PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Mirova Global Green Bond Fund
Principal |
Description |
Value () | ||||||||
Bonds and Notes 92.8% of Net Assets |
||||||||||
Australia 1.1% |
| |||||||||
300,000 | Westpac Banking Corp., EMTN, |
$ | 339,691 | |||||||
|
|
|||||||||
Austria 0.8% |
| |||||||||
200,000 | Verbund AG, |
237,933 | ||||||||
|
|
|||||||||
Belgium 3.0% |
| |||||||||
600,000 | KBC Group NV, EMTN, |
686,803 | ||||||||
200,000 | Kingdom of Belgium, Series 86, |
239,675 | ||||||||
|
|
|||||||||
926,478 | ||||||||||
|
|
|||||||||
Brazil 1.4% |
| |||||||||
400,000 | Fibria Overseas Finance Ltd., |
419,800 | ||||||||
|
|
|||||||||
Canada 2.5% |
| |||||||||
1,000,000 | Province of Ontario Canada, |
749,362 | ||||||||
50,000 | Province of Quebec Canada, |
38,520 | ||||||||
|
|
|||||||||
787,882 | ||||||||||
|
|
|||||||||
Denmark 2.3% |
| |||||||||
600,000 | Orsted AS, |
699,380 | ||||||||
|
|
|||||||||
Finland 0.6% |
| |||||||||
200,000 | Municipality Finance PLC, |
195,011 | ||||||||
|
|
|||||||||
France 16.1% |
| |||||||||
800,000 | Electricite de France S.A., |
814,109 | ||||||||
400,000 | Electricite de France S.A., EMTN, |
455,964 | ||||||||
100,000 | Engie S.A., EMTN, |
120,389 | ||||||||
2,050,000 | France Government Bond OAT, |
2,620,413 | ||||||||
300,000 | ICADE, |
337,350 | ||||||||
100,000 | SNCF Reseau EPIC, EMTN, |
114,706 | ||||||||
400,000 | SNCF Reseau EPIC, EMTN, |
501,617 | ||||||||
|
|
|||||||||
4,964,548 | ||||||||||
|
|
Principal Amount () |
Description |
Value () | ||||||||
Bonds and Notes continued |
||||||||||
Germany 3.0% |
| |||||||||
600,000 | Berlin Hyp AG, |
$ | 670,840 | |||||||
370,000 | Kreditanstalt fuer Wiederaufbau, MTN, |
264,932 | ||||||||
|
|
|||||||||
935,772 | ||||||||||
|
|
|||||||||
India 1.9% |
| |||||||||
600,000 | Indian Railway Finance Corp. Ltd., |
585,100 | ||||||||
|
|
|||||||||
Indonesia 0.6% |
| |||||||||
200,000 | Republic of Indonesia, |
201,596 | ||||||||
|
|
|||||||||
Italy 1.8% |
| |||||||||
200,000 | Ferrovie dello Stato Italiane SpA., EMTN, |
219,491 | ||||||||
300,000 | Intesa Sanpaolo SpA, EMTN, |
337,171 | ||||||||
|
|
|||||||||
556,662 | ||||||||||
|
|
|||||||||
Japan 5.2% |
| |||||||||
700,000 | Mizuho Financial Group, Inc., EMTN, |
799,789 | ||||||||
700,000 | Sumitomo Mitsui Financial Group, Inc., EMTN, |
800,859 | ||||||||
|
|
|||||||||
1,600,648 | ||||||||||
|
|
|||||||||
Korea 2.0% |
| |||||||||
400,000 | Hyundai Capital Services, Inc., |
396,881 | ||||||||
200,000 | Korea Water Resources Corp., EMTN, |
206,811 | ||||||||
|
|
|||||||||
603,692 | ||||||||||
|
|
|||||||||
Lithuania 3.3% |
| |||||||||
500,000 | Lietuvos Energija UAB, EMTN, |
560,146 | ||||||||
400,000 | Lietuvos Energija UAB, EMTN, |
459,236 | ||||||||
|
|
|||||||||
1,019,382 | ||||||||||
|
|
|||||||||
Mexico 0.6% |
| |||||||||
200,000 | Nacional Financiera SNC, |
200,002 | ||||||||
|
|
|||||||||
Netherlands 14.8% |
| |||||||||
300,000 | EDP Finance BV, EMTN, |
353,653 | ||||||||
500,000 | Iberdrola International BV, (fixed rate to 5/22/2023, variable rate thereafter), |
552,855 | ||||||||
500,000 | Iberdrola International BV, EMTN, |
582,749 |
Principal Amount () |
Description |
Value () | ||||||||
Bonds and Notes continued |
||||||||||
Netherlands continued |
| |||||||||
$ | 1,200,000 | Nederlandse Waterschapsbank NV, |
$ | 1,183,637 | ||||||
500,000 | Royal Schiphol Group NV, EMTN, |
594,621 | ||||||||
100,000 | TenneT Holding BV, (fixed rate to 6/01/2024, variable rate thereafter), |
114,829 | ||||||||
100,000 | TenneT Holding BV, EMTN, |
112,192 | ||||||||
300,000 | TenneT Holding BV, EMTN, |
350,659 | ||||||||
400,000 | TenneT Holding BV, EMTN, |
483,468 | ||||||||
200,000 | TenneT Holding BV, EMTN, |
240,107 | ||||||||
|
|
|||||||||
4,568,770 | ||||||||||
|
|
|||||||||
Norway 0.6% |
| |||||||||
200,000 | Kommunalbanken AS, MTN, |
196,663 | ||||||||
|
|
|||||||||
Portugal 0.8% |
| |||||||||
200,000 | EDP - Energias de Portugal S.A., (fixed rate to 4/30/2024, variable rate thereafter),
|
234,165 | ||||||||
|
|
|||||||||
Spain 0.7% |
| |||||||||
200,000 | ACS Servicios Comunicaciones y Energia, S.L., |
220,788 | ||||||||
|
|
|||||||||
Supranationals 6.3% |
| |||||||||
100,000 | Asian Development Bank, GMTN, |
98,728 | ||||||||
200,000 | European Investment Bank, |
243,855 | ||||||||
100,000 | European Investment Bank, |
97,963 | ||||||||
200,000 | European Investment Bank, |
198,185 | ||||||||
700,000 | European Investment Bank, |
703,612 | ||||||||
200,000 | European Investment Bank, EMTN, |
209,368 | ||||||||
200,000 | International Bank for Reconstruction & Development, Series GDIF, |
197,395 | ||||||||
100,000 | International Finance Corp., GMTN, |
98,843 | ||||||||
100,000 | International Finance Corp., GMTN, |
97,901 | ||||||||
|
|
|||||||||
1,945,850 | ||||||||||
|
|
|||||||||
Sweden 2.9% |
| |||||||||
900,000 | Svensk Exportkredit AB, GMTN, |
893,763 | ||||||||
|
|
Principal Amount () |
Description |
Value () | ||||||||
Bonds and Notes continued |
||||||||||
United Kingdom 5.5% |
| |||||||||
500,000 | Anglian Water Services Financing PLC, EMTN, |
$ | 640,099 | |||||||
200,000 | SSE PLC, EMTN, |
223,449 | ||||||||
500,000 | SSE PLC, EMTN, |
568,832 | ||||||||
200,000 | Transport for London, EMTN, |
269,682 | ||||||||
|
|
|||||||||
1,702,062 | ||||||||||
|
|
|||||||||
United States 15.0% |
| |||||||||
300,000 | Apple, Inc., |
302,744 | ||||||||
900,000 | Apple, Inc., |
896,024 | ||||||||
600,000 | Bank of America Corp., (fixed rate to 5/17/2021, variable rate thereafter), MTN, |
607,025 | ||||||||
700,000 | Citigroup, Inc., EMTN, |
793,547 | ||||||||
400,000 | Digital Euro Finco LLC, |
469,302 | ||||||||
400,000 | Digital Realty Trust LP, |
410,428 | ||||||||
600,000 | DTE Electric Co., Series A, |
625,412 | ||||||||
100,000 | Southern Power Co., |
119,845 | ||||||||
400,000 | Southern Power Co., |
415,329 | ||||||||
|
|
|||||||||
4,639,656 | ||||||||||
|
|
|||||||||
Total Bonds and Notes |
28,675,294 | |||||||||
|
|
|||||||||
Short-Term Investments 3.4% |
||||||||||
1,044,494 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $1,044,625 on 4/01/2019 collateralized by $1,070,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $1,069,682 including accrued interest(c) |
1,044,494 | ||||||||
|
|
|||||||||
Total Investments 96.2% |
29,719,788 | |||||||||
Other assets less liabilities 3.8% | 1,159,937 | |||||||||
|
|
|||||||||
Net Assets 100.0% | $ | 30,879,725 | ||||||||
|
|
() |
Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers. | |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. | ||
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used. | ||
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security. Futures contracts are valued at the most recent settlement price on the exchange on which the adviser believes that, over time, they are traded most extensively. | ||
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund. | ||
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. | ||
() |
Principal Amount stated in U.S. dollars unless otherwise noted. | |
(a) |
Security (or a portion thereof) has been designated to cover the Funds obligations under open derivative contracts. | |
(b) |
Perpetual bond with no specified maturity date. | |
(c) |
The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. | |
EMTN |
Euro Medium Term Note | |
GMTN |
Global Medium Term Note | |
MTN |
Medium Term Note | |
AUD |
Australian Dollar | |
CAD |
Canadian Dollar | |
EUR |
Euro | |
GBP |
British Pound |
Futures Contracts
The Fund may enter into futures contracts. Futures contracts are agreements between two parties to buy and sell a particular instrument or index for a specified price on a specified future date.
When the Fund enters into a futures contract, it is required to deposit with (or for the benefit of) its broker an amount of cash or short-term high-quality securities as initial margin. As the value of the contract changes, the value of the futures contract position increases or declines. Subsequent payments, known as variation margin, are made or received by the Fund, depending on the price fluctuations in the fair value of the contract and the value of cash or securities on deposit with the broker. Realized gain or loss on a futures position is equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed, minus brokerage commissions. When the Fund enters into a futures contract certain risks may arise, such as illiquidity in the futures market, which may limit the Funds ability to close out a futures contract prior to settlement date, and unanticipated movements in the value of securities or interest rates.
Futures contracts are exchange-traded. Exchange-traded futures contracts are standardized and are settled through a clearing house with fulfillment supported by the credit of the exchange. Therefore, counterparty credit risks to the Fund are reduced; however, in the event that a counterparty enters into bankruptcy, the Funds claim against initial/variation margin on deposit with the counterparty may be subject to terms of a final settlement in bankruptcy court.
At March 31, 2019, open long futures contracts were as follows:
Financial Futures |
Expiration Date |
Contracts | Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||
German Euro Bund |
6/06/2019 | 13 | $ | 2,384,168 | $ | 2,425,695 | $ | 41,527 | ||||||||||
|
|
|||||||||||||||||
At March 31, 2019, open short futures contracts were as follows:
|
| |||||||||||||||||
Financial Futures |
Expiration Date |
Contracts | Notional Amount |
Value | Unrealized Appreciation (Depreciation) |
|||||||||||||
10 Year U.S. Treasury Note |
6/19/2019 | 19 | $ | 2,322,996 | $ | 2,360,156 | $ | (37,160 | ) | |||||||||
30 Year U.S. Treasury Bond |
6/19/2019 | 1 | 146,161 | 149,656 | (3,495 | ) | ||||||||||||
Australian Dollar |
6/17/2019 | 5 | 352,700 | 355,450 | (2,750 | ) | ||||||||||||
British Pound |
6/17/2019 | 12 | 977,925 | 979,200 | (1,275 | ) | ||||||||||||
Canadian Dollar |
6/18/2019 | 11 | 821,755 | 825,330 | (3,575 | ) | ||||||||||||
Euro |
6/17/2019 | 118 | 16,734,650 | 16,650,537 | 84,113 | |||||||||||||
Euro-Buxl® 30 Year Bond |
6/06/2019 | 1 | 207,928 | 214,995 | (7,067 | ) | ||||||||||||
UK Long Gilt |
6/26/2019 | 1 | 165,709 | 168,498 | (2,789 | ) | ||||||||||||
Ultra Long U.S. Treasury Bond |
6/19/2019 | 1 | 162,162 | 168,000 | (5,838 | ) | ||||||||||||
|
|
|||||||||||||||||
Total |
|
$ | 20,164 | |||||||||||||||
|
|
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bonds and Notes* |
$ | | $ | 28,675,294 | $ | | $ | 28,675,294 | ||||||||
Short-Term Investments |
| 1,044,494 | | 1,044,494 | ||||||||||||
Futures Contracts (unrealized appreciation) |
125,640 | | | 125,640 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 125,640 | $ | 29,719,788 | $ | | $ | 29,845,428 | ||||||||
|
|
|
|
|
|
|
|
Liability Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Futures Contracts (unrealized depreciation) |
$ | (63,949 | ) | $ | | $ | | $ | (63,949 | ) | ||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.
Derivatives
Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include futures contracts.
The Fund seeks to provide total return, through a combination of capital appreciation and current income, by investing in green bonds. The Fund pursues its objective by primarily investing in fixed-income securities. In connection with its principal investment strategies, the Fund may also invest in futures, forwards and foreign currency transactions for hedging and investment purposes. During the period ended March 31, 2019, the Fund used futures contracts to gain yield curve exposure in accordance with its objective.
The following is a summary of derivative instruments for the Fund, as of March 31, 2019:
Assets |
Unrealized appreciation on futures contracts |
|||
Exchange-traded asset derivatives |
||||
Interest rate contracts |
$ | 41,527 | ||
Foreign exchange contracts |
84,113 | |||
|
|
|||
Total exchange-traded asset derivatives |
$ | 125,640 | ||
|
|
Liabilities |
Unrealized depreciation on futures contracts |
|||
Exchange-traded liability derivatives |
||||
Interest rate contracts |
$ | (56,349 | ) | |
Foreign exchange contracts |
(7,600 | ) | ||
|
|
|||
Total exchange-traded liability derivatives |
$ | (63,949 | ) | |
|
|
The Funds derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.
Counterparty risk is managed based on policies and procedures established by the Funds adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements, monitoring of counterparty credit default swap spreads and posting of collateral. With exchange-traded derivatives, there is minimal counterparty credit risk to the Fund because the exchanges clearinghouse, as counterparty to these instruments, stands between the buyer and the seller of the contract. Credit risk still exists in exchange-traded derivatives with respect to initial and variation margin that is held in a brokers customer accounts. While brokers are required to segregate customer margin from their own assets, in the event that a broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the broker for all its clients, U.S. bankruptcy laws will typically allocate that shortfall on a pro rata basis across all of the brokers customers, potentially resulting in losses to the Fund. The following table shows the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the Fund, as of March 31, 2019:
Maximum Amount of Loss - Gross |
Maximum Amount of Loss Net |
|||
$ 709,183 |
$ | 709,183 |
Industry Summary at March 31, 2019 (Unaudited)
Utility Electric |
20.4 | % | ||
Bank |
18.4 | |||
Financial |
11.1 | |||
Industrial |
10.8 | |||
Government National |
9.9 | |||
Supra-National |
6.3 | |||
Special Purpose |
5.0 | |||
Government Agency |
3.9 | |||
Government Regional |
3.1 | |||
Gas Transmission |
2.3 | |||
Transportation- Rail |
1.6 | |||
Short-Term Investments |
3.4 | |||
|
|
|||
Total Investments |
96.2 | |||
Other assets less liabilities (including futures contracts) |
3.8 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
Currency Exposure Summary at March 31, 2019 (Unaudited)
Euro |
54.2 | % | ||
United States Dollar |
35.7 | |||
British Pound |
3.0 | |||
Canadian Dollar |
2.5 | |||
Australian Dollar |
0.8 | |||
|
|
|||
Total Investments |
96.2 | |||
Other assets less liabilities (including futures contracts) |
3.8 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Mirova International Sustainable Equity Fund
Shares | Description |
Value () | ||||||||
Common Stocks 93.2% of Net Assets | ||||||||||
Australia 3.0% |
| |||||||||
20,850 | Brambles Ltd. | $ | 174,304 | |||||||
57,365 | Stockland | 156,909 | ||||||||
|
|
|||||||||
331,213 | ||||||||||
|
|
|||||||||
Belgium 5.5% |
| |||||||||
6,367 | KBC Group NV | 445,122 | ||||||||
3,809 | Umicore S.A. | 169,529 | ||||||||
|
|
|||||||||
614,651 | ||||||||||
|
|
|||||||||
China 1.3% |
| |||||||||
24,000 | BYD Co. Ltd. | 145,110 | ||||||||
|
|
|||||||||
Denmark 11.4% |
| |||||||||
3,421 | Chr. Hansen Holding AS | 347,245 | ||||||||
6,735 | Novo Nordisk AS, Class B | 352,007 | ||||||||
3,049 | Orsted AS | 231,267 | ||||||||
4,039 | Vestas Wind Systems AS | 340,432 | ||||||||
|
|
|||||||||
1,270,951 | ||||||||||
|
|
|||||||||
France 15.1% |
| |||||||||
1,260 | Air Liquide S.A. | 160,349 | ||||||||
14,405 | Credit Agricole S.A. | 173,925 | ||||||||
2,192 | Danone | 168,786 | ||||||||
1,313 | Dassault Systemes SE | 195,701 | ||||||||
2,834 | EssilorLuxottica S.A. | 309,586 | ||||||||
676 | LOreal S.A. | 182,041 | ||||||||
1,516 | Orpea | 182,030 | ||||||||
11,673 | Suez | 154,642 | ||||||||
5,536 | Valeo S.A. | 160,725 | ||||||||
|
|
|||||||||
1,687,785 | ||||||||||
|
|
|||||||||
Germany 6.9% |
| |||||||||
768 | Allianz SE, (Registered) | 171,147 | ||||||||
3,171 | Fresenius SE & Co. KGaA, Sponsored ADR | 177,233 | ||||||||
2,040 | SAP SE | 235,833 | ||||||||
2,044 | Symrise AG | 184,263 | ||||||||
|
|
|||||||||
768,476 | ||||||||||
|
|
|||||||||
Hong Kong 3.9% |
| |||||||||
43,000 | AIA Group Ltd. | 429,990 | ||||||||
|
|
|||||||||
Ireland 3.5% |
| |||||||||
4,886 | Kingspan Group PLC | 226,402 | ||||||||
5,816 | Smurfit Kappa Group PLC | 162,551 | ||||||||
|
|
|||||||||
388,953 | ||||||||||
|
|
|||||||||
Japan 16.7% |
| |||||||||
2,700 | Kao Corp. | 213,102 | ||||||||
21,300 | Kubota Corp. | 309,601 |
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Japan continued |
| |||||||||
13,800 | Sekisui House Ltd. | $ | 228,686 | |||||||
700 | Shimano, Inc. |
113,972 | ||||||||
7,200 | Takeda Pharmaceutical Co. Ltd. |
294,856 | ||||||||
9,000 | Terumo Corp. |
275,451 | ||||||||
3,500 | Toyota Motor Corp. |
206,188 | ||||||||
2,900 | West Japan Railway Co. | 218,502 | ||||||||
|
|
|||||||||
1,860,358 | ||||||||||
|
|
|||||||||
Netherlands 3.7% |
| |||||||||
1,328 | ASML Holding NV |
249,597 | ||||||||
2,842 | Unilever NV |
165,693 | ||||||||
|
|
|||||||||
415,290 | ||||||||||
|
|
|||||||||
Norway 1.0% |
| |||||||||
5,326 | Telenor ASA | 106,647 | ||||||||
|
|
|||||||||
Singapore 0.9% |
| |||||||||
124,600 | Raffles Medical Group Ltd. | 98,465 | ||||||||
|
|
|||||||||
Switzerland 1.5% |
| |||||||||
404 | Geberit AG, (Registered) | 165,232 | ||||||||
|
|
|||||||||
Taiwan 4.1% |
| |||||||||
11,100 | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 454,656 | ||||||||
|
|
|||||||||
United Kingdom 14.7% |
| |||||||||
3,447 | Croda International PLC | 226,460 | ||||||||
12,021 | Halma PLC | 262,081 | ||||||||
4,329 | Johnson Matthey PLC | 177,528 | ||||||||
19,995 | Land Securities Group PLC | 238,060 | ||||||||
106,160 | Legal & General Group PLC | 380,968 | ||||||||
11,780 | Prudential PLC | 236,136 | ||||||||
1,310 | Spirax-Sarco Engineering PLC | 122,771 | ||||||||
|
|
|||||||||
1,644,004 | ||||||||||
|
|
|||||||||
Total Common Stocks |
10,381,781 | |||||||||
|
|
|||||||||
Total Investments 93.2% |
10,381,781 | |||||||||
Other assets less liabilities 6.8% | 759,126 | |||||||||
|
|
|||||||||
Net Assets 100.0% | $ | 11,140,907 | ||||||||
|
|
() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
As of March 31, 2019, securities held by the Fund were fair valued as follows:
Equity securities1 |
Percentage of Net Assets | |||||
$ | 9,772,483 | 87.7 | % |
1 | Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
||||||||||||||||
Australia |
$ | | $ | 331,213 | $ | | $ | 331,213 | ||||||||
Belgium |
| 614,651 | | 614,651 | ||||||||||||
China |
| 145,110 | | 145,110 | ||||||||||||
Denmark |
| 1,270,951 | | 1,270,951 | ||||||||||||
France |
154,642 | 1,533,143 | | 1,687,785 | ||||||||||||
Germany |
| 768,476 | | 768,476 | ||||||||||||
Hong Kong |
| 429,990 | | 429,990 | ||||||||||||
Ireland |
| 388,953 | | 388,953 | ||||||||||||
Japan |
| 1,860,358 | | 1,860,358 | ||||||||||||
Netherlands |
| 415,290 | | 415,290 | ||||||||||||
Norway |
| 106,647 | | 106,647 | ||||||||||||
Singapore |
| 98,465 | | 98,465 | ||||||||||||
Switzerland |
| 165,232 | | 165,232 | ||||||||||||
Taiwan |
454,656 | | | 454,656 | ||||||||||||
United Kingdom |
| 1,644,004 | | 1,644,004 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 609,298 | $ | 9,772,483 | $ | | $ | 10,381,781 | ||||||||
|
|
|
|
|
|
|
|
For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at March 31, 2019 (Unaudited)
Chemicals |
11.3 | % | ||
Insurance |
10.9 | |||
Semiconductors & Semiconductor Equipment |
6.3 | |||
Pharmaceuticals |
5.8 | |||
Banks |
5.6 | |||
Personal Products |
5.0 | |||
Health Care Providers & Services |
4.1 | |||
Machinery |
3.9 | |||
Software |
3.9 | |||
Equity Real Estate Investment Trusts |
3.5 | |||
Building Products |
3.5 | |||
Automobiles |
3.1 | |||
Electrical Equipment |
3.0 | |||
Textiles, Apparel & Luxury Goods |
2.8 | |||
Health Care Equipment & Supplies |
2.5 | |||
Electronic Equipment, Instruments & Components |
2.4 | |||
Electric Utilities |
2.1 | |||
Household Durables |
2.1 | |||
Road & Rail |
2.0 | |||
Other Investments, less than 2% each |
9.4 | |||
|
|
|||
Total Investments |
93.2 | |||
Other assets less liabilities |
6.8 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
Currency Exposure Summary at March 31, 2019 (Unaudited)
Euro |
34.7 | % | ||
Japanese Yen |
16.7 | |||
British Pound |
14.7 | |||
Danish Krone |
11.4 | |||
Hong Kong Dollar |
5.2 | |||
United States Dollar |
4.1 | |||
Australian Dollar |
3.0 | |||
Other, less than 2% each |
3.4 | |||
|
|
|||
Total Investments |
93.2 | |||
Other assets less liabilities |
6.8 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Mirova Global Sustainable Equity Fund
Shares | Description |
Value () | ||||||||
Common Stocks 96.8% of Net Assets | ||||||||||
Belgium 2.6% |
| |||||||||
35,512 | KBC Group NV | $ | 2,482,673 | |||||||
|
|
|||||||||
China 1.0% |
| |||||||||
152,901 | BYD Co. Ltd. | 924,476 | ||||||||
|
|
|||||||||
Denmark 10.0% |
| |||||||||
13,761 | Chr. Hansen Holding AS | 1,396,797 | ||||||||
7,929 | Coloplast AS, Series B | 870,371 | ||||||||
67,208 | Novo Nordisk AS, Class B | 3,512,649 | ||||||||
12,100 | Orsted AS | 917,788 | ||||||||
31,318 | Vestas Wind Systems AS | 2,639,674 | ||||||||
|
|
|||||||||
9,337,279 | ||||||||||
|
|
|||||||||
France 4.8% |
| |||||||||
17,491 | Danone | 1,346,823 | ||||||||
19,793 | EssilorLuxottica S.A. | 2,162,185 | ||||||||
34,036 | Valeo S.A. | 988,157 | ||||||||
|
|
|||||||||
4,497,165 | ||||||||||
|
|
|||||||||
Germany 5.2% |
| |||||||||
4,652 | Allianz SE, (Registered) | 1,036,686 | ||||||||
11,560 | Fresenius SE & Co. KGaA, Sponsored ADR | 646,111 | ||||||||
35,732 | Symrise AG | 3,221,168 | ||||||||
|
|
|||||||||
4,903,965 | ||||||||||
|
|
|||||||||
Hong Kong 2.4% |
| |||||||||
223,258 | AIA Group Ltd. | 2,232,528 | ||||||||
|
|
|||||||||
Ireland 3.6% |
| |||||||||
41,457 | Eaton Corp. PLC | 3,339,776 | ||||||||
|
|
|||||||||
Japan 3.2% |
| |||||||||
86,900 | Sekisui House Ltd. | 1,440,060 | ||||||||
26,500 | Toyota Motor Corp. | 1,561,135 | ||||||||
|
|
|||||||||
3,001,195 | ||||||||||
|
|
|||||||||
Netherlands 2.9% |
| |||||||||
6,375 | ASML Holding NV | 1,198,180 | ||||||||
26,715 | Unilever NV | 1,557,522 | ||||||||
|
|
|||||||||
2,755,702 | ||||||||||
|
|
|||||||||
Singapore 1.4% |
| |||||||||
1,658,400 | Raffles Medical Group Ltd. | 1,310,547 | ||||||||
|
|
|||||||||
Switzerland 0.8% |
| |||||||||
1,813 | Geberit AG, (Registered) | 741,499 | ||||||||
|
|
|||||||||
Taiwan 1.7% |
| |||||||||
38,000 | Taiwan Semiconductor Manufacturing Co. Ltd., Sponsored ADR | 1,556,480 | ||||||||
|
|
Shares | Description |
Value () | ||||||||
Common Stocks continued | ||||||||||
United Kingdom 5.1% |
| |||||||||
21,700 | Aptiv PLC | $ | 1,724,933 | |||||||
408,239 | Legal & General Group PLC | 1,465,016 | ||||||||
78,685 | Prudential PLC | 1,577,277 | ||||||||
|
|
|||||||||
4,767,226 | ||||||||||
|
|
|||||||||
United States 52.1% |
| |||||||||
34,151 | A.O. Smith Corp. | 1,820,931 | ||||||||
3,545 | Alphabet, Inc., Class A(a) | 4,172,075 | ||||||||
1,299 | Amazon.com, Inc.(a) | 2,313,194 | ||||||||
22,668 | American Water Works Co., Inc. | 2,363,366 | ||||||||
29,471 | Danaher Corp. | 3,890,761 | ||||||||
55,013 | eBay, Inc. | 2,043,183 | ||||||||
20,088 | Ecolab, Inc. | 3,546,336 | ||||||||
5,796 | Estee Lauder Cos., Inc. (The), Class A | 959,528 | ||||||||
21,797 | Gilead Sciences, Inc. | 1,417,023 | ||||||||
2,199 | Illumina, Inc.(a) | 683,207 | ||||||||
5,697 | International Flavors & Fragrances, Inc. | 733,717 | ||||||||
19,623 | MasterCard, Inc., Class A | 4,620,235 | ||||||||
38,441 | Microsoft Corp. | 4,533,732 | ||||||||
7,792 | NextEra Energy, Inc. | 1,506,349 | ||||||||
17,893 | Oracle Corp. | 961,033 | ||||||||
8,874 | Roper Technologies, Inc. | 3,034,642 | ||||||||
11,494 | Signature Bank | 1,472,037 | ||||||||
16,824 | Thermo Fisher Scientific, Inc. | 4,605,065 | ||||||||
19,946 | Visa, Inc., Class A | 3,115,366 | ||||||||
10,900 | Watts Water Technologies, Inc., Series A | 880,938 | ||||||||
|
|
|||||||||
48,672,718 | ||||||||||
|
|
|||||||||
Total Common Stocks |
90,523,229 | |||||||||
|
|
|||||||||
Principal |
||||||||||
Short-Term Investments 1.2% |
||||||||||
$1,091,275 | Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $1,091,412 on 4/01/2019 collateralized by $1,115,000 U.S. Treasury Note, 2.125% due 12/31/2022 valued at $1,117,967 including accrued interest(b) (Identified Cost $1,091,275) |
1,091,275 | ||||||||
|
|
|||||||||
Total Investments 98.0% |
91,614,504 | |||||||||
Other assets less liabilities 2.0% |
1,843,607 | |||||||||
|
|
|||||||||
Net Assets 100.0% | $ | 93,458,111 | ||||||||
|
|
() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
As of March 31, 2019, securities held by the Fund were fair valued as follows:
Equity securities1 |
Percentage of Net Assets |
|||
$ 35,229,322 | 37.7 | % |
1 | Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(a) | Non-income producing security. |
(b) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
||||||||||||||||
Belgium |
$ | | $ | 2,482,673 | $ | | $ | 2,482,673 | ||||||||
China |
| 924,476 | | 924,476 | ||||||||||||
Denmark |
| 9,337,279 | | 9,337,279 | ||||||||||||
France |
| 4,497,165 | | 4,497,165 | ||||||||||||
Germany |
| 4,903,965 | | 4,903,965 | ||||||||||||
Hong Kong |
| 2,232,528 | | 2,232,528 | ||||||||||||
Japan |
| 3,001,195 | | 3,001,195 | ||||||||||||
Netherlands |
| 2,755,702 | | 2,755,702 | ||||||||||||
Singapore |
| 1,310,547 | | 1,310,547 | ||||||||||||
Switzerland |
| 741,499 | | 741,499 | ||||||||||||
United Kingdom |
1,724,933 | 3,042,293 | | 4,767,226 | ||||||||||||
All Other Common Stocks* |
53,568,974 | | | 53,568,974 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Common Stocks |
55,293,907 | 35,229,322 | | 90,523,229 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
| 1,091,275 | | 1,091,275 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 55,293,907 | $ | 36,320,597 | $ | | $ | 91,614,504 | ||||||||
|
|
|
|
|
|
|
|
* Details of the major categories of the Funds investments are reflected within the Portfolio of Investments.
For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at March 31, 2019 (Unaudited)
Chemicals |
9.5 | % | ||
IT Services |
8.2 | |||
Insurance |
6.8 | |||
Electrical Equipment |
6.4 | |||
Software |
5.9 | |||
Life Sciences Tools & Services |
5.6 | |||
Health Care Equipment & Supplies |
5.1 | |||
Internet & Direct Marketing Retail |
4.7 | |||
Interactive Media & Services |
4.5 | |||
Banks |
4.2 | |||
Pharmaceuticals |
3.8 | |||
Industrial Conglomerates |
3.3 | |||
Semiconductors & Semiconductor Equipment |
3.0 | |||
Auto Components |
2.9 | |||
Building Products |
2.8 | |||
Automobiles |
2.7 | |||
Personal Products |
2.6 | |||
Electric Utilities |
2.6 | |||
Water Utilities |
2.5 | |||
Textiles, Apparel & Luxury Goods |
2.3 | |||
Health Care Providers & Services |
2.1 | |||
Other Investments, less than 2% each |
5.3 | |||
Short-Term Investments |
1.2 | |||
|
|
|||
Total Investments |
98.0 | |||
Other assets less liabilities |
2.0 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
Currency Exposure Summary at March 31, 2019 (Unaudited)
United States Dollar |
60.4 | % | ||
Euro |
15.5 | |||
Danish Krone |
10.0 | |||
Hong Kong Dollar |
3.4 | |||
British Pound |
3.3 | |||
Japanese Yen |
3.2 | |||
Other, less than 2% each |
2.2 | |||
|
|
|||
Total Investments |
98.0 | |||
Other assets less liabilities |
2.0 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Natixis Oakmark International Fund
Shares | Description |
Value () | ||||||||
Common Stocks 98.1% of Net Assets |
||||||||||
Australia 2.5% |
| |||||||||
4,318,350 | AMP Ltd. | $ | 6,449,334 | |||||||
190,600 | Brambles Ltd. | 1,593,396 | ||||||||
725,758 | Orica Ltd. | 9,090,246 | ||||||||
|
|
|||||||||
17,132,976 | ||||||||||
|
|
|||||||||
Canada 1.6% |
| |||||||||
20,500 | Alimentation Couche-Tard, Inc., Class B | 1,207,588 | ||||||||
1,098,367 | Cenovus Energy, Inc. | 9,534,222 | ||||||||
|
|
|||||||||
10,741,810 | ||||||||||
|
|
|||||||||
China 1.1% |
| |||||||||
47,830 | Baidu, Inc., Sponsored ADR(a) | 7,884,775 | ||||||||
|
|
|||||||||
France 11.0% |
| |||||||||
310,000 | Accor S.A. | 12,557,864 | ||||||||
618,600 | BNP Paribas S.A.(b) | 29,438,052 | ||||||||
286,282 | Bureau Veritas S.A. | 6,716,399 | ||||||||
43,651 | Danone | 3,361,168 | ||||||||
233,545 | Publicis Groupe S.A. | 12,504,453 | ||||||||
404,800 | Valeo S.A. | 11,752,440 | ||||||||
|
|
|||||||||
76,330,376 | ||||||||||
|
|
|||||||||
Germany 16.5% |
| |||||||||
76,410 | Allianz SE, (Registered) | 17,027,775 | ||||||||
307,530 | Bayer AG, (Registered) | 19,802,443 | ||||||||
260,600 | Bayerische Motoren Werke AG | 20,121,977 | ||||||||
139,850 | Continental AG | 21,097,622 | ||||||||
438,814 | Daimler AG, (Registered) | 25,751,032 | ||||||||
767,200 | ThyssenKrupp AG | 10,553,516 | ||||||||
|
|
|||||||||
114,354,365 | ||||||||||
|
|
|||||||||
India 0.5% |
| |||||||||
320,375 | Axis Bank Ltd.(a) | 3,590,190 | ||||||||
|
|
|||||||||
Indonesia 1.2% |
| |||||||||
15,957,600 | Bank Mandiri Persero Tbk PT(a) | 8,373,650 | ||||||||
|
|
|||||||||
Ireland 2.3% |
| |||||||||
216,502 | Ryanair Holdings PLC, Sponsored ADR(a) | 16,224,660 | ||||||||
|
|
|||||||||
Italy 3.4% |
| |||||||||
9,691,800 | Intesa Sanpaolo SpA | 23,652,991 | ||||||||
|
|
|||||||||
Japan 5.0% |
| |||||||||
567,000 | Komatsu Ltd. | 13,224,452 | ||||||||
547,800 | Olympus Corp. | 5,959,638 | ||||||||
68,200 | Omron Corp. | 3,204,117 |
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Japan continued |
| |||||||||
206,700 | Toyota Motor Corp. | $ | 12,176,857 | |||||||
|
|
|||||||||
34,565,064 | ||||||||||
|
|
|||||||||
Korea 2.9% |
| |||||||||
82,600 | NHN Corp. | 9,039,931 | ||||||||
271,600 | Samsung Electronics Co. Ltd. | 10,712,700 | ||||||||
|
|
|||||||||
19,752,631 | ||||||||||
|
|
|||||||||
Mexico 1.1% |
| |||||||||
681,400 | Grupo Televisa SAB, Sponsored ADR | 7,536,284 | ||||||||
|
|
|||||||||
Netherlands 4.2% |
| |||||||||
35,804 | Akzo Nobel NV | 3,180,589 | ||||||||
54,130 | ASML Holding NV | 10,173,721 | ||||||||
242,680 | EXOR NV | 15,760,551 | ||||||||
|
|
|||||||||
29,114,861 | ||||||||||
|
|
|||||||||
South Africa 2.2% |
| |||||||||
63,935 | Naspers Ltd., N Shares | 14,899,515 | ||||||||
|
|
|||||||||
Sweden 7.0% |
| |||||||||
1,375,655 | Hennes & Mauritz AB, B Shares | 22,950,410 | ||||||||
705,300 | SKF AB, B Shares | 11,734,285 | ||||||||
890,900 | Volvo AB, B Shares | 13,823,328 | ||||||||
|
|
|||||||||
48,508,023 | ||||||||||
|
|
|||||||||
Switzerland 11.4% |
| |||||||||
152,800 | Cie Financiere Richemont S.A., (Registered) | 11,147,260 | ||||||||
2,091,836 | Credit Suisse Group AG, (Registered)(b) | 24,383,319 | ||||||||
4,644,800 | Glencore PLC(b) | 19,248,778 | ||||||||
57,430 | Kuehne & Nagel International AG | 7,879,729 | ||||||||
252,695 | LafargeHolcim Ltd., (Registered) | 12,493,918 | ||||||||
37,800 | Nestle S.A., (Registered) | 3,604,246 | ||||||||
|
|
|||||||||
78,757,250 | ||||||||||
|
|
|||||||||
Taiwan 1.2% |
| |||||||||
1,049,000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 8,401,500 | ||||||||
|
|
|||||||||
United Kingdom 21.8% |
| |||||||||
502,639 | Ashtead Group PLC | 12,151,104 | ||||||||
2,096,000 | CNH Industrial NV | 21,355,456 | ||||||||
56,000 | Diageo PLC | 2,291,634 | ||||||||
49,431 | Experian PLC | 1,337,868 | ||||||||
135,056 | Ferguson PLC | 8,601,855 | ||||||||
2,645,400 | G4S PLC | 6,330,325 | ||||||||
380,300 | Liberty Global PLC, Class A(a) | 9,477,076 | ||||||||
267,926 | Liberty Global PLC, Series C(a) | 6,486,488 | ||||||||
25,726,600 | Lloyds Banking Group PLC | 20,843,102 | ||||||||
348,904 | Meggitt PLC | 2,287,250 | ||||||||
86,100 | Reckitt Benckiser Group PLC | 7,165,464 | ||||||||
595,300 | Rolls-Royce Holdings PLC | 7,010,607 |
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
United Kingdom continued |
| |||||||||
3,672,600 | Royal Bank of Scotland Group PLC | $ | 11,826,018 | |||||||
435,989 | Schroders PLC | 15,352,337 | ||||||||
100 | Schroders PLC, (Non Voting) | 2,797 | ||||||||
339,800 | Smiths Group PLC | 6,358,598 | ||||||||
1,124,300 | WPP PLC | 11,877,164 | ||||||||
|
|
|||||||||
150,755,143 | ||||||||||
|
|
|||||||||
United States 1.2% |
| |||||||||
45,992 | Willis Towers Watson PLC | 8,078,495 | ||||||||
|
|
|||||||||
Total Common Stocks |
678,654,559 | |||||||||
|
|
|||||||||
Principal Amount |
||||||||||
Short-Term Investments 1.3% |
||||||||||
$ 8,938,785 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $8,939,902 on 4/01/2019 collateralized by $9,125,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $9,122,290 including accrued interest(c) |
8,938,785 | ||||||||
|
|
|||||||||
Total Investments 99.4% |
687,593,344 | |||||||||
Other assets less liabilities 0.6% | 3,863,953 | |||||||||
|
|
|||||||||
Net Assets 100.0% | $ | 691,457,297 | ||||||||
|
|
() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Forward foreign currency contracts are valued utilizing interpolated rates determined based on information provided by an independent pricing service.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
As of March 31, 2019, securities held by the Fund were fair valued as follows:
Equity securities1 |
Percentage of Net Assets |
|||
$ 612,224,971 |
88.5 | % |
1 | Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(a) | Non-income producing security. |
(b) | Security (or a portion thereof) has been designated to cover the Funds obligations under open derivative contracts. |
(c) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
CHF | Swiss Franc |
Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts, including forward foreign cross currency contracts, to acquire exposure to foreign currencies or to hedge the Funds investments against currency fluctuation. A contract can also be used to offset a previous contract. These contracts involve market risk in excess of the unrealized gain or loss. The U.S. dollar value of the currencies the Fund has committed to buy or sell represents the aggregate exposure to each currency the Fund has acquired or hedged through currency contracts outstanding at period end. Gains or losses are recorded for financial statement purposes as unrealized until settlement date. Contracts are traded over-the-counter directly with a counterparty. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. Certain contracts may require the movement of cash and/or securities as collateral for the Funds or counterpartys net obligations under the contracts.
At March 31, 2019, the Fund had the following open forward foreign currency contracts:
Counterparty |
Delivery Date |
Currency Bought/ Sold (B/S) |
Units of Currency |
In Exchange for | Notional Value |
Unrealized Appreciation (Depreciation) |
||||||||||||||||||||||
State Street Bank and Trust Company |
6/19/2019 | CHF | B | 6,902,000 | $ | 7,095,312 | $ | 6,982,623 | $ | (112,689 | ) | |||||||||||||||||
State Street Bank and Trust Company |
6/19/2019 | CHF | S | 19,195,000 | 20,300,658 | 19,419,218 | 881,440 | |||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total |
|
$ | 768,751 | |||||||||||||||||||||||||
|
|
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
||||||||||||||||
Australia |
$ | | $ | 17,132,976 | $ | | $ | 17,132,976 | ||||||||
France |
| 76,330,376 | | 76,330,376 | ||||||||||||
Germany |
| 114,354,365 | | 114,354,365 | ||||||||||||
India |
| 3,590,190 | | 3,590,190 | ||||||||||||
Indonesia |
| 8,373,650 | | 8,373,650 | ||||||||||||
Italy |
| 23,652,991 | | 23,652,991 | ||||||||||||
Japan |
| 34,565,064 | | 34,565,064 | ||||||||||||
Korea |
| 19,752,631 | | 19,752,631 | ||||||||||||
Netherlands |
| 29,114,861 | | 29,114,861 | ||||||||||||
South Africa |
| 14,899,515 | | 14,899,515 | ||||||||||||
Sweden |
| 48,508,023 | | 48,508,023 | ||||||||||||
Switzerland |
| 78,757,250 | | 78,757,250 | ||||||||||||
Taiwan |
| 8,401,500 | | 8,401,500 | ||||||||||||
United Kingdom |
15,963,564 | 134,791,579 | | 150,755,143 | ||||||||||||
All Other Common Stocks* |
50,466,024 | | | 50,466,024 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Common Stocks |
66,429,588 | 612,224,971 | | 678,654,559 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
| 8,938,785 | | 8,938,785 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Investments |
66,429,588 | 621,163,756 | | 687,593,344 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Forward Foreign Currency Contracts (unrealized appreciation) |
| 881,440 | | 881,440 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 66,429,588 | $ | 622,045,196 | $ | | $ | 688,474,784 | ||||||||
|
|
|
|
|
|
|
|
Liability Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Forward Foreign Currency Contracts (unrealized depreciation) |
$ | | $ | (112,689 | ) | $ | | $ | (112,689 | ) | ||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.
Derivatives
Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of an underlying asset, reference rate or index. Derivative instruments that the Fund used during the period include forward foreign currency contracts.
The Fund is subject to the risk that changes in foreign currency exchange rates will have an unfavorable effect on the value of Fund assets denominated in foreign currencies. The Fund may enter into forward foreign currency contracts for hedging purposes to protect the value of the Funds holding of foreign securities. During the period ended March 31, 2019, the Fund engaged in forward foreign currency transactions for hedging purposes.
The following is a summary of derivative instruments for the Fund, as of March 31, 2019:
Assets |
Unrealized appreciation on forward foreign currency contracts |
|||
Over-the-counter asset derivatives Foreign exchange contracts |
$ | 881,440 | ||
Liabilities |
Unrealized depreciation on forward foreign currency contracts |
|||
Over-the-counter liability derivatives Foreign exchange contracts |
$ | (112,689 | ) |
The Funds derivatives do not qualify for hedge accounting under authoritative guidance for derivative instruments. The Funds investments in derivatives may represent an economic hedge; however, they are considered to be non-hedge transactions for the purpose of this disclosure.
The Fund enters into over-the-counter derivatives, including forward foreign currency contracts, pursuant to an International Swaps and Derivatives Association, Inc. (ISDA) agreement between the Fund and its counterparty. ISDA agreements typically contain master netting provisions in the event of a default or other termination event. Master netting provisions allow the Fund and the counterparty, in the event of a default or other termination event, to offset amounts owed by each related to derivative contracts to one net amount payable by either the Fund or the counterparty
Counterparty risk is managed based on policies and procedures established by the Funds adviser. Such policies and procedures may include, but are not limited to, minimum counterparty credit rating requirements and monitoring of counterparty credit default swap spreads. The following table shows (i) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the Fund would incur if parties to the relevant financial instruments failed completely to perform according to the terms of the contracts and ii) the amount of loss that the Fund would incur after taking into account master netting provisions pursuant to ISDA agreements, as of March 31, 2019:
Maximum Amount of Loss Gross |
Maximum Amount of Loss Net |
|||
$ 881,440 |
$ | 768,751 |
Industry Summary at March 31, 2019 (Unaudited)
Banks |
14.0 | % | ||
Machinery |
8.7 | |||
Automobiles |
8.3 | |||
Media |
7.0 | |||
Capital Markets |
5.7 | |||
Auto Components |
4.7 | |||
Metals & Mining |
4.3 | |||
Insurance |
3.7 | |||
Specialty Retail |
3.3 | |||
Diversified Financial Services |
3.3 | |||
Trading Companies & Distributors |
3.1 | |||
Pharmaceuticals |
2.9 | |||
Semiconductors & Semiconductor Equipment |
2.7 | |||
Interactive Media & Services |
2.4 | |||
Airlines |
2.3 | |||
Internet & Direct Marketing Retail |
2.2 | |||
Other Investments, less than 2% each |
19.5 | |||
Short-Term Investments |
1.3 | |||
|
|
|||
Total Investments |
99.4 | |||
Other assets less liabilities (including forward foreign currency contracts) |
0.6 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
Currency Exposure Summary at March 31, 2019 (Unaudited)
Euro |
38.2 | % | ||
British Pound |
19.1 | |||
United States Dollar |
9.4 | |||
Swiss Franc |
8.6 | |||
Swedish Krona |
7.0 | |||
Japanese Yen |
5.0 | |||
South Korean Won |
2.9 | |||
Australian Dollar |
2.5 | |||
South African Rand |
2.2 | |||
Other, less than 2% each |
4.5 | |||
|
|
|||
Total Investments |
99.4 | |||
Other assets less liabilities (including forward foreign currency contracts) |
0.6 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Natixis U.S. Equity Opportunities Fund
Shares | Description |
Value () | ||||||||
Common Stocks 98.4% of Net Assets |
||||||||||
Air Freight & Logistics 2.2% |
| |||||||||
292,280 | Expeditors International of Washington, Inc. | $ | 22,184,052 | |||||||
|
|
|||||||||
Airlines 1.0% |
| |||||||||
311,500 | American Airlines Group, Inc. | 9,893,240 | ||||||||
|
|
|||||||||
Automobiles 2.9% |
| |||||||||
1,079,800 | Fiat Chrysler Automobiles NV(a) | 16,035,030 | ||||||||
363,100 | General Motors Co. | 13,471,010 | ||||||||
|
|
|||||||||
29,506,040 | ||||||||||
|
|
|||||||||
Banks 5.6% |
| |||||||||
714,870 | Bank of America Corp. | 19,723,263 | ||||||||
366,100 | Citigroup, Inc. | 22,778,742 | ||||||||
302,800 | Wells Fargo & Co. | 14,631,296 | ||||||||
|
|
|||||||||
57,133,301 | ||||||||||
|
|
|||||||||
Beverages 3.2% |
| |||||||||
183,209 | Coca-Cola Co. (The) | 8,585,174 | ||||||||
428,119 | Monster Beverage Corp.(a) | 23,366,735 | ||||||||
|
|
|||||||||
31,951,909 | ||||||||||
|
|
|||||||||
Biotechnology 5.2% |
| |||||||||
32,093 | Amgen, Inc. | 6,097,028 | ||||||||
116,718 | BioMarin Pharmaceutical, Inc.(a) | 10,368,060 | ||||||||
87,331 | Regeneron Pharmaceuticals, Inc.(a) | 35,859,855 | ||||||||
|
|
|||||||||
52,324,943 | ||||||||||
|
|
|||||||||
Capital Markets 6.7% |
| |||||||||
361,300 | Charles Schwab Corp. (The) | 15,449,188 | ||||||||
45,412 | FactSet Research Systems, Inc. | 11,274,437 | ||||||||
62,039 | MSCI, Inc. | 12,335,835 | ||||||||
250,854 | SEI Investments Co. | 13,107,121 | ||||||||
237,800 | State Street Corp. | 15,649,618 | ||||||||
|
|
|||||||||
67,816,199 | ||||||||||
|
|
|||||||||
Communications Equipment 1.5% |
| |||||||||
289,784 | Cisco Systems, Inc. | 15,645,438 | ||||||||
|
|
|||||||||
Consumer Finance 2.3% |
| |||||||||
62,082 | American Express Co. | 6,785,563 | ||||||||
205,700 | Capital One Financial Corp. | 16,803,633 | ||||||||
|
|
|||||||||
23,589,196 | ||||||||||
|
|
|||||||||
Electronic Equipment, Instruments & Components 0.4% |
| |||||||||
49,100 | TE Connectivity Ltd. | 3,964,825 | ||||||||
|
|
|||||||||
Energy Equipment & Services 1.6% |
| |||||||||
231,100 | National Oilwell Varco, Inc. | 6,156,504 |
Shares | Description |
Value () | ||||||||
Common Stocks continued | ||||||||||
Energy Equipment & Services continued |
| |||||||||
223,496 | Schlumberger Ltd. | $ | 9,737,721 | |||||||
|
|
|||||||||
15,894,225 | ||||||||||
|
|
|||||||||
Entertainment 2.2% |
| |||||||||
62,290 | Netflix, Inc.(a) | 22,210,122 | ||||||||
|
|
|||||||||
Food Products 1.1% |
| |||||||||
695,210 | Danone S.A., Sponsored ADR | 10,699,282 | ||||||||
|
|
|||||||||
Health Care Equipment & Supplies 1.1% |
| |||||||||
75,561 | Varian Medical Systems, Inc.(a) | 10,708,505 | ||||||||
|
|
|||||||||
Health Care Providers & Services 1.2% |
| |||||||||
228,200 | CVS Health Corp. | 12,306,826 | ||||||||
|
|
|||||||||
Health Care Technology 1.2% |
| |||||||||
218,575 | Cerner Corp.(a) | 12,504,676 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure 5.3% |
| |||||||||
104,900 | Hilton Worldwide Holdings, Inc. | 8,718,239 | ||||||||
222,923 | Starbucks Corp. | 16,572,096 | ||||||||
422,744 | Yum China Holdings, Inc. | 18,985,433 | ||||||||
89,431 | Yum! Brands, Inc. | 8,926,108 | ||||||||
|
|
|||||||||
53,201,876 | ||||||||||
|
|
|||||||||
Household Products 1.8% |
| |||||||||
122,949 | Colgate-Palmolive Co. | 8,426,924 | ||||||||
93,853 | Procter & Gamble Co. (The) | 9,765,405 | ||||||||
|
|
|||||||||
18,192,329 | ||||||||||
|
|
|||||||||
Industrial Conglomerates 1.9% |
| |||||||||
1,974,250 | General Electric Co. | 19,722,757 | ||||||||
|
|
|||||||||
Insurance 1.7% |
| |||||||||
398,555 | American International Group, Inc. | 17,161,778 | ||||||||
|
|
|||||||||
Interactive Media & Services 9.3% |
| |||||||||
33,597 | Alphabet, Inc., Class A(a) | 39,539,973 | ||||||||
11,120 | Alphabet, Inc., Class C(a) | 13,047,207 | ||||||||
246,530 | Facebook, Inc., Class A(a) | 41,094,086 | ||||||||
|
|
|||||||||
93,681,266 | ||||||||||
|
|
|||||||||
Internet & Direct Marketing Retail 7.8% |
| |||||||||
181,353 | Alibaba Group Holding Ltd., Sponsored ADR(a) | 33,087,855 | ||||||||
21,441 | Amazon.com, Inc.(a) | 38,181,061 | ||||||||
453,100 | Qurate Retail, Inc., Class A(a) | 7,240,538 | ||||||||
|
|
|||||||||
78,509,454 | ||||||||||
|
|
|||||||||
IT Services 5.6% |
| |||||||||
37,312 | Automatic Data Processing, Inc. | 5,960,219 | ||||||||
54,100 | MasterCard, Inc., Class A | 12,737,845 | ||||||||
243,990 | Visa, Inc., Class A | 38,108,798 | ||||||||
|
|
|||||||||
56,806,862 | ||||||||||
|
|
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Machinery 2.2% |
| |||||||||
65,600 | Caterpillar, Inc. | $ | 8,888,144 | |||||||
82,596 | Deere & Co. | 13,202,145 | ||||||||
|
|
|||||||||
22,090,289 | ||||||||||
|
|
|||||||||
Media 3.4% |
| |||||||||
46,815 | Charter Communications, Inc., Class A(a) | 16,240,592 | ||||||||
445,400 | Comcast Corp., Class A | 17,807,092 | ||||||||
|
|
|||||||||
34,047,684 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels 2.4% |
| |||||||||
239,800 | Anadarko Petroleum Corp. | 10,906,104 | ||||||||
400,900 | Apache Corp. | 13,895,194 | ||||||||
|
|
|||||||||
24,801,298 | ||||||||||
|
|
|||||||||
Pharmaceuticals 2.6% |
| |||||||||
51,950 | Merck & Co., Inc. | 4,320,681 | ||||||||
77,194 | Novartis AG, Sponsored ADR | 7,421,431 | ||||||||
278,192 | Novo Nordisk AS, Sponsored ADR | 14,552,224 | ||||||||
|
|
|||||||||
26,294,336 | ||||||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment 5.0% |
| |||||||||
240,830 | Intel Corp. | 12,932,571 | ||||||||
75,681 | NVIDIA Corp. | 13,589,280 | ||||||||
224,691 | QUALCOMM, Inc. | 12,814,128 | ||||||||
102,965 | Texas Instruments, Inc. | 10,921,498 | ||||||||
|
|
|||||||||
50,257,477 | ||||||||||
|
|
|||||||||
Software 6.6% |
| |||||||||
160,569 | Autodesk, Inc.(a) | 25,019,862 | ||||||||
109,127 | Microsoft Corp. | 12,870,438 | ||||||||
542,581 | Oracle Corp. | 29,142,025 | ||||||||
|
|
|||||||||
67,032,325 | ||||||||||
|
|
|||||||||
Technology Hardware, Storage & Peripherals 2.0% |
| |||||||||
109,055 | Apple, Inc. | 20,714,997 | ||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods 1.4% |
| |||||||||
674,270 | Under Armour, Inc., Class A(a) | 14,254,068 | ||||||||
|
|
|||||||||
Total Common Stocks |
995,101,575 | |||||||||
|
|
|||||||||
Principal |
||||||||||
Short-Term Investments 1.0% |
||||||||||
$10,544,968 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $10,546,286 on 4/01/2019 collateralized by $10,765,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $10,761,803 including accrued interest(b) |
10,544,968 | ||||||||
|
|
Description |
Value () | |||||||
Total Investments 99.4% |
$ | 1,005,646,543 | ||||||
Other assets less liabilities 0.6% |
5,853,853 | |||||||
|
|
|||||||
Net Assets 100.0% |
$ | 1,011,500,396 | ||||||
|
|
() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadvisers and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available. |
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period. |
(a) | Non-income producing security. |
(b) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
ADR | An American Depositary Receipt is a certificate issued by a custodian bank representing the right to receive securities of the foreign issuer described. The values of ADRs may be significantly influenced by trading on exchanges not located in the United States. |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* |
$ | 995,101,575 | $ | | $ | | $ | 995,101,575 | ||||||||
Short-Term Investments |
| 10,544,968 | | 10,544,968 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 995,101,575 | $ | 10,544,968 | $ | | $ | 1,005,646,543 | ||||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at March 31, 2019 (Unaudited)
Interactive Media & Services |
9.3 | % | ||
Internet & Direct Marketing Retail |
7.8 | |||
Capital Markets |
6.7 | |||
Software |
6.6 | |||
Banks |
5.6 | |||
IT Services |
5.6 | |||
Hotels, Restaurants & Leisure |
5.3 | |||
Biotechnology |
5.2 | |||
Semiconductors & Semiconductor Equipment |
5.0 | |||
Media |
3.4 | |||
Beverages |
3.2 | |||
Automobiles |
2.9 | |||
Pharmaceuticals |
2.6 | |||
Oil, Gas & Consumable Fuels |
2.4 | |||
Consumer Finance |
2.3 | |||
Entertainment |
2.2 | |||
Air Freight & Logistics |
2.2 | |||
Machinery |
2.2 | |||
Technology Hardware, Storage & Peripherals |
2.0 | |||
Other Investments, less than 2% each |
15.9 | |||
Short-Term Investments |
1.0 | |||
|
|
|||
Total Investments |
99.4 | |||
Other assets less liabilities |
0.6 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Loomis Sayles Multi-Asset Income Fund
Shares | Description |
Value () | ||||||||
Common Stocks 40.0% of Net Assets | ||||||||||
Aerospace & Defense 0.3% |
| |||||||||
953 | Boeing Co. (The) | $ | 363,493 | |||||||
|
|
|||||||||
Air Freight & Logistics 0.6% |
| |||||||||
4,632 | Cia de Distribucion Integral Logista Holdings S.A. | 109,144 | ||||||||
2,910 | Oesterreichische Post AG | 123,147 | ||||||||
4,443 | United Parcel Service, Inc., Class B | 496,461 | ||||||||
|
|
|||||||||
728,752 | ||||||||||
|
|
|||||||||
Airlines 0.4% |
| |||||||||
3,200 | Japan Airlines Co. Ltd. | 112,767 | ||||||||
7,678 | Southwest Airlines Co. | 398,565 | ||||||||
|
|
|||||||||
511,332 | ||||||||||
|
|
|||||||||
Banks 1.2% |
| |||||||||
1,300 | Canadian Imperial Bank of Commerce | 102,727 | ||||||||
6,732 | Citigroup, Inc. | 418,865 | ||||||||
5,380 | Fifth Third Bancorp | 135,684 | ||||||||
15,525 | First Hawaiian, Inc. | 404,426 | ||||||||
3,178 | JPMorgan Chase & Co. | 321,709 | ||||||||
|
|
|||||||||
1,383,411 | ||||||||||
|
|
|||||||||
Beverages 1.1% |
| |||||||||
2,600 | Asahi Group Holdings Ltd. | 116,060 | ||||||||
902 | Carlsberg AS, Class B | 112,794 | ||||||||
6,549 | Molson Coors Brewing Co., Class B | 390,648 | ||||||||
5,579 | PepsiCo, Inc. | 683,706 | ||||||||
|
|
|||||||||
1,303,208 | ||||||||||
|
|
|||||||||
Biotechnology 1.8% |
| |||||||||
6,550 | AbbVie, Inc. | 527,865 | ||||||||
5,785 | Amgen, Inc. | 1,099,034 | ||||||||
6,442 | Gilead Sciences, Inc. | 418,794 | ||||||||
|
|
|||||||||
2,045,693 | ||||||||||
|
|
|||||||||
Capital Markets 0.1% |
| |||||||||
7,400 | Singapore Exchange Ltd. | 40,002 | ||||||||
3,827 | Virtu Financial, Inc., Class A | 90,891 | ||||||||
|
|
|||||||||
130,893 | ||||||||||
|
|
|||||||||
Chemicals 0.3% |
| |||||||||
4,629 | LyondellBasell Industries NV, Class A | 389,206 | ||||||||
|
|
|||||||||
Commercial Services & Supplies 0.2% |
| |||||||||
2,321 | Intrum AB | 66,744 | ||||||||
1,423 | Republic Services, Inc. | 114,381 | ||||||||
255 | Waste Management, Inc. | 26,497 | ||||||||
|
|
|||||||||
207,622 | ||||||||||
|
|
Shares | Description |
Value () | ||||||||||
Common Stocks continued |
||||||||||||
Construction & Engineering 0.2% |
| |||||||||||
2,530 | ACS Actividades de Construccion y Servicios S.A. | $ | 111,224 | |||||||||
700 | HOCHTIEF AG | 101,424 | ||||||||||
|
|
|||||||||||
212,648 | ||||||||||||
|
|
|||||||||||
Containers & Packaging 0.1% |
| |||||||||||
1,422 | Sonoco Products Co. | 87,496 | ||||||||||
|
|
|||||||||||
Diversified Telecommunication Services 0.7% |
| |||||||||||
13,108 | Verizon Communications, Inc. | 775,076 | ||||||||||
|
|
|||||||||||
Electric Utilities 1.5% |
| |||||||||||
2,500 | CLP Holdings Ltd. | 28,996 | ||||||||||
25,847 | Contact Energy Ltd. | 122,304 | ||||||||||
4,498 | Duke Energy Corp. | 404,820 | ||||||||||
1,449 | Endesa S.A. | 36,979 | ||||||||||
10,669 | Enel SpA | 68,365 | ||||||||||
10,877 | FirstEnergy Corp. | 452,592 | ||||||||||
45,188 | Mercury NZ Ltd. | 120,064 | ||||||||||
16,036 | PPL Corp. | 508,983 | ||||||||||
|
|
|||||||||||
1,743,103 | ||||||||||||
|
|
|||||||||||
Electrical Equipment 0.7% |
| |||||||||||
5,060 | Eaton Corp. PLC | 407,634 | ||||||||||
2,291 | Rockwell Automation, Inc. | 401,979 | ||||||||||
|
|
|||||||||||
809,613 | ||||||||||||
|
|
|||||||||||
Entertainment 0.5% |
| |||||||||||
915 | Cinemark Holdings, Inc. | 36,591 | ||||||||||
17,778 | Viacom, Inc., Class B | 499,028 | ||||||||||
|
|
|||||||||||
535,619 | ||||||||||||
|
|
|||||||||||
Food & Staples Retailing 0.6% |
| |||||||||||
1,691 | Sysco Corp. | 112,891 | ||||||||||
8,366 | Walgreens Boots Alliance, Inc. | 529,317 | ||||||||||
|
|
|||||||||||
642,208 | ||||||||||||
|
|
|||||||||||
Food Products 0.1% |
| |||||||||||
494 | Hershey Co. (The) | 56,726 | ||||||||||
5,176 | Tate & Lyle PLC | 48,956 | ||||||||||
|
|
|||||||||||
105,682 | ||||||||||||
|
|
|||||||||||
Gas Utilities 0.1% |
| |||||||||||
1,851 | National Fuel Gas Co. | 112,837 | ||||||||||
|
|
|||||||||||
Health Care Equipment & Supplies 0.1% |
| |||||||||||
1,221 | Medtronic PLC | 111,209 | ||||||||||
|
|
|||||||||||
Health Care Providers & Services 1.4% |
| |||||||||||
5,106 | AmerisourceBergen Corp. | 406,029 | ||||||||||
5,559 | Encompass Health Corp. | 324,646 | ||||||||||
3,587 | McKesson Corp. | 419,894 |
Shares | Description |
Value () | ||||||||
Common Stocks continued | ||||||||||
Health Care Providers & Services continued |
| |||||||||
1,693 | UnitedHealth Group, Inc. | $ | 418,611 | |||||||
|
|
|||||||||
1,569,180 | ||||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure 0.6% |
| |||||||||
778 | Darden Restaurants, Inc. | 94,504 | ||||||||
7,257 | Starbucks Corp. | 539,485 | ||||||||
|
|
|||||||||
633,989 | ||||||||||
|
|
|||||||||
Household Durables 0.0% |
| |||||||||
2,000 | Nikon Corp. | 28,277 | ||||||||
|
|
|||||||||
Household Products 0.1% |
| |||||||||
1,134 | Procter & Gamble Co. (The) | 117,993 | ||||||||
|
|
|||||||||
Independent Power & Renewable Electricity Producers 0.4% |
| |||||||||
22,701 | AES Corp. (The) | 410,434 | ||||||||
|
|
|||||||||
Industrial Other 0.0% |
| |||||||||
979 | Iron Mountain, Inc. | 34,715 | ||||||||
|
|
|||||||||
Insurance 1.5% |
| |||||||||
451 | Aflac, Inc. | 22,550 | ||||||||
4,171 | American Financial Group, Inc. | 401,292 | ||||||||
9,113 | MetLife, Inc. | 387,940 | ||||||||
5,587 | Progressive Corp. (The) | 402,767 | ||||||||
4,300 | Prudential Financial, Inc. | 395,084 | ||||||||
38,334 | UnipolSai Assicurazioni SpA | 103,522 | ||||||||
|
|
|||||||||
1,713,155 | ||||||||||
|
|
|||||||||
IT Services 3.2% |
| |||||||||
3,009 | Accenture PLC, Class A | 529,644 | ||||||||
3,250 | Automatic Data Processing, Inc. | 519,155 | ||||||||
3,855 | Booz Allen Hamilton Holding Corp. | 224,130 | ||||||||
4,170 | Broadridge Financial Solutions, Inc. | 432,387 | ||||||||
7,960 | Leidos Holdings, Inc. | 510,156 | ||||||||
1,804 | MasterCard, Inc., Class A | 424,752 | ||||||||
6,707 | Paychex, Inc. | 537,902 | ||||||||
2,742 | Visa, Inc., Class A | 428,273 | ||||||||
|
|
|||||||||
3,606,399 | ||||||||||
|
|
|||||||||
Machinery 1.8% |
| |||||||||
8,724 | Allison Transmission Holdings, Inc. | 391,882 | ||||||||
2,815 | Cummins, Inc. | 444,404 | ||||||||
381 | Hillenbrand, Inc. | 15,823 | ||||||||
2,870 | Illinois Tool Works, Inc. | 411,931 | ||||||||
7,712 | PACCAR, Inc. | 525,496 | ||||||||
1,426 | Snap-on, Inc. | 223,197 | ||||||||
|
|
|||||||||
2,012,733 | ||||||||||
|
|
|||||||||
Media 2.5% |
| |||||||||
37,260 | Comcast Corp., Class A | 1,489,655 | ||||||||
21,452 | Interpublic Group of Cos., Inc. (The) | 450,707 |
Shares | Description |
Value () | ||||||||
Common Stocks continued | ||||||||||
Media continued |
| |||||||||
7,054 | Omnicom Group, Inc. | $ | 514,871 | |||||||
8,841 | Sinclair Broadcast Group, Inc., Class A | 340,202 | ||||||||
|
|
|||||||||
2,795,435 | ||||||||||
|
|
|||||||||
Metals & Mining 0.1% |
| |||||||||
1,752 | Rio Tinto PLC | 101,832 | ||||||||
|
|
|||||||||
Multi-Utilities 1.0% |
| |||||||||
7,236 | AGL Energy Ltd. | 111,852 | ||||||||
17,108 | CenterPoint Energy, Inc. | 525,216 | ||||||||
6,622 | Dominion Energy, Inc. | 507,642 | ||||||||
536 | NorthWestern Corp. | 37,740 | ||||||||
|
|
|||||||||
1,182,450 | ||||||||||
|
|
|||||||||
Multiline Retail 0.5% |
| |||||||||
7,488 | Kohls Corp. | 514,950 | ||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels 2.4% |
| |||||||||
5,099 | Chevron Corp. | 628,095 | ||||||||
9,238 | CVR Energy, Inc. | 380,606 | ||||||||
2,693 | Enagas S.A. | 78,400 | ||||||||
7,942 | Exxon Mobil Corp. | 641,714 | ||||||||
16,957 | Kinder Morgan, Inc. | 339,309 | ||||||||
3,384 | ONEOK, Inc. | 236,338 | ||||||||
15,439 | Plains GP Holdings LP, Class A(a) | 384,740 | ||||||||
|
|
|||||||||
2,689,202 | ||||||||||
|
|
|||||||||
Paper & Forest Products 0.4% |
| |||||||||
9,451 | Domtar Corp. | 469,242 | ||||||||
|
|
|||||||||
Personal Products 0.1% |
| |||||||||
2,065 | Unilever PLC | 118,867 | ||||||||
|
|
|||||||||
Pharmaceuticals 1.9% |
| |||||||||
2,800 | Allergan PLC | 409,948 | ||||||||
7,200 | Astellas Pharma, Inc. | 108,186 | ||||||||
9,983 | Bristol-Myers Squibb Co. | 476,289 | ||||||||
3,728 | Johnson & Johnson | 521,137 | ||||||||
6,376 | Merck & Co., Inc. | 530,292 | ||||||||
415 | Roche Holding AG | 114,355 | ||||||||
|
|
|||||||||
2,160,207 | ||||||||||
|
|
|||||||||
Professional Services 0.5% |
| |||||||||
7,913 | Robert Half International, Inc. | 515,611 | ||||||||
|
|
|||||||||
Real Estate Management & Development 0.2% |
| |||||||||
2,268 | Aroundtown S.A. | 18,708 | ||||||||
420 | Castellum AB | 8,150 | ||||||||
4,000 | CK Asset Holdings Ltd. | 35,623 | ||||||||
1,000 | Daiwa House Industry Co. Ltd. | 31,848 | ||||||||
2,492 | Fabege AB | 36,217 | ||||||||
95 | Grand City Properties S.A. | 2,294 |
Shares | Description |
Value () | ||||||||
Common Stocks continued | ||||||||||
Real Estate Management & Development continued |
| |||||||||
300 | Hongkong Land Holdings Ltd. | $ | 2,135 | |||||||
8,000 | Kerry Properties Ltd. | 35,767 | ||||||||
179 | Wihlborgs Fastigheter AB | 2,441 | ||||||||
|
|
|||||||||
173,183 | ||||||||||
|
|
|||||||||
REITs - Apartments 0.0% |
| |||||||||
76 | Invincible Investment Corp. | 37,191 | ||||||||
|
|
|||||||||
REITs - Diversified 0.2% |
| |||||||||
1,047 | American Finance Trust, Inc. | 11,308 | ||||||||
6 | Equinix, Inc. | 2,719 | ||||||||
1,623 | Gladstone Commercial Corp. | 33,710 | ||||||||
127 | Global Net Lease, Inc. | 2,400 | ||||||||
2,300 | Mapletree Logistics Trust | 2,479 | ||||||||
1 | Mirai Corp. | 1,819 | ||||||||
288 | NexPoint Residential Trust, Inc. | 11,042 | ||||||||
2,151 | Preferred Apartment Communities, Inc., Class A | 31,878 | ||||||||
224 | PS Business Parks, Inc. | 35,130 | ||||||||
2,512 | UMH Properties, Inc. | 35,369 | ||||||||
181 | Warehouses De Pauw CVA | 29,034 | ||||||||
|
|
|||||||||
196,888 | ||||||||||
|
|
|||||||||
REITs - Health Care 0.0% |
| |||||||||
1,492 | CareTrust REIT, Inc. | 35,002 | ||||||||
370 | Omega Healthcare Investors, Inc. | 14,116 | ||||||||
|
|
|||||||||
49,118 | ||||||||||
|
|
|||||||||
REITs - Hotels 0.1% |
| |||||||||
892 | Hersha Hospitality Trust | 15,289 | ||||||||
44 | Japan Hotel REIT Investment Corp. | 35,473 | ||||||||
251 | Ryman Hospitality Properties, Inc. | 20,642 | ||||||||
|
|
|||||||||
71,404 | ||||||||||
|
|
|||||||||
REITs - Manufactured Homes 0.0% |
| |||||||||
306 | Equity LifeStyle Properties, Inc. | 34,976 | ||||||||
|
|
|||||||||
REITs - Office Property 0.1% |
| |||||||||
2,316 | alstria office REIT-AG | 37,696 | ||||||||
42,000 | Champion REIT | 36,387 | ||||||||
18,361 | Green REIT PLC | 30,900 | ||||||||
14 | One REIT, Inc. | 35,805 | ||||||||
2,281 | VEREIT, Inc. | 19,092 | ||||||||
|
|
|||||||||
159,880 | ||||||||||
|
|
|||||||||
REITs - Regional Malls 0.0% |
| |||||||||
44 | Taubman Centers, Inc. | 2,327 | ||||||||
550 | Washington Prime Group, Inc. | 3,107 | ||||||||
|
|
|||||||||
5,434 | ||||||||||
|
|
|||||||||
REITs - Shopping Centers 0.1% |
| |||||||||
23 | AEON REIT Investment Corp. | 27,108 | ||||||||
7 | Frontier Real Estate Investment Corp. | 29,351 |
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
REITs - Shopping Centers continued |
| |||||||||
3,000 | Link REIT | $ | 35,123 | |||||||
973 | Retail Value, Inc. | 30,329 | ||||||||
|
|
|||||||||
121,911 | ||||||||||
|
|
|||||||||
REITs - Single Tenant 0.1% |
| |||||||||
660 | National Retail Properties, Inc. | 36,557 | ||||||||
271 | Realty Income Corp. | 19,935 | ||||||||
1,059 | STORE Capital Corp. | 35,477 | ||||||||
|
|
|||||||||
91,969 | ||||||||||
|
|
|||||||||
REITs - Storage 0.1% |
| |||||||||
326 | Extra Space Storage, Inc. | 33,222 | ||||||||
173 | Life Storage, Inc. | 16,828 | ||||||||
1,217 | National Storage Affiliates Trust | 34,697 | ||||||||
145 | Public Storage | 31,578 | ||||||||
1,285 | Safestore Holdings PLC | 9,983 | ||||||||
|
|
|||||||||
126,308 | ||||||||||
|
|
|||||||||
REITs - Warehouse/Industrials 0.1% |
| |||||||||
24 | EastGroup Properties, Inc. | 2,679 | ||||||||
700 | Granite Real Estate Investment Trust | 33,446 | ||||||||
1,005 | Rexford Industrial Realty, Inc. | 35,989 | ||||||||
|
|
|||||||||
72,114 | ||||||||||
|
|
|||||||||
Road & Rail 0.0% |
| |||||||||
9,500 | ComfortDelGro Corp. Ltd. | 18,056 | ||||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment 0.4% |
| |||||||||
1,654 | Broadcom, Inc. | 497,374 | ||||||||
|
|
|||||||||
Software 3.4% |
| |||||||||
6,093 | j2 Global, Inc. | 527,654 | ||||||||
24,309 | Microsoft Corp. | 2,867,003 | ||||||||
7,632 | Oracle Corp. | 409,915 | ||||||||
|
|
|||||||||
3,804,572 | ||||||||||
|
|
|||||||||
Specialty Retail 2.3% |
| |||||||||
3,529 | Dicks Sporting Goods, Inc. | 129,902 | ||||||||
7,788 | Foot Locker, Inc. | 471,953 | ||||||||
3,263 | Home Depot, Inc. (The) | 626,137 | ||||||||
12,172 | Lowes Cos., Inc. | 1,332,469 | ||||||||
|
|
|||||||||
2,560,461 | ||||||||||
|
|
|||||||||
Technology Hardware, Storage & Peripherals 2.0% |
| |||||||||
9,532 | Apple, Inc. | 1,810,603 | ||||||||
21,311 | HP, Inc. | 414,073 | ||||||||
|
|
|||||||||
2,224,676 | ||||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods 0.3% |
| |||||||||
3,028 | Ralph Lauren Corp. | 392,671 | ||||||||
|
|
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Thrifts & Mortgage Finance 0.1% |
| |||||||||
3,400 | Genworth MI Canada, Inc. | $ | 103,016 | |||||||
|
|
|||||||||
Tobacco 1.1% |
| |||||||||
9,499 | Altria Group, Inc. | 545,528 | ||||||||
1,126 | British American Tobacco PLC | 46,974 | ||||||||
3,227 | Imperial Brands PLC | 110,386 | ||||||||
5,923 | Philip Morris International, Inc. | 523,534 | ||||||||
|
|
|||||||||
1,226,422 | ||||||||||
|
|
|||||||||
Trading Companies & Distributors 0.3% |
| |||||||||
15,300 | Marubeni Corp. | 106,081 | ||||||||
2,800 | Mitsubishi Corp. | 77,956 | ||||||||
31,300 | Sojitz Corp. | 110,594 | ||||||||
6,600 | Sumitomo Corp. | 91,504 | ||||||||
|
|
|||||||||
386,135 | ||||||||||
|
|
|||||||||
Wireless Telecommunication Services 0.1% |
| |||||||||
3,100 | KDDI Corp. | 66,766 | ||||||||
4,500 | NTT DOCOMO, Inc. | 99,736 | ||||||||
|
|
|||||||||
166,502 | ||||||||||
|
|
|||||||||
Total Common Stocks |
45,394,033 | |||||||||
|
|
|||||||||
Principal |
||||||||||
Bonds and Notes 39.6% |
||||||||||
Non-Convertible Bonds 39.6% |
||||||||||
Banking 13.2% |
| |||||||||
$ | 1,400,000 | Banco Bilbao Vizcaya Argentaria S.A., (fixed rate to 11/16/2027, variable rate thereafter),
|
1,249,500 | |||||||
975,000 | Banco BTG Pactual SA, (fixed rate to 2/15/2024, variable rate thereafter), |
968,663 | ||||||||
2,000,000 | Banco Santander S.A., (fixed rate to 5/19/2019, variable rate thereafter),
|
1,980,460 | ||||||||
685,000 | Barclays PLC, (fixed rate to 6/15/2024, variable rate thereafter), |
700,413 | ||||||||
1,400,000 | Credit Agricole S.A., (fixed rate to 1/23/2024, variable rate thereafter), |
1,502,505 | ||||||||
1,100,000 | Credit Suisse Group AG, (fixed rate to 9/12/2025, variable rate thereafter), |
1,104,125 | ||||||||
1,560,000 | HSBC Holdings PLC, (fixed rate to 3/23/2023, variable rate thereafter), |
1,558,050 | ||||||||
1,405,000 | Royal Bank of Scotland Group PLC, (fixed rate to 8/10/2025, variable rate thereafter),
|
1,504,067 | ||||||||
1,510,000 | Societe Generale S.A., (fixed rate to 12/18/2023, variable rate thereafter), |
1,568,512 | ||||||||
1,800,000 | Standard Chartered PLC, (fixed rate to 4/02/2023, variable rate thereafter), |
1,885,500 | ||||||||
565,000 | UniCredit SpA, |
591,226 |
Principal Amount () |
Description |
Value () | ||||||||
Bonds and Notes continued |
||||||||||
Non-Convertible Bonds continued |
||||||||||
Banking continued |
| |||||||||
310,000 | UniCredit SpA., (fixed rate to 6/03/2023, variable rate thereafter), |
$ | 337,920 | |||||||
|
|
|||||||||
14,950,941 | ||||||||||
|
|
|||||||||
Cable Satellite 0.6% |
| |||||||||
625,000 | CCO Holdings LLC/CCO Holdings Capital Corp., |
628,906 | ||||||||
|
|
|||||||||
Chemicals 0.6% |
| |||||||||
650,000 | Hercules LLC, |
651,625 | ||||||||
|
|
|||||||||
Government OwnedNo Guarantee 1.6% |
| |||||||||
1,220,000 | Petrobras Global Finance BV, |
1,208,410 | ||||||||
565,000 | Petrobras Global Finance BV, |
559,011 | ||||||||
|
|
|||||||||
1,767,421 | ||||||||||
|
|
|||||||||
Healthcare 0.6% |
| |||||||||
680,000 | Vizient, Inc., |
739,024 | ||||||||
|
|
|||||||||
Independent Energy 4.3% |
| |||||||||
1,170,000 | Chesapeake Energy Corp., |
1,152,450 | ||||||||
1,580,000 | Gulfport Energy Corp., |
1,398,300 | ||||||||
540,000 | MEG Energy Corp., |
499,500 | ||||||||
1,165,000 | MEG Energy Corp., |
1,086,362 | ||||||||
810,000 | SM Energy Co., |
776,588 | ||||||||
|
|
|||||||||
4,913,200 | ||||||||||
|
|
|||||||||
Metals & Mining 2.5% |
| |||||||||
1,035,000 | Alliance Resource Operating Partners LP/Alliance Resource Finance Corp., |
1,077,694 | ||||||||
625,000 | First Quantum Minerals Ltd., |
598,437 | ||||||||
1,140,000 | Stillwater Mining Co., |
1,112,982 | ||||||||
|
|
|||||||||
2,789,113 | ||||||||||
|
|
|||||||||
Midstream 1.4% |
| |||||||||
1,020,000 | Plains All American Pipeline LP, Series B, (fixed rate to 11/15/2022, variable rate
thereafter), |
956,250 |
Principal Amount () |
Description |
Value () | ||||||||
Bonds and Notes continued |
||||||||||
Non-Convertible Bonds continued |
||||||||||
Midstream continued |
| |||||||||
$ | 730,000 | Summit Midstream Partners LP, Series A, (fixed rate to 12/15/2022, variable rate thereafter),
|
$ | 683,608 | ||||||
|
|
|||||||||
1,639,858 | ||||||||||
|
|
|||||||||
Oil Field Services 1.1% |
| |||||||||
600,000 | Transocean Poseidon Ltd., |
624,000 | ||||||||
625,000 | Transocean, Inc., |
657,812 | ||||||||
|
|
|||||||||
1,281,812 | ||||||||||
|
|
|||||||||
Property & Casualty Insurance 1.2% |
| |||||||||
510,000 | Ardonagh Midco 3 PLC, |
576,648 | ||||||||
770,000 | Assurant, Inc., (fixed rate to 3/27/2028, variable rate thereafter), |
771,579 | ||||||||
|
|
|||||||||
1,348,227 | ||||||||||
|
|
|||||||||
Sovereigns 6.9% |
| |||||||||
1,250,000 | Bahrain Government International Bond, |
1,161,850 | ||||||||
295,000 | Egypt Government International Bond, |
302,809 | ||||||||
320,000 | Egypt Government International Bond, |
332,800 | ||||||||
860,000 | Kingdom of Bahrain, |
891,132 | ||||||||
315,000 | Kingdom of Bahrain, |
329,175 | ||||||||
380,000 | Kingdom of Saudi Arabia, |
405,262 | ||||||||
355,000 | Qatar Government International Bond, |
365,867 | ||||||||
285,000 | Qatar Government International Bond, |
299,660 | ||||||||
930,000 | Republic of Argentina, |
683,550 | ||||||||
1,105,000 | Republic of Argentina, |
1,008,312 | ||||||||
460,000 | Republic of Colombia, |
485,760 | ||||||||
1,090,000 | Republic of Oman, REGS, |
952,388 | ||||||||
730,000 | Republic of Oman, REGS, |
647,693 | ||||||||
|
|
|||||||||
7,866,258 | ||||||||||
|
|
|||||||||
Technology 0.7% |
| |||||||||
410,000 | Dell International LLC/EMC Corp., |
481,688 |
Principal Amount () |
Description |
Value () | ||||||||
Bonds and Notes continued |
||||||||||
Non-Convertible Bonds continued |
||||||||||
Technology continued |
| |||||||||
$ | 290,000 | Dell International LLC/EMC Corp., |
$ | 350,020 | ||||||
|
|
|||||||||
831,708 | ||||||||||
|
|
|||||||||
Treasuries 3.5% |
| |||||||||
3,851 | () | Brazil Notas do Tesouro Nacional, |
1,049,069 | |||||||
23,845,000,000 | Indonesia Treasury Bond, Series FR79, |
1,714,512 | ||||||||
3,891,000,000 | Republic of Colombia, Series B, |
1,186,607 | ||||||||
|
|
|||||||||
3,950,188 | ||||||||||
|
|
|||||||||
Utility Other 0.4% |
| |||||||||
460,000 | ACWA Power Management And Investments One Ltd., |
463,450 | ||||||||
|
|
|||||||||
Wireless 0.5% |
| |||||||||
565,000 | Sprint Corp., |
572,628 | ||||||||
|
|
|||||||||
Wirelines 0.5% |
| |||||||||
575,000 | Turk Telekomunikasyon AS, |
549,430 | ||||||||
|
|
|||||||||
Total Non-Convertible Bonds |
44,943,789 | |||||||||
|
|
|||||||||
Convertible Bonds 0.0% |
||||||||||
Independent Energy 0.0% |
| |||||||||
25,000 | Whiting Petroleum Corp., |
24,166 | ||||||||
|
|
|||||||||
Total Convertible Bonds |
24,166 | |||||||||
|
|
|||||||||
Total Bonds and Notes |
44,967,955 | |||||||||
|
|
|||||||||
Shares | ||||||||||
Exchange-Traded Funds 9.7% |
||||||||||
526,579 | Alerian MLP ETF | 5,281,588 | ||||||||
19,400 | Invesco S&P 500 Low Volatility ETF | 1,021,216 | ||||||||
26,596 | iShares MSCI Japan ETF | 1,455,333 | ||||||||
69,307 | iShares MSCI Pacific ex Japan ETF | 3,181,191 | ||||||||
|
|
|||||||||
Total Exchange-Traded Funds |
10,939,328 | |||||||||
|
|
Principal Amount () |
Description |
Value () | ||||||||
Senior Loans 3.7% |
||||||||||
Airlines 1.8% |
| |||||||||
$ | 2,063,636 | Gol LuxCo S.A., 1st Lien Term Loan, |
$ | 2,068,795 | ||||||
|
|
|||||||||
Chemicals 0.5% |
| |||||||||
331,536 | ASP Chromaflo Dutch I BV, Term Loan B2, |
327,806 | ||||||||
254,965 | ASP Chromaflo Intermediate Holdings, Inc., Term Loan B1,
|
252,096 | ||||||||
|
|
|||||||||
579,902 | ||||||||||
|
|
|||||||||
Independent Energy 0.8% |
| |||||||||
1,100,000 | Gavilan Resources LLC, 2nd Lien Term Loan, |
853,600 | ||||||||
26,841 | MEG Energy Corp., 2017 Term Loan B, |
26,766 | ||||||||
|
|
|||||||||
880,366 | ||||||||||
|
|
|||||||||
Media Entertainment 0.6% |
| |||||||||
641,988 | LSC Communications, Inc., 2017 Term Loan B, |
637,577 | ||||||||
|
|
|||||||||
Total Senior Loans |
4,166,640 | |||||||||
|
|
|||||||||
Shares |
||||||||||
Preferred Stocks 1.2% |
||||||||||
Non-Convertible Preferred Stocks 0.3% |
||||||||||
Midstream 0.3% |
| |||||||||
14,215 | Energy Transfer Operating LP, Series C, (fixed rate to 5/15/2023, variable rate thereafter),
|
349,973 | ||||||||
|
|
|||||||||
Convertible Preferred Stocks 0.9% |
||||||||||
Healthcare 0.5% |
| |||||||||
545 | Danaher Corp., Series A, |
571,051 | ||||||||
|
|
|||||||||
Midstream 0.4% |
| |||||||||
932 | Chesapeake Energy Corp., |
466,000 | ||||||||
|
|
|||||||||
Total Convertible Preferred Stocks |
1,037,051 | |||||||||
|
|
|||||||||
Total Preferred Stocks |
1,387,024 | |||||||||
|
|
Principal |
Description |
Value () | ||||
Short-Term Investments 4.3% |
||||||
$4,861,983 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $4,862,591 on 4/01/2019 collateralized by $4,965,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $4,963,525 including accrued interest(e) |
$ | 4,861,983 | |||
|
|
|||||
Total Investments 98.5% |
111,716,963 | |||||
Other assets less liabilities 1.5% | 1,751,452 | |||||
|
|
|||||
Net Assets 100.0% | $ | 113,468,415 | ||||
|
|
() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadvisers and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Senior loans are valued at bid prices supplied by an independent pricing service, if available.
Broker-dealer bid prices may be used to value debt and unlisted equity securities and senior loans where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
As of March 31, 2019, securities held by the Fund were fair valued as follows:
Equity securities1 |
Percentage of Net Assets |
|||
$3,182,977 |
2.81 | % |
1 | Certain foreign equity securities were fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of those securities. |
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
() | Principal Amount stated in U.S. dollars unless otherwise noted. |
() | Amount shown represents units. One unit represents a principal amount of 1,000. |
(a) | Non-income producing security. |
(b) | Perpetual bond with no specified maturity date. |
(c) | Variable rate security. Rate as of March 31, 2019 is disclosed. |
(d) | Level 3 security. Value has been determined using significant unobservable inputs. |
(e) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
144A | All or a portion of these securities are exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2019, the value of Rule 144A holdings amounted to $19,006,202 or 16.8% of net assets. | |
ETF | Exchange-Traded Fund | |
LIBOR | London Interbank Offered Rate | |
REITs | Real Estate Investment Trusts | |
BRL | Brazilian Real | |
COP | Colombian Peso | |
EUR | Euro | |
GBP | British Pound | |
IDR | Indonesian Rupiah |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
|
||||||||||||||||
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks |
||||||||||||||||
Air Freight & Logistics |
$ | 496,461 | $ | 232,291 | $ | | $ | 728,752 | ||||||||
Airlines |
398,565 | 112,767 | | 511,332 | ||||||||||||
Beverages |
1,074,354 | 228,854 | | 1,303,208 | ||||||||||||
Capital Markets |
90,891 | 40,002 | | 130,893 | ||||||||||||
Commercial Services & Supplies |
140,878 | 66,744 | | 207,622 | ||||||||||||
Construction & Engineering |
| 212,648 | | 212,648 | ||||||||||||
Electric Utilities |
1,366,395 | 376,708 | | 1,743,103 | ||||||||||||
Food Products |
56,726 | 48,956 | | 105,682 | ||||||||||||
Household Durables |
| 28,277 | | 28,277 | ||||||||||||
Insurance |
1,609,633 | 103,522 | | 1,713,155 | ||||||||||||
Metals & Mining |
| 101,832 | | 101,832 | ||||||||||||
Oil, Gas & Consumable Fuels |
2,610,802 | 78,400 | | 2,689,202 | ||||||||||||
Personal Products |
| 118,867 | | 118,867 | ||||||||||||
Pharmaceuticals |
1,937,666 | 222,541 | | 2,160,207 | ||||||||||||
Real Estate Management & Development |
| 173,183 | | 173,183 | ||||||||||||
REITs Apartments |
| 37,191 | | 37,191 | ||||||||||||
REITs Diversified |
192,590 | 4,298 | | 196,888 | ||||||||||||
REITs Hotels |
35,931 | 35,473 | | 71,404 | ||||||||||||
REITs Office Property |
19,092 | 140,788 | | 159,880 | ||||||||||||
REITs Shopping Centers |
30,329 | 91,582 | | 121,911 | ||||||||||||
Road & Rail |
| 18,056 | | 18,056 | ||||||||||||
Tobacco |
1,069,062 | 157,360 | | 1,226,422 | ||||||||||||
Trading Companies & Distributors |
| 386,135 | | 386,135 | ||||||||||||
Wireless Telecommunication Services |
| 166,502 | | 166,502 | ||||||||||||
All Other Common Stocks* |
31,081,681 | | | 31,081,681 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Common Stocks |
42,211,056 | 3,182,977 | | 45,394,033 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Bonds and Notes* |
| 44,967,955 | | 44,967,955 | ||||||||||||
Senior Loans* |
| 4,166,640 | | 4,166,640 | ||||||||||||
Exchange-Traded Funds |
10,939,328 | | | 10,939,328 | ||||||||||||
Preferred Stocks |
||||||||||||||||
Non-Convertible Preferred Stocks* |
349,973 | | | 349,973 | ||||||||||||
Convertible Preferred Stock |
||||||||||||||||
Healthcare |
| 571,051 | | 571,051 | ||||||||||||
Midstream |
| | 466,000 | (a) | 466,000 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Convertible Preferred Stock |
| 571,051 | 466,000 | 1,037,051 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Preferred Stocks |
349,973 | 571,051 | 466,000 | 1,387,024 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Short-Term Investments |
| 4,861,983 | | 4,861,983 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 53,500,357 | $ | 57,750,606 | $ | 466,000 | $ | 111,716,963 | ||||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
(a) | Valued using broker-dealer bid prices. |
The Funds pricing policies and procedures are recommended by the adviser and approved by the Board of Trustees. Debt securities are valued based on evaluated bids furnished to the Fund by an independent pricing service. Broker-dealer bid prices may be used if an independent pricing service either is unable to price a security or does not provide a reliable price for a security. Broker-dealer bid prices for which the Fund does not have knowledge of the inputs used by the broker-dealer are categorized in Level 3. All security prices, including those obtained from an independent pricing service and broker-dealer bid prices, are reviewed on a daily basis by the adviser, subject to oversight by Fund management and the Board of Trustees. If the adviser, in good faith, believes that the price provided by an independent pricing service is unreliable, broker-dealer bid prices may be used until the price provided by the independent pricing service is considered to be reliable. Reliability of all security prices, including those obtained from an independent pricing service and broker-dealer bid prices, is tested in a variety of ways, including comparison to recent transaction prices and daily fluctuations, amongst other validation procedures in place. Securities for which market quotations are not readily available are valued at fair value as determined in good faith by the Funds adviser pursuant to procedures approved by the Board of Trustees. Fair valued securities may be categorized in Level 3.
The following is a reconciliation of Level 3 investments for which significant unobservable inputs were used to determine fair value as of December 31, 2018 and/or March 31, 2019:
Asset Valuation Inputs
Investments in Securities |
Balance as of December 31, 2018 |
Accrued Discounts (Premiums) |
Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Purchases | Sales | Transfers into Level 3 |
Transfers out of Level 3 |
Balance as of March 31, 2019 |
Change in Unrealized Appreciation (Depreciation) from Investments Still Held at March 31, 2019 |
||||||||||||||||||||||||||||||
Preferred Stocks |
||||||||||||||||||||||||||||||||||||||||
Convertible Preferred Stocks |
||||||||||||||||||||||||||||||||||||||||
Midstream |
$ | | $ | | $ | | $ | (14,774) | $ | | $ | | $ | 480,774 | $ | | $ | 466,000 | $ | (14,774 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A common stock valued at $122,931 was transferred from Level 2 to Level 1 during the period ended March 31, 2019. At December 31, 2018, this security was fair valued pursuant to procedures approved by the Board of Trustees as events occurring after the close of the foreign market were believed to materially affect the value of the security. At March 31, 2019, this security was valued at the market price in the foreign market in accordance with the Funds valuation policies.
A preferred stock valued at $480,774 was transferred from Level 2 to Level 3 during the period ended March 31, 2019. At December 31, 2018, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Funds valuation policies. At March 31, 2019, this security was valued using broker-dealer bid prices based on inputs unobservable to the Fund as an independent pricing service did not provide a reliable price for the security.
All transfers are recognized as of the beginning of the reporting period.
Industry Summary at March 31, 2019 (Unaudited)
Banking |
13.2 | % | ||
Exchange-Traded Funds |
9.7 | |||
Sovereigns |
6.9 | |||
Independent Energy |
5.1 | |||
Treasuries |
3.5 | |||
Software |
3.4 | |||
IT Services |
3.2 | |||
Metals & Mining |
2.6 | |||
Media |
2.5 | |||
Oil, Gas & Consumable Fuels |
2.4 | |||
Specialty Retail |
2.3 | |||
Airlines |
2.2 | |||
Midstream |
2.1 | |||
Technology Hardware, Storage & Peripherals |
2.0 | |||
Other Investments, less than 2% each |
33.1 | |||
Short-Term Investments |
4.3 | |||
|
|
|||
Total Investments |
98.5 | |||
Other assets less liabilities |
1.5 | |||
|
|
|||
Net Assets |
100.0 | % | ||
|
|
PORTFOLIO OF INVESTMENTS as of March 31, 2019 (Unaudited)
Vaughan Nelson Small Cap Value Fund
Shares | Description |
Value () | ||||||||
Common Stocks 95.6% of Net Assets |
||||||||||
Aerospace & Defense 1.0% |
| |||||||||
15,821 | Moog, Inc., Class A | $ | 1,375,636 | |||||||
|
|
|||||||||
Banks 11.5% |
| |||||||||
43,125 | Enterprise Financial Services Corp. | 1,758,206 | ||||||||
52,850 | First Bancorp | 1,837,066 | ||||||||
96,950 | First Financial Bancorp | 2,332,617 | ||||||||
58,875 | First Merchants Corp. | 2,169,544 | ||||||||
32,600 | Lakeland Financial Corp. | 1,474,172 | ||||||||
65,625 | Union Bankshares Corp. | 2,121,656 | ||||||||
91,950 | United Community Banks, Inc. | 2,292,313 | ||||||||
32,950 | Webster Financial Corp. | 1,669,577 | ||||||||
|
|
|||||||||
15,655,151 | ||||||||||
|
|
|||||||||
Biotechnology 0.8% |
| |||||||||
21,513 | Emergent BioSolutions, Inc.(a) | 1,086,837 | ||||||||
|
|
|||||||||
Building Products 1.4% |
| |||||||||
22,400 | American Woodmark Corp.(a) | 1,850,912 | ||||||||
|
|
|||||||||
Capital Markets 5.2% |
| |||||||||
52,775 | Blucora, Inc.(a) | 1,761,629 | ||||||||
44,900 | LPL Financial Holdings, Inc. | 3,127,285 | ||||||||
93,625 | Virtu Financial, Inc., Class A | 2,223,594 | ||||||||
|
|
|||||||||
7,112,508 | ||||||||||
|
|
|||||||||
Chemicals 1.3% |
| |||||||||
179,500 | Element Solutions, Inc.(a) | 1,812,950 | ||||||||
|
|
|||||||||
Commercial Services & Supplies 5.3% |
| |||||||||
55,950 | Brady Corp., Class A | 2,596,640 | ||||||||
47,450 | Brinks Co. (The) | 3,578,204 | ||||||||
27,525 | Casella Waste Systems, Inc., Class A(a) | 978,789 | ||||||||
|
|
|||||||||
7,153,633 | ||||||||||
|
|
|||||||||
Consumer Finance 2.3% |
| |||||||||
22,575 | FirstCash, Inc. | 1,952,737 | ||||||||
19,650 | Green Dot Corp., Class A(a) | 1,191,773 | ||||||||
|
|
|||||||||
3,144,510 | ||||||||||
|
|
|||||||||
Containers & Packaging 0.7% |
| |||||||||
73,800 | Graphic Packaging Holding Co. | 932,094 | ||||||||
|
|
|||||||||
Diversified Consumer Services 1.9% |
| |||||||||
54,793 | Adtalem Global Education, Inc.(a) | 2,538,012 | ||||||||
|
|
|||||||||
Electrical Equipment 1.3% |
| |||||||||
134,375 | GrafTech International Ltd. | 1,718,656 | ||||||||
|
|
|||||||||
Electronic Equipment, Instruments & Components 2.7% |
| |||||||||
30,230 | Fabrinet(a) | 1,582,843 |
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Electronic Equipment, Instruments & Components continued |
| |||||||||
11,560 | Littelfuse, Inc. | $ | 2,109,469 | |||||||
|
|
|||||||||
3,692,312 | ||||||||||
|
|
|||||||||
Energy Equipment & Services 2.2% |
| |||||||||
133,900 | Newpark Resources, Inc.(a) | 1,226,524 | ||||||||
26,625 | Oil States International, Inc.(a) | 451,560 | ||||||||
38,400 | ProPetro Holding Corp.(a) | 865,536 | ||||||||
29,500 | Unit Corp.(a) | 420,080 | ||||||||
|
|
|||||||||
2,963,700 | ||||||||||
|
|
|||||||||
Food & Staples Retailing 1.8% |
| |||||||||
62,450 | Performance Food Group Co.(a) | 2,475,518 | ||||||||
|
|
|||||||||
Gas Utilities 4.4% |
| |||||||||
38,025 | Southwest Gas Holdings, Inc. | 3,127,937 | ||||||||
34,325 | Spire, Inc. | 2,824,604 | ||||||||
|
|
|||||||||
5,952,541 | ||||||||||
|
|
|||||||||
Health Care Equipment & Supplies 5.7% |
| |||||||||
45,275 | Integra LifeSciences Holdings Corp.(a) | 2,522,723 | ||||||||
64,328 | Lantheus Holdings, Inc.(a) | 1,574,749 | ||||||||
16,950 | LivaNova PLC(a) | 1,648,387 | ||||||||
59,650 | Meridian Bioscience, Inc. | 1,050,437 | ||||||||
16,350 | NuVasive, Inc.(a) | 928,517 | ||||||||
|
|
|||||||||
7,724,813 | ||||||||||
|
|
|||||||||
Health Care Providers & Services 1.2% |
| |||||||||
35,675 | AMN Healthcare Services, Inc.(a) | 1,679,936 | ||||||||
|
|
|||||||||
Hotels, Restaurants & Leisure 1.1% |
| |||||||||
20,175 | Dunkin Brands Group, Inc. | 1,515,143 | ||||||||
|
|
|||||||||
Insurance 5.2% |
| |||||||||
95,250 | Brown & Brown, Inc. | 2,810,827 | ||||||||
35,850 | Mercury General Corp. | 1,795,010 | ||||||||
39,925 | Selective Insurance Group, Inc. | 2,526,454 | ||||||||
|
|
|||||||||
7,132,291 | ||||||||||
|
|
|||||||||
IT Services 6.6% |
| |||||||||
54,750 | Booz Allen Hamilton Holding Corp. | 3,183,165 | ||||||||
20,250 | CACI International, Inc., Class A(a) | 3,685,905 | ||||||||
107,425 | Perspecta, Inc. | 2,172,133 | ||||||||
|
|
|||||||||
9,041,203 | ||||||||||
|
|
|||||||||
Life Sciences Tools & Services 0.9% |
| |||||||||
11,700 | PRA Health Sciences, Inc.(a) | 1,290,393 | ||||||||
|
|
|||||||||
Machinery 3.3% |
| |||||||||
23,575 | Albany International Corp., Class A | 1,687,734 | ||||||||
32,400 | Franklin Electric Co., Inc. | 1,655,316 | ||||||||
29,400 | Hillenbrand, Inc. | 1,220,982 | ||||||||
|
|
|||||||||
4,564,032 | ||||||||||
|
|
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Media 4.4% |
| |||||||||
30,450 | Nexstar Media Group, Inc., Class A | $ | 3,299,866 | |||||||
188,450 | TEGNA, Inc. | 2,657,145 | ||||||||
|
|
|||||||||
5,957,011 | ||||||||||
|
|
|||||||||
Oil, Gas & Consumable Fuels 2.0% |
| |||||||||
106,300 | Callon Petroleum Co.(a) | 802,565 | ||||||||
313,950 | Kosmos Energy Ltd. | 1,955,908 | ||||||||
|
|
|||||||||
2,758,473 | ||||||||||
|
|
|||||||||
REITs - Diversified 1.0% |
| |||||||||
67,700 | CoreCivic, Inc. | 1,316,765 | ||||||||
|
|
|||||||||
REITs - Health Care 2.2% |
| |||||||||
33,018 | Community Healthcare Trust, Inc. | 1,185,016 | ||||||||
92,840 | Physicians Realty Trust | 1,746,320 | ||||||||
|
|
|||||||||
2,931,336 | ||||||||||
|
|
|||||||||
REITs - Mortgage 1.7% |
| |||||||||
174,300 | Two Harbors Investment Corp. | 2,358,279 | ||||||||
|
|
|||||||||
REITs - Office Property 0.6% |
| |||||||||
53,950 | Brandywine Realty Trust | 855,647 | ||||||||
|
|
|||||||||
REITs - Storage 1.1% |
| |||||||||
50,575 | National Storage Affiliates Trust | 1,441,893 | ||||||||
|
|
|||||||||
Road & Rail 1.7% |
| |||||||||
20,950 | Landstar System, Inc. | 2,291,721 | ||||||||
|
|
|||||||||
Semiconductors & Semiconductor Equipment 6.8% |
| |||||||||
23,150 | Cabot Microelectronics Corp. | 2,591,874 | ||||||||
134,375 | Lattice Semiconductor Corp.(a) | 1,603,094 | ||||||||
59,775 | MaxLinear, Inc., Class A(a) | 1,526,056 | ||||||||
10,550 | Power Integrations, Inc. | 737,867 | ||||||||
64,825 | Rambus, Inc.(a) | 677,421 | ||||||||
12,225 | Silicon Laboratories, Inc.(a) | 988,514 | ||||||||
23,450 | Versum Materials, Inc. | 1,179,769 | ||||||||
|
|
|||||||||
9,304,595 | ||||||||||
|
|
|||||||||
Software 1.8% |
| |||||||||
88,925 | Cision Ltd.(a) | 1,224,497 | ||||||||
10,450 | CyberArk Software Ltd.(a) | 1,244,073 | ||||||||
|
|
|||||||||
2,468,570 | ||||||||||
|
|
|||||||||
Specialty Retail 1.5% |
| |||||||||
38,850 | Aarons, Inc. | 2,043,510 | ||||||||
|
|
|||||||||
Textiles, Apparel & Luxury Goods 1.2% |
| |||||||||
9,500 | Carters, Inc. | 957,505 | ||||||||
19,350 | Wolverine World Wide, Inc. | 691,376 | ||||||||
|
|
|||||||||
1,648,881 | ||||||||||
|
|
Shares | Description |
Value () | ||||||||
Common Stocks continued |
||||||||||
Thrifts & Mortgage Finance 1.8% |
| |||||||||
187,675 | MGIC Investment Corp.(a) | $ | 2,475,433 | |||||||
|
|
|||||||||
Total Common Stocks |
130,264,895 | |||||||||
|
|
|||||||||
Closed-End Investment Companies 0.5% |
||||||||||
43,300 | BlackRock TCP Capital Corp. |
613,994 | ||||||||
|
|
|||||||||
Principal Amount |
||||||||||
Short-Term Investments 4.6% |
||||||||||
$6,241,301 | Tri-Party Repurchase Agreement with Fixed Income
Clearing Corporation, dated 3/29/2019 at 1.500% to be repurchased at $6,242,081 on 4/01/2019 collateralized by $6,370,000 U.S. Treasury Note, 2.000% due 11/30/2022 valued at $6,368,108 including accrued interest(b) |
6,241,301 | ||||||||
|
|
|||||||||
Total Investments 100.7% |
137,120,190 | |||||||||
Other assets less liabilities (0.7)% |
(893,999 | ) | ||||||||
|
|
|||||||||
Net Assets 100.0% | $ | 136,226,191 | ||||||||
|
|
() | Fund securities and other investments are valued at market value based on market quotations obtained or determined by independent pricing services recommended by the adviser or subadviser and approved by the Board of Trustees. Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees, as described below. Market value is determined as follows: |
Listed equity securities (including shares of closed-end investment companies and exchange-traded funds) are valued at the last sale price quoted on the exchange where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. Securities traded on the NASDAQ Global Select Market, NASDAQ Global Market and NASDAQ Capital Market are valued at the NASDAQ Official Closing Price (NOCP), or if lacking an NOCP, at the most recent bid quotations on the applicable NASDAQ Market. Unlisted equity securities (except unlisted preferred equity securities) are valued at the last sale price quoted in the market where they are traded most extensively or, if there is no reported sale during the day, the closing bid quotation as reported by an independent pricing service. If there is no last sale price or closing bid quotation available, unlisted equity securities will be valued using evaluated bids furnished by an independent pricing service, if available.
In some foreign markets, an official close price and a last sale price may be available from the foreign exchange or market. In those cases, the official close price is used.
Debt securities and unlisted preferred equity securities are valued based on evaluated bids furnished to the Fund by an independent pricing service or bid prices obtained from broker-dealers.
Broker-dealer bid prices may be used to value debt and unlisted equity securities where an independent pricing service is unable to price a security or where an independent pricing service does not provide a reliable price for the security.
Fund securities and other investments for which market quotations are not readily available are valued at fair value as determined in good faith by the adviser or subadviser pursuant to procedures approved by the Board of Trustees. The Fund may also value securities and other investments at fair value in other circumstances such as when extraordinary events occur after the close of a foreign market but prior to the close of the New York Stock Exchange. This may include situations relating to a single issuer (such as a declaration of bankruptcy or a delisting of the issuers security from the primary market on which it has traded) as well as events affecting the securities markets in general (such as market disruptions or closings and significant fluctuations in U.S. and/or foreign markets). When fair valuing its securities or other investments, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities or other market activity and/or significant events that occur after the close of the foreign market and before the time the Funds net asset value (NAV) is calculated. Fair value pricing may require subjective determinations about the value of a security, and fair values used to determine the Funds NAV may differ from quoted or published prices, or from prices that are used by others, for the same securities. In addition, the use of fair value pricing may not always result in adjustments to the prices of securities held by the Fund.
The books and records of the Fund are maintained in U.S. dollars. The values of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the period.
(a) | Non-income producing security. |
(b) | The Fund may enter into repurchase agreements, under the terms of a Master Repurchase Agreement, under which the Fund acquires securities as collateral and agrees to resell the securities at an agreed upon time and at an agreed upon price. It is the Funds policy that the market value of the collateral for repurchase agreements be at least equal to 102% of the repurchase price, including interest. Certain repurchase agreements are tri-party arrangements whereby the collateral is held in a segregated account for the benefit of the Fund and on behalf of the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty, including possible delays or restrictions upon the Funds ability to dispose of the underlying securities. As of March 31, 2019, the Fund had an investment in a repurchase agreement for which the value of the related collateral exceeded the value of the repurchase agreement. |
REITs | Real Estate Investment Trusts |
Fair Value Measurements
In accordance with accounting standards related to fair value measurements and disclosures, the Fund has categorized the inputs utilized in determining the value of the Funds assets or liabilities. These inputs are summarized in the three broad levels listed below:
| Level 1 quoted prices in active markets for identical assets or liabilities; |
| Level 2 prices determined using other significant inputs that are observable either directly, or indirectly through corroboration with observable market data (which could include quoted prices for similar assets or liabilities, interest rates, credit risk, etc.); and |
| Level 3 prices determined using significant unobservable inputs when quoted prices or observable inputs are unavailable such as when there is little or no market activity for an asset or liability (unobservable inputs reflect the Funds own assumptions in determining the fair value of assets or liabilities and would be based on the best information available). |
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Funds investments as of March 31, 2019, at value:
Asset Valuation Inputs
Description |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Common Stocks* |
$ | 130,264,895 | $ | | $ | | $ | 130,264,895 | ||||||||
Closed-End Investment Companies |
613,994 | | | 613,994 | ||||||||||||
Short-Term Investments |
| 6,241,301 | | 6,241,301 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | 130,878,889 | $ | 6,241,301 | $ | | $ | 137,120,190 | ||||||||
|
|
|
|
|
|
|
|
* | Details of the major categories of the Funds investments are reflected within the Portfolio of Investments. |
For the period ended March 31, 2019, there were no transfers among Levels 1, 2 and 3.
Industry Summary at March 31, 2019 (Unaudited)
Banks |
11.5 | % | ||
Semiconductors & Semiconductor Equipment |
6.8 | |||
IT Services |
6.6 | |||
Health Care Equipment & Supplies |
5.7 | |||
Commercial Services & Supplies |
5.3 | |||
Insurance |
5.2 | |||
Capital Markets |
5.2 | |||
Media |
4.4 | |||
Gas Utilities |
4.4 | |||
Machinery |
3.3 | |||
Electronic Equipment, Instruments & Components |
2.7 | |||
Consumer Finance |
2.3 | |||
Energy Equipment & Services |
2.2 | |||
REITs - Health Care |
2.2 | |||
Oil, Gas & Consumable Fuels |
2.0 | |||
Other Investments, less than 2% each |
25.8 | |||
Short-Term Investments |
4.6 | |||
Closed-End Investment Companies |
0.5 | |||
|
|
|||
Total Investments |
100.7 | |||
Other assets less liabilities |
(0.7 | ) | ||
|
|
|||
Net Assets |
100.0 | % | ||
|
|