# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0001410368-25-030527
**Filing Date:** 2025-11
**Character Count:** 378745
**Document Hash:** 87d647124d1eeb2a2688aa3a75075c24
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-030527.hdr.sgml**: 20251125

**ACCESSION NUMBER**: 0001410368-25-030527

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251125

**DATE AS OF CHANGE**: 20251125

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WILLIAM BLAIR FUNDS
- **CENTRAL INDEX KEY:** 0000822632

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 251515777

**BUSINESS ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3123648000

**MAIL ADDRESS:**
- **STREET 1:** 150 NORTH RIVERSIDE PLAZA
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WILLIAM BLAIR MUTUAL FUNDS INC
- **DATE OF NAME CHANGE:** 19960112

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BLAIR WILLIAM READY RESERVES INC
- **DATE OF NAME CHANGE:** 19920316

## Series and Classes Contracts Data

### William Blair Growth Fund (Series ID: S000008594)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023523 | Class N      | WBGSX           |
| C000023524 | Class I      | BGFIX           |
| C000211716 | Class R6     | BGFRX           |

## Nport-Ex

**Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Information Technology—49.3%** | **Information Technology—49.3%** | **Information Technology—49.3%** |
| \* <br>| Advanced Micro Devices, Inc. | 46596 | &nbsp;&nbsp; $7539 |
| \* <br>| Agilysys, Inc. | 11156 | &nbsp;&nbsp; 1174 |
|  | Apple, Inc. | 56086 | &nbsp;&nbsp; 14281 |
|  | Broadcom, Inc. | 31731 | &nbsp;&nbsp; 10469 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 77792 | &nbsp;&nbsp; 1402 |
| \* <br>| Confluent, Inc. | 101326 | &nbsp;&nbsp; 2006 |
| \* <br>| Dynatrace, Inc. | 62997 | &nbsp;&nbsp; 3052 |
|  | Intuit, Inc. | 8531 | &nbsp;&nbsp; 5826 |
|  | Microsoft Corp. | 36830 | &nbsp;&nbsp; 19076 |
|  | NVIDIA Corp. | 151065 | &nbsp;&nbsp; 28186 |
|  | Oracle Corporation | 29535 | &nbsp;&nbsp; 8307 |
| \* <br>| PDF Solutions, Inc. | 67859 | &nbsp;&nbsp; 1752 |
| \* <br>| Pure Storage, Inc. | 57343 | &nbsp;&nbsp; 4806 |
| \* <br>| Q2 Holdings, Inc. | 27397 | &nbsp;&nbsp; 1983 |
| \* <br>| ServiceNow, Inc. | 7474 | &nbsp;&nbsp; 6878 |
| \* <br>| Snowflake Inc. | 10991 | &nbsp;&nbsp; 2479 |
| \* <br>| Tyler Technologies, Inc. | 5146 | &nbsp;&nbsp; 2692 |
|  |  |  | &nbsp;&nbsp; 121908 |
|  | **Communication Services—9.8%** | **Communication Services—9.8%** | **Communication Services—9.8%** |
|  | Alphabet, Inc.—Class A | 47775 | &nbsp;&nbsp; 11614 |
| \* <br>| Gogo, Inc. | 123745 | &nbsp;&nbsp; 1063 |
|  | Meta Platforms, Inc. | 15650 | &nbsp;&nbsp; 11493 |
|  |  |  | &nbsp;&nbsp; 24170 |
|  | **Health Care—9.6%** | **Health Care—9.6%** | **Health Care—9.6%** |
|  | Abbott Laboratories | 22069 | &nbsp;&nbsp; 2956 |
|  | Agilent Technologies, Inc. | 48679 | &nbsp;&nbsp; 6248 |
| \* <br>| Doximity, Inc. | 33230 | &nbsp;&nbsp; 2431 |
| \* <br>| IDEXX Laboratories, Inc. | 5088 | &nbsp;&nbsp; 3250 |
| \* <br>| Inspire Medical Systems, Inc. | 15323 | &nbsp;&nbsp; 1137 |
|  | UnitedHealth Group, Inc. | 13156 | &nbsp;&nbsp; 4543 |
|  | West Pharmaceutical Services, Inc. | 12442 | &nbsp;&nbsp; 3264 |
|  |  |  | &nbsp;&nbsp; 23829 |
|  | **Consumer Discretionary—7.8%** | **Consumer Discretionary—7.8%** | **Consumer Discretionary—7.8%** |
| \* <br>| Amazon.com, Inc. | 49796 | &nbsp;&nbsp; 10934 |
| \* <br>| Chipotle Mexican Grill, Inc. | 82208 | &nbsp;&nbsp; 3222 |
| \* <br>| Modine Manufacturing Co. | 14089 | &nbsp;&nbsp; 2003 |
| \* <br>| Skyline Champion Corp. | 20912 | &nbsp;&nbsp; 1597 |
| \* <br>| Stride, Inc. | 10012 | &nbsp;&nbsp; 1491 |
|  |  |  | &nbsp;&nbsp; 19247 |
|  | **Financials—7.4%** | **Financials—7.4%** | **Financials—7.4%** |
| \* <br>| Baldwin Insurance Group, Inc. | 67244 | &nbsp;&nbsp; 1897 |
|  | Carlyle Group, Inc. | 78254 | &nbsp;&nbsp; 4906 |
|  | Evercore Inc. | 7492 | &nbsp;&nbsp; 2527 |
|  | Mastercard, Inc. | 15725 | &nbsp;&nbsp; 8945 |
|  |  |  | &nbsp;&nbsp; 18275 |
|  | **Industrials—6.4%** | **Industrials—6.4%** | **Industrials—6.4%** |
| \* <br>| ACV Auctions, Inc. | 160786 | &nbsp;&nbsp; 1593 |
|  | Advanced Drainage Systems, Inc. | 16762 | &nbsp;&nbsp; 2325 |
| \* <br>| Copart, Inc. | 58896 | &nbsp;&nbsp; 2649 |
|  | Hammond Power Solutions Inc.<sup>†</sup> | 18511 | &nbsp;&nbsp; 1641 |
| \* <br>| Montrose Environmental Group, Inc. | 71064 | &nbsp;&nbsp; 1951 |
|  | Mueller Industries, Inc. | 16391 | &nbsp;&nbsp; 1657 |
|  | TransUnion | 47656 | &nbsp;&nbsp; 3993 |
|  |  |  | &nbsp;&nbsp; 15809 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal** <br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Consumer Staples—5.3%** | **Consumer Staples—5.3%** | **Consumer Staples—5.3%** |
| \* <br>| e.l.f. Beauty, Inc. | 11246 | &nbsp;&nbsp; $1490 |
|  | Primo Brands Corporation | 82646 | &nbsp;&nbsp; 1826 |
| \* <br>| The Simply Good Foods Company | 48614 | &nbsp;&nbsp; 1207 |
|  | Walmart, Inc. | 83867 | &nbsp;&nbsp; 8643 |
|  |  |  | &nbsp;&nbsp; 13166 |
|  | **Energy—1.8%** | **Energy—1.8%** | **Energy—1.8%** |
|  | Cameco Corp.<sup>†</sup> | 53722 | &nbsp;&nbsp; 4505 |
|  | **Materials—0.5%** | **Materials—0.5%** | **Materials—0.5%** |
|  | Quaker Chemical Corporation | 10678 | &nbsp;&nbsp; 1407 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—97.9%** <br>(cost $166,619)<br>|  | &nbsp;&nbsp; 242316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, 1.450% <br> dated 09/30/25, due 10/01/25, repurchase <br> price $4,399, collateralized by <br> U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $4,487<br>| $4399 | &nbsp;&nbsp; 4399 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—1.8%** <br>(cost $4,399)<br>|  | &nbsp;&nbsp; 4399 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.7%** <br>(cost $171,018)<br>|  | &nbsp;&nbsp; 246715 |
| **Cash and other assets,** <br>**less liabilities—0.3%**<br>|  | &nbsp;&nbsp; 625 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $247340 |

---

------

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**1**

------

**Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $242316 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $242316 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 4399 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4399 |
| **Total Investments in Securities** | $242316 | &nbsp;&nbsp; $4399 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $246715 |

---

See accompanying Notes to Portfolio of Investments.

**2**

------

**Large Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Information Technology—55.0%** | **Information Technology—55.0%** | **Information Technology—55.0%** |
| \* <br>| Advanced Micro Devices, Inc. | 177280 | &nbsp;&nbsp; $28682 |
|  | Apple, Inc. | 1046380 | &nbsp;&nbsp; 266440 |
|  | Broadcom, Inc. | 512740 | &nbsp;&nbsp; 169158 |
|  | Intuit, Inc. | 86430 | &nbsp;&nbsp; 59024 |
|  | Lam Research Corporation | 336060 | &nbsp;&nbsp; 44998 |
|  | Microsoft Corp. | 728820 | &nbsp;&nbsp; 377492 |
|  | NVIDIA Corp. | 2185040 | &nbsp;&nbsp; 407685 |
|  | Oracle Corporation | 189510 | &nbsp;&nbsp; 53298 |
|  | Salesforce, Inc. | 100280 | &nbsp;&nbsp; 23766 |
| \* <br>| ServiceNow, Inc. | 65660 | &nbsp;&nbsp; 60426 |
| \* <br>| Snowflake Inc. | 94350 | &nbsp;&nbsp; 21281 |
| \* <br>| Tyler Technologies, Inc. | 83569 | &nbsp;&nbsp; 43720 |
|  |  |  | &nbsp;&nbsp; 1555970 |
|  | **Consumer Discretionary—10.1%** | **Consumer Discretionary—10.1%** | **Consumer Discretionary—10.1%** |
| \* <br>| Amazon.com, Inc. | 801650 | &nbsp;&nbsp; 176018 |
| \* <br>| Cava Group Inc. | 203840 | &nbsp;&nbsp; 12314 |
| \* <br>| Chipotle Mexican Grill, Inc. | 926400 | &nbsp;&nbsp; 36306 |
| \* <br>| O'Reilly Automotive, Inc. | 559900 | &nbsp;&nbsp; 60363 |
|  |  |  | &nbsp;&nbsp; 285001 |
|  | **Communication Services—10.0%** | **Communication Services—10.0%** | **Communication Services—10.0%** |
|  | Alphabet, Inc.—Class A | 422850 | &nbsp;&nbsp; 102795 |
| \* <br>| Live Nation Entertainment, Inc. | 267712 | &nbsp;&nbsp; 43744 |
|  | Meta Platforms, Inc. | 184140 | &nbsp;&nbsp; 135229 |
|  |  |  | &nbsp;&nbsp; 281768 |
|  | **Health Care—7.1%** | **Health Care—7.1%** | **Health Care—7.1%** |
|  | Agilent Technologies, Inc. | 400520 | &nbsp;&nbsp; 51407 |
| \* <br>| IDEXX Laboratories, Inc. | 85360 | &nbsp;&nbsp; 54535 |
|  | UnitedHealth Group, Inc. | 150715 | &nbsp;&nbsp; 52042 |
| \* <br>| Veeva Systems, Inc. | 142070 | &nbsp;&nbsp; 42324 |
|  |  |  | &nbsp;&nbsp; 200308 |
|  | **Financials—6.3%** | **Financials—6.3%** | **Financials—6.3%** |
|  | Carlyle Group, Inc. | 1011457 | &nbsp;&nbsp; 63419 |
|  | Mastercard, Inc. | 199670 | &nbsp;&nbsp; 113574 |
|  |  |  | &nbsp;&nbsp; 176993 |
|  | **Industrials—4.6%** | **Industrials—4.6%** | **Industrials—4.6%** |
| \* <br>| Copart, Inc. | 866580 | &nbsp;&nbsp; 38970 |
|  | TransUnion | 518120 | &nbsp;&nbsp; 43408 |
| \* <br>| Uber Technologies, Inc. | 493940 | &nbsp;&nbsp; 48391 |
|  |  |  | &nbsp;&nbsp; 130769 |
|  | **Consumer Staples—3.4%** | **Consumer Staples—3.4%** | **Consumer Staples—3.4%** |
|  | Costco Wholesale Corp. | 61780 | &nbsp;&nbsp; 57185 |
| \* <br>| Monster Beverage Corp. | 574520 | &nbsp;&nbsp; 38671 |
|  |  |  | &nbsp;&nbsp; 95856 |
|  | **Materials—2.3%** | **Materials—2.3%** | **Materials—2.3%** |
|  | Linde PLC<sup>†</sup> | 69540 | &nbsp;&nbsp; 33031 |
|  | Martin Marietta Materials, Inc. | 53420 | &nbsp;&nbsp; 33670 |
|  |  |  | &nbsp;&nbsp; 66701 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.8%** <br>(cost $1,889,128)<br>|  | &nbsp;&nbsp; 2793366 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Principal Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing <br> Corporation, 1.450% dated <br> 09/30/25, due 10/01/25, <br> repurchase price $36,211, <br> collateralized by U.S. Treasury <br> Bond, 4.750%, due 11/15/2043, <br> valued at $36,933<br>| $36209 | &nbsp;&nbsp; $36209 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase** <br> **Agreements—1.3%** <br>(cost $36,209)<br>|  | &nbsp;&nbsp; 36209 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.1%** <br>(cost $1,925,337)<br>|  | &nbsp;&nbsp; 2829575 |
| **Liabilities, plus cash and** <br>**other assets—(0.1)%**<br>|  | &nbsp;&nbsp; (2716)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $2826859 |

---

------

PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**3**

------

**Large Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2793366 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2793366 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 36209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36209 |
| **Total Investments in Securities** | $2793366 | &nbsp;&nbsp; $36209 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2829575 |

---

See accompanying Notes to Portfolio of Investments.

**4**

------

**Mid Cap Value Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—18.8%** | **Industrials—18.8%** | **Industrials—18.8%** |
| \* <br>| Alaska Air Group, Inc. | 679 | &nbsp;&nbsp; $34 |
|  | Allegion PLC<sup>†</sup> | 229 | &nbsp;&nbsp; 40 |
|  | Allison Transmission Holdings, Inc. | 311 | &nbsp;&nbsp; 26 |
| \* <br>| CACI International, Inc. | 61 | &nbsp;&nbsp; 30 |
|  | Donaldson Company, Inc. | 430 | &nbsp;&nbsp; 35 |
|  | Dover Corporation | 178 | &nbsp;&nbsp; 30 |
|  | Genpact Ltd. | 687 | &nbsp;&nbsp; 29 |
|  | JB Hunt Transport Services, Inc. | 171 | &nbsp;&nbsp; 23 |
| \* <br>| Kirby Corporation | 380 | &nbsp;&nbsp; 32 |
|  | Knight-Swift Transportation Holdings, Inc. | 372 | &nbsp;&nbsp; 15 |
|  | Timken Co. | 394 | &nbsp;&nbsp; 30 |
|  |  |  | &nbsp;&nbsp; 324 |
|  | **Financials—17.3%** | **Financials—17.3%** | **Financials—17.3%** |
|  | Arch Capital Group Ltd.<sup>†</sup> | 324 | &nbsp;&nbsp; 30 |
|  | East West Bancorp, Inc. | 300 | &nbsp;&nbsp; 32 |
|  | Everest Group Ltd. | 100 | &nbsp;&nbsp; 35 |
|  | Hartford Financial Services Group, Inc. | 229 | &nbsp;&nbsp; 31 |
|  | Huntington Bancshares, Inc. | 1662 | &nbsp;&nbsp; 29 |
|  | KKR & Co., Inc. | 261 | &nbsp;&nbsp; 34 |
|  | State Street Corporation | 320 | &nbsp;&nbsp; 37 |
| \* <br>| WEX, Inc. | 212 | &nbsp;&nbsp; 33 |
|  | Willis Towers Watson PLC<sup>†</sup> | 111 | &nbsp;&nbsp; 38 |
|  |  |  | &nbsp;&nbsp; 299 |
|  | **Information Technology—11.9%** | **Information Technology—11.9%** | **Information Technology—11.9%** |
|  | Amdocs Ltd. | 378 | &nbsp;&nbsp; 31 |
| \* <br>| Check Point Software Technologies Ltd.<sup>†</sup> | 158 | &nbsp;&nbsp; 33 |
|  | Cognizant Technology Solutions Corp. | 269 | &nbsp;&nbsp; 18 |
| \* <br>| Flex Ltd. | 507 | &nbsp;&nbsp; 29 |
|  | Hewlett Packard Enterprise Co. | 1439 | &nbsp;&nbsp; 35 |
|  | Jabil, Inc. | 112 | &nbsp;&nbsp; 24 |
|  | STMicroelectronics N.V.<sup>†</sup> | 1217 | &nbsp;&nbsp; 35 |
|  |  |  | &nbsp;&nbsp; 205 |
|  | **Health Care—9.4%** | **Health Care—9.4%** | **Health Care—9.4%** |
|  | Cencora, Inc. | 108 | &nbsp;&nbsp; 34 |
| \* <br>| Centene Corp. | 453 | &nbsp;&nbsp; 16 |
|  | Encompass Health Corp. | 277 | &nbsp;&nbsp; 35 |
| \* <br>| Globus Medical, Inc. | 483 | &nbsp;&nbsp; 28 |
| \* <br>| ICON PLC<sup>†</sup> | 145 | &nbsp;&nbsp; 25 |
|  | Labcorp Holdings, Inc. | 87 | &nbsp;&nbsp; 25 |
|  |  |  | &nbsp;&nbsp; 163 |
|  | **Materials—9.2%** | **Materials—9.2%** | **Materials—9.2%** |
| \* <br>| Axalta Coating Systems Ltd. | 1082 | &nbsp;&nbsp; 31 |
|  | CRH PLC | 287 | &nbsp;&nbsp; 34 |
|  | Crown Holdings, Inc. | 277 | &nbsp;&nbsp; 27 |
|  | International Paper Company | 621 | &nbsp;&nbsp; 29 |
|  | Royal Gold, Inc. | 185 | &nbsp;&nbsp; 37 |
|  |  |  | &nbsp;&nbsp; 158 |
|  | **Real Estate—8.3%** | **Real Estate—8.3%** | **Real Estate—8.3%** |
|  | Camden Property Trust | 196 | &nbsp;&nbsp; 21 |
|  | Healthpeak Properties, Inc. | 1441 | &nbsp;&nbsp; 27 |
|  | Host Hotels & Resorts, Inc. | 1571 | &nbsp;&nbsp; 27 |
|  | Regency Centers Corp. | 483 | &nbsp;&nbsp; 35 |
|  | VICI Properties, Inc. | 1008 | &nbsp;&nbsp; 33 |
|  |  |  | &nbsp;&nbsp; 143 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Utilities—6.3%** | **Utilities—6.3%** | **Utilities—6.3%** |
|  | Entergy Corp. | 406 | &nbsp;&nbsp; $38 |
|  | NiSource, Inc. | 756 | &nbsp;&nbsp; 33 |
|  | PPL Corp. | 993 | &nbsp;&nbsp; 37 |
|  |  |  | &nbsp;&nbsp; 108 |
|  | **Consumer Staples—5.3%** | **Consumer Staples—5.3%** | **Consumer Staples—5.3%** |
|  | Ingredion, Inc. | 178 | &nbsp;&nbsp; 22 |
|  | Molson Coors Beverage Co. | 529 | &nbsp;&nbsp; 24 |
|  | Tyson Foods, Inc. | 428 | &nbsp;&nbsp; 23 |
| \* <br>| U.S. Foods Holding Corp. | 305 | &nbsp;&nbsp; 23 |
|  |  |  | &nbsp;&nbsp; 92 |
|  | **Consumer Discretionary—5.2%** | **Consumer Discretionary—5.2%** | **Consumer Discretionary—5.2%** |
|  | Brunswick Corp. | 355 | &nbsp;&nbsp; 23 |
|  | LKQ Corp. | 883 | &nbsp;&nbsp; 27 |
|  | Toll Brothers, Inc. | 284 | &nbsp;&nbsp; 39 |
|  |  |  | &nbsp;&nbsp; 89 |
|  | **Energy—5.1%** | **Energy—5.1%** | **Energy—5.1%** |
|  | Coterra Energy, Inc. | 468 | &nbsp;&nbsp; 11 |
|  | Diamondback Energy, Inc. | 104 | &nbsp;&nbsp; 15 |
|  | Expand Energy Corporation | 209 | &nbsp;&nbsp; 22 |
|  | Permian Resources Corp. | 846 | &nbsp;&nbsp; 11 |
|  | Phillips 66 | 223 | &nbsp;&nbsp; 30 |
|  |  |  | &nbsp;&nbsp; 89 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—96.8%** <br>(cost $1,438)<br>|  | &nbsp;&nbsp; 1670 |
|  | &nbsp;&nbsp;&nbsp; **Total Investments—96.8%** <br>(cost $1,438)<br>|  | &nbsp;&nbsp; 1670 |
|  | **Cash and other assets,** <br>**less liabilities—3.2%**<br>|  | &nbsp;&nbsp; 55 |
|  | **Net Assets—100.0%** |  | &nbsp;&nbsp; $1725 |

---

------

PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**5**

------

**Mid Cap Value Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1670 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1670 |

---

See accompanying Notes to Portfolio of Investments.

**6**

------

**Small-Mid Cap Core Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—23.4%** | **Industrials—23.4%** | **Industrials—23.4%** |
| \* <br>| ACV Auctions, Inc. | 114280 | &nbsp;&nbsp; $1133 |
|  | Applied Industrial Technologies, Inc. | 5641 | &nbsp;&nbsp; 1473 |
|  | Brink's Co. | 12732 | &nbsp;&nbsp; 1488 |
|  | BWX Technologies, Inc. | 12714 | &nbsp;&nbsp; 2344 |
| \* <br>| CACI International, Inc. | 4641 | &nbsp;&nbsp; 2315 |
| \* <br>| Casella Waste Systems, Inc. | 14856 | &nbsp;&nbsp; 1410 |
|  | Curtiss-Wright Corporation | 3793 | &nbsp;&nbsp; 2059 |
| \* <br>| Dycom Industries, Inc. | 4135 | &nbsp;&nbsp; 1206 |
| \* <br>| ExlService Holdings, Inc. | 24498 | &nbsp;&nbsp; 1079 |
|  | Flowserve Corp. | 21100 | &nbsp;&nbsp; 1121 |
| \* <br>| GXO Logistics, Inc. | 32270 | &nbsp;&nbsp; 1707 |
|  | JBT Marel Corp | 14135 | &nbsp;&nbsp; 1985 |
| \* <br>| Mercury Systems, Inc. | 27918 | &nbsp;&nbsp; 2161 |
|  | Mueller Industries, Inc. | 14641 | &nbsp;&nbsp; 1480 |
|  | nVent Electric PLC<sup>†</sup> | 20729 | &nbsp;&nbsp; 2045 |
|  | Owens Corning | 8782 | &nbsp;&nbsp; 1242 |
|  | Tecnoglass, Inc. | 12048 | &nbsp;&nbsp; 806 |
|  | TransUnion | 32462 | &nbsp;&nbsp; 2720 |
|  | UL Solutions Inc. | 19706 | &nbsp;&nbsp; 1396 |
| \* <br>| Verra Mobility Corp. | 59195 | &nbsp;&nbsp; 1462 |
|  | WillScot Mobile Mini Holdings Corp. | 50069 | &nbsp;&nbsp; 1057 |
|  |  |  | &nbsp;&nbsp; 33689 |
|  | **Information Technology—14.4%** | **Information Technology—14.4%** | **Information Technology—14.4%** |
| \* <br>| Aehr Test Systems | 21530 | &nbsp;&nbsp; 648 |
| \* <br>| Agilysys, Inc. | 12807 | &nbsp;&nbsp; 1348 |
|  | Bentley Systems, Incorporated | 25532 | &nbsp;&nbsp; 1314 |
| \* <br>| Ciena Corporation | 26653 | &nbsp;&nbsp; 3883 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 58559 | &nbsp;&nbsp; 1055 |
| \* <br>| Coherent Corp. | 18526 | &nbsp;&nbsp; 1996 |
| \* <br>| Confluent, Inc. | 61120 | &nbsp;&nbsp; 1210 |
| \* <br>| Descartes Systems Group, Inc.<sup>†</sup> | 7423 | &nbsp;&nbsp; 699 |
| \* <br>| Diebold Nixdorf, Inc. | 47846 | &nbsp;&nbsp; 2729 |
| \* <br>| Dynatrace, Inc. | 29557 | &nbsp;&nbsp; 1432 |
| \* <br>| Onto Innovation, Inc. | 16234 | &nbsp;&nbsp; 2098 |
| \* <br>| Pure Storage, Inc. | 27149 | &nbsp;&nbsp; 2275 |
|  |  |  | &nbsp;&nbsp; 20687 |
|  | **Financials—13.0%** | **Financials—13.0%** | **Financials—13.0%** |
| \* <br>| Baldwin Insurance Group, Inc. | 52308 | &nbsp;&nbsp; 1476 |
|  | Banner Corp. | 34804 | &nbsp;&nbsp; 2280 |
|  | Cadence Bank | 42053 | &nbsp;&nbsp; 1579 |
|  | Carlyle Group, Inc. | 35303 | &nbsp;&nbsp; 2213 |
|  | East West Bancorp, Inc. | 17121 | &nbsp;&nbsp; 1822 |
|  | Everest Group Ltd.<sup>†</sup> | 8073 | &nbsp;&nbsp; 2827 |
|  | Marex Group PLC<sup>†</sup> | 18050 | &nbsp;&nbsp; 607 |
|  | Old National Bancorp | 109444 | &nbsp;&nbsp; 2402 |
|  | Perella Weinberg Partners | 38497 | &nbsp;&nbsp; 821 |
|  | Western Alliance Bancorp | 31252 | &nbsp;&nbsp; 2710 |
|  |  |  | &nbsp;&nbsp; 18737 |
|  | **Health Care—12.2%** | **Health Care—12.2%** | **Health Care—12.2%** |
|  | Chemed Corp. | 4537 | &nbsp;&nbsp; 2031 |
| \* <br>| Doximity, Inc. | 50464 | &nbsp;&nbsp; 3691 |
|  | Embecta Corp. | 81774 | &nbsp;&nbsp; 1154 |
|  | Encompass Health Corp. | 8098 | &nbsp;&nbsp; 1029 |
| \* <br>| Exact Sciences Corp. | 32573 | &nbsp;&nbsp; 1782 |
| \* <br>| GeneDx Holdings Corp. | 11978 | &nbsp;&nbsp; 1291 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Health Care—(continued)** | **Health Care—(continued)** | **Health Care—(continued)** |
| \* <br>| Integer Holdings Corp. | 13471 | &nbsp;&nbsp; $1392 |
| \* <br>| Merit Medical Systems, Inc. | 20654 | &nbsp;&nbsp; 1719 |
| \* <br>| Vericel Corp. | 53929 | &nbsp;&nbsp; 1697 |
| \* <br>| Waystar Holding Corp. | 48258 | &nbsp;&nbsp; 1830 |
|  |  |  | &nbsp;&nbsp; 17616 |
|  | **Consumer Discretionary—11.2%** | **Consumer Discretionary—11.2%** | **Consumer Discretionary—11.2%** |
|  | Academy Sports and Outdoors, Inc. | 35389 | &nbsp;&nbsp; 1770 |
| \* <br>| Bright Horizons Family Solutions, Inc. | 11582 | &nbsp;&nbsp; 1258 |
|  | Garrett Motion, Inc. | 129324 | &nbsp;&nbsp; 1761 |
| \* <br>| National Vision Holdings, Inc. | 47119 | &nbsp;&nbsp; 1375 |
|  | Pool Corp. | 5616 | &nbsp;&nbsp; 1741 |
| \* <br>| Revolve Group, Inc. | 63415 | &nbsp;&nbsp; 1351 |
| \* <br>| SharkNinja, Inc. | 16606 | &nbsp;&nbsp; 1713 |
|  | Signet Jewelers Ltd. | 13253 | &nbsp;&nbsp; 1271 |
| \* <br>| Skyline Champion Corp. | 21199 | &nbsp;&nbsp; 1619 |
| \* <br>| Stride, Inc. | 14983 | &nbsp;&nbsp; 2232 |
|  |  |  | &nbsp;&nbsp; 16091 |
|  | **Real Estate—7.0%** | **Real Estate—7.0%** | **Real Estate—7.0%** |
|  | Agree Realty Corp. | 18694 | &nbsp;&nbsp; 1328 |
|  | Americold Realty Trust, Inc. | 73233 | &nbsp;&nbsp; 896 |
|  | Equity LifeStyle Properties, Inc. | 31617 | &nbsp;&nbsp; 1919 |
|  | Healthcare Realty Trust, Inc. | 114502 | &nbsp;&nbsp; 2065 |
| \* <br>| Jones Lang LaSalle Incorporated | 7020 | &nbsp;&nbsp; 2094 |
|  | Rexford Industrial Realty, Inc. | 42976 | &nbsp;&nbsp; 1767 |
|  |  |  | &nbsp;&nbsp; 10069 |
|  | **Consumer Staples—4.7%** | **Consumer Staples—4.7%** | **Consumer Staples—4.7%** |
| \* <br>| Freshpet, Inc. | 10037 | &nbsp;&nbsp; 553 |
|  | Lancaster Colony Corp. | 9011 | &nbsp;&nbsp; 1557 |
| \* <br>| Maplebear Inc. | 38350 | &nbsp;&nbsp; 1410 |
|  | Primo Brands Corporation | 102461 | &nbsp;&nbsp; 2264 |
| \* <br>| The Simply Good Foods Company | 36508 | &nbsp;&nbsp; 906 |
|  |  |  | &nbsp;&nbsp; 6690 |
|  | **Utilities—3.7%** | **Utilities—3.7%** | **Utilities—3.7%** |
|  | IDACORP, Inc. | 18585 | &nbsp;&nbsp; 2456 |
| \* <br>| Talen Energy Corporation | 6859 | &nbsp;&nbsp; 2918 |
|  |  |  | &nbsp;&nbsp; 5374 |
|  | **Energy—3.6%** | **Energy—3.6%** | **Energy—3.6%** |
| \* <br>| Antero Resources Corp. | 25256 | &nbsp;&nbsp; 848 |
|  | Cameco Corp.<sup>†</sup> | 21114 | &nbsp;&nbsp; 1771 |
|  | Weatherford International PLC | 15110 | &nbsp;&nbsp; 1034 |
|  | Whitecap Resources, Inc.<sup>†</sup> | 199026 | &nbsp;&nbsp; 1518 |
|  |  |  | &nbsp;&nbsp; 5171 |
|  | **Materials—3.4%** | **Materials—3.4%** | **Materials—3.4%** |
|  | Carpenter Technology Corporation | 5569 | &nbsp;&nbsp; 1367 |
|  | Eagle Materials, Inc. | 6465 | &nbsp;&nbsp; 1507 |
|  | Louisiana-Pacific Corp. | 10778 | &nbsp;&nbsp; 957 |
|  | Quaker Chemical Corporation | 8187 | &nbsp;&nbsp; 1079 |
|  |  |  | &nbsp;&nbsp; 4910 |
|  | **Communication Services—0.8%** | **Communication Services—0.8%** | **Communication Services—0.8%** |
| \* <br>| Gogo, Inc. | 133171 | &nbsp;&nbsp; 1144 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—97.4%** <br>(cost $123,846)<br>|  | &nbsp;&nbsp; 140178 |

---

See accompanying Notes to Portfolio of Investments.

**7**

------

**Small-Mid Cap Core Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Principal Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due <br> 10/01/25, repurchase price $3,863, <br> collateralized by U.S. Treasury <br> Bond, 4.500%, due 02/15/2044, <br> valued at $3,940<br>| $3863 | &nbsp;&nbsp; $3863 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase** <br> **Agreements—2.7%** <br>(cost $3,863)<br>|  | &nbsp;&nbsp; 3863 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.1%** <br>(cost $127,709)<br>|  | &nbsp;&nbsp; 144041 |
| **Liabilities, plus cash and** <br>**other assets—(0.1)%**<br>|  | &nbsp;&nbsp; (152)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $143889 |

---

------

PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $140178 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $140178 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 3863 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3863 |
| **Total Investments in Securities** | $140178 | &nbsp;&nbsp; $3863 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $144041 |

---

See accompanying Notes to Portfolio of Investments.

**8**

------

**Small-Mid Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Information Technology—23.0%** | **Information Technology—23.0%** | **Information Technology—23.0%** |
| \* <br>| AppFolio, Inc. | 67646 | &nbsp;&nbsp; $18647 |
|  | Bentley Systems, Incorporated | 373000 | &nbsp;&nbsp; 19202 |
| \* <br>| Ciena Corporation | 291200 | &nbsp;&nbsp; 42419 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 871669 | &nbsp;&nbsp; 15708 |
| \* <br>| Coherent Corp. | 150200 | &nbsp;&nbsp; 16180 |
| \* <br>| Confluent, Inc. | 878215 | &nbsp;&nbsp; 17389 |
| \* <br>| Dynatrace, Inc. | 405986 | &nbsp;&nbsp; 19670 |
| \* <br>| Guidewire Software, Inc. | 62855 | &nbsp;&nbsp; 14448 |
| \* <br>| Lattice Semiconductor Corp. | 215685 | &nbsp;&nbsp; 15814 |
| \* <br>| Manhattan Associates, Inc. | 115700 | &nbsp;&nbsp; 23716 |
| \* <br>| Novanta, Inc. | 93254 | &nbsp;&nbsp; 9339 |
| \* <br>| Onto Innovation, Inc. | 208600 | &nbsp;&nbsp; 26955 |
| \* <br>| Pure Storage, Inc. | 590200 | &nbsp;&nbsp; 49465 |
| \* <br>| Q2 Holdings, Inc. | 253700 | &nbsp;&nbsp; 18365 |
|  | Teradyne, Inc. | 120000 | &nbsp;&nbsp; 16517 |
|  |  |  | &nbsp;&nbsp; 323834 |
|  | **Industrials—21.2%** | **Industrials—21.2%** | **Industrials—21.2%** |
| \* <br>| ACV Auctions, Inc. | 890682 | &nbsp;&nbsp; 8827 |
|  | Advanced Drainage Systems, Inc. | 120500 | &nbsp;&nbsp; 16713 |
|  | Brink's Co. | 152238 | &nbsp;&nbsp; 17791 |
|  | BWX Technologies, Inc. | 141049 | &nbsp;&nbsp; 26005 |
| \* <br>| Casella Waste Systems, Inc. | 151161 | &nbsp;&nbsp; 14342 |
| \* <br>| Clean Harbors, Inc. | 59500 | &nbsp;&nbsp; 13817 |
|  | Curtiss-Wright Corporation | 36400 | &nbsp;&nbsp; 19763 |
| \* <br>| ExlService Holdings, Inc. | 371100 | &nbsp;&nbsp; 16340 |
|  | FTAI Aviation Ltd. | 139700 | &nbsp;&nbsp; 23310 |
| \* <br>| Mercury Systems, Inc. | 192151 | &nbsp;&nbsp; 14873 |
|  | Mueller Industries, Inc. | 255800 | &nbsp;&nbsp; 25864 |
| \* <br>| Nextracker Inc. | 178800 | &nbsp;&nbsp; 13229 |
|  | nVent Electric PLC<sup>†</sup> | 302600 | &nbsp;&nbsp; 29848 |
| \* <br>| Parsons Corp. | 273500 | &nbsp;&nbsp; 22679 |
|  | Regal Rexnord Corp. | 62500 | &nbsp;&nbsp; 8965 |
|  | TransUnion | 186200 | &nbsp;&nbsp; 15600 |
|  | WillScot Mobile Mini Holdings Corp. | 464000 | &nbsp;&nbsp; 9795 |
|  |  |  | &nbsp;&nbsp; 297761 |
|  | **Health Care—20.6%** | **Health Care—20.6%** | **Health Care—20.6%** |
| \* <br>| Amicus Therapeutics, Inc. | 1592600 | &nbsp;&nbsp; 12550 |
|  | Bio-Techne Corp. | 264600 | &nbsp;&nbsp; 14720 |
|  | Chemed Corp. | 45166 | &nbsp;&nbsp; 20223 |
| \* <br>| Doximity, Inc. | 627752 | &nbsp;&nbsp; 45920 |
|  | Encompass Health Corp. | 98117 | &nbsp;&nbsp; 12463 |
| \* <br>| Evolent Health, Inc. | 624200 | &nbsp;&nbsp; 5281 |
| \* <br>| Exact Sciences Corp. | 292060 | &nbsp;&nbsp; 15978 |
| \* <br>| GeneDx Holdings Corp. | 110718 | &nbsp;&nbsp; 11929 |
| \* <br>| Glaukos Corporation | 143000 | &nbsp;&nbsp; 11662 |
| \* <br>| Globus Medical, Inc. | 316295 | &nbsp;&nbsp; 18114 |
| \* <br>| Insmed, Inc. | 240451 | &nbsp;&nbsp; 34627 |
| \* <br>| Inspire Medical Systems, Inc. | 137000 | &nbsp;&nbsp; 10165 |
| \* <br>| Insulet Corp. | 45265 | &nbsp;&nbsp; 13975 |
| \* <br>| Madrigal Pharmaceuticals, Inc. | 48300 | &nbsp;&nbsp; 22153 |
| \* <br>| Neogen Corp. | 909490 | &nbsp;&nbsp; 5193 |
| \* <br>| Twist Bioscience Corp. | 415673 | &nbsp;&nbsp; 11697 |
| \* <br>| Waystar Holding Corp. | 586985 | &nbsp;&nbsp; 22258 |
|  |  |  | &nbsp;&nbsp; 288908 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Consumer Discretionary—9.8%** | **Consumer Discretionary—9.8%** | **Consumer Discretionary—9.8%** |
| \* <br>| Bright Horizons Family Solutions, Inc. | 159378 | &nbsp;&nbsp; $17304 |
| \* <br>| Cava Group Inc. | 128700 | &nbsp;&nbsp; 7775 |
|  | Churchill Downs, Inc. | 160912 | &nbsp;&nbsp; 15610 |
| \* <br>| Fox Factory Holding Corp. | 242102 | &nbsp;&nbsp; 5880 |
| \* <br>| National Vision Holdings, Inc. | 458200 | &nbsp;&nbsp; 13375 |
| \* <br>| Planet Fitness, Inc. | 207200 | &nbsp;&nbsp; 21507 |
|  | Pool Corp. | 68200 | &nbsp;&nbsp; 21147 |
| \* <br>| SharkNinja, Inc. | 161000 | &nbsp;&nbsp; 16607 |
| \* <br>| Stride, Inc. | 129400 | &nbsp;&nbsp; 19273 |
|  |  |  | &nbsp;&nbsp; 138478 |
|  | **Financials—9.3%** | **Financials—9.3%** | **Financials—9.3%** |
| \* <br>| Baldwin Insurance Group, Inc. | 449300 | &nbsp;&nbsp; 12675 |
|  | Carlyle Group, Inc. | 397793 | &nbsp;&nbsp; 24942 |
|  | Evercore Inc. | 54500 | &nbsp;&nbsp; 18384 |
|  | Everest Group Ltd.<sup>†</sup> | 74132 | &nbsp;&nbsp; 25963 |
|  | First Horizon Corporation | 807500 | &nbsp;&nbsp; 18258 |
|  | TPG, Inc. | 251524 | &nbsp;&nbsp; 14450 |
|  | Western Alliance Bancorp | 184772 | &nbsp;&nbsp; 16023 |
|  |  |  | &nbsp;&nbsp; 130695 |
|  | **Consumer Staples—5.4%** | **Consumer Staples—5.4%** | **Consumer Staples—5.4%** |
| \* <br>| BellRing Brands, Inc. | 389600 | &nbsp;&nbsp; 14162 |
| \* <br>| Freshpet, Inc. | 154179 | &nbsp;&nbsp; 8497 |
|  | Lancaster Colony Corp. | 76816 | &nbsp;&nbsp; 13273 |
| \* <br>| Maplebear Inc. | 371200 | &nbsp;&nbsp; 13645 |
|  | Primo Brands Corporation | 1212743 | &nbsp;&nbsp; 26802 |
|  |  |  | &nbsp;&nbsp; 76379 |
|  | **Materials—3.6%** | **Materials—3.6%** | **Materials—3.6%** |
|  | Carpenter Technology Corporation | 54500 | &nbsp;&nbsp; 13382 |
|  | Eagle Materials, Inc. | 76687 | &nbsp;&nbsp; 17871 |
|  | Louisiana-Pacific Corp. | 109200 | &nbsp;&nbsp; 9701 |
|  | Reliance, Inc. | 33300 | &nbsp;&nbsp; 9352 |
|  |  |  | &nbsp;&nbsp; 50306 |
|  | **Energy—2.9%** | **Energy—2.9%** | **Energy—2.9%** |
|  | Cameco Corp.<sup>†</sup> | 322647 | &nbsp;&nbsp; 27057 |
|  | Whitecap Resources, Inc.<sup>†</sup> | 1880100 | &nbsp;&nbsp; 14345 |
|  |  |  | &nbsp;&nbsp; 41402 |
|  | **Utilities—2.8%** | **Utilities—2.8%** | **Utilities—2.8%** |
| \* <br>| Talen Energy Corporation | 91100 | &nbsp;&nbsp; 38752 |
|  | **Real Estate—0.6%** | **Real Estate—0.6%** | **Real Estate—0.6%** |
|  | FirstService Corp. | 40735 | &nbsp;&nbsp; 7759 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—99.2%** <br>(cost $1,193,466)<br>|  | &nbsp;&nbsp; 1394274 |
|  | ***Rights*** | ***Rights*** | ***Rights*** |
|  | **Health Care—0.0%** | **Health Care—0.0%** | **Health Care—0.0%** |
| \* <br>| Abiomed, Inc. \*\* | 80133 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; **Total Rights—0.0%** <br>(cost $81)<br>|  | &nbsp;&nbsp; — |

---

See accompanying Notes to Portfolio of Investments.

**9**

------

**Small-Mid Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Principal Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing <br> Corporation, 1.450% dated <br> 09/30/25, due 10/01/25, <br> repurchase price $14,746, <br> collateralized by U.S. Treasury <br> Bond, 4.500%, due 02/15/2044, <br> valued at $15,041<br>| $14746 | &nbsp;&nbsp; $14746 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase** <br> **Agreements—1.0%** <br>(cost $14,746)<br>|  | &nbsp;&nbsp; 14746 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.2%** <br>(cost $1,208,293)<br>|  | &nbsp;&nbsp; 1409020 |
| **Liabilities, plus cash and** <br>**other assets—(0.2)%**<br>|  | &nbsp;&nbsp; (3292)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1405728 |

---

------

PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Non-income producing security |
| † | U.S. listed foreign security |
| \*\* | Fair valued pursuant to the Fund's Valuation Procedures. This <br> holding represents 0.00% of the Fund's net assets at September 30, <br> 2025.<br>|

---

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1394274 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1394274 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 14746 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14746 |
| &nbsp;&nbsp;&nbsp; Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Investments in Securities** | $1394274 | &nbsp;&nbsp; $14746 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1409020 |

---

See accompanying Notes to Portfolio of Investments.

**10**

------

**Small-Mid Cap Value Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—28.6%** | **Industrials—28.6%** | **Industrials—28.6%** |
|  | ABM Industries, Inc. | 746 | &nbsp;&nbsp; $34 |
|  | Air Lease Corp. | 570 | &nbsp;&nbsp; 36 |
| \* <br>| Alaska Air Group, Inc. | 865 | &nbsp;&nbsp; 43 |
|  | Albany International Corp. | 770 | &nbsp;&nbsp; 41 |
|  | Allegion PLC<sup>†</sup> | 326 | &nbsp;&nbsp; 58 |
|  | Allison Transmission Holdings, Inc. | 500 | &nbsp;&nbsp; 43 |
|  | Armstrong World Industries, Inc. | 208 | &nbsp;&nbsp; 41 |
|  | Atmus Filtration Technologies Inc. | 1090 | &nbsp;&nbsp; 49 |
| \* <br>| CACI International, Inc. | 67 | &nbsp;&nbsp; 34 |
|  | Donaldson Company, Inc. | 619 | &nbsp;&nbsp; 51 |
|  | Dover Corporation | 248 | &nbsp;&nbsp; 41 |
|  | Genpact Ltd. | 936 | &nbsp;&nbsp; 39 |
| \* <br>| Janus International Group, Inc. | 3998 | &nbsp;&nbsp; 40 |
|  | JB Hunt Transport Services, Inc. | 252 | &nbsp;&nbsp; 34 |
| \* <br>| Kirby Corporation | 469 | &nbsp;&nbsp; 39 |
|  | Knight-Swift Transportation Holdings, Inc. | 595 | &nbsp;&nbsp; 24 |
|  | Korn Ferry | 599 | &nbsp;&nbsp; 42 |
|  | Matson, Inc. | 277 | &nbsp;&nbsp; 27 |
|  | Maximus, Inc. | 493 | &nbsp;&nbsp; 45 |
| \* <br>| Openlane, Inc. | 1610 | &nbsp;&nbsp; 46 |
|  | Rush Enterprises, Inc. | 604 | &nbsp;&nbsp; 32 |
|  | Tecnoglass, Inc. | 543 | &nbsp;&nbsp; 36 |
|  | Timken Co. | 496 | &nbsp;&nbsp; 37 |
|  | TriNet Group, Inc. | 638 | &nbsp;&nbsp; 43 |
|  |  |  | &nbsp;&nbsp; 955 |
|  | **Financials—16.3%** | **Financials—16.3%** | **Financials—16.3%** |
|  | American Financial Group, Inc. | 381 | &nbsp;&nbsp; 56 |
|  | Ameris Bancorp | 684 | &nbsp;&nbsp; 50 |
|  | Carlyle Group, Inc. | 643 | &nbsp;&nbsp; 40 |
|  | Columbia Banking System, Inc. | 1497 | &nbsp;&nbsp; 39 |
|  | East West Bancorp, Inc. | 432 | &nbsp;&nbsp; 46 |
|  | Eastern Bankshares, Inc. | 2478 | &nbsp;&nbsp; 45 |
|  | Everest Group Ltd.<sup>†</sup> | 139 | &nbsp;&nbsp; 49 |
|  | Selective Insurance Group, Inc. | 554 | &nbsp;&nbsp; 45 |
|  | SouthState Bank Corporation | 449 | &nbsp;&nbsp; 44 |
|  | UMB Financial Corporation | 342 | &nbsp;&nbsp; 40 |
|  | Webster Financial Corp | 744 | &nbsp;&nbsp; 44 |
| \* <br>| WEX, Inc. | 292 | &nbsp;&nbsp; 46 |
|  |  |  | &nbsp;&nbsp; 544 |
|  | **Information Technology—10.5%** | **Information Technology—10.5%** | **Information Technology—10.5%** |
|  | Amdocs Ltd. | 506 | &nbsp;&nbsp; 42 |
|  | Avnet, Inc. | 853 | &nbsp;&nbsp; 45 |
|  | Belden, Inc. | 336 | &nbsp;&nbsp; 40 |
| \* <br>| Diodes, Inc. | 667 | &nbsp;&nbsp; 35 |
| \* <br>| Flex Ltd. | 949 | &nbsp;&nbsp; 55 |
|  | Jabil, Inc. | 118 | &nbsp;&nbsp; 26 |
| \* <br>| Tower Semiconductor Ltd.<sup>†</sup> | 966 | &nbsp;&nbsp; 70 |
|  | Vishay Intertechnology, Inc. | 2556 | &nbsp;&nbsp; 39 |
|  |  |  | &nbsp;&nbsp; 352 |
|  | **Health Care—8.5%** | **Health Care—8.5%** | **Health Care—8.5%** |
| \* <br>| Acadia Healthcare Co., Inc. | 1103 | &nbsp;&nbsp; 27 |
|  | Encompass Health Corp. | 308 | &nbsp;&nbsp; 39 |
| \* <br>| Globus Medical, Inc. | 659 | &nbsp;&nbsp; 38 |
| \* <br>| Haemonetics Corp. | 648 | &nbsp;&nbsp; 31 |
| \* <br>| ICON PLC<sup>†</sup> | 210 | &nbsp;&nbsp; 37 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Health Care—(continued)** | **Health Care—(continued)** | **Health Care—(continued)** |
| \* <br>| ICU Medical, Inc. | 332 | &nbsp;&nbsp; $40 |
|  | Labcorp Holdings, Inc. | 138 | &nbsp;&nbsp; 40 |
| \* <br>| Lantheus Holdings, Inc. | 662 | &nbsp;&nbsp; 34 |
|  |  |  | &nbsp;&nbsp; 286 |
|  | **Real Estate—8.5%** | **Real Estate—8.5%** | **Real Estate—8.5%** |
|  | Camden Property Trust | 258 | &nbsp;&nbsp; 27 |
|  | Elme Communities | 1820 | &nbsp;&nbsp; 31 |
|  | Four Corners Property Trust, Inc. | 1409 | &nbsp;&nbsp; 34 |
|  | Healthpeak Properties, Inc. | 2099 | &nbsp;&nbsp; 40 |
|  | Host Hotels & Resorts, Inc. | 1937 | &nbsp;&nbsp; 33 |
|  | Kite Realty Group Trust | 1616 | &nbsp;&nbsp; 36 |
|  | Regency Centers Corp. | 572 | &nbsp;&nbsp; 42 |
|  | STAG Industrial, Inc. | 1213 | &nbsp;&nbsp; 43 |
|  |  |  | &nbsp;&nbsp; 286 |
|  | **Consumer Discretionary—6.5%** | **Consumer Discretionary—6.5%** | **Consumer Discretionary—6.5%** |
|  | Brunswick Corp. | 481 | &nbsp;&nbsp; 30 |
| \* <br>| Laureate Education, Inc. | 1335 | &nbsp;&nbsp; 42 |
|  | LKQ Corp. | 1110 | &nbsp;&nbsp; 34 |
| \* <br>| Modine Manufacturing Co. | 326 | &nbsp;&nbsp; 46 |
| \* <br>| Taylor Morrison Home Corp. | 737 | &nbsp;&nbsp; 49 |
|  | Winnebago Industries, Inc. | 445 | &nbsp;&nbsp; 15 |
|  |  |  | &nbsp;&nbsp; 216 |
|  | **Materials—6.3%** | **Materials—6.3%** | **Materials—6.3%** |
| \* <br>| Axalta Coating Systems Ltd. | 1219 | &nbsp;&nbsp; 35 |
|  | Commercial Metals Co. | 838 | &nbsp;&nbsp; 48 |
|  | Crown Holdings, Inc. | 383 | &nbsp;&nbsp; 37 |
|  | Royal Gold, Inc. | 267 | &nbsp;&nbsp; 53 |
|  | Silgan Holdings, Inc. | 860 | &nbsp;&nbsp; 37 |
|  |  |  | &nbsp;&nbsp; 210 |
|  | **Energy—4.7%** | **Energy—4.7%** | **Energy—4.7%** |
|  | Expand Energy Corporation | 332 | &nbsp;&nbsp; 35 |
| \* <br>| Expro Group Holdings NV | 3358 | &nbsp;&nbsp; 40 |
|  | Matador Resources Co. | 623 | &nbsp;&nbsp; 28 |
|  | PBF Energy, Inc. | 1069 | &nbsp;&nbsp; 32 |
|  | Permian Resources Corp. | 1612 | &nbsp;&nbsp; 21 |
|  |  |  | &nbsp;&nbsp; 156 |
|  | **Utilities—4.1%** | **Utilities—4.1%** | **Utilities—4.1%** |
|  | IDACORP, Inc. | 357 | &nbsp;&nbsp; 47 |
|  | NiSource, Inc. | 1070 | &nbsp;&nbsp; 46 |
|  | PPL Corp. | 1151 | &nbsp;&nbsp; 43 |
|  |  |  | &nbsp;&nbsp; 136 |
|  | **Consumer Staples—1.9%** | **Consumer Staples—1.9%** | **Consumer Staples—1.9%** |
|  | Ingredion, Inc. | 242 | &nbsp;&nbsp; 30 |
|  | Molson Coors Beverage Co. | 775 | &nbsp;&nbsp; 35 |
|  |  |  | &nbsp;&nbsp; 65 |
|  | **Communication Services—1.1%** | **Communication Services—1.1%** | **Communication Services—1.1%** |
|  | John Wiley & Sons, Inc. | 884 | &nbsp;&nbsp; 36 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—97.0%** <br>(cost $3,070)<br>|  | &nbsp;&nbsp; 3242 |

---

See accompanying Notes to Portfolio of Investments.

**11**

------

**Small-Mid Cap Value Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Principal Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due <br> 10/01/25, repurchase price $112, <br> collateralized by U.S. Treasury <br> Bond, 4.500%, due 02/15/2044, <br> valued at $114<br>| $112 | &nbsp;&nbsp; $112 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase** <br> **Agreements—3.4%** <br>(cost $112)<br>|  | &nbsp;&nbsp; 112 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.4%** <br>(cost $3,182)<br>|  | &nbsp;&nbsp; 3354 |
| **Liabilities, plus cash and** <br>**other assets—(0.4)%**<br>|  | &nbsp;&nbsp; (12)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $3342 |

---

------

PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3242 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3242 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 112 | &nbsp;&nbsp; — | &nbsp;&nbsp; 112 |
| **Total Investments in Securities** | $3242 | &nbsp;&nbsp; $112 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3354 |

---

See accompanying Notes to Portfolio of Investments.

**12**

------

**Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—20.5%** | **Industrials—20.5%** | **Industrials—20.5%** |
| \* <br>| ACV Auctions, Inc. | 969080 | &nbsp;&nbsp; $9604 |
|  | Albany International Corp. | 111035 | &nbsp;&nbsp; 5918 |
|  | Argan, Inc. | 23310 | &nbsp;&nbsp; 6295 |
| \* <br>| BrightView Holdings, Inc. | 619365 | &nbsp;&nbsp; 8299 |
|  | Brink's Co. | 170826 | &nbsp;&nbsp; 19963 |
|  | BWX Technologies, Inc. | 69764 | &nbsp;&nbsp; 12862 |
| \* <br>| Casella Waste Systems, Inc. | 172860 | &nbsp;&nbsp; 16401 |
| \* <br>| CECO Environmental Corp. | 222720 | &nbsp;&nbsp; 11403 |
| \* <br>| Graham Corporation | 89020 | &nbsp;&nbsp; 4887 |
|  | Hammond Power Solutions Inc.<sup>†</sup> | 113105 | &nbsp;&nbsp; 10029 |
|  | Helios Technologies, Inc. | 238900 | &nbsp;&nbsp; 12454 |
| \* <br>| Mercury Systems, Inc. | 230358 | &nbsp;&nbsp; 17830 |
| \* <br>| Montrose Environmental Group, Inc. | 365468 | &nbsp;&nbsp; 10036 |
| \* <br>| Nextracker Inc. | 103270 | &nbsp;&nbsp; 7641 |
|  | Rush Enterprises, Inc. | 188080 | &nbsp;&nbsp; 10057 |
| \* <br>| Sterling Infrastructure, Inc. | 25280 | &nbsp;&nbsp; 8587 |
|  | Tecnoglass, Inc.<sup>†</sup> | 99060 | &nbsp;&nbsp; 6628 |
| \* <br>| Verra Mobility Corp. | 450739 | &nbsp;&nbsp; 11133 |
|  | WillScot Mobile Mini Holdings Corp. | 416950 | &nbsp;&nbsp; 8802 |
|  |  |  | &nbsp;&nbsp; 198829 |
|  | **Health Care—20.4%** | **Health Care—20.4%** | **Health Care—20.4%** |
| \* <br>| Alignment Healthcare, Inc. | 688968 | &nbsp;&nbsp; 12022 |
| \* <br>| Amicus Therapeutics, Inc. | 1769440 | &nbsp;&nbsp; 13943 |
| \* <br>| Doximity, Inc. | 218830 | &nbsp;&nbsp; 16007 |
| \* <br>| Establishment Labs Holdings, Inc.<sup>†</sup> | 348645 | &nbsp;&nbsp; 14291 |
| \* <br>| GeneDx Holdings Corp. | 84615 | &nbsp;&nbsp; 9116 |
| \* <br>| Glaukos Corporation | 55030 | &nbsp;&nbsp; 4488 |
| \* <br>| Globus Medical, Inc. | 248973 | &nbsp;&nbsp; 14259 |
| \* <br>| Inspire Medical Systems, Inc. | 120945 | &nbsp;&nbsp; 8974 |
| \* <br>| Krystal Biotech, Inc. | 48560 | &nbsp;&nbsp; 8572 |
| \* <br>| Madrigal Pharmaceuticals, Inc. | 32368 | &nbsp;&nbsp; 14846 |
| \* <br>| Merit Medical Systems, Inc. | 143080 | &nbsp;&nbsp; 11909 |
| \* <br>| Mirum Pharmaceuticals, Inc. | 101650 | &nbsp;&nbsp; 7452 |
| \* <br>| Procept BioRobotics Corp. | 124310 | &nbsp;&nbsp; 4437 |
| \* <br>| Quanterix Corporation | 426980 | &nbsp;&nbsp; 2319 |
| \* <br>| Treace Medical Concepts, Inc. | 1179850 | &nbsp;&nbsp; 7917 |
| \* <br>| Twist Bioscience Corp. | 472306 | &nbsp;&nbsp; 13291 |
|  | U.S. Physical Therapy, Inc. | 112330 | &nbsp;&nbsp; 9542 |
| \* <br>| Veracyte, Inc. | 220450 | &nbsp;&nbsp; 7568 |
| \* <br>| Vericel Corp. | 362209 | &nbsp;&nbsp; 11399 |
| \* <br>| Waystar Holding Corp. | 156387 | &nbsp;&nbsp; 5930 |
|  |  |  | &nbsp;&nbsp; 198282 |
|  | **Information Technology—19.2%** | **Information Technology—19.2%** | **Information Technology—19.2%** |
| \* <br>| Aehr Test Systems | 148033 | &nbsp;&nbsp; 4457 |
| \* <br>| Agilysys, Inc. | 90320 | &nbsp;&nbsp; 9506 |
| \* <br>| AppFolio, Inc. | 37230 | &nbsp;&nbsp; 10263 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 499171 | &nbsp;&nbsp; 8995 |
|  | Cognex Corp. | 288430 | &nbsp;&nbsp; 13066 |
| \* <br>| Confluent, Inc. | 457740 | &nbsp;&nbsp; 9063 |
| \* <br>| Diebold Nixdorf, Inc. | 273763 | &nbsp;&nbsp; 15613 |
| \* <br>| Impinj, Inc. | 65070 | &nbsp;&nbsp; 11761 |
| \* <br>| Lumentum Holdings Inc. | 89020 | &nbsp;&nbsp; 14484 |
| \* <br>| Novanta, Inc. | 105860 | &nbsp;&nbsp; 10602 |
| \* <br>| Onto Innovation, Inc. | 99060 | &nbsp;&nbsp; 12801 |
| \* <br>| PDF Solutions, Inc. | 383341 | &nbsp;&nbsp; 9898 |
| \* <br>| Q2 Holdings, Inc. | 140820 | &nbsp;&nbsp; 10194 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Information Technology—(continued)** | **Information Technology—(continued)** | **Information Technology—(continued)** |
| \* <br>| Rambus Inc. | 94530 | &nbsp;&nbsp; $9850 |
| \* <br>| SiTime Corp. | 26785 | &nbsp;&nbsp; 8071 |
| \* <br>| Varonis Systems, Inc. | 198960 | &nbsp;&nbsp; 11434 |
| \* <br>| Vertex, Inc. | 277430 | &nbsp;&nbsp; 6877 |
| \* <br>| Zeta Global Holdings Corp. | 453530 | &nbsp;&nbsp; 9012 |
|  |  |  | &nbsp;&nbsp; 185947 |
|  | **Consumer Discretionary—13.3%** | **Consumer Discretionary—13.3%** | **Consumer Discretionary—13.3%** |
|  | Academy Sports and Outdoors, Inc. | 205880 | &nbsp;&nbsp; 10298 |
| \* <br>| Fox Factory Holding Corp. | 190350 | &nbsp;&nbsp; 4624 |
|  | Garrett Motion, Inc. | 959499 | &nbsp;&nbsp; 13068 |
| \* <br>| Grand Canyon Education, Inc. | 38520 | &nbsp;&nbsp; 8456 |
| \* <br>| Modine Manufacturing Co. | 65710 | &nbsp;&nbsp; 9341 |
| \* <br>| National Vision Holdings, Inc. | 298466 | &nbsp;&nbsp; 8712 |
|  | OneSpaWorld Holdings Ltd.<sup>†</sup> | 317890 | &nbsp;&nbsp; 6720 |
| \* <br>| Planet Fitness, Inc. | 82550 | &nbsp;&nbsp; 8569 |
| \* <br>| Revolve Group, Inc. | 177627 | &nbsp;&nbsp; 3783 |
| \* <br>| Rush Street Interactive, Inc. | 707650 | &nbsp;&nbsp; 14493 |
| \* <br>| Skyline Champion Corp. | 169759 | &nbsp;&nbsp; 12965 |
| \* <br>| Stride, Inc. | 112330 | &nbsp;&nbsp; 16730 |
|  | Winmark Corp | 23012 | &nbsp;&nbsp; 11455 |
|  |  |  | &nbsp;&nbsp; 129214 |
|  | **Financials—10.0%** | **Financials—10.0%** | **Financials—10.0%** |
| \* <br>| Baldwin Insurance Group, Inc. | 311899 | &nbsp;&nbsp; 8799 |
|  | Cadence Bank | 283900 | &nbsp;&nbsp; 10657 |
| \* <br>| Donnelley Financial Solutions, Inc. | 155060 | &nbsp;&nbsp; 7975 |
|  | Jefferson Capital, Inc. | 452492 | &nbsp;&nbsp; 7810 |
|  | Old National Bancorp | 621860 | &nbsp;&nbsp; 13650 |
|  | OneMain Holdings, Inc. | 160560 | &nbsp;&nbsp; 9065 |
|  | Perella Weinberg Partners | 448350 | &nbsp;&nbsp; 9559 |
|  | StepStone Group, Inc. | 202650 | &nbsp;&nbsp; 13235 |
|  | Western Alliance Bancorp | 182445 | &nbsp;&nbsp; 15822 |
|  |  |  | &nbsp;&nbsp; 96572 |
|  | **Materials—3.6%** | **Materials—3.6%** | **Materials—3.6%** |
|  | Balchem Corp. | 89350 | &nbsp;&nbsp; 13408 |
|  | Quaker Chemical Corporation | 52897 | &nbsp;&nbsp; 6969 |
|  | U.S. Lime & Minerals, Inc. | 113140 | &nbsp;&nbsp; 14884 |
|  |  |  | &nbsp;&nbsp; 35261 |
|  | **Energy—2.8%** | **Energy—2.8%** | **Energy—2.8%** |
| \* <br>| BKV Corporation | 333430 | &nbsp;&nbsp; 7712 |
|  | Weatherford International PLC | 169630 | &nbsp;&nbsp; 11608 |
|  | Whitecap Resources, Inc.<sup>†</sup> | 1047550 | &nbsp;&nbsp; 7993 |
|  |  |  | &nbsp;&nbsp; 27313 |
|  | **Consumer Staples—2.4%** | **Consumer Staples—2.4%** | **Consumer Staples—2.4%** |
| \* <br>| Freshpet, Inc. | 94200 | &nbsp;&nbsp; 5191 |
|  | Primo Brands Corporation | 544820 | &nbsp;&nbsp; 12041 |
| \* <br>| The Simply Good Foods Company | 255410 | &nbsp;&nbsp; 6339 |
|  |  |  | &nbsp;&nbsp; 23571 |
|  | **Real Estate—2.1%** | **Real Estate—2.1%** | **Real Estate—2.1%** |
|  | Americold Realty Trust, Inc. | 443490 | &nbsp;&nbsp; 5428 |
|  | FirstService Corp. | 80377 | &nbsp;&nbsp; 15311 |
|  |  |  | &nbsp;&nbsp; 20739 |

---

See accompanying Notes to Portfolio of Investments.

**13**

------

**Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal** <br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Communication Services—0.9%** | **Communication Services—0.9%** | **Communication Services—0.9%** |
| \* <br>| Gogo, Inc. | 977950 | &nbsp;&nbsp; $8400 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—95.2%** <br>(cost $833,175)<br>|  | &nbsp;&nbsp; 924128 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | ***Exchange-Traded Funds*** | ***Exchange-Traded Funds*** | ***Exchange-Traded Funds*** |
|  | **Exchange-Traded Funds—1.0%** |  |  |
|  | iShares Russell 2000 Growth ETF | 31850 | &nbsp;&nbsp; 10193 |
|  | &nbsp;&nbsp;&nbsp; **Total Exchange-Traded Funds—1.0%** <br>(cost $8,700)<br>|  | &nbsp;&nbsp; 10193 |
|  | ***Other Assets*** |  |  |
|  | **Health Care—0.0%** |  |  |
| \* <br>| &nbsp;&nbsp;&nbsp; OmniAb, Inc. 12.50 Earnout (Acquired <br> 11/02/22, Cost $0)\*\*<sup>,</sup>#<br>| 23037 | &nbsp;&nbsp; — |
| \* <br>| &nbsp;&nbsp;&nbsp; OmniAb, Inc. 15.00 Earnout (Acquired <br> 11/02/22, Cost $0)\*\*<sup>,</sup>#<br>| 23037 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp;&nbsp; **Total Other Assets—0.0%** <br>(cost $—)<br>|  | &nbsp;&nbsp; — |
|  | ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
|  | &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due 10/01/25, <br> repurchase price $25,387, collateralized <br> by U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $25,894<br>| $25386 | &nbsp;&nbsp; 25386 |
|  | &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—2.6%** <br>(cost $25,386)<br>|  | &nbsp;&nbsp; 25386 |
|  | &nbsp;&nbsp;&nbsp; **Total Investments—98.8%** <br>(cost $867,261)<br>|  | &nbsp;&nbsp; 959707 |
|  | **Cash and other assets,** <br>**less liabilities—1.2%**<br>|  | &nbsp;&nbsp; 11304 |
|  | **Net Assets—100.0%** |  | &nbsp;&nbsp; $971011 |

---

------

ETF Exchange-Traded Fund <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| \* | Non-income producing security |
| † | U.S. listed foreign security |
| \*\* | Fair valued pursuant to the Fund's Valuation Procedures. This <br> holding represents 0.00% of the Fund's net assets at September 30, <br> 2025.<br>|
| # | Investment in securities not registered under the Securities Act of <br> 1933 (excluding securities acquired pursuant to Rule 144A and <br> Regulation S). The value of such restricted securities represents <br> 0.00% of the Fund's net assets at September 30, 2025.<br>|

---

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $924128 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $924128 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 25386 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25386 |
| &nbsp;&nbsp;&nbsp; Exchange-Traded Funds | 10193 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10193 |
| &nbsp;&nbsp;&nbsp; Other Assets |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Investments in Securities** | $934321 | &nbsp;&nbsp; $25386 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $959707 |

---

See accompanying Notes to Portfolio of Investments.

**14**

------

**Small Cap Value Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Financials—25.4%** | **Financials—25.4%** | **Financials—25.4%** |
|  | Ameris Bancorp | 242348 | &nbsp;&nbsp; $17767 |
|  | Atlantic Union Bankshares Corp. | 380480 | &nbsp;&nbsp; 13427 |
|  | Banc Of California, Inc. | 790010 | &nbsp;&nbsp; 13075 |
|  | Brightsphere Investment Group, Inc. | 104625 | &nbsp;&nbsp; 5039 |
|  | Cadence Bank | 301853 | &nbsp;&nbsp; 11332 |
|  | Columbia Banking System, Inc. | 369059 | &nbsp;&nbsp; 9500 |
|  | DigitalBridge Group, Inc. | 927186 | &nbsp;&nbsp; 10848 |
|  | Eastern Bankshares, Inc. | 769003 | &nbsp;&nbsp; 13957 |
|  | Enterprise Financial Services Corp. | 214370 | &nbsp;&nbsp; 12429 |
|  | First Bancorp | 246704 | &nbsp;&nbsp; 13048 |
|  | First Merchants Corp. | 313240 | &nbsp;&nbsp; 11809 |
|  | Hancock Whitney Corp. | 217750 | &nbsp;&nbsp; 13633 |
|  | MGIC Investment Corp. | 192196 | &nbsp;&nbsp; 5453 |
|  | Old National Bancorp | 638763 | &nbsp;&nbsp; 14021 |
|  | Perella Weinberg Partners | 520449 | &nbsp;&nbsp; 11096 |
|  | Renasant Corporation | 319883 | &nbsp;&nbsp; 11800 |
|  | Seacoast Banking Corp. of Florida | 453400 | &nbsp;&nbsp; 13797 |
|  | Selective Insurance Group, Inc. | 145553 | &nbsp;&nbsp; 11800 |
|  | Stellar Bancorp, Inc. | 429963 | &nbsp;&nbsp; 13045 |
| \* <br>| Texas Capital Bancshares, Inc. | 148646 | &nbsp;&nbsp; 12565 |
|  | The Hanover Insurance Group, Inc. | 53193 | &nbsp;&nbsp; 9661 |
|  | UMB Financial Corporation | 91981 | &nbsp;&nbsp; 10886 |
|  | WaFd, Inc. | 408888 | &nbsp;&nbsp; 12385 |
|  |  |  | &nbsp;&nbsp; 272373 |
|  | **Industrials—23.6%** | **Industrials—23.6%** | **Industrials—23.6%** |
|  | ABM Industries, Inc. | 251373 | &nbsp;&nbsp; 11593 |
|  | Air Lease Corp. | 128684 | &nbsp;&nbsp; 8191 |
| \* <br>| Alaska Air Group, Inc. | 215913 | &nbsp;&nbsp; 10748 |
|  | Albany International Corp. | 197180 | &nbsp;&nbsp; 10510 |
|  | Armstrong World Industries, Inc. | 49421 | &nbsp;&nbsp; 9687 |
|  | Atmus Filtration Technologies Inc. | 276756 | &nbsp;&nbsp; 12479 |
|  | Brady Corp. | 144475 | &nbsp;&nbsp; 11273 |
|  | CSG Systems International, Inc. | 144925 | &nbsp;&nbsp; 9330 |
|  | ESCO Technologies, Inc. | 40014 | &nbsp;&nbsp; 8447 |
|  | Granite Construction, Inc. | 86875 | &nbsp;&nbsp; 9526 |
| \* <br>| Hayward Holdings, Inc. | 747846 | &nbsp;&nbsp; 11307 |
|  | Hub Group, Inc. | 256371 | &nbsp;&nbsp; 8829 |
| \* <br>| Huron Consulting Group, Inc. | 79631 | &nbsp;&nbsp; 11687 |
| \* <br>| Janus International Group, Inc. | 1027108 | &nbsp;&nbsp; 10138 |
| \* <br>| Kirby Corporation | 122840 | &nbsp;&nbsp; 10251 |
|  | &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, <br> Inc.<br>| 187642 | &nbsp;&nbsp; 7414 |
|  | Korn Ferry | 146106 | &nbsp;&nbsp; 10224 |
|  | Matson, Inc. | 65636 | &nbsp;&nbsp; 6471 |
|  | Maximus, Inc. | 127414 | &nbsp;&nbsp; 11642 |
| \* <br>| Openlane, Inc. | 412185 | &nbsp;&nbsp; 11863 |
|  | Rush Enterprises, Inc. | 149331 | &nbsp;&nbsp; 7985 |
|  | Tecnoglass, Inc. | 142454 | &nbsp;&nbsp; 9532 |
| \* <br>| Thermon Group Holdings, Inc. | 363508 | &nbsp;&nbsp; 9713 |
| \* <br>| Titan Machinery, Inc. | 285727 | &nbsp;&nbsp; 4783 |
|  | TriNet Group, Inc. | 164219 | &nbsp;&nbsp; 10985 |
| \* <br>| Verra Mobility Corp. | 328956 | &nbsp;&nbsp; 8125 |
|  |  |  | &nbsp;&nbsp; 252733 |
|  | **Information Technology—12.0%** | **Information Technology—12.0%** | **Information Technology—12.0%** |
| \* <br>| ADTRAN Holdings, Inc. | 1014826 | &nbsp;&nbsp; 9519 |
|  | Avnet, Inc. | 218876 | &nbsp;&nbsp; 11443 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Information Technology—(continued)** | **Information Technology—(continued)** | **Information Technology—(continued)** |
|  | Belden, Inc. | 87325 | &nbsp;&nbsp; $10503 |
| \* <br>| Cognyte Software Ltd.<sup>†</sup> | 498835 | &nbsp;&nbsp; 4190 |
| \* <br>| Diodes, Inc. | 192169 | &nbsp;&nbsp; 10225 |
| \* <br>| Extreme Networks, Inc. | 501210 | &nbsp;&nbsp; 10350 |
| \* <br>| Knowles Corp. | 573714 | &nbsp;&nbsp; 13373 |
|  | Kulicke & Soffa Industries, Inc. | 258835 | &nbsp;&nbsp; 10519 |
| \* <br>| Sanmina Corp. | 120184 | &nbsp;&nbsp; 13834 |
| \* <br>| Tower Semiconductor Ltd.<sup>†</sup> | 260173 | &nbsp;&nbsp; 18811 |
| \* <br>| Verint Systems, Inc. | 296248 | &nbsp;&nbsp; 5999 |
|  | Vishay Intertechnology, Inc. | 648464 | &nbsp;&nbsp; 9922 |
|  |  |  | &nbsp;&nbsp; 128688 |
|  | **Real Estate—9.8%** | **Real Estate—9.8%** | **Real Estate—9.8%** |
|  | CareTrust REIT, Inc. | 342781 | &nbsp;&nbsp; 11888 |
|  | Elme Communities | 594789 | &nbsp;&nbsp; 10028 |
|  | Empire State Realty Trust, Inc. | 1148261 | &nbsp;&nbsp; 8796 |
|  | Four Corners Property Trust, Inc. | 429185 | &nbsp;&nbsp; 10472 |
|  | Kite Realty Group Trust | 522279 | &nbsp;&nbsp; 11647 |
|  | LXP Industrial Trust | 1238263 | &nbsp;&nbsp; 11095 |
|  | Netstreit Corp. | 421327 | &nbsp;&nbsp; 7609 |
|  | Pebblebrook Hotel Trust | 667873 | &nbsp;&nbsp; 7607 |
|  | Sila Realty Trust, Inc. | 401412 | &nbsp;&nbsp; 10075 |
|  | Sunstone Hotel Investors, Inc. | 736806 | &nbsp;&nbsp; 6904 |
|  | UMH Properties, Inc. | 614895 | &nbsp;&nbsp; 9131 |
|  |  |  | &nbsp;&nbsp; 105252 |
|  | **Consumer Discretionary—8.6%** | **Consumer Discretionary—8.6%** | **Consumer Discretionary—8.6%** |
|  | Cracker Barrel Old Country Store, Inc. | 100372 | &nbsp;&nbsp; 4422 |
| \* <br>| El Pollo Loco Holdings, Inc. | 433977 | &nbsp;&nbsp; 4210 |
|  | Golden Entertainment, Inc. | 146680 | &nbsp;&nbsp; 3459 |
| \* <br>| Laureate Education, Inc. | 393786 | &nbsp;&nbsp; 12420 |
|  | La-Z-Boy, Inc. | 235978 | &nbsp;&nbsp; 8099 |
| \* <br>| Modine Manufacturing Co. | 52248 | &nbsp;&nbsp; 7428 |
|  | Monro, Inc. | 249762 | &nbsp;&nbsp; 4488 |
|  | Steven Madden Ltd. | 269445 | &nbsp;&nbsp; 9021 |
| \* <br>| Taylor Morrison Home Corp. | 239754 | &nbsp;&nbsp; 15826 |
| \* <br>| Tri Pointe Homes, Inc. | 351465 | &nbsp;&nbsp; 11939 |
|  | Winnebago Industries, Inc. | 152292 | &nbsp;&nbsp; 5093 |
| \* <br>| YETI Holdings, Inc. | 188680 | &nbsp;&nbsp; 6260 |
|  |  |  | &nbsp;&nbsp; 92665 |
|  | **Energy—4.4%** | **Energy—4.4%** | **Energy—4.4%** |
| \* <br>| Expro Group Holdings NV<sup>†</sup> | 867518 | &nbsp;&nbsp; 10306 |
| \* <br>| Gulfport Energy Corp. | 78764 | &nbsp;&nbsp; 14255 |
| \* <br>| Innovex International, Inc. | 246212 | &nbsp;&nbsp; 4565 |
|  | Matador Resources Co. | 169421 | &nbsp;&nbsp; 7612 |
|  | PBF Energy, Inc. | 344030 | &nbsp;&nbsp; 10379 |
|  |  |  | &nbsp;&nbsp; 47117 |
|  | **Materials—4.2%** | **Materials—4.2%** | **Materials—4.2%** |
|  | Commercial Metals Co. | 209981 | &nbsp;&nbsp; 12028 |
| \* <br>| Ecovyst, Inc. | 1118836 | &nbsp;&nbsp; 9801 |
|  | Greif, Inc. | 116941 | &nbsp;&nbsp; 6988 |
| \* <br>| IAMGOLD Corporation<sup>†</sup> | 500985 | &nbsp;&nbsp; 6478 |
|  | Silgan Holdings, Inc. | 220392 | &nbsp;&nbsp; 9479 |
|  |  |  | &nbsp;&nbsp; 44774 |
|  | **Health Care—3.9%** | **Health Care—3.9%** | **Health Care—3.9%** |
| \* <br>| ANI Pharmaceuticals, Inc. | 129919 | &nbsp;&nbsp; 11901 |

---

See accompanying Notes to Portfolio of Investments.

**15**

------

**Small Cap Value Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal** <br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Health Care—(continued)** | **Health Care—(continued)** | **Health Care—(continued)** |
| \* <br>| Haemonetics Corp. | 173381 | &nbsp;&nbsp; $8451 |
| \* <br>| ICU Medical, Inc. | 85687 | &nbsp;&nbsp; 10279 |
| \* <br>| Lantheus Holdings, Inc. | 212855 | &nbsp;&nbsp; 10917 |
|  |  |  | &nbsp;&nbsp; 41548 |
|  | **Utilities—3.1%** | **Utilities—3.1%** | **Utilities—3.1%** |
|  | IDACORP, Inc. | 90104 | &nbsp;&nbsp; 11907 |
|  | Northwestern Energy Group, Inc. | 169209 | &nbsp;&nbsp; 9917 |
|  | Spire, Inc. | 138958 | &nbsp;&nbsp; 11328 |
|  |  |  | &nbsp;&nbsp; 33152 |
|  | **Consumer Staples—1.4%** | **Consumer Staples—1.4%** | **Consumer Staples—1.4%** |
| \* <br>| Central Garden & Pet Co. | 327919 | &nbsp;&nbsp; 9683 |
|  | Edgewell Personal Care Co. | 272448 | &nbsp;&nbsp; 5547 |
|  |  |  | &nbsp;&nbsp; 15230 |
|  | **Communication Services—1.2%** | **Communication Services—1.2%** | **Communication Services—1.2%** |
|  | John Wiley & Sons, Inc. | 324020 | &nbsp;&nbsp; 13113 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—97.6%** <br>(cost $908,008)<br>|  | &nbsp;&nbsp; 1046645 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due 10/01/25, <br> repurchase price $11,639, collateralized <br> by U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $11,871<br>| $11639 | &nbsp;&nbsp; 11639 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—1.1%** <br>(cost $11,639)<br>|  | &nbsp;&nbsp; 11639 |
| &nbsp;&nbsp;&nbsp; **Total Investments—98.7%** <br>(cost $919,647)<br>|  | &nbsp;&nbsp; 1058284 |
| **Cash and other assets,** <br>**less liabilities—1.3%**<br>|  | &nbsp;&nbsp; 13784 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1072068 |

---

------

REIT Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1046645 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1046645 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 11639 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11639 |
| **Total Investments in Securities** | $1046645 | &nbsp;&nbsp; $11639 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1058284 |

---

See accompanying Notes to Portfolio of Investments.

**16**

------

**Global Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Western Hemisphere—56.6%*** |  |  |
|  | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
|  | &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. <br>(Insurance)<br>| 2282 | &nbsp;&nbsp; $207 |
|  | **United States—56.0%** | **United States—56.0%** | **United States—56.0%** |
|  | &nbsp;&nbsp;&nbsp; Alphabet, Inc.—Class A <br>(Interactive Media & Services)<br>| 7454 | &nbsp;&nbsp; 1812 |
| \* <br>| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. <br>(Broadline Retail)<br>| 6077 | &nbsp;&nbsp; 1334 |
|  | &nbsp;&nbsp;&nbsp; Apple, Inc. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 4357 | &nbsp;&nbsp; 1109 |
|  | &nbsp;&nbsp;&nbsp; Applied Materials, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 2510 | &nbsp;&nbsp; 514 |
|  | &nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. <br>(Insurance)<br>| 657 | &nbsp;&nbsp; 203 |
|  | &nbsp;&nbsp;&nbsp; Broadcom, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 3318 | &nbsp;&nbsp; 1095 |
|  | &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. <br>(Capital Markets)<br>| 4371 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp; Cencora, Inc. <br>(Health Care Providers & Services)<br>| 1817 | &nbsp;&nbsp; 568 |
|  | &nbsp;&nbsp;&nbsp; CRH PLC <br>(Construction Materials)<br>| 5073 | &nbsp;&nbsp; 608 |
|  | &nbsp;&nbsp;&nbsp; Eli Lilly & Co. <br>(Pharmaceuticals)<br>| 795 | &nbsp;&nbsp; 607 |
|  | &nbsp;&nbsp;&nbsp; Graco, Inc. <br>(Machinery)<br>| 4237 | &nbsp;&nbsp; 360 |
| \* <br>| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. <br>(Health Care Providers & Services)<br>| 4087 | &nbsp;&nbsp; 232 |
|  | &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. <br>(Capital Markets)<br>| 2480 | &nbsp;&nbsp; 418 |
|  | &nbsp;&nbsp;&nbsp; Intuit, Inc. <br>(Software)<br>| 701 | &nbsp;&nbsp; 479 |
| \* <br>| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. <br>(Health Care Equipment & Supplies)<br>| 1191 | &nbsp;&nbsp; 533 |
|  | &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. <br>(Banks)<br>| 1851 | &nbsp;&nbsp; 584 |
|  | &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. <br>(Insurance)<br>| 439 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp; Mastercard, Inc. <br>(Diversified Financial Services)<br>| 1819 | &nbsp;&nbsp; 1035 |
|  | &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. <br>(Interactive Media & Services)<br>| 1789 | &nbsp;&nbsp; 1314 |
|  | &nbsp;&nbsp;&nbsp; Microsoft Corp. <br>(Software)<br>| 3699 | &nbsp;&nbsp; 1916 |
|  | &nbsp;&nbsp;&nbsp; Murphy USA, Inc. <br>(Specialty Retail)<br>| 1141 | &nbsp;&nbsp; 443 |
| \* <br>| &nbsp;&nbsp;&nbsp; Netflix, Inc. <br>(Entertainment)<br>| 369 | &nbsp;&nbsp; 442 |
| \* <br>| &nbsp;&nbsp;&nbsp; Novanta, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 1895 | &nbsp;&nbsp; 190 |
|  | &nbsp;&nbsp;&nbsp; NVIDIA Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 13284 | &nbsp;&nbsp; 2479 |
|  | &nbsp;&nbsp;&nbsp; Progressive Corp. <br>(Insurance)<br>| 1524 | &nbsp;&nbsp; 376 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Western Hemisphere—(continued)*** |  |  |
|  | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 6673 | &nbsp;&nbsp; $559 |
| \* <br>| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. <br>(Software)<br>| 501 | &nbsp;&nbsp; 461 |
|  | &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. <br>(Entertainment)<br>| 2042 | &nbsp;&nbsp; 412 |
| \* <br>| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. <br>(Road & Rail)<br>| 4221 | &nbsp;&nbsp; 414 |
|  | &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. <br>(Health Care Providers & Services)<br>| 850 | &nbsp;&nbsp; 293 |
|  | &nbsp;&nbsp;&nbsp; Walmart, Inc. <br>(Consumer Staples Distribution & Retail)<br>| 6474 | &nbsp;&nbsp; 667 |
|  |  |  | &nbsp;&nbsp; 21918 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 22125 |
|  | ***Europe Ex-U.K.—19.6%*** |  |  |
|  | **Austria—1.4%** | **Austria—1.4%** | **Austria—1.4%** |
|  | &nbsp;&nbsp;&nbsp; Erste Group Bank AG <br>(Banks)<br>| 5771 | &nbsp;&nbsp; 564 |
|  | **France—5.7%** | **France—5.7%** | **France—5.7%** |
|  | &nbsp;&nbsp;&nbsp; Airbus SE <br>(Aerospace & Defense)<br>| 1644 | &nbsp;&nbsp; 381 |
|  | &nbsp;&nbsp;&nbsp; Hermes International SCA <br>(Textiles, Apparel & Luxury Goods)<br>| 242 | &nbsp;&nbsp; 592 |
|  | &nbsp;&nbsp;&nbsp; Schneider Electric SE <br>(Electrical Equipment)<br>| 1352 | &nbsp;&nbsp; 377 |
|  | &nbsp;&nbsp;&nbsp; TotalEnergies SE <br>(Oil, Gas & Consumable Fuels)<br>| 14739 | &nbsp;&nbsp; 895 |
|  |  |  | &nbsp;&nbsp; 2245 |
|  | **Germany—3.3%** | **Germany—3.3%** | **Germany—3.3%** |
|  | &nbsp;&nbsp;&nbsp; Heidelberg Materials AG <br>(Construction Materials)<br>| 1015 | &nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp; MTU Aero Engines AG <br>(Aerospace & Defense)<br>| 688 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp; Rheinmetall AG <br>(Aerospace & Defense)<br>| 187 | &nbsp;&nbsp; 436 |
|  | &nbsp;&nbsp;&nbsp; SAP SE <br>(Software)<br>| 1217 | &nbsp;&nbsp; 325 |
|  |  |  | &nbsp;&nbsp; 1305 |
|  | **Ireland—2.4%** | **Ireland—2.4%** | **Ireland—2.4%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 700 | &nbsp;&nbsp; 178 |
|  | &nbsp;&nbsp;&nbsp; Linde PLC<sup>†</sup> <br>(Chemicals)<br>| 1572 | &nbsp;&nbsp; 747 |
|  |  |  | &nbsp;&nbsp; 925 |
|  | **Israel—0.9%** | **Israel—0.9%** | **Israel—0.9%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Oddity Tech Ltd <br>(Personal Care Products)<br>| 5335 | &nbsp;&nbsp; 332 |
|  | **Italy—1.5%** | **Italy—1.5%** | **Italy—1.5%** |
|  | &nbsp;&nbsp;&nbsp; Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 1214 | &nbsp;&nbsp; 589 |
|  | **Luxembourg—0.9%** | **Luxembourg—0.9%** | **Luxembourg—0.9%** |
|  | &nbsp;&nbsp;&nbsp; CVC Capital Partners PLC <br>(Capital Markets)<br>| 19047 | &nbsp;&nbsp; 331 |

---

See accompanying Notes to Portfolio of Investments.

**17**

------

**Global Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Spain—2.7%** | **Spain—2.7%** | **Spain—2.7%** |
|  | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 34537 | &nbsp;&nbsp; $662 |
|  | &nbsp;&nbsp;&nbsp; Iberdrola, S.A. <br>(Electric Utilities)<br>| 20763 | &nbsp;&nbsp; 393 |
|  |  |  | &nbsp;&nbsp; 1055 |
|  | **Sweden—0.8%** | **Sweden—0.8%** | **Sweden—0.8%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Spotify Technology S.A. <br>(Entertainment)<br>| 455 | &nbsp;&nbsp; 318 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 7664 |
|  | ***United Kingdom—9.7%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; 3i Group PLC <br>(Capital Markets)<br>| 10957 | &nbsp;&nbsp; 603 |
|  | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>(Aerospace & Defense)<br>| 22605 | &nbsp;&nbsp; 626 |
|  | &nbsp;&nbsp;&nbsp; Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 10212 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp; Experian PLC <br>(Professional Services)<br>| 7937 | &nbsp;&nbsp; 397 |
|  | &nbsp;&nbsp;&nbsp; Halma PLC <br>(Electronic Equipment, Instruments & <br> Components)<br>| 14304 | &nbsp;&nbsp; 664 |
|  | &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC <br>(Capital Markets)<br>| 3033 | &nbsp;&nbsp; 347 |
|  | &nbsp;&nbsp;&nbsp; Rightmove PLC <br>(Interactive Media & Services)<br>| 38142 | &nbsp;&nbsp; 364 |
|  | &nbsp;&nbsp;&nbsp; Unilever PLC <br>(Personal Care Products)<br>| 7728 | &nbsp;&nbsp; 457 |
|  | **Total United Kingdom** |  | &nbsp;&nbsp; 3805 |
|  | ***Emerging Asia—9.6%*** |  |  |
|  | **China—2.3%** | **China—2.3%** | **China—2.3%** |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 10500 | &nbsp;&nbsp; 895 |
|  | **India—1.5%** | **India—1.5%** | **India—1.5%** |
|  | &nbsp;&nbsp;&nbsp; HDFC Bank Ltd.—ADR <br>(Banks)<br>| 16941 | &nbsp;&nbsp; 579 |
|  | **Indonesia—1.5%** | **Indonesia—1.5%** | **Indonesia—1.5%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 3304 | &nbsp;&nbsp; 590 |
|  | **South Korea—0.9%** | **South Korea—0.9%** | **South Korea—0.9%** |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1482 | &nbsp;&nbsp; 367 |
|  | **Taiwan—3.4%** | **Taiwan—3.4%** | **Taiwan—3.4%** |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 4728 | &nbsp;&nbsp; 1320 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 3751 |
|  | ***Japan—1.8%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; Hitachi, Ltd. <br>(Industrial Conglomerates)<br>| 10900 | &nbsp;&nbsp; 290 |
|  | &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. <br>(Broadline Retail)<br>| 27500 | &nbsp;&nbsp; 181 |
|  | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 7700 | &nbsp;&nbsp; 217 |
|  | **Total Japan** |  | &nbsp;&nbsp; 688 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin America—0.8%*** |  |  |
|  | **Brazil—0.8%** | **Brazil—0.8%** | **Brazil—0.8%** |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 141 | &nbsp;&nbsp; $329 |
|  | ***Asia Ex-Japan—0.6%*** |  |  |
|  | **Australia—0.6%** | **Australia—0.6%** | **Australia—0.6%** |
|  | &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. <br>(Health Care Technology)<br>| 1179 | &nbsp;&nbsp; 241 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.7%** <br>(cost $30,038)<br>|  | &nbsp;&nbsp; 38603 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, 1.450% <br> dated 09/30/25, due 10/01/25, repurchase <br> price $587, collateralized by U.S. Treasury <br> Bond, 4.750%, due 11/15/2043, valued at <br> $599<br>| &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—1.5%** <br>(cost $587)<br>| &nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.2%** <br>(cost $30,625)<br>| &nbsp;&nbsp; 39190 |
| **Liabilities, plus cash and** <br>**other assets—(0.2)%**<br>| &nbsp;&nbsp; (66)<br>|
| **Net Assets—100.0%** | &nbsp;&nbsp; $39124 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**18**

------

**Global Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $38603 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $38603 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 587 | &nbsp;&nbsp; — | &nbsp;&nbsp; 587 |
| **Total Investments in Securities** | $38603 | &nbsp;&nbsp; $587 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39190 |

---

See accompanying Notes to Portfolio of Investments.

**19**

------

**International Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—33.5%*** |  |  |
|  | **Belgium—1.4%** | **Belgium—1.4%** | **Belgium—1.4%** |
|  | &nbsp;&nbsp;&nbsp; UCB SA <br>(Pharmaceuticals)<br>| 60579 | &nbsp;&nbsp; $16714 |
|  | **France—5.4%** | **France—5.4%** | **France—5.4%** |
|  | &nbsp;&nbsp;&nbsp; L'Air Liquide SA <br>(Chemicals)<br>| 99686 | &nbsp;&nbsp; 20699 |
|  | &nbsp;&nbsp;&nbsp; Safran SA <br>(Aerospace & Defense)<br>| 66725 | &nbsp;&nbsp; 23510 |
|  | &nbsp;&nbsp;&nbsp; Vinci SA <br>(Construction & Engineering)<br>| 133120 | &nbsp;&nbsp; 18434 |
|  |  |  | &nbsp;&nbsp; 62643 |
|  | **Germany—5.1%** | **Germany—5.1%** | **Germany—5.1%** |
|  | &nbsp;&nbsp;&nbsp; Heidelberg Materials AG <br>(Construction Materials)<br>| 113074 | &nbsp;&nbsp; 25429 |
|  | &nbsp;&nbsp;&nbsp; Rheinmetall AG <br>(Aerospace & Defense)<br>| 8945 | &nbsp;&nbsp; 20841 |
|  | &nbsp;&nbsp;&nbsp; SAP SE <br>(Software)<br>| 51022 | &nbsp;&nbsp; 13652 |
|  |  |  | &nbsp;&nbsp; 59922 |
|  | **Ireland—0.5%** | **Ireland—0.5%** | **Ireland—0.5%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 25102 | &nbsp;&nbsp; 6376 |
|  | **Italy—7.2%** | **Italy—7.2%** | **Italy—7.2%** |
|  | &nbsp;&nbsp;&nbsp; Enel SpA <br>(Electric Utilities)<br>| 2446910 | &nbsp;&nbsp; 23172 |
|  | &nbsp;&nbsp;&nbsp; Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 29087 | &nbsp;&nbsp; 14113 |
|  | &nbsp;&nbsp;&nbsp; Prysmian S.p.A. <br>(Electrical Equipment)<br>| 242646 | &nbsp;&nbsp; 23981 |
|  | &nbsp;&nbsp;&nbsp; UniCredit S.p.A. <br>(Banks)<br>| 290087 | &nbsp;&nbsp; 21957 |
|  |  |  | &nbsp;&nbsp; 83223 |
|  | **Netherlands—2.4%** | **Netherlands—2.4%** | **Netherlands—2.4%** |
|  | &nbsp;&nbsp;&nbsp; ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 24493 | &nbsp;&nbsp; 23813 |
|  | &nbsp;&nbsp;&nbsp; Euronext NV <br>(Capital Markets)<br>| 25425 | &nbsp;&nbsp; 3803 |
|  |  |  | &nbsp;&nbsp; 27616 |
|  | **Spain—4.0%** | **Spain—4.0%** | **Spain—4.0%** |
|  | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 1303907 | &nbsp;&nbsp; 25014 |
|  | &nbsp;&nbsp;&nbsp; Iberdrola, S.A. <br>(Electric Utilities)<br>| 1144699 | &nbsp;&nbsp; 21644 |
|  |  |  | &nbsp;&nbsp; 46658 |
|  | **Sweden—1.3%** | **Sweden—1.3%** | **Sweden—1.3%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Spotify Technology S.A. <br>(Entertainment)<br>| 21325 | &nbsp;&nbsp; 14885 |
|  | **Switzerland—6.2%** | **Switzerland—6.2%** | **Switzerland—6.2%** |
|  | &nbsp;&nbsp;&nbsp; ABB Ltd. <br>(Electrical Equipment)<br>| 273256 | &nbsp;&nbsp; 19676 |
|  | &nbsp;&nbsp;&nbsp; Chocoladefabriken Lindt & Spruengli <br> AG <br>(Food Products)<br>| 621 | &nbsp;&nbsp; 9486 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Switzerland—(continued)** | **Switzerland—(continued)** | **Switzerland—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Lonza Group AG <br>(Life Sciences Tools & Services)<br>| 25741 | &nbsp;&nbsp; $17048 |
|  | &nbsp;&nbsp;&nbsp; Sandoz Group AG <br>(Pharmaceuticals)<br>| 428121 | &nbsp;&nbsp; 25368 |
|  |  |  | &nbsp;&nbsp; 71578 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 389615 |
|  | ***Emerging Asia—28.6%*** |  |  |
|  | **China—8.3%** | **China—8.3%** | **China—8.3%** |
|  | &nbsp;&nbsp;&nbsp; BYD Company Limited <br>(Automobiles)<br>| 841500 | &nbsp;&nbsp; 11916 |
|  | &nbsp;&nbsp;&nbsp; NetEase, Inc. <br>(Entertainment)<br>| 377800 | &nbsp;&nbsp; 11496 |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 494500 | &nbsp;&nbsp; 42130 |
|  | &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 261700 | &nbsp;&nbsp; 20043 |
| \* <br>| &nbsp;&nbsp;&nbsp; Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 1512800 | &nbsp;&nbsp; 10498 |
|  |  |  | &nbsp;&nbsp; 96083 |
|  | **India—3.5%** | **India—3.5%** | **India—3.5%** |
|  | &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 3234846 | &nbsp;&nbsp; 14712 |
|  | &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. <br>(Wireless Telecommunication <br> Services)<br>| 508919 | &nbsp;&nbsp; 10793 |
|  | &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. <br>(Banks)<br>| 1004782 | &nbsp;&nbsp; 15265 |
|  |  |  | &nbsp;&nbsp; 40770 |
|  | **Indonesia—2.3%** | **Indonesia—2.3%** | **Indonesia—2.3%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 149737 | &nbsp;&nbsp; 26763 |
|  | **South Korea—5.0%** | **South Korea—5.0%** | **South Korea—5.0%** |
|  | &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 292310 | &nbsp;&nbsp; 17480 |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 166624 | &nbsp;&nbsp; 41268 |
|  |  |  | &nbsp;&nbsp; 58748 |
|  | **Taiwan—9.5%** | **Taiwan—9.5%** | **Taiwan—9.5%** |
|  | &nbsp;&nbsp;&nbsp; Accton Technology Corp. <br>(Communications Equipment)<br>| 567000 | &nbsp;&nbsp; 19441 |
|  | &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 4655000 | &nbsp;&nbsp; 32990 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1349000 | &nbsp;&nbsp; 57761 |
|  |  |  | &nbsp;&nbsp; 110192 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 332556 |
|  | ***United Kingdom—11.4%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; 3i Group PLC <br>(Capital Markets)<br>| 467689 | &nbsp;&nbsp; 25720 |
|  | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>(Aerospace & Defense)<br>| 735193 | &nbsp;&nbsp; 20359 |

---

See accompanying Notes to Portfolio of Investments.

**20**

------

**International Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***United Kingdom—(continued)*** |  |  |
| &nbsp;&nbsp;&nbsp; Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 365668 | &nbsp;&nbsp; $12437 |
| &nbsp;&nbsp;&nbsp; Diploma PLC <br>(Trading Companies & Distributors)<br>| 119470 | &nbsp;&nbsp; 8524 |
| &nbsp;&nbsp;&nbsp; Experian PLC <br>(Professional Services)<br>| 331774 | &nbsp;&nbsp; 16608 |
| &nbsp;&nbsp;&nbsp; Halma PLC <br>(Electronic Equipment, Instruments & <br> Components)<br>| 392321 | &nbsp;&nbsp; 18203 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC <br>(Capital Markets)<br>| 116397 | &nbsp;&nbsp; 13331 |
| &nbsp;&nbsp;&nbsp; Unilever PLC <br>(Personal Care Products)<br>| 283331 | &nbsp;&nbsp; 16766 |
| **Total United Kingdom** |  | &nbsp;&nbsp; 131948 |
| ***Japan—7.8%*** |  |  |
| &nbsp;&nbsp;&nbsp; ASICS Corporation <br>(Textiles, Apparel & Luxury Goods)<br>| 680400 | &nbsp;&nbsp; 17815 |
| &nbsp;&nbsp;&nbsp; Hitachi, Ltd. <br>(Industrial Conglomerates)<br>| 474900 | &nbsp;&nbsp; 12620 |
| &nbsp;&nbsp;&nbsp; IHI Corporation <br>(Machinery)<br>| 983200 | &nbsp;&nbsp; 18350 |
| &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. <br>(Broadline Retail)<br>| 1644500 | &nbsp;&nbsp; 10842 |
| &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 667300 | &nbsp;&nbsp; 18843 |
| &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. <br>(Insurance)<br>| 287400 | &nbsp;&nbsp; 12183 |
| **Total Japan** |  | &nbsp;&nbsp; 90653 |
| ***Western Hemisphere—6.8%*** |  |  |
| **Canada—6.8%** | **Canada—6.8%** | **Canada—6.8%** |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>(Capital Markets)<br>| 273909 | &nbsp;&nbsp; 15596 |
| &nbsp;&nbsp;&nbsp; Constellation Software, Inc. <br>(Software)<br>| 3760 | &nbsp;&nbsp; 10207 |
| &nbsp;&nbsp;&nbsp; Dollarama, Inc. <br>(Broadline Retail)<br>| 144694 | &nbsp;&nbsp; 19083 |
| &nbsp;&nbsp;&nbsp; Intact Financial Corp. <br>(Insurance)<br>| 82807 | &nbsp;&nbsp; 16111 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada <br>(Banks)<br>| 125706 | &nbsp;&nbsp; 18528 |
| **Total Western Hemisphere** |  | &nbsp;&nbsp; 79525 |
| ***Asia Ex-Japan—5.1%*** |  |  |
| **Australia—1.4%** | **Australia—1.4%** | **Australia—1.4%** |
| &nbsp;&nbsp;&nbsp; Aristocrat Leisure Limited <br>(Hotels, Restaurants & Leisure)<br>| 202827 | &nbsp;&nbsp; 9392 |
| &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. <br>(Health Care Technology)<br>| 32186 | &nbsp;&nbsp; 6566 |
|  |  | &nbsp;&nbsp; 15958 |
| **Hong Kong—3.7%** | **Hong Kong—3.7%** | **Hong Kong—3.7%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. <br>(Insurance)<br>| 2349400 | &nbsp;&nbsp; 22537 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 359000 | &nbsp;&nbsp; 20390 |
|  |  | &nbsp;&nbsp; 42927 |
| **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 58885 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin America—4.5%*** |  |  |
|  | **Brazil—3.5%** | **Brazil—3.5%** | **Brazil—3.5%** |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 9044 | &nbsp;&nbsp; $21135 |
| \* <br>| &nbsp;&nbsp;&nbsp; NU Holdings Ltd. <br>(Banks)<br>| 1186789 | &nbsp;&nbsp; 19001 |
|  |  |  | &nbsp;&nbsp; 40136 |
|  | **Peru—1.0%** | **Peru—1.0%** | **Peru—1.0%** |
|  | &nbsp;&nbsp;&nbsp; Credicorp Ltd. <br>(Banks)<br>| 44599 | &nbsp;&nbsp; 11876 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 52012 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—0.9%*** |  |  |
|  | **United Arab Emirates—0.9%** | **United Arab Emirates—0.9%** | **United Arab Emirates—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 2943607 | &nbsp;&nbsp; 10458 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.6%** <br>(cost $893,444)<br>|  | &nbsp;&nbsp; 1145652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due 10/01/25, <br> repurchase price $10,815, collateralized <br> by U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $11,031<br>| $10814 | &nbsp;&nbsp; 10814 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—0.9%** <br>(cost $10,814)<br>|  | &nbsp;&nbsp; 10814 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.5%** <br>(cost $904,258)<br>|  | &nbsp;&nbsp; 1156466 |
| **Cash and other assets,** <br>**less liabilities—0.5%**<br>|  | &nbsp;&nbsp; 5979 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1162445 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**21**

------

**International Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1145652 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1145652 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 10814 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10814 |
| **Total Investments in Securities** | $1145652 | &nbsp;&nbsp; $10814 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1156466 |

---

See accompanying Notes to Portfolio of Investments.

**22**

------

**International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—37.8%*** |  |  |
|  | **Austria—0.9%** | **Austria—0.9%** | **Austria—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Erste Group Bank AG <br>(Banks)<br>| 114066 | &nbsp;&nbsp; $11142 |
|  | **Belgium—0.8%** | **Belgium—0.8%** | **Belgium—0.8%** |
|  | &nbsp;&nbsp;&nbsp; D'ieteren Group <br>(Distributors)<br>| 13388 | &nbsp;&nbsp; 2502 |
|  | &nbsp;&nbsp;&nbsp; UCB SA <br>(Pharmaceuticals)<br>| 26290 | &nbsp;&nbsp; 7254 |
|  |  |  | &nbsp;&nbsp; 9756 |
|  | **Denmark—1.1%** | **Denmark—1.1%** | **Denmark—1.1%** |
|  | &nbsp;&nbsp;&nbsp; DSV AS <br>(Air Freight & Logistics)<br>| 47266 | &nbsp;&nbsp; 9400 |
|  | &nbsp;&nbsp;&nbsp; Novonesis Novozymes B <br>(Chemicals)<br>| 82418 | &nbsp;&nbsp; 5044 |
|  |  |  | &nbsp;&nbsp; 14444 |
|  | **Finland—0.5%** | **Finland—0.5%** | **Finland—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Metso OYJ <br>(Machinery)<br>| 338429 | &nbsp;&nbsp; 4643 |
|  | &nbsp;&nbsp;&nbsp; Valmet OYJ <br>(Machinery)<br>| 55267 | &nbsp;&nbsp; 1835 |
|  |  |  | &nbsp;&nbsp; 6478 |
|  | **France—6.9%** | **France—6.9%** | **France—6.9%** |
|  | &nbsp;&nbsp;&nbsp; Airbus SE <br>(Aerospace & Defense)<br>| 41190 | &nbsp;&nbsp; 9546 |
|  | &nbsp;&nbsp;&nbsp; Compagnie de Saint-Gobain <br>(Building Products)<br>| 78282 | &nbsp;&nbsp; 8424 |
|  | &nbsp;&nbsp;&nbsp; Hermes International SCA <br>(Textiles, Apparel & Luxury Goods)<br>| 3954 | &nbsp;&nbsp; 9670 |
|  | &nbsp;&nbsp;&nbsp; Legrand <br>(Electrical Equipment)<br>| 58743 | &nbsp;&nbsp; 9697 |
|  | &nbsp;&nbsp;&nbsp; Safran SA <br>(Aerospace & Defense)<br>| 40505 | &nbsp;&nbsp; 14271 |
|  | &nbsp;&nbsp;&nbsp; Schneider Electric SE <br>(Electrical Equipment)<br>| 39075 | &nbsp;&nbsp; 10900 |
|  | &nbsp;&nbsp;&nbsp; Thales SA <br>(Aerospace & Defense)<br>| 23433 | &nbsp;&nbsp; 7334 |
|  | &nbsp;&nbsp;&nbsp; TotalEnergies SE <br>(Oil, Gas & Consumable Fuels)<br>| 62185 | &nbsp;&nbsp; 3777 |
|  | &nbsp;&nbsp;&nbsp; Vinci SA <br>(Construction & Engineering)<br>| 73536 | &nbsp;&nbsp; 10183 |
|  | &nbsp;&nbsp;&nbsp; VusionGroup <br>(Electronic Equipment, Instruments <br> & Components)<br>| 12264 | &nbsp;&nbsp; 3672 |
|  |  |  | &nbsp;&nbsp; 87474 |
|  | **Germany—7.1%** | **Germany—7.1%** | **Germany—7.1%** |
|  | &nbsp;&nbsp;&nbsp; Allianz SE <br>(Insurance)<br>| 11415 | &nbsp;&nbsp; 4790 |
| \* <br>| &nbsp;&nbsp;&nbsp; AUTO1 Group SE <br>(Specialty Retail)<br>| 68674 | &nbsp;&nbsp; 2338 |
|  | &nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA <br>(Entertainment)<br>| 63474 | &nbsp;&nbsp; 6215 |
|  | &nbsp;&nbsp;&nbsp; Deutsche Post AG <br>(Air Freight & Logistics)<br>| 104184 | &nbsp;&nbsp; 4641 |
|  | &nbsp;&nbsp;&nbsp; flatexDEGIRO AG <br>(Capital Markets)<br>| 73478 | &nbsp;&nbsp; 2405 |
|  | &nbsp;&nbsp;&nbsp; Hannover Rueck SE <br>(Insurance)<br>| 16491 | &nbsp;&nbsp; 4968 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Heidelberg Materials AG <br>(Construction Materials)<br>| 38339 | &nbsp;&nbsp; $8622 |
|  | &nbsp;&nbsp;&nbsp; MTU Aero Engines AG <br>(Aerospace & Defense)<br>| 26318 | &nbsp;&nbsp; 12078 |
|  | &nbsp;&nbsp;&nbsp; Nemetschek SE <br>(Software)<br>| 26616 | &nbsp;&nbsp; 3462 |
|  | &nbsp;&nbsp;&nbsp; RENK Group AG <br>(Machinery)<br>| 41003 | &nbsp;&nbsp; 4218 |
|  | &nbsp;&nbsp;&nbsp; Rheinmetall AG <br>(Aerospace & Defense)<br>| 3419 | &nbsp;&nbsp; 7966 |
|  | &nbsp;&nbsp;&nbsp; SAP SE <br>(Software)<br>| 64648 | &nbsp;&nbsp; 17298 |
|  | &nbsp;&nbsp;&nbsp; Scout24 SE <br>(Interactive Media & Services)<br>| 36896 | &nbsp;&nbsp; 4618 |
| \* <br>| &nbsp;&nbsp;&nbsp; Siemens Energy AG <br>(Electrical Equipment)<br>| 54918 | &nbsp;&nbsp; 6410 |
|  |  |  | &nbsp;&nbsp; 90029 |
|  | **Ireland—2.3%** | **Ireland—2.3%** | **Ireland—2.3%** |
|  | &nbsp;&nbsp;&nbsp; AIB Group PLC <br>(Banks)<br>| 911804 | &nbsp;&nbsp; 8259 |
| \* <br>| &nbsp;&nbsp;&nbsp; Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 12840 | &nbsp;&nbsp; 3261 |
|  | &nbsp;&nbsp;&nbsp; Kingspan Group PLC <br>(Building Products)<br>| 103635 | &nbsp;&nbsp; 8615 |
|  | &nbsp;&nbsp;&nbsp; Linde PLC<sup>†</sup> <br>(Chemicals)<br>| 19547 | &nbsp;&nbsp; 9285 |
|  |  |  | &nbsp;&nbsp; 29420 |
|  | **Italy—5.1%** | **Italy—5.1%** | **Italy—5.1%** |
|  | &nbsp;&nbsp;&nbsp; Azimut Holding SpA <br>(Capital Markets)<br>| 98267 | &nbsp;&nbsp; 3799 |
|  | &nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA <br>(Textiles, Apparel & Luxury Goods)<br>| 39948 | &nbsp;&nbsp; 4362 |
|  | &nbsp;&nbsp;&nbsp; Enel SpA <br>(Electric Utilities)<br>| 652797 | &nbsp;&nbsp; 6182 |
|  | &nbsp;&nbsp;&nbsp; Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 19631 | &nbsp;&nbsp; 9525 |
|  | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A <br>(Banks)<br>| 1753251 | &nbsp;&nbsp; 11556 |
|  | &nbsp;&nbsp;&nbsp; Italgas S.p.A. <br>(Gas Utilities)<br>| 572098 | &nbsp;&nbsp; 5262 |
|  | &nbsp;&nbsp;&nbsp; Lottomatica Group S.p.A. <br>(Hotels, Restaurants & Leisure)<br>| 114601 | &nbsp;&nbsp; 3084 |
|  | &nbsp;&nbsp;&nbsp; Saipem S.p.A. <br>(Energy Equipment & Services)<br>| 1157462 | &nbsp;&nbsp; 3339 |
|  | &nbsp;&nbsp;&nbsp; UniCredit S.p.A. <br>(Banks)<br>| 239157 | &nbsp;&nbsp; 18102 |
|  |  |  | &nbsp;&nbsp; 65211 |
|  | **Luxembourg—0.4%** | **Luxembourg—0.4%** | **Luxembourg—0.4%** |
|  | &nbsp;&nbsp;&nbsp; CVC Capital Partners PLC <br>(Capital Markets)<br>| 317021 | &nbsp;&nbsp; 5516 |
|  | **Netherlands—3.0%** | **Netherlands—3.0%** | **Netherlands—3.0%** |
|  | &nbsp;&nbsp;&nbsp; ASM International N.V. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 16504 | &nbsp;&nbsp; 9898 |
|  | &nbsp;&nbsp;&nbsp; ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 14607 | &nbsp;&nbsp; 14201 |

---

See accompanying Notes to Portfolio of Investments.

**23**

------

**International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** |
|  | &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 28554 | &nbsp;&nbsp; $4252 |
|  | &nbsp;&nbsp;&nbsp; Euronext NV <br>(Capital Markets)<br>| 36752 | &nbsp;&nbsp; 5497 |
| \* <br>| &nbsp;&nbsp;&nbsp; Nebius Group N.V. <br>(Software)<br>| 33525 | &nbsp;&nbsp; 3764 |
|  |  |  | &nbsp;&nbsp; 37612 |
|  | **Norway—0.5%** | **Norway—0.5%** | **Norway—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA <br>(Insurance)<br>| 74300 | &nbsp;&nbsp; 2178 |
|  | &nbsp;&nbsp;&nbsp; Telenor ASA <br>(Diversified Telecommunication <br> Services)<br>| 238966 | &nbsp;&nbsp; 3961 |
|  |  |  | &nbsp;&nbsp; 6139 |
|  | **Spain—3.4%** | **Spain—3.4%** | **Spain—3.4%** |
|  | &nbsp;&nbsp;&nbsp; Aena S.M.E. SA <br>(Transportation Infrastructure)<br>| 171097 | &nbsp;&nbsp; 4675 |
|  | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 913225 | &nbsp;&nbsp; 17519 |
|  | &nbsp;&nbsp;&nbsp; Bankinter SA <br>(Banks)<br>| 466185 | &nbsp;&nbsp; 7337 |
|  | &nbsp;&nbsp;&nbsp; Iberdrola, S.A. <br>(Electric Utilities)<br>| 697371 | &nbsp;&nbsp; 13186 |
|  |  |  | &nbsp;&nbsp; 42717 |
|  | **Sweden—2.5%** | **Sweden—2.5%** | **Sweden—2.5%** |
|  | &nbsp;&nbsp;&nbsp; Atlas Copco AB <br>(Machinery)<br>| 530704 | &nbsp;&nbsp; 8957 |
|  | &nbsp;&nbsp;&nbsp; Beijer Ref AB <br>(Trading Companies & Distributors)<br>| 404832 | &nbsp;&nbsp; 6306 |
|  | &nbsp;&nbsp;&nbsp; Hemnet Group AB <br>(Interactive Media & Services)<br>| 99943 | &nbsp;&nbsp; 2514 |
|  | &nbsp;&nbsp;&nbsp; Indutrade AB <br>(Machinery)<br>| 88930 | &nbsp;&nbsp; 2039 |
| \* <br>| &nbsp;&nbsp;&nbsp; Spotify Technology S.A. <br>(Entertainment)<br>| 14296 | &nbsp;&nbsp; 9979 |
|  | &nbsp;&nbsp;&nbsp; Sweco AB <br>(Construction & Engineering)<br>| 91797 | &nbsp;&nbsp; 1529 |
|  |  |  | &nbsp;&nbsp; 31324 |
|  | **Switzerland—3.3%** | **Switzerland—3.3%** | **Switzerland—3.3%** |
|  | &nbsp;&nbsp;&nbsp; Galenica AG <br>(Health Care Providers & Services)<br>| 33408 | &nbsp;&nbsp; 3630 |
|  | &nbsp;&nbsp;&nbsp; Garrett Motion, Inc. <br>(Auto Components)<br>| 243535 | &nbsp;&nbsp; 3317 |
|  | &nbsp;&nbsp;&nbsp; Lonza Group AG <br>(Life Sciences Tools & Services)<br>| 22966 | &nbsp;&nbsp; 15210 |
|  | &nbsp;&nbsp;&nbsp; Sandoz Group AG <br>(Pharmaceuticals)<br>| 176944 | &nbsp;&nbsp; 10485 |
|  | &nbsp;&nbsp;&nbsp; Siegfried Holding AG <br>(Life Sciences Tools & Services)<br>| 25528 | &nbsp;&nbsp; 2543 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br>(Hotels, Restaurants & Leisure)<br>| 83109 | &nbsp;&nbsp; 2235 |
|  | &nbsp;&nbsp;&nbsp; VAT Group AG <br>(Machinery)<br>| 9624 | &nbsp;&nbsp; 3801 |
|  |  |  | &nbsp;&nbsp; 41221 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 478483 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—25.7%*** |  |  |
|  | **China—7.2%** | **China—7.2%** | **China—7.2%** |
|  | &nbsp;&nbsp;&nbsp; Airtac International Group <br>(Machinery)<br>| 71713 | &nbsp;&nbsp; $1772 |
|  | &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 920500 | &nbsp;&nbsp; 20937 |
|  | &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd. <br>(Auto Components)<br>| 391710 | &nbsp;&nbsp; 4034 |
|  | &nbsp;&nbsp;&nbsp; Geely Automobile Holdings Limited <br>(Automobiles)<br>| 2563000 | &nbsp;&nbsp; 6439 |
|  | &nbsp;&nbsp;&nbsp; PICC Property and Casualty Company <br> Limited <br>(Insurance)<br>| 2230000 | &nbsp;&nbsp; 5032 |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 497800 | &nbsp;&nbsp; 42411 |
|  | &nbsp;&nbsp;&nbsp; Tencent Music Entertainment <br> Group—ADR <br>(Entertainment)<br>| 149959 | &nbsp;&nbsp; 3500 |
| \* <br>| &nbsp;&nbsp;&nbsp; Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 951800 | &nbsp;&nbsp; 6604 |
|  |  |  | &nbsp;&nbsp; 90729 |
|  | **India—5.7%** | **India—5.7%** | **India—5.7%** |
|  | &nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 22794 | &nbsp;&nbsp; 1909 |
|  | &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 868545 | &nbsp;&nbsp; 3950 |
|  | &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. <br>(Wireless Telecommunication <br> Services)<br>| 409296 | &nbsp;&nbsp; 8680 |
|  | &nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. <br>(Household Durables)<br>| 15483 | &nbsp;&nbsp; 2852 |
|  | &nbsp;&nbsp;&nbsp; Eicher Motors Limited <br>(Automobiles)<br>| 47657 | &nbsp;&nbsp; 3762 |
|  | &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. <br>(Banks)<br>| 865982 | &nbsp;&nbsp; 9290 |
|  | &nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 71766 | &nbsp;&nbsp; 3837 |
|  | &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. <br>(Banks)<br>| 601404 | &nbsp;&nbsp; 9137 |
|  | &nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 388301 | &nbsp;&nbsp; 3152 |
|  | &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. <br>(Airlines)<br>| 64587 | &nbsp;&nbsp; 4067 |
|  | &nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 179418 | &nbsp;&nbsp; 2307 |
|  | &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 157773 | &nbsp;&nbsp; 6104 |
| \* <br>| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 16098 | &nbsp;&nbsp; 1507 |
|  | &nbsp;&nbsp;&nbsp; Maruti Suzuki India Limited <br>(Automobiles)<br>| 28392 | &nbsp;&nbsp; 5127 |
|  | &nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 225811 | &nbsp;&nbsp; 2848 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 899310 | &nbsp;&nbsp; 3300 |
|  |  |  | &nbsp;&nbsp; 71829 |

---

See accompanying Notes to Portfolio of Investments.

**24**

------

**International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Indonesia—2.5%** | **Indonesia—2.5%** | **Indonesia—2.5%** |
|  | &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT <br>(Banks)<br>| 18942600 | &nbsp;&nbsp; $8667 |
| \* <br>| &nbsp;&nbsp;&nbsp; Grab Holdings Limited <br>(Road & Rail)<br>| 977071 | &nbsp;&nbsp; 5882 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 97648 | &nbsp;&nbsp; 17453 |
|  |  |  | &nbsp;&nbsp; 32002 |
|  | **South Korea—1.9%** | **South Korea—1.9%** | **South Korea—1.9%** |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Co.,Ltd. <br>(Oil, Gas & Consumable Fuels)<br>| 38612 | &nbsp;&nbsp; 4276 |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 80161 | &nbsp;&nbsp; 19854 |
|  |  |  | &nbsp;&nbsp; 24130 |
|  | **Taiwan—8.0%** | **Taiwan—8.0%** | **Taiwan—8.0%** |
|  | &nbsp;&nbsp;&nbsp; Accton Technology Corp. <br>(Communications Equipment)<br>| 227000 | &nbsp;&nbsp; 7783 |
|  | &nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 112000 | &nbsp;&nbsp; 3605 |
|  | &nbsp;&nbsp;&nbsp; Delta Electronics, Inc. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 229000 | &nbsp;&nbsp; 6416 |
|  | &nbsp;&nbsp;&nbsp; eMemory Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 27000 | &nbsp;&nbsp; 1785 |
|  | &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 2259000 | &nbsp;&nbsp; 16010 |
|  | &nbsp;&nbsp;&nbsp; King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 25000 | &nbsp;&nbsp; 2699 |
|  | &nbsp;&nbsp;&nbsp; MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 138000 | &nbsp;&nbsp; 5954 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 203565 | &nbsp;&nbsp; 56854 |
|  |  |  | &nbsp;&nbsp; 101106 |
|  | **Thailand—0.4%** | **Thailand—0.4%** | **Thailand—0.4%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Fabrinet <br>(Electronic Equipment, Instruments <br> & Components)<br>| 12538 | &nbsp;&nbsp; 4572 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 324368 |
|  | ***United Kingdom—11.5%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; 3i Group PLC <br>(Capital Markets)<br>| 392743 | &nbsp;&nbsp; 21598 |
|  | &nbsp;&nbsp;&nbsp; Allfunds Group PLC <br>(Capital Markets)<br>| 312445 | &nbsp;&nbsp; 2328 |
|  | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>(Aerospace & Defense)<br>| 534148 | &nbsp;&nbsp; 14791 |
|  | &nbsp;&nbsp;&nbsp; Barclays PLC <br>(Banks)<br>| 1482639 | &nbsp;&nbsp; 7569 |
|  | &nbsp;&nbsp;&nbsp; Beazley PLC <br>(Insurance)<br>| 470417 | &nbsp;&nbsp; 5738 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***United Kingdom—(continued)*** |  |  |
| &nbsp;&nbsp;&nbsp; BT Group PLC <br>(Diversified Telecommunication <br> Services)<br>| 2249795 | &nbsp;&nbsp; $5784 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC <br>(Beverages)<br>| 66260 | &nbsp;&nbsp; 5991 |
| &nbsp;&nbsp;&nbsp; Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 294685 | &nbsp;&nbsp; 10023 |
| &nbsp;&nbsp;&nbsp; Diploma PLC <br>(Trading Companies & Distributors)<br>| 133047 | &nbsp;&nbsp; 9492 |
| &nbsp;&nbsp;&nbsp; Experian PLC <br>(Professional Services)<br>| 190543 | &nbsp;&nbsp; 9538 |
| &nbsp;&nbsp;&nbsp; Halma PLC <br>(Electronic Equipment, Instruments <br> & Components)<br>| 259604 | &nbsp;&nbsp; 12045 |
| &nbsp;&nbsp;&nbsp; Hill & Smith PLC <br>(Metals & Mining)<br>| 58028 | &nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp; Intermediate Capital Group PLC <br>(Capital Markets)<br>| 176908 | &nbsp;&nbsp; 5296 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC <br>(Capital Markets)<br>| 123770 | &nbsp;&nbsp; 14176 |
| &nbsp;&nbsp;&nbsp; Rotork PLC <br>(Machinery)<br>| 719619 | &nbsp;&nbsp; 3281 |
| &nbsp;&nbsp;&nbsp; Softcat PLC <br>(IT Services)<br>| 101567 | &nbsp;&nbsp; 2156 |
| &nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering PLC <br>(Machinery)<br>| 29425 | &nbsp;&nbsp; 2697 |
| &nbsp;&nbsp;&nbsp; Unilever PLC <br>(Personal Care Products)<br>| 130209 | &nbsp;&nbsp; 7705 |
| &nbsp;&nbsp;&nbsp; Weir Group PLC <br>(Machinery)<br>| 109838 | &nbsp;&nbsp; 4036 |
| **Total United Kingdom** |  | &nbsp;&nbsp; 145840 |
| ***Japan—9.1%*** |  |  |
| &nbsp;&nbsp;&nbsp; ABC-Mart, Inc. <br>(Specialty Retail)<br>| 95300 | &nbsp;&nbsp; 1890 |
| &nbsp;&nbsp;&nbsp; ASICS Corporation <br>(Textiles, Apparel & Luxury Goods)<br>| 267500 | &nbsp;&nbsp; 7004 |
| &nbsp;&nbsp;&nbsp; BayCurrent Consulting, Inc. <br>(Professional Services)<br>| 60100 | &nbsp;&nbsp; 3536 |
| &nbsp;&nbsp;&nbsp; Bridgestone Corporation <br>(Auto Components)<br>| 109400 | &nbsp;&nbsp; 5066 |
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. <br>(Machinery)<br>| 181300 | &nbsp;&nbsp; 5815 |
| &nbsp;&nbsp;&nbsp; Disco Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 16500 | &nbsp;&nbsp; 5189 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. <br>(Health Care Equipment & Supplies)<br>| 75000 | &nbsp;&nbsp; 10384 |
| &nbsp;&nbsp;&nbsp; Internet Initiative Japan, Inc. <br>(Diversified Telecommunication <br> Services)<br>| 108000 | &nbsp;&nbsp; 1912 |
| &nbsp;&nbsp;&nbsp; Japan Elevator Service Holdings Co. <br> Ltd. <br>(Commercial Services & Supplies)<br>| 201000 | &nbsp;&nbsp; 2551 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 13200 | &nbsp;&nbsp; 4925 |
| &nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. <br>(Machinery)<br>| 52700 | &nbsp;&nbsp; 1799 |

---

See accompanying Notes to Portfolio of Investments.

**25**

------

**International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Japan—(continued)*** |  |  |
|  | &nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. <br>(Consumer Staples Distribution & <br> Retail)<br>| 172900 | &nbsp;&nbsp; $3512 |
|  | &nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. <br>(Trading Companies & Distributors)<br>| 258300 | &nbsp;&nbsp; 3766 |
|  | &nbsp;&nbsp;&nbsp; Nintendo Co., Ltd. <br>(Entertainment)<br>| 104100 | &nbsp;&nbsp; 9014 |
|  | &nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. <br>(IT Services)<br>| 92000 | &nbsp;&nbsp; 3529 |
|  | &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings <br> Corp. <br>(Broadline Retail)<br>| 1109000 | &nbsp;&nbsp; 7312 |
| \* <br>| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd. <br>(Banks)<br>| 75900 | &nbsp;&nbsp; 4244 |
|  | &nbsp;&nbsp;&nbsp; Sanwa Holdings Corporation <br>(Building Products)<br>| 134000 | &nbsp;&nbsp; 3838 |
|  | &nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. <br>(Specialty Retail)<br>| 24600 | &nbsp;&nbsp; 1645 |
|  | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 571200 | &nbsp;&nbsp; 16130 |
|  | &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. <br>(Insurance)<br>| 287000 | &nbsp;&nbsp; 12166 |
|  | **Total Japan** |  | &nbsp;&nbsp; 115227 |
|  | ***Western Hemisphere—5.5%*** |  |  |
|  | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
|  | &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.<sup>†</sup> <br>(Insurance)<br>| 85893 | &nbsp;&nbsp; 7793 |
|  | **Canada—4.9%** | **Canada—4.9%** | **Canada—4.9%** |
|  | &nbsp;&nbsp;&nbsp; Boyd Group Services, Inc. <br>(Commercial Services & Supplies)<br>| 9678 | &nbsp;&nbsp; 1632 |
|  | &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>(Capital Markets)<br>| 170585 | &nbsp;&nbsp; 9713 |
|  | &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. <br>(Road & Rail)<br>| 79790 | &nbsp;&nbsp; 5943 |
|  | &nbsp;&nbsp;&nbsp; Intact Financial Corp. <br>(Insurance)<br>| 40710 | &nbsp;&nbsp; 7921 |
|  | &nbsp;&nbsp;&nbsp; Lundin Gold Inc. <br>(Metals & Mining)<br>| 56454 | &nbsp;&nbsp; 3658 |
| \* <br>| &nbsp;&nbsp;&nbsp; MDA Space Ltd. <br>(Aerospace & Defense)<br>| 72870 | &nbsp;&nbsp; 1815 |
|  | &nbsp;&nbsp;&nbsp; Parkland Corp. <br>(Oil, Gas & Consumable Fuels)<br>| 103985 | &nbsp;&nbsp; 2877 |
|  | &nbsp;&nbsp;&nbsp; Royal Bank of Canada <br>(Banks)<br>| 74123 | &nbsp;&nbsp; 10925 |
|  | &nbsp;&nbsp;&nbsp; Toromont Industries Ltd. <br>(Trading Companies & Distributors)<br>| 64433 | &nbsp;&nbsp; 7154 |
|  | &nbsp;&nbsp;&nbsp; WSP Global Inc. <br>(Construction & Engineering)<br>| 47634 | &nbsp;&nbsp; 9361 |
|  |  |  | &nbsp;&nbsp; 60999 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 68792 |
|  | ***Emerging Latin America—3.2%*** |  |  |
|  | **Brazil—2.4%** | **Brazil—2.4%** | **Brazil—2.4%** |
|  | &nbsp;&nbsp;&nbsp; Banco BTG Pactual SA <br>(Capital Markets)<br>| 668100 | &nbsp;&nbsp; 6058 |
|  | &nbsp;&nbsp;&nbsp; Embraer S.A. <br>(Aerospace & Defense)<br>| 213600 | &nbsp;&nbsp; 3222 |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 3666 | &nbsp;&nbsp; 8567 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin*** <br> ***America—(continued)***<br>|  |  |
|  | **Brazil—(continued)** | **Brazil—(continued)** | **Brazil—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; NU Holdings Ltd. <br>(Banks)<br>| 422612 | &nbsp;&nbsp; $6766 |
|  | &nbsp;&nbsp;&nbsp; XP Inc. <br>(Capital Markets)<br>| 331969 | &nbsp;&nbsp; 6238 |
|  |  |  | &nbsp;&nbsp; 30851 |
|  | **Mexico—0.5%** | **Mexico—0.5%** | **Mexico—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Arca Continental S.A.B. de C.V. <br>(Beverages)<br>| 165100 | &nbsp;&nbsp; 1734 |
|  | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V. <br>(Transportation Infrastructure)<br>| 150300 | &nbsp;&nbsp; 1940 |
|  | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V.—ADR <br>(Transportation Infrastructure)<br>| 7761 | &nbsp;&nbsp; 2509 |
|  |  |  | &nbsp;&nbsp; 6183 |
|  | **Peru—0.3%** | **Peru—0.3%** | **Peru—0.3%** |
|  | &nbsp;&nbsp;&nbsp; Credicorp Ltd.<sup>†</sup> <br>(Banks)<br>| 13814 | &nbsp;&nbsp; 3679 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 40713 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—3.1%*** |  |  |
|  | **Poland—0.2%** | **Poland—0.2%** | **Poland—0.2%** |
|  | &nbsp;&nbsp;&nbsp; LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 357 | &nbsp;&nbsp; 1736 |
|  | **South Africa—2.0%** | **South Africa—2.0%** | **South Africa—2.0%** |
|  | &nbsp;&nbsp;&nbsp; Bid Corp. Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 181670 | &nbsp;&nbsp; 4547 |
|  | &nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. <br>(Banks)<br>| 15748 | &nbsp;&nbsp; 3168 |
|  | &nbsp;&nbsp;&nbsp; Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 93319 | &nbsp;&nbsp; 1905 |
|  | &nbsp;&nbsp;&nbsp; FirstRand Limited <br>(Diversified Financial Services)<br>| 1146207 | &nbsp;&nbsp; 5154 |
|  | &nbsp;&nbsp;&nbsp; Gold Fields Limited <br>(Metals & Mining)<br>| 157088 | &nbsp;&nbsp; 6632 |
|  | &nbsp;&nbsp;&nbsp; MTN Group Limited <br>(Wireless Telecommunication <br> Services)<br>| 468238 | &nbsp;&nbsp; 3931 |
|  |  |  | &nbsp;&nbsp; 25337 |
|  | **United Arab Emirates—0.9%** | **United Arab Emirates—0.9%** | **United Arab Emirates—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 784830 | &nbsp;&nbsp; 2026 |
|  | &nbsp;&nbsp;&nbsp; Emaar Development PJSC <br>(Real Estate Management & <br> Development)<br>| 618243 | &nbsp;&nbsp; 2264 |
|  | &nbsp;&nbsp;&nbsp; Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 1236485 | &nbsp;&nbsp; 4393 |
|  | &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC <br>(Banks)<br>| 431773 | &nbsp;&nbsp; 2856 |
|  |  |  | &nbsp;&nbsp; 11539 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 38612 |

---

See accompanying Notes to Portfolio of Investments.

**26**

------

**International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Asia Ex-Japan—3.0%*** |  |  |
| **Australia—1.2%** | **Australia—1.2%** | **Australia—1.2%** |
| &nbsp;&nbsp;&nbsp; Aristocrat Leisure Limited <br>(Hotels, Restaurants & Leisure)<br>| 98145 | &nbsp;&nbsp; $4545 |
| &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. <br>(Health Care Technology)<br>| 18587 | &nbsp;&nbsp; 3791 |
| &nbsp;&nbsp;&nbsp; QBE Insurance Group Limited <br>(Insurance)<br>| 274218 | &nbsp;&nbsp; 3736 |
| &nbsp;&nbsp;&nbsp; Steadfast Group Ltd. <br>(Insurance)<br>| 755635 | &nbsp;&nbsp; 2965 |
|  |  | &nbsp;&nbsp; 15037 |
| **Hong Kong—1.5%** | **Hong Kong—1.5%** | **Hong Kong—1.5%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. <br>(Insurance)<br>| 939000 | &nbsp;&nbsp; 9008 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 184200 | &nbsp;&nbsp; 10462 |
|  |  | &nbsp;&nbsp; 19470 |
| **Singapore—0.3%** | **Singapore—0.3%** | **Singapore—0.3%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br>(Banks)<br>| 98910 | &nbsp;&nbsp; 3922 |
| **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 38429 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.9%** <br>(cost $911,810)<br>|  | &nbsp;&nbsp; 1250464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due 10/01/25, <br> repurchase price $9,473, collateralized <br> by U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $9,663<br>| $9473 | &nbsp;&nbsp; 9473 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—0.7%** <br>(cost $9,473)<br>|  | &nbsp;&nbsp; 9473 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.6%** <br>(cost $921,283)<br>|  | &nbsp;&nbsp; 1259937 |
| **Cash and other assets,** <br>**less liabilities—0.4%**<br>|  | &nbsp;&nbsp; 4860 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1264797 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1245892 | &nbsp;&nbsp; $4572 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1250464 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 9473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9473 |
| **Total Investments in Securities** | $1245892 | &nbsp;&nbsp; $14045 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1259937 |

---

See accompanying Notes to Portfolio of Investments.

**27**

------

**Institutional International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—37.8%*** |  |  |
|  | **Austria—0.9%** | **Austria—0.9%** | **Austria—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Erste Group Bank AG <br>(Banks)<br>| 86990 | &nbsp;&nbsp; $8497 |
|  | **Belgium—0.8%** | **Belgium—0.8%** | **Belgium—0.8%** |
|  | &nbsp;&nbsp;&nbsp; D'ieteren Group <br>(Distributors)<br>| 10116 | &nbsp;&nbsp; 1891 |
|  | &nbsp;&nbsp;&nbsp; UCB SA <br>(Pharmaceuticals)<br>| 20024 | &nbsp;&nbsp; 5524 |
|  |  |  | &nbsp;&nbsp; 7415 |
|  | **Denmark—1.1%** | **Denmark—1.1%** | **Denmark—1.1%** |
|  | &nbsp;&nbsp;&nbsp; DSV AS <br>(Air Freight & Logistics)<br>| 36048 | &nbsp;&nbsp; 7169 |
|  | &nbsp;&nbsp;&nbsp; Novonesis Novozymes B <br>(Chemicals)<br>| 62859 | &nbsp;&nbsp; 3847 |
|  |  |  | &nbsp;&nbsp; 11016 |
|  | **Finland—0.5%** | **Finland—0.5%** | **Finland—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Metso OYJ <br>(Machinery)<br>| 258112 | &nbsp;&nbsp; 3541 |
|  | &nbsp;&nbsp;&nbsp; Valmet OYJ <br>(Machinery)<br>| 41761 | &nbsp;&nbsp; 1387 |
|  |  |  | &nbsp;&nbsp; 4928 |
|  | **France—6.9%** | **France—6.9%** | **France—6.9%** |
|  | &nbsp;&nbsp;&nbsp; Airbus SE <br>(Aerospace & Defense)<br>| 31415 | &nbsp;&nbsp; 7281 |
|  | &nbsp;&nbsp;&nbsp; Compagnie de Saint-Gobain <br>(Building Products)<br>| 59704 | &nbsp;&nbsp; 6425 |
|  | &nbsp;&nbsp;&nbsp; Hermes International SCA <br>(Textiles, Apparel & Luxury Goods)<br>| 3022 | &nbsp;&nbsp; 7391 |
|  | &nbsp;&nbsp;&nbsp; Legrand <br>(Electrical Equipment)<br>| 44701 | &nbsp;&nbsp; 7379 |
|  | &nbsp;&nbsp;&nbsp; Safran SA <br>(Aerospace & Defense)<br>| 30892 | &nbsp;&nbsp; 10884 |
|  | &nbsp;&nbsp;&nbsp; Schneider Electric SE <br>(Electrical Equipment)<br>| 29802 | &nbsp;&nbsp; 8313 |
|  | &nbsp;&nbsp;&nbsp; Thales SA <br>(Aerospace & Defense)<br>| 17852 | &nbsp;&nbsp; 5588 |
|  | &nbsp;&nbsp;&nbsp; TotalEnergies SE <br>(Oil, Gas & Consumable Fuels)<br>| 47320 | &nbsp;&nbsp; 2874 |
|  | &nbsp;&nbsp;&nbsp; Vinci SA <br>(Construction & Engineering)<br>| 55958 | &nbsp;&nbsp; 7749 |
|  | &nbsp;&nbsp;&nbsp; VusionGroup <br>(Electronic Equipment, Instruments & <br> Components)<br>| 9354 | &nbsp;&nbsp; 2800 |
|  |  |  | &nbsp;&nbsp; 66684 |
|  | **Germany—7.1%** | **Germany—7.1%** | **Germany—7.1%** |
|  | &nbsp;&nbsp;&nbsp; Allianz SE <br>(Insurance)<br>| 8693 | &nbsp;&nbsp; 3648 |
| \* <br>| &nbsp;&nbsp;&nbsp; AUTO1 Group SE <br>(Specialty Retail)<br>| 51892 | &nbsp;&nbsp; 1767 |
|  | &nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA <br>(Entertainment)<br>| 48410 | &nbsp;&nbsp; 4740 |
|  | &nbsp;&nbsp;&nbsp; Deutsche Post AG <br>(Air Freight & Logistics)<br>| 79458 | &nbsp;&nbsp; 3539 |
|  | &nbsp;&nbsp;&nbsp; flatexDEGIRO AG <br>(Capital Markets)<br>| 55523 | &nbsp;&nbsp; 1817 |
|  | &nbsp;&nbsp;&nbsp; Hannover Rueck SE <br>(Insurance)<br>| 12576 | &nbsp;&nbsp; 3789 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Heidelberg Materials AG <br>(Construction Materials)<br>| 29241 | &nbsp;&nbsp; $6576 |
|  | &nbsp;&nbsp;&nbsp; MTU Aero Engines AG <br>(Aerospace & Defense)<br>| 20073 | &nbsp;&nbsp; 9212 |
|  | &nbsp;&nbsp;&nbsp; Nemetschek SE <br>(Software)<br>| 20300 | &nbsp;&nbsp; 2641 |
|  | &nbsp;&nbsp;&nbsp; RENK Group AG <br>(Machinery)<br>| 31272 | &nbsp;&nbsp; 3216 |
|  | &nbsp;&nbsp;&nbsp; Rheinmetall AG <br>(Aerospace & Defense)<br>| 2607 | &nbsp;&nbsp; 6074 |
|  | &nbsp;&nbsp;&nbsp; SAP SE <br>(Software)<br>| 49306 | &nbsp;&nbsp; 13193 |
|  | &nbsp;&nbsp;&nbsp; Scout24 SE <br>(Interactive Media & Services)<br>| 28139 | &nbsp;&nbsp; 3522 |
| \* <br>| &nbsp;&nbsp;&nbsp; Siemens Energy AG <br>(Electrical Equipment)<br>| 41885 | &nbsp;&nbsp; 4889 |
|  |  |  | &nbsp;&nbsp; 68623 |
|  | **Ireland—2.3%** | **Ireland—2.3%** | **Ireland—2.3%** |
|  | &nbsp;&nbsp;&nbsp; AIB Group PLC <br>(Banks)<br>| 695401 | &nbsp;&nbsp; 6299 |
| \* <br>| &nbsp;&nbsp;&nbsp; Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 9792 | &nbsp;&nbsp; 2487 |
|  | &nbsp;&nbsp;&nbsp; Kingspan Group PLC <br>(Building Products)<br>| 79040 | &nbsp;&nbsp; 6570 |
|  | &nbsp;&nbsp;&nbsp; Linde PLC<sup>†</sup> <br>(Chemicals)<br>| 14908 | &nbsp;&nbsp; 7081 |
|  |  |  | &nbsp;&nbsp; 22437 |
|  | **Italy—5.2%** | **Italy—5.2%** | **Italy—5.2%** |
|  | &nbsp;&nbsp;&nbsp; Azimut Holding SpA <br>(Capital Markets)<br>| 74947 | &nbsp;&nbsp; 2898 |
|  | &nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA <br>(Textiles, Apparel & Luxury Goods)<br>| 30468 | &nbsp;&nbsp; 3327 |
|  | &nbsp;&nbsp;&nbsp; Enel SpA <br>(Electric Utilities)<br>| 497874 | &nbsp;&nbsp; 4715 |
|  | &nbsp;&nbsp;&nbsp; Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 14973 | &nbsp;&nbsp; 7265 |
|  | &nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A <br>(Banks)<br>| 1337167 | &nbsp;&nbsp; 8813 |
|  | &nbsp;&nbsp;&nbsp; Italgas S.p.A. <br>(Gas Utilities)<br>| 436319 | &nbsp;&nbsp; 4013 |
|  | &nbsp;&nbsp;&nbsp; Lottomatica Group S.p.A. <br>(Hotels, Restaurants & Leisure)<br>| 87404 | &nbsp;&nbsp; 2352 |
|  | &nbsp;&nbsp;&nbsp; Saipem S.p.A. <br>(Energy Equipment & Services)<br>| 882686 | &nbsp;&nbsp; 2546 |
|  | &nbsp;&nbsp;&nbsp; UniCredit S.p.A. <br>(Banks)<br>| 182400 | &nbsp;&nbsp; 13806 |
|  |  |  | &nbsp;&nbsp; 49735 |
|  | **Luxembourg—0.4%** | **Luxembourg—0.4%** | **Luxembourg—0.4%** |
|  | &nbsp;&nbsp;&nbsp; CVC Capital Partners PLC <br>(Capital Markets)<br>| 241781 | &nbsp;&nbsp; 4207 |
|  | **Netherlands—3.0%** | **Netherlands—3.0%** | **Netherlands—3.0%** |
|  | &nbsp;&nbsp;&nbsp; ASM International N.V. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 12559 | &nbsp;&nbsp; 7532 |
|  | &nbsp;&nbsp;&nbsp; ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 11115 | &nbsp;&nbsp; 10806 |

---

See accompanying Notes to Portfolio of Investments.

**28**

------

**Institutional International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** |
|  | &nbsp;&nbsp;&nbsp; BE Semiconductor Industries NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 21728 | &nbsp;&nbsp; $3236 |
|  | &nbsp;&nbsp;&nbsp; Euronext NV <br>(Capital Markets)<br>| 28030 | &nbsp;&nbsp; 4192 |
| \* <br>| &nbsp;&nbsp;&nbsp; Nebius Group N.V. <br>(Software)<br>| 25526 | &nbsp;&nbsp; 2866 |
|  |  |  | &nbsp;&nbsp; 28632 |
|  | **Norway—0.5%** | **Norway—0.5%** | **Norway—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA <br>(Insurance)<br>| 56144 | &nbsp;&nbsp; 1646 |
|  | &nbsp;&nbsp;&nbsp; Telenor ASA <br>(Diversified Telecommunication <br> Services)<br>| 180934 | &nbsp;&nbsp; 2999 |
|  |  |  | &nbsp;&nbsp; 4645 |
|  | **Spain—3.4%** | **Spain—3.4%** | **Spain—3.4%** |
|  | &nbsp;&nbsp;&nbsp; Aena S.M.E. SA <br>(Transportation Infrastructure)<br>| 130489 | &nbsp;&nbsp; 3565 |
|  | &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 697707 | &nbsp;&nbsp; 13385 |
|  | &nbsp;&nbsp;&nbsp; Bankinter SA <br>(Banks)<br>| 355550 | &nbsp;&nbsp; 5596 |
|  | &nbsp;&nbsp;&nbsp; Iberdrola, S.A. <br>(Electric Utilities)<br>| 531789 | &nbsp;&nbsp; 10055 |
|  |  |  | &nbsp;&nbsp; 32601 |
|  | **Sweden—2.5%** | **Sweden—2.5%** | **Sweden—2.5%** |
|  | &nbsp;&nbsp;&nbsp; Atlas Copco AB <br>(Machinery)<br>| 404756 | &nbsp;&nbsp; 6832 |
|  | &nbsp;&nbsp;&nbsp; Beijer Ref AB <br>(Trading Companies & Distributors)<br>| 308757 | &nbsp;&nbsp; 4810 |
|  | &nbsp;&nbsp;&nbsp; Hemnet Group AB <br>(Interactive Media & Services)<br>| 75520 | &nbsp;&nbsp; 1900 |
|  | &nbsp;&nbsp;&nbsp; Indutrade AB <br>(Machinery)<br>| 67198 | &nbsp;&nbsp; 1540 |
| \* <br>| &nbsp;&nbsp;&nbsp; Spotify Technology S.A. <br>(Entertainment)<br>| 10903 | &nbsp;&nbsp; 7610 |
|  | &nbsp;&nbsp;&nbsp; Sweco AB <br>(Construction & Engineering)<br>| 69365 | &nbsp;&nbsp; 1155 |
|  |  |  | &nbsp;&nbsp; 23847 |
|  | **Switzerland—3.2%** | **Switzerland—3.2%** | **Switzerland—3.2%** |
|  | &nbsp;&nbsp;&nbsp; Galenica AG <br>(Health Care Providers & Services)<br>| 25480 | &nbsp;&nbsp; 2769 |
|  | &nbsp;&nbsp;&nbsp; Garrett Motion, Inc. <br>(Auto Components)<br>| 185721 | &nbsp;&nbsp; 2529 |
|  | &nbsp;&nbsp;&nbsp; Lonza Group AG <br>(Life Sciences Tools & Services)<br>| 17515 | &nbsp;&nbsp; 11600 |
|  | &nbsp;&nbsp;&nbsp; Sandoz Group AG <br>(Pharmaceuticals)<br>| 134951 | &nbsp;&nbsp; 7996 |
|  | &nbsp;&nbsp;&nbsp; Siegfried Holding AG <br>(Life Sciences Tools & Services)<br>| 19290 | &nbsp;&nbsp; 1922 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br>(Hotels, Restaurants & Leisure)<br>| 62799 | &nbsp;&nbsp; 1689 |
|  | &nbsp;&nbsp;&nbsp; VAT Group AG <br>(Machinery)<br>| 7324 | &nbsp;&nbsp; 2893 |
|  |  |  | &nbsp;&nbsp; 31398 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 364665 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—25.7%*** |  |  |
|  | **China—7.2%** | **China—7.2%** | **China—7.2%** |
|  | &nbsp;&nbsp;&nbsp; Airtac International Group <br>(Machinery)<br>| 55204 | &nbsp;&nbsp; $1364 |
|  | &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 700400 | &nbsp;&nbsp; 15931 |
|  | &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd. <br>(Auto Components)<br>| 298800 | &nbsp;&nbsp; 3077 |
|  | &nbsp;&nbsp;&nbsp; Geely Automobile Holdings Limited <br>(Automobiles)<br>| 1954000 | &nbsp;&nbsp; 4909 |
|  | &nbsp;&nbsp;&nbsp; PICC Property and Casualty Company <br> Limited <br>(Insurance)<br>| 1700000 | &nbsp;&nbsp; 3836 |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 379600 | &nbsp;&nbsp; 32341 |
|  | &nbsp;&nbsp;&nbsp; Tencent Music Entertainment <br> Group—ADR <br>(Entertainment)<br>| 114112 | &nbsp;&nbsp; 2663 |
| \* <br>| &nbsp;&nbsp;&nbsp; Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 726000 | &nbsp;&nbsp; 5038 |
|  |  |  | &nbsp;&nbsp; 69159 |
|  | **India—5.7%** | **India—5.7%** | **India—5.7%** |
|  | &nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 17224 | &nbsp;&nbsp; 1442 |
|  | &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 662421 | &nbsp;&nbsp; 3013 |
|  | &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. <br>(Wireless Telecommunication Services)<br>| 312161 | &nbsp;&nbsp; 6620 |
|  | &nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. <br>(Household Durables)<br>| 11782 | &nbsp;&nbsp; 2170 |
|  | &nbsp;&nbsp;&nbsp; Eicher Motors Limited <br>(Automobiles)<br>| 36347 | &nbsp;&nbsp; 2870 |
|  | &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. <br>(Banks)<br>| 660454 | &nbsp;&nbsp; 7085 |
|  | &nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 54735 | &nbsp;&nbsp; 2926 |
|  | &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. <br>(Banks)<br>| 458670 | &nbsp;&nbsp; 6968 |
|  | &nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 296149 | &nbsp;&nbsp; 2404 |
|  | &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. <br>(Airlines)<br>| 49259 | &nbsp;&nbsp; 3102 |
|  | &nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 135573 | &nbsp;&nbsp; 1743 |
|  | &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 120330 | &nbsp;&nbsp; 4655 |
| \* <br>| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 12165 | &nbsp;&nbsp; 1139 |
|  | &nbsp;&nbsp;&nbsp; Maruti Suzuki India Limited <br>(Automobiles)<br>| 21605 | &nbsp;&nbsp; 3902 |
|  | &nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 172222 | &nbsp;&nbsp; 2172 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 685885 | &nbsp;&nbsp; 2517 |
|  |  |  | &nbsp;&nbsp; 54728 |
|  | **Indonesia—2.5%** | **Indonesia—2.5%** | **Indonesia—2.5%** |
|  | &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT <br>(Banks)<br>| 14447130 | &nbsp;&nbsp; 6610 |

---

See accompanying Notes to Portfolio of Investments.

**29**

------

**Institutional International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Indonesia—(continued)** | **Indonesia—(continued)** | **Indonesia—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; Grab Holdings Limited <br>(Road & Rail)<br>| 745144 | &nbsp;&nbsp; $4486 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 74474 | &nbsp;&nbsp; 13311 |
|  |  |  | &nbsp;&nbsp; 24407 |
|  | **South Korea—1.9%** | **South Korea—1.9%** | **South Korea—1.9%** |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Co.,Ltd. <br>(Oil, Gas & Consumable Fuels)<br>| 29446 | &nbsp;&nbsp; 3261 |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 61136 | &nbsp;&nbsp; 15142 |
|  |  |  | &nbsp;&nbsp; 18403 |
|  | **Taiwan—8.0%** | **Taiwan—8.0%** | **Taiwan—8.0%** |
|  | &nbsp;&nbsp;&nbsp; Accton Technology Corp. <br>(Communications Equipment)<br>| 173000 | &nbsp;&nbsp; 5932 |
|  | &nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 86000 | &nbsp;&nbsp; 2768 |
|  | &nbsp;&nbsp;&nbsp; Delta Electronics, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 174000 | &nbsp;&nbsp; 4876 |
|  | &nbsp;&nbsp;&nbsp; eMemory Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 21000 | &nbsp;&nbsp; 1388 |
|  | &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 1719000 | &nbsp;&nbsp; 12183 |
|  | &nbsp;&nbsp;&nbsp; King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 19000 | &nbsp;&nbsp; 2051 |
|  | &nbsp;&nbsp;&nbsp; MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 105000 | &nbsp;&nbsp; 4530 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 155252 | &nbsp;&nbsp; 43360 |
|  |  |  | &nbsp;&nbsp; 77088 |
|  | **Thailand—0.4%** | **Thailand—0.4%** | **Thailand—0.4%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Fabrinet <br>(Electronic Equipment, Instruments & <br> Components)<br>| 9541 | &nbsp;&nbsp; 3479 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 247264 |
|  | ***United Kingdom—11.5%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; 3i Group PLC <br>(Capital Markets)<br>| 299537 | &nbsp;&nbsp; 16472 |
|  | &nbsp;&nbsp;&nbsp; Allfunds Group PLC <br>(Capital Markets)<br>| 236269 | &nbsp;&nbsp; 1760 |
|  | &nbsp;&nbsp;&nbsp; BAE Systems PLC <br>(Aerospace & Defense)<br>| 407376 | &nbsp;&nbsp; 11281 |
|  | &nbsp;&nbsp;&nbsp; Barclays PLC <br>(Banks)<br>| 1130757 | &nbsp;&nbsp; 5773 |
|  | &nbsp;&nbsp;&nbsp; Beazley PLC <br>(Insurance)<br>| 358777 | &nbsp;&nbsp; 4376 |
|  | &nbsp;&nbsp;&nbsp; BT Group PLC <br>(Diversified Telecommunication <br> Services)<br>| 1703002 | &nbsp;&nbsp; 4378 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***United Kingdom—(continued)*** |  |  |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners PLC <br>(Beverages)<br>| 50535 | &nbsp;&nbsp; $4569 |
| &nbsp;&nbsp;&nbsp; Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 224750 | &nbsp;&nbsp; 7644 |
| &nbsp;&nbsp;&nbsp; Diploma PLC <br>(Trading Companies & Distributors)<br>| 101472 | &nbsp;&nbsp; 7240 |
| &nbsp;&nbsp;&nbsp; Experian PLC <br>(Professional Services)<br>| 145323 | &nbsp;&nbsp; 7274 |
| &nbsp;&nbsp;&nbsp; Halma PLC <br>(Electronic Equipment, Instruments & <br> Components)<br>| 197994 | &nbsp;&nbsp; 9187 |
| &nbsp;&nbsp;&nbsp; Hill & Smith PLC <br>(Metals & Mining)<br>| 43848 | &nbsp;&nbsp; 1206 |
| &nbsp;&nbsp;&nbsp; Intermediate Capital Group PLC <br>(Capital Markets)<br>| 134924 | &nbsp;&nbsp; 4039 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC <br>(Capital Markets)<br>| 94418 | &nbsp;&nbsp; 10814 |
| &nbsp;&nbsp;&nbsp; Rotork PLC <br>(Machinery)<br>| 548838 | &nbsp;&nbsp; 2502 |
| &nbsp;&nbsp;&nbsp; Softcat PLC <br>(IT Services)<br>| 76747 | &nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp; Spirax-Sarco Engineering PLC <br>(Machinery)<br>| 22235 | &nbsp;&nbsp; 2038 |
| &nbsp;&nbsp;&nbsp; Unilever PLC <br>(Personal Care Products)<br>| 99307 | &nbsp;&nbsp; 5877 |
| &nbsp;&nbsp;&nbsp; Weir Group PLC <br>(Machinery)<br>| 83771 | &nbsp;&nbsp; 3078 |
| **Total United Kingdom** |  | &nbsp;&nbsp; 111137 |
| ***Japan—9.1%*** |  |  |
| &nbsp;&nbsp;&nbsp; ABC-Mart, Inc. <br>(Specialty Retail)<br>| 72000 | &nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp; ASICS Corporation <br>(Textiles, Apparel & Luxury Goods)<br>| 204000 | &nbsp;&nbsp; 5341 |
| &nbsp;&nbsp;&nbsp; BayCurrent Consulting, Inc. <br>(Professional Services)<br>| 45800 | &nbsp;&nbsp; 2694 |
| &nbsp;&nbsp;&nbsp; Bridgestone Corporation <br>(Auto Components)<br>| 83300 | &nbsp;&nbsp; 3857 |
| &nbsp;&nbsp;&nbsp; Daifuku Co. Ltd. <br>(Machinery)<br>| 138200 | &nbsp;&nbsp; 4432 |
| &nbsp;&nbsp;&nbsp; Disco Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 12500 | &nbsp;&nbsp; 3931 |
| &nbsp;&nbsp;&nbsp; Hoya Corp. <br>(Health Care Equipment & Supplies)<br>| 57200 | &nbsp;&nbsp; 7920 |
| &nbsp;&nbsp;&nbsp; Internet Initiative Japan, Inc. <br>(Diversified Telecommunication <br> Services)<br>| 81600 | &nbsp;&nbsp; 1445 |
| &nbsp;&nbsp;&nbsp; Japan Elevator Service Holdings Co. Ltd. <br>(Commercial Services & Supplies)<br>| 151800 | &nbsp;&nbsp; 1927 |
| &nbsp;&nbsp;&nbsp; Keyence Corp. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 10100 | &nbsp;&nbsp; 3769 |
| &nbsp;&nbsp;&nbsp; Kurita Water Industries Ltd. <br>(Machinery)<br>| 39900 | &nbsp;&nbsp; 1362 |
| &nbsp;&nbsp;&nbsp; MatsukiyoCocokara & Co. <br>(Consumer Staples Distribution & <br> Retail)<br>| 131900 | &nbsp;&nbsp; 2679 |
| &nbsp;&nbsp;&nbsp; MonotaRO Co. Ltd. <br>(Trading Companies & Distributors)<br>| 197000 | &nbsp;&nbsp; 2872 |

---

See accompanying Notes to Portfolio of Investments.

**30**

------

**Institutional International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Japan—(continued)*** |  |  |
|  | &nbsp;&nbsp;&nbsp; Nintendo Co., Ltd. <br>(Entertainment)<br>| 79400 | &nbsp;&nbsp; $6875 |
|  | &nbsp;&nbsp;&nbsp; Nomura Research Institute Ltd. <br>(IT Services)<br>| 70100 | &nbsp;&nbsp; 2689 |
|  | &nbsp;&nbsp;&nbsp; Pan Pacific International Holdings Corp. <br>(Broadline Retail)<br>| 844000 | &nbsp;&nbsp; 5565 |
| \* <br>| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd. <br>(Banks)<br>| 58000 | &nbsp;&nbsp; 3243 |
|  | &nbsp;&nbsp;&nbsp; Sanwa Holdings Corporation <br>(Building Products)<br>| 101500 | &nbsp;&nbsp; 2907 |
|  | &nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. <br>(Specialty Retail)<br>| 18600 | &nbsp;&nbsp; 1244 |
|  | &nbsp;&nbsp;&nbsp; Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 435100 | &nbsp;&nbsp; 12287 |
|  | &nbsp;&nbsp;&nbsp; Tokio Marine Holdings, Inc. <br>(Insurance)<br>| 218700 | &nbsp;&nbsp; 9271 |
|  | **Total Japan** |  | &nbsp;&nbsp; 87738 |
|  | ***Western Hemisphere—5.4%*** |  |  |
|  | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
|  | &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. <br>(Insurance)<br>| 65509 | &nbsp;&nbsp; 5943 |
|  | **Canada—4.8%** | **Canada—4.8%** | **Canada—4.8%** |
|  | &nbsp;&nbsp;&nbsp; Boyd Group Services, Inc. <br>(Commercial Services & Supplies)<br>| 7314 | &nbsp;&nbsp; 1234 |
|  | &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. <br>(Capital Markets)<br>| 130101 | &nbsp;&nbsp; 7408 |
|  | &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. <br>(Road & Rail)<br>| 60854 | &nbsp;&nbsp; 4533 |
|  | &nbsp;&nbsp;&nbsp; Intact Financial Corp. <br>(Insurance)<br>| 31048 | &nbsp;&nbsp; 6041 |
|  | &nbsp;&nbsp;&nbsp; Lundin Gold Inc. <br>(Metals & Mining)<br>| 43007 | &nbsp;&nbsp; 2786 |
| \* <br>| &nbsp;&nbsp;&nbsp; MDA Space Ltd. <br>(Aerospace & Defense)<br>| 55063 | &nbsp;&nbsp; 1371 |
|  | &nbsp;&nbsp;&nbsp; Parkland Corp. <br>(Oil, Gas & Consumable Fuels)<br>| 78574 | &nbsp;&nbsp; 2174 |
|  | &nbsp;&nbsp;&nbsp; Royal Bank of Canada <br>(Banks)<br>| 56532 | &nbsp;&nbsp; 8332 |
|  | &nbsp;&nbsp;&nbsp; Toromont Industries Ltd. <br>(Trading Companies & Distributors)<br>| 49142 | &nbsp;&nbsp; 5456 |
|  | &nbsp;&nbsp;&nbsp; WSP Global Inc. <br>(Construction & Engineering)<br>| 36330 | &nbsp;&nbsp; 7140 |
|  |  |  | &nbsp;&nbsp; 46475 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 52418 |
|  | ***Emerging Latin America—3.2%*** |  |  |
|  | **Brazil—2.4%** | **Brazil—2.4%** | **Brazil—2.4%** |
|  | &nbsp;&nbsp;&nbsp; Banco BTG Pactual SA <br>(Capital Markets)<br>| 509500 | &nbsp;&nbsp; 4620 |
|  | &nbsp;&nbsp;&nbsp; Embraer S.A. <br>(Aerospace & Defense)<br>| 162900 | &nbsp;&nbsp; 2458 |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 2796 | &nbsp;&nbsp; 6534 |
| \* <br>| &nbsp;&nbsp;&nbsp; NU Holdings Ltd. <br>(Banks)<br>| 322865 | &nbsp;&nbsp; 5169 |
|  | &nbsp;&nbsp;&nbsp; XP Inc. <br>(Capital Markets)<br>| 253182 | &nbsp;&nbsp; 4757 |
|  |  |  | &nbsp;&nbsp; 23538 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Latin*** <br> ***America—(continued)***<br>|  |  |
| **Mexico—0.5%** | **Mexico—0.5%** | **Mexico—0.5%** |
| &nbsp;&nbsp;&nbsp; Arca Continental S.A.B. de C.V. <br>(Beverages)<br>| 124800 | &nbsp;&nbsp; $1311 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V. <br>(Transportation Infrastructure)<br>| 113600 | &nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. <br> de C.V.—ADR <br>(Transportation Infrastructure)<br>| 5864 | &nbsp;&nbsp; 1896 |
|  |  | &nbsp;&nbsp; 4673 |
| **Peru—0.3%** | **Peru—0.3%** | **Peru—0.3%** |
| &nbsp;&nbsp;&nbsp; Credicorp Ltd.<sup>†</sup> <br>(Banks)<br>| 10536 | &nbsp;&nbsp; 2806 |
| **Total Emerging Latin America** |  | &nbsp;&nbsp; 31017 |
| ***Emerging Europe, Mid-East,*** <br> ***Africa—3.1%*** |  |  |
| **Poland—0.2%** | **Poland—0.2%** | **Poland—0.2%** |
| &nbsp;&nbsp;&nbsp; LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 270 | &nbsp;&nbsp; 1313 |
| **South Africa—2.0%** | **South Africa—2.0%** | **South Africa—2.0%** |
| &nbsp;&nbsp;&nbsp; Bid Corp. Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 138556 | &nbsp;&nbsp; 3468 |
| &nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. <br>(Banks)<br>| 12011 | &nbsp;&nbsp; 2416 |
| &nbsp;&nbsp;&nbsp; Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 70515 | &nbsp;&nbsp; 1439 |
| &nbsp;&nbsp;&nbsp; FirstRand Limited <br>(Diversified Financial Services)<br>| 874172 | &nbsp;&nbsp; 3931 |
| &nbsp;&nbsp;&nbsp; Gold Fields Limited <br>(Metals & Mining)<br>| 119806 | &nbsp;&nbsp; 5058 |
| &nbsp;&nbsp;&nbsp; MTN Group Limited <br>(Wireless Telecommunication Services)<br>| 357061 | &nbsp;&nbsp; 2998 |
|  |  | &nbsp;&nbsp; 19310 |
| **United Arab Emirates—0.9%** | **United Arab Emirates—0.9%** | **United Arab Emirates—0.9%** |
| &nbsp;&nbsp;&nbsp; Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 593042 | &nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp; Emaar Development PJSC <br>(Real Estate Management & <br> Development)<br>| 471475 | &nbsp;&nbsp; 1727 |
| &nbsp;&nbsp;&nbsp; Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 942950 | &nbsp;&nbsp; 3350 |
| &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC <br>(Banks)<br>| 326255 | &nbsp;&nbsp; 2158 |
|  |  | &nbsp;&nbsp; 8766 |
| **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 29389 |
| ***Asia Ex-Japan—3.0%*** |  |  |
| **Australia—1.2%** | **Australia—1.2%** | **Australia—1.2%** |
| &nbsp;&nbsp;&nbsp; Aristocrat Leisure Limited <br>(Hotels, Restaurants & Leisure)<br>| 74853 | &nbsp;&nbsp; 3466 |
| &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. <br>(Health Care Technology)<br>| 14176 | &nbsp;&nbsp; 2892 |

---

See accompanying Notes to Portfolio of Investments.

**31**

------

**Institutional International Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Asia Ex-Japan—(continued)*** |  |  |
| **Australia—(continued)** | **Australia—(continued)** | **Australia—(continued)** |
| &nbsp;&nbsp;&nbsp; QBE Insurance Group Limited <br>(Insurance)<br>| 209141 | &nbsp;&nbsp; $2850 |
| &nbsp;&nbsp;&nbsp; Steadfast Group Ltd. <br>(Insurance)<br>| 576306 | &nbsp;&nbsp; 2261 |
|  |  | &nbsp;&nbsp; 11469 |
| **Hong Kong—1.5%** | **Hong Kong—1.5%** | **Hong Kong—1.5%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. <br>(Insurance)<br>| 716000 | &nbsp;&nbsp; 6868 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 140400 | &nbsp;&nbsp; 7975 |
|  |  | &nbsp;&nbsp; 14843 |
| **Singapore—0.3%** | **Singapore—0.3%** | **Singapore—0.3%** |
| &nbsp;&nbsp;&nbsp; DBS Group Holdings Ltd. <br>(Banks)<br>| 75560 | &nbsp;&nbsp; 2996 |
| **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 29308 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.8%** <br>(cost $703,420)<br>|  | &nbsp;&nbsp; 952936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due 10/01/25, <br> repurchase price $12,266, collateralized <br> by U.S. Treasury Bond, 4.750%, due <br> 11/15/2043, valued at $12,511<br>| $12266 | &nbsp;&nbsp; 12266 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—1.3%** <br>(cost $12,266)<br>|  | &nbsp;&nbsp; 12266 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.1%** <br>(cost $715,686)<br>|  | &nbsp;&nbsp; 965202 |
| **Liabilities, plus cash and** <br>**other assets—(0.1)%**<br>|  | &nbsp;&nbsp; (1101)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $964101 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $949457 | &nbsp;&nbsp; $3479 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $952936 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 12266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12266 |
| **Total Investments in Securities** | $949457 | &nbsp;&nbsp; $15745 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $965202 |

---

See accompanying Notes to Portfolio of Investments.

**32**

------

**International Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—38.0%*** |  |  |
|  | **Belgium—1.2%** | **Belgium—1.2%** | **Belgium—1.2%** |
|  | &nbsp;&nbsp;&nbsp; D'ieteren Group <br>(Distributors)<br>| 9355 | &nbsp;&nbsp; $1749 |
|  | **Denmark—0.4%** | **Denmark—0.4%** | **Denmark—0.4%** |
|  | &nbsp;&nbsp;&nbsp; INVISIO AB <br>(Aerospace & Defense)<br>| 19486 | &nbsp;&nbsp; 652 |
|  | **Finland—0.9%** | **Finland—0.9%** | **Finland—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Puuilo OYJ <br>(Broadline Retail)<br>| 76124 | &nbsp;&nbsp; 1326 |
|  | **France—2.6%** | **France—2.6%** | **France—2.6%** |
|  | &nbsp;&nbsp;&nbsp; Dassault Aviation SA <br>(Aerospace & Defense)<br>| 6352 | &nbsp;&nbsp; 2122 |
|  | &nbsp;&nbsp;&nbsp; VusionGroup <br>(Electronic Equipment, Instruments & <br> Components)<br>| 6328 | &nbsp;&nbsp; 1895 |
|  |  |  | &nbsp;&nbsp; 4017 |
|  | **Germany—5.9%** | **Germany—5.9%** | **Germany—5.9%** |
|  | &nbsp;&nbsp;&nbsp; Atoss Software SE <br>(Software)<br>| 4246 | &nbsp;&nbsp; 548 |
| \* <br>| &nbsp;&nbsp;&nbsp; AUTO1 Group SE <br>(Specialty Retail)<br>| 33987 | &nbsp;&nbsp; 1157 |
|  | &nbsp;&nbsp;&nbsp; CTS Eventim AG & Co. KGaA <br>(Entertainment)<br>| 21034 | &nbsp;&nbsp; 2060 |
|  | &nbsp;&nbsp;&nbsp; Eckert & Ziegler SE <br>(Health Care Equipment & Supplies)<br>| 33006 | &nbsp;&nbsp; 690 |
|  | &nbsp;&nbsp;&nbsp; flatexDEGIRO AG <br>(Capital Markets)<br>| 71333 | &nbsp;&nbsp; 2335 |
|  | &nbsp;&nbsp;&nbsp; HENSOLDT AG <br>(Aerospace & Defense)<br>| 14281 | &nbsp;&nbsp; 1849 |
| \* <br>| &nbsp;&nbsp;&nbsp; Innoscripta SE <br>(Software)<br>| 2587 | &nbsp;&nbsp; 357 |
|  |  |  | &nbsp;&nbsp; 8996 |
|  | **Israel—1.4%** | **Israel—1.4%** | **Israel—1.4%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Cellebrite DI Ltd. <br>(Software)<br>| 49222 | &nbsp;&nbsp; 912 |
|  | &nbsp;&nbsp;&nbsp; Next Vision Stabilized Systems Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 26717 | &nbsp;&nbsp; 1210 |
|  |  |  | &nbsp;&nbsp; 2122 |
|  | **Italy—6.4%** | **Italy—6.4%** | **Italy—6.4%** |
|  | &nbsp;&nbsp;&nbsp; Ariston Holding NV <br>(Building Products)<br>| 63097 | &nbsp;&nbsp; 311 |
|  | &nbsp;&nbsp;&nbsp; Azimut Holding SpA <br>(Capital Markets)<br>| 53970 | &nbsp;&nbsp; 2087 |
|  | &nbsp;&nbsp;&nbsp; Brunello Cucinelli SpA <br>(Textiles, Apparel & Luxury Goods)<br>| 17271 | &nbsp;&nbsp; 1886 |
|  | &nbsp;&nbsp;&nbsp; Carel Industries SpA <br>(Building Products)<br>| 42602 | &nbsp;&nbsp; 1118 |
|  | &nbsp;&nbsp;&nbsp; Italgas S.p.A. <br>(Gas Utilities)<br>| 88116 | &nbsp;&nbsp; 810 |
|  | &nbsp;&nbsp;&nbsp; Lottomatica Group S.p.A. <br>(Hotels, Restaurants & Leisure)<br>| 31104 | &nbsp;&nbsp; 837 |
|  | &nbsp;&nbsp;&nbsp; Saipem S.p.A. <br>(Energy Equipment & Services)<br>| 227854 | &nbsp;&nbsp; 657 |
|  | &nbsp;&nbsp;&nbsp; SOL SpA <br>(Chemicals)<br>| 32926 | &nbsp;&nbsp; 1960 |
|  |  |  | &nbsp;&nbsp; 9666 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Jersey—2.0%** | **Jersey—2.0%** | **Jersey—2.0%** |
|  | &nbsp;&nbsp;&nbsp; JTC PLC <br>(Capital Markets)<br>| 122916 | &nbsp;&nbsp; $2179 |
| \* <br>| &nbsp;&nbsp;&nbsp; Rosebank Industries PLC <br>(Industrial Conglomerates)<br>| 171150 | &nbsp;&nbsp; 835 |
|  |  |  | &nbsp;&nbsp; 3014 |
|  | **Norway—2.1%** | **Norway—2.1%** | **Norway—2.1%** |
|  | &nbsp;&nbsp;&nbsp; Europris ASA <br>(Broadline Retail)<br>| 81783 | &nbsp;&nbsp; 829 |
|  | &nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA <br>(Insurance)<br>| 55047 | &nbsp;&nbsp; 1614 |
|  | &nbsp;&nbsp;&nbsp; Vend Marketplaces ASA <br>(Interactive Media & Services)<br>| 20155 | &nbsp;&nbsp; 717 |
|  |  |  | &nbsp;&nbsp; 3160 |
|  | **Sweden—9.8%** | **Sweden—9.8%** | **Sweden—9.8%** |
|  | &nbsp;&nbsp;&nbsp; AQ Group AB <br>(Electrical Equipment)<br>| 54200 | &nbsp;&nbsp; 1036 |
|  | &nbsp;&nbsp;&nbsp; Beijer Ref AB <br>(Trading Companies & Distributors)<br>| 107706 | &nbsp;&nbsp; 1678 |
| \* <br>| &nbsp;&nbsp;&nbsp; BoneSupport Holding AB <br>(Biotechnology)<br>| 44804 | &nbsp;&nbsp; 1389 |
|  | &nbsp;&nbsp;&nbsp; Bufab AB <br>(Trading Companies & Distributors)<br>| 182549 | &nbsp;&nbsp; 1713 |
| \* <br>| &nbsp;&nbsp;&nbsp; Dynavox Group AB <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 57767 | &nbsp;&nbsp; 701 |
|  | &nbsp;&nbsp;&nbsp; Hemnet Group AB <br>(Interactive Media & Services)<br>| 75257 | &nbsp;&nbsp; 1893 |
| \* <br>| &nbsp;&nbsp;&nbsp; Karnov Group AB <br>(Interactive Media & Services)<br>| 64808 | &nbsp;&nbsp; 775 |
|  | &nbsp;&nbsp;&nbsp; Lagercrantz Group AB <br>(Electronic Equipment, Instruments & <br> Components)<br>| 48531 | &nbsp;&nbsp; 1044 |
|  | &nbsp;&nbsp;&nbsp; Lifco AB <br>(Industrial Conglomerates)<br>| 22034 | &nbsp;&nbsp; 744 |
| \* <br>| &nbsp;&nbsp;&nbsp; MedCap AB (publ) <br>(Life Sciences Tools & Services)<br>| 10520 | &nbsp;&nbsp; 631 |
|  | &nbsp;&nbsp;&nbsp; Mildef Group AB <br>(Aerospace & Defense)<br>| 60545 | &nbsp;&nbsp; 1307 |
| \* <br>| &nbsp;&nbsp;&nbsp; NOBA Bank Group AB <br>(Banks)<br>| 15350 | &nbsp;&nbsp; 153 |
|  | &nbsp;&nbsp;&nbsp; RaySearch Laboratories AB <br>(Health Care Technology)<br>| 37621 | &nbsp;&nbsp; 1007 |
|  | &nbsp;&nbsp;&nbsp; Sectra AB <br>(Health Care Technology)<br>| 23852 | &nbsp;&nbsp; 791 |
|  |  |  | &nbsp;&nbsp; 14862 |
|  | **Switzerland—5.3%** | **Switzerland—5.3%** | **Switzerland—5.3%** |
|  | &nbsp;&nbsp;&nbsp; Galenica AG <br>(Health Care Providers & Services)<br>| 13983 | &nbsp;&nbsp; 1520 |
|  | &nbsp;&nbsp;&nbsp; Garrett Motion, Inc. <br>(Auto Components)<br>| 47941 | &nbsp;&nbsp; 653 |
|  | &nbsp;&nbsp;&nbsp; Kardex Holding AG <br>(Machinery)<br>| 6127 | &nbsp;&nbsp; 2378 |
|  | &nbsp;&nbsp;&nbsp; Medacta Group SA <br>(Health Care Equipment & Supplies)<br>| 5310 | &nbsp;&nbsp; 973 |

---

See accompanying Notes to Portfolio of Investments.

**33**

------

**International Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Switzerland—(continued)** | **Switzerland—(continued)** | **Switzerland—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Siegfried Holding AG <br>(Life Sciences Tools & Services)<br>| 10018 | &nbsp;&nbsp; $998 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sportradar Group AG <br>(Hotels, Restaurants & Leisure)<br>| 58602 | &nbsp;&nbsp; 1576 |
|  |  |  | &nbsp;&nbsp; 8098 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 57662 |
|  | ***Japan—15.3%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; ABC-Mart, Inc. <br>(Specialty Retail)<br>| 68900 | &nbsp;&nbsp; 1367 |
|  | &nbsp;&nbsp;&nbsp; AZ-COM MARUWA Holdings, Inc. <br>(Air Freight & Logistics)<br>| 65500 | &nbsp;&nbsp; 473 |
|  | &nbsp;&nbsp;&nbsp; BayCurrent Consulting, Inc. <br>(Professional Services)<br>| 33600 | &nbsp;&nbsp; 1977 |
|  | &nbsp;&nbsp;&nbsp; Canon Marketing Japan Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 39300 | &nbsp;&nbsp; 1592 |
|  | &nbsp;&nbsp;&nbsp; Fukuoka Financial Group, Inc. <br>(Banks)<br>| 40100 | &nbsp;&nbsp; 1203 |
|  | &nbsp;&nbsp;&nbsp; Integral Corporation <br>(Capital Markets)<br>| 39800 | &nbsp;&nbsp; 1005 |
|  | &nbsp;&nbsp;&nbsp; Internet Initiative Japan, Inc. <br>(Diversified Telecommunication <br> Services)<br>| 88000 | &nbsp;&nbsp; 1558 |
|  | &nbsp;&nbsp;&nbsp; Japan Elevator Service Holdings Co. Ltd. <br>(Commercial Services & Supplies)<br>| 177200 | &nbsp;&nbsp; 2249 |
|  | &nbsp;&nbsp;&nbsp; Lifedrink Co., Inc. <br>(Beverages)<br>| 56800 | &nbsp;&nbsp; 874 |
|  | &nbsp;&nbsp;&nbsp; OBIC Business Consultants Co. Ltd. <br>(Software)<br>| 39500 | &nbsp;&nbsp; 2431 |
|  | &nbsp;&nbsp;&nbsp; Oracle Corporation Japan <br>(Software)<br>| 18700 | &nbsp;&nbsp; 1909 |
| \* <br>| &nbsp;&nbsp;&nbsp; Rakuten Bank Ltd. <br>(Banks)<br>| 50500 | &nbsp;&nbsp; 2824 |
|  | &nbsp;&nbsp;&nbsp; Sanwa Holdings Corporation <br>(Building Products)<br>| 38600 | &nbsp;&nbsp; 1106 |
|  | &nbsp;&nbsp;&nbsp; Shimamura Co. Ltd. <br>(Specialty Retail)<br>| 20400 | &nbsp;&nbsp; 1364 |
|  | &nbsp;&nbsp;&nbsp; SIGMAXYZ Holdings, Inc. <br>(Professional Services)<br>| 126200 | &nbsp;&nbsp; 788 |
|  | &nbsp;&nbsp;&nbsp; Simplex Holdings,Inc. <br>(IT Services)<br>| 15700 | &nbsp;&nbsp; 461 |
|  | **Total Japan** |  | &nbsp;&nbsp; 23181 |
|  | ***Emerging Asia—13.4%*** |  |  |
|  | **China—3.3%** | **China—3.3%** | **China—3.3%** |
| \* <br>| &nbsp;&nbsp;&nbsp; DPC Dash Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 74400 | &nbsp;&nbsp; 832 |
|  | &nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 30180 | &nbsp;&nbsp; 1286 |
|  | &nbsp;&nbsp;&nbsp; Giant Biogene Holding Co. Ltd. <br>(Personal Care Products)<br>| 135800 | &nbsp;&nbsp; 986 |
| \* <br>| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. <br>(Life Sciences Tools & Services)<br>| 90500 | &nbsp;&nbsp; 911 |
|  | &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd. <br>(Machinery)<br>| 269000 | &nbsp;&nbsp; 1027 |
|  |  |  | &nbsp;&nbsp; 5042 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—4.1%** | **India—4.1%** | **India—4.1%** |
|  | &nbsp;&nbsp;&nbsp; AU Small Finance Bank Ltd. <br>(Banks)<br>| 95897 | &nbsp;&nbsp; $789 |
|  | &nbsp;&nbsp;&nbsp; Central Depository Services India Ltd. <br>(Capital Markets)<br>| 33338 | &nbsp;&nbsp; 548 |
|  | &nbsp;&nbsp;&nbsp; Cholamandalam Financial Holdings <br> Limited <br>(Consumer Finance)<br>| 33549 | &nbsp;&nbsp; 710 |
|  | &nbsp;&nbsp;&nbsp; Gillette India Ltd. <br>(Personal Care Products)<br>| 6599 | &nbsp;&nbsp; 703 |
|  | &nbsp;&nbsp;&nbsp; Home First Finance Co. India Ltd. <br>(Diversified Financial Services)<br>| 50137 | &nbsp;&nbsp; 686 |
| \* <br>| &nbsp;&nbsp;&nbsp; ITC Hotels Limited <br>(Hotels, Restaurants & Leisure)<br>| 280580 | &nbsp;&nbsp; 718 |
|  | &nbsp;&nbsp;&nbsp; KFin Technologies Ltd. <br>(Capital Markets)<br>| 88212 | &nbsp;&nbsp; 1051 |
|  | &nbsp;&nbsp;&nbsp; Sundaram Finance Ltd. <br>(Consumer Finance)<br>| 20875 | &nbsp;&nbsp; 995 |
|  |  |  | &nbsp;&nbsp; 6200 |
|  | **Indonesia—0.3%** | **Indonesia—0.3%** | **Indonesia—0.3%** |
|  | &nbsp;&nbsp;&nbsp; Bank Syariah Indonesia Tbk. PT <br>(Banks)<br>| 3178500 | &nbsp;&nbsp; 494 |
|  | **South Korea—1.5%** | **South Korea—1.5%** | **South Korea—1.5%** |
|  | &nbsp;&nbsp;&nbsp; DB Insurance Co., Ltd. <br>(Insurance)<br>| 8422 | &nbsp;&nbsp; 831 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 4717 | &nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp; JB Financial Group Co. Ltd. <br>(Banks)<br>| 47928 | &nbsp;&nbsp; 784 |
|  |  |  | &nbsp;&nbsp; 2321 |
|  | **Taiwan—3.7%** | **Taiwan—3.7%** | **Taiwan—3.7%** |
|  | &nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 7000 | &nbsp;&nbsp; 1160 |
|  | &nbsp;&nbsp;&nbsp; Bizlink Holding Inc. <br>(Electrical Equipment)<br>| 37000 | &nbsp;&nbsp; 1250 |
|  | &nbsp;&nbsp;&nbsp; Chroma ATE, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 65000 | &nbsp;&nbsp; 1235 |
|  | &nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 19000 | &nbsp;&nbsp; 764 |
|  | &nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 14000 | &nbsp;&nbsp; 1107 |
|  |  |  | &nbsp;&nbsp; 5516 |
|  | **Thailand—0.5%** | **Thailand—0.5%** | **Thailand—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Com7 PCL <br>(Specialty Retail)<br>| 927700 | &nbsp;&nbsp; 737 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 20310 |
|  | ***United Kingdom—10.0%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; Allfunds Group PLC <br>(Capital Markets)<br>| 159307 | &nbsp;&nbsp; 1187 |
|  | &nbsp;&nbsp;&nbsp; Beazley PLC <br>(Insurance)<br>| 162840 | &nbsp;&nbsp; 1986 |
|  | &nbsp;&nbsp;&nbsp; Burford Capital Ltd. <br>(Diversified Financial Services)<br>| 43069 | &nbsp;&nbsp; 513 |

---

See accompanying Notes to Portfolio of Investments.

**34**

------

**International Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***United Kingdom—(continued)*** |  |  |
|  | &nbsp;&nbsp;&nbsp; Diploma PLC <br>(Trading Companies & Distributors)<br>| 18332 | &nbsp;&nbsp; $1308 |
|  | &nbsp;&nbsp;&nbsp; Hill & Smith PLC <br>(Metals & Mining)<br>| 48433 | &nbsp;&nbsp; 1332 |
|  | &nbsp;&nbsp;&nbsp; QinetiQ Group PLC <br>(Aerospace & Defense)<br>| 122700 | &nbsp;&nbsp; 907 |
|  | &nbsp;&nbsp;&nbsp; Rotork PLC <br>(Machinery)<br>| 390659 | &nbsp;&nbsp; 1781 |
|  | &nbsp;&nbsp;&nbsp; Softcat PLC <br>(IT Services)<br>| 58787 | &nbsp;&nbsp; 1247 |
| \* <br>| &nbsp;&nbsp;&nbsp; Trustpilot Group PLC <br>(Interactive Media & Services)<br>| 610827 | &nbsp;&nbsp; 1860 |
|  | &nbsp;&nbsp;&nbsp; Volution Group PLC <br>(Building Products)<br>| 171444 | &nbsp;&nbsp; 1459 |
|  | &nbsp;&nbsp;&nbsp; XPS Pensions Group PLC <br>(Capital Markets)<br>| 111848 | &nbsp;&nbsp; 510 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zegona Communications PLC <br>(Diversified Telecommunication <br> Services)<br>| 63939 | &nbsp;&nbsp; 1058 |
|  | **Total United Kingdom** |  | &nbsp;&nbsp; 15148 |
|  | ***Emerging Latin America—6.5%*** |  |  |
|  | **Brazil—1.0%** | **Brazil—1.0%** | **Brazil—1.0%** |
|  | &nbsp;&nbsp;&nbsp; Cury Construtora e Incorporadora SA <br>(Household Durables)<br>| 124200 | &nbsp;&nbsp; 807 |
|  | &nbsp;&nbsp;&nbsp; Inter & Co, Inc. <br>(Banks)<br>| 69242 | &nbsp;&nbsp; 639 |
|  |  |  | &nbsp;&nbsp; 1446 |
|  | **Mexico—4.7%** | **Mexico—4.7%** | **Mexico—4.7%** |
|  | &nbsp;&nbsp;&nbsp; Arca Continental S.A.B. de C.V. <br>(Beverages)<br>| 134800 | &nbsp;&nbsp; 1416 |
| \* <br>| &nbsp;&nbsp;&nbsp; BBB Foods, Inc. <sup>†</sup> <br>(Consumer Staples Distribution & <br> Retail)<br>| 43608 | &nbsp;&nbsp; 1176 |
|  | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Centro Norte <br> S.A.B. de C.V. <br>(Transportation Infrastructure)<br>| 96500 | &nbsp;&nbsp; 1245 |
|  | &nbsp;&nbsp;&nbsp; Grupo Aeroportuario del Sureste S.A.B. de <br> C.V. <br>(Transportation Infrastructure)<br>| 43240 | &nbsp;&nbsp; 1396 |
|  | &nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV REIT <br>(Industrial REITs)<br>| 198700 | &nbsp;&nbsp; 814 |
|  | &nbsp;&nbsp;&nbsp; Qualitas Controladora S.A.B. de C.V. <br>(Insurance)<br>| 122300 | &nbsp;&nbsp; 1115 |
|  |  |  | &nbsp;&nbsp; 7162 |
|  | **Panama—0.4%** | **Panama—0.4%** | **Panama—0.4%** |
|  | &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior, S.A. <br>(Diversified Financial Services)<br>| 13014 | &nbsp;&nbsp; 598 |
|  | **Peru—0.4%** | **Peru—0.4%** | **Peru—0.4%** |
|  | &nbsp;&nbsp;&nbsp; Intercorp Financial Services Inc <br>(Banks)<br>| 14869 | &nbsp;&nbsp; 600 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 9806 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—5.7%*** |  |  |
|  | **Greece—1.1%** | **Greece—1.1%** | **Greece—1.1%** |
|  | &nbsp;&nbsp;&nbsp; JUMBO SA <br>(Specialty Retail)<br>| 49334 | &nbsp;&nbsp; 1692 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
|  | **Lithuania—1.1%** | **Lithuania—1.1%** | **Lithuania—1.1%** |
|  | &nbsp;&nbsp;&nbsp; Baltic Classifieds Group PLC <br>(Interactive Media & Services)<br>| 402850 | &nbsp;&nbsp; $1680 |
|  | **Poland—2.3%** | **Poland—2.3%** | **Poland—2.3%** |
|  | &nbsp;&nbsp;&nbsp; Benefit Systems SA <br>(Professional Services)<br>| 870 | &nbsp;&nbsp; 727 |
| \* <br>| &nbsp;&nbsp;&nbsp; Dino Polska SA <br>(Consumer Staples Distribution & <br> Retail)<br>| 67431 | &nbsp;&nbsp; 812 |
|  | &nbsp;&nbsp;&nbsp; LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 124 | &nbsp;&nbsp; 603 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zabka Group <br>(Consumer Staples Distribution & <br> Retail)<br>| 203544 | &nbsp;&nbsp; 1313 |
|  |  |  | &nbsp;&nbsp; 3455 |
|  | **South Africa—0.7%** | **South Africa—0.7%** | **South Africa—0.7%** |
|  | &nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. <br>(Insurance)<br>| 252057 | &nbsp;&nbsp; 1046 |
|  | **Turkey—0.5%** | **Turkey—0.5%** | **Turkey—0.5%** |
|  | &nbsp;&nbsp;&nbsp; ASELSAN Elektronik Sanayi ve Ticaret <br> A.S. <br>(Aerospace & Defense)<br>| 160190 | &nbsp;&nbsp; 828 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 8701 |
|  | ***Asia Ex-Japan—4.9%*** |  |  |
|  | **Australia—4.1%** | **Australia—4.1%** | **Australia—4.1%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Catapult Group International Ltd. <br>(Software)<br>| 353908 | &nbsp;&nbsp; 1611 |
| \* <br>| &nbsp;&nbsp;&nbsp; DroneShield Limited <br>(Aerospace & Defense)<br>| 165076 | &nbsp;&nbsp; 509 |
|  | &nbsp;&nbsp;&nbsp; Pro Medicus Ltd. <br>(Health Care Technology)<br>| 9541 | &nbsp;&nbsp; 1946 |
| \* <br>| &nbsp;&nbsp;&nbsp; Qoria Limited <br>(Software)<br>| 1610626 | &nbsp;&nbsp; 773 |
|  | &nbsp;&nbsp;&nbsp; Steadfast Group Ltd. <br>(Insurance)<br>| 362130 | &nbsp;&nbsp; 1421 |
|  |  |  | &nbsp;&nbsp; 6260 |
|  | **New Zealand—0.5%** | **New Zealand—0.5%** | **New Zealand—0.5%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Gentrack Group Ltd. <br>(Software)<br>| 118695 | &nbsp;&nbsp; 697 |
|  | **Singapore—0.3%** | **Singapore—0.3%** | **Singapore—0.3%** |
|  | &nbsp;&nbsp;&nbsp; Sheng Siong Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 336300 | &nbsp;&nbsp; 542 |
|  | **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 7499 |
|  | ***Western Hemisphere—4.7%*** |  |  |
|  | **Canada—4.7%** | **Canada—4.7%** | **Canada—4.7%** |
|  | &nbsp;&nbsp;&nbsp; Boyd Group Services, Inc. <br>(Commercial Services & Supplies)<br>| 8108 | &nbsp;&nbsp; 1368 |
|  | &nbsp;&nbsp;&nbsp; Definity Financial Corp. <br>(Insurance)<br>| 35552 | &nbsp;&nbsp; 1827 |
|  | &nbsp;&nbsp;&nbsp; Exchange Income Corporation <br>(Airlines)<br>| 12914 | &nbsp;&nbsp; 674 |
| \* <br>| &nbsp;&nbsp;&nbsp; MDA Space Ltd. <br>(Aerospace & Defense)<br>| 29834 | &nbsp;&nbsp; 743 |

---

See accompanying Notes to Portfolio of Investments.

**35**

------

**International Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Western Hemisphere—(continued)*** |  |  |
| **Canada—(continued)** | **Canada—(continued)** | **Canada—(continued)** |
| &nbsp;&nbsp;&nbsp; North West Co., Inc. <br>(Consumer Staples Distribution & <br> Retail)<br>| 51239 | &nbsp;&nbsp; $1761 |
| &nbsp;&nbsp;&nbsp; Parkland Corp. <br>(Oil, Gas & Consumable Fuels)<br>| 28352 | &nbsp;&nbsp; 784 |
| **Total Western Hemisphere** |  | &nbsp;&nbsp; 7157 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.5%** <br>(cost $113,749)<br>|  | &nbsp;&nbsp; 149464 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, 1.450% <br> dated 09/30/25, due 10/01/25, repurchase <br> price $2,146, collateralized by <br> U.S. Treasury Bond, 4.750%, due <br> 11/15/2043, valued at $2,189<br>| $2146 | &nbsp;&nbsp; 2146 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—1.4%** <br>(cost $2,146)<br>|  | &nbsp;&nbsp; 2146 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.9%** <br>(cost $115,895)<br>|  | &nbsp;&nbsp; 151610 |
| **Cash and other assets,** <br>**less liabilities—0.1%**<br>|  | &nbsp;&nbsp; 170 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $151780 |

---

------

PLC Public Limited Company <br> REIT Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $148727 | &nbsp;&nbsp; $737 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $149464 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 2146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2146 |
| **Total Investments in Securities** | $148727 | &nbsp;&nbsp; $2883 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $151610 |

---

See accompanying Notes to Portfolio of Investments.

**36**

------

**Emerging Markets Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—76.4%*** |  |  |
|  | **China—26.4%** | **China—26.4%** | **China—26.4%** |
|  | &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 178228 | &nbsp;&nbsp; $4054 |
|  | &nbsp;&nbsp;&nbsp; ANTA Sports Products Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 70400 | &nbsp;&nbsp; 846 |
|  | &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. <br> Ltd. <br>(Electrical Equipment)<br>| 48420 | &nbsp;&nbsp; 2731 |
|  | &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd. <br>(Auto Components)<br>| 215300 | &nbsp;&nbsp; 2217 |
|  | &nbsp;&nbsp;&nbsp; Huaming Power Equipment Co. Ltd. <br>(Machinery)<br>| 454760 | &nbsp;&nbsp; 1264 |
|  | &nbsp;&nbsp;&nbsp; NetEase, Inc. <br>(Entertainment)<br>| 91700 | &nbsp;&nbsp; 2790 |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 106000 | &nbsp;&nbsp; 9031 |
|  | &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 31350 | &nbsp;&nbsp; 2401 |
| \* <br>| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. <br>(Life Sciences Tools & Services)<br>| 208000 | &nbsp;&nbsp; 2093 |
| \* <br>| &nbsp;&nbsp;&nbsp; Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 134600 | &nbsp;&nbsp; 934 |
|  |  |  | &nbsp;&nbsp; 28361 |
|  | **India—17.4%** | **India—17.4%** | **India—17.4%** |
|  | &nbsp;&nbsp;&nbsp; Bajaj Finance Limited <br>(Consumer Finance)<br>| 133439 | &nbsp;&nbsp; 1501 |
|  | &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 388878 | &nbsp;&nbsp; 1768 |
|  | &nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. <br>(Electrical Equipment)<br>| 145117 | &nbsp;&nbsp; 1213 |
|  | &nbsp;&nbsp;&nbsp; Eicher Motors Limited <br>(Automobiles)<br>| 16675 | &nbsp;&nbsp; 1316 |
| \* <br>| &nbsp;&nbsp;&nbsp; GMR Airports Infrastructure Ltd. <br>(Transportation Infrastructure)<br>| 1078280 | &nbsp;&nbsp; 1058 |
|  | &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. <br>(Banks)<br>| 239575 | &nbsp;&nbsp; 2570 |
|  | &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. <br>(Banks)<br>| 96819 | &nbsp;&nbsp; 1471 |
|  | &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. <br>(Airlines)<br>| 22118 | &nbsp;&nbsp; 1393 |
|  | &nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 103302 | &nbsp;&nbsp; 1328 |
| \* <br>| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.<sup>†</sup> <br>(Hotels, Restaurants & Leisure)<br>| 19348 | &nbsp;&nbsp; 1811 |
|  | &nbsp;&nbsp;&nbsp; Marico Limited <br>(Food Products)<br>| 151833 | &nbsp;&nbsp; 1192 |
|  | &nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. <br>(Chemicals)<br>| 57652 | &nbsp;&nbsp; 952 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 311665 | &nbsp;&nbsp; 1144 |
|  |  |  | &nbsp;&nbsp; 18717 |
|  | **Indonesia—5.8%** | **Indonesia—5.8%** | **Indonesia—5.8%** |
|  | &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT <br>(Banks)<br>| 4231400 | &nbsp;&nbsp; 1936 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Indonesia—(continued)** | **Indonesia—(continued)** | **Indonesia—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; Grab Holdings Limited <br>(Road & Rail)<br>| 340957 | &nbsp;&nbsp; $2053 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 12395 | &nbsp;&nbsp; 2215 |
|  |  |  | &nbsp;&nbsp; 6204 |
|  | **South Korea—8.0%** | **South Korea—8.0%** | **South Korea—8.0%** |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 5246 | &nbsp;&nbsp; 785 |
| \* <br>| &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. <br>(Life Sciences Tools & Services)<br>| 2391 | &nbsp;&nbsp; 1699 |
|  | &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 35555 | &nbsp;&nbsp; 2126 |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 16254 | &nbsp;&nbsp; 4026 |
|  |  |  | &nbsp;&nbsp; 8636 |
|  | **Taiwan—18.8%** | **Taiwan—18.8%** | **Taiwan—18.8%** |
|  | &nbsp;&nbsp;&nbsp; Accton Technology Corp. <br>(Communications Equipment)<br>| 36000 | &nbsp;&nbsp; 1235 |
|  | &nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 6000 | &nbsp;&nbsp; 994 |
|  | &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 495000 | &nbsp;&nbsp; 3508 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 169000 | &nbsp;&nbsp; 7236 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 23747 | &nbsp;&nbsp; 6632 |
|  | &nbsp;&nbsp;&nbsp; Voltronic Power Technology Corp. <br>(Electrical Equipment)<br>| 21000 | &nbsp;&nbsp; 639 |
|  |  |  | &nbsp;&nbsp; 20244 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 82162 |
|  | ***Emerging Latin America—11.8%*** |  |  |
|  | **Brazil—7.9%** | **Brazil—7.9%** | **Brazil—7.9%** |
|  | &nbsp;&nbsp;&nbsp; Embraer S.A. <br>(Aerospace & Defense)<br>| 68700 | &nbsp;&nbsp; 1036 |
|  | &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA—ADR <br>(Banks)<br>| 284435 | &nbsp;&nbsp; 2088 |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 810 | &nbsp;&nbsp; 1893 |
| \* <br>| &nbsp;&nbsp;&nbsp; NU Holdings Ltd. <br>(Banks)<br>| 171685 | &nbsp;&nbsp; 2749 |
|  | &nbsp;&nbsp;&nbsp; WEG SA <br>(Electrical Equipment)<br>| 101200 | &nbsp;&nbsp; 696 |
|  |  |  | &nbsp;&nbsp; 8462 |
|  | **Mexico—2.3%** | **Mexico—2.3%** | **Mexico—2.3%** |
| \* <br>| &nbsp;&nbsp;&nbsp; BBB Foods, Inc. <br>(Consumer Staples Distribution & <br> Retail)<br>| 22813 | &nbsp;&nbsp; 615 |

---

See accompanying Notes to Portfolio of Investments.

**37**

------

**Emerging Markets Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin*** <br> ***America—(continued)***<br>|  |  |
|  | **Mexico—(continued)** | **Mexico—(continued)** | **Mexico—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de C.V. <br>(Banks)<br>| 106100 | &nbsp;&nbsp; $1066 |
|  | &nbsp;&nbsp;&nbsp; Wal-Mart de Mexico S.A.B. de C.V. <br>(Consumer Staples Distribution & <br> Retail)<br>| 252300 | &nbsp;&nbsp; 779 |
|  |  |  | &nbsp;&nbsp; 2460 |
|  | **Peru—1.6%** | **Peru—1.6%** | **Peru—1.6%** |
|  | &nbsp;&nbsp;&nbsp; Credicorp Ltd.<sup>†</sup> <br>(Banks)<br>| 6449 | &nbsp;&nbsp; 1717 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 12639 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—9.1%*** |  |  |
|  | **Greece—0.9%** | **Greece—0.9%** | **Greece—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services & Holdings <br> SA <br>(Banks)<br>| 252468 | &nbsp;&nbsp; 973 |
|  | **Poland—1.9%** | **Poland—1.9%** | **Poland—1.9%** |
|  | &nbsp;&nbsp;&nbsp; PKO Bank Polski S.A. <br>(Banks)<br>| 57798 | &nbsp;&nbsp; 1121 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zabka Group <br>(Consumer Staples Distribution & <br> Retail)<br>| 137796 | &nbsp;&nbsp; 889 |
|  |  |  | &nbsp;&nbsp; 2010 |
|  | **South Africa—3.9%** | **South Africa—3.9%** | **South Africa—3.9%** |
|  | &nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. <br>(Banks)<br>| 4895 | &nbsp;&nbsp; 985 |
|  | &nbsp;&nbsp;&nbsp; Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 49973 | &nbsp;&nbsp; 1020 |
|  | &nbsp;&nbsp;&nbsp; FirstRand Limited <br>(Diversified Financial Services)<br>| 286704 | &nbsp;&nbsp; 1289 |
|  | &nbsp;&nbsp;&nbsp; Gold Fields Limited <br>(Metals & Mining)<br>| 22208 | &nbsp;&nbsp; 937 |
|  |  |  | &nbsp;&nbsp; 4231 |
|  | **United Arab Emirates—2.4%** | **United Arab Emirates—2.4%** | **United Arab Emirates—2.4%** |
|  | &nbsp;&nbsp;&nbsp; Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 607815 | &nbsp;&nbsp; 1569 |
|  | &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC <br>(Banks)<br>| 153381 | &nbsp;&nbsp; 1014 |
|  |  |  | &nbsp;&nbsp; 2583 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 9797 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Asia Ex-Japan—1.8%*** |  |  |
| **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** |
| &nbsp;&nbsp;&nbsp; AIA Group Ltd. <br>(Insurance)<br>| 195000 | &nbsp;&nbsp; $1870 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks—99.1%** <br>(cost $76,544)<br>|  | &nbsp;&nbsp; 106468 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.1%** <br>(cost $76,544)<br>|  | &nbsp;&nbsp; 106468 |
| **Cash and other assets,** <br>**less liabilities—0.9%**<br>|  | &nbsp;&nbsp; 1018 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $107486 |

---

------

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**38**

------

**Emerging Markets Leaders Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $106468 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $106468 |

---

See accompanying Notes to Portfolio of Investments.

**39**

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—79.1%*** |  |  |
|  | **China—24.0%** | **China—24.0%** | **China—24.0%** |
|  | &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 2264100 | &nbsp;&nbsp; $51497 |
| \* <br>| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd <br>(Biotechnology)<br>| 147300 | &nbsp;&nbsp; 3884 |
|  | &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. <br> Ltd. <br>(Electrical Equipment)<br>| 140071 | &nbsp;&nbsp; 7899 |
|  | &nbsp;&nbsp;&nbsp; East Money Information Co.,Ltd. <br>(Capital Markets)<br>| 746600 | &nbsp;&nbsp; 2841 |
|  | &nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 101340 | &nbsp;&nbsp; 4319 |
|  | &nbsp;&nbsp;&nbsp; Eoptolink Technology Inc., Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 67700 | &nbsp;&nbsp; 3474 |
|  | &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd. <br>(Auto Components)<br>| 595900 | &nbsp;&nbsp; 6137 |
|  | &nbsp;&nbsp;&nbsp; Gambol Pet Group Co., Ltd. <br>(Food Products)<br>| 191900 | &nbsp;&nbsp; 2529 |
|  | &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group <br> Company Limited <br>(Pharmaceuticals)<br>| 726000 | &nbsp;&nbsp; 3364 |
| \* <br>| &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals <br> Co.,Ltd <br>(Pharmaceuticals)<br>| 447800 | &nbsp;&nbsp; 5110 |
|  | &nbsp;&nbsp;&nbsp; Mao Geping Cosmetics CO.,LTD. <br>(Personal Care Products)<br>| 139900 | &nbsp;&nbsp; 1864 |
|  | &nbsp;&nbsp;&nbsp; Meitu, Inc. <br>(Interactive Media & Services)<br>| 2689500 | &nbsp;&nbsp; 3204 |
|  | &nbsp;&nbsp;&nbsp; Midea Group Co., Ltd. <br>(Household Durables)<br>| 243900 | &nbsp;&nbsp; 2578 |
|  | &nbsp;&nbsp;&nbsp; NetEase, Inc. <br>(Entertainment)<br>| 541300 | &nbsp;&nbsp; 16471 |
|  | &nbsp;&nbsp;&nbsp; Neway Valve (Suzhou) Co., Ltd. <br>(Machinery)<br>| 474200 | &nbsp;&nbsp; 2981 |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 920860 | &nbsp;&nbsp; 78455 |
|  | &nbsp;&nbsp;&nbsp; Tencent Music Entertainment <br> Group—ADR <br>(Entertainment)<br>| 446716 | &nbsp;&nbsp; 10426 |
|  | &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 116400 | &nbsp;&nbsp; 8915 |
|  | &nbsp;&nbsp;&nbsp; Victory Giant Technology (HuiZhou) <br> Co., Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 101335 | &nbsp;&nbsp; 4059 |
|  | &nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 368050 | &nbsp;&nbsp; 3793 |
|  | &nbsp;&nbsp;&nbsp; WuXi AppTec Co., Ltd. <br>(Life Sciences Tools & Services)<br>| 359800 | &nbsp;&nbsp; 5488 |
| \* <br>| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. <br>(Life Sciences Tools & Services)<br>| 407500 | &nbsp;&nbsp; 4100 |
| \* <br>| &nbsp;&nbsp;&nbsp; Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 1737800 | &nbsp;&nbsp; 12059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **China—(continued)** | **China—(continued)** | **China—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd. <br>(Machinery)<br>| 676600 | &nbsp;&nbsp; $2583 |
|  | &nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd. <br>(Communications Equipment)<br>| 76300 | &nbsp;&nbsp; 4321 |
|  |  |  | &nbsp;&nbsp; 252351 |
|  | **India—14.9%** | **India—14.9%** | **India—14.9%** |
|  | &nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 56767 | &nbsp;&nbsp; 4754 |
|  | &nbsp;&nbsp;&nbsp; Bajaj Finance Limited <br>(Consumer Finance)<br>| 1238954 | &nbsp;&nbsp; 13940 |
|  | &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 1950530 | &nbsp;&nbsp; 8871 |
|  | &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. <br>(Wireless Telecommunication <br> Services)<br>| 563933 | &nbsp;&nbsp; 11960 |
|  | &nbsp;&nbsp;&nbsp; Central Depository Services India Ltd. <br>(Capital Markets)<br>| 152246 | &nbsp;&nbsp; 2503 |
|  | &nbsp;&nbsp;&nbsp; CG Power & Industrial Solutions Ltd. <br>(Electrical Equipment)<br>| 350186 | &nbsp;&nbsp; 2926 |
|  | &nbsp;&nbsp;&nbsp; Divi's Laboratories Limited <br>(Life Sciences Tools & Services)<br>| 33472 | &nbsp;&nbsp; 2146 |
|  | &nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. <br>(Household Durables)<br>| 18353 | &nbsp;&nbsp; 3381 |
|  | &nbsp;&nbsp;&nbsp; Eicher Motors Limited <br>(Automobiles)<br>| 65756 | &nbsp;&nbsp; 5192 |
|  | &nbsp;&nbsp;&nbsp; GE T&D India Ltd. <br>(Electrical Equipment)<br>| 138078 | &nbsp;&nbsp; 4594 |
|  | &nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. <br>(Capital Markets)<br>| 76104 | &nbsp;&nbsp; 4735 |
|  | &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. <br>(Banks)<br>| 1498052 | &nbsp;&nbsp; 16071 |
|  | &nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 126834 | &nbsp;&nbsp; 6781 |
|  | &nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. <br>(Electrical Equipment)<br>| 12719 | &nbsp;&nbsp; 2579 |
|  | &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. <br>(Banks)<br>| 1221869 | &nbsp;&nbsp; 18563 |
|  | &nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 893975 | &nbsp;&nbsp; 7256 |
|  | &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. <br>(Airlines)<br>| 108495 | &nbsp;&nbsp; 6832 |
|  | &nbsp;&nbsp;&nbsp; KFin Technologies Ltd. <br>(Capital Markets)<br>| 216973 | &nbsp;&nbsp; 2585 |
|  | &nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 192540 | &nbsp;&nbsp; 2475 |
|  | &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 199231 | &nbsp;&nbsp; 7708 |
| \* <br>| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.<sup>†</sup> <br>(Hotels, Restaurants & Leisure)<br>| 38109 | &nbsp;&nbsp; 3567 |
|  | &nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 369540 | &nbsp;&nbsp; 4661 |
|  | &nbsp;&nbsp;&nbsp; Pidilite Industries Ltd. <br>(Chemicals)<br>| 62508 | &nbsp;&nbsp; 1032 |
|  | &nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. <br>(Automobiles)<br>| 124459 | &nbsp;&nbsp; 4830 |

---

See accompanying Notes to Portfolio of Investments.

**40**

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | &nbsp;&nbsp;&nbsp; UNO Minda Ltd. <br>(Auto Components)<br>| 237436 | &nbsp;&nbsp; $3474 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 1011102 | &nbsp;&nbsp; 3710 |
|  |  |  | &nbsp;&nbsp; 157126 |
|  | **Indonesia—4.2%** | **Indonesia—4.2%** | **Indonesia—4.2%** |
|  | &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT <br>(Banks)<br>| 22489695 | &nbsp;&nbsp; 10290 |
| \* <br>| &nbsp;&nbsp;&nbsp; Grab Holdings Limited <br>(Road & Rail)<br>| 1304946 | &nbsp;&nbsp; 7856 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 145385 | &nbsp;&nbsp; 25984 |
|  |  |  | &nbsp;&nbsp; 44130 |
|  | **Philippines—1.0%** | **Philippines—1.0%** | **Philippines—1.0%** |
|  | &nbsp;&nbsp;&nbsp; BDO Unibank, Inc. <br>(Banks)<br>| 2086149 | &nbsp;&nbsp; 4764 |
|  | &nbsp;&nbsp;&nbsp; International Container Terminal <br> Services, Inc. <br>(Transportation Infrastructure)<br>| 656940 | &nbsp;&nbsp; 5323 |
|  |  |  | &nbsp;&nbsp; 10087 |
|  | **South Korea—11.3%** | **South Korea—11.3%** | **South Korea—11.3%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Coupang, Inc. <br>(Broadline Retail)<br>| 204745 | &nbsp;&nbsp; 6593 |
|  | &nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. <br>(Aerospace & Defense)<br>| 13749 | &nbsp;&nbsp; 10848 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. <br>(Electrical Equipment)<br>| 15770 | &nbsp;&nbsp; 6541 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 24157 | &nbsp;&nbsp; 3616 |
|  | &nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corporation <br>(Electrical Equipment)<br>| 5199 | &nbsp;&nbsp; 4965 |
|  | &nbsp;&nbsp;&nbsp; Hyundai Rotem Company <br>(Machinery)<br>| 40278 | &nbsp;&nbsp; 6287 |
|  | &nbsp;&nbsp;&nbsp; IsuPetasys Co., Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 66673 | &nbsp;&nbsp; 3388 |
| \* <br>| &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. <br>(Life Sciences Tools & Services)<br>| 6241 | &nbsp;&nbsp; 4435 |
|  | &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 399791 | &nbsp;&nbsp; 23907 |
|  | &nbsp;&nbsp;&nbsp; Samyangfoods Co., Ltd <br>(Food Products)<br>| 3799 | &nbsp;&nbsp; 4140 |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 179410 | &nbsp;&nbsp; 44435 |
|  |  |  | &nbsp;&nbsp; 119155 |
|  | **Taiwan—23.2%** | **Taiwan—23.2%** | **Taiwan—23.2%** |
|  | &nbsp;&nbsp;&nbsp; Accton Technology Corp. <br>(Communications Equipment)<br>| 350000 | &nbsp;&nbsp; 12000 |
|  | &nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 158000 | &nbsp;&nbsp; 5086 |
|  | &nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 44300 | &nbsp;&nbsp; 7340 |
|  | &nbsp;&nbsp;&nbsp; Bizlink Holding Inc. <br>(Electrical Equipment)<br>| 141968 | &nbsp;&nbsp; 4798 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Taiwan—(continued)** | **Taiwan—(continued)** | **Taiwan—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Chroma ATE, Inc. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 190000 | &nbsp;&nbsp; $3610 |
|  | &nbsp;&nbsp;&nbsp; Delta Electronics, Inc. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 760000 | &nbsp;&nbsp; 21295 |
|  | &nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 239000 | &nbsp;&nbsp; 9606 |
|  | &nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 222000 | &nbsp;&nbsp; 3172 |
|  | &nbsp;&nbsp;&nbsp; King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 69000 | &nbsp;&nbsp; 7448 |
|  | &nbsp;&nbsp;&nbsp; MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 234000 | &nbsp;&nbsp; 10096 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 565000 | &nbsp;&nbsp; 24192 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing <br> Co. Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 449836 | &nbsp;&nbsp; 125635 |
|  | &nbsp;&nbsp;&nbsp; Wiwynn Corp. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 86000 | &nbsp;&nbsp; 9354 |
|  |  |  | &nbsp;&nbsp; 243632 |
|  | **Thailand—0.5%** | **Thailand—0.5%** | **Thailand—0.5%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Fabrinet <br>(Electronic Equipment, Instruments <br> & Components)<br>| 13852 | &nbsp;&nbsp; 5051 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 831532 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—10.9%*** |  |  |
|  | **Czech Republic—0.3%** | **Czech Republic—0.3%** | **Czech Republic—0.3%** |
|  | &nbsp;&nbsp;&nbsp; Komercni banka, a.s. <br>(Banks)<br>| 67911 | &nbsp;&nbsp; 3403 |
|  | **Greece—2.4%** | **Greece—2.4%** | **Greece—2.4%** |
|  | &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services & Holdings <br> SA <br>(Banks)<br>| 3308044 | &nbsp;&nbsp; 12747 |
|  | &nbsp;&nbsp;&nbsp; JUMBO SA <br>(Specialty Retail)<br>| 69610 | &nbsp;&nbsp; 2388 |
|  | &nbsp;&nbsp;&nbsp; OPAP S.A. <br>(Hotels, Restaurants & Leisure)<br>| 127935 | &nbsp;&nbsp; 2984 |
|  | &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA <br>(Banks)<br>| 894376 | &nbsp;&nbsp; 7575 |
|  |  |  | &nbsp;&nbsp; 25694 |
|  | **Hungary—1.0%** | **Hungary—1.0%** | **Hungary—1.0%** |
|  | &nbsp;&nbsp;&nbsp; OTP Bank Nyrt. <br>(Banks)<br>| 121362 | &nbsp;&nbsp; 10482 |
|  | **Poland—0.3%** | **Poland—0.3%** | **Poland—0.3%** |
|  | &nbsp;&nbsp;&nbsp; PKO Bank Polski S.A. <br>(Banks)<br>| 154848 | &nbsp;&nbsp; 3003 |

---

See accompanying Notes to Portfolio of Investments.

**41**

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
|  | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** | **Saudi Arabia—0.1%** |
|  | &nbsp;&nbsp;&nbsp; Jamjoom Pharmaceuticals Factory Co. <br>(Pharmaceuticals)<br>| 12257 | &nbsp;&nbsp; $515 |
|  | **South Africa—3.5%** | **South Africa—3.5%** | **South Africa—3.5%** |
|  | &nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. <br>(Banks)<br>| 64445 | &nbsp;&nbsp; 12964 |
| \* <br>| &nbsp;&nbsp;&nbsp; Naspers Limited <br>(Broadline Retail)<br>| 59778 | &nbsp;&nbsp; 21650 |
|  | &nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. <br>(Insurance)<br>| 560640 | &nbsp;&nbsp; 2327 |
|  |  |  | &nbsp;&nbsp; 36941 |
|  | **Turkey—0.6%** | **Turkey—0.6%** | **Turkey—0.6%** |
|  | &nbsp;&nbsp;&nbsp; ASELSAN Elektronik Sanayi ve Ticaret <br> A.S. <br>(Aerospace & Defense)<br>| 1158002 | &nbsp;&nbsp; 5988 |
|  | **United Arab Emirates—2.7%** | **United Arab Emirates—2.7%** | **United Arab Emirates—2.7%** |
|  | &nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC <br>(Banks)<br>| 1145913 | &nbsp;&nbsp; 6795 |
|  | &nbsp;&nbsp;&nbsp; Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 2840071 | &nbsp;&nbsp; 7330 |
|  | &nbsp;&nbsp;&nbsp; Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 1436644 | &nbsp;&nbsp; 5104 |
|  | &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC <br>(Banks)<br>| 683957 | &nbsp;&nbsp; 4525 |
|  | &nbsp;&nbsp;&nbsp; Salik Co. PJSC <br>(Transportation Infrastructure)<br>| 2956128 | &nbsp;&nbsp; 4837 |
|  |  |  | &nbsp;&nbsp; 28591 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 114617 |
|  | ***Emerging Latin America—8.1%*** |  |  |
|  | **Brazil—5.8%** | **Brazil—5.8%** | **Brazil—5.8%** |
|  | &nbsp;&nbsp;&nbsp; Banco BTG Pactual SA <br>(Capital Markets)<br>| 910100 | &nbsp;&nbsp; 8252 |
|  | &nbsp;&nbsp;&nbsp; Embraer S.A. <br>(Aerospace & Defense)<br>| 274600 | &nbsp;&nbsp; 4143 |
|  | &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA—ADR <br>(Banks)<br>| 1783677 | &nbsp;&nbsp; 13092 |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 11853 | &nbsp;&nbsp; 27700 |
| \* <br>| &nbsp;&nbsp;&nbsp; NU Holdings Ltd.<sup>†</sup> <br>(Banks)<br>| 499229 | &nbsp;&nbsp; 7993 |
|  |  |  | &nbsp;&nbsp; 61180 |
|  | **Chile—0.8%** | **Chile—0.8%** | **Chile—0.8%** |
|  | &nbsp;&nbsp;&nbsp; Banco de Chile <br>(Banks)<br>| 20017723 | &nbsp;&nbsp; 3040 |
|  | &nbsp;&nbsp;&nbsp; Falabella S.A. <br>(Broadline Retail)<br>| 808353 | &nbsp;&nbsp; 4792 |
|  |  |  | &nbsp;&nbsp; 7832 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin*** <br> ***America—(continued)***<br>|  |  |
|  | **Mexico—0.8%** | **Mexico—0.8%** | **Mexico—0.8%** |
|  | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de <br> C.V. <br>(Banks)<br>| 498500 | &nbsp;&nbsp; $5007 |
|  | &nbsp;&nbsp;&nbsp; Prologis Property Mexico SA de CV <br> REIT <br>(Industrial REITs)<br>| 698404 | &nbsp;&nbsp; 2860 |
|  |  |  | &nbsp;&nbsp; 7867 |
|  | **Peru—0.7%** | **Peru—0.7%** | **Peru—0.7%** |
|  | &nbsp;&nbsp;&nbsp; Credicorp Ltd. <br>(Banks)<br>| 29302 | &nbsp;&nbsp; 7802 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 84681 |
|  | ***Asia Ex-Japan—1.4%*** |  |  |
|  | **Hong Kong—1.4%** | **Hong Kong—1.4%** | **Hong Kong—1.4%** |
|  | &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 254600 | &nbsp;&nbsp; 14461 |
|  | ***Western Hemisphere—0.1%*** |  |  |
|  | **United States—0.1%** | **United States—0.1%** | **United States—0.1%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Laureate Education, Inc. <br>(Diversified Consumer Services)<br>| 40828 | &nbsp;&nbsp; 1288 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—99.6%** <br>(cost $718,206)<br>|  | &nbsp;&nbsp; 1046579 |
|  | ***Preferred Stocks*** | ***Preferred Stocks*** | ***Preferred Stocks*** |
|  | ***Emerging Asia—0.0%*** |  |  |
|  | **India—0.0%** | **India—0.0%** | **India—0.0%** |
| \* <br>| &nbsp;&nbsp;&nbsp; TVS Motor Company Limited <br>(Automobiles)<br>| 405972 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp; **Total Preferred Stocks—0.0%** <br>(cost $0)<br>|  | &nbsp;&nbsp; 45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated 09/30/25, due 10/01/25, <br> repurchase price $3,580, collateralized <br> by U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $3,651<br>| $3580 | &nbsp;&nbsp; 3580 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—0.3%** <br>(cost $3,580)<br>|  | &nbsp;&nbsp; 3580 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.9%** <br>(cost $721,786)<br>|  | &nbsp;&nbsp; 1050204 |
| **Cash and other assets,** <br>**less liabilities—0.1%**<br>|  | &nbsp;&nbsp; 819 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1051023 |

---

------

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**42**

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $1041528 | &nbsp;&nbsp; $5051 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1046579 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 3580 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3580 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | &nbsp;&nbsp; 45 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45 |
| **Total Investments in Securities** | $1041528 | &nbsp;&nbsp; $8676 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1050204 |

---

See accompanying Notes to Portfolio of Investments.

**43**

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—73.4%*** |  |  |
|  | **India—21.4%** | **India—21.4%** | **India—21.4%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Amber Enterprises India Ltd. <br>(Household Durables)<br>| 1924 | &nbsp;&nbsp; $176 |
|  | &nbsp;&nbsp;&nbsp; Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 1992 | &nbsp;&nbsp; 167 |
|  | &nbsp;&nbsp;&nbsp; Bajaj Finance Limited <br>(Consumer Finance)<br>| 69419 | &nbsp;&nbsp; 781 |
|  | &nbsp;&nbsp;&nbsp; Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 132774 | &nbsp;&nbsp; 604 |
|  | &nbsp;&nbsp;&nbsp; Bharti Airtel Ltd. <br>(Wireless Telecommunication Services)<br>| 36661 | &nbsp;&nbsp; 778 |
|  | &nbsp;&nbsp;&nbsp; BSE Limited <br>(Capital Markets)<br>| 7525 | &nbsp;&nbsp; 173 |
|  | &nbsp;&nbsp;&nbsp; Coforge Limited <br>(IT Services)<br>| 12540 | &nbsp;&nbsp; 225 |
|  | &nbsp;&nbsp;&nbsp; Cummins India Ltd. <br>(Machinery)<br>| 3944 | &nbsp;&nbsp; 174 |
|  | &nbsp;&nbsp;&nbsp; Dixon Technologies India Ltd. <br>(Household Durables)<br>| 949 | &nbsp;&nbsp; 175 |
|  | &nbsp;&nbsp;&nbsp; Eicher Motors Limited <br>(Automobiles)<br>| 2349 | &nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp; GE T&D India Ltd. <br>(Electrical Equipment)<br>| 11379 | &nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp; HDFC Asset Management Co. Ltd. <br>(Capital Markets)<br>| 5035 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. <br>(Banks)<br>| 104422 | &nbsp;&nbsp; 1120 |
|  | &nbsp;&nbsp;&nbsp; Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 7993 | &nbsp;&nbsp; 427 |
|  | &nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. <br>(Electrical Equipment)<br>| 1007 | &nbsp;&nbsp; 204 |
|  | &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. <br>(Banks)<br>| 61228 | &nbsp;&nbsp; 930 |
|  | &nbsp;&nbsp;&nbsp; Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 62028 | &nbsp;&nbsp; 504 |
|  | &nbsp;&nbsp;&nbsp; InterGlobe Aviation Ltd. <br>(Airlines)<br>| 7754 | &nbsp;&nbsp; 488 |
| \* <br>| &nbsp;&nbsp;&nbsp; Kaynes Technology India Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 2640 | &nbsp;&nbsp; 210 |
|  | &nbsp;&nbsp;&nbsp; KFin Technologies Ltd. <br>(Capital Markets)<br>| 13646 | &nbsp;&nbsp; 163 |
|  | &nbsp;&nbsp;&nbsp; L&T Finance Limited <br>(Diversified Financial Services)<br>| 65400 | &nbsp;&nbsp; 184 |
|  | &nbsp;&nbsp;&nbsp; Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 16899 | &nbsp;&nbsp; 217 |
|  | &nbsp;&nbsp;&nbsp; Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 13481 | &nbsp;&nbsp; 522 |
| \* <br>| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.<sup>†</sup> <br>(Hotels, Restaurants & Leisure)<br>| 1804 | &nbsp;&nbsp; 169 |
|  | &nbsp;&nbsp;&nbsp; Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 25054 | &nbsp;&nbsp; 316 |
|  | &nbsp;&nbsp;&nbsp; Transformers & Rectifiers India Ltd. <br>(Electrical Equipment)<br>| 33856 | &nbsp;&nbsp; 185 |
|  | &nbsp;&nbsp;&nbsp; TVS Motor Co. Ltd. <br>(Automobiles)<br>| 9777 | &nbsp;&nbsp; 379 |
|  | &nbsp;&nbsp;&nbsp; UNO Minda Ltd. <br>(Auto Components)<br>| 13599 | &nbsp;&nbsp; 199 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; Vishal Mega Mart Limited <br>(Broadline Retail)<br>| 105624 | &nbsp;&nbsp; $177 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 115267 | &nbsp;&nbsp; 423 |
|  |  |  | &nbsp;&nbsp; 10947 |
|  | **Indonesia—5.4%** | **Indonesia—5.4%** | **Indonesia—5.4%** |
|  | &nbsp;&nbsp;&nbsp; Bank Central Asia Tbk. PT <br>(Banks)<br>| 1126400 | &nbsp;&nbsp; 515 |
|  | &nbsp;&nbsp;&nbsp; Bank Syariah Indonesia Tbk. PT <br>(Banks)<br>| 1919500 | &nbsp;&nbsp; 298 |
| \* <br>| &nbsp;&nbsp;&nbsp; Grab Holdings Limited <br>(Road & Rail)<br>| 75426 | &nbsp;&nbsp; 454 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sea Ltd.—ADR <br>(Entertainment)<br>| 8295 | &nbsp;&nbsp; 1483 |
|  |  |  | &nbsp;&nbsp; 2750 |
|  | **Malaysia—0.4%** | **Malaysia—0.4%** | **Malaysia—0.4%** |
|  | &nbsp;&nbsp;&nbsp; 99 Speed Mart Retail Holdings Bhd. <br>(Consumer Staples Distribution & Retail)<br>| 341600 | &nbsp;&nbsp; 223 |
|  | **Philippines—0.9%** | **Philippines—0.9%** | **Philippines—0.9%** |
|  | &nbsp;&nbsp;&nbsp; International Container Terminal Services, <br> Inc. <br>(Transportation Infrastructure)<br>| 56710 | &nbsp;&nbsp; 460 |
|  | **South Korea—14.7%** | **South Korea—14.7%** | **South Korea—14.7%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Coupang, Inc. <br>(Broadline Retail)<br>| 11657 | &nbsp;&nbsp; 375 |
|  | &nbsp;&nbsp;&nbsp; Hanwha Aerospace Co. Ltd. <br>(Aerospace & Defense)<br>| 960 | &nbsp;&nbsp; 757 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. <br>(Electrical Equipment)<br>| 1225 | &nbsp;&nbsp; 508 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 1761 | &nbsp;&nbsp; 264 |
|  | &nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corporation <br>(Electrical Equipment)<br>| 319 | &nbsp;&nbsp; 305 |
|  | &nbsp;&nbsp;&nbsp; Hyundai Rotem Company <br>(Machinery)<br>| 2007 | &nbsp;&nbsp; 313 |
|  | &nbsp;&nbsp;&nbsp; JB Financial Group Co. Ltd. <br>(Banks)<br>| 12371 | &nbsp;&nbsp; 202 |
| \* <br>| &nbsp;&nbsp;&nbsp; Samsung Biologics Co. Ltd. <br>(Life Sciences Tools & Services)<br>| 402 | &nbsp;&nbsp; 286 |
|  | &nbsp;&nbsp;&nbsp; Samsung Electronics Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 25681 | &nbsp;&nbsp; 1536 |
|  | &nbsp;&nbsp;&nbsp; Samyangfoods Co., Ltd <br>(Food Products)<br>| 282 | &nbsp;&nbsp; 307 |
|  | &nbsp;&nbsp;&nbsp; SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 10916 | &nbsp;&nbsp; 2704 |
|  |  |  | &nbsp;&nbsp; 7557 |
|  | **Taiwan—30.0%** | **Taiwan—30.0%** | **Taiwan—30.0%** |
|  | &nbsp;&nbsp;&nbsp; Accton Technology Corp. <br>(Communications Equipment)<br>| 19000 | &nbsp;&nbsp; 651 |
|  | &nbsp;&nbsp;&nbsp; Asia Vital Components Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 5000 | &nbsp;&nbsp; 161 |
|  | &nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 2700 | &nbsp;&nbsp; 447 |

---

See accompanying Notes to Portfolio of Investments.

**44**

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Taiwan—(continued)** | **Taiwan—(continued)** | **Taiwan—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Bizlink Holding Inc. <br>(Electrical Equipment)<br>| 10079 | &nbsp;&nbsp; $341 |
|  | &nbsp;&nbsp;&nbsp; Chroma ATE, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 33000 | &nbsp;&nbsp; 627 |
|  | &nbsp;&nbsp;&nbsp; Delta Electronics, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 40000 | &nbsp;&nbsp; 1121 |
|  | &nbsp;&nbsp;&nbsp; Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 13000 | &nbsp;&nbsp; 522 |
|  | &nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 13000 | &nbsp;&nbsp; 186 |
|  | &nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 73000 | &nbsp;&nbsp; 517 |
|  | &nbsp;&nbsp;&nbsp; King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 5000 | &nbsp;&nbsp; 540 |
|  | &nbsp;&nbsp;&nbsp; MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 13000 | &nbsp;&nbsp; 561 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 104000 | &nbsp;&nbsp; 4453 |
|  | &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co. <br> Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 16456 | &nbsp;&nbsp; 4596 |
|  | &nbsp;&nbsp;&nbsp; Wiwynn Corp. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 6000 | &nbsp;&nbsp; 653 |
|  |  |  | &nbsp;&nbsp; 15376 |
|  | **Thailand—0.6%** | **Thailand—0.6%** | **Thailand—0.6%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Fabrinet <br>(Electronic Equipment, Instruments & <br> Components)<br>| 862 | &nbsp;&nbsp; 314 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 37627 |
|  | ***Emerging Latin America—12.9%*** |  |  |
|  | **Brazil—8.0%** | **Brazil—8.0%** | **Brazil—8.0%** |
|  | &nbsp;&nbsp;&nbsp; Banco BTG Pactual SA <br>(Capital Markets)<br>| 44300 | &nbsp;&nbsp; 402 |
|  | &nbsp;&nbsp;&nbsp; Cury Construtora e Incorporadora SA <br>(Household Durables)<br>| 67500 | &nbsp;&nbsp; 438 |
|  | &nbsp;&nbsp;&nbsp; Embraer S.A. <br>(Aerospace & Defense)<br>| 18200 | &nbsp;&nbsp; 274 |
|  | &nbsp;&nbsp;&nbsp; Inter & Co, Inc. <br>(Banks)<br>| 37250 | &nbsp;&nbsp; 344 |
|  | &nbsp;&nbsp;&nbsp; Itau Unibanco Holding SA—ADR <br>(Banks)<br>| 88274 | &nbsp;&nbsp; 648 |
| \* <br>| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. <br>(Broadline Retail)<br>| 526 | &nbsp;&nbsp; 1229 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin America—(continued)*** |  |  |
|  | **Brazil—(continued)** | **Brazil—(continued)** | **Brazil—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; NU Holdings Ltd.<sup>†</sup> <br>(Banks)<br>| 32425 | &nbsp;&nbsp; $519 |
|  | &nbsp;&nbsp;&nbsp; Porto Seguro S/A <br>(Insurance)<br>| 24300 | &nbsp;&nbsp; 228 |
|  |  |  | &nbsp;&nbsp; 4082 |
|  | **Chile—1.2%** | **Chile—1.2%** | **Chile—1.2%** |
|  | &nbsp;&nbsp;&nbsp; Banco de Chile <br>(Banks)<br>| 1499260 | &nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp; Falabella S.A. <br>(Broadline Retail)<br>| 63426 | &nbsp;&nbsp; 376 |
|  |  |  | &nbsp;&nbsp; 604 |
|  | **Mexico—2.2%** | **Mexico—2.2%** | **Mexico—2.2%** |
| \* <br>| &nbsp;&nbsp;&nbsp; BBB Foods, Inc. <sup>†</sup> <br>(Consumer Staples Distribution & Retail)<br>| 6789 | &nbsp;&nbsp; 183 |
|  | &nbsp;&nbsp;&nbsp; Corp. Inmobiliaria Vesta S.A.B. de C.V. <br>(Real Estate Management & <br> Development)<br>| 66000 | &nbsp;&nbsp; 187 |
|  | &nbsp;&nbsp;&nbsp; Gentera S.A.B. de C.V. <br>(Consumer Finance)<br>| 131500 | &nbsp;&nbsp; 343 |
|  | &nbsp;&nbsp;&nbsp; Grupo Financiero Banorte S.A.B. de C.V. <br>(Banks)<br>| 44200 | &nbsp;&nbsp; 444 |
|  |  |  | &nbsp;&nbsp; 1157 |
|  | **Panama—0.5%** | **Panama—0.5%** | **Panama—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior, S.A. <br>(Diversified Financial Services)<br>| 5201 | &nbsp;&nbsp; 239 |
|  | **Peru—1.0%** | **Peru—1.0%** | **Peru—1.0%** |
|  | &nbsp;&nbsp;&nbsp; Credicorp Ltd. <br>(Banks)<br>| 1967 | &nbsp;&nbsp; 524 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 6606 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—12.6%*** |  |  |
|  | **Greece—1.8%** | **Greece—1.8%** | **Greece—1.8%** |
|  | &nbsp;&nbsp;&nbsp; Eurobank Ergasias Services & Holdings SA <br>(Banks)<br>| 136836 | &nbsp;&nbsp; 527 |
|  | &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA <br>(Banks)<br>| 47400 | &nbsp;&nbsp; 402 |
|  |  |  | &nbsp;&nbsp; 929 |
|  | **Hungary—1.0%** | **Hungary—1.0%** | **Hungary—1.0%** |
|  | &nbsp;&nbsp;&nbsp; OTP Bank Nyrt. <br>(Banks)<br>| 5948 | &nbsp;&nbsp; 514 |
|  | **Poland—0.8%** | **Poland—0.8%** | **Poland—0.8%** |
|  | &nbsp;&nbsp;&nbsp; Benefit Systems SA <br>(Professional Services)<br>| 254 | &nbsp;&nbsp; 212 |
|  | &nbsp;&nbsp;&nbsp; PKO Bank Polski S.A. <br>(Banks)<br>| 10891 | &nbsp;&nbsp; 211 |
|  |  |  | &nbsp;&nbsp; 423 |
|  | **South Africa—4.4%** | **South Africa—4.4%** | **South Africa—4.4%** |
|  | &nbsp;&nbsp;&nbsp; Capitec Bank Holdings Ltd. <br>(Banks)<br>| 3207 | &nbsp;&nbsp; 645 |
|  | &nbsp;&nbsp;&nbsp; MTN Group Limited <br>(Wireless Telecommunication Services)<br>| 28854 | &nbsp;&nbsp; 242 |
| \* <br>| &nbsp;&nbsp;&nbsp; Naspers Limited <br>(Broadline Retail)<br>| 2224 | &nbsp;&nbsp; 806 |

---

See accompanying Notes to Portfolio of Investments.

**45**

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
|  | **South Africa—(continued)** | **South Africa—(continued)** | **South Africa—(continued)** |
|  | &nbsp;&nbsp;&nbsp; OUTsurance Group Ltd. <br>(Insurance)<br>| 88890 | &nbsp;&nbsp; $369 |
|  | &nbsp;&nbsp;&nbsp; We Buy Cars Holdings Ltd. <br>(Specialty Retail)<br>| 61172 | &nbsp;&nbsp; 196 |
|  |  |  | &nbsp;&nbsp; 2258 |
|  | **Turkey—1.2%** | **Turkey—1.2%** | **Turkey—1.2%** |
|  | &nbsp;&nbsp;&nbsp; ASELSAN Elektronik Sanayi ve Ticaret <br> A.S. <br>(Aerospace & Defense)<br>| 74854 | &nbsp;&nbsp; 387 |
|  | &nbsp;&nbsp;&nbsp; BIM Birlesik Magazalar AS <br>(Consumer Staples Distribution & Retail)<br>| 17370 | &nbsp;&nbsp; 226 |
|  |  |  | &nbsp;&nbsp; 613 |
|  | **United Arab Emirates—3.4%** | **United Arab Emirates—3.4%** | **United Arab Emirates—3.4%** |
|  | &nbsp;&nbsp;&nbsp; Abu Dhabi Islamic Bank PJSC <br>(Banks)<br>| 26627 | &nbsp;&nbsp; 158 |
|  | &nbsp;&nbsp;&nbsp; Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 138186 | &nbsp;&nbsp; 356 |
|  | &nbsp;&nbsp;&nbsp; Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 119736 | &nbsp;&nbsp; 425 |
|  | &nbsp;&nbsp;&nbsp; Emirates NBD Bank PJSC <br>(Banks)<br>| 34456 | &nbsp;&nbsp; 228 |
|  | &nbsp;&nbsp;&nbsp; Parkin Company PJSC <br>(Commercial Services & Supplies)<br>| 98000 | &nbsp;&nbsp; 147 |
|  | &nbsp;&nbsp;&nbsp; Salik Co. PJSC <br>(Transportation Infrastructure)<br>| 244387 | &nbsp;&nbsp; 400 |
|  |  |  | &nbsp;&nbsp; 1714 |
|  | **Total Emerging Europe, Mid-East, Africa** |  | &nbsp;&nbsp; 6451 |
|  | ***Europe Ex-U.K.—0.5%*** |  |  |
|  | **Luxembourg—0.5%** | **Luxembourg—0.5%** | **Luxembourg—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. <br>(Wireless Telecommunication Services)<br>| 5033 | &nbsp;&nbsp; 244 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—99.4%** <br>(cost $40,506)<br>|  | &nbsp;&nbsp; 50928 |
|  | ***Preferred Stocks*** | ***Preferred Stocks*** | ***Preferred Stocks*** |
|  | ***Emerging Asia—0.0%*** |  |  |
|  | **India—0.0%** | **India—0.0%** | **India—0.0%** |
| \* <br>| &nbsp;&nbsp;&nbsp; TVS Motor Company Limited <br>(Automobiles)<br>| 37580 | &nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp; **Total Preferred Stocks—0.0%** <br>(cost $0)<br>|  | &nbsp;&nbsp; 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, 1.450% <br> dated 09/30/25, due 10/01/25, repurchase <br> price $435, collateralized by U.S. Treasury <br> Bond, 4.750%, due 11/15/2043, valued at <br> $444<br>| $435 | &nbsp;&nbsp; $435 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—0.9%** <br>(cost $435)<br>|  | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; **Total Investments—100.3%** <br>(cost $40,941)<br>|  | &nbsp;&nbsp; 51367 |
| **Liabilities, plus cash and** <br>**other assets—(0.3)%**<br>|  | &nbsp;&nbsp; (129)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $51238 |

---

------

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security <br> † U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

**46**

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $50614 | &nbsp;&nbsp; $314 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50928 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 435 | &nbsp;&nbsp; — | &nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks |  | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| **Total Investments in Securities** | $50614 | &nbsp;&nbsp; $753 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $51367 |

---

See accompanying Notes to Portfolio of Investments.

**47**

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—66.7%*** |  |  |
|  | **China—16.9%** | **China—16.9%** | **China—16.9%** |
|  | &nbsp;&nbsp;&nbsp; Atour Lifestyle Holdings Ltd.—ADR <br>(Hotels, Restaurants & Leisure)<br>| 70240 | &nbsp;&nbsp; $2640 |
| \* <br>| &nbsp;&nbsp;&nbsp; Beijing Geekplus Technology Co., Ltd. <br>(Machinery)<br>| 1526000 | &nbsp;&nbsp; 5785 |
|  | &nbsp;&nbsp;&nbsp; Chow Tai Fook Jewellery Group Limited <br>(Specialty Retail)<br>| 1441800 | &nbsp;&nbsp; 2883 |
| \* <br>| &nbsp;&nbsp;&nbsp; Duality Biotherapeutics, Inc. <br>(Biotechnology)<br>| 37400 | &nbsp;&nbsp; 1747 |
|  | &nbsp;&nbsp;&nbsp; Guangzhou Ruoyuchen Tech. Co.,Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 336980 | &nbsp;&nbsp; 2033 |
|  | &nbsp;&nbsp;&nbsp; Guizhou Chanhen Chemical Corporation <br>(Chemicals)<br>| 680900 | &nbsp;&nbsp; 2795 |
|  | &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Company <br> Limited <br>(Pharmaceuticals)<br>| 210000 | &nbsp;&nbsp; 973 |
|  | &nbsp;&nbsp;&nbsp; Huaxi Securities Co., Ltd. <br>(Capital Markets)<br>| 2117600 | &nbsp;&nbsp; 3051 |
|  | &nbsp;&nbsp;&nbsp; Mongolia Xingye Silver&tin Mining Co., <br> Ltd. <br>(Metals & Mining)<br>| 568400 | &nbsp;&nbsp; 2623 |
| \* <br>| &nbsp;&nbsp;&nbsp; NetEase Cloud Music Inc. <br>(Entertainment)<br>| 85450 | &nbsp;&nbsp; 2853 |
|  | &nbsp;&nbsp;&nbsp; Neway Valve (Suzhou) Co., Ltd. <br>(Machinery)<br>| 948100 | &nbsp;&nbsp; 5960 |
| \* <br>| &nbsp;&nbsp;&nbsp; Newborn Town Inc. <br>(Interactive Media & Services)<br>| 1470000 | &nbsp;&nbsp; 2465 |
|  | &nbsp;&nbsp;&nbsp; Ruijie Networks Co., Ltd. <br>(Communications Equipment)<br>| 244800 | &nbsp;&nbsp; 3071 |
|  | &nbsp;&nbsp;&nbsp; Shanghai Chicmax Cosmetics Co., Ltd. <br>(Personal Care Products)<br>| 298100 | &nbsp;&nbsp; 3699 |
|  | &nbsp;&nbsp;&nbsp; Shanghai Conant Optical Co., Ltd. <br>(Health Care Equipment & Supplies)<br>| 358500 | &nbsp;&nbsp; 1906 |
| \* <br>| &nbsp;&nbsp;&nbsp; Sichuan Kelun-Biotech Biopharmaceutical <br> Co., Ltd. <br>(Biotechnology)<br>| 15000 | &nbsp;&nbsp; 991 |
| \* <br>| &nbsp;&nbsp;&nbsp; UP Fintech Holding Limited—ADR <br>(Capital Markets)<br>| 132595 | &nbsp;&nbsp; 1415 |
| \* <br>| &nbsp;&nbsp;&nbsp; VNET Group, Inc.—ADR <br>(IT Services)<br>| 576181 | &nbsp;&nbsp; 5952 |
| \* <br>| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. <br>(Life Sciences Tools & Services)<br>| 716000 | &nbsp;&nbsp; 7204 |
|  | &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd. <br>(Machinery)<br>| 482400 | &nbsp;&nbsp; 1841 |
|  | &nbsp;&nbsp;&nbsp; Zhejiang Sanmei Chemical Industry Co., <br> Ltd. <br>(Chemicals)<br>| 255000 | &nbsp;&nbsp; 2104 |
|  |  |  | &nbsp;&nbsp; 63991 |
|  | **India—18.8%** | **India—18.8%** | **India—18.8%** |
|  | &nbsp;&nbsp;&nbsp; 360 ONE WAM Ltd. <br>(Capital Markets)<br>| 149150 | &nbsp;&nbsp; 1723 |
| \* <br>| &nbsp;&nbsp;&nbsp; Affle 3I Limited <br>(Media)<br>| 59481 | &nbsp;&nbsp; 1303 |
| \* <br>| &nbsp;&nbsp;&nbsp; Amber Enterprises India Ltd. <br>(Household Durables)<br>| 23758 | &nbsp;&nbsp; 2173 |
|  | &nbsp;&nbsp;&nbsp; Anant Raj Limited <br>(Real Estate Management & <br> Development)<br>| 345052 | &nbsp;&nbsp; 2705 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
| \* <br>| &nbsp;&nbsp;&nbsp; Anthem Biosciences Limited <br>(Life Sciences Tools & Services)<br>| 374515 | &nbsp;&nbsp; $3210 |
| \* <br>| &nbsp;&nbsp;&nbsp; Cartrade Tech Limited <br>(Specialty Retail)<br>| 76424 | &nbsp;&nbsp; 2109 |
| \* <br>| &nbsp;&nbsp;&nbsp; Chalet Hotels Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 252474 | &nbsp;&nbsp; 2706 |
|  | &nbsp;&nbsp;&nbsp; Fortis Healthcare Limited <br>(Health Care Providers & Services)<br>| 424711 | &nbsp;&nbsp; 4639 |
|  | &nbsp;&nbsp;&nbsp; GE T&D India Ltd. <br>(Electrical Equipment)<br>| 194749 | &nbsp;&nbsp; 6480 |
|  | &nbsp;&nbsp;&nbsp; Hitachi Energy India Ltd. <br>(Electrical Equipment)<br>| 10553 | &nbsp;&nbsp; 2139 |
| \* <br>| &nbsp;&nbsp;&nbsp; ITC Hotels Limited <br>(Hotels, Restaurants & Leisure)<br>| 1365031 | &nbsp;&nbsp; 3495 |
|  | &nbsp;&nbsp;&nbsp; J.K. Cement Limited <br>(Construction Materials)<br>| 52982 | &nbsp;&nbsp; 3762 |
|  | &nbsp;&nbsp;&nbsp; Karur Vysya Bank Ltd. <br>(Banks)<br>| 1802807 | &nbsp;&nbsp; 4264 |
| \* <br>| &nbsp;&nbsp;&nbsp; Kaynes Technology India Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 38802 | &nbsp;&nbsp; 3086 |
| \* <br>| &nbsp;&nbsp;&nbsp; Krishna Institute of Medical <br> Sciences Limited <br>(Health Care Providers & Services)<br>| 170343 | &nbsp;&nbsp; 1343 |
|  | &nbsp;&nbsp;&nbsp; Nippon Life India Asset Management <br> Limited <br>(Capital Markets)<br>| 198148 | &nbsp;&nbsp; 1921 |
| \* <br>| &nbsp;&nbsp;&nbsp; Oswal Pumps Limited <br>(Machinery)<br>| 136823 | &nbsp;&nbsp; 1112 |
|  | &nbsp;&nbsp;&nbsp; Quality Power Electrical Equipments <br> Limited <br>(Electrical Equipment)<br>| 313483 | &nbsp;&nbsp; 3778 |
|  | &nbsp;&nbsp;&nbsp; Radico Khaitan Ltd. <br>(Beverages)<br>| 55603 | &nbsp;&nbsp; 1808 |
| \* <br>| &nbsp;&nbsp;&nbsp; SAI Life Sciences Limited <br>(Life Sciences Tools & Services)<br>| 221178 | &nbsp;&nbsp; 2151 |
|  | &nbsp;&nbsp;&nbsp; Shaily Engineering Plastics Limited <br>(Machinery)<br>| 105413 | &nbsp;&nbsp; 2578 |
|  | &nbsp;&nbsp;&nbsp; Skipper Ltd. <br>(Construction & Engineering)<br>| 458923 | &nbsp;&nbsp; 2657 |
|  | &nbsp;&nbsp;&nbsp; Solar Industries India Ltd. <br>(Chemicals)<br>| 8108 | &nbsp;&nbsp; 1219 |
|  | &nbsp;&nbsp;&nbsp; Transformers & Rectifiers India Ltd. <br>(Electrical Equipment)<br>| 596919 | &nbsp;&nbsp; 3267 |
| \* <br>| &nbsp;&nbsp;&nbsp; Vishal Mega Mart Limited <br>(Broadline Retail)<br>| 3525888 | &nbsp;&nbsp; 5905 |
|  |  |  | &nbsp;&nbsp; 71533 |
|  | **Malaysia—2.5%** | **Malaysia—2.5%** | **Malaysia—2.5%** |
|  | &nbsp;&nbsp;&nbsp; 99 Speed Mart Retail Holdings Bhd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 3426500 | &nbsp;&nbsp; 2231 |
|  | &nbsp;&nbsp;&nbsp; Kelington Group Berhad <br>(Construction & Engineering)<br>| 1557200 | &nbsp;&nbsp; 2028 |
|  | &nbsp;&nbsp;&nbsp; Malayan Cement Berhad <br>(Construction Materials)<br>| 422800 | &nbsp;&nbsp; 706 |
|  | &nbsp;&nbsp;&nbsp; MN Holdings Berhad <br>(Construction & Engineering)<br>| 373200 | &nbsp;&nbsp; 161 |

---

See accompanying Notes to Portfolio of Investments.

**48**

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Malaysia—(continued)** | **Malaysia—(continued)** | **Malaysia—(continued)** |
|  | &nbsp;&nbsp;&nbsp; Southern Cable Group Berhad <br>(Electrical Equipment)<br>| 5147600 | &nbsp;&nbsp; $2850 |
|  | &nbsp;&nbsp;&nbsp; Sunway Construction Group Berhad <br>(Construction & Engineering)<br>| 1098700 | &nbsp;&nbsp; 1579 |
|  |  |  | &nbsp;&nbsp; 9555 |
|  | **Pakistan—1.3%** | **Pakistan—1.3%** | **Pakistan—1.3%** |
|  | &nbsp;&nbsp;&nbsp; Lucky Cement Limited <br>(Construction Materials)<br>| 1679400 | &nbsp;&nbsp; 2848 |
|  | &nbsp;&nbsp;&nbsp; Meezan Bank Limited <br>(Banks)<br>| 1429603 | &nbsp;&nbsp; 2221 |
|  |  |  | &nbsp;&nbsp; 5069 |
|  | **South Korea—14.2%** | **South Korea—14.2%** | **South Korea—14.2%** |
|  | &nbsp;&nbsp;&nbsp; APR Co.,Ltd. <br>(Personal Care Products)<br>| 22127 | &nbsp;&nbsp; 3943 |
|  | &nbsp;&nbsp;&nbsp; BNK Financial Group, Inc. <br>(Banks)<br>| 336525 | &nbsp;&nbsp; 3500 |
|  | &nbsp;&nbsp;&nbsp; Coway Co., Ltd. <br>(Household Durables)<br>| 26190 | &nbsp;&nbsp; 1839 |
|  | &nbsp;&nbsp;&nbsp; Hankuk Carbon Co., Ltd. <br>(Chemicals)<br>| 54243 | &nbsp;&nbsp; 1264 |
| \* <br>| &nbsp;&nbsp;&nbsp; Hanwha Engine <br>(Machinery)<br>| 119638 | &nbsp;&nbsp; 3829 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Electric Co. Ltd. <br>(Electrical Equipment)<br>| 8894 | &nbsp;&nbsp; 3689 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 9740 | &nbsp;&nbsp; 1458 |
|  | &nbsp;&nbsp;&nbsp; HD Hyundai Mipo Co.,Ltd. <br>(Machinery)<br>| 11942 | &nbsp;&nbsp; 1732 |
| \* <br>| &nbsp;&nbsp;&nbsp; HD-Hyundai Marine Engine Co., Ltd. <br>(Machinery)<br>| 42781 | &nbsp;&nbsp; 2528 |
|  | &nbsp;&nbsp;&nbsp; Hyosung Heavy Industries Corporation <br>(Electrical Equipment)<br>| 7672 | &nbsp;&nbsp; 7327 |
|  | &nbsp;&nbsp;&nbsp; IsuPetasys Co., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 105462 | &nbsp;&nbsp; 5359 |
|  | &nbsp;&nbsp;&nbsp; JB Financial Group Co. Ltd. <br>(Banks)<br>| 329335 | &nbsp;&nbsp; 5387 |
|  | &nbsp;&nbsp;&nbsp; Korea Investment Holdings Co., Ltd. <br>(Capital Markets)<br>| 26246 | &nbsp;&nbsp; 2712 |
|  | &nbsp;&nbsp;&nbsp; Meritz Financial Group Inc. <br>(Diversified Financial Services)<br>| 20672 | &nbsp;&nbsp; 1672 |
|  | &nbsp;&nbsp;&nbsp; PharmaResearch Co., Ltd. <br>(Biotechnology)<br>| 3898 | &nbsp;&nbsp; 1670 |
|  | &nbsp;&nbsp;&nbsp; Samyangfoods Co., Ltd <br>(Food Products)<br>| 5649 | &nbsp;&nbsp; 6156 |
|  |  |  | &nbsp;&nbsp; 54065 |
|  | **Taiwan—12.2%** | **Taiwan—12.2%** | **Taiwan—12.2%** |
|  | &nbsp;&nbsp;&nbsp; Acter Group Corporation Limited <br>(Construction & Engineering)<br>| 68000 | &nbsp;&nbsp; 1729 |
|  | &nbsp;&nbsp;&nbsp; ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 12000 | &nbsp;&nbsp; 1988 |
|  | &nbsp;&nbsp;&nbsp; Bizlink Holding Inc. <br>(Electrical Equipment)<br>| 143047 | &nbsp;&nbsp; 4834 |
|  | &nbsp;&nbsp;&nbsp; Chroma ATE, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 249000 | &nbsp;&nbsp; 4730 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Asia—(continued)*** |  |  |
| **Taiwan—(continued)** | **Taiwan—(continued)** | **Taiwan—(continued)** |
| &nbsp;&nbsp;&nbsp; Chunghwa Precision Test Tech. Co., Ltd <br>(Electronic Equipment, Instruments & <br> Components)<br>| 35000 | &nbsp;&nbsp; $2211 |
| &nbsp;&nbsp;&nbsp; Fortune Electric Co. Ltd. <br>(Electrical Equipment)<br>| 98500 | &nbsp;&nbsp; 1878 |
| &nbsp;&nbsp;&nbsp; Gold Circuit Electronics Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 122000 | &nbsp;&nbsp; 1743 |
| &nbsp;&nbsp;&nbsp; Hon. Precision, Inc <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 12680 | &nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp; Jentech Precision Industrial Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 37000 | &nbsp;&nbsp; 2926 |
| &nbsp;&nbsp;&nbsp; King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 43000 | &nbsp;&nbsp; 4642 |
| &nbsp;&nbsp;&nbsp; Marketech International Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 332000 | &nbsp;&nbsp; 2663 |
| &nbsp;&nbsp;&nbsp; MiTAC Holdings Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 683000 | &nbsp;&nbsp; 1965 |
| &nbsp;&nbsp;&nbsp; MPI Corporation <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 61000 | &nbsp;&nbsp; 3433 |
| &nbsp;&nbsp;&nbsp; Taichung Commercial Bank Company <br> Limited <br>(Banks)<br>| 5594287 | &nbsp;&nbsp; 4167 |
| &nbsp;&nbsp;&nbsp; Taiwan Union Technology Corporation <br>(Electronic Equipment, Instruments & <br> Components)<br>| 384000 | &nbsp;&nbsp; 3963 |
| &nbsp;&nbsp;&nbsp; Tripod Technology Corp. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 98000 | &nbsp;&nbsp; 966 |
| &nbsp;&nbsp;&nbsp; Wiselink Co., Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 256158 | &nbsp;&nbsp; 1719 |
|  |  | &nbsp;&nbsp; 46293 |
| **Thailand—0.8%** | **Thailand—0.8%** | **Thailand—0.8%** |
| &nbsp;&nbsp;&nbsp; Srisawad Corporation Public Company <br> Limited <br>(Consumer Finance)<br>| 3169400 | &nbsp;&nbsp; 2934 |
| **Total Emerging Asia** |  | &nbsp;&nbsp; 253440 |
| ***Emerging Latin America—18.0%*** |  |  |
| **Brazil—8.1%** | **Brazil—8.1%** | **Brazil—8.1%** |
| &nbsp;&nbsp;&nbsp; C&A Modas S.A. <br>(Specialty Retail)<br>| 1105733 | &nbsp;&nbsp; 3405 |
| &nbsp;&nbsp;&nbsp; Cury Construtora e Incorporadora SA <br>(Household Durables)<br>| 970300 | &nbsp;&nbsp; 6303 |
| &nbsp;&nbsp;&nbsp; Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes <br>(Household Durables)<br>| 722300 | &nbsp;&nbsp; 4166 |
| &nbsp;&nbsp;&nbsp; Direcional Engenharia SA <br>(Household Durables)<br>| 2270800 | &nbsp;&nbsp; 6899 |
| &nbsp;&nbsp;&nbsp; Inter & Co, Inc. <br>(Banks)<br>| 735626 | &nbsp;&nbsp; 6790 |

---

See accompanying Notes to Portfolio of Investments.

**49**

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin*** <br> ***America—(continued)***<br>|  |  |
|  | **Brazil—(continued)** | **Brazil—(continued)** | **Brazil—(continued)** |
|  | &nbsp;&nbsp;&nbsp; TOTVS SA <br>(Software)<br>| 233500 | &nbsp;&nbsp; $2015 |
|  | &nbsp;&nbsp;&nbsp; Vivara Participacoes SA <br>(Textiles, Apparel & Luxury Goods)<br>| 242000 | &nbsp;&nbsp; 1299 |
|  |  |  | &nbsp;&nbsp; 30877 |
|  | **Chile—0.9%** | **Chile—0.9%** | **Chile—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Parque Arauco S.A. <br>(Real Estate Management & <br> Development)<br>| 555769 | &nbsp;&nbsp; 1407 |
|  | &nbsp;&nbsp;&nbsp; Plaza S.A. <br>(Real Estate Management & <br> Development)<br>| 759022 | &nbsp;&nbsp; 2053 |
|  |  |  | &nbsp;&nbsp; 3460 |
|  | **Mexico—6.5%** | **Mexico—6.5%** | **Mexico—6.5%** |
|  | &nbsp;&nbsp;&nbsp; Alsea S.A.B. de C.V. <br>(Hotels, Restaurants & Leisure)<br>| 1281700 | &nbsp;&nbsp; 4261 |
|  | &nbsp;&nbsp;&nbsp; Fresnillo PLC <br>(Metals & Mining)<br>| 218684 | &nbsp;&nbsp; 6941 |
|  | &nbsp;&nbsp;&nbsp; Gentera S.A.B. de C.V. <br>(Consumer Finance)<br>| 2976500 | &nbsp;&nbsp; 7748 |
| \* <br>| &nbsp;&nbsp;&nbsp; Industrias Penoles, S.A.B. de C.V. <br>(Metals & Mining)<br>| 124661 | &nbsp;&nbsp; 5569 |
|  |  |  | &nbsp;&nbsp; 24519 |
|  | **Panama—0.7%** | **Panama—0.7%** | **Panama—0.7%** |
|  | &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio <br> Exterior, S.A. <br>(Diversified Financial Services)<br>| 58118 | &nbsp;&nbsp; 2672 |
|  | **Peru—1.8%** | **Peru—1.8%** | **Peru—1.8%** |
|  | &nbsp;&nbsp;&nbsp; Compania de Minas Buenaventura <br> S.A.A.—ADR <br>(Metals & Mining)<br>| 130433 | &nbsp;&nbsp; 3173 |
|  | &nbsp;&nbsp;&nbsp; Intercorp Financial Services Inc <br>(Banks)<br>| 95440 | &nbsp;&nbsp; 3850 |
|  |  |  | &nbsp;&nbsp; 7023 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 68551 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—9.3%*** |  |  |
|  | **Czech Republic—1.2%** | **Czech Republic—1.2%** | **Czech Republic—1.2%** |
|  | &nbsp;&nbsp;&nbsp; MONETA Money Bank, a. s. <br>(Banks)<br>| 576326 | &nbsp;&nbsp; 4597 |
|  | **Georgia—0.7%** | **Georgia—0.7%** | **Georgia—0.7%** |
|  | &nbsp;&nbsp;&nbsp; Bank of Georgia Group PLC <br>(Banks)<br>| 25185 | &nbsp;&nbsp; 2591 |
|  | **Greece—2.2%** | **Greece—2.2%** | **Greece—2.2%** |
|  | &nbsp;&nbsp;&nbsp; Optima bank SA <br>(Banks)<br>| 343928 | &nbsp;&nbsp; 3408 |
|  | &nbsp;&nbsp;&nbsp; Piraeus Financial Holdings SA <br>(Banks)<br>| 593144 | &nbsp;&nbsp; 5024 |
|  |  |  | &nbsp;&nbsp; 8432 |
|  | **Hungary—0.3%** | **Hungary—0.3%** | **Hungary—0.3%** |
|  | &nbsp;&nbsp;&nbsp; Magyar Telekom Telecommunications PLC <br>(Diversified Telecommunication <br> Services)<br>| 237318 | &nbsp;&nbsp; 1267 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
|  | **Morocco—0.7%** | **Morocco—0.7%** | **Morocco—0.7%** |
|  | &nbsp;&nbsp;&nbsp; Marsa Maroc SA <br>(Transportation Infrastructure)<br>| 13389 | &nbsp;&nbsp; $1398 |
|  | &nbsp;&nbsp;&nbsp; Travaux Generaux de construction <br> casablanca <br>(Construction & Engineering)<br>| 10675 | &nbsp;&nbsp; 1068 |
|  |  |  | &nbsp;&nbsp; 2466 |
|  | **Poland—0.3%** | **Poland—0.3%** | **Poland—0.3%** |
|  | &nbsp;&nbsp;&nbsp; Benefit Systems SA <br>(Professional Services)<br>| 1097 | &nbsp;&nbsp; 916 |
|  | **South Africa—0.9%** | **South Africa—0.9%** | **South Africa—0.9%** |
|  | &nbsp;&nbsp;&nbsp; Pan African Resources PLC <br>(Metals & Mining)<br>| 1470541 | &nbsp;&nbsp; 1732 |
|  | &nbsp;&nbsp;&nbsp; We Buy Cars Holdings Ltd. <br>(Specialty Retail)<br>| 534727 | &nbsp;&nbsp; 1715 |
|  |  |  | &nbsp;&nbsp; 3447 |
|  | **Turkey—2.5%** | **Turkey—2.5%** | **Turkey—2.5%** |
|  | &nbsp;&nbsp;&nbsp; ASELSAN Elektronik Sanayi ve Ticaret <br> A.S. <br>(Aerospace & Defense)<br>| 1436296 | &nbsp;&nbsp; 7427 |
|  | &nbsp;&nbsp;&nbsp; Logo Yazilim Sanayi ve Ticaret A.S. <br>(Software)<br>| 496012 | &nbsp;&nbsp; 2067 |
|  |  |  | &nbsp;&nbsp; 9494 |
|  | **United Arab Emirates—0.5%** | **United Arab Emirates—0.5%** | **United Arab Emirates—0.5%** |
|  | &nbsp;&nbsp;&nbsp; Air Arabia PJSC <br>(Airlines)<br>| 1990317 | &nbsp;&nbsp; 2032 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 35242 |
|  | ***Western Hemisphere—2.6%*** |  |  |
|  | **United States—2.6%** | **United States—2.6%** | **United States—2.6%** |
|  | &nbsp;&nbsp;&nbsp; Aura Minerals Inc. <br>(Metals & Mining)<br>| 169417 | &nbsp;&nbsp; 6304 |
| \* <br>| &nbsp;&nbsp;&nbsp; Laureate Education, Inc. <br>(Diversified Consumer Services)<br>| 112052 | &nbsp;&nbsp; 3534 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 9838 |
|  | ***United Kingdom—0.8%*** |  |  |
|  | &nbsp;&nbsp;&nbsp; Airtel Africa PLC <br>(Wireless Telecommunication Services)<br>| 924668 | &nbsp;&nbsp; 3034 |
|  | ***Asia Ex-Japan—0.5%*** |  |  |
|  | **Hong Kong—0.5%** | **Hong Kong—0.5%** | **Hong Kong—0.5%** |
| \* <br>| &nbsp;&nbsp;&nbsp; Cowell e Holdings Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 427000 | &nbsp;&nbsp; 2140 |
|  | &nbsp;&nbsp;&nbsp; **Total Common Stocks—97.9%** <br>(cost $304,984)<br>|  | &nbsp;&nbsp; 372245 |
|  | ***Preferred Stocks*** | ***Preferred Stocks*** | ***Preferred Stocks*** |
|  | ***Emerging Latin America—1.2%*** |  |  |
|  | **Brazil—1.2%** | **Brazil—1.2%** | **Brazil—1.2%** |
|  | &nbsp;&nbsp;&nbsp; Marcopolo SA <br>(Machinery)<br>| 2615600 | &nbsp;&nbsp; 4379 |
|  | &nbsp;&nbsp;&nbsp; **Total Preferred Stocks—1.2%** <br>(cost $4,644)<br>|  | &nbsp;&nbsp; 4379 |

---

See accompanying Notes to Portfolio of Investments.

**50**

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| &nbsp;&nbsp; **Principal**<br> **Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, 1.450% <br> dated 09/30/25, due 10/01/25, repurchase <br> price $209, collateralized by <br> U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $213<br>| $209 | &nbsp;&nbsp; $209 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—0.0%** <br>(cost $209)<br>|  | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.1%** <br>(cost $309,837)<br>|  | &nbsp;&nbsp; 376833 |
| **Cash and other assets,** <br>**less liabilities—0.9%**<br>|  | &nbsp;&nbsp; 3269 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $380102 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $369311 | &nbsp;&nbsp; $2934 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $372245 |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 4379 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4379 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 209 | &nbsp;&nbsp; — | &nbsp;&nbsp; 209 |
| **Total Investments in Securities** | $373690 | &nbsp;&nbsp; $3143 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $376833 |

---

See accompanying Notes to Portfolio of Investments.

**51**

------

**China Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Issuer**<br>| **Shares** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—96.0%*** |  |  |
|  | **China—96.0%** | **China—96.0%** | **China—96.0%** |
|  | &nbsp;&nbsp;&nbsp; Agricultural Bank of China Ltd. <br>(Banks)<br>| 64000 | &nbsp;&nbsp; $43 |
|  | &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 10976 | &nbsp;&nbsp; 250 |
|  | &nbsp;&nbsp;&nbsp; Atour Lifestyle Holdings Ltd.—ADR <br>(Hotels, Restaurants & Leisure)<br>| 1162 | &nbsp;&nbsp; 44 |
|  | &nbsp;&nbsp;&nbsp; Bank of Chengdu Co. Ltd. <br>(Banks)<br>| 8500 | &nbsp;&nbsp; 21 |
|  | &nbsp;&nbsp;&nbsp; Bank of Ningbo Co. Ltd. <br>(Banks)<br>| 8790 | &nbsp;&nbsp; 33 |
| \* <br>| &nbsp;&nbsp;&nbsp; Beijing Geekplus Technology Co., Ltd. <br>(Machinery)<br>| 5400 | &nbsp;&nbsp; 20 |
| \* <br>| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd <br>(Biotechnology)<br>| 700 | &nbsp;&nbsp; 18 |
|  | &nbsp;&nbsp;&nbsp; BYD Company Limited <br>(Automobiles)<br>| 1900 | &nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp; China Merchants Bank Co. Ltd. <br>(Banks)<br>| 9000 | &nbsp;&nbsp; 54 |
|  | &nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co. Ltd. <br>(Electrical Equipment)<br>| 1540 | &nbsp;&nbsp; 87 |
|  | &nbsp;&nbsp;&nbsp; East Money Information Co.,Ltd. <br>(Capital Markets)<br>| 7500 | &nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 1190 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp; Eoptolink Technology Inc., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 1140 | &nbsp;&nbsp; 58 |
|  | &nbsp;&nbsp;&nbsp; Foxconn Industrial Internet Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 4400 | &nbsp;&nbsp; 41 |
|  | &nbsp;&nbsp;&nbsp; Fuyao Glass Industry Group Co. Ltd. <br>(Auto Components)<br>| 5000 | &nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp; Gambol Pet Group Co., Ltd. <br>(Food Products)<br>| 1800 | &nbsp;&nbsp; 24 |
|  | &nbsp;&nbsp;&nbsp; Hansoh Pharmaceutical Group Company <br> Limited <br>(Pharmaceuticals)<br>| 4000 | &nbsp;&nbsp; 19 |
|  | &nbsp;&nbsp;&nbsp; Huaming Power Equipment Co. Ltd. <br>(Machinery)<br>| 8600 | &nbsp;&nbsp; 24 |
|  | &nbsp;&nbsp;&nbsp; Industrial and Commercial Bank of China <br> Limited <br>(Banks)<br>| 52000 | &nbsp;&nbsp; 38 |
| \* <br>| &nbsp;&nbsp;&nbsp; Innovent Biologics, Inc. <br>(Biotechnology)<br>| 1500 | &nbsp;&nbsp; 19 |
|  | &nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co.,Ltd <br>(Pharmaceuticals)<br>| 3400 | &nbsp;&nbsp; 34 |
|  | &nbsp;&nbsp;&nbsp; Laopu Gold Co., Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 300 | &nbsp;&nbsp; 27 |
|  | &nbsp;&nbsp;&nbsp; Mao Geping Cosmetics CO.,LTD. <br>(Personal Care Products)<br>| 1300 | &nbsp;&nbsp; 17 |
|  | &nbsp;&nbsp;&nbsp; Meitu, Inc. <br>(Interactive Media & Services)<br>| 27500 | &nbsp;&nbsp; 33 |
|  | &nbsp;&nbsp;&nbsp; Midea Group Co., Ltd. <br>(Household Durables)<br>| 2500 | &nbsp;&nbsp; 26 |
| \* <br>| &nbsp;&nbsp;&nbsp; NetEase Cloud Music Inc. <br>(Entertainment)<br>| 400 | &nbsp;&nbsp; 13 |
|  | &nbsp;&nbsp;&nbsp; NetEase, Inc. <br>(Entertainment)<br>| 2500 | &nbsp;&nbsp; 76 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **China—(continued)** | **China—(continued)** | **China—(continued)** |
|  | &nbsp;&nbsp;&nbsp; PICC Property and Casualty Company Limited <br>(Insurance)<br>| 14000 | &nbsp;&nbsp; $32 |
|  | &nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China Ltd. <br>(Insurance)<br>| 2300 | &nbsp;&nbsp; 16 |
|  | &nbsp;&nbsp;&nbsp; Pop Mart International Group Ltd. <br>(Specialty Retail)<br>| 1900 | &nbsp;&nbsp; 65 |
|  | &nbsp;&nbsp;&nbsp; Shanghai Chicmax Cosmetics Co., Ltd. <br>(Personal Care Products)<br>| 1900 | &nbsp;&nbsp; 24 |
|  | &nbsp;&nbsp;&nbsp; Shengyi Technology Co.,Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 3800 | &nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp; Shenzhen Inovance Technology Co. Ltd. <br>(Machinery)<br>| 4300 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp; Sieyuan Electric Co. Ltd. <br>(Electrical Equipment)<br>| 1900 | &nbsp;&nbsp; 29 |
|  | &nbsp;&nbsp;&nbsp; Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 4100 | &nbsp;&nbsp; 349 |
|  | &nbsp;&nbsp;&nbsp; Tencent Music Entertainment Group—ADR <br>(Entertainment)<br>| 805 | &nbsp;&nbsp; 19 |
|  | &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 750 | &nbsp;&nbsp; 57 |
|  | &nbsp;&nbsp;&nbsp; Victory Giant Technology (HuiZhou) Co., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 700 | &nbsp;&nbsp; 28 |
|  | &nbsp;&nbsp;&nbsp; WUS Printed Circuit Kunshan Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 4400 | &nbsp;&nbsp; 45 |
|  | &nbsp;&nbsp;&nbsp; WuXi AppTec Co., Ltd. <br>(Life Sciences Tools & Services)<br>| 2200 | &nbsp;&nbsp; 35 |
| \* <br>| &nbsp;&nbsp;&nbsp; WuXi XDC Cayman Inc. <br>(Life Sciences Tools & Services)<br>| 2000 | &nbsp;&nbsp; 20 |
| \* <br>| &nbsp;&nbsp;&nbsp; Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 11600 | &nbsp;&nbsp; 80 |
|  | &nbsp;&nbsp;&nbsp; Yutong Bus Co. Ltd. <br>(Machinery)<br>| 11500 | &nbsp;&nbsp; 44 |
| \* <br>| &nbsp;&nbsp;&nbsp; Zhejiang Leapmotor Technology Co., Ltd. <br>(Automobiles)<br>| 2400 | &nbsp;&nbsp; 20 |
|  | &nbsp;&nbsp;&nbsp; Zhongji Innolight Co. Ltd. <br>(Communications Equipment)<br>| 900 | &nbsp;&nbsp; 51 |
|  | &nbsp;&nbsp;&nbsp; Zijin Mining Group Company Limited <br>(Metals & Mining)<br>| 12000 | &nbsp;&nbsp; 50 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 2222 |

---

See accompanying Notes to Portfolio of Investments.

**52**

------

**China Growth Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Asia Ex-Japan—2.6%*** |  |  |
| **Hong Kong—2.6%** | **Hong Kong—2.6%** | **Hong Kong—2.6%** |
| &nbsp;&nbsp;&nbsp; Futu Holdings Ltd.—ADR <br>(Capital Markets)<br>| 119 | &nbsp;&nbsp; $21 |
| &nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 700 | &nbsp;&nbsp; 40 |
| **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; **Total Common Stocks—98.6%** <br>(cost $1,579)<br>|  | &nbsp;&nbsp; 2283 |
| &nbsp;&nbsp;&nbsp; **Total Investments—98.6%** <br>(cost $1,579)<br>|  | &nbsp;&nbsp; 2283 |
| **Cash and other assets,** <br>**less liabilities—1.4%**<br>|  | &nbsp;&nbsp; 33 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $2316 |

---

------

ADR American Depositary Receipt

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Common Stocks | $2283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2283 |

---

See accompanying Notes to Portfolio of Investments.

**53**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal** <br>**Amount** | **Value** |
| **Foreign Government Bonds—62.3%** | **Foreign Government Bonds—62.3%** | **Foreign Government Bonds—62.3%** |
| **Angola—0.8%** | **Angola—0.8%** | **Angola—0.8%** |
| &nbsp;&nbsp;&nbsp; Angola Government International Bond, <br>9.125%, due 11/26/49<br>| $600 | &nbsp;&nbsp; $502 |
| **Argentina—2.9%** | **Argentina—2.9%** | **Argentina—2.9%** |
| &nbsp;&nbsp;&nbsp; Argentina Government Bond, <br>29.500%, due 5/30/30<br>| 160000 | &nbsp;&nbsp; 89 |
| &nbsp;&nbsp;&nbsp; Argentina Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.000%, due 12/15/35 | 500 | &nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; 0.000%, due 12/15/35 | $3480 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; 1.000%, due 7/9/29 | 116 | &nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; 1.750%, due 7/9/30<sup>(a)</sup> | 816 | &nbsp;&nbsp; 551 |
| &nbsp;&nbsp;&nbsp; 4.250%, due 1/9/38<sup>(a)</sup> | 350 | &nbsp;&nbsp; 223 |
| &nbsp;&nbsp;&nbsp; 4.875%, due 7/9/41<sup>(a)</sup> | $500 | &nbsp;&nbsp; 242 |
| &nbsp;&nbsp;&nbsp; 5.000%, due 7/9/46<sup>(a)</sup> | 1145 | &nbsp;&nbsp; 600 |
|  |  | &nbsp;&nbsp; 1929 |
| **Bahrain—0.6%** | **Bahrain—0.6%** | **Bahrain—0.6%** |
| &nbsp;&nbsp;&nbsp; Bahrain Government International Bond, <br>5.250%, due 1/25/33<br>| 400 | &nbsp;&nbsp; 387 |
| **Barbados—0.3%** | **Barbados—0.3%** | **Barbados—0.3%** |
| &nbsp;&nbsp;&nbsp; Barbados Government International Bond, <br>8.000%, due 6/26/35<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 208 |
| **Benin—0.4%** | **Benin—0.4%** | **Benin—0.4%** |
| &nbsp;&nbsp;&nbsp; Benin Government International Bond, <br>6.875%, due 1/19/52<br>| 250 | &nbsp;&nbsp; 266 |
| **Bermuda—0.3%** | **Bermuda—0.3%** | **Bermuda—0.3%** |
| &nbsp;&nbsp;&nbsp; Bermuda Government International Bond, <br>3.375%, due 8/20/50<br>| $260 | &nbsp;&nbsp; 183 |
| **Bosnia & Herzegovina—0.5%** | **Bosnia & Herzegovina—0.5%** | **Bosnia & Herzegovina—0.5%** |
| &nbsp;&nbsp;&nbsp; Federation of Bosnia and Herzegovina, <br>5.500%, due 7/17/30<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 303 |
| **Brazil—2.6%** | **Brazil—2.6%** | **Brazil—2.6%** |
| Brazil Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, due 1/14/50 | $1320 | &nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; 7.250%, due 1/12/56 | 250 | &nbsp;&nbsp; 253 |
| Brazil Letras do Tesouro Nacional, |  |  |
| &nbsp;&nbsp;&nbsp; 0.000%, due 1/1/30 | 1400 | &nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; 0.010%, due 1/1/32 | 2600 | &nbsp;&nbsp; 220 |
| &nbsp;&nbsp;&nbsp; Brazil Notas do Tesouro Nacional, <br>10.000%, due 1/1/33<br>| 610 | &nbsp;&nbsp; 97 |
|  |  | &nbsp;&nbsp; 1710 |
| **Chile—0.5%** | **Chile—0.5%** | **Chile—0.5%** |
| Chile Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 2.550%, due 7/27/33 | $200 | &nbsp;&nbsp; 172 |
| &nbsp;&nbsp;&nbsp; 3.250%, due 9/21/71 | 200 | &nbsp;&nbsp; 125 |
|  |  | &nbsp;&nbsp; 297 |
| **Colombia—2.0%** | **Colombia—2.0%** | **Colombia—2.0%** |
| &nbsp;&nbsp;&nbsp; Colombia Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.125%, due 2/22/42 | 530 | &nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; 5.000%, due 6/15/45 | 430 | &nbsp;&nbsp; 323 |
| Titulo de Tesoreria de Colombia, |  |  |
| &nbsp;&nbsp;&nbsp; 7.000%, due 6/30/32 | 600000 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; 7.250%, due 10/26/50 | 2530000 | &nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; 12.750%, due 11/28/40 | 225000 | &nbsp;&nbsp; 60 |
|  |  | &nbsp;&nbsp; 1295 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Costa Rica—0.4%** | **Costa Rica—0.4%** | **Costa Rica—0.4%** |
| &nbsp;&nbsp;&nbsp; Costa Rica International Bond, <br>7.300%, due 11/13/54<br>| $250 | &nbsp;&nbsp; $274 |
| **Dominican Republic—2.3%** | **Dominican Republic—2.3%** | **Dominican Republic—2.3%** |
| Dominican Republic International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, due 9/23/32 | 1300 | &nbsp;&nbsp; 1245 |
| &nbsp;&nbsp;&nbsp; 10.500%, due 3/15/37<sup>(b)</sup> | 16500 | &nbsp;&nbsp; 284 |
|  |  | &nbsp;&nbsp; 1529 |
| **Ecuador—1.7%** | **Ecuador—1.7%** | **Ecuador—1.7%** |
| Ecuador Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 0.010%, due 7/31/30 | $920 | &nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp; 6.900%, due 7/31/30<sup>(a)</sup> | 180 | &nbsp;&nbsp; 159 |
| &nbsp;&nbsp;&nbsp; 6.900%, due 7/31/35<sup>(a)</sup> | 220 | &nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp; 6.900%, due 7/31/40<sup>(a)</sup> | 150 | &nbsp;&nbsp; 99 |
|  |  | &nbsp;&nbsp; 1129 |
| **Egypt—3.3%** | **Egypt—3.3%** | **Egypt—3.3%** |
| Egypt Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 5.625%, due 4/16/30 | 150 | &nbsp;&nbsp; 168 |
| &nbsp;&nbsp;&nbsp; 5.800%, due 9/30/27 | $900 | &nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp; 7.500%, due 2/16/61 | 800 | &nbsp;&nbsp; 627 |
| &nbsp;&nbsp;&nbsp; 8.150%, due 11/20/59 | 200 | &nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Egypt Treasury Bill, <br>0.000%, due 3/17/26<br>| 16500 | &nbsp;&nbsp; 306 |
|  |  | &nbsp;&nbsp; 2162 |
| **El Salvador—0.8%** | **El Salvador—0.8%** | **El Salvador—0.8%** |
| &nbsp;&nbsp;&nbsp; El Salvador Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 0.250%, due 4/17/30<sup>(b)</sup> | $200 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; 7.125%, due 1/20/50 | 615 | &nbsp;&nbsp; 530 |
|  |  | &nbsp;&nbsp; 534 |
| **Gabon—0.8%** | **Gabon—0.8%** | **Gabon—0.8%** |
| &nbsp;&nbsp;&nbsp; Gabon Government International Bond, <br>7.000%, due 11/24/31<br>| 650 | &nbsp;&nbsp; 520 |
| **Ghana—1.4%** | **Ghana—1.4%** | **Ghana—1.4%** |
| Ghana Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 0.000%, due 7/3/26<sup>(b)</sup> | 200 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; 6.000%, due 7/3/29<sup>(a)</sup>,<sup>(b)</sup> | 260 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; 6.000%, due 7/3/35<sup>(a)</sup> | 550 | &nbsp;&nbsp; 461 |
|  |  | &nbsp;&nbsp; 907 |
| **Guatemala—1.4%** | **Guatemala—1.4%** | **Guatemala—1.4%** |
| &nbsp;&nbsp;&nbsp; Guatemala Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.700%, due 10/7/33 | 600 | &nbsp;&nbsp; 533 |
| &nbsp;&nbsp;&nbsp; 4.650%, due 10/7/41 | 470 | &nbsp;&nbsp; 403 |
|  |  | &nbsp;&nbsp; 936 |
| **Hungary—2.4%** | **Hungary—2.4%** | **Hungary—2.4%** |
| Hungary Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 1.500%, due 11/17/50 | 100 | &nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; 3.125%, due 9/21/51 | $700 | &nbsp;&nbsp; 442 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 4/28/51 | 350000 | &nbsp;&nbsp; 656 |
| &nbsp;&nbsp;&nbsp; 6.125%, due 5/22/28 | $400 | &nbsp;&nbsp; 417 |
|  |  | &nbsp;&nbsp; 1575 |

---

See accompanying Notes to Portfolio of Investments.

**54**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Indonesia—1.4%** | **Indonesia—1.4%** | **Indonesia—1.4%** |
| &nbsp;&nbsp;&nbsp; Indonesia Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.850%, due 10/15/30 | $200 | &nbsp;&nbsp; $196 |
| &nbsp;&nbsp;&nbsp; 4.750%, due 9/10/34 | 450 | &nbsp;&nbsp; 449 |
| &nbsp;&nbsp;&nbsp; Perusahaan Penerbit SBSN Indonesia III, <br>4.700%, due 6/6/32<br>| 280 | &nbsp;&nbsp; 282 |
|  |  | &nbsp;&nbsp; 927 |
| **Ivory Coast—0.3%** | **Ivory Coast—0.3%** | **Ivory Coast—0.3%** |
| &nbsp;&nbsp;&nbsp; Ivory Coast Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.625%, due 3/22/48 | 100 | &nbsp;&nbsp; 101 |
| &nbsp;&nbsp;&nbsp; 6.625%, due 3/22/48 | 100 | &nbsp;&nbsp; 100 |
|  |  | &nbsp;&nbsp; 201 |
| **Jamaica—0.9%** | **Jamaica—0.9%** | **Jamaica—0.9%** |
| Jamaica Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 8.000%, due 3/15/39 | $150 | &nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; 9.625%, due 11/3/30 | 57500 | &nbsp;&nbsp; 377 |
|  |  | &nbsp;&nbsp; 559 |
| **Kazakhstan—0.4%** | **Kazakhstan—0.4%** | **Kazakhstan—0.4%** |
| &nbsp;&nbsp;&nbsp; Kazakhstan Government Bond, <br>12.000%, due 2/22/31<br>| 175000 | &nbsp;&nbsp; 263 |
| **Kyrgyzstan—0.4%** | **Kyrgyzstan—0.4%** | **Kyrgyzstan—0.4%** |
| &nbsp;&nbsp;&nbsp; Kyrgyzstan Government Bond, <br>7.750%, due 6/3/30<sup>(b)</sup><br>| $250 | &nbsp;&nbsp; 252 |
| **Lebanon—0.9%** | **Lebanon—0.9%** | **Lebanon—0.9%** |
| Lebanon Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 5.800%, due 4/14/20<sup>(c)</sup> | 798 | &nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; 6.600%, due 11/27/26<sup>(c)</sup> | 580 | &nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; 6.850%, due 3/23/27<sup>(c)</sup> | 200 | &nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; 8.200%, due 5/17/33<sup>(c)</sup> | 1110 | &nbsp;&nbsp; 247 |
|  |  | &nbsp;&nbsp; 596 |
| **Mexico—1.9%** | **Mexico—1.9%** | **Mexico—1.9%** |
| Mexico Goverment Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 3.750%, due 4/19/71 | 1500 | &nbsp;&nbsp; 911 |
| &nbsp;&nbsp;&nbsp; 7.750%, due 11/13/42 | 6720 | &nbsp;&nbsp; 319 |
|  |  | &nbsp;&nbsp; 1230 |
| **Mongolia—0.7%** | **Mongolia—0.7%** | **Mongolia—0.7%** |
| &nbsp;&nbsp;&nbsp; Mongolia Government International <br> Bond, <br>3.500%, due 7/7/27<br>| $450 | &nbsp;&nbsp; 433 |
| **Morocco—0.2%** | **Morocco—0.2%** | **Morocco—0.2%** |
| &nbsp;&nbsp;&nbsp; Morocco Government International Bond, <br>4.000%, due 12/15/50<br>| 200 | &nbsp;&nbsp; 147 |
| **Nigeria—1.7%** | **Nigeria—1.7%** | **Nigeria—1.7%** |
| &nbsp;&nbsp;&nbsp; Central Bank of Nigeria Bond, <br>0.010%, due 2/10/26<br>| 510000 | &nbsp;&nbsp; 321 |
| Nigeria Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 7.143%, due 2/23/30 | $200 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; 8.250%, due 9/28/51 | 350 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; 10.375%, due 12/9/34<sup>(b)</sup> | 250 | &nbsp;&nbsp; 278 |
|  |  | &nbsp;&nbsp; 1112 |
| **Oman—2.1%** | **Oman—2.1%** | **Oman—2.1%** |
| &nbsp;&nbsp;&nbsp; Oman Government International Bond, <br>6.750%, due 1/17/48<br>| 1250 | &nbsp;&nbsp; 1374 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Pakistan—1.1%** | **Pakistan—1.1%** | **Pakistan—1.1%** |
| Pakistan Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 6.000%, due 4/8/26 | $200 | &nbsp;&nbsp; $199 |
| &nbsp;&nbsp;&nbsp; 6.875%, due 12/5/27 | 500 | &nbsp;&nbsp; 499 |
|  |  | &nbsp;&nbsp; 698 |
| **Panama—1.0%** | **Panama—1.0%** | **Panama—1.0%** |
| Panama Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 3.870%, due 7/23/60 | 830 | &nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp; 4.500%, due 1/19/63 | 200 | &nbsp;&nbsp; 146 |
|  |  | &nbsp;&nbsp; 684 |
| **Paraguay—2.5%** | **Paraguay—2.5%** | **Paraguay—2.5%** |
| Paraguay Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 2.739%, due 1/29/33 | 250 | &nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; 3.849%, due 6/28/33 | 500 | &nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; 5.400%, due 3/30/50 | 600 | &nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; 6.650%, due 3/4/55 | 200 | &nbsp;&nbsp; 213 |
| &nbsp;&nbsp;&nbsp; 8.500%, due 3/4/35<sup>(b)</sup> | 1110000 | &nbsp;&nbsp; 151 |
|  |  | &nbsp;&nbsp; 1605 |
| **Peru—1.0%** | **Peru—1.0%** | **Peru—1.0%** |
| Peru Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 2.783%, due 1/23/31 | $260 | &nbsp;&nbsp; 240 |
| &nbsp;&nbsp;&nbsp; 3.230%, due 7/28/21 | 400 | &nbsp;&nbsp; 224 |
| &nbsp;&nbsp;&nbsp; 3.600%, due 1/15/72 | 300 | &nbsp;&nbsp; 191 |
|  |  | &nbsp;&nbsp; 655 |
| **Philippines—1.2%** | **Philippines—1.2%** | **Philippines—1.2%** |
| &nbsp;&nbsp;&nbsp; Philippines Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.700%, due 2/2/42 | 700 | &nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; 5.500%, due 2/4/35 | 200 | &nbsp;&nbsp; 213 |
|  |  | &nbsp;&nbsp; 799 |
| **Poland—1.1%** | **Poland—1.1%** | **Poland—1.1%** |
| Poland Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 5.125%, due 9/18/34 | 200 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; 5.500%, due 4/4/53 | 350 | &nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp; 5.500%, due 3/18/54 | 200 | &nbsp;&nbsp; 193 |
|  |  | &nbsp;&nbsp; 736 |
| **Romania—2.5%** | **Romania—2.5%** | **Romania—2.5%** |
| Romania Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 2.000%, due 4/14/33 | 455 | &nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp; 2.875%, due 4/13/42 | 530 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; 5.250%, due 11/25/27 | $400 | &nbsp;&nbsp; 404 |
| &nbsp;&nbsp;&nbsp; 5.625%, due 2/22/36<sup>(b)</sup> | 200 | &nbsp;&nbsp; 228 |
| &nbsp;&nbsp;&nbsp; 5.625%, due 5/30/37<sup>(b)</sup> | 150 | &nbsp;&nbsp; 168 |
|  |  | &nbsp;&nbsp; 1617 |
| **Saudi Arabia—0.6%** | **Saudi Arabia—0.6%** | **Saudi Arabia—0.6%** |
| &nbsp;&nbsp;&nbsp; Saudi Arabia Government International <br> Bond, <br>3.450%, due 2/2/61<br>| $650 | &nbsp;&nbsp; 425 |
| **Senegal—0.8%** | **Senegal—0.8%** | **Senegal—0.8%** |
| Senegal Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 4.750%, due 3/13/28 | 100 | &nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; 6.750%, due 3/13/48 | $700 | &nbsp;&nbsp; 434 |
|  |  | &nbsp;&nbsp; 536 |

---

See accompanying Notes to Portfolio of Investments.

**55**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **South Africa—0.9%** | **South Africa—0.9%** | **South Africa—0.9%** |
| &nbsp;&nbsp;&nbsp; South Africa Government International <br> Bond, <br>5.750%, due 9/30/49<br>| $700 | &nbsp;&nbsp; $561 |
| **Sri Lanka—1.6%** | **Sri Lanka—1.6%** | **Sri Lanka—1.6%** |
| &nbsp;&nbsp;&nbsp; Sri Lanka Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 3.350%, due 1/15/30<sup>(a)</sup>,<sup>(b)</sup> | 260 | &nbsp;&nbsp; 244 |
| &nbsp;&nbsp;&nbsp; 8.750%, due 3/15/33<sup>(a)</sup>,<sup>(b)</sup> | 300 | &nbsp;&nbsp; 257 |
| &nbsp;&nbsp;&nbsp; 9.500%, due 5/15/36<sup>(a)</sup>,<sup>(b)</sup> | 100 | &nbsp;&nbsp; 88 |
| &nbsp;&nbsp;&nbsp; 9.750%, due 2/15/38<sup>(a)</sup>,<sup>(b)</sup> | 200 | &nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp; 11.000%, due 12/15/29 | 90000 | &nbsp;&nbsp; 312 |
|  |  | &nbsp;&nbsp; 1079 |
| **Suriname—0.4%** | **Suriname—0.4%** | **Suriname—0.4%** |
| &nbsp;&nbsp;&nbsp; Suriname Government International Bond, <br>7.950%, due 7/15/33<sup>(b)</sup><br>| $233 | &nbsp;&nbsp; 232 |
| **Trinidad and Tobago—1.1%** | **Trinidad and Tobago—1.1%** | **Trinidad and Tobago—1.1%** |
| &nbsp;&nbsp;&nbsp; Trinidad and Tobago Government <br> International Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 6.400%, due 6/26/34<sup>(b)</sup> | 200 | &nbsp;&nbsp; 204 |
| &nbsp;&nbsp;&nbsp; 6.400%, due 6/26/34 | 510 | &nbsp;&nbsp; 519 |
|  |  | &nbsp;&nbsp; 723 |
| **Tunisia—0.6%** | **Tunisia—0.6%** | **Tunisia—0.6%** |
| &nbsp;&nbsp;&nbsp; Tunisian Government Bond, <br>6.375%, due 7/15/26<br>| 320 | &nbsp;&nbsp; 374 |
| **Turkey—2.4%** | **Turkey—2.4%** | **Turkey—2.4%** |
| &nbsp;&nbsp;&nbsp; Turkey Government Bond, <br>37.000%, due 2/18/26<br>| 12000 | &nbsp;&nbsp; 288 |
| Turkey Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 4.875%, due 4/16/43 | $200 | &nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; 5.250%, due 3/13/30 | 240 | &nbsp;&nbsp; 234 |
| &nbsp;&nbsp;&nbsp; 7.625%, due 5/15/34 | 200 | &nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; 9.375%, due 3/14/29 | 400 | &nbsp;&nbsp; 446 |
| &nbsp;&nbsp;&nbsp; Turkiye Vakiflar Bankasi, <br>5 year CMT + 4.439%, 1.000%, due <br> 12/31/99<sup>(b)</sup>,<sup>(d)</sup>,<sup>(e)</sup><br>| 250 | &nbsp;&nbsp; 250 |
|  |  | &nbsp;&nbsp; 1579 |
| **Uganda—0.4%** | **Uganda—0.4%** | **Uganda—0.4%** |
| &nbsp;&nbsp;&nbsp; Uganda Government Bond, <br>15.000%, due 6/18/43<br>| 1200000 | &nbsp;&nbsp; 294 |
| **Ukraine—1.8%** | **Ukraine—1.8%** | **Ukraine—1.8%** |
| Ukraine Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 1.258%, due 8/1/41 | $180 | &nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp; 7.750%, due 2/1/36<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 541 |
| &nbsp;&nbsp;&nbsp; 7.750%, due 2/1/36<sup>(a)</sup> | 1030 | &nbsp;&nbsp; 496 |
|  |  | &nbsp;&nbsp; 1180 |
| **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Government International <br> Bond, <br>3.000%, due 9/15/51<br>| 1000 | &nbsp;&nbsp; 695 |
| **Uruguay—1.1%** | **Uruguay—1.1%** | **Uruguay—1.1%** |
| &nbsp;&nbsp;&nbsp; Oriental Republic of Uruguay, <br>5.250%, due 9/10/60<br>| 370 | &nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp; Uruguay Government International Bond, <br>9.750%, due 7/20/33<br>| 14780 | &nbsp;&nbsp; 405 |
|  |  | &nbsp;&nbsp; 753 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Uzbekistan—0.7%** | **Uzbekistan—0.7%** | **Uzbekistan—0.7%** |
| &nbsp;&nbsp;&nbsp; Uzbekistan Government International <br> Bond,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 5.375%, due 5/29/27<sup>(b)</sup> | 200 | &nbsp;&nbsp; $242 |
| &nbsp;&nbsp;&nbsp; 6.900%, due 2/28/32<sup>(b)</sup> | $200 | &nbsp;&nbsp; 215 |
|  |  | &nbsp;&nbsp; 457 |
| **Venezuela—0.4%** | **Venezuela—0.4%** | **Venezuela—0.4%** |
| &nbsp;&nbsp;&nbsp; Venezuela Government International <br> Bond, <br>11.950%, due 8/5/31<sup>(c)</sup><br>| 1010 | &nbsp;&nbsp; 237 |
| **Zambia—1.7%** | **Zambia—1.7%** | **Zambia—1.7%** |
| Zambia Government International Bond, |  |  |
| &nbsp;&nbsp;&nbsp; 0.500%, due 12/31/53 | 900 | &nbsp;&nbsp; 609 |
| &nbsp;&nbsp;&nbsp; 5.750%, due 6/30/33<sup>(a)</sup> | 247 | &nbsp;&nbsp; 236 |
| &nbsp;&nbsp;&nbsp; 21.800%, due 3/17/40 | 5400 | &nbsp;&nbsp; 247 |
|  |  | &nbsp;&nbsp; 1092 |
| **Total Foreign Government Bonds** |  | &nbsp;&nbsp; 40751 |
| **Foreign Corporate Bonds—29.4%** | **Foreign Corporate Bonds—29.4%** | **Foreign Corporate Bonds—29.4%** |
| **Angola—0.9%** | **Angola—0.9%** | **Angola—0.9%** |
| &nbsp;&nbsp;&nbsp; Avenir Issuer III (Ireland) Designated <br> Activity Company, <br>6.000%, due 3/22/27<br>| $231 | &nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Avenir Issuer IV (Ireland) Designated <br> Activity Company, <br>6.000%, due 12/30/27<br>| 360 | &nbsp;&nbsp; 349 |
|  |  | &nbsp;&nbsp; 574 |
| **Bahrain—0.4%** | **Bahrain—0.4%** | **Bahrain—0.4%** |
| &nbsp;&nbsp;&nbsp; CBB International Sukuk Programme <br> Company W.L.L., <br>6.250%, due 10/18/30<br>| 250 | &nbsp;&nbsp; 260 |
| **Brazil—1.6%** | **Brazil—1.6%** | **Brazil—1.6%** |
| &nbsp;&nbsp;&nbsp; Aegea Finance S.a r.l., <br>7.625%, due 1/20/36<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Brazil Minas SPE via State of Minas <br> Gerais, <br>5.333%, due 2/15/28<br>| 207 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; CSN Inova Ventures, <br>6.750%, due 1/28/28<br>| 200 | &nbsp;&nbsp; 195 |
| &nbsp;&nbsp;&nbsp; Trident Energy Finance PLC, <br>12.500%, due 11/30/29<br>| 200 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Yinson Bergenia Production B.V., <br>8.498%, due 1/31/45<sup>(b)</sup><br>| 230 | &nbsp;&nbsp; 247 |
|  |  | &nbsp;&nbsp; 1055 |
| **Chile—1.4%** | **Chile—1.4%** | **Chile—1.4%** |
| &nbsp;&nbsp;&nbsp; Celulosa Arauco y Constitucion S.A., <br>6.180%, due 5/5/32<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 208 |
| Corp. Nacional del Cobre de Chile, |  |  |
| &nbsp;&nbsp;&nbsp; 3.700%, due 1/30/50 | 410 | &nbsp;&nbsp; 290 |
| &nbsp;&nbsp;&nbsp; 6.440%, due 1/26/36<sup>(b)</sup> | 200 | &nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group S.A., <br>7.875%, due 4/15/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 208 |
|  |  | &nbsp;&nbsp; 922 |
| **China—0.7%** | **China—0.7%** | **China—0.7%** |
| &nbsp;&nbsp;&nbsp; China Evergrande Group, <br>9.500%, due 3/29/24<sup>(c)</sup><br>| 300 | &nbsp;&nbsp; 4 |

---

See accompanying Notes to Portfolio of Investments.

**56**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **China—(continued)** | **China—(continued)** | **China—(continued)** |
| &nbsp;&nbsp;&nbsp; China Oil & Gas Group Limited, <br>4.700%, due 6/30/26<br>| $200 | &nbsp;&nbsp; $198 |
| &nbsp;&nbsp;&nbsp; Prosus N.V., <br>3.061%, due 7/13/31<br>| 250 | &nbsp;&nbsp; 226 |
| Yuzhou Group Holdings, |  |  |
| &nbsp;&nbsp;&nbsp; 1.000%, due 6/30/34 | 17 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; 4.000%, due 6/30/28 | 13 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; 4.500%, due 6/30/29 | 23 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; 5.000%, due 6/30/30 | 31 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; 5.500%, due 6/30/31 | 44 | &nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp; 7.000%, due 6/30/27 | 16 | &nbsp;&nbsp; 2 |
|  |  | &nbsp;&nbsp; 432 |
| **Colombia—0.7%** | **Colombia—0.7%** | **Colombia—0.7%** |
| &nbsp;&nbsp;&nbsp; Banco Davivienda S.A., <br>6.650%, due 12/31/99<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp; Bancolombia S.A. , <br>5 year CMT + 4.320%, 8.625%, due <br> 12/24/34<sup>(d)</sup><br>| 250 | &nbsp;&nbsp; 270 |
|  |  | &nbsp;&nbsp; 455 |
| **Costa Rica—0.3%** | **Costa Rica—0.3%** | **Costa Rica—0.3%** |
| &nbsp;&nbsp;&nbsp; Liberty Costa Rica Senior Secured <br> Finance, <br>10.875%, due 1/15/31<br>| 200 | &nbsp;&nbsp; 213 |
| **El Salvador—0.2%** | **El Salvador—0.2%** | **El Salvador—0.2%** |
| &nbsp;&nbsp;&nbsp; Comision Ejecutiva Hidroelectrica del <br> Rio Lempa, <br>8.650%, due 1/24/33<sup>(b)</sup><br>| 150 | &nbsp;&nbsp; 157 |
| **Georgia—0.4%** | **Georgia—0.4%** | **Georgia—0.4%** |
| &nbsp;&nbsp;&nbsp; Energo-Pro, <br>8.000%, due 5/27/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 249 |
| **Hong Kong—0.4%** | **Hong Kong—0.4%** | **Hong Kong—0.4%** |
| &nbsp;&nbsp;&nbsp; Bank of East Asia Limited, <br>5 year CMT + 5.527%, 5.825%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| $250 | &nbsp;&nbsp; 250 |
| **Hungary—0.3%** | **Hungary—0.3%** | **Hungary—0.3%** |
| &nbsp;&nbsp;&nbsp; OTP Bank Nyrt., <br>5 year CMT + 2.861%, 7.300%, due <br> 7/30/35<sup>(d)</sup><br>| 200 | &nbsp;&nbsp; 212 |
| **India—1.3%** | **India—1.3%** | **India—1.3%** |
| &nbsp;&nbsp;&nbsp; IRB Infrastructure Developers Limited, <br>7.110%, due 3/11/32<br>| 250 | &nbsp;&nbsp; 259 |
| &nbsp;&nbsp;&nbsp; Network i2i Limited, <br>5 year CMT + 3.390%, 3.975%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Sael Limited, <br>7.800%, due 7/31/31<br>| 188 | &nbsp;&nbsp; 193 |
| &nbsp;&nbsp;&nbsp; Vedanta Resources, <br>9.850%, due 4/24/33<br>| 200 | &nbsp;&nbsp; 203 |
|  |  | &nbsp;&nbsp; 853 |
| **Indonesia—2.7%** | **Indonesia—2.7%** | **Indonesia—2.7%** |
| &nbsp;&nbsp;&nbsp; Indonesia Government Sukuk , <br>5.200%, due 7/23/35<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Nickel Industries Limited, <br>9.000%, due 9/30/30<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 253 |
| &nbsp;&nbsp;&nbsp; Pertamina Persero PT, <br>2.300%, due 2/9/31<br>| 450 | &nbsp;&nbsp; 399 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **Indonesia—(continued)** | **Indonesia—(continued)** | **Indonesia—(continued)** |
| &nbsp;&nbsp;&nbsp; PT Bank Negara Indonesia (Persero) Tbk, <br>3.750%, due 3/30/26<br>| $200 | &nbsp;&nbsp; $198 |
| &nbsp;&nbsp;&nbsp; PT Pertamina (Persero), <br>6.000%, due 5/3/42<br>| 200 | &nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; PT Pertamina Hulu Energi, <br>5.250%, due 5/21/30<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; PT Sorik Marapi Geothermal Power, <br>7.750%, due 8/5/31<sup>(b)</sup><br>| 192 | &nbsp;&nbsp; 197 |
|  |  | &nbsp;&nbsp; 1763 |
| **Iraq—0.3%** | **Iraq—0.3%** | **Iraq—0.3%** |
| &nbsp;&nbsp;&nbsp; Pearl Petroleum, <br>13.000%, due 5/15/28<br>| 200 | &nbsp;&nbsp; 215 |
| **Kazakhstan—0.3%** | **Kazakhstan—0.3%** | **Kazakhstan—0.3%** |
| &nbsp;&nbsp;&nbsp; JSC Kaspi.kz, <br>6.250%, due 3/26/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 205 |
| **Macao—0.4%** | **Macao—0.4%** | **Macao—0.4%** |
| &nbsp;&nbsp;&nbsp; Melco Resorts & Entertainment Limited, <br>5.375%, due 12/4/29<br>| 250 | &nbsp;&nbsp; 244 |
| **Malaysia—1.0%** | **Malaysia—1.0%** | **Malaysia—1.0%** |
| Khazanah Capital Limited, |  |  |
| &nbsp;&nbsp;&nbsp; 4.759%, due 9/5/34 | 450 | &nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; 4.876%, due 6/1/33 | 200 | &nbsp;&nbsp; 205 |
|  |  | &nbsp;&nbsp; 659 |
| **Mexico—4.2%** | **Mexico—4.2%** | **Mexico—4.2%** |
| &nbsp;&nbsp;&nbsp; Banco Mercantil del Norte, <br>5 year CMT + 4.072%, 8.375%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp; Eagle Funding LuxCo S.a r.l., <br>5.500%, due 8/17/30<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 254 |
| Petroleos Mexicanos, |  |  |
| &nbsp;&nbsp;&nbsp; 6.500%, due 3/13/27 | 630 | &nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp; 6.750%, due 9/21/47 | 950 | &nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp; 6.840%, due 1/23/30 | 310 | &nbsp;&nbsp; 315 |
| &nbsp;&nbsp;&nbsp; 6.875%, due 8/4/26 | 140 | &nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; 7.690%, due 1/23/50 | 220 | &nbsp;&nbsp; 200 |
| &nbsp;&nbsp;&nbsp; Saavi Energia S.a r.l., <br>8.875%, due 2/10/35<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 216 |
|  |  | &nbsp;&nbsp; 2761 |
| **Peru—1.9%** | **Peru—1.9%** | **Peru—1.9%** |
| Banco de Credito del Peru S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 7.850%, due 1/11/29<sup>(b)</sup> | 400 | &nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp; 7.850%, due 1/11/29 | 250 | &nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Compania de Minas Buenaventura <br> S.A.A., <br>6.800%, due 2/4/32<sup>(b)</sup><br>| $200 | &nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Credicorp Capital Sociedad Titulizadora <br> S.A., <br>9.700%, due 3/5/45<br>| 480 | &nbsp;&nbsp; 146 |
| &nbsp;&nbsp;&nbsp; InRetail Consumer, <br>3.250%, due 3/22/28<br>| $200 | &nbsp;&nbsp; 194 |
| &nbsp;&nbsp;&nbsp; Scotiabank Peru S.A.A., <br>6.100%, due 10/1/35<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 260 |
| &nbsp;&nbsp;&nbsp; Volcan Cia Minera S.A.A., <br>8.750%, due 1/24/30<br>| 200 | &nbsp;&nbsp; 207 |
|  |  | &nbsp;&nbsp; 1212 |

---

See accompanying Notes to Portfolio of Investments.

**57**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **Saudi Arabia—2.4%** | **Saudi Arabia—2.4%** | **Saudi Arabia—2.4%** |
| &nbsp;&nbsp;&nbsp; Dar Al-Arkan Sukuk Company Limited, <br>7.250%, due 7/2/30<br>| $250 | &nbsp;&nbsp; $254 |
| &nbsp;&nbsp;&nbsp; Gaci First Investment Co., <br>4.875%, due 2/14/35<br>| 400 | &nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; KSA Sukuk Limited, <br>5.250%, due 6/4/34<br>| 600 | &nbsp;&nbsp; 624 |
| &nbsp;&nbsp;&nbsp; SAB AT1 Limited, <br>5 year CMT + 2.302%, 6.500%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 250 | &nbsp;&nbsp; 255 |
|  |  | &nbsp;&nbsp; 1532 |
| **Serbia—0.3%** | **Serbia—0.3%** | **Serbia—0.3%** |
| &nbsp;&nbsp;&nbsp; Telekom Srbija, <br>7.000%, due 10/28/29<br>| 200 | &nbsp;&nbsp; 203 |
| **South Africa—0.3%** | **South Africa—0.3%** | **South Africa—0.3%** |
| &nbsp;&nbsp;&nbsp; Stillwater Mining Co., <br>4.000%, due 11/16/26<br>| 210 | &nbsp;&nbsp; 207 |
| **Supranational—0.3%** | **Supranational—0.3%** | **Supranational—0.3%** |
| &nbsp;&nbsp;&nbsp; Africa Finance Corporation, <br>5 year CMT + 3.015%, 7.500%, due <br> 12/31/99<sup>(b)</sup>,<sup>(d)</sup>,<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 199 |
| **Trinidad and Tobago—0.6%** | **Trinidad and Tobago—0.6%** | **Trinidad and Tobago—0.6%** |
| &nbsp;&nbsp;&nbsp; Heritage Petroleum Company, <br>9.000%, due 8/12/29<br>| 200 | &nbsp;&nbsp; 206 |
| &nbsp;&nbsp;&nbsp; Port of Spain Waterfront Development, <br>7.875%, due 2/19/40<sup>(b)</sup><br>| 193 | &nbsp;&nbsp; 195 |
|  |  | &nbsp;&nbsp; 401 |
| **Turkey—1.2%** | **Turkey—1.2%** | **Turkey—1.2%** |
| &nbsp;&nbsp;&nbsp; Cimko Cimento AS, <br>10.750%, due 5/21/30<br>| 200 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Limak Yenilenebilir Enerji, <br>9.625%, due 8/12/30<br>| 200 | &nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; Turkiye Ihracat Kredi Bankasi AS, <br>5.750%, due 7/6/26<br>| 200 | &nbsp;&nbsp; 201 |
| &nbsp;&nbsp;&nbsp; WE Soda Investments Holding PLC, <br>9.375%, due 2/14/31<br>| 200 | &nbsp;&nbsp; 190 |
|  |  | &nbsp;&nbsp; 800 |
| **United Arab Emirates—3.2%** | **United Arab Emirates—3.2%** | **United Arab Emirates—3.2%** |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Commercial Bank, <br>5 year CMT + 1.677%, 5.361%, due <br> 3/10/35<sup>(d)</sup><br>| 250 | &nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp; Abu Dhabi Developmental Holding <br> Company PJSC, <br>5.375%, due 5/8/29<br>| 200 | &nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; Aldar Properties PJSC, <br>5 year CMT + 2.042%, 6.623%, due <br> 4/15/55<sup>(d)</sup><br>| 200 | &nbsp;&nbsp; 210 |
| &nbsp;&nbsp;&nbsp; Finance Department Government of <br> Sharjah,<br>|  |  |
| &nbsp;&nbsp;&nbsp; 4.000%, due 7/28/50 | 700 | &nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp; 6.125%, due 3/6/36<sup>(b)</sup> | 200 | &nbsp;&nbsp; 209 |
| &nbsp;&nbsp;&nbsp; First Abu Dhabi Bank PJSC, <br>5 year CMT + 4.138%, 4.500%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 250 | &nbsp;&nbsp; 248 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **United Arab Emirates—(continued)** | **United Arab Emirates—(continued)** | **United Arab Emirates—(continued)** |
| &nbsp;&nbsp;&nbsp; MAF Global Securities Limited, <br>5 year CMT + 3.539%, 6.375%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| $200 | &nbsp;&nbsp; $200 |
| &nbsp;&nbsp;&nbsp; Sobha Sukuk Limited, <br>8.750%, due 7/17/28<br>| 250 | &nbsp;&nbsp; 261 |
|  |  | &nbsp;&nbsp; 2070 |
| **Uruguay—0.3%** | **Uruguay—0.3%** | **Uruguay—0.3%** |
| &nbsp;&nbsp;&nbsp; Navios South American Logistics Inc, <br>8.875%, due 7/14/30<br>| 200 | &nbsp;&nbsp; 208 |
| **Uzbekistan—0.3%** | **Uzbekistan—0.3%** | **Uzbekistan—0.3%** |
| &nbsp;&nbsp;&nbsp; UzAuto Motors, <br>4.850%, due 5/4/26<br>| 200 | &nbsp;&nbsp; 198 |
| **Venezuela—1.1%** | **Venezuela—1.1%** | **Venezuela—1.1%** |
| Petroleos de Venezuela S.A., |  |  |
| &nbsp;&nbsp;&nbsp; 8.500%, due 10/27/20<sup>(c)</sup> | 75 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; 12.750%, due 2/17/22<sup>(c)</sup> | 3385 | &nbsp;&nbsp; 619 |
|  |  | &nbsp;&nbsp; 693 |
| **Total Foreign Corporate Bonds** |  | &nbsp;&nbsp; 19202 |
| **Foreign Municipal Bonds—0.3%** | **Foreign Municipal Bonds—0.3%** | **Foreign Municipal Bonds—0.3%** |
| **Argentina—0.3%** | **Argentina—0.3%** | **Argentina—0.3%** |
| Provincia de Buenos Aires, |  |  |
| &nbsp;&nbsp;&nbsp; 5.875%, due 9/1/37<sup>(a)</sup>,<sup>(b)</sup> | 50 | &nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; 6.625%, due 9/1/37<sup>(a)</sup> | 285 | &nbsp;&nbsp; 165 |
|  |  | &nbsp;&nbsp; 191 |
| **Total Foreign Municipal Bonds** |  | &nbsp;&nbsp; 191 |
| **Common Stocks—0.0%** | **Common Stocks—0.0%** | **Common Stocks—0.0%** |
| **China—0.0%** | **China—0.0%** | **China—0.0%** |
| Yuzhou Group Holdings | 15 | &nbsp;&nbsp; 0 |
| **U.S. Government—6.5%** | **U.S. Government—6.5%** | **U.S. Government—6.5%** |
| U.S. Treasury Bill, |  |  |
| &nbsp;&nbsp;&nbsp; 3.632%, due 9/3/26 | $670 | &nbsp;&nbsp; 648 |
| &nbsp;&nbsp;&nbsp; 3.680%, due 6/11/26 | 500 | &nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp; 3.696%, due 7/9/26<sup>(f)</sup> | 980 | &nbsp;&nbsp; 953 |
| &nbsp;&nbsp;&nbsp; 3.789%, due 2/12/26 | 330 | &nbsp;&nbsp; 325 |
| &nbsp;&nbsp;&nbsp; 3.819%, due 3/19/26 | 550 | &nbsp;&nbsp; 540 |
| &nbsp;&nbsp;&nbsp; 3.846%, due 1/22/26 | 500 | &nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp; 3.971%, due 10/30/25 | 378 | &nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bond, <br>4.739%, due 8/15/54<br>| 480 | &nbsp;&nbsp; 444 |
| **Total U.S. Government** |  | &nbsp;&nbsp; 4268 |

---

See accompanying Notes to Portfolio of Investments.

**58**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Repurchase Agreements—0.6%** | **Repurchase Agreements—0.6%** | **Repurchase Agreements—0.6%** |
| &nbsp;&nbsp;&nbsp; Fixed Income Clearing Corporation, <br> 1.450% dated , due 10/01/25, <br> repurchase price $355, collateralized by <br> U.S. Treasury Bond, 4.500%, due <br> 02/15/2044, valued at $362<br>| $355 | &nbsp;&nbsp; $355 |
| &nbsp;&nbsp;&nbsp; **Total Repurchase Agreements—0.6%** <br>(cost $355)<br>|  | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; **Total Purchased Options—0.0%** <br>(cost $80)<br>|  | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; **Total Investments—99.1%** <br>(cost $61,876)<br>|  | &nbsp;&nbsp; 64790 |
| **Cash and other assets, less** <br> **liabilities—0.9%**<br>|  | &nbsp;&nbsp; 620 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $65410 |

---

------

CMT Constant Maturity Treasury <br> PLC Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Security is currently in default and/or non-income producing.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Floating Rate Bond. Rate shown is as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is perpetual in nature and has no stated maturity.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $412 (in thousands).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date**<br>| **Deliver/Receive** | **Counterparty** | **Local Currency** <br>**(in thousands)**<br>| **USD (Base)** <br>**Purchased** <br>**or Sold**<br>| **Current** <br>**Value**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| *Foreign Currency Bought* |  |  |  |  |  |  |
| 12/17/25 | Indian Rupee | Citibank N.A. | 14843 | $168 | $167 | &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|
| 12/17/25 | Kenyan Shilling | Citibank N.A. | 22286 | 171 | 171 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12/17/25 | Uzbekistan Sum | Citibank N.A. | 3899258 | 310 | 318 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| 12/17/25 | Angola Kwanza | Citibank N.A. | 158818 | 169 | 168 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 12/17/25 | Ukrainian Hryvnia | Citibank N.A. | 7151 | 171 | 170 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 12/17/25 | Colombian Peso | Citibank N.A. | 260690 | 66 | 66 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 12/17/25 | Euro | Citibank N.A. | 717 | 855 | 846 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
| 1/16/26 | Argentine Peso | Citibank N.A. | 474740 | 335 | 284 | &nbsp;&nbsp;&nbsp;&nbsp; (51)<br>|
| *Foreign Currency Sold* |  |  |  |  |  |  |
| 12/17/25 | Colombian Peso | Citibank N.A. | 260690 | 65 | 66 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| 12/17/25 | Euro | Citibank N.A. | 3477 | 4103 | 4099 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| 1/16/26 | Argentine Peso | Citibank N.A. | 299740 | 229 | 180 | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | &nbsp;&nbsp;&nbsp;&nbsp; $(3)<br>|

---

See accompanying Notes to Portfolio of Investments.

**59**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** |
| **Description** | **Counterparty** | **Exercise** <br>**Price/Rate**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Value** | **Premiums** <br>**Paid** <br>**(Received)** <br>**by Fund**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp; Call–OTC USD <br> versus EUR<br>| Citibank N.A. | 1.14 | &nbsp;&nbsp; 10/27/2025 | &nbsp;&nbsp; 2280000 | $&nbsp;&nbsp; 2280 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; (10)<br>|
| &nbsp;&nbsp;&nbsp; Put–iShares J.P. <br> Morgan USD <br> Emerging <br> Markets Bond <br> ETF<br>| &nbsp;&nbsp; Goldman Sachs <br> International<br>| 93.00 | &nbsp;&nbsp; 11/21/2025 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 3906 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; (38)<br>|
| &nbsp;&nbsp;&nbsp; Put–OTC USD <br> versus JPY<br>| Citibank N.A. | 144.00 | &nbsp;&nbsp; 11/17/2025 | &nbsp;&nbsp; 1000000 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; (9)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(57)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  |
| **Reference** <br>**Entity**<br>| **Buy/Sell** <br>**Protection**<br>| **Fixed (Pay)** <br>**Receive Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Upfront** <br>**Payment** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic <br> Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | June 2027<br> ICE | $250 | $205 | $51 | $(154)<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic <br> Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | December 2029<br> ICE | 204 | 94 | 85 | (9)<br>|
| &nbsp;&nbsp;&nbsp; Saudi Arabia <br> Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | December 2026<br> ICE | 400 | (6)<br>| (3)<br>| 3 |
| &nbsp;&nbsp;&nbsp; Turkey Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | December 2030<br> ICE | 750 | 54 | 52 | (2)<br>|
| &nbsp;&nbsp;&nbsp; Argentine Republic <br> Government <br> International <br> Bond<br>| Sell | 5.000% | Quarterly | June 2027<br> ICE | 250 | (190)<br>| (36)<br>| 154 |
|  |  |  |  |  |  |  |  | $(8)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  |
| **Floating Rate** <br>**Reference**<br>| **Pay/Receive** <br>**Floating Rate**<br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Upfront** <br>**Payment** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp; 1-Day USD-SOFR <br> Compounded<br>| Pay | 4.500% | Annual | March 2027<br> LCH | $3073 | $18 | $47 | $29 |
| &nbsp;&nbsp;&nbsp; 1-Day USD-SOFR <br> Compounded<br>| Pay | 4.250% | Annual | March 2029<br> LCH | 3614 | 24 | 104 | 80 |
| &nbsp;&nbsp;&nbsp; 1-Day USD-SOFR <br> Compounded<br>| Pay | 3.750% | Annual | March 2032<br> LCH | 3110 | (6)<br>| 41 | 47 |
| &nbsp;&nbsp;&nbsp; 1-Day USD-SOFR <br> Compounded<br>| Pay | 3.600% | Annual | September 2035<br> LCH | 2621 | 1 | (13)<br>| (14)<br>|
| &nbsp;&nbsp;&nbsp; 1-Day USD-SOFR <br> Compounded<br>| Pay | 4.000% | Annual | March 2044<br> LCH | 3358 | (28)<br>| 15 | 43 |
| 28-Day MXN-TIIE | Pay | 10.650% | 28 Days | October 2025<br> LCH | 10000 |  | 2 | 2 |
| &nbsp;&nbsp;&nbsp; 1-Day USD-SOFR <br> Compounded<br>| Receive | 3.500% | Annual | September 2054<br> LCH | $2439 | 150 | 185 | 35 |
| &nbsp;&nbsp;&nbsp; 6-Month EUR-<br> EURIBOR<br>| Receive | 3.000% | Annual | March 2027<br> LCH | 170 |  | (5)<br>| (5)<br>|
| &nbsp;&nbsp;&nbsp; 6-Month EUR-<br> EURIBOR<br>| Receive | 2.750% | Annual | March 2031<br> LCH | 300 | (9)<br>| (11)<br>| (2)<br>|
| &nbsp;&nbsp;&nbsp; 6-Month EUR-<br> EURIBOR<br>| Receive | 3.250% | Annual | September 2033<br> LCH | 400 | (25)<br>| (23)<br>| 2 |

---

See accompanying Notes to Portfolio of Investments.

**60**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** |
| **Floating Rate**<br> **Reference**<br>| **Pay/Receive**<br> **Floating Rate**<br>| **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional**<br> **Amount**<br> **(in** <br> **thousands)** | **Notional**<br> **Amount**<br> **(in** <br> **thousands)** | **Upfront**<br> **Payment**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp; 6-Month EUR-<br> EURIBOR<br>| Receive | 2.750% | Annual | March 2034<br> LCH | EUR | 172 | (4)<br>| (5)<br>| (1)<br>|
| &nbsp;&nbsp;&nbsp; 6-Month EUR-<br> EURIBOR<br>| Receive | 2.750% | Annual | March 2039<br> LCH |  | 817 | (10)<br>| (6)<br>| 4 |
| &nbsp;&nbsp;&nbsp; 6-Month EUR-<br> EURIBOR<br>| Receive | 2.500% | Annual | March 2049<br> LCH |  | 61 | 2 | 4 | 2 |
|  |  |  |  |  |  |  |  |  | $222 |
| **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | $214 |

---

------

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| SOFR | Secured Overnight Financing Rate |
| LCH | London Clearing House |
| TIIE | Interbank Equilibrium Interest Rate |
| EURIBOR | Euro Interbank Offered Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Currency Legend** | **Currency Legend** |
| ARS | Argentina Peso |
| BRL | Brazilian Real |
| COP | Colombian Peso |
| DOP | Dominican Republic Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| HKD | Hong Kong Dollar |
| HUF | Hungary Forint |
| JMD | Jamaican Dollar |
| KZT | Kazakhstan Tenge |
| LKR | Sri Lanka Rupee |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PYG | Paraguay Guarani |
| TRY | Turkish Lira |
| UGX | Uganda Shilling |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZMW | Zambian Kwacha |

---

See accompanying Notes to Portfolio of Investments.

**61**

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, September 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of September 30, 2025, 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).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; Foreign Government Bonds | $— | &nbsp;&nbsp; $40751 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $40751 |
| &nbsp;&nbsp;&nbsp; Foreign Corporate Bonds |  | &nbsp;&nbsp; 19202 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19202 |
| &nbsp;&nbsp;&nbsp; U.S. Government |  | &nbsp;&nbsp; 4268 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4268 |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements |  | &nbsp;&nbsp; 355 | &nbsp;&nbsp; — | &nbsp;&nbsp; 355 |
| &nbsp;&nbsp;&nbsp; Foreign Municipal Bonds |  | &nbsp;&nbsp; 191 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | &nbsp;&nbsp; 23 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Common Stocks |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Investments in Securities** | $— | &nbsp;&nbsp; $64790 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $64790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts | $— | &nbsp;&nbsp; $61 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $61 |
| &nbsp;&nbsp;&nbsp; Swaps |  | &nbsp;&nbsp; 401 | &nbsp;&nbsp; — | &nbsp;&nbsp; 401 |
| **Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts |  | &nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (64)<br>|
| &nbsp;&nbsp;&nbsp; Swaps |  | &nbsp;&nbsp; (187)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (187)<br>|
| **Total Other Financial Instruments** | $— | &nbsp;&nbsp; $211 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $211 |

---

See accompanying Notes to Portfolio of Investments.

**62**

------

**Notes to Portfolios of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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, 2025, 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>U.S. Equity</u>**

Growth Fund

Large Cap Growth Fund

Mid Cap Value Fund

Small-Mid Cap Core Fund

Small-Mid Cap Growth Fund

Small-Mid Cap Value Fund

Small Cap Growth Fund

Small Cap Value Fund

**<u>Global Equity</u>**

Global Leaders Fund

**<u>International Equity</u>**

International Leaders Fund

International Growth Fund

Institutional International Growth Fund

International Small Cap Growth Fund

Emerging Markets Leaders Fund

Emerging Markets Growth Fund

Emerging Markets ex China Growth Fund

Emerging Markets Small Cap Growth Fund

China Growth Fund

**<u>Emerging Markets Debt</u>**

Emerging Markets Debt Fund

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. |

---

*(b)* *Foreign Currency Translation*

The Funds may invest in securities denominated in foreign currencies. As such, assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate on the date of valuation. The values of foreign investments, open forward foreign currency contracts, and cash denominated in foreign currencies are translated into U.S. dollars using a spot market rate of exchange as of the time of the determination of each Fund's net asset value, typically 4:00 p.m. Eastern time on days when there is regular trading on the NYSE. Receivables and payables for securities transactions, dividends, interest income and tax reclaims are translated into U.S. dollars using a spot market rate of exchange as of 4:00 p.m. Eastern time. Settlement of purchases and sales and dividend and interest receipts are translated into U.S. dollars using a spot market rate of exchange as of 11:00 a.m. Eastern time.

*(c)* *Repurchase Agreements*

In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser's holding period, while the seller's obligation to repurchase is secured by the value of the underlying collateral. William Blair Investment Management, LLC ("the Adviser") monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund's ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. 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.

**63**

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**Notes to Portfolios of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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 ("OTC") 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, 2025, fair valuation estimates for foreign equity securities were not obtained.

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

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

Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.

Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security's or instrument's underlying reference asset.

Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the OTC market shall be valued by an independent pricing service.

Securities, and other assets, for which a market quotation is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.

*(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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

**64**

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**Notes to Portfolios of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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 at the end of each Fund's Portfolio of Investments.

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 OTC market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

*Fixed Income Securities*

Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.

*Repurchase Agreements*

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

*Derivative Instruments*

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

*Level 3 Securities*

The fair value estimates for the Level 3 securities in the Small-Mid Cap Growth Fund and Small Cap Growth Fund were determined in good faith by the Adviser pursuant to the Trust's Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company's performance and market trends that influence its performance. The Level 3 securities represented 0.00% and 0.00% as a percentage of net assets in the Small-Mid Cap Growth Fund and Small Cap Growth Fund, respectively.

**65**

------

**Notes to Portfolios of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(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. The derivative instruments held as of September 30, 2025 as disclosed in each Fund's Portfolio of Investments, are representative of each Fund's derivative instrument trading activity during the period ended September 30, 2025.

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

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

*Forward Foreign Currency Contracts*

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

*Options*

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

*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

**66**

------

**Notes to Portfolios of Investments**

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.

**67**

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** WILLIAM BLAIR FUNDS

- **b. Investment Company Act file number:** 811-05344

- **c. CIK number of Registrant:** 0000822632

- **d. LEI of Registrant:** SNQR0U5FDV8EZZX4W051

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 150 NORTH RIVERSIDE PLAZA

  - **City:** CHICAGO

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-364-8000

**Item A.2. Information about the Series.**

- **a. Name of Series:** William Blair Growth Fund

- **b. EDGAR series identifier (if any):** S000008594

- **c. LEI of Series:** 549300CN8MT9K8UCDE27

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $247566358.49

**Total Liabilities:** $204680.57

**Net Assets:** $247361677.92

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000023523 | 2.75%                | 1.39%                | 2.85%                |
| Class ID C000211716 | 2.74%                | 1.48%                | 2.85%                |
| Class ID C000023524 | 2.76%                | 1.42%                | 2.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2484291.68              | $4115523.07                                |
| Month 2  | $3616082.30              | $-45778.05                                 |
| Month 3  | $5455205.96              | $1343583.34                                |

### Schedule of Portfolio Investments

| Name                              | Title                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Pure Storage Inc                  | Pure Storage Inc                  | CUSIP: 74624M102<br>LEI: 549300NPDB0BZTK3WO90 | Long             | EC               | CORP              | US        |     57343 | NS      | $4805916.83   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuit Inc                        | Intuit Inc                        | CUSIP: 461202103<br>LEI: VI90HBPH7XSFMB9E4M29 | Long             | EC               | CORP              | US        |      8531 | NS      | $5825905.21   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Dynatrace Inc                     | Dynatrace Inc                     | CUSIP: 268150109<br>LEI: 6488T0Z33CE9L61EX904 | Long             | EC               | CORP              | US        |     62997 | NS      | $3052204.65   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Champion Homes Inc                | Champion Homes Inc                | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20912 | NS      | $1597049.44   | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Chipotle Mexican Grill Inc        | Chipotle Mexican Grill Inc        | CUSIP: 169656105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     82208 | NS      | $3221731.52   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                      | Evercore Inc                      | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      7492 | NS      | $2527201.44   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc            | UnitedHealth Group Inc            | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |     13156 | NS      | $4542766.80   | 1.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Drainage Systems Inc     | Advanced Drainage Systems Inc     | CUSIP: 00790R104<br>LEI: 6QQTOZ5MF5DHM7K92I60 | Long             | EC               | CORP              | US        |     16762 | NS      | $2324889.40   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Hammond Power Solutions Inc       | Hammond Power Solutions Inc       | CUSIP: 408549103<br>LEI: 549300OLI26OOKEG5V73 | Long             | EC               | CORP              | CA        |     18511 | NS      | $1641370.37   | 0.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc          | Agilent Technologies Inc          | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |     48679 | NS      | $6247949.65   | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc        | Advanced Micro Devices Inc        | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     46596 | NS      | $7538766.84   | 3.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Modine Manufacturing Co           | Modine Manufacturing Co           | CUSIP: 607828100<br>LEI: Z35SZFYJR8GZZRSIUU09 | Long             | EC               | CORP              | US        |     14089 | NS      | $2002892.24   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                      | Alphabet Inc                      | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     47775 | NS      | $11614102.50  | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| Carlyle Group Inc/The             | Carlyle Group Inc/The             | CUSIP: 14316J108<br>LEI: 529900NGGVF94UK6PG95 | Long             | EC               | CORP              | US        |     78254 | NS      | $4906525.80   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Gogo Inc                          | Gogo Inc                          | CUSIP: 38046C109<br>LEI: 549300VL3DIHSFHYTO04 | Long             | EC               | CORP              | US        |    123745 | NS      | $1062969.55   | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Inspire Medical Systems Inc       | Inspire Medical Systems Inc       | CUSIP: 457730109<br>LEI: 549300XQQCQ7HCJKTW25 | Long             | EC               | CORP              | US        |     15323 | NS      | $1136966.60   | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Tyler Technologies Inc            | Tyler Technologies Inc            | CUSIP: 902252105<br>LEI: 25490040SMU4Z8LBCW70 | Long             | EC               | CORP              | US        |      5146 | NS      | $2692181.36   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                    | Microsoft Corp                    | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     37356 | NS      | $19348540.20  | 7.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                       | NVIDIA Corp                       | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |    152549 | NS      | $28462592.42  | 11.51%            |  |  |  | No            |                  1 | On Loan: No      |
| Simply Good Foods Co/The          | Simply Good Foods Co/The          | CUSIP: 82900L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     48614 | NS      | $1206599.48   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Doximity Inc                      | Doximity Inc                      | CUSIP: 26622P107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     33230 | NS      | $2430774.50   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Walmart Inc                       | Walmart Inc                       | CUSIP: 931142103<br>LEI: Y87794H0US1R65VBXU25 | Long             | EC               | CORP              | US        |     83867 | NS      | $8643333.02   | 3.49%             |  |  |  | No            |                  1 | On Loan: No      |
| TransUnion                        | TransUnion                        | CUSIP: 89400J107<br>LEI: 549300ZS772LUNUMRB03 | Long             | EC               | CORP              | US        |     47656 | NS      | $3992619.68   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                    | Mastercard Inc                    | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |     15725 | NS      | $8944537.25   | 3.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                      | Broadcom Inc                      | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |     31731 | NS      | $10468374.21  | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Cameco Corp                       | Cameco Corp                       | CUSIP: 13321L108<br>LEI: N4BHALMXL3GMZKCUON55 | Long             | EC               | CORP              | CA        |     53722 | NS      | $4505126.92   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/The   | Baldwin Insurance Group Inc/The   | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     67244 | NS      | $1896953.24   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories               | Abbott Laboratories               | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     22069 | NS      | $2955921.86   | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                    | ServiceNow Inc                    | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      7474 | NS      | $6878172.72   | 2.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                      | Agilysys Inc                      | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |     11156 | NS      | $1174169.00   | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Snowflake Inc                     | Snowflake Inc                     | CUSIP: 833445109<br>LEI: 254900CJNSY1K7T53Z16 | Long             | EC               | CORP              | US        |     10991 | NS      | $2479020.05   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                | Meta Platforms Inc                | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     15650 | NS      | $11493047.00  | 4.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Oracle Corp                       | Oracle Corp                       | CUSIP: 68389X105<br>LEI: 1Z4GXXU7ZHVWFCD8TV52 | Long             | EC               | CORP              | US        |     29535 | NS      | $8306423.40   | 3.36%             |  |  |  | No            |                  1 | On Loan: No      |
| ACV Auctions Inc                  | ACV Auctions Inc                  | CUSIP: 00091G104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    160786 | NS      | $1593389.26   | 0.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Mueller Industries Inc            | Mueller Industries Inc            | CUSIP: 624756102<br>LEI: 5493005IZFE4VJLLYG84 | Long             | EC               | CORP              | US        |     16391 | NS      | $1657294.01   | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| PDF Solutions Inc                 | PDF Solutions Inc                 | CUSIP: 693282105<br>LEI: 549300GMSP6MROFBI160 | Long             | EC               | CORP              | US        |     67859 | NS      | $1752119.38   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Clearwater Analytics Holdings Inc | Clearwater Analytics Holdings Inc | CUSIP: 185123106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     77792 | NS      | $1401811.84   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Montrose Environmental Group Inc  | Montrose Environmental Group Inc  | CUSIP: 615111101<br>LEI: 254900ASI8K3LUB8Q958 | Long             | EC               | CORP              | US        |     71064 | NS      | $1951417.44   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Quaker Chemical Corp              | Quaker Chemical Corp              | CUSIP: 747316107<br>LEI: 549300PJQ1R3WCWCPS54 | Long             | EC               | CORP              | US        |     10678 | NS      | $1406826.50   | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Copart Inc                        | Copart Inc                        | CUSIP: 217204106<br>LEI: 549300KVYX3JWMYEHU61 | Long             | EC               | CORP              | US        |     58896 | NS      | $2648553.12   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                         | Apple Inc                         | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     57184 | NS      | $14560761.92  | 5.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Primo Brands Corp                 | Primo Brands Corp                 | CUSIP: 741623102<br>LEI: 254900J0WS4AXV2LAX55 | Long             | EC               | CORP              | US        |     82646 | NS      | $1826476.60   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Fixed Income Clearing Corp        | FIXED INC CLEARING CORP.REPO      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   4398684 | PA      | $4398684.47   | 1.78%             |  |  |  | No            |                  2 | On Loan: No      |
| elf Beauty Inc                    | elf Beauty Inc                    | CUSIP: 26856L103<br>LEI: 549300U2K9TCON25C029 | Long             | EC               | CORP              | US        |     11246 | NS      | $1489870.08   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services Inc  | West Pharmaceutical Services Inc  | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |     12442 | NS      | $3263909.86   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                    | Amazon.com Inc                    | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     49796 | NS      | $10933707.72  | 4.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Q2 Holdings Inc                   | Q2 Holdings Inc                   | CUSIP: 74736L109<br>LEI: 549300M9RKR9DZXWS696 | Long             | EC               | CORP              | US        |     27397 | NS      | $1983268.83   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Stride Inc                        | Stride Inc                        | CUSIP: 86333M108<br>LEI: 254900BRWS3AFONWU277 | Long             | EC               | CORP              | US        |     10012 | NS      | $1491187.28   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| IDEXX Laboratories Inc            | IDEXX Laboratories Inc            | CUSIP: 45168D104<br>LEI: OGMTXK0LUU1HKV2P0J84 | Long             | EC               | CORP              | US        |      5088 | NS      | $3250672.32   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Confluent Inc                     | Confluent Inc                     | CUSIP: 20717M103<br>LEI: 254900MRZ83YWUV7SN74 | Long             | EC               | CORP              | US        |    101326 | NS      | $2006254.80   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-24

**Name of Applicant:** WILLIAM BLAIR FUNDS

**Signature:** John Raczek

**Name of Signer:** John Raczek

**Title:** Principal Financial Officer