SCHEDULE OF INVESTMENTS December 31, 2019 SERIES O (ALL CAP VALUE SERIES)
Shares Value Shares Value
COMMON STOCKS† - 97.5% Ingredion, Inc. 8,757 $ 813,963 Archer-Daniels-Midland Co. 16,063 744,520 FINANCIAL - 32.3% Zimmer Biomet Holdings, Inc. 4,740 709,483 Bank of America Corp. 83,325 $ 2,934,707 Alexion Pharmaceuticals, Inc.* 5,760 622,944 Citigroup, Inc. 27,506 2,197,454 Encompass Health Corp. 8,850 613,039 JPMorgan Chase & Co. 15,166 2,114,141 Merck & Company, Inc. 6,587 599,088 Zions Bancorp North America 33,481 1,738,334 Quest Diagnostics, Inc. 5,569 594,714 Berkshire Hathaway, Inc. — Class B* 6,868 1,555,602 Procter & Gamble Co. 4,471 558,428 Wells Fargo & Co. 28,096 1,511,565 Medtronic plc 4,628 525,047 Voya Financial, Inc. 24,286 1,480,960 McKesson Corp. 3,764 520,636 Equity Commonwealth REIT 41,909 1,375,873 Biogen, Inc.* 1,578 468,240 Truist Financial Corp. 20,656 1,163,346 Central Garden & Pet Co. — Class A* 15,532 456,019 KeyCorp 49,889 1,009,753 Humana, Inc. 1,232 451,553 Alleghany Corp.* 1,206 964,281 United Therapeutics Corp.* 4,738 417,323 Allstate Corp. 8,262 929,062 Amgen, Inc. 1,636 394,391 Axis Capital Holdings Ltd. 14,954 888,866 Eagle Pharmaceuticals, Inc.* 5,616 337,409 Prudential Financial, Inc. 8,626 808,601 UnitedHealth Group, Inc. 1,028 302,211 MetLife, Inc. 15,334 781,574 Emergent BioSolutions, Inc.* 5,533 298,505 Hartford Financial Services Group, Inc. 11,654 708,214 Premier, Inc. — Class A* 6,756 255,917 Principal Financial Group, Inc. 12,855 707,025 TreeHouse Foods, Inc.* 1,614 78,279 Willis Towers Watson plc 3,446 695,885 Morgan Stanley 13,028 665,991 Total Consumer, Non-cyclical 15,443,937 Medical Properties Trust, Inc. REIT 30,988 654,157 INDUSTRIAL - 8.1% Radian Group, Inc. 24,321 611,916 Owens Corning 12,274 799,283 Howard Hughes Corp.* 4,586 581,505 Valmont Industries, Inc. 4,528 678,204 Old Republic International Corp. 25,703 574,976 Knight-Swift Transportation Holdings, Inc. 17,175 615,552 Alexandria Real Estate Equities, Inc. REIT 3,552 573,932 Eaton Corporation plc 6,391 605,356 Physicians Realty Trust REIT 29,711 562,726 MDU Resources Group, Inc. 20,185 599,696 Loews Corp. 10,075 528,837 FedEx Corp. 3,877 586,241 Sun Communities, Inc. REIT 3,225 484,073 Johnson Controls International plc 13,810 562,205 Marsh & McLennan Companies, Inc. 4,014 447,200 General Electric Co. 39,208 437,561 First Horizon National Corp. 26,668 441,622 Graphic Packaging Holding Co. 20,768 345,787 Charles Schwab Corp. 9,212 438,122 Jacobs Engineering Group, Inc. 3,679 330,485 Pinnacle Financial Partners, Inc. 6,806 435,584 FLIR Systems, Inc. 6,303 328,197 Regions Financial Corp. 25,276 433,736 US Concrete, Inc.* 6,968 290,287 Cousins Properties, Inc. REIT 9,241 380,729 Rexnord Corp.* 8,337 271,953 Umpqua Holdings Corp. 21,084 373,187 Advanced Energy Industries, Inc.* 3,763 267,926 American International Group, Inc. 6,394 328,204 Plexus Corp.* 3,470 266,982 IBERIABANK Corp. 3,916 293,034 Crane Co. 3,080 266,050 BOK Financial Corp. 3,260 284,924 PGT Innovations, Inc.* 17,680 263,609 WSFS Financial Corp. 6,188 272,210 Snap-on, Inc. 1,340 226,996 VICI Properties, Inc. REIT 10,586 270,472 Kennametal, Inc. 5,690 209,904 Prosperity Bancshares, Inc. 3,733 268,365 GATX Corp. 2,344 194,200 Camden Property Trust REIT 2,443 259,202 Park Aerospace Corp. 11,271 183,379 Hilltop Holdings, Inc. 10,087 251,469 Dycom Industries, Inc.* 3,883 183,083 Redwood Trust, Inc. REIT 14,098 233,181 Kirby Corp.* 1,659 148,531 Stifel Financial Corp. 3,515 213,185 EnerSys 1,195 89,422 Heartland Financial USA, Inc. 3,967 197,319 Total Industrial 8,750,889 First Midwest Bancorp, Inc. 4,306 99,296 Total Financial 34,724,397 ENERGY - 8.0% Chevron Corp. 24,806 2,989,371 CONSUMER, NON-CYCLICAL - 14.4% ConocoPhillips 20,031 1,302,616 Pfizer, Inc. 41,289 1,617,703 Parsley Energy, Inc. — Class A 64,634 1,222,229 Johnson & Johnson 7,572 1,104,528 Exxon Mobil Corp. 14,378 1,003,297 Bunge Ltd. 18,787 1,081,192 Marathon Oil Corp. 51,739 702,615 HCA Healthcare, Inc. 6,649 982,789 Cabot Oil & Gas Corp. — Class A 29,092 506,492 Tyson Foods, Inc. — Class A 9,842 896,016 Range Resources Corp. 70,480 341,828 SCHEDULE OF INVESTMENTS (continued) December 31, 2019 SERIES O (ALL CAP VALUE SERIES)
Shares Value Shares Value
Whiting Petroleum Corp.* 36,447 $ 267,521 COMMUNICATIONS - 6.6% Oasis Petroleum, Inc.* 46,749 152,402 Verizon Communications, Inc. 27,789 $ 1,706,245 Antero Resources Corp.* 30,775 87,709 Comcast Corp. — Class A 28,906 1,299,903 Delek US Holdings, Inc. 2,184 73,229 NortonLifeLock, Inc. 40,637 1,037,056 Total Energy 8,649,309 Cisco Systems, Inc. 17,793 853,352 Infinera Corp.* 93,258 740,469 UTILITIES - 8.0% Juniper Networks, Inc. 14,805 364,647 OGE Energy Corp. 35,149 1,563,076 Viavi Solutions, Inc.* 22,862 342,930 Exelon Corp. 23,741 1,082,352 F5 Networks, Inc.* 2,282 318,681 Public Service Enterprise Group, Inc. 18,280 1,079,434 Ciena Corp.* 6,045 258,061 AES Corp. 44,208 879,739 T-Mobile US, Inc.* 2,707 212,283 Duke Energy Corp. 8,207 748,561 Total Communications 7,133,627 Pinnacle West Capital Corp. 7,625 685,716 Edison International 8,820 665,116 BASIC MATERIALS - 5.2% Portland General Electric Co. 9,436 526,435 Freeport-McMoRan, Inc. 85,838 1,126,195 NiSource, Inc. 16,523 460,000 Nucor Corp. 15,903 895,021 PPL Corp. 9,865 353,956 Huntsman Corp. 35,107 848,185 Avista Corp. 6,144 295,465 Reliance Steel & Aluminum Co. 6,554 784,907 Southwest Gas Holdings, Inc. 3,787 287,699 Olin Corp. 44,043 759,742 Total Utilities 8,627,549 DuPont de Nemours, Inc. 7,296 468,403 Ashland Global Holdings, Inc. 4,903 375,227 TECHNOLOGY - 7.7% Dow, Inc. 3,272 179,076 Intel Corp. 35,117 2,101,752 Commercial Metals Co. 5,394 120,124 Micron Technology, Inc.* 22,842 1,228,443 Total Basic Materials 5,556,880 Skyworks Solutions, Inc. 8,767 1,059,755 Apple, Inc. 3,512 1,031,299 Total Common Stocks Qorvo, Inc.* 6,818 792,456 (Cost $84,929,132) 104,896,634
MACOM Technology Solutions ††† Holdings, Inc.* 20,811 553,573 RIGHTS - 0.0% BASIC MATERIALS - 0.0% Super Micro Computer, Inc.* 19,484 468,006 ,1 Amdocs Ltd. 6,058 437,327 Pan American Silver Corp.* 40,146 — Lumentum Holdings, Inc.* 3,315 262,879 Total Rights Evolent Health, Inc. — Class A* 21,167 191,561 (Cost $—) — CSG Systems International, Inc. 3,577 185,217 EXCHANGE-TRADED FUNDS† - 2.0% Total Technology 8,312,268 iShares Russell 1000 Value ETF 15,854 2,163,754 CONSUMER, CYCLICAL - 7.2% Total Exchange-Traded Funds Walmart, Inc. 8,836 1,050,070 (Cost $2,041,431) 2,163,754 PVH Corp. 8,459 889,464 MONEY MARKET FUND† - 0.2% Southwest Airlines Co. 15,677 846,245 Dreyfus Treasury Securities Lear Corp. 5,073 696,015 Cash Management Fund — Walgreens Boots Alliance, Inc. 10,837 638,950 Institutional Shares 1.44%2 250,653 250,653 LKQ Corp.* 13,820 493,374 PACCAR, Inc. 5,968 472,069 Total Money Market Fund UniFirst Corp. 1,884 380,530 (Cost $250,653) 250,653 Home Depot, Inc. 1,534 334,995 Total Investments - 99.7% Alaska Air Group, Inc. 4,939 334,617 (Cost $87,221,216) $ 107,311,041 Carnival Corp. 6,416 326,125 Other Assets & Liabilities, net - 0.3% 322,936 DR Horton, Inc. 5,871 309,695 BorgWarner, Inc. 5,015 217,551 Total Net Assets - 100.0% $ 107,633,977 Macy’s, Inc. 12,693 215,781 Skechers U.S.A., Inc. — Class A* 4,730 204,289 Caleres, Inc. 8,294 196,982 Newell Brands, Inc. 4,736 91,026 Total Consumer, Cyclical 7,697,778 SCHEDULE OF INVESTMENTS (concluded) December 31, 2019 SERIES O (ALL CAP VALUE SERIES)
* Non-income producing security. † Value determined based on Level 1 inputs. ††† Value determined based on Level 3 inputs. 1 Security was fair valued by the Valuation Committee at December 31, 2019. The total market value of fair valued securities amounts to $0, (cost $0) or 0.0% of total net assets. 2 Rate indicated is the 7-day yield as of December 31, 2019. plc — Public Limited Company REIT — Real Estate Investment Trust