Hotchkis & Wiley Funds NPORT-P Hotchkis and Wiley Large Cap Fundamental Value Fund (Sep 2024 report)

Hotchkis & Wiley Large Cap Fundamental Value Fund
Schedule of Investments
September 30, 2024 (Unaudited)
COMMON STOCKS - 98.0%		Shares		Value
Aerospace & Defense - 1.3%
General Dynamics Corp.			6,800	$	2,054,960
Huntington Ingalls Industries, Inc.			12,600		3,331,188
					5,386,148
Air Freight & Logistics - 2.0%
FedEx Corp.			29,200		7,991,456
Automobile Components - 2.1%
Magna International, Inc.			207,800		8,528,112
Automobiles - 3.3%
General Motors Co.			298,600		13,389,224
Banks - 12.5%
Bank of America Corp.			76,500		3,035,520
Citigroup, Inc.			269,088		16,844,909
Citizens Financial Group, Inc.			144,300		5,926,401
Comerica, Inc.			1,200		71,892
KeyCorp			3,700		61,975
Popular, Inc.			600		60,162
Truist Financial Corp.			71,000		3,036,670
US Bancorp			184,300		8,428,039
Wells Fargo & Co.			223,463		12,623,425
					50,088,993
Capital Markets - 4.6%
Bank of New York Mellon Corp.			87,700		6,302,122
Goldman Sachs Group, Inc.			5,400		2,673,594
Morgan Stanley			600		62,544
Northern Trust Corp.			600		54,018
State Street Corp.			105,400		9,324,738
					18,417,016
Chemicals - 1.8%
Olin Corp.			152,600		7,321,748
Communications Equipment - 7.7%
F5, Inc. (a)			83,400		18,364,680
Telefonaktiebolaget LM Ericsson - ADR (b)			1,628,600		12,344,788
					30,709,468
Consumer Finance - 1.2%
Capital One Financial Corp.			14,400		2,156,112
Discover Financial Services			19,900		2,791,771
					4,947,883
Electric Utilities - 2.0%
PPL Corp.			241,900		8,002,052
Electronic Equipment, Instruments & Components - 1.8%
Corning, Inc.			49,700		2,243,955
TE Connectivity PLC			32,800		4,952,472
					7,196,427
Energy Equipment & Services - 4.2%
Baker Hughes Co.			165,100		5,968,365
Halliburton Co.			77,500		2,251,375
NOV, Inc.			549,700		8,778,709
					16,998,449
Entertainment - 0.8%
Warner Bros Discovery, Inc. (a)			390,000		3,217,500
Financial Services - 4.5%
Corebridge Financial, Inc.			149,700		4,365,252
Euronet Worldwide, Inc. (a)			50,200		4,981,346
Fidelity National Information Services, Inc.			105,900		8,869,125
					18,215,723
Food Products - 2.9%
Conagra Brands, Inc.			91,500		2,975,580
General Mills, Inc.			27,100		2,001,335
Kraft Heinz Co.			192,400		6,755,164
Mondelez International, Inc. - Class A			700		51,569
					11,783,648
Ground Transportation - 1.1%
Norfolk Southern Corp.			17,300		4,299,050
Health Care Equipment & Supplies - 5.6%
GE HealthCare Technologies, Inc.			90,662		8,508,629
Medtronic PLC			111,600		10,047,348
Zimmer Biomet Holdings, Inc.			35,000		3,778,250
					22,334,227
Health Care Providers & Services - 9.3%
Cigna Group			13,300		4,607,652
CVS Health Corp.			210,430		13,231,838
Elevance Health, Inc.			21,800		11,336,000
HCA Healthcare, Inc.			12,900		5,242,947
Humana, Inc.			8,600		2,723,964
					37,142,401
Insurance - 4.4%
American International Group, Inc.			128,600		9,417,378
Hartford Financial Services Group, Inc.			68,200		8,021,002
					17,438,380
Interactive Media & Services - 1.8%
Alphabet, Inc. - Class A			43,580		7,227,743
IT Services - 1.0%
Amdocs Ltd.			46,200		4,041,576
Machinery - 5.0%
CNH Industrial NV			379,400		4,211,340
Cummins, Inc.			25,400		8,224,266
PACCAR, Inc.			38,250		3,774,510
Stanley Black & Decker, Inc.			35,000		3,854,550
					20,064,666
Media - 4.1%
Comcast Corp. - Class A			258,400		10,793,368
Paramount Global - Class B			120,500		1,279,710
WPP PLC - ADR (b)			82,600		4,225,816
					16,298,894
Multi-Utilities - 2.2%
Dominion Energy, Inc.			155,900		9,009,461
Oil, Gas & Consumable Fuels - 7.8%
APA Corp.			504,900		12,349,854
Marathon Oil Corp.			149,000		3,967,870
Murphy Oil Corp.			46,970		1,584,768
Ovintiv, Inc.			135,280		5,182,577
Shell PLC - ADR			122,372		8,070,433
					31,155,502
Personal Care Products - 1.5%
Unilever PLC - ADR			92,600		6,015,296
Pharmaceuticals - 1.5%
GSK PLC - ADR			91,140		3,725,803
Sanofi SA - ADR			39,000		2,247,570
					5,973,373
TOTAL COMMON STOCKS (Cost $315,558,631)					393,194,416
SHORT-TERM INVESTMENTS - 4.7%
Money Market Funds - 2.7%		Shares
Invesco Government & Agency Portfolio - Class Institutional, 4.85% (c)			10,708,790		10,708,790
Time Deposits - 2.0%		Par
Citigroup, Inc., 2.33%, 10/01/2024 (d)	EUR		17		18
JPMorgan Chase & Co., 4.18%, 10/01/2024 (d)			8,266,866		8,266,866
					8,266,884
TOTAL SHORT-TERM INVESTMENTS (Cost $18,975,672)					18,975,674
TOTAL INVESTMENTS - 102.7% (Cost $334,534,303)					412,170,090
Liabilities in Excess of Other Assets - (2.7)%					(10,938,608	)
TOTAL NET ASSETS - 100.0%				$	401,231,482
Percentages are stated as a percent of net assets.
Par amount is in USD unless otherwise indicated.

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.

ADR - American Depositary Receipt

EUR - Euro

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of September 30, 2024. The total market value of these securities was $10,471,548 which represented 2.6% of net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.
(d)	Invested through a cash management account administered by Brown Brothers Harriman & Co.

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 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, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	393,194,416	$	–	$	–	$	393,194,416
Money Market Funds		10,708,790		–		–		10,708,790
Time Deposits		–		8,266,884		–		8,266,884
Total Investments	$	403,903,206	$	8,266,884	$	–	$	412,170,090

Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.