UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10487
(Exact name of registrant as specified in charter)
601 South Figueroa Street, 39th Floor
Los Angeles, California 90017-5704
(Address
of principal executive offices) (Zip code)
Anna Marie Lopez
Hotchkis & Wiley Capital Management, LLC
601 South Figueroa Street, 39th Floor
Los Angeles, California 90017-5704
(Name
and address of agent for service)
Copies to:
Joseph M. Mannon, Esq.
Vedder Price P.C.
222 North LaSalle Street, 26th Floor
Chicago, Illinois 60601
(Counsel for the registrant)
(213) 430-1000
Registrant’s telephone number, including area code
Date of fiscal year end: June 30, 2025
Date of reporting period:
Item 1. Reports to Stockholders.
| (a) |
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Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class A
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$
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| Hotchkis & Wiley Large Cap Disciplined Value Fund | PAGE 1 | TSR-AR-44134R750 |
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1 Year
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5 Year
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10 Year
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| * |
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Net Assets
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$
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Number of Holdings
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Net Advisory Fee
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$
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Portfolio Turnover
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Top 10 Issuers
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(%)
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F5, Inc.
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Workday, Inc.
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Citigroup, Inc.
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Telefonaktiebolaget LM Ericsson
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Comcast Corp.
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Wells Fargo & Co.
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American International Group, Inc.
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APA Corp.
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General Motors Co.
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Dominion Energy, Inc.
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| Hotchkis & Wiley Large Cap Disciplined Value Fund | PAGE 2 | TSR-AR-44134R750 |
| Hotchkis & Wiley Large Cap Disciplined Value Fund | PAGE 3 | TSR-AR-44134R750 |
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Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class I
|
$
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| Hotchkis & Wiley Large Cap Disciplined Value Fund | PAGE 1 | TSR-AR-44134R768 |
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1 Year
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5 Year
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10 Year
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| * |
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Net Assets
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$
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|
Number of Holdings
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Net Advisory Fee
|
$
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|
Portfolio Turnover
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|
|
Top 10 Issuers
|
(%)
|
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F5, Inc.
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Workday, Inc.
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Citigroup, Inc.
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Telefonaktiebolaget LM Ericsson
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Comcast Corp.
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Wells Fargo & Co.
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American International Group, Inc.
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APA Corp.
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General Motors Co.
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Dominion Energy, Inc.
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| Hotchkis & Wiley Large Cap Disciplined Value Fund | PAGE 2 | TSR-AR-44134R768 |
| Hotchkis & Wiley Large Cap Disciplined Value Fund | PAGE 3 | TSR-AR-44134R768 |
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Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
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Costs paid as a percentage of a $10,000 investment
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Class A
|
$
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| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 1 | TSR-AR-44134R107 |
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1 Year
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5 Year
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10 Year
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| * |
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Net Assets
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$
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|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
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|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
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Citigroup, Inc.
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Wells Fargo & Co.
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Telefonaktiebolaget LM Ericsson
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Comcast Corp. - Class A
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American International Group, Inc.
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General Motors Co.
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Dominion Energy, Inc.
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Elevance Health, Inc.
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APA Corp.
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| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 2 | TSR-AR-44134R107 |
| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 3 | TSR-AR-44134R107 |
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|
Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 1 | TSR-AR-44134R503 |
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1 Year
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5 Year
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10 Year
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| * |
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Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
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|
Citigroup, Inc.
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Wells Fargo & Co.
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|
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Telefonaktiebolaget LM Ericsson
|
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Comcast Corp. - Class A
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American International Group, Inc.
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General Motors Co.
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Dominion Energy, Inc.
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Elevance Health, Inc.
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APA Corp.
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| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 2 | TSR-AR-44134R503 |
| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 3 | TSR-AR-44134R503 |
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Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$
|
|
| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 1 | TSR-AR-44134R511 |
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1 Year
|
5 Year
|
Since Inception
(09/30/2019) |
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| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Citigroup, Inc.
|
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|
Wells Fargo & Co.
|
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Telefonaktiebolaget LM Ericsson
|
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Comcast Corp. - Class A
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American International Group, Inc.
|
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General Motors Co.
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Dominion Energy, Inc.
|
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Elevance Health, Inc.
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|
APA Corp.
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| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 2 | TSR-AR-44134R511 |
| Hotchkis & Wiley Large Cap Fundamental Value Fund | PAGE 3 | TSR-AR-44134R511 |
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|
Annual Shareholder Report |
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|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$
|
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| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 1 | TSR-AR-44134R206 |
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1 Year
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5 Year
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10 Year
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-
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| * |
|
Net Assets
|
$
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|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Popular, Inc.
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Telefonaktiebolaget LM Ericsson
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APA Corp.
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Citizens Financial Group, Inc.
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Fluor Corp.
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Adient PLC
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State Street Corp.
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American International Group, Inc.
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Magna International, Inc.
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| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 2 | TSR-AR-44134R206 |
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|
Annual Shareholder Report |
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Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 1 | TSR-AR-44134R800 |
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1 Year
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5 Year
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10 Year
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| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Popular, Inc.
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
APA Corp.
|
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Citizens Financial Group, Inc.
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Fluor Corp.
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Adient PLC
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State Street Corp.
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American International Group, Inc.
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Magna International, Inc.
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| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 2 | TSR-AR-44134R800 |
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Annual Shareholder Report |
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Class Name
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Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$
|
|
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 1 | TSR-AR-44134R495 |
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1 Year
|
5 Year
|
Since Inception
(09/30/2019) |
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| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Popular, Inc.
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
APA Corp.
|
|
|
Citizens Financial Group, Inc.
|
|
|
Fluor Corp.
|
|
|
Adient PLC
|
|
|
State Street Corp.
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|
American International Group, Inc.
|
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|
Magna International, Inc.
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| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 2 | TSR-AR-44134R495 |
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||
|
Annual Shareholder Report |
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|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR-AR-44134R305 |
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1 Year
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5 Year
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10 Year
|
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|
-
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| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
NOV, Inc.
|
|
|
Avnet, Inc.
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|
|
Jones Lang LaSalle, Inc.
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Stagwell, Inc.
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|
U-Haul Holding Co.
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First Hawaiian, Inc.
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|
Popular, Inc.
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Fluor Corp.
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Ecovyst, Inc.
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR-AR-44134R305 |
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||
|
Annual Shareholder Report |
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|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR-AR-44134R842 |
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1 Year
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5 Year
|
10 Year
|
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|
-
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| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
NOV, Inc.
|
|
|
Avnet, Inc.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Stagwell, Inc.
|
|
|
U-Haul Holding Co.
|
|
|
First Hawaiian, Inc.
|
|
|
Popular, Inc.
|
|
|
Fluor Corp.
|
|
|
Ecovyst, Inc.
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR-AR-44134R842 |
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||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR-AR-44134R867 |
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1 Year
|
5 Year
|
10 Year
|
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| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
NOV, Inc.
|
|
|
Avnet, Inc.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Stagwell, Inc.
|
|
|
U-Haul Holding Co.
|
|
|
First Hawaiian, Inc.
|
|
|
Popular, Inc.
|
|
|
Fluor Corp.
|
|
|
Ecovyst, Inc.
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR-AR-44134R867 |
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||
|
Annual Shareholder Report |
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|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR-AR-44134R487 |
|
|
1 Year
|
5 Year
|
Since Inception
(09/30/2019) |
|
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|
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|
|
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|
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|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
NOV, Inc.
|
|
|
Avnet, Inc.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Stagwell, Inc.
|
|
|
U-Haul Holding Co.
|
|
|
First Hawaiian, Inc.
|
|
|
Popular, Inc.
|
|
|
Fluor Corp.
|
|
|
Ecovyst, Inc.
|
|
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR-AR-44134R487 |
|
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||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$
|
|
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 1 | TSR-AR-44134R644 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
Par Pacific Holdings, Inc.
|
|
|
Fluor Corp.
|
|
|
Ecovyst, Inc.
|
|
|
ScanSource, Inc.
|
|
|
Cushman & Wakefield PLC
|
|
|
Sonic Automotive, Inc. - Class A
|
|
|
NEXTracker, Inc. - Class A
|
|
|
Hilton Grand Vacations, Inc.
|
|
|
WEX, Inc.
|
|
|
NMI Holdings, Inc. - Class A
|
|
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 2 | TSR-AR-44134R644 |
|
|
|
|
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|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 1 | TSR-AR-44134R651 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
Par Pacific Holdings, Inc.
|
|
|
Fluor Corp.
|
|
|
Ecovyst, Inc.
|
|
|
ScanSource, Inc.
|
|
|
Cushman & Wakefield PLC
|
|
|
Sonic Automotive, Inc. - Class A
|
|
|
NEXTracker, Inc. - Class A
|
|
|
Hilton Grand Vacations, Inc.
|
|
|
WEX, Inc.
|
|
|
NMI Holdings, Inc. - Class A
|
|
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 2 | TSR-AR-44134R651 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$
|
|
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 1 | TSR-AR-44134R479 |
|
|
1 Year
|
5 Year
|
Since Inception
(09/30/2019) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
Par Pacific Holdings, Inc.
|
|
|
Fluor Corp.
|
|
|
Ecovyst, Inc.
|
|
|
ScanSource, Inc.
|
|
|
Cushman & Wakefield PLC
|
|
|
Sonic Automotive, Inc. - Class A
|
|
|
NEXTracker, Inc. - Class A
|
|
|
Hilton Grand Vacations, Inc.
|
|
|
WEX, Inc.
|
|
|
NMI Holdings, Inc. - Class A
|
|
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 2 | TSR-AR-44134R479 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$
|
|
| Hotchkis & Wiley Global Value Fund | PAGE 1 | TSR-AR-44134R677 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
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|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Workday, Inc. - Class A
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
Dominion Energy, Inc.
|
|
|
Comcast Corp. - Class A
|
|
|
GE HealthCare Technologies, Inc.
|
|
|
Elevance Health, Inc.
|
|
|
General Motors Co.
|
|
|
American International Group, Inc.
|
|
|
Heineken Holding NV
|
|
| Hotchkis & Wiley Global Value Fund | PAGE 2 | TSR-AR-44134R677 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley Global Value Fund | PAGE 1 | TSR-AR-44134R685 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Workday, Inc. - Class A
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
Dominion Energy, Inc.
|
|
|
Comcast Corp. - Class A
|
|
|
GE HealthCare Technologies, Inc.
|
|
|
Elevance Health, Inc.
|
|
|
General Motors Co.
|
|
|
American International Group, Inc.
|
|
|
Heineken Holding NV
|
|
| Hotchkis & Wiley Global Value Fund | PAGE 2 | TSR-AR-44134R685 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley International Value Fund | PAGE 1 | TSR-AR-44134R636 |
|
|
1 Year
|
5 Year
|
Since Inception
(12/31/2015) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
Siemens AG
|
|
|
Telefonaktiebolaget LM Ericsson - Class B
|
|
|
Henkel AG & Co. KGaA
|
|
|
Heineken Holding NV
|
|
|
Akzo Nobel NV
|
|
|
Shell PLC
|
|
|
Lloyds Banking Group PLC
|
|
|
TotalEnergies SE
|
|
|
BNP Paribas SA
|
|
|
Societe Generale SA
|
|
| Hotchkis & Wiley International Value Fund | PAGE 2 | TSR-AR-44134R636 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley International Small Cap Diversified Value Fund | PAGE 1 | TSR-AR-44134R453 |
|
|
1 Year
|
5 Year
|
Since Inception
(06/30/2020) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
Shibaura Mechatronics Corp.
|
|
|
Sesa SpA
|
|
|
SUSS MicroTec SE
|
|
|
Fuso Chemical Co. Ltd.
|
|
|
Riken Vitamin Co. Ltd.
|
|
|
GRENKE AG
|
|
|
RS Technologies Co. Ltd.
|
|
|
Tocalo Co. Ltd.
|
|
|
Tazmo Co. Ltd.
|
|
|
Hyakujushi Bank Ltd.
|
|
| Hotchkis & Wiley International Small Cap Diversified Value Fund | PAGE 2 | TSR-AR-44134R453 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR-AR-44134R792 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Workday, Inc. - Class A
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
Dominion Energy, Inc.
|
|
|
Schlumberger NV
|
|
|
Microsoft Corp.
|
|
|
U-Haul Holding Co.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Havas NV
|
|
|
Siemens AG
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR-AR-44134R792 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class C
|
$
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR-AR-44134R826 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Workday, Inc. - Class A
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
Dominion Energy, Inc.
|
|
|
Schlumberger NV
|
|
|
Microsoft Corp.
|
|
|
U-Haul Holding Co.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Havas NV
|
|
|
Siemens AG
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR-AR-44134R826 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR-AR-44134R834 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Workday, Inc. - Class A
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
Dominion Energy, Inc.
|
|
|
Schlumberger NV
|
|
|
Microsoft Corp.
|
|
|
U-Haul Holding Co.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Havas NV
|
|
|
Siemens AG
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR-AR-44134R834 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR-AR-44134R461 |
|
|
1 Year
|
5 Year
|
Since Inception
(09/30/2019) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
F5, Inc.
|
|
|
Workday, Inc. - Class A
|
|
|
Telefonaktiebolaget LM Ericsson
|
|
|
Dominion Energy, Inc.
|
|
|
Schlumberger NV
|
|
|
Microsoft Corp.
|
|
|
U-Haul Holding Co.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Havas NV
|
|
|
Siemens AG
|
|
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR-AR-44134R461 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A
|
$
|
|
| Hotchkis & Wiley High Yield Fund | PAGE 1 | TSR-AR-44134R727 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top 10 Issuers
|
(%)
|
|
CCO Holdings LLC / CCO Holdings Capital Corp.
|
|
|
Carnival Corp.
|
|
|
Authentic Brands Group LLC
|
|
|
CSC Holdings LLC
|
|
|
WR Grace Holdings LLC
|
|
|
Fortis 333, Inc.
|
|
|
Gray Media, Inc.
|
|
|
Venture Global Plaquemines LNG LLC
|
|
|
Herc Holdings, Inc.
|
|
|
TransDigm, Inc.
|
|
| Hotchkis & Wiley High Yield Fund | PAGE 2 | TSR-AR-44134R727 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I
|
$
|
|
| Hotchkis & Wiley High Yield Fund | PAGE 1 | TSR-AR-44134R735 |
|
|
1 Year
|
5 Year
|
10 Year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top 10 Issuers
|
(%)
|
|
CCO Holdings LLC / CCO Holdings Capital Corp.
|
|
|
Carnival Corp.
|
|
|
Authentic Brands Group LLC
|
|
|
CSC Holdings LLC
|
|
|
WR Grace Holdings LLC
|
|
|
Fortis 333, Inc.
|
|
|
Gray Media, Inc.
|
|
|
Venture Global Plaquemines LNG LLC
|
|
|
Herc Holdings, Inc.
|
|
|
TransDigm, Inc.
|
|
| Hotchkis & Wiley High Yield Fund | PAGE 2 | TSR-AR-44134R735 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Z
|
$
|
|
| Hotchkis & Wiley High Yield Fund | PAGE 1 | TSR-AR-44134R529 |
|
|
1 Year
|
5 Year
|
Since Inception
(03/29/2018) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top 10 Issuers
|
(%)
|
|
CCO Holdings LLC / CCO Holdings Capital Corp.
|
|
|
Carnival Corp.
|
|
|
Authentic Brands Group LLC
|
|
|
CSC Holdings LLC
|
|
|
WR Grace Holdings LLC
|
|
|
Fortis 333, Inc.
|
|
|
Gray Media, Inc.
|
|
|
Venture Global Plaquemines LNG LLC
|
|
|
Herc Holdings, Inc.
|
|
|
TransDigm, Inc.
|
|
| Hotchkis & Wiley High Yield Fund | PAGE 2 | TSR-AR-44134R529 |
|
|
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment*
|
|
SMID Cap Diversified Value Fund
|
$
|
|
| * | Annualized |
|
•
|
Stock selection in information technology, along with an overweight in energy and an underweight position in technology, were the primary detractors from performance. Stock selection in industrials, consumer staples, and communication services also detracted from returns.
|
|
•
|
Stock selection in real estate and an underweight in health care helped relative performance.
|
| Hotchkis & Wiley SMID Cap Diversified Value Fund | PAGE 1 | TSR-AR-44134R438 |
|
|
Since Inception
(03/28/2025) |
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top 10 Issuers
|
(%)
|
|
Synchrony Financial
|
|
|
Franklin Resources, Inc.
|
|
|
Popular, Inc.
|
|
|
BorgWarner, Inc.
|
|
|
Huntington Ingalls Industries, Inc.
|
|
|
State Street Corp.
|
|
|
TE Connectivity PLC
|
|
|
WESCO International, Inc.
|
|
|
Corebridge Financial, Inc.
|
|
|
Magna International, Inc.
|
|
| Hotchkis & Wiley SMID Cap Diversified Value Fund | PAGE 2 | TSR-AR-44134R438 |
 |
|
|
|
|
||
|
Annual Shareholder Report |
|
|
Fund Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
HW Opportunities MP Fund
|
$
|
|
| HW Opportunities MP Fund | PAGE 1 | TSR-AR-44134R446 |
|
|
1 Year
|
Since Inception
(12/30/2020) |
|
|
|
|
|
|
|
|
|
|
|
|
| * |
|
Net Assets
|
$
|
|
Number of Holdings
|
|
|
Net Advisory Fee
|
$
|
|
Portfolio Turnover
|
|
|
Top Holdings
|
(%)
|
|
U-Haul Holding Co.
|
|
|
Havas NV
|
|
|
Qantas Airways Ltd.
|
|
|
Ecovyst, Inc.
|
|
|
Fuso Chemical Co. Ltd.
|
|
|
Henkel AG & Co. KGaA
|
|
|
Stagwell, Inc.
|
|
|
Jones Lang LaSalle, Inc.
|
|
|
Vanguard Long-Term Treasury ETF
|
|
|
Siemens AG
|
|
| HW Opportunities MP Fund | PAGE 2 | TSR-AR-44134R446 |
| HW Opportunities MP Fund | PAGE 3 | TSR-AR-44134R446 |
| (b) | Not applicable. |
Item 2. Code of Ethics.
As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the code of ethics is available without charge, upon request, by calling toll-free at 1-800-796-5606.
Item 3. Audit Committee Financial Expert.
As of the end of the period covered by this report, the registrant’s Board of Trustees (the “Board”) has determined that Robert Fitzgerald, a member of the registrant’s Audit Committee, is an “audit committee financial expert” and “independent,” as such terms are defined in this Item.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to professional services performed by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The principal accountant did not provide any other services.
The following table details the aggregate fees billed or expected to be billed to the Funds for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
| FYE 6/30/2025 | FYE 6/30/2024 | |
| ( a ) Audit Fees | $269,350 | $250,800 |
| ( b ) Audit-Related Fees | $0 | $0 |
| ( c ) Tax Fees | $0 | $0 |
| ( d ) All Other Fees | $0 | $0 |
(e)(1) The registrant’s Audit Committee (the “Committee”) has adopted policies and procedures with regard to the pre-approval of services. The Committee shall pre-approve any engagements of the independent auditors to provide any non-prohibited services to the registrant, including the fees and other compensation to be paid to the independent auditors. The Committee has delegated certain pre-approval responsibilities to its Chair, who may grant the pre-approval of
services to the registrant for non-prohibited services for engagements of less than $5,000. The Committee shall also pre-approve any engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant’s investment advisor, Hotchkis & Wiley Capital Management, LLC (the “Advisor”) (or any “control affiliate” of the Advisor providing ongoing services to the registrant), if the engagement relates directly to the operations and financial reporting of the registrant. The Chair of the Committee may grant the pre-approval for non-prohibited services to the Advisor for engagements of less than $5,000. All such delegated pre-approvals shall be presented to the Committee no later than the next Committee meeting.
(e)(2) The Committee approved in advance all audit services and non-audit services that Deloitte & Touche LLP (“D&T”) provided to the Funds, except for any non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the “pre-approval exception”). The percentage of fees billed by D&T applicable to non-audit services pursuant to the pre-approval exception were as follows:
| FYE 6/30/2025 | FYE 6/30/2024 | |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |
(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the full time permanent employees of the principal accountant.
(g) During the last two fiscal years, D&T has served as the auditor to the Advisor and/or affiliates of the Advisor, and has rendered non-audit services to the Advisor and/or affiliates of the Advisor. The non-audit services that D&T provided to the Advisor and/or affiliates of the Advisor in 2025 and 2024 consisted of preparing state and federal tax returns. D&T charged $233,320 and $53,032 for such non-audit services to the Advisor and/or affiliates of the Advisor for 2025 and 2024, respectively. None of the non-audit services provided by D&T to the Advisor and/or affiliates of the Advisor directly related to the operations or financial reporting of the registrant.
(h) The Committee has considered whether the provision of audit and non-audit services that were rendered to the Advisor and any entity controlling, controlled by or under common control with the Advisor is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
Items 4(i) and 4(j) are not applicable to the registrant.
Item 5. Audit Committee of Listed Registrants.
(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee are as follows: Randall H. Breitenbach, Alejandra C. Edwards, Marcy Elkind, Robert Fitzgerald and H. Thomas Hicks.
(b) Not applicable.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form N-CSR. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
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Shares |
|
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Value |
|
COMMON
STOCKS - 99.1% |
|
|
|
|
|
|
|||
|
Aerospace
& Defense - 2.2% |
|
|
|
|
|
|
|||
|
Boeing
Co.(a) |
|
|
|
|
3,760 |
|
|
$787,833
| |
|
General
Dynamics Corp. |
|
|
|
|
2,100 |
|
|
612,486
| |
|
RTX
Corp. |
|
|
|
|
2,700 |
|
|
394,254
| |
|
|
|
|
|
|
|
1,794,573
| |||
|
Air
Freight & Logistics - 2.0% |
|
|
|
|
|
|
|||
|
FedEx
Corp. |
|
|
|
|
7,120 |
|
|
1,618,447
| |
|
Automobile
Components - 3.6% |
|
|
|
|
|||||
|
Aptiv
PLC(a) |
|
|
|
|
14,400 |
|
|
982,368
| |
|
BorgWarner,
Inc. |
|
|
|
|
11,800 |
|
|
395,064
| |
|
Magna
International, Inc. |
|
|
|
|
38,700 |
|
|
1,494,207
| |
|
|
|
|
|
|
|
2,871,639
| |||
|
Automobiles
- 2.3% |
|
|
|
|
|
|
|||
|
General
Motors Co. |
|
|
|
|
38,100 |
|
|
1,874,901
| |
|
Banks
- 13.1% |
|
|
|
|
|
|
|||
|
Bank
of America Corp. |
|
|
|
|
25,800 |
|
|
1,220,856
| |
|
Citigroup,
Inc. |
|
|
|
|
33,904 |
|
|
2,885,909
| |
|
Citizens
Financial Group, Inc. |
|
|
|
|
27,500 |
|
|
1,230,625
| |
|
First
Citizens BancShares, Inc./NC -
Class
A |
|
|
|
|
435 |
|
|
851,064
| |
|
Truist
Financial Corp. |
|
|
|
|
15,100 |
|
|
649,149
| |
|
US
Bancorp |
|
|
|
|
31,600 |
|
|
1,429,900
| |
|
Wells
Fargo & Co. |
|
|
|
|
28,434 |
|
|
2,278,132
| |
|
|
|
|
|
|
|
10,545,635
| |||
|
Beverages
- 1.5% |
|
|
|
|
|
|
|||
|
Anheuser-Busch
InBev SA/NV - ADR |
|
|
|
|
5,600 |
|
|
384,832
| |
|
Constellation
Brands, Inc. - Class A |
|
|
|
|
4,900 |
|
|
797,132
| |
|
|
|
|
|
|
|
1,181,964
| |||
|
Capital
Markets - 2.6% |
|
|
|
|
|
|
|||
|
Goldman
Sachs Group, Inc. |
|
|
|
|
640 |
|
|
452,960
| |
|
State
Street Corp. |
|
|
|
|
15,400 |
|
|
1,637,636
| |
|
|
|
|
|
|
|
2,090,596
| |||
|
Chemicals
- 2.2% |
|
|
|
|
|
|
|||
|
Olin
Corp. |
|
|
|
|
27,200 |
|
|
546,448
| |
|
PPG
Industries, Inc. |
|
|
|
|
10,700 |
|
|
1,217,125
| |
|
|
|
|
|
|
|
1,763,573
| |||
|
Communications
Equipment - 7.9% |
|
|
|
|
|||||
|
F5,
Inc.(a) |
|
|
|
|
13,700 |
|
|
4,032,184
| |
|
Telefonaktiebolaget
LM Ericsson - ADR |
|
|
|
|
276,150 |
|
|
2,341,752
| |
|
|
|
|
|
|
|
6,373,936
| |||
|
Construction
& Engineering - 0.5% |
|
|
|
|
|||||
|
Fluor
Corp.(a) |
|
|
|
|
7,200 |
|
|
369,144
| |
|
Consumer
Finance - 0.9% |
|
|
|
|
|
|
|||
|
Capital
One Financial Corp. |
|
|
|
|
3,500 |
|
|
744,660
| |
|
Electric
Utilities - 1.3% |
|
|
|
|
|
|
|||
|
PPL
Corp. |
|
|
|
|
30,900 |
|
|
1,047,201
| |
|
Electronic
Equipment, Instruments & Components - 1.2% |
|
|
|
|
|
|
|||
|
Ralliant
Corp.(a) |
|
|
|
|
1,833 |
|
|
88,898
| |
|
TE
Connectivity PLC |
|
|
|
|
5,400 |
|
|
910,818
| |
|
|
|
|
|
|
|
999,716
| |||
|
Energy
Equipment & Services - 4.1% |
|
|
|
|
|||||
|
Baker
Hughes Co. |
|
|
|
|
26,800 |
|
|
1,027,512
| |
|
NOV,
Inc. |
|
|
|
|
96,100 |
|
|
1,194,523
| |
|
Schlumberger
NV |
|
|
|
|
32,500 |
|
|
1,098,500
| |
|
|
|
|
|
|
|
3,320,535 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Entertainment
- 0.7% |
|
|
|
|
|
|
|||
|
Warner
Bros Discovery, Inc.(a) |
|
|
|
|
51,300 |
|
|
$587,898
| |
|
Financial
Services - 2.3% |
|
|
|
|
|
|
|||
|
Corebridge
Financial, Inc. |
|
|
|
|
24,200 |
|
|
859,100
| |
|
Fidelity
National Information Services, Inc. |
|
|
|
|
12,300 |
|
|
1,001,343
| |
|
|
|
|
|
|
|
1,860,443
| |||
|
Food
Products - 2.1% |
|
|
|
|
|
|
|||
|
Conagra
Brands, Inc. |
|
|
|
|
18,900 |
|
|
386,883
| |
|
Kraft
Heinz Co. |
|
|
|
|
49,900 |
|
|
1,288,418
| |
|
|
|
|
|
|
|
1,675,301
| |||
|
Ground
Transportation - 0.8% |
|
|
|
|
|||||
|
Norfolk
Southern Corp. |
|
|
|
|
2,600 |
|
|
665,522
| |
|
Health
Care Equipment & Supplies - 5.0% |
|
|
|
|
|
|
|||
|
GE
HealthCare Technologies, Inc. |
|
|
|
|
21,412 |
|
|
1,585,987
| |
|
Medtronic
PLC |
|
|
|
|
18,082 |
|
|
1,576,208
| |
|
Solventum
Corp.(a) |
|
|
|
|
5,400 |
|
|
409,536
| |
|
Zimmer
Biomet Holdings, Inc. |
|
|
|
|
5,140 |
|
|
468,819
| |
|
|
|
|
|
|
|
4,040,550
| |||
|
Health
Care Providers & Services - 8.7% |
|
|
|
|
|
|
|||
|
Centene
Corp.(a) |
|
|
|
|
11,800 |
|
|
640,504
| |
|
Cigna
Group |
|
|
|
|
1,900 |
|
|
628,102
| |
|
CVS
Health Corp. |
|
|
|
|
16,900 |
|
|
1,165,762
| |
|
Elevance
Health, Inc. |
|
|
|
|
4,180 |
|
|
1,625,853
| |
|
HCA
Healthcare, Inc. |
|
|
|
|
2,460 |
|
|
942,426
| |
|
Humana,
Inc. |
|
|
|
|
4,100 |
|
|
1,002,368
| |
|
Labcorp
Holdings, Inc. |
|
|
|
|
1,600 |
|
|
420,016
| |
|
UnitedHealth
Group, Inc. |
|
|
|
|
2,000 |
|
|
623,940
| |
|
|
|
|
|
|
|
7,048,971
| |||
|
Insurance
- 3.7% |
|
|
|
|
|
|
|||
|
American
International Group, Inc. |
|
|
|
|
25,900 |
|
|
2,216,781
| |
|
Hartford
Insurance Group, Inc. |
|
|
|
|
6,200 |
|
|
786,594
| |
|
|
|
|
|
|
|
3,003,375
| |||
|
Interactive
Media & Services - 1.6% |
|
|
|
|
|||||
|
Alphabet,
Inc. - Class A |
|
|
|
|
7,390 |
|
|
1,302,340
| |
|
IT
Services - 0.5% |
|
|
|
|
|
|
|||
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
|
|
4,900 |
|
|
382,347
| |
|
Machinery
- 6.2% |
|
|
|
|
|
|
|||
|
CNH
Industrial NV |
|
|
|
|
66,700 |
|
|
864,432
| |
|
Cummins,
Inc. |
|
|
|
|
4,570 |
|
|
1,496,675
| |
|
Deere
& Co. |
|
|
|
|
900 |
|
|
457,641
| |
|
Fortive
Corp. |
|
|
|
|
5,500 |
|
|
286,715
| |
|
PACCAR,
Inc. |
|
|
|
|
11,000 |
|
|
1,045,660
| |
|
Stanley
Black & Decker, Inc. |
|
|
|
|
6,700 |
|
|
453,925
| |
|
Timken
Co. |
|
|
|
|
5,500 |
|
|
399,025
| |
|
|
|
|
|
|
|
5,004,073
| |||
|
Media
-6.3% |
|
|
|
|
|
|
|||
|
Comcast
Corp. - Class A |
|
|
|
|
64,000 |
|
|
2,284,160
| |
|
Omnicom
Group, Inc. |
|
|
|
|
16,700 |
|
|
1,201,398
| |
|
Paramount
Global - Class B(b) |
|
|
|
|
35,000 |
|
|
451,500
| |
|
WPP
PLC - ADR |
|
|
|
|
32,500 |
|
|
1,137,825
| |
|
|
|
|
|
|
|
5,074,883
| |||
|
Multi-Utilities
- 2.3% |
|
|
|
|
|
|
|||
|
Dominion
Energy, Inc. |
|
|
|
|
33,000 |
|
|
1,865,160
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | |||||||||
|
Oil,
Gas & Consumable Fuels - 6.4% |
|
|
|
|
|||||
|
APA
Corp. |
|
|
|
|
104,600 |
|
|
$1,913,134
| |
|
ConocoPhillips |
|
|
|
|
6,869 |
|
|
616,424
| |
|
Murphy
Oil Corp. |
|
|
|
|
9,100 |
|
|
204,750
| |
|
Ovintiv,
Inc. |
|
|
|
|
25,700 |
|
|
977,885
| |
|
Shell
PLC - ADR |
|
|
|
|
20,062 |
|
|
1,412,566
| |
|
|
|
|
|
|
|
5,124,759
| |||
|
Personal
Care Products - 0.7% |
|
|
|
|
|||||
|
Unilever
PLC - ADR |
|
|
|
|
9,700 |
|
|
593,349
| |
|
Pharmaceuticals
- 0.9% |
|
|
|
|
|
|
|||
|
GSK
PLC - ADR |
|
|
|
|
9,940 |
|
|
381,696
| |
|
Sanofi
SA - ADR |
|
|
|
|
7,000 |
|
|
338,170
| |
|
|
|
|
|
|
|
719,866
| |||
|
Software
- 5.0% |
|
|
|
|
|
|
|||
|
Microsoft
Corp. |
|
|
|
|
800 |
|
|
397,928
| |
|
Workday,
Inc. - Class A(a) |
|
|
|
|
15,100 |
|
|
3,624,000
| |
|
|
|
|
|
|
|
4,021,928
| |||
|
Specialty
Retail - 0.5% |
|
|
|
|
|
|
|||
|
Lithia
Motors, Inc. |
|
|
|
|
1,200 |
|
|
405,384
| |
|
TOTAL
COMMON STOCKS
(Cost
$66,467,764) |
|
|
|
|
|
|
79,972,669
| ||
|
SHORT-TERM
INVESTMENTS - 1.7% | |||||||||
|
Investments
Purchased with Proceeds from Securities Lending - 0.4% |
|
|
|
|
|
|
|||
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.26%(c) |
|
|
|
|
295,680 |
|
|
295,680
| |
|
|
|
|
|
Par |
|
|
|||
|
Time
Deposits - 1.3% |
|
|
|
|
|
|
|||
|
Citigroup,
Inc., 0.86%, 07/01/2025(d) |
|
|
EUR |
|
|
3 |
|
|
3
|
|
Royal
Bank of Canada, 3.68%, 07/01/2025(d) |
|
|
|
|
1,100,508 |
|
|
1,100,508
| |
|
|
|
|
|
|
|
1,100,511
| |||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$1,396,191) |
|
|
|
|
|
|
1,396,191
| ||
|
TOTAL
INVESTMENTS - 100.8%
(Cost
$67,863,955) |
|
|
|
|
|
|
$81,368,860
| ||
|
Liabilities
in Excess of Other
Assets
- (0.8)% |
|
|
|
|
|
|
(655,095)
| ||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
$80,713,765 | ||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2025. The fair value of these securities was $289,443. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 99.4% |
|
|
|
|
|
|
|||
|
Aerospace
& Defense - 1.7% |
|
|
|
|
|
|
|||
|
General
Dynamics Corp. |
|
|
|
|
6,500 |
|
|
$1,895,790
| |
|
Huntington
Ingalls Industries, Inc. |
|
|
|
|
18,500 |
|
|
4,467,010
| |
|
|
|
|
|
|
|
6,362,800
| |||
|
Air
Freight & Logistics - 2.0% |
|
|
|
|
|
|
|||
|
FedEx
Corp. |
|
|
|
|
32,100 |
|
|
7,296,651
| |
|
Automobile
Components - 3.2% | |||||||||
|
Aptiv
PLC(a) |
|
|
|
|
61,300 |
|
|
4,181,886
| |
|
Magna
International, Inc. |
|
|
|
|
197,800 |
|
|
7,637,058
| |
|
|
|
|
|
|
|
11,818,944
| |||
|
Automobiles
- 2.8% |
|
|
|
|
|
|
|||
|
General
Motors Co. |
|
|
|
|
208,000 |
|
|
10,235,680
| |
|
Banks
- 13.0% |
|
|
|
|
|
|
|||
|
Bank
of America Corp. |
|
|
|
|
118,000 |
|
|
5,583,760
| |
|
Citigroup,
Inc. |
|
|
|
|
163,888 |
|
|
13,950,146
| |
|
Citizens
Financial Group, Inc. |
|
|
|
|
126,300 |
|
|
5,651,925
| |
|
Truist
Financial Corp. |
|
|
|
|
90,600 |
|
|
3,894,894
| |
|
US
Bancorp |
|
|
|
|
164,740 |
|
|
7,454,485
| |
|
Wells
Fargo & Co. |
|
|
|
|
143,363 |
|
|
11,486,244
| |
|
|
|
|
|
|
|
48,021,454
| |||
|
Beverages
- 0.5% |
|
|
|
|
|
|
|||
|
Constellation
Brands, Inc. - Class A |
|
|
|
|
11,300 |
|
|
1,838,284
| |
|
Capital
Markets - 2.7% |
|
|
|
|
|
|
|||
|
Goldman
Sachs Group, Inc. |
|
|
|
|
3,000 |
|
|
2,123,250
| |
|
State
Street Corp. |
|
|
|
|
75,200 |
|
|
7,996,768
| |
|
|
|
|
|
|
|
10,120,018
| |||
|
Chemicals
- 2.6% |
|
|
|
|
|
|
|||
|
Olin
Corp. |
|
|
|
|
202,800 |
|
|
4,074,252
| |
|
PPG
Industries, Inc. |
|
|
|
|
49,100 |
|
|
5,585,125
| |
|
|
|
|
|
|
|
9,659,377
| |||
|
Communications
Equipment - 8.0% | |||||||||
|
F5,
Inc.(a) |
|
|
|
|
62,800 |
|
|
18,483,296
| |
|
Telefonaktiebolaget
LM Ericsson - ADR |
|
|
|
|
1,323,500 |
|
|
11,223,280
| |
|
|
|
|
|
|
|
29,706,576
| |||
|
Consumer
Finance - 0.9% |
|
|
|
|
|
|
|||
|
Capital
One Financial Corp. |
|
|
|
|
16,400 |
|
|
3,489,264
| |
|
Electric
Utilities - 1.6% |
|
|
|
|
|
|
|||
|
PPL
Corp. |
|
|
|
|
171,700 |
|
|
5,818,913
| |
|
Electronic
Equipment, Instruments & Components - 1.9% |
|
|
|
|
|
|
|||
|
Corning,
Inc. |
|
|
|
|
39,400 |
|
|
2,072,046
| |
|
TE
Connectivity PLC |
|
|
|
|
28,770 |
|
|
4,852,636
| |
|
|
|
|
|
|
|
6,924,682
| |||
|
Energy
Equipment & Services - 4.4% | |||||||||
|
Baker
Hughes Co. |
|
|
|
|
121,800 |
|
|
4,669,812
| |
|
NOV,
Inc. |
|
|
|
|
532,500 |
|
|
6,618,975
| |
|
Schlumberger
NV |
|
|
|
|
146,500 |
|
|
4,951,700
| |
|
|
|
|
|
|
|
16,240,487
| |||
|
Entertainment
- 1.1% |
|
|
|
|
|
|
|||
|
Warner
Bros Discovery, Inc.(a) |
|
|
|
|
353,200 |
|
|
4,047,672
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Financial
Services - 3.8% |
|
|
|
|
|
|
|||
|
Corebridge
Financial, Inc. |
|
|
|
|
117,600 |
|
|
$4,174,800
| |
|
Euronet
Worldwide, Inc.(a) |
|
|
|
|
35,600 |
|
|
3,609,128
| |
|
Fidelity
National Information Services, Inc. |
|
|
|
|
78,800 |
|
|
6,415,108
| |
|
|
|
|
|
|
|
14,199,036
| |||
|
Food
Products - 2.7% |
|
|
|
|
|
|
|||
|
Conagra
Brands, Inc. |
|
|
|
|
90,000 |
|
|
1,842,300
| |
|
General
Mills, Inc. |
|
|
|
|
32,400 |
|
|
1,678,644
| |
|
Kraft
Heinz Co. |
|
|
|
|
243,600 |
|
|
6,289,752
| |
|
|
|
|
|
|
|
9,810,696
| |||
|
Ground
Transportation - 1.2% | |||||||||
|
Norfolk
Southern Corp. |
|
|
|
|
16,800 |
|
|
4,300,296
| |
|
Health
Care Equipment & Supplies - 5.1% |
|
|
|
|
|
|
|||
|
GE
HealthCare Technologies, Inc. |
|
|
|
|
103,462 |
|
|
7,663,430
| |
|
Medtronic
PLC |
|
|
|
|
93,500 |
|
|
8,150,395
| |
|
Zimmer
Biomet Holdings, Inc. |
|
|
|
|
33,500 |
|
|
3,055,535
| |
|
|
|
|
|
|
|
18,869,360
| |||
|
Health
Care Providers & Services - 8.8% |
|
|
|
|
|
|
|||
|
Cigna
Group |
|
|
|
|
10,900 |
|
|
3,603,322
| |
|
CVS
Health Corp. |
|
|
|
|
86,030 |
|
|
5,934,349
| |
|
Elevance
Health, Inc. |
|
|
|
|
21,800 |
|
|
8,479,328
| |
|
HCA
Healthcare, Inc. |
|
|
|
|
14,900 |
|
|
5,708,190
| |
|
Humana,
Inc. |
|
|
|
|
20,500 |
|
|
5,011,840
| |
|
UnitedHealth
Group, Inc. |
|
|
|
|
12,100 |
|
|
3,774,837
| |
|
|
|
|
|
|
|
32,511,866
| |||
|
Insurance
- 4.3% |
|
|
|
|
|
|
|||
|
American
International Group, Inc. |
|
|
|
|
124,900 |
|
|
10,690,191
| |
|
Hartford
Insurance Group, Inc. |
|
|
|
|
41,400 |
|
|
5,252,418
| |
|
|
|
|
|
|
|
15,942,609
| |||
|
Interactive
Media & Services - 1.7% | |||||||||
|
Alphabet,
Inc. - Class A |
|
|
|
|
34,880 |
|
|
6,146,903
| |
|
IT
Services - 1.0% |
|
|
|
|
|
|
|||
|
Amdocs
Ltd. |
|
|
|
|
40,000 |
|
|
3,649,600
| |
|
Machinery
- 5.8% |
|
|
|
|
|
|
|||
|
CNH
Industrial NV |
|
|
|
|
317,900 |
|
|
4,119,984
| |
|
Cummins,
Inc. |
|
|
|
|
24,900 |
|
|
8,154,750
| |
|
PACCAR,
Inc. |
|
|
|
|
49,950 |
|
|
4,748,247
| |
|
Stanley
Black & Decker, Inc. |
|
|
|
|
66,300 |
|
|
4,491,825
| |
|
|
|
|
|
|
|
21,514,806
| |||
|
Media
- 6.6% |
|
|
|
|
|
|
|||
|
Comcast
Corp. - Class A |
|
|
|
|
313,500 |
|
|
11,188,815
| |
|
Omnicom
Group, Inc. |
|
|
|
|
76,200 |
|
|
5,481,828
| |
|
Paramount
Global - Class B(b) |
|
|
|
|
190,400 |
|
|
2,456,160
| |
|
WPP
PLC - ADR |
|
|
|
|
148,500 |
|
|
5,198,985
| |
|
|
|
|
|
|
|
24,325,788
| |||
|
Multi-Utilities
- 2.5% |
|
|
|
|
|
|
|||
|
Dominion
Energy, Inc. |
|
|
|
|
166,600 |
|
|
9,416,232
| |
|
Oil,
Gas & Consumable Fuels - 6.9% | |||||||||
|
APA
Corp. |
|
|
|
|
459,200 |
|
|
8,398,768
| |
|
ConocoPhillips |
|
|
|
|
34,960 |
|
|
3,137,310
| |
|
Murphy
Oil Corp. |
|
|
|
|
66,670 |
|
|
1,500,075
| |
|
Ovintiv,
Inc. |
|
|
|
|
164,680 |
|
|
6,266,074
| |
|
Shell
PLC - ADR |
|
|
|
|
86,072 |
|
|
6,060,330
| |
|
|
|
|
|
|
|
25,362,557
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
Shares |
|
|
Value |
| ||||||||
|
COMMON
STOCKS - (Continued) |
| |||||||||||||||||
|
Personal
Care Products - 1.0% |
| |||||||||||||||||
|
Unilever
PLC - ADR |
|
|
|
|
58,900 |
|
|
$3,602,913
|
| |||||||||
|
Pharmaceuticals
- 1.6% |
|
|
|
|
|
|
| |||||||||||
|
GSK
PLC - ADR |
|
|
|
|
112,540 |
|
|
4,321,536
|
| |||||||||
|
Sanofi
SA - ADR |
|
|
|
|
32,300 |
|
|
1,560,413
|
| |||||||||
|
|
|
|
|
|
|
5,881,949
|
| |||||||||||
|
TOTAL
COMMON STOCKS
(Cost
$309,937,783) |
|
|
|
|
|
|
367,115,413
|
| ||||||||||
|
SHORT-TERM
INVESTMENTS - 1.0% |
| |||||||||||||||||
|
Investments
Purchased with Proceeds from Securities Lending - 0.5% |
|
|
|
|
|
|
| |||||||||||
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.26%(c) |
|
|
|
|
1,827,840 |
|
|
1,827,840
|
| |||||||||
|
|
|
|
|
Par |
|
|
| |||||||||||
|
Time
Deposits - 0.5% |
|
|
|
|
|
|
| |||||||||||
|
Citigroup,
Inc., 0.86%, 07/01/2025(d) |
|
|
EUR |
|
|
17 |
|
|
20
|
| ||||||||
|
Skandinaviska
Enskilda Banken,
3.68%,
07/01/2025(d) |
|
|
|
|
1,942,026 |
|
|
1,942,026
|
| |||||||||
|
|
|
|
|
|
|
1,942,046
|
| |||||||||||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$3,769,882) |
|
|
|
|
|
|
3,769,886
|
| ||||||||||
|
TOTAL
INVESTMENTS - 100.4% (Cost $313,707,665) |
|
|
|
|
|
|
$370,885,299 |
|
|
|
|
|
|
|||||
|
Liabilities
in Excess of Other
Assets
- (0.4)% |
|
|
|
|
|
|
(1,404,281)
|
| ||||||||||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
$369,481,018 |
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2025. The fair value of these securities was $1,789,284. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 94.4% |
|
|
|
|
|
|
|||
|
Aerospace
& Defense - 1.5% | |||||||||
|
Huntington
Ingalls Industries, Inc. |
|
|
|
|
23,800 |
|
|
$5,746,748
| |
|
Air
Freight & Logistics - 0.5% | |||||||||
|
FedEx
Corp. |
|
|
|
|
8,500 |
|
|
1,932,135
| |
|
Automobile
Components - 8.9% | |||||||||
|
Adient
PLC(a) |
|
|
|
|
542,800 |
|
|
10,562,888
| |
|
Aptiv
PLC(a) |
|
|
|
|
58,900 |
|
|
4,018,158
| |
|
BorgWarner,
Inc. |
|
|
|
|
111,300 |
|
|
3,726,324
| |
|
Goodyear
Tire & Rubber Co.(a) |
|
|
|
|
190,100 |
|
|
1,971,337
| |
|
Lear
Corp. |
|
|
|
|
39,700 |
|
|
3,770,706
| |
|
Magna
International, Inc. |
|
|
|
|
253,500 |
|
|
9,787,635
| |
|
|
|
|
|
|
|
33,837,048
| |||
|
Banks
- 10.7% |
|
|
|
|
|
|
|||
|
Citizens
Financial Group, Inc. |
|
|
|
|
296,600 |
|
|
13,272,850
| |
|
Comerica,
Inc. |
|
|
|
|
65,200 |
|
|
3,889,180
| |
|
First
Citizens BancShares, Inc./NC - Class A |
|
|
|
|
1,087 |
|
|
2,126,683
| |
|
First
Horizon Corp. |
|
|
|
|
188,100 |
|
|
3,987,720
| |
|
KeyCorp |
|
|
|
|
127,800 |
|
|
2,226,276
| |
|
Popular,
Inc. |
|
|
|
|
137,100 |
|
|
15,109,791
| |
|
|
|
|
|
|
|
40,612,500
| |||
|
Capital
Markets - 3.8% |
|
|
|
|
|
|
|||
|
Northern
Trust Corp. |
|
|
|
|
33,000 |
|
|
4,184,070
| |
|
State
Street Corp. |
|
|
|
|
96,400 |
|
|
10,251,176
| |
|
|
|
|
|
|
|
14,435,246
| |||
|
Chemicals
- 2.6% |
|
|
|
|
|
|
|||
|
Huntsman
Corp. |
|
|
|
|
182,800 |
|
|
1,904,776
| |
|
Olin
Corp. |
|
|
|
|
400,900 |
|
|
8,054,081
| |
|
|
|
|
|
|
|
9,958,857
| |||
|
Commercial
Services & Supplies - 1.6% | |||||||||
|
Brink's
Co. |
|
|
|
|
68,100 |
|
|
6,080,649
| |
|
Communications
Equipment - 7.9% | |||||||||
|
F5,
Inc.(a) |
|
|
|
|
51,700 |
|
|
15,216,344
| |
|
Telefonaktiebolaget
LM Ericsson - ADR |
|
|
|
|
1,756,800 |
|
|
14,897,664
| |
|
|
|
|
|
|
|
30,114,008
| |||
|
Construction
& Engineering - 3.5% | |||||||||
|
Fluor
Corp.(a) |
|
|
|
|
257,600 |
|
|
13,207,152
| |
|
Consumer
Finance - 2.7% |
|
|
|
|
|
|
|||
|
Ally
Financial, Inc. |
|
|
|
|
184,700 |
|
|
7,194,065
| |
|
SLM
Corp. |
|
|
|
|
97,400 |
|
|
3,193,746
| |
|
|
|
|
|
|
|
10,387,811
| |||
|
Electric
Utilities - 1.6% |
|
|
|
|
|
|
|||
|
NRG
Energy, Inc. |
|
|
|
|
17,600 |
|
|
2,826,208
| |
|
PPL
Corp. |
|
|
|
|
94,500 |
|
|
3,202,605
| |
|
|
|
|
|
|
|
6,028,813
| |||
|
Electronic
Equipment, Instruments &
Components
- 1.2% | |||||||||
|
Avnet,
Inc. |
|
|
|
|
85,500 |
|
|
4,538,340
| |
|
Energy
Equipment & Services - 1.7% | |||||||||
|
Expro
Group Holdings NV(a) |
|
|
|
|
115,883 |
|
|
995,435
| |
|
Halliburton
Co. |
|
|
|
|
85,100 |
|
|
1,734,338
| |
|
NOV,
Inc. |
|
|
|
|
283,500 |
|
|
3,523,905
| |
|
|
|
|
|
|
|
6,253,678
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Entertainment
- 1.8% |
|
|
|
|
|
|
|||
|
Warner
Bros Discovery, Inc.(a) |
|
|
|
|
604,600 |
|
|
$6,928,716
| |
|
Financial
Services - 0.4% |
|
|
|
|
|
|
|||
|
Euronet
Worldwide, Inc.(a) |
|
|
|
|
16,100 |
|
|
1,632,218
| |
|
Food
Products - 1.3% |
|
|
|
|
|
|
|||
|
Conagra
Brands, Inc. |
|
|
|
|
93,000 |
|
|
1,903,710
| |
|
Kraft
Heinz Co. |
|
|
|
|
111,200 |
|
|
2,871,184
| |
|
|
|
|
|
|
|
4,774,894
| |||
|
Ground
Transportation - 1.4% | |||||||||
|
U-Haul
Holding Co. |
|
|
|
|
101,000 |
|
|
5,491,370
| |
|
Health
Care Equipment & Supplies - 2.3% |
|
|
|
|
|
|
|||
|
GE
HealthCare Technologies, Inc. |
|
|
|
|
66,200 |
|
|
4,903,434
| |
|
Solventum
Corp.(a) |
|
|
|
|
51,100 |
|
|
3,875,424
| |
|
|
|
|
|
|
|
8,778,858
| |||
|
Health
Care Providers & Services - 6.4% |
|
|
|
|
|
|
|||
|
Centene
Corp.(a) |
|
|
|
|
141,500 |
|
|
7,680,620
| |
|
Humana,
Inc. |
|
|
|
|
31,400 |
|
|
7,676,672
| |
|
Labcorp
Holdings, Inc. |
|
|
|
|
8,200 |
|
|
2,152,582
| |
|
Universal
Health Services, Inc. - Class B |
|
|
|
|
36,900 |
|
|
6,684,435
| |
|
|
|
|
|
|
|
24,194,309
| |||
|
Hotels,
Restaurants & Leisure - 1.3% |
|
|
|
|
|
|
|||
|
Marriott
Vacations Worldwide
Corp. |
|
|
|
|
68,000 |
|
|
4,917,080
| |
|
Household
Durables - 1.4% | |||||||||
|
Whirlpool
Corp. |
|
|
|
|
52,800 |
|
|
5,354,976
| |
|
Insurance
- 2.7% |
|
|
|
|
|
|
|||
|
American
International Group, Inc. |
|
|
|
|
119,200 |
|
|
10,202,328
| |
|
Machinery
- 3.8% |
|
|
|
|
|
|
|||
|
AGCO
Corp. |
|
|
|
|
22,800 |
|
|
2,352,048
| |
|
CNH
Industrial NV |
|
|
|
|
519,800 |
|
|
6,736,608
| |
|
Stanley
Black & Decker, Inc. |
|
|
|
|
76,800 |
|
|
5,203,200
| |
|
|
|
|
|
|
|
14,291,856
| |||
|
Media
- 2.8% |
|
|
|
|
|
|
|||
|
Omnicom
Group, Inc. |
|
|
|
|
39,500 |
|
|
2,841,630
| |
|
Paramount
Global - Class B(b) |
|
|
|
|
236,800 |
|
|
3,054,720
| |
|
WPP
PLC - ADR |
|
|
|
|
131,900 |
|
|
4,617,819
| |
|
|
|
|
|
|
|
10,514,169
| |||
|
Multi-Utilities
- 1.9% |
|
|
|
|
|
|
|||
|
Dominion
Energy, Inc. |
|
|
|
|
124,800 |
|
|
7,053,696
| |
|
Oil,
Gas & Consumable Fuels - 11.0% | |||||||||
|
APA
Corp. |
|
|
|
|
758,766 |
|
|
13,877,830
| |
|
Baytex
Energy Corp.(b) |
|
|
|
|
1,949,800 |
|
|
3,490,142
| |
|
California
Resources Corp. |
|
|
|
|
81,500 |
|
|
3,722,105
| |
|
Crescent
Energy Co. - Class A |
|
|
|
|
570,787 |
|
|
4,908,768
| |
|
Kosmos
Energy Ltd.(a) |
|
|
|
|
4,795,120 |
|
|
8,247,607
| |
|
Murphy
Oil Corp. |
|
|
|
|
76,900 |
|
|
1,730,250
| |
|
Ovintiv,
Inc. |
|
|
|
|
155,300 |
|
|
5,909,165
| |
|
|
|
|
|
|
|
41,885,867
| |||
|
Personal
Care Products - 1.0% | |||||||||
|
Herbalife
Ltd.(a) |
|
|
|
|
422,600 |
|
|
3,642,812
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Shares |
|
|
Value |
| ||
|
COMMON
STOCKS - (Continued) |
| |||||||||||
|
Pharmaceuticals
- 0.8% |
|
|
|
|
|
|
| |||||
|
Jazz
Pharmaceuticals PLC(a) |
|
|
|
|
29,600 |
|
|
$3,141,152
|
| |||
|
Professional
Services - 1.0% |
|
|
||||||||||
|
ManpowerGroup,
Inc. |
|
|
|
|
89,700 |
|
|
3,623,880
|
| |||
|
Real
Estate Management & Development - 0.5% |
|
|
|
|
|
|
| |||||
|
Jones
Lang LaSalle, Inc.(a) |
|
|
|
|
7,800 |
|
|
1,995,084
|
| |||
|
Software
- 0.7% |
|
|
|
|
|
|
| |||||
|
Workday,
Inc. - Class A(a) |
|
|
|
|
11,400 |
|
|
2,736,000
|
| |||
|
Specialty
Retail - 1.9% |
|
|
|
|
|
|
| |||||
|
Lithia
Motors, Inc. |
|
|
|
|
13,000 |
|
|
4,391,660
|
| |||
|
ODP
Corp.(a) |
|
|
|
|
145,645 |
|
|
2,640,544
|
| |||
|
|
|
|
|
|
|
7,032,204
|
| |||||
|
Textiles,
Apparel & Luxury
Goods
- 0.5% |
| |||||||||||
|
Capri
Holdings Ltd.(a) |
|
|
|
|
98,800 |
|
|
1,748,760
|
| |||
|
Trading
Companies & Distributors - 1.3% |
|
|
|
|
|
|
| |||||
|
WESCO
International, Inc. |
|
|
|
|
27,500 |
|
|
5,093,000
|
| |||
|
TOTAL
COMMON STOCKS
(Cost
$358,205,109) |
|
|
|
|
|
|
358,166,214
|
| ||||
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 0.4% |
| |||||||||||
|
Hotel
& Resort REITs - 0.4% |
|
|
|
|
| |||||||
|
Pebblebrook
Hotel Trust |
|
|
|
|
161,600 |
|
|
1,614,384
|
| |||
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$2,124,935) |
|
|
|
|
|
|
1,614,384
|
| ||||
|
SHORT-TERM
INVESTMENTS - 6.4% |
| |||||||||||
|
Investments
Purchased with
Proceeds
from
Securities
Lending - 1.2% |
| |||||||||||
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.26%(c) |
|
|
|
|
4,424,397 |
|
|
4,424,397 |
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Time
Deposits - 5.2% |
|
|
|
|
|
|
|||
|
Brown
Brothers Harriman and Co., 0.86%, 07/01/2025(d) |
|
|
EUR |
|
|
0(e) |
|
|
$0(e)
|
|
Royal
Bank of Canada,
3.68%,
07/01/2025(d) |
|
|
|
|
19,676,897 |
|
|
19,676,897
| |
|
|
|
|
|
|
|
19,676,897
| |||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$24,101,295) |
|
|
|
|
|
|
24,101,294
| ||
|
TOTAL
INVESTMENTS - 101.2%
(Cost
$384,431,339) |
|
|
|
|
|
|
$383,881,892
| ||
|
Liabilities
in Excess of Other
Assets
- (1.2)% |
|
|
|
|
|
|
(4,725,000)
| ||
|
TOTAL
NET
ASSETS
- 100.0% |
|
|
|
|
|
|
$379,156,892 | ||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2025. The fair value of these securities was $4,330,407. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
(e) |
Rounds to zero. |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Shares |
|
|
Value |
| ||
|
COMMON
STOCKS - 97.3% |
|
|
|
|
| ||||
|
Automobile
Components - 4.0% |
|
|
| ||||||
|
Adient
PLC(a) |
|
|
672,800 |
|
|
$13,092,688
|
| ||
|
Lear
Corp. |
|
|
176,600 |
|
|
16,773,468
|
| ||
|
|
|
|
|
29,866,156
|
| ||||
|
Banks
- 10.5% |
|
|
|
|
| ||||
|
Associated
Banc-Corp. |
|
|
335,700 |
|
|
8,187,723
|
| ||
|
Bank
of NT Butterfield & Son Ltd. |
|
|
378,100 |
|
|
16,742,268
|
| ||
|
First
Hawaiian, Inc. |
|
|
973,400 |
|
|
24,296,064
|
| ||
|
Popular,
Inc. |
|
|
219,800 |
|
|
24,224,158
|
| ||
|
Synovus
Financial Corp. |
|
|
63,300 |
|
|
3,275,775
|
| ||
|
WaFd,
Inc. |
|
|
40,098 |
|
|
1,174,069
|
| ||
|
|
|
|
|
77,900,057
|
| ||||
|
Capital
Markets - 3.0% |
|
|
|
|
| ||||
|
Evercore,
Inc. - Class A |
|
|
11,300 |
|
|
3,051,226
|
| ||
|
Perella
Weinberg Partners |
|
|
60,200 |
|
|
1,169,084
|
| ||
|
Stifel
Financial Corp. |
|
|
174,100 |
|
|
18,068,098
|
| ||
|
|
|
|
|
22,288,408
|
| ||||
|
Chemicals
- 5.5% |
|
|
|
|
| ||||
|
Ecovyst,
Inc.(a) |
|
|
2,764,700 |
|
|
22,753,481
|
| ||
|
Olin
Corp. |
|
|
912,700 |
|
|
18,336,143
|
| ||
|
|
|
|
|
41,089,624
|
| ||||
|
Commercial
Services & Supplies - 1.6% |
|
|
| ||||||
|
Brink’s
Co. |
|
|
91,600 |
|
|
8,178,964
|
| ||
|
MillerKnoll,
Inc. |
|
|
82,000 |
|
|
1,592,440
|
| ||
|
Quad/Graphics,
Inc. |
|
|
408,500 |
|
|
2,308,025
|
| ||
|
|
|
|
|
12,079,429
|
| ||||
|
Communications
Equipment - 9.2% |
|
|
| ||||||
|
F5,
Inc.(a) |
|
|
233,300 |
|
|
68,664,856
|
| ||
|
Construction
& Engineering - 3.1% |
|
|
| ||||||
|
Fluor
Corp.(a) |
|
|
447,500 |
|
|
22,943,325
|
| ||
|
Consumer
Finance - 2.5% |
|
|
|
|
|||||
|
SLM
Corp. |
|
|
575,000 |
|
|
18,854,250
|
| ||
|
Electric
Utilities - 1.9% |
|
|
|
|
| ||||
|
OGE
Energy Corp. |
|
|
324,400 |
|
|
14,396,872
|
| ||
|
Electronic
Equipment, Instruments & Components - 4.3% |
|
|
|
|
| ||||
|
Arrow
Electronics, Inc.(a) |
|
|
17,800 |
|
|
2,268,254
|
| ||
|
Avnet,
Inc. |
|
|
555,300 |
|
|
29,475,324
|
| ||
|
|
|
|
|
31,743,578
|
| ||||
|
Energy
Equipment & Services - 4.8% |
|
|
| ||||||
|
Expro
Group Holdings NV(a) |
|
|
357,982 |
|
|
3,075,065
|
| ||
|
NOV,
Inc. |
|
|
2,486,800 |
|
|
30,910,924
|
| ||
|
Weatherford
International PLC |
|
|
36,900 |
|
|
1,856,439
|
| ||
|
|
|
|
|
35,842,428
|
| ||||
|
Financial
Services - 2.7% |
|
|
|
|
| ||||
|
Euronet
Worldwide, Inc.(a) |
|
|
39,200 |
|
|
3,974,096
|
| ||
|
WEX,
Inc.(a) |
|
|
111,500 |
|
|
16,378,235
|
| ||
|
|
|
|
|
20,352,331
|
| ||||
|
Gas
Utilities - 0.7% |
|
|
|
|
| ||||
|
MDU
Resources Group, Inc. |
|
|
307,000 |
|
|
5,117,690
|
| ||
|
Ground
Transportation - 3.3% |
|
|
|
|
| ||||
|
U-Haul
Holding Co. |
|
|
457,100 |
|
|
24,852,527
|
| ||
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Health
Care Equipment &
Supplies
- 4.0% |
|
|
|
|
||
|
LivaNova
PLC(a) |
|
|
315,100 |
|
|
$14,185,802
|
|
Solventum
Corp.(a) |
|
|
200,500 |
|
|
15,205,920
|
|
|
|
|
|
29,391,722
| ||
|
Hotels,
Restaurants & Leisure - 3.1% |
|
|
||||
|
International
Game Technology PLC |
|
|
238,000 |
|
|
3,762,780
|
|
Marriott
Vacations Worldwide Corp. |
|
|
262,300 |
|
|
18,966,913
|
|
|
|
|
|
22,729,693
| ||
|
Insurance
- 2.8% |
|
|
|
|
||
|
Enstar
Group Ltd.(a) |
|
|
6,619 |
|
|
2,226,367
|
|
Global
Indemnity Group LLC - Class A |
|
|
316,036 |
|
|
9,910,889
|
|
Horace
Mann Educators Corp. |
|
|
208,500 |
|
|
8,959,245
|
|
|
|
|
|
21,096,501
| ||
|
IT
Services - 1.2% |
|
|
|
|
||
|
ASGN,
Inc.(a) |
|
|
182,300 |
|
|
9,102,239
|
|
Machinery
- 5.3% |
|
|
|
|
||
|
Atmus
Filtration Technologies, Inc. |
|
|
132,000 |
|
|
4,807,440
|
|
Greenbrier
Cos., Inc. |
|
|
73,650 |
|
|
3,391,583
|
|
Miller
Industries, Inc./TN |
|
|
122,300 |
|
|
5,437,458
|
|
Stanley
Black & Decker, Inc. |
|
|
69,600 |
|
|
4,715,400
|
|
Timken
Co. |
|
|
286,300 |
|
|
20,771,065
|
|
|
|
|
|
39,122,946
| ||
|
Media
- 4.7% |
|
|
|
|
||
|
National
CineMedia, Inc. |
|
|
1,402,700 |
|
|
6,796,082
|
|
Stagwell,
Inc.(a) |
|
|
6,237,247 |
|
|
28,067,611
|
|
|
|
|
|
34,863,693
| ||
|
Multi-Utilities
- 1.7% |
|
|
|
|
||
|
Avista
Corp. |
|
|
226,600 |
|
|
8,599,470
|
|
Black
Hills Corp. |
|
|
71,800 |
|
|
4,027,980
|
|
|
|
|
|
12,627,450
| ||
|
Oil,
Gas & Consumable Fuels - 5.5% |
|
|
||||
|
APA
Corp. |
|
|
515,308 |
|
|
9,424,983
|
|
Baytex
Energy Corp.(b) |
|
|
1,739,786 |
|
|
3,114,217
|
|
Berry
Corp. |
|
|
681,500 |
|
|
1,887,755
|
|
Crescent
Energy Co. - Class A |
|
|
155,400 |
|
|
1,336,440
|
|
Kosmos
Energy Ltd.(a) |
|
|
2,782,900 |
|
|
4,786,588
|
|
Murphy
Oil Corp. |
|
|
584,900 |
|
|
13,160,250
|
|
NextDecade
Corp.(a) |
|
|
330,500 |
|
|
2,944,755
|
|
Ovintiv,
Inc. |
|
|
103,200 |
|
|
3,926,760
|
|
|
|
|
|
40,581,748
| ||
|
Personal
Care Products - 0.0%(c) |
|
|
|
|
||
|
Herbalife
Ltd.(a) |
|
|
900 |
|
|
7,758
|
|
Pharmaceuticals
- 0.4% |
|
|
|
|
||
|
SIGA
Technologies, Inc. |
|
|
419,600 |
|
|
2,735,792
|
|
Professional
Services - 1.3% |
|
|
|
|
||
|
Hudson
Global, Inc.(a) |
|
|
134,360 |
|
|
1,143,404
|
|
ManpowerGroup,
Inc. |
|
|
202,700 |
|
|
8,189,080
|
|
|
|
|
|
9,332,484
| ||
|
Real
Estate Management & Development - 4.1% |
|
|
|
|
||
|
Jones
Lang LaSalle, Inc.(a) |
|
|
111,200 |
|
|
28,442,736
|
|
RMR
Group, Inc. - Class A |
|
|
119,100 |
|
|
1,947,285
|
|
|
|
|
|
30,390,021
| ||
|
|
|
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Shares |
|
|
Value |
| ||
|
COMMON
STOCKS - (Continued) | |||||||||
|
Specialty
Retail - 4.5% |
|
|
|
|
| ||||
|
Lithia
Motors, Inc. |
|
|
51,700 |
|
|
$17,465,294
|
| ||
|
ODP
Corp.(a) |
|
|
362,480 |
|
|
6,571,762
|
| ||
|
Sonic
Automotive, Inc. - Class A |
|
|
120,900 |
|
|
9,663,537
|
| ||
|
|
|
|
|
33,700,593
|
| ||||
|
Trading
Companies &
Distributors
- 1.6% |
|
|
|
|
| ||||
|
Rush
Enterprises, Inc. - Class A |
|
|
169,400 |
|
|
8,725,794
|
| ||
|
WESCO
International, Inc. |
|
|
17,600 |
|
|
3,259,520
|
| ||
|
|
|
|
|
11,985,314
|
| ||||
|
TOTAL
COMMON STOCKS
(Cost
$695,783,669) |
|
|
|
|
723,659,485
|
| |||
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 0.3% |
| ||||||||
|
Real
Estate Management & Development - 0.3% |
|
|
|
|
| ||||
|
Seritage
Growth Properties - Class A(a) |
|
|
794,210 |
|
|
2,446,167
|
| ||
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$7,557,996) |
|
|
|
|
2,446,167
|
| |||
|
SHORT-TERM
INVESTMENTS - 2.9% |
| ||||||||
|
Investments
Purchased with Proceeds from Securities Lending - 0.3% |
|
|
|
|
| ||||
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.26%(d) |
|
|
2,229,135 |
|
|
2,229,135 |
| ||
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
|||
|
Time
Deposits - 2.6% |
|
|
|
|
|
|
|||
|
Brown
Brothers Harriman and Co., 3.17%, 07/01/2025(e) |
|
|
GBP |
|
|
0(f) |
|
|
0(f)
|
|
Skandinaviska
Enskilda Banken, 3.68%, 07/01/2025(e) |
|
|
|
|
19,006,361 |
|
|
19,006,362
| |
|
|
|
|
|
|
|
19,006,362 | |||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$21,235,497) |
|
|
|
|
|
|
21,235,497
| ||
|
TOTAL
INVESTMENTS - 100.5%
(Cost
$724,577,162) |
|
|
|
|
|
|
$747,341,149
| ||
|
Liabilities
in Excess of Other
Assets
- (0.5)% |
|
|
|
|
|
|
(3,750,938)
| ||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
$743,590,211 | ||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2025. The fair value of these securities was $2,106,788. |
|
(c) |
Represents less than
0.05% of net assets. |
|
(d) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(e) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
(f) |
Rounds to zero. |
|
|
|
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 94.9% |
|
|
|
|
||
|
Aerospace
& Defense - 0.3% |
|
|
|
|
||
|
AerSale
Corp.(a) |
|
|
191,600 |
|
|
$1,151,516
|
|
National
Presto Industries, Inc. |
|
|
8,014 |
|
|
785,051
|
|
|
|
|
|
1,936,567
| ||
|
Automobile
Components - 2.3% |
|
|
||||
|
Adient
PLC(a) |
|
|
152,905 |
|
|
2,975,531
|
|
Fox
Factory Holding Corp.(a) |
|
|
77,700 |
|
|
2,015,538
|
|
Gentex
Corp. |
|
|
136,900 |
|
|
3,010,431
|
|
Goodyear
Tire & Rubber Co.(a) |
|
|
139,200 |
|
|
1,443,504
|
|
Lear
Corp. |
|
|
31,600 |
|
|
3,001,368
|
|
Phinia,
Inc. |
|
|
34,000 |
|
|
1,512,660
|
|
Visteon
Corp.(a) |
|
|
27,300 |
|
|
2,547,090
|
|
|
|
|
|
16,506,122
| ||
|
Automobiles
- 0.7% |
|
|
|
|
||
|
Harley-Davidson,
Inc. |
|
|
113,200 |
|
|
2,671,520
|
|
Thor
Industries, Inc. |
|
|
30,000 |
|
|
2,664,300
|
|
|
|
|
|
5,335,820
| ||
|
Banks
- 22.1% |
|
|
|
|
||
|
1st
Source Corp. |
|
|
48,166 |
|
|
2,989,664
|
|
Amerant
Bancorp, Inc. |
|
|
110,900 |
|
|
2,021,707
|
|
Arrow
Financial Corp. |
|
|
30,200 |
|
|
797,884
|
|
Associated
Banc-Corp. |
|
|
118,900 |
|
|
2,899,971
|
|
Banc
of California, Inc. |
|
|
218,918 |
|
|
3,075,798
|
|
Bank
of Marin Bancorp |
|
|
33,600 |
|
|
767,424
|
|
BankUnited,
Inc. |
|
|
80,380 |
|
|
2,860,724
|
|
BayCom
Corp. |
|
|
36,300 |
|
|
1,005,873
|
|
Berkshire
Hills Bancorp, Inc. |
|
|
81,300 |
|
|
2,035,752
|
|
Bridgewater
Bancshares, Inc.(a) |
|
|
74,590 |
|
|
1,186,727
|
|
Brookline
Bancorp, Inc. |
|
|
270,099 |
|
|
2,849,544
|
|
Burke
& Herbert Financial Services Corp. |
|
|
26,200 |
|
|
1,564,926
|
|
California
BanCorp(a) |
|
|
53,200 |
|
|
838,432
|
|
Camden
National Corp. |
|
|
36,816 |
|
|
1,493,993
|
|
Capital
Bancorp, Inc. |
|
|
26,700 |
|
|
896,586
|
|
Capitol
Federal Financial, Inc. |
|
|
467,600 |
|
|
2,852,360
|
|
Carter
Bankshares, Inc.(a) |
|
|
53,100 |
|
|
920,754
|
|
Cathay
General Bancorp |
|
|
36,032 |
|
|
1,640,537
|
|
Central
Pacific Financial Corp. |
|
|
79,480 |
|
|
2,227,824
|
|
Civista
Bancshares, Inc. |
|
|
39,000 |
|
|
904,800
|
|
CNB
Financial Corp./PA |
|
|
65,500 |
|
|
1,497,330
|
|
Columbia
Banking System, Inc. |
|
|
90,100 |
|
|
2,106,538
|
|
Community
Trust Bancorp, Inc. |
|
|
27,610 |
|
|
1,461,121
|
|
ConnectOne
Bancorp, Inc. |
|
|
136,034 |
|
|
3,150,551
|
|
Dime
Community Bancshares, Inc. |
|
|
50,600 |
|
|
1,363,164
|
|
Eagle
Bancorp, Inc. |
|
|
130,130 |
|
|
2,534,932
|
|
Enterprise
Financial Services Corp. |
|
|
41,500 |
|
|
2,286,650
|
|
Farmers
National Banc Corp. |
|
|
39,271 |
|
|
541,547
|
|
Financial
Institutions, Inc. |
|
|
90,761 |
|
|
2,330,743
|
|
First
Busey Corp. |
|
|
133,151 |
|
|
3,047,161
|
|
First
Financial Corp. |
|
|
32,763 |
|
|
1,775,427
|
|
First
Foundation, Inc.(a) |
|
|
407,397 |
|
|
2,077,725
|
|
First
Hawaiian, Inc. |
|
|
117,640 |
|
|
2,936,294
|
|
First
Internet Bancorp |
|
|
34,289 |
|
|
922,374
|
|
First
Interstate BancSystem, Inc. - Class A |
|
|
84,400 |
|
|
2,432,408
|
|
First
Merchants Corp. |
|
|
22,302 |
|
|
854,167
|
|
First
Mid Bancshares, Inc. |
|
|
24,100 |
|
|
903,509
|
|
Five
Star Bancorp |
|
|
12,200 |
|
|
348,188
|
|
Flagstar
Financial, Inc. |
|
|
237,000 |
|
|
2,512,200
|
|
Flushing
Financial Corp. |
|
|
224,718 |
|
|
2,669,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Great
Southern Bancorp, Inc. |
|
|
27,110 |
|
|
$1,593,526
|
|
Hanmi
Financial Corp. |
|
|
117,527 |
|
|
2,900,566
|
|
Heritage
Commerce Corp. |
|
|
296,500 |
|
|
2,944,245
|
|
Heritage
Financial Corp./WA |
|
|
59,700 |
|
|
1,423,248
|
|
Hilltop
Holdings, Inc. |
|
|
92,100 |
|
|
2,795,235
|
|
Hingham
Institution For Savings The(b) |
|
|
7,900 |
|
|
1,961,965
|
|
Home
Bancorp, Inc. |
|
|
19,700 |
|
|
1,020,066
|
|
HomeStreet,
Inc.(a) |
|
|
52,600 |
|
|
687,482
|
|
Hope
Bancorp, Inc. |
|
|
265,133 |
|
|
2,844,877
|
|
Horizon
Bancorp, Inc./IN |
|
|
137,600 |
|
|
2,116,288
|
|
Independent
Bank Corp. |
|
|
35,900 |
|
|
2,257,572
|
|
Kearny
Financial Corp./MD |
|
|
320,000 |
|
|
2,067,200
|
|
Live
Oak Bancshares, Inc. |
|
|
74,700 |
|
|
2,226,060
|
|
Mercantile
Bank Corp. |
|
|
34,000 |
|
|
1,577,940
|
|
Mid
Penn Bancorp, Inc. |
|
|
28,800 |
|
|
812,160
|
|
Midland
States Bancorp, Inc. |
|
|
78,400 |
|
|
1,357,888
|
|
MidWestOne
Financial Group, Inc. |
|
|
48,294 |
|
|
1,389,418
|
|
NB
Bancorp, Inc.(a) |
|
|
120,900 |
|
|
2,159,274
|
|
NBT
Bancorp, Inc. |
|
|
17,472 |
|
|
725,962
|
|
Northeast
Bank |
|
|
6,200 |
|
|
551,738
|
|
Northfield
Bancorp, Inc. |
|
|
204,507 |
|
|
2,347,740
|
|
Northrim
BanCorp, Inc. |
|
|
16,340 |
|
|
1,523,868
|
|
OceanFirst
Financial Corp. |
|
|
166,110 |
|
|
2,925,197
|
|
Origin
Bancorp, Inc. |
|
|
64,300 |
|
|
2,298,082
|
|
Pacific
Premier Bancorp, Inc. |
|
|
127,214 |
|
|
2,682,943
|
|
Peapack-Gladstone
Financial Corp. |
|
|
71,400 |
|
|
2,017,050
|
|
Peoples
Financial Services Corp. |
|
|
16,000 |
|
|
789,920
|
|
Preferred
Bank/Los Angeles CA |
|
|
32,740 |
|
|
2,833,483
|
|
Provident
Financial Services, Inc. |
|
|
162,472 |
|
|
2,848,134
|
|
RBB
Bancorp |
|
|
53,432 |
|
|
919,565
|
|
Shore
Bancshares, Inc. |
|
|
64,512 |
|
|
1,014,129
|
|
Sierra
Bancorp |
|
|
37,800 |
|
|
1,122,282
|
|
Simmons
First National Corp. - Class A |
|
|
147,100 |
|
|
2,789,016
|
|
South
Plains Financial, Inc. |
|
|
26,500 |
|
|
955,060
|
|
Southern
Missouri Bancorp, Inc. |
|
|
28,300 |
|
|
1,550,274
|
|
Tompkins
Financial Corp. |
|
|
28,420 |
|
|
1,782,787
|
|
Towne
Bank/Portsmouth VA |
|
|
27,400 |
|
|
936,532
|
|
TriCo
Bancshares |
|
|
57,000 |
|
|
2,307,930
|
|
TrustCo
Bank Corp. NY |
|
|
74,192 |
|
|
2,479,497
|
|
Univest
Financial Corp. |
|
|
77,470 |
|
|
2,327,199
|
|
Valley
National Bancorp |
|
|
246,700 |
|
|
2,203,031
|
|
Veritex
Holdings, Inc. |
|
|
124,000 |
|
|
3,236,400
|
|
WaFd,
Inc. |
|
|
100,834 |
|
|
2,952,420
|
|
Washington
Trust Bancorp, Inc. |
|
|
93,930 |
|
|
2,656,340
|
|
WesBanco,
Inc. |
|
|
93,648 |
|
|
2,962,086
|
|
|
|
|
|
161,456,634
| ||
|
Beverages
- 0.1% |
|
|
|
|
||
|
MGP
Ingredients, Inc. |
|
|
22,400 |
|
|
671,328
|
|
Building
Products - 2.1% |
|
|
|
|
||
|
American
Woodmark Corp.(a) |
|
|
38,300 |
|
|
2,044,071
|
|
Apogee
Enterprises, Inc. |
|
|
43,600 |
|
|
1,770,160
|
|
Armstrong
World Industries, Inc. |
|
|
15,060 |
|
|
2,446,347
|
|
AZZ,
Inc. |
|
|
5,740 |
|
|
542,315
|
|
Insteel
Industries, Inc. |
|
|
43,000 |
|
|
1,600,030
|
|
Janus
International Group, Inc.(a) |
|
|
338,400 |
|
|
2,754,576
|
|
JELD-WEN
Holding, Inc.(a) |
|
|
376,800 |
|
|
1,477,056
|
|
Resideo
Technologies, Inc.(a) |
|
|
139,000 |
|
|
3,066,340
|
|
|
|
|
|
15,700,895
| ||
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Capital
Markets - 1.0% |
|
|
|
|
||
|
Diamond
Hill Investment Group, Inc. |
|
|
10,900 |
|
|
$1,583,879
|
|
Federated
Hermes, Inc. |
|
|
66,260 |
|
|
2,936,643
|
|
Virtus
Investment Partners, Inc. |
|
|
16,500 |
|
|
2,993,100
|
|
|
|
|
|
7,513,622
| ||
|
Chemicals
- 1.9% |
|
|
|
|
||
|
AdvanSix,
Inc. |
|
|
56,600 |
|
|
1,344,250
|
|
American
Vanguard Corp.(a) |
|
|
147,300 |
|
|
577,416
|
|
Cabot
Corp. |
|
|
19,500 |
|
|
1,462,500
|
|
Ecovyst,
Inc.(a) |
|
|
452,500 |
|
|
3,724,075
|
|
Huntsman
Corp. |
|
|
153,400 |
|
|
1,598,428
|
|
Ingevity
Corp.(a) |
|
|
39,100 |
|
|
1,684,819
|
|
Innospec,
Inc. |
|
|
15,600 |
|
|
1,311,804
|
|
Olin
Corp. |
|
|
120,400 |
|
|
2,418,836
|
|
|
|
|
|
14,122,128
| ||
|
Commercial
Services & Supplies - 2.3% |
|
|
||||
|
ABM
Industries, Inc. |
|
|
48,500 |
|
|
2,289,685
|
|
Brady
Corp. - Class A |
|
|
11,400 |
|
|
774,858
|
|
Brink’s
Co. |
|
|
29,200 |
|
|
2,607,268
|
|
Ennis,
Inc. |
|
|
41,500 |
|
|
752,810
|
|
Healthcare
Services Group, Inc.(a) |
|
|
201,000 |
|
|
3,021,030
|
|
Interface,
Inc. |
|
|
25,230 |
|
|
528,064
|
|
MillerKnoll,
Inc. |
|
|
156,000 |
|
|
3,029,520
|
|
Steelcase,
Inc. - Class A |
|
|
208,000 |
|
|
2,169,440
|
|
UniFirst
Corp./MA |
|
|
7,700 |
|
|
1,449,294
|
|
|
|
|
|
16,621,969
| ||
|
Communications
Equipment - 0.1% |
|
|
||||
|
Aviat
Networks, Inc.(a) |
|
|
39,200 |
|
|
942,760
|
|
Construction
& Engineering - 1.0% |
|
|
||||
|
Fluor
Corp.(a) |
|
|
86,700 |
|
|
4,445,109
|
|
Tutor
Perini Corp.(a) |
|
|
66,051 |
|
|
3,089,866
|
|
|
|
|
|
7,534,975
| ||
|
Construction
Materials - 0.3% |
|
|
|
|
||
|
Knife
River Corp.(a) |
|
|
22,800 |
|
|
1,861,392
|
|
Consumer
Finance - 1.3% |
|
|
||||
|
Bread
Financial Holdings, Inc. |
|
|
56,190 |
|
|
3,209,573
|
|
Navient
Corp. |
|
|
209,060 |
|
|
2,947,746
|
|
SLM
Corp. |
|
|
95,190 |
|
|
3,121,280
|
|
|
|
|
|
9,278,599
| ||
|
Consumer
Staples Distribution & Retail - 0.3% |
|
|
|
|
||
|
Andersons,
Inc. |
|
|
55,300 |
|
|
2,032,275
|
|
Containers
& Packaging - 1.4% |
|
|
|
|
||
|
Myers
Industries, Inc. |
|
|
176,800 |
|
|
2,561,832
|
|
Silgan
Holdings, Inc. |
|
|
40,100 |
|
|
2,172,618
|
|
Sonoco
Products Co. |
|
|
61,700 |
|
|
2,687,652
|
|
TriMas
Corp. |
|
|
88,800 |
|
|
2,540,568
|
|
|
|
|
|
9,962,670
| ||
|
Diversified
Consumer Services - 0.4% |
|
|
||||
|
Adtalem
Global Education, Inc.(a) |
|
|
4,540 |
|
|
577,624
|
|
Laureate
Education, Inc.(a) |
|
|
105,100 |
|
|
2,457,238
|
|
|
|
|
|
3,034,862
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Electric
Utilities - 1.0% |
|
|
|
|
||
|
Otter
Tail Corp. |
|
|
22,850 |
|
|
$1,761,506
|
|
Portland
General Electric Co. |
|
|
64,000 |
|
|
2,600,320
|
|
TXNM
Energy, Inc. |
|
|
51,440 |
|
|
2,897,101
|
|
|
|
|
|
7,258,927
| ||
|
Electrical
Equipment - 1.7% |
|
|
|
|
||
|
Atkore,
Inc. |
|
|
36,100 |
|
|
2,546,855
|
|
NEXTracker,
Inc. - Class A(a) |
|
|
66,500 |
|
|
3,615,605
|
|
Sensata
Technologies Holding PLC |
|
|
103,800 |
|
|
3,125,418
|
|
Thermon
Group Holdings, Inc.(a) |
|
|
101,223 |
|
|
2,842,342
|
|
|
|
|
|
12,130,220
| ||
|
Electronic
Equipment, Instruments & Components - 4.8% |
|
|
|
|
||
|
Arrow
Electronics, Inc.(a) |
|
|
19,200 |
|
|
2,446,656
|
|
Avnet,
Inc. |
|
|
41,770 |
|
|
2,217,152
|
|
Belden,
Inc. |
|
|
7,400 |
|
|
856,920
|
|
Crane
NXT Co. |
|
|
60,500 |
|
|
3,260,950
|
|
ePlus,
Inc.(a) |
|
|
32,100 |
|
|
2,314,410
|
|
IPG
Photonics Corp.(a) |
|
|
37,700 |
|
|
2,588,105
|
|
Itron,
Inc.(a) |
|
|
11,340 |
|
|
1,492,684
|
|
Kimball
Electronics, Inc.(a) |
|
|
99,200 |
|
|
1,907,616
|
|
Methode
Electronics, Inc. |
|
|
343,200 |
|
|
3,263,832
|
|
OSI
Systems, Inc.(a) |
|
|
8,300 |
|
|
1,866,338
|
|
PC
Connection, Inc. |
|
|
13,100 |
|
|
861,718
|
|
Plexus
Corp.(a) |
|
|
16,223 |
|
|
2,195,134
|
|
Sanmina
Corp.(a) |
|
|
15,145 |
|
|
1,481,635
|
|
ScanSource,
Inc.(a) |
|
|
88,400 |
|
|
3,696,004
|
|
Vishay
Intertechnology, Inc. |
|
|
177,026 |
|
|
2,811,173
|
|
Vontier
Corp. |
|
|
44,100 |
|
|
1,627,290
|
|
|
|
|
|
34,887,617
| ||
|
Energy
Equipment & Services - 3.3% |
|
|
||||
|
Cactus,
Inc. - Class A |
|
|
35,400 |
|
|
1,547,688
|
|
Core
Laboratories, Inc. |
|
|
102,600 |
|
|
1,181,952
|
|
Expro
Group Holdings NV(a) |
|
|
302,503 |
|
|
2,598,501
|
|
Innovex
International, Inc.(a) |
|
|
171,400 |
|
|
2,677,268
|
|
Liberty
Energy, Inc. |
|
|
169,750 |
|
|
1,948,730
|
|
National
Energy Services Reunited Corp.(a)(b) |
|
|
270,900 |
|
|
1,630,818
|
|
NOV,
Inc. |
|
|
221,400 |
|
|
2,752,002
|
|
Oil
States International, Inc.(a) |
|
|
322,400 |
|
|
1,728,064
|
|
ProFrac
Holding Corp. - Class A(a)(b) |
|
|
240,000 |
|
|
1,862,400
|
|
ProPetro
Holding Corp.(a) |
|
|
395,000 |
|
|
2,358,150
|
|
RPC,
Inc. |
|
|
395,800 |
|
|
1,872,134
|
|
Select
Water Solutions, Inc. |
|
|
236,600 |
|
|
2,044,224
|
|
|
|
|
|
24,201,931
| ||
|
Financial
Services - 3.9% |
|
|
|
|
||
|
Cass
Information Systems, Inc. |
|
|
39,700 |
|
|
1,724,965
|
|
Enact
Holdings, Inc. |
|
|
75,600 |
|
|
2,808,540
|
|
Essent
Group Ltd. |
|
|
44,970 |
|
|
2,731,028
|
|
Euronet
Worldwide, Inc.(a) |
|
|
27,800 |
|
|
2,818,364
|
|
International
Money Express, Inc.(a) |
|
|
147,400 |
|
|
1,487,266
|
|
Merchants
Bancorp/IN |
|
|
79,500 |
|
|
2,629,065
|
|
MGIC
Investment Corp. |
|
|
75,030 |
|
|
2,088,835
|
|
NMI
Holdings, Inc. - Class A(a) |
|
|
79,070 |
|
|
3,335,964
|
|
Radian
Group, Inc. |
|
|
84,400 |
|
|
3,040,088
|
|
Western
Union Co. |
|
|
269,100 |
|
|
2,265,822
|
|
WEX,
Inc.(a) |
|
|
22,800 |
|
|
3,349,092
|
|
|
|
|
|
28,279,029
| ||
|
|
|
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Food
Products - 0.6% |
|
|
|
|
||
|
Hain
Celestial Group, Inc.(a) |
|
|
169,164 |
|
|
$257,129
|
|
John
B Sanfilippo & Son, Inc. |
|
|
33,000 |
|
|
2,086,920
|
|
WK
Kellogg Co.(b) |
|
|
139,400 |
|
|
2,222,036
|
|
|
|
|
|
4,566,085
| ||
|
Gas
Utilities - 1.5% |
|
|
|
|
||
|
MDU
Resources Group, Inc. |
|
|
168,100 |
|
|
2,802,227
|
|
Northwest
Natural Holding Co. |
|
|
61,800 |
|
|
2,454,696
|
|
Southwest
Gas Holdings, Inc. |
|
|
39,300 |
|
|
2,923,527
|
|
Spire,
Inc. |
|
|
35,873 |
|
|
2,618,370
|
|
|
|
|
|
10,798,820
| ||
|
Ground
Transportation - 0.5% |
|
|
|
|
||
|
Heartland
Express, Inc. |
|
|
148,200 |
|
|
1,280,448
|
|
Marten
Transport Ltd. |
|
|
56,000 |
|
|
727,440
|
|
Schneider
National, Inc. - Class B |
|
|
59,300 |
|
|
1,432,095
|
|
|
|
|
|
3,439,983
| ||
|
Health
Care Equipment & Supplies - 1.2% |
|
|
|
|
||
|
Envista
Holdings Corp.(a) |
|
|
78,600 |
|
|
1,535,844
|
|
Inmode
Ltd.(a) |
|
|
187,800 |
|
|
2,711,832
|
|
LivaNova
PLC(a) |
|
|
71,400 |
|
|
3,214,428
|
|
Utah
Medical Products, Inc. |
|
|
25,900 |
|
|
1,474,228
|
|
|
|
|
|
8,936,332
| ||
|
Health
Care Providers & Services - 1.3% |
|
|
||||
|
Acadia
Healthcare Co., Inc.(a) |
|
|
121,600 |
|
|
2,759,104
|
|
Astrana
Health, Inc.(a) |
|
|
66,300 |
|
|
1,649,544
|
|
Concentra
Group Holdings Parent, Inc. |
|
|
98,831 |
|
|
2,032,954
|
|
National
Research Corp. |
|
|
62,900 |
|
|
1,056,720
|
|
Select
Medical Holdings Corp. |
|
|
111,100 |
|
|
1,686,498
|
|
|
|
|
|
9,184,820
| ||
|
Hotels,
Restaurants & Leisure - 3.8% |
|
|
||||
|
Accel
Entertainment, Inc.(a) |
|
|
178,000 |
|
|
2,095,060
|
|
Bloomin’
Brands, Inc. |
|
|
311,005 |
|
|
2,677,753
|
|
Dave
& Buster’s Entertainment, Inc.(a) |
|
|
31,600 |
|
|
950,528
|
|
Denny’s
Corp.(a) |
|
|
533,500 |
|
|
2,187,350
|
|
El
Pollo Loco Holdings, Inc.(a) |
|
|
138,500 |
|
|
1,524,885
|
|
Hilton
Grand Vacations, Inc.(a) |
|
|
82,300 |
|
|
3,417,919
|
|
International
Game Technology PLC |
|
|
175,000 |
|
|
2,766,750
|
|
Marriott
Vacations Worldwide Corp. |
|
|
43,200 |
|
|
3,123,792
|
|
Monarch
Casino & Resort, Inc. |
|
|
26,600 |
|
|
2,299,304
|
|
Papa
John’s International, Inc. |
|
|
21,900 |
|
|
1,071,786
|
|
Travel
+ Leisure Co. |
|
|
61,000 |
|
|
3,148,210
|
|
United
Parks & Resorts, Inc.(a) |
|
|
60,600 |
|
|
2,857,290
|
|
|
|
|
|
28,120,627
| ||
|
Household
Durables - 1.8% |
|
|
|
|
||
|
Beazer
Homes USA, Inc.(a) |
|
|
26,500 |
|
|
592,805
|
|
Century
Communities, Inc. |
|
|
18,696 |
|
|
1,052,959
|
|
Green
Brick Partners, Inc.(a) |
|
|
20,520 |
|
|
1,290,298
|
|
Helen
of Troy Ltd.(a) |
|
|
65,500 |
|
|
1,858,890
|
|
KB
Home |
|
|
22,100 |
|
|
1,170,637
|
|
Legacy
Housing Corp.(a) |
|
|
65,000 |
|
|
1,472,900
|
|
Leggett
& Platt, Inc. |
|
|
189,300 |
|
|
1,688,556
|
|
LGI
Homes, Inc.(a) |
|
|
23,300 |
|
|
1,200,416
|
|
M/I
Homes, Inc.(a) |
|
|
10,913 |
|
|
1,223,565
|
|
Tri
Pointe Homes, Inc.(a) |
|
|
62,717 |
|
|
2,003,808
|
|
|
|
|
|
13,554,834
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Household
Products - 0.4% |
|
|
|
|
||
|
Central
Garden & Pet Co.(a) |
|
|
40,500 |
|
|
$1,424,790
|
|
Energizer
Holdings, Inc. |
|
|
58,700 |
|
|
1,183,392
|
|
|
|
|
|
2,608,182
| ||
|
Insurance
- 3.8% |
|
|
|
|
||
|
Ambac
Financial Group, Inc.(a) |
|
|
181,200 |
|
|
1,286,520
|
|
Assured
Guaranty Ltd. |
|
|
15,130 |
|
|
1,317,823
|
|
CNO
Financial Group, Inc. |
|
|
66,086 |
|
|
2,549,598
|
|
Employers
Holdings, Inc. |
|
|
37,705 |
|
|
1,778,922
|
|
F&G
Annuities & Life, Inc. |
|
|
80,300 |
|
|
2,567,994
|
|
Hanover
Insurance Group, Inc. |
|
|
16,600 |
|
|
2,819,842
|
|
Horace
Mann Educators Corp. |
|
|
74,614 |
|
|
3,206,164
|
|
Kemper
Corp. |
|
|
45,700 |
|
|
2,949,478
|
|
Lincoln
National Corp. |
|
|
42,200 |
|
|
1,460,120
|
|
Mercury
General Corp. |
|
|
9,060 |
|
|
610,100
|
|
Selective
Insurance Group, Inc. |
|
|
22,200 |
|
|
1,923,630
|
|
Stewart
Information Services Corp. |
|
|
27,490 |
|
|
1,789,599
|
|
United
Fire Group, Inc. |
|
|
31,300 |
|
|
898,310
|
|
White
Mountains Insurance Group Ltd. |
|
|
1,500 |
|
|
2,693,580
|
|
|
|
|
|
27,851,680
| ||
|
Interactive
Media & Services - 0.6% |
|
|
||||
|
Shutterstock,
Inc.(b) |
|
|
154,800 |
|
|
2,935,008
|
|
ZoomInfo
Technologies, Inc.(a) |
|
|
179,100 |
|
|
1,812,492
|
|
|
|
|
|
4,747,500
| ||
|
IT
Services - 0.3% |
|
|
|
|
||
|
ASGN,
Inc.(a) |
|
|
46,000 |
|
|
2,296,780
|
|
Leisure
Products - 1.0% |
|
|
|
|
||
|
Brunswick
Corp./DE |
|
|
50,800 |
|
|
2,806,192
|
|
Johnson
Outdoors, Inc. - Class A |
|
|
50,600 |
|
|
1,531,662
|
|
Polaris,
Inc. |
|
|
69,300 |
|
|
2,817,045
|
|
|
|
|
|
7,154,899
| ||
|
Machinery
- 5.4% |
|
|
|
|
||
|
Albany
International Corp. - Class A |
|
|
42,600 |
|
|
2,987,538
|
|
Atmus
Filtration Technologies, Inc. |
|
|
60,890 |
|
|
2,217,614
|
|
Blue
Bird Corp.(a) |
|
|
46,000 |
|
|
1,985,360
|
|
Columbus
McKinnon Corp./NY |
|
|
96,400 |
|
|
1,472,028
|
|
Douglas
Dynamics, Inc. |
|
|
88,700 |
|
|
2,613,989
|
|
Gates
Industrial Corp. PLC(a) |
|
|
119,760 |
|
|
2,758,073
|
|
Greenbrier
Cos., Inc. |
|
|
60,189 |
|
|
2,771,703
|
|
Hillenbrand,
Inc. |
|
|
122,520 |
|
|
2,458,976
|
|
Kennametal,
Inc. |
|
|
69,700 |
|
|
1,600,312
|
|
L
B Foster Co. - Class A(a) |
|
|
43,500 |
|
|
951,345
|
|
Lindsay
Corp. |
|
|
16,000 |
|
|
2,308,000
|
|
Miller
Industries, Inc./TN |
|
|
28,530 |
|
|
1,268,444
|
|
Proto
Labs, Inc.(a) |
|
|
38,600 |
|
|
1,545,544
|
|
REV
Group, Inc. |
|
|
24,680 |
|
|
1,174,521
|
|
Tennant
Co. |
|
|
30,000 |
|
|
2,324,400
|
|
Timken
Co. |
|
|
41,900 |
|
|
3,039,845
|
|
Wabash
National Corp. |
|
|
276,482 |
|
|
2,939,004
|
|
Worthington
Enterprises, Inc. |
|
|
44,300 |
|
|
2,819,252
|
|
|
|
|
|
39,235,948
| ||
|
Media
- 0.7% |
|
|
|
|
||
|
Emerald
Holding, Inc.(b) |
|
|
154,580 |
|
|
749,713
|
|
National
CineMedia, Inc. |
|
|
132,100 |
|
|
640,024
|
|
Stagwell,
Inc.(a) |
|
|
269,000 |
|
|
1,210,500
|
|
TEGNA,
Inc. |
|
|
137,667 |
|
|
2,307,299
|
|
|
|
|
|
4,907,536
| ||
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Metals
& Mining - 0.1% |
|
|
|
|
||
|
Constellium
SE(a) |
|
|
78,300 |
|
|
$1,041,390
|
|
Multi-Utilities
- 1.2% |
|
|
|
|
||
|
Avista
Corp. |
|
|
66,961 |
|
|
2,541,170
|
|
Black
Hills Corp. |
|
|
46,600 |
|
|
2,614,260
|
|
Northwestern
Energy Group, Inc. |
|
|
48,800 |
|
|
2,503,440
|
|
Unitil
Corp. |
|
|
23,000 |
|
|
1,199,450
|
|
|
|
|
|
8,858,320
| ||
|
Oil,
Gas & Consumable Fuels - 6.8% |
|
|
||||
|
Baytex
Energy Corp.(b) |
|
|
1,450,442 |
|
|
2,596,291
|
|
California
Resources Corp. |
|
|
35,690 |
|
|
1,629,962
|
|
Crescent
Energy Co. - Class A |
|
|
317,145 |
|
|
2,727,447
|
|
CVR
Energy, Inc. |
|
|
111,500 |
|
|
2,993,775
|
|
Delek
US Holdings, Inc. |
|
|
142,800 |
|
|
3,024,504
|
|
Excelerate
Energy, Inc. - Class A |
|
|
52,300 |
|
|
1,533,436
|
|
International
Seaways, Inc. |
|
|
45,700 |
|
|
1,667,136
|
|
Kosmos
Energy Ltd.(a) |
|
|
1,364,713 |
|
|
2,347,306
|
|
Murphy
Oil Corp. |
|
|
125,400 |
|
|
2,821,500
|
|
NextDecade
Corp.(a) |
|
|
366,450 |
|
|
3,265,070
|
|
Northern
Oil & Gas, Inc. |
|
|
93,260 |
|
|
2,643,921
|
|
Par
Pacific Holdings, Inc.(a) |
|
|
174,900 |
|
|
4,640,097
|
|
PBF
Energy, Inc. - Class A |
|
|
145,500 |
|
|
3,152,985
|
|
REX
American Resources Corp.(a) |
|
|
66,500 |
|
|
3,239,215
|
|
Talos
Energy, Inc.(a) |
|
|
360,900 |
|
|
3,060,432
|
|
VAALCO
Energy, Inc. |
|
|
758,200 |
|
|
2,737,102
|
|
Vital
Energy, Inc.(a) |
|
|
147,300 |
|
|
2,370,057
|
|
World
Kinect Corp. |
|
|
108,024 |
|
|
3,062,481
|
|
|
|
|
|
49,512,717
| ||
|
Paper
& Forest Products - 0.1% |
|
|
|
|
||
|
Sylvamo
Corp. |
|
|
21,900 |
|
|
1,097,190
|
|
Passenger
Airlines - 0.1% |
|
|
|
|
||
|
Sun
Country Airlines Holdings, Inc.(a) |
|
|
71,600 |
|
|
841,300
|
|
Personal
Care Products - 0.3% |
|
|
|
|
||
|
Edgewell
Personal Care Co. |
|
|
51,300 |
|
|
1,200,933
|
|
Interparfums,
Inc. |
|
|
6,500 |
|
|
853,515
|
|
|
|
|
|
2,054,448
| ||
|
Pharmaceuticals
- 0.6% |
|
|
|
|
||
|
Amphastar
Pharmaceuticals, Inc.(a) |
|
|
78,100 |
|
|
1,793,176
|
|
ANI
Pharmaceuticals, Inc.(a) |
|
|
20,800 |
|
|
1,357,200
|
|
SIGA
Technologies, Inc. |
|
|
218,800 |
|
|
1,426,576
|
|
|
|
|
|
4,576,952
| ||
|
Professional
Services - 3.2% |
|
|
|
|
||
|
Forrester
Research, Inc.(a) |
|
|
48,100 |
|
|
476,190
|
|
Franklin
Covey Co.(a) |
|
|
22,700 |
|
|
518,014
|
|
Heidrick
& Struggles International, Inc. |
|
|
52,710 |
|
|
2,412,010
|
|
Huron
Consulting Group, Inc.(a) |
|
|
9,500 |
|
|
1,306,630
|
|
Insperity,
Inc. |
|
|
32,300 |
|
|
1,941,876
|
|
Kforce,
Inc. |
|
|
61,900 |
|
|
2,545,947
|
|
Korn
Ferry |
|
|
43,896 |
|
|
3,218,894
|
|
ManpowerGroup,
Inc. |
|
|
65,400 |
|
|
2,642,160
|
|
Maximus,
Inc. |
|
|
40,400 |
|
|
2,836,080
|
|
Resources
Connection, Inc. |
|
|
365,585 |
|
|
1,963,191
|
|
Science
Applications International Corp. |
|
|
11,200 |
|
|
1,261,232
|
|
TrueBlue,
Inc.(a) |
|
|
324,300 |
|
|
2,101,464
|
|
|
|
|
|
23,223,688
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Real
Estate Management & Development - 1.0% |
|
|
|
|
||
|
Cushman
& Wakefield PLC(a) |
|
|
330,730 |
|
|
$3,661,181
|
|
Douglas
Elliman, Inc.(a) |
|
|
434,900 |
|
|
1,008,968
|
|
Marcus
& Millichap, Inc. |
|
|
45,100 |
|
|
1,385,021
|
|
RMR
Group, Inc. - Class A |
|
|
82,900 |
|
|
1,355,415
|
|
|
|
|
|
7,410,585
| ||
|
Semiconductors
& Semiconductor Equipment - 0.6% |
|
|
|
|
||
|
Diodes,
Inc.(a) |
|
|
37,249 |
|
|
1,970,100
|
|
Photronics,
Inc.(a) |
|
|
110,780 |
|
|
2,085,987
|
|
|
|
|
|
4,056,087
| ||
|
Software
- 0.3% |
|
|
|
|
||
|
Adeia,
Inc. |
|
|
170,800 |
|
|
2,415,112
|
|
Specialty
Retail - 2.5% |
|
|
|
|
||
|
Advance
Auto Parts, Inc. |
|
|
35,100 |
|
|
1,631,799
|
|
Asbury
Automotive Group, Inc.(a) |
|
|
5,654 |
|
|
1,348,705
|
|
Group
1 Automotive, Inc. |
|
|
4,588 |
|
|
2,003,625
|
|
Haverty
Furniture Cos., Inc. |
|
|
122,500 |
|
|
2,492,875
|
|
MarineMax,
Inc.(a) |
|
|
65,300 |
|
|
1,641,642
|
|
OneWater
Marine, Inc. - Class A(a) |
|
|
135,900 |
|
|
1,819,701
|
|
PetMed
Express, Inc.(a) |
|
|
231,300 |
|
|
767,916
|
|
Signet
Jewelers Ltd. |
|
|
36,700 |
|
|
2,919,485
|
|
Sonic
Automotive, Inc. - Class A |
|
|
45,750 |
|
|
3,656,798
|
|
|
|
|
|
18,282,546
| ||
|
Textiles,
Apparel & Luxury Goods - 1.0% |
|
|
|
|
||
|
Carter’s,
Inc. |
|
|
34,000 |
|
|
1,024,420
|
|
G-III
Apparel Group Ltd.(a) |
|
|
49,090 |
|
|
1,099,616
|
|
Oxford
Industries, Inc. |
|
|
51,200 |
|
|
2,060,800
|
|
PVH
Corp. |
|
|
21,600 |
|
|
1,481,760
|
|
Steven
Madden Ltd. |
|
|
65,300 |
|
|
1,565,894
|
|
|
|
|
|
7,232,490
| ||
|
Trading
Companies & Distributors - 1.6% |
|
|
|
|
||
|
Global
Industrial Co. |
|
|
92,057 |
|
|
2,486,460
|
|
McGrath
RentCorp |
|
|
8,900 |
|
|
1,032,044
|
|
MSC
Industrial Direct Co., Inc. - Class A |
|
|
34,600 |
|
|
2,941,692
|
|
Rush
Enterprises, Inc. - Class A |
|
|
48,090 |
|
|
2,477,116
|
|
Titan
Machinery, Inc.(a) |
|
|
158,800 |
|
|
3,145,828
|
|
|
|
|
|
12,083,140
| ||
|
Water
Utilities - 0.3% |
|
|
|
|
||
|
H2O
America |
|
|
48,200 |
|
|
2,504,954
|
|
TOTAL
COMMON STOCKS
(Cost
$722,172,525) |
|
|
|
|
693,865,287
| |
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 3.0% | ||||||
|
Diversified
REITs - 0.2% |
|
|
|
|
||
|
American
Assets Trust, Inc. |
|
|
75,400 |
|
|
1,489,150
|
|
Hotel
& Resort REITs - 1.1% |
|
|
|
|
||
|
DiamondRock
Hospitality Co. |
|
|
292,700 |
|
|
2,242,082
|
|
Park
Hotels & Resorts, Inc.(b) |
|
|
291,900 |
|
|
2,986,137
|
|
Pebblebrook
Hotel Trust |
|
|
303,100 |
|
|
3,027,969
|
|
|
|
|
|
8,256,188
| ||
|
|
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - (Continued) | ||||||
|
Mortgage
REITs - 0.9% |
|
|
|
|
||
|
Apollo
Commercial Real Estate Finance, Inc. |
|
|
153,500 |
|
|
$1,485,880
|
|
Ares
Commercial Real Estate Corp.(b) |
|
|
296,600 |
|
|
1,414,782
|
|
BrightSpire
Capital, Inc. |
|
|
300,400 |
|
|
1,517,020
|
|
Claros
Mortgage Trust, Inc. |
|
|
290,300 |
|
|
827,355
|
|
Granite
Point Mortgage Trust, Inc. |
|
|
404,300 |
|
|
998,621
|
|
|
|
|
|
6,243,658
| ||
|
Office
REITs - 0.4% |
|
|
|
|
||
|
Empire
State Realty Trust, Inc. - Class A |
|
|
381,300 |
|
|
3,084,717
|
|
Real
Estate Management & Development - 0.2% |
|
|
|
|
||
|
Seritage
Growth Properties - Class A(a) |
|
|
393,348 |
|
|
1,211,512
|
|
Retail
REITs - 0.2% |
|
|
|
|
||
|
Alexander’s,
Inc. |
|
|
6,500 |
|
|
1,464,580
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$29,975,926) |
|
|
|
|
21,749,805
| |
|
SHORT-TERM
INVESTMENTS - 3.4% | ||||||
|
Investments
Purchased with Proceeds from Securities Lending - 1.3% |
|
|
|
|
||
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.26%(c) |
|
|
9,537,888 |
|
|
9,537,888
|
|
|
|
Par |
|
|
||
|
Time
Deposits - 2.1% |
|
|
|
|
||
|
Citigroup,
Inc., 3.68%, 07/01/2025(d) |
|
|
$15,392,037 |
|
|
15,392,037
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$24,929,926) |
|
|
|
|
24,929,925
| |
|
TOTAL
INVESTMENTS - 101.3% (Cost $777,078,377) |
|
|
|
|
$740,545,017
| |
|
Liabilities
in Excess of Other
Assets
- (1.3)% |
|
|
|
|
(9,562,585)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$730,982,432 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2025. The fair value of these securities was $9,320,584. |
|
(c) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
|
|
13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 95.3% |
|
|
|
|
|
|
|||
|
Aerospace
& Defense - 2.2% |
|
|
|
|
|
|
|||
|
Airbus
SE |
|
|
|
|
3,100 |
|
|
$648,524
| |
|
Babcock
International Group PLC |
|
|
|
|
13,500 |
|
|
212,623
| |
|
|
|
|
|
|
|
861,147
| |||
|
Air
Freight & Logistics - 1.1% |
|
|
|
|
|
|
|||
|
FedEx
Corp. |
|
|
|
|
1,970 |
|
|
447,801
| |
|
Automobile
Components - 0.6% | |||||||||
|
Magna
International, Inc. |
|
|
|
|
6,261 |
|
|
241,737
| |
|
Automobiles
- 3.0% |
|
|
|
|
|
|
|||
|
General
Motors Co. |
|
|
|
|
19,145 |
|
|
942,125
| |
|
Mercedes-Benz
Group AG |
|
|
|
|
4,500 |
|
|
262,172
| |
|
|
|
|
|
|
|
1,204,297
| |||
|
Banks
- 11.7% |
|
|
|
|
|
|
|||
|
Banca
Monte dei Paschi di Siena SpA |
|
|
|
|
50,600 |
|
|
429,168
| |
|
BNP
Paribas SA |
|
|
|
|
6,756 |
|
|
606,026
| |
|
Citigroup,
Inc. |
|
|
|
|
9,984 |
|
|
849,838
| |
|
ING
Groep NV |
|
|
|
|
12,856 |
|
|
281,775
| |
|
Lloyds
Banking Group PLC |
|
|
|
|
477,500 |
|
|
502,098
| |
|
Popular,
Inc. |
|
|
|
|
4,160 |
|
|
458,474
| |
|
Societe
Generale SA |
|
|
|
|
5,393 |
|
|
308,503
| |
|
Truist
Financial Corp. |
|
|
|
|
7,200 |
|
|
309,528
| |
|
US
Bancorp |
|
|
|
|
11,000 |
|
|
497,750
| |
|
Wells
Fargo & Co. |
|
|
|
|
5,280 |
|
|
423,034
| |
|
|
|
|
|
|
|
4,666,194
| |||
|
Beverages
- 2.3% |
|
|
|
|
|
|
|||
|
Heineken
Holding NV |
|
|
|
|
12,100 |
|
|
902,900
| |
|
Capital
Markets - 1.1% |
|
|
|
|
|
|
|||
|
State
Street Corp. |
|
|
|
|
4,300 |
|
|
457,262
| |
|
Chemicals
- 4.8% |
|
|
|
|
|
|
|||
|
Akzo
Nobel NV |
|
|
|
|
9,100 |
|
|
638,491
| |
|
Nippon
Sanso Holdings Corp. |
|
|
|
|
17,600 |
|
|
666,011
| |
|
PPG
Industries, Inc. |
|
|
|
|
5,200 |
|
|
591,500
| |
|
|
|
|
|
|
|
1,896,002
| |||
|
Communications
Equipment - 8.4% | |||||||||
|
F5,
Inc.(a) |
|
|
|
|
6,700 |
|
|
1,971,944
| |
|
Telefonaktiebolaget
LM Ericsson - ADR |
|
|
|
|
161,672 |
|
|
1,370,979
| |
|
|
|
|
|
|
|
3,342,923
| |||
|
Energy
Equipment & Services - 3.0% | |||||||||
|
Baker
Hughes Co. |
|
|
|
|
10,300 |
|
|
394,902
| |
|
NOV,
Inc. |
|
|
|
|
26,669 |
|
|
331,496
| |
|
Schlumberger
NV |
|
|
|
|
14,000 |
|
|
473,200
| |
|
|
|
|
|
|
|
1,199,598
| |||
|
Entertainment
- 0.8% |
|
|
|
|
|
|
|||
|
Warner
Bros Discovery, Inc.(a) |
|
|
|
|
26,500 |
|
|
303,690
| |
|
Financial
Services - 1.9% |
|
|
|
|
|
|
|||
|
Euronet
Worldwide, Inc.(a) |
|
|
|
|
3,600 |
|
|
364,968
| |
|
Fidelity
National Information Services, Inc. |
|
|
|
|
4,800 |
|
|
390,768
| |
|
|
|
|
|
|
|
755,736
| |||
|
Food
Products - 2.6% |
|
|
|
|
|
|
|||
|
JDE
Peet’s NV |
|
|
|
|
21,100 |
|
|
602,714
| |
|
Kraft
Heinz Co. |
|
|
|
|
6,200 |
|
|
160,084
| |
|
Mondelez
International, Inc. - Class A |
|
|
|
|
4,000 |
|
|
269,760
| |
|
|
|
|
|
|
|
1,032,558
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Ground
Transportation - 1.5% | |||||||||
|
U-Haul
Holding Co. |
|
|
|
|
11,315 |
|
|
$615,197
| |
|
Health
Care Equipment & Supplies - 4.9% |
|
|
|
|
|
|
|||
|
GE
HealthCare Technologies, Inc. |
|
|
|
|
13,318 |
|
|
986,464
| |
|
Koninklijke
Philips NV |
|
|
|
|
15,448 |
|
|
370,944
| |
|
Medtronic
PLC |
|
|
|
|
6,700 |
|
|
584,039
| |
|
|
|
|
|
|
|
1,941,447
| |||
|
Health
Care Providers & Services - 6.2% |
|
|
|
|
|
|
|||
|
CVS
Health Corp. |
|
|
|
|
7,500 |
|
|
517,350
| |
|
Elevance
Health, Inc. |
|
|
|
|
2,504 |
|
|
973,956
| |
|
Humana,
Inc. |
|
|
|
|
2,300 |
|
|
562,304
| |
|
UnitedHealth
Group, Inc. |
|
|
|
|
1,300 |
|
|
405,561
| |
|
|
|
|
|
|
|
2,459,171
| |||
|
Hotels,
Restaurants & Leisure - 1.7% | |||||||||
|
Accor
SA |
|
|
|
|
13,100 |
|
|
686,553
| |
|
Household
Products - 2.0% |
|
|
|
|
|
|
|||
|
Henkel
AG & Co. KGaA |
|
|
|
|
10,900 |
|
|
790,528
| |
|
Industrial
Conglomerates - 1.9% | |||||||||
|
Siemens
AG |
|
|
|
|
2,900 |
|
|
744,891
| |
|
Insurance
- 3.3% |
|
|
|
|
|
|
|||
|
American
International Group, Inc. |
|
|
|
|
10,569 |
|
|
904,601
| |
|
Hartford
Insurance Group, Inc. |
|
|
|
|
3,100 |
|
|
393,297
| |
|
|
|
|
|
|
|
1,297,898
| |||
|
Interactive
Media & Services - 2.1% | |||||||||
|
Alphabet,
Inc. - Class A |
|
|
|
|
4,700 |
|
|
828,281
| |
|
Machinery
- 3.8% |
|
|
|
|
|
|
|||
|
CNH
Industrial NV |
|
|
|
|
31,800 |
|
|
412,128
| |
|
Cummins,
Inc. |
|
|
|
|
2,170 |
|
|
710,675
| |
|
PACCAR,
Inc. |
|
|
|
|
4,200 |
|
|
399,252
| |
|
|
|
|
|
|
|
1,522,055
| |||
|
Media
- 6.0% |
|
|
|
|
|
|
|||
|
Comcast
Corp. - Class A |
|
|
|
|
28,300 |
|
|
1,010,027
| |
|
Omnicom
Group, Inc. |
|
|
|
|
11,800 |
|
|
848,892
| |
|
WPP
PLC |
|
|
|
|
77,600 |
|
|
546,379
| |
|
|
|
|
|
|
|
2,405,298
| |||
|
Multi-Utilities
- 3.4% |
|
|
|
|
|
|
|||
|
Dominion
Energy, Inc. |
|
|
|
|
18,400 |
|
|
1,039,968
| |
|
National
Grid PLC |
|
|
|
|
20,800 |
|
|
305,315
| |
|
|
|
|
|
|
|
1,345,283
| |||
|
Oil,
Gas & Consumable Fuels - 4.0% | |||||||||
|
Kosmos
Energy Ltd.(a) |
|
|
|
|
72,300 |
|
|
124,356
| |
|
Ovintiv,
Inc. |
|
|
|
|
18,200 |
|
|
692,510
| |
|
Shell
PLC - ADR |
|
|
|
|
11,100 |
|
|
781,551
| |
|
|
|
|
|
|
|
1,598,417
| |||
|
Passenger
Airlines - 1.6% |
|
|
|
|
|
|
|||
|
Qantas
Airways Ltd. |
|
|
|
|
87,500 |
|
|
618,150
| |
|
Personal
Care Products - 0.9% | |||||||||
|
Unilever
PLC |
|
|
|
|
5,700 |
|
|
347,849
| |
|
Pharmaceuticals
- 1.0% |
|
|
|
|
|
|
|||
|
GSK
PLC - ADR |
|
|
|
|
10,600 |
|
|
407,040 | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | |||||||||
|
Professional
Services - 1.3% |
|
|
|
|
|
|
|||
|
Randstad
NV |
|
|
|
|
11,500 |
|
|
$531,542
| |
|
Semiconductors
& Semiconductor Equipment - 1.2% |
|
|
|
|
|||||
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
|
|
2,200 |
|
|
498,278
| |
|
Software
- 4.8% |
|
|
|
|
|
|
|||
|
Microsoft
Corp. |
|
|
|
|
400 |
|
|
198,964
| |
|
Workday,
Inc. - Class A(a) |
|
|
|
|
7,220 |
|
|
1,732,800
| |
|
|
|
|
|
|
|
1,931,764
| |||
|
Wireless
Telecommunication Services - 0.2% |
|
|
|
|
|
|
|||
|
Vodafone
Group PLC - ADR |
|
|
|
|
6,800 |
|
|
72,488
| |
|
TOTAL
COMMON STOCKS
(Cost
$31,099,794) |
|
|
|
|
|
|
37,953,975
| ||
|
PREFERRED
STOCKS - 0.8% |
|
|
|
|
|
|
|||
|
Automobiles
- 0.8% |
|
|
|
|
|
|
|||
|
Bayerische
Motoren Werke AG, 0.00% |
|
|
|
|
3,800 |
|
|
315,575
| |
|
TOTAL
PREFERRED STOCKS
(Cost
$257,855) |
|
|
|
|
|
|
315,575
| ||
|
|
|
|
|
Par |
|
|
|||
|
SHORT-TERM
INVESTMENTS - 2.5% | |||||||||
|
Time
Deposits - 2.5% |
|
|
|
|
|
|
|||
|
Brown
Brothers Harriman and Co., 3.17%, 07/01/2025(b) |
|
|
GBP |
|
|
0(c) |
|
|
0(c)
|
|
Citigroup,
Inc., 0.86%, 07/01/2025(b) |
|
|
EUR |
|
|
19 |
|
|
22
|
|
Skandinaviska
Enskilda Banken, 3.68%, 07/01/2025(b) |
|
|
|
|
1,009,374 |
|
|
1,009,374
| |
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$1,009,394) |
|
|
|
|
|
|
1,009,396
| ||
|
TOTAL
INVESTMENTS - 98.6%
(Cost
$32,367,043) |
|
|
|
|
|
|
$39,278,946
| ||
|
Other
Assets in Excess of
Liabilities
- 1.4% |
|
|
|
|
|
|
549,944
| ||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
$39,828,890 | ||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
(c) |
Rounds to zero. |
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
United
States |
|
|
$23,120,272 |
|
|
58.0%
|
|
Netherlands |
|
|
3,328,366 |
|
|
8.4
|
|
United
Kingdom |
|
|
3,175,343 |
|
|
8.0
|
|
France |
|
|
2,249,606 |
|
|
5.6
|
|
Germany |
|
|
2,113,166 |
|
|
5.3
|
|
Sweden |
|
|
1,370,979 |
|
|
3.4
|
|
Japan |
|
|
666,011 |
|
|
1.7
|
|
Australia |
|
|
618,150 |
|
|
1.6
|
|
Taiwan |
|
|
498,278 |
|
|
1.2
|
|
Puerto
Rico |
|
|
458,474 |
|
|
1.2
|
|
Italy |
|
|
429,168 |
|
|
1.1
|
|
Canada |
|
|
241,737 |
|
|
0.6
|
|
Cash
and Other |
|
|
1,559,340 |
|
|
3.9
|
|
|
|
$39,828,890 |
|
|
100.0% | |
|
|
|
|
|
|
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 93.2% |
|
|
|
|
||
|
Aerospace
& Defense - 3.1% |
|
|
|
|
||
|
Airbus
SE |
|
|
450 |
|
|
$94,141
|
|
Babcock
International Group PLC |
|
|
3,265 |
|
|
51,423
|
|
|
|
|
|
145,564
| ||
|
Automobile
Components - 1.7% |
|
|
||||
|
Magna
International, Inc. |
|
|
2,092 |
|
|
80,772
|
|
Automobiles
- 0.8% |
|
|
|
|
||
|
Mercedes-Benz
Group AG |
|
|
665 |
|
|
38,743
|
|
Banks
- 19.1% |
|
|
|
|
||
|
ABN
AMRO Bank NV(a) |
|
|
3,200 |
|
|
87,379
|
|
Banca
Monte dei Paschi di Siena SpA |
|
|
10,530 |
|
|
89,311
|
|
Banco
Santander SA |
|
|
8,670 |
|
|
71,795
|
|
Barclays
PLC |
|
|
22,582 |
|
|
104,346
|
|
BNP
Paribas SA |
|
|
1,474 |
|
|
132,221
|
|
ING
Groep NV |
|
|
5,342 |
|
|
117,085
|
|
Lloyds
Banking Group PLC |
|
|
130,000 |
|
|
136,697
|
|
NatWest
Group PLC |
|
|
6,584 |
|
|
46,239
|
|
Societe
Generale SA |
|
|
2,296 |
|
|
131,341
|
|
|
|
|
|
916,414
| ||
|
Beverages
- 6.0% |
|
|
|
|
||
|
Arca
Continental SAB de CV |
|
|
6,700 |
|
|
70,983
|
|
Coca-Cola
Europacific Partners PLC |
|
|
535 |
|
|
49,605
|
|
Heineken
Holding NV |
|
|
2,237 |
|
|
166,925
|
|
|
|
|
|
287,513
| ||
|
Chemicals
- 8.2% |
|
|
|
|
||
|
Akzo
Nobel NV |
|
|
2,350 |
|
|
164,885
|
|
Fuso
Chemical Co. Ltd. |
|
|
4,200 |
|
|
112,568
|
|
Nippon
Sanso Holdings Corp. |
|
|
3,100 |
|
|
117,309
|
|
|
|
|
|
394,762
| ||
|
Communications
Equipment - 4.6% |
|
|
|
|
||
|
Nokia
Oyj |
|
|
4,315 |
|
|
22,389
|
|
Telefonaktiebolaget
LM Ericsson - Class B |
|
|
23,179 |
|
|
198,072
|
|
|
|
|
|
220,461
| ||
|
Energy
Equipment & Services - 0.9% |
|
|
|
|
||
|
Subsea
7 SA |
|
|
2,185 |
|
|
41,016
|
|
Food
Products - 2.0% |
|
|
|
|
||
|
JDE
Peet’s NV |
|
|
3,385 |
|
|
96,691
|
|
Health
Care Equipment & Supplies - 2.2% |
|
|
|
|
||
|
Koninklijke
Philips NV |
|
|
2,854 |
|
|
68,531
|
|
Medtronic
PLC |
|
|
440 |
|
|
38,355
|
|
|
|
|
|
106,886
| ||
|
Hotels,
Restaurants & Leisure - 4.2% |
|
|
|
|
||
|
Accor
SA |
|
|
2,320 |
|
|
121,588
|
|
Lottomatica
Group SpA |
|
|
2,900 |
|
|
80,501
|
|
|
|
|
|
202,089
| ||
|
Household
Durables - 1.3% |
|
|
|
|
||
|
Panasonic
Holdings Corp. |
|
|
5,900 |
|
|
63,126
|
|
Household
Products - 4.0% |
|
|
|
|
||
|
Henkel
AG & Co. KGaA |
|
|
2,610 |
|
|
189,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Industrial
Conglomerates - 6.7% |
|
|
|
|
||
|
Siemens
AG |
|
|
850 |
|
|
$218,330
|
|
Smiths
Group PLC |
|
|
3,295 |
|
|
101,632
|
|
|
|
|
|
319,962
| ||
|
Insurance
- 1.8% |
|
|
|
|
||
|
Tokio
Marine Holdings, Inc. |
|
|
1,000 |
|
|
42,381
|
|
Zurich
Insurance Group AG |
|
|
64 |
|
|
44,782
|
|
|
|
|
|
87,163
| ||
|
IT
Services - 1.1% |
|
|
|
|
||
|
Capgemini
SE |
|
|
315 |
|
|
53,940
|
|
Machinery
- 0.4% |
|
|
|
|
||
|
CNH
Industrial NV |
|
|
1,568 |
|
|
20,321
|
|
Media
- 4.5% |
|
|
|
|
||
|
Havas
NV |
|
|
38,855 |
|
|
66,802
|
|
RTL
Group SA |
|
|
680 |
|
|
29,833
|
|
WPP
PLC |
|
|
16,745 |
|
|
117,901
|
|
|
|
|
|
214,536
| ||
|
Metals
& Mining - 0.5% |
|
|
|
|
||
|
Glencore
PLC |
|
|
6,085 |
|
|
23,711
|
|
Multi-Utilities
- 1.5% |
|
|
|
|
||
|
National
Grid PLC |
|
|
4,985 |
|
|
73,173
|
|
Oil,
Gas & Consumable Fuels - 8.6% |
|
|
||||
|
Baytex
Energy Corp. |
|
|
8,920 |
|
|
15,983
|
|
Cenovus
Energy, Inc. |
|
|
1,775 |
|
|
24,153
|
|
Kosmos
Energy Ltd.(b) |
|
|
15,788 |
|
|
27,155
|
|
Parkland
Corp. (Acquired 1/30/2023,
Cost
$10,486)(c) |
|
|
440 |
|
|
12,446
|
|
Shell
PLC |
|
|
4,437 |
|
|
155,826
|
|
Suncor
Energy, Inc. |
|
|
1,165 |
|
|
43,640
|
|
TotalEnergies
SE |
|
|
2,170 |
|
|
132,637
|
|
|
|
|
|
411,840
| ||
|
Passenger
Airlines - 2.5% |
|
|
|
|
||
|
Qantas
Airways Ltd. |
|
|
16,800 |
|
|
118,685
|
|
Personal
Care Products - 0.9% |
|
|
|
|
||
|
Unilever
PLC |
|
|
713 |
|
|
43,512
|
|
Pharmaceuticals
- 0.7% |
|
|
|
|
||
|
GSK
PLC |
|
|
1,767 |
|
|
33,690
|
|
Professional
Services - 2.1% |
|
|
|
|
||
|
Randstad
NV |
|
|
2,155 |
|
|
99,606
|
|
Semiconductors
& Semiconductor Equipment - 1.8% |
|
|
|
|
||
|
Taiwan
Semiconductor Manufacturing Co. Ltd. - ADR |
|
|
385 |
|
|
87,199
|
|
Textiles,
Apparel & Luxury Goods - 0.8% |
|
|
|
|
||
|
Burberry
Group PLC(b) |
|
|
2,460 |
|
|
39,958
|
|
Wireless
Telecommunication Services - 1.2% |
|
|
|
|
||
|
Vodafone
Group PLC |
|
|
53,741 |
|
|
57,527
|
|
TOTAL
COMMON STOCKS
(Cost
$3,506,464) |
|
|
|
|
4,468,152
| |
|
|
|
|
|
|
|
|
|
|
|
17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
PREFERRED
STOCKS - 0.9% |
|
|
|
|
||
|
Automobiles
- 0.9% |
|
|
|
|
||
|
Bayerische
Motoren Werke AG, 0.00% |
|
|
511 |
|
|
$42,437
|
|
TOTAL
PREFERRED STOCKS
(Cost
$35,839) |
|
|
|
|
42,437
| |
|
|
|
Par |
|
|
||
|
SHORT-TERM
INVESTMENTS - 9.4% | ||||||
|
Time
Deposits - 9.4% |
|
|
|
|
||
|
Royal
Bank of Canada, 3.68%, 07/01/2025(d) |
|
|
$452,235 |
|
|
452,235
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$452,235) |
|
|
|
|
452,235
| |
|
TOTAL
INVESTMENTS - 103.5% (Cost $3,994,538) |
|
|
|
|
$4,962,824
| |
|
Liabilities
in Excess of Other
Assets
- (3.5)% |
|
|
|
|
(167,203)
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$4,795,621 | |
|
|
|
|
|
|
|
|
|
(a) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $87,379 or 1.8%
of the Fund’s net assets. |
|
(b) |
Non-income producing
security. |
|
(c) |
Restricted security
purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value of
these securities total $12,446 or 0.3% of the Fund’s net assets. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
United
Kingdom |
|
|
$1,018,855 |
|
|
21.2%
|
|
Netherlands |
|
|
867,904 |
|
|
18.1
|
|
France |
|
|
665,868 |
|
|
13.9
|
|
Germany |
|
|
488,802 |
|
|
10.2
|
|
Japan |
|
|
335,384 |
|
|
7.0
|
|
Sweden |
|
|
198,072 |
|
|
4.1
|
|
Canada |
|
|
176,994 |
|
|
3.7
|
|
Italy |
|
|
169,812 |
|
|
3.5
|
|
Australia |
|
|
142,396 |
|
|
3.0
|
|
United
States |
|
|
119,521 |
|
|
2.5
|
|
Taiwan |
|
|
87,199 |
|
|
1.8
|
|
Spain |
|
|
71,795 |
|
|
1.5
|
|
Mexico |
|
|
70,983 |
|
|
1.5
|
|
Switzerland |
|
|
44,782 |
|
|
0.9
|
|
Luxembourg |
|
|
29,833 |
|
|
0.6
|
|
Finland |
|
|
22,389 |
|
|
0.5
|
|
Cash
and Other |
|
|
285,032 |
|
|
6.0
|
|
|
|
$4,795,621 |
|
|
100.0% | |
|
|
|
|
|
|
|
|
|
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 96.5% |
|
|
|
|
|
|
|||
|
Aerospace
& Defense - 1.2% |
|
|
|
|
|
|
|||
|
Babcock
International Group PLC |
|
|
|
|
1,520 |
|
|
$23,940
| |
|
Electro
Optic Systems Holdings Ltd.(a) |
|
|
|
|
9,700 |
|
|
18,215
| |
|
QinetiQ
Group PLC |
|
|
|
|
1,770 |
|
|
12,524
| |
|
|
|
|
|
|
|
54,679
| |||
|
Air
Freight & Logistics - 0.5% |
|
|
|
|
|
|
|||
|
Cargojet,
Inc. |
|
|
|
|
130 |
|
|
9,053
| |
|
Sankyu,
Inc. |
|
|
|
|
300 |
|
|
16,091
| |
|
|
|
|
|
|
|
25,144
| |||
|
Automobile
Components - 2.2% | |||||||||
|
Exco
Technologies Ltd. |
|
|
|
|
1,770 |
|
|
9,007
| |
|
Gestamp
Automocion SA(b) |
|
|
|
|
3,310 |
|
|
11,433
| |
|
Linamar
Corp. |
|
|
|
|
210 |
|
|
9,993
| |
|
Nifco,
Inc./Japan |
|
|
|
|
900 |
|
|
21,326
| |
|
Opmobility |
|
|
|
|
940 |
|
|
12,016
| |
|
Shoei
Co. Ltd. |
|
|
|
|
2,000 |
|
|
24,149
| |
|
Toyota
Boshoku Corp. |
|
|
|
|
1,100 |
|
|
14,996
| |
|
|
|
|
|
|
|
102,920
| |||
|
Automobiles
- 0.4% |
|
|
|
|
|
|
|||
|
Trigano
SA |
|
|
|
|
100 |
|
|
17,475
| |
|
Banks
- 8.8% |
|
|
|
|
|
|
|||
|
Aozora
Bank Ltd. |
|
|
|
|
1,700 |
|
|
25,515
| |
|
Awa
Bank Ltd. |
|
|
|
|
1,200 |
|
|
23,879
| |
|
Banca
Sistema SpA(a)(b) |
|
|
|
|
6,077 |
|
|
12,454
| |
|
Banco
di Desio e della Brianza SpA |
|
|
|
|
1,620 |
|
|
13,550
| |
|
Bank
of East Asia Ltd. |
|
|
|
|
14,578 |
|
|
22,471
| |
|
Basellandschaftliche
Kantonalbank |
|
|
|
|
9 |
|
|
10,373
| |
|
Dah
Sing Financial Holdings Ltd. |
|
|
|
|
6,000 |
|
|
22,757
| |
|
First
Bank of Toyama Ltd. |
|
|
|
|
3,300 |
|
|
22,607
| |
|
Hachijuni
Bank Ltd. |
|
|
|
|
1,700 |
|
|
13,808
| |
|
Hyakugo
Bank Ltd. |
|
|
|
|
2,800 |
|
|
13,396
| |
|
Hyakujushi
Bank Ltd. |
|
|
|
|
900 |
|
|
26,103
| |
|
Iyogin
Holdings, Inc. |
|
|
|
|
2,300 |
|
|
25,201
| |
|
Norion
Bank AB(a) |
|
|
|
|
2,581 |
|
|
13,877
| |
|
ProCredit
Holding AG |
|
|
|
|
700 |
|
|
7,772
| |
|
Seven
Bank Ltd. |
|
|
|
|
7,700 |
|
|
14,055
| |
|
Sparebank
1 Oestlandet |
|
|
|
|
500 |
|
|
9,657
| |
|
SpareBank
1 SMN |
|
|
|
|
700 |
|
|
13,500
| |
|
Sparebanken
Norge |
|
|
|
|
1,634 |
|
|
25,947
| |
|
Suruga
Bank Ltd. |
|
|
|
|
1,600 |
|
|
14,890
| |
|
Sydbank
AS |
|
|
|
|
200 |
|
|
14,835
| |
|
TF
Bank AB |
|
|
|
|
200 |
|
|
7,434
| |
|
TOMONY
Holdings, Inc. |
|
|
|
|
5,900 |
|
|
22,086
| |
|
Unicaja
Banco SA(b) |
|
|
|
|
10,470 |
|
|
24,729
| |
|
VersaBank |
|
|
|
|
800 |
|
|
9,159
| |
|
|
|
|
|
|
|
410,055
| |||
|
Beverages
- 0.7% |
|
|
|
|
|
|
|||
|
AG
Barr PLC |
|
|
|
|
1,220 |
|
|
11,530
| |
|
C&C
Group PLC |
|
|
|
|
9,800 |
|
|
21,900
| |
|
|
|
|
|
|
|
33,430
| |||
|
Biotechnology
- 0.8% |
|
|
|
|
|
|
|||
|
Basilea
Pharmaceutica Ag Allschwil(a) |
|
|
|
|
250 |
|
|
14,832
| |
|
Pharma
Foods International Co. Ltd. |
|
|
|
|
3,700 |
|
|
21,366
| |
|
|
|
|
|
|
|
36,198
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Building
Products - 0.8% |
|
|
|
|
|
|
|||
|
Forbo
Holding AG |
|
|
|
|
15 |
|
|
$15,602
| |
|
Sanko
Metal Industrial Co. Ltd. |
|
|
|
|
200 |
|
|
8,841
| |
|
Schweiter
Technologies AG |
|
|
|
|
28 |
|
|
13,349
| |
|
|
|
|
|
|
|
37,792
| |||
|
Capital
Markets - 2.6% |
|
|
|
|
|
|
|||
|
AGF
Management Ltd. - Class B |
|
|
|
|
1,100 |
|
|
10,679
| |
|
Azimut
Holding SpA |
|
|
|
|
323 |
|
|
10,362
| |
|
CMC
Markets PLC(b) |
|
|
|
|
2,600 |
|
|
8,993
| |
|
Impax
Asset Management Group PLC |
|
|
|
|
4,000 |
|
|
10,180
| |
|
Jupiter
Fund Management PLC |
|
|
|
|
8,740 |
|
|
11,997
| |
|
Leonteq
AG |
|
|
|
|
500 |
|
|
12,130
| |
|
Linc
AB(a) |
|
|
|
|
1,200 |
|
|
9,221
| |
|
Liontrust
Asset Management PLC |
|
|
|
|
1,800 |
|
|
10,216
| |
|
Man
Group PLC/Jersey |
|
|
|
|
5,750 |
|
|
13,358
| |
|
Plus500
Ltd. |
|
|
|
|
550 |
|
|
25,665
| |
|
|
|
|
|
|
|
122,801
| |||
|
Chemicals
- 2.9% |
|
|
|
|
|
|
|||
|
Dai
Nippon Toryo Co. Ltd. |
|
|
|
|
1,200 |
|
|
9,898
| |
|
Fuso
Chemical Co. Ltd. |
|
|
|
|
1,000 |
|
|
26,802
| |
|
Hodogaya
Chemical Co. Ltd. |
|
|
|
|
2,200 |
|
|
22,173
| |
|
JCU
Corp. |
|
|
|
|
1,000 |
|
|
22,978
| |
|
MEC
Co. Ltd. |
|
|
|
|
1,300 |
|
|
24,305
| |
|
Soken
Chemical & Engineering Co. Ltd. |
|
|
|
|
1,300 |
|
|
13,692
| |
|
Tokuyama
Corp. |
|
|
|
|
800 |
|
|
16,717
| |
|
|
|
|
|
|
|
136,565
| |||
|
Commercial
Services & Supplies - 1.4% | |||||||||
|
DO
& CO AG(a) |
|
|
|
|
64 |
|
|
13,672
| |
|
ISS
AS |
|
|
|
|
530 |
|
|
14,793
| |
|
Mitsubishi
Pencil Co. Ltd. |
|
|
|
|
800 |
|
|
11,302
| |
|
Okamura
Corp. |
|
|
|
|
1,100 |
|
|
16,938
| |
|
Prestige
International, Inc. |
|
|
|
|
2,000 |
|
|
8,370
| |
|
|
|
|
|
|
|
65,075
| |||
|
Communications
Equipment - 0.2% | |||||||||
|
Evertz
Technologies Ltd. |
|
|
|
|
1,000 |
|
|
9,106
| |
|
Construction
& Engineering - 1.9% | |||||||||
|
Costain
Group PLC |
|
|
|
|
8,550 |
|
|
17,393
| |
|
Fukuda
Corp. |
|
|
|
|
200 |
|
|
6,925
| |
|
Hazama
Ando Corp. |
|
|
|
|
1,600 |
|
|
16,108
| |
|
JGC
Holdings Corp. |
|
|
|
|
1,700 |
|
|
14,710
| |
|
Mitsubishi
Kakoki Kaisha Ltd. |
|
|
|
|
700 |
|
|
9,755
| |
|
Miyaji
Engineering Group, Inc. |
|
|
|
|
1,100 |
|
|
14,334
| |
|
NRW
Holdings Ltd. |
|
|
|
|
4,800 |
|
|
9,448
| |
|
|
|
|
|
|
|
88,673
| |||
|
Construction
Materials - 0.5% |
|
|
|
|
|
|
|||
|
Cementir
Holding NV |
|
|
|
|
800 |
|
|
13,981
| |
|
Forterra
PLC(b) |
|
|
|
|
3,521 |
|
|
9,521
| |
|
|
|
|
|
|
|
23,502
| |||
|
Consumer
Finance - 0.7% |
|
|
|
|
|
|
|||
|
Credit
Corp. Group Ltd. |
|
|
|
|
1,500 |
|
|
13,341
| |
|
Hoist
Finance AB(b) |
|
|
|
|
1,000 |
|
|
8,818
| |
|
International
Personal Finance PLC |
|
|
|
|
4,500 |
|
|
10,518
| |
|
|
|
|
|
|
|
32,677
| |||
|
Consumer
Staples Distribution &
Retail
- 0.8% | |||||||||
|
Life
Corp. |
|
|
|
|
900 |
|
|
13,804
| |
|
MARR
SpA |
|
|
|
|
2,220 |
|
|
25,387
| |
|
|
|
|
|
|
|
39,191
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | |||||||||
|
Containers
& Packaging - 1.3% | |||||||||
|
Fuji
Seal International, Inc. |
|
|
|
|
900 |
|
|
$17,390
| |
|
Mayr
Melnhof Karton AG |
|
|
|
|
140 |
|
|
12,623
| |
|
Orora
Ltd. |
|
|
|
|
13,900 |
|
|
17,318
| |
|
Vetropack
Holding AG |
|
|
|
|
351 |
|
|
14,149
| |
|
|
|
|
|
|
|
61,480
| |||
|
Distributors
- 0.9% |
|
|
|
|
|
|
|||
|
Inchcape
PLC |
|
|
|
|
2,400 |
|
|
23,913
| |
|
MEKO
AB |
|
|
|
|
1,680 |
|
|
19,141
| |
|
|
|
|
|
|
|
43,054
| |||
|
Electric
Utilities - 0.5% |
|
|
|
|
|
|
|||
|
Elmera
Group ASA(b) |
|
|
|
|
6,580 |
|
|
23,077
| |
|
Electrical
Equipment - 0.3% |
|
|
|
|
|
|
|||
|
Mersen
SA |
|
|
|
|
600 |
|
|
15,664
| |
|
Electronic
Equipment, Instruments &
Components
- 3.1% | |||||||||
|
Daitron
Co. Ltd. |
|
|
|
|
600 |
|
|
15,642
| |
|
Enplas
Corp. |
|
|
|
|
500 |
|
|
15,214
| |
|
ESPEC
Corp. |
|
|
|
|
800 |
|
|
17,153
| |
|
Esprinet
SpA |
|
|
|
|
2,240 |
|
|
10,567
| |
|
Horiba
Ltd. |
|
|
|
|
200 |
|
|
15,559
| |
|
Optex
Group Co. Ltd. |
|
|
|
|
1,300 |
|
|
15,707
| |
|
Renishaw
PLC |
|
|
|
|
200 |
|
|
7,857
| |
|
Sesa
SpA |
|
|
|
|
280 |
|
|
28,460
| |
|
Sun-Wa
Technos Corp. |
|
|
|
|
1,000 |
|
|
16,885
| |
|
|
|
|
|
|
|
143,044
| |||
|
Energy
Equipment & Services - 2.6% | |||||||||
|
Aker
Solutions ASA |
|
|
|
|
4,250 |
|
|
14,667
| |
|
CES
Energy Solutions Corp. |
|
|
|
|
3,030 |
|
|
14,752
| |
|
Enerflex
Ltd. |
|
|
|
|
1,190 |
|
|
9,394
| |
|
Mattr
Corp.(a) |
|
|
|
|
1,700 |
|
|
14,993
| |
|
Pason
Systems, Inc. |
|
|
|
|
1,600 |
|
|
14,429
| |
|
SBM
Offshore NV |
|
|
|
|
460 |
|
|
12,162
| |
|
SBO
AG |
|
|
|
|
330 |
|
|
11,731
| |
|
Subsea
7 SA |
|
|
|
|
800 |
|
|
15,018
| |
|
Technip
Energies NV |
|
|
|
|
340 |
|
|
14,305
| |
|
|
|
|
|
|
|
121,451
| |||
|
Financial
Services - 4.5% |
|
|
|
|
|
|
|||
|
Australian
Finance Group Ltd. |
|
|
|
|
9,000 |
|
|
13,553
| |
|
Banca
IFIS SpA |
|
|
|
|
880 |
|
|
23,561
| |
|
BFF
Bank SpA(a)(b) |
|
|
|
|
2,300 |
|
|
25,252
| |
|
Financial
Partners Group Co. Ltd. |
|
|
|
|
1,400 |
|
|
23,204
| |
|
GRENKE
AG |
|
|
|
|
1,440 |
|
|
26,430
| |
|
Kinnevik
AB |
|
|
|
|
2,750 |
|
|
24,367
| |
|
OFX
Group Ltd.(a) |
|
|
|
|
17,500 |
|
|
8,650
| |
|
OSB
Group PLC |
|
|
|
|
3,620 |
|
|
26,008
| |
|
PayPoint
PLC |
|
|
|
|
1,430 |
|
|
16,626
| |
|
Peugeot
Invest SA |
|
|
|
|
100 |
|
|
8,679
| |
|
Worldline
SA/France(a)(b) |
|
|
|
|
3,750 |
|
|
15,856
| |
|
|
|
|
|
|
|
212,186
| |||
|
Food
Products - 2.7% |
|
|
|
|
|
|
|||
|
Austevoll
Seafood ASA |
|
|
|
|
1,490 |
|
|
14,341
| |
|
Ebro
Foods SA |
|
|
|
|
800 |
|
|
16,300
| |
|
Elders
Ltd. |
|
|
|
|
2,800 |
|
|
11,619
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Lassonde
Industries, Inc. - Class A (Acquired 7/12/2022 - 5/13/2025, Cost $10,915)(c) |
|
|
|
|
90 |
|
|
$13,787
| |
|
NewPrinces
SpA(a) |
|
|
|
|
700 |
|
|
14,147
| |
|
Origin
Enterprises PLC |
|
|
|
|
2,856 |
|
|
12,456
| |
|
Premier
Foods PLC |
|
|
|
|
5,890 |
|
|
16,128
| |
|
Riken
Vitamin Co. Ltd. |
|
|
|
|
1,400 |
|
|
26,561
| |
|
|
|
|
|
|
|
125,339
| |||
|
Gas
Utilities - 0.5% |
|
|
|
|
|
|
|||
|
Italgas
SpA |
|
|
|
|
2,750 |
|
|
23,328
| |
|
Ground
Transportation - 1.2% |
|
|
|
|
|
|
|||
|
Jungfraubahn
Holding AG |
|
|
|
|
70 |
|
|
17,831
| |
|
Lindsay
Australia Ltd. |
|
|
|
|
19,517 |
|
|
9,248
| |
|
Maruzen
Showa Unyu Co. Ltd. |
|
|
|
|
300 |
|
|
14,593
| |
|
Sakai
Moving Service Co. Ltd. |
|
|
|
|
900 |
|
|
16,585
| |
|
|
|
|
|
|
|
58,257
| |||
|
Health
Care Equipment &
Supplies
- 3.0% | |||||||||
|
Advanced
Medical Solutions
Group
PLC |
|
|
|
|
5,100 |
|
|
15,185
| |
|
El.En.
SpA |
|
|
|
|
1,280 |
|
|
16,773
| |
|
Elekta
AB - Class B |
|
|
|
|
2,500 |
|
|
12,897
| |
|
Japan
Lifeline Co. Ltd. |
|
|
|
|
1,400 |
|
|
14,503
| |
|
Nakanishi,
Inc. |
|
|
|
|
1,700 |
|
|
22,338
| |
|
Paramount
Bed Holdings Co. Ltd. |
|
|
|
|
1,400 |
|
|
24,913
| |
|
Rion
Co. Ltd. |
|
|
|
|
1,300 |
|
|
23,416
| |
|
Riverstone
Holdings Ltd. |
|
|
|
|
15,000 |
|
|
7,902
| |
|
|
|
|
|
|
|
137,927
| |||
|
Health
Care Providers &
Services
- 2.0% | |||||||||
|
Charm
Care Corp. KK |
|
|
|
|
2,600 |
|
|
23,355
| |
|
Medical
Facilities Corp. |
|
|
|
|
2,000 |
|
|
23,205
| |
|
Oriola
Oyj - Class B |
|
|
|
|
9,200 |
|
|
11,362
| |
|
Ship
Healthcare Holdings, Inc. |
|
|
|
|
1,600 |
|
|
21,535
| |
|
Toho
Holdings Co. Ltd. |
|
|
|
|
400 |
|
|
12,926
| |
|
|
|
|
|
|
|
92,383
| |||
|
Health
Care Technology - 0.7% | |||||||||
|
GENOVA,
Inc. |
|
|
|
|
3,200 |
|
|
16,012
| |
|
Software
Service, Inc. |
|
|
|
|
200 |
|
|
18,267
| |
|
|
|
|
|
|
|
34,279
| |||
|
Hotels,
Restaurants & Leisure - 1.6% | |||||||||
|
Airtrip
Corp. |
|
|
|
|
3,400 |
|
|
20,472
| |
|
Fast
Fitness Japan, Inc. |
|
|
|
|
1,500 |
|
|
15,322
| |
|
Flight
Centre Travel Group Ltd. |
|
|
|
|
1,000 |
|
|
8,207
| |
|
International
Game Technology PLC |
|
|
|
|
500 |
|
|
7,905
| |
|
Jumbo
Interactive Ltd. |
|
|
|
|
3,400 |
|
|
21,924
| |
|
|
|
|
|
|
|
73,830
| |||
|
Household
Durables - 1.1% |
|
|
|
|
|
|
|||
|
Berkeley
Group Holdings PLC |
|
|
|
|
160 |
|
|
8,478
| |
|
Kaufman
& Broad SA |
|
|
|
|
630 |
|
|
24,562
| |
|
MJ
Gleeson PLC |
|
|
|
|
1,620 |
|
|
8,817
| |
|
Persimmon
PLC |
|
|
|
|
500 |
|
|
8,895
| |
|
|
|
|
|
|
|
50,752
| |||
|
Insurance
- 6.3% |
|
|
|
|
|
|
|||
|
Brookfield
Wealth Solutions Ltd. |
|
|
|
|
370 |
|
|
22,872
| |
|
Coface
SA |
|
|
|
|
1,180 |
|
|
22,653
| |
|
FBD
Holdings PLC |
|
|
|
|
667 |
|
|
10,934
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | |||||||||
|
Insurance
- (Continued) | |||||||||
|
Generation
Development Group Ltd. |
|
|
|
|
6,000 |
|
|
$21,717
| |
|
Grupo
Catalana Occidente SA |
|
|
|
|
410 |
|
|
23,786
| |
|
Hiscox
Ltd. |
|
|
|
|
1,510 |
|
|
26,063
| |
|
Just
Group PLC |
|
|
|
|
11,300 |
|
|
20,574
| |
|
Lancashire
Holdings Ltd. |
|
|
|
|
2,900 |
|
|
22,889
| |
|
Phoenix
Financial Ltd. |
|
|
|
|
620 |
|
|
17,945
| |
|
Sabre
Insurance Group PLC(b) |
|
|
|
|
12,500 |
|
|
25,422
| |
|
SCOR
SE |
|
|
|
|
730 |
|
|
24,245
| |
|
Steadfast
Group Ltd. |
|
|
|
|
6,200 |
|
|
24,556
| |
|
Vienna
Insurance Group AG Wiener Versicherung Gruppe |
|
|
|
|
460 |
|
|
23,688
| |
|
Wuestenrot
& Wuerttembergische AG |
|
|
|
|
500 |
|
|
8,049
| |
|
|
|
|
|
|
|
295,393
| |||
|
IT
Services - 3.1% |
|
|
|
|
|
|
|||
|
Argo
Graphics, Inc. |
|
|
|
|
400 |
|
|
14,567
| |
|
Aubay |
|
|
|
|
170 |
|
|
10,036
| |
|
Computacenter
PLC |
|
|
|
|
350 |
|
|
11,536
| |
|
Digital
Hearts Holdings Co. Ltd. |
|
|
|
|
1,700 |
|
|
11,787
| |
|
GFT
Technologies SE |
|
|
|
|
510 |
|
|
15,015
| |
|
Indra
Sistemas SA |
|
|
|
|
430 |
|
|
18,656
| |
|
Itfor,
Inc. |
|
|
|
|
1,500 |
|
|
15,598
| |
|
Mitsubishi
Research Institute, Inc. |
|
|
|
|
700 |
|
|
22,244
| |
|
Pole
To Win Holdings, Inc. |
|
|
|
|
3,600 |
|
|
9,213
| |
|
Wavestone |
|
|
|
|
230 |
|
|
16,048
| |
|
|
|
|
|
|
|
144,700
| |||
|
Leisure
Products - 1.4% |
|
|
|
|
|
|
|||
|
Furyu
Corp. |
|
|
|
|
3,500 |
|
|
24,559
| |
|
Italian
Sea Group SPA |
|
|
|
|
3,200 |
|
|
21,726
| |
|
Kawai
Musical Instruments Manufacturing Co. Ltd. |
|
|
|
|
700 |
|
|
12,588
| |
|
Spin
Master Corp.(b) |
|
|
|
|
450 |
|
|
7,637
| |
|
|
|
|
|
|
|
66,510
| |||
|
Machinery
- 8.2% |
|
|
|
|
|
|
|||
|
Aalberts
NV |
|
|
|
|
400 |
|
|
14,528
| |
|
Airman
Corp. |
|
|
|
|
800 |
|
|
10,895
| |
|
Bucher
Industries AG |
|
|
|
|
23 |
|
|
11,432
| |
|
Danieli
& C Officine Meccaniche SpA |
|
|
|
|
250 |
|
|
7,545
| |
|
Duerr
AG |
|
|
|
|
960 |
|
|
25,609
| |
|
Iveco
Group NV |
|
|
|
|
540 |
|
|
10,634
| |
|
Komax
Holding AG(a) |
|
|
|
|
110 |
|
|
13,439
| |
|
Luxfer
Holdings PLC |
|
|
|
|
1,800 |
|
|
21,924
| |
|
METAWATER
Co. Ltd. |
|
|
|
|
900 |
|
|
13,854
| |
|
Morgan
Advanced Materials PLC |
|
|
|
|
4,800 |
|
|
14,495
| |
|
NGK
Insulators Ltd. |
|
|
|
|
1,100 |
|
|
13,807
| |
|
Norma
Group SE |
|
|
|
|
710 |
|
|
11,461
| |
|
Obara
Group, Inc. |
|
|
|
|
900 |
|
|
22,383
| |
|
Okamoto
Machine Tool Works Ltd. |
|
|
|
|
500 |
|
|
16,998
| |
|
OKUMA
Corp. |
|
|
|
|
900 |
|
|
22,858
| |
|
Pegasus
Co. Ltd. |
|
|
|
|
3,200 |
|
|
11,829
| |
|
Rieter
Holding AG |
|
|
|
|
90 |
|
|
7,715
| |
|
SFS
Group AG |
|
|
|
|
95 |
|
|
13,056
| |
|
Stabilus
SE |
|
|
|
|
370 |
|
|
12,075
| |
|
Stadler
Rail AG |
|
|
|
|
470 |
|
|
11,607
| |
|
Takuma
Co. Ltd. |
|
|
|
|
1,000 |
|
|
14,193
| |
|
Tocalo
Co. Ltd. |
|
|
|
|
2,000 |
|
|
26,352
| |
|
Tsugami
Corp. |
|
|
|
|
1,100 |
|
|
14,153
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
VBG
Group AB - Class B |
|
|
|
|
500 |
|
|
$13,743
| |
|
Vesuvius
PLC |
|
|
|
|
4,490 |
|
|
24,184
| |
|
|
|
|
|
|
|
380,769
| |||
|
Marine
Transportation - 0.2% |
|
|
|
|
|
|
|||
|
Wallenius
Wilhelmsen ASA |
|
|
|
|
1,200 |
|
|
9,866
| |
|
Media
- 2.2% |
|
|
|
|
|
|
|||
|
4imprint
Group PLC |
|
|
|
|
200 |
|
|
10,040
| |
|
Atresmedia
Corp. de Medios de Comunicacion SA |
|
|
|
|
3,400 |
|
|
20,709
| |
|
Havas
NV |
|
|
|
|
8,300 |
|
|
14,270
| |
|
IPSOS
SA |
|
|
|
|
200 |
|
|
10,743
| |
|
ReWorld
Media SA |
|
|
|
|
4,800 |
|
|
9,632
| |
|
RTL
Group SA |
|
|
|
|
230 |
|
|
10,091
| |
|
Team
Internet Group PLC |
|
|
|
|
9,700 |
|
|
8,441
| |
|
Vector,
Inc. |
|
|
|
|
2,200 |
|
|
16,641
| |
|
|
|
|
|
|
|
100,567
| |||
|
Metals
& Mining - 0.6% |
|
|
|
|
|
|
|||
|
Alleima
AB |
|
|
|
|
1,700 |
|
|
13,431
| |
|
Perenti
Ltd. |
|
|
|
|
14,700 |
|
|
15,702
| |
|
|
|
|
|
|
|
29,133
| |||
|
Multi-Utilities
- 1.1% |
|
|
|
|
|
|
|||
|
ACEA
SpA |
|
|
|
|
980 |
|
|
23,692
| |
|
Iren
SpA |
|
|
|
|
8,200 |
|
|
25,333
| |
|
|
|
|
|
|
|
49,025
| |||
|
Oil,
Gas & Consumable Fuels - 3.3% | |||||||||
|
Ampol
Ltd. |
|
|
|
|
700 |
|
|
11,863
| |
|
Baytex
Energy Corp. |
|
|
|
|
7,470 |
|
|
13,385
| |
|
Birchcliff
Energy Ltd. |
|
|
|
|
2,400 |
|
|
13,165
| |
|
Cardinal
Energy Ltd. (Acquired
5/4/2021,
Cost $6,301)(c) |
|
|
|
|
2,540 |
|
|
12,572
| |
|
EnQuest
PLC |
|
|
|
|
70,500 |
|
|
12,261
| |
|
Harbour
Energy PLC |
|
|
|
|
5,440 |
|
|
14,583
| |
|
Kosmos
Energy Ltd.(a) |
|
|
|
|
5,830 |
|
|
10,027
| |
|
NuVista
Energy Ltd. (Acquired 5/26/2023, Cost $9,213)(a)(c) |
|
|
|
|
1,110 |
|
|
12,211
| |
|
Pantheon
Resources PLC(a) |
|
|
|
|
27,218 |
|
|
8,734
| |
|
Parkland
Corp. (Acquired 11/21/2024, Cost $9,731)(c) |
|
|
|
|
400 |
|
|
11,315
| |
|
Tamarack
Valley Energy Ltd. |
|
|
|
|
3,730 |
|
|
13,230
| |
|
Tullow
Oil PLC(a) |
|
|
|
|
30,859 |
|
|
6,752
| |
|
Vermilion
Energy, Inc. |
|
|
|
|
2,150 |
|
|
15,694
| |
|
|
|
|
|
|
|
155,792
| |||
|
Paper
& Forest Products - 0.3% | |||||||||
|
Arctic
Paper SA(a) |
|
|
|
|
2,200 |
|
|
6,605
| |
|
Western
Forest Products, Inc.(a) |
|
|
|
|
29,500 |
|
|
8,665
| |
|
|
|
|
|
|
|
15,270
| |||
|
Passenger
Airlines - 0.9% |
|
|
|
|
|
|
|||
|
Air
Canada(a) |
|
|
|
|
1,640 |
|
|
25,375
| |
|
easyJet
PLC |
|
|
|
|
2,100 |
|
|
15,369
| |
|
|
|
|
|
|
|
40,744
| |||
|
Personal
Care Products - 0.2% |
|
|
|
|
|
|
|||
|
Shinnihonseiyaku
Co. Ltd. |
|
|
|
|
500 |
|
|
8,080
| |
|
Pharmaceuticals
- 0.6% |
|
|
|
|
|
|
|||
|
COSMO
Pharmaceuticals NV |
|
|
|
|
200 |
|
|
14,362
| |
|
Dermapharm
Holding SE |
|
|
|
|
300 |
|
|
12,261
| |
|
|
|
|
|
|
|
26,623
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | |||||||||
|
Professional
Services - 4.5% |
|
|
|
|
|
|
|||
|
AFRY
AB |
|
|
|
|
780 |
|
|
$13,057
| |
|
Altech
Corp. |
|
|
|
|
500 |
|
|
9,577
| |
|
Bewith,
Inc. |
|
|
|
|
1,100 |
|
|
11,137
| |
|
Career
Design Center Co. Ltd. |
|
|
|
|
700 |
|
|
9,119
| |
|
Creek
& River Co. Ltd. |
|
|
|
|
1,200 |
|
|
12,516
| |
|
EJ
Holdings, Inc. |
|
|
|
|
800 |
|
|
8,187
| |
|
Gakujo
Co. Ltd. |
|
|
|
|
1,400 |
|
|
17,133
| |
|
Hays
PLC |
|
|
|
|
13,160 |
|
|
12,866
| |
|
Hito
Communications Holdings, Inc. |
|
|
|
|
1,700 |
|
|
12,034
| |
|
McMillan
Shakespeare Ltd. |
|
|
|
|
1,300 |
|
|
13,295
| |
|
Nisso
Holdings Co. Ltd. |
|
|
|
|
1,900 |
|
|
8,540
| |
|
Pagegroup
PLC |
|
|
|
|
2,400 |
|
|
8,818
| |
|
Pasona
Group, Inc. |
|
|
|
|
1,100 |
|
|
17,078
| |
|
PeopleIN
Ltd.(a) |
|
|
|
|
17,000 |
|
|
8,217
| |
|
SmartGroup
Corp. Ltd. |
|
|
|
|
2,700 |
|
|
13,104
| |
|
SThree
PLC |
|
|
|
|
4,100 |
|
|
13,748
| |
|
UT
Group Co. Ltd. |
|
|
|
|
800 |
|
|
13,669
| |
|
Will
Group, Inc. |
|
|
|
|
1,500 |
|
|
9,712
| |
|
|
|
|
|
|
|
211,807
| |||
|
Semiconductors
& Semiconductor
Equipment
- 4.3% | |||||||||
|
AIXTRON
SE |
|
|
|
|
900 |
|
|
16,555
| |
|
Melexis
NV |
|
|
|
|
240 |
|
|
20,458
| |
|
Optorun
Co. Ltd. |
|
|
|
|
2,200 |
|
|
24,878
| |
|
RS
Technologies Co. Ltd. |
|
|
|
|
1,200 |
|
|
26,359
| |
|
Shibaura
Mechatronics Corp. |
|
|
|
|
400 |
|
|
30,133
| |
|
SUSS
MicroTec SE |
|
|
|
|
500 |
|
|
27,482
| |
|
Tazmo
Co. Ltd. |
|
|
|
|
1,700 |
|
|
26,118
| |
|
UMS
Integration Ltd. |
|
|
|
|
11,525 |
|
|
12,048
| |
|
Yamaichi
Electronics Co. Ltd. |
|
|
|
|
900 |
|
|
16,656
| |
|
|
|
|
|
|
|
200,687
| |||
|
Software
- 1.8% |
|
|
|
|
|
|
|||
|
Cresco
Ltd. |
|
|
|
|
1,300 |
|
|
15,645
| |
|
F-Secure
Oyj |
|
|
|
|
4,500 |
|
|
10,156
| |
|
Fukui
Computer Holdings, Inc. |
|
|
|
|
500 |
|
|
10,345
| |
|
Justsystems
Corp. |
|
|
|
|
1,000 |
|
|
25,593
| |
|
TeamViewer
SE(a)(b) |
|
|
|
|
1,800 |
|
|
20,314
| |
|
|
|
|
|
|
|
82,053
| |||
|
Specialty
Retail - 2.6% |
|
|
|
|
|
|
|||
|
AutoCanada,
Inc.(a) |
|
|
|
|
650 |
|
|
10,463
| |
|
Card
Factory PLC |
|
|
|
|
10,900 |
|
|
13,606
| |
|
Douglas
AG(a) |
|
|
|
|
700 |
|
|
8,678
| |
|
Eagers
Automotive Ltd. |
|
|
|
|
1,100 |
|
|
12,644
| |
|
Halfords
Group PLC |
|
|
|
|
6,300 |
|
|
13,420
| |
|
Shaver
Shop Group Ltd. |
|
|
|
|
10,100 |
|
|
8,875
| |
|
Shimamura
Co. Ltd. |
|
|
|
|
200 |
|
|
14,033
| |
|
Super
Retail Group Ltd. |
|
|
|
|
1,900 |
|
|
17,812
| |
|
United
Arrows Ltd. |
|
|
|
|
600 |
|
|
8,898
| |
|
Vertu
Motors PLC |
|
|
|
|
12,040 |
|
|
10,494
| |
|
|
|
|
|
|
|
118,923
| |||
|
Technology
Hardware, Storage &
Peripherals
- 0.3% | |||||||||
|
MIMAKI
ENGINEERING CO Ltd. |
|
|
|
|
1,000 |
|
|
13,270
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Textiles,
Apparel & Luxury
Goods
- 0.6% | |||||||||
|
Dr
Martens PLC |
|
|
|
|
12,830 |
|
|
$13,217
| |
|
HUGO
BOSS AG |
|
|
|
|
290 |
|
|
13,438
| |
|
|
|
|
|
|
|
26,655
| |||
|
Trading
Companies & Distributors - 1.6% |
|
|
|
|
|
|
|||
|
Kamei
Corp. |
|
|
|
|
1,100 |
|
|
18,866
| |
|
Wajax
Corp. |
|
|
|
|
1,500 |
|
|
25,126
| |
|
Yamazen
Corp. |
|
|
|
|
1,600 |
|
|
13,895
| |
|
Yuasa
Trading Co. Ltd. |
|
|
|
|
500 |
|
|
15,612
| |
|
|
|
|
|
|
|
73,499
| |||
|
TOTAL
COMMON STOCKS
(Cost
$3,883,106) |
|
|
|
|
|
|
4,500,700
| ||
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 2.3% | |||||||||
|
Diversified
REITs - 0.5% |
|
|
|
|
|
|
|||
|
H&R
Real Estate Investment Trust |
|
|
|
|
3,100 |
|
|
24,313
| |
|
Health
Care REITs - 0.3% |
|
|
|
|
|
|
|||
|
Aedifica
SA |
|
|
|
|
180 |
|
|
14,045
| |
|
Industrial
REITs - 0.5% |
|
|
|
|
|
|
|||
|
Tritax
Big Box REIT PLC |
|
|
|
|
11,800 |
|
|
24,027
| |
|
Retail
REITs - 1.0% |
|
|
|
|
|
|
|||
|
Primaris
Real Estate Investment Trust |
|
|
|
|
2,100 |
|
|
22,700
| |
|
SmartCentres
Real Estate Investment Trust |
|
|
|
|
1,220 |
|
|
22,926
| |
|
|
|
|
|
|
|
45,626
| |||
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$99,783) |
|
|
|
|
|
|
108,011
| ||
|
|
|
|
|
Par |
|
|
|||
|
SHORT-TERM
INVESTMENTS - 1.2% | |||||||||
|
Time
Deposits - 1.2% |
|
|
|
|
|
|
|||
|
Brown
Brothers Harriman and Co., 0.46%, 07/01/2025(d) |
|
|
SGD |
|
|
0(e) |
|
|
0(e)
|
|
Brown
Brothers Harriman and Co., 0.02%, 07/01/2025(d) |
|
|
HKD |
|
|
0(e) |
|
|
0(e)
|
|
Citigroup,
Inc., 0.86%, 07/01/2025(d) |
|
|
EUR |
|
|
17 |
|
|
21
|
|
JPMorgan
Chase and Company,
3.68%,
07/01/2025(d) |
|
|
|
|
57,346 |
|
|
57,346
| |
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$57,365) |
|
|
|
|
|
|
57,367
| ||
|
TOTAL
INVESTMENTS - 100.0%
(Cost
$4,040,254) |
|
|
|
|
|
|
$4,666,078
| ||
|
Other
Assets in Excess of
Other
Assets - (0.0)%(f) |
|
|
|
|
|
|
(642)
| ||
|
TOTAL
NET
ASSETS
- 100.0% |
|
|
|
|
|
|
$4,665,436 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $193,506
or 4.1% of the Fund’s net assets. |
|
(c) |
Restricted security
purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value
of these securities total $49,885 or 1.1% of the Fund’s net assets. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
(e) |
Rounds to zero. |
|
(f) |
Represents less than
0.05% of net assets. |
|
|
|
|
|
|
|
|
|
|
|
|
Value |
|
|
|
|
Japan |
|
|
$1,656,274 |
|
|
35.5%
|
|
United
Kingdom |
|
|
633,806 |
|
|
13.6
|
|
Canada |
|
|
409,206 |
|
|
8.8
|
|
Italy |
|
|
292,771 |
|
|
6.3
|
|
Australia |
|
|
279,308 |
|
|
6.1
|
|
Germany |
|
|
205,139 |
|
|
4.4
|
|
France |
|
|
201,914 |
|
|
4.3
|
|
Switzerland |
|
|
155,515 |
|
|
3.3
|
|
Sweden |
|
|
135,986 |
|
|
2.9
|
|
Spain |
|
|
115,613 |
|
|
2.5
|
|
Norway |
|
|
111,055 |
|
|
2.4
|
|
Austria |
|
|
61,714 |
|
|
1.3
|
|
Ireland |
|
|
59,652 |
|
|
1.3
|
|
Hong
Kong |
|
|
45,228 |
|
|
1.0
|
|
Israel |
|
|
43,610 |
|
|
0.9
|
|
Denmark |
|
|
43,609 |
|
|
0.9
|
|
Netherlands |
|
|
40,960 |
|
|
0.9
|
|
Belgium |
|
|
34,503 |
|
|
0.7
|
|
Finland |
|
|
21,518 |
|
|
0.5
|
|
Singapore |
|
|
19,950 |
|
|
0.4
|
|
United
States |
|
|
17,932 |
|
|
0.4
|
|
Luxembourg |
|
|
10,091 |
|
|
0.2
|
|
Ghana |
|
|
6,752 |
|
|
0.1
|
|
Poland |
|
|
6,605 |
|
|
0.1
|
|
Cash
and Other |
|
|
56,725 |
|
|
1.2
|
|
|
|
$4,665,436 |
|
|
100.0% | |
|
|
|
|
|
|
|
|
|
|
|
23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Shares |
|
|
Value |
| ||
|
COMMON
STOCKS - 94.8% |
|
|
|
|
|
|
| |||||
|
Automobile
Components - 0.7% |
|
|
|
|
| |||||||
|
Aptiv
PLC(a) |
|
|
|
|
77,400 |
|
|
$5,280,228
|
| |||
|
Automobiles
- 2.0% |
|
|
|
|
|
|
| |||||
|
General
Motors Co. |
|
|
|
|
298,250 |
|
|
14,676,883
|
| |||
|
Banks
- 4.6% |
|
|
|
|
|
|
| |||||
|
Citigroup,
Inc. |
|
|
|
|
150,800 |
|
|
12,836,096
|
| |||
|
Citizens
Financial Group, Inc. |
|
|
|
|
92,000 |
|
|
4,117,000
|
| |||
|
Popular,
Inc. |
|
|
|
|
62,000 |
|
|
6,833,020
|
| |||
|
Wells
Fargo & Co. |
|
|
|
|
118,500 |
|
|
9,494,220
|
| |||
|
|
|
|
|
|
|
33,280,336
|
| |||||
|
Beverages
- 1.1% |
|
|
|
|
|
|
| |||||
|
Constellation
Brands, Inc. - Class A |
|
|
|
|
21,800 |
|
|
3,546,424
|
| |||
|
Heineken
NV - ADR(b) |
|
|
|
|
99,600 |
|
|
4,352,520
|
| |||
|
|
|
|
|
|
|
7,898,944
|
| |||||
|
Broadline
Retail - 0.0%(c) |
|
|
|
|
|
|
| |||||
|
Articore
Group Ltd.(a) |
|
|
|
|
1,991,054 |
|
|
260,857
|
| |||
|
Capital
Markets - 3.5% |
|
|
|
|
|
|
| |||||
|
Bank
of New York Mellon Corp. |
|
|
|
|
87,800 |
|
|
7,999,458
|
| |||
|
Goldman
Sachs Group, Inc. |
|
|
|
|
14,800 |
|
|
10,474,700
|
| |||
|
State
Street Corp. |
|
|
|
|
66,900 |
|
|
7,114,146
|
| |||
|
|
|
|
|
|
|
25,588,304
|
| |||||
|
Chemicals
- 5.6% |
|
|
|
|
|
|
| |||||
|
Ecovyst,
Inc.(a) |
|
|
|
|
2,010,800 |
|
|
16,548,884
|
| |||
|
Fuso
Chemical Co. Ltd. |
|
|
|
|
563,400 |
|
|
15,100,184
|
| |||
|
Iracore
Investments Holdings, Inc. (Acquired 4/13/2017,
Cost
$6,892,250)(d)(e)(f) |
|
|
|
|
32,422 |
|
|
7,866,225
|
| |||
|
UTEX
Industries, Inc. (Acquired 5/11/2021, Cost $757,278)(d)(f) |
|
|
|
|
24,058 |
|
|
996,242
|
| |||
|
|
|
|
|
|
|
40,511,535
|
| |||||
|
Communications
Equipment - 13.9% |
|
|
|
|
||||||||
|
F5,
Inc.(a) |
|
|
|
|
208,190 |
|
|
61,274,481
|
| |||
|
Telefonaktiebolaget
LM Ericsson -
ADR |
|
|
|
|
4,689,200 |
|
|
39,764,416
|
| |||
|
|
|
|
|
|
|
101,038,897
|
| |||||
|
Construction
& Engineering - 0.4% |
|
|
|
|
|
|
| |||||
|
Fluor
Corp.(a) |
|
|
|
|
61,700 |
|
|
3,163,359
|
| |||
|
Consumer
Finance - 0.6% |
|
|
|
|
|
|
| |||||
|
SLM
Corp. |
|
|
|
|
139,813 |
|
|
4,584,468
|
| |||
|
Electronic
Equipment, Instruments & Components - 1.0% |
|
|
|
|
|
|
| |||||
|
Avnet,
Inc. |
|
|
|
|
138,800 |
|
|
7,367,504
|
| |||
|
Energy
Equipment & Services - 7.3% |
|
|
|
|
|
|
| |||||
|
Baker
Hughes Co. |
|
|
|
|
447,100 |
|
|
17,141,814
|
| |||
|
McDermott
International Ltd.(a) |
|
|
|
|
6,659 |
|
|
73,252
|
| |||
|
NOV,
Inc. |
|
|
|
|
765,800 |
|
|
9,518,894
|
| |||
|
Schlumberger
NV |
|
|
|
|
770,370 |
|
|
26,038,506
|
| |||
|
|
|
|
|
|
|
52,772,466
|
| |||||
|
Ground
Transportation - 2.9% |
|
|
|
|
|
|
| |||||
|
U-Haul
Holding Co. |
|
|
|
|
385,200 |
|
|
20,943,324
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Health
Care Equipment & Supplies - 2.6% |
|
|
|
|
|
|
|||
|
GE
HealthCare Technologies, Inc. |
|
|
|
|
169,500 |
|
|
$12,554,865
| |
|
Medtronic
PLC |
|
|
|
|
70,300 |
|
|
6,128,051
| |
|
|
|
|
|
|
|
18,682,916
| |||
|
Health
Care Providers & Services - 4.3% |
|
|
|
|
|
|
|||
|
CVS
Health Corp. |
|
|
|
|
71,700 |
|
|
4,945,866
| |
|
Elevance
Health, Inc. |
|
|
|
|
24,000 |
|
|
9,335,040
| |
|
Humana,
Inc. |
|
|
|
|
29,700 |
|
|
7,261,056
| |
|
UnitedHealth
Group, Inc. |
|
|
|
|
29,600 |
|
|
9,234,312
| |
|
|
|
|
|
|
|
30,776,274
| |||
|
Hotels,
Restaurants & Leisure - 0.9% |
|
|
|
|
|
|
|||
|
Marriott
Vacations Worldwide Corp. |
|
|
|
|
86,800 |
|
|
6,276,508
| |
|
Household
Products - 1.6% |
|
|
|
|
|
|
|||
|
Henkel
AG & Co. KGaA |
|
|
|
|
159,900 |
|
|
11,596,827
| |
|
Industrial
Conglomerates - 4.2% |
|
|
|
|
|
|
|||
|
Siemens
AG |
|
|
|
|
68,900 |
|
|
17,697,581
| |
|
Siemens
AG - ADR |
|
|
|
|
98,400 |
|
|
12,680,808
| |
|
|
|
|
|
|
|
30,378,389
| |||
|
Insurance
- 0.5% |
|
|
|
|
|
|
|||
|
Global
Indemnity Group LLC - Class A |
|
|
|
|
102,500 |
|
|
3,214,400
| |
|
Interactive
Media & Services - 1.3% |
|
|
|
|
|
|
|||
|
Alphabet,
Inc. - Class A |
|
|
|
|
52,600 |
|
|
9,269,698
| |
|
Machinery
- 0.5% |
|
|
|
|
|
|
|||
|
Cummins,
Inc. |
|
|
|
|
11,200 |
|
|
3,668,000
| |
|
Media
- 6.7% |
|
|
|
|
|
|
|||
|
Comcast
Corp. - Class A |
|
|
|
|
302,600 |
|
|
10,799,794
| |
|
Havas
NV |
|
|
|
|
10,625,400 |
|
|
18,267,833
| |
|
Stagwell,
Inc.(a) |
|
|
|
|
2,558,600 |
|
|
11,513,700
| |
|
WPP
PLC - ADR |
|
|
|
|
235,400 |
|
|
8,241,354
| |
|
|
|
|
|
|
|
48,822,681
| |||
|
Metals
& Mining - 0.0%(c) |
|
|
|
|
|
|
|||
|
Metals
Recovery Holdings LLC (Acquired 7/24/2014 - 12/10/2019, Cost $6,965,758)(a)(d)(f) |
|
|
|
|
7,042 |
|
|
4,225
| |
|
Multi-Utilities
- 4.6% |
|
|
|
|
|
|
|||
|
Dominion
Energy, Inc. |
|
|
|
|
593,200 |
|
|
33,527,664
| |
|
Oil,
Gas & Consumable Fuels - 5.7% |
|
|
|
|
|
|
|||
|
APA
Corp. |
|
|
|
|
598,000 |
|
|
10,937,420
| |
|
ConocoPhillips |
|
|
|
|
36,600 |
|
|
3,284,484
| |
|
Kosmos
Energy Ltd.(a) |
|
|
|
|
788,800 |
|
|
1,356,736
| |
|
Murphy
Oil Corp. |
|
|
|
|
235,100 |
|
|
5,289,750
| |
|
Ovintiv,
Inc. |
|
|
|
|
262,900 |
|
|
10,003,345
| |
|
Shell
PLC - ADR |
|
|
|
|
148,350 |
|
|
10,445,324
| |
|
|
|
|
|
|
|
41,317,059
| |||
|
Passenger
Airlines - 2.3% |
|
|
|
|
|
|
|||
|
Qantas
Airways Ltd. |
|
|
|
|
2,359,620 |
|
|
16,669,713
| |
|
Real
Estate Management & Development - 2.6% |
|
|
|
|
|
|
|||
|
Jones
Lang LaSalle, Inc.(a) |
|
|
|
|
72,000 |
|
|
18,416,160
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Semiconductors
& Semiconductor Equipment - 0.4% |
|
|
|
|
|
|
|||
|
Micron
Technology, Inc. |
|
|
|
|
24,400 |
|
|
$3,007,300
| |
|
Software
- 11.0% |
|
|
|
|
|
|
|||
|
Microsoft
Corp. |
|
|
|
|
49,010 |
|
|
24,378,064
| |
|
Workday,
Inc. - Class A(a) |
|
|
|
|
231,000 |
|
|
55,440,000
| |
|
|
|
|
|
|
|
79,818,064
| |||
|
Specialty
Retail - 0.4% |
|
|
|
|
|
|
|||
|
Lithia
Motors, Inc. |
|
|
|
|
9,400 |
|
|
3,175,508
| |
|
Tobacco
- 1.6% |
|
|
|
|
|
|
|||
|
Philip
Morris International, Inc. |
|
|
|
|
64,000 |
|
|
11,656,320
| |
|
TOTAL
COMMON STOCKS
(Cost
$588,573,698) |
|
|
|
|
|
|
687,644,811
| ||
|
EXCHANGE
TRADED FUNDS - 1.8% | |||||||||
|
Investment
Companies -1.8% |
|
|
|
|
|
|
|||
|
Vanguard
Long-Term Treasury ETF |
|
|
|
|
230,100 |
|
|
12,913,212
| |
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost
$12,700,553) |
|
|
|
|
|
|
12,913,212
| ||
|
PREFERRED
STOCKS - 0.4% |
|
|
|
|
|
|
|||
|
Financial
Services - 0.4% |
|
|
|
|
|
|
|||
|
Federal
Home Loan Mortgage Corp. |
|
|
|
|
|
|
|||
|
Series K,
Perpetual(a) |
|
|
|
|
33,300 |
|
|
658,507
| |
|
Series N,
Perpetual(a)(g) |
|
|
|
|
116,400 |
|
|
2,067,264
| |
|
Series S,
Perpetual(a)(g) |
|
|
|
|
18,400 |
|
|
336,536
| |
|
TOTAL
PREFERRED STOCKS
(Cost
$268,508) |
|
|
|
|
|
|
3,062,307
| ||
|
|
|
|
|
Par |
|
|
|||
|
BANK
LOANS - 0.4% |
|
|
|
|
|
|
|||
|
Chemicals
- 0.2% |
|
|
|
|
|
|
|||
|
Iracore
International, Inc., 13.45% (3 mo. SOFR US + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,685,735)(d)(f) |
|
|
|
|
$1,685,735 |
|
|
1,685,735
| |
|
Energy
Equipment & Services - 0.2% |
|
|
|
|
|
|
|||
|
Lealand
Finance Co. BV First Lien |
|
|
|
|
|
|
|||
|
7.33%
(1 mo. Term SOFR + 3.00%), 06/30/2027 (Acquired 6/30/2020, Cost $442,883)(f) |
|
|
|
|
442,883 |
|
|
290,088
| |
|
5.33%
Cash and 3.00% PIK (1 mo. Term SOFR + 1.00%), 12/31/2027 (Acquired 6/30/2020 - 6/30/2025, Cost $1,533,598)(f) |
|
|
|
|
1,504,432 |
|
|
789,827 | |
|
|
|
|
|
|
|
1,079,915
| |||
|
TOTAL
BANK LOANS
(Cost
$3,662,216) |
|
|
|
|
|
|
2,765,650
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
Shares |
|
|
Value |
| ||||
|
REAL
ESTATE INVESTMENT
TRUSTS
- COMMON - 0.1% |
| |||||||||||||
|
Real
Estate Management & Development - 0.1% |
|
|
|
|
|
|
| |||||||
|
Seritage
Growth Properties - Class A(a) |
|
|
|
|
307,200 |
|
|
$946,176
|
| |||||
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$1,374,890) |
|
|
|
|
|
|
946,176
|
| ||||||
|
SHORT-TERM
INVESTMENTS - 2.6% |
| |||||||||||||
|
Investments
Purchased with Proceeds from Securities Lending - 0.3% |
|
|
|
|
|
|
| |||||||
|
Invesco
Government & Agency Portfolio - Class Institutional, 4.26%(h) |
|
|
|
|
1,962,150 |
|
|
1,962,150
|
| |||||
|
|
|
|
|
Par |
|
|
| |||||||
|
Time
Deposits - 2.3% |
| |||||||||||||
|
Citigroup,
Inc., 3.68%, 07/01/2025(i) |
|
|
|
|
$16,558,537 |
|
|
16,558,537
|
| |||||
|
Citigroup,
Inc., 0.86%, 07/01/2025(i) |
|
|
EUR |
|
|
494 |
|
|
582
|
| ||||
|
Citigroup,
Inc., 3.17%, 07/01/2025(i) |
|
|
GBP |
|
|
1 |
|
|
1
|
| ||||
|
|
|
|
|
|
|
16,559,120
|
| |||||||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$18,521,233) |
|
|
|
|
|
|
18,521,270
|
| ||||||
|
TOTAL
INVESTMENTS - 100.1%
(Cost
$625,101,098) |
|
|
|
|
|
|
$725,853,426 |
|
|
|||||
|
Liabilities
in Excess of Other
Assets
- (0.1)% |
|
|
|
|
|
|
(728,755)
|
| ||||||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
$725,124,671 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
25 |
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
All or a portion
of this security is on loan as of June 30, 2025. The fair value of these securities was $1,923,375. |
|
(c) |
Represents less than
0.05% of net assets. |
|
(d) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $10,552,427 or 1.5% of net assets as of June 30, 2025. |
|
(e) |
Affiliated security
as defined by the Investment Company Act of 1940. See Note 5. |
|
(f) |
Restricted security
purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value
of these securities total $11,632,342 or 1.6% of the Fund’s net assets. |
|
(g) |
Coupon rate may
be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or
spread in their description. The rate disclosed is as of June 30, 2025. |
|
(h) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(i) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
CORPORATE
BONDS – 85.5% |
|
|
|
|
|
|
|||
|
Advertising
- 0.7% |
|
|
|
|
|
|
|||
|
Stagwell
Global LLC, 5.63%, 08/15/2029(a) |
|
|
|
|
$5,291,000 |
|
|
$5,066,475
| |
|
Aerospace
& Defense - 1.5% |
|
|
|
|
|
|
|||
|
Amentum
Holdings, Inc., 7.25%, 08/01/2032(a) |
|
|
|
|
2,980,000 |
|
|
3,068,977
| |
|
Spirit
AeroSystems, Inc., 9.75%, 11/15/2030(a) |
|
|
|
|
2,408,000 |
|
|
2,658,675
| |
|
TransDigm,
Inc., 7.13%, 12/01/2031(a) |
|
|
|
|
5,673,000 |
|
|
5,950,796
| |
|
|
|
|
|
|
|
11,678,448
| |||
|
Auto
Parts & Equipment - 3.0% |
|
|
|
|
|||||
|
Adient
Global Holdings Ltd., 8.25%, 04/15/2031(a) |
|
|
|
|
3,606,000 |
|
|
3,792,401
| |
|
American
Axle & Manufacturing, Inc., 6.88%, 07/01/2028 |
|
|
|
|
3,897,000 |
|
|
3,901,595
| |
|
Dcli
Bidco LLC, 7.75%, 11/15/2029(a) |
|
|
|
|
3,815,000 |
|
|
3,867,659
| |
|
Goodyear
Tire & Rubber Co., 5.25%, 07/15/2031 |
|
|
|
|
2,743,000 |
|
|
2,631,860
| |
|
Phinia
Holdings Jersey Ltd., 5.00%, 10/01/2025(a) |
|
|
|
|
1,596,000 |
|
|
1,557,983
| |
|
Phinia,
Inc., 6.63%, 10/15/2032(a) |
|
|
|
|
3,808,000 |
|
|
3,870,064
| |
|
ZF
North America Capital, Inc., 6.88%, 04/23/2032(a) |
|
|
|
|
4,288,000 |
|
|
3,966,533
| |
|
|
|
|
|
|
|
23,588,095
| |||
|
Automakers
- 0.2% |
|
|
|
|
|
|
|||
|
New
Flyer Holdings, Inc., 9.25%, 07/01/2030(a) |
|
|
|
|
1,709,000 |
|
|
1,804,416
| |
|
Banking
- 2.6% |
|
|
|
|
|
|
|||
|
BNP
Paribas SA, 7.45% to 06/27/2035 then 5 yr. CMT Rate + 3.13%, Perpetual(a) |
|
|
|
|
5,756,000 |
|
|
5,804,926
| |
|
BW
Real Estate, Inc., 9.50% to 03/30/2030 then 5 yr. CMT Rate + 5.40%, Perpetual(a) |
|
|
|
|
4,522,000 |
|
|
4,660,165
| |
|
Rocket
Cos., Inc., 6.38%, 08/01/2033(a) |
|
|
|
|
3,762,000 |
|
|
3,853,983
| |
|
Synovus
Financial Corp., 7.54% to 02/07/2029 then 5 yr. Mid Swap Rate USD + 3.38%, 02/07/2029 |
|
|
|
|
2,226,000 |
|
|
2,260,564
| |
|
Texas
Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031 |
|
|
|
|
3,489,000 |
|
|
3,387,069
| |
|
|
|
|
|
|
|
19,966,707
| |||
|
Brokerage
- 0.5% |
|
|
|
|
|
|
|||
|
Stonex
Escrow Issuer LLC, 6.88%, 07/15/2032(a) |
|
|
|
|
3,853,000 |
|
|
3,894,857
| |
|
Building
& Construction - 1.5% |
|
|
|
|
|||||
|
Brookfield
Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030(a) |
|
|
|
|
3,807,000 |
|
|
3,401,791
| |
|
Great
Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a) |
|
|
|
|
4,353,000 |
|
|
4,186,803
| |
|
LGI
Homes, Inc., 7.00%, 11/15/2032(a) |
|
|
|
|
2,819,000 |
|
|
2,685,802
| |
|
Weekley
Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028(a) |
|
|
|
|
1,585,000 |
|
|
1,536,231
| |
|
|
|
|
|
|
|
11,810,627
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Building
Materials - 2.8% |
|
|
|
|
|
|
|||
|
BlueLinx
Holdings, Inc., 6.00%, 11/15/2029(a) |
|
|
|
|
$5,071,000 |
|
|
$4,883,217
| |
|
Knife
River Corp., 7.75%, 05/01/2031(a) |
|
|
|
|
3,451,000 |
|
|
3,640,781
| |
|
Quikrete
Holdings, Inc., 6.75%, 03/01/2033(a) |
|
|
|
|
3,782,000 |
|
|
3,904,730
| |
|
Specialty
Building Products Holdings LLC / SBP Finance Corp., 7.75%, 10/15/2029(a) |
|
|
|
|
3,835,000 |
|
|
3,772,227
| |
|
Standard
Building Solutions, Inc., 6.50%, 08/15/2032(a) |
|
|
|
|
5,348,000 |
|
|
5,483,219
| |
|
|
|
|
|
|
|
21,684,174
| |||
|
Building-Residential-Commercial
- 0.5% |
|
|
|
|
|||||
|
Adams
Homes, Inc., 9.25%, 10/15/2028(a) |
|
|
|
|
3,957,000 |
|
|
4,081,899
| |
|
Cable
& Satellite TV - 6.2% |
|
|
|
|
|
|
|||
|
Block
Communications, Inc., 4.88%, 03/01/2028(a) |
|
|
|
|
4,808,000 |
|
|
4,623,256
| |
|
Cable
One, Inc., 4.00%, 11/15/2030(a) |
|
|
|
|
5,702,000 |
|
|
4,497,248
| |
|
CCO
Holdings LLC / CCO Holdings Capital Corp. |
|
|
|
|
|
|
|||
|
5.38%, 06/01/2029(a) |
|
|
|
|
5,556,000 |
|
|
5,539,546
| |
|
4.75%, 02/01/2032(a) |
|
|
|
|
13,275,000 |
|
|
12,599,991
| |
|
CSC
Holdings LLC |
|
|
|
|
|
|
|||
|
11.75%, 01/31/2029(a) |
|
|
|
|
2,414,000 |
|
|
2,297,599
| |
|
5.75%, 01/15/2030(a) |
|
|
|
|
11,102,000 |
|
|
5,502,270
| |
|
Directv
Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027(a) |
|
|
|
|
2,256,000 |
|
|
2,250,047
| |
|
DISH
Network Corp., 11.75%, 11/15/2027(a) |
|
|
|
|
2,145,000 |
|
|
2,212,773
| |
|
Telenet
Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028(a) |
|
|
|
|
3,200,000 |
|
|
3,181,738
| |
|
Ziggo
BV, 4.88%, 01/15/2030(a) |
|
|
|
|
5,428,000 |
|
|
5,075,878
| |
|
|
|
|
|
|
|
47,780,346
| |||
|
Chemicals
- 5.7% |
|
|
|
|
|
|
|||
|
Axalta
Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031(a) |
|
|
|
|
2,752,000 |
|
|
2,904,838
| |
|
Celanese
US Holdings LLC, 6.75%, 04/15/2033 |
|
|
|
|
3,951,000 |
|
|
3,995,235
| |
|
Illuminate
Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(a) |
|
|
|
|
2,741,000 |
|
|
2,756,309
| |
|
INEOS
Finance PLC, 7.50%, 04/15/2029(a) |
|
|
|
|
1,696,000 |
|
|
1,701,634
| |
|
Mativ
Holdings, Inc., 8.00%, 10/01/2029(a) |
|
|
|
|
4,281,000 |
|
|
3,884,265
| |
|
NOVA
Chemicals Corp., 7.00%, 12/01/2031(a) |
|
|
|
|
4,347,000 |
|
|
4,557,428
| |
|
Olin
Corp., 6.63%, 04/01/2033(a) |
|
|
|
|
5,962,000 |
|
|
5,875,368
| |
|
Rain
Carbon, Inc., 12.25%, 09/01/2029(a) |
|
|
|
|
3,538,000 |
|
|
3,798,754
| |
|
SCIL
IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026(a) |
|
|
|
|
3,892,000 |
|
|
3,869,197
| |
|
Trinseo
Luxco Finance SPV Sarl / Trinseo NA Finance SPV LLC(a) |
|
|
|
|
6,903,700 |
|
|
4,159,479
| |
|
WR
Grace Holdings LLC, 5.63%, 08/15/2029(a) |
|
|
|
|
7,708,000 |
|
|
6,984,420
| |
|
|
|
|
|
|
|
44,486,927
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
CORPORATE
BONDS – (Continued) | |||||||||
|
Consumer/Commercial/Lease
Financing - 1.7% |
|
|
|
|
|
|
|||
|
Burford
Capital Global Finance LLC, 9.25%, 07/01/2031(a) |
|
|
|
|
$5,283,000 |
|
|
$5,566,745
| |
|
Credit
Acceptance Corp., 6.63%, 03/15/2030(a) |
|
|
|
|
3,919,000 |
|
|
3,974,689
| |
|
PennyMac
Financial Services, Inc., 6.88%, 02/15/2033(a) |
|
|
|
|
3,697,000 |
|
|
3,794,046
| |
|
|
|
|
|
|
|
13,335,480
| |||
|
Consumer-Products-
0.5% |
|
|
|
|
|
|
|||
|
Winnebago
Industries, Inc., 6.25%, 07/15/2028(a) |
|
|
|
|
3,928,000 |
|
|
3,935,404
| |
|
Diversified
Capital Goods - 1.5% |
|
|
|||||||
|
EMRLD
Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030(a) |
|
|
|
|
3,674,000 |
|
|
3,760,053
| |
|
Patrick
Industries, Inc., 6.38%, 11/01/2032(a) |
|
|
|
|
4,266,000 |
|
|
4,280,726
| |
|
Railworks
Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028(a) |
|
|
|
|
3,658,000 |
|
|
3,743,103
| |
|
|
|
|
|
|
|
11,783,882
| |||
|
Electric-Generation
- 1.3% |
|
|
|
|
|
|
|||
|
Alpha
Generation LLC, 6.75%, 10/15/2032(a) |
|
|
|
|
3,734,000 |
|
|
3,851,658
| |
|
NRG
Energy, Inc., 6.25%, 11/01/2034(a) |
|
|
|
|
3,581,000 |
|
|
3,650,733
| |
|
Vistra
Operations Co. LLC, 6.88%, 04/15/2032(a) |
|
|
|
|
2,349,000 |
|
|
2,457,364
| |
|
|
|
|
|
|
|
9,959,755
| |||
|
Electronics
- 0.9% |
|
|
|
|
|
|
|||
|
Coherent
Corp., 5.00%, 12/15/2029(a) |
|
|
|
|
3,615,000 |
|
|
3,554,167
| |
|
Sensata
Technologies, Inc., 6.63%, 07/15/2032(a) |
|
|
|
|
3,681,000 |
|
|
3,791,320
| |
|
|
|
|
|
|
|
7,345,487
| |||
|
Energy
- Exploration &
Production
- 3.9% | |||||||||
|
Aethon
United BR LP / Aethon United Finance Corp., 7.50%, 10/01/2029(a) |
|
|
|
|
3,183,000 |
|
|
3,341,128
| |
|
Chord
Energy Corp., 6.75%, 03/15/2033(a) |
|
|
|
|
3,857,000 |
|
|
3,942,810
| |
|
Civitas
Resources, Inc., 8.75%, 07/01/2031(a) |
|
|
|
|
2,910,000 |
|
|
2,945,965
| |
|
Hilcorp
Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031(a) |
|
|
|
|
4,213,000 |
|
|
4,078,729
| |
|
Kraken
Oil & Gas Partners LLC, 7.63%, 08/15/2029(a) |
|
|
|
|
2,247,000 |
|
|
2,209,410
| |
|
Magnolia
Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp., 6.88%, 12/01/2032(a) |
|
|
|
|
4,118,000 |
|
|
4,150,886
| |
|
Matador
Resources Co., 6.50%, 04/15/2032(a) |
|
|
|
|
2,753,000 |
|
|
2,756,251
| |
|
Murphy
Oil Corp., 6.00%, 10/01/2032 |
|
|
|
|
4,010,000 |
|
|
3,827,262
| |
|
Talos
Production, Inc., 9.38%, 02/01/2031(a) |
|
|
|
|
2,566,000 |
|
|
2,621,848
| |
|
|
|
|
|
|
|
29,874,289
| |||
|
Environmental
- 0.5% |
|
|
|
|
|
|
|||
|
Waste
Pro USA, Inc., 7.00%, 02/01/2033(a) |
|
|
|
|
3,598,000 |
|
|
3,744,144
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Food
- Wholesale - 0.4% |
|
|
|
|
|
|
|||
|
Central
Garden & Pet Co., 4.13%, 04/30/2031(a) |
|
|
|
|
$3,363,000 |
|
|
$3,125,828
| |
|
Forestry/Paper
- 1.1% |
|
|
|
|
|
|
|||
|
Ahlstrom
Holding 3 Oy, 4.88%, 02/04/2028(a) |
|
|
|
|
3,925,000 |
|
|
3,748,752
| |
|
Mercer
International, Inc. |
|
|
|
|
|
|
|||
|
12.88%, 10/01/2028(a) |
|
|
|
|
708,000 |
|
|
718,984
| |
|
5.13%, 02/01/2029 |
|
|
|
|
4,691,000 |
|
|
3,830,522
| |
|
|
|
|
|
|
|
8,298,258
| |||
|
Gaming
- 3.3% |
|
|
|
|
|
|
|||
|
Allwyn
Entertainment Financing UK PLC, 7.88%, 04/30/2029(a) |
|
|
|
|
3,527,000 |
|
|
3,682,501
| |
|
Boyd
Gaming Corp., 4.75%, 06/15/2031(a) |
|
|
|
|
3,581,000 |
|
|
3,434,434
| |
|
Jacobs
Entertainment, Inc., 6.75%, 02/15/2029(a) |
|
|
|
|
4,308,000 |
|
|
4,149,573
| |
|
MGM
Resorts International, 6.50%, 04/15/2032 |
|
|
|
|
4,171,000 |
|
|
4,241,656
| |
|
Penn
Entertainment, Inc., 5.63%, 01/15/2027(a) |
|
|
|
|
4,150,000 |
|
|
4,140,296
| |
|
Scientific
Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(a) |
|
|
|
|
5,963,000 |
|
|
5,751,185
| |
|
|
|
|
|
|
|
25,399,645
| |||
|
Gas
Distribution - 3.6% |
|
|
|
|
|
|
|||
|
Buckeye
Partners LP, 6.75%, 02/01/2030(a) |
|
|
|
|
3,759,000 |
|
|
3,904,781
| |
|
CQP
Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033(a) |
|
|
|
|
3,320,000 |
|
|
3,615,855
| |
|
Genesis
Energy LP / Genesis Energy Finance Corp., 8.00%, 05/15/2033 |
|
|
|
|
3,690,000 |
|
|
3,861,076
| |
|
Harvest
Midstream I LP, 7.50%, 09/01/2028(a) |
|
|
|
|
3,733,000 |
|
|
3,799,246
| |
|
ITT
Holdings LLC, 6.50%, 08/01/2029(a) |
|
|
|
|
2,538,000 |
|
|
2,415,671
| |
|
Rockies
Express Pipeline LLC, 6.75%, 03/15/2033(a) |
|
|
|
|
3,646,000 |
|
|
3,809,775
| |
|
Venture
Global Plaquemines LNG LLC |
|
|
|
|
|
|
|||
|
7.75%, 05/01/2035(a) |
|
|
|
|
5,519,000 |
|
|
5,978,688
| |
|
6.75%, 01/15/2036(a) |
|
|
|
|
390,000 |
|
|
390,000
| |
|
|
|
|
|
|
|
27,775,092
| |||
|
Health
Facilities - 1.7% |
|
|
|
|
|
|
|||
|
Acadia
Healthcare Co., Inc., 7.38%, 03/15/2033(a) |
|
|
|
|
3,906,000 |
|
|
4,028,969
| |
|
CHS/Community
Health Systems, Inc., 5.25%, 05/15/2030(a) |
|
|
|
|
5,817,000 |
|
|
5,163,736
| |
|
Concentra
Health Services, Inc., 6.88%, 07/15/2032(a) |
|
|
|
|
3,610,000 |
|
|
3,742,175
| |
|
|
|
|
|
|
|
12,934,880
| |||
|
Health
Services - 0.2% |
|
|
|
|
|
|
|||
|
Sotera
Health Holdings LLC, 7.38%, 06/01/2031(a) |
|
|
|
|
1,815,000 |
|
|
1,890,673
| |
|
Hotels
- 1.3% |
|
|
|
|
|
|
|||
|
Marriott
Ownership Resorts, Inc., 4.50%, 06/15/2029(a) |
|
|
|
|
4,638,000 |
|
|
4,457,264
| |
|
Park
Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 4.88%, 05/15/2029(a) |
|
|
|
|
3,920,000 |
|
|
3,800,557
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
CORPORATE
BONDS – (Continued) | |||||||||
|
Hotels
- (Continued) | |||||||||
|
Pebblebrook
Hotel LP / PEB Finance Corp., 6.38%, 10/15/2029(a) |
|
|
|
|
$1,953,000 |
|
|
$1,964,831
| |
|
|
|
|
|
|
|
10,222,652
| |||
|
Insurance
Brokerage - 2.7% |
|
|
|
|
|
|
|||
|
Alliant
Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031(a) |
|
|
|
|
3,290,000 |
|
|
3,405,693
| |
|
AmWINS
Group, Inc., 4.88%, 06/30/2029(a) |
|
|
|
|
3,992,000 |
|
|
3,881,978
| |
|
AssuredPartners,
Inc., 7.50%, 02/15/2032(a) |
|
|
|
|
3,926,000 |
|
|
4,223,701
| |
|
Howden
UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032(a) |
|
|
|
|
2,273,000 |
|
|
2,375,294
| |
|
Ryan
Specialty LLC, 5.88%, 08/01/2032(a) |
|
|
|
|
2,616,000 |
|
|
2,638,252
| |
|
USI,
Inc./NY, 7.50%, 01/15/2032(a) |
|
|
|
|
3,910,000 |
|
|
4,130,559
| |
|
|
|
|
|
|
|
20,655,477
| |||
|
Investments
& Miscellaneous Financial Services - 0.9% |
|
|
|
|
|
|
|||
|
Armor
Holdco, Inc., 8.50%, 11/15/2029(a) |
|
|
|
|
3,966,000 |
|
|
3,804,598
| |
|
WEX,
Inc., 6.50%, 03/15/2033(a) |
|
|
|
|
3,195,000 |
|
|
3,225,439
| |
|
|
|
|
|
|
|
7,030,037
| |||
|
Machinery
- 2.0% |
|
|
|
|
|
|
|||
|
Arcosa,
Inc., 6.88%, 08/15/2032(a) |
|
|
|
|
3,670,000 |
|
|
3,811,093
| |
|
JB
Poindexter & Co., Inc., 8.75%, 12/15/2031(a) |
|
|
|
|
3,867,000 |
|
|
3,940,275
| |
|
NESCO
Holdings II, Inc., 5.50%, 04/15/2029(a) |
|
|
|
|
4,195,000 |
|
|
4,089,788
| |
|
Titan
International, Inc., 7.00%, 04/30/2028 |
|
|
|
|
3,870,000 |
|
|
3,888,499
| |
|
|
|
|
|
|
|
15,729,655
| |||
|
Media
- Broadcast - 1.1% |
|
|
|
|
|
|
|||
|
CMG
Media Corp., 8.88%, 12/15/2027(a) |
|
|
|
|
2,132,000 |
|
|
1,876,160
| |
|
Gray
Media, Inc. |
|
|
|
|
|
|
|||
|
10.50%, 07/15/2029(a) |
|
|
|
|
1,763,000 |
|
|
1,895,357
| |
|
5.38%, 11/15/2031(a) |
|
|
|
|
6,456,000 |
|
|
4,846,495
| |
|
|
|
|
|
|
|
8,618,012
| |||
|
Media
- Services - 0.3% |
|
|
|
|
|
|
|||
|
Champions
Financing, Inc., 8.75%, 02/15/2029(a) |
|
|
|
|
2,392,000 |
|
|
2,312,035
| |
|
Medical
Products - 2.5% |
|
|
|
|
|
|
|||
|
Grifols
SA, 4.75%, 10/15/2028(a) |
|
|
|
|
4,331,000 |
|
|
4,166,214
| |
|
Insulet
Corp., 6.50%, 04/01/2033(a) |
|
|
|
|
3,825,000 |
|
|
3,990,588
| |
|
Medline
Borrower LP, 5.25%, 10/01/2029(a) |
|
|
|
|
3,111,000 |
|
|
3,089,020
| |
|
Medline
Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029(a) |
|
|
|
|
2,934,000 |
|
|
3,017,719
| |
|
Varex
Imaging Corp., 7.88%, 10/15/2027(a) |
|
|
|
|
4,928,000 |
|
|
4,995,864
| |
|
|
|
|
|
|
|
19,259,405 | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Metals/Mining
Excluding
Steel
- 1.0% |
|
|
|
|
|
|
|||
|
Kaiser
Aluminum Corp., 4.50%, 06/01/2031(a) |
|
|
|
|
$3,925,000
|
|
|
$3,674,705
| |
|
Novelis
Corp., 6.88%, 01/30/2030(a) |
|
|
|
|
3,652,000
|
|
|
3,778,198
| |
|
|
|
|
|
|
|
7,452,903
| |||
|
Oil
Field Equipment &
Services
- 3.4% |
|
|
|
|
|
|
|||
|
Borr
IHC Ltd. / Borr Finance LLC, 10.00%, 11/15/2028(a) |
|
|
|
|
4,094,703
|
|
|
3,743,156
| |
|
Enerflex
Ltd., 9.00%, 10/15/2027(a) |
|
|
|
|
3,186,000
|
|
|
3,296,427
| |
|
Noble
Finance II LLC, 8.00%, 04/15/2030(a) |
|
|
|
|
5,240,000
|
|
|
5,339,968
| |
|
Transocean
Poseidon Ltd., 6.88%, 02/01/2027(a) |
|
|
|
|
2,052,225
|
|
|
2,056,931
| |
|
Transocean,
Inc., 8.75%, 02/15/2030(a) |
|
|
|
|
2,292,800
|
|
|
2,359,656
| |
|
Valaris
Ltd., 8.38%, 04/30/2030(a) |
|
|
|
|
4,256,000
|
|
|
4,369,907
| |
|
Weatherford
International Ltd., 8.63%, 04/30/2030(a) |
|
|
|
|
4,770,000
|
|
|
4,919,717
| |
|
|
|
|
|
|
|
26,085,762
| |||
|
Oil
Refining & Marketing - 1.3% |
|
|
|
|
|||||
|
Civitas
Resources, Inc., 9.63%, 06/15/2033(a) |
|
|
|
|
964,000
|
|
|
988,988
| |
|
Parkland
Corp., 6.63%, 08/15/2032(a) |
|
|
|
|
3,663,000
|
|
|
3,746,172
| |
|
PBF
Holding Co. LLC / PBF Finance Corp. |
|
|
|
|
|
|
|||
|
9.88%, 03/15/2030(a)
|
|
|
|
|
1,975,000
|
|
|
1,922,596
| |
|
7.88%, 09/15/2030(a)
|
|
|
|
|
4,197,000
|
|
|
3,771,323
| |
|
|
|
|
|
|
|
10,429,079
| |||
|
Packaging
- 2.5% |
|
|
|
|
|
|
|||
|
Cascades,
Inc./Cascades USA, Inc., 6.75%, 07/15/2030(a) |
|
|
|
|
3,830,000
|
|
|
3,851,908
| |
|
Clydesdale
Acquisition Holdings, Inc., 6.75%, 04/15/2032(a) |
|
|
|
|
3,826,000
|
|
|
3,928,896
| |
|
Sealed
Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031(a) |
|
|
|
|
3,384,000
|
|
|
3,565,815
| |
|
Trivium
Packaging Finance BV |
|
|
|
|
|
|
|||
|
8.25%, 07/15/2030(a)
|
|
|
|
|
2,949,000
|
|
|
3,120,785
| |
|
12.25%, 01/15/2031(a)
|
|
|
|
|
769,000
|
|
|
824,909
| |
|
Veritiv
Operating Co., 10.50%, 11/30/2030(a) |
|
|
|
|
3,860,000
|
|
|
4,183,256
| |
|
|
|
|
|
|
|
19,475,569
| |||
|
Personal
& Household Products - 1.0% |
|
|
|
|
|
|
|||
|
Energizer
Holdings, Inc., 4.38%, 03/31/2029(a) |
|
|
|
|
4,052,000
|
|
|
3,836,067
| |
|
Scotts
Miracle-Gro Co., 4.38%, 02/01/2032 |
|
|
|
|
4,147,000
|
|
|
3,812,468
| |
|
|
|
|
|
|
|
7,648,535
| |||
|
Pharmaceuticals
- 1.6% |
|
|
|
|
|
|
|||
|
1261229
BC Ltd., 10.00%, 04/15/2032(a) |
|
|
|
|
2,234,000
|
|
|
2,255,201
| |
|
Bausch
+ Lomb Corp., 8.38%, 10/01/2028(a) |
|
|
|
|
3,218,000
|
|
|
3,362,810
| |
|
Bausch
Health Cos., Inc., 11.00%, 09/30/2028(a) |
|
|
|
|
1,770,000
|
|
|
1,753,557
| |
|
Organon
& Co. / Organon Foreign Debt Co.-Issuer BV |
|
|
|
|
|
|
|||
|
5.13%, 04/30/2031(a)
|
|
|
|
|
4,634,000
|
|
|
4,025,489
| |
|
7.88%, 05/15/2034(a)
|
|
|
|
|
1,379,000
|
|
|
1,247,027
| |
|
|
|
|
|
|
|
12,644,084
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
CORPORATE
BONDS – (Continued) | |||||||||
|
Printing
& Publishing - 0.6% |
|
|
|
|
|
|
|||
|
Cimpress
PLC, 7.38%, 09/15/2032(a) |
|
|
|
|
$4,457,000
|
|
|
$4,259,789
| |
|
Real
Estate Development & Management - 0.9% |
|
|
|
|
|
|
|||
|
Cushman
& Wakefield US Borrower LLC, 8.88%, 09/01/2031(a) |
|
|
|
|
3,894,000
|
|
|
4,184,550
| |
|
Five
Point Operating Co. LP / Five Point Capital Corp., 10.50%, 01/15/2028(a)(b) |
|
|
|
|
2,841,070
|
|
|
2,892,184
| |
|
|
|
|
|
|
|
7,076,734
| |||
|
Recreation
& Travel - 2.0% |
|
|
|
|
|
|
|||
|
Boyne
USA, Inc., 4.75%, 05/15/2029(a) |
|
|
|
|
3,809,000
|
|
|
3,698,416
| |
|
Carnival
Corp., 6.13%, 02/15/2033(a) |
|
|
|
|
11,384,000
|
|
|
11,654,678
| |
|
|
|
|
|
|
|
15,353,094
| |||
|
Reinsurance
- 0.1% |
|
|
|
|
|
|
|||
|
Enstar
Group Ltd., 7.50% to 04/01/2035 then 5 yr. CMT Rate + 3.19%, 04/01/2045(a) |
|
|
|
|
875,000
|
|
|
902,255
| |
|
REITs
- 0.8% |
|
|
|
|
|
|
|||
|
Rithm
Capital Corp., 8.00%, 04/01/2029(a) |
|
|
|
|
2,416,000
|
|
|
2,442,738
| |
|
Service
Properties Trust, 8.63%, 11/15/2031(a) |
|
|
|
|
3,517,000
|
|
|
3,778,144
| |
|
|
|
|
|
|
|
6,220,882
| |||
|
Restaurants
- 1.0% |
|
|
|
|
|
|
|||
|
Papa
John’s International, Inc., 3.88%, 09/15/2029(a) |
|
|
|
|
3,912,000
|
|
|
3,818,261
| |
|
Raising
Cane’s Restaurants LLC, 9.38%, 05/01/2029(a) |
|
|
|
|
3,484,000
|
|
|
3,681,080
| |
|
|
|
|
|
|
|
7,499,341
| |||
|
Software/Services
- 3.5% |
|
|
|
|
|
|
|||
|
Boost
Newco Borrower LLC, 7.50%, 01/15/2031(a) |
|
|
|
|
3,741,000
|
|
|
3,973,784
| |
|
Central
Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029(a) |
|
|
|
|
6,484,000
|
|
|
5,367,788
| |
|
Consensus
Cloud Solutions, Inc., 6.50%, 10/15/2028(a) |
|
|
|
|
4,075,000
|
|
|
4,057,727
| |
|
Fortress
Intermediate 3, Inc., 7.50%, 06/01/2031(a) |
|
|
|
|
3,543,000
|
|
|
3,716,136
| |
|
UKG,
Inc., 6.88%, 02/01/2031(a) |
|
|
|
|
3,792,000
|
|
|
3,936,854
| |
|
Virtusa
Corp., 7.13%, 12/15/2028(a) |
|
|
|
|
2,518,000
|
|
|
2,401,992
| |
|
VM
Consolidated, Inc., 5.50%, 04/15/2029(a) |
|
|
|
|
3,868,000
|
|
|
3,800,122
| |
|
|
|
|
|
|
|
27,254,403
| |||
|
Specialty
Retail – 3.3% |
|
|
|
|
|
|
|||
|
Academy
Ltd., 6.00%, 11/15/2027(a) |
|
|
|
|
985,000
|
|
|
988,291
| |
|
Cougar
JV Subsidiary LLC, 8.00%, 05/15/2032(a) |
|
|
|
|
2,268,000
|
|
|
2,419,768
| |
|
LCM
Investments Holdings II LLC, 8.25%, 08/01/2031(a) |
|
|
|
|
3,332,000
|
|
|
3,545,308
| |
|
Lithia
Motors, Inc.,
4.38%, 01/15/2031(a)
|
|
|
|
|
4,140,000
|
|
|
3,939,436
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
PetSmart,
Inc. / PetSmart Finance Corp., 4.75%, 02/15/2028(a) |
|
|
|
|
$4,056,000
|
|
|
$3,958,714
| |
|
Sonic
Automotive, Inc., 4.88%, 11/15/2031(a) |
|
|
|
|
4,361,000
|
|
|
4,147,753
| |
|
Upbound
Group, Inc., 6.38%, 02/15/2029(a) |
|
|
|
|
2,831,000
|
|
|
2,803,972
| |
|
Wand
NewCo 3, Inc., 7.63%, 01/30/2032(a) |
|
|
|
|
3,905,000
|
|
|
4,107,392
| |
|
|
|
|
|
|
|
25,910,634
| |||
|
Steel
Producers/Products - 0.5% |
|
|
|
|
|||||
|
Calderys
Financing LLC, 11.25%, 06/01/2028(a) |
|
|
|
|
3,733,000
|
|
|
3,962,151
| |
|
Support-Services-
3.2% |
|
|
|
|
|
|
|||
|
Albion
Financing 1 SARL / Aggreko Holdings, Inc., 7.00%, 05/21/2030(a) |
|
|
|
|
3,873,000
|
|
|
3,962,185
| |
|
EquipmentShare.com,
Inc., 8.63%, 05/15/2032(a) |
|
|
|
|
3,825,000
|
|
|
4,069,570
| |
|
Herc
Holdings, Inc.,
7.25%, 06/15/2033(a)
|
|
|
|
|
5,767,000
|
|
|
6,046,418
| |
|
Matthews
International Corp., 8.63%, 10/01/2027(a) |
|
|
|
|
4,023,000
|
|
|
4,188,430
| |
|
Sotheby’s,
7.38%, 10/15/2027(a) |
|
|
|
|
80,000
|
|
|
79,479
| |
|
Sotheby’s/Bidfair
Holdings, Inc., 5.88%, 06/01/2029(a) |
|
|
|
|
2,516,000
|
|
|
2,278,293
| |
|
ZipRecruiter,
Inc., 5.00%, 01/15/2030(a) |
|
|
|
|
5,196,000
|
|
|
4,440,871
| |
|
|
|
|
|
|
|
25,065,246
| |||
|
Technology
Hardware & Equipment - 1.0% |
|
|
|
|
|
|
|||
|
Seagate
Data Storage Technology Pte Ltd., 8.50%, 07/15/2031(a) |
|
|
|
|
3,594,000
|
|
|
3,865,998
| |
|
Xerox
Holdings Corp., 8.88%, 11/30/2029(a) |
|
|
|
|
4,700,000
|
|
|
3,553,380
| |
|
|
|
|
|
|
|
7,419,378
| |||
|
Telecom
- Satellite - 0.4% |
|
|
|
|
|
|
|||
|
Telesat
Canada / Telesat LLC, 5.63%, 12/06/2026(a) |
|
|
|
|
5,575,000
|
|
|
3,372,875
| |
|
Telecom
- Wireline Integrated & Services - 0.3% |
|
|
|
|
|
|
|||
|
Frontier
Communications Holdings LLC, 8.63%, 03/15/2031(a) |
|
|
|
|
2,380,000
|
|
|
2,530,696
| |
|
Tobacco
- 0.5% |
|
|
|
|
|
|
|||
|
Turning
Point Brands, Inc., 7.63%, 03/15/2032(a) |
|
|
|
|
3,773,000
|
|
|
3,959,628
| |
|
TOTAL
CORPORATE BONDS
(Cost
$670,085,067) |
|
|
|
|
|
|
663,596,099
| ||
|
CONVERTIBLE
BONDS – 1.3% |
|
|
|
|
|
|
|||
|
Specialty
Retail – 1.3% Authentic Brands Group LLC, 5.00%, 09/01/2029 (Acquired 7/11/2013 - 4/1/2025,
Cost $29,694,225)(c)(d) |
|
|
|
|
9,962,745
|
|
|
9,962,745
| |
|
TOTAL
CONVERTIBLE BONDS
(Cost
$29,694,225) |
|
|
|
|
|
|
9,962,745
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
BANK
LOANS - 6.8% |
|
|
|
|
|
|
|||
|
Advertising
- 0.4% |
|
|
|
|
|
|
|||
|
AP
Core Holdings II LLC, 9.94% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 7/21/2021 - 2/10/2023, Cost $3,109,681)(d) |
|
|
|
|
$3,135,859
|
|
|
$2,834,597
| |
|
Building
Materials - 0.9% |
|
|
|
|
|
|
|||
|
Covia
Holdings LLC, First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 02/26/2032(d) |
|
|
|
|
3,939,001
|
|
|
3,957,061
| |
|
Foundation
Building Materials, Inc., First Lien, 8.32% (3 mo. Term SOFR + 4.00%), 01/29/2031 (Acquired 1/25/2024 - 1/31/2024, Cost $2,707,096)(d)
|
|
|
|
|
2,719,212
|
|
|
2,669,682
| |
|
|
|
|
|
|
|
6,626,743
| |||
|
Cable
& Satellite TV - 0.0%(f) |
|
|
|
|
|
|
|||
|
Directv
Financing LLC, First Lien, 9.54% (3 mo. Term SOFR + 5.00%), 08/02/2027 (Acquired 8/17/2022, Cost $298,491)(d) |
|
|
|
|
301,834
|
|
|
303,367
| |
|
Chemicals
- 1.0% |
|
|
|
|
|
|
|||
|
Fortis
333, Inc., First Lien, 7.80% (3 mo. Term SOFR + 3.50%), 04/02/2032(d)(e) |
|
|
|
|
6,907,000
|
|
|
6,914,563
| |
|
Mativ
Holdings, Inc., 8.19% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 2/23/2021, Cost $1,166,473)(d) |
|
|
|
|
1,178,256
|
|
|
1,172,365
| |
|
|
|
|
|
|
|
8,086,928
| |||
|
Diversified
Capital Goods - 0.8% |
|
|
|
|
|||||
|
Cleanova
US Holdings LLC, 9.08% (1 mo. Term SOFR + 4.75%), 05/24/2032(d) |
|
|
|
|
5,874,000
|
|
|
5,771,205
| |
|
Gas
Distribution - 0.5% |
|
|
|
|
|
|
|||
|
EPIC
Crude Services LP, First Lien, 7.30% (3 mo. Term SOFR + 3.00%), 10/15/2031 (Acquired 10/9/2024 - 10/11/2024, Cost $3,846,182)(d)
|
|
|
|
|
3,841,373
|
|
|
3,858,985
| |
|
Machinery
- 0.5% |
|
|
|
|
|
|
|||
|
TK
Elevator US Newco, Inc., First Lien, 7.24% (1 mo. Term SOFR + 3.00%), 04/30/2030(d) |
|
|
|
|
3,878,280
|
|
|
3,892,824
| |
|
Metals/Mining
Excluding Steel - 0.4% | |||||||||
|
Arsenal
AIC Parent LLC, First Lien, 7.08%
(1
mo. Term SOFR + 2.75%), 08/18/2030(d) |
|
|
|
|
2,770,020
|
|
|
2,771,405
| |
|
Oil
Field Equipment & Services - 0.1% | |||||||||
|
Iracore
International, Inc., 13.48%
(3
mo. SOFR US + 9.00%), 04/12/2026 (Acquired 4/13/2017, Cost $1,162,631)(c)(d) |
|
|
|
|
1,162,631
|
|
|
1,162,631
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Par |
|
|
Value |
|
Oil
Refining & Marketing - 0.5% | |||||||||
|
Par
Petroleum LLC, First Lien, 8.04% (3 mo. Term SOFR + 3.75%), 02/28/2030 (Acquired 2/14/2023, Cost $3,664,921)(d) |
|
|
|
|
$3,706,721
|
|
|
$3,681,256
| |
|
Personal
& Household Products - 0.5% | |||||||||
|
Journey
Personal Care Corp., 8.05% (1 mo. Term SOFR + 3.75%), 03/01/2028 (Acquired 2/19/2021, Cost $4,038,582)(d) |
|
|
|
|
4,058,876
|
|
|
4,065,634
| |
|
Restaurants
- 0.5% |
|
|
|
|
|
|
|||
|
Dave
& Buster’s, Inc., First Lien, 7.56% (3 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 8/2/2022 - 9/27/2024, Cost $4,141,394)(d)
|
|
|
|
|
4,177,306
|
|
|
4,059,067
| |
|
Specialty
Retail - 0.3% |
|
|
|
|
|
|
|||
|
Upbound
Group, Inc., First Lien, 7.04% (3 mo. Term SOFR + 2.75%), 02/17/2028 (Acquired 2/14/2023, Cost $1,928,988)(d) |
|
|
|
|
1,949,067
|
|
|
1,958,812
| |
|
Support-Services
- 0.4% |
|
|
|
|
|
|
|||
|
Summer
BC Holdco B SARL, First Lien, 9.56% (3 mo. Term SOFR + 5.00%), 02/15/2029(d) |
|
|
|
|
3,345,552
|
|
|
3,366,461
| |
|
TOTAL
BANK LOANS
(Cost
$52,568,135) |
|
|
|
|
|
|
52,439,915
| ||
|
|
|
|
|
Shares
|
|
|
|||
|
COMMON
STOCKS - 0.8% |
|
|
|
|
|
|
|||
|
Advertising
- 0.1% |
|
|
|
|
|
|
|||
|
National
CineMedia, Inc. |
|
|
|
|
207,497 |
|
|
1,005,323
| |
|
National
CineMedia, Inc. 5.75% (Acquired 8/17/2023, Cost $0)(c)(d)(g) |
|
|
|
|
6,230,000 |
|
|
0
| |
|
|
|
|
|
|
|
1,005,323
| |||
|
Metals/Mining
Excluding Steel - 0.0%(f) | |||||||||
|
Metals
Recovery Holdings LLC (Acquired 7/19/2012 - 12/10/2019, Cost $27,352,487)(c)(d)(g)(j) |
|
|
|
|
116,127 |
|
|
69,676
| |
|
Oil
Field Equipment & Services - 0.7% | |||||||||
|
Iracore
Investments Holdings, Inc. (Acquired 4/13/2017, Cost $4,753,500)(c)(d)(j) |
|
|
|
|
22,361 |
|
|
5,425,226
| |
|
TOTAL
COMMON STOCKS
(Cost
$34,041,142) |
|
|
|
|
|
|
6,500,225
| ||
|
CONVERTIBLE
PREFERRED STOCKS - 0.7% | |||||||||
|
Aerospace
& Defense - 0.7% |
|
|
|
|
|
|
|||
|
Boeing
Co., 6.00%, 10/15/2027 |
|
|
|
|
76,930 |
|
|
5,231,240
| |
|
TOTAL
CONVERTIBLE PREFERRED STOCKS
(Cost
$3,981,790) |
|
|
|
|
|
|
5,231,240 | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
REAL
ESTATE INVESTMENT TRUSTS - PREFERRED - 0.3% |
|
|
|
|
|
|
|||
|
Hotels
- 0.3% |
|
|
|
|
|
|
|||
|
Pebblebrook
Hotel Trust, Series F, 6.30%, Perpetual |
|
|
|
|
142,464
|
|
|
$2,500,243
| |
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - PREFERRED
(Cost
$2,806,383) |
|
|
|
|
|
|
2,500,243
| ||
|
SHORT-TERM
INVESTMENTS - 3.8% | |||||||||
|
Money
Market Funds - 2.2% |
|
|
|
|
|
|
|||
|
JPMorgan
US Government Money Market Fund - Class IM, 4.26%(h) |
|
|
|
|
16,905,895
|
|
|
16,905,895
| |
|
|
|
|
|
Par
|
|
|
|||
|
Time
Deposits - 1.6% |
|
|
|
|
|
|
|||
|
Citigroup,
Inc., 3.68%, 07/01/2025(i) |
|
|
|
|
$12,776,029
|
|
|
12,776,029
| |
|
Citigroup,
Inc., 3.68%, 07/01/2025(i) |
|
|
|
|
24,362
|
|
|
24,362
| |
|
Citigroup,
Inc., 0.86%, 07/01/2025(i) |
|
|
EUR
|
|
|
258
|
|
|
303
|
|
|
|
|
|
|
|
12,800,694
| |||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$29,706,587) |
|
|
|
|
|
|
29,706,589
| ||
|
TOTAL
INVESTMENTS - 99.2%
(Cost
$822,883,329) |
|
|
|
|
|
|
$769,937,056
| ||
|
Other
Assets in Excess of
Liabilities
- 0.8% |
|
|
|
|
|
|
5,987,109
| ||
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
|
|
$775,924,165 | ||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Security is exempt
from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions
exempt from registration to qualified institutional investors. As of June 30, 2025, the value of these securities total $623,958,293
or 80.4% of the Fund’s net assets. |
|
(b) |
Step coupon bond. The
rate disclosed is as of June 30, 2025. |
|
(c) |
Fair value determined
using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as
Valuation Designee. These securities represented $16,620,278 or 2.1% of net assets as of June 30, 2025. |
|
(d) |
Restricted security
purchased in a private placement transaction in which resale to the public may require registration. As of June 30, 2025, the value
of these securities total $67,897,562 or 8.8% of the Fund’s net assets. |
|
(e) |
Security or a portion
of the security purchased on a when-issued or delayed delivery basis. |
|
(f) |
Represents less than
0.05% of net assets. |
|
(g) |
Non-income producing
security. |
|
(h) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
(i) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
(j) |
Affiliated security
as defined by the Investment Company Act of 1940. See Note 5. |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value Fund |
|
|
Large Cap
Fundamental
Value Fund |
|
|
Mid-Cap
Value Fund |
|
|
Small Cap
Value Fund |
|
|
Small Cap
Diversified
Value Fund
|
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at value |
|
|
$81,368,860 |
|
|
$370,885,299 |
|
|
$383,881,892 |
|
|
$747,341,149 |
|
|
$740,545,017
|
|
Dividends
receivable |
|
|
124,428 |
|
|
661,059 |
|
|
514,935 |
|
|
295,339 |
|
|
801,196
|
|
Receivable
for fund shares sold |
|
|
43,828 |
|
|
136,129 |
|
|
15,477 |
|
|
848,411 |
|
|
377,388
|
|
Receivable
for investments sold |
|
|
29,527 |
|
|
1,884,366 |
|
|
3,414,684 |
|
|
230 |
|
|
—
|
|
Dividend
tax reclaims receivable |
|
|
6,666 |
|
|
20,431 |
|
|
20,850 |
|
|
2,834 |
|
|
2,363
|
|
Cash |
|
|
3,469 |
|
|
7,786 |
|
|
54,022 |
|
|
61,271 |
|
|
20,952
|
|
Securities
lending income receivable |
|
|
132 |
|
|
584 |
|
|
828 |
|
|
415 |
|
|
18,525
|
|
Interest
receivable |
|
|
111 |
|
|
196 |
|
|
2,399 |
|
|
1,916 |
|
|
1,552
|
|
Prepaid
expenses and other assets |
|
|
6,160 |
|
|
23,595 |
|
|
23,989 |
|
|
37,533 |
|
|
27,737
|
|
Total
assets |
|
|
$81,583,181 |
|
|
$373,619,445 |
|
|
$387,929,076 |
|
|
$748,589,098 |
|
|
$741,794,730
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
for investments purchased |
|
|
$413,618 |
|
|
$1,542,642 |
|
|
$3,693,784 |
|
|
$1,326,856 |
|
|
$—
|
|
Payable
upon return of securities loaned |
|
|
295,680 |
|
|
1,827,840 |
|
|
4,424,397 |
|
|
2,229,135 |
|
|
9,537,888
|
|
Payable
for distribution and shareholder servicing fees |
|
|
51,609 |
|
|
250,022 |
|
|
216,967 |
|
|
209,030 |
|
|
83,700
|
|
Payable
to Advisor |
|
|
29,391 |
|
|
202,722 |
|
|
229,646 |
|
|
407,090 |
|
|
339,902
|
|
Payable
for capital shares redeemed |
|
|
26,416 |
|
|
216,471 |
|
|
112,424 |
|
|
663,498 |
|
|
698,607
|
|
Payable
for audit fees |
|
|
19,439 |
|
|
25,854 |
|
|
25,857 |
|
|
27,662 |
|
|
25,659
|
|
Payable
for fund administration and accounting fees |
|
|
10,943 |
|
|
29,062 |
|
|
33,787 |
|
|
62,675 |
|
|
74,009
|
|
Payable
for custodian fees |
|
|
8,796 |
|
|
4,263 |
|
|
3,698 |
|
|
7,039 |
|
|
8,557
|
|
Payable
for printing and mailing |
|
|
5,230 |
|
|
8,984 |
|
|
12,298 |
|
|
36,480 |
|
|
18,489
|
|
Payable
for expenses and other liabilities |
|
|
8,294 |
|
|
30,567 |
|
|
19,326 |
|
|
29,422 |
|
|
25,487
|
|
Total
liabilities |
|
|
869,416 |
|
|
4,138,427 |
|
|
8,772,184 |
|
|
4,998,887 |
|
|
10,812,298
|
|
Commitments
and contingencies (Note 7) |
|
|
|
|
|
|
|
|
|
|
|||||
|
NET
ASSETS |
|
|
$80,713,765 |
|
|
$369,481,018 |
|
|
$379,156,892 |
|
|
$743,590,211 |
|
|
$730,982,432
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Capital
stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share) |
|
|
$2,676 |
|
|
$8,592 |
|
|
$7,108 |
|
|
$10,404 |
|
|
$62,948
|
|
Additional
paid-in capital |
|
|
71,329,473 |
|
|
297,805,626 |
|
|
522,776,130 |
|
|
739,758,396 |
|
|
772,477,450
|
|
Total
accumulated distributable earnings (losses) |
|
|
9,381,616 |
|
|
71,666,800 |
|
|
(143,626,346) |
|
|
3,821,411 |
|
|
(41,557,966)
|
|
Total
net assets |
|
|
$80,713,765 |
|
|
$369,481,018 |
|
|
$379,156,892 |
|
|
$743,590,211 |
|
|
$730,982,432
|
|
Class
A |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$36,257,786 |
|
|
$119,010,723 |
|
|
$109,620,837 |
|
|
$52,228,156 |
|
|
$40,858,424
|
|
Shares
issued and outstanding(a) |
|
|
1,198,677 |
|
|
2,781,039 |
|
|
2,082,197 |
|
|
735,375 |
|
|
3,552,599
|
|
Net
asset value per share |
|
|
$30.25 |
|
|
$42.79 |
|
|
$52.65 |
|
|
$71.02 |
|
|
$11.50
|
|
Max
offering price per share (Net asset value per share divided by 0.9475, 0.9475, 0.9475, 0.9475 and 0.9475)(1) |
|
|
$31.93 |
|
|
$45.16 |
|
|
$55.57 |
|
|
$74.96 |
|
|
$12.14
|
|
Class
C |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$3,316,823 |
|
|
$—
|
|
Shares
issued and outstanding(a) |
|
|
— |
|
|
— |
|
|
— |
|
|
63,473 |
|
|
—
|
|
Net
asset value per share |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$52.25 |
|
|
$—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value Fund |
|
|
Large Cap
Fundamental
Value Fund |
|
|
Mid-Cap
Value Fund |
|
|
Small Cap
Value Fund |
|
|
Small Cap
Diversified
Value Fund
|
|
Class
I |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$44,455,979 |
|
|
$239,356,636 |
|
|
$246,895,614 |
|
|
$641,873,561 |
|
|
$500,585,327
|
|
Shares
issued and outstanding(a) |
|
|
1,477,660 |
|
|
5,552,753 |
|
|
4,603,725 |
|
|
8,960,735 |
|
|
43,075,062
|
|
Net
asset value per share |
|
|
$30.09 |
|
|
$43.11 |
|
|
$53.63 |
|
|
$71.63 |
|
|
$11.62
|
|
Class
Z |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$— |
|
|
$11,113,659 |
|
|
$22,640,441 |
|
|
$46,171,671 |
|
|
$189,538,681
|
|
Shares
issued and outstanding(a) |
|
|
— |
|
|
257,833 |
|
|
422,075 |
|
|
644,189 |
|
|
16,320,358
|
|
Net
asset value per share |
|
|
$— |
|
|
$43.10 |
|
|
$53.64 |
|
|
$71.67 |
|
|
$11.61
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments,
at cost |
|
|
$67,863,955 |
|
|
$313,707,665 |
|
|
$384,431,339 |
|
|
$724,577,162 |
|
|
$777,078,377
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$289,443 |
|
|
$1,789,284 |
|
|
$4,330,407 |
|
|
$2,106,788 |
|
|
$9,320,584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized.
|
|
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
Value Fund |
|
|
International
Value Fund |
|
|
International
Small Cap
Diversified
Value Fund |
|
|
Value
Opportunities
Fund |
|
|
High Yield
Fund |
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities, at value |
|
|
$39,278,946 |
|
|
$4,962,824 |
|
|
$4,666,078 |
|
|
$717,987,201 |
|
|
$764,442,154
|
|
Investments
in affiliated securities, at
value |
|
|
— |
|
|
— |
|
|
— |
|
|
7,866,225 |
|
|
5,494,902
|
|
Receivable
for investments sold |
|
|
458,225 |
|
|
99 |
|
|
— |
|
|
2,705,135 |
|
|
1,278,779
|
|
Dividends
receivable |
|
|
84,417 |
|
|
9,128 |
|
|
8,867 |
|
|
796,154 |
|
|
56,095
|
|
Dividend
tax reclaims receivable |
|
|
40,433 |
|
|
12,690 |
|
|
20,703 |
|
|
325,879 |
|
|
2,106
|
|
Receivable
for fund shares sold |
|
|
14,980 |
|
|
50,578 |
|
|
— |
|
|
476,455 |
|
|
698,083
|
|
Cash |
|
|
3,366 |
|
|
803 |
|
|
146 |
|
|
39,095 |
|
|
49,544
|
|
Interest
receivable |
|
|
104 |
|
|
53 |
|
|
6 |
|
|
2,889 |
|
|
12,260,053
|
|
Foreign
currency, at value |
|
|
— |
|
|
6 |
|
|
7 |
|
|
429 |
|
|
—
|
|
Securities
lending income receivable |
|
|
— |
|
|
— |
|
|
— |
|
|
2,347 |
|
|
—
|
|
Receivable
from Advisor |
|
|
— |
|
|
10,124 |
|
|
15,823 |
|
|
— |
|
|
—
|
|
Prepaid
expenses and other assets |
|
|
3,990 |
|
|
1,656 |
|
|
2,812 |
|
|
21,715 |
|
|
45,304
|
|
Total
assets |
|
|
$39,884,461 |
|
|
$5,047,961 |
|
|
$4,714,442 |
|
|
$730,223,524 |
|
|
$784,327,020
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Payable
for audit fees |
|
|
$17,089 |
|
|
$14,760 |
|
|
$14,761 |
|
|
$31,636 |
|
|
$44,829
|
|
Payable
for fund administration and accounting fees |
|
|
11,551 |
|
|
12,258 |
|
|
21,448 |
|
|
50,544 |
|
|
69,281
|
|
Payable
for custodian fees |
|
|
7,318 |
|
|
5,512 |
|
|
8,306 |
|
|
11,118 |
|
|
8,394
|
|
Payable
to Advisor |
|
|
6,785 |
|
|
— |
|
|
— |
|
|
436,967 |
|
|
297,356
|
|
Payable
for distribution and shareholder servicing fees |
|
|
4,755 |
|
|
2 |
|
|
95 |
|
|
157,063 |
|
|
75,974
|
|
Payable
for printing and mailing |
|
|
2,820 |
|
|
2,187 |
|
|
2,288 |
|
|
7,536 |
|
|
11,501
|
|
Payable
for investments purchased |
|
|
1,367 |
|
|
215,653 |
|
|
— |
|
|
2,068,497 |
|
|
5,345,144
|
|
Payable
for capital shares redeemed |
|
|
1,000 |
|
|
— |
|
|
— |
|
|
342,166 |
|
|
1,425,364
|
|
Distributions
payable |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,102,900
|
|
Payable
upon return of securities loaned |
|
|
— |
|
|
— |
|
|
— |
|
|
1,962,150 |
|
|
—
|
|
Payable
for expenses and other liabilities |
|
|
2,886 |
|
|
1,968 |
|
|
2,108 |
|
|
31,176 |
|
|
22,112
|
|
Total
liabilities |
|
|
55,571 |
|
|
252,340 |
|
|
49,006 |
|
|
5,098,853 |
|
|
8,402,855
|
|
Commitments
and contingencies (Note 7) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$39,828,890 |
|
|
$4,795,621 |
|
|
$4,665,436 |
|
|
$725,124,671 |
|
|
$775,924,165
|
|
Net
Assets Consists of: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Capital
stock ($0.001, 0.001, 0.001, 0.001 and 0.001 per share) |
|
|
$2,524 |
|
|
$335 |
|
|
$414 |
|
|
$18,162 |
|
|
$72,582
|
|
Additional
paid-in capital |
|
|
30,949,780 |
|
|
3,539,159 |
|
|
3,981,021 |
|
|
613,738,698 |
|
|
1,219,416,282
|
|
Total
accumulated distributable earnings (losses) |
|
|
8,876,586 |
|
|
1,256,127 |
|
|
684,001 |
|
|
111,367,811 |
|
|
(443,564,699)
|
|
Total
net assets |
|
|
$39,828,890 |
|
|
$4,795,621 |
|
|
$4,665,436 |
|
|
$725,124,671 |
|
|
$775,924,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
Value Fund |
|
|
International
Value Fund |
|
|
International
Small Cap
Diversified
Value Fund |
|
|
Value
Opportunities
Fund |
|
|
High Yield
Fund |
|
Class
A |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$3,065,620 |
|
|
$— |
|
|
$— |
|
|
$100,387,560 |
|
|
$27,926,157
|
|
Shares
issued and outstanding(a) |
|
|
194,044 |
|
|
— |
|
|
— |
|
|
2,512,625 |
|
|
2,636,928
|
|
Net
asset value per share |
|
|
$15.80 |
|
|
$— |
|
|
$— |
|
|
$39.95 |
|
|
$10.59
|
|
Max
offering price per share (Net asset value per share divided by 0.9475, 0.9475 and 0.9625)(2) |
|
|
$16.68 |
|
|
$— |
|
|
$— |
|
|
$42.16 |
|
|
$11.00
|
|
Class
C |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$11,010,451 |
|
|
$—
|
|
Shares
issued and outstanding(a) |
|
|
— |
|
|
— |
|
|
— |
|
|
313,089 |
|
|
—
|
|
Net
asset value per share |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$35.17 |
|
|
$—
|
|
Class
I |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$36,763,270 |
|
|
$4,795,621 |
|
|
$4,665,436 |
|
|
$542,350,884 |
|
|
$449,664,825
|
|
Shares
issued and outstanding(a) |
|
|
2,329,667 |
|
|
334,901 |
|
|
413,981 |
|
|
13,554,422 |
|
|
42,042,049
|
|
Net
asset value per share |
|
|
$15.78 |
|
|
$14.32 |
|
|
$11.27 |
|
|
$40.01 |
|
|
$10.69
|
|
Class
Z |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
assets |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$71,375,776 |
|
|
$298,333,183
|
|
Shares
issued and outstanding(a) |
|
|
— |
|
|
— |
|
|
— |
|
|
1,782,223 |
|
|
27,902,949
|
|
Net
asset value per share |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$40.05 |
|
|
$10.69
|
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities,
at
cost |
|
|
$32,367,043 |
|
|
$3,994,538 |
|
|
$4,040,254 |
|
|
$618,208,848 |
|
|
$790,777,342
|
|
Investments
in affiliated securities,
at
cost |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$6,892,250 |
|
|
$32,105,987
|
|
Foreign
currency, at cost |
|
|
$— |
|
|
$6 |
|
|
$7 |
|
|
$429 |
|
|
$—
|
|
Loaned
Securities: |
|
|
|
|
|
|
|
|
|
|
|||||
|
at
value (included in investments) |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$1,923,375 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Unlimited shares authorized. |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value Fund |
|
|
Large Cap
Fundamental
Value Fund |
|
|
Mid-Cap
Value Fund |
|
|
Small Cap
Value Fund |
|
|
Small Cap
Diversified
Value Fund
|
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$2,247,905 |
|
|
$9,969,916 |
|
|
$8,986,206 |
|
|
$13,337,801 |
|
|
$18,914,748
|
|
Interest
income |
|
|
50,512 |
|
|
267,721 |
|
|
727,085 |
|
|
829,579 |
|
|
678,569
|
|
Securities
lending income |
|
|
6,340 |
|
|
26,502 |
|
|
31,764 |
|
|
27,115 |
|
|
136,363
|
|
Less:
Issuance fees |
|
|
(21,682) |
|
|
(78,459) |
|
|
(94,900) |
|
|
(68,597) |
|
|
—
|
|
Less:
Dividend withholding taxes |
|
|
(34,148) |
|
|
(132,406) |
|
|
(236,423) |
|
|
(169,683) |
|
|
(11,883)
|
|
Total
investment income |
|
|
2,248,927 |
|
|
10,053,274 |
|
|
9,413,732 |
|
|
13,956,215 |
|
|
19,717,797
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
669,465 |
|
|
2,655,820 |
|
|
3,090,577 |
|
|
5,979,435 |
|
|
5,322,032
|
|
Distribution
expenses - Class A |
|
|
99,917 |
|
|
318,042 |
|
|
289,048 |
|
|
134,033 |
|
|
118,462
|
|
Distribution
expenses - Class C |
|
|
— |
|
|
— |
|
|
— |
|
|
35,129 |
|
|
—
|
|
Fund
administration and accounting fees |
|
|
74,015 |
|
|
181,224 |
|
|
199,151 |
|
|
363,520 |
|
|
394,424
|
|
Shareholder
servicing costs - Class A |
|
|
25,941 |
|
|
105,834 |
|
|
93,480 |
|
|
40,687 |
|
|
48,669
|
|
Shareholder
servicing costs - Class I |
|
|
43,536 |
|
|
317,709 |
|
|
328,645 |
|
|
1,277,448 |
|
|
576,559
|
|
Shareholder
servicing costs - Class C |
|
|
— |
|
|
— |
|
|
— |
|
|
2,979 |
|
|
—
|
|
Federal
and state registration fees |
|
|
48,350 |
|
|
61,864 |
|
|
60,240 |
|
|
68,738 |
|
|
84,969
|
|
Transfer
agent fees |
|
|
21,933 |
|
|
120,159 |
|
|
69,630 |
|
|
63,932 |
|
|
66,846
|
|
Audit
fees |
|
|
19,448 |
|
|
25,938 |
|
|
25,916 |
|
|
27,838 |
|
|
25,885
|
|
Custodian
fees |
|
|
18,940 |
|
|
13,907 |
|
|
12,592 |
|
|
25,238 |
|
|
32,638
|
|
Trustees’
fees |
|
|
10,866 |
|
|
40,897 |
|
|
45,909 |
|
|
87,049 |
|
|
89,562
|
|
Reports
to shareholders |
|
|
9,564 |
|
|
20,842 |
|
|
24,726 |
|
|
68,114 |
|
|
42,329
|
|
Legal
fees |
|
|
8,926 |
|
|
34,596 |
|
|
38,077 |
|
|
72,502 |
|
|
74,784
|
|
Compliance
fees |
|
|
2,154 |
|
|
8,377 |
|
|
9,012 |
|
|
17,027 |
|
|
17,593
|
|
ReFlow
fees |
|
|
4,892 |
|
|
14,846 |
|
|
— |
|
|
132,463 |
|
|
122,209
|
|
Other
expenses and fees |
|
|
14,565 |
|
|
36,943 |
|
|
42,000 |
|
|
69,168 |
|
|
70,593
|
|
Total
expenses |
|
|
1,072,512 |
|
|
3,956,998 |
|
|
4,329,003 |
|
|
8,465,300 |
|
|
7,087,554
|
|
Expense
reimbursement by Advisor |
|
|
(202,601) |
|
|
(63,002) |
|
|
— |
|
|
(489,059) |
|
|
(387,375)
|
|
Net
expenses |
|
|
869,911 |
|
|
3,893,996 |
|
|
4,329,003 |
|
|
7,976,241 |
|
|
6,700,179
|
|
Net
investment income |
|
|
1,379,016 |
|
|
6,159,278 |
|
|
5,084,729 |
|
|
5,979,974 |
|
|
13,017,618
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
11,281,701 |
|
|
31,277,052 |
|
|
57,002,019 |
|
|
68,932,079 |
|
|
74,450,527
|
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
(2,168,037) |
|
|
—
|
|
Net
realized gain (loss) |
|
|
11,281,701 |
|
|
31,277,052 |
|
|
57,002,019 |
|
|
66,764,042 |
|
|
74,450,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value Fund |
|
|
Large Cap
Fundamental
Value Fund |
|
|
Mid-Cap
Value Fund |
|
|
Small Cap
Value Fund |
|
|
Small Cap
Diversified
Value Fund
|
|
Net
change in unrealized appreciation
(depreciation)
on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
$(2,603,363) |
|
|
$(2,149,291) |
|
|
$(56,805,824) |
|
|
$(58,877,463) |
|
|
$(81,525,089)
|
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,699,641) |
|
|
—
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(2,603,363) |
|
|
(2,149,291) |
|
|
(56,805,824) |
|
|
(70,577,104) |
|
|
(81,525,089)
|
|
Net
realized and unrealized gain (loss) |
|
|
8,678,338 |
|
|
29,127,761 |
|
|
196,195 |
|
|
(3,813,062) |
|
|
(7,074,562)
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
|
$10,057,354 |
|
|
$35,287,039 |
|
|
$5,280,924 |
|
|
$2,166,912 |
|
|
$5,943,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
Value Fund |
|
|
International
Value Fund |
|
|
International
Small Cap
Diversified
Value Fund |
|
|
Value
Opportunities
Fund |
|
|
High Yield
Fund |
|
INVESTMENT
INCOME: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Dividend
income |
|
|
$1,048,332 |
|
|
$147,998 |
|
|
$224,407 |
|
|
$14,545,419 |
|
|
$973,925
|
|
Interest
income |
|
|
40,605 |
|
|
6,466 |
|
|
5,840 |
|
|
981,661 |
|
|
59,569,068
|
|
Less:
Issuance fees |
|
|
(8,690) |
|
|
— |
|
|
— |
|
|
(260,995) |
|
|
—
|
|
Less:
Dividend withholding taxes |
|
|
(68,148) |
|
|
(16,468) |
|
|
(30,845) |
|
|
(737,584) |
|
|
—
|
|
Securities
lending income |
|
|
— |
|
|
— |
|
|
— |
|
|
63,757 |
|
|
—
|
|
Other
income |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
6,323
|
|
Total
investment income |
|
|
1,012,099 |
|
|
137,996 |
|
|
199,402 |
|
|
14,592,258 |
|
|
60,549,316
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investment
advisory fee |
|
|
283,590 |
|
|
30,756 |
|
|
46,231 |
|
|
5,074,719 |
|
|
4,822,510
|
|
Fund
administration and accounting fees |
|
|
75,681 |
|
|
75,255 |
|
|
127,176 |
|
|
304,744 |
|
|
430,664
|
|
Federal
and state registration fees |
|
|
33,005 |
|
|
20,818 |
|
|
20,929 |
|
|
70,676 |
|
|
68,763
|
|
Shareholder
servicing costs - Class A |
|
|
2,506 |
|
|
— |
|
|
— |
|
|
76,913 |
|
|
29,441
|
|
Shareholder
servicing costs - Class I |
|
|
22,853 |
|
|
24 |
|
|
646 |
|
|
461,427 |
|
|
783,683
|
|
Shareholder
servicing costs - Class C |
|
|
— |
|
|
— |
|
|
— |
|
|
6,840 |
|
|
—
|
|
Audit
fees |
|
|
17,098 |
|
|
14,761 |
|
|
14,762 |
|
|
31,789 |
|
|
45,047
|
|
Custodian
fees |
|
|
16,260 |
|
|
12,931 |
|
|
61,484 |
|
|
34,841 |
|
|
35,793
|
|
Distribution
expenses - Class A |
|
|
7,101 |
|
|
— |
|
|
— |
|
|
251,605 |
|
|
102,699
|
|
Distribution
expenses - Class C |
|
|
— |
|
|
— |
|
|
— |
|
|
113,137 |
|
|
—
|
|
Reports
to shareholders |
|
|
5,729 |
|
|
4,623 |
|
|
4,901 |
|
|
17,400 |
|
|
26,930
|
|
Trustees’
fees |
|
|
4,080 |
|
|
408 |
|
|
685 |
|
|
72,384 |
|
|
97,523
|
|
Legal
fees |
|
|
3,516 |
|
|
359 |
|
|
570 |
|
|
62,537 |
|
|
81,579
|
|
Transfer
agent fees |
|
|
2,707 |
|
|
326 |
|
|
397 |
|
|
52,376 |
|
|
52,055
|
|
Compliance
fees |
|
|
782 |
|
|
76 |
|
|
134 |
|
|
13,847 |
|
|
18,565
|
|
ReFlow
fees |
|
|
798 |
|
|
— |
|
|
— |
|
|
105,113 |
|
|
—
|
|
Other
expenses and fees |
|
|
9,810 |
|
|
6,482 |
|
|
7,489 |
|
|
83,789 |
|
|
78,250
|
|
Total
expenses |
|
|
485,516 |
|
|
166,819 |
|
|
285,404 |
|
|
6,834,137 |
|
|
6,673,502
|
|
Expense
reimbursement by Advisor |
|
|
(118,403) |
|
|
(130,247) |
|
|
(227,685) |
|
|
— |
|
|
(632,564)
|
|
Net
expenses |
|
|
367,113 |
|
|
36,572 |
|
|
57,719 |
|
|
6,834,137 |
|
|
6,040,938
|
|
Net
investment income |
|
|
644,986 |
|
|
101,424 |
|
|
141,683 |
|
|
7,758,121 |
|
|
54,508,378
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
|
|
|
|
|
|
|||||
|
Net
realized gain (loss) from: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
3,353,657 |
|
|
306,163 |
|
|
494,017 |
|
|
51,773,931 |
|
|
25,274
|
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(23,022,611)
|
|
Foreign
currency translation |
|
|
(9,763) |
|
|
(1,208) |
|
|
(13,323) |
|
|
(45,064) |
|
|
—
|
|
Net
realized gain (loss) |
|
|
3,343,894 |
|
|
304,955 |
|
|
480,694 |
|
|
51,728,867 |
|
|
(22,997,337)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
Value Fund |
|
|
International
Value Fund |
|
|
International
Small Cap
Diversified
Value Fund |
|
|
Value
Opportunities
Fund |
|
|
High Yield
Fund |
|
Net
change in unrealized appreciation
(depreciation)
on: |
|
|
|
|
|
|
|
|
|
|
|||||
|
Investments
in unaffiliated securities |
|
|
$1,668,076 |
|
|
$536,192 |
|
|
$157,844 |
|
|
$31,540,055 |
|
|
$19,038,100
|
|
Investments
in affiliated securities |
|
|
— |
|
|
— |
|
|
— |
|
|
(3,114,458) |
|
|
20,874,613
|
|
Foreign
currency translation |
|
|
3,648 |
|
|
1,390 |
|
|
2,357 |
|
|
18,489 |
|
|
(2)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
1,671,724 |
|
|
537,582 |
|
|
160,201 |
|
|
28,444,086 |
|
|
39,912,711
|
|
Net
realized and unrealized gain (loss) |
|
|
5,015,618 |
|
|
842,537 |
|
|
640,895 |
|
|
80,172,953 |
|
|
16,915,374
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
|
$5,660,604 |
|
|
$943,961 |
|
|
$782,578 |
|
|
$87,931,074 |
|
|
$71,423,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Large Cap
Disciplined
Value Fund |
|
|
Large Cap
Fundamental
Value Fund | ||||||
|
|
|
|
Year Ended
June 30, |
|
|
Year Ended
June 30, | ||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 | ||
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$1,379,016 |
|
|
$1,580,332 |
|
|
$6,159,278 |
|
|
$5,713,554
|
|
Net
realized gain (loss) |
|
|
11,281,701 |
|
|
11,554,657 |
|
|
31,277,052 |
|
|
42,903,297
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(2,603,363) |
|
|
4,763,619 |
|
|
(2,149,291) |
|
|
13,771,670
|
|
Net
increase (decrease) in net assets from operations |
|
|
10,057,354 |
|
|
17,898,608 |
|
|
35,287,039 |
|
|
62,388,521
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
earnings - Class A |
|
|
(949,154) |
|
|
(515,324) |
|
|
(13,129,045) |
|
|
(13,655,912)
|
|
From
return of capital - Class A |
|
|
(3,836,546) |
|
|
— |
|
|
— |
|
|
— |
|
From
earnings - Class C |
|
|
— |
|
|
(405) |
|
|
— |
|
|
(248,868)
|
|
From
earnings - Class I |
|
|
(1,456,722) |
|
|
(1,074,206) |
|
|
(25,452,648) |
|
|
(23,760,122)
|
|
From
return of capital - Class I |
|
|
(5,888,168) |
|
|
— |
|
|
— |
|
|
— |
|
From
earnings - Class Z |
|
|
— |
|
|
— |
|
|
(1,206,805) |
|
|
(1,348,885)
|
|
Total
distributions to shareholders |
|
|
(12,130,590) |
|
|
(1,589,935) |
|
|
(39,788,498) |
|
|
(39,013,787)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
1,092,363 |
|
|
4,964,393 |
|
|
3,846,318 |
|
|
12,354,535
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
1,919,741 |
|
|
231,304 |
|
|
6,308,628 |
|
|
6,271,287
|
|
Shares
redeemed - Class A |
|
|
(9,189,817) |
|
|
(3,361,175) |
|
|
(22,509,481) |
|
|
(28,817,685)
|
|
Shares
sold - Class C |
|
|
— |
|
|
7,021 |
|
|
— |
|
|
416,870
|
|
Shares
issued in reinvestment of distributions - Class C |
|
|
— |
|
|
378 |
|
|
— |
|
|
212,149
|
|
Shares
redeemed - Class C |
|
|
— |
|
|
(669,974) |
|
|
— |
|
|
(4,173,538)
|
|
Shares
sold - Class I |
|
|
8,285,638 |
|
|
23,905,326 |
|
|
59,119,226 |
|
|
20,488,087
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
6,934,702 |
|
|
1,024,253 |
|
|
23,064,893 |
|
|
21,421,902
|
|
Shares
redeemed - Class I |
|
|
(37,511,814) |
|
|
(13,414,369) |
|
|
(49,386,749) |
|
|
(65,819,036)
|
|
Shares
sold - Class Z |
|
|
— |
|
|
— |
|
|
11,336,544 |
|
|
1,038,182
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
— |
|
|
— |
|
|
1,176,751 |
|
|
1,325,184
|
|
Shares
redeemed - Class Z |
|
|
— |
|
|
— |
|
|
(14,430,183) |
|
|
(3,326,067)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(28,469,187) |
|
|
12,687,157 |
|
|
18,525,947 |
|
|
(38,608,130)
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
(30,542,423) |
|
|
28,995,830 |
|
|
14,024,488 |
|
|
(15,233,396)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
111,256,188 |
|
|
82,260,358 |
|
|
355,456,530 |
|
|
370,689,926
|
|
End
of the year |
|
|
$80,713,765 |
|
|
$111,256,188 |
|
|
$369,481,018 |
|
|
$355,456,530
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
34,910 |
|
|
178,257 |
|
|
89,288 |
|
|
297,593
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
63,758 |
|
|
8,485 |
|
|
146,508 |
|
|
164,990
|
|
Shares
redeemed - Class A |
|
|
(287,178) |
|
|
(116,676) |
|
|
(523,006) |
|
|
(700,337)
|
|
Shares
sold - Class C |
|
|
— |
|
|
246 |
|
|
— |
|
|
10,320
|
|
Shares
issued in reinvestment of distributions - Class C |
|
|
— |
|
|
14 |
|
|
— |
|
|
5,608
|
|
Shares
redeemed - Class C |
|
|
— |
|
|
(21,851) |
|
|
— |
|
|
(97,925)
|
|
Shares
sold - Class I |
|
|
279,725 |
|
|
868,645 |
|
|
1,336,372 |
|
|
495,689
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
231,930 |
|
|
37,795 |
|
|
532,431 |
|
|
560,489
|
|
Shares
redeemed - Class I |
|
|
(1,258,955) |
|
|
(464,149) |
|
|
(1,151,832) |
|
|
(1,564,616)
|
|
Shares
sold - Class Z |
|
|
— |
|
|
— |
|
|
280,964 |
|
|
25,240
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
— |
|
|
— |
|
|
27,183 |
|
|
34,700
|
|
Shares
redeemed - Class Z |
|
|
— |
|
|
— |
|
|
(347,381) |
|
|
(80,004)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(935,810) |
|
|
490,766 |
|
|
390,527 |
|
|
(848,253) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
41 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Mid-Cap Value
Fund |
|
|
Small Cap
Value Fund | ||||||
|
|
|
|
Year Ended
June 30, |
|
|
Year Ended
June 30, | ||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 | ||
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$5,084,729 |
|
|
$4,412,072 |
|
|
$5,979,974 |
|
|
$7,013,736
|
|
Net
realized gain (loss) |
|
|
57,002,019 |
|
|
50,976,014 |
|
|
66,764,042 |
|
|
26,851,340
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(56,805,824) |
|
|
12,864,828 |
|
|
(70,577,104) |
|
|
49,688,975
|
|
Net
increase (decrease) in net assets from operations |
|
|
5,280,924 |
|
|
68,252,914 |
|
|
2,166,912 |
|
|
83,554,051
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
earnings - Class A |
|
|
(1,166,692) |
|
|
(139,180) |
|
|
(4,268,106) |
|
|
(968,833)
|
|
From
earnings - Class C |
|
|
— |
|
|
— |
|
|
(350,542) |
|
|
(58,787)
|
|
From
earnings - Class I |
|
|
(3,038,308) |
|
|
(917,195) |
|
|
(57,064,006) |
|
|
(13,689,240)
|
|
From
earnings - Class Z |
|
|
(462,743) |
|
|
(146,894) |
|
|
(2,233,025) |
|
|
(314,039)
|
|
Total
distributions to shareholders |
|
|
(4,667,743) |
|
|
(1,203,269) |
|
|
(63,915,679) |
|
|
(15,030,899)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
3,086,593 |
|
|
11,946,705 |
|
|
12,436,053 |
|
|
12,079,750
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
647,278 |
|
|
70,312 |
|
|
3,548,899 |
|
|
810,594
|
|
Shares
redeemed - Class A |
|
|
(13,853,906) |
|
|
(31,135,070) |
|
|
(12,346,946) |
|
|
(15,695,609)
|
|
Shares
sold - Class C |
|
|
— |
|
|
302,017 |
|
|
1,033,252 |
|
|
1,418,105
|
|
Shares
issued in reinvestment of distributions - Class C |
|
|
— |
|
|
— |
|
|
275,924 |
|
|
45,139
|
|
Shares
redeemed - Class C |
|
|
— |
|
|
(5,503,934) |
|
|
(1,074,531) |
|
|
(375,691)
|
|
Shares
sold - Class I |
|
|
35,568,785 |
|
|
46,767,268 |
|
|
196,225,037 |
|
|
203,513,689
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
2,727,862 |
|
|
841,345 |
|
|
24,108,477 |
|
|
5,273,317
|
|
Shares
redeemed - Class I |
|
|
(67,200,836) |
|
|
(104,748,233) |
|
|
(221,067,354) |
|
|
(200,441,122)
|
|
Shares
sold - Class Z |
|
|
2,992,191 |
|
|
8,339,702 |
|
|
122,685,515 |
|
|
14,439,630
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
438,334 |
|
|
140,115 |
|
|
1,841,126 |
|
|
268,509
|
|
Shares
redeemed - Class Z |
|
|
(18,033,928) |
|
|
(7,002,936) |
|
|
(99,556,960) |
|
|
(3,703,081)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(53,627,627) |
|
|
(79,982,709) |
|
|
28,108,492 |
|
|
17,633,230
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
(53,014,446) |
|
|
(12,933,064) |
|
|
(33,640,275) |
|
|
86,156,382
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
432,171,338 |
|
|
445,104,402 |
|
|
777,230,486 |
|
|
691,074,104
|
|
End
of the year |
|
|
$379,156,892 |
|
|
$432,171,338 |
|
|
$743,590,211 |
|
|
$777,230,486
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
57,599 |
|
|
234,538 |
|
|
166,003 |
|
|
165,446
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
11,479 |
|
|
1,433 |
|
|
45,203 |
|
|
11,530
|
|
Shares
redeemed - Class A |
|
|
(259,901) |
|
|
(614,601) |
|
|
(166,659) |
|
|
(212,816)
|
|
Shares
sold - Class C |
|
|
— |
|
|
7,176 |
|
|
18,889 |
|
|
24,732
|
|
Shares
issued in reinvestment of distributions - Class C |
|
|
— |
|
|
— |
|
|
4,756 |
|
|
844
|
|
Shares
redeemed - Class C |
|
|
— |
|
|
(121,397) |
|
|
(20,189) |
|
|
(6,673)
|
|
Shares
sold - Class I |
|
|
653,132 |
|
|
910,020 |
|
|
2,601,482 |
|
|
2,781,820
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
47,540 |
|
|
16,857 |
|
|
304,823 |
|
|
74,524
|
|
Shares
redeemed - Class I |
|
|
(1,240,865) |
|
|
(2,021,150) |
|
|
(3,088,976) |
|
|
(2,707,515)
|
|
Shares
sold - Class Z |
|
|
55,588 |
|
|
162,880 |
|
|
1,701,130 |
|
|
194,945
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
7,643 |
|
|
2,808 |
|
|
23,288 |
|
|
3,796
|
|
Shares
redeemed - Class Z |
|
|
(331,577) |
|
|
(134,809) |
|
|
(1,393,244) |
|
|
(49,699)
|
|
Total
increase (decrease) in shares outstanding |
|
|
(999,362) |
|
|
(1,556,245) |
|
|
196,506 |
|
|
280,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
42 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Small Cap
Diversified
Value Fund |
|
|
Global Value
Fund | ||||||
|
|
|
|
Year Ended
June 30, |
|
|
Year Ended
June 30, | ||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 | ||
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$13,017,618 |
|
|
$12,024,753 |
|
|
$644,986 |
|
|
$574,151
|
|
Net
realized gain (loss) |
|
|
74,450,527 |
|
|
45,188,966 |
|
|
3,343,894 |
|
|
4,598,972
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(81,525,089) |
|
|
8,534,153 |
|
|
1,671,724 |
|
|
1,539,093
|
|
Net
increase (decrease) in net assets from operations |
|
|
5,943,056 |
|
|
65,747,872 |
|
|
5,660,604 |
|
|
6,712,216
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
earnings - Class A |
|
|
(3,145,029) |
|
|
(3,594,905) |
|
|
(367,047) |
|
|
(186,356)
|
|
From
earnings - Class I |
|
|
(34,284,965) |
|
|
(50,745,104) |
|
|
(4,731,507) |
|
|
(3,395,268)
|
|
From
earnings - Class Z |
|
|
(14,757,752) |
|
|
(10,165,739) |
|
|
— |
|
|
—
|
|
Total
distributions to shareholders |
|
|
(52,187,746) |
|
|
(64,505,748) |
|
|
(5,098,554) |
|
|
(3,581,624)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
16,556,903 |
|
|
19,506,115 |
|
|
474,554 |
|
|
1,232,247
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
1,800,882 |
|
|
2,270,482 |
|
|
360,952 |
|
|
183,319
|
|
Shares
redeemed - Class A |
|
|
(21,546,487) |
|
|
(11,141,173) |
|
|
(448,651) |
|
|
(546,970)
|
|
Shares
sold - Class I |
|
|
159,142,227 |
|
|
259,865,010 |
|
|
4,878,958 |
|
|
2,201,670
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
33,974,118 |
|
|
50,376,673 |
|
|
4,730,846 |
|
|
3,394,554
|
|
Shares
redeemed - Class I |
|
|
(214,507,415) |
|
|
(310,597,822) |
|
|
(8,309,853) |
|
|
(5,149,439)
|
|
Shares
sold - Class Z |
|
|
170,745,052 |
|
|
158,348,397 |
|
|
— |
|
|
—
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
13,366,643 |
|
|
8,369,184 |
|
|
— |
|
|
—
|
|
Shares
redeemed - Class Z |
|
|
(170,874,724) |
|
|
(54,981,292) |
|
|
— |
|
|
—
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
(11,342,801) |
|
|
122,015,574 |
|
|
1,686,806 |
|
|
1,315,381
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
(57,587,491) |
|
|
123,257,698 |
|
|
2,248,856 |
|
|
4,445,973
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
788,569,923 |
|
|
665,312,225 |
|
|
37,580,034 |
|
|
33,134,061
|
|
End
of the year |
|
|
$730,982,432 |
|
|
$788,569,923 |
|
|
$39,828,890 |
|
|
$37,580,034
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
1,361,276 |
|
|
1,612,238 |
|
|
30,108 |
|
|
84,895
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
137,999 |
|
|
198,295 |
|
|
24,892 |
|
|
13,284
|
|
Shares
redeemed - Class A |
|
|
(1,804,590) |
|
|
(926,759) |
|
|
(29,736) |
|
|
(36,729)
|
|
Shares
sold - Class I |
|
|
13,459,396 |
|
|
21,438,459 |
|
|
315,117 |
|
|
149,916
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
2,579,660 |
|
|
4,365,396 |
|
|
326,942 |
|
|
246,518
|
|
Shares
redeemed - Class I |
|
|
(18,221,822) |
|
|
(25,532,554) |
|
|
(555,469) |
|
|
(361,825)
|
|
Shares
sold - Class Z |
|
|
14,200,460 |
|
|
13,089,554 |
|
|
— |
|
|
—
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
1,016,475 |
|
|
725,862 |
|
|
— |
|
|
—
|
|
Shares
redeemed - Class Z |
|
|
(14,570,455) |
|
|
(4,495,635) |
|
|
— |
|
|
—
|
|
Total
increase (decrease) in shares outstanding |
|
|
(1,841,601) |
|
|
10,474,856 |
|
|
111,854 |
|
|
96,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
43 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
International
Value Fund |
|
|
International
Small Cap
Diversified
Value Fund | ||||||
|
|
|
|
Year Ended
June 30, |
|
|
Year Ended
June 30, | ||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 | ||
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$101,424 |
|
|
$93,392 |
|
|
$141,683 |
|
|
$177,087
|
|
Net
realized gain (loss) |
|
|
304,955 |
|
|
335,158 |
|
|
480,694 |
|
|
617,740
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
537,582 |
|
|
28,764 |
|
|
160,201 |
|
|
217,723
|
|
Net
increase (decrease) in net assets from operations |
|
|
943,961 |
|
|
457,314 |
|
|
782,578 |
|
|
1,012,550
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
earnings - Class I |
|
|
(443,946) |
|
|
(281,772) |
|
|
(1,110,034) |
|
|
(454,903)
|
|
Total
distributions to shareholders |
|
|
(443,946) |
|
|
(281,772) |
|
|
(1,110,034) |
|
|
(454,903)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class I |
|
|
526,631 |
|
|
183,444 |
|
|
1,527,190 |
|
|
644,280
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
247,522 |
|
|
153,363 |
|
|
1,110,034 |
|
|
256,223
|
|
Shares
redeemed - Class I |
|
|
(125,526) |
|
|
(175,678) |
|
|
(5,707,711) |
|
|
(1,967)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
648,627 |
|
|
161,129 |
|
|
(3,070,487) |
|
|
898,536
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
1,148,642 |
|
|
336,671 |
|
|
(3,397,943) |
|
|
1,456,183
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
3,646,979 |
|
|
3,310,308 |
|
|
8,063,379 |
|
|
6,607,196
|
|
End
of the year |
|
|
$4,795,621 |
|
|
$3,646,979 |
|
|
$4,665,436 |
|
|
$8,063,379
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class I |
|
|
39,140 |
|
|
14,834 |
|
|
122,951 |
|
|
52,106
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
21,191 |
|
|
13,301 |
|
|
114,910 |
|
|
23,125
|
|
Shares
redeemed - Class I |
|
|
(10,017) |
|
|
(14,358) |
|
|
(477,179) |
|
|
(178)
|
|
Total
increase (decrease) in shares outstanding |
|
|
50,314 |
|
|
13,777 |
|
|
(239,318) |
|
|
75,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
Value Opportunities
Fund |
|
|
High Yield
Fund | ||||||
|
|
|
|
Year Ended
June 30, |
|
|
Year Ended
June 30, | ||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 | ||
|
OPERATIONS: |
|
|
|
|
|
|
|
|
||||
|
Net
investment income (loss) |
|
|
$7,758,121 |
|
|
$7,781,440 |
|
|
$54,508,378 |
|
|
$57,759,466
|
|
Net
realized gain (loss) |
|
|
51,728,867 |
|
|
43,820,752 |
|
|
(22,997,337) |
|
|
(15,961,774)
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
28,444,086 |
|
|
53,086,894 |
|
|
39,912,711 |
|
|
43,654,850
|
|
Net
increase (decrease) in net assets from operations |
|
|
87,931,074 |
|
|
104,689,086 |
|
|
71,423,752 |
|
|
85,452,542
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
|
|
|
|
||||
|
From
earnings - Class A |
|
|
(9,254,885) |
|
|
(6,909,438) |
|
|
(2,452,990) |
|
|
(1,881,831)
|
|
From
earnings - Class C |
|
|
(1,084,233) |
|
|
(1,291,316) |
|
|
— |
|
|
(26,438)
|
|
From
earnings - Class I |
|
|
(45,016,051) |
|
|
(35,076,900) |
|
|
(40,110,586) |
|
|
(46,797,332)
|
|
From
earnings - Class Z |
|
|
(6,072,200) |
|
|
(4,681,561) |
|
|
(11,967,496) |
|
|
(9,044,130)
|
|
Total
distributions to shareholders |
|
|
(61,427,369) |
|
|
(47,959,215) |
|
|
(54,531,072) |
|
|
(57,749,731)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
16,922,004 |
|
|
24,515,551 |
|
|
3,335,967 |
|
|
34,357,084
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
7,426,079 |
|
|
5,379,603 |
|
|
1,469,725 |
|
|
1,447,611
|
|
Shares
redeemed - Class A |
|
|
(28,740,150) |
|
|
(18,270,560) |
|
|
(37,317,195) |
|
|
(6,154,737)
|
|
Shares
sold - Class C |
|
|
1,462,517 |
|
|
2,030,425 |
|
|
— |
|
|
85,322
|
|
Shares
issued in reinvestment of distributions - Class C |
|
|
908,024 |
|
|
1,124,178 |
|
|
— |
|
|
15,872
|
|
Shares
redeemed - Class C |
|
|
(3,864,595) |
|
|
(11,021,597) |
|
|
— |
|
|
(730,320)
|
|
Shares
sold - Class I |
|
|
124,625,492 |
|
|
143,022,217 |
|
|
155,886,483 |
|
|
231,355,976
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
25,896,915 |
|
|
18,468,178 |
|
|
29,067,903 |
|
|
30,647,327
|
|
Shares
redeemed - Class I |
|
|
(105,474,556) |
|
|
(110,212,686) |
|
|
(462,498,106) |
|
|
(293,513,157)
|
|
Shares
sold - Class Z |
|
|
67,952,997 |
|
|
3,893,477 |
|
|
267,331,607 |
|
|
18,474,009
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
6,072,194 |
|
|
4,681,561 |
|
|
5,687,877 |
|
|
6,365,197
|
|
Shares
redeemed - Class Z |
|
|
(67,674,672) |
|
|
(2,520,546) |
|
|
(101,729,300) |
|
|
(54,170,790)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
45,512,249 |
|
|
61,089,801 |
|
|
(138,765,039) |
|
|
(31,820,606)
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
72,015,954 |
|
|
117,819,672 |
|
|
(121,872,359) |
|
|
(4,117,795)
|
|
NET
ASSETS: |
|
|
|
|
|
|
|
|
||||
|
Beginning
of the year |
|
|
653,108,717 |
|
|
535,289,045 |
|
|
897,796,524 |
|
|
901,914,319
|
|
End
of the year |
|
|
$725,124,671 |
|
|
$653,108,717 |
|
|
$775,924,165 |
|
|
$897,796,524
|
|
SHARES
TRANSACTIONS |
|
|
|
|
|
|
|
|
||||
|
Shares
sold - Class A |
|
|
430,588 |
|
|
668,418 |
|
|
317,547 |
|
|
3,330,853
|
|
Shares
issued in reinvestment of distributions - Class A |
|
|
189,489 |
|
|
157,575 |
|
|
139,958 |
|
|
141,833
|
|
Shares
redeemed - Class A |
|
|
(733,263) |
|
|
(497,985) |
|
|
(3,528,416) |
|
|
(605,464)
|
|
Shares
sold - Class C |
|
|
42,431 |
|
|
62,553 |
|
|
— |
|
|
8,212
|
|
Shares
issued in reinvestment of distributions - Class C |
|
|
26,213 |
|
|
36,822 |
|
|
— |
|
|
1,545
|
|
Shares
redeemed - Class C |
|
|
(111,922) |
|
|
(335,448) |
|
|
— |
|
|
(70,284)
|
|
Shares
sold - Class I |
|
|
3,236,272 |
|
|
3,936,507 |
|
|
14,695,488 |
|
|
22,470,789
|
|
Shares
issued in reinvestment of distributions - Class I |
|
|
660,635 |
|
|
540,954 |
|
|
2,740,050 |
|
|
2,973,741
|
|
Shares
redeemed - Class I |
|
|
(2,697,336) |
|
|
(2,981,991) |
|
|
(43,725,422) |
|
|
(28,471,433)
|
|
Shares
sold - Class Z |
|
|
1,738,834 |
|
|
107,042 |
|
|
25,250,504 |
|
|
1,791,682
|
|
Shares
issued in reinvestment of distributions - Class Z |
|
|
154,903 |
|
|
137,088 |
|
|
536,909 |
|
|
618,600
|
|
Shares
redeemed - Class Z |
|
|
(1,731,611) |
|
|
(66,756) |
|
|
(9,796,197) |
|
|
(5,222,856) |
|
Total
increase (decrease) in shares outstanding |
|
|
1,205,233 |
|
|
1,764,779 |
|
|
(13,369,579) |
|
|
(3,032,782) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
Investment
operations |
|
|
Less distributions
from |
|
|
|
|
|
|
|
|
|
|
Supplemental
data and ratios | ||||||||||||||||||||||||||
|
For
the
year
ended |
|
|
Net
asset
value,
beginning
of year |
|
|
Net
investment
income
(loss)(a)(b) |
|
|
Net
realized
and
unrealized
gain (loss)
on
investments(c) |
|
|
Total from
investment
operations |
|
|
Net
investment
income |
|
|
Net
realized
gains |
|
|
Return
of
capital |
|
|
Total
distributions |
|
|
Net
asset
value,
end of
year |
|
|
Total
return |
|
|
Net
assets,
end of
year (in
thousands) |
|
|
Ratio of
expenses
to average
net assets
before
expense
reimbursement(d) |
|
|
Ratio of
expenses
to
average
net
assets
after
expense
reimbursement(d) |
|
|
Ratio of
net
investment
income
(loss) to
average
net
assets(d) |
|
|
Portfolio
turnover
rate |
|
Hotchkis
& Wiley Large Cap Disciplined Value Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$30.88 |
|
|
0.40 |
|
|
2.84 |
|
|
3.24 |
|
|
(0.77) |
|
|
— |
|
|
(3.10) |
|
|
(3.87) |
|
|
$30.25 |
|
|
10.55% |
|
|
$36,258 |
|
|
1.26% |
|
|
1.06%(e) |
|
|
1.31% |
|
|
34%
|
|
6/30/2024 |
|
|
$26.41 |
|
|
0.41 |
|
|
4.42 |
|
|
4.83 |
|
|
(0.36) |
|
|
— |
|
|
— |
|
|
(0.36) |
|
|
$30.88 |
|
|
18.48% |
|
|
$42,843 |
|
|
1.23% |
|
|
1.05% |
|
|
1.44% |
|
|
34%
|
|
6/30/2023 |
|
|
$22.84 |
|
|
0.27 |
|
|
3.50 |
|
|
3.77 |
|
|
(0.20) |
|
|
— |
|
|
— |
|
|
(0.20) |
|
|
$26.41 |
|
|
16.58% |
|
|
$34,785 |
|
|
1.25% |
|
|
1.05% |
|
|
1.10% |
|
|
26%
|
|
6/30/2022 |
|
|
$25.18 |
|
|
0.19 |
|
|
(2.30) |
|
|
(2.11) |
|
|
(0.23) |
|
|
— |
|
|
— |
|
|
(0.23) |
|
|
$22.84 |
|
|
−8.49% |
|
|
$32,489 |
|
|
1.22% |
|
|
1.05% |
|
|
0.72% |
|
|
28%
|
|
6/30/2021 |
|
|
$15.36 |
|
|
0.20 |
|
|
9.96 |
|
|
10.16 |
|
|
(0.34) |
|
|
— |
|
|
— |
|
|
(0.34) |
|
|
$25.18 |
|
|
66.74% |
|
|
$43,719 |
|
|
1.24% |
|
|
1.05% |
|
|
1.00% |
|
|
32%
|
|
Hotchkis
& Wiley Large Cap Disciplined Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$30.75 |
|
|
0.47 |
|
|
2.83 |
|
|
3.30 |
|
|
(0.79) |
|
|
— |
|
|
(3.17) |
|
|
(3.96) |
|
|
$30.09 |
|
|
10.81% |
|
|
$44,456 |
|
|
1.02% |
|
|
0.80% |
|
|
1.54% |
|
|
34%
|
|
6/30/2024 |
|
|
$26.31 |
|
|
0.48 |
|
|
4.41 |
|
|
4.89 |
|
|
(0.45) |
|
|
— |
|
|
— |
|
|
(0.45) |
|
|
$30.75 |
|
|
18.81% |
|
|
$68,413 |
|
|
1.01% |
|
|
0.80% |
|
|
1.67% |
|
|
34%
|
|
6/30/2023 |
|
|
$22.76 |
|
|
0.33 |
|
|
3.49 |
|
|
3.82 |
|
|
(0.27) |
|
|
— |
|
|
— |
|
|
(0.27) |
|
|
$26.31 |
|
|
16.88% |
|
|
$46,907 |
|
|
1.04% |
|
|
0.80% |
|
|
1.33% |
|
|
26%
|
|
6/30/2022 |
|
|
$25.09 |
|
|
0.25 |
|
|
(2.30) |
|
|
(2.05) |
|
|
(0.28) |
|
|
— |
|
|
— |
|
|
(0.28) |
|
|
$22.76 |
|
|
−8.27% |
|
|
$50,757 |
|
|
1.01% |
|
|
0.80% |
|
|
0.98% |
|
|
28%
|
|
6/30/2021 |
|
|
$15.31 |
|
|
0.25 |
|
|
9.92 |
|
|
10.17 |
|
|
(0.39) |
|
|
— |
|
|
— |
|
|
(0.39) |
|
|
$25.09 |
|
|
67.14% |
|
|
$63,906 |
|
|
1.03% |
|
|
0.80% |
|
|
1.24% |
|
|
32%
|
|
Hotchkis
& Wiley Large Cap Fundamental Value Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$43.16 |
|
|
0.63 |
|
|
3.55 |
|
|
4.18 |
|
|
(0.59) |
|
|
(3.96) |
|
|
— |
|
|
(4.55) |
|
|
$42.79 |
|
|
9.62% |
|
|
$119,011 |
|
|
1.18% |
|
|
1.18% |
|
|
1.46% |
|
|
40%
|
|
6/30/2024 |
|
|
$40.80 |
|
|
0.58 |
|
|
6.17 |
|
|
6.75 |
|
|
(0.58) |
|
|
(3.81) |
|
|
— |
|
|
(4.39) |
|
|
$43.16 |
|
|
18.03% |
|
|
$132,425 |
|
|
1.20% |
|
|
1.20% |
|
|
1.40% |
|
|
22%
|
|
6/30/2023 |
|
|
$38.66 |
|
|
0.46 |
|
|
4.84 |
|
|
5.30 |
|
|
(0.40) |
|
|
(2.76) |
|
|
— |
|
|
(3.16) |
|
|
$40.80 |
|
|
14.08% |
|
|
$134,901 |
|
|
1.20% |
|
|
1.20% |
|
|
1.14% |
|
|
26%
|
|
6/30/2022 |
|
|
$43.04 |
|
|
0.31 |
|
|
(4.38) |
|
|
(4.07) |
|
|
(0.31) |
|
|
— |
|
|
— |
|
|
(0.31) |
|
|
$38.66 |
|
|
−9.53% |
|
|
$150,260 |
|
|
1.18% |
|
|
1.18% |
|
|
0.71% |
|
|
35%
|
|
6/30/2021 |
|
|
$26.67 |
|
|
0.33 |
|
|
16.56 |
|
|
16.89 |
|
|
(0.52) |
|
|
— |
|
|
— |
|
|
(0.52) |
|
|
$43.04 |
|
|
63.82% |
|
|
$149,051 |
|
|
1.18% |
|
|
1.18% |
|
|
0.96% |
|
|
25%
|
|
Hotchkis
& Wiley Large Cap Fundamental Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$43.45 |
|
|
0.74 |
|
|
3.58 |
|
|
4.32 |
|
|
(0.70) |
|
|
(3.96) |
|
|
— |
|
|
(4.66) |
|
|
$43.11 |
|
|
9.89% |
|
|
$239,357 |
|
|
0.98% |
|
|
0.95% |
|
|
1.70% |
|
|
40%
|
|
6/30/2024 |
|
|
$41.06 |
|
|
0.68 |
|
|
6.21 |
|
|
6.89 |
|
|
(0.69) |
|
|
(3.81) |
|
|
— |
|
|
(4.50) |
|
|
$43.45 |
|
|
18.30% |
|
|
$210,124 |
|
|
0.98% |
|
|
0.95% |
|
|
1.63% |
|
|
22%
|
|
6/30/2023 |
|
|
$38.92 |
|
|
0.57 |
|
|
4.86 |
|
|
5.43 |
|
|
(0.53) |
|
|
(2.76) |
|
|
— |
|
|
(3.29) |
|
|
$41.06 |
|
|
14.35% |
|
|
$219,456 |
|
|
0.99% |
|
|
0.95% |
|
|
1.40% |
|
|
26%
|
|
6/30/2022 |
|
|
$43.29 |
|
|
0.41 |
|
|
(4.40) |
|
|
(3.99) |
|
|
(0.38) |
|
|
— |
|
|
— |
|
|
(0.38) |
|
|
$38.92 |
|
|
−9.31% |
|
|
$214,692 |
|
|
0.97% |
|
|
0.95% |
|
|
0.93% |
|
|
35%
|
|
6/30/2021 |
|
|
$26.81 |
|
|
0.41 |
|
|
16.64 |
|
|
17.05 |
|
|
(0.57) |
|
|
— |
|
|
— |
|
|
(0.57) |
|
|
$43.29 |
|
|
64.20% |
|
|
$293,318 |
|
|
0.98% |
|
|
0.95% |
|
|
1.19% |
|
|
25%
|
|
Hotchkis
& Wiley Large Cap Fundamental Value Fund - Class Z | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$43.45 |
|
|
0.77 |
|
|
3.59 |
|
|
4.36 |
|
|
(0.75) |
|
|
(3.96) |
|
|
— |
|
|
(4.71) |
|
|
$43.10 |
|
|
9.98% |
|
|
$11,114 |
|
|
0.85% |
|
|
0.85% |
|
|
1.78% |
|
|
40%
|
|
6/30/2024 |
|
|
$41.06 |
|
|
0.72 |
|
|
6.21 |
|
|
6.93 |
|
|
(0.73) |
|
|
(3.81) |
|
|
— |
|
|
(4.54) |
|
|
$43.45 |
|
|
18.42% |
|
|
$12,907 |
|
|
0.85% |
|
|
0.85% |
|
|
1.74% |
|
|
22%
|
|
6/30/2023 |
|
|
$38.92 |
|
|
0.54 |
|
|
4.93 |
|
|
5.47 |
|
|
(0.57) |
|
|
(2.76) |
|
|
— |
|
|
(3.33) |
|
|
$41.06 |
|
|
14.46% |
|
|
$13,023 |
|
|
0.87% |
|
|
0.87% |
|
|
1.34% |
|
|
26%
|
|
6/30/2022 |
|
|
$43.30 |
|
|
0.46 |
|
|
(4.40) |
|
|
(3.94) |
|
|
(0.44) |
|
|
— |
|
|
— |
|
|
(0.44) |
|
|
$38.92 |
|
|
−9.22% |
|
|
$35,081 |
|
|
0.86% |
|
|
0.86% |
|
|
1.07% |
|
|
35%
|
|
6/30/2021 |
|
|
$26.82 |
|
|
0.47 |
|
|
16.63 |
|
|
17.10 |
|
|
(0.62) |
|
|
— |
|
|
— |
|
|
(0.62) |
|
|
$43.30 |
|
|
64.34% |
|
|
$12,958 |
|
|
0.84% |
|
|
0.84% |
|
|
1.32% |
|
|
25%
|
|
Hotchkis
& Wiley Mid-Cap Value Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$52.62 |
|
|
0.58 |
|
|
(0.01) |
|
|
0.57 |
|
|
(0.54) |
|
|
— |
|
|
— |
|
|
(0.54) |
|
|
$52.65 |
|
|
1.01% |
|
|
$109,621 |
|
|
1.21% |
|
|
1.21% |
|
|
1.08% |
|
|
31%
|
|
6/30/2024 |
|
|
$45.55 |
|
|
0.40 |
|
|
6.73 |
|
|
7.13 |
|
|
(0.06) |
|
|
— |
|
|
— |
|
|
(0.06) |
|
|
$52.62 |
|
|
15.65% |
|
|
$119,610 |
|
|
1.20% |
|
|
1.20% |
|
|
0.80% |
|
|
28%
|
|
6/30/2023 |
|
|
$39.99 |
|
|
0.43 |
|
|
5.26 |
|
|
5.69 |
|
|
(0.13) |
|
|
— |
|
|
— |
|
|
(0.13) |
|
|
$45.55 |
|
|
14.24% |
|
|
$120,783 |
|
|
1.21% |
|
|
1.21% |
|
|
0.97% |
|
|
35%
|
|
6/30/2022 |
|
|
$41.52 |
|
|
0.13 |
|
|
(1.15) |
|
|
(1.02) |
|
|
(0.51) |
|
|
— |
|
|
— |
|
|
(0.51) |
|
|
$39.99 |
|
|
−2.54% |
|
|
$111,771 |
|
|
1.21% |
|
|
1.21% |
|
|
0.31% |
|
|
41%
|
|
6/30/2021 |
|
|
$21.93 |
|
|
0.43 |
|
|
19.87 |
|
|
20.30 |
|
|
(0.71) |
|
|
— |
|
|
— |
|
|
(0.71) |
|
|
$41.52 |
|
|
93.63% |
|
|
$118,947 |
|
|
1.23% |
|
|
1.23% |
|
|
1.35% |
|
|
37%
|
|
Hotchkis
& Wiley Mid-Cap Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$53.57 |
|
|
0.69 |
|
|
0.00(f) |
|
|
0.69 |
|
|
(0.63) |
|
|
— |
|
|
— |
|
|
(0.63) |
|
|
$53.63 |
|
|
1.21% |
|
|
$246,896 |
|
|
1.00% |
|
|
1.00% |
|
|
1.28% |
|
|
31%
|
|
6/30/2024 |
|
|
$46.37 |
|
|
0.51 |
|
|
6.84 |
|
|
7.35 |
|
|
(0.15) |
|
|
— |
|
|
— |
|
|
(0.15) |
|
|
$53.57 |
|
|
15.88% |
|
|
$275,563 |
|
|
1.00% |
|
|
1.00% |
|
|
1.00% |
|
|
28%
|
|
6/30/2023 |
|
|
$40.71 |
|
|
0.53 |
|
|
5.35 |
|
|
5.88 |
|
|
(0.22) |
|
|
— |
|
|
— |
|
|
(0.22) |
|
|
$46.37 |
|
|
14.47% |
|
|
$289,249 |
|
|
1.00% |
|
|
1.00% |
|
|
1.18% |
|
|
35%
|
|
6/30/2022 |
|
|
$42.23 |
|
|
0.22 |
|
|
(1.18) |
|
|
(0.96) |
|
|
(0.56) |
|
|
— |
|
|
— |
|
|
(0.56) |
|
|
$40.71 |
|
|
−2.34% |
|
|
$286,887 |
|
|
1.01% |
|
|
1.01% |
|
|
0.51% |
|
|
41%
|
|
6/30/2021 |
|
|
$22.27 |
|
|
0.48 |
|
|
20.20 |
|
|
20.68 |
|
|
(0.72) |
|
|
— |
|
|
— |
|
|
(0.72) |
|
|
$42.23 |
|
|
93.96% |
|
|
$302,584 |
|
|
1.04% |
|
|
1.04% |
|
|
1.50% |
|
|
37%
|
|
Hotchkis
& Wiley Mid-Cap Value Fund - Class Z | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$53.59 |
|
|
0.76 |
|
|
0.00(f) |
|
|
0.76 |
|
|
(0.71) |
|
|
— |
|
|
— |
|
|
(0.71) |
|
|
$53.64 |
|
|
1.33% |
|
|
$22,640 |
|
|
0.88% |
|
|
0.88% |
|
|
1.40% |
|
|
31%
|
|
6/30/2024 |
|
|
$46.38 |
|
|
0.58 |
|
|
6.85 |
|
|
7.43 |
|
|
(0.22) |
|
|
— |
|
|
— |
|
|
(0.22) |
|
|
$53.59 |
|
|
16.05% |
|
|
$36,998 |
|
|
0.88% |
|
|
0.88% |
|
|
1.14% |
|
|
28%
|
|
6/30/2023 |
|
|
$40.72 |
|
|
0.58 |
|
|
5.36 |
|
|
5.94 |
|
|
(0.28) |
|
|
— |
|
|
— |
|
|
(0.28) |
|
|
$46.38 |
|
|
14.60% |
|
|
$30,591 |
|
|
0.88% |
|
|
0.88% |
|
|
1.30% |
|
|
35%
|
|
6/30/2022 |
|
|
$42.25 |
|
|
0.29 |
|
|
(1.19) |
|
|
(0.90) |
|
|
(0.63) |
|
|
— |
|
|
— |
|
|
(0.63) |
|
|
$40.72 |
|
|
−2.23% |
|
|
$30,870 |
|
|
0.87% |
|
|
0.87% |
|
|
0.65% |
|
|
41%
|
|
6/30/2021 |
|
|
$22.26 |
|
|
0.56 |
|
|
20.19 |
|
|
20.75 |
|
|
(0.76) |
|
|
— |
|
|
— |
|
|
(0.76) |
|
|
$42.25 |
|
|
94.35% |
|
|
$22,879 |
|
|
0.88% |
|
|
0.88% |
|
|
1.75% |
|
|
37%
|
|
Hotchkis
& Wiley Small Cap Value Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$75.70 |
|
|
0.42 |
|
|
0.94 |
|
|
1.36 |
|
|
(0.64) |
|
|
(5.40) |
|
|
— |
|
|
(6.04) |
|
|
$71.02 |
|
|
1.04% |
|
|
$52,228 |
|
|
1.20% |
|
|
1.20% |
|
|
0.56% |
|
|
41%
|
|
6/30/2024 |
|
|
$69.26 |
|
|
0.52 |
|
|
7.28 |
|
|
7.80 |
|
|
(0.37) |
|
|
(0.99) |
|
|
— |
|
|
(1.36) |
|
|
$75.70 |
|
|
11.41% |
|
|
$52,298 |
|
|
1.20% |
|
|
1.20% |
|
|
0.70% |
|
|
45%
|
|
6/30/2023 |
|
|
$65.67 |
|
|
0.60 |
|
|
11.72 |
|
|
12.32 |
|
|
(0.34) |
|
|
(8.39) |
|
|
— |
|
|
(8.73) |
|
|
$69.26 |
|
|
19.49% |
|
|
$50,327 |
|
|
1.21% |
|
|
1.21% |
|
|
0.86% |
|
|
42%
|
|
6/30/2022 |
|
|
$68.24 |
|
|
0.16 |
|
|
(2.58) |
|
|
(2.42) |
|
|
(0.15) |
|
|
— |
|
|
— |
|
|
(0.15) |
|
|
$65.67 |
|
|
−3.56% |
|
|
$33,250 |
|
|
1.21% |
|
|
1.21% |
|
|
0.23% |
|
|
49%
|
|
6/30/2021 |
|
|
$38.03 |
|
|
0.14 |
|
|
30.41 |
|
|
30.55 |
|
|
(0.34) |
|
|
— |
|
|
— |
|
|
(0.34) |
|
|
$68.24 |
|
|
80.58% |
|
|
$35,039 |
|
|
1.25% |
|
|
1.25% |
|
|
0.27% |
|
|
36%
|
|
Hotchkis
& Wiley Small Cap Value Fund - Class C | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$57.33 |
|
|
(0.12) |
|
|
0.85 |
|
|
0.73 |
|
|
(0.41) |
|
|
(5.40) |
|
|
— |
|
|
(5.81) |
|
|
$52.25 |
|
|
0.28% |
|
|
$3,317 |
|
|
1.96% |
|
|
1.96% |
|
|
(0.22)% |
|
|
41%
|
|
6/30/2024 |
|
|
$53.05 |
|
|
(0.01) |
|
|
5.53 |
|
|
5.52 |
|
|
(0.25) |
|
|
(0.99) |
|
|
— |
|
|
(1.24) |
|
|
$57.33 |
|
|
10.60% |
|
|
$3,441 |
|
|
1.95% |
|
|
1.95% |
|
|
(0.02)% |
|
|
45%
|
|
6/30/2023 |
|
|
$52.23 |
|
|
0.08 |
|
|
9.21 |
|
|
9.29 |
|
|
(0.08) |
|
|
(8.39) |
|
|
— |
|
|
(8.47) |
|
|
$53.05 |
|
|
18.60% |
|
|
$2,181 |
|
|
1.96% |
|
|
1.96% |
|
|
0.15% |
|
|
42%
|
|
6/30/2022 |
|
|
$54.55 |
|
|
(0.27) |
|
|
(2.05) |
|
|
(2.32) |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
$52.23 |
|
|
−4.25% |
|
|
$1,157 |
|
|
1.94% |
|
|
1.94% |
|
|
(0.48)% |
|
|
49%
|
|
6/30/2021 |
|
|
$30.49 |
|
|
(0.19) |
|
|
24.33 |
|
|
24.14 |
|
|
(0.08) |
|
|
— |
|
|
— |
|
|
(0.08) |
|
|
$54.55 |
|
|
79.25% |
|
|
$2,026 |
|
|
1.99% |
|
|
1.99% |
|
|
(0.46)% |
|
|
36%
|
|
Hotchkis
& Wiley Small Cap Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$76.30 |
|
|
0.57 |
|
|
0.97 |
|
|
1.54 |
|
|
(0.81) |
|
|
(5.40) |
|
|
— |
|
|
(6.21) |
|
|
$71.63 |
|
|
1.25% |
|
|
$641,874 |
|
|
1.06% |
|
|
0.99%(e) |
|
|
0.76% |
|
|
41%
|
|
6/30/2024 |
|
|
$69.72 |
|
|
0.69 |
|
|
7.34 |
|
|
8.03 |
|
|
(0.46) |
|
|
(0.99) |
|
|
— |
|
|
(1.45) |
|
|
$76.30 |
|
|
11.68% |
|
|
$697,603 |
|
|
1.05% |
|
|
0.97% |
|
|
0.94% |
|
|
45%
|
|
6/30/2023 |
|
|
$66.00 |
|
|
0.74 |
|
|
11.79 |
|
|
12.53 |
|
|
(0.42) |
|
|
(8.39) |
|
|
— |
|
|
(8.81) |
|
|
$69.72 |
|
|
19.73% |
|
|
$627,132 |
|
|
1.06% |
|
|
1.01% |
|
|
1.07% |
|
|
42%
|
|
6/30/2022 |
|
|
$68.58 |
|
|
0.27 |
|
|
(2.59) |
|
|
(2.32) |
|
|
(0.26) |
|
|
— |
|
|
— |
|
|
(0.26) |
|
|
$66.00 |
|
|
−3.42% |
|
|
$510,545 |
|
|
1.06% |
|
|
1.06% |
|
|
0.38% |
|
|
49%
|
|
6/30/2021 |
|
|
$38.22 |
|
|
0.23 |
|
|
30.56 |
|
|
30.79 |
|
|
(0.43) |
|
|
— |
|
|
— |
|
|
(0.43) |
|
|
$68.58 |
|
|
80.88% |
|
|
$512,396 |
|
|
1.07% |
|
|
1.07% |
|
|
0.44% |
|
|
36% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
Investment
operations |
|
|
Less distributions
from |
|
|
|
|
|
|
|
|
|
|
Supplemental
data and ratios | ||||||||||||||||||||||||||
|
For
the
year
ended |
|
|
Net
asset
value,
beginning
of year |
|
|
Net
investment
income
(loss)(a)(b) |
|
|
Net
realized
and
unrealized
gain (loss)
on
investments(c) |
|
|
Total from
investment
operations |
|
|
Net
investment
income |
|
|
Net
realized
gains |
|
|
Return
of
capital |
|
|
Total
distributions |
|
|
Net
asset
value,
end of
year |
|
|
Total
return |
|
|
Net
assets,
end of
year (in
thousands) |
|
|
Ratio of
expenses
to average
net assets
before
expense
reimbursement(d) |
|
|
Ratio of
expenses
to
average
net
assets
after
expense
reimbursement(d) |
|
|
Ratio of
net
investment
income
(loss) to
average
net
assets(d) |
|
|
Portfolio
turnover
rate |
|
Hotchkis
& Wiley Small Cap Value Fund - Class Z | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$76.32 |
|
|
0.68 |
|
|
0.93 |
|
|
1.61 |
|
|
(0.86) |
|
|
(5.40) |
|
|
— |
|
|
(6.26) |
|
|
$71.67 |
|
|
1.35% |
|
|
$46,172 |
|
|
0.89% |
|
|
0.89% |
|
|
0.92% |
|
|
41%
|
|
6/30/2024 |
|
|
$69.73 |
|
|
0.81 |
|
|
7.30 |
|
|
8.11 |
|
|
(0.53) |
|
|
(0.99) |
|
|
— |
|
|
(1.52) |
|
|
$76.32 |
|
|
11.80% |
|
|
$23,889 |
|
|
0.86% |
|
|
0.86% |
|
|
1.08% |
|
|
45%
|
|
6/30/2023 |
|
|
$66.04 |
|
|
0.85 |
|
|
11.78 |
|
|
12.63 |
|
|
(0.55) |
|
|
(8.39) |
|
|
— |
|
|
(8.94) |
|
|
$69.73 |
|
|
19.90% |
|
|
$11,434 |
|
|
0.87% |
|
|
0.87% |
|
|
1.22% |
|
|
42%
|
|
6/30/2022 |
|
|
$68.62 |
|
|
0.42 |
|
|
(2.60) |
|
|
(2.18) |
|
|
(0.40) |
|
|
— |
|
|
— |
|
|
(0.40) |
|
|
$66.04 |
|
|
−3.22% |
|
|
$9,394 |
|
|
0.86% |
|
|
0.86% |
|
|
0.59% |
|
|
49%
|
|
6/30/2021 |
|
|
$38.23 |
|
|
0.35 |
|
|
30.55 |
|
|
30.90 |
|
|
(0.51) |
|
|
— |
|
|
— |
|
|
(0.51) |
|
|
$68.62 |
|
|
81.23% |
|
|
$10,246 |
|
|
0.87% |
|
|
0.87% |
|
|
0.65% |
|
|
36%
|
|
Hotchkis
& Wiley Small Cap Diversified Value Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$12.07 |
|
|
0.16 |
|
|
0.02 |
|
|
0.18 |
|
|
(0.08) |
|
|
(0.67) |
|
|
— |
|
|
(0.75) |
|
|
$11.50 |
|
|
0.75% |
|
|
$40,858 |
|
|
1.13% |
|
|
1.06%(e) |
|
|
1.34% |
|
|
60%
|
|
6/30/2024 |
|
|
$12.16 |
|
|
0.16 |
|
|
0.80 |
|
|
0.96 |
|
|
(0.18) |
|
|
(0.87) |
|
|
— |
|
|
(1.05) |
|
|
$12.07 |
|
|
8.33% |
|
|
$46,561 |
|
|
1.12% |
|
|
1.05% |
|
|
1.34% |
|
|
54%
|
|
6/30/2023 |
|
|
$11.83 |
|
|
0.18 |
|
|
1.22 |
|
|
1.40 |
|
|
(0.16) |
|
|
(0.91) |
|
|
— |
|
|
(1.07) |
|
|
$12.16 |
|
|
12.12% |
|
|
$36,173 |
|
|
1.14% |
|
|
1.05% |
|
|
1.54% |
|
|
52%
|
|
6/30/2022 |
|
|
$13.91 |
|
|
0.13 |
|
|
(1.36) |
|
|
(1.23) |
|
|
(0.12) |
|
|
(0.73) |
|
|
— |
|
|
(0.85) |
|
|
$11.83 |
|
|
−9.57% |
|
|
$5,839 |
|
|
1.15% |
|
|
1.05% |
|
|
0.98% |
|
|
38%
|
|
6/30/2021 |
|
|
$7.83 |
|
|
0.11 |
|
|
6.06 |
|
|
6.17 |
|
|
(0.09) |
|
|
— |
|
|
— |
|
|
(0.09) |
|
|
$13.91 |
|
|
79.09% |
|
|
$8,668 |
|
|
1.14% |
|
|
1.05% |
|
|
0.96% |
|
|
42%
|
|
Hotchkis
& Wiley Small Cap Diversified Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$12.18 |
|
|
0.20 |
|
|
0.02 |
|
|
0.22 |
|
|
(0.11) |
|
|
(0.67) |
|
|
— |
|
|
(0.78) |
|
|
$11.62 |
|
|
1.01% |
|
|
$500,585 |
|
|
0.88% |
|
|
0.81%(e) |
|
|
1.60% |
|
|
60%
|
|
6/30/2024 |
|
|
$12.26 |
|
|
0.19 |
|
|
0.80 |
|
|
0.99 |
|
|
(0.20) |
|
|
(0.87) |
|
|
— |
|
|
(1.07) |
|
|
$12.18 |
|
|
8.53% |
|
|
$551,237 |
|
|
0.86% |
|
|
0.80% |
|
|
1.59% |
|
|
54%
|
|
6/30/2023 |
|
|
$11.91 |
|
|
0.21 |
|
|
1.24 |
|
|
1.45 |
|
|
(0.19) |
|
|
(0.91) |
|
|
— |
|
|
(1.10) |
|
|
$12.26 |
|
|
12.47% |
|
|
$551,324 |
|
|
0.87% |
|
|
0.80% |
|
|
1.69% |
|
|
52%
|
|
6/30/2022 |
|
|
$13.99 |
|
|
0.17 |
|
|
(1.38) |
|
|
(1.21) |
|
|
(0.14) |
|
|
(0.73) |
|
|
— |
|
|
(0.87) |
|
|
$11.91 |
|
|
−9.34% |
|
|
$461,866 |
|
|
0.87% |
|
|
0.80% |
|
|
1.26% |
|
|
38%
|
|
6/30/2021 |
|
|
$7.88 |
|
|
0.14 |
|
|
6.07 |
|
|
6.21 |
|
|
(0.10) |
|
|
— |
|
|
— |
|
|
(0.10) |
|
|
$13.99 |
|
|
79.26% |
|
|
$427,708 |
|
|
0.87% |
|
|
0.80% |
|
|
1.21% |
|
|
42%
|
|
Hotchkis
& Wiley Small Cap Diversified Value Fund - Class Z | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$12.17 |
|
|
0.20 |
|
|
0.02 |
|
|
0.22 |
|
|
(0.11) |
|
|
(0.67) |
|
|
— |
|
|
(0.78) |
|
|
$11.61 |
|
|
1.06% |
|
|
$189,539 |
|
|
0.78% |
|
|
0.78% |
|
|
1.63% |
|
|
60%
|
|
6/30/2024 |
|
|
$12.25 |
|
|
0.20 |
|
|
0.79 |
|
|
0.99 |
|
|
(0.20) |
|
|
(0.87) |
|
|
— |
|
|
(1.07) |
|
|
$12.17 |
|
|
8.57% |
|
|
$190,772 |
|
|
0.76% |
|
|
0.76% |
|
|
1.64% |
|
|
54%
|
|
6/30/2023 |
|
|
$11.90 |
|
|
0.21 |
|
|
1.24 |
|
|
1.45 |
|
|
(0.19) |
|
|
(0.91) |
|
|
— |
|
|
(1.10) |
|
|
$12.25 |
|
|
12.54% |
|
|
$77,815 |
|
|
0.77% |
|
|
0.77% |
|
|
1.72% |
|
|
52%
|
|
6/30/2022 |
|
|
$13.99 |
|
|
0.18 |
|
|
(1.39) |
|
|
(1.21) |
|
|
(0.15) |
|
|
(0.73) |
|
|
— |
|
|
(0.88) |
|
|
$11.90 |
|
|
−9.38% |
|
|
$2,458 |
|
|
0.76% |
|
|
0.76% |
|
|
1.33% |
|
|
38%
|
|
6/30/2021 |
|
|
$7.87 |
|
|
0.15 |
|
|
6.07 |
|
|
6.22 |
|
|
(0.10) |
|
|
— |
|
|
— |
|
|
(0.10) |
|
|
$13.99 |
|
|
79.45% |
|
|
$1,186 |
|
|
0.77% |
|
|
0.77% |
|
|
1.25% |
|
|
42%
|
|
Hotchkis
& Wiley Global Value Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$15.60 |
|
|
0.23 |
|
|
2.03 |
|
|
2.26 |
|
|
(0.18) |
|
|
(1.88) |
|
|
— |
|
|
(2.06) |
|
|
$15.80 |
|
|
15.70% |
|
|
$3,066 |
|
|
1.54% |
|
|
1.20% |
|
|
1.50% |
|
|
51%
|
|
6/30/2024 |
|
|
$14.30 |
|
|
0.22 |
|
|
2.63 |
|
|
2.85 |
|
|
(0.21) |
|
|
(1.34) |
|
|
— |
|
|
(1.55) |
|
|
$15.60 |
|
|
21.33% |
|
|
$2,632 |
|
|
1.51% |
|
|
1.20% |
|
|
1.49% |
|
|
48%
|
|
6/30/2023 |
|
|
$12.63 |
|
|
0.13 |
|
|
2.00 |
|
|
2.13 |
|
|
(0.10) |
|
|
(0.36) |
|
|
— |
|
|
(0.46) |
|
|
$14.30 |
|
|
17.30% |
|
|
$1,535 |
|
|
1.50% |
|
|
1.20% |
|
|
0.96% |
|
|
39%
|
|
6/30/2022 |
|
|
$14.43 |
|
|
0.11 |
|
|
(1.84) |
|
|
(1.73) |
|
|
(0.07) |
|
|
— |
|
|
— |
|
|
(0.07) |
|
|
$12.63 |
|
|
−12.07% |
|
|
$1,290 |
|
|
1.46% |
|
|
1.20% |
|
|
0.73% |
|
|
38%
|
|
6/30/2021 |
|
|
$8.96 |
|
|
0.08 |
|
|
5.54 |
|
|
5.62 |
|
|
(0.15) |
|
|
— |
|
|
— |
|
|
(0.15) |
|
|
$14.43 |
|
|
63.05% |
|
|
$1,484 |
|
|
1.48% |
|
|
1.20% |
|
|
0.58% |
|
|
39%
|
|
Hotchkis
& Wiley Global Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$15.58 |
|
|
0.26 |
|
|
2.04 |
|
|
2.30 |
|
|
(0.22) |
|
|
(1.88) |
|
|
— |
|
|
(2.10) |
|
|
$15.78 |
|
|
16.00% |
|
|
$36,763 |
|
|
1.26% |
|
|
0.95% |
|
|
1.72% |
|
|
51%
|
|
6/30/2024 |
|
|
$14.31 |
|
|
0.25 |
|
|
2.62 |
|
|
2.87 |
|
|
(0.26) |
|
|
(1.34) |
|
|
— |
|
|
(1.60) |
|
|
$15.58 |
|
|
21.57% |
|
|
$34,948 |
|
|
1.24% |
|
|
0.95% |
|
|
1.66% |
|
|
48%
|
|
6/30/2023 |
|
|
$12.64 |
|
|
0.16 |
|
|
2.01 |
|
|
2.17 |
|
|
(0.14) |
|
|
(0.36) |
|
|
— |
|
|
(0.50) |
|
|
$14.31 |
|
|
17.61% |
|
|
$31,599 |
|
|
1.25% |
|
|
0.95% |
|
|
1.17% |
|
|
39%
|
|
6/30/2022 |
|
|
$14.44 |
|
|
0.14 |
|
|
(1.84) |
|
|
(1.70) |
|
|
(0.10) |
|
|
— |
|
|
— |
|
|
(0.10) |
|
|
$12.64 |
|
|
−11.86% |
|
|
$31,800 |
|
|
1.22% |
|
|
0.95% |
|
|
0.98% |
|
|
38%
|
|
6/30/2021 |
|
|
$8.96 |
|
|
0.10 |
|
|
5.56 |
|
|
5.66 |
|
|
(0.18) |
|
|
— |
|
|
— |
|
|
(0.18) |
|
|
$14.44 |
|
|
63.58% |
|
|
$36,025 |
|
|
1.29% |
|
|
0.95% |
|
|
0.83% |
|
|
39%
|
|
Hotchkis
& Wiley International Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$12.81 |
|
|
0.34 |
|
|
2.73 |
|
|
3.07 |
|
|
(0.29) |
|
|
(1.27) |
|
|
— |
|
|
(1.56) |
|
|
$14.32 |
|
|
26.60% |
|
|
$4,796 |
|
|
4.34% |
|
|
0.95% |
|
|
2.64% |
|
|
35%
|
|
6/30/2024 |
|
|
$12.22 |
|
|
0.33 |
|
|
1.27 |
|
|
1.60 |
|
|
(0.31) |
|
|
(0.70) |
|
|
— |
|
|
(1.01) |
|
|
$12.81 |
|
|
14.18% |
|
|
$3,647 |
|
|
4.57% |
|
|
0.95% |
|
|
2.66% |
|
|
35%
|
|
6/30/2023 |
|
|
$10.35 |
|
|
0.26 |
|
|
1.96 |
|
|
2.22 |
|
|
(0.23) |
|
|
(0.12) |
|
|
— |
|
|
(0.35) |
|
|
$12.22 |
|
|
21.88% |
|
|
$3,310 |
|
|
5.08% |
|
|
0.95% |
|
|
2.37% |
|
|
26%
|
|
6/30/2022 |
|
|
$11.66 |
|
|
0.27 |
|
|
(1.41) |
|
|
(1.14) |
|
|
(0.17) |
|
|
— |
|
|
— |
|
|
(0.17) |
|
|
$10.35 |
|
|
−9.82% |
|
|
$2,708 |
|
|
4.87% |
|
|
0.95% |
|
|
2.35% |
|
|
20%
|
|
6/30/2021 |
|
|
$7.59 |
|
|
0.15 |
|
|
4.04 |
|
|
4.19 |
|
|
(0.12) |
|
|
— |
|
|
— |
|
|
(0.12) |
|
|
$11.66 |
|
|
55.37% |
|
|
$2,554 |
|
|
5.13% |
|
|
0.95% |
|
|
1.56% |
|
|
29%
|
|
Hotchkis
& Wiley International Small Cap Diversified Value Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$12.34 |
|
|
0.28 |
|
|
1.67 |
|
|
1.95 |
|
|
(0.70) |
|
|
(2.32) |
|
|
— |
|
|
(3.02) |
|
|
$11.27 |
|
|
19.82% |
|
|
$4,665 |
|
|
4.94% |
|
|
1.00%(g) |
|
|
2.45% |
|
|
63% |
|
6/30/2024 |
|
|
$11.43 |
|
|
0.29 |
|
|
1.41 |
|
|
1.70 |
|
|
(0.51) |
|
|
(0.28) |
|
|
— |
|
|
(0.79) |
|
|
$12.34 |
|
|
15.63% |
|
|
$8,063 |
|
|
3.95% |
|
|
0.99% |
|
|
2.48% |
|
|
62%
|
|
6/30/2023 |
|
|
$10.29 |
|
|
0.29 |
|
|
1.41 |
|
|
1.70 |
|
|
(0.20) |
|
|
(0.36) |
|
|
— |
|
|
(0.56) |
|
|
$11.43 |
|
|
17.07% |
|
|
$6,607 |
|
|
4.59% |
|
|
0.99% |
|
|
2.72% |
|
|
78%
|
|
6/30/2022 |
|
|
$14.83 |
|
|
0.25 |
|
|
(2.01) |
|
|
(1.76) |
|
|
(0.39) |
|
|
(2.39) |
|
|
— |
|
|
(2.78) |
|
|
$10.29 |
|
|
−14.28% |
|
|
$5,709 |
|
|
4.23% |
|
|
0.99% |
|
|
1.92% |
|
|
45%
|
|
6/30/2021(h) |
|
|
$10.00 |
|
|
0.24 |
|
|
4.87 |
|
|
5.11 |
|
|
(0.08) |
|
|
(0.20) |
|
|
— |
|
|
(0.28) |
|
|
$14.83 |
|
|
51.58% |
|
|
$6,661 |
|
|
4.27% |
|
|
0.99% |
|
|
1.91% |
|
|
63%
|
|
Hotchkis
& Wiley Value Opportunities Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$38.56 |
|
|
0.37 |
|
|
4.69 |
|
|
5.06 |
|
|
(0.39) |
|
|
(3.28) |
|
|
— |
|
|
(3.67) |
|
|
$39.95 |
|
|
13.31% |
|
|
$100,388 |
|
|
1.20% |
|
|
1.20% |
|
|
0.93% |
|
|
78%
|
|
6/30/2024 |
|
|
$35.34 |
|
|
0.41 |
|
|
5.80 |
|
|
6.21 |
|
|
(0.29) |
|
|
(2.70) |
|
|
— |
|
|
(2.99) |
|
|
$38.56 |
|
|
18.68% |
|
|
$101,253 |
|
|
1.18% |
|
|
1.18% |
|
|
1.10% |
|
|
71%
|
|
6/30/2023 |
|
|
$29.09 |
|
|
0.26 |
|
|
6.75 |
|
|
7.01 |
|
|
(0.04) |
|
|
(0.72) |
|
|
— |
|
|
(0.76) |
|
|
$35.34 |
|
|
24.36% |
|
|
$81,197 |
|
|
1.21% |
|
|
1.21% |
|
|
0.80% |
|
|
88%
|
|
6/30/2022 |
|
|
$37.43 |
|
|
0.07 |
|
|
(3.68) |
|
|
(3.61) |
|
|
(0.36) |
|
|
(4.37) |
|
|
— |
|
|
(4.73) |
|
|
$29.09 |
|
|
−11.72% |
|
|
$70,350 |
|
|
1.20% |
|
|
1.20% |
|
|
0.19% |
|
|
75%
|
|
6/30/2021 |
|
|
$22.66 |
|
|
0.43 |
|
|
15.06 |
|
|
15.49 |
|
|
(0.72) |
|
|
— |
|
|
— |
|
|
(0.72) |
|
|
$37.43 |
|
|
69.24% |
|
|
$83,243 |
|
|
1.24% |
|
|
1.24% |
|
|
1.43% |
|
|
76%
|
|
Hotchkis
& Wiley Value Opportunities Fund - Class C | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$34.34 |
|
|
0.06 |
|
|
4.18 |
|
|
4.24 |
|
|
(0.13) |
|
|
(3.28) |
|
|
— |
|
|
(3.41) |
|
|
$35.17 |
|
|
12.50% |
|
|
$11,010 |
|
|
1.93% |
|
|
1.93% |
|
|
0.17% |
|
|
78%
|
|
6/30/2024 |
|
|
$31.76 |
|
|
0.12 |
|
|
5.20 |
|
|
5.32 |
|
|
(0.04) |
|
|
(2.70) |
|
|
— |
|
|
(2.74) |
|
|
$34.34 |
|
|
17.85% |
|
|
$12,237 |
|
|
1.90% |
|
|
1.90% |
|
|
0.35% |
|
|
71%
|
|
6/30/2023 |
|
|
$26.37 |
|
|
0.03 |
|
|
6.08 |
|
|
6.11 |
|
|
— |
|
|
(0.72) |
|
|
— |
|
|
(0.72) |
|
|
$31.76 |
|
|
23.44% |
|
|
$18,818 |
|
|
1.92% |
|
|
1.92% |
|
|
0.10% |
|
|
88%
|
|
6/30/2022 |
|
|
$34.31 |
|
|
(0.18) |
|
|
(3.31) |
|
|
(3.49) |
|
|
(0.08) |
|
|
(4.37) |
|
|
— |
|
|
(4.45) |
|
|
$26.37 |
|
|
−12.34% |
|
|
$19,575 |
|
|
1.91% |
|
|
1.91% |
|
|
(0.55)% |
|
|
75%
|
|
6/30/2021 |
|
|
$20.87 |
|
|
0.21 |
|
|
13.83 |
|
|
14.04 |
|
|
(0.60) |
|
|
— |
|
|
— |
|
|
(0.60) |
|
|
$34.31 |
|
|
68.05% |
|
|
$27,089 |
|
|
1.93% |
|
|
1.93% |
|
|
0.76% |
|
|
76%
|
|
Hotchkis
& Wiley Value Opportunities Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$38.61 |
|
|
0.47 |
|
|
4.70 |
|
|
5.17 |
|
|
(0.49) |
|
|
(3.28) |
|
|
— |
|
|
(3.77) |
|
|
$40.01 |
|
|
13.58% |
|
|
$542,351 |
|
|
0.97% |
|
|
0.97% |
|
|
1.19% |
|
|
78%
|
|
6/30/2024 |
|
|
$35.38 |
|
|
0.50 |
|
|
5.81 |
|
|
6.31 |
|
|
(0.38) |
|
|
(2.70) |
|
|
— |
|
|
(3.08) |
|
|
$38.61 |
|
|
18.97% |
|
|
$477,029 |
|
|
0.95% |
|
|
0.95% |
|
|
1.35% |
|
|
71%
|
|
6/30/2023 |
|
|
$29.09 |
|
|
0.35 |
|
|
6.74 |
|
|
7.09 |
|
|
(0.08) |
|
|
(0.72) |
|
|
— |
|
|
(0.80) |
|
|
$35.38 |
|
|
24.67% |
|
|
$384,206 |
|
|
0.96% |
|
|
0.96% |
|
|
1.05% |
|
|
88%
|
|
6/30/2022 |
|
|
$37.42 |
|
|
0.16 |
|
|
(3.67) |
|
|
(3.51) |
|
|
(0.45) |
|
|
(4.37) |
|
|
— |
|
|
(4.82) |
|
|
$29.09 |
|
|
−11.50% |
|
|
$326,559 |
|
|
0.94% |
|
|
0.94% |
|
|
0.44% |
|
|
75%
|
|
6/30/2021 |
|
|
$22.61 |
|
|
0.50 |
|
|
15.06 |
|
|
15.56 |
|
|
(0.75) |
|
|
— |
|
|
— |
|
|
(0.75) |
|
|
$37.42 |
|
|
69.77% |
|
|
$390,241 |
|
|
0.94% |
|
|
0.94% |
|
|
1.69% |
|
|
76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
|
|
Investment
operations |
|
|
Less distributions
from |
|
|
|
|
|
|
|
|
|
|
Supplemental
data and ratios | ||||||||||||||||||||||||||
|
For
the
year
ended |
|
|
Net
asset
value,
beginning
of year |
|
|
Net
investment
income
(loss)(a)(b) |
|
|
Net
realized
and
unrealized
gain (loss)
on
investments(c) |
|
|
Total from
investment
operations |
|
|
Net
investment
income |
|
|
Net
realized
gains |
|
|
Return
of
capital |
|
|
Total
distributions |
|
|
Net
asset
value,
end of
year |
|
|
Total
return |
|
|
Net
assets,
end of
year (in
thousands) |
|
|
Ratio of
expenses
to average
net assets
before
expense
reimbursement(d) |
|
|
Ratio of
expenses
to
average
net
assets
after
expense
reimbursement(d) |
|
|
Ratio of
net
investment
income
(loss) to
average
net
assets(d) |
|
|
Portfolio
turnover
rate |
|
Hotchkis
& Wiley Value Opportunities Fund - Class Z | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$38.63 |
|
|
0.50 |
|
|
4.71 |
|
|
5.21 |
|
|
(0.51) |
|
|
(3.28) |
|
|
— |
|
|
(3.79) |
|
|
$40.05 |
|
|
13.70% |
|
|
$71,376 |
|
|
0.88% |
|
|
0.88% |
|
|
1.28% |
|
|
78%
|
|
6/30/2024 |
|
|
$35.40 |
|
|
0.53 |
|
|
5.81 |
|
|
6.34 |
|
|
(0.41) |
|
|
(2.70) |
|
|
— |
|
|
(3.11) |
|
|
$38.63 |
|
|
19.06% |
|
|
$62,589 |
|
|
0.86% |
|
|
0.86% |
|
|
1.43% |
|
|
71%
|
|
6/30/2023 |
|
|
$29.09 |
|
|
0.38 |
|
|
6.74 |
|
|
7.12 |
|
|
(0.09) |
|
|
(0.72) |
|
|
— |
|
|
(0.81) |
|
|
$35.40 |
|
|
24.74% |
|
|
$51,068 |
|
|
0.87% |
|
|
0.87% |
|
|
1.14% |
|
|
88%
|
|
6/30/2022 |
|
|
$37.43 |
|
|
0.19 |
|
|
(3.68) |
|
|
(3.49) |
|
|
(0.48) |
|
|
(4.37) |
|
|
— |
|
|
(4.85) |
|
|
$29.09 |
|
|
−11.40% |
|
|
$40,582 |
|
|
0.86% |
|
|
0.86% |
|
|
0.52% |
|
|
75%
|
|
6/30/2021 |
|
|
$22.62 |
|
|
0.55 |
|
|
15.04 |
|
|
15.59 |
|
|
(0.78) |
|
|
— |
|
|
— |
|
|
(0.78) |
|
|
$37.43 |
|
|
69.86% |
|
|
$43,886 |
|
|
0.87% |
|
|
0.87% |
|
|
1.81% |
|
|
76%
|
|
Hotchkis
& Wiley High Yield Fund - Class A | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$10.35 |
|
|
0.63 |
|
|
0.24 |
|
|
0.87 |
|
|
(0.63) |
|
|
— |
|
|
— |
|
|
(0.63) |
|
|
$10.59 |
|
|
8.63% |
|
|
$27,917 |
|
|
0.98% |
|
|
0.91% |
|
|
5.97% |
|
|
41%
|
|
6/30/2024 |
|
|
$10.04 |
|
|
0.62 |
|
|
0.31 |
|
|
0.93 |
|
|
(0.62) |
|
|
— |
|
|
— |
|
|
(0.62) |
|
|
$10.35 |
|
|
9.48% |
|
|
$59,081 |
|
|
0.97% |
|
|
0.92% |
|
|
6.06% |
|
|
44%
|
|
6/30/2023 |
|
|
$9.75 |
|
|
0.55 |
|
|
0.29 |
|
|
0.84 |
|
|
(0.55) |
|
|
— |
|
|
— |
|
|
(0.55) |
|
|
$10.04 |
|
|
8.80% |
|
|
$28,521 |
|
|
0.98% |
|
|
0.92% |
|
|
5.52% |
|
|
36%
|
|
6/30/2022 |
|
|
$11.48 |
|
|
0.48 |
|
|
(1.73) |
|
|
(1.25) |
|
|
(0.48) |
|
|
— |
|
|
— |
|
|
(0.48) |
|
|
$9.75 |
|
|
−11.28% |
|
|
$29,066 |
|
|
0.98% |
|
|
0.93% |
|
|
4.33% |
|
|
40%
|
|
6/30/2021 |
|
|
$10.13 |
|
|
0.56 |
|
|
1.33 |
|
|
1.89 |
|
|
(0.54) |
|
|
— |
|
|
— |
|
|
(0.54) |
|
|
$11.48 |
|
|
19.09% |
|
|
$39,312 |
|
|
0.97% |
|
|
0.91% |
|
|
5.12% |
|
|
82%
|
|
Hotchkis
& Wiley High Yield Fund - Class I | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$10.45 |
|
|
0.65 |
|
|
0.25 |
|
|
0.90 |
|
|
(0.66) |
|
|
— |
|
|
— |
|
|
(0.66) |
|
|
$10.69 |
|
|
8.82% |
|
|
$449,519 |
|
|
0.78% |
|
|
0.70% |
|
|
6.18% |
|
|
41%
|
|
6/30/2024 |
|
|
$10.14 |
|
|
0.64 |
|
|
0.31 |
|
|
0.95 |
|
|
(0.64) |
|
|
— |
|
|
— |
|
|
(0.64) |
|
|
$10.45 |
|
|
9.68% |
|
|
$714,184 |
|
|
0.77% |
|
|
0.70% |
|
|
6.25% |
|
|
44%
|
|
6/30/2023 |
|
|
$9.83 |
|
|
0.57 |
|
|
0.31 |
|
|
0.88 |
|
|
(0.57) |
|
|
— |
|
|
— |
|
|
(0.57) |
|
|
$10.14 |
|
|
9.23% |
|
|
$723,548 |
|
|
0.77% |
|
|
0.70% |
|
|
5.73% |
|
|
36%
|
|
6/30/2022 |
|
|
$11.58 |
|
|
0.51 |
|
|
(1.75) |
|
|
(1.24) |
|
|
(0.51) |
|
|
— |
|
|
— |
|
|
(0.51) |
|
|
$9.83 |
|
|
−11.12% |
|
|
$642,934 |
|
|
0.77% |
|
|
0.70% |
|
|
4.56% |
|
|
40%
|
|
6/30/2021 |
|
|
$10.22 |
|
|
0.59 |
|
|
1.34 |
|
|
1.93 |
|
|
(0.57) |
|
|
— |
|
|
— |
|
|
(0.57) |
|
|
$11.58 |
|
|
19.32% |
|
|
$857,715 |
|
|
0.75% |
|
|
0.70% |
|
|
5.34% |
|
|
82%
|
|
Hotchkis
& Wiley High Yield Fund - Class Z | |||||||||||||||||||||||||||||||||||||||||||||
|
6/30/2025 |
|
|
$10.45 |
|
|
0.68 |
|
|
0.23 |
|
|
0.91 |
|
|
(0.67) |
|
|
— |
|
|
— |
|
|
(0.67) |
|
|
$10.69 |
|
|
8.94% |
|
|
$298,236 |
|
|
0.67% |
|
|
0.60% |
|
|
6.40% |
|
|
41%
|
|
6/30/2024 |
|
|
$10.14 |
|
|
0.65 |
|
|
0.31 |
|
|
0.96 |
|
|
(0.65) |
|
|
— |
|
|
— |
|
|
(0.65) |
|
|
$10.45 |
|
|
9.90% |
|
|
$124,439 |
|
|
0.65% |
|
|
0.60% |
|
|
6.34% |
|
|
44%
|
|
6/30/2023 |
|
|
$9.83 |
|
|
0.58 |
|
|
0.31 |
|
|
0.89 |
|
|
(0.58) |
|
|
— |
|
|
— |
|
|
(0.58) |
|
|
$10.14 |
|
|
9.23% |
|
|
$149,231 |
|
|
0.66% |
|
|
0.60% |
|
|
5.84% |
|
|
36%
|
|
6/30/2022 |
|
|
$11.58 |
|
|
0.52 |
|
|
(1.75) |
|
|
(1.23) |
|
|
(0.52) |
|
|
— |
|
|
— |
|
|
(0.52) |
|
|
$9.83 |
|
|
−11.04% |
|
|
$131,847 |
|
|
0.65% |
|
|
0.60% |
|
|
4.66% |
|
|
40%
|
|
6/30/2021 |
|
|
$10.22 |
|
|
0.61 |
|
|
1.33 |
|
|
1.94 |
|
|
(0.58) |
|
|
— |
|
|
— |
|
|
(0.58) |
|
|
$11.58 |
|
|
19.44% |
|
|
$211,034 |
|
|
0.65% |
|
|
0.60% |
|
|
5.56% |
|
|
82% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Recognition of net
investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which
the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. |
|
(b) |
Net investment income
(loss) per share has been calculated based on average shares outstanding during the years. |
|
(c) |
Realized and unrealized
gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.
|
|
(d) |
These ratios exclude
the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment
income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. |
|
(e) |
The ratio of expenses
to average net assets after expense reimbursement excluding ReFlow fees was 1.05% for Hotchkis & Wiley Large Cap Disciplined Value
Fund - Class A, 0.97% for Hotchkis & Wiley Small Cap Value Fund - Class I, 1.05% for Hotchkis & Wiley Small Cap Diversified Value
Fund - Class A and 0.80% for Hotchkis & Wiley Small Cap Diversified Value Fund - Class I. |
|
(f) |
Amount represents less
than $0.005 per share. |
|
(g) |
The ratio of expenses
to average net assets after expense reimbursement excluding overdraft fees was 0.99%. |
|
(h) |
Period from June 30,
2020 (commencement of operations) to June 30, 2021. |
|
|
|
48 |
|
|
|
|
|
49 |
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$79,972,669 |
|
|
$— |
|
|
$— |
|
|
$79,972,669
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
295,680 |
|
|
— |
|
|
— |
|
|
295,680
|
|
Time
Deposits |
|
|
— |
|
|
1,100,511 |
|
|
— |
|
|
1,100,511
|
|
Total
Investments |
|
|
$80,268,349 |
|
|
$1,100,511 |
|
|
$— |
|
|
$81,368,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$367,115,413 |
|
|
$— |
|
|
$— |
|
|
$367,115,413
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
1,827,840 |
|
|
— |
|
|
— |
|
|
1,827,840
|
|
Time
Deposits |
|
|
— |
|
|
1,942,046 |
|
|
— |
|
|
1,942,046
|
|
Total
Investments |
|
|
$368,943,253 |
|
|
$1,942,046 |
|
|
$— |
|
|
$370,885,299 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$358,166,214 |
|
|
$— |
|
|
$— |
|
|
$358,166,214
|
|
Real
Estate Investment Trusts - Common |
|
|
1,614,384 |
|
|
— |
|
|
— |
|
|
1,614,384
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
4,424,397 |
|
|
— |
|
|
— |
|
|
4,424,397
|
|
Time
Deposits |
|
|
— |
|
|
19,676,897 |
|
|
— |
|
|
19,676,897
|
|
Total
Investments |
|
|
$364,204,995 |
|
|
$19,676,897 |
|
|
$— |
|
|
$383,881,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$723,659,485 |
|
|
$— |
|
|
$— |
|
|
$723,659,485
|
|
Real
Estate Investment Trusts - Common |
|
|
2,446,167 |
|
|
— |
|
|
— |
|
|
2,446,167
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
2,229,135 |
|
|
— |
|
|
— |
|
|
2,229,135
|
|
Time
Deposits |
|
|
— |
|
|
19,006,362 |
|
|
— |
|
|
19,006,362
|
|
Total
Investments |
|
|
$728,334,787 |
|
|
$19,006,362 |
|
|
$— |
|
|
$747,341,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$693,865,287 |
|
|
$— |
|
|
$— |
|
|
$693,865,287
|
|
Real
Estate Investment Trusts - Common |
|
|
21,749,805 |
|
|
— |
|
|
— |
|
|
21,749,805
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
9,537,888 |
|
|
— |
|
|
— |
|
|
9,537,888
|
|
Time
Deposits |
|
|
— |
|
|
15,392,037 |
|
|
— |
|
|
15,392,037
|
|
Total
Investments |
|
|
$725,152,980 |
|
|
$15,392,037 |
|
|
$— |
|
|
$740,545,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$26,950,817 |
|
|
$11,003,158 |
|
|
$— |
|
|
$37,953,975
|
|
Preferred
Stocks |
|
|
— |
|
|
315,575 |
|
|
— |
|
|
315,575
|
|
Time
Deposits |
|
|
— |
|
|
1,009,396 |
|
|
— |
|
|
1,009,396
|
|
Total
Investments |
|
|
$26,950,817 |
|
|
$12,328,129 |
|
|
$— |
|
|
$39,278,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$470,613 |
|
|
$3,997,539 |
|
|
$— |
|
|
$4,468,152
|
|
Preferred
Stocks |
|
|
— |
|
|
42,437 |
|
|
— |
|
|
42,437
|
|
Time
Deposits |
|
|
— |
|
|
452,235 |
|
|
— |
|
|
452,235
|
|
Total
Investments |
|
|
$470,613 |
|
|
$4,492,211 |
|
|
$— |
|
|
$4,962,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$618,735 |
|
|
$3,881,965 |
|
|
$— |
|
|
$4,500,700
|
|
Real
Estate Investment Trusts - Common |
|
|
69,939 |
|
|
38,072 |
|
|
— |
|
|
108,011
|
|
Time
Deposits |
|
|
— |
|
|
57,367 |
|
|
— |
|
|
57,367
|
|
Total
Investments |
|
|
$688,674 |
|
|
$3,977,404 |
|
|
$— |
|
|
$4,666,078 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Common
Stocks |
|
|
$599,185,123 |
|
|
$79,592,995 |
|
|
$8,866,693 |
|
|
$687,644,811
|
|
Exchange
Traded Funds |
|
|
12,913,212 |
|
|
— |
|
|
— |
|
|
12,913,212
|
|
Preferred
Stocks |
|
|
3,062,307 |
|
|
— |
|
|
— |
|
|
3,062,307
|
|
Bank
Loans |
|
|
— |
|
|
1,079,915 |
|
|
1,685,735 |
|
|
2,765,650
|
|
Real
Estate Investment Trusts - Common |
|
|
946,176 |
|
|
— |
|
|
— |
|
|
946,176
|
|
Investments
Purchased with Proceeds from Securities Lending |
|
|
1,962,150 |
|
|
— |
|
|
— |
|
|
1,962,150
|
|
Time
Deposits |
|
|
— |
|
|
16,559,120 |
|
|
— |
|
|
16,559,120
|
|
Total
Investments |
|
|
$618,068,968 |
|
|
$97,232,030 |
|
|
$10,552,428 |
|
|
$725,853,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Investments: |
|
|
|
|
|
|
|
|
||||
|
Corporate
Bonds |
|
|
$— |
|
|
$663,596,099 |
|
|
$— |
|
|
$663,596,099
|
|
Convertible
Bonds |
|
|
— |
|
|
— |
|
|
9,962,745 |
|
|
9,962,745
|
|
Bank
Loans |
|
|
— |
|
|
51,277,284 |
|
|
1,162,631 |
|
|
52,439,915
|
|
Common
Stocks |
|
|
1,005,323 |
|
|
— |
|
|
5,494,902 |
|
|
6,500,225
|
|
Convertible
Preferred Stocks |
|
|
5,231,240 |
|
|
— |
|
|
— |
|
|
5,231,240
|
|
Real
Estate Investment Trusts - Preferred |
|
|
2,500,243 |
|
|
— |
|
|
— |
|
|
2,500,243
|
|
Money
Market Funds |
|
|
16,905,895 |
|
|
— |
|
|
— |
|
|
16,905,895
|
|
Time
Deposits |
|
|
— |
|
|
12,800,694 |
|
|
— |
|
|
12,800,694
|
|
Total
Investments |
|
|
$25,642,701 |
|
|
$727,674,077 |
|
|
$16,620,278 |
|
|
$769,937,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
at
June 30,
2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Inputs |
|
|
Input Values
(Weighted
Average)* |
|
|
Impact to
Valuation
from an
Increase
to Input |
|
Value
Opportunities |
|
|
|
|
|
|
|
|
|
|
|||||
|
Common
Stocks |
|
|
$4,225 |
|
|
Estimated recovery
value |
|
|
Probability of
asset recovery |
|
|
$0.60 |
|
|
Increase |
|
|
|
8,862,467 |
|
|
Market comparable
companies |
|
|
EBIT multiple |
|
|
8.9x - 10.2x (10.1x) |
|
|
Increase | |
|
Total
Common Stocks |
|
|
8,866,692 |
|
|
|
|
|
|
|
|
||||
|
Bank
Loans |
|
|
1,685,735 |
|
|
Market comparable
securities |
|
|
N/A |
|
|
$100.00 |
|
|
Increase |
|
|
|
$10,552,427 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
52 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value
at
June 30,
2025 |
|
|
Valuation
Techniques |
|
|
Unobservable
Inputs |
|
|
Input Values
(Weighted
Average)* |
|
|
Impact to
Valuation
from an
Increase
to Input |
|
High
Yield |
|
|
|
|
|
|
|
|
|
|
|||||
|
Bank
Loans |
|
|
$1,162,631 |
|
|
Market comparable
securities |
|
|
N/A |
|
|
$100.00 |
|
|
Increase |
|
Convertible
Bonds |
|
|
9,962,745 |
|
|
Estimated recovery
value |
|
|
Probability of
asset recovery |
|
|
$100.00 |
|
|
Increase |
|
Common
Stocks |
|
|
69,676 |
|
|
Estimated recovery
value |
|
|
Probability of
asset recovery |
|
|
$0.00 - $0.60 ($0.60) |
|
|
Increase |
|
|
|
5,425,226 |
|
|
Market comparable
companies |
|
|
EBIT multiple |
|
|
10.2x |
|
|
Increase | |
|
Total
Common Stocks |
|
|
5,494,902 |
|
|
|
|
|
|
|
|
||||
|
|
|
$16,620,278 |
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Unobservable inputs were weighted by the fair value
of the investments. |
|
|
|
|
| ||||||
|
|
|
|
Value Opportunities
| ||||||
|
|
|
|
Common Stocks |
|
|
Bank Loans |
|
|
Total |
|
Balance
at June 30, 2024 |
|
|
$10,984,908 |
|
|
$2,649,013 |
|
|
$13,633,921
|
|
Purchases |
|
|
— |
|
|
— |
|
|
—
|
|
Sales |
|
|
— |
|
|
(963,278) |
|
|
(963,278)
|
|
Accrued
discounts (premiums) |
|
|
— |
|
|
— |
|
|
—
|
|
Realized
gains (losses) |
|
|
— |
|
|
— |
|
|
—
|
|
Change
in unrealized appreciation/depreciation |
|
|
(3,114,458) |
|
|
— |
|
|
(3,114,458)
|
|
Transfers
into Level 3 |
|
|
996,242 |
|
|
— |
|
|
996,242
|
|
Balance
at June 30, 2025 |
|
|
$8,866,692 |
|
|
$1,685,735 |
|
|
$10,552,427
|
|
Change
in unrealized appreciation/depreciation for Level 3 assets held at June 30, 2025 |
|
|
$(3,114,458) |
|
|
$— |
|
|
$(3,114,458) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||
|
|
|
|
High Yield
| |||||||||
|
|
|
|
Bank Loans |
|
|
Convertible
Bonds |
|
|
Common
Stocks |
|
|
Total
|
|
Balance
at June 30, 2024 |
|
|
$1,826,992 |
|
|
$9,480,821 |
|
|
$7,642,900 |
|
|
$18,950,713
|
|
Purchases |
|
|
— |
|
|
481,924 |
|
|
— |
|
|
481,924
|
|
Sales |
|
|
(664,361) |
|
|
— |
|
|
— |
|
|
(664,361)
|
|
Accrued
discounts (premiums) |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Realized
gains (losses) |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Change
in unrealized appreciation/depreciation |
|
|
— |
|
|
— |
|
|
(2,147,998) |
|
|
(2,147,998)
|
|
Transfers
into Level 3 |
|
|
— |
|
|
— |
|
|
— |
|
|
—
|
|
Balance
at June 30, 2025 |
|
|
$1,162,631 |
|
|
$9,962,745 |
|
|
$5,494,902 |
|
|
$16,620,278
|
|
Change
in unrealized appreciation/depreciation forLevel 3 assets held at June 30, 2025 |
|
|
$— |
|
|
$— |
|
|
$(2,147,998
) |
|
|
$(2,147,998
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53 |
|
|
|
|
|
54 |
|
|
|
|
|
55 |
|
|
|
|
|
|
|
|
|
|
|
Value Opportunities
|
|
Equity
Contracts: |
|
|
|
|
Purchased
Put Options |
|
|
$(9,199,653)* |
|
|
|
|
|
|
* |
Included with net realized gain (loss) from investments
in unaffiliated securities. |
|
|
|
|
|
|
|
|
|
Value Opportunities
|
|
Equity
Contracts: |
|
|
|
|
Purchased
Put Options |
|
|
$448,963* |
|
|
|
|
|
|
* |
Included with net change in unrealized appreciation
(depreciation) on investments in unaffiliated securities. |
|
|
|
|
|
|
|
|
|
Value Opportunities
|
|
Equity
Contracts: |
|
|
|
|
Average
Number of Contracts — Purchased Put Options |
|
|
2,019
|
|
Average
Notional Amount — Purchased Put Options |
|
|
$37,277,949 |
|
|
|
|
|
|
|
|
56 |
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
Gross Amounts
Not Offset in the
Statements
of Assets & Liabilities | ||||||
|
|
|
|
Gross Amounts
Presented
in the
Statements
of
Assets &
Liabilities |
|
|
Financial
Instruments |
|
|
Collateral
Received* |
|
|
Net
Amount |
|
Securities
Lending: |
|
|
|
|
|
|
|
|
||||
|
Large
Cap Disciplined Value |
|
|
$289,443 |
|
|
$— |
|
|
$(289,443) |
|
|
$—
|
|
Large
Cap Fundamental Value |
|
|
1,789,284 |
|
|
— |
|
|
(1,789,284) |
|
|
—
|
|
Mid-Cap
Value |
|
|
4,330,407 |
|
|
— |
|
|
(4,330,407) |
|
|
—
|
|
Small
Cap Value |
|
|
2,106,788 |
|
|
— |
|
|
(2,106,788) |
|
|
—
|
|
Small
Cap Diversified Value |
|
|
9,320,584 |
|
|
— |
|
|
(9,320,584) |
|
|
—
|
|
Value
Opportunities |
|
|
1,923,375 |
|
|
— |
|
|
(1,923,375) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Actual collateral received is greater than the amount
shown due to overcollateralization. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value |
|
|
Large Cap
Fundamental
Value |
|
|
Mid-Cap
Value |
|
|
Small Cap
Value |
|
|
Small Cap
Diversified
Value |
|
|
Global
Value |
|
|
International
Value |
|
|
International
Small Cap
Diversified
Value |
|
|
Value
Opportunities |
|
|
High
Yield |
|
Annual
Advisory
Fee
Rate |
|
|
0.70%1 |
|
|
0.70%2 |
|
|
0.75%3 |
|
|
0.75% |
|
|
0.65% |
|
|
0.75% |
|
|
0.80% |
|
|
0.80% |
|
|
0.75% |
|
|
0.55%
|
|
Annual
cap on
expenses
- Class I |
|
|
0.80% |
|
|
0.95% |
|
|
1.05% |
|
|
0.97% |
|
|
0.80% |
|
|
0.95% |
|
|
0.95% |
|
|
0.99% |
|
|
1.15% |
|
|
0.70%
|
|
Annual
cap on expenses - Class A |
|
|
1.05% |
|
|
1.20% |
|
|
1.30% |
|
|
1.22% |
|
|
1.05% |
|
|
1.20% |
|
|
1.20% |
|
|
1.24% |
|
|
1.40% |
|
|
0.95%
|
|
Annual
cap on expenses - Class C |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
1.97% |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
n/a |
|
|
2.15% |
|
|
n/a
|
|
Annual
cap on expenses - Class Z |
|
|
0.80% |
|
|
0.95% |
|
|
1.05% |
|
|
0.97% |
|
|
0.80% |
|
|
0.95% |
|
|
0.95% |
|
|
0.99% |
|
|
1.15% |
|
|
0.60% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
The Annual Advisory
Fee Rate is 0.70% for the first $250 million in assets, 0.60% for the next $250 million in assets and 0.50% thereafter. |
|
2 |
The Annual Advisory
Fee Rate is 0.70% for the first $500 million in assets, 0.60% for the next $500 million in assets and 0.55% thereafter. |
|
3 |
The Annual Advisory
Fee Rate is 0.75% for the first $5 billion in assets, 0.65% for the next $5 billion in assets and 0.60% thereafter. |
|
|
|
57 |
|
|
|
|
|
|
|
|
|
|
|
Distribution
and
Service Fee
|
|
Class A |
|
|
0.25%
|
|
Class C |
|
|
1.00% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value |
|
|
Large Cap
Fundamental
Value |
|
|
Mid-Cap
Value |
|
|
Small Cap
Value |
|
|
Small Cap
Diversified
Value |
|
|
Global
Value |
|
|
International
Value |
|
|
International
Small Cap
Diversified
Value |
|
|
Value
Opportunities |
|
|
High
Yield |
|
Purchases
|
|
|
$31,945,068
|
|
|
$150,608,058
|
|
|
$123,043,530
|
|
|
$320,306,898
|
|
|
$485,098,880
|
|
|
$18,880,695
|
|
|
$1,407,054
|
|
|
$3,549,645
|
|
|
$519,323,022
|
|
|
$349,714,991
|
|
Sales |
|
|
70,941,320
|
|
|
160,069,464
|
|
|
187,797,913
|
|
|
345,705,475
|
|
|
535,022,031
|
|
|
22,241,301
|
|
|
1,308,990
|
|
|
7,459,880
|
|
|
531,570,179
|
|
|
489,779,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Large Cap
Disciplined
Value |
|
|
Large Cap
Fundamental
Value |
|
|
Mid-Cap
Value |
|
|
Small Cap
Value |
|
|
Small Cap
Diversified
Value |
|
|
Global
Value |
|
|
International
Value |
|
|
International
Small Cap
Diversified
Value |
|
|
Value
Opportunities |
|
|
High
Yield |
|
Tax
cost of investments |
|
|
$69,517,668 |
|
|
$318,133,880 |
|
|
$389,965,269 |
|
|
$728,435,016 |
|
|
$781,454,646 |
|
|
$32,581,336 |
|
|
$3,996,179 |
|
|
$4,156,844 |
|
|
$625,561,922 |
|
|
$823,239,927
|
|
Gross
unrealized appreciation |
|
|
18,413,935 |
|
|
84,476,952 |
|
|
77,666,273 |
|
|
134,831,980 |
|
|
86,358,927 |
|
|
8,196,721 |
|
|
1,218,210 |
|
|
839,766 |
|
|
129,299,484 |
|
|
19,103,052
|
|
Gross
unrealized depreciation |
|
|
(6,562,743) |
|
|
(31,725,533) |
|
|
(83,749,650) |
|
|
(115,925,847) |
|
|
(127,268,556) |
|
|
(1,496,601) |
|
|
(250,448) |
|
|
(328,933) |
|
|
(28,989,889) |
|
|
(72,405,925)
|
|
Net
unrealized appreciation (depreciation) |
|
|
11,851,192 |
|
|
52,751,419 |
|
|
(6,083,377) |
|
|
18,906,133 |
|
|
(40,909,629) |
|
|
6,700,120 |
|
|
967,762 |
|
|
510,833 |
|
|
100,309,595 |
|
|
(53,302,873)
|
|
Distributable
ordinary income
(as
of 6/30/25)* |
|
|
— |
|
|
3,147,530 |
|
|
4,886,311 |
|
|
4,009,270 |
|
|
6,229,907 |
|
|
551,669 |
|
|
90,440 |
|
|
104,248 |
|
|
5,624,241 |
|
|
1,094,386
|
|
Distributable
long-term gains (as of 6/30/25) |
|
|
— |
|
|
16,757,885 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,624,797 |
|
|
201,467 |
|
|
88,688 |
|
|
6,155,278 |
|
|
—
|
|
Total
distributable
earnings |
|
|
— |
|
|
19,905,415 |
|
|
4,886,311 |
|
|
4,009,270 |
|
|
6,229,907 |
|
|
2,176,466 |
|
|
291,907 |
|
|
192,936 |
|
|
11,779,519 |
|
|
1,094,386
|
|
Other
accumulated gain (loss) |
|
|
(2,469,576) |
|
|
(990,034) |
|
|
(142,429,280) |
|
|
(19,093,992) |
|
|
(6,878,244) |
|
|
— |
|
|
(3,542) |
|
|
(19,768) |
|
|
(721,303) |
|
|
(391,356,212)
|
|
Total
accumulated gain (loss) |
|
|
$9,381,616 |
|
|
$71,666,800 |
|
|
$(143,626,346) |
|
|
$3,821,411 |
|
|
$(41,557,966) |
|
|
$8,876,586 |
|
|
$1,256,127 |
|
|
$684,001 |
|
|
$111,367,811 |
|
|
$(443,564,699) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* |
Includes distributable short-term gains of $66,302
for the Global Value Fund. |
|
|
|
|
|
|
|
|
|
|
|
|
Additional
paid-in capital |
|
|
Total
accumulated
distributable
earnings
(losses) |
|
Large
Cap Disciplined Value |
|
|
$2,124,639 |
|
|
$(2,124,639)
|
|
Large
Cap Fundamental Value |
|
|
11,220,496 |
|
|
(11,220,496)
|
|
Mid-Cap
Value |
|
|
— |
|
|
—
|
|
Small
Cap Value |
|
|
56,668,777 |
|
|
(56,668,777)
|
|
Small
Cap Diversified Value |
|
|
48,402,178 |
|
|
(48,402,178)
|
|
Global
Value |
|
|
459,055 |
|
|
(459,055)
|
|
International
Value |
|
|
— |
|
|
—
|
|
International
Small Cap Diversified Value |
|
|
140,506 |
|
|
(140,506)
|
|
Value
Opportunities |
|
|
34,715,656 |
|
|
(34,715,656)
|
|
High
Yield |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
59 |
|
|
|
|
|
|
|
|
|
| |||||||||||||||||||||
|
|
|
|
June 30,
2025 |
|
|
June 30,
2024 | |||||||||||||||||||||
|
|
|
|
Ordinary
Income
Distributions |
|
|
Return of
Capital |
|
|
Long-Term
Capital Gains
Distributions |
|
|
Short-Term
Capital Loss
Carryovers1 |
|
|
Long-Term
Capital Loss
Carryovers2 |
|
|
Capital Loss
Carryovers
Utilized |
|
|
Late Year
Losses |
|
|
Ordinary
Income
Distributions |
|
|
Long-Term
Capital Gains
Distributions
|
|
Large
Cap Disciplined
Value |
|
|
$2,405,876 |
|
|
$9,724,714 |
|
|
$— |
|
|
$697,056 |
|
|
$1,772,520 |
|
|
$9,355,082 |
|
|
$— |
|
|
$1,589,935 |
|
|
$—
|
|
Large
Cap Fundamental Value |
|
|
6,233,653 |
|
|
— |
|
|
33,554,845 |
|
|
— |
|
|
— |
|
|
— |
|
|
990,034
3 |
|
|
5,693,697 |
|
|
33,320,090
|
|
Mid-Cap
Value |
|
|
4,667,743 |
|
|
— |
|
|
— |
|
|
73,379,100 |
|
|
69,050,180 |
|
|
55,327,819 |
|
|
— |
|
|
1,203,269 |
|
|
—
|
|
Small
Cap Value |
|
|
23,156,344 |
|
|
— |
|
|
40,759,335 |
|
|
— |
|
|
— |
|
|
— |
|
|
19,070,394
4 |
|
|
7,137,121 |
|
|
7,893,778
|
|
Small
Cap Diversified
Value |
|
|
17,109,734 |
|
|
— |
|
|
35,078,012 |
|
|
— |
|
|
— |
|
|
— |
|
|
6,878,244
3 |
|
|
31,751,876 |
|
|
32,753,872
|
|
Global
Value |
|
|
1,349,640 |
|
|
— |
|
|
3,748,914 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
579,768 |
|
|
3,001,856
|
|
International
Value |
|
|
105,813 |
|
|
— |
|
|
338,133 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,542
3 |
|
|
109,301 |
|
|
172,471
|
|
International
Small Cap Diversified Value |
|
|
476,148 |
|
|
— |
|
|
633,886 |
|
|
— |
|
|
— |
|
|
— |
|
|
19,768
3 |
|
|
454,903 |
|
|
—
|
|
Value
Opportunities |
|
|
14,107,815 |
|
|
— |
|
|
47,319,554 |
|
|
— |
|
|
— |
|
|
— |
|
|
717,0583 |
|
|
17,192,487 |
|
|
30,766,728
|
|
High
Yield5 |
|
|
54,531,072 |
|
|
— |
|
|
— |
|
|
12,062,845 |
|
|
378,190,467 |
|
|
— |
|
|
—
|
|
|
57,749,731 |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
Short-term with no
expiration. |
|
2 |
Long-term with no expiration. |
|
3 |
Short-term post-October
loss. |
|
4 |
Short-term post-October
loss of $9,995,774 and long-term post-October loss of $9,074,620. |
|
5 |
The High Yield Fund
inherited a short-term capital loss carryover of $922,717 and a long-term capital loss carryover of $3,566,005 as a result of the reorganization
of the Hotchkis & Wiley Capital Income Fund into the High Yield Fund, which are included in the totals. These capital loss carryovers
are further subject to an annual limitation of $171,228 pursuant to Internal Revenue Code Section 382. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
Name |
|
|
Value at
June 30,
2024 |
|
|
Purchases |
|
|
Sales |
|
|
Net
Realized
Gain
(Loss) |
|
|
Net Change
in
Unrealized
Appreciation
(Depreciation) |
|
|
Value at
June 30,
2025 |
|
|
Dividends |
|
|
Shares
Held at
June 30,
2025 |
|
Hudson
Global, Inc.+ |
|
|
$2,449,310 |
|
|
$— |
|
|
$(121,875) |
|
|
$(2,221,454) |
|
|
$1,037,423 |
|
|
$1,143,404 |
|
|
$ — |
|
|
134,360 |
|
Stagwell,
Inc.* |
|
|
37,676,408 |
|
|
4,132,042 |
|
|
(1,057,192) |
|
|
53,417 |
|
|
(12,737,064) |
|
|
28,067,611 |
|
|
— |
|
|
6,237,247
|
|
|
|
$40,125,718 |
|
|
$4,132,042 |
|
|
$(1,179,067) |
|
|
$(2,168,037) |
|
|
$(11,699,641) |
|
|
$29,211,015 |
|
|
$— |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
Issuer was not an affiliate as of June 30,
2025. |
|
* |
Issuer was not an affiliate as of June 30,
2024 or June 30, 2025. |
|
|
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
Name |
|
|
Value at
June 30,
2024 |
|
|
Purchases |
|
|
Sales |
|
|
Net
Realized
Gain
(Loss) |
|
|
Net Change
in
Unrealized
Appreciation
(Depreciation) |
|
|
Value at
June 30,
2025 |
|
|
Dividends |
|
|
Shares
Held at
June 30,
2025 |
|
Iracore
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Holdings,
Inc |
|
|
$10,980,683 |
|
|
$ — |
|
|
$ — |
|
|
$ — |
|
|
$(3,114,458) |
|
|
$7,866,225 |
|
|
$ — |
|
|
32,422
|
|
|
|
$10,980,683 |
|
|
$— |
|
|
$— |
|
|
$— |
|
|
$(3,114,458) |
|
|
$7,866,225 |
|
|
$— |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuer
Name |
|
|
Value at
June 30,
2024 |
|
|
Purchases |
|
|
Sales |
|
|
Net
Realized
Gain
(Loss) |
|
|
Net Change
in
Unrealized
Appreciation
(Depreciation) |
|
|
Value at
June 30,
2025 |
|
|
Dividends |
|
|
Shares
Held at
June 30,
2025 |
|
Iracore
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Holdings,
Inc |
|
|
$7,573,224 |
|
|
$ — |
|
|
$ — |
|
|
$— |
|
|
$(2,147,998) |
|
|
$5,425,226 |
|
|
$ — |
|
|
22,361
|
|
Metals
Recovery |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Holdings
LLC |
|
|
69,676 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
69,676 |
|
|
— |
|
|
116,127
|
|
PetroQuest
Energy,
Inc.+ |
|
|
0 |
|
|
— |
|
|
— |
|
|
(23,022,611) |
|
|
23,022,611 |
|
|
— |
|
|
— |
|
|
—
|
|
|
|
$7,642,900 |
|
|
$— |
|
|
$— |
|
|
$(23,022,611) |
|
|
$20,874,613 |
|
|
$5,494,902 |
|
|
$— |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
Issuer was not an affiliate as of June 30,
2025. |
|
|
|
61 |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
Class C
Prior to
Conversion |
|
|
Conversion
Ratio |
|
|
Class A
Shares | |||
|
|
|
|
Dollars |
|
|
Shares |
| |||||
|
Large
Cap Disciplined Value |
|
|
$585,816 |
|
|
18,764 |
|
|
1.001636 |
|
|
18,795
|
|
Large
Cap Fundamental Value |
|
|
2,928,480 |
|
|
67,703 |
|
|
0.991691 |
|
|
67,140
|
|
Mid-Cap
Value |
|
|
3,965,899 |
|
|
85,609 |
|
|
0.856339 |
|
|
73,310
|
|
High
Yield |
|
|
474,575 |
|
|
45,557 |
|
|
1.009252 |
|
|
45,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Provided |
|
|
Capital
Provided
in Shares |
|
|
In-Kind
Redemptions |
|
|
Cash
Redemptions |
|
|
Total
Redemptions |
|
|
Realized
Capital
Gains |
|
|
Fees |
|
|
Expense
Ratio
Impact |
|
Large
Cap Disciplined Value |
|
|
$3,491,366 |
|
|
121,538 |
|
|
$3,335,646 |
|
|
$144,658 |
|
|
$3,480,304 |
|
|
$2,280,798 |
|
|
$4,892 |
|
|
0.01%
|
|
Large
Cap Fundamental Value |
|
|
10,598,375 |
|
|
263,978 |
|
|
10,371,158 |
|
|
390,468 |
|
|
10,761,626 |
|
|
7,480,570 |
|
|
14,846 |
|
|
0.00%
|
|
Small
Cap
Value |
|
|
89,133,846 |
|
|
1,256,654 |
|
|
84,114,766 |
|
|
5,356,758 |
|
|
89,471,524 |
|
|
53,419,313 |
|
|
132,463 |
|
|
0.02%
|
|
Small
Cap Diversified
Value |
|
|
77,241,672 |
|
|
6,388,245 |
|
|
74,073,052 |
|
|
3,713,983 |
|
|
77,787,035 |
|
|
42,228,989 |
|
|
122,209 |
|
|
0.01%
|
|
Global
Value |
|
|
570,202 |
|
|
38,670 |
|
|
567,539 |
|
|
22,572 |
|
|
590,111 |
|
|
395,842 |
|
|
798 |
|
|
0.00%
|
|
Value
Opportunities |
|
|
64,820,987 |
|
|
1,658,022 |
|
|
52,813,461 |
|
|
11,989,550 |
|
|
64,803,011 |
|
|
27,717,604 |
|
|
105,113 |
|
|
0.02% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Global
Value |
|
|
International
Value |
|
|
International
Small Cap
Diversified
Value |
|
Annual
Advisory Fee Rate |
|
|
0.55% |
|
|
0.55% |
|
|
0.70% |
|
Annual
Cap on Expenses – Class I |
|
|
0.70% |
|
|
0.70% |
|
|
0.89% |
|
Annual
Cap on Expenses – Class A |
|
|
0.95% |
|
|
0.95% |
|
|
1.14% |
|
Annual
Cap on Expenses – Class Z |
|
|
0.70% |
|
|
0.70% |
|
|
0.89% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64 |
|
|
|
|
|
65 |
|
|
|
|
|
66 |
|
|
|
|
|
67 |
|
|
|
|
|
68 |
|
|
|
|
|
69 |
|
|
|
|
|
|
|
|
|
|
|
Page |
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 96.9% |
|
|
|
|
||
|
Aerospace
& Defense - 1.2% |
|
|
|
|
||
|
Huntington
Ingalls Industries, Inc. |
|
|
96 |
|
|
$23,180
|
|
Automobile
Components - 5.4% |
|
|
|
|
||
|
Adient
PLC(a) |
|
|
592 |
|
|
11,520
|
|
Aptiv
PLC(a) |
|
|
320 |
|
|
21,830
|
|
BorgWarner,
Inc. |
|
|
696 |
|
|
23,302
|
|
Gentex
Corp. |
|
|
336 |
|
|
7,389
|
|
Lear
Corp. |
|
|
136 |
|
|
12,917
|
|
Magna
International, Inc. |
|
|
568 |
|
|
21,930
|
|
Visteon
Corp.(a) |
|
|
104 |
|
|
9,703
|
|
|
|
|
|
108,591
| ||
|
Automobiles
- 1.4% |
|
|
|
|
||
|
General
Motors Co. |
|
|
424 |
|
|
20,865
|
|
Harley-Davidson,
Inc. |
|
|
312 |
|
|
7,363
|
|
|
|
|
|
28,228
| ||
|
Banks
- 10.4% |
|
|
|
|
||
|
Associated
Banc-Corp. |
|
|
528 |
|
|
12,878
|
|
BankUnited,
Inc. |
|
|
224 |
|
|
7,972
|
|
Cathay
General Bancorp |
|
|
184 |
|
|
8,378
|
|
Citizens
Financial Group, Inc. |
|
|
488 |
|
|
21,838
|
|
Columbia
Banking System, Inc. |
|
|
312 |
|
|
7,295
|
|
Comerica,
Inc. |
|
|
336 |
|
|
20,042
|
|
First
Hawaiian, Inc. |
|
|
320 |
|
|
7,987
|
|
First
Horizon Corp. |
|
|
624 |
|
|
13,229
|
|
Flagstar
Financial, Inc. |
|
|
672 |
|
|
7,123
|
|
KeyCorp |
|
|
1,240 |
|
|
21,601
|
|
Popular,
Inc. |
|
|
216 |
|
|
23,805
|
|
Simmons
First National Corp. - Class A |
|
|
384 |
|
|
7,281
|
|
Valley
National Bancorp |
|
|
888 |
|
|
7,930
|
|
WaFd,
Inc. |
|
|
280 |
|
|
8,198
|
|
Western
Alliance Bancorp |
|
|
152 |
|
|
11,853
|
|
Zions
Bancorp NA |
|
|
400 |
|
|
20,776
|
|
|
|
|
|
208,186
| ||
|
Capital
Markets - 4.6% |
|
|
|
|
||
|
Federated
Hermes, Inc. |
|
|
192 |
|
|
8,510
|
|
Franklin
Resources, Inc. |
|
|
1,008 |
|
|
24,041
|
|
Invesco
Ltd. |
|
|
768 |
|
|
12,111
|
|
Northern
Trust Corp. |
|
|
120 |
|
|
15,215
|
|
State
Street Corp. |
|
|
216 |
|
|
22,969
|
|
Virtu
Financial, Inc. - Class A |
|
|
216 |
|
|
9,675
|
|
|
|
|
|
92,521
| ||
|
Chemicals
- 0.9% |
|
|
|
|
||
|
Cabot
Corp. |
|
|
96 |
|
|
7,200
|
|
Huntsman
Corp. |
|
|
496 |
|
|
5,168
|
|
Olin
Corp. |
|
|
320 |
|
|
6,429
|
|
|
|
|
|
18,797
| ||
|
Commercial
Services & Supplies - 1.2% |
|
|
|
|
||
|
ABM
Industries, Inc. |
|
|
168 |
|
|
7,931
|
|
Brink’s
Co. |
|
|
88 |
|
|
7,858
|
|
MillerKnoll,
Inc. |
|
|
392 |
|
|
7,613
|
|
|
|
|
|
23,402
| ||
|
Communications
Equipment - 2.1% |
|
|
|
|
||
|
F5,
Inc.(a) |
|
|
72 |
|
|
21,191
|
|
Telefonaktiebolaget
LM Ericsson - ADR |
|
|
2,544 |
|
|
21,573
|
|
|
|
|
|
42,764
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Construction
& Engineering - 0.8% |
|
|
|
|
||
|
Fluor
Corp.(a) |
|
|
320 |
|
|
$16,406
|
|
Consumer
Finance - 2.3% |
|
|
|
|
||
|
Ally
Financial, Inc. |
|
|
536 |
|
|
20,877
|
|
Synchrony
Financial |
|
|
368 |
|
|
24,561
|
|
|
|
|
|
45,438
| ||
|
Containers
& Packaging - 0.8% |
|
|
|
|
||
|
Silgan
Holdings, Inc. |
|
|
152 |
|
|
8,236
|
|
Sonoco
Products Co. |
|
|
168 |
|
|
7,318
|
|
|
|
|
|
15,554
| ||
|
Electric
Utilities - 2.1% |
|
|
|
|
||
|
OGE
Energy Corp. |
|
|
264 |
|
|
11,716
|
|
Portland
General Electric Co. |
|
|
272 |
|
|
11,051
|
|
PPL
Corp. |
|
|
568 |
|
|
19,250
|
|
|
|
|
|
42,017
| ||
|
Electrical
Equipment - 0.5% |
|
|
|
|
||
|
Sensata
Technologies Holding PLC |
|
|
304 |
|
|
9,153
|
|
Electronic
Equipment, Instruments & Components - 4.2% |
|
|
|
|
||
|
Arrow
Electronics, Inc.(a) |
|
|
112 |
|
|
14,272
|
|
Avnet,
Inc. |
|
|
248 |
|
|
13,164
|
|
Corning,
Inc. |
|
|
168 |
|
|
8,835
|
|
Crane
NXT Co. |
|
|
152 |
|
|
8,193
|
|
IPG
Photonics Corp.(a) |
|
|
120 |
|
|
8,238
|
|
TE
Connectivity PLC |
|
|
136 |
|
|
22,939
|
|
Vishay
Intertechnology, Inc. |
|
|
480 |
|
|
7,623
|
|
|
|
|
|
83,264
| ||
|
Energy
Equipment & Services - 2.8% |
|
|
|
|
||
|
Baker
Hughes Co. |
|
|
456 |
|
|
17,483
|
|
Expro
Group Holdings NV(a) |
|
|
760 |
|
|
6,529
|
|
Halliburton
Co. |
|
|
472 |
|
|
9,619
|
|
Liberty
Energy, Inc. |
|
|
496 |
|
|
5,694
|
|
NOV,
Inc. |
|
|
1,312 |
|
|
16,308
|
|
|
|
|
|
55,633
| ||
|
Entertainment
- 1.0% |
|
|
|
|
||
|
Warner
Bros Discovery, Inc.(a) |
|
|
1,816 |
|
|
20,811
|
|
Financial
Services - 5.7% |
|
|
|
|
||
|
Corebridge
Financial, Inc. |
|
|
624 |
|
|
22,152
|
|
Essent
Group Ltd. |
|
|
208 |
|
|
12,632
|
|
Euronet
Worldwide, Inc.(a) |
|
|
72 |
|
|
7,299
|
|
Fidelity
National Information Services, Inc. |
|
|
264 |
|
|
21,492
|
|
Radian
Group, Inc. |
|
|
360 |
|
|
12,967
|
|
Voya
Financial, Inc. |
|
|
176 |
|
|
12,496
|
|
Western
Union Co. |
|
|
752 |
|
|
6,332
|
|
WEX,
Inc.(a) |
|
|
128 |
|
|
18,802
|
|
|
|
|
|
114,172
| ||
|
Food
Products - 2.9% |
|
|
|
|
||
|
Cal-Maine
Foods, Inc. |
|
|
88 |
|
|
8,767
|
|
Conagra
Brands, Inc. |
|
|
752 |
|
|
15,394
|
|
General
Mills, Inc. |
|
|
336 |
|
|
17,408
|
|
Kraft
Heinz Co. |
|
|
664 |
|
|
17,145
|
|
|
|
|
|
58,714
| ||
|
Gas
Utilities - 0.4% |
|
|
|
|
||
|
Spire,
Inc. |
|
|
104 |
|
|
7,591
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Ground
Transportation - 0.9% |
|
|
|
|
||
|
U-Haul
Holding Co. |
|
|
344 |
|
|
$18,703
|
|
Health
Care Equipment & Supplies - 3.2% |
|
|
|
|
||
|
GE
HealthCare Technologies, Inc. |
|
|
248 |
|
|
18,369
|
|
LivaNova
PLC(a) |
|
|
200 |
|
|
9,004
|
|
Solventum
Corp.(a) |
|
|
264 |
|
|
20,022
|
|
Zimmer
Biomet Holdings, Inc. |
|
|
176 |
|
|
16,053
|
|
|
|
|
|
63,448
| ||
|
Health
Care Providers & Services - 4.3% |
|
|
|
|
||
|
Centene
Corp.(a) |
|
|
336 |
|
|
18,238
|
|
Humana,
Inc. |
|
|
72 |
|
|
17,602
|
|
Labcorp
Holdings, Inc. |
|
|
48 |
|
|
12,600
|
|
Molina
Healthcare, Inc.(a) |
|
|
64 |
|
|
19,066
|
|
Universal
Health Services, Inc. - Class B |
|
|
104 |
|
|
18,840
|
|
|
|
|
|
86,346
| ||
|
Hotels,
Restaurants & Leisure - 1.6% |
|
|
|
|
||
|
International
Game Technology PLC |
|
|
488 |
|
|
7,715
|
|
Marriott
Vacations Worldwide Corp. |
|
|
120 |
|
|
8,677
|
|
Travel
+ Leisure Co. |
|
|
168 |
|
|
8,671
|
|
United
Parks & Resorts, Inc.(a) |
|
|
168 |
|
|
7,921
|
|
|
|
|
|
32,984
| ||
|
Household
Durables - 1.2% |
|
|
|
|
||
|
KB
Home |
|
|
136 |
|
|
7,204
|
|
M/I
Homes, Inc.(a) |
|
|
72 |
|
|
8,073
|
|
Tri
Pointe Homes, Inc.(a) |
|
|
248 |
|
|
7,923
|
|
|
|
|
|
23,200
| ||
|
Insurance
- 8.1% |
|
|
|
|
||
|
American
International Group, Inc. |
|
|
240 |
|
|
20,542
|
|
Assured
Guaranty Ltd. |
|
|
88 |
|
|
7,665
|
|
CNO
Financial Group, Inc. |
|
|
192 |
|
|
7,407
|
|
Everest
Group Ltd. |
|
|
56 |
|
|
19,032
|
|
Fidelity
National Financial, Inc. |
|
|
184 |
|
|
10,315
|
|
Globe
Life, Inc. |
|
|
88 |
|
|
10,938
|
|
Hartford
Insurance Group, Inc. |
|
|
96 |
|
|
12,179
|
|
Kemper
Corp. |
|
|
176 |
|
|
11,359
|
|
Loews
Corp. |
|
|
128 |
|
|
11,732
|
|
Principal
Financial Group, Inc. |
|
|
232 |
|
|
18,428
|
|
Prudential
Financial, Inc. |
|
|
176 |
|
|
18,909
|
|
Travelers
Cos., Inc. |
|
|
48 |
|
|
12,842
|
|
|
|
|
|
161,348
| ||
|
IT
Services - 1.5% |
|
|
|
|
||
|
Amdocs
Ltd. |
|
|
128 |
|
|
11,679
|
|
ASGN,
Inc.(a) |
|
|
128 |
|
|
6,391
|
|
Cognizant
Technology Solutions Corp. - Class A |
|
|
152 |
|
|
11,860
|
|
|
|
|
|
29,930
| ||
|
Leisure
Products - 0.8% |
|
|
|
|
||
|
Brunswick
Corp./DE |
|
|
144 |
|
|
7,954
|
|
Polaris,
Inc. |
|
|
184 |
|
|
7,480
|
|
|
|
|
|
15,434
| ||
|
Machinery
- 6.9% |
|
|
|
|
||
|
AGCO
Corp. |
|
|
120 |
|
|
12,379
|
|
Albany
International Corp. - Class A |
|
|
112 |
|
|
7,855
|
|
Allison
Transmission Holdings, Inc. |
|
|
80 |
|
|
7,599
|
|
Atmus
Filtration Technologies, Inc. |
|
|
208 |
|
|
7,575
|
|
CNH
Industrial NV |
|
|
1,568 |
|
|
20,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Cummins,
Inc. |
|
|
64 |
|
|
$20,960
|
|
Greenbrier
Cos., Inc. |
|
|
152 |
|
|
7,000
|
|
Hillenbrand,
Inc. |
|
|
312 |
|
|
6,262
|
|
PACCAR,
Inc. |
|
|
200 |
|
|
19,012
|
|
Stanley
Black & Decker, Inc. |
|
|
256 |
|
|
17,344
|
|
Timken
Co. |
|
|
160 |
|
|
11,608
|
|
|
|
|
|
137,915
| ||
|
Media
- 2.1% |
|
|
|
|
||
|
Omnicom
Group, Inc. |
|
|
152 |
|
|
10,935
|
|
Paramount
Global - Class B |
|
|
1,024 |
|
|
13,210
|
|
WPP
PLC - ADR |
|
|
512 |
|
|
17,925
|
|
|
|
|
|
42,070
| ||
|
Multi-Utilities
- 2.3% |
|
|
|
|
||
|
Avista
Corp. |
|
|
200 |
|
|
7,590
|
|
Black
Hills Corp. |
|
|
200 |
|
|
11,220
|
|
Dominion
Energy, Inc. |
|
|
368 |
|
|
20,800
|
|
Northwestern
Energy Group, Inc. |
|
|
144 |
|
|
7,387
|
|
|
|
|
|
46,997
| ||
|
Oil,
Gas & Consumable Fuels - 4.7% |
|
|
|
|
||
|
APA
Corp. |
|
|
944 |
|
|
17,266
|
|
Baytex
Energy Corp. |
|
|
3,528 |
|
|
6,315
|
|
Cenovus
Energy, Inc. |
|
|
1,416 |
|
|
19,257
|
|
Crescent
Energy Co. - Class A |
|
|
712 |
|
|
6,123
|
|
Kosmos
Energy Ltd.(a) |
|
|
3,464 |
|
|
5,958
|
|
Murphy
Oil Corp. |
|
|
280 |
|
|
6,300
|
|
Northern
Oil & Gas, Inc. |
|
|
256 |
|
|
7,258
|
|
Ovintiv,
Inc. |
|
|
464 |
|
|
17,655
|
|
PBF
Energy, Inc. - Class A |
|
|
416 |
|
|
9,015
|
|
|
|
|
|
95,147
| ||
|
Passenger
Airlines - 0.4% |
|
|
|
|
||
|
Alaska
Air Group, Inc.(a) |
|
|
152 |
|
|
7,521
|
|
Pharmaceuticals
- 0.8% |
|
|
|
|
||
|
Jazz
Pharmaceuticals PLC(a) |
|
|
160 |
|
|
16,979
|
|
Professional
Services - 1.4% |
|
|
|
|
||
|
Insperity,
Inc. |
|
|
88 |
|
|
5,291
|
|
Korn
Ferry |
|
|
120 |
|
|
8,800
|
|
ManpowerGroup,
Inc. |
|
|
136 |
|
|
5,494
|
|
Maximus,
Inc. |
|
|
120 |
|
|
8,424
|
|
|
|
|
|
28,009
| ||
|
Real
Estate Management & Development - 1.4% |
|
|
|
|
||
|
Cushman
& Wakefield PLC(a) |
|
|
768 |
|
|
8,502
|
|
Jones
Lang LaSalle, Inc.(a) |
|
|
80 |
|
|
20,462
|
|
|
|
|
|
28,964
| ||
|
Semiconductors
& Semiconductor Equipment - 0.5% |
|
|
|
|
||
|
Diodes,
Inc.(a) |
|
|
176 |
|
|
9,309
|
|
Specialty
Retail - 1.8% |
|
|
|
|
||
|
Lithia
Motors, Inc. |
|
|
40 |
|
|
13,513
|
|
Signet
Jewelers Ltd. |
|
|
136 |
|
|
10,819
|
|
Sonic
Automotive, Inc. - Class A |
|
|
144 |
|
|
11,510
|
|
|
|
|
|
35,842
| ||
|
Textiles,
Apparel & Luxury Goods - 0.4% |
|
|
|
|
||
|
Steven
Madden Ltd. |
|
|
296 |
|
|
7,098
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - (Continued) | ||||||
|
Trading
Companies & Distributors - 1.9% |
|
|
|
|
||
|
MSC
Industrial Direct Co., Inc. - Class A |
|
|
96 |
|
|
$8,162
|
|
Rush
Enterprises, Inc. - Class A |
|
|
144 |
|
|
7,417
|
|
WESCO
International, Inc. |
|
|
120 |
|
|
22,224
|
|
|
|
|
|
37,803
| ||
|
TOTAL
COMMON STOCKS
(Cost
$1,861,616) |
|
|
|
|
1,939,469
| |
|
REAL
ESTATE INVESTMENT TRUSTS - 2.4% | ||||||
|
Hotel
& Resort REITs - 1.4% |
|
|
|
|
||
|
Host
Hotels & Resorts, Inc. |
|
|
1,376 |
|
|
21,135
|
|
Park
Hotels & Resorts, Inc. |
|
|
720 |
|
|
7,366
|
|
|
|
|
|
28,501
| ||
|
Office
REITs - 1.0% |
|
|
|
|
||
|
Vornado
Realty Trust |
|
|
528 |
|
|
20,191
|
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS
(Cost
$46,349) |
|
|
|
|
48,692
| |
|
SHORT-TERM
INVESTMENTS - 0.6% | ||||||
|
Money
Market Funds - 0.6% |
|
|
|
|
||
|
First
American Government Obligations Fund - Class X, 4.25%(b) |
|
|
11,317 |
|
|
11,317
|
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$11,317) |
|
|
|
|
11,317
| |
|
TOTAL
INVESTMENTS - 99.9%
(Cost
$1,919,282) |
|
|
|
|
$1,999,478
| |
|
Other
Assets in Excess of Liabilities - 0.1% |
|
|
|
|
2,776
| |
|
TOTAL
NET ASSETS - 100.0% |
|
|
|
|
$2,002,254 | |
|
|
|
|
|
|
|
|
|
(a) |
Non-income producing
security. |
|
(b) |
The rate shown represents
the 7-day annualized effective yield as of June 30, 2025. |
|
|
|
3 |
|
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Investments,
at value |
|
|
$1,999,478
|
|
Dividends
receivable |
|
|
3,437
|
|
Cash |
|
|
156
|
|
Dividend
tax reclaims receivable |
|
|
51
|
|
Interest
receivable |
|
|
19
|
|
Total
assets |
|
|
2,003,141
|
|
LIABILITIES: |
|
|
|
|
Payable
to advisor |
|
|
887
|
|
Total
liabilities |
|
|
887
|
|
Commitments
and contingencies (Note 5) |
|
|
|
|
Net
assets |
|
|
$
2,002,254 |
|
Net
Assets Consist of: |
|
|
|
|
Capital
stock ($0.01 per share) |
|
|
$800
|
|
Additional
paid-in capital |
|
|
1,910,308
|
|
Total
accumulated distributable earnings |
|
|
91,146
|
|
Total
net assets |
|
|
$
2,002,254 |
|
Net
assets |
|
|
$2,002,254
|
|
Shares
issued and outstanding(a) |
|
|
80,000
|
|
Net
asset value per share |
|
|
$25.03
|
|
Cost: |
|
|
|
|
Investments,
at cost |
|
|
$1,919,282 |
|
|
|
|
|
|
(a) |
Unlimited shares authorized.
|
|
|
|
4 |
|
|
|
|
|
|
|
|
INVESTMENT
INCOME: |
|
|
|
|
Dividend
income |
|
|
$13,342
|
|
Less:
Dividend withholding taxes |
|
|
(91
) |
|
Total
investment income |
|
|
13,251
|
|
EXPENSES: |
|
|
|
|
Investment
advisory fee |
|
|
2,319
|
|
Total
expenses |
|
|
2,319
|
|
NET
INVESTMENT INCOME |
|
|
10,932
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net
realized gain (loss) from: |
|
|
|
|
Investments |
|
|
18
|
|
Net
realized gain (loss) |
|
|
18
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
Investments |
|
|
80,196
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
80,214
|
|
Net
realized and unrealized gain (loss) |
|
|
80,214
|
|
NET
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS |
|
|
$
91,146 |
|
|
|
|
|
|
(a) |
Inception date of the
Fund was March 28, 2025. |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
Period Ended
June 30,
2025(a) |
|
OPERATIONS: |
|
|
|
|
Net
investment income (loss) |
|
|
$10,932
|
|
Net
realized gain (loss) |
|
|
18
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
80,196
|
|
Net
increase (decrease) in net assets from operations |
|
|
91,146
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
Shares
sold |
|
|
1,911,106
|
|
ETF
transaction fees (See Note 1) |
|
|
2
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
1,911,108
|
|
NET
INCREASE (DECREASE) IN NET ASSETS |
|
|
2,002,254
|
|
NET
ASSETS: |
|
|
|
|
Beginning
of the period |
|
|
—
|
|
End
of the period |
|
|
$
2,002,254 |
|
SHARES
TRANSACTIONS |
|
|
|
|
Shares
sold |
|
|
80,000
|
|
Total
increase (decrease) in shares outstanding |
|
|
80,000 |
|
|
|
|
|
|
(a) |
Inception date of the
Fund was March 28, 2025. |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||
|
|
|
|
|
|
Investment
operations: |
|
|
|
|
|
|
|
|
|
Supplemental
data and ratios: | |||||||||||||||||||||
|
For
the Period Ended |
|
|
Net asset
value,
beginning
of period |
|
|
Net
investment
income
(loss)(a) |
|
|
Net realized
and unrealized
gain (loss)
on
investments(b) |
|
|
Total
from
investment
operations |
|
|
ETF
transaction
fees
per share |
|
|
Net asset
value,
end of
period |
|
|
Total
return(c) |
|
|
Net assets,
end of
period (in
thousands) |
|
|
Ratio of
expense
to
average
net assets(d) |
|
|
Ratio of
net investment
income (loss)
to average
net assets(d) |
|
|
Portfolio
turnover
rate(c)
|
| ||
|
Hotchkis
& Wiley SMID Cap Diversified Value Fund |
| |||||||||||||||||||||||||||||||||||
|
6/30/2025(e) |
|
|
$24.51 |
|
|
0.15 |
|
|
0.37 |
|
|
0.52 |
|
|
0.00(f) |
|
|
$25.03 |
|
|
2.11% |
|
|
$2,002 |
|
|
0.55% |
|
|
2.59% |
|
|
0% |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(a) |
Net investment
income (loss) per share has been calculated based on average shares outstanding during the period. |
|
(b) |
Realized
and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per
share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the period. |
|
(c) |
Not annualized
for periods less than one year. |
|
(d) |
Annualized for
periods less than one year. |
|
(e) |
Inception date
of the Fund was March 28, 2025. |
|
(f) |
Amount represents
less than $0.005 per share. |
|
|
|
7 |
|
|
|
|
|
8 |
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$1,939,469 |
|
|
$— |
|
|
$— |
|
|
$1,939,469
|
|
Real
Estate Investment Trusts |
|
|
48,692 |
|
|
— |
|
|
— |
|
|
48,692
|
|
Money
Market Funds |
|
|
11,317 |
|
|
— |
|
|
— |
|
|
11,317
|
|
Total
Investments |
|
|
$1,999,478 |
|
|
$— |
|
|
$— |
|
|
$1,999,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Purchases |
|
|
Sales |
|
|
In-Kind
Purchases |
|
|
In-Kind
Sales |
|
Hotchkis
& Wiley SMID Cap Diversified Value Fund |
|
|
$8,231 |
|
|
$— |
|
|
$1,899,734 |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund |
|
|
Short-Term |
|
|
Long-Term |
|
Hotchkis
& Wiley SMID Cap Diversified Value Fund |
|
|
$— |
|
|
$— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax
cost of investments |
|
|
$1,919,282
|
|
Gross
unrealized appreciation |
|
|
149,950
|
|
Gross
unrealized depreciation |
|
|
(69,754)
|
|
Net
unrealized appreciation (depreciation) |
|
|
80,196
|
|
Distributable
ordinary income (as of 6/30/25) |
|
|
10,932
|
|
Distributable
long-term gains (as of 6/30/25) |
|
|
18
|
|
Total
distributable earnings |
|
|
10,950
|
|
Other
accumulated gain (loss) |
|
|
—
|
|
Total
accumulated gain (loss) |
|
|
$91,146 |
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
12 |
|
|
|
|
|
13 |
|
|
|
|
|
14 |
|
|
|
|
|
15 |
|
|
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
Page |
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
COMMON
STOCKS - 89.6% |
|
|
|
|
|||||
|
Automobile
Components - 1.5% |
|
|
|
|
|||||
|
Aptiv
PLC(a) |
|
|
|
|
15,300 |
|
|
$1,043,766
| |
|
Automobiles
- 0.7% |
|
|
|
|
|
|
|||
|
General
Motors Co. |
|
|
|
|
9,100 |
|
|
447,811
| |
|
Banks
- 2.1% |
|
|
|
|
|
|
|||
|
Citigroup,
Inc. |
|
|
|
|
11,200 |
|
|
953,344
| |
|
Citizens
Financial Group, Inc. |
|
|
|
|
11,630 |
|
|
520,442
| |
|
|
|
|
|
|
|
1,473,786
| |||
|
Beverages
- 1.4% |
|
|
|
|
|
|
|||
|
Heineken
NV - ADR |
|
|
|
|
22,800 |
|
|
996,360
| |
|
Broadline
Retail - 0.1% |
|
|
|
|
|
|
|||
|
Articore
Group Ltd.(a) |
|
|
|
|
339,600 |
|
|
44,493
| |
|
Capital
Markets - 1.1% |
|
|
|
|
|
|
|||
|
Bank
of New York Mellon Corp. |
|
|
|
|
3,700 |
|
|
337,107
| |
|
State
Street Corp. |
|
|
|
|
4,200 |
|
|
446,628
| |
|
|
|
|
|
|
|
783,735
| |||
|
Chemicals
- 11.4% |
|
|
|
|
|
|
|||
|
Ecovyst,
Inc.(a) |
|
|
|
|
495,400 |
|
|
4,077,142
| |
|
Fuso
Chemical Co. Ltd. |
|
|
|
|
141,900 |
|
|
3,803,188
| |
|
|
|
|
|
|
|
7,880,330
| |||
|
Communications
Equipment - 2.9% |
|
|
|
|
|
|
|||
|
F5,
Inc.(a) |
|
|
|
|
6,900 |
|
|
2,030,808
| |
|
Consumer
Finance - 0.5% |
|
|
|
|
|||||
|
SLM
Corp. |
|
|
|
|
9,608 |
|
|
315,046
| |
|
Electronic
Equipment, Instruments & Components - 1.1% |
|
|
|
|
|
|
|||
|
Avnet,
Inc. |
|
|
|
|
14,000 |
|
|
743,120
| |
|
Energy
Equipment & Services - 6.9% |
|
|
|
|
|||||
|
Baker
Hughes Co. |
|
|
|
|
41,630 |
|
|
1,596,094
| |
|
NOV,
Inc. |
|
|
|
|
73,200 |
|
|
909,876
| |
|
Schlumberger
NV |
|
|
|
|
67,000 |
|
|
2,264,600
| |
|
|
|
|
|
|
|
4,770,570
| |||
|
Ground
Transportation - 8.0% |
|
|
|
|
|||||
|
U-Haul
Holding Co. |
|
|
|
|
102,450 |
|
|
5,570,207
| |
|
Health
Care Equipment &
Supplies
- 2.2% |
|
|
|
|
|||||
|
GE
HealthCare Technologies, Inc. |
|
|
|
|
20,600 |
|
|
1,525,842
| |
|
Health
Care Providers & Services - 2.4% |
|
|
|
|
|
|
|||
|
Humana,
Inc. |
|
|
|
|
6,900 |
|
|
1,686,912
| |
|
Hotels,
Restaurants & Leisure - 2.4% |
|
|
|
|
|
|
|||
|
Marriott
Vacations Worldwide Corp. |
|
|
|
|
22,800 |
|
|
1,648,668
| |
|
Household
Products - 4.5% |
|
|
|
|
|||||
|
Henkel
AG & Co. KGaA |
|
|
|
|
42,800 |
|
|
3,104,091
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Value |
|
Industrial
Conglomerates - 5.0% |
|
|
|
|
|||||
|
Siemens
AG - ADR |
|
|
|
|
21,100 |
|
|
$2,719,157
| |
|
Siemens
AG |
|
|
|
|
3,000 |
|
|
770,577
| |
|
|
|
|
|
|
|
3,489,734
| |||
|
Insurance
- 0.8% |
|
|
|
|
|
|
|||
|
Global
Indemnity Group LLC - Class A |
|
|
|
|
18,154 |
|
|
569,309
| |
|
Interactive
Media & Services - 1.4% |
|
|
|
|
|
|
|||
|
Alphabet,
Inc. - Class A |
|
|
|
|
5,480 |
|
|
965,740
| |
|
Media
- 12.9% |
|
|
|
|
|
|
|||
|
Comcast
Corp. - Class A |
|
|
|
|
8,200 |
|
|
292,658
| |
|
Havas
NV |
|
|
|
|
2,663,000 |
|
|
4,578,391
| |
|
Stagwell,
Inc.(a) |
|
|
|
|
684,560 |
|
|
3,080,520
| |
|
WPP
PLC - ADR |
|
|
|
|
28,900 |
|
|
1,011,789
| |
|
|
|
|
|
|
|
8,963,358
| |||
|
Multi-Utilities
- 0.4% |
|
|
|
|
|
|
|||
|
Dominion
Energy, Inc. |
|
|
|
|
5,300 |
|
|
299,556
| |
|
Oil,
Gas & Consumable Fuels - 4.2% |
|
|
|
|
|||||
|
APA
Corp. |
|
|
|
|
38,600 |
|
|
705,994
| |
|
Kosmos
Energy Ltd.(a) |
|
|
|
|
210,300 |
|
|
361,716
| |
|
Murphy
Oil Corp. |
|
|
|
|
14,300 |
|
|
321,750
| |
|
Ovintiv,
Inc. |
|
|
|
|
40,000 |
|
|
1,522,000
| |
|
|
|
|
|
|
|
2,911,460
| |||
|
Passenger
Airlines - 6.4% |
|
|
|
|
|||||
|
Qantas
Airways Ltd. |
|
|
|
|
625,670 |
|
|
4,420,093
| |
|
Professional
Services - 0.0%(b) |
|
|
|
|
|||||
|
Hudson
Global, Inc.(a) |
|
|
|
|
1,874 |
|
|
15,948
| |
|
Real
Estate Management & Development - 4.3% |
|
|
|
|
|||||
|
Jones
Lang LaSalle, Inc.(a) |
|
|
|
|
11,600 |
|
|
2,967,048
| |
|
Software
- 3.9% |
|
|
|
|
|
|
|||
|
Microsoft
Corp. |
|
|
|
|
760 |
|
|
378,032
| |
|
Workday,
Inc. - Class A(a) |
|
|
|
|
9,700 |
|
|
2,328,000
| |
|
|
|
|
|
|
|
2,706,032
| |||
|
Specialty
Retail - 1.1% |
|
|
|
|
|
|
|||
|
Lithia
Motors, Inc. |
|
|
|
|
2,300 |
|
|
776,986
| |
|
TOTAL
COMMON STOCKS
(Cost
$58,858,431) |
|
|
|
|
|
|
62,150,809
| ||
|
EXCHANGE
TRADED FUNDS - 4.7% |
|
|
|
|
|||||
|
Investment
Companies - 4.7% |
|
|
|
|
|||||
|
iShares
20+ Year Treasury Bond ETF |
|
|
|
|
4,800 |
|
|
423,600
| |
|
Vanguard
Long-Term Treasury ETF |
|
|
|
|
50,900 |
|
|
2,856,508
| |
|
|
|
|
|
|
|
3,280,108
| |||
|
TOTAL
EXCHANGE TRADED FUNDS
(Cost
$3,224,282) |
|
|
|
|
|
|
3,280,108
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
Shares |
|
|
Value |
| ||
|
PREFERRED
STOCKS - 0.4% |
|
|
|
|
| |||||||
|
Financial
Services - 0.4% |
|
|
|
|
| |||||||
|
Federal
Home Loan Mortgage Corp., Series Z, 8.38%, Perpetual(a)(c) |
|
|
|
|
18,200 |
|
|
$259,350
|
| |||
|
TOTAL
PREFERRED STOCKS
(Cost
$41,760) |
|
|
|
|
|
|
259,350
|
| ||||
|
REAL
ESTATE INVESTMENT TRUSTS - COMMON - 0.3% |
| |||||||||||
|
Real
Estate Management & Development - 0.3% |
|
|
|
|
| |||||||
|
Seritage
Growth Properties - Class A(a) |
|
|
|
|
69,700 |
|
|
214,676
|
| |||
|
TOTAL
REAL ESTATE INVESTMENT TRUSTS - COMMON
(Cost
$311,614) |
|
|
|
|
|
|
214,676
|
| ||||
|
|
|
|
|
Par |
|
|
| |||||
|
SHORT-TERM
INVESTMENTS - 3.9% |
|
|
|
|
|
|
||||||
|
Time
Deposits - 3.9% |
|
|
|
|
|
|
| |||||
|
Australia
and New Zealand Banking Group Ltd., 2.61%, 07/01/2025(d) |
|
|
AUD |
|
|
133 |
|
|
88
|
| ||
|
Brown
Brothers Harriman and Co., 0.12%, 07/01/2025(d) |
|
|
JPY |
|
|
4,566,396 |
|
|
31,710
|
| ||
|
Citigroup,
Inc., 3.68%, 07/01/2025(d) |
|
|
|
|
2,443,303 |
|
|
2,443,303
|
| |||
|
Citigroup,
Inc., 0.86%, 07/01/2025(d) |
|
|
EUR |
|
|
160,120 |
|
|
188,614
|
| ||
|
Citigroup,
Inc., 3.17%, 07/01/2025(d) |
|
|
GBP |
|
|
32 |
|
|
44
|
| ||
|
TOTAL
SHORT-TERM INVESTMENTS
(Cost
$2,658,417) |
|
|
|
|
|
|
2,663,759
|
| ||||
|
TOTAL
INVESTMENTS - 98.9%
(Cost
$65,094,504) |
|
|
|
|
|
|
$68,568,702
|
| ||||
|
Other
Assets in Excess of
Liabilities
- 1.1% |
|
|
|
|
|
|
796,599
|
| ||||
|
TOTAL
NET
ASSETS
- 100.0% |
|
|
|
|
|
|
$69,365,301 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
| ||
|
(a) |
Non-income producing
security. |
|
(b) |
Represents less than
0.05% of net assets. |
|
(c) |
Coupon rate may
be variable or floating based on components other than reference rate and spread. These securities may not indicate a reference rate and/or
spread in their description. The rate disclosed is as of June 30, 2025. |
|
(d) |
Invested through
a cash management account administered by Brown Brothers Harriman & Co. |
|
|
|
2 |
|
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
Investments,
at value |
|
|
$68,568,702
|
|
Receivable
for investments sold |
|
|
661,147
|
|
Dividends
receivable |
|
|
83,030
|
|
Dividend
tax reclaims receivable |
|
|
64,911
|
|
Receivable
from Advisor |
|
|
20,331
|
|
Cash |
|
|
6,150
|
|
Receivable
for fund shares sold |
|
|
1,446
|
|
Interest
receivable |
|
|
265
|
|
Foreign
currency, at value |
|
|
127
|
|
Prepaid
expenses and other assets |
|
|
14,656
|
|
Total
assets |
|
|
$69,420,765
|
|
LIABILITIES: |
|
|
|
|
Payable
for audit fees |
|
|
20,754
|
|
Payable
for fund administration and accounting fees |
|
|
10,866
|
|
Payable
for investments purchased |
|
|
9,893
|
|
Payable
for custodian fees |
|
|
7,713
|
|
Payable
for printing and mailing |
|
|
3,797
|
|
Payable
for capital shares redeemed |
|
|
1,933
|
|
Payable
for expenses and other liabilities |
|
|
508
|
|
Total
liabilities |
|
|
55,464
|
|
Commitments
and contingencies (Note 5) |
|
|
|
|
Net
assets |
|
|
$
69,365,301 |
|
Net
Assets Consists of: |
|
|
|
|
Capital
stock ($0.001 per share) |
|
|
$4,701
|
|
Additional
paid-in capital |
|
|
65,384,370
|
|
Total
accumulated distributable earnings |
|
|
3,976,230
|
|
Total
net assets |
|
|
$
69,365,301 |
|
Net
assets |
|
|
$69,365,301
|
|
Shares
issued and outstanding(a) |
|
|
4,700,995
|
|
Net
asset value per share |
|
|
$14.76
|
|
Cost: |
|
|
|
|
Investments,
at cost |
|
|
$65,094,504
|
|
Foreign
currency, at cost |
|
|
$127 |
|
|
|
|
|
|
(a) |
Unlimited shares authorized. |
|
|
|
3 |
|
|
|
|
|
|
|
|
INVESTMENT
INCOME: |
|
|
|
|
Dividend
income |
|
|
$1,540,790
|
|
Interest
income |
|
|
108,807
|
|
Less:
Issuance fees |
|
|
(3,102
) |
|
Less: Dividend
withholding taxes |
|
|
(102,473)
|
|
Total
investment income |
|
|
1,544,022
|
|
EXPENSES: |
|
|
|
|
Fund
administration and accounting fees |
|
|
68,150
|
|
Federal
and state registration fees |
|
|
25,744
|
|
Audit
fees |
|
|
20,767
|
|
Custodian
fees |
|
|
15,918
|
|
Transfer
agent fees |
|
|
11,208
|
|
Trustees’
fees |
|
|
7,137
|
|
Legal
fees |
|
|
6,075
|
|
Reports
to shareholders |
|
|
4,809
|
|
Compliance
fees |
|
|
1,382
|
|
Overdraft
fees |
|
|
182
|
|
Other
expenses and fees |
|
|
19,542
|
|
Total
expenses |
|
|
180,914
|
|
Expense
reimbursement by Advisor |
|
|
(180,732)
|
|
Net
expenses |
|
|
182
|
|
Net
Investment Income |
|
|
1,543,840
|
|
REALIZED
AND UNREALIZED GAIN (LOSS) |
|
|
|
|
Net
realized gain (loss) from: |
|
|
|
|
Investments |
|
|
1,365,172
|
|
Foreign
currency translation |
|
|
11,886
|
|
Net
realized gain (loss) |
|
|
1,377,058
|
|
Net
change in unrealized appreciation (depreciation) on: |
|
|
|
|
Investments |
|
|
(47,575
) |
|
Foreign
currency translation |
|
|
3,369
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(44,206)
|
|
Net
realized and unrealized gain (loss) |
|
|
1,332,852
|
|
Net
Increase (Decrease) in Net Assets Resulting from Operations |
|
|
$
2,876,692 |
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
June 30,
2025 |
|
|
Year Ended
June 30,
2024 |
|
OPERATIONS: |
|
|
|
|
||
|
Net
investment income (loss) |
|
|
$1,543,840 |
|
|
$1,154,920
|
|
Net
realized gain (loss) |
|
|
1,377,058 |
|
|
5,186,602
|
|
Net
change in unrealized appreciation (depreciation) |
|
|
(44,206
) |
|
|
3,550,694
|
|
Net
increase (decrease) in net assets from operations |
|
|
2,876,692 |
|
|
9,892,216
|
|
DISTRIBUTIONS
TO SHAREHOLDERS: |
|
|
|
|
||
|
From
earnings |
|
|
(5,927,035) |
|
|
(3,592,945)
|
|
Total
distributions to shareholders |
|
|
(5,927,035) |
|
|
(3,592,945)
|
|
CAPITAL
TRANSACTIONS: |
|
|
|
|
||
|
Shares
sold |
|
|
25,504,951 |
|
|
69,887,096
|
|
Shares
redeemed |
|
|
(17,436,330) |
|
|
(57,900,643)
|
|
Net
increase (decrease) in net assets from capital transactions |
|
|
8,068,621 |
|
|
11,986,453
|
|
Net
Increase (Decrease) In Net Assets |
|
|
5,018,278 |
|
|
18,285,724
|
|
NET
ASSETS: |
|
|
|
|
||
|
Beginning
of the year |
|
|
64,347,023 |
|
|
46,061,299
|
|
End
of the year |
|
|
$69,365,301 |
|
|
$64,347,023
|
|
SHARES
TRANSACTIONS |
|
|
|
|
||
|
Shares
sold |
|
|
1,750,707 |
|
|
4,864,518
|
|
Shares
redeemed |
|
|
(1,220,569) |
|
|
(4,043,023)
|
|
Total
increase (decrease) in shares outstanding |
|
|
530,138 |
|
|
821,495 |
|
|
|
|
|
|
|
|
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||||
|
|
|
|
Net asset
value,
beginning
of year |
|
|
INVESTMENT
OPERATIONS: |
|
|
LESS
DISTRIBUTIONS FROM: |
|
|
Net asset
value,
end of
year |
|
|
Total
return(d) |
|
|
SUPPLEMENTAL
DATA AND RATIOS: | ||||||||||||||||||||||||
|
For
the
year
ended |
|
|
Net
investment
income
(loss)(a)(b) |
|
|
Net
realized and
unrealized
gain
(loss) on
investments(c) |
|
|
Total from
investment
operations |
|
|
Net
investment
income |
|
|
Net
realized
gains |
|
|
Total
distributions |
|
|
Net assets,
end of year
(in thousands) |
|
|
Ratio of
expenses to
average
net assets
before expense
reimbursement(e)(f) |
|
|
Ratio of
expenses to
average net
assets after
expense
reimbursement(e)(f) |
|
|
Ratio of
net
investment
income (loss)
to average
net assets(e)(f) |
|
|
Portfolio
turnover
rate(d)
| |||||||||
|
6/30/2025 |
|
|
$15.43 |
|
|
0.35 |
|
|
0.32 |
|
|
0.67 |
|
|
(0.27) |
|
|
(1.07) |
|
|
(1.34) |
|
|
$14.76 |
|
|
4.26% |
|
|
$69,365 |
|
|
0.27% |
|
|
0.00%(g) |
|
|
2.34% |
|
|
107%
|
|
6/30/2024 |
|
|
$13.75 |
|
|
0.31 |
|
|
2.38 |
|
|
2.69 |
|
|
(0.28) |
|
|
(0.73) |
|
|
(1.01) |
|
|
$15.43 |
|
|
20.57% |
|
|
$64,347 |
|
|
0.36% |
|
|
0.00% |
|
|
2.11% |
|
|
93%
|
|
6/30/2023 |
|
|
$10.95 |
|
|
0.28 |
|
|
2.75 |
|
|
3.03 |
|
|
(0.13) |
|
|
(0.10) |
|
|
(0.23) |
|
|
$13.75 |
|
|
27.92% |
|
|
$46,061 |
|
|
0.74% |
|
|
0.00% |
|
|
2.21% |
|
|
140%
|
|
6/30/2022 |
|
|
$12.90 |
|
|
0.20 |
|
|
(1.96) |
|
|
(1.76) |
|
|
(0.09) |
|
|
(0.10) |
|
|
(0.19) |
|
|
$10.95 |
|
|
−13.88% |
|
|
$29,443 |
|
|
1.36% |
|
|
0.00% |
|
|
1.59% |
|
|
96%
|
|
6/30/2021(h) |
|
|
$10.00 |
|
|
0.12 |
|
|
2.78 |
|
|
2.90 |
|
|
— |
|
|
— |
|
|
— |
|
|
$12.90 |
|
|
29.00% |
|
|
$631 |
|
|
45.41% |
|
|
0.00% |
|
|
2.02% |
|
|
57% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Recognition
of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds
in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. |
|
(b) |
Net investment
income (loss) per share has been calculated based on average shares outstanding during the periods. |
|
(c) |
Realized
and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per
share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions
for the periods. |
|
(d) |
The Fund’s
investment advisor contractually agreed to reimburse 100% of the Fund’s operating expenses (See Note 2). Without such reimbursement,
the Fund’s performance would have been lower. Returns for periods less than one year are not annualized. |
|
(e) |
These ratios
exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net
investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. |
|
(f) |
Annualized for
periods less than one year. |
|
(g) |
Amount represents
less than 0.005%. |
|
(h) |
Inception date
of the Fund was December 30, 2020. |
|
|
|
6 |
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments: |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Common
Stocks |
|
|
$45,429,977 |
|
|
$16,720,832 |
|
|
$ — |
|
|
$62,150,809
|
|
Exchange
Traded Funds |
|
|
3,280,108 |
|
|
— |
|
|
— |
|
|
3,280,108
|
|
Preferred
Stocks |
|
|
259,350 |
|
|
— |
|
|
— |
|
|
259,350
|
|
Real
Estate Investment Trusts - Common |
|
|
214,676 |
|
|
— |
|
|
— |
|
|
214,676
|
|
Time
Deposits |
|
|
— |
|
|
2,663,759 |
|
|
— |
|
|
2,663,759
|
|
Total
Investments |
|
|
$49,184,111 |
|
|
$19,384,591 |
|
|
$— |
|
|
$68,568,702 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
Equity
Contracts: |
|
|
|
|
Purchased
Put Options |
|
|
$(2,234,397)* |
|
|
|
|
|
|
* |
Included with net realized gain (loss) from investments. |
|
|
|
|
|
|
Equity
Contracts: |
|
|
|
|
Purchased
Put Options |
|
|
$83,855* |
|
|
|
|
|
|
* |
Included with net change in unrealized appreciation
(depreciation) on investments. |
|
|
|
|
|
|
Equity
Contracts: |
|
|
|
|
Average
Number of Contracts – Purchased Put Options |
|
|
416
|
|
Average
Notional Amount – Purchased Put Options |
|
|
$8,880,531 |
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
Tax
cost of investments |
|
|
$65,137,276
|
|
Gross
unrealized appreciation |
|
|
7,661,966
|
|
Gross
unrealized depreciation |
|
|
(4,227,255)
|
|
Net
unrealized appreciation (depreciation) |
|
|
3,434,711
|
|
Distributable
ordinary income (as of 6/30/25) |
|
|
1,101,552
|
|
Distributable
long-term gains (as of 6/30/25) |
|
|
—
|
|
Total
distributable earnings |
|
|
1,101,552
|
|
Other
accumulated gain (loss) |
|
|
(560,033)
|
|
Total
accumulated gain (loss) |
|
|
$3,976,230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
paid-in capital |
|
|
|
|
|
Total distributable
earnings |
|
$328,184 |
|
|
|
|
$(328,184) | |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
June 30,
2025 |
|
|
June 30,
2024 | ||||||
|
Ordinary Income
Distributions |
|
|
Long-Term
Capital
Gains Distributions |
|
|
Ordinary Income
Distributions |
|
|
Long-Term
Capital
Gains Distributions
|
|
| |||||||||
|
$4,160,026 |
|
|
$1,767,009 |
|
|
$989,929 |
|
|
$2,603,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
12 |
|
|
|
|
|
13 |
|
|
|
|
|
14 |
|
|
|
|
|
15 |
|
|
|
|
|
16 |
|
|
|
|
|
17 |
|
|
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
During the HW Opportunities MP Fund’s two most recent fiscal years, as a result of the Reorganization of the Fund after the close of business on December 15, 2023, there was a change in accountants from Cohen & Company, Ltd., the Predecessor Fund’s independent registered public accounting firm, to Deloitte & Touche LLP, the independent registered public accounting firm that the Board selected for the Fund at a meeting held on August 15, 2023, upon the recommendation of the Trust’s Audit Committee.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to directors, officers and others is included in the Statements of Operations under the line items “Compliance fees” and “Trustees’ fees” as part of the financial statements filed under Item 7 of this Form N-CSR.
For the Hotchkis & Wiley SMID Cap Diversified Value Fund, all fund expenses, including Trustee compensation, are paid by the Advisor pursuant to the Investment Advisory Agreement. Additional information related to those fees is available in the Fund’s Statement of Additional Information.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENTS
Background and Approval Process
Hotchkis and Wiley Capital Management, LLC (the “Advisor”) serves as investment adviser to the Hotchkis and Wiley Large Cap Disciplined Value Fund, the Hotchkis and Wiley Large Cap Fundamental Value Fund, the Hotchkis and Wiley Mid-Cap Value Fund, the Hotchkis and Wiley Small Cap Value Fund, the Hotchkis and Wiley Small Cap Diversified Value Fund, the Hotchkis and Wiley Global Value Fund, the Hotchkis and Wiley International Value Fund, the Hotchkis and Wiley International Small Cap Diversified Value Fund, the Hotchkis and Wiley Value Opportunities Fund and the Hotchkis and Wiley High Yield Fund (each a “Fund” and collectively the “Funds”) pursuant to separate investment advisory agreements (the “Advisory Agreements”) with the Hotchkis and Wiley Funds (the “Trust”), of which each Fund is a series. The Advisory Agreements were initially approved by the Board of Trustees of the Trust at the inception of each Fund and continue thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) (the “Independent Trustees”). The Advisory Agreements for each Fund were renewed by the Board at a meeting held in May 2025.
As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, (ii) short-term and longer-term total return of each Fund relative to its respective peer group and benchmark index(es), (iii) the advisory fees and expense ratios of each Fund as compared to the advisory fees and expense ratios of funds in its peer group, (iv) the costs of the services provided and the Advisor’s estimated profitability with respect to the management of each Fund, (v) the extent to which the Advisor has in the past, or is likely in the future, to experience economies of scale in connection with the investment advisory services it provides to each Fund, and (vi) fall-out benefits to the Advisor from its relationship with the Funds.
The Independent Trustees met with their independent legal counsel prior to the May 2025 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the year, both in writing and during meetings, regarding the Funds, including Fund performance, expense ratios, portfolio composition and regulatory compliance.
At the May 2025 Board meeting, representatives of the Advisor discussed the Independent Trustees’ requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreements, the Board had received sufficient information to renew each Advisory Agreement.
In deciding to approve the renewal of each Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.
Nature, Extent and Quality of Services
As part of the Board’s decision-making process, the Board noted that the Advisor and its predecessors have managed the Funds and their predecessors since their inception, and the Board believes that a long-term relationship with a capable, conscientious investment adviser is in the best interests of the Funds. The Board also considered that shareholders invest in a Fund specifically seeking the Advisor’s investment expertise and style. The Board also noted that when shareholders invest in a Fund, they know the advisory fee that is paid by the Fund. In this connection, the Board considered, in particular, that each Fund is managed in accordance with its investment objective and policies as disclosed to shareholders.
The Board reviewed information regarding various services provided by the Advisor to the Funds, including an organizational chart and background information on personnel performing such services. The Board also reviewed each Fund’s performance and information regarding the Advisor’s investment approach, which is driven by team-oriented, in-depth, fundamental research. The Board considered the depth and quality of the Advisor’s investment process, the low turnover rates of the Advisor’s key personnel, the overall stability of the Advisor’s organization, and the experience, capability and integrity of its senior management. The Board also considered the portfolio managers’ significant investments in the Funds. The Board considered the Trust’s compliance program and the resultant compliance by the Funds and the Advisor with legal requirements.
The Board also considered other non-advisory services provided by the Advisor to the Funds, such as the services of Advisor employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board noted that the Advisor organizes Board meetings and the preparation of Board meeting materials, and those Advisor employees serving as Trust officers oversee and manage the other Fund service providers.
Based on its review, the Board concluded that the nature, extent and quality of services provided to each Fund under its Advisory Agreement were satisfactory.
Investment Performance of the Funds and the Advisor
The Board noted that it reviews data on the short-term and longer-term total returns of the Funds in connection with each quarterly Board meeting. For the contract review meeting, the Board reviewed a report prepared by the Trust’s administrator (the “Report”) using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total returns of Class I shares of each Fund to the median annualized
total returns of a group of funds that are similar, primarily in terms of investment style (each a “Peer Group”), and to the annualized total returns of the Fund’s primary and secondary (for Funds that have secondary benchmarks) benchmark indexes for the one-, three-, five- and ten-year periods, as applicable, ended December 31, 2024 and for the three- and six-month, one-, three-, five- and ten-year periods, as applicable, ended March 31, 2025. The Board noted that the Peer Groups were reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group is provided at each quarterly Board meeting. The Board also considered that the International Small Cap Diversified Value Fund commenced operations on June 30, 2020 and does not have five years of performance history as of December 31, 2024.
The Board noted that all Funds underperformed the median returns of their respective primary benchmarks for the one-year period except for the High Yield Fund; all Funds outperformed the median returns of their respective primary benchmarks for the 3-year period except for the Large Cap Fundamental Value Fund, Small Cap Diversified Value Fund, International Value Fund and International Small Cap Diversified Value Fund; all Funds with a five-year performance history underperformed the median returns of their respective primary benchmarks for the five-year period except for the International Value Fund and High Yield Fund; and all Funds with a ten-year performance history underperformed the median returns of their respective primary benchmarks for the ten-year period except for the High Yield Fund.
The Board noted that the Large Cap Disciplined Value Fund, Large Cap Fundamental Value Fund, Global Value Fund and International Value Fund outperformed the median returns of their respective Peer Group for the one-year period; all Funds outperformed the median returns of their respective Peer Group for the three-year period; all Funds with a five-year performance history outperformed the median returns of their respective Peer Group for the five-year period except the Small Cap Diversified Value Fund; and all Funds with a ten-year performance history outperformed the median returns of their respective Peer Group for the ten-year period except the Large Cap Fundamental Value Fund, Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, and High Yield Fund. The Board considered that the Advisor had been consistent in its approach to managing the Funds. The Board concluded that the Advisor’s services in managing each Fund’s portfolio were satisfactory.
Fees, Expenses and Profitability
The Board reviewed advisory fee and expense data using information provided by Morningstar, Inc., contained in the Report, including information regarding applicable expense limitations for the Funds’ Class I shares. The Board reviewed data in the Report showing how each Fund’s advisory fee and Class I shares’ expense ratio compared to those of the funds in its Peer Group using similar share classes. The Board also reviewed information provided by the Advisor on management fees charged by the Advisor for sub-advisory services it provides to other mutual funds and management fees it charges to its separate account clients with investment objectives and policies similar to those of the Funds. The Board considered a list of the many additional functions that the Advisor performs for the Funds that the Advisor does not perform for its separate account and sub-advisory clients, and noted it is generally acknowledged that managing mutual funds subjects an investment adviser to more legal and regulatory risk than is the case with separate accounts.
With respect to the advisory fee for each Fund, the Board noted that the Report showed that the Large Cap Disciplined Value, Large Cap Fundamental Value, Small Cap Diversified
Value, and Value Opportunities Funds’ contractual advisory fees were higher than the median contractual advisory fees of their respective Peer Group, that the Small Cap Value, Global Value, and International Small Cap Diversified Value Funds’ contractual advisory fees were lower than the median contractual advisory fees of their respective Peer Group, and that the Mid-Cap Value, International Value, and High Yield Funds’ contractual advisory fees were the same as the median contractual advisory fees of their respective Peer Group. The Board also noted that the net expense ratios, after implementation of the expense caps for the Class I shares of all the Funds were above the median net expense ratio of their Peer Group, except for the Small Cap Diversified Value Fund and International Small Cap Diversified Value Fund. The Board noted that the Advisor uses a fundamental research-intensive process. The Board considered the expense caps put in place by the Advisor for each Fund (as further described below). The Board concluded that the advisory fee was fair and reasonable for each Fund in light of the nature, extent and quality of services provided by the Advisor.
The Board reviewed information concerning the estimated profitability to the Advisor of the Advisory Agreements, including information regarding the methodology for allocating expenses. The Board reviewed data regarding the Advisor’s variable expenses and fixed expenses. The Board considered that in 2024, as in recent prior years, the Advisor had absorbed costs above expense caps for which it would not be reimbursed for the Large Cap Disciplined Value, Large Cap Fundamental Value, Small Cap Value, Small Cap Diversified Value, Global Value, International Value, International Small Cap Diversified Value and High Yield Funds. The Board considered that the Advisor has agreed to continue the expense caps for the share classes of each Fund through at least August 29, 2026. The Board also recognized that individual fund or product line profitability of other advisers is generally not publicly available, and that profitability may be affected by numerous factors, so that the comparability of profitability among advisory firms is limited. The Board noted the importance of the Advisor’s profitability—which is derived solely from investment management fees – in maintaining its entrepreneurial environment in a private, primarily employee-owned structure. The Board also noted that the Advisor’s compensation/profit structure facilitates retention of its management and investment professionals. The Board concluded that the level of estimated profitability to the Advisor under the Advisory Agreements was not unreasonable.
Economies of Scale and Whether Fee Levels Reflect These Economies of Scale
The Board reviewed the information provided by the Advisor as to the extent to which it has in the past or is likely in the future to realize economies of scale in connection with the investment advisory services it provides as each Fund grows. The Board noted the low level of assets under management in certain Funds. The Board considered that the breakpoints in the Large Cap Disciplined Value, Large Cap Fundamental Value, and Mid-Cap Value Funds’ advisory fee schedules can enable shareholders to share in economies of scale. The Board considered the amount of advisory fees that the Advisor waived and Fund operating expenses that the Advisor reimbursed in 2024 to the benefit of certain Funds and their shareholders. The Board also considered information regarding the investment, compliance and client service personnel employed by the Advisor. The Board concluded, after taking into consideration the factors above, that each Fund’s fee level was appropriate.
Fall-Out Benefits to the Advisor from its Relationship to the Funds
The Board considered information regarding any indirect benefits to the Advisor that could be identified from its relationship to the Funds. In particular, the Board considered that
the Advisor has the ability to use commission sharing arrangements that allow the Advisor to pay for third-party research using soft dollars from the equity Funds’ commissions as well as other clients of the Advisor. The Board considered that the bundled research services and the use of commission sharing arrangements provides valuable information or service to the Advisor’s investment research process, which benefits the Funds (as well as the Advisor who uses (or can use) the research for the benefit of the Advisor’s other clients). The Board also considered that the Advisor indirectly benefits from certain Funds’ payment of sub-transfer agency expenses.
* * * *
Based on its review, including its consideration of each of the factors referred to above, the Board, including all of the Independent Trustees, concluded that the terms of each Advisory Agreement are fair and reasonable and that the renewal of each Fund’s Advisory Agreement is in the best interests of the Fund.
BOARD CONSIDERATIONS IN APPROVING CONTINUATION OF INVESTMENT ADVISORY AGREEMENT
Background and Approval Process
Hotchkis and Wiley Capital Management, LLC (the “Advisor”) serves as investment adviser to the HW Opportunities MP Fund (the “Fund”) pursuant to an investment advisory agreement (the “Advisory Agreement”) with the Hotchkis and Wiley Funds (the “Trust”), of which the Fund is a series. The Advisory Agreement was initially approved by the Board of Trustees of the Trust at the inception of the Fund and continues thereafter if approved annually by the Board of Trustees of the Trust, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) (the “Independent Trustees”). The Advisory Agreement for the Fund was renewed by the Board at a meeting held in May 2025.
As part of the annual contract review process, the Independent Trustees, through their independent legal counsel, requested and received extensive materials, including information relating to: (i) the nature, extent and quality of services provided by the Advisor, (ii) short-term and longer-term total return of the Fund relative to its respective peer group and benchmark index(es), (iii) the advisory fees and expense ratios of the Fund, including the Advisor’s contractual agreement to limit and reimburse the Fund’s operating expenses, (iv) the costs of the services provided and the Advisor’s estimated profitability with respect to the management of the Fund, (v) the extent to which the Advisor has in the past, or is likely in the future, to experience economies of scale in connection with the investment advisory services it provides to the Fund, and (vi) fall-out benefits to the Advisor from its relationship with the Fund.
The Independent Trustees met with their independent legal counsel prior to the May 2025 Board meeting to review the materials provided by the Advisor and were advised regarding their fiduciary duties pertaining to renewal of investment advisory contracts and the factors they should consider in evaluating advisory agreements. The Independent Trustees, through their legal counsel, then provided follow-up questions to the Advisor which were addressed by the Advisor. The Independent Trustees noted that the information provided by the Advisor was thorough and responsive to their requests. The information provided in response to their requests was in addition to information received by the Board throughout the
year, both in writing and during meetings, regarding the Fund, including Fund performance, expense ratios, portfolio composition and regulatory compliance.
At the May 2025 Board meeting, representatives of the Advisor discussed the Independent Trustees’ requests and follow-up questions with the Board and responded to further questions. The Board determined that, given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to renew the Advisory Agreement.
In deciding to approve the renewal of the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.
Nature, Extent and Quality of Services
As part of the Board’s decision-making process, the Board noted that the Advisor has managed the Fund since its inception, and the Board believes that a long-term relationship with a capable, conscientious investment adviser is in the best interests of the Fund. The Board also considered that shareholders invest in the Fund specifically seeking the Advisor’s investment expertise and style. In this connection, the Board considered, in particular, that the Fund is managed in accordance with its investment objective and policies as disclosed to shareholders.
The Board reviewed information regarding various services provided by the Advisor to the Fund, including an organizational chart and background information on personnel performing such services. The Board also reviewed the Fund’s performance and information regarding the Advisor’s investment approach, which is driven by team-oriented, in-depth, fundamental research. The Board considered the depth and quality of the Advisor’s investment process, the low turnover rates of the Advisor’s key personnel, the overall stability of the Advisor’s organization, and the experience, capability and integrity of its senior management. The Board considered the Trust’s compliance program and the resultant compliance by the Fund and the Advisor with legal requirements.
The Board also considered other non-advisory services provided by the Advisor to the Fund, such as the services of Advisor employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board noted that the Advisor organizes Board meetings and the preparation of Board meeting materials, and those Advisor employees serving as Trust officers oversee and manage the other Fund service providers.
Based on its review, the Board concluded that the nature, extent and quality of services provided to the Fund under its Advisory Agreement were satisfactory.
Investment Performance of the Funds and the Advisor
The Board also considered that the Fund serves as a completion vehicle for a model portfolio strategy of the Adviser and that the Fund’s performance alone would not be sufficient to evaluate the overall performance without the separate account composite performance.
The Board noted that it reviews data on the short-term and longer-term total returns of the Fund and the HW Value Opportunities Composite. For the contract review meeting, the
Board reviewed a report prepared by the Trust’s administrator (the “Report”) using information provided by Morningstar, Inc., an independent provider of mutual fund data, that compared the annualized total returns of the Fund and the composite to the median annualized total returns of a group of funds that are similar, primarily in terms of investment style (the “Peer Group”), and to the annualized total returns of the Fund’s and composite’s primary and secondary benchmark indexes for the one- and three -year periods ended December 31, 2024 and for the three- and six-month, one- and three -year periods ended March 31, 2025. The Board noted that the Peer Group was reviewed and selected by the Advisor based on its criteria to determine an appropriate group of competitor funds. In addition, data regarding performance of the Peer Group is provided at each quarterly Board meeting. The Board also considered that the Fund commenced operations on December 30, 2020 and does not have five years of performance history as of December 31, 2024.
The Board noted that the composite, which is a better approximation of the overall returns, outperformed the median return of its primary benchmark and Peer Group for the one-year period and outperformed the median return of its primary benchmark and Peer Group for the 3-year period. The Board considered that the Advisor had been consistent in its approach to managing the Fund. The Board concluded that the Advisor’s services in managing the Fund’s portfolio was satisfactory.
Fees, Expenses, Profitability and Economies of Scale
The Board considered that the Fund’s shares are available for purchase only to investors in the Advisor’s model portfolio product offered by a third party, in which the Fund is a component of the model’s overall investment exposure, and that the management fee payable by the Fund to the Advisor pursuant to the Advisory Agreement is 0.00%. The Board also considered that the Advisor has agreed to reimburse the Fund for its operating expenses to limit its annual operating expenses to 0.00% through August 31, 2026, and that the Advisor will not be entitled to subsequent reimbursement of such amounts. Because the Fund has a 0.00% management fee and operating expense ratio, the Board did not review information regarding the management fees and expense ratios of other investment products with similar investment objectives and strategies.
The Board considered the asset-based fee that the Advisor receives with respect to the assets invested through its model portfolio product. The Board also considered information provided by the Advisor on the Advisor’s estimated gross profitability with respect to the Fund and Fund operating expenses to be reimbursed by the Advisor.
The Board considered that since there is no advisory fee, economies of scale were not a factor.
Fall-Out Benefits to the Advisor from its Relationship to the Funds
The Board considered information regarding any indirect benefits to the Advisor that could be identified from its relationship to the Fund. In particular, the Board considered that the Advisor has the ability to use commission sharing arrangements that allow the Advisor to pay for third-party research using soft dollars from the equity funds’ commissions as well as other clients of the Advisor. The Board considered that the bundled research services and the use of commission sharing arrangements provides valuable information or service to the Advisor’s
investment research process, which benefits the Fund (as well as the Advisor who uses (or can use) the research for the benefit of the Advisor’s other clients).
* * * *
Based on its review, including its consideration of each of the factors referred to above, the Board, including all of the Independent Trustees, concluded that the terms of the Advisory Agreement are fair and reasonable and that the renewal of the Fund’s Advisory Agreement is in the best interests of the Fund.
Board Considerations in Approving the Investment Advisory Agreement for the Hotchkis and Wiley SMID Cap Diversified Value Fund
The Board of Trustees of the Hotchkis and Wiley Funds (the “Trust”), including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) (the “Independent Trustees”), approved the Investment Advisory Agreement (the “Advisory Agreement”) between the Trust, on behalf of the Hotchkis & Wiley SMID Cap Diversified Value Fund, a newly established series of the Trust (the “Fund”), and Hotchkis and Wiley Capital Management, LLC (the “Advisor”), at a meeting held on February 19, 2025. The Board determined that the terms of the Advisory Agreement are fair and reasonable and that the Advisory Agreement is in the best interests of the Fund.
The Board considered its duties under the 1940 Act, as well as under the general principles of state law in reviewing and approving investment advisory contracts; and the factors to be considered by the Board in voting on such agreements. To assist the Board in its evaluation of the Advisory Agreement, the Independent Trustees participated in the November 12, 2024 Board meeting at which the portfolio managers discussed their background and relevant experience and the investment strategy for the Fund. The Independent Trustees received a report from the Advisor in advance of the February 19, 2025 meeting that responded to an information request for data relevant to consideration of the Advisory Agreement from counsel to the Independent Trustees. The report, among other things, noted the services to be provided by the Advisor would be consistent with the services provided to the other funds in the Trust (noting that the Advisor does not currently manage an ETF or any other account in this strategy); the proposed unitary advisory fee for the Fund as compared to fees charged by investment advisers to peer SMID cap value ETFs; estimated expenses of the Fund as compared to expense ratios of the peer funds; the nature of expenses to be incurred in providing services to the Fund; and financial data on the Advisor. The Independent Trustees considered the extensive information provided by the Advisor as part of the annual contract renewal process. The Independent Trustees also met separately with their independent legal counsel to discuss the information provided by the Advisor. The Board applied its business judgment to determine whether the arrangements between the Trust and the Advisor are reasonable business arrangements from the Fund’s perspective as well as from the perspective of prospective shareholders.
The Board determined that given the totality of the information provided with respect to the Advisory Agreement, the Board had received sufficient information to approve the Advisory Agreement. In deciding to approve the Advisory Agreement, the Board did not identify any single factor or group of factors as all-important or controlling, and considered a variety of factors in its analysis, including those discussed below. The Board did not allot a particular weight to any one factor or group of factors.
Nature, Extent and Quality of Services
In reviewing the Advisory Agreement, the Board considered the nature, extent and quality of services to be provided by the Advisor. At the preliminary meeting held in November 2024, the Trustees received a presentation from the portfolio managers and asked questions about the proposed investment strategy for the Fund and how portfolio trades would be executed. The Board considered that the Advisor will be responsible for the overall management of the Fund, that the Advisor manages the other funds in the Trust, and that the services provided by the Advisor to the Fund are anticipated to be of the same nature and quality as the services provided by the Advisor to the other funds in the Trust. The Board noted that due to the Advisor’s management of the other funds in the Trust, the Board is familiar with the background and experience of the Fund’s portfolio managers and their investment style, the depth and quality of the Advisor’s investment process, the low turnover rates of the Advisor’s key personnel, the overall stability of the Advisor’s organization, and the experience, capability and integrity of its senior management.
The Board also considered other non-advisory services to be provided by the Advisor to the Fund, such as the services of Advisor employees as Trust officers and other personnel provided that are necessary for Fund operations. The Board noted that the Advisor will organize Board meetings and prepare Board meeting materials, and those Advisor employees serving as Trust officers will oversee and manage the other Fund service providers. The Board concluded that the nature, extent and quality of services to be provided to the Fund by the Advisor under the Advisory Agreement were expected to be satisfactory.
Fees, Expenses, Profitability and Economies of Scale
The Trustees reviewed and discussed the information provided by the Advisor on the Fund’s net expense ratio and unitary advisory fee. The Trustees noted that the annual advisory fee to be charged to the Fund is a unitary advisory fee and that the Advisor will pay all other operating expenses of the Fund, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the Investment Company Act, and litigation expenses and other non-routine or extraordinary expenses. The Trustees compared the Fund’s net expense ratio to information compiled by the Advisor from Morningstar on the net expense ratios of comparable ETFs. The Trustees noted that the net expense ratio for the Fund was lower than the median net expense ratios of its ETF peer funds.
Since the Fund is newly organized, the Board did not consider investment performance of the Fund. Based on all of the information provided, the Board concluded that the unitary advisory fee to be charged to the Fund was reasonable and appropriate in light of the services to be provided and the administrative, operational, and management oversight costs for the Advisor.
Fall-Out Benefits to the Advisor from its Relationship to the Fund
The Board noted that the Fund had not commenced operations so there were no economies of scale to consider. The Board considered that the Advisor had identified as a
fall-out benefit to the Advisor its ability to use the Fund’s soft dollars to obtain third-party research.
* * * *
Based on all of the information considered and the conclusions reached, the Board, including the Independent Trustees, determined that the terms of the Advisory Agreement are fair and reasonable and that the approval of the Agreement is in the best interests of the Fund. No single factor was determinative in the Board’s analysis.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.
Item 16. Controls and Procedures.
| (a) | The registrant’s Principal Executive Officer and Principal Financial Officer have reviewed the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended. Based on their review, such officers have concluded that the disclosure controls and procedures are effective. |
| (b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
| (a) | Not applicable. |
| (b) | Not applicable. |
Item 19. Exhibits.
| (a) | (1) Not applicable because the code of ethics is available without charge, upon request, by calling toll-free at 1-800-796-5606. |
(2) Not applicable.
(4) Not applicable.
| (5) | Not applicable. |
| (b) | Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| (Registrant) | Hotchkis & Wiley Funds |
| By (Signature and Title) | /s/ Anna Marie Lopez | ||
| Anna Marie Lopez, Principal Executive Officer |
| Date | August 26, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| By (Signature and Title) | /s/ Anna Marie Lopez | ||
| Anna Marie Lopez, Principal Executive Officer |
| Date | August 26, 2025 |
| By (Signature and Title) | /s/ James Menvielle | ||
| James Menvielle, Principal Financial Officer |
| Date | August 26, 2025 |