|
Shares
|
|
Value
|
|
COMMON STOCKS – 93.82%
|
||
|
Austria – 1.09%
|
||
|
215,441
|
Erste Group Bank
AG
|
$28,834,181
|
|
Brazil – 4.59%
|
||
|
13,718,700
|
Ambev SA
|
43,290,321
|
|
698,190
|
Embraer SA
Sponsored – ADR
|
44,544,522
|
|
5,072,800
|
Telefonica Brasil
SA(a)
|
33,361,401
|
|
|
|
121,196,244
|
|
Canada – 2.71%
|
||
|
1,701,297
|
CAE, Inc.(a)
|
42,634,503
|
|
1,302,223
|
Open Text Corp.
|
28,844,239
|
|
|
|
71,478,742
|
|
China – 4.25%
|
||
|
5,194,000
|
Alibaba Group
Holding Ltd.
|
62,268,021
|
|
840,700
|
NetEase, Inc.
|
21,590,672
|
|
709,550
|
Trip.com Group
Ltd.(a)
|
28,211,862
|
|
|
|
112,070,555
|
|
France – 15.62%
|
||
|
371,140
|
BNP Paribas SA
|
43,346,614
|
|
389,530
|
Capgemini SE
|
39,105,916
|
|
2,626,800
|
Carrefour SA
|
48,766,498
|
|
170,385
|
Kering SA
|
48,196,264
|
|
640,962
|
Pernod Ricard SA
|
46,590,113
|
|
442,218
|
Publicis Groupe SA
|
43,701,263
|
|
954,953
|
Sanofi SA
|
81,651,958
|
|
330,293
|
Societe BIC SA
|
21,523,842
|
|
680,170
|
Sodexo SA
|
39,341,568
|
|
|
|
412,224,036
|
|
Germany – 8.22%
|
||
|
82,295
|
Beiersdorf AG
|
7,087,541
|
|
553,900
|
Deutsche Post AG
|
33,675,151
|
|
1,077,553
|
Fresenius Medical
Care AG
|
48,781,649
|
|
752,936
|
Henkel AG & Co.
KGaA
|
59,586,111
|
|
439,025
|
SAP SE
|
67,674,924
|
|
|
|
216,805,376
|
|
Shares
|
|
Value
|
|
Hong Kong – 1.99%
|
||
|
43,828,700
|
Budweiser Brewing
Co. APAC Ltd.(b)
|
$34,201,906
|
|
29,822,000
|
First Pacific Co.
Ltd.
|
18,294,549
|
|
|
|
52,496,455
|
|
Ireland – 1.09%
|
||
|
313,701
|
Kerry Group Plc –
Class A
|
28,775,990
|
|
Israel – 1.01%
|
||
|
291,788
|
Nice Ltd. Sponsored
– ADR(a)
|
26,508,940
|
|
Italy – 2.34%
|
||
|
380,372
|
Buzzi SpA
|
19,483,605
|
|
6,147,854
|
Intesa Sanpaolo SpA
|
42,255,979
|
|
|
|
61,739,584
|
|
Japan – 11.47%
|
||
|
3,550,700
|
Astellas Pharma,
Inc.
|
47,496,525
|
|
1,884,800
|
Bridgestone Corp.
|
39,742,157
|
|
4,868,900
|
Honda Motor Co.
Ltd.
|
43,857,905
|
|
1,960,700
|
Kubota Corp.
|
32,807,382
|
|
993,000
|
Makita Corp.
|
35,709,514
|
|
1,093,500
|
Sumitomo Mitsui
Trust Group, Inc.
|
40,831,263
|
|
1,952,283
|
Takeda
Pharmaceutical Co.
Ltd.
|
62,228,330
|
|
|
|
302,673,076
|
|
Mexico – 7.34%
|
||
|
743,485
|
America Movil SAB
de CV – ADR
|
19,323,175
|
|
16,897,170
|
America Movil SAB
de CV – Class B
|
21,885,398
|
|
1,484,946
|
Cemex SAB de CV
Sponsored – ADR
|
17,819,352
|
|
28,522,666
|
Fibra Uno
Administracion SA
de CV
|
48,882,019
|
|
12,161,718
|
Kimberly-Clark de
Mexico SAB de CV
– Class A
|
26,934,858
|
|
20,037,174
|
Wal-Mart de Mexico
SAB de CV
|
58,859,736
|
|
|
|
193,704,538
|
|
Shares
|
|
Value
|
|
Netherlands – 5.43%
|
||
|
430,461
|
DSM-Firmenich AG
|
$40,858,234
|
|
688,132
|
Heineken Holding
NV
|
52,401,310
|
|
1,839,286
|
Koninklijke Philips
NV
|
50,018,747
|
|
|
|
143,278,291
|
|
Russia – 0.00%
|
||
|
1,013,133
|
Mobile TeleSystems
PJSC(a),(c)
|
—
|
|
Singapore – 1.83%
|
||
|
17,279,700
|
Wilmar
International Ltd.
|
48,225,618
|
|
Sweden – 1.32%
|
||
|
1,230,531
|
Essity AB – Class B
|
34,840,980
|
|
Switzerland – 7.03%
|
||
|
202,240
|
Cie Financiere
Richemont SA –
Class A Registered
|
46,682,732
|
|
166,642
|
Novartis AG
Registered
|
26,044,881
|
|
57,090
|
Swatch Group AG
Bearer
|
13,952,144
|
|
1,063,581
|
Swatch Group AG
Registered
|
51,634,647
|
|
954,068
|
UBS Group AG
Registered
|
47,284,689
|
|
|
|
185,599,093
|
|
Taiwan – 0.84%
|
||
|
281,000
|
Taiwan
Semiconductor
Manufacturing Co.
Ltd.
|
22,168,169
|
|
United Kingdom – 14.26%
|
||
|
2,331,445
|
Diageo Plc
|
46,955,537
|
|
Shares
|
|
Value
|
|
1,798,807
|
GSK Plc
|
$47,223,908
|
|
9,539,599
|
J Sainsbury Plc
|
40,482,318
|
|
8,787,680
|
Kingfisher Plc
|
32,994,863
|
|
4,197,106
|
Mondi Plc
|
38,104,183
|
|
2,589,706
|
National Grid Plc
|
42,713,915
|
|
769,180
|
Reckitt Benckiser
Group Plc
|
50,099,463
|
|
550,787
|
Shell Plc
|
21,400,826
|
|
2,701,110
|
Smith & Nephew
Plc
|
39,036,976
|
|
5,577,518
|
WPP Plc
|
17,300,578
|
|
|
|
376,312,567
|
|
United States – 1.39%
|
||
|
3,267,931
|
CNH Industrial NV
|
36,698,865
|
|
TOTAL COMMON STOCKS
(Cost $2,279,822,132)
|
$2,475,631,300
|
|
|
PREFERRED STOCKS – 3.56%
|
||
|
Brazil – 1.48%
|
||
|
5,327,200
|
Petroleo Brasileiro
SA – Petrobras,
3.232%(d)
|
$39,007,450
|
|
Russia – 0.00%
|
||
|
21,512,699
|
Surgutneftegas
PAO(a),(c)
|
—
|
|
South Korea – 0.73%
|
||
|
136,410
|
Samsung
Electronics Co.
Ltd., 0.791%(d)
|
19,236,859
|
|
Spain – 1.35%
|
||
|
4,965,912
|
Grifols SA – Class B,
1.468%(d)
|
35,780,289
|
|
TOTAL PREFERRED
STOCKS
(Cost $101,410,237)
|
$94,024,598
|
|
|
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS – 2.81%
|
||
|
Money Market Funds — 2.81%
|
||
|
Northern Institutional Funds - Treasury Portfolio (Premier), 3.513%(e)
|
74,197,640
|
$74,197,640
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $74,197,640)
|
|
$74,197,640
|
|
Total Investments
(Cost $2,455,430,009) – 100.19%
|
|
$2,643,853,538
|
|
Liabilities in Excess of Other Assets – (0.19)%
|
|
(5,122,333
)
|
|
TOTAL NET ASSETS – 100.00%
|
|
$2,638,731,205
|
|
Percentages are stated as a percent of net assets.
|
||
|
ADR American Depositary Receipt
|
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
of the Securities
Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
to qualified
institutional buyers. The total value of all such securities was $34,201,906 which
represented 1.30% of
the net assets of the Fund.
|
|
(c)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the fair value
hierarchy.
|
|
(d)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
(e)
|
The rate shown is the annualized seven day yield as of June 30, 2026.
|
|
COMMON STOCKS
|
|
|
Aerospace & Defense
|
3.31
%
|
|
Air Freight & Logistics
|
1.28
%
|
|
Automobile Components
|
1.51
%
|
|
Automobiles
|
1.66
%
|
|
Banks
|
5.88
%
|
|
Beverages
|
8.47
%
|
|
Broadline Retail
|
2.36
%
|
|
Capital Markets
|
1.79
%
|
|
Chemicals
|
1.55
%
|
|
Commercial Services & Supplies
|
0.82
%
|
|
Construction Materials
|
1.42
%
|
|
Consumer Staples Distribution & Retail
|
5.61
%
|
|
Diversified Real Estate Investment Trusts
|
1.85
%
|
|
Diversified Telecommunication Services
|
1.26
%
|
|
Entertainment
|
0.82
%
|
|
Food Products
|
3.61
%
|
|
Health Care Equipment & Supplies
|
3.37
%
|
|
Health Care Providers & Services
|
1.85
%
|
|
Hotels, Restaurants & Leisure
|
2.56
%
|
|
Household Products
|
6.50
%
|
|
IT Services
|
1.48
%
|
|
Machinery
|
3.98
%
|
|
Media
|
2.32
%
|
|
Multi-Utilities
|
1.62
%
|
|
Oil, Gas & Consumable Fuels
|
0.81
%
|
|
Paper & Forest Products
|
1.44
%
|
|
Personal Care Products
|
0.27
%
|
|
Pharmaceuticals
|
10.03
%
|
|
Semiconductors & Semiconductor Equipment
|
0.84
%
|
|
Software
|
4.66
%
|
|
Specialty Retail
|
1.25
%
|
|
Textiles, Apparel & Luxury Goods
|
6.08
%
|
|
Wireless Telecommunication Services
|
1.56
%
|
|
TOTAL COMMON STOCKS
|
93.82
%
|
|
PREFERRED STOCKS
|
|
|
Biotechnology
|
1.35
%
|
|
Oil, Gas & Consumable Fuels
|
1.48
%
|
|
Technology Hardware, Storage & Peripherals
|
0.73
%
|
|
TOTAL PREFERRED STOCKS
|
3.56
%
|
|
SHORT-TERM INVESTMENTS
|
2.81
%
|
|
TOTAL INVESTMENTS
|
100.19
%
|
|
Liabilities in Excess of Other Assets
|
(0.19
)%
|
|
TOTAL NET ASSETS
|
100.00
%
|
|
Shares
|
|
Value
|
|
COMMON STOCKS – 95.23%
|
||
|
Austria – 2.26%
|
||
|
13,936
|
Erste Group Bank AG
|
$1,865,166
|
|
Brazil – 2.86%
|
||
|
317,300
|
Ambev SA
|
1,001,262
|
|
86,020
|
Embraer SA
|
1,363,876
|
|
|
|
2,365,138
|
|
Canada – 0.96%
|
||
|
31,716
|
CAE, Inc.(a)
|
794,803
|
|
China – 3.14%
|
||
|
101,300
|
Alibaba Group Holding
Ltd.
|
1,214,430
|
|
38,500
|
NetEase, Inc.
|
988,749
|
|
1,748,000
|
Topsports International
Holdings Ltd.
|
388,657
|
|
|
|
2,591,836
|
|
France – 11.45%
|
||
|
8,847
|
Capgemini SE
|
888,173
|
|
34,728
|
Carrefour SA
|
644,725
|
|
4,405
|
Kering SA
|
1,246,028
|
|
14,187
|
Pernod Ricard SA
|
1,031,222
|
|
13,035
|
Publicis Groupe SA
|
1,288,156
|
|
22,327
|
Sanofi SA
|
1,909,040
|
|
16,825
|
Sodexo SA
|
973,171
|
|
19,077
|
TotalEnergies SE
|
1,475,139
|
|
|
|
9,455,654
|
|
Germany – 3.24%
|
||
|
3,319
|
Heidelberg Materials
AG
|
633,166
|
|
13,259
|
SAP SE
|
2,043,851
|
|
|
|
2,677,017
|
|
Hong Kong – 1.72%
|
||
|
155,200
|
AIA Group Ltd.
|
1,420,892
|
|
Indonesia – 0.90%
|
||
|
4,848,700
|
Bank Rakyat Indonesia
Persero Tbk PT
|
742,403
|
|
Ireland – 1.72%
|
||
|
8,182
|
ICON Plc(a)
|
1,421,295
|
|
Japan – 1.01%
|
||
|
26,200
|
Takeda Pharmaceutical
Co. Ltd.
|
835,116
|
|
Shares
|
|
Value
|
|
Mexico – 2.70%
|
||
|
332,466
|
Fibra Uno
Administracion SA de
CV
|
$569,779
|
|
564,306
|
Wal-Mart de Mexico
SAB de CV
|
1,657,664
|
|
|
|
2,227,443
|
|
Netherlands – 2.01%
|
||
|
19,770
|
Heineken NV
|
1,659,941
|
|
Switzerland – 2.97%
|
||
|
2,948
|
Cie Financiere
Richemont SA – Class A
Registered
|
680,482
|
|
35,734
|
UBS Group AG
Registered
|
1,771,017
|
|
|
|
2,451,499
|
|
Taiwan – 4.65%
|
||
|
30,000
|
Taiwan Semiconductor
Manufacturing Co. Ltd.
|
2,366,709
|
|
10,000
|
Wiwynn Corp.
|
1,477,196
|
|
|
|
3,843,905
|
|
United Kingdom – 11.29%
|
||
|
80,679
|
GSK Plc
|
2,118,058
|
|
18,526
|
Imperial Brands Plc
|
684,700
|
|
8,610
|
London Stock Exchange
Group Plc
|
930,875
|
|
101,457
|
Mondi Plc
|
921,096
|
|
69,700
|
National Grid Plc
|
1,149,613
|
|
14,028
|
Reckitt Benckiser Group
Plc
|
913,694
|
|
22,357
|
Shell Plc Sponsored –
ADR
|
1,733,562
|
|
60,176
|
Smith & Nephew Plc
|
869,675
|
|
|
|
9,321,273
|
|
United States – 42.35%
|
||
|
3,184
|
Alphabet, Inc. – Class A
|
1,137,866
|
|
19,053
|
Amdocs Ltd.
|
962,939
|
|
8,631
|
Arch Capital Group
Ltd.(a)
|
837,725
|
|
7,262
|
Arthur J Gallagher &
Co.
|
1,667,137
|
|
25,862
|
Bank of America Corp.
|
1,473,617
|
|
12,758
|
Becton Dickinson & Co.
|
1,930,668
|
|
6,754
|
Cigna Group
|
1,861,943
|
|
11,525
|
Citigroup, Inc.
|
1,613,039
|
|
Shares
|
|
Value
|
|
17,332
|
Cognizant Technology
Solutions Corp. –
Class A
|
$671,268
|
|
44,150
|
Comcast Corp. – Class A
|
1,083,882
|
|
10,971
|
CVS Health Corp.
|
1,134,950
|
|
4,171
|
Emerson Electric Co.
|
597,079
|
|
8,742
|
EPAM Systems, Inc.(a)
|
693,678
|
|
9,265
|
Equifax, Inc.
|
1,470,541
|
|
11,011
|
Evergy, Inc.
|
951,681
|
|
4,083
|
FedEx Corp.
|
1,278,510
|
|
12,495
|
Fiserv, Inc.(a)
|
612,880
|
|
31,310
|
Halliburton Co.
|
1,062,975
|
|
2,323
|
HCA Healthcare, Inc.
|
905,714
|
|
1,019
|
McKesson Corp.
|
769,956
|
|
12,845
|
Merck & Co., Inc.
|
1,650,582
|
|
8,224
|
Mohawk Industries,
Inc.(a)
|
997,818
|
|
52,536
|
Pfizer, Inc.
|
1,265,067
|
|
3,501
|
PNC Financial Services
Group, Inc.
|
862,016
|
|
5,422
|
Progressive Corp.
|
1,184,436
|
|
Shares
|
|
Value
|
|
19,947
|
Textron, Inc.
|
$1,829,738
|
|
3,262
|
UnitedHealth Group,
Inc.
|
1,355,785
|
|
15,007
|
Wells Fargo & Co.
|
1,240,178
|
|
12,756
|
Westlake Corp.
|
931,188
|
|
13,030
|
Zoetis, Inc.
|
936,336
|
|
|
|
34,971,192
|
|
TOTAL COMMON STOCKS
(Cost $63,687,676)
|
$78,644,573
|
|
|
PREFERRED STOCKS – 3.06%
|
||
|
South Korea – 2.24%
|
||
|
13,141
|
Samsung Electronics Co.
Ltd., 0.791%(b)
|
$1,853,175
|
|
Spain – 0.82%
|
||
|
95,312
|
Grifols SA – Class B –
ADR, 1.336%(b)
|
674,809
|
|
TOTAL PREFERRED STOCKS
(Cost $1,524,665)
|
$2,527,984
|
|
|
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS – 1.80%
|
||
|
Money Market Funds — 1.80%
|
||
|
Northern Institutional Funds - Treasury Portfolio (Premier), 3.513%(c)
|
1,489,093
|
$1,489,093
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,489,093)
|
|
$1,489,093
|
|
Total Investments
(Cost $66,701,434) – 100.09%
|
|
$82,661,650
|
|
Liabilities in Excess of Other Assets – (0.09)%
|
|
(74,079
)
|
|
TOTAL NET ASSETS – 100.00%
|
|
$82,587,571
|
|
Percentages are stated as a percent of net assets.
|
||
|
ADR American Depositary Receipt
|
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
(c)
|
The rate shown is the annualized seven day yield as of June 30, 2026.
|
|
COMMON STOCKS
|
|
|
Aerospace & Defense
|
4.83
%
|
|
Air Freight & Logistics
|
1.55
%
|
|
Banks
|
9.44
%
|
|
Beverages
|
4.47
%
|
|
Broadline Retail
|
1.47
%
|
|
Capital Markets
|
3.28
%
|
|
Chemicals
|
1.13
%
|
|
Construction Materials
|
0.77
%
|
|
Consumer Staples Distribution & Retail
|
2.79
%
|
|
Diversified Real Estate Investment Trusts
|
0.69
%
|
|
Diversified Telecommunication Services
|
1.31
%
|
|
Electric Utilities
|
1.15
%
|
|
Electrical Equipment
|
0.72
%
|
|
Energy Equipment & Services
|
1.29
%
|
|
Entertainment
|
1.20
%
|
|
Financial Services
|
0.74
%
|
|
Health Care Equipment & Supplies
|
3.39
%
|
|
Health Care Providers & Services
|
7.30
%
|
|
Hotels, Restaurants & Leisure
|
1.18
%
|
|
Household Durables
|
1.21
%
|
|
Household Products
|
1.11
%
|
|
Insurance
|
6.19
%
|
|
Interactive Media & Services
|
1.38
%
|
|
IT Services
|
3.89
%
|
|
Life Sciences Tools & Services
|
1.72
%
|
|
Media
|
1.56
%
|
|
Multi-Utilities
|
1.39
%
|
|
Oil, Gas & Consumable Fuels
|
3.89
%
|
|
Paper & Forest Products
|
1.12
%
|
|
Pharmaceuticals
|
10.54
%
|
|
Professional Services
|
1.78
%
|
|
Semiconductors & Semiconductor Equipment
|
2.86
%
|
|
Software
|
2.47
%
|
|
Specialty Retail
|
0.47
%
|
|
Technology Hardware, Storage & Peripherals
|
1.79
%
|
|
Textiles, Apparel & Luxury Goods
|
2.33
%
|
|
Tobacco
|
0.83
%
|
|
TOTAL COMMON STOCKS
|
95.23
%
|
|
PREFERRED STOCKS
|
|
|
Biotechnology
|
0.82
%
|
|
Technology Hardware, Storage & Peripherals
|
2.24
%
|
|
TOTAL PREFERRED STOCKS
|
3.06
%
|
|
SHORT-TERM INVESTMENTS
|
1.80
%
|
|
TOTAL INVESTMENTS
|
100.09
%
|
|
Liabilities in Excess of Other Assets
|
(0.09
)%
|
|
TOTAL NET ASSETS
|
100.00
%
|
|
Shares
|
|
Value
|
|
COMMON STOCKS – 97.04%
|
||
|
Austria – 1.64%
|
||
|
160,655
|
Erste Group Bank
AG
|
$21,501,735
|
|
Brazil – 8.16%
|
||
|
344,334
|
Embraer SA
Sponsored – ADR
|
21,968,509
|
|
1,515,652
|
Engie Brasil
Energia SA
|
10,226,093
|
|
1,908,088
|
JBS NV – Class A
|
22,610,843
|
|
2,115,300
|
Suzano SA
|
16,287,929
|
|
3,060,460
|
Telefonica Brasil
SA(a)
|
20,127,194
|
|
3,791,800
|
TIM SA
|
16,063,899
|
|
|
|
107,284,467
|
|
Chile – 0.23%
|
||
|
787,344
|
Empresa Nacional
de
Telecomunicaciones
SA
|
3,074,345
|
|
China – 14.64%
|
||
|
4,450,000
|
Alibaba Group
Holding Ltd.
|
53,348,613
|
|
3,621,000
|
BYD Electronic
International Co.
Ltd.
|
9,731,398
|
|
7,316,000
|
China Resources
Beer Holdings Co.
Ltd.
|
19,926,539
|
|
4,427,200
|
Haier Smart Home
Co. Ltd. – Class H
|
11,324,377
|
|
1,405,900
|
NetEase, Inc.
|
36,106,013
|
|
35,551,000
|
Topsports
International
Holdings Ltd.
|
7,904,553
|
|
17,346,000
|
TravelSky
Technology Ltd. –
Class H
|
17,918,994
|
|
710,750
|
Trip.com Group
Ltd.(a)
|
28,259,574
|
|
365,600
|
ZTO Express
Cayman, Inc.
|
8,090,360
|
|
|
|
192,610,421
|
|
Greece – 2.00%
|
||
|
1,184,539
|
Hellenic
Telecommunications
Organization SA
|
26,303,710
|
|
Shares
|
|
Value
|
|
Hong Kong – 2.63%
|
||
|
2,140,800
|
AIA Group Ltd.
|
$19,599,527
|
|
2,874,000
|
Galaxy
Entertainment
Group Ltd.
|
10,819,288
|
|
6,440,600
|
Wynn Macau
Ltd.(e)
|
4,154,847
|
|
|
|
34,573,662
|
|
India – 4.21%
|
||
|
1,462,839
|
Embassy Office
Parks REIT
|
6,770,510
|
|
3,728,805
|
HDFC Bank Ltd.
|
31,469,089
|
|
1,751,027
|
IndusInd Bank
Ltd.
|
17,124,237
|
|
|
|
55,363,836
|
|
Indonesia – 5.40%
|
||
|
207,931,011
|
Bank Rakyat
Indonesia Persero
Tbk PT
|
31,837,112
|
|
55,554,945
|
Indofood Sukses
Makmur Tbk PT
|
20,739,891
|
|
139,157,300
|
Telkom Indonesia
Persero Tbk PT
|
18,484,448
|
|
|
|
71,061,451
|
|
Kazakhstan – 1.29%
|
||
|
195,634
|
Kaspi.KZ JSC –
ADR
|
16,949,730
|
|
Mexico – 6.65%
|
||
|
342,717
|
America Movil
SAB de CV – ADR
|
8,907,215
|
|
1,586,133
|
America Movil
SAB de CV –
Class B
|
2,054,377
|
|
12,259,028
|
Fibra Uno
Administracion SA
de CV
|
21,009,468
|
|
1,143,704
|
Kimberly-Clark de
Mexico SAB de CV
– ADR
|
12,638,958
|
|
1,621,162
|
Kimberly-Clark de
Mexico SAB de CV
– Class A
|
3,590,428
|
|
2,131,503
|
Prologis Property
Mexico SA de CV
|
9,240,271
|
|
10,233,735
|
Wal-Mart de
Mexico SAB de CV
|
30,061,871
|
|
|
|
87,502,588
|
|
Shares
|
|
Value
|
|
Panama – 4.24%
|
||
|
334,380
|
Bladex, Inc.
|
$20,554,339
|
|
226,485
|
Copa Holdings SA
– Class A
|
35,234,271
|
|
|
|
55,788,610
|
|
Philippines – 2.43%
|
||
|
20,391,579
|
Bank of the
Philippine Islands
|
31,986,361
|
|
Poland – 1.23%
|
||
|
94,609
|
Erste Bank Polska
SA
|
16,228,715
|
|
Russia – 0.00%
|
||
|
236,429
|
LUKOIL
PJSC(a),(b)
|
—
|
|
4,858,073
|
Mobile
TeleSystems
PJSC(a),(b)
|
—
|
|
7,919,891
|
Sberbank of Russia
PJSC(a),(b)
|
—
|
|
31,423,480
|
Sistema AFK
PAO(a),(b)
|
—
|
|
|
|
—
|
|
Saudi Arabia – 0.93%
|
||
|
1,193,015
|
Saudi National
Bank
|
12,281,263
|
|
Singapore – 1.34%
|
||
|
6,291,793
|
Wilmar
International Ltd.
|
17,559,657
|
|
Slovenia – 1.65%
|
||
|
436,334
|
Nova Ljubljanska
Banka – GDR
Registered
|
21,662,225
|
|
South Africa – 0.92%
|
||
|
870,107
|
Absa Group Ltd.
|
12,122,778
|
|
South Korea – 16.18%
|
||
|
193,128
|
Hana Financial
Group, Inc.
|
14,425,503
|
|
291,512
|
Hankook Tire &
Technology Co.
Ltd.
|
11,759,444
|
|
551,805
|
Samsung
Electronics Co.
Ltd.
|
122,444,008
|
|
Shares
|
|
Value
|
|
142,272
|
Shinhan Financial
Group Co. Ltd.
|
$8,920,405
|
|
31,304
|
SK Hynix, Inc.
|
55,238,492
|
|
|
|
212,787,852
|
|
Sweden – 3.09%
|
||
|
447,962
|
Millicom
International
Cellular SA
|
40,657,031
|
|
Taiwan – 14.41%
|
||
|
4,978,398
|
Chailease Holding
Co. Ltd.
|
18,412,089
|
|
1,755,900
|
Taiwan
Semiconductor
Manufacturing Co.
Ltd.
|
138,523,445
|
|
221,000
|
Wiwynn Corp.
|
32,646,037
|
|
|
|
189,581,571
|
|
Thailand – 0.52%
|
||
|
34,904,081
|
3BB Internet
Infrastructure
Fund
|
6,839,969
|
|
United Kingdom – 2.47%
|
||
|
359,732
|
HSBC Holdings
Plc
|
6,802,279
|
|
437,583
|
TBC Bank Group
Plc
|
25,709,148
|
|
|
|
32,511,427
|
|
United States – 0.78%
|
||
|
352,839
|
Globant SA(a)
|
10,211,161
|
|
TOTAL COMMON STOCKS
(Cost $995,689,413)
|
$1,276,444,565
|
|
|
PREFERRED STOCKS – 1.98%
|
||
|
Brazil – 1.98%
|
||
|
3,552,457
|
Petroleo Brasileiro
SA – Petrobras,
3.232%(c)
|
$26,012,219
|
|
TOTAL PREFERRED
STOCKS
(Cost $15,693,823)
|
$26,012,219
|
|
|
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS – 1.18%
|
||
|
Money Market Funds — 1.18%
|
||
|
Northern Institutional Funds - Treasury Portfolio (Premier), 3.513%(d)
|
15,554,030
|
$15,554,030
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,554,030)
|
|
$15,554,030
|
|
Total Investments
(Cost $1,026,937,266) – 100.20%
|
|
$1,318,010,814
|
|
Liabilities in Excess of Other Assets – (0.20)%
|
|
(2,660,068
)
|
|
TOTAL NET ASSETS – 100.00%
|
|
$1,315,350,746
|
|
Percentages are stated as a percent of net assets.
|
||
|
ADR American Depositary Receipt
|
|
|
|
REIT Real Estate Investment Trust
|
|
|
|
GDR Global Depositary Receipt
|
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the fair value
hierarchy.
|
|
(c)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
(d)
|
The rate shown is the annualized seven day yield as of June 30, 2026.
|
|
(e)
|
Affiliated issuer. The following issuer was affiliated with the Emerging Markets Fund
as defined in
Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
voting securities of the
following issuer as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Issuer Name
|
Value At
March 31,
2026
|
Purchases
|
Sales Proceeds
|
Realized
Gain/(Loss)
|
Unrealized
Appreciation/
(Depreciation)
|
Value At
June 30, 2026
|
Dividend
Income
|
|
Wynn Macau Ltd.
|
$4,533,260
|
$—
|
$—
|
$—
|
$(378,413
)
|
$4,154,847
|
$183,246
|
|
|
$4,533,260
|
$—
|
$—
|
$—
|
$(378,413
)
|
$4,154,847
|
$183,246
|
|
COMMON STOCKS
|
|
|
Aerospace & Defense
|
1.67
%
|
|
Air Freight & Logistics
|
0.62
%
|
|
Automobile Components
|
0.89
%
|
|
Banks
|
19.16
%
|
|
Beverages
|
1.51
%
|
|
Broadline Retail
|
4.06
%
|
|
Consumer Finance
|
1.29
%
|
|
Consumer Staples Distribution & Retail
|
2.28
%
|
|
Diversified Real Estate Investment Trusts
|
1.60
%
|
|
Diversified Telecommunication Services
|
5.45
%
|
|
Electronic Equipment, Instruments & Components
|
0.74
%
|
|
Entertainment
|
2.74
%
|
|
Financial Services
|
2.96
%
|
|
Food Products
|
4.64
%
|
|
Hotels, Restaurants & Leisure
|
4.65
%
|
|
Household Durables
|
0.86
%
|
|
Household Products
|
1.23
%
|
|
Independent Power and Renewable Electricity Producers
|
0.78
%
|
|
Industrial Real Estate Investment Trusts
|
0.70
%
|
|
Insurance
|
1.49
%
|
|
IT Services
|
0.78
%
|
|
Office Real Estate Investment Trusts
|
0.52
%
|
|
Oil, Gas & Consumable Fuels
|
0.00
%
|
|
Paper & Forest Products
|
1.24
%
|
|
Passenger Airlines
|
2.68
%
|
|
Semiconductors & Semiconductor Equipment
|
14.73
%
|
|
Specialty Retail
|
0.60
%
|
|
Technology Hardware, Storage & Peripherals
|
11.79
%
|
|
Wireless Telecommunication Services
|
5.38
%
|
|
TOTAL COMMON STOCKS
|
97.04
%
|
|
PREFERRED STOCKS
|
|
|
Oil, Gas & Consumable Fuels
|
1.98
%
|
|
TOTAL PREFERRED STOCKS
|
1.98
%
|
|
SHORT-TERM INVESTMENTS
|
1.18
%
|
|
TOTAL INVESTMENTS
|
100.20
%
|
|
Liabilities in Excess of Other Assets
|
(0.20
)%
|
|
TOTAL NET ASSETS
|
100.00
%
|
|
Shares
|
|
Value
|
|
COMMON STOCKS – 92.31%
|
||
|
Austria – 1.44%
|
||
|
599,204
|
Addiko Bank AG(a)
|
$18,827,889
|
|
Belgium – 0.83%
|
||
|
3,919,202
|
Ontex Group NV(a)
|
10,822,988
|
|
Brazil – 2.42%
|
||
|
1,999,040
|
Embraer SA
|
31,695,450
|
|
Canada – 9.37%
|
||
|
1,045,091
|
CAE, Inc.(a)
|
26,189,980
|
|
1,580,422
|
Canfor Corp.(a)
|
15,021,392
|
|
663,413
|
Corby Spirit and
Wine Ltd.
|
7,400,101
|
|
1,156,725
|
Dorel Industries,
Inc. – Class B(a)
|
1,427,300
|
|
57,845
|
Lassonde Industries,
Inc. – Class A
|
8,768,621
|
|
1,182,454
|
Open Text Corp.
|
26,191,356
|
|
1,941,710
|
Pason Systems, Inc.
|
16,880,863
|
|
685,652
|
Winpak Ltd.
|
20,991,370
|
|
|
|
122,870,983
|
|
China – 0.01%
|
||
|
37,400
|
Chervon Holdings
Ltd.
|
79,412
|
|
France – 9.67%
|
||
|
1,230,379
|
Carrefour SA
|
22,841,966
|
|
1,528,018
|
Euroapi SA(a)
|
2,330,726
|
|
265,205
|
LISI SA
|
19,924,761
|
|
92,661
|
LISI SA (PRIME)
|
6,955,952
|
|
137,000
|
LISI SA
Registered (2027)
|
10,284,428
|
|
116,658
|
LISI SA
Registered (2028)
|
8,757,378
|
|
509,503
|
Societe BIC SA
|
33,202,224
|
|
388,005
|
Sodexo SA
|
22,442,514
|
|
|
|
126,739,949
|
|
Germany – 1.64%
|
||
|
91,918
|
Draegerwerk AG &
Co. KGaA
|
7,506,410
|
|
635,249
|
Springer Nature AG
& Co. KGaA
|
14,052,176
|
|
|
|
21,558,586
|
|
Hong Kong – 4.67%
|
||
|
2,059,500
|
Dickson Concepts
International Ltd.
|
1,622,843
|
|
Shares
|
|
Value
|
|
44,257,000
|
First Pacific Co.
Ltd.
|
$27,149,818
|
|
39,010,020
|
PAX Global
Technology Ltd.
|
16,712,505
|
|
57,054,000
|
Pico Far East
Holdings Ltd.
|
15,808,711
|
|
|
|
61,293,877
|
|
Hungary – 1.89%
|
||
|
2,906,934
|
Magyar Telekom
Telecommunications
Plc
|
24,741,747
|
|
Indonesia – 2.80%
|
||
|
98,471,800
|
Indofood Sukses
Makmur Tbk PT
|
36,761,704
|
|
Israel – 1.26%
|
||
|
181,849
|
Nice Ltd. Sponsored
– ADR(a)
|
16,520,982
|
|
Japan – 10.60%
|
||
|
1,006,300
|
Futaba Corp.
|
3,452,319
|
|
1,403,800
|
H.U. Group
Holdings, Inc.
|
28,520,810
|
|
548,600
|
Kaken
Pharmaceutical Co.
Ltd.
|
12,984,315
|
|
606,700
|
Kissei
Pharmaceutical Co.
Ltd.
|
15,313,270
|
|
1,208,544
|
Komori Corp.
|
11,208,691
|
|
2,047,500
|
Medipal Holdings
Corp.
|
33,174,230
|
|
26,200
|
Mitsubishi Pencil
Co. Ltd.
|
437,328
|
|
975,000
|
Pilot Corp.
|
10,170,661
|
|
2,640,800
|
Sysmex Corp.
|
23,756,395
|
|
|
|
139,018,019
|
|
Luxembourg – 1.56%
|
||
|
11,729,700
|
Samsonite Group
SA(b)
|
20,454,716
|
|
Mexico – 8.72%
|
||
|
16,147,760
|
Bolsa Mexicana de
Valores SAB de CV
|
32,180,097
|
|
32,000,124
|
Consorcio ARA SAB
de CV
|
8,838,347
|
|
Shares
|
|
Value
|
|
23,187,906
|
Fibra Uno
Administracion SA
de CV
|
$39,739,331
|
|
3,355,351
|
Qualitas
Controladora SAB
de CV
|
33,621,624
|
|
|
|
114,379,399
|
|
Netherlands – 0.70%
|
||
|
204,778
|
Aalberts NV
|
9,142,676
|
|
Slovenia – 3.34%
|
||
|
339,566
|
Nova Ljubljanska
Banka – GDR(b)
|
16,858,084
|
|
543,836
|
Nova Ljubljanska
Banka – GDR
Registered
|
26,999,266
|
|
|
|
43,857,350
|
|
South Korea – 4.66%
|
||
|
225,740
|
Binggrae Co. Ltd.
|
9,361,749
|
|
469,166
|
Hankook Tire &
Technology Co. Ltd.
|
18,925,916
|
|
707,886
|
S-1 Corp.
|
32,760,205
|
|
|
|
61,047,870
|
|
Spain – 2.26%
|
||
|
21,560,803
|
Linea Directa
Aseguradora SA Cia
de Seguros y
Reaseguros
|
29,611,720
|
|
Sweden – 1.26%
|
||
|
181,420
|
Millicom
International
Cellular SA
|
16,465,679
|
|
Switzerland – 3.75%
|
||
|
17,726
|
Bystronic AG
|
3,123,919
|
|
1,751,124
|
Montana Aerospace
AG(a),(b),(e)
|
46,030,479
|
|
|
|
49,154,398
|
|
United Kingdom – 18.45%
|
||
|
908,600
|
Burberry Group
Plc(a)
|
12,836,073
|
|
Shares
|
|
Value
|
|
22,784,810
|
C&C Group Plc(e)
|
$28,409,539
|
|
12,498,539
|
Card Factory Plc
|
11,124,300
|
|
17,869,407
|
Hays Plc
|
7,390,557
|
|
23,955,546
|
ITV Plc
|
25,590,840
|
|
5,660,236
|
J Sainsbury Plc
|
24,019,822
|
|
7,160,845
|
LSL Property
Services Plc(e)
|
19,566,918
|
|
2,874,400
|
Mondi Plc
|
26,095,758
|
|
4,181,975
|
Moonpig Group Plc
|
13,279,952
|
|
8,052,958
|
Morgan Advanced
Materials Plc
|
22,765,824
|
|
6,941,203
|
Pagegroup Plc
|
9,800,908
|
|
3,623,072
|
QinetiQ Group Plc
|
20,310,555
|
|
2,834,148
|
Travis Perkins Plc
|
20,766,466
|
|
|
|
241,957,512
|
|
United States – 1.01%
|
||
|
458,128
|
Globant SA(a)
|
13,258,224
|
|
TOTAL COMMON STOCKS
(Cost $1,124,563,923)
|
$1,210,261,130
|
|
|
PREFERRED STOCKS – 4.44%
|
||
|
Germany – 1.87%
|
||
|
260,086
|
Draegerwerk AG &
Co. KGaA,
2.768%(c)
|
$24,519,282
|
|
Spain – 2.57%
|
||
|
4,768,459
|
Grifols SA – Class B
– ADR, 1.336%(c)
|
33,760,690
|
|
TOTAL PREFERRED
STOCKS
(Cost $52,230,782)
|
$58,279,972
|
|
|
INVESTMENT COMPANIES – 2.01%
|
||
|
Canada – 2.01%
|
||
|
1,432,206
|
Sprott Physical
Uranium Trust(a)
|
$26,346,733
|
|
TOTAL INVESTMENT
COMPANIES
(Cost $25,003,098)
|
$26,346,733
|
|
|
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS – 1.01%
|
||
|
Money Market Funds — 1.01%
|
||
|
Northern Institutional Funds - Treasury Portfolio (Premier), 3.513%(d)
|
13,186,299
|
$13,186,299
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,186,299)
|
|
$13,186,299
|
|
Total Investments
(Cost $1,214,984,102) – 99.77%
|
|
$1,308,074,134
|
|
Other Assets in Excess of Liabilities – 0.23%
|
|
2,982,427
|
|
TOTAL NET ASSETS – 100.00%
|
|
$1,311,056,561
|
|
Percentages are stated as a percent of net assets.
|
||
|
ADR American Depositary Receipt
|
|
|
|
GDR Global Depositary Receipt
|
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
of the Securities
Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
to qualified
institutional buyers. The total value of all such securities was $83,343,279 which
represented 6.36% of
the net assets of the Fund.
|
|
(c)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
(d)
|
The rate shown is the annualized seven day yield as of June 30, 2026.
|
|
(e)
|
Affiliated issuer. The following issuers were affiliated with the International Small
Cap Fund as defined
in Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
voting securities of
the following issuers as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Issuer Name
|
Value At
March 31,
2026
|
Purchases
|
Sales Proceeds
|
Realized
Gain/(Loss)
|
Unrealized
Appreciation/
(Depreciation)
|
Value At
June 30, 2026
|
Dividend
Income
|
|
C&C Group Plc
|
$33,814,272
|
$—
|
$(31,501
)
|
$(30,698
)
|
$(5,342,534
)
|
$28,409,539
|
$969,694
|
|
LSL Property Services Plc
|
21,136,152
|
—
|
—
|
—
|
(1,569,234
)
|
19,566,918
|
710,043
|
|
Montana Aerospace AG
|
55,696,557
|
1,435,674
|
—
|
—
|
(11,101,752
)
|
46,030,479
|
—
|
|
|
$110,646,981
|
$1,435,674
|
$(31,501
)
|
$(30,698
)
|
$(18,013,520
)
|
$94,006,936
|
$1,679,737
|
|
COMMON STOCKS
|
|
|
Aerospace & Defense
|
12.99
%
|
|
Automobile Components
|
1.44
%
|
|
Banks
|
4.78
%
|
|
Beverages
|
2.73
%
|
|
Capital Markets
|
2.46
%
|
|
Commercial Services & Supplies
|
5.84
%
|
|
Consumer Staples Distribution & Retail
|
3.57
%
|
|
Containers & Packaging
|
1.60
%
|
|
Diversified Real Estate Investment Trusts
|
3.03
%
|
|
Diversified Telecommunication Services
|
1.89
%
|
|
Electrical Equipment
|
0.26
%
|
|
Electronic Equipment, Instruments & Components
|
1.27
%
|
|
Energy Equipment & Services
|
1.29
%
|
|
Food Products
|
6.26
%
|
|
Health Care Equipment & Supplies
|
2.38
%
|
|
Health Care Providers & Services
|
4.71
%
|
|
Hotels, Restaurants & Leisure
|
1.71
%
|
|
Household Durables
|
0.79
%
|
|
Insurance
|
4.82
%
|
|
IT Services
|
1.01
%
|
|
Machinery
|
3.53
%
|
|
Media
|
4.23
%
|
|
Paper & Forest Products
|
3.13
%
|
|
Personal Care Products
|
0.83
%
|
|
Pharmaceuticals
|
2.34
%
|
|
Professional Services
|
1.31
%
|
|
Real Estate Management & Development
|
1.49
%
|
|
Software
|
3.26
%
|
|
Specialty Retail
|
1.98
%
|
|
Textiles, Apparel & Luxury Goods
|
2.54
%
|
|
Trading Companies & Distributors
|
1.58
%
|
|
Wireless Telecommunication Services
|
1.26
%
|
|
TOTAL COMMON STOCKS
|
92.31
%
|
|
PREFERRED STOCKS
|
|
|
Biotechnology
|
2.57
%
|
|
Health Care Equipment & Supplies
|
1.87
%
|
|
TOTAL PREFERRED STOCKS
|
4.44
%
|
|
INVESTMENT COMPANIES
|
|
|
Trading Companies & Distributors
|
2.01
%
|
|
TOTAL INVESTMENT COMPANIES
|
2.01
%
|
|
SHORT-TERM INVESTMENTS
|
1.01
%
|
|
TOTAL INVESTMENTS
|
99.77
%
|
|
Other Assets in Excess of Liabilities
|
0.23
%
|
|
TOTAL NET ASSETS
|
100.00
%
|
|
Shares
|
|
Value
|
|
COMMON STOCKS – 93.19%
|
||
|
Aerospace & Defense – 12.09%
|
||
|
379,872
|
CAE, Inc.(a)
|
$9,519,592
|
|
215,987
|
Hexcel Corp.
|
21,611,659
|
|
52,908
|
Moog, Inc. – Class A
|
22,424,527
|
|
618,891
|
Park Aerospace Corp.
|
23,616,881
|
|
|
|
77,172,659
|
|
Beverages – 3.03%
|
||
|
496,619
|
Molson Coors
Beverage Co. – Class B
|
19,348,276
|
|
Biotechnology – 0.00%
|
||
|
11,508
|
PDL BioPharma,
Inc.(a),(b)
|
—
(c)
|
|
Building Products – 0.56%
|
||
|
65,427
|
Fortune Brands
Innovations, Inc.
|
3,591,942
|
|
Chemicals – 4.29%
|
||
|
134,463
|
Minerals Technologies,
Inc.
|
9,946,228
|
|
255,429
|
Scotts Miracle-Gro Co.
|
17,397,269
|
|
|
|
27,343,497
|
|
Commercial Services & Supplies – 3.97%
|
||
|
159,222
|
Brady Corp. – Class A
|
14,579,959
|
|
40,722
|
UniFirst Corp.
|
10,769,340
|
|
|
|
25,349,299
|
|
Communications Equipment – 1.30%
|
||
|
354,674
|
NETGEAR, Inc.(a)
|
8,281,638
|
|
Construction & Engineering – 3.51%
|
||
|
1,330,306
|
Orion Group Holdings,
Inc.(a)
|
22,375,747
|
|
Consumer Staples Distribution & Retail –
3.45%
|
||
|
248,669
|
Ingles Markets, Inc. –
Class A
|
22,027,100
|
|
Containers & Packaging – 4.63%
|
||
|
296,963
|
Sonoco Products Co.
|
16,733,865
|
|
417,579
|
Winpak Ltd.
|
12,784,263
|
|
|
|
29,518,128
|
|
Electronic Equipment, Instruments &
Components – 3.17%
|
||
|
1,501,672
|
Arlo Technologies,
Inc.(a)
|
20,242,539
|
|
Shares
|
|
Value
|
|
Energy Equipment & Services – 2.53%
|
||
|
651,958
|
Innovex International,
Inc.(a)
|
$16,168,558
|
|
Food Products – 8.53%
|
||
|
927,447
|
Campbell's Company
|
20,654,245
|
|
905,505
|
Conagra Brands, Inc.
|
12,188,097
|
|
103,398
|
Ingredion, Inc.
|
9,792,825
|
|
273,063
|
Lamb Weston
Holdings, Inc.
|
11,790,860
|
|
|
|
54,426,027
|
|
Health Care Equipment & Supplies – 2.84%
|
||
|
532,616
|
LENSAR, Inc.(a)
|
3,041,237
|
|
218,681
|
Utah Medical Products,
Inc.(f)
|
15,084,615
|
|
|
|
18,125,852
|
|
Hotels, Restaurants & Leisure – 2.78%
|
||
|
482,794
|
Papa John's
International, Inc.
|
17,752,335
|
|
Household Durables – 3.49%
|
||
|
164,960
|
Dorel Industries, Inc. –
Class B(a)
|
203,547
|
|
181,863
|
Mohawk Industries,
Inc.(a)
|
22,065,438
|
|
|
|
22,268,985
|
|
Household Products – 0.53%
|
||
|
87,944
|
Central Garden & Pet
Co. – Class A(a)
|
3,409,589
|
|
IT Services – 2.74%
|
||
|
221,897
|
Amdocs Ltd.
|
11,214,675
|
|
217,562
|
Globant SA(a)
|
6,296,244
|
|
|
|
17,510,919
|
|
Leisure Products – 2.26%
|
||
|
1,228,031
|
American Outdoor
Brands, Inc.(a),(f)
|
14,417,084
|
|
Machinery – 10.76%
|
||
|
199,676
|
Graham Corp.(a)
|
24,717,892
|
|
191,387
|
Hurco Companies,
Inc.(a)
|
4,381,805
|
|
412,979
|
Kennametal, Inc.
|
14,474,914
|
|
416,910
|
L.B. Foster Co. –
Class A(a)
|
18,831,825
|
|
43,238
|
Timken Co.
|
6,283,346
|
|
|
|
68,689,782
|
|
Shares
|
|
Value
|
|
Oil, Gas & Consumable Fuels – 2.61%
|
||
|
505,778
|
World Kinect Corp.
|
$16,660,327
|
|
Paper & Forest Products – 0.56%
|
||
|
374,967
|
Canfor Corp.(a)
|
3,563,938
|
|
Personal Care Products – 4.58%
|
||
|
1,088,750
|
Edgewell Personal
Care Co.
|
29,243,825
|
|
Pharmaceuticals – 4.93%
|
||
|
469,054
|
Elanco Animal Health,
Inc.(a)
|
11,543,419
|
|
421,675
|
Prestige Consumer
Healthcare, Inc.(a)
|
19,932,577
|
|
|
|
31,475,996
|
|
Professional Services – 0.71%
|
||
|
1,057,934
|
Resources Connection,
Inc.
|
4,496,220
|
|
Software – 2.39%
|
||
|
75,538
|
Nice Ltd. Sponsored –
ADR(a)
|
6,862,627
|
|
378,563
|
Open Text Corp.
|
8,385,171
|
|
|
|
15,247,798
|
|
Shares
|
|
Value
|
|
Trading Companies & Distributors – 0.95%
|
||
|
50,732
|
MSC Industrial Direct
Co., Inc. – Class A
|
$6,034,571
|
|
TOTAL COMMON STOCKS
(Cost $489,457,356)
|
$594,742,631
|
|
|
PREFERRED STOCKS – 1.83%
|
||
|
Biotechnology – 1.83%
|
||
|
1,647,438
|
Grifols SA – Class B –
ADR, 1.336%(d)
|
$11,663,861
|
|
TOTAL PREFERRED STOCKS
(Cost $13,855,585)
|
$11,663,861
|
|
|
INVESTMENT COMPANIES – 0.58%
|
||
|
Trading Companies & Distributors – 0.58%
|
||
|
201,504
|
Sprott Physical
Uranium Trust(a)
|
$3,706,849
|
|
TOTAL INVESTMENT
COMPANIES
(Cost $3,614,217)
|
$3,706,849
|
|
|
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS – 4.22%
|
||
|
Northern Institutional Funds - Treasury Portfolio (Premier), 3.513%, (e)
|
26,900,339
|
$26,900,339
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $26,900,339)
|
|
$26,900,339
|
|
Total Investments (Cost $533,827,497) – 99.82%
|
|
$637,013,680
|
|
Other Assets in Excess of Liabilities – 0.18%
|
|
1,162,287
|
|
TOTAL NET ASSETS – 100.00%
|
|
$638,175,967
|
|
Percentages are stated as a percent of net assets.
|
||
|
ADR American Depositary Receipt
|
|
|
|
(a)
|
Non-income producing security.
|
|
(b)
|
Security is valued using significant unobservable inputs and is classified as Level
3 in the fair value
hierarchy.
|
|
(c)
|
Value rounds to less than one.
|
|
(d)
|
Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income.
|
|
(e)
|
The rate shown is the annualized seven day yield as of June 30, 2026.
|
|
(f)
|
Affiliated issuer. The following issuers were affiliated with the Small Cap Value
Fund as defined in
Section (2)(a)(3) of the 1940 Act, as this Fund held 5% or more of the outstanding
voting securities of the
following issuers as of June 30, 2026:
|
|
|
|
|
|
|
|
|
|
|
Issuer Name
|
Value At
March 31,
2026
|
Purchases
|
Sales Proceeds
|
Realized
Gain/(Loss)
|
Unrealized
Appreciation/
(Depreciation)
|
Value At
June 30, 2026
|
Dividend
Income
|
|
American Outdoor Brands, Inc.
|
$11,198,716
|
$271,174
|
$—
|
$—
|
$2,947,194
|
$14,417,084
|
$—
|
|
Utah Medical Products, Inc.
|
12,174,960
|
1,528,914
|
—
|
—
|
1,380,741
|
15,084,615
|
67,791
|
|
|
$23,373,676
|
$1,800,088
|
$—
|
$—
|
$4,327,935
|
$29,501,699
|
$67,791
|
|
COMMON STOCKS
|
|
|
Canada
|
5.40
%
|
|
Israel
|
1.08
%
|
|
United States
|
86.71
%
|
|
TOTAL COMMON STOCKS
|
93.19
%
|
|
PREFERRED STOCKS
|
|
|
Spain
|
1.83
%
|
|
TOTAL PREFERRED STOCKS
|
1.83
%
|
|
INVESTMENT COMPANIES
|
|
|
Canada
|
0.58
%
|
|
TOTAL INVESTMENT COMPANIES
|
0.58
%
|
|
SHORT-TERM INVESTMENTS
|
4.22
%
|
|
TOTAL INVESTMENTS
|
99.82
%
|
|
Other Assets in Excess of Liabilities
|
0.18
%
|
|
TOTAL NET ASSETS
|
100.00
%
|
|
|
Principal
Amount
|
Value
|
|
FEDERAL AND FEDERALLY SPONSORED CREDITS – 8.69%
|
||
|
Federal Home Loan Mortgage Corporation – 2.93%
|
||
|
Pool A9-3505 4.500%, 8/1/2040
|
32,348
|
$32,029
|
|
Pool G0-6018 6.500%, 4/1/2039
|
7,810
|
8,266
|
|
Pool G1-8578 3.000%, 12/1/2030
|
221,988
|
216,041
|
|
Pool SD-2873 3.000%, 1/1/2052
|
1,851,586
|
1,643,923
|
|
Pool SD-8001 3.500%, 7/1/2049
|
158,422
|
145,405
|
|
Pool SD-8003 4.000%, 7/1/2049
|
157,304
|
149,144
|
|
|
|
2,194,808
|
|
Federal National Mortgage Association – 5.76%
|
||
|
Pool 934124 5.500%, 7/1/2038
|
20,722
|
21,170
|
|
Pool AL9865 3.000%, 2/1/2047
|
535,852
|
478,179
|
|
Pool AS6201 3.500%, 11/1/2045
|
104,400
|
97,057
|
|
Pool BJ2553 3.500%, 12/1/2047
|
184,746
|
170,565
|
|
Pool BN6683 3.500%, 6/1/2049
|
276,936
|
254,180
|
|
Pool BZ6304 4.020%, 1/1/2031
|
1,160,000
|
1,136,315
|
|
Pool BZ6433 4.580%, 3/1/2036
|
1,231,628
|
1,220,125
|
|
Pool CA0483 3.500%, 10/1/2047
|
532,406
|
491,884
|
|
Pool CA1624 3.000%, 4/1/2033
|
248,310
|
239,082
|
|
Pool MA0918 4.000%, 12/1/2041
|
77,436
|
74,647
|
|
Pool MA3687 4.000%, 6/1/2049
|
125,150
|
117,430
|
|
Pool MA3695 3.000%, 7/1/2034
|
3,317
|
3,171
|
|
|
|
4,303,805
|
|
TOTAL FEDERAL AND FEDERALLY SPONSORED CREDITS
(Cost $6,518,161)
|
|
$6,498,613
|
|
OTHER MORTGAGE RELATED SECURITIES – 0.00%
|
||
|
Collateralized Mortgage Obligations – 0.00%
|
||
|
Wells Fargo Mortgage Backed Securities Trust Series 2006-AR14 6.644%,
10/25/2036(a)
|
188
|
$178
|
|
TOTAL OTHER MORTGAGE RELATED SECURITIES
(Cost $186)
|
|
$178
|
|
US GOVERNMENTS – 54.57%
|
||
|
Sovereign Government – 54.57%
|
||
|
United States Treasury Bond
|
||
|
4.750%, 2/15/2037
|
6,600,497
|
$6,784,847
|
|
3.500%, 2/15/2039
|
832,289
|
748,865
|
|
3.750%, 11/15/2043
|
7,586,874
|
6,557,608
|
|
3.000%, 5/15/2047
|
6,779,223
|
5,031,984
|
|
4.750%, 5/15/2055
|
650,000
|
630,526
|
|
|
|
19,753,830
|
|
United States Treasury Note
|
||
|
2.250%, 2/15/2027
|
2,532,255
|
2,504,949
|
|
2.375%, 5/15/2029
|
10,011,090
|
9,532,044
|
|
|
Principal
Amount
|
Value
|
|
1.625%, 5/15/2031
|
5,951,124
|
$5,279,530
|
|
4.375%, 5/15/2034
|
3,725,000
|
3,726,164
|
|
|
|
21,042,687
|
|
TOTAL US GOVERNMENTS
(Cost $41,090,720)
|
|
$40,796,517
|
|
CORPORATE BONDS – 28.95%
|
||
|
Automotive – 1.77%
|
||
|
Ford Motor Credit Co. LLC
2.700%, 8/10/2026
|
1,328,842
|
$1,325,977
|
|
Banking – 7.12%
|
||
|
Bank of America Corp.
5.162% (U.S. SOFR + 1.000%), 1/24/2031(b)
|
800,000
|
810,828
|
|
Citigroup, Inc.
6.950% (U.S. Treasury Yield Curve Rate CMT 5Y + 2.726%), 2/15/2030(c)
|
1,115,000
|
1,140,673
|
|
Fifth Third Bancorp
8.250%, 3/1/2038
|
380,381
|
463,893
|
|
JPMorgan Chase & Co.
5.140% (U.S. SOFR + 1.010%), 1/24/2031(b)
|
800,000
|
808,996
|
|
PNC Financial Services Group, Inc.
4.075% (U.S. SOFR + 0.610%), 1/26/2029(b)
|
825,000
|
818,224
|
|
USB Capital IX
4.955% (CME Term SOFR 3M + 1.282%, minimum of 4.955%),
7/30/2026(b)
|
1,629,060
|
1,280,341
|
|
|
|
5,322,955
|
|
Biotechnology & Pharmaceuticals – 2.18%
|
||
|
Organon & Co./Organon Foreign Debt Co-Issuer BV
4.125%, 4/30/2028(d)
|
1,655,000
|
1,634,413
|
|
Electric Utilities – 1.15%
|
||
|
American Transmission Systems, Inc.
2.650%, 1/15/2032(d)
|
677,534
|
606,201
|
|
Commonwealth Edison Co.
5.900%, 3/15/2036
|
237,766
|
251,396
|
|
|
|
857,597
|
|
Entertainment Content – 2.82%
|
||
|
Netflix, Inc.
4.375%, 11/15/2026
|
336,608
|
336,861
|
|
Univision Communications, Inc.
8.500%, 7/31/2031(d)
|
1,765,000
|
1,772,637
|
|
|
|
2,109,498
|
|
Food – 1.26%
|
||
|
Pilgrim's Pride Corp.
4.250%, 4/15/2031
|
986,533
|
946,060
|
|
|
Principal
Amount
|
Value
|
|
Institutional Financial Services – 1.08%
|
||
|
Goldman Sachs Group, Inc.
5.049% (U.S. SOFR + 1.210%), 7/23/2030(b)
|
800,000
|
$804,687
|
|
Insurance – 0.50%
|
||
|
American National Group, Inc.
7.000% (U.S. Treasury Yield Curve Rate CMT 5Y + 3.183%), 12/1/2055(c)
|
380,000
|
371,059
|
|
Internet Media & Services – 2.81%
|
||
|
Alphabet, Inc.
4.100%, 2/15/2031
|
815,000
|
800,803
|
|
Expedia Group, Inc.
|
||
|
3.800%, 2/15/2028
|
150,307
|
148,388
|
|
3.250%, 2/15/2030
|
796,151
|
756,149
|
|
Meta Platforms, Inc.
4.950%, 5/15/2033
|
395,456
|
395,272
|
|
|
|
2,100,612
|
|
IT Services – 1.63%
|
||
|
Pitney Bowes, Inc.
7.250%, 3/15/2029(d)
|
1,205,000
|
1,219,705
|
|
Leisure Facilities & Services – 1.63%
|
||
|
Sabre GLBL, Inc.
11.125%, 7/15/2030(d)
|
1,275,000
|
1,223,031
|
|
Medical Equipment & Devices – 0.77%
|
||
|
Baxter International, Inc.
3.132%, 12/1/2051
|
960,000
|
574,312
|
|
Oil & Gas Supply Chain – 0.67%
|
||
|
Hess Midstream Operations LP
4.250%, 2/15/2030(d)
|
516,689
|
498,409
|
|
Publishing & Broadcasting – 1.23%
|
||
|
Gray Media, Inc.
9.625%, 7/15/2032(d)
|
950,000
|
916,892
|
|
Real Estate Investment Trusts – 1.19%
|
||
|
Iron Mountain, Inc.
|
||
|
4.875%, 9/15/2027(d)
|
852,228
|
850,704
|
|
4.875%, 9/15/2027
|
38,767
|
38,698
|
|
|
|
889,402
|
|
Retail - Discretionary – 0.91%
|
||
|
Kohl's Corp.
10.000%, 6/1/2030(d)
|
630,000
|
681,402
|
|
|
Principal
Amount
|
Value
|
|
Telecommunications – 0.23%
|
||
|
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum
Co. III LLC
5.152%, 3/20/2028(d)
|
171,095
|
$171,554
|
|
TOTAL CORPORATE BONDS
(Cost $21,631,855)
|
|
$21,647,565
|
|
FOREIGN ISSUER BONDS – 4.11%
|
||
|
Chemicals – 1.10%
|
||
|
Methanex Corp.
|
||
|
5.125%, 10/15/2027
|
283,229
|
$282,948
|
|
5.250%, 12/15/2029
|
541,689
|
538,481
|
|
|
|
821,429
|
|
Oil, Gas Services & Equipment – 1.04%
|
||
|
Transocean International Ltd.
8.750%, 2/15/2030(d)
|
750,721
|
780,080
|
|
Telecommunications – 1.97%
|
||
|
Fibercop SpA
6.375%, 11/15/2033(d)
|
1,278,000
|
1,278,740
|
|
Telecom Italia Capital SA
6.375%, 11/15/2033
|
182,302
|
190,695
|
|
|
|
1,469,435
|
|
TOTAL FOREIGN ISSUER BONDS
(Cost $3,064,706)
|
|
$3,070,944
|
|
ASSET BACKED SECURITIES – 0.76%
|
||
|
Specialty Finance – 0.76%
|
||
|
SLM Private Credit Student Loan Trust Series 2004-B, 4.356%, (CME
Term SOFR 3M + 0.692%), 9/15/2033(b)
|
147,727
|
$146,079
|
|
SLM Private Credit Student Loan Trust Series 2005-A, 4.236%, (CME
Term SOFR 3M + 0.572%), 12/15/2038(b)
|
124,352
|
122,254
|
|
SLM Private Credit Student Loan Trust Series 2006-A, 4.216%, (CME
Term SOFR 3M + 0.552%), 6/15/2039(b)
|
230,909
|
225,795
|
|
SLM Private Credit Student Loan Trust Series 2007-A, 4.166%, (CME
Term SOFR 3M + 0.502%), 12/16/2041(b)
|
71,986
|
71,091
|
|
TOTAL ASSET BACKED SECURITIES
(Cost $545,620)
|
|
$565,219
|
|
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS – 2.07%
|
||
|
Money Market Funds – 2.07%
|
||
|
Northern Institutional Funds - Treasury Portfolio (Premier), 3.513%(e)
|
1,548,893
|
$1,548,893
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,548,893)
|
|
$1,548,893
|
|
Total Investments (Cost $74,400,141) – 99.15%
|
|
$74,127,929
|
|
Other Assets in Excess of Liabilities – 0.85%
|
|
637,026
|
|
Total Net Assets – 100.00%
|
|
$74,764,955
|
|
Percentages are stated as a percent of net assets.
|
||
|
|
|
|
|
3M 3 Month
|
|
|
|
5Y 5 Year
|
|
|
|
CME Chicago Mercantile Exchange
|
|
|
|
CMT Constant Maturity Treasury
|
|
|
|
LLC Limited Liability Company
|
|
|
|
LP Limited Partnership
|
|
|
|
SOFR Secured Overnight Financing Rate
|
|
|
|
|
|
|
(a)
|
Variable rate security. The coupon is based on an underlying pool of loans.
|
|
(b)
|
Variable rate security. The coupon is based on a reference index and spread index.
|
|
(c)
|
Security issued at a fixed rate for a specified period of time, after which it will
convert to a variable rate.
|
|
(d)
|
Acquired in a transaction exempt from registration under Rule 144A or Section 4(a)(2)
of the Securities
Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally
to qualified
institutional buyers. The total value of all such securities was $11,633,768 which
represented 15.56% of
the net assets of the Fund.
|
|
(e)
|
The rate shown is the annualized seven day yield as of June 30, 2026.
|