Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—32.6% | |||||||||
* | Advanced Micro Devices, Inc. | 43,931 | $ | 4,517 | |||||
* | Dynatrace, Inc. | 57,845 | 2,703 | ||||||
Microsoft Corp. | 68,717 | 21,697 | |||||||
* | MongoDB, Inc. | 5,333 | 1,845 | ||||||
* | Nice Ltd.—ADR | 12,941 | 2,200 | ||||||
NVIDIA Corp. | 25,234 | 10,977 | |||||||
* | Palo Alto Networks, Inc. | 27,698 | 6,494 | ||||||
Power Integrations, Inc. | 18,619 | 1,421 | |||||||
* | Pure Storage, Inc. | 84,229 | 3,000 | ||||||
* | ServiceNow, Inc. | 7,466 | 4,173 | ||||||
Texas Instruments, Inc. | 25,680 | 4,083 | |||||||
* | Tyler Technologies, Inc. | 7,466 | 2,883 | ||||||
* | Vertex, Inc. | 85,671 | 1,979 | ||||||
* | Workday, Inc. | 10,981 | 2,359 | ||||||
* | Workiva, Inc. | 17,939 | 1,818 | ||||||
72,149 | |||||||||
Health Care—15.4% | |||||||||
Abbott Laboratories | 43,694 | 4,232 | |||||||
* | HealthEquity, Inc. | 23,547 | 1,720 | ||||||
* | Intuitive Surgical, Inc. | 18,331 | 5,358 | ||||||
* | Repligen Corp. | 13,865 | 2,204 | ||||||
* | Treace Medical Concepts, Inc. | 127,362 | 1,670 | ||||||
UnitedHealth Group, Inc. | 19,051 | 9,605 | |||||||
* | Veeva Systems, Inc. | 27,096 | 5,513 | ||||||
Zoetis, Inc. | 22,686 | 3,947 | |||||||
34,249 | |||||||||
Consumer Discretionary—11.4% | |||||||||
* | Amazon.com, Inc. | 119,570 | 15,200 | ||||||
* | Bright Horizons Family Solutions, Inc. | 27,928 | 2,275 | ||||||
* | Etsy, Inc. | 10,174 | 657 | ||||||
* | Five Below, Inc. | 14,096 | 2,268 | ||||||
NIKE, Inc. | 34,688 | 3,317 | |||||||
* | Skyline Champion Corp. | 23,720 | 1,511 | ||||||
25,228 | |||||||||
Communication Services—9.0% | |||||||||
* | Alphabet, Inc. | 125,243 | 16,389 | ||||||
Warner Music Group Corp. | 89,850 | 2,821 | |||||||
* | ZipRecruiter, Inc. | 68,797 | 825 | ||||||
20,035 | |||||||||
Financials—8.2% | |||||||||
Aon PLC† | 8,272 | 2,682 | |||||||
Apollo Global Management, Inc. | 35,941 | 3,226 | |||||||
Carlyle Group, Inc. | 47,759 | 1,441 | |||||||
Mastercard, Inc. | 27,274 | 10,798 | |||||||
18,147 | |||||||||
Industrials—7.8% | |||||||||
* | ACV Auctions, Inc. | 190,290 | 2,888 | ||||||
Brink’s Co. | 50,202 | 3,647 |
See accompanying Notes to Portfolio of Investments.
1 |
Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Industrials — (continued) | |||||||||
* | Chart Industries, Inc. | 13,173 | $ | 2,228 | |||||
* | Copart, Inc. | 107,261 | 4,622 | ||||||
* | Energy Recovery, Inc. | 55,980 | 1,187 | ||||||
* | Kornit Digital Ltd.† | 19,194 | 363 | ||||||
* | Verra Mobility Corp. | 122,625 | 2,293 | ||||||
17,228 | |||||||||
Consumer Staples—5.8% | |||||||||
Coca-Cola Co. | 84,604 | 4,736 | |||||||
Estee Lauder Cos., Inc. | 10,001 | 1,445 | |||||||
Lancaster Colony Corp. | 15,912 | 2,626 | |||||||
* | Performance Food Group Co. | 47,447 | 2,793 | ||||||
* | Vital Farms, Inc. | 104,478 | 1,210 | ||||||
12,810 | |||||||||
Energy—4.4% | |||||||||
Cameco Corp. | 94,234 | 3,736 | |||||||
* | Green Plains, Inc. | 60,805 | 1,830 | ||||||
New Fortress Energy, Inc. | 67,644 | 2,217 | |||||||
Whitecap Resources, Inc. | 228,037 | 1,925 | |||||||
9,708 | |||||||||
Real Estate—1.5% | |||||||||
* | CoStar Group, Inc. | 43,931 | 3,378 | ||||||
Materials—1.1% | |||||||||
Crown Holdings, Inc. | 26,520 | 2,347 | |||||||
Total Common Stocks—97.2% (cost $125,382) | 215,279 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $5,553, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $5,663 | $ | 5,552 | 5,552 | ||||||
Total Repurchase Agreement—2.5% (cost $5,552) | 5,552 | ||||||||
Total Investments—99.7% (cost $130,934) | 220,831 | ||||||||
Cash and other assets, less liabilities—0.3% | 756 | ||||||||
Net assets—100.0% | $ | 221,587 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
2 |
Large Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—38.3% | |||||||||
Accenture PLC† | 173,680 | $ | 53,339 | ||||||
* | Advanced Micro Devices, Inc. | 252,868 | 26,000 | ||||||
Intuit, Inc. | 90,800 | 46,393 | |||||||
Lam Research Corp. | 44,750 | 28,048 | |||||||
Microsoft Corp. | 645,020 | 203,665 | |||||||
NVIDIA Corp. | 183,200 | 79,690 | |||||||
* | Palo Alto Networks, Inc. | 143,870 | 33,729 | ||||||
* | Salesforce, Inc. | 200,260 | 40,609 | ||||||
* | ServiceNow, Inc. | 63,550 | 35,522 | ||||||
Texas Instruments, Inc. | 100,180 | 15,930 | |||||||
562,925 | |||||||||
Consumer Discretionary—15.3% | |||||||||
* | Amazon.com, Inc. | 937,380 | 119,160 | ||||||
* | Chipotle Mexican Grill, Inc. | 20,120 | 36,856 | ||||||
NIKE, Inc. | 167,760 | 16,041 | |||||||
* | O’Reilly Automotive, Inc. | 34,950 | 31,765 | ||||||
Starbucks Corp. | 238,350 | 21,754 | |||||||
225,576 | |||||||||
Communication Services—11.6% | |||||||||
* | Alphabet, Inc. | 1,129,540 | 147,812 | ||||||
* | Live Nation Entertainment, Inc. | 280,842 | 23,321 | ||||||
171,133 | |||||||||
Health Care—11.5% | |||||||||
* | Intuitive Surgical, Inc. | 119,280 | 34,864 | ||||||
UnitedHealth Group, Inc. | 147,830 | 74,534 | |||||||
* | Veeva Systems, Inc. | 125,520 | 25,537 | ||||||
Zoetis, Inc. | 196,060 | 34,111 | |||||||
169,046 | |||||||||
Financials—8.7% | |||||||||
Apollo Global Management, Inc. | 363,171 | 32,598 | |||||||
Carlyle Group, Inc. | 574,980 | 17,341 | |||||||
Mastercard, Inc. | 199,140 | 78,842 | |||||||
128,781 | |||||||||
Consumer Staples—5.4% | |||||||||
Costco Wholesale Corp. | 86,080 | 48,632 | |||||||
* | Monster Beverage Corp. | 589,000 | 31,187 | ||||||
79,819 | |||||||||
Materials—3.4% | |||||||||
Linde PLC† | 90,040 | 33,527 | |||||||
Martin Marietta Materials, Inc. | 39,980 | 16,411 | |||||||
49,938 | |||||||||
Industrials—2.2% | |||||||||
* | Copart, Inc. | 739,680 | 31,873 | ||||||
Real Estate—1.6% | |||||||||
* | CoStar Group, Inc. | 300,340 | 23,093 |
See accompanying Notes to Portfolio of Investments.
3 |
Large Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Energy—1.4% | |||||||||
Pioneer Natural Resources Co. | 87,250 | $ | 20,028 | ||||||
Total Common Stocks—99.4% (cost $1,182,387) | 1,462,212 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $8,495, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $8,663 | $ | 8,493 | 8,493 | ||||||
Total Repurchase Agreement—0.6% (cost $8,493) | 8,493 | ||||||||
Total Investments—100.0% (cost $1,190,880) | 1,470,705 | ||||||||
Liabilities, plus cash and other assets—(0.0)% | (472 | ) | |||||||
Net assets—100.0% | $ | 1,470,233 |
† = U.S. listed foreign security
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
4 |
Mid Cap Value Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—15.8% | |||||||||
Acuity Brands, Inc. | 171 | $ | 29 | ||||||
AGCO Corp. | 254 | 30 | |||||||
* | Alaska Air Group, Inc. | 619 | 23 | ||||||
Flowserve Corp. | 810 | 32 | |||||||
ITT, Inc. | 359 | 35 | |||||||
Knight-Swift Transportation Holdings, Inc. | 621 | 31 | |||||||
Snap-on, Inc. | 142 | 36 | |||||||
Timken Co. | 440 | 33 | |||||||
249 | |||||||||
Information Technology—14.7% | |||||||||
* | Check Point Software Technologies Ltd.† | 217 | 29 | ||||||
Cognizant Technology Solutions Corp. | 433 | 29 | |||||||
* | DXC Technology Co. | 1,074 | 22 | ||||||
* | F5, Inc. | 193 | 31 | ||||||
* | Flex Ltd.† | 1,072 | 29 | ||||||
Hewlett Packard Enterprise Co. | 1,766 | 31 | |||||||
Jabil, Inc. | 258 | 33 | |||||||
Skyworks Solutions, Inc. | 267 | 26 | |||||||
230 | |||||||||
Financials—12.3% | |||||||||
* | Arch Capital Group Ltd.† | 457 | 36 | ||||||
East West Bancorp, Inc. | 418 | 22 | |||||||
Hartford Financial Services Group, Inc. | 390 | 28 | |||||||
Huntington Bancshares, Inc. | 1,891 | 20 | |||||||
Invesco Ltd.† | 1,704 | 25 | |||||||
KKR & Co., Inc. | 536 | 33 | |||||||
Willis Towers Watson PLC† | 140 | 29 | |||||||
193 | |||||||||
Health Care—12.0% | |||||||||
Cencora, Inc. | 161 | 29 | |||||||
* | Centene Corp. | 397 | 27 | ||||||
Encompass Health Corp. | 428 | 29 | |||||||
* | Envista Holdings Corp. | 953 | 27 | ||||||
* | Henry Schein, Inc. | 228 | 17 | ||||||
* | Hologic, Inc. | 161 | 11 | ||||||
Laboratory Corp. of America Holdings | 134 | 27 | |||||||
Viatris, Inc. | 2,117 | 21 | |||||||
188 | |||||||||
Consumer Discretionary—10.9% | |||||||||
Advance Auto Parts, Inc. | 408 | 23 | |||||||
Brunswick Corp. | 315 | 25 | |||||||
LKQ Corp. | 604 | 30 | |||||||
Ralph Lauren Corp. | 269 | 31 | |||||||
Toll Brothers, Inc. | 503 | 37 | |||||||
Whirlpool Corp. | 193 | 26 | |||||||
172 | |||||||||
Energy—7.4% | |||||||||
APA Corp. | 752 | 31 |
See accompanying Notes to Portfolio of Investments.
5 |
Mid Cap Value Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Energy—(continued) | |||||||||
Coterra Energy, Inc. | 824 | $ | 22 | ||||||
Diamondback Energy, Inc. | 194 | 30 | |||||||
Phillips 66 | 279 | 34 | |||||||
117 | |||||||||
Materials—7.0% | |||||||||
* | Axalta Coating Systems Ltd.† | 978 | 26 | ||||||
Crown Holdings, Inc. | 352 | 31 | |||||||
Huntsman Corp. | 1,035 | 25 | |||||||
PPG Industries, Inc. | 211 | 28 | |||||||
110 | |||||||||
Real Estate—5.6% | |||||||||
Camden Property Trust | 216 | 21 | |||||||
Highwoods Properties, Inc. | 982 | 20 | |||||||
Host Hotels & Resorts, Inc. | 1,756 | 28 | |||||||
VICI Properties, Inc. | 652 | 19 | |||||||
88 | |||||||||
Consumer Staples—4.5% | |||||||||
Ingredion, Inc. | 311 | 30 | |||||||
Molson Coors Beverage Co. | 248 | 16 | |||||||
Tyson Foods, Inc. | 478 | 24 | |||||||
70 | |||||||||
Utilities—3.1% | |||||||||
Entergy Corp. | 283 | 26 | |||||||
PPL Corp. | 989 | 23 | |||||||
49 | |||||||||
Communication Services—1.0% | |||||||||
* | Warner Bros Discovery, Inc. | 1,211 | 15 | ||||||
Total Common Stocks—94.3% (cost $1,557) | 1,481 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $106, collateralized by U.S. Treasury Note, 1.250%, due 12/31/26, valued at $108 | $ | 106 | 106 | ||||||
Total Repurchase Agreement—6.7% (cost $106) | 106 | ||||||||
Total Investments—101.0% (cost $1,663) | 1,587 | ||||||||
Liabilities, plus cash and other assets—(1.0)% | (15 | ) | |||||||
Net assets—100.0% | $ | 1,572 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
6 |
Small-Mid Cap Core Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—22.8% | |||||||||
* | ACV Auctions, Inc. | 133,222 | $ | 2,022 | |||||
* | Atkore, Inc. | 6,028 | 899 | ||||||
* | Axon Enterprise, Inc. | 14,433 | 2,872 | ||||||
Brink’s Co. | 33,541 | 2,436 | |||||||
* | Builders FirstSource, Inc. | 21,152 | 2,633 | ||||||
BWX Technologies, Inc. | 54,988 | 4,123 | |||||||
* | Casella Waste Systems, Inc. | 41,856 | 3,194 | ||||||
* | Chart Industries, Inc. | 21,994 | 3,720 | ||||||
* | Energy Recovery, Inc. | 32,977 | 699 | ||||||
* | GXO Logistics, Inc. | 41,966 | 2,461 | ||||||
Lincoln Electric Holdings, Inc. | 5,926 | 1,077 | |||||||
* | Mercury Systems, Inc. | 81,601 | 3,027 | ||||||
* | Shoals Technologies Group, Inc. | 60,537 | 1,105 | ||||||
* | Trex Co., Inc. | 19,917 | 1,228 | ||||||
* | Verra Mobility Corp. | 136,984 | 2,562 | ||||||
* | WillScot Mobile Mini Holdings Corp. | 55,167 | 2,294 | ||||||
36,352 | |||||||||
Health Care—14.4% | |||||||||
* | Acadia Healthcare Co., Inc. | 24,348 | 1,712 | ||||||
* | Avantor, Inc. | 44,729 | 943 | ||||||
Bio-Techne Corp. | 20,422 | 1,390 | |||||||
* | Certara, Inc. | 77,579 | 1,128 | ||||||
Chemed Corp. | 5,553 | 2,886 | |||||||
Encompass Health Corp. | 54,878 | 3,686 | |||||||
* | Globus Medical, Inc. | 30,187 | 1,499 | ||||||
* | Insulet Corp. | 7,685 | 1,226 | ||||||
* | Merit Medical Systems, Inc. | 46,696 | 3,223 | ||||||
* | Neogen Corp. | 72,136 | 1,337 | ||||||
* | Repligen Corp. | 6,493 | 1,032 | ||||||
* | Sotera Health Co. | 75,714 | 1,134 | ||||||
* | Veradigm, Inc. | 134,088 | 1,762 | ||||||
22,958 | |||||||||
Financials—11.7% | |||||||||
Carlyle Group, Inc. | 76,346 | 2,303 | |||||||
Columbia Banking System, Inc. | 83,669 | 1,699 | |||||||
East West Bancorp, Inc. | 39,879 | 2,102 | |||||||
* | Euronet Worldwide, Inc. | 13,866 | 1,101 | ||||||
Everest Group Ltd.† | 3,369 | 1,252 | |||||||
* | Goosehead Insurance, Inc. | 14,671 | 1,093 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 55,753 | 1,182 | |||||||
Tradeweb Markets, Inc. | 25,323 | 2,031 | |||||||
Virtu Financial, Inc. | �� | 105,931 | 1,829 | ||||||
Western Alliance Bancorp | 50,267 | 2,311 | |||||||
Wintrust Financial Corp. | 23,168 | 1,749 | |||||||
18,652 | |||||||||
Consumer Discretionary—10.4% | |||||||||
ADT, Inc. | 207,397 | 1,244 | |||||||
* | Boot Barn Holdings, Inc. | 12,091 | 982 | ||||||
* | Bright Horizons Family Solutions, Inc. | 39,637 | 3,229 | ||||||
* | Fox Factory Holding Corp. | 6,768 | 670 | ||||||
* | Grand Canyon Education, Inc. | 12,796 | 1,496 |
See accompanying Notes to Portfolio of Investments.
7 |
Small-Mid Cap Core Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary—(continued) | |||||||||
Installed Building Products, Inc. | 8,304 | $ | 1,037 | ||||||
* | National Vision Holdings, Inc. | 98,256 | 1,590 | ||||||
Pool Corp. | 6,285 | 2,238 | |||||||
* | Revolve Group, Inc. | 36,057 | 491 | ||||||
Signet Jewelers Ltd.† | 17,831 | 1,280 | |||||||
* | Skyline Champion Corp. | 36,613 | 2,333 | ||||||
16,590 | |||||||||
Materials—8.6% | |||||||||
Berry Global Group, Inc. | 42,494 | 2,631 | |||||||
CF Industries Holdings, Inc. | 26,134 | 2,241 | |||||||
Crown Holdings, Inc. | 33,060 | 2,925 | |||||||
Eagle Materials, Inc. | 11,051 | 1,840 | |||||||
FMC Corp. | 15,306 | 1,025 | |||||||
Sylvamo Corp. | 68,352 | 3,003 | |||||||
13,665 | |||||||||
Information Technology—8.5% | |||||||||
* | Alarm.com Holdings, Inc. | 18,798 | 1,149 | ||||||
* | Ambarella, Inc.† | 14,141 | 750 | ||||||
Cognex Corp. | 26,444 | 1,122 | |||||||
* | Dynatrace, Inc. | 43,112 | 2,015 | ||||||
Entegris, Inc. | 13,124 | 1,232 | |||||||
* | JFrog Ltd.† | 42,972 | 1,090 | ||||||
* | Lattice Semiconductor Corp. | 14,921 | 1,282 | ||||||
* | Nice Ltd.—ADR | 11,529 | 1,960 | ||||||
* | Onto Innovation, Inc. | 7,545 | 962 | ||||||
* | Pure Storage, Inc. | 29,932 | 1,066 | ||||||
* | Wolfspeed, Inc. | 25,349 | 966 | ||||||
13,594 | |||||||||
Energy—6.7% | |||||||||
Cameco Corp. | 63,446 | 2,515 | |||||||
* | Green Plains, Inc. | 45,007 | 1,355 | ||||||
New Fortress Energy, Inc. | 69,901 | 2,291 | |||||||
TechnipFMC PLC† | 128,413 | 2,612 | |||||||
Whitecap Resources, Inc. | 218,910 | 1,848 | |||||||
10,621 | |||||||||
Real Estate—6.4% | |||||||||
Agree Realty Corp. | 31,258 | 1,727 | |||||||
Americold Realty Trust, Inc. | 93,343 | 2,838 | |||||||
Equity LifeStyle Properties, Inc. | 38,897 | 2,478 | |||||||
Healthcare Realty Trust, Inc. | 129,971 | 1,985 | |||||||
Pebblebrook Hotel Trust | 80,545 | 1,095 | |||||||
10,123 | |||||||||
Consumer Staples—4.6% | |||||||||
Inter Parfums, Inc. | 13,542 | 1,819 | |||||||
Lancaster Colony Corp. | 11,167 | 1,843 | |||||||
* | Performance Food Group Co. | 26,934 | �� | 1,586 | |||||
Primo Water Corp. | 150,809 | 2,081 | |||||||
7,329 |
See accompanying Notes to Portfolio of Investments.
8 |
Small-Mid Cap Core Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Utilities—1.5% | |||||||||
IDACORP, Inc. | 25,936 | $ | 2,429 | ||||||
Communication Services—0.9% | |||||||||
* | Live Nation Entertainment, Inc. | 9,742 | 809 | ||||||
* | ZipRecruiter, Inc. | 57,301 | 687 | ||||||
1,496 | |||||||||
Total Common Stocks—96.5% (cost $155,412) | 153,809 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $5,594, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $5,705 | $ | 5,593 | 5,593 | ||||||
Total Repurchase Agreement—3.5% (cost $5,593) | 5,593 | ||||||||
Total Investments—100.0% (cost $161,005) | 159,402 | ||||||||
Cash and other assets, less liabilities—0.0% | 61 | ||||||||
Net assets—100.0% | $ | 159,463 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
9 |
Small-Mid Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Health Care—23.5% | |||||||||
* | Acadia Healthcare Co., Inc. | 450,180 | $ | 31,652 | |||||
* | Amicus Therapeutics, Inc. | 1,589,700 | 19,331 | ||||||
Bio-Techne Corp. | 385,400 | 26,234 | |||||||
* | Blueprint Medicines Corp. | 240,204 | 12,063 | ||||||
* | Certara, Inc. | 893,283 | 12,988 | ||||||
* | Charles River Laboratories International, Inc. | 76,437 | 14,980 | ||||||
Chemed Corp. | 85,384 | 44,374 | |||||||
Encompass Health Corp. | 799,466 | 53,692 | |||||||
* | Evolent Health, Inc. | 518,400 | 14,116 | ||||||
* | Globus Medical, Inc. | 252,695 | 12,546 | ||||||
* | HealthEquity, Inc. | 435,108 | 31,785 | ||||||
* | Insmed, Inc. | 661,151 | 16,694 | ||||||
* | Inspire Medical Systems, Inc. | 97,442 | 19,336 | ||||||
* | Insulet Corp. | 118,246 | 18,859 | ||||||
* | Merit Medical Systems, Inc. | 511,926 | 35,333 | ||||||
* | Neogen Corp. | 692,000 | 12,830 | ||||||
* | Penumbra, Inc. | 129,886 | 31,421 | ||||||
* | Repligen Corp. | 159,600 | 25,378 | ||||||
* | Twist Bioscience Corp. | 592,973 | 12,014 | ||||||
445,626 | |||||||||
Industrials—22.0% | |||||||||
Advanced Drainage Systems, Inc. | 286,300 | 32,590 | |||||||
* | Axon Enterprise, Inc. | 218,948 | 43,568 | ||||||
Brink’s Co. | 431,237 | 31,325 | |||||||
* | Builders FirstSource, Inc. | 267,056 | 33,246 | ||||||
BWX Technologies, Inc. | 838,552 | 62,875 | |||||||
* | Casella Waste Systems, Inc. | 334,161 | 25,497 | ||||||
* | Chart Industries, Inc. | 223,687 | 37,830 | ||||||
HEICO Corp. | 265,156 | 34,263 | |||||||
* | Mercury Systems, Inc. | 917,692 | 34,037 | ||||||
Regal Rexnord Corp. | 99,600 | 14,231 | |||||||
* | Shoals Technologies Group, Inc. | 802,930 | 14,653 | ||||||
* | SiteOne Landscape Supply, Inc. | 107,600 | 17,587 | ||||||
* | Trex Co., Inc. | 348,221 | 21,461 | ||||||
* | WillScot Mobile Mini Holdings Corp. | 327,000 | 13,600 | ||||||
416,763 | |||||||||
Information Technology—17.9% | |||||||||
* | Alarm.com Holdings, Inc. | 353,041 | 21,585 | ||||||
* | Ambarella, Inc.† | 229,300 | 12,160 | ||||||
Cognex Corp. | 453,247 | 19,236 | |||||||
* | Dynatrace, Inc. | 584,986 | 27,336 | ||||||
Entegris, Inc. | 157,076 | 14,751 | |||||||
* | Guidewire Software, Inc. | 405,155 | 36,464 | ||||||
* | Lattice Semiconductor Corp. | 229,200 | 19,695 | ||||||
National Instruments Corp. | 259,451 | 15,468 | |||||||
* | Nice Ltd.—ADR | 119,868 | 20,378 | ||||||
* | Novanta, Inc.† | 159,554 | 22,886 | ||||||
* | SPS Commerce, Inc. | 90,800 | 15,491 | ||||||
* | Super Micro Computer, Inc. | 90,800 | 24,899 | ||||||
* | Tenable Holdings, Inc. | 599,188 | 26,844 | ||||||
* | Tyler Technologies, Inc. | 83,800 | 32,359 | ||||||
* | Varonis Systems, Inc. | 516,332 | 15,769 |
See accompanying Notes to Portfolio of Investments.
10 |
Small-Mid Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
* | Wolfspeed, Inc. | 359,213 | $ | 13,686 | |||||
339,007 | |||||||||
Consumer Discretionary—8.3% | |||||||||
* | Bright Horizons Family Solutions, Inc. | 227,100 | 18,500 | ||||||
* | Burlington Stores, Inc. | 70,461 | 9,533 | ||||||
* | Five Below, Inc. | 200,600 | 32,276 | ||||||
* | Fox Factory Holding Corp. | 91,106 | 9,027 | ||||||
* | National Vision Holdings, Inc. | 1,386,376 | 22,432 | ||||||
Pool Corp. | 98,000 | 34,898 | |||||||
* | Revolve Group, Inc. | 875,092 | 11,910 | ||||||
* | TopBuild Corp. | 75,100 | 18,895 | ||||||
157,471 | |||||||||
Financials—7.2% | |||||||||
Carlyle Group, Inc. | 890,300 | 26,851 | |||||||
* | Euronet Worldwide, Inc. | 158,374 | 12,572 | ||||||
Everest Group Ltd.† | 40,500 | 15,053 | |||||||
* | Flywire Corp. | 527,303 | 16,816 | ||||||
Tradeweb Markets, Inc. | 360,400 | 28,904 | |||||||
Virtu Financial, Inc. | 1,040,036 | 17,961 | |||||||
Western Alliance Bancorp | 399,416 | 18,361 | |||||||
136,518 | |||||||||
Energy—7.1% | |||||||||
Cameco Corp. | 710,462 | 28,163 | |||||||
* | Kosmos Energy Ltd. | 2,521,500 | 20,626 | ||||||
New Fortress Energy, Inc. | 846,612 | 27,752 | |||||||
Noble Corp. PLC† | 319,900 | 16,203 | |||||||
TechnipFMC PLC† | 800,400 | 16,280 | |||||||
Whitecap Resources, Inc. | 3,122,100 | 26,350 | |||||||
135,374 | |||||||||
Consumer Staples—6.2% | |||||||||
* | elf Beauty, Inc. | 237,600 | 26,096 | ||||||
* | Freshpet, Inc. | 542,279 | 35,725 | ||||||
Lancaster Colony Corp. | 213,330 | 35,206 | |||||||
* | Performance Food Group Co. | 348,095 | 20,489 | ||||||
117,516 | |||||||||
Materials—4.9% | |||||||||
CF Industries Holdings, Inc. | 479,231 | 41,089 | |||||||
Crown Holdings, Inc. | 409,887 | 36,267 | |||||||
Eagle Materials, Inc. | 92,500 | 15,403 | |||||||
92,759 | |||||||||
Real Estate—1.0% | |||||||||
FirstService Corp. | 138,468 | 20,153 | |||||||
Communication Services—0.9% | |||||||||
* | Live Nation Entertainment, Inc. | 213,312 | 17,713 |
See accompanying Notes to Portfolio of Investments.
11 |
Small-Mid Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Total Common Stocks—99.0% (cost $1,785,077) | $ | 1,878,900 | |||||||
Rights | |||||||||
Health Care—0.0% | |||||||||
* | Abiomed, Inc. CVR** | 80,133 | — | ||||||
Total Rights—0.0% (cost $81) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $11,285, collateralized by U.S. Treasury Note, 1.500% - 4.125%, due 01/31/27 - 09/30/27, valued at $11,508 | $ | 11,283 | 11,283 | ||||||
Total Repurchase Agreement—0.6% (cost $11,283) | 11,283 | ||||||||
Total Investments—99.6% (cost $1,796,441) | 1,890,183 | ||||||||
Cash and other assets, less liabilities—0.4% | 6,838 | ||||||||
Net assets—100.0% | $ | 1,897,021 |
ADR = American Depository Receipt
CVR = Contingent Value Right
* = Non-income producing security
** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at September 30, 2023.
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
12 |
Small-Mid Cap Value Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—20.7% | |||||||||
ABM Industries, Inc. | 556 | $ | 22 | ||||||
Acuity Brands, Inc. | 134 | 23 | |||||||
AGCO Corp. | 196 | 23 | |||||||
* | Alaska Air Group, Inc. | 477 | 18 | ||||||
Armstrong World Industries, Inc. | 263 | 19 | |||||||
Flowserve Corp. | 688 | 27 | |||||||
GrafTech International Ltd. | 2,395 | 9 | |||||||
* | Hub Group, Inc. | 356 | 28 | ||||||
ITT, Inc. | 225 | 22 | |||||||
Knight-Swift Transportation Holdings, Inc. | 411 | 21 | |||||||
Korn Ferry | 264 | 12 | |||||||
Maximus, Inc. | 308 | 23 | |||||||
MillerKnoll, Inc. | 716 | 17 | |||||||
* | OPENLANE, Inc. | 1,067 | 16 | ||||||
Snap-on, Inc. | 90 | 23 | |||||||
Terex Corp. | 359 | 21 | |||||||
Timken Co. | 282 | 21 | |||||||
345 | |||||||||
Information Technology—14.5% | |||||||||
* | Check Point Software Technologies Ltd.† | 171 | 23 | ||||||
* | DXC Technology Co. | 865 | 18 | ||||||
* | F5, Inc. | 151 | 24 | ||||||
Hewlett Packard Enterprise Co. | 1,305 | 23 | |||||||
* | IPG Photonics Corp. | 230 | 23 | ||||||
Jabil, Inc. | 203 | 26 | |||||||
Kulicke & Soffa Industries, Inc. | 405 | 20 | |||||||
Methode Electronics, Inc. | 679 | 15 | |||||||
* | NetScout Systems, Inc. | 593 | 17 | ||||||
* | Perficient, Inc. | 303 | 17 | ||||||
* | Qorvo, Inc. | 217 | 21 | ||||||
* | Verint Systems, Inc. | 665 | 15 | ||||||
242 | |||||||||
Consumer Discretionary—13.2% | |||||||||
* | Adient PLC† | 536 | 20 | ||||||
Advance Auto Parts, Inc. | 318 | 18 | |||||||
Bloomin’ Brands, Inc. | 844 | 21 | |||||||
Brunswick Corp. | 237 | 19 | |||||||
Carter’s, Inc. | 346 | 24 | |||||||
Cracker Barrel Old Country Store, Inc. | 205 | 14 | |||||||
LKQ Corp. | 469 | 23 | |||||||
Ralph Lauren Corp. | 212 | 24 | |||||||
* | Taylor Morrison Home Corp. | 529 | 22 | ||||||
Whirlpool Corp. | 150 | 20 | |||||||
Winnebago Industries, Inc. | 253 | 15 | |||||||
220 | |||||||||
Financials—11.5% | |||||||||
Ameris Bancorp | 474 | 18 | |||||||
* | Arch Capital Group Ltd.† | 344 | 27 | ||||||
Eastern Bankshares, Inc. | 1,410 | 18 | |||||||
Invesco Ltd.† | 1,322 | 19 | |||||||
Old National Bancorp | 1,070 | 16 |
See accompanying Notes to Portfolio of Investments.
13 |
Small-Mid Cap Value Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Financials — (continued) | |||||||||
Pacific Premier Bancorp, Inc. | 728 | $ | 16 | ||||||
Pinnacle Financial Partners, Inc. | 301 | 20 | |||||||
* | PRA Group, Inc. | 508 | 10 | ||||||
Synovus Financial Corp. | 519 | 14 | |||||||
* | Texas Capital Bancshares, Inc. | 277 | 16 | ||||||
Webster Financial Corp. | 408 | 17 | |||||||
191 | |||||||||
Real Estate—9.2% | |||||||||
Camden Property Trust | 147 | 14 | |||||||
Elme Communities | 1,036 | 14 | |||||||
Empire State Realty Trust, Inc. | 2,263 | 18 | |||||||
Four Corners Property Trust, Inc. | 802 | 18 | |||||||
Highwoods Properties, Inc. | 588 | 12 | |||||||
Kite Realty Group Trust | 1,073 | 23 | |||||||
Pebblebrook Hotel Trust | 1,197 | 16 | |||||||
STAG Industrial, Inc. | 634 | 22 | |||||||
Sunstone Hotel Investors, Inc. | 1,793 | 17 | |||||||
154 | |||||||||
Materials—7.4% | |||||||||
* | Axalta Coating Systems Ltd.† | 920 | 25 | ||||||
Crown Holdings, Inc. | 277 | 25 | |||||||
Greif, Inc. | 301 | 20 | |||||||
Huntsman Corp. | 799 | 19 | |||||||
Minerals Technologies, Inc. | 293 | 16 | |||||||
Orion SA† | 885 | 19 | |||||||
124 | |||||||||
Health Care—6.2% | |||||||||
Encompass Health Corp. | 365 | 24 | |||||||
* | Envista Holdings Corp. | 737 | 21 | ||||||
Laboratory Corp. of America Holdings | 105 | 21 | |||||||
* | QuidelOrtho Corp. | 293 | 21 | ||||||
Viatris, Inc. | 1,727 | 17 | |||||||
104 | |||||||||
Energy—6.2% | |||||||||
* | Expro Group Holdings NV† | 1,177 | 27 | ||||||
Matador Resources Co. | 485 | 29 | |||||||
PBF Energy, Inc. | 390 | 21 | |||||||
SM Energy Co. | 676 | 27 | |||||||
104 | |||||||||
Consumer Staples—3.5% | |||||||||
Ingredion, Inc. | 242 | 24 | |||||||
Spectrum Brands Holdings, Inc. | 205 | 16 | |||||||
* | TreeHouse Foods, Inc. | 407 | 18 | ||||||
58 | |||||||||
Utilities—2.2% | |||||||||
Northwestern Energy Group, Inc. | 333 | 16 |
See accompanying Notes to Portfolio of Investments.
14 |
Small-Mid Cap Value Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Utilities — (continued) | |||||||||
Spire, Inc. | 353 | $ | 20 | ||||||
36 | |||||||||
Communication Services—1.1% | |||||||||
John Wiley & Sons, Inc. | 503 | 19 | |||||||
Total Common Stocks—95.7% (cost $1,653) | 1,597 | ||||||||
Total Investments—95.7% (cost $1,653) | 1,597 | ||||||||
Cash and other assets, less liabilities—4.3% | 71 | ||||||||
Net assets—100.0% | $ | 1,668 |
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
15 |
Small Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Health Care—22.3% | |||||||||
* | Acadia Healthcare Co., Inc. | 115,159 | $ | 8,097 | |||||
* | Alignment Healthcare, Inc. | 634,588 | 4,404 | ||||||
* | Amicus Therapeutics, Inc. | 774,140 | 9,413 | ||||||
* | BioLife Solutions, Inc. | 224,587 | 3,101 | ||||||
* | Blueprint Medicines Corp. | 80,660 | 4,051 | ||||||
* | Certara, Inc. | 411,533 | 5,984 | ||||||
Encompass Health Corp. | 213,630 | 14,347 | |||||||
* | Globus Medical, Inc. | 165,310 | 8,208 | ||||||
* | HealthEquity, Inc. | 130,815 | 9,556 | ||||||
* | Insmed, Inc. | 299,080 | 7,552 | ||||||
* | Inspire Medical Systems, Inc. | 44,320 | 8,795 | ||||||
* | Ligand Pharmaceuticals, Inc. | 53,070 | 3,180 | ||||||
* | Merit Medical Systems, Inc. | 160,920 | 11,107 | ||||||
* | Mirum Pharmaceuticals, Inc. | 177,290 | 5,602 | ||||||
* | OmniAb, Inc. | 950,479 | 4,933 | ||||||
* | OmniAb, Inc. 12.50 Earnout (Acquired 11/02/22, Cost $0)**# | 23,037 | — | ||||||
* | OmniAb, Inc. 15.00 Earnout (Acquired 11/02/22, Cost $0)**# | 23,037 | — | ||||||
* | Sotera Health Co. | 250,370 | 3,750 | ||||||
* | Treace Medical Concepts, Inc. | 517,510 | 6,785 | ||||||
* | Twist Bioscience Corp. | 192,146 | 3,893 | ||||||
* | Veracyte, Inc. | 209,240 | 4,672 | ||||||
* | Veradigm, Inc. | 651,878 | 8,566 | ||||||
* | Vericel Corp. | 284,310 | 9,530 | ||||||
145,526 | |||||||||
Industrials—20.7% | |||||||||
* | ACV Auctions, Inc. | 551,450 | 8,371 | ||||||
Albany International Corp. | 113,005 | 9,750 | |||||||
* | Atkore, Inc. | 58,300 | 8,698 | ||||||
Brink’s Co. | 201,056 | 14,604 | |||||||
BWX Technologies, Inc. | 192,587 | 14,440 | |||||||
* | Casella Waste Systems, Inc. | 200,850 | 15,325 | ||||||
* | Chart Industries, Inc. | 47,753 | 8,076 | ||||||
Douglas Dynamics, Inc. | 239,623 | 7,232 | |||||||
* | Ducommun, Inc. | 159,042 | 6,920 | ||||||
* | Energy Recovery, Inc. | 133,196 | 2,825 | ||||||
* | Kornit Digital Ltd.† | 288,300 | 5,452 | ||||||
* | Mercury Systems, Inc. | 253,406 | 9,399 | ||||||
* | Montrose Environmental Group, Inc. | 166,548 | 4,873 | ||||||
* | Shoals Technologies Group, Inc. | 252,760 | 4,613 | ||||||
* | Verra Mobility Corp. | 455,019 | 8,509 | ||||||
* | WNS Holdings Ltd.—ADR | 96,830 | 6,629 | ||||||
135,716 | |||||||||
Information Technology—17.7% | |||||||||
* | Alarm.com Holdings, Inc. | 136,960 | 8,374 | ||||||
* | Ambarella, Inc.† | 84,250 | 4,468 | ||||||
* | Applied Digital Corp. | 382,940 | 2,390 | ||||||
* | Calix, Inc. | 124,190 | 5,693 | ||||||
* | Guidewire Software, Inc. | 100,230 | 9,021 | ||||||
* | JFrog Ltd.† | 339,810 | 8,618 | ||||||
* | Novanta, Inc.† | 54,710 | 7,848 | ||||||
* | Onto Innovation, Inc. | 72,670 | 9,267 | ||||||
* | PDF Solutions, Inc. | 184,641 | 5,982 |
See accompanying Notes to Portfolio of Investments.
16 |
Small Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
Power Integrations, Inc. | 69,080 | $ | 5,271 | ||||||
* | PROS Holdings, Inc. | 224,621 | 7,776 | ||||||
* | SiTime Corp. | 23,085 | 2,637 | ||||||
* | SPS Commerce, Inc. | 36,740 | 6,268 | ||||||
* | Super Micro Computer, Inc. | 18,370 | 5,037 | ||||||
* | Varonis Systems, Inc. | 212,310 | 6,484 | ||||||
* | Vertex, Inc. | 424,193 | 9,799 | ||||||
* | Workiva, Inc. | 104,220 | 10,562 | ||||||
115,495 | |||||||||
Consumer Discretionary—10.2% | |||||||||
* | Boot Barn Holdings, Inc. | 71,714 | 5,822 | ||||||
Cheesecake Factory, Inc. | 214,430 | 6,497 | |||||||
* | Fox Factory Holding Corp. | 30,750 | 3,047 | ||||||
Golden Entertainment, Inc. | 150,940 | 5,159 | |||||||
* | Grand Canyon Education, Inc. | 66,330 | 7,753 | ||||||
* | National Vision Holdings, Inc. | 429,502 | 6,949 | ||||||
* | OneSpaWorld Holdings Ltd.† | 440,440 | 4,942 | ||||||
* | Revolve Group, Inc. | 137,927 | 1,877 | ||||||
Signet Jewelers Ltd.† | 87,850 | 6,309 | |||||||
* | Skyline Champion Corp. | 136,960 | 8,727 | ||||||
Winmark Corp. | 25,560 | 9,537 | |||||||
66,619 | |||||||||
Financials—6.7% | |||||||||
* | Donnelley Financial Solutions, Inc. | 173,300 | 9,753 | ||||||
* | Euronet Worldwide, Inc. | 75,870 | 6,023 | ||||||
* | Flywire Corp. | 160,120 | 5,106 | ||||||
* | Goosehead Insurance, Inc. | 53,910 | 4,018 | ||||||
StepStone Group, Inc. | 138,160 | 4,363 | |||||||
Virtu Financial, Inc. | 392,120 | 6,772 | |||||||
Western Alliance Bancorp | 172,825 | 7,945 | |||||||
43,980 | |||||||||
Energy—6.0% | |||||||||
ChampionX Corp. | 274,330 | 9,772 | |||||||
* | Green Plains, Inc. | 261,512 | 7,871 | ||||||
New Fortress Energy, Inc. | 214,830 | 7,042 | |||||||
TechnipFMC PLC† | 288,300 | 5,864 | |||||||
Whitecap Resources, Inc. | 1,037,810 | 8,759 | |||||||
39,308 | |||||||||
Consumer Staples—4.4% | |||||||||
* | elf Beauty, Inc. | 75,630 | 8,306 | ||||||
* | Performance Food Group Co. | 123,390 | 7,263 | ||||||
* | Vita Coco Co., Inc. | 249,570 | 6,499 | ||||||
* | Vital Farms, Inc. | 607,350 | 7,033 | ||||||
29,101 | |||||||||
Materials—3.2% | |||||||||
Balchem Corp. | 61,090 | 7,578 | |||||||
Orion SA† | 254,437 | 5,414 |
See accompanying Notes to Portfolio of Investments.
17 |
Small Cap Growth Fund
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials — (continued) | |||||||||
Sylvamo Corp. | 176,100 | $ | 7,738 | ||||||
20,730 | |||||||||
Communication Services—2.7% | |||||||||
* | Gogo, Inc. | 542,660 | 6,474 | ||||||
* | QuinStreet, Inc. | 724,755 | 6,501 | ||||||
* | ZipRecruiter, Inc. | 395,720 | 4,745 | ||||||
17,720 | |||||||||
Real Estate—2.1% | |||||||||
Colliers International Group, Inc. | 54,028 | 5,146 | |||||||
FirstService Corp. | 58,177 | 8,467 | |||||||
13,613 | |||||||||
Total Common Stocks—96.0% (cost $591,978) | 627,808 | ||||||||
Exchange-Traded Fund | |||||||||
Exchange-Traded Fund—0.9% | |||||||||
iShares Russell 2000 Growth ETF | 26,280 | 5,890 | |||||||
Total Exchange-Traded Fund—0.9% (cost $5,993) | 5,890 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $25,272, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $25,772 | $ | 25,267 | 25,267 | ||||||
Total Repurchase Agreement—3.9% (cost $25,267) | 25,267 | ||||||||
Total Investments—100.8% (cost $623,238) | 658,965 | ||||||||
Liabilities, plus cash and other assets—(0.8)% | (5,076 | ) | |||||||
Net assets—100.0% | $ | 653,889 |
ADR = American Depository Receipt
* = Non-income producing security
** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at September 30, 2023.
# = Investment in securities not registered under the Securities Act of 1933 (excluding securities acquired pursuant to Rule 144A and Regulation S). The value of such restricted securities represents 0.00% of the Fund’s net assets at September 30, 2023.
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
18 |
Small Cap Value Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—22.8% | |||||||||
ABM Industries, Inc. | 328,548 | $ | 13,145 | ||||||
Albany International Corp. | 153,153 | 13,214 | |||||||
Armstrong World Industries, Inc. | 179,637 | 12,934 | |||||||
Astec Industries, Inc. | 83,192 | 3,919 | |||||||
Brady Corp. | 273,916 | 15,043 | |||||||
* | CBIZ, Inc. | 231,184 | 11,998 | ||||||
* | Conduent, Inc. | 2,559,628 | 8,908 | ||||||
CSG Systems International, Inc. | 247,686 | 12,662 | |||||||
Deluxe Corp. | 516,501 | 9,757 | |||||||
GrafTech International Ltd. | 1,815,113 | 6,952 | |||||||
Granite Construction, Inc. | 416,785 | 15,846 | |||||||
* | Great Lakes Dredge & Dock Corp. | 978,865 | 7,802 | ||||||
Hillenbrand, Inc. | 318,422 | 13,472 | |||||||
* | Hub Group, Inc. | 167,537 | 13,158 | ||||||
Korn Ferry | 125,568 | 5,957 | |||||||
Marten Transport Ltd. | 604,073 | 11,906 | |||||||
Maximus, Inc. | 175,466 | 13,104 | |||||||
MillerKnoll, Inc. | 449,355 | 10,987 | |||||||
* | OPENLANE, Inc. | 606,395 | 9,047 | ||||||
* | PGT Innovations, Inc. | 643,518 | 17,858 | ||||||
* | SP Plus Corp. | 348,205 | 12,570 | ||||||
Tennant Co. | 8,443 | 626 | |||||||
Terex Corp. | 207,977 | 11,984 | |||||||
* | Thermon Group Holdings, Inc. | 284,604 | 7,818 | ||||||
* | Titan Machinery, Inc. | 168,498 | 4,479 | ||||||
Werner Enterprises, Inc. | 297,757 | 11,598 | |||||||
276,744 | |||||||||
Financials—15.9% | |||||||||
Ameris Bancorp | 316,753 | 12,160 | |||||||
Atlantic Union Bankshares Corp. | 276,628 | 7,961 | |||||||
Banc of California, Inc. | 726,391 | 8,993 | |||||||
Brightsphere Investment Group, Inc. | 481,521 | 9,337 | |||||||
Compass Diversified Holdings | 688,674 | 12,926 | |||||||
Eastern Bankshares, Inc. | 1,001,480 | 12,559 | |||||||
Enterprise Financial Services Corp. | 280,191 | 10,507 | |||||||
First Bancorp | 273,165 | 7,687 | |||||||
First Merchants Corp. | 331,182 | 9,213 | |||||||
Hancock Whitney Corp. | 240,042 | 8,879 | |||||||
MGIC Investment Corp. | 729,000 | 12,167 | |||||||
Old National Bancorp | 834,882 | 12,139 | |||||||
Pacific Premier Bancorp, Inc. | 337,214 | 7,338 | |||||||
Pinnacle Financial Partners, Inc. | 174,545 | 11,702 | |||||||
* | PRA Group, Inc. | 425,235 | 8,169 | ||||||
Seacoast Banking Corp. of Florida | 377,921 | 8,299 | |||||||
Simmons First National Corp. | 427,475 | 7,250 | |||||||
Stellar Bancorp, Inc. | 34,187 | 729 | |||||||
* | Texas Capital Bancshares, Inc. | 253,428 | 14,927 | ||||||
Washington Federal, Inc. | 375,170 | 9,612 | |||||||
192,554 | |||||||||
Consumer Discretionary—13.0% | |||||||||
* | Adient PLC† | 272,611 | 10,005 | ||||||
Bloomin’ Brands, Inc. | 633,084 | 15,567 |
See accompanying Notes to Portfolio of Investments.
19 |
Small Cap Value Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary — (continued) | |||||||||
Carter’s, Inc. | 215,750 | $ | 14,919 | ||||||
Cracker Barrel Old Country Store, Inc. | 123,064 | 8,270 | |||||||
Designer Brands, Inc. | 1,048,825 | 13,278 | |||||||
El Pollo Loco Holdings, Inc. | 567,223 | 5,077 | |||||||
La-Z-Boy, Inc. | 486,376 | 15,019 | |||||||
Oxford Industries, Inc. | 125,229 | 12,038 | |||||||
Standard Motor Products, Inc. | 376,599 | 12,661 | |||||||
Steven Madden Ltd. | 363,196 | 11,539 | |||||||
* | Taylor Morrison Home Corp. | 310,818 | 13,244 | ||||||
* | Tri Pointe Homes, Inc. | 455,635 | 12,462 | ||||||
* | Universal Electronics, Inc. | 213,215 | 1,930 | ||||||
Winnebago Industries, Inc. | 199,047 | 11,833 | |||||||
157,842 | |||||||||
Information Technology—10.1% | |||||||||
ADTRAN Holdings, Inc. | 936,932 | 7,711 | |||||||
AudioCodes Ltd.† | 560,373 | 5,665 | |||||||
Belden, Inc. | 153,483 | 14,819 | |||||||
* | Cognyte Software Ltd.† | 1,106,118 | 5,320 | ||||||
* | Diodes, Inc. | 62,607 | 4,936 | ||||||
* | Knowles Corp. | 898,243 | 13,303 | ||||||
Kulicke & Soffa Industries, Inc. | 285,009 | 13,860 | |||||||
Methode Electronics, Inc. | 422,057 | 9,644 | |||||||
* | NetScout Systems, Inc. | 449,994 | 12,609 | ||||||
* | Perficient, Inc. | 219,184 | 12,682 | ||||||
* | Plexus Corp. | 9,218 | 857 | ||||||
Progress Software Corp. | 218,160 | 11,471 | |||||||
* | Verint Systems, Inc. | 400,003 | 9,196 | ||||||
122,073 | |||||||||
Real Estate—8.9% | |||||||||
Brandywine Realty Trust | 642,784 | 2,918 | |||||||
CareTrust REIT, Inc. | 625,875 | 12,830 | |||||||
Elme Communities | 665,097 | 9,072 | |||||||
Empire State Realty Trust, Inc. | 1,500,806 | 12,067 | |||||||
Four Corners Property Trust, Inc. | 442,577 | 9,821 | |||||||
Kite Realty Group Trust | 782,128 | 16,753 | |||||||
Pebblebrook Hotel Trust | 867,241 | 11,786 | |||||||
STAG Industrial, Inc. | 377,337 | 13,022 | |||||||
Sunstone Hotel Investors, Inc. | 963,025 | 9,004 | |||||||
UMH Properties, Inc. | 804,335 | 11,277 | |||||||
108,550 | |||||||||
Energy—7.8% | |||||||||
* | Dril-Quip, Inc. | 496,873 | 13,997 | ||||||
* | Earthstone Energy, Inc. | 923,271 | 18,687 | ||||||
* | Expro Group Holdings NV† | 749,836 | 17,419 | ||||||
Matador Resources Co. | 219,555 | 13,059 | |||||||
PBF Energy, Inc. | 284,790 | 15,245 | |||||||
SM Energy Co. | 404,101 | 16,022 | |||||||
94,429 | |||||||||
Materials—6.8% | |||||||||
* | Ecovyst, Inc. | 1,317,267 | 12,962 |
See accompanying Notes to Portfolio of Investments.
20 |
Small Cap Value Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials — (continued) | |||||||||
Greif, Inc. | 182,766 | $ | 12,210 | ||||||
Kaiser Aluminum Corp. | 170,180 | 12,808 | |||||||
Minerals Technologies, Inc. | 220,866 | 12,095 | |||||||
Myers Industries, Inc. | 649,027 | 11,637 | |||||||
Orion SA† | 577,893 | 12,297 | |||||||
Ryerson Holding Corp. | 315,501 | 9,178 | |||||||
83,187 | |||||||||
Health Care—5.4% | |||||||||
* | ANI Pharmaceuticals, Inc. | 196,404 | 11,403 | ||||||
* | Avanos Medical, Inc. | 428,206 | 8,658 | ||||||
* | Integer Holdings Corp. | 185,305 | 14,534 | ||||||
* | Lantheus Holdings, Inc. | 133,923 | 9,305 | ||||||
* | ModivCare, Inc. | 103,295 | 3,255 | ||||||
* | NextGen Healthcare, Inc. | 535,508 | 12,708 | ||||||
* | Owens & Minor, Inc. | 354,592 | 5,730 | ||||||
65,593 | |||||||||
Consumer Staples—5.3% | |||||||||
Cal-Maine Foods, Inc. | 266,960 | 12,926 | |||||||
* | Central Garden & Pet Co. | 348,019 | 13,952 | ||||||
Edgewell Personal Care Co. | 244,042 | 9,020 | |||||||
Spectrum Brands Holdings, Inc. | 108,734 | 8,519 | |||||||
* | Sprouts Farmers Market, Inc. | 203,569 | 8,713 | ||||||
* | TreeHouse Foods, Inc. | 246,083 | 10,724 | ||||||
63,854 | |||||||||
Utilities—1.7% | |||||||||
Northwestern Energy Group, Inc. | 221,163 | 10,629 | |||||||
Spire, Inc. | 184,349 | 10,431 | |||||||
21,060 | |||||||||
Communication Services—0.9% | |||||||||
John Wiley & Sons, Inc. | 289,226 | 10,750 | |||||||
Total Common Stocks—98.6% (cost $1,235,072) | 1,196,636 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $15,354, collateralized by U.S. Treasury Note, 1.250%, due 06/30/28, valued at $15,658 | $ | 15,351 | 15,351 | ||||||
Total Repurchase Agreement—1.3% (cost $15,351) | 15,351 | ||||||||
Total Investments—99.9% (cost $1,250,423) | 1,211,987 | ||||||||
Cash and other assets, less liabilities—0.1% | 1,119 | ||||||||
Net assets—100.0% | $ | 1,213,106 |
REIT = Real Estate Investment Trust | |
* = Non-income producing security | |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
21 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Western Hemisphere—52.1% | |||||||||
Canada—3.2% | |||||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 27,083 | $ | 2,015 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 2,516 | 970 | ||||||
2,985 | |||||||||
United States—48.9% | |||||||||
* | Alphabet, Inc. (Interactive media & services) | 26,070 | 3,412 | ||||||
* | Amazon.com, Inc. (Broadline retail) | 20,147 | 2,561 | ||||||
* | Autodesk, Inc. (Software) | 5,825 | 1,205 | ||||||
Booz Allen Hamilton Holding Corp. (Professional services) | 11,959 | 1,307 | |||||||
Chevron Corp. (Oil, gas & consumable fuels) | 9,742 | 1,643 | |||||||
Crown Holdings, Inc. (Containers & packaging) | 16,675 | 1,475 | |||||||
* | Enphase Energy, Inc. (Semiconductors & semiconductor equipment) | 2,130 | 256 | ||||||
* | IDEXX Laboratories, Inc. (Health care equipment & supplies) | 2,598 | 1,136 | ||||||
* | Inspire Medical Systems, Inc. (Health care equipment & supplies) | 2,715 | 539 | ||||||
Intercontinental Exchange, Inc. (Capital markets) | 12,162 | 1,338 | |||||||
* | Intuitive Surgical, Inc. (Health care equipment & supplies) | 4,714 | 1,378 | ||||||
Mastercard, Inc. (Financial services) | 8,482 | 3,358 | |||||||
* | Meta Platforms, Inc. (Interactive media & services) | 7,142 | 2,144 | ||||||
Microsoft Corp. (Software) | 16,350 | 5,162 | |||||||
* | Monster Beverage Corp. (Beverages) | 18,184 | 963 | ||||||
NIKE, Inc. (Textiles, apparel & luxury goods) | 11,911 | 1,139 | |||||||
Old Dominion Freight Line, Inc. (Ground transportation) | 4,602 | 1,883 | |||||||
Prologis, Inc. (Industrial REITs) | 5,216 | 585 | |||||||
Roper Technologies, Inc. (Software) | 2,205 | 1,068 | |||||||
* | Salesforce, Inc. (Software) | 7,379 | 1,496 | ||||||
* | Synopsys, Inc. (Software) | 4,626 | 2,123 | ||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 3,174 | 1,607 | |||||||
* | Ulta Beauty, Inc. (Specialty retail) | 2,794 | 1,116 | ||||||
UnitedHealth Group, Inc. (Health care providers & services) | 4,869 | 2,455 | |||||||
Vulcan Materials Co. (Construction materials) | 4,974 | 1,005 | |||||||
Watsco, Inc. (Trading companies & distributors) | 2,465 | 931 | |||||||
* | Workday, Inc. (Software) | 6,359 | 1,366 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 7,257 | 1,263 | |||||||
45,914 | |||||||||
Europe—26.8% | |||||||||
Denmark—4.5% | |||||||||
DSV AS (Air freight & logistics) | 10,051 | 1,879 | |||||||
Novo Nordisk AS (Pharmaceuticals) | 25,222 | 2,302 | |||||||
4,181 | |||||||||
France—7.5% | |||||||||
Airbus SE (Aerospace & defense) | 21,379 | 2,870 | |||||||
Dassault Systemes SE (Software) | 37,116 | 1,385 | |||||||
Hermes International SCA (Textiles, apparel & luxury goods) | 261 | 477 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 2,142 | 1,622 | |||||||
Vinci SA (Construction & engineering) | 6,527 | 725 | |||||||
7,079 |
See accompanying Notes to Portfolio of Investments.
22 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Germany—2.4% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 32,213 | $ | 1,068 | ||||||
MTU Aero Engines AG (Aerospace & defense) | 6,659 | 1,209 | |||||||
2,277 | |||||||||
Ireland—4.4% | |||||||||
Linde PLC (Chemicals)† | 4,365 | 1,625 | |||||||
* | Ryanair Holdings PLC—ADR (Passenger airlines) | 11,358 | 1,104 | ||||||
Trane Technologies PLC (Building products)† | 6,783 | 1,377 | |||||||
4,106 | |||||||||
Italy—0.6% | |||||||||
Ferrari NV (Automobiles)† | 1,811 | 535 | |||||||
Netherlands—0.9% | |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 1,426 | 843 | |||||||
Sweden—3.5% | |||||||||
Atlas Copco AB (Machinery) | 131,992 | 1,779 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 7,990 | 809 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 13,009 | 111 | |||||||
Indutrade AB (Machinery) | 34,160 | 634 | |||||||
3,333 | |||||||||
Switzerland—3.0% | |||||||||
Lonza Group AG (Life sciences tools & services) | 2,287 | 1,064 | |||||||
Partners Group Holding AG (Capital markets) | 829 | 937 | |||||||
Zurich Insurance Group AG (Insurance) | 1,746 | 801 | |||||||
2,802 | |||||||||
United Kingdom—8.9% | |||||||||
Ashtead Group PLC (Trading companies & distributors) | 20,622 | 1,259 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 72,828 | 1,777 | |||||||
Diageo PLC (Beverages) | 25,317 | 937 | |||||||
Experian PLC (Professional services) | 33,848 | 1,111 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 43,472 | 1,028 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 206,827 | 1,540 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 6,520 | 758 | |||||||
8,410 | |||||||||
Emerging Asia—4.8% | |||||||||
India—3.1% | |||||||||
HDFC Bank Ltd.—ADR (Banks) | 26,756 | 1,579 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 48,227 | 1,360 | |||||||
2,939 | |||||||||
Taiwan—1.7% | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 17,820 | 1,549 |
See accompanying Notes to Portfolio of Investments.
23 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—2.2% | |||||||||
Australia—0.9% | |||||||||
CSL Ltd. (Biotechnology) | 5,230 | $ | 843 | ||||||
Hong Kong—1.3% | |||||||||
AIA Group Ltd. (Insurance) | 154,000 | 1,256 | |||||||
Japan—1.8% | |||||||||
Daikin Industries Ltd. (Building products) | 4,400 | 691 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 2,800 | 1,040 | |||||||
1,731 | |||||||||
Emerging Latin America—0.9% | |||||||||
Brazil—0.9% | |||||||||
* | MercadoLibre, Inc. (Broadline retail) | 652 | 827 | ||||||
Total Common Stocks—97.5% (cost $62,460) | 91,610 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $1,960, collateralized by U.S. Treasury Note, 4.125%, due 09/30/27, valued at $1,999 | $ | 1,959 | 1,959 | ||||||
Total Repurchase Agreement—2.1% (cost $1,959) | 1,959 | ||||||||
Total Investments—99.6% (cost $64,419) | 93,569 | ||||||||
Cash and other assets, less liabilities—0.4% | 346 | ||||||||
Net assets—100.0% | $ | 93,915 |
ADR = American Depository Receipt |
REIT = Real Estate Investment Trust |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
24 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 25.2 | % | ||
Information Technology | 21.5 | % | ||
Health Care | 13.7 | % | ||
Consumer Discretionary | 12.9 | % | ||
Financials | 10.1 | % | ||
Communication Services | 6.1 | % | ||
Materials | 4.5 | % | ||
Energy | 3.3 | % | ||
Consumer Staples | 2.1 | % | ||
Real Estate | 0.6 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 62.8 | % | ||
Euro | 11.1 | % | ||
British Pound Sterling | 9.2 | % | ||
Danish Krone | 4.6 | % | ||
Swedish Krona | 3.6 | % | ||
Swiss Franc | 3.0 | % | ||
Japanese Yen | 1.9 | % | ||
Indian Rupee | 1.5 | % | ||
Hong Kong Dollar | 1.4 | % | ||
All Other Currencies | 0.9 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
25 |
International Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe—43.6% | |||||||||
Denmark—4.9% | |||||||||
DSV AS (Air freight & logistics) | 86,806 | $ | 16,230 | ||||||
Novo Nordisk AS (Pharmaceuticals) | 357,256 | 32,609 | |||||||
48,839 | |||||||||
France—13.8% | |||||||||
Airbus SE (Aerospace & defense) | 139,404 | 18,715 | |||||||
Dassault Systemes SE (Software) | 406,467 | 15,168 | |||||||
L’Oreal SA (Personal care products) | 46,242 | 19,223 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 32,552 | 24,655 | |||||||
Safran SA (Aerospace & defense) | 106,705 | 16,769 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 27,788 | 6,640 | |||||||
Schneider Electric SE (Electrical equipment) | 94,385 | 15,665 | |||||||
Vinci SA (Construction & engineering) | 186,436 | 20,700 | |||||||
137,535 | |||||||||
Germany—1.6% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 475,206 | 15,753 | |||||||
Ireland—4.9% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 71,883 | 17,701 | ||||||
Kingspan Group PLC (Building products) | 165,906 | 12,447 | |||||||
Linde PLC (Chemicals)† | 49,537 | 18,445 | |||||||
48,593 | |||||||||
Italy—2.3% | |||||||||
Ferrari NV (Automobiles)† | 42,876 | 12,672 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 184,088 | 10,720 | |||||||
23,392 | |||||||||
Netherlands—3.9% | |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 46,773 | 27,648 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 110,901 | 10,904 | |||||||
38,552 | |||||||||
Norway—1.4% | |||||||||
Equinor ASA (Oil, gas & consumable fuels) | 419,032 | 13,756 | |||||||
Spain—2.6% | |||||||||
Amadeus IT Group SA (Hotels, restaurants & leisure) | 312,816 | 18,944 | |||||||
Industria de Diseno Textil SA (Specialty retail) | 193,365 | 7,214 | |||||||
26,158 | |||||||||
Sweden—3.5% | |||||||||
Atlas Copco AB (Machinery) | 1,155,337 | 15,571 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 132,866 | 13,455 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 138,207 | 1,181 | |||||||
Indutrade AB (Machinery) | 242,585 | 4,501 | |||||||
34,708 | |||||||||
Switzerland—4.7% | |||||||||
Lonza Group AG (Life sciences tools & services) | 19,534 | 9,083 | |||||||
Partners Group Holding AG (Capital markets) | 9,014 | 10,187 |
See accompanying Notes to Portfolio of Investments.
26 |
International Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Straumann Holding AG (Health care equipment & supplies) | 101,151 | $ | 12,951 | ||||||
Zurich Insurance Group AG (Insurance) | 32,805 | 15,056 | |||||||
47,277 | |||||||||
United Kingdom—15.7% | |||||||||
Ashtead Group PLC (Trading companies & distributors) | 248,655 | 15,175 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 227,944 | 30,876 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 858,978 | 20,961 | |||||||
Diageo PLC (Beverages) | 426,410 | 15,785 | |||||||
Experian PLC (Professional services) | 453,529 | 14,891 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 387,463 | 9,164 | |||||||
London Stock Exchange Group PLC (Capital markets) | 213,684 | 21,467 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 2,636,804 | 19,631 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 77,683 | 9,029 | |||||||
156,979 | |||||||||
Emerging Asia—15.3% | |||||||||
China—5.2% | |||||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,927,300 | 21,067 | ||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 530,035 | 14,747 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 64,071 | 15,792 | |||||||
51,606 | |||||||||
India—6.0% | |||||||||
HDFC Bank Ltd. (Banks) | 1,095,362 | 20,127 | |||||||
Infosys Ltd. (IT services) | 769,055 | 13,240 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 923,625 | 26,049 | |||||||
59,416 | |||||||||
South Korea—1.0% | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 26,710 | 10,135 | |||||||
Taiwan—3.1% | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 1,928,000 | 31,237 | |||||||
Canada—10.4% | |||||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 373,176 | 27,768 | |||||||
Dollarama, Inc. (Broadline retail) | 366,936 | 25,281 | |||||||
Intact Financial Corp. (Insurance) | 127,770 | 18,628 | |||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 49,396 | 19,048 | ||||||
Toronto-Dominion Bank (Banks) | 210,292 | 12,669 | |||||||
103,394 | |||||||||
Japan—6.9% | |||||||||
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 300,500 | 8,256 | |||||||
Daikin Industries Ltd. (Building products) | 50,900 | 7,996 | |||||||
Hoya Corp. (Health care equipment & supplies) | 165,200 | 16,941 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 48,700 | 18,087 |
See accompanying Notes to Portfolio of Investments.
27 |
International Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 595,300 | $ | 17,300 | ||||||
68,580 | |||||||||
Emerging Latin America—2.8% | |||||||||
Argentina—0.6% | |||||||||
* | Globant SA (IT services)† | 27,700 | 5,481 | ||||||
Brazil—2.2% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 2,880,000 | 7,042 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 12,026 | 15,247 | ||||||
22,289 | |||||||||
Asia—2.4% | |||||||||
Australia—1.2% | |||||||||
CSL Ltd. (Biotechnology) | 73,665 | 11,879 | |||||||
Hong Kong—1.2% | |||||||||
AIA Group Ltd. (Insurance) | 1,477,889 | 12,048 | |||||||
Total Common Stocks—97.1% (cost $877,030) | 967,607 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $24,044, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $24,520 | $ | 24,039 | 24,039 | ||||||
Total Repurchase Agreement—2.4% (cost $24,039) | 24,039 | ||||||||
Total Investments—99.5% (cost $901,069) | 991,646 | ||||||||
Cash and other assets, less liabilities—0.5% | 4,598 | ||||||||
Net assets—100.0% | $ | 996,244 |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
28 |
International Leaders Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 23.7 | % | ||
Consumer Discretionary | 19.6 | % | ||
Information Technology | 16.3 | % | ||
Health Care | 15.2 | % | ||
Financials | 12.1 | % | ||
Consumer Staples | 5.3 | % | ||
Energy | 4.1 | % | ||
Materials | 3.7 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 24.9 | % | ||
British Pound Sterling | 16.2 | % | ||
U.S. Dollar | 12.0 | % | ||
Japanese Yen | 7.1 | % | ||
Indian Rupee | 6.1 | % | ||
Canadian Dollar | 5.9 | % | ||
Danish Krone | 5.1 | % | ||
Swiss Franc | 4.9 | % | ||
Swedish Krona | 3.6 | % | ||
Hong Kong Dollar | 3.4 | % | ||
New Taiwan Dollar | 3.2 | % | ||
Chinese Yuan Renminbi | 3.2 | % | ||
Norwegian Krone | 1.4 | % | ||
Australian Dollar | 1.2 | % | ||
South Korean Won | 1.1 | % | ||
All Other Currencies | 0.7 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
29 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—40.6% | |||||||||
Belgium—0.1% | |||||||||
Warehouses De Pauw CVA (Industrial REITs) | 81,849 | $ | 2,028 | ||||||
Denmark—4.7% | |||||||||
Coloplast AS (Health care equipment & supplies) | 36,438 | 3,862 | |||||||
DSV AS (Air freight & logistics) | 112,152 | 20,970 | |||||||
* | Genmab AS (Biotechnology) | 29,268 | 10,405 | ||||||
Novo Nordisk AS (Pharmaceuticals) | 322,260 | 29,414 | |||||||
64,651 | |||||||||
Finland—0.3% | |||||||||
Metso Oyj (Machinery) | 252,544 | 2,658 | |||||||
Valmet Oyj (Machinery) | 80,755 | 1,849 | |||||||
4,507 | |||||||||
France—11.9% | |||||||||
Airbus SE (Aerospace & defense) | 144,231 | 19,363 | |||||||
Capgemini SE (IT services) | 49,214 | 8,627 | |||||||
Dassault Systemes SE (Software) | 449,590 | 16,777 | |||||||
Hermes International SCA (Textiles, apparel & luxury goods) | 6,890 | 12,601 | |||||||
L’Oreal SA (Personal care products) | 33,231 | 13,815 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 21,133 | 16,006 | |||||||
Remy Cointreau SA (Beverages) | 17,978 | 2,198 | |||||||
Safran SA (Aerospace & defense) | 117,877 | 18,524 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 18,410 | 4,399 | |||||||
SEB SA (Household durables) | 20,388 | 1,911 | |||||||
* | SES-imagotag SA (Electronic equipment, instruments & components) | 18,086 | 2,111 | ||||||
Thales SA (Aerospace & defense) | 101,664 | 14,306 | |||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 316,794 | 20,870 | |||||||
Vinci SA (Construction & engineering) | 107,441 | 11,929 | |||||||
163,437 | |||||||||
Germany—3.1% | |||||||||
CTS Eventim AG & Co. KGaA (Entertainment) | 93,900 | 5,346 | |||||||
Hannover Rueck SE (Insurance) | 62,662 | 13,773 | |||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 272,803 | 9,044 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 58,049 | 10,541 | |||||||
Nemetschek SE (Software) | 39,257 | 2,402 | |||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 23,895 | 2,045 | |||||||
43,151 | |||||||||
Ireland—4.6% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 63,369 | 15,605 | ||||||
Kingspan Group PLC (Building products) | 204,511 | 15,343 | |||||||
Linde PLC (Chemicals)† | 59,021 | 21,976 | |||||||
* | Ryanair Holdings PLC—ADR (Passenger airlines) | 101,503 | 9,867 | ||||||
62,791 | |||||||||
Israel—0.8% | |||||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 98,197 | 2,991 | ||||||
Mizrahi Tefahot Bank Ltd. (Banks) | 88,162 | 3,192 |
See accompanying Notes to Portfolio of Investments.
30 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Israel—(continued) | |||||||||
* | Nice Ltd.—ADR (Software) | 27,557 | $ | 4,685 | |||||
10,868 | |||||||||
Italy—1.9% | |||||||||
Amplifon SpA (Health care providers & services) | 100,263 | 2,981 | |||||||
Azimut Holding SpA (Capital markets) | 90,940 | 1,988 | |||||||
Brembo SpA (Automobile components) | 141,623 | 1,761 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 58,916 | 4,488 | |||||||
Ferrari NV (Automobiles)† | 29,028 | 8,579 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 84,233 | 4,905 | |||||||
Stevanato Group SpA (Life sciences tools & services)† | 68,940 | 2,049 | |||||||
26,751 | |||||||||
Netherlands—2.7% | |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 40,801 | 24,118 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 64,071 | 6,300 | |||||||
IMCD NV (Trading companies & distributors) | 31,313 | 3,972 | |||||||
JDE Peet’s NV (Food products) | 105,151 | 2,937 | |||||||
37,327 | |||||||||
Norway—0.3% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 1,519,464 | 2,150 | ||||||
Gjensidige Forsikring ASA (Insurance) | 145,899 | 2,148 | |||||||
4,298 | |||||||||
Spain—1.3% | |||||||||
Amadeus IT Group SA (Hotels, restaurants & leisure) | 171,682 | 10,397 | |||||||
Industria de Diseno Textil SA (Specialty retail) | 186,793 | 6,969 | |||||||
17,366 | |||||||||
Sweden—3.3% | |||||||||
Atlas Copco AB (Machinery) | 898,305 | 12,107 | |||||||
Beijer Ref AB (Trading companies & distributors) | 399,747 | 4,226 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 79,556 | 8,056 | |||||||
Fortnox AB (Software) | 443,439 | 2,370 | |||||||
Hemnet Group AB (Interactive media & services) | 137,978 | 2,436 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 878,506 | 7,509 | |||||||
Indutrade AB (Machinery) | 200,490 | 3,720 | |||||||
Lifco AB (Industrial conglomerates) | 230,743 | 4,054 | |||||||
Sweco AB (Construction & engineering) | 175,074 | 1,638 | |||||||
46,116 | |||||||||
Switzerland—5.6% | |||||||||
Belimo Holding AG (Building products) | 7,435 | 3,540 | |||||||
Galenica AG (Health care providers & services) | 49,273 | 3,647 | |||||||
Lonza Group AG (Life sciences tools & services) | 17,736 | 8,246 | |||||||
Partners Group Holding AG (Capital markets) | 8,223 | 9,293 | |||||||
Siegfried Holding AG (Life sciences tools & services) | 4,013 | 3,439 | |||||||
SIG Group AG (Containers & packaging) | 273,997 | 6,777 | |||||||
Sika AG (Chemicals) | 53,765 | 13,692 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 43,250 | 5,538 |
See accompanying Notes to Portfolio of Investments.
31 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Tecan Group AG (Life sciences tools & services) | 13,348 | $ | 4,509 | ||||||
VAT Group AG (Machinery) | 18,623 | 6,693 | |||||||
Zurich Insurance Group AG (Insurance) | 24,638 | 11,308 | |||||||
76,682 | |||||||||
Emerging Asia—15.6% | |||||||||
China—2.2% | |||||||||
Airtac International Group (Machinery) | 103,713 | 3,145 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 114,760 | 3,193 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 41,599 | 10,253 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 115,189 | 1,604 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 321,400 | 12,567 | |||||||
30,762 | |||||||||
India—6.5% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 49,493 | 3,066 | |||||||
Asian Paints Ltd. (Chemicals) | 151,601 | 5,780 | |||||||
Britannia Industries Ltd. (Food products) | 51,940 | 2,833 | |||||||
Havells India Ltd. (Electrical equipment) | 234,327 | 3,910 | |||||||
HDFC Bank Ltd. (Banks) | 905,897 | 16,646 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 237,480 | 7,061 | |||||||
Infosys Ltd. (IT services) | 384,316 | 6,616 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 179,731 | 5,151 | ||||||
Mahindra & Mahindra Ltd. (Automobiles) | 180,143 | 3,375 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 359,109 | 2,453 | |||||||
Nestle India Ltd. (Food products) | 8,246 | 2,230 | |||||||
Petronet LNG Ltd. (Oil, gas & consumable fuels) | 1,051,189 | 3,044 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 659,406 | 18,598 | |||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 100,981 | 3,829 | |||||||
Varun Beverages Ltd. (Beverages) | 231,197 | 2,645 | |||||||
Voltas Ltd. (Construction & engineering) | 252,828 | 2,619 | |||||||
89,856 | |||||||||
Indonesia—1.9% | |||||||||
Bank Central Asia Tbk PT (Banks) | 32,210,700 | 18,393 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 30,713,500 | 7,452 | |||||||
25,845 | |||||||||
South Korea—2.0% | |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 277,413 | 14,062 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 7,458 | 2,830 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 120,350 | 10,230 | |||||||
27,122 | |||||||||
Taiwan—3.0% | |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 26,000 | 2,167 | |||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 70,000 | 2,960 | |||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 112,000 | 1,573 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 362,000 | 8,242 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 285,317 | 24,794 |
See accompanying Notes to Portfolio of Investments.
32 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 397,000 | $ | 2,134 | ||||||
41,870 | |||||||||
United Kingdom—15.2% | |||||||||
3i Group PLC (Capital markets) | 576,519 | 14,582 | |||||||
Ashtead Group PLC (Trading companies & distributors) | 279,934 | 17,084 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 163,558 | 22,155 | |||||||
Beazley PLC (Insurance) | 523,358 | 3,534 | |||||||
Big Yellow Group PLC (Specialized REITs) | 203,807 | 2,334 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 803,283 | 19,602 | |||||||
ConvaTec Group PLC (Health care equipment & supplies) | 2,545,177 | 6,763 | |||||||
Diageo PLC (Beverages) | 364,676 | 13,499 | |||||||
Diploma PLC (Trading companies & distributors) | 147,210 | 5,395 | |||||||
Experian PLC (Professional services) | 206,852 | 6,792 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 129,054 | 3,855 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 392,356 | 9,280 | |||||||
Intermediate Capital Group PLC (Capital markets) | 292,978 | 4,944 | |||||||
London Stock Exchange Group PLC (Capital markets) | 197,862 | 19,878 | |||||||
RELX PLC (Professional services) | 414,694 | 14,041 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 43,849 | 1,884 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 2,153,311 | 16,031 | |||||||
Rotork PLC (Machinery) | 1,061,306 | 4,048 | |||||||
Segro PLC (Industrial REITs) | 355,956 | 3,124 | |||||||
Softcat PLC (IT services) | 148,414 | 2,642 | |||||||
Spectris PLC (Electronic equipment, instruments & components) | 95,062 | 3,936 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 62,529 | 7,268 | |||||||
SSE PLC (Electric utilities) | 180,407 | 3,544 | |||||||
Weir Group PLC (Machinery) | 129,475 | 3,004 | |||||||
209,219 | |||||||||
Japan—12.4% | |||||||||
Ajinomoto Co., Inc. (Food products) | 242,500 | 9,353 | |||||||
BayCurrent Consulting, Inc. (Professional services) | 88,600 | 2,963 | |||||||
Benefit One, Inc. (Professional services) | 222,300 | 1,609 | |||||||
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 259,600 | 7,133 | |||||||
Daikin Industries Ltd. (Building products) | 42,800 | 6,723 | |||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 34,800 | 6,423 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 104,100 | 1,751 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 58,300 | 1,295 | |||||||
Hoya Corp. (Health care equipment & supplies) | 133,700 | 13,711 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 146,600 | 2,153 | |||||||
Japan Exchange Group, Inc. (Capital markets) | 199,400 | 3,701 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 48,800 | 18,124 | |||||||
MatsukiyoCocokara & Co. (Consumer staples distribution & retail) | 187,200 | 3,358 | |||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 408,000 | 4,370 | |||||||
Pan Pacific International Holdings Corp. (Broadline retail) | 508,700 | 10,682 | |||||||
Rakus Co. Ltd. (Software) | 154,700 | 2,135 | |||||||
* | SHIFT, Inc. (IT services) | 15,700 | 2,869 | ||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 522,400 | 15,182 | |||||||
SMS Co. Ltd. (Professional services) | 71,100 | 1,211 | |||||||
Sumitomo Mitsui Financial Group, Inc. (Banks) | 346,000 | 17,011 | |||||||
Sundrug Co. Ltd. (Consumer staples distribution & retail) | 99,500 | 2,700 |
See accompanying Notes to Portfolio of Investments.
33 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
TechnoPro Holdings, Inc. (Professional services) | 182,600 | $ | 3,975 | ||||||
TIS, Inc. (IT services) | 165,200 | 3,640 | |||||||
Tokio Marine Holdings, Inc. (Insurance) | 586,800 | 13,606 | |||||||
Tokyo Electron Ltd. (Semiconductors & semiconductor equipment) | 81,900 | 11,202 | |||||||
Tsuruha Holdings, Inc. (Consumer staples distribution & retail) | 50,200 | 3,374 | |||||||
170,254 | |||||||||
Canada—8.7% | |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 14,139 | 2,514 | |||||||
Canadian National Railway Co. (Ground transportation) | 112,254 | 12,156 | |||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 274,446 | 20,422 | |||||||
CCL Industries, Inc. (Containers & packaging) | 149,594 | 6,279 | |||||||
Dollarama, Inc. (Broadline retail) | 254,712 | 17,549 | |||||||
Intact Financial Corp. (Insurance) | 82,946 | 12,093 | |||||||
* | Kinaxis, Inc. (Software) | 25,290 | 2,852 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 30,075 | 11,597 | ||||||
Metro, Inc. (Consumer staples distribution & retail) | 209,801 | 10,896 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 151,942 | 4,444 | |||||||
Toromont Industries Ltd. (Trading companies & distributors) | 95,324 | 7,764 | |||||||
Toronto-Dominion Bank (Banks) | 180,333 | 10,864 | |||||||
119,430 | |||||||||
Emerging Latin America—3.4% | |||||||||
Argentina—0.3% | |||||||||
* | Globant SA (IT services)† | 22,260 | 4,404 | ||||||
Brazil—2.0% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 2,467,800 | 6,034 | |||||||
Locaweb Servicos de Internet SA (IT services) | 1,186,993 | 1,509 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 7,453 | 9,449 | ||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 759,364 | 4,173 | |||||||
Rumo SA (Ground transportation) | 674,300 | 3,061 | |||||||
WEG SA (Electrical equipment) | 450,500 | 3,251 | |||||||
27,477 | |||||||||
Mexico—0.9% | |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 10,809 | 2,656 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 2,735,400 | 10,324 | |||||||
12,980 | |||||||||
Peru—0.2% | |||||||||
Credicorp Ltd. (Banks)† | 20,373 | 2,607 | |||||||
Asia—2.3% | |||||||||
Australia—0.6% | |||||||||
Pro Medicus Ltd. (Health care technology) | 78,216 | 4,194 | |||||||
Steadfast Group Ltd. (Insurance) | 1,119,067 | 4,058 | |||||||
8,252 | |||||||||
Hong Kong—1.0% | |||||||||
AIA Group Ltd. (Insurance) | 876,200 | 7,144 |
See accompanying Notes to Portfolio of Investments.
34 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—(continued) | |||||||||
Hong Kong — (continued) | |||||||||
Techtronic Industries Co. Ltd. (Machinery) | 593,000 | $ | 5,755 | ||||||
12,899 | |||||||||
Singapore—0.7% | |||||||||
DBS Group Holdings Ltd. (Banks) | 402,700 | 9,910 | |||||||
Emerging Africa—0.4% | |||||||||
South Africa—0.4% | |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 242,038 | 5,398 | |||||||
Total Common Stocks—98.6% (cost $1,130,029) | 1,358,258 | ||||||||
Rights | |||||||||
Europe—0.0% | |||||||||
Italy – 0.00% | |||||||||
Brembo SpA, Expiring 10/3/23 (Automobile components) | 141,623 | — | |||||||
Total Rights—0.0% (cost $0) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $18,715, collateralized by U.S. Treasury Note, 1.500%, due 01/31/27, valued at $19,086 | $ | 18,712 | 18,712 | ||||||
Total Repurchase Agreement—1.3% (cost $18,712) | 18,712 | ||||||||
Total Investments—99.9% (cost $1,148,741) | 1,376,970 | ||||||||
Cash and other assets, less liabilities—0.1% | 1,071 | ||||||||
Net assets—100.0% | $ | 1,378,041 |
ADR = American Depository Receipt |
REIT = Real Estate Investment Trust |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
35 |
International Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 25.1 | % | ||
Information Technology | 17.1 | % | ||
Financials | 15.2 | % | ||
Consumer Discretionary | 11.6 | % | ||
Health Care | 11.5 | % | ||
Consumer Staples | 8.0 | % | ||
Materials | 5.1 | % | ||
Energy | 3.5 | % | ||
Communication Services | 2.0 | % | ||
Real Estate | 0.6 | % | ||
Utilities | 0.3 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 22.0 | % | ||
British Pound Sterling | 15.4 | % | ||
Japanese Yen | 12.5 | % | ||
U.S. Dollar | 10.4 | % | ||
Indian Rupee | 6.6 | % | ||
Canadian Dollar | 6.4 | % | ||
Swiss Franc | 5.7 | % | ||
Danish Krone | 4.8 | % | ||
Swedish Krona | 3.4 | % | ||
South Korean Won | 2.0 | % | ||
Indonesian Rupiah | 1.9 | % | ||
Hong Kong Dollar | 1.9 | % | ||
New Taiwan Dollar | 1.5 | % | ||
Brazilian Real | 1.3 | % | ||
Chinese Yuan Renminbi | 1.1 | % | ||
All Other Currencies | 3.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
36 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—40.6% | |||||||||
Belgium—0.1% | |||||||||
Warehouses De Pauw CVA (Industrial REITs) | 48,306 | $ | 1,197 | ||||||
Denmark—4.7% | |||||||||
Coloplast AS (Health care equipment & supplies) | 21,505 | 2,279 | |||||||
DSV AS (Air freight & logistics) | 66,190 | 12,376 | |||||||
* | Genmab AS (Biotechnology) | 17,273 | 6,141 | ||||||
Novo Nordisk AS (Pharmaceuticals) | 190,193 | 17,360 | |||||||
38,156 | |||||||||
Finland—0.3% | |||||||||
Metso Oyj (Machinery) | 149,047 | 1,569 | |||||||
Valmet Oyj (Machinery) | 47,660 | 1,091 | |||||||
2,660 | |||||||||
France—11.9% | |||||||||
Airbus SE (Aerospace & defense) | 85,123 | 11,428 | |||||||
Capgemini SE (IT services) | 29,045 | 5,091 | |||||||
Dassault Systemes SE (Software) | 265,341 | 9,901 | |||||||
Hermes International SCA (Textiles, apparel & luxury goods) | 4,060 | 7,425 | |||||||
L’Oreal SA (Personal care products) | 19,612 | 8,153 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 12,472 | 9,446 | |||||||
Remy Cointreau SA (Beverages) | 10,611 | 1,297 | |||||||
Safran SA (Aerospace & defense) | 69,569 | 10,933 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 10,984 | 2,625 | |||||||
SEB SA (Household durables) | 12,033 | 1,128 | |||||||
* | SES-imagotag SA (Electronic equipment, instruments & components) | 10,674 | 1,246 | ||||||
Thales SA (Aerospace & defense) | 60,001 | 8,443 | |||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 186,625 | 12,294 | |||||||
Vinci SA (Construction & engineering) | 63,410 | 7,041 | |||||||
96,451 | |||||||||
Germany—3.1% | |||||||||
CTS Eventim AG & Co. KGaA (Entertainment) | 55,418 | 3,155 | |||||||
Hannover Rueck SE (Insurance) | 36,915 | 8,114 | |||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 161,004 | 5,337 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 34,188 | 6,208 | |||||||
Nemetschek SE (Software) | 23,169 | 1,418 | |||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 14,102 | 1,207 | |||||||
25,439 | |||||||||
Ireland—4.6% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 37,400 | 9,210 | ||||||
Kingspan Group PLC (Building products) | 120,699 | 9,055 | |||||||
Linde PLC (Chemicals)† | 34,833 | 12,970 | |||||||
* | Ryanair Holdings PLC—ADR (Passenger airlines) | 59,808 | 5,814 | ||||||
37,049 | |||||||||
Israel—0.8% | |||||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 57,954 | 1,765 | ||||||
Mizrahi Tefahot Bank Ltd. (Banks) | 52,600 | 1,904 |
See accompanying Notes to Portfolio of Investments.
37 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Israel—(continued) | |||||||||
* | Nice Ltd.—ADR (Software) | 16,264 | $ | 2,765 | |||||
6,434 | |||||||||
Italy—1.9% | |||||||||
Amplifon SpA (Health care providers & services) | 59,174 | 1,759 | |||||||
Azimut Holding SpA (Capital markets) | 53,671 | 1,174 | |||||||
Brembo SpA (Automobile components) | 83,584 | 1,039 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 34,771 | 2,649 | |||||||
Ferrari NV (Automobiles)† | 17,104 | 5,055 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 49,633 | 2,890 | |||||||
Stevanato Group SpA (Life sciences tools & services)† | 40,687 | 1,209 | |||||||
15,775 | |||||||||
Netherlands—2.7% | |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 24,080 | 14,234 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 37,814 | 3,718 | |||||||
IMCD NV (Trading companies & distributors) | 18,480 | 2,345 | |||||||
JDE Peet’s NV (Food products) | 62,059 | 1,733 | |||||||
22,030 | |||||||||
Norway—0.3% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 896,763 | 1,269 | ||||||
Gjensidige Forsikring ASA (Insurance) | 86,107 | 1,268 | |||||||
2,537 | |||||||||
Spain—1.3% | |||||||||
Amadeus IT Group SA (Hotels, restaurants & leisure) | 101,184 | 6,128 | |||||||
Industria de Diseno Textil SA (Specialty retail) | 109,932 | 4,101 | |||||||
10,229 | |||||||||
Sweden—3.3% | |||||||||
Atlas Copco AB (Machinery) | 530,166 | 7,145 | |||||||
Beijer Ref AB (Trading companies & distributors) | 235,924 | 2,494 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 46,953 | 4,755 | |||||||
Fortnox AB (Software) | 261,710 | 1,399 | |||||||
Hemnet Group AB (Interactive media & services) | 81,432 | 1,438 | |||||||
Hexagon AB (Electronic equipment, instruments & components) | 517,823 | 4,426 | |||||||
Indutrade AB (Machinery) | 118,326 | 2,195 | |||||||
Lifco AB (Industrial conglomerates) | 136,181 | 2,393 | |||||||
Sweco AB (Construction & engineering) | 103,326 | 966 | |||||||
27,211 | |||||||||
Switzerland—5.6% | |||||||||
Belimo Holding AG (Building products) | 4,388 | 2,089 | |||||||
Galenica AG (Health care providers & services) | 29,080 | 2,152 | |||||||
Lonza Group AG (Life sciences tools & services) | 10,448 | 4,858 | |||||||
Partners Group Holding AG (Capital markets) | 4,853 | 5,485 | |||||||
Siegfried Holding AG (Life sciences tools & services) | 2,368 | 2,029 | |||||||
SIG Group AG (Containers & packaging) | 161,709 | 4,000 | |||||||
Sika AG (Chemicals) | 31,731 | 8,081 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 25,498 | 3,265 | |||||||
Tecan Group AG (Life sciences tools & services) | 7,878 | 2,661 |
See accompanying Notes to Portfolio of Investments.
38 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
�� | |||||||||
Switzerland — (continued) | |||||||||
VAT Group AG (Machinery) | 10,991 | $ | 3,950 | ||||||
Zurich Insurance Group AG (Insurance) | 14,541 | 6,674 | |||||||
45,244 | |||||||||
Emerging Asia—15.6% | |||||||||
China—2.2% | |||||||||
Airtac International Group (Machinery) | 61,204 | 1,856 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 67,700 | 1,884 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 24,600 | 6,063 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 69,076 | 962 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 189,700 | 7,417 | |||||||
18,182 | |||||||||
India—6.5% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 29,210 | 1,810 | |||||||
Asian Paints Ltd. (Chemicals) | 89,473 | 3,411 | |||||||
Britannia Industries Ltd. (Food products) | 30,654 | 1,672 | |||||||
Havells India Ltd. (Electrical equipment) | 138,296 | 2,307 | |||||||
HDFC Bank Ltd. (Banks) | 534,646 | 9,824 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 140,157 | 4,167 | |||||||
Infosys Ltd. (IT services) | 226,817 | 3,905 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 106,075 | 3,040 | ||||||
Mahindra & Mahindra Ltd. (Automobiles) | 106,146 | 1,988 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 211,940 | 1,448 | |||||||
Nestle India Ltd. (Food products) | 4,867 | 1,316 | |||||||
Petronet LNG Ltd. (Oil, gas & consumable fuels) | 620,394 | 1,797 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 389,171 | 10,976 | |||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 59,597 | 2,260 | |||||||
Varun Beverages Ltd. (Beverages) | 136,449 | 1,561 | |||||||
Voltas Ltd. (Construction & engineering) | 149,215 | 1,546 | |||||||
53,028 | |||||||||
Indonesia—1.9% | |||||||||
Bank Central Asia Tbk PT (Banks) | 19,010,230 | 10,855 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 18,126,600 | 4,399 | |||||||
15,254 | |||||||||
South Korea—2.0% | |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 163,725 | 8,299 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 4,401 | 1,670 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 71,027 | 6,037 | |||||||
16,006 | |||||||||
Taiwan—3.0% | |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 15,000 | 1,250 | |||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 41,000 | 1,734 | |||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 66,000 | 927 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 213,000 | 4,850 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 168,390 | 14,633 |
See accompanying Notes to Portfolio of Investments.
39 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 234,000 | $ | 1,258 | ||||||
24,652 | |||||||||
United Kingdom—15.2% | |||||||||
3i Group PLC (Capital markets) | 339,781 | 8,594 | |||||||
Ashtead Group PLC (Trading companies & distributors) | 165,212 | 10,083 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 96,529 | 13,075 | |||||||
Beazley PLC (Insurance) | 308,450 | 2,083 | |||||||
Big Yellow Group PLC (Specialized REITs) | 120,284 | 1,377 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 474,085 | 11,569 | |||||||
ConvaTec Group PLC (Health care equipment & supplies) | 1,502,197 | 3,992 | |||||||
Diageo PLC (Beverages) | 215,226 | 7,967 | |||||||
Diploma PLC (Trading companies & distributors) | 86,881 | 3,184 | |||||||
Experian PLC (Professional services) | 121,911 | 4,003 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 76,166 | 2,275 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 231,562 | 5,477 | |||||||
Intermediate Capital Group PLC (Capital markets) | 172,911 | 2,918 | |||||||
London Stock Exchange Group PLC (Capital markets) | 116,775 | 11,732 | |||||||
RELX PLC (Professional services) | 244,299 | 8,271 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 25,820 | 1,110 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 1,270,850 | 9,462 | |||||||
Rotork PLC (Machinery) | 626,366 | 2,389 | |||||||
Segro PLC (Industrial REITs) | 210,079 | 1,844 | |||||||
Softcat PLC (IT services) | 87,591 | 1,559 | |||||||
Spectris PLC (Electronic equipment, instruments & components) | 56,104 | 2,323 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 36,904 | 4,289 | |||||||
SSE PLC (Electric utilities) | 106,474 | 2,091 | |||||||
Weir Group PLC (Machinery) | 76,414 | 1,773 | |||||||
123,440 | |||||||||
Japan—12.3% | |||||||||
Ajinomoto Co., Inc. (Food products) | 143,100 | 5,519 | |||||||
BayCurrent Consulting, Inc. (Professional services) | 52,300 | 1,749 | |||||||
Benefit One, Inc. (Professional services) | 131,200 | 950 | |||||||
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 152,900 | 4,201 | |||||||
Daikin Industries Ltd. (Building products) | 25,200 | 3,959 | |||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 20,500 | 3,783 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 61,400 | 1,033 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 34,400 | 764 | |||||||
Hoya Corp. (Health care equipment & supplies) | 78,900 | 8,091 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 86,500 | 1,271 | |||||||
Japan Exchange Group, Inc. (Capital markets) | 117,600 | 2,183 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 28,800 | 10,696 | |||||||
MatsukiyoCocokara & Co. (Consumer staples distribution & retail) | 110,400 | 1,980 | |||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 240,800 | 2,579 | |||||||
Pan Pacific International Holdings Corp. (Broadline retail) | 299,700 | 6,293 | |||||||
Rakus Co. Ltd. (Software) | 91,300 | 1,260 | |||||||
* | SHIFT, Inc. (IT services) | 9,200 | 1,681 | ||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 308,300 | 8,960 | |||||||
SMS Co. Ltd. (Professional services) | 42,000 | 715 | |||||||
Sumitomo Mitsui Financial Group, Inc. (Banks) | 203,800 | 10,020 | |||||||
Sundrug Co. Ltd. (Consumer staples distribution & retail) | 58,600 | 1,590 |
See accompanying Notes to Portfolio of Investments.
40 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
TechnoPro Holdings, Inc. (Professional services) | 107,800 | $ | 2,347 | ||||||
TIS, Inc. (IT services) | 97,500 | 2,148 | |||||||
Tokio Marine Holdings, Inc. (Insurance) | 345,700 | 8,016 | |||||||
Tokyo Electron Ltd. (Semiconductors & semiconductor equipment) | 48,300 | 6,606 | |||||||
Tsuruha Holdings, Inc. (Consumer staples distribution & retail) | 29,600 | 1,990 | |||||||
100,384 | |||||||||
Canada—8.7% | |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 8,344 | 1,484 | |||||||
Canadian National Railway Co. (Ground transportation) | 66,144 | 7,163 | |||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 161,973 | 12,052 | |||||||
CCL Industries, Inc. (Containers & packaging) | 88,288 | 3,706 | |||||||
Dollarama, Inc. (Broadline retail) | 150,327 | 10,357 | |||||||
Intact Financial Corp. (Insurance) | 48,953 | 7,137 | |||||||
* | Kinaxis, Inc. (Software) | 14,926 | 1,683 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 17,750 | 6,844 | ||||||
Metro, Inc. (Consumer staples distribution & retail) | 123,821 | 6,431 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 89,674 | 2,623 | |||||||
Toromont Industries Ltd. (Trading companies & distributors) | 56,258 | 4,582 | |||||||
Toronto-Dominion Bank (Banks) | 106,430 | 6,412 | |||||||
70,474 | |||||||||
Emerging Latin America—3.5% | |||||||||
Argentina—0.3% | |||||||||
* | Globant SA (IT services)��� | 13,138 | 2,600 | ||||||
Brazil—2.0% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 1,456,400 | 3,561 | |||||||
Locaweb Servicos de Internet SA (IT services) | 700,586 | 890 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 4,399 | 5,577 | ||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 448,200 | 2,463 | |||||||
Rumo SA (Ground transportation) | 398,000 | 1,807 | |||||||
WEG SA (Electrical equipment) | 265,900 | 1,919 | |||||||
16,217 | |||||||||
Mexico—1.0% | |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 6,693 | 1,644 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 1,611,800 | 6,084 | |||||||
7,728 | |||||||||
Peru—0.2% | |||||||||
Credicorp Ltd. (Banks)† | 12,024 | 1,539 | |||||||
Asia—2.2% | |||||||||
Australia—0.6% | |||||||||
Pro Medicus Ltd. (Health care technology) | 46,162 | 2,475 | |||||||
Steadfast Group Ltd. (Insurance) | 660,455 | 2,395 | |||||||
4,870 | |||||||||
Hong Kong—0.9% | |||||||||
AIA Group Ltd. (Insurance) | 516,263 | 4,209 |
See accompanying Notes to Portfolio of Investments.
41 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—(continued) | |||||||||
Hong Kong — (continued) | |||||||||
Techtronic Industries Co. Ltd. (Machinery) | 349,500 | $ | 3,392 | ||||||
7,601 | |||||||||
Singapore—0.7% | |||||||||
DBS Group Holdings Ltd. (Banks) | 237,600 | 5,847 | |||||||
Emerging Africa—0.4% | |||||||||
South Africa—0.4% | |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 142,847 | 3,186 | |||||||
Total Common Stocks—98.5% (cost $671,881) | 801,420 | ||||||||
Rights | |||||||||
Europe—0.0% | |||||||||
Italy—0.0% | |||||||||
* | Brembo SpA , Expiring 10/3/23 (Automobile components) | 85,072 | — | ||||||
Total Rights—0.0% (cost $0) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $11,084, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $11,303 | $ | 11,082 | 11,082 | ||||||
Total Repurchase Agreement—1.4% (cost $11,082) | 11,082 | ||||||||
Total Investments—99.9% (cost $682,963) | 812,502 | ||||||||
Cash and other assets, less liabilities—0.1% | 938 | ||||||||
Net assets—100.0% | $ | 813,440 |
ADR = American Depository Receipt |
REIT = Real Estate Investment Trust |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
42 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 25.1 | % | ||
Information Technology | 17.1 | % | ||
Financials | 15.2 | % | ||
Consumer Discretionary | 11.6 | % | ||
Health Care | 11.5 | % | ||
Consumer Staples | 8.0 | % | ||
Materials | 5.1 | % | ||
Energy | 3.5 | % | ||
Communication Services | 2.0 | % | ||
Real Estate | 0.6 | % | ||
Utilities | 0.3 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 22.0 | % | ||
British Pound Sterling | 15.4 | % | ||
Japanese Yen | 12.5 | % | ||
U.S. Dollar | 10.4 | % | ||
Indian Rupee | 6.6 | % | ||
Canadian Dollar | 6.4 | % | ||
Swiss Franc | 5.7 | % | ||
Danish Krone | 4.8 | % | ||
Swedish Krona | 3.4 | % | ||
South Korean Won | 2.0 | % | ||
Indonesian Rupiah | 1.9 | % | ||
Hong Kong Dollar | 1.9 | % | ||
New Taiwan Dollar | 1.5 | % | ||
Brazilian Real | 1.3 | % | ||
Chinese Yuan Renminbi | 1.1 | % | ||
All Other Currencies | 3.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
43 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—33.0% | |||||||||
Belgium—1.9% | |||||||||
D’ieteren Group (Distributors) | 15,091 | $ | 2,551 | ||||||
Melexis NV (Semiconductors & semiconductor equipment) | 17,599 | 1,520 | |||||||
4,071 | |||||||||
Finland—1.1% | |||||||||
* | Musti Group Oyj (Specialty retail) | 52,801 | 1,005 | ||||||
Valmet Oyj (Machinery) | 59,843 | 1,370 | |||||||
2,375 | |||||||||
France—3.3% | |||||||||
Dassault Aviation SA (Aerospace & defense) | 14,764 | 2,785 | |||||||
Remy Cointreau SA (Beverages) | 6,990 | 854 | |||||||
SEB SA (Household durables) | 10,720 | 1,005 | |||||||
* | SES-imagotag SA (Electronic equipment, instruments & components) | 19,947 | 2,328 | ||||||
6,972 | |||||||||
Germany—3.0% | |||||||||
CTS Eventim AG & Co. KGaA (Entertainment) | 57,598 | 3,279 | |||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 37,167 | 3,181 | |||||||
6,460 | |||||||||
Israel—2.1% | |||||||||
First International Bank Of Israel Ltd. (Banks) | 31,883 | 1,368 | |||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 91,805 | 2,796 | ||||||
Maytronics Ltd. (Household durables) | 36,569 | 384 | |||||||
4,548 | |||||||||
Italy—5.1% | |||||||||
Ariston Holding NV (Household durables) | 368,517 | 2,402 | |||||||
Azimut Holding SpA (Capital markets) | 61,174 | 1,338 | |||||||
Brembo SpA (Automobile components) | 120,299 | 1,496 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 32,697 | 2,491 | |||||||
Carel Industries SpA (Building products) | 72,890 | 1,749 | |||||||
Stevanato Group SpA (Life sciences tools & services)† | 49,274 | 1,464 | |||||||
10,940 | |||||||||
Netherlands—2.7% | |||||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 44,690 | 4,394 | |||||||
JDE Peet’s NV (Food products) | 51,892 | 1,450 | |||||||
5,844 | |||||||||
Norway—1.6% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 592,077 | 838 | ||||||
Gjensidige Forsikring ASA (Insurance) | 127,856 | 1,882 | |||||||
TOMRA Systems ASA (Machinery) | 70,208 | 802 | |||||||
3,522 | |||||||||
Sweden—8.8% | |||||||||
AddTech AB (Trading companies & distributors) | 139,138 | 2,231 | |||||||
Beijer Ref AB (Trading companies & distributors) | 189,103 | 1,999 | |||||||
Bravida Holding AB (Commercial services & supplies) | 107,116 | 790 |
See accompanying Notes to Portfolio of Investments.
44 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Sweden — (continued) | |||||||||
Bufab AB (Trading companies & distributors) | 58,797 | $ | 1,484 | ||||||
Fortnox AB (Software) | 467,247 | 2,498 | |||||||
Hemnet Group AB (Interactive media & services) | 82,494 | 1,456 | |||||||
Lagercrantz Group AB (Electronic equipment, instruments & components) | 183,150 | 1,861 | |||||||
Lifco AB (Industrial conglomerates) | 118,140 | 2,076 | |||||||
MIPS AB (Leisure products) | 33,066 | 1,122 | |||||||
* | Sdiptech AB (Commercial services & supplies) | 60,048 | 1,217 | ||||||
Sweco AB (Construction & engineering) | 138,320 | 1,294 | |||||||
Vitec Software Group AB (Software) | 16,992 | 799 | |||||||
18,827 | |||||||||
Switzerland—3.4% | |||||||||
Galenica AG (Health care providers & services) | 23,218 | 1,718 | |||||||
Kardex Holding AG (Machinery) | 14,333 | 3,140 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 2,715 | 2,327 | ||||||
7,185 | |||||||||
Japan—16.1% | |||||||||
AZ-COM MARUWA Holdings, Inc. (Air freight & logistics) | 130,100 | 1,853 | |||||||
BayCurrent Consulting, Inc. (Professional services) | 102,400 | 3,425 | |||||||
Benefit One, Inc. (Professional services) | 114,100 | 826 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 75,200 | 1,265 | |||||||
Fukuoka Financial Group, Inc. (Banks) | 84,700 | 2,028 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 216,700 | 3,183 | |||||||
Kotobuki Spirits Co. Ltd. (Food products) | 103,000 | 1,666 | |||||||
MEITEC Group Holdings, Inc. (Professional services) | 170,700 | 3,089 | |||||||
Prestige International, Inc. (Commercial services & supplies) | 172,000 | 712 | |||||||
Rakus Co. Ltd. (Software) | 102,800 | 1,419 | |||||||
* | SHIFT, Inc. (IT services) | 12,300 | 2,248 | ||||||
SIGMAXYZ Holdings, Inc. (Professional services) | 91,600 | 964 | |||||||
SMS Co. Ltd. (Professional services) | 171,800 | 2,926 | |||||||
Socionext, Inc. (Semiconductors & semiconductor equipment) | 14,100 | 1,394 | |||||||
Sundrug Co. Ltd. (Consumer staples distribution & retail) | 83,400 | 2,263 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 159,500 | 3,472 | |||||||
TIS, Inc. (IT services) | 84,100 | 1,853 | |||||||
34,586 | |||||||||
Emerging Asia—15.2% | |||||||||
China—1.0% | |||||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 155,091 | 2,159 | |||||||
India—9.8% | |||||||||
* | Aavas Financiers Ltd. (Financial services) | 92,508 | 1,932 | ||||||
AU Small Finance Bank Ltd. (Banks) | 509,768 | 4,388 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 123,669 | 1,817 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 237,444 | 1,622 | |||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 2,644,869 | 2,043 | |||||||
Polycab India Ltd. (Electrical equipment) | 49,210 | 3,167 | |||||||
Tube Investments of India Ltd. (Automobile components) | 52,681 | 1,894 | |||||||
Varun Beverages Ltd. (Beverages) | 368,845 | 4,219 | |||||||
21,082 |
See accompanying Notes to Portfolio of Investments.
45 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Indonesia—0.6% | |||||||||
Bank Negara Indonesia Persero Tbk PT (Banks) | 1,850,000 | $ | 1,236 | ||||||
South Korea—0.6% | |||||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 131,302 | 1,205 | |||||||
Taiwan—2.7% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 22,600 | 1,936 | |||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 46,000 | 1,945 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 37,451 | 1,839 | |||||||
5,720 | |||||||||
Thailand—0.5% | |||||||||
Tisco Financial Group PCL (Banks) | 417,400 | 1,132 | |||||||
United Kingdom—10.4% | |||||||||
Beazley PLC (Insurance) | 503,688 | 3,402 | |||||||
Burford Capital Ltd. (Financial services) | 164,137 | 2,265 | |||||||
Diploma PLC (Trading companies & distributors) | 113,463 | 4,159 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 77,288 | 2,308 | |||||||
Pets at Home Group PLC (Specialty retail) | 387,847 | 1,584 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 50,069 | 2,152 | |||||||
Rotork PLC (Machinery) | 1,004,168 | 3,830 | |||||||
Softcat PLC (IT services) | 145,900 | 2,597 | |||||||
22,297 | |||||||||
Emerging Latin America—8.3% | |||||||||
Brazil—3.2% | |||||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 302,900 | 1,481 | |||||||
Rumo SA (Ground transportation) | 405,300 | 1,840 | |||||||
TOTVS SA (Software) | 372,700 | 2,002 | |||||||
Vivara Participacoes SA (Textiles, apparel & luxury goods) | 279,800 | 1,495 | |||||||
6,818 | |||||||||
Mexico—5.1% | |||||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 761,200 | 2,505 | |||||||
Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development) | 6,230 | 205 | |||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 354,200 | 3,850 | |||||||
Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure) | 84,345 | 2,067 | |||||||
Qualitas Controladora SAB de CV (Insurance) | 169,900 | 1,279 | |||||||
Regional SAB de CV (Banks) | 149,300 | 1,071 | |||||||
10,977 | |||||||||
Canada—6.7% | |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 14,169 | 2,520 | |||||||
EQB, Inc. (Banks) | 27,273 | 1,514 | |||||||
* | Kinaxis, Inc. (Software) | 25,519 | 2,878 | ||||||
North West Co., Inc. (Consumer staples distribution & retail) | 124,318 | 3,130 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 109,406 | 3,200 |
See accompanying Notes to Portfolio of Investments.
46 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Canada—(continued) | |||||||||
Richelieu Hardware Ltd. (Trading companies & distributors) | 38,656 | $ | 1,132 | ||||||
14,374 | |||||||||
Asia—4.3% | |||||||||
Australia—3.0% | |||||||||
Pro Medicus Ltd. (Health care technology) | 59,316 | 3,180 | |||||||
Steadfast Group Ltd. (Insurance) | 863,647 | 3,132 | |||||||
6,312 | |||||||||
New Zealand—1.3% | |||||||||
Mainfreight Ltd. (Air freight & logistics) | 71,903 | 2,809 | |||||||
Emerging Europe, Africa—2.8% | |||||||||
Greece—1.2% | |||||||||
JUMBO SA (Specialty retail) | 93,399 | 2,567 | |||||||
Poland—0.5% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 12,223 | 993 | ||||||
South Africa—1.1% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 84,987 | 1,225 | |||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 81,695 | 1,116 | |||||||
2,341 | |||||||||
Total Common Stocks—96.8% (cost $198,228) | 207,352 | ||||||||
Rights | |||||||||
Europe—0.0% | |||||||||
Italy—0.0% | |||||||||
* | Brembo SpA, Expiring 10/3/23 (Automobile components) | 121,434 | — | ||||||
Total Rights—0.0% (cost $0) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $7,367, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $7,513 | $ | 7,366 | 7,366 | ||||||
Total Repurchase Agreement—3.4% (cost $7,366) | 7,366 | ||||||||
Total Investments—100.2% (cost $205,594) | 214,718 | ||||||||
Liabilities, plus cash and other assets—(0.2)% | (416 | ) | |||||||
Net assets—100.0% | $ | 214,302 |
ADR = American Depository Receipt |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
47 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 34.1 | % | ||
Information Technology | 18.4 | % | ||
Financials | 14.4 | % | ||
Consumer Discretionary | 12.4 | % | ||
Consumer Staples | 8.6 | % | ||
Health Care | 6.3 | % | ||
Communication Services | 2.3 | % | ||
Real Estate | 2.0 | % | ||
Energy | 1.5 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 18.2 | % | ||
Japanese Yen | 16.7 | % | ||
British Pound Sterling | 10.7 | % | ||
Indian Rupee | 10.2 | % | ||
Swedish Krona | 9.1 | % | ||
Canadian Dollar | 6.9 | % | ||
Mexican Peso | 5.2 | % | ||
Swiss Franc | 3.5 | % | ||
Brazilian Real | 3.3 | % | ||
Australian Dollar | 3.0 | % | ||
New Taiwan Dollar | 2.8 | % | ||
U.S. Dollar | 2.2 | % | ||
Norwegian Krone | 1.7 | % | ||
New Zealand Dollar | 1.4 | % | ||
South African Rand | 1.1 | % | ||
Chinese Yuan Renminbi | 1.0 | % | ||
All Other Currencies | 3.0 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
48 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—71.1% | |||||||||
China—22.3% | |||||||||
Airtac International Group (Machinery) | 116,000 | $ | 3,518 | ||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 630,928 | 6,897 | ||||||
ANTA Sports Products Ltd. (Textiles, apparel & luxury goods) | 356,000 | 4,007 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 123,320 | 3,431 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 41,359 | 10,194 | |||||||
Midea Group Co. Ltd. (Household durables) | 583,100 | 4,433 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 335,700 | 3,059 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 73,000 | 689 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 368,300 | 14,401 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 96,000 | 3,620 | |||||||
54,249 | |||||||||
India—19.8% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 32,469 | 2,012 | |||||||
Asian Paints Ltd. (Chemicals) | 54,033 | 2,060 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 14,150 | 1,331 | |||||||
Britannia Industries Ltd. (Food products) | 34,850 | 1,901 | |||||||
Havells India Ltd. (Electrical equipment) | 135,831 | 2,267 | |||||||
HDFC Bank Ltd. (Banks) | 566,030 | 10,401 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 75,202 | 2,236 | |||||||
Infosys Ltd. (IT services) | 212,556 | 3,659 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 194,356 | 5,570 | ||||||
Kotak Mahindra Bank Ltd. (Banks) | 171,329 | 3,582 | |||||||
Pidilite Industries Ltd. (Chemicals) | 79,385 | 2,337 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 277,319 | 7,821 | |||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 37,580 | 1,425 | |||||||
Varun Beverages Ltd. (Beverages) | 127,793 | 1,462 | |||||||
48,064 | |||||||||
Indonesia—7.3% | |||||||||
Bank Central Asia Tbk PT (Banks) | 18,491,000 | 10,559 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 14,520,100 | 4,909 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 9,223,700 | 2,238 | |||||||
17,706 | |||||||||
South Korea—8.2% | |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 225,732 | 11,442 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 9,789 | 3,715 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 56,354 | 4,790 | |||||||
19,947 | |||||||||
Taiwan—10.6% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 17,000 | 1,456 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 32,000 | 1,997 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 148,000 | 3,370 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 206,335 | 17,931 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 21,000 | 1,031 | |||||||
25,785 | |||||||||
Thailand—2.9% | |||||||||
* | Airports of Thailand PCL (Transportation infrastructure) | 1,923,500 | 3,684 |
See accompanying Notes to Portfolio of Investments.
49 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Thailand — (continued) | |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 4,519,100 | $ | 3,320 | ||||||
7,004 | |||||||||
Emerging Latin America—21.7% | |||||||||
Argentina—1.8% | |||||||||
* | Globant SA (IT services)† | 21,624 | 4,278 | ||||||
Brazil—15.1% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 1,949,700 | 4,767 | |||||||
Banco BTG Pactual SA (Capital markets) | 661,500 | 4,089 | |||||||
Locaweb Servicos de Internet SA (IT services) | 1,818,300 | 2,312 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 6,664 | 8,449 | ||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 522,784 | 2,873 | |||||||
Rumo SA (Ground transportation) | 857,700 | 3,894 | |||||||
TOTVS SA (Software) | 741,400 | 3,982 | |||||||
WEG SA (Electrical equipment) | 882,700 | 6,369 | |||||||
36,735 | |||||||||
Mexico—4.5% | |||||||||
Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure) | 179,100 | 2,941 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 2,093,800 | 7,903 | |||||||
10,844 | |||||||||
Peru—0.3% | |||||||||
Credicorp Ltd. (Banks)† | 5,950 | 761 | |||||||
Emerging Mid-East, Africa—3.7% | |||||||||
Saudi Arabia—2.3% | |||||||||
Saudi Arabian Oil Co. (Oil, gas & consumable fuels) | 601,415 | 5,612 | |||||||
South Africa—0.7% | |||||||||
Capitec Bank Holdings Ltd. (Banks) | 17,957 | 1,628 | |||||||
United Arab Emirates—0.7% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 1,746,512 | 1,783 | |||||||
Asia—1.3% | |||||||||
Hong Kong—1.3% | |||||||||
AIA Group Ltd. (Insurance) | 394,800 | 3,219 | |||||||
Total Common Stocks—97.8% (cost $222,030) | 237,615 |
See accompanying Notes to Portfolio of Investments.
50 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $6,771, collateralized by U.S. Treasury Note, 1.250% - 4.125%, due 09/30/27 - 06/30/28, valued at $6,905 | $ | 6,770 | $ | 6,770 | |||||
Total Repurchase Agreement—2.8% (cost $6,770) | 6,770 | ||||||||
Total Investments—100.6% (cost $228,800) | 244,385 | ||||||||
Liabilities, plus cash and other assets—(0.6)% | (1,499 | ) | |||||||
Net assets—100.0% | $ | 242,886 |
ADR = American Depository Receipt |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
51 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 24.9 | % | ||
Financials | 19.0 | % | ||
Industrials | 15.1 | % | ||
Consumer Discretionary | 11.4 | % | ||
Consumer Staples | 11.2 | % | ||
Communication Services | 7.0 | % | ||
Energy | 5.7 | % | ||
Health Care | 3.8 | % | ||
Materials | 1.9 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 20.2 | % | ||
U.S. Dollar | 13.2 | % | ||
Hong Kong Dollar | 12.0 | % | ||
Brazilian Real | 11.9 | % | ||
Chinese Yuan Renminbi | 10.4 | % | ||
South Korean Won | 8.4 | % | ||
Indonesian Rupiah | 7.5 | % | ||
New Taiwan Dollar | 5.1 | % | ||
Mexican Peso | 4.6 | % | ||
South African Rand | 3.0 | % | ||
Thai Baht | 2.9 | % | ||
All Other Currencies | 0.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
52 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—75.9% | |||||||||
China—15.5% | |||||||||
Airtac International Group (Machinery) | 177,852 | $ | 5,394 | ||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 1,904,100 | 20,814 | ||||||
ANTA Sports Products Ltd. (Textiles, apparel & luxury goods) | 519,000 | 5,842 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 65,674 | 16,187 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 1,015,500 | 4,273 | |||||||
* | Meituan (Hotels, restaurants & leisure) | 273,836 | 4,007 | ||||||
NetEase, Inc. (Entertainment) | 579,600 | 11,805 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 285,788 | 3,979 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 241,163 | 2,197 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 776,060 | 30,345 | |||||||
Wuliangye Yibin Co. Ltd. (Beverages) | 359,599 | 7,692 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 83,906 | 3,165 | |||||||
115,700 | |||||||||
India—24.9% | |||||||||
ABB India Ltd. (Electrical equipment) | 111,395 | 5,499 | |||||||
APL Apollo Tubes Ltd. (Metals & mining) | 186,026 | 3,656 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 76,069 | 4,713 | |||||||
Asian Paints Ltd. (Chemicals) | 98,550 | 3,757 | |||||||
Astral Ltd. (Building products) | 95,267 | 2,198 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 103,332 | 9,718 | |||||||
Bharat Electronics Ltd. (Aerospace & defense) | 2,633,877 | 4,374 | |||||||
Britannia Industries Ltd. (Food products) | 49,867 | 2,720 | |||||||
CG Power & Industrial Solutions Ltd. (Electrical equipment) | 661,455 | 3,538 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 309,357 | 4,545 | |||||||
Coforge Ltd. (IT services) | 52,604 | 3,230 | |||||||
Cummins India Ltd. (Machinery) | 122,752 | 2,514 | |||||||
* | Devyani International Ltd. (Hotels, restaurants & leisure) | 676,362 | 1,742 | ||||||
Dixon Technologies India Ltd. (Household durables) | 52,265 | 3,314 | |||||||
Escorts Kubota Ltd. (Machinery) | 59,060 | 2,264 | |||||||
Havells India Ltd. (Electrical equipment) | 122,214 | 2,039 | |||||||
HDFC Bank Ltd. (Banks) | 1,214,381 | 22,314 | |||||||
HDFC Life Insurance Co. Ltd. (Insurance) | 245,312 | 1,889 | |||||||
Indian Hotels Co. Ltd. (Hotels, restaurants & leisure) | 834,118 | 4,138 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 79,411 | 2,276 | ||||||
* | Jio Financial Services Ltd. (Financial services) | 592,978 | 1,650 | ||||||
Kajaria Ceramics Ltd. (Building products) | 140,235 | 2,237 | |||||||
* | Kaynes Technology India Ltd. (Electronic equipment, instruments & components) | 16,741 | 461 | ||||||
KEI Industries Ltd. (Electrical equipment) | 124,693 | 3,982 | |||||||
KPIT Technologies Ltd. (Software) | 331,268 | 4,582 | |||||||
Macrotech Developers Ltd. (Real estate management & development) | 304,712 | 2,918 | |||||||
Mahindra & Mahindra Ltd. (Automobiles) | 193,558 | 3,626 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 486,422 | 3,323 | |||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 3,385,575 | 2,615 | |||||||
Nestle India Ltd. (Food products) | 12,992 | 3,513 | |||||||
NTPC Ltd. (Independent power & renewable electricity producers) | 2,198,636 | 6,513 | |||||||
Oberoi Realty Ltd. (Real estate management & development) | 150,033 | 2,076 | |||||||
PI Industries Ltd. (Chemicals) | 54,288 | 2,259 | |||||||
Pidilite Industries Ltd. (Chemicals) | 85,898 | 2,529 | |||||||
Polycab India Ltd. (Electrical equipment) | 70,586 | 4,543 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 637,611 | 17,983 | |||||||
Tata Consultancy Services Ltd. (IT services) | 49,635 | 2,107 |
See accompanying Notes to Portfolio of Investments.
53 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Tata Consumer Products Ltd. (Food products) | 267,861 | $ | 2,831 | ||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 168,650 | 6,395 | |||||||
Trent Ltd. (Specialty retail) | 162,160 | 4,067 | |||||||
Tube Investments of India Ltd. (Automobile components) | 87,200 | 3,134 | |||||||
UNO Minda Ltd. (Automobile components) | 555,706 | 4,022 | |||||||
Varun Beverages Ltd. (Beverages) | 666,432 | 7,624 | |||||||
185,428 | |||||||||
Indonesia—5.7% | |||||||||
Bank Central Asia Tbk PT (Banks) | 41,572,695 | 23,739 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 50,396,651 | 17,038 | |||||||
Mitra Adiperkasa Tbk PT (Broadline retail) | 15,305,900 | 1,802 | |||||||
42,579 | |||||||||
Philippines—1.2% | |||||||||
BDO Unibank, Inc. (Banks) | 2,163,084 | 5,425 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 842,120 | 3,084 | |||||||
8,509 | |||||||||
South Korea—8.3% | |||||||||
JYP Entertainment Corp. (Entertainment) | 42,830 | 3,565 | |||||||
* | LG Energy Solution Ltd. (Electrical equipment) | 5,271 | 1,861 | ||||||
Orion Corp. (Food products) | 22,213 | 2,112 | |||||||
* | Samsung Biologics Co. Ltd. (Life sciences tools & services) | 3,498 | 1,765 | ||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 774,812 | 39,275 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 4,815 | 1,827 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 133,142 | 11,317 | |||||||
61,722 | |||||||||
Taiwan—18.3% | |||||||||
Accton Technology Corp. (Communications equipment) | 359,000 | 5,483 | |||||||
Advantech Co. Ltd. (Technology hardware, storage & peripherals) | 320,409 | 3,424 | |||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 117,000 | 9,750 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 63,300 | 5,422 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 376,000 | 3,215 | |||||||
Delta Electronics, Inc. (Electronic equipment, instruments & components) | 865,000 | 8,695 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 3,519,723 | 2,644 | |||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 535,000 | 7,093 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 58,000 | 3,620 | |||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 94,000 | 3,975 | |||||||
Innodisk Corp. (Technology hardware, storage & peripherals) | 189,000 | 1,736 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 150,132 | 3,828 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 381,000 | 3,818 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 590,000 | 9,559 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 556,670 | 48,375 | |||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 362,000 | 2,159 | |||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 966,000 | 5,192 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 78,586 | 3,859 |
See accompanying Notes to Portfolio of Investments.
54 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 101,000 | $ | 4,678 | ||||||
136,525 | |||||||||
Thailand—2.0% | |||||||||
* | Airports of Thailand PCL (Transportation infrastructure) | 1,112,800 | 2,132 | ||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 6,483,200 | 4,763 | |||||||
Bumrungrad Hospital PCL (Health care providers & services) | 609,500 | 4,486 | |||||||
Central Pattana PCL (Real estate management & development) | 1,973,700 | 3,428 | |||||||
14,809 | |||||||||
Emerging Latin America—13.9% | |||||||||
Argentina—0.4% | |||||||||
* | Globant SA (IT services)† | 15,774 | 3,121 | ||||||
Brazil—8.0% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 932,100 | 2,279 | |||||||
Banco BTG Pactual SA (Capital markets) | 720,200 | 4,452 | |||||||
Hypera SA (Pharmaceuticals) | 294,900 | 2,179 | |||||||
Itau Unibanco Holding SA—ADR (Banks) | 1,064,575 | 5,717 | |||||||
Localiza Rent a Car SA (Ground transportation) | 257,900 | 3,004 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 14,801 | 18,766 | ||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 421,200 | 2,059 | |||||||
Patria Investments Ltd. (Capital markets)† | 120,472 | 1,756 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 889,388 | 4,887 | |||||||
Rumo SA (Ground transportation) | 795,300 | 3,611 | |||||||
TOTVS SA (Software) | 703,500 | 3,779 | |||||||
Vinci Partners Investments Ltd. (Capital markets)† | 155,512 | 1,586 | |||||||
WEG SA (Electrical equipment) | 775,641 | 5,597 | |||||||
59,672 | |||||||||
Mexico—5.1% | |||||||||
* | Alsea SAB de CV (Hotels, restaurants & leisure) | 234,000 | 854 | ||||||
Arca Continental SAB de CV (Beverages) | 649,400 | 5,916 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 839,800 | 2,764 | |||||||
Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development) | 11,640 | 383 | |||||||
Fomento Economico Mexicano SAB de CV—ADR (Beverages) | 71,452 | 7,799 | |||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 186,700 | 2,030 | |||||||
Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure) | 219,100 | 3,597 | |||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 10,160 | 2,496 | |||||||
Prologis Property Mexico SA de CV (Industrial REITs) | 989,700 | 3,411 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 2,328,600 | 8,789 | |||||||
38,039 | |||||||||
Peru—0.4% | |||||||||
Credicorp Ltd. (Banks)† | 19,428 | 2,486 | |||||||
Emerging Europe, Mid-East, Africa—6.5% | |||||||||
Poland—0.3% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 25,893 | 2,104 |
See accompanying Notes to Portfolio of Investments.
55 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East, Africa—(continued) | |||||||||
Qatar—0.2% | |||||||||
Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels) | 1,609,428 | $ | 1,645 | ||||||
Saudi Arabia—2.9% | |||||||||
Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels) | 62,563 | 2,342 | |||||||
Alinma Bank (Banks) | 248,209 | 2,210 | |||||||
Arabian Internet & Communications Services Co. (IT services) | 32,245 | 2,748 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 46,760 | 2,593 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 37,785 | 2,374 | |||||||
Elm Co. (IT services) | 25,123 | 5,225 | |||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 57,424 | 2,177 | |||||||
Saudia Dairy & Foodstuff Co. (Food products) | 21,717 | 1,865 | |||||||
21,534 | |||||||||
South Africa—1.3% | |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 260,494 | 5,810 | |||||||
Bidvest Group Ltd. (Industrial conglomerates) | 150,711 | 2,171 | |||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 127,165 | 1,737 | |||||||
9,718 | |||||||||
United Arab Emirates—1.8% | |||||||||
Americana Restaurants International PLC (Hotels, restaurants & leisure) | 2,640,899 | 2,948 | |||||||
Emaar Properties PJSC (Real estate management & development) | 2,576,634 | 5,640 | |||||||
Emirates Central Cooling Systems Corp. (Water utilities) | 3,853,988 | 1,983 | |||||||
Salik Co. PJSC (Transportation infrastructure) | 3,074,024 | 2,770 | |||||||
13,341 | |||||||||
Asia—2.0% | |||||||||
Hong Kong—2.0% | |||||||||
AIA Group Ltd. (Insurance) | 1,873,800 | 15,278 | |||||||
Total Common Stocks—98.3% (cost $664,961) | 732,210 | ||||||||
Rights | |||||||||
Emerging Latin America—0.0% | |||||||||
Brazil—0.0% | |||||||||
* | Localiza Rent a Car SA, Expiring 11/10/23 (Ground transportation) | 1,891 | 6 | ||||||
Total Rights—0.0% (cost $0) | 6 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $10,307, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $10,511 | $ | 10,305 | 10,305 | ||||||
Total Repurchase Agreement—1.4% (cost $10,305) | 10,305 | ||||||||
Total Investments—99.7% (cost $675,266) | 742,521 | ||||||||
Cash and other assets, less liabilities—0.3% | 2,245 | ||||||||
Net assets—100.0% | $ | 744,766 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
56 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 28.3 | % | ||
Financials | 17.4 | % | ||
Consumer Discretionary | 12.9 | % | ||
Consumer Staples | 11.7 | % | ||
Industrials | 10.8 | % | ||
Communication Services | 6.2 | % | ||
Health Care | 3.7 | % | ||
Real Estate | 3.1 | % | ||
Energy | 3.0 | % | ||
Materials | 1.7 | % | ||
Utilities | 1.2 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 25.3 | % | ||
New Taiwan Dollar | 12.8 | % | ||
U.S. Dollar | 12.6 | % | ||
Hong Kong Dollar | 12.6 | % | ||
South Korean Won | 8.4 | % | ||
Indonesian Rupiah | 5.8 | % | ||
Chinese Yuan Renminbi | 4.6 | % | ||
Brazilian Real | 4.4 | % | ||
South African Rand | 4.3 | % | ||
Mexican Peso | 3.7 | % | ||
Thai Baht | 2.0 | % | ||
UAE Dirham | 1.8 | % | ||
Philippine Peso | 1.2 | % | ||
All Other Currencies | 0.5 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
57 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—72.1% | |||||||||
India—27.5% | |||||||||
ABB India Ltd. (Electrical equipment) | 3,360 | $ | 166 | ||||||
APL Apollo Tubes Ltd. (Metals & mining) | 5,413 | 106 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 2,409 | 149 | |||||||
Asian Paints Ltd. (Chemicals) | 2,659 | 101 | |||||||
AU Small Finance Bank Ltd. (Banks) | 13,666 | 118 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 1,418 | 133 | |||||||
Bharat Electronics Ltd. (Aerospace & defense) | 64,385 | 107 | |||||||
Cera Sanitaryware Ltd. (Building products) | 615 | 63 | |||||||
CG Power & Industrial Solutions Ltd. (Electrical equipment) | 19,654 | 105 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 9,634 | 142 | |||||||
Coforge Ltd. (IT services) | 1,129 | 69 | |||||||
Cummins India Ltd. (Machinery) | 4,265 | 87 | |||||||
Dixon Technologies India Ltd. (Household durables) | 1,592 | 101 | |||||||
Havells India Ltd. (Electrical equipment) | 5,716 | 95 | |||||||
HDFC Bank Ltd. (Banks) | 28,946 | 532 | |||||||
HDFC Life Insurance Co. Ltd. (Insurance) | 8,581 | 66 | |||||||
Hindustan Unilever Ltd. (Personal care products) | 4,540 | 135 | |||||||
Indian Hotels Co. Ltd. (Hotels, restaurants & leisure) | 19,925 | 99 | |||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 4,471 | 128 | ||||||
Jindal Stainless Ltd. (Metals & mining) | 18,488 | 106 | |||||||
KEI Industries Ltd. (Electrical equipment) | 5,738 | 183 | |||||||
Kotak Mahindra Bank Ltd. (Banks) | 3,139 | 66 | |||||||
KPIT Technologies Ltd. (Software) | 11,969 | 166 | |||||||
Macrotech Developers Ltd. (Real estate management & development) | 9,263 | 89 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 17,740 | 121 | |||||||
Nestle India Ltd. (Food products) | 515 | 139 | |||||||
NTPC Ltd. (Independent power & renewable electricity producers) | 36,879 | 109 | |||||||
PI Industries Ltd. (Chemicals) | 1,583 | 66 | |||||||
Polycab India Ltd. (Electrical equipment) | 2,255 | 145 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 7,898 | 223 | |||||||
Tata Elxsi Ltd. (Software) | 1,149 | 100 | |||||||
Titagarh Rail System Ltd. (Machinery) | 12,044 | 113 | |||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 3,749 | 142 | |||||||
Trent Ltd. (Specialty retail) | 6,536 | 164 | |||||||
* | Triveni Turbine Ltd. (Electrical equipment) | 19,329 | 102 | ||||||
Tube Investments of India Ltd. (Automobile components) | 2,695 | 97 | |||||||
UNO Minda Ltd. (Automobile components) | 17,090 | 124 | |||||||
Varun Beverages Ltd. (Beverages) | 22,796 | 261 | |||||||
Venus Pipes & Tubes Ltd. (Metals & mining) | 3,564 | 56 | |||||||
5,074 | |||||||||
Indonesia—6.5% | |||||||||
Astra International Tbk PT (Industrial conglomerates) | 157,500 | 63 | |||||||
Bank Central Asia Tbk PT (Banks) | 1,150,100 | 657 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 1,147,200 | 388 | |||||||
Mitra Adiperkasa Tbk PT (Broadline retail) | 779,000 | 92 | |||||||
1,200 | |||||||||
Philippines—1.4% | |||||||||
BDO Unibank, Inc. (Banks) | 65,228 | 163 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 28,350 | 104 | |||||||
267 |
See accompanying Notes to Portfolio of Investments.
58 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
South Korea—10.0% | |||||||||
JYP Entertainment Corp. (Entertainment) | 1,451 | $ | 121 | ||||||
NAVER Corp. (Interactive media & services) | 873 | 130 | |||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 23,802 | 1,207 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 321 | 122 | |||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 3,228 | 274 | |||||||
1,854 | |||||||||
Taiwan—25.4% | |||||||||
Accton Technology Corp. (Communications equipment) | 18,000 | 275 | |||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 2,500 | 208 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 2,000 | 71 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 2,100 | 180 | |||||||
Chailease Holding Co. Ltd. (Financial services) | 10,200 | 57 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 18,000 | 154 | |||||||
Delta Electronics, Inc. (Electronic equipment, instruments & components) | 14,000 | 141 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 152,491 | 114 | |||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 10,000 | 133 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 2,300 | 144 | |||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 3,100 | 131 | |||||||
Innodisk Corp. (Technology hardware, storage & peripherals) | 7,900 | 73 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 4,103 | 105 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 5,000 | 114 | |||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 3,000 | 91 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 12,000 | 120 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 129,000 | 2,090 | |||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 18,400 | 110 | |||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 23,500 | 126 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 2,600 | 128 | |||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 3,000 | 139 | |||||||
4,704 | |||||||||
Thailand—1.3% | |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 116,800 | 86 | |||||||
Bumrungrad Hospital PCL (Health care providers & services) | 19,900 | 146 | |||||||
232 | |||||||||
Emerging Latin America—16.9% | |||||||||
Argentina—1.2% | |||||||||
Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)† | 9,348 | 88 | |||||||
* | Globant SA (IT services)† | 624 | 124 | ||||||
212 | |||||||||
Brazil—9.8% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 42,000 | 103 | |||||||
Banco BTG Pactual SA (Capital markets) | 22,100 | 137 | |||||||
Itau Unibanco Holding SA—ADR (Banks) | 34,448 | 185 | |||||||
Localiza Rent a Car SA (Ground transportation) | 8,800 | 103 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 393 | 498 | ||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 16,800 | 82 | |||||||
Patria Investments Ltd. (Capital markets)† | 6,367 | 93 |
See accompanying Notes to Portfolio of Investments.
59 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Brazil — (continued) | |||||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 29,016 | $ | 159 | ||||||
Rumo SA (Ground transportation) | 31,600 | 143 | |||||||
TOTVS SA (Software) | 27,200 | 146 | |||||||
WEG SA (Electrical equipment) | 23,500 | 170 | |||||||
1,819 | |||||||||
Mexico—5.4% | |||||||||
* | Alsea SAB de CV (Hotels, restaurants & leisure) | 27,600 | 101 | ||||||
Arca Continental SAB de CV (Beverages) | 10,300 | 94 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 69,800 | 230 | |||||||
Fomento Economico Mexicano SAB de CV—ADR (Beverages) | 1,296 | 141 | |||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 9,100 | 99 | |||||||
Qualitas Controladora SAB de CV (Insurance) | 20,700 | 156 | |||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 48,300 | 182 | |||||||
1,003 | |||||||||
Peru—0.5% | |||||||||
Credicorp Ltd. (Banks)† | 676 | 86 | |||||||
Emerging Europe, Mid-East, Africa—10.2% | |||||||||
Greece—0.4% | |||||||||
JUMBO SA (Specialty retail) | 2,965 | 82 | |||||||
Poland—0.7% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 1,564 | 127 | ||||||
Saudi Arabia—4.0% | |||||||||
Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels) | 3,403 | 128 | |||||||
Arabian Internet & Communications Services Co. (IT services) | 921 | 79 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 1,893 | 105 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 2,186 | 137 | |||||||
Elm Co. (IT services) | 659 | 137 | |||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 1,921 | 73 | |||||||
Saudia Dairy & Foodstuff Co. (Food products) | 913 | 78 | |||||||
737 | |||||||||
South Africa—1.9% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 12,546 | 181 | |||||||
Naspers Ltd. (Broadline retail) | 1,080 | 172 | |||||||
353 | |||||||||
United Arab Emirates—3.2% | |||||||||
Air Arabia PJSC (Passenger airlines) | 120,747 | 92 | |||||||
Americana Restaurants International PLC (Hotels, restaurants & leisure) | 122,779 | 137 | |||||||
Emaar Properties PJSC (Real estate management & development) | 73,155 | 160 | |||||||
Emirates Central Cooling Systems Corp. (Water utilities) | 128,903 | 66 | |||||||
Salik Co. PJSC (Transportation infrastructure) | 146,898 | 133 | |||||||
588 | |||||||||
Total Common Stocks—99.2% (cost $16,748) | 18,338 |
See accompanying Notes to Portfolio of Investments.
60 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Rights | |||||||||
Emerging Latin America—0.0% | |||||||||
Brazil—0.0% | |||||||||
* | Localiza Rent a Car SA, Expiring 11/10/23 (Ground transportation) | 64 | $ | — | |||||
Total Rights—0.0% (cost $0) | — | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $238, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $243 | $ | 238 | 238 | ||||||
Total Repurchase Agreement—1.3% (cost $238) | 238 | ||||||||
Total Investments—100.5% (cost $16,986) | 18,576 | ||||||||
Liabilities, plus cash and other assets—(0.5)% | (94 | ) | |||||||
Net assets—100.0% | $ | 18,482 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
61 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 37.1 | % | ||
Financials | 18.0 | % | ||
Industrials | 13.7 | % | ||
Consumer Discretionary | 10.7 | % | ||
Consumer Staples | 7.2 | % | ||
Health Care | 3.5 | % | ||
Real Estate | 3.1 | % | ||
Materials | 2.4 | % | ||
Energy | 1.9 | % | ||
Communication Services | 1.4 | % | ||
Utilities | 1.0 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 27.7 | % | ||
New Taiwan Dollar | 25.7 | % | ||
South Korean Won | 10.1 | % | ||
U.S. Dollar | 6.6 | % | ||
Indonesian Rupiah | 6.5 | % | ||
South African Rand | 5.9 | % | ||
Brazilian Real | 5.7 | % | ||
Mexican Peso | 4.7 | % | ||
UAE Dirham | 3.2 | % | ||
Philippine Peso | 1.5 | % | ||
Thai Baht | 1.3 | % | ||
All Other Currencies | 1.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
62 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—72.2% | |||||||||
China—8.3% | |||||||||
Airtac International Group (Machinery) | 12,158 | $ | 369 | ||||||
Centre Testing International Group Co. Ltd. (Professional services) | 693,405 | 1,775 | |||||||
Estun Automation Co. Ltd. (Machinery) | 158,100 | 478 | |||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 6,020,612 | 6,122 | |||||||
Jiumaojiu International Holdings Ltd. (Hotels, restaurants & leisure) | 1,770,000 | 2,409 | |||||||
MINISO Group Holding Ltd. (Broadline retail) | 328,200 | 2,181 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 389,688 | 5,426 | |||||||
Shenzhen Envicool Technology Co. Ltd. (Machinery) | 689,700 | 2,484 | |||||||
Sichuan Swellfun Co. Ltd. (Beverages) | 41,800 | 345 | |||||||
Sunresin New Materials Co. Ltd. (Chemicals) | 179,850 | 1,439 | |||||||
Topsports International Holdings Ltd. (Specialty retail) | 1,949,000 | 1,481 | |||||||
Yankershop Food Co. Ltd. (Food products) | 160,500 | 1,636 | |||||||
Zhejiang Dingli Machinery Co. Ltd. (Machinery) | 236,078 | 1,707 | |||||||
Zhejiang Shuanghuan Driveline Co. Ltd. (Automobile components) | 573,100 | 2,237 | |||||||
30,089 | |||||||||
India—41.3% | |||||||||
ABB India Ltd. (Electrical equipment) | 112,114 | 5,534 | |||||||
* | Amber Enterprises India Ltd. (Household durables) | 91,981 | 3,310 | ||||||
APL Apollo Tubes Ltd. (Metals & mining) | 324,135 | 6,370 | |||||||
Astral Ltd. (Building products) | 203,517 | 4,696 | |||||||
AU Small Finance Bank Ltd. (Banks) | 257,534 | 2,217 | |||||||
Berger Paints India Ltd. (Chemicals) | 134,549 | 920 | |||||||
* | Berger Paints India Ltd. (Chemicals) | 26,910 | 184 | ||||||
Cera Sanitaryware Ltd. (Building products) | 17,396 | 1,785 | |||||||
CG Power & Industrial Solutions Ltd. (Electrical equipment) | 1,004,198 | 5,372 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 353,771 | 5,197 | |||||||
Coforge Ltd. (IT services) | 68,649 | 4,216 | |||||||
Craftsman Automation Ltd. (Machinery) | 32,027 | 1,787 | |||||||
* | Devyani International Ltd. (Hotels, restaurants & leisure) | 486,795 | 1,254 | ||||||
Dixon Technologies India Ltd. (Household durables) | 94,273 | 5,977 | |||||||
Escorts, Ltd. (Machinery) | 94,342 | 3,616 | |||||||
* | Godrej Properties Ltd. (Real estate management & development) | 224,247 | 4,199 | ||||||
Home First Finance Co. India Ltd. (Financial services) | 156,545 | 1,523 | |||||||
IndiaMart InterMesh Ltd. (Trading companies & distributors) | 57,278 | 1,975 | |||||||
JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals) | 76,662 | 1,367 | |||||||
Jindal Stainless Ltd. (Metals & mining) | 636,917 | 3,650 | |||||||
Kajaria Ceramics Ltd. (Building products) | 138,535 | 2,210 | |||||||
KEC International Ltd. (Construction & engineering) | 319,318 | 2,560 | |||||||
KEI Industries Ltd. (Electrical equipment) | 299,037 | 9,550 | |||||||
KPIT Technologies Ltd. (Software) | 341,673 | 4,726 | |||||||
* | Lemon Tree Hotels Ltd. (Hotels, restaurants & leisure) | 1,480,777 | 2,036 | ||||||
Macrotech Developers Ltd. (Real estate management & development) | 617,420 | 5,912 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 390,289 | 2,666 | |||||||
Narayana Hrudayalaya Ltd. (Health care providers & services) | 75,431 | 986 | |||||||
Oberoi Realty Ltd. (Real estate management & development) | 234,823 | 3,249 | |||||||
Polycab India Ltd. (Electrical equipment) | 157,061 | 10,109 | |||||||
Radico Khaitan Ltd. (Beverages) | 155,302 | 2,255 | |||||||
Ramkrishna Forgings Ltd. (Metals & mining) | 421,652 | 3,260 | |||||||
Sundram Fasteners Ltd. (Automobile components) | 205,693 | 3,111 | |||||||
Titagarh Rail System Ltd. (Machinery) | 429,728 | 4,031 |
See accompanying Notes to Portfolio of Investments.
63 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Trent Ltd. (Specialty retail) | 284,426 | $ | 7,133 | ||||||
* | Triveni Turbine Ltd. (Electrical equipment) | 726,046 | 3,830 | ||||||
Tube Investments of India Ltd. (Automobile components) | 97,850 | 3,517 | |||||||
UNO Minda Ltd. (Automobile components) | 299,906 | 2,171 | |||||||
Varun Beverages Ltd. (Beverages) | 813,014 | 9,300 | |||||||
Venus Pipes & Tubes Ltd. (Metals & mining) | 129,137 | 2,040 | |||||||
149,801 | |||||||||
Indonesia—3.3% | |||||||||
Bank Negara Indonesia Persero Tbk PT (Banks) | 9,269,400 | 6,192 | |||||||
Mitra Adiperkasa Tbk PT (Broadline retail) | 47,568,200 | 5,602 | |||||||
11,794 | |||||||||
Philippines—0.1% | |||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 100,300 | 367 | |||||||
South Korea—2.4% | |||||||||
JYP Entertainment Corp. (Entertainment) | 28,350 | 2,359 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 24,091 | 2,746 | |||||||
Orion Corp. (Food products) | 39,668 | 3,772 | |||||||
8,877 | |||||||||
Taiwan—16.3% | |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 87,000 | 7,250 | |||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 13,000 | 465 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 33,900 | 2,904 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 382,000 | 3,266 | |||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 372,000 | 4,932 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 44,000 | 2,747 | |||||||
Faraday Technology Corp. (Semiconductors & semiconductor equipment) | 258,000 | 2,446 | |||||||
Global Unichip Corporation (Semiconductors & semiconductor equipment) | 85,000 | 3,594 | |||||||
Great Tree Pharmacy Co. Ltd. (Consumer staples distribution & retail) | 243,160 | 2,636 | |||||||
Innodisk Corp. (Technology hardware, storage & peripherals) | 219,000 | 2,012 | |||||||
Kaori Heat Treatment Co. Ltd. (Machinery) | 209,000 | 1,920 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 49,669 | 1,266 | |||||||
Nanya Technology Corp. (Semiconductors & semiconductor equipment) | 2,374,000 | 4,824 | |||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 43,000 | 1,311 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 571,000 | 5,722 | |||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 312,000 | 1,861 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 100,507 | 4,935 | |||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 106,000 | 4,909 | |||||||
59,000 | |||||||||
Thailand—0.5% | |||||||||
Bumrungrad Hospital PCL (Health care providers & services) | 151,600 | 1,116 | |||||||
* | Central Plaza Hotel PCL (Hotels, restaurants & leisure) | 304,400 | 393 | ||||||
Com7 PCL (Specialty retail) | 442,000 | 379 | |||||||
1,888 |
See accompanying Notes to Portfolio of Investments.
64 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—16.2% | |||||||||
Argentina—1.1% | |||||||||
Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)† | 399,257 | $ | 3,777 | ||||||
Brazil—7.5% | |||||||||
Cury Construtora e Incorporadora SA (Household durables) | 589,900 | 1,908 | |||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables) | 1,584,500 | 6,390 | |||||||
Hypera SA (Pharmaceuticals) | 145,200 | 1,073 | |||||||
Iguatemi SA (Real estate management & development) | 489,700 | 1,973 | |||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 1,397,500 | 6,831 | |||||||
TOTVS SA (Software) | 1,067,200 | 5,732 | |||||||
Vivara Participacoes SA (Textiles, apparel & luxury goods) | 615,000 | 3,286 | |||||||
27,193 | |||||||||
Mexico—7.6% | |||||||||
* | Alsea SAB de CV (Hotels, restaurants & leisure) | 1,462,700 | 5,338 | ||||||
Banco del Bajio SA (Banks) | 563,300 | 1,765 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 1,629,300 | 5,363 | |||||||
Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development) | 15,420 | 507 | |||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 547,499 | 5,952 | |||||||
Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure) | 72,825 | 1,784 | |||||||
Prologis Property Mexico SA de CV (Industrial REITs) | 1,316,800 | 4,538 | |||||||
Qualitas Controladora SAB de CV (Insurance) | 262,700 | 1,978 | |||||||
Regional SAB de CV (Banks) | 51,500 | 369 | |||||||
27,594 | |||||||||
Emerging Europe, Mid-East—11.5% | |||||||||
Greece—0.6% | |||||||||
JUMBO SA (Specialty retail) | 76,270 | 2,096 | |||||||
Kazakhstan—1.3% | |||||||||
Kaspi.KZ JSC—GDR (Consumer finance) | 50,058 | 4,846 | |||||||
Poland—0.7% | |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 32,607 | 2,650 | ||||||
Qatar—0.1% | |||||||||
Qatar Gas Transport Co. Ltd. (Oil, gas & consumable fuels) | 337,748 | 345 | |||||||
Saudi Arabia—4.7% | |||||||||
Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels) | 111,229 | 4,164 | |||||||
Arabian Internet & Communications Services Co. (IT services) | 11,169 | 952 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 49,195 | 2,728 | |||||||
Dallah Healthcare Co. (Health care providers & services) | 10,080 | 383 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 5,658 | 356 | |||||||
Elm Co. (IT services) | 19,739 | 4,105 | |||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 31,384 | 1,190 | |||||||
Saudia Dairy & Foodstuff Co. (Food products) | 36,270 | 3,114 | |||||||
16,992 | |||||||||
United Arab Emirates—4.1% | |||||||||
Air Arabia PJSC (Passenger airlines) | 4,609,876 | 3,527 | |||||||
Americana Restaurants International PLC (Hotels, restaurants & leisure) | 3,380,362 | 3,773 | |||||||
Emirates Central Cooling Systems Corp. (Water utilities) | 5,467,622 | 2,814 |
See accompanying Notes to Portfolio of Investments.
65 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East—(continued) | |||||||||
United Arab Emirates—(continued) | |||||||||
Salik Co. PJSC (Transportation infrastructure) | 5,084,979 | $ | 4,582 | ||||||
14,696 | |||||||||
Total Common Stocks—99.9% (cost $306,927) | 362,005 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $4,839, collateralized by U.S. Treasury Note, 0.375%, due 01/15/27, valued at $4,935 | $ | 4,838 | 4,838 | ||||||
Total Repurchase Agreement—1.3% (cost $4,838) | 4,838 | ||||||||
Total Investments—101.2% (cost $311,765) | 366,843 | ||||||||
Liabilities, plus cash and other assets—(1.2)% | (4,437 | ) | |||||||
Net assets—100.0% | $ | 362,406 |
ADR = American Depository Receipt
GDR = Global Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
66 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 24.0 | % | ||
Information Technology | 19.9 | % | ||
Consumer Discretionary | 19.6 | % | ||
Real Estate | 9.0 | % | ||
Consumer Staples | 8.6 | % | ||
Financials | 7.4 | % | ||
Materials | 4.9 | % | ||
Utilities | 2.5 | % | ||
Health Care | 2.2 | % | ||
Energy | 1.2 | % | ||
Communication Services | 0.7 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 41.4 | % | ||
New Taiwan Dollar | 16.4 | % | ||
Brazilian Real | 7.5 | % | ||
Mexican Peso | 7.5 | % | ||
Chinese Yuan Renminbi | 6.5 | % | ||
South African Rand | 4.7 | % | ||
UAE Dirham | 4.1 | % | ||
Indonesian Rupiah | 3.3 | % | ||
U.S. Dollar | 2.5 | % | ||
South Korean Won | 2.4 | % | ||
Hong Kong Dollar | 1.7 | % | ||
All Other Currencies | 2.0 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
67 |
China Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—106.2% | |||||||||
China—106.2% | |||||||||
Aier Eye Hospital Group Co. Ltd. (Health care providers & services) | 12,848 | $ | 32 | ||||||
Airtac International Group (Machinery) | 1,000 | 30 | |||||||
AK Medical Holdings Ltd. (Health care equipment & supplies) | 10,000 | 8 | |||||||
* | Alibaba Group Holding Ltd. (Broadline retail) | 9,400 | 103 | ||||||
Bank of Chengdu Co. Ltd. (Banks) | 7,800 | 15 | |||||||
Bank of Ningbo Co. Ltd. (Banks) | 5,890 | 22 | |||||||
Beijing Kingsoft Office Software, Inc. (Software) | 629 | 32 | |||||||
BYD Co. Ltd. (Automobiles) | 1,400 | 43 | |||||||
China Tourism Group Duty Free Corp. Ltd. (Specialty retail) | 900 | 13 | |||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 1,240 | 35 | |||||||
East Money Information Co. Ltd. (Capital markets) | 15,544 | 32 | |||||||
Eastroc Beverage Group Co. Ltd. (Beverages) | 600 | 15 | |||||||
Estun Automation Co. Ltd. (Machinery) | 4,300 | 13 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. (Food products) | 1,772 | 9 | |||||||
* | Giant Biogene Holding Co. Ltd. (Personal care products) | 2,200 | 10 | ||||||
Hangzhou Tigermed Consulting Co. Ltd. (Life sciences tools & services) | 1,217 | 11 | |||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 18,200 | 19 | |||||||
Hundsun Technologies, Inc. (Software) | 2,700 | 12 | |||||||
Inner Mongolia Yili Industrial Group Co. Ltd. (Food products) | 2,600 | 9 | |||||||
JD.com, Inc. (Broadline retail) | 802 | 12 | |||||||
Jiangsu Hengli Hydraulic Co. Ltd. (Machinery) | 2,500 | 22 | |||||||
* | Kuaishou Technology (Interactive media & services) | 2,100 | 17 | ||||||
Kweichow Moutai Co. Ltd. (Beverages) | 400 | 99 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 3,500 | 15 | |||||||
Maxscend Microelectronics Co. Ltd. (Electronic equipment, instruments & components) | 600 | 10 | |||||||
* | Meituan (Hotels, restaurants & leisure) | 2,810 | 41 | ||||||
Midea Group Co. Ltd. (Household durables) | 2,000 | 15 | |||||||
NAURA Technology Group Co. Ltd. (Semiconductors & semiconductor equipment) | 1,100 | 36 | |||||||
NetEase, Inc. (Entertainment) | 3,900 | 79 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 2,188 | 30 | |||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 2,400 | 22 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Health care equipment & supplies) | 500 | 18 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 1,100 | 10 | |||||||
Sunresin New Materials Co. Ltd. (Chemicals) | 1,500 | 12 | |||||||
SUPCON Technology Co. Ltd. (Electronic equipment, instruments & components) | 2,743 | 18 | |||||||
Tencent Holdings Ltd. (Interactive media & services) | 3,500 | 137 | |||||||
Topsports International Holdings Ltd. (Specialty retail) | 12,000 | 9 | |||||||
Weichai Power Co. Ltd. (Machinery) | 9,000 | 12 | |||||||
Will Semiconductor Co. Ltd. Shanghai (Semiconductors & semiconductor equipment) | 1,000 | 13 | |||||||
Wuliangye Yibin Co. Ltd. (Beverages) | 1,300 | 28 | |||||||
WuXi AppTec Co. Ltd. (Life sciences tools & services) | 1,400 | 17 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 900 | 34 | |||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (Semiconductors & semiconductor equipment) | 2,800 | 18 | |||||||
1,187 |
See accompanying Notes to Portfolio of Investments.
68 |
China Growth Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Asia—4.3% | |||||||||
Hong Kong—4.3% | |||||||||
AIA Group Ltd. (Insurance) | 4,000 | $ | 33 | ||||||
Hong Kong Exchanges & Clearing Ltd. (Capital markets) | 400 | 15 | |||||||
48 | |||||||||
Total Common Stocks—110.5% (cost $1,613) | 1,235 | ||||||||
Total Investments—110.5% (cost $1,613) | 1,235 | ||||||||
Liabilities, plus cash and other assets—(10.5)% | (117 | ) | |||||||
Net assets—100.0% | $ | 1,118 |
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
69 |
China Growth Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 20.4 | % | ||
Communication Services | 18.9 | % | ||
Consumer Staples | 16.2 | % | ||
Information Technology | 12.1 | % | ||
Industrials | 10.8 | % | ||
Health Care | 9.7 | % | ||
Financials | 9.4 | % | ||
Utilities | 1.5 | % | ||
Materials | 1.0 | % | ||
Total | 100.0 | % | ||
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Chinese Yuan Renminbi | 52.2 | % | ||
Hong Kong Dollar | 44.6 | % | ||
New Taiwan Dollar | 3.2 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
70 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—62.6% | |||||||||
Angola—2.3% | |||||||||
Angolan Government International Bond, | |||||||||
8.000%, due 11/26/29 | $ | 300 | $ | 246 | |||||
9.125%, due 11/26/49 | 1,200 | 858 | |||||||
1,104 | |||||||||
Argentina—2.0% | |||||||||
Argentine Government International Bond, | |||||||||
0.750%, due 7/9/30 (a) | 650 | 185 | |||||||
3.500%, due 7/9/41 (a) | 2,715 | 699 | |||||||
3.750%, due 1/9/38 (a) | EUR | 320 | 85 | ||||||
969 | |||||||||
Armenia—1.1% | |||||||||
Republic of Armenia International Bond, 3.600%, due 2/2/31 | $ | 700 | 526 | ||||||
Bahrain—2.3% | |||||||||
Bahrain Government International Bond, | |||||||||
5.250%, due 1/25/33 | 200 | 170 | |||||||
6.250%, due 1/25/51 | 300 | 229 | |||||||
7.000%, due 1/26/26 | 200 | 201 | |||||||
7.000%, due 10/12/28 | 500 | 506 | |||||||
1,106 | |||||||||
Bermuda—0.6% | |||||||||
Bermuda Government International Bond, 3.375%, due 8/20/50 | 460 | 286 | |||||||
Brazil—1.4% | |||||||||
Brazilian Government International Bond, 4.750%, due 1/14/50 | 680 | 470 | |||||||
Brazil Notas do Tesouro Nacional Serie F, | |||||||||
10.000%, due 1/1/25 | BRL | 560 | 110 | ||||||
10.000%, due 1/1/33 | BRL | 610 | 111 | ||||||
691 | |||||||||
Chile—0.8% | |||||||||
Chile Government International Bond, | |||||||||
3.250%, due 9/21/71 | $ | 400 | 226 | ||||||
4.340%, due 3/7/42 | 200 | 161 | |||||||
387 | |||||||||
Colombia—2.9% | |||||||||
Colombia Government International Bond, | |||||||||
3.250%, due 4/22/32 | 550 | 395 | |||||||
4.125%, due 2/22/42 | 330 | 199 | |||||||
4.125%, due 5/15/51 | 300 | 167 | |||||||
4.500%, due 1/28/26 | 250 | 239 | |||||||
5.000%, due 6/15/45 | 450 | 295 |
See accompanying Notes to Portfolio of Investments.
71 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Colombia — (continued) | |||||||||
5.200%, due 5/15/49 | $ | 200 | $ | 131 | |||||
1,426 | |||||||||
Costa Rica—0.7% | |||||||||
Costa Rica Government International Bond, 4.375%, due 4/30/25 | 340 | 329 | |||||||
Dominican Republic—2.4% | |||||||||
Dominican Republic International Bond, | |||||||||
5.300%, due 1/21/41 | 250 | 183 | |||||||
5.875%, due 1/30/60 | 910 | 649 | |||||||
11.250%, due 9/15/35 (b) | DOP | 18,000 | 324 | ||||||
1,156 | |||||||||
Ecuador—1.4% | |||||||||
Ecuador Government International Bond, | $ | ||||||||
0.000%, due 7/31/30 | 480 | 142 | |||||||
2.500%, due 7/31/40 (a) | 830 | 272 | |||||||
3.500%, due 7/31/35 (a) | 280 | 103 | |||||||
6.000%, due 7/31/30 (a) | 360 | 183 | |||||||
700 | |||||||||
Egypt—2.4% | |||||||||
Egypt Government International Bond, | |||||||||
7.300%, due 9/30/33 (b) | 250 | 139 | |||||||
7.500%, due 2/16/61 | 250 | 125 | |||||||
8.150%, due 11/20/59 | 200 | 103 | |||||||
8.750%, due 9/30/51 | 250 | 134 | |||||||
8.750%, due 9/30/51 (b) | 250 | 134 | |||||||
8.875%, due 5/29/50 | 1,025 | 553 | |||||||
1,188 | |||||||||
El Salvador—1.2% | |||||||||
El Salvador Government International Bond, 7.625%, due 2/1/41 | 850 | 579 | |||||||
Gabon—0.7% | |||||||||
Gabon Government International Bond, | |||||||||
6.950%, due 6/16/25 | 200 | 178 | |||||||
7.000%, due 11/24/31 | 250 | 185 | |||||||
363 | |||||||||
Ghana—1.9% | |||||||||
Ghana Government International Bond, | |||||||||
0.000%, due 4/7/25 (c) | 350 | 139 | |||||||
6.375%, due 2/11/27 (c) | 600 | 265 | |||||||
7.750%, due 4/7/29 (c) | 500 | 220 | |||||||
8.625%, due 4/7/34 (c) | 400 | 177 |
See accompanying Notes to Portfolio of Investments.
72 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Ghana — (continued) | |||||||||
8.950%, due 3/26/51 (c) | $ | 350 | $ | 148 | |||||
949 | |||||||||
Guatemala—2.1% | |||||||||
Guatemala Government Bond, | |||||||||
3.700%, due 10/7/33 | 1,090 | 834 | |||||||
7.050%, due 10/4/32 (b) | 200 | 201 | |||||||
1,035 | |||||||||
Hungary—1.5% | |||||||||
Hungary Government International Bond, | |||||||||
3.125%, due 9/21/51 | 600 | 332 | |||||||
6.750%, due 9/25/52 (b) | 400 | 379 | |||||||
711 | |||||||||
Indonesia—1.4% | |||||||||
Indonesia Government International Bond, | |||||||||
5.650%, due 1/11/53 | 500 | 476 | |||||||
6.500%, due 6/15/25 | IDR | 3,500,000 | 227 | ||||||
703 | |||||||||
Iraq—0.3% | |||||||||
Iraq International Bond, 5.800%, due 1/15/28 | $ | 141 | 130 | ||||||
Ivory Coast—0.9% | |||||||||
Ivory Coast Government International Bond, 6.625%, due 3/22/48 | EUR | 600 | 436 | ||||||
Kenya—1.6% | |||||||||
Kenya Government International Bond, | |||||||||
6.875%, due 6/24/24 | $ | 700 | 646 | ||||||
8.250%, due 2/28/48 | 200 | 136 | |||||||
782 | |||||||||
Lebanon—0.7% | |||||||||
Lebanon Government International Bond, | |||||||||
5.800%, due 4/14/20 (c) | 1,400 | 112 | |||||||
6.650%, due 4/22/24 (c) | 268 | 21 | |||||||
6.750%, due 11/29/27 (c) | 341 | 27 | |||||||
6.850%, due 3/23/27 (c) | 600 | 47 | |||||||
6.850%, due 5/25/29 (c) | 600 | 48 | |||||||
7.150%, due 11/20/31 (c) | 1,200 | 95 | |||||||
350 | |||||||||
Mexico—1.6% | |||||||||
Mexico Government International Bond, 3.750%, due 4/19/71 | 310 | 175 |
See accompanying Notes to Portfolio of Investments.
73 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Mexico — (continued) | |||||||||
6.350%, due 2/9/35 | $ | 600 | $ | 586 | |||||
761 | |||||||||
Mongolia—0.4% | |||||||||
Mongolia Government International Bond, 8.650%, due 1/19/28 (b) | 200 | 199 | |||||||
Morocco—0.3% | |||||||||
Morocco Government International Bond, 4.000%, due 12/15/50 | 200 | 123 | |||||||
Mozambique—0.6% | |||||||||
Mozambique International Bond, 9.000%, due 9/15/31 (a) | 400 | 313 | |||||||
Nigeria—0.9% | |||||||||
Nigeria Government International Bond, | |||||||||
6.500%, due 11/28/27 | 200 | 166 | |||||||
7.625%, due 11/21/25 | 250 | 239 | |||||||
8.250%, due 9/28/51 | 75 | 52 | |||||||
457 | |||||||||
Oman—1.6% | |||||||||
Oman Government International Bond, | |||||||||
5.625%, due 1/17/28 | 600 | 584 | |||||||
6.750%, due 1/17/48 | 200 | 183 | |||||||
767 | |||||||||
Pakistan—1.2% | |||||||||
Pakistan Government International Bond, | |||||||||
6.000%, due 4/8/26 | 300 | 154 | |||||||
6.875%, due 12/5/27 | 400 | 202 | |||||||
8.875%, due 4/8/51 | 550 | 252 | |||||||
608 | |||||||||
Panama—2.0% | |||||||||
Panama Government International Bond, | |||||||||
3.870%, due 7/23/60 | 710 | 407 | |||||||
4.500%, due 4/1/56 | 200 | 131 | |||||||
4.500%, due 1/19/63 | 400 | 259 | |||||||
Panama Bonos del Tesoro, 6.375%, due 7/25/33 (b) | 200 | 190 | |||||||
987 | |||||||||
Paraguay—1.6% | |||||||||
Paraguay Government International Bond, 2.739%, due 1/29/33 | 1,060 | 803 | |||||||
Peru—1.3% | |||||||||
Peruvian Government International Bond, |
See accompanying Notes to Portfolio of Investments.
74 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Peru— (continued) | |||||||||
2.783%, due 1/23/31 | $ | 400 | $ | 327 | |||||
3.230%, due 7/28/2121 | 230 | 119 | |||||||
3.600%, due 1/15/72 | 300 | 178 | |||||||
624 | |||||||||
Philippines—1.2% | |||||||||
Philippines Government International Bond, | |||||||||
3.700%, due 2/2/42 | 500 | 372 | |||||||
5.609%, due 4/13/33 | 200 | 200 | |||||||
572 | |||||||||
Poland—0.4% | |||||||||
Poland Government International Bond, 5.500%, due 4/4/53 | 200 | 181 | |||||||
Qatar—2.0% | |||||||||
Qatar Government International Bond, | |||||||||
4.400%, due 4/16/50 | 1,000 | 813 | |||||||
5.103%, due 4/23/48 | 200 | 181 | |||||||
994 | |||||||||
Romania—1.1% | |||||||||
Romania Government International Bond, | |||||||||
2.875%, due 4/13/42 | EUR | 100 | 62 | ||||||
3.375%, due 1/28/50 | EUR | 430 | 267 | ||||||
7.625%, due 1/17/53 (b) | $ | 200 | 204 | ||||||
533 | |||||||||
Saudi Arabia—2.1% | |||||||||
Saudi Government International Bond, | |||||||||
3.250%, due 11/17/51 | 200 | 122 | |||||||
3.450%, due 2/2/61 | 1,000 | 611 | |||||||
3.750%, due 1/21/55 | 200 | 132 | |||||||
5.000%, due 1/18/53 (b) | 200 | 166 | |||||||
1,031 | |||||||||
Senegal—0.3% | |||||||||
Senegal Government International Bond, 5.375%, due 6/8/37 | EUR | 200 | 135 | ||||||
Serbia—0.3% | |||||||||
Serbia International Bond, 2.050%, due 9/23/36 | EUR | 200 | 125 | ||||||
South Africa—2.5% | |||||||||
South Africa Government International Bond, | |||||||||
4.300%, due 10/12/28 | $ | 400 | 346 | ||||||
5.750%, due 9/30/49 | 1,000 | 662 |
See accompanying Notes to Portfolio of Investments.
75 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
South Africa — (continued) | |||||||||
8.750%, due 2/28/48 | ZAR | 5,400 | $ | 198 | |||||
1,206 | |||||||||
Sri Lanka—1.5% | |||||||||
Sri Lanka Government International Bond, | |||||||||
5.750%, due 4/18/23 (c) | $ | 400 | 190 | ||||||
6.350%, due 6/28/24 (c) | 400 | 189 | |||||||
6.850%, due 11/3/25 (c) | 400 | 192 | |||||||
7.850%, due 3/14/29 (c) | 400 | 184 | |||||||
755 | |||||||||
Trinidad And Tobago—0.4% | |||||||||
Trinidad and Tobago Government International Bond, 5.950%, due 1/14/31 (b) | 200 | 197 | |||||||
Tunisia—0.6% | |||||||||
Tunisian Republic, | |||||||||
6.375%, due 7/15/26 | EUR | 300 | 191 | ||||||
6.750%, due 10/31/23 | EUR | 100 | 102 | ||||||
293 | |||||||||
Turkey—2.5% | |||||||||
Turkey Government International Bond, | |||||||||
4.250%, due 4/14/26 | $ | 250 | 229 | ||||||
4.875%, due 10/9/26 | 200 | 183 | |||||||
4.875%, due 4/16/43 | 700 | 443 | |||||||
6.000%, due 3/25/27 | 200 | 186 | |||||||
9.375%, due 1/19/33 | 200 | 203 | |||||||
1,244 | |||||||||
Ukraine—1.0% | |||||||||
Ukraine Government International Bond, | |||||||||
7.253%, due 3/15/35 (c) | 1,300 | 340 | |||||||
7.750%, due 8/1/41 (a) (c) | 290 | 133 | |||||||
473 | |||||||||
United Arab Emirates—0.7% | |||||||||
Abu Dhabi Government International Bond, | |||||||||
2.700%, due 9/2/70 | 450 | 238 | |||||||
3.000%, due 9/15/51 | 200 | 125 | |||||||
363 | |||||||||
Uruguay—0.6% | |||||||||
Uruguay Government International Bond, | |||||||||
9.750%, due 7/20/33 | UYU | 3,788 | 99 | ||||||
3.875%, due 7/2/40 | UYU | 6,205 | 169 | ||||||
268 |
See accompanying Notes to Portfolio of Investments.
76 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Vietnam—0.4% | |||||||||
Vietnam Government International Bond, 4.800%, due 11/19/24 | $ | 200 | $ | 196 | |||||
Zambia—0.9% | |||||||||
Zambia Government International Bond, | |||||||||
5.375%, due 9/20/22 | 250 | 124 | |||||||
8.500%, due 4/14/24 | 200 | 109 | |||||||
8.970%, due 7/30/27 | 400 | 217 | |||||||
450 | |||||||||
Total Foreign Government Bonds—62.6% (cost $34,017) | 30,564 | ||||||||
Foreign Corporate Bonds—30.1% | |||||||||
Brazil—2.5% | |||||||||
Aegea Finance Sarl, 9.000%, due 1/20/31 (b) | 200 | 201 | |||||||
Azul Secured Finance LLP, 10.875%, due 5/28/30 (b) | 175 | 143 | |||||||
Banco do Brasil SA, 10 year CMT + 4.398%, 6.250%, due 4/15/24 (d)(e) | 200 | 185 | |||||||
ERO Copper Corp., 6.500%, due 2/15/30 | 200 | 173 | |||||||
Hidrovias International Finance Sarl, 4.950%, due 2/8/31 | 200 | 159 | |||||||
Minerva Luxembourg SA, 4.375%, due 3/18/31 | 200 | 155 | |||||||
Petrorio Luxembourg Trading Sarl, 6.125%, due 6/9/26 | 200 | 192 | |||||||
1,208 | |||||||||
Chile—1.6% | |||||||||
CAP SA, 3.900%, due 4/27/31 | 250 | 184 | |||||||
Empresa Nacional del Petroleo, 5.250%, due 11/6/29 | 450 | 420 | |||||||
Inversiones CMPC SA, 3.000%, due 4/6/31 | 200 | 158 | |||||||
762 | |||||||||
China—2.2% | |||||||||
China Evergrande Group, 9.500%, due 3/29/24 (c) | 300 | 7 | |||||||
China Hongqiao Group Ltd., 6.250%, due 6/8/24 | 200 | 195 | |||||||
China Oil & Gas Group Ltd., 4.700%, due 6/30/26 | 200 | 159 | |||||||
ENN Clean Energy International Investment Ltd., 3.375%, due 5/12/26 | 200 | 182 | |||||||
Sinochem Offshore Capital Co. Ltd., 2.375%, due 9/23/31 | 500 | 381 |
See accompanying Notes to Portfolio of Investments.
77 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
China — (continued) | |||||||||
Standard Chartered PLC, 5 year CMT + 3.135%, 4.300%, due 2/19/49 (d)(e) | $ | 200 | $ | 145 | |||||
Yuzhou Group Holdings Co. Ltd., 7.850%, due 8/12/26 (c) | 200 | 12 | |||||||
1,081 | |||||||||
Colombia—0.6% | |||||||||
Canacol Energy Ltd., 5.750%, due 11/24/28 (b) | 200 | 159 | |||||||
SierraCol Energy Andina LLC, 6.000%, due 6/15/28 | 200 | 159 | |||||||
318 | |||||||||
Costa Rica—0.4% | |||||||||
Instituto Costarricense de Electricidad, 6.375%, due 5/15/43 | 250 | 204 | |||||||
Dominican Republic—0.4% | |||||||||
Empresa Generadora de Electricidad Haina SA, 5.625%, due 11/8/28 (b) | 250 | 220 | |||||||
Georgia—0.4% | |||||||||
Energo-Pro AS, 8.500%, due 2/4/27 | 200 | 196 | |||||||
Guatemala—0.4% | |||||||||
Banco Industrial SA, 5 year CMT + 4.442%, 4.875%, due 1/29/31 (e) | 200 | 184 | |||||||
Hungary—0.8% | |||||||||
Magyar Export-Import Bank Zrt, 6.125%, due 12/4/27 | 200 | 196 | |||||||
OTP Bank Nyrt, 5 year CMT + 5.060%, 8.750%, due 5/15/33 (e) | 200 | 198 | |||||||
394 | |||||||||
India—1.6% | |||||||||
European Bank for Reconstruction & Development, 6.300%, due 10/26/27 | INR | 20,000 | 231 | ||||||
Export-Import Bank of India, 2.250%, due 1/13/31 | $ | 200 | 155 | ||||||
International Bank for Reconstruction & Development, 6.850%, due 4/24/28 | INR | 20,000 | 235 | ||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd., 4.500%, due 7/14/28 | 200 | 167 | |||||||
788 | |||||||||
Indonesia—2.6% | |||||||||
Bank Mandiri Persero Tbk PT, 2.000%, due 4/19/26 | $ | 200 | 180 |
See accompanying Notes to Portfolio of Investments.
78 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Indonesia — (continued) | |||||||||
European Bank for Reconstruction & Development, 6.000%, due 1/17/30 | IDR | 3,500,000 | $ | 223 | |||||
Pertamina Persero PT, | |||||||||
6.000%, due 5/3/42 | $ | 200 | 182 | ||||||
2.300%, due 2/9/31 | 200 | 155 | |||||||
3.100%, due 8/27/30 | 400 | 333 | |||||||
Perusahaan Penerbit SBSN Indonesia III, 4.700%, due 6/6/32 (b) | 200 | 189 | |||||||
1,262 | |||||||||
Kazakhstan—1.2% | |||||||||
KazMunayGas National Co. JSC, 3.500%, due 4/14/33 | 800 | 598 | |||||||
Kuwait—0.4% | |||||||||
NBK Tier 1 Ltd., 6 year CMT + 2.875%, 3.625%, due 8/24/26 (d)(e) | 200 | 173 | |||||||
Malaysia—1.3% | |||||||||
Dua Capital Ltd., 2.780%, due 5/11/31 | 550 | 450 | |||||||
Petronas Capital Ltd., 4.550%, due 4/21/50 | 200 | 161 | |||||||
611 | |||||||||
Mexico—5.7% | |||||||||
Banco Nacional de Comercio Exterior SNC, 5 year CMT + 2.000%, 2.720%, due 8/11/31 (e) | 220 | 180 | |||||||
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, 5.375%, due 4/17/25 | 200 | 196 | |||||||
BBVA Bancomer SA, 5 year CMT + 2.650%, 5.125%, due 1/18/33 (e) | 200 | 172 | |||||||
Credito Real SAB de CV SOFOM ER, 5.000%, due 2/1/27 (c) | EUR | 200 | 22 | ||||||
Grupo Axo SAPI de CV, 5.750%, due 6/8/26 | $ | 200 | 176 | ||||||
Orbia Advance Corp. SAB de CV, 1.875%, due 5/11/26 | 200 | 178 | |||||||
Petroleos Mexicanos, | |||||||||
6.700%, due 2/16/32 | 230 | 170 | |||||||
5.950%, due 1/28/31 | 1,000 | 712 | |||||||
6.490%, due 1/23/27 | 200 | 176 | |||||||
7.690%, due 1/23/50 | 250 | 160 | |||||||
6.750%, due 9/21/47 | 808 | 473 | |||||||
4.750%, due 2/26/29 | EUR | 200 | 160 | ||||||
2,775 | |||||||||
Mongolia—0.4% | |||||||||
Development Bank of Mongolia LLC, 7.250%, due 10/23/23 | $ | 200 | 199 |
See accompanying Notes to Portfolio of Investments.
79 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Nigeria—0.3% | |||||||||
SEPLAT Energy PLC, 7.750%, due 4/1/26 | $ | 200 | $ | 170 | |||||
Peru—1.5% | |||||||||
Banco Internacional del Peru SAA Interbank, 5 year CMT + 3.711%, 4.000%, due 7/8/30 (e) | 200 | 184 | |||||||
Corp. Financiera de Desarrollo SA, 2.400%, due 9/28/27 | 420 | 360 | |||||||
InRetail Consumer, 3.250%, due 3/22/28 | 200 | 169 | |||||||
713 | |||||||||
Saudi Arabia—0.5% | |||||||||
Gaci First Investment Co., 5.125%, due 2/14/53 | 300 | 243 | |||||||
South Africa—0.4% | |||||||||
Stillwater Mining Co., 4.000%, due 11/16/26 | 200 | 173 | |||||||
Supranational—1.0% | |||||||||
Gabon Blue Bond Master Trust, 6.097%, due 8/1/38 (b) | 500 | 488 | |||||||
Thailand—0.3% | |||||||||
Bangkok Bank PCL, 5 year CMT + 2.150%, 3.466%, due 9/23/36 (e) | 200 | 155 | |||||||
Trinidad And Tobago—0.8% | |||||||||
Heritage Petroleum Co. Ltd., | |||||||||
9.000%, due 8/12/29 (b) | 200 | 207 | |||||||
9.000%, due 8/12/29 | 200 | 207 | |||||||
414 | |||||||||
Turkey—1.6% | |||||||||
Turkiye Ihracat Kredi Bankasi AS, | |||||||||
5.750%, due 7/6/26 | 200 | 187 | |||||||
9.375%, due 1/31/26 (b) | 200 | 203 | |||||||
Turkiye Vakiflar Bankasi TAO, 9.000%, due 10/12/28 (b) | 200 | 198 | |||||||
WE Soda Investments Holding PLC, 9.500%, due 10/6/28 (b) | 200 | 201 | |||||||
789 | |||||||||
United Arab Emirates—1.2% | |||||||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, 7.125%, due 7/31/26 | 200 | 194 | |||||||
MAF Global Securities Ltd., 5 year CMT + 3.539%, 6.375%, due 3/20/26 (d)(e) | 200 | 193 |
See accompanying Notes to Portfolio of Investments.
80 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
United Arab Emirates — (continued) | |||||||||
Sobha Sukuk Ltd., 8.750%, due 7/17/28 | $ | 200 | $ | 195 | |||||
582 | |||||||||
Total Foreign Corporate Bonds—30.1% (cost $16,033) | 14,700 | ||||||||
Foreign Municipal Bonds—0.5% | |||||||||
Argentina—0.5% | |||||||||
Provincia de Buenos Aires, | |||||||||
6.375%, due 9/1/37 (a)(b) | 50 | 16 | |||||||
5.500%, due 9/1/37 (a)(b) | 200 | 53 | |||||||
6.375%, due 9/1/37 (a) | 170 | 55 | |||||||
Provincia de Cordoba, 6.875%, due 12/10/25 (a) | 167 | 137 | |||||||
261 | |||||||||
Total Foreign Municipal Bonds—0.5% (cost $331) | 261 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 2.300% dated 09/29/23, due 10/02/23, repurchase price $1,534, collateralized by U.S. Treasury Note, 1.500%, due 01/31/27, valued at $1,564 | 1,534 | 1,534 | |||||||
Total Repurchase Agreement—3.1% (cost $1,534) | 1,534 | ||||||||
U.S. Government—3.4% | |||||||||
U.S. Treasury Bill, | |||||||||
5.278%, due 11/24/23 (f) | 520 | 516 | |||||||
5.452%, due 12/12/23 | 630 | 623 | |||||||
5.385%, due 1/4/24 | 250 | 247 | |||||||
5.488%, due 1/23/24 | 250 | 246 | |||||||
Total U.S. Government—3.4% (cost $1,632) | 1,632 | ||||||||
Total Investments in Securities—99.7% (cost $53,547) | 48,691 | ||||||||
Total Investments—99.7% (cost $53,547) | 48,691 | ||||||||
Cash and other assets, less liabilities—0.3% | 161 | ||||||||
Net assets—100.0% | $ | 48,852 |
(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of September 30, 2023.
(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.
See accompanying Notes to Portfolio of Investments.
81 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
(c) Security is currently in default and/or non-income producing.
(d) Security is perpetual in nature and has no stated maturity.
(e) Floating Rate Bond. Rate shown is as of September 30, 2023.
(f) Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $516.
CMT = Constant Maturity Treasury
EURIBOR = Euro Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
Forward Foreign Currency Contracts
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||||
Purchased | ||||||||||||||||||||
12/20/23 | Euro | Citibank N.A. | 149 | $ | 159 | $ | 158 | $ | (1 | ) | ||||||||||
Sold | ||||||||||||||||||||
12/20/23 | Euro | Citibank N.A. | 1,741 | 1,877 | 1,847 | 30 | ||||||||||||||
Total net unrealized appreciation (depreciation) on forward foreign currency contracts | $ | 29 |
Centrally Cleared Interest Rate Swaps
Floating Rate Reference | Pay/Receive Floating Rate | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
1-Day USD SOFR | Receive | 3.500 | % | 1Y | Jun 2063 | LCH | $ | 227 | $ | 1 | $ | 15 | $ | 14 | ||||||||||||||
1-Day USD SOFR | Receive | 3.750 | % | 1Y | Jun 2048 | LCH | 856 | 14 | 53 | 39 | ||||||||||||||||||
EUR 6M EURIBOR | Receive | 3.500 | % | 1Y | Sep 2028 | LCH | EUR | 649 | (4 | ) | (3 | ) | 1 | |||||||||||||||
EUR 6M EURIBOR | Receive | 3.250 | % | 1Y | Sep 2033 | LCH | EUR | 116 | — | 1 | 1 | |||||||||||||||||
EUR 6M EURIBOR | Receive | 3.250 | % | 1Y | Sep 2038 | LCH | EUR | 525 | 3 | 12 | 9 | |||||||||||||||||
EUR 6M EURIBOR | Receive | 3.000 | % | 1Y | Sep 2048 | LCH | EUR | 192 | 2 | 7 | 5 | |||||||||||||||||
1-Day USD SOFR | Pay | 4.500 | % | 1Y | Jun 2026 | LCH | $ | 3,643 | (20 | ) | (28 | ) | (8 | ) | ||||||||||||||
1-Day USD SOFR | Pay | 4.250 | % | 1Y | Jun 2028 | LCH | 5,349 | (14 | ) | (49 | ) | (35 | ) | |||||||||||||||
1-Day USD SOFR | Pay | 4.000 | % | 1Y | Jun 2030 | LCH | 738 | (7 | ) | (16 | ) | (9 | ) | |||||||||||||||
1-Day USD SOFR | Pay | 4.000 | % | 1Y | Jun 2033 | LCH | 1,224 | (5 | ) | (31 | ) | (26 | ) | |||||||||||||||
1-Day USD SOFR | Pay | 4.000 | % | 1Y | Jun 2043 | LCH | 495 | 3 | (17 | ) | (20 | ) | ||||||||||||||||
$ | (29 | ) |
See accompanying Notes to Portfolio of Investments.
82 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (all dollar amounts in thousands) (unaudited)
Centrally Cleared Credit Default Swaps
Reference Entity | Buy/Sell Protection | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||
Kingdom of Saudi Arabia | Buy | 1.000 | % | 3M | Jun 2026 | ICE | $ | 400 | $ | (8 | ) | $ | (7 | ) | $ | 1 | ||||||||||||
Argentine Republic | Buy | 1.000 | % | 3M | Dec 2025 | ICE | 500 | 304 | 330 | 26 | ||||||||||||||||||
Argentine Republic | Buy | 1.000 | % | 3M | Jun 2027 | ICE | 250 | 205 | 185 | (20 | ) | |||||||||||||||||
Argentine Republic | Buy | 5.000 | % | 3M | Jun 2033 | ICE | 250 | 186 | 180 | (6 | ) | |||||||||||||||||
Republic of South Africa | Buy | 1.000 | % | 3M | Jun 2028 | ICE | 450 | 30 | 29 | (1 | ) | |||||||||||||||||
Argentine Republic | Buy | 5.000 | % | 3M | Jun 2026 | ICE | 300 | 168 | 194 | 26 | ||||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | Dec 2031 | ICE | 500 | (293 | ) | (359 | ) | (66 | ) | |||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | Jun 2032 | ICE | 100 | (63 | ) | (72 | ) | (9 | ) | |||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | Jun 2027 | ICE | 250 | (190 | ) | (171 | ) | 19 | ||||||||||||||||
Republic of Colombia | Sell | 1.000 | % | 3M | Jun 2033 | ICE | 100 | (20 | ) | (16 | ) | 4 | ||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | Jun 2025 | ICE | 150 | (68 | ) | (82 | ) | (14 | ) | |||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | Jun 2028 | ICE | 150 | (96 | ) | (106 | ) | (10 | ) | |||||||||||||||
$ | (50 | ) | ||||||||||||||||||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | (79 | ) |
Currency Legend
BRL Brazilian Real
DOP Dominican Peso
EUR Euro
IDR Indonesian Rupiah
INR Indian Rupee
USD U.S. Dollar
UYU Uruguayan Peso
ZAR South African Rand
See accompanying Notes to Portfolio of Investments.
83 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2023 (unaudited)
At September 30, 2023, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
U.S. Dollar | 92.3 | % | ||
Euro | 3.5 | % | ||
Indian Rupee | 1.0 | % | ||
Indonesian Rupiah | 1.0 | % | ||
All Other Currencies | 2.2 | % | ||
Total | 100.0 | % |
At September 30, 2023, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Sovereign | 68.4 | % | ||
Corporate | ||||
Financials | 5.3 | % | ||
Materials | 2.8 | % | ||
Utilities | 2.0 | % | ||
Energy | 1.5 | % | ||
Consumer Discretionary | 1.1 | % | ||
Consumer Staples | 0.7 | % | ||
Industrials | 0.4 | % | ||
Quasi-Sovereign | 14.6 | % | ||
Sub Sovereign | 0.6 | % | ||
Supranational | 2.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
84 |
Notes to Portfolios of Investments
(1) Significant Accounting Policies
(a) Description of the Trust
William Blair Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. As of September 30, 2023, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity Funds | International Equity Funds | Emerging Markets Debt Fund | ||
Growth | International Leaders | Emerging Markets Debt | ||
Large Cap Growth | International Growth | |||
Mid Cap Value | Institutional International Growth | |||
Small-Mid Cap Core | International Small Cap Growth | |||
Small-Mid Cap Growth | Emerging Markets Leaders | |||
Small-Mid Cap Value1 | Emerging Markets Growth | |||
Small Cap Growth | Emerging Markets ex China Growth | |||
Small Cap Value | Emerging Markets Small Cap Growth | |||
China Growth | ||||
Global Equity Fund | ||||
Global Leaders |
The investment objectives of the Funds are as follows:
U.S. Equity Funds | Long-term capital appreciation. | |
Global Equity Fund | Long-term capital appreciation. | |
International Equity Funds | Long-term capital appreciation. | |
Emerging Markets Debt Fund | Provide attractive risk-adjusted returns relative to the Fund’s benchmark. |
1 | Effective August 17, 2023 (Commencement of Operations). |
85 |
(b) Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.
(2) Valuation
(a) Investment Valuation
The value of U.S. equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.
The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Adviser has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of September 30, 2023, fair valuation estimates for foreign equity securities were not obtained.
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements are valued at cost, which approximates fair value.
Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset.
Securities, and other assets, for which a market quotation is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
86 |
(b) Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• | Level 1—Quoted prices (unadjusted) in active markets for an identical security. | |
• | Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated. | |
• | Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available. |
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
��
A description of the valuation methodologies applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Exchange-Traded Securities
Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.
Fixed Income Securities
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.
Repurchase Agreements
Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.
Derivative Instruments
Forward foreign currency contracts and swaps are valued using pricing inputs observed from actively quoted markets and are categorized within Level 2 of the fair value hierarchy.
As of September 30, 2023, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
87 |
Investments in securities | Growth | Large Cap Growth | Mid Cap Value | Small-Mid Cap Core | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 215,279 | $ | 1,462,212 | $ | 1,481 | $ | 153,809 | ||||||||
Level 2 | ||||||||||||||||
Repurchase Agreements | 5,552 | 8,493 | 106 | 5,593 | ||||||||||||
Level 3 | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 220,831 | $ | 1,470,705 | $ | 1,587 | $ | 159,402 | ||||||||
Investments in securities | Small-Mid Cap Growth | Small-Mid Cap Value | Small Cap Growth | Small Cap Value | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 1,878,900 | $ | 1,597 | $ | 627,808 | $ | 1,196,636 | ||||||||
Exchange-Traded Funds | — | — | 5,890 | — | ||||||||||||
Level 2 | ||||||||||||||||
Repurchase Agreements | 11,283 | — | 25,267 | 15,351 | ||||||||||||
Level 3 | ||||||||||||||||
Common Stocks | — | — | — | — | ||||||||||||
Rights | — | — | — | — | ||||||||||||
Total investments in securities | $ | 1,890,183 | $ | 1,597 | $ | 658,965 | $ | 1,211,987 | ||||||||
Investments in securities | Global Leaders | International Leaders | International Growth | Institutional International Growth | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 91,610 | $ | 967,607 | $ | 1,358,258 | $ | 801,420 | ||||||||
Rights | — | — | — | — | ||||||||||||
Level 2 | ||||||||||||||||
Repurchase Agreements | 1,959 | 24,039 | 18,712 | 11,082 | ||||||||||||
Level 3 | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 93,569 | $ | 991,646 | $ | 1,376,970 | $ | 812,502 | ||||||||
Investments in securities | International Small Cap Growth | Emerging Markets Leaders | Emerging Markets Growth | Emerging Markets ex China Growth | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 206,220 | $ | 230,611 | $ | 717,401 | $ | 18,106 | ||||||||
Rights | — | — | 6 | — | ||||||||||||
Level 2 | ||||||||||||||||
Common Stocks | 1,132 | 7,004 | 14,809 | 232 | ||||||||||||
Repurchase Agreements | 7,366 | 6,770 | 10,305 | 238 | ||||||||||||
Level 3 | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 214,718 | $ | 244,385 | $ | 742,521 | $ | 18,576 |
88 |
Investments in securities | Emerging Markets Small Cap Growth | China Growth | Emerging Markets Debt | |||||||||
Assets | ||||||||||||
Level 1 | ||||||||||||
Common Stocks | $ | 359,933 | $ | 1,235 | $ | — | ||||||
Level 2 | ||||||||||||
Common Stocks | 2,072 | — | — | |||||||||
Foreign Corporate Bonds | — | — | 14,700 | |||||||||
Foreign Government Bonds | — | — | 30,564 | |||||||||
Foreign Municipal Bonds | — | — | 261 | |||||||||
Repurchase Agreements | 4,838 | — | 1,534 | |||||||||
U.S. Government | — | — | 1,632 | |||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
Liabilities | ||||||||||||
Level 1 | ||||||||||||
None | — | — | — | |||||||||
Level 2 | ||||||||||||
None | — | — | — | |||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
Total investments in securities | $ | 366,843 | $ | 1,235 | $ | 48,691 | ||||||
Other financial instruments | ||||||||||||
Assets | ||||||||||||
Level 1 | ||||||||||||
None | $ | — | $ | — | $ | — | ||||||
Level 2 | ||||||||||||
Forward Foreign Currency Contracts | — | — | 30 | |||||||||
Swaps | — | — | 145 | |||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
Liabilities | ||||||||||||
Level 1 | ||||||||||||
None | — | — | — | |||||||||
Level 2 | ||||||||||||
Forward Foreign Currency Contracts | — | — | (1 | ) | ||||||||
Swaps | — | — | (224 | ) | ||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
Total other financial instruments | $ | — | $ | — | $ | (50 | ) |
See Portfolio of Investments for Sector Classification.
The fair value estimates for the Level 3 securities in the Small-Mid Cap Growth and Small Cap Growth Funds were determined in good faith by the Adviser pursuant to the Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 securities represented 0.00% and 0.00% as a percentage of net assets in the Small-Mid Cap Growth and Small Cap Growth Funds, respectively.
89 |
(3) Financial Derivative Instruments
Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus.
Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.
The Emerging Markets Debt Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by the Emerging Markets Debt Fund with various counterparties and allow the Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.
Forward Foreign Currency Contracts
The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.
90 |
Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:
Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. Under current regulatory requirements, a Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.
Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.
Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.
91 |