NPORT-EX 2 RBEquityStrategyFund.htm html

Eaton Vance

Richard Bernstein Equity Strategy Fund

November 30, 2019

PORTFOLIO OF INVESTMENTS (Unaudited)

Common Stocks — 89.5%

 

                                                 
Security    Shares      Value  

Aerospace & Defense — 0.7%

 

Boeing Co. (The)

      4,407      $ 1,613,755  

MTU Aero Engines AG

      8,954        2,423,751  

Thales SA

      12,529        1,227,237  
     

 

 

  
   $ 5,264,743  
  

 

 

  

Automobiles — 0.4%

 

Daimler AG

      51,951      $ 2,923,944  
     

 

 

  
   $ 2,923,944  
  

 

 

  

Banks — 2.4%

 

Bank of America Corp.

      58,888      $ 1,962,148  

HSBC Holdings PLC

      316,177        2,355,640  

JPMorgan Chase & Co.

      48,155        6,344,903  

PNC Financial Services Group, Inc. (The)

      13,424        2,056,691  

U.S. Bancorp

      37,916        2,276,098  

Wells Fargo & Co.

      67,402        3,670,713  
     

 

 

  
   $ 18,666,193  
  

 

 

  

Beverages — 3.0%

 

Asahi Group Holdings, Ltd.

      35,500      $ 1,708,670  

Britvic PLC

      136,160        1,704,297  

Brown-Forman Corp., Class B

      44,402        3,011,344  

Coca-Cola Co. (The)

      124,611        6,654,227  

Coca-Cola European Partners PLC

      32,006        1,615,023  

Monster Beverage Corp.(1)

      28,649        1,713,783  

PepsiCo, Inc.

      49,720        6,753,467  
     

 

 

  
   $ 23,160,811  
  

 

 

  

Biotechnology — 2.6%

 

AbbVie, Inc.

      33,136      $ 2,907,021  

Alexion Pharmaceuticals, Inc.(1)

      13,199        1,503,894  

Amgen, Inc.

      20,263        4,756,131  

Biogen, Inc.(1)

      5,950        1,783,870  

CSL, Ltd.

      24,953        4,788,353  

Gilead Sciences, Inc.

      29,130        1,958,701  

Vertex Pharmaceuticals, Inc.(1)

      11,286        2,502,671  
     

 

 

  
   $ 20,200,641  
  

 

 

  

Building Products — 0.2%

 

Kingspan Group PLC

      25,698      $ 1,383,764  
     

 

 

  
   $ 1,383,764  
  

 

 

  

Capital Markets — 2.0%

 

Ameriprise Financial, Inc.

      13,077      $ 2,142,928  

Bank of New York Mellon Corp. (The)

      36,296        1,777,415  

BlackRock, Inc.

      3,651        1,806,916  

 

1

 

 

                                                 
Security    Shares      Value  

Charles Schwab Corp. (The)

      36,162      $ 1,790,019  

CME Group, Inc.

      7,753        1,571,766  

Moody’s Corp.

      6,984        1,583,063  

Morgan Stanley

      41,668        2,061,733  

Northern Trust Corp.

      17,794        1,908,228  

State Street Corp.

      13,337        1,001,609  
     

 

 

  
   $ 15,643,677  
  

 

 

  

Chemicals — 1.9%

 

Air Liquide SA

      10,982      $ 1,488,820  

Air Products and Chemicals, Inc.

      8,502        2,009,278  

Ecolab, Inc.

      11,393        2,126,731  

Givaudan SA

      1,172        3,445,944  

LyondellBasell Industries NV, Class A

      10,176        941,687  

Sherwin-Williams Co. (The)

      3,518        2,051,451  

Sika AG

      14,489        2,520,545  
     

 

 

  
   $ 14,584,456  
  

 

 

  

Commercial Services & Supplies — 0.3%

 

Securitas AB, Class B

      123,582      $ 2,048,916  
     

 

 

  
   $ 2,048,916  
  

 

 

  

Communications Equipment — 0.3%

 

Cisco Systems, Inc.

      51,887      $ 2,351,000  
     

 

 

  
   $ 2,351,000  
  

 

 

  

Construction & Engineering — 0.3%

 

Eiffage SA

      21,746      $ 2,373,426  
     

 

 

  
   $ 2,373,426  
  

 

 

  

Consumer Finance — 0.3%

 

American Express Co.

      20,136      $ 2,418,736  
     

 

 

  
   $ 2,418,736  
  

 

 

  

Containers & Packaging — 0.7%

 

Ball Corp.

      31,934      $ 2,109,560  

Sonoco Products Co.

      59,445        3,598,206  
     

 

 

  
   $ 5,707,766  
  

 

 

  

Distributors — 0.2%

 

Genuine Parts Co.

      18,386      $ 1,918,947  
     

 

 

  
   $ 1,918,947  
  

 

 

  

Diversified Consumer Services — 0.4%

 

TAL Education Group ADR(1)

      68,100      $ 3,014,106  
     

 

 

  
   $ 3,014,106  
  

 

 

  

Diversified Financial Services — 0.3%

 

Berkshire Hathaway, Inc., Class B(1)

      11,101      $ 2,445,550  
     

 

 

  
   $ 2,445,550  
  

 

 

  

Diversified Telecommunication Services — 0.8%

 

AT&T, Inc.

      97,667      $ 3,650,792  

Verizon Communications, Inc.

      38,279        2,305,927  
     

 

 

  
   $ 5,956,719  
  

 

 

  

 

2

 

 

                                                 
Security    Shares      Value  

Electric Utilities — 4.4%

 

Alliant Energy Corp.

      69,582      $ 3,687,846  

Duke Energy Corp.

      19,353        1,706,354  

Eversource Energy

      50,214        4,149,685  

Hawaiian Electric Industries, Inc.

      40,110        1,751,604  

IDACORP, Inc.

      28,901        3,036,050  

NextEra Energy, Inc.

      24,013        5,614,720  

OGE Energy Corp.

      71,007        2,986,554  

Pinnacle West Capital Corp.

      29,375        2,567,081  

Portland General Electric Co.

      47,404        2,631,396  

Southern Co. (The)

      30,738        1,905,449  

Xcel Energy, Inc.

      65,350        4,018,371  
     

 

 

  
   $ 34,055,110  
  

 

 

  

Electronic Equipment, Instruments & Components — 0.2%

 

Hexagon AB, Class B

      30,429      $ 1,719,984  
     

 

 

  
   $ 1,719,984  
  

 

 

  

Entertainment — 0.4%

 

Walt Disney Co. (The)

      19,763      $ 2,995,675  
     

 

 

  
   $ 2,995,675  
  

 

 

  

Equity Real Estate Investment Trusts (REITs) — 5.2%

 

American Tower Corp.

      9,971      $ 2,134,093  

AvalonBay Communities, Inc.

      7,374        1,581,059  

Digital Realty Trust, Inc.

      15,779        1,908,470  

EPR Properties

      39,048        2,769,284  

Equity LifeStyle Properties, Inc.

      52,414        3,882,829  

Essex Property Trust, Inc.

      11,267        3,517,332  

Extra Space Storage, Inc.

      23,175        2,457,709  

Federal Realty Investment Trust

      24,218        3,198,471  

Mid-America Apartment Communities, Inc.

      11,786        1,604,193  

National Retail Properties, Inc.

      52,448        2,923,452  

Public Storage

      5,763        1,214,149  

Realty Income Corp.

      19,122        1,465,319  

Simon Property Group, Inc.

      22,419        3,389,977  

Weingarten Realty Investors

      105,917        3,372,397  

Welltower, Inc.

      40,485        3,423,816  

WP Carey, Inc.

      17,056        1,422,812  
     

 

 

  
   $ 40,265,362  
  

 

 

  

Food & Staples Retailing — 2.8%

 

Costco Wholesale Corp.

      19,766      $ 5,926,045  

Create SD Holdings Co., Ltd.

      57,600        1,392,913  

George Weston, Ltd.

      27,018        2,197,564  

Kroger Co. (The)

      51,029        1,395,133  

Loblaw Cos., Ltd.

      42,809        2,307,554  

Sysco Corp.

      23,054        1,857,000  

Tsuruha Holdings, Inc.

      8,600        1,026,185  

Walgreens Boots Alliance, Inc.

      21,476        1,279,970  

Walmart, Inc.

      33,594        4,000,709  
     

 

 

  
   $ 21,383,073  
  

 

 

  

Food Products — 5.7%

 

AAK AB

      155,862      $ 2,847,716  

Archer-Daniels-Midland Co.

      51,233        2,199,433  

 

3

 

 

                                                 
Security    Shares      Value  

Associated British Foods PLC

      51,739      $ 1,718,184  

Cranswick PLC

      72,492        2,933,686  

General Mills, Inc.

      46,241        2,465,570  

Hershey Co. (The)

      28,355        4,201,077  

Hormel Foods Corp.

      70,953        3,159,537  

JM Smucker Co. (The)

      14,662        1,540,829  

Kellogg Co.

      29,816        1,941,618  

Kerry Group PLC, Class A

      23,015        2,951,053  

Kikkoman Corp.

      26,900        1,352,843  

McCormick & Co., Inc.

      22,860        3,869,055  

MEIJI Holdings Co., Ltd.

      19,800        1,346,183  

Mondelez International, Inc., Class A

      34,648        1,820,406  

Nestle SA

      34,753        3,608,014  

Saputo, Inc.

      88,320        2,669,614  

Tyson Foods, Inc., Class A

      27,149        2,440,424  

Yakult Honsha Co., Ltd.

      21,600        1,267,717  
     

 

 

  
   $ 44,332,959  
  

 

 

  

Gas Utilities — 0.9%

 

Atmos Energy Corp.

      21,755      $ 2,326,915  

Rubis SCA

      25,569        1,456,451  

Southwest Gas Holdings, Inc.

      19,242        1,457,774  

Spire, Inc.

      25,847        2,001,075  
     

 

 

  
   $ 7,242,215  
  

 

 

  

Health Care Equipment & Supplies — 8.1%

 

Abbott Laboratories

      40,038      $ 3,421,247  

Becton, Dickinson and Co.

      17,514        4,527,369  

Boston Scientific Corp.(1)

      53,829        2,328,104  

Cooper Cos., Inc. (The)

      10,567        3,308,422  

Danaher Corp.

      38,004        5,547,824  

DENTSPLY SIRONA, Inc.

      35,878        2,028,542  

Edwards Lifesciences Corp.(1)

      9,853        2,413,394  

Fisher & Paykel Healthcare Corp., Ltd.

      280,175        3,983,449  

GN Store Nord A/S

      34,962        1,647,035  

IDEXX Laboratories, Inc.(1)

      11,070        2,784,991  

Intuitive Surgical, Inc.(1)

      3,682        2,183,058  

Koninklijke Philips NV

      55,088        2,557,500  

Medtronic PLC

      30,630        3,411,876  

ResMed, Inc.

      23,541        3,521,734  

Sartorius AG, PFC Shares

      11,267        2,371,913  

Siemens Healthineers AG(2)

      46,046        2,232,780  

STERIS PLC

      13,681        2,067,746  

Stryker Corp.

      24,033        4,923,400  

Sysmex Corp.

      17,000        1,178,457  

Varian Medical Systems, Inc.(1)

      11,684        1,562,501  

West Pharmaceutical Services, Inc.

      17,502        2,573,319  

Zimmer Biomet Holdings, Inc.

      13,712        1,992,079  
     

 

 

  
   $ 62,566,740  
  

 

 

  

Health Care Providers & Services — 6.6%

 

Anthem, Inc.

      14,875      $ 4,293,818  

Cardinal Health, Inc.

      36,187        1,991,371  

Centene Corp.(1)

      32,020        1,936,249  

Cigna Corp.

      21,447        4,287,684  

CVS Health Corp.

      61,137        4,601,782  

 

4

 

 

                                                 
Security    Shares      Value  

DaVita, Inc.(1)

      26,204      $ 1,880,661  

Henry Schein, Inc.(1)

      25,704        1,771,006  

Humana, Inc.

      6,036        2,059,664  

Laboratory Corp. of America Holdings(1)

      11,220        1,933,094  

McKesson Corp.

      19,116        2,764,938  

MEDNAX, Inc.(1)

      42,214        1,102,630  

Orpea

      13,920        1,722,214  

Quest Diagnostics, Inc.

      17,240        1,836,922  

Ramsay Health Care, Ltd.

      92,919        4,592,048  

Ryman Healthcare, Ltd.

      310,937        3,013,430  

UnitedHealth Group, Inc.

      28,747        8,045,423  

Universal Health Services, Inc., Class B

      25,592        3,569,828  
     

 

 

  
   $ 51,402,762  
  

 

 

  

Health Care Technology — 0.3%

 

Cerner Corp.

      31,317      $ 2,241,984  
     

 

 

  
   $ 2,241,984  
  

 

 

  

Hotels, Restaurants & Leisure — 1.1%

 

McDonald’s Corp.

      21,741      $ 4,228,190  

Starbucks Corp.

      51,170        4,371,453  
     

 

 

  
   $ 8,599,643  
  

 

 

  

Household Products — 3.5%

 

Church & Dwight Co., Inc.

      47,600      $ 3,343,424  

Clorox Co. (The)

      20,648        3,060,653  

Colgate-Palmolive Co.

      60,520        4,104,466  

Henkel AG & Co. KGaA

      43,127        4,165,895  

Kimberly-Clark Corp.

      24,040        3,277,614  

Procter & Gamble Co. (The)

      61,349        7,488,259  

Reckitt Benckiser Group PLC

      18,809        1,476,550  
     

 

 

  
   $ 26,916,861  
  

 

 

  

Industrial Conglomerates — 0.2%

 

Siemens AG

      14,387      $ 1,853,807  
     

 

 

  
   $ 1,853,807  
  

 

 

  

Insurance — 3.8%

 

Aflac, Inc.

      56,760      $ 3,112,719  

Allianz SE

      9,593        2,294,138  

Allstate Corp. (The)

      19,606        2,183,128  

American Financial Group, Inc.

      16,939        1,858,378  

Aon PLC

      13,238        2,695,389  

AXA SA

      52,482        1,427,759  

Chubb, Ltd.

      11,186        1,694,455  

Marsh & McLennan Cos., Inc.

      30,146        3,257,878  

Muenchener Rueckversicherungs-Gesellschaft AG

      5,392        1,547,052  

Progressive Corp. (The)

      30,987        2,263,600  

Swiss Life Holding AG

      10,703        5,306,887  

Travelers Cos., Inc. (The)

      13,951        1,907,381  
     

 

 

  
   $ 29,548,764  
  

 

 

  

Interactive Media & Services — 2.6%

 

Alphabet, Inc., Class A(1)

      3,726      $ 4,859,039  

Alphabet, Inc., Class C(1)

      5,109        6,667,041  

 

5

 

 

                                                 
Security    Shares      Value  

Autohome, Inc. ADR(1)

      33,480      $ 2,278,314  

Facebook, Inc., Class A(1)

      32,021        6,456,714  
     

 

 

  
   $ 20,261,108  
  

 

 

  

Internet & Direct Marketing Retail — 2.2%

 

Alibaba Group Holding, Ltd. ADR(1)

      13,001      $ 2,600,200  

Amazon.com, Inc.(1)

      6,723        12,106,778  

Booking Holdings, Inc.(1)

      1,183        2,252,468  
     

 

 

  
   $ 16,959,446  
  

 

 

  

IT Services — 0.5%

 

Atos SE

      17,015      $ 1,445,176  

Mastercard, Inc., Class A

      2,700        789,021  

Visa, Inc., Class A

      9,327        1,720,925  
     

 

 

  
   $ 3,955,122  
  

 

 

  

Life Sciences Tools & Services — 2.8%

 

Agilent Technologies, Inc.

      21,312      $ 1,721,370  

Illumina, Inc.(1)

      5,736        1,839,879  

Lonza Group AG

      5,502        1,868,610  

Mettler-Toledo International, Inc.(1)

      5,720        4,115,025  

PerkinElmer, Inc.

      22,442        2,084,862  

Sartorius Stedim Biotech

      14,463        2,295,943  

Thermo Fisher Scientific, Inc.

      19,037        5,976,666  

Waters Corp.(1)

      7,609        1,689,731  
     

 

 

  
   $ 21,592,086  
  

 

 

  

Media — 0.4%

 

Comcast Corp., Class A

      68,335      $ 3,016,990  
     

 

 

  
   $ 3,016,990  
  

 

 

  

Multi-Utilities — 1.9%

 

CMS Energy Corp.

      62,128      $ 3,808,446  

DTE Energy Co.

      28,907        3,611,641  

NorthWestern Corp.

      47,011        3,364,577  

WEC Energy Group, Inc.

      46,518        4,123,821  
     

 

 

  
   $ 14,908,485  
  

 

 

  

Oil, Gas & Consumable Fuels — 1.6%

 

BP PLC

      307,681      $ 1,916,466  

Chevron Corp.

      13,217        1,548,107  

Exxon Mobil Corp.

      60,387        4,114,166  

Royal Dutch Shell PLC, Class A

      67,952        1,946,746  

World Fuel Services Corp.

      72,391        3,069,379  
     

 

 

  
   $ 12,594,864  
  

 

 

  

Personal Products — 2.9%

 

Beiersdorf AG

      40,344      $ 4,699,553  

Estee Lauder Cos., Inc. (The), Class A

      18,510        3,618,150  

Kao Corp.

      21,100        1,660,708  

Kose Corp.

      5,400        860,677  

Unilever NV

      99,679        5,929,661  

Unilever PLC

      92,373        5,472,159  
     

 

 

  
   $ 22,240,908  
  

 

 

  

 

6

 

 

                                                 
Security    Shares      Value  

Pharmaceuticals — 5.9%

 

Bayer AG

      28,385      $ 2,143,570  

Bristol-Myers Squibb Co.

      36,600        2,084,004  

Eli Lilly & Co.

      22,012        2,583,108  

Johnson & Johnson

      35,519        4,883,507  

Merck & Co., Inc.

      54,785        4,776,156  

Merck KGaA

      31,868        3,719,349  

Novartis AG

      16,795        1,547,875  

Novo Nordisk A/S, Class B

      114,885        6,457,316  

Pfizer, Inc.

      165,574        6,377,911  

Roche Holding AG PC

      14,521        4,475,600  

Sanofi

      47,664        4,442,774  

Zoetis, Inc.

      22,598        2,723,511  
     

 

 

  
   $ 46,214,681  
  

 

 

  

Professional Services — 0.2%

 

Teleperformance

      7,220      $ 1,710,344  
     

 

 

  
   $ 1,710,344  
  

 

 

  

Semiconductors & Semiconductor Equipment — 0.3%

 

Intel Corp.

      34,478      $ 2,001,448  
     

 

 

  
   $ 2,001,448  
  

 

 

  

Software — 2.4%

 

Microsoft Corp.

      113,317      $ 17,153,927  

SAP SE

      10,289        1,397,703  
     

 

 

  
   $ 18,551,630  
  

 

 

  

Specialty Retail — 1.8%

 

Home Depot, Inc. (The)

      24,965      $ 5,505,032  

Industria de Diseno Textil SA

      70,800        2,202,710  

Lowe’s Cos., Inc.

      17,732        2,080,141  

TJX Cos., Inc. (The)

      69,704        4,261,005  
     

 

 

  
   $ 14,048,888  
  

 

 

  

Technology Hardware, Storage & Peripherals — 2.5%

 

Apple, Inc.

      71,453      $ 19,095,814  
     

 

 

  
   $ 19,095,814  
  

 

 

  

Textiles, Apparel & Luxury Goods — 0.3%

 

NIKE, Inc., Class B

      27,136      $ 2,536,945  
     

 

 

  
   $ 2,536,945  
  

 

 

  

Tobacco — 0.9%

 

Altria Group, Inc.

      79,341      $ 3,943,248  

British American Tobacco PLC

      45,038        1,782,616  

Philip Morris International, Inc.

      18,363        1,522,843  
     

 

 

  
   $ 7,248,707  
  

 

 

  

Trading Companies & Distributors — 0.3%

 

Brenntag AG

      49,143      $ 2,618,728  
     

 

 

  
   $ 2,618,728  
  

 

 

  

Total Common Stocks
(identified cost $541,005,904)

 

    $ 694,744,528  
     

 

 

  

 

7

 

 

                                                 

Exchange-Traded Funds(3) — 10.1%

 

Security    Shares      Value  

Equity Funds — 10.1%

 

iShares MSCI China ETF

      1,319,266      $ 78,707,410  
     

 

 

  

Total Exchange-Traded Funds
(identified cost $83,571,282)

 

    $ 78,707,410  
     

 

 

  

Short-Term Investments — 0.4%

 

Description    Units      Value  

Eaton Vance Cash Reserves Fund, LLC, 1.82%(4)

      2,745,076      $ 2,745,076  
     

 

 

  

Total Short-Term Investments
(identified cost $2,744,845)

 

    $ 2,745,076  
     

 

 

  

Total Investments — 100.0%
(identified cost $627,322,031)

 

    $ 776,197,014  
     

 

 

  

Other Assets, Less Liabilities — 0.0%(5)

 

    $ 85,436  
     

 

 

  

Net Assets — 100.0%

 

    $ 776,282,450  
     

 

 

  

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.

 

(1)

Non-income producing security.

 

(2)

Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At November 30, 2019, the aggregate value of these securities is $2,232,780 or 0.3% of the Fund’s net assets.

 

(3)

The Fund is permitted to invest in certain Exchange-Traded Funds (ETFs) in excess of the limits set forth in the Investment Company Act of 1940, as amended, in reliance upon exemptive relief provided to the ETFs by the Securities and Exchange Commission and meeting certain conditions set forth in the exemptive orders.

 

(4)

Affiliated investment company, available to Eaton Vance portfolios and funds, which invests in high quality, U.S. dollar denominated money market instruments. The rate shown is the annualized seven-day yield as of November 30, 2019.

 

(5)

Amount is less than 0.05%.

Country Concentration of Portfolio

 

                                                 
Country    Percentage
of Net Assets		     Value  

United States

      67.6 %    $ 524,827,795  

Germany

      4.5       34,392,183  

United Kingdom

      3.7       28,851,028  

Switzerland

      2.9       22,773,475  

France

      2.5       19,590,144  

Japan

      1.5       11,794,353  

Australia

      1.2       9,380,401  

Denmark

      1.1       8,104,351  

China

      1.0       7,892,620  

Canada

      0.9       7,174,732  

 

8

 

 

                                                 
Country    Percentage
of Net Assets		     Value  

New Zealand

      0.9 %     $ 6,996,879  

Sweden

      0.9       6,616,616  

Ireland

      0.6       4,334,817  

Netherlands

      0.3       2,557,500  

Spain

      0.3       2,202,710  

Exchange-Traded Funds

      10.1       78,707,410  
  

 

 

    

 

 

  

Total Investments

      100.0 %    $ 776,197,014  
  

 

 

    

 

 

  

Abbreviations:

 

ADR

   -   American Depositary Receipt

PC

   -   Participation Certificate

PFC Shares

   -   Preference Shares

The Fund did not have any open derivative instruments at November 30, 2019.

At November 30, 2019, the value of the Fund’s investment in affiliated funds was $2,745,076, which represents 0.4% of the Fund’s net assets. Transactions in affiliated funds by the Fund for the fiscal year to date ended November 30, 2019 were as follows:

 

                                                                                                                                                                                                       

Name of affiliated fund

    Value,
beginning of
period		      Purchases      Sales
proceeds		     Net
realized
gain (loss)		      Change in
unrealized
appreciation
(depreciation)		      Value, end of
period		      Dividend
income		      Units, end
of period		  

Short-Term Investments

 

Eaton Vance Cash Reserves Fund, LLC, 1.82%

    $ 48,441      $ 41,173,065      $ (38,478,721 )    $ 2,060      $ 231      $ 2,745,076      $ 42,056        2,745,076  

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

 

•  

Level 1 — quoted prices in active markets for identical investments

 

•  

Level 2 — other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

 

•  

Level 3 — significant unobservable inputs (including a fund’s own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

At November 30, 2019, the hierarchy of inputs used in valuing the Fund’s investments, which are carried at value, were as follows:

 

Asset Description    Level 1      Level 2      Level 3      Total  
Common Stocks

 

Communication Services

    $ 32,230,492      $ —      $ —      $ 32,230,492  

Consumer Discretionary

      44,875,265        5,126,654        —        50,001,919  

Consumer Staples

      98,225,755        47,057,564        —        145,283,319  

Energy

      8,731,652        3,863,212        —        12,594,864  

Financials

      55,791,444        12,931,476        —        68,722,920  

Health Care

          157,285,029            46,933,865            —            204,218,894  

Industrials

      3,662,671        13,591,057        —        17,253,728  

Information Technology

      44,832,119        2,842,879        —        47,674,998  

Materials

      12,836,913        7,455,309        —        20,292,222  

 

9

 

 

Asset Description    Level 1      Level 2      Level 3      Total  

Real Estate

    $ 40,265,362      $ —      $ —      $ 40,265,362  

Utilities

      54,749,359        1,456,451        —        56,205,810  

Total Common Stocks

    $ 553,486,061      $ 141,258,467 *     $ —      $ 694,744,528  

Exchange-Traded Funds

    $ 78,707,410      $ —      $ —      $ 78,707,410  

Short-Term Investments

      —        2,745,076        —        2,745,076  

Total Investments

    $     632,193,471      $     144,003,543      $     —      $     776,197,014  

 

*

Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets.

For information on the Fund’s policy regarding the valuation of investments and other significant accounting policies, please refer to the Fund’s most recent financial statements included in its semiannual or annual report to shareholders.

 

10