A: PMARX | C: PRRCX | K: FLEKX | R: MUARX | Y: PMYRX |
Shares | Value | |||||
UNAFFILIATED ISSUERS — 97.7% | ||||||
Common Stocks — 63.8% of Net Assets | ||||||
Aerospace & Defense — 2.5% | ||||||
19,054 | Curtiss-Wright Corp. | $ 2,733,106 | ||||
271,933 | Leonardo S.p.A. | 2,539,160 | ||||
9,492 | Thales S.A. | 1,177,253 | ||||
Total Aerospace & Defense | $6,449,519 | |||||
Airlines — 0.4% | ||||||
14,453(a) | Copa Holdings S.A., Class A | $ 971,531 | ||||
Total Airlines | $971,531 | |||||
Automobiles — 0.5% | ||||||
82,300(a) | Li Auto, Inc., Class A | $ 1,322,059 | ||||
Total Automobiles | $1,322,059 | |||||
Banks — 10.9% | ||||||
498,633 | Bank for Foreign Trade of Vietnam JSC | $ 1,595,882 | ||||
5,510,700 | Bank Mandiri Persero Tbk PT | 3,074,400 | ||||
9,963,700 | Bank Rakyat Indonesia Persero Tbk PT | 2,928,821 | ||||
60,790 | BAWAG Group AG (144A) | 2,792,141 | ||||
339,080 | CaixaBank S.A. | 1,015,065 | ||||
236,500 | China Merchants Bank Co., Ltd., Class H | 1,277,417 | ||||
19,448 | Comerica, Inc. | 1,512,471 | ||||
1,974,221(a) | Eurobank Ergasias Services and Holdings S.A. | 1,803,467 | ||||
10,025 | First Republic Bank | 1,631,168 | ||||
44,588 | Hana Financial Group, Inc. | 1,276,787 | ||||
130,949 | ICICI Bank, Ltd. | 1,352,424 | ||||
873,890 | NatWest Group Plc | 2,645,659 | ||||
3,161,000 | Postal Savings Bank of China Co., Ltd., Class H (144A) | 2,089,911 | ||||
63,000 | Sumitomo Mitsui Financial Group, Inc. | 1,940,315 | ||||
17,852(a)+^ | TCS Group Holding Plc (G.D.R.) | 32,134 | ||||
30,771 | Truist Financial Corp. | 1,553,012 | ||||
Total Banks | $28,521,074 | |||||
Capital Markets — 3.0% | ||||||
52,278 | AllianceBernstein Holding LP | $ 2,303,369 | ||||
41,550 | Lazard, Ltd., Class A | 1,565,188 | ||||
25,773 | Morgan Stanley | 2,172,664 | ||||
17,948 | Raymond James Financial, Inc. | 1,767,340 | ||||
Total Capital Markets | $7,808,561 |
Shares | Value | |||||
Commercial Services & Supplies — 2.2% | ||||||
24,727 | Republic Services, Inc. | $ 3,428,646 | ||||
14,025 | Waste Management, Inc. | 2,307,954 | ||||
Total Commercial Services & Supplies | $5,736,600 | |||||
Electric Utilities — 2.0% | ||||||
11,655 | Acciona S.A. | $ 2,389,547 | ||||
259,602 | Iberdrola S.A. | 2,767,352 | ||||
Total Electric Utilities | $5,156,899 | |||||
Equity Real Estate Investment Trusts (REITs) — 1.6% | ||||||
1,568,900 | Ascendas Real Estate Investment Trust | $ 3,373,124 | ||||
18,528 | SL Green Realty Corp. | 919,915 | ||||
Total Equity Real Estate Investment Trusts (REITs) | $4,293,039 | |||||
Food & Staples Retailing — 0.0%† | ||||||
23,507+^ | Magnit PJSC | $ 92,125 | ||||
Total Food & Staples Retailing | $92,125 | |||||
Food Products — 1.6% | ||||||
49,463 | Archer-Daniels-Midland Co. | $ 4,094,052 | ||||
Total Food Products | $4,094,052 | |||||
Gas Utilities — 0.9% | ||||||
462,896 | Snam S.p.A. | $ 2,317,258 | ||||
Total Gas Utilities | $2,317,258 | |||||
Health Care Equipment & Supplies — 1.1% | ||||||
2,946(a) | IDEXX Laboratories, Inc. | $ 1,175,984 | ||||
85,200 | Olympus Corp. | 1,800,477 | ||||
Total Health Care Equipment & Supplies | $2,976,461 | |||||
Health Care Providers & Services — 2.7% | ||||||
7,121 | Elevance Health, Inc. | $ 3,397,429 | ||||
7,015 | UnitedHealth Group, Inc. | 3,804,515 | ||||
Total Health Care Providers & Services | $7,201,944 | |||||
Hotels, Restaurants & Leisure — 1.5% | ||||||
215,572(a) | NH Hotel Group S.A. | $ 755,716 | ||||
89,145 | OPAP S.A. | 1,233,638 | ||||
80,610(a) | Six Flags Entertainment Corp. | 1,827,429 | ||||
Total Hotels, Restaurants & Leisure | $3,816,783 | |||||
Household Durables — 0.3% | ||||||
18,180 | Toll Brothers, Inc. | $ 894,092 | ||||
Total Household Durables | $894,092 |
Shares | Value | |||||
Independent Power and Renewable Electricity Producers — 0.5% | ||||||
33,088 | RWE AG | $ 1,358,791 | ||||
Total Independent Power and Renewable Electricity Producers | $1,358,791 | |||||
Insurance — 8.2% | ||||||
77,451 | ASR Nederland NV | $ 3,221,763 | ||||
410,935 | Aviva Plc | 1,981,729 | ||||
70,653 | AXA S.A. | 1,621,135 | ||||
56,332 | NN Group NV | 2,629,986 | ||||
344,829 | Poste Italiane S.p.A. (144A) | 2,879,373 | ||||
6,070 | Swiss Life Holding AG | 3,206,384 | ||||
58,900 | Tokio Marine Holdings, Inc. | 3,429,318 | ||||
6,108 | Zurich Insurance Group AG | 2,662,404 | ||||
Total Insurance | $21,632,092 | |||||
Life Sciences Tools & Services — 2.1% | ||||||
5,417 | Danaher Corp. | $ 1,578,893 | ||||
6,549 | Thermo Fisher Scientific, Inc. | 3,918,987 | ||||
Total Life Sciences Tools & Services | $5,497,880 | |||||
Mortgage Real Estate Investment Trusts (REITs) — 7.9% | ||||||
195,407 | Angel Oak Mortgage, Inc. | $ 2,765,009 | ||||
93,430 | Blackstone Mortgage Trust, Inc., Class A | 2,893,527 | ||||
80,842 | BrightSpire Capital, Inc. | 714,643 | ||||
58,806 | Great Ajax Corp. | 648,042 | ||||
335,020 | Ladder Capital Corp. | 3,980,038 | ||||
354,559 | New Residential Investment Corp. | 3,868,239 | ||||
329,590 | Redwood Trust, Inc. | 2,854,249 | ||||
128,365 | Starwood Property Trust, Inc. | 3,031,981 | ||||
Total Mortgage Real Estate Investment Trusts (REITs) | $20,755,728 | |||||
Oil, Gas & Consumable Fuels — 3.0% | ||||||
15,245 | EQT Corp. | $ 671,237 | ||||
45,047+^ | Lukoil PJSC (A.D.R.) | 139,998 | ||||
19,905 | Occidental Petroleum Corp. | 1,308,754 | ||||
235,100 | Petroleo Brasileiro S.A. | 1,679,383 | ||||
28,265(a) | Range Resources Corp. | 934,723 | ||||
51,662 | TotalEnergies SE | 2,627,385 | ||||
26,435(a) | Woodside Energy Group, Ltd. | 590,675 | ||||
Total Oil, Gas & Consumable Fuels | $7,952,155 |
Shares | Value | |||||
Pharmaceuticals — 0.7% | ||||||
18,865(a) | Euroapi S.A. | $ 318,252 | ||||
8,078 | Zoetis, Inc. | 1,474,639 | ||||
Total Pharmaceuticals | $1,792,891 | |||||
Professional Services — 1.1% | ||||||
13,775 | Booz Allen Hamilton Holding Corp. | $ 1,322,125 | ||||
4,626 | Teleperformance | 1,542,747 | ||||
Total Professional Services | $2,864,872 | |||||
Real Estate Management & Development — 1.9% | ||||||
612,000 | A-Living Smart City Services Co., Ltd. (144A) | $ 747,663 | ||||
806,000 | China Resources Land, Ltd. | 3,362,654 | ||||
318 | KWG Living Group Holdings, Ltd. | 65 | ||||
304,000 | Longfor Group Holdings, Ltd. (144A) | 1,014,637 | ||||
Total Real Estate Management & Development | $5,125,019 | |||||
Road & Rail — 0.2% | ||||||
19,158 | CSX Corp. | $ 619,378 | ||||
Total Road & Rail | $619,378 | |||||
Semiconductors & Semiconductor Equipment — 2.0% | ||||||
9,200 | Advantest Corp. | $ 541,582 | ||||
5,700 | Disco Corp. | 1,380,653 | ||||
4,735(a) | Enphase Energy, Inc. | 1,345,592 | ||||
33,400 | Micron Technology, Inc. | 2,066,124 | ||||
Total Semiconductors & Semiconductor Equipment | $5,333,951 | |||||
Software — 1.0% | ||||||
5,071(a) | Palo Alto Networks, Inc. | $ 2,530,936 | ||||
Total Software | $2,530,936 | |||||
Specialty Retail — 0.8% | ||||||
186,356(a) | Watches of Switzerland Group Plc (144A) | $ 2,012,996 | ||||
Total Specialty Retail | $2,012,996 | |||||
Textiles, Apparel & Luxury Goods — 1.3% | ||||||
4,409 | LVMH Moet Hennessy Louis Vuitton SE | $ 3,041,697 | ||||
5,901 | Moncler S.p.A. | 293,535 | ||||
Total Textiles, Apparel & Luxury Goods | $3,335,232 | |||||
Thrifts & Mortgage Finance — 1.1% | ||||||
54,757 | PennyMac Financial Services, Inc. | $ 3,000,136 | ||||
Total Thrifts & Mortgage Finance | $3,000,136 |
Shares | Value | |||||
Trading Companies & Distributors — 0.8% | ||||||
48,492(a) | AerCap Holdings NV | $ 2,175,351 | ||||
Total Trading Companies & Distributors | $2,175,351 | |||||
Total Common Stocks (Cost $165,808,216) | $167,639,405 | |||||
Principal Amount USD ($) | ||||||
Convertible Corporate Bonds — 0.2% of Net Assets | ||||||
Internet — 0.2% | ||||||
729,000(b) | Pinduoduo, Inc., 12/1/25 | $ 649,174 | ||||
Total Internet | $649,174 | |||||
Total Convertible Corporate Bonds (Cost $646,545) | $649,174 | |||||
Corporate Bonds — 0.7% of Net Assets | ||||||
Mining — 0.7% | ||||||
752,000 | Gold Fields Orogen Holdings BVI, Ltd., 6.125%, 5/15/29 (144A) | $ 765,657 | ||||
1,039,000 | Teck Resources, Ltd., 6.125%, 10/1/35 | 1,108,083 | ||||
Total Mining | $1,873,740 | |||||
Total Corporate Bonds (Cost $2,014,688) | $1,873,740 | |||||
Shares | ||||||
Preferred Stock — 0.0%† of Net Assets | ||||||
Equity Real Estate Investment Trusts (REITs) — 0.0%† | ||||||
204(a)^ | Wheeler Real Estate Investment Trust, Inc. | $ 40,392 | ||||
Total Equity Real Estate Investment Trusts (REITs) | $40,392 | |||||
Total Preferred Stock (Cost $167,705) | $40,392 | |||||
Principal Amount USD ($) | Value | |||||
Foreign Government Bonds — 7.4% of Net Assets | ||||||
Brazil — 4.5% | ||||||
BRL51,527,000 | Brazil Notas do Tesouro Nacional Serie F, 10.000%, 1/1/31 | $ 8,532,751 | ||||
4,017,000 | Brazilian Government International Bond, 5.000%, 1/27/45 | 3,190,116 | ||||
Total Brazil | $11,722,867 | |||||
Indonesia — 2.3% | ||||||
IDR84,471,000,000 | Indonesia Treasury Bond, 8.375%, 9/15/26 | $ 6,087,949 | ||||
Total Indonesia | $6,087,949 | |||||
Russia — 0.6% | ||||||
RUB260,822,000 | Russian Federal Bond - OFZ, 7.000%, 8/16/23 | $ 919,933 | ||||
RUB230,742,000 | Russian Federal Bond - OFZ, 8.150%, 2/3/27 | 813,840 | ||||
Total Russia | $1,733,773 | |||||
Total Foreign Government Bonds (Cost $25,758,795) | $19,544,589 | |||||
U.S. Government and Agency Obligations — 15.3% of Net Assets | ||||||
2,725,000(b) | U.S. Treasury Bills, 5/18/23 | $ 2,664,551 | ||||
7,973,700 | U.S. Treasury Bonds, 2.875%, 5/15/52 | 7,712,063 | ||||
9,250,000 | U.S. Treasury Notes, 2.250%, 3/31/24 | 9,143,408 | ||||
9,250,000 | U.S. Treasury Notes, 2.500%, 4/30/24 | 9,178,819 | ||||
6,188,200 | U.S. Treasury Notes, 2.875%, 5/15/32 | 6,299,394 | ||||
5,119,900 | U.S. Treasury Notes, 3.000%, 6/30/24 | 5,127,300 | ||||
Total U.S. Government and Agency Obligations (Cost $39,822,752) | $40,125,535 | |||||
Shares | ||||||
Investment Companies — 5.5% of Net Assets | ||||||
13,600(a)(c) | Aberdeen Standard Physical Palladium Shares ETF | $ 2,675,936 | ||||
133,022 | ETFMG Prime Cyber Security ETF | 6,402,349 | ||||
49,248 | FCF US Quality ETF | 2,403,588 |
Shares | Value | |||||
Investment Companies — (continued) | ||||||
1,926(a)(d) | Ossiam Shiller Barclays Cape US Sector Value TR | $ 2,091,992 | ||||
51,757 | VanEck Vietnam ETF | 762,381 | ||||
Total Investment Companies (Cost $13,682,717) | $14,336,246 | |||||
Commodity Pool Fund — 2.3% of Net Assets | ||||||
297,800(a)(c) | Invesco DB Agriculture Fund | $ 6,012,582 | ||||
Total Commodity Pool Fund (Cost $6,562,158) | $6,012,582 | |||||
SHORT TERM INVESTMENTS — 2.5% of Net Assets | ||||||
Open-End Fund — 2.5% | ||||||
6,609,001(c)(e) | Dreyfus Government Cash Management, Institutional Shares, 1.83% | $ 6,609,001 | ||||
$6,609,001 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $6,609,001) | $6,609,001 |
Number of Contracts | Description | Counterparty | Amount | Strike Price | Expiration Date | |
Over The Counter (OTC) Options on Indices — 0.4% | ||||||
1,444 | NASDAQ 100 Index | Citibank NA | USD 655,980 | USD 12,531.90 | 9/16/22 | $1,075,513 |
Total Over The Counter (OTC) Options on Indices (Premiums paid $ 655,980) | $1,075,513 | |||||
TOTAL OPTIONS PURCHASED (Premiums paid $ 655,980) | $1,075,513 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 98.1% (Cost $261,728,557) | $257,906,177 | |||||
OTHER ASSETS AND LIABILITIES — 1.9% | $4,917,426 | |||||
net assets — 100.0% | $262,823,603 | |||||
(A.D.R.) | American Depositary Receipts. |
(G.D.R.) | Global Depositary Receipts. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At July 31, 2022, the value of these securities amounted to $12,302,378, or 4.7% of net assets. |
(a) | Non-income producing security. |
(b) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(c) | All or a portion of this security is held by Flexible Opportunities Commodity Fund Ltd. |
(d) | Security is exempt from registration under Regulation S. |
(e) | Rate periodically changes. Rate disclosed is the 7-day yield at July 31, 2022. |
+ | Security is valued using significant unobservable inputs (Level 3). |
^ | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker dealers). |
† | Amount rounds to less than 0.1%. |
Number of Contracts Short | Description | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation |
220 | Euro FX Currency Futures | 9/19/22 | $(28,969,967) | $(28,199,875) | $770,092 |
$(28,969,967) | $(28,199,875) | $770,092 |
Number of Contracts Long | Description | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation (Depreciation) |
56 | Dow Jones U.S. Real Estate | 9/16/22 | $2,009,280 | $2,173,920 | $164,640 |
83 | MSCI China Free | 9/16/22 | 2,176,969 | 2,036,820 | (140,149) |
$4,186,249 | $4,210,740 | $24,491 |
Number of Contracts Short | Description | Expiration Date | Notional Amount | Market Value | Unrealized Appreciation (Depreciation) |
23 | FTSE/MIB Index | 9/16/22 | $(2,470,294) | $(2,629,980) | $(159,686) |
19 | Hang Seng Index | 9/29/22 | (2,561,601) | (2,425,375) | 136,226 |
$(5,031,895) | $(5,055,355) | $(23,460) | |||
TOTAL FUTURES CONTRACTS | $(845,646) | $(844,615) | $1,031 |
Notional Amount ($)(1) | Counterparty | Reference Obligation /Index | Pay/ Receive(2) | Coupon | Expiration Date | Unrealized Appreciation | Market Value |
9,196,193 | Goldman Sachs International | Goldman Sachs Total Cash Return Index* | Pay | (3 Month USD LIBOR + 39bps) | 9/15/22 | $661,900 | $661,900 |
TOTAL OVER THE COUNTER (OTC) TOTAL RETURN SWAP CONTRACT – SELL PROTECTION | $661,900 | $661,900 | |||||
TOTAL SWAP CONTRACTS | $661,900 | $661,900 |
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
(2) | Pays quarterly. |
BRL | — Brazil Real |
IDR | — Indonesian Rupiah |
RUB | — Russia Ruble |
Name | Share Allocation | Security Value | % of basket |
AbbVie, Inc. | (132) | $18,920 | 2.86% |
AES Corp. | (769) | 17,079 | 2.58% |
American Airlines Group, Inc. | (204) | 2,796 | 0.42% |
American International Group, Inc. | (143) | 7,389 | 1.12% |
Ameriprise Financial, Inc. | (68) | 18,353 | 2.77% |
AmerisourceBergen Corp. | (106) | 15,461 | 2.34% |
Apple, Inc. | (242) | 39,341 | 5.94% |
Applied Materials, Inc. | (214) | 22,687 | 3.43% |
Name | Share Allocation | Security Value | % of basket |
Archer-Daniels-Midland Co. | (190) | $15,728 | 2.38% |
Assurant, Inc. | (90) | 15,878 | 2.40% |
Boeing Co. | (47) | 7,493 | 1.13% |
Capital One Financial Corp. | (108) | 11,879 | 1.79% |
Capri Holdings, Ltd. | (233) | 11,336 | 1.71% |
Cigna Corp. | (34) | 9,499 | 1.44% |
Corning, Inc. | (301) | 11,077 | 1.67% |
DENTSPLY SIRONA, Inc. | (137) | 4,971 | 0.75% |
Discover Financial Services | (139) | 14,028 | 2.12% |
eBay, Inc. | (260) | 12,654 | 1.91% |
Equity Residential | (135) | 10,552 | 1.59% |
F5, Inc. | (67) | 11,267 | 1.70% |
General Electric Co. | (37) | 2,770 | 0.42% |
Gilead Sciences, Inc. | (127) | 7,577 | 1.15% |
HCA Healthcare, Inc. | (103) | 21,929 | 3.31% |
HP, Inc. | (462) | 15,424 | 2.33% |
Lumen Technologies, Inc. | (339) | 3,688 | 0.56% |
LyondellBasell Industries NV | (103) | 9,140 | 1.38% |
McDonald’s Corp. | (62) | 16,362 | 2.47% |
Monster Beverage Corp. | (192) | 19,084 | 2.88% |
Motorola Solutions, Inc. | (101) | 24,126 | 3.65% |
Navient Corp. | (572) | 9,420 | 1.42% |
NetApp, Inc. | (218) | 15,561 | 2.35% |
NRG Energy, Inc. | (514) | 19,418 | 2.93% |
ONEOK, Inc. | (165) | 9,872 | 1.49% |
Paramount Global | (131) | 3,089 | 0.47% |
Proctor & Gamble Co. | (100) | 13,828 | 2.09% |
PulteGroup, Inc. | (383) | 16,727 | 2.53% |
Qorvo, Inc. | (128) | 13,299 | 2.01% |
Quest Diagnostics, Inc. | (82) | 11,253 | 1.70% |
Seagate Technology Plc | (206) | 16,503 | 2.49% |
Sysco Corp. | (164) | 13,960 | 2.11% |
Target Corp. | (156) | 24,395 | 3.69% |
TransDigm Group, Inc. | (35) | 21,928 | 3.31% |
Tyson Foods, Inc. | (135) | 11,906 | 1.80% |
United Airlines Holdings, Inc. | (124) | 4,550 | 0.69% |
Valero Energy Corp. | (135) | 14,904 | 2.25% |
Western Union Co. | (438) | 7,450 | 1.13% |
Westinghouse Air Brake Technologies Corp. | (2) | 150 | 0.02% |
Weyerhaeuser Co. | (257) | 9,322 | 1.41% |
Williams Cos., Inc. | (284) | 9,675 | 1.46% |
Yum! Brands, Inc. | (132) | 16,202 | 2.45% |
Totals | $661,900 | 100.00% |
Level 1 | – | unadjusted quoted prices in active markets for identical securities. |
Level 2 | – | other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risks, etc.). |
Level 3 | – | significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments). |
Level 1 | Level 2 | Level 3 | Total | |
Common Stocks | ||||
Banks | $28,488,940 | $— | $32,134 | $28,521,074 |
Food & Staples Retailing | — | — | 92,125 | 92,125 |
Oil, Gas & Consumable Fuels | 7,812,157 | — | 139,998 | 7,952,155 |
All Other Common Stocks | 131,074,051 | — | — | 131,074,051 |
Convertible Corporate Bonds | — | 649,174 | — | 649,174 |
Corporate Bonds | — | 1,873,740 | — | 1,873,740 |
Preferred Stock | — | 40,392 | — | 40,392 |
Foreign Government Bonds | — | 19,544,589 | — | 19,544,589 |
U.S. Government and Agency Obligations | — | 40,125,535 | — | 40,125,535 |
Investment Companies | 14,336,246 | — | — | 14,336,246 |
Commodity Pool Fund | 6,012,582 | — | — | 6,012,582 |
Open-End Fund | 6,609,001 | — | — | 6,609,001 |
Over The Counter (OTC) Options on Indices | — | 1,075,513 | — | 1,075,513 |
Total Investments in Securities | $194,332,977 | $63,308,943 | $264,257 | $257,906,177 |
Other Financial Instruments | ||||
Net unrealized appreciation on futures contracts | $771,123 | $— | $— | $771,123 |
Swap contracts, at value | — | 661,900 | — | 661,900 |
Total Other Financial Instruments | $771,123 | $661,900 | $— | $1,433,023 |
Common Stocks | |
Balance as of 10/31/21 | $— |
Realized gain (loss) | (1,317,557) |
Changed in unrealized appreciation (depreciation) | (7,881,844) |
Accrued discounts/premiums | — |
Purchases | 7,753,753 |
Sales | (4,970,391) |
Common Stocks | |
Transfers in to Level 3* | 6,680,295 |
Transfers out of Level 3* | — |
Balance as of 7/31/22 | $264,256 |
* | Transfers are calculated on the beginning of period values. During the nine months ended July 31, 2022 investments having aggregate value of $6,680,295 were transferred from Level 2 to Level 3, due to valuing the security using unobservable inputs. There were no other transfers in or out of Level 3 during the period. | ||
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at July 31, 2022: | $(7,255,524) |