NPORT-EX 2 smallcap-value.htm

Hotchkis & Wiley Small Cap Value Fund
  
Schedule of Investments
  
March 31, 2026 (Unaudited)
  
   
COMMON STOCKS - 94.6%
  
Shares
   
Value
 
Automobile Components - 2.4%
        
Adient PLC (a)
    
483,200
    
$
9,765,472
  
Lear Corp.
    
47,900
      
5,799,732
  
             
15,565,204
  
                 
Banks - 8.6%
          
Associated Banc-Corp.
    
271,500
      
7,020,990
  
Bank of NT Butterfield & Son Ltd.
    
262,100
      
13,755,008
  
First Hawaiian, Inc.
    
797,100
      
19,640,544
  
Popular, Inc.
    
63,600
      
8,533,212
  
WaFd, Inc.
    
40,098
      
1,259,077
  
Zions Bancorp NA
    
114,000
      
6,568,680
  
             
56,777,511
  
                 
Capital Markets - 2.2%
          
Stifel Financial Corp.
    
191,750
      
14,174,160
  
                 
Chemicals - 7.4%
          
Ecovyst, Inc. (a)
    
1,216,600
      
15,645,476
  
Olin Corp.
    
1,105,300
      
32,860,569
  
             
48,506,045
  
                 
Commercial Services & Supplies - 2.1%
          
Brink's Co.
    
96,460
      
9,996,150
  
MillerKnoll, Inc.
    
82,000
      
1,185,720
  
Quad/Graphics, Inc.
    
387,200
      
2,559,392
  
             
13,741,262
  
                 
Communications Equipment - 5.2%
          
F5, Inc. (a)
    
119,220
      
34,493,923
  
                 
Construction & Engineering - 3.0%
          
Fluor Corp. (a)
    
420,200
      
19,602,330
  
                 
Consumer Finance - 4.0%
          
SLM Corp.
    
1,221,300
      
26,148,033
  
                 
Electric Utilities - 2.3%
          
OGE Energy Corp.
    
317,400
      
15,222,504
  
                 
Electronic Equipment, Instruments & Components - 4.5%
          
Arrow Electronics, Inc. (a)
    
17,800
      
2,552,698
  
Avnet, Inc.
    
385,800
      
23,772,996
  
Vontier Corp.
    
91,100
      
3,231,317
  
             
29,557,011
  
                 
Energy Equipment & Services - 2.2%
          
Expro Group Holdings NV (a)
    
199,082
      
3,466,018
  
NOV, Inc.
    
522,700
      
9,831,987
  
Weatherford International PLC
    
10,800
      
1,021,464
  
             
14,319,469
  
                 
Financial Services - 1.8%
          
Euronet Worldwide, Inc. (a)
    
71,800
      
4,765,366
  
WEX, Inc. (a)
    
46,300
      
7,085,752
  
             
11,851,118
  
                 
Ground Transportation - 3.6%
          
U-Haul Holding Co.
    
524,300
      
23,420,481
  
                 
Health Care Equipment & Supplies - 3.2%
          
LivaNova PLC (a)
    
113,600
      
7,220,416
  
Solventum Corp. (a)
    
212,800
      
13,895,840
  
             
21,116,256
  
                 
Health Care Providers & Services - 1.8%
          
Universal Health Services, Inc. - Class B
    
65,800
      
11,776,226
  
                 
Hotels, Restaurants & Leisure - 1.8%
          
Marriott Vacations Worldwide Corp.
    
187,300
      
12,196,976
  
                 
Insurance - 2.1%
          
Global Indemnity Group LLC - Class A
    
316,036
      
8,605,660
  
Horace Mann Educators Corp.
    
116,500
      
4,972,220
  
             
13,577,880
  
                 
IT Services - 0.8%
          
ASGN, Inc. (a)
    
133,600
      
5,171,656
  
                 
Machinery - 4.9%
          
Greenbrier Cos., Inc.
    
50,950
      
2,682,517
  
Miller Industries, Inc.
    
142,800
      
6,504,540
  
Stanley Black & Decker, Inc.
    
162,400
      
11,540,144
  
Timken Co.
    
115,600
      
11,625,892
  
             
32,353,093
  
                 
Media - 6.3%
          
National CineMedia, Inc.
    
1,883,800
      
5,745,590
  
Stagwell, Inc. (a)
    
5,241,017
      
32,965,997
  
WPP PLC - ADR
    
161,400
      
2,509,770
  
             
41,221,357
  
                 
Multi-Utilities - 1.7%
          
Avista Corp.
    
173,900
      
6,980,346
  
Black Hills Corp.
    
57,000
      
3,956,370
  
             
10,936,716
  
                 
Oil, Gas & Consumable Fuels - 11.6%
          
APA Corp.
    
486,108
      
20,630,423
  
California Resources Corp.
    
213,595
      
14,785,046
  
Crescent Energy Co. - Class A
    
155,400
      
2,097,900
  
Kosmos Energy Ltd. (a)
    
1,878,200
      
5,221,396
  
Murphy Oil Corp.
    
587,900
      
24,250,875
  
Ovintiv, Inc.
    
97,800
      
5,805,408
  
Range Resources Corp.
    
79,200
      
3,578,256
  
             
76,369,304
  
                 
Personal Care Products - 0.0% (b)
          
Herbalife Ltd. (a)
    
900
      
13,248
  
                 
Professional Services - 0.9%
          
Robert Half, Inc.
    
222,000
      
5,638,800
  
                 
Real Estate Management & Development - 1.8%
          
Jones Lang LaSalle, Inc. (a)
    
32,730
      
9,960,394
  
RMR Group, Inc. - Class A
    
119,100
      
1,842,477
  
             
11,802,871
  
                 
Software - 3.9%
          
Workiva, Inc. (a)
    
433,600
      
25,855,568
  
                 
Specialty Retail - 2.2%
          
Lithia Motors, Inc.
    
58,200
      
14,533,704
  
                 
Trading Companies & Distributors - 2.3%
          
Rush Enterprises, Inc. - Class A
    
233,800
      
15,456,518
  
TOTAL COMMON STOCKS (Cost $557,368,694)
      
621,399,224
  
                 
REAL ESTATE INVESTMENT TRUSTS - 1.6%
  
Shares
   
Value
 
Health Care REITs - 1.2%
          
Alexandria Real Estate Equities, Inc.
    
171,900
      
7,979,598
  
                 
Real Estate Management & Development - 0.4%
          
Seritage Growth Properties - Class A (a)
    
911,810
      
2,562,186
  
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $17,105,652)
      
10,541,784
  
                 
SHORT-TERM INVESTMENTS
  
MONEY MARKET FUNDS - 3.6%
  
Shares
   
Value
 
First American Government Obligations Fund - Class X, 3.58% (c)
    
23,325,747
      
23,325,747
  
TOTAL MONEY MARKET FUNDS (Cost $23,325,747)
      
23,325,747
  
                 
TOTAL INVESTMENTS - 99.8% (Cost $597,800,093)
      
655,266,755
  
Other Assets in Excess of Liabilities - 0.2%
      
1,579,683
  
TOTAL NET ASSETS - 100.0%
          
$
656,846,438
  
                 
Percentages are stated as a percent of net assets.
          

ADR - American Depositary Receipt
LLC - Limited Liability Company
PLC - Public Limited Company
REIT - Real Estate Investment Trust
 
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.

(a)
Non-income producing security.
(b)
Represents less than 0.05% of net assets.
(c)
The rate shown represents the 7-day annualized yield as of March 31, 2026.
Summary of Fair Value Disclosure as of March 31, 2026 (Unaudited)
 
Hotchkis & Wiley Small Cap Value Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2026:
 

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Investments:
                        
  Common Stocks
  
$
621,399,224
    
$
–
    
$
–
    
$
621,399,224
  
  Real Estate Investment Trusts
    
10,541,784
      
–
      
–
      
10,541,784
  
  Money Market Funds
    
23,325,747
      
–
      
–
      
23,325,747
  
Total Investments
  
$
655,266,755
    
$
–
    
$
–
    
$
655,266,755
  
   
Refer to the Schedule of Investments for further disaggregation of investment categories.