Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 7.12% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 2.25% 4 (Cost $128,412,859) | 128,412,859 | $128,412,859 | |
TOTAL INVESTMENTS (Cost $1,786,610,384) | 100.71% | $1,816,525,647 | |
Liabilities in Excess of Other Assets | (0.71)% | (12,732,098) | |
Net Assets | 100.00% | $1,803,793,549 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
REIT | Real Estate Investment Trust |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $93,633,209, which represents 5% of Net Assets. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
4 | 7 day current yield as of September 30, 2022 is disclosed. |
^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
* | Non-income producing security. |
Shares, Principal Amount, or Number of Contracts | Value | ||
MATERIALS — 4.70% | |||
Chemicals — 2.55% | |||
Albemarle Corp. | 746 | $197,272 | |
CF Industries Holdings, Inc. | 1,351 | 130,034 | |
327,306 | |||
Metals & Mining — 2.15% | |||
ATI, Inc. * | 4,965 | 132,119 | |
MP Materials Corp. * | 5,254 | 143,434 | |
275,553 | |||
Total MATERIALS (Cost $578,844) | 602,859 | ||
UTILITIES — 0.89% | |||
Independent Power and Renewable Electricity Producers — 0.89% | |||
Sunnova Energy International, Inc. * | 5,201 | 114,838 | |
Total UTILITIES (Cost $133,438) | 114,838 | ||
REAL ESTATE — 0.47% | |||
Equity Real Estate Investment Trusts — 0.47% | |||
Ryman Hospitality Properties, Inc. | 827 | 60,859 | |
Total REAL ESTATE (Cost $73,939) | 60,859 | ||
Total COMMON STOCKS (Cost $12,080,006) | 12,529,811 | ||
SHORT TERM INVESTMENTS — 1.74% | |||
Northern Institutional Government Portfolio (Shares Class), 2.31% 2 (Cost $222,522) | 222,522 | 222,522 | |
TOTAL INVESTMENTS (Cost $12,302,528) | 99.36% | $12,752,333 | |
Other Assets In Excess of Liabilities | 0.64% | 82,531 | |
Net Assets | 100.00% | $12,834,864 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of September 30, 2022 is disclosed. |
* | Non-income producing security. |
Pay Rate Index/Pay Rate | Receive Rate/Receive Rate Index | Maturity Date | Counterparty | Currency | Notional Amount | Value | Upfront Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||
S&P GSCI | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 10/20/2022 | GSC | USD | 190,467 | $357,314 | $— | $357,314 | ||
S&P GSCI | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 1/23/2023 | GSC | USD | 60,284 | 59,709 | — | 59,709 | ||
3-Day S&P GSCI | Financing Index: 1-Day US Federal Fund Effective Rate - 0.5% | 8/28/2023 | GSC | USD | 647,715 | 14,285 | — | 14,285 | ||
3-Day S&P GSCI | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 8/28/2023 | GSC | USD | 94,281 | 2,038 | — | 2,038 | ||
Financing Index: 1-Day US Federal Fund Effective Rate + 0.6% | Cannae Holdings, Inc. (Monthly) | 8/28/2023 | GSC | USD | 647,967 | 275,740 | — | 275,740 | ||
Financing Index: 1-Month ICE LIBOR USD + 0.6% | Cannae Holdings, Inc. (Monthly) | 8/28/2023 | GSC | USD | 94,281 | 39,334 | — | 39,334 | ||
$748,420 | $— | $748,420 | ||||||||
GSC - Goldman Sachs International |
Assets | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $29,462,814 | $— | $29,462,814 | $— | ||||
Europe | 6,938,050 | — | 6,938,050 | —* | ||||
Far East | ||||||||
China | 382,900,479 | 66,069,294 | 316,831,185 | — | ||||
India | 314,455,181 | 57,288,162 | 257,167,019 | — | ||||
Indonesia | 63,172,960 | — | 63,172,960 | — | ||||
Japan | 8,098,733 | — | 8,098,733 | — | ||||
Philippines | 3,450,131 | — | 3,450,131 | — | ||||
South Korea | 171,294,968 | 14,746,332 | 156,548,636 | — | ||||
Taiwan | 136,335,807 | 96,741,245 | 39,594,562 | — | ||||
Thailand | 55,013,553 | — | 55,013,553 | — | ||||
Vietnam | 7,900,329 | — | 7,900,329 | — | ||||
Middle East | ||||||||
Israel | 18,973,414 | — | 18,973,414 | — | ||||
Qatar | 26,155,143 | — | 26,155,143 | — | ||||
Saudi Arabia | 61,807,054 | — | 61,807,054 | — | ||||
United Arab Emirates | 39,108,744 | 13,924,433 | 25,184,311 | — | ||||
North America | ||||||||
Canada | 51,581,851 | 51,581,851 | — | — | ||||
Mexico | 48,539,954 | 48,539,954 | — | — | ||||
United States | 54,242,163 | 42,814,007 | 11,428,156 | — | ||||
South America | 200,572,343 | 200,572,343 | — | — | ||||
Preferred Stocks | ||||||||
South America | 8,104,157 | 8,104,157 | — | — | ||||
Rights | ||||||||
South America | 4,960 | 4,960 | — | — | ||||
Short Term Investments | 128,412,859 | 128,412,859 | — | — | ||||
Total | $1,816,525,647 | $728,799,597 | $1,087,726,050 | $— |
* Level 3 security has zero value. |
Assets | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Far East | $75,253,466 | $— | $75,253,466 | $— | ||||
Middle East | 3,681,143 | — | 3,681,143 | — | ||||
North America | ||||||||
Canada | 2,570,322 | 2,570,322 | — | — | ||||
United States | 963,888 | — | 963,888 | — | ||||
South America | 11,797,104 | 11,797,104 | — | — | ||||
Preferred Stocks | ||||||||
South America | 767,867 | 767,867 | — | — | ||||
Short Term Investments | 5,204,766 | 5,204,766 | — | — | ||||
Total | $100,238,556 | $20,340,059 | $79,898,497 | $— |
Assets | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Argentina | $275,039 | $275,039 | $— | $— | ||||
Brazil | 2,361,767 | 2,361,767 | — | — | ||||
Canada | 1,315,259 | 1,315,259 | — | — | ||||
China | 5,609,570 | 2,278,235 | 3,331,335 | — | ||||
France | 208,152 | — | 208,152 | — | ||||
India | 4,941,199 | 1,750,289 | 3,190,910 | — | ||||
Indonesia | 1,338,486 | — | 1,338,486 | — | ||||
Mexico | 1,000,318 | 1,000,318 | — | — | ||||
Netherlands | 362,909 | — | 362,909 | — | ||||
Qatar | 510,917 | — | 510,917 | — | ||||
Saudi Arabia | 1,767,116 | — | 1,767,116 | — | ||||
South Korea | 4,118,792 | — | 4,118,792 | — | ||||
Taiwan | 3,065,248 | — | 3,065,248 | — | ||||
Thailand | 605,325 | — | 605,325 | — | ||||
United Arab Emirates | 1,297,437 | 740,481 | 556,956 | — | ||||
United States | 2,234,482 | 1,470,940 | 763,542 | — | ||||
Short Term Investments | 1,952,581 | 1,952,581 | — | — | ||||
Sovereign Bonds | 8,754,541 | — | 8,754,541 | — | ||||
Total | $41,719,138 | $13,144,909 | $28,574,229 | $— |
Assets | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Austria | $4,279,523 | $— | $4,279,523 | $— | ||||
Belgium | 2,688,399 | — | 2,688,399 | — | ||||
Denmark | 7,804,235 | — | 7,804,235 | — | ||||
Finland | 6,141,633 | — | 6,141,633 | — | ||||
France | 13,369,929 | — | 13,369,929 | — | ||||
Germany | 8,631,649 | — | 8,631,649 | — | ||||
Ireland | 2,668,309 | 2,668,309 | — | — | ||||
Italy | 5,616,987 | — | 5,616,987 | — | ||||
Netherlands | 6,707,384 | — | 6,707,384 | — | ||||
Norway | 2,182,601 | — | 2,182,601 | — | ||||
Spain | 1,508,272 | — | 1,508,272 | — | ||||
Sweden | 5,957,006 | — | 5,957,006 | — | ||||
Switzerland | 8,726,017 | — | 8,726,017 | — | ||||
United Kingdom | 26,890,967 | 3,155,154 | 23,735,813 | — | ||||
Far East | ||||||||
Australia | 2,502,475 | — | 2,502,475 | — | ||||
China | 1,871,542 | 764,009 | 1,107,533 | — | ||||
India | 969,713 | — | 969,713 | — | ||||
Indonesia | 2,166,790 | — | 2,166,790 | — | ||||
Japan | 34,437,608 | — | 34,437,608 | — | ||||
Taiwan | 1,870,783 | — | 1,870,783 | — | ||||
Middle East | 2,561,005 | 2,561,005 | — | — | ||||
North America | ||||||||
Canada | 24,650,769 | 24,650,769 | — | — | ||||
Mexico | 3,868,952 | 3,868,952 | — | — | ||||
United States | 2,559,337 | — | 2,559,337 | — | ||||
South America | 8,243,298 | 8,243,298 | — | — | ||||
Short Term Investments | 9,057,251 | 9,057,251 | — | — | ||||
Total | $197,932,434 | $54,968,747 | $142,963,687 | $— |
Assets* | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $182,134,692 | $182,134,692 | $— | $— | ||||
Short Term Investments | 764,386 | 764,386 | — | — | ||||
Warrants | 28,352 | 28,352 | — | — | ||||
Total | $182,927,430 | $182,927,430 | $— | $— |
* See Schedule of Investments for industry breakout. |
Assets* | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $467,471,480 | $467,471,480 | $— | $— | ||||
Short Term Investments | 8,088,386 | 8,088,386 | — | — | ||||
Total | $475,559,866 | $475,559,866 | $— | $— |
* See Schedule of Investments for industry breakout. |
Assets* | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $12,529,811 | $12,529,811 | $— | $— | ||||
Short Term Investments | 222,522 | 222,522 | — | — | ||||
Total | $12,752,333 | $12,752,333 | $— | $— |
* See Schedule of Investments for industry breakout. |
Assets* | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Bank Loans | $3,285,961 | $— | $3,285,961 | $— | ||||
Common Stocks | ||||||||
Banks | 13,393,714 | 13,393,714 | — | — | ||||
Biotechnology | 19,708,574 | 19,708,574 | — | — | ||||
Commercial Services | 2,552,279 | 2,552,279 | — | — | ||||
Engineering & Construction | 8,583,716 | 8,583,716 | — | — | ||||
Entertainment | 10,475,374 | 10,475,374 | — | — | ||||
Financial Services | 6,433,203 | 6,433,203 | — | — | ||||
Food | 1,452,272 | 1,452,272 | — | — | ||||
Healthcare - Products | 700,489 | 700,489 | — | — | ||||
Holding Companies - Diversified | 19,247,374 | 14,598,832 | 4,648,542 | —** | ||||
Leisure Time | 2,709,112 | 2,709,112 | — | — | ||||
Metal Fabricate/Hardware | 2,779,365 | 2,779,365 | — | — | ||||
Savings & Loans | 5,680,693 | 5,680,693 | — | — | ||||
Transportation | 11,270,849 | 11,270,849 | — | — | ||||
Convertible Corporate Bonds | 4,796,823 | — | 4,796,823 | — | ||||
Corporate Bonds | 57,731,094 | — | 57,731,094 | — | ||||
Preferred Stocks | 3,129,864 | 3,129,864 | — | — | ||||
Private Investment In Public Equity (PIPES) | 762,112 | 762,112 | — | — | ||||
Short Term Investments | 24,883,895 | 24,883,895 | — | — |
Assets* | Total Value at September 30, 2022 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Warrants | $204,133 | $178,803 | $25,330 | $— | ||||
Total | $199,780,896 | $129,293,146 | $70,487,750 | $— |
Liabilities | ||||||||
Common Stocks Sold Short | $(2,622,475) | $(2,622,475) | $— | $— | ||||
Corporate Bonds Sold Short | (3,198,922) | — | (3,198,922) | — | ||||
Exchange-Traded Funds Sold Short | (20,282,053) | (20,282,053) | — | — | ||||
Total | $(26,103,450) | $(22,904,528) | $(3,198,922) | $— |
Other Financial Instruments | ||||||||
Total Return Swaps - Assets*** | $748,420 | $— | $748,420 | $— | ||||
Total Other Financial Instruments | $748,420 | $— | $748,420 | $— |
* See Schedule of Investments for industry breakout. |
** Level 3 security has zero value. |
*** Swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |