Research International Core Portfolio
SCHEDULE OF INVESTMENTS
September 30, 2021 (unaudited)
Common Stocks (98.9%) | Country | Shares/Par + | Value $ (000’s) | |||||
Communication Services (6.6%) |
| |||||||
Advanced Info Service PCL | ||||||||
- Foreign Shares | Thailand | 661,700 | 3,833 | |||||
carsales.com, Ltd. | Australia | 149,640 | 2,751 | |||||
Hellenic Telecommunications | ||||||||
Organization SA | Greece | 225,590 | 4,216 | |||||
KDDI Corp. | Japan | 277,900 | 9,184 | |||||
NAVER Corp. | South Korea | 23,463 | 7,645 | |||||
NetEase, Inc., ADR | Cayman Islands | 154,996 | 13,237 | |||||
SEEK, Ltd. | Australia | 133,815 | 2,979 | |||||
SoftBank Group Corp. | Japan | 114,100 | 6,593 | |||||
Tele2 AB | Sweden | 52,449 | 775 | |||||
Tencent Holdings, Ltd. | Cayman Islands | 164,200 | 9,628 | |||||
Total | 60,841 | |||||||
Consumer Discretionary (11.2%) |
| |||||||
adidas AG | Germany | 33,438 | 10,536 | |||||
Bridgestone Corp. | Japan | 118,800 | 5,634 | |||||
Burberry Group PLC | United Kingdom | 108,972 | 2,653 | |||||
Cie Financiere Richemont SA | Switzerland | 63,878 | 6,587 | |||||
Continental AG * | Germany | 41,876 | 4,591 | |||||
Flutter Entertainment | Ireland | 37,471 | 7,356 | |||||
Koito Manufacturing Co., Ltd. | Japan | 120,600 | 7,251 | |||||
LVMH Moet Hennessy Louis Vuitton SE | France | 27,461 | 19,636 | |||||
Ocado Group PLC * | United Kingdom | 97,244 | 2,163 | |||||
Prosus NV * | Netherlands | 57,972 | 4,566 | |||||
Techtronic Industries Co., Ltd. | Hong Kong | 585,500 | 11,478 | |||||
Toyota Industries Corp. | Japan | 72,700 | 5,973 | |||||
Vitesco Technologies Group AG * | Germany | 8,375 | 495 | |||||
Yamaha Corp. | Japan | 70,300 | 4,420 | |||||
Yum China Holdings, Inc. | United States | 118,260 | 6,872 | |||||
ZOZO, Inc. | Japan | 108,800 | 4,074 | |||||
Total | 104,285 | |||||||
Consumer Staples (9.1%) | ||||||||
British American Tobacco PLC | United Kingdom | 326,273 | 11,384 | |||||
Danone SA | France | 99,844 | 6,815 | |||||
Diageo PLC | United Kingdom | 298,111 | 14,364 | |||||
Kao Corp. | Japan | 109,900 | 6,548 | |||||
Kirin Holdings Co., Ltd. | Japan | 302,000 | 5,609 | |||||
Nestle SA | Switzerland | 222,061 | 26,718 | |||||
Reckitt Benckiser Group PLC | United Kingdom | 127,403 | 9,972 | |||||
Sugi Holdings Co. | Japan | 45,700 | 3,324 | |||||
Total | 84,734 | |||||||
Energy (3.2%) | ||||||||
Cairn Energy PLC | United Kingdom | 1,296,765 | 3,239 | |||||
Eni SpA | Italy | 441,578 | 5,879 |
Common Stocks (98.9%) | Country | Shares/Par + | Value $ (000’s) | |||||
Energy continued | ||||||||
Galp Energia SGPS SA | Portugal | 620,607 | 7,028 | |||||
Idemitsu Kosan Co., Ltd. | Japan | 190,500 | 5,029 | |||||
Oil Search, Ltd. | Papua New Guinea | 1,291,964 | 4,090 | |||||
TC Energy Corp. | Canada | 101,596 | 4,890 | |||||
Total | 30,155 | |||||||
Financials (16.6%) | ||||||||
AIA Group, Ltd. | Hong Kong | 1,274,200 | 14,671 | |||||
AIB Group PLC * | Ireland | 1,352,369 | 3,647 | |||||
Aon PLC | Ireland | 67,836 | 19,386 | |||||
Beazley PLC * | United Kingdom | 279,453 | 1,416 | |||||
BNP Paribas SA | France | 231,534 | 14,831 | |||||
Credit Suisse Group AG | Switzerland | 661,817 | 6,562 | |||||
Euronext NV | Netherlands | 96,195 | 10,855 | |||||
HDFC Bank, Ltd. | India | 581,704 | 12,455 | |||||
Hiscox, Ltd. | Bermuda | 300,053 | 3,373 | |||||
Hong Kong Exchanges & Clearing, Ltd. | Hong Kong | 112,100 | 6,804 | |||||
ING Groep NV | Netherlands | 611,944 | 8,882 | |||||
Julius Baer Group, Ltd. | Switzerland | 119,283 | 7,890 | |||||
Macquarie Group, Ltd. | Australia | 57,137 | 7,497 | |||||
Mitsubishi UFJ Financial Group, Inc. | Japan | 1,440,600 | 8,411 | |||||
Natwest Group PLC | United Kingdom | 3,045,697 | 9,242 | |||||
UBS Group AG | Switzerland | 631,684 | 10,094 | |||||
Zurich Insurance Group AG | Switzerland | 20,445 | 8,336 | |||||
Total | 154,352 | |||||||
Health Care (12.2%) | ||||||||
Bayer AG | Germany | 94,414 | 5,149 | |||||
Essilorluxottica | France | 20,191 | 3,861 | |||||
Koninklijke Philips NV | Netherlands | 245,925 | 10,900 | |||||
Kyowa Hakko Kirin Co., Ltd. | Japan | 315,200 | 11,366 | |||||
Novo Nordisk AS - Class B | Denmark | 279,480 | 26,882 | |||||
Qiagen NV * | Netherlands | 201,404 | 10,472 | |||||
Roche Holding AG | Switzerland | 78,842 | 28,770 | |||||
Santen Pharmaceutical Co., Ltd. | Japan | 612,100 | 8,638 | |||||
Terumo Corp. | Japan | 159,100 | 7,480 | |||||
Total | 113,518 | |||||||
Industrials (15.9%) | ||||||||
Brambles, Ltd. | Australia | 705,704 | 5,489 | |||||
Cellnex Telecom SA | Spain | 92,051 | 5,674 | |||||
Daikin Industries, Ltd. | Japan | 63,500 | 13,658 | |||||
GEA Group AG | Germany | 207,853 | 9,526 | |||||
Hitachi, Ltd. | Japan | 311,000 | 18,441 | |||||
Kubota Corp. | Japan | 523,500 | 11,168 | |||||
Legrand SA | France | 101,324 | 10,867 | |||||
MTU Aero Engines AG | Germany | 22,068 | 4,990 | |||||
Persol Holdings Co., Ltd. | Japan | 133,500 | 3,345 | |||||
Ritchie Bros Auctioneers, Inc. | Canada | 127,112 | 7,844 | |||||
Ryanair Holdings PLC * | Ireland | 40,136 | 4,417 |
Research International Core Portfolio
Common Stocks (98.9%) | Country | Shares/Par + | Value $ (000’s) | |||||
Industrials continued | ||||||||
Schindler Holding AG | Switzerland | 28,885 | 7,729 | |||||
Schneider Electric SE | France | 141,069 | 23,454 | |||||
SMC Corp. | Japan | 16,900 | 10,573 | |||||
Wolters Kluwer NV | Netherlands | 97,044 | 10,258 | |||||
Total | 147,433 | |||||||
Information Technology (9.7%) |
| |||||||
Amadeus IT Group SA * | Spain | 106,906 | 7,023 | |||||
Cadence Design Systems, Inc. * | United States | 36,473 | 5,523 | |||||
Constellation Software, Inc. | Canada | 5,190 | 8,503 | |||||
EPAM Systems, Inc. * | United States | 13,841 | 7,896 | |||||
Fujitsu, Ltd. | Japan | 67,200 | 12,204 | |||||
Kyocera Corp. | Japan | 91,000 | 5,689 | |||||
Nomura Research Institute, Ltd. | Japan | 210,500 | 7,758 | |||||
NXP Semiconductors NV | Netherlands | 41,725 | 8,173 | |||||
Samsung Electronics Co., Ltd. | South Korea | 95,208 | 5,926 | |||||
Scout24 AG | Germany | 65,866 | 4,572 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. | Taiwan | 474,189 | 9,778 | |||||
Visa, Inc. - Class A | United States | 30,709 | 6,840 | |||||
Total | 89,885 | |||||||
Materials (8.8%) | ||||||||
Akzo Nobel NV | Netherlands | 106,538 | 11,601 | |||||
Croda International PLC | United Kingdom | 96,960 | 11,072 | |||||
Glencore PLC * | Jersey | 1,578,379 | 7,454 | |||||
Kansai Paint Co., Ltd. | Japan | 182,700 | 4,543 | |||||
Linde PLC | Ireland | 70,851 | 21,066 | |||||
Nitto Denko Corp. | Japan | 96,500 | 6,877 | |||||
Sika AG | Switzerland | 30,405 | 9,617 | |||||
Symrise AG | Germany | 71,537 | 9,437 | |||||
Total | 81,667 | |||||||
Real Estate (2.6%) |
| |||||||
ESR Cayman, Ltd. * | Cayman Islands | 1,518,200 | 4,583 | |||||
Grand City Properties SA | Luxembourg | 359,242 | 8,961 |
Common Stocks (98.9%) | Country | Shares/Par + | Value $ (000’s) | |||||
Real Estate continued | ||||||||
LEG Immobilien AG | Germany | 73,305 | 10,372 | |||||
Total | 23,916 | |||||||
Utilities (3.0%) | ||||||||
APA Group | Australia | 425,259 | 2,670 | |||||
China Resources Gas Group, Ltd. | Bermuda | 806,000 | 4,230 | |||||
CLP Holdings, Ltd. | Hong Kong | 478,000 | 4,598 | |||||
E.ON SE | Germany | 395,473 | 4,838 | |||||
Iberdrola SA | Spain | 782,325 | 7,814 | |||||
Orsted A/S | Denmark | 30,053 | 3,965 | |||||
Total | 28,115 | |||||||
Total Common Stocks (Cost: $685,568) |
| 918,901 | ||||||
Warrants (0.0%) | ||||||||
Consumer Discretionary (0.0%) |
| |||||||
Cie Financiere Richemont SA * | Switzerland | 136,342 | 64 | |||||
Total | 64 | |||||||
Total Warrants (Cost: $–) |
| 64 | ||||||
Short-Term Investments (0.7%) | ||||||||
Money Market Funds (0.7%) |
| |||||||
State Street Institutional U.S. Government Money Market Fund - Premier Class 0.030%# | United States | 6,758,077 | 6,758 | |||||
Total | 6,758 | |||||||
Total Short-Term Investments (Cost: $6,758) |
| 6,758 | ||||||
Total Investments (99.6%) (Cost: $692,326)@ |
| 925,723 | ||||||
Other Assets, Less Liabilities (0.4%) |
| 3,269 | ||||||
Net Assets (100.0%) |
| 928,992 |
Investments Percentage by Country is based on Net Assets: | ||||
Japan | 20.8% | |||
Switzerland | 12.0% | |||
France | 8.5% | |||
Netherlands | 8.3% | |||
United Kingdom | 7.0% | |||
Germany | 6.9% | |||
Ireland | 6.1% | |||
Other | 30.0% | |||
|
| |||
Total | 99.6% | |||
|
|
+ | All par is stated in U.S. Dollar unless otherwise noted. |
* | Non income producing |
# | 7-Day yield as of 9/30/2021. |
Research International Core Portfolio
@ | At September 30, 2021, the aggregate cost of investments, including derivatives, for federal tax purposes (in thousands) was $692,326 and the net unrealized appreciation of investments based on that cost was $233,398 which is comprised of $256,860 aggregate gross unrealized appreciation and $23,462 aggregate gross unrealized depreciation. Because tax adjustments are calculated annually, these amounts do not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to the Financial Statements section in the Portfolio’s most recent annual report. |
The Fair Value Measurements and Disclosures Topic of the FASB Accounting Standards Codification defines fair value as the price that a Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. It establishes and requires disclosure of a fair value hierarchy, separately for each major category of asset and liability, which segregates fair value measurements into levels. A summary of the fair value hierarchy is described below:
Level 1 - fair value is determined by unadjusted quoted prices in active markets for identical securities or derivatives
Level 2 - fair value is determined by other significant observable inputs
Level 3 - fair value is determined by significant unobservable inputs
The categorization of a value determined for a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Portfolio’s perceived risk of that instrument.
The following is a summary of the inputs used in valuing the Portfolio’s Investments at September 30, 2021.
Valuation Inputs | ||||||||||||
Description | Level 1 - Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | |||||||||
(Amounts in thousands) | ||||||||||||
Assets: | ||||||||||||
Common Stocks | ||||||||||||
Communication Services | $ | 13,237 | $ | 47,604 | $ | — | ||||||
Consumer Discretionary | 7,367 | 96,918 | — | |||||||||
Energy | 4,890 | 25,265 | — | |||||||||
Financials | 19,386 | 134,966 | — | |||||||||
Industrials | 12,261 | 135,172 | — | |||||||||
Information Technology | 36,935 | 52,950 | — | |||||||||
All Others | — | 331,950 | — | |||||||||
Short-Term Investments | 6,758 | — | — | |||||||||
Warrants | 64 | — | — | |||||||||
|
|
| ||||||||||
Total Assets: | $ | 100,898 | $ | 824,825 | $ | — | ||||||
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Abbreviations
Abbreviations that may be used in the preceding statements | ||
ADR | American Depositary Receipt | |
AFC | Available Funds Cap security - Security accrues interest at an assumed or uncapped rate. If the interest rate on the underlying loans is lower than the uncapped rate, then the security will pay at the lower rate. | |
CSTR | Collateral Strip Rate security - interest is based on the weighted net interest rate of the collateral. | |
EXE | Security receives collateral principal and interest paid which exceeds the amount of principal and income obligated to all bonds in the deal. | |
IO | Interest Only Security | |
PO | Principal Only Security | |
GDR | Global Depositary Receipt | |
GO | General Obligation | |
RB | Revenue Bond | |
CPURNSA | U.S. Consumer Price Index - All Urban Consumers - Not Seasonally Adjusted | |
LIBOR | London Interbank Offered Rate | |
SOFR | Secured Overnight Financing Rate | |
ICE | Intercontinental Exchange | |
SONIO | Sterling Overnight Interbank Average Rate | |
DAC | Designated Activity Company | |
TBA | To Be Announced | |
OIS | Overnight Index Swaps | |
DIFC | Dubai International Financial Centre | |
EURIBOR | Euro Interbank Offered Rate | |
Currency Abbreviations | ||
ARS | Argentine Peso | |
AUD | Australian Dollar | |
BRL | Brazilian Real | |
CAD | Canadian Dollar | |
CHF | Swiss Franc | |
CNH | Chinese Yuan Renminbi - Offshore | |
CNY | Chinese Yuan Renminbi | |
DKK | Danish Krone | |
EUR | Euro | |
GBP | British Pound | |
HKD | Hong Kong Dollar | |
HUF | Hungarian Forint | |
IDR | Indonesian Rupiah | |
INR | Indian Rupee | |
JPY | Japanese Yen | |
KES | Kenyan Shilling | |
KRW | South Korean Won | |
MXN | Mexican New Peso | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
PHP | Philippines Peso | |
PLN | Polish Zloty | |
RUB | Russian Ruble | |
SEK | Swedish Krona | |
THB | Thai Baht | |
TWD | Taiwan Dollar | |
USD | United States Dollar | |
ZAR | South African Rand |