William Blair Funds
Portfolios of Investments
March 31, 2024
Table of Contents | ||||
Portfolio of Investments | ||||
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71 | ||||
85 |
Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Information Technology—33.3% |
| |||||||||
* | Advanced Micro Devices, Inc. | 33,700 | $ | 6,082 | ||||||
* | Clearwater Analytics Holdings, Inc. | 102,531 | 1,814 | |||||||
* | Dynatrace, Inc. | 70,318 | 3,266 | |||||||
Microsoft Corp. | 57,622 | 24,243 | ||||||||
* | MongoDB, Inc. | 4,062 | 1,457 | |||||||
* | Nice Ltd.—ADR | 15,877 | 4,138 | |||||||
NVIDIA Corp. | 13,197 | 11,924 | ||||||||
* | Palo Alto Networks, Inc. | 20,655 | 5,869 | |||||||
Power Integrations, Inc. | 18,481 | 1,322 | ||||||||
* | Pure Storage, Inc. | 83,593 | 4,346 | |||||||
* | ServiceNow, Inc. | 8,325 | 6,347 | |||||||
* | SPS Commerce, Inc. | 10,900 | 2,015 | |||||||
Texas Instruments, Inc. | 25,490 | 4,441 | ||||||||
* | Tyler Technologies, Inc. | 8,125 | 3,453 | |||||||
* | Workday, Inc. | 13,074 | 3,566 | |||||||
* | Workiva, Inc. | 27,492 | 2,331 | |||||||
|
| |||||||||
86,614 | ||||||||||
|
| |||||||||
Health Care—14.9% |
| |||||||||
Abbott Laboratories | 46,688 | 5,307 | ||||||||
Agilent Technologies, Inc. | 21,256 | 3,093 | ||||||||
* | Doximity, Inc. | 70,204 | 1,889 | |||||||
* | HealthEquity, Inc. | 23,373 | 1,908 | |||||||
* | Intuitive Surgical, Inc. | 18,195 | 7,261 | |||||||
* | Repligen Corp. | 7,209 | 1,326 | |||||||
* | Treace Medical Concepts, Inc. | 159,919 | 2,087 | |||||||
UnitedHealth Group, Inc. | 18,910 | 9,355 | ||||||||
* | Veeva Systems, Inc. | 13,389 | 3,102 | |||||||
Zoetis, Inc. | 20,769 | 3,514 | ||||||||
|
| |||||||||
38,842 | ||||||||||
|
| |||||||||
Consumer Discretionary—12.5% |
| |||||||||
* | Amazon.com, Inc. | 116,702 | 21,051 | |||||||
* | Bright Horizons Family Solutions, Inc. | 21,570 | 2,445 | |||||||
* | Five Below, Inc. | 16,678 | 3,025 | |||||||
NIKE, Inc. | 35,760 | 3,361 | ||||||||
* | Skyline Champion Corp. | 31,354 | 2,665 | |||||||
|
| |||||||||
32,547 | ||||||||||
|
| |||||||||
Financials—9.8% |
| |||||||||
Apollo Global Management, Inc. | 17,432 | 1,960 | ||||||||
* | BRP Group, Inc. | 65,043 | 1,883 | |||||||
Carlyle Group, Inc. | 90,144 | 4,229 | ||||||||
Everest Group Ltd.† | 7,953 | 3,161 | ||||||||
* | Flywire Corp. | 73,408 | 1,821 | |||||||
Mastercard, Inc. | 25,865 | 12,456 | ||||||||
|
| |||||||||
25,510 | ||||||||||
|
| |||||||||
Communication Services—8.8% |
| |||||||||
* | Alphabet, Inc. | 126,737 | 19,128 | |||||||
Warner Music Group Corp. | 89,171 | 2,945 | ||||||||
* | ZipRecruiter, Inc. | 68,287 | 785 | |||||||
|
| |||||||||
22,858 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
1
Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Industrials—8.2% |
| |||||||||
* | ACV Auctions, Inc. | 234,299 | $ | 4,398 | ||||||
Brink’s Co. | 44,829 | 4,141 | ||||||||
* | Chart Industries, Inc. | 17,108 | 2,818 | |||||||
* | Copart, Inc. | 106,450 | 6,166 | |||||||
* | Kornit Digital Ltd.† | 75,010 | 1,359 | |||||||
* | Verra Mobility Corp. | 102,617 | 2,562 | |||||||
|
| |||||||||
21,444 | ||||||||||
|
| |||||||||
Consumer Staples—6.3% |
| |||||||||
Coca-Cola Co. | 83,964 | 5,137 | ||||||||
Lancaster Colony Corp. | 13,045 | 2,708 | ||||||||
* | Performance Food Group Co. | 47,089 | 3,515 | |||||||
* | Vital Farms, Inc. | 210,097 | 4,885 | |||||||
|
| |||||||||
16,245 | ||||||||||
|
| |||||||||
Energy—3.7% |
| |||||||||
Cameco Corp. | 105,706 | 4,579 | ||||||||
* | Green Plains, Inc. | 81,533 | 1,885 | |||||||
New Fortress Energy, Inc. | 99,613 | 3,047 | ||||||||
|
| |||||||||
9,511 | ||||||||||
|
| |||||||||
Materials—0.8% |
| |||||||||
Crown Holdings, Inc. | 26,319 | 2,086 | ||||||||
|
| |||||||||
Total Common Stocks—98.3% |
| 255,657 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $4,585, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $4,676 | $ | 4,584 | 4,584 | |||||||
|
| |||||||||
Total Repurchase Agreement—1.7% |
| 4,584 | ||||||||
|
| |||||||||
Total Investments—100.0% |
| 260,241 | ||||||||
Liabilities, plus cash and other assets—(0.0)% |
| (113 | ) | |||||||
|
| |||||||||
Net assets—100.0% |
| $ | 260,128 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
2
Large Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Information Technology—42.5% | ||||||||||
Accenture PLC† | 204,060 | $ | 70,729 | |||||||
* | Advanced Micro Devices, Inc. | 258,998 | 46,746 | |||||||
Intuit, Inc. | 99,570 | 64,720 | ||||||||
Lam Research Corp. | 50,120 | 48,695 | ||||||||
Microsoft Corp. | 761,690 | 320,458 | ||||||||
NVIDIA Corp. | 235,050 | 212,382 | ||||||||
* | Palo Alto Networks, Inc. | 171,330 | 48,680 | |||||||
Salesforce, Inc. | 237,920 | 71,657 | ||||||||
* | ServiceNow, Inc. | 70,700 | 53,902 | |||||||
Texas Instruments, Inc. | 227,780 | 39,682 | ||||||||
|
| |||||||||
977,651 | ||||||||||
|
| |||||||||
Consumer Discretionary—15.1% | ||||||||||
* | Amazon.com, Inc. | 1,101,880 | 198,757 | |||||||
* | Chipotle Mexican Grill, Inc. | 19,630 | 57,060 | |||||||
NIKE, Inc. | 273,780 | 25,730 | ||||||||
* | O’Reilly Automotive, Inc. | 40,420 | 45,629 | |||||||
Starbucks Corp. | 228,510 | 20,884 | ||||||||
|
| |||||||||
348,060 | ||||||||||
|
| |||||||||
Communication Services—10.7% | ||||||||||
* | Alphabet, Inc. | 1,327,490 | 200,358 | |||||||
* | Live Nation Entertainment, Inc. | 428,832 | 45,358 | |||||||
|
| |||||||||
245,716 | ||||||||||
|
| |||||||||
Health Care—9.7% | ||||||||||
Agilent Technologies, Inc. | 167,030 | 24,305 | ||||||||
* | Intuitive Surgical, Inc. | 141,670 | 56,539 | |||||||
UnitedHealth Group, Inc. | 162,745 | 80,510 | ||||||||
* | Veeva Systems, Inc. | 115,420 | 26,742 | |||||||
Zoetis, Inc. | 201,640 | 34,119 | ||||||||
|
| |||||||||
222,215 | ||||||||||
|
| |||||||||
Financials—8.6% | ||||||||||
Apollo Global Management, Inc. | 369,881 | 41,593 | ||||||||
Carlyle Group, Inc. | 930,740 | 43,661 | ||||||||
Mastercard, Inc. | 234,080 | 112,726 | ||||||||
|
| |||||||||
197,980 | ||||||||||
|
| |||||||||
Consumer Staples—4.5% | ||||||||||
Costco Wholesale Corp. | 70,800 | 51,870 | ||||||||
* | Monster Beverage Corp. | 864,220 | 51,231 | |||||||
|
| |||||||||
103,101 | ||||||||||
|
| |||||||||
Materials—4.1% | ||||||||||
Linde PLC† | 105,540 | 49,004 | ||||||||
Martin Marietta Materials, Inc. | 74,070 | 45,475 | ||||||||
|
| |||||||||
94,479 | ||||||||||
|
| |||||||||
Industrials—3.2% | ||||||||||
* | Copart, Inc. | 869,500 | 50,361 | |||||||
* | Uber Technologies, Inc. | 304,760 | 23,464 | |||||||
|
| |||||||||
73,825 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
3
Large Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Real Estate—1.2% |
| |||||||||
* | CoStar Group, Inc. | 286,847 | $ | 27,709 | ||||||
|
| |||||||||
Total Common Stocks—99.6% |
| 2,290,736 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $9,528, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $9,716 | $ | 9,525 | 9,525 | |||||||
|
| |||||||||
Total Repurchase Agreement—0.4% |
| 9,525 | ||||||||
|
| |||||||||
Total Investments—100.0% |
| 2,300,261 | ||||||||
Cash and other assets, less liabilities—0.0% |
| 551 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 2,300,812 | |||||||
|
|
† = U.S. listed foreign security
* = Non-income producing security
See accompanying Notes to Financial Statements.
4
Mid Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Industrials—18.0% |
| |||||||||
Acuity Brands, Inc. | 130 | $ | 35 | |||||||
AGCO Corp. | 238 | 29 | ||||||||
* | Alaska Air Group, Inc. | 724 | 31 | |||||||
Allegion PLC† | 205 | 28 | ||||||||
Flowserve Corp. | 749 | 34 | ||||||||
Johnson Controls International PLC† | 478 | 31 | ||||||||
Knight-Swift Transportation Holdings, Inc. | 272 | 15 | ||||||||
* | Middleby Corp. | 193 | 31 | |||||||
Snap-on, Inc. | 131 | 39 | ||||||||
Timken Co. | 408 | 36 | ||||||||
|
| |||||||||
309 | ||||||||||
|
| |||||||||
Health Care—11.8% |
| |||||||||
Cencora, Inc. | 127 | 31 | ||||||||
* | Centene Corp. | 367 | 29 | |||||||
Encompass Health Corp. | 396 | 33 | ||||||||
* | Envista Holdings Corp. | 882 | 19 | |||||||
* | Henry Schein, Inc. | 214 | 16 | |||||||
* | Hologic, Inc. | 370 | 29 | |||||||
Laboratory Corp. of America Holdings | 126 | 27 | ||||||||
Viatris, Inc. | 1,631 | 19 | ||||||||
|
| |||||||||
203 | ||||||||||
|
| |||||||||
Consumer Discretionary—11.4% |
| |||||||||
Advance Auto Parts, Inc. | 237 | 20 | ||||||||
BorgWarner, Inc. | 777 | 27 | ||||||||
Brunswick Corp. | 287 | 28 | ||||||||
LKQ Corp. | 559 | 30 | ||||||||
Ralph Lauren Corp. | 134 | 25 | ||||||||
Toll Brothers, Inc. | 338 | 44 | ||||||||
Whirlpool Corp. | 181 | 21 | ||||||||
|
| |||||||||
195 | ||||||||||
|
| |||||||||
Information Technology—10.9% |
| |||||||||
Amdocs Ltd.† | 315 | 29 | ||||||||
* | Check Point Software Technologies Ltd.† | 123 | 20 | |||||||
Cognizant Technology Solutions Corp. | 401 | 29 | ||||||||
* | Flex Ltd.† | 1,173 | 34 | |||||||
Hewlett Packard Enterprise Co. | 1,635 | 29 | ||||||||
Jabil, Inc. | 144 | 19 | ||||||||
Skyworks Solutions, Inc. | 251 | 27 | ||||||||
|
| |||||||||
187 | ||||||||||
|
| |||||||||
Financials—10.2% |
| |||||||||
* | Arch Capital Group Ltd.† | 289 | 27 | |||||||
East West Bancorp, Inc. | 381 | 30 | ||||||||
Hartford Financial Services Group, Inc. | 288 | 30 | ||||||||
Huntington Bancshares, Inc. | 1,720 | 24 | ||||||||
KKR & Co., Inc. | 299 | 30 | ||||||||
Willis Towers Watson PLC† | 129 | 35 | ||||||||
|
| |||||||||
176 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
5
Mid Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Materials—8.3% |
| |||||||||
* | Axalta Coating Systems Ltd.† | 905 | $ | 31 | ||||||
CRH PLC† | 292 | 25 | ||||||||
Crown Holdings, Inc. | 369 | 29 | ||||||||
Huntsman Corp. | 1,080 | 28 | ||||||||
PPG Industries, Inc. | 198 | 29 | ||||||||
|
| |||||||||
142 | ||||||||||
|
| |||||||||
Consumer Staples—7.1% |
| |||||||||
Ingredion, Inc. | 292 | 34 | ||||||||
Molson Coors Beverage Co. | 441 | 30 | ||||||||
Tyson Foods, Inc. | 443 | 26 | ||||||||
* | U.S. Foods Holding Corp. | 589 | 32 | |||||||
|
| |||||||||
122 | ||||||||||
|
| |||||||||
Energy—6.9% |
| |||||||||
Coterra Energy, Inc. | 851 | 24 | ||||||||
Diamondback Energy, Inc. | 151 | 30 | ||||||||
Permian Resources Corp. | 1,824 | 32 | ||||||||
Phillips 66 | 195 | 32 | ||||||||
|
| |||||||||
118 | ||||||||||
|
| |||||||||
Real Estate—6.3% |
| |||||||||
Camden Property Trust | 203 | 20 | ||||||||
Host Hotels & Resorts, Inc. | 1,626 | 33 | ||||||||
Regency Centers Corp. | 457 | 28 | ||||||||
VICI Properties, Inc. | 943 | 28 | ||||||||
|
| |||||||||
109 | ||||||||||
|
| |||||||||
Utilities—5.1% |
| |||||||||
Entergy Corp. | 276 | 29 | ||||||||
NiSource, Inc. | 1,071 | 30 | ||||||||
PPL Corp. | 1,028 | 28 | ||||||||
|
| |||||||||
87 | ||||||||||
|
| |||||||||
Communication Services—0.7% |
| |||||||||
* | Warner Bros Discovery, Inc. | 1,306 | 12 | |||||||
|
| |||||||||
Total Common Stocks—96.7% |
| 1,660 | ||||||||
|
| |||||||||
Total Investments—96.7% |
| 1,660 | ||||||||
Cash and other assets, less liabilities—3.3% |
| 57 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 1,717 | |||||||
|
|
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
6
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Industrials—23.5% |
| |||||||||
* | ACV Auctions, Inc. | 178,365 | $ | 3,348 | ||||||
Atkore, Inc. | 10,328 | 1,966 | ||||||||
* | Axon Enterprise, Inc. | 12,562 | 3,930 | |||||||
Brink’s Co. | 26,813 | 2,477 | ||||||||
* | Builders FirstSource, Inc. | 17,771 | 3,706 | |||||||
BWX Technologies, Inc. | 49,338 | 5,063 | ||||||||
* | Casella Waste Systems, Inc. | 39,329 | 3,889 | |||||||
* | Chart Industries, Inc. | 19,186 | 3,160 | |||||||
* | Core & Main, Inc. | 39,108 | 2,239 | |||||||
* | ExlService Holdings, Inc. | 68,783 | 2,187 | |||||||
* | GXO Logistics, Inc. | 35,130 | 1,889 | |||||||
Lincoln Electric Holdings, Inc. | 6,628 | 1,693 | ||||||||
* | Mercury Systems, Inc. | 91,143 | 2,689 | |||||||
* | Shoals Technologies Group, Inc. | 77,579 | 867 | |||||||
Tecnoglass, Inc.† | 33,376 | 1,737 | ||||||||
* | Trex Co., Inc. | 22,275 | 2,222 | |||||||
* | Verra Mobility Corp. | 120,907 | 3,019 | |||||||
* | WillScot Mobile Mini Holdings Corp. | 54,840 | 2,550 | |||||||
|
| |||||||||
48,631 | ||||||||||
|
| |||||||||
Financials—13.9% |
| |||||||||
* | BRP Group, Inc. | 126,562 | 3,663 | |||||||
Carlyle Group, Inc. | 94,195 | 4,419 | ||||||||
East West Bancorp, Inc. | 44,600 | 3,528 | ||||||||
* | Euronet Worldwide, Inc. | 10,426 | 1,146 | |||||||
Everest Group Ltd.† | 10,636 | 4,228 | ||||||||
Tradeweb Markets, Inc. | 22,073 | 2,299 | ||||||||
Virtu Financial, Inc. | 159,206 | 3,267 | ||||||||
Western Alliance Bancorp | 62,782 | 4,030 | ||||||||
Wintrust Financial Corp. | 20,496 | 2,139 | ||||||||
|
| |||||||||
28,719 | ||||||||||
|
| |||||||||
Consumer Discretionary—13.6% |
| |||||||||
ADT, Inc. | 231,802 | 1,558 | ||||||||
* | Boot Barn Holdings, Inc. | 13,523 | 1,287 | |||||||
* | Bright Horizons Family Solutions, Inc. | 39,769 | 4,508 | |||||||
* | Garrett Motion, Inc. | 303,790 | 3,020 | |||||||
Installed Building Products, Inc. | 7,844 | 2,029 | ||||||||
* | National Vision Holdings, Inc. | 104,372 | 2,313 | |||||||
* | On Holding AG† | 63,481 | 2,246 | |||||||
Pool Corp. | 7,605 | 3,069 | ||||||||
* | Revolve Group, Inc. | 40,326 | 854 | |||||||
Signet Jewelers Ltd.† | 20,600 | 2,061 | ||||||||
* | Skyline Champion Corp. | 40,878 | 3,475 | |||||||
* | Stride, Inc. | 25,829 | 1,628 | |||||||
|
| |||||||||
28,048 | ||||||||||
|
| |||||||||
Health Care—13.0% |
| |||||||||
* | Acadia Healthcare Co., Inc. | 27,231 | 2,157 | |||||||
* | Avantor, Inc. | 79,392 | 2,030 | |||||||
Bio-Techne Corp. | 25,331 | 1,783 | ||||||||
Chemed Corp. | 5,887 | 3,779 | ||||||||
* | Doximity, Inc. | 68,915 | 1,855 | |||||||
Encompass Health Corp. | 40,675 | 3,359 |
See accompanying Notes to Financial Statements.
7
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Health Care—(continued) |
| |||||||||
* | Globus Medical, Inc. | 33,760 | $ | 1,811 | ||||||
* | Insulet Corp. | 8,713 | 1,494 | |||||||
* | Merit Medical Systems, Inc. | 34,962 | 2,648 | |||||||
* | Neogen Corp. | 112,936 | 1,782 | |||||||
* | Penumbra, Inc. | 7,716 | 1,722 | |||||||
* | Sotera Health Co. | 84,677 | 1,017 | |||||||
Stevanato Group SpA† | 44,491 | 1,428 | ||||||||
|
| |||||||||
26,865 | ||||||||||
|
| |||||||||
Information Technology—10.4% |
| |||||||||
* | Alarm.com Holdings, Inc. | 21,023 | 1,524 | |||||||
* | Ambarella, Inc.† | 15,815 | 803 | |||||||
* | Calix, Inc. | 36,349 | 1,205 | |||||||
* | Clearwater Analytics Holdings, Inc. | 91,397 | 1,617 | |||||||
Cognex Corp. | 29,574 | 1,255 | ||||||||
* | Dynatrace, Inc. | 48,216 | 2,239 | |||||||
Entegris, Inc. | 11,090 | 1,559 | ||||||||
* | JFrog Ltd.† | 48,060 | 2,125 | |||||||
* | Lattice Semiconductor Corp. | 19,537 | 1,528 | |||||||
* | Nice Ltd.—ADR | 12,894 | 3,361 | |||||||
* | Onto Innovation, Inc. | 6,977 | 1,263 | |||||||
* | Pure Storage, Inc. | 33,475 | 1,740 | |||||||
* | Tyler Technologies, Inc. | 3,266 | 1,388 | |||||||
|
| |||||||||
21,607 | ||||||||||
|
| |||||||||
Materials—7.8% |
| |||||||||
Berry Global Group, Inc. | 47,525 | 2,874 | ||||||||
CF Industries Holdings, Inc. | 31,744 | 2,641 | ||||||||
Crown Holdings, Inc. | 34,077 | 2,701 | ||||||||
Eagle Materials, Inc. | 12,360 | 3,359 | ||||||||
FMC Corp. | 19,788 | 1,261 | ||||||||
Sylvamo Corp. | 52,527 | 3,243 | ||||||||
|
| |||||||||
16,079 | ||||||||||
|
| |||||||||
Real Estate—5.2% |
| |||||||||
Agree Realty Corp. | 34,959 | 1,997 | ||||||||
Americold Realty Trust, Inc. | 104,394 | 2,601 | ||||||||
Equity LifeStyle Properties, Inc. | 43,502 | 2,801 | ||||||||
Healthcare Realty Trust, Inc. | 145,358 | 2,057 | ||||||||
Pebblebrook Hotel Trust | 89,930 | 1,386 | ||||||||
|
| |||||||||
10,842 | ||||||||||
|
| |||||||||
Energy—5.1% |
| |||||||||
* | Antero Resources Corp. | 36,750 | 1,066 | |||||||
Cameco Corp. | 53,614 | 2,323 | ||||||||
* | Green Plains, Inc. | 50,335 | 1,164 | |||||||
New Fortress Energy, Inc. | 88,762 | 2,715 | ||||||||
TechnipFMC PLC† | 75,115 | 1,886 | ||||||||
Whitecap Resources, Inc. | 180,275 | 1,366 | ||||||||
|
| |||||||||
10,520 | ||||||||||
|
| |||||||||
Consumer Staples—4.2% |
| |||||||||
Inter Parfums, Inc. | 17,554 | 2,467 |
See accompanying Notes to Financial Statements.
8
Small-Mid Cap Core Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Consumer Staples—(continued) |
| |||||||||
Lancaster Colony Corp. | 14,286 | $ | 2,966 | |||||||
Primo Water Corp. | 176,303 | 3,210 | ||||||||
|
| |||||||||
8,643 | ||||||||||
|
| |||||||||
Utilities—1.3% |
| |||||||||
IDACORP, Inc. | 29,007 | 2,694 | ||||||||
|
| |||||||||
Communication Services—0.9% |
| |||||||||
* | Live Nation Entertainment, Inc. | 10,896 | 1,153 | |||||||
* | ZipRecruiter, Inc. | 64,084 | 736 | |||||||
|
| |||||||||
1,889 | ||||||||||
|
| |||||||||
Total Common Stocks—98.9% |
| 204,537 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $1,997, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $2,037 | $ | 1,997 | 1,997 | |||||||
|
| |||||||||
Total Repurchase Agreement—1.0% |
| 1,997 | ||||||||
|
| |||||||||
Total Investments—99.9% |
| 206,534 | ||||||||
Cash and other assets, less liabilities—0.1% |
| 187 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 206,721 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
9
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Health Care—22.8% |
| |||||||||
* | Acadia Healthcare Co., Inc. | 391,980 | $ | 31,053 | ||||||
* | Amicus Therapeutics, Inc. | 1,601,100 | 18,861 | |||||||
Bio-Techne Corp. | 335,600 | 23,623 | ||||||||
* | Blueprint Medicines Corp. | 259,504 | 24,616 | |||||||
* | Certara, Inc. | 777,783 | 13,907 | |||||||
* | Charles River Laboratories International, Inc. | 66,537 | 18,028 | |||||||
Chemed Corp. | 70,166 | 45,042 | ||||||||
* | Doximity, Inc. | 665,352 | 17,905 | |||||||
Encompass Health Corp. | 527,017 | 43,521 | ||||||||
* | Evolent Health, Inc. | 678,600 | 22,251 | |||||||
* | Globus Medical, Inc. | 219,995 | 11,800 | |||||||
* | HealthEquity, Inc. | 180,408 | 14,727 | |||||||
* | Insmed, Inc. | 575,751 | 15,620 | |||||||
* | Inspire Medical Systems, Inc. | 113,442 | 24,366 | |||||||
* | Insulet Corp. | 152,565 | 26,150 | |||||||
* | Merit Medical Systems, Inc. | 391,126 | 29,628 | |||||||
* | Neogen Corp. | 1,058,000 | 16,695 | |||||||
* | Penumbra, Inc. | 133,486 | 29,791 | |||||||
* | Repligen Corp. | 113,200 | 20,820 | |||||||
* | Twist Bioscience Corp. | 516,373 | 17,717 | |||||||
|
| |||||||||
466,121 | ||||||||||
|
| |||||||||
Industrials—20.3% |
| |||||||||
Advanced Drainage Systems, Inc. | 249,200 | 42,922 | ||||||||
* | Axon Enterprise, Inc. | 148,958 | 46,606 | |||||||
Brink’s Co. | 337,238 | 31,154 | ||||||||
* | Builders FirstSource, Inc. | 146,556 | 30,564 | |||||||
BWX Technologies, Inc. | 524,752 | 53,850 | ||||||||
* | Casella Waste Systems, Inc. | 290,961 | 28,767 | |||||||
* | Chart Industries, Inc. | 157,655 | 25,969 | |||||||
* | ExlService Holdings, Inc. | 468,500 | 14,898 | |||||||
HEICO Corp. | 128,656 | 19,805 | ||||||||
* | Mercury Systems, Inc. | 801,492 | 23,644 | |||||||
Regal Rexnord Corp. | 118,000 | 21,252 | ||||||||
* | Shoals Technologies Group, Inc. | 1,357,547 | 15,178 | |||||||
* | SiteOne Landscape Supply, Inc. | 93,700 | 16,356 | |||||||
* | Trex Co., Inc. | 303,221 | 30,246 | |||||||
* | WillScot Mobile Mini Holdings Corp. | 284,700 | 13,239 | |||||||
|
| |||||||||
414,450 | ||||||||||
|
| |||||||||
Information Technology—19.1% |
| |||||||||
* | Alarm.com Holdings, Inc. | 240,441 | 17,425 | |||||||
* | Ambarella, Inc.† | 199,700 | 10,139 | |||||||
* | Clearwater Analytics Holdings, Inc. | 1,418,669 | 25,096 | |||||||
Cognex Corp. | 537,347 | 22,794 | ||||||||
* | Dynatrace, Inc. | 663,886 | 30,831 | |||||||
Entegris, Inc. | 106,276 | 14,936 | ||||||||
* | Guidewire Software, Inc. | 231,955 | 27,071 | |||||||
* | Lattice Semiconductor Corp. | 408,100 | 31,926 | |||||||
* | Nice Ltd.—ADR | 173,968 | 45,339 | |||||||
* | Novanta, Inc.† | 138,954 | 24,285 | |||||||
* | Procore Technologies, Inc. | 201,500 | 16,557 | |||||||
* | SPS Commerce, Inc. | 79,100 | 14,626 | |||||||
* | Super Micro Computer, Inc. | 31,900 | 32,220 |
See accompanying Notes to Financial Statements.
10
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Information Technology — (continued) | ||||||||||
* | Tenable Holdings, Inc. | 637,988 | $ | 31,536 | ||||||
* | Tyler Technologies, Inc. | 73,000 | 31,026 | |||||||
* | Varonis Systems, Inc. | 298,032 | 14,058 | |||||||
|
| |||||||||
389,865 | ||||||||||
|
| |||||||||
Consumer Discretionary—10.9% | ||||||||||
* | Bright Horizons Family Solutions, Inc. | 250,778 | 28,428 | |||||||
* | Burlington Stores, Inc. | 83,861 | 19,472 | |||||||
* | Five Below, Inc. | 174,300 | 31,614 | |||||||
* | National Vision Holdings, Inc. | 1,110,871 | 24,617 | |||||||
* | On Holding AG† | 474,600 | 16,791 | |||||||
Pool Corp. | 99,900 | 40,310 | ||||||||
* | Revolve Group, Inc. | 761,892 | 16,129 | |||||||
* | Stride, Inc. | 259,700 | 16,374 | |||||||
* | TopBuild Corp. | 65,200 | 28,736 | |||||||
|
| |||||||||
222,471 | ||||||||||
|
| |||||||||
Financials—7.8% | ||||||||||
Carlyle Group, Inc. | 1,037,800 | 48,683 | ||||||||
* | Euronet Worldwide, Inc. | 91,880 | 10,100 | |||||||
Everest Group Ltd.† | 51,800 | 20,591 | ||||||||
* | Flywire Corp. | 758,103 | 18,809 | |||||||
Tradeweb Markets, Inc. | 279,180 | 29,082 | ||||||||
Virtu Financial, Inc. | 686,187 | 14,081 | ||||||||
Western Alliance Bancorp | 273,616 | 17,563 | ||||||||
|
| |||||||||
158,909 | ||||||||||
|
| |||||||||
Consumer Staples—6.7% | ||||||||||
* | elf Beauty, Inc. | 203,400 | 39,872 | |||||||
* | Freshpet, Inc. | 472,179 | 54,707 | |||||||
Lancaster Colony Corp. | 205,630 | 42,695 | ||||||||
|
| |||||||||
137,274 | ||||||||||
|
| |||||||||
Energy—5.0% | ||||||||||
Cameco Corp. | 534,762 | 23,166 | ||||||||
* | Kosmos Energy Ltd. | 2,195,500 | 13,085 | |||||||
New Fortress Energy, Inc. | 1,219,712 | 37,311 | ||||||||
Noble Corp. PLC† | 278,500 | 13,504 | ||||||||
Whitecap Resources, Inc. | 2,039,400 | 15,459 | ||||||||
|
| |||||||||
102,525 | ||||||||||
|
| |||||||||
Materials—3.6% | ||||||||||
CF Industries Holdings, Inc. | 314,631 | 26,181 | ||||||||
Crown Holdings, Inc. | 318,487 | 25,243 | ||||||||
Eagle Materials, Inc. | 80,800 | 21,957 | ||||||||
|
| |||||||||
73,381 | ||||||||||
|
| |||||||||
Communication Services—1.3% | ||||||||||
* | Live Nation Entertainment, Inc. | 243,900 | 25,797 | |||||||
|
| |||||||||
Real Estate—1.0% | ||||||||||
FirstService Corp. | 120,568 | 19,990 | ||||||||
|
|
See accompanying Notes to Financial Statements.
11
Small-Mid Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Total Common Stocks—98.5% | $ | 2,010,783 | ||||||||
|
| |||||||||
Rights | ||||||||||
Health Care—0.0% | ||||||||||
* | Abiomed, Inc. CVR** | 80,133 | — | |||||||
|
| |||||||||
Total Rights—0.0% | — | |||||||||
|
| |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $22,856, collateralized by U.S. Treasury Notes, 1.375% - 4.625%, due 08/31/26 - 09/15/26, valued at $23,308 | $ | 22,851 | 22,851 | |||||||
|
| |||||||||
Total Repurchase Agreement—1.1% | 22,851 | |||||||||
|
| |||||||||
Total Investments—99.6% | 2,033,634 | |||||||||
Cash and other assets, less liabilities—0.4% | 7,487 | |||||||||
|
| |||||||||
Net assets—100.0% | $ | 2,041,121 | ||||||||
|
|
ADR = American Depository Receipt |
CVR = Contingent Value Right |
* = Non-income producing security |
** = Fair valued pursuant to the Fund’s Valuation Procedures. This holding represents 0.00% of the Fund’s net assets at March 31, 2024. |
† = U.S. listed foreign security |
See accompanying Notes to Financial Statements.
12
Small-Mid Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Industrials—23.5% | ||||||||||
ABM Industries, Inc. | 831 | $ | 37 | |||||||
Acuity Brands, Inc. | 106 | 28 | ||||||||
AGCO Corp. | 293 | 36 | ||||||||
* | Alaska Air Group, Inc. | 893 | 38 | |||||||
Allegion PLC† | 234 | 31 | ||||||||
Armstrong World Industries, Inc. | 295 | 37 | ||||||||
Flowserve Corp. | 772 | 35 | ||||||||
Hillenbrand, Inc. | 717 | 36 | ||||||||
Hub Group, Inc. | 767 | 33 | ||||||||
Knight-Swift Transportation Holdings, Inc. | 345 | 19 | ||||||||
Korn Ferry | 510 | 33 | ||||||||
Maximus, Inc. | 460 | 39 | ||||||||
* | Middleby Corp. | 235 | 38 | |||||||
MillerKnoll, Inc. | 562 | 14 | ||||||||
* | OPENLANE, Inc. | 1,596 | 28 | |||||||
Rush Enterprises, Inc. | 798 | 43 | ||||||||
Snap-on, Inc. | 117 | 35 | ||||||||
Tecnoglass, Inc.† | 781 | 41 | ||||||||
Terex Corp. | 537 | 35 | ||||||||
Timken Co. | 422 | 37 | ||||||||
|
| |||||||||
673 | ||||||||||
|
| |||||||||
Consumer Discretionary—13.5% | ||||||||||
* | Adient PLC† | 865 | 29 | |||||||
Advance Auto Parts, Inc. | 401 | 34 | ||||||||
Bloomin’ Brands, Inc. | 1,261 | 36 | ||||||||
BorgWarner, Inc. | 961 | 33 | ||||||||
Brunswick Corp. | 201 | 19 | ||||||||
Carter’s, Inc. | 324 | 28 | ||||||||
Cracker Barrel Old Country Store, Inc. | 307 | 22 | ||||||||
LKQ Corp. | 702 | 38 | ||||||||
Ralph Lauren Corp. | 194 | 36 | ||||||||
* | Taylor Morrison Home Corp. | 792 | 49 | |||||||
Whirlpool Corp. | 280 | 34 | ||||||||
Winnebago Industries, Inc. | 379 | 28 | ||||||||
|
| |||||||||
386 | ||||||||||
|
| |||||||||
Information Technology—9.9% | ||||||||||
Amdocs Ltd.† | 390 | 35 | ||||||||
Avnet, Inc. | 740 | 37 | ||||||||
Belden, Inc. | 406 | 38 | ||||||||
* | IPG Photonics Corp. | 384 | 35 | |||||||
Kulicke & Soffa Industries, Inc. | 606 | 30 | ||||||||
* | Perficient, Inc. | 453 | 26 | |||||||
* | Qorvo, Inc. | 325 | 37 | |||||||
* | Verint Systems, Inc. | 1,428 | 47 | |||||||
|
| |||||||||
285 | ||||||||||
|
| |||||||||
Financials—9.3% | ||||||||||
American Financial Group, Inc. | 213 | 29 | ||||||||
Ameris Bancorp | 708 | 34 | ||||||||
Columbia Banking System, Inc. | 1,787 | 35 | ||||||||
East West Bancorp, Inc. | 467 | 37 | ||||||||
Eastern Bankshares, Inc. | 2,109 | 29 |
See accompanying Notes to Financial Statements.
13
Small-Mid Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Financials — (continued) | ||||||||||
Pacific Premier Bancorp, Inc. | 1,340 | $ | 32 | |||||||
Pinnacle Financial Partners, Inc. | 450 | 39 | ||||||||
Webster Financial Corp. | 610 | 31 | ||||||||
|
| |||||||||
266 | ||||||||||
|
| |||||||||
Real Estate—8.7% | ||||||||||
Camden Property Trust | 220 | 22 | ||||||||
Elme Communities | 1,549 | 22 | ||||||||
Four Corners Property Trust, Inc. | 1,199 | 29 | ||||||||
Healthpeak Properties, Inc. | 1,973 | 37 | ||||||||
Host Hotels & Resorts, Inc. | 1,649 | 34 | ||||||||
Kite Realty Group Trust | 1,604 | 35 | ||||||||
Regency Centers Corp. | 550 | 33 | ||||||||
STAG Industrial, Inc. | 948 | 36 | ||||||||
|
| |||||||||
248 | ||||||||||
|
| |||||||||
Materials—8.7% | ||||||||||
* | Axalta Coating Systems Ltd.† | 1,063 | 36 | |||||||
Commercial Metals Co. | 713 | 42 | ||||||||
Crown Holdings, Inc. | 453 | 36 | ||||||||
Greif, Inc. | 449 | 31 | ||||||||
Huntsman Corp. | 1,336 | 35 | ||||||||
Orion SA† | 1,323 | 31 | ||||||||
Silgan Holdings, Inc. | 757 | 37 | ||||||||
|
| |||||||||
248 | ||||||||||
|
| |||||||||
Health Care—7.0% | ||||||||||
Encompass Health Corp. | 545 | 45 | ||||||||
* | Envista Holdings Corp. | 1,101 | 24 | |||||||
* | Globus Medical, Inc. | 661 | 35 | |||||||
Laboratory Corp. of America Holdings | 159 | 35 | ||||||||
* | Lantheus Holdings, Inc. | 457 | 28 | |||||||
* | QuidelOrtho Corp. | 437 | 21 | |||||||
Viatris, Inc. | 1,154 | 14 | ||||||||
|
| |||||||||
202 | ||||||||||
|
| |||||||||
Energy—6.7% | ||||||||||
* | Expro Group Holdings NV† | 2,121 | 42 | |||||||
Matador Resources Co. | 616 | 41 | ||||||||
PBF Energy, Inc. | 583 | 33 | ||||||||
Permian Resources Corp. | 1,735 | 31 | ||||||||
SM Energy Co. | 878 | 44 | ||||||||
|
| |||||||||
191 | ||||||||||
|
| |||||||||
Consumer Staples—6.5% | ||||||||||
Ingredion, Inc. | 361 | 42 | ||||||||
Molson Coors Beverage Co. | 545 | 37 | ||||||||
Spectrum Brands Holdings, Inc. | 375 | 33 | ||||||||
* | TreeHouse Foods, Inc. | 900 | 35 | |||||||
* | U.S. Foods Holding Corp. | 709 | 38 | |||||||
|
| |||||||||
185 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
14
Small-Mid Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Utilities—3.0% | ||||||||||
NiSource, Inc. | 1,022 | $ | 28 | |||||||
Northwestern Energy Group, Inc. | 498 | 25 | ||||||||
| Spire, Inc. | 528 | 33 | |||||||
|
| |||||||||
86 | ||||||||||
|
| |||||||||
Communication Services—1.0% | ||||||||||
John Wiley & Sons, Inc. | 752 | 29 | ||||||||
|
| |||||||||
Total Common Stocks—97.8% | 2,799 | |||||||||
|
| |||||||||
Total Investments—97.8% | 2,799 | |||||||||
Cash and other assets, less liabilities—2.2% | 64 | |||||||||
|
| |||||||||
Net assets—100.0% | $ | 2,863 | ||||||||
|
|
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Financial Statements.
15
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Health Care—20.8% | ||||||||||
* | Acadia Healthcare Co., Inc. | 128,299 | $ | 10,164 | ||||||
* | Alignment Healthcare, Inc. | 503,526 | 2,497 | |||||||
* | Amicus Therapeutics, Inc. | 868,720 | 10,233 | |||||||
* | BioLife Solutions, Inc. | 544,450 | 10,100 | |||||||
* | Blueprint Medicines Corp. | 90,400 | 8,575 | |||||||
* | Certara, Inc. | 459,283 | 8,212 | |||||||
* | Doximity, Inc. | 259,580 | 6,985 | |||||||
Encompass Health Corp. | 202,890 | 16,755 | ||||||||
* | Establishment Labs Holdings, Inc.† | 140,858 | 7,170 | |||||||
* | Globus Medical, Inc. | 184,110 | 9,876 | |||||||
* | Insmed, Inc. | 334,220 | 9,067 | |||||||
* | Inspire Medical Systems, Inc. | 42,710 | 9,174 | |||||||
* | Ligand Pharmaceuticals, Inc. | 59,670 | 4,362 | |||||||
* | Merit Medical Systems, Inc. | 137,670 | 10,428 | |||||||
* | Mirum Pharmaceuticals, Inc. | 197,790 | 4,968 | |||||||
* | OmniAb, Inc. | 1,060,829 | 5,750 | |||||||
* | OmniAb, Inc. 12.50 Earnout (Acquired 11/02/22, Cost $0)**# | 23,037 | — | |||||||
* | OmniAb, Inc. 15.00 Earnout (Acquired 11/02/22, Cost $0)**# | 23,037 | — | |||||||
* | Treace Medical Concepts, Inc. | 627,800 | 8,193 | |||||||
* | Twist Bioscience Corp. | 214,466 | 7,358 | |||||||
* | Veracyte, Inc. | 233,870 | 5,183 | |||||||
* | Vericel Corp. | 265,380 | 13,805 | |||||||
|
| |||||||||
168,855 | ||||||||||
|
| |||||||||
Industrials—19.0% | ||||||||||
* | ACV Auctions, Inc. | 615,360 | 11,550 | |||||||
Albany International Corp. | 100,765 | 9,423 | ||||||||
Atkore, Inc. | 75,050 | 14,286 | ||||||||
Brink’s Co. | 185,146 | 17,104 | ||||||||
BWX Technologies, Inc. | 185,067 | 18,992 | ||||||||
* | Casella Waste Systems, Inc. | 174,570 | 17,260 | |||||||
* | Chart Industries, Inc. | 47,436 | 7,814 | |||||||
Douglas Dynamics, Inc. | 267,503 | 6,452 | ||||||||
* | Kornit Digital Ltd.† | 258,455 | 4,683 | |||||||
* | Mercury Systems, Inc. | 283,046 | 8,350 | |||||||
* | Montrose Environmental Group, Inc. | 185,808 | 7,278 | |||||||
* | Shoals Technologies Group, Inc. | 540,096 | 6,038 | |||||||
Tecnoglass, Inc.† | 123,570 | 6,429 | ||||||||
* | Verra Mobility Corp. | 507,749 | 12,678 | |||||||
* | WNS Holdings Ltd. | 120,930 | 6,111 | |||||||
|
| |||||||||
154,448 | ||||||||||
|
| |||||||||
Information Technology—18.2% | ||||||||||
* | Alarm.com Holdings, Inc. | 153,010 | 11,089 | |||||||
* | Ambarella, Inc.† | 94,130 | 4,779 | |||||||
* | Calix, Inc. | 138,910 | 4,606 | |||||||
* | Clearwater Analytics Holdings, Inc. | 358,971 | 6,350 | |||||||
Cognex Corp. | 120,670 | 5,119 | ||||||||
* | Guidewire Software, Inc. | 92,050 | 10,743 | |||||||
* | JFrog Ltd.† | 219,770 | 9,718 | |||||||
* | Novanta, Inc.† | 61,370 | 10,726 | |||||||
* | Onto Innovation, Inc. | 71,320 | 12,915 | |||||||
* | PDF Solutions, Inc. | 205,841 | 6,931 | |||||||
Power Integrations, Inc. | 77,130 | 5,519 |
See accompanying Notes to Financial Statements.
16
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Information Technology — (continued) | ||||||||||
* | PROS Holdings, Inc. | 217,700 | $ | 7,909 | ||||||
* | SiTime Corp. | 40,555 | 3,781 | |||||||
* | SPS Commerce, Inc. | 44,370 | 8,204 | |||||||
* | Super Micro Computer, Inc. | 16,170 | 16,332 | |||||||
* | Varonis Systems, Inc. | 177,350 | 8,365 | |||||||
* | Vertex, Inc. | 228,813 | 7,267 | |||||||
* | Workiva, Inc. | 88,320 | 7,489 | |||||||
|
| |||||||||
147,842 | ||||||||||
|
| |||||||||
Consumer Discretionary—12.5% | ||||||||||
* | Boot Barn Holdings, Inc. | 79,864 | 7,599 | |||||||
Cheesecake Factory, Inc. | 239,260 | 8,649 | ||||||||
* | Garrett Motion, Inc. | 955,380 | 9,497 | |||||||
Golden Entertainment, Inc. | 167,940 | 6,185 | ||||||||
* | Grand Canyon Education, Inc. | 61,780 | 8,415 | |||||||
Installed Building Products, Inc. | 42,300 | 10,944 | ||||||||
* | National Vision Holdings, Inc. | 439,240 | 9,734 | |||||||
* | OneSpaWorld Holdings Ltd.† | 491,790 | 6,507 | |||||||
* | Revolve Group, Inc. | 154,007 | 3,260 | |||||||
Signet Jewelers Ltd.† | 75,880 | 7,593 | ||||||||
* | Skyline Champion Corp. | 184,520 | 15,686 | |||||||
Winmark Corp. | 20,692 | 7,484 | ||||||||
|
| |||||||||
101,553 | ||||||||||
|
| |||||||||
Financials—7.6% | ||||||||||
* | BRP Group, Inc. | 347,649 | 10,061 | |||||||
* | Donnelley Financial Solutions, Inc. | 140,570 | 8,717 | |||||||
* | Euronet Worldwide, Inc. | 84,180 | 9,254 | |||||||
* | Flywire Corp. | 285,290 | 7,078 | |||||||
StepStone Group, Inc. | 191,990 | 6,862 | ||||||||
Virtu Financial, Inc. | 525,230 | 10,778 | ||||||||
Western Alliance Bancorp | 145,045 | 9,310 | ||||||||
|
| |||||||||
62,060 | ||||||||||
|
| |||||||||
Energy—5.6% | ||||||||||
* | Antero Resources Corp. | 142,474 | 4,132 | |||||||
ChampionX Corp. | 306,020 | 10,983 | ||||||||
* | Green Plains, Inc. | 291,882 | 6,748 | |||||||
New Fortress Energy, Inc. | 276,160 | 8,447 | ||||||||
TechnipFMC PLC† | 321,780 | 8,080 | ||||||||
Whitecap Resources, Inc. | 946,670 | 7,176 | ||||||||
|
| |||||||||
45,566 | ||||||||||
|
| |||||||||
Consumer Staples—4.3% | ||||||||||
* | elf Beauty, Inc. | 71,740 | 14,063 | |||||||
* | Vita Coco Co., Inc. | 222,260 | 5,430 | |||||||
* | Vital Farms, Inc. | 677,970 | 15,763 | |||||||
|
| |||||||||
35,256 | ||||||||||
|
| |||||||||
Materials—3.9% | ||||||||||
Balchem Corp. | 68,000 | 10,537 | ||||||||
Orion SA† | 365,817 | 8,604 |
See accompanying Notes to Financial Statements.
17
Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Materials — (continued) | ||||||||||
Sylvamo Corp. | 196,550 | $ | 12,135 | |||||||
|
| |||||||||
31,276 | ||||||||||
|
| |||||||||
Communication Services—2.3% | ||||||||||
* | Gogo, Inc. | 605,820 | 5,319 | |||||||
* | QuinStreet, Inc. | 482,665 | 8,524 | |||||||
* | ZipRecruiter, Inc. | 441,620 | 5,074 | |||||||
|
| |||||||||
18,917 | ||||||||||
|
| |||||||||
Real Estate—1.9% | ||||||||||
Colliers International Group, Inc. | 38,688 | 4,729 | ||||||||
FirstService Corp. | 64,897 | 10,760 | ||||||||
|
| |||||||||
15,489 | ||||||||||
|
| |||||||||
Total Common Stocks—96.1% | 781,262 | |||||||||
|
| |||||||||
Exchange-Traded Fund | ||||||||||
Exchange-Traded Fund—1.0% | ||||||||||
iShares Russell 2000 Growth ETF | 29,870 | 8,089 | ||||||||
|
| |||||||||
Total Exchange-Traded Fund—1.0% | 8,089 | |||||||||
|
| |||||||||
Repurchase Agreement | ||||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $22,329, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $22,769 | $ | 22,323 | 22,323 | |||||||
|
| |||||||||
Total Repurchase Agreement—2.7% | 22,323 | |||||||||
|
| |||||||||
Total Investments—99.8% | 811,674 | |||||||||
Cash and other assets, less liabilities—0.2% | 1,286 | |||||||||
|
| |||||||||
Net assets—100.0% | $ | 812,960 | ||||||||
|
|
* = Non-income producing security
** = Fair valued pursuant to the Fund’s Valuation Procedures. These holdings represent 0.00% of the Fund’s net assets at March 31, 2024.
# = Investment in securities not registered under the Securities Act of 1933 (excluding securities acquired pursuant to Rule 144A and Regulation S). The value of such restricted securities represents 0.00% of the Fund’s net assets at March 31, 2024.
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
18
Small Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Industrials—21.3% | ||||||||||
ABM Industries, Inc. | 326,046 | $ | 14,548 | |||||||
Albany International Corp. | 151,990 | 14,213 | ||||||||
Armstrong World Industries, Inc. | 108,495 | 13,477 | ||||||||
Brady Corp. | 271,826 | 16,114 | ||||||||
* | CBIZ, Inc. | 130,735 | 10,263 | |||||||
* | Conduent, Inc. | 2,540,104 | 8,586 | |||||||
CSG Systems International, Inc. | 243,782 | 12,564 | ||||||||
Deluxe Corp. | 512,562 | 10,554 | ||||||||
GrafTech International Ltd. | 1,793,714 | 2,475 | ||||||||
Granite Construction, Inc. | 372,844 | 21,301 | ||||||||
* | Great Lakes Dredge & Dock Corp. | 971,399 | 8,500 | |||||||
Hillenbrand, Inc. | 313,330 | 15,757 | ||||||||
Hub Group, Inc. | 332,528 | 14,372 | ||||||||
Korn Ferry | 189,509 | 12,462 | ||||||||
Marten Transport Ltd. | 599,466 | 11,078 | ||||||||
Maximus, Inc. | 174,127 | 14,609 | ||||||||
MillerKnoll, Inc. | 373,815 | 9,256 | ||||||||
* | OPENLANE, Inc. | 562,487 | 9,731 | |||||||
Rush Enterprises, Inc. | 313,622 | 16,785 | ||||||||
Tecnoglass, Inc.† | 307,902 | 16,020 | ||||||||
Terex Corp. | 207,927 | 13,390 | ||||||||
* | Thermon Group Holdings, Inc. | 352,412 | 11,531 | |||||||
* | Titan Machinery, Inc. | 370,605 | 9,195 | |||||||
Werner Enterprises, Inc. | 295,487 | 11,559 | ||||||||
|
| |||||||||
298,340 | ||||||||||
|
| |||||||||
Financials—18.3% | ||||||||||
Ameris Bancorp | 314,340 | 15,208 | ||||||||
Atlantic Union Bankshares Corp. | 272,818 | 9,633 | ||||||||
Banc of California, Inc. | 1,024,690 | 15,586 | ||||||||
Brightsphere Investment Group, Inc. | 477,850 | 10,914 | ||||||||
Columbia Banking System, Inc. | 706,128 | 13,664 | ||||||||
Compass Diversified Holdings | 745,903 | 17,954 | ||||||||
Eastern Bankshares, Inc. | 997,442 | 13,745 | ||||||||
Enterprise Financial Services Corp. | 278,051 | 11,278 | ||||||||
First Bancorp/Southern Pines NC | 269,400 | 9,731 | ||||||||
First Merchants Corp. | 328,658 | 11,470 | ||||||||
Hancock Whitney Corp. | 238,212 | 10,967 | ||||||||
MGIC Investment Corp. | 672,250 | 15,031 | ||||||||
Old National Bancorp | 828,513 | 14,424 | ||||||||
Pacific Premier Bancorp, Inc. | 523,161 | 12,556 | ||||||||
Pinnacle Financial Partners, Inc. | 174,508 | 14,987 | ||||||||
* | PRA Group, Inc. | 421,991 | 11,005 | |||||||
Seacoast Banking Corp. of Florida | 465,461 | 11,818 | ||||||||
Stellar Bancorp, Inc. | 439,525 | 10,707 | ||||||||
* | Texas Capital Bancshares, Inc. | 251,495 | 15,479 | |||||||
WaFd, Inc. | 372,305 | 10,808 | ||||||||
|
| |||||||||
256,965 | ||||||||||
|
| |||||||||
Consumer Discretionary—13.4% | ||||||||||
* | Adient PLC† | 329,889 | 10,860 | |||||||
Bloomin’ Brands, Inc. | 569,951 | 16,346 | ||||||||
Carter’s, Inc. | 212,842 | 18,023 | ||||||||
Cracker Barrel Old Country Store, Inc. | 122,121 | 8,882 |
See accompanying Notes to Financial Statements.
19
Small Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) | ||||||||||
Consumer Discretionary — (continued) | ||||||||||
* | El Pollo Loco Holdings, Inc. | 562,894 | $ | 5,483 | ||||||
Golden Entertainment, Inc. | 46,497 | 1,713 | ||||||||
La-Z-Boy, Inc. | 482,667 | 18,158 | ||||||||
Monro, Inc. | 401,678 | 12,669 | ||||||||
Oxford Industries, Inc. | 147,429 | 16,571 | ||||||||
Standard Motor Products, Inc. | 373,731 | 12,539 | ||||||||
Steven Madden Ltd. | 307,123 | 12,985 | ||||||||
* | Taylor Morrison Home Corp. | 310,975 | 19,333 | |||||||
* | Tri Pointe Homes, Inc. | 455,871 | 17,624 | |||||||
* | Universal Electronics, Inc. | 211,593 | 2,118 | |||||||
Winnebago Industries, Inc. | 197,531 | 14,617 | ||||||||
|
| |||||||||
187,921 | ||||||||||
|
| |||||||||
Information Technology—10.8% | ||||||||||
ADTRAN Holdings, Inc. | 1,770,434 | 9,631 | ||||||||
AudioCodes Ltd.† | 556,102 | 7,252 | ||||||||
Avnet, Inc. | 291,172 | 14,436 | ||||||||
Belden, Inc. | 166,751 | 15,443 | ||||||||
* | Cognyte Software Ltd.† | 1,097,682 | 9,078 | |||||||
* | Diodes, Inc. | 190,199 | 13,409 | |||||||
* | Knowles Corp. | 891,393 | 14,352 | |||||||
Kulicke & Soffa Industries, Inc. | 282,833 | 14,229 | ||||||||
* | NetScout Systems, Inc. | 446,564 | 9,753 | |||||||
* | Perficient, Inc. | 219,138 | 12,335 | |||||||
* | Tower Semiconductor Ltd.† | 410,682 | 13,737 | |||||||
* | Verint Systems, Inc. | 561,026 | 18,598 | |||||||
|
| |||||||||
152,253 | ||||||||||
|
| |||||||||
Real Estate—8.7% | ||||||||||
CareTrust REIT, Inc. | 627,448 | 15,291 | ||||||||
Elme Communities | 771,477 | 10,739 | ||||||||
Empire State Realty Trust, Inc. | 1,489,363 | 15,087 | ||||||||
Four Corners Property Trust, Inc. | 556,678 | 13,622 | ||||||||
Kite Realty Group Trust | 776,161 | 16,827 | ||||||||
Pebblebrook Hotel Trust | 866,271 | 13,349 | ||||||||
STAG Industrial, Inc. | 352,789 | 13,561 | ||||||||
Sunstone Hotel Investors, Inc. | 955,682 | 10,647 | ||||||||
UMH Properties, Inc. | 797,555 | 12,952 | ||||||||
|
| |||||||||
122,075 | ||||||||||
|
| |||||||||
Energy—8.0% | ||||||||||
* | Dril-Quip, Inc. | 492,160 | 11,088 | |||||||
* | Expro Group Holdings NV† | 839,219 | 16,759 | |||||||
* | Gulfport Energy Corp. | 88,314 | 14,141 | |||||||
Matador Resources Co. | 219,749 | 14,673 | ||||||||
PBF Energy, Inc. | 285,348 | 16,428 | ||||||||
Permian Resources Corp. | 1,103,791 | 19,493 | ||||||||
SM Energy Co. | 398,534 | 19,867 | ||||||||
|
| |||||||||
112,449 | ||||||||||
|
| |||||||||
Materials—5.9% | ||||||||||
Commercial Metals Co. | 272,357 | 16,006 | ||||||||
* | Ecovyst, Inc. | 1,451,197 | 16,181 | |||||||
Greif, Inc. | 181,371 | 12,524 |
See accompanying Notes to Financial Statements.
20
Small Cap Value Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Materials — (continued) |
| |||||||||
Myers Industries, Inc. | 556,914 | $ | 12,904 | |||||||
Orion SA† | 582,057 | 13,690 | ||||||||
Ryerson Holding Corp. | 344,208 | 11,531 | ||||||||
|
| |||||||||
82,836 | ||||||||||
|
| |||||||||
Consumer Staples—5.0% |
| |||||||||
Cal-Maine Foods, Inc. | 267,478 | 15,741 | ||||||||
* | Central Garden & Pet Co. | 433,291 | 15,997 | |||||||
Edgewell Personal Care Co. | 256,905 | 9,927 | ||||||||
Spectrum Brands Holdings, Inc. | 156,169 | 13,901 | ||||||||
* | TreeHouse Foods, Inc. | 359,483 | 14,002 | |||||||
|
| |||||||||
69,568 | ||||||||||
|
| |||||||||
Health Care—3.9% |
| |||||||||
* | ANI Pharmaceuticals, Inc. | 194,910 | 13,474 | |||||||
* | Avanos Medical, Inc. | 566,392 | 11,277 | |||||||
* | Integer Holdings Corp. | 116,418 | 13,583 | |||||||
* | Lantheus Holdings, Inc. | 221,352 | 13,777 | |||||||
* | ModivCare, Inc. | 102,507 | 2,404 | |||||||
|
| |||||||||
54,515 | ||||||||||
|
| |||||||||
Utilities—1.6% |
| |||||||||
Northwestern Energy Group, Inc. | 219,475 | 11,178 | ||||||||
Spire, Inc. | 182,947 | 11,227 | ||||||||
|
| |||||||||
22,405 | ||||||||||
|
| |||||||||
Communication Services—1.1% |
| |||||||||
John Wiley & Sons, Inc. | 420,274 | 16,025 | ||||||||
|
| |||||||||
Total Common Stocks—98.0% |
| 1,375,352 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $20,719, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $21,128 | $ | 20,713 | 20,713 | |||||||
|
| |||||||||
Total Repurchase Agreement—1.5% |
| 20,713 | ||||||||
|
| |||||||||
Total Investments—99.5% |
| 1,396,065 | ||||||||
Cash and other assets, less liabilities—0.5% |
| 6,338 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 1,402,403 | |||||||
|
|
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
21
Global Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Western Hemisphere—54.3% |
| |||||||||
Canada—2.4% |
| |||||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 20,563 | $ | 1,813 | |||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 2,005 | 783 | |||||||
|
| |||||||||
2,596 | ||||||||||
|
| |||||||||
United States—51.9% |
| |||||||||
* | Alphabet, Inc. (Interactive media & services) | 25,915 | 3,911 | |||||||
* | Amazon.com, Inc. (Broadline retail) | 18,871 | 3,404 | |||||||
Applied Materials, Inc. (Semiconductors & semiconductor equipment) | 7,038 | 1,451 | ||||||||
* | Autodesk, Inc. (Software) | 5,966 | 1,554 | |||||||
Booz Allen Hamilton Holding Corp. (Professional services) | 8,760 | 1,300 | ||||||||
Chevron Corp. (Oil, gas & consumable fuels) | 11,661 | 1,839 | ||||||||
* | Chipotle Mexican Grill, Inc. (Hotels, restaurants & leisure) | 296 | 860 | |||||||
* | Copart, Inc. (Commercial services & supplies) | 30,679 | 1,777 | |||||||
Crown Holdings, Inc. (Containers & packaging) | 19,755 | 1,566 | ||||||||
* | IDEXX Laboratories, Inc. (Health care equipment & supplies) | 2,434 | 1,314 | |||||||
Intercontinental Exchange, Inc. (Capital markets) | 11,392 | 1,566 | ||||||||
* | Intuitive Surgical, Inc. (Health care equipment & supplies) | 3,821 | 1,525 | |||||||
Mastercard, Inc. (Financial services) | 7,945 | 3,826 | ||||||||
Meta Platforms, Inc. (Interactive media & services) | 7,255 | 3,523 | ||||||||
Microsoft Corp. (Software) | 15,992 | 6,728 | ||||||||
* | Monster Beverage Corp. (Beverages) | 17,080 | 1,013 | |||||||
Murphy USA, Inc. (Specialty retail) | 4,648 | 1,948 | ||||||||
* | O’Reilly Automotive, Inc. (Specialty retail) | 765 | 864 | |||||||
Old Dominion Freight Line, Inc. (Ground transportation) | 7,426 | 1,629 | ||||||||
Roper Technologies, Inc. (Software) | 2,066 | 1,159 | ||||||||
Salesforce, Inc. (Software) | 6,112 | 1,841 | ||||||||
* | Synopsys, Inc. (Software) | 3,683 | 2,105 | |||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 1,444 | 839 | ||||||||
* | Ulta Beauty, Inc. (Specialty retail) | 4,141 | 2,165 | |||||||
UnitedHealth Group, Inc. (Health care providers & services) | 4,573 | 2,262 | ||||||||
Vulcan Materials Co. (Construction materials) | 4,659 | 1,272 | ||||||||
Watsco, Inc. (Trading companies & distributors) | 2,316 | 1,000 | ||||||||
West Pharmaceutical Services, Inc. (Life sciences tools & services) | 2,241 | 887 | ||||||||
Zoetis, Inc. (Pharmaceuticals) | 6,797 | 1,150 | ||||||||
|
| |||||||||
56,278 | ||||||||||
|
| |||||||||
Europe—28.4% |
| |||||||||
Denmark—4.1% |
| |||||||||
DSV AS (Air freight & logistics) | 8,472 | 1,375 | ||||||||
Novo Nordisk AS (Pharmaceuticals) | 23,626 | 3,012 | ||||||||
|
| |||||||||
4,387 | ||||||||||
|
| |||||||||
France—8.7% |
| |||||||||
Airbus SE (Aerospace & defense) | 16,776 | 3,090 | ||||||||
Dassault Systemes SE (Software) | 36,396 | 1,611 | ||||||||
Hermes International SCA (Textiles, apparel & luxury goods) | 772 | 1,971 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 1,533 | 1,379 | ||||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 7,616 | 521 | ||||||||
Vinci SA (Construction & engineering) | 6,922 | 887 | ||||||||
|
| |||||||||
9,459 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
22
Global Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Europe—(continued) |
| |||||||||
Germany—2.5% |
| |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 34,143 | $ | 1,161 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 6,247 | 1,585 | ||||||||
|
| |||||||||
2,746 | ||||||||||
|
| |||||||||
Ireland—6.0% |
| |||||||||
Accenture PLC (IT services)† | 3,504 | 1,215 | ||||||||
* | ICON PLC (Life sciences tools & services)† | 2,686 | 902 | |||||||
Linde PLC (Chemicals)† | 3,444 | 1,599 | ||||||||
Ryanair Holdings PLC—ADR (Passenger airlines) | 9,200 | 1,339 | ||||||||
Trane Technologies PLC (Building products)† | 4,900 | 1,471 | ||||||||
|
| |||||||||
6,526 | ||||||||||
|
| |||||||||
Italy—1.0% |
| |||||||||
Ferrari NV (Automobiles)† | 2,559 | 1,116 | ||||||||
|
| |||||||||
Netherlands—2.0% |
| |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 2,219 | 2,136 | ||||||||
|
| |||||||||
Sweden—3.1% |
| |||||||||
Atlas Copco AB (Machinery) | 123,633 | 2,088 | ||||||||
Evolution AB (Hotels, restaurants & leisure) | 9,900 | 1,231 | ||||||||
|
| |||||||||
3,319 | ||||||||||
|
| |||||||||
Switzerland—1.0% |
| |||||||||
Partners Group Holding AG (Capital markets) | 776 | 1,108 | ||||||||
|
| |||||||||
Emerging Asia—7.1% |
| |||||||||
India—2.3% |
| |||||||||
HDFC Bank Ltd.—ADR (Banks) | 20,784 | 1,163 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 39,495 | 1,407 | ||||||||
|
| |||||||||
2,570 | ||||||||||
|
| |||||||||
Taiwan—4.8% |
| |||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 47,000 | 1,704 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 25,531 | 3,473 | ||||||||
|
| |||||||||
5,177 | ||||||||||
|
| |||||||||
United Kingdom—6.9% |
| |||||||||
Ashtead Group PLC (Trading companies & distributors) | 19,316 | 1,375 | ||||||||
Compass Group PLC (Hotels, restaurants & leisure) | 64,396 | 1,888 | ||||||||
Experian PLC (Professional services) | 19,348 | 844 | ||||||||
Halma PLC (Electronic equipment, instruments & components) | 40,719 | 1,217 | ||||||||
Rentokil Initial PLC (Commercial services & supplies) | 193,730 | 1,153 | ||||||||
Spirax-Sarco Engineering PLC (Machinery) | 7,599 | 964 | ||||||||
|
| |||||||||
7,441 | ||||||||||
|
| |||||||||
Japan—1.5% |
| |||||||||
Keyence Corp. (Electronic equipment, instruments & components) | 3,400 | 1,574 | ||||||||
|
|
See accompanying Notes to Financial Statements.
23
Global Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Asia—0.8% |
| |||||||||
Hong Kong—0.8% |
| |||||||||
AIA Group Ltd. (Insurance) | 125,400 | $ | 842 | |||||||
|
| |||||||||
Emerging Latin America—0.7% |
| |||||||||
Brazil—0.7% |
| |||||||||
* | MercadoLibre, Inc. (Broadline retail) | 483 | 730 | |||||||
|
| |||||||||
Total Common Stocks—99.7% |
| 108,005 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $364, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $371 | $ | 364 | 364 | |||||||
|
| |||||||||
Total Repurchase Agreement—0.3% |
| 364 | ||||||||
|
| |||||||||
Total Investments—100.0% |
| 108,369 | ||||||||
Cash and other assets, less liabilities—0.0% |
| 15 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 108,384 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
24
Global Leaders Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 26.8% | |||
Industrials | 21.9% | |||
Consumer Discretionary | 17.0% | |||
Health Care | 11.0% | |||
Financials | 7.9% | |||
Communication Services | 6.9% | |||
Materials | 4.1% | |||
Energy | 3.5% | |||
Consumer Staples | 0.9% | |||
|
| |||
Total | 100.0% | |||
|
|
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 66.5% | |||
Euro | 13.3% | |||
British Pound Sterling | 6.9% | |||
Danish Krone | 4.1% | |||
Swedish Krona | 3.1% | |||
New Taiwan Dollar | 1.6% | |||
Japanese Yen | 1.4% | |||
Indian Rupee | 1.3% | |||
Swiss Franc | 1.0% | |||
All Other Currencies | 0.8% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
25
International Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Europe—45.8% |
| |||||||||
Denmark—4.6% |
| |||||||||
DSV AS (Air freight & logistics) | 94,900 | $ | 15,401 | |||||||
Novo Nordisk AS (Pharmaceuticals) | 298,086 | 37,997 | ||||||||
|
| |||||||||
53,398 | ||||||||||
|
| |||||||||
France—15.7% |
| |||||||||
Airbus SE (Aerospace & defense) | 132,868 | 24,472 | ||||||||
Capgemini SE (IT services) | 66,681 | 15,344 | ||||||||
Dassault Systemes SE (Software) | 387,416 | 17,153 | ||||||||
L’Oreal SA (Personal care products) | 44,073 | 20,857 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 19,786 | 17,796 | ||||||||
Safran SA (Aerospace & defense) | 101,705 | 23,048 | ||||||||
Schneider Electric SE (Electrical equipment) | 89,959 | 20,347 | ||||||||
Thales SA (Aerospace & defense) | 63,946 | 10,904 | ||||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 187,922 | 12,868 | ||||||||
Vinci SA (Construction & engineering) | 143,634 | 18,403 | ||||||||
|
| |||||||||
181,192 | ||||||||||
|
| |||||||||
Germany—1.3% |
| |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 452,932 | 15,400 | ||||||||
|
| |||||||||
Ireland—7.0% |
| |||||||||
CRH PLC (Construction materials)† | 193,538 | 16,694 | ||||||||
* | ICON PLC (Life sciences tools & services)† | 82,788 | 27,813 | |||||||
Kingspan Group PLC (Building products) | 158,130 | 14,409 | ||||||||
Linde PLC (Chemicals)† | 47,214 | 21,922 | ||||||||
|
| |||||||||
80,838 | ||||||||||
|
| |||||||||
Italy—2.5% |
| |||||||||
Ferrari NV (Automobiles)† | 34,718 | 15,135 | ||||||||
Moncler SpA (Textiles, apparel & luxury goods) | 175,459 | 13,095 | ||||||||
|
| |||||||||
28,230 | ||||||||||
|
| |||||||||
Netherlands—4.7% |
| |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 44,580 | 42,911 | ||||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 70,353 | 10,770 | ||||||||
|
| |||||||||
53,681 | ||||||||||
|
| |||||||||
Spain—4.0% |
| |||||||||
Amadeus IT Group SA (Hotels, restaurants & leisure) | 298,152 | 19,120 | ||||||||
Industria de Diseno Textil SA (Specialty retail) | 523,604 | 26,363 | ||||||||
|
| |||||||||
45,483 | ||||||||||
|
| |||||||||
Sweden—3.4% |
| |||||||||
Atlas Copco AB (Machinery) | 1,367,520 | 23,099 | ||||||||
Evolution AB (Hotels, restaurants & leisure) | 126,638 | 15,742 | ||||||||
|
| |||||||||
38,841 | ||||||||||
|
| |||||||||
Switzerland—2.6% |
| |||||||||
Partners Group Holding AG (Capital markets) | 12,069 | 17,236 | ||||||||
Straumann Holding AG (Health care equipment & supplies) | 81,354 | 12,990 | ||||||||
|
| |||||||||
30,226 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
26
International Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Japan—15.4% |
| |||||||||
Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 134,100 | $ | 5,108 | |||||||
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 445,400 | 14,117 | ||||||||
Hoya Corp. (Health care equipment & supplies) | 202,700 | 25,220 | ||||||||
ITOCHU Corp. (Trading companies & distributors) | 185,800 | 7,934 | ||||||||
Keyence Corp. (Electronic equipment, instruments & components) | 34,300 | 15,881 | ||||||||
Lasertec Corp. (Semiconductors & semiconductor equipment) | 64,900 | 18,405 | ||||||||
Mitsui & Co. Ltd. (Trading companies & distributors) | 206,000 | 9,584 | ||||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 560,700 | 24,468 | ||||||||
SMC Corp. (Machinery) | 19,800 | 11,110 | ||||||||
Tokio Marine Holdings, Inc. (Insurance) | 391,500 | 12,220 | ||||||||
Tokyo Electron Ltd. (Semiconductors & semiconductor equipment) | 127,500 | 33,067 | ||||||||
|
| |||||||||
177,114 | ||||||||||
|
| |||||||||
United Kingdom—14.2% |
| |||||||||
Ashtead Group PLC (Trading companies & distributors) | 236,998 | 16,871 | ||||||||
AstraZeneca PLC (Pharmaceuticals) | 143,490 | 19,338 | ||||||||
BAE Systems PLC (Aerospace & defense) | 861,224 | 14,669 | ||||||||
Compass Group PLC (Hotels, restaurants & leisure) | 818,713 | 24,004 | ||||||||
Experian PLC (Professional services) | 432,268 | 18,845 | ||||||||
Haleon PLC (Personal care products) | 3,539,680 | 14,882 | ||||||||
Halma PLC (Electronic equipment, instruments & components) | 376,396 | 11,250 | ||||||||
London Stock Exchange Group PLC (Capital markets) | 203,668 | 24,395 | ||||||||
Rentokil Initial PLC (Commercial services & supplies) | 1,640,611 | 9,767 | ||||||||
Spirax-Sarco Engineering PLC (Machinery) | 75,465 | 9,572 | ||||||||
|
| |||||||||
163,593 | ||||||||||
|
| |||||||||
Emerging Asia—12.7% |
| |||||||||
China—2.0% |
| |||||||||
Kweichow Moutai Co. Ltd. (Beverages) | 60,771 | 14,239 | ||||||||
* | PDD Holdings, Inc.—ADR (Broadline retail) | 69,027 | 8,025 | |||||||
|
| |||||||||
22,264 | ||||||||||
|
| |||||||||
India—4.9% |
| |||||||||
HDFC Bank Ltd. (Banks) | 1,044,017 | 18,113 | ||||||||
Infosys Ltd. (IT services) | 733,004 | 13,142 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 716,761 | 25,527 | ||||||||
|
| |||||||||
56,782 | ||||||||||
|
| |||||||||
Taiwan—5.8% |
| |||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 633,000 | 22,944 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 1,836,000 | 44,116 | ||||||||
|
| |||||||||
67,060 | ||||||||||
|
| |||||||||
Canada—7.9% |
| |||||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 191,366 | 16,873 | ||||||||
Constellation Software, Inc. (Software) | 4,553 | 12,437 | ||||||||
Dollarama, Inc. (Broadline retail) | 225,143 | 17,151 | ||||||||
Intact Financial Corp. (Insurance) | 90,765 | 14,744 | ||||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 42,183 | 16,479 | |||||||
* | Shopify, Inc. (IT services) | 167,462 | 12,923 | |||||||
|
| |||||||||
90,607 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
27
International Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Latin America—2.4% |
| |||||||||
Brazil—2.4% |
| |||||||||
Itau Unibanco Holding SA—ADR (Banks) | 1,575,081 | $ | 10,915 | |||||||
* | MercadoLibre, Inc. (Broadline retail) | 11,465 | 17,335 | |||||||
|
| |||||||||
28,250 | ||||||||||
|
| |||||||||
Total Common Stocks—98.4% |
| 1,132,959 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $16,593, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $16,920 | $ | 16,588 | 16,588 | |||||||
|
| |||||||||
Total Repurchase Agreement—1.4% |
| 16,588 | ||||||||
|
| |||||||||
Total Investments—99.8% |
| 1,149,547 | ||||||||
Cash and other assets, less liabilities—0.2% |
| 1,863 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 1,151,410 | |||||||
|
|
ADR = American Depository Receipt
† = U.S. listed foreign security
* = Non-income producing security
See accompanying Notes to Financial Statements.
28
International Leaders Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 25.2% | |||
Industrials | 23.4% | |||
Consumer Discretionary | 16.8% | |||
Health Care | 12.6% | |||
Financials | 8.6% | |||
Materials | 5.6% | |||
Consumer Staples | 4.4% | |||
Energy | 3.4% | |||
|
| |||
Total | 100.0% | |||
|
|
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 28.5% | |||
Japanese Yen | 15.6% | |||
U.S. Dollar | 14.5% | |||
British Pound Sterling | 14.5% | |||
New Taiwan Dollar | 5.9% | |||
Indian Rupee | 5.0% | |||
Danish Krone | 4.7% | |||
Canadian Dollar | 3.9% | |||
Swedish Krona | 3.4% | |||
Swiss Franc | 2.7% | |||
Chinese Yuan Renminbi | 1.3% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
29
International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks | ||||||||||
Europe, Mid-East—41.3% | ||||||||||
Denmark—3.1% | ||||||||||
DSV AS (Air freight & logistics) | 75,331 | $ | 12,225 | |||||||
Novo Nordisk AS (Pharmaceuticals) | 272,790 | 34,772 | ||||||||
|
| |||||||||
46,997 | ||||||||||
|
| |||||||||
Finland—0.3% | ||||||||||
Metso OYJ (Machinery) | 228,434 | 2,712 | ||||||||
Valmet OYJ (Machinery) | 73,045 | 1,922 | ||||||||
|
| |||||||||
4,634 | ||||||||||
|
| |||||||||
France—11.6% | ||||||||||
Airbus SE (Aerospace & defense) | 130,059 | 23,954 | ||||||||
Capgemini SE (IT services) | 44,379 | 10,213 | ||||||||
Dassault Systemes SE (Software) | 405,417 | 17,950 | ||||||||
Hermes International SCA (Textiles, apparel & luxury goods) | 6,489 | 16,564 | ||||||||
L’Oreal SA (Personal care products) | 27,124 | 12,836 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 16,864 | 15,168 | ||||||||
Publicis Groupe SA (Media) | 126,522 | 13,793 | ||||||||
Safran SA (Aerospace & defense) | 97,345 | 22,060 | ||||||||
SEB SA (Household durables) | 18,442 | 2,360 | ||||||||
Thales SA (Aerospace & defense) | 79,668 | 13,584 | ||||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 181,104 | 12,401 | ||||||||
Vinci SA (Construction & engineering) | 94,755 | 12,140 | ||||||||
* | VusionGroup (Electronic equipment, instruments & components) | 16,359 | 2,517 | |||||||
|
| |||||||||
175,540 | ||||||||||
|
| |||||||||
Germany—3.6% | ||||||||||
CTS Eventim AG & Co. KGaA (Entertainment) | 84,674 | 7,532 | ||||||||
Hannover Rueck SE (Insurance) | 41,687 | 11,410 | ||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 246,000 | 8,364 | ||||||||
MTU Aero Engines AG (Aerospace & defense) | 52,237 | 13,255 | ||||||||
Nemetschek SE (Software) | 35,509 | 3,513 | ||||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 21,615 | 1,917 | ||||||||
Symrise AG (Chemicals) | 69,005 | 8,260 | ||||||||
|
| |||||||||
54,251 | ||||||||||
|
| |||||||||
Ireland—5.8% | ||||||||||
Accenture PLC (IT services)† | 39,454 | 13,675 | ||||||||
CRH PLC (Construction materials)† | 142,634 | 12,303 | ||||||||
* | ICON PLC (Life sciences tools & services)† | 48,501 | 16,294 | |||||||
Kingspan Group PLC (Building products) | 131,977 | 12,026 | ||||||||
Linde PLC (Chemicals)† | 40,033 | 18,588 | ||||||||
Ryanair Holdings PLC—ADR (Passenger airlines) | 96,193 | 14,005 | ||||||||
|
| |||||||||
86,891 | ||||||||||
|
| |||||||||
Israel—0.5% | ||||||||||
* | Nice Ltd.—ADR (Software) | 30,158 | 7,860 | |||||||
|
| |||||||||
Italy—1.8% | ||||||||||
Azimut Holding SpA (Capital markets) | 82,258 | 2,234 | ||||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 53,291 | 6,094 | ||||||||
Ferrari NV (Automobiles)† | 26,135 | 11,393 | ||||||||
Moncler SpA (Textiles, apparel & luxury goods) | 76,073 | 5,678 |
See accompanying Notes to Financial Statements.
30
International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Europe, Mid-East—(continued) |
| |||||||||
Italy — (continued) |
| |||||||||
Stevanato Group SpA (Life sciences tools & services)† | 62,359 | $ | 2,002 | |||||||
|
| |||||||||
27,401 | ||||||||||
|
| |||||||||
Netherlands—4.1% |
| |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 36,792 | 35,414 | ||||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 46,454 | 7,111 | ||||||||
IMCD NV (Trading companies & distributors) | 42,580 | 7,504 | ||||||||
Wolters Kluwer NV (Professional services) | 70,180 | 10,994 | ||||||||
|
| |||||||||
61,023 | ||||||||||
|
| |||||||||
Norway—0.3% |
| |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 1,374,406 | 2,530 | |||||||
Gjensidige Forsikring ASA (Insurance) | 47,535 | 688 | ||||||||
Kongsberg Gruppen ASA (Aerospace & defense) | 26,740 | 1,846 | ||||||||
|
| |||||||||
5,064 | ||||||||||
|
| |||||||||
Spain—1.5% |
| |||||||||
Amadeus IT Group SA (Hotels, restaurants & leisure) | 154,599 | 9,914 | ||||||||
Industria de Diseno Textil SA (Specialty retail) | 250,464 | 12,611 | ||||||||
|
| |||||||||
22,525 | ||||||||||
|
| |||||||||
Sweden—4.1% |
| |||||||||
Atlas Copco AB (Machinery) | 810,046 | 13,682 | ||||||||
Beijer Ref AB (Trading companies & distributors) | 540,056 | 8,022 | ||||||||
Evolution AB (Hotels, restaurants & leisure) | 90,434 | 11,242 | ||||||||
Fortnox AB (Software) | 401,106 | 2,508 | ||||||||
Hemnet Group AB (Interactive media & services) | 132,061 | 4,044 | ||||||||
Hexagon AB (Electronic equipment, instruments & components) | 735,651 | 8,708 | ||||||||
* | Indutrade AB (Machinery) | 212,885 | 5,806 | |||||||
Lifco AB (Industrial conglomerates) | 208,714 | 5,452 | ||||||||
Nibe Industrier AB (Building products) | 475,473 | 2,335 | ||||||||
|
| |||||||||
61,799 | ||||||||||
|
| |||||||||
Switzerland—4.6% |
| |||||||||
Belimo Holding AG (Building products) | 6,725 | 3,298 | ||||||||
Galenica AG (Health care providers & services) | 44,569 | 3,716 | ||||||||
Lonza Group AG (Life sciences tools & services) | 19,618 | 11,751 | ||||||||
Partners Group Holding AG (Capital markets) | 7,924 | 11,317 | ||||||||
Siegfried Holding AG (Life sciences tools & services) | 3,629 | 3,706 | ||||||||
SIG Group AG (Containers & packaging) | 247,078 | 5,479 | ||||||||
Sika AG (Chemicals) | 36,197 | 10,781 | ||||||||
Straumann Holding AG (Health care equipment & supplies) | 38,931 | 6,216 | ||||||||
Tecan Group AG (Life sciences tools & services) | 12,074 | 5,005 | ||||||||
VAT Group AG (Machinery) | 16,793 | 8,701 | ||||||||
|
| |||||||||
69,970 | ||||||||||
|
| |||||||||
Japan—17.3% |
| |||||||||
Ajinomoto Co., Inc. (Food products) | 165,500 | 6,157 | ||||||||
BayCurrent Consulting, Inc. (Professional services) | 80,100 | 1,567 | ||||||||
Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 301,300 | 11,476 | ||||||||
Daifuku Co. Ltd. (Machinery) | 335,600 | 8,001 |
See accompanying Notes to Financial Statements.
31
International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Japan—(continued) |
| |||||||||
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 370,100 | $ | 11,730 | |||||||
Daikin Industries Ltd. (Building products) | 38,700 | 5,269 | ||||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 43,100 | 15,713 | ||||||||
Harmonic Drive Systems, Inc. (Machinery) | 98,900 | 2,620 | ||||||||
Hoya Corp. (Health care equipment & supplies) | 120,500 | 14,993 | ||||||||
Internet Initiative Japan, Inc. (Diversified telecommunication services) | 142,900 | 2,661 | ||||||||
ITOCHU Corp. (Trading companies & distributors) | 171,800 | 7,336 | ||||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 132,500 | 2,158 | ||||||||
Japan Exchange Group, Inc. (Capital markets) | 278,300 | 7,510 | ||||||||
Keyence Corp. (Electronic equipment, instruments & components) | 45,700 | 21,159 | ||||||||
Lasertec Corp. (Semiconductors & semiconductor equipment) | 43,000 | 12,194 | ||||||||
MatsukiyoCocokara & Co. (Consumer staples distribution & retail) | 230,500 | 3,692 | ||||||||
Mitsui & Co. Ltd. (Trading companies & distributors) | 173,200 | 8,058 | ||||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 369,000 | 4,424 | ||||||||
Nomura Research Institute Ltd. (IT services) | 122,600 | 3,448 | ||||||||
Pan Pacific International Holdings Corp. (Broadline retail) | 457,800 | 12,112 | ||||||||
Rakus Co. Ltd. (Software) | 140,000 | 1,888 | ||||||||
SCREEN Holdings Co. Ltd. (Semiconductors & semiconductor equipment) | 49,400 | 6,360 | ||||||||
* | SHIFT, Inc. (IT services) | 18,200 | 2,890 | |||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 378,700 | 16,526 | ||||||||
SMC Corp. (Machinery) | 21,300 | 11,952 | ||||||||
Socionext, Inc. (Semiconductors & semiconductor equipment) | 85,800 | 2,325 | ||||||||
Sumitomo Mitsui Financial Group, Inc. (Banks) | 219,000 | 12,777 | ||||||||
Sundrug Co. Ltd. (Consumer staples distribution & retail) | 89,800 | 2,781 | ||||||||
TechnoPro Holdings, Inc. (Professional services) | 165,200 | 3,295 | ||||||||
TIS, Inc. (IT services) | 149,400 | 3,192 | ||||||||
Tokio Marine Holdings, Inc. (Insurance) | 528,100 | 16,484 | ||||||||
Tokyo Electron Ltd. (Semiconductors & semiconductor equipment) | 73,800 | 19,140 | ||||||||
|
| |||||||||
261,888 | ||||||||||
|
| |||||||||
Emerging Asia—14.0% |
| |||||||||
China—0.8% |
| |||||||||
Airtac International Group (Machinery) | 94,713 | 3,285 | ||||||||
Kweichow Moutai Co. Ltd. (Beverages) | 37,499 | 8,787 | ||||||||
|
| |||||||||
12,072 | ||||||||||
|
| |||||||||
India—5.3% |
| |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 30,144 | 2,294 | ||||||||
Asian Paints Ltd. (Chemicals) | 136,707 | 4,683 | ||||||||
Britannia Industries Ltd. (Food products) | 46,981 | 2,785 | ||||||||
Havells India Ltd. (Electrical equipment) | 211,957 | 3,876 | ||||||||
HDFC Bank Ltd. (Banks) | 660,079 | 11,452 | ||||||||
Infosys Ltd. (IT services) | 346,559 | 6,213 | ||||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 105,852 | 4,493 | |||||||
Mahindra & Mahindra Ltd. (Automobiles) | 266,022 | 6,109 | ||||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 231,824 | 2,271 | ||||||||
Nestle India Ltd. (Food products) | 74,588 | 2,353 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 539,600 | 19,217 | ||||||||
Tata Consultancy Services Ltd. (IT services) | 144,483 | 6,725 | ||||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 91,340 | 4,162 | ||||||||
Varun Beverages Ltd. (Beverages) | 209,125 | 3,508 | ||||||||
|
| |||||||||
80,141 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
32
International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
Indonesia—1.2% |
| |||||||||
Bank Central Asia Tbk. PT (Banks) | 29,046,100 | $ | 18,457 | |||||||
|
| |||||||||
South Korea—2.2% |
| |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 314,410 | 18,870 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 108,523 | 14,365 | ||||||||
|
| |||||||||
33,235 | ||||||||||
|
| |||||||||
Taiwan—4.5% |
| |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 38,000 | 3,758 | ||||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 43,000 | 1,639 | ||||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 159,000 | 2,758 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 369,000 | 13,375 | ||||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 58,000 | 1,667 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 309,421 | 42,097 | ||||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 359,000 | 2,131 | ||||||||
|
| |||||||||
67,425 | ||||||||||
|
| |||||||||
United Kingdom—13.1% |
| |||||||||
3i Group PLC (Capital markets) | 456,727 | 16,193 | ||||||||
Ashtead Group PLC (Trading companies & distributors) | 168,215 | 11,974 | ||||||||
AstraZeneca PLC (Pharmaceuticals) | 117,031 | 15,773 | ||||||||
BAE Systems PLC (Aerospace & defense) | 674,834 | 11,494 | ||||||||
Beazley PLC (Insurance) | 472,739 | 3,971 | ||||||||
Compass Group PLC (Hotels, restaurants & leisure) | 525,317 | 15,402 | ||||||||
ConvaTec Group PLC (Health care equipment & supplies) | 2,295,200 | 8,297 | ||||||||
Diploma PLC (Trading companies & distributors) | 132,747 | 6,236 | ||||||||
Experian PLC (Professional services) | 186,270 | 8,120 | ||||||||
Greggs PLC (Hotels, restaurants & leisure) | 116,734 | 4,234 | ||||||||
Haleon PLC (Personal care products) | 2,538,262 | 10,671 | ||||||||
Halma PLC (Electronic equipment, instruments & components) | 396,452 | 11,849 | ||||||||
Intermediate Capital Group PLC (Capital markets) | 310,842 | 8,058 | ||||||||
London Stock Exchange Group PLC (Capital markets) | 178,422 | 21,371 | ||||||||
RELX PLC (Professional services) | 283,126 | 12,236 | ||||||||
Rentokil Initial PLC (Commercial services & supplies) | 1,333,365 | 7,938 | ||||||||
Rotork PLC (Machinery) | 959,987 | 3,984 | ||||||||
Smith & Nephew PLC (Health care equipment & supplies) | 253,717 | 3,175 | ||||||||
Softcat PLC (IT services) | 134,244 | 2,691 | ||||||||
Spectris PLC (Electronic equipment, instruments & components) | 85,987 | 3,589 | ||||||||
Spirax-Sarco Engineering PLC (Machinery) | 56,387 | 7,153 | ||||||||
Weir Group PLC (Machinery) | 117,115 | 2,989 | ||||||||
|
| |||||||||
197,398 | ||||||||||
|
| |||||||||
Canada—7.6% |
| |||||||||
Alimentation Couche-Tard, Inc. (Consumer staples distribution & retail) | 168,637 | 9,625 | ||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 12,789 | 2,704 | ||||||||
Canadian National Railway Co. (Ground transportation) | 101,069 | 13,309 | ||||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 210,679 | 18,576 | ||||||||
Constellation Software, Inc. (Software) | 2,855 | 7,798 | ||||||||
Dollarama, Inc. (Broadline retail) | 183,472 | 13,977 | ||||||||
Intact Financial Corp. (Insurance) | 74,796 | 12,150 | ||||||||
* | Kinaxis, Inc. (Software) | 22,875 | 2,601 |
See accompanying Notes to Financial Statements.
33
International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Canada—(continued) |
| |||||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 22,172 | $ | 8,661 | ||||||
Parkland Corp. (Oil, gas & consumable fuels) | 137,436 | 4,377 | ||||||||
* | Shopify, Inc. (IT services) | 84,009 | 6,483 | |||||||
TFI International, Inc. (Ground transportation) | 43,064 | 6,867 | ||||||||
Toromont Industries Ltd. (Trading companies & distributors) | 85,958 | 8,272 | ||||||||
|
| |||||||||
115,400 | ||||||||||
|
| |||||||||
Emerging Latin America—2.7% |
| |||||||||
Argentina—0.2% |
| |||||||||
* | Globant SA (IT services)† | 20,135 | 4,065 | |||||||
|
| |||||||||
Brazil—1.4% |
| |||||||||
* | MercadoLibre, Inc. (Broadline retail) | 6,721 | 10,162 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 686,964 | 3,749 | ||||||||
Rumo SA (Ground transportation) | 610,100 | 2,708 | ||||||||
WEG SA (Electrical equipment) | 599,200 | 4,564 | ||||||||
|
| |||||||||
21,183 | ||||||||||
|
| |||||||||
Mexico—0.9% |
| |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 10,258 | 3,269 | ||||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 2,462,900 | 9,956 | ||||||||
|
| |||||||||
13,225 | ||||||||||
|
| |||||||||
Peru—0.2% |
| |||||||||
Credicorp Ltd. (Banks)† | 18,428 | 3,122 | ||||||||
|
| |||||||||
Asia—1.8% |
| |||||||||
Australia—0.7% |
| |||||||||
Pro Medicus Ltd. (Health care technology) | 70,749 | 4,783 | ||||||||
Steadfast Group Ltd. (Insurance) | 1,012,233 | 3,879 | ||||||||
Technology One Ltd. (Software) | 208,933 | 2,310 | ||||||||
|
| |||||||||
10,972 | ||||||||||
|
| |||||||||
Hong Kong—0.5% |
| |||||||||
Techtronic Industries Co. Ltd. (Machinery) | 534,500 | 7,246 | ||||||||
|
| |||||||||
Singapore—0.6% |
| |||||||||
DBS Group Holdings Ltd. (Banks) | 363,100 | 9,689 | ||||||||
|
| |||||||||
Emerging Africa—0.5% |
| |||||||||
South Africa—0.5% |
| |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 218,258 | 5,322 | ||||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 123,340 | 1,928 | ||||||||
|
| |||||||||
7,250 | ||||||||||
|
| |||||||||
Total Common Stocks—98.3% |
| 1,486,723 | ||||||||
|
|
See accompanying Notes to Financial Statements.
34
International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $24,917, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $25,409 | $ | 24,911 | $ | 24,911 | ||||||
|
| |||||||||
Total Repurchase Agreement—1.7% |
| 24,911 | ||||||||
|
| |||||||||
Total Investments—100.0% |
| 1,511,634 | ||||||||
Cash and other assets, less liabilities—0.0% |
| 291 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 1,511,925 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
35
International Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 27.1% | |||
Information Technology | 24.4% | |||
Financials | 11.5% | |||
Consumer Discretionary | 11.2% | |||
Health Care | 10.6% | |||
Consumer Staples | 5.7% | |||
Materials | 5.2% | |||
Energy | 2.4% | |||
Communication Services | 1.9% | |||
|
| |||
Total | 100.0% | |||
|
|
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 23.1% | |||
Japanese Yen | 17.6% | |||
British Pound Sterling | 13.3% | |||
U.S. Dollar | 13.0% | |||
Canadian Dollar | 5.5% | |||
Indian Rupee | 5.4% | |||
Swiss Franc | 4.7% | |||
Swedish Krona | 4.2% | |||
Danish Krone | 3.2% | |||
South Korean Won | 2.2% | |||
New Taiwan Dollar | 1.9% | |||
Indonesian Rupiah | 1.2% | |||
All Other Currencies | 4.7% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
36
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Europe, Mid-East—41.2% |
| |||||||||
Denmark—3.1% |
| |||||||||
DSV AS (Air freight & logistics) | 48,666 | $ | 7,898 | |||||||
Novo Nordisk AS (Pharmaceuticals) | 176,231 | 22,464 | ||||||||
|
| |||||||||
30,362 | ||||||||||
|
| |||||||||
Finland—0.3% |
| |||||||||
Metso OYJ (Machinery) | 147,575 | 1,752 | ||||||||
Valmet OYJ (Machinery) | 47,189 | 1,242 | ||||||||
|
| |||||||||
2,994 | ||||||||||
|
| |||||||||
France—11.6% |
| |||||||||
Airbus SE (Aerospace & defense) | 84,022 | 15,475 | ||||||||
Capgemini SE (IT services) | 28,671 | 6,598 | ||||||||
Dassault Systemes SE (Software) | 261,912 | 11,596 | ||||||||
Hermes International SCA (Textiles, apparel & luxury goods) | 4,192 | 10,700 | ||||||||
L’Oreal SA (Personal care products) | 17,523 | 8,293 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 10,895 | 9,799 | ||||||||
Publicis Groupe SA (Media) | 81,737 | 8,911 | ||||||||
Safran SA (Aerospace & defense) | 62,888 | 14,251 | ||||||||
SEB SA (Household durables) | 11,914 | 1,524 | ||||||||
Thales SA (Aerospace & defense) | 51,433 | 8,770 | ||||||||
TotalEnergies SE (Oil, gas & consumable fuels) | 116,999 | 8,012 | ||||||||
Vinci SA (Construction & engineering) | 61,347 | 7,860 | ||||||||
* | VusionGroup (Electronic equipment, instruments & components) | 10,568 | 1,626 | |||||||
|
| |||||||||
113,415 | ||||||||||
|
| |||||||||
Germany—3.6% |
| |||||||||
CTS Eventim AG & Co. KGaA (Entertainment) | 54,702 | 4,866 | ||||||||
Hannover Rueck SE (Insurance) | 26,931 | 7,371 | ||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 158,923 | 5,404 | ||||||||
MTU Aero Engines AG (Aerospace & defense) | 33,747 | 8,563 | ||||||||
Nemetschek SE (Software) | 22,940 | 2,270 | ||||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 13,964 | 1,238 | ||||||||
Symrise AG (Chemicals) | 44,579 | 5,336 | ||||||||
|
| |||||||||
35,048 | ||||||||||
|
| |||||||||
Ireland—5.7% |
| |||||||||
Accenture PLC (IT services)† | 25,471 | 8,829 | ||||||||
CRH PLC (Construction materials)† | 92,146 | 7,949 | ||||||||
* | ICON PLC (Life sciences tools & services)† | 31,333 | 10,526 | |||||||
Kingspan Group PLC (Building products) | 85,446 | 7,786 | ||||||||
Linde PLC (Chemicals)† | 25,862 | 12,008 | ||||||||
Ryanair Holdings PLC—ADR (Passenger airlines) | 62,143 | 9,047 | ||||||||
|
| |||||||||
56,145 | ||||||||||
|
| |||||||||
Israel—0.5% |
| |||||||||
* | Nice Ltd.—ADR (Software) | 19,470 | 5,074 | |||||||
|
| |||||||||
Italy—1.8% |
| |||||||||
Azimut Holding SpA (Capital markets) | 53,141 | 1,444 | ||||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 34,428 | 3,937 | ||||||||
Ferrari NV (Automobiles)† | 16,884 | 7,360 | ||||||||
Moncler SpA (Textiles, apparel & luxury goods) | 49,145 | 3,668 |
See accompanying Notes to Financial Statements.
37
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Europe, Mid-East—(continued) |
| |||||||||
Italy — (continued) |
| |||||||||
Stevanato Group SpA (Life sciences tools & services)† | 40,286 | $ | 1,293 | |||||||
|
| |||||||||
17,702 | ||||||||||
|
| |||||||||
Netherlands—4.0% |
| |||||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 23,769 | 22,879 | ||||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 30,010 | 4,594 | ||||||||
IMCD NV (Trading companies & distributors) | 27,568 | 4,858 | ||||||||
Wolters Kluwer NV (Professional services) | 45,308 | 7,098 | ||||||||
|
| |||||||||
39,429 | ||||||||||
|
| |||||||||
Norway—0.4% |
| |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 887,909 | 1,634 | |||||||
Gjensidige Forsikring ASA (Insurance) | 30,709 | 445 | ||||||||
Kongsberg Gruppen ASA (Aerospace & defense) | 17,270 | 1,192 | ||||||||
|
| |||||||||
3,271 | ||||||||||
|
| |||||||||
Spain—1.5% |
| |||||||||
Amadeus IT Group SA (Hotels, restaurants & leisure) | 99,876 | 6,405 | ||||||||
Industria de Diseno Textil SA (Specialty retail) | 161,807 | 8,147 | ||||||||
|
| |||||||||
14,552 | ||||||||||
|
| |||||||||
Sweden—4.1% |
| |||||||||
Atlas Copco AB (Machinery) | 523,315 | 8,839 | ||||||||
Beijer Ref AB (Trading companies & distributors) | 348,893 | 5,183 | ||||||||
Evolution AB (Hotels, restaurants & leisure) | 58,423 | 7,263 | ||||||||
Fortnox AB (Software) | 259,127 | 1,621 | ||||||||
Hemnet Group AB (Interactive media & services) | 85,360 | 2,614 | ||||||||
Hexagon AB (Electronic equipment, instruments & components) | 475,253 | 5,625 | ||||||||
* | Indutrade AB (Machinery) | 137,530 | 3,750 | |||||||
Lifco AB (Industrial conglomerates) | 134,836 | 3,522 | ||||||||
Nibe Industrier AB (Building products) | 307,170 | 1,508 | ||||||||
|
| |||||||||
39,925 | ||||||||||
|
| |||||||||
Switzerland—4.6% |
| |||||||||
Belimo Holding AG (Building products) | 4,345 | 2,130 | ||||||||
Galenica AG (Health care providers & services) | 28,793 | 2,401 | ||||||||
Lonza Group AG (Life sciences tools & services) | 12,701 | 7,608 | ||||||||
Partners Group Holding AG (Capital markets) | 5,119 | 7,311 | ||||||||
Siegfried Holding AG (Life sciences tools & services) | 2,345 | 2,395 | ||||||||
SIG Group AG (Containers & packaging) | 159,620 | 3,540 | ||||||||
Sika AG (Chemicals) | 23,384 | 6,964 | ||||||||
Straumann Holding AG (Health care equipment & supplies) | 25,151 | 4,016 | ||||||||
Tecan Group AG (Life sciences tools & services) | 7,800 | 3,233 | ||||||||
VAT Group AG (Machinery) | 10,849 | 5,621 | ||||||||
|
| |||||||||
45,219 | ||||||||||
|
| |||||||||
Japan—17.3% |
| |||||||||
Ajinomoto Co., Inc. (Food products) | 106,900 | 3,977 | ||||||||
BayCurrent Consulting, Inc. (Professional services) | 51,700 | 1,012 | ||||||||
Chugai Pharmaceutical Co. Ltd. (Pharmaceuticals) | 194,600 | 7,412 | ||||||||
Daifuku Co. Ltd. (Machinery) | 217,300 | 5,181 |
See accompanying Notes to Financial Statements.
38
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Japan—(continued) |
| |||||||||
Daiichi Sankyo Co. Ltd. (Pharmaceuticals) | 239,100 | $ | 7,578 | |||||||
Daikin Industries Ltd. (Building products) | 25,000 | 3,404 | ||||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 27,900 | 10,172 | ||||||||
Harmonic Drive Systems, Inc. (Machinery) | 63,900 | 1,693 | ||||||||
Hoya Corp. (Health care equipment & supplies) | 77,900 | 9,692 | ||||||||
Internet Initiative Japan, Inc. (Diversified telecommunication services) | 92,300 | 1,718 | ||||||||
ITOCHU Corp. (Trading companies & distributors) | 111,000 | 4,740 | ||||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 85,600 | 1,394 | ||||||||
Japan Exchange Group, Inc. (Capital markets) | 180,200 | 4,863 | ||||||||
Keyence Corp. (Electronic equipment, instruments & components) | 29,500 | 13,659 | ||||||||
Lasertec Corp. (Semiconductors & semiconductor equipment) | 27,800 | 7,884 | ||||||||
MatsukiyoCocokara & Co. (Consumer staples distribution & retail) | 148,900 | 2,385 | ||||||||
Mitsui & Co. Ltd. (Trading companies & distributors) | 111,900 | 5,206 | ||||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 238,400 | 2,858 | ||||||||
Nomura Research Institute Ltd. (IT services) | 79,200 | 2,227 | ||||||||
Pan Pacific International Holdings Corp. (Broadline retail) | 295,800 | 7,826 | ||||||||
Rakus Co. Ltd. (Software) | 90,400 | 1,219 | ||||||||
SCREEN Holdings Co. Ltd. (Semiconductors & semiconductor equipment) | 31,900 | 4,107 | ||||||||
* | SHIFT, Inc. (IT services) | 11,800 | 1,874 | |||||||
Shin-Etsu Chemical Co. Ltd. (Chemicals) | 244,600 | 10,674 | ||||||||
SMC Corp. (Machinery) | 13,800 | 7,743 | ||||||||
Socionext, Inc. (Semiconductors & semiconductor equipment) | 55,500 | 1,504 | ||||||||
Sumitomo Mitsui Financial Group, Inc. (Banks) | 141,500 | 8,255 | ||||||||
Sundrug Co. Ltd. (Consumer staples distribution & retail) | 58,000 | 1,796 | ||||||||
TechnoPro Holdings, Inc. (Professional services) | 106,700 | 2,128 | ||||||||
TIS, Inc. (IT services) | 96,500 | 2,062 | ||||||||
Tokio Marine Holdings, Inc. (Insurance) | 341,200 | 10,650 | ||||||||
Tokyo Electron Ltd. (Semiconductors & semiconductor equipment) | 47,700 | 12,371 | ||||||||
|
| |||||||||
169,264 | ||||||||||
|
| |||||||||
Emerging Asia—14.0% |
| |||||||||
China—0.8% |
| |||||||||
Airtac International Group (Machinery) | 61,204 | 2,123 | ||||||||
Kweichow Moutai Co. Ltd. (Beverages) | 24,200 | 5,670 | ||||||||
|
| |||||||||
7,793 | ||||||||||
|
| |||||||||
India—5.3% |
| |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 19,461 | 1,481 | ||||||||
Asian Paints Ltd. (Chemicals) | 88,317 | 3,025 | ||||||||
Britannia Industries Ltd. (Food products) | 30,351 | 1,799 | ||||||||
Havells India Ltd. (Electrical equipment) | 136,931 | 2,504 | ||||||||
HDFC Bank Ltd. (Banks) | 426,432 | 7,398 | ||||||||
Infosys Ltd. (IT services) | 223,887 | 4,014 | ||||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 68,383 | 2,903 | |||||||
Mahindra & Mahindra Ltd. (Automobiles) | 171,858 | 3,947 | ||||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 149,663 | 1,466 | ||||||||
Nestle India Ltd. (Food products) | 48,186 | 1,520 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 349,353 | 12,442 | ||||||||
Tata Consultancy Services Ltd. (IT services) | 93,341 | 4,345 | ||||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 59,009 | 2,688 | ||||||||
Varun Beverages Ltd. (Beverages) | 135,101 | 2,266 | ||||||||
|
| |||||||||
51,798 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
39
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
Indonesia—1.2% |
| |||||||||
Bank Central Asia Tbk. PT (Banks) | 18,764,630 | $ | 11,924 | |||||||
|
| |||||||||
South Korea—2.2% |
| |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 203,119 | 12,191 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 70,109 | 9,280 | ||||||||
|
| |||||||||
21,471 | ||||||||||
|
| |||||||||
Taiwan—4.5% |
| |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 25,000 | 2,472 | ||||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 28,000 | 1,067 | ||||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 102,000 | 1,769 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 238,000 | 8,627 | ||||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 37,000 | 1,064 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 199,896 | 27,196 | ||||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 232,000 | 1,377 | ||||||||
|
| |||||||||
43,572 | ||||||||||
|
| |||||||||
United Kingdom—13.0% |
| |||||||||
3i Group PLC (Capital markets) | 295,060 | 10,461 | ||||||||
Ashtead Group PLC (Trading companies & distributors) | 108,672 | 7,736 | ||||||||
AstraZeneca PLC (Pharmaceuticals) | 75,554 | 10,183 | ||||||||
BAE Systems PLC (Aerospace & defense) | 435,964 | 7,426 | ||||||||
Beazley PLC (Insurance) | 305,404 | 2,565 | ||||||||
Compass Group PLC (Hotels, restaurants & leisure) | 339,371 | 9,950 | ||||||||
ConvaTec Group PLC (Health care equipment & supplies) | 1,482,770 | 5,360 | ||||||||
Diploma PLC (Trading companies & distributors) | 85,759 | 4,029 | ||||||||
Experian PLC (Professional services) | 120,336 | 5,246 | ||||||||
Greggs PLC (Hotels, restaurants & leisure) | 75,414 | 2,735 | ||||||||
Haleon PLC (Personal care products) | 1,639,796 | 6,894 | ||||||||
Halma PLC (Electronic equipment, instruments & components) | 256,120 | 7,655 | ||||||||
Intermediate Capital Group PLC (Capital markets) | 200,813 | 5,206 | ||||||||
London Stock Exchange Group PLC (Capital markets) | 115,266 | 13,806 | ||||||||
RELX PLC (Professional services) | 182,908 | 7,904 | ||||||||
Rentokil Initial PLC (Commercial services & supplies) | 860,811 | 5,125 | ||||||||
Rotork PLC (Machinery) | 620,181 | 2,574 | ||||||||
Smith & Nephew PLC (Health care equipment & supplies) | 163,909 | 2,051 | ||||||||
Softcat PLC (IT services) | 86,726 | 1,738 | ||||||||
Spectris PLC (Electronic equipment, instruments & components) | 55,550 | 2,319 | ||||||||
Spirax-Sarco Engineering PLC (Machinery) | 36,428 | 4,621 | ||||||||
Weir Group PLC (Machinery) | 75,660 | 1,931 | ||||||||
|
| |||||||||
127,515 | ||||||||||
|
| |||||||||
Canada—7.6% |
| |||||||||
Alimentation Couche-Tard, Inc. (Consumer staples distribution & retail) | 108,945 | 6,218 | ||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 8,262 | 1,747 | ||||||||
Canadian National Railway Co. (Ground transportation) | 65,294 | 8,598 | ||||||||
Canadian Pacific Kansas City Ltd. (Ground transportation) | 136,105 | 12,000 | ||||||||
Constellation Software, Inc. (Software) | 1,845 | 5,040 | ||||||||
Dollarama, Inc. (Broadline retail) | 118,529 | 9,030 | ||||||||
Intact Financial Corp. (Insurance) | 48,321 | 7,849 | ||||||||
* | Kinaxis, Inc. (Software) | 14,778 | 1,680 |
See accompanying Notes to Financial Statements.
40
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Canada—(continued) |
| |||||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 14,324 | $ | 5,596 | ||||||
Parkland Corp. (Oil, gas & consumable fuels) | 88,788 | 2,828 | ||||||||
* | Shopify, Inc. (IT services) | 54,272 | 4,188 | |||||||
TFI International, Inc. (Ground transportation) | 27,821 | 4,436 | ||||||||
Toromont Industries Ltd. (Trading companies & distributors) | 55,532 | 5,344 | ||||||||
|
| |||||||||
74,554 | ||||||||||
|
| |||||||||
Emerging Latin America—2.7% |
| |||||||||
Argentina—0.2% |
| |||||||||
* | Globant SA (IT services)† | 13,008 | 2,626 | |||||||
|
| |||||||||
Brazil—1.4% |
| |||||||||
* | MercadoLibre, Inc. (Broadline retail) | 4,342 | 6,565 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 443,800 | 2,422 | ||||||||
Rumo SA (Ground transportation) | 394,100 | 1,749 | ||||||||
WEG SA (Electrical equipment) | 386,900 | 2,947 | ||||||||
|
| |||||||||
13,683 | ||||||||||
|
| |||||||||
Mexico—0.9% |
| |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 6,627 | 2,112 | ||||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 1,591,100 | 6,432 | ||||||||
|
| |||||||||
8,544 | ||||||||||
|
| |||||||||
Peru—0.2% |
| |||||||||
Credicorp Ltd. (Banks)† | 11,905 | 2,017 | ||||||||
|
| |||||||||
Asia—1.8% |
| |||||||||
Australia—0.7% |
| |||||||||
Pro Medicus Ltd. (Health care technology) | 45,706 | 3,090 | ||||||||
Steadfast Group Ltd. (Insurance) | 653,934 | 2,506 | ||||||||
Technology One Ltd. (Software) | 135,177 | 1,495 | ||||||||
|
| |||||||||
7,091 | ||||||||||
|
| |||||||||
Hong Kong—0.5% |
| |||||||||
Techtronic Industries Co. Ltd. (Machinery) | 345,500 | 4,683 | ||||||||
|
| |||||||||
Singapore—0.6% |
| |||||||||
DBS Group Holdings Ltd. (Banks) | 234,600 | 6,260 | ||||||||
|
| |||||||||
Emerging Africa—0.5% |
| |||||||||
South Africa—0.5% |
| |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 141,001 | 3,438 | ||||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 79,682 | 1,246 | ||||||||
|
| |||||||||
4,684 | ||||||||||
|
| |||||||||
Total Common Stocks—98.1% |
| 960,615 | ||||||||
|
|
See accompanying Notes to Financial Statements.
41
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||
Repurchase Agreement |
| |||||||
| Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $19,259, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $19,639 | $ 19,254 | $ | 19,254 | ||||
|
| |||||||
Total Repurchase Agreement—2.0% | 19,254 | |||||||
|
| |||||||
Total Investments—100.1% | 979,869 | |||||||
Liabilities, plus cash and other assets—(0.1)% | (700 | ) | ||||||
|
| |||||||
Net assets—100.0% | $ | 979,169 | ||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
42
Institutional International Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 27.1% | |||
Information Technology | 24.4% | |||
Financials | 11.5% | |||
Consumer Discretionary | 11.2% | |||
Health Care | 10.6% | |||
Consumer Staples | 5.7% | |||
Materials | 5.2% | |||
Energy | 2.4% | |||
Communication Services | 1.9% | |||
|
| |||
Total | 100.0% | |||
|
| |||
|
|
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 23.1% | |||
Japanese Yen | 17.6% | |||
British Pound Sterling | 13.3% | |||
U.S. Dollar | 13.0% | |||
Canadian Dollar | 5.5% | |||
Indian Rupee | 5.4% | |||
Swiss Franc | 4.7% | |||
Swedish Krona | 4.2% | |||
Danish Krone | 3.2% | |||
South Korean Won | 2.2% | |||
New Taiwan Dollar | 1.9% | |||
Indonesian Rupiah | 1.2% | |||
All Other Currencies | 4.7% | |||
|
| |||
Total | 100.0% | |||
|
| |||
|
|
See accompanying Notes to Financial Statements.
43
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Europe—30.5% |
| |||||||||
Belgium—1.8% |
| |||||||||
Azelis Group NV (Trading companies & distributors) | 48,053 | $ | 1,016 | |||||||
D’ieteren Group (Distributors) | 14,544 | 3,226 | ||||||||
|
| |||||||||
4,242 | ||||||||||
|
| |||||||||
Finland—0.6% |
| |||||||||
Puuilo OYJ (Broadline retail) | 139,518 | 1,491 | ||||||||
|
| |||||||||
France—3.0% |
| |||||||||
Dassault Aviation SA (Aerospace & defense) | 16,552 | 3,643 | ||||||||
SEB SA (Household durables) | 10,353 | 1,325 | ||||||||
* | VusionGroup (Electronic equipment, instruments & components) | 13,381 | 2,058 | |||||||
|
| |||||||||
7,026 | ||||||||||
|
| |||||||||
Germany—4.1% |
| |||||||||
CTS Eventim AG & Co. KGaA (Entertainment) | 45,346 | 4,034 | ||||||||
Nemetschek SE (Software) | 18,794 | 1,860 | ||||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 41,244 | 3,657 | ||||||||
|
| |||||||||
9,551 | ||||||||||
|
| |||||||||
Italy—5.0% |
| |||||||||
Ariston Holding NV (Household durables) | 355,906 | 1,999 | ||||||||
Azimut Holding SpA (Capital markets) | 73,203 | 1,989 | ||||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 31,577 | 3,611 | ||||||||
Carel Industries SpA (Building products) | 79,129 | 1,737 | ||||||||
Sanlorenzo SpA (Leisure products) | 12,631 | 574 | ||||||||
Stevanato Group SpA (Life sciences tools & services)† | 58,613 | 1,881 | ||||||||
|
| |||||||||
11,791 | ||||||||||
|
| |||||||||
Jersey—0.3% |
| |||||||||
JTC PLC (Capital markets) | 57,640 | 597 | ||||||||
|
| |||||||||
Norway—1.8% |
| |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 815,575 | 1,501 | |||||||
Gjensidige Forsikring ASA (Insurance) | 56,605 | 820 | ||||||||
Kongsberg Gruppen ASA (Aerospace & defense) | 29,064 | 2,006 | ||||||||
|
| |||||||||
4,327 | ||||||||||
|
| |||||||||
Sweden—10.3% |
| |||||||||
AddTech AB (Trading companies & distributors) | 134,376 | 3,061 | ||||||||
Beijer Ref AB (Trading companies & distributors) | 253,896 | 3,771 | ||||||||
* | BoneSupport Holding AB (Biotechnology) | 49,675 | 1,058 | |||||||
Bufab AB (Trading companies & distributors) | 42,554 | 1,669 | ||||||||
Fortnox AB (Software) | 372,581 | 2,330 | ||||||||
Hemnet Group AB (Interactive media & services) | 85,030 | 2,604 | ||||||||
Lagercrantz Group AB (Electronic equipment, instruments & components) | 176,882 | 2,707 | ||||||||
Lifco AB (Industrial conglomerates) | 145,974 | 3,813 | ||||||||
MIPS AB (Leisure products) | 31,934 | 1,047 | ||||||||
* | Sdiptech AB (Commercial services & supplies) | 57,993 | 1,412 | |||||||
Vitec Software Group AB (Software) | 16,377 | 851 | ||||||||
|
| |||||||||
24,323 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
44
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Europe—(continued) |
| |||||||||
Switzerland—3.6% |
| |||||||||
Galenica AG (Health care providers & services) | 22,423 | $ | 1,870 | |||||||
Kardex Holding AG (Machinery) | 13,843 | 3,883 | ||||||||
Siegfried Holding AG (Life sciences tools & services) | 2,621 | 2,677 | ||||||||
|
| |||||||||
8,430 | ||||||||||
|
| |||||||||
Japan—18.9% |
| |||||||||
AZ-COM MARUWA Holdings, Inc. (Air freight & logistics) | 181,200 | 1,619 | ||||||||
BayCurrent Consulting, Inc. (Professional services) | 68,200 | 1,334 | ||||||||
Fukuoka Financial Group, Inc. (Banks) | 82,000 | 2,182 | ||||||||
Internet Initiative Japan, Inc. (Diversified telecommunication services) | 90,000 | 1,676 | ||||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 209,500 | 3,413 | ||||||||
Kokusai Electric Corp. (Semiconductors & semiconductor equipment) | 87,800 | 2,230 | ||||||||
Kotobuki Spirits Co. Ltd. (Food products) | 99,700 | 1,249 | ||||||||
Kurita Water Industries Ltd. (Machinery) | 46,500 | 1,921 | ||||||||
MEITEC Group Holdings, Inc. (Professional services) | 180,900 | 3,489 | ||||||||
OBIC Business Consultants Co. Ltd. (Software) | 25,200 | 1,179 | ||||||||
PAL GROUP Holdings Co. Ltd. (Specialty retail) | 120,700 | 2,052 | ||||||||
Rakus Co. Ltd. (Software) | 123,000 | 1,659 | ||||||||
* | Rakuten Bank Ltd. (Banks) | 10,500 | 209 | |||||||
Sangetsu Corp. (Household durables) | 2,200 | 48 | ||||||||
SBI Sumishin Net Bank Ltd. (Banks) | 110,600 | 1,608 | ||||||||
Senko Group Holdings Co. Ltd. (Air freight & logistics) | 147,100 | 1,099 | ||||||||
* | SHIFT, Inc. (IT services) | 14,800 | 2,350 | |||||||
Shimamura Co. Ltd. (Specialty retail) | 23,300 | 1,326 | ||||||||
SIGMAXYZ Holdings, Inc. (Professional services) | 88,400 | 983 | ||||||||
SMS Co. Ltd. (Professional services) | 165,900 | 2,843 | ||||||||
Socionext, Inc. (Semiconductors & semiconductor equipment) | 68,600 | 1,859 | ||||||||
Sundrug Co. Ltd. (Consumer staples distribution & retail) | 80,700 | 2,499 | ||||||||
TechnoPro Holdings, Inc. (Professional services) | 130,100 | 2,595 | ||||||||
TIS, Inc. (IT services) | 81,300 | 1,737 | ||||||||
Yamazaki Baking Co. Ltd. (Food products) | 53,100 | 1,368 | ||||||||
|
| |||||||||
44,527 | ||||||||||
|
| |||||||||
Emerging Asia—15.8% |
| |||||||||
China—1.2% |
| |||||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 149,591 | 1,922 | ||||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 81,000 | 827 | ||||||||
|
| |||||||||
2,749 | ||||||||||
|
| |||||||||
India—7.7% |
| |||||||||
AU Small Finance Bank Ltd. (Banks) | 232,467 | 1,575 | ||||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 119,437 | 1,663 | ||||||||
Coforge Ltd. (IT services) | 22,110 | 1,456 | ||||||||
Home First Finance Co. India Ltd. (Financial services) | 81,469 | 878 | ||||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 171,498 | 1,680 | ||||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 2,554,350 | 2,017 | ||||||||
Polycab India Ltd. (Electrical equipment) | 21,858 | 1,327 | ||||||||
Sundaram Finance Ltd. (Consumer finance) | 35,106 | 1,722 | ||||||||
Tube Investments of India Ltd. (Automobile components) | 50,768 | 2,271 | ||||||||
Varun Beverages Ltd. (Beverages) | 210,095 | 3,524 | ||||||||
|
| |||||||||
18,113 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
45
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
Indonesia—0.6% |
| |||||||||
Bank Negara Indonesia Persero Tbk. PT (Banks) | 3,573,400 | $ | 1,330 | |||||||
|
| |||||||||
Taiwan—5.8% |
| |||||||||
Advantech Co. Ltd. (Technology hardware, storage & peripherals) | 119,000 | 1,513 | ||||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 31,000 | 2,238 | ||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 21,600 | 2,248 | ||||||||
Global Unichip Corp. (Semiconductors & semiconductor equipment) | 28,000 | 1,067 | ||||||||
Innodisk Corp. (Technology hardware, storage & peripherals) | 181,000 | 1,756 | ||||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 36,000 | 1,558 | ||||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 53,000 | 1,524 | ||||||||
Voltronic Power Technology Corp. (Electrical equipment) | 36,451 | 1,879 | ||||||||
|
| |||||||||
13,783 | ||||||||||
|
| |||||||||
Thailand—0.5% |
| |||||||||
Tisco Financial Group PCL (Banks) | 403,100 | 1,096 | ||||||||
|
| |||||||||
United Kingdom—9.0% |
| |||||||||
Beazley PLC (Insurance) | 539,245 | 4,529 | ||||||||
Burford Capital Ltd. (Financial services) | 158,520 | 2,487 | ||||||||
Diploma PLC (Trading companies & distributors) | 89,181 | 4,190 | ||||||||
Greggs PLC (Hotels, restaurants & leisure) | 50,871 | 1,845 | ||||||||
Renishaw PLC (Electronic equipment, instruments & components) | 22,678 | 1,217 | ||||||||
Rotork PLC (Machinery) | 812,258 | 3,371 | ||||||||
Softcat PLC (IT services) | 140,906 | 2,824 | ||||||||
* | Trustpilot Group PLC (Interactive media & services) | 276,367 | 693 | |||||||
|
| |||||||||
21,156 | ||||||||||
|
| |||||||||
Canada—7.7% |
| |||||||||
Boyd Group Services, Inc. (Commercial services & supplies) | 13,685 | 2,893 | ||||||||
EQB, Inc. (Banks) | 35,330 | 2,216 | ||||||||
* | Kinaxis, Inc. (Software) | 19,411 | 2,207 | |||||||
North West Co., Inc. (Consumer staples distribution & retail) | 139,104 | 4,031 | ||||||||
Parkland Corp. (Oil, gas & consumable fuels) | 105,587 | 3,363 | ||||||||
Richelieu Hardware Ltd. (Trading companies & distributors) | 49,515 | 1,557 | ||||||||
Stella-Jones, Inc. (Paper & forest products) | 30,727 | 1,792 | ||||||||
|
| |||||||||
18,059 | ||||||||||
|
| |||||||||
Emerging Latin America—7.5% |
| |||||||||
Brazil—1.1% |
| |||||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 207,600 | 1,059 | ||||||||
TOTVS SA (Software) | 282,100 | 1,597 | ||||||||
|
| |||||||||
2,656 | ||||||||||
|
| |||||||||
Mexico—6.4% |
| |||||||||
Arca Continental SAB de CV (Beverages) | 104,500 | 1,142 | ||||||||
* | BBB Foods, Inc. (Consumer staples distribution & retail)† | 57,752 | 1,373 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 735,200 | 2,864 | ||||||||
Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development) | 6,060 | 238 | ||||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 342,000 | 3,369 | ||||||||
Grupo Aeroportuario del Sureste SAB de CV (Transportation infrastructure) | 81,460 | 2,576 |
See accompanying Notes to Financial Statements.
46
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Latin America—(continued) |
| |||||||||
Mexico — (continued) |
| |||||||||
Qualitas Controladora SAB de CV (Insurance) | 174,800 | $ | 2,029 | |||||||
Regional SAB de CV (Banks) | 144,300 | 1,421 | ||||||||
|
| |||||||||
15,012 | ||||||||||
|
| |||||||||
Asia—5.6% |
| |||||||||
Australia—4.0% |
| |||||||||
Pro Medicus Ltd. (Health care technology) | 57,285 | 3,873 | ||||||||
Steadfast Group Ltd. (Insurance) | 834,089 | 3,196 | ||||||||
Technology One Ltd. (Software) | 216,332 | 2,392 | ||||||||
|
| |||||||||
9,461 | ||||||||||
|
| |||||||||
New Zealand—1.3% |
| |||||||||
Mainfreight Ltd. (Air freight & logistics) | 69,442 | 2,892 | ||||||||
|
| |||||||||
Singapore—0.3% |
| |||||||||
Sheng Siong Group Ltd. (Consumer staples distribution & retail) | 633,600 | 718 | ||||||||
|
| |||||||||
Emerging Europe, Africa—2.7% |
| |||||||||
Greece—1.1% |
| |||||||||
JUMBO SA (Specialty retail) | 90,203 | 2,598 | ||||||||
|
| |||||||||
Lithuania—0.3% |
| |||||||||
Baltic Classifieds Group PLC (Interactive media & services) | 249,960 | 711 | ||||||||
|
| |||||||||
Poland—0.8% |
| |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 19,370 | 1,880 | |||||||
|
| |||||||||
South Africa—0.5% |
| |||||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 78,899 | 1,234 | ||||||||
|
| |||||||||
Total Common Stocks—97.7% |
| 229,753 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $4,646, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $4,738 | $ | 4,645 | 4,645 | |||||||
|
| |||||||||
Total Repurchase Agreement—2.0% |
| 4,645 | ||||||||
|
| |||||||||
Total Investments—99.7% |
| 234,398 | ||||||||
Cash and other assets, less liabilities—0.3% |
| 794 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 235,192 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
47
International Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 30.8% | |||
Information Technology | 21.3% | |||
Financials | 13.7% | |||
Consumer Discretionary | 11.1% | |||
Consumer Staples | 9.1% | |||
Health Care | 5.7% | |||
Communication Services | 4.2% | |||
Real Estate | 1.8% | |||
Energy | 1.5% | |||
Materials | 0.8% | |||
|
| |||
Total | 100.0% | |||
|
| |||
|
|
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Japanese Yen | 19.4% | |||
Euro | 15.1% | |||
Swedish Krona | 10.6% | |||
British Pound Sterling | 9.8% | |||
Indian Rupee | 7.9% | |||
Canadian Dollar | 7.9% | |||
New Taiwan Dollar | 6.4% | |||
Mexican Peso | 5.8% | |||
Australian Dollar | 4.1% | |||
Swiss Franc | 3.7% | |||
Norwegian Krone | 1.9% | |||
U.S. Dollar | 1.5% | |||
New Zealand Dollar | 1.2% | |||
Brazilian Real | 1.1% | |||
All Other Currencies | 3.6% | |||
|
| |||
Total | 100.0% | |||
|
| |||
|
|
See accompanying Notes to Financial Statements.
48
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Emerging Asia—73.9% |
| |||||||||
China—20.3% |
| |||||||||
Airtac International Group (Machinery) | 140,000 | $ | 4,856 | |||||||
Alibaba Group Holding Ltd. (Broadline retail) | 551,928 | 4,954 | ||||||||
ANTA Sports Products Ltd. (Textiles, apparel & luxury goods) | 229,000 | 2,434 | ||||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 89,320 | 2,322 | ||||||||
Kweichow Moutai Co. Ltd. (Beverages) | 16,359 | 3,833 | ||||||||
* | Meituan (Hotels, restaurants & leisure) | 418,500 | 5,176 | |||||||
Midea Group Co. Ltd. (Household durables) | 362,195 | 3,221 | ||||||||
NARI Technology Co. Ltd. (Electrical equipment) | 767,100 | 2,546 | ||||||||
* | PDD Holdings, Inc.—ADR (Broadline retail) | 16,062 | 1,867 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 145,400 | 1,868 | ||||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 403,300 | 3,345 | ||||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 201,000 | 2,054 | ||||||||
Sungrow Power Supply Co. Ltd. (Electrical equipment) | 204,500 | 2,906 | ||||||||
Tencent Holdings Ltd. (Interactive media & services) | 257,800 | 10,006 | ||||||||
|
| |||||||||
51,388 | ||||||||||
|
| |||||||||
India—20.8% |
| |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 17,468 | 1,330 | ||||||||
Britannia Industries Ltd. (Food products) | 32,991 | 1,956 | ||||||||
Havells India Ltd. (Electrical equipment) | 128,586 | 2,351 | ||||||||
HDFC Bank Ltd. (Banks) | 335,018 | 5,812 | ||||||||
Hindustan Unilever Ltd. (Personal care products) | 71,191 | 1,931 | ||||||||
Infosys Ltd. (IT services) | 201,219 | 3,607 | ||||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 85,874 | 3,645 | |||||||
Kotak Mahindra Bank Ltd. (Banks) | 162,191 | 3,481 | ||||||||
Mahindra & Mahindra Ltd. (Automobiles) | 132,945 | 3,053 | ||||||||
* | MakeMyTrip Ltd. (Hotels, restaurants & leisure)† | 30,973 | 2,201 | |||||||
Nestle India Ltd. (Food products) | 96,322 | 3,039 | ||||||||
Pidilite Industries Ltd. (Chemicals) | 95,220 | 3,443 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 206,878 | 7,368 | ||||||||
Tata Consultancy Services Ltd. (IT services) | 103,310 | 4,809 | ||||||||
Tata Consumer Products Ltd. (Food products) | 187,385 | 2,471 | ||||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 46,998 | 2,141 | ||||||||
|
| |||||||||
52,638 | ||||||||||
|
| |||||||||
Indonesia—5.3% |
| |||||||||
Bank Central Asia Tbk. PT (Banks) | 10,771,600 | 6,845 | ||||||||
Bank Rakyat Indonesia Persero Tbk. PT (Banks) | 12,334,700 | 4,706 | ||||||||
Telkom Indonesia Persero Tbk. PT (Diversified telecommunication services) | 8,731,700 | 1,911 | ||||||||
|
| |||||||||
13,462 | ||||||||||
|
| |||||||||
South Korea—9.2% |
| |||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 311,955 | 18,723 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 35,015 | 4,635 | ||||||||
|
| |||||||||
23,358 | ||||||||||
|
| |||||||||
Taiwan—15.9% |
| |||||||||
Advantech Co. Ltd. (Technology hardware, storage & peripherals) | 216,000 | 2,747 | ||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 14,000 | 1,384 | ||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 16,000 | 1,665 | ||||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 18,000 | 1,350 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 157,000 | 5,691 |
See accompanying Notes to Financial Statements.
49
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
Taiwan — (continued) |
| |||||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 177,000 | $ | 1,549 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 313,000 | 7,521 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 114,585 | 15,589 | ||||||||
Voltronic Power Technology Corp. (Electrical equipment) | 56,000 | 2,887 | ||||||||
|
| |||||||||
40,383 | ||||||||||
|
| |||||||||
Thailand—2.4% |
| |||||||||
Airports of Thailand PCL (Transportation infrastructure) | 1,820,900 | 3,256 | ||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 3,591,000 | 2,781 | ||||||||
|
| |||||||||
Total Thailand |
| 6,037 | ||||||||
|
| |||||||||
Emerging Latin America—19.8% |
| |||||||||
Argentina—1.4% |
| |||||||||
* | Globant SA (IT services)† | 16,932 | 3,419 | |||||||
|
| |||||||||
Brazil—12.8% |
| |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 1,016,300 | 2,429 | ||||||||
Banco BTG Pactual SA (Capital markets) | 514,300 | 3,736 | ||||||||
Itau Unibanco Holding SA—ADR (Banks) | 322,607 | 2,236 | ||||||||
* | MercadoLibre, Inc. (Broadline retail) | 4,964 | 7,505 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 775,884 | 4,234 | ||||||||
Rumo SA (Ground transportation) | 567,300 | 2,518 | ||||||||
TOTVS SA (Software) | 701,800 | 3,971 | ||||||||
WEG SA (Electrical equipment) | 760,800 | 5,795 | ||||||||
|
| |||||||||
32,424 | ||||||||||
|
| |||||||||
Mexico—4.9% |
| |||||||||
Grupo Aeroportuario del Pacifico SAB de CV (Transportation infrastructure) | 194,600 | 3,137 | ||||||||
Grupo Financiero Banorte SAB de CV (Banks) | 340,500 | 3,618 | ||||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 1,417,200 | 5,729 | ||||||||
|
| |||||||||
12,484 | ||||||||||
|
| |||||||||
Peru—0.7% |
| |||||||||
Credicorp Ltd. (Banks)† | 10,998 | 1,863 | ||||||||
|
| |||||||||
Emerging Mid-East, Africa—4.3% |
| |||||||||
Saudi Arabia—2.1% |
| |||||||||
Saudi Arabian Oil Co. (Oil, gas & consumable fuels) | 655,646 | 5,375 | ||||||||
|
| |||||||||
South Africa—1.5% |
| |||||||||
Capitec Bank Holdings Ltd. (Banks) | 17,000 | 1,881 | ||||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 118,191 | 1,848 | ||||||||
|
| |||||||||
3,729 | ||||||||||
|
| |||||||||
United Arab Emirates—0.7% |
| |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 1,653,361 | 1,639 | ||||||||
|
|
See accompanying Notes to Financial Statements.
50
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
| Common Stocks—(continued) |
| ||||||||
Asia—1.2% |
| |||||||||
Hong Kong—1.2% |
| |||||||||
AIA Group Ltd. (Insurance) | 461,000 | $ | 3,095 | |||||||
|
| |||||||||
Total Common Stocks—99.2% |
| 251,294 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $2,144, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $2,187 | $ | 2,144 | 2,144 | |||||||
|
| |||||||||
Total Repurchase Agreement—0.8% |
| 2,144 | ||||||||
|
| |||||||||
Total Investments—100.0% |
| 253,438 | ||||||||
Cash and other assets, less liabilities—0.0% |
| 19 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 253,457 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
51
Emerging Markets Leaders Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 31.4% | |||
Financials | 15.8% | |||
Industrials | 15.7% | |||
Consumer Discretionary | 13.6% | |||
Consumer Staples | 10.7% | |||
Energy | 5.1% | |||
Communication Services | 4.7% | |||
Health Care | 1.6% | |||
Materials | 1.4% | |||
|
| |||
Total | 100.0% | |||
|
| |||
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 20.1% | |||
U.S. Dollar | 13.8% | |||
New Taiwan Dollar | 12.6% | |||
Hong Kong Dollar | 10.2% | |||
South Korean Won | 9.3% | |||
Brazilian Real | 9.0% | |||
Chinese Yuan Renminbi | 8.0% | |||
Indonesian Rupiah | 5.4% | |||
Mexican Peso | 5.0% | |||
South African Rand | 3.6% | |||
Thai Baht | 2.4% | |||
All Other Currencies | 0.6% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
52
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Emerging Asia—77.9% |
| |||||||||
China—12.7% |
| |||||||||
Airtac International Group (Machinery) | 204,852 | $ | 7,105 | |||||||
ANTA Sports Products Ltd. (Textiles, apparel & luxury goods) | 205,000 | 2,179 | ||||||||
Fuyao Glass Industry Group Co. Ltd (Automobile components) | 378,700 | 2,240 | ||||||||
Huaming Power Equipment Co. Ltd. (Machinery) | 1,022,300 | 2,480 | ||||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 2,712,200 | 3,507 | ||||||||
Kweichow Moutai Co. Ltd. (Beverages) | 58,974 | 13,818 | ||||||||
NARI Technology Co. Ltd. (Electrical equipment) | 793,000 | 2,633 | ||||||||
NetEase, Inc. (Entertainment) | 761,900 | 15,848 | ||||||||
* | PDD Holdings, Inc.—ADR (Broadline retail) | 99,181 | 11,530 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 217,588 | 2,795 | ||||||||
Shanghai BOCHU Electronic Technology Corp. Ltd. (Electronic equipment, instruments & components) | 9,377 | 364 | ||||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 217,263 | 1,802 | ||||||||
Tencent Holdings Ltd. (Interactive media & services) | 655,560 | 25,445 | ||||||||
* | Trip.com Group Ltd. (Hotels, restaurants & leisure) | 15,000 | 662 | |||||||
Weichai Power Co. Ltd. (Machinery) | 1,401,000 | 2,671 | ||||||||
Zhongji Innolight Co. Ltd. (Communications equipment) | 117,200 | 2,496 | ||||||||
|
| |||||||||
97,575 | ||||||||||
|
| |||||||||
India—26.8% |
| |||||||||
ABB India Ltd. (Electrical equipment) | 99,961 | 7,630 | ||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 68,261 | 5,196 | ||||||||
Astral Ltd. (Building products) | 85,829 | 2,051 | ||||||||
Bajaj Finance Ltd. (Consumer finance) | 28,658 | 2,486 | ||||||||
Bharat Electronics Ltd. (Aerospace & defense) | 3,245,866 | 7,856 | ||||||||
Britannia Industries Ltd. (Food products) | 23,908 | 1,417 | ||||||||
Central Depository Services India Ltd. (Capital markets) | 106,273 | 2,188 | ||||||||
CG Power & Industrial Solutions Ltd. (Electrical equipment) | 362,179 | 2,332 | ||||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 144,272 | 2,008 | ||||||||
Coforge Ltd. (IT services) | 27,681 | 1,824 | ||||||||
Cummins India Ltd. (Machinery) | 110,591 | 4,008 | ||||||||
Dixon Technologies India Ltd. (Household durables) | 61,398 | 5,502 | ||||||||
* | GMR Airports Infrastructure Ltd. (Transportation infrastructure) | 2,865,485 | 2,810 | |||||||
* | Godrej Properties Ltd. (Real estate management & development) | 96,329 | 2,654 | |||||||
HDFC Asset Management Co. Ltd. (Capital markets) | 63,419 | 2,857 | ||||||||
Hindustan Aeronautics Ltd. (Aerospace & defense) | 107,790 | 4,318 | ||||||||
ICICI Bank Ltd. (Banks) | 267,491 | 3,515 | ||||||||
Indian Hotels Co. Ltd. (Hotels, restaurants & leisure) | 915,355 | 6,508 | ||||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 119,450 | 5,071 | |||||||
Jindal Stainless Ltd. (Metals & mining) | 294,669 | 2,449 | ||||||||
* | Kaynes Technology India Ltd. (Electronic equipment, instruments & components) | 57,646 | 1,987 | |||||||
KEI Industries Ltd. (Electrical equipment) | 98,945 | 4,117 | ||||||||
KPIT Technologies Ltd. (Software) | 162,820 | 2,894 | ||||||||
Larsen & Toubro Ltd. (Construction & engineering) | 109,627 | 4,949 | ||||||||
Macrotech Developers Ltd. (Real estate management & development) | 274,525 | 3,713 | ||||||||
Mahindra & Mahindra Ltd. (Automobiles) | 250,653 | 5,756 | ||||||||
* | MakeMyTrip Ltd. (Hotels, restaurants & leisure)† | 8,422 | 598 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 438,234 | 4,293 | ||||||||
Motherson Sumi Wiring India Ltd. (Automobile components) | 2,392,637 | 1,889 | ||||||||
Nestle India Ltd. (Food products) | 128,186 | 4,044 | ||||||||
NTPC Ltd. (Independent power & renewable electricity producers) | 2,820,428 | 11,403 |
See accompanying Notes to Financial Statements.
53
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
India — (continued) |
| |||||||||
Oberoi Realty Ltd. (Real estate management & development) | 116,875 | $ | 2,060 | |||||||
Phoenix Mills Ltd. (Real estate management & development) | 76,789 | 2,550 | ||||||||
Pidilite Industries Ltd. (Chemicals) | 58,561 | 2,117 | ||||||||
REC Ltd. (Financial services) | 550,097 | 2,980 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 557,788 | 19,865 | ||||||||
Siemens Ltd. (Industrial conglomerates) | 3,623 | 234 | ||||||||
Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 323,049 | 6,302 | ||||||||
Tata Consultancy Services Ltd. (IT services) | 116,652 | 5,430 | ||||||||
Tata Consumer Products Ltd. (Food products) | 241,325 | 3,183 | ||||||||
Tata Motors Ltd. (Automobiles) | 694,392 | 8,284 | ||||||||
Titagarh Rail System Ltd. (Machinery) | 195,531 | 2,168 | ||||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 126,683 | 5,772 | ||||||||
Trent Ltd. (Specialty retail) | 145,514 | 6,878 | ||||||||
Tube Investments of India Ltd. (Automobile components) | 44,726 | 2,000 | ||||||||
TVS Motor Co. Ltd. (Automobiles) | 108,786 | 2,824 | ||||||||
UNO Minda Ltd. (Automobile components) | 286,368 | 2,352 | ||||||||
Varun Beverages Ltd. (Beverages) | 598,024 | 10,031 | ||||||||
* | Zomato Ltd. (Hotels, restaurants & leisure) | 126,349 | 276 | |||||||
|
| |||||||||
205,629 | ||||||||||
|
| |||||||||
Indonesia—5.3% |
| |||||||||
Bank Central Asia Tbk. PT (Banks) | 33,877,295 | 21,527 | ||||||||
Bank Rakyat Indonesia Persero Tbk. PT (Banks) | 45,223,551 | 17,257 | ||||||||
Mitra Adiperkasa Tbk. PT (Broadline retail) | 13,789,600 | 1,583 | ||||||||
|
| |||||||||
40,367 | ||||||||||
|
| |||||||||
Philippines—1.3% |
| |||||||||
BDO Unibank, Inc. (Banks) | 1,957,024 | 5,379 | ||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 764,940 | 4,327 | ||||||||
|
| |||||||||
9,706 | ||||||||||
|
| |||||||||
South Korea—10.1% |
| |||||||||
Hanwha Aerospace Co. Ltd. (Aerospace & defense) | 30,178 | 4,651 | ||||||||
HD Hyundai Electric Co. Ltd. (Electrical equipment) | 34,320 | 4,555 | ||||||||
* | Samsung Biologics Co. Ltd. (Life sciences tools & services) | 3,151 | 1,950 | |||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 617,427 | 37,057 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 218,011 | 28,858 | ||||||||
|
| |||||||||
77,071 | ||||||||||
|
| |||||||||
Taiwan—20.7% |
| |||||||||
Accton Technology Corp. (Communications equipment) | 251,000 | 3,596 | ||||||||
Advantech Co. Ltd. (Technology hardware, storage & peripherals) | 137,409 | 1,747 | ||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 105,000 | 10,384 | ||||||||
Asia Vital Components Co. Ltd. (Technology hardware, storage & peripherals) | 291,000 | 4,928 | ||||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 49,000 | 3,537 | ||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 34,300 | 3,569 | ||||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 386,000 | 4,861 | ||||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 60,000 | 4,500 | ||||||||
Faraday Technology Corp. (Semiconductors & semiconductor equipment) | 192,570 | 2,013 | ||||||||
Fortune Electric Co. Ltd. (Electrical equipment) | 178,000 | 3,726 | ||||||||
Fositek Corp. (Electronic equipment, instruments & components) | 96,000 | 2,325 | ||||||||
Gold Circuit Electronics Ltd. (Electronic equipment, instruments & components) | 329,000 | 2,514 |
See accompanying Notes to Financial Statements.
54
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
Taiwan — (continued) |
| |||||||||
Innodisk Corp. (Technology hardware, storage & peripherals) | 170,000 | $ | 1,649 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 118,132 | 5,112 | ||||||||
M31 Technology Corp. (Semiconductors & semiconductor equipment) | 40,000 | 1,606 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 371,000 | 13,447 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 530,000 | 12,735 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 473,783 | 64,458 | ||||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 507,000 | 3,240 | ||||||||
Unimicron Technology Corp. (Electronic equipment, instruments & components) | 473,000 | 2,808 | ||||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 91,000 | 6,227 | ||||||||
|
| |||||||||
158,982 | ||||||||||
|
| |||||||||
Thailand—1.0% |
| |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 4,723,200 | 3,657 | ||||||||
Bumrungrad Hospital PCL (Health care providers & services) | 355,200 | 2,171 | ||||||||
Central Pattana PCL (Real estate management & development) | 1,172,300 | 2,016 | ||||||||
|
| |||||||||
7,844 | ||||||||||
|
| |||||||||
Emerging Latin America—13.0% |
| |||||||||
Argentina—0.3% |
| |||||||||
* | Globant SA (IT services)† | 11,725 | 2,367 | |||||||
|
| |||||||||
Brazil—7.0% |
| |||||||||
Banco BTG Pactual SA (Capital markets) | 763,600 | 5,547 | ||||||||
Itau Unibanco Holding SA—ADR (Banks) | 1,393,856 | 9,659 | ||||||||
* | MercadoLibre, Inc. (Broadline retail) | 12,629 | 19,095 | |||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 379,500 | 1,936 | ||||||||
* | NU Holdings Ltd. (Banks)† | 536,840 | 6,405 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 731,688 | 3,993 | ||||||||
Rumo SA (Ground transportation) | 580,200 | 2,575 | ||||||||
TOTVS SA (Software) | 199,300 | 1,128 | ||||||||
WEG SA (Electrical equipment) | 351,241 | 2,675 | ||||||||
|
| |||||||||
53,013 | ||||||||||
|
| |||||||||
Mexico—5.7% |
| |||||||||
* | Alsea SAB de CV (Hotels, restaurants & leisure) | 597,500 | 2,945 | |||||||
Arca Continental SAB de CV (Beverages) | 555,900 | 6,077 | ||||||||
* | BBB Foods, Inc. (Consumer staples distribution & retail)† | 102,531 | 2,438 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 756,600 | 2,947 | ||||||||
Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development) | 19,820 | 778 | ||||||||
Fomento Economico Mexicano SAB de CV—ADR (Beverages) | 86,784 | 11,305 | ||||||||
Grupo Financiero Banorte SAB de CV (Banks) | 887,000 | 9,426 | ||||||||
Prologis Property Mexico SA de CV (Industrial REITs) | 912,204 | 3,979 | ||||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 947,600 | 3,831 | ||||||||
|
| |||||||||
43,726 | ||||||||||
|
| |||||||||
Emerging Europe, Mid-East, Africa—7.4% |
| |||||||||
Greece—0.5% |
| |||||||||
* | Eurobank Ergasias Services & Holdings SA (Banks) | 1,865,596 | 3,587 | |||||||
|
|
See accompanying Notes to Financial Statements.
55
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Europe, Mid-East, Africa—(continued) |
| |||||||||
Kazakhstan—0.5% |
| |||||||||
Kaspi.KZ JSC—ADR (Consumer finance) | 29,976 | $ | 3,856 | |||||||
|
| |||||||||
Poland—0.2% |
| |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 20,538 | 1,993 | |||||||
|
| |||||||||
Saudi Arabia—3.6% |
| |||||||||
Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels) | 56,365 | 2,573 | ||||||||
Alinma Bank (Banks) | 223,620 | 2,612 | ||||||||
Arabian Internet & Communications Services Co. (IT services) | 29,051 | 2,929 | ||||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 42,128 | 2,963 | ||||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 38,606 | 3,228 | ||||||||
Elm Co. (IT services) | 22,635 | 5,788 | ||||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 56,394 | 3,281 | ||||||||
Riyadh Cables Group Co. (Electrical equipment) | 87,095 | 2,345 | ||||||||
Saudia Dairy & Foodstuff Co. (Food products) | 19,566 | 2,019 | ||||||||
|
| |||||||||
27,738 | ||||||||||
|
| |||||||||
South Africa—0.8% |
| |||||||||
Bid Corp. Ltd. (Consumer staples distribution & retail) | 95,574 | 2,330 | ||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 135,781 | 1,739 | ||||||||
Clicks Group Ltd. (Consumer staples distribution & retail) | 114,567 | 1,791 | ||||||||
|
| |||||||||
5,860 | ||||||||||
|
| |||||||||
Turkey—0.6% |
| |||||||||
BIM Birlesik Magazalar AS (Consumer staples distribution & retail) | 398,607 | 4,334 | ||||||||
|
| |||||||||
United Arab Emirates—1.2% |
| |||||||||
Emaar Properties PJSC (Real estate management & development) | 2,321,375 | 5,152 | ||||||||
Emirates Central Cooling Systems Corp. (Water utilities) | 3,472,186 | 1,560 | ||||||||
Salik Co. PJSC (Transportation infrastructure) | 2,769,491 | 2,798 | ||||||||
|
| |||||||||
9,510 | ||||||||||
|
| |||||||||
Asia—0.4% |
| |||||||||
Hong Kong—0.4% |
| |||||||||
AIA Group Ltd. (Insurance) | 402,600 | 2,703 | ||||||||
|
| |||||||||
Total Common Stocks—98.7% |
| 755,861 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $977, collateralized by U.S. Treasury Note, 1.375%, due 08/31/26, valued at $997 | $ | 977 | 977 | |||||||
|
| |||||||||
Total Repurchase Agreement—0.1% |
| 977 | ||||||||
|
| |||||||||
Total Investments—98.8% | 756,838 | |||||||||
| Cash and other assets, less liabilities—1.2% | 9,492 | ||||||||
|
| |||||||||
Net assets—100.0% | $ | 766,330 | ||||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
56
Emerging Markets Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 32.8% | |||
Financials | 14.1% | |||
Industrials | 12.4% | |||
Consumer Discretionary | 12.2% | |||
Consumer Staples | 10.0% | |||
Communication Services | 5.5% | |||
Real Estate | 3.7% | |||
Health Care | 3.5% | |||
Energy | 3.0% | |||
Utilities | 2.2% | |||
Materials | 0.6% | |||
|
| |||
Total | 100.0% | |||
|
| |||
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 27.1% | |||
U.S. Dollar | 17.5% | |||
New Taiwan Dollar | 13.4% | |||
South Korean Won | 10.2% | |||
Hong Kong Dollar | 6.6% | |||
Indonesian Rupiah | 5.3% | |||
South African Rand | 4.4% | |||
Chinese Yuan Renminbi | 4.3% | |||
Mexican Peso | 3.9% | |||
Brazilian Real | 2.4% | |||
Philippine Peso | 1.3% | |||
UAE Dirham | 1.3% | |||
Thai Baht | 1.0% | |||
All Other Currencies | 1.3% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
57
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Emerging Asia—70.2% |
| |||||||||
India—27.9% |
| |||||||||
ABB India Ltd. (Electrical equipment) | 3,546 | $ | 271 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 1,811 | 138 | ||||||||
Bajaj Finance Ltd. (Consumer finance) | 1,702 | 148 | ||||||||
Bharat Electronics Ltd. (Aerospace & defense) | 93,237 | 226 | ||||||||
Bharti Airtel Ltd. (Wireless Telecommunication Services) | 8,097 | 120 | ||||||||
Central Depository Services India Ltd. (Capital markets) | 3,289 | 68 | ||||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 5,860 | 82 | ||||||||
Computer Age Management Services Ltd. (Professional services) | 2,025 | 71 | ||||||||
Cummins India Ltd. (Machinery) | 4,997 | 181 | ||||||||
Dixon Technologies India Ltd. (Household durables) | 1,997 | 179 | ||||||||
* | Ethos Ltd. (Specialty retail) | 2,424 | 75 | |||||||
HDFC Asset Management Co. Ltd. (Capital markets) | 2,493 | 112 | ||||||||
HDFC Bank Ltd. (Banks) | 9,715 | 169 | ||||||||
Indian Hotels Co. Ltd. (Hotels, restaurants & leisure) | 28,080 | 200 | ||||||||
* | InterGlobe Aviation Ltd. (Passenger airlines) | 4,446 | 189 | |||||||
Jindal Stainless Ltd. (Metals & mining) | 22,429 | 186 | ||||||||
* | Kaynes Technology India Ltd. (Electronic equipment, instruments & components) | 4,723 | 163 | |||||||
KEI Industries Ltd. (Electrical equipment) | 3,613 | 150 | ||||||||
KPIT Technologies Ltd. (Software) | 9,167 | 163 | ||||||||
Larsen & Toubro Ltd. (Construction & engineering) | 4,647 | 210 | ||||||||
Macrotech Developers Ltd. (Real estate management & development) | 11,632 | 157 | ||||||||
Mahindra & Mahindra Ltd. (Automobiles) | 5,176 | 119 | ||||||||
* | MakeMyTrip Ltd. (Hotels, restaurants & leisure)† | 1,714 | 122 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 14,954 | 146 | ||||||||
Nestle India Ltd. (Food products) | 2,509 | 79 | ||||||||
NTPC Ltd. (Independent power & renewable electricity producers) | 64,737 | 262 | ||||||||
Phoenix Mills Ltd. (Real estate management & development) | 3,121 | 104 | ||||||||
REC Ltd. (Financial services) | 21,231 | 115 | ||||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 7,697 | 274 | ||||||||
Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 6,178 | 120 | ||||||||
Tata Consultancy Services Ltd. (IT services) | 4,487 | 209 | ||||||||
Tata Motors Ltd. (Automobiles) | 23,504 | 280 | ||||||||
Titagarh Rail System Ltd. (Machinery) | 10,176 | 113 | ||||||||
Titan Co. Ltd. (Textiles, apparel & luxury goods) | 3,740 | 170 | ||||||||
Trent Ltd. (Specialty retail) | 6,480 | 306 | ||||||||
Tube Investments of India Ltd. (Automobile components) | 2,486 | 111 | ||||||||
UNO Minda Ltd. (Automobile components) | 10,171 | 83 | ||||||||
Varun Beverages Ltd. (Beverages) | 17,355 | 291 | ||||||||
Voltamp Transformers Ltd. (Electrical equipment) | 105 | 12 | ||||||||
* | Zomato Ltd. (Hotels, restaurants & leisure) | 58,958 | 129 | |||||||
|
| |||||||||
6,303 | ||||||||||
|
| |||||||||
Indonesia—4.5% |
| |||||||||
Bank Central Asia Tbk. PT (Banks) | 761,400 | 484 | ||||||||
Bank Negara Indonesia Persero Tbk. PT (Banks) | 377,000 | 140 | ||||||||
Bank Rakyat Indonesia Persero Tbk. PT (Banks) | 715,000 | 273 | ||||||||
Mitra Adiperkasa Tbk. PT (Broadline retail) | 1,117,200 | 128 | ||||||||
|
| |||||||||
1,025 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
58
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
Philippines—1.5% |
| |||||||||
BDO Unibank, Inc. (Banks) | 64,728 | $ | 178 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 28,290 | 160 | ||||||||
|
| |||||||||
338 | ||||||||||
|
| |||||||||
South Korea—9.3% |
| |||||||||
Hanwha Aerospace Co. Ltd. (Aerospace & defense) | 1,024 | 158 | ||||||||
HD Hyundai Electric Co. Ltd. (Electrical equipment) | 1,674 | 222 | ||||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 18,212 | 1,093 | ||||||||
SK Hynix, Inc. (Semiconductors & semiconductor equipment) | 4,730 | 626 | ||||||||
|
| |||||||||
2,099 | ||||||||||
|
| |||||||||
Taiwan—26.0% |
| |||||||||
Accton Technology Corp. (Communications equipment) | 10,000 | 143 | ||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 3,500 | 346 | ||||||||
Asia Vital Components Co. Ltd. (Technology hardware, storage & peripherals) | 10,000 | 169 | ||||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 2,000 | 144 | ||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 1,100 | 114 | ||||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 12,000 | 151 | ||||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 3,300 | 248 | ||||||||
Faraday Technology Corp. (Semiconductors & semiconductor equipment) | 6,231 | 65 | ||||||||
Fortune Electric Co. Ltd. (Electrical equipment) | 6,000 | 126 | ||||||||
Fositek Corp. (Electronic equipment, instruments & components) | 5,000 | 121 | ||||||||
Innodisk Corp. (Technology hardware, storage & peripherals) | 9,900 | 96 | ||||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 3,103 | 134 | ||||||||
M31 Technology Corp. (Semiconductors & semiconductor equipment) | 2,000 | 80 | ||||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 10,000 | 363 | ||||||||
Parade Technologies Ltd. (Semiconductors & semiconductor equipment) | 3,000 | 86 | ||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 129,000 | 3,100 | ||||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 18,400 | 118 | ||||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 4,000 | 274 | ||||||||
|
| |||||||||
5,878 | ||||||||||
|
| |||||||||
Thailand—1.0% |
| |||||||||
Bangkok Dusit Medical Services PCL (Health care providers & services) | 116,300 | 90 | ||||||||
Bumrungrad Hospital PCL (Health care providers & services) | 20,100 | 123 | ||||||||
|
| |||||||||
213 | ||||||||||
|
| |||||||||
Emerging Latin America—15.4% |
| |||||||||
Argentina—1.0% |
| |||||||||
Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)† | 11,236 | 125 | ||||||||
* | Globant SA (IT services)† | 517 | 104 | |||||||
|
| |||||||||
229 | ||||||||||
|
| |||||||||
Brazil—7.6% |
| |||||||||
Banco BTG Pactual SA (Capital markets) | 28,000 | 203 | ||||||||
Itau Unibanco Holding SA—ADR (Banks) | 39,419 | 273 | ||||||||
* | MercadoLibre, Inc. (Broadline retail) | 385 | 582 | |||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 14,800 | 76 | ||||||||
* | NU Holdings Ltd. (Banks)† | 14,827 | 177 | |||||||
Raia Drogasil SA (Consumer staples distribution & retail) | 20,816 | 114 | ||||||||
Rumo SA (Ground transportation) | 17,200 | 76 |
See accompanying Notes to Financial Statements.
59
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Latin America—(continued) |
| |||||||||
Brazil — (continued) |
| |||||||||
TOTVS SA (Software) | 18,500 | $ | 105 | |||||||
WEG SA (Electrical equipment) | 14,400 | 110 | ||||||||
|
| |||||||||
1,716 | ||||||||||
|
| |||||||||
Mexico—6.8% |
| |||||||||
* | Alsea SAB de CV (Hotels, restaurants & leisure) | 39,400 | 194 | |||||||
Arca Continental SAB de CV (Beverages) | 7,300 | 80 | ||||||||
* | BBB Foods, Inc. (Consumer staples distribution & retail)† | 5,459 | 130 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 68,500 | 267 | ||||||||
Fomento Economico Mexicano SAB de CV—ADR (Beverages) | 1,955 | 255 | ||||||||
Grupo Financiero Banorte SAB de CV (Banks) | 15,700 | 167 | ||||||||
Qualitas Controladora SAB de CV (Insurance) | 14,300 | 166 | ||||||||
TF Administradora Industrial S de Real de CV (Industrial REITs) | 54,400 | 148 | ||||||||
Wal-Mart de Mexico SAB de CV (Consumer staples distribution & retail) | 28,000 | 113 | ||||||||
|
| |||||||||
1,520 | ||||||||||
|
| |||||||||
Emerging Europe, Mid-East—12.2% |
| |||||||||
Georgia—0.5% |
| |||||||||
Bank of Georgia Group PLC (Banks) | 1,745 | 111 | ||||||||
|
| |||||||||
Greece—1.2% |
| |||||||||
* | Eurobank Ergasias Services & Holdings SA (Banks) | 53,381 | 103 | |||||||
* | Piraeus Financial Holdings SA (Banks) | 40,800 | 170 | |||||||
|
| |||||||||
273 | ||||||||||
|
| |||||||||
Poland—0.5% |
| |||||||||
* | Dino Polska SA (Consumer staples distribution & retail) | 1,170 | 114 | |||||||
|
| |||||||||
Saudi Arabia—7.8% |
| |||||||||
Al Hammadi Holding (Health care providers & services) | 3,767 | 61 | ||||||||
Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels) | 2,421 | 111 | ||||||||
Arabian Contracting Services Co. (Media) | 1,839 | 109 | ||||||||
Arabian Internet & Communications Services Co. (IT services) | 941 | 95 | ||||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 1,888 | 133 | ||||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 2,170 | 181 | ||||||||
Elm Co. (IT services) | 660 | 169 | ||||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 3,176 | 185 | ||||||||
National Co. for Learning & Education (Diversified consumer services) | 2,815 | 104 | ||||||||
National Medical Care Co. (Health care providers & services) | 2,118 | 106 | ||||||||
Retal Urban Development Co. (Real estate management & development) | 39,364 | 101 | ||||||||
Riyadh Cables Group Co. (Electrical equipment) | 4,560 | 123 | ||||||||
Saudia Dairy & Foodstuff Co. (Food products) | 1,648 | 170 | ||||||||
Savola Group (Food products) | 7,257 | 109 | ||||||||
|
| |||||||||
1,757 | ||||||||||
|
| |||||||||
Turkey—0.4% |
| |||||||||
BIM Birlesik Magazalar AS (Consumer staples distribution & retail) | 9,490 | 103 | ||||||||
|
| |||||||||
United Arab Emirates—1.8% |
| |||||||||
Air Arabia PJSC (Passenger airlines) | 120,594 | 91 | ||||||||
Emaar Properties PJSC (Real estate management & development) | 72,999 | 162 |
See accompanying Notes to Financial Statements.
60
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Europe, Mid-East—(continued) |
| |||||||||
United Arab Emirates — (continued) |
| |||||||||
| Salik Co. PJSC (Transportation infrastructure) | 145,875 | $ | 147 | ||||||
|
| |||||||||
400 | ||||||||||
|
| |||||||||
Total Common Stocks—97.8% |
| 22,079 | ||||||||
|
| |||||||||
Repurchase Agreement |
| |||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $408, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $416 | $ | 407 | 407 | |||||||
|
| |||||||||
Total Repurchase Agreement—1.8% |
| 407 | ||||||||
|
| |||||||||
Total Investments—99.6% |
| 22,486 | ||||||||
Cash and other assets, less liabilities—0.4% |
| 86 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 22,572 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
REIT = Real Estate Investment Trust
See accompanying Notes to Financial Statements.
61
Emerging Markets ex China Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 38.5% | |||
Financials | 14.8% | |||
Consumer Discretionary | 14.0% | |||
Industrials | 11.9% | |||
Consumer Staples | 7.1% | |||
Real Estate | 4.6% | |||
Health Care | 4.4% | |||
Energy | 1.7% | |||
Utilities | 1.2% | |||
Communication Services | 1.0% | |||
Materials | 0.8% | |||
|
| |||
Total | 100.0% | |||
|
| |||
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 28.0% | |||
New Taiwan Dollar | 26.6% | |||
South Korean Won | 9.5% | |||
U.S. Dollar | 8.0% | |||
South African Rand | 8.0% | |||
Mexican Peso | 5.1% | |||
Indonesian Rupiah | 4.7% | |||
Brazilian Real | 3.1% | |||
UAE Dirham | 1.8% | |||
Philippine Peso | 1.5% | |||
Euro | 1.2% | |||
All Other Currencies | 2.5% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
62
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Emerging Asia—63.9% |
| |||||||||
China—11.3% |
| |||||||||
Airtac International Group (Machinery) | 87,158 | $ | 3,023 | |||||||
Beijing Roborock Technology Co. Ltd. (Household durables) | 107,865 | 5,079 | ||||||||
* | Giant Biogene Holding Co. Ltd. (Personal care products) | 1,262,400 | 6,863 | |||||||
Hisense Home Appliances Group Co. Ltd. (Household durables) | 1,599,100 | 6,573 | ||||||||
HLA Group Corp. Ltd. (Specialty retail) | 4,009,771 | 4,842 | ||||||||
Huaming Power Equipment Co. Ltd. (Machinery) | 3,128,650 | 7,591 | ||||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 2,642,612 | 3,417 | ||||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 136,388 | 1,752 | ||||||||
Shenzhen Envicool Technology Co. Ltd. (Machinery) | 346,200 | 1,453 | ||||||||
Yankershop Food Co. Ltd. (Food products) | 412,100 | 4,318 | ||||||||
Zhejiang Shuanghuan Driveline Co. Ltd. (Automobile components) | 403,200 | 1,281 | ||||||||
|
| |||||||||
46,192 | ||||||||||
|
| |||||||||
India—30.3% |
| |||||||||
ABB India Ltd. (Electrical equipment) | 93,816 | 7,161 | ||||||||
Apar Industries Ltd. (Industrial conglomerates) | 41,212 | 3,429 | ||||||||
Bikaji Foods International Ltd. (Food products) | 345,246 | 2,036 | ||||||||
Blue Star Ltd. (Building products) | 121,899 | 1,867 | ||||||||
CG Power & Industrial Solutions Ltd. (Electrical equipment) | 507,622 | 3,268 | ||||||||
* | Chalet Hotels Ltd. (Hotels, restaurants & leisure) | 227,424 | 2,426 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 139,144 | 1,937 | ||||||||
* | Cyient DLM Ltd. (Electronic equipment, instruments & components) | 238,042 | 2,055 | |||||||
Data Patterns India Ltd. (Aerospace & defense) | 71,548 | 2,084 | ||||||||
Dixon Technologies India Ltd. (Household durables) | 98,282 | 8,807 | ||||||||
* | Ethos Ltd. (Specialty retail) | 52,739 | 1,637 | |||||||
* | Global Health Ltd. (Health care providers & services) | 172,675 | 2,733 | |||||||
* | GMR Airports Infrastructure Ltd. (Transportation infrastructure) | 2,320,774 | 2,276 | |||||||
* | Godrej Properties Ltd. (Real estate management & development) | 189,832 | 5,231 | |||||||
Home First Finance Co. India Ltd. (Financial services) | 107,366 | 1,157 | ||||||||
JB Chemicals & Pharmaceuticals Ltd. (Pharmaceuticals) | 109,049 | 2,157 | ||||||||
Jindal Stainless Ltd. (Metals & mining) | 775,706 | 6,445 | ||||||||
Karur Vysya Bank Ltd. (Banks) | 824,869 | 1,809 | ||||||||
* | Kaynes Technology India Ltd. (Electronic equipment, instruments & components) | 150,999 | 5,205 | |||||||
KEI Industries Ltd. (Electrical equipment) | 226,068 | 9,406 | ||||||||
KPIT Technologies Ltd. (Software) | 174,164 | 3,096 | ||||||||
* | Lemon Tree Hotels Ltd. (Hotels, restaurants & leisure) | 1,726,135 | 2,713 | |||||||
Macrotech Developers Ltd. (Real estate management & development) | 381,854 | 5,165 | ||||||||
Maharashtra Seamless Ltd. (Metals & mining) | 121,208 | 1,221 | ||||||||
* | MakeMyTrip Ltd. (Hotels, restaurants & leisure)† | 35,471 | 2,520 | |||||||
Max Healthcare Institute Ltd. (Health care providers & services) | 296,876 | 2,909 | ||||||||
Narayana Hrudayalaya Ltd. (Health care providers & services) | 146,681 | 2,276 | ||||||||
Newgen Software Technologies Ltd. (Software) | 97,672 | 932 | ||||||||
Oberoi Realty Ltd. (Real estate management & development) | 107,813 | 1,900 | ||||||||
* | PG Electroplast Ltd. (Electronic equipment, instruments & components) | 63,983 | 1,274 | |||||||
Phoenix Mills Ltd. (Real estate management & development) | 87,970 | 2,922 | ||||||||
Radico Khaitan Ltd. (Beverages) | 21,853 | 452 | ||||||||
Rainbow Children’s Medicare Ltd. (Health care providers & services) | 78,617 | 1,225 | ||||||||
Ramkrishna Forgings Ltd. (Metals & mining) | 348,694 | 2,897 | ||||||||
Solar Industries India Ltd. (Chemicals) | 22,459 | 2,370 | ||||||||
Titagarh Rail System Ltd. (Machinery) | 37,592 | 417 | ||||||||
Transformers & Rectifiers India Ltd. (Electrical equipment) | 248,182 | 1,177 |
See accompanying Notes to Financial Statements.
63
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Asia—(continued) |
| |||||||||
India — (continued) |
| |||||||||
Triveni Turbine Ltd. (Electrical equipment) | 325,490 | $ | 2,098 | |||||||
Tube Investments of India Ltd. (Automobile components) | 22,983 | 1,028 | ||||||||
Varun Beverages Ltd. (Beverages) | 383,364 | 6,431 | ||||||||
Venus Pipes & Tubes Ltd. (Metals & mining) | 126,599 | 2,886 | ||||||||
Voltamp Transformers Ltd. (Electrical equipment) | 21,677 | 2,487 | ||||||||
|
| |||||||||
123,522 | ||||||||||
|
| |||||||||
Indonesia—5.5% |
| |||||||||
Bank Negara Indonesia Persero Tbk. PT (Banks) | 18,878,000 | 7,025 | ||||||||
Bank Syariah Indonesia Tbk. PT (Banks) | 31,037,900 | 5,305 | ||||||||
Indofood CBP Sukses Makmur Tbk. PT (Food products) | 1,846,500 | 1,351 | ||||||||
Map Aktif Adiperkasa PT (Specialty retail) | 35,516,300 | 2,341 | ||||||||
Mitra Adiperkasa Tbk. PT (Broadline retail) | 53,770,400 | 6,172 | ||||||||
|
| |||||||||
22,194 | ||||||||||
|
| |||||||||
Philippines—0.9% |
| |||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 654,860 | 3,704 | ||||||||
|
| |||||||||
South Korea—4.7% |
| |||||||||
AfreecaTV Co. Ltd. (Interactive media & services) | 25,369 | 2,320 | ||||||||
Hanwha Aerospace Co. Ltd. (Aerospace & defense) | 19,671 | 3,032 | ||||||||
HD Hyundai Electric Co. Ltd. (Electrical equipment) | 54,575 | 7,244 | ||||||||
HPSP Co. Ltd. (Semiconductors & semiconductor equipment) | 72,274 | 2,872 | ||||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 18,554 | 3,556 | ||||||||
|
| |||||||||
19,024 | ||||||||||
|
| |||||||||
Taiwan—10.9% |
| |||||||||
Alchip Technologies Ltd. (Semiconductors & semiconductor equipment) | 21,000 | 2,077 | ||||||||
AP Memory Technology Corp. (Semiconductors & semiconductor equipment) | 32,000 | 388 | ||||||||
Asia Vital Components Co. Ltd. (Technology hardware, storage & peripherals) | 274,000 | 4,640 | ||||||||
ASMedia Technology, Inc. (Semiconductors & semiconductor equipment) | 51,000 | 3,681 | ||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 24,000 | 2,497 | ||||||||
AURAS Technology Co. Ltd. (Technology hardware, storage & peripherals) | 84,000 | 1,730 | ||||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 230,000 | 2,896 | ||||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 23,000 | 1,725 | ||||||||
Faraday Technology Corp. (Semiconductors & semiconductor equipment) | 158,385 | 1,656 | ||||||||
Fortune Electric Co. Ltd. (Electrical equipment) | 65,000 | 1,361 | ||||||||
Fositek Corp. (Electronic equipment, instruments & components) | 11,000 | 266 | ||||||||
Gold Circuit Electronics Ltd. (Electronic equipment, instruments & components) | 226,000 | 1,727 | ||||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 165,669 | 7,170 | ||||||||
M31 Technology Corp. (Semiconductors & semiconductor equipment) | 29,000 | 1,164 | ||||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 516,000 | 3,297 | ||||||||
Voltronic Power Technology Corp. (Electrical equipment) | 9,507 | 490 | ||||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 109,000 | 7,459 | ||||||||
|
| |||||||||
44,224 | ||||||||||
|
| |||||||||
Vietnam—0.3% |
| |||||||||
* | Hoa Phat Group JSC (Metals & mining) | 1,128,900 | 1,391 | |||||||
|
|
See accompanying Notes to Financial Statements.
64
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Latin America—18.1% |
| |||||||||
Argentina—0.9% |
| |||||||||
Arcos Dorados Holdings, Inc. (Hotels, restaurants & leisure)† | 340,955 | $ | 3,792 | |||||||
|
| |||||||||
Brazil—6.8% |
| |||||||||
Companhia Paranaense de Energia (Electric utilities) | 923,900 | 1,593 | ||||||||
Cury Construtora e Incorporadora SA (Household durables) | 1,381,500 | 5,608 | ||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables) | 1,648,400 | 8,197 | ||||||||
Direcional Engenharia SA (Household durables) | 703,500 | 3,595 | ||||||||
Grupo SBF SA (Specialty retail) | 408,500 | 1,055 | ||||||||
* | Inter & Co., Inc. (Banks) | 367,319 | 2,090 | |||||||
Smartfit Escola de Ginastica e Danca SA (Hotels, restaurants & leisure) | 913,200 | 4,734 | ||||||||
TOTVS SA (Software) | 168,700 | 955 | ||||||||
|
| |||||||||
27,827 | ||||||||||
|
| |||||||||
Mexico—10.4% |
| |||||||||
* | Alsea SAB de CV (Hotels, restaurants & leisure) | 1,691,800 | 8,340 | |||||||
* | BBB Foods, Inc. (Consumer staples distribution & retail)† | 223,334 | 5,311 | |||||||
Corp. Inmobiliaria Vesta SAB de CV (Real estate management & development) | 1,478,100 | 5,758 | ||||||||
Corp. Inmobiliaria Vesta SAB de CV—ADR (Real estate management & development) | 14,970 | 587 | ||||||||
Gentera SAB de CV (Consumer finance) | 1,971,300 | 3,369 | ||||||||
Prologis Property Mexico SA de CV (Industrial REITs) | 1,690,723 | 7,375 | ||||||||
Qualitas Controladora SAB de CV (Insurance) | 441,900 | 5,130 | ||||||||
Regional SAB de CV (Banks) | 224,200 | 2,208 | ||||||||
* | Vista Energy SAB de CV—ADR (Oil, gas & consumable fuels) | 97,353 | 4,029 | |||||||
|
| |||||||||
42,107 | ||||||||||
|
| |||||||||
Emerging Europe, Mid-East—17.4% |
| |||||||||
Georgia—0.6% |
| |||||||||
Bank of Georgia Group PLC (Banks) | 40,561 | 2,585 | ||||||||
|
| |||||||||
Greece—2.5% |
| |||||||||
JUMBO SA (Specialty retail) | 128,201 | 3,693 | ||||||||
* | Piraeus Financial Holdings SA (Banks) | 1,591,300 | 6,654 | |||||||
|
| |||||||||
10,347 | ||||||||||
|
| |||||||||
Kazakhstan—1.2% |
| |||||||||
Kaspi.KZ JSC—ADR (Consumer finance) | 37,890 | 4,874 | ||||||||
|
| |||||||||
Lithuania—0.4% |
| |||||||||
Baltic Classifieds Group plc (Interactive media & services) | 591,707 | 1,684 | ||||||||
|
| |||||||||
Poland—1.6% |
| |||||||||
* | Alior Bank SA (Banks) | 128,691 | 3,156 | |||||||
Benefit Systems SA (Professional services) | 4,551 | 3,224 | ||||||||
|
| |||||||||
6,380 | ||||||||||
|
| |||||||||
Saudi Arabia—8.9% |
| |||||||||
Al Hammadi Holding (Health care providers & services) | 80,318 | 1,304 | ||||||||
* | Al Rajhi Co. for Co-operative Insurance (Insurance) | 42,541 | 1,255 | |||||||
Aldrees Petroleum & Transport Services Co. (Oil, gas & consumable fuels) | 62,471 | 2,852 | ||||||||
* | AlKhorayef Water & Power Technologies Co. (Water utilities) | 29,084 | 1,799 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 36,540 | 2,570 | ||||||||
Dallah Healthcare Co. (Health care providers & services) | 50,288 | 2,368 |
See accompanying Notes to Financial Statements.
65
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks—(continued) |
| |||||||||
Emerging Europe, Mid-East—(continued) |
| |||||||||
Saudi Arabia — (continued) |
| |||||||||
Elm Co. (IT services) | 12,359 | $ | 3,160 | |||||||
Leejam Sports Co. JSC (Hotels, restaurants & leisure) | 58,197 | 3,386 | ||||||||
* | Lumi Rental Co. (Ground transportation) | 75,978 | 2,070 | |||||||
* | National Agriculture Development Co. (Food products) | 291,825 | 2,303 | |||||||
National Co. for Learning & Education (Diversified consumer services) | 38,746 | 1,438 | ||||||||
National Medical Care Co. (Health care providers & services) | 55,719 | 2,778 | ||||||||
Riyadh Cables Group Co. (Electrical equipment) | 146,754 | 3,952 | ||||||||
Saudia Dairy & Foodstuff Co. (Food products) | 49,255 | 5,083 | ||||||||
|
| |||||||||
36,318 | ||||||||||
|
| |||||||||
United Arab Emirates—2.2% |
| |||||||||
Air Arabia PJSC (Passenger airlines) | 3,918,865 | 2,956 | ||||||||
Emirates Central Cooling Systems Corp. (Water utilities) | 5,360,206 | 2,408 | ||||||||
Salik Co. PJSC (Transportation infrastructure) | 3,338,204 | 3,373 | ||||||||
|
| |||||||||
8,737 | ||||||||||
|
| |||||||||
Total Common Stocks—99.4% |
| 404,902 | ||||||||
|
| |||||||||
Total Investments—99.4% |
| 404,902 | ||||||||
Cash and other assets, less liabilities—0.6% |
| 2,564 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 407,466 | |||||||
|
|
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Financial Statements.
66
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 22.0% | |||
Industrials | 19.5% | |||
Information Technology | 16.2% | |||
Financials | 12.6% | |||
Consumer Staples | 8.9% | |||
Real Estate | 7.1% | |||
Health Care | 4.4% | |||
Materials | 4.3% | |||
Utilities | 2.3% | |||
Energy | 1.7% | |||
Communication Services | 1.0% | |||
|
| |||
Total | 100.0% | |||
|
| |||
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 29.9% | |||
New Taiwan Dollar | 11.7% | |||
South African Rand | 9.0% | |||
Chinese Yuan Renminbi | 9.0% | |||
Mexican Peso | 7.9% | |||
Brazilian Real | 6.9% | |||
Indonesian Rupiah | 5.5% | |||
U.S. Dollar | 5.2% | |||
South Korean Won | 4.7% | |||
Euro | 2.5% | |||
UAE Dirham | 2.1% | |||
Hong Kong Dollar | 1.7% | |||
Polish Zloty | 1.6% | |||
British Pound Sterling | 1.0% | |||
All Other Currencies | 1.3% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
67
China Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Common Stocks |
| |||||||||
Emerging Asia—97.0% |
| |||||||||
China—97.0% |
| |||||||||
Agricultural Bank of China Ltd. (Banks) | 22,300 | $ | 13 | |||||||
Aier Eye Hospital Group Co. Ltd. (Health care providers & services) | 15,648 | 28 | ||||||||
Airtac International Group (Machinery) | 2,000 | 69 | ||||||||
Alibaba Group Holding Ltd. (Broadline retail) | 6,000 | 54 | ||||||||
Bank of Chengdu Co. Ltd. (Banks) | 11,400 | 21 | ||||||||
Bank of Ningbo Co. Ltd. (Banks) | 6,790 | 19 | ||||||||
Beijing Kingsoft Office Software, Inc. (Software) | 376 | 16 | ||||||||
Beijing Roborock Technology Co. Ltd. (Household durables) | 615 | 29 | ||||||||
China Merchants Bank Co. Ltd. (Banks) | 8,000 | 32 | ||||||||
Chongqing Zhifei Biological Products Co. Ltd. (Biotechnology) | 2,400 | 15 | ||||||||
Contemporary Amperex Technology Co. Ltd. (Electrical equipment) | 2,140 | 56 | ||||||||
Eastroc Beverage Group Co. Ltd. (Beverages) | 1,000 | 26 | ||||||||
Estun Automation Co. Ltd. (Machinery) | 6,200 | 16 | ||||||||
Fuyao Glass Industry Group Co. Ltd. (Automobile components) | 8,000 | 40 | ||||||||
* | Giant Biogene Holding Co. Ltd. (Personal care products) | 5,000 | 27 | |||||||
Hisense Home Appliances Group Co. Ltd. (Household durables) | 14,000 | 44 | ||||||||
HLA Group Corp. Ltd. (Specialty retail) | 10,500 | 13 | ||||||||
Huaming Power Equipment Co. Ltd. (Machinery) | 15,300 | 37 | ||||||||
Huaneng Lancang River Hydropower, Inc. (Independent power & renewable electricity producers) | 55,900 | 72 | ||||||||
Inner Mongolia Yili Industrial Group Co. Ltd. (Food products) | 3,700 | 14 | ||||||||
Jiangsu Hengli Hydraulic Co. Ltd. (Machinery) | 1,700 | 12 | ||||||||
* | Kuaishou Technology (Interactive media & services) | 2,200 | 14 | |||||||
Kweichow Moutai Co. Ltd. (Beverages) | 500 | 117 | ||||||||
Maxscend Microelectronics Co. Ltd. (Electronic equipment, instruments & components) | 1,200 | 17 | ||||||||
* | Meituan (Hotels, restaurants & leisure) | 3,110 | 38 | |||||||
Midea Group Co. Ltd. (Household durables) | 3,700 | 33 | ||||||||
MINISO Group Holding Ltd. (Broadline retail) | 3,000 | 15 | ||||||||
NAURA Technology Group Co. Ltd. (Semiconductors & semiconductor equipment) | 1,700 | 72 | ||||||||
NetEase, Inc. (Entertainment) | 6,000 | 125 | ||||||||
* | PDD Holdings, Inc.—ADR (Broadline retail) | 657 | 76 | |||||||
Proya Cosmetics Co. Ltd. (Personal care products) | 1,588 | 20 | ||||||||
Shenzhen Inovance Technology Co. Ltd. (Machinery) | 3,300 | 27 | ||||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Health care equipment & supplies) | 600 | 23 | ||||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 3,900 | 40 | ||||||||
Sunresin New Materials Co. Ltd. (Chemicals) | 2,000 | 12 | ||||||||
Tencent Holdings Ltd. (Interactive media & services) | 4,300 | 167 | ||||||||
* | Trip.com Group Ltd. (Hotels, restaurants & leisure) | 50 | 2 | |||||||
Weichai Power Co. Ltd. (Machinery) | 30,000 | 57 | ||||||||
Will Semiconductor Co. Ltd. Shanghai (Semiconductors & semiconductor equipment) | 1,600 | 22 | ||||||||
Wuliangye Yibin Co. Ltd. (Beverages) | 2,000 | 42 | ||||||||
Yutong Bus Co. Ltd. (Machinery) | 11,400 | 30 | ||||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Pharmaceuticals) | 600 | 19 | ||||||||
Zhejiang Dingli Machinery Co. Ltd. (Machinery) | 2,100 | 16 | ||||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (Semiconductors & semiconductor equipment) | 4,100 | 20 | ||||||||
Zhejiang Shuanghuan Driveline Co. Ltd. (Automobile components) | 3,700 | 12 | ||||||||
Zhongji Innolight Co. Ltd. (Communications equipment) | 1,500 | 32 | ||||||||
|
| |||||||||
1,701 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
68
China Growth Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | ||||||||
Asia—1.0% |
| |||||||||
Hong Kong—1.0% |
| |||||||||
AIA Group Ltd. (Insurance) | 2,600 | $ | 17 | |||||||
|
| |||||||||
Total Common Stocks—98.0% |
| 1,718 | ||||||||
|
| |||||||||
Total Investments—98.0% |
| 1,718 | ||||||||
Cash and other assets, less liabilities—2.0% |
| 35 | ||||||||
|
| |||||||||
Net assets—100.0% |
| $ | 1,753 | |||||||
|
|
ADR = American Depository Receipt
* = Non-income producing security
See accompanying Notes to Financial Statements.
69
China Growth Fund |
Portfolio of Investments, March 31, 2024 (unaudited)
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 20.8% | |||
Industrials | 18.6% | |||
Communication Services | 17.8% | |||
Consumer Staples | 14.4% | |||
Information Technology | 12.6% | |||
Financials | 6.0% | |||
Health Care | 4.9% | |||
Utilities | 4.2% | |||
Materials | 0.7% | |||
|
| |||
Total | 100.0% | |||
|
| |||
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Chinese Yuan Renminbi | 52.5% | |||
Hong Kong Dollar | 36.8% | |||
New Taiwan Dollar | 6.3% | |||
U.S. Dollar | 4.4% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
70
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
| Foreign Government Bonds—61.4% | |||||||||
Angola—1.6% | ||||||||||
Angolan Government International Bond, | ||||||||||
8.750%, due 4/14/32 | $ | 200 | $ | 184 | ||||||
9.125%, due 11/26/49 | 600 | 508 | ||||||||
9.500%, due 11/12/25 | 200 | 204 | ||||||||
|
| |||||||||
896 | ||||||||||
|
| |||||||||
Argentina—2.1% | ||||||||||
Argentine Government International Bond, | ||||||||||
0.750%, due 7/9/30 (a) | 920 | 478 | ||||||||
3.500%, due 7/9/41 (a) | 485 | 195 | ||||||||
3.625%, due 7/9/46 (a) | 725 | 325 | ||||||||
3.750%, due 1/9/38 (a) | EUR | 320 | 136 | |||||||
|
| |||||||||
1,134 | ||||||||||
|
| |||||||||
Bahamas—0.3% | ||||||||||
Bahamas Government International Bond, | $ | 200 | 179 | |||||||
|
| |||||||||
Bahrain—1.5% | ||||||||||
Bahrain Government International Bond, | ||||||||||
5.250%, due 1/25/33 | 400 | 356 | ||||||||
6.250%, due 1/25/51 | 300 | 249 | ||||||||
7.000%, due 1/26/26 | 200 | 202 | ||||||||
|
| |||||||||
807 | ||||||||||
|
| |||||||||
Benin—0.8% | ||||||||||
Benin Government International Bond, | ||||||||||
6.875%, due 1/19/52 | EUR | 250 | 220 | |||||||
7.960%, due 2/13/38 (b) | $ | 200 | 195 | |||||||
|
| |||||||||
415 | ||||||||||
|
| |||||||||
Bermuda—0.6% | ||||||||||
Bermuda Government International Bond, | 460 | 309 | ||||||||
|
| |||||||||
Bolivia—0.2% | ||||||||||
Bolivia Government International Bond, | 200 | 120 | ||||||||
|
| |||||||||
Brazil—1.7% | ||||||||||
Brazil Notas do Tesouro Nacional Serie F, | ||||||||||
10.000%, due 1/1/25 | BRL | 560 | 112 | |||||||
10.000%, due 1/1/31 | 500 | 96 | ||||||||
10.000%, due 1/1/33 | 1,610 | 304 | ||||||||
Brazilian Government International Bond, | ||||||||||
4.750%, due 1/14/50 | $ | 280 | 209 | |||||||
7.125%, due 5/13/54 | 200 | 202 | ||||||||
|
| |||||||||
923 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
71
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
| Foreign Government Bonds—(continued) | |||||||||
Chile—0.5% | ||||||||||
Chile Government International Bond, | $ | 400 | $ | 253 | ||||||
|
| |||||||||
Colombia—1.8% | ||||||||||
Colombia Government International Bond, | ||||||||||
3.250%, due 4/22/32 | 400 | 311 | ||||||||
4.125%, due 2/22/42 | 330 | 223 | ||||||||
4.125%, due 5/15/51 | 300 | 187 | ||||||||
4.500%, due 3/15/29 | 300 | 276 | ||||||||
|
| |||||||||
997 | ||||||||||
|
| |||||||||
Costa Rica—0.4% | ||||||||||
Costa Rica Government International Bond, | 200 | 207 | ||||||||
|
| |||||||||
Dominican Republic—2.0% | ||||||||||
Dominican Republic International Bond, | ||||||||||
4.875%, due 9/23/32 | 230 | 206 | ||||||||
5.500%, due 2/22/29 | 300 | 290 | ||||||||
5.875%, due 1/30/60 | 310 | 264 | ||||||||
11.250%, due 9/15/35 (b) | DOP | 18,000 | 328 | |||||||
|
| |||||||||
1,088 | ||||||||||
|
| |||||||||
Ecuador—1.5% | ||||||||||
Ecuador Government International Bond, | ||||||||||
0.000%, due 7/31/30 | $ | 610 | 301 | |||||||
2.500%, due 7/31/40 (a) | 260 | 126 | ||||||||
3.500%, due 7/31/35 (a) | 730 | 382 | ||||||||
|
| |||||||||
809 | ||||||||||
|
| |||||||||
Egypt—2.3% | ||||||||||
Egypt Government International Bond, | ||||||||||
5.800%, due 9/30/27 | 200 | 181 | ||||||||
7.053%, due 1/15/32 | 200 | 166 | ||||||||
7.300%, due 9/30/33 (b) | 250 | 205 | ||||||||
7.500%, due 2/16/61 | 650 | 466 | ||||||||
8.150%, due 11/20/59 | 200 | 153 | ||||||||
8.875%, due 5/29/50 | 150 | 123 | ||||||||
|
| |||||||||
1,294 | ||||||||||
|
| |||||||||
El Salvador—0.6% | ||||||||||
El Salvador Government International Bond, | ||||||||||
7.625%, due 2/1/41 | 400 | 293 | ||||||||
8.625%, due 2/28/29 | 60 | 52 | ||||||||
|
| |||||||||
345 | ||||||||||
|
| |||||||||
Ethiopia—0.3% | ||||||||||
Ethiopia International Bond, | 200 | 146 | ||||||||
|
|
See accompanying Notes to Financial Statements.
72
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
Foreign Government Bonds—(continued) | ||||||||||
| Gabon—0.8% | |||||||||
Gabon Government International Bond, | ||||||||||
6.950%, due 6/16/25 | $ | 200 | $ | 196 | ||||||
7.000%, due 11/24/31 | 300 | 255 | ||||||||
|
| |||||||||
451 | ||||||||||
|
| |||||||||
Ghana—2.4% | ||||||||||
Ghana Government International Bond, | ||||||||||
0.000%, due 4/7/25 (c) | 350 | 141 | ||||||||
6.375%, due 2/11/27 (c) | 600 | 308 | ||||||||
7.750%, due 4/7/29 (c) | 500 | 259 | ||||||||
8.625%, due 4/7/34 (c) | 400 | 206 | ||||||||
8.950%, due 3/26/51 (c) | 750 | 383 | ||||||||
|
| |||||||||
1,297 | ||||||||||
|
| |||||||||
Guatemala—1.5% | ||||||||||
Guatemala Government Bond, | ||||||||||
3.700%, due 10/7/33 | 755 | 624 | ||||||||
4.650%, due 10/7/41 | 280 | 225 | ||||||||
|
| |||||||||
849 | ||||||||||
|
| |||||||||
Hungary—1.8% | ||||||||||
Hungary Government International Bond, | ||||||||||
3.125%, due 9/21/51 | 600 | 380 | ||||||||
6.125%, due 5/22/28 | 200 | 205 | ||||||||
6.750%, due 9/25/52 (b) | 400 | 430 | ||||||||
|
| |||||||||
1,015 | ||||||||||
|
| |||||||||
Iraq—0.2% | ||||||||||
Iraq International Bond, | 125 | 118 | ||||||||
|
| |||||||||
Ivory Coast—1.7% | ||||||||||
Ivory Coast Government International Bond, | ||||||||||
6.625%, due 3/22/48 | EUR | 400 | 352 | |||||||
6.875%, due 10/17/40 | 400 | 374 | ||||||||
7.625%, due 1/30/33 (b) | $ | 200 | 198 | |||||||
|
| |||||||||
924 | ||||||||||
|
| |||||||||
Jamaica—0.5% | ||||||||||
Jamaica Government International Bond, | JMD | 41,000 | 278 | |||||||
|
| |||||||||
Kenya—0.3% | ||||||||||
Republic of Kenya Government International Bond, | $ | 200 | 187 | |||||||
|
| |||||||||
Lebanon—0.7% | ||||||||||
Lebanon Government International Bond, | ||||||||||
5.800%, due 4/14/20 (c) | 1,400 | 91 | ||||||||
6.600%, due 11/27/26 (c) | 800 | 52 |
See accompanying Notes to Financial Statements.
73
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
| Foreign Government Bonds—(continued) | |||||||||
Lebanon — (continued) | ||||||||||
6.650%, due 4/22/24 (c) | $ | 268 | $ | 18 | ||||||
6.750%, due 11/29/27 (c) | 776 | 51 | ||||||||
6.850%, due 3/23/27 (c) | 600 | 39 | ||||||||
7.150%, due 11/20/31 (c) | 1,200 | 78 | ||||||||
8.200%, due 5/17/33 (c) | 600 | 39 | ||||||||
|
| |||||||||
368 | ||||||||||
|
| |||||||||
Mexico—1.7% | ||||||||||
Mexico Bonos, | MXN | 5,000 | 268 | |||||||
Mexico Government International Bond, | ||||||||||
5.750%, due 10/12/10 | $ | 270 | 237 | |||||||
6.350%, due 2/9/35 | 400 | 413 | ||||||||
|
| |||||||||
918 | ||||||||||
|
| |||||||||
Mongolia—0.3% | ||||||||||
Mongolia Government International Bond, | 200 | 180 | ||||||||
|
| |||||||||
Morocco—0.2% | ||||||||||
Morocco Government International Bond, | 200 | 137 | ||||||||
|
| |||||||||
Mozambique—0.3% | ||||||||||
Mozambique International Bond, | 200 | 171 | ||||||||
|
| |||||||||
Nigeria—1.0% | ||||||||||
Nigeria Government International Bond, | 500 | 410 | ||||||||
Nigeria OMO Bill, | NGN | 250,000 | 159 | |||||||
|
| |||||||||
569 | ||||||||||
|
| |||||||||
Oman—2.2% | ||||||||||
Oman Government International Bond, | ||||||||||
4.750%, due 6/15/26 | $ | 600 | 589 | |||||||
5.625%, due 1/17/28 | 400 | 402 | ||||||||
6.750%, due 1/17/48 | 200 | 205 | ||||||||
|
| |||||||||
1,196 | ||||||||||
|
| |||||||||
Pakistan—1.5% | ||||||||||
Pakistan Government International Bond, | ||||||||||
8.250%, due 9/30/25 | 450 | 423 | ||||||||
8.875%, due 4/8/51 | 500 | 377 | ||||||||
|
| |||||||||
800 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
74
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
| Foreign Government Bonds—(continued) | |||||||||
Panama—2.3% | ||||||||||
Panama Government International Bond, | ||||||||||
3.870%, due 7/23/60 | $ | 710 | $ | 408 | ||||||
3.875%, due 3/17/28 | 250 | 228 | ||||||||
4.500%, due 5/15/47 | 200 | 138 | ||||||||
4.500%, due 4/1/56 | 200 | 129 | ||||||||
4.500%, due 1/19/63 | 600 | 384 | ||||||||
|
| |||||||||
1,287 | ||||||||||
|
| |||||||||
Paraguay—2.5% | ||||||||||
Paraguay Government International Bond, | ||||||||||
2.739%, due 1/29/33 | 860 | 696 | ||||||||
3.849%, due 6/28/33 | 300 | 262 | ||||||||
7.900%, due 2/9/31 (b) | PYG | 3,000,000 | 418 | |||||||
|
| |||||||||
1,376 | ||||||||||
|
| |||||||||
Peru—0.9% | ||||||||||
Peruvian Government International Bond, | ||||||||||
2.783%, due 1/23/31 | $ | 200 | 172 | |||||||
3.230%, due 7/28/21 | 230 | 132 | ||||||||
3.600%, due 1/15/72 | 300 | 199 | ||||||||
|
| |||||||||
503 | ||||||||||
|
| |||||||||
Philippines—1.5% | ||||||||||
Philippines Government International Bond, | ||||||||||
3.700%, due 2/2/42 | 700 | 574 | ||||||||
6.250%, due 1/14/36 | PHP | 15,000 | 250 | |||||||
|
| |||||||||
824 | ||||||||||
|
| |||||||||
Poland—0.7% | ||||||||||
Poland Government International Bond, | $ | 400 | 400 | |||||||
|
| |||||||||
Qatar—2.2% | ||||||||||
Qatar Government International Bond, | 1,400 | 1,239 | ||||||||
|
| |||||||||
Romania—1.6% | ||||||||||
Romania Government International Bond, | ||||||||||
2.875%, due 4/13/42 | EUR | 100 | 74 | |||||||
5.250%, due 11/25/27 | $ | 400 | 394 | |||||||
5.625%, due 2/22/36 (b) | EUR | 200 | 216 | |||||||
7.625%, due 1/17/53 (b) | $ | 200 | 222 | |||||||
|
| |||||||||
906 | ||||||||||
|
| |||||||||
Saudi Arabia—2.4% | ||||||||||
Saudi Government International Bond, | ||||||||||
3.450%, due 2/2/61 | 800 | 533 | ||||||||
5.750%, due 1/16/54 (b) | 800 | 792 | ||||||||
|
| |||||||||
1,325 | ||||||||||
|
|
See accompanying Notes to Financial Statements.
75
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
Foreign Government Bonds—(continued) |
| |||||||||
Senegal—0.7% |
| |||||||||
Senegal Government International Bond, | EUR | 500 | $ | 391 | ||||||
|
| |||||||||
| Serbia—0.3% |
| ||||||||
Serbia International Bond, | 200 | 151 | ||||||||
|
| |||||||||
South Africa—1.0% |
| |||||||||
South Africa Government International Bond, | ZAR | 15,000 | 548 | |||||||
|
| |||||||||
Sri Lanka—1.4% |
| |||||||||
Sri Lanka Government International Bond, | ||||||||||
5.750%, due 4/18/23 (c) | $ | 400 | 230 | |||||||
6.350%, due 6/28/24 (c) | 100 | 59 | ||||||||
6.850%, due 11/3/25 (c) | 400 | 240 | ||||||||
7.550%, due 3/28/30 (c) | 200 | 117 | ||||||||
7.850%, due 3/14/29 (c) | 200 | 117 | ||||||||
|
| |||||||||
763 | ||||||||||
|
| |||||||||
Suriname—0.8% |
| |||||||||
Suriname Government International Bond, | ||||||||||
7.950%, due 7/15/33 | 120 | 110 | ||||||||
7.950%, due 7/15/33 (b) | 352 | 322 | ||||||||
|
| |||||||||
432 | ||||||||||
|
| |||||||||
Trinidad And Tobago—0.4% |
| |||||||||
Trinidad and Tobago Government International Bond, | 200 | 201 | ||||||||
|
| |||||||||
Tunisia—0.8% |
| |||||||||
Tunisian Republic, | ||||||||||
5.750%, due 1/30/25 | 400 | 377 | ||||||||
6.375%, due 7/15/26 | EUR | 100 | 91 | |||||||
|
| |||||||||
468 | ||||||||||
|
| |||||||||
Turkey—2.1% |
| |||||||||
Turkiye Government International Bond, | ||||||||||
4.875%, due 10/9/26 | $ | 200 | 194 | |||||||
4.875%, due 4/16/43 | 200 | 140 | ||||||||
5.875%, due 5/21/30 | EUR | 200 | 215 | |||||||
7.625%, due 5/15/34 | $ | 200 | 201 | |||||||
9.375%, due 3/14/29 | 400 | 435 | ||||||||
|
| |||||||||
1,185 | ||||||||||
|
| |||||||||
Ukraine—1.8% |
| |||||||||
Ukraine Government International Bond, | ||||||||||
6.876%, due 5/21/31 (c) | 300 | 87 | ||||||||
7.253%, due 3/15/35 (c) | 1,050 | 305 | ||||||||
7.375%, due 9/25/34 (c) | 600 | 175 | ||||||||
7.750%, due 8/1/41 (a)(c) | 480 | 265 |
See accompanying Notes to Financial Statements.
76
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
| Foreign Government Bonds—(continued) |
| ||||||||
Ukraine — (continued) |
| |||||||||
9.750%, due 11/1/30 (c) | $ | 400 | $ | 140 | ||||||
|
| |||||||||
972 | ||||||||||
|
| |||||||||
United Arab Emirates—0.6% |
| |||||||||
Abu Dhabi Government International Bond, | 450 | 306 | ||||||||
|
| |||||||||
Uruguay—0.5% |
| |||||||||
Uruguay Government International Bond, | ||||||||||
4.975%, due 4/20/55 | 200 | 188 | ||||||||
9.750%, due 7/20/33 | UYU | 3,788 | 105 | |||||||
|
| |||||||||
293 | ||||||||||
|
| |||||||||
Uzbekistan—0.3% |
| |||||||||
Republic of Uzbekistan International Bond, | $ | 200 | 165 | |||||||
|
| |||||||||
Venezuela—0.5% |
| |||||||||
Venezuela Government International Bond, | ||||||||||
8.250%, due 10/13/24 (c) | 400 | 56 | ||||||||
9.250%, due 5/7/28 (c) | 500 | 80 | ||||||||
11.950%, due 8/5/31 (c) | 800 | 134 | ||||||||
|
| |||||||||
270 | ||||||||||
|
| |||||||||
Zambia—0.8% |
| |||||||||
Zambia Government International Bond, | ||||||||||
5.375%, due 9/20/22 | 250 | 163 | ||||||||
8.500%, due 4/14/24 | 200 | 147 | ||||||||
8.970%, due 7/30/27 | 200 | 147 | ||||||||
|
| |||||||||
457 | ||||||||||
|
| |||||||||
Total Foreign Government Bonds—61.4% |
| 33,842 | ||||||||
|
| |||||||||
Foreign Corporate Bonds—30.6% |
| |||||||||
Brazil—2.8% |
| |||||||||
3R Lux SARL, | 200 | 209 | ||||||||
Aegea Finance SARL, | 200 | 211 | ||||||||
Ambipar Lux SARL, | 200 | 199 | ||||||||
Azul Secured Finance LLP, | 175 | 148 | ||||||||
CSN Resources SA, | 200 | 206 | ||||||||
ERO Copper Corp., | 200 | 190 | ||||||||
Minerva Luxembourg SA, | 200 | 166 |
See accompanying Notes to Financial Statements.
77
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||
| Foreign Corporate Bonds—(continued) |
| ||||||||
Brazil — (continued) |
| |||||||||
Petrorio Luxembourg Trading SARL, | $ | 200 | $ | 196 | ||||||
|
| |||||||||
1,525 | ||||||||||
|
| |||||||||
Chile—1.6% |
| |||||||||
Corp. Nacional del Cobre de Chile, | ||||||||||
3.700%, due 1/30/50 | 200 | 138 | ||||||||
3.750%, due 1/15/31 | 400 | 356 | ||||||||
6.300%, due 9/8/53 (b) | 200 | 199 | ||||||||
6.440%, due 1/26/36 (b) | 200 | 206 | ||||||||
|
| |||||||||
899 | ||||||||||
|
| |||||||||
China—1.4% |
| |||||||||
China Evergrande Group, | 300 | 3 | ||||||||
China Oil & Gas Group Ltd., | 200 | 169 | ||||||||
Sinochem Offshore Capital Co. Ltd., | 500 | 415 | ||||||||
Standard Chartered PLC, | 200 | 165 | ||||||||
Yuzhou Group Holdings Co. Ltd., | 200 | 10 | ||||||||
|
| |||||||||
762 | ||||||||||
|
| |||||||||
Colombia—1.4% |
| |||||||||
Banco Davivienda SA, | 200 | 141 | ||||||||
Corp. Andina de Fomento, | COP | 2,000,000 | 450 | |||||||
Gran Tierra Energy, Inc., | $ | 200 | 186 | |||||||
|
| |||||||||
777 | ||||||||||
|
| |||||||||
Costa Rica—0.8% |
| |||||||||
Instituto Costarricense de Electricidad, | 250 | 223 | ||||||||
Liberty Costa Rica Senior Secured Finance, | 200 | 211 | ||||||||
|
| |||||||||
434 | ||||||||||
|
| |||||||||
Czech Republic—0.4% |
| |||||||||
Energo-Pro AS, | 200 | 203 | ||||||||
|
| |||||||||
Hungary—0.4% |
| |||||||||
Magyar Export-Import Bank Zrt, | 200 | 201 | ||||||||
|
|
See accompanying Notes to Financial Statements.
78
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||||||
Foreign Corporate Bonds—(continued) |
| |||||||||||||
India—2.6% |
| |||||||||||||
Adani Ports & Special Economic Zone Ltd., | $ | 200 | $ | 163 | ||||||||||
European Bank for Reconstruction & Development, | INR | 20,000 | 235 | |||||||||||
Indiabulls Housing Finance Ltd., | $ | 200 | 200 | |||||||||||
| International Bank for Reconstruction & Development, | INR | 20,000 | 237 | ||||||||||
Network i2i Ltd., | $ | 200 | 198 | |||||||||||
ReNew Wind Energy AP2/ReNew Power Pvt Ltd., | 200 | 183 | ||||||||||||
Shriram Finance Ltd., | 200 | 201 | ||||||||||||
|
| |||||||||||||
1,417 | ||||||||||||||
|
| |||||||||||||
Indonesia—2.5% |
| |||||||||||||
European Bank for Reconstruction & Development, | IDR | 3,500,000 | 218 | |||||||||||
Medco Maple Tree Pte. Ltd., | $ | 250 | 260 | |||||||||||
Pertamina Persero PT, | ||||||||||||||
2.300%, due 2/9/31 | 200 | 165 | ||||||||||||
3.100%, due 8/27/30 | 400 | 354 | ||||||||||||
6.000%, due 5/3/42 | 200 | 203 | ||||||||||||
Perusahaan Penerbit SBSN Indonesia III, | 200 | 196 | ||||||||||||
|
| |||||||||||||
1,396 | ||||||||||||||
|
| |||||||||||||
Kazakhstan—0.3% |
| |||||||||||||
KazMunayGas National Co. JSC, | 200 | 166 | ||||||||||||
|
| |||||||||||||
Malaysia—1.9% |
| |||||||||||||
Dua Capital Ltd., | 550 | 471 | ||||||||||||
Petronas Capital Ltd., | ||||||||||||||
4.550%, due 4/21/50 | 200 | 177 | ||||||||||||
4.800%, due 4/21/60 | 450 | 408 | ||||||||||||
|
| |||||||||||||
1,056 | ||||||||||||||
|
| |||||||||||||
Mexico—4.8% |
| |||||||||||||
Banco Nacional de Comercio Exterior SNC, | 220 | 196 | ||||||||||||
Credito Real SAB de CV SOFOM ER, | EUR | 200 | 24 | |||||||||||
Grupo Axo SAPI de CV, | $ | 200 | 193 | |||||||||||
Orbia Advance Corp. SAB de CV, | 200 | 183 |
See accompanying Notes to Financial Statements.
79
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||||||
Foreign Corporate Bonds—(continued) |
| |||||||||||||
Mexico — (continued) |
| |||||||||||||
Petroleos Mexicanos, | ||||||||||||||
4.750%, due 2/26/29 | EUR | 200 | $ | 181 | ||||||||||
5.950%, due 1/28/31 | $ | 1,200 | 962 | |||||||||||
6.490%, due 1/23/27 | 200 | 188 | ||||||||||||
6.700%, due 2/16/32 | 230 | 192 | ||||||||||||
6.750%, due 9/21/47 | 808 | 534 | ||||||||||||
|
| |||||||||||||
2,653 | ||||||||||||||
|
| |||||||||||||
Nigeria—0.3% |
| |||||||||||||
| SEPLAT Energy PLC, | 200 | 194 | |||||||||||
|
| |||||||||||||
Peru—1.4% |
| |||||||||||||
Banco de Credito del Peru SA, | PEN | 800 | 219 | |||||||||||
Corp. Financiera de Desarrollo SA, | $ | 420 | 375 | |||||||||||
InRetail Consumer, | 200 | 179 | ||||||||||||
|
| |||||||||||||
773 | ||||||||||||||
|
| |||||||||||||
Poland—0.4% |
| |||||||||||||
Bank Polska Kasa Opieki SA, | EUR | 200 | 220 | |||||||||||
|
| |||||||||||||
Saudi Arabia—1.1% |
| |||||||||||||
Gaci First Investment Co., | $ | 700 | 607 | |||||||||||
|
| |||||||||||||
South Africa—0.3% |
| |||||||||||||
Stillwater Mining Co., | 200 | 179 | ||||||||||||
|
| |||||||||||||
Supranational—0.9% |
| |||||||||||||
Gabon Blue Bond Master Trust, | 500 | 495 | ||||||||||||
|
| |||||||||||||
Trinidad And Tobago—0.8% |
| |||||||||||||
Heritage Petroleum Co. Ltd., | ||||||||||||||
9.000%, due 8/12/29 | 200 | 211 | ||||||||||||
9.000%, due 8/12/29 (b) | 200 | 210 | ||||||||||||
|
| |||||||||||||
421 | ||||||||||||||
|
| |||||||||||||
Turkey—2.1% |
| |||||||||||||
European Bank for Reconstruction & Development, | TRY | 60,000 | 132 | |||||||||||
Hazine Mustesarligi Varlik Kiralama AS, | $ | 200 | 204 | |||||||||||
Istanbul Metropolitan Municipality, | 400 | 426 | ||||||||||||
Turkiye Ihracat Kredi Bankasi AS, | 200 | 195 |
See accompanying Notes to Financial Statements.
80
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||||||
Foreign Corporate Bonds—(continued) |
| |||||||||||||
Turkey — (continued) |
| |||||||||||||
| WE Soda Investments Holding PLC, | $ | 200 | $ | 207 | |||||||||
|
| |||||||||||||
1,164 | ||||||||||||||
|
| |||||||||||||
United Arab Emirates—2.1% |
| |||||||||||||
Emirates NBD Bank PJSC, | 200 | 194 | ||||||||||||
Finance Department Government of Sharjah, | 200 | 201 | ||||||||||||
GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC, | 200 | 200 | ||||||||||||
MAF Global Securities Ltd., | 200 | 200 | ||||||||||||
Shelf Drilling Holdings Ltd., | 200 | 193 | ||||||||||||
Sobha Sukuk Ltd., | 200 | 201 | ||||||||||||
|
| |||||||||||||
1,189 | ||||||||||||||
|
| |||||||||||||
Venezuela—0.3% |
| |||||||||||||
Petroleos de Venezuela SA, | ||||||||||||||
6.000%, due 11/15/26 (c) | 250 | 23 | ||||||||||||
8.500%, due 10/27/20 (c) | 75 | 59 | ||||||||||||
9.750%, due 5/17/35 (c) | 530 | 59 | ||||||||||||
|
| |||||||||||||
141 | ||||||||||||||
|
| |||||||||||||
Total Foreign Corporate Bonds—30.6% |
| 16,872 | ||||||||||||
|
| |||||||||||||
Foreign Municipal Bonds—0.3% |
| |||||||||||||
Argentina—0.3% |
| |||||||||||||
Provincia de Buenos Aires, | ||||||||||||||
5.500%, due 9/1/37 (a)(b) | 200 | 71 | ||||||||||||
6.375%, due 9/1/37 (a) | 167 | 67 | ||||||||||||
6.375%, due 9/1/37 (a)(b) | 49 | 20 | ||||||||||||
|
| |||||||||||||
158 | ||||||||||||||
|
| |||||||||||||
Total Foreign Municipal Bonds—0.3% |
| 158 | ||||||||||||
|
| |||||||||||||
Repurchase Agreement |
| |||||||||||||
Fixed Income Clearing Corporation, 2.300% dated 03/28/24, due 04/01/24, repurchase price $276, collateralized by U.S. Treasury Note, 4.625%, due 09/15/26, valued at $281 | 276 | 276 | ||||||||||||
|
| |||||||||||||
Total Repurchase Agreement—0.5% |
| 276 | ||||||||||||
|
|
See accompanying Notes to Financial Statements.
81
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | ||||||||||||
U.S. Government—5.7% |
| |||||||||||||
U.S. Treasury Bill, | ||||||||||||||
4.706%, due 11/29/24 (f) | $ | 730 | $ | 706 | ||||||||||
4.755%, due 12/26/24 (f) | 550 | 530 | ||||||||||||
5.037%, due 1/23/25 | 300 | 288 | ||||||||||||
5.122%, due 10/31/24 | 280 | 272 | ||||||||||||
5.185%, due 9/5/24 | 1,100 | 1,076 | ||||||||||||
5.248%, due 8/15/24 | 300 | 294 | ||||||||||||
|
| |||||||||||||
| Total U.S. Government—5.7% |
| 3,166 | |||||||||||
|
| |||||||||||||
Total Investments in Securities—98.5% |
| 54,314 | ||||||||||||
|
| |||||||||||||
Total Investments—98.5% |
| 54,314 | ||||||||||||
Cash and other assets, less liabilities—1.5% |
| 847 | ||||||||||||
|
| |||||||||||||
Net assets—100.0% |
| $ | 55,161 | |||||||||||
|
|
(a) | Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of March 31, 2024. |
(b) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. |
(c) | Security is currently in default and/or non-income producing. |
(d) | Security is perpetual in nature and has no stated maturity. |
(e) | Floating Rate Bond. Rate shown is as of March 31, 2024. |
(f) | Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $456 (in thousands). |
CMT = Constant Maturity Treasury
EURIBOR = Euro Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TIIE = Interbank Equilibrium Interest Rate
At March 31, 2024, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 87.0% | |||
Euro | 4.9% | |||
South African Rand | 1.0% | |||
Brazilian Real | 1.0% | |||
All Other Currencies | 6.1% | |||
|
| |||
Total | 100.0% | |||
|
|
At March 31, 2024, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Sovereign | 70.7% | |||
Corporate | ||||
Financials | 3.3% | |||
Energy | 2.6% | |||
Materials | 1.8% | |||
Utilities | 1.4% | |||
Consumer Discretionary | 1.0% | |||
Communication Services | 0.8% | |||
Industrials | 0.6% | |||
Consumer Staples | 0.6% | |||
Quasi-Sovereign | 12.8% | |||
Supranational | 3.3% | |||
Sub Sovereign | 1.1% | |||
|
| |||
Total | 100.0% | |||
|
|
See accompanying Notes to Financial Statements.
82
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
Forward Foreign Currency Contracts
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||||||
Purchased | ||||||||||||||||||||
7/29/24 | Egyptian Pound | Citibank N.A. | 6,500 | $ | 130 | $ | 133 | $ | 3 | |||||||||||
|
| |||||||||||||||||||
$ | 3 | |||||||||||||||||||
|
| |||||||||||||||||||
Sold | ||||||||||||||||||||
4/17/24 | Euro | Citibank N.A. | 1,764 | $ | 1,927 | $ | 1,904 | $ | 23 | |||||||||||
4/17/24 | South African Rand | Citibank N.A. | 10,400 | 548 | 548 | — | ||||||||||||||
|
| |||||||||||||||||||
$ | 23 | |||||||||||||||||||
|
| |||||||||||||||||||
Total net unrealized appreciation (depreciation) on forward foreign currency contracts | $ | 26 | ||||||||||||||||||
|
|
Centrally Cleared Interest Rate Swaps
Floating | Pay/Receive Floating Rate | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||||||
1-Day USD SOFR | Receive | 3.750 | % | 1Y | June 2048 | LCH | $ | 1,403 | $ | 41 | $ | 11 | $ | (30 | ) | |||||||||||||||||||||||
EUR 6M EURIBOR | Receive | 3.750 | % | 1Y | September 2026 | LCH | EUR | 209 | (8 | ) | (8 | ) | — | |||||||||||||||||||||||||
EUR 6M EURIBOR | Receive | 3.500 | % | 1Y | September 2028 | LCH | EUR | 90 | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||
EUR 6M EURIBOR | Receive | 3.250 | % | 1Y | September 2030 | LCH | EUR | 161 | 1 | (9 | ) | (10 | ) | |||||||||||||||||||||||||
EUR 6M EURIBOR | Receive | 3.250 | % | 1Y | September 2033 | LCH | EUR | 767 | (37 | ) | (59 | ) | (22 | ) | ||||||||||||||||||||||||
EUR 6M EURIBOR | Receive | 3.250 | % | 1Y | September 2038 | LCH | EUR | 713 | (20 | ) | (71 | ) | (51 | ) | ||||||||||||||||||||||||
1-Day USD SOFR | Pay | 4.500 | % | 1Y | June 2026 | LCH | $ | 3,609 | (18 | ) | (20 | ) | (2 | ) | ||||||||||||||||||||||||
1-Day USD SOFR | Pay | 4.250 | % | 1Y | June 2028 | LCH | $ | 2,199 | (8 | ) | (3 | ) | 5 | |||||||||||||||||||||||||
1-Day USD SOFR | Pay | 4.000 | % | 1Y | June 2030 | LCH | $ | 2,936 | (19 | ) | (17 | ) | 2 | |||||||||||||||||||||||||
1-Day USD SOFR | Pay | 4.000 | % | 1Y | June 2033 | LCH | $ | 1,539 | (8 | ) | 3 | 11 | ||||||||||||||||||||||||||
1-Day USD SOFR | Pay | 4.000 | % | 1Y | June 2043 | LCH | $ | 1,638 | (58 | ) | 25 | 83 | ||||||||||||||||||||||||||
MXN 28D TIIE | Pay | 10.650 | % | 28D | October 2025 | LCH | MXN | 10,000 | — | 5 | 5 | |||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||||||
$ | (14 | ) | ||||||||||||||||||||||||||||||||||||
|
|
Centrally Cleared Credit Default Swaps
Reference | Buy/Sell Protection | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | |||||||||||||||||||||||||
Kingdom of Saudi Arabia | Buy | 1.000 | % | 3M | June 2026 | ICE | $ | 400 | $ | (8 | ) | $ | (6 | ) | $ | 2 | ||||||||||||||||||
Argentine Republic | Buy | 1.000 | % | 3M | June 2027 | ICE | 250 | 205 | 129 | (76 | ) | |||||||||||||||||||||||
Argentine Republic | Buy | 5.000 | % | 3M | June 2026 | ICE | 300 | 168 | 105 | (63 | ) | |||||||||||||||||||||||
Republic of Turkey | Buy | 1.000 | % | 3M | June 2029 | ICE | 200 | 20 | 18 | (2 | ) | |||||||||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | June 2032 | ICE | 100 | (63 | ) | (53 | ) | 10 | ||||||||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | June 2027 | ICE | 250 | (190 | ) | (109 | ) | 81 | ||||||||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | June 2025 | ICE | 205 | (82 | ) | (38 | ) | 44 | ||||||||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | June 2028 | ICE | 150 | (96 | ) | (72 | ) | 24 | ||||||||||||||||||||||
Argentine Republic | Sell | 5.000 | % | 3M | June 2024 | ICE | 50 | (11 | ) | (1 | ) | 10 | ||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||||||
$ | 30 | |||||||||||||||||||||||||||||||||
|
|
See accompanying Notes to Financial Statements.
83
Emerging Markets Debt Fund |
Portfolio of Investments, March 31, 2024 (all dollar amounts in thousands) (unaudited)
OTC Total Return Swap
Reference Entity | Pay/Receive Floating Rate | Floating Rate | Maturity Date | Counterparty | Notional Amount (in thousands) | Market Value | Unrealized Appreciation (Depreciation) | |||||||||||||
iShares J.P. Morgan USD Emerging Markets Bond ETF | Receive | USD SOFR | May 2024 | Goldman Sachs | $ | 658 | $ | (12 | ) | $ | (12 | ) | ||||||||
|
| |||||||||||||||||||
Total net unrealized appreciation (depreciation) on swaps |
| $ | 4 | |||||||||||||||||
|
|
Currency Legend
BRL Brazilian Real
COP Colombian Peso
DOP Dominican Peso
EUR Euro
IDR Indonesian Rupiah
INR Indian Rupee
JMD Jamaican Dollar
MXN Mexican Peso
NGN Nigerian Naira
PEN Peruvian Nouveau Sol
PHP Philippine Peso
PYG Paraguay Guarani
TRY Turkish Lira
USD U.S. Dollar
UYU Uruguayan Peso
ZAR South African Rand
See accompanying Notes to Financial Statements.
84
Notes to Portfolios of Investments
(1) Significant Accounting Policies
(a) Description of the Trust
William Blair Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. As of March 31, 2024, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity Funds | International Equity Funds | Emerging Markets Debt Fund | ||
Growth | International Leaders | Emerging Markets Debt | ||
Large Cap Growth | International Growth | |||
Mid Cap Value | Institutional International Growth | |||
Small-Mid Cap Core | International Small Cap Growth | |||
Small-Mid Cap Growth | Emerging Markets Leaders | |||
Small-Mid Cap Value | Emerging Markets Growth | |||
Small Cap Growth | Emerging Markets ex China Growth | |||
Small Cap Value | Emerging Markets Small Cap Growth | |||
China Growth | ||||
Global Equity Fund | ||||
Global Leaders |
The investment objectives of the Funds are as follows:
U.S. Equity Funds | Long-term capital appreciation. | |||
Global Equity Fund | Long-term capital appreciation. | |||
International Equity Funds | Long-term capital appreciation. | |||
Emerging Markets Debt Fund | Provide attractive risk-adjusted returns relative to the Fund’s benchmark. |
85
(b) Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.
(2) Valuation
(a) Investment Valuation
The value of U.S. equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.
The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Adviser has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of March 31, 2024, fair valuation estimates for foreign equity securities were not obtained.
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.
Repurchase agreements are valued at cost, which approximates fair value.
Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset.
Securities, and other assets, for which a market quotation is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
86
(b) Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• | Level 1—Quoted prices (unadjusted) in active markets for an identical security. |
• | Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated. |
• | Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available. |
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation methodologies applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Exchange-Traded Securities
Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.
Fixed Income Securities
Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.
Repurchase Agreements
Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.
Derivative Instruments
Forward foreign currency contracts and swaps are valued using pricing inputs observed from actively quoted markets and are categorized within Level 2 of the fair value hierarchy.
As of March 31, 2024, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
87
Investments in securities | Growth | Large Cap Growth | Mid Cap Value | Small-Mid Cap Core | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 255,657 | $ | 2,290,736 | $ | 1,660 | $ | 204,537 | ||||||||
Level 2 | ||||||||||||||||
Repurchase Agreements | 4,584 | 9,525 | — | 1,997 | ||||||||||||
Level 3 | ||||||||||||||||
None | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments in securities | $ | 260,241 | $ | 2,300,261 | $ | 1,660 | $ | 206,534 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in securities | Small-Mid Cap Growth | Small-Mid Cap Value | Small Cap Growth | Small Cap Value | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 2,010,783 | $ | 2,799 | $ | 781,262 | $ | 1,375,352 | ||||||||
Exchange-Traded Funds | — | — | 8,089 | — | ||||||||||||
Level 2 | ||||||||||||||||
Repurchase Agreements | 22,851 | — | 22,323 | 20,713 | ||||||||||||
Level 3 | ||||||||||||||||
Common Stocks | — | — | — | — | ||||||||||||
Rights | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments in securities | $ | 2,033,634 | $ | 2,799 | $ | 811,674 | $ | 1,396,065 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in securities | Global Leaders | International Leaders | International Growth | Institutional International Growth | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 108,005 | $ | 1,132,959 | $ | 1,486,723 | $ | 960,615 | ||||||||
Level 2 | ||||||||||||||||
Repurchase Agreements | 364 | 16,588 | 24,911 | 19,254 | ||||||||||||
Level 3 | ||||||||||||||||
None | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments in securities | $ | 108,369 | $ | 1,149,547 | $ | 1,511,634 | $ | 979,869 | ||||||||
|
|
|
|
|
|
|
| |||||||||
Investments in securities | International Small Cap Growth | Emerging Markets Leaders | Emerging Markets Growth | Emerging Markets ex China Growth | ||||||||||||
Level 1 | ||||||||||||||||
Common Stocks | $ | 228,657 | $ | 245,257 | $ | 748,017 | $ | 21,866 | ||||||||
Level 2 | ||||||||||||||||
Common Stocks | 1,096 | 6,037 | 7,844 | 213 | ||||||||||||
Repurchase Agreements | 4,645 | 2,144 | 977 | 407 | ||||||||||||
Level 3 | ||||||||||||||||
None | — | — | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total investments in securities | $ | 234,398 | $ | 253,438 | $ | 756,838 | $ | 22,486 | ||||||||
|
|
|
|
|
|
|
|
88
Investments in securities | Emerging Markets Small Cap Growth | China Growth | Emerging Markets Debt | |||||||||
Level 1 | ||||||||||||
Common Stocks | $ | 404,902 | $ | 1,718 | $ | — | ||||||
Level 2 | ||||||||||||
Foreign Corporate Bonds | — | — | 16,872 | |||||||||
Foreign Government Bonds | — | — | 33,842 | |||||||||
Foreign Municipal Bonds | — | — | 158 | |||||||||
Repurchase Agreements | — | — | 276 | |||||||||
U.S. Government | — | — | 3,166 | |||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total investments in securities | $ | 404,902 | $ | 1,718 | $ | 54,314 | ||||||
|
|
|
|
|
| |||||||
Other financial instruments | ||||||||||||
Assets | ||||||||||||
Level 1 | ||||||||||||
None | $ | — | $ | — | $ | — | ||||||
Level 2 | ||||||||||||
Forward Foreign Currency Contracts | — | — | 26 | |||||||||
Swaps | — | — | 277 | |||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
Liabilities | ||||||||||||
Level 1 | ||||||||||||
None | — | — | — | |||||||||
Level 2 | ||||||||||||
Swaps | — | — | (273 | ) | ||||||||
Level 3 | ||||||||||||
None | — | — | — | |||||||||
|
|
|
|
|
| |||||||
Total other financial instruments | $ | — | $ | — | $ | 30 | ||||||
|
|
|
|
|
|
See Portfolio of Investments for Sector Classification.
The fair value estimates for the Level 3 securities in the Small-Mid Cap Growth and Small Cap Growth Funds were determined in good faith by the Adviser pursuant to the Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company’s performance and market trends that influence its performance. The Level 3 securities represented 0.00% and 0.00% as a percentage of net assets in the Small-Mid Cap Growth and Small Cap Growth Funds, respectively.
89
(3) Financial Derivative Instruments
Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund’s prospectus.
Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.
The Emerging Markets Debt Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by the Emerging Markets Debt Fund with various counterparties and allow the Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.
Forward Foreign Currency Contracts
The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.
90
Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:
Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. Under current regulatory requirements, a Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.
Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.
Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.
91
William Blair Funds
U.S. EQUITY | GLOBAL EQUITY | EMERGING MARKETS
| ||
Growth Fund | Global Leaders Fund | |||
Large Cap Growth Fund | Emerging Markets Debt Fund | |||
Mid Cap Value Fund | INTERNATIONAL EQUITY | |||
Small-Mid Cap Core Fund | International Leaders Fund | |||
Small-Mid Cap Growth Fund | International Growth Fund | |||
Small-Mid Cap Value Fund | Institutional International Growth Fund | |||
Small Cap Growth Fund | International Small Cap Growth Fund | |||
Small Cap Value Fund | Emerging Markets Leaders Fund | |||
Emerging Markets Growth Fund | ||||
Emerging Markets ex China Growth Fund | ||||
Emerging Markets Small Cap Growth Fund | ||||
China Growth Fund |
©William Blair & Company, L.L.C., distributor | ||||||
+1 800 742 7272 williamblairfunds.com | 150 North Riverside Plaza Chicago, Illinois 60606 |