Small Cap Value - Schedule of Investments | ||
JUNE 30, 2023 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | |||||||
COMMON STOCKS — 98.7% | ||||||||
Aerospace and Defense — 0.1% | ||||||||
Leonardo DRS, Inc.(1)(2) | 445,000 | 7,716,300 | ||||||
Automobile Components — 0.3% | ||||||||
Atmus Filtration Technologies, Inc.(1) | 855,000 | 18,775,800 | ||||||
Banks — 19.5% | ||||||||
Ameris Bancorp | 1,545,000 | 52,854,450 | ||||||
BankUnited, Inc. | 1,735,000 | 37,389,250 | ||||||
Columbia Banking System, Inc. | 1,870,000 | 37,923,600 | ||||||
ConnectOne Bancorp, Inc. | 625,000 | 10,368,750 | ||||||
CVB Financial Corp. | 2,190,000 | 29,083,200 | ||||||
First BanCorp | 8,080,000 | 98,737,600 | ||||||
First Interstate BancSystem, Inc., Class A | 1,700,000 | 40,528,000 | ||||||
First Merchants Corp. | 715,000 | 20,184,450 | ||||||
First Mid Bancshares, Inc. | 96,731 | 2,335,086 | ||||||
FNB Corp. | 8,605,000 | 98,441,200 | ||||||
Home BancShares, Inc. | 4,340,000 | 98,952,000 | ||||||
Independent Bank Group, Inc. | 775,000 | 26,760,750 | ||||||
Old National Bancorp | 8,405,000 | 117,165,700 | ||||||
Origin Bancorp, Inc. | 715,000 | 20,949,500 | ||||||
Pacific Premier Bancorp, Inc. | 2,533,250 | 52,387,610 | ||||||
Premier Financial Corp. | 495,000 | 7,929,900 | ||||||
Provident Financial Services, Inc. | 1,270,000 | 20,751,800 | ||||||
QCR Holdings, Inc. | 296,371 | 12,160,102 | ||||||
SouthState Corp. | 1,485,000 | 97,713,000 | ||||||
Towne Bank | 650,000 | 15,106,000 | ||||||
UMB Financial Corp. | 1,150,000 | 70,035,000 | ||||||
Valley National Bancorp | 8,885,000 | 68,858,750 | ||||||
Veritex Holdings, Inc. | 645,000 | 11,564,850 | ||||||
1,048,180,548 | ||||||||
Building Products — 1.4% | ||||||||
DIRTT Environmental Solutions(1) | 3,909,691 | 1,021,211 | ||||||
Hayward Holdings, Inc.(1) | 2,155,000 | 27,691,750 | ||||||
Tecnoglass, Inc. | 920,000 | 47,527,200 | ||||||
76,240,161 | ||||||||
Capital Markets — 1.0% | ||||||||
Donnelley Financial Solutions, Inc.(1) | 780,000 | 35,513,400 | ||||||
Patria Investments Ltd., Class A | 1,270,000 | 18,161,000 | ||||||
53,674,400 | ||||||||
Chemicals — 1.8% | ||||||||
Element Solutions, Inc. | 1,060,000 | 20,352,000 | ||||||
Ingevity Corp.(1) | 329,723 | 19,176,690 | ||||||
Minerals Technologies, Inc. | 985,000 | 56,824,650 | ||||||
96,353,340 | ||||||||
Commercial Services and Supplies — 3.7% | ||||||||
Brink's Co. | 1,510,000 | 102,423,300 | ||||||
CECO Environmental Corp.(1) | 606,953 | 8,108,892 | ||||||
Deluxe Corp.(3) | 2,286,583 | 39,969,471 | ||||||
Loomis AB | 995,000 | 29,056,583 | ||||||
OPENLANE, Inc.(1) | 1,407,987 | 21,429,562 | ||||||
200,987,808 | ||||||||
Construction and Engineering — 0.4% | ||||||||
Dycom Industries, Inc.(1) | 210,000 | 23,866,500 | ||||||
Containers and Packaging — 2.8% | ||||||||
Graphic Packaging Holding Co. | 4,945,000 | 118,828,350 | ||||||
Pactiv Evergreen, Inc. | 4,408,326 | 33,371,028 | ||||||
152,199,378 | ||||||||
Electric Utilities — 0.4% | ||||||||
ALLETE, Inc. | 340,000 | 19,709,800 | ||||||
Electronic Equipment, Instruments and Components — 5.6% | ||||||||
Avnet, Inc. | 2,205,000 | 111,242,250 | ||||||
Belden, Inc. | 275,000 | 26,303,750 | ||||||
Coherent Corp.(1) | 2,535,000 | 129,234,300 | ||||||
Vontier Corp. | 1,000,000 | 32,210,000 | ||||||
298,990,300 | ||||||||
Energy Equipment and Services — 3.6% | ||||||||
Cactus, Inc., Class A | 1,535,000 | 64,961,200 | ||||||
ChampionX Corp. | 4,075,000 | 126,488,000 | ||||||
191,449,200 | ||||||||
Financial Services — 6.3% | ||||||||
A-Mark Precious Metals, Inc.(3) | 1,215,000 | 45,483,525 | ||||||
Compass Diversified Holdings(2)(3) | 4,617,561 | 100,154,898 | ||||||
Enact Holdings, Inc. | 395,000 | 9,926,350 | ||||||
Euronet Worldwide, Inc.(1) | 560,000 | 65,727,200 | ||||||
EVERTEC, Inc. | 3,175,000 | 116,935,250 | ||||||
338,227,223 | ||||||||
Gas Utilities — 1.1% | ||||||||
Northwest Natural Holding Co. | 215,000 | 9,255,750 | ||||||
Southwest Gas Holdings, Inc. | 765,000 | 48,692,250 | ||||||
57,948,000 | ||||||||
Health Care Equipment and Supplies — 2.1% | ||||||||
Embecta Corp. | 1,730,000 | 37,368,000 | ||||||
Enovis Corp.(1) | 650,000 | 41,678,000 | ||||||
Envista Holdings Corp.(1) | 1,020,000 | 34,516,800 | ||||||
113,562,800 | ||||||||
Health Care Providers and Services — 0.2% | ||||||||
AMN Healthcare Services, Inc.(1) | 90,000 | 9,820,800 | ||||||
Health Care REITs — 1.6% | ||||||||
CareTrust REIT, Inc. | 1,250,000 | 24,825,000 | ||||||
National Health Investors, Inc. | 480,000 | 25,161,600 | ||||||
Physicians Realty Trust | 2,665,000 | 37,283,350 | ||||||
87,269,950 | ||||||||
Hotel & Resort REITs — 0.2% | ||||||||
Summit Hotel Properties, Inc. | 1,425,000 | 9,276,750 | ||||||
Hotels, Restaurants and Leisure — 3.6% | ||||||||
Accel Entertainment, Inc.(1) | 3,495,000 | 36,907,200 | ||||||
Boyd Gaming Corp. | 300,000 | 20,811,000 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 1,485,000 | 66,171,600 | ||||||
Everi Holdings, Inc.(1) | 1,750,000 | 25,305,000 | ||||||
Penn Entertainment, Inc.(1) | 1,505,000 | 36,165,150 | ||||||
Red Robin Gourmet Burgers, Inc.(1)(2) | 645,000 | 8,920,350 | ||||||
194,280,300 | ||||||||
Household Durables — 3.0% | ||||||||
Cavco Industries, Inc.(1) | 70,000 | 20,650,000 | ||||||
Skyline Champion Corp.(1) | 1,895,000 | 124,027,750 | ||||||
Vizio Holding Corp., Class A(1) | 2,145,000 | 14,478,750 | ||||||
159,156,500 | ||||||||
Household Products — 1.7% | ||||||||
Spectrum Brands Holdings, Inc. | 1,175,000 | 91,708,750 | ||||||
Insurance — 2.8% | ||||||||
Axis Capital Holdings Ltd. | 1,940,000 | 104,430,200 | ||||||
Fidelis Insurance Holdings Ltd.(1) | 1,660,000 | 22,659,000 | ||||||
Selective Insurance Group, Inc. | 270,000 | 25,906,500 | ||||||
152,995,700 | ||||||||
Leisure Products — 3.5% | ||||||||
Brunswick Corp. | 1,320,000 | 114,364,800 | ||||||
Malibu Boats, Inc., Class A(1) | 970,000 | 56,900,200 | ||||||
Solo Brands, Inc., Class A(1) | 2,955,000 | 16,725,300 | ||||||
187,990,300 | ||||||||
Machinery — 5.3% | ||||||||
Esab Corp. | 235,000 | 15,636,900 | ||||||
Gates Industrial Corp. PLC(1) | 5,705,000 | 76,903,400 | ||||||
Hillman Solutions Corp.(1) | 6,537,990 | 58,907,290 | ||||||
Luxfer Holdings PLC | 750,000 | 10,672,500 | ||||||
Timken Co. | 1,350,000 | 123,565,500 | ||||||
285,685,590 | ||||||||
Media — 1.9% | ||||||||
Cable One, Inc. | 90,000 | 59,137,200 | ||||||
Entravision Communications Corp., Class A(3) | 7,955,000 | 34,922,450 | ||||||
Townsquare Media, Inc., Class A | 670,000 | 7,979,700 | ||||||
102,039,350 | ||||||||
Office REITs — 1.1% | ||||||||
Easterly Government Properties, Inc.(2) | 1,235,000 | 17,907,500 | ||||||
Highwoods Properties, Inc. | 1,675,000 | 40,049,250 | ||||||
57,956,750 | ||||||||
Oil, Gas and Consumable Fuels — 2.4% | ||||||||
Earthstone Energy, Inc., Class A(1) | 1,605,497 | 22,942,552 | ||||||
Enviva, Inc.(2) | 1,260,000 | 13,671,000 | ||||||
Magnolia Oil & Gas Corp., Class A | 2,700,000 | 56,430,000 | ||||||
Northern Oil & Gas, Inc. | 1,030,000 | 35,349,600 | ||||||
128,393,152 | ||||||||
Personal Care Products — 1.7% | ||||||||
Edgewell Personal Care Co. | 2,185,000 | 90,262,350 | ||||||
Professional Services — 2.5% | ||||||||
Barrett Business Services, Inc. | 306,578 | 26,733,602 | ||||||
IBEX Holdings Ltd.(1) | 805,000 | 17,090,150 | ||||||
Korn Ferry | 1,450,000 | 71,833,000 | ||||||
NV5 Global, Inc.(1) | 146,003 | 16,172,752 | ||||||
131,829,504 | ||||||||
Residential REITs — 0.5% | ||||||||
UMH Properties, Inc. | 1,600,000 | 25,568,000 | ||||||
Retail REITs — 1.3% | ||||||||
Kite Realty Group Trust | 2,190,000 | 48,924,600 | ||||||
NETSTREIT Corp. | 1,055,000 | 18,852,850 | ||||||
67,777,450 | ||||||||
Semiconductors and Semiconductor Equipment — 2.7% | ||||||||
Cohu, Inc.(1) | 620,000 | 25,767,200 | ||||||
Kulicke & Soffa Industries, Inc. | 1,480,000 | 87,986,000 | ||||||
MKS Instruments, Inc. | 297,589 | 32,169,371 | ||||||
145,922,571 | ||||||||
Software — 2.1% | ||||||||
Digital Turbine, Inc.(1) | 1,910,000 | 17,724,800 |
Teradata Corp.(1) | 1,730,000 | 92,399,300 | ||||||
110,124,100 | ||||||||
Specialized REITs — 0.9% | ||||||||
Four Corners Property Trust, Inc. | 1,895,000 | 48,133,000 | ||||||
Specialty Retail — 2.8% | ||||||||
MarineMax, Inc.(1)(3) | 1,650,000 | 56,364,000 | ||||||
OneWater Marine, Inc., Class A(1)(2)(3) | 1,415,000 | 51,279,600 | ||||||
Penske Automotive Group, Inc. | 255,000 | 42,490,650 | ||||||
150,134,250 | ||||||||
Textiles, Apparel and Luxury Goods — 2.7% | ||||||||
Capri Holdings Ltd.(1) | 1,795,000 | 64,422,550 | ||||||
Tapestry, Inc. | 1,940,000 | 83,032,000 | ||||||
147,454,550 | ||||||||
Tobacco — 0.3% | ||||||||
Turning Point Brands, Inc. | 705,000 | 16,927,050 | ||||||
Trading Companies and Distributors — 3.8% | ||||||||
Beacon Roofing Supply, Inc.(1) | 1,060,000 | 87,958,800 | ||||||
DXP Enterprises, Inc.(1) | 645,000 | 23,484,450 | ||||||
GMS, Inc.(1) | 1,138,491 | 78,783,577 | ||||||
Karat Packaging, Inc. | 373,624 | 6,818,638 | ||||||
Titan Machinery, Inc.(1) | 148,579 | 4,383,081 | ||||||
201,428,546 | ||||||||
TOTAL COMMON STOCKS (Cost $4,715,544,444) | 5,300,016,821 | |||||||
SHORT-TERM INVESTMENTS — 1.8% | ||||||||
Discount Notes(4) — 0.1% | ||||||||
Federal Home Loan Bank Discount Notes, 4.93%, 7/3/23 | 5,000,000 | 5,000,000 | ||||||
Money Market Funds — 0.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 130,714 | 130,714 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(5) | 11,636,287 | 11,636,287 | ||||||
11,767,001 | ||||||||
Repurchase Agreements — 1.5% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25% - 4.50%, 5/15/38 - 11/15/40, valued at $12,648,458), in a joint trading account at 5.02%, dated 6/30/23, due 7/3/23 (Delivery value $12,329,247) | 12,324,091 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.50% 2.875%, 5/15/43 - 5/15/46, valued at $68,159,536), at 5.04%, dated 6/30/23, due 7/3/23 (Delivery value $66,851,066) | 66,823,000 | |||||||
79,147,091 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $95,912,759) | 95,914,092 | |||||||
TOTAL INVESTMENT SECURITIES — 100.5% (Cost $4,811,457,203) | 5,395,930,913 | |||||||
OTHER ASSETS AND LIABILITIES — (0.5)% | (28,886,689) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 5,367,044,224 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
USD | 23,052,606 | SEK | 245,944,100 | UBS AG | 9/29/23 | $ | 155,110 | |||||||||||||
USD | 896,892 | SEK | 9,641,550 | UBS AG | 9/29/23 | (740) | ||||||||||||||
USD | 875,267 | SEK | 9,472,400 | UBS AG | 9/29/23 | (6,617) | ||||||||||||||
$ | 147,753 |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
SEK | – | Swedish Krona | ||||||
USD | – | United States Dollar |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 5,270,960,238 | $ | 29,056,583 | — | ||||||
Short-Term Investments | 11,767,001 | 84,147,091 | — | ||||||||
$ | 5,282,727,239 | $ | 113,203,674 | — | |||||||
Other Financial Instruments | |||||||||||
Forward Foreign Currency Exchange Contracts | — | $ | 155,110 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Forward Foreign Currency Exchange Contracts | — | $ | 7,357 | — |
Company | Beginning Value | Purchase Cost | Sales Cost | Change in Net Unrealized Appreciation (Depreciation) | Ending Value | Ending Shares | Net Realized Gain (Loss) | Income | ||||||||||||||||||
A-Mark Precious Metals, Inc. | $ | 46,604 | — | $ | 4,469 | $ | 3,349 | $ | 45,484 | 1,215 | $ | 387 | $ | 269 | ||||||||||||
Compass Diversified Holdings(1) | 88,722 | — | 882 | 12,315 | 100,155 | 4,618 | (277) | 1,163 | ||||||||||||||||||
Deluxe Corp. | 36,585 | — | — | 3,384 | 39,969 | 2,287 | — | 686 | ||||||||||||||||||
DXP Enterprises, Inc.(2)(3) | 23,703 | $ | 229 | 5,782 | 5,335 | (3) | (3) | 2,281 | — | |||||||||||||||||
Entravision Communications Corp., Class A | 46,808 | 1,263 | 235 | (12,914) | 34,922 | 7,955 | (16) | 398 | ||||||||||||||||||
EVERTEC, Inc.(3) | 111,375 | — | 4,899 | 10,460 | (3) | (3) | (605) | 165 | ||||||||||||||||||
MarineMax, Inc.(2) | 49,594 | — | 3,621 | 10,391 | 56,364 | 1,650 | (1,153) | — | ||||||||||||||||||
OneWater Marine, Inc.(1)(2) | 40,277 | — | 1,218 | 12,221 | 51,280 | 1,415 | (527) | — | ||||||||||||||||||
$ | 443,668 | $ | 1,492 | $ | 21,106 | $ | 44,541 | $ | 328,174 | 19,140 | $ | 90 | $ | 2,681 |