Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—39.0%
*	Adobe, Inc.		14,791	$	8,515
*	Advanced Micro Devices, Inc.		87,107		8,963
*	Alarm.com Holdings, Inc.		20,467		1,600
	Brooks Automation, Inc.		24,734		2,532
	Fidelity National Information Services, Inc.		51,564		6,274
*	GoDaddy, Inc.		57,906		4,036
*	Grid Dynamics Holdings, Inc.		156,497		4,573
	Mastercard, Inc.		38,429		13,361
	Microsoft Corporation		106,459		30,013
*	MongoDB, Inc.		7,730		3,645
	National Instruments Corporation		100,566		3,945
*	Nice, Ltd.—ADR		19,062		5,414
*	PayPal Holdings, Inc.		47,461		12,350
*	Pure Storage, Inc.		270,215		6,799
	Texas Instruments, Inc.		40,562		7,796
*	Verra Mobility Corporation		257,842		3,886
*	Workday, Inc.		22,913		5,726
					129,428
	Consumer Discretionary—14.3%
	Advance Auto Parts, Inc.		13,993		2,923
*	Amazon.com, Inc.		7,081		23,261
*	Bright Horizons Family Solutions, Inc.		29,563		4,122
*	Burlington Stores, Inc.		7,370		2,090
*	Etsy, Inc.		14,448		3,005
*	Revolve Group, Inc.		33,661		2,079
*	Rush Street Interactive, Inc.		215,861		4,147
*	Skyline Champion Corporation		40,294		2,420
*	Ulta Beauty, Inc.		9,254		3,340
					47,387
	Health Care—13.2%
*	Aerie Pharmaceuticals, Inc.		174,661		1,991
	Agilent Technologies, Inc.		25,235		3,975
*	Certara, Inc.		89,467		2,962
*	HealthEquity, Inc.		38,694		2,506
*	Horizon Therapeutics plc†		57,606		6,310
	STERIS plc†		24,991		5,105
	Stryker Corporation		32,638		8,607
	UnitedHealth Group, Inc.		21,053		8,226
	Zoetis, Inc.		20,364		3,954
					43,636
	Communication Services—11.4%
	Activision Blizzard, Inc.		39,841		3,083
*	Alphabet, Inc. Class “A”		10,227		27,342
	Warner Music Group Corporation		103,909		4,441
*	ZipRecruiter, Inc.		111,322		3,073
					37,939
	Industrials—9.2%
	BWX Technologies, Inc.		81,870		4,410
*	Clarivate plc†		105,347		2,307
*	Copart, Inc.		43,965		6,099
*	CoStar Group, Inc.		47,046		4,049

See accompanying Notes to Portfolio of Investments.

Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Industrials — (continued)
	Fortive Corporation		61,647	$	4,350
*	Kornit Digital, Ltd.†		21,306		3,084
	The Brink’s Co.		61,677		3,904
*	Trex Co., Inc.		22,442		2,287
					30,490
	Consumer Staples—3.1%
	The Coca-Cola Co.		104,429		5,480
	The Estee Lauder Cos., Inc.		15,414		4,623
					10,103
	Financials—3.0%
	Aon plc†		18,785		5,368
	Ares Management Corporation		63,365		4,678
					10,046
	Energy—2.2%
	Cameco Corporation†		228,484		4,965
*	Green Plains, Inc.		71,654		2,340
					7,305
	Materials—1.5%
	Ball Corporation		55,468		4,990
	Real Estate—1.0%
	SBA Communications Corporation		9,680		3,200
	Total Common Stocks—97.9% (cost $164,209)				324,524
	Exchange-Traded Fund
	iShares Russell 1000 Growth ETF		14,500		3,973
	Total Exchange-Traded Fund—1.2% (cost $4,196)				3,973
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $3,206, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $3,270	$	3,206		3,206
	Total Repurchase Agreement—1.0% (cost $3,206)				3,206
	Total Investments—100.1% (cost $171,611)				331,703
	Liabilities, plus cash and other assets—(0.1)%				(191	)
	Net assets—100.0%			$	331,512

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—45.3%
	Accenture plc†		88,980	$	28,467
*	Adobe, Inc.		49,460		28,475
*	Advanced Micro Devices, Inc.		285,368		29,364
*	Guidewire Software, Inc.		92,800		11,031
	Intuit, Inc.		47,390		25,567
	Lam Research Corporation		31,970		18,196
	Mastercard, Inc.		130,790		45,473
	Microsoft Corporation		357,400		100,758
	NVIDIA Corporation		75,490		15,639
*	PayPal Holdings, Inc.		141,040		36,700
*	salesforce.com, Inc.		103,150		27,976
	Texas Instruments, Inc.		123,180		23,677
*	Unity Software, Inc.		47,390		5,983
					397,306
	Consumer Discretionary—16.5%
*	Amazon.com, Inc.		22,665		74,456
*	Marriott International, Inc.		147,930		21,907
	NIKE, Inc.		180,630		26,233
	Starbucks Corporation		198,770		21,926
					144,522
	Communication Services—12.9%
	Activision Blizzard, Inc.		190,200		14,720
*	Alphabet, Inc. Class “A”		23,220		62,079
*	Alphabet, Inc. Class “C”		5,640		15,032
*	Live Nation Entertainment, Inc.		230,840		21,037
					112,868
	Health Care—9.4%
*	ABIOMED, Inc.		42,408		13,805
	Stryker Corporation		81,240		21,424
	UnitedHealth Group, Inc.		68,360		26,711
	Zoetis, Inc.		107,470		20,864
					82,804
	Industrials—6.4%
*	Copart, Inc.		148,660		20,622
	Equifax, Inc.		74,660		18,920
	Fortive Corporation		230,180		16,244
					55,786
	Consumer Staples—5.2%
	Costco Wholesale Corporation		59,710		26,831
	The Estee Lauder Cos., Inc.		62,810		18,838
					45,669
	Financials—2.6%
	Apollo Global Management, Inc.		368,690		22,708
	Materials—1.4%
	Linde plc†		41,180		12,080
	Total Common Stocks—99.7% (cost $570,616)				873,743

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $2,571, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $2,622	$	2,571	$	2,571
Total Repurchase Agreement—0.3% (cost $2,571)				2,571
Total Investments—100.0% (cost $573,187)				876,314
Cash and other assets, less liabilities—0.0%				197
Net assets—100.0%			$	876,511

† = U.S. listed foreign security

* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—32.3%
*	Anaplan, Inc.		23,330	$	1,421
*	Cadence Design Systems, Inc.		20,320		3,077
	Dolby Laboratories, Inc.		11,640		1,024
*	Dynatrace, Inc.		34,435		2,444
*	EPAM Systems, Inc.		2,950		1,683
*	Euronet Worldwide, Inc.		13,680		1,741
*	GoDaddy, Inc.		12,510		872
*	Guidewire Software, Inc.		6,892		819
	MKS Instruments, Inc.		10,215		1,542
*	MongoDB, Inc.		4,685		2,209
*	Nice, Ltd.—ADR		6,575		1,868
*	Palo Alto Networks, Inc.		3,960		1,897
	Pegasystems, Inc.		12,465		1,584
*	Pure Storage, Inc.		83,755		2,107
*	SolarEdge Technologies, Inc.		3,335		884
*	Teledyne Technologies, Inc.		4,625		1,987
*	Zendesk, Inc.		7,860		915
					28,074
	Health Care—21.5%
*	10X Genomics, Inc.		5,790		843
*	ABIOMED, Inc.		5,553		1,808
	Agilent Technologies, Inc.		12,460		1,963
*	Align Technology, Inc.		3,170		2,109
	Bio-Techne Corporation		2,727		1,321
*	Centene Corporation		12,025		749
*	Horizon Therapeutics plc†		24,060		2,636
*	IDEXX Laboratories, Inc.		2,380		1,480
*	Insulet Corporation		6,255		1,778
*	Mettler-Toledo International, Inc.		940		1,295
	STERIS plc†		5,410		1,105
*	Veeva Systems, Inc.		5,420		1,562
					18,649
	Industrials—15.5%
*	Axon Enterprise, Inc.		7,480		1,309
	BWX Technologies, Inc.		35,514		1,913
*	Clarivate plc†		63,070		1,381
*	Copart, Inc.		23,392		3,245
*	CoStar Group, Inc.		29,585		2,546
	Equifax, Inc.		4,515		1,144
*	Generac Holdings, Inc.		2,560		1,046
	Rockwell Automation, Inc.		2,870		844
					13,428
	Consumer Discretionary—11.3%
	Advance Auto Parts, Inc.		4,558		952
*	Aptiv plc†		9,365		1,395
*	Bright Horizons Family Solutions, Inc.		13,935		1,943
*	Burlington Stores, Inc.		7,555		2,142
*	Chipotle Mexican Grill, Inc.		995		1,808
*	Etsy, Inc.		7,744		1,611
					9,851

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Communication Services—5.8%
	Cable One, Inc.		305	$	553
*	Live Nation Entertainment, Inc.		10,959		999
*	Take-Two Interactive Software, Inc.		6,010		926
	Warner Music Group Corporation		41,505		1,774
*	Zillow Group, Inc.		8,590		757
					5,009
	Materials—4.4%
	Ball Corporation		17,555		1,579
	Vulcan Materials Co.		13,280		2,247
					3,826
	Financials—3.3%
	Ares Management Corporation		17,370		1,282
	East West Bancorp, Inc.		20,905		1,621
					2,903
	Real Estate—1.3%
	SBA Communications Corporation		3,340		1,104
	Energy—1.3%
	New Fortress Energy, Inc.		39,408		1,094
	Total Common Stocks—96.7% (cost $60,759)				83,938
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $2,975, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $3,035	$	2,975		2,975
	Total Repurchase Agreement—3.4% (cost $2,975)				2,975
	Total Investments—100.1% (cost $63,734)				86,913
	Liabilities, plus cash and other assets—(0.1)%				(111	)
	Net assets—100.0%			$	86,802

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—17.2%
*	Axon Enterprise, Inc.		6,189	$	1,083
*	Builders FirstSource, Inc.		37,253		1,928
	BWX Technologies, Inc.		21,635		1,165
*	Casella Waste Systems, Inc.		6,791		516
*	Chart Industries, Inc.		2,425		463
	Douglas Dynamics, Inc.		12,117		440
*	IAA, Inc.		15,636		853
*	Kornit Digital, Ltd.†		5,895		853
	Lincoln Electric Holdings, Inc.		6,483		835
	Luxfer Holdings plc†		45,329		890
*	Mercury Systems, Inc.		9,120		433
	Owens Corning		15,199		1,300
*	Stem, Inc.		21,364		510
	The Brink’s Co.		18,677		1,182
*	Trex Co., Inc.		8,770		894
*	WillScot Mobile Mini Holdings Corporation		22,665		719
					14,064
	Financials—15.5%
	Ares Management Corporation		17,204		1,270
	East West Bancorp, Inc.		22,233		1,724
*	Encore Capital Group, Inc.		11,062		545
	FirstCash, Inc.		6,032		528
	Glacier Bancorp, Inc.		16,049		888
	Hannon Armstrong Sustainable Infrastructure Capital, Inc.		9,206		492
	LPL Financial Holdings, Inc.		5,704		894
	PacWest Bancorp		30,875		1,399
	Virtu Financial, Inc.		47,111		1,151
	Voya Financial, Inc.		10,431		641
	Western Alliance Bancorp		20,390		2,219
	Wintrust Financial Corporation		10,952		880
					12,631
	Health Care—14.9%
*	Acadia Healthcare Co., Inc.		13,792		880
*	Certara, Inc.		26,991		893
	Chemed Corporation		1,251		582
*	Codexis, Inc.		42,001		977
	Encompass Health Corporation		10,541		791
*	Globus Medical, Inc.		7,818		599
*	Hanger, Inc.		37,749		829
*	HealthEquity, Inc.		6,979		452
*	Horizon Therapeutics plc†		11,151		1,221
*	LHC Group, Inc.		4,353		683
*	Ligand Pharmaceuticals, Inc.		3,193		445
*	Merit Medical Systems, Inc.		21,470		1,542
	Owens & Minor, Inc.		47,463		1,485
	STERIS plc†		3,730		762
					12,141
	Consumer Discretionary—12.8%
	Aramark		20,722		681
*	Boot Barn Holdings, Inc.		14,296		1,270
*	Bright Horizons Family Solutions, Inc.		5,476		763
*	Burlington Stores, Inc.		2,894		821

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary—(continued)
*	Callaway Golf Co.		21,581	$	596
*	Fox Factory Holding Corporation		6,035		872
*	Grand Canyon Education, Inc.		9,981		878
*	National Vision Holdings, Inc.		13,574		771
*	Overstock.com, Inc.		11,667		909
*	Skyline Champion Corporation		21,921		1,317
*	Terminix Global Holdings, Inc.		12,457		519
	Wyndham Hotels & Resorts, Inc.		13,567		1,047
					10,444
	Information Technology—10.9%
*	Alarm.com Holdings, Inc.		8,890		695
	Brooks Automation, Inc.		10,692		1,094
	CMC Materials, Inc.		3,337		411
*	Cree, Inc.		6,428		519
	Entegris, Inc.		5,121		645
*	Euronet Worldwide, Inc.		6,335		806
*	Nice, Ltd.—ADR		3,986		1,132
	Power Integrations, Inc.		7,908		783
*	Pure Storage, Inc.		35,520		894
*	SolarEdge Technologies, Inc.		3,038		806
*	Verra Mobility Corporation		76,037		1,146
					8,931
	Energy—7.7%
	Cameco Corporation†		72,945		1,585
*	Denbury, Inc.		27,185		1,910
*	Green Plains, Inc.		26,552		867
	New Fortress Energy, Inc.		30,718		852
	Whitecap Resources, Inc. †		197,939		1,105
					6,319
	Real Estate—5.5%
	Acadia Realty Trust		52,018		1,062
	Americold Realty Trust		22,288		647
	CoreSite Realty Corporation		6,624		918
	Equity LifeStyle Properties, Inc.		16,272		1,271
	Healthcare Realty Trust, Inc.		20,046		597
					4,495
	Materials—4.8%
*	Century Aluminum Co.		32,621		439
	Crown Holdings, Inc.		12,589		1,268
	Eagle Materials, Inc.		6,571		862
	Martin Marietta Materials, Inc.		2,265		774
*	Orion Engineered Carbons S.A.†		33,307		607
					3,950
	Consumer Staples—4.2%
	Inter Parfums, Inc.		10,584		791
*	Performance Food Group Co.		23,700		1,101
	Primo Water Corporation†		34,984		550
	Spectrum Brands Holdings, Inc.		10,332		989
					3,431

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Core Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Communication Services—2.9%
	Cable One, Inc.		307	$	557
*	Live Nation Entertainment, Inc.		6,471		590
*	ZipRecruiter, Inc.		42,449		1,171
					2,318
	Utilities—1.2%
	IDACORP, Inc.		9,435		975
	Total Common Stocks—97.6% (cost $69,981)				79,699
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $1,238, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $1,263	$	1,238		1,238
	Total Repurchase Agreement—1.5% (cost $1,238)				1,238
	Total Investments—99.1% (cost $71,219)				80,937
	Cash and other assets, less liabilities—0.9%				718
	Net assets—100.0%			$	81,655

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Health Care—27.1%
*	10X Genomics, Inc.		224,750	$	32,719
*	ABIOMED, Inc.		161,104		52,443
*	Acadia Healthcare Co., Inc.		729,814		46,548
*	Amedisys, Inc.		164,825		24,575
	Bio-Techne Corporation		134,326		65,090
*	Blueprint Medicines Corporation		331,869		34,120
*	Certara, Inc.		611,947		20,255
*	Charles River Laboratories International, Inc.		162,833		67,196
	Chemed Corporation		69,443		32,299
	Encompass Health Corporation		618,433		46,407
*	Halozyme Therapeutics, Inc.		964,050		39,218
*	HealthEquity, Inc.		690,090		44,690
*	Horizon Therapeutics plc†		533,693		58,461
*	Insmed, Inc.		888,765		24,477
*	Inspire Medical Systems, Inc.		164,807		38,380
*	Insulet Corporation		148,776		42,287
*	Ligand Pharmaceuticals, Inc.		231,292		32,224
*	Merit Medical Systems, Inc.		501,171		35,984
*	Pacific Biosciences of California, Inc.		789,017		20,159
*	Penumbra, Inc.		147,268		39,247
*	Twist Bioscience Corporation		227,901		24,379
*	Veracyte, Inc.		753,421		34,996
					856,154
	Information Technology—24.5%
*	Alarm.com Holdings, Inc.		455,879		35,645
*	Avalara, Inc.		268,418		46,911
	Brooks Automation, Inc.		650,755		66,605
*	Cree, Inc.		274,172		22,134
*	Dynatrace, Inc.		1,124,743		79,823
	Entegris, Inc.		314,297		39,570
*	Euronet Worldwide, Inc.		434,598		55,316
*	GoDaddy, Inc.		457,303		31,874
*	Guidewire Software, Inc.		353,001		41,961
	National Instruments Corporation		876,782		34,396
*	Nice, Ltd.—ADR		211,225		59,996
*	Novanta, Inc.†		186,003		28,737
	Pegasystems, Inc.		240,981		30,629
*	Pure Storage, Inc.		2,484,143		62,501
*	SolarEdge Technologies, Inc.		122,242		32,421
*	Varonis Systems, Inc.		671,759		40,877
*	Workiva, Inc.		245,772		34,644
*	Zendesk, Inc.		269,816		31,404
					775,444
	Industrials—15.6%
*	Axon Enterprise, Inc.		357,501		62,570
*	Builders FirstSource, Inc.		1,464,604		75,778
	BWX Technologies, Inc.		1,204,513		64,875
*	Chart Industries, Inc.		123,450		23,592
*	Generac Holdings, Inc.		37,512		15,330
	HEICO Corporation		197,723		23,416
	Lincoln Electric Holdings, Inc.		192,785		24,829
*	Mercury Systems, Inc.		625,004		29,638
	Ritchie Bros Auctioneers, Inc.†		603,713		37,225

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Industrials — (continued)
*	Stem, Inc.		813,295	$	19,430
	The Brink’s Co.		842,792		53,349
*	Trex Co., Inc.		627,242		63,935
					493,967
	Consumer Discretionary—13.4%
*	Bright Horizons Family Solutions, Inc.		375,985		52,420
*	Burlington Stores, Inc.		125,308		35,534
*	Fox Factory Holding Corporation		330,263		47,736
*	Grand Canyon Education, Inc.		361,372		31,786
*	Helen of Troy, Ltd.†		169,606		38,107
*	Leslie’s, Inc.		1,668,239		34,266
*	National Vision Holdings, Inc.		646,473		36,700
*	Overstock.com, Inc.		469,322		36,569
*	Revolve Group, Inc.		585,897		36,191
*	Terminix Global Holdings, Inc.		711,261		29,638
	Wyndham Hotels & Resorts, Inc.		596,551		46,048
					424,995
	Financials—4.9%
	Ares Management Corporation		586,835		43,326
	FirstCash, Inc.		298,676		26,134
	Virtu Financial, Inc.		1,882,294		45,985
	Western Alliance Bancorp		372,935		40,583
					156,028
	Materials—4.0%
	Crown Holdings, Inc.		666,902		67,211
	Martin Marietta Materials, Inc.		172,642		58,988
					126,199
	Communication Services—3.4%
	Cable One, Inc.		21,555		39,082
*	Live Nation Entertainment, Inc.		433,320		39,488
*	Zynga, Inc.		3,860,785		29,072
					107,642
	Energy—3.2%
	Cameco Corporation†		2,262,978		49,175
*	Denbury, Inc.		529,111		37,170
	New Fortress Energy, Inc.		578,359		16,049
					102,394
	Consumer Staples—1.9%
*	Celsius Holdings, Inc.		309,025		27,840
*	Performance Food Group Co.		678,483		31,522
					59,362
	Real Estate—1.1%
	FirstService Corporation†		185,342		33,451
	Total Common Stocks—99.1% (cost $2,283,729)				3,135,636

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $41,286, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $42,112	$	41,286	$	41,286
Total Repurchase Agreement—1.3% (cost $41,286)				41,286
Total Investments—100.4% (cost $2,325,015)				3,176,922
Liabilities, plus cash and other assets—(0.4)%				(13,308	)
Net assets—100.0%			$	3,163,614

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—23.4%
*	Alarm.com Holdings, Inc.		98,360	$	7,691
	American Software, Inc.		274,860		6,528
	Brooks Automation, Inc.		141,535		14,486
*	BTRS Holdings, Inc.		348,630		3,709
	CMC Materials, Inc.		50,740		6,253
	Computer Services, Inc.		112,089		6,613
*	Euronet Worldwide, Inc.		60,700		7,726
*	Grid Dynamics Holdings, Inc.		341,235		9,971
*	J2 Global, Inc.		86,563		11,826
	Littelfuse, Inc.		14,353		3,922
*	LivePerson, Inc.		143,277		8,446
*	LiveRamp Holdings, Inc.		156,880		7,409
*	Novanta, Inc.†		39,220		6,059
*	PAR Technology Corporation		31,030		1,909
*	PDF Solutions, Inc.		323,484		7,453
*	PROS Holdings, Inc.		192,990		6,847
*	Pure Storage, Inc.		484,006		12,178
*	SiTime Corporation		41,335		8,439
*	Upland Software, Inc.		176,810		5,913
*	Varonis Systems, Inc.		140,600		8,556
*	Verra Mobility Corporation		724,189		10,914
*	Vertex, Inc.		251,763		4,839
*	WNS Holdings, Ltd.—ADR		93,692		7,664
					175,351
	Health Care—22.6%
*	Acadia Healthcare Co., Inc.		136,469		8,704
*	Aerie Pharmaceuticals, Inc.		762,431		8,692
*	Amicus Therapeutics, Inc.		586,760		5,604
*	Axogen, Inc.		363,063		5,736
*	Blueprint Medicines Corporation		53,540		5,504
*	Butterfly Network, Inc.		303,869		3,172
*	Certara, Inc.		273,493		9,053
*	Codexis, Inc.		415,468		9,664
*	CryoLife, Inc.		275,012		6,130
*	Halozyme Therapeutics, Inc.		157,820		6,420
*	Hanger, Inc.		438,500		9,629
*	Health Catalyst, Inc.		235,858		11,795
*	HealthEquity, Inc.		100,415		6,503
*	Innovage Holding Corporation		338,670		2,239
*	Insmed, Inc.		254,940		7,021
*	Inspire Medical Systems, Inc.		39,530		9,206
*	LHC Group, Inc.		48,463		7,604
*	Ligand Pharmaceuticals, Inc.		69,728		9,715
*	Merit Medical Systems, Inc.		177,740		12,762
*	Pacific Biosciences of California, Inc.		135,090		3,452
*	Twist Bioscience Corporation		42,396		4,535
	US Physical Therapy, Inc.		54,037		5,976
*	Veracyte, Inc.		150,350		6,984
*	Vericel Corporation		69,100		3,372
					169,472
	Industrials—20.8%
	Albany International Corporation		103,965		7,992
*	Builders FirstSource, Inc.		282,330		14,608

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Industrials — (continued)
	BWX Technologies, Inc.		237,509	$	12,792
*	Casella Waste Systems, Inc.		190,190		14,443
	Douglas Dynamics, Inc.		172,173		6,250
*	Ducommun, Inc.		267,729		13,480
*	Energy Recovery, Inc.		376,956		7,174
*	IAA, Inc.		146,180		7,977
*	Kornit Digital, Ltd.†		61,630		8,920
	Lincoln Electric Holdings, Inc.		51,360		6,615
	Luxfer Holdings plc†		489,016		9,599
*	Mercury Systems, Inc.		96,376		4,570
*	Montrose Environmental Group, Inc.		224,778		13,878
	Ritchie Bros Auctioneers, Inc.†		145,675		8,982
*	Stem, Inc.		224,404		5,361
	The Brink’s Co.		211,516		13,389
					156,030
	Consumer Discretionary—9.7%
*	Boot Barn Holdings, Inc.		126,254		11,220
*	National Vision Holdings, Inc.		162,178		9,207
*	Overstock.com, Inc.		108,810		8,478
*	Porch Group, Inc.		258,670		4,573
*	Revolve Group, Inc.		148,917		9,199
*	Rush Street Interactive, Inc.		302,840		5,818
*	Skyline Champion Corporation		222,880		13,386
*	The Cheesecake Factory, Inc.		98,990		4,652
	Winmark Corporation		28,330		6,092
					72,625
	Financials—4.5%
*	Encore Capital Group, Inc.		152,093		7,493
	FirstCash, Inc.		128,718		11,263
*	Open Lending Corporation		174,717		6,302
	PacWest Bancorp		185,210		8,394
					33,452
	Energy—4.4%
	Cameco Corporation†		694,770		15,097
*	Denbury, Inc.		149,789		10,523
*	Green Plains, Inc.		230,350		7,521
					33,141
	Consumer Staples—3.3%
*	Celsius Holdings, Inc.		48,250		4,347
*	The Beauty Health Co.		563,400		14,631
*	Vital Farms, Inc.		346,760		6,093
					25,071
	Communication Services—3.2%
*	Gogo, Inc.		650,880		11,260
*	QuinStreet, Inc.		267,735		4,702
*	ZipRecruiter, Inc.		290,110		8,007
					23,969
	Real Estate—2.2%
	Colliers International Group, Inc.†		69,818		8,916

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Real Estate — (continued)
	FirstService Corporation†		43,427	$	7,838
					16,754
	Materials—1.8%
*	Century Aluminum Co.		276,600		3,720
*	Orion Engineered Carbons S.A.†		528,297		9,631
					13,351
	Total Common Stocks—95.9% (cost $514,877)				719,216
	Exchange-Traded Funds
	Exchange-Traded Fund—1.0%
	iShares Russell 2000 Growth ETF		25,330		7,437
	Total Exchange-Traded Fund—1.0% (cost $7,595)				7,437
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $25,606, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $26,119	$	25,606		25,606
	Total Repurchase Agreement—3.4% (cost $25,606)				25,606
	Total Investments—100.3% (cost $548,078)				752,259
	Liabilities, plus cash and other assets—(0.3)%				(2,300	)
	Net assets—100.0%			$	749,959

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Western Hemisphere—50.8%
	Canada—1.4%
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		4,972	$	2,012
	United States—49.4%
*	Adobe, Inc. (Software)		3,180		1,831
*	Align Technology, Inc. (Health care equipment & supplies)		2,221		1,478
*	Alphabet, Inc. Class “A” (Interactive Media & Services)		1,586		4,240
*	Amazon.com, Inc. (Internet & direct marketing retail)		1,118		3,673
*	Autodesk, Inc. (Software)		4,788		1,365
	BlackRock, Inc. (Capital markets)		2,293		1,923
*	Charles River Laboratories International, Inc. (Life sciences tools & services)		6,715		2,771
*	CoStar Group, Inc. (Professional services)		14,896		1,282
	Ecolab, Inc. (Chemicals)		5,463		1,140
*	Edwards Lifesciences Corporation (Health care equipment & supplies)		15,245		1,726
*	Facebook, Inc. Class “A” (Interactive Media & Services)		10,136		3,440
	Fidelity National Information Services, Inc. (IT services)		12,047		1,466
*	IDEXX Laboratories, Inc. (Health care equipment & supplies)		3,161		1,966
	Intercontinental Exchange, Inc. (Capital markets)		14,796		1,699
*	Intuitive Surgical, Inc. (Health care equipment & supplies)		1,641		1,631
	Lockheed Martin Corporation (Aerospace & defense)		5,765		1,989
	Mastercard, Inc. Class “A” (IT services)		9,430		3,279
	Microsoft Corporation (Software)		14,629		4,124
	NextEra Energy, Inc. (Electric utilities)		14,622		1,148
	NIKE, Inc. Class “B” (Textiles, apparel & luxury goods)		14,171		2,058
*	PayPal Holdings, Inc. (IT services)		9,011		2,345
	Prologis, Inc. (Equity REIT)		11,054		1,387
	Roper Technologies, Inc. (Industrial conglomerates)		3,401		1,517
*	salesforce.com, Inc. (Software)		12,265		3,327
	The Estee Lauder Cos., Inc. Class “A” (Personal products)		7,050		2,115
	Thermo Fisher Scientific, Inc. (Life sciences tools & services)		3,861		2,206
*	Ulta Beauty, Inc. (Specialty retail)		7,722		2,787
	Union Pacific Corporation (Road & rail)		9,719		1,905
	UnitedHealth Group, Inc. (Health care providers & services)		5,575		2,178
*	Veeva Systems, Inc. Class “A” (Health care technology)		3,005		866
*	Workday, Inc. Class “A” (Software)		7,892		1,972
	Zoetis, Inc. (Pharmaceuticals)		9,866		1,915
					68,749
	Europe—25.2%
	Denmark—3.8%
	Chr Hansen Holding A/S (Chemicals)		10,280		838
	DSV A/S (Air freight & logistics)		9,931		2,377
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		21,100		2,034
					5,249
	France—4.1%
*	Airbus SE (Aerospace & defense)		27,335		3,624
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		2,970		2,127
					5,751
	Germany—4.3%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		76,664		3,136
	MTU Aero Engines AG (Aerospace & defense)		8,811		1,981

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe—(continued)
	Germany—(continued)
	Rational AG (Machinery)		885	$	831
					5,948
	Ireland—3.5%
	Allegion plc (Building products)†		7,633		1,009
*	Aptiv plc (Auto components)†		15,704		2,339
*	Ryanair Holdings plc—ADR (Airlines)		13,817		1,521
					4,869
	Netherlands—1.1%
*	Adyen N.V. (IT services)		582		1,627
	Sweden—5.3%
	Atlas Copco AB Class “A” (Machinery)		40,144		2,424
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		5,221		791
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		195,287		3,021
	Indutrade AB (Machinery)		41,558		1,155
					7,391
	Switzerland—3.1%
	Lonza Group AG (Life sciences tools & services)		2,782		2,087
	Partners Group Holding AG (Capital markets)		1,412		2,203
					4,290
	Emerging Asia—6.9%
	China—3.3%
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		90,544		1,676
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		48,300		1,025
	Tencent Holdings, Ltd. (Interactive Media & Services)		30,500		1,821
					4,522
	India—1.5%
	HDFC Bank, Ltd.—ADR (Banks)		27,940		2,042
	Taiwan—2.1%
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		26,675		2,979
	Asia—5.7%
	Australia—3.9%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		67,066		2,230
*	Atlassian Corporation plc Class “A” (Software)†		4,934		1,931
	CSL, Ltd. (Biotechnology)		6,363		1,330
					5,491
	Hong Kong—1.4%
	AIA Group, Ltd. (Insurance)		167,800		1,931
	New Zealand—0.4%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		23,927		526

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Japan—5.0%
	Daikin Industries, Ltd. (Building products)		7,900	$	1,723
	Keyence Corporation (Electronic equipment, instruments & components)		3,400		2,029
	Nihon M&A Center, Inc. (Professional services)		57,500		1,689
	SMC Corporation (Machinery)		2,400		1,497
					6,938
	United Kingdom—3.6%
*	Compass Group plc (Hotels, restaurants & leisure)		118,948		2,432
	Experian plc (Professional services)		27,232		1,141
	Halma plc (Electronic equipment, instruments & components)		15,519		592
	Rentokil Initial plc (Commercial services & supplies)		115,211		905
					5,070
	Emerging Latin America—1.9%
	Argentina—1.9%
*	Globant S.A. (IT services)†		5,707		1,604
*	MercadoLibre, Inc. (Internet & direct marketing retail)		591		992
					2,596
	Total Common Stocks—99.1% (cost $73,182)				137,981
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $1,210, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $1,234	$	1,210		1,210
	Total Repurchase Agreement—0.9% (cost $1,210)				1,210
	Total Investments—100.0% (cost $74,392)				139,191
	Liabilities, plus cash and other assets—(0.0)%				(20	)
	Net assets—100.0%			$	139,171

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Leaders Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Information Technology	26.6	%
Industrials	20.7	%
Consumer Discretionary	17.5	%
Health Care	16.5	%
Financials	7.1	%
Communication Services	6.9	%
Consumer Staples	1.5	%
Materials	1.4	%
Real Estate	1.0	%
Utilities	0.8	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
U.S. Dollar	61.7	%
Euro	9.7	%
Swedish Krona	5.3	%
Japanese Yen	5.0	%
Hong Kong Dollar	4.7	%
Danish Krone	3.8	%
British Pound Sterling	3.7	%
Swiss Franc	3.1	%
Australian Dollar	2.6	%
All Other Currencies	0.4	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—52.2%
	Denmark—6.5%
	Chr Hansen Holding A/S (Chemicals)		106,275	$	8,665
	Coloplast A/S Class “B” (Health care equipment & supplies)		107,098		16,746
	DSV A/S (Air freight & logistics)		76,703		18,360
	Novo Nordisk A/S Class “B” (Pharmaceuticals)		257,125		24,784
	Orsted A/S (Electric utilities)		90,807		11,970
					80,525
	Finland—1.3%
	Neste Oyj (Oil, gas & consumable fuels)		283,548		15,996
	France—12.2%
*	Airbus SE (Aerospace & defense)		282,710		37,481
	L’Oreal S.A. (Personal products)		44,659		18,480
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		53,434		38,273
	Safran S.A. (Aerospace & defense)		206,986		26,180
	Sartorius Stedim Biotech (Life sciences tools & services)		33,817		18,897
	Teleperformance (Professional services)		32,978		12,971
					152,282
	Germany—4.2%
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		648,421		26,519
	Rational AG (Machinery)		16,854		15,832
*	TeamViewer AG (Software)		320,136		9,366
					51,717
	Ireland—4.4%
*	ICON plc (Life sciences tools & services)†		58,042		15,208
	Kingspan Group plc (Building products)		225,961		22,540
*	Ryanair Holdings plc—ADR (Airlines)		154,354		16,988
					54,736
	Israel—0.7%
*	Wix.com, Ltd. (IT services)†		42,365		8,302
	Netherlands—4.7%
*	Adyen N.V. (IT services)		9,574		26,763
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		42,586		31,814
					58,577
	Norway—0.9%
	TOMRA Systems ASA (Commercial services & supplies)		225,497		11,792
	Spain—1.7%
*	Amadeus IT Group S.A. (IT services)		318,977		20,980
	Sweden—6.9%
	Atlas Copco AB Class “A” (Machinery)		416,426		25,146
	EQT AB (Capital markets)		36,090		1,499
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		1,835,259		28,388
	Indutrade AB (Machinery)		409,205		11,379
	Nibe Industrier AB Class “B” (Building products)		1,546,567		19,435
					85,847

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland—8.7%
	Lonza Group AG (Life sciences tools & services)		39,372	$	29,533
	Partners Group Holding AG (Capital markets)		16,241		25,346
	Sika AG (Chemicals)		53,000		16,757
	Straumann Holding AG (Health care equipment & supplies)		20,555		36,865
					108,501
	Emerging Asia—14.0%
	China—5.6%
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		986,856		18,270
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		504,272		8,551
	NetEase, Inc. (Entertainment)		373,675		6,323
	Tencent Holdings, Ltd. (Interactive Media & Services)		382,200		22,817
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		836,000		13,560
					69,521
	India—4.5%
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		662,779		24,405
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		947,276		31,562
					55,967
	Taiwan—2.6%
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		1,556,000		32,181
	Thailand—1.3%
*	Sea, Ltd.—ADR (Entertainment)		50,114		15,973
	United Kingdom—12.3%
	Ashtead Group plc (Trading companies & distributors)		380,377		28,754
*	Compass Group plc (Hotels, restaurants & leisure)		690,018		14,112
	Experian plc (Professional services)		526,518		22,056
	Halma plc (Electronic equipment, instruments & components)		320,840		12,238
	London Stock Exchange Group plc (Capital markets)		193,456		19,386
	Rentokil Initial plc (Commercial services & supplies)		1,701,249		13,359
	Segro plc (Equity REIT)		1,146,613		18,419
	Spirax-Sarco Engineering plc (Machinery)		77,289		15,551
*	Trainline plc (Hotels, restaurants & leisure)		1,865,121		8,798
					152,673
	Japan—9.2%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		235,100		6,439
	Daikin Industries, Ltd. (Building products)		102,100		22,262
	Hoya Corporation (Health care equipment & supplies)		151,100		23,574
	Keyence Corporation (Electronic equipment, instruments & components)		47,800		28,530
	M3, Inc. (Health care technology)		93,400		6,657
	Nihon M&A Center, Inc. (Professional services)		390,600		11,470
	SMC Corporation (Machinery)		25,900		16,159
					115,091

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Asia—5.7%
	Australia—3.3%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		727,441	$	24,192
*	Atlassian Corporation plc Class “A” (Software)†		42,748		16,732
					40,924
	Hong Kong—1.7%
	AIA Group, Ltd. (Insurance)		1,796,800		20,671
	New Zealand—0.7%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		396,429		8,720
	Canada—3.4%
	Canadian National Railway Co. (Road & rail)		228,247		26,451
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		39,267		15,891
					42,342
	Emerging Latin America—1.2%
	Argentina—1.2%
*	MercadoLibre, Inc. (Internet & direct marketing retail)		9,252		15,538
	Total Common Stocks—98.0% (cost $835,516)				1,218,856
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $25,779, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $26,295	$	25,779		25,779
	Total Repurchase Agreement—2.0% (cost $25,779)				25,779
	Total Investments—100.0% (cost $861,295)				1,244,635
	Liabilities, plus cash and other assets—(0.0)%				(609	)
	Net assets—100.0%			$	1,244,026

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

International Leaders Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	30.7	%
Information Technology	19.8	%
Health Care	16.5	%
Consumer Discretionary	11.1	%
Financials	7.5	%
Energy	3.9	%
Communication Services	3.7	%
Consumer Staples	2.2	%
Materials	2.1	%
Real Estate	1.5	%
Utilities	1.0	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	26.4	%
British Pound Sterling	12.5	%
Japanese Yen	9.4	%
Swiss Franc	8.9	%
U.S. Dollar	8.6	%
Swedish Krona	7.1	%
Hong Kong Dollar	6.7	%
Danish Krone	6.6	%
Indian Rupee	4.6	%
New Taiwan Dollar	2.6	%
Canadian Dollar	2.2	%
Australian Dollar	2.0	%
All Other Currencies	2.4	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—46.5%
	Belgium—0.3%
	Warehouses De Pauw CVA (Equity REIT)		165,684	$	6,713
	Denmark—4.1%
	Chr Hansen Holding A/S (Chemicals)		66,381		5,412
	Coloplast A/S Class “B” (Health care equipment & supplies)		57,827		9,042
	DSV A/S (Air freight & logistics)		178,009		42,609
*	Genmab A/S (Biotechnology)		36,520		15,957
	Netcompany Group A/S (Software)		50,679		5,846
	Orsted A/S (Electric utilities)		83,491		11,005
	Royal Unibrew A/S (Beverages)		38,403		4,619
					94,490
	Finland—0.8%
	Neste Oyj (Oil, gas & consumable fuels)		348,722		19,672
	France—10.2%
*	Airbus SE (Aerospace & defense)		304,770		40,405
	Dassault Systemes SE (Software)		386,490		20,339
	Hermes International (Textiles, apparel & luxury goods)		7,978		11,008
	Kering S.A. (Textiles, apparel & luxury goods)		35,776		25,411
	L’Oreal S.A. (Personal products)		53,410		22,101
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		49,154		35,207
	Safran S.A. (Aerospace & defense)		187,113		23,666
	Sartorius Stedim Biotech (Life sciences tools & services)		33,607		18,780
	Teleperformance (Professional services)		71,321		28,053
*	Worldline S.A. (IT services)		141,975		10,822
					235,792
	Germany—5.4%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		54,679		10,474
	CompuGroup Medical SE & Co. KgaA (Health care technology)		57,600		4,740
*	CTS Eventim AG & Co. KGaA (Entertainment)		115,835		8,715
*	HelloFresh SE (Internet & direct marketing retail)		137,330		12,657
*	Hypoport SE (Diversified financial services)		6,390		4,287
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		576,519		23,578
	KION Group AG (Machinery)		84,108		7,820
	MTU Aero Engines AG (Aerospace & defense)		122,456		27,531
	Nemetschek SE (Software)		48,919		5,110
	Puma SE (Textiles, apparel & luxury goods)		146,550		16,291
*	TeamViewer AG (Software)		99,526		2,912
					124,115
	Ireland—2.4%
*	ICON plc (Life sciences tools & services)†		79,327		20,785
	Kingspan Group plc (Building products)		175,228		17,479
*	Ryanair Holdings plc—ADR (Airlines)		148,645		16,360
					54,624
	Israel—1.1%
*	Inmode, Ltd. (Health care equipment & supplies)†		50,902		8,116
*	Nice, Ltd.—ADR (Software)		26,128		7,422
*	Wix.com, Ltd. (IT services)†		46,405		9,094
					24,632

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Italy—0.7%
	Amplifon SpA (Health care providers & services)		124,387	$	5,911
*	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		73,130		4,011
	Moncler SpA (Textiles, apparel & luxury goods)		89,192		5,440
					15,362
	Luxembourg—1.0%
	Eurofins Scientific SE (Life sciences tools & services)		137,275		17,589
	Tenaris S.A. (Energy equipment & services)		479,893		5,048
					22,637
	Netherlands—4.2%
*	Adyen N.V. (IT services)		10,171		28,431
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		66,391		49,598
	BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)		44,355		3,529
	Euronext N.V. (Capital markets)		71,077		8,020
	IMCD N.V. (Trading companies & distributors)		38,942		7,453
					97,031
	Norway—0.6%
*	Pexip Holding ASA (Software)		267,469		2,159
	Scatec ASA (Independent power & renewable electricity producers)		131,233		2,439
	TOMRA Systems ASA (Commercial services & supplies)		175,763		9,191
					13,789
	Spain—1.6%
*	Amadeus IT Group S.A. (IT services)		394,362		25,938
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		352,286		8,745
*	Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers)		138,037		2,181
					36,864
	Sweden—6.9%
	AddTech AB Class “B” (Trading companies & distributors)		219,286		3,891
	Atlas Copco AB Class “A” (Machinery)		636,095		38,411
	Beijer Ref AB (Trading companies & distributors)		323,202		6,428
*	BICO Group AB (Life sciences tools & services)		59,009		3,493
	EQT AB (Capital markets)		40,414		1,678
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		120,246		18,210
*	Hemnet Group AB (Interactive Media & Services)		171,760		3,318
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		1,761,103		27,241
	Indutrade AB (Machinery)		350,502		9,747
	Investment AB Latour Class “B” (Industrial conglomerates)		215,190		6,659
	Lifco AB Class “B” (Industrial conglomerates)		281,605		7,564
	Nibe Industrier AB Class “B” (Building products)		870,848		10,944
	Nolato AB Class “B” (Industrial conglomerates)		483,204		5,763
	Sweco AB Class “B” (Construction & engineering)		218,153		3,440
	Thule Group AB (Leisure products)		97,147		4,870
	Vitrolife AB (Biotechnology)		123,799		6,515
					158,172
	Switzerland—7.2%
	Belimo Holding AG (Building products)		9,374		4,948
	Logitech International S.A. (Technology hardware, storage & peripherals)		42,139		3,749

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland — (continued)
	Lonza Group AG (Life sciences tools & services)		40,344	$	30,262
	Partners Group Holding AG (Capital markets)		18,208		28,416
	Siegfried Holding AG (Life sciences tools & services)		5,973		5,322
	SIG Combibloc Group AG (Containers & packaging)		273,924		7,283
	Sika AG (Chemicals)		104,906		33,168
	Softwareone Holding AG (Electronic equipment, instruments & components)		135,392		2,961
	Straumann Holding AG (Health care equipment & supplies)		12,546		22,501
	Tecan Group AG (Life sciences tools & services)		13,907		7,877
	Temenos AG (Software)		44,404		6,025
	VAT Group AG (Machinery)		23,187		9,151
*	Zur Rose Group AG (Food & staples retailing)		9,300		3,721
					165,384
	Emerging Asia—19.4%
	China—8.3%
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		750,312		6,184
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		1,005,184		18,610
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		1,345,000		5,272
	Chacha Food Co., Ltd. Class “A” (Food products)		411,542		2,946
	Country Garden Services Holdings Co., Ltd. (Real estate management & development)		797,000		6,298
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		378,465		6,417
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		329,870		8,871
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		292,100		10,531
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,913,000		22,049
	NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		157,013		8,805
	NetEase, Inc. (Entertainment)		249,625		4,224
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		2,397,500		16,397
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		155,999		4,175
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)		114,950		6,862
	Silergy Corporation (Semiconductors & semiconductor equipment)		31,000		4,509
	Tencent Holdings, Ltd. (Interactive Media & Services)		424,100		25,318
*	Weimob, Inc. (Software)		1,331,000		1,921
	WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services)		307,636		7,254
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		1,464,500		23,755
					190,398
	India—4.6%
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		757,050		4,887
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		140,304		6,947
	Havells India, Ltd. (Electrical equipment)		290,358		5,352
	HDFC Bank, Ltd. (Banks)		1,122,504		23,966
	Info Edge India, Ltd. (Interactive Media & Services)		62,319		5,382
*	InterGlobe Aviation, Ltd. (Airlines)		278,560		7,574
	Ipca Laboratories, Ltd. (Pharmaceuticals)		105,566		3,436
	Pidilite Industries, Ltd. (Chemicals)		141,009		4,529
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		1,180,956		39,451
	Voltas, Ltd. (Construction & engineering)		243,037		3,992
					105,516

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Indonesia—1.2%
	Bank Central Asia Tbk PT (Banks)		11,408,500	$	27,788
	South Korea—1.0%
	Kakao Corporation (Interactive Media & Services)		122,043		12,002
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		19,357		11,551
					23,553
	Taiwan—3.2%
	Airtac International Group (Machinery)		123,000		3,827
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		59,000		3,485
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		137,000		3,865
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		728,000		23,432
	momo.com, Inc. (Internet & direct marketing retail)		71,000		4,115
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		306,615		34,233
					72,957
	Thailand—1.1%
	Carabao Group PCL Class “F” (Beverages)		703,900		2,480
*	Sea, Ltd.—ADR (Entertainment)		72,987		23,263
					25,743
	United Kingdom—11.7%
	3i Group plc (Capital markets)		470,503		8,082
	Ashtead Group plc (Trading companies & distributors)		554,959		41,951
	Avast plc (Software)		589,777		4,507
	AVEVA Group plc (Software)		135,361		6,542
	Big Yellow Group plc (Equity REIT)		252,824		4,756
*	boohoo Group plc (Internet & direct marketing retail)		853,692		2,492
*	Ceres Power Holdings plc (Electrical equipment)		178,704		2,568
*	Compass Group plc (Hotels, restaurants & leisure)		1,194,485		24,429
	Croda International plc (Chemicals)		177,043		20,285
*	CVS Group plc (Health care providers & services)		144,087		4,680
	Diploma plc (Trading companies & distributors)		126,292		4,802
	Experian plc (Professional services)		472,862		19,808
	Halma plc (Electronic equipment, instruments & components)		456,708		17,420
	Intermediate Capital Group plc (Capital markets)		364,092		9,970
	Intertek Group plc (Professional services)		109,517		7,323
	London Stock Exchange Group plc (Capital markets)		195,189		19,559
	Renishaw plc (Electronic equipment, instruments & components)		53,963		3,426
	Rentokil Initial plc (Commercial services & supplies)		1,814,825		14,251
	Rotork plc (Machinery)		1,801,776		8,421
	Segro plc (Equity REIT)		921,753		14,807
	Softcat plc (IT services)		184,209		5,006
	Spirax-Sarco Engineering plc (Machinery)		82,506		16,601
*	Trainline plc (Hotels, restaurants & leisure)		694,316		3,275
*	Trustpilot Group plc (Interactive Media & Services)		766,060		3,974
					268,935
	Japan—10.3%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		251,400		6,885
*	BASE, Inc. (IT services)		234,000		2,277
	Benefit One, Inc. (Professional services)		170,300		8,028

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Japan—(continued)
*	Bengo4.com, Inc. (Interactive Media & Services)		29,600	$	1,694
	Daikin Industries, Ltd. (Building products)		109,100		23,788
	Disco Corporation (Semiconductors & semiconductor equipment)		10,800		3,025
	Food & Life Cos., Ltd. (Hotels, restaurants & leisure)		129,800		5,969
	GMO Payment Gateway, Inc. (IT services)		43,500		5,492
	Harmonic Drive Systems, Inc. (Machinery)		72,200		3,463
	Hoya Corporation (Health care equipment & supplies)		120,200		18,753
	Keyence Corporation (Electronic equipment, instruments & components)		47,000		28,053
	M3, Inc. (Health care technology)		181,700		12,949
	MISUMI Group, Inc. (Machinery)		185,000		7,872
	MonotaRO Co., Ltd. (Trading companies & distributors)		331,300		7,424
	Nihon M&A Center, Inc. (Professional services)		376,700		11,062
	Olympus Corporation (Health care equipment & supplies)		838,000		18,342
	Omron Corporation (Electronic equipment, instruments & components)		203,000		20,087
	Rakus Co., Ltd. (Software)		192,800		6,831
*	SHIFT, Inc. (IT services)		28,800		6,128
	SMC Corporation (Machinery)		37,000		23,085
	TechnoPro Holdings, Inc. (Professional services)		226,100		6,800
	TIS, Inc. (IT services)		308,800		8,428
					236,435
	Canada—3.8%
*	Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†		143,897		5,133
	Canadian National Railway Co. (Road & rail)†		323,360		37,473
	Enghouse Systems, Ltd. (Software)†		58,840		2,582
*	Kinaxis, Inc. (Software)†		41,949		6,052
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		49,336		19,966
*	Nuvei Corporation (IT services)†		117,313		13,439
	Toromont Industries, Ltd. (Trading companies & distributors)†		44,553		3,719
					88,364
	Asia—3.4%
	Australia—1.8%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		400,535		13,320
*	Atlassian Corporation plc Class “A” (Software)†		57,060		22,334
	Netwealth Group, Ltd. (Capital markets)		293,824		3,033
	Pro Medicus, Ltd. (Health care technology)		96,910		3,760
					42,447
	Hong Kong—1.6%
	AIA Group, Ltd. (Insurance)		3,248,400		37,371
	Emerging Latin America—2.2%
	Argentina—1.0%
*	Globant S.A. (IT services)†		27,576		7,749
*	MercadoLibre, Inc. (Internet & direct marketing retail)		8,861		14,881
					22,630
	Brazil—0.9%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		2,299,300		5,379
	Locaweb Servicos de Internet S.A. (IT services)		1,471,193		6,181
	Magazine Luiza S.A. (Multiline retail)		1,706,100		4,493

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—(continued)
	Brazil — (continued)
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		326,200	$	4,469
					20,522
	Mexico—0.2%
	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		22,852		4,273
	Uruguay—0.1%
*	Dlocal, Ltd. (IT services)†		56,259		3,070
	Emerging Europe—1.0%
	Poland—0.4%
*	Allegro.eu S.A. (Internet & direct marketing retail)		403,202		5,855
*	InPost S.A. (Air freight & logistics)		244,877		4,063
					9,918
	Russia—0.6%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		162,138		12,921
	Total Common Stocks—98.3% (cost $1,305,213)				2,262,118
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $36,418, collateralized by U.S. Treasury Bond, 2.250% - 4.375%, due 5/15/41, valued at $37,147	$	36,418		36,418
	Total Repurchase Agreement—1.6% (cost $36,418)				36,418
	Total Investments—99.9% (cost $1,341,631)				2,298,536
	Cash and other assets, less liabilities—0.1%				1,362
	Net assets—100.0%			$	2,299,898

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	26.9	%
Information Technology	22.3	%
Health Care	14.2	%
Consumer Discretionary	13.0	%
Financials	8.6	%
Communication Services	4.5	%
Materials	3.1	%
Energy	2.8	%
Consumer Staples	2.1	%
Real Estate	1.4	%
Utilities	1.1	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	25.6	%
British Pound Sterling	11.9	%
Japanese Yen	10.4	%
U.S. Dollar	9.3	%
Hong Kong Dollar	7.4	%
Swiss Franc	7.3	%
Swedish Krona	7.0	%
Indian Rupee	4.7	%
Danish Krone	4.2	%
Canadian Dollar	2.8	%
Chinese Yuan Renminbi	2.5	%
New Taiwan Dollar	1.9	%
Indonesian Rupiah	1.2	%
South Korean Won	1.0	%
All Other Currencies	2.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—46.7%
	Belgium—0.3%
	Warehouses De Pauw CVA (Equity REIT)		92,888	$	3,764
	Denmark—4.1%
	Chr Hansen Holding A/S (Chemicals)		37,216		3,034
	Coloplast A/S Class “B” (Health care equipment & supplies)		32,419		5,069
	DSV A/S (Air freight & logistics)		99,797		23,888
*	Genmab A/S (Biotechnology)		20,474		8,945
	Netcompany Group A/S (Software)		28,413		3,277
	Orsted A/S (Electric utilities)		46,807		6,170
	Royal Unibrew A/S (Beverages)		21,530		2,590
					52,973
	Finland—0.9%
	Neste Oyj (Oil, gas & consumable fuels)		195,504		11,029
	France—10.3%
*	Airbus SE (Aerospace & defense)		170,863		22,652
	Dassault Systemes SE (Software)		214,039		11,264
	Hermes International (Textiles, apparel & luxury goods)		4,473		6,172
	Kering S.A. (Textiles, apparel & luxury goods)		20,058		14,246
	L’Oreal S.A. (Personal products)		29,943		12,391
	LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods)		27,558		19,739
	Safran S.A. (Aerospace & defense)		104,900		13,268
	Sartorius Stedim Biotech (Life sciences tools & services)		18,840		10,528
	Teleperformance (Professional services)		39,984		15,727
*	Worldline S.A. (IT services)		79,612		6,068
					132,055
	Germany—5.4%
	Carl Zeiss Meditec AG (Health care equipment & supplies)		30,654		5,872
	CompuGroup Medical SE & Co. KgaA (Health care technology)		32,292		2,657
*	CTS Eventim AG & Co. KGaA (Entertainment)		64,856		4,880
*	HelloFresh SE (Internet & direct marketing retail)		76,992		7,096
*	Hypoport SE (Diversified financial services)		3,583		2,404
	Infineon Technologies AG (Semiconductors & semiconductor equipment)		323,214		13,219
	KION Group AG (Machinery)		47,153		4,384
	MTU Aero Engines AG (Aerospace & defense)		68,653		15,435
	Nemetschek SE (Software)		27,426		2,865
	Puma SE (Textiles, apparel & luxury goods)		82,160		9,133
*	TeamViewer AG (Software)		55,797		1,632
					69,577
	Ireland—2.4%
*	ICON plc (Life sciences tools & services)†		44,472		11,652
	Kingspan Group plc (Building products)		98,238		9,799
*	Ryanair Holdings plc—ADR (Airlines)		83,334		9,172
					30,623
	Israel—1.1%
*	Inmode, Ltd. (Health care equipment & supplies)†		28,538		4,550
*	Nice, Ltd.—ADR (Software)		14,622		4,153
*	Wix.com, Ltd. (IT services)†		26,017		5,099
					13,802

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Italy—0.7%
	Amplifon SpA (Health care providers & services)		69,735	$	3,314
*	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		40,999		2,249
	Moncler SpA (Textiles, apparel & luxury goods)		50,004		3,050
					8,613
	Luxembourg—1.0%
	Eurofins Scientific SE (Life sciences tools & services)		76,961		9,861
	Tenaris S.A. (Energy equipment & services)		269,042		2,830
					12,691
	Netherlands—4.2%
*	Adyen N.V. (IT services)		5,702		15,939
	ASML Holding N.V. (Semiconductors & semiconductor equipment)		37,221		27,807
	BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)		24,866		1,978
	Euronext N.V. (Capital markets)		39,915		4,504
	IMCD N.V. (Trading companies & distributors)		21,831		4,178
					54,406
	Norway—0.6%
*	Pexip Holding ASA (Software)		149,951		1,210
	Scatec ASA (Independent power & renewable electricity producers)		73,573		1,367
	TOMRA Systems ASA (Commercial services & supplies)		98,537		5,153
					7,730
	Spain—1.6%
*	Amadeus IT Group S.A. (IT services)		221,091		14,542
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		197,503		4,903
*	Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers)		77,388		1,222
					20,667
	Sweden—6.9%
	AddTech AB Class “B” (Trading companies & distributors)		122,938		2,181
	Atlas Copco AB Class “A” (Machinery)		356,614		21,534
	Beijer Ref AB (Trading companies & distributors)		181,197		3,604
*	BICO Group AB (Life sciences tools & services)		33,036		1,956
	EQT AB (Capital markets)		22,627		940
	Evolution Gaming Group AB (Hotels, restaurants & leisure)		67,413		10,209
*	Hemnet Group AB (Interactive Media & Services)		96,353		1,861
	Hexagon AB Class “B” (Electronic equipment, instruments & components)		987,326		15,272
	Indutrade AB (Machinery)		196,502		5,464
	Investment AB Latour Class “B” (Industrial conglomerates)		120,642		3,733
	Lifco AB Class “B” (Industrial conglomerates)		155,945		4,189
	Nibe Industrier AB Class “B” (Building products)		488,223		6,135
	Nolato AB Class “B” (Industrial conglomerates)		270,899		3,231
	Sweco AB Class “B” (Construction & engineering)		122,303		1,928
	Thule Group AB (Leisure products)		54,463		2,731
	Vitrolife AB (Biotechnology)		69,406		3,653
					88,621
	Switzerland—7.2%
	Belimo Holding AG (Building products)		5,165		2,726
	Logitech International S.A. (Technology hardware, storage & peripherals)		23,624		2,102

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Switzerland — (continued)
	Lonza Group AG (Life sciences tools & services)		22,617	$	16,965
	Partners Group Holding AG (Capital markets)		10,209		15,933
*	Siegfried Holding AG (Life sciences tools & services)		3,349		2,984
*	SIG Combibloc Group AG (Containers & packaging)		153,570		4,083
	Sika AG (Chemicals)		58,813		18,595
*	Softwareone Holding AG (Electronic equipment, instruments & components)		75,905		1,660
	Straumann Holding AG (Health care equipment & supplies)		7,034		12,615
	Tecan Group AG (Life sciences tools & services)		7,801		4,418
	Temenos AG (Software)		24,895		3,378
	VAT Group AG (Machinery)		12,999		5,130
*	Zur Rose Group AG (Food & staples retailing)		5,214		2,086
					92,675
	Emerging Asia—19.5%
	China—8.3%
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		420,827		3,468
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		563,500		10,433
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		754,200		2,956
	Chacha Food Co., Ltd. Class “A” (Food products)		230,700		1,651
	Country Garden Services Holdings Co., Ltd. (Real estate management & development)		448,000		3,540
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		212,112		3,597
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		184,900		4,973
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		163,750		5,904
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,072,500		12,361
	NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		88,000		4,935
	NetEase, Inc. (Entertainment)		139,800		2,365
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		1,344,000		9,192
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		87,400		2,339
	Shenzhen Mindray Bio-Medical Electronics Co., Ltd. Class “A” (Health care equipment & supplies)		64,400		3,844
	Silergy Corporation (Semiconductors & semiconductor equipment)		17,000		2,473
	Tencent Holdings, Ltd. (Interactive Media & Services)		237,700		14,190
*	Weimob, Inc. (Software)		746,000		1,077
	WuXi AppTec Co., Ltd. Class “A” (Life sciences tools & services)		172,556		4,069
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		821,000		13,317
					106,684
	India—4.6%
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		424,424		2,740
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		78,659		3,895
	Havells India, Ltd. (Electrical equipment)		162,784		3,000
	HDFC Bank, Ltd. (Banks)		629,308		13,436
	Info Edge India, Ltd. (Interactive Media & Services)		34,937		3,017
*	InterGlobe Aviation, Ltd. (Airlines)		156,169		4,247
	Ipca Laboratories, Ltd. (Pharmaceuticals)		59,184		1,926
	Pidilite Industries, Ltd. (Chemicals)		79,053		2,539
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		661,922		22,113
	Voltas, Ltd. (Construction & engineering)		136,253		2,238
					59,151

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Indonesia—1.2%
	Bank Central Asia Tbk PT (Banks)		6,396,006	$	15,579
	South Korea—1.1%
	Kakao Corporation (Interactive Media & Services)		68,421		6,729
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		10,853		6,476
					13,205
	Taiwan—3.2%
	Airtac International Group (Machinery)		69,000		2,147
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		33,000		1,949
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		77,000		2,172
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		408,000		13,133
	momo.com, Inc. (Internet & direct marketing retail)		40,000		2,318
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		171,898		19,193
					40,912
	Thailand—1.1%
	Carabao Group PCL Class “F” (Beverages)		394,600		1,390
*	Sea, Ltd.—ADR (Entertainment)		40,918		13,042
					14,432
	United Kingdom—11.7%
	3i Group plc (Capital markets)		263,778		4,531
	Ashtead Group plc (Trading companies & distributors)		311,126		23,519
	Avast plc (Software)		330,646		2,527
	AVEVA Group plc (Software)		75,887		3,668
	Big Yellow Group plc (Equity REIT)		141,740		2,666
*	boohoo Group plc (Internet & direct marketing retail)		478,604		1,397
*	Ceres Power Holdings plc (Electrical equipment)		100,185		1,440
*	Compass Group plc (Hotels, restaurants & leisure)		669,663		13,695
	Croda International plc (Chemicals)		99,255		11,372
*	CVS Group plc (Health care providers & services)		80,780		2,624
	Diploma plc (Trading companies & distributors)		70,803		2,692
	Experian plc (Professional services)		265,100		11,105
	Halma plc (Electronic equipment, instruments & components)		256,044		9,766
	Intermediate Capital Group plc (Capital markets)		204,121		5,589
	Intertek Group plc (Professional services)		61,398		4,106
	London Stock Exchange Group plc (Capital markets)		109,429		10,966
	Renishaw plc (Electronic equipment, instruments & components)		30,253		1,921
	Rentokil Initial plc (Commercial services & supplies)		1,017,444		7,990
	Rotork plc (Machinery)		1,010,127		4,721
	Segro plc (Equity REIT)		516,762		8,301
	Softcat plc (IT services)		103,273		2,806
	Spirax-Sarco Engineering plc (Machinery)		46,256		9,307
*	Trainline plc (Hotels, restaurants & leisure)		389,253		1,836
*	Trustpilot Group plc (Interactive Media & Services)		429,475		2,228
					150,773
	Japan—10.3%
	Asahi Intecc Co., Ltd. (Health care equipment & supplies)		141,000		3,862
*	BASE, Inc. (IT services)		131,100		1,275
	Benefit One, Inc. (Professional services)		95,500		4,502

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares			Value
	Common Stocks—(continued)
	Japan—(continued)
*	Bengo4.com, Inc. (Interactive Media & Services)		16,700	$	956
	Daikin Industries, Ltd. (Building products)		61,100		13,322
	Disco Corporation (Semiconductors & semiconductor equipment)		6,100		1,709
	Food & Life Cos., Ltd. (Hotels, restaurants & leisure)		72,700		3,343
	GMO Payment Gateway, Inc. (IT services)		24,400		3,081
	Harmonic Drive Systems, Inc. (Machinery)		40,500		1,942
	Hoya Corporation (Health care equipment & supplies)		67,400		10,516
	Keyence Corporation (Electronic equipment, instruments & components)		26,400		15,757
	M3, Inc. (Health care technology)		101,900		7,262
	MISUMI Group, Inc. (Machinery)		103,700		4,412
	MonotaRO Co., Ltd. (Trading companies & distributors)		185,700		4,162
	Nihon M&A Center, Inc. (Professional services)		211,200		6,202
	Olympus Corporation (Health care equipment & supplies)		469,800		10,283
	Omron Corporation (Electronic equipment, instruments & components)		113,800		11,261
	Rakus Co., Ltd. (Software)		108,000		3,826
*	SHIFT, Inc. (IT services)		16,200		3,447
	SMC Corporation (Machinery)		20,700		12,915
	TechnoPro Holdings, Inc. (Professional services)		126,800		3,813
	TIS, Inc. (IT services)		173,000		4,722
					132,570
	Canada—3.8%
*	Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†		80,673		2,878
	Canadian National Railway Co. (Road & rail)†		181,285		21,008
	Enghouse Systems, Ltd. (Software)†		32,988		1,447
*	Kinaxis, Inc. (Software)†		23,537		3,396
*	Lululemon Athletica, Inc. (Textiles, apparel & luxury goods)		27,660		11,194
*	Nuvei Corporation (IT services)†		65,769		7,534
	Toromont Industries, Ltd. (Trading companies & distributors)†		24,978		2,085
					49,542
	Asia—3.5%
	Australia—1.9%
	Aristocrat Leisure, Ltd. (Hotels, restaurants & leisure)		224,552		7,468
*	Atlassian Corporation plc Class “A” (Software)†		31,990		12,522
	Netwealth Group, Ltd. (Capital markets)		164,727		1,700
	Pro Medicus, Ltd. (Health care technology)		54,331		2,108
					23,798
	Hong Kong—1.6%
	AIA Group, Ltd. (Insurance)		1,821,063		20,950
	Emerging Latin America—2.2%
	Argentina—1.0%
*	Globant S.A. (IT services)†		15,461		4,345
*	MercadoLibre, Inc. (Internet & direct marketing retail)		4,969		8,345
					12,690
	Brazil—0.9%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		1,289,100		3,016
	Locaweb Servicos de Internet S.A. (IT services)		824,686		3,465
	Magazine Luiza S.A. (Multiline retail)		956,500		2,519

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount			Value
	Common Stocks—(continued)
	Emerging Latin America—(continued)
	Brazil — (continued)
	Notre Dame Intermedica Participacoes S.A. (Health care providers & services)		183,000	$	2,507
					11,507
	Mexico—0.2%
	Grupo Aeroportuario del Sureste S.A.B. de C.V.—ADR (Transportation infrastructure)		12,812		2,396
	Uruguay—0.1%
*	Dlocal, Ltd. (IT services)†		31,642		1,726
	Emerging Europe—1.0%
	Poland—0.4%
*	Allegro.eu S.A. (Internet & direct marketing retail)		226,047		3,282
*	InPost S.A. (Air freight & logistics)		137,286		2,278
					5,560
	Russia—0.6%
*	Yandex N.V. Class “A” (Interactive Media & Services)†		90,899		7,244
	Total Common Stocks—98.7% (cost $727,159)				1,267,945
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $18,081, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $18,443	$	18,081		18,081
	Total Repurchase Agreement—1.4% (cost $18,081)				18,081
	Total Investments—100.1% (cost $745,240)				1,286,026
	Liabilities, plus cash and other assets—(0.1)%				(1,764	)
	Net assets—100.0%			$	1,284,262

ADR = American Depository Receipt

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	26.9	%
Information Technology	22.3	%
Health Care	14.2	%
Consumer Discretionary	13.0	%
Financials	8.6	%
Communication Services	4.5	%
Materials	3.1	%
Energy	2.8	%
Consumer Staples	2.1	%
Real Estate	1.4	%
Utilities	1.1	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Euro	25.6	%
British Pound Sterling	11.9	%
Japanese Yen	10.4	%
U.S. Dollar	9.3	%
Hong Kong Dollar	7.4	%
Swiss Franc	7.3	%
Swedish Krona	7.0	%
Indian Rupee	4.7	%
Danish Krone	4.2	%
Canadian Dollar	2.8	%
Chinese Yuan Renminbi	2.5	%
New Taiwan Dollar	1.9	%
Indonesian Rupiah	1.2	%
South Korean Won	1.0	%
All Other Currencies	2.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe, Mid-East—40.0%
	Belgium—2.2%
	Melexis N.V. (Semiconductors & semiconductor equipment)		49,680	$	5,273
	Warehouses De Pauw CVA (Equity REIT)		79,466		3,220
					8,493
	Finland—1.0%
	Musti Group Oyj (Specialty retail)		105,441		3,763
	Germany—3.6%
	CompuGroup Medical SE & Co. KgaA (Health care technology)		35,465		2,919
*	CTS Eventim AG & Co. KGaA (Entertainment)		37,191		2,798
*	Hypoport SE (Diversified financial services)		7,362		4,939
*	Westwing Group AG (Internet & direct marketing retail)		85,066		3,186
					13,842
	Israel—2.7%
*	Inmode, Ltd. (Health care equipment & supplies)†		57,502		9,168
*	NEOGAMES S.A. (Hotels, restaurants & leisure)†		38,527		1,415
					10,583
	Italy—1.9%
	Amplifon SpA (Health care providers & services)		57,524		2,734
*	Brunello Cucinelli SpA (Textiles, apparel & luxury goods)		38,429		2,108
	Carel Industries SpA (Building products)		85,821		2,334
					7,176
	Netherlands—0.5%
	BE Semiconductor Industries N.V. (Semiconductors & semiconductor equipment)		23,016		1,831
	Norway—1.4%
*	Pexip Holding ASA (Software)		208,849		1,685
	TOMRA Systems ASA (Commercial services & supplies)		71,816		3,756
					5,441
	Spain—1.4%
	EDP Renovaveis S.A. (Independent power & renewable electricity producers)		117,345		2,913
*	Solaria Energia y Medio Ambiente S.A. (Independent power & renewable electricity producers)		147,677		2,333
					5,246
	Sweden—19.9%
	AddTech AB Class “B” (Trading companies & distributors)		328,368		5,826
	Arjo AB Class “B” (Health care equipment & supplies)		527,716		6,499
	Beijer Ref AB (Trading companies & distributors)		411,267		8,179
*	BICO Group AB (Life sciences tools & services)		88,980		5,268
	Biotage AB (Life sciences tools & services)		146,032		3,981
*	Hemnet Group AB (Interactive Media & Services)		140,490		2,714
	Investment AB Latour Class “B” (Industrial conglomerates)		203,321		6,292
	Lagercrantz Group AB Class “B” (Electronic equipment, instruments & components)		216,641		2,593
	Lifco AB Class “B” (Industrial conglomerates)		250,643		6,732
	MIPS AB (Leisure products)		83,170		8,341
	Nolato AB Class “B” (Industrial conglomerates)		504,597		6,019
	Paradox Interactive AB (Entertainment)		29,271		468
*	Sdiptech AB Class “B” (Commercial services & supplies)		67,539		3,293

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe, Mid-East—(continued)
	Sweden —(continued)
	Sweco AB Class “B” (Construction & engineering)		192,198	$	3,030
	Vitrolife AB (Biotechnology)		132,928		6,996
					76,231
	Switzerland—5.4%
	Belimo Holding AG (Building products)		7,133		3,765
	Kardex Holding AG (Machinery)		19,927		5,611
	Siegfried Holding AG (Life sciences tools & services)		4,534		4,040
	Softwareone Holding AG (Electronic equipment, instruments & components)		147,737		3,230
*	Zur Rose Group AG (Food & staples retailing)		9,873		3,950
					20,596
	Japan—17.2%
*	BASE, Inc. (IT services)		228,100		2,219
	BayCurrent Consulting, Inc. (Professional services)		14,500		7,260
	Benefit One, Inc. (Professional services)		196,300		9,254
*	Bengo4.com, Inc. (Interactive Media & Services)		36,100		2,065
	Food & Life Cos., Ltd. (Hotels, restaurants & leisure)		132,100		6,074
	Harmonic Drive Systems, Inc. (Machinery)		58,000		2,782
*	Hennge KK (IT services)		33,900		1,797
	Japan Elevator Service Holdings Co., Ltd. (Commercial services & supplies)		194,100		4,464
	JINS Holdings, Inc. (Specialty retail)		67,300		4,906
*	Plaid, Inc. (Software)		81,900		2,140
	Rakus Co., Ltd. (Software)		200,300		7,097
*	SHIFT, Inc. (IT services)		19,400		4,128
	SMS Co., Ltd. (Professional services)		140,200		5,107
	TechnoPro Holdings, Inc. (Professional services)		225,100		6,770
					66,063
	Emerging Asia—15.3%
	Cambodia—0.6%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		2,676,000		2,283
	China—1.7%
	Chacha Food Co., Ltd. Class “A” (Food products)		353,700		2,532
	Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)		53,062		1,484
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		90,544		2,423
					6,439
	India—7.8%
*	Aavas Financiers, Ltd. (Thrifts & mortgage finance)		87,703		2,999
*	Affle India, Ltd. (Media)		19,318		1,378
*	AU Small Finance Bank, Ltd. (Banks)		369,208		5,775
	IndiaMart InterMesh, Ltd. (Trading companies & distributors)		18,371		2,056
	Indian Energy Exchange Ltd. (Capital markets)		276,816		2,397
	Info Edge India, Ltd. (Interactive Media & Services)		43,715		3,775
	Ipca Laboratories, Ltd. (Pharmaceuticals)		143,613		4,674
	Motherson Sumi Systems, Ltd. (Auto components)		2,227,561		6,751
					29,805

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Indonesia—0.5%
	Ace Hardware Indonesia Tbk PT (Specialty retail)		22,954,600	$	2,027
	Malaysia—0.5%
	MR DIY Group M Bhd (Specialty retail)		2,135,000		1,982
	South Korea—0.9%
	Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)		209,424		3,418
	Taiwan—3.3%
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		46,000		3,788
	momo.com, Inc. (Internet & direct marketing retail)		59,800		3,466
	Voltronic Power Technology Corporation (Electrical equipment)		87,451		5,333
					12,587
	United Kingdom—13.8%
	AVEVA Group plc (Software)		36,025		1,741
*	Beazley plc (Insurance)		536,565		2,732
*	boohoo Group plc (Internet & direct marketing retail)		870,358		2,540
	Burford Capital, Ltd. (Diversified financial services)		193,120		2,105
*	Ceres Power Holdings plc (Electrical equipment)		37,326		536
*	CVS Group plc (Health care providers & services)		114,057		3,704
	Diploma plc (Trading companies & distributors)		88,142		3,352
	dotdigital group plc (Software)		827,842		2,681
	Ideagen plc (Software)		446,030		1,907
	IntegraFin Holdings plc (Capital markets)		680,472		4,725
*	Moonpig Group plc (Internet & direct marketing retail)		137,554		589
	Renishaw plc (Electronic equipment, instruments & components)		38,259		2,429
	Rotork plc (Machinery)		784,642		3,667
	Safestore Holdings plc (Equity REIT)		485,019		6,864
	Softcat plc (IT services)		269,169		7,315
*	Trainline plc (Hotels, restaurants & leisure)		542,404		2,559
*	Trustpilot Group plc (Interactive Media & Services)		646,827		3,356
					52,802
	Emerging Latin America—4.2%
	Brazil—2.8%
	Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)		206,200		3,138
	Locaweb Servicos de Internet S.A. (IT services)		319,400		1,342
	Pet Center Comercio e Participacoes S.A. (Specialty retail)		779,700		3,359
	TOTVS S.A. (Software)		442,500		2,933
					10,772
	Mexico—1.4%
*	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)		912,400		5,366
	Asia—2.6%
	Australia—1.9%
*	Nanosonics, Ltd. (Health care equipment & supplies)		405,464		1,815
	Netwealth Group, Ltd. (Capital markets)		153,652		1,586
	Pro Medicus, Ltd. (Health care technology)		99,025		3,841
					7,242

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Asia—(continued)
	New Zealand—0.7%
	Ryman Healthcare, Ltd. (Health care providers & services)		263,495	$	2,742
	Canada—2.4%
*	Canada Goose Holdings, Inc. (Textiles, apparel & luxury goods)†		48,629		1,734
	Enghouse Systems, Ltd. (Software) †		68,903		3,023
*	Kinaxis, Inc. (Software) †		30,003		4,329
					9,086
	Emerging Mid-East, Africa—1.8%
	South Africa—1.0%
	Clicks Group, Ltd. (Food & staples retailing)		201,630		3,718
	United Arab Emirates—0.8%
*	Network International Holdings plc  (IT services)		664,780		3,257
	Total Common Stocks—97.3% (cost $286,296)				372,791
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $12,345, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $12,592	$	12,345		12,345
	Total Repurchase Agreement—3.2% (cost $12,345)				12,345
	Total Investments—100.5% (cost $298,641)				385,136
	Liabilities, plus cash and other assets—(0.5)%				(1,784	)
	Net assets—100.0%			$	383,352

REIT = Real Estate Investment Trust

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Industrials	29.7	%
Information Technology	18.8	%
Consumer Discretionary	16.6	%
Health Care	15.7	%
Financials	7.3	%
Communication Services	4.4	%
Consumer Staples	3.4	%
Real Estate	2.7	%
Utilities	1.4	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Swedish Krona	20.5	%
Japanese Yen	17.7	%
British Pound Sterling	15.0	%
Euro	10.8	%
Indian Rupee	8.0	%
Swiss Franc	5.5	%
New Taiwan Dollar	3.4	%
U.S. Dollar	3.3	%
Brazilian Real	2.9	%
Canadian Dollar	2.0	%
Australian Dollar	2.0	%
Chinese Yuan Renminbi	1.7	%
Norwegian Krone	1.5	%
Mexican Peso	1.4	%
All Other Currencies	4.3	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—70.7%
	China—22.9%
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		448,986	$	3,701
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		1,041,428		19,281
	China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)		166,756		6,681
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		350,302		5,940
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		18,759		5,295
	Midea Group Co., Ltd. Class “A” (Household durables)		720,700		7,749
	NetEase, Inc. (Entertainment)		153,550		2,598
	Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)		1,157,500		7,917
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		167,200		3,548
	Tencent Holdings, Ltd. (Interactive Media & Services)		369,300		22,047
	TravelSky Technology, Ltd. Class “H” (IT services)		2,374,000		4,579
	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)		100,000		5,840
	Total China				95,176
	India—22.6%
	Asian Paints, Ltd. (Chemicals)		121,999		5,324
	Bajaj Finance, Ltd. (Consumer finance)		56,084		5,775
	Britannia Industries, Ltd. (Food products)		78,430		4,166
	Havells India, Ltd. (Electrical equipment)		250,910		4,624
	HDFC Bank, Ltd. (Banks)		528,778		11,289
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		184,860		6,807
	Infosys, Ltd. (IT services)		548,404		12,327
*	InterGlobe Aviation, Ltd. (Airlines)		240,201		6,531
	Motherson Sumi Systems, Ltd. (Auto components)		2,766,272		8,383
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		597,464		19,883
	UPL, Ltd. (Chemicals)		907,873		8,636
					93,745
	Indonesia—2.2%
	Bank Central Asia Tbk PT (Banks)		3,713,900		9,046
	South Korea—8.0%
*	Coupang, Inc. (Internet & direct marketing retail)		123,506		3,440
	Douzone Bizon Co., Ltd. (Software)		52,270		4,199
	Kakao Corporation (Interactive Media & Services)		59,912		5,892
*	KakaoBank Corporation (Banks)		63,166		3,649
	LG Household & Health Care, Ltd. (Personal products)		6,608		7,450
	NAVER Corporation (Interactive Media & Services)		27,029		8,770
					33,400
	Taiwan—12.5%
	E.Sun Financial Holding Co., Ltd. (Banks)		4,680,267		4,404
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		68,000		4,756
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		304,000		9,785
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		295,550		32,998
					51,943
	Thailand—2.5%
*	Sea, Ltd.—ADR (Entertainment)		33,232		10,592

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—15.6%
	Argentina—5.3%
*	Globant S.A. (IT services)†		33,511	$	9,417
*	MercadoLibre, Inc. (Internet & direct marketing retail)		7,564		12,703
					22,120
	Brazil—5.5%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		2,599,900		6,082
	Locaweb Servicos de Internet S.A. (IT services)		277,700		1,167
	Raia Drogasil S.A. (Food & staples retailing)		621,300		2,666
*	Rumo S.A. (Road & rail)		2,264,000		6,980
	TOTVS S.A. (Software)		871,400		5,777
					22,672
	Mexico—4.0%
	Grupo Aeroportuario del Pacifico S.A.B. de C.V. Class “B” (Transportation infrastructure)		799,700		9,298
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		2,225,500		7,542
					16,840
	Peru—0.8%
	Credicorp, Ltd. (Banks)†		29,666		3,291
	Emerging Europe, Mid-East, Africa—10.3%
	Poland—1.1%
*	Allegro.eu S.A. (Internet & direct marketing retail)		307,799		4,469
	Russia—4.5%
	HeadHunter Group plc—ADR (Professional services)		157,880		7,705
*	Yandex N.V. Class “A” (Interactive Media & Services)†		138,853		11,065
					18,770
	South Africa—3.5%
	Capitec Bank Holdings, Ltd. (Banks)		76,188		9,238
	Clicks Group, Ltd. (Food & staples retailing)		288,344		5,317
					14,555
	United Arab Emirates—1.2%
*	Network International Holdings plc  (IT services)		973,395		4,770
	Total Common Stocks—96.6% (cost $349,914)				401,389
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $14,896, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $15,194	$	14,896		14,896
	Total Repurchase Agreement—3.6% (cost $14,896)				14,896
	Total Investments—100.2% (cost $364,810)				416,285
	Liabilities, plus cash and other assets—(0.2)%				(794	)
	Net assets—100.0%			$	415,491

ADR = American Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Leaders Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	22.2	%
Financials	16.8	%
Consumer Discretionary	16.5	%
Communication Services	15.2	%
Consumer Staples	9.6	%
Industrials	8.8	%
Energy	5.0	%
Materials	3.5	%
Health Care	2.4	%
Total	100.0	%

At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Indian Rupee	23.4	%
U.S. Dollar	22.7	%
Hong Kong Dollar	14.9	%
Chinese Yuan Renminbi	8.8	%
South Korean Won	7.5	%
Brazilian Real	5.6	%
New Taiwan Dollar	4.7	%
Mexican Peso	4.2	%
South African Rand	3.6	%
Indonesian Rupiah	2.3	%
British Pound Sterling	1.2	%
Polish Zloty	1.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—84.7%
	China—21.8%
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		878,532	$	16,265
	ANTA Sports Products, Ltd. (Textiles, apparel & luxury goods)		406,000		7,667
	Beijing Oriental Yuhong Waterproof Technology Co., Ltd. Class “A” (Construction materials)		538,330		3,671
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		965,600		3,785
	China Meidong Auto Holdings, Ltd. (Specialty retail)		1,016,000		5,112
	China Merchants Bank Co., Ltd. Class “H” (Banks)		2,001,500		15,928
	China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)		80,758		3,236
	Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment)		138,800		11,245
	Country Garden Services Holdings Co., Ltd. (Real estate management & development)		468,000		3,698
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		243,250		8,770
	Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)		1,232,000		3,711
*	Kingdee International Software Group Co., Ltd. (Software)		668,000		2,224
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		1,232,500		14,205
*	Meituan Class “B” (Internet & direct marketing retail)		246,100		7,856
	NetEase, Inc. (Entertainment)		421,200		7,127
	Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery)		738,864		7,181
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		334,000		7,089
	Silergy Corporation (Semiconductors & semiconductor equipment)		145,000		21,091
	Sungrow Power Supply Co., Ltd. Class “A” (Electrical equipment)		137,900		3,134
	Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment)		33,600		3,148
	Tencent Holdings, Ltd. (Interactive Media & Services)		597,960		35,697
	Wuliangye Yibin Co., Ltd. Class “A” (Beverages)		89,094		3,015
	WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services)		438,860		10,217
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		1,029,000		16,691
	Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Electronic equipment, instruments & components)		337,520		3,604
	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)		67,229		3,926
	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		377,890		3,748
	Zhongsheng Group Holdings, Ltd. (Specialty retail)		929,500		7,451
					240,492
	India—25.3%
	Aarti Industries, Ltd. (Chemicals)		269,903		3,369
*	Affle India, Ltd. (Media)		37,349		2,663
*	Amber Enterprises India, Ltd. (Household durables)		67,081		2,913
*	APL Apollo Tubes, Ltd. (Metals & mining)		333,384		3,721
	Apollo Hospitals Enterprise, Ltd. (Health care providers & services)		145,519		8,750
	Asian Paints, Ltd. (Chemicals)		183,823		8,021
	Astral Poly Technik, Ltd. (Building products)		136,032		3,961
	Atul, Ltd. (Chemicals)		23,152		2,936
	Bajaj Finance, Ltd. (Consumer finance)		94,890		9,772
	Balkrishna Industries, Ltd. (Auto components)		130,421		4,439
	Coforge, Ltd. (IT services)		68,569		4,825
	Computer Age Management Services, Ltd. (IT services)		75,034		3,063
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		733,093		4,732
	Dabur India, Ltd. (Personal products)		517,110		4,295
	Divi’s Laboratories, Ltd. (Life sciences tools & services)		131,040		8,463
	Dixon Technologies India, Ltd. (Household durables)		82,801		5,103
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		83,771		4,148
	Escorts, Ltd. (Machinery)		140,983		2,796
*	Godrej Properties, Ltd. (Real estate management & development)		134,174		4,172
	Gujarat Gas, Ltd. (Gas utilities)		293,974		2,519

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Havells India, Ltd. (Electrical equipment)		340,986	$	6,285
	HDFC Bank, Ltd. (Banks)		850,795		18,165
	HDFC Life Insurance Co., Ltd. (Insurance)		252,179		2,447
	Hindustan Unilever, Ltd. (Household products)		120,493		4,369
	Housing Development Finance Corporation, Ltd. (Thrifts & mortgage finance)		398,620		14,678
	IndiaMart InterMesh, Ltd. (Trading companies & distributors)		26,474		2,963
	Indian Energy Exchange Ltd. (Capital markets)		406,049		3,517
	Indraprastha Gas, Ltd. (Gas utilities)		379,666		2,720
	Info Edge India, Ltd. (Interactive Media & Services)		78,354		6,767
	JK Cement, Ltd. (Construction materials)		66,311		2,774
	Kajaria Ceramics, Ltd. (Building products)		213,699		3,400
	Larsen & Toubro Infotech, Ltd. (IT services)		62,760		4,864
	Laurus Labs Ltd. (Pharmaceuticals)		471,176		3,900
	Metropolis Healthcare, Ltd. (Health care providers & services)		74,168		2,689
	Navin Fluorine International, Ltd. (Chemicals)		61,539		3,048
	Nestle India, Ltd. (Food products)		13,105		3,420
	PI Industries, Ltd. (Chemicals)		125,189		5,329
	Pidilite Industries, Ltd. (Chemicals)		203,803		6,545
	Polycab India, Ltd. (Electrical equipment)		86,906		2,790
	Reliance Industries, Ltd. (Oil, gas & consumable fuels)		934,319		30,995
	SRF, Ltd. (Chemicals)		63,106		9,600
	Tata Consultancy Services, Ltd. (IT services)		403,124		20,447
	Tata Consumer Products, Ltd. (Food products)		427,680		4,670
	Tata Elxsi, Ltd. (Software)		82,504		6,179
	UPL, Ltd. (Chemicals)		505,697		4,810
	Varun Beverages, Ltd. (Beverages)		292,677		3,557
	Voltas, Ltd. (Construction & engineering)		204,841		3,365
					278,954
	Indonesia—1.7%
	Bank Central Asia Tbk PT (Banks)		3,943,999		9,606
*	Bank Jago Tbk PT (Banks)		3,634,000		3,823
	Bank Rakyat Indonesia Persero Tbk PT (Banks)		20,367,751		5,429
					18,858
	Philippines—0.3%
	International Container Terminal Services, Inc. (Transportation infrastructure)		763,090		2,915
	South Korea—12.2%
	Hansol Chemical Co., Ltd. (Chemicals)		22,119		6,411
	JYP Entertainment Corporation (Entertainment)		59,529		2,117
	Kakao Corporation (Interactive Media & Services)		194,910		19,169
*	KakaoBank Corporation (Banks)		114,277		6,602
	Koh Young Technology, Inc. (Semiconductors & semiconductor equipment)		116,002		1,893
	LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)		29,776		4,395
	LG Household & Health Care, Ltd. (Personal products)		2,263		2,551
	NAVER Corporation (Interactive Media & Services)		53,443		17,341
	NICE Information Service Co., Ltd. (Professional services)		125,641		2,153
	PI Advanced Materials Co., Ltd. (Chemicals)		69,803		3,246
	Samsung Electronics Co., Ltd. (Technology hardware, storage & peripherals)		819,916		50,830
	Samsung SDI Co., Ltd. (Electronic equipment, instruments & components)		20,644		12,319
	SK Hynix, Inc. (Semiconductors & semiconductor equipment)		35,621		3,050

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	South Korea — (continued)
	WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment)		76,980	$	2,563
					134,640
	Taiwan—20.2%
	Accton Technology Corporation (Communications equipment)		341,000		3,214
	Advantech Co., Ltd. (Technology hardware, storage & peripherals)		314,766		4,102
	Airtac International Group (Machinery)		126,000		3,920
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		56,000		3,308
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		113,000		9,306
	Chailease Holding Co., Ltd. (Diversified financial services)		1,500,800		13,180
	Chroma ATE, Inc. (Electronic equipment, instruments & components)		485,000		3,037
	E.Sun Financial Holding Co., Ltd. (Banks)		4,253,646		4,003
	Elite Material Co., Ltd. (Electronic equipment, instruments & components)		461,000		3,571
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		107,000		7,483
	Feng TAY Enterprise Co., Ltd. (Textiles, apparel & luxury goods)		410,000		3,151
	Globalwafers Co., Ltd. (Semiconductors & semiconductor equipment)		128,000		3,611
	Lotes Co., Ltd. (Electronic equipment, instruments & components)		182,459		3,610
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,051,000		33,829
	momo.com, Inc. (Internet & direct marketing retail)		90,600		5,251
	Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		139,000		8,136
	Poya International Co., Ltd. (Multiline retail)		9,270		157
	Realtek Semiconductor Corporation (Semiconductors & semiconductor equipment)		454,000		7,998
	Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)		416,000		3,498
	Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & semiconductor equipment)		994,000		20,558
	Taiwan Semiconductor Manufacturing Co., Ltd.—ADR (Semiconductors & semiconductor equipment)		595,745		66,515
	Voltronic Power Technology Corporation (Electrical equipment)		112,586		6,865
	Wiwynn Corporation (Technology hardware, storage & peripherals)		121,000		3,747
					222,050
	Thailand—2.2%
	Com7 PCL Class “F” (Specialty retail)		1,474,300		2,908
*	Sea, Ltd.—ADR (Entertainment)		68,588		21,861
					24,769
	Vietnam—1.0%
	Hoa Phat Group JSC (Metals & mining)		4,602,601		10,642
	Emerging Europe, Mid-East, Africa—8.0%
	Hungary—1.0%
*	OTP Bank Nyrt (Banks)		194,424		11,376
	Kazakhstan—0.2%
	Kaspi.KZ JSC—GDR (Consumer finance)		15,529		1,656
	Kenya—0.3%
	Safaricom plc (Wireless telecommunication services)		8,354,754		3,213
	Poland—1.5%
*	Allegro.eu S.A. (Internet & direct marketing retail)		326,805		4,745
*	Dino Polska S.A. (Food & staples retailing)		102,137		8,518

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—(continued)
	Poland — (continued)
*	InPost S.A. (Air freight & logistics)		182,291	$	3,025
					16,288
	Russia—3.6%
*	Ozon Holdings plc—ADR (Internet & direct marketing retail)		67,941		3,428
	TCS Group Holding plc—GDR (Banks)		187,609		17,059
*	Yandex N.V. Class “A” (Interactive Media & Services)†		241,909		19,278
					39,765
	South Africa—1.4%
	Capitec Bank Holdings, Ltd. (Banks)		92,844		11,257
	Clicks Group, Ltd. (Food & staples retailing)		215,992		3,983
					15,240
	Emerging Latin America—7.5%
	Argentina—2.6%
*	Globant S.A. (IT services)†		35,593		10,002
*	MercadoLibre, Inc. (Internet & direct marketing retail)		10,828		18,185
					28,187
	Brazil—3.6%
	B3 S.A. - Brasil Bolsa Balcao (Capital markets)		1,051,900		2,461
	Localiza Rent a Car S.A. (Road & rail)		411,200		4,113
	Locaweb Servicos de Internet S.A. (IT services)		809,600		3,402
	Magazine Luiza S.A. (Multiline retail)		1,524,300		4,014
	Patria Investments, Ltd. Class “A” (Capital markets)†		193,950		3,167
	Pet Center Comercio e Participacoes S.A. (Specialty retail)		545,400		2,350
	Raia Drogasil S.A. (Food & staples retailing)		1,074,700		4,612
	TOTVS S.A. (Software)		867,300		5,749
	Vinci Partners Investments, Ltd. Class “A” (Capital markets)†		218,675		2,849
	WEG S.A. (Electrical equipment)		949,940		6,913
					39,630
	Mexico—0.7%
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		2,387,900		8,092
	Uruguay—0.6%
*	Dlocal, Ltd. (IT services)†		130,892		7,141
	Total Common Stocks—100.2% (cost $792,912)				1,103,908
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $7,774, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $7,930	$	7,774		7,774
	Total Repurchase Agreement—0.7% (cost $7,774)				7,774
	Total Investments—100.9% (cost $800,686)				1,111,682
	Liabilities, plus cash and other assets—(0.9)%				(10,195	)
	Net assets—100.0%			$	1,101,487

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	32.4	%
Financials	14.2	%
Consumer Discretionary	12.9	%
Communication Services	12.3	%
Industrials	7.6	%
Materials	6.7	%
Health Care	5.3	%
Consumer Staples	4.6	%
Energy	2.8	%
Real Estate	0.7	%
Utilities	0.5	%
Total	100.0	%

At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):

Indian Rupee	25.3	%
New Taiwan Dollar	16.0	%
U.S. Dollar	15.5	%
Hong Kong Dollar	15.4	%
South Korean Won	12.2	%
Chinese Yuan Renminbi	4.5	%
Brazilian Real	3.0	%
Indonesian Rupiah	1.7	%
South African Rand	1.4	%
Polish Zloty	1.2	%
Hungarian Forint	1.0	%
All Other Currencies	2.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—81.4%
	Cambodia—0.1%
	NagaCorp, Ltd. (Hotels, restaurants & leisure)		906,000	$	773
	China—9.4%
	A-Living Smart City Services Co., Ltd. (Real estate management & development)		782,750		2,780
	By-health Co., Ltd. Class “A” (Personal products)		1,091,300		4,771
	Centre Testing International Group Co., Ltd. Class “A” (Professional services)		2,503,105		9,812
	Chacha Food Co., Ltd. Class “A” (Food products)		165,073		1,182
	Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)		128,635		3,597
	China Lesso Group Holdings, Ltd. (Building products)		1,350,000		2,149
	China Meidong Auto Holdings, Ltd. (Specialty retail)		708,000		3,562
	CIFI Ever Sunshine Services Group, Ltd. (Real estate management & development)		1,758,000		3,514
	Estun Automation Co., Ltd. Class “A” (Machinery)		485,300		1,637
	Jiumaojiu International Holdings, Ltd. (Hotels, restaurants & leisure)		2,164,000		6,518
	JNBY Design, Ltd. (Textiles, apparel & luxury goods)		752,500		1,306
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		183,724		4,916
	Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies)		146,219		1,537
*	Weimob, Inc. (Software)		1,622,000		2,341
					49,622
	India—41.4%
	Aarti Industries, Ltd. (Chemicals)		615,984		7,689
*	Aavas Financiers, Ltd. (Thrifts & mortgage finance)		75,749		2,591
*	Affle India, Ltd. (Media)		38,113		2,718
*	Amber Enterprises India, Ltd. (Household durables)		60,208		2,614
	Apollo Hospitals Enterprise, Ltd. (Health care providers & services)		58,831		3,538
	Astral Poly Technik, Ltd. (Building products)		295,892		8,616
	Atul, Ltd. (Chemicals)		63,724		8,081
*	AU Small Finance Bank Ltd. (Banks)		523,245		8,184
	Balkrishna Industries, Ltd. (Auto components)		215,523		7,336
	Berger Paints India, Ltd. (Chemicals)		124,295		1,351
	Cholamandalam Investment and Finance Co., Ltd. (Consumer finance)		398,121		3,004
	Coforge, Ltd. (IT services)		109,612		7,713
	Computer Age Management Services, Ltd. (IT services)		98,608		4,026
	Crompton Greaves Consumer Electricals, Ltd. (Household durables)		490,417		3,166
	Dixon Technologies India, Ltd. (Household durables)		49,289		3,037
	Dr. Lal PathLabs, Ltd. (Health care providers & services)		135,836		6,726
	Endurance Technologies, Ltd. (Auto components)		62,759		1,335
*	Godrej Properties, Ltd. (Real estate management & development)		204,945		6,372
	Havells India, Ltd. (Electrical equipment)		196,644		3,624
	IndiaMart InterMesh Ltd. (Trading companies & distributors)		27,103		3,033
	Indian Energy Exchange Ltd. (Capital markets)		652,406		5,650
	Indraprastha Gas, Ltd. (Gas utilities)		211,749		1,517
	Ipca Laboratories, Ltd. (Pharmaceuticals)		66,272		2,157
	JK Cement, Ltd. (Construction materials)		100,061		4,187
	Kajaria Ceramics, Ltd. (Building products)		277,951		4,422
	Kansai Nerolac Paints, Ltd. (Chemicals)		325,302		2,766
	KEC International, Ltd. (Construction & engineering)		133,449		795
	KEI Industries, Ltd. (Electrical equipment)		190,104		2,365
	Larsen & Toubro Infotech Ltd. (IT services)		105,199		8,154
	Laurus Labs Ltd. (Pharmaceuticals)		572,115		4,735
*	MakeMyTrip, Ltd. (Hotels, restaurants & leisure)†		62,480		1,699
	Metropolis Healthcare, Ltd. (Health care providers & services)		100,789		3,655
	Motherson Sumi Systems, Ltd. (Auto components)		803,053		2,434

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	India — (continued)
	Navin Fluorine International, Ltd. (Chemicals)		120,460	$	5,966
*	Oberoi Realty, Ltd. (Real estate management & development)		554,608		7,170
	PI Industries, Ltd. (Chemicals)		174,440		7,425
	Pidilite Industries, Ltd. (Chemicals)		27,559		885
	Polycab India, Ltd. (Electrical equipment)		132,529		4,254
	Radico Khaitan, Ltd. (Beverages)		347,577		4,112
	Relaxo Footwears, Ltd. (Textiles, apparel & luxury goods)		338,483		5,195
	SRF, Ltd. (Chemicals)		89,133		13,559
	Sundram Fasteners, Ltd. (Auto components)		174,388		2,145
	Tata Elxsi, Ltd. (Software)		119,704		8,965
	Trent, Ltd. (Multiline retail)		363,586		5,030
*	V-Mart Retail, Ltd. (Multiline retail)		31,188		1,488
	Varun Beverages, Ltd. (Beverages)		783,873		9,525
	Vinati Organics, Ltd. (Chemicals)		108,408		2,803
					217,812
	Indonesia—0.5%
	PT Bank Tabungan Pensiunan Nasional Syariah Tbk (Banks)		9,802,900		2,366
	Malaysia—2.4%
	Inari Amertron Bhd (Electronic equipment, instruments & components)		8,045,100		7,038
	MR DIY Group M Bhd (Specialty retail)		3,923,100		3,642
	UWC BHD (Machinery)		1,370,000		1,951
					12,631
	Philippines—2.0%
	International Container Terminal Services, Inc. (Transportation infrastructure)		1,540,690		5,884
	Wilcon Depot, Inc. (Specialty retail)		8,162,200		4,390
					10,274
	South Korea—8.7%
*	Doosan Fuel Cell Co., Ltd. (Electrical equipment)		20,192		871
	Douzone Bizon Co., Ltd. (Software)		15,611		1,254
*	F&F Co., Ltd. (Textiles, apparel & luxury goods)		21,015		12,387
	Hansol Chemical Co., Ltd. (Chemicals)		30,411		8,815
	LEENO Industrial, Inc. (Semiconductors & semiconductor equipment)		53,351		7,875
*	NHN KCP Corporation (IT services)		54,252		2,363
	NICE Information Service Co., Ltd. (Professional services)		204,817		3,510
	PI Advanced Materials Co., Ltd. (Chemicals)		126,604		5,888
	WONIK IPS Co., Ltd. (Semiconductors & semiconductor equipment)		84,941		2,828
					45,791
	Taiwan—14.3%
	Airtac International Group (Machinery)		68,000		2,116
	Alchip Technologies, Ltd. (Semiconductors & semiconductor equipment)		60,000		1,979
	ASMedia Technology, Inc. (Semiconductors & semiconductor equipment)		44,000		2,599
	ASPEED Technology, Inc. (Semiconductors & semiconductor equipment)		154,000		12,683
	Elite Material Co., Ltd. (Electronic equipment, instruments & components)		564,000		4,369
	eMemory Technology, Inc. (Semiconductors & semiconductor equipment)		163,000		11,399
	Lotes Co., Ltd. (Electronic equipment, instruments & components)		257,831		5,101
	Makalot Industrial Co., Ltd. (Textiles, apparel & luxury goods)		382,000		3,364
	momo.com, Inc. (Internet & direct marketing retail)		125,600		7,279
	Parade Technologies, Ltd. (Semiconductors & semiconductor equipment)		142,000		8,312

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	Taiwan — (continued)
	Poya International Co., Ltd. (Multiline retail)		82,400	$	1,392
	RichWave Technology Corporation (Semiconductors & semiconductor equipment)		84,000		703
	Sinbon Electronics Co., Ltd. (Electronic equipment, instruments & components)		602,000		5,062
	Sporton International, Inc. (Professional services)		290,500		2,276
	Voltronic Power Technology Corporation (Electrical equipment)		108,507		6,617
					75,251
	Thailand—1.9%
	Carabao Group PCL Class “F” (Beverages)		129,200		455
	Com7 PCL Class “F” (Specialty retail)		3,103,300		6,122
	Muangthai Capital PCL (Consumer finance)		2,056,200		3,512
					10,089
	Vietnam—0.7%
	Hoa Phat Group JSC (Metals & mining)		1,516,220		3,506
	Emerging Europe, Mid-East, Africa—10.0%
	Greece—0.5%
	Terna Energy S.A. (Independent power & renewable electricity producers)		175,712		2,338
	Kenya—1.1%
	Safaricom plc (Wireless telecommunication services)		15,589,400		5,996
	Poland—1.9%
*	Dino Polska S.A. (Food & staples retailing)		116,258		9,696
	Romania—0.5%
	Banca Transilvania S.A. (Banks)		4,548,863		2,853
	Russia—4.1%
	HeadHunter Group plc—ADR (Professional services)		184,610		9,009
*	Ozon Holdings plc—ADR (Internet & direct marketing retail)		62,447		3,150
	TCS Group Holding plc—GDR (Banks)		101,796		9,257
					21,416
	South Africa—1.4%
	Clicks Group, Ltd. (Food & staples retailing)		74,328		1,370
	Transaction Capital, Ltd. (Consumer finance)		2,235,878		6,069
					7,439
	United Arab Emirates—0.5%
	Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail)		2,439,407		2,756
	Emerging Latin America—9.7%
	Brazil—7.3%
*	Aeris Industria E Comercio De Equipamentos Para Geracao De Energia S.A. (Electrical equipment)		693,500		1,018
	Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)		179,300		2,729
*	Azul S.A.—ADR (Airlines)		145,476		2,918
	Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Household durables)		165,200		546
*	Grupo SBF S.A. (Specialty retail)		285,600		1,466
*	Infracommerce CXAAS S.A. (Interactive Media & Services)		717,400		2,240
	Locaweb Servicos de Internet S.A. (IT services)		1,807,478		7,594

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Latin America—(continued)
	Brazil — (continued)
	Pet Center Comercio e Participacoes S.A. (Specialty retail)		1,550,500	$	6,679
*	Sequoia Logistica e Transportes S.A. (Air freight & logistics)		707,400		2,012
	TOTVS S.A. (Software)		1,738,000		11,521
					38,723
	Mexico—1.6%
*	Grupo Aeroportuario del Centro Norte S.A.B. de C.V. (Transportation infrastructure)		737,499		4,337
	Grupo Aeroportuario del Sureste S.A.B. de C.V. Class “B” (Transportation infrastructure)		226,455		4,224
					8,561
	Uruguay—0.8%
*	Dlocal, Ltd. (IT services)†		74,919		4,088
	Total Common Stocks—101.1% (cost $420,412)				531,981
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $7,347, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $7,494	$	7,347		7,347
	Total Repurchase Agreement—1.4% (cost $7,347)				7,347
	Total Investments—102.5% (cost $427,759)				539,328
	Liabilities, plus cash and other assets—(2.5)%				(13,308	)
	Net assets—100.0%			$	526,020

ADR = American Depository Receipt

GDR = Global Depository Receipt

* = Non-income producing security

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):

Information Technology	24.1	%
Consumer Discretionary	20.1	%
Industrials	16.7	%
Materials	13.7	%
Financials	8.2	%
Consumer Staples	6.8	%
Health Care	3.9	%
Real Estate	3.7	%
Communication Services	2.1	%
Utilities	0.7	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee	40.6	%
New Taiwan Dollar	14.2	%
South Korean Won	8.6	%
Brazilian Real	6.7	%
U.S. Dollar	5.7	%
Chinese Yuan Renminbi	5.2	%
Hong Kong Dollar	4.3	%
Malaysian Ringgit	2.4	%
Philippine Peso	1.9	%
Thai Baht	1.9	%
Polish Zloty	1.8	%
Mexican Peso	1.6	%
South African Rand	1.4	%
Kenyan Shilling	1.1	%
All Other Currencies	2.6	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

China Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—95.8%
	China—95.8%
	Aier Eye Hospital Group Co., Ltd. Class “A” (Health care providers & services)		6,500	$	54
*	Alibaba Group Holding, Ltd. (Internet & direct marketing retail)		5,600		104
*	Angelalign Technology, Inc. (Health care equipment & supplies)		400		17
	ANTA Sports Products, Ltd. (Textiles, apparel & luxury goods)		2,000		38
	Bank of Ningbo Co., Ltd. Class “A” (Banks)		7,000		38
	Beijing Kingsoft Office Software, Inc. Class “A” (Software)		754		33
	Changzhou Xingyu Automotive Lighting Systems Co., Ltd. Class “A” (Auto components)		1,434		40
	China Meidong Auto Holdings, Ltd. (Specialty retail)		8,000		40
	China Merchants Bank Co., Ltd. Class “H” (Banks)		13,500		107
	China Tourism Group Duty Free Corporation, Ltd. Class “A” (Specialty retail)		2,400		96
	Chongqing Zhifei Biological Products Co., Ltd. Class “A” (Biotechnology)		800		20
	Contemporary Amperex Technology Co., Ltd. Class “A” (Electrical equipment)		1,500		121
	Country Garden Services Holdings Co., Ltd. (Real estate management & development)		5,000		39
	Estun Automation Co., Ltd. Class “A” (Machinery)		8,000		27
	Foshan Haitian Flavouring & Food Co., Ltd. Class “A” (Food products)		6,600		112
	Hangzhou Tigermed Consulting Co., Ltd. Class “A” (Life sciences tools & services)		1,500		40
*	Hua Hong Semiconductor, Ltd. (Semiconductors & semiconductor equipment)		5,000		26
*	JD.com, Inc. Class “A” (Internet & direct marketing retail)		1,950		70
	Jiangsu Hengli Hydraulic Co., Ltd. Class “A” (Machinery)		2,200		29
	JS Global Lifestyle Co. Ltd. (Household durables)		12,000		28
	Juewei Food Co., Ltd. Class “A” (Food products)		2,000		20
*	Kingdee International Software Group Co., Ltd. (Software)		8,000		27
	Kweichow Moutai Co., Ltd. Class “A” (Beverages)		400		113
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)		3,500		40
	Maxscend Microelectronics Co., Ltd. Class “A” (Electronic equipment, instruments & components)		900		49
*	Meituan Class “B” (Internet & direct marketing retail)		2,000		64
	Midea Group Co., Ltd. Class “A” (Household durables)		1,800		19
	NAURA Technology Group Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		900		50
	NetEase, Inc. (Entertainment)		3,600		61
	Ovctek China, Inc. Class “A” (Health care equipment & supplies)		2,300		29
	Proya Cosmetics Co., Ltd. Class “A” (Personal products)		900		24
	Sangfor Technologies, Inc. Class “A” (Software)		1,000		36
	SG Micro Corporation Class “A” (Semiconductors & semiconductor equipment)		1,000		51
	Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies)		2,500		26
	Shenzhen Inovance Technology Co., Ltd. Class “A” (Machinery)		7,200		70
	Shenzhou International Group Holdings, Ltd. (Textiles, apparel & luxury goods)		2,000		42
	Suzhou Maxwell Technologies Co., Ltd. Class “A” (Electrical equipment)		300		28
	Tencent Holdings, Ltd. (Interactive Media & Services)		3,200		191
*	Topchoice Medical Corporation Class “A” (Health care providers & services)		600		28
	Will Semiconductor Co., Ltd. Shanghai Class “A” (Semiconductors & semiconductor equipment)		1,200		45
	Wuliangye Yibin Co., Ltd. Class “A” (Beverages)		2,000		68
	WuXi AppTec Co., Ltd. Class “H” (Life sciences tools & services)		1,100		26
*	Wuxi Biologics Cayman, Inc. (Life sciences tools & services)		5,000		81
	Wuxi Lead Intelligent Equipment Co., Ltd. Class “A” (Electronic equipment, instruments & components)		3,300		35

See accompanying Notes to Portfolio of Investments.

China Growth Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—(continued)
	China—(continued)
	Yonyou Network Technology Co., Ltd. Class “A” (Software)		4,900	$	25
	Zhangzhou Pientzehuang Pharmaceutical Co., Ltd. Class “A” (Pharmaceuticals)		900		53
	Zhejiang Jingsheng Mechanical & Electrical Co., Ltd. Class “A” (Semiconductors & semiconductor equipment)		2,300		23
	Zhongsheng Group Holdings, Ltd. (Specialty retail)		3,000		24
					2,427
	Asia—2.7%
	Hong Kong—2.7%
	AIA Group, Ltd. (Insurance)		3,200		37
	Hong Kong Exchanges and Clearing, Ltd. (Diversified financial services)		500		31
					68
	Total Common Stocks—98.5% (cost $2,498)				2,495
	Total Investments—98.5% (cost $2,498)				2,495
	Cash and other assets, less liabilities—1.5%				39
	Net assets—100.0%			$	2,534
* = Non-income producing security

See accompanying Notes to Portfolio of Investments.

China Growth Fund

Portfolio of Investments, September 30, 2021 (unaudited)

At September 30, 2021, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Consumer Discretionary	24.3	%
Information Technology	16.0	%
Health Care	13.9	%
Consumer Staples	13.5	%
Industrials	12.1	%
Communication Services	10.1	%
Financials	8.5	%
Real Estate	1.6	%
Total	100.0	%
At September 30, 2021, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Chinese Yuan Renminbi	56.2	%
Hong Kong Dollar	43.8	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—43.7%
U.S. Treasury Inflation Indexed Notes/Bonds—1.0%
U.S. Treasury Inflation Indexed Note, 0.125%, due 4/15/26	$	1,551	$	1,680
U.S. Treasury Inflation Indexed Note, 0.125%, due 7/15/31		1,517		1,670
Total U.S. Treasury Inflation Indexed Notes/Bonds				3,350
U.S. Treasury—14.5%
U.S. Treasury Bill, 0.106%, due 10/7/21(a)		2,000		2,000
U.S. Treasury Bond, 1.125%, due 5/15/40		3,900		3,365
U.S. Treasury Bond, 2.375%, due 11/15/49		2,267		2,407
U.S. Treasury Bond, 1.250%, due 5/15/50		1,100		897
U.S. Treasury Bond, 2.000%, due 8/15/51		3,300		3,234
U.S. Treasury Note, 0.335%, due 10/31/21		5,000		5,001
U.S. Treasury Note, 0.625%, due 7/31/26		6,800		6,689
U.S. Treasury Note, 1.125%, due 2/28/27		2,250		2,257
U.S. Treasury Note, 1.250%, due 6/30/28		2,475		2,468
U.S. Treasury Note, 0.625%, due 5/15/30		2,100		1,959
U.S. Treasury Note, 0.625%, due 8/15/30		7,900		7,344
U.S. Treasury Note, 1.125%, due 2/15/31		6,720		6,504
U.S. Treasury Strip Principal, 0.000%, due 8/15/27		4,750		4,442
Total U.S. Treasury				48,567
Federal Home Loan Mortgage Corp. (FHLMC)—8.6%
#G02210, 7.000%, due 12/1/28		21		24
#G02183, 6.500%, due 3/1/30		3		3
#G01400, 7.000%, due 4/1/32		264		308
#G01728, 7.500%, due 7/1/32		45		53
#C01385, 6.500%, due 8/1/32		34		39
#ZT1221, 5.500%, due 1/1/33		404		465
#C01623, 5.500%, due 9/1/33		40		46
#A15039, 5.500%, due 10/1/33		2		2
#A17603, 5.500%, due 1/1/34		998		1,165
#G01843, 6.000%, due 6/1/35		8		9
#A62858, 6.500%, due 7/1/37		54		61
#G03170, 6.500%, due 8/1/37		88		105
#A78138, 5.500%, due 6/1/38		104		121
#G04466, 5.500%, due 7/1/38		7,306		8,632
#G60366, 6.000%, due 10/1/39		7,080		8,416
#G61450, 6.000%, due 4/1/40		7,500		8,937
#C03665, 9.000%, due 4/1/41		162		195
Total FHLMC Mortgage Obligations				28,581
Federal National Mortgage Association (FNMA)—19.4%
#893325, 7.000%, due 9/1/21		—		—(b)
#735104, 7.000%, due 5/1/22		—		—(b)
#255956, 5.500%, due 10/1/25		4		4
2018-M2, Tranche A1, 2.899%, due 1/25/28, VRN		1,157		1,212
#252925, 7.500%, due 12/1/29		—		1
#AD0729, 7.500%, due 12/1/30		1,887		2,187
#535977, 6.500%, due 4/1/31		3		3
#253907, 7.000%, due 7/1/31		1		1
#MA4448, 1.500%, due 10/1/31		3,335		3,399
#587849, 6.500%, due 11/1/31		3		4
#545437, 7.000%, due 2/1/32		22		25
#545869, 6.500%, due 7/1/32		523		610

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#545759, 6.500%, due 7/1/32	$	179	$	208
#670385, 6.500%, due 9/1/32		277		327
#254548, 5.500%, due 12/1/32		16		19
#AD0725, 7.000%, due 12/1/32		882		1,048
#555340, 5.500%, due 4/1/33		135		158
#741850, 5.500%, due 9/1/33		218		251
#555800, 5.500%, due 10/1/33		18		21
#756153, 5.500%, due 11/1/33		191		220
#CA2754, 4.500%, due 11/1/33		486		530
#725228, 6.000%, due 3/1/34		1,870		2,172
#763798, 5.500%, due 3/1/34		35		40
#725611, 5.500%, due 6/1/34		44		51
#745563, 5.500%, due 8/1/34		254		294
#AL6413, 8.000%, due 8/1/34		205		233
#794474, 6.000%, due 10/1/34		20		23
#745092, 6.500%, due 7/1/35		140		161
#357944, 6.000%, due 9/1/35		7		8
#AL6412, 7.500%, due 9/1/35		362		412
#AD0979, 7.500%, due 10/1/35		26		31
#888305, 7.000%, due 3/1/36		4		5
#895637, 6.500%, due 5/1/36		25		29
#831540, 6.000%, due 6/1/36		10		12
#893318, 6.500%, due 8/1/36		7		8
#831926, 6.000%, due 12/1/36		249		289
#902974, 6.000%, due 12/1/36		76		90
#AB0265, 6.000%, due 2/1/37		5,683		6,746
#938440, 6.000%, due 7/1/37		48		57
#948689, 6.000%, due 8/1/37		53		61
#AL6411, 7.000%, due 12/1/37		886		1,018
#AL0904, 5.500%, due 1/1/38		50		58
#986856, 6.500%, due 9/1/38		47		55
#991911, 7.000%, due 11/1/38		70		79
#AD0752, 7.000%, due 1/1/39		287		352
#FM2467, 6.000%, due 1/1/39		3,213		3,791
#AC1619, 5.500%, due 8/1/39		159		185
#BM5204, 6.500%, due 6/1/40		3,325		3,992
#AD7137, 5.500%, due 7/1/40		2,026		2,369
#BM3525, 6.000%, due 4/1/41		7,209		8,499
#AL9226, 5.500%, due 12/1/41		8,134		9,583
#AL9225, 6.000%, due 1/1/42		3,640		4,302
#BM5121, 5.500%, due 12/1/48		7,972		9,543
Total FNMA Mortgage Obligations				64,776
Collateralized Mortgage Obligation—0.2%
Seasoned Credit Risk Transfer Trust, 2018-4, Tranche MA, 3.500%, due 3/25/58		521		546
Asset-Backed Securities—2.9%
Automobile—2.4%
Carmax Auto Owner Trust, 2021-1, Tranche D, 1.280%, 7/15/27		500		499
GM Financial Automobile Leasing Trust, 2020-1, Tranche D, 2.280%, 6/20/24		3,050		3,098

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Asset-Backed Securities—(continued)
Automobile — (continued)
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A4, 1.040%, 9/15/27	$	1,093	$	1,092
Tesla Auto Lease Trust—144A, 2019-A, Tranche D, 3.370%, 1/20/23		1,750		1,798
Tesla Auto Lease Trust—144A, 2019-A, Tranche E, 5.480%, 5/22/23		1,650		1,718
Total Automobile				8,205
Other—0.5%
JPMorgan Structured, 1.000%, 9/20/51		1,680		1,686
Total Asset-Backed Securities				9,891
Corporate Obligations—50.4%
Financials—10.0%
Banco Inbursa S.A. Institucion de Banca Multiple—144A,  4.125%, due 6/6/24		2,000		2,130
Bank of America Corporation,  5.875%, due 2/7/42		2,000		2,847
Boston Properties L.P.,  2.550%, due 4/1/32		3,200		3,194
Brookfield Finance I UK plc,  2.340%, due 1/30/32		2,425		2,382
Citigroup, Inc.,  5.875%, due 1/30/42		2,000		2,850
ERP Operating L.P.,  4.500%, due 6/1/45		2,500		3,152
Itau Unibanco Holding S.A.—144A, 5 year CMT + 3.446%, 3.875%, due 4/15/31, VRN		1,250		1,219
JPMorgan Chase & Co., SOFR + 3.125%, 4.600%, due 2/1/25, VRN		3,000		3,071
Owl Rock Capital Corporation,  2.875%, due 6/11/28		1,725		1,722
Royal Bank of Canada, SOFR + 0.525%, 0.575%, due 1/20/26, VRN		3,100		3,110
Simon Property Group L.P.,  3.300%, due 1/15/26		2,750		2,977
The Bank of Nova Scotia, SOFR + 0.545%, 0.595%, due 3/2/26, VRN		3,100		3,098
Wells Fargo & Co.,  4.480%, due 1/16/24		1,500		1,625
Total Financials				33,377
Consumer Discretionary—7.9%
Brunswick Corporation,  0.850%, due 8/18/24		3,200		3,201
Brunswick Corporation,  2.400%, due 8/18/31		3,350		3,239
Costco Wholesale Corporation,  1.750%, due 4/20/32		2,500		2,450

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Consumer Discretionary — (continued)
Dana, Inc.,  4.250%, due 9/1/30	$	500	$	515
Ford Motor Co.,  9.000%, due 4/22/25		500		602
Ford Motor Credit Co. LLC, 3M USD LIBOR + 1.235%, 1.360%, due 2/15/23, VRN		700		698
General Motors Financial Co., Inc., 3M USD LIBOR + 1.100%, 1.222%, due 11/6/21, VRN		1,690		1,691
General Motors Financial Co., Inc., SOFR + 0.760%, 0.810%, due 3/8/24, VRN		1,475		1,488
Hyatt Hotels Corporation,  1.300%, due 10/1/23		1,770		1,772
Las Vegas Sands Corporation,  3.900%, due 8/8/29		1,600		1,631
Lennar Corporation,  4.500%, due 4/30/24		2,450		2,652
Meritage Homes Corporation,  5.125%, due 6/6/27		1,500		1,672
The Goodyear Tire & Rubber Co.,  5.250%, due 4/30/31		2,000		2,152
Wolverine World Wide, Inc.—144A,  4.000%, due 8/15/29		1,000		1,011
Yum! Brands, Inc.,  6.875%, due 11/15/37		1,250		1,621
Total Consumer Discretionary				26,395
Industrials—7.0%
ACCO Brands Corp.—144A,  4.250%, due 3/15/29		2,000		2,011
Caterpillar Financial Services Corporation, SOFR + 0.245%, 0.295%, due 5/17/24, VRN		2,025		2,032
CNH Industrial Capital LLC,  1.950%, due 7/2/23		2,500		2,556
FedEx Corporation,  3.250%, due 4/1/26		1,900		2,063
Flowserve Corporation,  2.800%, due 1/15/32		1,700		1,682
Johnson Controls International plc,  1.750%, due 9/15/30		2,100		2,035
Owens Corning,  7.000%, due 12/1/36		2,250		3,242
Republic Services, Inc.,  2.900%, due 7/1/26		2,500		2,662
Sealed Air Corp.—144A,  1.573%, due 10/15/26		1,000		994
The Boeing Co.,  2.196%, due 2/4/26		1,715		1,730
Xylem, Inc.,  3.250%, due 11/1/26		2,225		2,416
Total Industrials				23,423

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Communication Services—5.7%
Activision Blizzard, Inc.,  2.500%, due 9/15/50	$	2,600	$	2,250
Alphabet, Inc.,  1.100%, due 8/15/30		1,000		944
AT&T, Inc., SOFR + 0.640%, 0.690%, due 3/25/24, VRN		750		751
AT&T, Inc.,  5.700%, due 3/1/57		2,400		3,330
Comcast Corporation,  4.950%, due 10/15/58		2,000		2,758
Motorola Solutions, Inc.,  4.600%, due 2/23/28		2,750		3,169
Omnicom Group, Inc.,  2.450%, due 4/30/30		2,800		2,834
Verizon Communications, Inc., SOFR + 0.790%, 0.840%, due 3/20/26, VRN		3,000		3,054
Total Communication Services				19,090
Consumer Staples—5.0%
Altria Group, Inc.,  6.200%, due 2/14/59		2,250		2,913
Fresenius Medical Care U.S. Finance III, Inc.—144A,  2.375%, due 2/16/31		1,800		1,746
Grupo Bimbo S.A.B. de C.V.—144A,  3.875%, due 6/27/24		2,000		2,142
JDE Peet’s N.V.—144A,  0.800%, due 9/24/24		250		249
JDE Peet’s N.V.—144A,  1.375%, due 1/15/27		850		840
PepsiCo, Inc.,  4.450%, due 4/14/46		2,250		2,842
The J M Smucker Co.,  3.500%, due 10/15/21		250		250
The Kroger Co.,  8.000%, due 9/15/29		2,000		2,785
TreeHouse Foods, Inc.,  4.000%, due 9/1/28		1,400		1,372
United Rentals North America, Inc.,  5.250%, due 1/15/30		1,250		1,370
Total Consumer Staples				16,509
Information Technology—4.8%
Analog Devices, Inc., SOFR + 0.250%, 0.300%, due 10/1/24, VRN		750		752
Booz Allen Hamilton, Inc.—144A,  4.000%, due 7/1/29		100		103
Corning, Inc.,  5.850%, due 11/15/68		2,150		3,130
FLIR Systems, Inc.,  2.500%, due 8/1/30		2,500		2,520
HP, Inc.—144A,  1.450%, due 6/17/26		325		323

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Information Technology — (continued)
HP, Inc.—144A,  2.650%, due 6/17/31	$	1,850	$	1,831
Intuit, Inc.,  1.650%, due 7/15/30		1,200		1,169
Oracle Corporation,  3.950%, due 3/25/51		3,250		3,450
Roper Technologies, Inc.,  4.200%, due 9/15/28		2,500		2,842
Total Information Technology				16,120
Health Care—3.6%
Abbott Laboratories,  1.400%, due 6/30/30		2,000		1,921
AbbVie, Inc.,  4.700%, due 5/14/45		2,250		2,774
Centene Corporation,  2.450%, due 7/15/28		1,300		1,308
Gilead Sciences, Inc.,  1.200%, due 10/1/27		1,600		1,564
Laboratory Corporation of America Holdings,  3.250%, due 9/1/24		3,144		3,353
Mozart Debt Merger Sub, Inc.—144A,  3.875%, due 4/1/29		1,000		1,000
Total Health Care				11,920
Real Estate—2.6%
American Tower Corporation,  4.000%, due 6/1/25		2,500		2,729
Jones Lang LaSalle, Inc.,  4.400%, due 11/15/22		2,500		2,585
Public Storage,  1.850%, due 5/1/28		3,100		3,141
Total Real Estate				8,455
Energy—1.6%
ConocoPhillips,  6.500%, due 2/1/39		2,000		2,915
Enbridge, Inc.,  0.550%, due 10/4/23		575		575
S.A. Global Sukuk Ltd.—144A,  2.694%, due 6/17/31		1,800		1,818
Total Energy				5,308
Materials—1.5%
Orbia Advance Corp S.A.B. de C.V. —144A,  5.875%, due 9/17/44		2,250		2,760
Suzano Austria GmbH,  3.125%, due 1/15/32		2,420		2,333
Total Materials				5,093

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount			Value
Corporate Obligations—(continued)
Utilities—0.7%
NextEra Energy Capital Holdings, Inc.,  1.900%, due 6/15/28	$	2,400	$	2,401
Total Corporate Obligations				168,091
Total Long-Term Investments—97.0% (cost $312,553)				323,802
Repurchase Agreement—2.0%
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $6,646, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $6,779		6,646		6,646
Total Repurchase Agreement—2.0% (cost $6,646)				6,646
Commercial Paper—4.6%
Black Hills Corporation,  0.122%, due 10/1/21		3,300		3,300
Centerpoint Energy, Inc.,  0.112%, due 10/1/21		3,000		3,000
Eversource Energy,  0.091%, due 10/1/21		3,000		3,000
Intercontinental Exchange, Inc.,  0.101%, due 10/1/21		3,000		3,000
Welltower, Inc.,  0.132%, due 10/1/21		3,000		3,000
Total Commercial Paper—4.6% (cost $15,300)				15,300
Total Investments—103.6% (cost $334,499)				345,748
Securities Sold , Not Yet Purchased
U.S. Government Agency—(2.3)%
Federal National Mortgage Association (FNMA)—(2.3)%
TBA, 2.000%, due 10/1/51		(4,000)		(4,008)
TBA, 2.500%, due 10/1/51		(3,500)		(3,607)
Total Securities Sold , Not Yet Purchased—(2.3)% (proceeds $7,618)				(7,615)
Liabilities, plus cash and other assets—(1.3)%				(4,546)
Net assets—100.0%			$	333,587

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

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

SOFR = Secured Overnight Financing Rate

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $1,037 (in thousands).

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

Centrally Cleared Credit Default Swaps  

Reference Entity	Buy/Sell Protection	Fixed Rate		Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value			Unrealized Appreciation (Depreciation)
CDX.NA.HY- 34	Buy	5.000	%	3M	June 2025	ICE	$	9,200	$	(907	)	$	(816	)	$	91
CDX.NA.HY- 35	Buy	5.000	%	3M	December 2025	ICE		5,000		(501	)		(460	)		41
CDX.NA.IG- 35	Buy	1.000	%	3M	December 2030	ICE		15,000		(186	)		(193	)		(7	)
Total net unrealized appreciation (depreciation) on swaps															$	125

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—41.1%
U.S. Treasury Inflation Indexed Notes/Bonds—1.0%
U.S. Treasury Inflation Indexed Note, 0.500%, due 4/15/24	$	227	$	243
U.S. Treasury Inflation Indexed Note, 0.125%, due 4/15/26		219		236
Total U.S. Treasury Inflation Indexed Notes/Bonds				479
U.S. Treasury—9.1%
U.S. Treasury Note, 0.335%, due 10/31/21		450		450
U.S. Treasury Note, 2.500%, due 2/15/22(a)		470		474
U.S. Treasury Note, 0.084%, due 1/31/23		500		500
U.S. Treasury Note, 0.375%, due 9/15/24		250		249
U.S. Treasury Note, 0.250%, due 7/31/25		500		490
U.S. Treasury Note, 0.625%, due 7/31/26		500		492
U.S. Treasury Note, 0.875%, due 9/30/26		500		497
U.S. Treasury Note, 1.125%, due 2/28/27		450		452
U.S. Treasury Strip Principal, 0.000%, due 8/15/27		775		725
Total U.S. Treasury				4,329
Federal Home Loan Mortgage Corp. (FHLMC)—8.3%
#J13022, 4.000%, due 9/1/25		115		122
#G14150, 4.500%, due 4/1/26		34		36
#J16051, 4.500%, due 7/1/26		283		302
#G15030, 4.000%, due 3/1/29		211		228
#A17603, 5.500%, due 1/1/34		289		337
#G01705, 5.500%, due 6/1/34		548		641
#A45790, 7.500%, due 5/1/35		57		64
#G04126, 6.000%, due 6/1/37		119		142
#G04564, 6.000%, due 12/1/37		99		118
#G05566, 5.500%, due 12/1/38		69		80
#G05875, 5.500%, due 2/1/40		46		55
#G61450, 6.000%, due 4/1/40		1,124		1,340
#C03665, 9.000%, due 4/1/41		78		95
5113, Tranche CE, 1.000%, due 1/25/43		413		414
Total FHLMC Mortgage Obligations				3,974
Federal National Mortgage Association (FNMA)—19.8%
FNR G93-19 SH, 1M USD LIBOR + 56.169%, 11.234%, due 4/25/23, VRN		3		3
#255956, 5.500%, due 10/1/25		12		13
#AL2853, 4.500%, due 6/1/26		175		184
#AJ6954, 4.000%, due 11/1/26		57		61
#256639, 5.000%, due 2/1/27		3		3
#806458, 8.000%, due 6/1/28		52		58
#880155, 8.500%, due 7/1/29		36		36
#745519, 8.500%, due 5/1/32		37		40
#654674, 6.500%, due 9/1/32		25		28
#AD0725, 7.000%, due 12/1/32		376		447
#254693, 5.500%, due 4/1/33		3		3
#711736, 5.500%, due 6/1/33		44		51
#555531, 5.500%, due 6/1/33		27		31
#555591, 5.500%, due 7/1/33		5		5
#725424, 5.500%, due 4/1/34		29		34
#AL6413, 8.000%, due 8/1/34		100		114
#AL6412, 7.500%, due 9/1/35		271		309
#888884, 5.500%, due 12/1/35		69		80
#928658, 6.500%, due 9/1/37		10		12

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#889371, 6.000%, due 1/1/38	$	1,281	$	1,516
#991911, 7.000%, due 11/1/38		45		51
#FM2467, 6.000%, due 1/1/39		357		421
#BM5204, 6.500%, due 6/1/40		97		116
#AL9226, 5.500%, due 12/1/41		1,535		1,808
#BM1328, 6.000%, due 1/1/42		1,095		1,299
#AL9225, 6.000%, due 1/1/42		1,001		1,183
#BM5121, 5.500%, due 12/1/48		1,311		1,569
Total FNMA Mortgage Obligations				9,475
Collateralized Mortgage Obligation—2.4%
Seasoned Credit Risk Transfer Trust, 2018-4, Tranche MA, 3.500%, due 3/25/58		451		472
Seasoned Loans Structured Transaction, 2018-1, Tranche A1 3.500%, due 6/25/28		658		687
Total WL Collateral CMO				1,159
Government National Mortgage Association (GNMA)—0.5%
2017-9, Tranche AE, 2.400%, due 9/16/50		237		242
Asset-Backed Securities—9.6%
Automobile—6.6%
Carmax Auto Owner Trust, 2021-1, Tranche C, 0.940%, 12/15/26		550		548
Carvana Auto Receivables Trust, 2021-P3, Tranche A3, 0.700%, 11/10/26		550		550
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23		950		963
JPMorgan Chase Bank NA - CACLN—144A, 2021-3, Tranche B, 0.760%, 2/26/29		377		377
Tesla Auto Lease Trust—144A, 2019-A, Tranche C, 2.680%, 1/20/23		700		714
Total Automobile				3,152
Other—3.0%
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-1, Tranche A3, 0.340%, 8/15/24		400		399
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A3, 0.670%, 7/15/25		335		336
JPMorgan Structured, 1.000%, 9/20/51		245		246
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24		425		435
Total Other				1,416
Total Asset-Backed Securities				4,568
Corporate Obligations—47.1%
Financials—23.0%
Bank of America Corporation, SOFR + 0.910%, 0.981%, due 9/25/25, VRN		700		701

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Financials — (continued)
Bank of Montreal, SOFR + 0.680%, 0.730%, due 3/10/23, VRN	$	600	$	605
Brookfield Finance, Inc., 4.250%, due 6/2/26		550		614
Canadian Imperial Bank of Commerce, SOFR + 0.800%, 0.850%, due 3/17/23, VRN		750		757
Capital One Financial Corporation, 4.200%, due 10/29/25		300		332
Citigroup, Inc., SOFR + 0.770%, 0.820%, due 6/9/27, VRN		625		628
Intercontinental Exchange, Inc., 3.750%, due 12/1/25		450		495
JPMorgan Chase & Co., SOFR + 3.125%, 4.600%, due 2/1/25, VRN		450		461
JPMorgan Chase & Co., SOFR + 0.765%, 0.815%, due 9/22/27, VRN		400		403
KeyBank NA, SOFR + 0.340%, 0.390%, due 1/3/24, VRN		700		701
Morgan Stanley, SOFR + 0.745%, 0.864%, due 10/21/25, VRN		550		549
New York Life Global Funding—144A, SOFR + 0.480%, 0.530%, due 6/9/26, VRN		600		603
Owl Rock Capital Corporation, 2.875%, due 6/11/28		250		249
Royal Bank of Canada, SOFR + 0.450%, 0.500%, due 10/26/23, VRN		350		352
Simon Property Group L.P., 3.300%, due 1/15/26		550		595
Skandinaviska Enskilda Banken AB—144A, 0.850%, due 9/2/25		500		495
The Bank of Nova Scotia, SOFR + 0.545%, 0.595%, due 3/2/26, VRN		675		675
The Charles Schwab Corporation, SOFR + 0.520%, 0.570%, due 5/13/26, VRN		470		474
The Goldman Sachs Group, Inc., SOFR + 0.810%, 0.860%, due 3/9/27, VRN		600		601
Wells Fargo & Co., 4.480%, due 1/16/24		650		704
Total Financials				10,994
Consumer Discretionary—4.7%
American Honda Finance Corporation, 1.200%, due 7/8/25		450		453
BMW US Capital LLC Co.—144A, SOFR + 0.530%, 0.580%, due 4/1/24, VRN		110		111
Brunswick Corporation, 0.850%, due 8/18/24		250		250
General Motors Financial Co., Inc., SOFR + 0.760%, 0.810%, due 3/8/24, VRN		500		504
Hyatt Hotels Corporation, 1.300%, due 10/1/23		250		250

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Consumer Discretionary — (continued)
Toyota Motor Credit Corporation, SOFR + 0.330%, 0.380%, due 1/11/24, VRN	$	650	$	653
Total Consumer Discretionary				2,221
Health Care—4.5%
Abbott Laboratories, 1.150%, due 1/30/28		600		586
Centene Corporation, 2.450%, due 7/15/28		200		201
Gilead Sciences, Inc., 1.200%, due 10/1/27		400		391
GlaxoSmithKline Capital plc, 0.534%, due 10/1/23		300		300
Merck & Co., Inc., 0.750%, due 2/24/26		700		691
Total Health Care				2,169
Communication Services—3.8%
AT&T, Inc., 4.125%, due 2/17/26		400		446
Comcast Corporation, 3.950%, due 10/15/25		600		666
Tencent Holdings Ltd.—144A, 1.810%, due 1/26/26		700		706
Total Communication Services				1,818
Energy—3.0%
ConocoPhillips Co., 4.950%, due 3/15/26		600		690
Enbridge, Inc., 0.010%, due 10/4/23		75		75
S.A. Global Sukuk Ltd.—144A, 1.602%, due 6/17/26		175		174
Shell International Finance BV, 0.375%, due 9/15/23		500		500
Total Energy				1,439
Information Technology—2.6%
Analog Devices, Inc., SOFR + 0.250%, 0.300%, due 10/1/24, VRN		125		125
HP, Inc.—144A, 1.450%, due 6/17/26		400		398
Intuit, Inc., 0.950%, due 7/15/25		450		450
Roper Technologies, Inc., 4.200%, due 9/15/28		250		284
Total Information Technology				1,257
Consumer Staples—2.3%
JDE Peet’s N.V.—144A, 0.800%, due 9/24/24		250		249

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount			Value
Corporate Obligations—(continued)
Consumer Staples — (continued)
The Hershey Co., 0.900%, due 6/1/25	$	525		$	525
The Kroger Co., 8.000%, due 9/15/29		250			348
Total Consumer Staples					1,122
Industrials—1.8%
Caterpillar Financial Services Corporation, SOFR + 0.245%, 0.295%, due 5/17/24, VRN		600			602
Sealed Air Corp.—144A, 1.573%, due 10/15/26		250			249
Total Industrials					851
Materials—1.0%
Fibria Overseas Finance, Ltd., 5.500%, due 1/17/27		400			456
Real Estate—0.4%
Public Storage, SOFR + 0.470%, 0.520%, due 4/23/24, VRN		175			175
Total Corporate Obligations					22,502
Total Long-Term Investments—97.8% (cost $46,060)					46,728
Repurchase Agreement
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $2,132, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $2,174		2,132			2,132
Total Repurchase Agreement—4.5% (cost $2,132)					2,132
Commercial Paper
Chariot Funding LLC, 0.061%, due 10/1/21		500			500
Total Commercial Paper—1.0% (cost $500)					500
Total Investments—103.3% (cost $48,692)					49,360
Securities Sold , Not Yet Purchased
U.S. Government Agency—(4.3)%
Federal National Mortgage Association (FNMA)—(4.3)%
TBA, 2.000%, due 10/1/51		(1,000	)		(1,002	)
TBA, 2.500%, due 10/1/51		(1,000	)		(1,031	)
Total FNMA Mortgage Obligations					(2,033	)

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Value
Total Securities Sold, Not Yet Purchased—(4.3)% (proceeds $2,037)	$	(2,033	)
Cash and other assets, less liabilities—1.0%		455
Net assets—100.0%	$	47,782

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

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

SOFR = Secured Overnight Financing Rate

TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

(a) Security, or a portion of security, is segregated as collateral for the centrally cleared credit default swap, aggregating a total of $213 (in thousands).

Centrally Cleared Credit Default Swaps

Reference Entity	Buy/Sell Protection	Fixed Rate	Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value			Unrealized Appreciation (Depreciation)
CDX.NA.HY- 34	Buy	5.000%	3M	June 2025	ICE	$	4,600	$	(454	)	$	(409	)	$	45

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—50.2%
U.S. Treasury—7.1%
U.S. Treasury Note, 2.500%, due 1/15/22	$	2,300	$	2,316
U.S. Treasury Note, 0.189%, due 1/31/22		2,000		2,001
U.S. Treasury Note, 0.149%, due 4/30/22		2,500		2,502
U.S. Treasury Note, 0.125%, due 8/31/22		260		260
U.S. Treasury Note, 0.069%, due 4/30/23		2,500		2,501
Total U.S. Treasury				9,580
Federal Home Loan Mortgage Corp. (FHLMC)—15.1%
#E02322, 5.500%, due 5/1/22		1		1
#G12725, 6.000%, due 6/1/22		5		5
K023, Tranche A2, 2.307%, due 8/25/22		1,250		1,268
#G13225, 5.000%, due 6/1/23		196		204
#J08450, 5.500%, due 7/1/23		4		4
#J08703, 5.500%, due 9/1/23		2		2
K726, Tranche A2, 2.905%, due 4/25/24		908		952
#C00351, 8.000%, due 7/1/24		12		13
KI05, Tranche A, 1M USD LIBOR + 0.340%, 0.423%, due 7/25/24, VRN		1,002		1,004
#J11208, 5.000%, due 11/1/24		10		10
#G00363, 8.000%, due 6/1/25		21		23
#C80329, 8.000%, due 8/1/25		3		4
#G14643, 4.000%, due 8/1/26		54		58
#G14550, 4.500%, due 9/1/26		309		324
#G15360, 4.500%, due 11/1/26		125		133
#G04821, 8.500%, due 7/1/31		965		1,167
#G02454, 6.500%, due 7/1/32		410		468
#ZT1221, 5.500%, due 1/1/33		400		462
4427, Tranche MA, 3.000%, due 2/15/34		1,852		1,933
#A81372, 6.000%, due 8/1/38		122		141
#G04687, 6.000%, due 9/1/38		30		36
#G04745, 6.000%, due 9/1/38		93		106
#G06085, 6.500%, due 9/1/38		30		35
#G60681, 7.000%, due 2/1/39		3,958		4,785
#G07480, 6.000%, due 5/1/39		500		584
#G07058, 6.000%, due 9/1/39		522		636
#G60680, 6.500%, due 9/1/39		478		569
#G61450, 6.000%, due 4/1/40		3,372		4,019
#G61050, 5.500%, due 3/1/41		233		272
5113, Tranche CE, 1.000%, due 1/25/43		1,173		1,177
Total FHLMC Mortgage Obligations				20,395
Federal National Mortgage Association (FNMA)—25.3%
#323933, 7.000%, due 9/1/29		176		204
#880993, 6.000%, due 1/1/22		—		—(a)
#888982, 6.000%, due 12/1/22		9		9
#AM2182, 2.160%, due 1/1/23		680		691
#972934, 5.500%, due 2/1/23		8		8
#889670, 5.500%, due 6/1/23		2		2
#AN1746, 2.150%, due 9/1/23		1,024		1,052
#AE0011, 5.500%, due 9/1/23		1		1
#995253, 5.500%, due 12/1/23		59		59
#995395, 6.000%, due 12/1/23		3		3
#190988, 9.000%, due 6/1/24		1		1
#AL8529, 6.000%, due 11/1/24		1,120		1,160
#AL2853, 4.500%, due 6/1/26		553		583

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA) — (continued)
#AL9730, 4.500%, due 2/1/27	$	991	$	1,053
#AL9870, 6.500%, due 2/1/28		437		491
#AL4502, 4.000%, due 11/1/28		357		386
#AL9857, 4.000%, due 2/1/29		2,669		2,838
#555933, 7.000%, due 6/1/32		245		276
#555866, 7.500%, due 3/1/33		137		159
#745409, 7.000%, due 4/1/33		322		363
#CA2754, 4.500%, due 11/1/33		80		87
#725228, 6.000%, due 3/1/34		599		696
#AL6413, 8.000%, due 8/1/34		116		132
#AD0720, 5.500%, due 12/1/34		166		192
#AL6412, 7.500%, due 9/1/35		452		515
#886762, 7.000%, due 9/1/36		154		184
#888530, 7.500%, due 8/1/37		1,269		1,582
#AD0731, 7.500%, due 8/1/37		3,460		4,160
#AL6411, 7.000%, due 12/1/37		886		1,018
#AD0100, 7.000%, due 12/1/38		357		427
#FM2467, 6.000%, due 1/1/39		1,428		1,685
#BM5204, 6.500%, due 6/1/40		1,884		2,262
#AL0515, 6.000%, due 7/1/40		393		475
#BM3525, 6.000%, due 4/1/41		2,047		2,414
#AL9226, 5.500%, due 12/1/41		2,072		2,441
#BM1328, 6.000%, due 1/1/42		1,053		1,249
#AL9225, 6.000%, due 1/1/42		1,638		1,936
#AL6276, 5.500%, due 10/1/43		120		138
#BM5121, 5.500%, due 12/1/48		865		1,035
#CA5837, 6.000%, due 7/1/49		1,192		1,428
2021-58, Tranche F, SOFR30A + 0.200%, 0.250%, due 9/25/61, VRN		710		703
Total FNMA Mortgage Obligations				34,098
Collateralized Mortgage Obligation—2.0%
Seasoned Loans Structured Transaction, 2018-1, Tranche A1, 3.500%, due 6/25/28		2,654		2,770
Government National Mortgage Association (GNMA)—0.7%
2019-42, Tranche F, 1M USD LIBOR + 0.450%, 0.536%, due 3/20/46, VRN		333		334
2017-9, Tranche AE, 2.400%, due 9/16/50		631		646
Total GNMA Mortgage Obligations				980
Asset-Backed Securities—15.4%
Automobile—9.8%
Canadian Pacer Auto Receivables Trust—144A, 2021-1A, Tranche A2A, 0.240%, 10/19/23		570		571
CarMax Auto Owner Trust, 2020-1, Tranche C, 2.340%, 11/17/25		600		618
CarMax Auto Owner Trust, 2021-3, Tranche A2B, 1M USD LIBOR + 0.110%, 0.194%, 9/16/24, VRN		1,210		1,210
Carvana Auto Receivables Trust, 2021-P3, Tranche A3, 0.700%, 11/10/26		1,450		1,450
Ford Credit Auto Lease Trust, 2021-B, Tranche A2, 0.240%, 4/15/24		1,950		1,951
GM Financial Automobile Leasing Trust, 2020-1, Tranche C, 2.040%, 12/20/23		1,400		1,419

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Asset-Backed Securities—(continued)
Automobile — (continued)
GM Financial Automobile Leasing Trust, 2020-3, Tranche A3, 0.450%, 8/21/23	$	510	$	511
JPMorgan Chase Bank NA - CACLN—144A, 2021-3, Tranche B, 0.760%, 2/26/29		1,005		1,005
Mercedes-Benz Auto Lease Trust, 2020-B, Tranche A2, 0.310%, 2/15/23		220		220
Nissan Auto Lease Trust, 2020-B, Tranche A3, 0.430%, 10/16/23		550		551
Tesla Auto Lease Trust—144A, 2019-A, Tranche C, 2.680%, 1/20/23		1,625		1,658
Toyota Auto Receivables Owner Trust, 2020-B, Tranche A2, 1.380%, 12/15/22		165		165
Toyota Auto Receivables Owner Trust, 2021-B, Tranche A2, 0.140%, 1/16/24		1,900		1,899
Total Automobile				13,228
Credit Card—0.3%
American Express Credit Account Master Trust, 2017-5, Tranche B, 1M USD LIBOR + 0.580%, 0.664%, 2/18/25, VRN		450		451
Other—5.3%
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A2, 0.380%, 3/15/24		1,225		1,227
GreatAmerica Leasing Receivables Funding LLC—144A, 2021-2, Tranche A3, 0.670%, 7/15/25		475		476
JPMorgan Structured, 1.000%, 9/20/51		1,940		1,947
Kubota Credit Owner Trust—144A, 2020-2A, Tranche A2, 0.410%, 6/15/23		848		849
PFS Financing Corp.—144A, 2018-F, Tranche B, 3.770%, 10/15/23		1,000		998
Verizon Owner Trust, 2020-A, Tranche C, 2.060%, 7/22/24		1,250		1,281
Verizon Owner Trust, 2018-A, Tranche A1A, 3.230%, 4/20/23		231		232
Verizon Owner Trust, 2019-C, Tranche C, 2.160%, 4/22/24		60		61
Total Other				7,071
Total Asset-Backed Securities				20,750
Corporate Obligations—33.1%
Financials—22.2%
Bank of America Corporation, SOFR + 0.970%, 1.020%, due 7/22/27, VRN		1,850		1,886
Bank of Montreal, SOFR + 0.680%, 0.730%, due 3/10/23, VRN		2,700		2,721
Canadian Imperial Bank of Commerce, SOFR + 0.800%, 0.850%, due 3/17/23, VRN		1,000		1,009
Canadian Imperial Bank of Commerce, SOFR + 0.400%, 0.450%, due 12/14/23, VRN		1,900		1,905

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Corporate Obligations—(continued)
Financials — (continued)
Citigroup, Inc., SOFR + 0.770%, 0.820%, due 6/9/27, VRN	$	1,250	$	1,256
Credit Suisse AG, 0.520%, due 8/9/23		950		950
JPMorgan Chase & Co., SOFR + 0.885%, 0.935%, due 4/22/27, VRN		1,075		1,089
JPMorgan Chase & Co., SOFR + 0.765%, 0.815%, due 9/22/27, VRN		1,525		1,535
KeyBank NA, SOFR + 0.340%, 0.390%, due 1/3/24, VRN		2,700		2,705
Met Tower Global Funding—144A, SOFR + 0.550%, 0.600%, due 1/17/23, VRN		1,481		1,489
New York Life Global Funding—144A, SOFR + 0.480%, 0.530%, due 6/9/26, VRN		1,750		1,759
Royal Bank of Canada, SOFR + 0.525%, 0.575%, due 1/20/26, VRN		1,500		1,505
The Bank of Nova Scotia, SOFR + 0.545%, 0.595%, due 3/2/26, VRN		980		979
The Bank of Nova Scotia, SOFR + 0.260%, 0.310%, due 9/15/23, VRN		1,300		1,302
The Charles Schwab Corporation, SOFR + 0.520%, 0.570%, due 5/13/26, VRN		2,500		2,519
The Goldman Sachs Group, Inc., SOFR + 0.810%, 0.860%, due 3/9/27, VRN		1,300		1,302
The Toronto-Dominion Bank, SOFR + 0.355%, 0.405%, due 3/4/24, VRN		2,700		2,708
Truist Financial Corporation, SOFR + 0.400%, 0.450%, due 6/9/25, VRN		1,305		1,310
Total Financials				29,929
Industrials—2.6%
Caterpillar Financial Services Corporation, SOFR + 0.245%, 0.295%, due 5/17/24, VRN		2,750		2,759
Rockwell Automation, Inc., 0.350%, due 8/15/23		825		826
Total Industrials				3,585
Consumer Discretionary—2.5%
BMW US Capital LLC Co.—144A, SOFR + 0.530%, 0.580%, due 4/1/24, VRN		500		506
Toyota Motor Credit Corporation, SOFR + 0.330%, 0.380%, due 1/11/24, VRN		2,800		2,811
Total Consumer Discretionary				3,317
Utilities—2.0%
Florida Power & Light Co., SOFR + 0.250%, 0.300%, due 5/10/23, VRN		1,075		1,075
Southern California Edison Co., 3M USD LIBOR + 0.270%, 0.389%, due 12/3/21, VRN		1,600		1,600
Total Utilities				2,675

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount			Value
Corporate Obligations—(continued)
Real Estate—1.5%
Public Storage, SOFR + 0.470%, 0.520%, due 4/23/24, VRN	$	2,005		$	2,008
Information Technology—1.4%
Analog Devices, Inc., SOFR + 0.250%, 0.300%, due 10/1/24, VRN		325			326
Intuit, Inc., 0.650%, due 7/15/23		1,515			1,522
Total Information Technology					1,848
Health Care—0.9%
Roche Holdings, Inc.—144A, SOFR + 0.240%, 0.290%, due 3/5/24, VRN		1,275			1,279
Total Corporate Obligations					44,641
Total Long-Term Investments—98.7% (cost $133,057)					133,214
U.S. Government—1.1%
U.S. Treasury Bill, 0.047%, due 1/27/22		1,500			1,500
Total U.S. Government—1.1% (cost $1,501)					1,500
Total Investments—99.8% (cost $134,558)					134,714
Securities Sold, Not Yet Purchased
U.S. Government Agency—(7.6)%
Federal National Mortgage Association (FNMA)—(7.6)%
TBA, 2.000%, due 10/1/51		(2,500	)		(2,505	)
TBA, 2.500%, due 10/1/51		(7,500	)		(7,729	)
Total Securities Sold, Not Yet Purchased—(7.6)% (proceeds $10,273)					(10,234	)
Cash and other assets, less liabilities—7.8%					10,515
Net assets—100.0%				$	134,995

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

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

SOFR = Secured Overnight Financing Rate

TBA = To Be Announced—TBAs are mortgage-backed securities traded under delayed delivery commitments, settling after September 30, 2021. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made.

VRN = Variable Rate Note

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—58.1%
Angola—1.1%
Angolan Government International Bond,  9.500%, due 11/12/25	$	250	$	275
Angolan Government International Bond,  8.000%, due 11/26/29		300		307
				582
Argentina—1.1%
Argentine Republic Government International Bond,  2.500%, due 7/9/41, VRN(a)		475		173
Argentine Republic Government International Bond,  1.125%, due 7/9/46, VRN(a)		125		41
Argentine Republic Government International Bond,  2.000%, due 1/9/38, VRN(a)		300		116
Provincia de Buenos Aires—144A,  3.500%, due 9/1/37, VRN(a)		600		243
				573
Bahrain—2.1%
Bahrain Government International Bond,  5.450%, due 9/16/32		400		388
Bahrain Government International Bond,  6.250%, due 1/25/51		300		275
Bahrain Government International Bond,  7.500%, due 9/20/47		400		410
				1,073
Belarus—0.5%
Republic of Belarus International Bond,  6.378%, due 2/24/31		300		263
Belize—0.6%
Belize Government International Bond,  4.938%, due 2/20/34, VRN(a)		633		311
Bolivia—0.3%
Bolivian Government International Bond,  4.500%, due 3/20/28		200		181
Brazil—2.1%
Brazilian Government International Bond,  5.625%, due 1/7/41		700		707
Brazilian Government International Bond,  5.625%, due 2/21/47		200		199
Brazilian Government International Bond,  3.750%, due 9/12/31		200		190
				1,096

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Cameroon—0.5%
Republic of Cameroon—144A,  5.950%, due 7/7/32	EUR	250		283
Chile—0.7%
Chile Government International Bond,  2.550%, due 7/27/33	$	200	$	196
Chile Government International Bond,  3.250%, due 9/21/71		200		180
				376
Colombia—3.2%
Colombia Government International Bond,  6.125%, due 1/18/41		1,500		1,647
Costa Rica—0.4%
Costa Rica Government International Bond,  7.158%, due 3/12/45		200		200
Dominican Republic—1.6%
Dominican Republic International Bond,  6.850%, due 1/27/45		150		168
Dominican Republic International Bond,  5.875%, due 1/30/60		700		685
				853
Ecuador—2.1%
Ecuador Government International Bond,  5.000%, due 7/31/30, VRN(a)		310		262
Ecuador Government International Bond,  1.000%, due 7/31/35, VRN(a)		400		264
Ecuador Government International Bond,  0.500%, due 7/31/40, VRN(a)		350		202
Ecuador Government International Bond,  0.000%, due 7/31/30		700		369
				1,097
Egypt—4.1%
Egypt Government International Bond,  3.875%, due 2/16/26		250		234
Egypt Government International Bond,  7.500%, due 2/16/61		750		652
Egypt Government International Bond,  4.750%, due 4/16/26	EUR	300		348
Egypt Government International Bond,  6.375%, due 4/11/31		150		170
Egypt Government International Bond—144A,  5.800%, due 9/30/27	$	250		244

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Egypt—(continued)
Egypt Government International Bond—144A,  7.300%, due 9/30/33	$	250	$	241
Egypt Government International Bond—144A,  8.750%, due 9/30/51		250		242
				2,131
El Salvador—0.5%
El Salvador Government International Bond,  7.625%, due 2/1/41		150		106
El Salvador Government International Bond,  9.500%, due 7/15/52		200		156
				262
Gabon—0.5%
Gabon Government International Bond,  6.375%, due 12/12/24		250		266
Ghana—1.6%
Ghana Government International Bond,  8.625%, due 4/7/34		400		378
Ghana Government International Bond,  7.750%, due 4/7/29		500		475
				853
Guatemala—0.4%
Guatemala Government International Bond,  4.650%, due 10/7/41		200		195
Indonesia—2.4%
Indonesia Government International Bond,  3.400%, due 9/18/29		550		591
Indonesia Government International Bond,  4.750%, due 2/11/29		300		349
Indonesia Government International Bond,  4.450%, due 4/15/70		250		286
				1,226
Iraq—1.2%
Iraq International Bond,  6.752%, due 3/9/23		600		606
Ivory Coast—0.4%
Ivory Coast Government International Bond,  6.625%, due 3/22/48	EUR	200		233

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Jamaica—0.4%
Jamaica Government International Bond,  6.750%, due 4/28/28	$	200	$	233
Jordan—0.4%
Jordan Government International Bond,  7.375%, due 10/10/47		200		206
Lebanon—1.0%
Lebanon Government International Bond,  6.850%, due 3/23/27(b)		600		99
Lebanon Government International Bond,  5.800%, due 4/14/20(b)		1,400		230
Lebanon Government International Bond,  7.150%, due 11/20/31(b)		1,200		192
				521
Macedonia—0.5%
North Macedonia Government International Bond,  3.675%, due 6/3/26	EUR	200		253
Mexico—1.1%
Mexico Government International Bond,  3.750%, due 4/19/71	$	400		346
Mexico Government International Bond,  6.050%, due 1/11/40		200		245
				591
Mongolia—0.4%
Mongolia Government International Bond—144A,  4.450%, due 7/7/31		200		193
Nigeria—1.7%
Nigeria Government International Bond,  7.696%, due 2/23/38		200		197
Nigeria Government International Bond—144A,  6.125%, due 9/28/28		225		225
Nigeria Government International Bond—144A,  7.375%, due 9/28/33		250		252
Nigeria Government International Bond—144A,  8.250%, due 9/28/51		225		226
				900
Oman—1.9%
Oman Government International Bond,  6.000%, due 8/1/29		200		209

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Oman—(continued)
Oman Government International Bond,  6.750%, due 1/17/48	$	800	$	788
				997
Pakistan—1.7%
Pakistan Government International Bond,  8.875%, due 4/8/51		200		201
Pakistan Government International Bond,  6.000%, due 4/8/26		250		248
Pakistan Government International Bond,  8.250%, due 4/15/24		200		213
Pakistan Government International Bond—144A,  6.000%, due 4/8/26		200		198
				860
Panama—1.4%
Panama Government International Bond,  4.500%, due 5/15/47		450		490
Panama Government International Bond,  4.500%, due 4/1/56		200		217
				707
Paraguay—0.5%
Paraguay Government International Bond,  4.700%, due 3/27/27		250		276
Peru—1.4%
Peruvian Government International Bond,  3.230%, due 7/28/21		280		232
Peruvian Government International Bond,  2.783%, due 1/23/31		250		248
Peruvian Government International Bond,  3.300%, due 3/11/41		250		242
				722
Philippines—1.4%
Philippine Government International Bond,  3.700%, due 2/2/42		700		740
Qatar—1.9%
Qatar Government International Bond,  4.400%, due 4/16/50		550		669
Qatar Government International Bond,  9.750%, due 6/15/30		200		317
				986

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Romania—1.4%
Romanian Government International Bond,  4.625%, due 4/3/49	EUR	450		610
Romanian Government International Bond,  3.500%, due 4/3/34		100		127
				737
Russia—1.9%
Russian Foreign Bond,  5.100%, due 3/28/35	$	400	$	479
Russian Foreign Bond,  5.625%, due 4/4/42		200		259
Russian Foreign Bond,  5.250%, due 6/23/47		200		253
				991
Saudi Arabia—2.1%
Saudi Government International Bond,  2.250%, due 2/2/33		400		389
Saudi Government International Bond,  3.450%, due 2/2/61		500		489
Saudi Government International Bond,  3.750%, due 1/21/55		200		209
				1,087
Senegal—0.2%
Senegal Government International Bond—144A,  5.375%, due 6/8/37	EUR	100		114
Serbia—0.9%
Serbia International Bond—144A,  1.000%, due 9/23/28		400		448
South Africa—0.4%
Republic of South Africa Government International Bond,  5.650%, due 9/27/47	$	200		190
Sri Lanka—1.8%
Sri Lanka Government International Bond,  6.850%, due 3/14/24		200		127
Sri Lanka Government International Bond,  7.850%, due 3/14/29		1,000		608
Sri Lanka Government International Bond,  5.750%, due 1/18/22		250		223
				958

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Government Bonds—(continued)
Tunisia—0.6%
Banque Centrale de Tunisie International Bond,  5.625%, due 2/17/24	EUR	300		294
Turkey—1.0%
Turkey Government International Bond,  4.875%, due 4/16/43	$	450	$	349
Turkey Government International Bond,  5.750%, due 5/11/47		200		166
				515
Ukraine—2.8%
Ukraine Government International Bond,  0.000%, due 5/31/40, VRN(a)		450		487
Ukraine Government International Bond,  7.750%, due 9/1/22		400		416
Ukraine Government International Bond,  7.253%, due 3/15/33		550		555
				1,458
Uruguay—1.0%
Uruguay Government International Bond,  4.975%, due 4/20/55		400		500
Zambia—0.9%
Zambia Government International Bond,  8.500%, due 4/14/24		400		312
Zambia Government International Bond,  8.970%, due 7/30/27		200		154
				466
Total Foreign Government Bonds—58.1% (cost $31,107)				30,250
Foreign Corporate Bonds—33.7%
Argentina—0.4%
Provincia de Buenos Aires—144A,  3.900%, due 9/1/37, VRN(a)		500		228
Azerbaijan—0.9%
State Oil Co. of the Azerbaijan Republic,  6.950%, due 3/18/30		400		491
Brazil—1.7%
Atento Luxco 1 S.A.,  8.000%, due 2/10/26		250		274
Azul Investments LLP—144A,  7.250%, due 6/15/26		200		191

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
Brazil—(continued)
MV24 Capital BV,  6.748%, due 6/1/34	$	187	$	198
Petrorio Luxembourg S.a.r.l.,  6.125%, due 6/9/26		200		201
				864
Chile—2.2%
AES Andes S.A., 5 year CMT + 4.917%, 6.350%, due 10/7/79, VRN		250		264
CAP S.A.,  3.900%, due 4/27/31		250		244
Empresa Nacional del Petroleo,  5.250%, due 11/6/29		200		223
Kenbourne Invest S.A.,  4.700%, due 1/22/28		200		201
VTR Finance N.V.,  6.375%, due 7/15/28		200		215
				1,147
China—3.3%
China Evergrande Group,  9.500%, due 3/29/24		300		71
China Huaneng Group Hong Kong Treasury Management Holding, Ltd., 5 year CMT + 5.651%, 3.080%, VRN(c)		500		512
China SCE Group Holdings, Ltd.,  6.000%, due 2/4/26		200		178
CNAC HK Finbridge Co., Ltd.,  4.875%, due 3/14/25		200		219
CNAC HK Finbridge Co., Ltd.,  3.875%, due 6/19/29		200		213
Huarong Finance 2017 Co., Ltd., 5 year CMT + 6.983%, 4.000%, VRN(c)		200		185
Sinopec Group Overseas Development 2015, Ltd.,  4.100%, due 4/28/45		200		225
Yuzhou Group Holdings Co., Ltd.,  7.850%, due 8/12/26		200		134
				1,737
Colombia—0.8%
Gran Colombia Gold Corp.—144A,  6.875%, due 8/9/26		200		198
SierraCol Energy Andina LLC—144A,  6.000%, due 6/15/28		200		196
				394
Georgia—0.4%
Georgian Railway JSC—144A,  4.000%, due 6/17/28		200		203

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
Ghana—0.3%
Tullow Oil plc,  7.000%, due 3/1/25	$	200	$	173
Guatemala—1.2%
Banco Industrial S.A.,  4.875%, due 1/29/31		200		202
Energuate Trust,  5.875%, due 5/3/27		200		207
Investment Energy Resources Ltd.—144A,  6.250%, due 4/26/29		200		217
				626
India—2.0%
Continuum Energy Levante,  4.500%, due 2/9/27		199		204
Export-Import Bank of India,  2.250%, due 1/13/31		200		186
HDFC Bank Ltd.—144A, 5 year CMT + 2.925%, 3.700%, VRN(c)		250		249
Periama Holdings LLC,  5.950%, due 4/19/26		200		214
Vedanta Resources Finance II plc,  9.250%, due 4/23/26		200		190
				1,043
Indonesia—3.3%
Medco Bell Pte, Ltd.,  6.375%, due 1/30/27		200		201
Nickel Mines Ltd.—144A,  6.500%, due 4/1/24		200		202
Perusahaan Penerbit SBSN Indonesia III,  2.800%, due 6/23/30		300		309
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,  5.250%, due 10/24/42		250		279
Perusahaan Perseroan Persero PT Perusahaan Listrik Negara,  5.375%, due 1/25/29		300		346
PT Bank Tabungan Negara Persero Tbk,  4.200%, due 1/23/25		200		204
PT Pertamina Persero,  2.300%, due 2/9/31		200		190
				1,731
Kazakhstan—0.5%
KazMunayGas National Co. JSC,  5.750%, due 4/19/47		200		240
Malaysia—3.4%
1MDB Global Investments, Ltd.,  4.400%, due 3/9/23		1,200		1,206

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
Malaysia—(continued)
Dua Capital, Ltd.,  2.780%, due 5/11/31	$	300	$	297
Petronas Capital, Ltd.,  4.550%, due 4/21/50		200		243
				1,746
Mexico—3.3%
BBVA Bancomer S.A., 5 year CMT + 2.650%, 5.125%, due 1/18/33, VRN		200		208
Petroleos Mexicanos,  7.690%, due 1/23/50		500		470
Petroleos Mexicanos,  6.950%, due 1/28/60		500		433
Petroleos Mexicanos,  6.500%, due 3/13/27		300		315
Unifin Financiera S.A. DE Co.,  8.375%, due 1/27/28		300		284
				1,710
Mongolia—0.4%
Development Bank of Mongolia,  7.250%, due 10/23/23		200		214
Nigeria—0.5%
SEPLAT Energy plc,  7.750%, due 4/1/26		250		261
Panama—0.4%
Aeropuerto Internacional de Tocumen S.A.—144A,  5.125%, due 8/11/61		200		210
Qatar—1.1%
Qatar Petroleum —144A,  2.250%, due 7/12/31		600		594
Russia—0.5%
Credit Bank of Moscow Via CBOM Finance plc—144A, 5 year USD Swap + 6.561%, 7.625%, VRN(c)		250		249
South Africa—2.0%
Eskom Holdings SOC, Ltd.,  8.450%, due 8/10/28		400		440
Eskom Holdings SOC, Ltd.,  6.750%, due 8/6/23		200		205
Eskom Holdings SOC, Ltd.,  7.125%, due 2/11/25		200		208

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Corporate Bonds—(continued)
South Africa—(continued)
Liquid Telecommunications Financing plc,  5.500%, due 9/4/26	$	200	$	206
				1,059
Supranational—0.4%
The African Export-Import Bank—144A,  3.798%, due 5/17/31		200		207
Trinidad—0.4%
Trinidad Generation UnLtd,  5.250%, due 11/4/27		200		205
Turkey—1.4%
Akbank TAS—144A, 5 year CMT + 6.015%, 6.800%, due 6/22/31, VRN		250		247
Aydem Yenilenebilir Enerji A.S.—144A,  7.750%, due 2/2/27		200		195
Turkiye Ihracat Kredi Bankasi A.S.—144A,  5.750%, due 7/6/26		300		294
				736
Ukraine—0.4%
NAK Naftogaz Ukraine via Kondor Finance plc,  7.625%, due 11/8/26		200		198
United Arab Emirates—2.1%
Abu Dhabi Government International Bond,  2.700%, due 9/2/70		450		404
Emirate of Dubai Government International Bonds,  3.900%, due 9/9/50		200		189
Finance Department Government of Sharjah,  4.375%, due 3/10/51		200		188
Sharjah Sukuk Program, Ltd.,  3.234%, due 10/23/29		300		303
				1,084
Uzbekistan—0.4%
Ipoteka-Bank ATIB,  5.500%, due 11/19/25		200		208
Total Foreign Corporate Bonds—33.7% (cost $17,624)				17,558
Foreign Municipal Bonds—0.7%
Argentina—0.7%
Provincia de Cordoba,  5.000%, due 6/1/27, VRN(a)		150		101

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Foreign Municipal Bonds—(continued)
Argentina—(continued)
Provincia de Entre Rios Argentina,  5.000%, due 8/8/28, VRN(a)	$	150	$	104
Provincia de Neuquen Argentina,  2.500%, due 4/27/30, VRN(a)		200		123
				328
Total Foreign Municipal Bonds—0.7% (cost $345)				328
Repurchase Agreement—7.5%
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $3,902, collateralized by U.S. Treasury Bond, 2.250%, due 5/15/41, valued at $3,980		3,902		3,902
Total Repurchase Agreement—7.5% (cost $3,902)				3,902
Total Investments in Securities—100.0% (cost $52,978)				52,038
Total Investments—100.0% (cost $52,978)				52,038
Cash and other assets, less liabilities—0.0%				26
Net assets—100.0%			$	52,064

(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of September 30, 2021.

(b) = Defaulted securities.

(c) Security is perpetual in nature and has no stated maturity.

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.

VRN = Variable Rate Note

Forward Foreign Currency Contracts

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)	USD (Base) Purchased or Sold		Current Value		Net Unrealized Appreciation (Depreciation)
Sold
12/15/21	Euro	Citibank N.A. London	2,213	$	2,619	$	2,567	$	52

See accompanying Notes to Portfolio of Investments.

Emerging Markets Debt Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Centrally Cleared Interest Rate Swaps

Floating Rate Reference	Pay/Receive Floating Rate	Fixed Rates	Payment Frequency	Maturity Dates	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value			Unrealized Appreciation (Depreciation)
3 Month USD LIBOR	Receive	1.774%	6M	February 2071	LCH	$	405	$	(14	)	$	(11	)	$	3
3 Month USD LIBOR	Receive	0.750%	6M	June 2036	LCH		1,963		225			253			28
3 Month USD LIBOR	Receive	1.250%	6M	June 2051	LCH		902		120			124			4
6 Month EURIBOR	Receive	(0.250)%	1Y	June 2026	LCH		EUR 483		(4)			—			4
6 Month EURIBOR	Receive	0.000%	1Y	June 2031	LCH		EUR 527		(6)			7			13
6 Month EURIBOR	Receive	0.000%	1Y	June 2036	LCH		EUR 270		19			17			(2	)
6 Month EURIBOR	Receive	0.250%	1Y	June 2041	LCH		EUR 567		11			30			19
3 Month USD LIBOR	Receive	0.500%	6M	June 2026	LCH	$	651		11			15			4
3 Month USD LIBOR	Pay	0.500%	6M	June 2028	LCH		1,518		(57	)		(77	)		(20	)
3 Month USD LIBOR	Pay	1.000%	6M	June 2041	LCH		3,083		(398	)		(420	)		(22	)
3 Month USD LIBOR	Pay	0.750%	6M	June 2031	LCH		2,922		(148	)		(203	)		(55	)
														$	(24	)

Centrally Cleared Credit Default Swaps

Reference Entity	Buy/Sell Protection	Fixed Rate	Payment Frequency	Maturity Date	Cleared Exchange	Notional Amount (in thousands)		Upfront Payment Paid (Received)			Value		Unrealized Appreciation (Depreciation)
Russian Federation	Buy	1.000%	3M	June 2026	ICE	$	400	$	(2	)	$	(4)	$	(2	)
Republic of South Africa	Buy	1.000%	3M	June 2026	ICE		600		27			25		(2	)
Republic of Colombia	Buy	1.000%	3M	June 2031	ICE		745		71			80		9
Federative Republic of Brazil	Buy	1.000%	3M	June 2031	ICE		300		41			44		3
Kingdom of Saudi Arabia	Buy	1.000%	3M	June 2026	ICE		400		(8	)		(10)		(2	)
													$	6
Total net unrealized appreciation (depreciation) on swaps													$	(18	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Exchange-Traded Funds—65.7%
Equity Exchange-Traded Funds—61.6%
Financial Select Sector SPDR Fund		53,900	$	2,023
iShares Core S&P 500 ETF		90,000		38,774
iShares MSCI Brazil ETF		76,700		2,464
iShares MSCI India ETF		12,200		594
SPDR S&P 500 ETF Trust (a)		95,000		40,768
Utilities Select Sector SPDR Fund		7,800		498
Vanguard S&P 500 ETF		98,300		38,770
Vietnam Enterprise Investments, Ltd. Class “C”		440,900		4,208
Total Equity Exchange-Traded Funds				128,099
Fixed Income Exchange-Traded Funds—4.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF		47,300		6,292
SPDR Bloomberg Barclays High Yield Bond ETF		20,700		2,264
Total Fixed Income Exchange-Traded Funds				8,556
Total Exchange-Traded Funds—65.7% (cost $124,253)				136,655
Common Stocks—4.3%
Emerging Asia—2.7%
Philippines—2.7%
Ayala Corporation (Industrial conglomerates)		33,552		536
Ayala Land, Inc. (Real estate management & development)		923,619		606
Bank of the Philippine Islands (Banks)		213,075		340
BDO Unibank, Inc. (Banks)		230,665		500
Globe Telecom, Inc. (Wireless telecommunication services)		3,160		185
GT Capital Holdings, Inc. (Diversified financial services)		11,878		118
International Container Terminal Services, Inc. (Transportation infrastructure)		119,131		455
JG Summit Holdings, Inc. (Industrial conglomerates)		344,760		439
Jollibee Foods Corporation (Hotels, restaurants & leisure)		53,147		213
Manila Electric Co. (Electric utilities)		27,347		159
Metro Pacific Investments Corporation (Diversified financial services)		1,454,264		104
Metropolitan Bank & Trust Co. (Banks)		212,149		181
PLDT, Inc. (Wireless telecommunication services)		9,033		297
SM Investments Corporation (Industrial conglomerates)		28,190		546
SM Prime Holdings, Inc. (Real estate management & development)		1,186,350		759
Universal Robina Corporation (Food products)		105,596		281
				5,719
Emerging Latin America—1.6%
Chile—1.6%
Banco de Chile (Banks)		5,428,313		501
Banco de Credito e Inversiones S.A. (Banks)		5,787		211
Banco Santander Chile (Banks)		7,844,452		393
Cencosud S.A. (Food & staples retailing)		179,595		348
Cencosud Shopping S.A. (Real estate management & development)		58,679		69
Cia Cervecerias Unidas S.A. (Beverages)		18,876		167
Colbun S.A. (Independent power & renewable electricity producers)		960,366		156
Empresas CMPC S.A. (Paper & forest products)		128,868		242
Empresas COPEC S.A. (Oil, gas & consumable fuels)		45,822		381
Enel Americas S.A. (Electric utilities)		2,543,598		300

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Emerging Latin America — (continued)
Chile—(continued)
Enel Chile S.A. (Electric utilities)		3,358,387	$	159
Falabella S.A. (Multiline retail)		90,552		318
				3,245
Total Common Stocks—4.3% (cost $8,909)				8,964
Foreign Government Bonds—12.4%
Brazil—3.9%
Brazil Notas do Tesouro Nacional Serie F, 10.000%, due 1/1/25	BRL	44,620		8,136
Malaysia—6.0%
Malaysia Government Bond, 3.480%, due 3/15/23	MYR	51,240		12,503
South Africa—2.5%
Republic of South Africa Government Bond, 7.000%, due 2/28/31	ZAR	92,913		5,191
Total Foreign Government Bonds—12.4% (cost $26,822)				25,830
Preferred Stock—0.4%
Emerging Latin America—0.4%
Chile—0.4%
Sociedad Quimica y Minera de Chile S.A. Class “B” (Chemicals)		16,536		890
Total Preferred Stock—0.4% (cost $723)				890
Repurchase Agreement—7.8%
Fixed Income Clearing Corporation, 0.000% dated 9/30/21, due 10/1/21, repurchase price $16,204, collateralized by U.S. Treasury Bond, 4.375%, due 5/15/41, valued at $16,528	$	16,204		16,204
Total Repurchase Agreement—7.8% (cost $16,204)				16,204
U.S. Government—7.7%
U.S. Treasury Bill, 0.079%, due 11/4/21		500		500
U.S. Treasury Bill, 0.084%, due 12/2/21		500		500
U.S. Treasury Bill, 0.093%, due 12/30/21(b)		500		500
U.S. Treasury Bill, 0.086%, due 1/27/22(b)		2,500		2,500
U.S. Treasury Bill, 0.074%, due 2/24/22(b)		3,000		2,999
U.S. Treasury Bill, 0.068%, due 3/24/22(b)		2,000		2,000
U.S. Treasury Bill, 0.058%, due 4/21/22(b)		1,500		1,500
U.S. Treasury Bill, 0.043%, due 5/19/22(b)		1,500		1,499
U.S. Treasury Bill, 0.066%, due 6/16/22(b)		1,500		1,499
U.S. Treasury Bill, 0.073%, due 7/14/22(b)		1,500		1,499
U.S. Treasury Bill, 0.076%, due 8/11/22(b)		500		500

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government—(continued)
U.S. Treasury Bill, 0.069%, due 9/8/22(b)		500	$	500
Total U.S. Government—7.7% (cost $15,994)				15,996
Total Purchased Options—0.2% (cost $404)				342
Total Investments in Securities—98.5% (cost $193,309)				204,881
Cash and other assets, less liabilities—1.5%				3,167
Net assets—100.0%			$	208,048

(a) The SPDR S&P 500 ETF Trust’s financial statements are available free of charge on the SEC’s website at https://www.sec.gov.

(b) 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 $13,921 (in thousands).

Purchased Options Contracts

Description	Counterparty	Exercise Price/ FX Rate	Expiration Date	Number of Contracts	Notional Amount (in thousands)		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Calls
Calls Euro Stoxx 50	Credit Suisse International	4,250	12/17/21	213	EUR	8,622	$	94	$	214	$	(120	)
Puts
NZD Put/JPY Call	Citibank N.A.	78	12/15/21	11,185,000	NZD	11,850	$	248	$	190	$	58
Total Purchased Options Contracts							$	342	$	404	$	(62	)

Forward Foreign Currency Contracts

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)		USD (Base) Purchased or Sold		Current Value		Net Unrealized Appreciation (Depreciation)
Purchased
10/20/21	Brazilian Real	Citibank N.A. London		73,389	$	13,824	$	13,443	$	(381	)
10/20/21	Chilean Peso	Citibank N.A. London		5,128,813		6,446		6,317		(129	)
10/20/21	Chinese Yuan Renminbi	Citibank N.A. London		2,288		354		354		—
10/20/21	Colombian Peso	Citibank N.A. London		70,610,809		18,391		18,523		132
10/20/21	Czech Koruna	Citibank N.A. London		11,127		509		508		(1	)
10/20/21	Hong Kong Dollar	Citibank N.A. London		4,440		570		570		—
10/20/21	Indian Rupee	Citibank N.A. London		247,365		3,351		3,325		(26	)
10/20/21	Israeli Shekel	Citibank N.A. London		2,217		688		688		—
10/20/21	Mexican Peso	Citibank N.A. London		170,322		8,501		8,231		(270	)
10/20/21	New Turkish Lira	Citibank N.A. London		77,490		8,992		8,628		(364	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Forward Foreign Currency Contracts - (continued)

Settlement Date	Deliver/Receive	Counterparty	Local Currency (in thousands)	USD (Base) Purchased or Sold		Current Value		Net Unrealized Appreciation (Depreciation)
Purchased — (continued)
10/20/21	Philippine Peso	Citibank N.A. London	258,327	$	5,164	$	5,047	$	(117	)
10/20/21	Russian Ruble	Citibank N.A. London	1,671,093		22,746		22,906		160
10/20/21	Singapore Dollar	Citibank N.A. London	36,352		27,076		26,772		(304	)
10/20/21	South Korean Won	Citibank N.A. London	1,902,630		1,627		1,606		(21	)
10/20/21	Taiwan Dollar	Citibank N.A. London	143,851		5,208		5,175		(33	)
10/20/21	Thai Baht	Citibank N.A. London	8,539		253		252		(1	)
10/21/21	Indonesian Rupiah	Citibank N.A. London	9,705,264		678		677		(1	)
12/15/21	Australian Dollar	Citibank N.A. London	554		401		401		—
12/15/21	British Pound Sterling	Citibank N.A. London	3,197		4,426		4,308		(118	)
12/15/21	Canadian Dollar	Citibank N.A. London	1,065		841		841		—
12/15/21	Euro	Citibank N.A. London	693		805		804		(1	)
12/15/21	Japanese Yen	Citibank N.A. London	1,954,579		17,810		17,573		(237	)
12/15/21	New Zealand Dollar	Citibank N.A. London	1,687		1,164		1,164		—
12/15/21	Norwegian Krone	Citibank N.A. London	58,183		6,709		6,652		(57	)
12/15/21	Swedish Krona	Citibank N.A. London	46,269		5,369		5,289		(80	)
12/15/21	Swiss Franc	Citibank N.A. London	510		548		548		—
								$	(1,849	)
Sold
10/20/21	Chilean Peso	Citibank N.A. London	283,864	$	348	$	350	$	(2	)
10/20/21	Chinese Yuan Renminbi	Citibank N.A. London	42,463		6,564		6,579		(15	)
10/20/21	Colombian Peso	Citibank N.A. London	3,253,630		853		854		(1	)
10/20/21	Czech Koruna	Citibank N.A. London	240,624		11,181		10,993		188
10/20/21	Hong Kong Dollar	Citibank N.A. London	84,266		10,835		10,825		10
10/20/21	Indian Rupee	Citibank N.A. London	16,690		224		224		—
10/20/21	Israeli Shekel	Citibank N.A. London	61,065		19,052		18,943		109
10/20/21	Mexican Peso	Citibank N.A. London	4,445		216		215		1
10/20/21	New Turkish Lira	Citibank N.A. London	3,465		387		386		1
10/20/21	Russian Ruble	Citibank N.A. London	77,133		1,056		1,057		(1	)
10/20/21	Singapore Dollar	Citibank N.A. London	1,406		1,035		1,035		—
10/20/21	South African Rand	Citibank N.A. London	22,651		1,594		1,501		93
10/20/21	Taiwan Dollar	Citibank N.A. London	8,586		309		309		—
10/20/21	Thai Baht	Citibank N.A. London	216,281		6,613		6,391		222
10/21/21	Indonesian Rupiah	Citibank N.A. London	215,568,834		15,052		15,026		26
12/15/21	Australian Dollar	Citibank N.A. London	15,100		11,143		10,920		223
12/15/21	Canadian Dollar	Citibank N.A. London	29,555		23,342		23,334		8
12/15/21	Euro	Citibank N.A. London	17,906		21,197		20,772		425
12/15/21	Japanese Yen	Citibank N.A. London	90,443		810		813		(3	)
12/15/21	New Zealand Dollar	Citibank N.A. London	48,025		34,193		33,136		1,057
12/15/21	Norwegian Krone	Citibank N.A. London	2,138		244		244		—
12/15/21	Swedish Krona	Citibank N.A. London	3,005		344		344		—
12/15/21	Swiss Franc	Citibank N.A. London	10,983		11,979		11,807		172
								$	2,513
Total net unrealized appreciation (depreciation) on forward foreign currency contracts								$	664

Futures Contracts

Number of Contracts	Description	Expiration Date	Local Currency	Notional Value (Local, in Thousands)	Notional Amount (USD)		Notional Value (USD)		Net  Unrealized Appreciation (Depreciation)
Long
36	CAC 40 Index	October 2021	Euro	2,346	$	2,746	$	2,718	$	(28	)

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Number of Contracts	Description	Expiration Date	Local Currency	Notional Value (Local, in Thousands	Notional Amount (USD)		Notional Value (USD)		Net Unrealized Appreciation (Depreciation)
Long — (continued)
40	IBEX 35 Index	October 2021	Euro	3,527	$	4,059	$	4,085	$	26
65	OMXS 30 Index	October 2021	Swedish Krona	14,646		1,727		1,673		(54	)
13	FTSE Taiwan Index	October 2021	U.S. Dollar	769		785		769		(16	)
236	MSCI Singapore ETS Index	October 2021	Singapore Dollar	8,343		6,231		6,144		(87	)
227	FTSE KLCI  Index	October 2021	Malaysian Ringgit	17,456		4,163		4,170		7
13	KOSPI 200 Index	December 2021	South Korean Won	1,304,875		1,149		1,102		(47	)
48	SPI 200 Index	December 2021	Australian Dollar	8,752		6,423		6,327		(96	)
7	DAX Index	December 2021	Euro	2,675		3,167		3,099		(68	)
183	FTSE 100 Index	December 2021	British Pound Sterling	12,945		17,324		17,442		118
14	FTSE MIB Index	December 2021	Euro	1,776		2,053		2,057		4
120	MSCI China Index	December 2021	U.S. Dollar	5,956		6,093		5,956		(137	)
280	MSCI Indonesia Index	December 2021	U.S. Dollar	4,253		4,162		4,253		91
238	MSCI World Energy Index	December 2021	U.S. Dollar	7,016		6,540		7,016		476
6	SWISS Markets Index	December 2021	Swiss Franc	696		779		747		(32	)
100	U.S. 5 Year Treasury Note	December 2021	U.S. Dollar	12,274		12,352		12,274		(78	)
									$	79
Short
3	Amsterdam Index	October 2021	Euro	462	$	552	$	535	$	17
68	Euro-Bobl	December 2021	Euro	9,175		10,696		10,628		68
6	Euro-Bund	December 2021	Euro	1,019		1,199		1,180		19
8	NIKKEI 225	December 2021	Japanese Yen	118,680		1,021		1,066		(45	)
29	FTSE/JSE Top 40 Index	December 2021	South African Rand	16,872		1,117		1,121		(4	)
236	EURO STOXX 50 Index	December 2021	Euro	9,553		11,354		11,066		288
82	MSCI Emerging Markets Index	December 2021	U.S. Dollar	5,107		5,288		5,107		181
4	MSCI Hong Kong	December 2021	U.S. Dollar	288		309		288		21
83	MSCI Mexico Index	December 2021	U.S. Dollar	2,241		2,331		2,241		90
29	NASDAQ 100 E Mini Index	December 2021	U.S. Dollar	8,516		8,952		8,516		436
457	S&P 500 E Mini Index	December 2021	U.S. Dollar	98,204		101,472		98,204		3,268
10	S&P E Mini Com Ser Index	December 2021	U.S. Dollar	1,048		1,094		1,048		46
7	XAK Technology	December 2021	U.S. Dollar	1,053		1,102		1,053		49
11	XAY Cons Discret	December 2021	U.S. Dollar	1,995		2,034		1,995		39
28	10YR Can Bond	December 2021	Canadian Dollar	4,008		3,245		3,165		80
73	U.S. 10 Year Treasury Note	December 2021	U.S. Dollar	9,607		9,737		9,608		129
									$	4,682
Total net unrealized appreciation (depreciation) on futures contracts									$	4,761

See accompanying Notes to Portfolio of Investments.

Macro Allocation Fund

Portfolio of Investments, September 30, 2021 (all dollar amounts in thousands) (unaudited)

Centrally Cleared Interest Rate Swap

Floating Rate Reference

Pay/Receive Floating Rate

Fixed Rate

Payment Frequency

Maturity Date

Cleared Exchange

Notional Amount (in thousands)

Upfront Payment Paid (Received)

Value

Unrealized Appreciation (Depreciation)

Brazil CDI ON Deposit Rate

Pay

9.985%

1M

January 2025

CME

BRL 47,088

$

—

$

(31

)

$

(31

)

Total Return Swaps

Reference Entity	Pay/Receive Floating Rate	Floating Rates	Maturity Dates	Counterparty	Notional Amount (in thousands)		Market Value			Unrealized Appreciation (Depreciation)
CSI 500 Net Total Return Index	Pay	(1,140) bp	Sep 2022	Credit Suisse International	$	1,921	$	(63	)	$	(63	)
MSCI Philippines Index Future	Pay	0 bp	Dec 2021	Goldman Sachs International		514		(11	)		(11	)
RTS Index Future	Pay	0 bp	Dec 2021	Credit Suisse International		2,628		27			27
										$	(47	)

Centrally Cleared Credit Default Swap

Reference Entity

Buy/Sell Protection

Fixed Rate

Payment Frequency

Maturity Date

Cleared Exchange

Notional Amount (in thousands)

Upfront Payment Paid (Received)

Value

Unrealized Appreciation (Depreciation)

ITRAXX-EUROPE S35 V1-5Y

Sell

1.000%

3M

June 2026

ICE

EUR 3,675

$

116

$

112

$

(4

)

Total net unrealized appreciation (depreciation) on swaps

$

(82

)

See accompanying Notes to Portfolio of Investments.

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Trust

William Blair Funds (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (“the 1940 Act”), as an open-end management investment company. As of September 30, 2021, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.

U.S. Equity Funds	International Equity Funds	Fixed Income Funds
Growth	International Leaders	Bond
Large Cap Growth	International Growth	Income
Mid Cap Growth	Institutional International Growth	Low Duration
Small-Mid Cap Core	International Small Cap Growth
Small-Mid Cap Growth	Emerging Markets Leaders	Emerging Markets Debt Fund
Small Cap Growth	Emerging Markets Growth	Emerging Markets Debt
Small Cap Value2	Emerging Markets Small Cap Growth
	China Growth1
		Multi-Asset and Alternative Fund
Global Equity Fund		Macro Allocation
Global Leaders

The investment objectives of the Funds are as follows:

U.S. Equity Funds	Long-term capital appreciation.
Global Equity Fund	Long-term capital appreciation.
International Equity Funds	Long-term capital appreciation.
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.
Emerging Markets Debt Fund	Provide attractive risk-adjusted returns relative to the Fund’s benchmark through investments in hard currency denominated debt issued in emerging market countries.
Macro Allocation Fund	Maximize long-term risk-adjusted total return.

¹ Effective August 27, 2021 (Commencement of Operations).

² At September 30, 2021, the Small Cap Value Fund’s fiscal year end is October 31 and, therefore, is not included herein.

1

(b) Repurchase Agreements

In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

(c) TBA Securities

The Fixed Income Funds may invest in mortgage pass-through securities eligible to be sold in the “to-be announced” market (“TBAs”). TBAs provide for the forward or delayed delivery of the underlying instrument with settlement in up to 180 days. The term TBA comes from the fact that the specific mortgage-backed security that will be delivered to fulfill a TBA trade is not designated at the time the trade is made, but rather is generally announced 48 hours before the settlement date. A Fund generally has the ability to close out a TBA obligation on or before the settlement date, rather than take delivery of the security. When a Fund sells TBAs, it incurs risks similar to those incurred in short sales. For example, when a Fund sells TBAs without owning or having the right to obtain the deliverable securities it incurs a risk of loss because it could have to purchase the securities at a price that is higher than the price at which it sold the securities.

(d) Securities Sold, Not Yet Purchased

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

(2) Valuation

(a) Investment Valuation

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

The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of September 30, 2021, fair valuation estimates for foreign equity securities were obtained.

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

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

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

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

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

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(b) Fair Value Measurements

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

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

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

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

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

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

Exchange-Traded Securities

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

Fixed Income Securities

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

Repurchase Agreements

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

Derivative Instruments

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

As of September 30, 2021, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

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Investments in securities	Growth		Large Cap Growth		Mid Cap Growth		Small-Mid Cap Core
Level 1 - Quoted prices
Common Stocks	$	324,524	$	873,743	$	83,938	$	79,699
Exchange-Traded Funds		3,973		—		—		—
Level 2 - Other significant observable inputs
Repurchase Agreements		3,206		2,571		2,975		1,238
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	331,703	$	876,314	$	86,913	$	80,937
Investments in securities			Small-Mid Cap Growth		Small Cap Growth		Global Leaders
Level 1 - Quoted prices
Common Stocks			$	3,135,636	$	719,216	$	85,178
Exchange-Traded Funds				—		7,437		—
Level 2 - Other significant observable inputs
Common Stocks				—		—		52,803
Repurchase Agreements				41,286		25,606		1,210
Level 3 - Significant unobservable inputs
None				—		—		—
Total investments in securities			$	3,176,922	$	752,259	$	139,191
Investments in securities	International Leaders		International Growth		Institutional International Growth		International Small Cap Growth
Level 1 - Quoted prices
Common Stocks	$	131,083	$	293,387	$	164,487	$	35,807
Level 2 - Other significant observable inputs
Common Stocks		1,087,773		1,968,731		1,103,458		336,984
Repurchase Agreements		25,779		36,418		18,081		12,345
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	1,244,635	$	2,298,536	$	1,286,026	$	385,136
Investments in securities	Emerging Markets Leaders		Emerging Markets Growth		Emerging Markets Small Cap Growth		China Growth
Level 1 - Quoted prices
Common Stocks	$	134,372	$	200,733	$	65,230	$	—
Level 2 - Other significant observable inputs
Common Stocks		267,017		903,175		466,751		2,495
Repurchase Agreements		14,896		7,774		7,347		—
Level 3 - Significant unobservable inputs
None		—		—		—		—
Total investments in securities	$	416,285	$	1,111,682	$	539,328	$	2,495

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Investments in securities	Bond			Income			Low Duration			Emerging Markets Debt			Macro Allocation
Assets
Level 1 - Quoted prices
Exchange-Traded Funds	$	—		$	—		$	—		$	—		$	136,655
Preferred Stocks		—			—			—			—			890
Level 2 - Other significant observable inputs
Asset-Backed Securities		9,891			4,568			20,750			—			—
Commercial Paper		15,300			500			—			—			—
Collateralized Mortgage Obligation		546			1,159			2,770
Common Stocks		—			—			—			—			8,964
Corporate Obligations		168,091			22,502			44,641			—			—
Foreign Corporate Obligations		—			—			—			17,558			—
Foreign Government Bonds		—			—			—			30,250			25,830
Foreign Municipal Bonds		—			—			—			328			—
Purchased Options		—			—			—			—			342
Repurchase Agreements		6,646			2,132			—			3,902			16,204
U.S. Government and U.S. Government Agency		145,274			18,499			66,553			—			15,996
Level 3 - Significant unobservable inputs
None		—			—			—			—			—
Liabilities
Level 1 - Quoted prices
None		—			—			—			—			—
Level 2 - Other significant observable inputs
None		—			—			—			—			—
Level 3 - Significant unobservable inputs
None		—			—			—			—			—
Total investments in securities	$	345,748		$	49,360		$	134,714		$	52,038		$	204,881
Other financial instruments
Assets
Level 1 - Quoted prices
Futures Contracts	$	—		$	—		$	—		$	—		$	5,453
Level 2 - Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—			52			2,827
Purchased Options		—			—			—			—			58
Swaps		132			45			—			87			27
Level 3 - Significant unobservable inputs
None		—			—			—			—			—
Liabilities
Level 1 - Quoted prices
Futures Contracts		—			—			—			—			(692	)
Level 2 - Other significant observable inputs
Forward Foreign Currency Contracts		—			—			—			—			(2,163	)
Purchased Options		—			—			—			—			(120	)
Swaps		(7	)		—			—			(105	)		(109	)
U.S. Government Agency		(7,615	)		(2,033	)		(10,234	)		—			—
Level 3 - Significant unobservable inputs
None		—			—			—			—			—
Total other financial instruments	$	(7,490	)	$	(1,988	)	$	(10,234	)	$	34		$	5,281

See Portfolio of Investments for Sector Classification.

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(3) Financial Derivative Instruments

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

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

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

Futures Contracts

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

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

Options

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

Forward Foreign Currency Contracts

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

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Swap Contracts

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

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

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

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

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

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