|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
CORPORATE BONDS
|
53.4
%
|
|
|
|
Aerospace & Defense
|
2.3
%
|
|
|
|
Boeing (The) Co.
6.26%, 05/01/27
|
|
$500,000
|
$506,640
|
|
TransDigm, Inc.,
|
|
|
|
|
6.75%, 08/15/28(a)
|
|
500,000
|
504,980
|
|
7.13%, 12/01/31(a)
|
|
150,000
|
155,319
|
|
6.38%, 05/31/33(a)
|
|
625,000
|
630,942
|
|
|
|
|
1,797,881
|
|
Asset Management
|
1.5
%
|
|
|
|
Ares Capital Corp.
7.00%, 01/15/27
|
|
150,000
|
151,520
|
|
Charles Schwab (The) Corp.
(Variable, U.S. SOFR + 2.21%)
5.64%, 05/19/29(b)
|
|
175,000
|
178,313
|
|
Citadel L.P.
6.38%, 01/23/32(a)
|
|
330,000
|
343,543
|
|
Osaic Holdings, Inc.
6.75%, 08/01/32(a)
|
|
500,000
|
500,855
|
|
|
|
|
1,174,231
|
|
Automotive
|
1.3
%
|
|
|
|
American Axle & Manufacturing, Inc.
7.75%, 10/15/33(a)
|
|
500,000
|
493,933
|
|
General Motors Co.
5.40%, 10/15/29
|
|
100,000
|
101,787
|
|
General Motors Financial Co., Inc.
5.35%, 07/15/27
|
|
450,000
|
453,812
|
|
|
|
|
1,049,532
|
|
Banking
|
1.0
%
|
|
|
|
Bank of America Corp.
(Variable, U.S. SOFR + 1.91%)
5.43%, 08/15/35(b)
|
|
75,000
|
75,228
|
|
FNB Corp.
(Variable, U.S. SOFR Compounded Index + 1.93%)
5.72%, 12/11/30(b)
|
|
730,000
|
735,920
|
|
|
|
|
811,148
|
|
Biotechnology & Pharmaceuticals
|
0.3
%
|
|
|
|
Harrow, Inc.
8.63%, 09/15/30(a)
|
|
200,000
|
203,001
|
|
Capital Goods
|
1.1
%
|
|
|
|
Ferguson Enterprises, Inc.
5.00%, 10/03/34
|
|
500,000
|
494,752
|
|
Sonoco Products Co.
4.60%, 09/01/29
|
|
400,000
|
397,585
|
|
|
|
|
892,337
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Commercial Support Services
|
1.9
%
|
|
|
|
Brink's (The) Co.
6.75%, 06/15/32(a)
|
|
$250,000
|
$255,470
|
|
Deluxe Corp.
8.00%, 06/01/29(a)
|
|
1,000,000
|
1,007,107
|
|
GEO Group (The), Inc.
8.63%, 04/15/29
|
|
250,000
|
260,444
|
|
|
|
|
1,523,021
|
|
Construction Materials
|
0.6
%
|
|
|
|
Quikrete Holdings, Inc.
6.38%, 03/01/32(a)
|
|
450,000
|
459,530
|
|
Consumer Services
|
0.3
%
|
|
|
|
PROG Holdings, Inc.
6.00%, 11/15/29(a)
|
|
250,000
|
243,040
|
|
Diversified Industrials
|
0.2
%
|
|
|
|
Parker-Hannifin Corp.
4.20%, 11/21/34
|
|
200,000
|
191,070
|
|
E-Commerce Discretionary
|
0.8
%
|
|
|
|
Wayfair LLC
6.75%, 11/15/32(a)
|
|
625,000
|
641,811
|
|
Electric Utilities
|
2.6
%
|
|
|
|
Duke Energy Carolinas LLC
4.85%, 01/15/34
|
|
250,000
|
248,639
|
|
Public Service Co. of Oklahoma
5.45%, 01/15/36
|
|
1,000,000
|
1,010,037
|
|
Southern (The) Co.
3.70%, 04/30/30
|
|
400,000
|
386,508
|
|
Vistra Operations Co. LLC
5.70%, 12/30/34(a)
|
|
250,000
|
252,705
|
|
Wisconsin Electric Power Co.
4.60%, 10/01/34
|
|
200,000
|
195,845
|
|
|
|
|
2,093,734
|
|
Electrical Equipment
|
1.9
%
|
|
|
|
Hubbell, Inc.
3.15%, 08/15/27
|
|
150,000
|
147,902
|
|
Keysight Technologies, Inc.
4.95%, 10/15/34
|
|
500,000
|
494,546
|
|
Otis Worldwide Corp.
5.13%, 11/19/31
|
|
475,000
|
481,384
|
|
WESCO Distribution, Inc.,
|
|
|
|
|
6.38%, 03/15/29(a)
|
|
250,000
|
254,460
|
|
6.63%, 03/15/32(a)
|
|
150,000
|
154,569
|
|
|
|
|
1,532,861
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Engineering & Construction
|
0.5
%
|
|
|
|
Quanta Services, Inc.,
|
|
|
|
|
4.75%, 08/09/27
|
|
$200,000
|
$200,510
|
|
5.25%, 08/09/34
|
|
165,000
|
166,869
|
|
|
|
|
367,379
|
|
Food
|
0.4
%
|
|
|
|
Post Holdings, Inc.
6.38%, 03/01/33(a)
|
|
300,000
|
297,711
|
|
Gas & Water Utilities
|
1.4
%
|
|
|
|
American Water Capital Corp.
2.95%, 09/01/27
|
|
200,000
|
196,892
|
|
Atmos Energy Corp.
5.20%, 08/15/35
|
|
410,000
|
415,751
|
|
National Fuel Gas Co.
5.95%, 03/15/35
|
|
500,000
|
514,827
|
|
|
|
|
1,127,470
|
|
Health Care Facilities & Services
|
3.5
%
|
|
|
|
DaVita, Inc.
6.88%, 09/01/32(a)
|
|
100,000
|
103,132
|
|
Elevance Health, Inc.
4.95%, 11/01/31
|
|
1,000,000
|
1,003,325
|
|
Horizon Mutual Holdings, Inc.
6.20%, 11/15/34(a)
|
|
500,000
|
485,872
|
|
Laboratory Corp. of America Holdings
4.80%, 10/01/34
|
|
250,000
|
243,588
|
|
Quest Diagnostics, Inc.
5.00%, 12/15/34
|
|
200,000
|
198,648
|
|
UnitedHealth Group, Inc.
5.15%, 07/15/34
|
|
730,000
|
736,649
|
|
|
|
|
2,771,214
|
|
Household Products
|
0.6
%
|
|
|
|
Energizer Holdings, Inc.
6.00%, 09/15/33(a)
|
|
500,000
|
481,078
|
|
Industrial Support Services
|
1.3
%
|
|
|
|
Herc Holdings, Inc.
7.25%, 06/15/33(a)
|
|
500,000
|
521,278
|
|
United Rentals North America, Inc.
6.00%, 12/15/29(a)
|
|
500,000
|
508,154
|
|
|
|
|
1,029,432
|
|
Institutional Financial Services
|
2.1
%
|
|
|
|
Goldman Sachs Group (The), Inc.
3.85%, 01/26/27
|
|
1,400,000
|
1,396,649
|
|
Morgan Stanley
3.95%, 04/23/27
|
|
200,000
|
199,348
|
|
StoneX Group, Inc.
7.88%, 03/01/31(a)
|
|
50,000
|
52,499
|
|
|
|
|
1,648,496
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Insurance
|
3.5
%
|
|
|
|
American International Group, Inc.
5.13%, 03/27/33
|
|
$900,000
|
$906,054
|
|
Equitable Financial Life Global Funding
5.00%, 03/27/30(a)
|
|
700,000
|
702,184
|
|
Willis North America, Inc.
4.55%, 03/15/31
|
|
1,190,000
|
1,168,370
|
|
|
|
|
2,776,608
|
|
Internet Media & Services
|
3.2
%
|
|
|
|
Alphabet, Inc.
4.10%, 02/15/31
|
|
1,000,000
|
982,580
|
|
Expedia Group, Inc.
3.25%, 02/15/30
|
|
475,000
|
451,134
|
|
Match Group Holdings II LLC
6.13%, 09/15/33(a)
|
|
600,000
|
592,910
|
|
Meta Platforms, Inc.
4.88%, 05/15/33
|
|
550,000
|
545,030
|
|
|
|
|
2,571,654
|
|
IT Services
|
1.1
%
|
|
|
|
International Business Machines Corp.
5.70%, 02/10/55
|
|
750,000
|
718,045
|
|
Science Applications International Corp.
5.88%, 11/01/33(a)
|
|
125,000
|
123,111
|
|
|
|
|
841,156
|
|
Leisure Facilities & Services
|
2.2
%
|
|
|
|
Lindblad Expeditions LLC
7.00%, 09/15/30(a)
|
|
350,000
|
361,880
|
|
McDonald's Corp.
3.50%, 03/01/27
|
|
400,000
|
398,150
|
|
Viking Ocean Cruises Ship VII Ltd.
5.63%, 02/15/29(a)
|
|
1,000,000
|
999,921
|
|
|
|
|
1,759,951
|
|
Machinery
|
0.7
%
|
|
|
|
Ingersoll Rand, Inc.
5.70%, 08/14/33
|
|
400,000
|
415,910
|
|
John Deere Capital Corp.
4.95%, 07/14/28
|
|
150,000
|
151,859
|
|
|
|
|
567,769
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Oil & Gas Supply Chain
|
3.8
%
|
|
|
|
Hess Midstream Operations L.P.
6.50%, 06/01/29(a)
|
|
$325,000
|
$331,642
|
|
Kinder Morgan, Inc.
5.85%, 06/01/35
|
|
500,000
|
522,704
|
|
MPLX L.P.
5.40%, 04/01/35
|
|
750,000
|
749,442
|
|
Murphy Oil Corp.
6.00%, 10/01/32
|
|
500,000
|
497,997
|
|
PBF Holding Co. LLC/PBF Finance Corp.
9.88%, 03/15/30(a)
|
|
200,000
|
213,837
|
|
Sunoco L.P.
7.25%, 05/01/32(a)
|
|
400,000
|
414,925
|
|
Sunoco L.P./Sunoco Finance Corp.
7.00%, 09/15/28(a)
|
|
250,000
|
254,985
|
|
|
|
|
2,985,532
|
|
Oil, Gas Services & Equipment
|
0.3
%
|
|
|
|
Oceaneering International, Inc.
07/15/34(a)(c)
|
|
200,000
|
203,153
|
|
Real Estate Investment Trusts
|
0.8
%
|
|
|
|
American Assets Trust L.P.
6.15%, 10/01/34
|
|
250,000
|
254,241
|
|
Realty Income Corp.
4.85%, 03/15/30
|
|
250,000
|
251,686
|
|
Ventas Realty L.P.
3.00%, 01/15/30
|
|
100,000
|
94,335
|
|
|
|
|
600,262
|
|
Retail - Discretionary
|
2.0
%
|
|
|
|
Bath & Body Works, Inc.,
|
|
|
|
|
6.63%, 10/01/30(a)
|
|
300,000
|
306,026
|
|
6.88%, 11/01/35
|
|
455,000
|
465,789
|
|
Genuine Parts Co.
4.95%, 08/15/29
|
|
275,000
|
274,333
|
|
Lowe's Cos., Inc.
3.10%, 05/03/27
|
|
400,000
|
396,112
|
|
Macy's Retail Holdings LLC
7.38%, 08/01/33(a)
|
|
150,000
|
157,489
|
|
|
|
|
1,599,749
|
|
Semiconductors
|
0.6
%
|
|
|
|
Broadcom, Inc.
4.55%, 02/15/32
|
|
500,000
|
493,257
|
|
Software
|
1.9
%
|
|
|
|
CoreWeave, Inc.
9.25%, 06/01/30(a)
|
|
150,000
|
150,974
|
|
Crowdstrike Holdings, Inc.
3.00%, 02/15/29
|
|
350,000
|
333,838
|
|
Gen Digital, Inc.
6.25%, 04/01/33(a)
|
|
250,000
|
246,402
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Oracle Corp.
4.90%, 02/06/33
|
|
$400,000
|
$379,250
|
|
Roper Technologies, Inc.
4.50%, 10/15/29
|
|
400,000
|
397,452
|
|
|
|
|
1,507,916
|
|
Specialty Finance
|
1.8
%
|
|
|
|
Burford Capital Global Finance LLC
9.25%, 07/01/31(a)
|
|
200,000
|
194,726
|
|
Fortress Transportation and Infrastructure Investors LLC
7.00%, 06/15/32(a)
|
|
400,000
|
413,102
|
|
GATX Corp.
4.00%, 06/30/30
|
|
200,000
|
194,851
|
|
Rithm Capital Corp.
8.00%, 07/15/30(a)
|
|
300,000
|
299,238
|
|
Rocket Cos, Inc.
6.13%, 08/01/31(a)
|
|
350,000
|
357,462
|
|
|
|
|
1,459,379
|
|
Technology Hardware
|
3.6
%
|
|
|
|
Arrow Electronics, Inc.
5.88%, 04/10/34
|
|
700,000
|
720,421
|
|
Dell International LLC/EMC Corp.,
|
|
|
|
|
4.35%, 02/01/30
|
|
660,000
|
651,590
|
|
4.50%, 02/15/31
|
|
700,000
|
690,282
|
|
Hewlett Packard Enterprise Co.
4.50%, 03/23/28
|
|
750,000
|
749,002
|
|
NCR Atleos Corp.
9.50%, 04/01/29(a)
|
|
50,000
|
53,314
|
|
|
|
|
2,864,609
|
|
Telecommunications
|
1.4
%
|
|
|
|
T-Mobile USA, Inc.
2.25%, 11/15/31
|
|
1,000,000
|
877,745
|
|
Yondr JK 1 LLC
6.88%, 06/30/31(a)
|
|
250,000
|
250,628
|
|
|
|
|
1,128,373
|
|
Transportation & Logistics
|
0.6
%
|
|
|
|
RXO, Inc.
6.38%, 05/15/31(a)
|
|
500,000
|
506,945
|
|
Transportation Equipment
|
0.1
%
|
|
|
|
JB Poindexter & Co., Inc.
8.75%, 12/15/31(a)
|
|
50,000
|
51,406
|
|
Wholesale - Consumer Staples
|
0.2
%
|
|
|
|
Performance Food Group, Inc.
6.13%, 09/15/32(a)
|
|
150,000
|
151,835
|
|
TOTAL CORPORATE BONDS (Cost $42,464,645)
|
|
|
42,405,531
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
MORTGAGE-BACKED SECURITIES
|
6.7
%
|
|
|
|
U.S. Government Agencies
|
6.7
%
|
|
|
|
Freddie Mac Pool #SD8276,
5.00%, 12/01/52
|
|
$169,229
|
$167,596
|
|
Freddie Mac Pool #SD8233,
5.00%, 07/01/52
|
|
1,367,825
|
1,349,193
|
|
Fannie Mae Pool #BM4854,
4.50%, 08/01/44
|
|
395,975
|
391,590
|
|
Fannie Mae Pool #MA5313,
5.50%, 03/01/44
|
|
1,991,851
|
2,046,149
|
|
Fannie Mae Pool #MA5498,
6.00%, 10/01/54
|
|
1,302,950
|
1,333,069
|
|
TOTAL MORTGAGE-BACKED SECURITIES (Cost $5,242,155)
|
|
|
5,287,597
|
|
U.S. GOVERNMENT OBLIGATIONS
|
37.9
%
|
|
|
|
U.S. Treasury Bonds,
4.38%, 08/15/43
|
|
250,000
|
235,078
|
|
U.S. Treasury Bonds,
4.13%, 08/15/44
|
|
2,350,000
|
2,125,281
|
|
U.S. Treasury Bonds,
4.25%, 02/15/54
|
|
750,000
|
669,199
|
|
U.S. Treasury Bonds,
4.25%, 08/15/54
|
|
1,000,000
|
892,813
|
|
U.S. Treasury Notes,
4.00%, 02/29/28
|
|
950,000
|
947,477
|
|
U.S. Treasury Notes,
3.50%, 04/30/28
|
|
400,000
|
395,297
|
|
U.S. Treasury Notes,
3.75%, 12/31/28
|
|
1,000,000
|
990,078
|
|
U.S. Treasury Notes,
3.63%, 08/31/29
|
|
1,000,000
|
983,984
|
|
U.S. Treasury Notes,
3.50%, 09/30/29
|
|
1,000,000
|
979,688
|
|
U.S. Treasury Notes,
3.88%, 09/30/29
|
|
250,000
|
247,734
|
|
U.S. Treasury Notes,
3.88%, 12/31/29
|
|
1,000,000
|
990,156
|
|
U.S. Treasury Notes,
4.00%, 03/31/30
|
|
2,500,000
|
2,484,082
|
|
U.S. Treasury Notes,
4.00%, 05/31/30
|
|
250,000
|
248,311
|
|
U.S. Treasury Notes,
4.00%, 07/31/30
|
|
300,000
|
297,820
|
|
U.S. Treasury Notes,
4.38%, 11/30/30
|
|
1,050,000
|
1,057,096
|
|
U.S. Treasury Notes,
4.63%, 05/31/31
|
|
250,000
|
254,482
|
|
U.S. Treasury Notes,
3.75%, 08/31/31
|
|
350,000
|
342,344
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
U.S. Treasury Notes,
3.63%, 09/30/31
|
|
$1,700,000
|
$1,652,453
|
|
U.S. Treasury Notes,
4.13%, 10/31/31
|
|
1,600,000
|
1,592,063
|
|
U.S. Treasury Notes,
4.13%, 11/15/32
|
|
1,500,000
|
1,486,524
|
|
U.S. Treasury Notes,
3.75%, 11/30/32
|
|
1,500,000
|
1,455,000
|
|
U.S. Treasury Notes,
4.50%, 11/15/33
|
|
2,850,000
|
2,878,611
|
|
U.S. Treasury Notes,
4.00%, 02/15/34
|
|
250,000
|
244,238
|
|
U.S. Treasury Notes,
3.88%, 08/15/34
|
|
3,250,000
|
3,139,170
|
|
U.S. Treasury Notes,
4.63%, 02/15/35
|
|
1,250,000
|
1,269,824
|
|
U.S. Treasury Notes,
4.25%, 08/15/35
|
|
1,500,000
|
1,480,898
|
|
U.S. Treasury Notes,
4.00%, 11/15/35
|
|
750,000
|
725,508
|
|
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $30,864,136)
|
|
|
30,065,209
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS
|
1.6
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 3.51%(d)
|
|
1,257,187
|
1,257,187
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $1,257,187)
|
|
|
1,257,187
|
|
TOTAL INVESTMENTS
(Cost $79,828,123)
|
99.6
%
|
|
79,015,524
|
|
NET OTHER ASSETS (LIABILITIES)
|
0.4
%
|
|
299,932
|
|
NET ASSETS
|
100.0
%
|
|
$79,315,456
|
|
(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, 2026, these securities had a total
value of $15,889,084 or 20% of net assets.
|
|
(b)Variable or floating rate security. The rate presented is the rate in effect at June
30, 2026, and the related index and spread are shown parenthetically for each security.
|
|
(c)When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(d)7-day current yield as of June 30, 2026 is disclosed.
|
|
Abbreviations:
|
|
SOFR – Secured Overnight Financing Rate
|
|
Fixed Income Credit Ratings
|
% of Net Assets
|
|
AAA
|
44.6%
|
|
AA
|
1.9
|
|
A
|
7.7
|
|
BBB
|
26.6
|
|
BB
|
10.7
|
|
BB-
|
0.3
|
|
B
|
5.9
|
|
B-
|
0.3
|
|
Cash equivalents
|
1.6
|
|
Total
|
99.6%
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
COMMON STOCKS
|
98.3
%
|
|
|
|
Brazil
|
3.7
%
|
|
|
|
Arcos Dorados Holdings, Inc. - Class A
|
|
7,200
|
$58,032
|
|
Banco BTG Pactual S.A.(a)
|
|
7,700
|
80,680
|
|
Natura Cosmeticos S.A.(a)
|
|
44,900
|
75,930
|
|
XP, Inc. - Class A
|
|
3,100
|
50,406
|
|
|
|
|
265,048
|
|
Canada
|
1.5
%
|
|
|
|
Fairfax India Holdings Corp.(a)(b)
|
|
5,900
|
107,970
|
|
China
|
15.3
%
|
|
|
|
Alibaba Group Holding Ltd. - Class W
|
|
11,700
|
138,514
|
|
Contemporary Amperex Technology Co. Ltd. - Class A
|
|
900
|
52,087
|
|
Kuaishou Technology(b)
|
|
11,300
|
59,937
|
|
Kweichow Moutai Co. Ltd. - Class A
|
|
400
|
69,830
|
|
NetEase, Inc.
|
|
5,400
|
139,357
|
|
Shanghai Hanbell Precise Machinery Co. Ltd. - Class A
|
|
27,300
|
149,068
|
|
SITC International Holdings Co. Ltd.
|
|
24,400
|
97,627
|
|
Tencent Holdings Ltd.
|
|
4,000
|
219,206
|
|
Trip.com Group Ltd.(a)
|
|
1,300
|
51,650
|
|
Zijin Mining Group Co. Ltd. - Class H
|
|
28,500
|
99,568
|
|
|
|
|
1,076,844
|
|
Greece
|
0.9
%
|
|
|
|
Motor Oil Hellas Corinth Refineries S.A.
|
|
1,500
|
65,779
|
|
Hong Kong
|
2.1
%
|
|
|
|
Lenovo Group Ltd.
|
|
50,800
|
149,106
|
|
Hungary
|
1.0
%
|
|
|
|
Richter Gedeon Nyrt
|
|
1,900
|
73,534
|
|
India
|
5.9
%
|
|
|
|
360 ONE WAM Ltd.
|
|
6,900
|
78,331
|
|
HDFC Bank Ltd.
|
|
8,100
|
68,281
|
|
HEG Ltd.
|
|
11,700
|
63,865
|
|
ICICI Bank Ltd. - ADR
|
|
3,800
|
110,314
|
|
Reliance Industries Ltd. - GDR(b)
|
|
1,700
|
94,180
|
|
|
|
|
414,971
|
|
Kazakhstan
|
1.1
%
|
|
|
|
Halyk Savings Bank of Kazakhstan JSC - GDR - REG
|
|
2,700
|
80,865
|
|
Mexico
|
2.1
%
|
|
|
|
Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L
|
|
4,600
|
52,346
|
|
Vista Energy S.A.B. de C.V. - ADR(a)
|
|
1,500
|
95,700
|
|
|
|
|
148,046
|
|
Philippines
|
2.3
%
|
|
|
|
International Container Terminal Services, Inc.
|
|
6,790
|
98,470
|
|
Puregold Price Club, Inc.
|
|
94,400
|
62,451
|
|
|
|
|
160,921
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
Poland
|
1.2
%
|
|
|
|
Allegro.eu S.A.(a)(b)
|
|
8,300
|
$83,435
|
|
Saudi Arabia
|
0.5
%
|
|
|
|
Saudi Awwal Bank
|
|
4,500
|
38,758
|
|
South Africa
|
2.3
%
|
|
|
|
Naspers Ltd. - Class N
|
|
3,200
|
160,316
|
|
South Korea
|
20.5
%
|
|
|
|
Hugel, Inc.(a)
|
|
500
|
85,200
|
|
Hyundai Motor Co.
|
|
300
|
95,850
|
|
KINX, Inc.
|
|
800
|
54,889
|
|
Krafton, Inc.(a)
|
|
700
|
106,629
|
|
Meritz Financial Group, Inc.(a)
|
|
1,000
|
68,160
|
|
Park Systems Corp.
|
|
500
|
80,197
|
|
Samsung Electronics Co. Ltd.
|
|
2,900
|
625,186
|
|
Shinhan Financial Group Co. Ltd.
|
|
2,600
|
160,769
|
|
SK hynix, Inc.
|
|
100
|
171,045
|
|
|
|
|
1,447,925
|
|
Taiwan
|
20.6
%
|
|
|
|
Accton Technology Corp.
|
|
1,500
|
117,480
|
|
Acter Group Corp. Ltd.
|
|
3,800
|
153,878
|
|
E Ink Holdings, Inc.
|
|
27,900
|
187,860
|
|
Fusheng Precision Co. Ltd.
|
|
9,600
|
76,995
|
|
Taiwan Semiconductor Manufacturing Co. Ltd.
|
|
12,100
|
915,386
|
|
|
|
|
1,451,599
|
|
Thailand
|
1.4
%
|
|
|
|
Minor International PCL - REG
|
|
129,500
|
96,285
|
|
Turkey
|
2.3
%
|
|
|
|
Coca-Cola Icecek A.S.
|
|
57,100
|
101,662
|
|
KOC Holding A.S.
|
|
14,000
|
58,076
|
|
|
|
|
159,738
|
|
United Arab Emirates
|
2.0
%
|
|
|
|
Emaar Properties PJSC
|
|
25,300
|
82,111
|
|
Yalla Group Ltd. - ADR(a)
|
|
10,200
|
55,998
|
|
|
|
|
138,109
|
|
United Kingdom
|
5.0
%
|
|
|
|
Anglo American PLC
|
|
2,300
|
112,790
|
|
Georgia Capital PLC(a)
|
|
2,700
|
149,703
|
|
Investec PLC
|
|
11,300
|
90,008
|
|
|
|
|
352,501
|
|
United States
|
5.6
%
|
|
|
|
ACM Research, Inc. - Class A(a)
|
|
1,900
|
241,091
|
|
MercadoLibre, Inc.(a)
|
|
50
|
84,870
|
|
Tecnoglass, Inc.
|
|
1,500
|
70,215
|
|
|
|
|
396,176
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
Vietnam
|
1.0
%
|
|
|
|
Mobile World Investment Corp.
|
|
24,400
|
$72,426
|
|
TOTAL COMMON STOCKS (Cost $4,875,721)
|
|
|
6,940,352
|
|
SHORT-TERM INVESTMENTS
|
1.5
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 3.51%(c)
|
|
106,009
|
106,009
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $106,009)
|
|
|
106,009
|
|
TOTAL INVESTMENTS
(Cost $4,981,730)
|
99.8
%
|
|
7,046,361
|
|
NET OTHER ASSETS (LIABILITIES)
|
0.2
%
|
|
11,920
|
|
NET ASSETS
|
100.0
%
|
|
$7,058,281
|
|
(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, 2026, these securities had a total
value of $345,522 or 5% of net assets.
|
|
(c)7-day current yield as of June 30, 2026 is disclosed.
|
|
Abbreviations:
|
|
ADR – American Depositary Receipt
|
|
GDR – Global Depositary Receipt
|
|
REG – Registered
|
|
Sector Allocation
|
% of Net Assets
|
|
Information Technology
|
35.1%
|
|
Financials
|
15.3
|
|
Consumer Discretionary
|
13.1
|
|
Industrials
|
11.2
|
|
Communication Services
|
9.1
|
|
Consumer Staples
|
4.5
|
|
Energy
|
3.6
|
|
Materials
|
3.0
|
|
Health Care
|
2.2
|
|
Real Estate
|
1.2
|
|
Total
|
98.3%
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
CORPORATE BONDS
|
97.8
%
|
|
|
|
Aerospace & Defense
|
1.4
%
|
|
|
|
TransDigm, Inc.
6.38%, 05/31/33(a)
|
|
$125,000
|
$126,188
|
|
Asset Management
|
1.2
%
|
|
|
|
Citadel L.P.
6.38%, 01/23/32(a)
|
|
100,000
|
104,104
|
|
Automotive
|
6.2
%
|
|
|
|
American Axle & Manufacturing, Inc.
7.75%, 10/15/33(a)
|
|
250,000
|
246,967
|
|
Cyprium Corp./Cyprium Holdings Luxembourg S.a.r.l.
6.13%, 04/15/31(a)
|
|
150,000
|
149,994
|
|
Garrett Motion Holdings, Inc./Garrett LX I S.a.r.l.
7.75%, 05/31/32(a)
|
|
150,000
|
157,498
|
|
|
|
|
554,459
|
|
Biotechnology & Pharmaceuticals
|
1.4
%
|
|
|
|
Harrow, Inc.
8.63%, 09/15/30(a)
|
|
125,000
|
126,875
|
|
Cable & Satellite
|
1.0
%
|
|
|
|
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50%, 05/01/32(a)
|
|
100,000
|
88,267
|
|
Commercial Support Services
|
5.2
%
|
|
|
|
CoreCivic, Inc.
8.25%, 04/15/29
|
|
150,000
|
156,228
|
|
Deluxe Corp.
8.00%, 06/01/29(a)
|
|
150,000
|
151,066
|
|
GEO Group (The), Inc.
8.63%, 04/15/29
|
|
150,000
|
156,266
|
|
|
|
|
463,560
|
|
Construction Materials
|
1.1
%
|
|
|
|
Quikrete Holdings, Inc.
6.38%, 03/01/32(a)
|
|
100,000
|
102,118
|
|
Consumer Services
|
1.9
%
|
|
|
|
PROG Holdings, Inc.
6.00%, 11/15/29(a)
|
|
100,000
|
97,216
|
|
Upbound Group, Inc.
6.38%, 02/15/29(a)
|
|
75,000
|
74,342
|
|
|
|
|
171,558
|
|
Containers & Packaging
|
1.1
%
|
|
|
|
Graphic Packaging International LLC
6.38%, 07/15/32(a)
|
|
100,000
|
100,893
|
|
E-Commerce Discretionary
|
2.0
%
|
|
|
|
Wayfair LLC
6.75%, 11/15/32(a)
|
|
175,000
|
179,707
|
|
Electric Utilities
|
1.7
%
|
|
|
|
Talen Energy Supply LLC
6.38%, 05/01/33(a)
|
|
150,000
|
149,811
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Engineering & Construction
|
2.3
%
|
|
|
|
Brundage-Bone Concrete Pumping Holdings, Inc.
7.50%, 02/01/32(a)
|
|
$200,000
|
$207,494
|
|
Food
|
2.2
%
|
|
|
|
Post Holdings, Inc.
6.38%, 03/01/33(a)
|
|
200,000
|
198,474
|
|
Health Care Facilities & Services
|
1.4
%
|
|
|
|
DaVita, Inc.
6.88%, 09/01/32(a)
|
|
25,000
|
25,783
|
|
Global Medical Response, Inc.
7.38%, 10/01/32(a)
|
|
100,000
|
103,626
|
|
|
|
|
129,409
|
|
Household Products
|
1.6
%
|
|
|
|
Energizer Holdings, Inc.
6.00%, 09/15/33(a)
|
|
150,000
|
144,323
|
|
Industrial Support Services
|
3.4
%
|
|
|
|
Herc Holdings, Inc.
7.25%, 06/15/33(a)
|
|
200,000
|
208,511
|
|
Synergy Infrastructure Holdings LLC
7.00%, 07/15/34(a)
|
|
100,000
|
101,434
|
|
|
|
|
309,945
|
|
Institutional Financial Services
|
2.6
%
|
|
|
|
StoneX Group, Inc.
7.88%, 03/01/31(a)
|
|
225,000
|
236,245
|
|
Internet Media & Services
|
1.7
%
|
|
|
|
Match Group Holdings II LLC
6.13%, 09/15/33(a)
|
|
150,000
|
148,227
|
|
IT Services
|
1.4
%
|
|
|
|
Science Applications International Corp.
5.88%, 11/01/33(a)
|
|
125,000
|
123,111
|
|
Leisure Facilities & Services
|
3.5
%
|
|
|
|
Light & Wonder International, Inc.
7.50%, 09/01/31(a)
|
|
150,000
|
155,471
|
|
Lindblad Expeditions LLC
7.00%, 09/15/30(a)
|
|
150,000
|
155,091
|
|
|
|
|
310,562
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Oil & Gas Supply Chain
|
9.7
%
|
|
|
|
Hess Midstream Operations L.P.
6.50%, 06/01/29(a)
|
|
$125,000
|
$127,555
|
|
Murphy Oil Corp.
6.00%, 10/01/32
|
|
125,000
|
124,499
|
|
PBF Holding Co. LLC/PBF Finance Corp.
9.88%, 03/15/30(a)
|
|
125,000
|
133,648
|
|
Permian Resources Operating LLC
9.88%, 07/15/31(a)
|
|
147,000
|
154,502
|
|
Summit Midstream Holdings LLC
8.63%, 10/31/29(a)
|
|
175,000
|
182,364
|
|
Sunoco L.P./Sunoco Finance Corp.
7.00%, 09/15/28(a)
|
|
150,000
|
152,991
|
|
|
|
|
875,559
|
|
Oil, Gas Services & Equipment
|
1.7
%
|
|
|
|
Oceaneering International, Inc.
07/15/34(a)(b)
|
|
150,000
|
152,365
|
|
Real Estate Investment Trusts
|
4.5
%
|
|
|
|
Iron Mountain, Inc.
6.25%, 01/15/33(a)
|
|
250,000
|
252,619
|
|
RHP Hotel Properties L.P./RHP Finance Corp.
7.25%, 07/15/28(a)
|
|
150,000
|
152,966
|
|
|
|
|
405,585
|
|
Retail - Discretionary
|
12.1
%
|
|
|
|
Advance Auto Parts, Inc.
7.00%, 08/01/30(a)
|
|
150,000
|
153,801
|
|
Bath & Body Works, Inc.
6.88%, 11/01/35
|
|
300,000
|
307,114
|
|
BlueLinx Holdings, Inc.
6.00%, 11/15/29(a)
|
|
150,000
|
148,215
|
|
Builders FirstSource, Inc.
6.38%, 03/01/34(a)
|
|
145,000
|
146,581
|
|
Dillard's, Inc.
7.75%, 07/15/26
|
|
175,000
|
175,208
|
|
Macy's Retail Holdings LLC
7.38%, 08/01/33(a)
|
|
150,000
|
157,489
|
|
|
|
|
1,088,408
|
|
Software
|
3.0
%
|
|
|
|
CoreWeave, Inc.
9.25%, 06/01/30(a)
|
|
150,000
|
150,974
|
|
Gen Digital, Inc.
6.25%, 04/01/33(a)
|
|
125,000
|
123,201
|
|
|
|
|
274,175
|
|
|
Percentage
of Net
Assets
|
Principal Amount
|
Value
|
|
Specialty Finance
|
12.4
%
|
|
|
|
Burford Capital Global Finance LLC
9.25%, 07/01/31(a)
|
|
$200,000
|
$194,726
|
|
EZCORP, Inc.
7.38%, 04/01/32(a)
|
|
150,000
|
157,213
|
|
Fortress Transportation and Infrastructure Investors LLC
7.00%, 06/15/32(a)
|
|
300,000
|
309,826
|
|
Rithm Capital Corp.
8.00%, 07/15/30(a)
|
|
150,000
|
149,619
|
|
Rocket Cos, Inc.
6.13%, 08/01/31(a)
|
|
150,000
|
153,198
|
|
WS Escrow LLC
7.75%, 06/01/33(a)
|
|
150,000
|
154,023
|
|
|
|
|
1,118,605
|
|
Technology Hardware
|
3.3
%
|
|
|
|
NCR Atleos Corp.
9.50%, 04/01/29(a)
|
|
130,000
|
138,617
|
|
Seagate HDD Cayman
8.50%, 07/15/31
|
|
150,000
|
156,747
|
|
|
|
|
295,364
|
|
Telecommunications
|
2.8
%
|
|
|
|
WULF Compute LLC
7.75%, 10/15/30(a)
|
|
100,000
|
105,035
|
|
Yondr JK 1 LLC
6.88%, 06/30/31(a)
|
|
150,000
|
150,376
|
|
|
|
|
255,411
|
|
Transportation & Logistics
|
1.1
%
|
|
|
|
American Airlines, Inc.
7.25%, 02/15/28(a)
|
|
100,000
|
101,216
|
|
Transportation Equipment
|
2.3
%
|
|
|
|
JB Poindexter & Co., Inc.
8.75%, 12/15/31(a)
|
|
200,000
|
205,625
|
|
Wholesale - Consumer Staples
|
0.6
%
|
|
|
|
United Natural Foods, Inc.
6.75%, 10/15/28(a)
|
|
57,000
|
57,007
|
|
TOTAL CORPORATE BONDS (Cost $8,744,455)
|
|
|
8,804,650
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
SHORT-TERM INVESTMENTS
|
2.3
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 3.51%(c)
|
|
204,271
|
204,271
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $204,271)
|
|
|
204,271
|
|
TOTAL INVESTMENTS
(Cost $8,948,726)
|
100.1
%
|
|
9,008,921
|
|
NET OTHER ASSETS (LIABILITIES)
|
(0.1
%)
|
|
(10,368
)
|
|
NET ASSETS
|
100.0
%
|
|
$8,998,553
|
|
(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, 2026, these securities had a total
value of $7,728,588 or 86% of net assets.
|
|
(b)When-Issued Security. Coupon rate is not in effect at June 30, 2026.
|
|
(c)7-day current yield as of June 30, 2026 is disclosed.
|
|
Fixed Income Credit Ratings
|
% of Net Assets
|
|
BBB
|
4.3%
|
|
BB
|
54.0
|
|
BB-
|
1.7
|
|
B
|
32.8
|
|
B-
|
1.4
|
|
Cash equivalents
|
2.3
|
|
Not Rated
|
3.6
|
|
Total
|
100.1%
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
COMMON STOCKS
|
90.4
%
|
|
|
|
Belgium
|
3.9
%
|
|
|
|
Anheuser-Busch InBev S.A./N.V. - ADR
|
|
17,000
|
$1,400,800
|
|
Curacao
|
1.9
%
|
|
|
|
SLB Ltd.
|
|
14,500
|
674,105
|
|
Denmark
|
1.0
%
|
|
|
|
Novo Nordisk A/S - ADR
|
|
8,000
|
383,520
|
|
Germany
|
2.0
%
|
|
|
|
Bayer A.G. - ADR
|
|
52,500
|
719,250
|
|
Ireland
|
3.1
%
|
|
|
|
Medtronic PLC
|
|
5,000
|
391,150
|
|
Willis Towers Watson PLC
|
|
2,800
|
731,836
|
|
|
|
|
1,122,986
|
|
Japan
|
1.8
%
|
|
|
|
Nintendo Co. Ltd. - ADR
|
|
61,000
|
639,280
|
|
Netherlands
|
1.6
%
|
|
|
|
AerCap Holdings N.V.
|
|
4,000
|
583,120
|
|
United States
|
75.1
%
|
|
|
|
Adobe, Inc.(a)
|
|
3,000
|
615,060
|
|
Amazon.com, Inc.(a)
|
|
2,000
|
476,680
|
|
Becton Dickinson & Co.
|
|
4,300
|
650,719
|
|
Berkshire Hathaway, Inc. - Class B(a)
|
|
3,200
|
1,601,248
|
|
Capital One Financial Corp.
|
|
4,096
|
821,739
|
|
Charter Communications, Inc. - Class A(a)
|
|
8,700
|
1,237,227
|
|
Chevron Corp.
|
|
7,200
|
1,193,472
|
|
Cigna (The) Group
|
|
2,709
|
746,817
|
|
Citigroup, Inc.
|
|
6,000
|
839,760
|
|
Corpay, Inc.(a)
|
|
1,000
|
333,270
|
|
Crown Castle, Inc.
|
|
19,000
|
1,438,870
|
|
CVS Health Corp.
|
|
7,200
|
744,840
|
|
Dominion Energy, Inc.
|
|
19,000
|
1,297,510
|
|
Elevance Health, Inc.
|
|
3,300
|
1,276,209
|
|
Evergy, Inc.
|
|
17,100
|
1,477,953
|
|
FedEx Corp.
|
|
1,500
|
469,695
|
|
First Citizens BancShares, Inc. - Class A
|
|
300
|
624,237
|
|
Fiserv, Inc.(a)
|
|
24,300
|
1,191,915
|
|
Global Payments, Inc.
|
|
11,800
|
856,208
|
|
HF Sinclair Corp.
|
|
10,000
|
696,500
|
|
Jacobs Solutions, Inc.
|
|
3,000
|
378,000
|
|
Kinder Morgan, Inc.
|
|
34,600
|
1,106,162
|
|
Kraft Heinz (The) Co.
|
|
62,800
|
1,483,336
|
|
Lockheed Martin Corp.
|
|
700
|
356,622
|
|
McKesson Corp.
|
|
400
|
302,240
|
|
Merck & Co., Inc.
|
|
6,000
|
771,000
|
|
Occidental Petroleum Corp.
|
|
13,000
|
631,410
|
|
|
Percentage
of Net
Assets
|
Shares
|
Value
|
|
Pfizer, Inc.
|
|
20,700
|
$498,456
|
|
Progressive (The) Corp.
|
|
3,600
|
786,420
|
|
Regeneron Pharmaceuticals, Inc.
|
|
1,500
|
935,310
|
|
Sirius XM Holdings, Inc.
|
|
12,633
|
373,179
|
|
SS&C Technologies Holdings, Inc.
|
|
14,000
|
868,700
|
|
|
|
|
27,080,764
|
|
TOTAL COMMON STOCKS (Cost $28,654,887)
|
|
|
32,603,825
|
|
SHORT-TERM INVESTMENTS
|
9.5
%
|
|
|
|
Northern Institutional Treasury Portfolio (Premier Class), 3.51%(b)
|
|
3,449,127
|
3,449,127
|
|
TOTAL SHORT-TERM INVESTMENTS (Cost $3,449,127)
|
|
|
3,449,127
|
|
TOTAL INVESTMENTS
(Cost $32,104,014)
|
99.9
%
|
|
36,052,952
|
|
NET OTHER ASSETS (LIABILITIES)
|
0.1
%
|
|
21,027
|
|
NET ASSETS
|
100.0
%
|
|
$36,073,979
|
|
(a)Non-income producing security.
|
|
(b)7-day current yield as of June 30, 2026 is disclosed.
|
|
Abbreviations:
|
|
ADR – American Depositary Receipt
|
|
Sector Allocation
|
% of Net Assets
|
|
Financials
|
21.6%
|
|
Health Care
|
20.5
|
|
Energy
|
12.0
|
|
Consumer Staples
|
8.0
|
|
Utilities
|
7.7
|
|
Industrials
|
7.4
|
|
Communication Services
|
6.2
|
|
Real Estate
|
4.0
|
|
Information Technology
|
1.7
|
|
Consumer Discretionary
|
1.3
|
|
Total
|
90.4%
|