NPORT-EX 2 NPORT_3313306878174700.htm

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

June 30, 2020

 

COMMON STOCKS — 58.7% 
Shares   Description  Fair Value 
Australia  — 0.2% 
 245,222   Newcrest Mining Ltd.  $5,467,288 
Belgium  — 1.2%
 787,047   Anheuser-Busch InBev SA/NV   38,790,867 
Bermuda  — 0.6%
 859,100   Jardine Strategic Holdings Ltd.   18,543,819 
Canada  — 0.6%
 715,726   Barrick Gold Corp.   19,281,658 
China  — 0.8%
 74,398   Baidu Inc., ADR (a)   8,919,576 
 486,871   SINA Corp.  (a)   17,483,538 
         26,403,114 
France  — 8.1%
 13,060,819   Bolloré SA   40,962,568 
 3,146,212   Bureau Veritas SA  (a)   66,288,144 
 350,459   Criteo SA, ADR  (a)   3,991,728 
 23,365   Dassault Aviation SA  (a)   21,512,981 
 18,111   Financière de l’Odet SA   13,005,964 
 137,189   Ipsos SA   3,432,409 
 1,351,315   Publicis Groupe SA   43,683,626 
 876,682   Sodexo SA   59,220,102 
 193,291   Wendel SE   18,404,151 
         270,501,673 
Germany  — 2.9%
 1,542,811   Bayerische Motoren Werke AG   98,291,137 
Hong Kong  — 0.1%
 5,354,158   Hongkong & Shanghai Hotels Ltd.   4,844,503 
Ireland  — 1.2%
 32,229,813   AIB Group Plc  (a)   40,485,010 
Japan  — 7.8%
 11,000   ASKUL Corp.   352,017 
 6,189,000   Astellas Pharma Inc.   103,025,988 
 338,600   Benesse Holdings Inc.   9,105,405 
 782,600   Fan Communications Inc.   3,269,887 
 146,500   Medikit Co., Ltd.   4,800,690 
 3,028,400   Miraca Holdings Inc.  (b)   71,381,478 
 2,600   Morinaga & Co., Ltd.   101,075 
 68,200   Nitto Kohki Co., Ltd.   1,125,873 
 109,800   Okinawa Cellular Telephone Co.   4,199,306 
 1,888,200   Rohto Pharmaceutical Co., Ltd.   59,875,801 
 248,000   Techno Medica Co., Ltd.   4,147,719 
         261,385,239 
Malaysia  — 0.1%
 3,520,200   Genting Malaysia Berhad   2,093,960 
Mexico  — 1.3%
 13,085,802   Grupo México SAB de CV, Series ‘B’   30,402,307 
 1,509,867   Promotora y Operadora de Infraestructura SAB de CV, Series ‘A’  (a)   10,903,993 
 449,537   Promotora y Operadora de Infraestructura SAB de CV, Series ‘L’  (a)   2,148,867 
         43,455,167 

 

See Notes to Schedule of Investments.

 

Page 1

 

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

June 30, 2020

 

Shares   Description  Fair Value 
Netherlands  — 1.8% 
 371,526   Airbus SE  (a)  $26,437,320 
 1,680,964   Royal Boskalis Westminster NV  (a)   33,117,056 
         59,554,376 
Singapore  — 0.5%
 15,338,399   First Resources Ltd.   15,354,490 
South Africa  — 0.0%
 81,081   Net 1 U.E.P.S. Technologies Inc.  (a)   246,486 
South Korea  — 3.9%
 371,860   Daou Technology Inc.   6,216,535 
 208,148   Hyundai Mobis Co., Ltd.   33,210,219 
 385,742   Hyundai Motor Co.   31,705,293 
 1,854,728   Kangwon Land Inc.   33,458,661 
 17,098   KIWOOM Securities Co., Ltd.   1,250,529 
 353,037   KT&G Corp.   23,070,188 
         128,911,425 
Spain  — 0.7%
 181,334   Aena SME, SA  (a)   24,140,612 
Switzerland  — 3.9%
 1,256,935   Compagnie Financière Richemont SA   80,040,350 
 214,020   Nestlé SA   23,643,900 
 2,300,993   UBS Group AG   26,435,069 
         130,119,319 
Thailand  — 0.8%
 7,786,100   Bangkok Bank PCL, NVDR   27,005,736 
United Kingdom  — 2.7%
 18,042   Associated British Foods Plc   427,545 
 1,229,468   Inchcape Plc   7,458,013 
 1,218,857   Newmont Corp.   75,252,231 
 970,504   WPP Plc   7,573,651 
         90,711,440 
United States  — 19.5%
 1,799,774   Adtalem Global Education Inc.  (a)   56,062,960 
 12,401   Alphabet Inc., Class ‘A’  (a)   17,585,238 
 23,301   Alphabet Inc., Class ‘C’  (a)   32,938,527 
 103,952   American Express Co.   9,896,230 
 1,622,379   Astronics Corp.  (a)(b)   17,132,322 
 367   Berkshire Hathaway Inc., Class ‘A’  (a)   98,099,100 
 499,688   Berkshire Hathaway Inc., Class ‘B’  (a)   89,199,305 
 584,692   CDK Global Inc.   24,217,943 
 322,746   Chevron Corp.   28,798,626 
 6,283   Dollar Tree Inc.  (a)   582,308 
 274,218   Flowserve Corp.   7,820,697 
 2,648,240   Gruma SAB de CV, Series ‘B’   28,705,541 
 3,420,598   LKQ Corp.  (a)   89,619,668 
 65,024   Mastercard Inc., Class ‘A’   19,227,597 
 22,953   News Corp., Class ‘B’   274,288 
 653,088   Oracle Corp.   36,096,174 
 730,889   Qurate Retail, Inc., Series ‘A’ (a)   6,943,446 
 585,044   Schlumberger Ltd.   10,758,959 
 423,702   Skechers USA Inc., Class ‘A’  (a)   13,295,769 

 

See Notes to Schedule of Investments.

 

Page 2

 

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

June 30, 2020

 

Shares   Description  Fair Value 
United States  — 19.5% (continued)
 2,780,183   Western Union Co.  $60,107,556 
         647,362,254 
     TOTAL COMMON STOCKS
(Cost — $1,795,532,042)		   1,952,949,573 

 

Principal
Amount		        
CORPORATE NOTES & BONDS — 2.1% 
South Africa  — 1.1%     
 35,068,000USD  Gold Fields Orogen Holding (BVI) Ltd., 4.875% due 10/7/2020 (c)   35,188,634 
United Kingdom  — 0.1%     
     Valaris Plc:     
 16,650,000USD  4.875% due 6/1/2022 (a)   1,806,775 
 18,188,000USD  7.75% due 2/1/2026   1,421,483 
 20,844,000USD  5.75% due 10/1/2044   1,652,825 
         4,881,083 
United States  — 0.9%     
 21,163,000USD  Bristow Group Inc., 7.75% due 12/15/2022   19,575,775 
 11,472,408USD  Tidewater Inc., 8% due 8/1/2022   9,877,915 
         29,453,690 
     TOTAL CORPORATE NOTES & BONDS
(Cost — $100,414,233)		   69,523,407 
CONVERTIBLE BONDS — 0.0%     
United Kingdom  — 0.0%     
 4,587,000USD  Ensco Jersey Finance Ltd., 3% due 1/31/2024   618,826 
     TOTAL CONVERTIBLE BONDS
(Cost — $4,943,846)		   618,826 
SHORT-TERM INVESTMENTS — 39.4%     
Commercial Paper  — 8.4%    
     Consolidated Edison Co. Inc.:     
 64,000,000USD  0.20% due 7/7/2020 (c)   63,998,009 
 40,600,000USD  0.18% due 7/8/2020 (c)   40,598,538 
 19,400,000USD  Florida Power & Light Co., 0.07% due 7/7/2020   19,398,718 
 6,800,000USD  Nestlé Finance International Ltd., 0.08% due 7/14/2020 (c)   6,799,707 
 3,000,000USD  Orange & Rockland Utilities Inc., 0.17% due 7/1/2020 (c)   2,999,978 
 15,000,000USD  United Healthcare Corp., 0.23% due 7/1/2020 (c)   14,999,894 
     United Parcel Service Inc.:     
 19,000,000USD  0.03% due 7/1/2020 (c)   18,999,984 
 15,000,000USD  0.08% due 7/6/2020 (c)   14,999,925 
 25,000,000USD  0.08% due 7/7/2020 (c)   24,999,854 
     WEC Energy Group Inc.:     
 4,000,000USD  0.15% due 7/1/2020 (c)   3,999,970 
 16,500,000USD  0.18% due 7/9/2020 (c)   16,498,886 
 52,000,000USD  0.23% due 7/13/2020 (c)   51,994,930 
         280,288,393 
Investment Company  — 30.8%     
 1,024,530,000USD  Dreyfus Treasury Prime Cash Management Fund, 0.08% (d)   1,024,530,000 
Treasury Bills  — 0.2%     
 5,000,000USD  U.S. Treasury Bill, due 9/10/2020 (e)   4,998,792 

 

See Notes to Schedule of Investments.

 

Page 3

 

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

June 30, 2020

 
  TOTAL SHORT-TERM INVESTMENTS
(Cost — $1,309,819,550)		   1,309,817,185 
  TOTAL INVESTMENTS — 100.2% (Cost — $3,210,709,671)   3,332,908,991 
  Liabilities In Excess of Other Assets — (0.2)%   (6,076,051)
  TOTAL NET ASSETS — 100.0%  $3,326,832,940 

 

The IVA Worldwide Fund had the following open forward foreign currency contracts at June 30, 2020:

 

FOREIGN
CURRENCY		   COUNTERPARTY   SETTLEMENT
DATES
THROUGH		   LOCAL CURRENCY
AMOUNT		   USD EQUIVALENT   USD VALUE AT
JUNE 30, 2020		   NET UNREALIZED
APPRECIATION/
(DEPRECIATION)		  
Contracts to Buy:  
British pound   State Street Bank & Trust Co.   09/09/2020   GBP 1,237,000 $ 1,553,785   $ 1,533,384 $ 20,401  
Chinese yuan   State Street Bank & Trust Co.   06/09/2021   CNH 149,954,000     21,585,951     21,134,491     451,460  
euro   State Street Bank & Trust Co.   09/09/2020   EUR 43,599,000     48,842,854     49,057,557   (214,703)  
South Korean won   State Street Bank & Trust Co.   07/09/2020   KRW 115,408,000,000     94,526,019     96,189,767     (1,663,748)  
Thai baht   State Street Bank & Trust Co.   09/09/2020   THB 756,809,000     23,887,811     24,483,208     (595,397)  
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts $ (2,001,987)  
                                   

Abbreviations used in this schedule:  
ADR - American Depositary Receipt
CNH - Chinese yuan
EUR - euro
GBP - British pound
KRW - South Korean won
NVDR - Non-voting Depositary Receipt
THB - Thai baht
USD - United States dollar
     
(a) Non-income producing investment.
(b) Issuer of the security is an affiliate of the IVA Worldwide Fund as defined by the Investment Company Act of 1940. An affiliate is deemed as a company in which the IVA Worldwide Fund indirectly or directly has ownership of at least 5% of the company’s outstanding voting securities. See Schedule of Affiliates below for additional information.

 

Schedule of Affiliates

 

SECURITY   SHARES
HELD AT
SEPTEMBER 30, 2019		   SHARE
ADDITIONS		   SHARE
REDUCTIONS		  

SHARES
HELD AT

JUNE 30,
2020

   FAIR VALUE
AT
JUNE 30, 2020		   REALIZED
LOSS		   CHANGE IN
UNREALIZED DEPRECIATION		   DIVIDEND
INCOME*
Astronics Corp.   1,297,449   885,714   560,784   1,622,379  $ 17,132,322  $ (11,411,584) $ (26,263,273)   —
Miraca Holdings Inc.   3,639,600   198,600   809,800   3,028,400   71,381,478   (16,870,387)   19,335,884 $ 2,226,676
Net 1 U.E.P.S. Technologies Inc.**   2,986,316   81,081   2,986,316   81,081   —   (15,423,155)   —   —
Total                  $ 88,513,800  $ (43,705,126) $ (6,927,389) $ 2,226,676

* Dividend income is gross of withholding taxes.

** Non-affiliated at June 30, 2020.

 

(c) Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”).  Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements.
(d) Rate disclosed is the daily yield on June 30, 2020.
(e) This security is held at the custodian as collateral for forward foreign currency contracts sold. As of June 30, 2020, portfolio securities valued at $4,998,792 were segregated, of which $1,663,748 is used to cover collateral requirements.

 

See Notes to Schedule of Investments.

  

Page 4

 

 

IVA Worldwide Fund (unaudited) IVA Funds

 

Schedule of Investments

June 30, 2020

 

Sector Allocation (As a Percent of Total Net Assets)  
Consumer Discretionary   15.8%
Industrials   6.8%
Holding Company   6.7%
Consumer Staples   5.7%
Health Care   5.5%
Communication Services   5.5%
Technology   4.2%
Gold & Gold Mining   4.2%
Financials   3.3%
Energy   2.2%
Materials   0.9%
Short-Term Investments   39.4%
Other (a)   (0.2)%
     

(a) Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities.

 

See Notes to Schedule of Investments.

 

Page 5

 

 

IVA International Fund (unaudited)IVA Funds

 

Schedule of Investments 

June 30, 2020 

 

COMMON STOCKS — 68.5%      
Shares   Description    Fair Value  
Argentina  — 0.3%        
  1,189,400   Loma Negra Companía Industrial Argentina SA, ADR (a)  $ 5,066,844  
           
Australia  — 0.4%          
  115,873   Newcrest Mining Ltd.    2,583,418  
  14,341,774   WPP AUNZ Ltd.    2,782,744  
            5,366,162  
Belgium  — 1.4%          
  414,576   Anheuser-Busch InBev SA/NV    20,433,040  
               
Bermuda  — 0.7%          
  446,726   Jardine Strategic Holdings Ltd.    9,642,656  
Canada  — 0.5%           
  298,474   Barrick Gold Corp.    8,040,890  
China  — 1.6%          
  68,041   Baidu Inc., ADR (a)    8,157,436  
  24,500   Health & Happiness (H&H) International Holdings Ltd.    110,863  
  27,496,000   Phoenix Media Investment (Holdings) Ltd.  (a)    1,561,498  
  2,338,784   Phoenix New Media Ltd., ADR    3,461,400  
  293,122   SINA Corp.  (a)    10,526,011  
            23,817,208  
France  — 11.5%          
  6,998,408   Bolloré SA    21,949,065  
  1,765,282   Bureau Veritas SA  (a)    37,193,065  
  287,842   Criteo SA, ADR  (a)    3,278,520  
  14,207   Dassault Aviation SA  (a)    13,080,887  
  15,585   Financière de l’Odet SA    11,191,980  
  951,845   Groupe SFPI SA  (a)    1,336,031  
  282,934   Ipsos SA    7,078,886  
  729,635   Publicis Groupe SA    23,586,731  
  472,265   Sodexo SA    31,901,626  
  337,630   Vicat SA    10,367,543  
  109,057   Wendel SE    10,383,833  
            171,348,167  
Germany  — 3.4%          
  788,692   Bayerische Motoren Werke AG    50,246,876  
Hong Kong  — 1.1%          
  42,121,000   APT Satellite Holdings Ltd.    10,926,722  
  5,643,416   Hongkong & Shanghai Hotels Ltd.    5,106,226  
            16,032,948  
India  — 0.5%          
  237,653   Bajaj Holdings and Investment Ltd.    8,025,257  
Ireland  — 1.8%           
  21,705,681   AIB Group Plc  (a)    27,265,275  
Japan  — 13.7%          
  3,275,400   Astellas Pharma Inc.    54,524,369  
  238,400   Benesse Holdings Inc.    6,410,894  
  294,700   Doshisha Co., Ltd.    4,455,570  
  1,475,300   Fan Communications Inc.    6,164,151  
  531,500   Fujitec Co., Ltd.    9,753,346  
  567,900   Hi-Lex Corp.    6,277,816  
  95,500   Medikit Co., Ltd.    3,129,460  

 

 

See Notes to Schedule of Investments.

 

Page 6

 

 

IVA International Fund (unaudited)IVA Funds

 

Schedule of Investments 

June 30, 2020 

 

Shares   Description    Fair Value  
Japan  — 13.7% (continued)      
  1,710,300   Miraca Holdings Inc.  $ 40,312,951  
  109,900   Nitto Kohki Co., Ltd.    1,814,273  
  87,500   Okinawa Cellular Telephone Co.    3,346,441  
  1,070,200   Rohto Pharmaceutical Co., Ltd.    33,936,597  
  279,900   San-A Co., Ltd.    10,694,007  
  416,475   Shingakukai Holdings Co., Ltd.    1,957,635  
  127,450   Shofu Inc.    1,774,893  
  800   SK Kaken Co., Ltd.    274,642  
  105,800   Sumitomo Seika Chemicals Co., Ltd.    3,437,072  
  409,500   Techno Medica Co., Ltd.    6,848,753  
  117,500   Transcosmos Inc.    2,716,054  
  398,500   Yondoshi Holdings Inc.    6,554,685  
            204,383,609  
Malaysia  — 0.2%    
  4,225,200   Genting Malaysia Berhad    2,513,322  
Mexico  — 4.3%      
  1,732,026   Corporativo Fragua, SAB de CV    16,352,309  
  11,422,542   Grupo Comercial Chedraui SAB de CV    13,502,598  
  6,278,793   Grupo México SAB de CV, Series ‘B’    14,587,550  
  1,320,298   Promotora y Operadora de Infraestructura SAB de CV, Series ‘A’ (a)    9,534,959  
  519,888   Promotora y Operadora de Infraestructura SAB de CV, Series ‘L’  (a)    2,485,157  
  1,773,400   Quálitas Controladora, SAB de CV    6,974,934  
  339,500   Regional SAB de CV  (a)    908,258  
            64,345,765  
Netherlands  — 2.4%           
  187,445   Airbus SE  (a)    13,338,349  
  1,144,761   Royal Boskalis Westminster NV  (a)    22,553,198  
  9,054   Unilever NV    480,182  
            36,371,729  
Philippines  — 0.0%           
  444,500   Alliance Global Group Inc.  (a)    60,866  
               
Singapore  — 3.0%  
  18,805,500   First Resources Ltd.    18,825,228  
  3,711,720   Haw Par Corp. Ltd.    26,199,510  
            45,024,738  
South Korea  — 8.1%          
  635,232   Daou Technology Inc.    10,619,431  
  43,207   DONGKOOK Pharmaceutical Co., Ltd.    4,366,775  
  17,150   Fursys Inc.    399,956  
  126,010   Hyundai Mobis Co., Ltd.    20,105,020  
  316,133   Hyundai Motor Co.    25,983,921  
  1,393,590   Kangwon Land Inc.    25,139,889  
  23,777   KIWOOM Securities Co., Ltd.    1,739,024  
  271,233   KT&G Corp.    17,724,477  
  459,674   Kyung Dong Pharmaceutical Co., Ltd.    3,728,290  
  984,090   WHANIN Pharmaceutical Co., Ltd.  (b)    11,875,219  
            121,682,002  
Spain  — 1.1%          
  120,296   Aena SME, SA  (a)    16,014,752  
Switzerland  — 4.7%          
  573,227   Compagnie Financière Richemont SA    36,502,516  

 

 

See Notes to Schedule of Investments.

 

Page 7

 

 

IVA International Fund (unaudited)IVA Funds

 

Schedule of Investments 

June 30, 2020  

 

Shares   Description    Fair Value  
Switzerland  — 4.7% (continued)        
  170,051   Nestlé SA  $ 18,786,416  
  1,341,398   UBS Group AG    15,410,716  
            70,699,648  
Thailand  — 1.3%          
  5,782,000   Bangkok Bank PCL, NVDR    20,054,606  
United Arab Emirates  — 0.6%  
  22,987,622   Emaar Malls PJSC  (a)    8,659,164  
United Kingdom  — 4.0%      
  32,962,172   Avanti Communications Group Plc  (a)    —  
  1,380,506   Inchcape Plc    8,374,217  
  5,196,382   Mitie Group Plc    5,359,201  
  684,181   Newmont Corp.    42,241,335  
  576,865   WPP Plc    4,501,758  
            60,476,511  
United States  — 1.9%          
  1,585,635   Gruma SAB de CV, Series ‘B’    17,187,457  
  632,903   Schlumberger Ltd.    11,639,086  
            28,826,543  
     TOTAL COMMON STOCKS        
   (Cost — $1,111,541,063)     1,024,398,578  
               
PREFERRED STOCKS — 0.9%        
Chile  — 0.3%          
  1,776,348   Embotelladora Andina SA, Series ‘B’    4,346,797  
               
Germany  — 0.6%            
  42,259   KSB SE & Co. KgaA Vorzug    9,398,523  
     TOTAL PREFERRED STOCKS        
   (Cost — $19,704,593)     13,745,320  

 

Principal              
Amount            
CORPORATE NOTES & BONDS — 1.5%      
South Africa  — 1.1%        
  17,291,000 USD  Gold Fields Orogen Holding (BVI) Ltd., 4.875% due 10/7/2020 (c)    17,350,481  
               
United Kingdom  — 0.4%    
  7,019,185USD  Avanti Communications Group Plc, 9%  due 10/1/2022 (9% PIK) (c)(d)    1,544,221  
     Valaris Plc:        
  4,588,000 USD  4.875% due 6/1/2022 (a)    497,867  
  19,144,000USD  7.75% due 2/1/2026    1,496,199  
  24,837,000USD  5.75% due 10/1/2044    1,969,450  
            5,507,737  
               
     TOTAL CORPORATE NOTES & BONDS        
   (Cost — $49,252,773)     22,858,218  
CONVERTIBLE BONDS — 0.1%      
United Kingdom  — 0.1%        
  7,330,000 USD  Ensco Jersey Finance Ltd., 3% due 1/31/2024    988,881  
     TOTAL CONVERTIBLE BONDS        
   (Cost — $6,447,468)     988,881  

 

 

See Notes to Schedule of Investments.

 

Page 8

 

 

IVA International Fund (unaudited)IVA Funds

 

Schedule of Investments 

June 30, 2020  

 

Ounces  Description   Fair Value  

COMMODITIES — 2.4% 

 
  19,918   Gold Bullion  (a) $ 35,467,255 
     TOTAL COMMODITIES      
     (Cost — $33,756,211)    35,467,255 

 

Principal              
Amount              
SHORT-TERM INVESTMENTS — 28.7%        
Commercial Paper  — 6.3%         
        Consolidated Edison Co. Inc.:        
  25,000,000 USD   0.20% due 7/7/2020 (c)     24,999,222  
  20,000,000 USD   0.18% due 7/8/2020 (c)     19,999,280  
  9,000,000 USD   Florida Power & Light Co., 0.07% due 7/7/2020     8,999,405  
  10,000,000 USD   United Healthcare Corp., 0.23% due 7/1/2020 (c)     9,999,930  
  6,000,000 USD   United Parcel Service Inc., 0.03% due 7/1/2020 (c)     5,999,995  
        WEC Energy Group Inc.:        
  8,000,000 USD   0.15% due 7/1/2020 (c)     7,999,940  
  16,000,000 USD   0.18% due 7/9/2020 (c)     15,998,920  
              93,996,692  
Investment Company  — 22.2%         
   331,650,000 USD    Dreyfus Treasury Prime Cash Management Fund, 0.08% (e)     331,650,000  
Treasury Bills  — 0.2%         
   4,000,000 USD     U.S. Treasury Bill, due 9/10/2020 (f)     3,999,033  
                 
        TOTAL SHORT-TERM INVESTMENTS        
        (Cost — $429,646,660)     429,645,725  
                 
        TOTAL INVESTMENTS — 102.1% (Cost — $1,650,348,768)     1,527,103,977  
        Liabilities In Excess of Other Assets — (2.1)%     (31,834,913)  
                 
        TOTAL NET ASSETS — 100.0%   $ 1,495,269,064  

 

The IVA International Fund had the following open forward foreign currency contracts at June 30, 2020:

 

FOREIGN
CURRENCY		   COUNTERPARTY   SETTLEMENT
DATES
THROUGH		     LOCAL CURRENCY
AMOUNT		   USD EQUIVALENT   USD VALUE AT
JUNE 30, 2020		   NET UNREALIZED
APPRECIATION/
(DEPRECIATION)
Contracts to Sell:                        
British pound   State Street Bank & Trust Co.   09/09/2020   GBP 1,464,000 $ 1,842,901 $ 1,814,774 $ 28,127
Chinese yuan   State Street Bank & Trust Co.   06/09/2021   CNH 197,496,000   28,676,316   27,845,741   830,575
euro   State Street Bank & Trust Co.   09/09/2020   EUR 28,669,000   32,097,811   32,258,335   (160,524)
South Korean won   State Street Bank & Trust Co.   07/09/2020   KRW 109,092,000,000   89,231,252   90,925,533   (1,694,281)
Thai baht   State Street Bank & Trust Co.   09/09/2020   THB 562,010,000   17,706,870   18,181,347   (474,477)
Net Unrealized Depreciation on Open Forward Foreign Currency Contracts $ (1,470,580)

 

Abbreviations used in this schedule:  
ADR - American Depositary Receipt
CNH - Chinese yuan
EUR - euro
GBP - British pound
KRW - South Korean won
NVDR - Non-voting Depositary Receipt
PIK - Payment-in-kind
THB - Thai baht
USD - United States dollar
     
(a) Non-income producing investment.

 

 

See Notes to Schedule of Investments.

 

Page 9

 

IVA International Fund (unaudited)IVA Funds

 

Schedule of Investments 

June 30, 2020  

 

(b) Issuer of the security is an affiliate of the IVA International Fund as defined by the Investment Company Act of 1940. An affiliate is deemed as a company in which the IVA International Fund indirectly or directly has ownership of at least 5% of the company’s outstanding voting securities. See Schedule of Affiliates below for additional information.

 

Schedule of Affiliates

 

SECURITY  SHARES
HELD AT
SEPTEMBER 30, 2019		   SHARE
ADDITIONS		   SHARE
REDUCTIONS		   SHARES HELD AT
JUNE 30, 2020		   FAIR VALUE
AT
JUNE 30, 2020		   REALIZED GAIN/
(LOSS)		   CHANGE IN UNREALIZED APPRECIATION   DIVIDEND
INCOME*		 
APT Satellite Holdings Ltd.**   54,595,000    —    12,474,000    42,121,000    —   $(6,939,899)   —    — 
Clear Media Ltd.**   31,530,030    —    31,530,030    —    —    10,222,817    —    — 
Fan Communications Inc.**   3,887,400    —    2,412,100    1,475,300    —    (5,088,396)   —   $476,209 
Kyung Dong Pharmaceutical Co., Ltd.**   1,429,632    —    969,958    459,674    —    (2,301,728)   —    455,748 
Phoenix New Media Ltd., ADR**   3,713,463    102,564    1,477,243    2,338,784    —    (7,447,295)   —    5,017,631 
Techno Medica Co., Ltd.**   513,800    —    104,300    409,500    —    262,932    —    211,140 
WHANIN Pharmaceutical Co., Ltd.   1,625,926    —    641,836    984,090   $11,875,219    (5,431,438)  $3,142,668    393,695 
Total                      $11,875,219   $(16,723,007)  $3,142,668   $6,554,423 
* Dividend income is gross of withholding taxes.    
** Non-affiliated at June 30, 2020.    

 

(c) Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”).  Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements.
(d) Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash.
(e) Rate disclosed is the daily yield on June 30, 2020.
(f) This security is held at the custodian as collateral for forward foreign currency contracts sold. As of June 30, 2020, portfolio securities valued at $3,999,033 were segregated, of which $1,694,281 is used to cover collateral requirements.

 

Sector Allocation (As a Percent of Total Net Assets)    
Consumer Discretionary   15.5%
Consumer Staples   11.5%
Health Care   10.2%
Industrials   10.1%
Communication Services   7.3%
Gold & Gold Mining   7.1%
Financials   6.1%
Materials   2.3%
Holding Company   1.3%
Energy   1.1%
Real Estate   0.6%
Technology   0.3%
Short-Term Investments   28.7%
Other (a)   (2.1)%

 

(a) Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities.

 

 

See Notes to Schedule of Investments.

 

Page 10

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

Note 1 - Organization and Significant Accounting Policies

 

IVA Fiduciary Trust (the “Trust”) consists of the IVA Worldwide Fund (the “Worldwide Fund”) and IVA International Fund (the “International Fund”) (each, a “Fund” and, together, the “Funds”). The Worldwide Fund and the International Fund are each a diversified investment portfolio of the Trust, an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and organized as a Massachusetts business trust. The Funds commenced investment operations on October 1, 2008. The Worldwide Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world, including U.S. markets. The International Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world.

 

The following are significant accounting policies followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In accordance with U.S. GAAP, each Fund has been defined as an investment company and as such complies with investment company and reporting guidance of the Financial Accounting Standards Board. As of result, there are no changes to measurement or disclosure required in the Funds’ financial statements.

 

Valuation of the Funds. The net asset value per share (“NAV”) of a Fund’s shares of a particular class is calculated each day that the New York Stock Exchange (“NYSE”) is open.

 

Listed equity securities are generally valued at the last sale price on the exchange that is the primary market for such securities. Equity securities listed on the NASDAQ Stock Exchange (“NASDAQ”) are generally valued using the NASDAQ Official Closing Price (“NOCP”). If no sales or NOCPs are reported during the day, equity securities are generally valued at the mean of the last available bid and asked quotations on the exchange or market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers, or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long and short positions, respectively. Over-the-counter (“OTC”) equity securities not listed on NASDAQ are generally valued at the mean of the last available bid and asked quotations on the market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively.

 

Precious metals, including gold bullion, are valued at the spot price at the time trading on the NYSE closes (normally 4:00 p.m. E.S.T.).

 

Debt securities, other than commercial paper, for which market quotations are readily available are generally valued at the evaluated mean primarily based on the last bid and asked prices received from an independent pricing service. When no asked price is available, debt securities are valued at the evaluated bid price alone. Commercial paper is generally valued at the evaluated bid price provided by an independent pricing service. An evaluated price may include a variety of factors including the issue’s coupon rate, maturity, credit rating, yield, trade data, quoted prices of similar fixed income securities, and any other relevant market or security specific information.

 

Short-term investments in other open-end investment companies registered under the 1940 Act are valued at such investment companies’ NAV.

 

Forward foreign currency contracts are valued at the current cost of offsetting such contracts.

 

The value of any investment that is listed or traded on more than one exchange or market is based on the exchange or market determined by International Value Advisers, LLC (the “Adviser”) to be the primary trading venue for that investment. A quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for a particular investment may be relied upon in instances where a quotation is not available on the primary exchange or market.

 

The Board of Trustees of the Trust (the “Board”) has established a Pricing and Fair Valuation Committee (the “Committee”) comprised of officers of the Adviser to which it has delegated the responsibility for overseeing the implementation of the Funds’ valuation procedures and fair value determinations made on behalf of the Board. The Committee may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Committee may determine that there has been a significant decrease in the volume and level of activity for an asset or liability whereby transactions or quoted prices may not be determinative of fair value. The Committee may determine the fair value of investments based on information provided by pricing services and other third parties, including broker-dealers and other market intermediaries, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. For securities that do not trade during NYSE hours or securities for which there is a foreign market holiday when the NYSE is open, fair valuation determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities or baskets of foreign securities. Fair value pricing may require subjective determinations about the value of an asset or liability. Fair values used to determine the Funds’ NAVs may differ from quoted or published prices, or from prices that are used by others, for the same investments. The use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Funds.

 

 

Page 11

 

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

Fair Value Measurement. The Funds adhere to U.S. GAAP fair value accounting standards that establish a single definition of fair value, create a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds’ assets and liabilities, and require additional disclosure about fair value. The hierarchy of inputs is summarized below:

 

•Level 1 – last traded/quoted prices in active markets for identical unrestricted investments

 

•Level 2 – other significant observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, other observable market data, etc.)

 

•Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used in valuing the Worldwide Fund’s assets and liabilities at fair value:

 

ASSETS  Last
Traded/Quoted
Prices in Active
Markets for
Identical
Unrestricted
Investments
(Level 1)		   Other Significant
Observable
Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total 
Common stocks:                    
Foreign  $168,630,384   $1,136,956,935    —   $1,305,587,319 
United States   647,362,254    —    —    647,362,254 
Corporate notes & bonds   —    69,523,407    —    69,523,407 
Convertible bonds   —    618,826    —    618,826 
Short-term investments   1,024,530,000    285,287,185    —    1,309,817,185 
Total assets  $1,840,522,638   $1,492,386,353    —   $3,332,908,991 
LIABILITIES                    
Unrealized depreciation on open forward foreign currency contracts   —   $2,001,987    —   $2,001,987 

For the year ended September 30, 2019 and the period ended June 30, 2020, there were no level 3 assets or liabilities held in the Worldwide Fund.

 

 

Page 12

 

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

The following is a summary of the inputs used in valuing the International Fund’s assets and liabilities at fair value:

 

ASSETS  Last
Traded/Quoted
Prices in Active
Markets for
Identical
Unrestricted
Investments
(Level 1)		   Other Significant
Observable Inputs
(Level 2)		   Significant
Unobservable
Inputs
(Level 3)		   Total 
Common stocks:                    
Foreign  $145,118,201   $850,453,834    —   $995,572,035 
United States   28,826,543    —    —    28,826,543 
Preferred stocks   4,346,797    9,398,523    —    13,745,320 
Corporate notes & bonds   —    22,858,218    —    22,858,218 
Convertible bonds   —    988,881    —    988,881 
Commodities   35,467,255    —    —    35,467,255 
Short-term investments   331,650,000    97,995,725    —    429,645,725 
Total assets  $545,408,796   $981,695,181    —   $1,527,103,977 
LIABILITIES                    
Unrealized depreciation on open forward foreign currency contracts   —   $1,470,580    —   $1,470,580 

For the year ended September 30, 2019 and the period ended June 30, 2020, there were no level 3 assets or liabilities held in the International Fund.

 

Foreign Currency Translation. Portfolio securities and other assets and liabilities initially valued in currencies other than the U.S. dollar are translated to U.S. dollars using exchange rates obtained from pricing services.

 

Portfolio Transactions. Portfolio transactions are recorded on a trade date basis.

 

Forward Foreign Currency Contracts. Each Fund engages in buying and selling forward foreign currency contracts to seek to manage the exposure of investments denominated in non-U.S. currencies against fluctuations in relative value. A forward foreign currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, at a price set at the time of the contract.

 

Foreign Investment Risk. Each Fund invests in foreign investments. Foreign investments can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. Since foreign exchanges may be open on days when a Fund does not price its shares, the value of the investments in such Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.

 

Beginning in January 2020, global financial markets have experienced, and may continue to experience, significant volatility resulting from the spread of a virus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand, and general market uncertainty. The effects of COVID-19 have adversely affected, and may continue to adversely affect, the global economy, the economies of certain nations, and individual issuers, all of which may negatively impact the Funds’ performance.

 

Note 2 - Derivative Instruments and Hedging Activities

 

The Funds enter into transactions involving derivative financial instruments in connection with their investing activities. During the period ended June 30, 2020, these instruments included forward foreign currency contracts. These instruments are subject to various risks similar to non-derivative instruments including market, credit and liquidity risks.

 

 

Page 13

 

 

 

Notes to Schedules of Investments (unaudited) IVA Funds

 

The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in investments. Specifically, derivative instruments expose a Fund to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, a Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, a Fund will succeed in enforcing them. During the period ended June 30, 2020, the Funds had exposure to OTC derivatives in the form of forward foreign currency contracts.

 

The following summary for each Fund is grouped by risk type and provides information about the fair value of derivatives at June 30, 2020.

 

Worldwide Fund

 

Risk-Type Category     Fair Value 
Foreign exchange  Unrealized depreciation on open forward foreign currency contracts  $(2,001,987)

 

International Fund

 

Risk-Type Category     Fair Value 
Foreign exchange  Unrealized depreciation on open forward foreign currency contracts  $(1,470,580)

 

During the period ended June 30, 2020, the Worldwide Fund had average notional values of $345,158,332 on open forward foreign currency contracts to sell.

 

During the period ended June 30, 2020, the International Fund had average notional values of $318,704,918 on open forward foreign currency contracts to sell.

 

 

Page 14

 

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