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Table of Contents
1
Schedule of Investments (Item 7)
4
Statement of Assets and Liabilities (Item 7)
5
Statement of Operations (Item 7)
6
Statements of Changes in Net Assets (Item 7)
8
Financial Highlights (Item 7)
10
Notes to Financial Statements (Item 7)
19
Changes in and Disagreements with Accountants (Item 8)
19
Proxy Disclosures (Item 9)
19
Remuneration Paid to Directors, Officers, and Others (Item 10)
19
Statement Regarding Basis for Approval of Investment Advisory
Contract (Item 11)
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1
Schedule of Investments (unaudited)
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Fair
Investments
Shares
Value
Fair
Investments
Shares
Value
LONG-TERM INVESTMENTS 99.41%
COMMON STOCKS 99.41%
Banks 1.55%
East West Bancorp, Inc. 52,980 $ 3,879,725
Beverages 1.40%
Carlsberg AS Class B
(a)
29,290 3,516,380
Biotechnology 1.34%
United Therapeutics Corp.* 10,560 3,363,888
Building Products 4.60%
Allegion PLC (Ireland)
(b)
36,150
4,271,122
Builders FirstSource, Inc.* 22,800 3,155,748
Masco Corp.
61,400 4,093,538
Total
11,520,408
Capital Markets 5.54%
Ameriprise Financial, Inc. 10,450 4,464,135
KKR & Co., Inc.
43,790 4,608,460
Moelis & Co. Class A
84,660 4,813,768
Total
13,886,363
Chemicals 4.26%
Avient Corp.
85,260 3,721,599
Dow, Inc.
59,040
3,132,072
HB Fuller Co.
49,620 3,818,755
Total
10,672,426
Communications Equipment 1.08%
F5, Inc.*
15,730 2,709,178
Construction & Engineering 1.57%
EMCOR Group, Inc.
10,770
3,931,912
Construction Materials 2.40%
CRH PLC
47,880 3,590,043
Eagle Materials, Inc.
11,140 2,422,504
Total
6,012,547
Consumer Staples Distribution & Retail 3.55%
BJ’s Wholesale Club Holdings,
Inc.*
46,340
4,070,506
Target Corp.
32,650 4,833,506
Total
8,904,012
Electric: Utilities 4.98%
Entergy Corp.
40,770 $ 4,362,390
FirstEnergy Corp.
113,450
4,341,731
Portland General Electric Co. 87,699 3,792,105
Total
12,496,226
Electronic Equipment, Instruments &
Components 6.51%
Belden, Inc.
33,140 3,108,532
Crane NXT Co.
43,930 2,698,181
Keysight Technologies, Inc.* 26,210 3,584,217
Littelfuse, Inc.
11,250 2,875,387
TD SYNNEX Corp.
35,050 4,044,770
Total
16,311,087
Energy Equipment & Services 1.07%
Liberty Energy, Inc.
128,600 2,686,454
Ground Transportation 2.94%
Landstar System, Inc.
19,320 3,564,154
Saia, Inc.*
8,050 3,818,034
Total
7,382,188
Health Care Equipment & Supplies 1.24%
Integra LifeSciences
Holdings Corp.*
106,380 3,099,913
Health Care Providers & Services 7.45%
Cencora, Inc.
23,120 5,208,936
Labcorp Holdings, Inc.
25,820 5,254,628
Molina Healthcare, Inc.* 13,510 4,016,523
Tenet Healthcare Corp.* 31,550 4,197,097
Total
18,677,184
Insurance 11.08%
Allstate Corp.
24,150 3,855,789
American Financial Group,
Inc.
29,590 3,640,162
Arch Capital Group Ltd.* 44,710
4,510,792
Arthur J Gallagher & Co. 13,080 3,391,775
Kemper Corp.
80,410 4,770,725
RenaissanceRe Holdings Ltd. 17,580 3,929,306
White Mountains Insurance
Group Ltd.
2,030 3,689,423
Total
27,787,972
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Schedule of Investments (unaudited)(continued)
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Investments
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Fair
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Shares
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Leisure Products 0.92%
Brunswick Corp.
31,710 $ 2,307,537
Machinery 4.93%
Crane Co.
17,760 2,574,845
Cummins, Inc.
15,501 4,292,692
Parker-Hannifin Corp.
10,840 5,482,980
Total
12,350,517
Media 1.02%
Nexstar Media Group, Inc. 15,470 2,568,175
Multi-Utilities 1.48%
CMS Energy Corp.
62,190
3,702,171
Oil, Gas & Consumable Fuels 5.96%
Chesapeake Energy Corp.
(c)
58,260 4,788,389
Devon Energy Corp.
107,210 5,081,754
Permian Resources Corp. 314,240
5,074,976
Total
14,945,119
Professional Services 6.10%
CACI International, Inc.
Class A*
10,730 4,615,295
Maximus, Inc.
47,210 4,045,897
Paylocity Holding Corp.* 19,020
2,507,787
WNS Holdings Ltd. (India)*
(b)
78,780 4,135,950
Total
15,304,929
Real Estate Management &
Development 1.70%
CBRE Group, Inc. Class A* 47,880 4,266,587
Residential REITS 1.15%
American Homes 4 Rent
Class A
77,750 2,889,190
Semiconductors & Semiconductor
Equipment 3.68%
Silicon Motion Technology Corp.
ADR
57,697 4,672,880
Teradyne, Inc.
30,620 4,540,640
Total
9,213,520
Software 1.03%
Aspen Technology, Inc.* 12,990 $ 2,580,204
Specialty Retail 3.23%
Academy Sports & Outdoors,
Inc.
68,120 3,627,390
Best Buy Co., Inc.
53,090 4,474,956
Total
8,102,346
Technology Hardware, Storage &
Peripherals 2.48%
NetApp, Inc.
48,210 6,209,448
Trading Companies & Distributors 3.17%
AerCap Holdings NV
(Ireland)
(b)
56,650 5,279,780
Core & Main, Inc. Class A* 54,680 2,676,039
Total
7,955,819
Total Common Stocks
(cost $205,862,246)
249,233,425
SHORT-TERM INVESTMENTS 2.70%
Repurchase Agreements 0.76%
Repurchase Agreement
dated 6/28/2024, 2.800%
due 7/1/2024 with Fixed
Income Clearing Corp.
collateralized by $1,932,800
of U.S. Treasury Note at
4.875% due 04/30/2026;
value: $1,950,868;
proceeds: $1,912,881
(cost $1,912,435)
$1,912,435 1,912,435
Principal
Amount