Value - Schedule of Investments | |
DECEMBER 31, 2019 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | ||||
COMMON STOCKS — 98.5% | |||||
Airlines — 0.6% | |||||
Southwest Airlines Co. | 310,815 | 16,777,793 | |||
Auto Components — 1.0% | |||||
BorgWarner, Inc. | 344,850 | 14,959,593 | |||
Delphi Technologies plc(1) | 931,667 | 11,953,288 | |||
26,912,881 | |||||
Automobiles — 1.4% | |||||
General Motors Co. | 633,954 | 23,202,717 | |||
Honda Motor Co. Ltd. | 562,300 | 15,860,902 | |||
39,063,619 | |||||
Banks — 16.0% | |||||
Bank of America Corp. | 1,939,370 | 68,304,611 | |||
BOK Financial Corp. | 73,491 | 6,423,113 | |||
Comerica, Inc. | 234,027 | 16,791,437 | |||
JPMorgan Chase & Co. | 715,671 | 99,764,538 | |||
M&T Bank Corp. | 88,245 | 14,979,589 | |||
PNC Financial Services Group, Inc. (The) | 226,388 | 36,138,317 | |||
Truist Financial Corp. | 579,035 | 32,611,251 | |||
U.S. Bancorp | 1,345,357 | 79,766,217 | |||
UMB Financial Corp. | 198,781 | 13,644,328 | |||
Wells Fargo & Co. | 1,412,948 | 76,016,602 | |||
444,440,003 | |||||
Biotechnology — 0.9% | |||||
Gilead Sciences, Inc. | 367,390 | 23,873,002 | |||
Building Products — 0.4% | |||||
Johnson Controls International plc | 292,414 | 11,904,174 | |||
Capital Markets — 5.3% | |||||
Ameriprise Financial, Inc. | 107,343 | 17,881,197 | |||
Bank of New York Mellon Corp. (The) | 540,160 | 27,186,253 | |||
BlackRock, Inc. | 54,470 | 27,382,069 | |||
Franklin Resources, Inc. | 428,562 | 11,134,041 | |||
Invesco Ltd. | 1,169,206 | 21,022,324 | |||
Northern Trust Corp. | 208,822 | 22,185,249 | |||
State Street Corp. | 260,450 | 20,601,595 | |||
147,392,728 | |||||
Communications Equipment — 1.2% | |||||
Cisco Systems, Inc. | 679,704 | 32,598,604 | |||
Containers and Packaging — 0.7% | |||||
Sonoco Products Co. | 127,279 | 7,855,660 | |||
WestRock Co. | 276,600 | 11,868,906 | |||
19,724,566 | |||||
Diversified Financial Services — 2.9% | |||||
Berkshire Hathaway, Inc., Class A(1) | 149 | 50,598,910 |
Berkshire Hathaway, Inc., Class B(1) | 124,945 | 28,300,042 | |||
78,898,952 | |||||
Diversified Telecommunication Services — 5.6% | |||||
AT&T, Inc. | 2,076,480 | 81,148,838 | |||
Verizon Communications, Inc. | 1,183,865 | 72,689,311 | |||
153,838,149 | |||||
Electric Utilities — 0.2% | |||||
Edison International | 70,466 | 5,313,841 | |||
Electrical Equipment — 3.0% | |||||
Emerson Electric Co. | 365,963 | 27,908,338 | |||
Hubbell, Inc. | 192,190 | 28,409,526 | |||
nVent Electric plc | 1,070,075 | 27,372,519 | |||
83,690,383 | |||||
Electronic Equipment, Instruments and Components — 1.1% | |||||
TE Connectivity Ltd. | 306,329 | 29,358,571 | |||
Energy Equipment and Services — 4.2% | |||||
Baker Hughes Co. | 1,147,738 | 29,416,525 | |||
Halliburton Co. | 1,034,290 | 25,309,076 | |||
National Oilwell Varco, Inc. | 532,708 | 13,344,336 | |||
Schlumberger Ltd. | 1,201,456 | 48,298,531 | |||
116,368,468 | |||||
Equity Real Estate Investment Trusts (REITs) — 0.7% | |||||
Weyerhaeuser Co. | 666,180 | 20,118,636 | |||
Food and Staples Retailing — 2.1% | |||||
Koninklijke Ahold Delhaize NV | 706,485 | 17,705,834 | |||
Walmart, Inc. | 340,261 | 40,436,617 | |||
58,142,451 | |||||
Food Products — 3.5% | |||||
Conagra Brands, Inc. | 367,478 | 12,582,447 | |||
Kellogg Co. | 365,519 | 25,279,294 | |||
Mondelez International, Inc., Class A | 679,561 | 37,430,220 | |||
Orkla ASA | 2,054,450 | 20,821,691 | |||
96,113,652 | |||||
Health Care Equipment and Supplies — 4.0% | |||||
Medtronic plc | 468,150 | 53,111,618 | |||
Siemens Healthineers AG | 415,103 | 19,932,887 | |||
Zimmer Biomet Holdings, Inc. | 257,227 | 38,501,737 | |||
111,546,242 | |||||
Health Care Providers and Services — 3.2% | |||||
Cardinal Health, Inc. | 777,965 | 39,349,470 | |||
Cigna Corp. | 65,405 | 13,374,668 | |||
McKesson Corp. | 257,970 | 35,682,410 | |||
88,406,548 | |||||
Hotels, Restaurants and Leisure — 0.6% | |||||
Carnival Corp. | 336,592 | 17,108,971 | |||
Household Products — 2.3% | |||||
Procter & Gamble Co. (The) | 499,359 | 62,369,939 | |||
Industrial Conglomerates — 3.4% | |||||
General Electric Co. | 6,328,109 | 70,621,697 |
Siemens AG | 187,100 | 24,457,694 | |||
95,079,391 | |||||
Insurance — 3.2% | |||||
Chubb Ltd. | 268,363 | 41,773,385 | |||
MetLife, Inc. | 379,148 | 19,325,173 | |||
Reinsurance Group of America, Inc. | 132,579 | 21,618,332 | |||
Unum Group | 214,240 | 6,247,238 | |||
88,964,128 | |||||
Leisure Products — 0.5% | |||||
Mattel, Inc.(1)(2) | 919,267 | 12,456,068 | |||
Machinery — 1.5% | |||||
Cummins, Inc. | 63,770 | 11,412,279 | |||
IMI plc | 1,916,200 | 29,984,907 | |||
41,397,186 | |||||
Metals and Mining — 0.5% | |||||
BHP Group Ltd. | 530,755 | 14,537,598 | |||
Multiline Retail — 0.5% | |||||
Target Corp. | 117,194 | 15,025,443 | |||
Oil, Gas and Consumable Fuels — 9.5% | |||||
Apache Corp. | 278,275 | 7,121,057 | |||
Chevron Corp. | 524,827 | 63,246,902 | |||
Cimarex Energy Co. | 401,051 | 21,051,167 | |||
ConocoPhillips | 413,263 | 26,874,493 | |||
Devon Energy Corp. | 1,183,900 | 30,745,883 | |||
EQT Corp. | 1,439,271 | 15,688,054 | |||
Noble Energy, Inc. | 1,534,832 | 38,125,227 | |||
Royal Dutch Shell plc, B Shares | 880,075 | 26,224,102 | |||
TOTAL SA | 631,084 | 34,875,122 | |||
263,952,007 | |||||
Paper and Forest Products — 0.5% | |||||
Mondi plc | 591,955 | 13,974,021 | |||
Pharmaceuticals — 8.6% | |||||
Allergan plc | 140,755 | 26,908,133 | |||
Johnson & Johnson | 591,232 | 86,243,012 | |||
Merck & Co., Inc. | 286,472 | 26,054,628 | |||
Pfizer, Inc. | 2,153,543 | 84,375,815 | |||
Teva Pharmaceutical Industries Ltd. ADR(1) | 1,621,107 | 15,886,849 | |||
239,468,437 | |||||
Road and Rail — 1.1% | |||||
Heartland Express, Inc. | 1,440,171 | 30,315,600 | |||
Semiconductors and Semiconductor Equipment — 3.1% | |||||
Applied Materials, Inc. | 159,574 | 9,740,397 | |||
Intel Corp. | 955,562 | 57,190,386 | |||
QUALCOMM, Inc. | 222,654 | 19,644,762 | |||
86,575,545 | |||||
Software — 1.1% | |||||
Oracle Corp. (New York) | 561,739 | 29,760,932 | |||
Specialty Retail — 1.0% | |||||
Advance Auto Parts, Inc. | 178,486 | 28,586,318 | |||
Technology Hardware, Storage and Peripherals — 0.5% | |||||
HP, Inc. | 732,985 | 15,062,842 | |||
Textiles, Apparel and Luxury Goods — 1.4% | |||||
Ralph Lauren Corp. | 126,810 | 14,864,668 | |||
Tapestry, Inc. | 904,042 | 24,382,013 | |||
39,246,681 | |||||
Trading Companies and Distributors — 1.2% | |||||
MSC Industrial Direct Co., Inc., Class A | 434,159 | 34,068,457 | |||
TOTAL COMMON STOCKS (Cost $1,884,810,978) | 2,732,432,827 | ||||
EXCHANGE-TRADED FUNDS — 0.4% | |||||
iShares Russell 1000 Value ETF (Cost $9,880,518) | 72,430 | 9,885,246 | |||
TEMPORARY CASH INVESTMENTS — 1.6% | |||||
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 2.75% - 3.75%, 9/15/21 - 11/15/43, valued at $37,094,685), in a joint trading account at 1.35%, dated 12/31/19, due 1/2/20 (Delivery value $36,315,108) | 36,312,385 | ||||
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 12/15/22, valued at $8,247,196), at 0.65%, dated 12/31/19, due 1/2/20 (Delivery value $8,082,292) | 8,082,000 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 21,503 | 21,503 | |||
TOTAL TEMPORARY CASH INVESTMENTS (Cost $44,415,888) | 44,415,888 | ||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.1% | |||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $2,640,876) | 2,640,876 | 2,640,876 | |||
TOTAL INVESTMENT SECURITIES — 100.6% (Cost $1,941,748,260) | 2,789,374,837 | ||||
OTHER ASSETS AND LIABILITIES — (0.6)% | (15,445,182 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 2,773,929,655 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||
USD | 10,756,060 | AUD | 15,663,907 | Bank of America N.A. | 3/31/20 | $ | (260,015 | ) | ||
USD | 71,416,990 | EUR | 63,615,220 | Credit Suisse AG | 3/31/20 | (334,343 | ) | |||
USD | 50,995,942 | GBP | 38,713,385 | JPMorgan Chase Bank N.A. | 3/31/20 | (407,430 | ) | |||
USD | 1,596,410 | GBP | 1,228,790 | JPMorgan Chase Bank N.A. | 3/31/20 | (35,169 | ) | |||
JPY | 39,220,425 | USD | 360,176 | Bank of America N.A. | 3/31/20 | 2,502 | ||||
USD | 12,486,464 | JPY | 1,358,376,225 | Bank of America N.A. | 3/31/20 | (74,671 | ) | |||
USD | 15,054,405 | NOK | 135,716,967 | Goldman Sachs & Co. | 3/31/20 | (408,041 | ) | |||
$ | (1,517,167 | ) |
NOTES TO SCHEDULE OF INVESTMENTS | ||
ADR | - | American Depositary Receipt |
AUD | - | Australian Dollar |
EUR | - | Euro |
GBP | - | British Pound |
JPY | - | Japanese Yen |
NOK | - | Norwegian Krone |
USD | - | United States Dollar |
(1) | Non-income producing. |
(2) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $10,144,600. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $10,470,715, which includes securities collateral of $7,829,839. |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | ||||
Assets | ||||||
Investment Securities | ||||||
Common Stocks | ||||||
Automobiles | 23,202,717 | 15,860,902 | — | |||
Food and Staples Retailing | 40,436,617 | 17,705,834 | — | |||
Food Products | 75,291,961 | 20,821,691 | — | |||
Health Care Equipment and Supplies | 91,613,355 | 19,932,887 | — | |||
Industrial Conglomerates | 70,621,697 | 24,457,694 | — | |||
Machinery | 11,412,279 | 29,984,907 | — | |||
Metals and Mining | — | 14,537,598 | — | |||
Oil, Gas and Consumable Fuels | 202,852,783 | 61,099,224 | — | |||
Paper and Forest Products | — | 13,974,021 | — | |||
Other Industries | 1,998,626,660 | — | — | |||
Exchange-Traded Funds | 9,885,246 | — | — | |||
Temporary Cash Investments | 21,503 | 44,394,385 | — | |||
Temporary Cash Investments - Securities Lending Collateral | 2,640,876 | — | — | |||
2,526,605,694 | 262,769,143 | — | ||||
Other Financial Instruments | ||||||
Forward Foreign Currency Exchange Contracts | — | 2,502 | — | |||
Liabilities | ||||||
Other Financial Instruments | ||||||
Forward Foreign Currency Exchange Contracts | — | 1,519,669 | — |