Small Cap Value - Schedule of Investments | |
DECEMBER 31, 2019 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | ||||
COMMON STOCKS — 98.0% | |||||
Banks — 22.1% | |||||
Ameris Bancorp | 185,000 | 7,869,900 | |||
Bank OZK | 50,000 | 1,525,250 | |||
BankUnited, Inc. | 1,320,000 | 48,259,200 | |||
CrossFirst Bankshares, Inc.(1) | 1,049,767 | 15,137,640 | |||
First Hawaiian, Inc. | 1,280,000 | 36,928,000 | |||
Hilltop Holdings, Inc. | 480,000 | 11,966,400 | |||
Home BancShares, Inc. | 2,430,000 | 47,773,800 | |||
Independent Bank Group, Inc. | 405,000 | 22,453,200 | |||
Origin Bancorp, Inc. | 635,000 | 24,028,400 | |||
Pacific Premier Bancorp, Inc. | 465,000 | 15,161,325 | |||
Prosperity Bancshares, Inc. | 140,000 | 10,064,600 | |||
Signature Bank | 265,000 | 36,201,650 | |||
South State Corp. | 60,000 | 5,205,000 | |||
Texas Capital Bancshares, Inc.(1) | 600,000 | 34,062,000 | |||
Towne Bank | 400,000 | 11,128,000 | |||
UMB Financial Corp. | 465,000 | 31,917,600 | |||
Valley National Bancorp | 4,095,000 | 46,887,750 | |||
406,569,715 | |||||
Capital Markets — 2.5% | |||||
Ares Management Corp., Class A | 610,000 | 21,770,900 | |||
Donnelley Financial Solutions, Inc.(1)(2) | 2,370,000 | 24,813,900 | |||
46,584,800 | |||||
Chemicals — 2.8% | |||||
Innophos Holdings, Inc. | 625,000 | 19,987,500 | |||
Minerals Technologies, Inc. | 560,000 | 32,272,800 | |||
52,260,300 | |||||
Commercial Services and Supplies — 5.0% | |||||
Brink's Co. (The) | 295,000 | 26,750,600 | |||
CECO Environmental Corp.(1) | 1,215,000 | 9,306,900 | |||
Charah Solutions, Inc.(1)(2) | 2,005,000 | 4,892,200 | |||
Deluxe Corp. | 365,000 | 18,220,800 | |||
Healthcare Services Group, Inc. | 575,000 | 13,984,000 | |||
UniFirst Corp. | 90,000 | 18,178,200 | |||
91,332,700 | |||||
Communications Equipment — 0.1% | |||||
Casa Systems, Inc.(1) | 365,000 | 1,492,850 | |||
Construction and Engineering — 1.1% | |||||
Dycom Industries, Inc.(1) | 296,765 | 13,992,470 | |||
Valmont Industries, Inc. | 45,000 | 6,740,100 | |||
20,732,570 | |||||
Construction Materials — 0.6% | |||||
Tecnoglass, Inc. | 1,380,800 | 11,391,600 | |||
Containers and Packaging — 4.1% | |||||
Graphic Packaging Holding Co. | 2,665,000 | 44,372,250 |
Silgan Holdings, Inc. | 1,010,000 | 31,390,800 | |||
75,763,050 | |||||
Diversified Financial Services — 2.7% | |||||
Compass Diversified Holdings | 2,012,658 | 50,034,678 | |||
Electronic Equipment, Instruments and Components — 4.8% | |||||
Avnet, Inc. | 370,000 | 15,702,800 | |||
Belden, Inc. | 210,000 | 11,550,000 | |||
Coherent, Inc.(1) | 185,000 | 30,774,750 | |||
II-VI, Inc.(1) | 560,000 | 18,855,200 | |||
Tech Data Corp.(1) | 75,000 | 10,770,000 | |||
87,652,750 | |||||
Energy Equipment and Services — 1.0% | |||||
Cactus, Inc., Class A | 270,000 | 9,266,400 | |||
Liberty Oilfield Services, Inc., Class A(3) | 167,316 | 1,860,554 | |||
NCS Multistage Holdings, Inc.(1) | 1,691,802 | 3,552,784 | |||
NexTier Oilfield Solutions, Inc.(1) | 395,000 | 2,646,500 | |||
17,326,238 | |||||
Equity Real Estate Investment Trusts (REITs) — 9.5% | |||||
Brandywine Realty Trust | 1,830,000 | 28,822,500 | |||
CareTrust REIT, Inc. | 340,000 | 7,014,200 | |||
Cousins Properties, Inc. | 445,000 | 18,334,000 | |||
Four Corners Property Trust, Inc. | 200,000 | 5,638,000 | |||
Highwoods Properties, Inc. | 155,000 | 7,581,050 | |||
Kite Realty Group Trust | 1,240,000 | 24,217,200 | |||
Lexington Realty Trust | 700,000 | 7,434,000 | |||
National Health Investors, Inc. | 135,000 | 10,999,800 | |||
Physicians Realty Trust | 855,000 | 16,193,700 | |||
RLJ Lodging Trust | 510,000 | 9,037,200 | |||
Sabra Health Care REIT, Inc. | 390,000 | 8,322,600 | |||
Summit Hotel Properties, Inc. | 900,000 | 11,106,000 | |||
Urstadt Biddle Properties, Inc., Class A | 105,000 | 2,608,200 | |||
Weingarten Realty Investors | 580,000 | 18,119,200 | |||
175,427,650 | |||||
Food and Staples Retailing — 0.6% | |||||
Weis Markets, Inc. | 270,000 | 10,932,300 | |||
Food Products — 0.9% | |||||
Hain Celestial Group, Inc. (The)(1) | 640,000 | 16,611,200 | |||
Health Care Providers and Services — 3.8% | |||||
Patterson Cos., Inc. | 765,000 | 15,667,200 | |||
Premier, Inc., Class A(1) | 680,000 | 25,758,400 | |||
Providence Service Corp. (The)(1) | 494,132 | 29,242,732 | |||
70,668,332 | |||||
Hotels, Restaurants and Leisure — 2.0% | |||||
Accel Entertainment, Inc.(1)(3) | 1,150,000 | 14,375,000 | |||
Everi Holdings, Inc.(1) | 240,000 | 3,223,200 | |||
Red Robin Gourmet Burgers, Inc.(1) | 566,013 | 18,689,749 | |||
36,287,949 | |||||
Household Products — 2.2% | |||||
Spectrum Brands Holdings, Inc. | 615,000 | 39,538,350 | |||
Insurance — 9.6% | |||||
AMERISAFE, Inc. | 225,000 | 14,856,750 | |||
Axis Capital Holdings Ltd. | 720,000 | 42,796,800 | |||
Hanover Insurance Group, Inc. (The) | 75,000 | 10,250,250 | |||
James River Group Holdings Ltd. | 680,000 | 28,022,800 | |||
ProAssurance Corp. | 1,215,000 | 43,910,100 | |||
ProSight Global, Inc.(1) | 523,102 | 8,437,635 | |||
RenaissanceRe Holdings Ltd. | 60,000 | 11,761,200 | |||
White Mountains Insurance Group Ltd. | 15,000 | 16,732,650 | |||
176,768,185 | |||||
IT Services — 2.4% | |||||
Cass Information Systems, Inc. | 95,000 | 5,485,300 | |||
EVERTEC, Inc. | 845,000 | 28,763,800 | |||
TTEC Holdings, Inc. | 260,000 | 10,301,200 | |||
44,550,300 | |||||
Machinery — 4.5% | |||||
Colfax Corp.(1) | 480,000 | 17,462,400 | |||
EnPro Industries, Inc. | 300,000 | 20,064,000 | |||
Graham Corp. | 266,954 | 5,840,954 | |||
Hurco Cos., Inc. | 240,000 | 9,206,400 | |||
Mueller Water Products, Inc., Class A | 235,000 | 2,815,300 | |||
Timken Co. (The) | 490,000 | 27,591,900 | |||
82,980,954 | |||||
Media — 1.1% | |||||
Entravision Communications Corp., Class A(2) | 5,903,927 | 15,468,289 | |||
Townsquare Media, Inc., Class A | 505,000 | 5,034,850 | |||
20,503,139 | |||||
Oil, Gas and Consumable Fuels — 2.5% | |||||
Callon Petroleum Co.(1)(3) | 1,245,000 | 6,013,350 | |||
Centennial Resource Development, Inc., Class A(1) | 615,000 | 2,841,300 | |||
Earthstone Energy, Inc., Class A(1) | 840,000 | 5,317,200 | |||
Magnolia Oil & Gas Corp., Class A(1)(3) | 1,210,000 | 15,221,800 | |||
Parsley Energy, Inc., Class A | 425,000 | 8,036,750 | |||
WPX Energy, Inc.(1) | 585,000 | 8,037,900 | |||
45,468,300 | |||||
Paper and Forest Products — 0.1% | |||||
Neenah, Inc. | 25,000 | 1,760,750 | |||
Professional Services — 1.7% | |||||
InnerWorkings, Inc.(1) | 2,455,569 | 13,530,185 | |||
Korn Ferry | 425,000 | 18,020,000 | |||
31,550,185 | |||||
Semiconductors and Semiconductor Equipment — 2.3% | |||||
Advanced Energy Industries, Inc.(1) | 90,000 | 6,408,000 | |||
Cypress Semiconductor Corp. | 525,000 | 12,248,250 | |||
Kulicke & Soffa Industries, Inc. | 877,175 | 23,859,160 | |||
42,515,410 | |||||
Software — 4.4% | |||||
LogMeIn, Inc. | 430,000 | 36,868,200 | |||
Sapiens International Corp. NV | 175,000 | 4,025,000 |
Teradata Corp.(1) | 1,500,000 | 40,155,000 | |||
81,048,200 | |||||
Specialty Retail — 2.3% | |||||
Camping World Holdings, Inc., Class A(3) | 375,000 | 5,527,500 | |||
MarineMax, Inc.(1) | 555,000 | 9,262,950 | |||
Penske Automotive Group, Inc. | 550,000 | 27,621,000 | |||
42,411,450 | |||||
Trading Companies and Distributors — 1.3% | |||||
DXP Enterprises, Inc.(1) | 202,996 | 8,081,271 | |||
Foundation Building Materials, Inc.(1) | 385,000 | 7,449,750 | |||
GMS, Inc.(1) | 205,000 | 5,551,400 | |||
MSC Industrial Direct Co., Inc., Class A | 35,000 | 2,746,450 | |||
23,828,871 | |||||
TOTAL COMMON STOCKS (Cost $1,632,267,546) | 1,803,992,776 | ||||
TEMPORARY CASH INVESTMENTS — 2.8% | |||||
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 $42,554,168), in a joint trading account at 1.35%, dated 12/31/19, due 1/2/20 (Delivery value $41,659,854) | 41,656,730 | ||||
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.625%, 12/15/22, valued at $9,458,988), at 0.65%, dated 12/31/19, due 1/2/20 (Delivery value $9,271,335) | 9,271,000 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 25,102 | 25,102 | |||
TOTAL TEMPORARY CASH INVESTMENTS (Cost $50,952,832) | 50,952,832 | ||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(4) — 0.3% | |||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $5,414,411) | 5,414,411 | 5,414,411 | |||
TOTAL INVESTMENT SECURITIES — 101.1% (Cost $1,688,634,789) | 1,860,360,019 | ||||
OTHER ASSETS AND LIABILITIES — (1.1)% | (19,893,443 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 1,840,466,576 |
NOTES TO SCHEDULE OF INVESTMENTS |
(1) | Non-income producing. |
(2) | Affiliated Company: the fund’s holding represents ownership of 5% or more of the voting securities of the company; therefore, the company is affiliated as defined in the Investment Company Act of 1940. |
(3) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $15,468,902. 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. |
(4) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $16,047,013, which includes securities collateral of $10,632,602. |
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
Level 1 ($) | Level 2 ($) | Level 3 ($) | ||||
Assets | ||||||
Investment Securities | ||||||
Common Stocks | 1,803,992,776 | — | — | |||
Temporary Cash Investments | 25,102 | 50,927,730 | — | |||
Temporary Cash Investments - Securities Lending Collateral | 5,414,411 | — | — | |||
1,809,432,289 | 50,927,730 | — |
Company | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Income | |||||||||||||||
Charah Solutions, Inc.(1) | $ | 8,855 | $ | 3,457 | — | $ | (7,420 | ) | $ | 4,892 | 2,005 | — | — | ||||||||||
Donnelley Financial Solutions, Inc.(1) | 22,692 | 10,718 | $ | 2,256 | (6,340 | ) | 24,814 | 2,370 | $ | (692 | ) | — | |||||||||||
Entravision Communications Corp., Class A | 12,144 | 6,326 | 15 | (2,987 | ) | 15,468 | 5,904 | (5 | ) | $ | 710 | ||||||||||||
$ | 43,691 | $ | 20,501 | $ | 2,271 | $ | (16,747 | ) | $ | 45,174 | 10,279 | $ | (697 | ) | $ | 710 |
(1) | Non-income producing. |