NPORT-EX 1 NPORT_11019301562202651.htm

 

Portfolio of Investments (unaudited)

 

As of July 31, 2019

 

 

 

Shares

 

Value

 

LONG-TERM INVESTMENTS (99.7%)

 

 

 

 

 

COMMON STOCKS (98.5%)

 

 

 

 

 

AUSTRALIA (1.5%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Staples (1.5%)

 

 

 

 

 

Treasury Wine Estates Ltd.(a)

 

165,800

 

$

1,993,572

 

 

 

 

 

 

 

BRAZIL (2.9%)

 

 

 

 

 

Consumer Discretionary (1.0%)

 

 

 

 

 

Arezzo Industria e Comercio SA

 

102,200

 

1,349,420

 

 

 

 

 

 

 

Industrials (1.9%)

 

 

 

 

 

CCR SA

 

341,900

 

1,339,344

 

Cosan Logistica SA(b)

 

250,900

 

1,228,087

 

 

 

 

 

2,567,431

 

Total Brazil

 

 

 

3,916,851

 

 

 

 

 

 

 

CANADA (2.4%)

 

 

 

 

 

Energy (1.2%)

 

 

 

 

 

Enbridge, Inc.

 

48,400

 

1,616,076

 

 

 

 

 

 

 

Materials (1.2%)

 

 

 

 

 

Barrick Gold Corp.

 

102,950

 

1,673,967

 

Total Canada

 

 

 

3,290,043

 

 

 

 

 

 

 

CHINA (0.4%)

 

 

 

 

 

Industrials (0.4%)

 

 

 

 

 

CRRC Corp. Ltd., Class H(a)

 

693,650

 

546,008

 

 

 

 

 

 

 

FINLAND (2.9%)

 

 

 

 

 

Information Technology (1.1%)

 

 

 

 

 

Nokia OYJ(a)

 

264,100

 

1,423,407

 

 

 

 

 

 

 

Materials (1.8%)

 

 

 

 

 

Stora Enso OYJ, R Shares(a)

 

111,300

 

1,281,776

 

UPM-Kymmene OYJ(a)

 

43,056

 

1,160,575

 

 

 

 

 

2,442,351

 

Total Finland

 

 

 

3,865,758

 

 

 

 

 

 

 

FRANCE (5.0%)

 

 

 

 

 

Energy (0.9%)

 

 

 

 

 

TOTAL SA, ADR(c)

 

23,500

 

1,215,890

 

 

 

 

 

 

 

Financials (1.1%)

 

 

 

 

 

AXA SA(a)

 

58,900

 

1,483,588

 

 

 

 

 

 

 

Industrials (1.8%)

 

 

 

 

 

Alstom SA(a)

 

27,202

 

1,171,557

 

 

See Notes to Portfolio of Investments.

 

 

Bouygues SA(a)

 

34,900

 

$

1,249,389

 

 

 

 

 

2,420,946

 

Utilities (1.2%)

 

 

 

 

 

Veolia Environnement SA(a)

 

65,100

 

1,642,853

 

Total France

 

 

 

6,763,277

 

 

 

 

 

 

 

GERMANY (3.1%)

 

 

 

 

 

Financials (1.0%)

 

 

 

 

 

Deutsche Boerse AG(a)

 

10,100

 

1,402,107

 

 

 

 

 

 

 

Health Care (1.0%)

 

 

 

 

 

Bayer AG(a)

 

20,000

 

1,295,380

 

 

 

 

 

 

 

Information Technology (1.1%)

 

 

 

 

 

Infineon Technologies AG(a)

 

77,700

 

1,439,172

 

Total Germany

 

 

 

4,136,659

 

 

 

 

 

 

 

HONG KONG (2.3%)

 

 

 

 

 

Financials (2.3%)

 

 

 

 

 

AIA Group Ltd.(a)

 

175,100

 

1,795,605

 

Hong Kong Exchanges & Clearing Ltd.(a)

 

38,300

 

1,290,031

 

Total Hong Kong

 

 

 

3,085,636

 

 

 

 

 

 

 

INDONESIA (1.1%)

 

 

 

 

 

Communication Services (1.1%)

 

 

 

 

 

Tower Bersama Infrastructure Tbk PT(a)

 

4,899,200

 

1,466,562

 

 

 

 

 

 

 

JAPAN (3.0%)

 

 

 

 

 

Financials (0.8%)

 

 

 

 

 

Mitsubishi UFJ Financial Group, Inc.(a)

 

231,200

 

1,141,897

 

 

 

 

 

 

 

Health Care (1.0%)

 

 

 

 

 

Shionogi & Co. Ltd.(a)

 

23,500

 

1,301,078

 

 

 

 

 

 

 

Real Estate (1.2%)

 

 

 

 

 

LaSalle Logiport REIT(a)

 

1,350

 

1,688,081

 

Total Japan

 

 

 

4,131,056

 

 

 

 

 

 

 

LUXEMBOURG (0.6%)

 

 

 

 

 

Materials (0.6%)

 

 

 

 

 

ArcelorMittal(c)

 

52,800

 

830,016

 

 

 

 

 

 

 

MEXICO (1.2%)

 

 

 

 

 

Utilities (1.2%)

 

 

 

 

 

Infraestructura Energetica Nova SAB de CV

 

415,500

 

1,601,400

 

 

 

 

 

 

 

NETHERLANDS (1.0%)

 

 

 

 

 

Consumer Staples (1.0%)

 

 

 

 

 

Unilever NV(a)

 

23,500

 

1,362,145

 

 

See Notes to Portfolio of Investments.

 

 

NORWAY (0.9%)

 

 

 

 

 

Communication Services (0.9%)

 

 

 

 

 

Telenor ASA(a)

 

63,700

 

$

1,290,750

 

 

 

 

 

 

 

SINGAPORE (1.3%)

 

 

 

 

 

Financials (1.3%)

 

 

 

 

 

Oversea-Chinese Banking Corp. Ltd.(a)

 

213,000

 

1,773,370

 

 

 

 

 

 

 

SOUTH KOREA (1.1%)

 

 

 

 

 

Materials (1.1%)

 

 

 

 

 

LG Chem Ltd.(a)

 

5,500

 

1,555,552

 

 

 

 

 

 

 

SPAIN (2.0%)

 

 

 

 

 

Financials (0.7%)

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA(a)

 

180,400

 

918,544

 

 

 

 

 

 

 

Industrials (1.3%)

 

 

 

 

 

Ferrovial SA(a)

 

69,277

 

1,802,155

 

Total Spain

 

 

 

2,720,699

 

 

 

 

 

 

 

SWEDEN (2.0%)

 

 

 

 

 

Consumer Staples (1.3%)

 

 

 

 

 

Essity AB, Class B(a)

 

60,300

 

1,791,096

 

 

 

 

 

 

 

Financials (0.7%)

 

 

 

 

 

Swedbank AB, A Shares(a)

 

65,200

 

887,876

 

Total Sweden

 

 

 

2,678,972

 

 

 

 

 

 

 

SWITZERLAND (5.4%)

 

 

 

 

 

Consumer Staples (1.4%)

 

 

 

 

 

Nestle SA(a)

 

18,000

 

1,909,569

 

 

 

 

 

 

 

Financials (2.0%)

 

 

 

 

 

UBS Group AG(a)(b)

 

102,400

 

1,142,972

 

Zurich Insurance Group AG(a)

 

4,500

 

1,565,242

 

 

 

 

 

2,708,214

 

Health Care (2.0%)

 

 

 

 

 

Novartis AG(a)

 

15,100

 

1,384,652

 

Roche Holding AG(a)

 

4,900

 

1,311,559

 

 

 

 

 

2,696,211

 

Total Switzerland

 

 

 

7,313,994

 

 

 

 

 

 

 

UNITED KINGDOM (8.2%)

 

 

 

 

 

Communication Services (2.9%)

 

 

 

 

 

BT Group PLC, ADR

 

87,600

 

1,044,192

 

Cineworld Group PLC(a)

 

374,500

 

1,162,533

 

Vodafone Group PLC(a)

 

981,000

 

1,785,402

 

 

 

 

 

3,992,127

 

 

See Notes to Portfolio of Investments.

 

 

Energy (1.1%)

 

 

 

 

 

BP PLC, ADR(c)

 

36,600

 

$

1,454,484

 

 

 

 

 

 

 

Financials (1.0%)

 

 

 

 

 

Standard Chartered PLC(a)

 

173,300

 

1,426,207

 

 

 

 

 

 

 

Health Care (2.1%)

 

 

 

 

 

Dechra Pharmaceuticals PLC(a)

 

39,300

 

1,403,675

 

GlaxoSmithKline PLC, ADR

 

34,200

 

1,411,776

 

 

 

 

 

2,815,451

 

Industrials (1.1%)

 

 

 

 

 

Melrose Industries PLC(a)

 

633,666

 

1,430,128

 

Total United Kingdom

 

 

 

11,118,397

 

 

 

 

 

 

 

UNITED STATES (50.2%)

 

 

 

 

 

Communication Services (3.0%)

 

 

 

 

 

Activision Blizzard, Inc.

 

22,000

 

1,072,280

 

Alphabet, Inc., Class C(b)(c)

 

1,500

 

1,825,020

 

AT&T, Inc.

 

33,200

 

1,130,460

 

 

 

 

 

4,027,760

 

Consumer Discretionary (9.4%)

 

 

 

 

 

Aptiv PLC(c)

 

19,900

 

1,744,235

 

Dollar General Corp.(c)

 

12,500

 

1,675,250

 

Las Vegas Sands Corp.

 

26,300

 

1,589,572

 

Lennar Corp., Class A(c)

 

28,800

 

1,370,016

 

Lowe’s Cos., Inc.(c)

 

17,500

 

1,774,500

 

Target Corp.(c)

 

18,800

 

1,624,320

 

TJX Cos., Inc. (The)(c)

 

25,000

 

1,364,000

 

Whirlpool Corp.(c)

 

10,400

 

1,512,992

 

 

 

 

 

12,654,885

 

Consumer Staples (2.9%)

 

 

 

 

 

Kraft Heinz Co. (The)

 

32,500

 

1,040,325

 

Molson Coors Brewing Co., Class B(c)

 

22,400

 

1,209,376

 

Mondelez International, Inc., Class A(c)

 

31,300

 

1,674,237

 

 

 

 

 

3,923,938

 

Energy (3.4%)

 

 

 

 

 

EOG Resources, Inc.

 

15,200

 

1,304,920

 

Kinder Morgan, Inc.

 

84,000

 

1,732,080

 

Schlumberger Ltd.(c)

 

40,000

 

1,598,800

 

 

 

 

 

4,635,800

 

Financials (6.3%)

 

 

 

 

 

American International Group, Inc.(c)

 

26,200

 

1,466,938

 

Bank of America Corp.(c)

 

54,400

 

1,668,992

 

Charles Schwab Corp. (The)

 

29,300

 

1,266,346

 

Citigroup, Inc.(c)

 

23,400

 

1,665,144

 

Evercore, Inc., Class A

 

12,800

 

1,105,536

 

Huntington Bancshares, Inc.

 

95,500

 

1,360,875

 

 

 

 

 

8,533,831

 

 

See Notes to Portfolio of Investments.

 

 

Health Care (5.9%)

 

 

 

 

 

Allergan PLC(c)

 

8,200

 

$

1,316,100

 

Bristol-Myers Squibb Co.(c)

 

30,900

 

1,372,269

 

Eli Lilly & Co.

 

9,100

 

991,445

 

Medtronic PLC(c)

 

15,600

 

1,590,264

 

Pfizer, Inc.(c)

 

29,200

 

1,134,128

 

UnitedHealth Group, Inc.(c)

 

6,600

 

1,643,466

 

 

 

 

 

8,047,672

 

Industrials (3.7%)

 

 

 

 

 

Delta Air Lines, Inc.(c)

 

28,900

 

1,764,056

 

FedEx Corp.(c)

 

9,300

 

1,585,929

 

Norfolk Southern Corp.

 

5,100

 

974,712

 

Raytheon Co.(c)

 

3,900

 

710,931

 

 

 

 

 

5,035,628

 

Information Technology (10.0%)

 

 

 

 

 

Apple, Inc.(c)

 

15,300

 

3,259,512

 

Broadcom, Inc.(c)

 

5,700

 

1,652,943

 

Cisco Systems, Inc.

 

33,300

 

1,844,820

 

Intel Corp.(c)

 

39,900

 

2,016,945

 

Leidos Holdings, Inc.

 

13,600

 

1,116,560

 

Microsoft Corp.(c)

 

14,900

 

2,030,423

 

TE Connectivity Ltd.(c)

 

17,600

 

1,626,240

 

 

 

 

 

13,547,443

 

Materials (0.5%)

 

 

 

 

 

Warrior Met Coal, Inc.

 

27,170

 

672,186

 

 

 

 

 

 

 

Real Estate (1.8%)

 

 

 

 

 

Digital Realty Trust, Inc., REIT(c)

 

12,100

 

1,383,756

 

GEO Group, Inc. (The), REIT

 

62,000

 

1,104,220

 

 

 

 

 

2,487,976

 

Utilities (3.3%)

 

 

 

 

 

Clearway Energy, Inc., Class A

 

40,800

 

700,536

 

CMS Energy Corp.(c)

 

19,500

 

1,135,290

 

FirstEnergy Corp.

 

23,000

 

1,011,310

 

NextEra Energy, Inc.(c)

 

8,000

 

1,657,360

 

 

 

 

 

4,504,496

 

Total United States

 

 

 

68,071,615

 

Total Common Stocks

 

 

 

133,512,332

 

 

 

 

 

 

 

PREFERRED STOCKS (1.2%)

 

 

 

 

 

SOUTH KOREA (1.2%)

 

 

 

 

 

 

 

 

 

 

 

Information Technology (1.2%)

 

 

 

 

 

Samsung Electronics Co., Ltd.(a)

 

52,400

 

1,620,565

 

 

 

 

 

 

 

Total Preferred Stocks

 

 

 

1,620,565

 

Total Long-Term Investments—99.7% (cost $122,848,318)

 

 

 

135,132,897

 

Total Investments—99.7% (cost $122,848,318)

 

 

 

135,132,897

 

Other Assets in Excess of Liabilities—0.3%

 

 

 

371,901

 

Net Assets—100.0%

 

 

 

$

135,504,798

 

 

See Notes to Portfolio of Investments.

 

 

(a)         Fair Values are determined pursuant to procedures approved by the Fund’s Board of Directors. Unless otherwise noted, securities are valued by applying valuation factors to the exchange traded price. See Note (a) of the accompanying Notes to Portfolio of Investments.

(b)         Non-income producing security.

(c)          All or a portion of the security has been designated as collateral for the line of credit.

 

ADR                     American Depositary Receipt

PLC                        Public Limited Company

REIT                  Real Estate Investment Trust

 

At July 31, 2019, the Fund’s open forward foreign currency exchange contracts were as follows:

 

 

Sale Contracts
Settlement Date

 

Counterparty

 

Amount
Purchased

 

Amount
Sold

 

Fair Value

 

Unrealized
Appreciation

 

United States Dollar/Euro

 

 

 

 

 

 

 

 

 

10/10/2019

 

State Street Bank and Trust

 

USD

3,062,976

 

EUR

2,700,000

 

$

3,005,599

 

$

57,377

 

 

See Notes to Portfolio of Investments.

 

 

Notes to Portfolio of Investments (unaudited)

 

July 31, 2019

 

Summary of Significant Accounting Policies

 

a. Security Valuation:

 

The Fund values its securities at current market value or fair value, consistent with regulatory requirements. “Fair value” is defined in the Fund’s Valuation and Liquidity Procedures as the price that could be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants without a compulsion to transact at the measurement date.

 

Equity securities that are traded on an exchange are valued at the last quoted sale price on the principal exchange on which the security is traded at the “Valuation Time” subject to application, when appropriate, of the valuation factors described in the paragraph below. Under normal circumstances, the Valuation Time is as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Time). In the absence of a sale price, the security is valued at the mean of the bid/ask price quoted at the close on the principal exchange on which the security is traded. Securities traded on NASDAQ are valued at the NASDAQ official closing price. Closed-end funds and exchange-traded funds (“ETFs”) are valued at the market price of the security at the Valuation Time. A security using any of these pricing methodologies is determined to be a Level 1 investment.

 

Foreign equity securities that are traded on foreign exchanges that close prior to the Valuation Time are valued by applying valuation factors to the last sale price or the mean price as noted above. Valuation factors are provided by an independent pricing service provider. These valuation factors are used when pricing the Fund’s portfolio holdings to estimate market movements between the time foreign markets close and the time the Fund values such foreign securities. These valuation factors are based on inputs such as depositary receipts, indices, futures, sector indices/ETFs, exchange rates, and local exchange opening and closing prices of each security. When prices with the application of valuation factors are utilized, the value assigned to the foreign securities may not be the same as quoted or published prices of the securities on their primary markets. A security that applies a valuation factor is determined to be a Level 2 investment because the exchange-traded price has been adjusted. Valuation factors are not utilized if the independent pricing service provider is unable to provide a valuation factor or if the valuation factor falls below a predetermined threshold; in such case, the security is determined to be a Level 1 investment.

 

Short-term investments are comprised of cash and cash equivalents invested in short-term investment funds which are redeemable daily. The Fund sweeps available cash into the State Street Institutional U.S. Government Money Market Fund, which has elected to qualify as a “government money market fund” pursuant to Rule 2a-7 under the Investment Company Act of 1940, and has an objective to maintain a $1.00 per share net asset value. Generally, these investment types are categorized as Level 1 investments.

 

In the event that a security’s market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closes before the Valuation Time), the security is valued at fair value as determined by the Fund’s Pricing Committee, taking into account the relevant factors and surrounding circumstances using valuation policies and procedures approved by the Fund’s Board of Directors. A security that has been fair valued by the Fund’s Pricing Committee may be classified as Level 2 or Level 3 depending on the nature of the inputs.