Investments in Derivatives
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity
with the applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part
F of Form N-PORT does not include all information and footnotes required by U.S. GAAP for complete financial statements. Certain
footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or
omitted from this report pursuant to the rules of the SEC. For a full set of the Fund’s notes to financial statements, please refer to
the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser,
subject to the review and oversight of the Board. Fair value is defined as the price that would be received upon selling an investment
or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the
investment. U.S. GAAP establishes the three-tier hierarchy that is used to maximize the use of observable market data and minimize
the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable
inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market
data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the
assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information
available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.
Level 1 – Inputs are unadjusted and prices are determined using quoted prices in active markets for identical securities.
Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest
rates, credit spreads, etc.).
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the
fair value of investments).
The following table summarizes the market value of the Fund's investments, and the fair value of certain other assets and liabilities,
when applicable, as of the end of the reporting period, based on the inputs used to value them:
ADR
American Depositary Receipt
Reg S
Regulation S allows U.S. companies to sell securities to persons or entities located outside of the United States without registering those securities with the Securities and Exchange
Commission. Specifically, Regulation S provides a safe harbor from the registration requirements of the Securities Act for the offers and sales of securities by both foreign and domestic issuers
that are made outside the United States.
REIT
Real Estate Investment Trust
(a)
Non-income producing; issuer has not declared an ex-dividend date within the past twelve months.
(b)
All or a portion of these securities are out on loan. The aggregate value of securities on loan is $133,579,490.
(c)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration,
which are normally those transactions with qualified institutional buyers. As of the end of the reporting period, the aggregate value of these securities is $294,110,197 or 0.8% of Total
Investments.
(d)
For fair value measurement disclosure purposes, investment classified as Level 3.
(e)
Investments made with cash collateral received from securities on loan.
(f)
The rate shown is the one-day yield as of the end of the reporting period.
(g)
Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder
of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(h)
Agreement with Fixed Income Clearing Corporation, 3.640% dated 7/31/26 to be repurchased at $239,073 on 8/3/26, collateralized by Government Agency Securities, with coupon rate
4.000% and maturity date 12/15/27, valued at $243,936.
Futures Contracts - Long
Description
Number of
Contracts
Expiration
Date
Notional
Amount
Value
Unrealized
Appreciation
(Depreciation)
MSCI EAFE Index
2,113
09/18/26
$
331,181,007
$
336,209,995
$
5,028,988