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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