Hotchkis & Wiley Funds NPORT-P Hotchkis and Wiley Mid-Cap Value Fund (Sep 2023 report)

Schedule of Investments - September 30, 2023
Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)
	Shares
COMMON STOCKS - 97.26%	Held		Value
COMMUNICATION SERVICES - 3.08%
Entertainment - 1.42%
Warner Bros. Discovery, Inc. (a)		604,600	$	6,565,956
Media - 1.66%
News Corp.		232,300		4,659,938
Paramount Global		236,800		3,054,720
				7,714,658
TOTAL COMMUNICATION SERVICES				14,280,614
CONSUMER DISCRETIONARY - 10.02%
Automobile Components - 6.80%
Adient PLC (a)		335,400		12,309,180
BorgWarner, Inc.		46,100		1,861,057
The Goodyear Tire & Rubber Company (a)		537,500		6,681,125
Lear Corp.		14,900		1,999,580
Magna International, Inc.		161,900		8,679,459
				31,530,401
Automobiles - 0.31%
Harley-Davidson, Inc.		43,900		1,451,334
Household Durables - 1.37%
Whirlpool Corp.		47,600		6,364,120
Specialty Retail - 1.54%
The ODP Corp. (a)		154,145		7,113,792
TOTAL CONSUMER DISCRETIONARY				46,459,647
CONSUMER STAPLES - 0.95%
Personal Care Products - 0.95%
Herbalife Ltd. (a)		315,200		4,409,648
TOTAL CONSUMER STAPLES				4,409,648
ENERGY - 21.05%
Energy Equipment & Services - 2.82%
Expro Group Holdings NV (a)		135,883		3,156,562
Halliburton Company		114,000		4,617,000
NOV, Inc.		254,600		5,321,140
				13,094,702
Oil, Gas & Consumable Fuels - 18.23%
APA Corp.		491,100		20,184,210
Baytex Energy Corp. (l)		1,781,600		7,856,856
California Resources Corp.		41,500		2,324,415
Cenovus Energy, Inc.		333,300		6,939,306
Chord Energy Corp.		14,600		2,366,222
Kosmos Energy Ltd. (a)		3,355,520		27,448,154
Marathon Oil Corp.		267,600		7,158,300
Murphy Oil Corp.		25,400		1,151,890
Ovintiv, Inc.		71,000		3,377,470
Range Resources Corp.		176,100		5,707,401
				84,514,224
TOTAL ENERGY				97,608,926
FINANCIALS - 27.84%
Banks - 13.24%
Citizens Financial Group, Inc.		722,500		19,363,000
Comerica, Inc.		83,500		3,469,425
First Citizens BancShares, Inc.		5,787		7,986,639
First Horizon Corp.		309,400		3,409,588
KeyCorp		246,400		2,651,264
Popular, Inc.		318,300		20,056,083
Western Alliance Bancorp		97,100		4,463,687
				61,399,686
Capital Markets - 3.28%
Lazard Ltd.		42,000		1,302,420
Northern Trust Corp.		33,000		2,292,840
State Street Corp.		173,000		11,584,080
				15,179,340
Consumer Finance - 1.90%
Discover Financial Services		52,800		4,574,064
SLM Corp.		310,500		4,229,010
				8,803,074
Financial Services - 1.94%
Euronet Worldwide, Inc. (a)		16,100		1,278,018
Fidelity National Information Services, Inc.		139,800		7,726,746
				9,004,764
Insurance - 7.48%
American International Group, Inc.		208,600		12,641,160
CNO Financial Group, Inc.		433,800		10,294,074
Enstar Group Ltd. (a)		35,100		8,494,200
The Hartford Financial Services Group, Inc.		46,000		3,261,860
				34,691,294
TOTAL FINANCIALS				129,078,158
HEALTH CARE - 4.50%
Health Care Providers & Services - 4.05%
Centene Corp. (a)		110,200		7,590,576
Laboratory Corp. of America Holdings		10,900		2,191,445
Universal Health Services, Inc.		71,700		9,014,841
				18,796,862
Pharmaceuticals - 0.45%
Jazz Pharmaceuticals PLC (a)		16,000		2,071,040
TOTAL HEALTH CARE				20,867,902
INDUSTRIALS - 13.92%
Air Freight & Logistics - 2.97%
FedEx Corp.		23,200		6,146,144
International Distributions Services PLC (a) (v)		2,395,600		7,608,979
				13,755,123
Commercial Services & Supplies - 1.75%
The Brink’s Company		111,500		8,099,360
Construction & Engineering - 3.76%
Fluor Corp. (a)		475,100		17,436,170
Ground Transportation - 1.45%
U-Haul Holding Company		128,700		6,742,593
Machinery - 2.57%
Allison Transmission Holdings, Inc.		85,700		5,061,442
CNH Industrial NV		225,500		2,728,550
Stanley Black & Decker, Inc.		49,600		4,145,568
				11,935,560
Professional Services - 1.42%
ManpowerGroup, Inc.		89,700		6,576,804
TOTAL INDUSTRIALS				64,545,610
INFORMATION TECHNOLOGY - 7.97%
Communications Equipment - 6.62%
CommScope Holding Company, Inc. (a)		259,100		870,576
F5, Inc. (a)		81,700		13,165,138
Telefonaktiebolaget LM Ericsson - ADR (l)		3,423,600		16,638,696
				30,674,410
Electronic Equipment, Instruments & Components - 1.35%
Arrow Electronics, Inc. (a)		50,000		6,262,000
TOTAL INFORMATION TECHNOLOGY				36,936,410
MATERIALS - 3.27%
Chemicals - 3.27%
Huntsman Corp.		182,800		4,460,320
Olin Corp.		213,600		10,675,728
TOTAL MATERIALS				15,136,048
REAL ESTATE - 1.09%
Hotel & Resort Real Estate Investment Trusts - 0.13%
Pebblebrook Hotel Trust		43,100		585,729
Office Real Estate Investment Trusts - 0.28%
Vornado Realty Trust		58,000		1,315,440
Real Estate Management & Development - 0.68%
Jones Lang LaSalle, Inc. (a)		22,300		3,148,314
TOTAL REAL ESTATE				5,049,483
UTILITIES - 3.57%
Electric Utilities - 1.05%
NRG Energy, Inc.		126,100		4,857,372
Independent Power and Renewable Electricity Producers - 2.52%
Vistra Corp.		352,900		11,709,222
TOTAL UTILITIES				16,566,594
Total common stocks (Cost $391,080,284)				450,939,040
Total long-term investments (Cost $391,080,284)				450,939,040
COLLATERAL FOR SECURITIES ON LOAN - 3.10%
Money Market Funds - 3.10%
Invesco Short-Term Investments Trust Government & Agency Portfolio - Institutional Class, 5.26%^		14,359,580		14,359,580
Total collateral for securities on loan (Cost $14,359,580)				14,359,580
	Principal
SHORT-TERM INVESTMENTS - 2.25%	Amount
Time Deposits - 2.25%
JPMorgan Chase & Company, 4.68%, 10/02/2023*	$	10,433,793		10,433,793
Total short-term investments (Cost $10,433,793)				10,433,793
Total investments - 102.61% (Cost $415,873,657)				475,732,413
Liabilities in excess of other assets - (2.61)%				(12,086,550	)
Net assets - 100.00%			$	463,645,863

(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 $13,789,250.  The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.
(v)	- Security was fair valued as a result of market movements following the close of local trading using a third-party vendor’s proprietary fair value pricing model.  The total market value of these securities was $7,608,979, which represented 1.64% of net assets.  See Security Valuation below.
ADR	- American Depositary Receipt
^	- Rate shown is the 7-day yield as of September 30, 2023.
*	- 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, 25 industry groups, 74 industries and 163 sub-industries.  Each stock that is classified will have a coding at all four of these levels.

Security Valuation. Equity securities traded on a national stock exchange or Nasdaq Global Markets, Nasdaq Select Market and the Nasdaq Capital Markets (together, “Nasdaq”) are valued at the last reported sale price or Nasdaq Official Closing Price, as applicable, on that day, or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or Nasdaq. Over-the-counter securities not traded on Nasdaq 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 independent and qualified pricing source approved by the valuation designee (“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 Pricing Services.

Fixed-income securities are generally valued at their evaluated mean prices provided by Pricing Services. Pricing Services generally provide an evaluated price that takes into account appropriate factors such as institutional-sized trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data, and 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 (which is generally 4:00 p.m. Eastern time), the Fund generally utilizes a 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, 2023:

Level 1 --- Quoted prices in an active market:
Common Stocks	$	443,330,061
Money Market Funds		14,359,580
Level 2 --- Other significant observable market inputs:
Common Stocks:
Industrials		7,608,979
Time Deposits		10,433,793
Level 3 --- Significant unobservable inputs		-
Total Investments	$	475,732,413