(c) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At March 31, 2023, securities noted as such are valued at $6,880,682 or 8.3% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
Sector Allocation | % of Total Long-Term Investments |
Materials | 26.3% |
Consumer Staples | 16.0 |
Financials | 14.5 |
Utilities | 12.3 |
Energy | 9.6 |
Industrials | 8.2 |
Consumer Discretionary | 6.2 |
Communication Services | 3.9 |
Health Care | 2.2 |
Real Estate | 0.8 |
Total | 100.0% |
Currency Exposure Diversification | % of Total Investments |
Brazilian Real | 59.2% |
Mexican Peso | 22.0 |
Chilean Peso | 18.2 |
Colombian Peso | 0.6 |
Total | 100.0% |
Total Value at 3/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Chile | $ 14,957,274 | $ 8,076,592 | $ 6,880,682 | $ — |
Other Country Categories* | 66,665,836 | 66,665,836 | — | — |
Real Estate Investment Trusts* | 681,392 | 681,392 | — | — |
Total Investments | $ 82,304,502 | $ 75,423,820 | $ 6,880,682 | $— |
* | See Portfolio of Investments for country breakout. |
Currency Exposure Diversification | % of Total Investments |
Japanese Yen | 26.8% |
Euro | 25.2 |
Canadian Dollar | 11.4 |
British Pound Sterling | 10.8 |
South Korean Won | 7.1 |
Australian Dollar | 6.4 |
United States Dollar | 3.2 |
Singapore Dollar | 2.3 |
Hong Kong Dollar | 2.0 |
Swedish Krona | 1.7 |
Norwegian Krone | 1.6 |
Danish Krone | 0.7 |
Swiss Franc | 0.5 |
Israeli Shekel | 0.2 |
New Zealand Dollar | 0.1 |
Total | 100.0% |
Total Value at 3/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks: | ||||
Canada | $ 51,667,788 | $ 51,667,788 | $ — | $ — |
Cayman Islands | 5,612,012 | — | 5,379,194 | 232,818 |
South Korea | 35,444,258 | 2,577,682 | 32,866,576 | — |
Other Country Categories* | 357,929,462 | — | 357,929,462 | — |
Real Estate Investment Trusts: | ||||
Canada | 4,678,632 | 4,678,632 | — | — |
Other Country Categories* | 24,594,033 | — | 24,594,033 | — |
Money Market Funds | 13,581,841 | 13,581,841 | — | — |
Repurchase Agreements | 2,186,405 | — | 2,186,405 | — |
Total Investments | $ 495,694,431 | $ 72,505,943 | $ 422,955,670 | $ 232,818 |
* | See Portfolio of Investments for country breakout. |
Country Allocation† | % of Net Assets |
United Kingdom | 88.2% |
Ireland | 4.1 |
Spain | 2.6 |
Jersey | 1.8 |
Bermuda | 1.7 |
Luxembourg | 1.0 |
Total Investments | 99.4 |
Net Other Assets and Liabilities | 0.6 |
Total | 100.0% |
Currency Exposure Diversification | % of Total Investments |
British Pound Sterling | 100.0% |
Total Value at 3/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 21,955,803 | $ — | $ 21,955,803 | $—** |
Real Estate Investment Trusts* | 1,616,707 | — | 1,616,707 | — |
Total Investments | $ 23,572,510 | $— | $ 23,572,510 | $— |
* | See Portfolio of Investments for industry breakout. |
** | Investment is valued at $0. |
(a) | This security is fair valued by the Advisor’s Pricing Committee in accordance with procedures approved by the Trust’s Board of Trustees and in accordance with provisions of the Investment Company Act of 1940 and rules thereunder, as amended. At March 31, 2023, securities noted as such are valued at $111,895,149 or 99.0% of net assets. Certain of these securities are fair valued using a factor provided by a third-party pricing service due to the change in value between the foreign markets’ close and the New York Stock Exchange close exceeding a certain threshold. On days when this threshold is not exceeded, these securities are typically valued at the last sale price on the exchange on which they are principally traded. |
(b) | This security may be resold to qualified foreign investors and foreign institutional buyers under Regulation S of the Securities Act of 1933, as amended (the “1933 Act”). |
(c) | This security is exempt from registration upon resale under Rule 144A of the 1933 Act and may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security is not restricted on the foreign exchange where it trades freely without any additional registration. As such, it does not require the additional disclosure required of restricted securities. |
(d) | Non-income producing security. |
Country Allocation† | % of Net Assets |
Switzerland | 99.0% |
Total Investments | 99.0 |
Net Other Assets and Liabilities | 1.0 |
Total | 100.0% |
Currency Exposure Diversification | % of Total Investments |
Swiss Franc | 100.0% |
Total Value at 3/31/2023 | Level 1 Quoted Prices | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | |
Common Stocks* | $ 111,895,149 | $ — | $ 111,895,149 | $ — |
* | See Portfolio of Investments for industry breakout. |
• | Level 1 – Level 1 inputs are quoted prices in active markets for identical investments. |
• | Level 2 – Level 2 inputs are observable inputs, either directly or indirectly. (Quoted prices for similar investments, valuations based on interest rates and yield curves, or valuations derived from observable market data.) |
• | Level 3 – Level 3 inputs are unobservable inputs that may reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the investment. |