Percentage of Net Assets | Principal Amount | Value | |
CORPORATE BONDS | 43.7 % | ||
Advertising & Marketing | 0.6 % | ||
Omnicom Group, Inc./Omnicom Capital, Inc. 3.60%, 04/15/26 | $350,000 | $345,062 | |
Aerospace & Defense | 1.0 % | ||
TransDigm, Inc. 6.75%, 08/15/28(a) | 500,000 | 504,362 | |
Asset Management | 2.1 % | ||
Ares Capital Corp., | |||
3.88%, 01/15/26 | 275,000 | 271,838 | |
7.00%, 01/15/27 | 150,000 | 155,445 | |
Blue Owl Credit Income Corp. 5.80%, 03/15/30(a) | 250,000 | 246,065 | |
Charles Schwab (The) Corp. (Variable, U.S. SOFR + 2.21%) 5.64%, 05/19/29(b) | 175,000 | 178,557 | |
Compass Group Diversified Holdings LLC 5.00%, 01/15/32(a) | 50,000 | 45,745 | |
FS KKR Capital Corp. 6.88%, 08/15/29 | 200,000 | 206,834 | |
1,104,484 | |||
Automotive | 0.6 % | ||
Ford Motor Credit Co. LLC 6.13%, 03/08/34 | 250,000 | 244,505 | |
General Motors Co. 5.40%, 10/15/29 | 100,000 | 100,653 | |
345,158 | |||
Banking | 2.1 % | ||
Bank of America Corp. (Variable, U.S. SOFR + 1.91%) 5.43%, 08/15/35(b) | 75,000 | 73,198 | |
FNB Corp. (Variable, U.S. SOFR Compounded Index + 1.93%) 5.72%, 12/11/30(b) | 730,000 | 722,164 | |
JPMorgan Chase & Co. 3.20%, 06/15/26 | 300,000 | 294,296 | |
1,089,658 | |||
Biotechnology & Pharmaceuticals | 0.6 % | ||
AbbVie, Inc. 2.95%, 11/21/26 | 350,000 | 339,989 | |
Cable & Satellite | 0.4 % | ||
Comcast Corp. 3.95%, 10/15/25 | 200,000 | 198,962 |
Percentage of Net Assets | Principal Amount | Value | |
Capital Goods | 1.6 % | ||
Ferguson Enterprises, Inc. 5.00%, 10/03/34 | $500,000 | $478,183 | |
Sonoco Products Co. 4.60%, 09/01/29 | 400,000 | 389,453 | |
867,636 | |||
Chemicals | 0.4 % | ||
DuPont de Nemours, Inc. 4.49%, 11/15/25 | 200,000 | 199,504 | |
Commercial Support Services | 0.5 % | ||
GEO Group (The), Inc. 8.63%, 04/15/29 | 250,000 | 264,045 | |
Consumer Cyclical | 0.5 % | ||
Saks Global Enterprises LLC 11.00%, 12/15/29(a) | 250,000 | 240,410 | |
Consumer Non-Cyclical | 0.4 % | ||
Quest Diagnostics, Inc. 5.00%, 12/15/34 | 200,000 | 194,542 | |
Consumer Services | 0.9 % | ||
PROG Holdings, Inc. 6.00%, 11/15/29(a) | 500,000 | 480,162 | |
Containers & Packaging | 1.1 % | ||
Sealed Air Corp./Sealed Air Corp. U.S. 6.13%, 02/01/28(a) | 600,000 | 601,997 | |
Diversified Industrials | 0.3 % | ||
Parker-Hannifin Corp. 4.20%, 11/21/34 | 200,000 | 185,166 | |
Electric Utilities | 2.9 % | ||
Duke Energy Carolinas LLC 4.85%, 01/15/34 | 250,000 | 242,409 | |
Public Service Co. of Oklahoma 5.20%, 01/15/35 | 500,000 | 485,217 | |
Southern (The) Co. 3.70%, 04/30/30 | 400,000 | 375,634 | |
Vistra Operations Co. LLC 5.70%, 12/30/34(a) | 250,000 | 247,397 | |
Wisconsin Electric Power Co. 4.60%, 10/01/34 | 200,000 | 190,763 | |
1,541,420 | |||
Electrical Equipment | 2.8 % | ||
Hubbell, Inc. 3.15%, 08/15/27 | 150,000 | 143,584 | |
Keysight Technologies, Inc. 4.95%, 10/15/34 | 500,000 | 481,290 | |
Otis Worldwide Corp. 5.13%, 11/19/31 | 475,000 | 475,174 |
Percentage of Net Assets | Principal Amount | Value | |
WESCO Distribution, Inc., | |||
6.38%, 03/15/29(a) | $250,000 | $253,341 | |
6.63%, 03/15/32(a) | 150,000 | 152,458 | |
1,505,847 | |||
Engineering & Construction | 0.7 % | ||
Quanta Services, Inc., | |||
4.75%, 08/09/27 | 200,000 | 199,710 | |
5.25%, 08/09/34 | 165,000 | 161,343 | |
361,053 | |||
Entertainment Content | 0.7 % | ||
Netflix, Inc. 4.90%, 08/15/34 | 400,000 | 392,280 | |
Food | 0.6 % | ||
Post Holdings, Inc. 6.38%, 03/01/33(a) | 300,000 | 293,659 | |
Gas & Water Utilities | 0.4 % | ||
American Water Capital Corp. 2.95%, 09/01/27 | 200,000 | 191,163 | |
Health Care Facilities & Services | 3.5 % | ||
DaVita, Inc. 6.88%, 09/01/32(a) | 200,000 | 201,533 | |
Elevance Health, Inc. 4.95%, 11/01/31 | 1,000,000 | 983,484 | |
Laboratory Corp. of America Holdings 4.80%, 10/01/34 | 250,000 | 236,979 | |
Molina Healthcare, Inc. 6.25%, 01/15/33(a) | 200,000 | 197,668 | |
UnitedHealth Group, Inc. 5.15%, 07/15/34 | 230,000 | 226,883 | |
1,846,547 | |||
Industrial Support Services | 0.9 % | ||
Ashtead Capital, Inc. 5.55%, 05/30/33(a) | 500,000 | 492,351 | |
Institutional Financial Services | 2.9 % | ||
Goldman Sachs Group (The), Inc. 3.85%, 01/26/27 | 900,000 | 883,242 | |
Morgan Stanley 3.95%, 04/23/27 | 200,000 | 195,959 | |
Nasdaq, Inc. 5.65%, 06/28/25 | 400,000 | 401,682 | |
StoneX Group, Inc. 7.88%, 03/01/31(a) | 50,000 | 52,290 | |
1,533,173 | |||
Insurance | 0.7 % | ||
American International Group, Inc. 5.13%, 03/27/33 | 400,000 | 395,661 |
Percentage of Net Assets | Principal Amount | Value | |
Internet Media & Services | 0.1 % | ||
Expedia Group, Inc. 3.25%, 02/15/30 | $75,000 | $69,136 | |
Leisure Facilities & Services | 0.7 % | ||
McDonald's Corp. 3.50%, 03/01/27 | 400,000 | 390,936 | |
Machinery | 0.8 % | ||
Ingersoll Rand, Inc. 5.70%, 08/14/33 | 400,000 | 408,990 | |
Oil & Gas Supply Chain | 2.9 % | ||
MPLX L.P. 4.88%, 06/01/25 | 400,000 | 399,730 | |
Murphy Oil Corp. 6.00%10/01/32 | 500,000 | 480,402 | |
Sunoco L.P. 7.25%, 05/01/32(a) | 400,000 | 413,192 | |
Sunoco L.P./Sunoco Finance Corp. 7.00%, 09/15/28(a) | 250,000 | 255,772 | |
1,549,096 | |||
Real Estate Investment Trusts | 1.1 % | ||
American Assets Trust L.P. 6.15%, 10/01/34 | 250,000 | 248,860 | |
Realty Income Corp. 4.85%, 03/15/30 | 250,000 | 248,397 | |
Ventas Realty L.P. 3.00%, 01/15/30 | 100,000 | 90,311 | |
587,568 | |||
Retail - Discretionary | 2.2 % | ||
Bath & Body Works, Inc. 6.88%, 11/01/35 | 455,000 | 465,572 | |
Genuine Parts Co. 4.95%, 08/15/29 | 275,000 | 273,746 | |
Lowe's Cos., Inc. 3.10%, 05/03/27 | 400,000 | 386,654 | |
Macy's Retail Holdings LLC 5.88%, 04/01/29(a) | 50,000 | 48,809 | |
1,174,781 | |||
Semiconductors | 1.5 % | ||
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.88%, 01/15/27 | 300,000 | 295,338 | |
Broadcom, Inc. 4.55%, 02/15/32 | 500,000 | 483,371 | |
778,709 |
Percentage of Net Assets | Principal Amount | Value | |
Software | 1.5 % | ||
Oracle Corp. 4.90%, 02/06/33 | $400,000 | $389,579 | |
Roper Technologies, Inc. 4.50%, 10/15/29 | 400,000 | 392,704 | |
782,283 | |||
Specialty Finance | 1.5 % | ||
Burford Capital Global Finance LLC 9.25%, 07/01/31(a) | 200,000 | 212,330 | |
Fortress Transportation and Infrastructure Investors LLC 7.00%, 06/15/32(a) | 400,000 | 407,884 | |
GATX Corp. 4.00%, 06/30/30 | 200,000 | 189,062 | |
809,276 | |||
Technology Hardware | 1.8 % | ||
Dell International LLC/EMC Corp. 4.35%, 02/01/30 | 660,000 | 638,494 | |
Hewlett Packard Enterprise Co. 5.00%, 10/15/34 | 250,000 | 240,455 | |
NCR Atleos Corp. 9.50%, 04/01/29(a) | 50,000 | 54,166 | |
933,115 | |||
Transportation Equipment | 0.1 % | ||
JB Poindexter & Co., Inc. 8.75%, 12/15/31(a) | 50,000 | 52,627 | |
Wholesale - Consumer Staples | 0.3 % | ||
Performance Food Group, Inc. 6.13%, 09/15/32(a) | 150,000 | 149,993 | |
TOTAL CORPORATE BONDS (Cost $23,569,779) | 23,200,801 | ||
FOREIGN ISSUER BONDS | 0.1 % | ||
Electric Utilities | 0.1 % | ||
TransAlta Corp. 7.75%, 11/15/29 (Canada) | 50,000 | 52,137 | |
TOTAL FOREIGN ISSUER BONDS (Cost $51,998) | 52,137 | ||
MORTGAGE-BACKED SECURITIES | 4.2 % | ||
U.S. Government Agencies | 4.2 % | ||
Freddie Mac Pool #SD8276, 5.00%, 12/01/52 | 196,095 | 189,793 | |
Freddie Mac Pool #SD8233, 5.00%, 07/01/52 | 1,621,340 | 1,569,609 | |
Fannie Mae Pool #BM4854, 4.50%, 08/01/44 | 487,635 | 472,609 | |
TOTAL MORTGAGE-BACKED SECURITIES (Cost $2,297,432) | 2,232,011 | ||
U.S. GOVERNMENT OBLIGATIONS | 48.5 % | ||
U.S. Treasury Bonds, 4.38%, 08/15/43 | 250,000 | 235,479 |
Percentage of Net Assets | Principal Amount | Value | |
U.S. Treasury Bonds, 4.75%, 11/15/43 | $250,000 | $247,100 | |
U.S. Treasury Bonds, 4.50%, 02/15/44 | 275,000 | 262,754 | |
U.S. Treasury Bonds, 4.63%, 05/15/44 | 1,350,000 | 1,310,133 | |
U.S. Treasury Bonds, 4.13%, 08/15/44 | 2,350,000 | 2,128,953 | |
U.S. Treasury Bonds, 4.13%, 08/15/53 | 80,000 | 71,372 | |
U.S. Treasury Bonds, 4.25%, 02/15/54 | 750,000 | 685,371 | |
U.S. Treasury Bonds, 4.63%, 05/15/54 | 750,000 | 729,961 | |
U.S. Treasury Bonds, 4.25%, 08/15/54 | 1,500,000 | 1,372,266 | |
U.S. Treasury Bonds, 4.50%, 11/15/54 | 725,000 | 692,488 | |
U.S. Treasury Notes, 4.50%, 11/15/25 | 240,000 | 240,444 | |
U.S. Treasury Notes, 4.63%, 09/15/26 | 150,000 | 150,885 | |
U.S. Treasury Notes, 3.50%, 09/30/26 | 1,500,000 | 1,481,016 | |
U.S. Treasury Notes, 4.00%, 01/15/27 | 1,700,000 | 1,691,500 | |
U.S. Treasury Notes, 4.00%, 02/29/28 | 450,000 | 445,852 | |
U.S. Treasury Notes, 3.50%, 04/30/28 | 400,000 | 389,859 | |
U.S. Treasury Notes, 3.75%, 12/31/28 | 1,000,000 | 977,422 | |
U.S. Treasury Notes, 3.63%, 08/31/29 | 250,000 | 242,031 | |
U.S. Treasury Notes, 3.50%, 09/30/29 | 1,000,000 | 962,070 | |
U.S. Treasury Notes, 3.88%, 09/30/29 | 250,000 | 244,531 | |
U.S. Treasury Notes, 3.88%, 12/31/29 | 1,000,000 | 976,836 | |
U.S. Treasury Notes, 4.00%, 07/31/30 | 300,000 | 293,672 | |
U.S. Treasury Notes, 4.38%, 11/30/30 | 1,050,000 | 1,046,063 | |
U.S. Treasury Notes, 4.63%, 05/31/31 | 250,000 | 252,031 | |
U.S. Treasury Notes, 3.75%, 08/31/31 | 350,000 | 335,303 |
Percentage of Net Assets | Principal Amount | Value | |
U.S. Treasury Notes, 3.63%, 09/30/31 | $1,000,000 | $950,195 | |
U.S. Treasury Notes, 4.13%, 10/31/31 | 1,600,000 | 1,566,000 | |
U.S. Treasury Notes, 4.13%, 11/15/32 | 1,600,000 | 1,560,562 | |
U.S. Treasury Notes, 4.00%, 02/15/34 | 250,000 | 239,385 | |
U.S. Treasury Notes, 4.38%, 05/15/34 | 285,000 | 280,680 | |
U.S. Treasury Notes, 3.88%, 08/15/34 | 3,250,000 | 3,073,789 | |
U.S. Treasury Notes, 4.25%, 11/15/34 | 600,000 | 584,531 | |
TOTAL U.S. GOVERNMENT OBLIGATIONS (Cost $26,684,048) | 25,720,534 |
Percentage of Net Assets | Shares | Value | |
SHORT-TERM INVESTMENTS | 2.5 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 4.29%(c) | 1,299,188 | 1,299,188 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $1,299,188) | 1,299,188 | ||
TOTAL INVESTMENTS (Cost $53,902,445) | 99.0 % | 52,504,671 | |
NET OTHER ASSETS (LIABILITIES) | 1.0 % | 533,658 | |
NET ASSETS | 100.0 % | $53,038,329 |
(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 December 31, 2024, these securities had a total value of $5,604,211 or 11% of net assets. |
(b)Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of December 31, 2024. |
(c)7-day current yield as of December 31, 2024 is disclosed. |
Fixed Income Credit Ratings | % of Net Assets |
AAA | 52.7% |
A | 6.6 |
BBB | 25.7 |
BBB- | 0.4 |
BB | 9.1 |
B | 1.6 |
B- | 0.4 |
Cash equivalents | 2.5 |
Total | 99.0% |
Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 99.0 % | ||
Brazil | 5.1 % | ||
Arcos Dorados Holdings, Inc. - Class A | 13,700 | $99,736 | |
Banco BTG Pactual S.A.(a) | 18,000 | 79,181 | |
JBS S.A. | 14,500 | 85,593 | |
Localiza Rent a Car S.A.(a) | 4,012 | 20,897 | |
Petroleo Brasileiro S.A. | 2,600 | 16,750 | |
Vale S.A. | 7,000 | 61,905 | |
364,062 | |||
Canada | 1.5 % | ||
Fairfax India Holdings Corp.(a)(b) | 6,700 | 107,267 | |
China | 15.6 % | ||
Alibaba Group Holding Ltd. | 22,000 | 233,408 | |
Kingdee International Software Group Co. Ltd.(a) | 70,000 | 76,880 | |
Kweichow Moutai Co. Ltd. - Class A | 400 | 83,082 | |
NetEase, Inc. | 11,000 | 196,018 | |
Tencent Holdings Ltd. | 8,200 | 440,267 | |
Zijin Mining Group Co. Ltd. - Class H | 50,000 | 91,030 | |
1,120,685 | |||
Greece | 3.5 % | ||
JUMBO S.A. | 4,000 | 105,905 | |
Motor Oil Hellas Corinth Refineries S.A. | 3,000 | 64,140 | |
OPAP S.A. | 5,200 | 84,567 | |
254,612 | |||
Guatemala | 1.5 % | ||
Millicom International Cellular S.A.(a) | 4,450 | 111,295 | |
Hong Kong | 4.0 % | ||
AIA Group Ltd. | 22,000 | 159,477 | |
Lenovo Group Ltd. | 98,000 | 127,190 | |
286,667 | |||
Hungary | 1.7 % | ||
Richter Gedeon Nyrt | 4,700 | 123,113 | |
India | 15.7 % | ||
360 ONE WAM Ltd. | 5,000 | 73,283 | |
Aegis Logistics Ltd. | 16,000 | 153,246 | |
Bajaj Finance Ltd. | 900 | 71,726 | |
CMS Info Systems Ltd. | 12,000 | 68,744 | |
HDFC Bank Ltd. | 8,000 | 165,660 | |
HEG Ltd. | 17,500 | 104,288 | |
ICICI Bank Ltd. - ADR | 9,500 | 283,670 | |
Intellect Design Arena Ltd. | 7,000 | 78,161 | |
Reliance Industries Ltd. - GDR(b) | 2,300 | 130,640 | |
1,129,418 | |||
Japan | 0.9 % | ||
Nexon Co. Ltd. | 4,500 | 66,939 |
Percentage of Net Assets | Shares | Value | |
Mexico | 3.4 % | ||
Fibra Uno Administracion S.A. de C.V. | 64,000 | $63,598 | |
Fomento Economico Mexicano S.A.B. de C.V. | 5,700 | 48,577 | |
Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L | 10,200 | 67,023 | |
Wal-Mart de Mexico S.A.B. de C.V. | 24,000 | 63,180 | |
242,378 | |||
Philippines | 0.4 % | ||
International Container Terminal Services, Inc. | 4,000 | 26,625 | |
Poland | 1.0 % | ||
Dino Polska S.A.(a)(b) | 800 | 75,672 | |
Saudi Arabia | 1.0 % | ||
Saudi Awwal Bank | 8,300 | 74,332 | |
Singapore | 0.6 % | ||
Grab Holdings Ltd. - Class A(a) | 8,500 | 40,120 | |
South Africa | 3.4 % | ||
Naspers Ltd. - Class N | 1,100 | 243,256 | |
South Korea | 11.1 % | ||
Eugene Technology Co. Ltd. | 3,000 | 62,851 | |
Hugel, Inc.(a) | 500 | 94,399 | |
Hyundai Motor Co. | 300 | 42,591 | |
KINX, Inc. | 1,300 | 67,151 | |
LG Chem Ltd. | 300 | 50,260 | |
Park Systems Corp. | 300 | 42,632 | |
Samsung Electronics Co. Ltd. | 7,500 | 267,651 | |
Shinhan Financial Group Co. Ltd. | 4,100 | 132,950 | |
Value Added Technology Co. Ltd. | 3,000 | 38,329 | |
798,814 | |||
Taiwan | 16.5 % | ||
Accton Technology Corp. | 4,200 | 99,029 | |
E Ink Holdings, Inc. | 23,000 | 191,523 | |
Fusheng Precision Co. Ltd. | 8,000 | 76,866 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 25,000 | 819,747 | |
1,187,165 | |||
Turkey | 4.0 % | ||
BIM Birlesik Magazalar A.S. | 8,000 | 119,531 | |
Coca-Cola Icecek A.S. | 41,600 | 70,507 | |
KOC Holding A.S. | 20,000 | 100,985 | |
291,023 | |||
United Arab Emirates | 1.7 % | ||
Emaar Properties PJSC | 34,000 | 118,947 | |
United Kingdom | 2.6 % | ||
Georgia Capital PLC(a) | 5,000 | 75,114 | |
Investec PLC | 16,100 | 109,646 | |
184,760 |
Percentage of Net Assets | Shares | Value | |
United States | 3.8 % | ||
MercadoLibre, Inc.(a) | 50 | $85,022 | |
Tecnoglass, Inc. | 900 | 71,388 | |
Yum China Holdings, Inc. | 2,500 | 120,425 | |
276,835 | |||
TOTAL COMMON STOCKS (Cost $6,700,385) | 7,123,985 | ||
SHORT-TERM INVESTMENTS | 1.5 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 4.29%(c) | 108,350 | 108,350 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $108,350) | 108,350 | ||
TOTAL INVESTMENTS (Cost $6,808,735) | 100.5 % | 7,232,335 | |
NET OTHER ASSETS (LIABILITIES) | (0.5 %) | (36,971 ) | |
NET ASSETS | 100.0 % | $7,195,364 |
(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 December 31, 2024, these securities had a total value of $313,579 or 4% of net assets. |
(c)7-day current yield as of December 31, 2024 is disclosed. |
Abbreviations: |
ADR – American Depositary Receipt |
GDR – Global Depositary Receipt |
Sector Allocation | % of Net Assets |
Information Technology | 24.6% |
Financials | 18.5 |
Consumer Discretionary | 15.1 |
Communication Services | 12.1 |
Consumer Staples | 7.6 |
Industrials | 7.1 |
Energy | 5.0 |
Health Care | 3.5 |
Materials | 2.9 |
Real Estate | 2.6 |
Total | 99.0% |
Percentage of Net Assets | Principal Amount | Value | |
CORPORATE BONDS | 97.2 % | ||
Asset Management | 1.6 % | ||
FS KKR Capital Corp. 7.88%, 01/15/29 | $150,000 | $159,657 | |
Automotive | 2.3 % | ||
Clarios Global L.P./Clarios U.S. Finance Co. 6.25%, 05/15/26(a) | 224,000 | 223,941 | |
Cable & Satellite | 2.3 % | ||
CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 05/01/32(a) | 100,000 | 86,016 | |
Sirius XM Radio LLC 4.00%, 07/15/28(a) | 150,000 | 138,204 | |
224,220 | |||
Commercial Support Services | 3.3 % | ||
CoreCivic, Inc. 8.25%, 04/15/29 | 150,000 | 158,640 | |
GEO Group (The), Inc. 8.63%, 04/15/29 | 150,000 | 158,427 | |
317,067 | |||
Construction Materials | 3.1 % | ||
Eco Material Technologies, Inc. 7.88%, 01/31/27(a) | 150,000 | 152,416 | |
Summit Materials LLC/Summit Materials Finance Corp. 6.50%, 03/15/27(a) | 150,000 | 149,849 | |
302,265 | |||
Consumer Cyclical | 2.5 % | ||
Saks Global Enterprises LLC 11.00%, 12/15/29(a) | 250,000 | 240,410 | |
Consumer Services | 3.5 % | ||
PROG Holdings, Inc. 6.00%, 11/15/29(a) | 200,000 | 192,065 | |
Upbound Group, Inc. 6.38%, 02/15/29(a) | 150,000 | 145,884 | |
337,949 | |||
Electrical Equipment | 1.6 % | ||
WESCO Distribution, Inc. 7.25%, 06/15/28(a) | 150,000 | 152,522 | |
Engineering & Construction | 2.0 % | ||
Installed Building Products, Inc. 5.75%, 02/01/28(a) | 200,000 | 196,698 | |
Food | 2.0 % | ||
Post Holdings, Inc. 6.38%, 03/01/33(a) | 200,000 | 195,772 |
Percentage of Net Assets | Principal Amount | Value | |
Health Care Facilities & Services | 1.5 % | ||
DaVita, Inc. 6.88%, 09/01/32(a) | $50,000 | $50,383 | |
Molina Healthcare, Inc. 6.25%, 01/15/33(a) | 100,000 | 98,834 | |
149,217 | |||
Home Construction | 1.7 % | ||
Forestar Group, Inc. 5.00%, 03/01/28(a) | 175,000 | 169,044 | |
Household Products | 1.8 % | ||
Edgewell Personal Care Co. 5.50%, 06/01/28(a) | 183,000 | 179,126 | |
Institutional Financial Services | 3.5 % | ||
Coinbase Global, Inc. 3.63%, 10/01/31(a) | 125,000 | 105,632 | |
StoneX Group, Inc. 7.88%, 03/01/31(a) | 225,000 | 235,306 | |
340,938 | |||
Insurance | 2.6 % | ||
Markel Group, Inc. (Variable, U.S. Treasury Yield Curve Rate CMT 5Y + 5.66%) 6.00%, 06/01/25(b) | 250,000 | 249,532 | |
Leisure Facilities & Services | 7.2 % | ||
Light & Wonder International, Inc. 7.50%, 09/01/31(a) | 150,000 | 154,452 | |
Live Nation Entertainment, Inc. 4.75%, 10/15/27(a) | 80,000 | 77,344 | |
Marriott Ownership Resorts, Inc. 4.75%, 01/15/28 | 150,000 | 144,126 | |
Travel + Leisure Co. 6.60%, 10/01/25 | 175,000 | 175,438 | |
VOC Escrow Ltd. 5.00%, 02/15/28(a) | 150,000 | 145,988 | |
697,348 | |||
Machinery | 2.8 % | ||
Regal Rexnord Corp. 6.30%, 02/15/30 | 150,000 | 154,283 | |
Titan International, Inc. 7.00%, 04/30/28 | 125,000 | 122,361 | |
276,644 |
Percentage of Net Assets | Principal Amount | Value | |
Oil & Gas Supply Chain | 9.1 % | ||
Genesis Energy L.P./Genesis Energy Finance Corp. 8.00%, 01/15/27 | $150,000 | $152,610 | |
Murphy Oil Corp. 6.00%10/01/32 | 150,000 | 144,121 | |
Permian Resources Operating LLC 9.88%, 07/15/31(a) | 225,000 | 247,384 | |
Summit Midstream Holdings LLC 8.63%, 10/31/29(a) | 175,000 | 181,499 | |
Sunoco L.P./Sunoco Finance Corp. 7.00%, 09/15/28(a) | 150,000 | 153,463 | |
879,077 | |||
Publishing & Broadcasting | 1.7 % | ||
Nexstar Media, Inc. 4.75%, 11/01/28(a) | 175,000 | 163,167 | |
Real Estate Investment Trusts | 5.8 % | ||
Iron Mountain, Inc. 6.25%, 01/15/33(a) | 250,000 | 249,002 | |
RHP Hotel Properties L.P./RHP Finance Corp. 7.25%, 07/15/28(a) | 150,000 | 154,024 | |
Uniti Group L.P./Uniti Group Finance 2019, Inc./CSL Capital LLC 10.50%, 02/15/28(a) | 150,000 | 159,942 | |
562,968 | |||
Retail - Consumer Staples | 3.7 % | ||
Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC 4.63%, 01/15/27(a) | 250,000 | 244,753 | |
Arko Corp. 5.13%, 11/15/29(a) | 125,000 | 113,724 | |
358,477 | |||
Retail - Discretionary | 12.4 % | ||
Academy Ltd. 6.00%, 11/15/27(a) | 100,000 | 99,464 | |
Bath & Body Works, Inc. 6.88%, 11/01/35 | 300,000 | 306,970 | |
BlueLinx Holdings, Inc. 6.00%, 11/15/29(a) | 150,000 | 146,445 | |
Builders FirstSource, Inc. 5.00%, 03/01/30(a) | 150,000 | 142,589 | |
Dillard's, Inc. 7.75%, 07/15/26 | 175,000 | 181,428 | |
Macy's Retail Holdings LLC 5.88%, 04/01/29(a) | 100,000 | 97,618 | |
Patrick Industries, Inc. 4.75%, 05/01/29(a) | 150,000 | 141,211 | |
Sonic Automotive, Inc. 4.63%, 11/15/29(a) | 100,000 | 92,282 | |
1,208,007 |
Percentage of Net Assets | Principal Amount | Value | |
Software | 1.6 % | ||
Concentrix Corp. 6.60%, 08/02/28 | $150,000 | $153,892 | |
Specialty Finance | 9.4 % | ||
Burford Capital Global Finance LLC 6.25%, 04/15/28(a) | 200,000 | 199,948 | |
Fortress Transportation and Infrastructure Investors LLC 7.00%, 06/15/32(a) | 300,000 | 305,913 | |
ILFC E-Capital Trust I (Variable, 3M CME Term SOFR + 1.81%) 6.15%, 12/21/65(a)(c) | 150,000 | 123,660 | |
PRA Group, Inc. 5.00%, 10/01/29(a) | 200,000 | 182,947 | |
World Acceptance Corp. 7.00%, 11/01/26(a) | 100,000 | 99,391 | |
911,859 | |||
Technology Hardware | 1.5 % | ||
NCR Atleos Corp. 9.50%, 04/01/29(a) | 130,000 | 140,833 | |
Transportation & Logistics | 3.7 % | ||
American Airlines, Inc. 7.25%, 02/15/28(a) | 100,000 | 102,503 | |
GN Bondco LLC 9.50%, 10/15/31(a) | 200,000 | 210,598 | |
United Airlines Holdings, Inc. 4.88%, 01/15/25 | 50,000 | 49,879 | |
362,980 | |||
Transportation Equipment | 2.2 % | ||
JB Poindexter & Co., Inc. 8.75%, 12/15/31(a) | 200,000 | 210,507 | |
Wholesale - Consumer Staples | 0.8 % | ||
United Natural Foods, Inc. 6.75%, 10/15/28(a) | 75,000 | 73,887 | |
TOTAL CORPORATE BONDS (Cost $9,388,199) | 9,438,004 | ||
FOREIGN ISSUER BONDS | 1.1 % | ||
Electric Utilities | 1.1 % | ||
TransAlta Corp. 7.75%, 11/15/29 (Canada) | 100,000 | 104,274 | |
TOTAL FOREIGN ISSUER BONDS (Cost $101,637) | 104,274 |
Percentage of Net Assets | Shares | Value | |
SHORT-TERM INVESTMENTS | 0.5 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 4.29%(d) | 45,841 | $45,841 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $45,841) | 45,841 | ||
TOTAL INVESTMENTS (Cost $9,535,677) | 98.8 % | 9,588,119 | |
NET OTHER ASSETS (LIABILITIES) | 1.2 % | 119,111 | |
NET ASSETS | 100.0 % | $9,707,230 |
(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 December 31, 2024, these securities had a total value of $7,126,639 or 73% of net assets. |
(b)Variable or floating rate security. Security issued at a fixed coupon rate, which converts to a variable rate at a future date. Rate shown is the rate in effect as of December 31, 2024. |
(c)Floating rate security. The rate presented is the rate in effect at December 31, 2024, and the related index and spread are shown parenthetically for each security. |
(d)7-day current yield as of December 31, 2024 is disclosed. |
Fixed Income Credit Ratings | % of Net Assets |
BBB | 2.9% |
BBB- | 1.6 |
BB | 60.5 |
B | 29.0 |
B- | 2.5 |
CCC | 1.8 |
Cash equivalents | 0.5 |
Total | 98.8% |
Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 92.7 % | ||
Belgium | 4.1 % | ||
Anheuser-Busch InBev S.A./N.V. - ADR | 29,000 | $1,452,030 | |
Curacao | 1.1 % | ||
Schlumberger N.V. | 10,000 | 383,400 | |
Germany | 3.1 % | ||
Bayer A.G. - ADR | 223,000 | 1,088,240 | |
Ireland | 4.3 % | ||
Jazz Pharmaceuticals PLC(a) | 6,000 | 738,900 | |
Willis Towers Watson PLC | 2,400 | 751,776 | |
1,490,676 | |||
Japan | 3.4 % | ||
Nintendo Co. Ltd. - ADR | 81,000 | 1,185,030 | |
Netherlands | 1.1 % | ||
AerCap Holdings N.V. | 4,000 | 382,800 | |
United States | 75.6 % | ||
Alphabet, Inc. - Class C | 1,740 | 331,366 | |
Berkshire Hathaway, Inc. - Class B(a) | 3,400 | 1,541,152 | |
Bio-Rad Laboratories, Inc. - Class A(a) | 2,000 | 657,020 | |
Cigna (The) Group | 2,709 | 748,063 | |
Cisco Systems, Inc. | 14,000 | 828,800 | |
Citigroup, Inc. | 12,000 | 844,680 | |
Corpay, Inc.(a) | 3,000 | 1,015,260 | |
Crown Castle, Inc. | 8,000 | 726,080 | |
CVS Health Corp. | 17,200 | 772,108 | |
Discover Financial Services | 2,000 | 346,460 | |
Dominion Energy, Inc. | 31,000 | 1,669,660 | |
Evergy, Inc. | 16,000 | 984,800 | |
FedEx Corp. | 2,000 | 562,660 | |
First Citizens BancShares, Inc. - Class A | 300 | 633,906 | |
Global Payments, Inc. | 5,300 | 593,918 | |
Hess Corp. | 8,000 | 1,064,080 | |
Jacobs Solutions, Inc. | 4,000 | 534,480 | |
Johnson & Johnson | 3,000 | 433,860 | |
Kinder Morgan, Inc. | 46,600 | 1,276,840 | |
Kraft Heinz (The) Co. | 38,100 | 1,170,051 | |
Liberty Broadband Corp. - Class C(a) | 15,000 | 1,121,400 | |
Lockheed Martin Corp. | 1,800 | 874,692 | |
McKesson Corp. | 2,100 | 1,196,811 | |
Merck & Co., Inc. | 4,000 | 397,920 | |
Occidental Petroleum Corp. | 8,000 | 395,280 | |
Pfizer, Inc. | 37,700 | 1,000,181 | |
Post Holdings, Inc.(a) | 3,500 | 400,610 | |
Progressive (The) Corp. | 4,600 | 1,102,206 | |
Regeneron Pharmaceuticals, Inc.(a) | 600 | 427,398 |
Percentage of Net Assets | Shares | Value | |
Sirius XM Holdings, Inc. | 25,633 | $584,432 | |
SS&C Technologies Holdings, Inc. | 8,000 | 606,240 | |
Warner Bros Discovery, Inc.(a) | 77,200 | 816,004 | |
Williams Cos. (The), Inc. | 17,225 | 932,217 | |
26,590,635 | |||
TOTAL COMMON STOCKS (Cost $27,342,376) | 32,572,811 | ||
SHORT-TERM INVESTMENTS | 7.4 % | ||
Northern Institutional Treasury Portfolio (Premier Class), 4.29%(b) | 2,614,122 | 2,614,123 | |
TOTAL SHORT-TERM INVESTMENTS (Cost $2,614,123) | 2,614,123 | ||
TOTAL INVESTMENTS (Cost $29,956,499) | 100.1 % | 35,186,934 | |
NET OTHER ASSETS (LIABILITIES) | (0.1 %) | (26,991 ) | |
NET ASSETS | 100.0 % | $35,159,943 |
(a)Non-income producing security. |
(b)7-day current yield as of December 31, 2024 is disclosed. |
Abbreviations: |
ADR – American Depositary Receipt |
Sector Allocation | % of Net Assets |
Health Care | 21.2% |
Financials | 19.5 |
Energy | 11.5 |
Communication Services | 11.5 |
Consumer Staples | 8.5 |
Industrials | 8.4 |
Utilities | 7.6 |
Information Technology | 2.4 |
Real Estate | 2.1 |
Total | 92.7% |
