UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-10487
Hotchkis & Wiley Funds
(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:
Maureen A. Miller, Esq.
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, 2024
Date of reporting period: June 30, 2024
Item 1. Reports to Stockholders.
| (a) |
 | Hotchkis & Wiley Diversified Value Fund |  |
| Class A | HWCAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $115 | 1.05% |
| Hotchkis & Wiley Diversified Value Fund | PAGE 1 | TSR_AR_44134R750 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 18.48 | 11.65 | 9.00 |
Class A (with sales charge) | 12.26 | 10.45 | 8.41 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 1000 Value Index | 13.06 | 9.01 | 8.23 |
Russell 1000 Index | 23.88 | 14.61 | 12.51 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $111,256,188 |
Number of Holdings | 77 |
Net Advisory Fee | $499,450 |
Portfolio Turnover | 34% |
Top 10 Holdings | (%) |
Citigroup, Inc. | 3.9% |
Wells Fargo & Co. | 3.6% |
Telefonaktiebolaget LM Ericsson | 3.5% |
Workday, Inc. | 3.2% |
APA Corp. | 3.2% |
General Motors Company | 3.0% |
F5, Inc. | 2.8% |
Elevance Health, Inc. | 2.8% |
Alphabet, Inc. | 2.3% |
Comcast Corp. | 2.3% |
| Hotchkis & Wiley Diversified Value Fund | PAGE 2 | TSR_AR_44134R750 |
| Hotchkis & Wiley Diversified Value Fund | PAGE 3 | TSR_AR_44134R750 |
 | Hotchkis & Wiley Diversified Value Fund |  |
| Class I | HWCIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $88 | 0.80% |
| Hotchkis & Wiley Diversified Value Fund | PAGE 1 | TSR_AR_44134R768 |
1 Year | 5 Year | 10 Year | |
Class I | 18.81 | 11.92 | 9.27 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 1000 Value Index | 13.06 | 9.01 | 8.23 |
Russell 1000 Index | 23.88 | 14.61 | 12.51 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $111,256,188 |
Number of Holdings | 77 |
Net Advisory Fee | $499,450 |
Portfolio Turnover | 34% |
Top 10 Holdings | (%) |
Citigroup, Inc. | 3.9% |
Wells Fargo & Co. | 3.6% |
Telefonaktiebolaget LM Ericsson | 3.5% |
Workday, Inc. | 3.2% |
APA Corp. | 3.2% |
General Motors Company | 3.0% |
F5, Inc. | 2.8% |
Elevance Health, Inc. | 2.8% |
Alphabet, Inc. | 2.3% |
Comcast Corp. | 2.3% |
| Hotchkis & Wiley Diversified Value Fund | PAGE 2 | TSR_AR_44134R768 |
| Hotchkis & Wiley Diversified Value Fund | PAGE 3 | TSR_AR_44134R768 |
 | Hotchkis & Wiley Large Cap Value Fund |  |
| Class A | HWLAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $131 | 1.20% |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 1 | TSR_AR_44134R107 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 18.03 | 10.24 | 8.46 |
Class A (with sales charge) | 11.83 | 9.06 | 7.87 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 1000 Value Index | 13.06 | 9.01 | 8.23 |
Russell 1000 Index | 23.88 | 14.61 | 12.51 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $355,456,530 |
Number of Holdings | 64 |
Net Advisory Fee | $2,507,165 |
Portfolio Turnover | 22% |
Top Holdings | (%) |
Citigroup, Inc. | 4.0% |
Wells Fargo & Co. | 3.7% |
Telefonaktiebolaget LM Ericsson | 3.7% |
F5, Inc. | 3.6% |
General Motors Co. | 3.4% |
APA Corp. | 3.4% |
Elevance Health, Inc. | 3.4% |
Hartford Financial Services Group, Inc. | 2.6% |
Comcast Corp. | 2.6% |
American International Group, Inc. | 2.5% |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 2 | TSR_AR_44134R107 |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 3 | TSR_AR_44134R107 |
 | Hotchkis & Wiley Large Cap Value Fund |  |
| Class I | HWLIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $104 | 0.95% |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 1 | TSR_AR_44134R503 |
1 Year | 5 Year | 10 Year | |
Class I | 18.30 | 10.51 | 8.73 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 1000 Value Index | 13.06 | 9.01 | 8.23 |
Russell 1000 Index | 23.88 | 14.61 | 12.51 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $355,456,530 |
Number of Holdings | 64 |
Net Advisory Fee | $2,507,165 |
Portfolio Turnover | 22% |
Top Holdings | (%) |
Citigroup, Inc. | 4.0% |
Wells Fargo & Co. | 3.7% |
Telefonaktiebolaget LM Ericsson | 3.7% |
F5, Inc. | 3.6% |
General Motors Co. | 3.4% |
APA Corp. | 3.4% |
Elevance Health, Inc. | 3.4% |
Hartford Financial Services Group, Inc. | 2.6% |
Comcast Corp. | 2.6% |
American International Group, Inc. | 2.5% |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 2 | TSR_AR_44134R503 |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 3 | TSR_AR_44134R503 |
 | Hotchkis & Wiley Large Cap Value Fund |  |
| Class Z | HWLZX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $93 | 0.85% |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 1 | TSR_AR_44134R511 |
1 Year | Since Inception (09/30/2019) | |
Class Z | 18.42 | 11.33 |
Russell 3000 Index | 23.13 | 14.66 |
Russell 1000 Value Index | 13.06 | 9.19 |
Russell 1000 Index | 23.88 | 15.09 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $355,456,530 |
Number of Holdings | 64 |
Net Advisory Fee | $2,507,165 |
Portfolio Turnover | 22% |
Top Holdings | (%) |
Citigroup, Inc. | 4.0% |
Wells Fargo & Co. | 3.7% |
Telefonaktiebolaget LM Ericsson | 3.7% |
F5, Inc. | 3.6% |
General Motors Co. | 3.4% |
APA Corp. | 3.4% |
Elevance Health, Inc. | 3.4% |
Hartford Financial Services Group, Inc. | 2.6% |
Comcast Corp. | 2.6% |
American International Group, Inc. | 2.5% |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 2 | TSR_AR_44134R511 |
| Hotchkis & Wiley Large Cap Value Fund | PAGE 3 | TSR_AR_44134R511 |
 | Hotchkis & Wiley Mid-Cap Value Fund |  |
| Class A | HWMAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $129 | 1.20% |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 1 | TSR_AR_44134R206 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 15.65 | 11.21 | 5.76 |
Class A (with sales charge) | 9.58 | 10.01 | 5.19 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell Midcap Value Index | 11.98 | 8.49 | 7.60 |
Russell Midcap Index Index | 12.88 | 9.46 | 9.04 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $432,171,338 |
Number of Holdings | 73 |
Net Advisory Fee | $3,497,573 |
Portfolio Turnover | 28% |
Top Holdings | (%) |
Kosmos Energy Ltd. | 4.9% |
APA Corp. | 4.8% |
Popular, Inc. | 4.4% |
Telefonaktiebolaget LM Ericsson | 4.4% |
Citizens Financial Group, Inc. | 4.2% |
Fluor Corp. | 3.6% |
F5, Inc. | 3.3% |
Adient PLC | 2.7% |
State Street Corp. | 2.7% |
CNO Financial Group, Inc. | 2.4% |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 2 | TSR_AR_44134R206 |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 3 | TSR_AR_44134R206 |
 | Hotchkis & Wiley Mid-Cap Value Fund |  |
| Class I | HWMIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $108 | 1.00% |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 1 | TSR_AR_44134R800 |
1 Year | 5 Year | 10 Year | |
Class I | 15.88 | 11.43 | 5.99 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell Midcap Value Index | 11.98 | 8.49 | 7.60 |
Russell Midcap Index | 12.88 | 9.46 | 9.04 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $432,171,338 |
Number of Holdings | 73 |
Net Advisory Fee | $3,497,573 |
Portfolio Turnover | 28% |
Top Holdings | (%) |
Kosmos Energy Ltd. | 4.9% |
APA Corp. | 4.8% |
Popular, Inc. | 4.4% |
Telefonaktiebolaget LM Ericsson | 4.4% |
Citizens Financial Group, Inc. | 4.2% |
Fluor Corp. | 3.6% |
F5, Inc. | 3.3% |
Adient PLC | 2.7% |
State Street Corp. | 2.7% |
CNO Financial Group, Inc. | 2.4% |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 2 | TSR_AR_44134R800 |
 | Hotchkis & Wiley Mid-Cap Value Fund |  |
| Class Z | HWMZX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $95 | 0.88% |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 1 | TSR_AR_44134R495 |
1 Year | Since Inception (09/30/2019) | |
Class Z | 16.05 | 14.03 |
Russell 3000 Index | 23.13 | 14.66 |
Russell Midcap Value Index | 11.98 | 8.68 |
Russell Midcap Index | 12.88 | 9.87 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $432,171,338 |
Number of Holdings | 73 |
Net Advisory Fee | $3,497,573 |
Portfolio Turnover | 28% |
Top Holdings | (%) |
Kosmos Energy Ltd. | 4.9% |
APA Corp. | 4.8% |
Popular, Inc. | 4.4% |
Telefonaktiebolaget LM Ericsson | 4.4% |
Citizens Financial Group, Inc. | 4.2% |
Fluor Corp. | 3.6% |
F5, Inc. | 3.3% |
Adient PLC | 2.7% |
State Street Corp. | 2.7% |
CNO Financial Group, Inc. | 2.4% |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 2 | TSR_AR_44134R495 |
| Hotchkis & Wiley Mid-Cap Value Fund | PAGE 3 | TSR_AR_44134R495 |
 | Hotchkis & Wiley Small Cap Value Fund |  |
| Class A | HWSAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $127 | 1.20% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR_AR_44134R305 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 11.41 | 11.74 | 7.22 |
Class A (with sales charge) | 5.56 | 10.54 | 6.64 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 2000 Value Index | 10.90 | 7.07 | 6.23 |
Russell 2000 Index | 10.06 | 6.94 | 7.00 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $777,230,486 |
Number of Holdings | 66 |
Net Advisory Fee | $5,147,846 |
Portfolio Turnover | 45% |
Top Holdings | (%) |
F5, Inc. | 6.3% |
Stagwell, Inc. | 4.8% |
NOV, Inc. | 4.5% |
Arrow Electronics, Inc. | 4.4% |
Popular, Inc. | 3.6% |
Ecovyst, Inc. | 3.4% |
Enstar Group Ltd. | 3.3% |
Fluor Corp. | 3.2% |
Jones Lang LaSalle, Inc. | 2.9% |
First Hawaiian, Inc. | 2.9% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR_AR_44134R305 |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 3 | TSR_AR_44134R305 |
 | Hotchkis & Wiley Small Cap Value Fund |  |
| Class C | HWSCX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $205 | 1.95% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR_AR_44134R842 |
1 Year | 5 Year | 10 Year | |
Class C (without sales charge) | 10.60 | 10.92 | 6.43 |
Class C (with sales charge) | 9.60 | 10.92 | 6.43 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 2000 Value Index | 10.90 | 7.07 | 6.23 |
Russell 2000 Index | 10.06 | 6.94 | 7.00 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $777,230,486 |
Number of Holdings | 66 |
Net Advisory Fee | $5,147,846 |
Portfolio Turnover | 45% |
Top Holdings | (%) |
F5, Inc. | 6.3% |
Stagwell, Inc. | 4.8% |
NOV, Inc. | 4.5% |
Arrow Electronics, Inc. | 4.4% |
Popular, Inc. | 3.6% |
Ecovyst, Inc. | 3.4% |
Enstar Group Ltd. | 3.3% |
Fluor Corp. | 3.2% |
Jones Lang LaSalle, Inc. | 2.9% |
First Hawaiian, Inc. | 2.9% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR_AR_44134R842 |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 3 | TSR_AR_44134R842 |
 | Hotchkis & Wiley Small Cap Value Fund |  |
| Class I | HWSIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $103 | 0.97% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR_AR_44134R867 |
1 Year | 5 Year | 10 Year | |
Class I | 11.68 | 11.96 | 7.46 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 2000 Value Index | 10.90 | 7.07 | 6.23 |
Russell 2000 Index | 10.06 | 6.94 | 7.00 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $777,230,486 |
Number of Holdings | 66 |
Net Advisory Fee | $5,147,846 |
Portfolio Turnover | 45% |
Top Holdings | (%) |
F5, Inc. | 6.3% |
Stagwell, Inc. | 4.8% |
NOV, Inc. | 4.5% |
Arrow Electronics, Inc. | 4.4% |
Popular, Inc. | 3.6% |
Ecovyst, Inc. | 3.4% |
Enstar Group Ltd. | 3.3% |
Fluor Corp. | 3.2% |
Jones Lang LaSalle, Inc. | 2.9% |
First Hawaiian, Inc. | 2.9% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR_AR_44134R867 |
 | Hotchkis & Wiley Small Cap Value Fund |  |
| Class Z | HWSZX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $91 | 0.86% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 1 | TSR_AR_44134R487 |
1 Year | Since Inception (09/30/2019) | |
Class Z | 11.80 | 13.31 |
Russell 3000 Index | 23.13 | 14.66 |
Russell 2000 Value Index | 10.90 | 7.59 |
Russell 2000 Index | 10.06 | 7.87 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $777,230,486 |
Number of Holdings | 66 |
Net Advisory Fee | $5,147,846 |
Portfolio Turnover | 45% |
Top Holdings | (%) |
F5, Inc. | 6.3% |
Stagwell, Inc. | 4.8% |
NOV, Inc. | 4.5% |
Arrow Electronics, Inc. | 4.4% |
Popular, Inc. | 3.6% |
Ecovyst, Inc. | 3.4% |
Enstar Group Ltd. | 3.3% |
Fluor Corp. | 3.2% |
Jones Lang LaSalle, Inc. | 2.9% |
First Hawaiian, Inc. | 2.9% |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 2 | TSR_AR_44134R487 |
| Hotchkis & Wiley Small Cap Value Fund | PAGE 3 | TSR_AR_44134R487 |
 | Hotchkis & Wiley Small Cap Diversified Value Fund |  |
| Class A | HWVAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $109 | 1.05% |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 1 | TSR_AR_44134R644 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 8.33 | 9.08 | 7.71 |
Class A (with sales charge) | 2.67 | 7.90 | 7.13 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 2000 Value Index | 10.90 | 7.07 | 6.23 |
Russell 2000 Index | 10.06 | 6.94 | 7.00 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $788,569,923 |
Number of Holdings | 359 |
Net Advisory Fee | $4,539,446 |
Portfolio Turnover | 54% |
Top Holdings | (%) |
Sandy Spring Bancorp, Inc. | 0.5% |
National Energy Services Reunited Corp. | 0.5% |
ACI Worldwide, Inc. | 0.5% |
California Resources Corp. | 0.5% |
NMI Holdings, Inc. | 0.5% |
Vista Outdoor, Inc. | 0.5% |
Hanmi Financial Corp. | 0.5% |
Zions Bancorp NA | 0.4% |
Eagle Bancorp, Inc. | 0.4% |
Bread Financial Holdings, Inc. | 0.4% |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 2 | TSR_AR_44134R644 |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 3 | TSR_AR_44134R644 |
 | Hotchkis & Wiley Small Cap Diversified Value Fund |  |
| Class I | HWVIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $83 | 0.80% |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 1 | TSR_AR_44134R651 |
1 Year | 5 Year | 10 Year | |
Class I | 8.53 | 9.36 | 7.98 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 2000 Value Index | 10.90 | 7.07 | 6.23 |
Russell 2000 Index | 10.06 | 6.94 | 7.00 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $788,569,923 |
Number of Holdings | 359 |
Net Advisory Fee | $4,539,446 |
Portfolio Turnover | 54% |
Top Holdings | (%) |
Sandy Spring Bancorp, Inc. | 0.5% |
National Energy Services Reunited Corp. | 0.5% |
ACI Worldwide, Inc. | 0.5% |
California Resources Corp. | 0.5% |
NMI Holdings, Inc. | 0.5% |
Vista Outdoor, Inc. | 0.5% |
Hanmi Financial Corp. | 0.5% |
Zions Bancorp NA | 0.4% |
Eagle Bancorp, Inc. | 0.4% |
Bread Financial Holdings, Inc. | 0.4% |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 2 | TSR_AR_44134R651 |
 | Hotchkis & Wiley Small Cap Diversified Value Fund |  |
| Class Z | HWVZX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $79 | 0.76% |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 1 | TSR_AR_44134R479 |
1 Year | Since Inception (09/30/2019) | |
Class Z | 8.57 | 10.03 |
Russell 3000 Index | 23.13 | 14.66 |
Russell 2000 Value Index | 10.90 | 7.59 |
Russell 2000 Index | 10.06 | 7.87 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $788,569,923 |
Number of Holdings | 359 |
Net Advisory Fee | $4,539,446 |
Portfolio Turnover | 54% |
Top Holdings | (%) |
Sandy Spring Bancorp, Inc. | 0.5% |
National Energy Services Reunited Corp. | 0.5% |
ACI Worldwide, Inc. | 0.5% |
California Resources Corp. | 0.5% |
NMI Holdings, Inc. | 0.5% |
Vista Outdoor, Inc. | 0.5% |
Hanmi Financial Corp. | 0.5% |
Zions Bancorp NA | 0.4% |
Eagle Bancorp, Inc. | 0.4% |
Bread Financial Holdings, Inc. | 0.4% |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 2 | TSR_AR_44134R479 |
| Hotchkis & Wiley Small Cap Diversified Value Fund | PAGE 3 | TSR_AR_44134R479 |
 | Hotchkis & Wiley Global Value Fund |  |
| Class A | HWGAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $133 | 1.20% |
| Hotchkis & Wiley Global Value Fund | PAGE 1 | TSR_AR_44134R677 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 21.33 | 10.14 | 6.66 |
Class A (with sales charge) | 14.98 | 8.96 | 6.09 |
MSCI World Index | 20.19 | 11.78 | 9.16 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $37,580,034 |
Number of Holdings | 61 |
Net Advisory Fee | $157,288 |
Portfolio Turnover | 48% |
Top Holdings | (%) |
Telefonaktiebolaget LM Ericsson | 4.6% |
F5, Inc. | 3.8% |
Workday, Inc. | 3.8% |
Elevance Health, Inc. | 3.0% |
Alphabet, Inc. | 3.0% |
CVS Health Corp. | 2.6% |
Citigroup, Inc. | 2.5% |
Siemens AG | 2.5% |
Medtronic PLC | 2.4% |
Samsung Electronics Co. Ltd. | 2.4% |
| Hotchkis & Wiley Global Value Fund | PAGE 2 | TSR_AR_44134R677 |
 | Hotchkis & Wiley Global Value Fund |  |
| Class I | HWGIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $105 | 0.95% |
| Hotchkis & Wiley Global Value Fund | PAGE 1 | TSR_AR_44134R685 |
1 Year | 5 Year | 10 Year | |
Class I | 21.57 | 10.41 | 6.92 |
MSCI World Index | 20.19 | 11.78 | 9.16 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $37,580,034 |
Number of Holdings | 61 |
Net Advisory Fee | $157,288 |
Portfolio Turnover | 48% |
Top Holdings | (%) |
Telefonaktiebolaget LM Ericsson | 4.6% |
F5, Inc. | 3.8% |
Workday, Inc. | 3.8% |
Elevance Health, Inc. | 3.0% |
Alphabet, Inc. | 3.0% |
CVS Health Corp. | 2.6% |
Citigroup, Inc. | 2.5% |
Siemens AG | 2.5% |
Medtronic PLC | 2.4% |
Samsung Electronics Co. Ltd. | 2.4% |
| Hotchkis & Wiley Global Value Fund | PAGE 2 | TSR_AR_44134R685 |
 | Hotchkis & Wiley International Value Fund |  |
| Class I | HWNIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $102 | 0.95% |
| Hotchkis & Wiley International Value Fund | PAGE 1 | TSR_AR_44134R636 |
1 Year | 5 Year | Since Inception (12/31/2015) | |
Class I | 14.18 | 9.39 | 7.27 |
MSCI World Index | 20.19 | 11.78 | 11.13 |
MSCI World ex-USA Index | 11.22 | 6.55 | 6.64 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $3,646,979 |
Number of Holdings | 54 |
Net Advisory Fee | $0 |
Portfolio Turnover | 35% |
Top Holdings | (%) |
Telefonaktiebolaget LM Ericsson | 5.2% |
Siemens AG | 4.1% |
Shell PLC | 3.7% |
Samsung Electronics Co. Ltd. | 3.5% |
Babcock International Group PLC | 3.5% |
Lloyds Banking Group PLC | 3.3% |
Henkel AG & Co. KGaA | 3.3% |
WPP PLC | 3.0% |
Heineken Holding NV | 3.0% |
Qantas Airways Ltd. | 2.8% |
| Hotchkis & Wiley International Value Fund | PAGE 2 | TSR_AR_44134R636 |
 | Hotchkis & Wiley International Small Cap Diversified Value Fund |  |
| Class I | HWTIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $107 | 0.99% |
| Hotchkis & Wiley International Small Cap Diversified Value Fund | PAGE 1 | TSR_AR_44134R453 |
1 Year | Since Inception (06/30/2020) | |
Class I | 15.63 | 15.16 |
MSCI World Index | 20.19 | 14.13 |
MSCI World ex-USA Small Cap Index | 7.80 | 6.77 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $8,063,379 |
Number of Holdings | 303 |
Net Advisory Fee | $0 |
Portfolio Turnover | 62% |
Top Holdings | (%) |
Canadian Western Bank | 0.8% |
Kamei Corp. | 0.6% |
Fast Fitness Japan, Inc. | 0.6% |
Inter Action Corp. | 0.6% |
Cresco Ltd. | 0.6% |
Financial Partners Group Co. Ltd. | 0.6% |
Morita Holdings Corp. | 0.6% |
GLOBERIDE, Inc. | 0.6% |
Trancom Co. Ltd. | 0.6% |
Dai Nippon Toryo Co. Ltd. | 0.6% |
| Hotchkis & Wiley International Small Cap Diversified Value Fund | PAGE 2 | TSR_AR_44134R453 |
 | Hotchkis & Wiley Value Opportunities Fund |  |
| Class A | HWAAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $129 | 1.18% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR_AR_44134R792 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 18.68 | 12.65 | 9.74 |
Class A (with sales charge) | 12.44 | 11.44 | 9.14 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 3000 Value Index | 12.93 | 8.89 | 8.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $653,108,717 |
Number of Holdings | 69 |
Net Advisory Fee | $4,501,560 |
Portfolio Turnover | 71% |
Top Holdings | (%) |
F5, Inc. | 6.8% |
Telefonaktiebolaget LM Ericsson | 6.4% |
Workday, Inc. | 4.8% |
Arrow Electronics, Inc. | 3.5% |
Shell PLC | 3.3% |
Baker Hughes Co. | 3.2% |
Siemens AG | 3.1% |
General Motors Co. | 3.1% |
NOV, Inc. | 3.1% |
Stagwell, Inc. | 3.0% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR_AR_44134R792 |
 | Hotchkis & Wiley Value Opportunities Fund |  |
| Class C | HWACX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class C | $207 | 1.90% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR_AR_44134R826 |
1 Year | 5 Year | 10 Year | |
Class C (without sales charge) | 17.85 | 11.85 | 8.94 |
Class C (with sales charge) | 16.85 | 11.85 | 8.94 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 3000 Value Index | 12.93 | 8.89 | 8.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $653,108,717 |
Number of Holdings | 69 |
Net Advisory Fee | $4,501,560 |
Portfolio Turnover | 71% |
Top Holdings | (%) |
F5, Inc. | 6.8% |
Telefonaktiebolaget LM Ericsson | 6.4% |
Workday, Inc. | 4.8% |
Arrow Electronics, Inc. | 3.5% |
Shell PLC | 3.3% |
Baker Hughes Co. | 3.2% |
Siemens AG | 3.1% |
General Motors Co. | 3.1% |
NOV, Inc. | 3.1% |
Stagwell, Inc. | 3.0% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR_AR_44134R826 |
 | Hotchkis & Wiley Value Opportunities Fund |  |
| Class I | HWAIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $104 | 0.95% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR_AR_44134R834 |
1 Year | 5 Year | 10 Year | |
Class I | 18.97 | 12.94 | 10.01 |
Russell 3000 Index | 23.13 | 14.14 | 12.15 |
Russell 3000 Value Index | 12.93 | 8.89 | 8.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $653,108,717 |
Number of Holdings | 69 |
Net Advisory Fee | $4,501,560 |
Portfolio Turnover | 71% |
Top Holdings | (%) |
F5, Inc. | 6.8% |
Telefonaktiebolaget LM Ericsson | 6.4% |
Workday, Inc. | 4.8% |
Arrow Electronics, Inc. | 3.5% |
Shell PLC | 3.3% |
Baker Hughes Co. | 3.2% |
Siemens AG | 3.1% |
General Motors Co. | 3.1% |
NOV, Inc. | 3.1% |
Stagwell, Inc. | 3.0% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR_AR_44134R834 |
 | Hotchkis & Wiley Value Opportunities Fund |  |
| Class Z | HWAZX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $94 | 0.86% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 1 | TSR_AR_44134R461 |
1 Year | Since Inception (09/30/2019) | |
Class Z | 19.06 | 14.01 |
Russell 3000 Index | 23.13 | 14.66 |
Russell 3000 Value Index | 12.93 | 9.10 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $653,108,717 |
Number of Holdings | 69 |
Net Advisory Fee | $4,501,560 |
Portfolio Turnover | 71% |
Top Holdings | (%) |
F5, Inc. | 6.8% |
Telefonaktiebolaget LM Ericsson | 6.4% |
Workday, Inc. | 4.8% |
Arrow Electronics, Inc. | 3.5% |
Shell PLC | 3.3% |
Baker Hughes Co. | 3.2% |
Siemens AG | 3.1% |
General Motors Co. | 3.1% |
NOV, Inc. | 3.1% |
Stagwell, Inc. | 3.0% |
| Hotchkis & Wiley Value Opportunities Fund | PAGE 2 | TSR_AR_44134R461 |
 | Hotchkis & Wiley High Yield Fund |  |
| Class A | HWHAX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class A | $96 | 0.92% |
| Hotchkis & Wiley High Yield Fund | PAGE 1 | TSR_AR_44134R727 |
1 Year | 5 Year | 10 Year | |
Class A (without sales charge) | 9.48 | 3.03 | 3.26 |
Class A (with sales charge) | 5.37 | 2.24 | 2.87 |
ICE BofA U.S. Corporate Bond Index | 5.04 | 0.78 | 2.39 |
ICE BofA BB-B U.S. High Yield Constrained Index | 10.15 | 3.69 | 4.25 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $897,796,524 |
Number of Holdings | 212 |
Net Advisory Fee | $4,451,409 |
Portfolio Turnover | 44% |
Top 10 Issuers | (%) |
CCO Holdings LLC / CCO Holdings Capital Corp. | 2.0% |
Carnival Corp. | 1.7% |
TransDigm, Inc. | 1.1% |
Authentic Brands Group LLC | 1.1% |
Iracore Holdings Corp. | 1.0% |
TK Elevator Holdco GmbH | 1.0% |
WR Grace Holdings LLC | 0.9% |
Spirit AeroSystems, Inc. | 0.8% |
Mativ Holdings, Inc. | 0.8% |
EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | 0.8% |
| Hotchkis & Wiley High Yield Fund | PAGE 2 | TSR_AR_44134R727 |
 | Hotchkis & Wiley High Yield Fund |  |
| Class I | HWHIX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class I | $73 | 0.70% |
| Hotchkis & Wiley High Yield Fund | PAGE 1 | TSR_AR_44134R735 |
1 Year | 5 Year | 10 Year | |
Class I | 9.68 | 3.34 | 3.55 |
ICE BofA U.S. Corporate Bond Index | 5.04 | 0.78 | 2.39 |
ICE BofA BB-B U.S. High Yield Constrained Index | 10.15 | 3.69 | 4.25 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $897,796,524 |
Number of Holdings | 212 |
Net Advisory Fee | $4,451,409 |
Portfolio Turnover | 44% |
Top 10 Issuers | (%) |
CCO Holdings LLC / CCO Holdings Capital Corp. | 2.0% |
Carnival Corp. | 1.7% |
TransDigm, Inc. | 1.1% |
Authentic Brands Group LLC | 1.1% |
Iracore Holdings Corp. | 1.0% |
TK Elevator Holdco GmbH | 1.0% |
WR Grace Holdings LLC | 0.9% |
Spirit AeroSystems, Inc. | 0.8% |
Mativ Holdings, Inc. | 0.8% |
EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | 0.8% |
| Hotchkis & Wiley High Yield Fund | PAGE 2 | TSR_AR_44134R735 |
 | Hotchkis & Wiley High Yield Fund |  |
| Class Z | HWHZX | ||
| Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| Class Z | $63 | 0.60% |
| Hotchkis & Wiley High Yield Fund | PAGE 1 | TSR_AR_44134R529 |
1 Year | 5 Year | Since Inception (03/29/2018) | |
Class Z | 9.90 | 3.42 | 3.53 |
ICE BofA U.S. Corporate Bond Index | 5.04 | 0.78 | 2.10 |
ICE BofA BB-B U.S. High Yield Constrained Index | 10.15 | 3.69 | 4.42 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $897,796,524 |
Number of Holdings | 212 |
Net Advisory Fee | $4,451,409 |
Portfolio Turnover | 44% |
Top 10 Issuers | (%) |
CCO Holdings LLC / CCO Holdings Capital Corp. | 2.0% |
Carnival Corp. | 1.7% |
TransDigm, Inc. | 1.1% |
Authentic Brands Group LLC | 1.1% |
Iracore Holdings Corp. | 1.0% |
TK Elevator Holdco GmbH | 1.0% |
WR Grace Holdings LLC | 0.9% |
Spirit AeroSystems, Inc. | 0.8% |
Mativ Holdings, Inc. | 0.8% |
EMRLD Borrower LP / Emerald Co.-Issuer, Inc. | 0.8% |
| Hotchkis & Wiley High Yield Fund | PAGE 2 | TSR_AR_44134R529 |
 | HW Opportunities MP Fund |  |
| HOMPX | ||
| Annual Shareholder Report | June 30, 2024 |
Fund Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| HW Opportunities MP Fund | $0 | 0.00% |
| HW Opportunities MP Fund | PAGE 1 | TSR_AR_44134R446 |
1 Year | Since Inception (12/29/2020) | |
Fund | 20.57 | 16.62 |
Russell 3000 Index | 23.13 | 11.48 |
Russell 3000 Value Index | 12.93 | 9.77 |
| * | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $64,347,023 |
Number of Holdings | 54 |
Net Advisory Fee | $0 |
Portfolio Turnover | 93% |
Top Holdings | (%) |
Stagwell, Inc. | 6.9% |
Ecovyst, Inc. | 5.5% |
Siemens AG | 5.3% |
NOV, Inc. | 5.0% |
Randstad NV | 4.8% |
F5, Inc. | 4.6% |
Workday, Inc. | 4.1% |
U-Haul Holding Co. | 4.1% |
Olin Corp. | 4.0% |
Qantas Airways Ltd. | 3.9% |
| 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 6/30/2024 | FYE 6/30/2023 | |
| (a) Audit Fees | $250,800 | $224,200 |
| (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 Char, 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 adviser, 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 6/30/2024 | FYE 6/30/2023 | |
| 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 2024 and 2023 consisted of preparing state and federal tax returns. D&T charged $225,000 and $216,560 for such non-audit services to the Advisor and/or affiliates of the Advisor for 2024 and 2023, 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.
Not applicable to this registrant.
Item 6. Investments.
| (a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
| (b) | Not applicable. |
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Page | |||
Schedule of Investments | |||
Shares | Value | ||||||||
COMMON STOCKS - 99.2% | |||||||||
Aerospace & Defense - 3.2% | |||||||||
Boeing Co.(a) | 7,660 | $ 1,394,197 | |||||||
General Dynamics Corp. | 2,100 | 609,294 | |||||||
RTX Corp. | 15,300 | 1,535,967 | |||||||
3,539,458 | |||||||||
Air Freight & Logistics - 2.2% | |||||||||
FedEx Corp. | 8,020 | 2,404,717 | |||||||
Automobile Components - 3.3% | |||||||||
Adient PLC(a) | 10,274 | 253,870 | |||||||
Aptiv PLC(a) | 14,600 | 1,028,132 | |||||||
BorgWarner, Inc. | 15,400 | 496,496 | |||||||
Magna International, Inc. | 44,700 | 1,872,930 | |||||||
3,651,428 | |||||||||
Automobiles - 3.0% | |||||||||
General Motors Co. | 72,600 | 3,372,996 | |||||||
Banks - 13.9% | |||||||||
Bank of America Corp. | 23,200 | 922,664 | |||||||
Citigroup, Inc. | 67,774 | 4,300,938 | |||||||
Citizens Financial Group, Inc. | 68,100 | 2,453,643 | |||||||
First Citizens BancShares, Inc./NC - Class A | 352 | 592,631 | |||||||
Truist Financial Corp. | 22,900 | 889,665 | |||||||
US Bancorp | 58,500 | 2,322,450 | |||||||
Wells Fargo & Co. | 67,034 | 3,981,149 | |||||||
15,463,140 | |||||||||
Beverages - 0.7% | |||||||||
Anheuser-Busch InBev SA/NV - ADR | 14,300 | 831,545 | |||||||
Capital Markets - 4.3% | |||||||||
Bank of New York Mellon Corp. | 28,200 | 1,688,898 | |||||||
Goldman Sachs Group, Inc. | 2,990 | 1,352,437 | |||||||
State Street Corp. | 23,900 | 1,768,600 | |||||||
4,809,935 | |||||||||
Chemicals - 1.3% | |||||||||
Olin Corp. | 31,400 | 1,480,510 | |||||||
Communications Equipment - 6.3% | |||||||||
F5, Inc.(a) | 18,500 | 3,186,255 | |||||||
Telefonaktiebolaget LM Ericsson - ADR(b) | 625,800 | 3,861,186 | |||||||
7,047,441 | |||||||||
Construction & Engineering - 0.4% | |||||||||
Fluor Corp.(a) | 10,800 | 470,340 | |||||||
Consumer Finance - 1.2% | |||||||||
Capital One Financial Corp. | 4,600 | 636,870 | |||||||
Discover Financial Services | 5,500 | 719,455 | |||||||
1,356,325 | |||||||||
Electric Utilities - 1.9% | |||||||||
PPL Corp. | 75,900 | 2,098,635 | |||||||
Electronic Equipment, Instruments & Components - 2.1% | |||||||||
Corning, Inc. | 29,300 | 1,138,305 | |||||||
TE Connectivity Ltd. | 7,900 | 1,188,397 | |||||||
2,326,702 | |||||||||
Shares | Value | ||||||||
Energy Equipment & Services - 3.9% | |||||||||
Baker Hughes Co. | 34,500 | $1,213,365 | |||||||
Halliburton Co. | 14,700 | 496,566 | |||||||
NOV, Inc. | 108,400 | 2,060,684 | |||||||
Schlumberger NV | 12,900 | 608,622 | |||||||
4,379,237 | |||||||||
Entertainment - 0.5% | |||||||||
Warner Bros Discovery, Inc.(a) | 78,600 | 584,784 | |||||||
Financial Services - 2.8% | |||||||||
Corebridge Financial, Inc. | 40,700 | 1,185,184 | |||||||
Fidelity National Information Services, Inc. | 25,500 | 1,921,680 | |||||||
3,106,864 | |||||||||
Food Products - 0.8% | |||||||||
Conagra Brands, Inc. | 29,600 | 841,232 | |||||||
Health Care Equipment & Supplies - 4.7% | |||||||||
GE HealthCare Technologies, Inc. | 27,012 | 2,104,775 | |||||||
Medtronic PLC | 31,882 | 2,509,432 | |||||||
Zimmer Biomet Holdings, Inc. | 5,340 | 579,550 | |||||||
5,193,757 | |||||||||
Health Care Providers & Services - 9.4% | |||||||||
Centene Corp.(a) | 18,700 | 1,239,810 | |||||||
Cigna Group | 3,300 | 1,090,881 | |||||||
CVS Health Corp. | 40,400 | 2,386,024 | |||||||
Elevance Health, Inc. | 5,800 | 3,142,788 | |||||||
HCA Healthcare, Inc. | 3,260 | 1,047,373 | |||||||
Humana, Inc. | 2,800 | 1,046,220 | |||||||
Labcorp Holdings, Inc. | 2,700 | 549,477 | |||||||
10,502,573 | |||||||||
Hotels, Restaurants & Leisure - 0.6% | |||||||||
Booking Holdings, Inc. | 170 | 673,455 | |||||||
Insurance - 4.3% | |||||||||
American International Group, Inc. | 34,300 | 2,546,432 | |||||||
Hartford Financial Services Group, Inc. | 22,500 | 2,262,150 | |||||||
4,808,582 | |||||||||
Interactive Media & Services - 2.3% | |||||||||
Alphabet, Inc. - Class A | 14,200 | 2,586,530 | |||||||
IT Services - 0.5% | |||||||||
Cognizant Technology Solutions Corp. - Class A | 7,400 | 503,200 | |||||||
Machinery - 3.8% | |||||||||
CNH Industrial NV | 106,000 | 1,073,780 | |||||||
Cummins, Inc. | 5,740 | 1,589,578 | |||||||
PACCAR, Inc. | 9,300 | 957,342 | |||||||
Timken Co. | 7,000 | 560,910 | |||||||
4,181,610 | |||||||||
Media - 3.8% | |||||||||
Comcast Corp. - Class A | 65,800 | 2,576,728 | |||||||
Omnicom Group, Inc. | 6,400 | 574,080 | |||||||
Paramount Global - Class B | 29,000 | 301,310 | |||||||
WPP PLC - ADR(b) | 17,300 | 791,994 | |||||||
4,244,112 | |||||||||
Multi-Utilities - 1.0% | |||||||||
Dominion Energy, Inc. | 21,700 | 1,063,300 | |||||||
1 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Oil Gas & Consumable Fuels - 8.7% | |||||||||
APA Corp. | 119,700 | $3,523,968 | |||||||
Cenovus Energy, Inc. | 38,100 | 749,046 | |||||||
Marathon Oil Corp. | 38,350 | 1,099,495 | |||||||
Murphy Oil Corp. | 12,000 | 494,880 | |||||||
Ovintiv, Inc. | 33,600 | 1,574,832 | |||||||
Shell PLC - ADR | 30,762 | 2,220,401 | |||||||
9,662,622 | |||||||||
Personal Care Products - 2.2% | |||||||||
Unilever PLC - ADR | 43,800 | 2,408,562 | |||||||
Pharmaceuticals - 1.0% | |||||||||
GSK PLC - ADR | 14,340 | 552,090 | |||||||
Sanofi SA - ADR | 11,200 | 543,424 | |||||||
1,095,514 | |||||||||
Semiconductors & Semiconductor Equipment - 0.6% | |||||||||
Micron Technology, Inc. | 5,500 | 723,415 | |||||||
Software - 3.8% | |||||||||
Oracle Corp. | 4,650 | 656,580 | |||||||
Workday, Inc. - Class A(a) | 15,900 | 3,554,604 | |||||||
4,211,184 | |||||||||
Wireless Telecommunication Services - 0.7% | |||||||||
Vodafone Group PLC - ADR | 84,963 | 753,622 | |||||||
TOTAL COMMON STOCKS (Cost $94,269,059) | 110,377,327 | ||||||||
SHORT-TERM INVESTMENTS - 0.8% | |||||||||
Money Market Funds - 0.1% | |||||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.23%(c) | 97,007 | 97,007 | |||||||
Par | |||||||||
Time Deposits - 0.7% | |||||||||
Citigroup, Inc., 4.68%, 07/01/2024(d) | 789,433 | 789,433 | |||||||
Citigroup, Inc., 2.59%, 07/01/2024(d) | EUR | 3 | 3 | ||||||
789,436 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||
(Cost $886,443) | 886,443 | ||||||||
TOTAL INVESTMENTS - 100.0% | |||||||||
(Cost $95,155,502) | $111,263,770 | ||||||||
Liabilities in Excess of Other Assets - 0.0%(e) | (7,582) | ||||||||
TOTAL NET ASSETS - 100.0% | $111,256,188 | ||||||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $95,077 which represented 0.1% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(d) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
(e) | Represents less than 0.05% of net assets. |
2 |
Shares | Value | ||||||||
COMMON STOCKS - 97.9% | |||||||||
Aerospace & Defense - 1.3% | |||||||||
General Dynamics Corp. | 6,300 | $ 1,827,882 | |||||||
Huntington Ingalls Industries, Inc. | 11,200 | 2,758,896 | |||||||
4,586,778 | |||||||||
Air Freight & Logistics - 2.2% | |||||||||
FedEx Corp. | 25,600 | 7,675,904 | |||||||
Automobile Components - 1.9% | |||||||||
Magna International, Inc. | 163,700 | 6,859,030 | |||||||
Automobiles - 3.4% | |||||||||
General Motors Co. | 262,200 | 12,181,812 | |||||||
Banks - 13.8% | |||||||||
Bank of America Corp. | 74,900 | 2,978,773 | |||||||
Citigroup, Inc. | 226,688 | 14,385,620 | |||||||
Citizens Financial Group, Inc. | 213,800 | 7,703,214 | |||||||
Truist Financial Corp. | 73,400 | 2,851,590 | |||||||
US Bancorp | 201,300 | 7,991,610 | |||||||
Wells Fargo & Co. | 221,863 | 13,176,444 | |||||||
49,087,251 | |||||||||
Capital Markets - 5.1% | |||||||||
Bank of New York Mellon Corp. | 105,200 | 6,300,428 | |||||||
Goldman Sachs Group, Inc. | 11,600 | 5,246,912 | |||||||
State Street Corp. | 90,700 | 6,711,800 | |||||||
18,259,140 | |||||||||
Chemicals - 1.6% | |||||||||
Olin Corp. | 119,000 | 5,610,850 | |||||||
Communications Equipment - 7.3% | |||||||||
F5, Inc.(a) | 74,700 | 12,865,581 | |||||||
Telefonaktiebolaget LM Ericsson - ADR(b) | 2,096,400 | 12,934,788 | |||||||
25,800,369 | |||||||||
Consumer Finance - 1.2% | |||||||||
Capital One Financial Corp. | 13,100 | 1,813,695 | |||||||
Discover Financial Services | 19,300 | 2,524,633 | |||||||
4,338,328 | |||||||||
Electric Utilities - 2.0% | |||||||||
PPL Corp. | 256,800 | 7,100,520 | |||||||
Electronic Equipment, Instruments & Components - 2.4% | |||||||||
Corning, Inc. | 101,200 | 3,931,620 | |||||||
TE Connectivity Ltd. | 30,100 | 4,527,943 | |||||||
8,459,563 | |||||||||
Energy Equipment & Services - 3.8% | |||||||||
Baker Hughes Co. | 110,300 | 3,879,251 | |||||||
Halliburton Co. | 57,900 | 1,955,862 | |||||||
NOV, Inc. | 408,700 | 7,769,387 | |||||||
13,604,500 | |||||||||
Entertainment - 0.8% | |||||||||
Warner Bros Discovery, Inc.(a) | 373,600 | 2,779,584 | |||||||
Financial Services - 4.5% | |||||||||
Corebridge Financial, Inc. | 133,500 | 3,887,520 | |||||||
Euronet Worldwide, Inc.(a) | 43,200 | 4,471,200 | |||||||
Fidelity National Information Services, Inc. | 102,500 | 7,724,400 | |||||||
16,083,120 | |||||||||
Shares | Value | ||||||||
Food Products - 1.4% | |||||||||
Conagra Brands, Inc. | 90,200 | $ 2,563,484 | |||||||
General Mills, Inc. | 40,200 | 2,543,052 | |||||||
5,106,536 | |||||||||
Health Care Equipment & Supplies - 5.0% | |||||||||
GE HealthCare Technologies, Inc. | 85,662 | 6,674,783 | |||||||
Medtronic PLC | 109,600 | 8,626,616 | |||||||
Zimmer Biomet Holdings, Inc. | 24,200 | 2,626,426 | |||||||
17,927,825 | |||||||||
Health Care Providers & Services - 9.0% | |||||||||
Cigna Group | 12,300 | 4,066,011 | |||||||
CVS Health Corp. | 140,530 | 8,299,702 | |||||||
Elevance Health, Inc. | 22,400 | 12,137,664 | |||||||
HCA Healthcare, Inc. | 13,200 | 4,240,896 | |||||||
Humana, Inc. | 8,500 | 3,176,025 | |||||||
31,920,298 | |||||||||
Insurance - 5.1% | |||||||||
American International Group, Inc. | 119,500 | 8,871,680 | |||||||
Hartford Financial Services Group, Inc. | 92,600 | 9,310,004 | |||||||
18,181,684 | |||||||||
Interactive Media & Services - 2.3% | |||||||||
Alphabet, Inc. - Class A | 44,480 | 8,102,032 | |||||||
IT Services - 0.5% | |||||||||
Amdocs Ltd. | 21,500 | 1,696,780 | |||||||
Machinery - 4.4% | |||||||||
CNH Industrial NV | 339,200 | 3,436,096 | |||||||
Cummins, Inc. | 24,100 | 6,674,013 | |||||||
PACCAR, Inc. | 29,650 | 3,052,171 | |||||||
Stanley Black & Decker, Inc. | 33,200 | 2,652,348 | |||||||
15,814,628 | |||||||||
Media - 3.6% | |||||||||
Comcast Corp. - Class A | 231,600 | 9,069,456 | |||||||
Paramount Global - Class B | 105,200 | 1,093,028 | |||||||
WPP PLC - ADR(b) | 55,000 | 2,517,900 | |||||||
12,680,384 | |||||||||
Multi-Utilities - 1.5% | |||||||||
Dominion Energy, Inc. | 106,300 | 5,208,700 | |||||||
Oil Gas & Consumable Fuels - 8.8% | |||||||||
APA Corp. | 413,300 | 12,167,552 | |||||||
Marathon Oil Corp. | 153,400 | 4,397,978 | |||||||
Murphy Oil Corp. | 37,970 | 1,565,883 | |||||||
Ovintiv, Inc. | 107,480 | 5,037,588 | |||||||
Shell PLC - ADR | 110,872 | 8,002,741 | |||||||
31,171,742 | |||||||||
Personal Care Products - 2.2% | |||||||||
Unilever PLC - ADR | 141,900 | 7,803,081 | |||||||
Pharmaceuticals - 1.0% | |||||||||
GSK PLC - ADR | 44,340 | 1,707,090 | |||||||
Sanofi SA - ADR | 39,000 | 1,892,280 | |||||||
3,599,370 | |||||||||
Software - 0.9% | |||||||||
Oracle Corp. | 22,660 | 3,199,592 | |||||||
3 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Wireless Telecommunication Services - 0.9% | |||||||||
Vodafone Group PLC - ADR | 347,444 | $3,081,828 | |||||||
TOTAL COMMON STOCKS (Cost $288,594,305) | 347,921,229 | ||||||||
SHORT-TERM INVESTMENTS - 2.7% | |||||||||
Money Market Funds - 0.6% | |||||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.23%(c) | 2,032,063 | 2,032,063 | |||||||
Par | |||||||||
Time Deposits - 2.1% | |||||||||
Citigroup, Inc., 2.59%, 07/01/2024(d) | EUR | 17 | 18 | ||||||
JPMorgan Chase & Company, 4.68%, 07/01/2024(d) | 7,498,174 | 7,498,174 | |||||||
7,498,192 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $9,530,254) | 9,530,255 | ||||||||
TOTAL INVESTMENTS - 100.6% | |||||||||
(Cost $298,124,559) | $357,451,484 | ||||||||
Liabilities in Excess of Other Assets - (0.6)% | (1,994,954) | ||||||||
TOTAL NET ASSETS - 100.0% | $355,456,530 | ||||||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $1,990,209 which represented 0.6% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(d) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
4 |
Shares | Value | ||||||||
COMMON STOCKS - 97.7% | |||||||||
Air Freight & Logistics - 0.6% | |||||||||
FedEx Corp. | 8,500 | $ 2,548,640 | |||||||
Automobile Components - 7.2% | |||||||||
Adient PLC(a) | 472,500 | 11,675,475 | |||||||
BorgWarner, Inc. | 146,500 | 4,723,160 | |||||||
Goodyear Tire & Rubber Co.(a) | 190,100 | 2,157,635 | |||||||
Lear Corp. | 34,400 | 3,928,824 | |||||||
Magna International, Inc. | 204,100 | 8,551,790 | |||||||
31,036,884 | |||||||||
Automobiles - 0.5% | |||||||||
Harley-Davidson, Inc. | 59,700 | 2,002,338 | |||||||
Banks - 13.3% | |||||||||
Citizens Financial Group, Inc. | 507,600 | 18,288,828 | |||||||
Comerica, Inc. | 79,400 | 4,052,576 | |||||||
First Citizens BancShares, Inc./NC - Class A | 2,587 | 4,355,499 | |||||||
First Horizon Corp. | 290,300 | 4,578,031 | |||||||
KeyCorp | 254,100 | 3,610,761 | |||||||
Popular, Inc. | 214,300 | 18,950,549 | |||||||
Western Alliance Bancorp | 57,100 | 3,587,022 | |||||||
57,423,266 | |||||||||
Capital Markets - 3.7% | |||||||||
Lazard, Inc. | 42,000 | 1,603,560 | |||||||
Northern Trust Corp. | 33,000 | 2,771,340 | |||||||
State Street Corp. | 157,700 | 11,669,800 | |||||||
16,044,700 | |||||||||
Chemicals - 3.2% | |||||||||
Huntsman Corp. | 182,800 | 4,162,356 | |||||||
Olin Corp. | 204,400 | 9,637,460 | |||||||
13,799,816 | |||||||||
Commercial Services & Supplies - 1.7% | |||||||||
Brink’s Co. | 73,800 | 7,557,120 | |||||||
Communications Equipment - 7.7% | |||||||||
F5, Inc.(a) | 82,800 | 14,260,644 | |||||||
Telefonaktiebolaget LM Ericsson - ADR(b) | 3,060,100 | 18,880,817 | |||||||
33,141,461 | |||||||||
Construction & Engineering - 3.6% | |||||||||
Fluor Corp.(a) | 360,200 | 15,686,710 | |||||||
Consumer Finance - 2.0% | |||||||||
Discover Financial Services | 34,200 | 4,473,702 | |||||||
SLM Corp. | 206,400 | 4,291,056 | |||||||
8,764,758 | |||||||||
Electric Utilities - 1.6% | |||||||||
NRG Energy, Inc. | 27,100 | 2,110,006 | |||||||
PPL Corp. | 171,200 | 4,733,680 | |||||||
6,843,686 | |||||||||
Electronic Equipment, Instruments & Components - 1.9% | |||||||||
Arrow Electronics, Inc.(a) | 68,800 | 8,308,288 | |||||||
Energy Equipment & Services - 2.7% | |||||||||
Expro Group Holdings NV(a) | 128,483 | 2,944,830 | |||||||
Halliburton Co. | 85,100 | 2,874,678 | |||||||
Shares | Value | ||||||||
NOV, Inc. | 302,100 | $5,742,921 | |||||||
11,562,429 | |||||||||
Entertainment - 1.0% | |||||||||
Warner Bros Discovery, Inc.(a) | 604,600 | 4,498,224 | |||||||
Financial Services - 1.9% | |||||||||
Euronet Worldwide, Inc.(a) | 16,100 | 1,666,350 | |||||||
Fidelity National Information Services, Inc. | 84,900 | 6,398,064 | |||||||
8,064,414 | |||||||||
Food Products - 0.8% | |||||||||
Conagra Brands, Inc. | 126,000 | 3,580,920 | |||||||
Ground Transportation - 1.0% | |||||||||
U-Haul Holding Co. | 69,600 | 4,177,392 | |||||||
Health Care Providers & Services - 4.8% | |||||||||
Centene Corp.(a) | 93,200 | 6,179,160 | |||||||
Humana, Inc. | 9,500 | 3,549,675 | |||||||
Labcorp Holdings, Inc. | 10,900 | 2,218,259 | |||||||
Universal Health Services, Inc. - Class B | 48,500 | 8,969,105 | |||||||
20,916,199 | |||||||||
Hotels, Restaurants & Leisure - 0.8% | |||||||||
Marriott Vacations Worldwide Corp. | 37,500 | 3,274,500 | |||||||
Household Durables - 1.2% | |||||||||
Whirlpool Corp. | 51,800 | 5,293,960 | |||||||
Insurance - 7.0% | |||||||||
American International Group, Inc. | 88,400 | 6,562,816 | |||||||
CNO Financial Group, Inc. | 373,000 | 10,339,560 | |||||||
Enstar Group Ltd.(a) | 27,400 | 8,376,180 | |||||||
Hartford Financial Services Group, Inc. | 47,500 | 4,775,650 | |||||||
30,054,206 | |||||||||
Machinery - 3.2% | |||||||||
Allison Transmission Holdings, Inc. | 57,300 | 4,349,070 | |||||||
CNH Industrial NV | 558,700 | 5,659,631 | |||||||
Stanley Black & Decker, Inc. | 49,600 | 3,962,544 | |||||||
13,971,245 | |||||||||
Media - 1.1% | |||||||||
Omnicom Group, Inc. | 27,100 | 2,430,870 | |||||||
Paramount Global - Class B | 236,800 | 2,460,352 | |||||||
4,891,222 | |||||||||
Multi-Utilities - 1.0% | |||||||||
Dominion Energy, Inc. | 87,700 | 4,297,300 | |||||||
Oil Gas & Consumable Fuels - 16.1% | |||||||||
APA Corp. | 710,166 | 20,907,287 | |||||||
Baytex Energy Corp.(b) | 2,449,500 | 8,524,260 | |||||||
California Resources Corp. | 101,900 | 5,423,118 | |||||||
Cenovus Energy, Inc. | 166,400 | 3,271,424 | |||||||
Crescent Energy Co. - Class A | 18,600 | 220,410 | |||||||
Kosmos Energy Ltd.(a) | 3,793,120 | 21,013,885 | |||||||
Ovintiv, Inc. | 96,500 | 4,522,955 | |||||||
SilverBow Resources, Inc.(a) | 147,900 | 5,595,057 | |||||||
69,478,396 | |||||||||
Personal Care Products - 0.8% | |||||||||
Herbalife Ltd.(a) | 315,200 | 3,274,928 | |||||||
5 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Pharmaceuticals - 1.0% | |||||||||
Jazz Pharmaceuticals PLC(a) | 41,400 | $4,418,622 | |||||||
Professional Services - 1.4% | |||||||||
ManpowerGroup, Inc. | 89,700 | 6,261,060 | |||||||
Real Estate Management & Development - 1.0% | |||||||||
Jones Lang LaSalle, Inc.(a) | 20,900 | 4,290,352 | |||||||
Software - 0.8% | |||||||||
Workday, Inc. - Class A(a) | 15,000 | 3,353,400 | |||||||
Specialty Retail - 1.8% | |||||||||
Lithia Motors, Inc. | 8,700 | 2,196,315 | |||||||
ODP Corp.(a) | 145,645 | 5,719,479 | |||||||
7,915,794 | |||||||||
Textiles, Apparel & Luxury Goods - 0.5% | |||||||||
Capri Holdings Ltd.(a) | 67,600 | 2,236,208 | |||||||
Trading Companies & Distributors - 0.8% | |||||||||
WESCO International, Inc. | 20,900 | 3,313,068 | |||||||
TOTAL COMMON STOCKS (Cost $364,987,917) | 422,281,506 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 0.5% | |||||||||
Hotel & Resort Real Estate Investment Trusts - 0.1% | |||||||||
Pebblebrook Hotel Trust | 43,100 | 592,625 | |||||||
Office Real Estate Investment Trusts - 0.4% | |||||||||
Vornado Realty Trust | 58,000 | 1,524,820 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | |||||||||
(Cost $3,154,657) | 2,117,445 | ||||||||
SHORT-TERM INVESTMENTS - 2.8% | |||||||||
Money Market Funds - 1.0% | |||||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.23%(c) | 4,570,645 | 4,570,645 | |||||||
Par | |||||||||
Time Deposits - 1.8% | |||||||||
Citigroup, Inc., 4.68%, 07/01/2024(d) | 7,629,231 | 7,629,231 | |||||||
7,629,231 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||
(Cost $12,199,876) | 12,199,876 | ||||||||
TOTAL INVESTMENTS - 101.0% | |||||||||
(Cost $380,342,450) | $436,598,827 | ||||||||
Liabilities in Excess of Other Assets - (1.0)% | (4,427,489) | ||||||||
TOTAL NET ASSETS - 100.0% | $432,171,338 | ||||||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $4,415,573 which represented 1.0% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(d) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
6 |
Shares | Value | |||||
COMMON STOCKS - 96.6% | ||||||
Automobile Components - 2.5% | ||||||
Adient PLC(a) | 796,600 | $19,683,986 | ||||
Banks - 9.5% | ||||||
Bank of NT Butterfield & Son Ltd. | 372,800 | 13,092,736 | ||||
First Hawaiian, Inc. | 1,067,200 | 22,155,072 | ||||
First Horizon Corp. | 444,400 | 7,008,188 | ||||
Popular, Inc. | 314,300 | 27,793,549 | ||||
Synovus Financial Corp. | 62,400 | 2,507,856 | ||||
WaFd, Inc. | 39,498 | 1,128,853 | ||||
73,686,254 | ||||||
Capital Markets - 3.6% | ||||||
Evercore, Inc. - Class A | 7,700 | 1,604,911 | ||||
Perella Weinberg Partners | 283,700 | 4,610,125 | ||||
Stifel Financial Corp. | 259,600 | 21,845,340 | ||||
28,060,376 | ||||||
Chemicals - 5.8% | ||||||
Ecovyst, Inc.(a) | 2,959,500 | 26,546,715 | ||||
Olin Corp. | 391,100 | 18,440,365 | ||||
44,987,080 | ||||||
Commercial Services & Supplies - 2.1% | ||||||
Brink’s Co. | 120,100 | 12,298,240 | ||||
MillerKnoll, Inc. | 80,800 | 2,140,392 | ||||
Quad/Graphics, Inc. | 402,700 | 2,194,715 | ||||
16,633,347 | ||||||
Communications Equipment - 8.4% | ||||||
F5, Inc.(a) | 285,100 | 49,102,773 | ||||
Telefonaktiebolaget LM Ericsson - ADR(b) | 2,568,600 | 15,848,262 | ||||
64,951,035 | ||||||
Construction & Engineering - 3.2% | ||||||
Fluor Corp.(a) | 565,000 | 24,605,750 | ||||
Consumer Finance - 2.5% | ||||||
SLM Corp. | 948,100 | 19,710,999 | ||||
Electric Utilities - 0.8% | ||||||
OGE Energy Corp. | 166,100 | 5,929,770 | ||||
Electronic Equipment, Instruments & Components - 7.1% | ||||||
Arrow Electronics, Inc.(a) | 281,100 | 33,945,636 | ||||
Belden, Inc. | 146,100 | 13,704,180 | ||||
Plexus Corp.(a) | 71,600 | 7,387,688 | ||||
55,037,504 | ||||||
Energy Equipment & Services - 5.1% | ||||||
Expro Group Holdings NV(a) | 209,382 | 4,799,035 | ||||
NOV, Inc. | 1,819,300 | 34,584,893 | ||||
39,383,928 | ||||||
Financial Services - 1.3% | ||||||
Euronet Worldwide, Inc.(a) | 38,600 | 3,995,100 | ||||
WEX, Inc.(a) | 35,600 | 6,306,184 | ||||
10,301,284 | ||||||
Ground Transportation - 2.4% | ||||||
U-Haul Holding Co. | 305,900 | 18,360,118 | ||||
Hotels, Restaurants & Leisure - 3.4% | ||||||
International Game Technology PLC | 234,600 | 4,799,916 | ||||
Marriott Vacations Worldwide Corp. | 245,900 | 21,471,988 | ||||
26,271,904 | ||||||
Shares | Value | |||||
Insurance - 5.9% | ||||||
CNO Financial Group, Inc. | 121,900 | $3,379,068 | ||||
Enstar Group Ltd.(a) | 83,919 | 25,654,038 | ||||
Global Indemnity Group LLC - Class A | 316,036 | 9,824,169 | ||||
Horace Mann Educators Corp. | 205,600 | 6,706,672 | ||||
45,563,947 | ||||||
Machinery - 5.1% | ||||||
Allison Transmission Holdings, Inc. | 89,700 | 6,808,230 | ||||
Atmus Filtration Technologies, Inc.(a) | 267,600 | 7,701,528 | ||||
Greenbrier Cos., Inc. | 200,500 | 9,934,775 | ||||
Miller Industries, Inc./TN | 95,800 | 5,270,916 | ||||
Timken Co. | 125,400 | 10,048,302 | ||||
39,763,751 | ||||||
Media - 6.0% | ||||||
National CineMedia, Inc.(a) | 2,046,800 | 8,985,452 | ||||
Stagwell, Inc.(a) | 5,524,400 | 37,676,408 | ||||
46,661,860 | ||||||
Multi-Utilities - 1.4% | ||||||
Avista Corp. | 322,500 | 11,161,725 | ||||
Oil Gas & Consumable Fuels - 7.5% | ||||||
APA Corp. | 136,408 | 4,015,851 | ||||
Baytex Energy Corp. | 1,715,186 | 5,968,847 | ||||
Berry Corp. | 1,814,800 | 11,723,608 | ||||
Crescent Energy Co. - Class A | 153,200 | 1,815,420 | ||||
Kinetik Holdings, Inc. | 31,390 | 1,300,802 | ||||
Kosmos Energy Ltd.(a) | 3,598,300 | 19,934,582 | ||||
Murphy Oil Corp. | 104,300 | 4,301,332 | ||||
NextDecade Corp.(a) | 834,900 | 6,629,106 | ||||
Range Resources Corp. | 83,500 | 2,799,755 | ||||
58,489,303 | ||||||
Personal Care Products - 0.2% | ||||||
Herbalife Ltd.(a) | 142,900 | 1,484,731 | ||||
Professional Services - 3.1% | ||||||
ASGN, Inc.(a) | 61,800 | 5,448,907 | ||||
Hudson Global, Inc.(a)(c) | 147,460 | 2,449,310 | ||||
Korn Ferry | 39,600 | 2,658,744 | ||||
ManpowerGroup, Inc. | 199,800 | 13,946,040 | ||||
24,503,001 | ||||||
Real Estate Management & Development - 3.2% | ||||||
Jones Lang LaSalle, Inc.(a) | 109,600 | 22,498,688 | ||||
RMR Group, Inc. - Class A | 117,400 | 2,653,240 | ||||
25,151,928 | ||||||
Specialty Retail - 4.3% | ||||||
Lithia Motors, Inc. | 22,700 | 5,730,615 | ||||
ODP Corp.(a) | 357,380 | 14,034,313 | ||||
Sonic Automotive, Inc. - Class A | 246,600 | 13,432,302 | ||||
33,197,230 | ||||||
Trading Companies & Distributors - 2.2% | ||||||
Rush Enterprises, Inc. - Class A | 135,200 | 5,660,824 | ||||
WESCO International, Inc. | 70,900 | 11,239,068 | ||||
16,899,892 | ||||||
TOTAL COMMON STOCKS (Cost $645,187,935) | 750,480,703 | |||||
7 |
Shares | Value | |||||
REAL ESTATE INVESTMENT TRUSTS - 0.6% | ||||||
Real Estate Management & Development - 0.6% | ||||||
Seritage Growth Properties -Class A(a) | 1,075,610 | $5,023,099 | ||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||
(Cost $16,974,776) | 5,023,099 | |||||
SHORT-TERM INVESTMENTS - 3.9% | ||||||
Money Market Funds - 1.0% | ||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.23%(d) | 8,062,567 | 8,062,567 | ||||
Par | ||||||
Time Deposits - 2.9% | ||||||
Citigroup, Inc., 4.68%, 07/01/2024(e) | 22,444,666 | 22,444,666 | ||||
22,444,666 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||
(Cost $30,507,233) | 30,507,233 | |||||
TOTAL INVESTMENTS - 101.1% | ||||||
(Cost $692,669,944) | $786,011,035 | |||||
Liabilities in Excess of Other Assets - (1.1)% | (8,780,549) | |||||
TOTAL NET ASSETS - 100.0% | $777,230,486 | |||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $7,895,134 which represented 1.0% of net assets. |
(c) | Affiliated company as defined by the Investment Company Act of 1940. See Note 6. |
(d) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(e) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
8 |
Shares | Value | |||||
COMMON STOCKS - 95.6% | ||||||
Aerospace & Defense - 1.0% | ||||||
AerSale Corp.(a) | 351,800 | $2,434,456 | ||||
Moog, Inc. - Class A | 11,200 | 1,873,760 | ||||
National Presto Industries, Inc. | 20,414 | 1,533,704 | ||||
V2X, Inc.(a) | 44,955 | 2,156,042 | ||||
7,997,962 | ||||||
Automobile Components - 1.2% | ||||||
Adient PLC(a) | 117,605 | 2,906,020 | ||||
Fox Factory Holding Corp.(a) | 18,900 | 910,791 | ||||
Goodyear Tire & Rubber Co.(a) | 260,400 | 2,955,540 | ||||
Phinia, Inc. | 72,700 | 2,861,472 | ||||
9,633,823 | ||||||
Banks - 20.6% | ||||||
1st Source Corp. | 16,206 | 868,966 | ||||
Arrow Financial Corp. | 30,200 | 786,710 | ||||
Associated Banc-Corp. | 156,700 | 3,314,205 | ||||
Banc of California, Inc. | 263,218 | 3,363,926 | ||||
Bank of Marin Bancorp | 98,300 | 1,591,477 | ||||
BankUnited, Inc. | 101,210 | 2,962,417 | ||||
BayCom Corp. | 36,300 | 738,705 | ||||
BCB Bancorp, Inc. | 53,500 | 568,705 | ||||
Berkshire Hills Bancorp, Inc. | 77,100 | 1,757,880 | ||||
BOK Financial Corp. | 19,200 | 1,759,488 | ||||
Bridgewater Bancshares, Inc.(a) | 74,590 | 865,990 | ||||
Brookline Bancorp, Inc. | 380,199 | 3,174,662 | ||||
Cambridge Bancorp | 38,400 | 2,649,600 | ||||
Camden National Corp. | 53,516 | 1,766,028 | ||||
Capitol Federal Financial, Inc. | 302,300 | 1,659,627 | ||||
Cathay General Bancorp | 45,932 | 1,732,555 | ||||
Central Pacific Financial Corp. | 124,100 | 2,630,920 | ||||
Civista Bancshares, Inc. | 39,000 | 604,110 | ||||
CNB Financial Corp./PA | 36,800 | 751,088 | ||||
Columbia Banking System, Inc. | 103,700 | 2,062,593 | ||||
Community Trust Bancorp, Inc. | 39,710 | 1,733,739 | ||||
ConnectOne Bancorp, Inc. | 170,900 | 3,228,301 | ||||
CrossFirst Bankshares, Inc.(a) | 124,820 | 1,749,976 | ||||
Dime Community Bancshares, Inc. | 127,200 | 2,594,880 | ||||
Eagle Bancorp, Inc. | 186,530 | 3,525,417 | ||||
Enterprise Financial Services Corp. | 42,700 | 1,746,857 | ||||
FB Financial Corp. | 20,725 | 808,897 | ||||
Financial Institutions, Inc. | 39,961 | 772,046 | ||||
First Busey Corp. | 32,900 | 796,509 | ||||
First Business Financial Services, Inc. | 21,665 | 801,388 | ||||
First Financial Corp./IN | 67,763 | 2,499,099 | ||||
First Foundation, Inc. | 286,000 | 1,873,300 | ||||
First Hawaiian, Inc. | 160,440 | 3,330,734 | ||||
First Internet Bancorp | 51,189 | 1,383,127 | ||||
First Interstate BancSystem, Inc. - Class A | 27,500 | 763,675 | ||||
First Merchants Corp. | 22,302 | 742,434 | ||||
First Mid Bancshares, Inc. | 24,100 | 792,408 | ||||
First of Long Island Corp. | 165,680 | 1,660,114 | ||||
Flushing Financial Corp. | 216,018 | 2,840,637 | ||||
FS Bancorp, Inc. | 21,380 | 779,301 | ||||
Great Southern Bancorp, Inc. | 17,110 | 951,487 | ||||
Hanmi Financial Corp. | 215,567 | 3,604,280 | ||||
Heartland Financial USA, Inc. | 42,500 | 1,889,125 | ||||
Heritage Commerce Corp. | 203,400 | 1,769,580 | ||||
Heritage Financial Corp./WA | 93,200 | 1,680,396 | ||||
Shares | Value | |||||
Hilltop Holdings, Inc. | 81,800 | $ 2,558,704 | ||||
Home Bancorp, Inc. | 19,700 | 788,197 | ||||
Hope Bancorp, Inc. | 306,733 | 3,294,312 | ||||
Horizon Bancorp, Inc./IN | 205,200 | 2,538,324 | ||||
Independent Bank Corp./MI | 67,300 | 1,817,100 | ||||
Independent Bank Group, Inc. | 19,800 | 901,296 | ||||
Investar Holding Corp. | 56,000 | 862,400 | ||||
Kearny Financial Corp./MD | 291,400 | 1,792,110 | ||||
Live Oak Bancshares, Inc. | 52,700 | 1,847,662 | ||||
Mercantile Bank Corp. | 19,400 | 787,058 | ||||
MidWestOne Financial Group, Inc. | 30,794 | 692,557 | ||||
Northeast Bank | 13,200 | 803,352 | ||||
Northeast Community Bancorp, Inc. | 44,800 | 798,336 | ||||
Northfield Bancorp, Inc. | 262,607 | 2,489,514 | ||||
Northrim BanCorp, Inc. | 35,384 | 2,039,534 | ||||
OceanFirst Financial Corp. | 214,310 | 3,405,386 | ||||
Pacific Premier Bancorp, Inc. | 73,614 | 1,690,914 | ||||
Parke Bancorp, Inc. | 33,600 | 584,640 | ||||
PCB Bancorp | 45,100 | 734,228 | ||||
Peapack-Gladstone Financial Corp. | 71,400 | 1,617,210 | ||||
Popular, Inc. | 38,700 | 3,422,241 | ||||
Preferred Bank/Los Angeles CA | 32,700 | 2,468,523 | ||||
Premier Financial Corp. | 123,360 | 2,523,946 | ||||
Primis Financial Corp. | 85,856 | 899,771 | ||||
Provident Financial Services, Inc. | 227,648 | 3,266,749 | ||||
RBB Bancorp | 53,432 | 1,005,056 | ||||
Sandy Spring Bancorp, Inc. | 158,400 | 3,858,624 | ||||
Shore Bancshares, Inc. | 64,512 | 738,662 | ||||
Sierra Bancorp | 37,800 | 845,964 | ||||
Simmons First National Corp. - Class A | 188,600 | 3,315,588 | ||||
Southern First Bancshares, Inc.(a) | 25,177 | 736,175 | ||||
Synovus Financial Corp. | 82,800 | 3,327,732 | ||||
Territorial Bancorp, Inc. | 54,352 | 440,251 | ||||
Texas Capital Bancshares, Inc.(a) | 12,690 | 775,867 | ||||
Tompkins Financial Corp. | 36,600 | 1,789,740 | ||||
Towne Bank/Portsmouth VA | 27,400 | 747,198 | ||||
TrustCo Bank Corp. NY | 89,992 | 2,589,070 | ||||
Univest Financial Corp. | 127,850 | 2,918,815 | ||||
Valley National Bancorp | 351,200 | 2,451,376 | ||||
Veritex Holdings, Inc. | 124,300 | 2,621,487 | ||||
WaFd, Inc. | 118,234 | 3,379,128 | ||||
Washington Trust Bancorp, Inc. | 93,930 | 2,574,621 | ||||
Zions Bancorp NA | 81,600 | 3,538,992 | ||||
162,205,769 | ||||||
Beverages - 0.4% | ||||||
Duckhorn Portfolio, Inc.(a) | 412,000 | 2,925,200 | ||||
Building Products - 1.5% | ||||||
Armstrong World Industries, Inc. | 21,600 | 2,445,984 | ||||
AZZ, Inc. | 41,200 | 3,182,700 | ||||
Insteel Industries, Inc. | 74,900 | 2,318,904 | ||||
Janus International Group, Inc.(a) | 58,500 | 738,855 | ||||
JELD-WEN Holding, Inc.(a) | 108,900 | 1,466,883 | ||||
Resideo Technologies, Inc.(a) | 88,100 | 1,723,236 | ||||
11,876,562 | ||||||
Capital Markets - 2.3% | ||||||
Diamond Hill Investment Group, Inc. | 10,900 | 1,534,175 | ||||
Evercore, Inc. - Class A | 9,110 | 1,898,797 | ||||
Federated Hermes, Inc. - Class B | 99,700 | 3,278,136 | ||||
9 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Capital Markets - (Continued) | ||||||
Janus Henderson Group PLC | 100,400 | $3,384,484 | ||||
Perella Weinberg Partners | 126,300 | 2,052,375 | ||||
Virtu Financial, Inc. - Class A | 127,100 | 2,853,395 | ||||
Virtus Investment Partners, Inc. | 14,400 | 3,252,240 | ||||
18,253,602 | ||||||
Chemicals - 2.2% | ||||||
AdvanSix, Inc. | 90,500 | 2,074,260 | ||||
Alto Ingredients, Inc.(a) | 942,400 | 1,361,768 | ||||
Cabot Corp. | 16,070 | 1,476,672 | ||||
Core Molding Technologies, Inc.(a) | 44,900 | 715,706 | ||||
Ecovyst, Inc.(a) | 352,600 | 3,162,822 | ||||
Ingevity Corp.(a) | 59,300 | 2,592,003 | ||||
Innospec, Inc. | 20,700 | 2,558,313 | ||||
Minerals Technologies, Inc. | 37,800 | 3,143,448 | ||||
17,084,992 | ||||||
Commercial Services & Supplies - 2.0% | ||||||
ABM Industries, Inc. | 58,100 | 2,938,117 | ||||
Brady Corp. - Class A | 40,100 | 2,647,402 | ||||
Brink’s Co. | 20,500 | 2,099,200 | ||||
Ennis, Inc. | 80,900 | 1,770,901 | ||||
Healthcare Services Group, Inc.(a) | 228,500 | 2,417,530 | ||||
Interface, Inc. | 153,000 | 2,246,040 | ||||
Quad/Graphics, Inc. | 180,000 | 981,000 | ||||
UniFirst Corp./MA | 4,800 | 823,344 | ||||
15,923,534 | ||||||
Communications Equipment - 0.1% | ||||||
Aviat Networks, Inc.(a) | 26,900 | 771,761 | ||||
Construction & Engineering - 0.4% | ||||||
Primoris Services Corp. | 17,453 | 870,730 | ||||
Tutor Perini Corp.(a) | 113,321 | 2,468,132 | ||||
3,338,862 | ||||||
Consumer Finance - 1.3% | ||||||
Bread Financial Holdings, Inc. | 79,100 | 3,524,696 | ||||
Navient Corp. | 215,220 | 3,133,603 | ||||
SLM Corp. | 166,700 | 3,465,693 | ||||
10,123,992 | ||||||
Consumer Staples Distribution & Retail - 0.3% | ||||||
Andersons, Inc. | 47,200 | 2,341,120 | ||||
Containers & Packaging - 0.7% | ||||||
Myers Industries, Inc. | 106,500 | 1,424,970 | ||||
Silgan Holdings, Inc. | 36,800 | 1,557,744 | ||||
TriMas Corp. | 88,800 | 2,269,728 | ||||
5,252,442 | ||||||
Diversified Consumer Services - 0.6% | ||||||
Adtalem Global Education, Inc.(a) | 49,700 | 3,390,037 | ||||
Graham Holdings Co. - Class B | 2,500 | 1,748,875 | ||||
5,138,912 | ||||||
Electric Utilities - 1.7% | ||||||
ALLETE, Inc. | 52,776 | 3,290,583 | ||||
Otter Tail Corp. | 38,840 | 3,401,996 | ||||
PNM Resources, Inc. | 88,802 | 3,282,122 | ||||
Portland General Electric Co. | 79,100 | 3,420,284 | ||||
13,394,985 | ||||||
Shares | Value | |||||
Electrical Equipment - 0.5% | ||||||
Preformed Line Products Co. | 5,027 | $626,063 | ||||
Thermon Group Holdings, Inc.(a) | 106,883 | 3,287,721 | ||||
3,913,784 | ||||||
Electronic Equipment, Instruments & Components - 6.0% | ||||||
Avnet, Inc. | 59,600 | 3,068,804 | ||||
Belden, Inc. | 36,770 | 3,449,026 | ||||
Benchmark Electronics, Inc. | 28,200 | 1,112,772 | ||||
Coherent Corp.(a) | 20,300 | 1,470,938 | ||||
Crane NXT Co. | 55,500 | 3,408,810 | ||||
ePlus, Inc.(a) | 43,980 | 3,240,446 | ||||
IPG Photonics Corp.(a) | 37,400 | 3,156,186 | ||||
Itron, Inc.(a) | 30,100 | 2,978,696 | ||||
Kimball Electronics, Inc.(a) | 110,400 | 2,426,592 | ||||
Methode Electronics, Inc. | 274,900 | 2,845,215 | ||||
OSI Systems, Inc.(a) | 12,400 | 1,705,248 | ||||
Plexus Corp.(a) | 29,423 | 3,035,865 | ||||
Sanmina Corp.(a) | 47,395 | 3,139,919 | ||||
ScanSource, Inc.(a) | 45,233 | 2,004,274 | ||||
TTM Technologies, Inc.(a) | 174,000 | 3,380,820 | ||||
Vishay Intertechnology, Inc. | 150,226 | 3,350,040 | ||||
Vontier Corp. | 83,200 | 3,178,240 | ||||
46,951,891 | ||||||
Energy Equipment & Services - 4.1% | ||||||
Cactus, Inc. - Class A | 61,700 | 3,254,058 | ||||
Core Laboratories, Inc. | 98,400 | 1,996,536 | ||||
Dril-Quip, Inc.(a) | 126,600 | 2,354,760 | ||||
Expro Group Holdings NV(a) | 149,903 | 3,435,777 | ||||
Forum Energy Technologies, Inc.(a) | 40,944 | 690,316 | ||||
Helix Energy Solutions Group, Inc.(a) | 161,700 | 1,930,698 | ||||
Liberty Energy, Inc. | 113,400 | 2,368,926 | ||||
National Energy Services Reunited Corp.(a) | 400,000 | 3,800,000 | ||||
Newpark Resources, Inc.(a) | 210,400 | 1,748,424 | ||||
Precision Drilling Corp.(a) | 48,700 | 3,425,558 | ||||
ProFrac Holding Corp. - Class A(a) | 106,100 | 786,201 | ||||
ProPetro Holding Corp.(a) | 296,350 | 2,569,354 | ||||
Select Water Solutions, Inc. | 108,400 | 1,159,880 | ||||
Solaris Oilfield Infrastructure, Inc. - Class A | 311,100 | 2,669,238 | ||||
32,189,726 | ||||||
Financial Services - 3.2% | ||||||
Enact Holdings, Inc. | 95,700 | 2,934,162 | ||||
Essent Group Ltd. | 59,300 | 3,332,067 | ||||
Euronet Worldwide, Inc.(a) | 16,400 | 1,697,400 | ||||
Merchants Bancorp/IN | 58,800 | 2,383,752 | ||||
MGIC Investment Corp. | 161,600 | 3,482,480 | ||||
Mr Cooper Group, Inc.(a) | 31,300 | 2,542,499 | ||||
NCR Atleos Corp.(a) | 72,800 | 1,967,056 | ||||
NMI Holdings, Inc. - Class A(a) | 107,600 | 3,662,704 | ||||
Radian Group, Inc. | 92,700 | 2,882,970 | ||||
24,885,090 | ||||||
Food Products - 0.8% | ||||||
B&G Foods, Inc. | 258,500 | 2,088,680 | ||||
Cal-Maine Foods, Inc. | 16,500 | 1,008,315 | ||||
Hain Celestial Group, Inc.(a) | 209,900 | 1,450,409 | ||||
WK Kellogg Co. | 85,700 | 1,410,622 | ||||
5,958,026 | ||||||
10 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Gas Utilities - 1.6% | ||||||
Northwest Natural Holding Co. | 89,300 | $3,224,623 | ||||
ONE Gas, Inc. | 53,300 | 3,403,205 | ||||
Southwest Gas Holdings, Inc. | 43,300 | 3,047,454 | ||||
Spire, Inc. | 54,873 | 3,332,437 | ||||
13,007,719 | ||||||
Ground Transportation - 0.6% | ||||||
Heartland Express, Inc. | 224,000 | 2,761,920 | ||||
Marten Transport Ltd. | 84,400 | 1,557,180 | ||||
PAM Transportation Services, Inc.(a) | 34,517 | 599,560 | ||||
4,918,660 | ||||||
Health Care Equipment & Supplies - 0.7% | ||||||
Inmode Ltd.(a) | 174,500 | 3,182,880 | ||||
Utah Medical Products, Inc. | 9,900 | 661,419 | ||||
Zynex, Inc.(a)(b) | 164,000 | 1,528,480 | ||||
5,372,779 | ||||||
Health Care Providers & Services - 0.3% | ||||||
Select Medical Holdings Corp. | 72,000 | 2,524,320 | ||||
Health Care Technology - 0.2% | ||||||
TruBridge, Inc.(a)(b) | 177,900 | 1,779,000 | ||||
Hotels, Restaurants & Leisure - 4.2% | ||||||
Accel Entertainment, Inc.(a) | 238,400 | 2,445,984 | ||||
Bloomin’ Brands, Inc. | 116,105 | 2,232,699 | ||||
Brinker International, Inc.(a) | 34,970 | 2,531,478 | ||||
Dave & Buster’s Entertainment, Inc.(a) | 50,200 | 1,998,462 | ||||
Denny’s Corp.(a) | 215,900 | 1,532,890 | ||||
Dine Brands Global, Inc. | 64,500 | 2,334,900 | ||||
El Pollo Loco Holdings, Inc.(a) | 173,100 | 1,957,761 | ||||
Everi Holdings, Inc.(a) | 285,700 | 2,399,880 | ||||
Hilton Grand Vacations, Inc.(a) | 57,300 | 2,316,639 | ||||
Marriott Vacations Worldwide Corp. | 35,500 | 3,099,860 | ||||
Monarch Casino & Resort, Inc. | 34,900 | 2,377,737 | ||||
Six Flags Entertainment Corp. | 31,900 | 1,057,166 | ||||
Travel + Leisure Co. | 75,080 | 3,377,099 | ||||
United Parks & Resorts, Inc.(a) | 63,900 | 3,470,409 | ||||
33,132,964 | ||||||
Household Durables - 2.0% | ||||||
Century Communities, Inc. | 27,996 | 2,286,153 | ||||
Green Brick Partners, Inc.(a) | 32,750 | 1,874,610 | ||||
KB Home | 30,800 | 2,161,544 | ||||
La-Z-Boy, Inc. | 70,800 | 2,639,424 | ||||
Leggett & Platt, Inc. | 139,100 | 1,594,086 | ||||
M/I Homes, Inc.(a) | 20,423 | 2,494,465 | ||||
Tri Pointe Homes, Inc.(a) | 50,687 | 1,888,091 | ||||
Worthington Enterprises, Inc. | 14,350 | 679,186 | ||||
15,617,559 | ||||||
Household Products - 0.5% | ||||||
Central Garden & Pet Co.(a) | 40,200 | 1,547,700 | ||||
Energizer Holdings, Inc. | 82,100 | 2,425,234 | ||||
3,972,934 | ||||||
Insurance - 5.5% | ||||||
Ambac Financial Group, Inc.(a) | 160,100 | 2,052,482 | ||||
Assured Guaranty Ltd. | 40,500 | 3,124,575 | ||||
Axis Capital Holdings Ltd. | 44,700 | 3,158,055 | ||||
Shares | Value | |||||
Brighthouse Financial, Inc.(a) | 56,000 | $2,427,040 | ||||
CNO Financial Group, Inc. | 102,486 | 2,840,912 | ||||
Employers Holdings, Inc. | 75,535 | 3,220,057 | ||||
Enstar Group Ltd.(a) | 11,139 | 3,405,192 | ||||
Hanover Insurance Group, Inc. | 18,400 | 2,308,096 | ||||
Horace Mann Educators Corp. | 94,314 | 3,076,523 | ||||
Kemper Corp. | 55,400 | 3,286,882 | ||||
Lincoln National Corp. | 50,000 | 1,555,000 | ||||
Mercury General Corp. | 31,400 | 1,668,596 | ||||
ProAssurance Corp.(a) | 118,500 | 1,448,070 | ||||
Safety Insurance Group, Inc. | 21,200 | 1,590,636 | ||||
SiriusPoint Ltd.(a) | 129,978 | 1,585,732 | ||||
Stewart Information Services Corp. | 52,300 | 3,246,784 | ||||
White Mountains Insurance Group Ltd. | 1,900 | 3,453,155 | ||||
43,447,787 | ||||||
IT Services - 0.4% | ||||||
DXC Technology Co.(a) | 161,200 | 3,077,308 | ||||
Leisure Products - 0.8% | ||||||
JAKKS Pacific, Inc.(a) | 91,767 | 1,643,547 | ||||
Johnson Outdoors, Inc. - Class A | 39,200 | 1,371,216 | ||||
Vista Outdoor, Inc.(a) | 96,500 | 3,633,225 | ||||
6,647,988 | ||||||
Machinery - 4.8% | ||||||
Albany International Corp. - Class A | 17,000 | 1,435,650 | ||||
Atmus Filtration Technologies, Inc.(a) | 107,400 | 3,090,972 | ||||
Barnes Group, Inc. | 84,300 | 3,490,863 | ||||
Blue Bird Corp.(a) | 9,500 | 511,575 | ||||
Columbus McKinnon Corp./NY | 59,500 | 2,055,130 | ||||
Douglas Dynamics, Inc. | 29,000 | 678,600 | ||||
Enerpac Tool Group Corp. | 34,500 | 1,317,210 | ||||
Flowserve Corp. | 60,200 | 2,895,620 | ||||
Gates Industrial Corp. PLC(a) | 185,000 | 2,924,850 | ||||
Greenbrier Cos., Inc. | 60,599 | 3,002,681 | ||||
Hillenbrand, Inc. | 73,520 | 2,942,270 | ||||
Kennametal, Inc. | 27,500 | 647,350 | ||||
Lindsay Corp. | 14,000 | 1,720,320 | ||||
Miller Industries, Inc./TN | 15,420 | 848,408 | ||||
Mueller Industries, Inc. | 55,900 | 3,182,946 | ||||
Mueller Water Products, Inc. - Class A | 132,800 | 2,379,776 | ||||
REV Group, Inc. | 61,400 | 1,528,246 | ||||
Tennant Co. | 8,900 | 876,116 | ||||
Wabash National Corp. | 110,582 | 2,415,111 | ||||
37,943,694 | ||||||
Media - 0.9% | ||||||
Emerald Holding, Inc.(a)(b) | 169,050 | 961,894 | ||||
Stagwell, Inc.(a) | 466,300 | 3,180,166 | ||||
TEGNA, Inc. | 222,867 | 3,106,766 | ||||
7,248,826 | ||||||
Metals & Mining - 0.9% | ||||||
Compass Minerals International, Inc. | 185,700 | 1,918,281 | ||||
Haynes International, Inc. | 14,900 | 874,630 | ||||
Kaiser Aluminum Corp. | 35,267 | 3,099,969 | ||||
Tredegar Corp. | 289,420 | 1,386,322 | ||||
7,279,202 | ||||||
Multi-Utilities - 1.3% | ||||||
Avista Corp. | 95,861 | 3,317,749 | ||||
Black Hills Corp. | 61,900 | 3,366,122 | ||||
11 |
Shares | Value | |||||||||||
COMMON STOCKS - (Continued) | ||||||||||||
Multi-Utilities - (Continued) | ||||||||||||
Northwestern Energy Group, Inc. | 65,700 | $3,290,256 | ||||||||||
9,974,127 | ||||||||||||
Oil Gas & Consumable Fuels - 5.3% | ||||||||||||
Baytex Energy Corp. | 896,642 | 3,120,314 | ||||||||||
Berry Corp. | 476,570 | 3,078,642 | ||||||||||
California Resources Corp. | 69,000 | 3,672,180 | ||||||||||
Crescent Energy Co. - Class A | 278,200 | 3,296,670 | ||||||||||
Equitrans Midstream Corp. | 203,100 | 2,636,238 | ||||||||||
Kinetik Holdings, Inc. | 39,540 | 1,638,538 | ||||||||||
Kosmos Energy Ltd.(a) | 510,513 | 2,828,242 | ||||||||||
Northern Oil & Gas, Inc. | 81,200 | 3,018,204 | ||||||||||
Par Pacific Holdings, Inc.(a) | 92,700 | 2,340,675 | ||||||||||
REX American Resources Corp.(a) | 20,934 | 954,381 | ||||||||||
SilverBow Resources, Inc.(a) | 75,000 | 2,837,250 | ||||||||||
Talos Energy, Inc.(a) | 283,000 | 3,438,450 | ||||||||||
VAALCO Energy, Inc. | 388,100 | 2,433,387 | ||||||||||
Vertex Energy, Inc.(a)(b) | 568,300 | 536,873 | ||||||||||
Vital Energy, Inc.(a) | 68,100 | 3,052,242 | ||||||||||
World Kinect Corp. | 127,524 | 3,290,119 | ||||||||||
42,172,405 | ||||||||||||
Paper & Forest Products - 0.4% | ||||||||||||
Mercer International, Inc. | 185,900 | 1,587,586 | ||||||||||
Sylvamo Corp. | 18,700 | 1,282,820 | ||||||||||
2,870,406 | ||||||||||||
Passenger Airlines - 0.5% | ||||||||||||
Alaska Air Group, Inc.(a) | 67,000 | 2,706,800 | ||||||||||
JetBlue Airways Corp.(a) | 157,800 | 961,002 | ||||||||||
3,667,802 | ||||||||||||
Personal Care Products - 1.1% | ||||||||||||
Edgewell Personal Care Co. | 67,100 | 2,696,749 | ||||||||||
Herbalife Ltd.(a) | 249,900 | 2,596,461 | ||||||||||
Medifast, Inc. | 89,500 | 1,952,890 | ||||||||||
Nu Skin Enterprises, Inc. - Class A | 131,550 | 1,386,537 | ||||||||||
8,632,637 | ||||||||||||
Pharmaceuticals - 0.4% | ||||||||||||
Phibro Animal Health Corp. - Class A | 92,300 | 1,547,871 | ||||||||||
SIGA Technologies, Inc. | 218,693 | 1,659,880 | ||||||||||
3,207,751 | ||||||||||||
Professional Services - 3.3% | ||||||||||||
Concentrix Corp. | 53,500 | 3,385,480 | ||||||||||
Heidrick & Struggles International, Inc. | 61,910 | 1,955,118 | ||||||||||
Kforce, Inc. | 40,500 | 2,516,265 | ||||||||||
Korn Ferry | 49,656 | 3,333,904 | ||||||||||
ManpowerGroup, Inc. | 45,100 | 3,147,980 | ||||||||||
Maximus, Inc. | 38,800 | 3,325,160 | ||||||||||
Resources Connection, Inc. | 218,685 | 2,414,282 | ||||||||||
TrueBlue, Inc.(a) | 300,600 | 3,096,180 | ||||||||||
TTEC Holdings, Inc. | 119,800 | 704,424 | ||||||||||
Verra Mobility Corp.(a) | 72,000 | 1,958,400 | ||||||||||
25,837,193 | ||||||||||||
Real Estate Management & Development - 0.4% | ||||||||||||
Cushman & Wakefield PLC(a) | 325,500 | 3,385,200 | ||||||||||
Shares | Value | |||||
Semiconductors & Semiconductor Equipment - 1.5% | ||||||
Cirrus Logic, Inc.(a) | 21,300 | $2,719,158 | ||||
Diodes, Inc.(a) | 45,849 | 3,297,919 | ||||
NVE Corp. | 20,200 | 1,508,738 | ||||
Photronics, Inc.(a) | 90,000 | 2,220,300 | ||||
Semtech Corp.(a) | 69,100 | 2,064,708 | ||||
11,810,823 | ||||||
Software - 0.5% | ||||||
ACI Worldwide, Inc.(a) | 93,300 | 3,693,747 | ||||
Specialty Retail - 4.3% | ||||||
Aaron’s Co., Inc. | 250,600 | 2,500,988 | ||||
Advance Auto Parts, Inc. | 24,300 | 1,538,919 | ||||
Asbury Automotive Group, Inc.(a) | 11,464 | 2,612,302 | ||||
Designer Brands, Inc. - Class A | 185,600 | 1,267,648 | ||||
Genesco, Inc.(a) | 61,030 | 1,578,236 | ||||
Group 1 Automotive, Inc. | 10,528 | 3,129,764 | ||||
Haverty Furniture Cos., Inc. | 85,800 | 2,169,882 | ||||
Hibbett, Inc. | 31,473 | 2,744,760 | ||||
Leslie’s, Inc.(a) | 430,500 | 1,803,795 | ||||
MarineMax, Inc.(a) | 87,900 | 2,845,323 | ||||
OneWater Marine, Inc. - Class A(a)(b) | 70,100 | 1,932,657 | ||||
PetMed Express, Inc.(b) | 338,500 | 1,370,925 | ||||
Revolve Group, Inc.(a) | 53,300 | 848,003 | ||||
Signet Jewelers Ltd. | 24,300 | 2,176,794 | ||||
Sonic Automotive, Inc. - Class A | 50,550 | 2,753,458 | ||||
Upbound Group, Inc. | 47,700 | 1,464,390 | ||||
Zumiez, Inc.(a) | 54,200 | 1,055,816 | ||||
33,793,660 | ||||||
Technology Hardware, Storage & Peripherals - 0.1% | ||||||
CPI Card Group, Inc.(a) | 43,300 | 1,179,925 | ||||
Textiles, Apparel & Luxury Goods - 1.2% | ||||||
Carter’s, Inc. | 22,200 | 1,375,734 | ||||
G-III Apparel Group Ltd.(a) | 86,640 | 2,345,345 | ||||
Hanesbrands, Inc.(a) | 344,600 | 1,698,878 | ||||
Kontoor Brands, Inc. | 26,700 | 1,766,205 | ||||
Oxford Industries, Inc. | 6,800 | 681,020 | ||||
Steven Madden Ltd. | 46,200 | 1,954,260 | ||||
9,821,442 | ||||||
Trading Companies & Distributors - 1.0% | ||||||
DNOW, Inc.(a) | 66,300 | 910,299 | ||||
Global Industrial Co. | 23,957 | 751,291 | ||||
MRC Global, Inc.(a) | 66,400 | 857,224 | ||||
Rush Enterprises, Inc. - Class A | 72,670 | 3,042,693 | ||||
Titan Machinery, Inc.(a) | 132,500 | 2,106,750 | ||||
7,668,257 | ||||||
TOTAL COMMON STOCKS (Cost $705,264,294) | 753,848,150 | |||||
REAL ESTATE INVESTMENT TRUSTS - 2.8% | ||||||
Diversified Real Estate Investment Trusts - 0.4% | ||||||
Empire State Realty Trust, Inc. - Class A | 353,400 | 3,314,892 | ||||
12 |
Shares | Value | |||||||||||
REAL ESTATE INVESTMENT TRUSTS - (Coninued) | ||||||||||||
Hotel & Resort Real Estate Investment Trusts - 0.8% | ||||||||||||
Park Hotels & Resorts, Inc. | 209,300 | $3,135,314 | ||||||||||
Pebblebrook Hotel Trust | 233,400 | 3,209,250 | ||||||||||
6,344,564 | ||||||||||||
Mortgage Real Estate Investment Trusts - 1.0% | ||||||||||||
Apollo Commercial Real Estate Finance, Inc. | 148,500 | 1,453,815 | ||||||||||
Ares Commercial Real Estate Corp. | 239,700 | 1,594,005 | ||||||||||
BrightSpire Capital, Inc. | 253,800 | 1,446,660 | ||||||||||
Granite Point Mortgage Trust, Inc. | 394,100 | 1,170,477 | ||||||||||
Great Ajax Corp. | 203,734 | 727,331 | ||||||||||
TPG RE Finance Trust, Inc. | 190,600 | 1,646,784 | ||||||||||
8,039,072 | ||||||||||||
Real Estate Management & Development - 0.3% | ||||||||||||
Seritage Growth Properties - Class A(a) | 393,348 | 1,836,935 | ||||||||||
Retail Real Estate Investment Trusts - 0.3% | ||||||||||||
Alexander’s, Inc. | 11,600 | 2,608,376 | ||||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $25,735,965) | 22,143,839 | |||||||||||
SHORT-TERM INVESTMENTS - 1.7% | ||||||||||||
Money Market Funds - 0.4% | ||||||||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.23%(c) | 2,793,676 | 2,793,676 | ||||||||||
Par | ||||||||||||
Time Deposits - 1.3% | ||||||||||||
Citigroup, Inc., 4.68%, 07/01/2024(d) | 10,548,492 | 10,548,492 | ||||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $13,342,168) | 13,342,168 | |||||||||||
TOTAL INVESTMENTS - 100.1% (Cost $744,342,428) | $789,334,157 | |||||||||||
Liabilities in Excess of Other Assets - (0.1)% | (764,234) | |||||||||||
TOTAL NET ASSETS - 100.0% | $788,569,923 | |||||||||||
(a) | Non-income producing security. |
(b) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $2,693,492 which represented 0.3% of net assets. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(d) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
13 |
Shares | Value | ||||||||
COMMON STOCKS - 97.5% | |||||||||
Aerospace & Defense - 4.2% | |||||||||
Airbus SE | 4,700 | $ 645,060 | |||||||
Babcock International Group PLC | 103,400 | 683,146 | |||||||
BAE Systems PLC | 16,059 | 267,488 | |||||||
1,595,694 | |||||||||
Air Freight & Logistics - 1.9% | |||||||||
FedEx Corp. | 2,360 | 707,622 | |||||||
Automobile Components - 1.6% | |||||||||
Magna International, Inc. | 14,311 | 599,631 | |||||||
Automobiles - 1.9% | |||||||||
General Motors Co. | 15,545 | 722,221 | |||||||
Banks - 14.5% | |||||||||
BNP Paribas SA | 8,756 | 559,965 | |||||||
Citigroup, Inc. | 14,704 | 933,116 | |||||||
Citizens Financial Group, Inc. | 14,700 | 529,641 | |||||||
ING Groep NV | 21,656 | 372,108 | |||||||
Lloyds Banking Group PLC | 847,400 | 584,462 | |||||||
NatWest Group PLC | 142,300 | 559,819 | |||||||
Popular, Inc. | 6,300 | 557,109 | |||||||
Societe Generale SA | 14,093 | 331,342 | |||||||
US Bancorp | 7,500 | 297,750 | |||||||
Wells Fargo & Co. | 12,130 | 720,401 | |||||||
5,445,713 | |||||||||
Beverages - 1.8% | |||||||||
Heineken Holding NV | 8,400 | 662,086 | |||||||
Capital Markets - 1.5% | |||||||||
Bank of New York Mellon Corp. | 4,600 | 275,494 | |||||||
Goldman Sachs Group, Inc. | 640 | 289,485 | |||||||
564,979 | |||||||||
Chemicals - 2.4% | |||||||||
Akzo Nobel NV | 6,100 | 371,791 | |||||||
Nippon Sanso Holdings Corp. | 18,300 | 543,457 | |||||||
915,248 | |||||||||
Communications Equipment - 8.4% | |||||||||
F5, Inc.(a) | 8,300 | 1,429,509 | |||||||
Telefonaktiebolaget LM Ericsson - ADR | 276,972 | 1,708,917 | |||||||
3,138,426 | |||||||||
Electronic Equipment, Instruments & Components - 1.0% | |||||||||
Arrow Electronics, Inc.(a) | 3,000 | 362,280 | |||||||
Energy Equipment & Services - 3.1% | |||||||||
Baker Hughes Co. | 17,500 | 615,475 | |||||||
NOV, Inc. | 29,469 | 560,206 | |||||||
1,175,681 | |||||||||
Financial Services - 4.4% | |||||||||
Euronet Worldwide, Inc.(a) | 3,600 | 372,600 | |||||||
Fidelity National Information Services, Inc. | 10,600 | 798,816 | |||||||
Worldline SA/France(a)(b) | 45,400 | 494,753 | |||||||
1,666,169 | |||||||||
Ground Transportation - 0.9% | |||||||||
U-Haul Holding Co. | 5,715 | 343,014 | |||||||
Shares | Value | ||||||||
Health Care Equipment & Supplies - 5.4% | |||||||||
GE HealthCare Technologies, Inc. | 9,578 | $ 746,318 | |||||||
Koninklijke Philips NV(a) | 15,821 | 397,875 | |||||||
Medtronic PLC | 11,300 | 889,423 | |||||||
2,033,616 | |||||||||
Health Care Providers & Services - 6.4% | |||||||||
CVS Health Corp. | 16,300 | 962,678 | |||||||
Elevance Health, Inc. | 2,105 | 1,140,615 | |||||||
Humana, Inc. | 800 | 298,920 | |||||||
2,402,213 | |||||||||
Hotels, Restaurants & Leisure - 2.5% | |||||||||
Accor SA | 20,500 | 838,840 | |||||||
Entain PLC | 14,400 | 114,187 | |||||||
953,027 | |||||||||
Household Products - 1.9% | |||||||||
Henkel AG & Co. KGaA | 9,100 | 715,962 | |||||||
Industrial Conglomerates - 2.5% | |||||||||
Siemens AG | 5,000 | 930,628 | |||||||
Insurance - 3.9% | |||||||||
American International Group, Inc. | 10,969 | 814,339 | |||||||
Hartford Financial Services Group, Inc. | 6,500 | 653,510 | |||||||
1,467,849 | |||||||||
Interactive Media & Services - 3.0% | |||||||||
Alphabet, Inc. - Class A | 6,100 | 1,111,115 | |||||||
Machinery - 2.8% | |||||||||
CNH Industrial NV | 35,800 | 362,654 | |||||||
Cummins, Inc. | 2,550 | 706,172 | |||||||
1,068,826 | |||||||||
Media - 4.0% | |||||||||
Comcast Corp. - Class A | 19,800 | 775,368 | |||||||
WPP PLC | 80,300 | 735,278 | |||||||
1,510,646 | |||||||||
Oil Gas & Consumable Fuels - 6.0% | |||||||||
APA Corp. | 25,400 | 747,776 | |||||||
Baytex Energy Corp. | 38,900 | 134,780 | |||||||
Kosmos Energy Ltd.(a) | 72,300 | 400,542 | |||||||
Ovintiv, Inc. | 3,800 | 178,106 | |||||||
Shell PLC - ADR | 11,100 | 801,198 | |||||||
2,262,402 | |||||||||
Passenger Airlines - 1.1% | |||||||||
Qantas Airways Ltd.(a) | 106,500 | 414,468 | |||||||
Personal Care Products - 1.0% | |||||||||
Unilever PLC | 7,100 | 389,699 | |||||||
Professional Services - 1.8% | |||||||||
Randstad NV | 15,000 | 681,038 | |||||||
Semiconductors & Semiconductor Equipment - 0.7% | |||||||||
Micron Technology, Inc. | 1,900 | 249,907 | |||||||
Software - 3.8% | |||||||||
Workday, Inc. - Class A(a) | 6,300 | 1,408,428 | |||||||
Technology Hardware, Storage & Peripherals - 2.4% | |||||||||
Samsung Electronics Co. Ltd. | 15,000 | 882,807 | |||||||
14 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Wireless Telecommunication Services - 0.7% | |||||||||
Vodafone Group PLC - ADR | 30,372 | $269,400 | |||||||
TOTAL COMMON STOCKS (Cost $31,406,968) | 36,650,795 | ||||||||
Par | |||||||||
SHORT-TERM INVESTMENTS - 2.7% | |||||||||
Time Deposits - 2.7% | |||||||||
Citigroup, Inc., 2.59%, 07/01/2024(c) | EUR | 7 | 7 | ||||||
JPMorgan Chase & Company, 4.68%, 07/01/2024(c) | 1,010,144 | 1,010,144 | |||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $1,010,151) | 1,010,151 | ||||||||
TOTAL INVESTMENTS - 100.2% (Cost $32,417,119) | $37,660,946 | ||||||||
Liabilities in Excess of Other Assets - (0.2)% | (80,912) | ||||||||
TOTAL NET ASSETS - 100.0% | $37,580,034 | ||||||||
(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, 2024, the value of these securities total $494,753 or 1.3% of the Fund’s net assets. |
(c) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
(% of Net Assets) | |||
United States | 56.4% | ||
United Kingdom | 9.6% | ||
France | 7.6% | ||
Netherlands | 6.6% | ||
Sweden | 4.5% | ||
Germany | 4.4% | ||
Korea | 2.4% | ||
Canada | 2.0% | ||
Puerto Rico | 1.5% | ||
Cash & Other | 5.0% | ||
100.0% | |||
15 |
Shares | Value | |||||
COMMON STOCKS - 97.9% | ||||||
Aerospace & Defense - 7.2% | ||||||
Airbus SE | 705 | $ 96,759 | ||||
Babcock International Group PLC | 19,100 | 126,191 | ||||
BAE Systems PLC | 2,290 | 38,143 | ||||
261,093 | ||||||
Automobile Components - 3.1% | ||||||
Bayerische Motoren Werke AG | 376 | 33,201 | ||||
Magna International, Inc. | 1,947 | 81,579 | ||||
114,780 | ||||||
Banks - 17.2% | ||||||
ABN AMRO Bank NV(a) | 3,400 | 55,840 | ||||
Barclays PLC | 22,417 | 59,235 | ||||
BNP Paribas SA | 1,574 | 100,661 | ||||
ING Groep NV | 5,907 | 101,498 | ||||
Lloyds Banking Group PLC | 172,800 | 119,182 | ||||
NatWest Group PLC | 18,814 | 74,016 | ||||
Societe Generale SA | 3,341 | 78,551 | ||||
UniCredit SpA | 1,005 | 37,191 | ||||
626,174 | ||||||
Beverages - 5.2% | ||||||
Britvic PLC | 2,700 | 40,333 | ||||
Coca-Cola Europacific Partners PLC | 550 | 40,079 | ||||
Heineken Holding NV | 1,387 | 109,323 | ||||
189,735 | ||||||
Chemicals - 7.9% | ||||||
Akzo Nobel NV | 1,510 | 92,034 | ||||
Fuso Chemical Co. Ltd. | 3,900 | 99,866 | ||||
Nippon Sanso Holdings Corp. | 3,300 | 98,000 | ||||
289,900 | ||||||
Communications Equipment - 5.7% | ||||||
Nokia Oyj | 4,300 | 16,366 | ||||
Telefonaktiebolaget LM Ericsson - Class B | 30,644 | 190,214 | ||||
206,580 | ||||||
Consumer Staples Distribution & Retail - 0.6% | ||||||
Tesco PLC | 5,738 | 22,164 | ||||
Energy Equipment & Services - 1.1% | ||||||
Subsea 7 SA | 2,200 | 41,286 | ||||
Financial Services - 1.9% | ||||||
Worldline SA/France(a)(b) | 6,200 | 67,565 | ||||
Food Products - 0.7% | ||||||
JDE Peet’s NV | 1,330 | 26,527 | ||||
Health Care Equipment & Supplies - 4.3% | ||||||
Koninklijke Philips NV(b) | 2,680 | 67,398 | ||||
Medtronic PLC | 1,115 | 87,762 | ||||
155,160 | ||||||
Hotels, Restaurants & Leisure - 4.0% | ||||||
Accor SA | 2,080 | 85,112 | ||||
Entain PLC | 2,900 | 22,996 | ||||
Lottomatica Group SpA | 3,000 | 36,209 | ||||
144,317 | ||||||
Shares | Value | |||||
Household Products - 3.3% | ||||||
Henkel AG & Co. KGaA | 1,510 | $118,802 | ||||
Industrial Conglomerates - 5.1% | ||||||
Siemens AG | 810 | 150,762 | ||||
Smiths Group PLC | 1,700 | 36,578 | ||||
187,340 | ||||||
Insurance - 2.0% | ||||||
Tokio Marine Holdings, Inc. | 1,100 | 41,337 | ||||
Zurich Insurance Group AG | 59 | 31,429 | ||||
72,766 | ||||||
IT Services - 0.8% | ||||||
Capgemini SE | 150 | 29,796 | ||||
Machinery - 0.5% | ||||||
CNH Industrial NV | 1,693 | 17,150 | ||||
Media - 3.6% | ||||||
RTL Group SA | 740 | 22,469 | ||||
WPP PLC | 12,000 | 109,880 | ||||
132,349 | ||||||
Oil Gas & Consumable Fuels - 10.4% | ||||||
Baytex Energy Corp. | 8,500 | 29,451 | ||||
Cenovus Energy, Inc. | 1,670 | 32,825 | ||||
Kosmos Energy Ltd.(b) | 15,618 | 86,524 | ||||
Parkland Corp. | 510 | 14,296 | ||||
Shell PLC | 3,787 | 136,470 | ||||
Suncor Energy, Inc. | 1,200 | 45,744 | ||||
TotalEnergies SE | 505 | 33,811 | ||||
379,121 | ||||||
Passenger Airlines - 2.8% | ||||||
Qantas Airways Ltd.(b) | 26,700 | 103,909 | ||||
Personal Care Products - 1.1% | ||||||
Unilever PLC | 718 | 39,409 | ||||
Pharmaceuticals - 0.9% | ||||||
GSK PLC | 1,747 | 33,602 | ||||
Professional Services - 2.7% | ||||||
Randstad NV | 2,150 | 97,616 | ||||
Semiconductors & Semiconductor Equipment - 1.0% | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 220 | 38,238 | ||||
Technology Hardware, Storage & Peripherals - 3.5% | ||||||
Samsung Electronics Co. Ltd. | 2,180 | 128,301 | ||||
Wireless Telecommunication Services - 1.3% | ||||||
Vodafone Group PLC | 52,546 | 46,495 | ||||
TOTAL COMMON STOCKS | ||||||
(Cost $3,138,081) | 3,570,175 | |||||
16 |
Par | Value | |||||
SHORT-TERM INVESTMENTS - 2.4% | ||||||
Time Deposits - 2.4% | ||||||
Citigroup, Inc., 4.68%, 07/01/2024(c) | 87,658 | $87,658 | ||||
TOTAL SHORT-TERM INVESTMENTS | ||||||
(Cost $87,658) | 87,658 | |||||
TOTAL INVESTMENTS - 100.3% | ||||||
(Cost $3,225,739) | $3,657,833 | |||||
Liabilities in Excess of Other Assets - (0.3)% | (10,854) | |||||
TOTAL NET ASSETS - 100.0% | $3,646,979 | |||||
(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, 2024, the value of these securities total $123,405 or 3.8% of the Fund’s net assets. |
(b) | Non-income producing security. |
(c) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
(% of Net Assets) | |||
United Kingdom | 22.4% | ||
Netherlands | 15.1% | ||
France | 13.6% | ||
United States | 9.9% | ||
Germany | 8.3% | ||
Japan | 6.6% | ||
Canada | 5.6% | ||
Sweden | 5.2% | ||
Korea | 3.5% | ||
Cash & Other | 9.8% | ||
100.0% | |||
17 |
Shares | Value | ||||||||
COMMON STOCKS - 95.8% | |||||||||
Aerospace & Defense - 1.2% | |||||||||
Austal Ltd. | 10,300 | $17,081 | |||||||
Babcock International Group PLC | 5,900 | 38,980 | |||||||
QinetiQ Group PLC | 7,700 | 42,996 | |||||||
99,057 | |||||||||
Air Freight & Logistics - 1.4% | |||||||||
bpost SA | 11,500 | 37,256 | |||||||
Hamakyorex Co. Ltd. | 1,000 | 27,508 | |||||||
Trancom Co. Ltd. | 1,100 | 44,764 | |||||||
109,528 | |||||||||
Automobile Components - 2.3% | |||||||||
Exco Technologies Ltd. | 2,800 | 16,272 | |||||||
Gestamp Automocion SA(a) | 8,500 | 25,252 | |||||||
Linamar Corp. | 470 | 22,843 | |||||||
Opmobility | 1,600 | 15,571 | |||||||
Pacific Industrial Co. Ltd. | 1,700 | 16,039 | |||||||
Toyota Boshoku Corp. | 2,900 | 38,517 | |||||||
TS Tech Co. Ltd. | 3,300 | 39,174 | |||||||
Valeo SE | 1,300 | 13,901 | |||||||
187,569 | |||||||||
Automobiles - 0.3% | |||||||||
Kabe Group AB - Class B | 600 | 20,606 | |||||||
Banks - 9.6% | |||||||||
Aozora Bank Ltd. | 2,600 | 42,593 | |||||||
Awa Bank Ltd. | 2,400 | 42,435 | |||||||
Banca Sistema SpA(a) | 14,300 | 21,931 | |||||||
Banco di Desio e della Brianza SpA | 3,000 | 14,104 | |||||||
Bank Danamon Indonesia Tbk PT | 152,300 | 23,984 | |||||||
Bank of East Asia Ltd. | 30,578 | 38,776 | |||||||
Basellandschaftliche Kantonalbank | 26 | 24,414 | |||||||
Caisse Regionale de Credit Agricole Mutuel Brie Picardie | 700 | 12,819 | |||||||
Caisse Regionale de Credit Agricole Mutuel de Normandie-Seine | 160 | 12,766 | |||||||
Caisse Regionale de Credit Agricole Mutuel de Paris et d’Ile-de-France | 120 | 8,189 | |||||||
Caisse Regionale de Credit Agricole Mutuel Nord de France | 800 | 10,626 | |||||||
Canadian Western Bank | 2,100 | 66,590 | |||||||
Dah Sing Financial Holdings Ltd. | 13,600 | 37,838 | |||||||
First Bank of Toyama Ltd. | 2,300 | 18,340 | |||||||
Heartland Group Holdings Ltd. | 40,500 | 24,432 | |||||||
Iyogin Holdings, Inc. | 2,800 | 26,092 | |||||||
MyState Ltd. | 6,800 | 16,924 | |||||||
Norion Bank AB(b) | 6,200 | 25,633 | |||||||
Oma Saastopankki Oyj | 1,000 | 15,395 | |||||||
Raiffeisen Bank International AG | 2,200 | 38,008 | |||||||
Spar Nord Bank AS | 1,300 | 25,029 | |||||||
SpareBank 1 Nord Norge | 1,700 | 15,785 | |||||||
Sparebank 1 Oestlandet | 2,000 | 25,403 | |||||||
SpareBank 1 SR-Bank ASA | 1,300 | 15,922 | |||||||
Sparebanken More | 2,100 | 16,558 | |||||||
Sparebanken Vest | 3,400 | 39,818 | |||||||
Sparekassen Sjaelland-Fyn AS | 500 | 16,165 | |||||||
Suruga Bank Ltd. | 3,800 | 25,080 | |||||||
TOMONY Holdings, Inc. | 9,900 | 26,055 | |||||||
Unicaja Banco SA(a) | 17,500 | 24,060 | |||||||
Shares | Value | ||||||||
Vestjysk Bank AS | 37,700 | $24,243 | |||||||
776,007 | |||||||||
Beverages - 0.6% | |||||||||
AG Barr PLC | 2,100 | 15,923 | |||||||
Britvic PLC | 1,900 | 28,383 | |||||||
44,306 | |||||||||
Building Products - 0.4% | |||||||||
Sanko Metal Industrial Co. Ltd. | 600 | 17,055 | |||||||
Schweiter Technologies AG | 30 | 13,306 | |||||||
30,361 | |||||||||
Capital Markets - 3.7% | |||||||||
AGF Management Ltd. - Class B | 3,900 | 24,089 | |||||||
Altshuler Shaham Finance Ltd. | 12,700 | 16,294 | |||||||
AURELIUS Equity Opportunities SE & Co. KGaA | 1,100 | 17,011 | |||||||
Azimut Holding SpA | 913 | 21,518 | |||||||
CI Financial Corp. | 2,400 | 25,262 | |||||||
HS Holdings Co. Ltd. | 4,100 | 25,258 | |||||||
IG Group Holdings PLC | 2,500 | 25,895 | |||||||
JAFCO Group Co. ltd | 2,100 | 24,838 | |||||||
Jupiter Fund Management PLC | 38,050 | 36,892 | |||||||
Man Group PLC/Jersey | 12,500 | 38,193 | |||||||
Plus500 Ltd. | 1,500 | 43,123 | |||||||
298,373 | |||||||||
Chemicals - 2.5% | |||||||||
C Uyemura & Co. Ltd. | 400 | 27,785 | |||||||
Dai Nippon Toryo Co. Ltd. | 5,400 | 44,452 | |||||||
Fuso Chemical Co. Ltd. | 1,700 | 43,531 | |||||||
Soken Chemical & Engineering Co. Ltd. | 1,400 | 23,761 | |||||||
Tessenderlo Group SA | 917 | 23,235 | |||||||
Zeon Corp. | 4,800 | 39,941 | |||||||
202,705 | |||||||||
Commercial Services & Supplies - 1.6% | |||||||||
Aeon Delight Co. Ltd. | 1,700 | 42,227 | |||||||
Dexterra Group, Inc. | 4,100 | 16,034 | |||||||
DO & CO AG | 150 | 26,702 | |||||||
Downer EDI Ltd. | 10,300 | 31,593 | |||||||
ISS AS | 900 | 15,453 | |||||||
132,009 | |||||||||
Communications Equipment - 0.4% | |||||||||
Evertz Technologies Ltd. | 1,500 | 13,596 | |||||||
Ituran Location and Control Ltd. | 650 | 16,016 | |||||||
29,612 | |||||||||
Construction & Engineering - 1.4% | |||||||||
Aecon Group, Inc. | 1,500 | 18,618 | |||||||
Costain Group PLC | 15,400 | 16,508 | |||||||
Fukuda Corp. | 400 | 14,578 | |||||||
Hazama Ando Corp. | 2,300 | 16,698 | |||||||
JGC Holdings Corp. | 1,800 | 14,150 | |||||||
Novac Co. Ltd. | 900 | 16,669 | |||||||
NRW Holdings Ltd. | 8,000 | 16,400 | |||||||
113,621 | |||||||||
Construction Materials - 1.0% | |||||||||
Cementir Holding NV | 1,500 | 14,974 | |||||||
Forterra PLC(a) | 18,911 | 37,818 | |||||||
Shinagawa Refractories Co. Ltd. | 1,900 | 23,565 | |||||||
76,357 | |||||||||
18 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Consumer Finance - 1.2% | |||||||||
Hoist Finance AB(a)(b) | 4,900 | $24,780 | |||||||
International Personal Finance PLC | 17,200 | 27,703 | |||||||
Resurs Holding AB(a) | 14,800 | 31,977 | |||||||
Solvar Ltd. | 19,100 | 14,537 | |||||||
98,997 | |||||||||
Consumer Staples Distribution & Retail - 0.6% | |||||||||
MARR SpA | 2,000 | 26,039 | |||||||
Orsero SpA | 1,800 | 24,188 | |||||||
50,227 | |||||||||
Containers & Packaging - 1.1% | |||||||||
Fuji Seal International, Inc. | 1,700 | 26,156 | |||||||
Mayr Melnhof Karton AG | 200 | 24,126 | |||||||
Vetropack Holding AG | 1,130 | 40,750 | |||||||
91,032 | |||||||||
Distributors - 0.3% | |||||||||
Inchcape PLC | 2,400 | 22,553 | |||||||
Diversified Consumer Services - 0.3% | |||||||||
San Holdings, Inc. | 3,300 | 24,258 | |||||||
Electric Utilities - 0.5% | |||||||||
Elmera Group ASA(a) | 13,500 | 40,840 | |||||||
Electrical Equipment - 0.9% | |||||||||
Endo Lighting Corp. | 4,000 | 38,343 | |||||||
Innovatec SpA(b) | 35,500 | 37,702 | |||||||
76,045 | |||||||||
Electronic Equipment, Instruments & Components - 3.0% | |||||||||
Daitron Co. Ltd. | 2,100 | 37,981 | |||||||
Esprinet SpA(b) | 3,000 | 16,395 | |||||||
Horiba Ltd. | 500 | 40,556 | |||||||
Nihon Dempa Kogyo Co. Ltd. | 3,500 | 31,366 | |||||||
Sesa SpA | 200 | 24,710 | |||||||
Shibaura Electronics Co. Ltd. | 1,200 | 24,135 | |||||||
Shinko Shoji Co. Ltd. | 4,100 | 24,087 | |||||||
Sun-Wa Technos Corp. | 2,900 | 41,300 | |||||||
240,530 | |||||||||
Energy Equipment & Services - 2.1% | |||||||||
Aker Solutions ASA | 3,200 | 13,261 | |||||||
CES Energy Solutions Corp. | 5,000 | 28,142 | |||||||
Enerflex Ltd. | 3,000 | 16,184 | |||||||
Expro Group Holdings NV(b) | 733 | 16,800 | |||||||
Pason Systems, Inc. | 1,600 | 21,555 | |||||||
SBM Offshore NV | 1,100 | 16,835 | |||||||
Schoeller-Bleckmann Oilfield Equipment AG | 370 | 14,951 | |||||||
STEP Energy Services Ltd.(a)(b) | 5,600 | 16,701 | |||||||
Technip Energies NV | 1,000 | 22,466 | |||||||
166,895 | |||||||||
Financial Services - 4.4% | |||||||||
Australian Finance Group Ltd. | 16,800 | 15,487 | |||||||
Banca IFIS SpA | 2,000 | 41,534 | |||||||
Corp. Financiera Alba SA | 300 | 16,386 | |||||||
Financial Partners Group Co. Ltd. | 3,300 | 46,130 | |||||||
Shares | Value | ||||||||
GRENKE AG | 1,100 | $24,216 | |||||||
Kinnevik AB(b) | 3,500 | 28,649 | |||||||
MCAN Mortgage Corp. (Acquired 05/29/2024 – 05/29/2024, Cost $24,434)(d) | 2,100 | 24,714 | |||||||
OFX Group Ltd.(b) | 30,200 | 44,376 | |||||||
OSB Group PLC | 6,900 | 37,269 | |||||||
PayPoint PLC | 2,400 | 19,424 | |||||||
Peugeot Invest SA | 200 | 19,307 | |||||||
Worldline SA/France(a)(b) | 3,100 | 33,783 | |||||||
351,275 | |||||||||
Food Products - 2.6% | |||||||||
Austevoll Seafood ASA | 2,800 | 21,655 | |||||||
Cloetta AB - Class B | 9,200 | 17,860 | |||||||
Elders Ltd. | 4,600 | 24,950 | |||||||
Lassonde Industries, Inc. - Class A (Acquired (05/11/2022 – 06/28/2023, Cost $11,423)(d) | 130 | 14,673 | |||||||
Nihon Shokuhin Kako Co. Ltd. | 1,300 | 23,677 | |||||||
Origin Enterprises PLC | 7,500 | 25,845 | |||||||
Premier Foods PLC | 12,300 | 24,691 | |||||||
S Foods, Inc. | 900 | 16,329 | |||||||
Savencia SA | 230 | 12,563 | |||||||
Suedzucker AG | 1,700 | 24,772 | |||||||
207,015 | |||||||||
Gas Utilities - 0.5% | |||||||||
Italgas SpA | 7,900 | 39,013 | |||||||
Ground Transportation - 0.7% | |||||||||
Lindsay Australia Ltd. | 41,117 | 24,119 | |||||||
Sakai Moving Service Co. Ltd. | 1,100 | 17,461 | |||||||
Zigup PLC | 3,000 | 15,961 | |||||||
57,541 | |||||||||
Health Care Equipment & Supplies - 1.6% | |||||||||
El.En. SpA | 2,200 | 22,089 | |||||||
Japan Lifeline Co. Ltd. | 5,800 | 40,899 | |||||||
Paramount Bed Holdings Co. Ltd. | 2,500 | 42,396 | |||||||
Riverstone Holdings Ltd. | 36,900 | 26,333 | |||||||
131,717 | |||||||||
Health Care Providers & Services - 0.9% | |||||||||
Charm Care Corp. KK | 4,200 | 40,145 | |||||||
Oriola Oyj - Class B | 16,200 | 15,715 | |||||||
Toho Holdings Co. Ltd. | 700 | 18,359 | |||||||
74,219 | |||||||||
Health Care Real Estate Investment Trusts - 0.5% | |||||||||
NorthWest Healthcare Properties Real Estate Investment Trust | 11,200 | 38,151 | |||||||
Health Care Technology - 0.4% | |||||||||
Software Service, Inc. | 400 | 35,300 | |||||||
Hotels, Restaurants & Leisure - 0.6% | |||||||||
Fast Fitness Japan, Inc. | 5,200 | 46,647 | |||||||
Household Durables - 0.5% | |||||||||
Kaufman & Broad SA | 500 | 13,740 | |||||||
MJ Gleeson PLC | 2,300 | 14,950 | |||||||
Redrow PLC | 1,800 | 15,173 | |||||||
43,863 | |||||||||
19 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Insurance - 7.1% | |||||||||
Beazley PLC | 4,900 | $43,764 | |||||||
Brookfield Reinsurance Ltd. (b) | 1,000 | 41,629 | |||||||
Chesnara PLC | 5,200 | 16,236 | |||||||
Coface SA | 2,700 | 37,589 | |||||||
Direct Line Insurance Group PLC | 9,500 | 24,088 | |||||||
FBD Holdings PLC | 1,700 | 23,213 | |||||||
Grupo Catalana Occidente SA | 1,000 | 40,450 | |||||||
Harel Insurance Investments & Financial Services Ltd. | 2,000 | 16,000 | |||||||
Hiscox Ltd. | 1,700 | 24,676 | |||||||
IDI Insurance Co. Ltd. | 600 | 15,462 | |||||||
Just Group PLC | 20,000 | 26,547 | |||||||
Lancashire Holdings Ltd. | 5,400 | 41,912 | |||||||
Menora Mivtachim Holdings Ltd. | 600 | 14,376 | |||||||
Phoenix Holdings Ltd. | 4,400 | 40,011 | |||||||
Protector Forsikring ASA | 700 | 16,816 | |||||||
SCOR SE | 1,400 | 35,488 | |||||||
Solid Forsakring AB | 2,000 | 16,398 | |||||||
Steadfast Group Ltd. | 6,700 | 27,498 | |||||||
Unipol Gruppo SpA | 4,000 | 39,669 | |||||||
Vienna Insurance Group AG Wiener Versicherung Gruppe | 460 | 14,996 | |||||||
Wuestenrot & Wuerttembergische AG | 1,100 | 15,503 | |||||||
572,321 | |||||||||
IT Services - 4.0% | |||||||||
Argo Graphics, Inc. | 600 | 17,919 | |||||||
Aubay | 340 | 13,565 | |||||||
Computacenter PLC | 700 | 25,294 | |||||||
Digital Hearts Holdings Co. Ltd. | 2,400 | 15,534 | |||||||
Future Corp. | 4,400 | 41,950 | |||||||
GFT Technologies SE | 1,410 | 37,542 | |||||||
Indra Sistemas SA | 1,100 | 22,588 | |||||||
Itfor, Inc. | 2,800 | 25,155 | |||||||
KNOW IT AB | 800 | 12,560 | |||||||
Mitsubishi Research Institute, Inc. | 800 | 24,809 | |||||||
Pole To Win Holdings, Inc. | 8,600 | 26,059 | |||||||
SB Technology Corp. | 2,200 | 40,195 | |||||||
Sopra Steria Group | 100 | 19,446 | |||||||
322,616 | |||||||||
Leisure Products - 2.2% | |||||||||
Catana Group | 7,100 | 32,674 | |||||||
Fountaine Pajot SA | 100 | 10,870 | |||||||
Furyu Corp. | 3,900 | 25,539 | |||||||
GLOBERIDE, Inc. | 3,400 | 45,292 | |||||||
Kawai Musical Instruments Manufacturing Co. Ltd. | 2,000 | 39,770 | |||||||
Spin Master Corp.(a) | 1,200 | 24,727 | |||||||
178,872 | |||||||||
Machinery - 9.0% | |||||||||
Bucher Industries AG | 60 | 24,135 | |||||||
Danieli & C Officine Meccaniche SpA | 900 | 25,601 | |||||||
Duerr AG | 1,490 | 31,532 | |||||||
Hokuetsu Industries Co. Ltd. | 1,900 | 28,357 | |||||||
Iveco Group NV | 2,000 | 22,396 | |||||||
Komax Holding AG | 140 | 20,270 | |||||||
Luxfer Holdings PLC | 1,400 | 16,226 | |||||||
Shares | Value | ||||||||
Morgan Advanced Materials PLC | 4,300 | $16,724 | |||||||
Morita Holdings Corp. | 3,900 | 45,529 | |||||||
NGK Insulators Ltd. | 1,900 | 24,397 | |||||||
Norma Group SE | 1,900 | 35,161 | |||||||
Obara Group, Inc. | 900 | 23,384 | |||||||
Okamoto Machine Tool Works Ltd. | 1,300 | 37,446 | |||||||
OKUMA Corp. | 900 | 40,776 | |||||||
Pegasus Co. Ltd. | 5,100 | 18,976 | |||||||
Rieter Holding AG | 170 | 21,699 | |||||||
SFS Group AG | 310 | 41,144 | |||||||
Stabilus SE | 700 | 32,075 | |||||||
Stadler Rail AG | 1,400 | 39,900 | |||||||
Takuma Co. Ltd. | 3,900 | 40,273 | |||||||
Techno Smart Corp. | 1,100 | 11,815 | |||||||
Tocalo Co. Ltd. | 3,400 | 43,729 | |||||||
Tsugami Corp. | 4,500 | 43,537 | |||||||
Vesuvius PLC | 6,400 | 37,329 | |||||||
722,411 | |||||||||
Media - 0.7% | |||||||||
Atresmedia Corp. de Medios de Comunicacion SA | 3,000 | 14,220 | |||||||
ReWorld Media SA(b) | 5,100 | 11,591 | |||||||
RTL Group SA | 500 | 15,182 | |||||||
Vector, Inc. | 2,000 | 15,273 | |||||||
56,266 | |||||||||
Metals & Mining - 1.2% | |||||||||
Iluka Resources Ltd. | 3,400 | 14,765 | |||||||
Maruichi Steel Tube Ltd. | 600 | 13,945 | |||||||
Rana Gruber ASA | 2,300 | 16,569 | |||||||
Stelco Holdings, Inc. | 500 | 13,585 | |||||||
Vulcan Steel Ltd. | 8,700 | 38,598 | |||||||
97,462 | |||||||||
Multi-Utilities - 0.4% | |||||||||
ACEA SpA | 2,200 | 35,605 | |||||||
Oil Gas & Consumable Fuels - 4.5% | |||||||||
Ampol Ltd. | 1,000 | 21,508 | |||||||
Baytex Energy Corp. | 11,100 | 38,459 | |||||||
Birchcliff Energy Ltd. | 5,600 | 24,602 | |||||||
Cardinal Energy Ltd. (Acquired 05/04/2021 – 04/10/2024, Cost $34,579)(d) | 8,200 | 40,159 | |||||||
EnQuest PLC(b) | 74,700 | 12,823 | |||||||
Harbour Energy PLC | 10,400 | 40,833 | |||||||
Kosmos Energy Ltd.(b) | 6,900 | 38,226 | |||||||
NuVista Energy Ltd. (Acquired 05/26/2023 – 05/26/2023, Cost $19,921)(b)(d) | 2,400 | 24,947 | |||||||
Pantheon Resources PLC(b) | 40,773 | 10,824 | |||||||
Tamarack Valley Energy Ltd. | 14,200 | 38,716 | |||||||
Tullow Oil PLC(b) | 88,149 | 35,702 | |||||||
Vermilion Energy, Inc. | 3,400 | 37,429 | |||||||
364,228 | |||||||||
Paper & Forest Products - 0.8% | |||||||||
Arctic Paper SA | 2,800 | 16,979 | |||||||
Canfor Corp.(b) | 1,500 | 15,910 | |||||||
Rottneros AB | 12,000 | 13,291 | |||||||
Western Forest Products, Inc. | 45,300 | 15,066 | |||||||
61,246 | |||||||||
20 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Passenger Airlines - 0.3% | |||||||||
Air Canada(b) | 1,900 | $24,860 | |||||||
Personal Care Products - 0.4% | |||||||||
PZ Cussons PLC | 17,300 | 21,539 | |||||||
Shinnihonseiyaku Co. Ltd. | 1,300 | 13,933 | |||||||
35,472 | |||||||||
Pharmaceuticals - 0.3% | |||||||||
Faes Farma SA | 6,100 | 23,543 | |||||||
Professional Services - 6.6% | |||||||||
AFRY AB | 2,400 | 43,061 | |||||||
Altech Corp. | 1,000 | 15,720 | |||||||
APM Human Services International Ltd | 15,100 | 13,910 | |||||||
Bertrandt AG | 410 | 12,865 | |||||||
Career Design Center Co. Ltd. | 1,100 | 12,607 | |||||||
Creek & River Co. Ltd. | 1,600 | 18,084 | |||||||
EJ Holdings, Inc. | 2,200 | 26,179 | |||||||
FULLCAST Holdings Co. Ltd. | 4,600 | 41,606 | |||||||
Hays PLC | 30,900 | 36,812 | |||||||
Hito Communications Holdings, Inc. | 4,200 | 24,876 | |||||||
McMillan Shakespeare Ltd. | 1,500 | 17,548 | |||||||
Nisso Holdings Co. Ltd. | 3,200 | 16,933 | |||||||
Openjobmetis SpA agenzia per il lavoro(b) | 900 | 15,904 | |||||||
Pagegroup PLC | 2,500 | 13,472 | |||||||
Pasco Corp. | 1,900 | 21,402 | |||||||
Pasona Group, Inc. | 1,200 | 15,785 | |||||||
PeopleIN Ltd. | 30,800 | 16,659 | |||||||
Quick Co. Ltd. | 1,200 | 16,528 | |||||||
RWS Holdings PLC | 11,000 | 26,126 | |||||||
SmartGroup Corp. Ltd. | 7,600 | 42,571 | |||||||
SThree PLC | 3,000 | 15,558 | |||||||
Transcosmos, Inc. | 2,000 | 43,264 | |||||||
Will Group, Inc. | 4,100 | 25,257 | |||||||
532,727 | |||||||||
Retail Real Estate Investment Trusts - 0.5% | |||||||||
SmartCentres Real Estate Investment Trust | 2,600 | 41,792 | |||||||
Semiconductors & Semiconductor Equipment - 1.9% | |||||||||
Inter Action Corp. | 4,300 | 46,579 | |||||||
Melexis NV | 250 | 21,443 | |||||||
Optorun Co. Ltd. | 1,200 | 15,144 | |||||||
SK-Electronics Co. Ltd. | 1,300 | 26,269 | |||||||
UMS Holdings Ltd. | 46,225 | 40,075 | |||||||
149,510 | |||||||||
Software - 1.5% | |||||||||
Cresco Ltd. | 5,600 | 46,484 | |||||||
F-Secure Oyj | 7,300 | 15,140 | |||||||
Fukui Computer Holdings, Inc. | 1,200 | 18,846 | |||||||
Silverlake Axis Ltd. | 115,800 | 23,912 | |||||||
UNITED, Inc./Japan | 3,400 | 17,043 | |||||||
121,425 | |||||||||
Specialty Retail - 2.6% | |||||||||
AutoCanada, Inc.(b) | 2,800 | 39,358 | |||||||
Eagers Automotive Ltd. | 3,600 | 25,076 | |||||||
Halfords Group PLC | 14,000 | 24,759 | |||||||
MEKO AB | 3,700 | 41,402 | |||||||
Shaver Shop Group Ltd. | 16,500 | 12,878 | |||||||
Shares | Value | ||||||||
Super Retail Group Ltd. | 1,900 | $17,507 | |||||||
Vertu Motors PLC | 24,700 | 22,449 | |||||||
Watches of Switzerland Group PLC(a)(b) | 4,900 | 25,562 | |||||||
208,991 | |||||||||
Textiles, Apparel & Luxury Goods - 0.7% | |||||||||
Dr Martens PLC | 38,200 | 36,161 | |||||||
HUGO BOSS AG | 500 | 22,481 | |||||||
58,642 | |||||||||
Trading Companies & Distributors - 2.0% | |||||||||
Kamei Corp. | 3,200 | 47,197 | |||||||
RS GROUP PLC | 1,500 | 13,256 | |||||||
Wajax Corp. | 900 | 16,848 | |||||||
Yamazen Corp. | 4,700 | 41,629 | |||||||
Yuasa Trading Co. Ltd. | 1,100 | 38,902 | |||||||
157,832 | |||||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $7,247,630) | 7,722,050 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 1.9% | |||||||||
Health Care Real Estate Investment Trusts - 1.9% | |||||||||
Aedifica SA | 600 | 36,529 | |||||||
Assura PLC | 81,000 | 41,058 | |||||||
HealthCo REIT | 54,800 | 38,584 | |||||||
Primary Health Properties PLC | 35,300 | 40,853 | |||||||
157,024 | |||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | |||||||||
(Cost $163,464) | 157,024 | ||||||||
Par | |||||||||
SHORT-TERM INVESTMENTS - 2.5% | |||||||||
Time Deposits - 2.5% | |||||||||
Citigroup, Inc., 4.68%, 07/01/2024(c) | 202,563 | 202,563 | |||||||
Citigroup, Inc., 2.59%, 07/01/2024(c) | EUR | 20 | 21 | ||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||
(Cost $202,584) | 202,584 | ||||||||
TOTAL INVESTMENTS - 100.2% | |||||||||
(Cost $7,613,678) | $8,081,658 | ||||||||
Liabilities in Excess of Other Assets - (0.2)% | (18,279) | ||||||||
TOTAL NET ASSETS - 100.0% | $8,063,379 | ||||||||
21 |
(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, 2024, the value of these securities total $307,431 or 3.8% of the Fund’s net assets. |
(b) | Non-income producing security. |
(c) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
(d) | Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of June 30, 2024, the value of these securities total $104,493 or 1.3% of the Fund’s net assets. |
(% of Net Assets) | |||
Japan | 32.4% | ||
United Kingdom | 13.8% | ||
Canada | 9.9% | ||
Australia | 6.1% | ||
Italy | 5.3% | ||
France | 4.2% | ||
Sweden | 3.4% | ||
Germany | 3.1% | ||
Switzerland | 2.8% | ||
Cash & Other | 19.0% | ||
100.0% | |||
22 |
Shares | Value | ||||||||
COMMON STOCKS - 95.0% | |||||||||
Aerospace & Defense - 1.0% | |||||||||
Babcock International Group PLC | 957,700 | $6,327,366 | |||||||
Automobiles - 3.1% | |||||||||
General Motors Co. | 435,200 | 20,219,392 | |||||||
Banks - 7.7% | |||||||||
Citigroup, Inc. | 146,900 | 9,322,274 | |||||||
Citizens Financial Group, Inc. | 153,800 | 5,541,414 | |||||||
ING Groep NV - ADR | 361,800 | 6,201,252 | |||||||
Popular, Inc. | 164,600 | 14,555,578 | |||||||
Wells Fargo & Co. | 245,960 | 14,607,564 | |||||||
50,228,082 | |||||||||
Broadline Retail - 0.2% | |||||||||
Articore Group Ltd.(a) | 4,782,949 | 1,324,139 | |||||||
Capital Markets - 4.5% | |||||||||
Bank of New York Mellon Corp. | 85,500 | 5,120,595 | |||||||
Goldman Sachs Group, Inc. | 32,200 | 14,564,704 | |||||||
Morgan Stanley | 50,700 | 4,927,533 | |||||||
State Street Corp. | 65,100 | 4,817,400 | |||||||
29,430,232 | |||||||||
Chemicals - 6.0% | |||||||||
Ecovyst, Inc.(a) | 1,304,800 | 11,704,056 | |||||||
Iracore Investments Holdings, Inc. (Acquired 04/13/2017, Cost $6,892,250)(b)(c)(j) | 32,422 | 10,980,683 | |||||||
Olin Corp. | 323,100 | 15,234,165 | |||||||
UTEX Industries, Inc. (Acquired 05/11/2021, Cost $757,278)(j) | 24,058 | 1,503,625 | |||||||
39,422,529 | |||||||||
Communications Equipment - 13.2% | |||||||||
F5, Inc.(a) | 257,190 | 44,295,834 | |||||||
Telefonaktiebolaget LM Ericsson - ADR(d) | 6,808,900 | 42,010,913 | |||||||
86,306,747 | |||||||||
Construction & Engineering - 1.7% | |||||||||
Fluor Corp.(a) | 251,700 | 10,961,535 | |||||||
Consumer Finance - 2.5% | |||||||||
Capital One Financial Corp. | 28,200 | 3,904,290 | |||||||
Discover Financial Services | 27,400 | 3,584,194 | |||||||
SLM Corp. | 432,900 | 8,999,991 | |||||||
16,488,475 | |||||||||
Electronic Equipment, Instruments & Components - 3.5% | |||||||||
Arrow Electronics, Inc.(a) | 189,200 | 22,847,792 | |||||||
Energy Equipment & Services - 6.3% | |||||||||
Baker Hughes Co. | 585,300 | 20,585,001 | |||||||
Mcdermott International Ltd.(a) | 832,402 | 241,397 | |||||||
NOV, Inc. | 1,056,800 | 20,089,768 | |||||||
40,916,166 | |||||||||
Ground Transportation - 1.8% | |||||||||
U-Haul Holding Co. | 191,200 | 11,475,824 | |||||||
Shares | Value | ||||||||
Health Care Equipment & Supplies - 3.9% | |||||||||
GE HealthCare Technologies, Inc. | 103,500 | $8,064,720 | |||||||
Medtronic PLC | 220,800 | 17,379,168 | |||||||
25,443,888 | |||||||||
Health Care Providers & Services - 3.7% | |||||||||
CVS Health Corp. | 148,000 | 8,740,880 | |||||||
Elevance Health, Inc. | 28,500 | 15,443,010 | |||||||
24,183,890 | |||||||||
Hotels, Restaurants & Leisure - 1.5% | |||||||||
Lottomatica Group SpA | 259,500 | 3,132,087 | |||||||
Marriott Vacations Worldwide Corp. | 77,100 | 6,732,372 | |||||||
9,864,459 | |||||||||
Industrial Conglomerates - 4.8% | |||||||||
Siemens AG | 108,900 | 20,269,069 | |||||||
Siemens AG - ADR | 117,300 | 10,938,225 | |||||||
31,207,294 | |||||||||
Insurance - 1.5% | |||||||||
Enstar Group Ltd.(a) | 21,200 | 6,480,840 | |||||||
Global Indemnity Group LLC - Class A | 102,500 | 3,186,274 | |||||||
9,667,114 | |||||||||
Interactive Media & Services - 1.7% | |||||||||
Alphabet, Inc. - Class A | 60,100 | 10,947,215 | |||||||
Media - 5.2% | |||||||||
Comcast Corp. - Class A | 166,800 | 6,531,888 | |||||||
National CineMedia, Inc.(a)(d) | 839,300 | 3,684,527 | |||||||
Stagwell, Inc.(a) | 2,844,600 | 19,400,172 | |||||||
WPP PLC - ADR(d) | 100,900 | 4,619,202 | |||||||
34,235,789 | |||||||||
Metals & Mining - 0.0%(e) | |||||||||
Metals Recovery Holdings LLC (Acquired 07/24/2014 – 12/10/2019, Cost $6,965,758)(a)(b)(j) | 7,042 | 4,225 | |||||||
Multi-Utilities - 0.3% | |||||||||
Dominion Energy, Inc. | 42,600 | 2,087,400 | |||||||
Oil Gas & Consumable Fuels - 6.1% | |||||||||
APA Corp. | 227,800 | 6,706,432 | |||||||
Kosmos Energy Ltd.(a) | 2,071,800 | 11,477,772 | |||||||
Shell PLC - ADR | 298,600 | 21,552,948 | |||||||
39,737,152 | |||||||||
Passenger Airlines - 1.8% | |||||||||
Qantas Airways Ltd.(a) | 2,934,820 | 11,421,484 | |||||||
Professional Services - 2.0% | |||||||||
Randstad NV | 290,600 | 13,193,986 | |||||||
Semiconductors & Semiconductor Equipment - 0.8% | |||||||||
Micron Technology, Inc. | 41,300 | 5,432,189 | |||||||
Software - 6.8% | |||||||||
Microsoft Corp. | 29,610 | 13,234,189 | |||||||
Workday, Inc. - Class A(a) | 140,400 | 31,387,824 | |||||||
44,622,013 | |||||||||
Tobacco - 2.7% | |||||||||
Philip Morris International, Inc. | 176,800 | 17,915,144 | |||||||
23 |
Shares | Value | ||||||||
COMMON STOCKS - (Continued) | |||||||||
Trading Companies & Distributors - 0.7% | |||||||||
WESCO International, Inc. | 29,600 | $4,692,192 | |||||||
TOTAL COMMON STOCKS (Cost $549,982,636) | 620,603,713 | ||||||||
PREFERRED STOCKS - 0.9% | |||||||||
Financial Services - 0.9% | |||||||||
Federal Home Loan Mortgage Corp. | |||||||||
Series K, Perpetual(a) | 33,300 | 235,764 | |||||||
Series N, Perpetual(a) | 116,400 | 813,636 | |||||||
Series S, Perpetual(a) | 18,400 | 131,560 | |||||||
Series Z, Perpetual(a) | 920,700 | 4,419,360 | |||||||
TOTAL PREFERRED STOCKS (Cost $2,429,497) | 5,600,320 | ||||||||
Par | |||||||||
BANK LOANS - 0.6% | |||||||||
Chemicals - 0.4% | |||||||||
Iracore International Holdings, Inc., 14.46%, (3 mo. Term SOFR + 9.00%), 04/12/2026 (Acquired 04/13/2017, Cost $2,649,013)(b)(j) | 2,649,013 | 2,649,013 | |||||||
Energy Equipment & Services - 0.2% | |||||||||
Lealand Finance Co. BV-First Lien | |||||||||
8.43% (1 mo. Term SOFR + 3.00%), 06/30/2024 (Acquired 06/30/2020, Cost $442,883)(j) | 442,883 | 232,513 | |||||||
6.44% (1 mo. Term SOFR + 4.00%), 06/30/2025 (Acquired 06/30/2020 – 06/28/2024, Cost $1,498,942)(j) | 1,459,175 | 693,108 | |||||||
925,621 | |||||||||
TOTAL BANK LOANS (Cost $4,590,838) | 3,574,634 | ||||||||
Notional Amount | Contracts | ||||||||
PURCHASED OPTIONS - 0.5%(f)(g) | |||||||||
Put Options - 0.5% | |||||||||
Asana, Inc., Expiration: 01/17/2025; Exercise Price: $30.00(a) | 979,300 | 700 | 1,158,500 | ||||||
iShares China Large-Cap ETF, Expiration: 01/17/2025; Exercise Price: $29.85(a) | 4,626,220 | 1,780 | 849,950 | ||||||
iShares U.S. Real Estate ETF, Expiration: 01/16/2026; Exercise Price: $70.00(a) | 17,548,000 | 2,000 | 600,000 | ||||||
Tesla, Inc., Expiration: 06/18/2026; Exercise Price: $200.00(a) | 3,700,356 | 187 | 914,430 | ||||||
Total Put Options | 3,522,880 | ||||||||
TOTAL PURCHASED OPTIONS | |||||||||
(Cost $3,971,843) | 3,522,880 | ||||||||
Shares | |||||||||
SHORT-TERM INVESTMENTS - 6.1% | |||||||||
Money Market Funds - 3.0% | |||||||||
Invesco Government & Agency Portfolio - Class Institutional, 5.23%(h) | 19,390,797 | 19,390,797 | |||||||
Par | Value | ||||||||
Time Deposits - 3.1% | |||||||||
Australia and New Zealand Banking Group Ltd., 4.68%, 07/01/2024(i) | 20,488,293 | $20,488,293 | |||||||
Citigroup, Inc., 2.59%, 07/01/2024(i) | EUR | 140 | 150 | ||||||
Royal Bank of Canada, 4.16%, 07/01/2024(i) | GBP | 1 | 1 | ||||||
20,488,444 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $39,879,243) | 39,879,241 | ||||||||
TOTAL INVESTMENTS - 103.1% | |||||||||
(Cost $600,854,057) | $673,180,788 | ||||||||
Liabilities in Excess of Other Assets - (3.1)% | (20,072,071) | ||||||||
TOTAL NET ASSETS - 100.0% | $653,108,717 | ||||||||
(a) | Non-income producing security. |
(b) | 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 $13,633,921 or 2.1% of net assets as of June 30, 2024. |
(c) | Affiliated company as defined by the Investment Company Act of 1940. See Note 6. |
(d) | All or a portion of this security is on loan as of June 30, 2024. The total market value of these securities was $18,990,598 which represented 2.9% of net assets. |
(e) | Represents less than 0.05% of net assets. |
(f) | Exchange-traded. |
(g) | 100 shares per contract. |
(h) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(i) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
(j) | Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of June 30, 2024, the value of these securities total $16,063,167 or 2.5% of the Fund’s net assets. |
24 |
Par | Value | |||||
CORPORATE BONDS - 89.0% | ||||||
Advertising - 0.7% | ||||||
Stagwell Global LLC, 5.63%, 08/15/2029(a) | $6,741,000 | $6,231,637 | ||||
Aerospace/Defense - 2.5% | ||||||
F-Brasile SpA / F-Brasile US LLC, 7.38%, 08/15/2026(a) | 4,657,000 | 4,616,810 | ||||
Spirit AeroSystems, Inc. | ||||||
9.38%, 11/30/2029(a) | 2,510,000 | 2,705,496 | ||||
9.75%, 11/15/2030(a) | 4,458,000 | 4,923,264 | ||||
TransDigm, Inc. | ||||||
6.88%, 12/15/2030(a) | 2,365,000 | 2,416,309 | ||||
7.13%, 12/01/2031(a) | 7,273,000 | 7,503,023 | ||||
22,164,902 | ||||||
Auto Parts & Equipment - 3.0% | ||||||
Adient Global Holdings Ltd., 8.25%, 04/15/2031(a) | 4,306,000 | 4,498,306 | ||||
American Axle & Manufacturing, Inc., 6.88%, 07/01/2028 | 5,342,000 | 5,336,645 | ||||
Borgwarner Jersey Ltd., 5.00%, 10/01/2025(a) | 1,596,000 | 1,542,606 | ||||
Clarios Global LP / Clarios US Finance Co., 6.75%, 05/15/2028(a) | 4,389,000 | 4,445,807 | ||||
Goodyear Tire & Rubber Co., 5.25%, 07/15/2031 | 3,393,000 | 3,092,166 | ||||
Phinia, Inc., 6.75%, 04/15/2029(a) | 3,051,000 | 3,100,093 | ||||
ZF North America Capital, Inc., 6.88%, 04/23/2032(a) | 4,565,000 | 4,722,401 | ||||
26,738,024 | ||||||
Banking - 1.1% | ||||||
ING Groep NV, 6.50% to 04/16/2025 then 5 yr. Swap Rate USD + 4.45%, Perpetual(j) | 2,892,000 | 2,869,661 | ||||
Popular, Inc., 7.25%, 03/13/2028 | 3,628,000 | 3,728,913 | ||||
Texas Capital Bancshares, Inc., 4.00% to 05/06/2026 then 5 yr. CMT Rate + 3.15%, 05/06/2031(j) | 3,400,000 | 3,082,684 | ||||
9,681,258 | ||||||
Brokerage - 0.6% | ||||||
StoneX Group, Inc., 7.88%, 03/01/2031(a) | 5,265,000 | 5,434,491 | ||||
Building & Construction - 2.6% | ||||||
Adams Homes, Inc., 9.25%, 10/15/2028(a) | 4,382,000 | 4,499,372 | ||||
Brookfield Residential Properties, Inc. / Brookfield Residential US LLC, 4.88%, 02/15/2030(a) | 4,782,000 | 4,282,577 | ||||
Great Lakes Dredge & Dock Corp., 5.25%, 06/01/2029(a) | 5,476,000 | 4,892,740 | ||||
Installed Building Products, Inc., 5.75%, 02/01/2028(a) | 4,671,000 | 4,573,192 | ||||
Weekley Homes LLC / Weekley Finance Corp., 4.88%, 09/15/2028(a) | 5,173,000 | 4,796,617 | ||||
23,044,498 | ||||||
Building Materials - 2.8% | ||||||
Arcosa, Inc., 4.38%, 04/15/2029(a) | 4,947,000 | 4,598,555 | ||||
BlueLinx Holdings, Inc., 6.00%, 11/15/2029(a) | 6,181,000 | 5,753,576 | ||||
Knife River Corp., 7.75%, 05/01/2031(a) | 4,427,000 | 4,631,670 | ||||
Par | Value | |||||
Masterbrand, Inc., 7.00%, 07/15/2032(a) | $4,445,000 | $4,498,232 | ||||
Standard Industries, Inc./NJ, 4.38%, 07/15/2030(a) | 6,710,000 | 6,068,202 | ||||
25,550,235 | ||||||
Cable & Satellite TV - 5.5% | ||||||
Block Communications, Inc., 4.88%, 03/01/2028(a) | 5,858,000 | 5,250,773 | ||||
Cable One, Inc., 4.00%, 11/15/2030(a) | 5,983,000 | 4,470,375 | ||||
CCO Holdings LLC / CCO Holdings Capital Corp. | ||||||
5.38%, 06/01/2029(a) | 9,877,000 | 8,994,880 | ||||
4.75%, 02/01/2032(a) | 11,380,000 | 9,328,135 | ||||
CSC Holdings LLC | ||||||
11.75%, 01/31/2029(a) | 2,414,000 | 2,060,298 | ||||
5.75%, 01/15/2030(a) | 11,102,000 | 4,199,638 | ||||
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027(a) | 3,006,000 | 2,829,913 | ||||
DISH Network Corp., 11.75%, 11/15/2027(a) | 2,145,000 | 2,105,198 | ||||
Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028(a) | 4,800,000 | 4,563,271 | ||||
Ziggo BV, 4.88%, 01/15/2030(a) | 6,578,000 | 5,858,586 | ||||
49,661,067 | ||||||
Chemicals - 4.6% | ||||||
Axalta Coating Systems Dutch Holding B BV, 7.25%, 02/15/2031(a) | 2,752,000 | 2,861,238 | ||||
Illuminate Buyer LLC / Illuminate Holdings IV, Inc., 9.00%, 07/01/2028(a) | 2,991,000 | 3,017,976 | ||||
LSF11 A5 HoldCo LLC, 6.63%, 10/15/2029(a) | 5,388,000 | 5,105,642 | ||||
NOVA Chemicals Corp. | ||||||
8.50%, 11/15/2028(a) | 4,072,000 | 4,326,003 | ||||
9.00%, 02/15/2030(a) | 2,211,000 | 2,335,517 | ||||
Rain Carbon, Inc., 12.25%, 09/01/2029(a) | 3,538,000 | 3,812,312 | ||||
SCIH Salt Holdings, Inc., 4.88%, 05/01/2028(a) | 3,576,000 | 3,330,549 | ||||
SCIL IV LLC / SCIL USA Holdings LLC, 5.38%, 11/01/2026(a) | 5,377,000 | 5,205,083 | ||||
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 5.13%, 04/01/2029(a) | 8,122,000 | 3,182,762 | ||||
WR Grace Holdings LLC | ||||||
5.63%, 08/15/2029(a) | 6,470,000 | 5,970,195 | ||||
7.38%, 03/01/2031(a) | 1,995,000 | 2,024,195 | ||||
41,171,472 | ||||||
Consumer/Commercial/Lease Financing - 2.6% | ||||||
Burford Capital Global Finance LLC, 9.25%, 07/01/2031(a) | 6,398,000 | 6,741,835 | ||||
Macquarie Airfinance Holdings Ltd., 8.38%, 05/01/2028(a) | 4,405,000 | 4,647,478 | ||||
Nationstar Mortgage Holdings, Inc., 7.13%, 02/01/2032(a) | 4,652,000 | 4,684,415 | ||||
PennyMac Financial Services, Inc., 7.88%, 12/15/2029(a) | 4,541,000 | 4,686,098 | ||||
Upbound Group, Inc., 6.38%, 02/15/2029(a) | 3,031,000 | 2,910,248 | ||||
23,670,074 | ||||||
25 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Consumer-Products - 0.8% | ||||||
Acushnet Co., 7.38%, 10/15/2028(a) | $2,194,000 | $2,275,408 | ||||
Winnebago Industries, Inc., 6.25%, 07/15/2028(a) | 5,372,000 | 5,293,665 | ||||
7,569,073 | ||||||
Diversified Capital Goods - 2.9% | ||||||
EMRLD Borrower LP / Emerald Co.-Issuer, Inc., 6.63%, 12/15/2030(a) | 7,346,000 | 7,412,496 | ||||
Patrick Industries, Inc., 4.75%, 05/01/2029(a) | 5,586,000 | 5,152,645 | ||||
Railworks Holdings LP / Railworks Rally, Inc., 8.25%, 11/15/2028(a) | 4,383,000 | 4,464,677 | ||||
TK Elevator Holdco GmbH, 7.63%, 07/15/2028(a) | 8,708,000 | 8,650,678 | ||||
25,680,496 | ||||||
Electric-Generation - 0.6% | ||||||
Vistra Operations Co. LLC, 6.88%, 04/15/2032(a) | 5,695,000 | 5,785,761 | ||||
Electric-Integrated - 0.3% | ||||||
PG&E Corp., 5.25%, 07/01/2030 | 2,395,000 | 2,289,107 | ||||
Electronics - 1.0% | ||||||
Coherent Corp., 5.00%, 12/15/2029(a) | 4,415,000 | 4,182,836 | ||||
Sensata Technologies, Inc., 6.63%, 07/15/2032(a) | 4,531,000 | 4,566,537 | ||||
8,749,373 | ||||||
Energy - Exploration & Production - 3.5% | ||||||
California Resources Corp., 7.13%, 02/01/2026(a) | 3,649,000 | 3,660,246 | ||||
Chesapeake Energy Corp., 6.75%, 04/15/2029(a) | 4,574,000 | 4,586,725 | ||||
Civitas Resources, Inc. | ||||||
5.00%, 10/15/2026(a) | 2,777,000 | 2,705,987 | ||||
8.75%, 07/01/2031(a) | 2,987,000 | 3,202,661 | ||||
Hilcorp Energy I LP / Hilcorp Finance Co., 6.00%, 02/01/2031(a) | 4,713,000 | 4,515,924 | ||||
Kosmos Energy Ltd., 7.50%, 03/01/2028(a) | 2,320,000 | 2,215,315 | ||||
Matador Resources Co. | ||||||
6.88%, 04/15/2028(a) | 2,691,000 | 2,734,721 | ||||
6.50%, 04/15/2032(a) | 918,000 | 918,752 | ||||
Permian Resources Operating LLC, 8.00%, 04/15/2027(a) | 4,427,000 | 4,530,570 | ||||
Talos Production, Inc., 9.38%, 02/01/2031(a) | 2,140,000 | 2,260,867 | ||||
31,331,768 | ||||||
Food - Wholesale - 0.9% | ||||||
Central Garden & Pet Co., 4.13%, 04/30/2031(a) | 3,863,000 | 3,410,575 | ||||
HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/2029(a) | 2,330,000 | 1,616,529 | ||||
US Foods, Inc., 7.25%, 01/15/2032(a) | 3,267,000 | 3,394,550 | ||||
8,421,654 | ||||||
Forestry/Paper - 2.1% | ||||||
Ahlstrom Holding 3 Oy, 4.88%, 02/04/2028(a) | 4,780,000 | 4,477,964 | ||||
Par | Value | |||||
Mativ Holdings, Inc., 6.88%, 10/01/2026(a) | $5,894,000 | $5,862,689 | ||||
Mercer International, Inc. | ||||||
12.88%, 10/01/2028(a) | 885,000 | 953,091 | ||||
5.13%, 02/01/2029 | 5,791,000 | 5,102,458 | ||||
Rayonier AM Products, Inc., 7.63%, 01/15/2026(a) | 2,182,000 | 2,047,981 | ||||
18,444,183 | ||||||
Gaming - 3.9% | ||||||
Allwyn Entertainment Financing UK PLC, 7.88%, 04/30/2029(a) | 4,457,000 | 4,607,936 | ||||
Boyd Gaming Corp., 4.75%, 06/15/2031(a) | 4,391,000 | 3,982,638 | ||||
Everi Holdings, Inc., 5.00%, 07/15/2029(a) | 6,570,000 | 6,467,449 | ||||
Jacobs Entertainment, Inc., 6.75%, 02/15/2029(a) | 5,408,000 | 5,019,733 | ||||
MGM Resorts International, 6.50%, 04/15/2032 | 4,771,000 | 4,752,081 | ||||
Penn Entertainment, Inc., 5.63%, 01/15/2027(a) | 5,350,000 | 5,168,972 | ||||
Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.63%, 03/01/2030(a) | 5,120,000 | 4,994,491 | ||||
34,993,300 | ||||||
Gas Distribution - 4.5% | ||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 03/01/2027(a) | 5,209,000 | 5,170,182 | ||||
CQP Holdco LP / BIP-V Chinook Holdco LLC, 7.50%, 12/15/2033(a) | 4,620,000 | 4,795,712 | ||||
DT Midstream, Inc., 4.38%, 06/15/2031(a) | 5,297,000 | 4,828,155 | ||||
EQM Midstream Partners LP, 7.50%, 06/01/2027(a) | 6,117,000 | 6,251,305 | ||||
Harvest Midstream I LP, 7.50%, 09/01/2028(a) | 5,526,000 | 5,619,108 | ||||
ITT Holdings LLC, 6.50%, 08/01/2029(a) | 2,538,000 | 2,301,410 | ||||
Kinetik Holdings LP, 5.88%, 06/15/2030(a) | 4,297,000 | 4,236,995 | ||||
Venture Global LNG, Inc., 9.88%, 02/01/2032(a) | 6,428,000 | 7,000,413 | ||||
40,203,280 | ||||||
Health Facilities - 1.6% | ||||||
Acadia Healthcare Co., Inc., 5.50%, 07/01/2028(a) | 1,500,000 | 1,468,797 | ||||
CHS/Community Health Systems, Inc., 5.25%, 05/15/2030(a) | 5,987,000 | 4,941,742 | ||||
Concentra Escrow Issuer Corp., 6.88%, 07/15/2032(a) | 4,280,000 | 4,341,676 | ||||
Tenet Healthcare Corp., 6.13%, 06/15/2030 | 3,252,000 | 3,234,106 | ||||
13,986,321 | ||||||
Health Services - 1.0% | ||||||
Fortrea Holdings, Inc., 7.50%, 07/01/2030(a) | 4,441,000 | 4,418,070 | ||||
ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029(a) | 3,026,000 | 2,135,455 | ||||
26 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Health Services - (Continued) | ||||||
Sotera Health Holdings LLC, 7.38%, 06/01/2031(a) | $2,255,000 | $2,261,167 | ||||
8,814,692 | ||||||
Hotels - 1.1% | ||||||
Marriott Ownership Resorts, Inc., 4.50%, 06/15/2029(a) | 5,638,000 | 5,185,272 | ||||
Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer, 4.88%, 05/15/2029(a) | 4,720,000 | 4,430,601 | ||||
9,615,873 | ||||||
Insurance Brokerage - 2.9% | ||||||
Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031(a) | 4,670,000 | 4,721,577 | ||||
AmWINS Group, Inc., 4.88%, 06/30/2029(a) | 5,072,000 | 4,725,405 | ||||
AssuredPartners, Inc., 7.50%, 02/15/2032(a) | 4,826,000 | 4,849,054 | ||||
Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC, 8.13%, 02/15/2032(a) | 2,873,000 | 2,856,681 | ||||
Ryan Specialty LLC, 4.38%, 02/01/2030(a) | 3,975,000 | 3,686,459 | ||||
USI, Inc./NY, 7.50%, 01/15/2032(a) | 4,760,000 | 4,840,416 | ||||
25,679,592 | ||||||
Investments & Miscellaneous Financial Services - 0.3% | ||||||
Armor Holdco, Inc., 8.50%, 11/15/2029(a) | 2,602,000 | 2,481,758 | ||||
Machinery - 2.0% | ||||||
Chart Industries, Inc., 7.50%, 01/01/2030(a) | 4,198,000 | 4,343,318 | ||||
JB Poindexter & Co., Inc., 8.75%, 12/15/2031(a) | 4,417,000 | 4,581,494 | ||||
NESCO Holdings II, Inc., 5.50%, 04/15/2029(a) | 5,285,000 | 4,901,004 | ||||
Titan International, Inc., 7.00%, 04/30/2028 | 4,670,000 | 4,495,594 | ||||
18,321,410 | ||||||
Media - Broadcast - 0.8% | ||||||
CMG Media Corp., 8.88%, 12/15/2027(a) | 1,165,000 | 667,356 | ||||
Gray Television, Inc. | ||||||
10.50%, 07/15/2029(a) | 2,263,000 | 2,277,392 | ||||
5.38%, 11/15/2031(a) | 6,976,000 | 3,960,247 | ||||
6,904,995 | ||||||
Media Content - 0.6% | ||||||
News Corp., 5.13%, 02/15/2032(a) | 1,996,000 | 1,894,668 | ||||
Townsquare Media, Inc., 6.88%, 02/01/2026(a) | 3,839,000 | 3,783,581 | ||||
5,678,249 | ||||||
Medical Products - 1.8% | ||||||
Grifols SA, 4.75%, 10/15/2028(a) | 5,356,000 | 4,627,234 | ||||
Medline Borrower LP, 5.25%, 10/01/2029(a) | 3,481,000 | 3,324,709 | ||||
Medline Borrower LP/Medline Co.-Issuer, Inc., 6.25%, 04/01/2029(a) | 3,434,000 | 3,477,158 | ||||
Par | Value | |||||
Varex Imaging Corp., 7.88%, 10/15/2027(a) | $5,053,000 | $5,147,648 | ||||
16,576,749 | ||||||
Metals/Mining Excluding Steel - 0.6% | ||||||
Kaiser Aluminum Corp., 4.50%, 06/01/2031(a) | 5,525,000 | 4,898,787 | ||||
Rain CII Carbon LLC / CII Carbon Corp., 7.25%, 04/01/2025(a) | 131,000 | 128,535 | ||||
5,027,322 | ||||||
Oil Field Equipment & Services - 3.1% | ||||||
Enerflex Ltd., 9.00%, 10/15/2027(a) | 3,548,000 | 3,605,020 | ||||
Nabors Industries Ltd., 7.50%, 01/15/2028(a) | 4,405,000 | 4,207,387 | ||||
Noble Finance II LLC, 8.00%, 04/15/2030(a) | 4,449,000 | 4,633,576 | ||||
Transocean Poseidon Ltd., 6.88%, 02/01/2027(a) | 2,638,575 | 2,637,314 | ||||
Transocean, Inc., 8.75%, 02/15/2030(a) | 1,894,500 | 1,990,528 | ||||
Valaris Ltd., 8.38%, 04/30/2030(a) | 5,731,000 | 5,937,763 | ||||
Weatherford International Ltd., 8.63%, 04/30/2030(a) | 4,696,000 | 4,870,113 | ||||
27,881,701 | ||||||
Oil Refining & Marketing - 1.0% | ||||||
Parkland Corp., 4.63%, 05/01/2030(a) | 5,527,000 | 5,045,012 | ||||
PBF Holding Co. LLC / PBF Finance Corp., 6.00%, 02/15/2028 | 4,110,000 | 4,010,866 | ||||
9,055,878 | ||||||
Packaging - 1.0% | ||||||
Sealed Air Corp./Sealed Air Corp. US, 7.25%, 02/15/2031(a) | 4,184,000 | 4,313,060 | ||||
Verde Purchaser LLC, 10.50%, 11/30/2030(a) | 4,398,000 | 4,653,761 | ||||
8,966,821 | ||||||
Personal & Household Products - 1.7% | ||||||
Edgewell Personal Care Co., 5.50%, 06/01/2028(a) | 4,620,000 | 4,511,428 | ||||
Energizer Holdings, Inc., 4.38%, 03/31/2029(a) | 6,161,000 | 5,579,511 | ||||
Scotts Miracle-Gro Co., 4.38%, 02/01/2032 | 5,677,000 | 4,897,230 | ||||
14,988,169 | ||||||
Pharmaceuticals - 2.1% | ||||||
Bausch + Lomb Corp., 8.38%, 10/01/2028(a) | 4,556,000 | 4,669,900 | ||||
Bausch Health Cos., Inc. | ||||||
6.13%, 02/01/2027(a) | 2,901,000 | 2,418,346 | ||||
11.00%, 09/30/2028(a) | 1,770,000 | 1,579,725 | ||||
Jazz Securities DAC, 4.38%, 01/15/2029(a) | 3,449,000 | 3,204,927 | ||||
Organon & Co. / Organon Foreign Debt Co.-Issuer BV | ||||||
5.13%, 04/30/2031(a) | 5,534,000 | 4,975,853 | ||||
7.88%, 05/15/2034(a) | 1,779,000 | 1,830,152 | ||||
18,678,903 | ||||||
Real Estate Development & Management - 1.5% | ||||||
Cushman & Wakefield US Borrower LLC, 8.88%, 09/01/2031(a) | 5,364,000 | 5,648,480 | ||||
27 |
Par | Value | |||||
CORPORATE BONDS - (Continued) | ||||||
Real Estate Development & Management - (Continued) | ||||||
Five Point Operating Co. LP / Five Point Capital Corp., 10.50%, 01/15/2028(a) | $2,841,070 | $2,915,193 | ||||
Greystar Real Estate Partners LLC, 7.75%, 09/01/2030(a) | 4,518,000 | 4,761,421 | ||||
13,325,094 | ||||||
Recreation & Travel - 3.2% | ||||||
Boyne USA, Inc., 4.75%, 05/15/2029(a) | 4,869,000 | 4,546,354 | ||||
Carnival Corp. | ||||||
6.00%, 05/01/2029(a) | 5,222,000 | 5,161,659 | ||||
7.00%, 08/15/2029(a) | 2,241,000 | 2,324,406 | ||||
10.50%, 06/01/2030(a) | 7,333,000 | 7,971,118 | ||||
NCL Corp. Ltd., 8.13%, 01/15/2029(a) | 4,525,000 | 4,744,541 | ||||
Royal Caribbean Cruises Ltd., 7.25%, 01/15/2030(a) | 4,235,000 | 4,387,672 | ||||
29,135,750 | ||||||
Reinsurance - 1.0% | ||||||
Enstar Finance LLC, 5.75% to 09/01/2025 then 5 yr. CMT Rate + 5.47%, 09/01/2040(j) | 3,131,000 | 3,069,722 | ||||
Highlands Holdings Bond Issuer Ltd. / Highlands Holdings Bond Co.-Issuer, Inc., 7.63% Cash or 8.38% PIK, 10/15/2025(a)(k) | 6,252,983 | 6,285,286 | ||||
9,355,008 | ||||||
REITs - 0.5% | ||||||
Service Properties Trust, 8.63%, 11/15/2031(a) | 4,568,000 | 4,765,720 | ||||
Restaurants - 1.0% | ||||||
Papa John’s International, Inc., 3.88%, 09/15/2029(a) | 4,977,000 | 4,408,522 | ||||
Raising Cane's Restaurants LLC, 9.38%, 05/01/2029(a) | 4,409,000 | 4,767,394 | ||||
9,175,916 | ||||||
Software/Services - 3.5% | ||||||
Boost Newco Borrower LLC, 7.50%, 01/15/2031(a) | 4,595,000 | 4,794,433 | ||||
Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029(a) | 4,493,000 | 4,565,629 | ||||
Consensus Cloud Solutions, Inc., 6.50%, 10/15/2028(a) | 5,145,000 | 4,808,248 | ||||
Fortress Intermediate 3, Inc., 7.50%, 06/01/2031(a) | 4,521,000 | 4,637,642 | ||||
UKG, Inc., 6.88%, 02/01/2031(a) | 4,389,000 | 4,447,111 | ||||
Virtusa Corp., 7.13%, 12/15/2028(a) | 3,418,000 | 3,148,780 | ||||
VM Consolidated, Inc., 5.50%, 04/15/2029(a) | 5,245,000 | 5,007,330 | ||||
31,409,173 | ||||||
Specialty Retail - 4.1% | ||||||
Academy Ltd., 6.00%, 11/15/2027(a) | 5,313,000 | 5,236,603 | ||||
Cougar JV Subsidiary LLC, 8.00%, 05/15/2032(a) | 2,268,000 | 2,347,101 | ||||
Kontoor Brands, Inc., 4.13%, 11/15/2029(a) | 5,554,000 | 5,033,840 | ||||
LCM Investments Holdings II LLC, 8.25%, 08/01/2031(a) | 4,556,000 | 4,758,191 | ||||
Lithia Motors, Inc., 4.38%, 01/15/2031(a) | 5,010,000 | 4,465,841 | ||||
Par | Value | |||||
PetSmart, Inc. / PetSmart Finance Corp., 4.75%, 02/15/2028(a) | $5,031,000 | $4,679,014 | ||||
Sonic Automotive, Inc., 4.88%, 11/15/2031(a) | 5,301,000 | 4,671,282 | ||||
Wand NewCo 3, Inc., 7.63%, 01/30/2032(a) | 4,750,000 | 4,909,776 | ||||
36,101,648 | ||||||
Steel Producers/Products - 1.4% | ||||||
ATI, Inc., 5.88%, 12/01/2027 | 4,054,000 | 4,005,045 | ||||
Calderys Financing LLC, 11.25%, 06/01/2028(a) | 3,912,000 | 4,143,019 | ||||
Carpenter Technology Corp., 7.63%, 03/15/2030 | 4,676,000 | 4,821,807 | ||||
12,969,871 | ||||||
Support-Services - 2.1% | ||||||
Dun & Bradstreet Corp., 5.00%, 12/15/2029(a) | 4,705,000 | 4,373,576 | ||||
EquipmentShare.com, Inc., 8.63%, 05/15/2032(a) | 4,725,000 | 4,905,363 | ||||
Summer BC Bidco B LLC, 5.50%, 10/31/2026(a) | 4,752,000 | 4,644,555 | ||||
ZipRecruiter, Inc., 5.00%, 01/15/2030(a) | 6,091,000 | 5,297,644 | ||||
19,221,138 | ||||||
Technology Hardware & Equipment - 1.4% | ||||||
CommScope, Inc., 6.00%, 03/01/2026(a) | 3,196,000 | 2,808,645 | ||||
Seagate HDD Cayman, 8.50%, 07/15/2031 | 4,394,000 | 4,736,156 | ||||
Xerox Holdings Corp., 8.88%, 11/30/2029(a) | 5,374,000 | 5,130,370 | ||||
12,675,171 | ||||||
Telecom - Satellite - 0.3% | ||||||
Telesat Canada / Telesat LLC, 5.63%, 12/06/2026(a) | 5,575,000 | 2,634,702 | ||||
Telecom - Wireline Integrated & Services - 0.4% | ||||||
Frontier Communications Holdings LLC, 8.63%, 03/15/2031(a) | 3,700,000 | 3,815,410 | ||||
Tobacco - 0.6% | ||||||
Turning Point Brands, Inc., 5.63%, 02/15/2026(a) | 5,007,000 | 4,980,025 | ||||
TOTAL CORPORATE BONDS (Cost $823,555,004) | 799,038,712 | |||||
CONVERTIBLE BONDS - 1.1% | ||||||
Specialty Retail - 1.1% | ||||||
Authentic Brands Group LLC, 5.00%, 09/01/2029 (Acquired 07/11/2013 – 04/01/2024, Cost $29,212,302)(c)(i) | 9,480,821 | 9,480,821 | ||||
TOTAL CONVERTIBLE BONDS (Cost $29,212,302) | ||||||
28 |
Par | Value | |||||
BANK LOANS - 4.8% | ||||||
Advertising - 0.4% | ||||||
AP Core Holdings II LLC, 10.94% (1 mo. Term SOFR + 5.50%), 09/01/2027 (Acquired 07/21/2021 – 02/10/2023, Cost $4,482,444)(i)(j) | $4,525,604 | $3,982,531 | ||||
Air Transportation - 0.9% | ||||||
AAdvantage Loyalty IP Ltd. First Lien, 10.34% (3 mo. Term SOFR + 4.75%), 04/20/2028 (Acquired 06/24/2021 – 07/12/2022, Cost $4,346,659)(i)(j) | 4,268,000 | 4,414,713 | ||||
United Airlines, Inc. First Lien, 8.07% (1 mo. Term SOFR + 2.75%), 02/24/2031 (Acquired 02/15/2024, Cost $3,285,216)(i)(j) | 3,301,725 | 3,314,106 | ||||
7,728,819 | ||||||
Building Materials - 0.3% | ||||||
Foundation Building Materials, Inc. First Lien, 9.33% (1 mo. Term SOFR + 4.00%), 01/29/2031 (Acquired 01/25/2024 – 01/31/2024, Cost $2,814,530)(i)(j) | 2,826,915 | 2,819,070 | ||||
Cable & Satellite TV - 0.1% | ||||||
Directv Financing LLC First Lien, 10.44% (1 mo. Term SOFR + 5.00%), 08/02/2027 (Acquired 08/17/2022, Cost $952,105)(i)(j) | 967,077 | 970,220 | ||||
Consumer/Commercial/Lease Financing - 0.2% | ||||||
Upbound Group, Inc. First Lien, 8.08% (1 mo. Term SOFR + 3.25%), 02/17/2028 (Acquired 02/14/2023, Cost $2,143,331)(i)(j) | 2,172,080 | 2,182,495 | ||||
Forestry/Paper - 0.2% | ||||||
Mativ Holdings, Inc., 9.19% (1 mo. Term SOFR + 3.75%), 04/20/2028 (Acquired 02/23/2021 - 02/13/2023, Cost $1,612,368)(i)(j) | 1,627,750 | 1,625,716 | ||||
Metals/Mining Excluding Steel - 0.4% | ||||||
Arsenal AIC Parent LLC First Lien, 9.08% (1 mo. Term SOFR + 3.75%), 08/19/2030 (Acquired 07/27/2023 - 02/21/2024, Cost $3,819,620)(i)(j) | 3,813,785 | 3,841,435 | ||||
Oil Field Equipment & Services - 0.2% | ||||||
Iracore International Holdings, Inc., 14.46% (3 mo. Term SOFR + 9.00%), 04/12/2026 (Acquired 04/13/2017, Cost $1,826,992)(c)(i)(j) | 1,826,992 | 1,826,992 | ||||
Oil Refining & Marketing - 0.6% | ||||||
Par Petroleum LLC First Lien, 9.05% (1 mo. Term SOFR + 3.75%), 02/28/2030 (Acquired 02/14/2023, Cost $4,874,820)(i)(j) | 4,931,672 | 4,957,859 | ||||
Personal & Household Products - 0.5% | ||||||
Journey Personal Care Corp., 9.68% (1 mo. Term SOFR + 4.25%), 03/01/2028 (Acquired 02/19/2021, Cost $4,890,865)(i)(j) | 4,915,442 | 4,908,069 | ||||
Par | Value | ||||||||
Restaurants - 0.5% | |||||||||
Dave & Buster's, Inc. First Lien, 8.63% (1 mo. Term SOFR + 3.25%), 06/29/2029 (Acquired 08/02/2022 - 06/30/2023, Cost $4,455,919)(i)(j) | $4,497,513 | $4,507,520 | |||||||
Software/Services - 0.5% | |||||||||
Onbe, Inc., 11.94% (1 mo. Term SOFR + 6.50%), 12/10/2027 (Acquired 12/31/2020 - 11/29/2023, Cost $4,115,408)(i)(j) | 4,223,146 | 4,245,845 | |||||||
TOTAL BANK LOANS | |||||||||
(Cost $43,620,277) | 43,596,571 | ||||||||
Shares | |||||||||
COMMON STOCKS - 0.9% | |||||||||
Advertising - 0.1% | |||||||||
National CineMedia, Inc.(d) | 207,497 | 910,912 | |||||||
National CineMedia, Inc. (Acquired 08/17/2023, Cost $0)(c)(i) | 6,230,000 | 0 | |||||||
910,912 | |||||||||
Metals/Mining Excluding Steel - 0.0%(e) | |||||||||
Metals Recovery Holdings LLC (Acquired 07/19/2012 - 12/10/2019, Cost $27,352,487)(c)(d)(f)(i) | 116,127 | 69,676 | |||||||
Oil Field Equipment & Services - 0.8% | |||||||||
Iracore Investments Holdings, Inc. (Acquired 04/13/2017, Cost $4,753,500)(c)(f)(i) | 22,361 | 7,573,224 | |||||||
Oil Refining & Marketing - 0.0%(e) | |||||||||
PetroQuest Energy, Inc. (Acquired 02/14/2019 - 04/06/2023, Cost $23,022,610)(c)(d)(f)(i) | 89,691 | 0 | |||||||
TOTAL COMMON STOCKS | |||||||||
(Cost $57,069,977) | 8,553,812 | ||||||||
REAL ESTATE INVESTMENT TRUSTS - 0.2% | |||||||||
Hotels - 0.2% | |||||||||
Pebblebrook Hotel Trust, Series F, 6.30%, Perpetual | 87,646 | 1,750,290 | |||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | |||||||||
(Cost $1,821,632) | 1,750,290 | ||||||||
SHORT-TERM INVESTMENTS - 2.9% | |||||||||
Money Market Funds - 2.5% | |||||||||
JPMorgan US Government Money Market Fund - Class IM, 5.25%(g) | 22,106,680 | 22,106,680 | |||||||
Par | |||||||||
Time Deposits - 0.4% | |||||||||
Citigroup, Inc., 4.68%, 07/01/2024(h) | $13,752 | 13,752 | |||||||
JPMorgan Chase & Company, 4.68%, 07/01/2024(h) | 3,680,877 | 3,680,877 | |||||||
3,694,629 | |||||||||
TOTAL SHORT-TERM INVESTMENTS | |||||||||
(Cost $25,801,309) | 25,801,309 | ||||||||
29 |
Par | Value | |||||
TOTAL INVESTMENTS - 98.9% (Cost $981,080,501) | $888,221,515 | |||||
Other Assets in Excess of Liabilities - 1.1% | 9,575,009 | |||||
TOTAL NET ASSETS - 100.0% | $897,796,524 | |||||
(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, 2024, the value of these securities total $735,514,471 or 81.9% of the Fund’s net assets. |
(b) | Step coupon bond. The rate disclosed is as of June 30, 2024. |
(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 $18,950,713 or 2.1% of net assets as of June 30, 2024. |
(d) | Non-income producing security. |
(e) | Represents less than 0.05% of net assets. |
(f) | Affiliated company as defined by the Investment Company Act of 1940. See Note 6. |
(g) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
(h) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
(i) | Restricted security. Purchased in a private placement transaction; resale to the public may require registration. As of June 30, 2024, the value of these securities total $60,720,292 or 6.7% of the Fund’s net assets. |
(j) | The coupon rate shown on variable rate securities represents the rate at June 30, 2024. |
(k) | Payment in-kind (PIK) security. |
30 |
Diversified Value Fund | Large Cap Value Fund | Mid-Cap Value Fund | Small Cap Value Fund | Small Cap Diversified Value Fund | |||||||||||
ASSETS: | |||||||||||||||
Long-term investments, at value* | |||||||||||||||
Unaffiliated issuers | $110,377,327 | $347,921,229 | $424,398,951 | $753,054,492 | $775,991,989 | ||||||||||
Affiliated issuers | — | — | — | 2,449,310 | — | ||||||||||
Collateral for securities on loan* | 97,007 | 2,032,063 | 4,570,645 | 8,062,567 | 2,793,676 | ||||||||||
Short-term investments* | 789,436 | 7,498,192 | 7,629,231 | 22,444,666 | 10,548,492 | ||||||||||
Cash | 1,421 | 20,018 | 55,115 | 61,219 | 28,619 | ||||||||||
Dividends and interest receivable | 188,545 | 646,172 | 465,130 | 386,288 | 989,417 | ||||||||||
Receivable for Fund shares sold | 115,747 | 204,555 | 396,679 | 1,084,995 | 1,892,395 | ||||||||||
Other assets | 6,528 | 21,877 | 28,177 | 38,722 | 26,150 | ||||||||||
Total assets | $111,576,011 | $358,344,106 | $437,543,928 | $787,582,259 | $792,270,738 | ||||||||||
Liabilities: | |||||||||||||||
Collateral upon return of securities on loan | $97,007 | $2,032,063 | $4,570,645 | $8,062,567 | $2,793,676 | ||||||||||
Payable for investments purchased | 58,903 | 139,895 | — | 707,441 | — | ||||||||||
Payable for Fund shares repurchased | 6,526 | 135,078 | 158,646 | 746,046 | 248,482 | ||||||||||
Payable to Advisor | 36,651 | 196,488 | 273,323 | 406,986 | 372,056 | ||||||||||
Accrued distribution and service fees | 48,729 | 184,419 | 178,426 | 84,880 | 19,625 | ||||||||||
Accrued expenses and other liabilities | 72,007 | 199,633 | 191,550 | 343,853 | 266,976 | ||||||||||
Total liabilities | 319,823 | 2,887,576 | 5,372,590 | 10,351,773 | 3,700,815 | ||||||||||
Commitments and contingencies (Note 8) | |||||||||||||||
Net assets | $111,256,188 | $355,456,530 | $432,171,338 | $777,230,486 | $788,569,923 | ||||||||||
Net Assets consist of: | |||||||||||||||
Paid-in capital | $107,401,411 | $268,067,775 | $576,410,865 | $654,991,531 | $735,481,021 | ||||||||||
Total accumulated distributable earnings (losses) | $3,854,777 | $87,388,755 | $(144,239,527) | $122,238,955 | $53,088,902 | ||||||||||
Net assets | $111,256,188 | $355,456,530 | $432,171,338 | $777,230,486 | $788,569,923 | ||||||||||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share - Class I | |||||||||||||||
Net assets | $68,413,093 | $210,123,969 | $275,563,007 | $697,603,049 | $551,236,915 | ||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 2,224,960 | 4,835,782 | 5,143,918 | 9,143,406 | 45,257,828 | ||||||||||
Net asset value per share | $30.75 | $43.45 | $53.57 | $76.30 | $12.18 | ||||||||||
Calculation of Net Asset Value Per Share - Class A | |||||||||||||||
Net assets | $42,843,095 | $132,425,133 | $119,610,097 | $52,297,605 | $46,561,107 | ||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 1,387,187 | 3,068,249 | 2,273,020 | 690,828 | 3,857,914 | ||||||||||
Net asset value per share | $30.88 | $43.16 | $52.62 | $75.70 | $12.07 | ||||||||||
Public Offering Price Per Share - Class A | |||||||||||||||
(Net asset value per share divided by 0.9475) | $32.59 | $45.55 | $55.54 | $79.89 | $12.74 | ||||||||||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share - Class C | |||||||||||||||
Net assets | $3,441,051 | ||||||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 60,017 | ||||||||||||||
Net asset value per share | $57.33 | ||||||||||||||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share - Class Z | |||||||||||||||
Net assets | $12,907,428 | $36,998,234 | $23,888,781 | $190,771,901 | |||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 297,067 | 690,421 | 313,015 | 15,673,878 | |||||||||||
Net asset value per share | $43.45 | $53.59 | $76.32 | $12.17 | |||||||||||
*Cost of long-term investments | |||||||||||||||
Unaffiliated issuers | $94,269,059 | $288,594,305 | $368,142,574 | $649,201,815 | $731,000,260 | ||||||||||
Affiliated issuers | — | — | — | 12,960,896 | — | ||||||||||
*Cost of collateral for securities on loan | 97,007 | 2,032,063 | 4,570,645 | 8,062,567 | 2,793,676 | ||||||||||
*Cost of short-term investments | 789,436 | 7,498,191 | 7,629,231 | 22,444,666 | 10,548,492 | ||||||||||
31 |
Global Value Fund | International Value Fund | International Small Cap Diversified Value Fund | Value Opportunities Fund | High Yield Fund | |||||||||||
ASSETS: | |||||||||||||||
Long-term investments, at value* | |||||||||||||||
Unaffiliated issuers | $36,650,795 | $3,570,175 | $7,879,074 | $622,320,864 | $854,777,306 | ||||||||||
Affiliated issuers | — | — | — | 10,980,683 | 7,642,900 | ||||||||||
Collateral for securities on loan* | — | — | — | 19,390,797 | — | ||||||||||
Short-term investments* | 1,010,151 | 87,658 | 202,584 | 20,488,444 | 25,801,309 | ||||||||||
Cash | 4,702 | 696 | 667 | 66,334 | 14,098 | ||||||||||
Cash denominated in foreign currencies# | — | 4 | — | — | — | ||||||||||
Dividends and interest receivable | 87,498 | 16,665 | 36,904 | 707,933 | 15,448,254 | ||||||||||
Receivable for investments sold | — | — | — | 706,729 | — | ||||||||||
Receivable for Fund shares sold | 125 | — | — | 1,000,068 | 2,418,115 | ||||||||||
Receivable from Advisor | — | 9,216 | — | — | — | ||||||||||
Other assets | 3,203 | 1,843 | 3,285 | 23,189 | 44,657 | ||||||||||
Total assets | $37,756,474 | $3,686,257 | $8,122,514 | $675,685,041 | $906,146,639 | ||||||||||
Liabilities: | |||||||||||||||
Collateral upon return of securities on loan | $— | $— | $— | $19,390,797 | $— | ||||||||||
Payable for investments purchased | 112,690 | — | — | 1,534,787 | 4,507,415 | ||||||||||
Payable for Fund shares repurchased | 3,192 | — | — | 955,325 | 1,527,007 | ||||||||||
Payable to Advisor | 14,243 | — | 448 | 399,855 | 352,378 | ||||||||||
Accrued distribution and service fees | 2,433 | — | — | 92,843 | 7,251 | ||||||||||
Distributions payable to shareholders | — | — | — | — | 1,605,763 | ||||||||||
Accrued expenses and other liabilities | 43,882 | 39,278 | 58,687 | 202,717 | 350,301 | ||||||||||
Total liabilities | 176,440 | 39,278 | 59,135 | 22,576,324 | 8,350,115 | ||||||||||
Commitments and contingencies (Note 8) | |||||||||||||||
Net assets | $37,580,034 | $3,646,979 | $8,063,379 | $653,108,717 | $897,796,524 | ||||||||||
Net Assets consist of: | |||||||||||||||
Paid-in capital | $28,806,443 | $2,890,867 | $6,911,416 | $533,528,955 | $1,358,253,903 | ||||||||||
Total accumulated distributable earnings (losses) | $8,773,591 | $756,112 | $1,151,963 | $119,579,762 | $(460,457,379) | ||||||||||
Net assets | $37,580,034 | $3,646,979 | $8,063,379 | $653,108,717 | $897,796,524 | ||||||||||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share - Class I | |||||||||||||||
Net assets | $34,947,724 | $3,646,979 | $8,063,379 | $477,029,255 | $714,258,142 | ||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 2,243,077 | 284,587 | 653,299 | 12,354,851 | 68,331,933 | ||||||||||
Net asset value per share | $15.58 | $12.81 | $12.34 | $38.61 | $10.45 | ||||||||||
Calculation of Net Asset Value Per Share - Class A | |||||||||||||||
Net assets | $2,632,310 | $101,253,359 | $59,086,680 | ||||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 168,780 | 2,625,811 | 5,707,839 | ||||||||||||
Net asset value per share | $15.60 | $38.56 | $10.35 | ||||||||||||
Public Offering Price Per Share - Class A | |||||||||||||||
(Net asset value per share divided by 0.9475) | $16.46 | $40.70 | |||||||||||||
(Net asset value per share divided by 0.9625) | $10.75 | ||||||||||||||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share - Class C | |||||||||||||||
Net assets | $12,237,423 | ||||||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 356,367 | ||||||||||||||
Net asset value per share | $34.34 | ||||||||||||||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share - Class Z | |||||||||||||||
Net assets | $62,588,680 | $124,451,702 | |||||||||||||
Shares outstanding (unlimited shares $0.001 par value authorized) | 1,620,097 | 11,911,733 | |||||||||||||
Net asset value per share | $38.63 | $10.45 | |||||||||||||
*Cost of long-term investments | |||||||||||||||
Unaffiliated issuers | $31,406,968 | $3,138,081 | $7,411,094 | $554,082,564 | $900,150,594 | ||||||||||
Affiliated issuers | — | — | — | 6,892,250 | 55,128,598 | ||||||||||
*Cost of collateral for securities on loan | — | — | — | 19,390,797 | — | ||||||||||
*Cost of short-term investments | 1,010,151 | 87,658 | 202,584 | 20,488,446 | 25,801,309 | ||||||||||
#Cost of cash denominated in foreign currencies | $— | $4 | $— | $— | $— | ||||||||||
32 |
Diversified Value Fund | Large Cap Value Fund | Mid-Cap Value Fund | Small Cap Value Fund | Small Cap Diversified Value Fund | |||||||||||
Investment income: | |||||||||||||||
Dividends* | |||||||||||||||
Unaffiliated issuers | $2,374,512 | $9,387,232 | $8,614,813 | $12,901,959 | $16,833,482 | ||||||||||
Interest | 100,865 | 109,549 | 680,019 | 980,325 | 694,942 | ||||||||||
Securities on loan, net | 8,000 | 46,833 | 44,697 | 621,143 | 614,759 | ||||||||||
Total income | 2,483,377 | 9,543,614 | 9,339,529 | 14,503,427 | 18,143,183 | ||||||||||
Expenses: | |||||||||||||||
Advisory fees | 702,426 | 2,584,729 | 3,497,573 | 5,692,047 | 4,927,099 | ||||||||||
Professional fees and expenses | 27,209 | 56,751 | 65,161 | 91,545 | 89,237 | ||||||||||
Custodian fees and expenses | 6,007 | 11,473 | 13,130 | 19,520 | 28,432 | ||||||||||
Transfer agent fees and expenses | 109,546 | 551,179 | 577,395 | 1,403,793 | 727,209 | ||||||||||
Accounting fees and expenses | 25,959 | 44,321 | 54,736 | 85,214 | 94,829 | ||||||||||
Administration fees and expenses | 46,190 | 129,999 | 159,805 | 251,220 | 254,711 | ||||||||||
Compliance fees and expenses | 2,178 | 8,650 | 10,653 | 16,694 | 16,272 | ||||||||||
Trustees’ fees and expenses | 10,754 | 41,712 | 52,201 | 83,247 | 81,911 | ||||||||||
Reports to shareholders | 9,291 | 19,485 | 26,518 | 81,264 | 45,333 | ||||||||||
Registration fees | 48,078 | 65,035 | 69,280 | 81,855 | 72,934 | ||||||||||
Distribution and service fees - Class A | 98,986 | 328,557 | 313,324 | 131,141 | 103,747 | ||||||||||
Distribution and service fees - Class C | 5,091 | 25,928 | 39,952 | 27,960 | – | ||||||||||
Other expenses | 14,306 | 39,805 | 47,729 | 68,392 | 64,369 | ||||||||||
Total expenses | 1,106,021 | 3,907,624 | 4,927,457 | 8,033,892 | 6,506,083 | ||||||||||
Fee waiver/expense reimbursement by Advisor (Note 2) | (202,976) | (77,564) | — | (544,201) | (387,653) | ||||||||||
Net expenses | 903,045 | 3,830,060 | 4,927,457 | 7,489,691 | 6,118,430 | ||||||||||
Net investment income | 1,580,332 | 5,713,554 | 4,412,072 | 7,013,736 | 12,024,753 | ||||||||||
Realized and Unrealized Gains (Losses): | |||||||||||||||
Net realized gains (losses) from: | |||||||||||||||
Sales of unaffiliated issuers | 11,554,657 | 42,903,297 | 50,986,660 | 26,851,340 | 45,188,966 | ||||||||||
Foreign currency transactions | — | — | (10,646) | — | — | ||||||||||
Net realized gains | 11,554,657 | 42,903,297 | 50,976,014 | 26,851,340 | 45,188,966 | ||||||||||
Net change in unrealized appreciation/ depreciation of: | |||||||||||||||
Securities of unaffiliated issuers and foreign currency translations | 4,763,619 | 13,771,670 | 12,864,828 | 50,520,650 | 8,534,153 | ||||||||||
Securities of affiliated issuers | — | — | — | (831,675) | — | ||||||||||
Net change in unrealized appreciation/depreciation | 4,763,619 | 13,771,670 | 12,864,828 | 49,688,975 | 8,534,153 | ||||||||||
Net gains | 16,318,276 | 56,674,967 | 63,840,842 | 76,540,315 | 53,723,119 | ||||||||||
Net Increase in Net Assets Resulting from Operations | $17,898,608 | $62,388,521 | $68,252,914 | $83,554,051 | $65,747,872 | ||||||||||
*Net of Foreign Taxes Withheld | $39,963 | $150,958 | $299,545 | $175,997 | $22,144 | ||||||||||
33 |
Global Value Fund | International Value Fund | International Small Cap Diversified Value Fund | Value Opportunities Fund | High Yield Fund | |||||||||||
Investment income: | |||||||||||||||
Dividends* | |||||||||||||||
Unaffiliated issuers | $868,315 | $121,828 | $242,522 | $11,963,649 | $595,977 | ||||||||||
Affiliated issuers | — | — | — | 566,882 | 390,970 | ||||||||||
Interest | 41,646 | 4,880 | 5,380 | 1,109,092 | 63,165,223 | ||||||||||
Securities on loan, net | — | — | — | 136,787 | — | ||||||||||
Total income | 909,961 | 126,708 | 247,902 | 13,776,410 | 64,152,170 | ||||||||||
Expenses: | |||||||||||||||
Advisory fees | 260,714 | 28,054 | 57,131 | 4,501,560 | 5,076,419 | ||||||||||
Professional fees and expenses | 19,579 | 14,607 | 14,924 | 80,598 | 122,010 | ||||||||||
Custodian fees and expenses | 9,059 | 10,822 | 51,958 | 21,476 | 26,943 | ||||||||||
Transfer agent fees and expenses | 25,062 | 294 | 445 | 515,140 | 967,414 | ||||||||||
Accounting fees and expenses | 29,024 | 32,574 | 77,372 | 69,826 | 141,687 | ||||||||||
Administration fees and expenses | 40,232 | 40,294 | 46,972 | 201,100 | 303,466 | ||||||||||
Compliance fees and expenses | 782 | 77 | 155 | 13,154 | 21,002 | ||||||||||
Trustees’ fees and expenses | 3,826 | 384 | 767 | 65,091 | 103,585 | ||||||||||
Reports to shareholders | 3,261 | 2,412 | 2,600 | 19,373 | 22,983 | ||||||||||
Registration fees | 33,554 | 25,227 | 23,470 | 67,265 | 70,003 | ||||||||||
Distribution and service fees - Class A | 5,251 | — | — | 225,662 | 77,682 | ||||||||||
Distribution and service fees - Class C | — | — | — | 158,634 | 5,047 | ||||||||||
Other expenses | 8,892 | 5,410 | 6,428 | 56,091 | 79,473 | ||||||||||
Total expenses | 439,236 | 160,155 | 282,222 | 5,994,970 | 7,017,714 | ||||||||||
Fee waiver/expense reimbursement by Advisor (Note 2) | (103,426) | (126,839) | (211,407) | — | (625,010) | ||||||||||
Net expenses | 335,810 | 33,316 | 70,815 | 5,994,970 | 6,392,704 | ||||||||||
Net investment income | 574,151 | 93,392 | 177,087 | 7,781,440 | 57,759,466 | ||||||||||
Realized and Unrealized Gains (Losses): | |||||||||||||||
Net realized gains (losses) from: | |||||||||||||||
Sales of unaffiliated issuers | 4,611,310 | 337,190 | 621,179 | 43,884,960 | (15,961,774) | ||||||||||
Foreign currency transactions | (12,338) | (2,032) | (3,439) | (64,208) | — | ||||||||||
Net realized gains (losses) | 4,598,972 | 335,158 | 617,740 | 43,820,752 | (15,961,774) | ||||||||||
Net change in unrealized appreciation/depreciation of: | |||||||||||||||
Securities of unaffiliated issuers and foreign currency translations | 1,539,093 | 28,764 | 217,723 | 52,284,450 | 49,486,154 | ||||||||||
Securities of affiliated issuers | — | — | — | 802,444 | (5,831,304) | ||||||||||
Net change in unrealized appreciation/depreciation | 1,539,093 | 28,764 | 217,723 | 53,086,894 | 43,654,850 | ||||||||||
Net gains | 6,138,065 | 363,922 | 835,463 | 96,907,646 | 27,693,076 | ||||||||||
Net Increase in Net Assets Resulting from Operations | $6,712,216 | $457,314 | $1,012,550 | $104,689,086 | $85,452,542 | ||||||||||
*Net of Foreign Taxes Withheld | $67,683 | $15,027 | $36,271 | $648,445 | $— | ||||||||||
34 |
Diversified Value Fund | Large Cap Value Fund | |||||||||||
Year ended June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Operations: | ||||||||||||
Net investment income | $1,580,332 | $1,036,821 | $5,713,554 | $5,017,659 | ||||||||
Net realized gains | 11,554,657 | 4,512,893 | 42,903,297 | 25,867,543 | ||||||||
Net change in unrealized appreciation/depreciation | 4,763,619 | 7,579,009 | 13,771,670 | 20,927,077 | ||||||||
Net increase in net assets resulting from operations | 17,898,608 | 13,128,723 | 62,388,521 | 51,812,279 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||||
Class I | (1,074,206) | (585,655) | (23,760,122) | (17,355,003) | ||||||||
Class A | (515,324) | (281,890) | (13,655,912) | (10,564,284) | ||||||||
Class C | (405) | — | (248,868) | (261,394) | ||||||||
Class Z | — | — | (1,348,885) | (1,923,465) | ||||||||
Net decrease in net assets resulting from dividends and distributions to shareholders | (1,589,935) | (867,545) | (39,013,787) | (30,104,146) | ||||||||
Capital Share Transactions: | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 12,687,157 | (13,969,071) | (38,608,130) | (55,742,028) | ||||||||
Net Assets: | ||||||||||||
Total increase (decrease) in net assets | 28,995,830 | (1,707,893) | (15,233,396) | (34,033,895) | ||||||||
Beginning of year | 82,260,358 | 83,968,251 | 370,689,926 | 404,723,821 | ||||||||
End of year | $111,256,188 | $82,260,358 | $355,456,530 | $370,689,926 | ||||||||
35 |
Mid-Cap Value Fund | Small Cap Value Fund | |||||||||||
Year ended June 30 | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Operations: | ||||||||||||
Net investment income | $4,412,072 | $5,302,966 | $7,013,736 | $6,957,284 | ||||||||
Net realized gains | 50,976,014 | 41,358,154 | 26,851,340 | 42,433,539 | ||||||||
Net change in unrealized appreciation/depreciation | 12,864,828 | 13,419,953 | 49,688,975 | 59,577,505 | ||||||||
Net increase in net assets resulting from operations | 68,252,914 | 60,081,073 | 83,554,051 | 108,968,328 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||||
Class I | (917,195) | (1,589,970) | (13,689,240) | (71,852,683) | ||||||||
Class A | (139,180) | (359,388) | (968,833) | (5,572,007) | ||||||||
Class C | — | — | (58,787) | (255,929) | ||||||||
Class Z | (146,894) | (193,762) | (314,039) | (1,252,245) | ||||||||
Net decrease in net assets resulting from dividends and distributions to shareholders | (1,203,269) | (2,143,120) | (15,030,899) | (78,932,864) | ||||||||
Capital Share Transactions: | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | (79,982,709) | (46,841,778) | 17,633,230 | 106,692,623 | ||||||||
Net Assets: | ||||||||||||
Total increase (decrease) in net assets | (12,933,064) | 11,096,175 | 86,156,382 | 136,728,087 | ||||||||
Beginning of year | 445,104,402 | 434,008,227 | 691,074,104 | 554,346,017 | ||||||||
End of year | $432,171,338 | $445,104,402 | $777,230,486 | $691,074,104 | ||||||||
36 |
Small Cap Diversified Value Fund | Global Value Fund | |||||||||||
Year ended June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Operations: | ||||||||||||
Net investment income | $12,024,753 | $10,033,278 | $574,151 | $403,039 | ||||||||
Net realized gains | 45,188,966 | 27,938,262 | 4,598,972 | 1,774,570 | ||||||||
Net change in unrealized appreciation/depreciation | 8,534,153 | 32,798,529 | 1,539,093 | 3,453,862 | ||||||||
Net increase in net assets resulting from operations | 65,747,872 | 70,770,069 | 6,712,216 | 5,631,471 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||||
Class I | (50,745,104) | (47,567,548) | (3,395,268) | (1,263,576) | ||||||||
Class A | (3,594,905) | (679,077) | (186,356) | (46,949) | ||||||||
Class Z | (10,165,739) | (3,202,080) | — | — | ||||||||
Net decrease in net assets resulting from dividends and distributions to shareholders | (64,505,748) | (51,448,705) | (3,581,624) | (1,310,525) | ||||||||
Capital Share Transactions: | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 122,015,574 | 175,827,495 | 1,315,381 | (4,276,767) | ||||||||
Net Assets: | ||||||||||||
Total increase in net assets | 123,257,698 | 195,148,859 | 4,445,973 | 44,179 | ||||||||
Beginning of year | 665,312,225 | 470,163,366 | 33,134,061 | 33,089,882 | ||||||||
End of year | $788,569,923 | $665,312,225 | $37,580,034 | $33,134,061 | ||||||||
37 |
International Value Fund | International Small Cap Diversified Value Fund | |||||||||||
Year ended June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Operations: | ||||||||||||
Net investment income | $93,392 | $69,452 | $177,087 | $166,661 | ||||||||
Net realized gains | 335,158 | 112,337 | 617,740 | 202,313 | ||||||||
Net change in unrealized appreciation/depreciation | 28,764 | 409,913 | 217,723 | 593,251 | ||||||||
Net increase in net assets resulting from operations | 457,314 | 591,702 | 1,012,550 | 962,225 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||||
Class I | (281,772) | (90,047) | (454,903) | (311,643) | ||||||||
Net decrease in net assets resulting from dividends and distributions to shareholders | (281,772) | (90,047) | (454,903) | (311,643) | ||||||||
Capital Share Transactions: | ||||||||||||
Net increase in net assets resulting from capital share transactions | 161,129 | 100,491 | 898,536 | 247,449 | ||||||||
Net Assets: | ||||||||||||
Total increase in net assets | 336,671 | 602,146 | 1,456,183 | 898,031 | ||||||||
Beginning of year | 3,310,308 | 2,708,162 | 6,607,196 | 5,709,165 | ||||||||
End of year | $3,646,979 | $3,310,308 | $8,063,379 | $6,607,196 | ||||||||
38 |
Value Opportunities Fund | High Yield Fund | |||||||||||
Year ended June 30, | ||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Operations: | ||||||||||||
Net investment income | $7,781,440 | $4,869,986 | $57,759,466 | $47,373,024 | ||||||||
Net realized gains (losses) | 43,820,752 | 49,542,843 | (15,961,774) | (20,192,003) | ||||||||
Net change in unrealized appreciation/depreciation | 53,086,894 | 51,066,951 | 43,654,850 | 44,189,698 | ||||||||
Net increase in net assets resulting from operations | 104,689,086 | 105,479,780 | 85,452,542 | 71,370,719 | ||||||||
Dividends and Distributions to Shareholders: | ||||||||||||
Class I | (35,076,900) | (8,387,047) | (46,797,332) | (37,198,420) | ||||||||
Class A | (6,909,438) | (1,761,422) | (1,881,831) | (1,606,085) | ||||||||
Class C | (1,291,316) | (469,249) | (26,438) | (38,023) | ||||||||
Class Z | (4,681,561) | (1,132,228) | (9,044,130) | (8,493,751) | ||||||||
Net decrease in net assets resulting from dividends and distributions to shareholders | (47,959,215) | (11,749,946) | (57,749,731) | (47,336,279) | ||||||||
Capital Share Transactions: | ||||||||||||
Net increase (decrease) in net assets resulting from capital share transactions | 61,089,801 | (15,507,217) | (31,820,606) | 72,955,373 | ||||||||
Net Assets: | ||||||||||||
Total increase (decrease) in net assets | 117,819,672 | 78,222,617 | (4,117,795) | 96,989,813 | ||||||||
Beginning of year | 535,289,045 | 457,066,428 | 901,914,319 | 804,924,506 | ||||||||
End of year | $653,108,717 | $535,289,045 | $897,796,524 | $901,914,319 | ||||||||
39 |
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
Diversified Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $26.31 | $0.48 | $4.41 | $4.89 | $(0.45) | $ — | $(0.45) | $30.75 | 18.81% | $68,413 | 0.80% | 1.01% | 1.67% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 22.76 | 0.33 | 3.49 | 3.82 | (0.27) | — | (0.27) | 26.31 | 16.88 | 46,907 | 0.80 | 1.04 | 1.33 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 25.09 | 0.25 | (2.30) | (2.05) | (0.28) | — | (0.28) | 22.76 | −8.27 | 50,757 | 0.80 | 1.01 | 0.98 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 15.31 | 0.25 | 9.92 | 10.17 | (0.39) | — | (0.39) | 25.09 | 67.14 | 63,906 | 0.80 | 1.03 | 1.24 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 18.90 | 0.32 | (3.54) | (3.22) | (0.37) | — | (0.37) | 15.31 | −17.51 | 46,372 | 0.80 | 1.04 | 1.83 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | 26.41 | 0.41 | 4.42 | 4.83 | (0.36) | — | (0.36) | 30.88 | 18.48 | 42,843 | 1.05 | 1.23 | 1.44 | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 22.84 | 0.27 | 3.50 | 3.77 | (0.20) | — | (0.20) | 26.41 | 16.58 | 34,785 | 1.05 | 1.25 | 1.10 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 25.18 | 0.19 | (2.30) | (2.11) | (0.23) | — | (0.23) | 22.84 | −8.49 | 32,489 | 1.05 | 1.22 | 0.72 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 15.36 | 0.20 | 9.96 | 10.16 | (0.34) | — | (0.34) | 25.18 | 66.74 | 43,719 | 1.05 | 1.24 | 1.00 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 18.95 | 0.28 | (3.56) | (3.28) | (0.31) | — | (0.31) | 15.36 | −17.68 | 24,972 | 1.05 | 1.25 | 1.57 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 34% | 26% | 28% | 32% | 28% | |||||||||||
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
Large Cap Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $41.06 | $0.68 | $6.21 | $6.89 | $(0.69) | $(3.81) | $(4.50) | $43.45 | 18.30% | $210,124 | 0.95% | 0.98% | 1.63% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 38.92 | 0.57 | 4.86 | 5.43 | (0.53) | (2.76) | (3.29) | 41.06 | 14.35 | 219,456 | 0.95 | 0.99 | 1.40 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 43.29 | 0.41 | (4.40) | (3.99) | (0.38) | — | (0.38) | 38.92 | −9.31 | 214,692 | 0.95 | 0.97 | 0.93 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 26.81 | 0.41 | 16.64 | 17.05 | (0.57) | — | (0.57) | 43.29 | 64.20 | 293,318 | 0.95 | 0.98 | 1.19 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 33.29 | 0.53 | (6.44) | (5.91) | (0.57) | — | (0.57) | 26.81 | −18.18 | 257,544 | 0.95 | 0.95 | 1.72 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 33.14 | 0.46 | (6.45) | (5.99) | (0.48) | — | (0.48) | 26.67 | −18.42 | 113,504 | 1.20 | 1.20 | 1.49 | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Period from 9/30/20193 to 6/30/2020 | 33.12 | 0.49 | (6.19) | (5.70) | (0.60) | — | (0.60) | 26.82 | −17.65 | 6,943 | 0.834 | 0.834 | 2.374 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 22% | 26% | 35% | 25% | 29% | |||||||||||
1 | Net investment income per share has been calculated based on average shares outstanding during the period. |
2 | Total returns exclude the effects of sales charges. The Fund’s investment advisor may have waived a portion of its advisory fee and/or reimbursed a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. Returns for periods less than one year are not annualized. |
3 | Commencement of operations. |
4 | Annualized. |
40 |
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
Mid-Cap Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 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% | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 33.10 | 0.51 | (10.82) | (10.31) | (0.52) | — | (0.52) | 22.27 | −31.62 | 202,902 | 1.04 | 1.04 | 1.73 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 32.53 | 0.43 | (10.65) | (10.22) | (0.38) | — | (0.38) | 21.93 | −31.78 | 71,919 | 1.22 | 1.22 | 1.56 | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Period from 9/30/20193 to 6/30/2020 | 30.67 | 0.40 | (8.25) | (7.85) | (0.56) | — | (0.56) | 22.26 | −26.16 | 15,976 | 0.894 | 0.894 | 2.124 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 28% | 35% | 41% | 37% | 27% | |||||||||||
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income (loss) | |||||||||||||||||||||||||||
Small Cap Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $69.72 | $0.69 | $7.34 | $8.03 | $(0.46) | $(0.99) | $(1.45) | $76.30 | 11.68% | $697,603 | 0.97% | 1.05% | 0.94% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 66.00 | 0.74 | 11.79 | 12.53 | (0.42) | (8.39) | (8.81) | 69.72 | 19.73 | 627,132 | 1.01 | 1.06 | 1.07 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 53.27 | 0.45 | (12.86) | (12.41) | (0.48) | (2.16) | (2.64) | 38.22 | −24.70 | 335,080 | 1.05 | 1.05 | 0.94 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 52.98 | 0.36 | (12.83) | (12.47) | (0.32) | (2.16) | (2.48) | 38.03 | −24.86 | 26,028 | 1.25 | 1.25 | 0.76 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||
Year ended 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) | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 54.55 | (0.27) | (2.05) | (2.32) | — | — | — | 52.23 | −4.25 | 1,157 | 1.94 | 1.94 | (0.48) | ||||||||||||||||||||||||||
Year ended 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) | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 42.94 | 0.02 | (10.31) | (10.29) | — | (2.16) | (2.16) | 30.49 | −25.40 | 3,528 | 1.95 | 1.95 | 0.05 | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Period from 9/30/20193 to 6/30/2020 | 52.15 | 0.56 | (11.79) | (11.23) | (0.53) | (2.16) | (2.69) | 38.23 | −22.99 | 6,540 | 0.874 | 0.874 | 1.724 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 45% | 42% | 49% | 36% | 34% | |||||||||||
1 | Net investment income (loss) per share has been calculated based on average shares outstanding during the period. |
2 | Total returns exclude the effects of sales charges. The Fund’s investment advisor may have waived a portion of its advisory fee and/or reimbursed a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. Returns for periods less than one year are not annualized. |
3 | Commencement of operations. |
4 | Annualized. |
41 |
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
Small Cap Diversified Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $12.26 | $0.19 | $0.80 | $0.99 | $(0.20) | $(0.87) | $(1.07) | $12.18 | 8.53% | $551,237 | 0.80% | 0.86% | 1.59% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 11.91 | 0.21 | 1.24 | 1.45 | (0.19) | (0.91) | (1.10) | 12.26 | 12.47 | 551,324 | 0.80 | 0.87 | 1.69 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 13.99 | 0.17 | (1.38) | (1.21) | (0.14) | (0.73) | (0.87) | 11.91 | −9.34 | 461,866 | 0.80 | 0.87 | 1.26 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 7.88 | 0.14 | 6.07 | 6.21 | (0.10) | — | (0.10) | 13.99 | 79.26 | 427,708 | 0.80 | 0.87 | 1.21 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 10.08 | 0.12 | (2.23) | (2.11) | (0.09) | — | (0.09) | 7.88 | −21.14 | 143,415 | 0.82 | 0.92 | 1.37 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | 12.16 | 0.16 | 0.80 | 0.96 | (0.18) | (0.87) | (1.05) | 12.07 | 8.33 | 46,561 | 1.05 | 1.12 | 1.34 | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 11.83 | 0.18 | 1.22 | 1.40 | (0.16) | (0.91) | (1.07) | 12.16 | 12.12 | 36,173 | 1.05 | 1.14 | 1.54 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 13.91 | 0.13 | (1.36) | (1.23) | (0.12) | (0.73) | (0.85) | 11.83 | −9.57 | 5,839 | 1.05 | 1.15 | 0.98 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 7.83 | 0.11 | 6.06 | 6.17 | (0.09) | — | (0.09) | 13.91 | 79.09 | 8,668 | 1.05 | 1.14 | 0.96 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 10.03 | 0.10 | (2.24) | (2.14) | (0.06) | — | (0.06) | 7.83 | −21.48 | 1,535 | 1.07 | 1.18 | 1.06 | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Period from 9/30/20193 to 6/30/2020 | 10.02 | 0.09 | (2.14) | (2.05) | (0.10) | — | (0.10) | 7.87 | −20.75 | 40 | 0.804 | 0.844 | 1.414 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 54% | 52% | 38% | 42% | 53% | |||||||||||
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
Global Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $14.31 | $0.25 | $2.62 | $2.87 | $(0.26) | $(1.34) | $(1.60) | $15.58 | 21.57% | $34,948 | 0.95% | 1.24% | 1.66% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 12.64 | 0.16 | 2.01 | 2.17 | (0.14) | (0.36) | (0.50) | 14.31 | 17.61 | 31,599 | 0.95 | 1.25 | 1.17 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 14.44 | 0.14 | (1.84) | (1.70) | (0.10) | — | (0.10) | 12.64 | −11.86 | 31,800 | 0.95 | 1.22 | 0.98 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 8.96 | 0.10 | 5.56 | 5.66 | (0.18) | — | (0.18) | 14.44 | 63.58 | 36,025 | 0.95 | 1.29 | 0.83 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 11.55 | 0.14 | (2.42) | (2.28) | (0.13) | (0.18) | (0.31) | 8.96 | −20.42 | 25,148 | 0.95 | 1.32 | 1.31 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | 14.30 | 0.22 | 2.63 | 2.85 | (0.21) | (1.34) | (1.55) | 15.60 | 21.33 | 2,632 | 1.20 | 1.51 | 1.49 | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 12.63 | 0.13 | 2.00 | 2.13 | (0.10) | (0.36) | (0.46) | 14.30 | 17.30 | 1,535 | 1.20 | 1.50 | 0.96 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 14.43 | 0.11 | (1.84) | (1.73) | (0.07) | — | (0.07) | 12.63 | −12.07 | 1,290 | 1.20 | 1.46 | 0.73 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 8.96 | 0.08 | 5.54 | 5.62 | (0.15) | — | (0.15) | 14.43 | 63.05 | 1,484 | 1.20 | 1.48 | 0.58 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 11.55 | 0.11 | (2.41) | (2.30) | (0.11) | (0.18) | (0.29) | 8.96 | −20.57 | 168 | 1.20 | 1.62 | 1.05 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 48% | 39% | 38% | 39% | 36% | |||||||||||
1 | Net investment income per share has been calculated based on average shares outstanding during the period. |
2 | Total returns exclude the effects of sales charges. The Fund’s investment advisor may have waived a portion of its advisory fee and/or reimbursed a portion of the Fund’s expenses. Without such waiver and/or reimbursement, the Fund’s performance would have been lower. Returns for periods less than one year are not annualized. |
3 | Commencement of operations. |
4 | Annualized. |
42 |
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
International Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $12.22 | $0.33 | $1.27 | $1.60 | $(0.31) | $(0.70) | $(1.01) | $12.81 | 14.18% | $3,647 | 0.95% | 4.57% | 2.66% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 10.35 | 0.26 | 1.96 | 2.22 | (0.23) | (0.12) | (0.35) | 12.22 | 21.88 | 3,310 | 0.95 | 5.08 | 2.37 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 11.66 | 0.27 | (1.41) | (1.14) | (0.17) | — | (0.17) | 10.35 | −9.82 | 2,708 | 0.95 | 4.87 | 2.35 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 7.59 | 0.15 | 4.04 | 4.19 | (0.12) | — | (0.12) | 11.66 | 55.37 | 2,554 | 0.95 | 5.13 | 1.56 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 9.77 | 0.13 | (1.96) | (1.83) | (0.19) | (0.16) | (0.35) | 7.59 | −19.66 | 1,874 | 0.95 | 6.10 | 1.39 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 35% | 26% | 20% | 29% | 30% | |||||||||||
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
International Small Cap Diversified Value Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $11.43 | $0.29 | $1.41 | $1.70 | $(0.51) | $(0.28) | $(0.79) | $12.34 | 15.63% | $8,063 | 0.99% | 3.95% | 2.48% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 10.29 | 0.29 | 1.41 | 1.70 | (0.20) | (0.36) | (0.56) | 11.43 | 17.07 | 6,607 | 0.99 | 4.59 | 2.72 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 14.83 | 0.25 | (2.01) | (1.76) | (0.39) | (2.39) | (2.78) | 10.29 | −14.28 | 5,709 | 0.99 | 4.23 | 1.92 | ||||||||||||||||||||||||||
Period from 6/30/20203 to 6/30/2021 | 10.00 | 0.24 | 4.87 | 5.11 | (0.08) | (0.20) | (0.28) | 14.83 | 51.58 | 6,661 | 0.99 | 4.27 | 1.91 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | |||||||||||||
Portfolio turnover rate | 62% | 78% | 45% | 63% | ||||||||||||
1 | Net investment income per share has been calculated based on average shares outstanding during the period. |
2 | Total returns exclude the effects of sales charges. The Fund's investment advisor may have waived a portion of its advisory fee and/or reimbursed a portion of the Fund's expenses. Without such waiver and/or reimbursement, the Fund's performance would have been lower. Returns for periods less than one year are not annualized. |
3 | Commencement of operations. |
43 |
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income (loss)1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income (loss) | |||||||||||||||||||||||||||
Value Opportunities Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 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% | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 28.08 | 0.49 | (5.28) | (4.79) | (0.32) | (0.36) | (0.68) | 22.61 | −17.56 | 401,552 | 0.97 | 0.97 | 1.88 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 28.12 | 0.43 | (5.29) | (4.86) | (0.24) | (0.36) | (0.60) | 22.66 | −17.73 | 72,162 | 1.20 | 1.20 | 1.64 | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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) | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 25.94 | 0.23 | (4.90) | (4.67) | (0.04) | (0.36) | (0.40) | 20.87 | −18.32 | 26,951 | 1.91 | 1.91 | 0.94 | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Year ended 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 | ||||||||||||||||||||||||||
Period from 9/30/20193 to 6/30/2020 | 27.79 | 0.37 | (4.84) | (4.47) | (0.34) | (0.36) | (0.70) | 22.62 | −16.61 | 16,207 | 0.85 4 | 0.85 4 | 1.95 4 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 71% | 88% | 75% | 76% | 47% | |||||||||||
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of year | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in thousands) | Expenses, net of reimbursement/ waiver | Expenses, before reimbursement/ waiver | Net investment income | |||||||||||||||||||||||||||
High Yield Fund | |||||||||||||||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | $10.14 | $0.64 | $0.31 | $0.95 | $(0.64) | $ — | $(0.64) | $10.45 | 9.68% | $714,184 | 0.70% | 0.77% | 6.25% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 9.83 | 0.57 | 0.31 | 0.88 | (0.57) | — | (0.57) | 10.14 | 9.23 | 723,548 | 0.70 | 0.77 | 5.73 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 11.58 | 0.51 | (1.75) | (1.24) | (0.51) | — | (0.51) | 9.83 | −11.12 | 642,934 | 0.70 | 0.77 | 4.56 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 10.22 | 0.59 | 1.34 | 1.93 | (0.57) | — | (0.57) | 11.58 | 19.32 | 857,715 | 0.70 | 0.75 | 5.34 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 11.69 | 0.65 | (1.48)5 | (0.83) | (0.64) | — | (0.64) | 10.22 | −7.26 | 978,398 | 0.70 | 0.75 | 5.85 | ||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | 10.04 | 0.62 | 0.31 | 0.93 | (0.62) | — | (0.62) | 10.35 | 9.48 | 59,081 | 0.92 | 0.97 | 6.06 | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 9.75 | 0.55 | 0.29 | 0.84 | (0.55) | — | (0.55) | 10.04 | 8.80 | 28,521 | 0.92 | 0.98 | 5.52 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 11.48 | 0.48 | (1.73) | (1.25) | (0.48) | — | (0.48) | 9.75 | −11.28 | 29,066 | 0.93 | 0.98 | 4.33 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 10.13 | 0.56 | 1.33 | 1.89 | (0.54) | — | (0.54) | 11.48 | 19.09 | 39,312 | 0.91 | 0.97 | 5.12 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 11.62 | 0.63 | (1.51)5 | (0.88) | (0.61) | — | (0.61) | 10.13 | −7.77 | 43,638 | 0.95 | 1.01 | 5.54 | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
Year ended 6/30/2024 | 10.14 | 0.65 | 0.31 | 0.96 | (0.65) | — | (0.65) | 10.45 | 9.90 | 124,439 | 0.60 | 0.65 | 6.34 | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 9.83 | 0.58 | 0.31 | 0.89 | (0.58) | — | (0.58) | 10.14 | 9.23 | 149,231 | 0.60 | 0.66 | 5.84 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 11.58 | 0.52 | (1.75) | (1.23) | (0.52) | — | (0.52) | 9.83 | −11.04 | 131,847 | 0.60 | 0.65 | 4.66 | ||||||||||||||||||||||||||
Year ended 6/30/2021 | 10.22 | 0.61 | 1.33 | 1.94 | (0.58) | — | (0.58) | 11.58 | 19.44 | 211,034 | 0.60 | 0.65 | 5.56 | ||||||||||||||||||||||||||
Year ended 6/30/2020 | 11.70 | 0.64 | (1.46)5 | (0.82) | (0.66) | — | (0.66) | 10.22 | −7.24 | 523,848 | 0.60 | 0.65 | 6.02 | ||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | ||||||||||||
Portfolio turnover rate | 44% | 36% | 40% | 82% | 67% | |||||||||||
1 | Net investment income (loss) per share has been calculated based on average shares outstanding during the period. |
2 | Total returns exclude the effects of sales charges. The Fund's investment advisor may have waived a portion of its advisory fee and/or reimbursed a portion of the Fund's expenses. Without such waiver and/or reimbursement, the Fund's performance would have been lower. Returns for periods less than one year are not annualized. |
3 | Commencement of operations. |
4 | Annualized. |
5 | Redemption fees per share were less than $0.005. |
44 |
45 |
| 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 | $ 110,377,327 | $— | $— | $ 110,377,327 | ||||||||
Money Market Funds | 97,007 | — | — | 97,007 | ||||||||
Time Deposits | — | 789,436 | — | 789,436 | ||||||||
Total Investments | $ 110,474,334 | $789,436 | $— | $111,263,770 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $ 347,921,229 | $— | $— | $ 347,921,229 | ||||||||
Money Market Funds | 2,032,063 | — | — | 2,032,063 | ||||||||
Time Deposits | — | 7,498,192 | — | 7,498,192 | ||||||||
Total Investments | $ 349,953,292 | $7,498,192 | $— | $ 357,451,484 | ||||||||
46 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $ 422,281,506 | $— | $— | $ 422,281,506 | ||||||||
Real Estate Investment Trusts | 2,117,445 | — | — | 2,117,445 | ||||||||
Money Market Funds | 4,570,645 | — | — | 4,570,645 | ||||||||
Time Deposits | — | 7,629,231 | — | 7,629,231 | ||||||||
Total Investments | $428,969,596 | $7,629,231 | $— | $436,598,827 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $ 750,480,703 | $— | $ — | $ 750,480,703 | ||||||||
Real Estate Investment Trusts | 5,023,099 | — | — | 5,023,099 | ||||||||
Money Market Funds | 8,062,567 | — | — | 8,062,567 | ||||||||
Time Deposits | — | 22,444,666 | — | 22,444,666 | ||||||||
Total Investments | $ 763,566,369 | $22,444,666 | $— | $786,011,035 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $753,848,150 | $— | $ — | $753,848,150 | ||||||||
Real Estate Investment Trusts | 22,143,839 | — | — | 22,143,839 | ||||||||
Money Market Funds | 2,793,676 | — | — | 2,793,676 | ||||||||
Time Deposits | — | 10,548,492 | — | 10,548,492 | ||||||||
Total Investments | $778,785,665 | $10,548,492 | $— | $789,334,157 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $24,474,535 | $12,176,260 | $ — | $36,650,795 | ||||||||
Time Deposits | — | 1,010,151 | — | 1,010,151 | ||||||||
Total Investments | $24,474,535 | $13,186,411 | $— | $37,660,946 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $473,648 | $3,096,527 | $ — | $3,570,175 | ||||||||
Time Deposits | — | 87,658 | — | 87,658 | ||||||||
Total Investments | $473,648 | $3,184,185 | $— | $3,657,833 | ||||||||
47 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $1,648,693 | $6,073,357 | $— | $7,722,050 | ||||||||
Real Estate Investment Trusts | — | 157,024 | — | 157,024 | ||||||||
Time Deposits | — | 202,584 | — | 202,584 | ||||||||
Total Investments | $1,648,693 | $6,432,965 | $— | $8,081,658 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Common Stocks | $553,529,791 | $56,089,014 | $10,984,908 | $620,603,713 | ||||||||
Preferred Stocks | 5,600,320 | — | — | 5,600,320 | ||||||||
Bank Loans | — | 925,621 | 2,649,013 | 3,574,634 | ||||||||
Purchased Options | 1,514,430 | 2,008,450 | — | 3,522,880 | ||||||||
Money Market Funds | 19,390,797 | — | — | 19,390,797 | ||||||||
Time Deposits | — | 20,488,444 | — | 20,488,444 | ||||||||
Total Investments | $580,035,338 | $79,511,529 | $13,633,921 | $673,180,788 | ||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||
Investments: | ||||||||||||
Corporate Bonds | $— | $799,038,712 | $9,480,821 | $808,519,533 | ||||||||
Bank Loans | — | 41,769,579 | 1,826,992 | 43,596,571 | ||||||||
Common Stocks | 910,912 | — | 7,642,900 | 8,553,812 | ||||||||
Real Estate Investment Trusts | 1,750,290 | — | — | 1,750,290 | ||||||||
Money Market Funds | 22,106,680 | — | — | 22,106,680 | ||||||||
Time Deposits | — | 3,694,629 | — | 3,694,629 | ||||||||
Total Investments | $24,767,882 | $844,502,920 | $18,950,713 | $888,221,515 | ||||||||
Fair Value at June 30, 2024 | 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 | ||||||||||
10,980,683 | Market comparable companies | EBIT multiple | 12.4x | Increase | |||||||||||
Total Common Stocks | 10,984,908 | ||||||||||||||
Bank Loans | 2,649,013 | Market comparable securities | N/A | $100.00 | Increase | ||||||||||
$13,633,921 | |||||||||||||||
High Yield | |||||||||||||||
Common Stocks | $69,676 | Estimated recovery value | Probability of asset recovery | $0.00-$0.60 ($0.60) | Increase | ||||||||||
7,573,224 | Market comparable companies | EBIT multiple | 12.4x | Increase | |||||||||||
Total Common Stocks | 7,642,900 | ||||||||||||||
48 |
Fair Value at June 30, 2024 | Valuation Techniques | Unobservable Inputs | Input Values (Weighted Average)* | Impact to Valuation from an Increase to Input | |||||||||||
Convertible Bonds | 9,480,821 | Estimated recovery value | Probability of asset recovery | $100.00 | Increase | ||||||||||
Bank Loans | 1,826,992 | Market comparable securities | N/A | $100.00 | Increase | ||||||||||
$18,950,713 | |||||||||||||||
| * | Unobservable inputs were weighted by the fair value of the investments. |
Value Opportunities | |||||||||
Common Stocks | Bank Loans | Total | |||||||
Balance at June 30, 2023 | $10,640,354 | $2,649,013 | $13,289,367 | ||||||
Purchases | - | — | — | ||||||
Sales | (70,701) | — | (70,701) | ||||||
Accrued discounts (premiums) | — | — | — | ||||||
Realized gains (losses) | — | — | — | ||||||
Change in unrealized appreciation/depreciation | 415,255 | — | 415,255 | ||||||
Transfers into Level 3 | — | — | — | ||||||
Balance at June 30, 2024 | $10,984,908 | $2,649,013 | $13,633,921 | ||||||
Change in unrealized appreciation/depreciation for Level 3 assets held at June 30, 2024 | $415,255 | $— | $415,255 | ||||||
High Yield | |||||||||||||||
Common Stocks | Preferred Stocks | Convertible Bonds | Bank Loans | Total | |||||||||||
Balance at June 30, 2023 | $14,657,730 | $10,772,299 | $— | $9,356,564 | $34,786,593 | ||||||||||
Purchases | — | — | 29,212,302 | 60,226 | 29,272,528 | ||||||||||
Sales | (1,527,922) | (28,937,490) | — | (7,589,799) | (38,055,211) | ||||||||||
Accrued discounts (premiums) | — | — | — | 4,202 | 4,202 | ||||||||||
Realized gains (losses) | 199,140 | — | — | 15,045 | 214,185 | ||||||||||
Change in unrealized appreciation/ depreciation | (5,686,048) | 18,165,191 | (19,731,481) | (19,246) | (7,271,584) | ||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||
Balance at June 30, 2024 | $7,642,900 | $— | $9,480,821 | $1,826,992 | $18,950,713 | ||||||||||
Change in unrealized appreciation/depreciation for Level 3 assets held at June 30, 2024 | $(5,831,304) | $— | $(19,731,481) | $— | $(25,562,785) | ||||||||||
49 |
50 |
51 |
Location on Statements of Assets & Liabilities | Value Opportunities | |||||
Equity Contracts: | ||||||
Purchased Put Options | Long-term investments | $3,522,880 | ||||
Value Opportunities | |||
Equity Contracts: | |||
Purchased Put Options | $(5,554,911)* | ||
| * | Included with net realized gains (losses) from sales of unaffiliated issuers. |
Value Opportunities | |||
Equity Contracts: | |||
Purchased Put Options | $1,296,931* | ||
| * | Included with net change in unrealized appreciation/depreciation of securities of unaffiliated issuers and foreign currency translations. |
Value Opportunities | |||
Equity Contracts: | |||
Average Number of Contracts — Purchased Put Options | 5,179 | ||
Average Notional Amount — Purchased Put Options | $62,846,150 | ||
52 |
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: | ||||||||||||
Diversified Value | $95,077 | $ — | $(95,077) | $ — | ||||||||
Large Cap Value | 1,990,209 | — | (1,990,209) | — | ||||||||
Mid-Cap Value | 4,415,573 | — | (4,415,573) | — | ||||||||
Small Cap Value | 7,895,134 | — | (7,895,134) | — | ||||||||
Small Cap Diversified Value | 2,693,492 | — | (2,693,492) | — | ||||||||
Value Opportunities | 18,990,598 | — | (18,990,598) | — | ||||||||
| * | Actual collateral received is greater than the amount shown due to overcollateralization. |
Diversified Value | Large Cap 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. |
53 |
Distribution and Service Fee | |||
Class A | 0.25% | ||
Class C | 1.00% | ||
Diversified Value | Large Cap 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 | $46,308,222 | $81,673,106 | $126,641,694 | $332,457,457 | $470,976,685 | $16,414,410 | $1,207,715 | $4,911,517 | $428,161,371 | $388,033,385 | ||||||||||||||||||||
Sales | 33,702,776 | 158,258,908 | 209,659,519 | 340,855,927 | 403,549,571 | 18,233,892 | 1,264,447 | 4,409,438 | 415,256,481 | 404,114,531 | ||||||||||||||||||||
54 |
Diversified Value | Large Cap 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 | $95,724,752 | $295,352,729 | $375,350,704 | $666,394,742 | $734,319,907 | $31,655,434 | $3,140,426 | $7,445,271 | $562,744,070 | $955,579,508 | ||||||||||||||||||||
Gross unrealized appreciation | 23,579,767 | 85,289,747 | 97,784,623 | 153,352,981 | 132,059,314 | 7,108,021 | 679,713 | 973,856 | 101,309,067 | 19,309,180 | ||||||||||||||||||||
Gross unrealized depreciation | (8,927,192) | (32,721,247) | (48,736,376) | (64,243,921) | (90,387,232) | (2,113,798) | (250,237) | (540,811) | (30,751,990) | (112,468,482) | ||||||||||||||||||||
Net unrealized appreciation/ depreciation | 14,652,575 | 52,568,500 | 49,048,247 | 89,109,060 | 41,672,082 | 4,994,223 | 429,476 | 433,045 | 70,557,077 | (93,159,302) | ||||||||||||||||||||
Distributable ordinary income (as of 6/30/24)* | 1,026,860 | 2,744,439 | 4,469,804 | 18,915,083 | 608,482 | 709,150 | 77,062 | 317,441 | 9,163,760 | 1,619,943 | ||||||||||||||||||||
Distributable long-term gains (as of 6/30/24) | — | 32,075,815 | — | 14,238,410 | 10,808,338 | 3,070,218 | 249,574 | 401,477 | 39,863,170 | — | ||||||||||||||||||||
Total distributable earnings | 1,026,860 | 34,820,254 | 4,469,804 | 33,153,493 | 11,416,820 | 3,779,368 | 326,636 | 718,918 | 49,026,930 | 1,619,943 | ||||||||||||||||||||
Other accumulated gains (losses) | (11,824,658) | 1 | (197,757,578) | (23,598) | — | — | — | — | (4,245) | (368,918,020) | ||||||||||||||||||||
Total accumulated gains (losses) | $3,854,777 | $87,388,755 | $(144,239,527) | $122,238,955 | $53,088,902 | $8,773,591 | $756,112 | $1,151,963 | $119,579,762 | $(460,457,379) | ||||||||||||||||||||
| * | Includes distributable short-term gains of $12,297,697 for the Small Cap Value Fund, $328,673 for the Global Value Fund, $4,943 for the International Value Fund, $152,529 for the International Small Cap Diversified Value Fund and $3,491,393 for the Value Opportunities Fund. |
Paid-In Capital | Total Accumulated Distributable Earnings (Losses) | |||||
Diversified Value | $— | $— | ||||
Large Cap Value | 2,410,082 | (2,410,082) | ||||
Mid-Cap Value | — | — | ||||
Small Cap Value | 4,746,481 | (4,746,481) | ||||
Small Cap Diversified Value | 3,377,407 | (3,377,407) | ||||
Global Value | — | — | ||||
International Value | — | — | ||||
International Small Cap Diversified Value | — | — | ||||
Value Opportunities | — | — | ||||
High Yield | — | — | ||||
55 |
June 30, 2024 | June 30, 2023 | ||||||||||||||||||||
Ordinary Income Distributions | Long-Term Capital Gains Distributions | Short-Term Capital Loss Carryovers1 | Long-Term Capital Loss Carryovers2 | Capital Loss Carryovers Utilized | Ordinary Income Distributions | Long-Term Capital Gains Distributions | |||||||||||||||
Diversified Value | $1,589,935 | $— | $666,644 | $11,158,014 | $11,659,237 | $867,545 | $— | ||||||||||||||
Large Cap Value | 5,693,697 | 33,320,090 | — | — | — | 4,455,115 | 25,649,031 | ||||||||||||||
Mid-Cap Value | 1,203,269 | — | 75,116,409 | 122,640,690 | 50,533,729 | 2,143,120 | — | ||||||||||||||
Small Cap Value | 7,137,121 | 7,893,778 | — | — | — | 10,322,241 | 68,610,623 | ||||||||||||||
Small Cap Diversified Value | 31,751,876 | 32,753,872 | — | — | — | 15,676,116 | 35,772,589 | ||||||||||||||
Global Value | 579,768 | 3,001,856 | — | — | — | 356,748 | 953,777 | ||||||||||||||
International Value | 109,301 | 172,471 | — | — | — | 59,717 | 30,330 | ||||||||||||||
International Small Cap Diversified Value | 454,903 | — | — | — | — | 111,448 | 200,195 | ||||||||||||||
Value Opportunities | 17,192,487 | 30,766,728 | — | — | — | 1,067,989 | 10,681,957 | ||||||||||||||
High Yield3 | 57,749,731 | — | 11,019,442 | 351,804,093 | — | 47,336,279 | — | ||||||||||||||
1 | Short-term with no expiration. |
2 | Long-term with no expiration. |
3 | 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. |
Sales | Reinvestment of dividends and distributions | Redemptions | Net increase (decrease) | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Year Ended June 30, 2024 | ||||||||||||||||||||||||
Diversified Value Fund | ||||||||||||||||||||||||
Class I | 868,645 | $23,905,326 | 37,795 | $1,024,253 | (464,149) | $(13,414,369) | 442,291 | $11,515,210 | ||||||||||||||||
Class A (Note 10) | 178,257 | 4,964,393 | 8,485 | 231,304 | (116,676) | (3,361,175) | 70,066 | 1,834,522 | ||||||||||||||||
Class C (Note 10) | 246 | 7,021 | 14 | 378 | (21,851) | (669,974) | (21,591) | (662,575) | ||||||||||||||||
Total net increase (decrease) | 1,047,148 | 28,876,740 | 46,294 | 1,255,935 | (602,676) | (17,445,518) | 490,766 | 12,687,157 | ||||||||||||||||
Large Cap Value Fund | ||||||||||||||||||||||||
Class I | 495,689 | 20,488,087 | 560,489 | 21,421,902 | (1,564,616) | (65,819,036) | (508,438) | (23,909,047) | ||||||||||||||||
Class A (Note 10) | 297,593 | 12,354,535 | 164,990 | 6,271,287 | (700,337) | (28,817,685) | (237,754) | (10,191,863) | ||||||||||||||||
Class C (Note 10) | 10,320 | 416,870 | 5,608 | 212,149 | (97,925) | (4,173,538) | (81,997) | (3,544,519) | ||||||||||||||||
Class Z | 25,240 | 1,038,182 | 34,700 | 1,325,184 | (80,004) | (3,326,067) | (20,064) | (962,701) | ||||||||||||||||
Total net increase (decrease) | 828,842 | 34,297,674 | 765,787 | 29,230,522 | (2,442,882) | (102,136,326) | (848,253) | (38,608,130) | ||||||||||||||||
56 |
Sales | Reinvestment of dividends and distributions | Redemptions | Net increase (decrease) | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Mid-Cap Value Fund | ||||||||||||||||||||||||
Class I | 910,020 | $46,767,268 | 16,857 | $841,345 | (2,021,150) | $(104,748,233) | (1,094,273) | $(57,139,620) | ||||||||||||||||
Class A (Note 10) | 234,538 | 11,946,705 | 1,433 | 70,312 | (614,601) | (31,135,070) | (378,630) | (19,118,053) | ||||||||||||||||
Class C (Note 10) | 7,176 | 302,017 | — | — | (121,397) | (5,503,934) | (114,221) | (5,201,917) | ||||||||||||||||
Class Z | 162,880 | 8,339,702 | 2,808 | 140,115 | (134,809) | (7,002,936) | 30,879 | 1,476,881 | ||||||||||||||||
Total net increase (decrease) | 1,314,614 | 67,355,692 | 21,098 | 1,051,772 | (2,891,957) | (148,390,173) | (1,556,245) | (79,982,709) | ||||||||||||||||
Small Cap Value Fund | ||||||||||||||||||||||||
Class I | 2,781,820 | 203,513,689 | 74,524 | 5,273,317 | (2,707,515) | (200,441,122) | 148,829 | 8,345,884 | ||||||||||||||||
Class A | 165,446 | 12,079,750 | 11,530 | 810,594 | (212,816) | (15,695,609) | (35,840) | (2,805,265) | ||||||||||||||||
Class C | 24,732 | 1,418,105 | 844 | 45,139 | (6,673) | (375,691) | 18,903 | 1,087,553 | ||||||||||||||||
Class Z | 194,945 | 14,439,630 | 3,796 | 268,509 | (49,699) | (3,703,081) | 149,042 | 11,005,058 | ||||||||||||||||
Total net increase (decrease) | 3,166,943 | 231,451,174 | 90,694 | 6,397,559 | (2,976,703) | (220,215,503) | 280,934 | 17,633,230 | ||||||||||||||||
Small Cap Diversified Value Fund | ||||||||||||||||||||||||
Class I | 21,438,459 | 259,865,010 | 4,365,396 | 50,376,673 | (25,532,554) | (310,597,822) | 271,301 | (356,139) | ||||||||||||||||
Class A | 1,612,238 | 19,506,115 | 198,295 | 2,270,482 | (926,759) | (11,141,173) | 883,774 | 10,635,424 | ||||||||||||||||
Class Z | 13,089,554 | 158,348,397 | 725,862 | 8,369,184 | (4,495,635) | (54,981,292) | 9,319,781 | 111,736,289 | ||||||||||||||||
Total net increase (decrease) | 36,140,251 | 437,719,522 | 5,289,553 | 61,016,339 | (30,954,948) | (376,720,287) | 10,474,856 | 122,015,574 | ||||||||||||||||
Global Value Fund | ||||||||||||||||||||||||
Class I | 149,916 | 2,201,670 | 246,518 | 3,394,554 | (361,825) | (5,149,439) | 34,609 | 446,785 | ||||||||||||||||
Class A | 84,895 | 1,232,247 | 13,284 | 183,319 | (36,729) | (546,970) | 61,450 | 868,596 | ||||||||||||||||
Total net increase (decrease) | 234,811 | 3,433,917 | 259,802 | 3,577,873 | (398,554) | (5,696,409) | 96,059 | 1,315,381 | ||||||||||||||||
International Value Fund | ||||||||||||||||||||||||
Class I | 14,834 | 183,444 | 13,301 | 153,363 | (14,358) | (175,678) | 13,777 | 161,129 | ||||||||||||||||
Total net increase (decrease) | 14,834 | 183,444 | 13,301 | 153,363 | (14,358) | (175,678) | 13,777 | 161,129 | ||||||||||||||||
International Small Cap Diversified Value Fund | ||||||||||||||||||||||||
Class I | 52,106 | 644,280 | 23,125 | 256,223 | (178) | (1,967) | 75,053 | 898,536 | ||||||||||||||||
Total net increase (decrease) | 52,106 | 644,280 | 23,125 | 256,223 | (178) | (1,967) | 75,053 | 898,536 | ||||||||||||||||
Value Opportunities Fund | ||||||||||||||||||||||||
Class I | 3,936,507 | 143,022,217 | 540,954 | 18,468,178 | (2,981,991) | (110,212,686) | 1,495,470 | 51,277,709 | ||||||||||||||||
Class A | 668,418 | 24,515,551 | 157,575 | 5,379,603 | (497,985) | (18,270,560) | 328,008 | 11,624,594 | ||||||||||||||||
Class C | 62,553 | 2,030,425 | 36,822 | 1,124,178 | (335,448) | (11,021,597) | (236,073) | (7,866,994) | ||||||||||||||||
Class Z | 107,042 | 3,893,477 | 137,088 | 4,681,561 | (66,756) | (2,520,546) | 177,374 | 6,054,492 | ||||||||||||||||
Total net increase (decrease) | 4,774,520 | 173,461,670 | 872,439 | 29,653,520 | (3,882,180) | (142,025,389) | 1,764,779 | 61,089,801 | ||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||
Class I | 22,470,789 | 231,355,976 | 2,973,741 | 30,647,327 | (28,471,433) | (293,513,157) | (3,026,903) | (31,509,854) | ||||||||||||||||
Class A (Note 10) | 3,330,853 | 34,357,084 | 141,833 | 1,447,611 | (605,464) | (6,154,737) | 2,867,222 | 29,649,958 | ||||||||||||||||
Class C (Note 10) | 8,212 | 85,322 | 1,545 | 15,872 | (70,284) | (730,320) | (60,527) | (629,126) | ||||||||||||||||
Class Z | 1,791,682 | 18,474,009 | 618,600 | 6,365,197 | (5,222,856) | (54,170,790) | (2,812,574) | (29,331,584) | ||||||||||||||||
Total net increase (decrease) | 27,601,536 | 284,272,391 | 3,735,719 | 38,476,007 | (34,370,037) | (354,569,004) | (3,032,782) | (31,820,606) | ||||||||||||||||
57 |
Sales | Reinvestment of dividends and distributions | Redemptions | Net increase (decrease) | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Year Ended June 30, 2023 | ||||||||||||||||||||||||
Diversified Value Fund | ||||||||||||||||||||||||
Class I | 58,373 | $ 1,442,777 | 22,386 | $553,836 | (527,785) | $(13,119,187) | (447,026) | $(11,122,574) | ||||||||||||||||
Class A | 19,305 | 471,178 | 4,525 | 112,488 | (129,240) | (3,193,964) | (105,410) | (2,610,298) | ||||||||||||||||
Class C | 127 | 3,200 | — | — | (10,291) | (239,399) | (10,164) | (236,199) | ||||||||||||||||
Total net increase (decrease) | 77,805 | 1,917,155 | 26,911 | 666,324 | (667,316) | (16,552,550) | (562,600) | (13,969,071) | ||||||||||||||||
Large Cap Value Fund | ||||||||||||||||||||||||
Class I | 868,592 | 34,725,285 | 392,981 | 15,385,213 | (1,433,743) | (57,215,795) | (172,170) | (7,105,297) | ||||||||||||||||
Class A | 638,023 | 24,994,660 | 117,448 | 4,574,592 | (1,335,883) | (51,997,903) | (580,412) | (22,428,651) | ||||||||||||||||
Class C | 10,301 | 405,916 | 5,718 | 221,324 | (56,704) | (2,248,415) | (40,685) | (1,621,175) | ||||||||||||||||
Class Z | 135,866 | 5,324,833 | 48,783 | 1,908,879 | (768,849) | (31,820,617) | (584,200) | (24,586,905) | ||||||||||||||||
Total net increase (decrease) | 1,652,782 | 65,450,694 | 564,930 | 22,090,008 | (3,595,179) | (143,282,730) | (1,377,467) | (55,742,028) | ||||||||||||||||
Mid-Cap Value Fund | ||||||||||||||||||||||||
Class I | 1,725,400 | 77,370,139 | 32,858 | 1,467,432 | (2,567,562) | (114,030,214) | (809,304) | (35,192,643) | ||||||||||||||||
Class A | 564,906 | 24,449,908 | 4,204 | 184,638 | (712,098) | (31,230,914) | (142,988) | (6,596,368) | ||||||||||||||||
Class C | 21,783 | 848,036 | — | — | (37,003) | (1,420,249) | (15,220) | (572,213) | ||||||||||||||||
Class Z | 84,939 | 3,698,022 | 4,128 | 184,263 | (187,604) | (8,362,839) | (98,537) | (4,480,554) | ||||||||||||||||
Total net increase (decrease) | 2,397,028 | 106,366,105 | 41,190 | 1,836,333 | (3,504,267) | (155,044,216) | (1,066,049) | (46,841,778) | ||||||||||||||||
Small Cap Value Fund | ||||||||||||||||||||||||
Class I | 4,208,260 | 293,018,122 | 477,717 | 31,538,893 | (3,426,632) | (235,852,642) | 1,259,345 | 88,704,373 | ||||||||||||||||
Class A | 315,417 | 22,210,509 | 68,050 | 4,468,184 | (163,139) | (11,074,858) | 220,328 | 15,603,835 | ||||||||||||||||
Class C | 24,116 | 1,330,153 | 4,339 | 219,175 | (9,498) | (507,303) | 18,957 | 1,042,025 | ||||||||||||||||
Class Z | 82,971 | 5,750,091 | 17,769 | 1,172,550 | (79,005) | (5,580,251) | 21,735 | 1,342,390 | ||||||||||||||||
Total net increase (decrease) | 4,630,764 | 322,308,875 | 567,875 | 37,398,802 | (3,678,274) | (253,015,054) | 1,520,365 | 106,692,623 | ||||||||||||||||
Small Cap Diversified Value Fund | ||||||||||||||||||||||||
Class I | 21,662,855 | 259,315,580 | 3,947,789 | 47,018,170 | (19,399,756) | (235,044,070) | 6,210,888 | 71,289,680 | ||||||||||||||||
Class A | 2,768,297 | 33,054,492 | 45,445 | 538,069 | (333,166) | (3,994,463) | 2,480,576 | 29,598,098 | ||||||||||||||||
Class Z | 7,444,070 | 91,427,214 | 221,201 | 2,632,297 | (1,517,680) | (19,119,794) | 6,147,591 | 74,939,717 | ||||||||||||||||
Total net increase (decrease) | 31,875,222 | 383,797,286 | 4,214,435 | 50,188,536 | (21,250,602) | (258,158,327) | 14,839,055 | 175,827,495 | ||||||||||||||||
Global Value Fund | ||||||||||||||||||||||||
Class I | 209,647 | 2,736,541 | 98,305 | 1,263,214 | (615,344) | (8,347,201) | (307,392) | (4,347,446) | ||||||||||||||||
Class A | 10,557 | 143,991 | 3,651 | 46,949 | (8,982) | (120,261) | 5,226 | 70,679 | ||||||||||||||||
Total net increase (decrease) | 220,204 | 2,880,532 | 101,956 | 1,310,163 | (624,326) | (8,467,462) | (302,166) | (4,276,767) | ||||||||||||||||
International Value Fund | ||||||||||||||||||||||||
Class I | 4,849 | 55,426 | 4,397 | 46,789 | (160) | (1,724) | 9,086 | 100,491 | ||||||||||||||||
Total net increase (decrease) | 4,849 | 55,426 | 4,397 | 46,789 | (160) | (1,724) | 9,086 | 100,491 | ||||||||||||||||
International Small Cap Diversified Value Fund | ||||||||||||||||||||||||
Class I | 6,948 | 78,233 | 16,426 | 170,335 | (108) | (1,119) | 23,266 | 247,449 | ||||||||||||||||
Total net increase (decrease) | 6,948 | 78,233 | 16,426 | 170,335 | (108) | (1,119) | 23,266 | 247,449 | ||||||||||||||||
58 |
Sales | Reinvestment of dividends and distributions | Redemptions | Net increase (decrease) | |||||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | |||||||||||||||||
Value Opportunities Fund | ||||||||||||||||||||||||
Class I | 2,400,650 | $79,099,826 | 142,727 | $4,574,388 | (2,909,676) | $(92,580,977) | (366,299) | $(8,906,763) | ||||||||||||||||
Class A | 278,221 | 9,199,549 | 42,933 | 1,375,990 | (441,687) | (14,375,081) | (120,533) | (3,799,542) | ||||||||||||||||
Class C | 36,516 | 1,087,462 | 14,132 | 408,846 | (200,613) | (5,881,419) | (149,965) | (4,385,111) | ||||||||||||||||
Class Z | 26,685 | 900,593 | 35,327 | 1,132,228 | (14,297) | (448,622) | 47,715 | 1,584,199 | ||||||||||||||||
Total net increase (decrease) | 2,742,072 | 90,287,430 | 235,119 | 7,491,452 | (3,566,273) | (113,286,099) | (589,082) | (15,507,217) | ||||||||||||||||
High Yield Fund | ||||||||||||||||||||||||
Class I | 35,060,777 | 351,940,326 | 2,717,597 | 27,222,670 | (31,792,242) | (317,555,463) | 5,986,132 | 61,607,533 | ||||||||||||||||
Class A | 853,540 | 8,539,861 | 135,655 | 1,345,640 | (1,131,098) | (11,322,133) | (141,903) | (1,436,632) | ||||||||||||||||
Class C | 10,269 | 104,755 | 2,470 | 24,709 | (61,878) | (612,288) | (49,139) | (482,824) | ||||||||||||||||
Class Z | 2,867,417 | 28,835,960 | 628,414 | 6,294,770 | (2,177,730) | (21,863,434) | 1,318,101 | 13,267,296 | ||||||||||||||||
Total net increase (decrease) | 38,792,003 | 389,420,902 | 3,484,136 | 34,887,789 | (35,162,948) | (351,353,318) | 7,113,191 | 72,955,373 | ||||||||||||||||
Issuer Name | Value at June 30, 2023 | Purchases | Sales | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation/ Depreciation | Value at June 30, 2024 | Dividends | Shares Held at June 30, 2024 | ||||||||||||||||
Hudson Global, Inc. | $ 3,280,985 | $ — | $ — | $ — | $ (831,675) | $ 2,449,310 | $ — | 147,460 | ||||||||||||||||
$3,280,985 | $— | $— | $— | $(831,675) | $2,449,310 | $— | ||||||||||||||||||
Issuer Name | Value at June 30, 2023 | Purchases | Sales | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation/ Depreciation | Value at June 30, 2024 | Dividends | Shares Held at June 30, 2024 | ||||||||||||||||
Iracore Investments Holdings, Inc. | $10,178,239 | $ — | $ — | $ — | $802,444 | $10,980,683 | $566,882 | 32,422 | ||||||||||||||||
$10,178,239 | $— | $— | $— | $ 802,444 | $10,980,683 | $566,882 | ||||||||||||||||||
59 |
Issuer Name | Value at June 30, 2023 | Purchases | Sales | Net Realized Gains (Losses) | Net Change in Unrealized Appreciation/ Depreciation | Value at June 30, 2024 | Dividends | Shares Held at June 30, 2024 | ||||||||||||||||
Iracore Investments Holdings, Inc. | $7,019,789 | $ — | $— | $ — | $553,435 | $ 7,573,224 | $390,970 | 22,361 | ||||||||||||||||
Metals Recovery Holdings LLC | 7,620,273 | — | (1,165,858)* | — | (6,384,739) | 69,676 | — | 116,127 | ||||||||||||||||
PetroQuest Energy, Inc. | 0 | — | — | — | — | 0 | — | 89,691 | ||||||||||||||||
$14,640,062 | $— | $(1,165,858) | $— | $(5,831,304) | $7,642,900 | $390,970 | ||||||||||||||||||
| * | Reduction due to return of capital distributions. |
60 |
Class C Prior to Conversion | Conversion Ratio | Class A Shares | ||||||||||
Dollars | Shares | |||||||||||
Diversified Value | $585,816 | 18,764 | 1.001636 | 18,795 | ||||||||
Large Cap 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 | ||||||||
61 |
Current Fund Name | New Fund Name | ||
Hotchkis & Wiley Diversified Value Fund | Hotchkis & Wiley Large Cap Disciplined Value Fund | ||
Hotchkis & Wiley Large Cap Value Fund | Hotchkis & Wiley Large Cap Fundamental Value Fund | ||
62 |
63 |
64 |
65 |
66 |
Shares | Value | |||||||||||
COMMON STOCKS - 92.0% | ||||||||||||
Aerospace & Defense - 2.3% | ||||||||||||
Babcock International Group PLC | 222,070 | $1,467,180 | ||||||||||
Automobiles - 0.9% | ||||||||||||
General Motors Co. | 12,210 | 567,277 | ||||||||||
Banks - 3.6% | ||||||||||||
Citigroup, Inc. | 12,200 | 774,212 | ||||||||||
Citizens Financial Group, Inc. | 13,830 | 498,295 | ||||||||||
Popular, Inc. | 11,420 | 1,009,871 | ||||||||||
2,282,378 | ||||||||||||
Broadline Retail - 0.4% | ||||||||||||
Articore Group Ltd.(a) | 884,900 | 244,981 | ||||||||||
Capital Markets - 1.8% | ||||||||||||
Bank of New York Mellon Corp. | 4,000 | 239,560 | ||||||||||
Morgan Stanley | 6,200 | 602,578 | ||||||||||
State Street Corporation | 4,600 | 340,400 | ||||||||||
1,182,538 | ||||||||||||
Chemicals - 9.4% | ||||||||||||
Ecovyst, Inc.(a) | 387,600 | 3,476,771 | ||||||||||
Olin Corp. | 54,900 | 2,588,535 | ||||||||||
6,065,306 | ||||||||||||
Communications Equipment - 5.8% | ||||||||||||
F5, Inc.(a) | 17,200 | 2,962,356 | ||||||||||
Telefonaktiebolaget LM Ericsson - ADR | 120,100 | 741,017 | ||||||||||
3,703,373 | ||||||||||||
Construction & Engineering - 1.6% | ||||||||||||
Fluor Corp.(a) | 23,100 | 1,006,005 | ||||||||||
Consumer Finance - 2.3% | ||||||||||||
Discover Financial Services | 1,200 | 156,972 | ||||||||||
SLM Corp. | 64,608 | 1,343,200 | ||||||||||
1,500,172 | ||||||||||||
Electronic Equipment, Instruments & Components - 1.6% | ||||||||||||
Arrow Electronics, Inc.(a) | 8,550 | 1,032,498 | ||||||||||
Energy Equipment & Services - 7.0% | ||||||||||||
Baker Hughes Co. | 36,500 | 1,283,705 | ||||||||||
NOV, Inc. | 168,000 | 3,193,680 | ||||||||||
4,477,385 | ||||||||||||
Ground Transportation - 4.1% | ||||||||||||
U-Haul Holding Co. | 44,250 | 2,655,885 | ||||||||||
Health Care Equipment & Supplies - 2.2% | ||||||||||||
GE HealthCare Technologies, Inc. | 7,500 | 584,400 | ||||||||||
Medtronic PLC | 10,600 | 834,326 | ||||||||||
1,418,726 | ||||||||||||
Health Care Providers & Services - 0.6% | ||||||||||||
CVS Health Corp. | 7,000 | 413,420 | ||||||||||
Hotels, Restaurants & Leisure - 4.2% | ||||||||||||
Entain PLC | 56,700 | 449,612 | ||||||||||
Lottomatica Group SpA(a) | 57,000 | 687,973 | ||||||||||
Shares | Value | |||||||||||
Marriott Vacations Worldwide Corp. | 17,900 | $1,563,028 | ||||||||||
2,700,613 | ||||||||||||
Industrial Conglomerates - 8.4% | ||||||||||||
Siemens AG | 18,600 | 3,461,934 | ||||||||||
Siemens AG - ADR | 20,800 | 1,939,600 | ||||||||||
5,401,534 | ||||||||||||
Insurance - 3.1% | ||||||||||||
Enstar Group Ltd.(a) | 4,400 | 1,345,080 | ||||||||||
Global Indemnity Group LLC - Class A | 19,754 | 614,065 | ||||||||||
1,959,145 | ||||||||||||
Interactive Media & Services - 1.7% | ||||||||||||
Alphabet, Inc. - Class A | 6,180 | 1,125,687 | ||||||||||
Media - 10.1% | ||||||||||||
Comcast Corp. - Class A | 10,700 | 419,012 | ||||||||||
National CineMedia, Inc.(a) | 177,800 | 780,542 | ||||||||||
Stagwell, Inc.(a) | 657,680 | 4,485,377 | ||||||||||
WPP PLC - ADR | 18,500 | 846,930 | ||||||||||
6,531,861 | ||||||||||||
Multi-Utilities - 0.8% | ||||||||||||
Dominion Energy, Inc. | 10,100 | 494,900 | ||||||||||
Oil Gas & Consumable Fuels - 4.8% | ||||||||||||
APA Corp. | 40,300 | 1,186,432 | ||||||||||
Kosmos Energy Ltd.(a) | 342,900 | 1,899,666 | ||||||||||
3,086,098 | ||||||||||||
Passenger Airlines - 3.9% | ||||||||||||
Qantas Airways Ltd.(a) | 648,470 | 2,523,661 | ||||||||||
Professional Services - 4.8% | ||||||||||||
Hudson Global, Inc.(a) | 2,250 | 37,373 | ||||||||||
Randstad NV | 67,600 | 3,069,213 | ||||||||||
3,106,586 | ||||||||||||
Semiconductors & Semiconductor Equipment - 0.6% | ||||||||||||
Micron Technology, Inc. | 2,900 | 381,437 | ||||||||||
Software - 4.2% | ||||||||||||
Microsoft Corp. | 160 | 71,512 | ||||||||||
Workday, Inc. - Class A(a) | 11,900 | 2,660,364 | ||||||||||
2,731,876 | ||||||||||||
Tobacco - 0.1% | ||||||||||||
Philip Morris International, Inc. | 400 | $40,532 | ||||||||||
Trading Companies & Distributors - 1.7% | ||||||||||||
WESCO International, Inc. | 7,000 | 1,109,640 | ||||||||||
TOTAL COMMON STOCKS (Cost $56,066,556) | $59,210,694 | |||||||||||
PREFERRED STOCKS - 1.4% | ||||||||||||
Financial Services - 1.4% | ||||||||||||
Federal Home Loan Mortgage Corp., Series Z, Perpetual(a) | 188,800 | 906,240 | ||||||||||
TOTAL PREFERRED STOCKS (Cost $443,396) | 906,240 | |||||||||||
1 |
Notional Amount | Contracts | Value | ||||||||||
PURCHASED OPTIONS - 1.1%(b)(c) | ||||||||||||
Put Options - 1.1% | ||||||||||||
Asana, Inc., Expiration: 01/17/2025; Exercise Price: $30.00(a) | 195,860 | 140 | $231,700 | |||||||||
iShares China Large-Cap ETF, Expiration: 01/17/2025; Exercise Price: $29.85(a) | 987,620 | 380 | 181,450 | |||||||||
iShares U.S. Real Estate ETF, Expiration: 01/16/2026; Exercise Price: $70.00(a) | 3,509,600 | 400 | 120,000 | |||||||||
Tesla, Inc., Expiration: 06/18/2026; Exercise Price: $200.00(a) | 811,308 | 41 | 200,490 | |||||||||
Total Put Options | 733,640 | |||||||||||
TOTAL PURCHASED OPTIONS (Cost $817,495) | 733,640 | |||||||||||
Par | ||||||||||||
SHORT-TERM INVESTMENTS - 5.2% | ||||||||||||
Time Deposits - 5.2% | ||||||||||||
Citigroup, Inc., 4.68%, 07/01/2024(d) | 3,124,234 | 3,124,234 | ||||||||||
Citigroup, Inc., 2.59%, 07/01/2024(d) | EUR | 181,773 | 194,670 | |||||||||
Royal Bank of Canada, 4.15%, 07/01/2024(d) | GBP | 5,118 | 6,470 | |||||||||
TOTAL SHORT-TERM INVESTMENTS (Cost $3,326,728) | 3,325,374 | |||||||||||
TOTAL INVESTMENTS - 99.7% (Cost $60,654,175) | 64,175,948 | |||||||||||
Other Assets in Excess of Liabilities - 0.3% | $ 171,075 | |||||||||||
TOTAL NET ASSETS - 100.0% | $64,347,023 | |||||||||||
(a) | Non-income producing security. |
(b) | Exchange-traded. |
(c) | 100 shares per contract. |
(d) | Invested through a cash management account administered by Brown Brothers Harriman & Co. |
2 |
ASSETS: | |||
Long-term investments, at value* | |||
Unaffiliated issuers | $60,850,574 | ||
Short-term investments* | 3,325,374 | ||
Cash | 13,806 | ||
Cash denominated in foreign currencies# | 460 | ||
Dividends and interest receivable | 54,607 | ||
Receivable for investments sold | 167,383 | ||
Receivable for Fund shares sold | 116,970 | ||
Receivable from Advisor | 13,017 | ||
Other assets | 21,950 | ||
Total assets | $64,564,141 | ||
LIABILITIES: | |||
Payable for investments purchased | 173,863 | ||
Payable for Fund shares repurchased | 2,716 | ||
Accrued expenses and other liabilities | 40,539 | ||
Total liabilities | 217,118 | ||
Commitments and contingencies (Note 6) | |||
Net assets | $64,347,023 | ||
Net Assets Consist of: | |||
Paid-in capital | $56,992,266 | ||
Total accumulated distributable earnings | $7,354,757 | ||
Net assets | $64,347,023 | ||
Calculation of Net Asset Value Per Share and Public Offering Price Per Share | |||
Net assets | $64,347,023 | ||
Shares outstanding (unlimited shares $0.001 par value authorized) | 4,170,857 | ||
Net asset value per share | $15.43 | ||
*Cost of long-term investments Unaffiliated issuers | $57,327,447 | ||
*Cost of short-term investments | 3,326,728 | ||
#Cost of cash denominated in foreign currencies | $460 | ||
3 |
Investment income: | |||
Dividends* | |||
Unaffiliated issuers | $1,055,520 | ||
Interest | 99,400 | ||
Total income | 1,154,920 | ||
Expenses: | |||
Professional fees and expenses | 29,260 | ||
Custodian fees and expenses | 9,495 | ||
Transfer agent fees and expenses | 11,227 | ||
Accounting fees and expenses | 24,834 | ||
Administration fees and expenses | 68,722 | ||
Compliance fees and expenses | 4,663 | ||
Trustees’ fees and expenses | 8,623 | ||
Reports to shareholders | 6,370 | ||
Registration fees | 26,663 | ||
Other expenses | 9,853 | ||
Total expenses | 199,710 | ||
Fee waiver/expense reimbursement by Advisor (Note 2) | (199,710) | ||
Net expenses | — | ||
Net investment income | 1,154,920 | ||
Realized and Unrealized Gains (Losses): | |||
Net realized gains (losses) from: | |||
Sales of unaffiliated issuers | 5,203,432 | ||
Foreign currency transactions | (16,830) | ||
Net realized gains | 5,186,602 | ||
Net change in unrealized appreciation/depreciation of: | |||
Securities of unaffiliated issuers and foreign currency translations | 3,550,694 | ||
Net change in unrealized appreciation/depreciation | 3,550,694 | ||
Net gains | 8,737,296 | ||
Net Increase in Net Assets Resulting from Operations | $ 9,892,216 | ||
*Net of Foreign Taxes Withheld | $65,065 | ||
4 |
Year ended June 30, | ||||||
2024 | 2023 | |||||
Operations: | ||||||
Net investment income | $1,154,920 | $854,128 | ||||
Net realized gains | 5,186,602 | 1,234,566 | ||||
Net change in unrealized appreciation/depreciation | 3,550,694 | 4,509,376 | ||||
Net increase in net assets resulting from operations | 9,892,216 | 6,598,070 | ||||
Dividends and Distributions to Shareholders: | ||||||
Net decrease in net assets resulting from dividends and distributions to shareholders | (3,592,945) | (742,705) | ||||
Capital Share Transactions: | ||||||
Net increase in net assets resulting from capital share transactions | 11,986,453 | 10,763,374 | ||||
Net Assets: | ||||||
Total increase in net assets | 18,285,724 | 16,618,739 | ||||
Beginning of year | 46,061,299 | 29,442,560 | ||||
End of year | $ 64,347,023 | $ 46,061,299 | ||||
5 |
Income (loss) from investment operations | Dividends and distributions | Ratios to Average Net Assets | |||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income1 | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in thousands) | Expenses, net of reimbursement | Expenses, before reimbursement | Net investment income | |||||||||||||||||||||||||||
Year ended 6/30/2024 | $13.75 | $0.31 | $2.38 | $2.69 | $(0.28) | $(0.73) | $(1.01) | $15.43 | 20.57% | $64,347 | 0.00% | 0.36% | 2.11% | ||||||||||||||||||||||||||
Year ended 6/30/2023 | 10.95 | 0.28 | 2.75 | 3.03 | (0.13) | (0.10) | (0.23) | 13.75 | 27.92 | 46,061 | 0.00 | 0.74 | 2.21 | ||||||||||||||||||||||||||
Year ended 6/30/2022 | 12.90 | 0.20 | (1.96) | (1.76) | (0.09) | (0.10) | (0.19) | 10.95 | −13.88 | 29,443 | 0.00 | 1.36 | 1.59 | ||||||||||||||||||||||||||
Period from 12/30/20204 to 6/30/2021 | 10.00 | 0.12 | 2.78 | 2.90 | — | — | — | 12.90 | 29.00 | 631 | 0.003 | 45.413 | 2.023 | ||||||||||||||||||||||||||
Year Ended June 30, | Period December 30, 20204 through June 30, 2021 | ||||||||||||
2024 | 2023 | 2022 | |||||||||||
Portfolio turnover rate | 93% | 140% | 96% | 57% | |||||||||
1 | Net investment income per share has been calculated based on average shares outstanding during the period. |
2 | The Fund’s investment advisor contractually agreed to reimburse 100% of the Fund’s operating expenses (See Note 2). Without |
3 | Annualized. |
4 | Commencement of operations. |
6 |
7 |
Investments: | Level 1 | Level 2 | Level 3 | Total | ||||||||
Common Stocks | $47,551,121 | $11,659,573 | $ — | $59,210,694 | ||||||||
Preferred Stocks | 906,240 | — | — | 906,240 | ||||||||
Purchased Options | 320,490 | 413,150 | — | 733,640 | ||||||||
Time Deposits | — | 3,325,374 | — | 3,325,374 | ||||||||
Total Investments | $48,777,851 | $15,398,097 | $— | $64,175,948 | ||||||||
8 |
9 |
Location on Statement of Assets & Liabilities | ||||||
Equity Contracts: | ||||||
Purchased Put Options | Long-term investments | $733,640 | ||||
Equity Contracts: | |||
Purchased Put Options | $(1,106,280)* | ||
| * | Included with net realized gains (losses) from sales of unaffiliated issuers. |
Equity Contracts: | |||
Purchased Put Options | $273,925* | ||
| * | Included with net change in unrealized appreciation/depreciation of securities of unaffiliated issuers and foreign currency translations. |
Equity Contracts: | |||
Average Number of Contracts – Purchased Put Options | 1,039 | ||
Average Notional Amount – Purchased Put Options | $12,698,693 | ||
10 |
Tax cost of investments | $ 60,872,979 | ||
Gross unrealized appreciation | 6,834,232 | ||
Gross unrealized depreciation | (3,531,347) | ||
Net unrealized appreciation/depreciation | 3,302,885 | ||
Distributable ordinary income (as of 6/30/24)* | 2,285,021 | ||
Distributable long-term gains (as of 6/30/24) | 1,767,004 | ||
Total distributable earnings | 4,052,025 | ||
Other accumulated losses | (153) | ||
Total accumulated gains | $7,354,757 | ||
| * | Includes distributable short-term gains of $1,530,923. |
11 |
June 30, 2024 | June 30, 2023 | ||||||||
Ordinary Income Distributions | Long-Term Capital Gains Distributions | Ordinary Income Distributions | Long-Term Capital Gains Distributions | ||||||
$989,929 | $2,603,016 | $683,472 | $59,233 | ||||||
Sales | Reinvestment of dividends and distributions | Redemptions | Net increase | ||||||||||||||||||
Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||||||||
Year Ended June 30, 2024 | |||||||||||||||||||||
4,864,518 | $69,887,096 | — | $— | (4,043,023 ) | $(57,900,643 ) | 821,495 | $11,986,453 | ||||||||||||||
Year Ended June 30, 2023 | |||||||||||||||||||||
2,346,014 | $30,160,367 | — | $— | (1,684,810 ) | $(19,396,993 ) | 661,204 | $10,763,374 | ||||||||||||||
12 |
13 |
14 |
15 |
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
As a result of the Reorganization of the HW Opportunities MP Fund (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.
During the fiscal year ended June 30, 2023 and the subsequent interim period through December 15, 2023, there were no (1) disagreements with Cohen & Company, Ltd. on any matters of accounting principles or practices, financial statement disclosure, or auditing scope or procedures, which disagreements, if not resolved to their satisfaction, would have caused them to make reference in connection with their opinion to the subject matter of the disagreements, or (2) reportable events.
The audited reports by Cohen & Company, Ltd. on the financial statements of the Predecessor Fund as of and for the fiscal year ended June 30, 2023, did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. The Predecessor Fund has provided Cohen & Company, Ltd. with a copy of the disclosures and has requested that Cohen & Company, Ltd. furnish a letter stating whether it agrees with the statements and, if not, stating the respects in which it does not agree.
During the fiscal year ended June 30, 2023 and the subsequent interim period through December 15, 2023, (i) the Predecessor Fund did not (a) consult with Deloitte & Touche LLP as to the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the financial statements or (b) receive a written report or oral advice that Deloitte & Touche LLP concluded was an important factor considered in reaching a decision as to such accounting, auditing, or financial reporting issue; and (ii) the Predecessor Fund did not consult Deloitte & Touche LLP on any matter that was either the subject of a “disagreement” (as that term is defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions) or a “reportable event” (as that term is defined in Item 304(a)(1)(v) of Regulation S-K).
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
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 expenses” and “Trustees’ fees and expenses” as part of the financial statements filed under Item 7 of this Form N-CSR.
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 Diversified Value Fund, the Hotchkis and Wiley Large Cap 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 2024.
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 2024 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 2024 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, 2023 and for the three- and six-month, one-, three-, five- and ten-year periods, as applicable, ended March 31, 2024. 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 noted that all Funds outperformed the median returns of their respective primary benchmarks for the one-, three-, and five-year periods ended December 31, 2023, except that the Global Value Fund and the High Yield Fund underperformed their respective primary benchmarks for the five-year period. The Board also noted that all Funds outperformed the median returns of their respective Peer Groups for the one-, three- and five-year periods ended December 31, 2023, except that the High Yield Fund underperformed the median return of its Peer Group for the five-year period and the Small Cap Diversified Value Fund underperformed the median return of its Peer Group for the one-year period. The Board also considered that the International Small Cap Diversified Value Fund commenced operations on June 30, 2020 and did not have five years of performance history as of December 31, 2023. 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 Diversified Value, Large Cap Value, Small Cap Diversified Value, and Value Opportunities Funds’ contractual advisory fees were higher than the median contractual advisory fees of their respective Peer Groups, 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 Groups, 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 Groups. The Board also noted that the net expense ratios, after implementation of the expense caps for the Class I shares of all the Funds except the Small Cap Diversified Value Fund, International Small Cap Diversified Value Fund and High Yield Fund were above the median net expense ratio of their Peer Group. 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 2023, as in recent prior years, the Advisor had absorbed costs above expense caps for which it would not be reimbursed for the Diversified Value, Large Cap 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, 2025. 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 Diversified Value, Large Cap 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 2023 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 that in the aggregate the Funds’ fee levels are 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 the 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.
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. |
| (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 21, 2024 |
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 21, 2024 |
| By (Signature and Title) | /s/ James Menvielle | ||
| James Menvielle, Principal Financial Officer |
| Date | August 21, 2024 |
