Schedule of Investments - September 30, 2021 | |||||||
Hotchkis & Wiley International Small Cap Diversified Value Fund (Unaudited) | |||||||
Country Breakdown* (% of net assets) | |||||||
Japan | 29.01% | ||||||
United Kingdom | 14.28% | ||||||
Australia | 7.30% | ||||||
France | 6.18% | ||||||
Canada | 5.95% | ||||||
Germany | 5.10% | ||||||
Italy | 4.06% | ||||||
Sweden | 3.30% | ||||||
Spain | 3.10% | ||||||
Israel | 2.86% | ||||||
Switzerland | 2.46% | ||||||
Austria | 2.23% | ||||||
Norway | 2.21% | ||||||
Denmark | 2.06% | ||||||
United States | 1.58% | ||||||
Singapore | 1.42% | ||||||
Hong Kong | 1.19% | ||||||
Ireland | 0.79% | ||||||
Netherlands | 0.75% | ||||||
Poland | 0.50% | ||||||
Czech Republic | 0.50% | ||||||
Portugal | 0.49% | ||||||
Finland | 0.42% | ||||||
Belgium | 0.29% | ||||||
Indonesia | 0.22% | ||||||
Malaysia | 0.20% | ||||||
Philippines | 0.20% | ||||||
Short-term securities and other assets in excess of liabilities | 1.35% | ||||||
* Based on country of risk. | |||||||
Shares | |||||||
COMMON STOCKS - 98.65% | Held | Value | |||||
COMMUNICATION SERVICES - 2.33% | |||||||
Diversified Telecommunication Services - 0.50% | |||||||
O2 Czech Republic AS | 2,800 | $ | 33,662 | ||||
Entertainment - 0.36% | |||||||
Akatsuki, Inc. (v) | 400 | 11,427 | |||||
GungHo Online Entertainment, Inc. (v) | 700 | 12,835 | |||||
24,262 | |||||||
Media - 1.47% | |||||||
APG SGA SA (a) | 140 | 32,373 | |||||
Atresmedia Corp. de Medios de Comunicacion SA (a) | 3,200 | 13,744 | |||||
Mediaset Espana Comunicacion SA (a) | 3,600 | 20,467 | |||||
Metropole Television SA | 900 | 18,724 | |||||
TX Group AG (a) | 80 | 13,220 | |||||
98,528 | |||||||
TOTAL COMMUNICATION SERVICES | 156,452 | ||||||
CONSUMER DISCRETIONARY - 10.78% | |||||||
Auto Components - 1.86% | |||||||
Cie Plastic Omnium SA (v) | 800 | 20,417 | |||||
FCC Company Ltd. (v) | 1,400 | 19,723 | |||||
NHK Spring Company Ltd. (v) | 2,600 | 18,504 | |||||
Nokian Renkaat Oyj (v) | 400 | 14,293 | |||||
Toyota Boshoku Corp. (v) | 1,200 | 21,228 | |||||
TS Tech Company Ltd. (v) | 2,400 | 30,837 | |||||
125,002 | |||||||
Automobiles - 0.90% | |||||||
Mazda Motor Corp. (a) (v) | 3,900 | 33,750 | |||||
Mitsubishi Motors Corp. (a) (v) | 4,900 | 13,366 | |||||
Trigano SA (v) | 70 | 13,124 | |||||
60,240 | |||||||
Distributors - 0.49% | |||||||
Inchcape PLC | 3,000 | 32,782 | |||||
Diversified Consumer Services - 0.51% | |||||||
Anexo Group PLC | 18,000 | 34,561 | |||||
Hotels, Restaurants & Leisure - 0.57% | |||||||
Dalata Hotel Group PLC (a) | 8,100 | 38,469 | |||||
Household Durables - 2.09% | |||||||
Crest Nicholson Holdings PLC | 2,300 | 11,869 | |||||
Henry Boot PLC (v) | 3,500 | 13,273 | |||||
Portmeirion Group PLC (a) (v) | 1,500 | 13,845 | |||||
Redrow PLC (v) | 3,700 | 33,227 | |||||
Tachikawa Corp. (v) | 2,800 | 32,839 | |||||
Tamron Company Ltd. (v) | 1,500 | 35,570 | |||||
140,623 | |||||||
Internet & Catalog Retail - 0.19% | |||||||
Takkt AG (v) | 800 | 12,645 | |||||
Leisure Products - 0.56% | |||||||
Furyu Corp. (v) | 1,300 | 20,737 | |||||
Photo-Me International PLC (a) | 20,500 | 17,070 | |||||
37,807 | |||||||
Specialty Retail - 2.41% | |||||||
Adastria Company Ltd. (v) | 1,900 | 34,918 | |||||
AOKI Holdings, Inc. (v) | 5,800 | 37,625 | |||||
Clas Ohlson AB (v) | 1,900 | 19,520 | |||||
Hornbach Baumarkt AG | 300 | 13,553 | |||||
Mobilezone Holding AG (v) | 1,600 | 22,082 | |||||
Premier Investments Ltd. (v) | 700 | 15,049 | |||||
Super Retail Group Ltd. (v) | 2,200 | 19,144 | |||||
161,891 | |||||||
Textiles, Apparel & Luxury Goods - 1.20% | |||||||
Chargeurs SA (v) | 700 | 21,039 | |||||
Hagihara Industries, Inc. (v) | 1,500 | 22,491 | |||||
HUGO BOSS AG (v) | 400 | 23,960 | |||||
The Japan Wool Textile Company Ltd. (v) | 1,500 | 13,612 | |||||
81,102 | |||||||
TOTAL CONSUMER DISCRETIONARY | 725,122 | ||||||
CONSUMER STAPLES - 6.01% | |||||||
Beverages - 0.75% | |||||||
Corby Spirit and Wine Ltd. | 1,300 | 18,547 | |||||
Stock Spirits Group PLC (v) | 6,400 | 32,249 | |||||
50,796 | |||||||
Food & Staples Retailing - 1.16% | |||||||
Amsterdam Commodities NV (a) (v) | 500 | 13,609 | |||||
Arcs Company Ltd. (v) | 900 | 18,280 | |||||
Kato Sangyo Company Ltd. (v) | 1,100 | 32,573 | |||||
Metcash Ltd. (v) | 4,800 | 13,426 | |||||
77,888 | |||||||
Food Products - 3.31% | |||||||
Austevoll Seafood ASA (v) | 1,700 | 20,131 | |||||
Ebara Foods Industry, Inc. (v) | 1,400 | 31,771 | |||||
Ezaki Glico Company Ltd. (v) | 400 | 15,173 | |||||
Greencore Group PLC (a) | 7,700 | 14,649 | |||||
Itoham Yonekyu Holdings, Inc. (v) | 2,200 | 14,373 | |||||
Neto ME Holdings Ltd. (v) | 300 | 14,099 | |||||
Nippn Corp. (v) | 1,100 | 16,051 | |||||
Nitto Fuji Flour Milling Company Ltd. (v) | 600 | 17,835 | |||||
Savencia SA | 150 | 10,912 | |||||
Tassal Group Ltd. (v) | 13,200 | 33,367 | |||||
Tate & Lyle PLC (v) | 1,400 | 13,021 | |||||
Wynnstay Group PLC | 2,900 | 21,413 | |||||
222,795 | |||||||
Personal Products - 0.26% | |||||||
HABA Laboratories, Inc. (v) | 600 | 17,215 | |||||
Tobacco - 0.53% | |||||||
Scandinavian Tobacco Group A/S (r) (v) | 1,800 | 35,525 | |||||
TOTAL CONSUMER STAPLES | 404,219 | ||||||
ENERGY - 6.30% | |||||||
Energy Equipment & Services - 2.33% | |||||||
Frank's International NV (a) | 11,000 | 32,340 | |||||
Subsea 7 SA (v) | 4,700 | 40,726 | |||||
Technip Energies NV (a) (v) | 1,360 | 21,325 | |||||
TechnipFMC PLC (a) (v) | 5,000 | 37,508 | |||||
TerraVest Industries, Inc. | 1,300 | 24,931 | |||||
156,830 | |||||||
Oil, Gas & Consumable Fuels - 3.97% | |||||||
Birchcliff Energy Ltd. | 7,100 | 39,295 | |||||
Cairn Energy PLC (v) | 13,961 | 35,228 | |||||
Cardinal Energy Ltd. (a) (m) | 8,100 | 26,731 | |||||
Crescent Point Energy Corp. | 8,900 | 41,036 | |||||
Kosmos Energy Ltd. (a) | 13,600 | 40,256 | |||||
Pantheon Resources PLC (a) | 25,600 | 24,697 | |||||
Pilipinas Shell Petroleum Corp. (a) | 34,700 | 13,197 | |||||
Vermilion Energy, Inc. (a) | 4,700 | 46,458 | |||||
266,898 | |||||||
TOTAL ENERGY | 423,728 | ||||||
FINANCIALS - 25.34% | |||||||
Banks - 9.78% | |||||||
The Aichi Bank Ltd. (v) | 500 | 16,187 | |||||
Banca Popolare di Sondrio SCPA (v) | 4,700 | 19,968 | |||||
Banco de Sabadell SA (a) (v) | 49,600 | 41,465 | |||||
Bank Danamon Indonesia Tbk PT (v) | 81,100 | 15,039 | |||||
Bank Millennium SA (a) | 19,900 | 33,723 | |||||
Bank Norwegian ASA | 1,100 | 13,150 | |||||
Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 1,400 | 31,444 | |||||
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine (v) | 250 | 26,096 | |||||
Caisse Regionale de Credit Agricole Mutuel de Paris et d'Ile-de-France | 410 | 32,532 | |||||
Caisse Regionale de Credit Agricole Mutuel d'Ille-et-Vilaine | 240 | 19,877 | |||||
Caisse Regionale de Credit Agricole Mutuel Nord de France | 900 | 19,964 | |||||
Caisse Regionale de Credit Agricole Mutuel Toulouse 31 | 260 | 24,892 | |||||
Canadian Western Bank | 700 | 20,266 | |||||
Collector AB (a) (v) | 7,100 | 30,878 | |||||
Dah Sing Financial Holdings Ltd. (v) | 10,400 | 31,136 | |||||
The Hachijuni Bank Ltd. (v) | 5,800 | 20,660 | |||||
The Iyo Bank Ltd. (v) | 4,200 | 21,559 | |||||
The Keiyo Bank Ltd. (v) | 5,200 | 20,869 | |||||
Komplett Bank ASA | 21,900 | 21,144 | |||||
The Musashino Bank Ltd. (v) | 800 | 13,122 | |||||
Pareto Bank ASA | 3,300 | 20,460 | |||||
The Shikoku Bank Ltd. (v) | 2,100 | 13,852 | |||||
Sparebank 1 Oestlandet | 1,400 | 20,756 | |||||
Sparebanken Vest (v) | 1,900 | 20,611 | |||||
Sparekassen Sjaelland-Fyn A/S (a) | 1,000 | 21,262 | |||||
Suruga Bank Ltd. (v) | 9,300 | 34,562 | |||||
The Tochigi Bank Ltd. (v) | 8,800 | 14,423 | |||||
TOMONY Holdings, Inc. (v) | 4,900 | 14,409 | |||||
Unicaja Banco SA (r) (v) | 22,800 | 23,714 | |||||
658,020 | |||||||
Capital Markets - 7.15% | |||||||
ABG Sundal Collier Holding ASA | 19,500 | 20,522 | |||||
AGF Management Ltd. | 5,900 | 36,147 | |||||
Atreyu Capital Markets Ltd. (v) | 1,300 | 22,714 | |||||
Baader Bank AG (v) | 4,200 | 34,858 | |||||
Flow Traders (r) (v) | 500 | 19,313 | |||||
GAM Holding AG (a) | 18,900 | 34,476 | |||||
IOOF Holdings Ltd. (v) | 11,800 | 36,020 | |||||
Jupiter Fund Management PLC (v) | 3,700 | 12,400 | |||||
Man Group PLC (v) | 5,600 | 15,361 | |||||
Manolete Partners PLC | 9,500 | 40,321 | |||||
Meitav Dash Investments Ltd. (v) | 2,800 | 13,742 | |||||
Navigator Global Investments Ltd. (v) | 27,700 | 35,284 | |||||
Numis Corp. PLC | 6,900 | 33,376 | |||||
Rothschild & Company | 900 | 38,990 | |||||
Sawada Holdings Company Ltd. (v) | 3,600 | 33,725 | |||||
Toyo Securities Company Ltd. (v) | 23,200 | 34,921 | |||||
Value Partners Group Ltd. (v) | 38,000 | 19,107 | |||||
481,277 | |||||||
Consumer Finance - 1.83% | |||||||
AEON Financial Service Company Ltd. (v) | 2,900 | 36,721 | |||||
Hoist Finance AB (a) (r) | 8,700 | 30,767 | |||||
Nawi Brothers Ltd. (v) | 4,700 | 38,220 | |||||
Resurs Holding AB (r) (v) | 3,800 | 17,599 | |||||
123,307 | |||||||
Diversified Financial Services - 2.57% | |||||||
Banca IFIS SpA (v) | 1,900 | 36,603 | |||||
Burford Capital Ltd. | 3,100 | 33,833 | |||||
Challenger Ltd. (v) | 3,400 | 15,129 | |||||
Financial Products Group Company Ltd. (v) | 5,300 | 33,752 | |||||
GRENKE AG | 500 | 21,435 | |||||
Plus500 Ltd. | 1,700 | 31,839 | |||||
172,591 | |||||||
Insurance - 3.80% | |||||||
AUB Group Ltd. (v) | 1,200 | 20,361 | |||||
Beazley PLC (a) (v) | 6,000 | 30,547 | |||||
Clal Insurance Enterprises Holdings Ltd. (a) (v) | 1,100 | 23,432 | |||||
Coface SA (v) | 1,600 | 20,041 | |||||
Grupo Catalana Occidente SA | 400 | 14,595 | |||||
Hiscox Ltd. (v) | 2,900 | 32,690 | |||||
Lancashire Holdings Ltd. (v) | 3,800 | 28,619 | |||||
Unipol Gruppo SpA (v) | 5,100 | 29,640 | |||||
UNIQA Insurance Group AG (v) | 2,400 | 21,370 | |||||
Vienna Insurance Group AG Wiener Versicherung Gruppe (v) | 1,200 | 34,524 | |||||
255,819 | |||||||
Thrifts & Mortgage Finance - 0.21% | |||||||
Asax Company Ltd. (v) | 2,100 | 13,698 | |||||
TOTAL FINANCIALS | 1,704,712 | ||||||
HEALTH CARE - 3.34% | |||||||
Health Care Equipment & Supplies - 0.71% | |||||||
Draegerwerk AG & Company KGaA (v) | 230 | 17,881 | |||||
Medmix AG (a) (i) (r) | 170 | 8,026 | |||||
Paramount Bed Holdings Company Ltd. (v) | 1,100 | 21,933 | |||||
47,840 | |||||||
Health Care Providers & Services - 2.06% | |||||||
Estia Health Ltd. (v) | 20,200 | 33,242 | |||||
FALCO HOLDINGS Company Ltd. (v) | 1,300 | 21,976 | |||||
Regis Healthcare Ltd. (v) | 13,600 | 19,629 | |||||
Ship Healthcare Holdings, Inc. (v) | 600 | 15,454 | |||||
Toho Holdings Company Ltd. (v) | 2,200 | 35,734 | |||||
Virtus Health Ltd. (v) | 3,000 | 12,715 | |||||
138,750 | |||||||
Health Care Technology - 0.29% | |||||||
GPI SpA | 1,400 | 19,298 | |||||
Pharmaceuticals - 0.28% | |||||||
Tsumura & Company (v) | 600 | 19,172 | |||||
TOTAL HEALTH CARE | 225,060 | ||||||
INDUSTRIALS - 22.52% | |||||||
Aerospace & Defense - 3.44% | |||||||
Austal Ltd. (v) | 27,100 | 36,395 | |||||
Avio SpA (v) | 2,600 | 32,705 | |||||
Babcock International Group PLC (a) (v) | 7,000 | 34,900 | |||||
Meggitt PLC (a) (v) | 2,000 | 19,732 | |||||
QinetiQ Group PLC (v) | 4,300 | 18,612 | |||||
Saab AB (v) | 1,200 | 33,972 | |||||
Senior PLC (a) | 14,400 | 33,411 | |||||
Ultra Electronics Holdings PLC (v) | 500 | 21,754 | |||||
231,481 | |||||||
Air Freight & Logistics - 1.15% | |||||||
bpost SA (a) (v) | 2,200 | 19,400 | |||||
Oesterreichische Post AG (v) | 500 | 21,157 | |||||
PostNL NV (v) | 3,700 | 17,853 | |||||
Wincanton PLC | 3,900 | 18,655 | |||||
77,065 | |||||||
Building Products - 1.23% | |||||||
Centrotec SE | 700 | 18,284 | |||||
Inrom Construction Industries Ltd. (v) | 2,800 | 13,873 | |||||
Nichiha Corp. (v) | 500 | 14,257 | |||||
Norcros PLC | 4,800 | 19,403 | |||||
Takasago Thermal Engineering Company Ltd. (v) | 900 | 17,030 | |||||
82,847 | |||||||
Commercial Services & Supplies - 1.70% | |||||||
Daiseki Company Ltd. (v) | 280 | 12,229 | |||||
Downer EDI Ltd. (v) | 3,100 | �� 14,130 | |||||
ISS A/S (a) (v) | 700 | 14,796 | |||||
Loomis AB | 1,200 | 32,569 | |||||
Okamura Corp. (v) | 900 | 13,097 | |||||
Pilot Corp. (v) | 400 | 15,208 | |||||
Societe BIC SA | 210 | 12,382 | |||||
114,411 | |||||||
Construction & Engineering - 3.14% | |||||||
Balfour Beatty PLC (v) | 3,500 | 12,709 | |||||
Grupo Empresarial San Jose SA | 2,300 | 13,041 | |||||
Hazama Ando Corp. (v) | 1,900 | 13,623 | |||||
Implenia AG (a) | 900 | 19,990 | |||||
Keller Group PLC | 1,100 | 14,111 | |||||
Kumagai Gumi Company Ltd. (v) | 500 | 12,938 | |||||
Maire Tecnimont SpA (v) | 6,100 | 23,641 | |||||
Monadelphous Group Ltd. (v) | 1,800 | 11,620 | |||||
Morgan Sindall Group PLC | 400 | 12,854 | |||||
Per Aarsleff Holding A/S | 300 | 12,266 | |||||
Severfield PLC | 12,100 | 12,325 | |||||
Strabag SE (v) | 300 | 13,648 | |||||
Sumitomo Mitsui Construction Company Ltd. (v) | 2,800 | 12,481 | |||||
Taikisha Ltd. (v) | 400 | 12,023 | |||||
Tobishima Corp. (v) | 1,400 | 13,921 | |||||
211,191 | |||||||
Industrial Conglomerates - 1.30% | |||||||
Indus Holding AG (v) | 500 | 19,212 | |||||
MBB SE (v) | 210 | 32,026 | |||||
Rheinmetall AG (v) | 370 | 36,141 | |||||
87,379 | |||||||
Machinery - 7.27% | |||||||
ANDRITZ AG (v) | 400 | 21,922 | |||||
Aumann AG (a) (r) | 1,900 | 33,629 | |||||
Bucher Industries AG (v) | 40 | 18,992 | |||||
Danieli & C Officine Meccaniche SpA | 2,000 | 38,225 | |||||
Duerr AG (v) | 700 | 30,026 | |||||
Ebara Corp. (v) | 300 | 14,755 | |||||
Frencken Group Ltd. (v) | 8,000 | 13,508 | |||||
Fu Yu Corp. Ltd. | 55,600 | 11,875 | |||||
Glory Ltd. (v) | 900 | 20,069 | |||||
The Japan Steel Works Ltd. (v) | 500 | 12,941 | |||||
Manitou BF SA | 600 | 20,120 | |||||
Meidensha Corp. (v) | 600 | 13,221 | |||||
Morgan Advanced Materials PLC (v) | 3,700 | 17,907 | |||||
Nitta Corp. (v) | 800 | 19,597 | |||||
Noritake Company Ltd. (v) | 600 | 26,744 | |||||
OKUMA Corp. (v) | 300 | 14,453 | |||||
OSG Corp. (v) | 800 | 13,693 | |||||
Ponsse Oyj (v) | 300 | 13,796 | |||||
Shibuya Corp. (v) | 700 | 19,191 | |||||
Shinmaywa Industries Ltd. (v) | 1,400 | 11,656 | |||||
Sulzer AG (v) | 170 | 16,135 | |||||
Takeuchi Manufacturing Company Ltd. (v) | 800 | 18,424 | |||||
Talgo SA (a) (r) (v) | 2,600 | 13,510 | |||||
Tsubakimoto Chain Company (v) | 700 | 21,627 | |||||
Tsukishima Kikai Company Ltd. (v) | 1,800 | 18,840 | |||||
Wacker Neuson SE (v) | 500 | 14,416 | |||||
489,272 | |||||||
Professional Services - 2.03% | |||||||
Assystem SA | 400 | 14,132 | |||||
Bertrandt AG | 600 | 34,959 | |||||
Gateley Holdings PLC (v) | 5,100 | 16,985 | |||||
Impellam Group PLC (a) | 3,300 | 17,785 | |||||
McMillan Shakespeare Ltd. (v) | 2,300 | 23,969 | |||||
Persol Holdings Company Ltd. (v) | 600 | 14,957 | |||||
SThree PLC | 1,800 | 14,067 | |||||
136,854 | |||||||
Road & Rail - 0.39% | |||||||
Nikkon Holdings Company Ltd. (v) | 600 | 12,346 | |||||
Sankyu, Inc. (v) | 300 | 13,798 | |||||
26,144 | |||||||
Trading Companies & Distributors - 0.87% | |||||||
Ferronordic AB | 1,200 | 32,281 | |||||
Kanamoto Company Ltd. (v) | 600 | 14,038 | |||||
Kanematsu Corp. (v) | 1,000 | 12,368 | |||||
58,687 | |||||||
TOTAL INDUSTRIALS | 1,515,331 | ||||||
INFORMATION TECHNOLOGY - 6.01% | |||||||
Communications Equipment - 0.55% | |||||||
Evertz Technologies Ltd. | 3,300 | 37,387 | |||||
Electronic Equipment, Instruments & Components - 3.15% | |||||||
Alps Alpine Company Ltd. (v) | 3,200 | 34,672 | |||||
Celestica, Inc. (a) | 4,200 | 37,305 | |||||
Daitron Company Ltd. (v) | 1,600 | 32,612 | |||||
Esprinet SpA (v) | 800 | 10,446 | |||||
Horiba Ltd. (v) | 200 | 13,953 | |||||
Japan Aviation Electronics Industry Ltd. (v) | 2,200 | 31,987 | |||||
Kaga Electronics Company Ltd. (v) | 700 | 18,870 | |||||
V Technology Company Ltd. (v) | 800 | 31,873 | |||||
211,718 | |||||||
IT Services - 1.31% | |||||||
CSE Global Ltd. (v) | 57,900 | 20,375 | |||||
DTS Corp. (v) | 500 | 11,491 | |||||
Global Dominion Access SA (r) (v) | 2,700 | 13,696 | |||||
KNOW IT AB | 600 | 24,194 | |||||
Sword Group (v) | 400 | 18,497 | |||||
88,253 | |||||||
Semiconductors & Semiconductor Equipment - 0.23% | |||||||
UMS Holdings Ltd. (v) | 12,500 | 15,426 | |||||
Software - 0.77% | |||||||
Silverlake Axis Ltd. (v) | 178,800 | 38,676 | |||||
System Research Company Ltd. (v) | 700 | 13,132 | |||||
51,808 | |||||||
TOTAL INFORMATION TECHNOLOGY | 404,592 | ||||||
MATERIALS - 10.65% | |||||||
Chemicals - 3.03% | |||||||
ASAHI YUKIZAI Corp. (v) | 1,100 | 14,502 | |||||
Dai Nippon Toryo Company Ltd. (v) | 4,200 | 32,654 | |||||
Kanto Denka Kogyo Company Ltd. (v) | 3,300 | 31,429 | |||||
Nihon Parkerizing Company Ltd. (v) | 1,200 | 12,314 | |||||
Sumitomo Seika Chemicals Company Ltd. (v) | 1,100 | 35,727 | |||||
Toagosei Company Ltd. (v) | 2,000 | 23,209 | |||||
Tokuyama Corp. (v) | 1,700 | 32,432 | |||||
Yushiro Chemical Industry Company Ltd. (v) | 2,000 | 21,306 | |||||
203,573 | |||||||
Construction Materials - 2.33% | |||||||
Buzzi Unicem SpA (v) | 800 | 18,171 | |||||
Cementir Holding NV (v) | 3,100 | 30,032 | |||||
CSR Ltd. (v) | 5,000 | 19,876 | |||||
Forterra PLC (r) | 8,900 | 33,277 | |||||
H+H International A/S (a) (v) | 700 | 24,373 | |||||
Vicat SA (v) | 700 | 31,120 | |||||
156,849 | |||||||
Containers & Packaging - 1.05% | |||||||
Fuji Seal International, Inc. (v) | 600 | 12,947 | |||||
Mayr Melnhof Karton AG | 100 | 19,113 | |||||
Takemoto Yohki Company Ltd. (v) | 2,300 | 19,425 | |||||
Winpak Ltd. | 600 | 19,398 | |||||
70,883 | |||||||
Metals & Mining - 2.65% | |||||||
Anglo Pacific Group PLC | 11,500 | 20,578 | |||||
Dowa Holdings Company Ltd. (v) | 300 | 11,784 | |||||
MACA Ltd. (v) | 34,200 | 16,009 | |||||
Macmahon Holdings Ltd. | 98,200 | 14,199 | |||||
Mount Gibson Iron Ltd. (v) | 99,700 | 34,455 | |||||
OceanaGold Corp. (a) (m) | 11,400 | 18,631 | |||||
Regis Resources Ltd. (v) | 21,800 | 31,609 | |||||
Sandfire Resources Ltd. (v) | 4,300 | 16,776 | |||||
Tokyo Steel Manufacturing Company Ltd. (v) | 1,400 | 14,374 | |||||
178,415 | |||||||
Paper & Forest Products - 1.59% | |||||||
Altri SGPS SA | 2,000 | 12,406 | |||||
Iberpapel Gestion SA | 1,500 | 32,492 | |||||
Miquel y Costas & Miquel SA | 1,100 | 21,559 | |||||
The Navigator Company SA (v) | 5,800 | 20,408 | |||||
Stella-Jones, Inc. (m) | 600 | 20,204 | |||||
107,069 | |||||||
TOTAL MATERIALS | 716,789 | ||||||
REAL ESTATE - 2.88% | |||||||
Equity Real Estate Investment Trusts - 1.10% | |||||||
First Real Estate Investment Trust | 50,600 | 9,503 | |||||
Impact Healthcare Reit PLC (v) | 21,200 | 31,465 | |||||
SmartCentres Real Estate Investment Trust | 1,400 | 32,784 | |||||
73,752 | |||||||
Real Estate Management & Development - 1.78% | |||||||
Airport City Ltd. (a) (v) | 1,900 | 34,242 | |||||
Great Eagle Holdings Ltd. (v) | 11,000 | 30,149 | |||||
Nisshin Group Holdings Company Ltd. (v) | 8,200 | 36,954 | |||||
Shinoken Group Company Ltd. (v) | 1,800 | 18,716 | |||||
120,061 | |||||||
TOTAL REAL ESTATE | 193,813 | ||||||
UTILITIES - 2.49% | |||||||
Electric Utilities - 0.83% | |||||||
EVN AG | 700 | 18,609 | |||||
Fjordkraft Holding ASA (r) (v) | 2,200 | 12,193 | |||||
Hokkaido Electric Power Company, Inc. (v) | 2,800 | 13,332 | |||||
Hokuriku Electric Power Company (v) | 2,200 | 11,860 | |||||
55,994 | |||||||
Gas Utilities - 0.77% | |||||||
Hiroshima Gas Company Ltd. (v) | 5,700 | 19,778 | |||||
Italgas SpA (v) | 5,000 | 31,971 | |||||
51,749 | |||||||
Independent Power and Renewable Electricity Producers - 0.17% | |||||||
Electric Power Development Company Ltd. (v) | 800 | 11,470 | |||||
Greenvolt-Energias Renovaveis SA (a) | 36 | 249 | |||||
11,719 | |||||||
Multi-Utilities - 0.72% | |||||||
ACEA SpA | 600 | 12,816 | |||||
Centrica PLC (a) (v) | 46,500 | 35,310 | |||||
48,126 | |||||||
TOTAL UTILITIES | 167,588 | ||||||
Total common stocks (Cost $5,641,038) | 6,637,406 | ||||||
RIGHTS - 0.00% | |||||||
MATERIALS - 0.00% | |||||||
Metals & Mining - 0.00% | |||||||
Sandfire Resources Ltd. (a) (m) | 4,300 | 0 | |||||
TOTAL MATERIALS | 0 | ||||||
Total rights (Cost $1,088) | 0 | ||||||
Total long-term investments (Cost $5,642,126) | 6,637,406 | ||||||
Principal | |||||||
SHORT-TERM INVESTMENTS - 0.77% | Amount | ||||||
Time Deposits - 0.77% | |||||||
ING Bank, 0.01%, 10/01/2021* | $ | 51,796 | 51,796 | ||||
Total short-term investments (Cost $51,796) | 51,796 | ||||||
Total investments - 99.42% (Cost $5,693,922) | 6,689,202 | ||||||
Other assets in excess of liabilities - 0.58% | 38,729 | ||||||
Net assets - 100.00% | $ | 6,727,931 | |||||
(a) | - Non-income producing security. | ||||||
(i) | - Illiquid security. The total market value of these securities was $8,026, which represented 0.12% of net assets. | ||||||
(m) | - Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $65,566, which represented 0.97% of net assets. | ||||||
(r) | - Rule 144A security under the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $241,249, which represented 3.59% of net assets. | ||||||
(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 $4,538,287, which represented 67.45% of net assets. See Security Valuation below. | ||||||
* | - 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. Fixed-income securities are generally valued on the basis of prices obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA’s Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the “Advisor”) under guidelines established by and under the general supervision and responsibility of the Trust’s Board of Trustees (the “Board”). The Board has approved the use of a third-party vendor’s proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities 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, 2021:
Level 1 --- Quoted prices in an active market: | ||||
Common Stocks | $ | 2,099,119 | ||
Time Deposits | 51,796 | |||
Level 2 --- Other significant observable market inputs: | ||||
Common Stocks: | ||||
Communication Services | 24,262 | |||
Consumer Discretionary | 576,818 | |||
Consumer Staples | 338,698 | |||
Energy | 134,787 | |||
Financials | 1,088,941 | |||
Health Care | 197,736 | |||
Industrials | 1,078,967 | |||
Information Technology | 305,706 | |||
Materials | 504,932 | |||
Real Estate | 151,526 | |||
Utilities | 135,914 | |||
Rights | 0 | |||
Level 3 --- Significant unobservable inputs | - | |||
Total Investments | $ | 6,689,202 |
Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.