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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-05344

 

 

WILLIAM BLAIR FUNDS

(Exact name of registrant as specified in charter)

 

 

222 WEST ADAMS STREET CHICAGO, IL 60606

(Address of principal executive offices) (Zip code)

Michelle R. Seitz, President, William Blair Funds.

222 West Adams Street

Chicago, IL 60606

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: September 30, 2012

 

 

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

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. (S) 3507.

 

 

 

---

Item 1. Schedule of Investments

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Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Information Technology—36.8%
		Apple, Inc.			82,685			$	55,172
*		Cavium, Inc.			235,300				7,843
*		Citrix Systems, Inc.			165,900				12,703
*		Cognizant Technology Solutions Corporation Class “A”			145,600				10,180
*		eBay, Inc.			415,700				20,124
		Genpact, Ltd.†			865,918				14,444
*		Google, Inc. Class “A”			46,405				35,013
		Mastercard, Inc. Class “A”			51,600				23,296
		QUALCOMM, Inc.			415,140				25,942
*		RealPage, Inc.			293,461				6,632
*		SolarWinds, Inc.			155,700				8,679
		Solera Holdings, Inc.			109,300				4,795
*		VeriSign, Inc.			246,900				12,022
									236,845
		Industrials—16.3%
*		BE Aerospace, Inc.			172,500				7,262
		Fastenal Co.			300,758				12,930
*		IHS, Inc. Class “A”			168,533				16,407
*		Jacobs Engineering Group, Inc.			354,100				14,316
*		Stericycle, Inc.			157,093				14,220
*		TransDigm Group, Inc.			120,380				17,078
*		Trimas Corporation			306,423				7,388
		Union Pacific Corporation			126,000				14,956
									104,557
		Health Care—14.0%
*		Align Technology, Inc.			133,000				4,917
		Allergan, Inc.			187,900				17,208
*		DaVita, Inc.			77,600				8,040
*		Gilead Sciences, Inc.			337,335				22,375
*		Haemonetics Corporation			152,200				12,207
*		HMS Holdings Corporation			259,000				8,658
*		IDEXX Laboratories, Inc.			98,718				9,808
*		Illumina, Inc.			140,900				6,791
									90,004
		Consumer Discretionary—13.4%
*		Amazon.com, Inc.			80,100				20,371
*		Discovery Communications, Inc. Class “A”			170,800				10,185
		Harley-Davidson, Inc.			303,699				12,868
*		K12, Inc.			208,056				4,203
		McDonald’s Corporation			195,064				17,897
*		Pandora Media, Inc.			801,315				8,775
*		Teavana Holdings, Inc.			347,186				4,527
*		Vera Bradley, Inc.			299,300				7,138
									85,964
		Energy—6.3%
*		Cameron International Corporation			143,647				8,054
		Occidental Petroleum Corporation			117,900				10,147

 

See accompanying Notes to Portfolio of Investments.

---

Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Energy—(continued)
		Schlumberger, Ltd.†			305,300			$	22,082
									40,283
		Materials—4.2%
		Airgas, Inc.			146,100				12,024
		Ecolab, Inc.			236,320				15,316
									27,340
		Financials—3.4%
*		IntercontinentalExchange, Inc.			126,000				16,810
		LPL Financial Holdings, Inc.			174,747				4,987
									21,797
		Consumer Staples—2.5%
*		Green Mountain Coffee Roasters, Inc.			247,000				5,866
		Mead Johnson Nutrition Co.			137,500				10,076
									15,942
		Total Common Stocks—96.9% (cost $480,289)							622,732
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $16,715, collateralized by FNMA, 4.375%, due 10/15/2015		$	16,714				16,714
		Total Repurchase Agreement—2.6% (cost $16,714)							16,714
		Total Investments—99.5% (cost $497,003)							639,446
		Cash and other assets, less liabilities—0.5%							2,986
		Net assets—100.0%						$	642,432

 

*	Non-income producing securities

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

---

Large Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Information Technology—32.5%
		Accenture plc Class “A”†			6,480			$	454
		Apple, Inc.			4,905				3,273
*		Citrix Systems, Inc.			11,150				854
*		Cognizant Technology Solutions Corporation Class “A”			6,280				439
*		eBay, Inc.			16,530				800
*		Google, Inc. Class “A”			1,483				1,119
		Mastercard, Inc. Class “A”			1,800				812
		QUALCOMM, Inc.			15,125				945
*		Trimble Navigation, Ltd.			5,470				261
*		VeriSign, Inc.			5,950				290
									9,247
		Consumer Discretionary—15.3%
*		Amazon.com, Inc.			2,680				682
*		Discovery Communications, Inc. Class “A”			12,850				766
*		Dollar General Corporation			12,700				655
		Harley-Davidson, Inc.			14,860				630
		NIKE, Inc. Class “B”			3,050				289
*		priceline.com, Inc.			1,046				647
		Starbucks Corporation			13,380				679
									4,348
		Industrials—12.4%
		Donaldson Co., Inc.			14,720				511
		Precision Castparts Corporation			5,130				838
*		Stericycle, Inc.			9,660				874
		Union Pacific Corporation			8,210				974
		W.W. Grainger, Inc.			1,620				338
									3,535
		Consumer Staples—9.3%
		Colgate-Palmolive Co.			8,930				958
*		Green Mountain Coffee Roasters, Inc.			12,520				297
		Mead Johnson Nutrition Co.			11,970				877
		Whole Foods Market, Inc.			5,310				517
									2,649
		Financials—8.3%
*		Affiliated Managers Group, Inc.			5,190				638
		JPMorgan Chase & Co.			29,390				1,190
		T Rowe Price Group, Inc.			8,350				529
									2,357
		Health Care—7.9%
		Allergan, Inc.			8,155				747
*		Gilead Sciences, Inc.			18,380				1,219
*		IDEXX Laboratories, Inc.			2,870				285
									2,251
		Energy—6.9%
		National Oilwell Varco, Inc.			5,060				405

 

See accompanying Notes to Portfolio of Investments.

---

Large Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Energy—(continued)
		Occidental Petroleum Corporation			5,110			$	440
		Schlumberger, Ltd.†			15,530				1,123
									1,968
		Materials—3.2%
		Monsanto Co.			4,670				425
		Praxair, Inc.			4,655				484
									909
		Telecommunication Services—2.7%
*		SBA Communications Corporation Class “A”			12,450				783
		Total Common Stocks—98.5% (cost $21,402)							28,047
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $202, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	202				202
		Total Repurchase Agreement—0.7% (cost $202)							202
		Total Investments—99.2% (cost $21,604)							28,249
		Cash and other assets, less liabilities—0.8%							225
		Net assets—100.0%						$	28,474

 

ADR = American Depository Receipt

† = U.S. listed foreign security

 

*	Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Health Care—19.7%
*		ABIOMED, Inc.			133,080			$	2,793
*		Air Methods Corporation			43,232				5,161
*		Brookdale Senior Living, Inc.			233,912				5,431
*		Conceptus, Inc.			175,239				3,559
*		Cyberonics, Inc.			106,231				5,569
*		ExamWorks Group, Inc.			473,329				7,062
*		Haemonetics Corporation			90,126				7,228
*		HealthSouth Corporation			178,365				4,292
*		HMS Holdings Corporation			115,397				3,858
*		Natus Medical, Inc.			367,256				4,800
*		Novadaq Technologies, Inc.†			460,571				4,762
*		NxStage Medical, Inc.			506,152				6,686
*		Quidel Corporation			348,079				6,589
*		Spectranetics Corporation			118,827				1,753
*		TearLab Corporation			843,988				3,249
*		The Providence Service Corporation			352,553				4,580
		Trinity Biotech plc—ADR			658,710				8,280
									85,652
		Information Technology—17.8%
*		Bottomline Technologies, Inc.			346,827				8,563
*		Cardtronics, Inc.			142,034				4,230
*		Cavium, Inc.			93,867				3,129
*		Envestnet, Inc.			14,174				166
*		Exar Corporation			20,460				164
*		Inuvo, Inc.			2,171,739				1,585
*		Liquidity Services, Inc.			58,576				2,941
*		RealPage, Inc.			225,980				5,107
*		Silicon Laboratories, Inc.			107,531				3,953
*		SolarWinds, Inc.			71,800				4,002
*		Stamps.com, Inc.			233,514				5,403
		Syntel, Inc.			88,677				5,534
*		Tangoe, Inc.			358,027				4,701
*		TeleTech Holdings, Inc.			406,060				6,923
*		Ultimate Software Group, Inc.			67,302				6,872
*		ValueClick, Inc.			200,015				3,438
*		WNS Holdings, Ltd.—ADR			696,958				7,137
*		Wright Express Corp.			50,371				3,512
									77,360
		Industrials—17.5%
		Acorn Energy, Inc.			462,052				4,122
*		CAI International, Inc.			492,094				10,098
*		Encore Capital Group, Inc.			246,322				6,961
*		Franklin Covey Co.			614,483				7,374
*		Furmanite Corporation			519,289				2,950
		Healthcare Services Group, Inc.			309,668				7,082
*		Heritage-Crystal Clean, Inc.			224,279				4,452
*		Huron Consulting Group, Inc.			183,127				6,377
*		ICF International, Inc.			200,894				4,038
*		Mistras Group, Inc.			131,569				3,052

 

See accompanying Notes to Portfolio of Investments.

---

Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Industrials—(continued)
*		Navigant Consulting, Inc.			327,361			$	3,617
*		On Assignment, Inc.			255,885				5,097
*		Performant Financial Corporation			255,490				2,726
*		Trimas Corporation			341,695				8,238
									76,184
		Consumer Discretionary—14.4%
*		Dorman Products, Inc.			129,051				4,066
*		Genesco, Inc.			44,767				2,987
*		Gentherm, Inc.			572,464				7,122
		Jarden Corporation			137,534				7,267
*		K12, Inc.			177,934				3,594
		MDC Partners, Inc. Class “A”†			169,952				2,097
*		Pandora Media, Inc.			560,913				6,142
*		Select Comfort Corporation			88,179				2,782
*		Shuffle Master, Inc.			291,013				4,601
		Six Flags Entertainment Corporation			195,427				11,491
*		Steven Madden, Ltd.			65,875				2,880
*		U.S. Auto Parts Network, Inc.			1,091,812				3,778
*		Vera Bradley, Inc.			150,292				3,585
									62,392
		Financials—12.9%
*		Cowen Group, Inc.			2,282,744				6,163
*		First Cash Financial Services, Inc.			254,232				11,697
*		FirstService Corporation†			140,128				3,916
		GFI Group, Inc.			1,096,781				3,488
*		ICG Group, Inc.			788,281				8,009
		Jones Lang LaSalle, Inc.			67,624				5,163
		Manning & Napier, Inc.			374,001				4,559
		Marlin Business Services Corporation			156,276				3,315
*		National Financial Partners Corporation			586,256				9,908
									56,218
		Energy—5.1%
*		Atwood Oceanics, Inc.			88,572				4,026
*		Dril-Quip, Inc.			51,576				3,707
*		Hornbeck Offshore Services, Inc.			97,239				3,564
*		Laredo Petroleum Holdings, Inc.			103,505				2,275
*		Oil States International, Inc.			45,942				3,650
*		PDC Energy, Inc.			149,538				4,730
									21,952
		Materials—2.0%
*		Horsehead Holding Corporation			364,731				3,407
*		Stillwater Mining Co.			435,896				5,139
									8,546
		Consumer Staples—1.5%
*		Green Mountain Coffee Roasters, Inc.			51,228				1,217

 

See accompanying Notes to Portfolio of Investments.

---

Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Consumer Staples—(continued)
		Nu Skin Enterprises, Inc. Class “A”			138,093			$	5,362
									6,579
		Total Common Stocks—90.9% (cost $340,953)							394,883
		Exchange-Traded Fund
		iShares Russell 2000 Growth Index Fund			219,000				20,938
		Total Exchange-Traded Fund—4.8% (cost $20,547)							20,938
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $21,148, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	21,148				21,148
		Total Repurchase Agreement—4.9% (cost $21,148)							21,148
		Total Investments—100.6% (cost $382,648)							436,969
		Liabilities, plus cash and other assets—(0.6)%							(2,503	)
		Net assets—100.0%						$	434,466

 

ADR = American Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

If the Fund’s portfolio holdings represent ownership of 5% or more of the voting securities of a company, the company is deemed to be an affiliate as defined in the Investment Company Act of 1940. The Small Cap Growth Fund had the following transactions during the period ended September 30, 2012 with companies deemed affiliated during the period or at September 30, 2012.

 

				Share Activity																Period Ended September 30, 2012
																				(in thousands)
		Security Name		Balance 12/31/2011				Purchases				Sales				Balance 9/30/2012				Value				Dividends Included in Income
		Dreams, Inc.			2,671,926				119,643				2,791,569				—				—				—
p		Inuvo, Inc.			861,747				1,309,992				—				2,171,739				1,585				—
		Kensey Nash Corporation			483,937				44,009				527,946				—				—				217
*		Vertro, Inc.			847,343				—				847,343				—				—				—
																				$	1,585				217

 

p	Affiliated company at September 30, 2012. The Small Cap Growth Fund’s total value in companies deemed to be affiliated at September 30, 2012 was $1,585 (in thousands).

*	Vertro, Inc. was acquired by Inuvo, Inc. at rate 1.546 shares of Inuvo, Inc. for each share of Vertro, Inc. on March 2, 2012.

 

See accompanying Notes to Portfolio of Investments.

---

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Information Technology—21.2%
		Amphenol Corporation			157,800			$	9,291
*		Aruba Networks, Inc.			404,300				9,091
*		Cavium, Inc.			225,312				7,510
*		Citrix Systems, Inc.			142,200				10,888
*		Concur Technologies, Inc.			56,730				4,183
		Genpact, Ltd.†			127,541				2,127
*		Informatica Corporation			97,600				3,398
*		RealPage, Inc.			152,000				3,435
*		Silicon Laboratories, Inc.			197,180				7,248
*		SolarWinds, Inc.			159,100				8,868
*		Trimble Navigation, Ltd.			118,304				5,638
*		VeriSign, Inc.			188,100				9,159
									80,836
		Consumer Discretionary—17.9%
*		Bed Bath & Beyond, Inc.			130,860				8,244
*		Chipotle Mexican Grill, Inc.			18,990				6,030
		Dick’s Sporting Goods, Inc.			241,929				12,544
		Harley-Davidson, Inc.			179,200				7,593
		Harman International Industries, Inc.			129,806				5,992
*		Lululemon Athletica, Inc.			162,200				11,993
*		O’Reilly Automotive, Inc.			96,780				8,093
*		Select Comfort Corporation			185,400				5,849
		Tractor Supply Co.			19,200				1,899
									68,237
		Industrials—15.3%
		AMETEK, Inc.			54,700				1,939
*		Clean Harbors, Inc.			130,600				6,380
		Donaldson Co., Inc.			279,000				9,684
		Fastenal Co.			87,062				3,743
		J.B. Hunt Transport Services, Inc.			155,100				8,071
*		Jacobs Engineering Group, Inc.			134,200				5,426
*		Polypore International, Inc.			107,900				3,814
*		Stericycle, Inc.			102,630				9,290
*		TransDigm Group, Inc.			70,550				10,009
									58,356
		Health Care—11.0%
*		Cerner Corporation			35,500				2,748
*		HealthSouth Corporation			346,124				8,328
*		HMS Holdings Corporation			339,200				11,339
*		IDEXX Laboratories, Inc.			106,372				10,568
		Perrigo Co.			76,200				8,852
									41,835
		Financials—9.9%
*		Affiliated Managers Group, Inc.			51,475				6,331
		First Republic Bank			182,300				6,282
		LPL Financial Holdings, Inc.			328,900				9,387
*		Signature Bank			119,900				8,043

 

See accompanying Notes to Portfolio of Investments.

---

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Financials—(continued)
		T Rowe Price Group, Inc.			117,200			$	7,419
									37,462
		Energy—6.6%
*		Cameron International Corporation			109,600				6,145
*		Denbury Resources, Inc.			279,270				4,513
*		FMC Technologies, Inc.			175,200				8,112
		Range Resources Corporation			88,300				6,170
									24,940
		Consumer Staples—6.5%
*		Green Mountain Coffee Roasters, Inc.			230,446				5,473
		McCormick & Co., Inc.			146,600				9,095
		Mead Johnson Nutrition Co.			140,500				10,296
									24,864
		Materials—5.0%
		Airgas, Inc.			92,300				7,596
		Ecolab, Inc.			177,900				11,530
									19,126
		Telecommunication Services—3.6%
*		SBA Communications Corporation Class “A”			215,300				13,542
		Total Common Stocks—97.0% (cost $335,726)							369,198
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $11,337, collateralized by FNMA, 4.375%, due 10/15/15		$	11,337				11,337
		Total Repurchase Agreement—3.0% (cost $11,337)							11,337
		Total Investments—100.0% (cost $347,063)							380,535
		Cash and other assets, less liabilities—0.0%							95
		Net assets—100.0%						$	380,630

 

*	Non-income producing securities

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

---

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Industrials—24.2%
*		Allegiant Travel Co.			56,765			$	3,597
*		BE Aerospace, Inc.			171,053				7,201
*		Fortune Brands Home & Security, Inc.			339,500				9,170
		Healthcare Services Group, Inc.			288,432				6,596
*		Huron Consulting Group, Inc.			136,185				4,742
*		ICF International, Inc.			227,825				4,579
		Manpower, Inc.			92,950				3,421
*		Portfolio Recovery Associates, Inc.			53,600				5,598
		Robert Half International, Inc.			291,600				7,765
		Roper Industries, Inc.			62,600				6,879
*		Standard Parking Corporation			152,318				3,417
*		Stericycle, Inc.			132,970				12,036
		The Corporate Executive Board Co.			108,735				5,832
*		TransDigm Group, Inc.			48,808				6,924
*		Trimas Corporation			250,223				6,033
									93,790
		Information Technology—22.4%
*		ANSYS, Inc.			98,700				7,245
*		Aruba Networks, Inc.			217,900				4,899
		Booz Allen Hamilton Holding Corporation			260,118				3,603
*		Cavium, Inc.			123,673				4,122
*		Concur Technologies, Inc.			80,700				5,950
*		Constant Contact, Inc.			230,600				4,012
*		CoStar Group, Inc.			83,200				6,784
*		Envestnet, Inc.			19,001				222
*		Gartner, Inc.			87,600				4,038
		Genpact, Ltd.†			213,000				3,553
*		Guidewire Software, Inc.			166,600				5,173
*		Informatica Corporation			132,500				4,612
*		MICROS Systems, Inc.			67,200				3,301
		NIC, Inc.			204,670				3,029
*		RealPage, Inc.			274,860				6,212
*		Riverbed Technology, Inc.			195,100				4,540
*		SolarWinds, Inc.			71,100				3,963
*		Ultimate Software Group, Inc.			68,225				6,966
*		Wright Express Corp.			66,900				4,664
									86,888
		Health Care—18.1%
*		ABIOMED, Inc.			211,438				4,438
*		athenahealth, Inc.			55,671				5,109
*		BioMarin Pharmaceutical, Inc.			127,500				5,134
*		Brookdale Senior Living, Inc.			180,876				4,200
*		Catamaran Corporation†			110,916				10,866
*		Cyberonics, Inc.			69,789				3,658
*		Haemonetics Corporation			48,787				3,913
*		HealthSouth Corporation			199,484				4,800
*		HMS Holdings Corporation			223,892				7,485
*		Hologic, Inc.			305,600				6,185
		Perrigo Co.			80,500				9,352

 

See accompanying Notes to Portfolio of Investments.

---

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Health Care—(continued)
*		Sirona Dental Systems, Inc.			89,383			$	5,091
									70,231
		Consumer Discretionary—13.4%
		Dick’s Sporting Goods, Inc.			219,890				11,401
*		Grand Canyon Education, Inc.			189,300				4,454
*		K12, Inc.			280,514				5,667
*		LKQ Corporation			286,600				5,302
*		Pandora Media, Inc.			292,002				3,198
		Polaris Industries, Inc.			65,600				5,305
*		Sally Beauty Holdings, Inc.			161,000				4,040
		Texas Roadhouse, Inc.			188,943				3,231
		Tractor Supply Co.			52,900				5,231
*		Under Armour, Inc.			70,220				3,920
									51,749
		Financials—7.4%
*		Affiliated Managers Group, Inc.			66,009				8,119
		CBOE Holdings, Inc.			138,700				4,080
		First Republic Bank			144,000				4,962
*		FirstService Corporation†			152,614				4,266
		Jones Lang LaSalle, Inc.			72,600				5,543
*		National Financial Partners Corporation			97,460				1,647
									28,617
		Energy—5.8%
		Cabot Oil & Gas Corporation			79,900				3,587
		Core Laboratories N.V.†			35,500				4,313
		Helmerich & Payne, Inc.			80,400				3,828
*		KiOR, Inc.			244,497				2,274
		Oceaneering International, Inc.			74,400				4,111
*		Oil States International, Inc.			54,600				4,338
									22,451
		Telecommunication Services—3.3%
*		SBA Communications Corporation Class “A”			201,300				12,662
		Materials—2.0%
		Celanese Corporation			108,200				4,102
		Rockwood Holdings, Inc.			80,300				3,742
									7,844
		Consumer Staples—1.0%
*		Green Mountain Coffee Roasters, Inc.			157,523				3,741
		Total Common Stocks—97.6% (cost $331,986)							377,973

 

See accompanying Notes to Portfolio of Investments.

---

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $9,919, collateralized by FNMA, 4.375%, due 10/15/15		$	9,919			$	9,919
		Total Repurchase Agreement—2.6% (cost $9,919)							9,919
		Total Investments—100.2% (cost $341,905)							387,892
		Liabilities, plus cash and other assets—(0.2)%							(849	)
		Net assets—100.0%						$	387,043

 

*	Non-income producing securities

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

---

Global Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Western Hemisphere—44.2%
		Canada—3.5%
		Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†			23,479			$	810
		The Toronto-Dominion Bank (Commercial banks)			12,867				1,073
									1,883
		United States—40.7%
*		Affiliated Managers Group, Inc. (Capital markets)			5,360				659
*		Align Technology, Inc. (Health care equipment & supplies)			7,664				283
		American Express Co. (Consumer finance)			14,191				807
		AMETEK, Inc. (Electrical equipment)			17,621				625
		Apple, Inc. (Computers & peripherals)			2,428				1,620
*		Citrix Systems, Inc. (Software)			8,304				636
		Colgate-Palmolive Co. (Household products)			7,517				806
		Costco Wholesale Corporation (Food & staples retailing)			8,412				842
*		Discovery Communications, Inc. Class “A” (Media)			14,060				838
*		Express Scripts Holding Co. (Health care providers & services)			16,257				1,019
		Exxon Mobil Corporation (Oil, gas & consumable fuels)			11,905				1,089
*		Fortune Brands Home & Security, Inc. (Building products)			14,876				402
		Harley-Davidson, Inc. (Automobiles)			16,103				682
*		IDEXX Laboratories, Inc. (Health care equipment & supplies)			5,143				511
		JPMorgan Chase & Co. (Diversified financial services)			28,585				1,157
		Marriott International, Inc. Class “A” (Hotels, restaurants & leisure)			17,243				674
		Mastercard, Inc. Class “A” (IT services)			2,094				945
		McCormick & Co., Inc. (Food products)			8,786				545
*		Monster Beverage Corporation (Beverages)			6,684				362
*		O’Reilly Automotive, Inc. (Specialty retail)			8,635				722
*		priceline.com, Inc. (Internet & catalog retail)			1,332				824
		QUALCOMM, Inc. (Communications equipment)			15,080				942
		Schlumberger, Ltd. (Energy equipment & services)†			11,040				799
*		SolarWinds, Inc. (Software)			8,319				464
		Starbucks Corporation (Hotels, restaurants & leisure)			6,963				353
		The Walt Disney Co. (Media)			14,949				782
		Union Pacific Corporation (Road & rail)			7,359				874
		W.W. Grainger, Inc. (Trading companies & distributors)			1,578				329
		Williams-Sonoma, Inc. (Specialty retail)			17,552				772
		Yum! Brands, Inc. (Hotels, restaurants & leisure)			11,863				787
									22,150
		Europe, Mid-East—19.5%
		Denmark—3.3%
		CHR Hansen Holding A/S (Chemicals)			9,021				272
		Coloplast A/S Class “B” (Health care equipment & supplies)			1,755				365
		Novo Nordisk A/S Class “B” (Pharmaceuticals)			7,142				1,128
									1,765
		France—2.7%
		BNP Paribas S.A. (Commercial banks)			10,991				522
		Essilor International S.A. (Health care equipment & supplies)			3,146				295

 

See accompanying Notes to Portfolio of Investments.

---

Global Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Europe, Mid-East—19.5%—(continued)
		France—2.7%—(continued)
		Technip S.A. (Energy equipment & services)			6,036			$	671
									1,488
		Germany—6.3%
		Bayerische Motoren Werke AG (Automobiles)			10,696				782
		Brenntag AG (Trading companies & distributors)			4,613				591
		Fresenius SE & Co. KGaA (Health care providers & services)			6,114				710
		MTU Aero Engines Holding AG (Aerospace & defense)			3,571				285
		SAP AG (Software)			14,874				1,053
									3,421
		Israel—1.2%
*		Check Point Software Technologies, Ltd. (Software)†			13,232				637
		Sweden—1.4%
		Atlas Copco AB Class “A” (Machinery)			33,500				782
		Switzerland—4.6%
		Nestle S.A. (Food products)			12,794				807
		Partners Group Holding AG (Capital markets)			3,362				699
		Syngenta AG (Chemicals)			2,680				1,002
									2,508
		United Kingdom—16.3%
		Abcam plc (Biotechnology)			38,289				248
		AMEC plc (Energy equipment & services)			16,882				313
		ARM Holdings plc (Semiconductors & semiconductor equipment)			58,838				546
		Ashmore Group plc (Capital markets)			72,615				399
		Babcock International Group plc (Commercial services & supplies)			22,544				338
		BG Group plc (Oil, gas & consumable fuels)			34,907				705
		BHP Billiton plc (Metals & mining)			32,232				1,002
		Burberry Group plc (Textiles, apparel & luxury goods)			6,884				111
		Compass Group plc (Hotels, restaurants & leisure)			71,512				789
		Diageo plc (Beverages)			39,591				1,112
		Experian plc (Professional services)			53,507				889
		Hargreaves Lansdown plc (Capital markets)			30,675				311
		Lancashire Holdings, Ltd. (Insurance)			19,555				260
		Pearson plc (Media)			30,984				606
*		Rolls-Royce Holdings plc (Aerospace & defense)			57,618				784
		The Weir Group plc (Machinery)			15,721				449
									8,862
		Emerging Asia—9.5%
		China—3.9%
*		Baidu, Inc.—ADR (Internet software & services)			9,505				1,110
		China Mobile, Ltd. (Wireless telecommunication services)			67,500				748
*		WuXi PharmaTech Cayman, Inc.—ADR (Life sciences tools & services)			19,138				286
									2,144

 

See accompanying Notes to Portfolio of Investments.

---

Global Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Asia—9.5%—(continued)
		Indonesia—1.5%
		PT Bank Rakyat Indonesia (Commercial banks)			1,048,500			$	816
		South Korea—4.1%
		Hyundai Motor Co. (Automobiles)			5,022				1,139
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			886				1,073
									2,212
		Japan—3.2%
		Fanuc Corporation (Machinery)			3,500				564
		Softbank Corporation (Wireless telecommunication services)			29,100				1,179
									1,743
		Asia—1.8%
		Hong Kong—1.8%
		AIA Group, Ltd. (Insurance)			263,600				982
		Emerging Latin America—1.8%
		Argentina—0.5%
		MercadoLibre, Inc. (Internet software & services)			3,402				281
		Brazil—1.3%
		BR Malls Participacoes S.A. (Real estate management & development)			48,300				671
		Emerging Europe, Mid-East, Africa—1.7%
		South Africa—1.7%
*		Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)			23,420				402
		Bidvest Group, Ltd. (Industrial conglomerates)			20,588				510
									912
		Total Common Stocks—98.0% (cost $44,456)							53,257
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $1,563, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	1,563				1,563
		Total Repurchase Agreement—2.9% (cost $1,563)							1,563
		Total Investments—100.9% (cost $46,019)							54,820
		Liabilities, plus cash and other assets—(0.9)%							(467	)
		Net assets—100.0%						$	54,353

 

ADR = American Depository Receipt

† = U.S. listed foreign security

*	Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

Global Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

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

 

See accompanying Notes to Portfolio of Investments.

---

Global Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:

 

Consumer Discretionary			18.5	%
Information Technology			17.5	%
Financials			17.2	%
Industrials			13.9	%
Health Care			9.9	%
Consumer Staples			8.4	%
Energy			6.7	%
Materials			4.3	%
Telecommunication Services			3.6	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
U.S. Dollar			46.9	%
British Pound Sterling			16.6	%
Euro			9.2	%
Swiss Franc			4.7	%
South Korean Won			4.2	%
Hong Kong Dollar			3.8	%
Danish Krone			3.3	%
Japanese Yen			3.3	%
Canadian Dollar			2.0	%
South African Rand			1.7	%
Indonesian Rupiah			1.5	%
Swedish Krona			1.5	%
Brazilian Real			1.3	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Europe—35.9%
		Austria—0.7%
		Andritz AG (Machinery)			370,488			$	20,981
		Schoeller-Bleckmann Oilfield Equipment AG (Energy equipment & services)			39,031				4,052
									25,033
		Belgium—0.2%
		Colruyt S.A. (Food & staples retailing)			176,719				7,697
		Denmark—0.9%
		Coloplast A/S Class “B” (Health care equipment & supplies)			118,249				24,622
		SimCorp A/S (Software)			28,353				6,055
									30,677
		Finland—1.1%
		Kone Oyj (Machinery)			353,279				24,447
		Nokian Renkaat Oyj (Auto components)			327,797				13,332
									37,779
		France—10.7%
		Arkema S.A. (Chemicals)			337,600				31,609
		AXA S.A. (Insurance)			3,959,050				58,965
		BNP Paribas S.A. (Commercial banks)			1,809,861				86,007
		CFAO S.A. (Distributors)			128,882				6,173
		Christian Dior S.A. (Textiles, apparel & luxury goods)			266,831				35,798
*		Credit Agricole S.A. (Commercial banks)			510,426				3,522
		Sanofi (Pharmaceuticals)			795,427				67,821
		Societe BIC S.A. (Commercial services & supplies)			62,454				7,546
		Unibail-Rodamco SE (Real estate investment trusts (REITs))			167,603				33,405
		Vinci S.A. (Construction & engineering)			333,573				14,208
		Vivendi S.A. (Diversified telecommunication services)			1,194,598				23,295
		Zodiac Aerospace (Aerospace & defense)			103,079				10,064
									378,413
		Germany—3.7%
		Aixtron AG (Semiconductors & semiconductor equipment)			509,409				6,792
		Bayer AG (Pharmaceuticals)			507,342				43,570
		Brenntag AG (Trading companies & distributors)			106,747				13,663
		Deutsche Bank AG (Capital markets)			324,024				12,802
		Deutsche Wohnen AG (Real estate management & development)			213,848				3,756
		Fresenius SE & Co. KGaA (Health care providers & services)			222,985				25,887
		Gerry Weber International AG (Textiles, apparel & luxury goods)			202,380				8,364
		MTU Aero Engines Holding AG (Aerospace & defense)			206,300				16,476
									131,310
		Ireland—0.3%
		Paddy Power plc (Hotels, restaurants & leisure)			107,227				7,955
		Shire plc (Pharmaceuticals)			114,959				3,367
									11,322

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Europe—35.9%—(continued)
		Italy—1.0%
		Azimut Holding SpA (Capital markets)			456,949			$	5,270
		Intesa Sanpaolo SpA (Commercial banks)			7,545,214				11,470
		Pirelli & C. SpA (Auto components)			1,292,419				13,918
		Tod’s SpA (Textiles, apparel & luxury goods)			45,709				4,940
									35,598
		Netherlands—4.2%
		ASML Holding N.V. (Semiconductors & semiconductor equipment)			253,092				13,526
		Fugro N.V. (Energy equipment & services)			213,732				14,535
		Royal Dutch Shell plc Class “B” (Oil, gas & consumable fuels)			1,846,056				65,523
		Unilever N.V. (Food products)			1,584,539				56,057
									149,641
		Norway—3.1%
		Fred Olsen Energy ASA (Energy equipment & services)			151,247				6,759
*		Norwegian Air Shuttle ASA (Airlines)			290,057				5,443
		Schibsted ASA (Media)			246,261				9,414
		Statoil ASA (Oil, gas & consumable fuels)			2,301,412				59,414
		Telenor ASA (Diversified telecommunication services)			1,482,233				28,900
									109,930
		Spain—1.7%
*		Banco Santander S.A. (Commercial banks)			1,570,913				11,698
		Bolsas y Mercados Espanoles S.A. (Diversified financial services)			229,432				4,825
		Inditex S.A. (Specialty retail)			306,501				38,060
		Viscofan S.A. (Food products)			147,475				6,750
									61,333
		Sweden—2.3%
		Atlas Copco AB Class “A” (Machinery)			1,464,748				34,184
		Axis Communications AB (Communications equipment)			128,480				3,188
		Getinge AB (Health care equipment & supplies)			1,045,632				31,550
		Hexpol AB (Chemicals)			162,641				6,314
		JM AB (Household durables)			276,947				5,059
									80,295
		Switzerland—6.0%
		Burckhardt Compression Holding AG (Machinery)			934				277
*		Credit Suisse Group AG (Capital markets)			773,717				16,396
*		Geberit AG (Building products)			110,349				23,994
		Glencore International plc (Metals & mining)			9,007,186				49,903
		Nestle S.A. (Food products)			964,398				60,807
		Partners Group Holding AG (Capital markets)			82,070				17,077
		SGS S.A. (Professional services)			7,009				14,398
		Syngenta AG (Chemicals)			72,020				26,917
									209,769
		United Kingdom—17.1%
		Abcam plc (Biotechnology)			1,064,608				6,907

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		United Kingdom—17.1%—(continued)
		AMEC plc (Energy equipment & services)			1,397,903			$	25,869
		Amlin plc (Insurance)			1,951,309				12,714
		ARM Holdings plc (Semiconductors & semiconductor equipment)			1,519,988				14,113
		Ashmore Group plc (Capital markets)			2,755,555				15,151
		Babcock International Group plc (Commercial services & supplies)			1,929,606				28,885
		Bunzl plc (Trading companies & distributors)			589,974				10,565
		Croda International plc (Chemicals)			179,049				7,011
		Derwent London plc (Real estate investment trusts (REITs))			353,711				11,172
		Diageo plc (Beverages)			2,285,912				64,210
		Dunelm Group plc (Specialty retail)			1,054,713				10,934
		Elementis plc (Chemicals)			2,064,570				7,735
		Experian plc (Professional services)			1,133,913				18,841
		Halma plc (Electronic equipment, instruments & components)			1,395,399				9,552
		Hiscox, Ltd. (Insurance)			966,795				7,587
		IG Group Holdings plc (Diversified financial services)			1,307,916				9,420
		InterContinental Hotels Group plc (Hotels, restaurants & leisure)			1,205,173				31,527
		ITV plc (Media)			14,731,947				21,030
		John Wood Group plc (Energy equipment & services)			1,189,484				15,434
		Johnson Matthey plc (Chemicals)			561,239				21,869
		Jupiter Fund Management plc (Capital markets)			1,584,911				6,237
		Lancashire Holdings, Ltd. (Insurance)			1,112,139				14,789
		Meggitt plc (Aerospace & defense)			1,960,915				12,504
		Moneysupermarket.com Group plc (Internet software & services)			3,183,630				7,084
*		Ocado Group plc (Internet & catalog retail)			3,897,689				4,060
		Oxford Instruments plc (Electronic equipment, instruments & components)			176,543				3,920
		Pearson plc (Media)			441,425				8,625
		Prudential plc (Insurance)			2,265,782				29,325
		Rightmove plc (Media)			281,248				7,121
*		Rolls-Royce Holdings plc (Aerospace & defense)			3,618,059				49,252
		Rotork plc (Machinery)			291,265				10,644
		RPS Group plc (Commercial services & supplies)			1,085,160				4,363
		Scottish & Southern Energy plc (Electric utilities)			1,672,086				37,585
		Spirax-Sarco Engineering plc (Machinery)			207,996				7,023
		St James’s Place plc (Insurance)			939,343				5,568
*		The Berkeley Group Holdings plc (Household durables)			896,218				20,348
		Tullow Oil plc (Oil, gas & consumable fuels)			736,087				16,284
		Victrex plc (Chemicals)			384,405				8,206
		Wolseley plc (Trading companies & distributors)			45,894				1,958
									605,422
		Emerging Asia—11.8%
		China—2.1%
		China BlueChemical, Ltd. (Chemicals)			13,738,000				8,132
		China Overseas Land & Investment, Ltd. (Real estate management & development)			8,244,000				20,966
		Great Wall Motor Co., Ltd. Class “H” (Automobiles)			5,351,000				14,112
		Haitian International Holdings, Ltd. (Machinery)			3,219,000				3,653
*		Hollysys Automation Technologies, Ltd. (Electronic equipment, instruments & components)†			415,642				4,057
		Lenovo Group, Ltd. (Computers & peripherals)			17,462,000				14,458
		Spreadtrum Communications, Inc.—ADR (Semiconductors & semiconductor equipment)			260,729				5,361

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Asia—11.8%—(continued)
		China—2.1%—(continued)
*		WuXi PharmaTech Cayman, Inc.—ADR (Life sciences tools & services)			245,177			$	3,660
									74,399
		India—1.9%
		CRISIL, Ltd. (Diversified financial services)			89,413				1,628
		IndusInd Bank, Ltd. (Commercial banks)			641,637				4,322
		Ipca Laboratories, Ltd. (Pharmaceuticals)			532,906				4,893
		Lupin, Ltd. (Pharmaceuticals)			760,217				8,589
		Oberoi Realty, Ltd. (Real estate management & development)			681,897				3,425
		Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals)			1,070,304				14,114
		Tata Motors, Ltd. (Automobiles)			4,638,671				23,530
		Yes Bank, Ltd. (Commercial banks)			938,920				6,801
									67,302
		Indonesia—1.5%
		PT Alam Sutera Realty Tbk (Real estate management & development)			56,562,000				2,926
		PT Bank Rakyat Indonesia (Commercial banks)			17,844,000				13,891
		PT Kalbe Farma Tbk (Pharmaceuticals)			21,239,000				10,431
		PT Media Nusantara Citra Tbk (Media)			22,802,500				6,195
		PT United Tractors Tbk (Machinery)			7,173,606				15,517
		PT XL Axiata Tbk (Diversified telecommunication services)			3,169,500				2,202
									51,162
		Philippines—0.3%
		International Container Terminal Services, Inc. (Transportation infrastructure)			2,173,320				3,668
		SM Prime Holdings, Inc. (Real estate management & development)			20,692,350				7,044
									10,712
		South Korea—4.4%
		Celltrion, Inc. (Pharmaceuticals)			463,982				11,689
		Hana Financial Group, Inc. (Commercial banks)			658,370				20,170
		Hyundai Motor Co. (Automobiles)			187,748				42,569
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			56,606				68,553
		Samsung Fire & Marine Insurance Co., Ltd. (Insurance)			53,310				11,464
									154,445
		Taiwan—0.3%
		Asustek Computer, Inc. (Computers & peripherals)			1,122,000				12,191
		Thailand—1.3%
		Advanced Info Service PCL (Wireless telecommunication services)			2,628,400				18,274
		BEC World PCL (Media)			3,215,100				7,991
		Kasikornbank PCL (Commercial banks)			3,214,000				19,056
									45,321
		Japan—10.8%
		Ain Pharmaciez, Inc. (Food & staples retailing)			72,000				5,139
		Arnest One Corporation (Household durables)			301,400				4,650
		Cosmos Pharmaceutical Corporation (Food & staples retailing)			16,400				1,507

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Japan—10.8%—(continued)
		Daito Trust Construction Co., Ltd. (Real estate management & development)			170,100			$	17,110
		FamilyMart Co., Ltd. (Food & staples retailing)			355,100				17,473
		Fast Retailing Co., Ltd. (Specialty retail)			118,600				27,583
		Lawson, Inc. (Food & staples retailing)			234,400				18,022
		Miraca Holdings, Inc. (Health care providers & services)			143,900				6,463
*		Nexon Co., Ltd. (Software)			179,600				2,469
		Nikon Corporation (Leisure equipment & products)			1,531,400				42,151
		Nitori Co., Ltd. (Specialty retail)			259,020				24,063
		ORIX Corporation (Diversified financial services)			585,070				58,777
		Shimamura Co., Ltd. (Specialty retail)			76,200				8,876
		Ship Healthcare Holdings, Inc. (Health care providers & services)			209,200				6,680
		Softbank Corporation (Wireless telecommunication services)			827,200				33,495
		Sumitomo Mitsui Financial Group, Inc. (Commercial banks)			2,257,700				70,589
		Sumitomo Realty & Development Co., Ltd. (Real estate management & development)			658,000				17,470
		Sundrug Co., Ltd. (Food & staples retailing)			97,900				3,555
		Suruga Bank, Ltd. (Commercial banks)			713,000				8,086
		Tsuruha Holdings, Inc. (Food & staples retailing)			56,000				4,191
		United Arrows, Ltd. (Specialty retail)			159,000				4,250
									382,599
		Emerging Latin America—6.5%
		Brazil—3.5%
		BR Malls Participacoes S.A. (Real estate management & development)			972,900				13,510
		BR Properties S.A. (Real estate management & development)			826,100				10,778
		CETIP S.A. - Balcao Organizado de Ativos e Derivativos (Capital markets)			493,701				6,478
		Cia de Concessoes Rodoviarias (Transportation infrastructure)			1,858,300				16,821
		Cia Hering (Specialty retail)			613,300				13,865
		Cielo S.A. (IT services)			459,800				11,474
		OdontoPrev S.A. (Health care providers & services)			871,000				4,876
*		Qualicorp S.A. (Professional services)			402,100				3,927
		T4F Entretenimento S.A. (Media)			588,300				4,092
		Tractebel Energia S.A. (Independent power producers & energy traders)			515,300				8,134
		Vale S.A.—ADR (Metals & mining)			1,378,428				24,674
		Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. (Commercial services & supplies)			233,400				4,369
									122,998
		Chile—1.5%
		CFR Pharmaceuticals S.A. (Pharmaceuticals)			25,172,657				5,944
		ENTEL Chile S.A. (Wireless telecommunication services)			623,984				13,008
*		Inversiones La Construccion S.A. (Diversified financial services)			219,274				3,541
		Parque Arauco S.A. (Real estate management & development)			5,332,669				10,983
		Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)			229,017				14,117
		Sonda S.A. (IT services)			1,603,692				4,818
									52,411
		Colombia—0.8%
		Ecopetrol S.A. (Oil, gas & consumable fuels)			9,416,828				27,731

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Latin America—6.5%—(continued)
		Mexico—0.4%
		Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)			4,791,800			$	15,836
		Panama—0.3%
		Copa Holdings S.A. (Airlines)†			121,928				9,909
		Asia—6.2%
		Australia—2.1%
		BHP Billiton, Ltd. (Metals & mining)			509,059				17,447
		Cochlear, Ltd. (Health care equipment & supplies)			148,101				10,316
		Telstra Corporation, Ltd. (Diversified telecommunication services)			11,875,798				48,289
									76,052
		Hong Kong—2.1%
		AIA Group, Ltd. (Insurance)			12,072,600				44,996
		China High Precision Automation Group, Ltd. (Electronic equipment, instruments & components)**§			6,597,000				1,055
		Hutchison Telecommunications Hong Kong Holdings, Ltd. (Diversified telecommunication services)			19,830,000				8,772
		Sa Sa International Holdings, Ltd. (Specialty retail)			7,000,000				4,803
		SmarTone Telecommunications Holdings, Ltd. (Wireless telecommunication services)			4,916,000				9,801
		Value Partners Group, Ltd. (Capital markets)			7,631,000				3,730
									73,157
		Singapore—2.0%
		First Resources, Ltd. (Food products)			1,486,000				2,555
		Global Logistic Properties, Ltd. (Real estate management & development)			13,465,000				27,540
		Keppel Corporation, Ltd. (Industrial conglomerates)			4,237,300				39,362
									69,457
		Western Hemisphere—5.7%
		Bermuda—0.7%
		RenaissanceRe Holdings, Ltd. (Insurance)†			329,395				25,377
		Canada—5.0%
		Alimentation Couche Tard, Inc. (Food & staples retailing)			373,255				17,154
		Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†			1,350,826				46,617
		Canadian National Railway Co. (Road & rail)†			376,747				33,240
		CI Financial Corporation (Capital markets)			639,159				14,771
		Dollarama, Inc. (Multiline retail)			163,177				10,415
		Metro, Inc. (Food & staples retailing)			323,106				19,194
		Peyto Exploration & Development Corporation (Oil, gas & consumable fuels)			885,054				21,805
*		Precision Drilling Corporation (Energy equipment & services)			1,577,722				12,405
									175,601

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Europe, Mid-East, Africa—3.4%
		Nigeria—0.2%
		Guaranty Trust Bank plc (Commercial banks)			60,086,492			$	7,320
		South Africa—2.7%
*		Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)			979,984				16,838
		Bidvest Group, Ltd. (Industrial conglomerates)			731,280				18,100
		FirstRand, Ltd. (Diversified financial services)			6,036,275				20,227
		Life Healthcare Group Holdings Pte, Ltd. (Health care providers & services)			2,032,785				7,755
		Naspers, Ltd. (Media)			323,505				20,016
		The Foschini Group, Ltd. (Specialty retail)			190,346				2,893
		Tiger Brands, Ltd. (Food products)			325,777				10,690
									96,519
		Turkey—0.3%
		Turkiye Halk Bankasi A.S. (Commercial banks)			1,435,993				11,186
		United Arab Emirates—0.2%
		First Gulf Bank PJSC (Commercial banks)			1,953,569				5,292
		Total Common Stocks—97.4% (cost $3,020,312)							3,441,196
		Convertible Bond
		Brazil—0.0%
		Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§		$	2,875				782
		Total Convertible Bond—0.0% (cost $1,491)							782
		Exchange-Traded Fund
		China—0.4%
		iShares FTSE A50 China Index			10,683,010				13,419
		Total Exchange-Traded Fund—0.4% (cost $13,681)							13,419
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $83,434, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	83,433				83,433
		Total Repurchase Agreement—2.3% (cost $83,433)							83,433

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Total Investments—100.1% (cost $3,118,917)			3,538,830
		Liabilities, plus cash and other assets—(0.1)%			(5,164	)
		Net assets—100.0%		$	3,533,666

 

ADR = American Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. These holdings represent 0.05% of the Fund’s net assets at September 30, 2012.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.05% of the net assets at September 30, 2012.

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

 

See accompanying Notes to Portfolio of Investments.

---

International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Financials			26.4	%
Consumer Discretionary			14.7	%
Industrials			13.9	%
Health Care			9.2	%
Consumer Staples			8.5	%
Energy			7.8	%
Materials			6.9	%
Information Technology			5.5	%
Telecommunication Services			5.4	%
Utilities			1.3	%
Exchange-Traded Funds			0.4	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Euro			22.3	%
British Pound Sterling			20.9	%
Japanese Yen			11.1	%
Swiss Franc			4.6	%
U.S. Dollar			4.6	%
Hong Kong Dollar			4.5	%
South Korean Won			4.5	%
Norwegian Krone			3.2	%
Brazilian Real			2.9	%
South African Rand			2.8	%
Canadian Dollar			2.8	%
Swedish Krona			2.3	%
Australian Dollar			2.2	%
Singapore Dollar			2.0	%
Indian Rupee			1.9	%
Indonesian Rupiah			1.5	%
Thai Baht			1.3	%
Chilean Peso			1.1	%
All Other Currencies			3.5	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

International Leaders Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Europe, Mid-East—41.3%
		Denmark—3.4%
		Coloplast A/S Class “B” (Health care equipment & supplies)			187			$	39
		Novo Nordisk A/S Class “B” (Pharmaceuticals)			566				89
									128
		France—10.1%
		Arkema S.A. (Chemicals)			641				60
		BNP Paribas S.A. (Commercial banks)			2,447				116
		Dassault Systemes S.A. (Software)			642				68
		Sanofi (Pharmaceuticals)			927				79
		Technip S.A. (Energy equipment & services)			549				61
									384
		Germany—8.0%
		Bayerische Motoren Werke AG (Automobiles)			998				73
		Brenntag AG (Trading companies & distributors)			340				43
		Fresenius SE & Co. KGaA (Health care providers & services)			739				86
		SAP AG (Software)			1,436				102
									304
		Israel—1.4%
*		Check Point Software Technologies, Ltd. (Software)†			1,159				56
		Netherlands—4.4%
		Royal Dutch Shell plc Class “B” (Oil, gas & consumable fuels)			2,333				83
		Unilever N.V. (Food products)			2,370				84
									167
		Norway—1.8%
		Statoil ASA (Oil, gas & consumable fuels)			2,737				71
		Spain—2.0%
		Inditex S.A. (Specialty retail)			604				75
		Sweden—1.9%
		Atlas Copco AB Class “A” (Machinery)			3,069				71
		Switzerland—8.3%
*		Geberit AG (Building products)			255				56
		Glencore International plc (Metals & mining)			13,357				74
*		Lindt & Spruengli AG (Food products)			1				36
		Partners Group Holding AG (Capital markets)			280				58
		Syngenta AG (Chemicals)			244				91
									315
		United Kingdom—21.8%
		ARM Holdings plc (Semiconductors & semiconductor equipment)			6,056				56
		Babcock International Group plc (Commercial services & supplies)			3,080				46
		BG Group plc (Oil, gas & consumable fuels)			3,060				62
		British American Tobacco plc (Tobacco)			1,093				56
		Burberry Group plc (Textiles, apparel & luxury goods)			1,291				21

 

See accompanying Notes to Portfolio of Investments.

---

International Leaders Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		United Kingdom—21.8%—(continued)
		Compass Group plc (Hotels, restaurants & leisure)			6,653			$	73
		Diageo plc (Beverages)			2,738				77
		Experian plc (Professional services)			2,366				39
		InterContinental Hotels Group plc (Hotels, restaurants & leisure)			2,098				55
		John Wood Group plc (Energy equipment & services)			3,645				47
		Johnson Matthey plc (Chemicals)			1,658				65
		Pearson plc (Media)			3,300				64
*		Rolls-Royce Holdings plc (Aerospace & defense)			4,120				56
*		The Berkeley Group Holdings plc (Household durables)			1,833				42
		The Weir Group plc (Machinery)			1,841				53
		Wolseley plc (Trading companies & distributors)			367				16
									828
		Emerging Asia—9.0%
		China—5.3%
*		Baidu, Inc.—ADR (Internet software & services)			557				65
		China Mobile, Ltd. (Wireless telecommunication services)			6,500				72
*		NetEase, Inc.—ADR (Internet software & services)			1,150				65
									202
		Indonesia—1.5%
		PT Bank Rakyat Indonesia (Commercial banks)			71,000				55
		South Korea—2.2%
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			70				85
		Japan—9.0%
		Daito Trust Construction Co., Ltd. (Real estate management & development)			300				30
		Fanuc Corporation (Machinery)			300				49
		Nikon Corporation (Leisure equipment & products)			2,300				63
		ORIX Corporation (Diversified financial services)			980				99
		Softbank Corporation (Wireless telecommunication services)			2,500				101
									342
		Canada—4.3%
		Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†			2,247				77
		The Toronto-Dominion Bank (Commercial banks)			1,030				86
									163
		Asia—4.1%
		Hong Kong—4.1%
		AIA Group, Ltd. (Insurance)			26,400				98
		ASM Pacific Technology, Ltd. (Semiconductors & semiconductor equipment)			4,900				58
									156

 

See accompanying Notes to Portfolio of Investments.

---

International Leaders Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Latin America—3.7%
		Argentina—0.9%
		MercadoLibre, Inc. (Internet software & services)			420			$	35
		Brazil—1.1%
		BR Malls Participacoes S.A. (Real estate management & development)			3,000				42
		Peru—1.7%
		Credicorp, Ltd. (Commercial banks)†			507				63
		Emerging Europe, Mid-East, Africa—3.3%
		South Africa—3.3%
*		Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)			1,617				28
		Discovery Holdings, Ltd. (Insurance)			6,775				45
		FirstRand, Ltd. (Diversified financial services)			16,249				54
									127
		Total Common Stocks—96.5% (cost $3,569)							3,669
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $151, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	151				151
		Total Repurchase Agreement—4.0% (cost $151)							151
		Total Investments—100.5% (cost $3,720)							3,820
		Liabilities, plus cash and other assets—(0.5)%							(20	)
		Net assets—100.0%						$	3,800

 

ADR = American Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

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

 

See accompanying Notes to Portfolio of Investments.

---

International Leaders Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:

 

Financials			22.4	%
Information Technology			16.1	%
Consumer Discretionary			12.7	%
Industrials			11.7	%
Energy			8.8	%
Health Care			8.8	%
Materials			7.9	%
Consumer Staples			6.9	%
Telecommunication Services			4.7	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
British Pound Sterling			26.9	%
Euro			23.1	%
U.S. Dollar			9.8	%
Japanese Yen			9.3	%
Swiss Franc			6.6	%
Hong Kong Dollar			6.2	%
Danish Krone			3.5	%
South African Rand			3.5	%
Canadian Dollar			2.3	%
South Korean Won			2.3	%
Norwegian Krone			1.9	%
Swedish Krona			1.9	%
Indonesian Rupiah			1.5	%
Brazilian Real			1.2	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Europe—42.5%
		Denmark—2.2%
		Novo Nordisk A/S Class “B” (Pharmaceuticals)			9,289			$	1,467
		France—12.6%
		AXA S.A. (Insurance)			54,063				805
		BNP Paribas S.A. (Commercial banks)			20,411				970
		Christian Dior S.A. (Textiles, apparel & luxury goods)			6,049				812
		Dassault Systemes S.A. (Software)			9,371				985
		Essilor International S.A. (Health care equipment & supplies)			14,767				1,383
		L’Oreal S.A. (Personal products)			6,801				841
		Sanofi (Pharmaceuticals)			17,128				1,460
		Technip S.A. (Energy equipment & services)			6,944				772
		Unibail-Rodamco SE (Real estate investment trusts (REITs))			2,566				511
									8,539
		Germany—8.2%
		BASF SE (Chemicals)			14,936				1,260
		Bayer AG (Pharmaceuticals)			15,499				1,331
		Fresenius SE & Co. KGaA (Health care providers & services)			13,808				1,603
		SAP AG (Software)			19,450				1,378
									5,572
		Ireland—4.6%
		Accenture plc Class “A” (IT services)†			16,569				1,160
*		Ryanair Holdings plc—ADR (Airlines)			25,846				834
		Shire plc (Pharmaceuticals)			39,009				1,143
									3,137
		Italy—1.1%
		Saipem SpA (Energy equipment & services)			16,185				777
		Netherlands—2.2%
		Unilever N.V. (Food products)			42,502				1,504
		Norway—1.6%
		Telenor ASA (Diversified telecommunication services)			54,591				1,064
		Spain—1.8%
		Inditex S.A. (Specialty retail)			9,704				1,205
		Sweden—1.4%
		Atlas Copco AB Class “A” (Machinery)			39,265				916
		Switzerland—6.8%
*		Geberit AG (Building products)			4,701				1,022
		Nestle S.A. (Food products)			16,538				1,043
		Roche Holding AG (Pharmaceuticals)			5,039				941
		Syngenta AG (Chemicals)			4,187				1,565
									4,571

 

See accompanying Notes to Portfolio of Investments.

---

International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		United Kingdom—21.2%
		ARM Holdings plc (Semiconductors & semiconductor equipment)			56,906			$	528
		BG Group plc (Oil, gas & consumable fuels)			50,151				1,012
		Burberry Group plc (Textiles, apparel & luxury goods)			43,261				699
		Compass Group plc (Hotels, restaurants & leisure)			137,639				1,519
		Diageo plc (Beverages)			49,825				1,400
		Experian plc (Professional services)			60,861				1,011
		InterContinental Hotels Group plc (Hotels, restaurants & leisure)			28,268				740
		John Wood Group plc (Energy equipment & services)			76,934				998
		Johnson Matthey plc (Chemicals)			27,397				1,068
		Pearson plc (Media)			69,052				1,349
		Prudential plc (Insurance)			85,598				1,108
*		Rolls-Royce Holdings plc (Aerospace & defense)			106,368				1,448
		Tullow Oil plc (Oil, gas & consumable fuels)			28,788				637
		Wolseley plc (Trading companies & distributors)			20,052				855
									14,372
		Japan—11.5%
		Chiyoda Corporation (Construction & engineering)			39,000				606
		Daito Trust Construction Co., Ltd. (Real estate management & development)			11,800				1,187
		FamilyMart Co., Ltd. (Food & staples retailing)			19,700				969
		Keyence Corporation (Electronic equipment, instruments & components)			3,300				846
		Nikon Corporation (Leisure equipment & products)			27,900				768
		Nitori Co., Ltd. (Specialty retail)			7,350				683
		ORIX Corporation (Diversified financial services)			10,180				1,023
		Sumitomo Mitsui Financial Group, Inc. (Commercial banks)			34,900				1,091
		Suruga Bank, Ltd. (Commercial banks)			53,000				601
									7,774
		Canada—6.6%
		Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†			32,501				1,121
		Canadian National Railway Co. (Road & rail)†			10,944				965
		Goldcorp, Inc. (Metals & mining)†			16,044				736
		The Toronto-Dominion Bank (Commercial banks)			19,541				1,630
									4,452
		Emerging Asia—6.2%
		China—2.6%
		China Mobile, Ltd. (Wireless telecommunication services)			88,000				976
		CNOOC, Ltd. (Oil, gas & consumable fuels)			363,000				744
									1,720
		India—0.8%
		Tata Consultancy Services, Ltd. (IT services)			23,025				566
		Papua New Guinea—0.8%
		Oil Search, Ltd. (Oil, gas & consumable fuels)			71,614				551
		South Korea—2.0%
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			1,127				1,365

 

See accompanying Notes to Portfolio of Investments.

---

International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Asia—5.3%
		Australia—1.6%
		BHP Billiton, Ltd.—ADR (Metals & mining)			15,765			$	1,082
		Hong Kong—2.2%
		AIA Group, Ltd. (Insurance)			394,000				1,468
		Singapore—1.5%
		Keppel Corporation, Ltd. (Industrial conglomerates)			109,000				1,013
		Emerging Latin America—4.0%
		Brazil—0.9%
		Embraer S.A.—ADR (Aerospace & defense)			23,399				623
		Chile—1.6%
		Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)			17,516				1,080
		Panama—1.5%
		Copa Holdings S.A. (Airlines)†			11,924				969
		Emerging Europe, Mid-East, Africa—1.6%
		South Africa—1.6%
		FirstRand, Ltd. (Diversified financial services)			326,694				1,095
		Total Common Stocks—98.9% (cost $57,443)							66,882
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $606, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	606				606
		Total Repurchase Agreement—0.9% (cost $606)							606
		Total Investments—99.8% (cost $58,049)							67,488
		Cash and other assets, less liabilities—0.2%							153
		Net assets—100.0%						$	67,641

 

ADR = American Depository Receipt

† = U.S. listed foreign security

 

*	Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

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

 

See accompanying Notes to Portfolio of Investments.

---

International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Financials			19.0	%
Industrials			15.3	%
Health Care			13.9	%
Consumer Discretionary			11.6	%
Information Technology			10.2	%
Materials			10.2	%
Consumer Staples			8.6	%
Energy			8.2	%
Telecommunication Services			3.0	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Euro			26.3	%
British Pound Sterling			23.2	%
U.S. Dollar			12.8	%
Japanese Yen			11.6	%
Swiss Franc			6.8	%
Hong Kong Dollar			4.8	%
Canadian Dollar			2.4	%
Danish Krone			2.2	%
South Korean Won			2.1	%
South African Rand			1.6	%
Norwegian Krone			1.6	%
Singapore Dollar			1.5	%
Swedish Krona			1.4	%
All Other Currencies			1.7	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Europe—27.2%
		Denmark—2.1%
		CHR Hansen Holding A/S (Chemicals)			341,145			$	10,279
		GN Store Nord A/S (Health care equipment & supplies)			284,903				4,383
									14,662
		France—0.5%
		CFAO S.A. (Distributors)			68,038				3,259
		Germany—7.9%
		Aixtron AG (Semiconductors & semiconductor equipment)			242,049				3,227
		ElringKlinger AG (Auto components)			246,973				6,535
		Gerry Weber International AG (Textiles, apparel & luxury goods)			145,938				6,031
		MTU Aero Engines Holding AG (Aerospace & defense)			169,142				13,508
		Pfeiffer Vacuum Technology AG (Machinery)			69,201				7,391
		Wincor Nixdorf AG (Computers & peripherals)			264,500				10,343
		Wirecard AG (IT services)			329,073				7,557
									54,592
		Ireland—2.0%
		Paddy Power plc (Hotels, restaurants & leisure)			185,349				13,750
		Italy—4.5%
		Azimut Holding SpA (Capital markets)			253,060				2,919
		De’Longhi SpA (Household durables)			391,776				4,581
		Recordati SpA (Pharmaceuticals)			889,616				6,322
		Salvatore Ferragamo Italia SpA (Textiles, apparel & luxury goods)			408,774				8,504
		Tod’s SpA (Textiles, apparel & luxury goods)			53,567				5,789
*		Yoox SpA (Internet & catalog retail)			264,134				3,381
									31,496
		Norway—2.9%
		Fred Olsen Energy ASA (Energy equipment & services)			120,136				5,368
		Opera Software ASA (Internet software & services)			698,465				4,475
		Schibsted ASA (Media)			271,063				10,362
									20,205
		Spain—2.3%
		Viscofan S.A. (Food products)			341,795				15,645
		Sweden—3.7%
		Axis Communications AB (Communications equipment)			351,804				8,730
		Hexpol AB (Chemicals)			119,007				4,620
		JM AB (Household durables)			280,780				5,129
		Mekonomen AB (Specialty retail)			130,585				3,866
		NIBE Industrier AB (Building products)			211,658				3,488
									25,833
		Switzerland—1.3%
		Burckhardt Compression Holding AG (Machinery)			5,901				1,752

 

See accompanying Notes to Portfolio of Investments.

---

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Europe—27.2%—(continued)
		Switzerland—1.3%—(continued)
		Partners Group Holding AG (Capital markets)			36,436			$	7,582
									9,334
		United Kingdom—22.8%
		Abcam plc (Biotechnology)			962,205				6,242
*		ASOS plc (Internet & catalog retail)			118,426				4,201
		Aveva Group plc (Software)			328,731				10,442
		Booker Group plc (Food & staples retailing)			8,352,829				12,591
		Croda International plc (Chemicals)			353,934				13,860
		Debenhams plc (Multiline retail)			4,973,534				8,224
		Domino’s Pizza Group plc (Hotels, restaurants & leisure)			521,560				4,472
		Dunelm Group plc (Specialty retail)			602,874				6,250
		Elementis plc (Chemicals)			669,062				2,507
		Fidessa Group plc (Software)			122,805				2,917
		Halma plc (Electronic equipment, instruments & components)			878,060				6,010
		Hiscox, Ltd. (Insurance)			488,558				3,834
		IG Group Holdings plc (Diversified financial services)			1,272,904				9,167
*		Imagination Technologies Group plc (Computers & peripherals)			903,107				6,927
		Lancashire Holdings, Ltd. (Insurance)			927,090				12,328
		Moneysupermarket.com Group plc (Internet software & services)			3,000,859				6,678
		Oxford Instruments plc (Electronic equipment, instruments & components)			117,666				2,613
		RPS Group plc (Commercial services & supplies)			896,603				3,605
*		Salamander Energy plc (Oil, gas & consumable fuels)			1,680,109				5,426
		Spirax-Sarco Engineering plc (Machinery)			211,563				7,144
*		Sports Direct International plc (Specialty retail)			901,162				5,007
		St James’s Place plc (Insurance)			636,618				3,774
		Synergy Health plc (Health care providers & services)			207,366				3,081
		Telecity Group plc (Internet software & services)			491,879				7,113
		Victrex plc (Chemicals)			174,998				3,736
									158,149
		Japan—16.6%
		Ain Pharmaciez, Inc. (Food & staples retailing)			112,400				8,022
		Chiyoda Corporation (Construction & engineering)			679,000				10,563
		Cosmos Pharmaceutical Corporation (Food & staples retailing)			79,000				7,258
		CyberAgent, Inc. (Media)			2,239				4,832
		F.C.C. Co., Ltd. (Auto components)			326,709				5,254
		FamilyMart Co., Ltd. (Food & staples retailing)			260,800				12,833
		Kakaku.com, Inc. (Internet software & services)			93,000				3,500
		M3, Inc. (Health care technology)			2,436				4,629
		Miraca Holdings, Inc. (Health care providers & services)			262,600				11,794
		MISUMI Group, Inc. (Trading companies & distributors)			278,100				6,892
		Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals)			30,100				3,498
		Ship Healthcare Holdings, Inc. (Health care providers & services)			306,200				9,778
		Start Today Co., Ltd. (Internet & catalog retail)			149,200				2,141
		Suruga Bank, Ltd. (Commercial banks)			1,017,000				11,533
		THK Co., Ltd. (Machinery)			316,400				4,857
		United Arrows, Ltd. (Specialty retail)			167,700				4,483

 

See accompanying Notes to Portfolio of Investments.

---

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Japan—16.6%—(continued)
		Xebio Co., Ltd. (Specialty retail)			156,800			$	3,261
									115,128
		Emerging Asia—10.0%
		China—4.7%
		Dongyue Group (Chemicals)			5,938,000				2,642
*		Haier Electronics Group Co., Ltd. (Household durables)			10,834,000				12,561
		Haitian International Holdings, Ltd. (Machinery)			3,820,496				4,336
		Minth Group, Ltd. (Auto components)			4,786,000				5,049
		Spreadtrum Communications, Inc.—ADR (Semiconductors & semiconductor equipment)†			209,135				4,300
*		WuXi PharmaTech Cayman, Inc.—ADR (Life sciences tools & services)†			261,262				3,900
									32,788
		India—2.5%
		CRISIL, Ltd. (Diversified financial services)			181,617				3,307
		eClerx Services, Ltd. (Professional services)			160,640				2,357
		Ipca Laboratories, Ltd. (Pharmaceuticals)			300,246				2,757
*		Jubilant Foodworks, Ltd. (Hotels, restaurants & leisure)			112,272				2,922
		Motherson Sumi Systems, Ltd. (Auto components)			995,510				4,220
		Oberoi Realty, Ltd. (Real estate management & development)			344,191				1,729
									17,292
		Indonesia—0.8%
		PT Media Nusantara Citra Tbk (Media)			12,923,000				3,511
		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Food products)			8,829,500				2,260
									5,771
		South Korea—0.7%
		Daum Communications Corporation (Internet software & services)			44,148				4,508
		Taiwan—0.4%
		Hiwin Technologies Corporation (Machinery)			388,500				2,850
		Thailand—0.9%
		Bangkok Dusit Medical Services PCL (Health care providers & services)			831,500				2,904
		Siam Makro PCL (Food & staples retailing)			267,900				3,455
									6,359
		Canada—7.1%
		Canadian Energy Services & Technology Corporation (Energy equipment & services)			320,709				3,451
*		Celtic Exploration, Ltd. (Oil, gas & consumable fuels)			510,250				9,488
		Dollarama, Inc. (Multiline retail)			106,375				6,790
*		Legacy Oil + Gas, Inc. (Oil, gas & consumable fuels)			1,357,240				9,278
		Major Drilling Group International, Inc. (Metals & mining)			195,191				1,993
		Peyto Exploration & Development Corporation (Oil, gas & consumable fuels)			347,586				8,563
*		Precision Drilling Corporation (Energy equipment & services)			762,744				5,997
		Total Energy Services, Inc. (Energy equipment & services)			211,116				3,419
									48,979

 

See accompanying Notes to Portfolio of Investments.

---

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Europe, Mid-East, Africa—6.2%
		Poland—0.5%
		Eurocash S.A. (Food & staples retailing)			96,072			$	1,181
		Lubelski Wegiel Bogdanka S.A. (Oil, gas & consumable fuels)			67,607				2,543
									3,724
		Russia—0.4%
*		Etalon Group Ltd.—144A—GDR (Real estate management & development)†			419,810				2,636
		South Africa—3.2%
		Capitec Bank Holdings, Ltd. (Commercial banks)			204,738				5,510
		Coronation Fund Managers, Ltd. (Capital markets)			1,036,290				3,860
		Life Healthcare Group Holdings Pte, Ltd. (Health care providers & services)			2,828,177				10,789
		Mr Price Group, Ltd. (Specialty retail)			145,022				2,195
									22,354
		Turkey—2.1%
		Tofas Turk Otomobil Fabrikasi A.S. (Automobiles)			945,477				4,777
		Turkiye Sinai Kalkinma Bankasi A.S. (Commercial banks)			8,865,636				9,866
									14,643
		Asia—4.8%
		Australia—1.0%
		Domino’s Pizza Enterprises, Ltd. (Hotels, restaurants & leisure)			48,257				522
		Seek, Ltd. (Professional services)			929,525				6,585
									7,107
		Hong Kong—2.3%
		Sa Sa International Holdings, Ltd. (Specialty retail)			5,746,000				3,942
		SmarTone Telecommunications Holdings, Ltd. (Wireless telecommunication services)			5,989,500				11,942
									15,884
		Singapore—1.5%
*		Biosensors International Group, Ltd. (Health care equipment & supplies)			3,011,000				2,994
		First Resources, Ltd. (Food products)			4,340,000				7,462
									10,456
		Emerging Latin America—1.7%
		Brazil—1.2%
		Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)			109,896				1,982
		OdontoPrev S.A. (Health care providers & services)			660,600				3,699
		Restoque Comercio e Confeccoes de Roupas S.A. (Textiles, apparel & luxury goods)			365,600				1,650
		T4F Entretenimento S.A. (Media)			200,300				1,393
									8,724
		Chile—0.5%
		CFR Pharmaceuticals S.A. (Pharmaceuticals)			14,169,396				3,345

 

See accompanying Notes to Portfolio of Investments.

---

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		Common Stocks—(continued)
		Total Common Stocks—96.4% (cost $585,509)							669,473
		Convertible Bond
		Brazil—0.0%
		Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§		$	959			$	261
		Total Convertible Bond—0.0% (cost $497)							261
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $21,823, collateralized by FNMA, 4.375%, due 10/15/15			21,822				21,822
		Total Repurchase Agreement—3.2% (cost $21,822)							21,822
		Total Investments—99.6% (cost $607,828)							691,556
		Cash and other assets, less liabilities—0.4%							3,005
		Net assets—100.0%						$	694,561

 

ADR = American Depository Receipt

GDR = Global Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.04% of the Fund’s net assets at September 30, 2012.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.04% of the net assets at September 30, 2012.

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

 

See accompanying Notes to Portfolio of Investments.

---

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Consumer Discretionary			25.4	%
Information Technology			13.3	%
Health Care			12.0	%
Financials			11.7	%
Industrials			11.3	%
Consumer Staples			10.6	%
Energy			8.0	%
Materials			5.9	%
Telecommunication Services			1.8	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
British Pound Sterling			23.6	%
Euro			18.3	%
Japanese Yen			17.2	%
Canadian Dollar			7.3	%
Hong Kong Dollar			7.3	%
Swedish Krona			3.8	%
South African Rand			3.3	%
Norwegian Krone			3.0	%
Indian Rupee			2.6	%
Danish Krone			2.2	%
Turkish Lira			2.2	%
Singapore Dollar			1.6	%
Swiss Franc			1.4	%
Brazilian Real			1.3	%
Australian Dollar			1.1	%
All Other Currencies			3.8	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Emerging Asia—56.0%
		China—20.5%
		AAC Technologies Holdings, Inc. (Communications equipment)			1,043,959			$	3,770
*		Baidu, Inc.—ADR (Internet software & services)			105,618				12,338
		Belle International Holdings, Ltd. (Specialty retail)			2,380,610				4,311
*		Brilliance China Automotive Holdings, Ltd. (Automobiles)			6,814,000				7,513
		China BlueChemical, Ltd. (Chemicals)			3,662,609				2,168
		China Mobile, Ltd. (Wireless telecommunication services)			3,322,755				36,831
		China Shenhua Energy Co., Ltd. (Oil, gas & consumable fuels)			2,995,804				11,629
		CNOOC, Ltd. (Oil, gas & consumable fuels)			12,165,601				24,946
		Dongyue Group (Chemicals)			4,290,287				1,909
		Golden Eagle Retail Group, Ltd. (Multiline retail)			1,517,547				2,979
		Great Wall Motor Co., Ltd. Class “H” (Automobiles)			792,000				2,089
*		Haier Electronics Group Co., Ltd. (Household durables)			4,892,000				5,672
		Haitian International Holdings, Ltd. (Machinery)			2,361,870				2,680
		Lenovo Group, Ltd. (Computers & peripherals)			15,803,014				13,084
*		NetEase, Inc.—ADR (Internet software & services)			62,057				3,484
		Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)			1,412,949				10,678
		Spreadtrum Communications, Inc.—ADR (Semiconductors & semiconductor equipment)			127,545				2,622
		Sun Art Retail Group, Ltd. (Food & staples retailing)			5,494,245				6,838
		Tencent Holdings, Ltd. (Internet software & services)			559,835				19,075
		Want Want China Holdings, Ltd. (Food products)			6,383,217				8,142
*		WuXi PharmaTech Cayman, Inc.—ADR (Life sciences tools & services)			146,615				2,189
		Yingde Gases (Chemicals)			2,092,981				1,854
*		Youku.com, Inc.—ADR (Internet software & services)			72,261				1,329
									188,130
		India—8.1%
		Asian Paints, Ltd. (Chemicals)			40,761				3,041
		Bajaj Auto, Ltd. (Automobiles)			221,021				7,669
		HDFC Bank, Ltd. (Commercial banks)			623,427				7,436
		Housing Development Finance Corporation (Thrifts & mortgage finance)			526,913				7,736
		IndusInd Bank, Ltd. (Commercial banks)			374,804				2,525
		ITC, Ltd. (Tobacco)			2,981,141				15,396
*		Jubilant Foodworks, Ltd. (Hotels, restaurants & leisure)			109,098				2,839
		Lupin, Ltd. (Pharmaceuticals)			211,969				2,395
		Motherson Sumi Systems, Ltd. (Auto components)			687,891				2,916
		Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals)			568,930				7,503
		Tata Consultancy Services, Ltd. (IT services)			334,671				8,223
		Tata Motors, Ltd. (Automobiles)			1,394,436				7,073
									74,752
		Indonesia—5.1%
		PT Astra International Tbk (Automobiles)			17,934,240				13,868
		PT Bank Rakyat Indonesia (Commercial banks)			16,220,821				12,628
		PT Indo Tambangraya Megah (Oil, gas & consumable fuels)			889,724				3,919
		PT Jasa Marga Persero Tbk (Transportation infrastructure)			7,194,500				4,398
		PT Kalbe Farma Tbk (Pharmaceuticals)			5,716,283				2,807
		PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Food products)			4,879,228				1,249
		PT Unilever Indonesia Tbk (Household products)			1,739,997				4,736

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Asia—56.0%—(continued)
		Indonesia—5.1%—(continued)
		PT United Tractors Tbk (Machinery)			1,353,773			$	2,928
									46,533
		Malaysia—2.1%
		CIMB Group Holdings Bhd (Commercial banks)			5,499,387				13,494
*		IHH Healthcare Bhd (Health care providers & services)			5,823,800				6,097
									19,591
		Papua New Guinea—1.1%
		Oil Search, Ltd. (Oil, gas & consumable fuels)			1,325,707				10,204
		Philippines—0.4%
		SM Prime Holdings, Inc. (Real estate management & development)			9,695,800				3,300
		South Korea—6.7%
		Celltrion, Inc. (Pharmaceuticals)			154,961				3,904
		Hyundai Motor Co. (Automobiles)			65,119				14,765
		LG Household & Health Care, Ltd. (Household products)			5,887				3,363
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			15,881				19,233
		Samsung Engineering Co., Ltd. (Construction & engineering)			48,793				8,429
		Samsung Fire & Marine Insurance Co., Ltd. (Insurance)			34,587				7,438
		Samsung Heavy Industries Co., Ltd. (Machinery)			137,954				4,679
									61,811
		Taiwan—6.2%
		Asustek Computer, Inc. (Computers & peripherals)			1,360,000				14,777
		Catcher Technology Co., Ltd. (Computers & peripherals)			471,064				2,218
		Hiwin Technologies Corporation (Machinery)			247,429				1,815
		Hon Hai Precision Industry Co., Ltd. (Electronic equipment, instruments & components)			6,584,893				20,666
		MediaTek, Inc. (Semiconductors & semiconductor equipment)			1,177,064				12,428
		TPK Holding Co., Ltd. (Electronic equipment, instruments & components)			389,979				5,115
									57,019
		Thailand—5.8%
		Advanced Info Service PCL (Wireless telecommunication services)			2,396,462				16,662
		BEC World PCL (Media)			3,699,400				9,194
		CP ALL PCL (Food & staples retailing)			7,749,318				8,938
		Kasikornbank PCL (Commercial banks)			2,501,182				14,830
		Siam Makro PCL (Food & staples retailing)			274,732				3,543
									53,167
		Emerging Latin America—21.2%
		Argentina—0.5%
		MercadoLibre, Inc. (Internet software & services)			57,767				4,769
		Brazil—9.2%
		BR Malls Participacoes S.A. (Real estate management & development)			578,190				8,029
		BR Properties S.A. (Real estate management & development)			279,297				3,644
		CETIP S.A. - Balcao Organizado de Ativos e Derivativos (Capital markets)			235,348				3,088

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Latin America—21.2%—(continued)
		Brazil—9.2%—(continued)
		Cia de Bebidas das Americas—ADR (Beverages)			599,017			$	22,924
		Cia de Concessoes Rodoviarias (Transportation infrastructure)			371,489				3,363
		Cia Hering (Specialty retail)			205,116				4,637
		Cielo S.A. (IT services)			525,900				13,124
		CPFL Energia S.A.—ADR (Electric utilities)			150,565				3,299
		Embraer S.A.—ADR (Aerospace & defense)			230,021				6,123
		Iochpe-Maxion S.A. (Machinery)			170,100				2,232
		Lojas Renner S.A. (Multiline retail)			66,822				2,238
		OdontoPrev S.A. (Health care providers & services)			455,266				2,549
		Raia Drogasil S.A. (Food & staples retailing)			222,345				2,554
		Totvs S.A. (Software)			112,532				2,337
		Tractebel Energia S.A. (Independent power producers & energy traders)			300,838				4,749
									84,890
		Chile—3.8%
		Banco Santander Chile—ADR (Commercial banks)			107,737				7,891
		CFR Pharmaceuticals S.A. (Pharmaceuticals)			9,363,121				2,211
		ENTEL Chile S.A. (Wireless telecommunication services)			339,223				7,072
		S.A.C.I. Falabella (Multiline retail)			693,490				6,988
		Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)			140,833				8,681
		Sonda S.A. (IT services)			814,649				2,447
									35,290
		Colombia—3.0%
		Ecopetrol S.A. (Oil, gas & consumable fuels)			6,142,698				18,089
		Pacific Rubiales Energy Corporation (Oil, gas & consumable fuels)			375,301				8,967
									27,056
		Mexico—3.9%
*		Genomma Lab Internacional S.A.B. de C.V. (Pharmaceuticals)			144,269				279
		Grupo Financiero Banorte S.A.B. de C.V. (Commercial banks)			2,259,610				12,771
		Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)			6,838,912				22,602
									35,652
		Peru—0.8%
		Credicorp, Ltd. (Commercial banks)†			55,778				6,988
		Emerging Europe, Mid-East, Africa—18.0%
		Nigeria—0.6%
		Guaranty Trust Bank plc (Commercial banks)			28,877,355				3,518
		Nigerian Breweries plc (Beverages)			2,305,779				2,009
									5,527
		Poland—0.4%
		Eurocash S.A. (Food & staples retailing)			283,261				3,484
		Qatar—1.5%
		Industries Qatar QSC (Industrial conglomerates)			362,926				13,965

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Europe, Mid-East, Africa—18.0%—(continued)
		Russia—3.0%
*		Etalon Group Ltd.—144A—GDR (Real estate management & development)			428,600			$	2,692
		Magnit OAO (Food & staples retailing)†			99,331				13,262
		Mail.ru Group, Ltd.—GDR (Internet software & services)			70,743				2,362
*		Yandex N.V. Class “A” (Internet software & services)†			386,787				9,325
									27,641
		South Africa—9.5%
*		Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)			288,023				4,949
		AVI, Ltd. (Food products)			321,380				2,307
		Bidvest Group, Ltd. (Industrial conglomerates)			412,321				10,205
		Discovery Holdings, Ltd. (Insurance)			393,830				2,626
		FirstRand, Ltd. (Diversified financial services)			6,064,341				20,321
		Life Healthcare Group Holdings Pte, Ltd. (Health care providers & services)			1,854,295				7,074
		Mr Price Group, Ltd. (Specialty retail)			136,281				2,063
		MTN Group, Ltd. (Wireless telecommunication services)			527,384				10,152
		Naspers, Ltd. (Media)			231,905				14,349
		Sasol, Ltd. (Oil, gas & consumable fuels)			146,719				6,563
		Shoprite Holdings, Ltd. (Food & staples retailing)			227,431				4,600
		Tiger Brands, Ltd. (Food products)			66,531				2,183
									87,392
		Turkey—2.8%
		Arcelik A.S. (Household durables)			519,954				2,766
		BIM Birlesik Magazalar A.S. (Food & staples retailing)			76,290				3,183
		Tofas Turk Otomobil Fabrikasi A.S. (Automobiles)			648,569				3,277
		Turkiye Halk Bankasi A.S. (Commercial banks)			2,126,019				16,561
									25,787
		United Arab Emirates—0.2%
		First Gulf Bank PJSC (Commercial banks)			629,920				1,706
		Total Common Stocks—95.2% (cost $766,209)							874,654
		Preferred Stock
		Brazil—1.8%
		Itau Unibanco Holding S.A. (Commercial banks)			1,104,041				16,659
		Total Preferred Stock—1.8% (cost $16,466)							16,659
		Convertible Bond
		Brazil—0.0%
		Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§		$	1,602				436
		Total Convertible Bond—0.0% (cost $831)							436

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $15,443, collateralized by FNMA, 4.375%, due 10/15/15		$	15,443			$	15,443
		Total Repurchase Agreement—1.7% (cost $15,443)							15,443
		Total Investments—98.7% (cost $798,949)							907,192
		Cash and other assets, less liabilities—1.3%							11,845
		Net assets—100.0%						$	919,037

 

ADR = American Depository Receipt

GDR = Global Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.05% of the Fund’s net assets at September 30, 2012.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.05% of the net assets at September 30, 2012.

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

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Financials			20.9	%
Information Technology			19.4	%
Consumer Discretionary			13.1	%
Consumer Staples			12.2	%
Energy			9.5	%
Telecommunication Services			7.9	%
Industrials			6.9	%
Health Care			4.7	%
Materials			4.5	%
Utilities			0.9	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Hong Kong Dollar			19.2	%
U.S. Dollar			11.5	%
South African Rand			9.8	%
Indian Rupee			8.4	%
Brazilian Real			7.8	%
South Korean Won			6.9	%
New Taiwan Dollar			6.4	%
Thai Baht			6.0	%
Indonesian Rupiah			5.2	%
Mexican Peso			4.0	%
Turkish Lira			2.9	%
Malaysian Ringgit			2.2	%
Chilean Peso			2.1	%
Colombian Peso			2.0	%
Qatari Rial			1.6	%
Australian Dollar			1.1	%
Canadian Dollar			1.0	%
All Other Currencies			1.9	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Emerging Asia—56.9%
		China—18.8%
*		Baidu, Inc.—ADR (Internet software & services)			6,872			$	803
		Belle International Holdings, Ltd. (Specialty retail)			401,000				726
*		Brilliance China Automotive Holdings, Ltd. (Automobiles)			610,000				673
		China Mobile, Ltd. (Wireless telecommunication services)			233,000				2,583
		CNOOC, Ltd. (Oil, gas & consumable fuels)			553,000				1,134
		Lenovo Group, Ltd. (Computers & peripherals)			1,348,000				1,116
*		NetEase, Inc.—ADR (Internet software & services)			4,719				265
		Ping An Insurance Group Co. of China, Ltd. Class “H” (Insurance)			88,500				669
		Sun Art Retail Group, Ltd. (Food & staples retailing)			432,500				538
		Tencent Holdings, Ltd. (Internet software & services)			53,400				1,819
		Want Want China Holdings, Ltd. (Food products)			466,000				594
									10,920
		India—9.7%
		Bajaj Auto, Ltd. (Automobiles)			23,600				819
		HDFC Bank, Ltd. (Commercial banks)			53,249				635
		Housing Development Finance Corporation (Thrifts & mortgage finance)			45,008				661
		ITC, Ltd. (Tobacco)			188,429				973
		Nestle India, Ltd. (Food products)			2,424				202
		Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals)			59,213				781
		Tata Consultancy Services, Ltd. (IT services)			27,656				680
		Tata Motors, Ltd. (Automobiles)			179,992				913
									5,664
		Indonesia—5.3%
		PT Astra International Tbk (Automobiles)			1,480,000				1,144
		PT Bank Rakyat Indonesia (Commercial banks)			1,392,000				1,084
		PT Unilever Indonesia Tbk (Household products)			214,500				584
		PT United Tractors Tbk (Machinery)			131,500				284
									3,096
		Malaysia—3.0%
		CIMB Group Holdings Bhd (Commercial banks)			460,600				1,130
*		IHH Healthcare Bhd (Health care providers & services)			564,200				591
									1,721
		South Korea—7.5%
		Hyundai Motor Co. (Automobiles)			5,357				1,215
		LG Household & Health Care, Ltd. (Household products)			539				308
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			1,629				1,973
		Samsung Engineering Co., Ltd. (Construction & engineering)			4,940				853
									4,349
		Taiwan—6.7%
		Asustek Computer, Inc. (Computers & peripherals)			114,000				1,239
		Hon Hai Precision Industry Co., Ltd. (Electronic equipment, instruments & components)			505,770				1,587
		MediaTek, Inc. (Semiconductors & semiconductor equipment)			101,000				1,066
									3,892

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Asia—56.9%—(continued)
		Thailand—5.9%
		Advanced Info Service PCL (Wireless telecommunication services)			199,100			$	1,384
		CP ALL PCL (Food & staples retailing)			788,600				910
		Kasikornbank PCL (Commercial banks)			188,100				1,115
									3,409
		Emerging Latin America—21.2%
		Brazil—7.7%
		BR Malls Participacoes S.A. (Real estate management & development)			93,500				1,298
		Cia de Bebidas das Americas—ADR (Beverages)			38,483				1,473
		Cielo S.A. (IT services)			47,600				1,188
		Embraer S.A.—ADR (Aerospace & defense)			18,838				501
									4,460
		Chile—4.1%
		Banco Santander Chile—ADR (Commercial banks)			12,348				904
		S.A.C.I. Falabella (Multiline retail)			63,173				637
		Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)			13,802				851
									2,392
		Colombia—3.0%
		Ecopetrol S.A. (Oil, gas & consumable fuels)			585,157				1,723
		Mexico—5.6%
		Grupo Financiero Banorte S.A.B. de C.V. (Commercial banks)			222,900				1,260
		Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)			605,200				2,000
									3,260
		Peru—0.8%
		Credicorp, Ltd. (Commercial banks)†			3,677				461
		Emerging Europe, Mid-East, Africa—18.1%
		Qatar—2.0%
		Industries Qatar QSC (Industrial conglomerates)			29,575				1,138
		Russia—4.6%
		Magnit OAO (Food & staples retailing)†			902				120
		Magnit OJSC—144A—GDR (Food & staples retailing)†			26,910				915
		Sberbank of Russian Federation (Commercial banks)†			562,577				1,641
									2,676
		South Africa—9.1%
		Bidvest Group, Ltd. (Industrial conglomerates)			38,477				952
		FirstRand, Ltd. (Diversified financial services)			408,813				1,370
		MTN Group, Ltd. (Wireless telecommunication services)			33,113				637
		Naspers, Ltd. (Media)			14,649				906
		Sasol, Ltd. (Oil, gas & consumable fuels)			12,376				554
		Shoprite Holdings, Ltd. (Food & staples retailing)			28,739				581

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Europe, Mid-East, Africa—18.1%—(continued)
		South Africa—9.1%—(continued)
		Tiger Brands, Ltd. (Food products)			8,429			$	277
									5,277
		Turkey—2.4%
		Turkiye Garanti Bankasi A.S. (Commercial banks)			338,809				1,414
		Total Common Stocks—96.2% (cost $50,209)							55,852
		Preferred Stock
		Brazil—2.7%
		Itau Unibanco Holding S.A. (Commercial banks)			102,400				1,545
		Total Preferred Stock—2.7% (cost $1,593)							1,545
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $539, collateralized by U.S.Treasury Note, 1.250%, due 10/31/15		$	539				539
		Total Repurchase Agreement—0.9% (cost $539)							539
		Total Investments—99.8% (cost $52,341)							57,936
		Cash and other assets, less liabilities—0.2%							133
		Net assets—100.0%						$	58,069

 

ADR = American Depository Receipt

GDR = Global Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

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

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Financials			26.5	%
Information Technology			20.4	%
Consumer Staples			13.0	%
Consumer Discretionary			12.3	%
Telecommunication Services			8.0	%
Industrials			6.5	%
Energy			5.9	%
Materials			5.0	%
Health Care			2.4	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Hong Kong Dollar			17.2	%
U.S. Dollar			13.8	%
Indian Rupee			9.9	%
South African Rand			9.2	%
South Korean Won			7.6	%
Brazilian Real			7.0	%
New Taiwan Dollar			6.8	%
Thai Baht			5.9	%
Mexican Peso			5.7	%
Indonesian Rupiah			5.4	%
Colombian Peso			3.0	%
Malaysian Ringgit			3.0	%
Turkish Lira			2.4	%
Qatari Rial			2.0	%
Chilean Peso			1.1	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Emerging Asia—56.9%
		Cambodia—1.4%
		NagaCorp, Ltd. (Hotels, restaurants & leisure)			194,000			$	109
		China—8.8%
*		3SBio, Inc.—ADR (Biotechnology)			2,544				33
		AAC Technologies Holdings, Inc. (Communications equipment)			40,000				143
		China Overseas Grand Oceans Group, Ltd. (Real estate management & development)			132,000				131
		Golden Eagle Retail Group, Ltd. (Multiline retail)			27,000				53
*		Haier Electronics Group Co., Ltd. (Household durables)			52,000				60
		Haitian International Holdings, Ltd. (Machinery)			78,000				89
*		Hollysys Automation Technologies, Ltd. (Electronic equipment, instruments & components)†			5,082				50
		Minth Group, Ltd. (Auto components)			66,000				70
		Prince Frog International Holdings, Ltd. (Personal products)			110,000				35
									664
		India—12.9%
		Bata India, Ltd. (Textiles, apparel & luxury goods)			3,543				66
		Colgate-Palmolive India, Ltd. (Personal products)			1,134				26
		CRISIL, Ltd. (Diversified financial services)			1,723				31
		Eicher Motors, Ltd. (Machinery)			1,071				47
		GlaxoSmithKline Consumer Healthcare, Ltd. (Food products)			1,255				71
		Godrej Consumer Products, Ltd. (Personal products)			3,678				47
		Gruh Finance, Ltd. (Thrifts & mortgage finance)			16,704				66
		Havells India, Ltd. (Electrical equipment)			3,780				45
		IndusInd Bank, Ltd. (Commercial banks)			8,935				60
		Ipca Laboratories, Ltd. (Pharmaceuticals)			9,798				90
*		Jubilant Foodworks, Ltd. (Hotels, restaurants & leisure)			2,275				59
		Lupin, Ltd. (Pharmaceuticals)			7,581				86
		Marico, Ltd. (Personal products)			19,507				74
		Page Industries, Ltd. (Textiles, apparel & luxury goods)			771				46
		Pidilite Industries, Ltd. (Chemicals)			14,084				55
		TTK Prestige, Ltd. (Household durables)			606				43
		Yes Bank, Ltd. (Commercial banks)			9,461				68
									980
		Indonesia—8.3%
		PT Ace Hardware Indonesia Tbk (Specialty retail)			164,000				105
		PT Alam Sutera Realty Tbk (Real estate management & development)			549,500				29
*		PT Bank Tabungan Pensiunan Nasional Tbk (Commercial banks)			122,500				67
		PT Ciputra Development Tbk (Real estate management & development)			629,500				47
		PT Hexindo Adiperkasa Tbk (Trading companies & distributors)			21,000				18
		PT Indomobil Sukses Internasional Tbk (Specialty retail)			24,000				14
		PT Jasa Marga (Transportation infrastructure)			152,500				93
		PT Kalbe Farma Tbk (Pharmaceuticals)			171,500				84
		PT Media Nusantara Citra Tbk (Media)			305,500				83
		PT Mitra Adiperkasa Tbk (Multiline retail)			33,500				23
*		PT MNC Sky Vision Tbk (Media)			103,000				22
		PT Sumber Alfaria Trijaya Tbk (Food & staples retailing)			44,500				26

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Asia—56.9%—(continued)
		Indonesia—8.3%—(continued)
*		PT Tower Bersama Infrastructure Tbk (Wireless telecommunication services)			38,000			$	18
									629
		Malaysia—5.0%
		Aeon Co. M Bhd (Multiline retail)			13,700				49
		Dayang Enterprise Holdings Bhd (Energy equipment & services)			47,600				31
		Guinness Anchor Bhd (Beverages)			18,900				94
		KPJ Healthcare Bhd (Health care providers & services)			35,700				71
		Nestle Malaysia Bhd (Food products)			4,100				83
		Padini Holdings Bhd (Specialty retail)			72,600				50
									378
		Philippines—7.0%
		Alliance Global Group, Inc. (Industrial conglomerates)			125,000				44
		International Container Terminal Services, Inc. (Transportation infrastructure)			21,000				35
		Puregold Price Club, Inc. (Food & staples retailing)			208,200				148
		Security Bank Corporation (Commercial banks)			37,100				146
		SM Prime Holdings, Inc. (Real estate management & development)			281,175				96
		Universal Robina Corporation (Food products)			35,100				59
									528
		South Korea—1.4%
		Able C&C Co., Ltd. (Personal products)			772				63
*		Gamevil, Inc. (Software)			441				41
									104
		Sri Lanka—0.7%
		Commercial Bank of Ceylon plc (Commercial banks)			59,572				53
		Taiwan—2.6%
		Ginko International Co., Ltd. (Health care equipment & supplies)			4,000				47
		Hiwin Technologies Corporation (Machinery)			4,300				31
		Largan Precision Co., Ltd. (Electronic equipment, instruments & components)			2,000				41
		PChome Online, Inc. (Internet software & services)			6,312				36
		St Shine Optical Co., Ltd. (Health care equipment & supplies)			3,000				39
									194
		Thailand—8.8%
		Bangkok Dusit Medical Services PCL (Health care providers & services)			27,100				95
		BEC World PCL (Media)			38,900				97
		Home Product Center PCL (Specialty retail)			154,700				66
		LPN Development PCL (Real estate management & development)			82,500				50
		Minor International PCL (Hotels, restaurants & leisure)			183,510				92
		Robinson Department Store PCL (Multiline retail)			52,000				109
		Siam Makro PCL (Food & staples retailing)			7,450				96
		Tisco Financial Group PCL (Commercial banks)			40,800				61
									666

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Latin America—25.8%
		Argentina—0.9%
		MercadoLibre, Inc. (Internet software & services)			800			$	66
		Brazil—16.3%
		Amil Participacoes S.A. (Health care providers & services)			3,300				40
		Arezzo Industria e Comercio S.A. (Textiles, apparel & luxury goods)			2,200				40
		BR Properties S.A. (Real estate management & development)			9,300				121
		Cia Hering (Specialty retail)			4,000				90
		EcoRodovias Infraestrutura e Logistica S.A. (Transportation infrastructure)			8,300				72
		Ez Tec Empreendimentos e Participacoes S.A. (Household durables)			4,500				56
		Iguatemi Empresa de Shopping Centers S.A. (Real estate management & development)			2,500				64
		Iochpe-Maxion S.A. (Machinery)			2,500				33
		Localiza Rent a Car S.A. (Road & rail)			4,900				86
		Lojas Renner S.A. (Multiline retail)			2,800				94
		Mills Estruturas e Servicos de Engenharia S.A. (Trading companies & distributors)			6,646				96
		OdontoPrev S.A. (Health care providers & services)			10,700				60
*		Qualicorp S.A. (Professional services)			7,900				77
		Raia Drogasil S.A. (Food & staples retailing)			6,700				77
		Restoque Comercio e Confeccoes de Roupas S.A. (Textiles, apparel & luxury goods)			3,100				14
		Tegma Gestao Logistica S.A. (Road & rail)			3,300				55
		Totvs S.A. (Software)			2,900				60
		Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A (Commercial services & supplies)			5,300				99
									1,234
		Chile—2.4%
*		Inversiones La Construccion S.A. (Diversified financial services)			3,415				55
		Parque Arauco S.A. (Real estate management & development)			23,957				49
		Sonda S.A. (IT services)			26,430				80
									184
		Mexico—4.4%
*		Alsea S.A.B. de C.V. (Hotels, restaurants & leisure)			72,887				113
		Banregio Grupo Financiero S.A.B. de C.V. (Commercial banks)			23,338				88
		Fibra Uno Administracion S.A. de C.V. (Real estate investment trusts (REITs))			44,700				101
*		Genomma Lab Internacional S.A.B. de C.V. (Pharmaceuticals)			14,800				29
									331
		Panama—1.3%
		Copa Holdings S.A. (Airlines)†			1,226				100
		Peru—0.5%
		Intercorp Financial Services, Inc. (Diversified financial services)			1,090				35
		Emerging Europe, Mid-East, Africa—14.7%
		Kenya—0.5%
		Safaricom, Ltd. (Wireless telecommunication services)			736,600				35
		Nigeria—1.2%
		Guaranty Trust Bank plc (Commercial banks)			481,457				59

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Europe, Mid-East, Africa—14.7%—(continued)
		Nigeria—1.2%—(continued)
		Nestle Nigeria plc (Food products)			9,594			$	35
									94
		Poland—1.4%
		Eurocash S.A. (Food & staples retailing)			3,543				44
		LPP S.A. (Textiles, apparel & luxury goods)			40				42
		Lubelski Wegiel Bogdanka S.A. (Oil, gas & consumable fuels)			612				23
									109
		Russia—1.0%
*		Etalon Group Ltd.—144A—GDR (Real estate management & development)			7,010				44
		M Video OJSC (Specialty retail)			3,470				29
									73
		South Africa—6.9%
		AVI, Ltd. (Food products)			12,731				92
		Capitec Bank Holdings, Ltd. (Commercial banks)			2,844				77
		Coronation Fund Managers, Ltd. (Capital markets)			12,969				48
		Discovery Holdings, Ltd. (Insurance)			6,139				41
		Life Healthcare Group Holdings Pte, Ltd. (Health care providers & services)			17,515				67
		Mr Price Group, Ltd. (Specialty retail)			6,208				94
		The Foschini Group, Ltd. (Specialty retail)			4,946				75
		Truworths International, Ltd. (Specialty retail)			2,688				30
									524
		Turkey—3.7%
		Anadolu Hayat Emeklilik A.S. (Insurance)			8,935				23
		Arcelik A.S. (Household durables)			13,208				70
		BIM Birlesik Magazalar A.S. (Food & staples retailing)			1,731				72
		Bizim Toptan Satis Magazalari A.S. (Food & staples retailing)			2,531				32
		Tofas Turk Otomobil Fabrikasi A.S. (Automobiles)			8,252				42
		Turkiye Sinai Kalkinma Bankasi A.S. (Commercial banks)			33,672				37
									276
		Total Common Stocks—97.4% (cost $6,204)							7,366
		Preferred Stock
		Brazil—1.2%
		Marcopolo S.A. (Machinery)			15,200				89
		Total Preferred Stock—1.2% (cost $74)							89

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $143, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	143			$	143
		Total Repurchase Agreement—1.9% (cost $143)							143
		Total Investments—100.5% (cost $6,421)							7,598
		Liabilities, plus cash and other assets—(0.5)%							(37	)
		Net assets—100.0%						$	7,561

 

ADR = American Depository Receipt

GDR = Global Depository Receipt

 

*	Non-income producing securities

† = U.S. listed foreign security

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

 

See accompanying Notes to Portfolio of Investments.

---

Emerging Markets Small Cap Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Consumer Discretionary			27.0	%
Financials			23.4	%
Consumer Staples			15.7	%
Industrials			13.8	%
Health Care			11.0	%
Information Technology			7.0	%
Materials			0.7	%
Energy			0.7	%
Telecommunication Services			0.7	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Brazilian Real			17.7	%
Indian Rupee			13.1	%
Hong Kong Dollar			9.3	%
Thai Baht			8.9	%
Indonesian Rupiah			8.4	%
Philippine Peso			7.1	%
South African Rand			7.0	%
Malaysian Ringgit			5.1	%
U.S. Dollar			4.8	%
Mexican Peso			4.4	%
Turkish Lira			3.7	%
New Taiwan Dollar			2.6	%
Chilean Peso			2.5	%
Euro			1.5	%
South Korean Won			1.4	%
Nigerian Naira			1.3	%
All Other Currencies			1.2	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

Large Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Financials—25.7%
		American Tower Corporation			851			$	61
		Bank of America Corporation			3,460				31
*		CBRE Group, Inc.			1,566				29
		Citigroup, Inc.			1,846				60
		CNA Financial Corporation			842				23
		Discover Financial Services			1,485				59
		JPMorgan Chase & Co.			2,495				101
		Lazard, Ltd.†			2,152				63
		Lincoln National Corporation			1,004				24
		Morgan Stanley			2,348				39
		Prudential Financial, Inc.			677				37
		Regions Financial Corporation			5,018				36
		State Street Corporation			892				37
		SunTrust Banks, Inc.			1,890				54
		The Allstate Corporation			1,315				52
		The Goldman Sachs Group, Inc.			291				33
		US Bancorp			1,535				53
		Wells Fargo & Co.			2,838				98
		Zions BanCorp.			2,190				45
									935
		Energy—15.0%
		Anadarko Petroleum Corporation			662				46
		Baker Hughes, Inc.			1,089				49
		Chevron Corporation			717				84
		ConocoPhillips			695				40
		Devon Energy Corporation			636				39
		Exxon Mobil Corporation			1,492				136
		Hess Corporation			1,004				54
		Occidental Petroleum Corporation			565				49
		Schlumberger, Ltd.†			330				24
*		Southwestern Energy Co.			758				26
									547
		Health Care—12.7%
		Amgen, Inc.			372				31
		Baxter International, Inc.			907				54
		Cardinal Health, Inc.			1,334				52
*		Express Scripts Holding Co.			666				42
		Merck & Co., Inc.			1,666				75
		Pfizer, Inc.			4,341				108
		UnitedHealth Group, Inc.			791				44
		Zimmer Holdings, Inc.			838				57
									463
		Information Technology—8.6%
*		Adobe Systems, Inc.			1,544				50
*		BMC Software, Inc.			959				40
*		Broadcom Corporation			914				32
		Corning, Inc.			1,218				16
		Hewlett-Packard Co.			1,583				27

 

See accompanying Notes to Portfolio of Investments.

---

Large Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Information Technology—(continued)
		Intel Corporation			611			$	14
		Microsoft Corporation			1,325				39
*		NetApp, Inc.			1,002				33
*		Symantec Corporation			2,532				45
*		VeriFone Systems, Inc.			650				18
									314
		Industrials—8.4%
		Gardner Denver, Inc.			542				33
		General Electric Co.			4,719				107
		Honeywell International, Inc.			287				17
		Kansas City Southern			651				49
		SPX Corporation			388				26
		Textron, Inc.			2,039				53
		Union Pacific Corporation			183				22
									307
		Consumer Discretionary—8.0%
*		Big Lots, Inc.			938				28
		Brunswick Corporation			1,285				29
*		General Motors Co.			1,494				34
		Lear Corporation			896				34
		Marriott International, Inc.			401				16
*		MGM Resorts International			2,161				23
*		Saks, Inc.			2,261				23
		The Walt Disney Co.			791				41
		Time Warner Cable, Inc.			681				65
									293
		Consumer Staples—7.1%
		General Mills, Inc.			1,322				53
		Kimberly-Clark Corporation			419				36
		Molson Coors Brewing Co.			735				33
		Philip Morris International, Inc.			657				59
		The Procter & Gamble Co.			1,125				78
									259
		Utilities—5.0%
		CMS Energy Corporation			2,411				57
		NextEra Energy, Inc.			875				62
		Wisconsin Energy Corporation			1,686				63
									182
		Materials—3.8%
		Alcoa, Inc.			2,400				21
		Freeport-McMoRan Copper & Gold, Inc.			1,645				65
		Rockwood Holdings, Inc.			723				34
		The Dow Chemical Co.			674				19
									139

 

See accompanying Notes to Portfolio of Investments.

---

Large Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Telecommunication Services—3.2%
		AT&T, Inc.			1,253			$	47
		CenturyLink, Inc.			1,188				48
		Verizon Communications, Inc.			479				22
									117
		Total Common Stocks—97.5% (cost $3,166)							3,556
		Total Investments—97.5% (cost $3,166)							3,556
		Cash and other assets, less liabilities—2.5%							89
		Net assets—100.0%						$	3,645

 

*	Non-income producing securities

† = U.S. listed foreign security

 

See accompanying Notes to Portfolio of Investments.

---

Small Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Financials—31.3%
		Acadia Realty Trust			99,865			$	2,479
		Alterra Capital Holdings, Ltd.†			141,125				3,378
		Bank of the Ozarks, Inc.			90,455				3,118
		Berkshire Hills Bancorp, Inc.			115,628				2,646
		BioMed Realty Trust, Inc.			124,655				2,334
		CoBiz Financial, Inc.			287,490				2,012
		Coresite Realty Corporation			57,790				1,557
*		Eagle Bancorp, Inc.			158,397				2,648
		East West Bancorp, Inc.			114,200				2,412
		EastGroup Properties, Inc.			45,800				2,437
		Education Realty Trust, Inc.			221,710				2,417
		First Horizon National Corporation			262,595				2,529
*		Forest City Enterprises, Inc.			182,280				2,889
		Highwoods Properties, Inc.			69,995				2,283
		LaSalle Hotel Properties			74,144				1,979
		Mid-America Apartment Communities, Inc.			38,670				2,526
*		National Financial Partners Corporation			188,275				3,182
		National Retail Properties, Inc.			88,575				2,702
		Old National Bancorp			264,666				3,602
		PacWest Bancorp			129,933				3,036
		Pebblebrook Hotel Trust			103,264				2,415
		ProAssurance Corporation			26,790				2,423
		Prosperity Bancshares, Inc.			70,050				2,985
*		Safeguard Scientifics, Inc.			203,131				3,187
		Susquehanna Bancshares, Inc.			225,975				2,364
		The Hanover Insurance Group, Inc.			72,155				2,688
		Webster Financial Corporation			147,230				3,489
*		West Coast Bancorp			78,745				1,773
*		Western Alliance Bancorp			292,135				2,980
									76,470
		Industrials—16.0%
		Actuant Corporation			81,243				2,325
		Belden, Inc.			91,115				3,360
		Cubic Corporation			52,120				2,609
		EMCOR Group, Inc.			113,086				3,228
		ESCO Technologies, Inc.			87,687				3,407
		G&K Services, Inc.			77,473				2,426
*		Hawaiian Holdings, Inc.			184,116				1,029
		Interface, Inc.			138,155				1,825
		John Bean Technologies Corporation			80,064				1,307
*		Kadant, Inc.			97,194				2,254
*		Moog, Inc.			95,824				3,629
*		Northwest Pipe Co.			92,250				2,274
*		Old Dominion Freight Line, Inc.			70,625				2,130
		Quanex Building Products Corporation			126,330				2,380
		TAL International Group, Inc.			66,540				2,261
*		Tetra Tech, Inc.			95,857				2,517
									38,961

 

See accompanying Notes to Portfolio of Investments.

---

Small Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Consumer Discretionary—12.6%
		Core-Mark Holding Co., Inc.			42,235			$	2,032
*		Krispy Kreme Doughnuts, Inc.			208,695				1,655
*		Life Time Fitness, Inc.			40,595				1,857
		Meredith Corporation			93,165				3,261
		Pier 1 Imports, Inc.			177,745				3,331
*		Pinnacle Entertainment, Inc.			285,980				3,503
		Regis Corporation			163,270				3,001
*		The Children’s Place Retail Stores, Inc.			46,935				2,816
		The Men’s Wearhouse, Inc.			88,285				3,040
		The PEP Boys-Manny, Moe & Jack			194,800				1,983
*		The Warnaco Group, Inc.			36,445				1,891
*		WMS Industries, Inc.			151,515				2,482
									30,852
		Information Technology—10.6%
		ADTRAN, Inc.			145,460				2,514
*		Cadence Design Systems, Inc.			189,845				2,442
*		Digital River, Inc.			109,260				1,820
		Earthlink, Inc.			491,105				3,497
*		Integrated Device Technology, Inc.			527,962				3,104
		j2 Global Communications, Inc.			79,160				2,598
*		Monolithic Power Systems, Inc.			93,129				1,839
*		Parametric Technology Corporation			116,550				2,541
*		Progress Software Corporation			93,275				1,995
*		Silicon Laboratories, Inc.			61,030				2,244
*		Ultra Clean Holdings			244,067				1,394
									25,988
		Utilities—7.0%
		ALLETE, Inc.			70,010				2,922
		Chesapeake Utilities Corporation			44,395				2,103
		Cleco Corporation			78,095				3,278
		Northwest Natural Gas Co.			55,145				2,715
		Southwest Gas Corporation			67,835				2,998
		WGL Holdings, Inc.			77,180				3,107
									17,123
		Energy—6.4%
		Bristow Group, Inc.			44,830				2,266
*		Gulfmark Offshore, Inc.			63,244				2,090
*		Key Energy Services, Inc.			222,735				1,559
*		Magnum Hunter Resources Corporation			519,376				2,306
*		Swift Energy Co.			155,495				3,247
*		TETRA Technologies, Inc.			303,370				1,835
		Western Refining, Inc.			86,090				2,254
									15,557
		Materials—6.2%
		Minerals Technologies, Inc.			44,610				3,164
		PolyOne Corporation			215,495				3,571
*		RTI International Metals, Inc.			99,000				2,370

 

See accompanying Notes to Portfolio of Investments.

---

Small Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Materials—(continued)
		Sensient Technologies Corporation			80,530			$	2,961
		Silgan Holdings, Inc.			68,860				2,996
									15,062
		Health Care—5.1%
		CONMED Corporation			88,250				2,515
*		Greatbatch, Inc.			101,755				2,476
*		HealthSouth Corporation			102,565				2,468
*		Magellan Health Services, Inc.			41,425				2,138
*		Mednax, Inc.			39,158				2,915
									12,512
		Consumer Staples—2.1%
		J&J Snack Foods Corporation			42,992				2,465
		Spartan Stores, Inc.			165,679				2,536
									5,001
		Telecommunication Services—0.7%
*		tw telecom, Inc.			68,050				1,774
		Total Common Stocks—98.0% (cost $215,909)							239,300
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $9,876, collateralized by U.S. Treasury Note, 1.25%, due 10/31/2015		$	9,876				9,876
		Total Repurchase Agreement—4.1% (cost $9,876)							9,876
		Total Investments—102.1% (cost $225,785)							249,176
		Liabilities, plus cash and other assets—(2.1)%							(5,078	)
		Net assets—100.0%						$	244,098

 

† = U.S. listed foreign security

 

*	Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

Mid Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Financials—29.8%
		Alexandria Real Estate Equities, Inc.			725			$	53
		Allied World Assurance Co. Holdings, Ltd.†			535				41
		American Campus Communities, Inc.			905				40
		Ameriprise Financial, Inc.			1,465				83
		Comerica, Inc.			1,410				44
		Digital Realty Trust, Inc.			500				35
		Discover Financial Services			2,015				80
		East West Bancorp, Inc.			2,150				45
		Essex Property Trust, Inc.			245				36
		Fifth Third Bancorp			3,310				51
		First Horizon National Corporation			4,315				42
*		Forest City Enterprises, Inc.			3,495				55
		Host Hotels & Resorts, Inc.			3,095				50
		Marsh & McLennan Cos., Inc.			1,825				62
		People’s United Financial, Inc.			4,540				55
		Realty Income Corporation			1,075				44
		SL Green Realty Corporation			745				60
		SunTrust Banks, Inc.			2,270				64
		Taubman Centers, Inc.			500				38
		The Hanover Insurance Group, Inc.			1,195				45
		The Hartford Financial Services Group, Inc.			2,925				57
		Validus Holdings, Ltd.†			1,695				57
		Ventas, Inc.			1,020				64
									1,201
		Industrials—12.5%
		Dover Corporation			685				41
		Eaton Corporation			1,545				73
		Hubbell, Inc.			550				44
		Joy Global, Inc.			685				38
*		Old Dominion Freight Line, Inc.			1,160				35
		PACCAR, Inc.			1,060				43
		Pall Corporation			870				55
		Parker Hannifin Corporation			650				54
		Rockwell Automation, Inc.			580				40
		Rockwell Collins, Inc.			775				42
		Snap-On, Inc.			565				41
									506
		Utilities—10.5%
		American Water Works Co., Inc.			1,485				55
		Cleco Corporation			920				38
		DTE Energy Co.			900				54
		Northeast Utilities			1,510				58
		NV Energy, Inc.			2,815				51
		Pinnacle West Capital Corporation			935				49
		Wisconsin Energy Corporation			1,485				56
		Xcel Energy, Inc.			2,170				60
									421

 

See accompanying Notes to Portfolio of Investments.

---

Mid Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Energy—9.4%
		Pioneer Natural Resources Co.			630			$	66
*		Plains Exploration & Production Co.			1,225				46
*		Rowan Cos. plc†			1,575				53
		SM Energy Co.			860				46
*		Superior Energy Services, Inc.			1,745				36
		Valero Energy Corporation			2,470				78
*		Whiting Petroleum Corporation			1,160				55
									380
		Information Technology—9.2%
*		Atmel Corporation			5,140				27
*		Ingram Micro, Inc.			2,790				43
*		Juniper Networks, Inc.			2,500				43
		Linear Technology Corporation			1,325				42
*		Parametric Technology Corporation			2,030				44
		TE Connectivity, Ltd.†			1,890				64
*		VeriSign, Inc.			905				44
		Xerox Corporation			8,640				64
									371
		Consumer Discretionary—8.0%
		Autoliv, Inc.			525				33
*		Bed Bath & Beyond, Inc.			510				32
		Coach, Inc.			640				36
		DISH Network Corporation			1,610				49
		H&R Block, Inc.			2,415				42
		Kohl’s Corporation			780				40
		Newell Rubbermaid, Inc.			2,605				50
		VF Corporation			265				42
									324
		Health Care—6.9%
*		CareFusion Corporation			1,880				53
		CIGNA Corporation			1,365				64
*		Laboratory Corporation of America Holdings			515				48
*		Mettler-Toledo International, Inc.†			310				53
		Zimmer Holdings, Inc.			865				59
									277
		Consumer Staples—5.6%
		ConAgra Foods, Inc.			2,385				66
		HJ Heinz Co.			1,050				59
		Ingredion, Inc.			1,015				56
		The Kroger Co.			1,965				46
									227
		Materials—4.9%
		Airgas, Inc.			640				53
		Carpenter Technology Corporation			855				45
		FMC Corporation			1,150				64

 

See accompanying Notes to Portfolio of Investments.

---

Mid Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Materials—(continued)
		Steel Dynamics, Inc.			3,350			$	37
									199
		Telecommunication Services—0.7%
*		tw telecom, Inc.			1,110				29
		Total Common Stocks—97.5% (cost $3,563)							3,935
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $157, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	157				157
		Total Repurchase Agreement—3.9% (cost $157)							157
		Total Investments—101.4% (cost $3,720)							4,092
		Liabilities, plus cash and other assets—(1.4)%							(58	)
		Net assets—100.0%						$	4,034

 

† = U.S. listed foreign security

 

*	Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Financials—28.5%
		Alexandria Real Estate Equities, Inc.			325			$	24
		Allied World Assurance Co. Holdings, Ltd.†			225				17
		Alterra Capital Holdings, Ltd.†			935				22
		Bank of the Ozarks, Inc.			565				19
		Comerica, Inc.			825				26
		East West Bancorp, Inc.			755				16
		EastGroup Properties, Inc.			330				18
		Education Realty Trust, Inc.			1,640				18
		Essex Property Trust, Inc.			105				16
		First Horizon National Corporation			2,515				24
*		Forest City Enterprises, Inc.			1,315				21
		Highwoods Properties, Inc.			605				20
		LaSalle Hotel Properties			438				12
		Mid-America Apartment Communities, Inc.			240				16
*		National Financial Partners Corporation			1,415				24
		National Retail Properties, Inc.			830				25
		Old National Bancorp			2,205				30
		PacWest Bancorp			914				21
		Pebblebrook Hotel Trust			743				17
		People’s United Financial, Inc.			2,740				33
		ProAssurance Corporation			260				23
		Prosperity Bancshares, Inc.			555				24
		Realty Income Corporation			530				22
		SL Green Realty Corporation			355				28
		Susquehanna Bancshares, Inc.			1,615				17
		Taubman Centers, Inc.			215				16
		The Hanover Insurance Group, Inc.			505				19
		The Hartford Financial Services Group, Inc.			1,225				24
		Validus Holdings, Ltd.†			845				29
		Webster Financial Corporation			1,210				29
*		Western Alliance Bancorp			1,670				17
									667
		Industrials—15.6%
		Actuant Corporation			777				22
		Belden, Inc.			805				30
		Cubic Corporation			375				19
		EMCOR Group, Inc.			925				26
		ESCO Technologies, Inc.			770				30
		G&K Services, Inc.			650				20
		Hubbell, Inc.			265				21
		Interface, Inc.			1,195				16
		Joy Global, Inc.			405				23
*		Moog, Inc.			820				31
*		Old Dominion Freight Line, Inc.			680				21
		Pall Corporation			460				29
		Quanex Building Products Corporation			1,070				20
		Snap-On, Inc.			250				18
		TAL International Group, Inc.			465				16
*		Tetra Tech, Inc.			919				24
									366

 

See accompanying Notes to Portfolio of Investments.

---

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Consumer Discretionary—13.4%
		Autoliv, Inc.			365			$	23
		Core-Mark Holding Co., Inc.			330				16
		H&R Block, Inc.			1,390				24
*		Krispy Kreme Doughnuts, Inc.			1,787				14
*		Life Time Fitness, Inc.			390				18
		Meredith Corporation			755				26
		Newell Rubbermaid, Inc.			1,260				24
		Pier 1 Imports, Inc.			1,380				26
*		Pinnacle Entertainment, Inc.			2,120				26
		Regis Corporation			1,255				23
*		The Children’s Place Retail Stores, Inc.			360				22
		The Men’s Wearhouse, Inc.			685				23
		The PEP Boys-Manny, Moe & Jack			1,520				15
*		The Warnaco Group, Inc.			235				12
*		WMS Industries, Inc.			1,380				23
									315
		Information Technology—9.7%
		ADTRAN, Inc.			1,118				19
*		Atmel Corporation			2,290				12
*		Cadence Design Systems, Inc.			1,380				18
*		Digital River, Inc.			785				13
		Earthlink, Inc.			3,730				27
*		Ingram Micro, Inc.			1,200				18
*		Integrated Device Technology, Inc.			4,510				27
		j2 Global Communications, Inc.			570				19
*		Monolithic Power Systems, Inc.			713				14
*		Parametric Technology Corporation			1,010				22
*		Progress Software Corporation			900				19
*		VeriSign, Inc.			395				19
									227
		Utilities—8.9%
		ALLETE, Inc.			525				22
		American Water Works Co., Inc.			830				31
		Cleco Corporation			600				25
		Northwest Natural Gas Co.			505				25
		NV Energy, Inc.			1,520				27
		Pinnacle West Capital Corporation			505				27
		Southwest Gas Corporation			565				25
		WGL Holdings, Inc.			650				26
									208
		Energy—7.5%
		Bristow Group, Inc.			285				14
*		Gulfmark Offshore, Inc.			540				18
*		Key Energy Services, Inc.			2,130				15
*		Magnum Hunter Resources Corporation			3,266				14
*		Plains Exploration & Production Co.			585				22
*		Rowan Cos. plc†			715				24
		SM Energy Co.			315				17

 

See accompanying Notes to Portfolio of Investments.

---

Small-Mid Cap Value Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Energy—(continued)
*		Swift Energy Co.			985			$	21
*		TETRA Technologies, Inc.			1,575				9
		Western Refining, Inc.			825				22
									176
		Materials—7.0%
		Airgas, Inc.			250				21
		Carpenter Technology Corporation			270				14
		FMC Corporation			410				23
		Minerals Technologies, Inc.			265				19
		PolyOne Corporation			1,210				20
*		RTI International Metals, Inc.			700				17
		Sensient Technologies Corporation			420				15
		Silgan Holdings, Inc.			485				21
		Steel Dynamics, Inc.			1,250				14
									164
		Health Care—5.8%
*		CareFusion Corporation			850				24
		CONMED Corporation			480				14
*		Greatbatch, Inc.			540				13
*		HealthSouth Corporation			880				21
*		Magellan Health Services, Inc.			295				16
*		Mednax, Inc.			365				27
*		Mettler-Toledo International, Inc.			130				22
									137
		Consumer Staples—2.8%
		Ingredion, Inc.			565				31
		J&J Snack Foods Corporation			260				15
		Spartan Stores, Inc.			1,225				19
									65
		Telecommunication Services—0.7%
*		tw telecom, Inc.			650				17
		Total Common Stocks—99.9% (cost $2,148)							2,342
		Total Investments—99.9% (cost $2,148)							2,342
		Cash and other assets, less liabilities—0.1%							1
		Net assets—100.0%						$	2,343

 

† = U.S. listed foreign security

 

*	Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		U.S. Government and U.S. Government Agency—41.0%
		U.S. Treasury Inflation Indexed Notes/Bonds—7.4%
		U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17		$	5,857			$	6,869
		U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29			8,502				14,114
		Total U.S. Treasury Inflation Indexed Notes/Bonds							20,983
		U.S. Treasury—1.0%
		U.S. Treasury Bond, 3.125%, due 2/15/42			525				558
		U.S. Treasury Strip Principal, 0.000%, due 5/15/20			2,575				2,347
		Total U.S. Treasury Obligations							2,905
		Government National Mortgage Association (GNMA)—2.7%
		#344834, 6.250%, due 7/15/13			3				3
		#344902, 6.250%, due 3/15/14			5				5
		#623162, 6.500%, due 7/15/18			40				44
		#616250, 6.000%, due 2/15/24			10				11
		#422470, 7.500%, due 3/15/26			1				1
		#509405, 7.500%, due 8/15/29			1				2
		GNR 2004-2 M5, 4.891%, due 7/16/34			125				137
		GNR 2006-67 GB, 4.711%, due 9/16/34, VRN			961				988
		#699118, 6.000%, due 9/15/38			5,596				6,371
		Total GNMA Mortgage Obligations							7,562
		Federal Home Loan Mortgage Corp. (FHLMC)—7.1%
		#J16051, 4.500%, due 7/1/26			1,279				1,406
		#G01728, 7.500%, due 7/1/32			262				322
		#C01385, 6.500%, due 8/1/32			263				304
		#A13303, 5.000%, due 9/1/33			508				570
		#C01623, 5.500%, due 9/1/33			377				415
		#A15039, 5.500%, due 10/1/33			7				8
		#G01843, 6.000%, due 6/1/35			71				80
		#G02141, 6.000%, due 3/1/36			1,484				1,664
		#A62179, 6.000%, due 6/1/37			769				862
		#A63539, 6.000%, due 7/1/37			943				1,057
		#A62858, 6.500%, due 7/1/37			505				570
		#G03170, 6.500%, due 8/1/37			1,195				1,348
		#A66843, 6.500%, due 10/1/37			1,795				2,043
		#A78138, 5.500%, due 6/1/38			1,048				1,176
		#G04544, 6.000%, due 8/1/38			3,247				3,608
		#A81799, 6.500%, due 9/1/38			2,188				2,490
		#C03665, 9.000%, due 4/1/41			1,639				2,043
		Total FHLMC Mortgage Obligations							19,966
		Federal National Mortgage Association (FNMA)—22.8%
		#124947, 7.000%, due 7/1/13			1				1
		#576553, 8.000%, due 2/1/16			9				10
		#580793, 6.000%, due 4/1/16			2				2
		#624506, 6.000%, due 1/1/17			2				2
		#679247, 7.000%, due 8/1/17			9				10
		#689612, 5.000%, due 5/1/18			250				276

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#695910, 5.000%, due 5/1/18		$	504			$	557
		#697593, 5.000%, due 5/1/18			442				488
		#770395, 5.000%, due 4/1/19			9				10
		#900725, 6.000%, due 8/1/21			119				132
		#893325, 7.000%, due 9/1/21			9				10
		#AA2924, 4.500%, due 4/1/24			873				965
		#255956, 5.500%, due 10/1/25			56				62
		#AB2256, 3.500%, due 2/1/26			1,240				1,351
		#890329, 4.000%, due 4/1/26			491				537
		#AI9811, 4.500%, due 8/1/26			526				582
		#AH9564, 3.500%, due 9/1/26			1,062				1,157
		#AJ8149, 3.500%, due 12/1/26			1,327				1,446
		#AJ9402, 4.000%, due 12/1/26			2,249				2,471
		#AB4818, 4.000%, due 4/1/27			1,243				1,366
		#AP0446, 3.500%, due 7/1/27			3,462				3,772
		#252925, 7.500%, due 12/1/29			3				3
		#535977, 6.500%, due 4/1/31			23				27
		#253907, 7.000%, due 7/1/31			4				4
		#587849, 6.500%, due 11/1/31			33				39
		#545437, 7.000%, due 2/1/32			133				155
		#545759, 6.500%, due 7/1/32			1,400				1,619
		#678007, 6.000%, due 9/1/32			25				28
		#254548, 5.500%, due 12/1/32			63				70
		#684601, 6.000%, due 3/1/33			1,392				1,578
		#703391, 5.000%, due 5/1/33			218				248
		#708993, 5.000%, due 6/1/33			80				91
		#190340, 5.000%, due 9/1/33			194				214
		#254868, 5.000%, due 9/1/33			20				22
		#727056, 5.000%, due 9/1/33			996				1,135
		#739243, 6.000%, due 9/1/33			1,568				1,777
		#739331, 6.000%, due 9/1/33			752				852
		#555800, 5.500%, due 10/1/33			213				236
		#555946, 5.500%, due 11/1/33			677				776
		#756153, 5.500%, due 11/1/33			1,642				1,870
		#725017, 5.500%, due 12/1/33			79				90
		#725205, 5.000%, due 3/1/34			2,508				2,756
		#725232, 5.000%, due 3/1/34			2,702				2,969
		#725238, 5.000%, due 3/1/34			944				1,037
		#763798, 5.500%, due 3/1/34			287				326
		#776964, 5.000%, due 4/1/34			661				749
		#725611, 5.500%, due 6/1/34			330				366
		#783786, 5.500%, due 7/1/34			267				305
		#786546, 6.000%, due 7/1/34			701				793
		#787816, 6.000%, due 7/1/34			735				833
		#190353, 5.000%, due 8/1/34			287				313
		#794474, 6.000%, due 10/1/34			142				160
		#745092, 6.500%, due 7/1/35			981				1,135
		#357944, 6.000%, due 9/1/35			84				95
		#829306, 6.000%, due 9/1/35			1,039				1,169
		#836140, 5.500%, due 10/1/35			115				132
		#843487, 6.000%, due 10/1/35			215				243

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#849191, 6.000%, due 1/1/36						$	439			$	495
		#848782, 6.500%, due 1/1/36							619				707
		#745349, 6.500%, due 2/1/36							871				995
		#888305, 7.000%, due 3/1/36							22				27
		#895637, 6.500%, due 5/1/36							345				393
		#831540, 6.000%, due 6/1/36							128				144
		#745802, 6.000%, due 7/1/36							467				529
		#886220, 6.000%, due 7/1/36							1,010				1,145
		#893318, 6.500%, due 8/1/36							157				179
		#902974, 6.000%, due 12/1/36							999				1,123
		#909480, 6.000%, due 2/1/37							1,006				1,134
		#938440, 6.000%, due 7/1/37							465				522
		#928561, 6.000%, due 8/1/37							563				638
		#948689, 6.000%, due 8/1/37							898				1,001
		#946646, 6.000%, due 9/1/37							287				323
		#888967, 6.000%, due 12/1/37							1,884				2,136
		#889385, 6.000%, due 2/1/38							578				653
		#962058, 6.500%, due 3/1/38							3,863				4,419
		#934006, 6.500%, due 9/1/38							1,295				1,481
		#986856, 6.500%, due 9/1/38							1,004				1,139
		#991911, 7.000%, due 11/1/38							691				790
		#931492, 6.000%, due 7/1/39							331				375
		#AA6898, 6.000%, due 7/1/39							1,717				1,946
		#AE0082, 5.000%, due 5/1/40							1,316				1,471
		#AL0913, 6.000%, due 7/1/41							1,138				1,279
		Total FNMA Mortgage Obligations											64,466
		Non-Agency Mortgage-Backed Obligations—0.2%
		First Plus Home Loan Trust, 1997-4, Tranche M1, 7.640%, 9/11/23§**			D				199				167
		First Horizon Asset Securities, Inc., 2004-AR4, Tranche 3A1, 2.587%, 8/25/34, VRN			Aaa				385				385
		Total Non-Agency Mortgage-Backed Obligations											552
		Asset-Backed Securities—3.0%
		Avis Budget Rental Car Funding AESOP LLC—144A, 2009-1A, Tranche A, 9.310%, 10/20/13			Aa1				375				377
		Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A1, 4.260%, 3/25/14			Aaa				2,280				2,303
		Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A2, 5.290%, 3/25/16			Aaa				600				658
		Avis Budget Rental Car Funding AESOP LLC—144A, 2010-3A, Tranche A, 4.640%, 5/20/16			Aaa				100				109
		Centre Point Funding LLC—144A, 2010-1A, Tranche 1, 5.430%, 7/20/16			A2				2,005				2,101

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Asset-Backed Securities—(continued)
		GE Capital Credit Card Master Note Trust, 2012-6, Tranche B, 1.830%, 8/17/20			AA-			$	2,800			$	2,825
		Total Asset-Backed Securities											8,373
		Corporate Obligations—55.0%
		Petrobras International Finance Co., 6.125%, due 10/6/16			A3				1,400				1,586
		Ally Financial, Inc., 5.500%, due 2/15/17			BB-				1,788				1,869
		American International Group, Inc., 3.800%, due 3/22/17			A-				2,375				2,555
		Penske Truck Leasing Co. L.P.—144A, 3.750%, due 5/11/17			BBB+				2,000				2,052
		ERP Operating L.P., 5.750%, due 6/15/17			BBB+				2,075				2,469
		JPMorgan Chase & Co., 6.125%, due 6/27/17			A				600				706
		General Motors Financial Co., Inc.—144A, 4.750%, due 8/15/17			BB				1,000				1,025
		American Express Co., 6.150%, due 8/28/17			A+				2,050				2,494
		Capital One Financial Corporation, 6.750%, due 9/15/17			A-				1,900				2,327
		Exelon Generation Co. LLC, 6.200%, due 10/1/17			Baa1				1,160				1,381
		Toll Brothers Finance Corporation, 8.910%, due 10/15/17			BBB-				1,050				1,336
		Motorola Solutions, Inc., 6.000%, due 11/15/17			BBB				2,050				2,447
		Triumph Group, Inc., 8.000%, due 11/15/17			B+				1,550				1,690
		American Tower Corporation, 4.500%, due 1/15/18			Baa3				1,200				1,324
		Morgan Stanley, 6.625%, due 4/1/18			A				2,575				2,959
		Simon Property Group L.P., 6.125%, due 5/30/18			A-				1,800				2,198
		Petrohawk Energy Corporation, 7.250%, due 8/15/18			A				1,050				1,193
		Merrill Lynch & Co., Inc., 6.875%, due 11/15/18			A				1,100				1,328
		CSX Corporation, 7.375%, due 2/1/19			BBB				870				1,113
		BHP Billiton Finance USA, Ltd., 6.500%, due 4/1/19			A+				1,300				1,655
		Owens Corning, 9.000%, due 6/15/19			BBB-				1,050				1,322

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Corporate Obligations—(continued)
		Discovery Communications LLC, 5.625%, due 8/15/19			BBB			$	550			$	664
		Roper Industries, Inc., 6.250%, due 9/1/19			BBB				1,850				2,244
		Continental Rubber Of America Corp.—144A, 4.500%, due 9/15/19			BB-				250				255
		Republic Services, Inc., 5.500%, due 9/15/19			BBB				1,725				2,043
		SBA Communications Corp.—144A, 5.625%, due 10/1/19			B2				250				254
		Boston Properties L.P., 5.875%, due 10/15/19			A-				1,575				1,884
		Crown Castle International Corporation, 7.125%, due 11/1/19			BB-				1,550				1,682
		Toll Brothers Finance Corporation, 6.750%, due 11/1/19			BBB-				500				570
		Ford Motor Credit Co. LLC, 8.125%, due 1/15/20			Baa3				3,050				3,832
		Jarden Corporation, 7.500%, due 1/15/20			B				1,550				1,713
		Johnson Controls, Inc., 5.000%, due 3/30/20			BBB+				1,675				1,906
		The Goldman Sachs Group, Inc., 6.000%, due 6/15/20			A				2,575				2,969
		Hologic, Inc.—144A, 6.250%, due 8/1/20			BB				1,100				1,166
		Citigroup, Inc., 5.375%, due 8/9/20			A				2,050				2,370
		Alcoa, Inc., 6.150%, due 8/15/20			BBB-				2,050				2,262
		Omnicom Group, Inc., 4.450%, due 8/15/20			BBB+				2,075				2,309
		The Goodyear Tire & Rubber Co., 8.250%, due 8/15/20			B+				1,500				1,661
		Georgia-Pacific LLC—144A, 5.400%, due 11/1/20			A-				1,500				1,758
		Progress Energy, Inc., 4.400%, due 1/15/21			BBB				1,675				1,881
		Standard Pacific Corporation, 8.375%, due 1/15/21			B				1,750				1,997
		Petrobras International Finance Co., 5.375%, due 1/27/21			A3				1,200				1,352
		L-3 Communications Corporation, 4.950%, due 2/15/21			BBB-				2,430				2,708
		Wyndham Worldwide Corporation, 5.625%, due 3/1/21			BBB-				1,000				1,103
		Ball Corporation, 5.750%, due 5/15/21			BB+				1,550				1,670

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Corporate Obligations—(continued)
		Energizer Holdings, Inc., 4.700%, due 5/19/21			BBB-			$	2,050			$	2,171
		Discovery Communications LLC, 4.375%, due 6/15/21			BBB				1,000				1,122
		O’Reilly Automotive, Inc., 4.625%, due 9/15/21			BBB				2,275				2,480
		Corporation Nacional del Cobre de Chile—144A, 3.875%, due 11/3/21			A1				1,900				2,065
		Itau Unibanco Holding S.A.—144A, 6.200%, due 12/21/21			Baa2				2,500				2,719
		SABMiller Holdings, Inc.—144A, 3.750%, due 1/15/22			BBB+				2,000				2,172
		SLM Corporation, 7.250%, due 1/25/22			BBB-				2,075				2,324
		Fresenius Medical Care US Finance II, Inc.—144A, 5.875%, due 1/31/22			BB+				1,000				1,070
		Lamar Media Corporation, 5.875%, due 2/1/22			BB-				1,550				1,651
		Masco Corporation, 5.950%, due 3/15/22			BBB-				1,675				1,835
		BE Aerospace, Inc., 5.250%, due 4/1/22			BB				1,550				1,612
		Pinnacle Entertainment, Inc., 7.750%, due 4/1/22			B				1,315				1,433
		Discover Financial Services—144A, 5.200%, due 4/27/22			BBB				2,150				2,356
		Kraft Foods Group, Inc.—144A, 3.500%, due 6/6/22			BBB				1,900				2,008
		Embraer S.A., 5.150%, due 6/15/22			BBB-				2,500				2,683
		Comcast Corporation, 3.125%, due 7/15/22			BBB+				1,000				1,037
		America Movil S.A.B. de C.V., 3.125%, due 7/16/22			A2				2,850				2,937
		PPG Industries, Inc., 2.700%, due 8/15/22			A-				1,000				1,003
		DR Horton, Inc., 4.375%, due 9/15/22			Ba2				2,350				2,335
		Mexichem S.A.B. de C.V.—144A, 4.875%, due 9/19/22			BBB-				1,500				1,523
		Colombia Telecomunicaciones S.A. ESP—144A, 5.375%, due 9/27/22			BB				1,000				1,015
		WEA Finance LLC—144A, 3.375%, due 10/3/22			A2				2,650				2,634
		American Axle & Manufacturing, Inc., 6.625%, due 10/15/22			B				1,550				1,569
		Continental Airlines 2012-1 Class A Pass Thru Trusts, 4.150%, due 10/11/25			A-				2,375				2,423

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

				Issuer		NRSRO Rating				Principal Amount				Value
				Corporate Obligations—(continued)
				The Kroger Co., 8.000%, due 9/15/29			BBB			$	450			$	597
				Conoco Funding Co., 7.250%, due 10/15/31			A1				450				676
				Kohl’s Corporation, 6.000%, due 1/15/33			BBB+				1,065				1,242
				Wisconsin Electric Power Co., 5.700%, due 12/1/36			A+				525				680
				Comcast Corporation, 6.450%, due 3/15/37			BBB+				650				837
				Yum! Brands, Inc., 6.875%, due 11/15/37			BBB				625				854
				JPMorgan Chase & Co., 6.400%, due 5/15/38			A+				1,470				1,901
				COX Communications, Inc.—144A, 6.950%, due 6/1/38			BBB+				370				478
				General Electric Capital Corporation, 6.875%, due 1/10/39			AA+				750				1,002
				Abbott Laboratories, 6.000%, due 4/1/39			AA				2,250				3,155
				Burlington Northern Santa Fe LLC, 5.750%, due 5/1/40			A3				1,565				1,960
				Illinois Tool Works, Inc., 4.875%, due 9/15/41			A+				900				1,054
				Union Pacific Corporation, 4.750%, due 9/15/41			A-				1,450				1,635
				Aristotle Holding, Inc.—144A, 6.125%, due 11/15/41			BBB+				2,500				3,246
				Philip Morris International, Inc., 4.375%, due 11/15/41			A				2,075				2,240
				Gilead Sciences, Inc., 5.650%, due 12/1/41			A-				1,775				2,220
				Citigroup, Inc., 5.875%, due 1/30/42			A				750				904
				Bank of America Corporation, 5.875%, due 2/7/42			A				2,375				2,776
				CSX Corporation, 4.750%, due 5/30/42			BBB				1,225				1,332
				Odebrecht Finance Ltd.—144A, 7.125%, due 6/26/42			BBB-				1,000				1,112
				Total Corporate Obligations											155,360
				Total Long-Term Investments—99.2% (cost $257,940)											280,167

 

See accompanying Notes to Portfolio of Investments.

---

Bond Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $2,917, collateralized by U.S. Treasury Note, 1.500%, due 7/31/16			Aaa			$	2,917			$	2,917
		Total Repurchase Agreement—1.0% (cost $2,917)											2,917
		Total Investments—100.2% (cost $260,857)											283,084
		Liabilities, plus cash and other assets—(0.2)%											(605	)
		Net assets—100.0%										$	282,479

 

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by either Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. The obligations of certain U. S. Government-sponsored securities are neither issued nor guaranteed by the U. S. Treasury.

VRN = Variable Rate Note

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.06% of the net assets at September 30, 2012.

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.06% of the Fund’s net assets at September 30, 2012.

 

See accompanying Notes to Portfolio of Investments.

---

Income Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		U.S. Government and U.S. Government Agency—46.8%
		U.S. Treasury Inflation Indexed Notes/Bonds—5.8%
		U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17		$	3,976			$	4,664
		U.S. Treasury Inflation Indexed Note, 1.125%, due 1/15/21			2,618				3,100
		Total U.S. Treasury Inflation Indexed Notes/Bonds							7,764
		U.S. Treasury—0.8%
		U.S. Treasury Strip Principal, 0.000%, due 5/15/20			1,185				1,080
		Government National Mortgage Association (GNMA)—0.1%
		#780405, 9.500%, due 11/15/17			86				92
		#357322, 7.000%, due 9/15/23			67				79
		Total GNMA Mortgage Obligations							171
		Federal Home Loan Mortgage Corp. (FHLMC)—9.5%
		#E72924, 7.000%, due 10/1/13			68				68
		#E81703, 7.000%, due 5/1/15			124				127
		#E81697, 8.000%, due 5/1/15			350				373
		#E81908, 8.500%, due 12/1/15			25				26
		#J02184, 8.000%, due 4/1/16			206				217
		#G90022, 8.000%, due 9/17/16			107				110
		#M30028, 5.500%, due 5/1/17			18				18
		#E90398, 7.000%, due 5/1/17			347				373
		#E96536, 5.000%, due 3/1/18			361				391
		#E97112, 4.000%, due 5/1/18			179				195
		#B13459, 4.500%, due 4/1/19			120				129
		#C67537, 9.500%, due 8/1/21			1				1
		#D95621, 6.500%, due 7/1/22			1,370				1,531
		#E02913, 5.000%, due 6/1/26			669				726
		#J16051, 4.500%, due 7/1/26			2,370				2,605
		#J19032, 3.500%, due 5/1/27			1,446				1,564
		#A45790, 7.500%, due 5/1/35			222				273
		#G02141, 6.000%, due 3/1/36			743				833
		#A66843, 6.500%, due 10/1/37			812				924
		#A81799, 6.500%, due 9/1/38			1,227				1,396
		#C03665, 9.000%, due 4/1/41			794				990
		Total FHLMC Mortgage Obligations							12,870
		Federal National Mortgage Association (FNMA)—30.6%
		#725315, 8.000%, due 5/1/13			5				5
		#593561, 9.500%, due 8/1/14			42				44
		#567027, 7.000%, due 9/1/14			193				197
		#567026, 6.500%, due 10/1/14			124				127
		#458124, 7.000%, due 12/15/14			31				32
		#576554, 8.000%, due 1/1/16			394				424
		#576553, 8.000%, due 2/1/16			551				594
		#555747, 8.000%, due 5/1/16			39				42
		#735569, 8.000%, due 10/1/16			271				290
		#725410, 7.500%, due 4/1/17			107				114
		#643217, 6.500%, due 6/1/17			133				145
		#679247, 7.000%, due 8/1/17			518				572

 

See accompanying Notes to Portfolio of Investments.

---

Income Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#689334, 5.000%, due 3/1/18		$	80			$	87
		#695910, 5.000%, due 5/1/18			524				579
		#740847, 6.000%, due 10/1/18			312				344
		#323501, 6.500%, due 1/1/19			94				106
		#751313, 5.000%, due 3/1/19			424				468
		#255358, 5.000%, due 9/1/19			117				128
		#852864, 7.000%, due 7/1/20			1,059				1,175
		#458147, 10.000%, due 8/15/20			254				292
		#835563, 7.000%, due 10/1/20			408				450
		#735574, 8.000%, due 3/1/22			267				310
		#679253, 6.000%, due 10/1/22			688				759
		FNR G93-19 SH, 11.234%, due 4/25/23, VRN			11				14
		#982878, 4.500%, due 5/1/23			704				769
		#AC5124, 4.000%, due 11/1/24			666				731
		#AD8164, 4.000%, due 8/1/25			824				905
		#AE1176, 4.000%, due 8/1/25			836				919
		#255956, 5.500%, due 10/1/25			169				187
		#AB2256, 3.500%, due 2/1/26			1,240				1,351
		#890329, 4.000%, due 4/1/26			2,454				2,685
		#AI9811, 4.500%, due 8/1/26			790				873
		#AJ2322, 3.500%, due 10/1/26			918				1,000
		#AJ3203, 4.000%, due 10/1/26			1,868				2,052
		#AJ8149, 3.500%, due 12/1/26			2,628				2,863
		#AJ7724, 4.000%, due 12/1/26			920				1,011
		#AK0498, 3.500%, due 1/1/27			552				602
		#256639, 5.000%, due 2/1/27			45				49
		#AB4818, 4.000%, due 4/1/27			961				1,056
		#AP0446, 3.500%, due 7/1/27			3,462				3,772
		#806458, 8.000%, due 6/1/28			213				263
		#880155, 8.500%, due 7/1/29			574				721
		#797846, 7.000%, due 3/1/32			708				799
		#745519, 8.500%, due 5/1/32			188				237
		#654674, 6.500%, due 9/1/32			126				144
		#733897, 6.500%, due 12/1/32			268				314
		#254693, 5.500%, due 4/1/33			29				32
		#555531, 5.500%, due 6/1/33			80				89
		#555591, 5.500%, due 7/1/33			48				53
		#725231, 5.000%, due 2/1/34			602				662
		#725220, 5.000%, due 3/1/34			591				650
		#725232, 5.000%, due 3/1/34			583				641
		#725238, 5.000%, due 3/1/34			325				357
		#776964, 5.000%, due 4/1/34			992				1,124
		#725424, 5.500%, due 4/1/34			312				346
		#255630, 5.000%, due 3/1/35			35				38
		#886220, 6.000%, due 7/1/36			720				816
		#928658, 6.500%, due 9/1/37			101				114
		#889385, 6.000%, due 2/1/38			1,350				1,522
		#962058, 6.500%, due 3/1/38			1,353				1,548
		#991911, 7.000%, due 11/1/38			442				505

 

See accompanying Notes to Portfolio of Investments.

---

Income Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#AL0913, 6.000%, due 7/1/41						$	1,896			$	2,131
		Total FNMA Mortgage Obligations											41,229
		Non-Agency Mortgage-Backed Obligations—0.8%
		First Plus Home Loan Trust, 1997-4, Tranche M1, 7.640%, 9/11/23**§			D				676				565
		First Plus Home Loan Trust, 1997-4, Tranche M2, 7.830%, 9/11/23**§			D				143				104
		First Plus Home Loan Trust, 1998-3, Tranche M2, 7.920%, 5/10/24**§			Caa1	f			256				247
		Lehman Structured Securities Corp.—144A, 2004-2, Tranche M1, 2.979%, 2/28/33, VRN§			CCC				325				154
		Total Non-Agency Mortgage-Backed Obligations											1,070
		Asset-Backed Securities—3.9%
		Avis Budget Rental Car Funding AESOP LLC—144A, 2009-1A, Tranche A, 9.310%, 10/20/13			Aa1				208				209
		Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A1, 4.260%, 3/25/14			Aaa				1,500				1,515
		Centre Point Funding LLC—144A, 2010-1A, Tranche 1, 5.430%, 7/20/16			A2				1,026				1,076
		Citibank Omni Master Trust—144A, 2009-A14A, Tranche A14, 2.971%, 8/15/18, VRN			Aaa				1,000				1,047
		GE Capital Credit Card Master Note Trust, 2012-6, Tranche B, 1.830%, 8/17/20			AA-				1,350				1,362
		Total Asset-Backed Securities											5,209
		Corporate Obligations—47.8%
		Bank of America Corporation, 7.375%, due 5/15/14			A				715				783
		St. Jude Medical, Inc., 3.750%, due 7/15/14			A				500				527
		American International Group, Inc., 3.000%, due 3/20/15			A-				1,000				1,035
		The Goldman Sachs Group, Inc., 3.300%, due 5/3/15			A				600				624
		Royal Bank of Scotland Group plc, 2.550%, due 9/18/15			A-				1,000				1,012
		PepsiCo, Inc., 2.500%, due 5/10/16			Aa3				700				739
		Petrobras International Finance Co., 6.125%, due 10/6/16			A3				1,000				1,133
		PACCAR Financial Corporation, 1.600%, due 3/15/17			A+				1,000				1,021

 

See accompanying Notes to Portfolio of Investments.

---

Income Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Corporate Obligations—(continued)
		BHP Billiton Finance USA, Ltd., 5.400%, due 3/29/17			A+			$	1,000			$	1,170
		Penske Truck Leasing Co. L.P.—144A, 3.750%, due 5/11/17			BBB+				500				513
		JPMorgan Chase & Co., 6.125%, due 6/27/17			A				1,750				2,060
		Kimberly-Clark Corporation, 6.125%, due 8/1/17			A				1,000				1,228
		American Express Co., 6.150%, due 8/28/17			A+				1,500				1,825
		IBM Corporation, 5.700%, due 9/14/17			AA-				1,650				2,022
		Capital One Financial Corporation, 6.750%, due 9/15/17			A-				1,000				1,225
		Motorola Solutions, Inc., 6.000%, due 11/15/17			BBB				650				776
		Abbott Laboratories, 5.600%, due 11/30/17			AA				500				614
		Wells Fargo & Co., 5.625%, due 12/11/17			AA-				750				900
		Morgan Stanley, 6.625%, due 4/1/18			A				1,250				1,436
		General Electric Capital Corporation, 5.625%, due 5/1/18			AA+				1,725				2,034
		Philip Morris International, Inc., 5.650%, due 5/16/18			A				1,250				1,531
		Simon Property Group L.P., 6.125%, due 5/30/18			A-				1,000				1,221
		John Deere Capital Corporation, 5.750%, due 9/10/18			A				900				1,111
		Honeywell International, Inc., 5.000%, due 2/15/19			A				1,225				1,463
		The Procter & Gamble Co., 4.700%, due 2/15/19			AA-				500				594
		Unilever Capital Corporation, 4.800%, due 2/15/19			A+				665				785
		Burlington Northern Santa Fe LLC, 4.700%, due 10/1/19			A3				1,000				1,155
		Boston Properties L.P., 5.875%, due 10/15/19			A-				1,350				1,615
		The Goldman Sachs Group, Inc., 6.000%, due 6/15/20			A				1,250				1,441
		Citigroup, Inc., 5.375%, due 8/9/20			A				1,000				1,156
		Alcoa, Inc., 6.150%, due 8/15/20			BBB-				1,000				1,104
		Georgia-Pacific LLC—144A, 5.400%, due 11/1/20			A-				1,000				1,172

 

See accompanying Notes to Portfolio of Investments.

---

Income Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Corporate Obligations—(continued)
		L-3 Communications Corporation, 4.950%, due 2/15/21			BBB-			$	750			$	836
		E.I. du Pont de Nemours & Co., 4.250%, due 4/1/21			A				1,000				1,159
		Ford Motor Credit Co. LLC, 5.875%, due 8/2/21			Baa3				750				849
		Praxair, Inc., 3.000%, due 9/1/21			A				1,000				1,061
		O’Reilly Automotive, Inc., 4.625%, due 9/15/21			BBB				700				763
		Verizon Communications, Inc., 3.500%, due 11/1/21			A				1,000				1,103
		Corporation Nacional del Cobre de Chile—144A, 3.875%, due 11/3/21			A1				1,000				1,087
		Gilead Sciences, Inc., 4.400%, due 12/1/21			A-				1,425				1,620
		Itau Unibanco Holding S.A.—144A, 6.200%, due 12/21/21			Baa2				1,000				1,088
		McDonald’s Corporation, 2.625%, due 1/15/22			A				1,250				1,315
		SLM Corporation, 7.250%, due 1/25/22			BBB-				1,000				1,120
		AT&T, Inc., 3.000%, due 2/15/22			A2				1,500				1,586
		Masco Corporation, 5.950%, due 3/15/22			BBB-				1,000				1,096
		Potomac Electric Power Co., 3.050%, due 4/1/22			A				1,000				1,047
		Discover Financial Services—144A, 5.200%, due 4/27/22			BBB				750				822
		Caterpillar Financial Services Corporation, 2.850%, due 6/1/22			A				1,000				1,033
		United Technologies Corporation, 3.100%, due 6/1/22			A				1,000				1,066
		Embraer S.A., 5.150%, due 6/15/22			BBB-				1,000				1,073
		Odebrecht Finance Ltd.—144A, 5.125%, due 6/26/22			BBB-				1,000				1,065
		Anheuser-Busch InBev Worldwide, Inc., 2.500%, due 7/15/22			A				1,000				1,014
		America Movil S.A.B. de C.V., 3.125%, due 7/16/22			A2				1,100				1,134
		PPG Industries, Inc., 2.700%, due 8/15/22			A-				550				552
		Dominion Resources, Inc., 2.750%, due 9/15/22			A-				1,000				1,006
		Mexichem S.A.B. de C.V.—144A, 4.875%, due 9/19/22			BBB-				1,000				1,015

 

See accompanying Notes to Portfolio of Investments.

---

Income Fund

Portfolio of Investments, September 30, 2012 (all amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Corporate Obligations—(continued)
		WEA Finance LLC—144A, 3.375%, due 10/3/22			A2			$	1,000			$	994
		Union Pacific Corporation, 2.950%, due 1/15/23			A-				1,000				1,037
		Total Corporate Obligations											64,566
		Total Long-Term Investments—99.3% (cost $126,804)											133,959
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $1,237 collateralized by U.S. Treasury Note, 1.500%, due 7/31/16			Aaa				1,237				1,237
		Total Repurchase Agreement—0.9% (cost $1,237)											1,237
		Total Investments—100.2% (cost $128,041)											135,196
		Liabilities, plus cash and other assets—(0.2)%											(284	)
		Net assets—100.0%										$	134,912

 

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by either Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. The obligations of certain U. S. Government-sponsored securities are neither issued nor guaranteed by the U. S. Treasury.

VRN = Variable Rate Note

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. These holdings represent 0.68% of the Fund’s net assets at September 30, 2012.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.79% of the net assets at September 30, 2012.

f = Moody’s withdrew its rating as of July 29, 2011. The rating shown represents the last issued. The bond is currently not rated by a NRSRO.

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

				Issuer		Principal Amount				Value
				U.S. Government and U.S. Government Agency—73.8%
				U.S. Treasury Inflation Indexed Notes/Bonds—1.8%
				U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17		$	1,704			$	1,999
				U.S. Treasury Inflation Indexed Note, 1.625%, due 1/15/18			1,640				1,919
				Total U.S. Treasury Inflation Indexed Notes/Bonds							3,918
				Government National Mortgage Association (GNMA)—1.7%
				#002584, 6.000%, due 4/20/13			9				9
				#623159, 5.000%, due 11/15/13			36				40
				#628400, 6.000%, due 11/15/13			60				62
				#002682, 6.500%, due 11/20/13			19				21
				#623182, 5.000%, due 12/15/13			48				52
				#781010, 6.500%, due 4/15/14			38				40
				#002761, 6.000%, due 5/20/14			27				30
				#002787, 5.500%, due 7/20/14			4				4
				#781275, 6.000%, due 10/15/14			98				102
				GNR 2011-24 VA, 3.500%, due 2/20/16			1,335				1,407
				#561031, 5.500%, due 9/15/16			211				229
				#003180, 6.000%, due 1/20/17			32				35
				#781567, 5.000%, due 2/15/18			79				85
				#606406, 5.000%, due 4/15/18			105				116
				#003438, 4.500%, due 9/20/18			197				217
				#003465, 4.500%, due 11/20/18			62				68
				#004430, 4.500%, due 5/20/24			994				1,086
				Total GNMA Mortgage Obligations							3,603
				Federal Home Loan Mortgage Corp. (FHLMC)—18.5%
				#B18053, 5.000%, due 3/1/15			40				41
				#G11885, 5.000%, due 1/1/16			139				150
				#E86134, 5.000%, due 11/1/16			144				155
				#G12631, 5.500%, due 4/1/17			306				331
				#E96536, 5.000%, due 3/1/18			225				244
				#G13127, 4.500%, due 4/1/18			84				90
				#E95355, 5.000%, due 4/1/18			303				327
				#G11606, 4.500%, due 5/1/18			32				35
				#E96700, 5.000%, due 5/1/18			830				898
				#E96962, 4.000%, due 6/1/18			145				158
				#E01411, 5.000%, due 7/1/18			156				167
				#E99160, 4.500%, due 9/1/18			151				166
				#E01488, 5.000%, due 10/1/18			343				368
				#E99895, 5.000%, due 10/1/18			710				768
				#B11386, 5.000%, due 12/1/18			144				155
				#B11362, 5.500%, due 12/1/18			22				24
				#G13367, 5.500%, due 12/1/18			532				576
				#E01545, 5.000%, due 1/1/19			189				203
				#B12826, 4.500%, due 3/1/19			827				897
				#G11766, 5.000%, due 3/1/19			133				144
				#B15141, 4.500%, due 6/1/19			118				126
				#G11596, 5.500%, due 8/1/19			174				191
				#G11605, 5.500%, due 9/1/19			86				94
				#B17142, 4.500%, due 11/1/19			1,415				1,550

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal Home Loan Mortgage Corp. (FHLMC)—(continued)
		#B17161, 4.500%, due 11/1/19		$	40			$	43
		#G18045, 5.000%, due 3/1/20			150				163
		#B19078, 5.000%, due 4/1/20			103				111
		#G18048, 5.000%, due 4/1/20			101				109
		#G11697, 5.500%, due 4/1/20			1,408				1,543
		#J08152, 5.000%, due 5/1/20			109				118
		#J02537, 5.000%, due 9/1/20			94				102
		#G12394, 5.000%, due 5/1/21			189				205
		#G13296, 5.000%, due 5/1/21			504				545
		#G12113, 5.500%, due 5/1/21			258				282
		#G12286, 5.000%, due 7/1/21			101				110
		#G12432, 5.000%, due 12/1/21			86				93
		#E02322, 5.500%, due 5/1/22			71				78
		#J06484, 5.500%, due 11/1/22			572				626
		#J06871, 5.500%, due 1/1/23			218				239
		#J08703, 5.500%, due 9/1/23			94				103
		#C00351, 8.000%, due 7/1/24			110				133
		#G13695, 4.000%, due 9/1/24			1,605				1,754
		#G00363, 8.000%, due 6/1/25			149				180
		#C80329, 8.000%, due 8/1/25			34				42
		#J13022, 4.000%, due 9/1/25			2,979				3,255
		#G14150, 4.500%, due 4/1/26			3,665				4,028
		#E02912, 5.000%, due 6/1/26			1,393				1,515
		#E02913, 5.000%, due 6/1/26			1,275				1,383
		#J16051, 4.500%, due 7/1/26			4,391				4,827
		#J19032, 3.500%, due 5/1/27			1,711				1,851
		#G04053, 5.500%, due 3/1/38			3,413				3,822
		#G04424, 6.000%, due 6/1/38			260				290
		#G04778, 6.000%, due 7/1/38			240				269
		#A81372, 6.000%, due 8/1/38			108				119
		#G04544, 6.000%, due 8/1/38			1,623				1,804
		#G04687, 6.000%, due 9/1/38			358				400
		#G04745, 6.000%, due 9/1/38			190				212
		#A81799, 6.500%, due 9/1/38			1,152				1,311
		Total FHLMC Mortgage Obligations							39,523
		Federal National Mortgage Association (FNMA)—51.8%
		#679220, 6.000%, due 12/1/14			21				21
		#256224, 5.500%, due 4/1/16			25				27
		#254181, 5.000%, due 1/1/17			76				83
		#256559, 5.500%, due 1/1/17			13				15
		#256606, 5.500%, due 2/1/17			18				19
		#256646, 5.500%, due 3/1/17			14				15
		#545862, 5.000%, due 8/1/17			75				82
		#545898, 5.500%, due 9/1/17			410				446
		#545899, 5.500%, due 9/1/17			463				504
		#254510, 5.000%, due 11/1/17			70				76
		#555029, 5.000%, due 11/1/17			58				63
		#254545, 5.000%, due 12/1/17			31				34
		#254590, 5.000%, due 1/1/18			36				39

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#257067, 5.000%, due 1/1/18		$	65			$	71
		#663692, 5.000%, due 1/1/18			192				209
		#674713, 5.000%, due 1/1/18			14				15
		#679305, 5.000%, due 1/1/18			62				67
		#254591, 5.500%, due 1/1/18			315				341
		#678938, 5.500%, due 2/1/18			30				32
		#683100, 5.500%, due 2/1/18			392				424
		#254684, 5.000%, due 3/1/18			22				24
		#675717, 5.000%, due 3/1/18			272				296
		#681361, 5.000%, due 3/1/18			99				108
		#656564, 5.000%, due 4/1/18			1,478				1,612
		#696677, 5.000%, due 4/1/18			99				108
		#702888, 5.000%, due 4/1/18			149				162
		#695838, 5.500%, due 4/1/18			92				101
		#254721, 5.000%, due 5/1/18			242				264
		#697593, 5.000%, due 5/1/18			236				260
		#702332, 5.000%, due 5/1/18			51				56
		#704049, 5.500%, due 5/1/18			875				966
		#735357, 5.500%, due 5/1/18			1,289				1,423
		#656573, 5.000%, due 6/1/18			244				270
		#709838, 5.000%, due 6/1/18			544				594
		#709848, 5.000%, due 6/1/18			207				228
		#728715, 5.000%, due 7/1/18			353				387
		#735003, 5.500%, due 7/1/18			1,375				1,518
		#711991, 5.000%, due 8/1/18			189				209
		#190341, 5.000%, due 9/1/18			57				62
		#743183, 5.000%, due 10/1/18			87				96
		#555872, 5.000%, due 11/1/18			216				236
		#749596, 5.000%, due 11/1/18			306				339
		#745237, 5.000%, due 12/1/18			64				70
		#761267, 4.500%, due 2/1/19			701				774
		#255079, 5.000%, due 2/1/19			57				62
		#766276, 5.000%, due 3/1/19			465				509
		#742086, 4.500%, due 4/1/19			2,590				2,863
		#779363, 5.000%, due 6/1/19			93				103
		#785259, 5.000%, due 8/1/19			367				402
		#788424, 5.500%, due 9/1/19			90				99
		#725953, 5.000%, due 10/1/19			109				121
		#735401, 5.500%, due 3/1/20			252				274
		#357978, 5.000%, due 9/1/20			257				284
		#745735, 5.000%, due 3/1/21			824				903
		#879607, 5.500%, due 4/1/21			129				143
		#880993, 6.000%, due 1/1/22			35				39
		#972934, 5.500%, due 2/1/23			386				422
		#889342, 5.000%, due 3/1/23			159				174
		#982878, 4.500%, due 5/1/23			636				695
		#254908, 5.000%, due 9/1/23			76				83
		#255165, 4.500%, due 3/1/24			103				113
		#934808, 4.500%, due 3/1/24			278				307
		#AA4519, 4.500%, due 3/1/24			2,263				2,501
		#AA2922, 4.000%, due 4/1/24			305				335

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating		Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#AA5028, 4.500%, due 4/1/24				$	451			$	493
		#190988, 9.000%, due 6/1/24					172				202
		#993231, 4.000%, due 7/1/24					1,510				1,659
		#AC1520, 4.000%, due 9/1/24					179				196
		#AC3674, 4.500%, due 10/1/24					1,959				2,166
		#AC5124, 4.000%, due 11/1/24					1,331				1,462
		#AC6600, 4.500%, due 11/1/24					95				105
		#AC6257, 4.000%, due 12/1/24					1,338				1,470
		#AC8857, 4.500%, due 12/1/24					87				95
		#AC9560, 5.000%, due 1/1/25					4,182				4,621
		#932449, 4.000%, due 2/1/25					539				592
		#932629, 4.000%, due 3/1/25					582				639
		#AD0855, 4.000%, due 3/1/25					279				305
		#932723, 4.000%, due 4/1/25					651				715
		#AD4073, 4.000%, due 5/1/25					154				169
		#935995, 4.000%, due 6/1/25					210				230
		#AD4677, 4.000%, due 6/1/25					2,146				2,357
		#AD8164, 4.000%, due 8/1/25					4,348				4,777
		#AE1176, 4.000%, due 8/1/25					941				1,034
		#AB1459, 4.000%, due 9/1/25					366				402
		#AD8190, 4.000%, due 9/1/25					730				799
		#AH2671, 4.000%, due 1/1/26					1,650				1,813
		#890329, 4.000%, due 4/1/26					3,271				3,580
		#AI4856, 4.500%, due 6/1/26					2,978				3,292
		#AI9811, 4.500%, due 8/1/26					2,948				3,259
		#AH9564, 3.500%, due 9/1/26					4,301				4,686
		#AB3497, 4.000%, due 9/1/26					2,120				2,320
		#AB3608, 3.500%, due 10/1/26					4,502				4,904
		#AI7363, 3.500%, due 10/1/26					1,240				1,351
		#AJ2322, 3.500%, due 10/1/26					4,025				4,385
		#AB3975, 3.500%, due 12/1/26					1,783				1,943
		#AJ8149, 3.500%, due 12/1/26					3,227				3,516
		#AJ7724, 4.000%, due 12/1/26					2,761				3,034
		#AK0498, 3.500%, due 1/1/27					913				994
		#AK2768, 3.500%, due 3/1/27					2,964				3,229
		#AK7384, 4.000%, due 3/1/27					3,839				4,218
		#AB4818, 4.000%, due 4/1/27					2,884				3,169
		#AP0446, 3.500%, due 7/1/27					7,333				7,989
		#AP0462, 3.500%, due 7/1/27					1,158				1,261
		#829306, 6.000%, due 9/1/35					156				176
		#928574, 6.000%, due 7/1/37					315				354
		#889385, 6.000%, due 2/1/38					1,928				2,175
		#975649, 6.000%, due 7/1/38					420				472
		#935532, 4.500%, due 8/1/39					112				127
		#AC6651, 4.500%, due 12/1/39					145				165

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		U.S. Government and U.S. Government Agency—(continued)
		Federal National Mortgage Association (FNMA)—(continued)
		#AL0913, 6.000%, due 7/1/41						$	759			$	853
		Total FNMA Mortgage Obligations											110,931
		Asset-Backed Securities—14.6%
		Avis Budget Rental Car Funding AESOP LLC—144A, 2009-1A, Tranche A, 9.310%, 10/20/13			Aa1				333				335
		Mercedes-Benz Auto Receivables Trust, 2009-1, Tranche A3, 1.670%, 1/15/14			AAA				28				28
		Volkswagen Auto Loan Enhanced Trust, 2010-1, Tranche A3, 1.310%, 1/20/14			AAA				17				17
		Honda Auto Receivables Owner Trust, 2010-2, Tranche A3, 1.340%, 3/18/14			Aaa				29				28
		Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A1, 4.260%, 3/25/14			Aaa				1,765				1,783
		BMW Vehicle Owner Trust, 2010-A, Tranche A3, 1.390%, 4/25/14			AAA				72				72
		Ford Credit Auto Owner Trust, 2010-A, Tranche A3, 1.320%, 6/15/14			AAA				116				116
		Nissan Auto Receivables Owner Trust, 2010-A, Tranche A3, 0.870%, 7/15/14			Aaa				345				346
		Mercedes-Benz Auto Lease Trust—144A, 2011-B, Tranche A3, 1.070%, 8/15/14			Aaa				1,500				1,508
		Nissan Master Owner Trust Receivables—144A, 2010-AA, Tranche A, 1.371%, 1/15/15, VRN			AAA				2,300				2,307
		CarMax Auto Owner Trust, 2012-1, Tranche A2, 0.590%, 3/16/15			AAA				895				896
		CNH Equipment Trust, 2010-C, Tranche A3, 1.170%, 5/15/15			AAA				334				335
		Harley-Davidson Motorcycle Trust, 2011-2, Tranche A2, 0.710%, 5/15/15			Aaa				1,226				1,228
		Discover Card Master Trust, 2007-A2, Tranche A2, 0.729%, 6/15/15, VRN			AAA				292				292
		Discover Card Master Trust I, 2005-4, Tranche A2, 0.311%, 6/16/15, VRN			AAA				81				81
		FPL Recovery Funding LLC, 2007-A, Tranche A2, 5.044%, 8/1/15			AAA				354				363
		Bank of America Credit Card Trust, 2010-A1, Tranche A1, 0.521%, 9/15/15, VRN			AAA				2,000				2,003
		Chase Issuance Trust, 2008-A13, Tranche A13, 1.889%, 9/15/15, VRN			AAA				100				101
		Discover Card Master Trust, 2010-A1, Tranche A1, 0.871%, 9/15/15, VRN			Aaa				447				448
		USAA Auto Owner Trust, 2010-1, Tranche A4, 2.140%, 9/15/15			AAA				685				692
		American Express Credit Account Master Trust, 2010-1, Tranche A, 0.471%, 11/16/15, VRN			AAA				500				501

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Asset-Backed Securities—(continued)
		Honda Auto Receivables Owner Trust, 2012-1, Tranche A3, 0.770%, 1/15/16			AAA			$	1,000			$	1,007
		Ford Credit Floorplan Master Owner Trust, 2011-1, Tranche A2, 0.821%, 2/15/16, VRN			AAA				1,250				1,258
		Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A2, 5.290%, 3/25/16			Aaa				2,350				2,578
		Ally Master Owner Trust, 2011-3, Tranche A1, 0.851%, 5/15/16, VRN			Aaa				1,300				1,303
		CNH Equipment Trust, 2010-C, Tranche A4, 1.750%, 5/16/16			AAA				60				61
		Avis Budget Rental Car Funding AESOP LLC—144A, 2010-3A, Tranche A, 4.640%, 5/20/16			Aaa				1,400				1,522
		Centre Point Funding LLC—144A, 2010-1A, Tranche 1, 5.430%, 7/20/16			A2				1,401				1,468
		CNH Equipment Trust, 2011-B, Tranche A3, 0.910%, 8/15/16			AAA				700				703
		Discover Card Master Trust, 2011-A1, Tranche A1, 0.571%, 8/15/16, VRN			Aaa				1,400				1,406
		Enterprise Fleet Financing LLC—144A, 2011-2, Tranche A2, 1.430%, 10/20/16			AAA				1,499				1,503
		GE Capital Credit Card Master Note Trust, 2011-1, Tranche A, 0.771%, 1/15/17, VRN			Aaa				500				502
		GE Dealer Floorplan Master Note Trust, 2012-1, Tranche A, 0.789%, 2/20/17, VRN			Aaa				1,250				1,260
		BA Credit Card Trust, 2007-A15, Tranche A15, 0.571%, 4/17/17, VRN			AAA				100				100
		Discover Card Master Trust, 2010-A2, Tranche A2, 0.801%, 3/15/18, VRN			AAA				350				355
		Citibank Omni Master Trust—144A, 2009-A14A, Tranche A14, 2.971%, 8/15/18, VRN			Aaa				2,000				2,094
		Capital One Multi-Asset Execution Trust, 2007-A2, Tranche A2, 0.301%, 12/16/19, VRN			AAA				215				214
		MBNA Credit Card Master Note Trust, 2004-A3, Tranche A3, 0.481%, 8/16/21, VRN			AAA				475				471
		Total Asset-Backed Securities											31,285
		Corporate Obligations—11.2%
		JPMorgan Chase & Co., 1.252%, due 1/24/14, VRN			A+				1,100				1,107
		Morgan Stanley, 2.052%, due 1/24/14, VRN			A				1,000				1,003
		Bank of America Corporation, 1.867%, due 1/30/14, VRN			A				1,000				1,007
		Citigroup, Inc., 1.290%, due 4/1/14, VRN			A				1,000				999
		Morgan Stanley, 6.000%, due 5/13/14			A				1,300				1,378

 

See accompanying Notes to Portfolio of Investments.

---

Low Duration Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		NRSRO Rating				Principal Amount				Value
		Corporate Obligations—(continued)
		The Goldman Sachs Group, Inc., 0.958%, due 1/12/15, VRN			A			$	1,000			$	981
		General Dynamics Corporation, 1.375%, due 1/15/15			A				1,300				1,324
		The Goldman Sachs Group, Inc., 5.125%, due 1/15/15			A				1,000				1,075
		AT&T, Inc., 0.875%, due 2/13/15			A2				1,000				1,009
		Wells Fargo & Co., 1.250%, due 2/13/15			AA-				2,250				2,277
		Toyota Motor Credit Corporation, 1.000%, due 2/17/15			AA-				1,000				1,011
		The Bank of New York Mellon Corporation, 1.200%, due 2/20/15			Aa3				1,000				1,014
		American International Group, Inc., 3.000%, due 3/20/15			A-				1,150				1,191
		JPMorgan Chase & Co., 1.875%, due 3/20/15			A+				1,500				1,530
		The Goldman Sachs Group, Inc., 3.300%, due 5/3/15			A				800				833
		Citigroup, Inc., 4.700%, due 5/29/15			A				1,300				1,400
		John Deere Capital Corporation, 0.950%, due 6/29/15			A				1,000				1,009
		General Electric Capital Corporation, 1.625%, due 7/2/15			AA+				1,625				1,653
		Anheuser-Busch InBev Worldwide, Inc., 0.800%, due 7/15/15			A				300				301
		Royal Bank of Scotland Group plc, 2.550%, due 9/18/15			A				1,825				1,847
		Total Corporate Obligations											23,949
		Total Long-Term Investments—99.6% (cost $210,412)											213,209
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $1,467, collateralized by U.S. Treasury Note, 1.500%, due 7/31/16			Aaa				1,467				1,467
		Total Repurchase Agreement—0.7% (cost $1,467)											1,467
		Total Investments—100.3% (cost $211,879)											214,676
		Liabilities, plus cash and other assets—(0.3)%											(604	)
		Net assets—100.0%										$	214,072

 

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

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

VRN = Variable Rate Note

 

See accompanying Notes to Portfolio of Investments.

---

Ready Reserves Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Amortized Cost
		U.S. Government and U.S. Government Agency—4.3%
		Federal Home Loan Mortgage Corp. (FHLMC)—2.0%
		Federal Home Loan Mortgage Corporation, 0.625%—4.625%, 10/25/12—6/12/13		$	24,630			$	24,706
		Total Federal Home Loan Mortgage Corp. (FHLMC)							24,706
		Federal National Mortgage Association (FNMA)—1.1%
		Federal National Mortgage Association, 1.000%—4.750%, 11/19/12—12/27/12			14,523				14,594
		Total Federal National Mortgage Association (FNMA)							14,594
		U.S. Treasury—1.2%
		U.S. Treasury Note, 0.625%—3.875%, 1/31/13—5/15/13			15,000				15,184
		Total U.S. Treasury							15,184
		Corporate Notes—10.9%
		Boeing Capital Corporation, 5.800%, 1/15/13			1,733				1,760
		Boeing Co. (The), 1.875%—5.125%, 11/20/12—2/15/13			13,474				13,533
		Caterpillar Financial Services Corporation, 1.900%—4.850%, 12/7/12—4/5/13			25,013				25,219
		Citigroup Funding, Inc., 2.250%, 12/10/12			10,101				10,141
		General Electric Capital Corporation, 0.575%, 11/1/12, VRN			2,000				2,000
		General Electric Capital Corporation, 1.875%—5.450%, 10/19/12—9/16/13			27,832				28,042
		International Business Machines Corporation, 1.000%—4.750%, 11/29/12—8/5/13			17,867				18,010
		John Deere Capital Corporation, 4.500%—5.250%, 10/1/12—9/9/13			18,910				19,167
		Merck & Co., Inc., 4.375%, 2/15/13			2,000				2,030
		Oracle Corporation, 4.950%, 4/15/13			300				307
		PepsiCo, Inc., 4.650%, 2/15/13			6,940				7,052
		Praxair, Inc., 1.750%—3.950%, 11/15/12—6/1/13			2,025				2,046
		Wal-Mart Stores, Inc., 4.250%—4.550%, 4/15/13—5/1/13			7,506				7,670
		Total Corporate Notes							136,977
		Commercial Paper—63.4%
		Abbott Laboratories, 0.080%—0.110%, 10/1/12—10/3/12			31,000				31,000
		American Honda Finance Corporation, 0.130%—0.150%, 10/5/12—11/7/12			32,000				31,996

 

See accompanying Notes to Portfolio of Investments.

---

Ready Reserves Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Amortized Cost
		Commercial Paper—(continued)
		Brown-Forman Corporation, 0.160%—0.170%, 10/9/12—10/31/12		$	33,500			$	33,497
		Caterpillar Financial Services Corporation, 0.110%—0.250%, 10/5/12—12/5/12			18,000				17,996
		Chevron Funding Corporation, 0.090%—0.100%, 10/1/12—10/29/12			45,000				44,999
		Coca-Cola Co., 0.150%—0.240%, 10/4/12—1/10/13			44,000				43,983
		Colgate Palmolive Co., 0.090%, 10/3/12			10,000				10,000
		ConocoPhillips, 0.120%, 10/2/12—10/5/12			33,500				33,500
		ConocoPhillips Qatar Funding, Ltd., 0.130%, 10/24/12			7,100				7,099
		Deere & Co., 0.130%, 10/22/12			5,000				5,000
		EI DuPont, 0.110%—0.150%, 10/1/12—11/1/12			44,176				44,174
		General Electric Capital Corporation, 0.040%—0.060%, 10/3/12—10/4/12			17,000				17,000
		Illinois Tool Works, Inc., 0.120%—0.130%, 10/1/12—10/10/12			30,000				30,000
		John Deere Credit, Ltd., 0.130%—0.140%, 10/2/12—11/1/12			20,000				19,998
		Kimberly-Clark Corporation, 0.100%—0.130%, 10/9/12—10/23/12			20,200				20,200
		Merck & Co., Inc., 0.120%, 10/9/12—10/11/12			21,000				21,000
		PACCAR Financial Corporation, 0.120%—0.130%, 10/3/12—10/29/12			44,616				44,611
		PepsiCo, Inc., 0.070%—0.080%, 10/3/12—10/24/12			38,000				38,000
		Pfizer, Inc., 0.080%—0.100%, 10/9/12—10/11/12			25,000				25,000
		Praxair, Inc., 0.090%, 10/5/12—10/15/12			40,000				40,000
		Private Export Funding, 0.120%, 10/11/12—10/16/12			20,000				20,000
		Procter & Gamble Co. (The), 0.110%—0.150%, 10/3/12—12/3/12			45,500				45,493
		Roche Holdings, Inc., 0.110%, 10/11/12—10/12/12			14,000				14,000
		Toyota Credit de Puerto Rico Corporation, 0.180%, 10/5/12—10/15/12			17,000				16,999
		Toyota Motor Credit Corporation, 0.120%—0.180%, 10/16/12—10/31/12			27,000				26,998
		Unilever Capital Corporation, 0.330%, 1/17/13			5,000				4,995
		United Technologies Corporation, 0.120%—0.150%, 10/1/12—11/1/12			45,000				44,997
		Wal-Mart Stores, Inc., 0.100%—0.110%, 10/2/12—10/23/12			37,000				36,999

 

See accompanying Notes to Portfolio of Investments.

---

Ready Reserves Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Principal Amount				Amortized Cost
		Commercial Paper—(continued)
		Walt Disney Co. (The), 0.090%—0.120%, 10/17/12—11/27/12		$	28,297			$	28,294
		Total Commercial Paper							797,828
		Asset-Backed Commercial Paper—3.6%
		Chariot Funding LLC, 0.160%—0.170%, 10/3/12—10/26/12			44,858				44,855
		Total Asset-Backed Commercial Paper							44,855
		Repurchase Agreements—17.3%
		Bank of America, 0.160% dated 9/28/12, due 10/1/12, repurchase price $55,001, Collateralized by FNMA, 4.000%, due 6/1/42			55,000				55,000
		Barclays Capital, 0.190% dated 9/28/12, due 10/1/12, repurchase price $18,000, collateralized by U.S. Treasury Note, 1.250%, due 9/30/15			18,000				18,000
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $89,105, collateralized by U.S. Treasury Note, 1.500%, due 7/31/16			89,104				89,104
		Goldman Sachs, 0.190% dated 9/28/12, due 10/1/12, repurchase price $55,001, Collateralized by FNMA, 4.500%-5.000%, due 6/1/31-10/1/31			55,000				55,000
		Total Repurchase Agreements							217,104
		Total Investments—99.5% (cost $1,251,248)							1,251,248
		Cash and other assets, less liabilities—0.5%							6,820
		Net assets—100.0%						$	1,258,068
		Portfolio Weighted Average Maturity							34 days

 

VRN = Variable Rate Note

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Europe—35.7%
		Austria—0.7%
		Andritz AG (Machinery)			190,957			$	10,814
		Schoeller-Bleckmann Oilfield Equipment AG (Energy equipment & services)			20,061				2,083
									12,897
		Belgium—0.2%
		Colruyt S.A. (Food & staples retailing)			93,028				4,052
		Denmark—0.9%
		Coloplast A/S Class “B” (Health care equipment & supplies)			60,948				12,690
		SimCorp A/S (Software)			14,444				3,085
									15,775
		Finland—1.1%
		Kone Oyj (Machinery)			182,286				12,614
		Nokian Renkaat Oyj (Auto components)			167,756				6,823
									19,437
		France—10.6%
		Arkema S.A. (Chemicals)			174,005				16,292
		AXA S.A. (Insurance)			2,039,064				30,369
		BNP Paribas S.A. (Commercial banks)			927,089				44,056
		CFAO S.A. (Distributors)			65,658				3,145
		Christian Dior S.A. (Textiles, apparel & luxury goods)			135,934				18,237
*		Credit Agricole S.A. (Commercial banks)			263,230				1,816
		Sanofi (Pharmaceuticals)			409,937				34,953
		Societe BIC S.A. (Commercial services & supplies)			32,241				3,895
		Unibail-Rodamco SE (Real estate investment trusts (REITs))			86,231				17,187
		Vinci S.A. (Construction & engineering)			172,840				7,362
		Vivendi S.A. (Diversified telecommunication services)			616,526				12,023
		Zodiac Aerospace (Aerospace & defense)			53,129				5,187
									194,522
		Germany—3.7%
		Aixtron AG (Semiconductors & semiconductor equipment)			261,478				3,486
		Bayer AG (Pharmaceuticals)			261,494				22,457
		Brenntag AG (Trading companies & distributors)			55,020				7,042
		Deutsche Bank AG (Capital markets)			167,184				6,605
		Deutsche Wohnen AG (Real estate management & development)			110,338				1,938
		Fresenius SE & Co. KGaA (Health care providers & services)			114,917				13,341
		Gerry Weber International AG (Textiles, apparel & luxury goods)			104,311				4,311
		MTU Aero Engines Holding AG (Aerospace & defense)			105,676				8,440
									67,620
		Ireland—0.3%
		Paddy Power plc (Hotels, restaurants & leisure)			54,898				4,073
		Shire plc (Pharmaceuticals)			58,887				1,725
									5,798

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Europe—35.7%—(continued)
		Italy—1.0%
		Azimut Holding SpA (Capital markets)			234,298			$	2,702
		Intesa Sanpaolo SpA (Commercial banks)			3,898,519				5,927
		Pirelli & C. SpA (Auto components)			666,138				7,173
		Tod’s SpA (Textiles, apparel & luxury goods)			23,596				2,550
									18,352
		Netherlands—4.2%
		ASML Holding N.V. (Semiconductors & semiconductor equipment)			130,657				6,983
		Fugro N.V. (Energy equipment & services)			111,924				7,611
		Royal Dutch Shell plc Class “B” (Oil, gas & consumable fuels)			951,493				33,772
		Unilever N.V. (Food products)			817,158				28,909
									77,275
		Norway—3.1%
		Fred Olsen Energy ASA (Energy equipment & services)			77,947				3,483
*		Norwegian Air Shuttle ASA (Airlines)			147,500				2,768
		Schibsted ASA (Media)			126,927				4,852
		Statoil ASA (Oil, gas & consumable fuels)			1,187,127				30,648
		Telenor ASA (Diversified telecommunication services)			764,777				14,911
									56,662
		Spain—1.7%
*		Banco Santander S.A. (Commercial banks)			811,671				6,044
		Bolsas y Mercados Espanoles S.A. (Diversified financial services)			117,484				2,471
		Inditex S.A. (Specialty retail)			158,229				19,648
		Viscofan S.A. (Food products)			76,567				3,505
									31,668
		Sweden—2.3%
		Atlas Copco AB Class “A” (Machinery)			754,959				17,619
		Axis Communications AB (Communications equipment)			66,228				1,644
		Getinge AB (Health care equipment & supplies)			538,939				16,261
		Hexpol AB (Chemicals)			83,471				3,240
		JM AB (Household durables)			141,066				2,577
									41,341
		Switzerland—5.9%
		Burckhardt Compression Holding AG (Machinery)			479				142
*		Credit Suisse Group AG (Capital markets)			399,209				8,460
*		Geberit AG (Building products)			56,876				12,367
		Glencore International plc (Metals & mining)			4,648,985				25,757
		Nestle S.A. (Food products)			497,347				31,358
		Partners Group Holding AG (Capital markets)			42,301				8,802
		SGS S.A. (Professional services)			3,612				7,420
		Syngenta AG (Chemicals)			37,120				13,873
									108,179
		United Kingdom—17.0%
		Abcam plc (Biotechnology)			545,110				3,536

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		United Kingdom—17.0%—(continued)
		AMEC plc (Energy equipment & services)			720,506			$	13,333
		Amlin plc (Insurance)			999,545				6,513
		ARM Holdings plc (Semiconductors & semiconductor equipment)			778,290				7,226
		Ashmore Group plc (Capital markets)			1,420,266				7,809
		Babcock International Group plc (Commercial services & supplies)			994,556				14,888
		Bunzl plc (Trading companies & distributors)			302,969				5,426
		Croda International plc (Chemicals)			91,686				3,590
		Derwent London plc (Real estate investment trusts (REITs))			182,310				5,758
		Diageo plc (Beverages)			1,179,446				33,130
		Dunelm Group plc (Specialty retail)			543,619				5,636
		Elementis plc (Chemicals)			1,064,119				3,987
		Experian plc (Professional services)			584,441				9,711
		Halma plc (Electronic equipment, instruments & components)			719,215				4,923
		Hiscox, Ltd. (Insurance)			492,435				3,865
		IG Group Holdings plc (Diversified financial services)			674,125				4,855
		InterContinental Hotels Group plc (Hotels, restaurants & leisure)			621,825				16,267
		ITV plc (Media)			7,597,837				10,846
		John Wood Group plc (Energy equipment & services)			613,083				7,955
		Johnson Matthey plc (Chemicals)			289,273				11,272
		Jupiter Fund Management plc (Capital markets)			807,272				3,177
		Lancashire Holdings, Ltd. (Insurance)			569,686				7,576
		Meggitt plc (Aerospace & defense)			1,004,465				6,405
		Moneysupermarket.com Group plc (Internet software & services)			1,627,761				3,622
*		Ocado Group plc (Internet & catalog retail)			1,988,806				2,071
		Oxford Instruments plc (Electronic equipment, instruments & components)			91,517				2,032
		Pearson plc (Media)			227,519				4,445
		Prudential plc (Insurance)			1,167,828				15,115
		Rightmove plc (Media)			144,961				3,670
*		Rolls-Royce Holdings plc (Aerospace & defense)			1,864,818				25,385
		Rotork plc (Machinery)			150,124				5,486
		RPS Group plc (Commercial services & supplies)			552,726				2,222
		Scottish & Southern Energy plc (Electric utilities)			862,971				19,398
		Spirax-Sarco Engineering plc (Machinery)			105,956				3,578
		St James’s Place plc (Insurance)			478,448				2,836
*		The Berkeley Group Holdings plc (Household durables)			461,928				10,488
		Tullow Oil plc (Oil, gas & consumable fuels)			377,056				8,341
		Victrex plc (Chemicals)			198,130				4,230
		Wolseley plc (Trading companies & distributors)			23,713				1,012
									311,615
		Emerging Asia—11.7%
		China—2.1%
		China BlueChemical, Ltd. (Chemicals)			7,008,000				4,148
		China Overseas Land & Investment, Ltd. (Real estate management & development)			4,250,000				10,809
		Great Wall Motor Co., Ltd. Class “H” (Automobiles)			2,753,000				7,261
		Haitian International Holdings, Ltd. (Machinery)			1,659,000				1,883
*		Hollysys Automation Technologies, Ltd. (Electronic equipment, instruments & components)†			214,215				2,091
		Lenovo Group, Ltd. (Computers & peripherals)			9,014,000				7,463
		Spreadtrum Communications, Inc.—ADR (Semiconductors & semiconductor equipment)			132,113				2,716

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Asia—11.7%—(continued)
		China—2.1%—(continued)
*		WuXi PharmaTech Cayman, Inc.—ADR (Life sciences tools & services)			124,883			$	1,864
									38,235
		India—1.9%
		CRISIL, Ltd. (Diversified financial services)			45,756				833
		IndusInd Bank, Ltd. (Commercial banks)			327,111				2,204
		Ipca Laboratories, Ltd. (Pharmaceuticals)			270,560				2,484
		Lupin, Ltd. (Pharmaceuticals)			391,831				4,427
		Oberoi Realty, Ltd. (Real estate management & development)			345,521				1,735
		Sun Pharmaceutical Industries, Ltd. (Pharmaceuticals)			552,389				7,284
		Tata Motors, Ltd. (Automobiles)			2,390,860				12,128
		Yes Bank, Ltd. (Commercial banks)			478,645				3,467
									34,562
		Indonesia—1.4%
		PT Alam Sutera Realty Tbk (Real estate management & development)			28,503,500				1,474
		PT Bank Rakyat Indonesia (Commercial banks)			9,189,000				7,154
		PT Kalbe Farma Tbk (Pharmaceuticals)			10,947,000				5,376
		PT Media Nusantara Citra Tbk (Media)			11,658,000				3,167
		PT United Tractors Tbk (Machinery)			3,674,651				7,948
		PT XL Axiata Tbk (Diversified telecommunication services)			1,634,500				1,136
									26,255
		Philippines—0.3%
		International Container Terminal Services, Inc. (Transportation infrastructure)			1,101,280				1,859
		SM Prime Holdings, Inc. (Real estate management & development)			10,665,275				3,630
									5,489
		South Korea—4.4%
		Celltrion, Inc. (Pharmaceuticals)			239,145				6,025
		Hana Financial Group, Inc. (Commercial banks)			339,690				10,407
		Hyundai Motor Co. (Automobiles)			96,769				21,941
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			29,176				35,334
		Samsung Fire & Marine Insurance Co., Ltd. (Insurance)			27,300				5,870
									79,577
		Taiwan—0.3%
		Asustek Computer, Inc. (Computers & peripherals)			574,000				6,237
		Thailand—1.3%
		Advanced Info Service PCL (Wireless telecommunication services)			1,354,700				9,419
		BEC World PCL (Media)			1,638,000				4,071
		Kasikornbank PCL (Commercial banks)			1,656,600				9,822
									23,312
		Japan—10.8%
		Ain Pharmaciez, Inc. (Food & staples retailing)			36,600				2,612
		Arnest One Corporation (Household durables)			167,300				2,581
		Cosmos Pharmaceutical Corporation (Food & staples retailing)			8,300				762

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Japan—10.8%—(continued)
		Daito Trust Construction Co., Ltd. (Real estate management & development)			87,700			$	8,822
		FamilyMart Co., Ltd. (Food & staples retailing)			183,000				9,005
		Fast Retailing Co., Ltd. (Specialty retail)			60,900				14,164
		Lawson, Inc. (Food & staples retailing)			120,700				9,280
		Miraca Holdings, Inc. (Health care providers & services)			73,800				3,314
*		Nexon Co., Ltd. (Software)			92,000				1,265
		Nikon Corporation (Leisure equipment & products)			789,300				21,725
		Nitori Co., Ltd. (Specialty retail)			133,480				12,400
		ORIX Corporation (Diversified financial services)			301,570				30,296
		Shimamura Co., Ltd. (Specialty retail)			39,400				4,589
		Ship Healthcare Holdings, Inc. (Health care providers & services)			106,500				3,401
		Softbank Corporation (Wireless telecommunication services)			426,200				17,258
		Sumitomo Mitsui Financial Group, Inc. (Commercial banks)			1,162,400				36,344
		Sumitomo Realty & Development Co., Ltd. (Real estate management & development)			340,000				9,027
		Sundrug Co., Ltd. (Food & staples retailing)			50,300				1,827
		Suruga Bank, Ltd. (Commercial banks)			381,000				4,321
		Tsuruha Holdings, Inc. (Food & staples retailing)			28,800				2,155
		United Arrows, Ltd. (Specialty retail)			81,100				2,168
									197,316
		Emerging Latin America—6.4%
		Brazil—3.4%
		BR Malls Participacoes S.A. (Real estate management & development)			501,400				6,962
		BR Properties S.A. (Real estate management & development)			425,800				5,556
		CETIP S.A. - Balcao Organizado de Ativos e Derivativos (Capital markets)			251,446				3,299
		Cia de Concessoes Rodoviarias (Transportation infrastructure)			957,800				8,670
		Cia Hering (Specialty retail)			316,100				7,146
		Cielo S.A. (IT services)			235,500				5,877
		OdontoPrev S.A. (Health care providers & services)			448,900				2,513
*		Qualicorp S.A. (Professional services)			203,900				1,992
		T4F Entretenimento S.A. (Media)			299,600				2,084
		Tractebel Energia S.A. (Independent power producers & energy traders)			265,600				4,193
		Vale S.A.—ADR (Metals & mining)			710,469				12,717
		Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao S.A. (Commercial services & supplies)			117,700				2,203
									63,212
		Chile—1.5%
		CFR Pharmaceuticals S.A. (Pharmaceuticals)			12,821,591				3,027
		ENTEL Chile S.A. (Wireless telecommunication services)			321,613				6,705
*		Inversiones La Construccion S.A. (Diversified financial services)			112,289				1,813
		Parque Arauco S.A. (Real estate management & development)			2,748,560				5,661
		Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)			117,312				7,231
		Sonda S.A. (IT services)			816,830				2,454
									26,891
		Colombia—0.8%
		Ecopetrol S.A. (Oil, gas & consumable fuels)			4,853,614				14,293

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		Emerging Latin America—6.4%—(continued)
		Mexico—0.4%
		Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)			2,472,400			$	8,171
		Panama—0.3%
		Copa Holdings S.A. (Airlines)†			62,844				5,107
		Asia—6.2%
		Australia—2.1%
		BHP Billiton, Ltd. (Metals & mining)			262,656				9,002
		Cochlear, Ltd. (Health care equipment & supplies)			76,334				5,317
		Telstra Corporation, Ltd. (Diversified telecommunication services)			6,121,015				24,889
									39,208
		Hong Kong—2.1%
		AIA Group, Ltd. (Insurance)			6,222,400				23,191
		China High Precision Automation Group, Ltd. (Electronic equipment, instruments & components)**§			3,373,000				539
		Hutchison Telecommunications Hong Kong Holdings, Ltd. (Diversified telecommunication services)			10,220,000				4,521
		Sa Sa International Holdings, Ltd. (Specialty retail)			3,570,000				2,449
		SmarTone Telecommunications Holdings, Ltd. (Wireless telecommunication services)			2,508,500				5,002
		Value Partners Group, Ltd. (Capital markets)			3,960,000				1,936
									37,638
		Singapore—2.0%
		First Resources, Ltd. (Food products)			765,000				1,315
		Global Logistic Properties, Ltd. (Real estate management & development)			6,947,000				14,209
		Keppel Corporation, Ltd. (Industrial conglomerates)			2,186,300				20,310
									35,834
		Western Hemisphere—5.7%
		Bermuda—0.7%
		RenaissanceRe Holdings, Ltd. (Insurance)†			169,776				13,080
		Canada—5.0%
		Alimentation Couche Tard, Inc. (Food & staples retailing)			192,586				8,851
		Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†			696,242				24,027
		Canadian National Railway Co. (Road & rail)†			194,388				17,151
		CI Financial Corporation (Capital markets)			327,405				7,566
		Dollarama, Inc. (Multiline retail)			83,567				5,334
		Metro, Inc. (Food & staples retailing)			166,535				9,893
		Peyto Exploration & Development Corporation (Oil, gas & consumable fuels)			456,174				11,238
*		Precision Drilling Corporation (Energy equipment & services)			808,177				6,355
									90,415

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Emerging Europe, Mid-East, Africa—3.4%
		Nigeria—0.2%
		Guaranty Trust Bank plc (Commercial banks)			31,707,972			$	3,863
		South Africa—2.7%
*		Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)			505,102				8,678
		Bidvest Group, Ltd. (Industrial conglomerates)			376,916				9,329
		FirstRand, Ltd. (Diversified financial services)			3,111,212				10,425
		Life Healthcare Group Holdings Pte, Ltd. (Health care providers & services)			1,040,869				3,971
		Naspers, Ltd. (Media)			166,741				10,317
		The Foschini Group, Ltd. (Specialty retail)			96,963				1,474
		Tiger Brands, Ltd. (Food products)			167,912				5,510
									49,704
		Turkey—0.3%
		Turkiye Halk Bankasi A.S. (Commercial banks)			740,139				5,765
		United Arab Emirates—0.2%
		First Gulf Bank PJSC (Commercial banks)			1,001,020				2,712
		Total Common Stocks—96.9% (cost $1,561,303)							1,772,069
		Convertible Bond
		Brazil—0.0%
		Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§		$	941				256
		Total Convertible Bond—0.0% (cost $488)							256
		Exchange-Traded Fund
		China—0.4%
		iShares FTSE A50 China Index			5,470,140				6,871
		Total Exchange-Traded Fund—0.4% (cost $7,004)							6,871
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $55,555, collateralized by U.S. Treasury Note, 1.250%, due 10/31/15		$	55,555				55,555
		Total Repurchase Agreement—3.1% (cost $55,555)							55,555

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Total Investments—100.4% (cost $1,624,350)			1,834,751
		Liabilities, plus cash and other assets—(0.4)%			(6,440	)
		Net assets—100.0%		$	1,828,311
ADR = American Depository Receipt
* Non-income producing securities
† = U.S. listed foreign security
** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. These holdings represent 0.04% of the Fund’s net assets at September 30, 2012.
§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.04% of the net assets at September 30, 2012.
For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Growth Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Financials			26.4	%
Consumer Discretionary			14.7	%
Industrials			13.9	%
Health Care			9.1	%
Consumer Staples			8.6	%
Energy			7.8	%
Materials			6.9	%
Information Technology			5.5	%
Telecommunication Services			5.4	%
Utilities			1.3	%
Exchange-Traded Funds			0.4	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Euro			22.3	%
British Pound Sterling			21.0	%
Japanese Yen			11.1	%
Swiss Franc			4.6	%
U.S. Dollar			4.6	%
Hong Kong Dollar			4.5	%
South Korean Won			4.5	%
Norwegian Krone			3.2	%
Brazilian Real			2.8	%
South African Rand			2.8	%
Canadian Dollar			2.8	%
Swedish Krona			2.3	%
Australian Dollar			2.2	%
Singapore Dollar			2.0	%
Indian Rupee			1.9	%
Indonesian Rupiah			1.5	%
Thai Baht			1.3	%
Chilean Peso			1.1	%
All Other Currencies			3.5	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks
		Europe—42.4%
		Denmark—2.2%
		Novo Nordisk A/S Class “B” (Pharmaceuticals)			14,242			$	2,250
		France—12.6%
		AXA S.A. (Insurance)			83,267				1,240
		BNP Paribas S.A. (Commercial banks)			31,443				1,494
		Christian Dior S.A. (Textiles, apparel & luxury goods)			9,320				1,250
		Dassault Systemes S.A. (Software)			14,434				1,517
		Essilor International S.A. (Health care equipment & supplies)			22,744				2,130
		L’Oreal S.A. (Personal products)			10,479				1,296
		Sanofi (Pharmaceuticals)			26,382				2,250
		Technip S.A. (Energy equipment & services)			10,698				1,189
		Unibail-Rodamco SE (Real estate investment trusts (REITs))			3,967				791
									13,157
		Germany—8.2%
		BASF SE (Chemicals)			23,004				1,941
		Bayer AG (Pharmaceuticals)			23,868				2,050
		Fresenius SE & Co. KGaA (Health care providers & services)			21,265				2,469
		SAP AG (Software)			30,098				2,131
									8,591
		Ireland—4.6%
		Accenture plc Class “A” (IT services)†			25,528				1,788
*		Ryanair Holdings plc—ADR (Airlines)			39,820				1,284
		Shire plc (Pharmaceuticals)			60,087				1,760
									4,832
		Italy—1.1%
		Saipem SpA (Energy equipment & services)			24,928				1,197
		Netherlands—2.2%
		Unilever N.V. (Food products)			65,477				2,316
		Norway—1.6%
		Telenor ASA (Diversified telecommunication services)			84,093				1,640
		Spain—1.8%
		Inditex S.A. (Specialty retail)			14,950				1,856
		Sweden—1.4%
		Atlas Copco AB Class “A” (Machinery)			60,496				1,412
		Switzerland—6.7%
*		Geberit AG (Building products)			7,236				1,573
		Nestle S.A. (Food products)			25,476				1,606
		Roche Holding AG (Pharmaceuticals)			7,805				1,458
		Syngenta AG (Chemicals)			6,450				2,411
									7,048

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares				Value
		Common Stocks—(continued)
		United Kingdom—21.2%
		ARM Holdings plc (Semiconductors & semiconductor equipment)			88,020			$	817
		BG Group plc (Oil, gas & consumable fuels)			77,260				1,560
		Burberry Group plc (Textiles, apparel & luxury goods)			66,634				1,077
		Compass Group plc (Hotels, restaurants & leisure)			212,010				2,340
		Diageo plc (Beverages)			76,763				2,156
		Experian plc (Professional services)			93,752				1,558
		InterContinental Hotels Group plc (Hotels, restaurants & leisure)			43,548				1,139
		John Wood Group plc (Energy equipment & services)			118,498				1,538
		Johnson Matthey plc (Chemicals)			42,191				1,644
		Pearson plc (Media)			106,385				2,079
		Prudential plc (Insurance)			131,809				1,706
*		Rolls-Royce Holdings plc (Aerospace & defense)			163,839				2,230
		Tullow Oil plc (Oil, gas & consumable fuels)			44,343				981
		Wolseley plc (Trading companies & distributors)			30,927				1,319
									22,144
		Japan—11.5%
		Chiyoda Corporation (Construction & engineering)			61,000				949
		Daito Trust Construction Co., Ltd. (Real estate management & development)			18,200				1,831
		FamilyMart Co., Ltd. (Food & staples retailing)			30,300				1,491
		Keyence Corporation (Electronic equipment, instruments & components)			5,100				1,307
		Nikon Corporation (Leisure equipment & products)			42,300				1,164
		Nitori Co., Ltd. (Specialty retail)			11,350				1,055
		ORIX Corporation (Diversified financial services)			15,690				1,576
		Sumitomo Mitsui Financial Group, Inc. (Commercial banks)			54,000				1,688
		Suruga Bank, Ltd. (Commercial banks)			81,000				919
									11,980
		Canada—6.6%
		Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†			50,074				1,728
		Canadian National Railway Co. (Road & rail)†			16,862				1,488
		Goldcorp, Inc. (Metals & mining)†			24,718				1,133
		The Toronto-Dominion Bank (Commercial banks)			30,105				2,511
									6,860
		Emerging Asia—6.2%
		China—2.5%
		China Mobile, Ltd. (Wireless telecommunication services)			135,000				1,497
		CNOOC, Ltd. (Oil, gas & consumable fuels)			559,000				1,146
									2,643
		India—0.9%
		Tata Consultancy Services, Ltd. (IT services)			35,473				871
		Papua New Guinea—0.8%
		Oil Search, Ltd. (Oil, gas & consumable fuels)			110,350				849
		South Korea—2.0%
		Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)			1,737				2,104

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

		Issuer		Shares or Principal Amount				Value
		Common Stocks—(continued)
		Asia—5.2%
		Australia—1.6%
		BHP Billiton, Ltd.—ADR (Metals & mining)			24,290			$	1,666
		Hong Kong—2.1%
		AIA Group, Ltd. (Insurance)			606,800				2,262
		Singapore—1.5%
		Keppel Corporation, Ltd. (Industrial conglomerates)			167,000				1,551
		Emerging Latin America—3.9%
		Brazil—0.9%
		Embraer S.A.—ADR (Aerospace & defense)			36,049				960
		Chile—1.6%
		Sociedad Quimica y Minera de Chile S.A.—ADR (Chemicals)			26,986				1,663
		Panama—1.4%
		Copa Holdings S.A. (Airlines)†			18,370				1,493
		Emerging Europe, Mid-East, Africa—1.6%
		South Africa—1.6%
		FirstRand, Ltd. (Diversified financial services)			503,170				1,686
		Total Common Stocks—98.6% (cost $86,655)							103,031
		Repurchase Agreement
		Fixed Income Clearing Corporation, 0.120% dated 9/28/12, due 10/1/12, repurchase price $1,136, collateralized by FNMA, 4.375%, due 10/15/15		$	1,136				1,136
		Total Repurchase Agreement—1.1% (cost $1,136)							1,136
		Total Investments—99.7% (cost $87,791)							104,167
		Cash and other assets, less liabilities—0.3%							333
		Net assets—100.0%						$	104,500
ADR = American Depository Receipt
† = U.S. listed foreign security
* Non-income producing securities

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

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

 

See accompanying Notes to Portfolio of Investments.

---

Institutional International Equity Fund

Portfolio of Investments, September 30, 2012 (all dollar amounts in thousands) (unaudited)

 

At September 30, 2012, the Fund’s Portfolio of Investments includes the following industry categories:
Financials			18.9	%
Industrials			15.4	%
Health Care			13.9	%
Consumer Discretionary			11.6	%
Information Technology			10.2	%
Materials			10.2	%
Consumer Staples			8.6	%
Energy			8.2	%
Telecommunication Services			3.0	%
Total			100.0	%
At September 30, 2012, the Fund’s Portfolio of Investments includes the following currency categories:
Euro			26.3	%
British Pound Sterling			23.2	%
U.S. Dollar			12.8	%
Japanese Yen			11.6	%
Swiss Franc			6.8	%
Hong Kong Dollar			4.8	%
Canadian Dollar			2.4	%
Danish Krone			2.2	%
South Korean Won			2.1	%
South African Rand			1.6	%
Norwegian Krone			1.6	%
Singapore Dollar			1.5	%
Swedish Krona			1.4	%
All Other Currencies			1.7	%
Total			100.0	%

 

See accompanying Notes to Portfolio of Investments.

---

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Trust

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

 

Equity Funds		International Equity Funds
Growth		International Growth
Large Cap Growth Small Cap Growth		International Leaders International Equity
Mid Cap Growth		International Small Cap Growth
Small-Mid Cap Growth		Emerging Markets Growth
Small Cap Value		Emerging Leaders Growth
Small Mid Cap Value		Emerging Market Small Cap
Large Cap Value		Institutional International Growth
Mid Cap Value		Institutional International Equity
Global Equity Fund		Fixed-Income Funds
Global Growth		Bond
		Income
		Low Duration
Multi- Asset and Alternative Funds		Money Market Fund
Macro Allocation		Ready Reserves
Commodity Strategy Long/short

The investment objectives of the Funds are as follows:

 

Equity		Long-term capital appreciation.
Global		Long-term capital appreciation.
Dynamic Allocation		Long-term risk adjusted total return.
International		Long-term capital appreciation.
Fixed-Income		High level of current income with relative stability of principal (Income), maximize total return (Bond, Low Duration)
Money Market		Current income, a stable share price and daily liquidity.

 

 

 

 

 

 

 

 

1

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(b) Investment Valuation

The market value of domestic equity securities is determined by valuing securities traded on national securities markets or in the over-the-counter markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the latest bid price.

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 latest bid price. The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the New York Stock Exchange. As a result, a Fund’s value for a security may be different from the last sale price (or the latest bid price).

Fixed-income securities are valued by using market quotations or independent pricing services that use either prices provided by market-makers or matrixes that produce estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

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

Investments in other funds are valued at the underlying fund’s net asset value on the date of valuation. Securities held in the Ready Reserves Fund are valued at amortized cost, which approximates market value.

As of September 30, 2012, there were securities held in the International Growth, International Small Cap Growth, Emerging Markets Growth, Bond, Income and Institutional International Growth Funds requiring fair valuation pursuant to the Fund’s Valuation Procedures.

The Global Growth, International Growth, International Leaders, International Equity, International Small Cap Growth, Emerging Markets Growth, Emerging Leaders Growth, Emerging Market Small Cap Growth, Institutional International Growth, and Institutional International Equity 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 Portfolio’s Net Asset Value, typically 4:00 p.m. Eastern time on days when there is regular trading on the New York Stock Exchange. Payables and receivables 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 obligation 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 security. The Advisor will monitor, on an ongoing basis, the value of the underlying securities to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements could 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 securities. 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. Although no definitive creditworthiness criteria are used, the Advisor reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. The Advisor will review and monitor the creditworthiness of broker dealers and banks with which a Fund enters into repurchase agreements. A Fund may, under certain circumstances, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

 

2

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(d) Forward Foreign Currency Contracts

The Global Growth, International Growth, International Leaders, International Equity, International Small Cap Growth, Emerging Markets Growth, Emerging Markets Small Cap Growth, Emerging Leaders Growth, Institutional International Growth and Institutional International Equity Funds from time to time may enter into forward foreign currency contracts with the Fund’s custodian and other counterparties in an attempt to hedge against a decline in the value of foreign currency against the U.S. dollar. The Funds bear the market risk that arises from changes in foreign currency rates and bear the credit risk if the counterparty fails to perform under the contract.

The following table presents open forward foreign currency contracts as of September 30, 2012 (values in thousands):

International Growth Fund

 

Counterparty

Short Contracts

Settlement Date

Local Currency

Current Value

Unrealized Gain/Loss

Morgan Stanley

Euro Currency

12/17/2012

64,025

$

82,342

1,216

State Street Bank

Japanese Yen

12/14/2012

6,024,237

77,246

(607

)

Bank of New York

Pound Sterling

12/18/2012

93,970

151,710

(214

)

International Leaders Fund

Counterparty

Short Contracts

Settlement Date

Local Currency

Current Value

Unrealized Gain/Loss

Morgan Stanley

Euro Currency

12/17/2012

64

$

82

1

State Street Bank

Japanese Yen

12/14/2012

5,394

69

(1

)

Bank of New York

Pound Sterling

12/18/2012

122

197

—

International Equity

Counterparty

Short Contracts

Settlement Date

Local Currency

Current Value

Unrealized Gain/Loss

Morgan Stanley

Euro Currency

12/17/2012

2,730

$

3,511

81

Institutional International Growth Fund

Counterparty

Short Contracts

Settlement Date

Local Currency

Current Value

Unrealized Gain/Loss

Morgan Stanley

Euro Currency

12/17/2012

32,991

$

42,429

626

State Street Bank

Japanese Yen

12/14/2012

3,107,688

39,848

(313

)

Bank of New York

Pound Sterling

12/18/2012

48,367

78,086

(110

)

Institutional International Equity Fund

Counterparty

Short Contracts

Settlement Date

Local Currency

Current Value

Unrealized Gain/Loss

Morgan Stanley

Euro Currency

12/17/2012

4,206

$

5,409

125

(e) Income Taxes

 

Fund		Cost of Investments				Gross Unrealized Appreciation				Gross Unrealized Depreciation				Net Unrealized Appreciation/ Depreciation
Growth		$	498,297			$	147,742			$	6,593			$	141,149
Large Cap Growth			21,796				6,757				303				6,454
Small Cap Growth			389,115				84,782				36,928				47,854
Mid Cap Growth			351,163				38,598				9,226				29,372
Small-Mid Cap Growth			345,676				52,262				10,046				42,216
Global Growth			46,096				9,367				642				8,725
International Growth			3,134,908				466,640				62,718				403,922
International Leaders			3,720				137				37				100
International Equity			58,532				9,868				911				8,957
International Small Cap Growth			612,919				97,861				19,224				78,637
Emerging Markets Growth			812,537				106,941				12,286				94,655
Emerging Leaders Growth			54,530				4,055				648				3,407
Emerging Markets Small Cap Growth			6,449				1,204				54				1,150
Large Cap Value			3,173				434				50				384
Small Cap Value			227,656				27,841				6,691				21,150
Mid Cap Value			3,732				449				89				360
Small-Mid Cap Value			2,149				247				55				192
Bond			260,857				22,373				146				22,227
Income			128,041				7,635				480				7,155
Low Duration			211,880				2,967				171				2,796
Ready Reserves			1,251,248				—				—				—
Institutional International Growth			1,630,749				232,281				28,279				204,002
Institutional International Equity			88,795				16,667				1,296				15,371

 

3

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(f) Fair Value Measurements

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

 

•

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

 

•

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

 

•

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

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

Any transfers between Level 1 and Level 2 are disclosed, effective as of the beginning of the period, in the table below with the reason for the transfer disclosed in the note to the tables, if applicable.

As of September 30, 2012, the hierarchical input levels of securities in each Fund, segregated by security class, are as follows (in thousands):

 

4

---

Investments in securities		Growth				Large Cap Growth				Small Cap Growth				Mid Cap Growth				Small-Mid Cap Growth				Global Growth
Level 1 - Quoted prices
Common Stocks			622,732				28,047				394,883				369,198				377,973				53,257
Exchange Traded Funds			—				—				20,938				—				—				—
Level 2 - Other significant observable inputs
Short-Term Investments			16,714				202				21,148				11,337				9,919				1,563
Level 3 - Significant unobservable inputs
None			—				—				—				—				—				—
Total investments in securities		$	639,446			$	28,249			$	436,969			$	380,535			$	387,892			$	54,820

 

Investments in securities		International Growth				International Leaders				International Equity				International Small Cap Growth				Emerging Markets Growth				Emerging Leaders Growth				Emerging Small Cap Growth
Level 1 - Quoted prices
Common Stocks			3,440,141				3,669				66,882				669,473				874,654				55,852				7,366
Preferred Stocks			—				—				—				—				16,659				1,545				89
Exchange Traded Funds			13,419				—				—				—				—				—				—
Level 2 - Other significant observable inputs
Short-Term Investments			83,433				151				606				21,822				15,443				539				143
Level 3 - Significant unobservable inputs
Common stock			1,055				—				—				—				—				—				—
Convertible bonds			782				—				—				261				436				—				—
Total investments in securities		$	3,538,830			$	3,820			$	67,488			$	691,556			$	907,192			$	57,936			$	7,598
Other financial instruments
Level 2 - Other significant observable inputs
Forward foreign currency contracts		$	395				—			$	81				—				—				—				—

 

Investments in securities		Large Cap Value				Small Cap Value				Mid Cap Value				Small-Mid Cap Value
Level 1 - Quoted prices
Common Stocks			3,556				239,300				3,935				2,342
Level 2 - Other significant observable inputs
Short-Term Investments			—				9,876				157				—
Level 3 - Significant unobservable inputs
None			—				—				—				—
Total investments in securities		$	3,556			$	249,176			$	4,092			$	2,342

 

Investments in securities		Bond				Income				Low Duration Fund				Ready Reserves
Level 1 - Quoted Prices
None			—				—				—				—
Level 2 - Other significant observable inputs
US Government and Agency Bonds			115,882				63,114				157,975				54,484
Corporate Bonds			155,360				64,566				23,949				136,977
Asset Backed Bonds			8,758				5,363				31,285				44,855
Commercial Paper			—				—				—				797,828
Short-Term Investments			2,917				1,237				1,467				217,104
Level 3 - Significant unobservable inputs
Asset Backed Bonds			167				916				—				—
Total investments in securities		$	283,084			$	135,196			$	214,676			$	1,251,248

 

Investments in securities		Institutional International Growth				Institutional International Equity
Level 1 - Quoted prices
Common Stock			1,771,530				103,031
Preferred Stock			—				—
Exchange traded funds			6,871				—
Level 2 - Other significant observable inputs
Short-Term Investments			55,555				1,136
Level 3 - Significant unobservable inputs
Common Stock			539				—
Convertible Bonds			256				—
Total investments in securities		$	1,834,751			$	104,167
Other financial instruments
Level 2 - Other significant observable inputs
Forward foreign currency contracts			203				125

 

*	All the investments held by ready Reserves Fund are short-term investments.

There were no transfers between Level 1 and Level 2 during the year.

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

The fair value estimates for the Level 3 securities in the International Growth, International Small Cap Growth, Emerging Markets Growth, Bond, Income and Institutional International Growth Funds were determined in good faith by the Pricing Committee in consultation with the Valuation Committee, pursuant to the Valuation Procedures adopted by the Board of Trustees. There were various factors considered in reaching this fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained from a broker-dealer for the security, analysis of the company’s performance, market trends that influence its performance and the potential for an adverse outcome in pending litigation. Level 3 securities represented 0.05%, 0.04%, 0.05%, 0.06%, 0.68%, and 0.04% as a percentage of Net Assets in the International Growth, International Small Cap, Emerging Markets Growth, Bond, Income and Institutional International Growth Funds, respectively. The change in net unrealized gain (loss) related to those securities held at September 30, 2012 is included in the change in net unrealized appreciation (depreciation) of investments on the Statement of Operations. There were no transfers to or from Level 3 during the period.

 

5

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Item 2. Controls and Procedures

 

(a)

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

 

(b)

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

Item 3. Exhibits

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

---

SIGNATURES

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

 

WILLIAM BLAIR FUNDS
By:		/s/ Michelle R. Seitz
		Michelle R. Seitz President

Date: November 26, 2012

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

 

By:		/s/ Michelle R. Seitz
		Michelle R. Seitz President (Principal Executive Officer)

Date: November 26, 2012

 

By:		/s/ Colette M. Garavalia
		Colette M. Garavalia
		Treasurer (Principal Financial Officer)

Date: November 26, 2012

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