Schedule of Investments - September 30, 2021 | |||||||||
Hotchkis & Wiley Large Cap Value Fund (Unaudited) | |||||||||
Shares | |||||||||
COMMON STOCKS - 99.13% | Held | Value | |||||||
COMMUNICATION SERVICES - 4.84% | |||||||||
Media - 3.39% | |||||||||
Comcast Corp. | 121,200 | $ | 6,778,716 | ||||||
Discovery, Inc. (a) | 354,800 | 8,610,996 | |||||||
15,389,712 | |||||||||
Wireless Telecommunication Services - 1.45% | |||||||||
Vodafone Group PLC - ADR | 424,744 | 6,562,295 | |||||||
TOTAL COMMUNICATION SERVICES | 21,952,007 | ||||||||
CONSUMER DISCRETIONARY - 7.09% | |||||||||
Auto Components - 2.66% | |||||||||
Adient PLC (a) | 43,691 | 1,810,992 | |||||||
Magna International, Inc. | 136,700 | 10,285,308 | |||||||
12,096,300 | |||||||||
Automobiles - 3.59% | |||||||||
General Motors Company (a) | 272,200 | 14,347,662 | |||||||
Harley-Davidson, Inc. | 52,600 | 1,925,686 | |||||||
16,273,348 | |||||||||
Hotels, Restaurants & Leisure - 0.84% | |||||||||
Booking Holdings, Inc. (a) | 1,600 | 3,798,192 | |||||||
TOTAL CONSUMER DISCRETIONARY | 32,167,840 | ||||||||
CONSUMER STAPLES - 2.63% | |||||||||
Food Products - 0.94% | |||||||||
Mondelez International, Inc. | 73,100 | 4,252,958 | |||||||
Personal Products - 1.69% | |||||||||
Unilever PLC - ADR | 141,600 | 7,677,552 | |||||||
TOTAL CONSUMER STAPLES | 11,930,510 | ||||||||
ENERGY - 13.58% | |||||||||
Energy Equipment & Services - 3.34% | |||||||||
Baker Hughes Company | 106,600 | 2,636,218 | |||||||
Halliburton Company | 141,200 | 3,052,744 | |||||||
NOV, Inc. (a) | 441,100 | 5,782,821 | |||||||
Schlumberger NV | 124,200 | 3,681,288 | |||||||
15,153,071 | |||||||||
Oil, Gas & Consumable Fuels - 10.24% | |||||||||
APA Corp. | 441,100 | 9,452,773 | |||||||
Hess Corp. | 118,300 | 9,240,413 | |||||||
Marathon Oil Corp. | 905,700 | 12,380,919 | |||||||
Marathon Petroleum Corp. | 59,093 | 3,652,538 | |||||||
Murphy Oil Corp. | 66,170 | 1,652,265 | |||||||
Royal Dutch Shell PLC - ADR | 226,672 | 10,102,771 | |||||||
46,481,679 | |||||||||
TOTAL ENERGY | 61,634,750 | ||||||||
FINANCIALS - 29.56% | |||||||||
Banks - 13.17% | |||||||||
Bank of America Corp. | 137,349 | 5,830,465 | |||||||
Citigroup, Inc. | 320,688 | 22,505,884 | |||||||
Citizens Financial Group, Inc. | 185,900 | 8,733,582 | |||||||
Wells Fargo & Company | 488,463 | 22,669,568 | |||||||
59,739,499 | |||||||||
Capital Markets - 6.39% | |||||||||
The Bank of New York Mellon Corp. | 172,700 | 8,952,768 | |||||||
Credit Suisse Group AG - ADR | 442,500 | 4,363,050 | |||||||
The Goldman Sachs Group, Inc. | 22,200 | 8,392,266 | |||||||
State Street Corp. | 86,100 | 7,294,392 | |||||||
29,002,476 | |||||||||
Diversified Financial Services - 2.00% | |||||||||
Berkshire Hathaway, Inc. (a) | 26,000 | 7,096,440 | |||||||
Equitable Holdings, Inc. | 66,800 | 1,979,952 | |||||||
9,076,392 | |||||||||
Insurance - 8.00% | |||||||||
American International Group, Inc. | 400,100 | 21,961,489 | |||||||
The Hartford Financial Services Group, Inc. | 85,200 | 5,985,300 | |||||||
The Travelers Companies, Inc. | 54,900 | 8,345,349 | |||||||
36,292,138 | |||||||||
TOTAL FINANCIALS | 134,110,505 | ||||||||
HEALTH CARE - 12.74% | |||||||||
Health Care Equipment & Supplies - 2.48% | |||||||||
Medtronic PLC | 62,500 | 7,834,375 | |||||||
Zimmer Biomet Holdings, Inc. | 23,400 | 3,424,824 | |||||||
11,259,199 | |||||||||
Health Care Providers & Services - 6.93% | |||||||||
Anthem, Inc. | 44,300 | 16,515,040 | |||||||
CVS Health Corp. | 70,500 | 5,982,630 | |||||||
HCA Healthcare, Inc. | 18,300 | 4,441,776 | |||||||
UnitedHealth Group, Inc. | 11,500 | 4,493,510 | |||||||
31,432,956 | |||||||||
Pharmaceuticals - 3.33% | |||||||||
Bristol-Myers Squibb Company | 49,400 | 2,922,998 | |||||||
GlaxoSmithKline PLC - ADR | 189,800 | 7,252,258 | |||||||
Sanofi - ADR | 102,900 | 4,960,809 | |||||||
15,136,065 | |||||||||
TOTAL HEALTH CARE | 57,828,220 | ||||||||
INDUSTRIALS - 11.56% | |||||||||
Air Freight & Logistics - 1.90% | |||||||||
FedEx Corp. | 39,300 | 8,618,097 | |||||||
Industrial Conglomerates - 4.83% | |||||||||
General Electric Company | 212,787 | 21,923,444 | |||||||
Machinery - 4.83% | |||||||||
CNH Industrial NV | 552,900 | 9,183,669 | |||||||
Cummins, Inc. | 34,000 | 7,635,040 | |||||||
PACCAR, Inc. | 64,700 | 5,106,124 | |||||||
21,924,833 | |||||||||
TOTAL INDUSTRIALS | 52,466,374 | ||||||||
INFORMATION TECHNOLOGY - 13.29% | |||||||||
Communications Equipment - 3.86% | |||||||||
F5 Networks, Inc. (a) | 60,300 | 11,986,434 | |||||||
Telefonaktiebolaget LM Ericsson - ADR | 493,200 | 5,523,840 | |||||||
17,510,274 | |||||||||
Electronic Equipment, Instruments & Components - 2.68% | |||||||||
Corning, Inc. | 155,300 | 5,666,897 | |||||||
TE Connectivity Ltd. | 47,400 | 6,504,228 | |||||||
12,171,125 | |||||||||
IT Services - 1.51% | |||||||||
Amdocs Limited | 29,900 | 2,263,729 | |||||||
Euronet Worldwide, Inc. (a) | 36,000 | 4,582,080 | |||||||
6,845,809 | |||||||||
Software - 4.11% | |||||||||
Microsoft Corp. | 33,900 | 9,557,088 | |||||||
Oracle Corp. | 104,200 | 9,078,946 | |||||||
18,636,034 | |||||||||
Technology Hardware, Storage & Peripherals - 1.13% | |||||||||
Hewlett Packard Enterprise Company | 359,400 | 5,121,450 | |||||||
TOTAL INFORMATION TECHNOLOGY | 60,284,692 | ||||||||
MATERIALS - 0.70% | |||||||||
Containers & Packaging - 0.70% | |||||||||
International Paper Company | 56,700 | 3,170,664 | |||||||
TOTAL MATERIALS | 3,170,664 | ||||||||
UTILITIES - 3.14% | |||||||||
Electric Utilities - 3.14% | |||||||||
PPL Corp. | 403,100 | 11,238,428 | |||||||
The Southern Company | 48,200 | 2,986,954 | |||||||
TOTAL UTILITIES | 14,225,382 | ||||||||
Total common stocks (Cost $360,023,493) | 449,770,944 | ||||||||
Total long-term investments (Cost $360,023,493) | 449,770,944 | ||||||||
Principal | |||||||||
SHORT-TERM INVESTMENTS - 0.68% | Amount | ||||||||
Time Deposits - 0.68% | |||||||||
BNP Paribas, 0.01%, 10/01/2021* | $ | 3,073,440 | 3,073,440 | ||||||
Total short-term investments (Cost $3,073,440) | 3,073,440 | ||||||||
Total investments - 99.81% (Cost $363,096,933) | 452,844,384 | ||||||||
Other assets in excess of liabilities - 0.19% | 884,113 | ||||||||
Net assets - 100.00% | $ | 453,728,497 | |||||||
(a) | - Non-income producing security. | ||||||||
ADR | - American Depositary Receipt | ||||||||
* | - 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 | $ | 449,770,944 | ||
Time Deposits | 3,073,440 | |||
Level 2 --- Other significant observable market inputs | - | |||
Level 3 --- Significant unobservable inputs | - | |||
Total Investments | $ | 452,844,384 |
Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.