NPORT-EX 2 smallcapdiversifiedvalue.htm

Schedule of Investments - September 30, 2020
            
Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)
            
   
Shares
        
COMMON STOCKS - 94.24%
  
Held
    
Value
  
COMMUNICATION SERVICES - 0.69%
            
Media - 0.69%
            
Emerald Holding, Inc.
    
218,950
    
$
446,658
  
Entravision Communications Corp.
    
304,965
      
463,547
  
MDC Partners, Inc. (a)
    
81,300
      
130,893
  
TEGNA, Inc.
    
14,367
      
168,812
  
TOTAL COMMUNICATION SERVICES
            
1,209,910
  
                 
CONSUMER DISCRETIONARY - 13.92%
                
Auto Components - 1.57%
                
Adient PLC (a)
    
38,705
      
670,757
  
Cooper Tire & Rubber Company
    
19,859
      
629,530
  
The Goodyear Tire & Rubber Company
    
76,610
      
587,599
  
Motorcar Parts of America, Inc. (a)
    
32,769
      
509,886
  
Visteon Corp. (a)
    
5,100
      
353,022
  
             
2,750,794
  
Automobiles - 0.16%
                
Harley-Davidson, Inc.
    
11,700
      
287,118
  
                 
Distributors - 0.29%
                
Funko, Inc. (a)
    
86,500
      
500,835
  
                 
Diversified Consumer Services - 0.43%
                
H&R Block, Inc.
    
46,300
      
754,227
  
                 
Hotels, Restaurants & Leisure - 1.31%
                
Brinker International, Inc.
    
11,170
      
477,182
  
Hilton Grand Vacations, Inc. (a)
    
29,952
      
628,393
  
Twin River Worldwide Holdings, Inc.
    
25,300
      
664,631
  
Wyndham Destinations, Inc.
    
17,480
      
537,685
  
             
2,307,891
  
Household Durables - 2.81%
                
Century Communities, Inc. (a)
    
13,896
      
588,218
  
Ethan Allen Interiors, Inc.
    
50,105
      
678,422
  
Green Brick Partners, Inc. (a)
    
11,150
      
179,515
  
Hamilton Beach Brands Holding Company
    
8,200
      
159,490
  
Hooker Furniture Corp.
    
28,375
      
732,926
  
La-Z-Boy, Inc.
    
17,800
      
563,014
  
M/I Homes, Inc. (a)
    
12,023
      
553,659
  
Taylor Morrison Home Corp. (a)
    
31,410
      
772,371
  
TRI Pointe Group, Inc. (a)
    
39,541
      
717,274
  
             
4,944,889
  
Internet & Catalog Retail - 0.28%
                
Duluth Holdings, Inc. (a)
    
40,800
      
498,576
  
                 
Multiline Retail - 0.60%
                
Big Lots, Inc.
    
8,040
      
358,584
  
Dillard's, Inc.
    
19,110
      
697,897
  
             
1,056,481
  
Specialty Retail - 4.97%
                
American Eagle Outfitters, Inc.
    
47,600
      
704,957
  
Asbury Automotive Group, Inc. (a)
    
5,264
      
512,977
  
AutoNation, Inc. (a)
    
9,900
      
524,007
  
Bed Bath & Beyond, Inc.
    
16,514
      
247,380
  
The Cato Corp.
    
62,500
      
488,750
  
Designer Brands, Inc.
    
84,200
      
457,206
  
Foot Locker, Inc.
    
11,800
      
389,754
  
Genesco, Inc. (a)
    
28,430
      
612,382
  
Group 1 Automotive, Inc.
    
8,128
      
718,435
  
Haverty Furniture Companies, Inc.
    
15,698
      
328,716
  
Hibbett Sports, Inc. (a)
    
15,473
      
606,851
  
Lithia Motors, Inc.
    
1,692
      
385,674
  
The ODP Corp.
    
23,701
      
460,984
  
Penske Automotive Group, Inc.
    
11,400
      
543,324
  
Sonic Automotive, Inc.
    
15,950
      
640,552
  
Tilly's, Inc.
    
55,400
      
334,062
  
Urban Outfitters, Inc. (a)
    
21,210
      
441,380
  
Zumiez, Inc. (a)
    
12,600
      
350,532
  
             
8,747,923
  
Textiles, Apparel & Luxury Goods - 1.50%
                
Culp, Inc.
    
15,800
      
196,236
  
G-III Apparel Group Ltd. (a)
    
47,440
      
621,939
  
Movado Group, Inc.
    
48,262
      
479,724
  
Rocky Brands, Inc.
    
7,900
      
196,157
  
Tapestry, Inc.
    
22,500
      
351,675
  
Unifi, Inc. (a)
    
27,500
      
353,100
  
Vera Bradley, Inc. (a)
    
70,900
      
433,199
  
             
2,632,030
  
TOTAL CONSUMER DISCRETIONARY
            
24,480,764
  
                 
CONSUMER STAPLES - 1.75%
                
Food & Staples Retailing - 0.82%
                
Ingles Markets, Inc.
    
14,500
      
551,580
  
Village Super Market, Inc.
    
22,186
      
545,997
  
Weis Markets, Inc.
    
7,200
      
345,600
  
             
1,443,177
  
Personal Products - 0.62%
                
Nu Skin Enterprises, Inc.
    
14,350
      
718,792
  
USANA Health Sciences, Inc. (a)
    
5,100
      
375,615
  
             
1,094,407
  
Tobacco - 0.31%
                
Universal Corp.
    
12,800
      
536,064
  
TOTAL CONSUMER STAPLES
            
3,073,648
  
                 
ENERGY - 6.39%
                
Energy Equipment & Services - 2.91%
                
Cactus, Inc.
    
18,830
      
361,348
  
ChampionX Corp. (a)
    
58,500
      
467,415
  
Dril-Quip, Inc. (a)
    
6,300
      
155,988
  
Frank's International NV (a)
    
329,920
      
508,077
  
Hoegh LNG Partners LP
    
15,560
      
165,092
  
Liberty Oilfield Services, Inc.
    
76,100
      
608,039
  
Matrix Service Company (a)
    
47,900
      
399,965
  
NexTier Oilfield Solutions, Inc. (a)
    
254,788
      
471,358
  
Oil States International, Inc. (a)
    
40,200
      
109,746
  
ProPetro Holding Corp. (a)
    
101,450
      
411,887
  
RPC, Inc. (a)
    
109,500
      
289,080
  
Select Energy Services, Inc. (a)
    
92,100
      
353,664
  
Solaris Oilfield Infrastructure, Inc.
    
101,500
      
643,509
  
TechnipFMC PLC
    
28,500
      
179,835
  
             
5,125,003
  
Oil, Gas & Consumable Fuels - 3.48%
                
Berry Corp.
    
127,170
      
403,129
  
Bonanza Creek Energy, Inc. (a)
    
40,330
      
758,204
  
Cimarex Energy Company
    
29,560
      
719,195
  
Earthstone Energy, Inc. (a)
    
218,987
      
567,176
  
Kosmos Energy Ltd.
    
281,013
      
274,156
  
Magnolia Oil & Gas Corp. (a)
    
128,760
      
665,689
  
PDC Energy, Inc. (a)
    
39,798
      
493,296
  
Range Resources Corp.
    
111,200
      
736,144
  
Renewable Energy Group, Inc. (a)
    
9,439
      
504,231
  
REX American Resources Corp. (a)
    
8,278
      
543,120
  
Whiting Petroleum Corp. (a)
    
17,300
      
299,117
  
World Fuel Services Corp.
    
7,324
      
155,196
  
             
6,118,653
  
TOTAL ENERGY
            
11,243,656
  
                 
FINANCIALS - 34.41%
                
Banks - 20.31%
                
1st Source Corp.
    
10,106
      
311,669
  
Amalgamated Bank
    
29,000
      
306,820
  
Ameris Bancorp
    
6,900
      
157,182
  
Associated Banc-Corp
    
54,700
      
690,314
  
BankUnited, Inc.
    
30,710
      
672,856
  
Bar Harbor Bankshares
    
17,116
      
351,734
  
Berkshire Hills Bancorp, Inc.
    
73,700
      
745,106
  
BOK Financial Corp.
    
10,100
      
520,251
  
Boston Private Financial Holdings, Inc.
    
122,150
      
674,268
  
Bridge Bancorp, Inc.
    
16,470
      
287,072
  
Brookline Bancorp, Inc.
    
39,976
      
345,593
  
Bryn Mawr Bank Corp.
    
12,780
      
317,839
  
Cadence BanCorp
    
75,200
      
645,968
  
Camden National Corp.
    
5,516
      
166,721
  
Cathay General Bancorp
    
23,132
      
501,502
  
CIT Group, Inc.
    
38,200
      
676,522
  
CNB Financial Corp.
    
11,300
      
168,031
  
Community Trust Bancorp, Inc.
    
16,010
      
452,443
  
ConnectOne Bancorp, Inc.
    
32,300
      
454,461
  
CrossFirst Bankshares, Inc. (a)
    
19,700
      
171,193
  
Customers Bancorp, Inc. (a)
    
55,244
      
618,733
  
Dime Community Bancshares, Inc.
    
52,063
      
588,833
  
Eagle Bancorp, Inc.
    
23,330
      
625,011
  
Equity Bancshares, Inc. (a)
    
34,200
      
530,100
  
FB Financial Corp.
    
19,125
      
480,420
  
Financial Institutions, Inc.
    
20,961
      
322,799
  
First BanCorp
    
124,986
      
652,427
  
First Business Financial Services, Inc.
    
10,265
      
146,687
  
First Financial Bancorp
    
24,750
      
297,124
  
First Financial Corp.
    
15,063
      
472,978
  
First Hawaiian, Inc.
    
45,540
      
658,964
  
First Internet Bancorp
    
22,289
      
328,317
  
First Mid Bancshares, Inc.
    
13,142
      
327,893
  
First Midwest Bancorp, Inc.
    
44,800
      
482,944
  
The First of Long Island Corp.
    
23,980
      
355,144
  
Flushing Financial Corp.
    
56,518
      
594,569
  
FNB Corp.
    
76,780
      
520,568
  
Fulton Financial Corp.
    
50,140
      
467,806
  
Great Southern Bancorp, Inc.
    
12,910
      
467,600
  
Great Western Bancorp, Inc.
    
53,386
      
664,656
  
Hancock Whitney Corp.
    
37,400
      
703,494
  
Hanmi Financial Corp.
    
79,867
      
655,708
  
Heartland Financial USA, Inc.
    
9,800
      
293,951
  
Heritage Financial Corp.
    
7,500
      
137,925
  
Hilltop Holdings, Inc.
    
16,527
      
340,126
  
Home BancShares, Inc.
    
23,900
      
362,324
  
HomeTrust Bancshares, Inc.
    
10,649
      
144,613
  
Hope Bancorp, Inc.
    
88,433
      
670,764
  
Horizon Bancorp, Inc.
    
31,500
      
317,835
  
International Bancshares Corp.
    
11,036
      
287,598
  
Investors Bancorp, Inc.
    
62,664
      
454,941
  
Lakeland Bancorp, Inc.
    
51,830
      
515,709
  
Live Oak Bancshares, Inc.
    
32,455
      
822,084
  
Metropolitan Bank Holding Corp. (a)
    
11,800
      
330,400
  
Midland States Bancorp, Inc.
    
50,813
      
652,947
  
MidWestOne Financial Group, Inc.
    
18,494
      
330,488
  
Northrim BanCorp, Inc.
    
6,584
      
167,826
  
OceanFirst Financial Corp.
    
11,610
      
158,941
  
Old National Bancorp
    
12,874
      
161,697
  
Origin Bancorp, Inc.
    
6,600
      
140,976
  
Orrstown Financial Services, Inc.
    
10,879
      
139,251
  
PacWest Bancorp
    
37,900
      
647,332
  
Park National Corp.
    
2,140
      
175,394
  
Peapack-Gladstone Financial Corp.
    
33,536
      
508,070
  
Peoples Bancorp, Inc.
    
7,430
      
141,839
  
Popular, Inc.
    
19,900
      
721,772
  
RBB Bancorp
    
30,132
      
341,697
  
Renasant Corp.
    
12,850
      
291,952
  
Republic Bancorp, Inc.
    
11,570
      
325,811
  
S&T Bancorp, Inc.
    
9,000
      
159,210
  
Sandy Spring Bancorp, Inc.
    
6,475
      
149,443
  
Sierra Bancorp
    
10,300
      
172,937
  
Simmons First National Corp.
    
9,000
      
142,695
  
South Plains Financial, Inc.
    
13,300
      
165,053
  
Southern National Bancorp of Virginia, Inc.
    
36,156
      
313,834
  
Sterling Bancorp
    
13,500
      
142,020
  
Synovus Financial Corp.
    
33,450
      
708,137
  
Texas Capital Bancshares, Inc. (a)
    
22,090
      
687,662
  
TriCo Bancshares
    
6,594
      
161,487
  
TriState Capital Holdings, Inc. (a)
    
11,600
      
153,584
  
Trustmark Corp.
    
6,601
      
141,327
  
UMB Financial Corp.
    
7,120
      
348,951
  
Umpqua Holdings Corp.
    
44,330
      
470,785
  
Univest Financial Corp.
    
10,850
      
155,915
  
Valley National Bancorp
    
50,400
      
345,240
  
Washington Trust Bancorp, Inc.
    
10,530
      
322,850
  
Webster Financial Corp.
    
24,300
      
641,763
  
WesBanco, Inc.
    
15,000
      
320,400
  
West Bancorp, Inc.
    
10,069
      
159,493
  
Wintrust Financial Corp.
    
17,250
      
690,863
  
             
35,718,232
  
Capital Markets - 3.64%
                
Affiliated Managers Group, Inc.
    
5,000
      
341,900
  
AllianceBernstein Holding LP
    
13,854
      
374,612
  
Brightsphere Investment Group, Inc.
    
28,913
      
372,978
  
Cowen, Inc.
    
43,900
      
714,253
  
Evercore, Inc.
    
5,810
      
380,323
  
Federated Hermes, Inc.
    
16,500
      
354,915
  
Greenhill & Company, Inc.
    
45,925
      
521,249
  
Lazard Ltd.
    
22,740
      
751,556
  
Oppenheimer Holdings, Inc.
    
14,921
      
333,037
  
Stifel Financial Corp.
    
13,360
      
675,482
  
StoneX Group, Inc. (a)
    
2,800
      
143,248
  
Victory Capital Holdings, Inc.
    
30,727
      
518,979
  
Virtus Investment Partners, Inc.
    
4,200
      
582,330
  
Waddell & Reed Financial, Inc.
    
22,618
      
335,877
  
             
6,400,739
  
Consumer Finance - 0.61%
                
Navient Corp.
    
60,720
      
513,084
  
SLM Corp.
    
69,270
      
560,394
  
             
1,073,478
  
Insurance - 5.54%
                
Ambac Financial Group, Inc. (a)
    
41,087
      
524,681
  
American Equity Investment Life Holding Company
    
24,026
      
528,332
  
Argo Group International Holdings Ltd.
    
20,000
      
688,600
  
Axis Capital Holdings Ltd.
    
15,100
      
665,004
  
Brighthouse Financial, Inc. (a)
    
15,900
      
427,869
  
CNO Financial Group, Inc.
    
40,686
      
652,603
  
Employers Holdings, Inc.
    
23,135
      
699,834
  
Enstar Group Ltd. (a)
    
4,339
      
700,749
  
Global Indemnity Group LLC
    
13,148
      
273,347
  
The Hanover Insurance Group, Inc.
    
7,500
      
698,850
  
Horace Mann Educators Corp.
    
19,914
      
665,128
  
James River Group Holdings Ltd.
    
8,100
      
360,693
  
National Western Life Group, Inc.
    
3,155
      
576,639
  
ProAssurance Corp.
    
50,547
      
790,554
  
State Auto Financial Corp.
    
10,780
      
148,333
  
Stewart Information Services Corp.
    
16,801
      
734,708
  
Third Point Reinsurance Ltd. (a)
    
88,578
      
615,617
  
             
9,751,541
  
Mortgage Real Estate Investment Trusts - 0.98%
                
Apollo Commercial Real Estate Finance, Inc.
    
16,300
      
146,863
  
Ares Commercial Real Estate Corp.
    
17,600
      
160,864
  
Colony Credit Real Estate, Inc.
    
94,982
      
466,361
  
Granite Point Mortgage Trust, Inc.
    
23,100
      
163,779
  
Great Ajax Corp.
    
37,334
      
309,499
  
MFA Financial, Inc.
    
58,600
      
157,048
  
New York Mortgage Trust, Inc.
    
61,000
      
155,550
  
TPG RE Finance Trust, Inc.
    
18,600
      
157,356
  
             
1,717,320
  
Thrifts & Mortgage Finance - 3.33%
                
Bridgewater Bancshares, Inc. (a)
    
18,490
      
175,470
  
Essent Group Ltd.
    
14,500
      
536,644
  
Federal Agricultural Mortgage Corp.
    
5,320
      
338,671
  
FS Bancorp, Inc.
    
4,040
      
165,640
  
The Hingham Institution for Savings
    
1,810
      
333,040
  
HomeStreet, Inc.
    
18,778
      
483,721
  
Luther Burbank Corp.
    
34,845
      
290,956
  
Merchants Bancorp
    
15,960
      
314,572
  
Meridian Bancorp, Inc.
    
15,770
      
163,220
  
Northfield Bancorp, Inc.
    
34,307
      
312,880
  
Premier Financial Corp.
    
17,460
      
271,940
  
Provident Financial Services, Inc.
    
42,100
      
513,619
  
Radian Group, Inc.
    
33,000
      
482,130
  
Southern Missouri Bancorp, Inc.
    
7,679
      
181,071
  
Territorial Bancorp, Inc.
    
7,952
      
160,869
  
TrustCo Bank Corp.
    
60,164
      
314,056
  
Washington Federal, Inc.
    
14,744
      
307,560
  
Waterstone Financial, Inc.
    
10,873
      
168,423
  
WSFS Financial Corp.
    
13,030
      
351,419
  
             
5,865,901
  
TOTAL FINANCIALS
            
60,527,211
  
                 
HEALTH CARE - 1.70%
                
Health Care Providers & Services - 1.13%
                
Hanger, Inc. (a)
    
39,000
      
616,980
  
Magellan Health, Inc. (a)
    
9,106
      
690,053
  
MEDNAX, Inc. (a)
    
41,600
      
677,248
  
             
1,984,281
  
Health Care Technology - 0.19%
                
NextGen Healthcare, Inc. (a)
    
25,800
      
328,692
  
                 
Pharmaceuticals - 0.38%
                
Taro Pharmaceutical Industries Ltd. (a)
    
12,280
      
673,558
  
TOTAL HEALTH CARE
            
2,986,531
  
                 
INDUSTRIALS - 19.23%
                
Aerospace & Defense - 1.41%
                
AAR Corp.
    
36,840
      
692,592
  
Moog, Inc.
    
8,700
      
552,711
  
National Presto Industries, Inc.
    
6,514
      
533,236
  
Vectrus, Inc. (a)
    
18,255
      
693,690
  
             
2,472,229
  
Airlines - 0.17%
                
Spirit Airlines, Inc. (a)
    
18,900
      
304,290
  
                 
Building Products - 1.62%
                
Armstrong Flooring, Inc. (a)
    
88,895
      
306,688
  
Caesarstone Ltd.
    
62,122
      
608,796
  
Insteel Industries, Inc.
    
30,900
      
577,830
  
Masonite International Corp. (a)
    
7,441
      
732,194
  
Resideo Technologies, Inc. (a)
    
56,200
      
618,200
  
             
2,843,708
  
Commercial Services & Supplies - 2.57%
                
ACCO Brands Corp.
    
114,409
      
663,572
  
Deluxe Corp.
    
11,465
      
294,994
  
Ennis, Inc.
    
41,717
      
727,544
  
Herman Miller, Inc.
    
23,814
      
718,230
  
Interface, Inc.
    
106,900
      
654,228
  
Knoll, Inc.
    
59,756
      
720,657
  
Steelcase, Inc.
    
72,915
      
737,172
  
             
4,516,397
  
Construction & Engineering - 2.48%
                
Arcosa, Inc.
    
7,000
      
308,630
  
Comfort Systems USA, Inc.
    
11,000
      
566,610
  
Fluor Corp.
    
88,230
      
777,306
  
MYR Group, Inc. (a)
    
13,844
      
514,720
  
Primoris Services Corp.
    
37,053
      
668,436
  
Sterling Construction Company, Inc. (a)
    
23,300
      
329,928
  
Tutor Perini Corp. (a)
    
41,721
      
464,355
  
Valmont Industries, Inc.
    
5,916
      
734,649
  
             
4,364,634
  
Electrical Equipment - 2.23%
                
Acuity Brands, Inc.
    
3,000
      
307,050
  
AZZ, Inc.
    
19,200
      
655,104
  
Encore Wire Corp.
    
14,996
      
696,114
  
EnerSys
    
10,910
      
732,280
  
GrafTech International Ltd.
    
104,080
      
711,907
  
Preformed Line Products Company
    
6,527
      
317,995
  
Thermon Group Holdings, Inc. (a)
    
44,683
      
501,790
  
             
3,922,240
  
Machinery - 4.25%
                
Blue Bird Corp. (a)
    
43,840
      
533,094
  
Crane Company
    
6,800
      
340,884
  
EnPro Industries, Inc.
    
12,350
      
696,664
  
Flowserve  Corp.
    
19,300
      
526,697
  
Graham Corp.
    
12,389
      
158,208
  
The Greenbrier Companies, Inc.
    
26,999
      
793,771
  
Hillenbrand, Inc.
    
22,120
      
627,323
  
Hyster-Yale Materials Handling, Inc.
    
13,927
      
517,388
  
Kennametal, Inc.
    
11,000
      
318,340
  
Meritor, Inc. (a)
    
31,613
      
661,976
  
Miller Industries, Inc.
    
10,520
      
321,596
  
Mueller Water Products, Inc.
    
30,800
      
320,012
  
Navistar International Corp. (a)
    
21,236
      
924,616
  
Wabash National Corp.
    
61,482
      
735,325
  
             
7,475,894
  
Marine - 0.39%
                
Matson, Inc.
    
17,213
      
690,069
  
                 
Professional Services - 2.66%
                
BG Staffing, Inc.
    
16,260
      
137,722
  
GP Strategies Corp. (a)
    
37,283
      
359,408
  
Heidrick & Struggles International, Inc.
    
30,310
      
595,592
  
Kelly Services, Inc.
    
42,450
      
723,348
  
Kforce, Inc.
    
10,900
      
350,653
  
Korn Ferry
    
25,356
      
735,324
  
ManpowerGroup, Inc.
    
7,860
      
576,374
  
Resources Connection, Inc.
    
46,785
      
540,367
  
TrueBlue, Inc. (a)
    
43,300
      
670,717
  
             
4,689,505
  
Road & Rail - 0.30%
                
Universal Logistics Holdings, Inc.
    
25,270
      
527,132
  
                 
Trading Companies & Distributors - 1.15%
                
DXP Enterprises, Inc. (a)
    
36,880
      
594,874
  
Rush Enterprises, Inc.
    
13,898
      
702,405
  
WESCO International, Inc. (a)
    
16,352
      
719,815
  
             
2,017,094
  
TOTAL INDUSTRIALS
            
33,823,192
  
                 
INFORMATION TECHNOLOGY - 7.02%
                
Communications Equipment - 0.47%
                
Casa Systems, Inc. (a)
    
40,500
      
163,215
  
Comtech Telecommunications Corp.
    
47,500
      
665,000
  
             
828,215
  
Electronic Equipment, Instruments & Components - 3.52%
                
Avnet, Inc.
    
26,900
      
695,096
  
Belden, Inc.
    
22,070
      
686,818
  
ePlus, Inc. (a)
    
4,600
      
336,720
  
Insight Enterprises, Inc. (a)
    
12,168
      
688,465
  
Kimball Electronics, Inc. (a)
    
28,500
      
329,460
  
Methode Electronics, Inc.
    
24,059
      
685,682
  
PC Connection, Inc.
    
15,506
      
636,676
  
Sanmina Corp. (a)
    
27,595
      
746,446
  
ScanSource, Inc. (a)
    
37,033
      
734,364
  
Vishay Intertechnology, Inc.
    
42,426
      
660,573
  
             
6,200,300
  
IT Services - 1.14%
                
Cass Information Systems, Inc.
    
19,000
      
764,560
  
KBR, Inc.
    
30,100
      
673,036
  
Sykes Enterprises, Inc. (a)
    
16,600
      
567,886
  
             
2,005,482
  
Semiconductors & Semiconductor Equipment - 0.94%
                
Diodes, Inc. (a)
    
15,849
      
894,676
  
NVE Corp.
    
3,000
      
147,240
  
Photronics, Inc. (a)
    
62,300
      
620,508
  
             
1,662,424
  
Software - 0.51%
                
Ebix, Inc.
    
35,170
      
724,502
  
Xperi Holding Corp.
    
14,400
      
165,456
  
             
889,958
  
Technology Hardware, Storage & Peripherals - 0.44%
                
Super Micro Computer, Inc. (a)
    
29,200
      
770,880
  
TOTAL INFORMATION TECHNOLOGY
            
12,357,259
  
                 
MATERIALS - 4.15%
                
Chemicals - 2.38%
                
American Vanguard Corp.
    
35,929
      
472,107
  
Cabot Corp.
    
19,670
      
708,710
  
FutureFuel Corp.
    
28,330
      
322,112
  
Huntsman Corp.
    
16,000
      
355,360
  
Livent Corp. (a)
    
86,500
      
775,906
  
Minerals Technologies, Inc.
    
7,594
      
388,053
  
Tredegar Corp.
    
20,230
      
300,820
  
Trinseo SA
    
28,050
      
719,202
  
Westlake Chemical Partners LP
    
8,000
      
150,000
  
             
4,192,270
  
Metals & Mining - 1.19%
                
Cleveland-Cliffs, Inc.
    
86,840
      
557,512
  
Kaiser Aluminum Corp.
    
9,067
      
485,901
  
Schnitzer Steel Industries, Inc.
    
9,100
      
174,993
  
Warrior Met Coal, Inc.
    
21,600
      
368,928
  
Worthington Industries, Inc.
    
12,150
      
495,477
  
             
2,082,811
  
Paper & Forest Products - 0.58%
                
Domtar Corp.
    
26,680
      
700,884
  
Mercer International, Inc.
    
48,650
      
321,090
  
             
1,021,974
  
TOTAL MATERIALS
            
7,297,055
  
                 
REAL ESTATE - 1.04%
                
Equity Real Estate Investment Trusts - 0.77%
                
Alexander's, Inc.
    
2,000
      
490,440
  
Pebblebrook Hotel Trust
    
42,900
      
537,537
  
Seritage Growth Properties (a)
    
24,648
      
331,516
  
             
1,359,493
  
Real Estate Management & Development - 0.27%
                
The RMR Group, Inc.
    
17,100
      
469,737
  
TOTAL REAL ESTATE
            
1,829,230
  
                 
UTILITIES - 3.94%
                
Electric Utilities - 1.46%
                
ALLETE, Inc.
    
12,776
      
661,030
  
Otter Tail Corp.
    
19,340
      
699,528
  
PNM Resources, Inc.
    
17,602
      
727,491
  
Portland General Electric Company
    
13,600
      
482,800
  
             
2,570,849
  
Gas Utilities - 1.73%
                
South Jersey Industries, Inc.
    
33,444
      
644,466
  
Southwest Gas Holdings, Inc.
    
8,400
      
530,040
  
Spire, Inc.
    
11,873
      
631,644
  
Star Group LP
    
37,860
      
369,135
  
Suburban Propane Partners LP
    
53,417
      
869,628
  
             
3,044,913
  
Multi-Utilities - 0.75%
                
Avista Corp.
    
20,061
      
684,481
  
NorthWestern Corp.
    
13,203
      
642,194
  
             
1,326,675
  
TOTAL UTILITIES
            
6,942,437
  
                 
Total common stocks (Cost $181,068,881)
            
165,770,893
  
Total long-term investments (Cost $181,068,881)
            
165,770,893
  
   
Principal
          
SHORT-TERM INVESTMENTS - 2.66%
  
Amount
          
Time Deposits - 2.66%
                
Australia and New Zealand Banking Group Ltd., 0.01%, 10/01/2020*
  
$
4,674,362
      
4,674,362
  
Total short-term investments (Cost $4,674,362)
            
4,674,362
  
                 
Total investments - 96.90% (Cost $185,743,243)
            
170,445,255
  
Other assets in excess of liabilities - 3.10%
            
5,450,706
  
Net assets - 100.00%
          
$
175,895,961
  

(a) 
- Non-income producing security.
            
* 
- 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 securities exchange (whether domestic or foreign) 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. 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 values 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, 2020:

Level 1 --- Quoted prices in an active market:
      
Common Stocks
  
$
165,770,893
  
Time Deposits
    
4,674,362
  
Level 2 --- Other significant observable market inputs
    
-
  
Level 3 --- Significant unobservable inputs
    
-
  
         
Total Investments
  
$
170,445,255
  
 
Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.