UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-05344

WILLIAM BLAIR FUNDS

(Exact name of registrant as specified in charter)

150 NORTH RIVERSIDE PLAZA CHICAGO, IL 60606

(Address of principal executive offices) (Zip code)

Stephanie G. Braming, Principal Executive Officer, William Blair Funds.

150 North Riverside Plaza

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-236-1600

Date of fiscal year end: December 31

Date of reporting period: March 31, 2018

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 ((S)(S) 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. (S) 3507.

Item 1. Schedule of Investments

Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—36.3%
*	Adobe Systems, Inc.		21,926	$	4,738
*	Akamai Technologies, Inc.		51,361		3,645
*	Alphabet, Inc. Class “A”		20,998		21,778
	Booz Allen Hamilton Holding Corporation		92,785		3,593
*	Facebook, Inc. Class “A”		57,168		9,135
*	Guidewire Software, Inc.		35,543		2,873
	Mastercard, Inc. Class “A”		87,304		15,292
*	MaxLinear, Inc.		103,724		2,360
	Microsoft Corporation		262,815		23,987
	National Instruments Corporation		72,657		3,674
*	Pure Storage, Inc.		126,202		2,518
*	Red Hat, Inc.		63,217		9,451
*	Rogers Corporation		16,520		1,975
	Texas Instruments, Inc.		62,074		6,449
*	Ultimate Software Group, Inc.		14,517		3,538
*	Worldpay, Inc.		96,706		7,953
*	Yelp, Inc.		80,596		3,365
					126,324
	Consumer Discretionary—17.5%
*	Amazon.com, Inc.		14,427		20,881
	Domino’s Pizza, Inc.		21,826		5,098
*	Grand Canyon Education, Inc.		39,547		4,149
*	Laureate Education, Inc.		170,064		2,338
*	Live Nation Entertainment, Inc.		81,898		3,451
	Six Flags Entertainment Corporation		73,688		4,588
	Starbucks Corporation		106,527		6,167
	Steven Madden, Ltd.		60,292		2,647
*	The Michaels Cos., Inc.		110,332		2,175
*	Ulta Salon Cosmetics & Fragrance, Inc.		29,557		6,037
	Vail Resorts, Inc.		15,418		3,418
					60,949
	Health Care—15.3%
*	Align Technology, Inc.		8,710		2,187
	Allergan plc†		19,523		3,286
*	Charles River Laboratories International, Inc.		33,440		3,569
	Danaher Corporation		79,395		7,774
*	Ligand Pharmaceuticals, Inc.		13,804		2,280
	Teleflex, Inc.		13,216		3,370
	UnitedHealth Group, Inc.		59,757		12,788
*	Veeva Systems, Inc.		52,663		3,845
	West Pharmaceutical Services, Inc.		28,294		2,498
	Zoetis, Inc.		138,366		11,555
					53,152
	Industrials—14.5%
	BWX Technologies, Inc.		110,783		7,038
*	Copart, Inc.		81,097		4,130
*	CoStar Group, Inc.		18,312		6,642
	Healthcare Services Group, Inc.		81,196		3,531
	Raytheon Co.		36,043		7,779
*	The Middleby Corporation		21,426		2,652
	Union Pacific Corporation		53,264		7,160

See accompanying Notes to Portfolio of Investments.

Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Industrials — (continued)
*	Verisk Analytics, Inc.		77,923	$	8,104
	Wabtec Corporation		44,854		3,651
					50,687
	Financials—7.1%
	East West Bancorp, Inc.		65,779		4,114
	Intercontinental Exchange, Inc.		143,972		10,441
	The Progressive Corporation		169,202		10,309
					24,864
	Consumer Staples—5.1%
	Costco Wholesale Corporation		34,212		6,447
*	Monster Beverage Corporation		106,427		6,089
	The Estee Lauder Cos., Inc.		35,843		5,366
					17,902
	Materials—3.5%
	Ball Corporation		147,677		5,864
*	Codexis, Inc.		47,511		522
	Praxair, Inc.		39,748		5,736
					12,122
	Total Common Stocks—99.3% (cost $232,941)				346,000
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $4,011, collateralized by U.S. Treasury Inflation Index Bond, 0.625%, due 1/15/26	$	4,011		4,011
	Total Repurchase Agreement—1.2% (cost $4,011)				4,011
	Total Investments—100.5% (cost $236,952)				350,011
	Liabilities, plus cash and other assets—(0.5)%				(1,644	)
	Net assets—100.0%			$	348,367

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—37.1%
	Accenture plc†		41,980	$	6,444
*	Adobe Systems, Inc.		32,190		6,955
*	Alphabet, Inc. Class “A”		8,880		9,210
*	Alphabet, Inc. Class “C”		4,846		5,000
*	Facebook, Inc.		43,800		6,999
	Intuit, Inc.		27,240		4,722
	Mastercard, Inc.		52,660		9,224
	Microsoft Corporation		178,020		16,248
*	PayPal Holdings, Inc.		49,120		3,727
*	Red Hat, Inc.		44,140		6,599
	Texas Instruments, Inc.		54,820		5,695
					80,823
	Consumer Discretionary—15.8%
*	Amazon.com, Inc.		10,060		14,560
*	Live Nation Entertainment, Inc.		85,480		3,602
	McDonald’s Corporation		34,970		5,469
*	Netflix, Inc.		12,210		3,606
	Starbucks Corporation		124,830		7,227
					34,464
	Health Care—13.8%
*	Biogen, Inc.		11,080		3,034
	Danaher Corporation		47,030		4,605
	Stryker Corporation		28,730		4,623
	UnitedHealth Group, Inc.		43,930		9,401
	Zoetis, Inc.		100,530		8,395
					30,058
	Industrials—13.1%
*	Copart, Inc.		81,270		4,139
	Fortive Corporation		47,770		3,704
	Raytheon Co.		20,420		4,407
	TransDigm Group, Inc.		10,390		3,189
	Union Pacific Corporation		55,420		7,450
*	Verisk Analytics, Inc.		53,510		5,565
					28,454
	Financials—6.2%
	Intercontinental Exchange, Inc.		77,370		5,611
	The Progressive Corporation		129,680		7,901
					13,512
	Consumer Staples—6.1%
*	Monster Beverage Corporation		124,640		7,131
	The Estee Lauder Cos., Inc.		40,840		6,114
					13,245
	Materials—3.4%
	PPG Industries, Inc.		33,990		3,793
	Praxair, Inc.		25,510		3,681
					7,474

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Real Estate—2.0%
*	SBA Communications Corporation		26,120	$	4,464
	Energy—1.2%
	EOG Resources, Inc.		24,240		2,552
	Total Common Stocks—98.7% (cost $154,460)				215,046
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.028% dated 3/29/18, due 4/2/18, repurchase price $2,762, collateralized by U.S. Treasury Inflation Index Bond, 0.625%, due 1/15/26	$	2,762		2,762
	Total Repurchase Agreement—1.3% (cost $2,762)				2,762
	Total Investments—100.0% (cost $157,222)				217,808
	Cash and other assets, less liabilities—0.0%				85
	Net assets—100.0%			$	217,893

† = U.S. listed foreign security

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—23.0%
	BWX Technologies, Inc.		28,444	$	1,807
*	Copart, Inc.		43,150		2,198
*	CoStar Group, Inc.		5,789		2,099
	Equifax, Inc.		12,910		1,521
	Fortive Corporation		17,295		1,341
*	The Middleby Corporation		11,170		1,383
*	Verisk Analytics, Inc.		20,970		2,181
	Wabtec Corporation		11,760		957
	Xylem, Inc.		15,365		1,182
					14,669
	Information Technology—22.4%
*	Akamai Technologies, Inc.		13,075		928
	Analog Devices, Inc.		8,060		735
	Booz Allen Hamilton Holding Corporation		37,714		1,460
*	Coherent, Inc.		2,275		426
	Global Payments, Inc.		9,730		1,085
*	Guidewire Software, Inc.		14,215		1,149
	j2 Global, Inc.		8,095		639
	Microchip Technology, Inc.		10,205		932
*	Red Hat, Inc.		10,155		1,518
*	Tyler Technologies, Inc.		4,015		847
*	Ultimate Software Group, Inc.		6,215		1,515
*	WEX, Inc.		6,645		1,041
*	Worldpay, Inc.		23,739		1,952
					14,227
	Health Care—17.4%
*	ABIOMED, Inc.		3,270		951
*	Align Technology, Inc.		2,400		603
*	BioMarin Pharmaceutical, Inc.		9,671		784
*	Centene Corporation		10,413		1,113
*	Charles River Laboratories International, Inc.		8,075		862
	Encompass Health Corporation		16,900		966
*	IDEXX Laboratories, Inc.		3,363		644
*	Mettler-Toledo International, Inc.		1,005		578
	Teleflex, Inc.		3,385		863
*	Veeva Systems, Inc.		16,876		1,232
	West Pharmaceutical Services, Inc.		6,500		574
	Zoetis, Inc.		22,790		1,903
					11,073
	Consumer Discretionary—17.1%
	Aptiv plc†		7,040		598
*	CarMax, Inc.		17,025		1,054
	Domino’s Pizza, Inc.		7,290		1,703
*	Live Nation Entertainment, Inc.		25,680		1,082
*	Mohawk Industries, Inc.		2,950		685
	Ross Stores, Inc.		24,595		1,918
	Six Flags Entertainment Corporation		23,700		1,476
*	Ulta Salon Cosmetics & Fragrance, Inc.		6,100		1,246
	Vail Resorts, Inc.		5,100		1,131
					10,893

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Financials—6.8%
	Cboe Global Markets, Inc.		8,215	$	938
	East West Bancorp, Inc.		18,725		1,171
	The Progressive Corporation		36,620		2,231
					4,340
	Materials—5.5%
*	Axalta Coating Systems, Ltd.†		20,035		605
	Ball Corporation		44,550		1,769
	Vulcan Materials Co.		9,910		1,131
					3,505
	Energy—2.6%
*	Concho Resources, Inc.		4,010		603
*	Parsley Energy, Inc.		37,010		1,073
					1,676
	Real Estate—2.1%
*	SBA Communications Corporation		7,880		1,347
	Consumer Staples—1.0%
	Conagra Brands, Inc.		16,865		622
	Total Common Stocks—97.9% (cost $49,087)				62,352
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $1,353, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	1,353		1,353
	Total Repurchase Agreement—2.1% (cost $1,353)				1,353
	Total Investments—100.0% (cost $50,440)				63,705
	Liabilities, plus cash and other assets—0.0%				(6	)
	Net assets—100.0%			$	63,699

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—22.8%
	BWX Technologies, Inc.		985,642	$	62,618
*	Copart, Inc.		1,559,728		79,437
*	CoStar Group, Inc.		188,235		68,269
	Healthcare Services Group, Inc.		759,900		33,041
	HEICO Corporation		509,440		36,145
	Hexcel Corporation		658,319		42,521
	Ritchie Bros Auctioneers, Inc.†		657,274		20,684
*	SiteOne Landscape Supply, Inc.		316,437		24,378
*	Teledyne Technologies, Inc.		170,552		31,922
*	The Middleby Corporation		304,285		37,667
	Toro Co.		240,989		15,050
*	TransUnion		759,926		43,149
					494,881
	Information Technology—18.9%
*	2U, Inc.		464,595		39,040
	Booz Allen Hamilton Holding Corporation		1,122,646		43,469
*	Coherent, Inc.		76,742		14,382
*	Euronet Worldwide, Inc.		298,992		23,596
*	Guidewire Software, Inc.		519,632		42,002
	j2 Global, Inc.		358,126		28,263
*	MaxLinear, Inc.		886,479		20,167
	National Instruments Corporation		539,802		27,298
	Nice, Ltd.—ADR		180,700		16,973
*	Pure Storage, Inc.		1,423,712		28,403
*	Rogers Corporation		304,827		36,439
*	Tyler Technologies, Inc.		104,300		22,003
*	WEX, Inc.		294,679		46,153
*	Yelp, Inc.		534,071		22,298
					410,486
	Health Care—17.8%
*	ABIOMED, Inc.		114,745		33,390
*	Cambrex Corporation		422,245		22,083
*	Catalent, Inc.		775,200		31,830
*	Charles River Laboratories International, Inc.		297,627		31,769
*	DexCom, Inc.		426,084		31,598
	Encompass Health Corporation		617,632		35,310
*	Exact Sciences Corporation		451,464		18,207
*	Glaukos Corporation		607,947		18,743
*	Horizon Pharma plc†		2,044,639		29,034
*	IDEXX Laboratories, Inc.		25,159		4,815
*	Ligand Pharmaceuticals, Inc.		229,580		37,917
*	Repligen Corporation		406,662		14,713
	Teleflex, Inc.		85,700		21,852
*	Veeva Systems, Inc.		473,262		34,558
	West Pharmaceutical Services, Inc.		224,769		19,845
					385,664
	Consumer Discretionary—15.4%
*	Adtalem Global Education, Inc.		928,322		44,142
	Cable One, Inc.		16,689		11,467
	Domino’s Pizza, Inc.		251,832		58,818
*	Floor & Decor Holdings, Inc.		201,180		10,486

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Consumer Discretionary — (continued)
*	Grand Canyon Education, Inc.		400,660	$	42,037
*	Hilton Grand Vacations, Inc.		731,722		31,479
*	Live Nation Entertainment, Inc.		721,499		30,404
	Six Flags Entertainment Corporation		736,894		45,879
*	The Michaels Cos., Inc.		537,756		10,599
*	Universal Electronics, Inc.		382,941		19,932
	Vail Resorts, Inc.		127,034		28,163
					333,406
	Financials—10.0%
	Bank of the Ozarks, Inc.		785,322		37,908
	BrightSphere Investment Group plc†		890,252		14,030
	Cboe Global Markets, Inc.		285,941		32,626
	East West Bancorp, Inc.		262,734		16,431
*	Encore Capital Group, Inc.		606,960		27,435
	FirstCash, Inc.		510,615		41,487
*	LendingTree, Inc.		60,200		19,755
	Virtu Financial, Inc.		820,901		27,090
					216,762
	Materials—6.5%
*	Axalta Coating Systems, Ltd.†		698,919		21,100
	Ball Corporation		1,118,496		44,415
	Celanese Corporation		332,388		33,309
	Martin Marietta Materials, Inc.		197,385		40,918
					139,742
	Real Estate—3.3%
	Colliers International Group, Inc.†		237,859		16,519
	FirstService Corporation†		298,180		21,821
	Jones Lang LaSalle, Inc.		192,265		33,577
					71,917
	Energy—1.7%
*	Diamondback Energy, Inc.		124,150		15,707
*	Parsley Energy, Inc.		758,500		21,989
					37,696
	Consumer Staples—0.6%
	Nu Skin Enterprises, Inc.		184,958		13,633
	Total Common Stocks—97.0% (cost $1,744,726)				2,104,187
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $74,062, collateralized by U.S. Treasury Inflation Index Bond, 0.625%, due 1/15/26	$	74,059		74,059
	Total Repurchase Agreement—3.4% (cost $74,059)				74,059

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Value
Total Investments—100.4% (cost $1,818,785)	$	2,178,246
Liabilities, plus cash and other assets—(0.4)%		(8,429	)
Net assets—100.0%	$	2,169,817

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—23.7%
	American Financial Group, Inc.		184	$	21
	CNO Financial Group, Inc.		804		17
*	E*TRADE Financial Corporation		666		37
	East West Bancorp, Inc.		441		28
	First American Financial Corporation		407		24
	FNB Corporation		1,579		21
	Hancock Holding Co.		476		25
	Hanover Insurance Group, Inc.		194		23
	Home BancShares, Inc.		989		23
	Iberiabank Corporation		272		21
	PacWest Bancorp		536		26
	Radian Group, Inc.		1,250		24
	Selective Insurance Group, Inc.		363		22
	Sterling Bancorp		1,093		25
*	SVB Financial Group		103		25
	Umpqua Holdings Corporation		912		19
	Voya Financial, Inc.		461		23
*	Western Alliance Bancorp		375		22
	WSFS Financial Corporation		466		22
	Zions Bancorporation		252		13
					461
	Industrials—13.7%
	Crane Co.		373		35
*	KLX, Inc.		424		30
	Lennox International, Inc.		171		35
	Old Dominion Freight Line, Inc.		240		35
	Owens Corning		307		25
	Spirit AeroSystems Holdings, Inc.		407		34
	Toro Co.		577		36
	Wabtec Corporation		453		37
					267
	Real Estate—12.8%
	Acadia Realty Trust		997		24
	American Assets Trust, Inc.		627		21
	American Campus Communities, Inc.		671		26
	Camden Property Trust		239		20
	Columbia Property Trust, Inc.		1,161		24
	Douglas Emmett, Inc.		489		18
	EPR Properties		448		25
*	Equity Commonwealth		689		21
	Healthcare Realty Trust, Inc.		906		25
	Pebblebrook Hotel Trust		730		25
	Terreno Realty Corporation		607		21
					250
	Consumer Discretionary—11.1%
	Dunkin’ Brands Group, Inc.		594		35
*	Grand Canyon Education, Inc.		332		35
	Kohl’s Corporation		536		35
*	Lululemon Athletica, Inc.		439		39
*	Michael Kors Holdings, Ltd.†		566		35

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary — (continued)
	Vail Resorts, Inc.		165	$	37
					216
	Information Technology—7.8%
*	Acxiom Corporation		883		20
	Belden, Inc.		307		21
	Booz Allen Hamilton Holding Corporation		775		30
*	Cadence Design Systems, Inc.		446		17
	CSRA, Inc.		485		20
*	Inphi Corporation		510		15
	j2 Global, Inc.		359		28
					151
	Energy—7.4%
*	Forum Energy Technologies, Inc.		1,711		19
*	Parsley Energy, Inc.		981		29
	Patterson-UTI Energy, Inc.		1,239		22
	Range Resources Corporation		1,663		24
	Targa Resources Corporation		554		24
*	WPX Energy, Inc.		1,782		26
					144
	Utilities—6.7%
	Atmos Energy Corporation		441		37
	NiSource, Inc.		1,272		31
	Pinnacle West Capital Corporation		406		32
	Vectren Corporation		486		31
					131
	Health Care—6.0%
	CONMED Corporation		190		12
	Encompass Health Corporation		389		22
*	Hologic, Inc.		525		20
*	Magellan Health, Inc.		182		20
*	Mednax, Inc.		355		20
	PerkinElmer, Inc.		308		23
					117
	Materials—5.8%
	Carpenter Technology Corporation		478		21
	FMC Corporation		221		17
	Minerals Technologies, Inc.		232		15
	PolyOne Corporation		522		22
	Sensient Technologies Corporation		208		15
	Steel Dynamics, Inc.		517		23
					113
	Consumer Staples—3.0%
	Ingredion, Inc.		157		20
	J&J Snack Foods Corporation		107		15

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Value Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Consumer Staples — (continued)
Lamb Weston Holdings, Inc.		407	$	24
				59
Total Common Stocks—98.0% (cost $1,604)				1,909
Total Investments—98.0% (cost $1,604)				1,909
Cash and other assets, less liabilities—2.0%				38
Net assets—100.0%			$	1,947

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—21.7%
*	2U, Inc.		59,860	$	5,030
*	Agilysys, Inc.		289,862		3,455
*	Cars.com, Inc.		191,340		5,421
*	Coherent, Inc.		6,016		1,127
*	EPAM Systems, Inc.		44,880		5,140
*	Etsy, Inc.		205,250		5,759
*	Guidewire Software, Inc.		90,126		7,285
	j2 Global, Inc.		115,614		9,124
	Littelfuse, Inc.		26,760		5,571
*	LivePerson, Inc.		427,740		6,994
*	MaxLinear, Inc.		322,901		7,346
	Nice, Ltd.—ADR		56,500		5,307
*	Pure Storage, Inc.		322,191		6,428
*	Qualys, Inc.		59,670		4,341
*	RealPage, Inc.		134,310		6,917
*	Rogers Corporation		26,580		3,177
*	USA Technologies, Inc.		513,466		4,621
*	Varonis Systems, Inc.		165,640		10,021
*	WNS Holdings, Ltd.—ADR		123,390		5,593
*	Yelp, Inc.		57,340		2,394
					111,051
	Consumer Discretionary—18.3%
*	Adtalem Global Education, Inc.		181,480		8,629
*	At Home Group, Inc.		174,725		5,598
*	Boot Barn Holdings, Inc.		366,370		6,496
	Cable One, Inc.		9,030		6,205
	Collectors Universe, Inc.		60,085		944
*	Dave & Buster’s Entertainment, Inc.		87,130		3,637
*	Gentherm, Inc.		129,560		4,398
*	Golden Entertainment, Inc.		225,809		5,245
*	Grand Canyon Education, Inc.		54,740		5,743
*	Hilton Grand Vacations, Inc.		140,470		6,043
*	IMAX Corporation†		181,660		3,488
*	Laureate Education, Inc.		315,404		4,337
	Lithia Motors, Inc.		46,120		4,636
	Nutrisystem, Inc.		90,830		2,448
*	Red Lion Hotels Corporation		248,370		2,422
	Six Flags Entertainment Corporation		115,332		7,181
	Steven Madden, Ltd.		136,600		5,997
*	U.S. Auto Parts Network, Inc.		1,229,213		2,520
*	Universal Electronics, Inc.		131,365		6,837
*	YogaWorks, Inc.		404,741		1,133
					93,937
	Health Care—16.6%
*	AxoGen, Inc.		176,730		6,451
*	Cambrex Corporation		131,175		6,861
*	Catalent, Inc.		119,139		4,892
*	CryoLife, Inc.		239,220		4,796
*	DexCom, Inc.		85,200		6,318
	Encompass Health Corporation		161,345		9,224
*	Exact Sciences Corporation		95,534		3,853
*	Glaukos Corporation		188,926		5,825

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Health Care — (continued)
*	Hanger, Inc.		82,077	$	1,313
*	Horizon Pharma plc†		482,490		6,851
*	Intersect ENT, Inc.		66,010		2,594
*	LHC Group, Inc.		77,100		4,746
*	Ligand Pharmaceuticals, Inc.		45,810		7,566
*	Repligen Corporation		103,013		3,727
	Simulations Plus, Inc.		190,887		2,816
*	Supernus Pharmaceuticals, Inc.		156,260		7,157
					84,990
	Industrials—15.9%
	Albany International Corporation		69,880		4,382
*	Armstrong World Industries, Inc.		99,810		5,619
*	Blue Bird Corporation		368,268		8,728
	BWX Technologies, Inc.		141,700		9,002
	Douglas Dynamics, Inc.		178,140		7,722
	ESCO Technologies, Inc.		95,930		5,617
	Healthcare Services Group, Inc.		134,750		5,859
	HEICO Corporation		95,493		6,775
	ICF International, Inc.		77,541		4,532
	John Bean Technologies Corporation		39,605		4,491
*	Mercury Systems, Inc.		110,294		5,329
	Ritchie Bros. Auctioneers, Inc.†		117,060		3,684
*	SiteOne Landscape Supply, Inc.		66,010		5,086
*	Willdan Group, Inc.		165,486		4,692
					81,518
	Financials—9.9%
*	BofI Holding, Inc.		135,190		5,479
*	Encore Capital Group, Inc.		153,156		6,923
	FirstCash, Inc.		152,876		12,421
	Glacier Bancorp, Inc.		129,380		4,966
	Home BancShares, Inc.		241,330		5,505
	Meta Financial Group, Inc.		59,022		6,445
	Virtu Financial, Inc.		266,855		8,806
					50,545
	Consumer Staples—5.1%
	Calavo Growers, Inc.		61,260		5,648
	MGP Ingredients, Inc.		76,400		6,845
	Nu Skin Enterprises, Inc.		112,585		8,299
*	Primo Water Corporation		456,626		5,347
					26,139
	Materials—2.3%
*	Codexis, Inc.		713,750		7,851
	Orion Engineered Carbons S.A.†		145,050		3,931
					11,782
	Real Estate—2.2%
	Colliers International Group, Inc.†		82,873		5,755
	FirstService Corporation†		75,959		5,559
					11,314

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Energy—1.3%
*	Callon Petroleum Co.		346,950	$	4,593
*	Carrizo Oil & Gas, Inc.		143,483		2,296
					6,889
	Telecommunication Services—0.9%
*	ORBCOMM, Inc.		491,552		4,606
	Total Common Stocks—94.2% (cost $356,835)				482,771
	Exchange-Traded Fund
	iShares Russell 2000 Growth ETF		6,160		1,174
	Total Exchange-Traded Fund—0.2% (cost $1,085)				1,174
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $22,592, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	22,592		22,592
	Total Repurchase Agreement—4.4% (cost $22,592)				22,592
	Total Investments—98.8% (cost $380,512)				506,537
	Cash and other assets, less liabilities—1.2%				6,157
	Net assets—100.0%			$	512,694

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—29.4%
	Banner Corporation		123,193	$	6,836
	Boston Private Financial Holdings, Inc.		444,559		6,691
	CNO Financial Group, Inc.		268,555		5,820
	CoBiz Financial, Inc.		438,524		8,595
	CVB Financial Corporation		231,664		5,245
	First American Financial Corporation		111,415		6,538
	FNB Corporation		640,118		8,610
	Glacier Bancorp, Inc.		240,957		9,248
*	Green Bancorp, Inc.		271,831		6,048
	Hancock Holding Co.		190,445		9,846
	Hanover Insurance Group, Inc.		76,639		9,035
	Home BancShares, Inc.		329,740		7,521
	Iberiabank Corporation		92,004		7,176
	National Bank Holdings Corporation		167,814		5,580
	OceanFirst Financial Corporation		223,568		5,980
	Radian Group, Inc.		536,650		10,218
	Renasant Corporation		176,091		7,494
	Sandy Spring Bancorp, Inc.		150,608		5,837
*	Seacoast Banking Corporation of Florida		262,023		6,936
	Selective Insurance Group, Inc.		175,081		10,627
	Sterling Bancorp		396,255		8,935
	Umpqua Holdings Corporation		375,279		8,035
*	Western Alliance Bancorp		153,275		8,907
	WSFS Financial Corporation		181,891		8,713
					184,471
	Industrials—13.8%
	Brady Corporation		279,193		10,372
*	Continental Building Products, Inc.		232,765		6,645
	EMCOR Group, Inc.		80,302		6,258
	Interface, Inc.		443,324		11,172
	Kadant, Inc.		48,136		4,549
	Kennametal, Inc.		129,495		5,200
*	KLX, Inc.		124,575		8,852
*	Lydall, Inc.		96,678		4,665
*	Northwest Pipe Co.		231,664		4,008
*	Rexnord Corporation		268,035		7,955
*	Saia, Inc.		85,200		6,403
	Standex International Corporation		45,430		4,332
	Terex Corporation		159,644		5,972
					86,383
	Real Estate—9.9%
	Acadia Realty Trust		320,720		7,890
	Agree Realty Corporation		113,990		5,476
	American Assets Trust, Inc.		205,627		6,870
	Columbia Property Trust, Inc.		223,935		4,582
	Education Realty Trust, Inc.		219,480		7,188
*	Equity Commonwealth		176,370		5,409
	Healthcare Realty Trust, Inc.		247,581		6,861
	Highwoods Properties, Inc.		113,901		4,991
	Pebblebrook Hotel Trust		173,887		5,973
	Terreno Realty Corporation		196,333		6,775
					62,015

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary—9.6%
*	Adtalem Global Education, Inc.		180,398	$	8,578
*	Cavco Industries, Inc.		36,910		6,413
	Dana, Inc.		274,078		7,060
*	Dave & Buster’s Entertainment, Inc.		147,850		6,171
*	Grand Canyon Education, Inc.		62,100		6,516
	Meredith Corporation		102,215		5,499
*	TopBuild Corporation		86,944		6,653
	Winnebago Industries, Inc.		151,805		5,708
	Wolverine World Wide, Inc.		263,866		7,626
					60,224
	Information Technology—8.2%
*	Acxiom Corporation		324,565		7,371
	Belden, Inc.		107,457		7,408
	Booz Allen Hamilton Holding Corporation		206,658		8,002
	CSRA, Inc.		116,477		4,803
*	Inphi Corporation		179,939		5,416
	j2 Global, Inc.		107,365		8,473
*	MaxLinear, Inc.		197,990		4,504
*	Semtech Corporation		138,465		5,407
					51,384
	Energy—7.1%
	Archrock, Inc.		547,878		4,794
*	Callon Petroleum Co.		364,860		4,831
*	Forum Energy Technologies, Inc.		409,595		4,505
*	Halcon Resources Corporation		950,125		4,627
*	Newpark Resources, Inc.		494,884		4,008
*	PDC Energy, Inc.		115,003		5,639
	Range Resources Corporation		405,915		5,902
*	RSP Permian, Inc.		136,984		6,422
*	Solaris Oilfield Infrastructure, Inc.		239,975		3,974
					44,702
	Health Care—6.4%
	Analogic Corporation		51,520		4,941
	CONMED Corporation		139,752		8,851
	Encompass Health Corporation		156,311		8,936
*	Integer Holdings Corporation		165,238		9,344
*	Magellan Health, Inc.		76,729		8,218
					40,290
	Utilities—6.3%
	Chesapeake Utilities Corporation		92,333		6,496
	El Paso Electric Co.		138,330		7,055
	IDACORP, Inc.		109,665		9,680
	ONE Gas, Inc.		127,242		8,400
	Southwest Gas Holdings, Inc.		116,955		7,910
					39,541
	Materials—4.4%
	Carpenter Technology Corporation		111,601		4,924
	Minerals Technologies, Inc.		87,863		5,882
	PolyOne Corporation		143,154		6,087

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Materials — (continued)
	Sensient Technologies Corporation		82,617	$	5,831
	Silgan Holdings, Inc.		181,503		5,055
					27,779
	Consumer Staples—2.9%
*	Darling Ingredients, Inc.		379,788		6,571
	J&J Snack Foods Corporation		57,778		7,890
	SpartanNash Co.		197,693		3,402
					17,863
	Telecommunication Services—0.7%
*	Cincinnati Bell, Inc.		305,080		4,225
	Total Common Stocks—98.7% (cost $478,775)				618,877
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $11,834, collateralized by U.S. Treasury Inflation Index Bond, 0.625%, due 1/15/26	$	11,834		11,834
	Total Repurchase Agreement—1.9% (cost $11,834)				11,834
	Total Investments—100.6% (cost $490,609)				630,711
	Liabilities, plus cash and other assets—(0.6)%				(3,732	)
	Net assets—100.0%			$	626,979

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Western Hemisphere—54.7%
	Canada—2.4%
	Brookfield Asset Management, Inc. Class “A” (Capital markets)†		52,993	$	2,067
	Suncor Energy, Inc. (Oil, gas & consumable fuels)		76,825		2,653
					4,720
	United States—52.3%
*	ABIOMED, Inc. (Health care equipment & supplies)		4,858		1,414
*	Adobe Systems, Inc. (Software)		18,329		3,960
	Affiliated Managers Group, Inc. (Capital markets)		12,582		2,385
*	Align Technology, Inc. (Health care equipment & supplies)		7,853		1,972
*	Alphabet, Inc. Class “A” (Internet software & services)		4,634		4,806
*	Amazon.com, Inc. (Internet & direct marketing retail)		3,634		5,260
	BlackRock, Inc. (Capital markets)		7,896		4,277
	Carnival Corporation (Hotels, restaurants & leisure)†		38,447		2,521
*	CoStar Group, Inc. (Professional services)		3,846		1,395
	Domino’s Pizza, Inc. (Hotels, restaurants & leisure)		8,604		2,010
	EOG Resources, Inc. (Oil, gas & consumable fuels)		23,013		2,423
	Equifax, Inc. (Professional services)		8,987		1,059
*	Facebook, Inc. Class “A” (Internet software & services)		11,482		1,835
	Fifth Third Bancorp (Banks)		110,035		3,494
	Intercontinental Exchange, Inc. (Capital markets)		40,808		2,959
	JPMorgan Chase & Co. (Banks)		39,428		4,336
	Lam Research Corporation (Semiconductors & semiconductor equipment)		10,439		2,121
	Mastercard, Inc. Class “A” (IT services)		19,374		3,394
*	Netflix, Inc. (Internet & direct marketing retail)		8,063		2,381
	NextEra Energy, Inc. (Electric utilities)		12,541		2,048
	Pioneer Natural Resources Co. (Oil, gas & consumable fuels)		5,936		1,020
	Prologis, Inc. (Equity REIT)		27,454		1,729
	Raytheon Co. (Aerospace & defense)		13,442		2,901
	Roper Technologies, Inc. (Industrial conglomerates)		5,123		1,438
*	salesforce.com, Inc. (Software)		17,984		2,091
	Southwest Airlines Co. (Airlines)		33,465		1,917
	The Boeing Co. (Aerospace & defense)		10,795		3,539
	The Estee Lauder Cos., Inc. Class “A” (Personal products)		20,636		3,090
	The Goldman Sachs Group, Inc. (Capital markets)		11,531		2,904
	The Home Depot, Inc. (Specialty retail)		19,738		3,518
	Thermo Fisher Scientific, Inc. (Life sciences tools & services)		12,553		2,592
*	Ulta Salon Cosmetics & Fragrance, Inc. (Specialty retail)		4,498		919
	Union Pacific Corporation (Road & rail)		21,752		2,924
	UnitedHealth Group, Inc. (Health care providers & services)		18,532		3,966
	Vail Resorts, Inc. (Hotels, restaurants & leisure)		9,326		2,068
	Watsco, Inc. (Trading companies & distributors)		9,981		1,806
*	Weight Watchers International, Inc. (Diversified consumer services)		19,610		1,250
*	Worldpay, Inc. Class “A” (IT services)		39,631		3,259
	Zoetis, Inc. (Pharmaceuticals)		26,900		2,246
					101,227
	Europe—13.0%
	Denmark—2.8%
	Chr Hansen Holding A/S (Chemicals)		11,170		961
	DSV A/S (Road & rail)		18,400		1,440

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—13.0%—(continued)
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		62,229	$	3,056
					5,457
	France—4.6%
	BNP Paribas S.A. (Banks)		36,419		2,696
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		10,267		3,161
	Valeo S.A. (Auto components)		45,229		2,985
					8,842
	Germany—1.2%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		85,628		2,291
	Ireland—0.5%
	Allegion plc (Building products)†		11,794		1,006
	Netherlands—1.4%
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		86,865		2,756
	Sweden—1.1%
	Atlas Copco AB Class “A” (Machinery)		50,267		2,174
	Switzerland—1.4%
	Partners Group Holding AG (Capital markets)		3,624		2,691
	Japan—10.6%
	Daikin Industries, Ltd. (Building products)		26,600		2,911
	FANUC Corporation (Machinery)		10,200		2,547
	Keyence Corporation (Electronic equipment, instruments & components)		5,700		3,509
	Komatsu, Ltd. (Machinery)		90,200		2,971
	MISUMI Group, Inc. (Trading companies & distributors)		34,500		938
	Nihon M&A Center, Inc. (Professional services)		31,400		1,073
	Nissan Chemical Industries, Ltd. (Chemicals)		26,300		1,078
	ORIX Corporation (Diversified financial services)		102,900		1,816
	Shin-Etsu Chemical Co., Ltd. (Chemicals)		23,600		2,412
	Start Today Co., Ltd. (Internet & direct marketing retail)		45,300		1,162
					20,417
	Emerging Asia—8.7%
	China—5.8%
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		19,248		3,533
	China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure)		6,637		874
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		98,000		1,032
	Tencent Holdings, Ltd. (Internet software & services)		66,000		3,444
	Yum China Holdings, Inc. (Hotels, restaurants & leisure)		54,722		2,271
					11,154
	India—1.3%
	HDFC Bank, Ltd.—ADR (Banks)		26,331		2,601
	Taiwan—1.6%
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		70,492		3,085

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Asia—7.3%
Australia—3.0%
CSL, Ltd. (Biotechnology)		24,223	$	2,893
Macquarie Group, Ltd. (Capital markets)		35,836		2,832
				5,725
Hong Kong—3.2%
AIA Group, Ltd. (Insurance)		416,800		3,526
Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		301,000		2,733
				6,259
Singapore—1.1%
Broadcom, Ltd. (Semiconductors & semiconductor equipment)†		9,298		2,191
United Kingdom—4.0%
Aptiv plc (Auto components)†		21,664		1,841
BHP Billiton plc (Metals & mining)		134,251		2,643
Compass Group plc (Hotels, restaurants & leisure)		101,656		2,076
Fevertree Drinks plc (Beverages)		33,466		1,236
				7,796
Total Common Stocks—98.3% (cost $135,368)				190,392
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $2,946, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	2,946		2,946
Total Repurchase Agreement—1.5% (cost $2,946)				2,946
Total Investments—99.8% (cost $138,314)				193,338
Cash and other assets, less liabilities—0.2%				330
Net assets—100.0%			$	193,668

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

† = U.S. listed foreign security

* = Non-income producing security

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

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	20.8	%
Financials	20.3	%
Consumer Discretionary	20.0	%
Industrials	16.8	%
Health Care	9.5	%
Energy	4.6	%
Materials	3.7	%
Consumer Staples	2.3	%
Utilities	1.1	%
Real Estate	0.9	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

U.S. Dollar	63.4	%
Japanese Yen	10.7	%
Euro	7.3	%
Hong Kong Dollar	5.6	%
British Pound Sterling	3.1	%
Australian Dollar	3.0	%
Danish Krone	2.9	%
Swiss Franc	1.4	%
Canadian Dollar	1.4	%
Swedish Krona	1.2	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—38.0%
	Belgium—1.7%
	KBC Group N.V. (Banks)		77,228	$	6,720
	Denmark—3.1%
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		169,435		8,320
	Orsted A/S (Electric utilities)		63,761		4,125
					12,445
	Finland—1.6%
	Sampo Oyj Class “A” (Insurance)		117,892		6,565
	France—12.1%
	Arkema S.A. (Chemicals)		46,522		6,068
	BNP Paribas S.A. (Banks)		98,293		7,277
	Cie Generale des Etablissements Michelin SCA (Auto components)		32,680		4,821
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		33,229		10,230
	Safran S.A. (Aerospace & defense)		57,111		6,042
	Total S.A. (Oil, gas & consumable fuels)		102,769		5,833
	Valeo S.A. (Auto components)		119,972		7,919
					48,190
	Germany—2.7%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		261,371		6,992
	Rational AG (Machinery)		5,789		3,640
					10,632
	Ireland—1.7%
	Kingspan Group plc (Building products)		162,417		6,875
	Luxembourg—0.8%
	Tenaris S.A. (Energy equipment & services)		179,222		3,076
	Netherlands—3.5%
	Koninklijke Philips N.V. (Health care equipment & supplies)		173,884		6,668
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		228,679		7,255
					13,923
	Spain—1.4%
	Amadeus IT Group S.A. (IT services)		74,069		5,467
	Sweden—3.5%
	Atlas Copco AB Class “A” (Machinery)		178,990		7,743
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		102,065		6,063
					13,806
	Switzerland—5.9%
	Geberit AG (Building products)		11,465		5,066
*	Lonza Group AG (Life sciences tools & services)		28,561		6,728
	Partners Group Holding AG (Capital markets)		8,350		6,201
*	Temenos Group AG (Software)		45,542		5,450
					23,445

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—15.7%
	Daikin Industries, Ltd. (Building products)		72,100	$	7,891
	FANUC Corporation (Machinery)		31,500		7,866
	Keyence Corporation (Electronic equipment, instruments & components)		17,200		10,588
	Komatsu, Ltd. (Machinery)		181,400		5,975
	Mitsubishi UFJ Financial Group, Inc. (Banks)		840,000		5,497
	Nippon Prologis REIT, Inc. (Equity REIT)		314		679
	Nitori Holdings Co., Ltd. (Specialty retail)		37,200		6,462
	ORIX Corporation (Diversified financial services)		417,900		7,378
	Shiseido Co., Ltd. (Personal products)		101,100		6,449
	Suzuki Motor Corporation (Automobiles)		67,900		3,639
					62,424
	Emerging Asia—13.6%
	China—10.0%
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		57,395		10,534
	China Merchants Bank Co., Ltd. Class “H” (Banks)		1,734,000		7,103
	NetEase, Inc.—ADR (Internet software & services)		16,375		4,592
	Tencent Holdings, Ltd. (Internet software & services)		207,600		10,835
	Yum China Holdings, Inc. (Hotels, restaurants & leisure)		160,100		6,644
					39,708
	India—1.3%
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		187,170		5,226
	Taiwan—2.3%
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		1,089,000		9,113
	United Kingdom—10.5%
	BHP Billiton plc (Metals & mining)		398,136		7,840
	Compass Group plc (Hotels, restaurants & leisure)		342,595		6,996
	Experian plc (Professional services)		296,459		6,395
	Ferguson plc (Trading companies & distributors)		65,615		4,929
	London Stock Exchange Group plc (Capital markets)		90,799		5,256
	Micro Focus International plc (Software)		95,353		1,320
	RELX plc (Professional services)		263,599		5,418
	St James’s Place plc (Capital markets)		253,255		3,861
					42,015
	Canada—8.6%
	Brookfield Asset Management, Inc. Class “A” (Capital markets)†		176,634		6,889
	Canadian National Railway Co. (Road & rail)		107,661		7,869
	Constellation Software, Inc. (Software)		10,743		7,289
	Suncor Energy, Inc. (Oil, gas & consumable fuels)		165,466		5,714
	The Toronto-Dominion Bank (Banks)		116,257		6,597
					34,358
	Asia—8.6%
	Australia—4.0%
	CSL, Ltd. (Biotechnology)		70,016		8,360

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Asia—8.6%—(continued)
Macquarie Group, Ltd. (Capital markets)		95,463	$	7,545
				15,905
Hong Kong—4.6%
AIA Group, Ltd. (Insurance)		1,289,600		10,911
Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		810,000		7,353
				18,264
Emerging Europe, Mid-East, Africa—0.8%
South Africa—0.8%
Bid Corporation, Ltd. (Food & staples retailing)		147,307		3,207
Total Common Stocks—95.8% (cost $298,978)				381,364
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $18,261, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	18,260		18,260
Total Repurchase Agreement—4.6% (cost $18,260)				18,260
Total Investments—100.4% (cost $317,238)				399,624
Liabilities, plus cash and other assets—(0.4)%				(1,670	)
Net assets—100.0%			$	397,954

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Financials	24.4	%
Information Technology	20.5	%
Industrials	19.9	%
Consumer Discretionary	14.2	%
Health Care	7.9	%
Energy	5.7	%
Materials	3.6	%
Consumer Staples	2.5	%
Utilities	1.1	%
Real Estate	0.2	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Euro	26.6	%
Japanese Yen	16.4	%
British Pound Sterling	11.0	%
Hong Kong Dollar	9.5	%
U.S. Dollar	7.5	%
Canadian Dollar	7.2	%
Swiss Franc	6.1	%
Australian Dollar	4.2	%
Swedish Krona	3.6	%
Danish Krone	3.3	%
New Taiwan Dollar	2.4	%
Indian Rupee	1.4	%
All Other Currencies	0.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—33.6%
	Belgium—1.8%
	UCB S.A. (Pharmaceuticals)		25,255	$	2,057
	Denmark—2.0%
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		44,962		2,208
	France—7.7%
	BNP Paribas S.A. (Banks)		25,816		1,911
	Capgemini SE (IT services)		21,455		2,672
	Valeo S.A. (Auto components)		35,991		2,375
	Veolia Environnement S.A. (Multi-utilities)		72,068		1,707
					8,665
	Germany—6.2%
	Covestro AG (Chemicals)		8,092		795
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		65,494		1,752
	MTU Aero Engines AG (Aerospace & defense)		18,485		3,112
	SAP SE (Software)		13,019		1,361
					7,020
	Ireland—1.9%
	Kerry Group plc Class “A” (Food products)		21,033		2,132
	Netherlands—2.8%
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		100,820		3,199
	Sweden—6.3%
	Atlas Copco AB Class “A” (Machinery)		69,844		3,021
	Boliden AB (Metals & mining)		51,234		1,795
	Swedbank AB Class “A” (Banks)		102,618		2,298
					7,114
	Switzerland—4.9%
	Geberit AG (Building products)		5,350		2,364
	Partners Group Holding AG (Capital markets)		2,641		1,961
	Straumann Holding AG (Health care equipment & supplies)		1,971		1,241
					5,566
	United Kingdom—21.8%
	AstraZeneca plc (Pharmaceuticals)		35,370		2,430
	Compass Group plc (Hotels, restaurants & leisure)		183,710		3,751
	Diageo plc (Beverages)		102,862		3,481
	Halma plc (Electronic equipment, instruments & components)		108,387		1,793
*	Metro Bank plc (Banks)		26,230		1,293
	Prudential plc (Insurance)		112,469		2,806
	RELX plc (Professional services)		98,112		2,017
	Rio Tinto plc (Metals & mining)		22,445		1,137
	Schroders plc (Capital markets)		63,254		2,833
	Unilever N.V. (Personal products)		55,861		3,153
					24,694
	Japan—18.0%
	Asahi Group Holdings, Ltd. (Beverages)		39,500		2,112

See accompanying Notes to Portfolio of Investments.

International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—18.0%—(continued)
	Daikin Industries, Ltd. (Building products)		21,018	$	2,300
	Harmonic Drive Systems, Inc. (Machinery)		10,900		601
	Keyence Corporation (Electronic equipment, instruments & components)		3,200		1,970
	Komatsu, Ltd. (Machinery)		46,900		1,545
*	M&A Capital Partners Co., Ltd. (Capital markets)		11,736		981
	Nihon M&A Center, Inc. (Professional services)		47,480		1,622
	Nitori Holdings Co., Ltd. (Specialty retail)		12,000		2,085
	Omron Corporation (Electronic equipment, instruments & components)		29,400		1,688
	ORIX Corporation (Diversified financial services)		115,629		2,041
	Seria Co., Ltd. (Multiline retail)		38,900		1,908
	Shimadzu Corporation (Electronic equipment, instruments & components)		33,800		917
	Suruga Bank, Ltd. (Banks)		44,600		619
					20,389
	Canada—11.6%
	Canadian National Railway Co. (Road & rail)†		33,747		2,468
	Canadian Natural Resources, Ltd. (Oil, gas & consumable fuels)		73,542		2,312
	Enerplus Corporation (Oil, gas & consumable fuels)		152,798		1,719
	Lundin Mining Corporation (Metals & mining)		312,344		2,049
	Magna International, Inc. (Auto components)		31,982		1,801
	The Toronto-Dominion Bank (Banks)†		48,661		2,766
					13,115
	Emerging Asia—5.7%
	China—1.0%
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		6,131		1,125
	India—1.3%
	HDFC Bank, Ltd.—ADR (Banks)		14,749		1,457
	Taiwan—3.4%
	Largan Precision Co., Ltd. (Electronic equipment, instruments & components)		9,000		1,023
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		64,127		2,806
					3,829
	Asia—4.8%
	Australia—1.7%
	CSL, Ltd. (Biotechnology)		15,923		1,901
	Hong Kong—3.1%
	AIA Group, Ltd. (Insurance)		417,586		3,533
	Emerging Latin America—1.2%
	Peru—1.2%
	Credicorp, Ltd. (Banks)†		5,836		1,325
	Total Common Stocks—96.7% (cost $91,269)				109,329

See accompanying Notes to Portfolio of Investments.

International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $2,173, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	2,173	$	2,173
Total Repurchase Agreement—1.9% (cost $2,173)				2,173
Total Investments—98.6% (cost $93,442)				111,502
Cash and other assets, less liabilities—1.4%				1,591
Net assets—100.0%			$	113,093

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials	23.6	%
Industrials	17.4	%
Information Technology	15.6	%
Consumer Discretionary	10.9	%
Consumer Staples	10.0	%
Health Care	9.0	%
Energy	6.6	%
Materials	5.3	%
Utilities	1.6	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	24.0	%
British Pound Sterling	19.7	%
Japanese Yen	18.7	%
U.S. Dollar	10.9	%
Canadian Dollar	7.2	%
Swedish Krona	6.5	%
Swiss Franc	5.1	%
Hong Kong Dollar	3.2	%
Danish Krone	2.0	%
Australian Dollar	1.8	%
All Other Currencies	0.9	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Institutional International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—33.3%
	Belgium—1.8%
	UCB S.A. (Pharmaceuticals)		4,212	$	343
	Denmark—1.9%
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		7,435		365
	France—7.6%
	BNP Paribas S.A. (Banks)		4,269		316
	Capgemini SE (IT services)		3,578		446
	Valeo S.A. (Auto components)		5,951		393
	Veolia Environnement S.A. (Multi-utilities)		11,752		278
					1,433
	Germany—6.1%
	Covestro AG (Chemicals)		1,350		133
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		10,659		285
	MTU Aero Engines AG (Aerospace & defense)		3,057		515
	SAP SE (Software)		2,119		221
					1,154
	Ireland—1.9%
	Kerry Group plc Class “A” (Food products)		3,478		353
	Netherlands—2.8%
	Royal Dutch Shell plc Class “A” (Oil, gas & consumable fuels)		16,671		529
	Sweden—6.3%
	Atlas Copco AB Class “A” (Machinery)		11,648		504
	Boliden AB (Metals & mining)		8,545		299
	Swedbank AB Class “A” (Banks)		16,969		380
					1,183
	Switzerland—4.9%
	Geberit AG (Building products)		885		391
	Partners Group Holding AG (Capital markets)		430		319
	Straumann Holding AG (Health care equipment & supplies)		321		202
					912
	United Kingdom—21.7%
	AstraZeneca plc (Pharmaceuticals)		5,901		405
	Compass Group plc (Hotels, restaurants & leisure)		30,638		626
	Diageo plc (Beverages)		17,155		581
	Halma plc (Electronic equipment, instruments & components)		17,639		292
*	Metro Bank plc (Banks)		4,269		211
	Prudential plc (Insurance)		18,598		464
	RELX plc (Professional services)		16,223		333
	Rio Tinto plc (Metals & mining)		3,653		185
	Schroders plc (Capital markets)		10,549		472
	Unilever N.V. (Personal products)		9,316		526
					4,095
	Japan—17.9%
	Asahi Group Holdings, Ltd. (Beverages)		6,500		348

See accompanying Notes to Portfolio of Investments.

Institutional International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—17.9%—(continued)
	Daikin Industries, Ltd. (Building products)		3,506	$	384
	Harmonic Drive Systems, Inc. (Machinery)		1,800		99
	Keyence Corporation (Electronic equipment, instruments & components)		500		308
	Komatsu, Ltd. (Machinery)		7,800		257
*	M&A Capital Partners Co., Ltd. (Capital markets)		1,969		165
	Nihon M&A Center, Inc. (Professional services)		7,800		266
	Nitori Holdings Co., Ltd. (Specialty retail)		2,000		347
	Omron Corporation (Electronic equipment, instruments & components)		4,900		281
	ORIX Corporation (Diversified financial services)		19,112		337
	Seria Co., Ltd. (Multiline retail)		6,500		319
	Shimadzu Corporation (Electronic equipment, instruments & components)		5,600		152
	Suruga Bank, Ltd. (Banks)		7,400		103
					3,366
	Canada—11.5%
	Canadian National Railway Co. (Road & rail)†		5,580		408
	Canadian Natural Resources, Ltd. (Oil, gas & consumable fuels)		12,161		382
	Enerplus Corporation (Oil, gas & consumable fuels)		24,867		280
	Lundin Mining Corporation (Metals & mining)		52,127		342
	Magna International, Inc. (Auto components)		5,205		293
	The Toronto-Dominion Bank (Banks)†		8,046		458
					2,163
	Emerging Asia—6.0%
	China—1.0%
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		1,023		188
	India—1.3%
	HDFC Bank, Ltd.—ADR (Banks)		2,460		243
	Taiwan—3.7%
	Largan Precision Co., Ltd. (Electronic equipment, instruments & components)		2,000		227
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		10,701		468
					695
	Asia—4.8%
	Australia—1.7%
	CSL, Ltd. (Biotechnology)		2,656		317
	Hong Kong—3.1%
	AIA Group, Ltd. (Insurance)		69,071		584
	Emerging Latin America—1.1%
	Peru—1.1%
	Credicorp, Ltd. (Banks)†		950		216
	Total Common Stocks—96.3% (cost $14,814)				18,139

See accompanying Notes to Portfolio of Investments.

Institutional International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $465, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	465	$	465
Total Repurchase Agreement—2.5% (cost $465)				465
Total Investments—98.8% (cost $15,279)				18,604
Cash and other assets, less liabilities—1.2%				228
Net assets—100.0%			$	18,832

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Institutional International Developed Plus Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Financials	23.5	%
Industrials	17.4	%
Information Technology	15.8	%
Consumer Discretionary	10.9	%
Consumer Staples	10.0	%
Health Care	9.0	%
Energy	6.6	%
Materials	5.3	%
Utilities	1.5	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Euro	23.9	%
British Pound Sterling	19.7	%
Japanese Yen	18.6	%
U.S. Dollar	10.9	%
Canadian Dollar	7.2	%
Swedish Krona	6.5	%
Swiss Franc	5.0	%
Hong Kong Dollar	3.2	%
Danish Krone	2.0	%
Australian Dollar	1.7	%
New Taiwan Dollar	1.3	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—37.1%
	Belgium—1.2%
	KBC Group N.V. (Banks)		423,346	$	36,838
	Denmark—3.6%
	DSV A/S (Road & rail)		423,368		33,144
*	Genmab A/S (Biotechnology)		22,325		4,783
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		1,015,814		49,880
	Orsted A/S (Electric utilities)		297,723		19,263
					107,070
	France—11.5%
	Arkema S.A. (Chemicals)		239,555		31,245
	BNP Paribas S.A. (Banks)		443,463		32,832
	Cie Generale des Etablissements Michelin SCA (Auto components)		164,853		24,321
	Cie Plastic Omnium S.A. (Auto components)		96,247		4,607
	Dassault Systemes S.A. (Software)		170,273		23,130
	Hermes International (Textiles, apparel & luxury goods)		29,156		17,274
	Ipsen S.A. (Pharmaceuticals)		55,338		8,590
	Kering S.A. (Textiles, apparel & luxury goods)		77,725		37,184
	Nexity S.A. (Real estate management & development)		65,395		4,188
	Orpea (Health care providers & services)		71,326		9,061
	Rubis SCA (Gas utilities)		92,749		6,693
	Thales S.A. (Aerospace & defense)		220,044		26,788
	Total S.A. (Oil, gas & consumable fuels)		1,054,109		59,832
	Valeo S.A. (Auto components)		351,519		23,201
	Vinci S.A. (Construction & engineering)		365,458		35,929
					344,875
	Germany—5.4%
	Adidas AG (Textiles, apparel & luxury goods)		133,117		32,210
	Carl Zeiss Meditec AG (Health care equipment & supplies)		78,206		4,990
	Covestro AG (Chemicals)		180,760		17,762
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		1,061,233		28,388
	KION Group AG (Machinery)		82,240		7,664
	MTU Aero Engines AG (Aerospace & defense)		143,678		24,185
	Vonovia SE (Real estate management & development)		652,512		32,316
	Washtec AG (Machinery)		24,839		2,366
	Wirecard AG (IT services)		96,008		11,331
					161,212
	Ireland—1.2%
*	ICON plc (Life sciences tools & services)†		82,365		9,731
	Kerry Group plc Class “A” (Food products)		45,687		4,632
	Kingspan Group plc (Building products)		119,450		5,056
	Smurfit Kappa Group plc (Containers & packaging)		437,540		17,723
					37,142
	Israel—0.3%
	Frutarom Industries, Ltd. (Chemicals)		52,106		4,770
*	Wix.com, Ltd. (Internet software & services)†		54,454		4,332
					9,102

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—37.1%—(continued)
	Italy—2.3%
	Anima Holding SpA (Capital markets)		580,544	$	3,936
	Banca Generali SpA (Capital markets)		364,420		11,748
	Brembo SpA (Auto components)		292,482		4,513
	Ferrari N.V. (Automobiles)		126,697		15,206
	FinecoBank Banca Fineco SpA (Banks)		871,300		10,472
	Interpump Group SpA (Machinery)		157,266		5,314
	Moncler SpA (Textiles, apparel & luxury goods)		176,066		6,694
	Recordati SpA (Pharmaceuticals)		190,132		7,014
	Technogym SpA (Leisure products)		255,042		3,012
					67,909
	Luxembourg—0.9%
	Eurofins Scientific SE (Life sciences tools & services)		23,222		12,258
	Tenaris S.A. (Energy equipment & services)		921,560		15,818
					28,076
	Netherlands—1.7%
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		101,442		19,990
	Euronext N.V. (Capital markets)		61,660		4,507
	Wolters Kluwer N.V. (Professional services)		483,364		25,687
					50,184
	Norway—0.4%
	Norsk Hydro ASA (Metals & mining)		2,012,215		11,795
	Spain—1.7%
	Amadeus IT Group S.A. (IT services)		406,248		29,982
	Bankinter S.A. (Banks)		1,799,250		18,499
	Prosegur Cia de Seguridad S.A. (Commercial services & supplies)		503,047		3,863
					52,344
	Sweden—2.8%
	Alfa Laval AB (Machinery)		242,123		5,717
	Atlas Copco AB Class “A” (Machinery)		686,433		29,694
	Boliden AB (Metals & mining)		471,081		16,502
	Fabege AB (Real estate management & development)		206,102		4,463
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		349,445		20,758
	Husqvarna AB Class “B” (Household durables)		423,397		4,081
	Intrum Justitia AB (Commercial services & supplies)		159,405		4,519
					85,734
	Switzerland—4.1%
	Belimo Holding AG (Building products)		646		2,612
*	Cembra Money Bank AG (Consumer finance)		48,287		4,283
*	dormakaba Holding AG (Building products)		4,787		3,743
*	Glencore plc (Metals & mining)		6,633,596		32,928
	Logitech International S.A. (Technology hardware, storage & peripherals)		223,074		8,158
*	Lonza Group AG (Life sciences tools & services)		138,005		32,509
	Partners Group Holding AG (Capital markets)		40,613		30,162
	Straumann Holding AG (Health care equipment & supplies)		12,893		8,119
					122,514

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—19.2%
	China—9.7%
*	3SBio, Inc. (Biotechnology)		2,416,500	$	5,444
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		249,787		45,846
	Anhui Conch Cement Co., Ltd. Class “H” (Construction materials)		1,801,000		9,810
	China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure)		37,438		4,931
	China Mengniu Dairy Co., Ltd. (Food products)		5,007,000		17,162
	China Overseas Land & Investment, Ltd. (Real estate management & development)		5,050,000		17,534
	CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals)		4,756,000		12,635
	Industrial and Commercial Bank of China, Ltd. Class “H” (Banks)		48,167,000		41,304
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		5,198,500		52,858
*	SINA Corporation (Internet software & services)†		64,520		6,728
	Tencent Holdings, Ltd. (Internet software & services)		1,055,800		55,103
	Tingyi Cayman Islands Holding Corporation (Food products)		3,062,000		6,352
*	Weibo Corporation—ADR (Internet software & services)		70,773		8,460
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		692,000		6,653
					290,820
	India—4.1%
	Adani Ports & Special Economic Zone, Ltd. (Transportation infrastructure)		686,976		3,750
	Bharat Electronics, Ltd. (Aerospace & defense)		1,602,289		3,480
	Britannia Industries, Ltd. (Food products)		95,374		7,269
	HDFC Bank, Ltd. (Banks)		633,307		18,352
	Hindustan Zinc, Ltd. (Metals & mining)		894,551		4,120
	Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance)		269,401		5,115
	IndusInd Bank, Ltd. (Banks)		359,541		9,923
	Infosys, Ltd. (IT services)		1,201,249		20,996
*	MakeMyTrip, Ltd. (Internet & direct marketing retail)†		119,749		4,155
	Maruti Suzuki India, Ltd. (Automobiles)		155,597		21,123
	Motherson Sumi Systems, Ltd. (Auto components)		1,079,149		5,144
	Voltas, Ltd. (Construction & engineering)		822,600		7,820
	Yes Bank, Ltd. (Banks)		2,318,489		10,879
					122,126
	Indonesia—1.1%
	PT Bank Central Asia Tbk (Banks)		19,306,200		32,674
	South Korea—2.0%
*	Hugel, Inc. (Biotechnology)		7,570		4,233
	Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		19,770		45,479
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		54,506		9,767
					59,479
	Taiwan—2.1%
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,530,000		17,369
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		1,062,783		46,507
					63,876
	Thailand—0.2%
	PTT Global Chemical PCL (Chemicals)		2,463,300		7,464
	Japan—18.7%
	Asahi Group Holdings, Ltd. (Beverages)		644,500		34,465

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—18.7%—(continued)
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		222,900	$	8,892
	Asahi Kasei Corporation (Chemicals)		1,935,400		25,437
	Daikin Industries, Ltd. (Building products)		324,300		35,491
	FANUC Corporation (Machinery)		143,300		35,783
	Hoshizaki Corporation (Machinery)		45,500		4,011
	Izumi Co., Ltd. (Multiline retail)		70,100		4,691
	Japan Lifeline Co., Ltd. (Health care providers & services)		139,200		3,921
	Keyence Corporation (Electronic equipment, instruments & components)		65,000		40,012
	Koito Manufacturing Co., Ltd. (Auto components)		242,500		16,705
	Komatsu, Ltd. (Machinery)		987,000		32,512
	Kose Corporation (Personal products)		60,600		12,581
	MinebeaMitsumi, Inc. (Machinery)		275,600		5,810
	MISUMI Group, Inc. (Trading companies & distributors)		382,500		10,407
	Mitsubishi UFJ Financial Group, Inc. (Banks)		5,045,900		33,020
	Nabtesco Corporation (Machinery)		137,800		5,277
	Nichias Corporation (Building products)		351,000		4,404
	Nihon M&A Center, Inc. (Professional services)		333,800		11,403
	Nintendo Co., Ltd. (Software)		90,200		39,554
	Nitori Holdings Co., Ltd. (Specialty retail)		100,300		17,424
	Nomura Research Institute, Ltd. (IT services)		173,400		8,075
	Omron Corporation (Electronic equipment, instruments & components)		198,200		11,381
	Otsuka Corporation (IT services)		241,400		12,160
	Pola Orbis Holdings, Inc. (Personal products)		284,300		11,743
*	Renesas Electronics Corporation (Semiconductors & semiconductor equipment)		608,600		6,011
	Sankyu, Inc. (Road & rail)		105,420		5,191
	Shimadzu Corporation (Electronic equipment, instruments & components)		358,800		9,732
	Shiseido Co., Ltd. (Personal products)		377,000		24,050
	Sony Corporation (Household durables)		512,900		24,632
	Start Today Co., Ltd. (Internet & direct marketing retail)		184,300		4,727
	Suruga Bank, Ltd. (Banks)		204,300		2,834
	Taisei Corporation (Construction & engineering)		148,400		7,503
	TechnoPro Holdings, Inc. (Professional services)		153,900		9,184
	TIS, Inc. (IT services)		211,200		8,317
	Topcon Corporation (Electronic equipment, instruments & components)		283,800		5,476
	Toray Industries, Inc. (Chemicals)		1,270,500		11,952
	Tsuruha Holdings, Inc. (Food & staples retailing)		40,000		5,710
	Ulvac, Inc. (Semiconductors & semiconductor equipment)		132,600		7,340
	Zenkoku Hosho Co., Ltd. (Diversified financial services)		135,400		5,892
					563,710
	United Kingdom—9.8%
	3i Group plc (Capital markets)		1,451,721		17,496
	Abcam plc (Biotechnology)		279,812		4,864
	Ashtead Group plc (Trading companies & distributors)		547,667		14,906
	Beazley plc (Insurance)		630,132		5,066
	Carnival plc (Hotels, restaurants & leisure)		285,393		18,339
	Close Brothers Group plc (Capital markets)		192,565		3,877
	Compass Group plc (Hotels, restaurants & leisure)		1,685,334		34,416
	Croda International plc (Chemicals)		246,827		15,819
	Dechra Pharmaceuticals plc (Pharmaceuticals)		173,787		6,408
	Diageo plc (Beverages)		842,369		28,506
	easyJet plc (Airlines)		224,667		5,057
	Fevertree Drinks plc (Beverages)		188,376		6,956
	Greggs plc (Hotels, restaurants & leisure)		275,275		4,746

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—9.8%—(continued)
	Halma plc (Electronic equipment, instruments & components)		295,042	$	4,880
	Hiscox, Ltd. (Insurance)		594,249		12,139
	Intermediate Capital Group plc (Capital markets)		552,473		7,612
	Intertek Group plc (Professional services)		190,575		12,460
	Jupiter Fund Management plc (Capital markets)		837,667		5,542
	Kindred Group plc (Hotels, restaurants & leisure)		562,695		7,693
	Melrose Industries plc (Electrical equipment)		2,535,395		8,217
*	Metro Bank plc (Banks)		91,161		4,494
	Micro Focus International plc (Software)		267,460		3,703
	Renishaw plc (Electronic equipment, instruments & components)		83,694		5,291
	Rentokil Initial plc (Commercial services & supplies)		2,418,705		9,220
	Segro plc (Equity REIT)		1,361,204		11,482
	Spirax-Sarco Engineering plc (Machinery)		114,940		9,281
	Synthomer plc (Chemicals)		601,920		4,050
	Victrex plc (Chemicals)		263,954		9,510
	WH Smith plc (Specialty retail)		426,618		11,660
					293,690
	Canada—4.0%
	Constellation Software, Inc. (Software)		19,199		13,027
	Dollarama, Inc. (Multiline retail)		109,314		13,285
	Finning International, Inc. (Trading companies & distributors)		167,234		4,033
*	Shopify, Inc. Class “A” (Internet software & services)†		109,743		13,673
	Suncor Energy, Inc. (Oil, gas & consumable fuels)		1,136,083		39,232
	The Toronto-Dominion Bank (Banks)		681,374		38,666
					121,916
	Asia—3.2%
	Australia—0.4%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		574,659		10,619
	Hong Kong—2.8%
	AIA Group, Ltd. (Insurance)		5,434,200		45,977
*	China High Precision Automation Group, Ltd. (Electronic equipment, instruments & components)**§		6,597,000		—
	Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		4,192,000		38,057
					84,034
	Singapore—0.0%
	Venture Corporation, Ltd. (Electronic equipment, instruments & components)		68,100		1,460
	Emerging Europe, Mid-East, Africa—2.7%
	Georgia—0.2%
	BGEO Group plc (Banks)		96,011		4,790
	Hungary—0.3%
	MOL Hungarian Oil & Gas plc (Oil, gas & consumable fuels)		807,293		8,816
	Russia—0.6%
	Globaltrans Investment plc—GDR (Road & rail)		290,557		3,446

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—2.7%—(continued)
*	Yandex N.V. Class “A” (Internet software & services)†		362,138	$	14,286
					17,732
	South Africa—1.6%
	Bid Corporation, Ltd. (Food & staples retailing)		221,865		4,830
	Bidvest Group, Ltd. (Industrial conglomerates)		221,865		4,200
	FirstRand, Ltd. (Diversified financial services)		3,678,084		20,785
	Mr. Price Group, Ltd. (Specialty retail)		459,226		11,055
	RMB Holdings, Ltd. (Diversified financial services)		1,388,701		9,050
					49,920
	Emerging Latin America—2.0%
	Argentina—0.2%
	Grupo Financiero Galicia S.A.—ADR (Banks)		79,777		5,246
	Brazil—0.4%
	BB Seguridade Participacoes S.A. (Insurance)		217,100		1,925
	M Dias Branco S.A. (Food products)		342,200		5,287
	Via Varejo S.A. (Specialty retail)		645,300		5,926
					13,138
	Mexico—0.4%
	Arca Continental S.A.B. de C.V. (Beverages)		1,158,030		8,008
	Infraestructura Energetica Nova S.A.B. de C.V. (Gas utilities)		763,300		3,725
					11,733
	Peru—1.0%
	Credicorp, Ltd. (Banks)†		134,077		30,441
	Total Common Stocks—96.7% (cost $2,310,809)				2,908,479
	Preferred Stocks
	Brazil—1.7%
	Itau Unibanco Holding S.A. (Banks)		3,283,940		51,038
	Germany—0.2%
	Fuchs Petrolub SE (Chemicals)		104,035		5,645
	Total Preferred Stocks—1.9% (cost $46,005)				56,683
	Rights
	Italy—0.0%
*	Anima Holding SpA (Capital markets)		580,544		221
	Total Rights—0.0% (cost $0)				221

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $34,965, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	34,964	$	34,964
Total Repurchase Agreement—1.1% (cost $34,964)				34,964
Total Investments—99.7% (cost $2,391,778)				3,000,347
Cash and other assets, less liabilities—0.3%				8,346
Net assets—100.0%			$	3,008,693

ADR = American Depository Receipt

GDR = Global Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. This holding represents 0.00% of the Fund’s net assets at March 31, 2018.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.00% of the Fund’s net assets at March 31, 2018.

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Financials	21.3	%
Information Technology	20.4	%
Industrials	15.8	%
Consumer Discretionary	14.6	%
Materials	7.6	%
Health Care	6.7	%
Consumer Staples	6.0	%
Energy	4.2	%
Real Estate	2.4	%
Utilities	1.0	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Euro	26.1	%
Japanese Yen	19.0	%
British Pound Sterling	10.9	%
Hong Kong Dollar	10.4	%
U.S. Dollar	6.7	%
Indian Rupee	4.0	%
Canadian Dollar	3.6	%
Danish Krone	3.6	%
Swedish Krona	3.2	%
Swiss Franc	3.0	%
Brazilian Real	2.2	%
South Korean Won	2.0	%
South African Rand	1.7	%
Indonesian Rupiah	1.1	%
All Other Currencies	2.5	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—36.9%
	Belgium—1.2%
	KBC Group N.V. (Banks)		328,308	$	28,568
	Denmark—3.5%
	DSV A/S (Road & rail)		328,324		25,703
*	Genmab A/S (Biotechnology)		17,313		3,709
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		787,772		38,682
	Orsted A/S (Electric utilities)		230,886		14,939
					83,033
	France—11.4%
	Arkema S.A. (Chemicals)		185,777		24,231
	BNP Paribas S.A. (Banks)		343,909		25,462
	Cie Generale des Etablissements Michelin SCA (Auto components)		127,844		18,861
	Cie Plastic Omnium S.A. (Auto components)		74,429		3,563
	Dassault Systemes S.A. (Software)		131,232		17,827
	Hermes International (Textiles, apparel & luxury goods)		22,611		13,396
	Ipsen S.A. (Pharmaceuticals)		42,771		6,639
	Kering S.A. (Textiles, apparel & luxury goods)		60,276		28,836
	Nexity S.A. (Real estate management & development)		50,714		3,248
	Orpea (Health care providers & services)		55,314		7,027
	Rubis SCA (Gas utilities)		71,927		5,191
	Thales S.A. (Aerospace & defense)		170,645		20,774
	Total S.A. (Oil, gas & consumable fuels)		817,469		46,400
	Valeo S.A. (Auto components)		272,606		17,992
	Vinci S.A. (Construction & engineering)		283,416		27,863
					267,310
	Germany—5.4%
	Adidas AG (Textiles, apparel & luxury goods)		103,233		24,979
	Carl Zeiss Meditec AG (Health care equipment & supplies)		60,650		3,869
	Covestro AG (Chemicals)		140,181		13,775
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		822,994		22,015
	KION Group AG (Machinery)		63,778		5,944
	MTU Aero Engines AG (Aerospace & defense)		111,423		18,755
	Vonovia SE (Real estate management & development)		506,028		25,061
	Washtec AG (Machinery)		19,263		1,835
	Wirecard AG (IT services)		74,455		8,788
					125,021
	Ireland—1.2%
*	ICON plc (Life sciences tools & services)†		63,875		7,546
	Kerry Group plc Class “A” (Food products)		34,785		3,527
	Kingspan Group plc (Building products)		92,634		3,921
	Smurfit Kappa Group plc (Containers & packaging)		339,316		13,744
					28,738
	Israel—0.3%
	Frutarom Industries, Ltd. (Chemicals)		40,408		3,699
*	Wix.com, Ltd. (Internet software & services)†		42,230		3,360
					7,059

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—36.9%—(continued)
	Italy—2.3%
	Anima Holding SpA (Capital markets)		450,216	$	3,052
	Banca Generali SpA (Capital markets)		282,610		9,111
	Brembo SpA (Auto components)		226,822		3,500
	Ferrari N.V. (Automobiles)		98,254		11,792
	FinecoBank Banca Fineco SpA (Banks)		675,699		8,121
	Interpump Group SpA (Machinery)		122,092		4,125
	Moncler SpA (Textiles, apparel & luxury goods)		136,730		5,199
	Recordati SpA (Pharmaceuticals)		147,449		5,439
	Technogym SpA (Leisure products)		198,931		2,350
					52,689
	Luxembourg—0.9%
	Eurofins Scientific SE (Life sciences tools & services)		18,009		9,507
	Tenaris S.A. (Energy equipment & services)		714,676		12,267
					21,774
	Netherlands—1.7%
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		78,443		15,458
	Euronext N.V. (Capital markets)		47,818		3,495
	Wolters Kluwer N.V. (Professional services)		374,853		19,921
					38,874
	Norway—0.4%
	Norsk Hydro ASA (Metals & mining)		1,560,488		9,147
	Spain—1.7%
	Amadeus IT Group S.A. (IT services)		315,048		23,251
	Bankinter S.A. (Banks)		1,395,332		14,346
	Prosegur Cia de Seguridad S.A. (Commercial services & supplies)		390,117		2,996
					40,593
	Sweden—2.8%
	Alfa Laval AB (Machinery)		188,323		4,446
	Atlas Copco AB Class “A” (Machinery)		532,334		23,028
	Boliden AB (Metals & mining)		365,327		12,798
	Fabege AB (Real estate management & development)		159,834		3,461
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		270,997		16,098
	Husqvarna AB Class “B” (Household durables)		328,348		3,165
	Intrum Justitia AB (Commercial services & supplies)		123,620		3,504
					66,500
	Switzerland—4.1%
	Belimo Holding AG (Building products)		500		2,022
*	Cembra Money Bank AG (Consumer finance)		37,447		3,322
*	dormakaba Holding AG (Building products)		3,712		2,902
*	Glencore plc (Metals & mining)		5,144,404		25,536
	Logitech International S.A. (Technology hardware, storage & peripherals)		172,996		6,326
*	Lonza Group AG (Life sciences tools & services)		107,024		25,211
	Partners Group Holding AG (Capital markets)		31,496		23,391
	Straumann Holding AG (Health care equipment & supplies)		9,998		6,296
					95,006

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—19.1%
	China—9.6%
*	3SBio, Inc. (Biotechnology)		1,874,000	$	4,222
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		193,711		35,554
	Anhui Conch Cement Co., Ltd. Class “H” (Construction materials)		1,396,500		7,607
	China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure)		29,034		3,824
	China Mengniu Dairy Co., Ltd. (Food products)		3,883,000		13,309
	China Overseas Land & Investment, Ltd. (Real estate management & development)		3,916,000		13,597
	CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals)		3,690,000		9,803
	Industrial and Commercial Bank of China, Ltd. Class “H” (Banks)		37,354,000		32,032
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		4,031,500		40,992
*	SINA Corporation (Internet software & services)†		50,036		5,217
	Tencent Holdings, Ltd. (Internet software & services)		818,800		42,734
	Tingyi Cayman Islands Holding Corporation (Food products)		2,370,000		4,916
*	Weibo Corporation—ADR (Internet software & services)		54,728		6,542
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		535,500		5,148
					225,497
	India—4.1%
	Adani Ports & Special Economic Zone, Ltd. (Transportation infrastructure)		532,755		2,908
	Bharat Electronics, Ltd. (Aerospace & defense)		1,242,587		2,699
	Britannia Industries, Ltd. (Food products)		74,071		5,645
	HDFC Bank, Ltd. (Banks)		491,135		14,232
	Hindustan Zinc, Ltd. (Metals & mining)		693,731		3,195
	Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance)		208,923		3,967
	IndusInd Bank, Ltd. (Banks)		278,826		7,695
	Infosys, Ltd. (IT services)		931,513		16,282
*	MakeMyTrip, Ltd. (Internet & direct marketing retail)†		92,866		3,223
	Maruti Suzuki India, Ltd. (Automobiles)		120,667		16,381
	Motherson Sumi Systems, Ltd. (Auto components)		836,888		3,989
	Voltas, Ltd. (Construction & engineering)		637,932		6,064
	Yes Bank, Ltd. (Banks)		1,798,006		8,437
					94,717
	Indonesia—1.1%
	PT Bank Central Asia Tbk (Banks)		14,972,100		25,339
	South Korea—2.0%
*	Hugel, Inc. (Biotechnology)		5,871		3,283
	Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		15,332		35,270
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		42,270		7,574
					46,127
	Taiwan—2.1%
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,187,000		13,475
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		824,196		36,067
					49,542
	Thailand—0.2%
	PTT Global Chemical PCL (Chemicals)		1,910,300		5,788
	Japan—18.7%
	Asahi Group Holdings, Ltd. (Beverages)		499,800		26,727

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—18.7%—(continued)
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		172,900	$	6,898
	Asahi Kasei Corporation (Chemicals)		1,500,900		19,727
	Daikin Industries, Ltd. (Building products)		251,500		27,524
	FANUC Corporation (Machinery)		111,100		27,742
	Hoshizaki Corporation (Machinery)		35,200		3,103
	Izumi Co., Ltd. (Multiline retail)		54,400		3,640
	Japan Lifeline Co., Ltd. (Health care providers & services)		107,900		3,039
	Keyence Corporation (Electronic equipment, instruments & components)		50,400		31,025
	Koito Manufacturing Co., Ltd. (Auto components)		187,400		12,910
	Komatsu, Ltd. (Machinery)		765,400		25,212
	Kose Corporation (Personal products)		47,000		9,757
	MinebeaMitsumi, Inc. (Machinery)		213,800		4,507
	MISUMI Group, Inc. (Trading companies & distributors)		296,600		8,070
	Mitsubishi UFJ Financial Group, Inc. (Banks)		3,913,100		25,607
	Nabtesco Corporation (Machinery)		106,900		4,094
	Nichias Corporation (Building products)		272,000		3,413
	Nihon M&A Center, Inc. (Professional services)		257,400		8,793
	Nintendo Co., Ltd. (Software)		70,000		30,696
	Nitori Holdings Co., Ltd. (Specialty retail)		77,800		13,516
	Nomura Research Institute, Ltd. (IT services)		134,500		6,263
	Omron Corporation (Electronic equipment, instruments & components)		153,700		8,826
	Otsuka Corporation (IT services)		186,400		9,390
	Pola Orbis Holdings, Inc. (Personal products)		220,500		9,108
*	Renesas Electronics Corporation (Semiconductors & semiconductor equipment)		472,000		4,662
	Sankyu, Inc. (Road & rail)		81,760		4,026
	Shimadzu Corporation (Electronic equipment, instruments & components)		278,300		7,548
	Shiseido Co., Ltd. (Personal products)		292,400		18,653
	Sony Corporation (Household durables)		397,800		19,104
	Start Today Co., Ltd. (Internet & direct marketing retail)		142,900		3,665
	Suruga Bank, Ltd. (Banks)		155,600		2,158
	Taisei Corporation (Construction & engineering)		115,100		5,820
	TechnoPro Holdings, Inc. (Professional services)		119,300		7,119
	TIS, Inc. (IT services)		164,000		6,458
	Topcon Corporation (Electronic equipment, instruments & components)		220,100		4,247
	Toray Industries, Inc. (Chemicals)		985,300		9,269
	Tsuruha Holdings, Inc. (Food & staples retailing)		31,000		4,425
	Ulvac, Inc. (Semiconductors & semiconductor equipment)		102,900		5,696
	Zenkoku Hosho Co., Ltd. (Diversified financial services)		105,000		4,569
					437,006
	United Kingdom—9.7%
	3i Group plc (Capital markets)		1,125,821		13,568
	Abcam plc (Biotechnology)		216,996		3,772
	Ashtead Group plc (Trading companies & distributors)		424,720		11,560
	Beazley plc (Insurance)		488,672		3,928
	Carnival plc (Hotels, restaurants & leisure)		221,324		14,222
	Close Brothers Group plc (Capital markets)		149,336		3,007
	Compass Group plc (Hotels, restaurants & leisure)		1,306,989		26,690
	Croda International plc (Chemicals)		191,829		12,294
	Dechra Pharmaceuticals plc (Pharmaceuticals)		134,773		4,969
	Diageo plc (Beverages)		653,264		22,107
	easyJet plc (Airlines)		174,231		3,922
	Fevertree Drinks plc (Beverages)		146,087		5,395
	Greggs plc (Hotels, restaurants & leisure)		213,478		3,681

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—9.7%—(continued)
	Halma plc (Electronic equipment, instruments & components)		228,808	$	3,785
	Hiscox, Ltd. (Insurance)		460,845		9,414
	Intermediate Capital Group plc (Capital markets)		428,447		5,903
	Intertek Group plc (Professional services)		147,793		9,663
	Jupiter Fund Management plc (Capital markets)		649,617		4,298
	Kindred Group plc (Hotels, restaurants & leisure)		437,033		5,975
	Melrose Industries plc (Electrical equipment)		1,983,871		6,430
*	Metro Bank plc (Banks)		70,696		3,485
	Micro Focus International plc (Software)		203,643		2,819
	Renishaw plc (Electronic equipment, instruments & components)		64,906		4,103
	Rentokil Initial plc (Commercial services & supplies)		1,875,724		7,150
	Segro plc (Equity REIT)		1,055,624		8,904
	Spirax-Sarco Engineering plc (Machinery)		89,137		7,197
	Synthomer plc (Chemicals)		466,793		3,141
	Victrex plc (Chemicals)		204,698		7,375
	WH Smith plc (Specialty retail)		330,846		9,042
					227,799
	Canada—4.0%
	Constellation Software, Inc. (Software)		14,889		10,102
	Dollarama, Inc. (Multiline retail)		84,774		10,303
	Finning International, Inc. (Trading companies & distributors)		129,691		3,128
*	Shopify, Inc. Class “A” (Internet software & services)†		85,107		10,603
	Suncor Energy, Inc. (Oil, gas & consumable fuels)		881,041		30,425
	The Toronto-Dominion Bank (Banks)		528,411		29,986
					94,547
	Asia—3.2%
	Australia—0.4%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		445,652		8,235
	Hong Kong—2.8%
	AIA Group, Ltd. (Insurance)		4,213,063		35,645
*	China High Precision Automation Group, Ltd. (Electronic equipment, instruments & components)**§		3,373,000		—
	Galaxy Entertainment Group, Ltd. (Hotels, restaurants & leisure)		3,251,000		29,515
					65,160
	Singapore—0.0%
	Venture Corporation, Ltd. (Electronic equipment, instruments & components)		52,900		1,134
	Emerging Europe, Mid-East, Africa—2.8%
	Georgia—0.2%
	BGEO Group plc (Banks)		74,457		3,715
	Hungary—0.3%
	MOL Hungarian Oil & Gas plc (Oil, gas & consumable fuels)		626,062		6,837
	Russia—0.6%
	Globaltrans Investment plc—GDR (Road & rail)		225,329		2,672

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—2.8%—(continued)
*	Yandex N.V. Class “A” (Internet software & services)†		282,661	$	11,151
					13,823
	South Africa—1.7%
	Bid Corporation, Ltd. (Food & staples retailing)		172,058		3,746
	Bidvest Group, Ltd. (Industrial conglomerates)		172,058		3,257
	FirstRand, Ltd. (Diversified financial services)		2,852,382		16,119
	Mr. Price Group, Ltd. (Specialty retail)		356,133		8,573
	RMB Holdings, Ltd. (Diversified financial services)		1,076,948		7,018
					38,713
	Emerging Latin America—2.0%
	Argentina—0.2%
	Grupo Financiero Galicia S.A.—ADR (Banks)		61,868		4,068
	Brazil—0.4%
	BB Seguridade Participacoes S.A. (Insurance)		168,600		1,495
	M Dias Branco S.A. (Food products)		265,400		4,101
	Via Varejo S.A. (Specialty retail)		500,400		4,595
					10,191
	Mexico—0.4%
	Arca Continental S.A.B. de C.V. (Beverages)		898,061		6,211
	Infraestructura Energetica Nova S.A.B. de C.V. (Gas utilities)		591,900		2,888
					9,099
	Peru—1.0%
	Credicorp, Ltd. (Banks)†		103,978		23,607
	Total Common Stocks—96.4% (cost $1,809,391)				2,255,256
	Preferred Stocks
	Brazil—1.7%
	Itau Unibanco Holding S.A. (Banks)		2,546,700		39,580
	Germany—0.2%
	Fuchs Petrolub SE (Chemicals)		80,680		4,378
	Total Preferred Stocks—1.9% (cost $35,854)				43,958
	Rights
	Italy—0.0%
*	Anima Holding SpA (Capital markets)		444,884		170
	Total Rights—0.0% (cost $0)				170

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $33,121, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	33,120	$	33,120
Total Repurchase Agreement—1.4% (cost $33,120)				33,120
Total Investments—99.7% (cost $1,878,365)				2,332,504
Cash and other assets, less liabilities—0.3%				6,945
Net assets—100.0%			$	2,339,449

ADR = American Depository Receipt

GDR = Global Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures approved by the Board of Trustees. This holding represents 0.00% of the Fund’s net assets at March 31, 2018.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.00% of the Fund’s net assets at March 31, 2018.

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials	21.2	%
Information Technology	20.5	%
Industrials	15.8	%
Consumer Discretionary	14.6	%
Materials	7.6	%
Health Care	6.7	%
Consumer Staples	6.0	%
Energy	4.2	%
Real Estate	2.4	%
Utilities	1.0	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	26.1	%
Japanese Yen	19.0	%
British Pound Sterling	10.9	%
Hong Kong Dollar	10.4	%
U.S. Dollar	6.7	%
Indian Rupee	4.0	%
Canadian Dollar	3.6	%
Danish Krone	3.6	%
Swedish Krona	3.2	%
Swiss Franc	3.0	%
Brazilian Real	2.2	%
South Korean Won	2.0	%
South African Rand	1.7	%
Indonesian Rupiah	1.1	%
All Other Currencies	2.5	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—27.5%
	Belgium—1.2%
	Melexis N.V. (Semiconductors & semiconductor equipment)		70,472	$	7,024
	Denmark—1.0%
	Royal Unibrew A/S (Beverages)		94,444		6,238
	France—2.7%
	Nexity S.A. (Real estate management & development)		57,720		3,697
	Rubis SCA (Gas utilities)		115,691		8,349
*	Worldline S.A. (IT services)		93,317		4,737
					16,783
	Germany—3.8%
	AURELIUS Equity Opportunities SE & Co KGaA (Capital markets)		81,261		5,659
	CTS Eventim AG & Co KGaA (Media)		91,076		4,265
	GRENKE AG (Diversified financial services)		47,114		4,992
	KION Group AG (Machinery)		29,797		2,777
	Norma Group SE (Machinery)		71,017		5,313
					23,006
	Ireland—2.0%
*	ICON plc (Life sciences tools & services)†		33,758		3,988
	Kingspan Group plc (Building products)		87,880		3,720
	UDG Healthcare plc (Health care providers & services)		392,404		4,779
					12,487
	Israel—2.9%
	Frutarom Industries, Ltd. (Chemicals)		67,641		6,192
	Mizrahi Tefahot Bank, Ltd. (Banks)		282,346		5,395
*	Wix.com, Ltd. (Internet software & services)†		74,516		5,928
					17,515
	Italy—4.2%
	Autogrill SpA (Hotels, restaurants & leisure)		260,451		3,349
	Banca IFIS SpA (Diversified financial services)		137,831		5,305
	Cerved Information Solutions SpA (Diversified financial services)		407,303		5,077
	DiaSorin SpA (Health care equipment & supplies)		62,461		5,618
*	Gima TT SpA (Machinery)		177,736		3,796
	Industria Macchine Automatiche SpA (Machinery)		28,510		2,773
					25,918
	Jersey—0.7%
	Sanne Group plc (Capital markets)		404,972		4,017
	Luxembourg—0.9%
	Stabilus S.A. (Machinery)		54,933		5,242
	Netherlands—1.2%
	Euronext N.V. (Capital markets)		103,213		7,544
	Norway—0.4%
	TGS Nopec Geophysical Co. ASA (Energy equipment & services)		99,513		2,429

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—27.5%—(continued)
	Sweden—4.7%
	Dometic Group AB (Auto components)		294,699	$	2,691
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		106,399		5,829
	Indutrade AB (Trading companies & distributors)		256,942		6,622
	Intrum Justitia AB (Commercial services & supplies)		177,688		5,037
	Loomis AB Class “B” (Commercial services & supplies)		75,079		2,701
	Thule Group AB (Leisure products)		273,741		5,921
					28,801
	Switzerland—1.8%
*	Cembra Money Bank AG (Consumer finance)		52,281		4,638
*	dormakaba Holding AG (Building products)		4,492		3,512
*	Kardex AG (Machinery)		23,346		3,160
					11,310
	Japan—24.3%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		175,900		7,017
	Benefit One, Inc. (Professional services)		79,800		2,185
	en-japan, Inc. (Professional services)		124,600		6,956
	Japan Lifeline Co., Ltd. (Health care providers & services)		96,100		2,707
	Kose Corporation (Personal products)		42,600		8,844
	Maeda Corporation (Construction & engineering)		358,900		4,128
	Matsumotokiyoshi Holdings Co., Ltd. (Food & staples retailing)		92,200		3,864
	Meitec Corporation (Professional services)		97,300		5,258
	Nabtesco Corporation (Machinery)		171,400		6,564
	Nichias Corporation (Building products)		457,000		5,734
	Nihon M&A Center, Inc. (Professional services)		259,200		8,855
	Nissan Chemical Industries, Ltd. (Chemicals)		217,200		8,900
	Okamoto Industries, Inc. (Chemicals)		100,000		1,000
	PALTAC Corporation (Distributors)		101,400		5,460
	Pola Orbis Holdings, Inc. (Personal products)		154,100		6,365
	Relo Group, Inc. (Real estate management & development)		111,000		3,060
	Sankyu, Inc. (Road & rail)		97,420		4,797
	Seria Co., Ltd. (Multiline retail)		52,200		2,561
	Stanley Electric Co., Ltd. (Auto components)		168,700		6,239
	Start Today Co., Ltd. (Internet & direct marketing retail)		170,000		4,360
	Suruga Bank, Ltd. (Banks)		82,100		1,139
	TIS, Inc. (IT services)		169,300		6,667
	Tokyo Century Corporation (Diversified financial services)		134,700		8,342
	Topcon Corporation (Electronic equipment, instruments & components)		285,500		5,508
	Toridoll Holdings Corporation (Hotels, restaurants & leisure)		142,200		5,185
	Tsuruha Holdings, Inc. (Food & staples retailing)		32,000		4,568
	Ulvac, Inc. (Semiconductors & semiconductor equipment)		117,800		6,521
	Zenkoku Hosho Co., Ltd. (Diversified financial services)		139,100		6,053
					148,837
	Emerging Asia—14.0%
	China—3.6%
*	3SBio, Inc. (Biotechnology)		954,500		2,150
*	51job, Inc.—ADR (Professional services)		41,298		3,553
	China Medical System Holdings, Ltd. (Pharmaceuticals)		1,695,000		3,849
	Fuyao Glass Industry Group Co., Ltd. Class “H” (Auto components)		901,600		3,475
	Kingsoft Corporation, Ltd. (Software)		1,554,000		4,931

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—14.0%—(continued)
Travelsky Technology, Ltd. Class “H” (IT services)		1,533,000	$	4,444
				22,402
India—3.9%
Crompton Greaves Consumer Electricals, Ltd. (Household durables)		1,021,871		3,778
Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance)		298,973		5,677
Jubilant Foodworks, Ltd. (Hotels, restaurants & leisure)		114,156		4,066
MindTree, Ltd. (IT services)		247,179		2,918
Motherson Sumi Systems, Ltd. (Auto components)		643,435		3,067
Petronet LNG, Ltd. (Oil, gas & consumable fuels)		1,245,738		4,394
				23,900
Indonesia—0.8%
PT Bank Negara Indonesia Persero Tbk (Banks)		7,637,400		4,812
South Korea—0.7%
Hana Tour Service, Inc. (Hotels, restaurants & leisure)		10,973		1,230
Loen Entertainment, Inc. (Media)		29,971		3,107
				4,337
Taiwan—3.6%
Accton Technology Corporation (Communications equipment)		831,000		2,708
Chailease Holding Co., Ltd. (Diversified financial services)		1,643,000		5,635
Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		316,000		5,023
Powertech Technology, Inc. (Semiconductors & semiconductor equipment)		1,574,000		4,907
Silicon Motion Technology Corporation—ADR (Semiconductors & semiconductor equipment)		79,479		3,825
				22,098
Thailand—1.4%
Beauty Community PCL (Specialty retail)		5,042,600		3,435
Tisco Financial Group PCL (Banks)		1,794,800		5,051
				8,486
United Kingdom—14.0%
Abcam plc (Biotechnology)		384,135		6,677
Arrow Global Group plc (Consumer finance)		773,144		3,797
AVEVA Group plc (Software)		118,295		3,172
Beazley plc (Insurance)		881,674		7,088
Burford Capital, Ltd. (Capital markets)		350,978		6,598
Dechra Pharmaceuticals plc (Pharmaceuticals)		120,071		4,427
Diploma plc (Trading companies & distributors)		233,548		3,739
Fevertree Drinks plc (Beverages)		124,891		4,612
Halma plc (Electronic equipment, instruments & components)		352,079		5,824
Hays plc (Professional services)		2,289,055		6,047
Hill & Smith Holdings plc (Metals & mining)		206,777		3,856
Intermediate Capital Group plc (Capital markets)		384,755		5,301
Jupiter Fund Management plc (Capital markets)		585,871		3,876
Spirax-Sarco Engineering plc (Machinery)		66,020		5,331
SSP Group plc (Hotels, restaurants & leisure)		884,032		7,584
Ted Baker plc (Textiles, apparel & luxury goods)		66,463		2,331
Workspace Group plc (Equity REIT)		392,877		5,468
				85,728

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—5.0%
	Argentina—1.6%
	Grupo Supervielle S.A.—ADR (Banks)		154,627	$	4,692
*	Loma Negra Cia Industrial Argentina S.A.—ADR (Construction materials)		125,013		2,665
*	Pampa Energia S.A.—ADR (Electric utilities)		45,173		2,692
					10,049
	Brazil—3.0%
	Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)		99,100		1,517
	CVC Brasil Operadora e Agencia de Viagens S.A. (Hotels, restaurants & leisure)		378,400		6,951
	Localiza Rent a Car S.A. (Road & rail)		1,114,185		9,693
					18,161
	Mexico—0.4%
	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		14,794		2,524
	Asia—4.6%
	Australia—2.5%
	Challenger, Ltd. (Diversified financial services)		456,343		4,045
	DuluxGroup, Ltd. (Chemicals)		747,543		4,237
	Orora, Ltd. (Containers & packaging)		1,702,079		4,314
	The Star Entertainment Group, Ltd. (Hotels, restaurants & leisure)		648,217		2,634
					15,230
	Hong Kong—1.5%
	Man Wah Holdings, Ltd. (Household durables)		4,283,600		3,406
	MGM China Holdings, Ltd. (Hotels, restaurants & leisure)		2,186,000		5,640
					9,046
	New Zealand—0.6%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		398,137		3,798
	Canada—3.6%
	Canadian Western Bank (Banks)		174,186		4,468
	CES Energy Solutions Corporation (Energy equipment & services)		692,716		3,162
	Enerflex, Ltd. (Energy equipment & services)		189,631		2,261
	Finning International, Inc. (Trading companies & distributors)		237,045		5,717
	Hudbay Minerals, Inc. (Metals & mining)		162,071		1,147
	Intertape Polymer Group, Inc. (Containers & packaging)		170,752		2,745
*	Raging River Exploration, Inc. (Oil, gas & consumable fuels)		590,188		2,858
					22,358
	Emerging Europe, Mid-East, Africa—3.3%
	Georgia—0.5%
	BGEO Group plc (Banks)		61,226		3,055
	South Africa—2.8%
	AVI, Ltd. (Food products)		783,487		7,334
	Bidvest Group, Ltd. (Industrial conglomerates)		305,342		5,780
	Clicks Group, Ltd. (Food & staples retailing)		259,478		3,991
					17,105

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Common Stocks—(continued)
Total Common Stocks—96.3% (cost $476,708)			$	590,240
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $20,165, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	20,164		20,164
Total Repurchase Agreement—3.3% (cost $20,164)				20,164
Total Investments—99.6% (cost $496,872)				610,404
Cash and other assets, less liabilities—0.4%				2,632
Net assets—100.0%			$	613,036

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Industrials	22.2	%
Financials	20.7	%
Consumer Discretionary	16.6	%
Information Technology	12.6	%
Consumer Staples	7.8	%
Health Care	7.6	%
Materials	5.9	%
Energy	2.6	%
Real Estate	2.1	%
Utilities	1.9	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Japanese Yen	25.2	%
British Pound Sterling	16.5	%
Euro	15.1	%
U.S. Dollar	5.1	%
Swedish Krona	4.9	%
Hong Kong Dollar	4.7	%
Indian Rupee	4.0	%
Canadian Dollar	3.8	%
New Taiwan Dollar	3.1	%
Brazilian Real	3.1	%
South African Rand	2.9	%
Australian Dollar	2.6	%
Israeli Shekel	2.0	%
Swiss Franc	1.9	%
Thai Baht	1.4	%
Danish Krone	1.1	%
All Other Currencies	2.6	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—64.8%
	China—29.6%
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		126,432	$	23,205
	Brilliance China Automotive Holdings, Ltd. (Automobiles)		2,624,000		5,477
	China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure)		32,748		4,313
	China Merchants Bank Co., Ltd. Class “H” (Banks)		2,064,500		8,457
	CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals)		3,258,000		8,655
*	Ctrip.com International, Ltd.—ADR (Internet & direct marketing retail)		106,005		4,942
	Haier Electronics Group Co., Ltd. (Household durables)		1,801,000		6,414
	NetEase, Inc.—ADR (Internet software & services)		24,737		6,936
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		1,614,000		16,411
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		604,000		6,361
	TAL Education Group—ADR (Diversified consumer services)		150,568		5,585
	Tencent Holdings, Ltd. (Internet software & services)		589,700		30,777
	Tingyi Cayman Islands Holding Corporation (Food products)		2,616,000		5,427
	Yum China Holdings, Inc. (Hotels, restaurants & leisure)		241,403		10,018
					142,978
	India—12.8%
	Asian Paints, Ltd. (Chemicals)		210,446		3,612
	Bajaj Finance, Ltd. (Consumer finance)		208,534		5,668
	Britannia Industries, Ltd. (Food products)		32,755		2,496
	HDFC Bank, Ltd.—ADR (Banks)		15,087		1,490
	HDFC Bank, Ltd. (Banks)		198,128		5,741
	HDFC Standard Life Insurance Co. Ltd. (Insurance)		542,220		3,767
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		338,147		9,441
	IndusInd Bank, Ltd. (Banks)		137,463		3,794
	Infosys, Ltd. (IT services)		472,864		8,265
	Maruti Suzuki India, Ltd. (Automobiles)		63,461		8,615
	MRF, Ltd. (Auto components)		7,907		8,771
					61,660
	Indonesia—4.5%
	PT Bank Rakyat Indonesia Persero Tbk (Banks)		33,781,700		8,833
	PT Telekomunikasi Indonesia Persero Tbk (Diversified telecommunication services)		30,479,000		7,970
	PT Unilever Indonesia Tbk (Household products)		1,344,500		4,837
					21,640
	South Korea—7.9%
	LG Chem, Ltd. (Chemicals)		18,944		6,860
	Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		11,706		26,929
	Shinhan Financial Group Co., Ltd. (Banks)		105,687		4,477
					38,266
	Taiwan—5.8%
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		637,251		27,886
	Thailand—4.2%
	Airports of Thailand PCL (Transportation infrastructure)		3,910,200		8,253
	CP ALL PCL (Food & staples retailing)		4,217,300		11,767
					20,020

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—15.1%
	Hungary—1.6%
	OTP Bank plc (Banks)		174,531	$	7,852
	Russia—2.0%
*	Yandex N.V. Class “A” (Internet software & services)†		240,007		9,468
	South Africa—9.7%
	Bid Corporation, Ltd. (Food & staples retailing)		296,801		6,462
	Bidvest Group, Ltd. (Industrial conglomerates)		562,577		10,649
	Capitec Bank Holdings, Ltd. (Banks)		96,712		7,109
	FirstRand, Ltd. (Diversified financial services)		1,527,899		8,634
	Naspers, Ltd. (Media)		56,945		13,910
					46,764
	Turkey—1.1%
	KOC Holding A.S. (Industrial conglomerates)		1,320,563		5,449
	United Arab Emirates—0.7%
	Emaar Properties PJSC (Real estate management & development)		2,131,221		3,366
	Emerging Latin America—12.9%
	Argentina—1.6%
	Grupo Financiero Galicia S.A.—ADR (Banks)		51,871		3,411
	YPF S.A.—ADR (Oil, gas & consumable fuels)		191,934		4,150
					7,561
	Brazil—4.3%
	AMBEV S.A.—ADR (Beverages)		547,638		3,981
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		808,700		6,538
	Lojas Renner S.A. (Multiline retail)		416,000		4,328
	Raia Drogasil S.A. (Food & staples retailing)		260,300		5,898
					20,745
	Chile—0.8%
	Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)		82,650		4,062
	Mexico—2.6%
	Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure)		334,100		3,301
	Grupo Financiero Banorte S.A.B. de C.V. Class “O” (Banks)		1,548,000		9,388
					12,689
	Peru—3.6%
	Credicorp, Ltd. (Banks)†		37,522		8,519
	Southern Copper Corporation (Metals & mining)		160,689		8,706
					17,225
	Total Common Stocks—92.8% (cost $343,860)				447,631

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Preferred Stocks
	Brazil—4.4%
	Itau Unibanco Holding S.A. (Banks)		642,250	$	9,982
*	Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		1,704,100		11,051
					21,033
	Total Preferred Stocks—4.4% (cost $14,043)				21,033
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $13,714, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	13,714		13,714
	Total Repurchase Agreement—2.8% (cost $13,714)				13,714
	Total Investments—100.0% (cost $371,617)				482,378
	Liabilities, plus cash and other assets—0.0%				(31	)
	Net assets—100.0%			$	482,347

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	28.6	%
Financials	27.6	%
Consumer Discretionary	16.8	%
Consumer Staples	8.7	%
Industrials	5.9	%
Materials	5.0	%
Energy	3.2	%
Health Care	1.8	%
Telecommunication Services	1.7	%
Real Estate	0.7	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

U.S. Dollar	27.0	%
Hong Kong Dollar	18.8	%
Indian Rupee	12.8	%
South African Rand	10.0	%
South Korean Won	8.2	%
Brazilian Real	8.1	%
Indonesian Rupiah	4.6	%
Thai Baht	4.3	%
Mexican Peso	2.7	%
Hungarian Forint	1.7	%
Turkish Lira	1.1	%
All Other Currencies	0.7	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—71.6%
	China—30.1%
*	51job, Inc.—ADR (Professional services)		24,104	$	2,074
*	Alibaba Group Holding, Ltd.—ADR (Internet software & services)		402,426		73,861
	Autohome, Inc.—ADR (Internet software & services)		68,021		5,846
*	Baozun, Inc.—ADR (Internet software & services)		100,623		4,617
	China International Travel Service Corporation, Ltd. Class “A” (Hotels, restaurants & leisure)		1,260,622		10,756
	China Lodging Group, Ltd.—ADR (Hotels, restaurants & leisure)		47,591		6,268
	China Merchants Bank Co., Ltd. Class “H” (Banks)		1,565,500		6,413
	China Molybdenum Co., Ltd. Class “H” (Metals & mining)		5,319,000		4,012
	China Vanke Co., Ltd. Class “H” (Real estate management & development)		2,809,900		12,818
*	Chinasoft International, Ltd. (IT services)		1,054,000		946
	CIFI Holdings Group Co., Ltd. (Real estate management & development)		5,196,000		4,535
	CSPC Pharmaceutical Group, Ltd. (Pharmaceuticals)		6,036,000		16,036
	ENN Energy Holdings, Ltd. (Gas utilities)		171,000		1,527
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		724,080		6,604
	Geely Automobile Holdings, Ltd. (Automobiles)		3,356,000		9,664
	Gree Electric Appliances, Inc. of Zhuhai Class “A” (Household durables)		1,203,915		9,013
	Haitian International Holdings, Ltd. (Machinery)		1,027,000		3,114
	Hangzhou Hikvision Digital Technology Co., Ltd. Class “A” (Electronic equipment, instruments & components)		2,194,374		14,474
	Jiangsu Hengrui Medicine Co., Ltd. Class “A” (Pharmaceuticals)		600,754		7,903
*	Kingdee International Software Group Co., Ltd. (Software)		4,698,000		4,729
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		114,748		12,575
	KWG Property Holding, Ltd. (Real estate management & development)		2,163,500		2,950
*	MMG, Ltd. (Metals & mining)		6,092,000		3,718
	New Oriental Education & Technology Group, Inc.—ADR (Diversified consumer services)		61,108		5,356
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		2,916,000		29,650
	Shanghai Fosun Pharmaceutical Group Co., Ltd. Class “H” (Pharmaceuticals)		815,000		5,005
	Shanghai International Airport Co., Ltd. Class “A” (Transportation infrastructure)		853,755		6,460
	Shimao Property Holdings, Ltd. (Real estate management & development)		1,244,500		3,520
	Sino Biopharmaceutical, Ltd. (Pharmaceuticals)		2,700,000		5,298
	Sunny Optical Technology Group Co., Ltd. (Electronic equipment, instruments & components)		340,000		6,277
	Tencent Holdings, Ltd. (Internet software & services)		1,638,160		85,497
	Travelsky Technology, Ltd. Class “H” (IT services)		1,589,000		4,606
*	Weibo Corporation—ADR (Internet software & services)		153,540		18,354
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		570,000		5,480
	Yonghui Superstores Co., Ltd. Class “A” (Food & staples retailing)		2,907,800		4,603
					404,559
	India—16.3%
	Bajaj Finance, Ltd. (Consumer finance)		454,466		12,353
	Bajaj Finserv, Ltd. (Insurance)		69,418		5,401
	Balkrishna Industries, Ltd. (Auto components)		187,408		3,075
*	Bharat Financial Inclusion, Ltd. (Consumer finance)		265,862		4,460
	Bharat Forge, Ltd. (Auto components)		324,675		3,480
	Britannia Industries, Ltd. (Food products)		60,477		4,609
*	Future Retail, Ltd. (Multiline retail)		335,634		2,825
	Godrej Consumer Products, Ltd. (Personal products)		367,180		6,153
	Havells India, Ltd. (Electrical equipment)		544,347		4,070
	HDFC Bank, Ltd. (Banks)		1,256,007		36,397
	HDFC Standard Life Insurance Co. Ltd. (Insurance)		1,469,299		10,208

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—71.6%—(continued)
	Hindustan Unilever, Ltd. (Household products)		343,388	$	7,031
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		1,114,340		31,113
	Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance)		562,610		10,683
	IndusInd Bank, Ltd. (Banks)		782,894		21,606
	Maruti Suzuki India, Ltd. (Automobiles)		125,293		17,009
	Motilal Oswal Financial Services, Ltd. (Capital markets)		110,659		1,708
	Page Industries, Ltd. (Textiles, apparel & luxury goods)		11,369		3,934
	Pidilite Industries, Ltd. (Chemicals)		244,362		3,421
	Sterlite Technologies, Ltd. (Communications equipment)		787,389		3,777
	Titan Co., Ltd. (Textiles, apparel & luxury goods)		384,212		5,457
	Voltas, Ltd. (Construction & engineering)		471,276		4,480
	Yes Bank, Ltd. (Banks)		3,523,263		16,533
					219,783
	Indonesia—2.5%
	PT Bank Negara Indonesia Persero Tbk (Banks)		14,426,100		9,090
	PT Bank Rakyat Indonesia Persero Tbk (Banks)		72,316,705		18,910
	PT United Tractors Tbk (Oil, gas & consumable fuels)		2,179,100		5,065
					33,065
	Malaysia—0.8%
	Public Bank Bhd (Banks)		1,749,200		10,853
	Philippines—0.9%
	Ayala Land, Inc. (Real estate management & development)		4,324,300		3,406
	BDO Unibank, Inc. (Banks)		1,263,986		3,367
	Jollibee Foods Corporation (Hotels, restaurants & leisure)		607,070		3,479
	Security Bank Corporation (Banks)		536,730		2,469
					12,721
	South Korea—6.2%
	E-MART, Inc. (Food & staples retailing)		3,280		832
	Hana Financial Group, Inc. (Banks)		408,862		17,492
	Korea Investment Holdings Co., Ltd. (Capital markets)		55,136		4,273
	POSCO Chemtech Co., Ltd. (Construction materials)		77,146		3,420
*	Samsung Biologics Co., Ltd. (Life sciences tools & services)		19,869		9,059
	Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		18,336		42,180
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		83,932		6,323
					83,579
	Taiwan—9.2%
	Chailease Holding Co., Ltd. (Diversified financial services)		2,713,000		9,305
	Chroma ATE, Inc. (Electronic equipment, instruments & components)		637,000		3,921
	E.Sun Financial Holding Co., Ltd. (Banks)		8,121,255		5,459
	Global Unichip Corporation (Semiconductors & semiconductor equipment)		366,000		4,004
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		575,000		9,141
	Hiwin Technologies Corporation (Machinery)		861,780		12,266
*	Macronix International (Semiconductors & semiconductor equipment)		1,718,000		2,946
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		974,927		42,663
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		2,818,000		23,582

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—71.6%—(continued)
	Yageo Corporation (Electronic equipment, instruments & components)		558,000	$	9,952
					123,239
	Thailand—3.6%
	Airports of Thailand PCL (Transportation infrastructure)		6,290,600		13,277
	Beauty Community PCL (Specialty retail)		8,435,600		5,746
	Central Pattana PCL (Real estate management & development)		1,960,400		4,922
	CP ALL PCL (Food & staples retailing)		6,409,200		17,883
	Home Product Center PCL (Specialty retail)		9,297,900		4,133
	Muangthai Leasing PCL Class “F” (Consumer finance)		2,653,800		3,225
					49,186
	Vietnam—2.0%
*	Hoa Phat Group JSC (Metals & mining)		2,275,650		6,066
	Vietjet Aviation JSC (Airlines)		505,700		4,922
	Vietnam Dairy Products JSC (Food products)		728,620		6,612
*	Vincom Retail JSC (Real estate management & development)		1,446,410		3,234
*	Vingroup JSC (Real estate management & development)		1,177,050		5,934
					26,768
	Emerging Europe, Mid-East, Africa—14.0%
	Greece—0.2%
	JUMBO S.A. (Specialty retail)		163,254		2,913
	Hungary—1.0%
	OTP Bank plc (Banks)		298,501		13,429
	Kenya—0.4%
	Safaricom plc (Wireless telecommunication services)		17,254,454		5,256
	Russia—1.8%
*	Mail.Ru Group, Ltd.—GDR (Internet software & services)		229,178		8,017
*	Yandex N.V. Class “A” (Internet software & services)†		408,954		16,133
					24,150
	South Africa—9.4%
	Barloworld, Ltd. (Trading companies & distributors)		328,620		4,609
	Capitec Bank Holdings, Ltd. (Banks)		156,230		11,484
	Clicks Group, Ltd. (Food & staples retailing)		717,749		11,041
	Coronation Fund Managers, Ltd. (Capital markets)		277,022		1,889
	FirstRand, Ltd. (Diversified financial services)		4,374,229		24,718
	Foschini Group, Ltd. (Specialty retail)		254,533		4,811
	JSE, Ltd. (Capital markets)		300,999		4,712
	Massmart Holdings, Ltd. (Food & staples retailing)		295,168		4,039
	Mr. Price Group, Ltd. (Specialty retail)		566,054		13,627
	Naspers, Ltd. (Media)		117,461		28,692
	Sanlam, Ltd. (Insurance)		1,432,938		10,325
	Truworths International, Ltd. (Specialty retail)		674,787		6,129
					126,076
	Turkey—0.1%
	BIM Birlesik Magazalar A.S. (Food & staples retailing)		77,709		1,405

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—14.0%—(continued)
	United Arab Emirates—1.1%
	DP World, Ltd. (Transportation infrastructure)†		266,757	$	6,002
	NMC Health plc (Health care providers & services)		180,620		8,616
					14,618
	Emerging Latin America—9.7%
	Argentina—1.7%
*	Despegar.com Corporation (Internet & direct marketing retail)†		125,236		3,914
	Grupo Financiero Galicia S.A.—ADR (Banks)		116,960		7,691
*	Loma Negra Cia Industrial Argentina S.A.—ADR (Construction materials)		162,874		3,472
*	Pampa Energia S.A.—ADR (Electric utilities)		58,496		3,486
	Telecom Argentina S.A.—ADR (Diversified telecommunication services)		117,188		3,672
					22,235
	Brazil—5.9%
	AMBEV S.A.—ADR (Beverages)		1,240,107		9,015
*	Azul S.A.—ADR (Airlines)		106,406		3,698
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		2,898,000		23,428
	Iochpe-Maxion S.A. (Machinery)		482,900		3,828
	Localiza Rent a Car S.A. (Road & rail)		1,319,120		11,475
	Lojas Renner S.A. (Multiline retail)		1,051,950		10,945
	Magazine Luiza S.A. (Multiline retail)		184,600		5,475
	Raia Drogasil S.A. (Food & staples retailing)		158,500		3,591
	Via Varejo S.A. (Specialty retail)		443,400		4,072
	WEG S.A. (Machinery)		601,400		4,119
					79,646
	Chile—0.9%
	Banco Santander Chile—ADR (Banks)		376,040		12,601
	Panama—0.4%
	Copa Holdings S.A. Class “A” (Airlines)†		42,561		5,475
	Peru—0.8%
	Credicorp, Ltd. (Banks)†		48,332		10,974
	Europe—0.3%
	Argentina—0.3%
*	Globant S.A. (Software)†		66,948		3,450
	Total Common Stocks—95.6% (cost $953,205)				1,285,981
	Preferred Stock
	Brazil—2.0%
	Itau Unibanco Holding S.A. (Banks)		1,694,760		26,340
	Total Preferred Stock—2.0% (cost $23,163)				26,340

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $10,824, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	10,824	$	10,824
Total Repurchase Agreement—0.8% (cost $10,824)				10,824
Total Investments—98.4% (cost $987,192)				1,323,145
Cash and other assets, less liabilities—1.6%				22,011
Net assets—100.0%			$	1,345,156

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Financials	32.0	%
Information Technology	30.1	%
Consumer Discretionary	13.0	%
Consumer Staples	7.3	%
Industrials	6.8	%
Health Care	4.4	%
Real Estate	3.1	%
Materials	1.8	%
Telecommunication Services	0.7	%
Energy	0.4	%
Utilities	0.4	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

U.S. Dollar	19.6	%
Indian Rupee	16.8	%
Hong Kong Dollar	16.4	%
South African Rand	9.6	%
Brazilian Real	7.1	%
South Korean Won	6.4	%
New Taiwan Dollar	6.1	%
Yuan Renminbi	5.5	%
Thai Baht	3.8	%
Indonesian Rupiah	2.5	%
Viet Nam Dong	2.0	%
Hungarian Forint	1.0	%
All Other Currencies	3.2	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—68.5%
	Cambodia—0.5%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		2,640,000	$	2,711
	China—14.3%
*	3SBio, Inc. (Biotechnology)		1,925,500		4,338
*	51job, Inc.—ADR (Professional services)		40,331		3,470
	China Medical System Holdings, Ltd. (Pharmaceuticals)		1,233,000		2,800
	Chongqing Rural Commercial Bank Co., Ltd. Class “H” (Banks)		4,481,000		3,432
	CIFI Holdings Group Co., Ltd. (Real estate management & development)		6,374,000		5,563
	Dali Foods Group Co., Ltd. (Food products)		5,119,500		4,214
	Fu Shou Yuan International Group, Ltd. (Diversified consumer services)		764,000		757
	Fuyao Glass Industry Group Co. Ltd. Class “H” (Auto components)		1,816,400		7,001
	Haitian International Holdings, Ltd. (Machinery)		514,000		1,559
*	Health and Happiness H&H International Holdings, Ltd. (Food products)		334,500		2,547
	Hua Hong Semiconductor Ltd. (Semiconductors & semiconductor equipment)		1,204,600		2,385
*	Kingdee International Software Group Co., Ltd. (Software)		5,076,000		5,110
	Kingsoft Corporation, Ltd. (Software)		742,000		2,354
	KWG Property Holding, Ltd. (Real estate management & development)		1,832,500		2,498
*	MMG, Ltd. (Metals & mining)		3,292,000		2,009
*	Noah Holdings, Ltd.—ADR (Capital markets)		106,003		5,004
	Silergy Corporation (Semiconductors & semiconductor equipment)		48,000		1,082
	Travelsky Technology, Ltd. Class “H” (IT services)		1,238,000		3,589
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		403,000		3,874
	Xiabuxiabu Catering Management China Holdings Co. Ltd. (Hotels, restaurants & leisure)		1,918,500		3,637
	Yuzhou Properties Co., Ltd. (Real estate management & development)		5,819,000		3,967
					71,190
	India—16.7%
	Aarti Industries (Chemicals)		133,091		2,346
	APL Apollo Tubes, Ltd. (Metals & mining)		59,925		1,797
	Astral Polytechnik, Ltd. (Building products)		267,295		3,701
	Bajaj Finance, Ltd. (Consumer finance)		48,845		1,328
	Bharat Forge, Ltd. (Auto components)		155,526		1,667
	Century Plyboards India, Ltd. (Paper & forest products)		383,523		1,914
	Century Textiles & Industries, Ltd. (Construction materials)		124,524		2,181
	Cyient, Ltd. (Software)		263,263		2,805
	Delta Corporation, Ltd. (Hotels, restaurants & leisure)		547,073		2,099
	Dilip Buildcon Ltd. (Construction & engineering)		152,665		2,346
	Edelweiss Financial Services, Ltd. (Capital markets)		648,812		2,368
	Endurance Technologies Ltd. (Auto components)		83,291		1,606
	Escorts, Ltd. (Machinery)		202,021		2,537
*	Future Retail, Ltd. (Multiline retail)		261,144		2,198
	Gruh Finance, Ltd. (Thrifts & mortgage finance)		440,312		3,848
	IIFL Holdings Ltd. (Capital markets)		223,655		2,428
	Indiabulls Housing Finance, Ltd. (Thrifts & mortgage finance)		66,680		1,266
	Jubilant Foodworks, Ltd. (Hotels, restaurants & leisure)		135,884		4,840
	Kansai Nerolac Paints, Ltd. (Chemicals)		156,994		1,208
	KEC International, Ltd. (Construction & engineering)		683,926		4,090
	KEI Industries, Ltd. (Electrical equipment)		489,701		2,891
	Minda Industries, Ltd. (Auto components)		88,689		1,475
	MindTree, Ltd. (IT services)		201,955		2,384
	NIIT Technologies, Ltd. (Software)		232,059		3,074
	Oberoi Realty, Ltd. (Real estate management & development)		289,434		2,263

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—68.5%—(continued)
	Persistent Systems, Ltd. (IT services)		149,316	$	1,584
	Radico Khaitan, Ltd. (Beverages)		675,730		3,453
	Reliance Nippon Life Asset Management Ltd. (Capital markets)		70,250		265
	Shankara Building Products, Ltd. (Specialty retail)		50,842		1,380
	Sterlite Technologies, Ltd. (Communications equipment)		915,984		4,394
	Sundram Fasteners, Ltd. (Auto components)		218,167		1,853
	The Phoenix Mills, Ltd. (Real estate management & development)		306,444		2,847
	Titan Co., Ltd. (Textiles, apparel & luxury goods)		254,489		3,614
	Voltas, Ltd. (Construction & engineering)		330,548		3,142
					83,192
	Indonesia—2.7%
	PT Ace Hardware Indonesia Tbk (Specialty retail)		38,360,200		3,706
	PT Bank Tabungan Negara Persero Tbk (Banks)		29,449,200		8,128
	PT Pakuwon Jati Tbk (Real estate management & development)		39,797,500		1,821
					13,655
	Malaysia—1.8%
	Hong Leong Bank Bhd (Banks)		704,100		3,404
	My EG Services Bhd (IT services)		3,880,100		2,849
	Top Glove Corporation Bhd (Health care equipment & supplies)		1,093,900		2,757
					9,010
	Philippines—1.7%
*	Bloomberry Resorts Corporation (Hotels, restaurants & leisure)		17,185,800		4,723
	Jollibee Foods Corporation (Hotels, restaurants & leisure)		656,150		3,760
					8,483
	South Korea—8.9%
	Dentium Co., Ltd. (Health care equipment & supplies)		29,791		2,270
	Douzone Bizon Co., Ltd. (Software)		47,203		2,617
	Hana Tour Service, Inc. (Hotels, restaurants & leisure)		15,330		1,719
*	Hugel, Inc. (Biotechnology)		5,539		3,097
	Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)		55,641		5,231
	Korea Investment Holdings Co., Ltd. (Capital markets)		71,046		5,506
	LOTTE Fine Chemical Co., Ltd. (Chemicals)		34,863		2,322
	Medy-Tox, Inc. (Biotechnology)		5,475		3,835
	Modetour Network, Inc. (Hotels, restaurants & leisure)		215,138		7,841
	POSCO Chemtech Co., Ltd. (Construction materials)		75,590		3,351
	SKCKOLONPI, Inc. (Chemicals)		74,773		3,118
	WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment)		110,020		3,391
					44,298
	Taiwan—13.0%
	Accton Technology Corporation (Communications equipment)		615,000		2,004
	Airtac International Group (Machinery)		201,260		3,582
	Chailease Holding Co., Ltd. (Diversified financial services)		1,449,000		4,970
	Chroma ATE, Inc. (Electronic equipment, instruments & components)		782,000		4,814
	Global Unichip Corporation (Semiconductors & semiconductor equipment)		143,443		1,569
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		421,000		6,693
	Gourmet Master Co., Ltd. (Hotels, restaurants & leisure)		286,600		3,725
	Hiwin Technologies Corporation (Machinery)		653,520		9,302
	King’s Town Bank Co., Ltd. (Banks)		1,255,000		1,588
*	Macronix International (Semiconductors & semiconductor equipment)		2,223,000		3,743

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—68.5%—(continued)
	Nanya Technology Corporation (Semiconductors & semiconductor equipment)		1,104,000	$	3,495
	Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		71,500		1,393
	Powertech Technology, Inc. (Semiconductors & semiconductor equipment)		874,000		2,725
	TCI Co., Ltd. (Personal products)		355,000		4,980
	Vanguard International Semiconductor Corporation (Semiconductors & semiconductor equipment)		228,000		497
	Voltronic Power Technology Corporation (Electrical equipment)		78,000		1,511
*	Wafer Works Corporation (Semiconductors & semiconductor equipment)		1,865,000		2,910
	Yageo Corporation (Electronic equipment, instruments & components)		299,000		5,333
					64,834
	Thailand—5.9%
	Beauty Community PCL (Specialty retail)		9,443,200		6,432
	Central Plaza Hotel PCL (Hotels, restaurants & leisure)		1,852,600		2,844
	Home Product Center PCL (Specialty retail)		7,310,700		3,250
	Indorama Ventures PCL (Chemicals)		2,793,910		5,071
	IRPC PCL (Oil, gas & consumable fuels)		13,950,600		3,234
	Muangthai Leasing PCL Class “F” (Consumer finance)		2,055,300		2,498
	Tisco Financial Group PCL (Banks)		788,300		2,218
*	TOA Paint Thailand PCL (Chemicals)		1,537,800		1,893
	Vinythai PCL (Chemicals)		1,953,800		2,078
					29,518
	Vietnam—3.0%
*	Hoa Phat Group JSC (Metals & mining)		2,146,670		5,722
	PetroVietnam Gas JSC (Gas utilities)		428,030		2,374
	Vietjet Aviation JSC (Airlines)		351,990		3,426
*	Vincom Retail JSC (Real estate management & development)		1,510,570		3,377
					14,899
	Emerging Europe, Mid-East, Africa—16.4%
	Greece—0.6%
	OPAP S.A. (Hotels, restaurants & leisure)		245,360		2,804
	Kenya—1.2%
	Safaricom, Ltd. (Wireless telecommunication services)		19,109,900		5,821
	Poland—2.0%
	CCC S.A. (Textiles, apparel & luxury goods)		17,658		1,203
*	Dino Polska S.A. (Food & staples retailing)		187,650		4,761
*	ING Bank Slaski S.A. (Banks)		45,965		2,643
	LPP S.A. (Textiles, apparel & luxury goods)		647		1,644
					10,251
	Romania—0.8%
	Banca Transilvania S.A. (Banks)		5,745,132		3,997
	Russia—1.5%
	TCS Group Holding plc—GDR (Banks)		341,538		7,497
	South Africa—8.9%
	AVI, Ltd. (Food products)		452,294		4,234
	Barloworld, Ltd. (Trading companies & distributors)		201,870		2,832
	Capitec Bank Holdings, Ltd. (Banks)		43,080		3,167

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—16.4%—(continued)
	Clicks Group, Ltd. (Food & staples retailing)		278,883	$	4,290
	Coronation Fund Managers, Ltd. (Capital markets)		505,191		3,445
	Dis-Chem Pharmacies, Ltd. (Food & staples retailing)		1,657,801		4,831
	JSE, Ltd. (Capital markets)		255,786		4,004
	Mr Price Group, Ltd. (Specialty retail)		161,349		3,884
	PSG Group, Ltd. (Diversified financial services)		287,557		5,467
	Santam, Ltd. (Insurance)		54,049		1,488
	The Bidvest Group, Ltd. (Industrial conglomerates)		214,480		4,060
	Truworths International, Ltd. (Specialty retail)		301,074		2,735
					44,437
	Turkey—0.5%
	Trakya Cam Sanayi A.S. (Building products)		1,899,056		2,460
	United Arab Emirates—0.9%
	NMC Health plc (Health care providers & services)		100,209		4,780
	Emerging Latin America—11.3%
	Argentina—2.6%
	Grupo Supervielle S.A.—ADR (Banks)		303,361		9,204
*	Loma Negra Cia Industrial Argentina S.A.—ADR (Construction materials)		110,764		2,362
	Telecom Argentina S.A.—ADR (Diversified telecommunication services)		47,535		1,489
					13,055
	Brazil—7.4%
	Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)		155,100		2,375
*	Azul S.A.—ADR (Airlines)		88,857		3,088
	CVC Brasil Operadora e Agencia de Viagens S.A. (Hotels, restaurants & leisure)		521,400		9,578
	Linx S.A. (Software)		436,800		2,678
	Localiza Rent a Car S.A. (Road & rail)		1,032,195		8,979
	Magazine Luiza S.A. (Multiline retail)		115,300		3,419
	Tegma Gestao Logistica S.A. (Road & rail)		345,900		2,544
	Via Varejo S.A. (Specialty retail)		454,400		4,173
					36,834
	Chile—0.5%
	Sociedad Matriz del Banco de Chile S.A. Class “B” (Banks)		4,677,652		2,463
	Peru—0.8%
	Cia de Minas Buenaventura SAA—ADR (Metals & mining)		252,990		3,853
	Asia—0.4%
	Hong Kong—0.4%
	SSY Group, Ltd. (Pharmaceuticals)		2,254,000		1,979
	Total Common Stocks—96.6% (cost $413,748)				482,021
	Preferred Stocks
	Brazil—1.6%
	Banco ABC Brasil S.A. (Banks)		382,800		2,104
	Metalurgica Gerdau S.A. (Metals & mining)		1,148,900		2,485

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Preferred Stocks—(continued)
Randon Participacoes S.A. (Machinery)		1,271,500	$	3,324
				7,913
Total Preferred Stocks—1.6% (cost $8,025)				7,913
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $6,537, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26	$	6,537		6,537
Total Repurchase Agreement—1.3% (cost $6,537)				6,537
Total Investments—99.5% (cost $428,310)				496,471
Cash and other assets, less liabilities—0.5%				2,339
Net assets—100.0%			$	498,810

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

At March 31, 2018, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Consumer Discretionary	21.2	%
Financials	19.1	%
Information Technology	16.5	%
Industrials	14.1	%
Materials	8.9	%
Consumer Staples	6.8	%
Health Care	6.1	%
Real Estate	4.6	%
Telecommunication Services	1.5	%
Energy	0.7	%
Utilities	0.5	%
Total	100.0	%

At March 31, 2018, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Indian Rupee	17.0	%
Hong Kong Dollar	13.5	%
New Taiwan Dollar	13.5	%
South African Rand	9.1	%
South Korean Won	9.1	%
Brazilian Real	8.5	%
U.S. Dollar	7.3	%
Thai Baht	6.0	%
Viet Nam Dong	3.0	%
Indonesian Rupiah	2.8	%
Malaysian Ringgit	1.8	%
Polish Zloty	1.8	%
Philippine Peso	1.7	%
Kenyan Shilling	1.2	%
All Other Currencies	3.7	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—50.1%
U.S. Treasury Inflation Indexed Notes/Bonds—5.5%
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29	$	22,997	$	30,624
U.S. Treasury—0.1%
U.S. Treasury Floating Rate Note, 3M Treasury money market yield + 0.070%, 1.838%, due 4/30/19(a)		500		501
Federal Home Loan Mortgage Corp. (FHLMC)—15.6%
#E96940, 4.500%, due 6/1/18		1		1
#B13747, 5.000%, due 4/1/19		47		47
#G12113, 5.500%, due 5/1/21		138		141
#J02986, 6.500%, due 7/1/21		9		9
#G30255, 7.000%, due 7/1/21		1		1
#G30243, 6.000%, due 12/1/21		2		2
#G12720, 5.500%, due 6/1/22		21		21
#D95621, 6.500%, due 7/1/22		446		469
#G16026, 4.000%, due 11/1/25		5,041		5,257
#G14150, 4.500%, due 4/1/26		1,289		1,345
#J16051, 4.500%, due 7/1/26		738		770
#G02210, 7.000%, due 12/1/28		56		62
#G02183, 6.500%, due 3/1/30		14		16
#G01728, 7.500%, due 7/1/32		89		104
#C01385, 6.500%, due 8/1/32		72		81
#G01551, 6.000%, due 4/1/33		1,567		1,792
#C01623, 5.500%, due 9/1/33		84		92
#A15039, 5.500%, due 10/1/33		2		2
#A17603, 5.500%, due 1/1/34		1,910		2,147
#G01705, 5.500%, due 6/1/34		2,919		3,283
#G01843, 6.000%, due 6/1/35		16		18
#G02141, 6.000%, due 3/1/36		472		539
#G02883, 6.000%, due 4/1/37		1,466		1,660
#A62179, 6.000%, due 6/1/37		192		219
#G03711, 6.000%, due 6/1/37		568		641
#G04126, 6.000%, due 6/1/37		1,634		1,857
#A63539, 6.000%, due 7/1/37		257		293
#A62858, 6.500%, due 7/1/37		95		108
#G03170, 6.500%, due 8/1/37		185		209
#A66843, 6.500%, due 10/1/37		727		830
#G07837, 6.500%, due 2/1/38		2,244		2,537
#G04053, 5.500%, due 3/1/38		635		706
#A78138, 5.500%, due 6/1/38		291		326
#G04641, 6.000%, due 6/1/38		1,222		1,397
#G04466, 5.500%, due 7/1/38		13,147		14,774
#G04544, 6.000%, due 8/1/38		736		832
#A81799, 6.500%, due 9/1/38		355		400
#G06964, 5.500%, due 11/1/38		1,940		2,181
#G05723, 6.500%, due 11/1/38		1,190		1,358
#G05124, 6.000%, due 12/1/38		1,110		1,266
#G07480, 6.000%, due 5/1/39		1,175		1,325
#G60366, 6.000%, due 10/1/39		14,400		16,353
#G05810, 5.000%, due 2/1/40		11,272		12,260
#G05875, 5.500%, due 2/1/40		522		580
#G07300, 6.000%, due 4/1/40		4,928		5,644
#G06017, 5.500%, due 6/1/40		1,012		1,124
#C03665, 9.000%, due 4/1/41		473		550

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal Home Loan Mortgage Corp. (FHLMC) — (continued)
#G06583, 5.000%, due 6/1/41	$	1,517	$	1,657
Total FHLMC Mortgage Obligations				87,286
Federal National Mortgage Association (FNMA)—28.9%
#689612, 5.000%, due 5/1/18		1		1
#695910, 5.000%, due 5/1/18		2		2
#704049, 5.500%, due 5/1/18		2		2
#735357, 5.500%, due 5/1/18		3		3
#735003, 5.500%, due 7/1/18		1		1
#770395, 5.000%, due 4/1/19		1		1
#788424, 5.500%, due 9/1/19		4		4
#900725, 6.000%, due 8/1/21		19		19
#893325, 7.000%, due 9/1/21		5		5
#949589, 5.500%, due 8/1/22		1,567		1,632
#949592, 6.000%, due 8/1/22		2,365		2,483
#AC5410, 4.500%, due 10/1/24		178		186
#AL8529, 6.000%, due 11/1/24		3,713		3,909
#AC9560, 5.000%, due 1/1/25		1,184		1,246
#255956, 5.500%, due 10/1/25		12		13
#AL2853, 4.500%, due 6/1/26		5,493		5,740
#AL9730, 4.500%, due 2/1/27		1,775		1,854
#AL2134, 4.000%, due 7/1/27		260		273
#AL9857, 4.000%, due 2/1/29		11,320		11,829
#252925, 7.500%, due 12/1/29		1		1
#AD0729, 7.500%, due 12/1/30		8,626		9,976
#535977, 6.500%, due 4/1/31		6		7
#253907, 7.000%, due 7/1/31		1		1
#545339, 6.500%, due 11/1/31		37		41
#587849, 6.500%, due 11/1/31		7		8
#618547, 6.500%, due 11/1/31		4,294		4,796
#545437, 7.000%, due 2/1/32		43		48
#545759, 6.500%, due 7/1/32		368		413
#545869, 6.500%, due 7/1/32		1,141		1,279
#670385, 6.500%, due 9/1/32		570		638
#254548, 5.500%, due 12/1/32		36		39
#703391, 5.000%, due 5/1/33		136		148
#708993, 5.000%, due 6/1/33		23		25
#730131, 5.000%, due 8/1/33		49		53
#741850, 5.500%, due 9/1/33		404		447
#555800, 5.500%, due 10/1/33		40		44
#756153, 5.500%, due 11/1/33		443		491
#AL3455, 5.500%, due 11/1/33		5,496		6,174
#AL3401, 5.500%, due 2/1/34		739		830
#763798, 5.500%, due 3/1/34		73		80
#725611, 5.500%, due 6/1/34		92		101
#745563, 5.500%, due 8/1/34		521		577
#794474, 6.000%, due 10/1/34		41		46
#745092, 6.500%, due 7/1/35		284		319
#357944, 6.000%, due 9/1/35		13		15
#AD0979, 7.500%, due 10/1/35		66		76
#745349, 6.500%, due 2/1/36		231		262
#888305, 7.000%, due 3/1/36		9		10
#895637, 6.500%, due 5/1/36		67		76

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#831540, 6.000%, due 6/1/36		$	17	$	19
#893318, 6.500%, due 8/1/36			20		22
#310037, 6.500%, due 10/1/36			154		173
#831926, 6.000%, due 12/1/36			554		628
#902974, 6.000%, due 12/1/36			160		179
#AB0265, 6.000%, due 2/1/37			11,738		13,424
#938440, 6.000%, due 7/1/37			75		84
#948689, 6.000%, due 8/1/37			164		184
#888703, 6.500%, due 8/1/37			3,471		4,020
#AL0904, 5.500%, due 1/1/38			109		121
#889371, 6.000%, due 1/1/38			2,631		3,017
#962058, 6.500%, due 3/1/38			1,167		1,343
#934006, 6.500%, due 9/1/38			301		345
#986856, 6.500%, due 9/1/38			123		142
#991911, 7.000%, due 11/1/38			173		198
#AL3775, 5.000%, due 1/1/39			1,539		1,678
#AD0752, 7.000%, due 1/1/39			563		664
#AA7611, 5.000%, due 5/1/39			659		719
#AA8443, 5.000%, due 6/1/39			172		188
#AC1619, 5.500%, due 8/1/39			399		442
#AD0315, 6.500%, due 8/1/39			1,883		2,103
#AC9569, 5.000%, due 2/1/40			1,321		1,442
#AD0761, 5.000%, due 2/1/40			214		234
#AD1594, 5.000%, due 2/1/40			230		251
#932751, 5.000%, due 4/1/40			3,229		3,525
#AD7137, 5.500%, due 7/1/40			3,845		4,320
#BM1689, 5.500%, due 8/1/40			3,259		3,619
#AH0955, 5.000%, due 12/1/40			3,973		4,321
#AH5585, 5.000%, due 2/1/41			145		158
#AI1201, 5.500%, due 4/1/41			4,908		5,410
#AL5815, 5.500%, due 4/1/41			3,002		3,375
#BM3525, 6.000%, due 4/1/41			13,844		15,944
#AI6071, 5.000%, due 6/1/41			1,409		1,538
#AI4222, 5.000%, due 7/1/41			106		116
#AL0672, 5.000%, due 7/1/41			2,431		2,654
#AL0913, 6.000%, due 7/1/41			1,507		1,702
#AL9226, 5.500%, due 12/1/41			15,595		17,530
#AL9225, 6.000%, due 1/1/42			7,345		8,436
#AK2733, 5.000%, due 2/1/42			1,613		1,761
Total FNMA Mortgage Obligations					162,253
Asset-Backed Securities—0.8%
Tesla Auto Lease Trust—144A, 2018-A, Tranche D, 3.300%, 5/20/20	Baa2		500		499
Centre Point Funding LLC—144A, 2012-2A, Tranche 1, 2.610%, 8/20/21	Baa1		1,785		1,770

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Asset-Backed Securities—(continued)
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 4.277%, 1/15/43, VRN	AAA	$	2,000	$	2,063
Total Asset-Backed Securities					4,332
Corporate Obligations—48.8%
Baidu, Inc., 2.750%, due 6/9/19	A		4,000		3,988
Roper Industries, Inc., 6.250%, due 9/1/19	BBB+		2,530		2,650
Boston Properties L.P., 5.875%, due 10/15/19	A-		4,000		4,155
Ford Motor Credit Co. LLC, 8.125%, due 1/15/20	BBB		4,000		4,332
Georgia-Pacific LLC—144A, 5.400%, due 11/1/20	A+		4,000		4,230
UBS Group AG, 5 year USD ICE Swap + 5.497%, 6.875%, due 3/22/21, VRN	BBB-		2,000		2,101
JBS USA LUX SA / JBS USA Finance, Inc.—144A, 7.250%, due 6/1/21	BB-		3,000		3,037
Capital One Financial Corporation, 4.750%, due 7/15/21	A-		3,375		3,522
O’Reilly Automotive, Inc., 4.625%, due 9/15/21	BBB+		2,943		3,067
Fresenius Medical Care US Finance II, Inc.—144A, 5.875%, due 1/31/22	BBB-		2,760		2,956
Ball Corporation, 5.000%, due 3/15/22	BB+		2,500		2,597
Masco Corporation, 5.950%, due 3/15/22	BBB		4,050		4,387
Discover Financial Services, 5.200%, due 4/27/22	BBB+		3,000		3,149
Triumph Group, Inc., 5.250%, due 6/1/22	B-		2,500		2,438
Embraer S.A., 5.150%, due 6/15/22	BBB		3,400		3,573
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22	Baa1		4,218		4,374
Navient Corporation, 5.500%, due 1/25/23	BB		2,000		1,973
Jaguar Land Rover Automotive plc—144A, 5.625%, due 2/1/23	BB+		3,225		3,302
Toll Brothers Finance Corporation, 4.375%, due 4/15/23	BBB-		3,875		3,856
Itau Unibanco Holding S.A.—144A, 5.125%, due 5/13/23	Ba3		2,500		2,515
Wells Fargo & Co., 4.480%, due 1/16/24	A		5,000		5,158
Lennar Corporation, 4.500%, due 4/30/24	BB+		2,450		2,407

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
Banco Inbursa S.A. Institucion de Banca Multiple—144A, 4.125%, due 6/6/24	BBB+	$	2,500	$	2,472
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24	BBB		2,500		2,519
Synchrony Financial, 4.250%, due 8/15/24	BBB-		5,000		4,977
SBA Communications Corporation, 4.875%, due 9/1/24	B+		3,000		2,947
HSBC Holdings plc, 5 year USD ICE Swap + 3.705%, 6.375%, due 9/17/24, VRN	BBB		5,000		5,075
JPMorgan Chase & Co., 3M USD LIBOR + 3.330%, 6.100%, due 10/1/24, VRN	BBB-		4,265		4,484
BNP Paribas S.A., 4.250%, due 10/15/24	A		4,000		4,057
Owens Corning, 4.200%, due 12/1/24	BBB		5,015		5,125
Cemex S.A.B. de C.V.—144A, 5.700%, due 1/11/25	BB		3,000		3,084
USG Corp.—144A, 5.500%, due 3/1/25	BB+		3,000		3,139
Penske Truck Leasing Co. L.P. / PTL Finance Corporation—144A, 3.950%, due 3/10/25	BBB+		3,800		3,814
Booz Allen Hamilton, Inc.—144A, 5.125%, due 5/1/25	B+		3,000		2,932
Simon Property Group L.P., 3.300%, due 1/15/26	A		4,500		4,379
Penske Automotive Group, Inc., 5.500%, due 5/15/26	B+		2,000		1,970
Tenneco, Inc., 5.000%, due 7/15/26	BB+		3,000		2,918
Vale Overseas, Ltd., 6.250%, due 8/10/26	BBB+		3,025		3,396
Post Holdings, Inc.—144A, 5.000%, due 8/15/26	B		3,000		2,857
United Rentals North America, Inc., 5.875%, due 9/15/26	BB-		2,500		2,609
Xylem, Inc., 3.250%, due 11/1/26	BBB		1,950		1,883
Glencore Funding LLC—144A, 4.000%, due 3/27/27	BBB		5,000		4,836
Hess Corporation, 4.300%, due 4/1/27	BBB-		5,310		5,207
Sirius XM Radio, Inc.—144A, 5.000%, due 8/1/27	BB		2,500		2,363
Lear Corporation, 3.800%, due 9/15/27	BBB-		3,000		2,885
L Brands, Inc., 5.250%, due 2/1/28	BB+		3,400		3,209
Motorola Solutions, Inc., 4.600%, due 2/23/28	BBB-		5,250		5,295

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
McDonald’s Corporation, 3.800%, due 4/1/28	BBB+	$	5,500	$	5,581
Anheuser-Busch InBev Worldwide, Inc., 4.000%, due 4/13/28	A-		5,600		5,675
The Kroger Co., 8.000%, due 9/15/29	Baa1		4,098		5,268
Yum! Brands, Inc., 6.875%, due 11/15/37	B+		2,200		2,354
ConocoPhillips, 6.500%, due 2/1/39	A-		4,125		5,433
Petroleos Mexicanos, 6.500%, due 6/2/41	BBB+		2,500		2,488
Express Scripts Holding Co., 6.125%, due 11/15/41	BBB+		4,200		5,003
Citigroup, Inc., 5.875%, due 1/30/42	A		4,000		4,948
Bank of America Corporation, 5.875%, due 2/7/42	A		4,000		5,000
Morgan Stanley, 6.375%, due 7/24/42	A		3,248		4,217
Cox Communications, Inc.—144A, 4.700%, due 12/15/42	BBB+		4,300		4,054
Mexichem S.A.B. de C.V.—144A, 5.875%, due 9/17/44	BBB		3,500		3,452
AbbVie, Inc., 4.700%, due 5/14/45	A-		5,000		5,176
ERP Operating L.P., 4.500%, due 6/1/45	A		4,500		4,700
The Goldman Sachs Group, Inc., 4.750%, due 10/21/45	A		3,500		3,754
Apple, Inc., 4.650%, due 2/23/46	AA+		5,000		5,519
PepsiCo, Inc., 4.450%, due 4/14/46	A+		4,500		4,852
Verizon Communications, Inc., 4.125%, due 8/15/46	A-		5,000		4,518
BAT Capital Corporation—144A, 4.540%, due 8/15/47	BBB+		4,500		4,470
Brookfield Finance, Inc., 4.700%, due 9/20/47	A-		5,250		5,112
CVS Health Corporation, 5.050%, due 3/25/48	Baa1		5,500		5,807
AT&T, Inc., 5.150%, due 2/14/50	A-		5,400		5,476
Microsoft Corporation, 4.750%, due 11/3/55	AAA		4,500		5,171

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
Petrobras Global Finance BV, 6.850%, due 6/5/15	BB-	$	3,325	$	3,159
Total Corporate Obligations					273,386
Total Long-Term Investments—99.7% (cost $558,427)					558,382
Repurchase Agreements
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $5,775, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26			5,775		5,775
Total Repurchase Agreement—1.0% (cost $5,775)					5,775
Total Investments—100.7% (cost $564,202)					564,157
Liabilities, plus cash and other assets—(0.7)%					(3,720	)
Net assets—100.0%				$	560,437

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

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

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

VRN = Variable Rate Note

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $198.

Centrally Cleared Credit Default Swap

Reference Entity	Buy/Sell Protection	Fixed Deal Pay Rate	Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Received (Paid)		Value			Unrealized Appreciation (Depreciation)
CDX.IG - 29	Buy	1.000%	3M	December 2022	CME	$	25,000	$	555	$	(472	)	$	83

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—59.6%
U.S. Treasury Inflation Indexed Notes/Bonds—2.7%
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29	$	1,560	$	2,078
Federal Home Loan Mortgage Corp. (FHLMC)—15.9%
#E97112, 4.000%, due 5/1/18		1		1
#J05444, 6.000%, due 8/1/22		26		27
#E02388, 6.000%, due 9/1/22		48		50
#E02490, 6.000%, due 4/1/23		59		62
#J13022, 4.000%, due 9/1/25		257		268
#G16026, 4.000%, due 11/1/25		2,782		2,901
#J16051, 4.500%, due 7/1/26		764		798
#A17603, 5.500%, due 1/1/34		553		621
#G01705, 5.500%, due 6/1/34		1,027		1,155
#A45790, 7.500%, due 5/1/35		122		137
#G02141, 6.000%, due 3/1/36		236		270
#G04126, 6.000%, due 6/1/37		249		283
#G03201, 6.500%, due 6/1/37		147		166
#A66843, 6.500%, due 10/1/37		232		265
#G04564, 6.000%, due 12/1/37		216		245
#A81799, 6.500%, due 9/1/38		199		224
#G06964, 5.500%, due 11/1/38		1,212		1,363
#G60366, 6.000%, due 10/1/39		1,074		1,219
#G05875, 5.500%, due 2/1/40		104		116
#G07300, 6.000%, due 4/1/40		385		441
#C03665, 9.000%, due 4/1/41		230		266
#G06583, 5.000%, due 6/1/41		1,194		1,304
Total FHLMC Mortgage Obligations				12,182
Federal National Mortgage Association (FNMA)—41.0%
#695910, 5.000%, due 5/1/18		2		2
#740847, 6.000%, due 10/1/18		7		7
#323501, 6.500%, due 1/1/19		2		2
#751313, 5.000%, due 3/1/19		24		24
#458147, 10.000%, due 8/15/20		3		3
#888555, 5.500%, due 9/1/21		888		909
#880991, 5.500%, due 1/1/22		66		68
#735574, 8.000%, due 3/1/22		61		63
#679253, 6.000%, due 10/1/22		248		275
FNR G93-19 SH, 1M LIBOR + 56.169%, 11.234%, due 4/25/23, VRN		11		13
#982885, 5.000%, due 5/1/23		259		273
#933985, 5.500%, due 8/1/23		156		163
#AL8529, 6.000%, due 11/1/24		3,165		3,332
#255956, 5.500%, due 10/1/25		37		40
#AL2853, 4.500%, due 6/1/26		600		628
#AL9730, 4.500%, due 2/1/27		958		1,001
#256639, 5.000%, due 2/1/27		8		8
#806458, 8.000%, due 6/1/28		83		92
#AL9857, 4.000%, due 2/1/29		8,015		8,375
#880155, 8.500%, due 7/1/29		191		216
#797846, 7.000%, due 3/1/32		56		57
#745519, 8.500%, due 5/1/32		54		62
#654674, 6.500%, due 9/1/32		57		63
#254693, 5.500%, due 4/1/33		6		7
#555531, 5.500%, due 6/1/33		58		64

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#711736, 5.500%, due 6/1/33		$	78	$	87
#555591, 5.500%, due 7/1/33			10		11
#AL3455, 5.500%, due 11/1/33			1,614		1,813
#776964, 5.000%, due 4/1/34			280		304
#725424, 5.500%, due 4/1/34			61		67
#888884, 5.500%, due 12/1/35			131		146
#888703, 6.500%, due 8/1/37			733		849
#928658, 6.500%, due 9/1/37			22		25
#AL6411, 7.000%, due 12/1/37			774		875
#962058, 6.500%, due 3/1/38			378		434
#991911, 7.000%, due 11/1/38			110		127
#AC9569, 5.000%, due 2/1/40			176		192
#BM1689, 5.500%, due 8/1/40			440		489
#AL5815, 5.500%, due 4/1/41			566		637
#BM3525, 6.000%, due 4/1/41			1,229		1,415
#AL9226, 5.500%, due 12/1/41			5,224		5,872
#AL9225, 6.000%, due 1/1/42			2,020		2,320
Total FNMA Mortgage Obligations					31,410
Asset-Backed Securities—1.4%
Capital One Multi-Asset Execution Trust, 2016-A1, Tranche A1, 1M LIBOR + 0.450%, 2.227%, 2/15/22, VRN	AAA		500		502
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 4.277%, 1/15/43, VRN	AAA		500		516
Total Asset-Backed Securities					1,018
Corporate Obligations—38.6%
Bank of America Corporation, 6.875%, due 11/15/18	A		800		821
Baidu, Inc., 2.750%, due 6/9/19	A		750		748
JPMorgan Chase & Co., 3M USD LIBOR + 3.320%, 5.000%, due 7/1/19, VRN	BBB-		500		505
Burlington Northern Santa Fe LLC, 4.700%, due 10/1/19	A+		750		771
Boston Properties L.P., 5.875%, due 10/15/19	A-		800		831
Citigroup, Inc., 2.450%, due 1/10/20	A		900		892
Branch Banking & Trust Co., 3M USD LIBOR + 0.450%, 2.172%, due 1/15/20, VRN	A1		500		501
Petroleos Mexicanos, 6.000%, due 3/5/20	BBB+		500		522
Intel Corporation, 3M USD LIBOR + 0.080%, 1.891%, due 5/11/20, VRN	A+		750		751
Georgia-Pacific LLC—144A, 5.400%, due 11/1/20	A+		800		846

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
Mitsubishi UFJ Financial Group, Inc., 2.950%, due 3/1/21	A1	$	575	$	572
Capital One Financial Corporation, 4.750%, due 7/15/21	A-		750		783
Apple, Inc., 1.550%, due 8/4/21	AA+		750		719
Verizon Communications, Inc., 3.500%, due 11/1/21	A-		1,000		1,009
Ryder System, Inc., 3.450%, due 11/15/21	A-		900		904
Lloyds Banking Group plc, 3.000%, due 1/11/22	A+		1,000		985
Vale Overseas, Ltd., 4.375%, due 1/11/22	BBB+		500		514
Embraer S.A., 5.150%, due 6/15/22	BBB		500		525
Comcast Corporation, 3.125%, due 7/15/22	A-		850		849
Bancolombia S.A., 5.125%, due 9/11/22	BBB-		500		518
Jones Lang LaSalle, Inc., 4.400%, due 11/15/22	Baa1		750		778
Toll Brothers Finance Corporation, 4.375%, due 4/15/23	BBB-		500		498
BHP Billiton Finance USA, Ltd., 3.850%, due 9/30/23	A		800		831
Wells Fargo & Co., 4.480%, due 1/16/24	A		750		774
The Goldman Sachs Group, Inc., 4.000%, due 3/3/24	A		750		762
Grupo Bimbo S.A.B. de C.V.—144A, 3.875%, due 6/27/24	BBB		500		504
BNP Paribas S.A., 4.250%, due 10/15/24	A		750		761
AbbVie, Inc., 3.600%, due 5/14/25	A-		850		839
ERP Operating L.P., 3.375%, due 6/1/25	A		1,000		988
Intercontinental Exchange, Inc., 3.750%, due 12/1/25	A		800		816
Simon Property Group L.P., 3.300%, due 1/15/26	A		1,000		973
ConocoPhillips Co., 4.950%, due 3/15/26	A-		900		984
Brookfield Finance, Inc., 4.250%, due 6/2/26	A-		750		754
Amazon.com, Inc.—144A, 3.150%, due 8/22/27	AA-		850		822
Tencent Holdings, Ltd.—144A, 3.595%, due 1/19/28	A+		750		723

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount			Value
Corporate Obligations—(continued)
Motorola Solutions, Inc., 4.600%, due 2/23/28	BBB-	$	500		$	504
Anheuser-Busch InBev Worldwide, Inc., 4.000%, due 4/13/28	A-		775			785
Morgan Stanley, 3M USD LIBOR + 1.140%, 3.772%, due 1/24/29, VRN	A		900			887
The Kroger Co., 8.000%, due 9/15/29	Baa1		775			996
Total Corporate Obligations						29,545
Total Long-Term Investments—99.6% (cost $77,331)						76,233
Repurchase Agreement
Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $291, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26			291			291
Total Repurchase Agreement—0.3% (cost $291)						291
Total Investments—99.9% (cost $77,622)						76,524
Securities Sold, Not Yet Purchased
U.S. Government Agency
Federal National Mortgage Association (FNMA)—(6.4)%
TBA, 2.500%, due 4/1/33			(5,000	)		(4,900	)
Total Securities Sold, Not Yet Purchased—(6.4)% (proceeds $4,867)						(4,900	)
Cash and other assets, less liabilities—6.5%						4,943
Net assets—100.0%					$	76,567

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

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

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

TBA = To Be Announced - TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after March 31, 2018. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—48.0%
Federal Home Loan Mortgage Corp. (FHLMC)—12.6%
#E99582, 5.000%, due 9/1/18	$	1	$	1
#E99684, 5.000%, due 10/1/18		22		22
#B11362, 5.500%, due 12/1/18		3		3
#B11849, 5.500%, due 1/1/19		8		8
#B13870, 4.500%, due 5/1/19		7		7
#G11604, 5.000%, due 7/1/19		9		9
#G11596, 5.500%, due 8/1/19		10		10
#B17294, 5.000%, due 11/1/19		35		36
#B19222, 4.500%, due 4/1/20		34		35
#J02537, 5.000%, due 9/1/20		17		18
#G11836, 5.500%, due 12/1/20		6		6
#G12113, 5.500%, due 5/1/21		49		50
#G12395, 6.000%, due 10/1/21		343		355
#E02322, 5.500%, due 5/1/22		19		20
#G12725, 6.000%, due 6/1/22		91		95
#G13124, 6.000%, due 12/1/22		200		211
#J06871, 5.500%, due 1/1/23		36		37
#J08450, 5.500%, due 7/1/23		27		28
#J08703, 5.500%, due 9/1/23		41		43
#C00351, 8.000%, due 7/1/24		39		42
#J11208, 5.000%, due 11/1/24		60		63
#J11374, 4.500%, due 12/1/24		571		595
#G00363, 8.000%, due 6/1/25		59		64
#C80329, 8.000%, due 8/1/25		13		14
#G30348, 6.000%, due 7/1/27		813		903
#G14917, 4.000%, due 11/1/28		217		228
#G04821, 8.500%, due 7/1/31		1,902		2,274
#G07290, 6.000%, due 6/1/34		1,695		1,898
#G07837, 6.500%, due 2/1/38		1,217		1,376
#G04424, 6.000%, due 6/1/38		453		514
#G04641, 6.000%, due 6/1/38		1,432		1,637
#G04778, 6.000%, due 7/1/38		69		79
#A81372, 6.000%, due 8/1/38		238		270
#G04687, 6.000%, due 9/1/38		65		74
#G04745, 6.000%, due 9/1/38		207		234
#A81799, 6.500%, due 9/1/38		187		211
#G06085, 6.500%, due 9/1/38		65		73
#G05723, 6.500%, due 11/1/38		1,082		1,235
#G05124, 6.000%, due 12/1/38		3,553		4,051
#G07480, 6.000%, due 5/1/39		2,396		2,701
#G07300, 6.000%, due 4/1/40		2,568		2,941
#4122, Tranche FP, 1M LIBOR + 0.400%, 2.177%, due 10/15/42, VRN		736		737
Total FHLMC Mortgage Obligations				23,208
Federal National Mortgage Association (FNMA)—35.4%
#656573, 5.000%, due 6/1/18		2		2
#709848, 5.000%, due 6/1/18		1		1
#705741, 5.000%, due 6/1/18		2		2
#728715, 5.000%, due 7/1/18		4		4
#711991, 5.000%, due 8/1/18		3		3
#257378, 5.000%, due 9/1/18		1		1
#743183, 5.000%, due 10/1/18		2		2
#749596, 5.000%, due 11/1/18		12		13

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#753866, 6.000%, due 12/1/18		$	13	$	13
#761246, 5.000%, due 1/1/19			17		17
#766059, 5.500%, due 2/1/19			16		16
#766276, 5.000%, due 3/1/19			44		45
#751313, 5.000%, due 3/1/19			11		11
#779363, 5.000%, due 6/1/19			5		5
#785259, 5.000%, due 8/1/19			25		25
#761530, 5.500%, due 8/1/19			39		39
#788424, 5.500%, due 9/1/19			15		15
#761489, 5.500%, due 9/1/19			15		15
#725953, 5.000%, due 10/1/19			9		9
#357865, 5.000%, due 7/1/20			26		27
#879607, 5.500%, due 4/1/21			19		19
#831497, 6.000%, due 4/1/21			75		76
#831525, 5.500%, due 6/1/21			25		26
#880993, 6.000%, due 1/1/22			5		5
#888982, 6.000%, due 12/1/22			93		98
#972934, 5.500%, due 2/1/23			114		119
#889670, 5.500%, due 6/1/23			28		29
#AE0011, 5.500%, due 9/1/23			31		32
#747339, 5.500%, due 10/1/23			128		139
#995395, 6.000%, due 12/1/23			81		85
#190988, 9.000%, due 6/1/24			20		21
#AL8529, 6.000%, due 11/1/24			17,293		18,206
#AL3422, 5.000%, due 1/1/25			412		436
#AL2853, 4.500%, due 6/1/26			2,142		2,238
#AL9730, 4.500%, due 2/1/27			5,040		5,266
#AL9857, 4.000%, due 2/1/29			4,245		4,436
#555933, 7.000%, due 6/1/32			505		572
#886762, 7.000%, due 9/1/36			262		307
#948637, 6.500%, due 8/1/37			273		305
#888703, 6.500%, due 8/1/37			2,738		3,172
#AL6411, 7.000%, due 12/1/37			3,388		3,829
#889371, 6.000%, due 1/1/38			601		690
#AD0100, 7.000%, due 12/1/38			735		852
#AD0315, 6.500%, due 8/1/39			432		482
#AE0934, 6.500%, due 10/1/39			2,261		2,584
#AL5815, 5.500%, due 4/1/41			2,832		3,184
#BM3525, 6.000%, due 4/1/41			5,406		6,226
#AL9226, 5.500%, due 12/1/41			5,848		6,574
#AL9225, 6.000%, due 1/1/42			4,407		5,062
Total FNMA Mortgage Obligations					65,335
Asset-Backed Securities—20.3%
Nissan Auto Lease Trust, 2016-B, Tranche A2B, 1M USD LIBOR + 0.280%, 2.057%, 12/17/18, VRN	Aaa		352		352
Nissan Auto Receivables Owner Trust, 2016-B, Tranche A2B, 1M USD LIBOR + 0.300%, 2.077%, 4/15/19, VRN	Aaa		101		101

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Asset-Backed Securities—(continued)
American Express Issuance Trust II, 2013-2, Tranche A, 1M LIBOR + 0.430%, 2.207%, 8/15/19, VRN	AAA	$	2,233	$	2,237
Tesla Auto Lease Trust —144A, 2018-A, Tranche A, 2.320%, 12/20/19	Aaa		367		367
GM Financial Automobile Leasing Trust, 2017-3, Tranche A2B, 1M USD LIBOR + 0.240%, 2.062%, 1/21/20, VRN	Aaa		500		500
Ford Credit Auto Owner Trust, 2017-B, Tranche A2B, 1M USD LIBOR + 0.070%, 1.847%, 5/15/20, VRN	AAA		1,011		1,011
BMW Floorplan Master Owner Trust—144A, 2015-1A, Tranche A, 1M LIBOR + 0.500%, 2.277%, 7/15/20, VRN	AAA		3,675		3,679
Discover Card Execution Note Trust, 2013-A6, Tranche A6, 1M LIBOR + 0.450%, 2.227%, 4/15/21, VRN	AAA		2,000		2,004
Chase Issuance Trust, 2016-A1, Tranche A, 1M LIBOR + 0.410%, 2.187%, 5/17/21, VRN	AAA		2,024		2,030
Bank of America Credit Card Trust, 2014-A1, Tranche A, 1M LIBOR + 0.380%, 2.157%, 6/15/21, VRN	AAA		2,000		2,005
MBNA Credit Card Master Note Trust, 2004-A3, Tranche A3, 1M LIBOR + 0.260%, 2.037%, 8/16/21, VRN	AAA		3,000		3,001
Capital One Multi-Asset Execution Trust, 2014-A3, Tranche A3, 1M LIBOR + 0.380%, 2.157%, 1/18/22, VRN	AAA		1,110		1,113
Chase Issuance Trust, 2017-A1, Tranche A, 1M LIBOR + 0.300%, 2.077%, 1/18/22, VRN	AAA		2,000		2,008
Capital One Multi-Asset Execution Trust, 2016-A1, Tranche A1, 1M LIBOR + 0.450%, 2.227%, 2/15/22, VRN	AAA		3,212		3,223
PFS Financing Corporation—144A, 2018-A, Tranche A, 1M LIBOR + 0.400%, 2.177%, 2/15/22, VRN	AAA		1,500		1,501
Citibank Credit Card Issuance Trust, 2017-A4, Tranche A4, 1M LIBOR + 0.220%, 1.922%, 4/7/22, VRN	AAA		850		851
Verizon Owner Trust—144A, 2017-3A, Tranche A1B, 1M USD LIBOR + 0.270%, 2.092%, 4/20/22, VRN	AAA		3,500		3,509
Mercedes-Benz Master Owner Trust—144A, 2017-BA, Tranche A, 1M LIBOR + 0.420%, 2.197%, 5/16/22, VRN	Aaa		2,280		2,288
GMF Floorplan Owner Revolving Trust—144A, 2017-2, Tranche A2, 1M LIBOR + 0.430%, 2.207%, 7/15/22, VRN	Aaa		2,500		2,509
SLM Student Loan Trust, 2008-4, Tranche A4, 3M USD LIBOR + 1.650%, 3.395%, 7/25/22, VRN	A		779		797
SLM Private Education Loan Trust—144A, 2011-A, Tranche A3, 1M USD LIBOR + 2.500%, 4.277%, 1/15/43, VRN	AAA		2,250		2,321
Total Asset-Backed Securities					37,407
Corporate Obligations—31.2%
Sumitomo Mitsui Banking Corporation, 3M USD LIBOR + 0.670%, 2.409%, due 10/19/18, VRN	A1		1,000		1,003
PNC Bank NA, 3M USD LIBOR + 0.400%, 2.435%, due 12/7/18, VRN	A+		2,000		2,004
Morgan Stanley, 3M USD LIBOR + 1.375%, 3.148%, due 2/1/19, VRN	A		2,185		2,203
USAA Capital Corporation—144A, 3M USD LIBOR + 0.230%, 2.003%, due 2/1/19, VRN	Aa1		1,500		1,501

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount		Value
Corporate Obligations—(continued)
Toyota Motor Credit Corporation, 3M USD LIBOR + 0.820%, 2.705%, due 2/19/19, VRN	AA-	$	1,000	$	1,006
American Honda Finance Corporation, 3M USD LIBOR + 0.825%, 2.729%, due 2/22/19, VRN	A+		1,616		1,626
Apple, Inc., 3M USD LIBOR + 0.820%, 2.740%, due 2/22/19, VRN	AA+		1,000		1,007
PepsiCo, Inc., 3M USD LIBOR + 0.590%, 2.494%, due 2/22/19, VRN	A+		1,000		1,005
Bank of America Corporation, 3M USD LIBOR + 0.870%, 3.178%, due 4/1/19, VRN	A		2,000		2,013
Westpac Banking Corporation, 3M USD LIBOR + 0.710%, 2.530%, due 5/13/19, VRN	AA-		1,000		1,005
QUALCOMM, Inc., 3M USD LIBOR + 0.360%, 2.245%, due 5/20/19, VRN	A1		1,000		1,002
Bank of Montreal, 3M USD LIBOR + 0.650%, 2.384%, due 7/18/19, VRN	AA-		1,000		1,005
American Express Credit Corporation, 3M USD LIBOR + 0.490%, 2.329%, due 8/15/19, VRN	A2		1,000		1,004
Shell International Finance BV, 3M USD LIBOR + 0.350%, 2.421%, due 9/12/19, VRN	Aa2		1,000		1,004
Sumitomo Mitsui Trust Bank Ltd.—144A, 3M USD LIBOR + 0.440%, 2.618%, due 9/19/19, VRN	A1		750		750
Gilead Sciences, Inc., 3M USD LIBOR + 0.250%, 2.452%, due 9/20/19, VRN	A		1,000		1,001
Mondelez International Holdings Netherlands BV—144A, 3M USD LIBOR + 0.610%, 2.370%, due 10/28/19, VRN	A3		3,000		3,005
Daimler Finance North America LLC—144A, 3M USD LIBOR + 0.620%, 2.387%, due 10/30/19, VRN	A		1,600		1,610
United Technologies Corporation, 3M USD LIBOR + 0.350%, 2.123%, due 11/1/19, VRN	A-		1,175		1,179
Citigroup, Inc., 3M USD LIBOR + 0.790%, 2.498%, due 1/10/20, VRN	A		2,000		2,012
Branch Banking & Trust Co., 3M USD LIBOR + 0.450%, 2.172%, due 1/15/20, VRN	A1		1,700		1,705
Capital One Financial Corporation, 3M USD LIBOR + 0.760%, 2.571%, due 5/12/20, VRN	A-		2,000		2,006
National Australia Bank Ltd.—144A, 3M USD LIBOR + 0.510%, 2.414%, due 5/22/20, VRN	AA-		2,000		2,008
John Deere Capital Corporation, 3M USD LIBOR + 0.290%, 2.538%, due 6/22/20, VRN	A		1,000		1,001
Nissan Motor Acceptance Corp.—144A, 3M USD LIBOR + 0.390%, 2.112%, due 7/13/20, VRN	A		1,250		1,251
Caterpillar Financial Services Corporation, 3M USD LIBOR + 0.290%, 2.315%, due 9/4/20, VRN	A		3,000		3,007
IBM Credit LLC, 3M USD LIBOR + 0.260%, 2.005%, due 1/20/21, VRN	A+		2,000		2,007
JPMorgan Chase & Co., 3M USD LIBOR + 1.480%, 3.486%, due 3/1/21, VRN	A+		3,000		3,087
Wells Fargo & Co., 3M USD LIBOR + 1.340%, 3.365%, due 3/4/21, VRN	A+		3,000		3,074

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating	Principal Amount			Value
Corporate Obligations—(continued)
HSBC Holdings plc, 3M USD LIBOR + 2.240%, 4.287%, due 3/8/21, VRN	AA-	$	3,000		$	3,152
Bank of America Corporation, 3M USD LIBOR + 1.420%, 3.159%, due 4/19/21, VRN	A		1,000			1,029
The Goldman Sachs Group, Inc., 3M USD LIBOR + 1.360%, 3.105%, due 4/23/21, VRN	A		1,000			1,023
Westpac Banking Corporation, 3M USD LIBOR + 1.000%, 2.820%, due 5/13/21, VRN	AA-		2,000			2,036
Barclays plc, 3M USD LIBOR + 2.110%, 3.921%, due 8/10/21, VRN	A		3,000			3,131
Total Corporate Obligations						57,462
Total Long-Term Investments—99.5% (cost $185,422)						183,412
Total Investments—99.5% (cost $185,422)						183,412
Securities Sold, Not Yet Purchased
U.S. Government Agency
Federal National Mortgage Association (FNMA)—(8.0)%
TBA, 2.500%, due 4/1/33			(15,000	)		(14,699	)
Total Securities Sold, Not Yet Purchased—(8.0)% (proceeds $14,602)						(14,699	)
Cash and other assets, less liabilities—8.5%						15,649
Net assets—100.0%					$	184,362

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

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

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

TBA = To Be Announced - TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after March 31, 2018. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Exchange-Traded Funds—68.1%
	Equity Exchange-Traded Funds—63.8%
	Dragon Capital - Vietnam Enterprise Investments, Ltd. Class “C”		2,017,600	$	13,729
	Energy Select Sector SPDR Fund		222,700		15,012
	Financial Select Sector SPDR Fund		893,400		24,631
	Global X MSCI Argentina ETF		131,800		4,703
	Global X MSCI Greece ETF		2,018,100		19,575
	iShares Global Energy ETF		364,700		12,392
	iShares MSCI Brazil ETF		915,500		41,088
	iShares MSCI Emerging Markets Small-Cap ETF		205,000		10,937
	iShares MSCI India ETF		1,121,200		38,266
	iShares MSCI Japan ETF		323,000		19,600
	iShares MSCI Malaysia ETF		352,800		12,750
	iShares Russell 1000 Growth ETF		296,700		40,378
	iShares Russell 1000 Value ETF		1,300,600		156,020
	SPDR S&P 500 ETF Trust		1,378,000		362,621
	Utilities Select Sector SPDR Fund		511,700		25,856
	VanEck Vectors Russia ETF		1,316,800		29,944
	Total Equity Exchange-Traded Funds				827,502
	Fixed Income Exchange-Traded Funds—4.3%
	iShares iBoxx $ Investment Grade Corporate Bond ETF		334,900		39,314
	SPDR Bloomberg Barclays High Yield Bond ETF		435,200		15,602
	Total Fixed Income Exchange-Traded Funds				54,916
	Total Exchange-Traded Funds—68.1% (cost $784,817)				882,418
	Common Stocks—1.6%
	Emerging Latin America—1.5%
	Argentina—1.4%
*	Adecoagro S.A. (Food products)†		77,468		583
	Banco Macro S.A.—ADR (Banks)		12,235		1,321
	BBVA Banco Frances S.A.—ADR (Banks)		23,846		544
*	Cablevision Holding S.A.—GDR (Media)†		125,367		2,926
	Cresud SACIF y A—ADR (Real estate management & development)		23,299		469
*	Empresa Distribuidora Y Comercializadora Norte—ADR (Electric utilities)		15,414		887
	Grupo Clarin S.A. Class B,—GDR (Media)†		37,176		225
	Grupo Financiero Galicia S.A.—ADR (Banks)		54,612		3,591
	Grupo Supervielle S.A.—ADR (Banks)		33,745		1,024
	IRSA Inversiones y Representaciones S.A.—ADR (Real estate management & development)		14,276		338
	MercadoLibre, Inc. (Internet software & services)		4,255		1,516
*	Pampa Energia S.A.—ADR (Electric utilities)		38,790		2,312
	Telecom Argentina S.A.—ADR (Diversified telecommunication services)		31,652		992
	YPF S.A.—ADR (Oil, gas & consumable fuels)		130,630		2,824
	Total Argentina				19,552
	Uruguay—0.1%
	Arcos Dorados Holdings, Inc. Class “A” (Hotels, restaurants & leisure)†		123,431		1,129
	Total Emerging Latin America				20,681

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Europe—0.1%
	Luxembourg—0.1%
*	Globant S.A. (Software)†		15,327	$	790
	Total Common Stocks—1.6% (cost $21,211)				21,471
	Foreign Government Bond—2.4%
	Malaysia
	Malaysia Government Bond, 3.580%, due 9/28/18	MYR	118,881		30,798
	Total Foreign Government Bond—2.4% (cost $26,916)				30,798
	Repurchase Agreement—5.9%
	Fixed Income Clearing Corporation, 0.280% dated 3/29/18, due 4/2/18, repurchase price $76,054, collateralized by U.S. Treasury Note, 1.500%, due 8/15/26		76,051		76,051
	Total Repurchase Agreement—5.9% (cost $76,051)				76,051
	U.S. Government—23.6%
	U.S. Treasury Bill, 1.150%, due 6/21/18		31,900		31,780
	U.S. Treasury Bill, 1.191%, due 7/19/18(a)		50,900		50,634
	U.S. Treasury Bill, 1.239%, due 8/16/18(a)		38,500		38,233
	U.S. Treasury Bill, 1.255%, due 9/13/18(a)		20,000		19,831
	U.S. Treasury Bill, 1.388%, due 10/11/18(a)		29,500		29,210
	U.S. Treasury Bill, 1.654%, due 11/8/18		23,000		22,742
	U.S. Treasury Bill, 1.699%, due 12/6/18(b)		23,000		22,706
	U.S. Treasury Bill, 1.800%, due 1/3/19		23,000		22,661
	U.S. Treasury Bill, 1.879%, due 1/31/19		23,000		22,615
	U.S. Treasury Bill, 2.068%, due 2/28/19		23,000		22,581
	U.S. Treasury Bill, 2.106%, due 3/28/19		23,000		22,534
	Total U.S. Government—23.6% (cost $305,967)				305,527
	Total Purchased Options—0.1% (cost $2,531)				1,579
	Total Investments in Securities—101.7% (cost $1,217,493)				1,317,844
	Total Written Options—0.0% (premiums received $791)				(464	)
	Liabilities, plus cash and other assets—(1.7)%				(21,057	)
	Net assets—100.0%			$	1,296,323

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

(a) Security, or portion of security, is segregated as collateral for centrally cleared swaps and to cover initial margin requirements on open futures contracts aggregating a total value of $70,776.

(b) Security, or portion of security, is pledged as collateral for OTC swap contracts and OTC options aggregating a total value of $5,618.

ADR = American Depository Receipt

GDR = Global Depository Receipt

Purchased Options Contracts

Description	Counterparty		Exercise Price	Expiration Date	Number of Contracts			Notional Amount			Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
STXE Small 200	Credit Suisse International		272.50	06/15/18		182,352		EUR	49,691		$	945		$	1,105		$	(160	)
iShares iBoxx High Yield Bond	Credit Suisse International		82.00	06/15/18		15,421		$	126,452			634			1,426			(792	)
Total Purchased Options Contracts											$	1,579		$	2,531		$	(952	)
Written Options Contracts
Description	Counterparty	Exercise Price		Expiration Date	Number of Contracts			Notional Amount			Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
iShares iBoxx $ Investment Grade	Credit Suisse International		114.00	06/15/18		(11,333	)	$	(129,196	)	$	(464	)	$	(791	)	$	327

Forward Foreign Currency Contracts

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)		USD (Base) Purchased or Sold		Value		Net Unrealized Appreciation (Depreciation)
Purchased
6/20/18	British Pound Sterling	Citibank N.A. London		46,052	$	64,561	$	64,832	$	271
6/20/18	Chinese Yuan Renminbi	Citibank N.A. London		668,997		105,463		106,125		662
6/20/18	Colombian Peso	Citibank N.A. London		151,383,553		53,044		54,029		985
6/20/18	Czech Koruna	Citibank N.A. London		65,327		3,178		3,179		1
6/20/18	Euro	Citibank N.A. London		4,508		5,579		5,581		2
6/20/18	Indian Rupee	Citibank N.A. London		3,151,629		48,085		47,991		(94	)
6/20/18	Indonesian Rupiah	Citibank N.A. London		20,443,080		1,483		1,480		(3	)
6/20/18	Japanese Yen	Citibank N.A. London		6,038,181		57,115		57,054		(61	)
6/20/18	Mexican Peso	Citibank N.A. London		677,717		35,954		36,811		857
6/20/18	New Turkish Lira	Citibank N.A. London		316,522		79,366		78,329		(1,037	)
6/20/18	Philippine Peso	Citibank N.A. London		6,407,766		122,368		122,310		(58	)
6/20/18	Polish Zloty	Citibank N.A. London		138,021		40,759		40,383		(376	)
6/20/18	Singapore Dollar	Citibank N.A. London		109,972		84,146		84,033		(113	)
6/20/18	South African Rand	Citibank N.A. London		475,783		39,952		39,750		(202	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Forward Foreign Currency Contracts - (continued)

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)		USD (Base) Purchased or Sold		Value		Net Unrealized Appreciation (Depreciation)
Purchased — (continued)
6/20/18	South Korean Won	Citibank N.A. London		4,813,364	$	4,550	$	4,541	$	(9	)
6/20/18	Taiwan Dollar	Citibank N.A. London		64,245		2,226		2,225		(1	)
6/20/18	Thai Baht	Citibank N.A. London		229,984		7,405		7,375		(30	)
									$	794
Sold
6/21/18	Argentinean Peso	Citibank N.A. London		513,092	$	24,043	$	24,392	$	(349	)
6/20/18	Australian Dollar	Citibank N.A. London		33,236		26,206		25,532		674
6/20/18	Brazilian Real	Citibank N.A. London		53,255		16,182		16,019		163
6/20/18	British Pound Sterling	Citibank N.A. London		1,338		1,883		1,884		(1	)
6/20/18	Canadian Dollar	Citibank N.A. London		5,682		4,416		4,417		(1	)
6/20/18	Czech Koruna	Citibank N.A. London		1,263,098		61,720		61,459		261
6/20/18	Euro	Citibank N.A. London		104,669		130,218		129,571		647
6/20/18	Hong Kong Dollar	Citibank N.A. London		306,968		39,263		39,218		45
6/20/18	Hungarian Forint	Citibank N.A. London		6,938,658		27,712		27,480		232
6/20/18	Indonesian Rupiah	Citibank N.A. London		915,570,732		66,197		66,288		(91	)
6/20/18	Mexican Peso	Citibank N.A. London		116,640		6,333		6,335		(2	)
6/20/18	New Zealand Dollar	Citibank N.A. London		159,619		116,796		115,327		1,469
6/20/18	Russian Ruble	Citibank N.A. London		984,808		17,102		17,026		76
6/20/18	Singapore Dollar	Citibank N.A. London		2,362		1,804		1,805		(1	)
6/20/18	South African Rand	Citibank N.A. London		82,429		6,887		6,887		—
6/20/18	South Korean Won	Citibank N.A. London		64,476,326		60,679		60,824		(145	)
6/20/18	Swiss Franc	Citibank N.A. London		86,780		92,305		91,405		900
6/20/18	Taiwan Dollar	Citibank N.A. London		2,293,685		79,106		79,452		(346	)
6/20/18	Thai Baht	Citibank N.A. London		3,877,271		125,049		124,332		717
									$	4,248

Futures Contracts

Number of Contracts	Description	Expiration Date	Local Currency	Notional Value (Local, in Thousands		Notional Amount (USD)		Value (USD)		Net Unrealized Appreciation (Depreciation)
Long
663	CAC 40 Index	April 2018	Euro		34,174	$	42,869	$	42,050	$	(819	)
995	IBEX 35 Index	April 2018	Euro		95,234		119,353		117,181		(2,172	)
320	OMXS 30 Index	April 2018	Swedish Krona		48,768		5,966		5,841		(125	)
95	HSCEI Future	April 2018	Hong Kong Dollar		57,219		7,439		7,291		(148	)
1,802	MSCI Singapore ETS Index	April 2018	Singapore Dollar		71,035		53,071		54,177		1,106
9	EURO-BTP	June 2018	Euro		1,249		1,492		1,537		45
264	KOSPI 200 Index	June 2018	South Korean Won		20,836,200		19,111		19,548		437
3,732	EURO STOXX 600 Banks Index	June 2018	Euro		31,685		40,450		38,986		(1,464	)
740	FTSE 100 Index	June 2018	British Pound Sterling		51,752		73,882		72,608		(1,274	)
374	FTSE MIB Index	June 2018	Euro		41,052		51,461		50,513		(948	)
										$	(5,362	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Futures—(continued)

Number of Contracts	Description	Expiration Date	Local Currency	Notional Value (Local, in Thousands		Notional Amount (USD)		Value (USD)		Net Unrealized Appreciation (Depreciation)
Short
153	Amsterdam Index	April 2018	Euro		16,157	$	20,165	$	19,880	$	285
61	HANG SENG Index	April 2018	Hong Kong Dollar		91,653		11,946		11,678		268
213	MSCI Taiwan Index	April 2018	U.S. Dollar		8,684		8,506		8,684		(178	)
374	NIKKEI 225 Index	June 2018	Japanese Yen		4,011,150		36,659		37,697		(1,038	)
162	TOPIX Index	June 2018	Japanese Yen		2,780,730		25,794		26,134		(340	)
323	S&P TSX 60 Index	June 2018	Canadian Dollar		58,528		46,090		45,428		662
26	DAX Index	June 2018	Euro		7,878		9,945		9,693		252
884	EURO STOXX 50 Index	June 2018	Euro		29,004		36,283		35,688		595
1,527	MEX BOLSA Index	June 2018	Mexican Peso		707,948		41,497		38,941		2,556
3,832	S&P 500 E Mini Index	June 2018	U.S. Dollar		506,399		533,779		506,399		27,380
604	XAK Technology	June 2018	U.S. Dollar		39,792		42,817		39,792		3,025
238	XAV Health Care	June 2018	U.S. Dollar		19,468		20,555		19,468		1,087
451	XAY Cons Discret	June 2018	U.S. Dollar		46,228		48,554		46,228		2,326
153	10YR Can Bond	June 2018	Canadian Dollar		20,390		15,564		15,827		(263	)
1,352	FTSE/JSE Top 40 Index	June 2018	South African Rand		667,685		60,400		56,398		4,002
77	Long Gilt	June 2018	British Pound Sterling		9,457		13,029		13,268		(239	)
										$	40,380

Centrally Cleared Interest Rate Swap

Floating Rate Reference

Pay/Receive Floating Rate

Fixed Rate

Pay/Receive Payment Frequency

Maturity Date

Cleared Exchange

Notional Amount (in thousands)

Upfront Payment Received (Paid)

Value

Unrealized Appreciation (Depreciation)

3 Month STIBOR

Receive

1.350

%

1YR/3M

March 2028

LCH

SEK

197,130

(14

)

(353

)

$

(339

)

Centrally Cleared Credit Default Swap

Reference Entity

Buy/Sell Protection

Fixed Deal Pay Rate

Payment Frequency

Maturity Date

Cleared Exchange

Notional Amount (in thousands)

Upfront Payment Received (Paid)

Value

Unrealized Appreciation (Depreciation)

iTRAXX Europe S28

Sell

1.000

%

3M

December 2022

Intercontinental Exchange

EUR

23,046

636

661

$

25

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, March 31, 2018 (all dollar amounts in thousands) (unaudited)

Total Return Swaps

Reference Entity	Pay/Receive Floating Rate	Floating Rates	Maturity Dates	Counterparty	Notional Amount (in thousands)		Market Value			Unrealized Appreciation (Depreciation)
Dow Jones US Telecommunications Total Return Index	Receive	3 Month LIBOR plus 20 bp	Jun 2018	Goldman Sachs International	$	25,955	$	757		$	757
Euro Bund Future	Receive	0 bp	Jun 2018	Credit Suisse International	EUR	52,282		(798)			(798	)
Euro STOXX Bank Gross Return Index	Receive	3M EURIBOR plus 105 bp	Jun 2018	Goldman Sachs International	EUR	5,284		238			238
10YR T-Note Future	Receive	0 bp	Jun 2018	Credit Suisse International		73,352		(786	)		(786	)
5YR T-Notes Future	Receive	0 bp	Jun 2018	Credit Suisse International		14,604		(47	)		(47	)
MSCI Daily Total Return Greece (Net)	Pay	3 Month LIBOR plus 95 bp	Jun 2018	Credit Suisse International		6,295		(327	)		(327	)
MSCI International Indonesia Gross Return Index	Pay	3 Month LIBOR plus 215 bp	Jun 2018	Citibank N.A.		12,454		(1,012	)		(1,012	)
MSCI Emerging Markets Small Cap (Net)	Pay	3 Month LIBOR plus 115 bp	Mar 2019	Goldman Sachs International		14,319		503			503
Swiss Market Index (Total Return)	Receive	3 Month LIBOR plus 97 bp	Jun 2018	Goldman Sachs International	CHF	17,258		272			272
										$	(1,200	)
Total Net Unrealized Appreciation (Depreciation) on Swaps										$	(1,514	)

See accompanying Notes to Portfolio of Investments.

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Trust

William Blair Funds (the “Trust”) is a mutual fund registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. The Trust currently consists of the following twenty-one funds (the “Funds”), each with its own investment objectives and policies. For each Fund, the number of shares authorized is unlimited.

Domestic Equity Funds	International Equity Funds
Growth	International Leaders
Large Cap Growth	International Developed Plus
Mid Cap Growth	Institutional International Developed Plus
Small-Mid Cap Growth	International Growth
Small-Mid Cap Value	Institutional International Growth
Small Cap Growth	International Small Cap Growth
Small Cap Value	Emerging Markets Leaders
	Emerging Markets Growth
Global Equity Fund	Emerging Markets Small Cap Growth
Global Leaders
	Fixed Income Funds
Multi-Asset and Alternative Fund	Bond
Macro Allocation	Income
	Low Duration

The investment objectives of the Funds are as follows:

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

1

(b) Income Taxes

The cost of investments, including derivatives, for federal income tax purposes and related gross unrealized appreciation (depreciation) and net unrealized appreciation/(depreciation) at March 31, 2018 were as follows (in thousands):

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)
Growth	$	237,372	$	116,008	$	(3,369	)	$	112,639
Large Cap Growth		157,439		61,768		(1,399	)		60,369
Mid Cap Growth		50,858		13,577		(730	)		12,847
Small-Mid Cap Growth		1,822,689		395,809		(40,252	)		355,557
Small-Mid Cap Value		1,627		308		(26	)		282
Small Cap Growth		382,708		131,215		(7,386	)		123,829
Small Cap Value		492,748		154,484		(16,521	)		137,963
Global Leaders		139,964		54,692		(1,318	)		53,374
International Leaders		320,223		80,796		(1,395	)		79,401
International Developed Plus		94,062		18,879		(1,439	)		17,440
Institutional International Developed Plus		15,406		3,425		(227	)		3,198
International Growth		2,419,100		612,833		(31,586	)		581,247
Institutional International Growth		1,898,171		457,957		(23,624	)		434,333
International Small Cap Growth		509,780		109,542		(8,918	)		100,624
Emerging Markets Leaders		375,354		113,483		(6,459	)		107,024
Emerging Markets Growth		1,005,262		328,816		(10,933	)		317,883
Emerging Markets Small Cap Growth		440,142		63,949		(7,620	)		56,329
Bond		564,336		9,117		(9,213	)		(96	)
Income		77,637		336		(1,449	)		(1,113	)
Low Duration		185,422		296		(2,306	)		(2,010	)
Macro Allocation		1,221,007		155,281		(20,362	)		134,919

(c) 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. As of March 31, 2018, each Fund’s outstanding repurchase agreement, 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.

(d) TBA Securities

The Fixed Income Funds may invest in mortgage pass-through securities eligible to be sold in the “to-be announced” market (“TBAs”). TBAs provide for the forward or delayed delivery of the underlying instrument with settlement up to 180 days. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is generally announced 48 hours before the settlement date. When a Fund sells TBAs, it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold the securities. A Fund generally has the ability to close out a TBA obligation on or before the settlement date, rather than take delivery of the security.

(e) Securities Sold, Not Yet Purchased

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

(2) Valuation

(a) Investment Valuation

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

The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of March 31, 2018, 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, dealer quotes, transaction prices for securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.

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

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

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

Centrally cleared swaps listed or settled on a multilateral or trade facility platform, such as a registered exchange, are valued at the daily settlement price determined by the respective exchange. For centrally cleared credit default swaps, the clearing facility requires its members to provide actionable price levels across complete term structures. These levels, along with external third-party prices, are used to produce daily settlement prices.

Securities, and other assets, for which a market price is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value as determined in good faith by, or under the direction of, the Board of Trustees and in accordance with the Valuation Procedures approved by the Board of Trustees. The value of 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.

As of March 31, 2018, there were securities held in the International Growth and Institutional International Growth Funds requiring fair valuation pursuant to the Valuation Procedures approved by the Board of Trustees.

2

(b) Fair Value Measurements

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

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

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

• Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be 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 technique applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis 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 in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

Fixed-Income Securities

Fixed-income securities including corporate, convertible and municipal bonds and notes, U.S. government agency obligations, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities, asset-backed securities and non-U.S. bonds 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, dealer quotes, transaction prices for 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.

Short-Term Investments

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

Derivative Instruments

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

Any transfers between Level 1 and Level 2 are disclosed, effective as of the beginning of the period, in the following tables with the reasons for the transfers disclosed in a note to the tables, if applicable. Transfer amounts are based on end of period values.

As of March 31, 2018, the hierarchical input levels of securities in each Fund, segregated by security class or other financial instruments, are shown below (in thousands). There were no transfers between Levels as of March 31, 2018.

3

Investments in securities			Growth		Large Cap Growth		Mid Cap Growth
Level 1—Quoted prices
Common Stocks			$	346,000	$	215,046	$	62,352
Level 2—Other significant observable inputs
Short-Term Investments				4,011		2,762		1,353
Level 3—Significant unobservable inputs
None				—		—		—
Total investments in securities			$	350,011	$	217,808	$	63,705
Investments in securities	Small-Mid Cap Growth		Small-Mid Cap Value		Small Cap Growth		Small Cap Value
Level 1—Quoted prices
Common Stocks	$	2,104,187	$	1,909	$	482,771	$	618,877
Exchange-Traded Fund		—		—		1,174		—
Level 2—Other significant observable inputs
Short-Term Investments		74,059		—		22,592		11,834
Level 3—Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	2,178,246	$	1,909	$	506,537	$	630,711

Investments in securities	Global Leaders		International Leaders		International Developed Plus		Institutional International Developed Plus		International Growth
Level 1—Quoted prices
Common Stocks	$	190,392	$	381,364	$	109,329	$	18,139	$	2,901,015
Preferred Stocks		—		—		—		—		56,683
Level 2—Other significant observable inputs
Rights		—		—		—		—		221
Common Stocks		—		—		—		—		7,464
Short-Term Investments		2,946		18,260		2,173		465		34,964
Level 3—Significant unobservable inputs
Common Stocks		—		—		—		—		—
Total investments in securities	$	193,338	$	399,624	$	111,502	$	18,604	$	3,000,347
Investments in securities	Institutional International Growth		International Small Cap Growth		Emerging Markets Leaders		Emerging Markets Growth		Emerging Markets Small Cap Growth
Level 1—Quoted prices
Common Stocks	$	2,249,468	$	581,754	$	427,611	$	1,236,795	$	452,503
Preferred Stocks		43,958		—		21,033		26,340		7,913
Level 2—Other significant observable inputs
Rights		170		—		—		—		—
Common Stocks		5,788		8,486		20,020		49,186		29,518
Short-Term Investments		33,120		20,164		13,714		10,824		6,537
Level 3—Significant unobservable inputs
Common Stocks		—		—		—		—		—
Total investments in securities	$	2,332,504	$	610,404	$	482,378	$	1,323,145	$	496,471

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Investments in securities	Bond		Income			Low Duration			Macro Allocation
Assets
Level 1—Quoted Prices
Common Stocks	$	—	$	—		$	—		$	21,471
Exchange-Traded Funds		—		—			—			882,418
Level 2—Other significant observable inputs
Asset-Backed Securities		4,332		1,018			37,407			—
Corporate Obligation/Notes		273,386		29,545			57,462			—
Purchased Option		—		—			—			1,579
Short-Term Investments		5,775		291			—			76,051
U.S. Government and U.S. Government Agency		280,664		45,670			88,543			305,527
Foreign Government		—		—			—			30,798
Level 3—Significant unobservable inputs
None		—		—			—			—
Liabilities
Level 1—Quoted Prices
None		—		—			—			—
Level 2—Other significant observable inputs
Written Options		—		—			—			(464	)
Level 3—Significant unobservable inputs
None		—		—			—			—
Total investments in securities	$	564,157	$	76,524		$	183,412		$	1,317,380
Other financial instruments
Assets
Level 1—Quoted Prices
Futures Contracts	$	—	$	—		$	—		$	44,026
Level 2—Other significant observable inputs
Forward Foreign Currency Contracts		—		—			—			7,962
Swaps		83		—			—			1,795
Level 3—Significant unobservable inputs
None		—		—			—			—
Liabilities
Level 1—Quoted Prices
Futures Contracts		—		—			—			(9,008	)
Level 2—Other significant observable inputs
Forward Foreign Currency Contracts		—		—			—			(2,920	)
Swaps		—		—			—			(3,309	)
U.S. Government Agency		—		(4,900	)		(14,699	)		—
Level 3—Significant unobservable inputs
None		—		—			—			—
Total Other Financial Instruments	$	83	$	(4,900	)	$	(14,699	)	$	(38,546	)

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

The fair value estimates for the Level 3 securities in the International Growth and Institutional International Growth Funds were determined in good faith by the Pricing Committee, pursuant to the Valuation Procedures adopted by the Board of Trustees. There were various factors considered in reaching this fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained from a broker-dealer for the security, analysis of the company’s performance, and market trends that influence its performance. Level 3 securities represented 0.00% and 0.00% as a percentage of Net Assets in the International Growth and Institutional International Growth Funds, respectively.

5

(3) Financial Derivative Instruments

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

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

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

Futures Contracts

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

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

Options

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

Forward Foreign Currency Contracts

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

6

Swap Contracts

Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Swap agreements typically are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to several years. 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 at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:

Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. A Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of period end for which a Fund is the seller of protection are disclosed in 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 a 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, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.

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

7

Item 2. Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as exhibit EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

William Blair Funds
By:	/s/ Stephanie G. Braming
	Stephanie G. Braming Principal Executive Officer

Date: May 25, 2018

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Stephanie G. Braming
	Stephanie G. Braming Principal Executive Officer

Date: May 25, 2018

By:	/s/ Colette M. Garavalia
	Colette M. Garavalia
	Principal Financial Officer

Date: May 25, 2018