Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited)
Common Stocks — 59.8% |
Security | Shares | Value | |
Aerospace & Defense — 0.7% | |||
Safran S.A. | 15,665 | $ 1,721,827 | |
$ 1,721,827 | |||
Air Freight & Logistics — 0.4% | |||
GXO Logistics, Inc.(1) | 20,843 | $ 1,000,464 | |
$ 1,000,464 | |||
Automobiles — 0.4% | |||
Stellantis NV | 61,872 | $ 888,498 | |
$ 888,498 | |||
Banks — 3.0% | |||
Banco Santander S.A. | 581,915 | $ 1,455,876 | |
Citigroup, Inc. | 19,891 | 1,032,343 | |
Credit Agricole S.A. | 35,704 | 328,970 | |
HDFC Bank, Ltd. | 65,884 | 1,204,957 | |
ING Groep NV | 50,018 | 485,866 | |
M&T Bank Corp. | 9,644 | 1,711,328 | |
Standard Chartered PLC | 159,166 | 1,097,082 | |
$ 7,316,422 | |||
Beverages — 2.3% | |||
Coca-Cola Co. (The) | 51,744 | $ 3,320,413 | |
Diageo PLC | 46,546 | 2,204,970 | |
$ 5,525,383 | |||
Biotechnology — 0.5% | |||
CSL, Ltd. | 5,787 | $ 1,178,331 | |
$ 1,178,331 | |||
Building Products — 0.7% | |||
Assa Abloy AB, Class B | 41,989 | $ 992,033 | |
Kingspan Group PLC | 9,739 | 630,387 | |
$ 1,622,420 | |||
Capital Markets — 1.4% | |||
Bank of New York Mellon Corp. (The) | 12,231 | $ 531,559 | |
State Street Corp. | 33,314 | 2,366,627 | |
Stifel Financial Corp. | 10,745 | 642,658 | |
$ 3,540,844 |
Security | Shares | Value | |
Chemicals — 0.2% | |||
Sika AG | 2,412 | $ 595,975 | |
$ 595,975 | |||
Consumer Finance — 0.0%(2) | |||
Capital One Financial Corp. | 4 | $ 439 | |
$ 439 | |||
Diversified Financial Services — 1.1% | |||
Berkshire Hathaway, Inc., Class B(1) | 8,653 | $ 2,601,092 | |
$ 2,601,092 | |||
Electric Utilities — 1.2% | |||
Iberdrola S.A. | 162,119 | $ 1,731,183 | |
Iberdrola S.A.(1) | 2,769 | 29,518 | |
NextEra Energy, Inc. | 13,920 | 1,176,101 | |
$ 2,936,802 | |||
Electrical Equipment — 1.3% | |||
AMETEK, Inc. | 12,139 | $ 1,499,167 | |
Schneider Electric SE | 11,379 | 1,573,759 | |
$ 3,072,926 | |||
Electronic Equipment, Instruments & Components — 2.7% | |||
CDW Corp. | 12,312 | $ 2,234,997 | |
Halma PLC | 37,153 | 1,046,335 | |
Keyence Corp. | 2,439 | 966,678 | |
Keysight Technologies, Inc.(1) | 5,325 | 865,845 | |
Riverbed Technology, Inc.(1)(3) | 3,977 | 3,480 | |
TE Connectivity, Ltd. | 10,606 | 1,418,341 | |
Zebra Technologies Corp., Class A(1) | 8 | 2,862 | |
$ 6,538,538 | |||
Entertainment — 1.1% | |||
Walt Disney Co. (The)(1) | 26,531 | $ 2,814,939 | |
$ 2,814,939 | |||
Equity Real Estate Investment Trusts (REITs) — 0.7% | |||
American Tower Corp. | 2,955 | $ 800,303 | |
Equity Residential | 4,393 | 344,367 | |
Healthpeak Properties, Inc. | 19,485 | 538,371 | |
$ 1,683,041 | |||
Food Products — 2.4% | |||
Mondelez International, Inc., Class A | 36,703 | $ 2,350,460 |
1
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Food Products (continued) | |||
Nestle S.A. | 29,461 | $ 3,609,776 | |
$ 5,960,236 | |||
Health Care Equipment & Supplies — 2.1% | |||
Alcon, Inc. | 9,732 | $ 765,948 | |
Boston Scientific Corp.(1) | 49,310 | 2,024,175 | |
Intuitive Surgical, Inc.(1) | 5,640 | 1,298,159 | |
Straumann Holding AG | 7,920 | 1,071,184 | |
$ 5,159,466 | |||
Health Care Providers & Services — 0.8% | |||
Elevance Health, Inc. | 4,192 | $ 2,000,003 | |
$ 2,000,003 | |||
Hotels, Restaurants & Leisure — 1.4% | |||
Compass Group PLC | 110,338 | $ 2,585,929 | |
InterContinental Hotels Group PLC | 16,248 | 963,102 | |
$ 3,549,031 | |||
Industrial Conglomerates — 0.7% | |||
Siemens AG | 14,359 | $ 1,601,660 | |
$ 1,601,660 | |||
Insurance — 0.8% | |||
AIA Group, Ltd. | 96,383 | $ 968,325 | |
Allstate Corp. (The) | 3,512 | 410,799 | |
Aviva PLC | 2 | 10 | |
AXA S.A. | 20,210 | 465,689 | |
$ 1,844,823 | |||
Interactive Media & Services — 3.1% | |||
Alphabet, Inc., Class C(1) | 65,000 | $ 7,581,600 | |
$ 7,581,600 | |||
Internet & Direct Marketing Retail — 1.8% | |||
Amazon.com, Inc.(1) | 33,642 | $ 4,539,988 | |
$ 4,539,988 | |||
IT Services — 2.5% | |||
Amadeus IT Group S.A.(1) | 15,592 | $ 909,173 | |
Fidelity National Information Services, Inc. | 21,003 | 2,145,666 | |
Global Payments, Inc. | 7,929 | 969,875 | |
Visa, Inc., Class A | 9,981 | 2,117,070 | |
$ 6,141,784 |
Security | Shares | Value | |
Leisure Products — 0.5% | |||
Yamaha Corp. | 31,333 | $ 1,336,479 | |
$ 1,336,479 | |||
Life Sciences Tools & Services — 0.6% | |||
Danaher Corp. | 2,894 | $ 843,514 | |
Lonza Group AG | 1,051 | 638,747 | |
$ 1,482,261 | |||
Machinery — 1.4% | |||
Graco, Inc. | 15,700 | $ 1,054,412 | |
Ingersoll Rand, Inc. | 28,004 | 1,394,599 | |
Sandvik AB | 5,607 | 103,316 | |
SMC Corp. | 1,629 | 802,830 | |
$ 3,355,157 | |||
Metals & Mining — 0.5% | |||
Rio Tinto, Ltd. | 19,125 | $ 1,325,067 | |
$ 1,325,067 | |||
Multi-Utilities — 0.2% | |||
CMS Energy Corp. | 8,069 | $ 554,582 | |
$ 554,582 | |||
Oil, Gas & Consumable Fuels — 2.6% | |||
Chevron Corp. | 13,558 | $ 2,220,529 | |
EOG Resources, Inc. | 30,347 | 3,375,193 | |
Phillips 66 | 2,171 | 193,219 | |
Pioneer Natural Resources Co. | 2,523 | 597,825 | |
$ 6,386,766 | |||
Personal Products — 0.2% | |||
Kose Corp. | 6,101 | $ 544,587 | |
$ 544,587 | |||
Pharmaceuticals — 5.7% | |||
AstraZeneca PLC | 14,455 | $ 1,901,428 | |
Eli Lilly & Co. | 10,732 | 3,538,233 | |
Novo Nordisk A/S, Class B | 24,134 | 2,810,978 | |
Roche Holding AG PC | 5,541 | 1,839,637 | |
Sanofi | 18,821 | 1,870,309 | |
Zoetis, Inc. | 11,010 | 2,009,875 | |
$ 13,970,460 | |||
Professional Services — 1.6% | |||
Recruit Holdings Co., Ltd. | 26,791 | $ 1,001,261 |
2
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Shares | Value | |
Professional Services (continued) | |||
RELX PLC | 61,295 | $ 1,814,911 | |
Verisk Analytics, Inc. | 5,788 | 1,101,167 | |
$ 3,917,339 | |||
Semiconductors & Semiconductor Equipment — 2.9% | |||
ASML Holding NV | 5,128 | $ 2,947,358 | |
Infineon Technologies AG | 47,793 | 1,310,698 | |
Micron Technology, Inc. | 24,254 | 1,500,352 | |
Taiwan Semiconductor Manufacturing Co., Ltd. ADR | 16,006 | 1,416,211 | |
$ 7,174,619 | |||
Software — 4.4% | |||
Adobe, Inc.(1) | 3,611 | $ 1,480,943 | |
Dassault Systemes SE | 25,680 | 1,101,458 | |
Intuit, Inc. | 3,124 | 1,425,075 | |
Microsoft Corp. | 24,297 | 6,821,140 | |
$ 10,828,616 | |||
Specialty Retail — 1.4% | |||
Lowe's Cos., Inc. | 9,071 | $ 1,737,369 | |
TJX Cos., Inc. (The) | 28,068 | 1,716,639 | |
$ 3,454,008 | |||
Technology Hardware, Storage & Peripherals — 1.9% | |||
Apple, Inc. | 28,022 | $ 4,553,855 | |
$ 4,553,855 | |||
Textiles, Apparel & Luxury Goods — 1.4% | |||
adidas AG | 11,310 | $ 1,956,534 | |
LVMH Moet Hennessy Louis Vuitton SE | 2,261 | 1,569,934 | |
$ 3,526,468 | |||
Trading Companies & Distributors — 0.5% | |||
Ashtead Group PLC | 21,543 | $ 1,212,649 | |
$ 1,212,649 | |||
Wireless Telecommunication Services — 0.7% | |||
Vodafone Group PLC | 1,242,622 | $ 1,831,199 | |
$ 1,831,199 | |||
Total Common Stocks (identified cost $103,289,814) | $146,870,644 |
Convertible Bonds — 0.1% |
Security | Principal Amount (000's omitted) | Value | |
Leisure Products — 0.1% | |||
Peloton Interactive, Inc., 0.00%, 2/15/26 | $ | 310 | $ 205,372 |
$ 205,372 | |||
Software — 0.0%(2) | |||
1Life Healthcare, Inc., 3.00%, 6/15/25 | $ | 81 | $ 79,259 |
$ 79,259 | |||
Total Convertible Bonds (identified cost $341,805) | $ 284,631 |
Convertible Preferred Stocks — 0.1% |
Security | Shares | Value | |
Health Care Equipment & Supplies — 0.1% | |||
Becton Dickinson and Co., Series B, 6.00% | 3,268 | $ 163,400 | |
$ 163,400 | |||
Software — 0.0%(2) | |||
Riverbed Technology, Inc., Series A, 6.50%, (1.50% cash, 5.00% PIK)(1)(3) | 2,480 | $ 13,639 | |
$ 13,639 | |||
Total Convertible Preferred Stocks (identified cost $244,405) | $ 177,039 |
Corporate Bonds — 35.2% |
Security | Principal Amount (000's omitted)* | Value | |
Aerospace & Defense — 0.8% | |||
Moog, Inc., 4.25%, 12/15/27(4) | 170 | $ 158,897 | |
Rolls-Royce PLC, 5.75%, 10/15/27(4) | 492 | 465,870 | |
TransDigm UK Holdings PLC, 6.875%, 5/15/26 | 200 | 199,813 | |
TransDigm, Inc.: | |||
4.625%, 1/15/29 | 185 | 166,716 | |
5.50%, 11/15/27 | 106 | 100,234 | |
6.25%, 3/15/26(4) | 419 | 421,730 | |
7.50%, 3/15/27 | 327 | 332,821 | |
$ 1,846,081 |
3
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Airlines — 0.4% | |||
Air Canada, 3.875%, 8/15/26(4) | 101 | $ 93,169 | |
Air France-KLM, 1.875%, 1/16/25(5) | EUR | 400 | 364,467 |
American Airlines, Inc./AAdvantage Loyalty IP, Ltd.: | |||
5.50%, 4/20/26(4) | 314 | 309,249 | |
5.75%, 4/20/29(4) | 144 | 138,074 | |
United Airlines, Inc., 4.625%, 4/15/29(4) | 193 | 178,061 | |
$ 1,083,020 | |||
Auto Components — 0.6% | |||
Clarios Global, L.P./Clarios US Finance Co.: | |||
4.375%, 5/15/26(5) | EUR | 681 | $ 647,629 |
8.50%, 5/15/27(4) | EUR | 194 | 196,029 |
IHO Verwaltungs GmbH, 6.375%, (6.375% cash or 7.125% PIK), 5/15/29(4)(6) | 200 | 173,555 | |
Real Hero Merger Sub 2, Inc., 6.25%, 2/1/29(4) | 54 | 43,872 | |
TI Automotive Finance PLC, 3.75%, 4/15/29(5) | EUR | 200 | 161,192 |
Wheel Pros, Inc., 6.50%, 5/15/29(4) | 213 | 154,989 | |
$ 1,377,266 | |||
Automobiles — 0.7% | |||
Allison Transmission, Inc., 3.75%, 1/30/31(4) | 54 | $ 46,710 | |
Ford Motor Co.: | |||
3.25%, 2/12/32 | 364 | 304,482 | |
4.75%, 1/15/43 | 197 | 162,644 | |
9.625%, 4/22/30 | 26 | 31,107 | |
Ford Motor Credit Co., LLC: | |||
3.087%, 1/9/23 | 231 | 230,156 | |
3.37%, 11/17/23 | 200 | 196,220 | |
4.125%, 8/17/27 | 555 | 527,930 | |
5.125%, 6/16/25 | 200 | 199,703 | |
$ 1,698,952 | |||
Automotives — 0.3% | |||
Goodyear Tire & Rubber Co. (The): | |||
5.00%, 7/15/29 | 336 | $ 307,221 | |
5.25%, 7/15/31 | 270 | 235,177 | |
Jaguar Land Rover Automotive PLC, 2.20%, 1/15/24(5) | EUR | 100 | 95,633 |
$ 638,031 | |||
Banks — 1.7% | |||
Banco Mercantil del Norte S.A./Grand Cayman, 7.625% to 1/10/28(4)(7)(8) | 200 | $ 188,298 | |
Bank of America Corp., Series TT, 6.125% to 4/27/27(7)(8) | 95 | 95,713 | |
Citigroup, Inc., Series M, 6.30% to 5/15/24(7)(8) | 200 | 193,986 |
Security | Principal Amount (000's omitted)* | Value | |
Banks (continued) | |||
Credit Suisse Group AG: | |||
7.50% to 7/17/23(4)(7)(8) | 208 | $ 193,814 | |
9.75% to 6/23/27(4)(7)(8) | 200 | 212,900 | |
Farm Credit Bank of Texas, Series 3, 6.20% to 6/15/28(4)(7)(8) | 220 | 206,194 | |
HSBC Holdings PLC, 4.60% to 12/17/30(7)(8) | 200 | 167,460 | |
Huntington Bancshares, Inc., Series F, 5.625% to 7/15/30(7)(8) | 125 | 124,375 | |
JPMorgan Chase & Co.: | |||
Series KK, 3.65% to 6/1/26(7)(8) | 251 | 230,343 | |
Series S, 6.75% to 2/1/24(7)(8) | 215 | 221,047 | |
Series X, 6.10% to 10/1/24(7)(8) | 129 | 129,158 | |
Lloyds Banking Group PLC, 7.50% to 9/27/25(7)(8) | 200 | 203,000 | |
Natwest Group PLC, 4.60% to 6/28/31(7)(8) | 200 | 158,262 | |
Societe Generale S.A., 5.375% to 11/18/30(4)(7)(8) | 200 | 168,323 | |
Standard Chartered PLC, 4.75% to 1/14/31(4)(7)(8) | 229 | 183,969 | |
SVB Financial Group: | |||
4.10% to 2/15/31(7)(8) | 311 | 243,420 | |
Series C, 4.00% to 5/15/26(7)(8) | 58 | 47,090 | |
Truist Financial Corp., Series Q, 5.10% to 3/1/30(7)(8) | 77 | 74,036 | |
UniCredit SpA, 7.296% to 4/2/29, 4/2/34(4)(8) | 200 | 185,579 | |
Vivion Investments S.a.r.l., 3.00%, 8/8/24(5) | EUR | 800 | 749,980 |
Wells Fargo & Co., Series BB, 3.90% to 3/15/26(7)(8) | 55 | 50,978 | |
Zions Bancorp NA, 5.80% to 6/15/23(7)(8) | 268 | 257,846 | |
$ 4,285,771 | |||
Biotechnology — 0.4% | |||
Grifols Escrow Issuer S.A.: | |||
3.875%, 10/15/28(5) | EUR | 925 | $ 825,912 |
4.75%, 10/15/28(4) | EUR | 231 | 205,059 |
$ 1,030,971 | |||
Building Products — 1.2% | |||
Builders FirstSource, Inc.: | |||
4.25%, 2/1/32(4) | 204 | $ 175,081 | |
5.00%, 3/1/30(4) | 90 | 83,497 | |
Empire Communities Corp., 7.00%, 12/15/25(4) | 255 | 223,111 | |
HT Troplast GmbH, 9.25%, 7/15/25(5) | EUR | 650 | 594,683 |
Oscar AcquisitionCo, LLC/Oscar Finance, Inc., 9.50%, 4/15/30(4) | 85 | 69,525 | |
Standard Industries, Inc.: | |||
2.25%, 11/21/26(5) | EUR | 400 | 343,275 |
4.375%, 7/15/30(4) | 275 | 240,609 | |
5.00%, 2/15/27(4) | 78 | 74,927 | |
Taylor Morrison Communities, Inc., 5.75%, 1/15/28(4) | 196 | 189,811 |
4
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Building Products (continued) | |||
Victoria PLC, 3.625%, 8/24/26(5) | EUR | 806 | $ 708,609 |
WASH Multifamily Acquisition, Inc., 5.75%, 4/15/26(4) | 346 | 345,536 | |
$ 3,048,664 | |||
Capital Markets — 0.2% | |||
AerCap Holdings NV, 5.875% to 10/10/24, 10/10/79(8) | 150 | $ 133,344 | |
Charles Schwab Corp. (The), Series I, 4.00% to 6/1/26(7)(8) | 259 | 235,851 | |
UBS Group AG, 4.375% to 2/10/31(4)(7)(8) | 200 | 161,250 | |
$ 530,445 | |||
Casino & Gaming — 0.3% | |||
Cinemark USA, Inc.: | |||
5.875%, 3/15/26(4) | 67 | $ 64,395 | |
8.75%, 5/1/25(4) | 48 | 50,188 | |
Peninsula Pacific Entertainment, LLC/Peninsula Pacific Entertainment Finance, Inc., 8.50%, 11/15/27(4) | 393 | 426,147 | |
Speedway Motorsports, LLC/Speedway Funding II, Inc., 4.875%, 11/1/27(4) | 250 | 227,079 | |
$ 767,809 | |||
Chemicals — 0.5% | |||
ASP Unifrax Holdings, Inc., 5.25%, 9/30/28(4) | 88 | $ 74,088 | |
Avient Corp., 7.125%, 8/1/30(4) | ��� 102 | 105,273 | |
Herens Holdco S.a.r.l., 4.75%, 5/15/28(4) | 201 | 168,771 | |
Herens Midco S.a.r.l., 5.25%, 5/15/29(5) | EUR | 121 | 87,440 |
NOVA Chemicals Corp.: | |||
4.25%, 5/15/29(4) | 203 | 176,629 | |
4.875%, 6/1/24(4) | 56 | 54,909 | |
Nufarm Australia, Ltd./Nufarm Americas, Inc., 5.00%, 1/27/30(4) | 172 | 146,466 | |
SGL Carbon SE, 4.625%, 9/30/24(5) | EUR | 100 | 96,481 |
Valvoline, Inc.: | |||
3.625%, 6/15/31(4) | 128 | 106,319 | |
4.25%, 2/15/30(4) | 140 | 127,217 | |
$ 1,143,593 | |||
Commercial Services & Supplies — 1.7% | |||
Adtalem Global Education, Inc., 5.50%, 3/1/28(4) | 182 | $ 170,797 | |
Clean Harbors, Inc.: | |||
4.875%, 7/15/27(4) | 101 | 100,434 | |
5.125%, 7/15/29(4) | 61 | 59,260 | |
EC Finance PLC, 3.00%, 10/15/26(5) | EUR | 274 | 258,753 |
Gartner, Inc.: | |||
3.75%, 10/1/30(4) | 187 | 172,176 |
Security | Principal Amount (000's omitted)* | Value | |
Commercial Services & Supplies (continued) | |||
Gartner, Inc.: (continued) | |||
4.50%, 7/1/28(4) | 151 | $ 145,663 | |
GFL Environmental, Inc.: | |||
3.50%, 9/1/28(4) | 265 | 240,290 | |
3.75%, 8/1/25(4) | 130 | 126,330 | |
4.75%, 6/15/29(4) | 343 | 315,977 | |
HealthEquity, Inc., 4.50%, 10/1/29(4) | 153 | 142,686 | |
Hertz Corp. (The): | |||
4.625%, 12/1/26(4) | 29 | 25,859 | |
5.00%, 12/1/29(4) | 230 | 197,165 | |
Korn Ferry, 4.625%, 12/15/27(4) | 233 | 219,463 | |
Madison IAQ, LLC, 5.875%, 6/30/29(4) | 323 | 252,978 | |
Metis Merger Sub, LLC, 6.50%, 5/15/29(4) | 105 | 89,562 | |
MoneyGram International, Inc., 5.375%, 8/1/26(4) | 249 | 245,541 | |
NESCO Holdings II, Inc., 5.50%, 4/15/29(4) | 206 | 179,177 | |
Paprec Holding S.A., 3.50%, 7/1/28(5) | EUR | 352 | 300,217 |
PROG Holdings, Inc., 6.00%, 11/15/29(4) | 139 | 114,415 | |
Team Health Holdings, Inc., 6.375%, 2/1/25(4) | 235 | 160,797 | |
Terminix Co., LLC (The), 7.45%, 8/15/27 | 536 | 624,840 | |
Tervita Corp., 11.00%, 12/1/25(4) | 123 | 133,921 | |
$ 4,276,301 | |||
Construction & Engineering — 0.1% | |||
TopBuild Corp., 4.125%, 2/15/32(4) | 263 | $ 229,159 | |
$ 229,159 | |||
Construction Materials — 0.2% | |||
SRM Escrow Issuer, LLC, 6.00%, 11/1/28(4) | 641 | $ 596,245 | |
$ 596,245 | |||
Consumer Finance — 0.3% | |||
CPUK Finance, Ltd., 4.875%, 2/28/47(5) | GBP | 278 | $ 316,642 |
PRA Group, Inc.: | |||
5.00%, 10/1/29(4) | EUR | 115 | 99,204 |
7.375%, 9/1/25(4) | EUR | 261 | 258,796 |
$ 674,642 | |||
Containers & Packaging — 0.6% | |||
Ardagh Metal Packaging Finance USA, LLC/Ardagh Metal Packaging Finance PLC, 3.00%, 9/1/29(5) | EUR | 200 | $ 168,532 |
Canpack S.A./Canpack US, LLC, 3.875%, 11/15/29(4) | EUR | 312 | 257,700 |
Kleopatra Finco S.a.r.l., 4.25%, 3/1/26(5) | EUR | 479 | 420,411 |
LABL, Inc., 5.875%, 11/1/28(4) | 66 | 60,431 | |
Mauser Packaging Solutions Holding Co., 7.25%, 4/15/25(4) | 82 | 75,421 |
5
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Containers & Packaging (continued) | |||
Schoeller Packaging B.V., 6.375%, 11/1/24(5) | 450 | $ 368,256 | |
Verallia S.A., 1.875%, 11/10/31(5) | EUR | 100 | 80,872 |
$ 1,431,623 | |||
Cosmetics/Personal Care — 0.1% | |||
Edgewell Personal Care Co.: | |||
4.125%, 4/1/29(4) | 74 | $ 66,523 | |
5.50%, 6/1/28(4) | 180 | 176,782 | |
$ 243,305 | |||
Distributors — 0.5% | |||
BCPE Empire Holdings, Inc., 7.625%, 5/1/27(4) | 451 | $ 394,603 | |
Parts Europe S.A., 4.047%, (3 mo. EURIBOR + 4.00%), 7/20/27(5)(9) | EUR | 350 | 342,067 |
Performance Food Group, Inc.: | |||
4.25%, 8/1/29(4) | 315 | 280,350 | |
5.50%, 10/15/27(4) | 169 | 166,923 | |
$ 1,183,943 | |||
Diversified Consumer Services — 0.3% | |||
GEMS MENASA Cayman, Ltd./GEMS Education Delaware, LLC, 7.125%, 7/31/26(5) | 750 | $ 705,799 | |
$ 705,799 | |||
Diversified Financial Services — 1.7% | |||
Allied Universal Holdco, LLC/Allied Universal Finance Corp.: | |||
6.625%, 7/15/26(4) | 485 | $ 470,506 | |
9.75%, 7/15/27(4) | 203 | 186,398 | |
Ally Financial, Inc., Series B, 4.70% to 5/15/26(7)(8) | 270 | 228,373 | |
Alpha Holding S.A. de CV, 9.00%, 2/10/25(4)(10) | 200 | 12,500 | |
American AgCredit Corp., Series QIB, 5.25% to 6/15/26(4)(7)(8) | 250 | 229,687 | |
Bread Financial Holdings, Inc., 4.75%, 12/15/24(4) | 194 | 180,297 | |
Encore Capital Group, Inc.: | |||
4.25%, (3 mo. EURIBOR + 4.25%), 1/15/28(5)(9) | EUR | 479 | 458,670 |
5.375%, 2/15/26(5) | GBP | 180 | 206,689 |
Icahn Enterprises, L.P./Icahn Enterprises Finance Corp.: | |||
6.25%, 5/15/26 | 99 | 98,561 | |
6.375%, 12/15/25 | 120 | 119,872 | |
Jane Street Group/JSG Finance, Inc., 4.50%, 11/15/29(4) | 305 | 281,802 | |
Jefferson Capital Holdings, LLC, 6.00%, 8/15/26(4) | 343 | 304,282 | |
Louvre Bidco S.A.S., 6.50%, 9/30/24(5) | EUR | 310 | 303,345 |
Oxford Finance, LLC/Oxford Finance Co-Issuer II, Inc., 6.375%, 2/1/27(4) | 160 | 154,105 |
Security | Principal Amount (000's omitted)* | Value | |
Diversified Financial Services (continued) | |||
Rocket Mortgage, LLC/Rocket Mortgage Co.-Issuer, Inc.: | |||
2.875%, 10/15/26(4) | 156 | $ 138,166 | |
3.625%, 3/1/29(4) | 133 | 113,883 | |
4.00%, 10/15/33(4) | 30 | 24,309 | |
Sherwood Financing PLC, 6.00%, 11/15/26(5) | GBP | 420 | 413,720 |
VistaJet Malta Finance PLC/XO Management Holding, Inc., 6.375%, 2/1/30(4) | 256 | 223,426 | |
$ 4,148,591 | |||
Diversified Telecommunication Services — 0.4% | |||
Level 3 Financing, Inc.: | |||
4.25%, 7/1/28(4) | 324 | $ 283,480 | |
5.25%, 3/15/26 | 90 | 89,202 | |
Lorca Telecom Bondco S.A., 4.00%, 9/18/27(5) | EUR | 650 | 609,183 |
$ 981,865 | |||
Electric Utilities — 1.3% | |||
Dominion Energy, Inc., Series C, 4.35% to 1/15/27(7)(8) | 93 | $ 85,094 | |
Enviva Partners, L.P./Enviva Partners Finance Corp., 6.50%, 1/15/26(4) | 353 | 350,483 | |
FirstEnergy Corp.: | |||
2.65%, 3/1/30 | 53 | 46,719 | |
Series B, 4.40% to 1/15/23, 7/15/27(11) | 257 | 252,261 | |
Imola Merger Corp., 4.75%, 5/15/29(4) | 370 | 346,777 | |
NextEra Energy Operating Partners, L.P.: | |||
4.25%, 9/15/24(4) | 9 | 8,843 | |
4.50%, 9/15/27(4) | 205 | 202,950 | |
NRG Energy, Inc.: | |||
3.375%, 2/15/29(4) | 106 | 91,563 | |
3.625%, 2/15/31(4) | 177 | 148,488 | |
3.875%, 2/15/32(4) | 195 | 167,111 | |
5.25%, 6/15/29(4) | 122 | 114,534 | |
Pattern Energy Operations, L.P./Pattern Energy Operations, Inc., 4.50%, 8/15/28(4) | 199 | 184,923 | |
Sempra Energy, 4.125% to 1/1/27, 4/1/52(8) | 167 | 141,368 | |
Southern California Edison Co., Series E, 6.981%, (3 mo. USD LIBOR + 4.199%), 9/12/22(9) | 101 | 93,190 | |
Southern Co. (The): | |||
Series 21-A, 3.75% to 6/15/26, 9/15/51(8) | 120 | 106,067 | |
Series B, 4.00% to 10/15/25, 1/15/51(8) | 56 | 52,295 | |
Series B, 5.459%, (3 mo. USD LIBOR + 3.63%), 3/15/57(9) | 192 | 191,328 | |
TerraForm Power Operating, LLC, 5.00%, 1/31/28(4) | 237 | 228,089 | |
Vistra Operations Co., LLC: | |||
4.375%, 5/1/29(4) | 173 | 161,207 |
6
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Electric Utilities (continued) | |||
Vistra Operations Co., LLC: (continued) | |||
5.00%, 7/31/27(4) | 232 | $ 228,810 | |
$ 3,202,100 | |||
Electronic Equipment, Instruments & Components — 0.1% | |||
II-VI, Inc., 5.00%, 12/15/29(4) | 138 | $ 131,628 | |
Sensata Technologies B.V., 5.00%, 10/1/25(4) | 57 | 57,362 | |
WESCO Distribution, Inc., 7.25%, 6/15/28(4) | 153 | 158,706 | |
$ 347,696 | |||
Entertainment — 0.9% | |||
Caesars Entertainment, Inc.: | |||
6.25%, 7/1/25(4) | 417 | $ 416,472 | |
8.125%, 7/1/27(4) | 56 | 56,079 | |
CDI Escrow Issuer, Inc., 5.75%, 4/1/30(4) | 233 | 228,056 | |
Cinemark USA, Inc., 5.25%, 7/15/28(4) | 206 | 183,995 | |
Gamma Bidco SpA, 6.25%, 7/15/25(5) | EUR | 200 | 198,278 |
Jacobs Entertainment, Inc., 6.75%, 2/15/29(4) | 278 | 231,247 | |
LHMC Finco 2 S.a.r.l., 7.25%, (7.25% cash or 8.00% PIK), 10/2/25(5)(6) | EUR | 742 | 652,269 |
Scientific Games International, Inc., 7.00%, 5/15/28(4) | 216 | 220,019 | |
SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29(4) | 65 | 58,361 | |
$ 2,244,776 | |||
Equity Real Estate Investment Trusts (REITs) — 0.2% | |||
Brookfield Property REIT, Inc./BPR Cumulus, LLC/BPR Nimbus, LLC/GGSI Sellco, LLC, 4.50%, 4/1/27(4) | 307 | $ 268,530 | |
HAT Holdings I, LLC/HAT Holdings II, LLC, 3.375%, 6/15/26(4) | 200 | 176,440 | |
$ 444,970 | |||
Food Products — 0.6% | |||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons, L.P./Albertsons, LLC: | |||
4.875%, 2/15/30(4) | 138 | $ 126,584 | |
5.875%, 2/15/28(4) | 181 | 175,865 | |
Darling Ingredients, Inc., 6.00%, 6/15/30(4) | 87 | 90,094 | |
Kraft Heinz Foods Co.: | |||
4.375%, 6/1/46 | 44 | 38,748 | |
5.50%, 6/1/50 | 34 | 34,738 | |
Land O' Lakes, Inc., 8.00%(4)(7) | 235 | 238,486 | |
Nomad Foods Bondco PLC, 2.50%, 6/24/28(5) | EUR | 571 | 489,511 |
Pilgrim's Pride Corp., 3.50%, 3/1/32(4) | 316 | 267,518 | |
$ 1,461,544 |
Security | Principal Amount (000's omitted)* | Value | |
Gas Utilities — 0.1% | |||
NiSource, Inc., 5.65% to 6/15/23(7)(8) | 280 | $ 256,570 | |
$ 256,570 | |||
Health Care Equipment & Supplies — 1.5% | |||
Centene Corp.: | |||
2.50%, 3/1/31 | 311 | $ 267,266 | |
3.00%, 10/15/30 | 377 | 336,951 | |
3.375%, 2/15/30 | 308 | 280,313 | |
4.625%, 12/15/29 | 319 | 315,145 | |
Compass Minerals International, Inc., 6.75%, 12/1/27(4) | 399 | 384,093 | |
LifePoint Health, Inc., 5.375%, 1/15/29(4) | 110 | 85,143 | |
Medline Borrower, L.P., 5.25%, 10/1/29(4) | 504 | 456,080 | |
ModivCare Escrow Issuer, Inc., 5.00%, 10/1/29(4) | 101 | 92,538 | |
Molina Healthcare, Inc.: | |||
3.875%, 11/15/30(4) | 245 | 226,642 | |
3.875%, 5/15/32(4) | 189 | 173,880 | |
Tenet Healthcare Corp.: | |||
4.375%, 1/15/30(4) | 102 | 94,964 | |
6.125%, 10/1/28(4) | 289 | 282,112 | |
6.875%, 11/15/31 | 133 | 128,509 | |
US Acute Care Solutions, LLC, 6.375%, 3/1/26(4) | 400 | 373,134 | |
Varex Imaging Corp., 7.875%, 10/15/27(4) | 219 | 218,704 | |
$ 3,715,474 | |||
Health Care Providers & Services — 0.5% | |||
HCA, Inc.: | |||
5.375%, 9/1/26 | 270 | $ 278,853 | |
5.625%, 9/1/28 | 245 | 254,404 | |
Legacy LifePoint Health, LLC, 4.375%, 2/15/27(4) | 173 | 153,839 | |
ModivCare, Inc., 5.875%, 11/15/25(4) | 182 | 177,743 | |
Tenet Healthcare Corp.: | |||
4.625%, 9/1/24(4) | 49 | 48,531 | |
4.875%, 1/1/26(4) | 290 | 285,998 | |
5.125%, 11/1/27(4) | 138 | 136,267 | |
$ 1,335,635 | |||
Healthcare-Products — 0.1% | |||
Avantor Funding, Inc., 3.875%, 7/15/28(5) | 150 | $ 142,935 | |
$ 142,935 | |||
Home Builders — 0.0%(2) | |||
MDC Holdings, Inc., 3.966%, 8/6/61 | 2 | $ 1,198 | |
$ 1,198 |
7
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Hotels, Restaurants & Leisure — 0.3% | |||
1011778 B.C. Unlimited Liability Company/New Red Finance, Inc.: | |||
3.875%, 1/15/28(4) | 286 | $ 264,925 | |
4.375%, 1/15/28(4) | 182 | 168,970 | |
5.75%, 4/15/25(4) | 66 | 66,909 | |
Lithia Motors, Inc., 4.625%, 12/15/27(4) | 91 | 86,759 | |
MGM Resorts International, 4.75%, 10/15/28 | 184 | 166,986 | |
$ 754,549 | |||
Household Products — 0.2% | |||
Central Garden & Pet Co., 4.125%, 10/15/30 | 55 | $ 47,752 | |
Spectrum Brands, Inc., 5.50%, 7/15/30(4) | 56 | 50,531 | |
Tempur Sealy International, Inc., 3.875%, 10/15/31(4) | 397 | 322,562 | |
$ 420,845 | |||
Housewares — 0.2% | |||
ProGroup AG, 3.00%, 3/31/26(5) | 460 | $ 407,787 | |
$ 407,787 | |||
Independent Power and Renewable Electricity Producers — 0.2% | |||
Algonquin Power & Utilities Corp., 4.75% to 1/18/27, 1/18/82(8) | 113 | $ 99,926 | |
Calpine Corp.: | |||
5.125%, 3/15/28(4) | 273 | 257,465 | |
5.25%, 6/1/26(4) | 50 | 50,501 | |
NRG Energy, Inc., 5.75%, 1/15/28 | 210 | 202,884 | |
$ 610,776 | |||
Industrial Conglomerates — 0.2% | |||
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26(4) | 162 | $ 145,507 | |
Gatwick Airport Finance PLC, 4.375%, 4/7/26(5) | GBP | 245 | 255,558 |
Paprec Holding S.A., 4.00%, 3/31/25(5) | EUR | 115 | 110,777 |
$ 511,842 | |||
Insurance — 0.6% | |||
Alliant Holdings Intermediate, LLC/Alliant Holdings Co-Issuer, 6.75%, 10/15/27(4) | 458 | $ 435,778 | |
Galaxy Finco, Ltd., 9.25%, 7/31/27(5) | GBP | 525 | 583,255 |
Liberty Mutual Group, Inc., 4.125% to 9/15/26, 12/15/51(4)(8) | 115 | 95,791 | |
Prudential Financial, Inc., 5.125% to 11/28/31, 3/1/52(8) | 60 | 57,428 | |
QBE Insurance Group, Ltd., 5.875% to 5/12/25(4)(7)(8) | 222 | 216,672 | |
$ 1,388,924 |
Security | Principal Amount (000's omitted)* | Value | |
Internet & Direct Marketing Retail — 0.0%(2) | |||
Match Group Holdings II, LLC, 3.625%, 10/1/31(4) | 83 | $ 71,018 | |
$ 71,018 | |||
Leisure Products — 0.7% | |||
Carnival Corp.: | |||
5.75%, 3/1/27(4) | 207 | $ 166,506 | |
7.625%, 3/1/26(4) | 87 | 75,076 | |
Life Time, Inc.: | |||
5.75%, 1/15/26(4) | 199 | 187,311 | |
8.00%, 4/15/26(4) | 306 | 289,214 | |
Lindblad Expeditions, LLC, 6.75%, 2/15/27(4) | 154 | 141,668 | |
NCL Corp., Ltd.: | |||
5.875%, 3/15/26(4) | 106 | 86,751 | |
5.875%, 2/15/27(4) | 67 | 61,741 | |
7.75%, 2/15/29(4) | 56 | 45,025 | |
NCL Finance, Ltd., 6.125%, 3/15/28(4) | 55 | 42,659 | |
Sabre GLBL, Inc., 9.25%, 4/15/25(4) | 259 | 263,835 | |
Viking Cruises, Ltd.: | |||
5.875%, 9/15/27(4) | 399 | 325,756 | |
7.00%, 2/15/29(4) | 104 | 84,249 | |
Viking Ocean Cruises Ship VII, Ltd., 5.625%, 2/15/29(4) | 66 | 57,088 | |
$ 1,826,879 | |||
Life Sciences Tools & Services — 0.1% | |||
W.R. Grace Holdings, LLC, 4.875%, 6/15/27(4) | 245 | $ 234,894 | |
$ 234,894 | |||
Machinery — 0.1% | |||
IMA Industria Macchine Automatiche SpA, 3.75%, 1/15/28(5) | $ | 381 | $ 319,737 |
$ 319,737 | |||
Media — 1.9% | |||
Altice France S.A., 8.125%, 2/1/27(4) | 458 | $ 452,902 | |
Audacy Capital Corp., 6.75%, 3/31/29(4) | 261 | 126,546 | |
Beasley Mezzanine Holdings, LLC, 8.625%, 2/1/26(4) | 308 | 234,109 | |
CCO Holdings, LLC/CCO Holdings Capital Corp.: | |||
4.25%, 2/1/31(4) | 338 | 293,714 | |
4.50%, 8/15/30(4) | 343 | 305,490 | |
4.75%, 3/1/30(4) | 322 | 293,469 | |
4.75%, 2/1/32(4) | 139 | 123,088 | |
5.375%, 6/1/29(4) | 110 | 105,022 | |
CMG Media Corp., 8.875%, 12/15/27(4) | 178 | 142,888 |
8
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Media (continued) | |||
CSC Holdings, LLC, 7.50%, 4/1/28(4) | 200 | $ 184,138 | |
LCPR Senior Secured Financing DAC, 5.125%, 7/15/29(4) | 205 | 180,323 | |
McGraw-Hill Education, Inc.: | |||
5.75%, 8/1/28(4) | 84 | 75,537 | |
8.00%, 8/1/29(4) | 322 | 271,233 | |
National CineMedia, LLC: | |||
5.75%, 8/15/26 | 189 | 97,214 | |
5.875%, 4/15/28(4) | 245 | 177,647 | |
Outfront Media Capital, LLC/Outfront Media Capital Corp.: | |||
4.625%, 3/15/30(4) | 54 | 45,691 | |
6.25%, 6/15/25(4) | 137 | 135,799 | |
Sirius XM Radio, Inc.: | |||
3.125%, 9/1/26(4) | 125 | 118,145 | |
3.875%, 9/1/31(4) | 126 | 109,773 | |
5.00%, 8/1/27(4) | 218 | 216,603 | |
Summer (BC) Holdco A S.a.r.l., 9.25%, 10/31/27(5) | EUR | 129 | 115,715 |
Summer (BC) Holdco B S.a.r.l., 5.75%, 10/31/26(5) | EUR | 400 | 381,371 |
Townsquare Media, Inc., 6.875%, 2/1/26(4) | 141 | 129,636 | |
Univision Communications, Inc., 7.375%, 6/30/30(4) | 48 | 48,663 | |
UPCB Finance VII, Ltd., 3.625%, 6/15/29(5) | EUR | 116 | 104,337 |
Virgin Media Vendor Financing Notes III DAC, 4.875%, 7/15/28(5) | GBP | 100 | 106,473 |
$ 4,575,526 | |||
Metals & Mining — 1.8% | |||
Allegheny Ludlum, LLC, 6.95%, 12/15/25 | 598 | $ 598,365 | |
Arconic Corp., 6.125%, 2/15/28(4) | 101 | 101,200 | |
BWX Technologies, Inc.: | |||
4.125%, 6/30/28(4) | 159 | 150,887 | |
4.125%, 4/15/29(4) | 118 | 110,963 | |
Centennial Resource Production, LLC, 5.375%, 1/15/26(4) | 225 | 206,436 | |
Cleveland-Cliffs, Inc., 6.75%, 3/15/26(4) | 460 | 474,380 | |
Eldorado Gold Corp., 6.25%, 9/1/29(4) | 251 | 200,919 | |
Freeport-McMoRan, Inc., 5.45%, 3/15/43 | 267 | 250,633 | |
Hudbay Minerals, Inc.: | |||
4.50%, 4/1/26(4) | 204 | 169,294 | |
6.125%, 4/1/29(4) | 96 | 74,886 | |
Infrabuild Australia Pty, Ltd., 12.00%, 10/1/24(4) | 1,024 | 963,932 | |
New Gold, Inc., 7.50%, 7/15/27(4) | 491 | 386,687 | |
Novelis Corp., 3.25%, 11/15/26(4) | 89 | 82,962 | |
Novelis Sheet Ingot GmbH, 3.375%, 4/15/29(5) | EUR | 200 | 171,930 |
Roller Bearing Co. of America, Inc., 4.375%, 10/15/29(4) | 253 | 229,673 | |
TMS International Corp., 6.25%, 4/15/29(4) | 196 | 131,130 | |
$ 4,304,277 |
Security | Principal Amount (000's omitted)* | Value | |
Multi-Utilities — 0.1% | |||
Centerpoint Energy, Inc., Series A, 6.125% to 9/1/23(7)(8) | 345 | $ 311,570 | |
$ 311,570 | |||
Oil, Gas & Consumable Fuels — 2.5% | |||
Aethon United BR, L.P./Aethon United Finance Corp., 8.25%, 2/15/26(4) | 555 | $ 574,317 | |
Colgate Energy Partners III, LLC: | |||
5.875%, 7/1/29(4) | 260 | 238,427 | |
7.75%, 2/15/26(4) | 190 | 186,652 | |
CrownRock, L.P./CrownRock Finance, Inc., 5.00%, 5/1/29(4) | 173 | 160,942 | |
CVR Energy, Inc., 5.75%, 2/15/28(4) | 439 | 398,096 | |
DCP Midstream, L.P., Series A, 7.375% to 12/15/22(7)(8) | 370 | 336,731 | |
EnLink Midstream Partners, L.P., Series C, 6.00% to 12/15/22(7)(8) | 193 | 134,657 | |
EQT Corp.: | |||
5.00%, 1/15/29 | 53 | 52,470 | |
6.125%, 2/1/25 | 69 | 71,934 | |
7.00%, 2/1/30 | 102 | 111,805 | |
Nabors Industries, Ltd.: | |||
7.50%, 1/15/28(4) | 118 | 102,949 | |
9.00%, 2/1/25(4) | 151 | 151,566 | |
Neptune Energy Bondco PLC, 6.625%, 5/15/25(4) | 200 | 193,542 | |
Occidental Petroleum Corp.: | |||
6.20%, 3/15/40 | 81 | 83,068 | |
6.375%, 9/1/28 | 93 | 99,812 | |
6.45%, 9/15/36 | 93 | 103,545 | |
6.625%, 9/1/30 | 254 | 282,098 | |
Odebrecht Oil & Gas Finance, Ltd., 0.00%(4)(7) | 862 | 4,525 | |
Parkland Corp.: | |||
4.50%, 10/1/29(4) | 110 | 96,815 | |
4.625%, 5/1/30(4) | 202 | 181,197 | |
Plains All American Pipeline, L.P., Series B, 6.125% to 11/15/22(7)(8) | 435 | 334,440 | |
Precision Drilling Corp.: | |||
6.875%, 1/15/29(4) | 152 | 136,552 | |
7.125%, 1/15/26(4) | 99 | 92,011 | |
Shelf Drilling Holdings, Ltd.: | |||
8.25%, 2/15/25(4) | 245 | 191,725 | |
8.875%, 11/15/24(4) | 71 | 70,122 | |
Southwestern Energy Co., 4.75%, 2/1/32 | 194 | 181,142 | |
Sunoco, L.P./Sunoco Finance Corp.: | |||
4.50%, 5/15/29 | 209 | 188,545 | |
4.50%, 4/30/30 | 226 | 198,496 | |
Tap Rock Resources, LLC, 7.00%, 10/1/26(4) | 292 | 276,232 |
9
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Oil, Gas & Consumable Fuels (continued) | |||
Targa Resources Partners, L.P./Targa Resources Partners Finance Corp.: | |||
4.00%, 1/15/32 | 169 | $ 151,042 | |
4.875%, 2/1/31 | 37 | 34,829 | |
5.50%, 3/1/30 | 36 | 35,627 | |
Teleflex, Inc., 4.25%, 6/1/28(4) | 67 | 63,257 | |
Transocean Poseidon, Ltd., 6.875%, 2/1/27(4) | 170 | 156,131 | |
Wintershall Dea Finance 2 B.V., 2.499% to 4/20/26(5)(7)(8) | EUR | 500 | 417,283 |
$ 6,092,582 | |||
Paper and Forest Products — 0.0%(2) | |||
Glatfelter Corp., 4.75%, 11/15/29(4) | 31 | $ 21,194 | |
$ 21,194 | |||
Pharmaceuticals — 1.1% | |||
AdaptHealth, LLC: | |||
4.625%, 8/1/29(4) | 65 | $ 58,257 | |
5.125%, 3/1/30(4) | 133 | 122,196 | |
6.125%, 8/1/28(4) | 310 | 293,800 | |
BellRing Brands, Inc., 7.00%, 3/15/30(4) | 336 | 325,465 | |
Endo DAC/Endo Finance, LLC/Endo Finco, Inc., 5.875%, 10/15/24(4) | 200 | 163,000 | |
Endo Luxembourg Finance Co. I S.a.r.l./Endo US, Inc., 6.125%, 4/1/29(4) | 247 | 198,890 | |
Herbalife Nutrition, Ltd./HLF Financing, Inc., 7.875%, 9/1/25(4) | 420 | 394,915 | |
Nidda Healthcare Holding GmbH, 3.50%, 9/30/24(5) | EUR | 625 | 595,456 |
Option Care Health, Inc., 4.375%, 10/31/29(4) | 97 | 88,631 | |
Perrigo Finance Unlimited Co., 4.40% to 12/15/22, 6/15/30(11) | 400 | 367,962 | |
$ 2,608,572 | |||
Pipelines — 1.1% | |||
Antero Midstream Partners, L.P./Antero Midstream Finance Corp.: | |||
5.75%, 3/1/27(4) | 102 | $ 101,678 | |
7.875%, 5/15/26(4) | 109 | 114,218 | |
Cheniere Energy Partners, L.P., 4.00%, 3/1/31 | 519 | 483,041 | |
Cheniere Energy, Inc., 4.625%, 10/15/28 | 239 | 233,013 | |
DT Midstream, Inc., 4.125%, 6/15/29(4) | 172 | 159,608 | |
Energy Transfer, L.P., Series B, 6.625% to 2/15/28(7)(8) | 147 | 112,308 | |
EQM Midstream Partners, L.P.: | |||
4.50%, 1/15/29(4) | 364 | 326,579 | |
6.00%, 7/1/25(4) | 43 | 42,733 | |
6.50%, 7/1/27(4) | 116 | 116,537 | |
7.50%, 6/1/30(4) | 126 | 129,853 |
Security | Principal Amount (000's omitted)* | Value | |
Pipelines (continued) | |||
Kinetik Holdings, L.P., 5.875%, 6/15/30(4) | 181 | $ 184,139 | |
New Fortress Energy, Inc., 6.50%, 9/30/26(4) | 382 | 362,327 | |
Venture Global Calcasieu Pass, LLC, 3.875%, 8/15/29(4) | 146 | 135,066 | |
Western Midstream Operating, L.P.: | |||
4.30%, 2/1/30 | 207 | 194,049 | |
4.50%, 3/1/28 | 27 | 26,096 | |
4.75%, 8/15/28 | 24 | 23,489 | |
$ 2,744,734 | |||
Real Estate Investment Trusts (REITs) — 0.7% | |||
ADLER Group S.A., 2.75%, 11/13/26(5) | EUR | 200 | $ 111,316 |
Aedas Homes Opco SLU, 4.00%, 8/15/26(5) | EUR | 287 | 256,331 |
HAT Holdings I, LLC/HAT Holdings II, LLC: | |||
3.75%, 9/15/30(4) | 151 | 115,831 | |
6.00%, 4/15/25(4) | 127 | 124,146 | |
Heimstaden Bostad AB, 3.00% to 10/29/27(5)(7)(8) | EUR | 415 | 299,896 |
VICI Properties, L.P./VICI Note Co., Inc.: | |||
3.75%, 2/15/27(4) | 27 | 24,769 | |
4.125%, 8/15/30(4) | 198 | 181,209 | |
4.25%, 12/1/26(4) | 300 | 282,429 | |
4.50%, 9/1/26(4) | 100 | 95,613 | |
4.625%, 12/1/29(4) | 66 | 62,951 | |
5.625%, 5/1/24(4) | 200 | 200,341 | |
$ 1,754,832 | |||
Semiconductors & Semiconductor Equipment — 0.1% | |||
ON Semiconductor Corp., 3.875%, 9/1/28(4) | 258 | $ 239,249 | |
$ 239,249 | |||
Software — 0.5% | |||
Black Knight InfoServ, LLC, 3.625%, 9/1/28(4) | 152 | $ 140,980 | |
Fair Isaac Corp., 4.00%, 6/15/28(4) | 165 | 154,283 | |
Minerva Merger Sub, Inc., 6.50%, 2/15/30(4) | 306 | 277,312 | |
Open Text Corp., 3.875%, 2/15/28(4) | 37 | 34,128 | |
Open Text Holdings, Inc., 4.125%, 2/15/30(4) | 37 | 34,278 | |
Playtika Holding Corp., 4.25%, 3/15/29(4) | 248 | 222,765 | |
SS&C Technologies, Inc., 5.50%, 9/30/27(4) | 296 | 292,331 | |
$ 1,156,077 | |||
Specialty Retail — 2.3% | |||
Arko Corp., 5.125%, 11/15/29(4) | 371 | $ 312,156 | |
Asbury Automotive Group, Inc.: | |||
4.625%, 11/15/29(4) | 27 | 23,895 | |
4.75%, 3/1/30 | 228 | 199,106 |
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Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Security | Principal Amount (000's omitted)* | Value | |
Specialty Retail (continued) | |||
Asbury Automotive Group, Inc.: (continued) | |||
5.00%, 2/15/32(4) | 28 | $ 24,500 | |
Bath & Body Works, Inc.: | |||
6.625%, 10/1/30(4) | 144 | 137,761 | |
6.75%, 7/1/36 | 80 | 72,717 | |
6.875%, 11/1/35 | 233 | 214,136 | |
6.95%, 3/1/33 | 168 | 140,958 | |
7.60%, 7/15/37 | 75 | 64,002 | |
9.375%, 7/1/25(4) | 31 | 32,442 | |
Dave & Buster's, Inc., 7.625%, 11/1/25(4) | 457 | 460,718 | |
Dufry One B.V., 3.375%, 4/15/28(5) | EUR | 479 | 421,635 |
eG Global Finance PLC, 6.25%, 10/30/25(5) | EUR | 450 | 428,862 |
Fertitta Entertainment, LLC/Fertitta Entertainment Finance Co., Inc., 4.625%, 1/15/29(4) | 100 | 93,494 | |
Group 1 Automotive, Inc., 4.00%, 8/15/28(4) | 203 | 181,884 | |
IRB Holding Corp., 7.00%, 6/15/25(4) | 98 | 100,351 | |
Ken Garff Automotive, LLC, 4.875%, 9/15/28(4) | 155 | 128,079 | |
LCM Investments Holdings II, LLC, 4.875%, 5/1/29(4) | 257 | 220,179 | |
Lithia Motors, Inc., 3.875%, 6/1/29(4) | 86 | 76,733 | |
Midco GB SASU, 7.75% (7.75% cash or 8.50% PIK), 11/1/27(5)(6) | EUR | 285 | 282,546 |
PetSmart, Inc./PetSmart Finance Corp.: | |||
4.75%, 2/15/28(4) | 250 | 237,889 | |
7.75%, 2/15/29(4) | 264 | 254,789 | |
Punch Finance PLC, 6.125%, 6/30/26(5) | GBP | 340 | 367,715 |
Sonic Automotive, Inc.: | |||
4.625%, 11/15/29(4) | 172 | 146,442 | |
4.875%, 11/15/31(4) | 143 | 116,767 | |
SRS Distribution, Inc., 6.00%, 12/1/29(4) | 141 | 122,293 | |
Suburban Propane Partners, L.P./Suburban Energy Finance Corp., 5.00%, 6/1/31(4) | 135 | 123,175 | |
Superior Plus, L.P./Superior General Partner, Inc., 4.50%, 3/15/29(4) | 254 | 234,034 | |
Victoria's Secret & Co., 4.625%, 7/15/29(4) | 261 | 216,467 | |
Yum! Brands, Inc., 3.625%, 3/15/31 | 220 | 199,375 | |
$ 5,635,100 | |||
Technology Hardware, Storage & Peripherals — 0.5% | |||
Almaviva-The Italian Innovation Co. SpA, 4.875%, 10/30/26(5) | EUR | 305 | $ 262,010 |
Booz Allen Hamilton, Inc.: | |||
3.875%, 9/1/28(4) | EUR | 410 | 389,431 |
4.00%, 7/1/29(4) | EUR | 97 | 92,664 |
Presidio Holdings, Inc., 8.25%, 2/1/28(4) | 158 | 149,294 |
Security | Principal Amount (000's omitted)* | Value | |
Technology Hardware, Storage & Peripherals (continued) | |||
Science Applications International Corp., 4.875%, 4/1/28(4) | 260 | $ 247,711 | |
Seagate HDD Cayman, 3.125%, 7/15/29 | 139 | 116,532 | |
$ 1,257,642 | |||
Telecommunications — 1.3% | |||
Altice France Holding S.A., 10.50%, 5/15/27(4) | 200 | $ 189,482 | |
Arqiva Broadcast Finance PLC, 6.75%, 9/30/23(5) | GBP | 200 | 237,629 |
Ciena Corp., 4.00%, 1/31/30(4) | 117 | 107,206 | |
Connect Finco S.a.r.l./Connect US Finco, LLC, 6.75%, 10/1/26(4) | 421 | 412,310 | |
Sprint Capital Corp., 6.875%, 11/15/28 | 294 | 330,415 | |
Sprint Corp., 7.875%, 9/15/23 | 375 | 389,297 | |
Telecom Italia SpA: | |||
1.625%, 1/18/29(5) | EUR | 170 | 129,282 |
2.75%, 4/15/25(5) | EUR | 140 | 136,393 |
T-Mobile USA, Inc.: | |||
2.25%, 2/15/26 | 132 | 123,233 | |
2.625%, 2/15/29 | 165 | 147,888 | |
2.875%, 2/15/31 | 99 | 87,765 | |
4.75%, 2/1/28 | 170 | 169,978 | |
Viasat, Inc., 5.625%, 4/15/27(4) | 61 | 57,622 | |
Vodafone Group PLC: | |||
2.625% to 5/27/26, 8/27/80(5)(8) | EUR | 220 | 207,964 |
4.875% to 7/3/25, 10/3/78(5)(8) | GBP | 215 | 245,329 |
Wp/ap Telecom Holdings III B.V., 5.50%, 1/15/30(5) | EUR | 259 | 228,299 |
$ 3,200,092 | |||
Transportation — 0.2% | |||
Cargo Aircraft Management, Inc., 4.75%, 2/1/28(4) | 249 | $ 232,507 | |
Seaspan Corp., 5.50%, 8/1/29(4) | 213 | 167,231 | |
$ 399,738 | |||
Wireless Telecommunication Services — 0.2% | |||
Altice France S.A., 5.50%, 10/15/29(4) | 200 | $ 172,250 | |
Iliad Holding SASU, 6.50%, 10/15/26(4) | 258 | 247,983 | |
Sprint Corp., 7.625%, 3/1/26 | 157 | 171,418 | |
$ 591,651 | |||
Total Corporate Bonds (identified cost $97,614,623) | $ 86,515,061 |
11
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Exchange-Traded Funds — 0.0%(2) |
Security | Shares | Value | |
Equity Funds — 0.0%(2) | |||
Global X U.S. Preferred ETF | 3,235 | $ 72,464 | |
iShares Preferred & Income Securities ETF | 2,402 | 83,518 | |
Total Exchange-Traded Funds (identified cost $167,497) | $ 155,982 |
Preferred Stocks — 1.2% |
Security | Shares | Value | |
Banks — 0.2% | |||
Farm Credit Bank of Texas, 6.75% to 9/15/23(4)(8) | 1,115 | $ 114,566 | |
First Republic Bank: | |||
Series M, 4.00% | 6,280 | 115,301 | |
Series N, 4.50% | 2,083 | 42,347 | |
JPMorgan Chase & Co., Series LL, 4.625% | 4,150 | 89,184 | |
Wells Fargo & Co., Series L, 7.50% (Convertible) | 103 | 130,707 | |
$ 492,105 | |||
Capital Markets — 0.1% | |||
Affiliated Managers Group, Inc., 4.75% | 4,125 | $ 86,460 | |
Stifel Financial Corp., Series D, 4.50% | 4,600 | 90,160 | |
$ 176,620 | |||
Electric Utilities — 0.2% | |||
Brookfield BRP Holdings Canada, Inc., 4.625% | 7,000 | $ 129,080 | |
SCE Trust III, Series H, 5.75% to 3/15/24(8) | 4,946 | 109,059 | |
SCE Trust IV, Series J, 5.375% to 9/15/25(8) | 1,911 | 38,889 | |
SCE Trust V, Series K, 5.45% to 3/15/26(8) | 3,551 | 83,165 | |
SCE Trust VI, 5.00% | 357 | 7,122 | |
$ 367,315 | |||
Equity Real Estate Investment Trusts (REITs) — 0.1% | |||
SITE Centers Corp., Series A, 6.375% | 4,730 | $ 121,987 | |
$ 121,987 | |||
Food Products — 0.0%(2) | |||
Ocean Spray Cranberries, Inc., Series A, 6.25%(4) | 540 | $ 54,067 | |
$ 54,067 | |||
Insurance — 0.1% | |||
American Equity Investment Life Holding Co., Series B, 6.625% to 9/1/25(8) | 5,345 | $ 137,313 |
Security | Shares | Value | |
Insurance (continued) | |||
Arch Capital Group, Ltd., Series G, 4.55% | 7,000 | $ 142,100 | |
$ 279,413 | |||
Oil, Gas & Consumable Fuels — 0.1% | |||
NuStar Energy, L.P., Series B, 7.673% (3 mo. USD LIBOR + 5.643%)(9) | 15,478 | $ 324,264 | |
$ 324,264 | |||
Pipelines — 0.1% | |||
Energy Transfer, L.P.: | |||
Series C, 7.375% to 5/15/23(8) | 3,000 | $ 68,130 | |
Series E, 7.60% to 5/15/24(8) | 4,970 | 117,789 | |
$ 185,919 | |||
Real Estate Management & Development — 0.1% | |||
Brookfield Property Partners, L.P.: | |||
Series A, 5.75% | 6,545 | $ 130,049 | |
Series A2, 6.375% | 8,191 | 174,714 | |
$ 304,763 | |||
Telecommunications — 0.1% | |||
United States Cellular Corp., 5.50% | 11,460 | $ 239,514 | |
$ 239,514 | |||
Trading Companies & Distributors — 0.1% | |||
WESCO International, Inc., Series A, 10.625% to 6/22/25(8) | 12,788 | $ 359,982 | |
$ 359,982 | |||
Total Preferred Stocks (identified cost $3,282,708) | $ 2,905,949 |
Senior Floating-Rate Loans — 1.3%(12) |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Airlines — 0.3% | |||
Air Canada, Term Loan, 4.25%, (6 mo. USD LIBOR + 3.50%, Floor 0.75%), 8/11/28 | $ | 204 | $ 196,860 |
Mileage Plus Holdings, LLC, Term Loan, 7.313%, (3 mo. USD LIBOR + 5.25%), 6/21/27 | 426 | 430,538 | |
$ 627,398 |
12
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Borrower/Description | Principal Amount (000's omitted) | Value | |
Health Care Technology — 0.1% | |||
Verscend Holding Corp., Term Loan, 6.372%, (1 mo. USD LIBOR + 4.00%), 8/27/25 | $ | 247 | $ 241,807 |
�� | $ 241,807 | ||
Hotels, Restaurants & Leisure — 0.1% | |||
Spectacle Gary Holdings, LLC, Term Loan, 6.622%, (1 mo. USD LIBOR + 4.25%), 11/19/28 | $ | 212 | $ 201,258 |
$ 201,258 | |||
IT Services — 0.1% | |||
Travelport Finance (Luxembourg) S.a.r.l., Term Loan, 11.00%, (3 mo. USD LIBOR + 8.75%), 3.75% cash, 7.25% PIK, 2/28/25 | $ | 227 | $ 221,021 |
$ 221,021 | |||
Leisure Products — 0.1% | |||
Peloton Interactive, Inc.Term Loan, 8.346%, (SOFR + 6.50%), 5/25/27 | $ | 140 | $ 133,583 |
$ 133,583 | |||
Media — 0.0%(2) | |||
Diamond Sports Group, LLC, Term Loan, 9.786%, (SOFR + 8.00%), 5/26/26 | $ | 57 | $ 54,178 |
$ 54,178 | |||
Pharmaceuticals — 0.2% | |||
Jazz Financing Lux S.a.r.l., Term Loan, 5.872%, (1 mo. USD LIBOR + 3.50%), 5/5/28 | $ | 564 | $ 552,661 |
$ 552,661 | |||
Software — 0.2% | |||
GoTo Group, Inc., Term Loan, 6.912%, (1 mo. USD LIBOR + 4.75%), 8/31/27(13) | $ | 0 | $ 75 |
RealPage, Inc., Term Loan, 5.372%, (1 mo. USD LIBOR + 3.00%), 4/24/28 | 519 | 500,748 | |
Riverbed Technology, Inc., Term Loan, 9.63%, (3 mo. USD LIBOR + 8.00%), 7.63% cash, 2.00% PIK, 12/7/26 | 135 | 63,481 | |
$ 564,304 | |||
Specialty Retail — 0.1% | |||
PetSmart, Inc., Term Loan, 6.12%, (1 mo. USD LIBOR + 3.75%), 2/11/28 | $ | 383 | $ 370,279 |
$ 370,279 |
Borrower/Description | Principal Amount (000's omitted) | Value | |
Trading Companies & Distributors — 0.1% | |||
Spin Holdco, Inc., Term Loan, 5.611%, (3 mo. USD LIBOR + 4.00%), 3/4/28 | $ | 297 | $ 274,623 |
$ 274,623 | |||
Total Senior Floating-Rate Loans (identified cost $3,396,355) | $ 3,241,112 |
Miscellaneous — 0.0%(2) |
Security | Principal Amount | Value | |
Transportation — 0.0%(2) | |||
Hertz Corp., Escrow Certificates(1) | $ | 58,000 | $ 3,770 |
Hertz Corp., Escrow Certificates(1) | 167,000 | 2,505 | |
Hertz Corp., Escrow Certificates(1) | 110,000 | 1,650 | |
Total Miscellaneous (identified cost $176,529) | $ 7,925 |
Short-Term Investments — 0.7% |
Security | Shares | Value | |
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 1.60%(14) | 1,642,131 | $ 1,642,131 | |
Total Short-Term Investments (identified cost $1,642,131) | $ 1,642,131 | ||
Total Investments — 98.4% (identified cost $210,155,867) | $241,800,474 | ||
Other Assets, Less Liabilities — 1.6% | $ 3,946,179 | ||
Net Assets — 100.0% | $245,746,653 |
The percentage shown for each investment category in the Portfolio of Investments is based on net assets. | |
* | In U.S. dollars unless otherwise indicated. |
(1) | Non-income producing security. |
(2) | Amount is less than 0.05%. |
(3) | Security was acquired in connection with a restructuring of a Senior Loan and may be subject to restrictions on resale. |
(4) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities may be sold in certain transactions in reliance on an exemption from registration (normally to qualified institutional buyers). At July 31, 2022, the aggregate value of these securities is $50,405,583 or 20.5% of the Portfolio's net assets. |
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Global Income Builder Portfolio
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Portfolio of Investments (Unaudited) — continued
(5) | Security exempt from registration under Regulation S of the Securities Act of 1933, as amended, which exempts from registration securities offered and sold outside the United States. Security may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, as amended. At July 31, 2022, the aggregate value of these securities is $18,296,336 or 7.4% of the Portfolio's net assets. |
(6) | Represents a payment-in-kind security which may pay interest in additional principal at the issuer’s discretion. |
(7) | Perpetual security with no stated maturity date but may be subject to calls by the issuer. |
(8) | Security converts to variable rate after the indicated fixed-rate coupon period. |
(9) | Variable rate security. The stated interest rate represents the rate in effect at July 31, 2022. |
(10) | Issuer is in default with respect to interest and/or principal payments. |
(11) | Multi-step coupon security. Interest rate represents the rate in effect at July 31, 2022. |
(12) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately two to four years. Senior Loans typically have rates of interest which are redetermined periodically by reference to a base lending rate, plus a spread. These base lending rates are primarily the London Interbank Offered Rate (“LIBOR”) or the Secured Overnight Financing Rate (“SOFR”) and secondarily, the prime rate offered by one or more major United States banks (the “Prime Rate”). Base lending rates may be subject to a floor, or minimum rate. Rates for SOFR are generally 1 or 3-month tenors and may also be subject to a credit spread adjustment. Senior Loans are generally subject to contractual restrictions that must be satisfied before they can be bought or sold. |
(13) | Principal amount is less than $500. |
(14) | May be deemed to be an affiliated investment company. The rate shown is the annualized seven-day yield as of July 31, 2022. |
Country Concentration of Portfolio | ||
Country | Percentage of Total Investments | Value |
United States | 62.3% | $150,731,177 |
United Kingdom | 8.7 | 20,999,903 |
France | 4.7 | 11,457,695 |
Switzerland | 4.4 | 10,730,998 |
Germany | 2.9 | 6,908,784 |
Spain | 2.5 | 6,022,235 |
Netherlands | 2.4 | 5,918,894 |
Japan | 1.9 | 4,651,835 |
Canada | 1.6 | 3,897,529 |
Luxembourg | 1.6 | 3,849,327 |
Australia | 1.6 | 3,830,468 |
Denmark | 1.2 | 2,810,978 |
Supranational | 0.8 | 1,933,724 |
Taiwan | 0.6 | 1,416,211 |
Sweden | 0.6 | 1,395,245 |
Italy | 0.5 | 1,231,279 |
India | 0.5 | 1,204,957 |
Hong Kong | 0.5 | 1,135,556 |
Ireland | 0.4 | 1,050,527 |
United Arab Emirates | 0.1 | 261,847 |
Mexico | 0.1 | 200,798 |
Brazil | 0.0(1) | 4,525 |
Exchange-Traded Funds | 0.1 | 155,982 |
Total Investments | 100.0% | $241,800,474 |
(1) | Amount is less than 0.05%. |
Forward Foreign Currency Exchange Contracts (OTC) | |||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation | Unrealized (Depreciation) | ||
USD | 137,560 | GBP | 109,117 | State Street Bank and Trust Company | 8/31/22 | $4,590 | $ — |
$4,590 | $ — |
14
Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
Abbreviations: | |
ADR | – American Depositary Receipt |
EURIBOR | – Euro Interbank Offered Rate |
LIBOR | – London Interbank Offered Rate |
OTC | – Over-the-counter |
PC | – Participation Certificate |
PIK | – Payment In Kind |
SOFR | – Secured Overnight Financing Rate |
Currency Abbreviations: | |
EUR | – Euro |
GBP | – British Pound Sterling |
USD | – United States Dollar |
At July 31, 2022, the Portfolio had sufficient cash and/or securities to cover commitments under open derivative contracts.
In the normal course of pursuing its investment objectives, the Portfolio is subject to the following risks:
Equity Price Risk: The Portfolio enters into equity futures contracts on securities indices to gain or limit exposure to certain markets, particularly in connection with engaging in the dividend capture trading strategy.
Foreign Exchange Risk: Because the Portfolio holds foreign currency denominated investments, the value of these investments and related receivables and payables may change due to future changes in foreign currency exchange rates. To hedge against this risk, the Portfolio enters into forward foreign currency exchange contracts.
Affiliated Investments
The Portfolio invested in issuers that may be deemed to be affiliated with Morgan Stanley. At July 31, 2022, the value of the Portfolio's investment in affiliated issuers and funds was $1,642,131, which represents 0.7% of the Portfolio's net assets. Transactions in affiliated issuers and funds by the Portfolio for the fiscal year to date ended July 31, 2022 were as follows:
Name | Value, beginning of period | Purchases | Sales proceeds | Net realized gain (loss) | Change in unrealized appreciation (depreciation) | Value, end of period | Dividend income | Units/Shares, end of period |
Common Stocks | ||||||||
Mitsubishi UFJ Financial Group, Inc. | $1,471,139 | $ — | $(1,587,520) | $315,215 | $(198,834) | $ — | $ — | — |
Short-Term Investments | ||||||||
Eaton Vance Cash Reserves Fund, LLC | 1,432,849 | 37,244,468 | (38,677,370) | 53 | — | — | 1,407 | — |
Liquidity Fund, Institutional Class(1) | — | 35,495,882 | (33,853,751) | — | — | 1,642,131 | 8,835 | 1,642,131 |
Total | $315,268 | $(198,834) | $1,642,131 | $10,242 |
(1) | Represents investment in Morgan Stanley Institutional Liquidity Funds - Government Portfolio. |
Fair Value Measurements
Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.
• | Level 1 – quoted prices in active markets for identical investments |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.) |
• | Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments) |
In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
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Global Income Builder Portfolio
July 31, 2022
Portfolio of Investments (Unaudited) — continued
At July 31, 2022, the hierarchy of inputs used in valuing the Portfolio’s investments and open derivative instruments, which are carried at value, were as follows:
Asset Description | Level 1 | Level 2 | Level 3 | Total |
Common Stocks: | ||||
Communication Services | $10,396,539 | $ 1,831,199 | $ — | $ 12,227,738 |
Consumer Discretionary | 7,993,996 | 9,300,476 | — | 17,294,472 |
Consumer Staples | 5,670,873 | 6,359,333 | — | 12,030,206 |
Energy | 6,386,766 | — | — | 6,386,766 |
Financials | 9,296,845 | 6,006,775 | — | 15,303,620 |
Health Care | 11,713,959 | 12,076,562 | — | 23,790,521 |
Industrials | 6,049,809 | 11,454,633 | — | 17,504,442 |
Information Technology | 26,952,232 | 8,285,180 | — | 35,237,412 |
Materials | — | 1,921,042 | — | 1,921,042 |
Real Estate | 1,683,041 | — | — | 1,683,041 |
Utilities | 1,730,683 | 1,760,701 | — | 3,491,384 |
Total Common Stocks | $87,874,743 | $58,995,901* | $ — | $146,870,644 |
Convertible Bonds | $ — | $ 284,631 | $ — | $ 284,631 |
Convertible Preferred Stocks | 163,400 | 13,639 | — | 177,039 |
Corporate Bonds | — | 86,515,061 | — | 86,515,061 |
Exchange-Traded Funds | 155,982 | — | — | 155,982 |
Preferred Stocks: | ||||
Communication Services | 239,514 | — | — | 239,514 |
Consumer Staples | — | 54,067 | — | 54,067 |
Energy | 510,183 | — | — | 510,183 |
Financials | 833,572 | 114,566 | — | 948,138 |
Industrials | 359,982 | — | — | 359,982 |
Real Estate | 426,750 | — | — | 426,750 |
Utilities | 367,315 | — | — | 367,315 |
Total Preferred Stocks | $ 2,737,316 | $ 168,633 | $ — | $ 2,905,949 |
Senior Floating-Rate Loans | $ — | $ 3,241,112 | $ — | $ 3,241,112 |
Miscellaneous | — | 7,925 | — | 7,925 |
Short-Term Investments | 1,642,131 | — | — | 1,642,131 |
Total Investments | $92,573,572 | $149,226,902 | $ — | $241,800,474 |
Forward Foreign Currency Exchange Contracts | $ — | $ 4,590 | $ — | $ 4,590 |
Total | $92,573,572 | $149,231,492 | $ — | $241,805,064 |
* | Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments that occurred after the close of trading in their applicable foreign markets. |
For information on the Portfolio's policy regarding the valuation of investments and other significant accounting policies, please refer to the Portfolio's most recent financial statements included in its semiannual or annual report to shareholders.
16