| IVA Worldwide Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Shares | Description | Fair Value | ||||||
| COMMON STOCKS — 61.5% | ||||||||
| Australia — 0.4% | ||||||||
| 896,355 | Newcrest Mining Ltd. | $ | 19,027,767 | |||||
| Bermuda — 0.5% | ||||||||
| 943,600 | Jardine Strategic Holdings Ltd. | 28,921,340 | ||||||
| Canada — 0.5% | ||||||||
| 1,513,452 | Barrick Gold Corp. | 28,135,073 | ||||||
| China — 1.2% | ||||||||
| 107,153 | Baidu Inc., ADR (a) | 13,544,139 | ||||||
| 23,448,640 | Clear Media Ltd. | 19,409,382 | ||||||
| 424,304 | SINA Corp. (a) | 16,942,459 | ||||||
| 41,285,000 | Springland International Holdings Ltd. | 11,655,994 | ||||||
| 61,551,974 | ||||||||
| France — 6.7% | ||||||||
| 117,784 | Alten SA | 14,863,310 | ||||||
| 13,735,743 | Bolloré SA | 59,934,717 | ||||||
| 4,691,774 | Bureau Veritas SA | 122,411,860 | ||||||
| 1,277,133 | Criteo SA, ADR (a) | 22,132,715 | ||||||
| 26,479 | Financière de l’Odet SA | 23,226,568 | ||||||
| 185,282 | Ipsos SA | 6,016,702 | ||||||
| 373,183 | Publicis Groupe SA | 16,894,670 | ||||||
| 788,744 | Sodexo SA | 93,472,159 | ||||||
| 358,952,701 | ||||||||
| Germany — 2.7% | ||||||||
| 1,731,086 | Bayerische Motoren Werke AG | 142,505,543 | ||||||
| Hong Kong — 0.1% | ||||||||
| 7,285,158 | Hongkong & Shanghai Hotels Ltd. | 7,806,561 | ||||||
| Ireland — 2.2% | ||||||||
| 34,232,921 | AIB Group Plc | 119,267,499 | ||||||
| Japan — 7.3% | ||||||||
| 262,200 | ASKUL Corp. | 7,925,600 | ||||||
| 7,643,800 | Astellas Pharma Inc. | 130,570,697 | ||||||
| 454,100 | Benesse Holdings Inc. | 11,940,249 | ||||||
| 1,221,700 | F@N Communications Inc. | 5,382,442 | ||||||
| 123,100 | Medikit Co., Ltd. | 7,996,615 | ||||||
| 3,512,100 | Miraca Holdings Inc. (b) | 85,964,180 | ||||||
| 98,900 | Nitto Kohki Co., Ltd. | 2,117,546 | ||||||
| 210,600 | Okinawa Cellular Telephone Co. | 8,253,173 | ||||||
| 1,914,000 | Rohto Pharmaceutical Co., Ltd. | 57,940,132 | ||||||
| 245,600 | Techno Medica Co., Ltd. | 4,676,602 | ||||||
| 16,990,400 | Z Holdings Corp. | 71,184,697 | ||||||
| 393,951,933 | ||||||||
| Malaysia — 0.2% | ||||||||
| 15,608,300 | Genting Malaysia Berhad | 12,553,797 | ||||||
| Mexico — 1.5% | ||||||||
| 18,436,089 | Grupo México SAB de CV, Series ‘B’ | 50,684,009 | ||||||
| 2,362,757 | Promotora y Operadora de Infraestructura SAB de CV, Series ‘A’ | 24,183,035 | ||||||
| 481,593 | Promotora y Operadora de Infraestructura SAB de CV, Series ‘L’ | 3,565,941 | ||||||
| 78,432,985 | ||||||||
| Netherlands — 2.9% | ||||||||
| 633,242 | Airbus SE | 92,680,926 | ||||||
See Notes to Schedule of Investments.
Page1
| IVA Worldwide Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Shares | Description | Fair Value | ||||||
| Netherlands — 2.9% (continued) | ||||||||
| 2,479,481 | Royal Boskalis Westminster N.V. | $ | 63,412,129 | |||||
| 156,093,055 | ||||||||
| Singapore — 0.6% | ||||||||
| 21,702,499 | First Resources Ltd. | 30,658,945 | ||||||
| South Africa — 0.2% | ||||||||
| 2,644,224 | Net 1 U.E.P.S. Technologies Inc. (a) | 9,836,513 | ||||||
| South Korea — 6.8% | ||||||||
| 616,536 | Daou Technology Inc. | 10,123,832 | ||||||
| 200,241 | Hyundai Mobis Co., Ltd. | 44,280,185 | ||||||
| 525,977 | Hyundai Motor Co. | 54,691,418 | ||||||
| 2,580,878 | Kangwon Land Inc. | 65,961,019 | ||||||
| 84,593 | KIWOOM Securities Co., Ltd. | 5,804,024 | ||||||
| 498,510 | KT&G Corp. | 40,412,175 | ||||||
| 3,024,786 | Samsung Electronics Co., Ltd. | 145,747,298 | ||||||
| 367,019,951 | ||||||||
| Switzerland — 5.1% | ||||||||
| 1,685,165 | Compagnie Financière Richemont SA | 132,281,218 | ||||||
| 908,294 | Nestlé SA | 98,401,433 | ||||||
| 3,215,110 | UBS Group AG | 40,577,432 | ||||||
| 271,260,083 | ||||||||
| Thailand — 0.5% | ||||||||
| 4,585,200 | Bangkok Bank PCL, NVDR | 24,487,652 | ||||||
| 16,998,300 | Thaicom PCL (a) | 2,188,974 | ||||||
| 26,676,626 | ||||||||
| United Kingdom — 1.5% | ||||||||
| 585,905 | Inchcape Plc | 5,479,193 | ||||||
| 1,270,169 | Newmont Goldcorp Corp. | 55,188,843 | ||||||
| 1,310,601 | WPP Plc | 18,514,673 | ||||||
| 79,182,709 | ||||||||
| United States — 20.5% | ||||||||
| 751,686 | Acuity Brands Inc. | 103,732,668 | ||||||
| 1,072,257 | Adtalem Global Education Inc. (a) | 37,496,827 | ||||||
| 8,184 | Alphabet Inc., Class ‘A’ (a) | 10,961,568 | ||||||
| 25,607 | Alphabet Inc., Class ‘C’ (a) | 34,237,071 | ||||||
| 1,289,534 | Astronics Corp. (a)(b) | 36,042,475 | ||||||
| 3,098,276 | Bank of America Corp. | 109,121,281 | ||||||
| 524 | Berkshire Hathaway Inc., Class ‘A’ (a) | 177,945,160 | ||||||
| 298,821 | Berkshire Hathaway Inc., Class ‘B’ (a) | 67,682,956 | ||||||
| 599,447 | CDK Global Inc. | 32,777,762 | ||||||
| 1,421,021 | Cimarex Energy Co. | 74,589,392 | ||||||
| 4,315 | Dollar Tree, Inc. (a) | 405,826 | ||||||
| 313,055 | Goldman Sachs Group Inc. | 71,980,736 | ||||||
| 2,724,745 | Gruma SAB de CV, Series ‘B’ | 27,926,925 | ||||||
| 1,510,044 | LKQ Corp. (a) | 53,908,571 | ||||||
| 265,513 | Mastercard Inc., Class ‘A’ | 79,279,527 | ||||||
| 2,297,666 | News Corp., Class ‘A’ | 32,488,997 | ||||||
| 22,953 | News Corp., Class ‘B’ | 333,048 | ||||||
| 627,907 | Oracle Corp. | 33,266,513 | ||||||
| 3,230,564 | Qurate Retail, Inc., Series ‘A’ (a) | 27,233,655 | ||||||
| 1,658,555 | Schlumberger Ltd. | 66,673,911 | ||||||
See Notes to Schedule of Investments.
Page2
| IVA Worldwide Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Shares | Description | Fair Value | ||||||
| United States — 20.5% (continued) | ||||||||
| 704,403 | Western Union Co. | $ | 18,863,912 | |||||
| 1,096,948,781 | ||||||||
| Uruguay — 0.1% | ||||||||
| 918,685 | Arcos Dorados Holdings Inc., Class ‘A’ | 7,441,348 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost — $2,605,493,130) | 3,296,225,184 | |||||||
| Principal Amount | ||||||||
| CORPORATE NOTES & BONDS — 2.1% | ||||||||
| South Africa — 0.7% | ||||||||
| 35,068,000 | USD | Gold Fields Orogen Holding (BVI) Ltd., 4.875% due 10/7/2020 (c) | 35,635,751 | |||||
| United Kingdom — 0.8% | ||||||||
| 16,650,000 | USD | Rowan Cos., Inc., 4.875% due 6/1/2022 | 12,201,320 | |||||
| Valaris Plc: | ||||||||
| 29,014,000 | USD | 7.75% due 2/1/2026 | 16,464,720 | |||||
| 36,587,000 | USD | 5.75% due 10/1/2044 | 16,589,826 | |||||
| 45,255,866 | ||||||||
| United States — 0.6% | ||||||||
| 19,963,000 | USD | Era Group Inc., 7.75% due 12/15/2022 | 20,262,445 | |||||
| 11,136,408 | USD | Tidewater Inc., 8% due 8/1/2022 | 11,613,180 | |||||
| 31,875,625 | ||||||||
| TOTAL CORPORATE NOTES & BONDS | ||||||||
| (Cost — $109,962,002) | 112,767,242 | |||||||
| CONVERTIBLE BONDS — 0.1% | ||||||||
| United Kingdom — 0.1% | ||||||||
| 4,587,000 | USD | Ensco Jersey Finance Ltd., 3% due 1/31/2024 | 3,299,773 | |||||
| TOTAL CONVERTIBLE BONDS | ||||||||
| (Cost — $4,892,263) | 3,299,773 | |||||||
| Ounces | ||||||||
| COMMODITIES — 3.5% | ||||||||
| 124,191 | Gold Bullion (a) | 188,500,142 |
| |||||
| TOTAL COMMODITIES | ||||||||
| (Cost — $197,005,115) | 188,500,142 | |||||||
| Principal Amount | ||||||||
| SHORT-TERM INVESTMENTS — 32.9% | ||||||||
| Commercial Paper — 30.7% | ||||||||
| 50,000,000 | USD | BMW U.S. Capital LLC, 1.73% due 1/10/2020 (c) | 49,976,972 | |||||
| Chevron Corp.: | ||||||||
| 26,800,000 | USD | 1.5% due 1/2/2020 (c) | 26,797,731 | |||||
| 50,000,000 | USD | 1.62% due 1/6/2020 (c) | 49,987,258 | |||||
| 50,000,000 | USD | 1.6% due 1/9/2020 (c) | 49,980,850 | |||||
| 50,000,000 | USD | 1.63% due 2/5/2020 (c) | 49,920,000 | |||||
| Coca-Cola Co.: | ||||||||
| 50,000,000 | USD | 1.63% due 1/16/2020 (c) | 49,965,666 | |||||
| 50,000,000 | USD | 1.63% due 2/3/2020 (c) | 49,922,792 | |||||
| 3,600,000 | USD | Dover Corp., 1.70% due 1/2/2020 (c) | 3,599,650 | |||||
| 3,000,000 | USD | Duke Energy Corp., 1.88% due 1/6/2020 (c) | 2,999,097 | |||||
See Notes to Schedule of Investments.
Page3
| IVA Worldwide Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Principal Amount | Description | Fair Value | ||||||
| Commercial Paper — 30.7% (continued) | ||||||||
| 33,000,000 | USD | E.I. Du Pont de Nemours & Co., 1.89% due 1/8/2020 (c) | $ | 32,986,551 | ||||
| 25,000,000 | USD | Eaton Corp., 1.8% due 1/3/2020 (c) | 24,996,323 | |||||
| 50,000,000 | USD | Eli Lilly & Co., 1.6% due 1/9/2020 (c) | 49,980,725 | |||||
| Exxon Mobil Corp.: | ||||||||
| 50,000,000 | USD | 1.66% due 1/13/2020 | 49,971,616 | |||||
| 50,000,000 | USD | 1.71% due 1/29/2020 | 49,934,549 | |||||
| 10,000,000 | USD | 1.64% due 2/4/2020 | 9,984,104 | |||||
| 40,000,000 | USD | 1.67% due 2/4/2020 | 39,936,417 | |||||
| 50,000,000 | USD | 1.64% due 2/6/2020 | 49,915,877 | |||||
| Florida Power & Light Co.: | ||||||||
| 25,000,000 | USD | 1.65% due 1/6/2020 | 24,993,317 | |||||
| 19,700,000 | USD | 1.5% due 1/9/2020 | 19,692,012 | |||||
| 25,000,000 | USD | 1.62% due 1/15/2020 | 24,982,708 | |||||
| 50,000,000 | USD | 1.78% due 1/17/2020 | 49,960,546 | |||||
| 7,000,000 | USD | 1.62% due 1/21/2020 | 6,993,091 | |||||
| 18,000,000 | USD | 1.85% due 1/21/2020 | 17,982,234 | |||||
| 35,600,000 | USD | 1.85% due 1/22/2020 | 35,563,081 | |||||
| GlaxoSmithKline LLC: | ||||||||
| 50,000,000 | USD | 1.73% due 1/3/2020 (c) | 49,993,625 | |||||
| 50,000,000 | USD | 1.73% due 1/10/2020 (c) | 49,977,778 | |||||
| LVMH Moët Hennessy Louis Vuitton SE: | ||||||||
| 50,000,000 | USD | 1.70% due 1/14/2020 (c) | 49,969,297 | |||||
| 50,000,000 | USD | 1.73% due 1/16/2020 (c) | 49,964,778 | |||||
| 50,000,000 | USD | L’Oréal USA Inc., 1.68% due 1/6/2020 (c) | 49,987,175 | |||||
| McDonald’s Corp.: | ||||||||
| 50,000,000 | USD | 1.69% due 1/15/2020 (c) | 49,967,083 | |||||
| 50,000,000 | USD | 1.69% due 1/22/2020 (c) | 49,949,094 | |||||
| 50,000,000 | USD | Merck & Co. Inc., 1.57% due 1/14/2020 (c) | 49,970,464 | |||||
| Pfizer Inc.: | ||||||||
| 100,000,000 | USD | 1.65% due 1/13/2020 (c) | 99,944,136 | |||||
| 50,000,000 | USD | 1.82% due 2/10/2020 (c) | 49,910,597 | |||||
| 23,200,000 | USD | Unilever Capital Corp., 1.75% due 1/29/2020 (c) | 23,169,967 | |||||
| United Parcel Service Inc.: | ||||||||
| 50,000,000 | USD | 1.52% due 1/2/2020 (c) | 49,995,680 | |||||
| 25,000,000 | USD | 1.35% due 1/6/2020 (c) | 24,993,604 | |||||
| 30,000,000 | USD | 1.45% due 1/10/2020 (c) | 29,987,375 | |||||
| 100,000,000 | USD | Walt Disney Co., 1.68% due 2/27/2020 (c) | 99,715,961 | |||||
| 50,600,000 | USD | WEC Energy Group Inc., 1.89% due 1/7/2020 (c) | 50,582,093 | |||||
| 1,649,101,874 | ||||||||
| Investment Company — 2.1% | ||||||||
| 111,700,000 | USD | Dreyfus Treasury Prime Cash Management Fund, 1.44% (d) | 111,700,000 | |||||
| Treasury Bills — 0.1% | ||||||||
| 4,000,000 | USD | U.S. Treasury Bill, due 3/5/2020 (e) | 3,989,518 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost — $1,764,827,890) | 1,764,791,392 | |||||||
| TOTAL INVESTMENTS — 100.1% (Cost — $4,682,180,400) | 5,365,583,733 | |||||||
| Liabilities In Excess of Other Assets — (0.1)% | (3,283,214) | |||||||
| TOTAL NET ASSETS — 100.0% | $ | 5,362,300,519 | ||||||
See Notes to Schedule of Investments.
Page4
IVA Worldwide Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
The IVA Worldwide Fund had the following open forward foreign currency contracts at December 31, 2019:
| FOREIGN CURRENCY | COUNTERPARTY | SETTLEMENT DATES THROUGH | LOCAL CURRENCY AMOUNT | USD EQUIVALENT | USD VALUE AT DECEMBER 31, 2019 | NET UNREALIZED APPRECIATION/ (DEPRECIATION) | ||||||||||||||||
| Contracts to Sell: | ||||||||||||||||||||||
| Australian dollar | State Street Bank & Trust Co. | 03/09/2020 | AUD | 18,780,000 | $ | 12,866,787 | $ | 13,200,357 | $ | (333,570 | ) | |||||||||||
| British pound | State Street Bank & Trust Co. | 03/09/2020 | GBP | 1,815,000 | 2,352,315 | 2,408,528 | (56,213 | ) | ||||||||||||||
| euro | State Street Bank & Trust Co. | 03/09/2020 | EUR | 68,115,000 | 75,967,861 | 76,719,765 | (751,904 | ) | ||||||||||||||
| Japanese yen | State Street Bank & Trust Co. | 03/09/2020 | JPY | 4,467,700,000 | 41,424,309 | 41,258,182 | 166,127 | |||||||||||||||
| South Korean won | State Street Bank & Trust Co. | 01/10/2020 | KRW | 318,763,000,000 | 267,706,793 | 275,973,335 | (8,266,542 | ) | ||||||||||||||
| Thai baht | State Street Bank & Trust Co. | 03/09/2020 | THB | 721,749,000 | 23,838,949 | 24,133,614 | (294,665 | ) | ||||||||||||||
| Net Unrealized Depreciation on Open Forward Foreign Currency Contracts | $ | (9,536,767 | ) | |||||||||||||||||||
Abbreviations used in this schedule:
| ADR | - American Depositary Receipt |
| AUD | - Australian dollar |
| EUR | - euro |
| GBP | - British pound |
| JPY | - Japanese yen |
| KRW | - South Korean won |
| NVDR | - Non-Voting Depositary Receipt |
| THB | - Thai baht |
| USD | - United States dollar |
| (a) | Non-income producing investment. |
| (b) | Issuer of the security is an affiliate of the IVA Worldwide Fund as defined by the Investment Company Act of 1940. An affiliate is deemed as a company in which the IVA Worldwide Fund indirectly or directly has ownership of at least 5% of the company's outstanding voting securities. See Schedule of Affiliates below for additional information. |
Schedule of Affiliates
| SECURITY | SHARES HELD AT SEPTEMBER 30, 2019 | SHARE ADDITIONS | SHARE REDUCTIONS | SHARES HELD AT DECEMBER 31, 2019 | FAIR VALUE AT DECEMBER 31, 2019 | REALIZED LOSS | CHANGE IN UNREALIZED APPRECIATION/ (DEPRECIATION) | DIVIDEND INCOME* | ||||||||||||||||||||||||
| Astronics Corp | 1,297,449 | 20,921 | 28,836 | 1,289,534 | $ | 36,042,475 | $ | (75,015 | ) | $ | (1,781,236 | ) | — | |||||||||||||||||||
| Miraca Holdings Inc. | 3,639,600 | — | 127,500 | 3,512,100 | 85,964,180 | (429,740 | ) | 6,365,955 | — | |||||||||||||||||||||||
| Net 1 U.E.P.S. Technologies Inc.** | 2,986,316 | 81,081 | 423,173 | 2,644,224 | — | (2,493,924 | ) | — | — | |||||||||||||||||||||||
| Total | $ | 122,006,655 | $ | (2,998,679 | ) | $ | 4,584,719 | — | ||||||||||||||||||||||||
* Dividend income is gross of withholding taxes.
** Non-affiliated at December 31, 2019.
| (c) | Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”). Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements. |
| (d) | Rate disclosed is the daily yield on December 31, 2019. |
| (e) | This security is held at the custodian as collateral for forward foreign currency contracts sold. As of December 31, 2019, portfolio securities valued at $3,989,518 were segregated to cover collateral requirements. |
See Notes to Schedule of Investments.
Page5
IVA Worldwide Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Sector Allocation (As a Percent of Total Net Assets) | ||
| Consumer Discretionary | 13.2% | |
| Industrials | 9.9% | |
| Financials | 7.1% | |
| Technology | 6.2% | |
| Gold & Gold Mining | 6.1% | |
| Communication Services | 5.2% | |
| Holding Company | 5.1% | |
| Consumer Staples | 5.0% | |
| Health Care | 4.3% | |
| Energy | 4.2% | |
| Materials | 0.9% | |
| Short-Term Investments | 32.9% | |
| Other(a) | (0.1)% | |
| (a) | Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities. |
See Notes to Schedule of Investments.
Page6
| IVA International Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Shares | Description | Fair Value | |||||
| COMMON STOCKS — 75.9% | |||||||
| Argentina — 0.5% | |||||||
| 1,721,414 | Loma Negra Companía Industrial Argentina SA, ADR (a) | $ | 13,461,457 | ||||
| Australia — 0.7% | |||||||
| 446,636 | Newcrest Mining Ltd. | 9,481,160 | |||||
| 24,999,476 | WPP AUNZ Ltd. | 9,561,143 | |||||
| 19,042,303 | |||||||
| Bermuda — 0.9% | |||||||
| 752,826 | Jardine Strategic Holdings Ltd. | 23,074,117 | |||||
| Canada — 0.5% | |||||||
| 754,239 | Barrick Gold Corp. | 14,021,303 | |||||
| China — 2.7% | |||||||
| 111,185 | Baidu Inc., ADR (a) | 14,053,784 | |||||
| 31,530,030 | Clear Media Ltd. (b) | 26,098,674 | |||||
| 24,500 | Health & Happiness (H&H) International Holdings Ltd. | 101,398 | |||||
| 50,412,000 | Phoenix Media Investment (Holdings) Ltd. | 3,622,900 | |||||
| 3,713,463 | Phoenix New Media Ltd., ADR (b) | 7,278,387 | |||||
| 280,907 | SINA Corp. (a) | 11,216,617 | |||||
| 33,702,000 | Springland International Holdings Ltd. | 9,515,085 | |||||
| 71,886,845 | |||||||
| France — 10.2% | |||||||
| 101,976 | Alten SA | 12,868,478 | |||||
| 8,775,211 | Bolloré SA | 38,289,868 | |||||
| 2,846,581 | Bureau Veritas SA | 74,269,408 | |||||
| 951,004 | Criteo SA, ADR (a) | 16,480,899 | |||||
| 25,298 | Financière de l’Odet SA | 22,190,631 | |||||
| 1,421,526 | Groupe SFPI SA | 2,734,612 | |||||
| 484,644 | Ipsos SA | 15,737,948 | |||||
| 252,805 | Publicis Groupe SA | 11,444,940 | |||||
| 507,993 | Sodexo SA | 60,201,032 | |||||
| 385,597 | Vicat SA | 17,452,349 | |||||
| 271,670,165 | |||||||
| Germany — 3.1% | |||||||
| 1,009,363 | Bayerische Motoren Werke AG | 83,092,245 | |||||
| Hong Kong — 1.1% | |||||||
| 54,595,000 | APT Satellite Holdings Ltd. (b) | 20,458,324 | |||||
| 8,729,916 | Hongkong & Shanghai Hotels Ltd. | 9,354,722 | |||||
| 29,813,046 | |||||||
| India — 0.7% | |||||||
| 299,196 | Bajaj Holdings and Investment Ltd. | 14,323,049 | |||||
| 33,329,161 | South Indian Bank Ltd. | 4,739,419 | |||||
| 19,062,468 | |||||||
| Indonesia — 0.1% | |||||||
| 235,854,500 | PT Bank Bukopin Tbk (a) | 3,800,216 | |||||
| Ireland — 2.6% | |||||||
| 19,698,589 | AIB Group Plc | 68,629,885 | |||||
| Japan — 14.1% | |||||||
| 398,270 | Arcland Sakamoto Co., Ltd. | 4,535,130 | |||||
| 305,300 | ASKUL Corp. | 9,228,397 | |||||
| 4,885,000 | Astellas Pharma Inc. | 83,445,126 | |||||
See Notes to Schedule of Investments.
Page 1
| IVA International Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Shares | Description | Fair Value | |||||
| Japan — 14.1% (continued) | |||||||
| 60,200 | The Bank of Okinawa Ltd. | $ | 2,020,978 | ||||
| 364,500 | Benesse Holdings Inc. | 9,584,278 | |||||
| 529,600 | Doshisha Co., Ltd. | 8,777,832 | |||||
| 18,600 | EPS Holdings Inc. | 236,649 | |||||
| 2,596,300 | F@N Communications Inc. | 11,438,516 | |||||
| 1,167,500 | Fujitec Co., Ltd. | 18,928,497 | |||||
| 971,200 | Hi-Lex Corp. | 17,870,054 | |||||
| 80,800 | Medikit Co., Ltd. | 5,248,794 | |||||
| 1,962,700 | Miraca Holdings Inc. | 48,040,174 | |||||
| 184,500 | Nitto Kohki Co., Ltd. | 3,950,325 | |||||
| 220,800 | Okinawa Cellular Telephone Co. | 8,652,900 | |||||
| 457,900 | Retail Partners Co., Ltd. | 3,770,102 | |||||
| 1,136,200 | Rohto Pharmaceutical Co., Ltd. | 34,394,764 | |||||
| 371,900 | San-A Co., Ltd. | 16,542,992 | |||||
| 9,395 | Secom Joshinetsu Co., Ltd. | 347,965 | |||||
| 426,675 | Shingakukai Holdings Co., Ltd. | 2,076,243 | |||||
| 256,950 | Shofu Inc. | 4,231,912 | |||||
| 800 | SK Kaken Co., Ltd. | 366,295 | |||||
| 295,800 | Sumitomo Seika Chemicals Co., Ltd. | 9,614,418 | |||||
| 484,200 | Techno Medica Co., Ltd. (b) | 9,219,913 | |||||
| 205,300 | Transcosmos Inc. | 5,595,975 | |||||
| 675,300 | Yondoshi Holdings Inc. | 15,732,378 | |||||
| 10,145,300 | Z Holdings Corp. | 42,505,774 | |||||
| 376,356,381 | |||||||
| Malaysia — 0.5% | |||||||
| 16,515,200 | Genting Malaysia Berhad | 13,283,219 | |||||
| Mexico — 4.3% | |||||||
| 1,975,523 | Corporativo Fragua, SAB de CV | 25,598,473 | |||||
| 15,913,015 | Grupo Comercial Chedraui SAB de CV | 22,791,191 | |||||
| 9,972,108 | Grupo México SAB de CV, Series ‘B’ | 27,415,056 | |||||
| 2,360,203 | Promotora y Operadora de Infraestructura SAB de CV, Series ‘A’ | 24,156,895 | |||||
| 570,816 | Promotora y Operadora de Infraestructura SAB de CV, Series ‘L’ | 4,226,589 | |||||
| 2,537,200 | Quálitas Controladora, SAB de CV | 10,686,903 | |||||
| 114,875,107 | |||||||
| Netherlands — 4.1% | |||||||
| 374,989 | Airbus SE | 54,883,169 | |||||
| 2,078,250 | Royal Boskalis Westminster N.V. | 53,150,743 | |||||
| 3,431 | Unilever N.V. | 197,161 | |||||
| 108,231,073 | |||||||
| Philippines — 0.0% | |||||||
| 444,500 | Alliance Global Group, Inc. (a) | 102,245 | |||||
| Singapore — 4.0% | |||||||
| 33,621,200 | First Resources Ltd. | 47,496,398 | |||||
| 6,071,720 | Haw Par Corp. Ltd. | 57,739,915 | |||||
| 105,236,313 | |||||||
| South Africa — 0.3% | |||||||
| 2,281,099 | Net 1 U.E.P.S. Technologies Inc. (a) | 8,485,688 | |||||
| South Korea — 12.3% | |||||||
| 1,031,276 | Daou Technology Inc. | 16,934,073 | |||||
| 237,609 | DONGKOOK Pharmaceutical Co., Ltd. | 18,227,915 | |||||
| 82,539 | Fursys Inc. | 2,106,313 | |||||
| 163,950 | Hyundai Mobis Co., Ltd. | 36,254,994 | |||||
See Notes to Schedule of Investments.
Page 2
| IVA International Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Shares | Description | Fair Value | |||||
| South Korea — 12.3% (continued) | |||||||
| 373,440 | Hyundai Motor Co. | $ | 38,830,525 | ||||
| 2,036,420 | Kangwon Land Inc. | 52,045,985 | |||||
| 114,011 | KIWOOM Securities Co., Ltd. | 7,822,427 | |||||
| 398,435 | KT&G Corp. | 32,299,503 | |||||
| 1,323,378 | Kyung Dong Pharmaceutical Co., Ltd. (b) | 9,053,344 | |||||
| 1,957,855 | Samsung Electronics Co., Ltd. | 94,337,939 | |||||
| 1,505,436 | WHANIN Pharmaceutical Co., Ltd. (b) | 20,095,929 | |||||
| 328,008,947 | |||||||
| Switzerland — 6.4% | |||||||
| 964,372 | Compagnie Financière Richemont SA | 75,700,778 | |||||
| 613,531 | Nestlé SA | 66,467,828 | |||||
| 2,240,997 | UBS Group AG | 28,283,295 | |||||
| 170,451,901 | |||||||
| Thailand — 0.8% | |||||||
| 3,519,400 | Bangkok Bank PCL, NVDR | 18,795,656 | |||||
| 17,822,200 | Thaicom PCL (a) | 2,295,072 | |||||
| 21,090,728 | |||||||
| United Arab Emirates — 0.3% | |||||||
| 14,905,694 | Emaar Malls PJSC | 7,426,166 | |||||
| United Kingdom — 2.8% | |||||||
| 32,962,172 | Avanti Communications Group Plc (a) | — | |||||
| 1,611,586 | Inchcape Plc | 15,071,028 | |||||
| 8,223,991 | Mitie Group Plc | 15,795,571 | |||||
| 700,827 | Newmont Goldcorp Corp. | 30,450,933 | |||||
| 878,040 | WPP Plc | 12,403,945 | |||||
| 73,721,477 | |||||||
| United States — 2.7% | |||||||
| 20,092 | Embraer SA, ADR (a) | 391,593 | |||||
| 1,696,695 | Gruma SAB de CV, Series ‘B’ | 17,390,058 | |||||
| 1,573,603 | News Corp., Class ‘A’ | 22,250,747 | |||||
| 823,612 | Schlumberger Ltd. | 33,109,202 | |||||
| 73,141,600 | |||||||
| Uruguay — 0.2% | |||||||
| 741,213 | Arcos Dorados Holdings Inc., Class ‘A’ | 6,003,825 | |||||
| TOTAL COMMON STOCKS | |||||||
| (Cost — $1,859,585,338) | 2,023,968,720 | ||||||
| PREFERRED STOCKS — 0.9% | |||||||
| Germany — 0.9% | |||||||
| 66,010 | KSB SE & Co. KgaA Vorzug | 22,971,959 | |||||
| TOTAL PREFERRED STOCKS | |||||||
| (Cost — $25,443,811) | 22,971,959 | ||||||
| Principal Amount | |||||||
| CORPORATE NOTES & BONDS — 1.8% | |||||||
| South Africa — 0.7% | |||||||
| 17,291,000 | USD | Gold Fields Orogen Holding (BVI) Ltd., 4.875% due 10/7/2020 (c) | 17,570,941 | ||||
| United Kingdom — 1.1% | |||||||
| 6,966,923 | USD | Avanti Communications Group Plc, 9% due 10/1/2022 (9% PIK) (c)(d) | 1,463,054 | ||||
| 8,078,000 | USD | Rowan Cos., Inc., 4.875% due 6/1/2022 | 5,919,656 | ||||
See Notes to Schedule of Investments.
Page 3
| IVA International Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Principal Amount | Description | Fair Value | |||||
| United Kingdom — 1.1% (continued) | |||||||
| Valaris Plc: | |||||||
| 20,114,000 | USD | 7.75% due 2/1/2026 | $ | 11,414,192 | |||
| 25,442,000 | USD | 5.75% due 10/1/2044 | 11,536,293 | ||||
| 30,333,195 | |||||||
| TOTAL CORPORATE NOTES & BONDS | |||||||
| (Cost — $52,096,656) | 47,904,136 | ||||||
| CONVERTIBLE BONDS — 0.2% | |||||||
| United Kingdom — 0.2% | |||||||
| 7,330,000 | USD | Ensco Jersey Finance Ltd., 3% due 1/31/2024 | 5,273,019 | ||||
| TOTAL CONVERTIBLE BONDS | |||||||
| (Cost — $9,284,881) | 5,273,019 | ||||||
| SUPRANATIONAL BONDS — 0.1% | |||||||
| Luxembourg — 0.1% | |||||||
| 35,500,000 | NOK | European Investment Bank, 1.125% due 5/15/2020 | 4,038,293 | ||||
| TOTAL SUPRANATIONAL BONDS | |||||||
| (Cost — $4,304,699) | 4,038,293 | ||||||
| Ounces | |||||||
| COMMODITIES — 5.3% | |||||||
| 93,871 | Gold Bullion (a) | 142,479,066 | |||||
| TOTAL COMMODITIES | |||||||
| (Cost — $149,742,894) | 142,479,066 | ||||||
| Principal Amount |
| SHORT-TERM INVESTMENTS — 15.5% | |||||||
| Commercial Paper — 12.9% | |||||||
| 25,000,000 | USD | Coca-Cola Co., 1.61% due 1/16/2020 (c) | 24,982,833 | ||||
| Duke Energy Corp.: | |||||||
| 2,000,000 | USD | 1.88% due 1/6/2020 (c) | 1,999,398 | ||||
| 25,000,000 | USD | 1.9% due 1/8/2020 (c) | 24,989,811 | ||||
| 25,000,000 | USD | 1.91% due 1/9/2020 (c) | 24,988,450 | ||||
| 25,000,000 | USD | Eaton Corp., 1.8% due 1/3/2020 (c) | 24,996,323 | ||||
| Exxon Mobil Corp.: | |||||||
| 25,000,000 | USD | 1.66% due 1/13/2020 | 24,985,808 | ||||
| 25,000,000 | USD | 1.64% due 2/4/2020 | 24,960,261 | ||||
| Florida Power & Light Co.: | |||||||
| 25,000,000 | USD | 1.62% due 1/7/2020 | 24,992,174 | ||||
| 20,000,000 | USD | 1.5% due 1/9/2020 | 19,991,890 | ||||
| 25,000,000 | USD | 1.85% due 1/14/2020 | 24,983,920 | ||||
| 26,100,000 | USD | 1.85% due 1/21/2020 | 26,074,239 | ||||
| Roche Holdings, Inc.: | |||||||
| 25,000,000 | USD | 1.58% due 1/3/2020 (c) | 24,996,489 | ||||
| 25,000,000 | USD | 1.58% due 1/6/2020 (c) | 24,993,121 | ||||
| United Parcel Service Inc.: | |||||||
| 25,000,000 | USD | 1.4% due 1/2/2020 (c) | 24,997,840 | ||||
| 20,700,000 | USD | 1.35% due 1/6/2020 (c) | 20,694,704 | ||||
| 343,627,261 | |||||||
| Investment Company — 2.5% | |||||||
| 65,700,000 | USD | Dreyfus Treasury Prime Cash Management Fund, 1.44% (e) | 65,700,000 | ||||
See Notes to Schedule of Investments.
Page 4
IVA International Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Principal Amount | Description | Fair Value | |||||
| Treasury Bills — 0.1% | |||||||
| 4,000,000 | USD | U.S. Treasury Bill, due 3/5/2020 (f) | $ | 3,989,518 | |||
| TOTAL SHORT-TERM INVESTMENTS | |||||||
| (Cost — $413,327,447) | 413,316,779 | ||||||
| TOTAL INVESTMENTS — 99.7% (Cost — $2,513,785,726) | 2,659,951,972 | ||||||
| Other Assets In Excess of Liabilities — 0.3% | 8,296,671 | ||||||
| TOTAL NET ASSETS — 100.0% | $ | 2,668,248,643 | |||||
| The IVA International Fund had the following open forward foreign currency contracts at December 31, 2019: |
| FOREIGN CURRENCY | COUNTERPARTY | SETTLEMENT DATES THROUGH | LOCAL CURRENCY AMOUNT | USD EQUIVALENT | USD VALUE AT DECEMBER 31, 2019 | NET UNREALIZED APPRECIATION/ (DEPRECIATION) | ||||||||||||||
| Contracts to Sell: | ||||||||||||||||||||
| Australian dollar | State Street Bank & Trust Co. | 03/09/2020AUD | 18,107,000 | $ | 12,410,841 | $ | 12,727,309 | $ | (316,468 | ) | ||||||||||
| British pound | State Street Bank & Trust Co. | 03/09/2020GBP | 3,254,000 | 4,233,173 | 4,318,099 | (84,926 | ) | |||||||||||||
| euro | State Street Bank & Trust Co. | 03/09/2020EUR | 49,232,000 | 54,903,773 | 55,451,331 | (547,558 | ) | |||||||||||||
| Japanese yen | State Street Bank & Trust Co. | 03/09/2020JPY | 4,120,900,000 | 38,215,582 | 38,055,564 | 160,018 | ||||||||||||||
| South Korean won | State Street Bank & Trust Co. | 01/10/2020KRW | 284,905,000,000 | 239,399,230 | 246,660,318 | (7,261,088 | ) | |||||||||||||
| Thai baht | State Street Bank & Trust Co. | 03/09/2020THB | 570,675,000 | 18,850,141 | 19,082,049 | (231,908 | ) | |||||||||||||
| Net Unrealized Depreciation on Open Forward Foreign Currency Contracts | $ | (8,281,930 | ) | |||||||||||||||||
| Abbreviations used in this schedule: | |
| ADR | - American Depositary Receipt |
| AUD | - Australian dollar |
| EUR | - euro |
| GBP | - British pound |
| JPY | - Japanese yen |
| KRW | - South Korean won |
| NOK | - Norwegian krone |
| NVDR | - Non-Voting Depositary Receipt |
| PIK | - Payment-in-kind |
| THB | - Thai baht |
| USD | - United States dollar |
| (a) | Non-income producing investment. |
| (b) | Issuer of the security is an affiliate of the IVA International Fund as defined by the Investment Company Act of 1940. An affiliate is deemed as a company in which the IVA International Fund indirectly or directly has ownership of at least 5% of the company’s outstanding voting securities. See Schedule of Affiliates below for additional information. |
See Notes to Schedule of Investments.
Page5
IVA International Fund (unaudited) | IVA Funds |
Schedule of Investments
December 31, 2019
| Schedule of Affiliates |
| SECURITY | SHARES HELD AT SEPTEMBER 30, 2019 | SHARE ADDITIONS | SHARE REDUCTIONS | SHARES HELD AT DECEMBER 31, 2019 | FAIR VALUE AT DECEMBER 31, 2019 | REALIZED GAIN/ (LOSS) | CHANGE IN UNREALIZED APPRECIATION/ (DEPRECIATION) | DIVIDEND INCOME* | ||||||||||||||||||||||||
| APT Satellite Holdings Ltd. | 54,595,000 | — | — | 54,595,000 | $ | 20,458,324 | — | $ | (1,553,261 | ) | — | |||||||||||||||||||||
| Clear Media Ltd. | 31,530,030 | — | — | 31,530,030 | 26,098,674 | — | 10,409,489 | — | ||||||||||||||||||||||||
| F@N Communications Inc.** | 3,887,400 | — | 1,291,100 | 2,596,300 | — | $ | (2,479,070 | ) | — | $ | 476,209 | |||||||||||||||||||||
| Kyung Dong Pharmaceutical Co., Ltd. | 1,429,632 | — | 106,254 | 1,323,378 | 9,053,344 | (406,074 | ) | 877,235 | 341,811 | |||||||||||||||||||||||
| Phoenix New Media Ltd., ADR | 3,713,463 | — | — | 3,713,463 | 7,278,387 | — | (2,228,078 | ) | 5,017,631 | |||||||||||||||||||||||
| Techno Medica Co., Ltd. | 513,800 | — | 29,600 | 484,200 | 9,219,913 | 111,077 | (1,370,489 | ) | — | |||||||||||||||||||||||
| WHANIN Pharmaceutical Co., Ltd. | 1,625,926 | — | 120,490 | 1,505,436 | 20,095,929 | (419,599 | ) | 702,603 | 393,693 | |||||||||||||||||||||||
| Total | $ | 92,204,571 | $ | (3,193,666 | ) | $ | 6,837,499 | $ | 6,229,344 | |||||||||||||||||||||||
| * Dividend income is gross of withholding taxes. |
| ** Non-affiliated at December 31, 2019. |
| (c) | Security is exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933 (the “1933 Act”). Any resale of these securities must generally be effected through a sale that is registered under the 1933 Act or otherwise exempted from such registration requirements. |
| (d) | Payment-in-kind security for which the issuer may pay interest with additional debt securities or cash. |
| (e) | Rate disclosed is the daily yield on December 31, 2019. |
| (f) | This security is held at the custodian as collateral for forward foreign currency contracts sold. As of December 31, 2019, portfolio securities valued at $3,989,518 were segregated to cover collateral requirements. |
| Sector Allocation (As a Percent of Total Net Assets) | ||
| Consumer Discretionary | 17.2% | |
| Industrials | 12.5% | |
| Consumer Staples | 10.4% | |
| Health Care | 9.6% | |
| Communication Services | 8.9% | |
| Gold & Gold Mining | 8.0% | |
| Financials | 6.6% | |
| Technology | 4.6% | |
| Materials | 2.6% | |
| Energy | 2.5% | |
| Holding Company | 0.9% | |
| Real Estate | 0.3% | |
| Supranational Bonds | 0.1% | |
| Short-Term Investments | 15.5% | |
| Other(a) | 0.3% | |
(a) Other represents unrealized gains and losses on forward foreign currency contracts and other assets and liabilities.
See Notes to Schedule of Investments.
Page6
Notes to Schedules of Investments (unaudited) | IVA Funds |
Note 1 - Organization and Significant Accounting Policies
IVA Fiduciary Trust (the “Trust”) consists of the IVA Worldwide Fund (the “Worldwide Fund”) and IVA International Fund (the “International Fund”) (each, a “Fund” and, together, the “Funds”). The Worldwide Fund and the International Fund are each a diversified investment portfolio of the Trust, an open-end series management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”), and organized as a Massachusetts business trust. The Funds commenced investment operations on October 1, 2008. The Worldwide Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world, including U.S. markets. The International Fund seeks long-term growth of capital by investing in a range of securities and asset classes from markets around the world.
The following are significant accounting policies followed by the Funds in the preparation of their financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In accordance with U.S. GAAP, each Fund has been defined as an investment company and as such complies with investment company and reporting guidance of the Financial Accounting Standards Board. As of result, there are no changes to measurement or disclosure required in the Funds’ financial statements.
Valuation of the Funds. The net asset value per share (“NAV”) of a Fund’s shares of a particular class is calculated each day that the New York Stock Exchange (“NYSE”) is open.
Listed equity securities are generally valued at the last sale price on the exchange that is the primary market for such securities. Equity securities listed on the NASDAQ Stock Exchange (“NASDAQ”) are generally valued using the NASDAQ Official Closing Price (“NOCP”). If no sales or NOCPs are reported during the day, equity securities are generally valued at the mean of the last available bid and asked quotations on the exchange or market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers, or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long and short positions, respectively. Over-the-counter (“OTC”) equity securities not listed on NASDAQ are generally valued at the mean of the last available bid and asked quotations on the market on which the security is primarily traded, or using other market information obtained from a quotation reporting system, established market makers or pricing services. If there is only a bid or only an asked price on such date, valuation will be at such bid or asked price for long or short positions, respectively.
Precious metals, including gold bullion, are valued at the spot price at the time trading on the NYSE closes (normally 4:00 p.m. E.T.).
Debt securities, other than commercial paper, for which market quotations are readily available are generally valued at the evaluated mean primarily based on the last bid and asked prices received from an independent pricing service. When no asked price is available, debt securities are valued at the evaluated bid price alone. Commercial paper is generally valued at the evaluated bid price provided by an independent pricing service. An evaluated price may include a variety of factors including the issue’s coupon rate, maturity, credit rating, yield, trade data, quoted prices of similar fixed income securities, and any other relevant market or security specific information.
Short-term investments in other open-end investment companies registered under the 1940 Act are valued at such investment companies’ NAVs as of December 31, 2019.
Forward foreign currency contracts are valued at the current cost of offsetting such contracts.
The value of any investment that is listed or traded on more than one exchange or market is based on the exchange or market determined by International Value Advisers, LLC (the “Adviser”) to be the primary trading venue for that investment. A quotation from the exchange or market deemed by the Adviser to be the secondary trading venue for a particular investment may be relied upon in instances where a quotation is not available on the primary exchange or market.
Notes to Schedules of Investments (unaudited) | IVA Funds |
The Board of Trustees of the Trust (the “Board”) has established a Pricing and Fair Valuation Committee (the “Committee”) comprised of officers of the Adviser to which it has delegated the responsibility for overseeing the implementation of the Funds’ valuation procedures and fair value determinations made on behalf of the Board. The Committee may determine that market quotations are not readily available due to events relating to a single issuer (e.g., corporate actions or announcements) or events relating to multiple issuers (e.g., governmental actions or natural disasters). The Committee may determine that there has been a significant decrease in the volume and level of activity for an asset or liability whereby transactions or quoted prices may not be determinative of fair value. The Committee may determine the fair value of investments based on information provided by pricing services and other third parties, including broker-dealers and other market intermediaries, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. For securities that do not trade during NYSE hours or securities for which there is a foreign market holiday when the NYSE is open, fair valuation determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities or baskets of foreign securities. Fair value pricing may require subjective determinations about the value of an asset or liability. Fair values used to determine the Funds’ NAVs may differ from quoted or published prices, or from prices that are used by others, for the same investments. The use of fair value pricing may not always result in adjustments to the prices of securities or other assets or liabilities held by the Funds.
Fair Value Measurement. The Funds adhere to U.S. GAAP fair value accounting standards that establish a single definition of fair value, create a three-tier hierarchy as a framework for measuring fair value based on inputs used to value the Funds’ assets and liabilities, and require additional disclosure about fair value. The hierarchy of inputs is summarized below:
| ● | Level 1 – last traded/quoted prices in active markets for identical unrestricted investments |
● | Level 2 – other significant observable inputs (including quoted prices for similar or identical investments, amortized cost, interest rates, prepayment speeds, credit risk, other observable market data, etc.) |
● | Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments) |
The following is a summary of the inputs used in valuing the Worldwide Fund’s assets and liabilities at fair value:
ASSETS |
| Last Investments (Level 1) |
|
| Other Significant |
|
| Significant |
|
| Total |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Foreign |
| $ | 997,862,267 |
|
| $ | 1,201,414,136 |
|
|
| — |
|
| $ | 2,199,276,403 |
|
United States |
|
| 1,096,948,781 |
|
|
| — |
|
|
| — |
|
|
| 1,096,948,781 |
|
Corporate notes & bonds |
|
| — |
|
|
| 112,767,242 |
|
|
| — |
|
|
| 112,767,242 |
|
Convertible bonds |
|
| — |
|
|
| 3,299,773 |
|
|
| — |
|
|
| 3,299,773 |
|
Commodities |
|
| 188,500,142 |
|
|
| — |
|
|
| — |
|
|
| 188,500,142 |
|
Short-term investments |
|
| 111,700,000 |
|
|
| 1,653,091,392 |
|
|
| — |
|
|
| 1,764,791,392 |
|
Total assets |
| $ | 2,395,011,190 |
|
| $ | 2,970,572,543 |
|
|
| — |
|
| $ | 5,365,583,733 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on open forward foreign currency contracts |
|
| — |
|
| $ | 9,536,767 |
|
|
| — |
|
| $ | 9,536,767 |
|
For the year ended September 30, 2019 and the period ended December 31, 2019, there were no level 3 assets or liabilities held in the Worldwide Fund.
Notes to Schedules of Investments (unaudited) | IVA Funds |
The following is a summary of the inputs used in valuing the International Fund’s assets and liabilities at fair value:
ASSETS |
| Last Investments (Level 1) |
|
| Other Significant |
|
| Significant (Level 3) |
|
| Total |
| ||||
Common stocks: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Foreign |
| $ | 942,325,984 |
|
| $ | 1,008,501,136 |
|
|
| — |
|
| $ | 1,950,827,120 |
|
United States |
|
| 73,141,600 |
|
|
| — |
|
|
| — |
|
|
| 73,141,600 |
|
Preferred stocks |
|
| — |
|
|
| 22,971,959 |
|
|
| — |
|
|
| 22,971,959 |
|
Corporate notes & bonds |
|
| — |
|
|
| 47,904,136 |
|
|
| — |
|
|
| 47,904,136 |
|
Convertible bonds |
|
| — |
|
|
| 5,273,019 |
|
|
| — |
|
|
| 5,273,019 |
|
Supranational bonds |
|
| — |
|
|
| 4,038,293 |
|
|
| — |
|
|
| 4,038,293 |
|
Commodities |
|
| 142,479,066 |
|
|
| — |
|
|
| — |
|
|
| 142,479,066 |
|
Short-term investments |
|
| 65,700,000 |
|
|
| 347,616,779 |
|
|
| — |
|
|
| 413,316,779 |
|
Total assets |
| $ | 1,223,646,650 |
|
| $ | 1,436,305,322 |
|
|
| — |
|
| $ | 2,659,951,972 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized depreciation on open forward foreign currency contracts |
|
| — |
|
| $ | 8,281,930 |
|
|
| — |
|
| $ | 8,281,930 |
|
For the year ended September 30, 2019 and the period ended December 31, 2019, there were no level 3 assets or liabilities held in the International Fund.
Foreign Currency Translation. Portfolio securities and other assets and liabilities initially valued in currencies other than the U.S. dollar are translated to U.S. dollars using exchange rates obtained from pricing services.
Portfolio Transactions. Portfolio transactions are recorded on a trade date basis.
Forward Foreign Currency Contracts. Each Fund engages in buying and selling forward foreign currency contracts to seek to manage the exposure of investments denominated in non-U.S. currencies against fluctuations in relative value. A forward foreign currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, at a price set at the time of the contract.
Foreign Investment Risk. Each Fund invests in foreign investments. Foreign investments can involve additional risks relating to political, economic or regulatory conditions in foreign countries. These risks include fluctuations in foreign currencies; withholding or other taxes; trading, settlement, custodial, and other operational risks; and the less stringent investor protection and disclosure standards of some foreign markets. Since foreign exchanges may be open on days when a Fund does not price its shares, the value of the investments in such Fund’s portfolio may change on days when shareholders will not be able to purchase or sell the Fund’s shares.
Note 2 - Derivative Instruments and Hedging Activities
The Funds enter into transactions involving derivative financial instruments in connection with their investing activities. During the period ended December 31, 2019, these instruments included forward foreign currency contracts. These instruments are subject to various risks similar to non-derivative instruments including market, credit and liquidity risks.
The use of derivative instruments may involve risks different from, or potentially greater than, the risks associated with investing directly in investments. Specifically, derivative instruments expose a Fund to the risk that the counterparty to an OTC derivatives contract will be unable or unwilling to make timely settlement payments or otherwise to honor its obligations. OTC derivatives transactions typically can only be closed out with the other party to the transaction. If the counterparty defaults, a Fund will have contractual remedies, but there is no assurance that the counterparty will meet its contractual obligations or that, in the event of default, a Fund will succeed in enforcing them. During the period ended December 31, 2019, the Funds had exposure to OTC derivatives in the form of forward foreign currency contracts.
Notes to Schedules of Investments (unaudited) | IVA Funds |
The following summary for each Fund is grouped by risk type and provides information about the fair value of derivatives at December 31, 2019.
Worldwide Fund
Risk-Type Category |
|
|
| Fair Value |
| |||
Foreign exchange |
|
| Unrealized depreciation on open forward foreign currency contracts |
|
| $ | (9,536,767 | ) |
International Fund
Risk-Type Category |
|
|
| Fair Value |
| |||
Foreign exchange |
|
| Unrealized depreciation on open forward foreign currency contracts |
|
| $ | (8,281,930 | ) |
During the period ended December 31, 2019, the Worldwide Fund had average notional values of $454,288,070 on open forward foreign currency contracts to sell.
During the period ended December 31, 2019, the International Fund had average notional values of $399,200,705 on open forward foreign currency contracts to sell.