Small Cap Value - Schedule of Investments | ||
DECEMBER 31, 2023 (UNAUDITED) |
Shares | Value ($) | |||||||
COMMON STOCKS — 99.2% | ||||||||
Automobile Components — 0.4% | ||||||||
Atmus Filtration Technologies, Inc.(1) | 940,000 | 22,080,600 | ||||||
Banks — 22.3% | ||||||||
Ameris Bancorp | 1,540,000 | 81,697,000 | ||||||
Axos Financial, Inc.(1) | 215,000 | 11,739,000 | ||||||
BankUnited, Inc. | 966,361 | 31,339,087 | ||||||
Columbia Banking System, Inc. | 3,245,000 | 86,576,600 | ||||||
CVB Financial Corp. | 3,520,000 | 71,068,800 | ||||||
First BanCorp | 4,600,000 | 75,670,000 | ||||||
First Interstate BancSystem, Inc., Class A | 1,845,000 | 56,733,750 | ||||||
First Merchants Corp. | 684,043 | 25,364,315 | ||||||
FNB Corp. | 9,255,000 | 127,441,350 | ||||||
Home BancShares, Inc. | 4,155,000 | 105,246,150 | ||||||
Old National Bancorp | 8,475,000 | 143,142,750 | ||||||
Origin Bancorp, Inc. | 305,000 | 10,848,850 | ||||||
Pacific Premier Bancorp, Inc. | 2,185,737 | 63,626,804 | ||||||
Popular, Inc. | 360,000 | 29,545,200 | ||||||
Provident Financial Services, Inc. | 1,280,000 | 23,078,400 | ||||||
SouthState Corp. | 1,365,000 | 115,274,250 | ||||||
UMB Financial Corp. | 905,000 | 75,612,750 | ||||||
Valley National Bancorp | 8,825,000 | 95,839,500 | ||||||
Webster Financial Corp. | 1,630,000 | 82,738,800 | ||||||
1,312,583,356 | ||||||||
Building Products — 1.3% | ||||||||
DIRTT Environmental Solutions(1) | 3,909,691 | 1,356,663 | ||||||
Tecnoglass, Inc.(2) | 1,680,000 | 76,792,800 | ||||||
78,149,463 | ||||||||
Capital Markets — 0.4% | ||||||||
Donnelley Financial Solutions, Inc.(1) | 90,000 | 5,613,300 | ||||||
Patria Investments Ltd., Class A | 1,330,000 | 20,628,300 | ||||||
26,241,600 | ||||||||
Chemicals — 1.5% | ||||||||
Ingevity Corp.(1) | 510,000 | 24,082,200 | ||||||
Minerals Technologies, Inc. | 915,000 | 65,248,650 | ||||||
89,330,850 | ||||||||
Commercial Services and Supplies — 3.4% | ||||||||
Brink's Co. | 1,235,000 | 108,618,250 | ||||||
Deluxe Corp.(3) | 2,330,000 | 49,978,500 | ||||||
Loomis AB | 1,150,000 | 30,613,723 | ||||||
OPENLANE, Inc.(1) | 700,000 | 10,367,000 | ||||||
199,577,473 | ||||||||
Construction and Engineering — 0.2% | ||||||||
Dycom Industries, Inc.(1) | 85,000 | 9,782,650 | ||||||
Containers and Packaging — 3.4% | ||||||||
Graphic Packaging Holding Co. | 5,985,000 | 147,530,250 | ||||||
Pactiv Evergreen, Inc. | 3,875,000 | 53,126,250 | ||||||
200,656,500 | ||||||||
Electric Utilities — 0.5% | ||||||||
ALLETE, Inc. | 460,000 | 28,133,600 | ||||||
Electronic Equipment, Instruments and Components — 4.6% | ||||||||
Avnet, Inc. | 2,115,000 | 106,596,000 |
Belden, Inc. | 385,000 | 29,741,250 | ||||||
Coherent Corp.(1) | 2,585,000 | 112,525,050 | ||||||
Vontier Corp. | 590,000 | 20,384,500 | ||||||
269,246,800 | ||||||||
Energy Equipment and Services — 2.9% | ||||||||
Cactus, Inc., Class A | 1,685,000 | 76,499,000 | ||||||
ChampionX Corp. | 3,175,000 | 92,741,750 | ||||||
169,240,750 | ||||||||
Financial Services — 6.6% | ||||||||
A-Mark Precious Metals, Inc.(3) | 1,455,000 | 44,013,750 | ||||||
Compass Diversified Holdings(3) | 4,540,000 | 101,923,000 | ||||||
Enact Holdings, Inc. | 295,000 | 8,522,550 | ||||||
Euronet Worldwide, Inc.(1) | 864,852 | 87,773,829 | ||||||
EVERTEC, Inc. | 3,280,000 | 134,283,200 | ||||||
Repay Holdings Corp.(1) | 1,505,000 | 12,852,700 | ||||||
389,369,029 | ||||||||
Gas Utilities — 1.0% | ||||||||
Northwest Natural Holding Co. | 255,000 | 9,929,700 | ||||||
Southwest Gas Holdings, Inc. | 795,000 | 50,363,250 | ||||||
60,292,950 | ||||||||
Health Care Equipment and Supplies — 2.1% | ||||||||
Embecta Corp. | 2,095,584 | 39,669,405 | ||||||
Enovis Corp.(1) | 900,000 | 50,418,000 | ||||||
Envista Holdings Corp.(1) | 1,375,000 | 33,082,500 | ||||||
123,169,905 | ||||||||
Health Care Providers and Services — 0.3% | ||||||||
AMN Healthcare Services, Inc.(1) | 240,000 | 17,971,200 | ||||||
Health Care REITs — 1.1% | ||||||||
CareTrust REIT, Inc. | 2,780,000 | 62,216,400 | ||||||
Hotel & Resort REITs — 1.2% | ||||||||
Ryman Hospitality Properties, Inc. | 655,000 | 72,089,300 | ||||||
Hotels, Restaurants and Leisure — 3.1% | ||||||||
Accel Entertainment, Inc.(1) | 2,865,000 | 29,423,550 | ||||||
Boyd Gaming Corp. | 530,000 | 33,183,300 | ||||||
Dave & Buster's Entertainment, Inc.(1) | 1,185,000 | 63,812,250 | ||||||
Everi Holdings, Inc.(1) | 3,450,000 | 38,881,500 | ||||||
Planet Fitness, Inc., Class A(1) | 85,000 | 6,205,000 | ||||||
Red Robin Gourmet Burgers, Inc.(1)(2) | 645,000 | 8,043,150 | ||||||
179,548,750 | ||||||||
Household Durables — 2.9% | ||||||||
Cavco Industries, Inc.(1) | 85,000 | 29,462,700 | ||||||
Skyline Champion Corp.(1) | 1,590,000 | 118,073,400 | ||||||
Vizio Holding Corp., Class A(1) | 2,750,000 | 21,175,000 | ||||||
168,711,100 | ||||||||
Household Products — 1.6% | ||||||||
Spectrum Brands Holdings, Inc. | 1,205,000 | 96,122,850 | ||||||
Industrial REITs — 1.2% | ||||||||
Terreno Realty Corp. | 1,165,000 | 73,010,550 | ||||||
Insurance — 2.6% | ||||||||
Axis Capital Holdings Ltd. | 1,955,000 | 108,248,350 | ||||||
Fidelis Insurance Holdings Ltd.(1) | 1,965,000 | 24,896,550 | ||||||
Hamilton Insurance Group Ltd., Class B(1) | 1,230,000 | 18,388,500 | ||||||
151,533,400 | ||||||||
Leisure Products — 3.4% | ||||||||
Brunswick Corp. | 1,305,000 | 126,258,750 |
Malibu Boats, Inc., Class A(1) | 950,000 | 52,079,000 | ||||||
Solo Brands, Inc., Class A(1) | 3,515,000 | 21,652,400 | ||||||
199,990,150 | ||||||||
Machinery — 4.7% | ||||||||
Gates Industrial Corp. PLC(1) | 6,669,062 | 89,498,812 | ||||||
Hillman Solutions Corp.(1) | 6,055,000 | 55,766,550 | ||||||
Luxfer Holdings PLC | 498,496 | 4,456,554 | ||||||
Timken Co. | 1,555,000 | 124,633,250 | ||||||
274,355,166 | ||||||||
Media — 2.1% | ||||||||
Cable One, Inc. | 150,000 | 83,488,500 | ||||||
Entravision Communications Corp., Class A(3) | 7,955,000 | 33,172,350 | ||||||
Townsquare Media, Inc., Class A | 670,000 | 7,075,200 | ||||||
123,736,050 | ||||||||
Oil, Gas and Consumable Fuels — 5.1% | ||||||||
Chord Energy Corp. | 460,000 | 76,465,800 | ||||||
Mach Natural Resources LP(1) | 1,233,729 | 20,344,191 | ||||||
Magnolia Oil & Gas Corp., Class A | 4,160,000 | 88,566,400 | ||||||
Northern Oil & Gas, Inc. | 2,085,000 | 77,290,950 | ||||||
Permian Resources Corp. | 2,660,000 | 36,176,000 | ||||||
298,843,341 | ||||||||
Personal Care Products — 1.6% | ||||||||
Edgewell Personal Care Co. | 2,485,000 | 91,025,550 | ||||||
Professional Services — 3.6% | ||||||||
Barrett Business Services, Inc. | 145,000 | 16,791,000 | ||||||
IBEX Holdings Ltd.(1)(3) | 940,000 | 17,869,400 | ||||||
Korn Ferry | 1,515,000 | 89,915,250 | ||||||
NV5 Global, Inc.(1) | 285,000 | 31,669,200 | ||||||
Science Applications International Corp. | 240,000 | 29,836,800 | ||||||
Verra Mobility Corp.(1) | 1,190,000 | 27,405,700 | ||||||
213,487,350 | ||||||||
Residential REITs — 0.6% | ||||||||
UMH Properties, Inc. | 2,300,000 | 35,236,000 | ||||||
Retail REITs — 0.2% | ||||||||
Kite Realty Group Trust | 495,000 | 11,315,700 | ||||||
Semiconductors and Semiconductor Equipment — 2.4% | ||||||||
Cohu, Inc.(1) | 830,000 | 29,373,700 | ||||||
Kulicke & Soffa Industries, Inc. | 1,680,000 | 91,929,600 | ||||||
MKS Instruments, Inc. | 170,000 | 17,487,900 | ||||||
138,791,200 | ||||||||
Software — 1.8% | ||||||||
Teradata Corp.(1) | 2,400,000 | 104,424,000 | ||||||
Specialty Retail — 2.6% | ||||||||
MarineMax, Inc.(1)(3) | 1,680,000 | 65,352,000 | ||||||
OneWater Marine, Inc., Class A(1)(3) | 1,413,840 | 47,773,654 | ||||||
Penske Automotive Group, Inc. | 255,000 | 40,930,050 | ||||||
154,055,704 | ||||||||
Textiles, Apparel and Luxury Goods — 2.2% | ||||||||
Tapestry, Inc. | 3,485,000 | 128,282,850 | ||||||
Tobacco — 0.3% | ||||||||
Turning Point Brands, Inc. | 765,928 | 20,159,225 | ||||||
Trading Companies and Distributors — 4.0% | ||||||||
Beacon Roofing Supply, Inc.(1) | 1,005,000 | 87,455,100 | ||||||
DXP Enterprises, Inc.(1) | 556,656 | 18,759,307 | ||||||
GMS, Inc.(1) | 1,215,000 | 100,152,450 |
Karat Packaging, Inc. | 240,000 | 5,964,000 | ||||||
Titan Machinery, Inc.(1) | 720,000 | 20,793,600 | ||||||
233,124,457 | ||||||||
TOTAL COMMON STOCKS (Cost $4,761,709,170) | 5,825,885,819 | |||||||
RIGHTS† | ||||||||
Building Products† | ||||||||
DIRTT Environmental Solutions(1) (Cost $1,401,481) | 3,909,691 | 261,949 | ||||||
SHORT-TERM INVESTMENTS — 1.1% | ||||||||
Money Market Funds† | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 1,831,549 | 1,831,549 | ||||||
State Street Navigator Securities Lending Government Money Market Portfolio(4) | 325,809 | 325,809 | ||||||
2,157,358 | ||||||||
Repurchase Agreements — 1.1% | ||||||||
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.75% - 4.375%, 12/31/26 - 2/15/38, valued at $4,660,950), in a joint trading account at 5.30%, dated 12/29/23, due 1/2/24 (Delivery value $4,567,883) | 4,565,195 | |||||||
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.625%, 7/31/26, valued at $55,865,475), at 5.31%, dated 12/29/23, due 1/2/24 (Delivery value $54,802,314) | 54,770,000 | |||||||
Toronto-Dominion Bank, (collateralized by various U.S. Treasury obligations, 1.125% - 2.50%, 3/31/27 - 11/30/28, valued at $4,673,338), at 5.30%, dated 12/29/23, due 1/2/24 (Delivery value $4,581,697) | 4,579,000 | |||||||
63,914,195 | ||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $66,071,553) | 66,071,553 | |||||||
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $4,829,182,204) | 5,892,219,321 | |||||||
OTHER ASSETS AND LIABILITIES — (0.3)% | (18,885,081) | |||||||
TOTAL NET ASSETS — 100.0% | $ | 5,873,334,240 |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | ||||||||||||||||||||
Currency Purchased | Currency Sold | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) | ||||||||||||||||
SEK | 12,707,500 | USD | 1,271,785 | UBS AG | 3/28/24 | $ | (7,678) | |||||||||||||
USD | 27,676,987 | SEK | 281,129,000 | UBS AG | 3/28/24 | (288,954) | ||||||||||||||
$ | (296,632) |
NOTES TO SCHEDULE OF INVESTMENTS | ||||||||
SEK | – | Swedish Krona | ||||||
USD | – | United States Dollar |
Level 1 | Level 2 | Level 3 | |||||||||
Assets | |||||||||||
Investment Securities | |||||||||||
Common Stocks | $ | 5,795,272,096 | $ | 30,613,723 | — | ||||||
Rights | 261,949 | — | — | ||||||||
Short-Term Investments | 2,157,358 | 63,914,195 | — | ||||||||
$ | 5,797,691,403 | $ | 94,527,918 | — | |||||||
Liabilities | |||||||||||
Other Financial Instruments | |||||||||||
Forward Foreign Currency Exchange Contracts | — | $ | 296,632 | — |
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 | $ | 8,123 | $ | 4,973 | $ | (5,740) | $ | 44,014 | 1,455 | $ | 507 | $ | 2,034 | |||||||||||
Compass Diversified Holdings | 88,722 | — | 2,953 | 16,154 | 101,923 | 4,540 | (625) | 3,466 | ||||||||||||||||||
Deluxe Corp. | 36,585 | 2,313 | 3,541 | 14,622 | 49,979 | 2,330 | (1,979) | 2,044 | ||||||||||||||||||
DXP Enterprises, Inc.(1) | 23,703 | 4,112 | 9,672 | 616 | (1) | (1) | 6,311 | — | ||||||||||||||||||
Entravision Communications Corp., Class A | 46,808 | 1,262 | 235 | (14,663) | 33,172 | 7,955 | (16) | 1,193 | ||||||||||||||||||
EVERTEC, Inc.(1) | 111,375 | 4,248 | 5,496 | 24,156 | —(1) | —(1) | (589) | 483 | ||||||||||||||||||
IBEX Holdings Ltd. | 17,812 | 4,688 | 1,232 | (3,399) | 17,869 | 940 | (184) | — | ||||||||||||||||||
MarineMax, Inc.(2) | 49,594 | 2,052 | 5,581 | 19,287 | 65,352 | 1,680 | (1,442) | — | ||||||||||||||||||
OneWater Marine, Inc., Class A(2) | 40,277 | — | 1,274 | 8,771 | 47,774 | 1,414 | (542) | — | ||||||||||||||||||
$ | 461,480 | $ | 26,798 | $ | 34,957 | $ | 59,804 | $ | 360,083 | 20,314 | $ | 1,441 | $ | 9,220 |