|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
CORPORATE BONDS
|
49.7
%
|
|
|
|
Aerospace & Defense
|
1.6
%
|
|
|
|
TransDigm, Inc.,
|
|
|
|
|
6.75%, 08/15/28(a)
|
|
$500,000
|
$510,570
|
|
6.38%, 05/31/33(a)
|
|
625,000
|
625,567
|
|
|
|
|
1,136,137
|
|
Asset Management
|
3.0
%
|
|
|
|
Acadian Asset Management, Inc.
4.80%, 07/27/26
|
|
1,000,000
|
998,509
|
|
Ares Capital Corp.
7.00%, 01/15/27
|
|
150,000
|
154,768
|
|
Blue Owl Credit Income Corp.
5.80%, 03/15/30
|
|
250,000
|
250,407
|
|
Charles Schwab (The) Corp.
(Variable, U.S. SOFR + 2.21%)
5.64%, 05/19/29(b)
|
|
175,000
|
181,390
|
|
Citadel L.P.
6.38%, 01/23/32(a)
|
|
330,000
|
344,594
|
|
Compass Group Diversified Holdings LLC
5.00%, 01/15/32(a)
|
|
50,000
|
42,298
|
|
FS KKR Capital Corp.
6.88%, 08/15/29
|
|
200,000
|
205,096
|
|
|
|
|
2,177,062
|
|
Automotive
|
0.1
%
|
|
|
|
General Motors Co.
5.40%, 10/15/29
|
|
100,000
|
102,097
|
|
Banking
|
1.5
%
|
|
|
|
Bank of America Corp.
(Variable, U.S. SOFR + 1.91%)
5.43%, 08/15/35(b)
|
|
75,000
|
74,978
|
|
FNB Corp.
(Variable, U.S. SOFR Compounded Index + 1.93%)
5.72%, 12/11/30(b)
|
|
730,000
|
734,134
|
|
JPMorgan Chase & Co.
3.20%, 06/15/26
|
|
300,000
|
297,124
|
|
|
|
|
1,106,236
|
|
Biotechnology & Pharmaceuticals
|
0.5
%
|
|
|
|
AbbVie, Inc.
2.95%, 11/21/26
|
|
350,000
|
344,200
|
|
Capital Goods
|
1.2
%
|
|
|
|
Ferguson Enterprises, Inc.
5.00%, 10/03/34
|
|
500,000
|
496,221
|
|
Sonoco Products Co.
4.60%, 09/01/29
|
|
400,000
|
399,077
|
|
|
|
|
895,298
|
|
Commercial Support Services
|
0.4
%
|
|
|
|
GEO Group (The), Inc.
8.63%, 04/15/29
|
|
250,000
|
264,682
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Construction Materials
|
0.6
%
|
|
|
|
Quikrete Holdings, Inc.
6.38%, 03/01/32(a)
|
|
$450,000
|
$462,744
|
|
Consumer Non-Cyclical
|
0.3
%
|
|
|
|
Quest Diagnostics, Inc.
5.00%, 12/15/34
|
|
200,000
|
199,021
|
|
Consumer Services
|
0.7
%
|
|
|
|
PROG Holdings, Inc.
6.00%, 11/15/29(a)
|
|
500,000
|
480,091
|
|
Containers & Packaging
|
0.8
%
|
|
|
|
Sealed Air Corp./Sealed Air Corp. U.S.
6.13%, 02/01/28(a)
|
|
600,000
|
608,797
|
|
Diversified Industrials
|
0.3
%
|
|
|
|
Parker-Hannifin Corp.
4.20%, 11/21/34
|
|
200,000
|
190,475
|
|
Electric Utilities
|
3.6
%
|
|
|
|
Duke Energy Carolinas LLC
4.85%, 01/15/34
|
|
250,000
|
249,608
|
|
Public Service Co. of Oklahoma,
|
|
|
|
|
5.20%, 01/15/35
|
|
500,000
|
499,099
|
|
5.45%, 01/15/36
|
|
1,000,000
|
1,007,148
|
|
Southern (The) Co.
3.70%, 04/30/30
|
|
400,000
|
386,837
|
|
Vistra Operations Co. LLC
5.70%, 12/30/34(a)
|
|
250,000
|
254,575
|
|
Wisconsin Electric Power Co.
4.60%, 10/01/34
|
|
200,000
|
197,740
|
|
|
|
|
2,595,007
|
|
Electrical Equipment
|
2.1
%
|
|
|
|
Hubbell, Inc.
3.15%, 08/15/27
|
|
150,000
|
146,399
|
|
Keysight Technologies, Inc.
4.95%, 10/15/34
|
|
500,000
|
494,324
|
|
Otis Worldwide Corp.
5.13%, 11/19/31
|
|
475,000
|
489,125
|
|
WESCO Distribution, Inc.,
|
|
|
|
|
6.38%, 03/15/29(a)
|
|
250,000
|
257,208
|
|
6.63%, 03/15/32(a)
|
|
150,000
|
155,875
|
|
|
|
|
1,542,931
|
|
Engineering & Construction
|
0.5
%
|
|
|
|
Quanta Services, Inc.,
|
|
|
|
|
4.75%, 08/09/27
|
|
200,000
|
201,678
|
|
5.25%, 08/09/34
|
|
165,000
|
167,021
|
|
|
|
|
368,699
|
|
Entertainment Content
|
0.6
%
|
|
|
|
Netflix, Inc.
4.90%, 08/15/34
|
|
400,000
|
407,750
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Food
|
1.2
%
|
|
|
|
Kraft Heinz Foods Co.
6.50%, 02/09/40
|
|
$500,000
|
$533,682
|
|
Post Holdings, Inc.
6.38%, 03/01/33(a)
|
|
300,000
|
302,735
|
|
|
|
|
836,417
|
|
Gas & Water Utilities
|
1.6
%
|
|
|
|
American Water Capital Corp.
2.95%, 09/01/27
|
|
200,000
|
194,941
|
|
Atmos Energy Corp.
5.20%, 08/15/35
|
|
410,000
|
414,793
|
|
National Fuel Gas Co.
5.95%, 03/15/35
|
|
500,000
|
511,082
|
|
|
|
|
1,120,816
|
|
Health Care Facilities & Services
|
3.3
%
|
|
|
|
DaVita, Inc.
6.88%, 09/01/32(a)
|
|
200,000
|
207,236
|
|
Elevance Health, Inc.
4.95%, 11/01/31
|
|
1,000,000
|
1,013,982
|
|
Laboratory Corp. of America Holdings
4.80%, 10/01/34
|
|
250,000
|
244,398
|
|
Molina Healthcare, Inc.
6.25%, 01/15/33(a)
|
|
200,000
|
203,580
|
|
UnitedHealth Group, Inc.
5.15%, 07/15/34
|
|
730,000
|
737,371
|
|
|
|
|
2,406,567
|
|
Industrial Support Services
|
2.1
%
|
|
|
|
Ashtead Capital, Inc.
5.55%, 05/30/33(a)
|
|
500,000
|
504,963
|
|
Herc Holdings, Inc.
5.50%, 07/15/27(a)
|
|
1,000,000
|
1,000,090
|
|
|
|
|
1,505,053
|
|
Institutional Financial Services
|
1.6
%
|
|
|
|
Goldman Sachs Group (The), Inc.
3.85%, 01/26/27
|
|
900,000
|
894,018
|
|
Morgan Stanley
3.95%, 04/23/27
|
|
200,000
|
198,744
|
|
StoneX Group, Inc.
7.88%, 03/01/31(a)
|
|
50,000
|
52,412
|
|
|
|
|
1,145,174
|
|
Insurance
|
2.3
%
|
|
|
|
American International Group, Inc.
5.13%, 03/27/33
|
|
900,000
|
914,990
|
|
Equitable Financial Life Global Funding
5.00%, 03/27/30(a)
|
|
700,000
|
710,451
|
|
|
|
|
1,625,441
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Internet Media & Services
|
0.1
%
|
|
|
|
Expedia Group, Inc.
3.25%, 02/15/30
|
|
$75,000
|
$70,750
|
|
IT Services
|
2.4
%
|
|
|
|
International Business Machines Corp.
5.70%, 02/10/55
|
|
750,000
|
741,638
|
|
Leidos, Inc.
5.50%, 03/15/35
|
|
1,000,000
|
1,015,245
|
|
|
|
|
1,756,883
|
|
Leisure Facilities & Services
|
0.6
%
|
|
|
|
McDonald's Corp.
3.50%, 03/01/27
|
|
400,000
|
395,376
|
|
Machinery
|
0.6
%
|
|
|
|
Ingersoll Rand, Inc.
5.70%, 08/14/33
|
|
400,000
|
418,880
|
|
Oil & Gas Supply Chain
|
5.1
%
|
|
|
|
Hess Midstream Operations L.P.
6.50%, 06/01/29(a)
|
|
325,000
|
334,233
|
|
Kinder Morgan, Inc.
5.85%, 06/01/35
|
|
500,000
|
518,292
|
|
MPLX L.P.
5.40%, 04/01/35
|
|
1,250,000
|
1,241,021
|
|
Murphy Oil Corp.
6.00%, 10/01/32
|
|
500,000
|
476,695
|
|
ONEOK Partners L.P.
6.85%, 10/15/37
|
|
225,000
|
246,235
|
|
PBF Holding Co. LLC/PBF Finance Corp.
9.88%, 03/15/30(a)
|
|
200,000
|
194,531
|
|
Sunoco L.P.
7.25%, 05/01/32(a)
|
|
400,000
|
419,993
|
|
Sunoco L.P./Sunoco Finance Corp.
7.00%, 09/15/28(a)
|
|
250,000
|
257,938
|
|
|
|
|
3,688,938
|
|
Publishing & Broadcasting
|
1.1
%
|
|
|
|
Nexstar Media, Inc.
4.75%, 11/01/28(a)
|
|
825,000
|
803,596
|
|
Real Estate Investment Trusts
|
0.8
%
|
|
|
|
American Assets Trust L.P.
6.15%, 10/01/34
|
|
250,000
|
249,833
|
|
Realty Income Corp.
4.85%, 03/15/30
|
|
250,000
|
254,469
|
|
Ventas Realty L.P.
3.00%, 01/15/30
|
|
100,000
|
93,845
|
|
|
|
|
598,147
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Retail - Discretionary
|
1.7
%
|
|
|
|
Bath & Body Works, Inc.
6.88%, 11/01/35
|
|
$455,000
|
$471,895
|
|
Genuine Parts Co.
4.95%, 08/15/29
|
|
275,000
|
279,216
|
|
Lowe's Cos., Inc.
3.10%, 05/03/27
|
|
400,000
|
392,285
|
|
Macy's Retail Holdings LLC
5.88%, 04/01/29(a)
|
|
50,000
|
49,487
|
|
|
|
|
1,192,883
|
|
Semiconductors
|
1.1
%
|
|
|
|
Broadcom Corp./Broadcom Cayman Finance Ltd.
3.88%, 01/15/27
|
|
300,000
|
297,923
|
|
Broadcom, Inc.
4.55%, 02/15/32
|
|
500,000
|
495,374
|
|
|
|
|
793,297
|
|
Software
|
1.3
%
|
|
|
|
CoreWeave, Inc.
9.25%, 06/01/30(a)
|
|
150,000
|
153,350
|
|
Oracle Corp.
4.90%, 02/06/33
|
|
400,000
|
401,070
|
|
Roper Technologies, Inc.
4.50%, 10/15/29
|
|
400,000
|
400,795
|
|
|
|
|
955,215
|
|
Specialty Finance
|
2.5
%
|
|
|
|
Burford Capital Global Finance LLC
9.25%, 07/01/31(a)
|
|
200,000
|
210,492
|
|
Capital One Financial Corp.
(Variable, U.S. SOFR + 2.04%)
6.18%, 01/30/36(b)
|
|
700,000
|
712,633
|
|
Fortress Transportation and Infrastructure Investors LLC
7.00%, 06/15/32(a)
|
|
400,000
|
413,011
|
|
GATX Corp.
4.00%, 06/30/30
|
|
200,000
|
194,584
|
|
Rithm Capital Corp.
8.00%, 07/15/30(a)
|
|
300,000
|
301,500
|
|
|
|
|
1,832,220
|
|
Technology Hardware
|
1.0
%
|
|
|
|
Dell International LLC/EMC Corp.
4.35%, 02/01/30
|
|
660,000
|
654,127
|
|
NCR Atleos Corp.
9.50%, 04/01/29(a)
|
|
50,000
|
54,768
|
|
|
|
|
708,895
|
|
Telecommunications
|
1.2
%
|
|
|
|
T-Mobile USA, Inc.
2.25%, 11/15/31
|
|
1,000,000
|
867,082
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Transportation Equipment
|
0.1
%
|
|
|
|
JB Poindexter & Co., Inc.
8.75%, 12/15/31(a)
|
|
$50,000
|
$50,885
|
|
Wholesale - Consumer Staples
|
0.2
%
|
|
|
|
Performance Food Group, Inc.
6.13%, 09/15/32(a)
|
|
150,000
|
153,440
|
|
TOTAL CORPORATE BONDS (Cost $35,577,985)
|
|
|
35,807,182
|
|
FOREIGN ISSUER BONDS
|
0.1
%
|
|
|
|
Electric Utilities
|
0.1
%
|
|
|
|
TransAlta Corp.
7.75%, 11/15/29 (Canada)
|
|
50,000
|
52,528
|
|
TOTAL FOREIGN ISSUER BONDS (Cost $51,822)
|
|
|
52,528
|
|
MORTGAGE-BACKED SECURITIES
|
9.6
%
|
|
|
|
U.S. Government Agencies
|
9.6
%
|
|
|
|
Freddie Mac Pool #SD8276,
5.00%, 12/01/52
|
|
188,253
|
185,394
|
|
Freddie Mac Pool #SD8233,
5.00%, 07/01/52
|
|
1,541,193
|
1,519,690
|
|
Fannie Mae Pool #BM4854,
4.50%, 08/01/44
|
|
457,987
|
456,428
|
|
Fannie Mae Pool #MA5313,
5.50%, 03/01/44
|
|
2,798,728
|
2,838,640
|
|
Fannie Mae Pool #MA5498,
6.00%, 10/01/54
|
|
1,854,236
|
1,884,771
|
|
TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,863,028)
|
|
|
6,884,923
|
|
U.S. GOVERNMENT OBLIGATIONS
|
38.5
%
|
|
|
|
U.S. Treasury Bonds,
4.38%, 08/15/43
|
|
250,000
|
238,291
|
|
U.S. Treasury Bonds,
4.75%, 11/15/43
|
|
250,000
|
249,736
|
|
U.S. Treasury Bonds,
4.13%, 08/15/44
|
|
2,350,000
|
2,152,912
|
|
U.S. Treasury Bonds,
5.00%, 05/15/45
|
|
1,000,000
|
1,027,188
|
|
U.S. Treasury Bonds,
4.13%, 08/15/53
|
|
80,000
|
71,459
|
|
U.S. Treasury Bonds,
4.25%, 02/15/54
|
|
750,000
|
684,141
|
|
U.S. Treasury Bonds,
4.63%, 05/15/54
|
|
750,000
|
728,438
|
|
U.S. Treasury Bonds,
4.25%, 08/15/54
|
|
1,500,000
|
1,369,805
|
|
U.S. Treasury Bonds,
4.63%, 02/15/55
|
|
650,000
|
632,734
|
|
U.S. Treasury Notes,
4.63%, 09/15/26
|
|
50,000
|
50,402
|
|
U.S. Treasury Notes,
4.00%, 01/15/27
|
|
700,000
|
701,668
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
U.S. Treasury Notes,
4.00%, 02/29/28
|
|
$450,000
|
$453,410
|
|
U.S. Treasury Notes,
3.50%, 04/30/28
|
|
400,000
|
397,828
|
|
U.S. Treasury Notes,
3.75%, 12/31/28
|
|
1,000,000
|
1,000,899
|
|
U.S. Treasury Notes,
3.63%, 08/31/29
|
|
250,000
|
248,760
|
|
U.S. Treasury Notes,
3.50%, 09/30/29
|
|
1,000,000
|
989,922
|
|
U.S. Treasury Notes,
3.88%, 09/30/29
|
|
250,000
|
251,152
|
|
U.S. Treasury Notes,
3.88%, 12/31/29
|
|
1,000,000
|
1,004,258
|
|
U.S. Treasury Notes,
4.00%, 03/31/30
|
|
2,500,000
|
2,523,242
|
|
U.S. Treasury Notes,
4.00%, 05/31/30
|
|
450,000
|
454,359
|
|
U.S. Treasury Notes,
4.00%, 07/31/30
|
|
300,000
|
302,613
|
|
U.S. Treasury Notes,
4.38%, 11/30/30
|
|
1,050,000
|
1,077,152
|
|
U.S. Treasury Notes,
4.63%, 05/31/31
|
|
250,000
|
259,541
|
|
U.S. Treasury Notes,
3.75%, 08/31/31
|
|
350,000
|
346,733
|
|
U.S. Treasury Notes,
3.63%, 09/30/31
|
|
1,000,000
|
983,281
|
|
U.S. Treasury Notes,
4.13%, 10/31/31
|
|
1,600,000
|
1,616,688
|
|
U.S. Treasury Notes,
4.13%, 05/31/32
|
|
300,000
|
302,531
|
|
U.S. Treasury Notes,
4.13%, 11/15/32
|
|
2,600,000
|
2,617,977
|
|
U.S. Treasury Notes,
4.00%, 02/15/34
|
|
250,000
|
247,393
|
|
U.S. Treasury Notes,
3.88%, 08/15/34
|
|
3,250,000
|
3,173,193
|
|
U.S. Treasury Notes,
4.63%, 02/15/35
|
|
1,500,000
|
1,547,578
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $28,132,292)
|
|
|
27,705,284
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS
|
0.8
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 4.16%(c)
|
|
618,232
|
$618,232
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $618,232)
|
|
|
618,232
|
|
TOTAL INVESTMENTS
(Cost $71,243,359)
|
98.7
%
|
|
71,068,149
|
|
NET OTHER ASSETS (LIABILITIES)
|
1.3
%
|
|
926,807
|
|
NET ASSETS
|
100.0
%
|
|
$71,994,956
|
|
(a)Securities exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2025, these securities had a total
value of $10,121,012 or 14% of net assets.
|
|
(b)Variable or floating rate security. The rate presented is the rate in effect at June
30, 2025, and the related index and spread are shown parenthetically for each security.
|
|
(c)7-day current yield as of June 30, 2025 is disclosed.
|
|
Abbreviations:
|
|
SOFR – Secured Overnight Financing Rate
|
|
Fixed Income Credit Ratings
|
% of Net Assets
|
|
AAA
|
48.1%
|
|
A
|
9.2
|
|
BBB
|
25.2
|
|
BBB-
|
0.3
|
|
BB
|
12.3
|
|
B
|
2.8
|
|
Cash equivalents
|
0.8
|
|
Total
|
98.7%
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
COMMON STOCKS
|
99.3
%
|
|
|
|
Brazil
|
3.5
%
|
|
|
|
Banco BTG Pactual S.A.(a)
|
|
7,900
|
$61,434
|
|
Smartfit Escola de Ginastica e Danca S.A.(a)
|
|
9,800
|
44,805
|
|
Vale S.A.
|
|
3,700
|
35,855
|
|
|
|
|
142,094
|
|
Canada
|
2.0
%
|
|
|
|
Fairfax India Holdings Corp.(a)(b)
|
|
4,500
|
83,655
|
|
China
|
17.5
%
|
|
|
|
Alibaba Group Holding Ltd.
|
|
9,800
|
137,076
|
|
BYD Co. Ltd. - Class H
|
|
3,000
|
46,816
|
|
Fu Shou Yuan International Group Ltd.
|
|
135,800
|
64,354
|
|
Kingdee International Software Group Co. Ltd.(a)
|
|
29,900
|
58,810
|
|
Kweichow Moutai Co. Ltd. - Class A
|
|
300
|
59,072
|
|
NetEase, Inc.
|
|
3,300
|
88,701
|
|
Tencent Holdings Ltd.
|
|
3,200
|
205,046
|
|
Zijin Mining Group Co. Ltd. - Class H
|
|
23,000
|
58,746
|
|
|
|
|
718,621
|
|
Greece
|
3.4
%
|
|
|
|
JUMBO S.A.
|
|
1,500
|
51,771
|
|
Motor Oil Hellas Corinth Refineries S.A.
|
|
1,400
|
39,018
|
|
OPAP S.A.
|
|
2,100
|
47,619
|
|
|
|
|
138,408
|
|
Guatemala
|
1.4
%
|
|
|
|
Millicom International Cellular S.A.
|
|
1,550
|
58,078
|
|
Hong Kong
|
3.4
%
|
|
|
|
AIA Group Ltd.
|
|
10,300
|
92,373
|
|
Lenovo Group Ltd.
|
|
37,500
|
45,000
|
|
|
|
|
137,373
|
|
Hungary
|
1.0
%
|
|
|
|
Richter Gedeon Nyrt
|
|
1,400
|
41,267
|
|
India
|
13.3
%
|
|
|
|
360 ONE WAM Ltd.
|
|
3,900
|
54,321
|
|
Aegis Logistics Ltd.
|
|
5,500
|
49,754
|
|
Bajaj Finance Ltd.
|
|
3,100
|
33,852
|
|
CMS Info Systems Ltd.
|
|
8,200
|
47,855
|
|
Coal India Ltd.
|
|
8,700
|
39,762
|
|
HDFC Bank Ltd.
|
|
3,700
|
86,352
|
|
HEG Ltd.
|
|
7,600
|
45,196
|
|
ICICI Bank Ltd. - ADR
|
|
3,700
|
124,468
|
|
Reliance Industries Ltd. - GDR(b)
|
|
900
|
62,820
|
|
|
|
|
544,380
|
|
Indonesia
|
1.5
%
|
|
|
|
Bank Mandiri Persero Tbk PT
|
|
206,000
|
61,920
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
Japan
|
2.2
%
|
|
|
|
Nexon Co. Ltd.
|
|
4,500
|
$90,934
|
|
Kazakhstan
|
1.1
%
|
|
|
|
Halyk Savings Bank of Kazakhstan JSC - REG - GDR
|
|
1,800
|
44,190
|
|
Mexico
|
4.5
%
|
|
|
|
Fibra Uno Administracion S.A. de C.V.
|
|
30,300
|
41,855
|
|
Fomento Economico Mexicano S.A.B. de C.V.
|
|
4,300
|
44,273
|
|
Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L
|
|
4,600
|
43,628
|
|
Wal-Mart de Mexico S.A.B. de C.V.
|
|
16,200
|
53,656
|
|
|
|
|
183,412
|
|
Netherlands
|
2.5
%
|
|
|
|
JBS N.V.(a)
|
|
7,250
|
104,364
|
|
Philippines
|
1.5
%
|
|
|
|
International Container Terminal Services, Inc.
|
|
8,700
|
63,478
|
|
Saudi Arabia
|
1.5
%
|
|
|
|
Saudi Awwal Bank
|
|
6,700
|
60,202
|
|
South Africa
|
3.8
%
|
|
|
|
Naspers Ltd. - Class N
|
|
500
|
155,769
|
|
South Korea
|
11.6
%
|
|
|
|
Hugel, Inc.(a)
|
|
100
|
28,749
|
|
Hyundai Motor Co.
|
|
600
|
90,471
|
|
KINX, Inc.
|
|
1,600
|
116,183
|
|
Park Systems Corp.
|
|
200
|
42,309
|
|
Samsung Electronics Co. Ltd.
|
|
2,500
|
110,774
|
|
Shinhan Financial Group Co. Ltd.
|
|
1,900
|
86,440
|
|
|
|
|
474,926
|
|
Taiwan
|
14.7
%
|
|
|
|
Accton Technology Corp.
|
|
2,400
|
59,975
|
|
Acter Group Corp. Ltd.
|
|
2,600
|
35,379
|
|
E Ink Holdings, Inc.
|
|
10,100
|
76,410
|
|
Fusheng Precision Co. Ltd.
|
|
4,600
|
46,769
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
10,600
|
384,637
|
|
|
|
|
603,170
|
|
Turkey
|
2.0
%
|
|
|
|
BIM Birlesik Magazalar A.S.
|
|
2,100
|
26,093
|
|
Coca-Cola Icecek A.S.
|
|
21,700
|
26,813
|
|
KOC Holding A.S.
|
|
7,000
|
27,074
|
|
|
|
|
79,980
|
|
United Arab Emirates
|
1.4
%
|
|
|
|
Emaar Properties PJSC
|
|
15,400
|
57,028
|
|
United Kingdom
|
4.2
%
|
|
|
|
Georgia Capital PLC(a)
|
|
4,000
|
105,529
|
|
Investec PLC
|
|
8,900
|
66,581
|
|
|
|
|
172,110
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
United States
|
1.3
%
|
|
|
|
ACM Research, Inc. - Class A(a)
|
|
2,100
|
$54,390
|
|
TOTAL COMMON STOCKS (Cost $3,193,901)
|
|
|
4,069,749
|
|
SHORT-TERM INVESTMENTS
|
0.9
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 4.16%(c)
|
|
39,055
|
39,055
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $39,055)
|
|
|
39,055
|
|
TOTAL INVESTMENTS
(Cost $3,232,956)
|
100.2
%
|
|
4,108,804
|
|
NET OTHER ASSETS (LIABILITIES)
|
(0.2
%)
|
|
(9,949
)
|
|
NET ASSETS
|
100.0
%
|
|
$4,098,855
|
|
(a)Non-income producing security.
|
|
(b)Securities exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2025, these securities had a total
value of $146,475 or 4% of net assets.
|
|
(c)7-day current yield as of June 30, 2025 is disclosed.
|
|
Abbreviations:
|
|
ADR – American Depositary Receipt
|
|
GDR – Global Depositary Receipt
|
|
REG – Registered
|
|
Sector Allocation
|
% of Net Assets
|
|
Financials
|
23.5%
|
|
Information Technology
|
20.3
|
|
Consumer Discretionary
|
16.7
|
|
Communication Services
|
13.6
|
|
Consumer Staples
|
7.7
|
|
Industrials
|
6.4
|
|
Energy
|
4.7
|
|
Real Estate
|
2.4
|
|
Materials
|
2.3
|
|
Health Care
|
1.7
|
|
Total
|
99.3%
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
CORPORATE BONDS
|
96.1
%
|
|
|
|
Aerospace & Defense
|
1.3
%
|
|
|
|
TransDigm, Inc.
6.38%, 05/31/33(a)
|
|
$125,000
|
$125,113
|
|
Asset Management
|
5.2
%
|
|
|
|
FS KKR Capital Corp.
7.88%, 01/15/29
|
|
150,000
|
158,274
|
|
Acadian Asset Management, Inc.
4.80%, 07/27/26
|
|
250,000
|
249,627
|
|
Citadel L.P.
6.38%, 01/23/32(a)
|
|
100,000
|
104,423
|
|
|
|
|
512,324
|
|
Banking
|
0.5
%
|
|
|
|
Citigroup, Inc.
(Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 2.73%)
6.95%, 02/15/30(b)(c)
|
|
50,000
|
51,066
|
|
Cable & Satellite
|
0.9
%
|
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 05/01/32(a)
|
|
100,000
|
93,124
|
|
Commercial Support Services
|
3.2
%
|
|
|
|
CoreCivic, Inc.
8.25%, 04/15/29
|
|
150,000
|
159,038
|
|
GEO Group (The), Inc.
8.63%, 04/15/29
|
|
150,000
|
158,810
|
|
|
|
|
317,848
|
|
Construction Materials
|
1.0
%
|
|
|
|
Quikrete Holdings, Inc.
6.38%, 03/01/32(a)
|
|
100,000
|
102,832
|
|
Consumer Services
|
3.5
%
|
|
|
|
PROG Holdings, Inc.
6.00%, 11/15/29(a)
|
|
200,000
|
192,036
|
|
Upbound Group, Inc.
6.38%, 02/15/29(a)
|
|
150,000
|
148,387
|
|
|
|
|
340,423
|
|
Electrical Equipment
|
1.5
%
|
|
|
|
WESCO Distribution, Inc.
7.25%, 06/15/28(a)
|
|
150,000
|
151,862
|
|
Engineering & Construction
|
4.0
%
|
|
|
|
Brundage-Bone Concrete Pumping Holdings, Inc.
7.50%, 02/01/32(a)
|
|
200,000
|
198,238
|
|
Installed Building Products, Inc.
5.75%, 02/01/28(a)
|
|
200,000
|
199,367
|
|
|
|
|
397,605
|
|
Food
|
2.1
%
|
|
|
|
Post Holdings, Inc.
6.38%, 03/01/33(a)
|
|
200,000
|
201,823
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Health Care Facilities & Services
|
1.6
%
|
|
|
|
DaVita, Inc.
6.88%, 09/01/32(a)
|
|
$50,000
|
$51,809
|
|
Molina Healthcare, Inc.
6.25%, 01/15/33(a)
|
|
100,000
|
101,790
|
|
|
|
|
153,599
|
|
Home Construction
|
1.8
%
|
|
|
|
Forestar Group, Inc.
5.00%, 03/01/28(a)
|
|
175,000
|
172,281
|
|
Household Products
|
1.9
%
|
|
|
|
Edgewell Personal Care Co.
5.50%, 06/01/28(a)
|
|
183,000
|
182,075
|
|
Institutional Financial Services
|
3.5
%
|
|
|
|
Coinbase Global, Inc.
3.63%, 10/01/31(a)
|
|
125,000
|
111,308
|
|
StoneX Group, Inc.
7.88%, 03/01/31(a)
|
|
225,000
|
235,855
|
|
|
|
|
347,163
|
|
Leisure Facilities & Services
|
6.4
%
|
|
|
|
Light & Wonder International, Inc.
7.50%, 09/01/31(a)
|
|
150,000
|
156,962
|
|
Marriott Ownership Resorts, Inc.
4.75%, 01/15/28
|
|
150,000
|
146,694
|
|
Travel + Leisure Co.
6.60%, 10/01/25
|
|
175,000
|
174,741
|
|
VOC Escrow Ltd.
5.00%, 02/15/28(a)
|
|
150,000
|
149,242
|
|
|
|
|
627,639
|
|
Machinery
|
2.9
%
|
|
|
|
Regal Rexnord Corp.
6.30%, 02/15/30
|
|
150,000
|
157,129
|
|
Titan International, Inc.
7.00%, 04/30/28
|
|
125,000
|
125,505
|
|
|
|
|
282,634
|
|
Oil & Gas Supply Chain
|
9.0
%
|
|
|
|
Hess Midstream Operations L.P.
6.50%, 06/01/29(a)
|
|
125,000
|
128,551
|
|
Murphy Oil Corp.
6.00%, 10/01/32
|
|
150,000
|
143,009
|
|
PBF Holding Co. LLC/PBF Finance Corp.
9.88%, 03/15/30(a)
|
|
125,000
|
121,582
|
|
Permian Resources Operating LLC
9.88%, 07/15/31(a)
|
|
147,000
|
161,024
|
|
Summit Midstream Holdings LLC
8.63%, 10/31/29(a)
|
|
175,000
|
179,031
|
|
Sunoco L.P./Sunoco Finance Corp.
7.00%, 09/15/28(a)
|
|
150,000
|
154,763
|
|
|
|
|
887,960
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Publishing & Broadcasting
|
1.7
%
|
|
|
|
Nexstar Media, Inc.
4.75%, 11/01/28(a)
|
|
$175,000
|
$170,460
|
|
Real Estate Investment Trusts
|
5.5
%
|
|
|
|
Iron Mountain, Inc.
6.25%, 01/15/33(a)
|
|
250,000
|
257,051
|
|
RHP Hotel Properties L.P./RHP Finance Corp.
7.25%, 07/15/28(a)
|
|
150,000
|
155,253
|
|
Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC
10.50%, 02/15/28(a)
|
|
118,000
|
125,085
|
|
|
|
|
537,389
|
|
Retail - Discretionary
|
12.5
%
|
|
|
|
Academy Ltd.
6.00%, 11/15/27(a)
|
|
100,000
|
100,252
|
|
Bath & Body Works, Inc.
6.88%, 11/01/35
|
|
300,000
|
311,140
|
|
BlueLinx Holdings, Inc.
6.00%, 11/15/29(a)
|
|
150,000
|
144,240
|
|
Builders FirstSource, Inc.
5.00%, 03/01/30(a)
|
|
150,000
|
147,243
|
|
Dillard's, Inc.
7.75%, 07/15/26
|
|
175,000
|
177,620
|
|
Macy's Retail Holdings LLC
5.88%, 04/01/29(a)
|
|
100,000
|
98,974
|
|
Patrick Industries, Inc.
4.75%, 05/01/29(a)
|
|
150,000
|
145,681
|
|
Sonic Automotive, Inc.
4.63%, 11/15/29(a)
|
|
100,000
|
97,025
|
|
|
|
|
1,222,175
|
|
Software
|
4.2
%
|
|
|
|
CoreWeave, Inc.
9.25%, 06/01/30(a)
|
|
150,000
|
153,350
|
|
Gen Digital, Inc.
6.25%, 04/01/33(a)
|
|
250,000
|
256,710
|
|
|
|
|
410,060
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Specialty Finance
|
12.5
%
|
|
|
|
ILFC E-Capital Trust I
6.43%, 12/21/65(a)(b)
|
|
$150,000
|
$125,421
|
|
World Acceptance Corp.
7.00%, 11/01/26(a)
|
|
100,000
|
99,779
|
|
Burford Capital Global Finance LLC
6.25%, 04/15/28(a)
|
|
200,000
|
198,131
|
|
EZCORP, Inc.
7.38%, 04/01/32(a)
|
|
150,000
|
157,891
|
|
Fortress Transportation and Infrastructure Investors LLC
7.00%, 06/15/32(a)
|
|
300,000
|
309,759
|
|
PRA Group, Inc.
5.00%, 10/01/29(a)
|
|
200,000
|
184,318
|
|
Rithm Capital Corp.
8.00%, 07/15/30(a)
|
|
150,000
|
150,750
|
|
|
|
|
1,226,049
|
|
Technology Hardware
|
3.1
%
|
|
|
|
NCR Atleos Corp.
9.50%, 04/01/29(a)
|
|
130,000
|
142,397
|
|
Seagate HDD Cayman
8.50%, 07/15/31
|
|
150,000
|
160,977
|
|
|
|
|
303,374
|
|
Transportation & Logistics
|
3.4
%
|
|
|
|
American Airlines, Inc.,
|
|
|
|
|
7.25%, 02/15/28(a)
|
|
100,000
|
102,125
|
|
8.50%, 05/15/29(a)
|
|
225,000
|
235,920
|
|
|
|
|
338,045
|
|
Transportation Equipment
|
2.1
%
|
|
|
|
JB Poindexter & Co., Inc.
8.75%, 12/15/31(a)
|
|
200,000
|
203,540
|
|
Wholesale - Consumer Staples
|
0.8
%
|
|
|
|
United Natural Foods, Inc.
6.75%, 10/15/28(a)
|
|
75,000
|
74,022
|
|
TOTAL CORPORATE BONDS (Cost $9,296,849)
|
|
|
9,432,485
|
|
FOREIGN ISSUER BONDS
|
1.1
%
|
|
|
|
Electric Utilities
|
1.1
%
|
|
|
|
TransAlta Corp.
7.75%, 11/15/29 (Canada)
|
|
100,000
|
105,056
|
|
TOTAL FOREIGN ISSUER BONDS (Cost $101,495)
|
|
|
105,056
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS
|
1.4
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 4.16%(d)
|
|
137,538
|
$137,538
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $137,538)
|
|
|
137,538
|
|
TOTAL INVESTMENTS
(Cost $9,535,882)
|
98.6
%
|
|
9,675,079
|
|
NET OTHER ASSETS (LIABILITIES)
|
1.4
%
|
|
137,218
|
|
NET ASSETS
|
100.0
%
|
|
$9,812,297
|
|
(a)Securities exempt from registration under Rule 144A of the Securities Act of 1933.
These securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. As of June 30, 2025, these securities had a total
value of $7,258,856 or 74% of net assets.
|
|
(b)Variable or floating rate security. The rate presented is the rate in effect at June
30, 2025, and the related index and spread are shown parenthetically for each security.
|
|
(c)Perpetual bond. Maturity date represents next call date.
|
|
(d)7-day current yield as of June 30, 2025 is disclosed.
|
|
Fixed Income Credit Ratings
|
% of Net Assets
|
|
BBB
|
2.4%
|
|
BBB-
|
1.6
|
|
BB
|
63.6
|
|
B
|
27.8
|
|
CCC
|
1.8
|
|
Cash equivalents
|
1.4
|
|
Total
|
98.6%
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
COMMON STOCKS
|
90.6
%
|
|
|
|
Belgium
|
4.1
%
|
|
|
|
Anheuser-Busch InBev S.A./N.V. - ADR
|
|
23,000
|
$1,580,560
|
|
Curacao
|
1.5
%
|
|
|
|
Schlumberger N.V.
|
|
17,000
|
574,600
|
|
Germany
|
3.1
%
|
|
|
|
Bayer A.G. - ADR
|
|
157,000
|
1,183,780
|
|
Ireland
|
3.6
%
|
|
|
|
Jazz Pharmaceuticals PLC(a)
|
|
6,000
|
636,720
|
|
Willis Towers Watson PLC
|
|
2,400
|
735,600
|
|
|
|
|
1,372,320
|
|
Netherlands
|
1.8
%
|
|
|
|
AerCap Holdings N.V.
|
|
6,000
|
702,000
|
|
United States
|
76.5
%
|
|
|
|
Adobe, Inc.(a)
|
|
1,500
|
580,320
|
|
Applied Materials, Inc.
|
|
3,000
|
549,210
|
|
Berkshire Hathaway, Inc. - Class B(a)
|
|
2,000
|
971,540
|
|
Bio-Rad Laboratories, Inc. - Class A(a)
|
|
2,000
|
482,640
|
|
Capital One Financial Corp.
|
|
5,096
|
1,084,225
|
|
Cigna (The) Group
|
|
2,709
|
895,541
|
|
Citigroup, Inc.
|
|
15,000
|
1,276,800
|
|
Corpay, Inc.(a)
|
|
2,000
|
663,640
|
|
Crown Castle, Inc.
|
|
9,000
|
924,570
|
|
CVS Health Corp.
|
|
13,200
|
910,536
|
|
Dominion Energy, Inc.
|
|
30,000
|
1,695,600
|
|
Elevance Health, Inc.
|
|
1,300
|
505,648
|
|
Evergy, Inc.
|
|
18,100
|
1,247,633
|
|
FedEx Corp.
|
|
2,000
|
454,620
|
|
First Citizens BancShares, Inc. - Class A
|
|
300
|
586,941
|
|
Global Payments, Inc.
|
|
8,800
|
704,352
|
|
Hess Corp.
|
|
8,000
|
1,108,320
|
|
HF Sinclair Corp.
|
|
19,000
|
780,520
|
|
Intel Corp.
|
|
20,000
|
448,000
|
|
Jacobs Solutions, Inc.
|
|
4,000
|
525,800
|
|
Johnson & Johnson
|
|
4,000
|
611,000
|
|
Kinder Morgan, Inc.
|
|
35,600
|
1,046,640
|
|
Kraft Heinz (The) Co.
|
|
66,800
|
1,724,776
|
|
Liberty Broadband Corp. - Class C(a)
|
|
13,000
|
1,278,940
|
|
Lockheed Martin Corp.
|
|
1,800
|
833,652
|
|
McKesson Corp.
|
|
800
|
586,224
|
|
Merck & Co., Inc.
|
|
9,000
|
712,440
|
|
Pfizer, Inc.
|
|
30,700
|
744,168
|
|
Progressive (The) Corp.
|
|
2,600
|
693,836
|
|
Regeneron Pharmaceuticals, Inc.
|
|
1,500
|
787,500
|
|
Sirius XM Holdings, Inc.
|
|
26,633
|
611,760
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
SS&C Technologies Holdings, Inc.
|
|
8,000
|
$662,400
|
|
UnitedHealth Group, Inc.
|
|
1,800
|
561,546
|
|
Warner Bros Discovery, Inc.(a)
|
|
82,200
|
942,012
|
|
Williams Cos. (The), Inc.
|
|
16,225
|
1,019,092
|
|
|
|
|
29,212,442
|
|
TOTAL COMMON STOCKS (Cost $28,602,627)
|
|
|
34,625,702
|
|
SHORT-TERM INVESTMENTS
|
9.2
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 4.16%(b)
|
|
3,498,126
|
3,498,126
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $3,498,126)
|
|
|
3,498,126
|
|
TOTAL INVESTMENTS
(Cost $32,100,753)
|
99.8
%
|
|
38,123,828
|
|
NET OTHER ASSETS (LIABILITIES)
|
0.2
%
|
|
92,162
|
|
NET ASSETS
|
100.0
%
|
|
$38,215,990
|
|
(a)Non-income producing security.
|
|
(b)7-day current yield as of June 30, 2025 is disclosed.
|
|
Abbreviations:
|
|
ADR – American Depositary Receipt
|
|
Sector Allocation
|
% of Net Assets
|
|
Health Care
|
22.6%
|
|
Financials
|
17.6
|
|
Energy
|
11.9
|
|
Consumer Staples
|
8.6
|
|
Industrials
|
8.3
|
|
Utilities
|
7.7
|
|
Communication Services
|
7.4
|
|
Information Technology
|
4.1
|
|
Real Estate
|
2.4
|
|
Total
|
90.6%
|