NPORT-EX/A 1 ALPB.htm

 

Portfolio of Investments (unaudited)

As of July 31, 2019

 

 

 

Shares

 

Value

 

LONG-TERM INVESTMENTS (97.4%)

 

 

 

 

 

COMMON STOCKS (96.2%)

 

 

 

 

 

AUSTRALIA (1.5%)

 

 

 

 

 

 

 

 

 

 

 

Consumer Staples (1.5%)

 

 

 

 

 

Treasury Wine Estates Ltd.(a)

 

1,206,400

 

$

14,505,699

 

 

 

 

 

 

 

BRAZIL (1.6%)

 

 

 

 

 

Industrials (1.6%)

 

 

 

 

 

CCR SA

 

2,474,900

 

9,695,064

 

Rumo SA(b)

 

1,092,300

 

6,273,852

 

Total Brazil

 

 

 

15,968,916

 

 

 

 

 

 

 

CANADA (2.4%)

 

 

 

 

 

Energy (1.2%)

 

 

 

 

 

Enbridge, Inc.(c)

 

350,300

 

11,696,517

 

 

 

 

 

 

 

Materials (1.2%)

 

 

 

 

 

Barrick Gold Corp.(c)

 

753,131

 

12,245,910

 

Total Canada

 

 

 

23,942,427

 

 

 

 

 

 

 

CHINA (0.4%)

 

 

 

 

 

Industrials (0.4%)

 

 

 

 

 

CRRC Corp. Ltd., Class H(a)

 

5,209,950

 

4,101,020

 

 

 

 

 

 

 

FINLAND (2.8%)

 

 

 

 

 

Information Technology (1.0%)

 

 

 

 

 

Nokia OYJ(a)

 

1,968,600

 

10,610,073

 

 

 

 

 

 

 

Materials (1.8%)

 

 

 

 

 

Stora Enso OYJ, R Shares(a)

 

791,100

 

9,110,631

 

UPM-Kymmene OYJ(a)

 

311,913

 

8,407,615

 

 

 

 

 

17,518,246

 

Total Finland

 

 

 

28,128,319

 

 

 

 

 

 

 

FRANCE (5.0%)

 

 

 

 

 

Energy (0.9%)

 

 

 

 

 

TOTAL SA, ADR(c)

 

175,000

 

9,054,500

 

 

 

 

 

 

 

Financials (1.1%)

 

 

 

 

 

AXA SA(a)

 

424,900

 

10,702,485

 

 

 

 

 

 

 

Industrials (1.8%)

 

 

 

 

 

Alstom SA(a)

 

196,119

 

8,446,602

 

Bouygues SA(a)

 

252,000

 

9,021,377

 

 

 

 

 

17,467,979

 

Utilities (1.2%)

 

 

 

 

 

Veolia Environnement SA(a)

 

471,600

 

11,901,225

 

 

See Notes to Portfolio of Investments.

 

 

Total France

 

 

 

49,126,189

 

 

 

 

 

 

 

GERMANY (3.0%)

 

 

 

 

 

Financials (1.0%)

 

 

 

 

 

Deutsche Boerse AG(a)

 

72,900

 

$

10,120,157

 

 

 

 

 

 

 

Health Care (0.9%)

 

 

 

 

 

Bayer AG(a)

 

144,500

 

9,359,117

 

 

 

 

 

 

 

Information Technology (1.1%)

 

 

 

 

 

Infineon Technologies AG(a)

 

563,700

 

10,440,946

 

Total Germany

 

 

 

29,920,220

 

 

 

 

 

 

 

HONG KONG (2.3%)

 

 

 

 

 

Financials (2.3%)

 

 

 

 

 

AIA Group Ltd.(a)

 

1,268,700

 

13,010,189

 

Hong Kong Exchanges & Clearing Ltd.(a)

 

278,000

 

9,363,668

 

Total Hong Kong

 

 

 

22,373,857

 

 

 

 

 

 

 

JAPAN (1.8%)

 

 

 

 

 

Financials (0.9%)

 

 

 

 

 

Mitsubishi UFJ Financial Group, Inc.(a)

 

1,722,400

 

8,506,935

 

 

 

 

 

 

 

Health Care (0.9%)

 

 

 

 

 

Shionogi & Co. Ltd.(a)

 

170,300

 

9,428,662

 

Total Japan

 

 

 

17,935,597

 

 

 

 

 

 

 

LUXEMBOURG (0.6%)

 

 

 

 

 

Materials (0.6%)

 

 

 

 

 

ArcelorMittal(c)

 

387,700

 

6,094,644

 

 

 

 

 

 

 

NETHERLANDS (1.0%)

 

 

 

 

 

Consumer Staples (1.0%)

 

 

 

 

 

Unilever NV(a)

 

170,600

 

9,888,595

 

 

 

 

 

 

 

SINGAPORE (1.3%)

 

 

 

 

 

Financials (1.3%)

 

 

 

 

 

Oversea-Chinese Banking Corp. Ltd.(a)

 

1,544,700

 

12,860,678

 

 

 

 

 

 

 

SOUTH KOREA (1.2%)

 

 

 

 

 

Materials (1.2%)

 

 

 

 

 

LG Chem Ltd.(a)

 

40,400

 

11,426,236

 

 

 

 

 

 

 

SPAIN (3.3%)

 

 

 

 

 

Communication Services (1.3%)

 

 

 

 

 

Cellnex Telecom SA(a)(d)

 

343,400

 

12,842,587

 

 

 

 

 

 

 

Financials (0.7%)

 

 

 

 

 

Banco Bilbao Vizcaya Argentaria SA(a)

 

1,334,800

 

6,796,414

 

 

See Notes to Portfolio of Investments.

 

 

Industrials (1.3%)

 

 

 

 

 

Ferrovial SA(a)

 

499,886

 

$

13,003,913

 

Total Spain

 

 

 

32,642,914

 

 

 

 

 

 

 

SWEDEN (2.0%)

 

 

 

 

 

Consumer Staples (1.3%)

 

 

 

 

 

Essity AB, Class B(a)

 

436,400

 

12,962,427

 

 

 

 

 

 

 

Financials (0.7%)

 

 

 

 

 

Swedbank AB, A Shares(a)

 

473,200

 

6,443,908

 

Total Sweden

 

 

 

19,406,335

 

 

 

 

 

 

 

SWITZERLAND (5.8%)

 

 

 

 

 

Consumer Staples (1.4%)

 

 

 

 

 

Nestle SA(a)

 

127,800

 

13,557,941

 

 

 

 

 

 

 

Financials (2.0%)

 

 

 

 

 

UBS Group AG(a)(b)

 

740,900

 

8,269,803

 

Zurich Insurance Group AG(a)

 

32,900

 

11,443,659

 

 

 

 

 

19,713,462

 

Health Care (2.4%)

 

 

 

 

 

Novartis AG(a)

 

135,700

 

12,443,530

 

Roche Holding AG(a)

 

42,100

 

11,268,699

 

 

 

 

 

23,712,229

 

Total Switzerland

 

 

 

56,983,632

 

 

 

 

 

 

 

UNITED KINGDOM (7.3%)

 

 

 

 

 

Communication Services (3.0%)

 

 

 

 

 

BT Group PLC, ADR(c)

 

637,813

 

7,602,731

 

Cineworld Group PLC(a)

 

3,083,500

 

9,571,884

 

Vodafone Group PLC(a)

 

7,073,800

 

12,874,188

 

 

 

 

 

30,048,803

 

Energy (1.1%)

 

 

 

 

 

BP PLC, ADR(c)

 

274,100

 

10,892,734

 

 

 

 

 

 

 

Financials (1.1%)

 

 

 

 

 

Standard Chartered PLC(a)

 

1,265,500

 

10,414,683

 

 

 

 

 

 

 

Health Care (1.0%)

 

 

 

 

 

GlaxoSmithKline PLC, ADR

 

247,100

 

10,200,288

 

 

 

 

 

 

 

Industrials (1.1%)

 

 

 

 

 

Melrose Industries PLC(a)

 

4,631,786

 

10,453,528

 

Total United Kingdom

 

 

 

72,010,036

 

 

 

 

 

 

 

UNITED STATES (52.9%)

 

 

 

 

 

Communication Services (3.0%)

 

 

 

 

 

Activision Blizzard, Inc.

 

159,300

 

7,764,282

 

Alphabet, Inc., Class C(b)(c)

 

11,200

 

13,626,816

 

 

See Notes to Portfolio of Investments.

 

 

AT&T, Inc.(c)

 

242,600

 

$

8,260,530

 

 

 

 

 

29,651,628

 

Consumer Discretionary (9.4%)

 

 

 

 

 

Aptiv PLC(c)

 

144,000

 

12,621,600

 

Dollar General Corp.(c)

 

91,400

 

12,249,428

 

Las Vegas Sands Corp.

 

190,800

 

11,531,952

 

Lennar Corp., Class A(c)

 

213,800

 

10,170,466

 

Lowe’s Cos., Inc.(c)

 

127,400

 

12,918,360

 

Target Corp.(c)

 

137,900

 

11,914,560

 

TJX Cos., Inc. (The)(c)

 

182,400

 

9,951,744

 

Whirlpool Corp.(c)

 

74,800

 

10,881,904

 

 

 

 

 

92,240,014

 

Consumer Staples (2.9%)

 

 

 

 

 

Kraft Heinz Co. (The)(c)

 

237,500

 

7,602,375

 

Molson Coors Brewing Co., Class B(c)

 

162,800

 

8,789,572

 

Mondelez International, Inc., Class A(c)

 

227,500

 

12,168,975

 

 

 

 

 

28,560,922

 

Energy (3.4%)

 

 

 

 

 

EOG Resources, Inc.(c)

 

110,100

 

9,452,085

 

Kinder Morgan, Inc.(c)

 

610,500

 

12,588,510

 

Schlumberger Ltd.(c)

 

290,400

 

11,607,288

 

 

 

 

 

33,647,883

 

Financials (6.3%)

 

 

 

 

 

American International Group, Inc.(c)

 

193,600

 

10,839,664

 

Bank of America Corp.(c)

 

395,200

 

12,124,736

 

Charles Schwab Corp. (The)

 

212,100

 

9,166,962

 

Citigroup, Inc.(c)

 

169,800

 

12,082,968

 

Evercore, Inc., Class A(c)

 

94,800

 

8,187,876

 

Huntington Bancshares, Inc.(c)

 

705,500

 

10,053,375

 

 

 

 

 

62,455,581

 

Health Care (6.3%)

 

 

 

 

 

Allergan PLC(c)

 

59,200

 

9,501,600

 

Bristol-Myers Squibb Co.(c)

 

224,100

 

9,952,281

 

Eli Lilly & Co.

 

88,000

 

9,587,600

 

Medtronic PLC(c)

 

118,900

 

12,120,666

 

Pfizer, Inc.(c)

 

217,600

 

8,451,584

 

UnitedHealth Group, Inc.(c)

 

49,300

 

12,276,193

 

 

 

 

 

61,889,924

 

Industrials (4.7%)

 

 

 

 

 

Delta Air Lines, Inc.(c)

 

211,000

 

12,879,440

 

FedEx Corp.(c)

 

67,300

 

11,476,669

 

Norfolk Southern Corp.(c)

 

61,400

 

11,734,768

 

Raytheon Co.(c)

 

57,300

 

10,445,217

 

 

 

 

 

46,536,094

 

Information Technology (10.1%)

 

 

 

 

 

Apple, Inc.(c)

 

114,500

 

24,393,080

 

Broadcom, Inc.(c)

 

41,500

 

12,034,585

 

Cisco Systems, Inc.(c)

 

245,300

 

13,589,620

 

Intel Corp.(c)

 

289,500

 

14,634,225

 

 

See Notes to Portfolio of Investments.

 

 

Leidos Holdings, Inc.(c)

 

98,900

 

$

8,119,690

 

Microsoft Corp.(c)

 

111,300

 

15,166,851

 

TE Connectivity Ltd.(c)

 

127,800

 

11,808,720

 

 

 

 

 

99,746,771

 

Materials (0.3%)

 

 

 

 

 

Warrior Met Coal, Inc.

 

115,934

 

2,868,207

 

 

 

 

 

 

 

Real Estate (3.1%)

 

 

 

 

 

American Tower Corp., REIT(c)

 

58,200

 

12,316,284

 

Digital Realty Trust, Inc., REIT(c)

 

89,300

 

10,212,348

 

GEO Group, Inc. (The), REIT(c)

 

448,000

 

7,978,880

 

 

 

 

 

30,507,512

 

Utilities (3.4%)

 

 

 

 

 

Clearway Energy, Inc., Class C(c)

 

300,000

 

5,406,000

 

CMS Energy Corp.(c)

 

146,500

 

8,529,230

 

FirstEnergy Corp.(c)

 

172,100

 

7,567,237

 

NextEra Energy, Inc.(c)

 

58,000

 

12,015,860

 

 

 

 

 

33,518,327

 

Total United States

 

 

 

521,622,863

 

Total Common Stocks

 

 

 

948,938,177

 

 

 

 

 

 

 

PREFERRED STOCKS (1.2%)

 

 

 

 

 

SOUTH KOREA (1.2%)

 

 

 

 

 

Information Technology (1.2%)

 

 

 

 

 

Samsung Electronics Co., Ltd.(a)

 

380,000

 

11,752,192

 

Total Preferred Stocks

 

 

 

11,752,192

 

Total Long-Term Investments—97.4% (cost $849,318,246)

 

 

 

960,690,369

 

SHORT-TERM INVESTMENT—1.7%

 

 

 

 

 

 

SHORT-TERM INVESTMENT (1.7%)

 

 

 

 

 

UNITED STATES—1.7%

 

 

 

 

 

17,032,033

 

State Street Institutional U.S. Government Money Market Fund, Premier Class, 2.26%(e)

 

17,032,033

 

 

 

Total Short-Term Investment — 1.7% (cost $17,032,033)

 

17,032,033

 

 

 

Total Investments—99.1% (cost $866,350,279)

 

977,722,402

 

 

 

Other Assets in Excess of Liabilities—0.9%

 

8,647,823

 

 

 

Net Assets—100.0%

 

$

986,370,225

 

 

(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.

(d)                                 Denotes a security issued under Regulation S or Rule 144A.

(e)                                  Registered investment company advised by State Street Global Advisors. The rate shown is the 7 day yield as of July 31, 2019.

ADR                                             American Depositary Receipt

PLC                                                Public Limited Company

REIT                                          Real Estate Investment Trust

 

See Notes to Portfolio of Investments.

 

 

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

27,793,675

 

EUR

24,500,000

 

$

27,273,029

 

$

520,646

 

 

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.