Schedule of Investments - September 30, 2022 | ||||||||
Hotchkis & Wiley Diversified Value Fund (Unaudited) | ||||||||
Shares | ||||||||
COMMON STOCKS - 99.85% | Held | Value | ||||||
COMMUNICATION SERVICES - 9.41% | ||||||||
Entertainment - 1.80% | ||||||||
Warner Bros. Discovery, Inc. (a) | 120,200 | $ | 1,382,300 | |||||
Interactive Media & Services - 2.51% | ||||||||
Alphabet, Inc. (a) | 20,200 | 1,932,130 | ||||||
Media - 4.03% | ||||||||
Comcast Corp. | 49,700 | 1,457,701 | ||||||
News Corp. | 55,700 | 841,627 | ||||||
Omnicom Group, Inc. | 6,100 | 384,849 | ||||||
Paramount Global (l) | 22,000 | 418,880 | ||||||
3,103,057 | ||||||||
Wireless Telecommunication Services - 1.07% | ||||||||
Vodafone Group PLC - ADR | 72,963 | 826,671 | ||||||
TOTAL COMMUNICATION SERVICES | 7,244,158 | |||||||
CONSUMER DISCRETIONARY - 6.44% | ||||||||
Auto Components - 3.10% | ||||||||
Adient PLC (a) | 8,974 | 249,029 | ||||||
Aptiv PLC (a) | 7,000 | 547,470 | ||||||
The Goodyear Tire & Rubber Company (a) | 20,600 | 207,854 | ||||||
Magna International, Inc. (l) | 29,100 | 1,379,922 | ||||||
2,384,275 | ||||||||
Automobiles - 2.64% | ||||||||
General Motors Company | 63,300 | 2,031,297 | ||||||
Hotels, Restaurants & Leisure - 0.70% | ||||||||
Booking Holdings, Inc. (a) | 330 | 542,259 | ||||||
TOTAL CONSUMER DISCRETIONARY | 4,957,831 | |||||||
CONSUMER STAPLES - 1.80% | ||||||||
Personal Products - 1.80% | ||||||||
Unilever PLC - ADR | 31,600 | 1,385,344 | ||||||
TOTAL CONSUMER STAPLES | 1,385,344 | |||||||
ENERGY - 12.51% | ||||||||
Energy Equipment & Services - 3.50% | ||||||||
Baker Hughes Company | 14,000 | 293,440 | ||||||
Halliburton Company | 32,700 | 805,074 | ||||||
NOV, Inc. | 75,600 | 1,223,208 | ||||||
Schlumberger NV | 10,300 | 369,770 | ||||||
2,691,492 | ||||||||
Oil, Gas & Consumable Fuels - 9.01% | ||||||||
APA Corp. | 46,700 | 1,596,673 | ||||||
Cenovus Energy, Inc. | 28,800 | 442,656 | ||||||
Hess Corp. | 8,900 | 970,011 | ||||||
Marathon Oil Corp. | 54,200 | 1,223,836 | ||||||
Murphy Oil Corp. | 20,200 | 710,434 | ||||||
Ovintiv, Inc. | 13,000 | 598,000 | ||||||
Shell PLC - ADR | 28,062 | 1,396,365 | ||||||
6,937,975 | ||||||||
TOTAL ENERGY | 9,629,467 | |||||||
FINANCIALS - 24.91% | ||||||||
Banks - 10.87% | ||||||||
Citigroup, Inc. | 86,174 | 3,590,871 | ||||||
Citizens Financial Group, Inc. | 35,200 | 1,209,472 | ||||||
First Citizens BancShares, Inc. | 792 | 631,565 | ||||||
Wells Fargo & Company | 73,034 | 2,937,427 | ||||||
8,369,335 | ||||||||
Capital Markets - 7.10% | ||||||||
The Bank of New York Mellon Corp. | 42,100 | 1,621,692 | ||||||
Credit Suisse Group AG - ADR (l) | 102,400 | 401,408 | ||||||
The Goldman Sachs Group, Inc. | 6,750 | 1,978,087 | ||||||
State Street Corp. | 24,000 | 1,459,440 | ||||||
5,460,627 | ||||||||
Consumer Finance - 0.50% | ||||||||
Capital One Financial Corp. | 4,200 | 387,114 | ||||||
Diversified Financial Services - 0.50% | ||||||||
Equitable Holdings, Inc. | 14,700 | 387,345 | ||||||
Insurance - 5.94% | ||||||||
American International Group, Inc. | 59,700 | 2,834,556 | ||||||
Corebridge Financial, Inc. (a) (l) | 21,100 | 415,459 | ||||||
The Hartford Financial Services Group, Inc. | 21,300 | 1,319,322 | ||||||
4,569,337 | ||||||||
TOTAL FINANCIALS | 19,173,758 | |||||||
HEALTH CARE - 10.89% | ||||||||
Health Care Equipment & Supplies - 1.62% | ||||||||
Medtronic PLC | 8,882 | 717,222 | ||||||
Zimmer Biomet Holdings, Inc. | 5,100 | 533,205 | ||||||
1,250,427 | ||||||||
Health Care Providers & Services - 8.27% | ||||||||
Centene Corp. (a) | 13,200 | 1,027,092 | ||||||
Cigna Corp. | 2,300 | 638,181 | ||||||
CVS Health Corp. | 12,900 | 1,230,273 | ||||||
Elevance Health, Inc. | 4,100 | 1,862,384 | ||||||
HCA Healthcare, Inc. | 4,500 | 827,055 | ||||||
Humana, Inc. | 1,600 | 776,304 | ||||||
6,361,289 | ||||||||
Pharmaceuticals - 1.00% | ||||||||
GSK PLC - ADR | 12,240 | 360,223 | ||||||
Sanofi - ADR | 10,800 | 410,616 | ||||||
770,839 | ||||||||
TOTAL HEALTH CARE | 8,382,555 | |||||||
INDUSTRIALS - 13.50% | ||||||||
Aerospace & Defense - 2.10% | ||||||||
The Boeing Company (a) | 7,000 | 847,560 | ||||||
Raytheon Technologies Corp. | 9,400 | 769,484 | ||||||
1,617,044 | ||||||||
Air Freight & Logistics - 2.06% | ||||||||
FedEx Corp. | 10,700 | 1,588,629 | ||||||
Construction & Engineering - 0.36% | ||||||||
Fluor Corp. (a) | 11,000 | 273,790 | ||||||
Industrial Conglomerates - 5.22% | ||||||||
General Electric Company | 64,837 | 4,014,058 | ||||||
Machinery - 3.76% | ||||||||
CNH Industrial NV | 90,500 | 1,010,885 | ||||||
Cummins, Inc. | 5,100 | 1,037,901 | ||||||
PACCAR, Inc. | 10,100 | 845,269 | ||||||
2,894,055 | ||||||||
TOTAL INDUSTRIALS | 10,387,576 | |||||||
INFORMATION TECHNOLOGY - 16.33% | ||||||||
Communications Equipment - 3.58% | ||||||||
F5, Inc. (a) | 13,800 | 1,997,274 | ||||||
Telefonaktiebolaget LM Ericsson - ADR | 132,500 | 760,550 | ||||||
2,757,824 | ||||||||
Electronic Equipment, Instruments & Components - 2.01% | ||||||||
Corning, Inc. | 26,600 | 771,932 | ||||||
TE Connectivity Ltd. | 7,000 | 772,520 | ||||||
1,544,452 | ||||||||
IT Services - 1.13% | ||||||||
Cognizant Technology Solutions Corp. | 7,000 | 402,080 | ||||||
Fiserv, Inc. (a) | 5,000 | 467,850 | ||||||
869,930 | ||||||||
Semiconductors & Semiconductor Equipment - 0.97% | ||||||||
Micron Technology, Inc. | 14,800 | 741,480 | ||||||
Software - 8.64% | ||||||||
Microsoft Corp. | 10,800 | 2,515,320 | ||||||
Oracle Corp. | 34,800 | 2,125,236 | ||||||
Workday, Inc. (a) | 13,200 | 2,009,304 | ||||||
6,649,860 | ||||||||
TOTAL INFORMATION TECHNOLOGY | 12,563,546 | |||||||
MATERIALS - 1.56% | ||||||||
Chemicals - 1.24% | ||||||||
Olin Corp. | 22,200 | 951,936 | ||||||
Containers & Packaging - 0.32% | ||||||||
International Paper Company | 7,900 | 250,430 | ||||||
TOTAL MATERIALS | 1,202,366 | |||||||
UTILITIES - 2.50% | ||||||||
Electric Utilities - 2.50% | ||||||||
PPL Corp. | 75,800 | 1,921,530 | ||||||
TOTAL UTILITIES | 1,921,530 | |||||||
Total common stocks (Cost $79,427,370) | 76,848,131 | |||||||
Total long-term investments (Cost $79,427,370) | 76,848,131 | |||||||
COLLATERAL FOR SECURITIES ON LOAN - 2.61% | ||||||||
Money Market Funds - 2.61% | ||||||||
Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 2.88%^ | 2,004,530 | 2,004,530 | ||||||
Total collateral for securities on loan (Cost $2,004,530) | 2,004,530 | |||||||
Principal | ||||||||
SHORT-TERM INVESTMENTS - 0.31% | Amount | |||||||
Time Deposits - 0.31% | ||||||||
Barclays PLC, 2.43%, 10/03/2022* | $ | 173,970 | 173,970 | |||||
Citigroup, Inc., 0.29%, 10/03/2022* | EUR | 67,728 | 66,377 | |||||
Total short-term investments (Cost $241,326) | 240,347 | |||||||
Total investments - 102.77% (Cost $81,673,226) | 79,093,008 | |||||||
Liabilities in excess of other assets - (2.77)% | (2,132,175 | ) | ||||||
Net assets - 100.00% | $ | 76,960,833 |
(a) | - Non-income producing security. | ||||||
(l) | - All or a portion of this security is on loan. The total market value of securities on loan was $1,932,486. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous. | ||||||
ADR | - American Depositary Receipt | ||||||
EUR | - Euro | ||||||
^ | - Rate shown is the 7-day yield as of September 30, 2022. | ||||||
* | - Invested through a cash management account administered by Brown Brothers Harriman & Co. | ||||||
The Global Industry Classification Standard (GICS®) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor’s (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels. | |||||||
Security Valuation. Portfolio securities that are listed on a U.S. stock exchange or The Nasdaq Stock Market (“NSM”) (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM are valued at the last sale price, or if the last sale price is unavailable, at the average of the quoted bid and asked prices in the over-the-counter market. Foreign equity securities (which are principally traded in markets other than the U.S.) are valued based upon the last reported sale price on the primary exchange or market on which they trade as of the close of business of such exchange or market immediately preceding the time of determining the Fund’s net asset value. Any Fund assets or liabilities initially valued in terms of non-U.S. dollar currencies are translated into U.S. dollars at the prevailing foreign currency exchange market rates as provided by an approved independent pricing service.
The Trust’s Board of Trustees (the “Board”) has designated Hotchkis & Wiley Capital Management, LLC (the “Advisor”) as the Fund’s “valuation designee” to perform all fair valuations of the Fund’s portfolio investments, subject to the Board’s oversight. The Advisor, as the Fund’s valuation designee, has established procedures for its fair valuation of the Fund’s portfolio investments, which address, among other things, determining when market quotations are not readily available or reliable and certain methodologies for the fair valuation of such portfolio investments, as well as the use and oversight of third-party pricing services.
Fixed-income securities are generally valued at their evaluated mean prices obtained from an approved independent pricing service. Pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. If valuations from the pricing services are unavailable or deemed unreliable, the fixed-income security shall be priced according to the average of the bid and ask prices of broker quotes (or a single broker quote) for such security or the last sale price reported on FINRA’s Trade Reporting and Compliance Engine (“TRACE”) (excluding cross and retail trades).
For portfolio holdings which trade in markets that close prior to the close of trading on the New York Stock Exchange, the Fund generally utilizes an independent pricing service’s fair value price which is designed to capture events occurring after a foreign exchange closes that may affect the value of certain portfolio holdings traded on those foreign exchanges. When this fair value pricing is employed, the value of the portfolio holdings used to calculate the Fund’s net asset value may differ from quoted or official closing prices.
The Trust has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the following three broad categories:
• Level 1 — Quoted unadjusted prices for identical instruments in active markets to which the Trust has access at the date of measurement.
• Level 2—Other significant observable inputs (including quoted prices for similar instruments, interest rates, current yields, credit quality, prepayment speeds for mortgage related securities, collateral for asset-backed securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities, and changes in benchmark securities indices). Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.
• Level 3—Significant unobservable inputs including model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Trust’s own assumptions that market participants would use to price the asset or liability based on the best available information.
The following table presents the valuation levels of the Fund’s assets as of September 30, 2022:
Level 1 --- Quoted prices in an active market: | ||||
Common Stocks | $ | 76,848,131 | ||
Money Market Funds | 2,004,530 | |||
Time Deposits | 240,347 | |||
Level 2 --- Other significant observable market inputs | - | |||
Level 3 --- Significant unobservable inputs | - | |||
Total Investments | $ | 79,093,008 |