| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 93.6% | ||
Belgium | 0.6% | ||
| Cenergy Holdings S.A. | 44,143 | $348,919 | |
Brazil | 8.4% | ||
| Adecoagro S.A. | 12,577 | 139,605 | |
| Arcos Dorados Holdings, Inc. - Class A | 48,237 | 612,128 | |
| C&A MODAS S.A.(a) | 330,500 | 531,483 | |
| Cia Siderurgica Nacional S.A. - ADR | 118,839 | 467,037 | |
| Cyrela Brazil Realty S.A. Empreendimentos e Participacoes | 28,200 | 139,076 | |
| Dexco S.A.(a) | 304,900 | 506,877 | |
| Embraer S.A. - ADR(a) | 26,621 | 491,157 | |
| Hapvida Participacoes e Investimentos S.A.(a)(b) | 400,200 | 366,343 | |
| Locaweb Servicos de Internet S.A.(b) | 223,100 | 276,289 | |
| Pagseguro Digital Ltd. - Class A(a) | 13,565 | 169,156 | |
| Santos Brasil Participacoes S.A. | 287,500 | 554,405 | |
| Ultrapar Participacoes S.A. - ADR | 69,722 | 377,893 | |
| 4,631,449 | |||
Canada | 2.8% | ||
| Capstone Copper Corp.(a) | 117,015 | 569,599 | |
| Pan American Silver Corp. | 49,403 | 806,751 | |
| Parex Resources, Inc. | 8,768 | 165,097 | |
| 1,541,447 | |||
Chile | 0.6% | ||
| Enel Chile S.A. | 5,449,981 | 352,544 | |
China | 5.4% | ||
| Airtac International Group | 17,300 | 569,329 | |
| EEKA Fashion Holdings Ltd. | 146,000 | 265,132 | |
| Kingsemi Co. Ltd. - Class A | 17,510 | 328,322 | |
| Proya Cosmetics Co. Ltd. - Class A | 19,080 | 266,158 | |
| SooChow Securities Co. Ltd. - Class A | 233,599 | 239,643 | |
| TAL Education Group - ADR(a) | 50,643 | 639,621 | |
| Tongcheng Travel Holdings Ltd.(a) | 208,400 | 385,387 | |
| ZJLD Group, Inc.(a)(b) | 251,800 | 316,665 | |
| 3,010,257 | |||
Germany | 0.6% | ||
| AIXTRON S.E. | 5,497 | 234,605 | |
| Krones A.G. | 1,031 | 127,248 | |
| 361,853 | |||
Greece | 1.9% | ||
| JUMBO S.A. | 9,979 | 276,730 | |
| Motor Oil Hellas Corinth Refineries S.A. | 7,474 | 196,042 | |
| OPAP S.A. | 33,401 | 566,738 | |
| 1,039,510 | |||
Hong Kong | 0.7% | ||
| Sinotruk Hong Kong Ltd. | 204,000 | 400,241 |
| Percentage of Net Assets | Shares | Value | |
Hungary | 0.2% | ||
| Richter Gedeon Nyrt | 4,325 | $109,087 | |
India | 25.4% | ||
| Aster DM Healthcare Ltd.(a)(b) | 93,077 | 458,373 | |
| Brigade Enterprises Ltd. | 89,101 | 960,194 | |
| Computer Age Management Services Ltd. | 8,637 | 275,197 | |
| Craftsman Automation Ltd. | 5,101 | 331,403 | |
| CreditAccess Grameen Ltd.(a) | 31,331 | 601,121 | |
| EPL Ltd. | 174,148 | 422,532 | |
| Exide Industries Ltd. | 207,015 | 790,731 | |
| Genus Power Infrastructures Ltd. | 242,331 | 675,619 | |
| IRB Infrastructure Developers Ltd. | 661,321 | 330,208 | |
| Jyothy Labs Ltd. | 118,865 | 684,075 | |
| KPIT Technologies Ltd. | 67,376 | 1,225,725 | |
| Lemon Tree Hotels Ltd.(a)(b) | 363,196 | 523,099 | |
| Mrs Bectors Food Specialities Ltd. | 35,072 | 471,202 | |
| Narayana Hrudayalaya Ltd. | 49,672 | 717,469 | |
| One 97 Communications Ltd.(a) | 48,780 | 372,502 | |
| PB Fintech Ltd.(a) | 38,951 | 371,963 | |
| Phoenix Mills (The) Ltd. | 41,930 | 1,131,041 | |
| PNC Infratech Ltd. | 121,772 | 514,299 | |
| Shriram Finance Ltd. | 21,354 | 526,910 | |
| Sobha Ltd. | 50,645 | 599,910 | |
| Thermax Ltd. | 10,915 | 404,195 | |
| VA Tech Wabag Ltd.(a) | 66,757 | 503,643 | |
| Varun Beverages Ltd. | 79,881 | 1,187,362 | |
| 14,078,773 | |||
Indonesia | 3.8% | ||
| Ace Hardware Indonesia Tbk PT | 10,854,600 | 507,587 | |
| Indosat Tbk PT | 1,578,100 | 960,881 | |
| Jasa Marga Persero Tbk PT | 1,971,400 | 623,545 | |
| 2,092,013 | |||
Malaysia | 1.6% | ||
| Bermaz Auto Bhd. | 409,000 | 210,063 | |
| Dayang Enterprise Holdings Bhd. | 783,200 | 272,714 | |
| Gamuda Bhd. | 409,600 | 409,154 | |
| 891,931 | |||
Mexico | 2.9% | ||
| Controladora Vuela Cia de Aviacion S.A.B. de C.V. - ADR(a) | 35,438 | 332,409 | |
| Corp. Inmobiliaria Vesta S.A.B. de C.V. | 138,800 | 551,162 | |
| Grupo Traxion S.A.B de C.V.(a)(b) | 351,355 | 720,200 | |
| 1,603,771 | |||
Netherlands | 0.3% | ||
| AMG Critical Materials N.V. | 7,321 | 184,432 |
| Percentage of Net Assets | Shares | Value | |
Philippines | 1.4% | ||
| Century Pacific Food, Inc. | 916,800 | $512,415 | |
| GT Capital Holdings, Inc. | 25,800 | 274,889 | |
| 787,304 | |||
Poland | 0.3% | ||
| Bank Polska Kasa Opieki S.A. | 5,068 | 195,842 | |
Russia | 0.0% | ||
| Ozon Holdings PLC - ADR(a)** | 7,516 | — | |
Saudi Arabia | 2.2% | ||
| AlKhorayef Water & Power Technologies Co.(a) | 5,939 | 307,301 | |
| Saudi Ground Services Co.(a) | 60,278 | 578,167 | |
| United Electronics Co. | 13,994 | 328,684 | |
| 1,214,152 | |||
Singapore | 0.8% | ||
| Yangzijiang Shipbuilding Holdings Ltd. | 384,300 | 433,875 | |
South Africa | 0.7% | ||
| Aspen Pharmacare Holdings Ltd. | 34,633 | 385,284 | |
South Korea | 8.4% | ||
| Classys, Inc. | 13,564 | 395,746 | |
| Cosmax, Inc. | 3,229 | 316,202 | |
| Eo Technics Co. Ltd. | 3,944 | 465,119 | |
| Eugene Technology Co. Ltd. | 21,727 | 683,896 | |
| Han Kuk Carbon Co. Ltd. | 31,702 | 285,783 | |
| HPSP Co. Ltd. | 19,716 | 665,815 | |
| Hyundai Autoever Corp. | 3,148 | 514,505 | |
| Jeisys Medical, Inc. | 42,103 | 341,712 | |
| NH Investment & Securities Co. Ltd. | 36,157 | 289,184 | |
| Park Systems Corp. | 2,118 | 284,177 | |
| WONIK IPS Co. Ltd. | 16,816 | 440,809 | |
| 4,682,948 | |||
Switzerland | 0.6% | ||
| Avolta A.G.(a) | 8,281 | 325,706 | |
Taiwan | 18.4% | ||
| Alchip Technologies Ltd. | 6,243 | 666,194 | |
| Arcadyan Technology Corp. | 140,000 | 777,765 | |
| Asia Vital Components Co. Ltd. | 55,000 | 603,037 | |
| ASPEED Technology, Inc. | 4,570 | 464,587 | |
| E Ink Holdings, Inc. | 57,000 | 365,879 | |
| Elan Microelectronics Corp. | 114,000 | 603,607 | |
| Elite Material Co. Ltd. | 44,000 | 547,661 | |
| Ennoconn Corp. | 50,000 | 436,617 | |
| Global Unichip Corp. | 10,200 | 578,290 | |
| Gold Circuit Electronics Ltd. | 83,000 | 589,563 | |
| Hu Lane Associate, Inc. | 73,000 | 378,195 | |
| Ingentec Corp. | 69,659 | 436,922 |
| Percentage of Net Assets | Shares | Value | |
| Kaori Heat Treatment Co. Ltd. | 22,000 | $159,854 | |
| King Yuan Electronics Co. Ltd. | 264,000 | 730,311 | |
| M31 Technology Corp. | 16,200 | 559,522 | |
| Makalot Industrial Co. Ltd. | 50,000 | 577,540 | |
| Sercomm Corp. | 120,000 | 525,896 | |
| Visual Photonics Epitaxy Co. Ltd. | 146,000 | 763,526 | |
| Voltronic Power Technology Corp. | 7,550 | 420,667 | |
| 10,185,633 | |||
Thailand | 1.1% | ||
| Fabrinet(a) | 1,833 | 348,875 | |
| Ichitan Group PCL - NVDR | 536,600 | 246,377 | |
| 595,252 | |||
Turkey | 1.3% | ||
| Haci Omer Sabanci Holding A.S. | 111,851 | 229,443 | |
| MLP Saglik Hizmetleri A.S.(a)(b) | 92,665 | 468,533 | |
| 697,976 | |||
United Arab Emirates | 1.6% | ||
| Burjeel Holdings PLC | 785,369 | 665,032 | |
| Emaar Development PJSC | 103,515 | 201,520 | |
| 866,552 | |||
United Kingdom | 0.8% | ||
| Anglogold Ashanti PLC | 13,252 | 256,028 | |
| Hikma Pharmaceuticals PLC | 7,560 | 172,394 | |
| 428,422 | |||
United States | 0.8% | ||
| Globant S.A.(a) | 677 | 161,112 | |
| Laureate Education, Inc. | 20,466 | 280,589 | |
| 441,701 | |||
| TOTAL COMMON STOCKS (Cost $43,130,372) | 51,886,874 | ||
EXCHANGE TRADED FUNDS | 0.5% | ||
| iShares MSCI India ETF | 5,912 | 288,565 | |
| TOTAL EXCHANGE TRADED FUNDS (Cost $260,607) | 288,565 | ||
EQUITY-LINKED SECURITIES | 2.7% | ||
India | 2.7% | ||
| CIE Automotive India Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 4/27/28(a) | 50,393 | 285,049 | |
| Federal Bank Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 10/25/27(a) | 327,017 | 613,645 | |
| Shriram Transport Finance Co. Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 6/30/24(a) | 11,174 | 275,718 | |
| VA Tech Wabag Ltd., Issued by CLSA Global Markets Pte. Ltd., Maturity Date 7/30/26(a) | 46,061 | 347,504 | |
| 1,521,916 | |||
| TOTAL EQUITY-LINKED SECURITIES (Cost $1,200,097) | 1,521,916 |
| Percentage of Net Assets | Shares | Value | |
PREFERRED STOCKS | 1.7% | ||
Brazil | 1.1% | ||
| Marcopolo S.A., 1.54%(c) | 424,600 | $617,266 | |
Colombia | 0.6% | ||
| Bancolombia S.A. - ADR, 10.99%(c) | 10,328 | 317,793 | |
| TOTAL PREFERRED STOCKS (Cost $723,959) | 935,059 |
SHORT-TERM INVESTMENTS | 2.0% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(d) | 1,084,804 | 1,084,804 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $1,084,804) | 1,084,804 | ||
TOTAL INVESTMENTS (Cost $46,399,839) | 100.5% | 55,717,218 | |
NET OTHER ASSETS (LIABILITIES) | (0.5%) | (296,397) | |
NET ASSETS | 100.0% | $55,420,821 |
| (a)Non-income producing security. |
| (b)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
| (c)Current yield is disclosed. Dividends are calculated based on a percentage of issuer's net income. |
| (d)7-day current yield as of December 31, 2023 is disclosed. |
| **Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| NVDR – Non-Voting Depositary Receipt |
| Sector Allocation | % of Net Assets |
Communication Services | 1.8% |
Consumer Discretionary | 13.7 |
Consumer Staples | 7.6 |
Energy | 1.9 |
Financials | 7.0 |
Health Care | 7.4 |
Industrials | 15.9 |
Information Technology | 26.1 |
Materials | 7.1 |
Real Estate | 6.2 |
Utilities | 3.8 |
Total | 98.5% |
| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 93.8% | ||
Brazil | 6.1% | ||
| Ambev S.A. - ADR(a) | 11,211,221 | $31,391,419 | |
| Arcos Dorados Holdings, Inc. - Class A | 590,273 | 7,490,565 | |
| B3 S.A. - Brasil Bolsa Balcao | 828,337 | 2,478,360 | |
| Suzano S.A. - ADR(a) | 262,873 | 2,986,237 | |
| Vamos Locacao de Caminhoes Maquinas e Equipamentos S.A. | 5,813,618 | 12,041,587 | |
| 56,388,168 | |||
Canada | 2.8% | ||
| Barrick Gold Corp. | 1,450,382 | 26,237,410 | |
China | 21.8% | ||
| China Oilfield Services Ltd. - Class H | 12,074,384 | 12,339,577 | |
| China Resources Land Ltd. | 5,142,000 | 18,438,368 | |
| ENN Energy Holdings Ltd. | 1,895,276 | 13,956,377 | |
| Imeik Technology Development Co. Ltd. - Class A | 228,400 | 9,434,223 | |
| Meituan - Class B(a)(b) | 1,188,854 | 12,469,379 | |
| Proya Cosmetics Co. Ltd. - Class A | 1,198,883 | 16,723,944 | |
| Tencent Holdings Ltd. | 1,541,050 | 57,943,559 | |
| TravelSky Technology Ltd. - Class H | 4,998,922 | 8,642,562 | |
| Trip.com Group Ltd.(a) | 649,230 | 23,080,777 | |
| Tsingtao Brewery Co. Ltd. - Class H | 3,388,389 | 22,738,245 | |
| Xinyi Solar Holdings Ltd. | 11,171,325 | 6,523,819 | |
| 202,290,830 | |||
Hong Kong | 2.6% | ||
| Hong Kong Exchanges & Clearing Ltd. | 706,463 | 24,246,921 | |
India | 17.5% | ||
| HDFC Bank Ltd. - ADR | 436,706 | 29,307,340 | |
| ICICI Bank Ltd. - ADR | 417,851 | 9,961,568 | |
| Larsen & Toubro Ltd. | 1,046,943 | 44,361,911 | |
| Mahindra & Mahindra Ltd. | 1,185,555 | 24,638,943 | |
| Reliance Industries Ltd. | 263,853 | 8,196,323 | |
| State Bank of India | 4,381,810 | 33,808,609 | |
| UltraTech Cement Ltd. | 93,855 | 11,846,164 | |
| 162,120,858 | |||
Indonesia | 9.0% | ||
| Astra International Tbk PT | 34,765,998 | 12,757,543 | |
| Bank Mandiri Persero Tbk PT | 70,953,103 | 27,879,865 | |
| Bank Rakyat Indonesia Persero Tbk PT | 75,867,254 | 28,209,393 | |
| Mitra Adiperkasa Tbk PT | 121,568,409 | 14,133,107 | |
| 82,979,908 | |||
Jersey | 0.3% | ||
| Centamin PLC | 2,197,203 | 2,792,263 | |
Mexico | 10.1% | ||
| Becle S.A.B. de C.V. | 2,928,708 | 5,738,067 | |
| Bolsa Mexicana de Valores S.A.B. de C.V. | 2,581,079 | 5,341,212 |
| Percentage of Net Assets | Shares | Value | |
| Cemex S.A.B. de C.V. - ADR(a) | 3,821,475 | $29,616,431 | |
| Grupo Financiero Banorte S.A.B. de C.V., Series O | 3,095,149 | 31,124,648 | |
| Megacable Holdings S.A.B. de C.V. - CPO | 764,169 | 1,706,453 | |
| Wal-Mart de Mexico S.A.B. de C.V. | 4,845,946 | 20,424,260 | |
| 93,951,071 | |||
Russia | 0.0% | ||
| Gazprom PJSC - ADR(a)** | 306,786 | — | |
| Globaltrans Investment PLC - REG - GDR(a)** | 757,185 | — | |
| — | |||
South Africa | 3.7% | ||
| FirstRand Ltd. | 8,569,833 | 34,438,618 | |
South Korea | 5.8% | ||
| Samsung Electronics Co. Ltd. | 453,428 | 27,521,648 | |
| Samsung Electronics Co. Ltd. - REG - GDR | 6,669 | 9,990,162 | |
| SK Hynix, Inc. | 50,709 | 5,534,277 | |
| SK Square Co. Ltd.(a) | 263,399 | 10,704,662 | |
| 53,750,749 | |||
Taiwan | 9.7% | ||
| President Chain Store Corp. | 369,927 | 3,248,410 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 1,146,816 | 22,158,710 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 432,614 | 44,991,856 | |
| Yuanta Financial Holding Co. Ltd. | 22,011,360 | 19,794,840 | |
| 90,193,816 | |||
United Arab Emirates | 4.4% | ||
| Aldar Properties PJSC | 5,281,841 | 7,693,921 | |
| Emaar Properties PJSC | 13,684,890 | 29,510,402 | |
| Fertiglobe PLC | 4,365,837 | 3,530,471 | |
| 40,734,794 | |||
| TOTAL COMMON STOCKS (Cost $812,413,375) | 870,125,406 | ||
PREFERRED STOCKS | 4.9% | ||
Brazil | 4.9% | ||
| Azul S.A. - ADR(a) | 1,013,064 | 9,816,590 | |
| Itau Unibanco Holding S.A. - ADR(a) | 5,031,578 | 34,969,467 | |
| 44,786,057 | |||
| TOTAL PREFERRED STOCKS (Cost $40,235,796) | 44,786,057 |
SHORT-TERM INVESTMENTS | 1.5% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(c) | 14,142,806 | 14,142,806 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $14,142,806) | 14,142,806 | ||
TOTAL INVESTMENTS (Cost $866,791,977) | 100.2% | 929,054,269 | |
NET OTHER ASSETS (LIABILITIES) | (0.2%) | (1,529,961) | |
NET ASSETS | 100.0% | $927,524,308 |
| (a)Non-income producing security. |
| (b)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
| (c)7-day current yield as of December 31, 2023 is disclosed. |
| **Security valued pursuant to Level 3 unobservable inputs and is restricted for trading. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| CPO – Certificados de Partcipatión Ordinario |
| GDR – Global Depositary Receipt |
| REG – Registered |
| Sector Allocation | % of Net Assets |
Communication Services | 6.5% |
Consumer Discretionary | 9.6 |
Consumer Staples | 10.8 |
Energy | 2.2 |
Financials | 30.4 |
Health Care | 1.0 |
Industrials | 9.7 |
Information Technology | 12.7 |
Materials | 8.3 |
Real Estate | 6.0 |
Utilities | 1.5 |
Total | 98.7% |
| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 96.9% | ||
Australia | 2.6% | ||
| Fortescue Metals Group Ltd. | 76,070 | $1,504,336 | |
Brazil | 5.0% | ||
| B3 S.A. - Brasil Bolsa Balcao | 488,919 | 1,462,831 | |
| NU Holdings Ltd. - Class A(a) | 178,010 | 1,482,824 | |
| 2,945,655 | |||
Denmark | 5.0% | ||
| Novo Nordisk A/S - Class B | 14,272 | 1,475,452 | |
| Zealand Pharma A/S(a) | 26,773 | 1,479,657 | |
| 2,955,109 | |||
France | 2.5% | ||
| Danone S.A. | 22,418 | 1,452,233 | |
Indonesia | 2.5% | ||
| Bank Mandiri Persero Tbk PT | 3,759,609 | 1,477,277 | |
Ireland | 7.4% | ||
| Accenture PLC - Class A | 4,171 | 1,463,645 | |
| CRH PLC | 21,355 | 1,476,912 | |
| Linde PLC | 3,531 | 1,450,217 | |
| 4,390,774 | |||
Japan | 5.1% | ||
| Daifuku Co. Ltd. | 75,497 | 1,527,342 | |
| Sony Group Corp. | 15,686 | 1,491,839 | |
| 3,019,181 | |||
South Korea | 3.5% | ||
| HPSP Co. Ltd. | 17,824 | 601,922 | |
| SK Hynix, Inc. | 13,519 | 1,475,436 | |
| 2,077,358 | |||
Taiwan | 2.6% | ||
| AP Memory Technology Corp. | 98,484 | 1,504,993 | |
United Kingdom | 2.6% | ||
| Compass Group PLC | 55,187 | 1,509,585 | |
United States | 58.1% | ||
| Adobe, Inc.(a) | 2,405 | 1,434,823 | |
| Alphabet, Inc. - Class A(a) | 11,635 | 1,625,293 | |
| Amazon.com, Inc.(a) | 9,784 | 1,486,581 | |
| Ares Management Corp. - Class A | 11,719 | 1,393,623 | |
| Broadcom, Inc. | 1,302 | 1,453,358 | |
| Chart Industries, Inc.(a) | 8,340 | 1,136,992 | |
| Dynatrace, Inc.(a) | 27,038 | 1,478,708 | |
| Elevance Health, Inc. | 2,923 | 1,378,370 | |
| Eli Lilly & Co. | 2,586 | 1,507,431 | |
| Globant S.A.(a) | 5,748 | 1,367,909 | |
| GXO Logistics, Inc.(a) | 21,759 | 1,330,780 | |
| Intercontinental Exchange, Inc. | 11,548 | 1,483,110 |
| Percentage of Net Assets | Shares | Value | |
| Intuit, Inc. | 2,344 | $1,465,070 | |
| MercadoLibre, Inc.(a) | 926 | 1,455,246 | |
| Microsoft Corp. | 5,163 | 1,941,495 | |
| PTC, Inc.(a) | 8,378 | 1,465,815 | |
| Regeneron Pharmaceuticals, Inc.(a) | 1,707 | 1,499,241 | |
| Roper Technologies, Inc. | 2,707 | 1,475,775 | |
| S&P Global, Inc. | 3,372 | 1,485,434 | |
| Synopsys, Inc.(a) | 1,349 | 694,614 | |
| Tenaris S.A. - ADR | 41,246 | 1,433,711 | |
| TPG, Inc. | 33,076 | 1,427,891 | |
| UnitedHealth Group, Inc. | 2,598 | 1,367,769 | |
| Vertex Pharmaceuticals, Inc.(a) | 3,617 | 1,471,721 | |
| 34,260,760 | |||
| TOTAL COMMON STOCKS (Cost $43,383,027) | 57,097,261 |
SHORT-TERM INVESTMENTS | 1.5% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(b) | 895,723 | 895,723 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $895,723) | 895,723 | ||
TOTAL INVESTMENTS (Cost $44,278,750) | 98.4% | 57,992,984 | |
NET OTHER ASSETS (LIABILITIES) | 1.6% | 957,091 | |
NET ASSETS | 100.0% | $58,950,075 |
| (a)Non-income producing security. |
| (b)7-day current yield as of December 31, 2023 is disclosed. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| Sector Allocation | % of Net Assets |
Communication Services | 2.8% |
Consumer Discretionary | 10.1 |
Consumer Staples | 2.5 |
Energy | 2.4 |
Financials | 17.3 |
Health Care | 17.2 |
Industrials | 6.8 |
Information Technology | 30.3 |
Materials | 7.5 |
Total | 96.9% |
| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 98.9% | ||
Canada | 7.9% | ||
| Alimentation Couche-Tard, Inc. | 4,277 | $251,865 | |
| Cameco Corp. | 4,354 | 187,724 | |
| Intact Financial Corp. | 1,364 | 209,853 | |
| 649,442 | |||
Finland | 3.5% | ||
| Kone OYJ - Class B | 2,728 | 136,003 | |
| Wartsila OYJ Abp | 10,875 | 157,571 | |
| 293,574 | |||
France | 15.2% | ||
| Sanofi S.A. | 2,992 | 296,479 | |
| Publicis Groupe S.A. | 2,514 | 233,128 | |
| Schneider Electric S.E. | 850 | 170,574 | |
| Thales S.A. | 2,187 | 323,401 | |
| TotalEnergies S.E. | 3,422 | 232,707 | |
| 1,256,289 | |||
Germany | 13.5% | ||
| Continental A.G. | 2,407 | 204,393 | |
| Deutsche Boerse A.G. | 1,632 | 336,007 | |
| Infineon Technologies A.G. | 5,797 | 241,905 | |
| Merck KGaA | 2,113 | 336,134 | |
| 1,118,439 | |||
Ireland | 4.0% | ||
| CRH PLC | 4,808 | 331,553 | |
Japan | 17.8% | ||
| SoftBank Corp. | 10,000 | 124,787 | |
| Daifuku Co. Ltd. | 10,938 | 221,281 | |
| Ebara Corp. | 3,200 | 189,458 | |
| KDDI Corp. | 4,037 | 128,439 | |
| Komatsu Ltd. | 9,785 | 255,937 | |
| Nitori Holdings Co. Ltd. | 2,056 | 275,300 | |
| Pan Pacific International Holdings Corp. | 5,400 | 128,834 | |
| Tokio Marine Holdings, Inc. | 5,806 | 145,315 | |
| 1,469,351 | |||
Netherlands | 4.9% | ||
| Heineken Holding N.V. | 3,369 | 284,891 | |
| SBM Offshore N.V. | 8,791 | 120,825 | |
| 405,716 | |||
Singapore | 2.5% | ||
| DBS Group Holdings Ltd. | 8,065 | 204,169 | |
Spain | 1.4% | ||
| Bankinter S.A. | 17,486 | 111,884 |
| Percentage of Net Assets | Shares | Value | |
Sweden | 4.8% | ||
| Sandvik AB | 8,811 | $190,529 | |
| Svenska Handelsbanken AB - Class A | 19,031 | 206,517 | |
| 397,046 | |||
Switzerland | 4.9% | ||
| Cie Financiere Richemont S.A. - Class A - REG | 1,023 | 140,791 | |
| Roche Holding A.G. | 916 | 266,289 | |
| 407,080 | |||
United Kingdom | 15.7% | ||
| B&M European Value Retail S.A. | 31,499 | 224,921 | |
| Beazley PLC | 23,320 | 155,164 | |
| Compass Group PLC | 12,409 | 339,436 | |
| Diageo PLC | 3,343 | 121,699 | |
| Rio Tinto PLC | 1,846 | 137,462 | |
| Shell PLC | 9,834 | 322,335 | |
| 1,301,017 | |||
United States | 2.8% | ||
| Philip Morris International, Inc. | 2,421 | 227,768 | |
| TOTAL COMMON STOCKS (Cost $7,573,428) | 8,173,328 |
SHORT-TERM INVESTMENTS | 0.5% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(a) | 40,540 | 40,540 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $40,540) | 40,540 | ||
TOTAL INVESTMENTS (Cost $7,613,968) | 99.4% | 8,213,868 | |
NET OTHER ASSETS (LIABILITIES) | 0.6% | 45,919 | |
NET ASSETS | 100.0% | $8,259,787 |
| (a)7-day current yield as of December 31, 2023 is disclosed. |
| Abbreviations: |
| REG – Registered |
| Sector Allocation | % of Net Assets |
Communication Services | 5.8% |
Consumer Discretionary | 15.9 |
Consumer Staples | 10.8 |
Energy | 10.5 |
Financials | 16.6 |
Health Care | 10.9 |
Industrials | 19.9 |
Information Technology | 2.9 |
Materials | 5.6 |
Total | 98.9% |
| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 95.1% | ||
Australia | 2.4% | ||
| Fortescue Metals Group Ltd. | 6,622,287 | $130,960,230 | |
Brazil | 2.6% | ||
| B3 S.A. - Brasil Bolsa Balcao | 47,340,260 | 141,640,659 | |
Denmark | 2.6% | ||
| Novo Nordisk A/S - Class B | 1,423,802 | 147,193,889 | |
France | 6.9% | ||
| Air Liquide S.A.(a) | 618,444 | 120,242,632 | |
| Danone S.A. | 1,841,069 | 119,264,059 | |
| Schneider Electric S.E. | 708,610 | 142,201,047 | |
| 381,707,738 | |||
Germany | 4.9% | ||
| AIXTRON S.E. | 3,060,730 | 130,628,003 | |
| Deutsche Boerse A.G. | 688,845 | 141,824,011 | |
| 272,452,014 | |||
Indonesia | 2.3% | ||
| Bank Rakyat Indonesia Persero Tbk PT | 341,441,281 | 126,956,637 | |
Ireland | 6.8% | ||
| Accenture PLC - Class A | 371,435 | 130,340,256 | |
| CRH PLC | 1,803,778 | 124,385,956 | |
| Linde PLC | 304,570 | 125,089,945 | |
| 379,816,157 | |||
Japan | 25.5% | ||
| Advantest Corp. | 3,701,388 | 125,925,945 | |
| Chugai Pharmaceutical Co. Ltd. | 3,393,642 | 128,573,302 | |
| Daifuku Co. Ltd. | 6,333,279 | 128,125,378 | |
| Disco Corp. | 527,481 | 130,860,180 | |
| Hitachi Ltd. | 1,744,909 | 125,856,202 | |
| Japan Exchange Group, Inc. | 6,458,932 | 136,645,349 | |
| Komatsu Ltd. | 4,855,652 | 127,004,571 | |
| ORIX Corp. | 6,883,983 | 129,672,758 | |
| Recruit Holdings Co. Ltd. | 3,221,000 | 136,218,603 | |
| Sony Group Corp. | 1,331,685 | 126,651,744 | |
| Tokyo Electron Ltd. | 696,183 | 124,695,756 | |
| 1,420,229,788 | |||
Jersey | 2.5% | ||
| Ferguson PLC | 718,641 | 138,180,991 | |
Netherlands | 2.2% | ||
| BE Semiconductor Industries N.V. | 827,999 | 124,724,787 | |
South Korea | 2.3% | ||
| SK Hynix, Inc. | 1,190,946 | 129,977,422 | |
Sweden | 2.3% | ||
| EQT AB | 4,520,378 | 127,731,642 |
| Percentage of Net Assets | Shares | Value | |
Switzerland | 9.3% | ||
| Alcon, Inc. | 1,586,438 | $123,814,030 | |
| Novartis A.G. - REG | 1,256,184 | 126,760,997 | |
| Partners Group Holding A.G. | 87,966 | 126,868,507 | |
| Sandoz Group A.G.(a) | 4,310,761 | 138,694,718 | |
| 516,138,252 | |||
United Kingdom | 15.8% | ||
| Ashtead Group PLC | 1,845,434 | 128,481,681 | |
| AstraZeneca PLC | 933,795 | 126,167,764 | |
| B&M European Value Retail S.A. | 17,392,677 | 124,193,977 | |
| Compass Group PLC | 4,858,385 | 132,896,225 | |
| GSK PLC | 6,443,893 | 119,115,210 | |
| London Stock Exchange Group PLC | 1,053,277 | 124,508,984 | |
| Rio Tinto PLC | 1,679,286 | 125,048,135 | |
| 880,411,976 | |||
United States | 6.7% | ||
| Globant S.A.(a) | 578,585 | 137,691,658 | |
| MercadoLibre, Inc.(a) | 73,104 | 114,885,860 | |
| Tenaris S.A. | 6,943,855 | 120,695,958 | |
| 373,273,476 | |||
| TOTAL COMMON STOCKS (Cost $4,354,274,076) | 5,291,395,658 | ||
PREFERRED STOCKS | 2.4% | ||
Brazil | 2.4% | ||
| Itau Unibanco Holding S.A. - ADR(a) | 19,331,732 | 134,355,537 | |
| TOTAL PREFERRED STOCKS (Cost $95,280,060) | 134,355,537 |
SHORT-TERM INVESTMENTS | 2.3% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(b) | 127,593,524 | 127,593,524 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $127,593,524) | 127,593,524 | ||
TOTAL INVESTMENTS (Cost $4,577,147,660) | 99.8% | 5,553,344,719 | |
NET OTHER ASSETS (LIABILITIES) | 0.2% | 11,706,110 | |
NET ASSETS | 100.0% | $5,565,050,829 |
| (a)Non-income producing security. |
| (b)7-day current yield as of December 31, 2023 is disclosed. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| REG – Registered |
| Sector Allocation | % of Net Assets |
Consumer Discretionary | 8.9% |
Consumer Staples | 2.1 |
Energy | 2.2 |
Financials | 21.5 |
Health Care | 16.3 |
Industrials | 16.7 |
Information Technology | 18.4 |
Materials | 11.4 |
Total | 97.5% |
| Percentage of Net Assets | Shares | Value | |
CLOSED-END FUNDS | 0.9% | ||
Guernsey | 0.9% | ||
| Syncona Ltd.(a) | 44,157 | $69,456 | |
| TOTAL CLOSED-END FUNDS (Cost $109,005) | 69,456 | ||
COMMON STOCKS | 97.9% | ||
Austria | 0.8% | ||
| Lenzing A.G.(a) | 1,563 | 61,341 | |
Belgium | 1.0% | ||
| Umicore S.A. | 2,783 | 76,500 | |
Brazil | 9.9% | ||
| Afya Ltd. - Class A(a) | 16,152 | 354,213 | |
| YDUQS Participacoes S.A. | 87,411 | 403,078 | |
| 757,291 | |||
Canada | 3.9% | ||
| ATS Corp.(a) | 6,834 | 294,547 | |
Denmark | 6.2% | ||
| Novo Nordisk A/S - Class B | 2,710 | 280,162 | |
| Orsted A/S(b) | 3,449 | 191,177 | |
| 471,339 | |||
France | 5.0% | ||
| Hoffmann Green Cement Technologies S.A.S.(a) | 1,699 | 15,005 | |
| Sartorius Stedim Biotech | 945 | 249,854 | |
| Valeo S.E. | 7,335 | 112,676 | |
| 377,535 | |||
Germany | 8.3% | ||
| AIXTRON S.E. | 9,347 | 398,918 | |
| Carl Zeiss Meditec A.G. - Bearer | 1,409 | 153,742 | |
| Duerr A.G. | 3,394 | 80,107 | |
| 632,767 | |||
Indonesia | 4.6% | ||
| Bank Rakyat Indonesia Persero Tbk PT | 933,211 | 346,992 | |
Italy | 3.8% | ||
| Stevanato Group S.p.A. | 10,527 | 287,282 | |
Japan | 5.2% | ||
| Horiba Ltd. | 5,091 | 398,253 | |
Netherlands | 5.6% | ||
| Alfen N.V.(a)(b) | 1,885 | 125,439 | |
| QIAGEN N.V.(a) | 6,986 | 303,861 | |
| 429,300 | |||
Norway | 1.4% | ||
| TOMRA Systems ASA | 8,600 | 104,496 | |
Spain | 1.8% | ||
| Befesa S.A.(b) | 3,477 | 135,113 | |
Sweden | 5.5% | ||
| Munters Group AB(b) | 26,054 | 422,348 |
| Percentage of Net Assets | Shares | Value | |
Switzerland | 4.3% | ||
| Kardex Holding A.G. - REG | 516 | $133,747 | |
| Lonza Group A.G. - REG | 462 | 194,292 | |
| 328,039 | |||
United Kingdom | 3.7% | ||
| Autolus Therapeutics PLC - ADR(a) | 43,079 | 277,429 | |
| Ilika PLC(a) | 9,423 | 4,324 | |
| 281,753 | |||
United States | 26.9% | ||
| Agilent Technologies, Inc. | 2,146 | 298,358 | |
| ANSYS, Inc.(a) | 993 | 360,340 | |
| Ecolab, Inc. | 1,822 | 361,394 | |
| Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 11,415 | 314,826 | |
| PTC, Inc.(a) | 1,993 | 348,695 | |
| Xylem, Inc. | 3,191 | 364,923 | |
| 2,048,536 | |||
| TOTAL COMMON STOCKS (Cost $6,008,377) | 7,453,432 |
SHORT-TERM INVESTMENTS | 1.1% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(c) | 80,925 | 80,925 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $80,925) | 80,925 | ||
TOTAL INVESTMENTS (Cost $6,198,307) | 99.9% | 7,603,813 | |
NET OTHER ASSETS (LIABILITIES) | 0.1% | 8,332 | |
NET ASSETS | 100.0% | $7,612,145 |
| (a)Non-income producing security. |
| (b)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
| (c)7-day current yield as of December 31, 2023 is disclosed. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| REG – Registered |
| Sector Allocation | % of Net Assets |
Consumer Discretionary | 11.4% |
Financials | 9.6 |
Health Care | 26.8 |
Industrials | 22.0 |
Information Technology | 19.7 |
Materials | 6.8 |
Utilities | 2.5 |
Total | 98.8% |
| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 93.3% | ||
Brazil | 5.9% | ||
| Ambev S.A.(a) | 30,000 | $84,313 | |
| Banco BTG Pactual S.A.(a) | 20,600 | 159,331 | |
| Braskem S.A.(a) | 5,000 | 22,307 | |
| JBS S.A. | 17,000 | 86,310 | |
| Localiza Rent a Car S.A.(a) | 4,012 | 52,528 | |
| NU Holdings Ltd. - Class A(a) | 2,500 | 20,825 | |
| 425,614 | |||
Canada | 1.4% | ||
| Fairfax India Holdings Corp.(a)(b) | 6,700 | 101,840 | |
China | 17.0% | ||
| Alibaba Group Holding Ltd. | 22,000 | 212,999 | |
| Centre Testing International Group Co. Ltd. - Class A | 30,000 | 59,784 | |
| Kingboard Holdings Ltd. | 23,000 | 55,022 | |
| Kingdee International Software Group Co. Ltd.(a) | 60,000 | 87,443 | |
| Kingsoft Corp. Ltd. | 18,000 | 55,555 | |
| NetEase, Inc. | 15,500 | 279,093 | |
| Tencent Holdings Ltd. | 8,200 | 308,321 | |
| Topsports International Holdings Ltd.(b) | 110,000 | 85,650 | |
| Zijin Mining Group Co. Ltd. - Class H | 50,000 | 81,450 | |
| 1,225,317 | |||
Czech Republic | 1.5% | ||
| Colt CZ Group S.E. | 4,500 | 106,847 | |
Greece | 4.2% | ||
| JUMBO S.A. | 3,000 | 83,194 | |
| Motor Oil Hellas Corinth Refineries S.A. | 4,300 | 112,788 | |
| OPAP S.A. | 6,200 | 105,200 | |
| 301,182 | |||
Guatemala | 1.1% | ||
| Millicom International Cellular S.A.(a) | 4,450 | 80,100 | |
Hong Kong | 3.1% | ||
| Lenovo Group Ltd. | 100,000 | 139,848 | |
| Sinotruk Hong Kong Ltd. | 42,400 | 83,187 | |
| 223,035 | |||
Hungary | 2.6% | ||
| Richter Gedeon Nyrt | 7,500 | 189,168 | |
India | 7.9% | ||
| ICICI Bank Ltd. - ADR | 9,500 | 226,480 | |
| ICICI Securities Ltd.(b) | 6,000 | 51,770 | |
| Indian Energy Exchange Ltd.(b) | 20,000 | 40,378 | |
| Reliance Industries Ltd. - GDR(b) | 4,000 | 250,000 | |
| 568,628 | |||
Indonesia | 1.3% | ||
| Sarana Menara Nusantara Tbk PT | 1,500,000 | 96,447 |
| Percentage of Net Assets | Shares | Value | |
Kazakhstan | 1.4% | ||
| Kaspi.KZ JSC - REG - GDR | 1,100 | $101,200 | |
Malaysia | 1.2% | ||
| Hibiscus Petroleum Bhd. | 160,000 | 88,444 | |
Mexico | 4.5% | ||
| Becle S.A.B. de C.V. | 46,000 | 90,125 | |
| Fibra Uno Administracion S.A. de C.V. | 64,000 | 115,216 | |
| Promotora y Operadora de Infraestructura S.A.B. de C.V. - Class L | 18,000 | 121,901 | |
| 327,242 | |||
Poland | 1.2% | ||
| Text S.A. | 3,000 | 88,290 | |
Puerto Rico | 0.7% | ||
| Liberty Latin America Ltd. - Class C(a) | 7,000 | 51,380 | |
South Africa | 2.6% | ||
| Naspers Ltd. - Class N | 1,100 | 188,099 | |
South Korea | 12.9% | ||
| Doosan Bobcat, Inc. | 1,500 | 58,430 | |
| Fila Holdings Corp. | 4,500 | 134,601 | |
| Hugel, Inc.(a) | 700 | 81,000 | |
| LG Chem Ltd. | 300 | 115,387 | |
| Samsung Electronics Co. Ltd. | 6,000 | 364,181 | |
| Shinhan Financial Group Co. Ltd. | 4,000 | 124,015 | |
| Value Added Technology Co. Ltd. | 2,000 | 51,497 | |
| 929,111 | |||
Taiwan | 10.1% | ||
| Chailease Holding Co. Ltd. | 16,269 | 102,309 | |
| E Ink Holdings, Inc. | 22,000 | 141,216 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 25,000 | 483,049 | |
| 726,574 | |||
Thailand | 2.7% | ||
| Bangkok Bank PCL - REG | 25,500 | 116,903 | |
| CP ALL PCL - REG | 45,000 | 73,756 | |
| 190,659 | |||
Turkey | 2.6% | ||
| KOC Holding A.S. | 20,000 | 96,237 | |
| Sok Marketler Ticaret A.S. | 50,000 | 91,538 | |
| 187,775 | |||
United Kingdom | 2.5% | ||
| Georgia Capital PLC(a) | 9,000 | 117,243 | |
| Investec PLC | 9,000 | 61,007 | |
| 178,250 | |||
United States | 4.5% | ||
| MercadoLibre, Inc.(a) | 50 | 78,577 | |
| Parade Technologies Ltd. | 3,000 | 117,300 |
| Percentage of Net Assets | Shares | Value | |
| Tecnoglass, Inc. | 1,000 | $45,710 | |
| Yum China Holdings, Inc. | 2,000 | 84,860 | |
| 326,447 | |||
Vietnam | 0.4% | ||
| Vinhomes JSC(a)(b) | 14,000 | 24,928 | |
| TOTAL COMMON STOCKS (Cost $6,606,343) | 6,726,577 | ||
PREFERRED STOCKS | 0.3% | ||
Brazil | 0.3% | ||
| Braskem S.A. - Class A(a) | 5,500 | 24,254 | |
| TOTAL PREFERRED STOCKS (Cost $33,038) | 24,254 | ||
RIGHTS | 0.0% | ||
Brazil | 0.0% | ||
| Localiza Rent a Car S.A.(a) | 14 | 58 | |
| TOTAL RIGHTS (Cost $—) | 58 |
SHORT-TERM INVESTMENTS | 6.5% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(c) | 470,976 | 470,976 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $470,976) | 470,976 | ||
TOTAL INVESTMENTS (Cost $7,110,357) | 100.1% | 7,221,865 | |
NET OTHER ASSETS (LIABILITIES) | (0.1%) | (10,220) | |
NET ASSETS | 100.0% | $7,211,645 |
| (a)Non-income producing security. |
| (b)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
| (c)7-day current yield as of December 31, 2023 is disclosed. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| GDR – Global Depositary Receipt |
| REG – Registered |
| Sector Allocation | % of Net Assets |
Communication Services | 12.1% |
Consumer Discretionary | 13.5 |
Consumer Staples | 6.0 |
Energy | 6.3 |
Financials | 16.9 |
Health Care | 4.4 |
Industrials | 8.6 |
Information Technology | 20.5 |
Materials | 3.3 |
Real Estate | 2.0 |
Total | 93.6% |
| Percentage of Net Assets | Principal Amount | Value | |
CORPORATE BONDS | 88.4% | ||
Asset Management | 1.8% | ||
| FS KKR Capital Corp. 7.88%, 01/15/29 | $150,000 | $159,074 | |
Automotive | 2.5% | ||
| Clarios Global L.P./Clarios U.S. Finance Co. 6.25%, 05/15/26(a) | 224,000 | 224,271 | |
Banking | 1.6% | ||
| Associated Banc-Corp. 4.25%, 01/15/25 | 150,000 | 147,378 | |
Cable & Satellite | 2.5% | ||
| CCO Holdings LLC/CCO Holdings Capital Corp. 4.50%, 05/01/32(a) | 100,000 | 85,607 | |
| Sirius XM Radio, Inc. 4.00%, 07/15/28(a) | 150,000 | 138,629 | |
| 224,236 | |||
Commercial Support Services | 2.6% | ||
| CoreCivic, Inc. 8.25%, 04/15/26 | 75,000 | 76,301 | |
| GEO Group (The), Inc. 10.50%, 06/30/28 | 150,000 | 152,250 | |
| 228,551 | |||
Construction Materials | 3.4% | ||
| Eco Material Technologies, Inc. 7.88%, 01/31/27(a) | 150,000 | 150,000 | |
| Summit Materials LLC/Summit Materials Finance Corp. 6.50%, 03/15/27(a) | 150,000 | 149,902 | |
| 299,902 | |||
Consumer Services | 1.6% | ||
| Upbound Group, Inc. 6.38%, 02/15/29(a) | 150,000 | 140,776 | |
Electrical Equipment | 1.7% | ||
| WESCO Distribution, Inc. 7.25%, 06/15/28(a) | 150,000 | 154,141 | |
Engineering & Construction | 2.2% | ||
| Installed Building Products, Inc. 5.75%, 02/01/28(a) | 200,000 | 194,000 | |
Home Construction | 1.9% | ||
| Forestar Group, Inc. 5.00%, 03/01/28(a) | 175,000 | 168,468 | |
Household Products | 2.0% | ||
| Edgewell Personal Care Co. 5.50%, 06/01/28(a) | 183,000 | 179,569 | |
Institutional Financial Services | 2.3% | ||
| StoneX Group, Inc. 8.63%, 06/15/25(a) | 200,000 | 202,044 |
| Percentage of Net Assets | Principal Amount | Value | |
Leisure Facilities & Services | 14.6% | ||
| Carnival Corp. 5.75%, 03/01/27(a) | $150,000 | $146,475 | |
| Cinemark U.S.A., Inc. 5.88%, 03/15/26(a) | 175,000 | 171,085 | |
| Light & Wonder International, Inc. 7.50%, 09/01/31(a) | 150,000 | 156,429 | |
| Live Nation Entertainment, Inc. 4.75%, 10/15/27(a) | 80,000 | 76,707 | |
| Marriott Ownership Resorts, Inc. 4.75%, 01/15/28 | 150,000 | 137,786 | |
| NCL Corp. Ltd. 5.88%, 03/15/26(a) | 200,000 | 195,256 | |
| Raptor Acquisition Corp./Raptor Co-Issuer LLC 4.88%, 11/01/26(a) | 100,000 | 95,198 | |
| Travel + Leisure Co. 6.60%, 10/01/25 | 175,000 | 175,159 | |
| VOC Escrow Ltd. 5.00%, 02/15/28(a) | 150,000 | 143,881 | |
| 1,297,976 | |||
Leisure Products | 3.4% | ||
| Vista Outdoor, Inc. 4.50%, 03/15/29(a) | 312,000 | 304,590 | |
Machinery | 1.7% | ||
| Regal Rexnord Corp. 6.30%, 02/15/30(a) | 150,000 | 154,085 | |
Oil & Gas Producers | 4.3% | ||
| Blue Racer Midstream LLC/Blue Racer Finance Corp. 7.63%, 12/15/25(a) | 100,000 | 101,296 | |
| Permian Resources Operating LLC 9.88%, 07/15/31(a) | 250,000 | 277,813 | |
| 379,109 | |||
Publishing & Broadcasting | 1.8% | ||
| Nexstar Media, Inc. 4.75%, 11/01/28(a) | 175,000 | 161,267 | |
Real Estate Investment Trusts | 1.7% | ||
| RHP Hotel Properties L.P./RHP Finance Corp. 7.25%, 07/15/28(a) | 150,000 | 155,953 | |
Retail - Consumer Staples | 3.9% | ||
| Albertsons Cos., Inc./Safeway, Inc./New Albertsons L.P./Albertsons LLC 4.63%, 01/15/27(a) | 250,000 | 243,098 | |
| Arko Corp. 5.13%, 11/15/29(a) | 125,000 | 107,813 | |
| 350,911 | |||
Retail - Discretionary | 11.6% | ||
| Academy Ltd. 6.00%, 11/15/27(a) | 100,000 | 98,191 |
| Percentage of Net Assets | Principal Amount | Value | |
| BlueLinx Holdings, Inc. 6.00%, 11/15/29(a) | $150,000 | $138,815 | |
| Builders FirstSource, Inc. 5.00%, 03/01/30(a) | 150,000 | 144,859 | |
| Dillard's, Inc. 7.75%, 07/15/26 | 175,000 | 181,948 | |
| Foot Locker, Inc. 4.00%, 10/01/29(a) | 175,000 | 144,812 | |
| Macy's Retail Holdings LLC 5.88%, 04/01/29(a) | 100,000 | 95,958 | |
| Patrick Industries, Inc. 4.75%, 05/01/29(a) | 150,000 | 136,592 | |
| Sonic Automotive, Inc. 4.63%, 11/15/29(a) | 100,000 | 91,103 | |
| 1,032,278 | |||
Software | 1.7% | ||
| Concentrix Corp. 6.60%, 08/02/28 | 150,000 | 154,381 | |
Specialty Finance | 11.3% | ||
| Burford Capital Global Finance LLC 6.25%, 04/15/28(a) | 200,000 | 191,787 | |
| Credit Acceptance Corp. 6.63%, 03/15/26 | 100,000 | 99,797 | |
| Enova International, Inc. 8.50%, 09/15/25(a) | 150,000 | 147,375 | |
| ILFC E-Capital Trust I (Variable, 3M CME Term SOFR +1.81%) 7.19%, 12/21/65(a) | 150,000 | 111,282 | |
| PRA Group, Inc. 5.00%, 10/01/29(a) | 200,000 | 164,938 | |
| Rithm Capital Corp. 6.25%, 10/15/25(a) | 200,000 | 196,860 | |
| World Acceptance Corp. 7.00%, 11/01/26(a) | 100,000 | 90,750 | |
| 1,002,789 | |||
Transportation & Logistics | 3.9% | ||
| American Airlines, Inc. 7.25%, 02/15/28(a) | 100,000 | 100,969 | |
| GN Bondco LLC 9.50%, 10/15/31(a) | 200,000 | 195,258 | |
| United Airlines Holdings, Inc. 4.88%, 01/15/25 | 50,000 | 49,380 | |
| 345,607 | |||
Wholesale - Consumer Staples | 0.7% | ||
| United Natural Foods, Inc. 6.75%, 10/15/28(a) | 75,000 | 60,716 |
| Percentage of Net Assets | Principal Amount | Value | |
Wholesale - Discretionary | 1.7% | ||
| G-III Apparel Group Ltd. 7.88%, 08/15/25(a) | $150,000 | $150,000 | |
| TOTAL CORPORATE BONDS (Cost $7,944,291) | 7,872,072 | ||
FOREIGN ISSUER BONDS | 7.0% | ||
Chemicals | 1.6% | ||
| Methanex Corp. 5.25%, 12/15/29 | 150,000 | 144,322 | |
Electric Utilities | 1.2% | ||
| TransAlta Corp. 7.75%, 11/15/29 | 100,000 | 106,114 | |
Metals & Mining | 1.9% | ||
| First Quantum Minerals Ltd. 6.88%, 10/15/27(a) | 200,000 | 169,969 | |
Transportation & Logistics | 2.3% | ||
| Stena International S.A. 6.13%, 02/01/25(a) | 200,000 | 198,843 | |
| TOTAL FOREIGN ISSUER BONDS (Cost $669,294) | 619,248 |
| Percentage of Net Assets | Shares | Value | |
SHORT-TERM INVESTMENTS | 3.3% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(b) | 295,300 | 295,300 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $295,300) | 295,300 | ||
TOTAL INVESTMENTS (Cost $8,908,885) | 98.7% | 8,786,620 | |
NET OTHER ASSETS (LIABILITIES) | 1.3% | 119,280 | |
NET ASSETS | 100.0% | $8,905,900 |
| (a)Securities purchased in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. These securities may not be publicly traded without registration under the Securities Act of 1933. The value of these securities is determined by valuations supplied by a pricing service or brokers. |
| (b)7-day current yield as of December 31, 2023 is disclosed. |
| Fixed Income Credit Ratings | % of Net Assets |
BAA | 10.2% |
BA | 42.5 |
B | 39.8 |
CAA | 2.9 |
Cash equivalents | 3.3 |
Total | 98.7% |
| Percentage of Net Assets | Shares | Value | |
COMMON STOCKS | 91.9% | ||
Belgium | 3.0% | ||
| Anheuser-Busch InBev S.A./N.V. - ADR | 17,000 | $1,098,540 | |
Germany | 3.5% | ||
| Bayer A.G. - ADR | 137,000 | 1,264,510 | |
Ireland | 2.6% | ||
| Willis Towers Watson PLC | 4,000 | 964,800 | |
Japan | 4.2% | ||
| Nintendo Co. Ltd. - ADR | 119,000 | 1,545,810 | |
United States | 78.6% | ||
| Alphabet, Inc. - Class C(a) | 7,740 | 1,090,798 | |
| Applied Materials, Inc. | 4,000 | 648,280 | |
| Arch Capital Group Ltd.(a) | 6,000 | 445,620 | |
| Bank of America Corp. | 21,000 | 707,070 | |
| Berkshire Hathaway, Inc. - Class B(a) | 4,800 | 1,711,968 | |
| Bio-Rad Laboratories, Inc. - Class A(a) | 2,000 | 645,780 | |
| Charles Schwab (The) Corp. | 8,100 | 557,280 | |
| Chesapeake Energy Corp. | 8,000 | 615,520 | |
| Cigna (The) Group | 2,709 | 811,210 | |
| Cisco Systems, Inc. | 14,000 | 707,280 | |
| Citigroup, Inc. | 8,000 | 411,520 | |
| Crown Castle, Inc. | 8,000 | 921,520 | |
| CVS Health Corp. | 9,200 | 726,432 | |
| Dell Technologies, Inc. - Class C | 8,000 | 612,000 | |
| Dominion Energy, Inc. | 31,000 | 1,457,000 | |
| FedEx Corp. | 3,000 | 758,910 | |
| FleetCor Technologies, Inc.(a) | 3,000 | 847,830 | |
| Kinder Morgan, Inc. | 62,600 | 1,104,264 | |
| Kraft Heinz (The) Co. | 32,100 | 1,187,058 | |
| Liberty Broadband Corp. - Class C(a) | 15,100 | 1,216,909 | |
| Liberty Media Corp. - Liberty SiriusXM(a) | 22,225 | 639,636 | |
| Lockheed Martin Corp. | 1,800 | 815,832 | |
| Lowe's Cos., Inc. | 3,000 | 667,650 | |
| McKesson Corp. | 2,100 | 972,258 | |
| Merck & Co., Inc. | 6,000 | 654,120 | |
| News Corp. - Class A | 16,000 | 392,800 | |
| Occidental Petroleum Corp. | 16,000 | 955,360 | |
| Pfizer, Inc. | 40,700 | 1,171,753 | |
| Post Holdings, Inc.(a) | 6,500 | 572,390 | |
| Progressive (The) Corp. | 5,600 | 891,968 | |
| Regeneron Pharmaceuticals, Inc.(a) | 1,100 | 966,119 | |
| RTX Corp. | 9,000 | 757,260 | |
| TJX Cos. (The), Inc. | 3,000 | 281,430 |
| Percentage of Net Assets | Shares | Value | |
| Wells Fargo & Co. | 20,000 | $984,400 | |
| Williams Cos. (The), Inc. | 29,325 | 1,021,390 | |
| 28,928,615 | |||
| TOTAL COMMON STOCKS (Cost $27,463,607) | 33,802,275 |
SHORT-TERM INVESTMENTS | 8.0% | ||
| Northern Institutional Treasury Portfolio (Premier Class), 5.22%(b) | 2,936,584 | 2,936,584 | |
| TOTAL SHORT-TERM INVESTMENTS (Cost $2,936,584) | 2,936,584 | ||
TOTAL INVESTMENTS (Cost $30,400,191) | 99.9% | 36,738,859 | |
NET OTHER ASSETS (LIABILITIES) | 0.1% | 52,478 | |
NET ASSETS | 100.0% | $36,791,337 |
| (a)Non-income producing security. |
| (b)7-day current yield as of December 31, 2023 is disclosed. |
| Abbreviations: |
| ADR – American Depositary Receipt |
| Sector Allocation | % of Net Assets |
Communication Services | 13.3% |
Consumer Discretionary | 2.6 |
Consumer Staples | 7.7 |
Energy | 10.1 |
Financials | 20.3 |
Health Care | 19.6 |
Industrials | 6.4 |
Information Technology | 5.4 |
Real Estate | 2.5 |
Utilities | 4.0 |
Total | 91.9% |