112 | |||||||
* | Salik Co. PJSC (Transportation infrastructure) | 80,295 | 63 | ||||||
322 | |||||||||
Total Common Stocks—98.1% (cost $16,796) | 17,458 |
See accompanying Notes to Portfolio of Investments.
61 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Rights | |||||||||
Emerging Latin America—0.0% | |||||||||
Brazil—0.0% | |||||||||
* | Localiza Rent A Car SA, Expiring 5/11/2023 (Ground transportation) | 39 | $ | — | |||||
Total Rights—0.0% (cost $0) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $343, collateralized by U.S. Treasury Note, 0.125%, due 01/15/30, valued at $350 | $ | 343 | 343 | ||||||
Total Repurchase Agreement—1.9% (cost $343) | 343 | ||||||||
Total Investments—100.0% (cost $17,139) | 17,801 | ||||||||
Cash and other assets, less liabilities—0.0% | 5 | ||||||||
Net assets—100.0% | $ | 17,806 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
62 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 32.5 | % | ||
Financials | 22.2 | % | ||
Consumer Staples | 9.7 | % | ||
Industrials | 8.8 | % | ||
Consumer Discretionary | 8.7 | % | ||
Health Care | 6.3 | % | ||
Energy | 3.9 | % | ||
Materials | 2.9 | % | ||
Real Estate | 2.7 | % | ||
Communication Services | 2.3 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 24.0 | % | ||
New Taiwan Dollar | 22.1 | % | ||
South Korean Won | 11.6 | % | ||
South African Rand | 7.2 | % | ||
Indonesian Rupiah | 6.6 | % | ||
Mexican Peso | 6.1 | % | ||
Brazilian Real | 6.1 | % | ||
U.S. Dollar | 6.0 | % | ||
Thai Baht | 4.2 | % | ||
Philippine Peso | 2.4 | % | ||
UAE Dirham | 1.9 | % | ||
Polish Zloty | 1.1 | % | ||
All Other Currencies | 0.7 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
63 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—65.0% | |||||||||
China—13.4% | |||||||||
Airtac International Group (Machinery) | 83,158 | $ | 3,236 | ||||||
Anhui Guangxin Agrochemical Co. Ltd. (Chemicals) | 689,373 | 3,309 | |||||||
Centre Testing International Group Co. Ltd. (Professional services) | 1,056,805 | 3,153 | |||||||
China Meidong Auto Holdings Ltd. (Specialty retail) | 170,000 | 367 | |||||||
Estun Automation Co. Ltd. (Machinery) | 353,300 | 1,443 | |||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 5,865,112 | 6,034 | |||||||
Jiangsu Hengli Hydraulic Co. Ltd. (Machinery) | 238,302 | 2,296 | |||||||
Jiumaojiu International Holdings Ltd. (Hotels, restaurants & leisure) | 2,296,000 | 5,464 | |||||||
Juewei Food Co. Ltd. (Food products) | 125,722 | 802 | |||||||
Longshine Technology Group Co. Ltd. (Software) | 431,258 | 1,677 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 304,249 | 8,051 | |||||||
Shanghai M&G Stationery, Inc. (Commercial services & supplies) | 213,147 | 1,523 | |||||||
Sichuan Swellfun Co. Ltd. (Beverages) | 146,091 | 1,601 | |||||||
Sunresin New Materials Co. Ltd. (Chemicals) | 116,800 | 1,617 | |||||||
Topsports International Holdings Ltd. (Specialty retail) | 2,039,000 | 1,865 | |||||||
Zhejiang Dingli Machinery Co. Ltd. (Machinery) | 280,578 | 2,237 | |||||||
44,675 | |||||||||
India—18.5% | |||||||||
* | Aavas Financiers Ltd. (Financial services) | 15,177 | 295 | ||||||
ABB India Ltd. (Electrical equipment) | 99,970 | 4,081 | |||||||
APL Apollo Tubes Ltd. (Metals & mining) | 396,679 | 5,826 | |||||||
Astral Ltd. (Building products) | 29,441 | 478 | |||||||
AU Small Finance Bank Ltd. (Banks) | 378,121 | 2,659 | |||||||
Carborundum Universal Ltd. (Chemicals) | 33,151 | 398 | |||||||
Century Plyboards India Ltd. (Paper & forest products) | 90,640 | 515 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 233,547 | 2,160 | |||||||
GMM Pfaudler Ltd. (Machinery) | 64,433 | 1,145 | |||||||
* | Godrej Properties Ltd. (Real estate management & development) | 48,354 | 605 | ||||||
Gujarat Fluorochemicals Ltd. (Chemicals) | 15,623 | 571 | |||||||
Havells India Ltd. (Electrical equipment) | 23,494 | 341 | |||||||
* | Jindal Stainless Ltd. (Metals & mining) | 435,563 | 1,537 | ||||||
KEI Industries Ltd. (Electrical equipment) | 232,538 | 4,782 | |||||||
KPIT Technologies Ltd. (Software) | 265,917 | 2,987 | |||||||
* | Macrotech Developers Ltd. (Real estate management & development) | 167,656 | 1,893 | ||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 577,309 | 3,073 | ||||||
Navin Fluorine International Ltd. (Chemicals) | 9,899 | 514 | |||||||
Oberoi Realty Ltd. (Real estate management & development) | 148,860 | 1,525 | |||||||
PI Industries Ltd. (Chemicals) | 9,278 | 342 | |||||||
Polycab India Ltd. (Electrical equipment) | 136,714 | 4,789 | |||||||
Radico Khaitan Ltd. (Beverages) | 89,143 | 1,298 | |||||||
SRF Ltd. (Chemicals) | 11,498 | 336 | |||||||
Sumitomo Chemical India Ltd. (Chemicals) | 197,099 | 1,020 | |||||||
Sundram Fasteners Ltd. (Automobile components) | 69,979 | 832 | |||||||
Trent Ltd. (Specialty retail) | 165,112 | 2,766 | |||||||
Triveni Turbine Ltd. (Electrical equipment) | 521,774 | 2,124 | |||||||
Tube Investments of India Ltd. (Automobile components) | 132,590 | 4,119 | |||||||
UNO Minda Ltd. (Automobile components) | 86,559 | 505 | |||||||
Varun Beverages Ltd. (Beverages) | 344,660 | 5,805 | |||||||
Vinati Organics Ltd. (Chemicals) | 92,822 | 2,043 |
See accompanying Notes to Portfolio of Investments.
64 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India—(continued) | |||||||||
VIP Industries Ltd. (Textiles, apparel & luxury goods) | 49,267 | $ | 342 | ||||||
61,706 | |||||||||
Indonesia—3.1% | |||||||||
Bank Negara Indonesia Persero Tbk PT (Banks) | 8,420,600 | 5,251 | |||||||
* | PT Mitra Adiperkasa Tbk (Broadline retail) | 39,754,600 | 4,003 | ||||||
United Tractors Tbk PT (Oil, gas & consumable fuels) | 655,800 | 1,273 | |||||||
10,527 | |||||||||
Philippines—1.9% | |||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 269,260 | 1,057 | |||||||
* | TDCX, Inc.—ADR (Professional services) | 19,289 | 172 | ||||||
Wilcon Depot, Inc. (Specialty retail) | 9,203,001 | 5,078 | |||||||
6,307 | |||||||||
South Korea—5.8% | |||||||||
F&F Co. Ltd. (Textiles, apparel & luxury goods) | 35,328 | 3,786 | |||||||
JYP Entertainment Corporation (Entertainment) | 108,176 | 6,431 | |||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 367,705 | 4,773 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 14,104 | 1,553 | |||||||
Orion Corp. (Food products) | 25,817 | 2,709 | |||||||
19,252 | |||||||||
Taiwan—19.1% | |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 95,000 | 3,869 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 177,000 | 6,656 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 70,900 | 6,136 | |||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 184,000 | 1,100 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 91,000 | 5,559 | |||||||
Faraday Technology Corp. (Semiconductors & semiconductor equipment) | 370,000 | 2,388 | |||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 235,000 | 3,998 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 230,669 | 6,955 | |||||||
Nanya Technology Corp. (Semiconductors & semiconductor equipment) | 2,796,000 | 6,106 | |||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 187,000 | 6,449 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 555,000 | 6,234 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 97,507 | 5,540 | |||||||
Wiwynn Corporation (Technology hardware, storage & peripherals) | 75,000 | 2,771 | |||||||
63,761 | |||||||||
Thailand—3.2% | |||||||||
Bumrungrad Hospital PCL (Health care providers & services) | 784,900 | 5,188 | |||||||
* | Central Plaza Hotel PCL (Hotels, restaurants & leisure) | 1,903,000 | 3,116 | ||||||
Com7 PCL (Specialty retail) | 2,671,800 | 2,383 | |||||||
10,687 | |||||||||
Emerging Europe, Mid-East—18.0% | |||||||||
Greece—3.6% | |||||||||
JUMBO S.A. (Specialty retail) | 74,301 | 1,571 | |||||||
Motor Oil Hellas Corinth Refineries SA (Oil, gas & consumable fuels) | 179,476 | 4,609 | |||||||
Terna Energy SA (Independent power & renewable electricity producers) | 269,940 | 5,756 | |||||||
11,936 |
See accompanying Notes to Portfolio of Investments.
65 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East—(continued) | |||||||||
Kazakhstan—1.4% | |||||||||
Kaspi.KZ JSC—GDR (Consumer finance) | 60,553 | $ | 4,572 | ||||||
Poland—2.5% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 92,719 | 8,401 | ||||||
Qatar—0.2% | |||||||||
Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels) | 859,706 | 817 | |||||||
Romania—0.5% | |||||||||
Banca Transilvania SA (Banks) | 398,097 | 1,701 | |||||||
Saudi Arabia—7.0% | |||||||||
Arabian Internet & Communications Services Co. (IT services) | 29,025 | 1,924 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 79,973 | 3,703 | |||||||
Dallah Healthcare Co. (Health care providers & services) | 68,050 | 2,792 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 59,801 | 4,642 | |||||||
Elm Co. (IT services) | 33,861 | 3,985 | |||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 103,383 | 2,892 | |||||||
Nahdi Medical Co. (Consumer staples distribution & retail) | 67,840 | 3,336 | |||||||
23,274 | |||||||||
United Arab Emirates—2.8% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 1,431,258 | 1,629 | |||||||
* | Americana Restaurants International PLC (Hotels, restaurants & leisure) | 3,320,912 | 3,446 | ||||||
* | Emirates Central Cooling Systems Corp. (Water utilities) | 549,037 | 263 | ||||||
* | Salik Co. PJSC (Transportation infrastructure) | 4,953,699 | 3,898 | ||||||
9,236 | |||||||||
Emerging Latin America—16.4% | |||||||||
Brazil—4.6% | |||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables) | 324,200 | 901 | |||||||
Hypera SA (Pharmaceuticals) | 639,300 | 4,755 | |||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 377,300 | 1,834 | |||||||
TOTVS SA (Software) | 1,394,900 | 7,750 | |||||||
15,240 | |||||||||
Mexico—11.8% | |||||||||
Banco del Bajio SA (Banks) | 1,788,000 | 6,504 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 1,345,300 | 4,233 | |||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 858,899 | 9,592 | |||||||
Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure) | 301,450 | 9,221 | |||||||
Grupo Comercial Chedraui SA de CV (Consumer staples distribution & retail) | 194,200 | 1,110 | |||||||
Prologis Property Mexico SA de CV (Industrial REITs) | 715,600 | 2,577 | |||||||
Qualitas Controladora SAB de CV (Insurance) | 235,000 | 1,500 | |||||||
Regional SAB de CV (Banks) | 606,200 | 4,631 | |||||||
39,368 | |||||||||
Total Common Stocks—99.4% (cost $291,076) | 331,460 |
See accompanying Notes to Portfolio of Investments.
66 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $2,042, collateralized by U.S. Treasury Note, 0.125%, due 01/15/30, valued at $2,083 | $ | 2,042 | $ | 2,042 | |||||
Total Repurchase Agreement—0.6% (cost $2,042) | 2,042 | ||||||||
Total Investments—100.0% (cost $293,118) | 333,502 | ||||||||
Cash and other assets, less liabilities—0.0% | 144 | ||||||||
Net assets—100.0% | $ | 333,646 |
ADR = American Depository Receipt
GDR = Global Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
67 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 25.2 | % | ||
Industrials | 18.4 | % | ||
Consumer Discretionary | 13.6 | % | ||
Consumer Staples | 10.0 | % | ||
Financials | 9.9 | % | ||
Health Care | 6.2 | % | ||
Materials | 5.4 | % | ||
Real Estate | 3.8 | % | ||
Utilities | 3.6 | % | ||
Energy | 2.0 | % | ||
Communication Services | 1.9 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
New Taiwan Dollar | 20.2 | % | ||
Indian Rupee | 18.6 | % | ||
Mexican Peso | 11.9 | % | ||
Chinese Yuan Renminbi | 10.2 | % | ||
South African Rand | 7.0 | % | ||
South Korean Won | 5.8 | % | ||
Brazilian Real | 4.6 | % | ||
Euro | 3.6 | % | ||
Thai Baht | 3.2 | % | ||
Indonesian Rupiah | 3.2 | % | ||
UAE Dirham | 2.8 | % | ||
Polish Zloty | 2.5 | % | ||
Hong Kong Dollar | 2.3 | % | ||
Philippine Peso | 1.9 | % | ||
U.S. Dollar | 1.4 | % | ||
All Other Currencies | 0.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
68 |
China Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—95.2% | |||||||||
China—95.2% | |||||||||
Aier Eye Hospital Group Co. Ltd. (Health care providers & services) | 10,537 | $ | 48 | ||||||
Airtac International Group (Machinery) | 1,000 | 39 | |||||||
AK Medical Holdings Ltd. (Health care equipment & supplies) | 12,000 | 14 | |||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 11,500 | 147 | ||||||
Bank of Chengdu Co. Ltd. (Banks) | 9,300 | 18 | |||||||
Bank of Ningbo Co. Ltd. (Banks) | 8,790 | 35 | |||||||
Beijing Kingsoft Office Software, Inc. (Software) | 968 | 67 | |||||||
China Merchants Bank Co. Ltd. (Banks) | 11,000 | 56 | |||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 3,200 | 85 | |||||||
Chongqing Zhifei Biological Products Co. Ltd. (Biotechnology) | 800 | 9 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 800 | 47 | |||||||
East Money Information Co. Ltd. (Capital markets) | 15,620 | 45 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. (Food products) | 6,910 | 77 | |||||||
Guanghui Energy Co. Ltd. (Oil, gas & consumable fuels) | 7,500 | 10 | |||||||
Hangzhou Tigermed Consulting Co. Ltd. (Life sciences tools & services) | 1,417 | 20 | |||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 22,000 | 23 | |||||||
Inner Mongolia Yili Industrial Group Co. Ltd. (Food products) | 3,200 | 14 | |||||||
JD.com, Inc. (Broadline retail) | 2,602 | 57 | |||||||
Jiangsu Hengli Hydraulic Co. Ltd. (Machinery) | 3,000 | 29 | |||||||
Juewei Food Co. Ltd. (Food products) | 2,200 | 14 | |||||||
* | Kuaishou Technology (Interactive media & services) | 2,600 | 20 | ||||||
Kweichow Moutai Co. Ltd. (Beverages) | 400 | 106 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 4,000 | 32 | |||||||
* | LONGi Green Energy Technology Co. Ltd. (Semiconductors & semiconductor equipment) | 2,400 | 14 | ||||||
Maxscend Microelectronics Co. Ltd. (Electronic equipment, instruments & components) | 1,000 | 18 | |||||||
* | Meituan (Hotels, restaurants & leisure) | 3,010 | 55 | ||||||
NAURA Technology Group Co. Ltd. (Semiconductors & semiconductor equipment) | 800 | 31 | |||||||
NetEase, Inc. (Entertainment) | 3,400 | 60 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 1,720 | 45 | |||||||
SG Micro Corp. (Semiconductors & semiconductor equipment) | 1,250 | 28 | |||||||
Shanghai M&G Stationery, Inc. (Commercial services & supplies) | 2,200 | 16 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 4,300 | 44 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Health care equipment & supplies) | 400 | 18 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 2,000 | 31 | |||||||
Suzhou Maxwell Technologies Co. Ltd. (Electrical equipment) | 420 | 19 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 4,200 | 206 | |||||||
* | Topchoice Medical Corp. (Health care providers & services) | 1,000 | 19 | ||||||
Topsports International Holdings Ltd. (Specialty retail) | 14,000 | 13 | |||||||
Wuliangye Yibin Co. Ltd. (Beverages) | 1,800 | 52 | |||||||
WuXi AppTec Co. Ltd. (Life sciences tools & services) | 1,700 | 18 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 4,000 | 25 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd. (Machinery) | 2,700 | 16 | |||||||
Yonyou Network Technology Co. Ltd. (Software) | 6,000 | 22 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 900 | 37 | |||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (Semiconductors & semiconductor equipment) | 1,600 | 15 | |||||||
Zhongsheng Group Holdings Ltd. (Specialty retail) | 4,000 | 20 | |||||||
1,834 |
See accompanying Notes to Portfolio of Investments.
69 |
China Growth Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks–(continued) | |||||||||
Asia—3.6% | |||||||||
Hong Kong—3.6% | |||||||||
AIA Group Ltd. (Insurance) | 4,600 | $ | 48 | ||||||
Hong Kong Exchanges & Clearing Ltd. (Capital markets) | 500 | 22 | |||||||
70 | |||||||||
Total Common Stocks—98.8% (cost $2,418) | 1,904 | ||||||||
Total Investments—98.8% (cost $2,418) | 1,904 | ||||||||
Cash and other assets, less liabilities—1.2% | 23 | ||||||||
Net assets—100.0% | $ | 1,927 |
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
70 |
China Growth Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 21.5 | % | ||
Consumer Staples | 16.2 | % | ||
Communication Services | 15.0 | % | ||
Information Technology | 11.9 | % | ||
Financials | 11.8 | % | ||
Industrials | 11.0 | % | ||
Health Care | 10.9 | % | ||
Utilities | 1.2 | % | ||
Energy | 0.5 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Chinese Yuan Renminbi | 54.7 | % | ||
Hong Kong Dollar | 41.6 | % | ||
New Taiwan Dollar | 3.7 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
71 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—66.6% | |||||||||
Angola—1.6% | |||||||||
Angolan Government International Bond, 8.000%, due 11/26/29 | $ | 300 | $ | 258 | |||||
Angolan Government International Bond, 9.125%, due 11/26/49 | 400 | 310 | |||||||
Angolan Government International Bond, 9.375%, due 5/8/48 | 200 | 157 | |||||||
725 | |||||||||
Argentina—1.6% | |||||||||
Argentine Government International Bond, 3.000%, due 1/9/38 (a) | EUR | 320 | 81 | ||||||
Argentine Government International Bond, 3.500%, due 7/9/41 (a) | $ | 2,315 | 645 | ||||||
726 | |||||||||
Armenia—0.3% | |||||||||
Republic of Armenia International Bond, 3.600%, due 2/2/31 | 200 | 153 | |||||||
Bahrain—1.3% | |||||||||
Bahrain Government International Bond, 5.250%, due 1/25/33 | 200 | 174 | |||||||
Bahrain Government International Bond, 6.250%, due 1/25/51 | 300 | 234 | |||||||
Bahrain Government International Bond, 7.000%, due 1/26/26 | 200 | 205 | |||||||
613 | |||||||||
Benin—0.3% | |||||||||
Benin Government International Bond, 6.875%, due 1/19/52 | EUR | 200 | 150 | ||||||
Bermuda—0.7% | |||||||||
Bermuda Government International Bond, 3.375%, due 8/20/50 | $ | 460 | 327 | ||||||
Brazil—1.5% | |||||||||
Brazil Letras do Tesouro Nacional, 0.000%, due 1/1/26 | BRL | 900 | 130 | ||||||
Brazilian Government International Bond, 4.750%, due 1/14/50 | $ | 480 | 354 | ||||||
Brazil Notas do Tesouro Nacional Serie F, 10.000%, due 1/1/25 | BRL | 560 | 107 | ||||||
Brazil Notas do Tesouro Nacional Serie F, 10.000%, due 1/1/33 | 610 | 103 | |||||||
694 | |||||||||
Cameroon—0.4% | |||||||||
Republic of Cameroon Government International Bond, 5.950%, due 7/7/32 (b) | EUR | 250 | 194 |
See accompanying Notes to Portfolio of Investments.
72 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Chile—1.2% | |||||||||
Chile Government International Bond, 2.550%, due 7/27/33 | $ | 680 | $ | 558 | |||||
Colombia—2.6% | |||||||||
Colombia Government International Bond, 3.250%, due 4/22/32 | 700 | 521 | |||||||
Colombia Government International Bond, 4.125%, due 2/22/42 | 330 | 214 | |||||||
Colombia Government International Bond, 5.000%, due 6/15/45 | 450 | 315 | |||||||
Colombia TES, 7.000%, due 6/30/32 | COP | 1,170,000 | 186 | ||||||
1,236 | |||||||||
Costa Rica—0.7% | |||||||||
Costa Rica Government International Bond, 4.375%, due 4/30/25 | $ | 340 | 332 | ||||||
Dominican Republic—3.5% | |||||||||
Dominican Republic International Bond, 4.875%, due 9/23/32 | 840 | 712 | |||||||
Dominican Republic International Bond, 5.300%, due 1/21/41 | 200 | 156 | |||||||
Dominican Republic International Bond, 5.875%, due 1/30/60 | 360 | 273 | |||||||
Dominican Republic Central Bank Note, 13.000%, due 12/5/25 | DOP | 6,000 | 109 | ||||||
Dominican Republic Central Bank Note, 13.000%, due 1/30/26 (b) | 20,000 | 362 | |||||||
1,612 | |||||||||
Ecuador—1.6% | |||||||||
Ecuador Government International Bond, 0.000%, due 7/31/30 | $ | 110 | 33 | ||||||
Ecuador Government International Bond, 1.500%, due 7/31/40 (a) | 230 | 69 | |||||||
Ecuador Government International Bond, 2.500%, due 7/31/35 (a) | 1,570 | 519 | |||||||
Ecuador Government International Bond, 5.500%, due 7/31/30 (a) | 310 | 143 | |||||||
764 | |||||||||
Egypt—3.3% | |||||||||
Egypt Government International Bond, 4.550%, due 11/20/23 | 200 | 189 | |||||||
Egypt Government International Bond, 4.750%, due 4/16/26 | EUR | 200 | 159 | ||||||
Egypt Government International Bond, 6.375%, due 4/11/31 | 250 | 162 | |||||||
Egypt Government International Bond, 7.300%, due 9/30/33 (b) | $ | 250 | 153 |
See accompanying Notes to Portfolio of Investments.
73 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Egypt—(continued) | |||||||||
Egypt Government International Bond, 7.500%, due 2/16/61 | $ | 250 | $ | 134 | |||||
Egypt Government International Bond, 8.750%, due 9/30/51 | 250 | 145 | |||||||
Egypt Government International Bond, 8.750%, due 9/30/51 (b) | 250 | 145 | |||||||
Egypt Government International Bond, 8.875%, due 5/29/50 | 750 | 439 | |||||||
1,526 | |||||||||
El Salvador—1.0% | |||||||||
El Salvador Government International Bond, 6.375%, due 1/18/27 | 225 | 123 | |||||||
El Salvador Government International Bond, 7.625%, due 2/1/41 | 300 | 138 | |||||||
El Salvador Government International Bond, 8.250%, due 4/10/32 | 210 | 110 | |||||||
El Salvador Government International Bond, 9.500%, due 7/15/52 | 225 | 115 | |||||||
486 | |||||||||
Gabon—1.1% | |||||||||
Gabon Government International Bond, 6.950%, due 6/16/25 | 200 | 186 | |||||||
Gabon Government International Bond, 7.000%, due 11/24/31 | 450 | 344 | |||||||
530 | |||||||||
Ghana—1.6% | |||||||||
Ghana Government International Bond, 0.000%, due 4/7/25 (c) | 350 | 116 | |||||||
Ghana Government International Bond, 6.375%, due 2/11/27 (c) | 600 | 212 | |||||||
Ghana Government International Bond, 7.750%, due 4/7/29 (c) | 500 | 171 | |||||||
Ghana Government International Bond, 8.625%, due 4/7/34 (c) | 400 | 136 | |||||||
Ghana Government International Bond, 8.950%, due 3/26/51 (c) | 350 | 116 | |||||||
751 | |||||||||
Guatemala—0.7% | |||||||||
Guatemala Government Bond, 3.700%, due 10/7/33 | 400 | 332 | |||||||
Hungary—2.0% | |||||||||
Hungary Government Bond, 2.500%, due 10/24/24 | HUF | 200,000 | 493 | ||||||
Hungary Government International Bond, 3.125%, due 9/21/51 | $ | 400 | 244 |
See accompanying Notes to Portfolio of Investments.
74 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Hungary—(continued) | |||||||||
Hungary Government International Bond, 6.750%, due 9/25/52 (b) | $ | 200 | $ | 207 | |||||
944 | |||||||||
Indonesia—3.2% | |||||||||
Indonesia Government International Bond, 3.400%, due 9/18/29 | 550 | 512 | |||||||
Indonesia Government International Bond, 5.650%, due 1/11/53 | 500 | 519 | |||||||
Indonesia Government International Bond, 6.500%, due 6/15/25 | IDR | 3,500,000 | 234 | ||||||
Indonesia Government International Bond, 7.125%, due 6/15/42 | 3,500,000 | 236 | |||||||
1,501 | |||||||||
Iraq—0.3% | |||||||||
Iraq International Bond, 5.800%, due 1/15/28 | $ | 156 | 146 | ||||||
Ivory Coast—1.0% | |||||||||
Ivory Coast Government International Bond, 6.625%, due 3/22/48 | EUR | 600 | 451 | ||||||
Kenya—1.5% | |||||||||
Kenya Government International Bond, 6.875%, due 6/24/24 | $ | 300 | 277 | ||||||
Kenya Government International Bond, 8.250%, due 2/28/48 | 600 | 441 | |||||||
718 | |||||||||
Lebanon—0.4% | |||||||||
Lebanon Government International Bond, 5.800%, due 4/14/20 (c) | 1,400 | 86 | |||||||
Lebanon Government International Bond, 6.850%, due 3/23/27 (c) | 600 | 38 | |||||||
Lebanon Government International Bond, 7.150%, due 11/20/31 (c) | 1,200 | 74 | |||||||
198 | |||||||||
Mexico—1.6% | |||||||||
Mexico Government International Bond, 3.750%, due 4/19/71 | 400 | 266 | |||||||
Mexico Government International Bond, 5.625%, due 3/19/14 | GBP | 275 | 255 | ||||||
Mexico Government International Bond, 6.350%, due 2/9/35 | $ | 200 | 213 | ||||||
734 |
See accompanying Notes to Portfolio of Investments.
75 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Mongolia—1.1% | |||||||||
Mongolia Government International Bond, 4.450%, due 7/7/31 | $ | 200 | $ | 149 | |||||
Mongolia Government International Bond, 5.125%, due 4/7/26 | 200 | 176 | |||||||
Mongolia Government International Bond, 8.650%, due 1/19/28 (b) | 200 | 196 | |||||||
521 | |||||||||
Morocco—0.3% | |||||||||
Morocco Government International Bond, 4.000%, due 12/15/50 | 200 | 135 | |||||||
Mozambique—0.6% | |||||||||
Mozambique International Bond, 5.000%, due 9/15/31 (a) | 400 | 285 | |||||||
Nigeria—1.5% | |||||||||
Nigeria Government International Bond, 6.500%, due 11/28/27 | 400 | 325 | |||||||
Nigeria Government International Bond, 8.250%, due 9/28/51 (b) | 475 | 313 | |||||||
Nigeria Government International Bond, 8.250%, due 9/28/51 | 75 | 50 | |||||||
688 | |||||||||
Oman—0.8% | |||||||||
Oman Government International Bond, 6.750%, due 1/17/48 | 400 | 378 | |||||||
Pakistan—1.0% | |||||||||
Pakistan Government International Bond, 8.875%, due 4/8/51 | 1,350 | 453 | |||||||
Panama—1.7% | |||||||||
Panama Government International Bond, 3.870%, due 7/23/60 | 510 | 333 | |||||||
Panama Government International Bond, 4.500%, due 4/1/56 | 200 | 149 | |||||||
Panama Government International Bond, 4.500%, due 1/19/63 | 400 | 288 | |||||||
770 | |||||||||
Paraguay—1.7% | |||||||||
Paraguay Government International Bond, 2.739%, due 1/29/33 | 980 | 787 | |||||||
Peru—2.0% | |||||||||
Peruvian Government International Bond, 2.783%, due 1/23/31 | 840 | 716 |
See accompanying Notes to Portfolio of Investments.
76 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Peru—(continued) | |||||||||
Peruvian Government International Bond, 3.600%, due 1/15/72 | $ | 300 | $ | 200 | |||||
916 | |||||||||
Philippines—2.2% | |||||||||
Philippine Government International Bond, 3.700%, due 2/2/42 | 500 | 411 | |||||||
Philippines Government International Bond, 5.609%, due 4/13/33 | 600 | 639 | |||||||
1,050 | |||||||||
Poland—0.4% | |||||||||
Poland Government International Bond, 5.500%, due 4/4/53 | 200 | 202 | |||||||
Qatar—2.4% | |||||||||
Qatar Government International Bond, 4.400%, due 4/16/50 | 1,000 | 922 | |||||||
Qatar Government International Bond, 5.103%, due 4/23/48 | 200 | 203 | |||||||
1,125 | |||||||||
Romania—1.5% | |||||||||
Romanian Government International Bond, 2.875%, due 4/13/42 | EUR | 100 | 64 | ||||||
Romanian Government International Bond, 3.375%, due 1/28/50 | 630 | 410 | |||||||
Romania Government International Bond, 7.625%, due 1/17/53 (b) | $ | 200 | 214 | ||||||
688 | |||||||||
Saudi Arabia—2.9% | |||||||||
Saudi Government International Bond, 2.250%, due 2/2/33 | 400 | 328 | |||||||
Saudi Government International Bond, 3.250%, due 11/17/51 | 200 | 140 | |||||||
Saudi Government International Bond, 3.450%, due 2/2/61 | 800 | 565 | |||||||
Saudi Government International Bond, 3.750%, due 1/21/55 | 200 | 154 | |||||||
Saudi Government International Bond, 5.000%, due 1/18/53 (b) | 200 | 186 | |||||||
1,373 | |||||||||
Senegal—0.3% | |||||||||
Senegal Government International Bond, 5.375%, due 6/8/37 | EUR | 200 | 138 |
See accompanying Notes to Portfolio of Investments.
77 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Serbia—0.7% | |||||||||
Serbia International Bond, 2.050%, due 9/23/36 | EUR | 200 | $ | 131 | |||||
Serbia International Bond, 6.500%, due 9/26/33 (b) | $ | 200 | 198 | ||||||
329 | |||||||||
South Africa—1.8% | |||||||||
South Africa Government International Bond, 5.750%, due 9/30/49 | 800 | 586 | |||||||
South Africa Government International Bond, 8.750%, due 2/28/48 | ZAR | 5,400 | 233 | ||||||
819 | |||||||||
Sri Lanka—1.2% | |||||||||
Sri Lanka Government International Bond, 5.750%, due 4/18/23 (a)(c) | $ | 400 | 140 | ||||||
Sri Lanka Government International Bond, 6.850%, due 11/3/25 (a)(c) | 400 | 145 | |||||||
Sri Lanka Government International Bond, 7.850%, due 3/14/29 (a)(c) | 800 | 279 | |||||||
564 | |||||||||
Tunisia—0.7% | |||||||||
Tunisian Republic, 5.750%, due 1/30/25 | 450 | 254 | |||||||
Tunisian Republic, 6.375%, due 7/15/26 | EUR | 100 | 58 | ||||||
312 | |||||||||
Turkey—3.3% | |||||||||
Turkey Government International Bond, 4.875%, due 10/9/26 | $ | 200 | 181 | ||||||
Turkey Government International Bond, 4.875%, due 4/16/43 | 900 | 595 | |||||||
Turkey Government International Bond, 5.950%, due 1/15/31 | 200 | 169 | |||||||
Turkey Government International Bond, 6.000%, due 3/25/27 | 200 | 185 | |||||||
Turkey Government International Bond, 9.375%, due 3/14/29 | 200 | 204 | |||||||
Turkey Government International Bond, 9.375%, due 1/19/33 | 200 | 203 | |||||||
1,537 | |||||||||
Ukraine—0.8% | |||||||||
Ukraine Government International Bond, 0.000%, due 8/1/41 (a)(c) | 280 | 74 | |||||||
Ukraine Government International Bond, 6.876%, due 5/21/31 (a)(c) | 200 | 34 |
See accompanying Notes to Portfolio of Investments.
78 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Ukraine—(continued) | |||||||||
Ukraine Government International Bond, 7.253%, due 3/15/35 (a)(c) | $ | 1,500 | $ | 256 | |||||
364 | |||||||||
United Arab Emirates—0.6% | |||||||||
Abu Dhabi Government International Bond, 2.700%, due 9/2/70 | 450 | 281 | |||||||
Uruguay—0.7% | |||||||||
Uruguay Government International Bond, 4.975%, due 4/20/55 | 350 | 344 | |||||||
Vietnam—0.4% | |||||||||
Vietnam Government International Bond, 4.800%, due 11/19/24 | 200 | 195 | |||||||
Zambia—1.0% | |||||||||
Zambia Government International Bond, 8.500%, due 4/14/24 (a) | 400 | 179 | |||||||
Zambia Government International Bond, 8.970%, due 7/30/27 (a) | 600 | 266 | |||||||
445 | |||||||||
Total Foreign Government Bonds—66.6% (cost $34,979) | 31,100 | ||||||||
Foreign Corporate Bonds—27.4% | |||||||||
Brazil—1.9% | |||||||||
Banco BTG Pactual SA, 2.750%, due 1/11/26 | 200 | 178 | |||||||
Embraer Netherlands Finance BV, 5.050%, due 6/15/25 | 200 | 193 | |||||||
ERO Copper Corp., 6.500%, due 2/15/30 | 200 | 174 | |||||||
Minerva Luxembourg SA, 4.375%, due 3/18/31 | 200 | 164 | |||||||
Petrorio Luxembourg Trading Sarl, 6.125%, due 6/9/26 | 200 | 186 | |||||||
895 | |||||||||
Chile—1.9% | |||||||||
Banco de Chile, 2.990%, due 12/9/31 | 200 | 164 | |||||||
CAP SA, 3.900%, due 4/27/31 | 250 | 192 | |||||||
Empresa Nacional del Petroleo, 5.250%, due 11/6/29 | 450 | 428 | |||||||
VTR Finance NV, 6.375%, due 7/15/28 | 200 | 81 | |||||||
865 |
See accompanying Notes to Portfolio of Investments.
79 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
China—3.0% | |||||||||
Airport Authority, 4.875%, due 1/12/33 (b) | $ | 200 | $ | 205 | |||||
Bank of East Asia Ltd., 5 year CMT + 5.527%, 5.825%, due 10/21/25, (d)(e) | 250 | 210 | |||||||
China Evergrande Group, 9.500%, due 3/29/24 (a)(c) | 300 | 23 | |||||||
China Hongqiao Group Ltd., 6.250%, due 6/8/24 | 200 | 192 | |||||||
ENN Clean Energy International Investment Ltd., 3.375%, due 5/12/26 | 200 | 178 | |||||||
Lenovo Group Ltd., 5.875%, due 4/24/25 | 200 | 201 | |||||||
Sinochem Offshore Capital Co. Ltd., 2.375%, due 9/23/31 | 500 | 394 | |||||||
Yuzhou Group Holdings Co. Ltd., 7.850%, due 8/12/26 (c) | 200 | 18 | |||||||
1,421 | |||||||||
Colombia—1.0% | |||||||||
Canacol Energy Ltd., 5.750%, due 11/24/28 (b) | 200 | 161 | |||||||
Gran Tierra Energy International Holdings Ltd., 6.250%, due 2/15/25 | 200 | 170 | |||||||
SierraCol Energy Andina LLC, 6.000%, due 6/15/28 | 200 | 154 | |||||||
485 | |||||||||
Costa Rica—0.8% | |||||||||
Instituto Costarricense de Electricidad, 6.375%, due 5/15/43 | 250 | 202 | |||||||
Liberty Costa Rica Senior Secured Finance, 10.875%, due 1/15/31 (b) | 200 | 188 | |||||||
390 | |||||||||
Dominican Republic—0.9% | |||||||||
Aeropuertos Dominicanos Siglo XXI SA, 6.750%, due 3/30/29 | 200 | 194 | |||||||
Empresa Generadora de Electricidad Haina SA, 5.625%, due 11/8/28 (b) | 250 | 222 | |||||||
416 | |||||||||
Georgia—0.4% | |||||||||
Energo-Pro AS, 8.500%, due 2/4/27 | 200 | 191 | |||||||
Guatemala—1.2% | |||||||||
Banco Industrial SA, 5 year CMT + 4.442%, 4.875%, due 1/29/31 (d)(e) | 200 | 185 | |||||||
Energuate Trust, 5.875%, due 5/3/27 | 200 | 183 |
See accompanying Notes to Portfolio of Investments.
80 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Guatemala—(continued) | |||||||||
Investment Energy Resources Ltd., 6.250%, due 4/26/29 (b) | $ | 200 | $ | 184 | |||||
552 | |||||||||
India—1.2% | |||||||||
Continuum Energy Levanter Pte. Ltd., 4.500%, due 2/9/27 | 186 | 164 | |||||||
European Bank for Reconstruction & Development, 5.150%, due 2/16/24 | INR | 20,000 | 236 | ||||||
Export-Import Bank of India, 2.250%, due 1/13/31 | $ | 200 | 160 | ||||||
560 | |||||||||
Indonesia—2.7% | |||||||||
Medco Laurel Tree Pte. Ltd., 6.950%, due 11/12/28 | 200 | 176 | |||||||
Nickel Industries Ltd., 6.500%, due 4/1/24 (b) | 200 | 191 | |||||||
Pertamina Persero PT, 2.300%, due 2/9/31 | 200 | 165 | |||||||
Pertamina Persero PT, 3.100%, due 8/27/30 | 400 | 352 | |||||||
Pertamina Persero PT, 6.000%, due 5/3/42 | 200 | 197 | |||||||
Perusahaan Penerbit SBSN Indonesia III, 4.700%, due 6/6/32 (b) | 200 | 199 | |||||||
1,280 | |||||||||
Kazakhstan—1.3% | |||||||||
KazMunayGas National Co. JSC, 3.500%, due 4/14/33 | 800 | 598 | |||||||
Kuwait—0.4% | |||||||||
NBK Tier 1 Ltd., 6 year CMT + 2.875%, 3.625%, due 8/24/26 (d)(e) | 200 | 170 | |||||||
Malaysia—0.9% | |||||||||
Dua Capital Ltd., 2.780%, due 5/11/31 | 300 | 253 | |||||||
Petronas Capital Ltd., 4.550%, due 4/21/50 | 200 | 188 | |||||||
441 | |||||||||
Mexico—4.5% | |||||||||
Banco Mercantil del Norte SA, 5 year CMT + 4.643%, 5.875%, due 1/24/27 (d)(e) | 200 | 169 | |||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, due 4/17/25 | 200 | 198 | |||||||
Credito Real SAB de CV SOFOM ER, 5.000%, due 2/1/27 (c) | EUR | 200 | 16 |
See accompanying Notes to Portfolio of Investments.
81 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Mexico—(continued) | |||||||||
Petroleos Mexicanos, 7.690%, due 1/23/50 | $ | 250 | $ | 175 | |||||
Petroleos Mexicanos, 6.750%, due 9/21/47 | 1,248 | 807 | |||||||
Petroleos Mexicanos, 6.700%, due 2/16/32 | 430 | 341 | |||||||
Petroleos Mexicanos, 5.950%, due 1/28/31 | 300 | 228 | |||||||
Petroleos Mexicanos, 6.490%, due 1/23/27 | 200 | 181 | |||||||
2,115 | |||||||||
Mongolia—0.4% | |||||||||
Development Bank of Mongolia LLC, 7.250%, due 10/23/23 | 200 | 194 | |||||||
Peru—0.8% | |||||||||
Corp. Financiera de Desarrollo SA, 2.400%, due 9/28/27 | 420 | 357 | |||||||
Qatar—0.4% | |||||||||
QNB Finance Ltd., 1.375%, due 1/26/26 | 200 | 180 | |||||||
South Africa—0.4% | |||||||||
Stillwater Mining Co., 4.000%, due 11/16/26 | 200 | 179 | |||||||
Supranational—0.4% | |||||||||
African Export-Import Bank, 2.634%, due 5/17/26 | 200 | 179 | |||||||
Thailand—0.4% | |||||||||
Bangkok Bank PCL, 5 year CMT + 2.150%, 3.466%, due 9/23/36 (d)(e) | 200 | 162 | |||||||
Trinidad And Tobago—0.9% | |||||||||
Heritage Petroleum Co. Ltd., 9.000%, due 8/12/29 (b) | 200 | 208 | |||||||
Heritage Petroleum Co. Ltd., 9.000%, due 8/12/29 | 200 | 208 | |||||||
416 | |||||||||
Turkey—0.4% | |||||||||
Turkiye Ihracat Kredi Bankasi AS, 9.375%, due 1/31/26 (b) | 200 | 202 | |||||||
United Arab Emirates—0.8% | |||||||||
Aldar Sukuk Ltd., 4.750%, due 9/29/25 | 200 | 198 |
See accompanying Notes to Portfolio of Investments.
82 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
United Arab Emirates—(continued) | |||||||||
MAF Global Securities Ltd., 5 year CMT + 3.539%, 6.375%, due 3/20/26 (d)(e) | $ | 200 | $ | 194 | |||||
392 | |||||||||
Uzbekistan—0.4% | |||||||||
Ipoteka-Bank ATIB, 5.500%, due 11/19/25 | 200 | 183 | |||||||
Total Foreign Corporate Bonds—27.4% (cost $14,140) | 12,823 | ||||||||
Foreign Municipal Bonds—0.9% | |||||||||
Argentina—0.9% | |||||||||
Provincia de Buenos Aires, 5.250%, due 9/1/37 (a)(b) | 50 | 17 | |||||||
Provincia de Buenos Aires, 4.500%, due 9/1/37 (a)(b) | 200 | 58 | |||||||
Provincia de Cordoba, 6.875%, due 12/10/25 (a) | 200 | 170 | |||||||
Provincia del Chubut Argentina, 7.750%, due 7/26/30 (a) | 212 | 179 | |||||||
424 | |||||||||
Total Foreign Municipal Bonds—0.9% (cost $465) | 424 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.900% dated 03/31/23, due 04/03/23, repurchase price $630, collateralized by U.S. Treasury Note, 3.875%, due 12/31/29, valued at $642 | 630 | 630 | |||||||
Total Repurchase Agreement—1.4% (cost $630) | 630 | ||||||||
U.S. Government—2.7% | |||||||||
U.S. Treasury Bill, 3.427%, due 4/4/23 | 240 | 240 | |||||||
U.S. Treasury Bill, 3.838%, due 4/6/23 | 480 | 480 | |||||||
U.S. Treasury Bill, 4.639%, due 5/11/23 (f) | 350 | 348 | |||||||
U.S. Treasury Bill, 4.554%, due 5/16/23 (f) | 200 | 199 | |||||||
Total U.S. Government—2.7% (cost $1,266) | 1,267 |
See accompanying Notes to Portfolio of Investments.
83 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Value | ||||||||
Total Investments in Securities—99.0% (cost $51,480) | $ | 46,244 | |||||||
Total Investments—99.0% (cost $51,480) | 46,244 | ||||||||
Cash and other assets, less liabilities—1.0% | 474 | ||||||||
Net assets—100.0% | $ | 46,718 |
(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of March 31, 2023.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
(c) Security is currently in default and/or non-income producing.
(d) Security is perpetual in nature and has no stated maturity.
(e) Floating Rate Bond. Rate shown is as of March 31, 2023.
(f) Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $478 (in thousands).
CMT = Constant Maturity Treasury
EURIBOR = Euro Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Index Average
See accompanying Notes to Portfolio of Investments.
84 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (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) | ||||||||||||||
Sold | ||||||||||||||||||||
6/21/23 | British Pound Sterling | Citibank N.A. London | 218 | $ | 261 | $ | 269 | $ | (8 | ) | ||||||||||
6/21/23 | Euro | Citibank N.A. London | 2,025 | 2,164 | 2,205 | (41 | ) | |||||||||||||
Total net unrealized appreciation (depreciation) on forward foreign currency contracts | $ | (49 | ) |
Centrally Cleared Interest Rate Swaps
Floating Rate Reference | Pay/Receive Floating Rate | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
1-Day USD SOFR | Receive | 3.000% | 1Y | June 2062 | LCH | $ | 236 | $ | (13 | ) | $ | (13 | ) | $ | — | |||||||||||||
6 Month EURIBOR | Receive | 3.250% | 1Y | September 2032 | LCH | EUR | 128 | — | (6 | ) | (6 | ) | ||||||||||||||||
6 Month EURIBOR | Receive | 3.000% | 1Y | September 2027 | LCH | EUR | 220 | (14 | ) | (3 | ) | 11 | ||||||||||||||||
6 Month EURIBOR | Receive | 3.000% | 1Y | September 2029 | LCH | EUR | 402 | 2 | (7 | ) | (9 | ) | ||||||||||||||||
6 Month EURIBOR | Receive | 3.250% | 1Y | September 2037 | LCH | EUR | 766 | (3 | ) | (41 | ) | (38 | ) | |||||||||||||||
6 Month EURIBOR | Receive | 2.750% | 1Y | September 2047 | LCH | EUR | 318 | 4 | (10 | ) | (14 | ) | ||||||||||||||||
1-Day GBP SONIA | Receive | 3.650% | 1Y | December 2037 | LCH | GBP | 240 | — | (9 | ) | (9 | ) | ||||||||||||||||
1-Day USD SOFR | Receive | 3.000% | 1Y | December 2047 | LCH | $ | 1,197 | 18 | 19 | 1 | ||||||||||||||||||
1-Day USD SOFR | Receive | 3.250% | 1Y | December 2032 | LCH | 442 | (1 | ) | — | 1 | ||||||||||||||||||
1-Day USD SOFR | Pay | 3.250% | 1Y | December 2042 | LCH | 3,058 | 31 | 25 | (6 | ) | ||||||||||||||||||
1-Day USD SOFR | Pay | 3.250% | 1Y | December 2027 | LCH | 3,332 | (27 | ) | (34 | ) | (7 | ) | ||||||||||||||||
1-Day USD SOFR | Pay | 3.250% | 1Y | December 2029 | LCH | 1,210 | (7 | ) | (5 | ) | 2 | |||||||||||||||||
1-Day USD SOFR | Pay | 3.750% | 1Y | December 2025 | LCH | 1,047 | 2 | (4 | ) | (6 | ) | |||||||||||||||||
$ | (80 | ) |
Centrally Cleared Credit Default Swaps
Reference Entity | Buy/Sell Protection | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Kingdom of Saudi Arabia | Buy | 1.000% | 3M | June 2026 | ICE | $ | 400 | $ | (8 | ) | $ | (7 | ) | $ | 1 | |||||||||||||
Argentine Republic | Buy | 5.000% | 3M | December 2023 | ICE | 200 | 31 | 14 | (17 | ) | ||||||||||||||||||
Argentine Republic | Buy | 1.000% | 3M | December 2025 | ICE | 500 | 304 | 309 | 5 | |||||||||||||||||||
Argentine Republic | Buy | 1.000% | 3M | June 2027 | ICE | 250 | 205 | 179 | (26 | ) | ||||||||||||||||||
Republic of South Africa | Buy | 1.000% | 3M | December 2027 | ICE | 250 | 16 | 15 | (1 | ) | ||||||||||||||||||
CDX.EM.38-V1 - 5 Year Index | Buy | 1.000% | 3M | December 2027 | ICE | 4,600 | 305 | 227 | (78 | ) | ||||||||||||||||||
Argentine Republic | Sell | 5.000% | 3M | December 2031 | ICE | 500 | (293 | ) | (336 | ) | (43 | ) | ||||||||||||||||
Argentine Republic | Sell | 5.000% | 3M | June 2032 | ICE | 100 | (63 | ) | (67 | ) | (4 | ) | ||||||||||||||||
Argentine Republic | Sell | 5.000% | 3M | June 2027 | ICE | 250 | (190 | ) | (159 | ) | 31 | |||||||||||||||||
Federative Republic of Brazil | Sell | 1.000% | 3M | December 2032 | ICE | 420 | (82 | ) | (63 | ) | 19 | |||||||||||||||||
$ | (113 | ) | ||||||||||||||||||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | (193 | ) |
Currency Legend
BRL Brazilian Real
COP Colombian Peso
DOP Dominican Peso
EUR Euro
GBP British Pound Sterling
HUF Hungarian Forint
IDR Indonesian Rupiah
INR Indian Rupee
USD U.S. Dollar
ZAR South African Rand
See accompanying Notes to Portfolio of Investments.
85 |
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2023 (unaudited)
At March 31, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 89.7 | % | ||
Euro | 4.4 | % | ||
Hungarian Forint | 1.1 | % | ||
Dominican Peso | 1.0 | % | ||
Indonesian Rupiah | 1.0 | % | ||
All Other Currencies | 2.8 | % | ||
Total | 100.0 | % | ||
At March 31, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Sovereign | 71.5 | % | ||
Quasi-Sovereign | 13.2 | % | ||
Corporate | ||||
Financials | 5.4 | % | ||
Energy | 2.2 | % | ||
Utilities | 2.1 | % | ||
Materials | 2.0 | % | ||
Industrials | 0.8 | % | ||
Communication Services | 0.6 | % | ||
Information Technology | 0.4 | % | ||
Consumer Staples | 0.4 | % | ||
Sub Sovereign | 0.9 | % | ||
Supranational | 0.5 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
86 |
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, 2023, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity Funds | International Equity Funds | Emerging Markets Debt Fund | ||
Growth | International Leaders | Emerging Markets Debt | ||
Large Cap Growth | International Growth | |||
Mid Cap Growth | Institutional International Growth | |||
Mid Cap Value | International Small Cap Growth | |||
Small-Mid Cap Core | Emerging Markets Leaders | |||
Small-Mid Cap Growth | Emerging Markets Growth | |||
Small Cap Growth | Emerging Markets ex China Growth | |||
Small Cap Value | Emerging Markets Small Cap Growth | |||
China Growth | ||||
Global Equity Fund | ||||
Global Leaders |
The investment objectives of the Funds are as follows:
U.S. Equity Funds | Long-term capital appreciation. | |
Global Equity Fund | Long-term capital appreciation. | |
International Equity Funds | Long-term capital appreciation. | |
Emerging Markets Debt Fund | Provide attractive risk-adjusted returns relative to the Fund’s benchmark. |
87 |
(b) Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.
(2) Valuation
(a) Investment Valuation
The value of U.S. equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.
The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Adviser has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of March 31, 2023, fair valuation estimates for foreign equity securities were not obtained.
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements are valued at cost, which approximates fair value.
Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset.
Securities, and other assets, for which a market quotation is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
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(b) Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• | Level 1—Quoted prices (unadjusted) in active markets for an identical security. | |
• | Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated. | |
• | Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available. |
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation methodologies applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Exchange-Traded Securities
Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.
Fixed Income Securities
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.
Repurchase Agreements
Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.
Derivative Instruments
Forward foreign currency contracts and swaps are valued using pricing inputs observed from actively quoted markets and are categorized within Level 2 of the fair value hierarchy.
As of March 31, 2023, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
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Investments in securities | Growth | Large Cap Growth | Mid Cap Growth | Mid Cap Value | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 207,984 | $ | 1,267,181 | $ | 32,656 | $ | 1,502 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 591 | 17,306 | 899 | — | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
Rights | — | — | — | — | ||||||||||||
Total investments in securities | $ | 208,575 | $ | 1,284,487 | $ | 33,555 | $ | 1,502 | ||||||||
Investments in securities | Small-Mid Cap Core | Small-Mid Cap Growth | Small Cap Growth | Small Cap Value | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 148,291 | $ | 2,025,366 | $ | 583,062 | $ | 1,231,615 | ||||||||
Exchange-Traded Funds | — | — | 5,673 | — | ||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 5,137 | 54,631 | 20,419 | 36,702 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
Rights | — | — | — | — | ||||||||||||
Total investments in securities | $ | 153,428 | $ | 2,079,997 | $ | 609,154 | $ | 1,268,317 | ||||||||
Investments in securities | Global Leaders | International Leaders | International Growth | Institutional International Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 96,427 | $ | 1,077,365 | $ | 1,463,815 | $ | 871,426 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 2,493 | 26,319 | 27,980 | 14,528 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 98,920 | $ | 1,103,684 | $ | 1,491,795 | $ | 885,954 | ||||||||
Investments in securities | International Small Cap Growth | Emerging Markets Leaders | Emerging Markets Growth | Emerging Markets ex China Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 233,387 | $ | 309,140 | $ | 704,857 | $ | 16,721 | ||||||||
Rights | — | — | 4 | — | ||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 1,286 | 4,816 | 24,190 | 737 | ||||||||||||
Repurchase Agreements | 5,094 | 5,020 | 10,404 | 343 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 239,767 | $ | 318,976 | $ | 739,455 | $ | 17,801 |
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Investments in securities | Emerging Markets Small Cap Growth | China Growth | Emerging Markets Debt | |||||||||
Assets | ||||||||||||
Level 1 - Quoted prices | ||||||||||||
Common Stocks | $ | 320,773 | $ | 1,904 | $ | — | ||||||
Level 2 - Other significant observable inputs | ||||||||||||
Common Stocks | 10,687 | — | — | |||||||||
Foreign Corporate Obligations | — | — | 12,823 | |||||||||
Foreign Government Bonds | — | — | 31,100 | |||||||||
Foreign Municipal Bonds | — | — | 424 | |||||||||
Repurchase Agreements | 2,042 | — | 630 | |||||||||
U.S. Government | — | — | 1,267 | |||||||||
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 | $ | 333,502 | $ | 1,904 | $ | 46,244 | ||||||
Other financial instruments | ||||||||||||
Assets | ||||||||||||
Level 1 - Quoted prices | ||||||||||||
None | $ | — | $ | — | $ | — | ||||||
Level 2 - Other significant observable inputs | ||||||||||||
Swaps | — | — | 71 | |||||||||
Level 3 - Significant unobservable inputs | ||||||||||||
None | — | — | — | |||||||||
Liabilities | ||||||||||||
Level 1 - Quoted prices | ||||||||||||
None | — | — | — | |||||||||
Level 2 - Other significant observable inputs | ||||||||||||
Forward Foreign Currency Contracts | — | — | (49 | ) | ||||||||
Swaps | — | — | (264 | ) | ||||||||
Level 3 - Significant unobservable inputs | ||||||||||||
None | �� | — | — | — | ||||||||
Total other financial instruments | $ | — | $ | — | $ | (242 | ) |
See Portfolio of Investments for Sector Classification.
The fair value estimates for the Level 3 securities in the Mid Cap Growth, Small-Mid Cap Growth and Small Cap Growth Funds were determined in good faith by the Adviser pursuant to the Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 securities represented 0.00%, 0.00% and 0.00% as a percentage of net assets in the Mid Cap Growth, Small-Mid Cap Growth and Small Cap Growth Funds, respectively.
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(3) Financial Derivative Instruments
Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus.
Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.
The Emerging Markets Debt Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by the Emerging Markets Debt Fund with various counterparties and allow the Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.
Forward Foreign Currency Contracts
The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.
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Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:
Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. Under current regulatory requirements, a Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.
Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.
Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.
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