Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—33.5% | |||||||||
* | Adobe, Inc. | 13,347 | $ | 3,673 | |||||
* | Advanced Micro Devices, Inc. | 38,796 | 2,458 | ||||||
* | Dynatrace, Inc. | 67,391 | 2,346 | ||||||
Fidelity National Information Services, Inc. | 45,539 | 3,441 | |||||||
Mastercard, Inc. Class “A” | 33,262 | 9,458 | |||||||
Microsoft Corp. | 87,849 | 20,460 | |||||||
* | MongoDB, Inc. | 4,147 | 823 | ||||||
National Instruments Corp. | 103,592 | 3,909 | |||||||
* | Nice Ltd.—ADR | 13,239 | 2,492 | ||||||
NVIDIA Corp. | 28,047 | 3,405 | |||||||
* | PayPal Holdings, Inc. | 41,895 | 3,606 | ||||||
* | Pure Storage, Inc. | 118,592 | 3,246 | ||||||
Texas Instruments, Inc. | 30,920 | 4,786 | |||||||
* | Verra Mobility Corp. | 227,503 | 3,497 | ||||||
* | Workday, Inc. Class “A” | 12,936 | 1,969 | ||||||
69,569 | |||||||||
Health Care—16.5% | |||||||||
Agilent Technologies, Inc. | 20,441 | 2,485 | |||||||
Azenta, Inc. | 21,843 | 936 | |||||||
* | HealthEquity, Inc. | 34,996 | 2,351 | ||||||
* | Horizon Therapeutics PLC† | 39,804 | 2,464 | ||||||
* | Intuitive Surgical, Inc. | 15,432 | 2,893 | ||||||
* | Penumbra, Inc. | 9,595 | 1,819 | ||||||
STERIS PLC† | 20,438 | 3,398 | |||||||
Stryker Corp. | 17,444 | 3,533 | |||||||
UnitedHealth Group, Inc. | 17,056 | 8,614 | |||||||
* | Veeva Systems, Inc. | 15,231 | 2,511 | ||||||
Zoetis, Inc. | 22,513 | 3,338 | |||||||
34,342 | |||||||||
Consumer Discretionary—13.0% | |||||||||
* | Amazon.com, Inc. | 135,951 | 15,362 | ||||||
* | Bright Horizons Family Solutions, Inc. | 33,659 | 1,940 | ||||||
* | Burlington Stores, Inc. | 15,094 | 1,689 | ||||||
* | Etsy, Inc. | 14,619 | 1,464 | ||||||
* | Farfetch Ltd.† | 128,144 | 955 | ||||||
NIKE, Inc. Class “B” | 37,712 | 3,135 | |||||||
* | Revolve Group, Inc. | 44,008 | 955 | ||||||
* | Skyline Champion Corp. | 28,058 | 1,483 | ||||||
26,983 | |||||||||
Communication Services—10.6% | |||||||||
* | Alphabet, Inc. Class “A” | 154,451 | 14,773 | ||||||
* | Take-Two Interactive Software, Inc. | 22,188 | 2,419 | ||||||
Warner Music Group Corp. | 128,489 | 2,982 | |||||||
* | ZipRecruiter, Inc. | 111,240 | 1,835 | ||||||
22,009 | |||||||||
Industrials—7.0% | |||||||||
* | ACV Auctions, Inc. | 97,116 | 698 | ||||||
Brink’s Co. | 54,445 | 2,637 | |||||||
* | Copart, Inc. | 39,912 | 4,247 | ||||||
* | CoStar Group, Inc. | 41,507 | 2,891 |
See accompanying Notes to Portfolio of Investments.
1 |
Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Industrials — (continued) | |||||||||
* | Energy Recovery, Inc. | 120,253 | $ | 2,614 | |||||
* | Kornit Digital Ltd.† | 19,794 | 527 | ||||||
* | Trex Co., Inc. | 20,592 | 905 | ||||||
14,519 | |||||||||
Consumer Staples—5.3% | |||||||||
Coca-Cola Co. | 95,197 | 5,333 | |||||||
Estee Lauder Cos., Inc. Class “A” | 12,032 | 2,598 | |||||||
* | Performance Food Group Co. | 71,091 | 3,053 | ||||||
10,984 | |||||||||
Energy—5.2% | |||||||||
Cameco Corp. | 201,928 | 5,353 | |||||||
* | Green Plains, Inc. | 64,751 | 1,882 | ||||||
New Fortress Energy, Inc. | 81,484 | 3,562 | |||||||
10,797 | |||||||||
Financials—3.5% | |||||||||
Aon PLC† | 11,342 | 3,038 | |||||||
Ares Management Corp. | 47,825 | 2,963 | |||||||
Bridge Investment Group Holdings, Inc. | 94,874 | 1,376 | |||||||
7,377 | |||||||||
Real Estate—2.0% | |||||||||
SBA Communications Corp. | 14,462 | 4,116 | |||||||
Materials—1.4% | |||||||||
Crown Holdings, Inc. | 37,463 | 3,036 | |||||||
Total Common Stocks—98.0% (cost $152,402) | 203,732 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $4,261, collateralized by U.S. Treasury Bond, 3.625%, due 04/15/28, valued at $4,346 | $ | 4,261 | 4,261 | ||||||
Total Repurchase Agreement—2.1% (cost $4,261) | 4,261 | ||||||||
Total Investments—100.1% (cost $156,663) | 207,993 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (191 | ) | |||||||
Net assets—100.0% | $ | 207,802 |
ADR = American Depository Receipt | |
* = Non-income producing security | |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
2 |
Large Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—37.1% | |||||||||
Accenture PLC† | 145,800 | $ | 37,514 | ||||||
* | Adobe, Inc. | 59,650 | 16,416 | ||||||
* | Advanced Micro Devices, Inc. | 158,128 | 10,019 | ||||||
* | Guidewire Software, Inc. | 173,460 | 10,682 | ||||||
Intuit, Inc. | 72,980 | 28,267 | |||||||
Lam Research Corp. | 21,830 | 7,990 | |||||||
Mastercard, Inc. | 193,790 | 55,102 | |||||||
Microsoft Corp. | 573,200 | 133,498 | |||||||
* | PayPal Holdings, Inc. | 375,250 | 32,298 | ||||||
* | Salesforce, Inc. | 148,800 | 21,403 | ||||||
Texas Instruments, Inc. | 107,470 | 16,634 | |||||||
* | Unity Software, Inc. | 219,780 | 7,002 | ||||||
376,825 | |||||||||
Consumer Discretionary—16.2% | |||||||||
* | Amazon.com, Inc. | 807,640 | 91,263 | ||||||
Marriott International, Inc. | 153,300 | 21,484 | |||||||
NIKE, Inc. Class “B” | 244,780 | 20,346 | |||||||
Starbucks Corp. | 381,240 | 32,123 | |||||||
165,216 | |||||||||
Health Care—14.5% | |||||||||
* | ABIOMED, Inc. | 77,648 | 19,075 | ||||||
Stryker Corp. | 130,300 | 26,391 | |||||||
UnitedHealth Group, Inc. | 110,810 | 55,964 | |||||||
* | Veeva Systems, Inc. Class “A” | 93,140 | 15,357 | ||||||
Zoetis, Inc. | 209,280 | 31,034 | |||||||
147,821 | |||||||||
Communication Services—8.8% | |||||||||
* | Alphabet, Inc. Class “A” | 743,160 | 71,083 | ||||||
* | Live Nation Entertainment, Inc. | 235,780 | 17,929 | ||||||
89,012 | |||||||||
Industrials—7.4% | |||||||||
* | Copart, Inc. | 230,110 | 24,484 | ||||||
* | CoStar Group, Inc. | 537,540 | 37,440 | ||||||
Equifax, Inc. | 80,310 | 13,767 | |||||||
75,691 | |||||||||
Consumer Staples—6.6% | |||||||||
Costco Wholesale Corp. | 101,310 | 47,846 | |||||||
Estee Lauder Cos., Inc. Class “A” | 88,810 | 19,174 | |||||||
67,020 | |||||||||
Financials—2.5% | |||||||||
Apollo Global Management, Inc. | 540,040 | 25,112 | |||||||
Materials—2.2% | |||||||||
Linde PLC† | 83,810 | 22,594 | |||||||
Energy—1.5% | |||||||||
Pioneer Natural Resources Co. | 70,650 | 15,298 |
See accompanying Notes to Portfolio of Investments.
3 |
Large Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Total Common Stocks—96.8% (cost $1,053,056) | $ | 984,589 | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $42,712, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $43,563 | $ | 42,708 | 42,708 | ||||||
Total Repurchase Agreement—4.2% (cost $42,708) | 42,708 | ||||||||
Total Investments—101.0% (cost $1,095,764) | 1,027,297 | ||||||||
Liabilities, plus cash and other assets—(1.0)% | (10,405 | ) | |||||||
Net assets—100.0% | $ | 1,016,892 |
† = U.S. listed foreign security | |
* = Non-income producing security |
See accompanying Notes to Portfolio of Investments.
4 |
Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Information Technology—28.3% | |||||||||
* | Cadence Design Systems, Inc. | 7,820 | $ | 1,278 | |||||
* | Coupa Software, Inc. | 5,138 | 302 | ||||||
* | Dynatrace, Inc. | 20,825 | 725 | ||||||
* | EPAM Systems, Inc. | 2,405 | 871 | ||||||
* | Euronet Worldwide, Inc. | 9,190 | 696 | ||||||
* | Guidewire Software, Inc. | 3,757 | 231 | ||||||
MKS Instruments, Inc. | 6,505 | 538 | |||||||
* | MongoDB, Inc. | 1,695 | 337 | ||||||
* | Nice Ltd.—ADR | 3,580 | 674 | ||||||
* | Palo Alto Networks, Inc. | 3,885 | 636 | ||||||
* | Pure Storage, Inc. | 28,660 | 784 | ||||||
* | SolarEdge Technologies, Inc. | 3,010 | 697 | ||||||
* | Teledyne Technologies, Inc. | 2,510 | 847 | ||||||
8,616 | |||||||||
Health Care—19.4% | |||||||||
* | ABIOMED, Inc. | 3,023 | 743 | ||||||
Agilent Technologies, Inc. | 5,920 | 720 | |||||||
* | Align Technology, Inc. | 1,160 | 240 | ||||||
* | Charles River Laboratories International, Inc. | 2,280 | 449 | ||||||
* | DexCom, Inc. | 8,245 | 664 | ||||||
* | Horizon Therapeutics PLC† | 10,470 | 648 | ||||||
* | IDEXX Laboratories, Inc. | 1,295 | 422 | ||||||
* | Mettler-Toledo International, Inc. | 510 | 553 | ||||||
STERIS PLC† | 2,010 | 334 | |||||||
* | Veeva Systems, Inc. | 6,855 | 1,130 | ||||||
5,903 | |||||||||
Industrials—15.6% | |||||||||
* | Axon Enterprise, Inc. | 5,905 | 684 | ||||||
* | Builders FirstSource, Inc. | 10,645 | 627 | ||||||
BWX Technologies, Inc. | 19,349 | 975 | |||||||
* | Clarivate PLC† | 24,385 | 229 | ||||||
* | Copart, Inc. | 8,842 | 941 | ||||||
* | CoStar Group, Inc. | 15,080 | 1,050 | ||||||
* | Generac Holdings, Inc. | 1,400 | 249 | ||||||
4,755 | |||||||||
Consumer Discretionary—11.2% | |||||||||
* | Aptiv PLC† | 5,105 | 399 | ||||||
* | Bright Horizons Family Solutions, Inc. | 7,595 | 438 | ||||||
* | Burlington Stores, Inc. | 4,095 | 458 | ||||||
* | Chipotle Mexican Grill, Inc. | 660 | 992 | ||||||
* | Etsy, Inc. | 4,194 | 420 | ||||||
* | Farfetch Ltd.† | 17,700 | 132 | ||||||
Pool Corp. | 1,780 | 566 | |||||||
3,405 | |||||||||
Energy—6.7% | |||||||||
Cameco Corp. | 20,370 | 540 | |||||||
Hess Corp. | 6,785 | 739 | |||||||
New Fortress Energy, Inc. | 17,498 | 765 | |||||||
2,044 |
See accompanying Notes to Portfolio of Investments.
5 |
Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials—5.1% | |||||||||
Crown Holdings, Inc. | 6,175 | $ | 501 | ||||||
Vulcan Materials Co. | 6,615 | 1,043 | |||||||
1,544 | |||||||||
Communication Services—4.8% | |||||||||
Cable One, Inc. | 162 | 138 | |||||||
* | Live Nation Entertainment, Inc. | 5,964 | 454 | ||||||
* | Take-Two Interactive Software, Inc. | 3,270 | 356 | ||||||
Warner Music Group Corp. | 22,130 | 514 | |||||||
1,462 | |||||||||
Financials—3.8% | |||||||||
Ares Management Corp. | 5,535 | 343 | |||||||
PacWest Bancorp | 12,685 | 287 | |||||||
Western Alliance Bancorp | 7,930 | 521 | |||||||
1,151 | |||||||||
Real Estate—1.7% | |||||||||
SBA Communications Corp. | 1,820 | 518 | |||||||
Consumer Staples—1.3% | |||||||||
* | Performance Food Group Co. | 9,550 | 410 | ||||||
Total Common Stocks—97.9% (cost $33,332) | 29,808 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $680, collateralized by U.S. Treasury Bond, 3.625%, due 04/15/28, valued at $694 | $ | 680 | 680 | ||||||
Total Repurchase Agreement—2.2% (cost $680) | 680 | ||||||||
Total Investments—100.1% (cost $34,012) | 30,488 | ||||||||
Liabilities, plus cash and other assets—(0.1)% | (39 | ) | |||||||
Net assets—100.0% | $ | 30,449 |
ADR = American Depository Receipt | |
* = Non-income producing security | |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
6 |
Mid Cap Value Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—18.2% | |||||||||
Acuity Brands, Inc. | 151 | $ | 24 | ||||||
AGCO Corp. | 246 | 24 | |||||||
* | Alaska Air Group, Inc. | 591 | 23 | ||||||
Flowserve Corp. | 590 | 14 | |||||||
ITT, Inc. | 249 | 16 | |||||||
Knight-Swift Transportation Holdings, Inc. | 592 | 29 | |||||||
MSC Industrial Direct Co., Inc. | 325 | 24 | |||||||
Regal Rexnord Corp. | 214 | 30 | |||||||
Snap-on, Inc. | 135 | 27 | |||||||
Timken Co. | 420 | 25 | |||||||
236 | |||||||||
Financials—16.8% | |||||||||
* | Arch Capital Group Ltd.† | 534 | 24 | ||||||
Comerica, Inc. | 326 | 23 | |||||||
East West Bancorp, Inc. | 368 | 25 | |||||||
Hartford Financial Services Group, Inc. | 398 | 25 | |||||||
Huntington Bancshares, Inc. | 1,942 | 26 | |||||||
Invesco Ltd.† | 1,306 | 18 | |||||||
SLM Corp. | 1,960 | 27 | |||||||
Synovus Financial Corp. | 643 | 24 | |||||||
Willis Towers Watson PLC† | 132 | 26 | |||||||
218 | |||||||||
Information Technology—12.9% | |||||||||
* | Check Point Software Technologies Ltd.† | 212 | 24 | ||||||
Cognizant Technology Solutions Corp. | 358 | 21 | |||||||
* | DXC Technology Co. | 876 | 21 | ||||||
* | F5, Inc. | 142 | 21 | ||||||
* | Flex Ltd.† | 1,171 | 19 | ||||||
Hewlett Packard Enterprise Co. | 1,647 | 20 | |||||||
Jabil, Inc. | 414 | 24 | |||||||
Skyworks Solutions, Inc. | 213 | 18 | |||||||
168 | |||||||||
Consumer Discretionary—10.2% | |||||||||
Brunswick Corp. | 287 | 19 | |||||||
LKQ Corp. | 577 | 27 | |||||||
* | Mohawk Industries, Inc. | 191 | 17 | ||||||
Ralph Lauren Corp. | 260 | 22 | |||||||
Toll Brothers, Inc. | 566 | 24 | |||||||
Whirlpool Corp. | 170 | 23 | |||||||
132 | |||||||||
Health Care—10.2% | |||||||||
AmerisourceBergen Corp. | 128 | 17 | |||||||
* | Centene Corp. | 280 | 22 | ||||||
Encompass Health Corp. | 408 | 19 | |||||||
* | Henry Schein, Inc. | 359 | 24 | ||||||
* | Hologic, Inc. | 264 | 17 | ||||||
Laboratory Corp. of America Holdings | 80 | 16 | |||||||
Viatris, Inc. | 2,020 | 17 | |||||||
132 |
See accompanying Notes to Portfolio of Investments.
7 |
Mid Cap Value Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials—8.2% | |||||||||
Crown Holdings, Inc. | 284 | $ | 23 | ||||||
Huntsman Corp. | 988 | 24 | |||||||
PPG Industries, Inc. | 173 | 19 | |||||||
Sealed Air Corp. | 481 | 22 | |||||||
Westlake Corp. | 218 | 19 | |||||||
107 | |||||||||
Real Estate—6.9% | |||||||||
Camden Property Trust | 183 | 22 | |||||||
Duke Realty Corp. | 451 | 22 | |||||||
Highwoods Properties, Inc. | 731 | 20 | |||||||
Host Hotels & Resorts, Inc. | 1,676 | 26 | |||||||
90 | |||||||||
Consumer Staples—5.7% | |||||||||
Ingredion, Inc. | 301 | 24 | |||||||
Molson Coors Brewing Co. | 590 | 28 | |||||||
Tyson Foods, Inc. | 332 | 22 | |||||||
74 | |||||||||
Energy—4.6% | |||||||||
APA Corp. | 515 | 18 | |||||||
Coterra Energy, Inc. | 760 | 20 | |||||||
Diamondback Energy, Inc. | 185 | 22 | |||||||
60 | |||||||||
Utilities—3.8% | |||||||||
Entergy Corp. | 274 | 28 | |||||||
PPL Corp. | 864 | 22 | |||||||
50 | |||||||||
Communication Services—1.2% | |||||||||
* | Warner Bros Discovery, Inc. | 1,345 | 15 | ||||||
Total Common Stocks—98.7% (cost $1,574) | 1,282 | ||||||||
Total Investments—98.7% (cost $1,574) | 1,282 | ||||||||
Cash and other assets, less liabilities—1.3% | 17 | ||||||||
Net assets—100.0% | $ | 1,299 |
* = Non-income producing security | |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
8 |
Small-Mid Cap Core Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Industrials—20.0% | |||||||||
* | ACV Auctions, Inc. | 120,278 | $ | 865 | |||||
AGCO Corp. | 8,164 | 785 | |||||||
* | Axon Enterprise, Inc. | 21,019 | 2,433 | ||||||
Brink’s Co. | 32,261 | 1,563 | |||||||
* | Builders FirstSource, Inc. | 41,582 | 2,450 | ||||||
BWX Technologies, Inc. | 57,448 | 2,894 | |||||||
* | Casella Waste Systems, Inc. | 34,974 | 2,672 | ||||||
* | Chart Industries, Inc. | 13,502 | 2,489 | ||||||
Douglas Dynamics, Inc. | 23,132 | 648 | |||||||
* | Energy Recovery, Inc. | 70,446 | 1,531 | ||||||
Lincoln Electric Holdings, Inc. | 5,350 | 673 | |||||||
* | Mercury Systems, Inc. | 40,267 | 1,635 | ||||||
* | Shoals Technologies Group, Inc. | 59,913 | 1,291 | ||||||
* | Trex Co., Inc. | 22,269 | 978 | ||||||
* | WillScot Mobile Mini Holdings Corp. | 60,624 | 2,445 | ||||||
25,352 | |||||||||
Health Care—16.6% | |||||||||
* | Acadia Healthcare Co., Inc. | 30,257 | 2,366 | ||||||
* | Allscripts Healthcare Solutions, Inc. | 50,685 | 772 | ||||||
Azenta, Inc. | 18,291 | 784 | |||||||
* | Certara, Inc. | 64,468 | 856 | ||||||
Chemed Corp. | 4,549 | 1,986 | |||||||
Encompass Health Corp. | 34,764 | 1,572 | |||||||
* | Globus Medical, Inc. | 22,936 | 1,366 | ||||||
* | Halozyme Therapeutics, Inc. | 32,026 | 1,266 | ||||||
* | Horizon Therapeutics PLC† | 12,303 | 761 | ||||||
* | Ligand Pharmaceuticals, Inc. | 9,412 | 810 | ||||||
* | Merit Medical Systems, Inc. | 47,759 | 2,699 | ||||||
Owens & Minor, Inc. | 104,177 | 2,511 | |||||||
* | Penumbra, Inc. | 6,042 | 1,146 | ||||||
* | Repligen Corp. | 5,862 | 1,097 | ||||||
STERIS PLC† | 6,627 | 1,102 | |||||||
21,094 | |||||||||
Financials—12.8% | |||||||||
Ares Management Corp. | 18,882 | 1,170 | |||||||
Columbia Banking System, Inc. | 47,937 | 1,385 | |||||||
East West Bancorp, Inc. | 32,494 | 2,182 | |||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 40,581 | 1,214 | |||||||
Hanover Insurance Group, Inc. | 7,553 | 968 | |||||||
LPL Financial Holdings, Inc. | 9,269 | 2,025 | |||||||
PacWest Bancorp | 51,942 | 1,174 | |||||||
Virtu Financial, Inc. | 98,517 | 2,046 | |||||||
Western Alliance Bancorp | 37,018 | 2,433 | |||||||
Wintrust Financial Corp. | 20,917 | 1,706 | |||||||
16,303 | |||||||||
Consumer Discretionary—11.9% | |||||||||
Aramark | 50,789 | 1,585 | |||||||
* | Boot Barn Holdings, Inc. | 10,916 | 638 | ||||||
* | Bright Horizons Family Solutions, Inc. | 10,454 | 603 | ||||||
* | Burlington Stores, Inc. | 11,712 | 1,310 | ||||||
* | Fox Factory Holding Corp. | 11,521 | 911 |
See accompanying Notes to Portfolio of Investments.
9 |
Small-Mid Cap Core Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Consumer Discretionary—(continued) | |||||||||
* | Grand Canyon Education, Inc. | 18,052 | $ | 1,485 | |||||
* | Leslie’s, Inc. | 76,048 | 1,119 | ||||||
* | National Vision Holdings, Inc. | 66,900 | 2,184 | ||||||
Pool Corp. | 5,015 | 1,596 | |||||||
* | Revolve Group, Inc. | 32,554 | 706 | ||||||
Signet Jewelers Ltd.† | 8,370 | 479 | |||||||
* | Skyline Champion Corp. | 23,798 | 1,258 | ||||||
Wyndham Hotels & Resorts, Inc. | 20,135 | 1,235 | |||||||
15,109 | |||||||||
Information Technology—9.9% | |||||||||
* | Alarm.com Holdings, Inc. | 16,972 | 1,101 | ||||||
* | Coupa Software, Inc. | 16,613 | 977 | ||||||
* | Dynatrace, Inc. | 30,866 | 1,074 | ||||||
Entegris, Inc. | 14,232 | 1,182 | |||||||
* | Euronet Worldwide, Inc. | 18,505 | 1,402 | ||||||
MKS Instruments, Inc. | 8,586 | 710 | |||||||
* | Nice Ltd.—ADR | 6,458 | 1,216 | ||||||
* | Pure Storage, Inc. | 25,663 | 702 | ||||||
* | SolarEdge Technologies, Inc. | 6,235 | 1,443 | ||||||
* | Verra Mobility Corp. | 145,159 | 2,231 | ||||||
* | Wolfspeed, Inc. | 5,713 | 590 | ||||||
12,628 | |||||||||
Energy—9.0% | |||||||||
Cameco Corp. | 110,034 | 2,917 | |||||||
* | Denbury, Inc. | 23,186 | 2,000 | ||||||
* | Green Plains, Inc. | 40,634 | 1,181 | ||||||
New Fortress Energy, Inc. | 34,233 | 1,496 | |||||||
* | TechnipFMC PLC† | 232,961 | 1,971 | ||||||
Whitecap Resources, Inc. | 282,199 | 1,795 | |||||||
11,360 | |||||||||
Real Estate—4.7% | |||||||||
Americold Realty Trust, Inc. | 58,283 | 1,434 | |||||||
Equity LifeStyle Properties, Inc. | 26,074 | 1,638 | |||||||
Healthcare Realty Trust, Inc. | 103,228 | 2,152 | |||||||
Pebblebrook Hotel Trust | 47,529 | 690 | |||||||
5,914 | |||||||||
Materials—4.6% | |||||||||
CF Industries Holdings, Inc. | 17,235 | 1,659 | |||||||
Crown Holdings, Inc. | 20,452 | 1,657 | |||||||
Eagle Materials, Inc. | 9,978 | 1,070 | |||||||
Sylvamo Corp. | 43,048 | 1,459 | |||||||
5,845 | |||||||||
Consumer Staples—2.6% | |||||||||
Inter Parfums, Inc. | 17,129 | 1,293 | |||||||
* | Performance Food Group Co. | 28,311 | 1,216 | ||||||
Primo Water Corp. | 66,786 | 838 | |||||||
3,347 |
See accompanying Notes to Portfolio of Investments.
10 |
Small-Mid Cap Core Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount |
Value | |||||||
Common Stocks—(continued) | |||||||||
Utilities—1.8% | |||||||||
IDACORP, Inc. | 23,416 | $ | 2,318 | ||||||
Communication Services—1.8% | |||||||||
Cable One, Inc. | 848 | 723 | |||||||
* | Live Nation Entertainment, Inc. | 8,796 | 669 | ||||||
* | ZipRecruiter, Inc. | 51,733 | 854 | ||||||
2,246 | |||||||||
Total Common Stocks—95.7% (cost $140,756) | 121,516 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $4,890, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $4,988 | $ | 4,890 | 4,890 | ||||||
Total Repurchase Agreement—3.8% (cost $4,890) | 4,890 | ||||||||
Total Investments—99.5% (cost $145,646) | 126,406 | ||||||||
Cash and other assets, less liabilities—0.5% | 583 | ||||||||
Net assets—100.0% | $ | 126,989 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
11 |
Small-Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Health Care—23.7% | |||||||||
* | ABIOMED, Inc. | 127,933 | $ | 31,428 | |||||
* | Acadia Healthcare Co., Inc. | 634,080 | 49,572 | ||||||
Azenta, Inc. | 335,659 | 14,386 | |||||||
* | Blueprint Medicines Corp. | 190,804 | 12,572 | ||||||
* | Certara, Inc. | 670,710 | 8,907 | ||||||
* | Charles River Laboratories International, Inc. | 106,137 | 20,888 | ||||||
Chemed Corp. | 97,884 | 42,732 | |||||||
Encompass Health Corp. | 717,400 | 32,448 | |||||||
* | Globus Medical, Inc. | 231,495 | 13,790 | ||||||
* | Halozyme Therapeutics, Inc. | 733,477 | 29,002 | ||||||
* | HealthEquity, Inc. | 595,808 | 40,021 | ||||||
* | Horizon Therapeutics PLC† | 364,206 | 22,541 | ||||||
* | Insmed, Inc. | 638,151 | 13,746 | ||||||
* | Inspire Medical Systems, Inc. | 110,742 | 19,642 | ||||||
* | Insulet Corp. | 105,346 | 24,166 | ||||||
* | Merit Medical Systems, Inc. | 593,932 | 33,563 | ||||||
* | Penumbra, Inc. | 170,563 | 32,339 | ||||||
* | Repligen Corp. | 99,600 | 18,636 | ||||||
* | Twist Bioscience Corp. | 359,673 | 12,675 | ||||||
473,054 | |||||||||
Industrials—21.1% | |||||||||
Advanced Drainage Systems, Inc. | 268,500 | 33,393 | |||||||
* | Axon Enterprise, Inc. | 371,548 | 43,007 | ||||||
Brink’s Co. | 702,316 | 34,020 | |||||||
* | Builders FirstSource, Inc. | 892,915 | 52,611 | ||||||
BWX Technologies, Inc. | 1,080,752 | 54,438 | |||||||
* | Casella Waste Systems, Inc. | 323,161 | 24,686 | ||||||
* | Chart Industries, Inc. | 219,044 | 40,381 | ||||||
HEICO Corp. | 213,256 | 24,443 | |||||||
Lincoln Electric Holdings, Inc. | 88,435 | 11,118 | |||||||
* | Mercury Systems, Inc. | 907,201 | 36,832 | ||||||
Ritchie Bros Auctioneers, Inc. | 337,803 | 21,106 | |||||||
* | Shoals Technologies Group, Inc. | 935,068 | 20,151 | ||||||
* | Trex Co., Inc. | 562,721 | 24,726 | ||||||
420,912 | |||||||||
Information Technology—19.3% | |||||||||
* | Alarm.com Holdings, Inc. | 421,041 | 27,309 | ||||||
Cognex Corp. | 435,647 | 18,058 | |||||||
* | Coupa Software, Inc. | 185,309 | 10,896 | ||||||
* | Dynatrace, Inc. | 739,786 | 25,752 | ||||||
Entegris, Inc. | 311,476 | 25,859 | |||||||
* | Euronet Worldwide, Inc. | 446,280 | 33,810 | ||||||
* | Guidewire Software, Inc. | 317,055 | 19,524 | ||||||
MKS Instruments, Inc. | 170,365 | 14,079 | |||||||
National Instruments Corp. | 845,051 | 31,892 | |||||||
* | Nice Ltd.—ADR | 147,768 | 27,816 | ||||||
* | Novanta, Inc.† | 202,454 | 23,414 | ||||||
* | PagerDuty, Inc. | 788,709 | 18,196 | ||||||
* | Pure Storage, Inc. | 780,048 | 21,350 | ||||||
* | SolarEdge Technologies, Inc. | 183,541 | 42,482 | ||||||
* | Varonis Systems, Inc. | 957,332 | 25,388 |
See accompanying Notes to Portfolio of Investments.
12 |
Small-Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology—(continued) | |||||||||
* | Wolfspeed, Inc. | 199,913 | $ | 20,663 | |||||
386,488 | |||||||||
Consumer Discretionary—11.1% | |||||||||
* | Burlington Stores, Inc. | 122,461 | 13,702 | ||||||
* | Fox Factory Holding Corp. | 283,806 | 22,443 | ||||||
* | Leslie’s, Inc. | 1,993,874 | 29,330 | ||||||
* | National Vision Holdings, Inc. | 1,391,362 | 45,428 | ||||||
* | Planet Fitness, Inc. | 242,900 | 14,006 | ||||||
Pool Corp. | 113,100 | 35,990 | |||||||
* | Revolve Group, Inc. | 866,692 | 18,798 | ||||||
Wyndham Hotels & Resorts, Inc. | 672,745 | 41,273 | |||||||
220,970 | |||||||||
Energy—7.5% | |||||||||
Cameco Corp. | 1,510,762 | 40,050 | |||||||
* | Denbury, Inc. | 528,685 | 45,605 | ||||||
New Fortress Energy, Inc. | 521,412 | 22,791 | |||||||
* | TechnipFMC PLC† | 2,893,300 | 24,477 | ||||||
Whitecap Resources, Inc. | 2,541,000 | 16,161 | |||||||
149,084 | |||||||||
Materials—5.5% | |||||||||
CF Industries Holdings, Inc. | 291,031 | 28,012 | |||||||
Crown Holdings, Inc. | 575,487 | 46,631 | |||||||
Martin Marietta Materials, Inc. | 111,596 | 35,944 | |||||||
110,587 | |||||||||
Financials—4.6% | |||||||||
Ares Management Corp. | 490,540 | 30,389 | |||||||
Virtu Financial, Inc. | 1,529,836 | 31,775 | |||||||
Western Alliance Bancorp | 462,782 | 30,423 | |||||||
92,587 | |||||||||
Consumer Staples—2.3% | |||||||||
* | Celsius Holdings, Inc. | 125,158 | 11,349 | ||||||
* | Performance Food Group Co. | 812,695 | 34,905 | ||||||
46,254 | |||||||||
Communication Services—1.4% | |||||||||
Cable One, Inc. | 19,446 | 16,588 | |||||||
* | Live Nation Entertainment, Inc. | 155,760 | 11,844 | ||||||
28,432 | |||||||||
Real Estate—1.0% | |||||||||
FirstService Corp. | 166,068 | 19,764 | |||||||
Total Common Stocks—97.5% (cost $1,969,091) | 1,948,132 |
See accompanying Notes to Portfolio of Investments.
13 |
Small-Mid Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount |
Value | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $54,289, collateralized by U.S. Treasury Bond, 3.625%, due 04/15/28, valued at $55,371 | $ | 54,285 | $ | 54,285 | |||||
Total Repurchase Agreement—2.7% (cost $54,285) | 54,285 | ||||||||
Total Investments—100.2% (cost $2,023,376) | 2,002,417 | ||||||||
Liabilities, plus cash and other assets—(0.2)% | (3,658 | ) | |||||||
Net assets—100.0% | $ | 1,998,759 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
14 |
Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Health Care—23.7% | |||||||||
* | Acadia Healthcare Co., Inc. | 86,849 | $ | 6,790 | |||||
* | Allscripts Healthcare Solutions, Inc. | 192,883 | 2,938 | ||||||
* | Amicus Therapeutics, Inc. | 588,940 | 6,149 | ||||||
* | Axogen, Inc. | 411,654 | 4,907 | ||||||
Azenta, Inc. | 99,025 | 4,244 | |||||||
* | Blueprint Medicines Corp. | 46,230 | 3,046 | ||||||
* | Certara, Inc. | 307,793 | 4,088 | ||||||
* | Codexis, Inc. | 306,831 | 1,859 | ||||||
Encompass Health Corp. | 130,240 | 5,891 | |||||||
* | Globus Medical, Inc. | 107,880 | 6,426 | ||||||
* | Halozyme Therapeutics, Inc. | 151,690 | 5,998 | ||||||
* | HealthEquity, Inc. | 117,425 | 7,887 | ||||||
* | Insmed, Inc. | 144,140 | 3,105 | ||||||
* | Inspire Medical Systems, Inc. | 36,870 | 6,540 | ||||||
* | iRhythm Technologies, Inc. | 18,040 | 2,260 | ||||||
* | Ligand Pharmaceuticals, Inc. | 84,308 | 7,260 | ||||||
* | Merit Medical Systems, Inc. | 184,930 | 10,450 | ||||||
Owens & Minor, Inc. | 217,570 | 5,243 | |||||||
* | Penumbra, Inc. | 39,890 | 7,563 | ||||||
* | Pulmonx Corp. | 207,411 | 3,455 | ||||||
* | Treace Medical Concepts, Inc. | 159,850 | 3,528 | ||||||
* | Twist Bioscience Corp. | 73,186 | 2,579 | ||||||
* | Veracyte, Inc. | 156,220 | 2,593 | ||||||
* | Vericel Corp. | 136,890 | 3,176 | ||||||
117,975 | |||||||||
Industrials—20.9% | |||||||||
* | ACV Auctions, Inc. | 461,720 | 3,320 | ||||||
Albany International Corp. | 108,485 | 8,552 | |||||||
Brink’s Co. | 196,266 | 9,507 | |||||||
* | Builders FirstSource, Inc. | 61,340 | 3,614 | ||||||
BWX Technologies, Inc. | 246,879 | 12,435 | |||||||
* | Casella Waste Systems, Inc. | 145,040 | 11,080 | ||||||
Douglas Dynamics, Inc. | 178,923 | 5,013 | |||||||
* | Ducommun, Inc. | 155,412 | 6,164 | ||||||
* | Energy Recovery, Inc. | 391,926 | 8,521 | ||||||
* | Kornit Digital Ltd.† | 180,100 | 4,792 | ||||||
Lincoln Electric Holdings, Inc. | 53,180 | 6,686 | |||||||
Luxfer Holdings PLC† | 507,956 | 7,365 | |||||||
* | Mercury Systems, Inc. | 155,196 | 6,301 | ||||||
* | Montrose Environmental Group, Inc. | 182,238 | 6,132 | ||||||
* | Stem, Inc. | 339,436 | 4,528 | ||||||
104,010 | |||||||||
Information Technology—18.5% | |||||||||
* | Alarm.com Holdings, Inc. | 102,440 | 6,644 | ||||||
American Software, Inc. | 285,560 | 4,375 | |||||||
* | Coupa Software, Inc. | 81,290 | 4,780 | ||||||
* | Euronet Worldwide, Inc. | 63,150 | 4,784 | ||||||
* | Grid Dynamics Holdings, Inc. | 311,728 | 5,839 | ||||||
* | JFrog Ltd.† | 72,340 | 1,599 | ||||||
* | Novanta, Inc.† | 41,100 | 4,753 | ||||||
* | PagerDuty, Inc. | 171,330 | 3,953 | ||||||
* | PDF Solutions, Inc. | 235,517 | 5,777 |
See accompanying Notes to Portfolio of Investments.
15 |
Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
Power Integrations, Inc. | 40,790 | $ | 2,624 | ||||||
* | PROS Holdings, Inc. | 200,640 | 4,956 | ||||||
* | Pure Storage, Inc. | 193,366 | 5,292 | ||||||
* | SiTime Corp. | 19,275 | 1,518 | ||||||
* | Varonis Systems, Inc. | 200,250 | 5,311 | ||||||
* | Verra Mobility Corp. | 752,569 | 11,567 | ||||||
* | Vertex, Inc. | 372,523 | 5,092 | ||||||
* | WNS Holdings Ltd.—ADR | 110,292 | 9,026 | ||||||
* | Workiva, Inc. | 55,600 | 4,326 | ||||||
92,216 | |||||||||
Consumer Discretionary—11.2% | |||||||||
* | Boot Barn Holdings, Inc. | 74,214 | 4,339 | ||||||
Cheesecake Factory, Inc. | 253,220 | 7,414 | |||||||
* | Fox Factory Holding Corp. | 44,420 | 3,513 | ||||||
* | Grand Canyon Education, Inc. | 74,640 | 6,139 | ||||||
* | National Vision Holdings, Inc. | 361,398 | 11,800 | ||||||
* | Overstock.com, Inc. | 142,630 | 3,473 | ||||||
* | Revolve Group, Inc. | 106,187 | 2,303 | ||||||
* | Rush Street Interactive, Inc. | 415,190 | 1,528 | ||||||
Signet Jewelers Ltd.† | 34,469 | 1,971 | |||||||
* | Skyline Champion Corp. | 84,610 | 4,473 | ||||||
Wingstop, Inc. | 21,516 | 2,699 | |||||||
Winmark Corp. | 29,310 | 6,341 | |||||||
55,993 | |||||||||
Energy—8.9% | |||||||||
Cameco Corp. | 349,010 | 9,252 | |||||||
ChampionX Corp. | 204,880 | 4,010 | |||||||
* | Denbury, Inc. | 96,549 | 8,328 | ||||||
* | Green Plains, Inc. | 195,172 | 5,674 | ||||||
* | TechnipFMC PLC† | 1,298,150 | 10,982 | ||||||
Whitecap Resources, Inc. | 959,410 | 6,102 | |||||||
44,348 | |||||||||
Communication Services—3.6% | |||||||||
* | Gogo, Inc. | 343,270 | 4,160 | ||||||
* | QuinStreet, Inc. | 278,335 | 2,923 | ||||||
* | Ziff Davis, Inc. | 90,083 | 6,169 | ||||||
* | ZipRecruiter, Inc. | 295,830 | 4,881 | ||||||
18,133 | |||||||||
Consumer Staples—3.6% | |||||||||
* | Beauty Health Co. | 315,500 | 3,720 | ||||||
* | Celsius Holdings, Inc. | 27,893 | 2,529 | ||||||
* | Performance Food Group Co. | 169,220 | 7,268 | ||||||
* | Vital Farms, Inc. | 360,190 | 4,312 | ||||||
17,829 | |||||||||
Real Estate—2.5% | |||||||||
Colliers International Group, Inc. | 55,088 | 5,049 | |||||||
FirstService Corp. | 63,007 | 7,499 | |||||||
12,548 |
See accompanying Notes to Portfolio of Investments.
16 |
Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount |
Value | |||||||
Common Stocks—(continued) | |||||||||
Financials—1.9% | |||||||||
PacWest Bancorp | 190,980 | $ | 4,316 | ||||||
Wintrust Financial Corp. | 64,970 | 5,298 | |||||||
9,614 | |||||||||
Materials—1.9% | |||||||||
Ardagh Metal Packaging SA† | 733,380 | 3,549 | |||||||
* | Century Aluminum Co. | 244,460 | 1,291 | ||||||
Orion Engineered Carbons SA† | 339,097 | 4,527 | |||||||
9,367 | |||||||||
Total Common Stocks—96.7% (cost $492,989) | 482,033 | ||||||||
Exchange-Traded Funds | |||||||||
Exchange-Traded Fund—1.0% | |||||||||
iShares Russell 2000 Growth ETF | 23,690 | 4,894 | |||||||
Total Exchange-Traded Fund—1.0% (cost $5,422) | 4,894 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $22,852, collateralized by U.S. Treasury Bond, 1.750% - 3.625%, due 01/15/28 - 04/15/28, valued at $23,308 | $ | 22,850 | 22,850 | ||||||
Total Repurchase Agreement—4.6% (cost $22,850) | 22,850 | ||||||||
Total Investments—102.3% (cost $521,261) | 509,777 | ||||||||
Liabilities, plus cash and other assets—(2.3)% | (11,519 | ) | |||||||
Net assets—100.0% | $ | 498,258 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
17 |
Small Cap Value Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Financials—23.0% | |||||||||
Ameris Bancorp | 327,050 | $ | 14,622 | ||||||
Argo Group International Holdings Ltd.† | 331,756 | 6,390 | |||||||
Atlantic Union Bankshares Corp. | 383,838 | 11,661 | |||||||
Banc of California, Inc. | 750,003 | 11,978 | |||||||
Berkshire Hills Bancorp, Inc. | 495,373 | 13,524 | |||||||
Brightsphere Investment Group, Inc. | 497,174 | 7,413 | |||||||
Compass Diversified Holdings | 599,130 | 10,820 | |||||||
ConnectOne Bancorp, Inc. | 431,846 | 9,958 | |||||||
Dime Community Bancshares, Inc. | 433,424 | 12,691 | |||||||
Eastern Bankshares, Inc. | 771,946 | 15,161 | |||||||
Enterprise Financial Services Corp. | 289,299 | 12,741 | |||||||
First Bancorp | 320,995 | 11,742 | |||||||
First Merchants Corp. | 341,948 | 13,227 | |||||||
MGIC Investment Corp. | 971,932 | 12,460 | |||||||
Old National Bancorp | 862,021 | 14,197 | |||||||
Pacific Premier Bancorp, Inc. | 348,176 | 10,779 | |||||||
* | PRA Group, Inc. | 399,043 | 13,113 | ||||||
Seacoast Banking Corp. of Florida | 390,206 | 11,796 | |||||||
Simmons First National Corp. | 537,598 | 11,714 | |||||||
* | Texas Capital Bancshares, Inc. | 261,666 | 15,446 | ||||||
Veritex Holdings, Inc. | 346,264 | 9,207 | |||||||
Washington Federal, Inc. | 387,365 | 11,613 | |||||||
262,253 | |||||||||
Industrials—19.0% | |||||||||
ABM Industries, Inc. | 339,228 | 12,969 | |||||||
Albany International Corp. | 178,107 | 14,040 | |||||||
Armstrong World Industries, Inc. | 160,545 | 12,720 | |||||||
Astec Industries, Inc. | 124,512 | 3,884 | |||||||
Brady Corp. | 282,820 | 11,802 | |||||||
* | CBIZ, Inc. | 336,221 | 14,384 | ||||||
Deluxe Corp. | 480,735 | 8,004 | |||||||
Federal Signal Corp. | 303,760 | 11,336 | |||||||
GrafTech International Ltd. | 1,267,468 | 5,463 | |||||||
Granite Construction, Inc. | 430,333 | 10,926 | |||||||
* | Great Lakes Dredge & Dock Corp. | 1,010,685 | 7,661 | ||||||
* | Harsco Corp. | 631,484 | 2,362 | ||||||
Hillenbrand, Inc. | 310,917 | 11,417 | |||||||
* | Hub Group, Inc. | 171,824 | 11,852 | ||||||
* | KAR Auction Services, Inc. | 606,395 | 6,773 | ||||||
Marten Transport Ltd. | 623,709 | 11,950 | |||||||
MillerKnoll, Inc. | 463,962 | 7,238 | |||||||
Mueller Water Products, Inc. | 601,464 | 6,177 | |||||||
* | PGT Innovations, Inc. | 589,495 | 12,356 | ||||||
* | SP Plus Corp. | 317,981 | 9,959 | ||||||
Terex Corp. | 393,575 | 11,705 | |||||||
Werner Enterprises, Inc. | 307,436 | 11,560 | |||||||
216,538 | |||||||||
Information Technology—13.3% | |||||||||
Advanced Energy Industries, Inc. | 118,552 | 9,177 | |||||||
AudioCodes Ltd.† | 520,787 | 11,358 | |||||||
Belden, Inc. | 315,106 | 18,913 | |||||||
* | Cognyte Software Ltd.† | 1,142,075 | 4,614 |
See accompanying Notes to Portfolio of Investments.
18 |
Small Cap Value Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Information Technology — (continued) | |||||||||
* | Conduent, Inc. | 2,382,667 | $ | 7,958 | |||||
CSG Systems International, Inc. | 205,230 | 10,853 | |||||||
* | Knowles Corp. | 819,030 | 9,968 | ||||||
Kulicke & Soffa Industries, Inc. | 294,274 | 11,338 | |||||||
Maximus, Inc. | 181,170 | 10,484 | |||||||
Methode Electronics, Inc. | 376,698 | 13,994 | |||||||
* | NetScout Systems, Inc. | 464,621 | 14,552 | ||||||
* | Plexus Corp. | 171,424 | 15,010 | ||||||
Progress Software Corp. | 332,693 | 14,156 | |||||||
152,375 | |||||||||
Consumer Discretionary—12.8% | |||||||||
* | Adient PLC† | 313,006 | 8,686 | ||||||
Bloomin’ Brands, Inc. | 653,663 | 11,982 | |||||||
Carter’s, Inc. | 163,655 | 10,724 | |||||||
Cracker Barrel Old Country Store, Inc. | 90,427 | 8,372 | |||||||
Designer Brands, Inc. | 773,292 | 11,839 | |||||||
* | El Pollo Loco Holdings, Inc. | 585,661 | 5,224 | ||||||
La-Z-Boy, Inc. | 502,187 | 11,334 | |||||||
Oxford Industries, Inc. | 113,528 | 10,193 | |||||||
Standard Motor Products, Inc. | 388,841 | 12,637 | |||||||
Steven Madden Ltd. | 324,439 | 8,653 | |||||||
* | Taylor Morrison Home Corp. | 437,330 | 10,199 | ||||||
* | Tri Pointe Homes, Inc. | 567,051 | 8,568 | ||||||
* | Universal Electronics, Inc. | 220,146 | 4,330 | ||||||
* | Urban Outfitters, Inc. | 631,822 | 12,415 | ||||||
Winnebago Industries, Inc. | 205,518 | 10,936 | |||||||
146,092 | |||||||||
Real Estate—7.8% | |||||||||
Brandywine Realty Trust | 663,679 | 4,480 | |||||||
CareTrust REIT, Inc. | 508,350 | 9,206 | |||||||
Empire State Realty Trust, Inc. | 1,368,789 | 8,979 | |||||||
Four Corners Property Trust, Inc. | 456,964 | 11,054 | |||||||
Kite Realty Group Trust | 807,553 | 13,906 | |||||||
Pebblebrook Hotel Trust | 599,084 | 8,693 | |||||||
Sunstone Hotel Investors, Inc. | 994,330 | 9,367 | |||||||
UMH Properties, Inc. | 722,705 | 11,672 | |||||||
Washington Real Estate Investment Trust | 648,204 | 11,382 | |||||||
88,739 | |||||||||
Health Care—6.5% | |||||||||
* | ANI Pharmaceuticals, Inc. | 202,789 | 6,518 | ||||||
* | Hanger, Inc. | 515,979 | 9,659 | ||||||
* | Integer Holdings Corp. | 171,966 | 10,702 | ||||||
* | Lantheus Holdings, Inc. | 216,951 | 15,258 | ||||||
* | ModivCare, Inc. | 106,653 | 10,631 | ||||||
* | NextGen Healthcare, Inc. | 591,843 | 10,476 | ||||||
* | NuVasive, Inc. | 47,887 | 2,098 | ||||||
Owens & Minor, Inc. | 366,118 | 8,823 | |||||||
74,165 | |||||||||
Materials—5.7% | |||||||||
Greif, Inc. | 188,579 | 11,233 |
See accompanying Notes to Portfolio of Investments.
19 |
Small Cap Value Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Materials — (continued) | |||||||||
Kaiser Aluminum Corp. | 175,712 | $ | 10,780 | ||||||
Materion Corp. | 185,013 | 14,801 | |||||||
Minerals Technologies, Inc. | 179,067 | 8,848 | |||||||
Myers Industries, Inc. | 542,768 | 8,939 | |||||||
Orion Engineered Carbons SA† | 802,448 | 10,713 | |||||||
65,314 | |||||||||
Energy—5.0% | |||||||||
* | Dril-Quip, Inc. | 408,000 | 7,964 | ||||||
* | Earthstone Energy, Inc. | 559,718 | 6,896 | ||||||
* | Expro Group Holdings NV† | 852,648 | 10,863 | ||||||
Matador Resources Co. | 348,649 | 17,056 | |||||||
SM Energy Co. | 389,835 | 14,661 | |||||||
57,440 | |||||||||
Consumer Staples—3.6% | |||||||||
* | Central Garden & Pet Co. | 255,734 | 8,736 | ||||||
Edgewell Personal Care Co. | 251,975 | 9,424 | |||||||
Spectrum Brands Holdings, Inc. | 112,268 | 4,382 | |||||||
* | Sprouts Farmers Market, Inc. | 219,266 | 6,084 | ||||||
* | TreeHouse Foods, Inc. | 304,689 | 12,925 | ||||||
41,551 | |||||||||
Utilities—1.9% | |||||||||
NorthWestern Corp. | 228,352 | 11,253 | |||||||
Spire, Inc. | 170,561 | 10,631 | |||||||
21,884 | |||||||||
Communication Services—1.0% | |||||||||
John Wiley & Sons, Inc. | 298,627 | 11,217 | |||||||
Total Common Stocks—99.6% (cost $1,248,137) |
| 1,137,568 | |||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $3,954, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $4,033 | $ | 3,953 | 3,953 | ||||||
Total Repurchase Agreement—0.3% (cost $3,953) |
| 3,953 | |||||||
Total Investments—99.9% (cost $1,252,090) |
| 1,141,521 | |||||||
Cash and other assets, less liabilities—0.1% | 600 | ||||||||
Net assets—100.0% | $ | 1,142,121 |
REIT = Real Estate Investment Trust
† = U.S. listed foreign security
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
20 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Western Hemisphere—54.4% | |||||||||
Canada—1.5% | |||||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 4,502 | $ | 1,258 | |||||
United States—52.9% | |||||||||
* | Align Technology, Inc. (Health care equipment & supplies) | 3,248 | 673 | ||||||
* | Alphabet, Inc. Class “A” (Interactive Media & Services) | 28,716 | 2,747 | ||||||
* | Amazon.com, Inc. (Internet & direct marketing retail) | 22,191 | 2,508 | ||||||
* | Autodesk, Inc. (Software) | 6,416 | 1,199 | ||||||
BlackRock, Inc. (Capital markets) | 2,076 | 1,142 | |||||||
* | Charles River Laboratories International, Inc. (Life sciences tools & services) | 6,080 | 1,197 | ||||||
* | CoStar Group, Inc. (Professional services) | 18,113 | 1,262 | ||||||
* | Edwards Lifesciences Corp. (Health care equipment & supplies) | 13,803 | 1,141 | ||||||
* | Enphase Energy, Inc. (Semiconductors & semiconductor equipment) | 2,334 | 648 | ||||||
Estee Lauder Cos., Inc. Class “A” (Personal products) | 5,361 | 1,157 | |||||||
Fidelity National Information Services, Inc. (IT services) | 6,845 | 517 | |||||||
* | IDEXX Laboratories, Inc. (Health care equipment & supplies) | 2,862 | 932 | ||||||
Intercontinental Exchange, Inc. (Capital markets) | 13,397 | 1,210 | |||||||
* | Intuitive Surgical, Inc. (Health care equipment & supplies) | 4,457 | 835 | ||||||
Mastercard, Inc. Class “A” (IT services) | 9,343 | 2,657 | |||||||
* | Meta Platforms, Inc. Class “A” (Interactive Media & Services) | 9,060 | 1,229 | ||||||
Microsoft Corp. (Software) | 13,246 | 3,085 | |||||||
NextEra Energy, Inc. (Electric utilities) | 17,410 | 1,365 | |||||||
NIKE, Inc. Class “B” (Textiles, apparel & luxury goods) | 12,831 | 1,067 | |||||||
* | PayPal Holdings, Inc. (IT services) | 12,468 | 1,073 | ||||||
Prologis, Inc. (Equity REIT) | 5,746 | 584 | |||||||
Roper Technologies, Inc. (Software) | 3,080 | 1,108 | |||||||
* | Salesforce, Inc. (Software) | 12,619 | 1,815 | ||||||
* | SVB Financial Group (Banks) | 2,026 | 680 | ||||||
* | Synopsys, Inc. (Software) | 4,389 | 1,341 | ||||||
Thermo Fisher Scientific, Inc. (Life sciences tools & services) | 3,496 | 1,773 | |||||||
* | Ulta Beauty, Inc. (Specialty retail) | 5,024 | 2,016 | ||||||
Union Pacific Corp. (Road & rail) | 8,800 | 1,714 | |||||||
UnitedHealth Group, Inc. (Health care providers & services) | 4,380 | 2,212 | |||||||
* | Veeva Systems, Inc. Class “A” (Health care technology) | 2,720 | 448 | ||||||
Watsco, Inc. (Trading companies & distributors) | 3,623 | 933 | |||||||
* | Workday, Inc. Class “A” (Software) | 10,074 | 1,533 | ||||||
Zoetis, Inc. (Pharmaceuticals) | 7,993 | 1,185 | |||||||
44,986 | |||||||||
Europe—22.7% | |||||||||
Denmark—3.5% | |||||||||
DSV AS (Air freight & logistics) | 8,992 | 1,053 | |||||||
Novo Nordisk AS Class “B” (Pharmaceuticals) | 19,105 | 1,903 | |||||||
2,956 | |||||||||
France—4.6% | |||||||||
Airbus SE (Aerospace & defense) | 27,092 | 2,335 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 2,689 | 1,586 | |||||||
3,921 | |||||||||
Germany—3.2% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 58,929 | 1,289 |
See accompanying Notes to Portfolio of Investments.
21 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Germany — (continued) | |||||||||
MTU Aero Engines AG (Aerospace & defense) | 9,399 | $ | 1,405 | ||||||
2,694 | |||||||||
Ireland—0.8% | |||||||||
* | Ryanair Holdings PLC—ADR (Airlines) | 12,511 | 731 | ||||||
Netherlands—1.4% | |||||||||
* | Adyen NV (IT services) | 946 | 1,180 | ||||||
Sweden—5.3% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 145,388 | 1,351 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 10,930 | 864 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 176,817 | 1,651 | |||||||
Indutrade AB (Machinery) | 37,628 | 611 | |||||||
4,477 | |||||||||
Switzerland—3.9% | |||||||||
Lonza Group AG (Life sciences tools & services) | 2,519 | 1,226 | |||||||
Partners Group Holding AG (Capital markets) | 1,278 | 1,029 | |||||||
Zurich Insurance Group AG (Insurance) | 2,674 | 1,066 | |||||||
3,321 | |||||||||
United Kingdom—6.8% | |||||||||
Compass Group PLC (Hotels, restaurants & leisure) | 116,317 | 2,316 | |||||||
Experian PLC (Professional services) | 37,283 | 1,092 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 14,052 | 316 | |||||||
Linde PLC (Chemicals)† | 4,084 | 1,101 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 174,013 | 922 | |||||||
5,747 | |||||||||
Asia—5.5% | |||||||||
Australia—3.9% | |||||||||
Aristocrat Leisure Ltd. (Hotels, restaurants & leisure) | 60,723 | 1,280 | |||||||
* | Atlassian Corp. PLC Class “A” (Software)† | 4,701 | 990 | ||||||
CSL Ltd. (Biotechnology) | 5,761 | 1,048 | |||||||
3,318 | |||||||||
Hong Kong—1.5% | |||||||||
AIA Group Ltd. (Insurance) | 152,000 | 1,266 | |||||||
New Zealand—0.1% | |||||||||
Fisher & Paykel Healthcare Corp. Ltd. (Health care equipment & supplies) | 10,663 | 110 | |||||||
Emerging Asia—5.5% | |||||||||
India—3.5% | |||||||||
HDFC Bank Ltd.—ADR (Banks) | 25,297 | 1,478 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 51,772 | 1,501 | |||||||
2,979 |
See accompanying Notes to Portfolio of Investments.
22 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Taiwan—2.0% | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 24,152 | $ | 1,656 | ||||||
Japan—3.2% | |||||||||
Daikin Industries Ltd. (Building products) | 7,200 | 1,108 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 3,100 | 1,025 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 52,100 | 596 | |||||||
2,729 | |||||||||
Emerging Latin America—1.8% | |||||||||
Argentina—1.1% | |||||||||
* | Globant SA (IT services)† | 5,167 | 967 | ||||||
Brazil—0.7% | |||||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 718 | 595 | ||||||
Total Common Stocks—99.9% (cost $67,904) | 84,891 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $568, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $580 | $ | 568 | 568 | ||||||
Total Repurchase Agreement—0.7% (cost $568) | 568 | ||||||||
Total Investments—100.6% (cost $68,472) | 85,459 | ||||||||
Liabilities, plus cash and other assets—(0.6)% | (518 | ) | |||||||
Net assets—100.0% | $ | 84,941 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
23 |
Global Leaders Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Information Technology | 28.2 | % | ||
Industrials | 17.8 | % | ||
Health Care | 17.3 | % | ||
Consumer Discretionary | 15.9 | % | ||
Financials | 9.3 | % | ||
Communication Services | 4.7 | % | ||
Energy | 1.8 | % | ||
Utilities | 1.6 | % | ||
Consumer Staples | 1.4 | % | ||
Materials | 1.3 | % | ||
Real Estate | 0.7 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 63.3 | % | ||
Euro | 9.2 | % | ||
British Pound Sterling | 5.5 | % | ||
Swedish Krona | 5.3 | % | ||
Swiss Franc | 3.9 | % | ||
Danish Krone | 3.5 | % | ||
Japanese Yen | 3.2 | % | ||
Australian Dollar | 2.7 | % | ||
Indian Rupee | 1.8 | % | ||
Hong Kong Dollar | 1.5 | % | ||
All Other Currencies | 0.1 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
24 |
International Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe—44.7% | |||||||||
Belgium—1.3% | |||||||||
KBC Group NV (Banks) | 241,615 | $ | 11,466 | ||||||
Denmark—5.5% | |||||||||
Coloplast AS Class “B” (Health care equipment & supplies) | 78,658 | 7,993 | |||||||
DSV AS (Air freight & logistics) | 88,212 | 10,334 | |||||||
Novo Nordisk AS Class “B” (Pharmaceuticals) | 198,287 | 19,753 | |||||||
Orsted AS (Electric utilities) | 133,835 | 10,667 | |||||||
48,747 | |||||||||
Finland—1.5% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 308,226 | 13,435 | |||||||
France—12.5% | |||||||||
Airbus SE (Aerospace & defense) | 201,810 | 17,396 | |||||||
Dassault Systemes SE (Software) | 195,563 | 6,752 | |||||||
L’Oreal SA (Personal products) | 36,998 | 11,830 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 38,931 | 22,953 | |||||||
Safran SA (Aerospace & defense) | 127,228 | 11,576 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 36,759 | 11,275 | |||||||
Teleperformance (Professional services) | 27,816 | 7,057 | |||||||
Vinci SA (Construction & engineering) | 278,479 | 22,518 | |||||||
111,357 | |||||||||
Germany—1.8% | |||||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 526,612 | 11,525 | |||||||
Rational AG (Machinery) | 8,724 | 4,225 | |||||||
15,750 | |||||||||
Ireland—3.0% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 106,964 | 19,658 | ||||||
Kingspan Group PLC (Building products) | 85,390 | 3,847 | |||||||
* | Ryanair Holdings PLC—ADR (Airlines) | 56,789 | 3,318 | ||||||
26,823 | |||||||||
Luxembourg—2.2% | |||||||||
Tenaris SA (Energy equipment & services) | 1,507,238 | 19,502 | |||||||
Netherlands—2.6% | |||||||||
* | Adyen NV (IT services) | 10,407 | 12,979 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 24,778 | 10,265 | |||||||
23,244 | |||||||||
Norway—0.5% | |||||||||
TOMRA Systems ASA (Commercial services & supplies) | 282,986 | 4,993 | |||||||
Spain—2.4% | |||||||||
* | Amadeus IT Group SA (IT services) | 469,297 | 21,758 | ||||||
Sweden—4.0% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 1,174,055 | 10,912 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 79,247 | 6,264 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 1,581,911 | 14,774 |
See accompanying Notes to Portfolio of Investments.
25 |
International Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe—(continued) | |||||||||
Sweden — (continued) | |||||||||
Indutrade AB (Machinery) | 246,515 | $ | 3,998 | ||||||
35,948 | |||||||||
Switzerland—7.4% | |||||||||
Lonza Group AG (Life sciences tools & services) | 31,066 | 15,126 | |||||||
Partners Group Holding AG (Capital markets) | 12,624 | 10,159 | |||||||
Sika AG (Chemicals) | 46,821 | 9,411 | |||||||
Straumann Holding AG (Health care equipment & supplies) | 107,357 | 9,819 | |||||||
Zurich Insurance Group AG (Insurance) | 54,713 | 21,811 | |||||||
66,326 | |||||||||
United Kingdom—19.8% | |||||||||
Ashtead Group PLC (Trading companies & distributors) | 252,683 | 11,348 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 224,628 | 24,693 | |||||||
Bunzl PLC (Trading companies & distributors) | 664,445 | 20,301 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 1,274,864 | 25,386 | |||||||
Diageo PLC (Beverages) | 433,317 | 18,240 | |||||||
Experian PLC (Professional services) | 460,875 | 13,491 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 211,283 | 4,752 | |||||||
Linde PLC (Chemicals)† | 54,886 | 14,797 | |||||||
London Stock Exchange Group PLC (Capital markets) | 192,104 | 16,223 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 2,679,521 | 14,203 | |||||||
Segro PLC (Equity REIT) | 771,644 | 6,438 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 56,885 | 6,539 | |||||||
176,411 | |||||||||
Canada—10.6% | |||||||||
Canadian Pacific Railway Ltd. (Road & rail) | 406,472 | 27,120 | |||||||
Dollarama, Inc. (Multiline retail) | 330,157 | 18,954 | |||||||
Intact Financial Corp. (Insurance) | 115,567 | 16,355 | |||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 50,197 | 14,033 | ||||||
Toronto-Dominion Bank (Banks) | 296,395 | 18,178 | |||||||
94,640 | |||||||||
Emerging Asia—9.5% | |||||||||
China—1.2% | |||||||||
Contemporary Amperex Technology Co. Ltd. Class “A” (Electrical equipment) | 94,400 | 5,315 | |||||||
Shenzhen Inovance Technology Co. Ltd. Class “A” (Machinery) | 705,980 | 5,710 | |||||||
11,025 | |||||||||
India—6.5% | |||||||||
Housing Development Finance Corp. Ltd. (Diversified financial services) | 531,883 | 14,845 | |||||||
Infosys Ltd. (IT services) | 781,479 | 13,400 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 1,029,192 | 29,849 | |||||||
58,094 | |||||||||
Taiwan—1.8% | |||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 1,197,000 | 15,867 |
See accompanying Notes to Portfolio of Investments.
26 |
International Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Asia—6.8% | |||||||||
Australia—5.6% | |||||||||
Aristocrat Leisure Ltd. (Hotels, restaurants & leisure) | 1,220,539 | $ | 25,737 | ||||||
* | Atlassian Corp. PLC Class “A” (Software)† | 49,942 | 10,517 | ||||||
CSL Ltd. (Biotechnology) | 74,859 | 13,615 | |||||||
49,869 | |||||||||
Hong Kong—1.2% | |||||||||
AIA Group Ltd. (Insurance) | 1,317,600 | 10,970 | |||||||
Japan—4.8% | |||||||||
Asahi Intecc Co. Ltd. (Health care equipment & supplies) | 255,600 | 4,076 | |||||||
Daikin Industries Ltd. (Building products) | 69,100 | 10,632 | |||||||
Hoya Corp. (Health care equipment & supplies) | 119,700 | 11,534 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 49,500 | 16,363 | |||||||
42,605 | |||||||||
Emerging Latin America—2.3% | |||||||||
Argentina—0.6% | |||||||||
* | Globant SA (IT services)† | 28,149 | 5,266 | ||||||
Brazil—1.7% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 2,926,500 | 7,080 | |||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 10,056 | 8,324 | ||||||
15,404 | |||||||||
Total Common Stocks—98.5% (cost $937,773) | 879,500 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $25,740, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $26,253 | $ | 25,738 | 25,738 | ||||||
Total Repurchase Agreement—2.9% (cost $25,738) | 25,738 | ||||||||
Total Investments—101.4% (cost $963,511) | 905,238 | ||||||||
Liabilities, plus cash and other assets—(1.4)% | (12,697 | ) | |||||||
Net assets—100.0% | $ | 892,541 |
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.
27 |
International Leaders Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 24.5 | % | ||
Information Technology | 16.4 | % | ||
Health Care | 15.6 | % | ||
Financials | 14.5 | % | ||
Consumer Discretionary | 13.8 | % | ||
Energy | 7.1 | % | ||
Consumer Staples | 3.4 | % | ||
Materials | 2.8 | % | ||
Utilities | 1.2 | % | ||
Real Estate | 0.7 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 25.1 | % | ||
British Pound Sterling | 18.4 | % | ||
U.S. Dollar | 11.7 | % | ||
Swiss Franc | 7.5 | % | ||
Indian Rupee | 6.6 | % | ||
Canadian Dollar | 6.1 | % | ||
Danish Krone | 5.5 | % | ||
Japanese Yen | 4.8 | % | ||
Australian Dollar | 4.5 | % | ||
Swedish Krona | 4.1 | % | ||
New Taiwan Dollar | 1.8 | % | ||
Chinese Yuan Renminbi | 1.3 | % | ||
Hong Kong Dollar | 1.2 | % | ||
All Other Currencies | 1.4 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
28 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—39.9% | |||||||||
Belgium—1.2% | |||||||||
KBC Group NV (Banks) | 301,835 | $ | 14,323 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 92,400 | 2,270 | |||||||
16,593 | |||||||||
Denmark—4.3% | |||||||||
Chr Hansen Holding AS (Chemicals) | 30,845 | 1,519 | |||||||
Coloplast AS Class “B” (Health care equipment & supplies) | 52,535 | 5,339 | |||||||
DSV AS (Air freight & logistics) | 102,655 | 12,026 | |||||||
* | Genmab AS (Biotechnology) | 27,667 | 8,901 | ||||||
Novo Nordisk AS Class “B” (Pharmaceuticals) | 213,566 | 21,275 | |||||||
Orsted AS (Electric utilities) | 75,852 | 6,045 | |||||||
Royal Unibrew AS (Beverages) | 52,493 | 3,401 | |||||||
58,506 | |||||||||
Finland—1.0% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 316,817 | 13,810 | |||||||
France—11.5% | |||||||||
Airbus SE (Aerospace & defense) | 182,622 | 15,742 | |||||||
Capgemini SE (IT services) | 74,375 | 11,907 | |||||||
Dassault Systemes SE (Software) | 300,303 | 10,368 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 7,251 | 8,528 | |||||||
L’Oreal SA (Personal products) | 48,523 | 15,515 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 28,481 | 16,792 | |||||||
Safran SA (Aerospace & defense) | 146,270 | 13,309 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 27,717 | 8,502 | |||||||
Teleperformance (Professional services) | 40,262 | 10,214 | |||||||
Thales SA (Aerospace & defense) | 191,509 | 21,103 | |||||||
Vinci SA (Construction & engineering) | 294,107 | 23,782 | |||||||
155,762 | |||||||||
Germany—2.6% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 36,875 | 3,830 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 105,696 | 4,349 | ||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 489,181 | 10,705 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 87,995 | 13,151 | |||||||
Nemetschek SE (Software) | 44,444 | 2,110 | |||||||
Puma SE (Textiles, apparel & luxury goods) | 25,198 | 1,166 | |||||||
35,311 | |||||||||
Ireland—2.1% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 109,345 | 20,096 | ||||||
Kingspan Group PLC (Building products) | 137,501 | 6,195 | |||||||
* | Ryanair Holdings PLC—ADR (Airlines) | 36,532 | 2,134 | ||||||
28,425 | |||||||||
Israel—0.8% | |||||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 92,496 | 2,693 | ||||||
Mizrahi Tefahot Bank Ltd. (Banks) | 99,533 | 3,484 | |||||||
* | Nice Ltd.—ADR (Software) | 23,695 | 4,460 | ||||||
10,637 |
See accompanying Notes to Portfolio of Investments.
29 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Italy—1.1% | |||||||||
Amplifon SpA (Health care providers & services) | 113,005 | $ | 2,944 | ||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 66,440 | 3,213 | |||||||
FinecoBank Banca Fineco SpA (Banks) | 434,363 | 5,365 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 81,030 | 3,308 | |||||||
14,830 | |||||||||
Luxembourg—0.8% | |||||||||
Eurofins Scientific SE (Life sciences tools & services) | 18,297 | 1,086 | |||||||
Tenaris SA (Energy equipment & services) | 713,014 | 9,226 | |||||||
10,312 | |||||||||
Netherlands—2.5% | |||||||||
* | Adyen NV (IT services) | 6,671 | 8,320 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 37,366 | 15,480 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 40,296 | 1,725 | |||||||
Euronext NV (Capital markets) | 64,721 | 4,096 | |||||||
IMCD NV (Trading companies & distributors) | 35,378 | 4,194 | |||||||
33,815 | |||||||||
Norway—0.4% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 1,717,859 | 1,886 | ||||||
Gjensidige Forsikring ASA (Insurance) | 164,850 | 2,829 | |||||||
4,715 | |||||||||
Spain—1.9% | |||||||||
* | Amadeus IT Group SA (IT services) | 418,710 | 19,412 | ||||||
EDP Renovaveis SA (Independent power & renewable electricity producers) | 320,055 | 6,584 | |||||||
25,996 | |||||||||
Sweden—3.4% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 1,041,520 | 9,680 | |||||||
Beijer Ref AB (Trading companies & distributors) | 236,784 | 2,912 | |||||||
EQT AB (Capital markets) | 50,657 | 979 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 76,004 | 6,008 | |||||||
Hemnet Group AB (Interactive Media & Services) | 156,153 | 1,982 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 1,058,130 | 9,882 | |||||||
Indutrade AB (Machinery) | 226,336 | 3,671 | |||||||
Investment AB Latour Class “B” (Industrial conglomerates) | 150,771 | 2,495 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 259,732 | 3,603 | |||||||
Sweco AB Class “B” (Construction & engineering) | 198,192 | 1,662 | |||||||
Thule Group AB (Leisure products) | 88,255 | 1,757 | |||||||
Vitrolife AB (Biotechnology) | 76,862 | 1,089 | |||||||
45,720 | |||||||||
Switzerland—6.3% | |||||||||
Belimo Holding AG (Building products) | 8,533 | 3,138 | |||||||
Galenica AG (Health care providers & services) | 55,656 | 4,030 | |||||||
Lonza Group AG (Life sciences tools & services) | 30,117 | 14,664 | |||||||
Partners Group Holding AG (Capital markets) | 12,667 | 10,194 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 5,429 | 4,014 | ||||||
* | SIG Group AG (Containers & packaging) | 308,421 | 6,262 | ||||||
Sika AG (Chemicals) | 30,846 | 6,200 |
See accompanying Notes to Portfolio of Investments.
30 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Straumann Holding AG (Health care equipment & supplies) | 70,850 | $ | 6,480 | ||||||
Tecan Group AG (Life sciences tools & services) | 12,644 | 4,338 | |||||||
VAT Group AG (Machinery) | 10,658 | 2,163 | |||||||
Zurich Insurance Group AG (Insurance) | 60,394 | 24,076 | |||||||
85,559 | |||||||||
United Kingdom—14.8% | |||||||||
3i Group PLC (Capital markets) | 427,457 | 5,133 | |||||||
Ashtead Group PLC (Trading companies & distributors) | 206,492 | 9,274 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 180,984 | 19,895 | |||||||
AVEVA Group PLC (Software) | 68,188 | 2,353 | |||||||
Beazley PLC (Insurance) | 466,981 | 2,911 | |||||||
Big Yellow Group PLC (Equity REIT) | 229,691 | 2,718 | |||||||
Bunzl PLC (Trading companies & distributors) | 259,547 | 7,930 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 1,045,086 | 20,810 | |||||||
ConvaTec Group PLC (Health care equipment & supplies) | 2,855,570 | 6,489 | |||||||
Croda International PLC (Chemicals) | 75,892 | 5,421 | |||||||
CVS Group PLC (Health care providers & services) | 130,904 | 2,494 | |||||||
Diageo PLC (Beverages) | 409,099 | 17,220 | |||||||
Diploma PLC (Trading companies & distributors) | 114,733 | 2,948 | |||||||
Experian PLC (Professional services) | 326,983 | 9,572 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 145,665 | 2,752 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 300,515 | 6,759 | |||||||
Intermediate Capital Group PLC (Capital markets) | 330,778 | 3,568 | |||||||
Intertek Group PLC (Professional services) | 33,799 | 1,387 | |||||||
Linde PLC (Chemicals)† | 80,912 | 21,813 | |||||||
London Stock Exchange Group PLC (Capital markets) | 201,194 | 16,991 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 49,026 | 1,901 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 2,030,657 | 10,763 | |||||||
Rotork PLC (Machinery) | 1,875,529 | 4,867 | |||||||
Segro PLC (Equity REIT) | 701,432 | 5,853 | |||||||
Softcat PLC (IT services) | 167,354 | 2,198 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 54,044 | 6,213 | |||||||
200,233 | |||||||||
Emerging Asia—13.3% | |||||||||
China—2.2% | |||||||||
Chacha Food Co. Ltd. Class “A” (Food products) | 373,642 | 2,429 | |||||||
Contemporary Amperex Technology Co. Ltd. Class “A” (Electrical equipment) | 71,900 | 4,048 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. Class “A” (Food products) | 377,891 | 4,401 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 997,000 | 7,565 | |||||||
Proya Cosmetics Co. Ltd. Class “A” (Personal products) | 198,478 | 4,552 | |||||||
Shenzhen Inovance Technology Co. Ltd. Class “A” (Machinery) | 689,892 | 5,580 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 112,000 | 1,461 | |||||||
30,036 | |||||||||
India—7.3% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 55,718 | 2,975 | |||||||
Britannia Industries Ltd. (Food products) | 58,271 | 2,747 | |||||||
Crompton Greaves Consumer Electricals Ltd. (Household durables) | 687,782 | 3,468 | |||||||
Havells India Ltd. (Electrical equipment) | 263,792 | 4,341 |
See accompanying Notes to Portfolio of Investments.
31 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
HDFC Bank Ltd. (Banks) | 1,019,798 | $ | 17,677 | ||||||
Hindustan Unilever Ltd. (Personal products) | 198,301 | 6,548 | |||||||
Info Edge India Ltd. (Interactive Media & Services) | 56,614 | 2,663 | |||||||
Infosys Ltd. (IT services) | 639,393 | 10,963 | |||||||
* | InterGlobe Aviation Ltd. (Airlines) | 253,074 | 5,746 | ||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 403,965 | 2,010 | ||||||
Petronet LNG Ltd. (Oil, gas & consumable fuels) | 1,314,819 | 3,217 | |||||||
Pidilite Industries Ltd. (Chemicals) | 128,102 | 4,194 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 914,114 | 26,512 | |||||||
UPL Ltd. (Chemicals) | 368,414 | 3,027 | |||||||
Voltas Ltd. (Construction & engineering) | 284,616 | 3,160 | |||||||
99,248 | |||||||||
Indonesia—1.9% | |||||||||
Bank Central Asia Tbk PT (Banks) | 36,260,600 | 20,242 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 18,682,100 | 5,445 | |||||||
25,687 | |||||||||
South Korea—0.4% | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 13,941 | 5,244 | |||||||
Taiwan—1.5% | |||||||||
Airtac International Group (Machinery) | 116,713 | 2,670 | |||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 126,000 | 1,437 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 266,000 | 4,590 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 158,173 | 10,845 | |||||||
19,542 | |||||||||
Canada—10.2% | |||||||||
Canadian National Railway Co. (Road & rail) | 188,329 | 20,339 | |||||||
Canadian Pacific Railway Ltd. (Road & rail) | 260,999 | 17,414 | |||||||
CCL Industries, Inc. Class “B” (Containers & packaging) | 120,372 | 5,835 | |||||||
Dollarama, Inc. (Multiline retail) | 291,940 | 16,759 | |||||||
Intact Financial Corp. (Insurance) | 157,670 | 22,313 | |||||||
* | Kinaxis, Inc. (Software) | 38,081 | 3,779 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 36,733 | 10,269 | ||||||
Metro, Inc. (Food & staples retailing) | 287,416 | 14,392 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 171,030 | 3,665 | |||||||
Toromont Industries Ltd. (Trading companies & distributors) | 65,572 | 4,565 | |||||||
Toronto-Dominion Bank (Banks) | 310,447 | 19,040 | |||||||
138,370 | |||||||||
Japan—9.3% | |||||||||
Asahi Intecc Co. Ltd. (Health care equipment & supplies) | 228,500 | 3,644 | |||||||
BayCurrent Consulting, Inc. (Professional services) | 10,000 | 2,594 | |||||||
Benefit One, Inc. (Professional services) | 155,100 | 2,174 | |||||||
Daikin Industries Ltd. (Building products) | 104,700 | 16,110 | |||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 9,800 | 2,160 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 117,800 | 1,807 |
See accompanying Notes to Portfolio of Investments.
32 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
GMO Payment Gateway, Inc. (IT services) | 39,700 | $ | 2,722 | ||||||
Harmonic Drive Systems, Inc. (Machinery) | 65,700 | 2,036 | |||||||
Hoya Corp. (Health care equipment & supplies) | 109,200 | 10,522 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 166,300 | 2,176 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 33,900 | 11,206 | |||||||
M3, Inc. (Health care technology) | 165,100 | 4,610 | |||||||
MISUMI Group, Inc. (Machinery) | 168,100 | 3,620 | |||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 369,400 | 5,668 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 342,100 | 3,913 | |||||||
Olympus Corp. (Health care equipment & supplies) | 988,300 | 19,013 | |||||||
Rakus Co. Ltd. (Software) | 175,000 | 1,643 | |||||||
SCSK Corp. (IT services) | 189,600 | 2,870 | |||||||
* | SHIFT, Inc. (IT services) | 26,300 | 3,433 | ||||||
SMS Co. Ltd. (Professional services) | 80,200 | 1,620 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 205,600 | 4,380 | |||||||
TIS, Inc. (IT services) | 280,600 | 7,450 | |||||||
Tokio Marine Holdings, Inc. (Insurance) | 573,900 | 10,200 | |||||||
125,571 | |||||||||
Asia—5.3% | |||||||||
Australia—2.7% | |||||||||
Aristocrat Leisure Ltd. (Hotels, restaurants & leisure) | 314,588 | 6,634 | |||||||
* | Atlassian Corp. PLC Class “A” (Software)† | 31,670 | 6,669 | ||||||
CSL Ltd. (Biotechnology) | 93,698 | 17,040 | |||||||
Domino’s Pizza Enterprises Ltd. (Hotels, restaurants & leisure) | 62,151 | 2,048 | |||||||
Netwealth Group Ltd. (Capital markets) | 266,943 | 2,067 | |||||||
Pro Medicus Ltd. (Health care technology) | 88,045 | 2,811 | |||||||
37,269 | |||||||||
Hong Kong—1.2% | |||||||||
AIA Group Ltd. (Insurance) | 1,914,400 | 15,939 | |||||||
Singapore—1.4% | |||||||||
DBS Group Holdings Ltd. (Banks) | 809,500 | 18,727 | |||||||
Emerging Latin America—3.6% | |||||||||
Argentina—0.8% | |||||||||
* | Globant SA (IT services)† | 25,056 | 4,687 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 6,783 | 5,615 | ||||||
10,302 | |||||||||
Brazil—1.0% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 2,768,600 | 6,698 | |||||||
* | Locaweb Servicos de Internet SA (IT services) | 1,336,293 | 2,229 | ||||||
Raia Drogasil SA (Food & staples retailing) | 621,000 | 2,617 | |||||||
Rumo SA (Road & rail) | 756,600 | 2,592 | |||||||
14,136 | |||||||||
Mexico—1.5% | |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 27,968 | 5,487 | |||||||
Wal-Mart de Mexico SAB de CV (Food & staples retailing) | 4,050,800 | 14,226 | |||||||
19,713 |
See accompanying Notes to Portfolio of Investments.
33 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Peru—0.2% | |||||||||
Credicorp Ltd. (Banks)† | 22,854 | $ | 2,806 | ||||||
Uruguay—0.1% | |||||||||
* | Dlocal Ltd. (IT services)† | 81,465 | 1,672 | ||||||
Emerging Mid-East, Africa—0.6% | |||||||||
South Africa—0.2% | |||||||||
Bid Corp. Ltd. (Food & staples retailing) | 194,282 | 2,983 | |||||||
United Arab Emirates—0.4% | |||||||||
First Abu Dhabi Bank PJSC (Banks) | 967,639 | 4,694 | |||||||
Total Common Stocks—97.0% (cost $1,242,723) | 1,312,163 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $37,267, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $38,010 | $ | 37,264 | 37,264 | ||||||
Total Repurchase Agreement—2.7% (cost $37,264) | 37,264 | ||||||||
Total Investments—99.7% (cost $1,279,987) | 1,349,427 | ||||||||
Cash and other assets, less liabilities—0.3% | 3,878 | ||||||||
Net assets—100.0% | $ | 1,353,305 |
ADR = American Depository Receipt |
REIT = Real Estate Investment Trust |
* = Non-income producing security |
† = U.S. listed foreign security |
See accompanying Notes to Portfolio of Investments.
34 |
International Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 24.9 | % | ||
Financials | 17.9 | % | ||
Health Care | 15.3 | % | ||
Information Technology | 14.7 | % | ||
Consumer Discretionary | 9.0 | % | ||
Consumer Staples | 6.9 | % | ||
Energy | 4.3 | % | ||
Materials | 4.1 | % | ||
Communication Services | 1.1 | % | ||
Utilities | 1.0 | % | ||
Real Estate | 0.8 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 23.8 | % | ||
British Pound Sterling | 13.6 | % | ||
Japanese Yen | 9.6 | % | ||
U.S. Dollar | 8.9 | % | ||
Canadian Dollar | 8.4 | % | ||
Indian Rupee | 7.6 | % | ||
Swiss Franc | 6.5 | % | ||
Danish Krone | 4.5 | % | ||
Swedish Krona | 3.5 | % | ||
Australian Dollar | 2.3 | % | ||
Indonesian Rupiah | 1.9 | % | ||
Hong Kong Dollar | 1.8 | % | ||
Chinese Yuan Renminbi | 1.6 | % | ||
Singapore Dollar | 1.4 | % | ||
Mexican Peso | 1.1 | % | ||
Brazilian Real | 1.1 | % | ||
All Other Currencies | 2.4 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
35 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—39.9% | |||||||||
Belgium—1.2% | |||||||||
KBC Group NV (Banks) | 181,966 | $ | 8,635 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 55,705 | 1,368 | |||||||
10,003 | |||||||||
Denmark—4.3% | |||||||||
Chr Hansen Holding AS (Chemicals) | 18,408 | 907 | |||||||
Coloplast AS Class “B” (Health care equipment & supplies) | 31,671 | 3,219 | |||||||
DSV AS (Air freight & logistics) | 61,560 | 7,212 | |||||||
* | Genmab AS (Biotechnology) | 16,591 | 5,337 | ||||||
Novo Nordisk AS Class “B” (Pharmaceuticals) | 128,966 | 12,847 | |||||||
Orsted AS (Electric utilities) | 45,729 | 3,645 | |||||||
Royal Unibrew AS (Beverages) | 31,646 | 2,050 | |||||||
35,217 | |||||||||
Finland—1.0% | |||||||||
Neste Oyj (Oil, gas & consumable fuels) | 190,999 | 8,326 | |||||||
France—11.5% | |||||||||
Airbus SE (Aerospace & defense) | 109,515 | 9,440 | |||||||
Capgemini SE (IT services) | 44,838 | 7,179 | |||||||
Dassault Systemes SE (Software) | 180,086 | 6,217 | |||||||
Hermes International (Textiles, apparel & luxury goods) | 4,371 | 5,141 | |||||||
L’Oreal SA (Personal products) | 29,253 | 9,353 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, apparel & luxury goods) | 17,170 | 10,123 | |||||||
Safran SA (Aerospace & defense) | 88,181 | 8,024 | |||||||
Sartorius Stedim Biotech (Life sciences tools & services) | 16,562 | 5,080 | |||||||
Teleperformance (Professional services) | 24,273 | 6,158 | |||||||
Thales SA (Aerospace & defense) | 114,845 | 12,655 | |||||||
Vinci SA (Construction & engineering) | 176,371 | 14,262 | |||||||
93,632 | |||||||||
Germany—2.6% | |||||||||
Carl Zeiss Meditec AG (Health care equipment & supplies) | 22,231 | 2,309 | |||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 63,721 | 2,622 | ||||||
Infineon Technologies AG (Semiconductors & semiconductor equipment) | 294,911 | 6,454 | |||||||
MTU Aero Engines AG (Aerospace & defense) | 52,769 | 7,886 | |||||||
Nemetschek SE (Software) | 26,794 | 1,272 | |||||||
Puma SE (Textiles, apparel & luxury goods) | 15,038 | 696 | |||||||
21,239 | |||||||||
Ireland—2.1% | |||||||||
* | ICON PLC (Life sciences tools & services)† | 65,920 | 12,115 | ||||||
Kingspan Group PLC (Building products) | 82,219 | 3,704 | |||||||
* | Ryanair Holdings PLC—ADR (Airlines) | 21,802 | 1,274 | ||||||
17,093 | |||||||||
Israel—0.8% | |||||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 55,763 | 1,623 | ||||||
Mizrahi Tefahot Bank Ltd. (Banks) | 60,005 | 2,101 | |||||||
* | Nice Ltd.—ADR (Software) | 14,285 | 2,689 | ||||||
6,413 |
See accompanying Notes to Portfolio of Investments.
36 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Italy—1.1% | |||||||||
Amplifon SpA (Health care providers & services) | 68,127 | $ | 1,775 | ||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 40,054 | 1,937 | |||||||
FinecoBank Banca Fineco SpA (Banks) | 261,863 | 3,234 | |||||||
Moncler SpA (Textiles, apparel & luxury goods) | 48,850 | 1,994 | |||||||
8,940 | |||||||||
Luxembourg—0.8% | |||||||||
Eurofins Scientific SE (Life sciences tools & services) | 10,920 | 648 | |||||||
Tenaris SA (Energy equipment & services) | 429,852 | 5,562 | |||||||
6,210 | |||||||||
Netherlands—2.5% | |||||||||
* | Adyen NV (IT services) | 4,000 | 4,989 | ||||||
ASML Holding NV (Semiconductors & semiconductor equipment) | 22,408 | 9,283 | |||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 24,293 | 1,040 | |||||||
Euronext NV (Capital markets) | 39,018 | 2,469 | |||||||
IMCD NV (Trading companies & distributors) | 21,328 | 2,529 | |||||||
20,310 | |||||||||
Norway—0.4% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 1,037,362 | 1,139 | ||||||
Gjensidige Forsikring ASA (Insurance) | 98,607 | 1,692 | |||||||
2,831 | |||||||||
Spain—1.9% | |||||||||
* | Amadeus IT Group SA (IT services) | 252,426 | 11,703 | ||||||
EDP Renovaveis SA (Independent power & renewable electricity producers) | 192,950 | 3,969 | |||||||
15,672 | |||||||||
Sweden—3.4% | |||||||||
Atlas Copco AB Class “A” (Machinery) | 624,582 | 5,805 | |||||||
Beijer Ref AB (Trading companies & distributors) | 142,749 | 1,755 | |||||||
EQT AB (Capital markets) | 30,231 | 584 | |||||||
Evolution AB (Hotels, restaurants & leisure) | 45,820 | 3,622 | |||||||
Hemnet Group AB (Interactive Media & Services) | 94,140 | 1,195 | |||||||
Hexagon AB Class “B” (Electronic equipment, instruments & components) | 637,911 | 5,958 | |||||||
Indutrade AB (Machinery) | 136,450 | 2,213 | |||||||
Investment AB Latour Class “B” (Industrial conglomerates) | 90,894 | 1,504 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 156,584 | 2,172 | |||||||
Sweco AB Class “B” (Construction & engineering) | 119,483 | 1,002 | |||||||
Thule Group AB (Leisure products) | 53,206 | 1,059 | |||||||
Vitrolife AB (Biotechnology) | 46,338 | 657 | |||||||
27,526 | |||||||||
Switzerland—6.3% | |||||||||
Belimo Holding AG (Building products) | 5,048 | 1,856 | |||||||
Galenica AG (Health care providers & services) | 33,553 | 2,430 | |||||||
Lonza Group AG (Life sciences tools & services) | 18,090 | 8,808 | |||||||
Partners Group Holding AG (Capital markets) | 7,596 | 6,113 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 3,273 | 2,420 | ||||||
* | SIG Group AG (Containers & packaging) | 185,937 | 3,775 | ||||||
Sika AG (Chemicals) | 18,498 | 3,718 |
See accompanying Notes to Portfolio of Investments.
37 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Switzerland — (continued) | |||||||||
Straumann Holding AG (Health care equipment & supplies) | 42,448 | $ | 3,882 | ||||||
Tecan Group AG (Life sciences tools & services) | 7,622 | 2,615 | |||||||
VAT Group AG (Machinery) | 6,425 | 1,304 | |||||||
Zurich Insurance Group AG (Insurance) | 36,217 | 14,438 | |||||||
51,359 | |||||||||
United Kingdom—14.8% | |||||||||
3i Group PLC (Capital markets) | 257,700 | 3,094 | |||||||
Ashtead Group PLC (Trading companies & distributors) | 123,830 | 5,561 | |||||||
AstraZeneca PLC (Pharmaceuticals) | 109,290 | 12,014 | |||||||
AVEVA Group PLC (Software) | 41,108 | 1,418 | |||||||
Beazley PLC (Insurance) | 281,527 | 1,755 | |||||||
Big Yellow Group PLC (Equity REIT) | 138,473 | 1,639 | |||||||
Bunzl PLC (Trading companies & distributors) | 155,493 | 4,751 | |||||||
Compass Group PLC (Hotels, restaurants & leisure) | 631,095 | 12,567 | |||||||
ConvaTec Group PLC (Health care equipment & supplies) | 1,721,527 | 3,912 | |||||||
Croda International PLC (Chemicals) | 45,511 | 3,251 | |||||||
CVS Group PLC (Health care providers & services) | 78,918 | 1,504 | |||||||
Diageo PLC (Beverages) | 245,330 | 10,327 | |||||||
Diploma PLC (Trading companies & distributors) | 69,169 | 1,777 | |||||||
Experian PLC (Professional services) | 196,086 | 5,740 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 87,817 | 1,659 | |||||||
Halma PLC (Electronic equipment, instruments & components) | 181,171 | 4,075 | |||||||
Intermediate Capital Group PLC (Capital markets) | 199,415 | 2,151 | |||||||
Intertek Group PLC (Professional services) | 20,172 | 828 | |||||||
Linde PLC (Chemicals)† | 48,779 | 13,150 | |||||||
London Stock Exchange Group PLC (Capital markets) | 121,495 | 10,260 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 29,556 | 1,146 | |||||||
Rentokil Initial PLC (Commercial services & supplies) | 1,224,214 | 6,489 | |||||||
Rotork PLC (Machinery) | 1,130,693 | 2,935 | |||||||
Segro PLC (Equity REIT) | 422,870 | 3,528 | |||||||
Softcat PLC (IT services) | 100,892 | 1,325 | |||||||
Spirax-Sarco Engineering PLC (Machinery) | 32,581 | 3,745 | |||||||
120,601 | |||||||||
Emerging Asia—13.3% | |||||||||
China—2.4% | |||||||||
Airtac International Group (Machinery) | 70,204 | 1,606 | |||||||
Chacha Food Co. Ltd. Class “A” (Food products) | 225,200 | 1,464 | |||||||
Contemporary Amperex Technology Co. Ltd. Class “A” (Electrical equipment) | 43,300 | 2,438 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. Class “A” (Food products) | 227,863 | 2,654 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 602,000 | 4,568 | |||||||
Proya Cosmetics Co. Ltd. Class “A” (Personal products) | 119,640 | 2,744 | |||||||
Shenzhen Inovance Technology Co. Ltd. Class “A” (Machinery) | 415,900 | 3,364 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 67,000 | 874 | |||||||
19,712 | |||||||||
India—7.4% | |||||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 33,591 | 1,793 | |||||||
Britannia Industries Ltd. (Food products) | 34,944 | 1,647 | |||||||
Crompton Greaves Consumer Electricals Ltd. (Household durables) | 414,641 | 2,091 |
See accompanying Notes to Portfolio of Investments.
38 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Havells India Ltd. (Electrical equipment) | 159,031 | $ | 2,617 | ||||||
HDFC Bank Ltd. (Banks) | 614,802 | 10,657 | |||||||
Hindustan Unilever Ltd. (Personal products) | 118,918 | 3,927 | |||||||
Info Edge India Ltd. (Interactive Media & Services) | 34,131 | 1,605 | |||||||
Infosys Ltd. (IT services) | 386,110 | 6,620 | |||||||
* | InterGlobe Aviation Ltd. (Airlines) | 152,570 | 3,464 | ||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 241,638 | 1,203 | ||||||
Petronet LNG Ltd. (Oil, gas & consumable fuels) | 792,660 | 1,939 | |||||||
Pidilite Industries Ltd. (Chemicals) | 77,228 | 2,528 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 552,005 | 16,010 | |||||||
UPL Ltd. (Chemicals) | 222,104 | 1,825 | |||||||
Voltas Ltd. (Construction & engineering) | 171,586 | 1,905 | |||||||
59,831 | |||||||||
Indonesia—1.9% | |||||||||
Bank Central Asia Tbk PT (Banks) | 21,896,730 | 12,224 | |||||||
Telkom Indonesia Persero Tbk PT (Diversified telecommunication services) | 11,203,300 | 3,265 | |||||||
15,489 | |||||||||
South Korea—0.4% | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 8,405 | 3,161 | |||||||
Taiwan—1.2% | |||||||||
Globalwafers Co. Ltd. (Semiconductors & semiconductor equipment) | 76,000 | 867 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 159,000 | 2,744 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 94,854 | 6,503 | |||||||
10,114 | |||||||||
Canada—10.2% | |||||||||
Canadian National Railway Co. (Road & rail) | 113,726 | 12,282 | |||||||
Canadian Pacific Railway Ltd. (Road & rail) | 157,348 | 10,498 | |||||||
CCL Industries, Inc. Class “B” (Containers & packaging) | 72,689 | 3,524 | |||||||
Dollarama, Inc. (Multiline retail) | 175,071 | 10,050 | |||||||
Intact Financial Corp. (Insurance) | 94,552 | 13,381 | |||||||
* | Kinaxis, Inc. (Software) | 22,958 | 2,278 | ||||||
* | Lululemon Athletica, Inc. (Textiles, apparel & luxury goods) | 22,028 | 6,158 | ||||||
Metro, Inc. (Food & staples retailing) | 172,358 | 8,631 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 103,108 | 2,209 | |||||||
Toromont Industries Ltd. (Trading companies & distributors) | 39,531 | 2,752 | |||||||
Toronto-Dominion Bank (Banks) | 186,170 | 11,418 | |||||||
83,181 | |||||||||
Japan—9.3% | |||||||||
Asahi Intecc Co. Ltd. (Health care equipment & supplies) | 137,800 | 2,198 | |||||||
BayCurrent Consulting, Inc. (Professional services) | 6,000 | 1,557 | |||||||
Benefit One, Inc. (Professional services) | 93,500 | 1,311 | |||||||
Daikin Industries Ltd. (Building products) | 62,800 | 9,663 | |||||||
Disco Corp. (Semiconductors & semiconductor equipment) | 5,900 | 1,301 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 71,000 | 1,089 | |||||||
GMO Payment Gateway, Inc. (IT services) | 23,900 | 1,638 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 39,600 | 1,227 |
See accompanying Notes to Portfolio of Investments.
39 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Japan—(continued) | |||||||||
Hoya Corp. (Health care equipment & supplies) | 65,800 | $ | 6,340 | ||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 99,900 | 1,307 | |||||||
Keyence Corp. (Electronic equipment, instruments & components) | 20,500 | 6,777 | |||||||
M3, Inc. (Health care technology) | 99,500 | 2,778 | |||||||
MISUMI Group, Inc. (Machinery) | 101,300 | 2,181 | |||||||
MonotaRO Co. Ltd. (Trading companies & distributors) | 222,700 | 3,417 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 206,200 | 2,358 | |||||||
Olympus Corp. (Health care equipment & supplies) | 595,800 | 11,462 | |||||||
Rakus Co. Ltd. (Software) | 105,500 | 991 | |||||||
SCSK Corp. (IT services) | 114,300 | 1,730 | |||||||
* | SHIFT, Inc. (IT services) | 15,900 | 2,076 | ||||||
SMS Co. Ltd. (Professional services) | 48,400 | 978 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 123,900 | 2,639 | |||||||
TIS, Inc. (IT services) | 169,200 | 4,492 | |||||||
Tokio Marine Holdings, Inc. (Insurance) | 344,100 | 6,116 | |||||||
75,626 | |||||||||
Asia—5.3% | |||||||||
Australia—2.7% | |||||||||
Aristocrat Leisure Ltd. (Hotels, restaurants & leisure) | 188,653 | 3,978 | |||||||
* | Atlassian Corp. PLC Class “A” (Software)† | 18,992 | 4,000 | ||||||
CSL Ltd. (Biotechnology) | 56,189 | 10,219 | |||||||
Domino’s Pizza Enterprises Ltd. (Hotels, restaurants & leisure) | 37,469 | 1,234 | |||||||
Netwealth Group Ltd. (Capital markets) | 160,931 | 1,246 | |||||||
Pro Medicus Ltd. (Health care technology) | 53,079 | 1,695 | |||||||
22,372 | |||||||||
Hong Kong—1.2% | |||||||||
AIA Group Ltd. (Insurance) | 1,154,063 | 9,609 | |||||||
Singapore—1.4% | |||||||||
DBS Group Holdings Ltd. (Banks) | 485,500 | 11,231 | |||||||
Emerging Latin America—3.6% | |||||||||
Argentina—0.3% | |||||||||
* | Globant SA (IT services)† | 15,105 | 2,826 | ||||||
Brazil—1.5% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 1,660,300 | 4,017 | |||||||
* | Locaweb Servicos de Internet SA (IT services) | 805,586 | 1,344 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 4,067 | 3,367 | ||||||
Raia Drogasil SA (Food & staples retailing) | 372,400 | 1,569 | |||||||
Rumo SA (Road & rail) | 453,700 | 1,554 | |||||||
11,851 | |||||||||
Mexico—1.5% | |||||||||
Grupo Aeroportuario del Sureste SAB de CV—ADR (Transportation infrastructure) | 16,861 | 3,307 | |||||||
Wal-Mart de Mexico SAB de CV (Food & staples retailing) | 2,442,100 | 8,577 | |||||||
11,884 | |||||||||
Peru—0.2% | |||||||||
Credicorp Ltd. (Banks)† | 13,705 | 1,683 |
See accompanying Notes to Portfolio of Investments.
40 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount |
Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Uruguay—0.1% | |||||||||
* | Dlocal Ltd. (IT services)† | 49,112 | $ | 1,008 | |||||
Emerging Mid-East, Africa—0.6% | |||||||||
South Africa—0.2% | |||||||||
Bid Corp. Ltd. (Food & staples retailing) | 117,321 | 1,801 | |||||||
United Arab Emirates—0.4% | |||||||||
First Abu Dhabi Bank PJSC (Banks) | 583,357 | 2,830 | |||||||
Total Common Stocks—97.0% (cost $754,183) | 789,581 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $24,600, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $25,090 | $ | 24,598 | 24,598 | ||||||
Total Repurchase Agreement—3.0% (cost $24,598) | 24,598 | ||||||||
Total Investments—100.0% (cost $778,781) | 814,179 | ||||||||
Liabilities, plus cash and other assets—(0.0)% | (55 | ) | |||||||
Net assets—100.0% | $ | 814,124 |
ADR = American Depository Receipt
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
41 |
Institutional International Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 25.0 | % | ||
Financials | 17.8 | % | ||
Health Care | 15.3 | % | ||
Information Technology | 14.7 | % | ||
Consumer Discretionary | 9.0 | % | ||
Consumer Staples | 6.9 | % | ||
Energy | 4.3 | % | ||
Materials | 4.1 | % | ||
Communication Services | 1.1 | % | ||
Utilities | 1.0 | % | ||
Real Estate | 0.8 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Euro | 23.8 | % | ||
British Pound Sterling | 13.6 | % | ||
Japanese Yen | 9.6 | % | ||
U.S. Dollar | 8.9 | % | ||
Canadian Dollar | 8.4 | % | ||
Indian Rupee | 7.6 | % | ||
Swiss Franc | 6.5 | % | ||
Danish Krone | 4.4 | % | ||
Swedish Krona | 3.5 | % | ||
Australian Dollar | 2.3 | % | ||
Indonesian Rupiah | 2.0 | % | ||
Hong Kong Dollar | 1.8 | % | ||
Chinese Yuan Renminbi | 1.6 | % | ||
Singapore Dollar | 1.4 | % | ||
Mexican Peso | 1.1 | % | ||
Brazilian Real | 1.1 | % | ||
All Other Currencies | 2.4 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
42 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Europe, Mid-East—31.5% | |||||||||
Belgium—1.7% | |||||||||
Melexis NV (Semiconductors & semiconductor equipment) | 39,698 | $ | 2,686 | ||||||
Warehouses De Pauw CVA (Equity REIT) | 37,173 | 913 | |||||||
3,599 | |||||||||
Denmark—1.1% | |||||||||
Royal Unibrew AS (Beverages) | 36,779 | 2,383 | |||||||
Finland—1.1% | |||||||||
* | Musti Group Oyj (Specialty retail) | 60,913 | 1,058 | ||||||
Valmet Oyj (Machinery) | 69,037 | 1,395 | |||||||
2,453 | |||||||||
Germany—1.8% | |||||||||
* | CTS Eventim AG & Co. KGaA (Entertainment) | 66,446 | 2,734 | ||||||
Siltronic AG (Semiconductors & semiconductor equipment) | 19,040 | 1,074 | |||||||
3,808 | |||||||||
Israel—2.7% | |||||||||
First International Bank Of Israel Ltd. (Banks) | 57,677 | 2,332 | |||||||
* | Inmode Ltd. (Health care equipment & supplies)† | 105,908 | 3,083 | ||||||
Maytronics Ltd. (Household durables) | 42,187 | 520 | |||||||
5,935 | |||||||||
Italy—4.5% | |||||||||
Amplifon SpA (Health care providers & services) | 32,521 | 847 | |||||||
Ariston Holding NV (Household durables) | 425,131 | 3,607 | |||||||
Azimut Holding SpA (Capital markets) | 44,888 | 640 | |||||||
Brembo SpA (Auto components) | 138,780 | 1,145 | |||||||
Brunello Cucinelli SpA (Textiles, apparel & luxury goods) | 37,720 | 1,824 | |||||||
Carel Industries SpA (Building products) | 84,089 | 1,565 | |||||||
9,628 | |||||||||
Netherlands—0.7% | |||||||||
BE Semiconductor Industries NV (Semiconductors & semiconductor equipment) | 37,061 | 1,587 | |||||||
Norway—2.4% | |||||||||
* | AutoStore Holdings Ltd. (Machinery) | 1,022,796 | 1,123 | ||||||
Gjensidige Forsikring ASA (Insurance) | 147,499 | 2,531 | |||||||
TOMRA Systems ASA (Commercial services & supplies) | 80,994 | 1,429 | |||||||
5,083 | |||||||||
Spain—1.5% | |||||||||
EDP Renovaveis SA (Independent power & renewable electricity producers) | 114,941 | 2,364 | |||||||
* | Solaria Energia y Medio Ambiente SA (Independent power & renewable electricity producers) | 59,884 | 942 | ||||||
3,306 | |||||||||
Sweden—9.8% | |||||||||
AddTech AB Class “B” (Trading companies & distributors) | 131,520 | 1,728 | |||||||
Arjo AB Class “B” (Health care equipment & supplies) | 183,031 | 671 | |||||||
Beijer Ref AB (Trading companies & distributors) | 163,239 | 2,007 | |||||||
Biotage AB (Life sciences tools & services) | 143,044 | 2,132 |
See accompanying Notes to Portfolio of Investments.
43 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Europe, Mid-East—(continued) | |||||||||
Sweden — (continued) | |||||||||
Bravida Holding AB (Commercial services & supplies) | 123,573 | $ | 1,011 | ||||||
Bufab AB (Trading companies & distributors) | 67,830 | 1,222 | |||||||
Fortnox AB (Software) | 436,838 | 1,679 | |||||||
Hemnet Group AB (Interactive Media & Services) | 95,166 | 1,208 | |||||||
Lagercrantz Group AB Class “B” (Electronic equipment, instruments & components) | 211,286 | 1,850 | |||||||
Lifco AB Class “B” (Industrial conglomerates) | 136,290 | 1,891 | |||||||
MIPS AB (Leisure products) | 38,145 | 1,132 | |||||||
Nolato AB Class “B” (Industrial conglomerates) | 209,331 | 954 | |||||||
* | Sdiptech AB Class “B” (Commercial services & supplies) | 69,274 | 1,194 | ||||||
Sweco AB Class “B” (Construction & engineering) | 159,569 | 1,338 | |||||||
Vitrolife AB (Biotechnology) | 78,729 | 1,116 | |||||||
21,133 | |||||||||
Switzerland—4.2% | |||||||||
Galenica AG (Health care providers & services) | 45,208 | 3,274 | |||||||
Kardex Holding AG (Machinery) | 19,518 | 2,588 | |||||||
* | Siegfried Holding AG (Life sciences tools & services) | 4,449 | 3,289 | ||||||
9,151 | |||||||||
Emerging Asia—17.1% | |||||||||
China—3.3% | |||||||||
Chacha Food Co. Ltd. Class “A” (Food products) | 482,100 | 3,134 | |||||||
Proya Cosmetics Co. Ltd. Class “A” (Personal products) | 170,144 | 3,902 | |||||||
7,036 | |||||||||
India—8.7% | |||||||||
* | Aavas Financiers Ltd. (Thrifts & mortgage finance) | 85,021 | 2,360 | ||||||
* | Affle India Ltd. (Media) | 59,384 | 908 | ||||||
AU Small Finance Bank Ltd. (Banks) | 717,508 | 5,401 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 142,668 | 1,271 | |||||||
Info Edge India Ltd. (Interactive Media & Services) | 42,586 | 2,003 | |||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 214,120 | 1,066 | ||||||
Motherson Sumi Wiring India Ltd. (Auto components) | 2,179,422 | 2,308 | |||||||
Samvardhana Motherson International Ltd. (Auto components) | 1,173,445 | 1,566 | |||||||
Tube Investments of India Ltd. (Auto components) | 27,397 | 908 | |||||||
UPL Ltd. (Chemicals) | 123,687 | 1,016 | |||||||
18,807 | |||||||||
Indonesia—1.0% | |||||||||
Ace Hardware Indonesia Tbk PT (Specialty retail) | 8,761,300 | 350 | |||||||
Bank Negara Indonesia Persero Tbk PT (Banks) | 3,238,600 | 1,894 | |||||||
2,244 | |||||||||
Malaysia—0.6% | |||||||||
MR DIY Group M Bhd (Specialty retail) | 3,101,500 | 1,312 | |||||||
South Korea—0.6% | |||||||||
Koh Young Technology, Inc. (Semiconductors & semiconductor equipment) | 151,473 | 1,327 | |||||||
Taiwan—2.9% | |||||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 17,600 | 969 |
See accompanying Notes to Portfolio of Investments.
44 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Taiwan — (continued) | |||||||||
Tripod Technology Corp. (Electronic equipment, instruments & components) | 760,000 | $ | 2,228 | ||||||
Voltronic Power Technology Corp. (Electrical equipment) | 67,451 | 2,966 | |||||||
6,163 | |||||||||
Japan—16.6% | |||||||||
BayCurrent Consulting, Inc. (Professional services) | 16,400 | 4,255 | |||||||
Benefit One, Inc. (Professional services) | 189,700 | 2,659 | |||||||
Food & Life Cos. Ltd. (Hotels, restaurants & leisure) | 58,700 | 900 | |||||||
GMO Payment Gateway, Inc. (IT services) | 24,700 | 1,693 | |||||||
Harmonic Drive Systems, Inc. (Machinery) | 84,800 | 2,628 | |||||||
Japan Elevator Service Holdings Co. Ltd. (Commercial services & supplies) | 190,500 | 2,493 | |||||||
Meitec Corp. (Professional services) | 143,100 | 2,264 | |||||||
Nihon M&A Center Holdings, Inc. (Professional services) | 99,800 | 1,141 | |||||||
Rakus Co. Ltd. (Software) | 134,900 | 1,267 | |||||||
SCSK Corp. (IT services) | 183,300 | 2,775 | |||||||
* | SHIFT, Inc. (IT services) | 25,600 | 3,342 | ||||||
SMS Co. Ltd. (Professional services) | 189,900 | 3,836 | |||||||
TechnoPro Holdings, Inc. (Professional services) | 220,500 | 4,697 | |||||||
TIS, Inc. (IT services) | 72,500 | 1,925 | |||||||
35,875 | |||||||||
United Kingdom—11.3% | |||||||||
AVEVA Group PLC (Software) | 28,407 | 980 | |||||||
Beazley PLC (Insurance) | 791,207 | 4,932 | |||||||
Burford Capital Ltd. (Diversified financial services) | 189,352 | 1,398 | |||||||
CVS Group PLC (Health care providers & services) | 63,472 | 1,209 | |||||||
Diploma PLC (Trading companies & distributors) | 119,411 | 3,068 | |||||||
Greggs PLC (Hotels, restaurants & leisure) | 70,711 | 1,336 | |||||||
IntegraFin Holdings PLC (Capital markets) | 282,297 | 691 | |||||||
* | Kin & Carta PLC (IT services) | 335,647 | 651 | ||||||
Pets at Home Group PLC (Specialty retail) | 447,431 | 1,305 | |||||||
Renishaw PLC (Electronic equipment, instruments & components) | 67,168 | 2,605 | |||||||
Rotork PLC (Machinery) | 1,158,436 | 3,007 | |||||||
Safestore Holdings PLC (Equity REIT) | 98,261 | 915 | |||||||
Softcat PLC (IT services) | 168,314 | 2,211 | |||||||
24,308 | |||||||||
Emerging Latin America—8.4% | |||||||||
Brazil—3.8% | |||||||||
Arezzo Industria e Comercio SA (Textiles, apparel & luxury goods) | 146,200 | 2,667 | |||||||
Pet Center Comercio e Participacoes SA (Specialty retail) | 840,492 | 1,585 | |||||||
Rumo SA (Road & rail) | 466,600 | 1,598 | |||||||
TOTVS SA (Software) | 430,000 | 2,340 | |||||||
8,190 | |||||||||
Mexico—4.6% | |||||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 815,900 | 5,132 | |||||||
Grupo Aeroportuario del Sureste SAB de CV Class “B” (Transportation infrastructure) | 158,310 | 3,113 | |||||||
Regional SAB de CV (Banks) | 301,800 | 1,701 | |||||||
9,946 |
See accompanying Notes to Portfolio of Investments.
45 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Canada—4.8% | |||||||||
EQB, Inc. (Thrifts & mortgage finance) | 44,492 | $ | 1,496 | ||||||
* | Kinaxis, Inc. (Software) | 29,439 | 2,921 | ||||||
North West Co., Inc. (Food & staples retailing) | 18,761 | 435 | |||||||
Parkland Corp. (Oil, gas & consumable fuels) | 163,755 | 3,509 | |||||||
Richelieu Hardware Ltd. (Trading companies & distributors) | 71,048 | 1,971 | |||||||
10,332 | |||||||||
Emerging Europe, Mid-East, Africa—3.5% | |||||||||
Greece—0.5% | |||||||||
JUMBO SA (Specialty retail) | 83,925 | 1,117 | |||||||
South Africa—1.9% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 98,043 | 1,062 | |||||||
Clicks Group Ltd. (Food & staples retailing) | 197,741 | 3,121 | |||||||
4,183 | |||||||||
United Arab Emirates—1.1% | |||||||||
* | Network International Holdings PLC (IT services) | 701,259 | 2,350 | ||||||
Asia—3.5% | |||||||||
Australia—2.2% | |||||||||
Domino’s Pizza Enterprises Ltd. (Hotels, restaurants & leisure) | 36,899 | 1,215 | |||||||
Johns Lyng Group Ltd. (Construction & engineering) | 187,484 | 753 | |||||||
Netwealth Group Ltd. (Capital markets) | 92,594 | 717 | |||||||
Pro Medicus Ltd. (Health care technology) | 68,427 | 2,185 | |||||||
4,870 | |||||||||
New Zealand—1.3% | |||||||||
Mainfreight Ltd. (Air freight & logistics) | 73,359 | 2,766 | |||||||
Total Common Stocks—96.7% (cost $254,683) | 208,892 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $6,176, collateralized by U.S. Treasury Bond, 3.625%, due 04/15/28, valued at $6,299 | $ | 6,176 | 6,176 | ||||||
Total Repurchase Agreement—2.8% (cost $6,176) | 6,176 | ||||||||
Total Investments—99.5% (cost $260,859) | 215,068 | ||||||||
Cash and other assets, less liabilities—0.5% | 1,025 | ||||||||
Net assets—100.0% | $ | 216,093 |
REIT = Real Estate Investment Trust
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
46 |
International Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Industrials | 32.9 | % | ||
Information Technology | 18.4 | % | ||
Financials | 13.1 | % | ||
Consumer Discretionary | 12.4 | % | ||
Health Care | 9.0 | % | ||
Consumer Staples | 6.2 | % | ||
Communication Services | 3.3 | % | ||
Energy | 1.7 | % | ||
Utilities | 1.6 | % | ||
Real Estate | 0.9 | % | ||
Materials | 0.5 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Japanese Yen | 17.2 | % | ||
British Pound Sterling | 12.8 | % | ||
Euro | 12.2 | % | ||
Swedish Krona | 10.1 | % | ||
Indian Rupee | 9.0 | % | ||
Canadian Dollar | 4.9 | % | ||
Mexican Peso | 4.8 | % | ||
Swiss Franc | 4.4 | % | ||
Brazilian Real | 3.9 | % | ||
Chinese Yuan Renminbi | 3.4 | % | ||
New Taiwan Dollar | 2.9 | % | ||
Norwegian Krone | 2.4 | % | ||
Australian Dollar | 2.3 | % | ||
South African Rand | 2.0 | % | ||
U.S. Dollar | 1.5 | % | ||
Israeli Shekel | 1.4 | % | ||
New Zealand Dollar | 1.3 | % | ||
Danish Krone | 1.1 | % | ||
Indonesian Rupiah | 1.1 | % | ||
All Other Currencies | 1.3 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
47 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—71.3% | |||||||||
China—30.6% | |||||||||
Airtac International Group (Machinery) | 175,000 | $ | 4,004 | ||||||
* | Alibaba Group Holding Ltd. (Internet & direct marketing retail) | 1,276,028 | 12,734 | ||||||
China Merchants Bank Co. Ltd. Class “H” (Banks) | 1,944,500 | 8,999 | |||||||
China Tourism Group Duty Free Corp. Ltd. Class “A” (Specialty retail) | 340,156 | 9,399 | |||||||
Contemporary Amperex Technology Co. Ltd. Class “A” (Electrical equipment) | 69,500 | 3,913 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. Class “A” (Food products) | 550,101 | 6,407 | |||||||
JD.com, Inc. Class “A” (Internet & direct marketing retail) | 136,954 | 3,455 | |||||||
Kweichow Moutai Co. Ltd. Class “A” (Beverages) | 37,659 | 9,911 | |||||||
Midea Group Co. Ltd. Class “A” (Household durables) | 876,500 | 6,076 | |||||||
Shenzhen Inovance Technology Co. Ltd. Class “A” (Machinery) | 504,600 | 4,081 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 109,000 | 1,422 | |||||||
Suzhou Maxwell Technologies Co. Ltd. Class “A” (Electrical equipment) | 108,300 | 7,382 | |||||||
Tencent Holdings Ltd. (Interactive Media & Services) | 435,100 | 14,696 | |||||||
TravelSky Technology Ltd. Class “H” (IT services) | 2,864,000 | 4,384 | |||||||
Wuxi Lead Intelligent Equipment Co. Ltd. Class “A” (Machinery) | 757,869 | 5,029 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class “A” (Pharmaceuticals) | 144,400 | 5,408 | |||||||
107,300 | |||||||||
India—24.3% | |||||||||
Asian Paints Ltd. (Chemicals) | 81,222 | 3,353 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 81,745 | 7,308 | |||||||
Britannia Industries Ltd. (Food products) | 89,972 | 4,241 | |||||||
Havells India Ltd. (Electrical equipment) | 204,182 | 3,360 | |||||||
HDFC Bank Ltd. (Banks) | 643,153 | 11,148 | |||||||
Housing Development Finance Corp. Ltd. (Diversified financial services) | 224,845 | 6,275 | |||||||
Infosys Ltd. (IT services) | 667,024 | 11,437 | |||||||
* | InterGlobe Aviation Ltd. (Airlines) | 292,156 | 6,634 | ||||||
Motherson Sumi Wiring India Ltd. (Auto components) | 900,226 | 954 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 738,663 | 21,423 | |||||||
UPL Ltd. (Chemicals) | 1,104,246 | 9,074 | |||||||
85,207 | |||||||||
Indonesia—6.2% | |||||||||
Bank Central Asia Tbk PT (Banks) | 27,795,700 | 15,516 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 21,826,700 | 6,388 | |||||||
21,904 | |||||||||
South Korea—0.6% | |||||||||
Kakao Corp. (Interactive Media & Services) | 58,698 | 2,310 | |||||||
Taiwan—7.8% | |||||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 5,148,449 | 4,166 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 59,000 | 2,088 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 133,000 | 2,295 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 272,863 | 18,708 | |||||||
27,257 | |||||||||
Thailand—1.8% | |||||||||
Bangkok Dusit Medical Services PCL Class “F” (Health care providers & services) | 8,207,300 | 6,398 |
See accompanying Notes to Portfolio of Investments.
48 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—23.8% | |||||||||
Argentina—2.4% | |||||||||
* | Globant SA (IT services)† | 45,877 | $ | 8,583 | |||||
Brazil—12.0% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 3,661,800 | 8,859 | |||||||
* | Locaweb Servicos de Internet SA (IT services) | 1,456,600 | 2,430 | ||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 11,763 | 9,737 | ||||||
Raia Drogasil SA (Food & staples retailing) | 755,700 | 3,184 | |||||||
Rumo SA (Road & rail) | 949,100 | 3,251 | |||||||
TOTVS SA (Software) | 1,219,600 | 6,636 | |||||||
WEG SA (Electrical equipment) | 1,326,800 | 7,905 | |||||||
42,002 | |||||||||
Mexico—7.3% | |||||||||
Grupo Aeroportuario del Pacifico SAB de CV Class “B” (Transportation infrastructure) | 1,020,600 | 12,923 | |||||||
Wal-Mart de Mexico SAB de CV (Food & staples retailing) | 3,608,000 | 12,671 | |||||||
25,594 | |||||||||
Peru—1.6% | |||||||||
Credicorp Ltd. (Banks)† | 44,517 | 5,467 | |||||||
Uruguay—0.5% | |||||||||
* | Dlocal Ltd. (IT services)† | 88,695 | 1,820 | ||||||
Emerging Africa—3.6% | |||||||||
South Africa—3.6% | |||||||||
Capitec Bank Holdings Ltd. (Banks) | 82,152 | 7,038 | |||||||
Clicks Group Ltd. (Food & staples retailing) | 350,713 | 5,536 | |||||||
12,574 | |||||||||
Total Common Stocks—98.7% (cost $408,292) | 346,416 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $2,811, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $2,867 | $ | 2,811 | 2,811 | ||||||
Total Repurchase Agreement—0.8% (cost $2,811) | 2,811 | ||||||||
Total Investments—99.5% (cost $411,103) | 349,227 | ||||||||
Cash and other assets, less liabilities—0.5% | 1,840 | ||||||||
Net assets—100.0% | $ | 351,067 | |||||||
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
49 |
Emerging Markets Leaders Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials | 23.4 | % | ||
Information Technology | 17.3 | % | ||
Industrials | 16.9 | % | ||
Consumer Discretionary | 12.2 | % | ||
Consumer Staples | 12.1 | % | ||
Energy | 6.2 | % | ||
Communication Services | 4.9 | % | ||
Materials | 3.6 | % | ||
Health Care | 3.4 | % | ||
Total | 100.0 | % |
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee | 24.6 | % | ||
Chinese Yuan Renminbi | 16.6 | % | ||
U.S. Dollar | 12.8 | % | ||
Hong Kong Dollar | 12.8 | % | ||
Brazilian Real | 9.3 | % | ||
Mexican Peso | 7.4 | % | ||
Indonesian Rupiah | 6.3 | % | ||
New Taiwan Dollar | 4.0 | % | ||
South African Rand | 3.6 | % | ||
Thai Baht | 1.9 | % | ||
All Other Currencies | 0.7 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
50 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—76.5% | |||||||||
China—24.5% | |||||||||
Aier Eye Hospital Group Co. Ltd. Class “A” (Health care providers & services) | 873,664 | $ | 3,524 | ||||||
Airtac International Group (Machinery) | 66,852 | 1,530 | |||||||
* | Alibaba Group Holding Ltd. (Internet & direct marketing retail) | 914,300 | 9,124 | ||||||
ANTA Sports Products Ltd. (Textiles, apparel & luxury goods) | 350,000 | 3,674 | |||||||
Bank of Chengdu Co. Ltd. Class “A” (Banks) | 2,124,735 | 4,890 | |||||||
Bank of Ningbo Co. Ltd. Class “A” (Banks) | 1,277,400 | 5,667 | |||||||
Chacha Food Co. Ltd. Class “A” (Food products) | 320,872 | 2,086 | |||||||
China Merchants Bank Co. Ltd. Class “H” (Banks) | 1,380,000 | 6,386 | |||||||
China Tourism Group Duty Free Corp. Ltd. Class “A” (Specialty retail) | 325,900 | 9,005 | |||||||
Contemporary Amperex Technology Co. Ltd. Class “A” (Electrical equipment) | 86,300 | 4,859 | |||||||
East Money Information Co. Ltd. Class “A” (Capital markets) | 639,840 | 1,582 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. Class “A” (Food products) | 314,940 | 3,668 | |||||||
Huaneng Lancang River Hydropower, Inc. Class “A” (Independent power & renewable electricity producers) | 4,266,409 | 4,132 | |||||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class “A” (Food products) | 491,700 | 2,281 | |||||||
JD.com, Inc. Class “A” (Internet & direct marketing retail) | 495,971 | 12,512 | |||||||
Jiumaojiu International Holdings Ltd. (Hotels, restaurants & leisure) | 1,147,000 | 1,865 | |||||||
Kweichow Moutai Co. Ltd. Class “A” (Beverages) | 46,974 | 12,363 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 1,065,000 | 8,081 | |||||||
Longshine Technology Group Co. Ltd. Class “A” (Software) | 528,700 | 1,594 | |||||||
NARI Technology Co. Ltd. Class “A” (Electrical equipment) | 622,220 | 2,170 | |||||||
NAURA Technology Group Co. Ltd. Class “A” (Semiconductors & semiconductor equipment) | 55,200 | 2,157 | |||||||
NetEase, Inc. (Entertainment) | 896,000 | 13,520 | |||||||
Proya Cosmetics Co. Ltd. Class “A” (Personal products) | 182,120 | 4,177 | |||||||
Shenzhen Inovance Technology Co. Ltd. Class “A” (Machinery) | 413,564 | 3,345 | |||||||
Suzhou Maxwell Technologies Co. Ltd. Class “A” (Electrical equipment) | 68,407 | 4,663 | |||||||
Tencent Holdings Ltd. (Interactive Media & Services) | 280,560 | 9,476 | |||||||
Wuliangye Yibin Co. Ltd. Class “A” (Beverages) | 149,800 | 3,563 | |||||||
Wuxi Lead Intelligent Equipment Co. Ltd. Class “A” (Machinery) | 526,100 | 3,491 | |||||||
Yunnan Botanee Bio-Technology Group Co. Ltd. Class “A” (Personal products) | 131,920 | 3,197 | |||||||
Yunnan Energy New Material Co. Ltd. Class “A” (Chemicals) | 94,900 | 2,322 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class “A” (Pharmaceuticals) | 54,600 | 2,045 | |||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class “A” (Semiconductors & semiconductor equipment) | 408,490 | 3,875 | |||||||
156,824 | |||||||||
India—24.5% | |||||||||
Aarti Industries Ltd. (Chemicals) | 157,879 | 1,439 | |||||||
* | Affle India Ltd. (Media) | 85,620 | 1,309 | ||||||
* | Amber Enterprises India Ltd. (Household durables) | 33,509 | 967 | ||||||
APL Apollo Tubes Ltd. (Metals & mining) | 129,071 | 1,638 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 80,582 | 4,302 | |||||||
Asian Paints Ltd. (Chemicals) | 85,598 | 3,533 | |||||||
Astral Ltd. (Building products) | 70,170 | 1,902 | |||||||
Atul Ltd. (Chemicals) | 14,597 | 1,603 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 118,749 | 10,616 | |||||||
Bata India Ltd. (Textiles, apparel & luxury goods) | 82,022 | 1,827 | |||||||
Computer Age Management Services Ltd. (IT services) | 60,546 | 1,865 | |||||||
Crompton Greaves Consumer Electricals Ltd. (Household durables) | 332,816 | 1,678 | |||||||
Dabur India Ltd. (Personal products) | 280,915 | 1,968 | |||||||
Dixon Technologies India Ltd. (Household durables) | 31,194 | 1,675 |
See accompanying Notes to Portfolio of Investments.
51 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
Fine Organic Industries Ltd. (Chemicals) | 22,077 | $ | 1,885 | ||||||
* | Godrej Properties Ltd. (Real estate management & development) | 69,043 | 1,005 | ||||||
Gujarat Fluorochemicals Ltd. (Chemicals) | 39,646 | 1,913 | |||||||
Havells India Ltd. (Electrical equipment) | 129,261 | 2,127 | |||||||
HDFC Bank Ltd. (Banks) | 644,600 | 11,174 | |||||||
Hindustan Unilever Ltd. (Personal products) | 107,120 | 3,537 | |||||||
Housing Development Finance Corp. Ltd. (Diversified financial services) | 267,744 | 7,473 | |||||||
Info Edge India Ltd. (Interactive Media & Services) | 26,086 | 1,227 | |||||||
Infosys Ltd. (IT services) | 244,419 | 4,191 | |||||||
JK Cement Ltd. (Construction materials) | 25,092 | 809 | |||||||
Jubilant Foodworks Ltd. (Hotels, restaurants & leisure) | 224,424 | 1,705 | |||||||
Kajaria Ceramics Ltd. (Building products) | 123,818 | 1,818 | |||||||
KEI Industries Ltd. (Electrical equipment) | 151,187 | 2,663 | |||||||
Motherson Sumi Wiring India Ltd. (Auto components) | 2,143,942 | 2,271 | |||||||
Nestle India Ltd. (Food products) | 8,744 | 2,049 | |||||||
Oberoi Realty Ltd. (Real estate management & development) | 132,470 | 1,478 | |||||||
Page Industries Ltd. (Textiles, apparel & luxury goods) | 3,260 | 2,026 | |||||||
Pidilite Industries Ltd. (Chemicals) | 75,842 | 2,483 | |||||||
Polycab India Ltd. (Electrical equipment) | 55,025 | 1,721 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 1,080,052 | 31,324 | |||||||
SRF Ltd. (Chemicals) | 122,979 | 3,761 | |||||||
Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 237,469 | 2,759 | |||||||
Tata Consultancy Services Ltd. (IT services) | 134,373 | 4,929 | |||||||
Tata Consumer Products Ltd. (Food products) | 236,504 | 2,328 | |||||||
Tata Elxsi Ltd. (Software) | 22,111 | 2,309 | |||||||
Trent Ltd. (Specialty retail) | 184,362 | 3,196 | |||||||
Tube Investments of India Ltd. (Auto components) | 76,992 | 2,551 | |||||||
UNO Minda Ltd. (Auto components) | 490,653 | 3,319 | |||||||
UPL Ltd. (Chemicals) | 430,158 | 3,535 | |||||||
Varun Beverages Ltd. (Beverages) | 378,766 | 4,854 | |||||||
Voltas Ltd. (Construction & engineering) | 147,451 | 1,637 | |||||||
156,379 | |||||||||
Indonesia—6.9% | |||||||||
Astra International Tbk PT (Automobiles) | 9,535,700 | 4,127 | |||||||
Bank Central Asia Tbk PT (Banks) | 39,276,295 | 21,926 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 49,063,351 | 14,359 | |||||||
United Tractors Tbk PT (Oil, gas & consumable fuels) | 1,660,900 | 3,566 | |||||||
43,978 | |||||||||
Philippines—0.9% | |||||||||
BDO Unibank, Inc. (Banks) | 1,667,440 | 3,159 | |||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 1,015,320 | 2,708 | |||||||
5,867 | |||||||||
South Korea—3.8% | |||||||||
JYP Entertainment Corp. (Entertainment) | 47,227 | 1,919 | |||||||
Kakao Corp. (Interactive Media & Services) | 33,823 | 1,331 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 15,771 | 1,357 | |||||||
NAVER Corp. (Interactive Media & Services) | 9,699 | 1,292 | |||||||
* | Samsung Biologics Co. Ltd. (Life sciences tools & services) | 6,030 | 3,375 | ||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 350,466 | 12,869 |
See accompanying Notes to Portfolio of Investments.
52 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
South Korea — (continued) | |||||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 4,948 | $ | 1,861 | ||||||
24,004 | |||||||||
Taiwan—12.3% | |||||||||
Accton Technology Corp. (Communications equipment) | 194,000 | 1,655 | |||||||
Advantech Co. Ltd. (Technology hardware, storage & peripherals) | 201,766 | 1,859 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 27,300 | 1,503 | |||||||
Chailease Holding Co. Ltd. (Diversified financial services) | 1,070,190 | 6,113 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 208,000 | 1,170 | |||||||
E Ink Holdings, Inc. (Electronic equipment, instruments & components) | 401,000 | 2,647 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 6,845,915 | 5,539 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 30,000 | 1,062 | |||||||
Feng TAY Enterprise Co. Ltd. (Textiles, apparel & luxury goods) | 299,000 | 1,479 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 77,459 | 1,855 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 359,000 | 2,982 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 858,000 | 11,373 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd.—ADR (Semiconductors & semiconductor equipment) | 494,315 | 33,890 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 97,586 | 4,292 | |||||||
Wiwynn Corp. (Technology hardware, storage & peripherals) | 45,000 | 1,137 | |||||||
78,556 | |||||||||
Thailand—3.6% | |||||||||
Bangkok Dusit Medical Services PCL Class “F” (Health care providers & services) | 8,499,500 | 6,626 | |||||||
Bumrungrad Hospital PCL (Health care providers & services) | 665,200 | 3,989 | |||||||
Central Pattana PCL (Real estate management & development) | 1,882,200 | 3,237 | |||||||
Kasikornbank PCL (Banks) | 1,613,500 | 6,131 | |||||||
PTT Exploration & Production PCL (Oil, gas & consumable fuels) | 742,800 | 3,167 | |||||||
23,150 | |||||||||
Emerging Latin America—13.0% | |||||||||
Argentina—0.6% | |||||||||
* | Globant SA (IT services)† | 20,154 | 3,770 | ||||||
Brazil—8.6% | |||||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 1,939,900 | 4,693 | |||||||
Banco BTG Pactual SA (Capital markets) | 696,200 | 3,202 | |||||||
Hypera SA (Pharmaceuticals) | 395,800 | 3,247 | |||||||
Itau Unibanco Holding SA—ADR (Banks) | 2,529,112 | 13,075 | |||||||
Localiza Rent a Car SA (Road & rail) | 355,400 | 4,025 | |||||||
Lojas Renner SA (Specialty retail) | 610,900 | 3,154 | |||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 6,906 | 5,717 | ||||||
Patria Investments Ltd. Class “A” (Capital markets)† | 167,418 | 2,185 | |||||||
Raia Drogasil SA (Food & staples retailing) | 845,900 | 3,564 | |||||||
Rumo SA (Road & rail) | 620,400 | 2,125 | |||||||
TOTVS SA (Software) | 748,300 | 4,071 | |||||||
Vinci Partners Investments Ltd. Class “A” (Capital markets)† | 189,684 | 1,948 | |||||||
WEG SA (Electrical equipment) | 696,641 | 4,151 | |||||||
55,157 |
See accompanying Notes to Portfolio of Investments.
53 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Chile—0.4% | |||||||||
Sociedad Quimica y Minera de Chile SA—ADR (Chemicals) | 30,035 | $ | 2,726 | ||||||
Mexico—2.4% | |||||||||
Wal-Mart de Mexico SAB de CV (Food & staples retailing) | 4,368,500 | 15,342 | |||||||
Peru—0.7% | |||||||||
Credicorp Ltd. (Banks)† | 38,995 | 4,789 | |||||||
Uruguay—0.3% | |||||||||
* | Dlocal Ltd. (IT services)† | 82,586 | 1,695 | ||||||
Emerging Europe, Mid-East, Africa—8.5% | |||||||||
Kenya—0.1% | |||||||||
Safaricom PLC (Wireless telecommunication services) | 2,298,694 | 473 | |||||||
Poland—0.6% | |||||||||
* | Dino Polska SA (Food & staples retailing) | 61,887 | 3,749 | ||||||
Qatar—1.6% | |||||||||
Qatar Islamic Bank SAQ (Banks) | 497,489 | 3,358 | |||||||
Qatar National Bank QPSC (Banks) | 1,272,047 | 6,923 | |||||||
10,281 | |||||||||
Saudi Arabia—1.2% | |||||||||
Arabian Internet & Communications Services Co. (IT services) | 28,470 | 1,786 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 45,552 | 2,508 | |||||||
Nahdi Medical Co. (Food & staples retailing) | 36,248 | 1,819 | |||||||
Saudi Arabian Oil Co. (Oil, gas & consumable fuels) | 171,150 | 1,629 | |||||||
7,742 | |||||||||
South Africa—3.4% | |||||||||
Bid Corp. Ltd. (Food & staples retailing) | 121,285 | 1,862 | |||||||
Bidvest Group Ltd. (Industrial conglomerates) | 391,750 | 4,244 | |||||||
Capitec Bank Holdings Ltd. (Banks) | 70,287 | 6,022 | |||||||
Clicks Group Ltd. (Food & staples retailing) | 286,756 | 4,526 | |||||||
Shoprite Holdings Ltd. (Food & staples retailing) | 395,445 | 4,721 | |||||||
21,375 | |||||||||
United Arab Emirates—1.6% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 1,373,899 | 1,661 | |||||||
* | As per MRD correct (Transportation infrastructure) | 148,187 | 89 | ||||||
First Abu Dhabi Bank PJSC (Banks) | 1,799,097 | 8,726 | |||||||
10,476 | |||||||||
Total Common Stocks—98.0% (cost $663,394) | 626,333 |
See accompanying Notes to Portfolio of Investments.
54 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Rights | |||||||||
Emerging Latin America—0.0% | |||||||||
Brazil—0.0% | |||||||||
Localiza Rent a Car SA, Expiring 10/31/22 (Road & rail) | 1,090 | $ | 2 | ||||||
Total Rights—0.0% (cost $0) | 2 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $11,458, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $11,686 | $ | 11,457 | 11,457 | ||||||
Total Repurchase Agreement—1.8% (cost $11,457) | 11,457 | ||||||||
Total Investments—99.8% (cost $674,851) | 637,792 | ||||||||
Cash and other assets, less liabilities—0.2% | 1,283 | ||||||||
Net assets—100.0% | $ | 639,075 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
55 |
Emerging Markets Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments):
Financials | 25.5 | % | ||
Information Technology | 17.5 | % | ||
Consumer Discretionary | 13.0 | % | ||
Consumer Staples | 13.0 | % | ||
Industrials | 8.6 | % | ||
Energy | 6.3 | % | ||
Health Care | 5.2 | % | ||
Communication Services | 4.9 | % | ||
Materials | 4.4 | % | ||
Real Estate | 0.9 | % | ||
Utilities | 0.7 | % | ||
Total | 100.0 | % |
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments):
Indian Rupee | 25.0 | % | ||
Chinese Yuan Renminbi | 14.5 | % | ||
U.S. Dollar | 11.1 | % | ||
Hong Kong Dollar | 10.3 | % | ||
New Taiwan Dollar | 7.4 | % | ||
Indonesian Rupiah | 7.0 | % | ||
Brazilian Real | 5.1 | % | ||
South African Rand | 4.7 | % | ||
South Korean Won | 3.8 | % | ||
Thai Baht | 3.7 | % | ||
Mexican Peso | 2.5 | % | ||
UAE Dirham | 1.7 | % | ||
Qatari Rial | 1.6 | % | ||
All Other Currencies | 1.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
56 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—69.2% | |||||||||
India—30.4% | |||||||||
Aarti Industries Ltd. (Chemicals) | 3,720 | $ | 34 | ||||||
* | Affle India Ltd. (Media) | 2,718 | 42 | ||||||
* | Amber Enterprises India Ltd. (Household durables) | 897 | 26 | ||||||
APL Apollo Tubes Ltd. (Metals & mining) | 5,203 | 66 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 2,316 | 124 | |||||||
Asian Paints Ltd. (Chemicals) | 3,127 | 129 | |||||||
Astral Ltd. (Building products) | 1,758 | 48 | |||||||
Bajaj Finance Ltd. (Consumer finance) | 3,883 | 347 | |||||||
Bata India Ltd. (Textiles, apparel & luxury goods) | 2,605 | 58 | |||||||
Computer Age Management Services Ltd. (IT services) | 1,970 | 61 | |||||||
Crompton Greaves Consumer Electricals Ltd. (Household durables) | 8,309 | 42 | |||||||
Dabur India Ltd. (Personal products) | 7,984 | 56 | |||||||
Dixon Technologies India Ltd. (Household durables) | 777 | 42 | |||||||
Escorts Kubota Ltd. (Machinery) | 2,280 | 59 | |||||||
Fine Organic Industries Ltd. (Chemicals) | 734 | 63 | |||||||
* | Godrej Properties Ltd. (Real estate management & development) | 2,661 | 39 | ||||||
Havells India Ltd. (Electrical equipment) | 4,822 | 79 | |||||||
HDFC Bank Ltd. (Banks) | 22,943 | 398 | |||||||
Hindustan Unilever Ltd. (Personal products) | 3,692 | 122 | |||||||
Housing Development Finance Corp. Ltd. (Diversified financial services) | 8,606 | 240 | |||||||
Info Edge India Ltd. (Interactive Media & Services) | 974 | 46 | |||||||
Infosys Ltd. (IT services) | 8,888 | 152 | |||||||
Kajaria Ceramics Ltd. (Building products) | 3,459 | 51 | |||||||
KEI Industries Ltd. (Electrical equipment) | 5,019 | 88 | |||||||
Nestle India Ltd. (Food products) | 304 | 71 | |||||||
Pidilite Industries Ltd. (Chemicals) | 2,605 | 85 | |||||||
Polycab India Ltd. (Electrical equipment) | 1,454 | 45 | |||||||
Reliance Industries Ltd. (Oil, gas & consumable fuels) | 36,950 | 1,072 | |||||||
SRF Ltd. (Chemicals) | 4,356 | 133 | |||||||
Sun Pharmaceutical Industries Ltd. (Pharmaceuticals) | 7,504 | 87 | |||||||
Tata Consultancy Services Ltd. (IT services) | 4,878 | 179 | |||||||
Tata Consumer Products Ltd. (Food products) | 7,751 | 76 | |||||||
Tata Elxsi Ltd. (Software) | 777 | 81 | |||||||
Trent Ltd. (Specialty retail) | 6,283 | 109 | |||||||
Tube Investments of India Ltd. (Auto components) | 2,591 | 86 | |||||||
UNO Minda Ltd. (Auto components) | 12,891 | 87 | |||||||
UPL Ltd. (Chemicals) | 12,481 | 103 | |||||||
Varun Beverages Ltd. (Beverages) | 10,956 | 140 | |||||||
Voltas Ltd. (Construction & engineering) | 4,680 | 52 | |||||||
4,818 | |||||||||
Indonesia—10.2% | |||||||||
Astra International Tbk PT (Automobiles) | 450,400 | 195 | |||||||
Bank BTPN Syariah Tbk PT (Banks) | 295,100 | 53 | |||||||
Bank Central Asia Tbk PT (Banks) | 1,329,300 | 742 | |||||||
Bank Rakyat Indonesia Persero Tbk PT (Banks) | 1,603,200 | 469 | |||||||
United Tractors Tbk PT (Oil, gas & consumable fuels) | 78,400 | 168 | |||||||
1,627 | |||||||||
Malaysia—0.5% | |||||||||
MR DIY Group M Bhd (Specialty retail) | 202,300 | 86 |
See accompanying Notes to Portfolio of Investments.
57 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
Philippines—1.8% | |||||||||
BDO Unibank, Inc. (Banks) | 47,230 | $ | 89 | ||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 27,250 | 73 | |||||||
Wilcon Depot, Inc. (Specialty retail) | 233,000 | 127 | |||||||
289 | |||||||||
South Korea—5.4% | |||||||||
JYP Entertainment Corp. (Entertainment) | 1,603 | 65 | |||||||
Kakao Corp. (Interactive Media & Services) | 1,193 | 47 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 558 | 48 | |||||||
NAVER Corp. (Interactive Media & Services) | 360 | 48 | |||||||
* | Samsung Biologics Co. Ltd. (Life sciences tools & services) | 219 | 122 | ||||||
Samsung Electronics Co. Ltd. (Technology hardware, storage & peripherals) | 12,714 | 467 | |||||||
Samsung SDI Co. Ltd. (Electronic equipment, instruments & components) | 141 | 53 | |||||||
850 | |||||||||
Taiwan—17.2% | |||||||||
Chailease Holding Co. Ltd. (Diversified financial services) | 37,000 | 211 | |||||||
Chroma ATE, Inc. (Electronic equipment, instruments & components) | 7,000 | 39 | |||||||
E Ink Holdings, Inc. (Electronic equipment, instruments & components) | 14,000 | 93 | |||||||
E.Sun Financial Holding Co. Ltd. (Banks) | 333,000 | 270 | |||||||
Elite Material Co. Ltd. (Electronic equipment, instruments & components) | 7,000 | 35 | |||||||
MediaTek, Inc. (Semiconductors & semiconductor equipment) | 4,000 | 69 | |||||||
Realtek Semiconductor Corp. (Semiconductors & semiconductor equipment) | 3,000 | 25 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 14,000 | 116 | |||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Semiconductors & semiconductor equipment) | 134,000 | 1,776 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 2,000 | 88 | |||||||
2,722 | |||||||||
Thailand—3.7% | |||||||||
Bangkok Dusit Medical Services PCL Class “F” (Health care providers & services) | 223,800 | 174 | |||||||
Bumrungrad Hospital PCL (Health care providers & services) | 21,900 | 131 | |||||||
Central Pattana PCL (Real estate management & development) | 91,100 | 157 | |||||||
Kasikornbank PCL (Banks) | 34,600 | 132 | |||||||
594 | |||||||||
Emerging Latin America—18.7% | |||||||||
Argentina—0.9% | |||||||||
* | Globant SA (IT services)† | 777 | 145 | ||||||
Brazil—10.8% | |||||||||
Arezzo Industria e Comercio SA (Textiles, apparel & luxury goods) | 2,100 | 38 | |||||||
B3 SA - Brasil Bolsa Balcao (Capital markets) | 36,000 | 87 | |||||||
Banco BTG Pactual SA (Capital markets) | 22,600 | 104 | |||||||
Hypera SA (Pharmaceuticals) | 16,200 | 133 | |||||||
Itau Unibanco Holding SA—ADR (Banks) | 78,827 | 408 | |||||||
Localiza Rent a Car SA (Road & rail) | 13,400 | 152 | |||||||
* | MercadoLibre, Inc. (Internet & direct marketing retail) | 261 | 216 | ||||||
Patria Investments Ltd. Class “A” (Capital markets)† | 4,963 | 65 | |||||||
Raia Drogasil SA (Food & staples retailing) | 26,800 | 113 |
See accompanying Notes to Portfolio of Investments.
58 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Brazil — (continued) | |||||||||
Rumo SA (Road & rail) | 21,900 | $ | 75 | ||||||
TOTVS SA (Software) | 26,100 | 142 | |||||||
Vinci Partners Investments Ltd. Class “A” (Capital markets)† | 5,386 | 55 | |||||||
WEG SA (Electrical equipment) | 19,800 | 118 | |||||||
1,706 | |||||||||
Chile—0.5% | |||||||||
Sociedad Quimica y Minera de Chile SA—ADR (Chemicals) | 932 | 85 | |||||||
Mexico—4.7% | |||||||||
Banco del Bajio SA (Banks) | 28,900 | 73 | |||||||
Grupo Aeroportuario del Sureste SAB de CV Class “B” (Transportation infrastructure) | 4,095 | 80 | |||||||
Regional SAB de CV (Banks) | 11,300 | 64 | |||||||
Wal-Mart de Mexico SAB de CV (Food & staples retailing) | 149,700 | 526 | |||||||
743 | |||||||||
Peru—1.5% | |||||||||
Credicorp Ltd. (Banks)† | 1,885 | 231 | |||||||
Uruguay—0.3% | |||||||||
* | Dlocal Ltd. (IT services)† | 2,471 | 51 | ||||||
Emerging Europe, Mid-East, Africa—10.1% | |||||||||
Poland—0.8% | |||||||||
* | Dino Polska SA (Food & staples retailing) | 2,026 | 123 | ||||||
Qatar—1.4% | |||||||||
Qatar Islamic Bank SAQ (Banks) | 12,206 | 83 | |||||||
Qatar National Bank QPSC (Banks) | 25,039 | 136 | |||||||
219 | |||||||||
Romania—0.4% | |||||||||
Banca Transilvania SA (Banks) | 19,696 | 65 | |||||||
South Africa—5.4% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 12,940 | 140 | |||||||
Capitec Bank Holdings Ltd. (Banks) | 4,137 | 354 | |||||||
Clicks Group Ltd. (Food & staples retailing) | 9,721 | 154 | |||||||
Shoprite Holdings Ltd. (Food & staples retailing) | 13,293 | 159 | |||||||
Transaction Capital Ltd. (Consumer finance) | 23,995 | 49 | |||||||
856 | |||||||||
United Arab Emirates—2.1% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 48,718 | 59 | |||||||
First Abu Dhabi Bank PJSC (Banks) | 57,006 | 276 | |||||||
335 | |||||||||
Total Common Stocks—98.0% (cost $16,638) | 15,545 |
See accompanying Notes to Portfolio of Investments.
59 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Rights | |||||||||
Emerging Latin America—0.0% | |||||||||
Brazil—0.0% | |||||||||
* | Localiza Rent a Car SA, Expiring 10/31/22 | 41 | $ | —(a) | |||||
Total Rights—0.0% (cost $0) | —(a) | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $444, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $453 | $ | 444 | 444 | ||||||
Total Repurchase Agreement—2.8% (cost $444) | 444 | ||||||||
Total Investments—100.8% (cost $17,082) | 15,989 | ||||||||
Liabilities, plus cash and other assets—(0.8)% | (124 | ) | |||||||
Net assets—100.0% | $ | 15,865 |
ADR = American Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
(a) Amount is less than the minimum amount disclosed.
See accompanying Notes to Portfolio of Investments.
60 |
Emerging Markets ex China Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Financials | 32.1 | % | ||
Information Technology | 22.7 | % | ||
Consumer Staples | 9.9 | % | ||
Energy | 8.0 | % | ||
Consumer Discretionary | 7.5 | % | ||
Industrials | 7.4 | % | ||
Health Care | 5.0 | % | ||
Materials | 4.5 | % | ||
Communication Services | 1.6 | % | ||
Real Estate | 1.3 | % | ||
Total | 100.0 | % |
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 31.0 | % | ||
New Taiwan Dollar | 17.5 | % | ||
Indonesian Rupiah | 10.5 | % | ||
U.S. Dollar | 8.1 | % | ||
Brazilian Real | 6.2 | % | ||
South African Rand | 5.5 | % | ||
South Korean Won | 5.5 | % | ||
Mexican Peso | 4.8 | % | ||
Thai Baht | 3.8 | % | ||
UAE Dirham | 2.1 | % | ||
Philippine Peso | 1.8 | % | ||
Qatari Rial | 1.4 | % | ||
All Other Currencies | 1.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
61 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—66.1% | |||||||||
Cambodia—0.5% | |||||||||
* | NagaCorp Ltd. (Hotels, restaurants & leisure) | 2,491,108 | $ | 1,631 | |||||
China—9.1% | |||||||||
Centre Testing International Group Co. Ltd. Class “A” (Professional services) | 1,125,305 | 3,223 | |||||||
Chacha Food Co. Ltd. Class “A” (Food products) | 53,771 | 349 | |||||||
Estun Automation Co. Ltd. Class “A” (Machinery) | 191,700 | 507 | |||||||
Huaneng Lancang River Hydropower, Inc. Class “A” (Independent power & renewable electricity producers) | 5,021,512 | 4,863 | |||||||
Jiumaojiu International Holdings Ltd. (Hotels, restaurants & leisure) | 1,312,000 | 2,134 | |||||||
Longshine Technology Group Co. Ltd. Class “A” (Software) | 159,600 | 481 | |||||||
Proya Cosmetics Co. Ltd. Class “A” (Personal products) | 321,449 | 7,372 | |||||||
Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies) | 57,800 | 367 | |||||||
Suzhou Maxwell Technologies Co. Ltd. Class “A” (Electrical equipment) | 108,223 | 7,377 | |||||||
Yunnan Botanee Bio-Technology Group Co. Ltd. Class “A” (Personal products) | 162,400 | 3,935 | |||||||
30,608 | |||||||||
India—38.8% | |||||||||
Aarti Industries Ltd. (Chemicals) | 60,647 | 553 | |||||||
* | Aavas Financiers Ltd. (Thrifts & mortgage finance) | 101,310 | 2,812 | ||||||
* | Affle India Ltd. (Media) | 247,416 | 3,782 | ||||||
* | Amber Enterprises India Ltd. (Household durables) | 44,267 | 1,278 | ||||||
APL Apollo Tubes Ltd. (Metals & mining) | 346,805 | 4,401 | |||||||
Apollo Hospitals Enterprise Ltd. (Health care providers & services) | 28,229 | 1,507 | |||||||
Astral Ltd. (Building products) | 168,503 | 4,568 | |||||||
Atul Ltd. (Chemicals) | 14,175 | 1,557 | |||||||
AU Small Finance Bank Ltd. (Banks) | 568,578 | 4,280 | |||||||
Bata India Ltd. (Textiles, apparel & luxury goods) | 58,391 | 1,300 | |||||||
Carborundum Universal Ltd. (Chemicals) | 217,866 | 2,391 | |||||||
Central Depository Services India Ltd. (Capital markets) | 123,906 | 1,883 | |||||||
Century Plyboards India Ltd. (Paper & forest products) | 390,839 | 3,041 | |||||||
Cholamandalam Investment & Finance Co. Ltd. (Consumer finance) | 690,522 | 6,154 | |||||||
City Union Bank Ltd. (Banks) | 603,502 | 1,279 | |||||||
Clean Science & Technology Ltd. (Chemicals) | 106,047 | 2,260 | |||||||
Computer Age Management Services Ltd. (IT services) | 44,393 | 1,367 | |||||||
Dixon Technologies India Ltd. (Household durables) | 50,804 | 2,728 | |||||||
Fine Organic Industries Ltd. (Chemicals) | 47,087 | 4,019 | |||||||
* | Godrej Properties Ltd. (Real estate management & development) | 51,106 | 744 | ||||||
Gujarat Fluorochemicals Ltd. (Chemicals) | 76,857 | 3,708 | |||||||
Havells India Ltd. (Electrical equipment) | 24,830 | 409 | |||||||
Kajaria Ceramics Ltd. (Building products) | 108,981 | 1,600 | |||||||
KEI Industries Ltd. (Electrical equipment) | 374,967 | 6,606 | |||||||
Laurus Labs Ltd. (Pharmaceuticals) | 129,142 | 812 | |||||||
* | Max Healthcare Institute Ltd. (Health care providers & services) | 523,914 | 2,607 | ||||||
Motherson Sumi Wiring India Ltd. (Auto components) | 775,223 | 821 | |||||||
Navin Fluorine International Ltd. (Chemicals) | 40,304 | 2,219 | |||||||
Oberoi Realty Ltd. (Real estate management & development) | 282,425 | 3,151 | |||||||
Page Industries Ltd. (Textiles, apparel & luxury goods) | 3,940 | 2,448 | |||||||
PI Industries Ltd. (Chemicals) | 92,672 | 3,398 | |||||||
Pidilite Industries Ltd. (Chemicals) | 64,346 | 2,106 | |||||||
Polycab India Ltd. (Electrical equipment) | 111,713 | 3,493 | |||||||
Radico Khaitan Ltd. (Beverages) | 207,937 | 2,665 | |||||||
Relaxo Footwears Ltd. (Textiles, apparel & luxury goods) | 29,153 | 359 |
See accompanying Notes to Portfolio of Investments.
62 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Asia—(continued) | |||||||||
India — (continued) | |||||||||
SRF Ltd. (Chemicals) | 190,596 | $ | 5,830 | ||||||
Sundram Fasteners Ltd. (Auto components) | 73,961 | 823 | |||||||
Tata Elxsi Ltd. (Software) | 26,730 | 2,792 | |||||||
Trent Ltd. (Specialty retail) | 470,142 | 8,150 | |||||||
Tube Investments of India Ltd. (Auto components) | 193,172 | 6,400 | |||||||
UNO Minda Ltd. (Auto components) | 458,390 | 3,100 | |||||||
Varun Beverages Ltd. (Beverages) | 749,151 | 9,601 | |||||||
Vinati Organics Ltd. (Chemicals) | 135,762 | 3,469 | |||||||
VIP Industries Ltd. (Textiles, apparel & luxury goods) | 300,662 | 2,443 | |||||||
130,914 | |||||||||
Indonesia—5.3% | |||||||||
Bank BTPN Syariah Tbk PT (Banks) | 27,258,900 | 4,879 | |||||||
Bank Negara Indonesia Persero Tbk PT (Banks) | 12,924,300 | 7,559 | |||||||
United Tractors Tbk PT (Oil, gas & consumable fuels) | 2,476,200 | 5,317 | |||||||
17,755 | |||||||||
Malaysia—0.1% | |||||||||
UWC BHD (Machinery) | 600,800 | 499 | |||||||
Philippines—2.4% | |||||||||
International Container Terminal Services, Inc. (Transportation infrastructure) | 847,430 | 2,260 | |||||||
* | TDCX, Inc.—ADR (IT services) | 66,398 | 622 | ||||||
Wilcon Depot, Inc. (Specialty retail) | 9,726,900 | 5,289 | |||||||
8,171 | |||||||||
South Korea—1.6% | |||||||||
F&F Co. Ltd. (Textiles, apparel & luxury goods) | 37,446 | 3,552 | |||||||
LEENO Industrial, Inc. (Semiconductors & semiconductor equipment) | 19,670 | 1,692 | |||||||
5,244 | |||||||||
Taiwan—4.7% | |||||||||
Airtac International Group (Machinery) | 33,158 | 759 | |||||||
ASPEED Technology, Inc. (Semiconductors & semiconductor equipment) | 5,900 | 325 | |||||||
eMemory Technology, Inc. (Semiconductors & semiconductor equipment) | 8,000 | 283 | |||||||
Lotes Co. Ltd. (Electronic equipment, instruments & components) | 188,831 | 4,523 | |||||||
Sinbon Electronics Co. Ltd. (Electronic equipment, instruments & components) | 678,000 | 5,632 | |||||||
Voltronic Power Technology Corp. (Electrical equipment) | 101,507 | 4,464 | |||||||
15,986 | |||||||||
Thailand—3.6% | |||||||||
Bumrungrad Hospital PCL (Health care providers & services) | 1,767,200 | 10,596 | |||||||
Com7 PCL Class “F” (Specialty retail) | 1,913,400 | 1,459 | |||||||
12,055 | |||||||||
Emerging Latin America—20.5% | |||||||||
Brazil—12.6% | |||||||||
Arezzo Industria e Comercio SA (Textiles, apparel & luxury goods) | 438,900 | 8,007 | |||||||
* | Azul SA—ADR (Airlines) | 75,658 | 616 | ||||||
* | CI&T, Inc. Class “A” (IT services)† | 87,007 | 817 | ||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes (Household durables) | 780,200 | 2,654 |
See accompanying Notes to Portfolio of Investments.
63 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Latin America—(continued) | |||||||||
Brazil — (continued) | |||||||||
Grupo SBF SA (Specialty retail) | 1,254,000 | $ | 4,675 | ||||||
Hypera SA (Pharmaceuticals) | 573,800 | 4,707 | |||||||
* | Infracommerce CXAAS SA (IT services) | 809,100 | 855 | ||||||
* | Locaweb Servicos de Internet SA (IT services) | 2,898,878 | 4,836 | ||||||
Lojas Quero Quero SA (Specialty retail) | 1,089,200 | 1,175 | |||||||
Multiplan Empreendimentos Imobiliarios SA (Real estate management & development) | 504,300 | 2,259 | |||||||
Pet Center Comercio e Participacoes SA (Specialty retail) | 1,614,406 | 3,044 | |||||||
* | Sequoia Logistica e Transportes SA (Air freight & logistics) | 643,900 | 719 | ||||||
TOTVS SA (Software) | 1,474,300 | 8,021 | |||||||
42,385 | |||||||||
Mexico—7.1% | |||||||||
Banco del Bajio SA (Banks) | 2,531,100 | 6,409 | |||||||
Grupo Aeroportuario del Centro Norte SAB de CV (Transportation infrastructure) | 817,999 | 5,146 | |||||||
Grupo Aeroportuario del Sureste SAB de CV Class “B” (Transportation infrastructure) | 462,200 | 9,088 | |||||||
Grupo Comercial Chedraui SA de CV (Food & staples retailing) | 442,900 | 1,312 | |||||||
Regional SAB de CV (Banks) | 323,300 | 1,822 | |||||||
23,777 | |||||||||
Uruguay—0.8% | |||||||||
* | Dlocal Ltd. (IT services)† | 133,163 | 2,733 | ||||||
Emerging Europe, Mid-East, Africa—11.8% | |||||||||
Greece—1.9% | |||||||||
Motor Oil Hellas Corinth Refineries SA (Oil, gas & consumable fuels) | 133,177 | 2,104 | |||||||
Terna Energy SA (Independent power & renewable electricity producers) | 264,053 | 4,269 | |||||||
6,373 | |||||||||
Kazakhstan—0.7% | |||||||||
Kaspi.KZ JSC—GDR (Consumer finance) | 40,846 | 2,347 | |||||||
Poland—1.9% | |||||||||
* | Dino Polska SA (Food & staples retailing) | 97,996 | 5,936 | ||||||
ING Bank Slaski SA (Banks) | 22,530 | 631 | |||||||
6,567 | |||||||||
Romania—0.4% | |||||||||
Banca Transilvania SA (Banks) | 420,759 | 1,391 | |||||||
Saudi Arabia—4.1% | |||||||||
Arabian Internet & Communications Services Co. (IT services) | 42,600 | 2,672 | |||||||
Bupa Arabia for Cooperative Insurance Co. (Insurance) | 40,216 | 1,792 | |||||||
Dr Sulaiman Al Habib Medical Services Group Co. (Health care providers & services) | 105,230 | 5,793 | |||||||
Mouwasat Medical Services Co. (Health care providers & services) | 13,088 | 686 | |||||||
Nahdi Medical Co. (Food & staples retailing) | 58,384 | 2,930 | |||||||
13,873 | |||||||||
South Africa—1.2% | |||||||||
Bidvest Group Ltd. (Industrial conglomerates) | 121,816 | 1,320 | |||||||
Clicks Group Ltd. (Food & staples retailing) | 62,654 | 989 |
See accompanying Notes to Portfolio of Investments.
64 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares or Principal Amount | Value | |||||||
Common Stocks—(continued) | |||||||||
Emerging Europe, Mid-East, Africa—(continued) | |||||||||
South Africa — (continued) | |||||||||
Transaction Capital Ltd. (Consumer finance) | 848,622 | $ | 1,723 | ||||||
4,032 | |||||||||
United Arab Emirates—1.6% | |||||||||
Abu Dhabi National Oil Co. for Distribution PJSC (Specialty retail) | 4,303,413 | 5,202 | |||||||
* | Salik Co. PJSC (Transportation infrastructure) | 158,892 | 95 | ||||||
5,297 | |||||||||
Total Common Stocks—98.4% (cost $342,691) | 331,638 | ||||||||
Repurchase Agreement | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $4,479, collateralized by U.S. Treasury Bond, 1.750%, due 01/15/28, valued at $4,568 | $ | 4,479 | 4,479 | ||||||
Total Repurchase Agreement—1.3% (cost $4,479) | 4,479 | ||||||||
Total Investments—99.7% (cost $347,170) | 336,117 | ||||||||
Cash and other assets, less liabilities—0.3% | 935 | ||||||||
Net assets—100.0% | $ | 337,052 |
ADR = American Depository Receipt
GDR = Global Depository Receipt
* = Non-income producing security
† = U.S. listed foreign security
See accompanying Notes to Portfolio of Investments.
65 |
Emerging Markets Small Cap Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 20.6 | % | ||
Industrials | 16.0 | % | ||
Financials | 13.6 | % | ||
Materials | 11.7 | % | ||
Information Technology | 11.4 | % | ||
Consumer Staples | 10.6 | % | ||
Health Care | 8.1 | % | ||
Utilities | 2.8 | % | ||
Energy | 2.2 | % | ||
Real Estate | 1.9 | % | ||
Communication Services | 1.1 | % | ||
Total | 100.0 | % |
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Indian Rupee | 39.5 | % | ||
Brazilian Real | 12.3 | % | ||
Chinese Yuan Renminbi | 8.6 | % | ||
Mexican Peso | 7.2 | % | ||
South African Rand | 5.4 | % | ||
Indonesian Rupiah | 5.4 | % | ||
New Taiwan Dollar | 4.8 | % | ||
Thai Baht | 3.6 | % | ||
Philippine Peso | 2.3 | % | ||
U.S. Dollar | 2.1 | % | ||
Polish Zloty | 2.0 | % | ||
Euro | 1.9 | % | ||
UAE Dirham | 1.6 | % | ||
South Korean Won | 1.6 | % | ||
Hong Kong Dollar | 1.1 | % | ||
All Other Currencies | 0.6 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
66 |
China Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—96.4% | |||||||||
China—96.4% | |||||||||
Aier Eye Hospital Group Co. Ltd. Class “A” (Health care providers & services) | 10,937 | $ | 44 | ||||||
Airtac International Group (Machinery) | 1,000 | 23 | |||||||
* | Alibaba Group Holding Ltd. (Internet & direct marketing retail) | 9,300 | 93 | ||||||
Bank of Chengdu Co. Ltd. Class “A” (Banks) | 8,500 | 19 | |||||||
Bank of Ningbo Co. Ltd. Class “A” (Banks) | 11,590 | 51 | |||||||
Beijing Kingsoft Office Software, Inc. Class “A” (Software) | 968 | 27 | |||||||
China Merchants Bank Co. Ltd. Class “H” (Banks) | 13,500 | 62 | |||||||
China Tourism Group Duty Free Corp. Ltd. Class “A” (Specialty retail) | 3,400 | 94 | |||||||
Chongqing Zhifei Biological Products Co. Ltd. Class “A” (Biotechnology) | 800 | 10 | |||||||
Contemporary Amperex Technology Co. Ltd. Class “A” (Electrical equipment) | 900 | 51 | |||||||
East Money Information Co. Ltd. Class “A” (Capital markets) | 16,120 | 40 | |||||||
Foshan Haitian Flavouring & Food Co. Ltd. Class “A” (Food products) | 7,110 | 83 | |||||||
Hangzhou Tigermed Consulting Co. Ltd. Class “A” (Life sciences tools & services) | 1,417 | 18 | |||||||
Huaneng Lancang River Hydropower, Inc. Class “A” (Independent power & renewable electricity producers) | 14,200 | 14 | |||||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class “A” (Food products) | 6,500 | 30 | |||||||
JD.com, Inc. Class “A” (Internet & direct marketing retail) | 2,702 | 68 | |||||||
Jiangsu Hengli Hydraulic Co. Ltd. Class “A” (Machinery) | 3,100 | 20 | |||||||
Jiumaojiu International Holdings Ltd. (Hotels, restaurants & leisure) | 6,000 | 10 | |||||||
Juewei Food Co. Ltd. Class “A” (Food products) | 2,300 | 16 | |||||||
* | Kuaishou Technology (Interactive Media & Services) | 2,300 | 15 | ||||||
Kweichow Moutai Co. Ltd. Class “A” (Beverages) | 400 | 105 | |||||||
Li Ning Co. Ltd. (Textiles, apparel & luxury goods) | 4,500 | 34 | |||||||
LONGi Green Energy Technology Co. Ltd. Class “A” (Semiconductors & semiconductor equipment) | 2,500 | 17 | |||||||
Maxscend Microelectronics Co. Ltd. Class “A” (Electronic equipment, instruments & components) | 1,000 | 12 | |||||||
* | Meituan Class “B” (Internet & direct marketing retail) | 2,600 | 55 | ||||||
NAURA Technology Group Co. Ltd. Class “A” (Semiconductors & semiconductor equipment) | 900 | 35 | |||||||
NetEase, Inc. (Entertainment) | 3,500 | 53 | |||||||
Ovctek China, Inc. Class “A” (Health care equipment & supplies) | 3,300 | 19 | |||||||
Proya Cosmetics Co. Ltd. Class “A” (Personal products) | 1,520 | 35 | |||||||
SG Micro Corp. Class “A” (Semiconductors & semiconductor equipment) | 1,250 | 25 | |||||||
Shanghai M&G Stationery, Inc. Class “A” (Commercial services & supplies) | 2,300 | 15 | |||||||
Shenzhen Inovance Technology Co. Ltd. Class “A” (Machinery) | 4,500 | 36 | |||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class “A” (Health care equipment & supplies) | 400 | 17 | |||||||
Shenzhou International Group Holdings Ltd. (Textiles, apparel & luxury goods) | 1,000 | 8 | |||||||
Silergy Corp. (Semiconductors & semiconductor equipment) | 2,000 | 26 | |||||||
Suzhou Maxwell Technologies Co. Ltd. Class “A” (Electrical equipment) | 420 | 29 | |||||||
Tencent Holdings Ltd. (Interactive Media & Services) | 4,100 | 138 | |||||||
* | Topchoice Medical Corp. Class “A” (Health care providers & services) | 1,000 | 18 | ||||||
Will Semiconductor Co. Ltd. Shanghai Class “A” (Semiconductors & semiconductor equipment) | 1,020 | 11 | |||||||
Wuliangye Yibin Co. Ltd. Class “A” (Beverages) | 1,900 | 45 | |||||||
WuXi AppTec Co. Ltd. Class “H” (Life sciences tools & services) | 2,600 | 21 | |||||||
* | Wuxi Biologics Cayman, Inc. (Life sciences tools & services) | 3,500 | 21 | ||||||
Wuxi Lead Intelligent Equipment Co. Ltd. Class “A” (Machinery) | 2,800 | 19 | |||||||
Yonyou Network Technology Co. Ltd. Class “A” (Software) | 6,200 | 15 | |||||||
Yunnan Botanee Bio-Technology Group Co. Ltd. Class “A” (Personal products) | 900 | 22 | |||||||
Yunnan Energy New Material Co. Ltd. Class “A” (Chemicals) | 1,000 | 24 | |||||||
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. Class “A” (Pharmaceuticals) | 1,000 | 37 |
See accompanying Notes to Portfolio of Investments.
67 |
China Growth Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Shares | Value | |||||||
Common Stocks | |||||||||
Emerging Asia—(continued) | |||||||||
China—(continued) | |||||||||
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. Class “A” (Semiconductors & semiconductor equipment) | 2,400 | $ | 23 | ||||||
Zhongsheng Group Holdings Ltd. (Specialty retail) | 4,000 | 16 | |||||||
1,719 | |||||||||
Asia—3.2% | |||||||||
Hong Kong—3.2% | |||||||||
AIA Group Ltd. (Insurance) | 4,800 | 40 | |||||||
Hong Kong Exchanges & Clearing Ltd. (Capital markets) | 500 | 17 | |||||||
57 | |||||||||
Total Common Stocks—99.6% (cost $2,634) | 1,776 | ||||||||
Total Investments—99.6% (cost $2,634) | 1,776 | ||||||||
Cash and other assets, less liabilities—0.4% | 7 | ||||||||
Net assets—100.0% | $ | 1,783 |
* = Non-income producing security
See accompanying Notes to Portfolio of Investments.
68 |
China Growth Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Consumer Discretionary | 21.2 | % | ||
Consumer Staples | 18.9 | % | ||
Financials | 13.0 | % | ||
Communication Services | 11.6 | % | ||
Health Care | 11.5 | % | ||
Information Technology | 10.8 | % | ||
Industrials | 10.8 | % | ||
Materials | 1.4 | % | ||
Utilities | 0.8 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
Chinese Yuan Renminbi | 60.6 | % | ||
Hong Kong Dollar | 36.6 | % | ||
New Taiwan Dollar | 2.8 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
69 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—58.2% | |||||||||
Angola—1.6% | |||||||||
Angolan Government International Bond, 8.000%, due 11/26/29 | $ | 300 | $ | 224 | |||||
Angolan Government International Bond, 8.750%, due 4/14/32(a) | 250 | 184 | |||||||
Angolan Government International Bond, 9.125%, due 11/26/49 | 400 | 268 | |||||||
676 | |||||||||
Argentina—1.1% | |||||||||
Argentine Government International Bond, 0.500%, due 7/9/30(b) | 575 | 115 | |||||||
Argentine Government International Bond, 3.000%, due 1/9/38(b) | EUR | 320 | 57 | ||||||
Argentine Government International Bond, 3.500%, due 7/9/41(b) | $ | 475 | 101 | ||||||
Argentine Government International Bond, 3.875%, due 1/9/38(b) | 710 | 166 | |||||||
439 | |||||||||
Azerbaijan—0.6% | |||||||||
Azerbaijan International Bond, 3.500%, due 9/1/32 | 300 | 241 | |||||||
Bahrain—1.3% | |||||||||
Bahrain Government International Bond, 5.250%, due 1/25/33 | 200 | 154 | |||||||
Bahrain Government International Bond, 6.250%, due 1/25/51 | 300 | 208 | |||||||
Bahrain Government International Bond, 7.000%, due 1/26/26 | 200 | 200 | |||||||
562 | |||||||||
Bermuda—0.5% | |||||||||
Bermuda Government International Bond, 5.000%, due 7/15/32(a) | 200 | 188 | |||||||
Bolivia—0.4% | |||||||||
Bolivian Government International Bond, 4.500%, due 3/20/28 | 200 | 156 | |||||||
Brazil—1.2% | |||||||||
Brazilian Government International Bond, 4.750%, due 1/14/50 | 280 | 193 | |||||||
Brazilian Government International Bond, 5.625%, due 2/21/47 | 400 | 309 | |||||||
502 | |||||||||
Cameroon—0.4% | |||||||||
Cameroon Government International Bond, 5.950%, due 7/7/32(a) | EUR | 250 | 161 |
See accompanying Notes to Portfolio of Investments.
70 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Chile—0.9% | |||||||||
Chile Government International Bond, 4.340%, due 3/7/42 | $ | 450 | $ | 357 | |||||
Colombia—2.4% | |||||||||
Colombia Government International Bond, 4.125%, due 2/22/42 | 300 | 169 | |||||||
Colombia Government International Bond, 5.000%, due 6/15/45 | 890 | 543 | |||||||
Colombia Government International Bond, 6.125%, due 1/18/41 | 370 | 272 | |||||||
984 | |||||||||
Costa Rica—1.2% | |||||||||
Costa Rica Government International Bond, 4.375%, due 4/30/25 | 340 | 327 | |||||||
Costa Rica Government International Bond, 5.625%, due 4/30/43 | 250 | 177 | |||||||
504 | |||||||||
Dominican Republic—2.7% | |||||||||
Dominican Republic International Bond, 4.875%, due 9/23/32 | 740 | 553 | |||||||
Dominican Republic International Bond, 5.500%, due 1/27/25 | 340 | 330 | |||||||
Dominican Republic International Bond, 5.875%, due 1/30/60 | 400 | 263 | |||||||
1,146 | |||||||||
Ecuador—1.7% | |||||||||
Ecuador Government International Bond, 0.000%, due 7/31/30 | 160 | 46 | |||||||
Ecuador Government International Bond, 2.500%, due 7/31/35(b) | 1,090 | 361 | |||||||
Ecuador Government International Bond, 5.500%, due 7/31/30(b) | 630 | 298 | |||||||
705 | |||||||||
Egypt—3.0% | |||||||||
Egypt Government International Bond, 4.750%, due 4/16/26 | EUR | 200 | 138 | ||||||
Egypt Government International Bond, 6.375%, due 4/11/31 | 250 | 142 | |||||||
Egypt Government International Bond, 7.300%, due 9/30/33(a) | $ | 250 | 143 | ||||||
Egypt Government International Bond, 7.500%, due 2/16/61 | 250 | 128 | |||||||
Egypt Government International Bond, 7.625%, due 5/29/32 | 250 | 150 | |||||||
Egypt Government International Bond, 8.750%, due 9/30/51(a) | 250 | 137 |
See accompanying Notes to Portfolio of Investments.
71 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Egypt—(continued) | |||||||||
Egypt Government International Bond, 8.875%, due 5/29/50 | $ | 750 | $ | 415 | |||||
1,253 | |||||||||
El Salvador—0.6% | |||||||||
El Salvador Government International Bond, 7.625%, due 2/1/41 | 440 | 140 | |||||||
El Salvador Government International Bond, 8.250%, due 4/10/32 | 110 | 40 | |||||||
El Salvador Government International Bond, 9.500%, due 7/15/52 | 225 | 77 | |||||||
257 | |||||||||
Gabon—0.7% | |||||||||
Gabon Government International Bond, 7.000%, due 11/24/31 | 450 | 295 | |||||||
Ghana—1.7% | |||||||||
Ghana Government International Bond, 7.750%, due 4/7/29 | 300 | 113 | |||||||
Ghana Government International Bond, 8.625%, due 4/7/34 | 400 | 144 | |||||||
Ghana Government International Bond, 8.750%, due 3/11/61 | 550 | 199 | |||||||
Ghana Government International Bond, 8.950%, due 3/26/51 | 700 | 255 | |||||||
711 | |||||||||
Guatemala—0.4% | |||||||||
Guatemala Government Bond, 5.250%, due 8/10/29(a) | 200 | 180 | |||||||
Hungary—0.3% | |||||||||
Hungary Government International Bond, 3.125%, due 9/21/51 | 200 | 107 | |||||||
Indonesia—3.4% | |||||||||
Indonesia Government International Bond, 3.400%, due 9/18/29 | 550 | 486 | |||||||
Indonesia Government International Bond, 4.450%, due 4/15/70 | 250 | 191 | |||||||
Indonesia Government International Bond, 4.750%, due 2/11/29 | 300 | 288 | |||||||
Indonesia Government International Bond, 5.125%, due 1/15/45 | 500 | 435 | |||||||
1,400 | |||||||||
Iraq—1.4% | |||||||||
Iraq International Bond, 6.752%, due 3/9/23 | 600 | 581 |
See accompanying Notes to Portfolio of Investments.
72 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Ivory Coast—0.8% | |||||||||
Ivory Coast Government International Bond, 6.625%, due 3/22/48 | EUR | 600 | $ | 346 | |||||
Kenya—0.6% | |||||||||
Kenya Government International Bond, 8.250%, due 2/28/48 | $ | 400 | 240 | ||||||
Lebanon—0.4% | |||||||||
Lebanon Government International Bond, 5.800%, due 4/14/20(c) | 1,400 | 82 | |||||||
Lebanon Government International Bond, 6.850%, due 3/23/27(c) | 600 | 34 | |||||||
Lebanon Government International Bond, 7.150%, due 11/20/31(c) | 1,200 | 69 | |||||||
185 | |||||||||
Mexico—1.3% | |||||||||
Mexico Government International Bond, 3.750%, due 4/19/71 | 600 | 348 | |||||||
Mexico Government International Bond, 4.875%, due 5/19/33 | 225 | 198 | |||||||
546 | |||||||||
Mongolia—0.4% | |||||||||
Mongolia Government International Bond, 5.625%, due 5/1/23 | 200 | 181 | |||||||
Morocco—0.3% | |||||||||
Morocco Government International Bond, 4.000%, due 12/15/50 | 200 | 113 | |||||||
Mozambique—0.3% | |||||||||
Mozambique International Bond, 5.000%, due 9/15/31(b) | 200 | 136 | |||||||
Nigeria—1.6% | |||||||||
Nigeria Government International Bond, 7.696%, due 2/23/38 | 400 | 236 | |||||||
Nigeria Government International Bond, 8.250%, due 9/28/51(a) | 775 | 442 | |||||||
678 | |||||||||
Oman—2.0% | |||||||||
Oman Government International Bond, 4.750%, due 6/15/26 | 200 | 185 | |||||||
Oman Government International Bond, 6.750%, due 1/17/48 | 800 | 637 | |||||||
822 |
See accompanying Notes to Portfolio of Investments.
73 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Pakistan—0.3% | |||||||||
Pakistan Government International Bond, 8.875%, due 4/8/51 | $ | 400 | $ | 140 | |||||
Panama—1.3% | |||||||||
Panama Government International Bond, 4.500%, due 4/1/56 | 400 | 269 | |||||||
Panama Government International Bond, 4.500%, due 1/19/63 | 400 | 263 | |||||||
532 | |||||||||
Paraguay—0.6% | |||||||||
Paraguay Government International Bond, 5.400%, due 3/30/50 | 350 | 258 | |||||||
Peru—2.0% | |||||||||
Peruvian Government International Bond, 2.783%, due 1/23/31 | 840 | 666 | |||||||
Peruvian Government International Bond, 3.600%, due 1/15/72 | 300 | 181 | |||||||
847 | |||||||||
Philippines—1.4% | |||||||||
Philippine Government International Bond, 3.700%, due 2/2/42 | 500 | 383 | |||||||
Philippine Government International Bond, 5.000%, due 1/13/37 | 200 | 185 | |||||||
568 | |||||||||
Qatar—3.1% | |||||||||
Qatar Government International Bond, 3.400%, due 4/16/25 | 450 | 435 | |||||||
Qatar Government International Bond, 4.400%, due 4/16/50 | 1,000 | 875 | |||||||
1,310 | |||||||||
Romania—1.2% | |||||||||
Romanian Government International Bond, 2.875%, due 4/13/42 | EUR | 200 | 100 | ||||||
Romanian Government International Bond, 3.375%, due 1/28/50 | 780 | 392 | |||||||
492 | |||||||||
Saudi Arabia—2.2% | |||||||||
Saudi Government International Bond, 2.250%, due 2/2/33 | $ | 400 | 314 | ||||||
Saudi Government International Bond, 3.250%, due 11/17/51 | 200 | 135 | |||||||
Saudi Government International Bond, 3.450%, due 2/2/61 | 500 | 339 |
See accompanying Notes to Portfolio of Investments.
74 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Saudi Arabia—(continued) | |||||||||
Saudi Government International Bond, 3.750%, due 1/21/55 | $ | 200 | $ | 148 | |||||
936 | |||||||||
Senegal—0.3% | |||||||||
Senegal Government International Bond, 6.750%, due 3/13/48 | 200 | 124 | |||||||
Serbia—0.6% | |||||||||
Serbia International Bond, 1.500%, due 6/26/29 | EUR | 200 | 130 | ||||||
Serbia International Bond, 2.050%, due 9/23/36 | 200 | 101 | |||||||
231 | |||||||||
South Africa—1.6% | |||||||||
South Africa Government International Bond, 5.750%, due 9/30/49 | $ | 800 | 508 | ||||||
South Africa Government International Bond, 7.300%, due 4/20/52 | 200 | 151 | |||||||
659 | |||||||||
Sri Lanka—1.2% | |||||||||
Sri Lanka Government International Bond, 5.750%, due 4/18/23(b) | 400 | 100 | |||||||
Sri Lanka Government International Bond, 6.850%, due 11/3/25(b) | 400 | 100 | |||||||
Sri Lanka Government International Bond, 7.850%, due 3/14/29(b) | 1,200 | 292 | |||||||
492 | |||||||||
Tunisia—0.6% | |||||||||
Banque Centrale de Tunisie International Bond, 5.625%, due 2/17/24 | EUR | 400 | 259 | ||||||
Turkey—2.0% | |||||||||
Turkey Government International Bond, 4.375%, due 7/8/27 | 100 | 83 | |||||||
Turkey Government International Bond, 4.875%, due 4/16/43 | $ | 900 | 506 | ||||||
Turkey Government International Bond, 5.750%, due 5/11/47 | 200 | 120 | |||||||
Turkey Government International Bond, 5.950%, due 1/15/31 | 200 | 147 | |||||||
856 | |||||||||
Ukraine—0.9% | |||||||||
Ukraine Government International Bond, 0.000%, due 8/1/41(b) | 280 | 75 |
See accompanying Notes to Portfolio of Investments.
75 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Government Bonds—(continued) | |||||||||
Ukraine — (continued) | |||||||||
Ukraine Government International Bond, 6.876%, due 5/21/31(b) | $ | 200 | $ | 36 | |||||
Ukraine Government International Bond, 7.253%, due 3/15/35(b) | 1,450 | 265 | |||||||
376 | |||||||||
United Arab Emirates—1.1% | |||||||||
Abu Dhabi Government International Bond, 2.700%, due 9/2/70 | 450 | 268 | |||||||
Finance Department Government of Sharjah, 4.000%, due 7/28/50 | 300 | 176 | |||||||
444 | |||||||||
Uruguay—0.7% | |||||||||
Uruguay Government International Bond, 4.975%, due 4/20/55 | 350 | 312 | |||||||
Uzbekistan—0.3% | |||||||||
Uzbekistan International Bond, 3.900%, due 10/19/31 | 200 | 140 | |||||||
Vietnam—0.5% | |||||||||
Vietnam Government International Bond, 4.800%, due 11/19/24 | 200 | 197 | |||||||
Zambia—1.1% | |||||||||
Zambia Government International Bond, 8.500%, due 4/14/24(b) | 400 | 190 | |||||||
Zambia Government International Bond, 8.970%, due 7/30/27(b) | 600 | 281 | |||||||
471 | |||||||||
Total Foreign Government Bonds—58.2% (cost $32,623) | 24,296 | ||||||||
Foreign Corporate Bonds—30.6% | |||||||||
Brazil—0.9% | |||||||||
Atento Luxco 1 SA, 8.000%, due 2/10/26 | 100 | 41 | |||||||
MV24 Capital BV, 6.748%, due 6/1/34 | 178 | 150 | |||||||
Petrorio Luxembourg Trading Sarl, 6.125%, due 6/9/26 | 200 | 181 | |||||||
372 | |||||||||
Chile—2.4% | |||||||||
CAP SA, 3.900%, due 4/27/31 | 250 | 176 | |||||||
Celulosa Arauco y Constitucion SA, 4.250%, due 4/30/29 | 200 | 166 |
See accompanying Notes to Portfolio of Investments.
76 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Chile — (continued) | |||||||||
Empresa Nacional del Petroleo, 5.250%, due 11/6/29 | $ | 450 | $ | 412 | |||||
Kenbourne Invest SA, 4.700%, due 1/22/28 | 200 | 151 | |||||||
VTR Finance NV, 6.375%, due 7/15/28 | 200 | 108 | |||||||
1,013 | |||||||||
China—3.1% | |||||||||
China Evergrande Group, 9.500%, due 3/29/24(b) | 300 | 19 | |||||||
China Hongqiao Group Ltd., 6.250%, due 6/8/24 | 200 | 182 | |||||||
CNAC HK Finbridge Co. Ltd., 4.875%, due 3/14/25 | 200 | 197 | |||||||
CNAC HK Finbridge Co. Ltd., 3.000%, due 9/22/30 | 200 | 161 | |||||||
Huarong Finance 2017 Co. Ltd., 4.250%, due 11/7/27 | 200 | 149 | |||||||
Lenovo Group Ltd., 5.875%, due 4/24/25 | 200 | 197 | |||||||
Sinochem Offshore Capital Co. Ltd., 2.375%, due 9/23/31 | 500 | 380 | |||||||
Yuzhou Group Holdings Co. Ltd., 7.850%, due 8/12/26(c) | 200 | 13 | |||||||
1,298 | |||||||||
Colombia—0.8% | |||||||||
Canacol Energy Ltd., 5.750%, due 11/24/28(a) | 200 | 152 | |||||||
Gran Tierra Energy International Holdings Ltd., 6.250%, due 2/15/25 | 200 | 164 | |||||||
316 | |||||||||
Dominican Republic—0.9% | |||||||||
Aeropuertos Dominicanos Siglo XXI SA, 6.750%, due 3/30/29 | 200 | 184 | |||||||
Empresa Generadora de Electricidad Haina SA, 5.625%, due 11/8/28(a) | 250 | 202 | |||||||
386 | |||||||||
Ghana—0.3% | |||||||||
Tullow Oil PLC, 7.000%, due 3/1/25 | 200 | 128 |
See accompanying Notes to Portfolio of Investments.
77 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Guatemala—0.8% | |||||||||
Energuate Trust, 5.875%, due 5/3/27 | $ | 200 | $ | 177 | |||||
Investment Energy Resources Ltd.—144A, 6.250%, due 4/26/29(a) | 200 | 170 | |||||||
347 | |||||||||
India—1.1% | |||||||||
Continuum Energy Levanter Pte. Ltd., 4.500%, due 2/9/27 | 194 | 157 | |||||||
Export-Import Bank of India, 2.250%, due 1/13/31 | 200 | 150 | |||||||
Periama Holdings LLC, 5.950%, due 4/19/26 | 200 | 173 | |||||||
480 | |||||||||
Indonesia—3.3% | |||||||||
Bank Negara Indonesia Persero Tbk PT, 3.750%, due 3/30/26 | 200 | 177 | |||||||
Medco Laurel Tree Pte. Ltd., 6.950%, due 11/12/28 | 200 | 156 | |||||||
Nickel Industries Ltd., 6.500%, due 4/1/24(a) | 200 | 184 | |||||||
Pertamina Persero PT, 2.300%, due 2/9/31 | 200 | 151 | |||||||
Pertamina Persero PT, 3.100%, due 8/27/30 | 400 | 326 | |||||||
Pertamina Persero PT, 6.000%, due 5/3/42 | 200 | 176 | |||||||
Perusahaan Penerbit SBSN Indonesia III, 4.700%, due 6/6/32(a) | 200 | 188 | |||||||
1,358 | |||||||||
Jamaica—0.4% | |||||||||
Sagicor Financial Co. Ltd., 5.300%, due 5/13/28 | 200 | 187 | |||||||
Kazakhstan—1.3% | |||||||||
KazMunayGas National Co. JSC, 3.500%, due 4/14/33 | 800 | 524 | |||||||
Kuwait—0.4% | |||||||||
NBK Tier 1 Ltd., 6 year CMT + 2.875%, 3.625%, due 8/24/26(d) (e) | 200 | 170 | |||||||
Malaysia—3.7% | |||||||||
1MDB Global Investments Ltd., 4.400%, due 3/9/23 | 1,200 | 1,149 | |||||||
Dua Capital Ltd., 2.780%, due 5/11/31 | 300 | 231 |
See accompanying Notes to Portfolio of Investments.
78 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Malaysia—(continued) | |||||||||
Petronas Capital Ltd., 4.550%, due 4/21/50 | $ | 200 | $ | 175 | |||||
1,555 | |||||||||
Mexico—3.5% | |||||||||
BBVA Bancomer SA, 5 year CMT + 2.650%, 5.125%, due 1/18/33(d) | 200 | 166 | |||||||
Credito Real SAB de CV SOFOM ER, 5.000%, due 2/1/27(c) | EUR | 200 | 1 | ||||||
Petroleos Mexicanos, 6.700%, due 2/16/32 | $ | 330 | 231 | ||||||
Petroleos Mexicanos, 7.690%, due 1/23/50 | 250 | 153 | |||||||
Petroleos Mexicanos, 6.750%, due 9/21/47 | 1,248 | 694 | |||||||
Petroleos Mexicanos, 5.950%, due 1/28/31 | 300 | 202 | |||||||
1,447 | |||||||||
Mongolia—0.5% | |||||||||
Development Bank of Mongolia LLC, 7.250%, due 10/23/23 | 200 | 192 | |||||||
Nigeria—0.5% | |||||||||
SEPLAT Energy PLC, 7.750%, due 4/1/26 | 250 | 204 | |||||||
Panama—0.4% | |||||||||
Aeropuerto Internacional de Tocumen SA, 5.125%, due 8/11/61 | 250 | 178 | |||||||
Peru—1.4% | |||||||||
Corp. Financiera de Desarrollo SA, 2.400%, due 9/28/27 | 420 | 347 | |||||||
Fondo MIVIVIENDA SA, 4.625%, due 4/12/27(a) | 250 | 232 | |||||||
579 | |||||||||
Saudi Arabia—0.6% | |||||||||
Arab National Bank, 5 year CMT + 2.974%, 3.326%, due 10/28/30(d) | 250 | 232 | |||||||
South Africa—0.4% | |||||||||
Stillwater Mining Co., 4.000%, due 11/16/26 | 200 | 165 |
See accompanying Notes to Portfolio of Investments.
79 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Foreign Corporate Bonds—(continued) | |||||||||
Trinidad And Tobago—1.0% | |||||||||
Heritage Petroleum Co. Ltd., 9.000%, due 8/12/29 | $ | 200 | $ | 210 | |||||
Heritage Petroleum Co. Ltd., 9.000%, due 8/12/29(a) | 200 | 210 | |||||||
420 | |||||||||
Turkey—0.6% | |||||||||
Turkiye Ihracat Kredi Bankasi AS, 5.750%, due 7/6/26(a) | 300 | 247 | |||||||
United Arab Emirates—1.9% | |||||||||
DP World Ltd., 4.700%, due 9/30/49 | 200 | 151 | |||||||
Dubai Government International Bond, 3.900%, due 9/9/50 | 450 | 300 | |||||||
MAF Global Securities Ltd., 5 year CMT + 3.539%, 6.375%, due 3/20/26(d) (e) | 200 | 186 | |||||||
Shelf Drilling Holdings Ltd., 8.250%, due 2/15/25 | 200 | 160 | |||||||
797 | |||||||||
Uzbekistan—0.4% | |||||||||
Ipoteka-Bank ATIB, 5.500%, due 11/19/25 | 200 | 171 | |||||||
Total Foreign Corporate Bonds—30.6% (cost $15,385) | 12,766 | ||||||||
Foreign Municipal Bonds—1.2% | |||||||||
Argentina—1.2% | |||||||||
Provincia de Buenos Aires, 5.250%, due 9/1/37(b) | 400 | 122 | |||||||
Provincia de Buenos Aires, 5.250%, due 9/1/37(a) (b) | 50 | 15 | |||||||
Provincia de Buenos Aires, 4.500%, due 9/1/37(a) (b) | 200 | 58 | |||||||
Provincia de Cordoba, 6.875%, due 12/10/25(b) | 200 | 152 | |||||||
Provincia del Chubut Argentina, 7.750%, due 7/26/30(b) | 223 | 171 | |||||||
518 | |||||||||
Total Foreign Municipal Bonds—1.2% (cost $655) | 518 |
See accompanying Notes to Portfolio of Investments.
80 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Issuer | Principal Amount | Value | |||||||
Repurchase Agreement—2.3% | |||||||||
Fixed Income Clearing Corporation, 1.000% dated 09/30/22, due 10/03/22, repurchase price $970, collateralized by U.S. Treasury Note, 4.125%, due 09/30/27, valued at $989 | $ | 969 | $ | 969 | |||||
Total Repurchase Agreement—2.3% (cost $969) | 969 | ||||||||
U.S. Government—5.7% | |||||||||
U.S. Treasury Bill, 2.518%, due 10/25/22 | 580 | 579 | |||||||
U.S. Treasury Bill, 2.648%, due 11/17/22 | 1 | 1 | |||||||
U.S. Treasury Bill, 2.795%, due 11/25/22 | 580 | 578 | |||||||
U.S. Cash Management Bill, 3.472%, due 1/10/23 | 450 | 446 | |||||||
U.S. Treasury Bill, 3.604%, due 2/16/23 | 776 | 765 | |||||||
Total U.S. Government—5.7% (cost $2,369) | 2,369 | ||||||||
Total Investments in Securities—98.0% (cost $52,001) | 40,918 | ||||||||
Total Investments—98.0% (cost $52,001) | 40,918 | ||||||||
Cash and other assets, less liabilities—2.0% | 853 | ||||||||
Net assets—100.0% | $ | 41,771 |
(a) 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.
(b) 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, 2022.
(c) Defaulted securities.
(d) Floating Rate Bond. Rate shown is as of September 30, 2022.
(e) Security is perpetual in nature and has no stated maturity.
SOFR = Secured Overnight Financing Rate
See accompanying Notes to Portfolio of Investments.
81 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (all dollar amounts in thousands) (unaudited)
Forward Foreign Currency Contracts
Settlement Date | Deliver/Receive | Counterparty | Local Currency (in thousands) | USD (Base) Purchased or Sold | Current Value | Net Unrealized Appreciation (Depreciation) | ||||||||||
Sold | ||||||||||||||||
12/21/22 | Euro | Citibank N.A. London | 2,037 | $ | 2,050 | $ | 2,009 | $ | 41 |
Centrally Cleared Interest Rate Swaps
Floating Rate Reference | Pay/Receive Floating Rate | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||
6 Month EURIBOR | Receive | (0.250)% | 1Y | June 2026 | LCH | EUR 157 | $ | (2 | ) | $ | 17 | $ | 19 | ||||||||||||
6 Month EURIBOR | Receive | (0.250)% | 1Y | June 2028 | LCH | EUR 722 | 43 | 119 | 76 | ||||||||||||||||
6 Month EURIBOR | Receive | 0.000% | 1Y | June 2031 | LCH | EUR 166 | (2 | ) | 37 | 39 | |||||||||||||||
6 Month EURIBOR | Receive | 0.000% | 1Y | June 2036 | LCH | EUR 636 | 136 | 215 | 79 | ||||||||||||||||
6 Month EURIBOR | Receive | 0.250% | 1Y | June 2041 | LCH | EUR 620 | 18 | 230 | 212 | ||||||||||||||||
12 Month SOFR | Receive | 1.500% | 1Y | December 2031 | LCH | $ 1,423 | 84 | 223 | 139 | ||||||||||||||||
12 Month SOFR | Receive | 1.650% | 1Y | December 2041 | LCH | 591 | 83 | 140 | 57 | ||||||||||||||||
12 Month SOFR | Receive | 1.600% | 1Y | December 2051 | LCH | 326 | 7 | 89 | 82 | ||||||||||||||||
12 Month SOFR | Pay | 1.250% | 1Y | December 2026 | LCH | 3,312 | (82 | ) | (324 | ) | (242 | ) | |||||||||||||
12 Month SOFR | Pay | 1.100% | 1Y | December 2024 | LCH | 2,660 | (35 | ) | (166 | ) | (131 | ) | |||||||||||||
12 Month SOFR | Pay | 1.600% | 1Y | December 2036 | LCH | 2,003 | (299 | ) | (411 | ) | (112 | ) | |||||||||||||
12 Month SOFR | Pay | 1.400% | 1Y | December 2028 | LCH | 1,956 | (120 | ) | (241 | ) | (121 | ) | |||||||||||||
$ | 97 | ||||||||||||||||||||||||
Centrally Cleared Credit Default Swaps | |||||||||||||||||||||||||
Reference Entity | Buy/Sell Protection | Fixed Rate | Payment Frequency | Maturity Date | Cleared Exchange | Notional Amount (in thousands) | Upfront Payment Paid (Received) | Value | Unrealized Appreciation (Depreciation) | ||||||||||||||||
Kingdom of Saudi Arabia | Buy | 1.000% | 3M | June 2026 | ICE | $ | 400 | $ | (8 | ) | $ | (7 | ) | $ | 1 | ||||||||||
Argentine Republic | Buy | 5.000% | 3M | December 2023 | ICE | 200 | 32 | 64 | 32 | ||||||||||||||||
Argentine Republic | Buy | 1.000% | 3M | December 2025 | ICE | 500 | 304 | 385 | 81 | ||||||||||||||||
Argentine Republic | Buy | 5.000% | 3M | June 2026 | ICE | 250 | 143 | 182 | 39 | ||||||||||||||||
Argentine Republic | Buy | 1.000% | 3M | June 2027 | ICE | 250 | 205 | 200 | (5 | ) | |||||||||||||||
Republic of Peru | Buy | 1.000% | 3M | June 2032 | ICE | 220 | 11 | 20 | 9 | ||||||||||||||||
Argentine Republic | Sell | 5.000% | 3M | December 2031 | ICE | 500 | (293 | ) | (376 | ) | (83 | ) | |||||||||||||
Argentine Republic | Sell | 5.000% | 3M | June 2032 | ICE | 100 | (63 | ) | (75 | ) | (12 | ) | |||||||||||||
Argentine Republic | Sell | 5.000% | 3M | December 2024 | ICE | 250 | (103 | ) | (156 | ) | (53 | ) | |||||||||||||
Argentine Republic | Sell | 5.000% | 3M | June 2027 | ICE | 250 | (190 | ) | (185 | ) | 5 | ||||||||||||||
Republic of Chile | Sell | 1.000% | 3M | June 2032 | ICE | 220 | (14 | ) | (20 | ) | (6 | ) | |||||||||||||
$ | 8 | ||||||||||||||||||||||||
Total net unrealized appreciation (depreciation) on swaps | $ | 105 |
See accompanying Notes to Portfolio of Investments.
82 |
Emerging Markets Debt Fund |
Portfolio of Investments, September 30, 2022 (unaudited)
At September 30, 2022, the Fund’s Portfolio of Investments includes the following currency categories (as a percentage of long-term investments): | ||||
U.S. Dollar | 94.9 | % | ||
Euro | 5.1 | % | ||
Total | 100.0 | % | ||
At September 30, 2022, the Fund’s Portfolio of Investments includes the following industry categories (as a percentage of long-term investments): | ||||
Sovereign | 66.0 | % | ||
Quasi-Sovereign | 18.8 | % | ||
Corporate | ||||
Financials | 3.9 | % | ||
Energy | 3.9 | % | ||
Materials | 2.8 | % | ||
Utilities | 1.5 | % | ||
Communication Services | 0.7 | % | ||
Information Technology | 0.5 | % | ||
Industrials | 0.4 | % | ||
Consumer Discretionary | 0.1 | % | ||
Sub Sovereign | 1.4 | % | ||
Total | 100.0 | % |
See accompanying Notes to Portfolio of Investments.
83 |
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, 2022, the Trust had the following funds (the “Funds”) available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.
U.S. Equity Funds | International Equity Funds | Emerging Markets Debt Fund | ||
Growth | International Leaders | Emerging Markets Debt | ||
Large Cap Growth | International Growth | |||
Mid Cap Growth | Institutional International Growth | |||
Mid Cap Value1 | International Small Cap Growth | |||
Small-Mid Cap Core | Emerging Markets Leaders | |||
Small-Mid Cap Growth | Emerging Markets Growth | |||
Small Cap Growth | Emerging Markets ex China Growth2 | |||
Small Cap Value | Emerging Markets Small Cap Growth | |||
China Growth | ||||
Global Equity Fund | ||||
Global Leaders |
The investment objectives of the Funds are as follows:
U.S. Equity Funds |
Long-term capital appreciation. | |
Global Equity Fund |
Long-term capital appreciation. | |
International Equity Funds |
Long-term capital appreciation. | |
Emerging Markets Debt Fund | Provide attractive risk-adjusted returns relative to the Fund’s benchmark through investments in hard currency denominated debt issued in emerging market countries. |
1 Effective March 16, 2022 (Commencement of Operations).
2 Effective July 29, 2022 (Commencement of Operations).
84 |
(b) Repurchase Agreements
In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC (“the Adviser”) monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund’s ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund’s outstanding repurchase agreements, if any, and related collateral, are shown on the Fund’s Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.
(2) Valuation
(a) Investment Valuation
The value of U.S. equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.
The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Adviser has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund’s value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of September 30, 2022, 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.
Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.
Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security’s or instrument’s underlying reference asset.
Securities, and other assets, for which a market 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. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.
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(b) Fair Value Measurements
Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund’s investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:
• | Level 1—Quoted prices (unadjusted) in active markets for an identical security. | |
• | Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated. | |
• | Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available. |
The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.
A description of the valuation methodologies applied to the Funds’ major categories of assets and liabilities measured at fair value on a recurring basis is as follows:
Exchange-Traded Securities
Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the over-the-counter market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.
Fixed Income Securities
Fixed income securities 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
Forward foreign currency contracts are valued using pricing inputs observed from actively quoted markets and are categorized within Level 2 of the fair value hierarchy.
As of September 30, 2022, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).
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Investments in securities | Growth | Large Cap Growth | Mid Cap Growth | Mid Cap Value | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 203,732 | $ | 984,589 | $ | 29,808 | $ | 1,282 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 4,261 | 42,708 | 680 | — | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 207,993 | $ | 1,027,297 | $ | 30,488 | $ | 1,282 | ||||||||
Investments in securities | Small-Mid Cap Core | Small-Mid Cap Growth | Small Cap Growth | Small Cap Value | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 121,516 | $ | 1,948,132 | $ | 482,033 | $ | 1,137,568 | ||||||||
Exchange-Traded Funds | — | — | 4,894 | — | ||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Repurchase Agreements | 4,890 | 54,285 | 22,850 | 3,953 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 126,406 | $ | 2,002,417 | $ | 509,777 | $ | 1,141,521 | ||||||||
Investments in securities | Global Leaders | International Leaders | International Growth | Institutional International Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 53,761 | $ | 163,600 | $ | 255,709 | $ | 153,787 | ||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 31,130 | 715,900 | 1,056,454 | 635,794 | ||||||||||||
Repurchase Agreements | 568 | 25,738 | 37,264 | 24,598 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 85,459 | $ | 905,238 | $ | 1,349,427 | $ | 814,179 | ||||||||
Investments in securities | International Small Cap Growth | Emerging Markets Leaders | Emerging Markets Growth | Emerging Markets ex China Growth | ||||||||||||
Level 1 - Quoted prices | ||||||||||||||||
Common Stocks | $ | 31,551 | $ | 102,173 | $ | 117,458 | $ | 2,961 | ||||||||
Rights | — | — | 2 | — | ||||||||||||
Level 2 - Other significant observable inputs | ||||||||||||||||
Common Stocks | 177,341 | 244,243 | 508,875 | 12,584 | ||||||||||||
Repurchase Agreements | 6,176 | 2,811 | 11,457 | 444 | ||||||||||||
Level 3 - Significant unobservable inputs | ||||||||||||||||
None | — | — | — | — | ||||||||||||
Total investments in securities | $ | 215,068 | $ | 349,227 | $ | 637,792 | $ | 15,989 |
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Investments in securities | Emerging Markets Small Cap Growth | China Growth | Emerging Markets Debt | |||||||||
Assets | ||||||||||||
Level 1 - Quoted prices | ||||||||||||
Common Stocks | $ | 69,612 | $ | — | $ | — | ||||||
Level 2 - Other significant observable inputs | ||||||||||||
Common Stocks | 262,026 | 1,776 | — | |||||||||
Foreign Corporate Obligations | — | — | 12,766 | |||||||||
Foreign Government Bonds | — | — | 24,296 | |||||||||
Foreign Municipal Bonds | — | — | 518 | |||||||||
Repurchase Agreements | 4,479 | — | 969 | |||||||||
U.S. Government and U.S. Government Agency | — | — | 2,369 | |||||||||
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 | $ | 336,117 | $ | 1,776 | $ | 40,918 | ||||||
Other financial instruments | ||||||||||||
Assets | ||||||||||||
Level 1 - Quoted prices | ||||||||||||
None | $ | — | $ | — | $ | — | ||||||
Level 2 - Other significant observable inputs | ||||||||||||
Forward Foreign Currency Contracts | — | — | 41 | |||||||||
Swaps | — | — | 870 | |||||||||
Level 3 - Significant unobservable inputs | ||||||||||||
None | — | — | — | |||||||||
Liabilities | ||||||||||||
Level 1 - Quoted prices | ||||||||||||
None | — | — | — | |||||||||
Level 2 - Other significant observable inputs | ||||||||||||
Swaps | — | — | (765 | ) | ||||||||
Level 3 - Significant unobservable inputs | ||||||||||||
None | — | — | — | |||||||||
Total other financial instruments | $ | — | $ | — | $ | 146 |
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.
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.
Emerging Markets Debt Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes (“ISDAs”). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by Emerging Markets Debt Fund with various counterparties and allow Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.
Forward Foreign Currency Contracts
The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.
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Swap Contracts
Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or “swapped” between the parties are calculated with respect to a “notional amount” (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a “basket” of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund’s gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:
Credit Default Swaps—A Fund may invest in credit default swaps as a means of “buying” credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund’s holdings) or “selling” credit protection (i.e., attempting to gain exposure to an underlying issuer’s credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. Under current regulatory requirements, a Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities’ credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.
Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.
Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.
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