Hotchkis & Wiley Funds NCSRS Certified semi-annual shareholder report (management investment company)

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 601 South Figueroa Street, 39th Floor Los Angeles, California 90017-5704
(Name and address of agent for service)

Copy to: Maureen A. Miller, Esq. Joseph M. Mannon, Esq. Vedder Price P.C. 222 North LaSalle Street, 26th Floor Chicago, IL 60601
(Counsel for the registrant)

Registrant’s telephone number, including area code:				(213) 430-1000

Date of fiscal year end:	June 30, 2020

Date of reporting period:		December 31, 2019

Item 1. Reports to Stockholders.

Hotchkis & Wiley Funds

Semi-annual Report

DECEMBER 31, 2019

DIVERSIFIED VALUE FUND

LARGE CAP VALUE FUND

MID-CAP VALUE FUND

SMALL CAP VALUE FUND

SMALL CAP DIVERSIFIED VALUE FUND

GLOBAL VALUE FUND

INTERNATIONAL VALUE FUND

VALUE OPPORTUNITIES FUND

CAPITAL INCOME FUND

HIGH YIELD FUND

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications electronically from the Funds by contacting your financial intermediary or, if you invest directly with a Fund, by calling 1-866-HW-FUNDS (1-866-493-8637).
You may elect to receive all future reports in paper free of charge. You can request to continue receiving paper copies of your shareholder reports by contacting your financial intermediary or, if you invest directly with a Fund, by calling 1-866-HW-FUNDS (1-866-493-8637) to let the Fund know of your request. Your election to receive reports in paper will apply to all funds held in your account.

TABLE OF CONTENTS

SHAREHOLDER LETTER					1
FUND INFORMATION					4
FUND PERFORMANCE DATA					6
SCHEDULE OF INVESTMENTS:
DIVERSIFIED VALUE FUND					16
LARGE CAP VALUE FUND					18
MID-CAP VALUE FUND					20
SMALL CAP VALUE FUND					22
SMALL CAP DIVERSIFIED VALUE FUND					24
GLOBAL VALUE FUND					30
INTERNATIONAL VALUE FUND					32
VALUE OPPORTUNITIES FUND					34
CAPITAL INCOME FUND					38
HIGH YIELD FUND					45
STATEMENTS OF ASSETS & LIABILITIES					51
STATEMENTS OF OPERATIONS					53
STATEMENTS OF CHANGES IN NET ASSETS					55
FINANCIAL HIGHLIGHTS					60
NOTES TO THE FINANCIAL STATEMENTS					65
FUND EXPENSE EXAMPLES					80
INFORMATION ABOUT THE FUNDS					BACK COVER

DEAR SHAREHOLDER:

The following investment review and shareholder report relates to the activities of the Hotchkis & Wiley Funds for the six months ended December 31, 2019.

OVERVIEW

In the six-month period ended December 31, 2019, the S&P 500^® Index (equity market) returned +10.9%, the MSCI World Index returned +9.1%, and the ICE BofAML U.S. High Yield Index (high yield market) returned +3.9%. For much of the period, the United States engaged in a trade war with China, its largest global trading partner. Near the end of the year, the U.S. House of Representatives impeached the President for just the third time in history. The uncertain path of Brexit was the major political story in Europe, though the UK's Conservative party election victory removed a "worst case" economic scenario. Equity and high yield markets largely shrugged off the tumultuous geopolitical landscape and performed well in the second half of calendar year 2019.

Equity markets' price-to-earnings (P/E) ratios expanded in the period, explaining essentially all of the markets' performance. Equities as a group trade at valuations higher than historical averages; the forward P/E on the MSCI World Index is about 15% above its 20-year average. Interest rates, however, are considerably lower than historical averages. The 10-year U.S. treasury yield is just 1.9% compared to its 20-year average of 3.4%; the 10- year UK Gilt yield is 0.8% compared to its 20-year average of 3.3%; the 10-year German Bund yield is –0.2% compared to its 20-year average of 2.6%.

Information technology was the top-performing global equity sector, by a large margin, returning +17%, though nearly all sectors delivered positive performance. Energy was the lone exception, returning –1%. Over the past 3 years, energy was the MSCI World Index's worst-performing sector, returning +1% compared to the overall index return of +43%, cumulatively. The second-worst performing sector during this time was financials with a +30% return. The MSCI World Growth Index outperformed the MSCI World Value Index (+10.4% vs. +7.9%). Global growth outperformed value in 9 of the last 10 calendar years with cumulative outperformance of more than 70% (+186% vs. +112%, or +11.1% vs. +7.8% annualized). Nearly all of this occurred in the last three years. The lopsided performance has resulted in a wider-than-normal valuation spread between growth and value. Over the past 20 years, the average forward P/E for the MSCI World Growth Index has been 5.0x above that of the MSCI World Value Index. As of December 31, 2019, the forward P/E for the growth and value indices were 25.4x and 14.2x, respectively, or a spread of 11.2x. Over the past 20 years, this valuation gap has been wider only 6% of the time (and only during the tech/internet bubble). Using price-to-book instead of price-to-earnings, the current valuation gap has been exceeded only 5% of the time historically, with the tech/internet bubble again representing the lone exception.

In the high yield market, yields fell and the spread over treasuries narrowed in the period. At year end, the yield-to-worst for the ICE BofAML U.S. High Yield Index was 5.41%, which represented a spread over treasuries of 360 basis points. Yields and spreads for low rated credits increased ever so slightly, however, further widening the valuation gap relative to higher rated credits. Yields and spreads declined less for small/mid cap credits than for large caps, further extending small/mid caps' yield/spread advantage. The high yield market's

default rate, including distressed exchanges, was 2.86% at year end, an increase of about one percentage point from a year ago but below the long-term average of 3.44%. The default rate would have been just 1.26% without the energy and metals & mining sectors. The default rate for the energy sector was about 11%, by far the highest among all sectors. Unsurprisingly, energy was the also the worst-performing sector in the high yield market by a large margin, returning –1.9% in the six-month period ended December 31, 2019; all other sectors returned between +3% and +9%.

While the overall global equity and high yield markets appear fairly/fully valued compared to history, we believe the valuation disparities across both markets create an investment environment highly conducive to long-term focused active management, particularly in relative terms. The Funds exhibit considerable valuation/spread advantages and consist of good underlying businesses which leaves us confident about the portfolios' prospects.

HOTCHKIS & WILEY DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of 8.19% for the six-month period ended December 31, 2019 compared to the Russell 1000^® Value Index return of 8.86%.

The Fund underperformed the Russell 1000^® Value Index in the six-month period ended December 31, 2019. Growth outperformed value, which is a stylistic headwind for the Fund considering it trades at a valuation discount to the value index. The Fund's average weight to stocks that began the period with a market capitalization of more than $100 billion was 28% compared to 39% for the Russell 1000^® Value. This underweight hurt as mega cap stocks outperformed the overall index. Stock selection in information technology, consumer discretionary, and communication services detracted from performance. Positive stock selection in health care, energy, financials, and utilities helped relative performance in the period. The largest detractors to relative performance in the period were Corning, Oracle, AIG, Apache, and General Motors; the largest positive contributors were State Street, Microsoft, Wells Fargo, PPL, and Vodafone.

HOTCHKIS & WILEY LARGE CAP VALUE FUND

The Fund's Class I shares had a total return of 8.14% for the six-month period ended December 31, 2019 compared to the Russell 1000^® Value Index return of 8.86%.

The Fund underperformed the Russell 1000^® Value index during the six-month period ended December 31, 2019. The Fund trades at a valuation discount to the value index, so periods when growth outperforms value typically represent a performance headwind. The Russell 1000^® Growth outperformed the Russell 1000^® Value by 3.4% over the period which hurt relative performance. Stock selection in information technology, consumer discretionary, and communication services detracted from performance over the six months. Positive stock selection in health care, financials, utilities, and energy helped relative performance in the period. The largest detractors to relative performance it the period were Corning, Oracle, AIG, Apache, and General Motors; the largest positive contributors were State Street, Microsoft, Wells Fargo, Vodafone, and PPL.

HOTCHKIS & WILEY MID-CAP VALUE FUND

The Fund's Class I shares had a total return of 0.71% for the six-month period ended December 31, 2019 compared to the Russell Midcap^® Value Index return of 7.66%.

The Fund underperformed the Russell Midcap^® Value Index in the six-month period ended December 31, 2019. Throughout the period, there was an unusually strong correlation between company size and performance within the mid cap market, as larger market cap companies outperformed smaller market cap companies. This had a large negative effect on relative performance. For example, Russell Midcap^® Value stocks that began the period with a market cap over $20 billion returned more than +12% while stocks that began the period with a market cap under $5 billion returned –1.6%. The portfolio's average weight in the larger cap group was 12% compared to 30% for the index, while the portfolio's average weight in the smaller group was 51% compared to 11% for the index; the smaller cap bias was an insurmountable headwind during the six months. The overweight and stock selection in energy was a large detractor in the period, along with stock selection in industrials and information technology. Positive stock selection in consumer discretionary, financials, and utilities helped relative performance. The largest detractors to relative performance in the period were Whiting Petroleum, McDermott International, Mallinckrodt, Kosmos Energy, and C&J Energy Services; the largest positive contributors were Bed Bath & Beyond, Office Depot, NexTier Oilfield Solutions, Cairn Energy, and Royal Mail.

HOTCHKIS & WILEY SMALL CAP VALUE FUND

The Fund's Class I shares had a total return of 6.39% for the six-month period ended December 31, 2019 compared to the Russell 2000^® Value Index return of 7.87%.

The Fund underperformed the Russell 2000^® Value index during the six-month period ended December 31, 2019. The overweight position and stock selection in energy detracted from performance, along with stock selection in real estate, information technology, and industrials. Positive stock selection in consumer discretionary, financials, and health care helped relative performance. The largest detractors to relative performance in the period were Seritage Growth Properties, Whiting Petroleum, Resideo Technologies, GEO Group, and Avnet; the largest positive contributors were Hanger, Office Depot, Masonite International, Sonic Automotive, and Diodes.

HOTCHKIS & WILEY SMALL CAP DIVERSIFIED VALUE FUND

The Fund's Class I shares had a total return of 7.78% for the six-month period ended December 31, 2019 compared to the Russell 2000^® Value Index return of 7.87%.

The Fund underperformed the Russell 2000^® Value in the six-month period ended December 31, 2019. Over the course of the six months, there was an unusually strong correlation between company size and performance, with larger market cap companies outperforming smaller market cap companies. Stocks in the Russell 2000^® Value that began the period with a market cap of less than $1 billion returned –1% while stocks with a market cap of more than $1 billion returned

+11%. The portfolio's average weight in the smaller market cap group was 42% compared to 26% for the index, and the average weight in the larger market cap group was 55% compared to 74% for the index (portfolio cash averaged 2%). The smaller cap bias had a large negative effect on relative performance. Positive stock selection compensated for this effect, with consumer discretionary, financials, energy, and health care being the largest contributors. Stock selection in real estate, information technology and consumer staples hurt relative performance.

HOTCHKIS & WILEY GLOBAL VALUE FUND

The Fund's Class I shares had a total return of 7.91% for the six-month period ended December 31, 2019 compared to the MSCI World Index return of 9.14%.

The Fund underperformed the MSCI World Index over the six-month period ended December 31, 2019. Two stylistic headwinds explain all the underperformance relative to the broad benchmark. First, value lagged growth, so our value focused approach was a considerable headwind relative to the broad/core benchmark (the Fund performed in line with the MSCI World Value Index of 7.85%). Second, there was a strong correlation between company size and performance, with larger market cap companies outperforming smaller market cap companies. MSCI World Index stocks that began the period with a market cap under $10 billion returned about +2.5% over the six months, while stocks with a market cap over $100 billion returned about +12%. The portfolio's average weight in the smaller cap group was 21% compared to 8% for the index, while the portfolio's average weight in the larger cap group was 18% compared to 41% for the index. From a sector perspective, stock selection in information technology, energy, real estate, and consumer staples hurt relative performance. Positive stock selection in financials, communication services, and health care helped. The largest detractors to relative performance in the period were Whiting Petroleum, AIG, Corning, Oracle, and Seritage Growth Properties; the largest positive contributors were Societe Generale, Royal Mail, BAE Systems, Vodafone, and Barclays.

HOTCHKIS & WILEY INTERNATIONAL VALUE FUND

The Fund's Class I shares had a total return of 10.51% for the six-month period ended December 31, 2019 compared to the MSCI World ex-USA Index return of 6.85%.

The Fund outperformed the MSCI World ex-USA Index over the six-month period ended December 31, 2019. International growth outperformed value and international small caps outperformed large caps, both of which presented a brisk performance headwind for the Fund. Positive stock selection across an array of sectors more than made up for the stylistic headwinds. Stock selection was positive or neutral in 9 of the 11 GIGS^® sectors, and was particularly helpful in financials. The overweight position in energy and stock selection in consumer staples and information technology detracted from performance. The largest positive contributors to relative performance in the period were Societe Generate, BAE Systems, Royal Mail, Vodafone, and BNP Paribas; the largest detractors were Embraer, Frank's International, Ericsson, Heineken, and Danieli.

HOTCHKIS & WILEY VALUE OPPORTUNITIES FUND

The Fund's Class I shares had a total return of 5.67% for the six-month period ended December 31, 2019 compared to the Russell 3000^® Value Index return of 8.80%.

The Fund underperformed the Russell 3000^® Value Index during the six-month period ended December 31, 2019. The portfolio's non-equity exposure was the largest performance detractor, as select fixed income securities and put options underperformed. The Fund's small cap bias was also a headwind as large caps outperformed small caps; the Fund averaged a 15% weight in stocks below $3 billion compared to 6% for the index and 27% in stocks over $100 billion compared to 36% for the index. Security selection in consumer discretionary, information technology, and real estate hurt relative performance; positive security selection in energy, financials, and health care helped. The largest detractors to relative performance in the period were Tesla put options, Seritage Growth Properties, Motors Liquidation Trust, Oracle, and Corning; the largest positive contributors were Microsoft, Royal Mail, Vodafone, Cairn Energy, and Office Depot.

HOTCHKIS & WILEY CAPITAL INCOME FUND

The Fund's Class Ishares had a total return of 3.98% for the six-month period ended December 31, 2019 compared to the 50/50 blended benchmark of the S&P 500^® Index and the ICE BofAML U.S. Corporate, Government and Mortgage Index return of 6.71%.

The Fund underperformed the 50/50 blended benchmark over the six-month period ended December 31, 2019. The Fund's average equity exposure over the period was 56% with the remaining 44% invested in high yield credits; the long-term target is 50% in each. The equity overweight helped as equities outperformed bonds over the six months. The equity portion of the Fund underperformed the S&P 500^® Index in the period as the value bias and outsized exposure to small and mid cap equities hurt. The overweight and stock selection in energy detracted from performance along with stock selection in information technology and real estate. Positive stock selection in financials, industrials, and consumer discretionary helped relative performance. The high yield portion of the Fund underperformed the ICE BofAML U.S. Corporate, Government and Mortgage Index and the ICE BofAML U.S. High Yield Index over the period. Relative to the high yield index, the Fund's small/mid cap bias hurt relative performance as larger cap credits outperformed. The overweight and credit selection in energy was a considerable detractor in the period, along with credit selection in media, consumer goods, and services. Positive credit selection in leisure, automotive, and capital goods helped relative performance.

HOTCHKIS & WILEY HIGH YIELD FUND

The Fund's Class I shares had a total return of 1.62% for the six-month period ended December 31, 2019 compared to the ICE BofAML BB-B U.S. High Yield Constrained return of 4.29%.

The Fund underperformed the ICE BofAML BB-B U.S. High Yield Constrained Index over the six-month period ended December 31, 2019. The Fund is overweight small and mid cap credits and underweight large cap credits. This hurt relative performance as large cap credits

outperformed small and mid caps. Credit selection in energy was the largest performance detractor in the period as select exploration & production and oilfield service credits underperformed. Credit selection in consumer goods and services along with the underweight in telecommunications also hurt performance. Positive credit selection in automotive, leisure, and capital goods helped relative performance.

CONCLUSION

We appreciate your continued support of the Hotchkis & Wiley Funds, and we look forward to serving your investment needs in the future.

Sincerely,


Anna Marie Lopez President	George Davis Fund Manager	Scott McBride Fund Manager

Patty McKenna Fund Manager	James Miles Fund Manager	Stan Majcher Fund Manager

David Green Fund Manager	Judd Peters Fund Manager	Ray Kennedy Fund Manager

Mark Hudoff Fund Manager	Patrick Meegan Fund Manager	Scott Rosenthal Fund Manager

Richard Mak Fund Manager	Ryan Thomes Fund Manager	Noah Mayer Fund Manager

Hunter Doble Fund Manager

Fund Information

ABOUT FUND PERFORMANCE

Class I shares have no initial sales charge and bear no ongoing distribution and service fees under a 12b-1 plan. Class I shares are available only to eligible investors.

Class A shares incur a maximum initial sales charge of 5.25% for the Diversified Value Fund, Large Cap Value Fund, Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund and Value Opportunities Fund, 4.75% for the Capital Income Fund and 3.75% for the High Yield Fund and an annual distribution and service fee of 0.25%.

Class C shares are subject to an annual distribution and service fee of 1.00%. In addition, Class C shares are subject to a 1.00% contingent deferred sales charge (CDSC) if redeemed within one year after purchase. Class C shares automatically convert to Class A shares approximately eight years after purchase and will then be subject to lower annual distribution and service fees.

Class Z shares have no initial sales charge and bear no ongoing distribution and service fees under a 12b-1 plan. Class Z shares are available only to eligible investors (provided that no compensation, administrative payments, sub-transfer agency payments and service payments are required).

FUND RISKS

Mutual fund investing involves risk; loss of principal is possible. The Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund and Value Opportunities Fund invest in small- and medium-capitalization companies which tend to have limited liquidity and greater price volatility than large-capitalization companies. The Value Opportunities Fund is a non-diversified fund which involves greater risk than investing in diversified funds, such as business risk, significant stock price fluctuations and sector concentration. Growth stocks typically are more volatile than value stocks; however, value stocks have a lower expected growth rate in earnings and sales. The Value Opportunities Fund, Capital Income Fund and High Yield Fund invest in debt securities that decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment by the Value Opportunities Fund, Capital Income Fund and High Yield Fund in lower-rated and non-rated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Value Opportunities Fund, Capital Income Fund and High Yield Fund may utilize derivative instruments, which derive their performance from the performance of an

underlying asset, index, interest rate or currency exchange rate. Derivatives can be volatile and involve various types and degrees of risks. Depending upon the characteristics of particular derivatives, they can suddenly become illiquid. Investments by the Capital Income Fund and High Yield Fund in asset-backed and mortgage-backed securities include additional risks that investors should be aware of such as credit risk, prepayment risk, possible illiquidity and default, as well as increased susceptibility to adverse economic developments. The Funds may invest in foreign securities, including developed and emerging markets, which involve greater volatility and political, economic, and currency risks.

MARKET INDEXES

The following are definitions for indexes used in the shareholder letter and the fund performance data on the following pages. These indexes are unmanaged and include the reinvestment of dividends, but do not reflect the payment of transaction costs and advisory and other fees associated with an investment in the Funds. The securities that comprise these indexes may differ substantially from the securities in the Funds' portfolios. The Funds' value disciplines may prevent or restrict investments in the benchmark indexes. It is not possible to invest directly in an index. Each index named is not the only index which may be used to characterize performance of a specific Fund and other indexes may portray different comparative performance.

S&P 500^® Index, a capital weighted, unmanaged index, represents the aggregate market value of the common equity of 500 stocks primarily traded on the New York Stock Exchange.

Russell 1000^® Index, an unmanaged index, measures the performance of the 1,000 largest companies in the Russell 3000^® Index.

Russell 1000^® Growth Index measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000^® Value Index measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap^® Index, an unmanaged index, measures the performance of the 800 smallest companies in the Russell 1000^® Index.

Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000^® Index, an unmanaged index, measures the performance of the 2,000 smallest companies in the Russell 3000^® Index.

Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000^® Index, an unmanaged index, is comprised of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

Russell 3000^® Value Index measures the performance of those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values.

Fund Information

MSCI World Index is a free float-adjusted weighted index capturing large and mid cap representation across 23 Developed Markets (DM) countries.

MSCI World Growth Index is the growth investment style of the MSCI World Index. The growth investment style characteristics for index construction are defined using five variables: long-term forward EPS growth rate, short-term forward EPS growth rate, current internal growth rate and long-term historical EPS growth trend and long-term historical sales per share growth trend.

MSCI World Value Index is the value investment style of the MSCI World Index. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield.

MSCI World ex-USA Index is a free float-adjusted weighted index capturing large and mid cap representation across 22 of 23 Developed Markets (DM) countries, excluding the United States.

ICE BofAML U.S. Corporate, Government and Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment grade bond markets. The Index is a capitalization weighted aggregation of outstanding U.S. Treasury, agency and supranational, mortgage pass-through, and investment grade corporate bonds meeting specified selection criteria.

ICE BofAML BB-B U.S. High Yield Constrained Index contains all securities in the ICE BofAML U.S. High Yield Index rated BB+ through B- by S&P (or equivalent as rated by Moody's or Fitch), but caps issuer exposure at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%.

ICE BofAML U.S. High Yield Index tracks the performance of below investment grade, but not in default, U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody's and S&P.

DISCLOSURE

Past performance does not guarantee future results.

The shareholder letter reflects opinions of Fund managers as of December 31, 2019. They are subject to change and any forecasts made cannot be guaranteed. The Funds might not continue to hold any securities mentioned and have no obligation to disclose purchases or sales in these securities. Please refer to the Schedule of Investments in this report for a complete list of Fund holdings for December 31, 2019. Indexes do not incur expenses or sales loads and are not available for investment.

The Global Industry Classification Standard (GICS^®) was developed by MSCI, an independent provider of global indices and benchmark-related products and services, and Standard & Poor's (S&P), an independent international financial data and investment services company. The GICS methodology has been widely accepted as an industry analysis framework for investment research, portfolio management and asset allocation. The GICS structure consists of 11 sectors, 24 industry groups, 69 industries and 158 sub-industries. Each stock that is classified will have a coding at all four of these levels.

Investing in value stocks presents the risk that value stocks may fall out of favor with investors and underperform other asset types during a given period.

Each type of asset class or investment product has a different risk-return profile, which should be considered when investing. All investments contain risk and may lose value.

Basis point (bp) is a unit equal to 1/100th of 1% (0.01%) and is used to denote the change in a financial instrument.

Book value is the net asset value of a company, calculated by subtracting total liabilities from total assets.

Market capitalization of a company is calculated by multiplying the number of outstanding shares by the current market price of a share.

Price-to-book (P/B) is the price of a stock dividend by its book value.

Price-to-earnings (P/E) is calculated by dividing the current price of a stock by the company's trailing 12 months' earnings per share.

Yield-to-worst is the lowest possible yield from owning a bond considering all potential call dates prior to maturity.

Credit Quality weights by rating were derived from the highest bond rating as determined by S&P, Moody's or Fitch. Bond ratings are grades given to bonds that indicate their credit quality as determined by private independent rating services such as S&P, Moody's and Fitch. These firms evaluate a bond issuer's financial strength, or its ability to pay a bond's principal and interest in a timely fashion. Ratings are expressed as letters ranging from 'AAA', which is the highest grade, to 'D', which is the lowest grade. In limited situations when none of the three rating agencies have issued a formal rating, the Advisor will classify the security as nonrated.

During the six months ended December 31, 2019, the Value Opportunities Fund held futures contracts, which resulted in unrealized gains, and purchased put options, which resulted in unrealized losses, and the Capital Income Fund and High Yield Fund held credit default swap contracts, which resulted in realized gains to each Fund.

Fund Performance Data

DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			10 Years			Since 8/30/04*
Class I
Average annual total return		8.19	%		29.26	%		7.58	%		11.60	%		7.33	%
Class A
Average annual total return (with sales charge)		2.43	%		22.15	%		6.18	%		10.71	%		6.69	%
Average annual total return (without sales charge)		8.10	%		28.92	%		7.33	%		11.32	%		7.07	%
Class C
Average annual total return (with CDSC)		6.72	%		27.04	%		6.52	%		10.48	%		6.28	%
Average annual total return (without CDSC)		7.72	%		28.04	%		6.52	%		10.48	%		6.28	%
S&P 500^® Index††
Average annual total return		10.92	%		31.49	%		11.70	%		13.56	%		9.53	%
Russell 1000^® Index††
Average annual total return		10.59	%		31.43	%		11.48	%		13.54	%		9.70	%
Russell 1000^® Value Index††
Average annual total return		8.86	%		26.54	%		8.29	%		11.80	%		8.31	%

Average annual total returns with sales charge and CDSC shown for Class A and Class C shares, respectively, have been adjusted to reflect the applicable sales charges of each specific class. Returns for Class A reflect the maximum initial sales charge of 5.25%. Class C shares have no adjustment for sales charges, but redemptions within one year of purchase may be subject to a CDSC of 1%. Average annual total returns without sales charge or CDSC do not reflect the sales charges. Had the sales charge or CDSC been included, the Fund's returns would have been lower.

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 1000^® Index.

†† See index descriptions in the Fund Information section.

††† Fund returns during certain periods shown reflect a fee waiver and/or expense reimbursement. Without waiver/reimbursement, returns would have been lower. Returns shown include the reinvestment of all dividends. Returns for periods less than one year are not annualized.

* Commencement of Class I, Class A and Class C.

Past performance is not indicative of future results and the graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

Fund Performance Data

LARGE CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			10 Years			Since 6/24/87*
Class I
Average annual total return		8.14	%		29.12	%		7.76	%		12.14	%		9.12	%
Class A
Average annual total return (with sales charge)		2.28	%		21.97	%		6.33	%		11.25	%		8.69	%
Average annual total return (without sales charge)		7.95	%		28.73	%		7.48	%		11.85	%		8.87	%
Class C
Average annual total return (with CDSC)		6.63	%		26.87	%		6.70	%		11.03	%		8.05	%
Average annual total return (without CDSC)		7.63	%		27.87	%		6.70	%		11.03	%		8.05	%
Class Z
Average annual total return		8.18	%		29.17	%		7.77	%		12.15	%		9.12	%
S&P 500^® Index††
Average annual total return		10.92	%		31.49	%		11.70	%		13.56	%		9.93	%
Russell 1000^® Index††
Average annual total return		10.59	%		31.43	%		11.48	%		13.54	%		10.02	%
Russell 1000^® Value Index††
Average annual total return		8.86	%		26.54	%		8.29	%		11.80	%		n/a

Returns shown for Class A, Class C, and Class Z shares for the periods prior to their inception are derived from the historical performance of Class I shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class A and Class C shares. (Inception dates: Class A — 10/26/01; Class C — 2/4/02; Class Z — 9/30/19.)

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 1000^® Index.

†† See index descriptions in the Fund Information section.

* Commencement of Class I.

Fund Performance Data

MID-CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			10 Years			Since 1/2/97*
Class I
Average annual total return		0.71	%		12.92	%		0.78	%		10.35	%		10.73	%
Class A
Average annual total return (with sales charge)		–4.68	%		6.77	%		–0.54	%		9.48	%		10.20	%
Average annual total return (without sales charge)		0.60	%		12.69	%		0.54	%		10.08	%		10.46	%
Class C
Average annual total return (with CDSC)		–0.77	%		10.84	%		–0.22	%		9.26	%		9.66	%
Average annual total return (without CDSC)		0.23	%		11.84	%		–0.22	%		9.26	%		9.66	%
Class Z
Average annual total return		0.75	%		12.97	%		0.79	%		10.35	%		10.73	%
Russell Midcap^® Index††
Average annual total return		7.58	%		30.54	%		9.33	%		13.19	%		10.31	%
Russell Midcap^® Value Index††
Average annual total return		7.66	%		27.06	%		7.62	%		12.41	%		10.30	%

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell Midcap^® Index.

†† See index descriptions in the Fund Information section.

* Commencement of Class I.

Fund Performance Data

SMALL CAP VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			10 Years			Since 9/20/85*
Class I
Average annual total return		6.39	%		20.40	%		3.85	%		11.97	%		11.06	%
Class A
Average annual total return (with sales charge)		0.69	%		13.82	%		2.48	%		11.09	%		10.63	%
Average annual total return (without sales charge)		6.28	%		20.13	%		3.60	%		11.69	%		10.81	%
Class C
Average annual total return (with CDSC)		4.89	%		18.25	%		2.82	%		10.86	%		10.01	%
Average annual total return (without CDSC)		5.89	%		19.25	%		2.82	%		10.86	%		10.01	%
Class Z
Average annual total return		6.43	%		20.45	%		3.86	%		11.97	%		11.06	%
Russell 2000^® Index††
Average annual total return		7.30	%		25.53	%		8.23	%		11.83	%		9.76	%
Russell 2000^® Value Index††
Average annual total return		7.87	%		22.39	%		6.99	%		10.56	%		n/a

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 2000^® Index.

†† See index descriptions in the Fund Information section.

* Commencement of Class I.

Fund Performance Data

SMALL CAP DIVERSIFIED VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			Since 6/30/14*
Class I
Average annual total return		7.78	%		21.66	%		7.65	%		7.45	%
Class A
Average annual total return (with sales charge)		1.91	%		15.05	%		6.24	%		6.13	%
Average annual total return (without sales charge)		7.60	%		21.39	%		7.39	%		7.17	%
Class Z
Average annual total return		7.80	%		21.69	%		7.65	%		7.45	%
Russell 2000^® Index††
Average annual total return		7.30	%		25.53	%		8.23	%		7.77	%
Russell 2000^® Value Index††
Average annual total return		7.87	%		22.39	%		6.99	%		6.33	%

Returns shown for Class Z shares for the periods prior to its inception are derived from the historical performance of Class I shares of the Fund during such periods. (Inception date: Class Z — 9/30/19.)

Average annual total returns with sales charge shown for Class A shares have been adjusted to reflect the applicable sales charge of the class. Returns for Class A reflect the maximum initial sales charge of 5.25%. Average annual total returns without sales charge do not reflect the sales charge. Had the sales charge been included, the Fund's returns would have been lower.

† The Fund invests primarily in equity securities of companies with market capitalizations similar to the Russell 2000^® Index.

†† See index descriptions in the Fund Information section.

* Commencement of Class I and Class A.

Fund Performance Data

GLOBAL VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			Since 12/31/12*
Class I
Average annual total return		7.91	%		24.52	%		5.91	%		9.26	%
Class A
Average annual total return (with sales charge)		2.14	%		17.68	%		4.54	%		8.17	%
Average annual total return (without sales charge)		7.80	%		24.26	%		5.67	%		9.00	%
MSCI World Index††
Average annual total return		9.14	%		27.67	%		8.74	%		10.58	%

Returns shown for Class A shares for the periods prior to its inception are derived from the historical performance of Class I shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of the class. (Inception date: Class A — 8/30/13.)

† The Fund invests primarily in U.S. and non-U.S. companies.

†† See index description in the Fund Information section.

* Commencement of Class I.

Fund Performance Data

INTERNATIONAL VALUE FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			Since 12/31/15*
Class I
Average annual total return		10.51	%		19.96	%		6.38	%
MSCI World ex-USA Index††
Average annual total return		6.85	%		22.49	%		7.65	%

† The Fund invests primarily in non-U.S. companies.

†† See index description in the Fund Information section.

* Commencement of Class I.

Fund Performance Data

VALUE OPPORTUNITIES FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			10 Years			Since 12/31/02*
Class I
Average annual total return		5.67	%		25.57	%		8.00	%		13.72	%		12.15	%
Class A
Average annual total return (with sales charge)		0.00	%		18.67	%		6.57	%		12.83	%		11.56	%
Average annual total return (without sales charge)		5.55	%		25.23	%		7.73	%		13.44	%		11.92	%
Class C
Average annual total return (with CDSC)		4.16	%		23.34	%		6.94	%		12.59	%		11.07	%
Average annual total return (without CDSC)		5.16	%		24.34	%		6.94	%		12.59	%		11.07	%
Class Z
Average annual total return		5.70	%		25.60	%		8.01	%		13.72	%		12.15	%
Russell 3000^® Index††
Average annual total return		10.37	%		31.02	%		11.24	%		13.42	%		10.39	%
Russell 3000^® Value Index††
Average annual total return		8.80	%		26.26	%		8.20	%		11.71	%		9.37	%

Returns shown for Class C and Class Z shares for the periods prior to their inception are derived from the historical performance of Class I shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class C shares. (Inception dates: Class C — 8/28/03; Class Z — 9/30/19.)

Average annual total returns with sales charge and CDSC shown for Class A and Class C shares, respectively, have been adjusted to reflect the applicable sales charges of each specific class. Returns for Class A reflect the maximum initial sales charge of 5.25%. Class C shares have no adjustment for sales charges, but redemptions within one year of purchase may be subject to a CDSC of 1%. Average annual total returns without sales charge or CDSC do not reflect the sales charge. Had the sales charge or CDSC been included, the Fund's returns would have been lower.

† The Fund invests primarily in securities of companies with strong capital appreciation potential.

†† See index descriptions in the Fund Information section.

* Commencement of Class I and Class A.

Fund Performance Data

CAPITAL INCOME FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			Since 12/31/10*
Class I
Average annual total return		3.98	%		16.26	%		4.96	%		8.36	%
Class A
Average annual total return (with sales charge)		–1.04	%		10.57	%		3.75	%		7.87	%
Average annual total return (without sales charge)		3.93	%		16.10	%		4.77	%		8.45	%
S&P 500^® Index††
Average annual total return		10.92	%		31.49	%		11.70	%		13.39	%
ICE BofAML U.S. Corporate, Government and Mortgage Index††
Average annual total return		2.52	%		8.96	%		3.11	%		3.51	%

Average annual total returns with sales charge shown for Class A shares have been adjusted to reflect the applicable sales charge of the class. Returns for Class A reflect the maximum initial sales charge of 4.75%. Average annual total returns without sales charge do not reflect the sales charge. Had the sales charge been included, the Fund's returns would have been lower.

† The Fund invests primarily in dividend-paying equities and high yield fixed income securities.

†† See index descriptions in the Fund Information section.

* Commencement of Class I.

Fund Performance Data

HIGH YIELD FUND

Total Return Based on a $10,000 Investment

Comparative Results†††

For Periods ended December 31, 2019	Six Months			1 Year			5 Years			10 Years			Since 3/31/09*
Class I
Average annual total return		1.62	%		9.57	%		4.93	%		7.22	%		9.57	%
Class A
Average annual total return (with sales charge)		–2.30	%		5.24	%		3.86	%		6.53	%		8.84	%
Average annual total return (without sales charge)		1.48	%		9.32	%		4.66	%		6.94	%		9.23	%
Class C
Average annual total return (with CDSC)		0.15	%		7.52	%		3.89	%		6.14	%		8.47	%
Average annual total return (without CDSC)		1.14	%		8.52	%		3.89	%		6.14	%		8.47	%
Class Z
Average annual total return		1.67	%		9.77	%		4.97	%		7.24	%		9.59	%
ICE BofAML BB-B U.S. High Yield Constrained Index††
Average annual total return		4.30	%		15.10	%		6.11	%		7.40	%		10.06	%

Returns shown for Class A, Class C, and Class Z shares for the periods prior to their inception are derived from the historical performance of Class I shares of the Fund during such periods and have been adjusted to reflect the higher total annual operating expenses of Class A and Class C shares. (Inception dates: Class A — 5/29/09; Class C — 12/31/12; Class Z — 3/29/18.)

Average annual total returns with sales charge and CDSC shown for Class A and Class C shares, respectively, have been adjusted to reflect the applicable sales charges of each specific class. Returns for Class A reflect the maximum initial sales charge of 3.75%. Class C shares have no adjustment for sales charges, but redemptions within one year of purchase may be subject to a CDSC of 1%. Average annual total returns without sales charge or CDSC do not reflect the sales charges. Had the sales charge or CDSC been included, the Fund's returns would have been lower.

† The Fund invests primarily in high yield securities.

†† See index description in the Fund Information section.

* Commencement of Class I.

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Diversified Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
General Electric Company		4.87	%
Wells Fargo & Company		4.53	%
American International Group, Inc.		4.30	%
Microsoft Corp.		3.95	%
Citigroup, Inc.		3.45	%
Oracle Corp.		2.96	%
The Goldman Sachs Group, Inc.		2.92	%
General Motors Company		2.67	%
Corning, Inc.		2.18	%
PPL Corp.		2.18	%

COMMON STOCKS — 99.58%	Shares Held		Value
*COMMUNICATION SERVICES — 10.19%* *Interactive Media & Services — 1.45%*
Alphabet, Inc. (a)		1,100	$	1,473,329
*Media — 7.02%*
Comcast Corp.		40,600		1,825,782
Discovery, Inc. (a)		66,500		2,027,585
The Interpublic Group of Companies, Inc.		22,000		508,200
News Corp.		95,000		1,343,300
Omnicom Group, Inc.		6,300		510,426
ViacomCBS, Inc.		21,500		902,355
				7,117,648
*Wireless Telecommunication Services — 1.72%*
Vodafone Group PLC — ADR		90,463		1,748,650
TOTAL COMMUNICATION SERVICES				10,339,627
*CONSUMER DISCRETIONARY — 6.28%* *Auto Components — 2.86%*
Adient PLC (a)		27,774		590,198
The Goodyear Tire & Rubber Company		52,800		821,304
Magna International, Inc.		27,200		1,491,648
				2,903,150
*Automobiles — 3.42%*
General Motors Company		73,900		2,704,740
Harley-Davidson, Inc.		20,600		766,114
				3,470,854
TOTAL CONSUMER DISCRETIONARY				6,374,004
*CONSUMER STAPLES — 2.09%* *Food Products — 0.73%*
Mondelez International, Inc.		13,500		743,580
*Personal Products — 1.36%*
Unilever PLC — ADR		24,100		1,377,797
TOTAL CONSUMER STAPLES				2,121,377

	Shares Held		Value
*ENERGY — 12.47%* *Energy Equipment & Services — 3.34%*
Halliburton Company		57,700	$	1,411,919
National Oilwell Varco, Inc.		79,000		1,978,950
				3,390,869
*Oil, Gas & Consumable Fuels — 9.13%*
Apache Corp.		61,400		1,571,226
Hess Corp.		27,500		1,837,275
Kosmos Energy Ltd.		65,200		371,640
Marathon Oil Corp.		129,700		1,761,326
Marathon Petroleum Corp.		14,422		868,925
Murphy Oil Corp.		45,800		1,227,440
Royal Dutch Shell PLC — ADR		27,462		1,619,709
				9,257,541
TOTAL ENERGY				12,648,410
*FINANCIALS — 28.30%* *Banks — 12.12%*
Bank of America Corp.		46,722		1,645,549
CIT Group, Inc.		10,000		456,300
Citigroup, Inc.		43,774		3,497,105
Citizens Financial Group, Inc.		38,900		1,579,729
Fifth Third Bancorp		17,000		522,580
Wells Fargo & Company		85,434		4,596,349
				12,297,612
*Capital Markets — 5.90%*
The Bank of New York Mellon Corp.		19,900		1,001,567
The Goldman Sachs Group, Inc.		12,900		2,966,097
Morgan Stanley		20,000		1,022,400
State Street Corp.		12,600		996,660
				5,986,724

The accompanying notes are an integral part of these financial statements.
16

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Diversified Value Fund (Unaudited)

	Shares Held		Value
*Consumer Finance — 2.98%*
Capital One Financial Corp.		20,100	$	2,068,491
Discover Financial Services		11,200		949,984
				3,018,475
*Diversified Financial Services — 1.50%*
AXA Equitable Holdings, Inc.		61,200		1,516,536
*Insurance — 5.80%*
American International Group, Inc.		85,000		4,363,050
The Travelers Companies, Inc.		11,100		1,520,145
				5,883,195
TOTAL FINANCIALS				28,702,542
*HEALTH CARE — 8.97%* *Biotechnology — 0.62%*
Biogen, Inc. (a)		2,100		623,133
*Health Care Equipment & Supplies — 2.32%*
Medtronic PLC		15,882		1,801,813
Zimmer Biomet Holdings, Inc.		3,700		553,816
				2,355,629
*Health Care Providers & Services — 3.68%*
Anthem, Inc.		4,900		1,479,947
Centene Corp. (a)		10,700		672,709
HCA Healthcare, Inc.		3,700		546,897
UnitedHealth Group, Inc.		3,500		1,028,930
				3,728,483
*Pharmaceuticals — 2.35%*
GlaxoSmithKline PLC — ADR		33,400		1,569,466
Sanofi — ADR		16,300		818,260
				2,387,726
TOTAL HEALTH CARE				9,094,971
*INDUSTRIALS — 12.70%* *Aerospace & Defense — 0.31%*
Embraer SA — ADR (a)		16,400		319,636
*Air Freight & Logistics — 1.03%*
FedEx Corp.		6,900		1,043,349
*Building Products — 0.66%*
Johnson Controls International PLC		16,447		669,557
*Construction & Engineering — 0.43%*
Fluor Corp.		23,000		434,240
*Electrical Equipment — 0.76%*
Eaton Corp. PLC		8,100		767,232
*Industrial Conglomerates — 4.87%*
General Electric Company		442,900		4,942,764
*Machinery — 4.64%*
CNH Industrial NV		183,300		2,016,300
Cummins, Inc.		12,300		2,201,208

	Shares Held		Value
PACCAR, Inc.		6,200	$	490,420
				4,707,928
TOTAL INDUSTRIALS				12,884,706
*INFORMATION TECHNOLOGY — 14.02%* *Communications Equipment — 1.06%*
Telefonaktiebolaget LM Ericsson — ADR		122,400		1,074,672
*Electronic Equipment, Instruments & Components — 2.91%*
Corning, Inc.		76,000		2,212,360
TE Connectivity Ltd.		7,700		737,968
				2,950,328
*Semiconductors & Semiconductor Equipment — 0.76%*
Texas Instruments, Inc.		6,000		769,740
*Software — 7.16%*
Microsoft Corp.		25,400		4,005,580
Oracle Corp.		56,700		3,003,966
Teradata Corp. (a)		9,500		254,315
				7,263,861
*Technology Hardware, Storage & Peripherals — 2.13%*
Hewlett Packard Enterprise Company		136,000		2,156,960
TOTAL INFORMATION TECHNOLOGY				14,215,561
*MATERIALS — 1.39%* *Containers & Packaging — 1.39%*
International Paper Company		30,600		1,409,130
TOTAL MATERIALS				1,409,130
*UTILITIES — 3.17%* *Electric Utilities — 3.17%*
PPL Corp.		61,600		2,210,208
The Southern Company		15,800		1,006,460
TOTAL UTILITIES				3,216,668
Total common stocks (Cost $102,753,950)				101,006,996
Total long-term investments (Cost $102,753,950)				101,006,996
SHORT-TERM INVESTMENTS — 0.30%	Principal Amount
*Time Deposits — 0.30%*
Banco Santander SA, 1.56%, 01/02/2020*	$	306,207		306,207
Total short-term investments (Cost $306,207)				306,207
Total investments — 99.88% (Cost $103,060,157)				101,313,203
Other assets in excess of liabilities — 0.12%				124,600
Net assets — 100.00%			$	101,437,803

(a) — Non-income producing security.

ADR — American Depositary Receipt

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
17

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Large Cap Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
General Electric Company		5.16	%
Wells Fargo & Company		4.75	%
Microsoft Corp.		4.63	%
American International Group, Inc.		4.58	%
Citigroup, Inc.		3.68	%
The Goldman Sachs Group, Inc.		3.47	%
Oracle Corp.		3.47	%
General Motors Company		3.03	%
Comcast Corp.		2.57	%
Corning, Inc.		2.44	%

COMMON STOCKS — 99.80%	Shares Held		Value
*COMMUNICATION SERVICES — 7.44%* *Media — 5.45%*
Comcast Corp.		294,700	$	13,252,659
Discovery, Inc. (a)		338,000		10,305,620
ViacomCBS, Inc.		108,000		4,532,760
				28,091,039
*Wireless Telecommunication Services — 1.99%*
Vodafone Group PLC — ADR		529,844		10,241,885
TOTAL COMMUNICATION SERVICES				38,332,924
*CONSUMER DISCRETIONARY — 6.27%* *Auto Components — 2.52%*
Adient PLC (a)		191,891		4,077,684
Magna International, Inc.		162,500		8,911,500
				12,989,184
*Automobiles — 3.75%*
General Motors Company		426,300		15,602,580
Harley-Davidson, Inc.		99,900		3,715,281
				19,317,861
TOTAL CONSUMER DISCRETIONARY				32,307,045
*CONSUMER STAPLES — 2.74%* *Beverages — 0.67%*
PepsiCo, Inc.		25,500		3,485,085
*Food Products — 0.72%*
Mondelez International, Inc.		67,100		3,695,868
*Personal Products — 1.35%*
Unilever PLC — ADR		121,400		6,940,438
TOTAL CONSUMER STAPLES				14,121,391
*ENERGY — 13.02%* *Energy Equipment & Services — 3.02%*
Halliburton Company		122,700		3,002,469
National Oilwell Varco, Inc.		500,900		12,547,545
				15,550,014

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 10.00%*
Apache Corp.		306,100	$	7,833,099
Hess Corp.		152,500		10,188,525
Marathon Oil Corp.		693,100		9,412,298
Marathon Petroleum Corp.		72,393		4,361,678
Murphy Oil Corp.		379,300		10,165,240
Royal Dutch Shell PLC — ADR		161,372		9,517,721
				51,478,561
TOTAL ENERGY				67,028,575
*FINANCIALS — 30.07%* *Banks — 13.19%*
Bank of America Corp.		341,549		12,029,356
Citigroup, Inc.		237,288		18,956,938
Citizens Financial Group, Inc.		308,100		12,511,941
Wells Fargo & Company		454,263		24,439,349
				67,937,584
*Capital Markets — 5.44%*
The Goldman Sachs Group, Inc.		77,800		17,888,554
State Street Corp.		128,200		10,140,620
				28,029,174
*Consumer Finance — 3.63%*
Capital One Financial Corp.		114,800		11,814,068
Discover Financial Services		80,900		6,861,938
				18,676,006
*Diversified Financial Services — 1.50%*
AXA Equitable Holdings, Inc.		311,100		7,709,058
*Insurance — 6.31%*
American International Group, Inc.		459,100		23,565,603
The Travelers Companies, Inc.		65,100		8,915,445
				32,481,048
TOTAL FINANCIALS				154,832,870

The accompanying notes are an integral part of these financial statements.
18

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Large Cap Value Fund (Unaudited)

	Shares Held		Value
*HEALTH CARE — 8.96%* *Health Care Equipment & Supplies — 3.64%*
Koninklijke Philips NV (l)		49,737	$	2,427,166
Medtronic PLC		95,100		10,789,095
Zimmer Biomet Holdings, Inc.		36,900		5,523,192
				18,739,453
*Health Care Providers & Services — 2.99%*
Anthem, Inc.		31,500		9,513,945
UnitedHealth Group, Inc.		20,000		5,879,600
				15,393,545
*Pharmaceuticals — 2.33%*
GlaxoSmithKline PLC — ADR		167,100		7,852,029
Sanofi — ADR		82,800		4,156,560
				12,008,589
TOTAL HEALTH CARE				46,141,587
*INDUSTRIALS — 11.40%* *Aerospace & Defense — 0.46%*
Embraer SA — ADR (a)		123,000		2,397,270
*Building Products — 0.86%*
Johnson Controls International PLC		108,319		4,409,666
*Industrial Conglomerates — 5.16%*
General Electric Company		2,379,900		26,559,684
*Machinery — 4.92%*
CNH Industrial NV		979,900		10,778,900
Cummins, Inc.		65,400		11,703,984
PACCAR, Inc.		36,100		2,855,510
				25,338,394
TOTAL INDUSTRIALS				58,705,014
*INFORMATION TECHNOLOGY — 15.05%* *Communications Equipment — 1.32%*
Telefonaktiebolaget LM Ericsson — ADR		772,500		6,782,550
*Electronic Equipment, Instruments & Components — 2.44%*
Corning, Inc.		431,300		12,555,143
*Semiconductors & Semiconductor Equipment — 0.96%*
Texas Instruments, Inc.		38,400		4,926,336
*Software — 8.09%*
Microsoft Corp.		151,100		23,828,470
Oracle Corp.		337,100		17,859,558
				41,688,028
*Technology Hardware, Storage & Peripherals — 2.24%*
Hewlett Packard Enterprise Company		727,100		11,531,806
TOTAL INFORMATION TECHNOLOGY				77,483,863

	Shares Held		Value
*MATERIALS — 1.60%* *Containers & Packaging — 1.60%*
International Paper Company		179,200	$	8,252,160
TOTAL MATERIALS				8,252,160
*UTILITIES — 3.25%* *Electric Utilities — 3.25%*
PPL Corp.		324,200		11,632,296
The Southern Company		80,500		5,127,850
TOTAL UTILITIES				16,760,146
Total common stocks (Cost $494,678,372)				513,965,575
Total long-term investments (Cost $494,678,372)				513,965,575
*COLLATERAL FOR SECURITIES ON LOAN — 0.15%* *Money Market Funds — 0.15%*
Invesco Government & Agency Portfolio — Institutional Class, 1.51%^		755,000		755,000
Total collateral for securities on loan (Cost $755,000)				755,000
SHORT-TERM INVESTMENTS — 0.67%	Principal Amount
*Time Deposits — 0.67%*
Banco Santander SA, 1.56%, 01/02/2020*	$	3,443,771		3,443,771
Total short-term investments (Cost $3,443,771)				3,443,771
Total investments — 100.62% (Cost $498,877,143)				518,164,346
Liabilities in excess of other assets — (0.62)%				(3,174,098	)
Net assets — 100.00%			$	514,990,248

(a) — Non-income producing security.

(l) — All or a portion of this security is on loan. The total market value of securities on loan was $736,578. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

ADR — American Depositary Receipt

^ — Rate shown is the 7-day yield as of December 31, 2019.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
19

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Cairn Energy PLC		4.61	%
Citizens Financial Group, Inc.		4.25	%
Kosmos Energy Ltd.		4.21	%
Popular, Inc.		3.48	%
The Goodyear Tire & Rubber Company		3.42	%
CNO Financial Group, Inc.		3.20	%
CIT Group, Inc.		2.95	%
Royal Mail PLC		2.92	%
Embraer SA		2.76	%
Office Depot, Inc.		2.61	%

COMMON STOCKS — 97.83%	Shares Held		Value
*COMMUNICATION SERVICES — 5.58%* *Media — 5.58%*
Discovery, Inc. (a)		779,100	$	23,754,759
The Interpublic Group of Companies, Inc.		308,700		7,130,970
News Corp.		1,068,500		15,108,590
ViacomCBS, Inc.		167,300		7,021,581
TOTAL COMMUNICATION SERVICES				53,015,900
*CONSUMER DISCRETIONARY — 14.07%* *Auto Components — 7.26%*
Adient PLC (a)		740,300		15,731,375
The Goodyear Tire & Rubber Company		2,088,600		32,488,173
Magna International, Inc.		380,300		20,855,652
				69,075,200
*Automobiles — 0.53%*
Harley-Davidson, Inc.		134,800		5,013,212
*Household Durables — 1.68%*
TRI Pointe Group, Inc. (a)		1,023,700		15,949,246
*Specialty Retail — 4.60%*
Bed Bath & Beyond, Inc.		1,094,900		18,941,770
Office Depot, Inc.		9,067,050		24,843,717
				43,785,487
TOTAL CONSUMER DISCRETIONARY				133,823,145
*CONSUMER STAPLES — 1.85%* *Food Products — 1.85%*
Bunge Ltd.		306,300		17,627,565
TOTAL CONSUMER STAPLES				17,627,565
*ENERGY — 18.32%* *Energy Equipment & Services — 3.80%*
Frank's International NV (a)		907,900		4,693,843
Halliburton Company		230,800		5,647,676
National Oilwell Varco, Inc.		204,000		5,110,200
NexTier Oilfield Solutions, Inc. (a)		2,823,565		18,917,886

	Shares Held		Value
Superior Energy Services, Inc. (a)		350,810	$	1,757,558
				36,127,163
*Oil, Gas & Consumable Fuels — 14.52%*
Apache Corp.		891,400		22,810,926
Cairn Energy PLC (a) (v)		16,026,800		43,845,337
Cenovus Energy, Inc.		432,200		4,386,830
Equitrans Midstream Corp.		400,500		5,350,680
Hess Corp.		37,200		2,485,332
Kosmos Energy Ltd.		7,030,120		40,071,684
Murphy Oil Corp.		190,000		5,092,000
Whiting Petroleum Corp. (a) (l)		1,909,025		14,012,243
				138,055,032
TOTAL ENERGY				174,182,195
*FINANCIALS — 23.75%* *Banks — 12.42%*
CIT Group, Inc.		614,424		28,036,167
Citizens Financial Group, Inc.		996,000		40,447,560
Fifth Third Bancorp		229,000		7,039,460
First Horizon National Corp.		427,500		7,079,400
KeyCorp		116,500		2,357,960
Popular, Inc.		563,400		33,099,750
				118,060,297
*Capital Markets — 1.96%*
Evercore, Inc.		89,800		6,713,448
Lazard Ltd.		122,000		4,875,120
State Street Corp.		89,400		7,071,540
				18,660,108
*Consumer Finance — 2.24%*
Discover Financial Services		137,000		11,620,340
SLM Corp.		1,090,700		9,718,137
				21,338,477

The accompanying notes are an integral part of these financial statements.
20

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Mid-Cap Value Fund (Unaudited)

	Shares Held		Value
*Diversified Financial Services — 1.95%*
AXA Equitable Holdings, Inc.		749,400	$	18,570,132
*Insurance — 5.18%*
Alleghany Corp. (a)		5,900		4,717,463
CNO Financial Group, Inc.		1,676,800		30,400,384
Enstar Group Ltd. (a)		68,100		14,087,166
				49,205,013
TOTAL FINANCIALS				225,834,027
*HEALTH CARE — 2.38%* *Health Care Equipment & Supplies — 0.50%*
Zimmer Biomet Holdings, Inc.		31,900		4,774,792
*Health Care Providers & Services — 1.88%*
Centene Corp. (a)		284,100		17,861,367
TOTAL HEALTH CARE				22,636,159
*INDUSTRIALS — 14.99%* *Aerospace & Defense — 2.76%*
Embraer SA — ADR (a)		1,348,300		26,278,367
*Air Freight & Logistics — 2.92%*
Royal Mail PLC (v)		9,216,900		27,719,680
*Airlines — 0.57%*
JetBlue Airways Corp. (a)		288,900		5,408,208
*Construction & Engineering — 2.01%*
Fluor Corp.		1,012,700		19,119,776
*Machinery — 3.54%*
CNH Industrial NV		1,492,900		16,421,900
Navistar International Corp. (a)		594,600		17,207,724
				33,629,624
*Road & Rail — 3.19%*
AMERCO		62,200		23,376,004
Avis Budget Group, Inc. (a)		216,500		6,979,960
				30,355,964
TOTAL INDUSTRIALS				142,511,619
*INFORMATION TECHNOLOGY — 9.87%* *Communications Equipment — 2.05%*
CommScope Holding Company, Inc. (a)		878,000		12,458,820
Telefonaktiebolaget LM Ericsson — ADR		800,800		7,031,024
				19,489,844
*Electronic Equipment, Instruments & Components — 5.30%*
Arrow Electronics, Inc. (a)		230,400		19,524,096
Avnet, Inc.		225,400		9,565,976
Corning, Inc.		732,500		21,323,075
				50,413,147
*Technology Hardware, Storage & Peripherals — 2.52%*
Hewlett Packard Enterprise Company		1,506,800		23,897,848
TOTAL INFORMATION TECHNOLOGY				93,800,839

	Shares Held		Value
*REAL ESTATE — 1.29%* *Equity Real Estate Investment Trusts — 1.29%*
Colony Capital, Inc.		1,471,700	$	6,990,575
The GEO Group, Inc.		316,450		5,256,234
TOTAL REAL ESTATE				12,246,809
*UTILITIES — 5.73%* *Electric Utilities — 1.49%*
PPL Corp.		395,900		14,204,892
*Independent Power and Renewable Electricity* *Producers — 4.24%*
NRG Energy, Inc.		477,000		18,960,750
Vistra Energy Corp.		929,000		21,357,710
				40,318,460
TOTAL UTILITIES				54,523,352
Total common stocks (Cost $984,692,917)				930,201,610
Total long-term investments (Cost $984,692,917)				930,201,610
COLLATERAL FOR SECURITIES ON LOAN — 0.19%
*Money Market Funds — 0.01%*
Invesco Government & Agency Portfolio — Institutional Class, 1.51%^		1,790,955		1,790,955
Total collateral for securities on loan (Cost $1,790,955)				1,790,955
SHORT-TERM INVESTMENTS — 2.36%	Principal Amount
*Time Deposits — 2.36%*
Brown Brothers Harriman & Co., 0.36%, 01/02/2020*	GBP	251		332
Citigroup, Inc., 1.56%, 01/02/2020*	$	22,487,176		22,487,176
Total short-term investments (Cost $22,487,483)				22,487,508
Total investments — 100.38% (Cost $1,008,971,355)				954,480,073
Liabilities in excess of other assets — (0.38)%				(3,628,963	)
Net assets — 100.00%			$	950,851,110

(a) — Non-income producing security.

(l) — All or a portion of this security is on a loan. The total market value of securities on loan was $1,729,956. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $71,565,017, which represented 7.53% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

GBP — British Pound

^ — Rate shown is the 7-day yield as of December 31, 2019.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
21

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Enstar Group Ltd.		6.00	%
Seritage Growth Properties		5.51	%
The Bank of NT Butterfield & Son Ltd.		4.72	%
First Hawaiian, Inc.		4.48	%
Popular, Inc.		4.33	%
Arrow Electronics, Inc.		3.44	%
Hanger, Inc.		3.34	%
Office Depot, Inc.		3.26	%
Frank's International NV		3.20	%
Evercore, Inc.		2.99	%

COMMON STOCKS — 98.24%	Shares Held		Value
*COMMUNICATION SERVICES — 1.57%* *Media — 1.57%*
MDC Partners, Inc. (a) (o)		3,976,000	$	11,053,280
TOTAL COMMUNICATION SERVICES				11,053,280
*CONSUMER DISCRETIONARY — 7.79%* *Household Durables — 0.87%*
TRI Pointe Group, Inc. (a)		391,600		6,101,128
*Specialty Retail — 6.92%*
Bed Bath & Beyond, Inc.		309,600		5,356,080
Group 1 Automotive, Inc.		46,500		4,650,000
Office Depot, Inc.		8,361,900		22,911,606
Sonic Automotive, Inc.		508,100		15,751,100
				48,668,786
TOTAL CONSUMER DISCRETIONARY				54,769,914
*ENERGY — 10.28%* *Energy Equipment & Services — 4.58%*
Frank's International NV (a)		4,352,400		22,501,908
NexTier Oilfield Solutions, Inc. (a)		1,003,337		6,722,358
Nine Energy Service, Inc. (a)		276,000		2,158,320
Quintana Energy Services, Inc. (a)		277,700		780,337
				32,162,923
*Oil, Gas & Consumable Fuels — 5.70%*
Altus Midstream Company (a)		2,089,600		5,976,256
Berry Petroleum Corp.		294,300		2,775,249
Cairn Energy PLC (a) (v)		734,400		2,009,136
Equitrans Midstream Corp.		435,700		5,820,952
Kosmos Energy Ltd.		2,095,500		11,944,350
Range Resources Corp. (l)		964,800		4,679,280
Rockhopper Exploration PLC (a)		5,054,700		1,000,308
Talos Energy, Inc. (a)		62,200		1,875,330
Whiting Petroleum Corp. (a) (l)		545,525		4,004,153
				40,085,014
TOTAL ENERGY				72,247,937

	Shares Held		Value
*FINANCIALS — 35.59%* *Banks — 17.65%*
Associated Banc-Corp		286,400	$	6,312,256
The Bank of NT Butterfield & Son Ltd.		896,000		33,169,920
First Hawaiian, Inc.		1,091,700		31,495,545
First Horizon National Corp.		1,183,931		19,605,897
Investors Bancorp, Inc.		258,000		3,074,070
Popular, Inc.		517,900		30,426,625
				124,084,313
*Capital Markets — 5.42%*
Brightsphere Investment Group, Inc.		259,400		2,651,068
Evercore, Inc.		281,000		21,007,560
Lazard Ltd.		56,000		2,237,760
Stifel Financial Corp.		200,900		12,184,585
				38,080,973
*Consumer Finance — 1.41%*
SLM Corp.		1,111,600		9,904,356
*Insurance — 10.53%*
CNO Financial Group, Inc.		1,123,700		20,372,681
Enstar Group Ltd. (a)		203,879		42,174,410
Global Indemnity Ltd.		388,336		11,506,396
				74,053,487
*Thrifts & Mortgage Finance — 0.58%*
Luther Burbank Corp.		251,200		2,896,336
TFS Financial Corp.		61,700		1,214,256
				4,110,592
TOTAL FINANCIALS				250,233,721
*HEALTH CARE — 3.34%* *Health Care Providers & Services — 3.34%*
Hanger, Inc. (a)		851,300		23,504,393
TOTAL HEALTH CARE				23,504,393

The accompanying notes are an integral part of these financial statements.
22

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Value Fund (Unaudited)

	Shares Held		Value
*INDUSTRIALS — 17.69%* *Aerospace & Defense — 2.22%*
Embraer SA — ADR (a)		802,000	$	15,630,980
*Building Products — 4.16%*
Armstrong Flooring, Inc. (a)		575,000		2,455,250
Masonite International Corp. (a)		126,700		9,149,007
Resideo Technologies, Inc. (a)		1,479,280		17,647,810
				29,252,067
*Commercial Services & Supplies — 0.32%*
Quad/Graphics, Inc.		474,700		2,216,849
*Construction & Engineering — 3.01%*
Fluor Corp.		928,300		17,526,304
Tutor Perini Corp. (a)		280,200		3,603,372
				21,129,676
*Machinery — 3.14%*
EnPro Industries, Inc.		130,600		8,734,528
Miller Industries, Inc.		233,100		8,655,003
Navistar International Corp. (a)		161,700		4,679,598
				22,069,129
*Marine — 2.85%*
Matson, Inc.		490,700		20,020,560
*Professional Services — 0.70%*
Hudson Global, Inc. (a) (o)		218,760		2,614,182
Korn Ferry		54,800		2,323,520
				4,937,702
*Trading Companies & Distributors — 1.29%*
Rush Enterprises, Inc.		195,400		9,086,100
TOTAL INDUSTRIALS				124,343,063
*INFORMATION TECHNOLOGY — 9.60%* *Communications Equipment — 1.06%*
Casa Systems, Inc. (a)		206,500		844,585
CommScope Holding Company, Inc. (a)		466,700		6,622,473
				7,467,058
*Electronic Equipment, Instruments & Components — 4.94%*
Arrow Electronics, Inc. (a)		285,600		24,201,744
Avnet, Inc.		128,800		5,466,272
Belden, Inc.		91,700		5,043,500
				34,711,516
*IT Services — 1.65%*
KBR, Inc.		380,200		11,596,100
*Semiconductors & Semiconductor Equipment — 1.95%*
Diodes, Inc. (a)		243,700		13,737,369
TOTAL INFORMATION TECHNOLOGY				67,512,043
*MATERIALS — 0.00%* *Metals & Mining — 0.00%*
Noranda Aluminum Holding Corp. (a) (i) (o)		800,300		2,881
TOTAL MATERIALS				2,881

	Shares Held		Value
*REAL ESTATE — 7.58%* *Equity Real Estate Investment Trusts — 7.58%*
Colony Capital, Inc.		1,367,700	$	6,496,575
The GEO Group, Inc.		482,844		8,020,039
Seritage Growth Properties (l)		966,900		38,753,352
TOTAL REAL ESTATE				53,269,966
*UTILITIES — 4.80%* *Electric Utilities — 2.51%*
Portland General Electric Company		316,200		17,640,798
*Multi-Utilities — 2.29%*
Avista Corp.		334,400		16,081,296
TOTAL UTILITIES				33,722,094
Total common stocks (Cost $671,173,754)				690,659,292
Total long-term investments (Cost $671,173,754)				690,659,292
COLLATERAL FOR SECURITIES ON LOAN — 1.48%
*Money Market Funds — 1.48%*
Invesco Government & Agency Portfolio — Institutional Class, 1.51%^		10,420,489		10,420,489
Total collateral for securities on loan (Cost $10,420,489)				10,420,489
SHORT-TERM INVESTMENTS — 1.72%	Principal Amount
*Time Deposits — 1.72%*
Banco Santander SA, 1.56%, 01/02/2020*	$	12,124,744		12,124,744
Brown Brothers Harriman & Co., 0.82%, 01/02/2020*	CAD	115		88
Total short-term investments (Cost $12,124,828)				12,124,832
Total investments — 101.44% (Cost $693,719,072)				713,204,613
Liabilities in excess of other assets — (1.44)%				(10,142,087	)
Net assets — 100.00%			$	703,062,526

(a) — Non-income producing security.

(i) — Illiquid security. The total market value of these securities was $2,881, which represented 0.00% of net assets.

(l) — All or a portion of this security is on loan. The total market value of securities on loan was $10,174,965. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(o) — Affiliated issuer. See Note 6 in Notes to the Financial Statements.

(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $2,009,136, which represented 0.29% of net assets. See Security Valuation in Note 1 in Notes to Financial Statements.

ADR — American Depositary Receipt

CAD — Canadian Dollar

^ — Rate shown is the 7-day yield as of December 31, 2019.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
23

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

Largest Equity Holdings	Percent of net assets
Bonanza Creek Energy, Inc.		0.47	%
Meritor, Inc.		0.45	%
National Western Life Group, Inc.		0.45	%
W&T Offshore, Inc.		0.44	%
Apergy Corp.		0.44	%
Diodes, Inc.		0.43	%
Super Micro Computer, Inc.		0.43	%
Renewable Energy Group, Inc.		0.43	%
Blue Bird Corp.		0.43	%
SRC Energy, Inc.		0.43	%

COMMON STOCKS — 96.22%	Shares Held		Value
*COMMUNICATION SERVICES — 1.16%* *Media — 1.16%*
Emerald Expositions Events, Inc.		36,610	$	386,236
Entravision Communications Corp.		95,165		249,332
Meredith Corp.		6,995		227,128
MSG Networks, Inc. (a)		31,129		541,644
TEGNA, Inc.		7,967		132,969
TOTAL COMMUNICATION SERVICES				1,537,309
*CONSUMER DISCRETIONARY — 13.39%* *Auto Components — 1.47%*
Adient PLC (a)		21,995		467,394
Cooper Tire & Rubber Company		17,359		499,071
The Goodyear Tire & Rubber Company		30,710		477,694
Motorcar Parts of America, Inc. (a)		17,269		380,436
Visteon Corp. (a)		1,400		121,226
				1,945,821
*Automobiles — 0.31%*
Thor Industries, Inc.		5,500		408,595
*Distributors — 0.34%*
Funko, Inc. (a)		26,100		447,876
*Diversified Consumer Services — 0.08%*
Regis Corp. (a)		6,100		109,007
*Hotels, Restaurants & Leisure — 0.95%*
Brinker International, Inc.		5,770		242,340
Hilton Grand Vacations, Inc. (a)		14,252		490,126
Twin River Worldwide Holdings, Inc.		20,500		525,825
				1,258,291
*Household Durables — 3.74%*
Century Communities, Inc. (a)		17,696		483,986
Ethan Allen Interiors, Inc.		28,525		543,686
Flexsteel Industries, Inc.		6,314		125,775
Green Brick Partners, Inc. (a)		10,720		123,066

	Shares Held		Value
Hamilton Beach Brands Holding Company		5,000	$	95,500
Hooker Furniture Corp.		20,375		523,434
iRobot Corp. (a)		5,200		263,276
La-Z-Boy, Inc.		12,200		384,056
LGI Homes, Inc. (a)		5,013		354,168
M/I Homes, Inc. (a)		3,023		118,955
Meritage Homes Corp. (a)		3,929		240,101
Taylor Morrison Home Corp. (a)		21,810		476,767
TRI Pointe Group, Inc. (a)		24,041		374,559
Tupperware Brands Corp. (a)		33,462		287,104
ZAGG, Inc. (a)		68,179		552,931
				4,947,364
*Internet & Catalog Retail — 0.37%*
Duluth Holdings, Inc. (a)		9,100		95,823
PetMed Express, Inc.		16,500		388,080
				483,903
*Leisure Products — 0.35%*
Johnson Outdoors, Inc.		4,900		375,830
Nautilus, Inc. (a)		53,880		94,290
				470,120
*Multiline Retail — 0.23%*
Big Lots, Inc.		5,800		166,576
Dillard's, Inc.		1,800		132,264
				298,840
*Specialty Retail — 4.07%*
American Eagle Outfitters, Inc.		25,600		376,320
Asbury Automotive Group, Inc. (a)		2,164		241,914
Bed Bath & Beyond, Inc.		9,014		155,942
Camping World Holdings, Inc.		19,000		280,060
The Children's Place, Inc.		6,500		406,380
Designer Brands, Inc.		25,100		395,074

The accompanying notes are an integral part of these financial statements.
24

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Genesco, Inc. (a)		2,600	$	124,592
Group 1 Automotive, Inc.		4,628		462,800
Haverty Furniture Companies, Inc.		18,398		370,904
Hibbett Sports, Inc. (a)		14,173		397,411
Lithia Motors, Inc.		2,392		351,624
Office Depot, Inc.		154,716		423,922
Sonic Automotive, Inc.		15,450		478,949
Sportsman's Warehouse Holdings, Inc. (a)		31,352		251,757
Tilly's, Inc.		21,600		264,600
Urban Outfitters, Inc. (a)		9,810		272,424
Zumiez, Inc. (a)		3,500		120,890
				5,375,563
*Textiles, Apparel & Luxury Goods — 1.48%*
Fossil Group, Inc. (a)		49,200		387,696
G-III Apparel Group Ltd. (a)		12,000		402,000
Movado Group, Inc.		24,462		531,804
Rocky Brands, Inc.		4,500		132,435
Unifi, Inc. (a)		5,200		131,352
Vera Bradley, Inc. (a)		31,800		375,240
				1,960,527
TOTAL CONSUMER DISCRETIONARY				17,705,907
*CONSUMER STAPLES — 1.89%* *Food & Staples Retailing — 0.17%*
Village Super Market, Inc.		9,686		224,715
*Household Products — 0.28%*
Energizer Holdings, Inc.		7,500		376,650
*Personal Products — 1.03%*
Medifast, Inc.		2,800		306,824
Nu Skin Enterprises, Inc.		12,950		530,691
USANA Health Sciences, Inc. (a)		6,600		518,430
				1,355,945
*Tobacco — 0.41%*
Universal Corp.		9,600		547,776
TOTAL CONSUMER STAPLES				2,505,086
*ENERGY — 11.23%* *Energy Equipment & Services — 4.10%*
Apergy Corp. (a)		17,300		584,393
Cactus, Inc.		11,830		406,006
Frank's International NV (a)		96,820		500,559
Liberty Oilfield Services, Inc.		48,100		534,872
Matrix Service Company (a)		16,800		384,384
Newpark Resources, Inc. (a)		64,340		403,412
NexTier Oilfield Solutions, Inc. (a)		82,308		551,464
Nine Energy Service, Inc. (a)		18,900		147,798
ProPetro Holding Corp. (a)		49,400		555,750

	Shares Held		Value
RPC, Inc.		81,200	$	425,488
SEACOR Holdings, Inc. (a)		2,900		125,135
Select Energy Services, Inc. (a)		28,200		261,696
Solaris Oilfield Infrastructure, Inc.		39,000		546,000
				5,426,957
*Oil, Gas & Consumable Fuels — 7.13%*
Altus Midstream Company (a)		139,600		399,256
Berry Petroleum Corp.		57,270		540,056
Bonanza Creek Energy, Inc. (a)		26,830		626,212
Callon Petroleum Company (a)		86,931		419,877
Centennial Resource Development, Inc. (a)		121,000		559,020
CNX Midstream Partners LP		25,610		421,541
Delek US Holdings, Inc.		11,240		376,877
Earthstone Energy, Inc. (a)		87,087		551,261
Hoegh LNG Partners LP		8,160		127,541
Kosmos Energy Ltd.		95,613		544,994
Magnolia Oil & Gas Corp. (a)		42,200		530,876
Noble Midstream Partners LP		15,840		420,710
Oasis Midstream Partners LP		22,850		379,082
Par Pacific Holdings, Inc. (a)		10,070		234,027
PBF Energy, Inc.		11,940		374,558
Range Resources Corp.		89,500		434,075
Renewable Energy Group, Inc. (a)		21,139		569,696
REX American Resources Corp. (a)		6,178		506,349
SRC Energy, Inc. (a)		136,700		563,204
Talos Energy, Inc. (a)		4,500		135,675
W&T Offshore, Inc. (a)		105,500		586,580
World Fuel Services Corp.		2,844		123,486
				9,424,953
TOTAL ENERGY				14,851,910
*FINANCIALS — 33.83%* *Banks — 19.83%*
1st Source Corp.		4,966		257,636
Amalgamated Bank		13,900		270,355
Associated Banc-Corp		23,300		513,532
BankUnited, Inc.		14,010		512,206
Bar Harbor Bankshares		9,816		249,228
Boston Private Financial Holdings, Inc.		43,850		527,516
Bridge Bancorp, Inc.		11,570		387,942
Brookline Bancorp, Inc.		15,566		256,216
Bryn Mawr Bank Corp.		6,380		263,111
Cadence BanCorp		14,900		270,137
Camden National Corp.		5,616		258,673
Carolina Financial Corp.		5,986		258,775
Cathay General Bancorp		13,232		503,478

The accompanying notes are an integral part of these financial statements.
25

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
City Holding Company		3,100	$	254,045
Community Trust Bancorp, Inc.		8,310		387,578
ConnectOne Bancorp, Inc.		15,400		396,088
CrossFirst Bankshares, Inc. (a)		6,400		92,288
Customers Bancorp, Inc. (a)		21,344		508,201
Dime Community Bancshares, Inc.		24,713		516,255
Eagle Bancorp, Inc.		10,630		516,937
Equity Bancshares, Inc. (a)		16,600		512,442
FB Financial Corp.		3,200		126,688
Financial Institutions, Inc.		7,831		251,375
First BanCorp		47,786		506,054
First Business Financial Services, Inc.		5,035		132,572
First Financial Bancorp		10,150		258,216
First Financial Corp.		8,363		382,356
First Hawaiian, Inc.		17,370		501,125
First Internet Bancorp		11,269		267,188
First Mid Bancshares, Inc.		7,172		252,813
First Midwest Bancorp, Inc.		16,700		385,102
The First of Long Island Corp.		15,380		385,730
Flushing Financial Corp.		22,168		478,940
FNB Corp.		30,370		385,699
Franklin Financial Network, Inc.		11,040		379,003
Fulton Financial Corp.		28,740		500,938
German American Bancorp, Inc.		3,600		128,232
Great Southern Bancorp, Inc.		8,110		513,525
Great Western Bancorp, Inc.		14,296		496,643
Hancock Whitney Corp.		6,000		263,280
Hanmi Financial Corp.		25,167		503,214
HBT Financial, Inc. (a)		5,000		94,950
Heartland Financial USA, Inc.		7,800		387,972
Heritage Financial Corp.		9,100		257,530
Hilltop Holdings, Inc.		14,927		372,130
Home BancShares, Inc.		13,200		259,512
HomeTrust Bancshares, Inc.		4,729		126,879
Hope Bancorp, Inc.		33,683		500,529
Horizon Bancorp, Inc.		6,600		125,400
IBERIABANK Corp.		3,410		255,170
International Bancshares Corp.		8,736		376,260
Investors Bancorp, Inc.		42,264		503,576
Lakeland Bancorp, Inc.		22,320		387,922
Live Oak Bancshares, Inc.		25,755		489,603
Metropolitan Bank Holding Corp. (a)		5,400		260,442
Midland States Bancorp, Inc.		17,713		512,968
MidWestOne Financial Group, Inc.		7,094		257,016
Northrim BanCorp, Inc.		3,344		128,075

	Shares Held		Value
Old National Bancorp		6,874	$	125,725
Orrstown Financial Services, Inc.		5,679		128,459
Pacific Premier Bancorp, Inc.		7,670		250,080
Park National Corp.		2,440		249,807
Peapack Gladstone Financial Corp.		16,636		514,052
Peoples Bancorp, Inc.		3,700		128,242
RBB Bancorp		11,232		237,781
Renasant Corp.		7,100		251,482
Republic Bancorp, Inc.		5,510		257,868
Sandy Spring Bancorp, Inc.		13,975		529,372
South Plains Financial, Inc.		6,100		127,307
South State Corp.		1,500		130,125
Southern National Bancorp of Virginia, Inc.		15,406		251,888
Texas Capital Bancshares, Inc. (a)		8,590		487,654
Towne Bank		4,380		121,852
TriCo Bancshares		9,494		387,450
Trustmark Corp.		7,201		248,507
UMB Financial Corp.		3,720		255,341
Umpqua Holdings Corp.		22,030		389,931
Univest Financial Corp.		4,730		126,669
Washington Trust Bancorp, Inc.		4,800		258,192
West Bancorporation, Inc.		5,249		134,532
Wintrust Financial Corp.		7,350		521,115
				26,220,697
*Capital Markets — 3.97%*
AllianceBernstein Holding LP		8,554		258,844
Artisan Partners Asset Management, Inc.		12,300		397,536
Brightsphere Investment Group, Inc.		25,313		258,699
Cowen, Inc. (a)		24,700		389,025
Evercore, Inc.		3,400		254,184
GAIN Capital Holdings, Inc.		31,030		122,569
GAMCO Investors, Inc.		6,886		134,208
Greenhill & Company, Inc.		22,225		379,603
INTL FCStone, Inc. (a)		6,200		302,746
Legg Mason, Inc.		13,897		499,041
Oppenheimer Holdings, Inc.		8,921		245,149
Sculptor Capital Management, Inc.		11,511		254,393
Victory Capital Holdings, Inc.		22,627		474,488
Virtu Financial, Inc.		15,800		252,642
Virtus Investment Partners, Inc.		3,300		401,676
Waddell & Reed Financial, Inc.		15,018		251,101
Westwood Holdings Group, Inc.		12,380		366,696
				5,242,600

The accompanying notes are an integral part of these financial statements.
26

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
*Consumer Finance — 0.65%*
Navient Corp.		35,220	$	481,809
SLM Corp.		42,550		379,121
				860,930
*Diversified Financial Services — 0.34%*
FGL Holdings		41,800		445,170
*Insurance — 4.65%*
Ambac Financial Group, Inc. (a)		23,887		515,243
American Equity Investment Life Holding Company		12,626		377,896
Argo Group International Holdings Ltd.		3,900		256,425
CNO Financial Group, Inc.		27,186		492,882
Employers Holdings, Inc.		11,835		494,111
Enstar Group Ltd. (a)		1,249		258,368
Global Indemnity Ltd.		9,048		268,092
Horace Mann Educators Corp.		11,114		485,237
MBIA, Inc. (a)		39,876		370,847
National Western Life Group, Inc.		2,035		591,940
ProAssurance Corp.		13,367		483,083
State Auto Financial Corp.		4,200		130,284
Stewart Information Services Corp.		12,201		497,679
Third Point Reinsurance Ltd. (a)		52,278		549,965
United Fire Group, Inc.		8,600		376,078
				6,148,130
*Mortgage Real Estate Investment Trusts — 0.65%*
Colony Credit Real Estate, Inc.		36,782		484,051
Great Ajax Corp.		25,250		373,953
				858,004
*Thrifts & Mortgage Finance — 3.74%*
Bridgewater Bancshares, Inc. (a)		9,300		128,154
Capitol Federal Financial, Inc.		9,043		124,160
Federal Agricultural Mortgage Corp.		3,000		250,500
First Defiance Financial Corp.		8,380		263,886
FS Bancorp, Inc.		2,200		140,338
Hingham Institution for Savings		1,310		275,362
HomeStreet, Inc. (a)		15,878		539,853
Luther Burbank Corp.		21,945		253,026
Merchants Bancorp		14,360		283,036
Meridian Bancorp, Inc.		6,270		125,964
Northfield Bancorp, Inc.		22,307		378,327
OceanFirst Financial Corp.		10,310		263,317
Southern Missouri Bancorp, Inc.		3,359		128,851
Sterling Bancorp, Inc.		34,992		283,435
Territorial Bancorp, Inc.		4,032		124,750
TrustCo Bank Corp.		43,564		377,700
Washington Federal, Inc.		13,544		496,388

	Shares Held		Value
Waterstone Financial, Inc.		13,373	$	254,488
WSFS Financial Corp.		5,900		259,541
				4,951,076
TOTAL FINANCIALS				44,726,607
*HEALTH CARE — 1.79%* *Health Care Providers & Services — 1.43%*
Hanger, Inc. (a)		18,900		521,829
Magellan Health, Inc. (a)		6,506		509,095
MEDNAX, Inc. (a)		18,100		502,999
Patterson Companies, Inc.		17,200		352,256
				1,886,179
*Pharmaceuticals — 0.36%*
Taro Pharmaceutical Industries Ltd. (a)		5,400		474,822
TOTAL HEALTH CARE				2,361,001
*INDUSTRIALS — 17.43%* *Aerospace & Defense — 1.15%*
AAR Corp.		8,450		381,095
Moog, Inc.		1,400		119,462
National Presto Industries, Inc.		5,714		505,060
Vectrus, Inc. (a)		10,155		520,546
				1,526,163
*Airlines — 0.49%*
Hawaiian Holdings, Inc.		8,310		243,400
Spirit Airlines, Inc. (a)		9,900		399,069
				642,469
*Building Products — 1.94%*
Apogee Enterprises, Inc.		9,666		314,145
Armstrong Flooring, Inc. (a)		67,695		289,058
Caesarstone Ltd.		32,622		491,614
Insteel Industries, Inc.		22,300		479,227
Masonite International Corp. (a)		6,941		501,209
Resideo Technologies, Inc. (a)		41,500		495,095
				2,570,348
*Commercial Services & Supplies — 1.54%*
ACCO Brands Corp.		40,309		377,292
Deluxe Corp.		5,065		252,845
Ennis, Inc.		24,717		535,124
Herman Miller, Inc.		2,714		113,038
Interface, Inc.		21,900		363,321
Knoll, Inc.		4,586		115,842
Steelcase, Inc.		13,335		272,834
				2,030,296
*Construction & Engineering — 2.08%*
Arcosa, Inc.		3,300		147,015
Comfort Systems USA, Inc.		5,100		254,235

The accompanying notes are an integral part of these financial statements.
27

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
Fluor Corp.		28,900	$	545,632
MYR Group, Inc. (a)		11,244		366,442
Primoris Services Corp.		16,473		366,360
Sterling Construction Company, Inc. (a)		17,600		247,808
Tutor Perini Corp. (a)		33,221		427,222
Valmont Industries, Inc.		2,616		391,824
				2,746,538
*Electrical Equipment — 1.59%*
AZZ, Inc.		8,500		390,575
Encore Wire Corp.		2,166		124,328
EnerSys		6,910		517,076
GrafTech International Ltd.		40,180		466,892
Preformed Line Products Company		3,727		224,924
Thermon Group Holdings, Inc. (a)		14,183		380,104
				2,103,899
*Machinery — 4.17%*
Astec Industries, Inc.		12,500		525,000
Blue Bird Corp. (a)		24,640		564,749
Commercial Vehicle Group, Inc. (a)		34,430		218,631
EnPro Industries, Inc.		7,660		512,301
Graham Corp.		11,689		255,755
The Greenbrier Companies, Inc.		16,799		544,792
Hillenbrand, Inc.		15,220		506,978
Hyster-Yale Materials Handling, Inc.		3,927		231,536
Kennametal, Inc.		6,700		247,163
Meritor, Inc. (a)		22,813		597,471
Miller Industries, Inc.		7,100		263,623
Mueller Water Products, Inc.		10,700		128,186
Navistar International Corp. (a)		15,936		461,188
Wabash National Corp.		31,482		462,471
				5,519,844
*Marine — 0.41%*
Matson, Inc.		13,213		539,090
*Professional Services — 2.43%*
BG Staffing, Inc.		12,060		263,993
GP Strategies Corp. (a)		19,583		259,083
Heidrick & Struggles International, Inc.		11,300		367,250
InnerWorkings, Inc. (a)		51,702		284,878
Kelly Services, Inc.		22,550		509,179
Kforce, Inc.		3,200		127,040
Korn Ferry		12,656		536,615
Resources Connection, Inc.		29,385		479,857
TrueBlue, Inc. (a)		15,900		382,554
				3,210,449

		Shares Held		Value
*Road & Rail — 0.67%*
Covenant Transportation Group, Inc. (a)			29,250	$	378,056
Universal Logistics Holdings, Inc.			20,070		380,528
Werner Enterprises, Inc.	��		3,460		125,909
					884,493
*Trading Companies & Distributors — 0.96%*
DXP Enterprises, Inc. (a)			9,200		366,252
Rush Enterprises, Inc.			10,398		483,507
WESCO International, Inc. (a)			7,065		419,590
					1,269,349
TOTAL INDUSTRIALS					23,042,938
*INFORMATION TECHNOLOGY — 6.28%* *Communications Equipment — 0.63%*
Casa Systems, Inc. (a)			35,800		146,422
CommScope Holding Company, Inc. (a)			18,100		256,839
Plantronics, Inc.			15,800		431,972
					835,233
*Electronic Equipment, Instruments & Components — 3.21%*
Anixter International, Inc. (a)			2,868		264,143
AVX Corp.			18,627		381,295
Belden, Inc.			9,300		511,500
ePlus, Inc. (a)			1,500		126,435
Insight Enterprises, Inc. (a)			3,768		264,853
Kimball Electronics, Inc. (a)			21,600		379,080
Methode Electronics, Inc.			6,559		258,097
PC Connection, Inc.			5,506		273,428
Plexus Corp. (a)			4,856		373,621
Sanmina Corp. (a)			15,395		527,124
ScanSource, Inc. (a)			13,353		493,393
Vishay Intertechnology, Inc.			18,426		392,290
					4,245,259
*IT Services — 1.12%*
Cass Information Systems, Inc.			6,700		386,857
CSG Systems International, Inc.			6,910		357,800
NIC, Inc.			16,473		368,172
Unisys Corp. (a)			31,000		367,660
					1,480,489
*Semiconductors & Semiconductor Equipment — 0.51%*
Diodes, Inc. (a)			10,179		573,790
NVE Corp.			1,400		99,960
					673,750
*Software — 0.38%*
Ebix, Inc.			14,880		497,141

The accompanying notes are an integral part of these financial statements.
28

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Small Cap Diversified Value Fund (Unaudited)

	Shares Held		Value
*Technology Hardware, Storage & Peripherals — 0.43%*
Super Micro Computer, Inc. (a)		23,800	$	571,676
TOTAL INFORMATION TECHNOLOGY				8,303,548
*MATERIALS — 3.95%* *Chemicals — 1.85%*
American Vanguard Corp.		21,429		417,223
Cabot Corp.		7,760		368,755
FutureFuel Corp.		21,230		263,040
Livent Corp. (a)		42,700		365,085
Minerals Technologies, Inc.		6,694		385,775
PolyOne Corp.		3,990		146,792
Trinseo SA		13,350		496,753
				2,443,423
*Containers & Packaging — 0.10%*
Silgan Holdings, Inc.		4,100		127,428
*Metals & Mining — 1.43%*
Century Aluminum Company (a)		49,100		368,987
Cleveland-Cliffs, Inc.		43,140		362,376
Kaiser Aluminum Corp.		2,197		243,625
Schnitzer Steel Industries, Inc.		5,500		119,240
Warrior Met Coal, Inc.		18,800		397,244
Worthington Industries, Inc.		9,450		398,601
				1,890,073
*Paper & Forest Products — 0.57%*
Domtar Corp.		9,800		374,752
Mercer International, Inc.		30,750		378,225
				752,977
TOTAL MATERIALS				5,213,901
*REAL ESTATE — 1.19%* *Equity Real Estate Investment Trusts — 1.19%*
Colony Capital, Inc.		111,172		528,067
Pebblebrook Hotel Trust		19,400		520,114
Seritage Growth Properties		12,938		518,555
TOTAL REAL ESTATE				1,566,736
*UTILITIES — 4.08%* *Electric Utilities — 1.55%*
ALLETE, Inc.		6,476		525,657
El Paso Electric Company		7,354		499,263
Otter Tail Corp.		9,800		502,642
PNM Resources, Inc.		10,302		522,414
				2,049,976
*Gas Utilities — 1.75%*
South Jersey Industries, Inc.		15,844		522,535
Southwest Gas Holdings, Inc.		6,800		516,596
Spire, Inc.		6,393		532,601

	Shares Held		Value
Star Group LP		26,060	$	246,528
Suburban Propane Partners LP		22,737		496,803
				2,315,063
*Multi-Utilities — 0.78%*
Avista Corp.		10,461		503,069
NorthWestern Corp.		7,303		523,407
				1,026,476
TOTAL UTILITIES				5,391,515
Total common stocks (Cost $119,217,621)				127,206,458
Total long-term investments (Cost $119,217,621)				127,206,458
SHORT-TERM INVESTMENTS — 1.36%	Principal Amount
*Time Deposits — 1.36%*
Banco Santander SA, 1.56%, 01/02/2020*	$	1,797,091		1,797,091
Total short-term investments (Cost $1,797,091)				1,797,091
Total investments — 97.58% (Cost $121,014,712)				129,003,549
Other assets in excess of liabilities — 2.42%				3,202,999
Net assets — 100.00%			$	132,206,548

(a) — Non-income producing security.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
29

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Global Value Fund (Unaudited)

* Based on country of risk

Largest Equity Holdings	Percent of net assets
General Electric Company		5.45	%
American International Group, Inc.		4.20	%
Wells Fargo & Company		4.05	%
Microsoft Corp.		3.72	%
BAE Systems PLC		3.03	%
Oracle Corp.		2.71	%
The Goldman Sachs Group, Inc.		2.48	%
Magna International, Inc.		2.41	%
Societe Generale SA		2.40	%
Tokio Marine Holdings, Inc.		2.39	%

COMMON STOCKS — 98.03%	Shares Held		Value
*COMMUNICATION SERVICES — 6.12%* *Media — 4.04%*
Discovery, Inc. (a)		26,550	$	809,509.00
News Corp.		57,800		817,292
				1,626,801
*Wireless Telecommunication Services — 2.08%*
Vodafone Group PLC — ADR		43,372		838,381
TOTAL COMMUNICATION SERVICES				2,465,182
*CONSUMER DISCRETIONARY — 7.13%* *Auto Components — 2.86%*
Adient PLC (a)		8,531		181,284
Magna International, Inc.		17,711		971,271
				1,152,555
*Automobiles — 2.60%*
Bayerische Motoren Werke AG (v)		4,697		289,158
General Motors Company		20,745		759,267
				1,048,425
*Household Durables — 1.03%*
Haseko Corp. (v)		30,700		412,112
*Specialty Retail — 0.64%*
Kingfisher PLC (v)		89,802		258,518
TOTAL CONSUMER DISCRETIONARY				2,871,610
*CONSUMER STAPLES — 4.60%* *Beverages — 1.54%*
Heineken Holding NV (v)		6,387		620,771
*Food & Staples Retailing — 0.92%*
Tesco PLC (v)		109,314		369,444
*Household Products — 0.95%*
Henkel AG & Company KGaA (v)		4,100		385,371
*Personal Products — 1.19%*
Unilever PLC (v)		8,356		478,323
TOTAL CONSUMER STAPLES				1,853,909	��

	Shares Held		Value
*ENERGY — 8.66%* *Energy Equipment & Services — 3.57%*
Frank's International NV (a)		95,316	$	492,784
National Oilwell Varco, Inc.		37,669		943,608
				1,436,392
*Oil, Gas & Consumable Fuels — 5.09%*
Apache Corp.		14,202		363,429
Cairn Energy PLC (a) (v)		172,490		471,890
Cenovus Energy, Inc.		32,900		334,434
Kosmos Energy Ltd.		86,388		492,412
Royal Dutch Shell PLC — ADR		6,600		389,268
				2,051,433
TOTAL ENERGY				3,487,825
*FINANCIALS — 29.13%* *Banks — 16.78%*
ABN AMRO Bank NV (r) (v)		23,700		431,966
Barclays PLC (v)		203,576		485,425
BNP Paribas SA (v)		11,556		686,870
Citigroup, Inc.		5,304		423,737
Citizens Financial Group, Inc.		10,800		438,588
Credito Valtellinese SpA (a) (v)		5,110,669		408,418
ING Groep NV (v)		34,656		416,651
Royal Bank of Scotland Group PLC (v)		59,400		190,553
Societe Generale SA (v)		27,693		966,434
UniCredit SpA (v)		46,600		681,154
Wells Fargo & Company		30,330		1,631,754
				6,761,550
*Capital Markets — 4.27%*
Credit Suisse Group AG (a) (v)		53,164		718,654
The Goldman Sachs Group, Inc.		4,354		1,001,115
				1,719,769

The accompanying notes are an integral part of these financial statements.
30

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Global Value Fund (Unaudited)

	Shares Held		Value
*Insurance — 8.08%*
American International Group, Inc.		32,969	$	1,692,299
Tokio Marine Holdings, Inc. (v)		17,200		963,008
Zurich Insurance Group AG (v)		1,471		603,403
				3,258,710
TOTAL FINANCIALS				11,740,029
*HEALTH CARE — 5.74%* *Health Care Equipment & Supplies — 1.44%*
Medtronic PLC		5,100		578,595
*Health Care Providers & Services — 2.97%*
Anthem, Inc.		2,015		608,590
UnitedHealth Group, Inc.		2,000		587,960
				1,196,550
*Pharmaceuticals — 1.33%*
GlaxoSmithKline PLC — ADR		11,419		536,579
TOTAL HEALTH CARE				2,311,724
*INDUSTRIALS — 21.30%* *Aerospace & Defense — 5.99%*
Airbus SE (v)		2,700		396,268
BAE Systems PLC (v)		163,159		1,221,631
Embraer SA — ADR (a)		40,753		794,276
				2,412,175
*Air Freight & Logistics — 2.37%*
Royal Mail PLC (v)		317,987		956,341
*Industrial Conglomerates — 5.45%*
General Electric Company		196,772		2,195,976
*Machinery — 5.93%*
CNH Industrial NV		85,382		939,202
Cummins, Inc.		3,329		595,758
Danieli & C Officine Meccaniche SpA		54,560		618,122
Navistar International Corp. (a)		8,192		237,077
				2,390,159
*Road & Rail — 1.56%*
AMERCO		1,672		628,371
TOTAL INDUSTRIALS				8,583,022
*INFORMATION TECHNOLOGY — 13.18%* *Communications Equipment — 1.44%*
Telefonaktiebolaget LM Ericsson — ADR		66,072		580,112
*Electronic Equipment, Instruments & Components — 3.62%*
Corning, Inc.		28,373		825,938
Hitachi Ltd. (v)		15,000		632,936
				1,458,874

	Shares Held		Value
*Software — 6.43%*
Microsoft Corp.		9,513	$	1,500,200
Oracle Corp.		20,575		1,090,063
				2,590,263
*Technology Hardware, Storage & Peripherals — 1.69%*
Hewlett Packard Enterprise Company		43,087		683,360
TOTAL INFORMATION TECHNOLOGY				5,312,609
*REAL ESTATE — 2.17%* *Equity Real Estate Investment Trusts — 2.17%*
Seritage Growth Properties		21,843		875,467
TOTAL REAL ESTATE				875,467
Total common stocks (Cost $35,994,348)				39,501,377
Total long-term investments (Cost $35,994,348)				39,501,377
SHORT-TERM INVESTMENTS — 1.65%	Principal Amount
*Time Deposits — 1.65%*
Banco Santander SA, 1.56%, 01/02/2020*	$	665,906		665,906
Brown Brothers Harriman & Co., 0.82%, 01/02/2020*	CAD	1,748		1,346
Brown Brothers Harriman & Co., 0.36%, 01/02/2020*	GBP	2		3
Total short-term investments (Cost $667,255)				667,255
Total investments — 99.68% (Cost $36,661,603)				40,168,632
Other assets in excess of liabilities — 0.32%				127,782
Net assets — 100.00%			$	40,296,414

(a) — Non-income producing security.

(r) — Rule 144A security of the Securities Act of 1933. Purchased in a private placement transaction; resale to the public may require registration or be limited to qualified institutional buyers. The total market value of these securities was $431,966, which represented 1.07% of net assets.

(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $13,045,299, which represented 32.37% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

CAD — Canadian Dollar

GBP — British Pound

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
31

Schedule of Investments — December 31, 2019

Hotchkis & Wiley International Value Fund (Unaudited)

* Based on country of risk

Largest Equity Holdings	Percent of net assets
BAE Systems PLC		3.94	%
Tokio Marine Holdings, Inc.		3.91	%
Royal Mail PLC		3.28	%
CNH Industrial NV		3.26	%
Embraer SA		3.23	%
Enstar Group Ltd.		3.12	%
Magna International, Inc.		2.92	%
Societe Generale SA		2.88	%
Frank's International NV		2.86	%
Vodafone Group PLC		2.67	%

COMMON STOCKS — 99.20%	Shares Held		Value
*COMMUNICATION SERVICES — 3.08%* *Media — 0.41%*
RTL Group SA (v)		216	$	10,643
*Wireless Telecommunication Services — 2.67%*
Vodafone Group PLC (v)		35,446		68,814
TOTAL COMMUNICATION SERVICES				79,457
*CONSUMER DISCRETIONARY — 7.61%* *Auto Components — 2.92%*
Magna International, Inc.		1,372		75,240
*Automobiles — 1.53%*
Bayerische Motoren Werke AG (v)		641		39,461
*Household Durables — 1.72%*
Haseko Corp. (v)		3,300		44,299
*Leisure Products — 0.56%*
Sega Sammy Holdings, Inc. (v)		1,000		14,480
*Specialty Retail — 0.88%*
Kingfisher PLC (v)		7,866		22,644
TOTAL CONSUMER DISCRETIONARY				196,124
*CONSUMER STAPLES — 8.87%* *Beverages — 3.04%*
Britvic PLC (v)		2,100		25,168
Heineken Holding NV (v)		547		53,165
				78,333
*Food & Staples Retailing — 0.97%*
Tesco PLC (v)		7,396		24,996
*Food Products — 1.38%*
Ezaki Glico Company Ltd. (v)		800		35,667
*Household Products — 1.82%*
Henkel AG & Company KGaA (v)		500		46,996
*Personal Products — 1.30%*
Unilever PLC (v)		588		33,659

	Shares Held		Value
*Tobacco — 0.36%*
Scandinavian Tobacco Group (r)		757	$	9,233
TOTAL CONSUMER STAPLES				228,884
*ENERGY — 11.28%* *Energy Equipment & Services — 4.20%*
Frank's International NV (a)		14,257		73,709
Subsea 7 SA (v)		2,900		34,693
				108,402
*Oil, Gas & Consumable Fuels — 7.08%*
Cairn Energy PLC (a) (v)		23,436		64,115
Cenovus Energy, Inc.		4,000		40,661
Kosmos Energy Ltd.		5,768		32,877
Royal Dutch Shell PLC (v)		1,527		45,024
				182,677
TOTAL ENERGY				291,079
*FINANCIALS — 30.10%* *Banks — 16.44%*
ABN AMRO Bank NV (r) (v)		2,200		40,098
Barclays PLC (v)		21,117		50,353
BNP Paribas SA (v)		1,004		59,676
Credito Valtellinese SpA (a) (v)		620,067		49,553
ING Groep NV (v)		3,267		39,277
Royal Bank of Scotland Group PLC (v)		15,400		49,403
Societe Generale SA (v)		2,131		74,369
UniCredit SpA (v)		4,200		61,391
				424,120
*Capital Markets — 2.07%*
Credit Suisse Group AG (a) (v)		3,948		53,368
*Insurance — 11.59%*
Aviva PLC (v)		2,280		12,655
Enstar Group Ltd. (a)		389		80,468
Global Indemnity Ltd.		968		28,682

The accompanying notes are an integral part of these financial statements.
32

Schedule of Investments — December 31, 2019

Hotchkis & Wiley International Value Fund (Unaudited)

	Shares Held		Value
RSA Insurance Group PLC (v)		4,926	$	36,920
Tokio Marine Holdings, Inc. (v)		1,800		100,779
Zurich Insurance Group AG (v)		96		39,379
				298,883
TOTAL FINANCIALS				776,371
*HEALTH CARE — 8.47%* *Health Care Equipment & Supplies — 3.38%*
Koninklijke Philips NV (v)		948		46,342
Medtronic PLC		360		40,842
				87,184
*Pharmaceuticals — 5.09%*
Bayer AG (v)		760		61,786
GlaxoSmithKline PLC (v)		2,309		54,255
Sanofi (v)		153		15,365
				131,406
TOTAL HEALTH CARE				218,590
*INDUSTRIALS — 21.17%* *Aerospace & Defense — 9.44%*
Airbus SE (v)		400		58,706
BAE Systems PLC (v)		13,575		101,640
Embraer SA — ADR (a)		4,269		83,203
				243,549
*Air Freight & Logistics — 3.28%*
Royal Mail PLC (v)		28,129		84,598
*Construction & Engineering — 0.43%*
Bouygues SA (v)		261		11,126
*Industrial Conglomerates — 2.13%*
Siemens AG (v)		420		54,849
*Machinery — 5.66%*
CNH Industrial NV (v)		1,759		19,314
CNH Industrial NV		7,653		84,182
Danieli & C Officine Meccaniche SpA		3,747		42,451
				145,947
*Professional Services — 0.23%*
Hudson Global, Inc. (a)		499		5,963
TOTAL INDUSTRIALS				546,032
*INFORMATION TECHNOLOGY — 7.21%* *Communications Equipment — 2.01%*
Telefonaktiebolaget LM Ericsson (v)		5,944		51,938
*Electronic Equipment, Instruments & Components — 3.98%*
Hitachi Ltd. (v)		1,300		54,854
Nippon Electric Glass Company Ltd. (v)		1,100		24,420
TE Connectivity Ltd.		245		23,481
				102,755

	Shares Held		Value
*Semiconductors & Semiconductor Equipment — 1.22%*
Taiwan Semiconductor Manufacturing Company Ltd. — ADR		540	$	31,374
TOTAL INFORMATION TECHNOLOGY				186,067
*MATERIALS — 1.41%* *Chemicals — 1.41%*
Tikkurila Oyj		2,253		36,291
TOTAL MATERIALS				36,291
Total common stocks (Cost $2,448,438)				2,558,895
Total long-term investments (Cost $2,448,438)				2,558,895
SHORT-TERM INVESTMENTS — 1.26%	Principal Amount
*Time Deposits — 1.26%*
Banco Santander SA, 1.56%, 01/02/2020*	$	32,401		32,401
Total short-term investments (Cost $32,401)				32,401
Total investments — 100.46% (Cost $2,480,839)				2,591,296
Liabilities in excess of other assets — (0.46)%				(11,819	)
Net assets — 100.00%			$	2,579,477

(a) — Non-income producing security.

(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $1,870,238, which represented 72.50% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

The accompanying notes are an integral part of these financial statements.
33

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

Largest Holdings*	Percent of net assets
Microsoft Corp.		7.04	%
General Electric Company		6.69	%
Wells Fargo & Company		4.48	%
Bank of America Corp.		4.05	%
Oracle Corp.		4.02	%
Seritage Growth Properties		3.97	%
The Goldman Sachs Group, Inc.		3.95	%
American International Group, Inc.		3.93	%
Morgan Stanley		3.57	%
National Oilwell Varco, Inc.		3.43	%

* Excluding short-term securities.

COMMON STOCKS — 89.85%	Shares Held		Value
*COMMUNICATION SERVICES — 11.55%* *Interactive Media & Services — 2.11%*
Alphabet, Inc. (a)		12,300	$	16,474,497
*Media — 7.55%*
Comcast Corp.		309,600		13,922,712
Discovery, Inc. (a)		428,800		13,074,112
News Corp.		1,677,100		23,714,194
ViacomCBS, Inc.		197,400		8,284,878
				58,995,896
*Wireless Telecommunication Services — 1.89%*
Vodafone Group PLC — ADR		763,300		14,754,589
TOTAL COMMUNICATION SERVICES				90,224,982
*CONSUMER DISCRETIONARY — 3.92%* *Automobiles — 2.60%*
General Motors Company		554,066		20,278,816
*Specialty Retail — 1.06%*
Office Depot, Inc. (c)		3,029,600		8,301,104
*Textiles, Apparel & Luxury Goods — 0.26%*
JG Boswell Company		3,401		2,040,600
TOTAL CONSUMER DISCRETIONARY				30,620,520
*CONSUMER STAPLES — 1.97%* *Beverages — 0.51%*
PepsiCo, Inc.		29,200		3,990,764
*Household Products — 1.46%*
Henkel AG & Company KGaA (v)		121,500		11,420,144
TOTAL CONSUMER STAPLES				15,410,908
*ENERGY — 12.16%* *Energy Equipment & Services — 5.04%*
Frank's International NV (a)		2,435,300		12,590,501
National Oilwell Varco, Inc.		1,070,300		26,811,015
				39,401,516

	Shares Held		Value
*Oil, Gas & Consumable Fuels — 7.12%*
Apache Corp.		478,100	$	12,234,579
Cairn Energy PLC (a) (v)		6,800,500		18,604,476
Equitrans Midstream Corp.		122,300		1,633,928
Hess Corp.		66,600		4,449,546
Kosmos Energy Ltd.		563,700		3,213,090
Rockhopper Exploration PLC (a)		5,048,100		999,001
Royal Dutch Shell PLC — ADR		246,000		14,509,080
				55,643,700
TOTAL ENERGY				95,045,216
*FINANCIALS — 24.88%* *Banks — 10.52%*
Bank of America Corp. (c)		897,600		31,613,472
Citigroup, Inc. (c)		194,800		15,562,572
Wells Fargo & Company		650,900		35,018,420
				82,194,464
*Capital Markets — 9.37%*
The Goldman Sachs Group, Inc.		134,400		30,902,592
Morgan Stanley		545,700		27,896,184
Motors Liquidation Company GUC Trust (a) (i) (o)		1,623,100		14,364,435
				73,163,211
*Insurance �� 4.99%*
American International Group, Inc. (c)		598,600		30,726,138
Enstar Group Ltd. (a)		25,100		5,192,186
Global Indemnity Ltd.		104,400		3,093,372
				39,011,696
TOTAL FINANCIALS				194,369,371
*HEALTH CARE — 1.18%* *Health Care Equipment & Supplies — 1.18%*
Medtronic PLC		81,200		9,212,140
TOTAL HEALTH CARE				9,212,140

The accompanying notes are an integral part of these financial statements.
34

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

	Shares Held		Value
*INDUSTRIALS — 14.08%* *Air Freight & Logistics — 3.16%*
Royal Mail PLC (c) (v)		8,211,500	$	24,695,955
*Industrial Conglomerates — 6.70%*
General Electric Company		4,687,500		52,312,500
*Machinery — 0.83%*
Danieli & C Officine Meccaniche SpA (c)		572,600		6,487,112
*Professional Services — 0.07%*
Hudson Global, Inc. (a)		48,170		575,631
*Road & Rail — 3.32%*
AMERCO		69,000		25,931,580
TOTAL INDUSTRIALS				110,002,778
*INFORMATION TECHNOLOGY — 14.09%* *Electronic Equipment, Instruments & Components — 1.61%*
Corning, Inc.		432,300		12,584,253
*Software — 11.06%*
Microsoft Corp. (c)		349,100		55,053,070
Oracle Corp. (c)		592,800		31,406,544
				86,459,614
*Technology Hardware, Storage & Peripherals — 1.42%*
Hewlett Packard Enterprise Company		697,500		11,062,350
TOTAL INFORMATION TECHNOLOGY				110,106,217
*MATERIALS — 1.51%* *Chemicals — 1.23%*
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $6,892,250) (a) (f) (i) (m) (o) (u)		32,422		9,602,748
*Metals & Mining — 0.28%*
American Zinc Recycling LLC (Acquired 07/24/2014 — 12/10/2019, Cost $7,951,436) (a) (f) (i) (m) (u)		7,042		2,228,253
TOTAL MATERIALS				11,831,001
*REAL ESTATE — 4.51%* *Equity Real Estate Investment Trusts — 3.97%*
Seritage Growth Properties (l)		773,100		30,985,848
*Real Estate Management & Development — 0.54%*
Maui Land & Pineapple Company, Inc. (a)		377,300		4,244,625
TOTAL REAL ESTATE				35,230,473
Total common stocks (Cost $633,982,677)				702,053,606
PREFERRED STOCKS — 0.39%
*FINANCIALS — 0.39%* *Thrifts & Mortgage Finance — 0.39%*
Federal Home Loan Mortgage Corp. — Series K (a)		33,900		657,491
Federal Home Loan Mortgage Corp. — Series N (a) (i)		118,600		2,074,314

	Shares Held		Value
Federal Home Loan Mortgage Corp. — Series S (a)		18,700	$	329,120
TOTAL FINANCIALS				3,060,925
Total preferred stocks (Cost $274,262)				3,060,925
CORPORATE BONDS — 3.60%	Principal Amount
*CONSUMER DISCRETIONARY — 1.55%* *Multiline Retail — 1.55%*
JC Penney Corp., Inc. 5.875%, 07/01/2023 (r)	$	14,080,000		12,108,659
TOTAL CONSUMER DISCRETIONARY				12,108,659
*INDUSTRIALS — 1.58%* *Industrial Conglomerates — 1.58%*
General Electric Company 5.000% (Fixed until 01/21/2021, then 3 Month LIBOR USD + 3.330%), Perpetual		12,605,000		12,365,253
TOTAL INDUSTRIALS				12,365,253
*REAL ESTATE — 0.47%* *Equity Real Estate Investment Trusts — 0.47%*
The GEO Group, Inc. 5.875%, 10/15/2024		4,030,000		3,668,973
TOTAL REAL ESTATE				3,668,973
Total corporate bonds (Cost $25,853,100)				28,142,885
TERM LOANS — 3.51%
*CONSUMER DISCRETIONARY — 1.74%* *Specialty Retail — 1.74%*
Ascena Retail Group, Inc. 6.250% (1 Month LIBOR USD + 4.500%), 08/21/2022 (Acquired 07/10/2019 — 11/04/2019, Cost $13,126,661) (b) (m)		19,870,000		13,610,950
TOTAL CONSUMER DISCRETIONARY				13,610,950
*ENERGY — 1.35%* *Energy Equipment & Services — 1.35%*
McDermott Technology Americas, Inc. TBD, 10/21/2021 (Acquired 11/13/2019 — 11/20/2019, Cost $5,632,115) (e) (m)		5,500,000		5,808,750
TBD, 05/12/2025 (Acquired 11/05/2019 — 11/06/2019, Cost $4,535,958) (e) (m)		7,979,695		4,739,939
TOTAL ENERGY				10,548,689
*MATERIALS — 0.42%* *Chemicals — 0.42%*
Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/13/2021 (Acquired 04/13/2017, Cost $3,272,683) (b) (f) (m) (u)		3,272,683		3,272,683
TOTAL MATERIALS				3,272,683
Total term loans (Cost $26,567,417)				27,432,322

The accompanying notes are an integral part of these financial statements.
35

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

PURCHASED PUT OPTIONS — 0.91%	Contracts (100 shares per contract)		Notional Amount		Value
*CONSUMER DISCRETIONARY — 0.85%* *Automobiles — 0.85%*
Tesla, Inc. (a) Expiration: June 2020, Exercise Price: $270.00		50	$	2,091,650	$	38,950
Expiration: January 2021, Exercise Price: $300.00		50		2,091,650		136,350
Expiration: January 2021, Exercise Price: $450.00		210		8,784,930		2,051,280
Expiration: January 2021, Exercise Price: $500.00		355		14,850,715		4,383,185
TOTAL CONSUMER DISCRETIONARY						6,609,765
*INVESTMENT COMPANIES — 0.06%* *Exchange Traded Funds — 0.06%*
iShares China Large-Cap ETF (a) Expiration: January 2020, Exercise Price: $40.00		3,000		13,089,000		12,000
Expiration: January 2021, Exercise Price: $40.00		2,100		9,162,300		452,550
TOTAL INVESTMENT COMPANIES						464,550
Total purchased put options (Cost $15,513,397)						7,074,315
WARRANTS — 0.15%			Shares Held
*ENERGY — 0.00%* *Oil, Gas & Consumable Fuels — 0.00%*
Lonestar Resources America, Inc. (Acquired 09/30/2016, Cost $339,200) (a) (f) (i) (m) Expiration: December 2021, Exercise Price: $5.00				80,000		0
TOTAL ENERGY						0
*FINANCIALS — 0.15%* *Insurance — 0.15%*
American International Group, Inc. (a) Expiration: January 2021, Exercise Price: $42.94				117,400		1,206,872
TOTAL FINANCIALS						1,206,872
Total warrants (Cost $1,226,559)						1,206,872
Total long-term investments (Cost $703,417,412)						768,970,925
COLLATERAL FOR SECURITIES ON LOAN — 1.93%
*Money Market Funds — 1.93%*

Invesco Government & Agency Portfolio — Institutional Class, 1.51%^					15,057,125				15,057,125
Total collateral for securities on loan (Cost $15,057,125)									15,057,125

SHORT-TERM INVESTMENTS — 2.94%	Principal Amount		Value
*Time Deposits — 2.94%*
Banco Bilbao Vizcaya Argentaria SA, 1.56%, 01/02/2020*	$	22,964,944	$	22,964,944
Brown Brothers Harriman & Co., 0.32%, 01/02/2020*	AUD	41		29
Brown Brothers Harriman & Co., 0.82%, 01/02/2020* CAD		96		74
Brown Brothers Harriman & Co., 0.36%, 01/02/2020* GBP		142		187
Total short-term investments (Cost $22,965,220)				22,965,234
Total investments — 103.28% (Cost $741,439,757)				806,993,284
Liabilities in excess of other assets — (3.28)%				(25,594,233	)
Net assets — 100.00%			$	781,399,051

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2019.

(c) — All or a portion of this security is segregated as collateral for delayed delivery securities, futures contracts, purchased put options and/or unfunded loan commitments.

(e) — Delayed delivery security.

(f) — Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $15,103,684, which represented 1.93% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

(i) — Illiquid security. The total market value of these securities was $28,269,750, which represented 3.62% of net assets.

(l) — All or a portion of this security is on loan. The total market value of securities on loan was $14,754,135. The remaining contractual maturity of all of the securities lending transactions is overnight and continuous.

(m) — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $39,263,323, which represented 5.02% of net assets.

(o) — Affiliated issuer. See Note 6 in Notes to the Financial Statements.

(u) — Value determined using significant unobservable inputs.

(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $54,720,575, which represented 7.00% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

The accompanying notes are an integral part of these financial statements.
36

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

ADR — American Depositary Receipt

AUD — Australian Dollar

CAD — Canadian Dollar

GBP — British Pound

LIBOR — London Interbank Offered Rate

TBD — To be determined.

USD — United States Dollar

^ — Rate shown is the 7-day yield as of December 31, 2019.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

Schedule of Futures Contracts — December 31, 2019

Hotchkis & Wiley Value Opportunities Fund (Unaudited)

Description				Number of Contracts Purchased (Sold)				Expiration				Notional Amount				Value/Unrealized Appreciation (Depreciation)
British Pound Currency Futures					(150	)		March 2020				$	(12,461,250	)		$	79,070

The accompanying notes are an integral part of these financial statements.
37

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

Largest Issuers	Percent of net assets
General Electric Company		3.29	%
American International Group, Inc.		2.37	%
Wells Fargo & Company		2.35	%
Office Depot, Inc.		2.02	%
The Goldman Sachs Group, Inc.		1.96	%
Seritage Growth Properties		1.90	%
American Zinc Recycling LLC		1.82	%
Royal Mail PLC		1.78	%
BAE Systems PLC		1.77	%
Magna International, Inc.		1.66	%

COMMON STOCKS — 60.69%	Shares Held		Value
*COMMUNICATION SERVICES — 3.60%* *Media — 2.31%*
Discovery, Inc. (a)		11,303	$	344,628
MDC Partners, Inc. (a)		43,037		119,643
ViacomCBS, Inc.		1,312		55,065
				519,336
*Wireless Telecommunication Services — 1.29%*
Vodafone Group PLC — ADR (c)		14,993		289,815
TOTAL COMMUNICATION SERVICES				809,151
*CONSUMER DISCRETIONARY — 7.09%* *Auto Components — 2.06%*
Adient PLC (a)		4,232		89,930
Magna International, Inc.		6,797		372,747
				462,677
*Automobiles — 1.42%*
General Motors Company		8,744		320,030
General Motors Company — Escrow (Acquired 12/31/2010, Cost $0) (a) (f) (i) (m) (u)		4,600		0
				320,030
*Specialty Retail — 2.48%*
Bed Bath & Beyond, Inc.		5,375		92,988
Kingfisher PLC — ADR		11,333		64,938
Office Depot, Inc.		145,306		398,139
				556,065
*Textiles, Apparel & Luxury Goods — 1.13%*
Quiksilver, Inc. (Acquired 07/11/2013 — 05/12/2016, Cost $351,163) (a) (f) (i) (m) (u)		6,960		253,274
TOTAL CONSUMER DISCRETIONARY				1,592,046
*CONSUMER STAPLES — 0.33%* *Food & Staples Retailing — 0.33%*
Tesco PLC — ADR		7,394		74,517
TOTAL CONSUMER STAPLES				74,517

	Shares Held		Value
*ENERGY — 6.41%* *Energy Equipment & Services — 1.46%*
Fieldwood Energy, Inc. (Acquired 05/03/2018, Cost $34,085) (a) (i) (m)		1,461	$	29,220
Fieldwood Energy, Inc. (a) (i)		395		7,900
Frank's International NV (a)		13,089		67,670
NexTier Oilfield Solutions, Inc. (a)		20,508		137,403
Nine Energy Service, Inc. (a)		2,229		17,431
Quintana Energy Services, Inc. (a)		24,095		67,707
				327,331
*Oil, Gas & Consumable Fuels — 4.95%*
Apache Corp.		5,920		151,493
Bellatrix Exploration Ltd. (a) (f) (i) (u)		1,767		2
Cairn Energy PLC — ADR (a)		60,486		331,462
Cenovus Energy, Inc.		6,980		70,847
Equitrans Midstream Corp.		3,700		49,432
Kosmos Energy Ltd.		42,306		241,144
Murphy Oil Corp.		2,467		66,116
PetroQuest Energy, Inc. (a) (i)		4,513		0
Rockhopper Exploration PLC (a)		104,917		20,763
Warren Resources, Inc. (Acquired 11/23/2016, Cost $2,157) (a) (f) (i) (m) (u)		1,559		16
Whiting Petroleum Corp. (a)		24,681		181,159
				1,112,434
TOTAL ENERGY				1,439,765
*FINANCIALS — 20.25%* *Banks — 10.39%*
ABN AMRO Bank NV — ADR (a)		3,690		66,973
Bank of America Corp.		4,579		161,272
Barclays PLC — ADR		19,249		183,250
BNP Paribas SA — ADR		3,477		103,232
Citigroup, Inc.		4,493		358,946

The accompanying notes are an integral part of these financial statements.
38

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

	Shares Held		Value
Citizens Financial Group, Inc.		5,854	$	237,731
Credito Valtellinese SpA (a) (v)		2,353,689		188,094
Popular, Inc.		2,972		174,605
Societe Generale SA — ADR		38,161		266,593
UniCredit SpA — ADR		8,880		64,380
Wells Fargo & Company		9,800		527,239
				2,332,315
*Capital Markets — 5.38%*
Credit Suisse Group AG — ADR (a)		10,570		142,167
Fifth Street Asset Management, Inc. (a) (i)		176,631		294,974
The Goldman Sachs Group, Inc.		1,915		440,315
Motors Liquidation Company GUC Trust (a)		37,448		331,415
				1,208,871
*Consumer Finance — 0.62%*
Capital One Financial Corp.		1,361		140,061
*Insurance — 3.86%*
American International Group, Inc. (c)		10,385		533,063
Global Indemnity Ltd.		1,897		56,208
Tokio Marine Holdings, Inc. — ADR		3,264		181,935
Zurich Insurance Group AG — ADR		2,303		94,423
				865,629
TOTAL FINANCIALS				4,546,876
*HEALTH CARE — 1.65%* *Health Care Equipment & Supplies — 0.57%*
Medtronic PLC		1,130		128,199
*Health Care Providers & Services — 0.47%*
Anthem, Inc.		350		105,711
*Pharmaceuticals — 0.61%*
GlaxoSmithKline PLC — ADR		2,888		135,706
TOTAL HEALTH CARE				369,616
*INDUSTRIALS — 11.30%* *Aerospace & Defense — 2.24%*
BAE Systems PLC — ADR		13,121		397,304
Embraer SA — ADR (a)		5,413		105,499
				502,803
*Air Freight & Logistics — 1.78%*
Royal Mail PLC — ADR		67,092		399,533
*Commercial Services & Supplies — 0.24%*
Quad/Graphics, Inc.		11,478		53,602
*Construction & Engineering — 0.46%*
Fluor Corp.		3,490		65,891
Tutor Perini Corp. (a)		3,020		38,837
				104,728
*Industrial Conglomerates — 2.70%*
General Electric Company		54,325		606,268

	Shares Held		Value
*Machinery — 2.33%*
CNH Industrial NV		17,040	$	187,440
Cummins, Inc.		766		137,083
Danieli & C Officine Meccaniche SpA — ADR		17,635		198,306
				522,829
*Marine — 0.30%*
Matson, Inc.		1,635		66,708
*Professional Services — 0.27%*
Hudson Global, Inc. (a)		5,156		61,614
*Road & Rail — 0.44%*
AMERCO		265		99,592
*Trading Companies & Distributors — 0.54%*
RA Parent, Inc. (Acquired 12/23/2014 — 01/18/2018, Cost $192,714) (a) (f) (i) (m) (u)		3		120,748
TOTAL INDUSTRIALS				2,538,425
*INFORMATION TECHNOLOGY — 5.85%* *Communications Equipment — 0.60%*
Telefonaktiebolaget LM Ericsson — ADR		15,246		133,860
*Electronic Equipment, Instruments & Components — 1.13%*
Corning, Inc. (c)		8,734		254,247
*IT Services — 0.28%*
KBR, Inc.		2,060		62,830
*Software — 2.66%*
Microsoft Corp. (c)		1,995		314,611
Oracle Corp.		5,339		282,860
				597,471
*Technology Hardware, Storage & Peripherals — 1.18%*
Hewlett Packard Enterprise Company		16,753		265,703
TOTAL INFORMATION TECHNOLOGY				1,314,111
*MATERIALS — 2.31%* *Chemicals — 0.49%*
Hexion Holdings Corp. (a)		2,489		29,992
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $57,250) (a) (f) (i) (m) (u)		269		79,673
				109,665
*Metals & Mining — 1.82%*
American Zinc Recycling LLC (Acquired 07/19/2012 — 12/10/2019, Cost $486,956) (a) (f) (i) (m) (u)		1,292		408,741
TOTAL MATERIALS				518,406
*REAL ESTATE — 1.90%* *Equity Real Estate Investment Trusts — 1.90%*
Seritage Growth Properties		10,649		426,812
TOTAL REAL ESTATE				426,812
Total common stocks (Cost $13,175,302)				13,629,725

The accompanying notes are an integral part of these financial statements.
39

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

PREFERRED STOCKS — 0.00%	Shares Held		Value
*CONSUMER STAPLES — 0.00%* *Food Products — 0.00%*
Pinnacle Agriculture Enterprises LLC (Acquired 03/10/2017, Cost $69,351) (a) (f) (i) (m) (u)		94,387	$	0
TOTAL CONSUMER STAPLES				0
Total preferred stocks (Cost $69,351)				0
CONVERTIBLE BONDS — 0.35%	Principal Amount
*REAL ESTATE — 0.35%* *Equity Real Estate Investment Trusts — 0.35%*
Colony Capital, Inc. 3.875%, 01/15/2021	$	80,000		79,000
TOTAL REAL ESTATE				79,000
Total convertible bonds (Cost $77,873)				79,000
CORPORATE BONDS — 32.50%
*COMMUNICATION SERVICES — 2.82%* *Media — 2.67%*
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 06/01/2029 (r)		90,000		96,241
Harland Clarke Holdings Corp. 9.250%, 03/01/2021 (r)		58,000		57,348
8.375%, 08/15/2022 (r)		38,000		31,077
MDC Partners, Inc. 6.500%, 05/01/2024 (r)		82,000		74,415
Meredith Corp. 6.875%, 02/01/2026		61,000		63,595
Salem Media Group, Inc. 6.750%, 06/01/2024 (r)		103,000		95,275
Townsquare Media, Inc. 6.500%, 04/01/2023 (r)		81,000		82,451
Virgin Media Secured Finance PLC 5.500%, 05/15/2029 (r)		50,000		53,030
Ziggo BV 4.875%, 01/15/2030 (r)		45,000		46,558
				599,990
*Wireless Telecommunication Services — 0.15%*
Telesat Canada / Telesat LLC 6.500%, 10/15/2027 (r)		33,000		34,464
TOTAL COMMUNICATION SERVICES				634,454
*CONSUMER DISCRETIONARY — 5.89%* *Auto Components — 1.04%*
Adient Global Holdings Ltd. 4.875%, 08/15/2026 (r)		69,000		61,757
Adient US LLC 7.000%, 05/15/2026 (r)		35,000		38,216
Delphi Technologies PLC 5.000%, 10/01/2025 (r)		73,000		67,707

	Principal Amount		Value
The Goodyear Tire & Rubber Company 4.875%, 03/15/2027	$	63,000	$	65,321
				233,001
*Hotels, Restaurants & Leisure — 2.48%*
Boyd Gaming Corp. 6.000%, 08/15/2026		57,000		61,366
International Game Technology PLC 6.250%, 01/15/2027 (r)		5,000		5,634
Jacobs Entertainment, Inc. 7.875%, 02/01/2024 (r)		71,000		75,467
MGM China Holdings Ltd. 5.875%, 05/15/2026 (r)		45,000		47,784
National CineMedia LLC 5.750%, 08/15/2026		75,000		73,526
5.875%, 04/15/2028 (r)		15,000		15,980
Penn National Gaming, Inc. 5.625%, 01/15/2027 (r)		85,000		90,071
Twin River Worldwide Holdings, Inc. 6.750%, 06/01/2027 (r)		65,000		68,110
Wyndham Destinations, Inc. 4.625%, 03/01/2030 (r)		23,000		23,101
Wynn Macau Ltd. 5.500%, 10/01/2027 (r)		69,000		71,920
Yum! Brands, Inc. 4.750%, 01/15/2030 (r)		23,000		24,135
				557,094
*Household Durables — 0.94%*
TopBuild Corp. 5.625%, 05/01/2026 (r)		65,000		68,110
TRI Pointe Group, Inc. 5.250%, 06/01/2027		64,000		67,062
Weekley Homes LLC / Weekley Finance Corp. 6.000%, 02/01/2023		76,000		76,317
				211,489
*Leisure Products — 0.23%*
Vista Outdoor, Inc. 5.875%, 10/01/2023		55,000		52,807
*Multiline Retail — 0.41%*
JC Penney Corp., Inc. 5.875%, 07/01/2023 (r)		106,000		91,159
*Specialty Retail — 0.52%*
Liberty Interactive LLC 8.250%, 02/01/2030		70,000		69,255
Parkland Fuel Corp. 5.875%, 07/15/2027 (r)		45,000		48,233
				117,488
*Textiles, Apparel & Luxury Goods — 0.27%*
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.500%, 05/01/2025 (r)		75,000		60,219
TOTAL CONSUMER DISCRETIONARY				1,323,257

The accompanying notes are an integral part of these financial statements.
40

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

	Principal Amount		Value
*CONSUMER STAPLES — 0.56%* *Food Products — 0.34%*
Pinnacle Operating Corp. 9.000%, 05/15/2023 (f) (i) (r) (u)	$	135,499	$	77,235
*Household Products — 0.22%*
Energizer Holdings, Inc. 6.375%, 07/15/2026 (r)		46,000		49,075
TOTAL CONSUMER STAPLES				126,310
*ENERGY — 6.03%* *Energy Equipment & Services — 2.75%*
Apergy Corp. 6.375%, 05/01/2026		75,000		79,339
Exterran Energy Solutions LP / EES Finance Corp. 8.125%, 05/01/2025		77,000		76,069
Jonah Energy LLC / Jonah Energy Finance Corp. 7.250%, 10/15/2025 (i) (r)		94,000		27,965
Moss Creek Resources Holdings, Inc. 7.500%, 01/15/2026 (r)		103,000		78,573
Nine Energy Service, Inc. 8.750%, 11/01/2023 (r)		80,000		65,060
SESI LLC 7.750%, 09/15/2024		80,000		53,433
Shelf Drilling Holdings Ltd. 8.250%, 02/15/2025 (r)		94,000		89,769
Transocean Poseidon Ltd. 6.875%, 02/01/2027 (r)		30,000		31,870
Transocean, Inc. 9.000%, 07/15/2023 (r)		51,000		53,975
Ultra Resources, Inc. 7.125%, 04/15/2025 (i) (r)		131,000		9,170
Unit Corp. 6.625%, 05/15/2021		95,000		52,464
				617,687
*Oil, Gas & Consumable Fuels — 3.28%*
American Midstream Partners LP / American Midstream Finance Corp. 9.500%, 12/15/2021 (r)		86,000		81,089
Bellatrix Exploration Ltd. 8.500%, 09/11/2023 (f) (i) (u)		60,000		54,000
3.000% Cash and 9.500% PIK, 12/15/2023 (f) (i) (p) (u)		65,000		16,250
Callon Petroleum Company 6.375%, 07/01/2026		69,000		70,204
Enviva Partners LP / Enviva Partners Finance Corp. 6.500%, 01/15/2026 (r)		65,000		69,753
GasLog Ltd. 8.875%, 03/22/2022		58,000		59,831
HighPoint Operating Corp. 8.750%, 06/15/2025		94,000		86,010
Lonestar Resources America, Inc. 11.250%, 01/01/2023 (r)		76,000		52,250
PBF Holding Company LLC / PBF Finance Corp. 7.250%, 06/15/2025		59,000		63,106

	Principal Amount		Value
PBF Logistics LP / PBF Logistics Finance Corp. 6.875%, 05/15/2023	$	52,000	$	53,689
PetroQuest Energy, Inc. 10.000% PIK, 02/15/2024 (f) (p) (u)		42,679		6,402
Rockpoint Gas Storage Canada Ltd. 7.000%, 03/31/2023 (r)		95,000		93,615
Whiting Petroleum Corp. 6.625%, 01/15/2026		45,000		30,780
				736,979
TOTAL ENERGY				1,354,666
*FINANCIALS — 1.18%* *Banks — 0.86%*
BNP Paribas SA 6.625% (Fixed until 03/24/2024, then 5 Year Swap Rate USD + 4.149%), Perpetual (r)		60,000		64,843
Park Aerospace Holdings Ltd. 5.250%, 08/15/2022 (r)		45,000		48,070
Societe Generale SA 7.375% (Fixed until 09/12/2021, then 5 Year Swap Rate USD + 6.238%), Perpetual (r)		75,000		79,632
				192,545
*Consumer Finance — 0.24%*
Credit Acceptance Corp. 6.625%, 03/15/2026 (r)		50,000		54,181
*Insurance — 0.08%*
CNO Financial Group, Inc. 5.250%, 05/30/2029		16,000		17,906
TOTAL FINANCIALS				264,632
*HEALTH CARE — 2.96%* *Health Care Providers & Services — 2.05%*
CHS / Community Health Systems, Inc. 8.000%, 03/15/2026 (r)		90,000		92,869
8.000%, 12/15/2027 (r)		10,000		10,125
6.875%, 04/01/2028 (r)		25,000		14,343
DaVita, Inc. 5.000%, 05/01/2025		66,000		68,035
HCA, Inc. 5.875%, 02/01/2029		140,000		162,050
Tenet Healthcare Corp. 6.250%, 02/01/2027 (r)		50,000		53,875
5.125%, 11/01/2027 (r)		55,000		58,163
				459,460
*Pharmaceuticals — 0.91%*
Bausch Health Companies, Inc. 5.000%, 01/30/2028 (r)		10,000		10,289
7.250%, 05/30/2029 (r)		71,000		81,248
5.250%, 01/30/2030 (r)		10,000		10,395
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.000%, 07/15/2023 (r)		88,000		63,799

The accompanying notes are an integral part of these financial statements.
41

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

	Principal Amount		Value
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.625%, 10/15/2023 (i) (r)	$	100,000	$	38,292
				204,023
TOTAL HEALTH CARE				663,483
*INDUSTRIALS — 6.65%* *Aerospace & Defense — 0.57%*
F-Brasile SpA / F-Brasile US LLC 7.375%, 08/15/2026 (r)		55,000		58,300
TransDigm, Inc. 6.250%, 03/15/2026 (r)		65,000		70,491
				128,791
*Air Freight & Logistics — 0.25%*
XPO Logistics, Inc. 6.750%, 08/15/2024 (r)		51,000		55,510
*Building Products — 1.37%*
Ashton Woods USA LLC / Ashton Woods Finance Company 6.750%, 08/01/2025 (r)		70,000		71,779
Builders FirstSource, Inc. 6.750%, 06/01/2027 (r)		55,000		60,450
Masonite International Corp. 5.750%, 09/15/2026 (r)		55,000		58,594
Resideo Funding, Inc. 6.125%, 11/01/2026 (r)		40,000		40,401
Standard Industries, Inc. 6.000%, 10/15/2025 (r)		73,000		76,924
				308,148
*Commercial Services & Supplies — 1.55%*
Aptim Corp. 7.750%, 06/15/2025 (r)		105,000		63,306
Ashtead Capital, Inc. 4.250%, 11/01/2029 (r)		50,000		51,188
Herc Holdings, Inc. 5.500%, 07/15/2027 (r)		63,000		66,467
LSC Communications, Inc. 8.750%, 10/15/2023 (r)		47,000		25,517
Matthews International Corp. 5.250%, 12/01/2025 (r)		76,000		76,221
Vizient, Inc. 6.250%, 05/15/2027 (r)		60,000		64,371
				347,070
*Construction & Engineering — 0.22%*
Tutor Perini Corp. 6.875%, 05/01/2025 (r)		51,000		49,343
*Industrial Conglomerates — 0.59%*
General Electric Company 5.000% (Fixed until 01/21/2021, then 3 Month LIBOR USD + 3.330%), Perpetual		135,000		132,432

	Principal Amount		Value
*Machinery — 1.84%*
Cleaver-Brooks, Inc. 7.875%, 03/01/2023 (r)	$	60,000	$	60,025
EnPro Industries, Inc. 5.750%, 10/15/2026		60,000		64,071
Meritor, Inc. 6.250%, 02/15/2024		52,000		53,436
Navistar International Corp. 6.625%, 11/01/2025 (r)		78,000		79,625
Stevens Holding Company, Inc. 6.125%, 10/01/2026 (r)		80,000		87,628
Titan International, Inc. 6.500%, 11/30/2023		80,000		68,633
				413,418
*Trading Companies & Distributors — 0.26%*
Beacon Roofing Supply, Inc. 4.875%, 11/01/2025 (r)		59,000		59,418
TOTAL INDUSTRIALS				1,494,130
*INFORMATION TECHNOLOGY — 1.97%* *Communications Equipment — 0.53%*
CommScope Technologies LLC 6.000%, 06/15/2025 (r)		76,000		76,275
CommScope, Inc. 6.000%, 03/01/2026 (r)		40,000		42,625
				118,900
*Electronic Equipment, Instruments & Components — 0.29%*
Ingram Micro, Inc. 5.450%, 12/15/2024		63,000		66,182
*Semiconductors & Semiconductor Equipment — 0.39%*
Qorvo, Inc. 5.500%, 07/15/2026		71,000		75,748
4.375%, 10/15/2029 (r)		12,000		12,593
				88,341
*Software — 0.52%*
Fair Isaac Corp. 4.000%, 06/15/2028 (r)		8,000		8,080
j2 Cloud Services LLC / j2 Cloud Co-Obligor, Inc. 6.000%, 07/15/2025 (r)		45,000		47,794
Nuance Communications, Inc. 5.625%, 12/15/2026		56,000		59,811
				115,685
*Technology Hardware, Storage & Peripherals — 0.24%*
NCR Corp. 6.125%, 09/01/2029 (r)		50,000		54,349
TOTAL INFORMATION TECHNOLOGY				443,457
*MATERIALS — 3.68%* *Chemicals — 1.42%*
Atotech Alpha 3 BV / Alpha US Bidco, Inc. 6.250%, 02/01/2025 (r)		73,000		75,190

The accompanying notes are an integral part of these financial statements.
42

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

	Principal Amount		Value
The Chemours Company 7.000%, 05/15/2025	$	45,000	$	45,431
Element Solutions, Inc. 5.875%, 12/01/2025 (r)		61,000		63,973
Rayonier AM Products, Inc. 5.500%, 06/01/2024 (r)		134,000		101,226
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.375%, 09/01/2025 (r)		32,000		32,080
				317,900
*Containers & Packaging — 0.28%*
Plastipak Holdings, Inc. 6.250%, 10/15/2025 (r)		74,000		64,007
*Metals & Mining — 0.90%*
Allegheny Technologies, Inc. 5.875%, 12/01/2027		50,000		52,525
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023 (r)		69,000		70,466
Rain CII Carbon LLC / CII Carbon Corp. 7.250%, 04/01/2025 (r)		81,000		78,927
				201,918
*Paper & Forest Products — 1.08%*
Boise Cascade Company 5.625%, 09/01/2024 (r)		65,000		67,789
Mercer International, Inc. 7.375%, 01/15/2025		95,000		102,540
Schweitzer-Mauduit International, Inc. 6.875%, 10/01/2026 (r)		66,000		71,303
				241,632
TOTAL MATERIALS				825,457
*REAL ESTATE — 0.41%* *Equity Real Estate Investment Trusts — 0.41%*
The GEO Group, Inc. 5.875%, 10/15/2024		91,000		82,848
6.000%, 04/15/2026		9,000		8,010
				90,858
TOTAL REAL ESTATE				90,858
*UTILITIES — 0.35%* *Electric Utilities — 0.25%*
Vistra Operations Company LLC 5.000%, 07/31/2027 (r)		55,000		57,576
*Independent Power and Renewable Electricity* *Producers — 0.10%*
NRG Energy, Inc. 5.250%, 06/15/2029 (r)		20,000		21,662
TOTAL UTILITIES				79,238
Total corporate bonds (Cost $7,733,764)				7,299,942

TERM LOANS — 4.40%	Principal Amount		Value
*CONSUMER DISCRETIONARY — 1.06%* *Specialty Retail — 0.73%*
Office Depot, Inc. 6.972% (1 Month LIBOR USD + 5.250%), 11/08/2022 (Acquired 11/03/2017 — 04/08/2019, Cost $54,844) (b) (m)	$	55,494	$	56,049
PetSmart, Inc. 5.770% (1 Month LIBOR USD + 4.000%), 03/11/2022 (Acquired 10/01/2018 — 01/02/2019, Cost $94,450) (b) (m)		108,167		107,226
				163,275
*Textiles, Apparel & Luxury Goods — 0.33%*
Boardriders, Inc. 8.202% (1 Month LIBOR USD + 6.500%), 04/23/2024 (Acquired 03/21/2018, Cost $77,522) (b) (m)		78,800		73,897
TOTAL CONSUMER DISCRETIONARY				237,172
*CONSUMER STAPLES — 0.27%* *Food Products — 0.27%*
WEI Sales LLC 4.702% (1 Month LIBOR USD + 3.000%), 03/31/2025 (Acquired 09/23/2019, Cost $59,547) (b) (m)		59,696		60,069
TOTAL CONSUMER STAPLES				60,069
*ENERGY — 0.80%* *Energy Equipment & Services — 0.63%*
Fieldwood Energy LLC 7.506% (3 Month LIBOR USD + 5.250%), 04/11/2022 (Acquired 04/11/2018 — 09/06/2019, Cost $93,336) (b) (m)		95,218		80,076
9.506% (3 Month LIBOR USD + 7.250%), 04/11/2023 (Acquired 04/11/2018, Cost $105,407) (b) (m)		108,296		62,338
				142,414
*Oil, Gas & Consumable Fuels — 0.17%*
International Seaways Operating Corp. 7.700% (1 Month LIBOR USD + 6.000%), 06/22/2022 (Acquired 06/20/2017, Cost $37,037) (b) (m)		37,464		37,651
TOTAL ENERGY				180,065
*HEALTH CARE — 0.57%* *Health Care Providers & Services — 0.52%*
Versant Health Holdco, Inc. 8.460% (1 Month LIBOR USD + 6.750%), 12/01/2025 (Acquired 11/02/2017 — 01/30/2018, Cost $114,524) (b) (m)		115,000		115,575
*Pharmaceuticals — 0.05%*
Mallinckrodt International Finance SA TBD, 02/24/2025 (Acquired 12/23/2019, Cost $12,225) (e) (m)		15,000		12,256
TOTAL HEALTH CARE				127,831

The accompanying notes are an integral part of these financial statements.
43

Schedule of Investments — December 31, 2019

Hotchkis & Wiley Capital Income Fund (Unaudited)

	Principal Amount		Value
*INDUSTRIALS — 0.73%* *Commercial Services & Supplies — 0.44%*
Brookfield WEC Holdings, Inc. 5.202% (1 Month LIBOR USD + 3.500%), 08/01/2025 (Acquired 07/26/2018 — 06/25/2019, Cost $48,182) (b) (m)	$	48,310	$	48,718
Drive Chassis Holdco LLC 10.588% (3 Month LIBOR USD + 8.250%), 04/10/2026 (Acquired 04/12/2019 — 05/16/2019, Cost $52,460) (b) (m)		55,000		50,737
				99,455
*Machinery — 0.29%*
Granite US Holdings Corp. 7.354% (3 Month LIBOR USD + 5.250%), 09/25/2026 (Acquired 09/25/2019, Cost $62,932) (b) (m)		64,838		65,162
TOTAL INDUSTRIALS				164,617
*INFORMATION TECHNOLOGY — 0.29%* *Software — 0.29%*
The Dun & Bradstreet Corp. 6.700% (1 Month LIBOR USD + 5.000%), 02/06/2026 (Acquired 02/01/2019 — 02/05/2019, Cost $64,170) (b) (m)		65,000		65,650
TOTAL INFORMATION TECHNOLOGY				65,650
*MATERIALS — 0.68%* *Chemicals — 0.68%*
Hexion, Inc. 5.600% (3 Month LIBOR USD + 3.500%), 07/01/2026 (Acquired 06/27/2019 — 07/10/2019, Cost $64,486) (b) (m)		64,675		65,079
Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/13/2021 (Acquired 04/13/2017, Cost $27,184) (b) (f) (m) (u)		27,184		27,184
Momentive Performance Materials USA LLC 4.960% (1 Month LIBOR USD + 3.250%), 05/15/2024 (Acquired 04/18/2019 — 04/23/2019, Cost $60,511) (b) (m)		60,695		60,487
				152,750
TOTAL MATERIALS				152,750
Total term loans (Cost $1,028,817)				988,154
Total long-term investments (Cost $22,085,107)				21,996,821
SHORT-TERM INVESTMENTS — 1.86%	Shares Held
*Money Market Funds — 1.46%*
JPMorgan U.S. Government Money Market Fund — Class IM, 1.08%^		326,695		326,694

	Principal Amount		Value
*Time Deposits — 0.40%*
Banco Santander SA, 1.56%, 01/02/2020*	$	90,262	$	90,262
Total short-term investments (Cost $416,956)				416,956
Total investments — 99.80% (Cost $22,502,063)				22,413,777
Other assets in excess of liabilities — 0.20%				45,277
Net assets — 100.00%			$	22,459,054

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2019.

(c) — All or a portion of this security is segregated as collateral for delayed delivery securities.

(e) — Delayed delivery security.

(f) — Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $1,043,525, which represented 4.65% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

(i) — Illiquid security. The total market value of these securities was $1,417,460, which represented 6.31% of net assets.

(m) — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $1,879,826, which represented 8.37% of net assets.

(p) — Payment in-kind (PIK) security.

(u) — Value determined using significant unobservable inputs.

(v) — Security was fair valued as a result of market movements following the close of local trading using a third-party vendor's proprietary fair value pricing model. The total market value of these securities was $188,094, which represented 0.84% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

ADR — American Depositary Receipt

LIBOR — London Interbank Offered Rate

TBD — To be determined.

USD — United States Dollar

^ — Rate shown is the 7-day yield as of December 31, 2019.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
44

Schedule of Investments — December 31, 2019

Hotchkis & Wiley High Yield Fund (Unaudited)

Largest Issuers	Percent of net assets
Charter Communications, Inc. (includes CCO Holdings LLC / CCO Holdings Capital Corp. and Charter Communications Operating LLC / Charter Communications Operating Capital)		2.49	%
General Electric Company		1.87	%
HCA, Inc.		1.66	%
American Zinc Recycling LLC		1.54	%
Boardriders, Inc. (includes Boardriders, Inc. and Quiksilver, Inc.)		1.15	%
Tenet Healthcare Corp.		1.12	%
CommScope Holding Company, Inc. (includes CommScope, Inc. and CommScope Technologies LLC)		1.11	%
Adient PLC (includes Adient Global Holdings Ltd. and Adient US LLC)		1.08	%
CHS / Community Health Systems, Inc.		1.06	%
Bausch Health Companies, Inc.		1.04	%

CORPORATE BONDS — 84.61%	Principal Amount		Value
*Advertising — 0.84%*
MDC Partners, Inc. 6.500%, 05/01/2024 (r)	$	21,726,000	$	19,716,345
*Aerospace/Defense — 1.27%*
F-Brasile SpA / F-Brasile US LLC 7.375%, 08/15/2026 (r)		12,860,000		13,631,600
TransDigm, Inc. 6.250%, 03/15/2026 (r)		15,120,000		16,397,398
				30,028,998
*Auto Parts & Equipment — 3.61%*
Adient Global Holdings Ltd. 4.875%, 08/15/2026 (r)		16,601,000		14,858,310
Adient US LLC 7.000%, 05/15/2026 (r)		9,705,000		10,596,637
Delphi Technologies PLC 5.000%, 10/01/2025 (r)		20,657,000		19,159,368
The Goodyear Tire & Rubber Company 4.875%, 03/15/2027		14,221,000		14,745,044
Meritor, Inc. 6.250%, 02/15/2024		10,252,000		10,535,109
Panther BF Aggregator 2 LP / Panther Finance Company, Inc. 6.250%, 05/15/2026 (r)		14,268,000		15,400,508
				85,294,976
*Automakers — 0.74%*
Navistar International Corp. 6.625%, 11/01/2025 (r)		17,018,000		17,372,570
*Banking — 1.38%*
BNP Paribas SA 6.625% (Fixed until 03/24/2024, then 5 Year Swap Rate USD + 4.149%), Perpetual (r)		13,385,000		14,465,370

	Principal Amount		Value
Societe Generale SA 7.375% (Fixed until 09/12/2021, then 5 Year Swap Rate USD + 6.238%), Perpetual (r)	$	17,027,000	$	18,078,843
				32,544,213
*Building & Construction — 3.29%*
Ashton Woods USA LLC / Ashton Woods Finance Company 6.750%, 08/01/2025 (r)		16,749,000		17,174,676
TopBuild Corp. 5.625%, 05/01/2026 (r)		15,573,000		16,318,129
TRI Pointe Group, Inc. 5.250%, 06/01/2027		14,842,000		15,552,153
Tutor Perini Corp. 6.875%, 05/01/2025 (r)		11,978,000		11,588,715
Weekley Homes LLC / Weekley Finance Corp. 6.000%, 02/01/2023		17,014,000		17,084,863
				77,718,536
*Building Materials — 3.60%*
Beacon Roofing Supply, Inc. 4.875%, 11/01/2025 (r)		16,212,000		16,326,862
4.500%, 11/15/2026 (r)		2,685,000		2,768,906
Builders FirstSource, Inc. 6.750%, 06/01/2027 (r)		13,780,000		15,145,564
Masonite International Corp. 5.750%, 09/15/2026 (r)		14,818,000		15,786,319
Resideo Funding, Inc. 6.125%, 11/01/2026 (r)		3,782,000		3,819,915
Standard Industries, Inc. 6.000%, 10/15/2025 (r)		17,038,000		17,953,622
WESCO Distribution, Inc. 5.375%, 06/15/2024		12,660,000		13,171,654
				84,972,842

The accompanying notes are an integral part of these financial statements.
45

Schedule of Investments — December 31, 2019

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
*Cable & Satellite TV — 6.37%*
CCO Holdings LLC / CCO Holdings Capital Corp. 5.375%, 06/01/2029 (r)	$	43,880,000	$	46,923,078
Charter Communications Operating LLC / Charter Communications Operating Capital 4.200%, 03/15/2028		11,215,000		11,951,599
CSC Holdings LLC 6.500%, 02/01/2029 (r)		21,655,000		24,185,928
Telenet Finance Luxembourg 5.500%, 03/01/2028 (r)		19,200,000		20,668,800
Virgin Media Secured Finance PLC 5.500%, 05/15/2029 (r)		17,157,000		18,196,714
VTR Finance BV 6.875%, 01/15/2024 (r)		14,900,000		15,266,317
Ziggo BV 4.875%, 01/15/2030 (r)		12,640,000		13,077,755
				150,270,191
*Chemicals — 2.61%*
Atotech Alpha 3 BV / Alpha US Bidco, Inc. 6.250%, 02/01/2025 (r)		19,062,000		19,633,860
The Chemours Company 7.000%, 05/15/2025		10,742,000		10,844,962
Element Solutions, Inc. 5.875%, 12/01/2025 (r)		14,398,000		15,099,758
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc. 5.375%, 09/01/2025 (r)		9,452,000		9,475,630
Univar Solutions USA, Inc. 5.125%, 12/01/2027 (r)		6,325,000		6,613,610
				61,667,820
*Consumer/Commercial/Lease Financing — 1.99%*
Credit Acceptance Corp. 6.625%, 03/15/2026 (r)		13,200,000		14,303,817
DAE Funding LLC 5.000%, 08/01/2024 (r)		17,461,000		18,376,487
Park Aerospace Holdings Ltd. 5.500%, 02/15/2024 (r)		12,938,000		14,220,932
				46,901,236
*Department Stores — 0.77%*
JC Penney Corp., Inc. 5.875%, 07/01/2023 (r)		21,273,000		18,294,567
*Diversified Capital Goods — 3.28%*
EnPro Industries, Inc. 5.750%, 10/15/2026		14,255,000		15,222,166
General Electric Company 4.500%, 03/11/2044		9,425,000		10,314,532
5.000% (Fixed until 01/21/2021, then 3 Month LIBOR USD + 3.330%), Perpetual		34,593,000		33,935,041

	Principal Amount		Value
Matthews International Corp. 5.250%, 12/01/2025 (r)	$	17,950,000	$	18,002,324
				77,474,063
*Electric — Generation — 1.41%*
NRG Energy, Inc. 7.250%, 05/15/2026		11,871,000		12,991,029
5.250%, 06/15/2029 (r)		4,845,000		5,247,619
Vistra Operations Company LLC 5.000%, 07/31/2027 (r)		14,385,000		15,058,650
				33,297,298
*Electronics — 1.41%*
Qorvo, Inc. 5.500%, 07/15/2026		17,763,000		18,950,883
4.375%, 10/15/2029 (r)		3,512,000		3,685,405
Sensata Technologies BV 5.625%, 11/01/2024 (r)		9,627,000		10,738,100
				33,374,388
*Energy — Exploration & Production — 4.08%*
Bellatrix Exploration Ltd. 3.000% Cash and 9.500% PIK, 12/15/2023 (f) (i) (p) (u)		8,076,000		2,019,000
8.500%, 09/11/2023 (f) (i) (u)		7,411,000		6,669,900
Callon Petroleum Company 6.375%, 07/01/2026		14,153,000		14,400,005
HighPoint Operating Corp. 8.750%, 06/15/2025		16,375,000		14,983,125
Jonah Energy LLC / Jonah Energy Finance Corp. 7.250%, 10/15/2025 (i) (r)		21,084,000		6,272,490
Lonestar Resources America, Inc. 11.250%, 01/01/2023 (r)		16,372,000		11,255,750
Moss Creek Resources Holdings, Inc. 7.500%, 01/15/2026 (r)		22,650,000		17,278,496
PetroQuest Energy, Inc. 10.000% PIK, 02/15/2024 (f) (p) (u)		6,888,422		1,033,263
Ultra Resources, Inc. 7.125%, 04/15/2025 (i) (r)		18,411,000		1,288,770
Unit Corp. 6.625%, 05/15/2021		24,034,000		13,272,777
Whiting Petroleum Corp. 6.625%, 01/15/2026		11,616,000		7,945,402
				96,418,978
*Food — Wholesale — 0.92%*
Pinnacle Operating Corp. 9.000%, 05/15/2023 (f) (i) (r) (u)		21,872,134		12,467,116
TreeHouse Foods, Inc. 6.000%, 02/15/2024 (r)		8,991,000		9,335,670
				21,802,786
*Forestry/Paper — 4.67%*
Boise Cascade Company 5.625%, 09/01/2024 (r)		16,034,000		16,722,099

The accompanying notes are an integral part of these financial statements.
46

Schedule of Investments — December 31, 2019

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
Enviva Partners LP / Enviva Partners Finance Corp. 6.500%, 01/15/2026 (r)	$	12,510,000	$	13,424,856
Mercer International, Inc. 7.375%, 01/15/2025		18,975,000		20,480,951
Neenah, Inc. 5.250%, 05/15/2021 (r)		17,803,000		17,847,508
Rayonier AM Products, Inc. 5.500%, 06/01/2024 (r)		28,078,000		21,210,542
Schweitzer-Mauduit International, Inc. 6.875%, 10/01/2026 (r)		18,947,000		20,469,344
				110,155,300
*Gaming — 3.60%*
Boyd Gaming Corp. 6.000%, 08/15/2026		13,518,000		14,553,445
International Game Technology PLC 6.250%, 01/15/2027 (r)		13,854,000		15,611,380
Jacobs Entertainment, Inc. 7.875%, 02/01/2024 (r)		18,064,000		19,200,496
Penn National Gaming, Inc. 5.625%, 01/15/2027 (r)		17,560,000		18,607,498
Wynn Macau Ltd. 5.500%, 10/01/2027 (r)		16,362,000		17,054,481
				85,027,300
*Gas Distribution — 2.52%*
American Midstream Partners LP / American Midstream Finance Corp. 9.500%, 12/15/2021 (r)		18,226,000		17,185,295
Holly Energy Partners LP / Holly Energy Finance Corp. 6.000%, 08/01/2024 (r)		10,842,000		11,329,782
PBF Logistics LP / PBF Logistics Finance Corp. 6.875%, 05/15/2023		12,687,000		13,099,201
Rockpoint Gas Storage Canada Ltd. 7.000%, 03/31/2023 (r)		18,170,000		17,904,990
				59,519,268
*Health Facilities — 3.84%*
CHS / Community Health Systems, Inc. 8.000%, 03/15/2026 (r)		18,205,000		18,785,266
8.000%, 12/15/2027 (r)		2,612,000		2,644,650
6.875%, 04/01/2028 (i) (r)		6,346,000		3,640,891
HCA, Inc. 5.875%, 02/01/2029 (c)		33,920,000		39,262,400
Tenet Healthcare Corp. 6.250%, 02/01/2027 (c) (r)		12,065,000		13,000,037
5.125%, 11/01/2027 (r)		12,670,000		13,398,525
				90,731,769
*Health Services — 0.70%*
DaVita, Inc. 5.000%, 05/01/2025 (c)		16,071,000		16,566,549

	Principal Amount		Value
*Hotels — 0.77%*
Wyndham Destinations, Inc. 4.625%, 03/01/2030 (r)	$	6,044,000	$	6,070,443
Wyndham Hotels & Resorts, Inc. 5.375%, 04/15/2026 (r)		11,386,000		12,038,674
				18,109,117
*Life Insurance — 0.65%*
CNO Financial Group, Inc. 5.250%, 05/30/2029		13,725,000		15,359,613
*Machinery — 1.47%*
Cleaver-Brooks, Inc. 7.875%, 03/01/2023 (r)		14,033,000		14,038,823
Itron, Inc. 5.000%, 01/15/2026 (r)		11,567,000		12,019,241
Welbilt, Inc. 9.500%, 02/15/2024		8,155,000		8,668,072
				34,726,136
*Managed Care — 1.26%*
Centene Corp. 5.375%, 06/01/2026 (r)		12,386,000		13,167,557
WellCare Health Plans, Inc. 5.375%, 08/15/2026 (r)		15,497,000		16,532,974
				29,700,531
*Media — Diversified — 0.94%*
National CineMedia LLC 5.750%, 08/15/2026		18,901,000		18,529,548
5.875%, 04/15/2028 (r)		3,475,000		3,702,083
				22,231,631
*Media Content — 1.63%*
Salem Media Group, Inc. 6.750%, 06/01/2024 (r)		20,046,000		18,542,550
Townsquare Media, Inc. 6.500%, 04/01/2023 (r)		19,574,000		19,924,668
				38,467,218
*Medical Products — 0.28%*
Avanos Medical, Inc. 6.250%, 10/15/2022		6,565,000		6,673,730
*Metals/Mining Excluding Steel — 2.12%*
Century Aluminum Company 7.500%, 06/01/2021 (r)		2,174,000		2,136,825
Grinding Media, Inc. / Moly-Cop AltaSteel Ltd. 7.375%, 12/15/2023 (r)		18,022,000		18,404,787
Kaiser Aluminum Corp. 4.625%, 03/01/2028 (r)		9,485,000		9,749,157
Rain CII Carbon LLC / CII Carbon Corp. 7.250%, 04/01/2025 (r)		20,169,000		19,652,875
				49,943,644

The accompanying notes are an integral part of these financial statements.
47

Schedule of Investments — December 31, 2019

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
*Oil Field Equipment & Services — 3.37%*
Exterran Energy Solutions LP / EES Finance Corp. 8.125%, 05/01/2025	$	16,024,000	$	15,830,350
Nine Energy Service, Inc. 8.750%, 11/01/2023 (r)		19,930,000		16,208,072
SESI LLC 7.750%, 09/15/2024		17,044,000		11,383,943
Shelf Drilling Holdings Ltd. 8.250%, 02/15/2025 (r)		21,192,000		20,238,148
Transocean, Inc. 9.000%, 07/15/2023 (r)		14,951,000		15,823,167
				79,483,680
*Oil Refining & Marketing — 0.62%*
PBF Holding Company LLC / PBF Finance Corp. 7.250%, 06/15/2025		13,584,000		14,529,243
*Packaging — 0.72%*
Plastipak Holdings, Inc. 6.250%, 10/15/2025 (r)		19,645,000		16,992,139
*Personal & Household Products — 1.65%*
Energizer Holdings, Inc. 6.375%, 07/15/2026 (r)		10,913,000		11,642,534
Prestige Brands, Inc. 6.375%, 03/01/2024 (r)		11,974,000		12,477,926
Vista Outdoor, Inc. 5.875%, 10/01/2023		15,524,000		14,904,980
				39,025,440
*Pharmaceuticals — 1.93%*
Bausch Health Companies, Inc. 5.000%, 01/30/2028 (r)		1,865,000		1,918,880
7.250%, 05/30/2029 (r)		18,048,000		20,653,229
5.250%, 01/30/2030 (r)		1,865,000		1,938,667
Endo Dac / Endo Finance LLC / Endo Finco, Inc. 6.000%, 07/15/2023 (r)		18,180,000		13,180,318
Mallinckrodt International Finance SA / Mallinckrodt CB LLC 5.625%, 10/15/2023 (i) (r)		20,263,000		7,759,007
				45,450,101
*Printing & Publishing — 1.74%*
Harland Clarke Holdings Corp. 9.250%, 03/01/2021 (r)		12,323,000		12,184,366
8.375%, 08/15/2022 (r)		7,486,000		6,122,141
LSC Communications, Inc. 8.750%, 10/15/2023 (i) (r)		10,050,000		5,456,296
Meredith Corp. 6.875%, 02/01/2026		16,504,000		17,206,204
				40,969,007
*Recreation & Travel — 0.14%*
VOC Escrow Ltd. 5.000%, 02/15/2028 (r)		3,250,000		3,410,388

	Principal Amount		Value
*Restaurants — 0.55%*
Yum! Brands, Inc. 4.750%, 01/15/2030 (r)	$	12,333,000	$	12,941,634
*Software/Services — 2.05%*
Fair Isaac Corp. 4.000%, 06/15/2028 (r)		11,644,000		11,760,440
j2 Cloud Services LLC / j2 Cloud Co-Obligor, Inc. 6.000%, 07/15/2025 (r)		10,209,000		10,842,826
Nuance Communications, Inc. 5.625%, 12/15/2026		14,269,000		15,240,112
VeriSign, Inc. 5.250%, 04/01/2025		9,486,000		10,476,291
				48,319,669
*Specialty Retail — 2.44%*
Eagle Intermediate Global Holding BV / Ruyi US Finance LLC 7.500%, 05/01/2025 (r)		15,313,000		12,295,037
Liberty Interactive LLC 8.250%, 02/01/2030		18,167,000		17,973,522
Murphy Oil USA, Inc. 5.625%, 05/01/2027		13,424,000		14,435,465
Parkland Fuel Corp. 5.875%, 07/15/2027 (r)		11,965,000		12,824,685
				57,528,709
*Support — Services — 3.68%*
AECOM 5.125%, 03/15/2027		11,090,000		11,953,329
Aptim Corp. 7.750%, 06/15/2025 (i) (r)		21,453,000		12,934,336
Ashtead Capital, Inc. 4.250%, 11/01/2029 (r)		11,580,000		11,855,025
The GEO Group, Inc. 5.875%, 10/15/2024		20,279,000		18,462,306
6.000%, 04/15/2026		1,743,000		1,551,313
Herc Holdings, Inc. 5.500%, 07/15/2027 (r)		15,512,000		16,365,548
Vizient, Inc. 6.250%, 05/15/2027 (r)		12,785,000		13,716,355
				86,838,212
*Technology Hardware & Equipment — 2.05%*
CommScope, Inc. 6.000%, 03/01/2026 (r)		8,540,000		9,100,429
CommScope Technologies LLC 6.000%, 06/15/2025 (r)		16,981,000		17,042,641
Ingram Micro, Inc. 5.450%, 12/15/2024		16,748,000		17,594,009
NCR Corp. 6.125%, 09/01/2029 (r)		4,290,000		4,663,102
				48,400,181

The accompanying notes are an integral part of these financial statements.
48

Schedule of Investments — December 31, 2019

Hotchkis & Wiley High Yield Fund (Unaudited)

	Principal Amount		Value
*Telecom — Satellite — 0.51%*
Telesat Canada / Telesat LLC 6.500%, 10/15/2027 (r)	$	11,606,000	$	12,120,726
*Transport Infrastructure/Services — 1.14%*
GasLog Ltd. 8.875%, 03/22/2022		13,138,000		13,552,662
XPO Logistics, Inc. 6.750%, 08/15/2024 (r)		12,369,000		13,462,852
				27,015,514
Total corporate bonds (Cost $2,051,229,300)				1,997,386,256
CONVERTIBLE BONDS — 0.51%
*REITs — 0.51%*
Colony Capital, Inc. 3.875%, 01/15/2021		12,140,000		11,988,213
Total convertible bonds (Cost $11,962,175)				11,988,213
TERM LOANS — 7.81%
*Chemicals — 1.18%*
Hexion, Inc. 5.600% (3 Month LIBOR USD + 3.500%), 07/01/2026 (Acquired 06/27/2019 — 07/10/2019, Cost $12,982,345) (b) (m)		13,024,550		13,105,953
Momentive Performance Materials USA LLC 4.960% (1 Month LIBOR USD + 3.250%), 05/15/2024 (Acquired 04/18/2019 — 07/12/2019, Cost $14,817,426) (b) (m)		14,865,300		14,814,238
				27,920,191
*Energy — Exploration & Production — 0.73%*
Fieldwood Energy LLC 7.506% (3 Month LIBOR USD + 5.250%), 04/11/2022 (Acquired 04/11/2018 — 09/16/2019, Cost $13,015,993) (b) (m)		13,763,658		11,574,824
9.506% (3 Month LIBOR USD + 7.250%), 04/11/2023 (Acquired 04/11/2018, Cost $9,524,816) (b) (m)		9,785,808		5,632,956
				17,207,780
*Food — Wholesale — 0.66%*
WEI Sales LLC 4.702% (1 Month LIBOR USD + 3.000%), 03/31/2025 (Acquired 09/23/2019 — 12/19/2019, Cost $15,360,995) (b) (e) (m)		15,392,321		15,488,523
*Machinery — 0.70%*
Granite US Holdings Corp. 7.354% (3 Month LIBOR USD + 5.250%), 09/25/2026 (Acquired 09/25/2019, Cost $15,984,684) (b) (m)		16,468,725		16,551,069
*Managed Care — 0.52%*
Versant Health Holdco, Inc. 4.702% (1 Month LIBOR USD + 3.000%), 12/02/2024 (Acquired 11/02/2017 — 01/10/2019, Cost $12,190,616) (b) (m)		12,292,071		12,330,545

	Principal Amount		Value
*Oil Field Equipment & Services — 0.09%*
Iracore International Holdings, Inc. 11.250% (1 Month LIBOR USD + 9.000%), 04/13/2021 (Acquired 04/13/2017, Cost $2,229,945) (b) (f) (m) (u)	$	2,229,945	$	2,229,945
*Pharmaceuticals — 0.11%*
Mallinckrodt International Finance SA TBD, 02/24/2025 (Acquired 12/23/2019, Cost $2,572,830) (e) (m)		3,156,847		2,579,412
*Software/Services — 0.68%*
The Dun & Bradstreet Corp. 6.700% (1 Month LIBOR USD + 5.000%), 02/06/2026 (Acquired 02/01/2019 — 03/12/2019, Cost $15,622,625) (b) (m)		15,785,000		15,942,850
*Specialty Retail — 1.72%*
Ascena Retail Group, Inc. 6.250% (1 Month LIBOR USD + 4.500%), 08/21/2022 (Acquired 07/15/2019 — 11/04/2019, Cost $9,073,144) (b) (m)		14,130,000		9,679,050
Boardriders, Inc. 8.202% (1 Month LIBOR USD + 6.500%), 04/23/2024 (Acquired 03/21/2018, Cost $6,299,447) (b) (m)		6,403,344		6,004,928
Office Depot, Inc. 6.972% (1 Month LIBOR USD + 5.250%), 11/08/2022 (Acquired 11/03/2017, Cost $6,310,863) (b) (m)		6,434,157		6,498,498
PetSmart, Inc. 5.770% (1 Month LIBOR USD + 4.000%), 03/11/2022 (Acquired 10/01/2018 — 01/02/2019, Cost $16,266,461) (b) (m)		18,693,594		18,530,960
				40,713,436
*Support — Services — 1.03%*
Brookfield WEC Holdings, Inc. 5.202% (1 Month LIBOR USD + 3.500%), 08/01/2025 (Acquired 07/26/2018 — 06/25/2019, Cost $13,559,737) (b) (m)		13,551,941		13,666,251
Drive Chassis Holdco LLC 10.588% (3 Month LIBOR USD + 8.250%), 04/10/2026 (Acquired 04/12/2019 — 05/16/2019, Cost $10,894,201) (b) (m)		11,415,000		10,530,338
				24,196,589
*Transportation Excluding Air/Rail — 0.39%*
International Seaways Operating Corp. 7.700% (1 Month LIBOR USD + 6.000%), 06/22/2022 (Acquired 06/20/2017 — 07/20/2017, Cost $9,166,315) (b) (m)		9,272,691		9,319,054
Total term loans (Cost $185,872,443)				184,479,394

The accompanying notes are an integral part of these financial statements.
49

Schedule of Investments — December 31, 2019

Hotchkis & Wiley High Yield Fund (Unaudited)

PREFERRED STOCKS — 0.00%	Shares Held		Value
*Food — Wholesale — 0.00%*
Pinnacle Agriculture Enterprises LLC (Acquired 03/10/2017, Cost $11,192,395) (a) (f) (i) (m) (u)		15,232,907	$	0
Total preferred stocks (Cost $11,192,395)				0
COMMON STOCKS — 3.58%
*Automakers — 0.00%*
General Motors Company — Escrow (Acquired 11/17/2009 — 04/06/2011, Cost $0) (a) (f) (i) (m) (u)		352,400		0
*Chemicals — 0.26%*
Hexion Holdings Corp. (a)		518,808		6,251,636
*Energy — Exploration & Production — 0.12%*
Bellatrix Exploration Ltd. (a) (f) (i) (u)		434,305		435
Fieldwood Energy, Inc. (a) (i)		30,033		600,660
Fieldwood Energy, Inc. (Acquired 05/03/2018, Cost $2,595,252) (a) (i) (m)		111,241		2,224,820
PetroQuest Energy, Inc. (a) (i) (o)		728,495		0
Warren Resources, Inc. (Acquired 11/23/2016, Cost $160,767) (a) (f) (i) (m) (u)		116,226		1,162
				2,827,077
*Metals/Mining Excluding Steel — 2.02%*
American Zinc Recycling LLC (Acquired 07/19/2012 — 12/10/2019, Cost $43,120,109) (a) (f) (i) (m) (o) (u)		114,835		36,335,097
RA Parent, Inc. (Acquired 12/23/2014 — 08/09/2019, Cost $17,853,515) (a) (f) (i) (m) (o) (u)		288		11,345,934
				47,681,031
*Oil Field Equipment & Services — 0.28%*
Iracore Investments Holdings, Inc. — Class A (Acquired 04/13/2017, Cost $4,696,250) (a) (f) (i) (m) (o) (u)		22,092		6,543,209
*Specialty Retail — 0.90%*
Quiksilver, Inc. (Acquired 07/11/2013 — 08/09/2019, Cost $28,586,327) (a) (f) (i) (m) (u)		582,983		21,214,751
Total common stocks (Cost $126,838,752)				84,517,704
WARRANTS — 0.00%
*Energy — Exploration & Production — 0.00%*
Lonestar Resources America, Inc. (Acquired 08/19/2016 — 09/30/2016, Cost $763,200) (a) (f) (i) (m) Expiration: December 2021, Exercise Price $5.00		180,000		0
Total warrants (Cost $763,200)				0
Total long-term investments (Cost $2,387,858,265)				2,278,371,567

SHORT-TERM INVESTMENTS — 2.31%	Shares Held		Value
*Money Market Funds — 1.28%*
JPMorgan U.S. Government Money Market Fund — Class IM, 1.08%^		30,147,755	$	30,147,755
*Time* *Deposits — 1.03%*	Principal Amount
Banco Santander SA, 1.56%, 01/02/2020*	$	24,422,157		24,422,157
Total short-term investments (Cost $54,569,912)				54,569,912
Total investments — 98.82% (Cost $2,442,428,177)				2,332,941,479
Other assets in excess of liabilities — 1.18%				27,875,730
Net assets — 100.00%			$	2,360,817,209

(a) — Non-income producing security.

(b) — The coupon rate shown on variable rate securities represents the rate at December 31, 2019.

(c) — All or a portion of this security is segregated as collateral for delayed delivery securities.

(e) — Delayed delivery security.

(f) — Security was fair valued under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees. The total market value of these securities was $99,859,812, which represented 4.23% of net assets. See Security Valuation in Note 1 in Notes to the Financial Statements.

(i) — Illiquid security. The total market value of these securities was $136,773,874, which represented 5.79% of net assets.

(m) — Restricted security. Purchased in a private placement transaction; resale to the public may require registration. The total market value of these securities was $262,144,367, which represented 11.10% of net assets.

(o) — Affiliated issuer. See Note 6 in Notes to the Financial Statements.

(p) — Payment in-kind (PIK) security.

(u) — Value determined using significant unobservable inputs.

LIBOR — London Interbank Offered Rate

TBD — To be determined.

USD — United States Dollar

^ — Rate shown is the 7-day yield as of December 31, 2019.

* — Invested through a cash management account administered by Brown Brothers Harriman & Co.

The accompanying notes are an integral part of these financial statements.
50

Statements of Assets & Liabilities

DECEMBER 31, 2019 (UNAUDITED)

	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	$	101,006,996		$	513,965,575		$	930,201,610		$	676,988,949		$	127,206,458
Affiliated issuers		—			—			—			13,670,343			—
Collateral for securities on loan*		—			755,000			1,790,955			10,420,489			—
Short-term investments*		306,207			3,443,771			22,487,508			12,124,832			1,797,091
Cash		278			6,038			20,955			10,165			2,595
Dividends and interest receivable		169,879			915,716			2,453,694			876,630			139,387
Receivable for investments sold		109,362			—			2,606,194			1,474,997			23,088
Receivable for Fund shares sold		54,181			774,619			637,019			1,025,992			3,241,063
Other assets		25,601			44,315			60,838			49,767			22,023
Total assets	$	101,672,504		$	519,905,034		$	960,258,773		$	716,642,164		$	132,431,705
Liabilities:
Collateral upon return of securities on loan	$	—		$	755,000		$	1,790,955		$	10,420,489		$	—
Payable for investments purchased		20,433			250,309			1,714,887			1,357,380			97,641
Payable for Fund shares repurchased		62,003			3,164,682			4,483,559			923,086			15,466
Payable to Advisor		37,429			303,824			615,233			442,680			55,341
Payable to Trustees		—			—			777			—			—
Accrued distribution and service fees		46,730			199,972			200,388			74,705			2,566
Accrued expenses and other liabilities		68,106			240,999			601,864			361,298			54,143
Total liabilities		234,701			4,914,786			9,407,663			13,579,638			225,157
Commitments and contingencies (Note 8)
Net assets	$	101,437,803		$	514,990,248		$	950,851,110		$	703,062,526		$	132,206,548
Net Assets consist of:
Paid-in capital	$	134,974,719		$	502,037,735		$	1,140,456,817		$	693,631,954		$	128,070,834
Total distributable earnings (losses)	$	(33,536,916	)	$	12,952,513		$	(189,605,707	)	$	9,430,572		$	4,135,714
Net assets	$	101,437,803		$	514,990,248		$	950,851,110		$	703,062,526		$	132,206,548
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class I
Net assets	$	63,467,298		$	385,177,397		$	801,312,644		$	656,223,672		$	129,482,890
Shares outstanding (unlimited shares $0.001 par value authorized)		3,160,426			10,873,572			24,430,597			12,152,196			12,017,677
Net asset value per share	$	20.08		$	35.42		$	32.80		$	54.00		$	10.77
Calculation of Net Asset Value Per Share — Class A
Net assets	$	36,022,091		$	115,114,832		$	131,883,482		$	40,603,753		$	2,669,431
Shares outstanding (unlimited shares $0.001 par value authorized)		1,785,684			3,261,932			4,078,153			754,849			248,693
Net asset value per share	$	20.17		$	35.29		$	32.34		$	53.79		$	10.73
Public Offering Price Per Share — Class A
(Net asset value per share divided by 0.9475)	$	21.29		$	37.25		$	34.13		$	56.77		$	11.32
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class C
Net assets	$	1,948,414		$	14,643,640		$	17,600,600		$	6,180,728
Shares outstanding (unlimited shares $0.001 par value authorized)		96,941			420,020			625,365			142,804
Net asset value per share	$	20.10		$	34.86		$	28.14		$	43.28
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class Z
Net assets				$	54,379		$	54,384		$	54,373		$	54,227
Shares outstanding (unlimited shares $0.001 par value authorized)					1,536			1,659			1,007			5,035
Net asset value per share				$	35.41	+	$	32.78		$	53.97	+	$	10.77
*Cost of long-term investments
Unaffiliated issuers	$	102,753,950		$	494,678,372		$	984,692,917		$	626,362,985		$	119,217,621
Affiliated issuers		—			—			—			44,810,769			—
*Cost of collateral for securities on loan		—			755,000			1,790,955			10,420,489			—
*Cost of short-term investments		306,207			3,443,771			22,487,483			12,124,828			1,797,091

+ Net asset value per share does not recalculate due to rounding and fractional shares outstanding.

The accompanying notes are an integral part of these financial statements.
51

Statements of Assets & Liabilities

DECEMBER 31, 2019 (UNAUDITED)

	Global Value Fund		International Value Fund		Value Opportunities Fund		Capital Income Fund			High Yield Fund
Assets:
Long-term investments, at value*
Unaffiliated issuers	$	39,501,377	$	2,558,895	$	745,003,742	$	21,996,821		$	2,224,147,327
Affiliated issuers		—		—		23,967,183		—			54,224,240
Collateral for securities on loan*		—		—		15,057,125		—			—
Short-term investments*		667,255		32,401		22,965,234		416,956			54,569,912
Cash		849		24		26,275		67			13,203
Cash denominated in foreign currencies#		—		164		—		—			—
Cash collateral for futures		—		—		398,847		—			—
Cash collateral for options		—		—		2,162		—			—
Dividends and interest receivable		91,018		12,259		2,131,275		172,445			35,517,074
Receivable for investments sold		34,870		2,286		2,937,530		36,754			6,049,416
Receivable for Fund shares sold		41,621		—		1,719,635		7,221			5,739,889
Receivable from Advisor		—		8,544		—		845			—
Other assets		21,194		2,690		60,818		7,306			133,089
Total assets	$	40,358,184	$	2,617,263	$	814,269,826	$	22,638,415		$	2,380,394,150
Liabilities:
Collateral upon return of securities on loan	$	—	$	—	$	15,057,125	$	—		$	—
Payable for investments purchased		—		—		15,625,289		85,304			4,549,793
Payable for variation margin		—		—		139,688		—			—
Payable for Fund shares repurchased		—		—		1,058,836		26,223			10,977,632
Payable to Advisor		16,621		—		487,822		—			1,016,870
Payable to Trustees		—		—		—		45			2,510
Accrued distribution and service fees		1,265		—		191,455		5,983			105,874
Distributions payable to shareholders		—		—		—		9,136			2,113,552
Cash overdraft		5		—		76		—			—
Accrued expenses and other liabilities		43,879		37,786		310,484		52,670			810,710
Total liabilities		61,770		37,786		32,870,775		179,361			19,576,941
Commitments and contingencies (Note 8)
Net assets	$	40,296,414	$	2,579,477	$	781,399,051	$	22,459,054		$	2,360,817,209
Net Assets consist of:
Paid-in capital	$	37,255,704	$	2,508,707	$	712,556,197	$	23,749,171		$	2,619,316,074
Total distributable earnings (losses)	$	3,040,710	$	70,770	$	68,842,854	$	(1,290,117	)	$	(258,498,865	)
Net assets	$	40,296,414	$	2,579,477	$	781,399,051	$	22,459,054		$	2,360,817,209
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class I
Net assets	$	40,076,377	$	2,579,477	$	595,394,280	$	10,768,558		$	1,696,946,863
Shares outstanding (unlimited shares $0.001 par value authorized)		3,298,781		247,034		20,546,393		880,322			147,180,517
Net asset value per share	$	12.15	$	10.44	$	28.98	$	12.23		$	11.53
Calculation of Net Asset Value Per Share — Class A
Net assets	$	220,037			$	121,473,908	$	11,690,496		$	196,150,989
Shares outstanding (unlimited shares $0.001 par value authorized)		18,093				4,178,493		914,378			17,114,222
Net asset value per share	$	12.16			$	29.07	$	12.79		$	11.46
Public Offering Price Per Share — Class A
(Net asset value per share divided by 0.9475)	$	12.83			$	30.68
(Net asset value per share divided by 0.9525)							$	13.43
(Net asset value per share divided by 0.9625)										$	11.91
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class C
Net assets					$	43,775,430				$	3,470,045
Shares outstanding (unlimited shares $0.001 par value authorized)						1,629,348					301,151
Net asset value per share					$	26.87				$	11.52
Calculation of Net Asset Value Per Share and Public Offering Price Per Share — Class Z
Net assets					$	20,755,433				$	464,249,312
Shares outstanding (unlimited shares $0.001 par value authorized)						716,531					40,243,539
Net asset value per share					$	28.97				$	11.54
*Cost of long-term investments
Unaffiliated issuers	$	35,994,348	$	2,448,438	$	682,087,688	$	22,085,107		$	2,307,222,875
Affiliated issuers		—		—		21,329,724		—			80,635,390
*Cost of collateral for securities on loan		—		—		15,057,125		—			—
*Cost of short-term investments		667,255		32,401		22,965,220		416,956			54,569,912
#Cost of cash denominated in foreign currencies	$	—	$	163	$	—	$	—		$	—

The accompanying notes are an integral part of these financial statements.
52

Statements of Operations

FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (UNAUDITED)

	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	$	1,230,890		$	6,067,260		$	15,303,918		$	6,530,565	$	1,092,758
Interest		4,287			50,030			207,425			123,908		19,831
Securities on loan, net		—			1,240			115,675			77,687		—
Total income		1,235,177			6,118,530			15,627,018			6,732,160		1,112,589
Expenses:
Advisory fees		346,264			1,729,115			3,947,874			2,604,970		353,373
Professional fees and expenses		13,059			21,913			40,164			25,906		11,218
Custodian fees and expenses		3,094			7,159			18,045			9,958		14,591
Transfer agent fees and expenses		58,994			363,278			1,014,062			680,723		34,638
Accounting fees and expenses		13,004			29,252			70,524			42,021		17,870
Administration fees and expenses		22,057			79,029			189,951			112,719		22,841
Trustees' fees and expenses		4,118			20,122			48,967			29,518		3,863
Reports to shareholders		3,880			13,594			77,001			49,711		1,961
Registration fees		25,450			43,940			42,115			37,956		24,110
Distribution and service fees — Class A		44,108			144,905			170,870			51,366		3,245
Distribution and service fees — Class C		10,018			72,090			97,801			32,901		—
Distribution and service fees — Class R		—			3,969			3,193			—		—
Other expenses		5,536			15,169			46,964			24,058		4,161
Total expenses		549,582			2,543,535			5,767,531			3,701,807		491,871
Fee waiver/expense reimbursement by Advisor (Note 2)		(99,723	)		—			—			—		(36,186	)
Net expenses		449,859			2,543,535			5,767,531			3,701,807		455,685
Net investment income		785,318			3,574,995			9,859,487			3,030,353		656,904
Realized and Unrealized Gains (Losses):
Net realized gains (losses) from:
Sales of unaffiliated issuers		(2,558,731	)		(2,122,460	)		(76,869,135	)		576,188		(510,551	)
Foreign currency transactions		—			—			(66,942	)		—		—
Net realized gains (losses)		(2,558,731	)		(2,122,460	)		(76,936,077	)		576,188		(510,551	)
Net change in unrealized appreciation of:
Securities of unaffiliated issuers and foreign currency transactions		9,576,377			38,157,892			59,628,046			38,039,400		8,244,624
Securities of affiliated issuers		—			—			—			908,470		—
Net change in unrealized appreciation		9,576,377			38,157,892			59,628,046			38,947,870		8,244,624
Net gains (losses)		7,017,646			36,035,432			(17,308,031	)		39,524,058		7,734,073
Net Increase (Decrease) in Net Assets Resulting from Operations	$	7,802,964		$	39,610,427		$	(7,448,544	)	$	42,554,411	$	8,390,977
*Net of Foreign Taxes Withheld	$	9,863		$	56,533		$	117,289		$	46,611	$	1,217

The accompanying notes are an integral part of these financial statements.
53

Statements of Operations

FOR THE SIX MONTHS ENDED DECEMBER 31, 2019 (UNAUDITED)

	Global Value Fund			International Value Fund			Value Opportunities Fund			Capital Income Fund			High Yield Fund
Investment income:
Dividends*
Unaffiliated issuers	$	466,358		$	30,309		$	7,950,092		$	179,496		$	—
Interest		6,965			184			2,988,190			353,418			81,337,244
Securities on loan, net		—			—			24,607			—			—
Total income		473,323			30,493			10,962,889			532,914			81,337,244
Expenses:
Advisory fees		149,309			9,562			2,842,758			76,249			6,732,612
Professional fees and expenses		10,074			8,083			25,709			9,797			74,013
Custodian fees and expenses		7,777			8,628			13,379			9,632			34,106
Transfer agent fees and expenses		22,133			109			476,892			10,053			1,221,521
Accounting fees and expenses		14,029			15,439			44,687			27,234			157,581
Administration fees and expenses		19,958			19,958			118,826			20,854			383,866
Trustees' fees and expenses		1,619			96			31,401			1,092			108,755
Reports to shareholders		811			474			18,969			1,591			82,217
Registration fees		24,852			4,465			34,638			19,112			53,058
Distribution and service fees — Class A		261			—			157,406			14,972			300,922
Distribution and service fees — Class C		—			—			224,523			—			17,618
Other expenses		2,858			2,061			22,612			3,188			79,645
Total expenses		253,681			68,875			4,011,800			193,774			9,245,914
Fee waiver/expense reimbursement by Advisor (Note 2)		(64,295	)		(57,517	)		—			(84,446	)		(574,025	)
Net expenses		189,386			11,358			4,011,800			109,328			8,671,889
Net investment income		283,937			19,135			6,951,089			423,586			72,665,355
Realized and Unrealized Gains (Losses):
Net realized gains (losses) from:
Sales of unaffiliated issuers		(596,411	)		(42,432	)		840,937			(477,111	)		(20,734,136	)
Sales of affiliated issuers		—			—			—			—			(2,860,318	)
Foreign currency transactions		(3,728	)		(278	)		(38,541	)		7			—
Credit default swap contracts		—			—			—			2,203			523,107
Net realized gains (losses)		(600,139	)		(42,710	)		802,396			(474,901	)		(23,071,347	)
Net change in unrealized appreciation (depreciation) of:
Securities of unaffiliated issuers and foreign currency transactions		3,353,123			269,360			32,405,746			793,509			(15,982,019	)
Securities of affiliated issuers		—			—			1,497,963			—			2,765,226
Futures contracts		—			—			79,070			—			—
Net change in unrealized appreciation (depreciation)		3,353,123			269,360			33,982,779			793,509			(13,216,793	)
Net gains (losses)		2,752,984			226,650			34,785,175			318,608			(36,288,140	)
Net Increase in Net Assets Resulting from Operations	$	3,036,921		$	245,785		$	41,736,264		$	742,194		$	36,377,215
*Net of Foreign Taxes Withheld	$	10,620		$	1,365		$	16,246		$	2,340		$	97,266

The accompanying notes are an integral part of these financial statements.
54

Statements of Changes in Net Assets

	Diversified Value Fund						Large Cap Value Fund
	Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019
Operations:
Net investment income	$	785,318		$	1,550,733		$	3,574,995		$	6,444,583
Net realized gains (losses)		(2,558,731	)		(1,011,217	)		(2,122,460	)		1,387,346
Net change in unrealized appreciation		9,576,377			1,115,378			38,157,892			8,598,262
Net increase in net assets resulting from operations		7,802,964			1,654,894			39,610,427			16,430,191
Dividends and Distributions to Shareholders:
Class I		(1,144,319	)		(841,971	)		(6,189,225	)		(8,588,072	)
Class A		(560,184	)		(432,249	)		(1,587,986	)		(3,158,756	)
Class C		(11,349	)		(6,014	)		(89,931	)		(247,825	)
Class R		—			—			—			(118,525	)
Class Z		—			—			(901	)		—
Net decrease in net assets resulting from dividends and distributions to shareholders		(1,715,852	)		(1,280,234	)		(7,868,043	)		(12,113,178	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		(5,930,085	)		(6,810,441	)		(10,455,756	)		60,132,345
Net Assets:
Total increase (decrease) in net assets		157,027			(6,435,781	)		21,286,628			64,449,358
Beginning of period		101,280,776			107,716,557			493,703,620			429,254,262
End of period	$	101,437,803		$	101,280,776		$	514,990,248		$	493,703,620

The accompanying notes are an integral part of these financial statements.
55

Statements of Changes in Net Assets

	Mid-Cap Value Fund						Small Cap Value Fund
	Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019
Operations:
Net investment income	$	9,859,487		$	9,792,514		$	3,030,353		$	4,338,089
Net realized gains (losses)		(76,936,077	)		4,463,302			576,188			41,626,602
Net change in unrealized appreciation (depreciation)		59,628,046			(266,939,826	)		38,947,870			(122,340,023	)
Net increase (decrease) in net assets resulting from operations		(7,448,544	)		(252,684,010	)		42,554,411			(76,375,332	)
Dividends and Distributions to Shareholders:
Class I		(13,255,008	)		(34,995,716	)		(31,165,371	)		(53,561,823	)
Class A		(1,554,115	)		(4,637,879	)		(1,811,115	)		(4,070,454	)
Class C		(28,184	)		(685,095	)		(300,174	)		(973,465	)
Class R		—			(106,553	)		—			—
Class Z		(908	)		—			(2,581	)		—
Net decrease in net assets resulting from dividends and distributions to shareholders		(14,838,215	)		(40,425,243	)		(33,279,241	)		(58,605,742	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		(259,331,804	)		(359,566,836	)		(28,339,668	)		57,162,046
Net Assets:
Total decrease in net assets		(281,618,563	)		(652,676,089	)		(19,064,498	)		(77,819,028	)
Beginning of period		1,232,469,673			1,885,145,762			722,127,024			799,946,052
End of period	$	950,851,110		$	1,232,469,673		$	703,062,526		$	722,127,024

The accompanying notes are an integral part of these financial statements.
56

Statements of Changes in Net Assets

	Small Cap Diversified Value Fund						Global Value Fund
	Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019
Operations:
Net investment income	$	656,904		$	512,450		$	283,937		$	403,567
Net realized gains (losses)		(510,551	)		(2,884,366	)		(600,139	)		792,594
Net change in unrealized appreciation (depreciation)		8,244,624			(1,767,303	)		3,353,123			(677,274	)
Net increase (decrease) in net assets resulting from operations		8,390,977			(4,139,219	)		3,036,921			518,887
Dividends and Distributions to Shareholders:
Class I		(1,088,093	)		(2,939,252	)		(1,021,238	)		(703,103	)
Class A		(15,269	)		(241,524	)		(4,267	)		(22,566	)
Class Z		(478	)		—			—			—
Net decrease in net assets resulting from dividends and distributions to shareholders		(1,103,840	)		(3,180,776	)		(1,025,505	)		(725,669	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		26,639,653			62,637,044			(1,701,834	)		30,475,137
Net Assets:
Total increase in net assets		33,926,790			55,317,049			309,582			30,268,355
Beginning of period		98,279,758			42,962,709			39,986,832			9,718,477
End of period	$	132,206,548		$	98,279,758		$	40,296,414		$	39,986,832

The accompanying notes are an integral part of these financial statements.
57

Statements of Changes in Net Assets

	International Value Fund						Value Opportunities Fund
	Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019
Operations:
Net investment income	$	19,135		$	43,772		$	6,951,089		$	6,418,204
Net realized gains (losses)		(42,710	)		66,763			802,396			23,302,826
Net change in unrealized appreciation (depreciation)		269,360			(340,896	)		33,982,779			(14,238,599	)
Net increase (decrease) in net assets resulting from operations		245,785			(230,361	)		41,736,264			15,482,431
Dividends and Distributions to Shareholders:
Class I		(83,874	)		(158,651	)		(13,690,904	)		(44,528,454	)
Class A		—			—			(2,494,397	)		(10,845,972	)
Class C		—			—			(667,331	)		(4,078,762	)
Class Z		—			—			(488,111	)		—
Net decrease in net assets resulting from dividends and distributions to shareholders		(83,874	)		(158,651	)		(17,340,743	)		(59,453,188	)
Capital Share Transactions:
Net increase (decrease) in net assets resulting from capital share transactions		83,874			180,153			(9,164,727	)		171,006,963
Net Assets:
Total increase (decrease) in net assets		245,785			(208,859	)		15,230,794			127,036,206
Beginning of period		2,333,692			2,542,551			766,168,257			639,132,051
End of period	$	2,579,477		$	2,333,692		$	781,399,051		$	766,168,257

The accompanying notes are an integral part of these financial statements.
58

Statements of Changes in Net Assets

	Capital Income Fund						High Yield Fund
	Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019			Six months ended December 31, 2019 (unaudited)			Year ended June 30, 2019
Operations:
Net investment income	$	423,586		$	1,030,157		$	72,665,355		$	153,981,978
Net realized gains (losses)		(474,901	)		430,217			(23,071,347	)		(12,074,620	)
Net change in unrealized appreciation (depreciation)		793,509			(2,714,234	)		(13,216,793	)		(40,173,551	)
Net increase (decrease) in net assets resulting from operations		742,194			(1,253,860	)		36,377,215			101,733,807
Dividends and Distributions to Shareholders:
Class I		(254,352	)		(555,328	)		(52,737,187	)		(108,086,396	)
Class A		(243,334	)		(436,467	)		(6,820,342	)		(23,855,338	)
Class C		—			—			(88,100	)		(164,548	)
Class Z		—			—			(12,981,446	)		(21,885,321	)
Net decrease in net assets resulting from dividends and distributions to shareholders		(497,686	)		(991,795	)		(72,627,075	)		(153,991,603	)
Capital Share Transactions:
Net decrease in net assets resulting from capital share transactions		(4,478,990	)		(7,876,013	)		(136,949,434	)		(131,154,496	)
Net Assets:
Total decrease in net assets		(4,234,482	)		(10,121,668	)		(173,199,294	)		(183,412,292	)
Beginning of period		26,693,536			36,815,204			2,534,016,503			2,717,428,795
End of period	$	22,459,054		$	26,693,536		$	2,360,817,209		$	2,534,016,503

The accompanying notes are an integral part of these financial statements.
59

Financial Highlights

The following per share data and ratios have been derived from information provided in the financial statements.

			Income (loss) from investment operations								Dividends and distributions
Diversified Value Fund	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
Class I
Six months ended 12/31/2019*	$	18.90	$	0.16	$	1.39		$	1.55		$	(0.37	)	$	—	$	(0.37	)
Year ended 6/30/2019		18.80		0.30		0.06			0.36			(0.26	)		—		(0.26	)
Year ended 6/30/2018		17.43		0.23		1.48			1.71			(0.34	)		—		(0.34	)
Year ended 6/30/2017		14.31		0.19		3.77			3.96			(0.84	)		—		(0.84	)
Year ended 6/30/2016		15.89		0.22		(1.59	)		(1.37	)		(0.21	)		—		(0.21	)
Year ended 6/30/2015		15.47		0.19		0.61			0.80			(0.38	)		—		(0.38	)
Class A
Six months ended 12/31/2019*		18.95		0.14		1.39			1.53			(0.31	)		—		(0.31	)
Year ended 6/30/2019		18.85		0.26		0.05			0.31			(0.21	)		—		(0.21	)
Year ended 6/30/2018		17.47		0.19		1.49			1.68			(0.30	)		—		(0.30	)
Year ended 6/30/2017		14.36		0.16		3.77			3.93			(0.82	)		—		(0.82	)
Year ended 6/30/2016		15.92		0.18		(1.59	)		(1.41	)		(0.15	)		—		(0.15	)
Year ended 6/30/2015		15.50		0.14		0.63			0.77			(0.35	)		—		(0.35	)
Class C
Six months ended 12/31/2019*		18.77		0.07		1.38			1.45			(0.12	)		—		(0.12	)
Year ended 6/30/2019		18.64		0.12		0.06			0.18			(0.05	)		—		(0.05	)
Year ended 6/30/2018		17.27		0.04		1.48			1.52			(0.15	)		—		(0.15	)
Year ended 6/30/2017		14.23		0.04		3.73			3.77			(0.73	)		—		(0.73	)
Year ended 6/30/2016		15.76		0.07		(1.57	)		(1.50	)		(0.03	)		—		(0.03	)
Year ended 6/30/2015		15.20		0.03		0.62			0.65			(0.09	)		—		(0.09	)

								Ratios to Average Net Assets
Diversified Value Fund	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
Class I
Six months ended 12/31/2019*	$	20.08		8.19	%	$	63,467		0.80	%³		1.01	%³		1.69	%³
Year ended 6/30/2019		18.90		2.08			63,333		0.83			0.99			1.65
Year ended 6/30/2018		18.80		9.81			65,503		0.95			1.02			1.25
Year ended 6/30/2017		17.43		28.05			68,260		0.95			1.09			1.21
Year ended 6/30/2016		14.31		–8.59			342,046		0.95			1.03			1.52
Year ended 6/30/2015		15.89		5.30			481,815		0.95			0.99			1.18
Class A
Six months ended 12/31/2019*		20.17		8.10			36,022		1.05³			1.23³			1.44³
Year ended 6/30/2019		18.95		1.78			35,807		1.08			1.24			1.39
Year ended 6/30/2018		18.85		9.57			39,616		1.20			1.27			1.00
Year ended 6/30/2017		17.47		27.71			41,084		1.20			1.34			1.00
Year ended 6/30/2016		14.36		–8.83			38,527		1.20			1.28			1.25
Year ended 6/30/2015		15.92		5.07			52,752		1.20			1.24			0.92
Class C
Six months ended 12/31/2019*		20.10		7.72			1,948		1.80³			1.97³			0.69³
Year ended 6/30/2019		18.77		0.98			2,141		1.83			1.99			0.64
Year ended 6/30/2018		18.64		8.77			2,598		1.95			2.02			0.25
Year ended 6/30/2017		17.27		26.78			2,817		1.95			2.09			0.23
Year ended 6/30/2016		14.23		–9.51			3,334		1.95			2.03			0.51
Year ended 6/30/2015		15.76		4.27			4,419		1.95			1.99			0.17

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		11	%		26	%		28	%		25	%		35	%		38	%

			Income (loss) from investment operations								Dividends and distributions
Large Cap Value Fund	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
Class I
Six months ended 12/31/2019*	$	33.29	$	0.26	$	2.44		$	2.70		$	(0.57	)	$	—		$	(0.57	)
Year ended 6/30/2019		33.57		0.51		0.19			0.70			(0.64	)		(0.34	)		(0.98	)
Year ended 6/30/2018		31.04		0.42		2.67			3.09			(0.56	)		—			(0.56	)
Year ended 6/30/2017		25.06		0.39		6.15			6.54			(0.56	)		—			(0.56	)
Year ended 6/30/2016		27.21		0.39		(2.15	)		(1.76	)		(0.39	)		—			(0.39	)
Year ended 6/30/2015		26.65		0.35		0.99			1.34			(0.78	)		—			(0.78	)
Class A
Six months ended 12/31/2019*		33.14		0.21		2.42			2.63			(0.48	)		—			(0.48	)
Year ended 6/30/2019		33.36		0.41		0.22			0.63			(0.51	)		(0.34	)		(0.85	)
Year ended 6/30/2018		30.85		0.34		2.65			2.99			(0.48	)		—			(0.48	)
Year ended 6/30/2017		24.91		0.32		6.10			6.42			(0.48	)		—			(0.48	)
Year ended 6/30/2016		27.02		0.33		(2.13	)		(1.80	)		(0.31	)		—			(0.31	)
Year ended 6/30/2015		26.46		0.27		0.99			1.26			(0.70	)		—			(0.70	)
Class C
Six months ended 12/31/2019*		32.59		0.10		2.38			2.48			(0.21	)		—			(0.21	)
Year ended 6/30/2019		32.68		0.17		0.25			0.42			(0.17	)		(0.34	)		(0.51	)
Year ended 6/30/2018		30.16		0.08		2.61			2.69			(0.17	)		—			(0.17	)
Year ended 6/30/2017		24.29		0.10		5.94			6.04			(0.17	)		—			(0.17	)
Year ended 6/30/2016		26.30		0.13		(2.06	)		(1.93	)		(0.08	)		—			(0.08	)
Year ended 6/30/2015		25.96		0.09		0.94			1.03			(0.69	)		—			(0.69	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		33.12		0.15		2.74			2.89			(0.60	)		—			(0.60	)

								Ratios to Average Net Assets
Large Cap Value Fund	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
Class I
Six months ended 12/31/2019*	$	35.42		8.14	%	$	385,177		0.94	%³		0.94	%³		1.54	%³
Year ended 6/30/2019		33.29		2.51			357,191		0.95			0.95			1.56
Year ended 6/30/2018		33.57		10.01			276,930		1.00			1.00			1.28
Year ended 6/30/2017		31.04		26.22			269,714		0.99			0.99			1.38
Year ended 6/30/2016		25.06		–6.42			305,282		1.01			1.01			1.55
Year ended 6/30/2015		27.21		5.17			479,488		0.99			0.99			1.30
Class A
Six months ended 12/31/2019*		35.29		7.95			115,115		1.19³			1.19³			1.27³
Year ended 6/30/2019		33.14		2.24			116,354		1.20			1.20			1.26
Year ended 6/30/2018		33.36		9.72			131,276		1.25			1.25			1.03
Year ended 6/30/2017		30.85		25.88			135,349		1.24			1.24			1.13
Year ended 6/30/2016		24.91		–6.62			142,768		1.26			1.26			1.33
Year ended 6/30/2015		27.02		4.89			191,665		1.24			1.24			1.03
Class C
Six months ended 12/31/2019*		34.86		7.63			14,644		1.88³			1.88³			0.60³
Year ended 6/30/2019		32.59		1.49			14,948		1.95			1.95			0.55
Year ended 6/30/2018		32.68		8.92			14,161		2.00			2.00			0.26
Year ended 6/30/2017		30.16		24.92			17,250		1.99			1.99			0.38
Year ended 6/30/2016		24.29		–7.34			21,038		2.01			2.01			0.53
Year ended 6/30/2015		26.30		4.10			40,862		1.99			1.99			0.34
Class Z
Period from 9/30/2019⁴ to 12/31/2019		35.41		8.73			54		0.81³			0.81³			1.73³

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		8	%		23	%		41	%		27	%		39	%		39	%

¹Net investment income per share has been calculated based on average shares outstanding during the period.

²Total 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.

³Annualized.

⁴Commencement of operations.

*Unaudited

The accompanying notes are an integral part of these financial statements.
60

Financial Highlights

The following per share data and ratios have been derived from information provided in the financial statements.

			Income (loss) from investment operations									Dividends and distributions
Mid-Cap Value Fund	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
Class I
Six months ended 12/31/2019*	$	33.10	$	0.30		$	(0.08	)	$	0.22		$	(0.52	)	$	—		$	(0.52	)
Year ended 6/30/2019		39.68		0.24			(5.94	)		(5.70	)		(0.33	)		(0.55	)		(0.88	)
Year ended 6/30/2018		37.13		0.11			4.96			5.07			(0.15	)		(2.37	)		(2.52	)
Year ended 6/30/2017		30.55		0.10			7.05			7.15			(0.11	)		(0.46	)		(0.57	)
Year ended 6/30/2016		40.43		0.25			(5.54	)		(5.29	)		(0.16	)		(4.43	)		(4.59	)
Year ended 6/30/2015		45.15		0.15			(0.63	)		(0.48	)		(0.27	)		(3.97	)		(4.24	)
Class A
Six months ended 12/31/2019*		32.53		0.27			(0.08	)		0.19			(0.38	)		—			(0.38	)
Year ended 6/30/2019		39.03		0.15			(5.82	)		(5.67	)		(0.28	)		(0.55	)		(0.83	)
Year ended 6/30/2018		36.57		0.01			4.88			4.89			(0.06	)		(2.37	)		(2.43	)
Year ended 6/30/2017		30.13		0.01			6.96			6.97			(0.07	)		(0.46	)		(0.53	)
Year ended 6/30/2016		39.91		0.16			(5.47	)		(5.31	)		(0.04	)		(4.43	)		(4.47	)
Year ended 6/30/2015		44.60		0.04			(0.61	)		(0.57	)		(0.15	)		(3.97	)		(4.12	)
Class C
Six months ended 12/31/2019*		28.12		0.14			(0.08	)		0.06			(0.04	)		—			(0.04	)
Year ended 6/30/2019		33.93		(0.10	)		(5.05	)		(5.15	)		(0.11	)		(0.55	)		(0.66	)
Year ended 6/30/2018		32.26		(0.24	)		4.28			4.04			—			(2.37	)		(2.37	)
Year ended 6/30/2017		26.78		(0.23	)		6.17			5.94			—			(0.46	)		(0.46	)
Year ended 6/30/2016		36.24		(0.08	)		(4.95	)		(5.03	)		—			(4.43	)		(4.43	)
Year ended 6/30/2015		41.04		(0.25	)		(0.58	)		(0.83	)		—			(3.97	)		(3.97	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		30.67		0.17			2.50			2.67			(0.56	)		—			(0.56	)

								Ratios to Average Net Assets
Mid-Cap Value Fund	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)
Class I
Six months ended 12/31/2019*	$	32.80		0.71	%	$	801,313		1.06	%³		1.06	%³		1.91	%³
Year ended 6/30/2019		33.10		–14.29			1,044,280		1.00			1.00			0.67
Year ended 6/30/2018		39.68		14.32			1,609,002		0.99			0.99			0.28
Year ended 6/30/2017		37.13		23.37			1,675,920		1.03			1.03			0.28
Year ended 6/30/2016		30.55		–13.23			1,659,480		1.02			1.02			0.75
Year ended 6/30/2015		40.43		–0.70			2,492,532		1.00			1.00			0.35
Class A
Six months ended 12/31/2019*		32.34		0.60			131,883		1.23³			1.23³			1.76³
Year ended 6/30/2019		32.53		–14.48			159,676		1.25			1.25			0.43
Year ended 6/30/2018		39.03		14.05			230,105		1.24			1.24			0.03
Year ended 6/30/2017		36.57		23.05			274,787		1.28			1.28			0.02
Year ended 6/30/2016		30.13		–13.45			322,023		1.27			1.27			0.48
Year ended 6/30/2015		39.91		–0.93			626,544		1.25			1.25			0.10
Class C
Six months ended 12/31/2019*		28.14		0.23			17,601		1.97³			1.97³			1.02³
Year ended 6/30/2019		28.12		–15.15			24,447		2.00			2.00			(0.33	)
Year ended 6/30/2018		33.93		13.20			39,383		1.99			1.99			(0.72	)
Year ended 6/30/2017		32.26		22.13			50,612		2.03			2.03			(0.74	)
Year ended 6/30/2016		26.78		–14.09			64,568		2.02			2.02			(0.27	)
Year ended 6/30/2015		36.24		–1.69			128,647		2.00			2.00			(0.65	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		32.78		8.73			54		0.86³			0.86³			2.19³

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		12	%		34	%		32	%		37	%		42	%		54	%

			Income (loss) from investment operations									Dividends and distributions
Small Cap Value Fund	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
Class I
Six months ended 12/31/2019*	$	53.27	$	0.23		$	3.14		$	3.37		$	(0.48	)	$	(2.16	)	$	(2.64	)
Year ended 6/30/2019		63.89		0.35			(6.34	)		(5.99	)		(0.33	)		(4.30	)		(4.63	)
Year ended 6/30/2018		59.31		0.29			7.35			7.64			(0.28	)		(2.78	)		(3.06	)
Year ended 6/30/2017		46.46		0.19			12.90			13.09			(0.24	)		—			(0.24	)
Year ended 6/30/2016		61.67		0.17			(9.57	)		(9.40	)		(0.16	)		(5.65	)		(5.81	)
Year ended 6/30/2015		66.62		0.27			2.30			2.57			(0.13	)		(7.39	)		(7.52	)
Class A
Six months ended 12/31/2019*		52.98		0.18			3.11			3.29			(0.32	)		(2.16	)		(2.48	)
Year ended 6/30/2019		63.49		0.18			(6.26	)		(6.08	)		(0.13	)		(4.30	)		(4.43	)
Year ended 6/30/2018		58.93		0.12			7.32			7.44			(0.10	)		(2.78	)		(2.88	)
Year ended 6/30/2017		46.09		0.05			12.79			12.84			—			—			—
Year ended 6/30/2016		61.27		0.04			(9.51	)		(9.47	)		(0.06	)		(5.65	)		(5.71	)
Year ended 6/30/2015		66.26		0.12			2.28			2.40			—			(7.39	)		(7.39	)
Class C
Six months ended 12/31/2019*		42.94		(0.01	)		2.51			2.50			—			(2.16	)		(2.16	)
Year ended 6/30/2019		52.65		(0.21	)		(5.20	)		(5.41	)		—			(4.30	)		(4.30	)
Year ended 6/30/2018		49.60		(0.28	)		6.11			5.83			—			(2.78	)		(2.78	)
Year ended 6/30/2017		39.09		(0.30	)		10.81			10.51			—			—			—
Year ended 6/30/2016		53.25		(0.30	)		(8.21	)		(8.51	)		—			(5.65	)		(5.65	)
Year ended 6/30/2015		58.99		(0.32	)		1.97			1.65			—			(7.39	)		(7.39	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		52.15		0.17			4.34			4.51			(0.53	)		(2.16	)		(2.69	)

								Ratios to Average Net Assets
Small Cap Value Fund	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)
Class I
Six months ended 12/31/2019*	$	54.00		6.39	%	$	656,224		1.05	%³		1.05	%³		0.89	%³
Year ended 6/30/2019		53.27		–8.97			670,391		1.03			1.03			0.61
Year ended 6/30/2018		63.89		13.33			715,194		1.02			1.02			0.47
Year ended 6/30/2017		59.31		28.15			669,810		1.04			1.04			0.35
Year ended 6/30/2016		46.46		–15.63			699,420		1.04			1.04			0.33
Year ended 6/30/2015		61.67		4.64			951,911		1.06			1.06			0.43
Class A
Six months ended 12/31/2019*		53.79		6.28			40,604		1.25³			1.25³			0.68³
Year ended 6/30/2019		52.98		–9.20			44,240		1.28			1.28			0.32
Year ended 6/30/2018		63.49		13.05			70,928		1.27			1.27			0.20
Year ended 6/30/2017		58.93		27.83			89,795		1.29			1.29			0.09
Year ended 6/30/2016		46.09		–15.83			113,335		1.29			1.29			0.07
Year ended 6/30/2015		61.27		4.37			194,587		1.31			1.31			0.19
Class C
Six months ended 12/31/2019*		43.28		5.89			6,181		1.95³			1.95³			(0.04	)³
Year ended 6/30/2019		42.94		–9.86			7,496		2.03			2.03			(0.44	)
Year ended 6/30/2018		52.65		12.21			13,824		2.02			2.02			(0.55	)
Year ended 6/30/2017		49.60		26.85			17,084		2.04			2.04			(0.66	)
Year ended 6/30/2016		39.09		–16.46			20,308		2.04			2.04			(0.68	)
Year ended 6/30/2015		53.25		3.60			35,172		2.06			2.06			(0.58	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		53.97		8.72			54		0.85³			0.85³			1.25³

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		16	%		40	%		29	%		29	%		45	%		43	%

¹Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

³Annualized.

⁴Commencement of operations.

*Unaudited

The accompanying notes are an integral part of these financial statements.
61

Financial Highlights

The following per share data and ratios have been derived from information provided in the financial statements.

			Income (loss) from investment operations								Dividends and distributions
Small Cap Diversified Value Fund	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
Class I
Six months ended 12/31/2019*	$	10.08	$	0.06	$	0.72		$	0.78		$	(0.09	)	$	—		$	(0.09	)
Year ended 6/30/2019		12.21		0.10		(1.30	)		(1.20	)		(0.08	)		(0.85	)		(0.93	)
Year ended 6/30/2018		12.06		0.10		1.85			1.95			(0.05	)		(1.75	)		(1.80	)
Year ended 6/30/2017		9.12		0.09		2.94			3.03			(0.09	)		—			(0.09	)
Year ended 6/30/2016		10.01		0.06		(0.66	)		(0.60	)		(0.04	)		(0.25	)		(0.29	)
Year ended 6/30/2015		10.00		0.05		0.22			0.27			(0.04	)		(0.22	)		(0.26	)
Class A
Six months ended 12/31/2019*		10.03		0.05		0.71			0.76			(0.06	)		—			(0.06	)
Year ended 6/30/2019		12.14		0.06		(1.26	)		(1.20	)		(0.06	)		(0.85	)		(0.91	)
Year ended 6/30/2018		12.01		0.07		1.84			1.91			(0.03	)		(1.75	)		(1.78	)
Year ended 6/30/2017		9.09		0.06		2.93			2.99			(0.07	)		—			(0.07	)
Year ended 6/30/2016		10.00		0.05		(0.68	)		(0.63	)		(0.03	)		(0.25	)		(0.28	)
Year ended 6/30/2015		10.00		0.03		0.22			0.25			(0.03	)		(0.22	)		(0.25	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		10.02		0.03		0.82			0.85			(0.10	)		—			(0.10	)

								Ratios to Average Net Assets
Small Cap Diversified Value Fund	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
Class I
Six months ended 12/31/2019*	$	10.77		7.78	%	$	129,483		0.83	%³		0.90	%³		1.22	%³
Year ended 6/30/2019		10.08		–9.23			95,405		0.90			1.06			0.91
Year ended 6/30/2018		12.21		17.48			40,128		0.90			1.45			0.80
Year ended 6/30/2017		12.06		33.26			19,265		0.90			1.70			0.86
Year ended 6/30/2016		9.12		–5.80			14,446		1.25			2.13			0.72
Year ended 6/30/2015		10.01		2.93			15,337		1.25			3.75			0.48
Class A
Six months ended 12/31/2019*		10.73		7.60			2,669		1.09³			1.17³			0.93³
Year ended 6/30/2019		10.03		–9.35			2,875		1.15			1.36			0.55
Year ended 6/30/2018		12.14		17.18			2,835		1.15			1.70			0.58
Year ended 6/30/2017		12.01		32.86			721		1.15			1.89			0.55
Year ended 6/30/2016		9.09		–6.14			232		1.50			2.38			0.53
Year ended 6/30/2015		10.00		2.71			130		1.50			4.25			0.29
Class Z
Period from 9/30/2019⁴ to 12/31/2019		10.77		8.45			54		0.80³			0.82³			1.29³

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		37	%		84	%		95	%		58	%		89	%		40	%

			Income (loss) from investment operations								Dividends and distributions
Global Value Fund	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
Class I
Six months ended 12/31/2019*	$	11.55	$	0.08	$	0.83		$	0.91		$	(0.13	)	$	(0.18	)	$	(0.31	)
Year ended 6/30/2019		13.30		0.23		(0.94	)		(0.71	)		(0.14	)		(0.90	)		(1.04	)
Year ended 6/30/2018		12.82		0.11		1.09			1.20			(0.13	)		(0.59	)		(0.72	)
Year ended 6/30/2017		10.10		0.12		2.70			2.82			(0.10	)		—			(0.10	)
Year ended 6/30/2016		11.93		0.13		(1.23	)		(1.10	)		(0.12	)		(0.61	)		(0.73	)
Year ended 6/30/2015		13.31		0.14		(0.46	)		(0.32	)		(0.30	)		(0.76	)		(1.06	)
Class A
Six months ended 12/31/2019*		11.55		0.07		0.83			0.90			(0.11	)		(0.18	)		(0.29	)
Year ended 6/30/2019		13.28		0.09		(0.83	)		(0.74	)		(0.09	)		(0.90	)		(0.99	)
Year ended 6/30/2018		12.80		0.07		1.10			1.17			(0.10	)		(0.59	)		(0.69	)
Year ended 6/30/2017		10.09		0.14		2.65			2.79			(0.08	)		—			(0.08	)
Year ended 6/30/2016		11.91		0.10		(1.23	)		(1.13	)		(0.08	)		(0.61	)		(0.69	)
Year ended 6/30/2015		13.29		0.10		(0.45	)		(0.35	)		(0.27	)		(0.76	)		(1.03	)

								Ratios to Average Net Assets
Global Value Fund	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
Class I
Six months ended 12/31/2019*	$	12.15		7.91	%	$	40,076		0.95	%³		1.27	%³		1.43	%³
Year ended 6/30/2019		11.55		–4.57			39,749		0.96			1.62			2.02
Year ended 6/30/2018		13.30		9.59			8,987		1.10			2.87			0.83
Year ended 6/30/2017		12.82		27.93			7,694		1.10			3.37			1.00
Year ended 6/30/2016		10.10		–9.25			5,199		1.10			4.14			1.25
Year ended 6/30/2015		11.93		–1.98			6,144		1.10			4.34			1.11
Class A
Six months ended 12/31/2019*		12.16		7.80			220		1.20³			1.52³			1.14³
Year ended 6/30/2019		11.55		–4.85			238		1.24			2.64			0.72
Year ended 6/30/2018		13.28		9.36			732		1.35			3.12			0.55
Year ended 6/30/2017		12.80		27.69			436		1.35			3.37			1.19
Year ended 6/30/2016		10.09		–9.47			100		1.35			4.39			0.96
Year ended 6/30/2015		11.91		–2.22			110		1.35			4.77			0.79

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		14	%		36	%		43	%		38	%		52	%		42	%

¹Net investment income per share has been calculated based on average shares outstanding during the period.

³Annualized.

⁴Commencement of operations.

*Unaudited

The accompanying notes are an integral part of these financial statements.
62

Financial Highlights

The following per share data and ratios have been derived from information provided in the financial statements.

			Income (loss) from investment operations								Dividends and distributions
International Value Fund	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
Class I
Six months ended 12/31/2019*	$	9.77	$	0.08	$	0.94		$	1.02		$	(0.19	)	$	(0.16	)	$	(0.35	)
Year ended 6/30/2019		11.57		0.19		(1.27	)		(1.08	)		(0.14	)		(0.58	)		(0.72	)
Year ended 6/30/2018		11.85		0.11		0.31			0.42			(0.13	)		(0.57	)		(0.70	)
Year ended 6/30/2017		9.76		0.12		2.38			2.50			(0.17	)		(0.24	)		(0.41	)
Period from 12/31/2015⁴ to 6/30/2016		10.00		0.16		(0.40	)		(0.24	)		—			—			—

								Ratios to Average Net Assets
International Value Fund	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
Class I
Six months ended 12/31/2019*	$	10.44		10.51	%	$	2,579		0.95	%³		5.76	%³		1.60	%³
Year ended 6/30/2019		9.77		–9.04			2,334		0.99			5.94			1.85
Year ended 6/30/2018		11.57		3.50			2,543		1.15			6.01			0.90
Year ended 6/30/2017		11.85		26.14			2,422		1.15			7.36			1.12
Period from 12/31/2015⁴ to 6/30/2016		9.76		–2.40			1,806		1.15³			12.67³			3.17³

	Six Months Ended December 31,			Year Ended June 30,									Period December 31, 2015⁴ through June 30,
	2019*			2019			2018			2017			2016
Portfolio turnover rate		12	%		42	%		33	%		34	%		17	%

			Income (loss) from investment operations								Dividends and distributions
Value Opportunities Fund	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
Class I
Six months ended 12/31/2019*	$	28.08	$	0.27	$	1.31		$	1.58		$	(0.32	)	$	(0.36	)	$	(0.68	)
Year ended 6/30/2019		30.38		0.30		0.09			0.39			(0.31	)		(2.38	)		(2.69	)
Year ended 6/30/2018		27.99		0.40		2.93			3.33			(0.53	)		(0.41	)		(0.94	)
Year ended 6/30/2017		22.21		0.38		5.99			6.37			(0.59	)		—			(0.59	)
Year ended 6/30/2016		29.13		0.69		(3.68	)		(2.99	)		(0.49	)		(3.44	)		(3.93	)
Year ended 6/30/2015		29.88		0.41		1.35			1.76			(0.42	)		(2.09	)		(2.51	)
Class A
Six months ended 12/31/2019*		28.12		0.24		1.31			1.55			(0.24	)		(0.36	)		(0.60	)
Year ended 6/30/2019		30.40		0.22		0.10			0.32			(0.22	)		(2.38	)		(2.60	)
Year ended 6/30/2018		28.00		0.31		2.95			3.26			(0.45	)		(0.41	)		(0.86	)
Year ended 6/30/2017		22.21		0.31		5.99			6.30			(0.51	)		—			(0.51	)
Year ended 6/30/2016		29.13		0.63		(3.69	)		(3.06	)		(0.42	)		(3.44	)		(3.86	)
Year ended 6/30/2015		29.88		0.34		1.36			1.70			(0.36	)		(2.09	)		(2.45	)
Class C
Six months ended 12/31/2019*		25.94		0.13		1.20			1.33			(0.04	)		(0.36	)		(0.40	)
Year ended 6/30/2019		28.22		0.01		0.10			0.11			(0.01	)		(2.38	)		(2.39	)
Year ended 6/30/2018		26.04		0.08		2.74			2.82			(0.23	)		(0.41	)		(0.64	)
Year ended 6/30/2017		20.68		0.11		5.57			5.68			(0.32	)		—			(0.32	)
Year ended 6/30/2016		27.41		0.42		(3.47	)		(3.05	)		(0.24	)		(3.44	)		(3.68	)
Year ended 6/30/2015		28.31		0.12		1.27			1.39			(0.20	)		(2.09	)		(2.29	)
Class Z
Period from 9/30/2019⁴ to 12/31/2019		27.79		0.14		1.74			1.88			(0.34	)		(0.36	)		(0.70	)

								Ratios to Average Net Assets
Value Opportunities Fund	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
Class I
Six months ended 12/31/2019*	$	28.98		5.67	%	$	595,394		0.96	%³		0.96	%³		1.93	%³
Year ended 6/30/2019		28.08		2.45			588,097		0.96			0.96			1.05
Year ended 6/30/2018		30.38		12.11			453,184		0.97			0.97			1.36
Year ended 6/30/2017		27.99		28.79			347,924		0.99			0.99			1.46
Year ended 6/30/2016		22.21		–10.48			259,421		1.00			1.00			2.80
Year ended 6/30/2015		29.13		6.75			363,363		0.96			0.96			1.42
Class A
Six months ended 12/31/2019*		29.07		5.55			121,474		1.21³			1.21³			1.68³
Year ended 6/30/2019		28.12		2.18			131,050		1.21			1.21			0.77
Year ended 6/30/2018		30.40		11.84			136,325		1.22			1.22			1.07
Year ended 6/30/2017		28.00		28.47			136,525		1.24			1.24			1.21
Year ended 6/30/2016		22.21		–10.71			132,870		1.25			1.25			2.55
Year ended 6/30/2015		29.13		6.47			201,477		1.21			1.21			1.19
Class C
Six months ended 12/31/2019*		26.87		5.16			43,775		1.91³			1.91³			0.99³
Year ended 6/30/2019		25.94		1.44			47,021		1.96			1.96			0.02
Year ended 6/30/2018		28.22		10.99			49,624		1.97			1.97			0.30
Year ended 6/30/2017		26.04		27.53			57,953		1.99			1.99			0.46
Year ended 6/30/2016		20.68		–11.37			63,637		2.00			2.00			1.84
Year ended 6/30/2015		27.41		5.65			76,647		1.96			1.96			0.43
Class Z
Period from 9/30/2019⁴ to 12/31/2019		28.97		6.80			20,755		0.84³			0.84³			1.93³

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		16	%		60	%		55	%		83	%		62	%		101	%

¹Net investment income per share has been calculated based on average shares outstanding during the period.

³Annualized.

⁴Commencement of operations.

*Unaudited

The accompanying notes are an integral part of these financial statements.
63

Financial Highlights

The following per share data and ratios have been derived from information provided in the financial statements.

			Income (loss) from investment operations								Dividends and distributions
Capital Income Fund	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
Class I
Six months ended 12/31/2019*	$	12.03	$	0.22	$	0.25		$	0.47		$	(0.27	)	$	—		$	(0.27	)
Year ended 6/30/2019		12.84		0.41		(0.81	)		(0.40	)		(0.41	)		—			(0.41	)
Year ended 6/30/2018		12.51		0.45		0.37			0.82			(0.49	)		—			(0.49	)
Year ended 6/30/2017		10.56		0.45		2.00			2.45			(0.50	)		—			(0.50	)
Year ended 6/30/2016		12.22		0.51		(1.13	)		(0.62	)		(0.54	)		(0.50	)		(1.04	)
Year ended 6/30/2015		12.85		0.47		(0.38	)		0.09			(0.52	)		(0.20	)		(0.72	)
Class A
Six months ended 12/31/2019*		12.56		0.22		0.27			0.49			(0.26	)		—			(0.26	)
Year ended 6/30/2019		13.36		0.40		(0.83	)		(0.43	)		(0.37	)		—			(0.37	)
Year ended 6/30/2018		13.01		0.43		0.38			0.81			(0.46	)		—			(0.46	)
Year ended 6/30/2017		10.97		0.44		2.07			2.51			(0.47	)		—			(0.47	)
Year ended 6/30/2016		12.65		0.50		(1.17	)		(0.67	)		(0.51	)		(0.50	)		(1.01	)
Year ended 6/30/2015		13.24		0.44		(0.35	)		0.09			(0.48	)		(0.20	)		(0.68	)

								Ratios to Average Net Assets
Capital Income Fund	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
Class I
Six months ended 12/31/2019*	$	12.23		3.98	%	$	10,769		0.80	%³		1.50	%³		3.74	%³
Year ended 6/30/2019		12.03		–3.13			13,804		0.80			1.35			3.37
Year ended 6/30/2018		12.84		6.71			20,005		0.80			1.26			3.55
Year ended 6/30/2017		12.51		23.54			20,582		0.80			1.27			3.83
Year ended 6/30/2016		10.56		–4.77			20,873		0.80			1.18			4.63
Year ended 6/30/2015		12.22		0.69			33,958		0.80			1.05			3.75
Class A
Six months ended 12/31/2019*		12.79		3.93			11,690		1.05³			1.79³			3.49³
Year ended 6/30/2019		12.56		–3.17			12,890		1.05			1.60			3.16
Year ended 6/30/2018		13.36		6.34			16,810		1.05			1.51			3.28
Year ended 6/30/2017		13.01		23.17			21,171		1.05			1.52			3.56
Year ended 6/30/2016		10.97		–4.99			17,309		1.05			1.43			4.36
Year ended 6/30/2015		12.65		0.73			42,398		1.05			1.30			3.39

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		12	%		43	%		46	%		71	%		93	%		62	%

			Income (loss) from investment operations								Dividends and distributions
High Yield Fund	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
Class I
Six months ended 12/31/2019*	$	11.69	$	0.34	$	(0.16	)⁴	$	0.18		$	(0.34	)	$	—		$	(0.34	)
Year ended 6/30/2019		11.90		0.69		(0.21	)⁴		0.48			(0.69	)		—			(0.69	)
Year ended 6/30/2018		12.26		0.72		(0.37	)⁴		0.35			(0.71	)		—			(0.71	)
Year ended 6/30/2017		11.47		0.75		0.79⁴			1.54			(0.75	)		—			(0.75	)
Year ended 6/30/2016		12.51		0.76		(0.94	)⁴		(0.18	)		(0.77	)		(0.09	)		(0.86	)
Year ended 6/30/2015		13.37		0.70		(0.75	)⁴		(0.05	)		(0.71	)		(0.10	)		(0.81	)
Class A
Six months ended 12/31/2019*		11.62		0.33		(0.16	)⁴		0.17			(0.33	)		—			(0.33	)
Year ended 6/30/2019		11.83		0.65		(0.20	)⁴		0.45			(0.66	)		—			(0.66	)
Year ended 6/30/2018		12.18		0.69		(0.37	)⁵		0.32			(0.67	)		—			(0.67	)
Year ended 6/30/2017		11.40		0.72		0.78⁴			1.50			(0.72	)		—			(0.72	)
Year ended 6/30/2016		12.43		0.73		(0.94	)⁴		(0.21	)		(0.73	)		(0.09	)		(0.82	)
Year ended 6/30/2015		13.29		0.67		(0.75	)⁵		(0.08	)		(0.68	)		(0.10	)		(0.78	)
Class C
Six months ended 12/31/2019*		11.68		0.29		(0.16	)		0.13			(0.29	)		—			(0.29	)
Year ended 6/30/2019		11.89		0.57		(0.21	)		0.36			(0.57	)		—			(0.57	)
Year ended 6/30/2018		12.26		0.60		(0.38	)⁴		0.22			(0.59	)		—			(0.59	)
Year ended 6/30/2017		11.47		0.63		0.79⁴			1.42			(0.63	)		—			(0.63	)
Year ended 6/30/2016		12.50		0.65		(0.94	)⁶		(0.29	)		(0.65	)		(0.09	)		(0.74	)
Year ended 6/30/2015		13.36		0.58		(0.76	)⁴		(0.18	)		(0.58	)		(0.10	)		(0.68	)
Class Z
Six months ended 12/31/2019*		11.70		0.35		(0.16	)⁴		0.19			(0.35	)		—			(0.35	)
Year ended 6/30/2019		11.90		0.70		(0.20	)		0.50			(0.70	)		—			(0.70	)
Period from 3/29/2018⁷ to 6/30/2018		12.00		0.18		(0.11	)		0.07			(0.17	)		—			(0.17	)

								Ratios to Average Net Assets
High Yield Fund	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
Class I
Six months ended 12/31/2019*	$	11.53		1.62	%	$	1,696,947		0.70	%³		0.75	%³		5.95	%³
Year ended 6/30/2019		11.69		4.19			1,825,782		0.70			0.75			5.87
Year ended 6/30/2018		11.90		2.87			1,918,320		0.70			0.74			5.93
Year ended 6/30/2017		12.26		13.75			2,091,104		0.70			0.74			6.22
Year ended 6/30/2016		11.47		–1.12			1,884,613		0.70			0.74			6.59
Year ended 6/30/2015		12.51		–0.26			2,060,504		0.70			0.73			5.56
Class A
Six months ended 12/31/2019*		11.46		1.48			196,151		0.95³			1.02³			5.67³
Year ended 6/30/2019		11.62		3.92			303,367		0.95			1.00			5.62
Year ended 6/30/2018		11.83		2.68			466,960		0.95			0.99			5.69
Year ended 6/30/2017		12.18		13.42			566,806		0.95			0.99			5.99
Year ended 6/30/2016		11.40		–1.34			603,081		0.95			0.99			6.35
Year ended 6/30/2015		12.43		–0.54			682,129		0.95			0.98			5.31
Class C
Six months ended 12/31/2019*		11.52		1.14			3,470		1.64³			1.68³			5.01³
Year ended 6/30/2019		11.68		3.15			3,599		1.70			1.75			4.88
Year ended 6/30/2018		11.89		1.76			3,380		1.70			1.74			4.93
Year ended 6/30/2017		12.26		12.62			3,010		1.70			1.74			5.22
Year ended 6/30/2016		11.47		–2.02			2,737		1.70			1.74			5.61
Year ended 6/30/2015		12.50		–1.25			3,581		1.70			1.73			4.53
Class Z
Six months ended 12/31/2019*		11.54		1.67			464,249		0.60³			0.64³			6.05³
Year ended 6/30/2019		11.70		4.38			401,268		0.60			0.65			5.99
Period from 3/29/2018⁷ to 6/30/2018		11.90		0.59			328,769		0.60³			0.70³			6.54³

	Six Months Ended			Year Ended June 30,
	December 31, 2019*			2019			2018			2017			2016			2015
Portfolio turnover rate		23	%		41	%		38	%		46	%		45	%		44	%

¹Net investment income per share has been calculated based on average shares outstanding during the period.

³Annualized.

⁴Redemption fees per share were less than $0.005.

⁵Includes redemption fees per share of $0.01.

⁶Includes redemption fees per share of $0.02.

⁷Commencement of operations.

*Unaudited

The accompanying notes are an integral part of these financial statements.
64

Notes to the Financial Statements

DECEMBER 31, 2019 (UNAUDITED)

NOTE 1.

Organization. Hotchkis & Wiley Funds (the "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company. The Trust was organized as a Delaware statutory trust on July 23, 2001 and consists of ten series. The Hotchkis & Wiley Diversified Value Fund, the Hotchkis & Wiley Large Cap Value Fund, the Hotchkis & Wiley Mid-Cap Value Fund, the Hotchkis & Wiley Small Cap Value Fund, the Hotchkis & Wiley Small Cap Diversified Value Fund, the Hotchkis & Wiley Global Value Fund, the Hotchkis & Wiley International Value Fund, the Hotchkis & Wiley Capital Income Fund and the Hotchkis & Wiley High Yield Fund (collectively, the "H&W Funds") are each a diversified series and the Hotchkis & Wiley Value Opportunities Fund (together with the H&W Funds, hereafter referred to as the "Funds") is a non-diversified series of the Trust. The Trust was organized to acquire the assets and liabilities of the Mercury HW Large Cap Value Fund, the Mercury HW Mid-Cap Value Fund and the Mercury HW Small Cap Value Fund (the "Mercury HW Funds"). On February 4, 2002, the Mercury HW Funds were reorganized into the Trust through a non-taxable exchange. On August 28, 2009, the Hotchkis & Wiley Core Value Fund was renamed the Hotchkis & Wiley Diversified Value Fund and the Hotchkis & Wiley All Cap Value Fund was renamed the Hotchkis & Wiley Value Opportunities Fund.

The Diversified Value Fund, Large Cap Value Fund, Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund, Value Opportunities Fund, Capital Income Fund and High Yield Fund have four classes of shares: Class I, Class A, Class C and Class Z. Class A shares are sold with a front-end sales charge. Class C shares may be subject to a contingent deferred sales charge. Class C shares are automatically converted to Class A shares approximately eight years after purchase and will then be subject to lower distribution and service fees. All classes have identical voting, dividend, liquidation and other rights and the same terms and conditions, except that Class A and Class C shares bear certain expenses related to the distribution and servicing expenditures. Currently, the International Value Fund is not offering Class A shares to investors; the Small Cap Diversified Value Fund, Global Value Fund, International Value Fund and Capital Income Fund are not offering Class C shares to investors; and the Diversified Value Fund, Global Value Fund, International Value Fund and Capital Income Fund are not offering Class Z shares to investors. Effective August 29, 2019, Class R shares converted to Class A shares for the Large Cap Value Fund and Mid-Cap Value Fund.

Significant Accounting Policies. The Funds' financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which may require the use of management accruals and estimates. Actual results could differ from those estimates and those differences could be significant. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services — Investment Companies". The following is a summary of significant accounting policies followed by the Funds.

Security Valuation. Portfolio securities that are listed on a securities exchange (whether domestic or foreign) or The Nasdaq Stock Market ("NSM") (including the Nasdaq National Market and the Nasdaq Small Cap Market) are valued at the last reported sale price (or official closing price) on that day as of the close of the New York Stock Exchange (which is generally 4:00 p.m. Eastern time), or, in the absence of recorded sales, at the average of the last bid and asked quotation on such exchange or NSM. Unlisted equity securities that are not included in NSM are valued at the last sale price, or if the last sale price is unavailable, at the average of the quoted bid and asked prices in the over-the-counter market. Fixed-income securities are generally valued on the basis of quotes obtained from an approved independent pricing service but may also be valued based on reported transactions on FINRA's Trade Reporting and Compliance Engine (TRACE) or quotations provided by a broker-dealer. The pricing services may provide a price determined by a matrix pricing method or other analytical pricing models. Investments quoted in foreign currency are valued daily in U.S. dollars on the basis of the foreign currency exchange rate prevailing at the time of valuation. Securities and other assets for which market quotations are not readily available are valued at their fair value as determined by Hotchkis & Wiley Capital Management, LLC (the "Advisor") under guidelines established by and under the general supervision and responsibility of the Trust's Board of Trustees (the "Board"). The Board has approved the use of a third-party vendor's proprietary fair value pricing model to assist in determining current valuation for foreign securities traded in markets that close prior to the New York Stock Exchange. When fair value pricing is employed, the value of the portfolio securities used to calculate the Funds' net asset values may differ from quoted or official closing prices.

The Trust has performed an analysis of all existing investments to determine the significance and character of all inputs to their fair value determination. Various inputs are used in determining the value of each Fund's investments. These inputs are summarized in the following three broad categories:

• Level 1 — Quoted unadjusted prices for identical instruments in active markets to which the Trust has access at the date of measurement.

• Level 2 — Other significant observable inputs (including quoted prices for similar instruments, interest rates, current yields, credit quality, prepayment speeds for mortgage related securities, collateral for asset-backed securities, foreign security indices, foreign exchange rates, fair value estimates for foreign securities, and changes in benchmark securities indices). Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

• Level 3 — Significant unobservable inputs including model derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect the Trust's own assumptions that market participants would use to price the asset or liability based on the best available information.

The following table presents the valuation levels of each Fund's assets as of December 31, 2019:

	Diversified Value		Large Cap Value		Mid-Cap Value		Small Cap Value		Small Cap Diversified Value
Level 1 — Quoted prices in an active market:
Common Stocks	$	101,006,996	$	513,965,575	$	858,636,593	$	688,650,156	$	127,206,458
Money Market Funds		—		755,000		1,790,955		10,420,489		—
Time Deposits		306,207		3,443,771		22,487,508		12,124,832		1,797,091
Level 2 — Other significant observable market inputs:
Common Stocks:
Energy		—		—		43,845,337		2,009,136		—
Industrials		—		—		27,719,680		—		—
Level 3 — Significant unobservable inputs		—		—		—		—		—
Total Investments	$	101,313,203	$	518,164,346	$	954,480,073	$	713,204,613	$	129,003,549
	Global Value		International Value		Value Opportunities		Capital Income		High Yield
Level 1 — Quoted prices in an active market:
Common Stocks	$	26,456,078	$	688,657	$	635,502,030	$	12,012,289	$	6,251,636
Preferred Stocks		—		—		2,403,434		—		—
Purchased Put Options		—		—		6,621,765		—		—
Warrants		—		—		1,206,872		—		—
Money Market Funds		—		—		15,057,125		326,694		30,147,755
Time Deposits		667,255		32,401		22,965,234		90,262		24,422,157
Level 2 — Other significant observable market inputs:
Common Stocks:
Communication Services		—		79,457		—		—		—
Consumer Discretionary		959,788		120,884		—		—		—
Consumer Staples		1,853,909		219,651		11,420,144		—		—
Energy		471,890		143,832		18,604,476		368,582		—
Energy — Exploration & Production		—		—		��		—		2,825,480
Financials		6,552,536		667,221		—		188,094		—
Health Care		—		177,748		—		—		—
Industrials		2,574,240		330,233		24,695,955		198,306		—
Information Technology		632,936		131,212		—		—		—
Preferred Stocks:
Financials		—		—		657,491		—		—
Convertible Bonds		—		—		—		79,000		11,988,213
Corporate Bonds		—		—		28,142,885		7,146,055		1,975,196,977
Term Loans		—		—		24,159,639		960,970		182,249,449
Purchased Put Options		—		—		452,550		—		—
Warrants		—		—		0		—		0
Level 3 — Significant unobservable inputs:
Common Stocks:
Automakers		—		—		—		—		0
Consumer Discretionary		—		—		—		253,274		—
Energy		—		—		—		18		—
Energy — Exploration & Production		—		—		—		—		1,597
Industrials		—		—		—		120,748		—
Materials		—		—		11,831,001		488,414		—
Metals/Mining Excluding Steel		—		—		—		—		47,681,031
Oil Field Equipment & Services		—		—		—		—		6,543,209
Specialty Retail		—		—		—		—		21,214,751
Preferred Stocks:
Consumer Staples		—		—		—		0		—
Food — Wholesale		—		—		—		—		0
Corporate Bonds		—		—		—		153,887		22,189,279
Term Loans		—		—		3,272,683		27,184		2,229,945
Total Investments	$	40,168,632	$	2,591,296	$	806,993,284	$	22,413,777	$	2,332,941,479
Other Financial Instruments
Level 1 — Quoted prices in an active market:
Futures Contracts*					$	79,070
Level 2 — Other significant observable market inputs						—
Level 3 — Significant unobservable inputs						—
Total Other Financial Instruments					$	79,070

* Futures contracts are derivative instruments not reflected on the Schedule of Investments and are reflected at the unrealized appreciation (depreciation) on the instrument.

Please refer to the Schedule of Investments for additional information regarding the composition of the amounts listed above.

The following table provides information about the Level 3 values, as well as their inputs, as of December 31, 2019:

Fair Value at
December 31,
2019

Valuation
Techniques

Unobservable
Inputs

Input
Values

Impact to
Valuation from an
Increase to Input

Value Opportunities

Common Stocks

11,831,001

Market comparable
companies

EBIT multiple

4x - 10x

Increase

Term Loans

3,272,683

Market quote (stale)

N/A

$100.00

Increase

15,103,684

Capital Income

Common Stocks:

253,274

Calculation of enterprise
value using:
Discounted cash flows
Market comparable
companies
Transaction analysis

Yield (Discount rate of cash flows)

EBITDA multiple
Guideline transactions

9.75% - 11.75%

6x - 8x
$499 Million - $602 Million

Decrease

Increase
Increase

Estimated recovery value

Probability of asset recovery

Increase

Last traded price (stale)

N/A

$0.01

Increase

609,162

Market comparable
companies

EBIT multiple

4x - 10x

Increase

Total Common Stocks

862,454

Preferred Stocks

Calculation of enterprise

value using:
Market comparable
companies
Transaction analysis

EBITDA multiple
EBITDA multiple

12x - 13x
6x - 9x

Increase
Increase

Corporate Bonds

153,887

Estimated recovery value

N/A

$15.00 - $90.00

Increase

Term Loans

27,184

Market quote (stale)

N/A

$100.00

Increase

1,043,525

High Yield

Common Stocks:

21,214,751

Calculation of enterprise
value using:
Discounted cash flows
Market comparable
companies
Transaction analysis

Yield (Discount rate of cash flows)

EBITDA multiple
Guideline transactions

9.75% - 11.75%

6x - 8x
$499 Million - $602 Million

Decrease

Increase
Increase

435

Estimated recovery value

Probability of asset recovery

Increase

1,162

Last traded price (stale)

N/A

$0.01

Increase

54,224,240

Market comparable
companies

EBIT multiple

4x - 10x

Increase

Total Common Stocks

75,440,588

Preferred Stocks

Calculation of enterprise

value using:
Market comparable
companies

EBITDA multiple

12x - 13x

Increase

Transaction analysis

EBITDA multiple

6x - 9x

Increase

Corporate Bonds

22,189,279

Estimated recovery value

N/A

$15.00 - $90.00

Increase

Term Loans

2,229,945

Market quote (stale)

N/A

$100.00

Increase

99,859,812

The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value:

	Value Opportunities
	Common Stocks		Term Loans			Total
Balance at June 30, 2019	$	7,053,582	$	3,802,486		$	10,856,068
Purchases		451,436		—			451,436
Sales		—		(529,803	)		(529,803	)
Accrued discounts (premiums)		—		—			—
Realized gains (losses)		—		—			—
Change in unrealized appreciation (depreciation)		4,325,983		—			4,325,983
Transfers into Level 3		—		—			—
Balance at December 31, 2019	$	11,831,001	$	3,272,683		$	15,103,684
Change in unrealized appreciation (depreciation) for Level 3 assets held at December 31, 2019	$	4,325,983	$	—		$	4,325,983

	Capital Income
	Common Stocks		Preferred Stocks			Corporate Bonds			Term Loans			Total
Balance at June 30, 2019	$	722,262	$	45,589		$	86,500		$	31,585		$	885,936
Purchases		82,799		—			—			—			82,799
Sales		—		—			—			(4,401	)		(4,401	)
Accrued discounts (premiums)		—		—			(155	)		—			(155	)
Realized gains (losses)		—		—			—			—			—
Change in unrealized appreciation (depreciation)		57,391		(45,589	)		(16,095	)		—			(4,293	)
Transfers into Level 3		2		—			83,637			—			83,639
Balance at December 31, 2019	$	862,454	$	0		$	153,887		$	27,184		$	1,043,525
Change in unrealized appreciation (depreciation) for Level 3 assets held at December 31, 2019	$	57,391	$	(45,589	)	$	(16,095	)	$	—		$	(4,293	)
	High Yield
	Common Stocks		Preferred Stocks			Corporate Bonds			Term Loans			Total
Balance at June 30, 2019	$	63,227,625	$	7,357,494		$	10,707,900		$	2,590,943		$	83,883,962
Purchases		7,361,569		—			—			—			7,361,569
Sales		—		—			—			(360,998	)		(360,998	)
Accrued discounts (premiums)		—		—			—			—			—
Realized gains (losses)		—		—			—			—			—
Change in unrealized appreciation (depreciation)		4,850,959		(7,357,494	)		(2,019,000	)		—			(4,525,535	)
Transfers into Level 3		435		—			13,500,379			—			13,500,814
Balance at December 31, 2019	$	75,440,588	$	0		$	22,189,279		$	2,229,945		$	99,859,812
Change in unrealized appreciation (depreciation) for Level 3 assets held at December 31, 2019	$	4,850,959	$	(7,357,494	)	$	(2,019,000	)	$	—		$	(4,525,535	)

Income and Expense Allocation. Common expenses incurred by the Trust which are not allocable to a specific Fund are allocated among the Funds based upon relative net assets or evenly, depending on the nature of the expenditure. For all Funds, except the Capital Income Fund and High Yield Fund, net investment income, other than class-specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class at the beginning of the day (after adjusting for the current day's capital share activity of the respective class). For the Capital Income Fund and High Yield Fund, net investment income, other than class-specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of settled shares of each class at the beginning of the day (after adjusting for the current day's capital share activity of the respective class).

Dividends and Distributions to Shareholders. Dividends and distributions to shareholders are recorded on the ex-dividend date. Dividends from net investment income are declared daily and paid monthly for the Capital Income Fund and High Yield Fund and declared and paid annually for the Diversified Value Fund, Large Cap Value Fund, Mid-Cap Value Fund, Small Cap Value Fund, Small Cap Diversified Value Fund, Global Value Fund, International Value Fund and Value Opportunities Fund. Distributions of net realized capital gains, if any, will be declared and paid at least annually.

Security Transactions and Investment Income. Security and shareholder transactions are recorded on trade date. Realized gains and losses on sales of investments are calculated on the specifically identified cost basis of the securities. Dividend income, less foreign taxes withheld, if any, is recorded on the ex-dividend date. Interest income is recognized on the accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security using the effective yield method. Return of capital distributions received from real estate investment trust ("REIT") securities are recorded as an adjustment to the cost of the security and thus may impact unrealized gains or losses on the security.

Securities purchased or sold on a when-issued, delayed delivery or forward commitment basis may have extended settlement periods. The value of the security purchased is subject to market fluctuations during this period. The Funds will segregate or "earmark" liquid assets until the settlement date or otherwise cover their position in an amount sufficient to meet the Funds' obligations.

Foreign Currency Transactions. Securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds isolate the portion of realized gains or losses and do not isolate the portion of unrealized appreciation or depreciation resulting from changes in foreign exchange rates on securities from the fluctuations arising from changes in market prices of securities held. Reported net realized foreign exchange gains or losses arise from sales of securities, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid.

Payment In-Kind Securities. Certain Funds may invest in payment in-kind securities. Payment in-kind securities give the issuer the option at each interest payment date of making interest payments in either cash or additional debt securities. Those additional debt securities usually have the same terms, including maturity dates and interest rates, and associated risks as the original bonds. The daily market quotations of the original bonds may include the accrued interest (referred to as a dirty price) and may require a pro-rata adjustment to interest receivable from the unrealized appreciation or depreciation of securities on the Statements of Assets & Liabilities.

Restricted and Illiquid Securities. The Funds may invest in securities that are subject to legal or contractual restrictions on resale or are illiquid. Restricted securities generally may be resold in transactions exempt from registration. An illiquid security is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at the current valuation may be difficult.

Options. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds may purchase put options on securities to protect holdings in an underlying or related security against a substantial decline in market value. The Funds may purchase call options on securities and security indexes. A Fund may write a call or put option only if the option is "covered" by the Fund holding a position in the underlying securities or by other means which would permit immediate satisfaction of the Fund's obligation as writer of the option. Prior to exercise or expiration, an option may be closed by an offsetting purchase or sale of an option of the same series. The purchase and writing of options involves certain risks. If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying security, in the case of a put, remains equal to or greater than the exercise price or, in the case of a call, remains less than or equal to the exercise price, the Fund will lose its entire investment in the option. There can be no assurance that a liquid market will exist when a Fund seeks to close out an option position. Furthermore, if trading restrictions or suspensions are imposed on the options markets, the Fund may be unable to close out a position. With options, there is minimal counterparty risk to the Funds since options are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded options, guarantees the options against default.

When a Fund purchases a put or call option, an amount equal to the premium paid is included on the Statements of Assets & Liabilities as an investment, and is subsequently adjusted to reflect the fair market value of the option. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If the Fund exercises a put option, a gain or loss is realized from the sale of the underlying security, and the proceeds from such sale are decreased by the premium originally paid. If the Fund exercises a call option, the cost of the security acquired is increased by the premium paid for the call.

Futures Contracts. The Value Opportunities Fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objective. The Fund may use futures contracts to gain exposure to, or hedge against, changes in the value of foreign currencies. A futures contract provides for the future sale by one party and purchase by another party of an asset at a specified price on a specified date. Upon entering into such

contracts, the Fund is required to deposit with the broker, either in cash or securities, an initial margin deposit in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Fund each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as unrealized gains or losses by the Fund. Upon entering into such contracts, the Fund bears the risk of exchange rates moving unexpectedly, in which case the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. When a contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund's basis in the contract. With futures, there is minimal counterparty risk to the Fund since futures are exchange traded and the exchange's clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default. The use of futures contracts involves the risk of imperfect correlation in movements in the price of the futures contracts, exchange rates and the underlying hedged assets.

Credit Default Swap Contracts. The Value Opportunities Fund, Capital Income Fund and High Yield Fund may enter into credit default swap agreements for purposes of attempting to obtain a particular desired return at a lower cost to the Fund than if the Fund had invested directly in an instrument that yielded the desired return. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided no event of default on an underlying reference obligation has occurred. In the event of default, the seller must pay the buyer a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced entity or underlying securities comprising the referenced index. Credit default swaps involve greater risks than if the Fund invested in the reference obligation directly. In addition to general market risks, credit default swaps are subject to illiquidity risk, counterparty risk and credit risk. The Fund's maximum risk of loss from counterparty risk, either as the protection seller or as the protection buyer, is the fair value of the contract. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund's exposure to the counterparty.

The Advisor, on behalf of the Value Opportunities Fund, Capital Income Fund and High Yield Fund, is party to an International Swap Dealers Association, Inc. Master Agreement ("ISDA Master Agreement") with each of Goldman Sachs International and JPMorgan Chase Bank, N.A. that governs transactions, such as over-the-counter swap contracts, entered into by the Funds and the counterparty. The ISDA Master Agreement contains provisions for general obligations, representations, agreements, collateral and events of default or termination. Events of termination include conditions that may entitle the counterparty to elect to terminate early and cause settlement of all outstanding transactions under the ISDA Master Agreement.

Upon entering into swap agreements, the Value Opportunities Fund, Capital Income Fund and High Yield Fund will either receive or pay an upfront payment based upon the difference between the current principal amount and the notional amount of the swap and whether the Fund is buying or selling protection. Upfront payments that are received are recorded as liabilities while upfront payments paid are recorded as assets. These payments remain on the books until the swap contract is closed. When entering into credit default swaps, the Fund will either deliver collateral to the counterparty or the counterparty will deliver collateral to the Fund. The amount of this collateral is calculated based upon the notional value and the current price of the swap. In the event of default, the Fund has recourse against any collateral posted to it by the counterparty. When entering into swap agreements as a seller, the notional amounts would be partially offset by any recovery values of the respective reference obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the Fund for the same reference entity. Unrealized appreciation or depreciation is recorded daily as the difference between the prior day and current day closing price.

Derivative Instruments. The Funds have adopted authoritative standards regarding disclosures about derivatives and how they affect the Funds' Statements of Assets & Liabilities and Statements of Operations.

The following is a summary of the Funds' derivative instrument holdings categorized by primary risk exposure as of December 31, 2019:

Asset Derivatives

	Location on Statements of Assets & Liabilities	Value Opportunities
Equity Contracts:
Purchased Put Options	Long-term investments	$	7,074,315
Foreign Exchange Contracts:
Futures Contracts	Total distributable earnings (losses)*		79,070

* Includes cumulative appreciation of futures contracts as reported in the Schedule of Futures Contracts.

The following is a summary of the Funds' realized gains (losses) and change in unrealized appreciation (depreciation) on derivative instruments recognized in the Statements of Operations categorized by primary risk exposure for the six months ended December 31, 2019:

Realized Gains (Losses) on Derivatives

	Value Opportunities		Capital Income		High Yield
Credit Contracts:
Credit Default Swap Contracts	$	—	$	2,203	$	523,107

Change in Unrealized Appreciation (Depreciation) on Derivatives

	Value Opportunities
Equity Contracts:
Purchased Put Options	$	(9,771,988	)*
Foreign Exchange Contracts:
Futures Contracts		79,070

* Included with net change in unrealized appreciation (depreciation) of securities of unaffiliated issuers and foreign currency transactions.

The following is a summary of the Funds' average quarterly balance of outstanding derivative instruments categorized by primary risk exposure for the six months ended December 31, 2019:

Average Quarterly Balance of Outstanding Derivatives

	Value Opportunities		Capital Income		High Yield
Credit Contracts:
Average Number of Contracts — Credit Default Swap Contracts		—		—		—
Average Notional Amount — Credit Default Swap Contracts	$	—	$	—	$	—
Equity Contracts:
Average Number of Contracts — Purchased Put Options		5,718		—		—
Average Notional Amount — Purchased Put Options	$	39,976,817	$	—	$	—
Foreign Exchange Contracts:
Average Number of Contracts — Futures Contracts		50		—		—
Average Notional Amount — Futures Contracts	$	4,153,750	$	—	$	—

Offsetting Assets and Liabilities. The Funds are subject to various master netting arrangements, which govern the terms of certain transactions with counterparties. The arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. For financial reporting purposes, the Funds do not offset financial assets and liabilities that are subject to master netting arrangements in the Statements of Assets & Liabilities.

The following is a summary of the arrangements subject to offsetting as of December 31, 2019:

			Gross Amounts Not Offset in the Statements of Assets & Liabilities
	Gross Amounts Presented in the Statements of Assets & Liabilities		Financial Instruments		Collateral Received*			Net Amount
Securities Lending:
Large Cap Value	$	736,578	$	—	$	(736,578	)	$	—
Mid-Cap Value		1,729,956		—		(1,729,956	)		—
Small Cap Value		10,174,965		—		(10,174,965	)		—
Value Opportunities		14,754,135		—		(14,754,135	)		—

* Actual collateral received is greater than the amount shown due to overcollateralization.

NOTE 2.

Fees and Transactions with Affiliates. The Trust has entered into Investment Advisory Agreements for each of the Funds with the Advisor, with which the officers and a Trustee of the Trust are affiliated. The Advisor is a limited liability company, the primary members of which are HWCap Holdings, a limited liability company with members who are current and former employees of the Advisor, and Stephens - H&W, LLC, a limited liability company whose primary member is SF Holding Corp., which is a diversified holding company. The Advisor is responsible for the management of the Funds' investments and provides the personnel, facilities, equipment and certain other services necessary to the operations of each Fund. The Advisor receives a fee, computed daily and payable monthly, at the annual rates presented below as applied to each Fund's daily net assets. The Advisor has contractually agreed to waive fees or reimburse regular operating expenses in excess of the annual rates presented below as applied to such Fund's daily net assets through August 29, 2020.

	Diversified Value			Large Cap Value			Mid-Cap Value			Small Cap Value			Small Cap Diversified Value			Global Value			International Value			Value Opportunities			Capital Income			High Yield
Annual Advisory Fee Rate		0.70	%¹		0.70	%²		0.75	%³		0.75	%		0.65	%		0.75	%		0.80	%		0.75	%		0.65	%		0.55	%
Annual cap on expenses — Class I		0.80	%		0.95	%		1.15	%		1.25	%		0.80	%		0.95	%		0.95	%		1.25	%		0.80	%		0.70	%
Annual cap on expenses — Class A		1.05	%		1.20	%		1.40	%		1.50	%		1.05	%		1.20	%		1.20	%		1.50	%		1.05	%		0.95	%

	Diversified Value			Large Cap Value			Mid-Cap Value			Small Cap Value			Small Cap Diversified Value			Global Value			International Value			Value Opportunities			Capital Income			High Yield
Annual cap on expenses — Class C		1.80	%		1.95	%		2.15	%		2.25	%		1.80	%		1.95	%		1.95	%		2.25	%		1.80	%		1.70	%
Annual cap on expenses — Class Z		0.80	%		0.95	%		1.15	%		1.25	%		0.80	%		0.95	%		0.95	%		1.25	%		0.80	%		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% for assets over $10 billion.

The following rates were effective prior to August 29, 2019:

	Small Cap Diversified Value
Annual cap on expenses — Class I		0.90	%
Annual cap on expenses — Class A		1.15	%
Annual cap on expenses — Class C		1.90	%
Annual cap on expenses — Class Z		0.90	%

Quasar Distributors, LLC is the principal underwriter and distributor for the shares of the Funds ("Quasar" or the "Distributor"). The Distributor is affiliated with the Funds' transfer agent, fund accountant and administrator, U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services. Pursuant to the Distribution Plan adopted by the Trust in accordance with Rule 12b-1 under the 1940 Act, the Funds pay the Distributor ongoing distribution and service fees. The fees are accrued daily at the annual rates based upon the average daily net assets of the shares as follows:

	Distribution and Service Fee
Class A		0.25	%
Class C		1.00	%
Class R¹		0.50	%

¹ Effective August 29, 2019, Class R shares converted to Class A shares for the Large Cap Value Fund and Mid-Cap Value Fund.

Pursuant to separate agreements with the Distributor, selected dealers and other financial intermediaries also provide distribution services to the Funds. The ongoing distribution and service fee compensates the Distributor and selected dealers for providing distribution-related and shareholder services to Class A and Class C shareholders.

Certain selected dealers and other financial intermediaries charge a fee for shareholder accounting services and administrative services that they provide to the Funds on behalf of certain shareholders; the portion of this fee paid by the Funds is included within "Transfer agent fees and expenses" in the Statements of Operations. Class Z shares are not subject to these fees.

The Funds are permitted to purchase securities from or sell securities to another Fund or affiliated person under procedures adopted by the Board. During the six months ended December 31, 2019, the Funds' did not have any of the these purchases and sales.

NOTE 3.

Investments. Purchases and sales of investment securities, excluding short-term investments, for the six months ended December 31, 2019 were as follows:

	Diversified Value		Large Cap Value		Mid-Cap Value		Small Cap Value		Small Cap Diversified Value		Global Value		International Value		Value Opportunities		Capital Income		High Yield
Purchases	$	11,160,336	$	39,175,534	$	127,499,769	$	106,679,760	$	65,197,354	$	5,323,160	$	287,066	$	118,312,057	$	2,904,307	$	547,758,243
Sales		17,670,954		43,695,837		378,239,894		152,741,599		38,892,298		7,138,895		302,096		125,516,883		7,532,609		687,305,146

The Funds did not have any purchases or sales of U.S. Government securities for the six months ended December 31, 2019.

NOTE 4.

Federal Income Taxes. It is each Fund's policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and each Fund intends to distribute substantially all of its investment company net taxable income and net capital gains to shareholders. Therefore, no federal income tax provision is required. Under the applicable foreign tax law, a withholding tax may be imposed on interest, dividends and capital gains at various rates.

Distributions paid to shareholders are based on net investment income and net realized gains determined on a tax basis, which may differ from net investment income and net realized gains for financial reporting purposes. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the Funds for financial reporting purposes. The Funds may utilize earnings and profits distributed to shareholders on redemptions of shares as part of the dividends paid deduction. Generally accepted accounting principles require that permanent financial reporting and tax differences be reclassified within the capital accounts.

The following information is presented on an income tax basis as of June 30, 2019:

	Diversified Value			Large Cap Value			Mid-Cap Value			Small Cap Value			Small Cap Diversified Value			Global Value			International Value			Value Opportunities			Capital Income			High Yield
Tax cost of investments	$	112,408,698		$	502,093,564		$	1,339,609,110		$	719,067,701		$	95,008,738		$	38,557,133		$	2,522,049		$	710,541,784		$	27,763,862		$	2,568,144,572
Gross unrealized appreciation		11,750,360			57,544,904			159,900,099			91,090,843			5,910,733			2,590,828			172,441			95,619,743			2,477,104			83,797,463
Gross unrealized depreciation		(23,644,885	)		(77,182,580	)		(300,368,811	)		(112,145,760	)		(7,642,129	)		(2,587,009	)		(347,452	)		(65,578,316	)		(3,879,833	)		(182,491,894	)
Net unrealized appreciation (depreciation)		(11,894,525	)		(19,637,676	)		(140,468,712	)		(21,054,917	)		(1,731,396	)		3,819			(175,011	)		30,041,427			(1,402,729	)		(98,694,431	)
Distributable ordinary income (as of 6/30/19)*		1,715,852			4,191,521			9,706,100			8,384,797			327,456			864,609			52,271			10,774,747			168,631			1,353,992
Distributable long-term gains (as of 6/30/19)		—			—			—			12,825,522			—			160,866			31,599			3,631,159			—			—
Total distributable earnings		1,715,852			4,191,521			9,706,100			21,210,319			327,456			1,025,475			83,870			14,405,906			168,631			1,353,992
Other accumulated losses		(29,445,355	)		(3,343,716	)		(36,556,336	)		—			(1,747,483	)		—			—			—			(300,527	)		(124,908,566	)
Total accumulated gains (losses)	$	(39,624,028	)	$	(18,789,871	)	$	(167,318,948	)	$	155,402		$	(3,151,423	)	$	1,029,294		$	(91,141	)	$	44,447,333		$	(1,534,625	)	$	(222,249,005	)

* Includes distributable short-term gains of $4,756,826 for the Small Cap Value Fund, $436,859 for the Global Value Fund, $7,687 for the International Value Fund and $5,926,452 for the Value Opportunities Fund.

As of the close of business on December 31, 2012, in exchange for shares the Advisor transferred assets valued at $1,132,946 to the Global Value Fund. As a result of the tax-deferred transfers, the Global Value Fund acquired $50,230 of unrealized appreciation for tax purposes. As of June 30, 2019, the Global Value Fund held securities with $4,278 of net unrealized appreciation relating to the transfers.

As of the close of business on June 30, 2014, in exchange for shares Stephens Investment Holdings LLC transferred assets valued at $5,038,896 to the Small Cap Diversified Value Fund. As a result of the tax-deferred transfers, the Small Cap Diversified Value Fund acquired $592,438 of unrealized appreciation for tax purposes. As of June 30, 2019, the Small Cap Diversified Value Fund held securities with $36,516 of net unrealized appreciation relating to the transfers.

The tax components of distributions paid during the fiscal years ended June 30, 2019 and 2018, capital loss carryovers as of June 30, 2019, and any tax basis late year losses as of June 30, 2019, which are not recognized for tax purposes until the first day of the following fiscal year, are:

	June 30, 2019										June 30, 2018
	Ordinary Income Distributions		Long-Term Capital Gains Distributions		Net Capital Loss Carryovers		Capital Loss Carryovers Utilized		Late Year Losses		Ordinary Income Distributions		Long-Term Capital Gains Distributions
Diversified Value	$	1,280,234	$	—	$	29,445,355¹	$	—	$	—	$	1,972,008	$	—
Large Cap Value		8,139,522		3,973,656		—		—		3,343,716⁴		5,847,545		—
Mid-Cap Value		22,954,934		17,470,309		—		—		36,556,336⁵		7,015,174		115,849,489
Small Cap Value		14,330,987		44,274,755		—		—		—		7,785,649		30,558,275
Small Cap Diversified Value		1,723,003		1,457,773		—		—		1,743,192⁶		1,255,591		2,330,107
Global Value		180,054		545,615		—		—		—		141,786		315,963
International Value		38,921		119,730		—		—		—		31,134		113,434
Value Opportunities		24,999,077		34,454,111		—		—		—		10,183,262		7,767,590
Capital Income		991,795		—		287,132²		—		—		1,450,914		—
High Yield		153,991,603		—		122,941,395³		—		—		157,623,296		—

¹ Long-term with no expiration.

² Short-term with no expiration.

³ $914,699 is short-term with no expiration and $122,026,696 is long-term with no expiration.

⁴ $19,266 is short-term post-October loss and $3,324,450 is long-term post-October loss.

⁵ Short-term post-October loss.

⁶ $1,696,315 is short-term post-October loss and $37,877 is long-term post-October loss.

As of and during the year ended June 30, 2019, the Funds did not have a liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended June 30, 2019, the Funds did not incur any interest or penalties. The tax years ended June 30, 2016 through June 30, 2019 remain open and subject to examination by tax jurisdictions.

NOTE 5.

Capital Share Transactions. Transactions in capital shares for each class were as follows:

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Six Months Ended December 31, 2019
Diversified Value Fund
Class I		57,855	$	1,091,712		53,943	$	1,075,088		(303,152	)	$	(5,807,047	)		(191,354	)	$	(3,640,247	)
Class A		21,968		424,584		11,172		223,673		(136,586	)		(2,618,892	)		(103,446	)		(1,970,635	)
Class C		280		5,346		496		9,899		(17,871	)		(334,448	)		(17,095	)		(319,203	)
Total net increase (decrease)		80,103		1,521,642		65,611		1,308,660		(457,609	)		(8,760,387	)		(311,895	)		(5,930,085	)
Large Cap Value Fund
Class I		1,251,111		41,223,941		158,415		5,563,526		(1,266,521	)		(42,294,972	)		143,005			4,492,495
Class A (Note 10)		466,626		15,523,921		35,625		1,246,516		(751,474	)		(25,562,250	)		(249,223	)		(8,791,813	)
Class C		6,721		224,415		1,905		65,888		(47,245	)		(1,532,455	)		(38,619	)		(1,242,152	)
Class R (Note 10)		3,653		116,790		—		—		(159,160	)		(5,081,991	)		(155,507	)		(4,965,201	)
Class Z		1,510		50,014		26		901		—			—			1,536			50,915
Total net increase (decrease)		1,729,621		57,139,081		195,971		6,876,831		(2,224,400	)		(74,471,668	)		(298,808	)		(10,455,756	)
Mid-Cap Value Fund
Class I		2,160,194		67,145,201		384,208		12,359,978		(9,660,191	)		(303,251,490	)		(7,115,789	)		(223,746,311	)
Class A (Note 10)		529,463		16,123,867		29,051		921,797		(1,389,659	)		(42,847,829	)		(831,145	)		(25,802,165	)
Class C		12,751		342,357		776		21,420		(257,470	)		(6,671,549	)		(243,943	)		(6,307,772	)
Class R (Note 10)		4,076		126,658		—		—		(128,982	)		(3,653,136	)		(124,906	)		(3,526,478	)
Class Z		1,631		50,014		28		908		—			—			1,659			50,922
Total net increase (decrease)		2,708,115		83,788,097		414,063		13,304,103		(11,436,302	)		(356,424,004	)		(8,314,124	)		(259,331,804	)
Small Cap Value Fund
Class I		1,072,644		55,908,313		319,026		17,010,444		(1,823,285	)		(95,866,191	)		(431,615	)		(22,947,434	)
Class A		66,029		3,429,847		21,584		1,146,521		(167,757	)		(8,715,431	)		(80,144	)		(4,139,063	)
Class C		3,694		155,786		5,383		230,191		(40,849	)		(1,691,743	)		(31,772	)		(1,305,766	)
Class Z		959		50,014		48		2,581		—			—			1,007			52,595
Total net increase (decrease)		1,143,326		59,543,960		346,041		18,389,737		(2,031,891	)		(106,273,365	)		(542,524	)		(28,339,668	)
Small Cap Diversified Value Fund
Class I		4,631,340		46,981,703		101,881		1,088,093		(2,178,499	)		(21,112,966	)		2,554,722			26,956,830
Class A		27,499		274,873		1,352		14,382		(66,883	)		(656,910	)		(38,032	)		(367,655	)
Class Z		4,990		50,000		45		478		—			—			5,035			50,478
Total net increase (decrease)		4,663,829		47,306,576		103,278		1,102,953		(2,245,382	)		(21,769,876	)		2,521,725			26,639,653
Global Value Fund
Class I		132,860		1,536,496		77,760		936,235		(353,475	)		(4,147,049	)		(142,855	)		(1,674,318	)
Class A		4,269		51,420		354		4,267		(7,119	)		(83,203	)		(2,496	)		(27,516	)
Total net increase (decrease)		137,129		1,587,916		78,114		940,502		(360,594	)		(4,230,252	)		(145,351	)		(1,701,834	)
International Value Fund
Class I		—		—		8,159		83,874		—			—			8,159			83,874
Total net increase		—		—		8,159		83,874		—			—			8,159			83,874

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Six Months Ended December 31, 2019
Value Opportunities Fund
Class I		1,627,683	$	45,493,383		346,569	$	9,884,142		(2,372,679	)	$	(65,984,588	)		(398,427	)	$	(10,607,063	)
Class A		337,129		9,299,576		64,990		1,860,010		(883,443	)		(24,953,508	)		(481,324	)		(13,793,922	)
Class C		67,512		1,744,311		20,419		540,288		(271,553	)		(6,973,076	)		(183,622	)		(4,688,477	)
Class Z		699,410		19,436,623		17,121		488,112		—			—			716,531			19,924,735
Total net increase (decrease)		2,731,734		75,973,893		449,099		12,772,552		(3,527,675	)		(97,911,172	)		(346,842	)		(9,164,727	)
Capital Income Fund
Class I		12,173		142,336		19,052		226,466		(298,453	)		(3,459,352	)		(267,228	)		(3,090,550	)
Class A		8,254		101,335		14,748		183,225		(134,838	)		(1,673,000	)		(111,836	)		(1,388,440	)
Total net increase (decrease)		20,427		243,671		33,800		409,691		(433,291	)		(5,132,352	)		(379,064	)		(4,478,990	)
High Yield Fund
Class I		21,726,321		249,307,779		4,314,061		49,457,930		(35,043,337	)		(400,861,355	)¹		(9,002,955	)		(102,095,646	)
Class A		639,148		7,280,523		579,681		6,610,462		(10,213,055	)		(116,726,951	)¹		(8,994,226	)		(102,835,966	)
Class C		12,794		146,308		6,004		68,784		(25,742	)		(293,656	)		(6,944	)		(78,564	)
Class Z		8,235,840		94,612,237		312,759		3,587,004		(2,615,889	)		(30,138,499	)¹		5,932,710			68,060,742
Total net increase (decrease)		30,614,103		351,346,847		5,212,505		59,724,180		(47,898,023	)		(548,020,461	)		(12,071,415	)		(136,949,434	)
Year Ended June 30, 2019
Diversified Value Fund
Class I		230,995		4,308,636		47,595		793,407		(410,190	)		(7,597,837	)		(131,600	)		(2,495,794	)
Class A		139,026		2,546,023		11,487		192,296		(362,761	)		(6,593,112	)		(212,248	)		(3,854,793	)
Class C		11,123		193,059		279		4,644		(36,751	)		(657,557	)		(25,349	)		(459,854	)
Total net increase (decrease)		381,144		7,047,718		59,361		990,347		(809,702	)		(14,848,506	)		(369,197	)		(6,810,441	)
Large Cap Value Fund
Class I		4,188,167		130,285,912		262,252		7,694,461		(1,969,489	)		(62,799,204	)		2,480,930			75,181,169
Class A		268,996		8,557,570		85,814		2,510,069		(779,122	)		(25,161,630	)		(424,312	)		(14,093,991	)
Class C		128,124		3,936,925		6,237		180,130		(109,077	)		(3,429,075	)		25,284			687,980
Class R		27,362		881,858		1,823		54,002		(78,923	)		(2,578,673	)		(49,738	)		(1,642,813	)
Total net increase (decrease)		4,612,649		143,662,265		356,126		10,438,662		(2,936,611	)		(93,968,582	)		2,032,164			60,132,345
Mid-Cap Value Fund
Class I		5,685,098		200,404,082		992,963		31,933,680		(15,684,749	)		(547,940,675	)		(9,006,688	)		(315,602,913	)
Class A		630,763		22,273,194		92,293		2,920,139		(1,709,764	)		(58,842,995	)		(986,708	)		(33,649,662	)
Class C		74,641		2,191,937		19,489		535,374		(385,659	)		(11,453,424	)		(291,529	)		(8,726,113	)
Class R		29,227		1,012,997		1,255		39,820		(76,148	)		(2,640,965	)		(45,666	)		(1,588,148	)
Total net increase (decrease)		6,419,729		225,882,210		1,106,000		35,429,013		(17,856,320	)		(620,878,059	)		(10,330,591	)		(359,566,836	)
Small Cap Value Fund
Class I		3,712,196		211,303,635		585,859		29,544,854		(2,907,640	)		(163,391,226	)		1,390,415			77,457,263
Class A		216,885		11,849,207		50,148		2,518,416		(549,145	)		(30,599,733	)		(282,112	)		(16,232,110	)
Class C		8,392		362,222		18,263		746,424		(114,623	)		(5,171,753	)		(87,968	)		(4,063,107	)
Total net increase (decrease)		3,937,473		223,515,064		654,270		32,809,694		(3,571,408	)		(199,162,712	)		1,020,335			57,162,046
Small Cap Diversified Value Fund
Class I		6,873,443		70,018,521		311,362		2,939,253		(1,009,533	)		(11,095,154	)		6,175,272			61,862,620
Class A		342,620		3,855,009		25,056		235,526		(314,426	)		(3,316,111	)		53,250			774,424
Total net increase (decrease)		7,216,063		73,873,530		336,418		3,174,779		(1,323,959	)		(14,411,265	)		6,228,522			62,637,044

	Sales				Reinvestment of dividends and distributions				Redemptions						Net increase (decrease)
	Shares		Amount		Shares		Amount		Shares			Amount			Shares			Amount
Year Ended June 30, 2019
Global Value Fund
Class I		2,725,481	$	30,504,644		67,154	$	703,103		(26,507	)	$	(289,500	)		2,766,128		$	30,918,247
Class A		8,904		104,856		2,046		21,466		(45,473	)		(569,432	)		(34,523	)		(443,110	)
Total net increase (decrease)		2,734,385		30,609,500		69,200		724,569		(71,980	)		(858,932	)		2,731,605			30,475,137
International Value Fund
Class I		2,001		21,502		17,096		158,651		—			—			19,097			180,153
Total net increase		2,001		21,502		17,096		158,651		—			—			19,097			180,153
Value Opportunities Fund
Class I		9,090,629		251,316,538		1,402,218		34,817,068		(4,463,690	)		(118,644,551	)		6,029,157			167,489,055
Class A		1,882,824		50,960,135		334,897		8,338,932		(2,041,709	)		(56,772,144	)		176,012			2,526,923
Class C		338,598		8,564,899		141,075		3,253,197		(424,959	)		(10,827,111	)		54,714			990,985
Total net increase (decrease)		11,312,051		310,841,572		1,878,190		46,409,197		(6,930,358	)		(186,243,806	)		6,259,883			171,006,963
Capital Income Fund
Class I		232,522		2,958,701		37,411		455,601		(680,969	)		(8,351,275	)		(411,036	)		(4,936,973	)
Class A		76,893		965,650		26,243		332,136		(335,100	)		(4,236,826	)		(231,964	)		(2,939,040	)
Total net increase (decrease)		309,415		3,924,351		63,654		787,737		(1,016,069	)		(12,588,101	)		(643,000	)		(7,876,013	)
High Yield Fund
Class I		59,726,649		696,746,581		8,497,900		99,162,717		(73,286,129	)		(851,438,038	)²		(5,061,580	)		(55,528,740	)
Class A		2,183,160		25,565,215		2,014,600		23,371,432		(17,577,424	)		(203,487,210	)²		(13,379,664	)		(154,550,563	)
Class C		60,123		695,682		10,901		127,097		(47,068	)		(552,304	)		23,956			270,475
Class Z		8,481,470		99,725,152		389,944		4,549,457		(2,180,399	)		(25,620,277	)		6,691,015			78,654,332
Total net increase (decrease)		70,451,402		822,732,630		10,913,345		127,210,703		(93,091,020	)		(1,081,097,829	)		(11,726,273	)		(131,154,496	)

¹ Net of redemption fees of $16,454 for Class I, $3,201 for Class A and $4,748 for Class Z. Effective September 30, 2019 the redemption fee was removed.

² Net of redemption fees of $93,924 for Class I and $13,454 for Class A.

NOTE 6.

Investments in Affiliated Issuers. An issuer in which a Fund's holdings represent 5% or more of the outstanding voting securities of the issuer is an "affiliated" issuer as defined in the 1940 Act. A schedule of each Fund's investments in securities of affiliated issuers held during the six months ended December 31, 2019, is set forth below:

Small Cap Value Fund

Issuer Name	Value at July 1, 2019		Purchases		Sales		Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)			Value at December 31, 2019		Dividends		Shares Held at December 31, 2019
Hudson Global, Inc.	$	2,723,562	$	—	$	—	$	—	$	(109,380	)	$	2,614,182	$	—		218,760
MDC Partners, Inc.		9,294,768		734,340		—		—		1,024,172			11,053,280		—		3,976,000
Noranda Aluminum Holding Corp.		9,203		—		—		—		(6,322	)		2,881		—		800,300
	$	12,027,533	$	734,340	$	—	$	—	$	908,470		$	13,670,343	$	—

Value Opportunities Fund

Issuer Name	Value at July 1, 2019		Purchases		Sales		Net Realized Gains (Losses)		Net Change in Unrealized Appreciation (Depreciation)			Value at December 31, 2019		Dividends		Shares Held at December 31, 2019
Iracore Investments Holdings, Inc.	$	5,264,360	$	—	$	—	$	—	$	4,338,388		$	9,602,748	$	—		32,422
Motors Liquidation Company GUC Trust		17,204,860		—		—		—		(2,840,425	)		14,364,435		—		1,623,100
	$	22,469,220	$	—	$	—	$	—	$	1,497,963		$	23,967,183	$	—

High Yield Fund

Issuer Name	Value at July 1, 2019		Purchases		Sales			Net Realized Gains (Losses)			Net Change in Unrealized Appreciation (Depreciation)			Value at December 31, 2019		Dividends		Shares Held at December 31, 2019
American Zinc Recycling LLC	$	29,175,617	$	7,361,568	$	—		$	—		$	(202,088	)	$	36,335,097	$	—		114,835
Bellatrix Exploration Ltd.+		1,612,791		—		(814,034	)		(2,860,318	)		2,061,996			435		—		434,305
Iracore Investments Holdings, Inc.		3,587,078		—		—			—			2,956,131			6,543,209		—		22,092
PetroQuest Energy, Inc.		2,913,980		—		—			—			(2,913,980	)		0		—		728,495
RA Parent, Inc.		10,482,767		—		—			—			863,167			11,345,934		—		288
	$	47,772,233	$	7,361,568	$	(814,034	)	$	(2,860,318	)	$	2,765,226		$	54,224,675	$	—

+ Issuer was not an affiliate as of December 31, 2019.

NOTE 7.

Securities Lending. Effective December 2007, the Funds entered into a securities lending arrangement with Brown Brothers Harriman & Co. (the "Custodian"). Under the securities lending agreement, the Custodian is authorized to loan securities on behalf of the Funds to approved brokers. In exchange, the Funds receive cash collateral in the amount of at least 102% of the value of the securities loaned plus accrued interest. The total market value of securities on loan for each Fund is disclosed on the Schedule of Investments. The cash collateral is invested in short-term instruments as noted on the Schedule of Investments. Income earned from these investments is included in "Securities on loan, net" on the Statements of Operations and is allocated to each Fund based on each Fund's proportion of the total cash collateral received. Securities lending involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, the Custodian has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

A portion of the income generated by the investment of the collateral, net of any rebates paid by the Custodian to borrowers, is remitted to the Custodian as lending agent, and the remainder is paid to the applicable Fund.

NOTE 8.

Commitments and Contingencies. Under the Trust's organizational documents and indemnification agreements between each independent Trustee and the Trust, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. In addition, in the normal course of business the Trust enters into contracts that contain a variety of representations and warranties, which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

Bridge loan commitments may obligate a Fund to furnish temporary financing to a borrower until permanent financing can be arranged. At December 31, 2019, the Funds did not have any outstanding bridge loan commitments.

Unfunded loan commitments are contractual obligations for funding to a borrower. At December 31, 2019, the Value Opportunities Fund had an outstanding unfunded loan commitment of $7,500,000.

NOTE 9.

Risk Factors. Investing in a Fund may involve certain risks including, but not limited to, those described below.

Lower rated debt securities generally have higher rates of interest and involve greater risk of default or price changes due to changes in the issuer's creditworthiness than higher rated debt securities. The market prices of these securities may fluctuate more than higher quality securities and may decline significantly in periods of general economic difficulty. There may be little trading in the secondary market for particular debt securities, which may make them more difficult to value or sell.

The prices of, and the income generated by, most debt securities held by a Fund may be affected by changing interest rates and by changes in the effective maturities and credit ratings of these securities. For example, the prices of debt securities in a Fund's portfolio generally will decline when interest rates rise and increase when interest rates fall. In addition, falling interest rates may cause an issuer to redeem, "call" or refinance a security before its stated maturity, which may result in the Fund having to reinvest the proceeds in lower yielding securities. Debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer will weaken and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Longer maturity debt securities generally have higher rates of interest and may be subject to greater price fluctuations than shorter maturity debt securities.

Certain Funds may invest in foreign (non-U.S.) securities and may experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. Additionally, reporting, accounting and auditing standards of foreign countries differ, in some cases significantly, from U.S. standards. Also, nationalization, expropriation or confiscatory taxation, currency blockage, political changes or diplomatic developments could adversely affect a Fund's investments in a foreign country.

The Funds are subject to management risk because each Fund is an actively managed investment portfolio. Consequently, the Funds are subject to the risks that the methods and analysis employed by the Advisor may not produce the desired results and result in losses to the Funds.

The prices of, and the income generated by, the common stocks and other equity securities held by a Fund may decline in response to certain events taking place around the world, including those directly involving the issuers whose securities are owned by the Fund; conditions affecting the general economy; overall market changes; local, regional or global political, social or economic instability; governmental or governmental agency responses to economic conditions; and currency, interest rate and commodity price fluctuations.

Certain funds, accounts, individuals or affiliates may from time to time own (beneficially or of record) or control a significant percentage of a Fund's shares. Redemptions by these entities of their holdings in the Fund may impact the Fund's liquidity and net asset value ("NAV"). These redemptions may also force the Fund to sell securities.

NOTE 10.

Class R Shares. The Board approved closing the Class R shares of the Large Cap Value Fund and Mid-Cap Value Fund and converting Class R shares to Class A shares of each respective Fund effective on August 29, 2019 (the "Conversion"). The Conversion was accomplished by a tax-free exchange of Class R shares for Class A shares in the following amounts and at the following conversion ratios:

	Class R Prior to Conversion
	Dollars		Shares		Conversion Ratio		Class A Shares
Large Cap Value	$	4,553,437		143,415		1.010825		144,968
Mid-Cap Value		3,425,121		121,286		1.000354		121,329

NOTE 11.

New Accounting Pronouncements. In March 2017, the FASB issued Accounting Standards Update ("ASU") No. 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount, which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management has evaluated this provision and there was no material impact on the Funds' financial statements.

In August 2018, FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The primary focus of ASU No. 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. In general, the amendments in ASU No. 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt all or portions of ASU No. 2018-13. Management has implemented portions of the amendments and there was no material impact on the Funds' financial statements. Management is currently evaluating the impact of the additional disclosure requirements.

NOTE 12.

Subsequent Events. On November 25, 2019, U.S. Bancorp, the parent company of Quasar, announced that it had signed a purchase agreement to sell Quasar to Foreside Financial Group, LLC ("Foreside") such that Quasar will become a wholly-owned broker-dealer subsidiary of Foreside. The transaction is expected to close by the end of March 2020. The Board approved Quasar to remain as the Funds' distributor at the close of the transaction.

Management has evaluated subsequent events in the preparation of the Funds' financial statements and has determined that there are no additional events that require recognition or disclosure in the financial statements.

NOTE 13.

Federal Tax Disclosure. The Funds designated as long-term capital gain dividends, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Funds related to net capital gains to zero for the tax year ended June 30, 2019.

For the year ended June 30, 2019, the following percentages of ordinary distributions paid qualify for the dividend received deduction available to corporate shareholders: Diversified Value Fund — 100.00%, Large Cap Value Fund — 100.00%, Mid-Cap Value Fund — 58.49%, Small Cap Value

Fund — 43.65%, Small Cap Diversified Value Fund — 27.01%, Global Value Fund — 25.77%, International Value Fund — 0.00%, Value Opportunities Fund — 30.53%, Capital Income Fund — 16.90%, High Yield Fund — 0.21%.

For the year ended June 30, 2019, the following percentages of ordinary distributions paid are designated as qualified dividend income under the Jobs and Growth Tax Relief Reconciliation Act of 2003: Diversified Value Fund — 100.00%, Large Cap Value Fund — 100.00%, Mid-Cap Value Fund — 66.82%, Small Cap Value Fund — 54.56%, Small Cap Diversified Value Fund — 27.30%, Global Value Fund — 74.53%, International Value Fund — 100.00%, Value Opportunities Fund — 44.18%, Capital Income Fund — 35.12%, High Yield Fund — 0.21%. Shareholders should consult their tax advisors.

For the year ended June 30, 2019, the Global Value Fund and International Value Fund earned foreign source income of $455,929 and $71,885, respectively, and paid foreign taxes of $40,415 and $5,473, respectively, which each Fund intends to pass through to shareholders pursuant to Section 853 of the Internal Revenue Code.

Additional Information Applicable to Foreign Shareholders Only. For the year ended June 30, 2019, the Funds designate the following percentages of ordinary distributions paid as interest-related dividends under Internal Revenue Code Section 871(k)(1)(c): Diversified Value Fund — 0.23%, Large Cap Value Fund — 0.81%, Mid-Cap Value Fund — 0.63%, Small Cap Value Fund — 0.57%, Small Cap Diversified Value Fund — 0.56%, Global Value Fund — 0.51%, International Value Fund — 0.46%, Value Opportunities Fund — 6.68%, Capital Income Fund — 61.47%, High Yield Fund — 91.33%.

For the year ended June 30, 2019, the following percentages of ordinary income distributions paid are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(c): Diversified Value Fund — 0.00%, Large Cap Value Fund — 6.41%, Mid-Cap Value Fund — 34.86%, Small Cap Value Fund — 72.48%, Small Cap Diversified Value Fund — 79.73%, Global Value Fund — 47.83%, International Value Fund — 22.18%, Value Opportunities Fund — 75.67%, Capital Income Fund — 0.00%, High Yield Fund — 0.00%.

Fund Expense Examples (Unaudited)

As a mutual fund shareholder, you incur two types of costs: (1) transaction costs such as initial sales charges (loads) on purchase payments and contingent deferred sales charges and redemption fees on redemptions and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the most recent six-month period and held for the entire period (July 1, 2019 – December 31, 2019).

The table below illustrates the Funds' costs in two ways:

Based on actual fund returns. This section provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the section under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

Based on hypothetical 5% yearly returns. This section provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads). Therefore, the second section is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

	Based on Actual Fund Returns									Based on Hypothetical 5% Yearly Returns
	Beginning Account Value 7/1/19		Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19 - 12/31/19			Beginning Account Value 7/1/19		Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19 - 12/31/19		Annualized Expense Ratio
Diversified Value Fund
Class I	$	1,000.00	$	1,081.90	$	4.19		$	1,000.00	$	1,021.11	$	4.06		0.80	%
Class A		1,000.00		1,081.00		5.49			1,000.00		1,019.86		5.33		1.05
Class C		1,000.00		1,077.20		9.40			1,000.00		1,016.09		9.12		1.80
Large Cap Value Fund
Class I		1,000.00		1,081.40		4.92			1,000.00		1,020.41		4.77		0.94
Class A		1,000.00		1,079.50		6.22			1,000.00		1,019.15		6.04		1.19
Class C		1,000.00		1,076.30		9.81			1,000.00		1,015.69		9.53		1.88
Class Z		1,000.00		1,087.30		2.12	**		1,000.00		1,021.06		4.12		0.81
Mid-Cap Value Fund
Class I		1,000.00		1,007.10		5.35			1,000.00		1,019.81		5.38		1.06
Class A		1,000.00		1,006.00		6.20			1,000.00		1,018.95		6.24		1.23
Class C		1,000.00		1,002.30		9.92			1,000.00		1,015.23		9.98		1.97
Class Z		1,000.00		1,087.30		2.26	**		1,000.00		1,020.81		4.37		0.86
Small Cap Value Fund
Class I		1,000.00		1,063.90		5.45			1,000.00		1,019.86		5.33		1.05
Class A		1,000.00		1,062.80		6.48			1,000.00		1,018.85		6.34		1.25
Class C		1,000.00		1,058.90		10.09			1,000.00		1,015.33		9.88		1.95
Class Z		1,000.00		1,087.20		2.23	**		1,000.00		1,020.86		4.32		0.85
Small Cap Diversified Value Fund
Class I		1,000.00		1,077.80		4.33			1,000.00		1,020.96		4.22		0.83
Class A		1,000.00		1,076.00		5.69			1,000.00		1,019.66		5.53		1.09
Class Z		1,000.00		1,084.50		2.10	**		1,000.00		1,021.11		4.06		0.80
Global Value Fund
Class I		1,000.00		1,079.10		4.96			1,000.00		1,020.36		4.82		0.95
Class A		1,000.00		1,078.00		6.27			1,000.00		1,019.10		6.09		1.20

Fund Expense Examples (Unaudited)

	Based on Actual Fund Returns									Based on Hypothetical 5% Yearly Returns
	Beginning Account Value 7/1/19		Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19 - 12/31/19			Beginning Account Value 7/1/19		Ending Account Value 12/31/19		Expenses Paid During Period* 7/1/19 - 12/31/19		Annualized Expense Ratio
International Value Fund
Class I	$	1,000.00	$	1,105.10	$	5.03		$	1,000.00	$	1,020.36	$	4.82		0.95	%
Value Opportunities Fund
Class I		1,000.00		1,056.70		4.96			1,000.00		1,020.31		4.88		0.96
Class A		1,000.00		1,055.50		6.25			1,000.00		1,019.05		6.14		1.21
Class C		1,000.00		1,051.60		9.85			1,000.00		1,015.53		9.68		1.91
Class Z		1,000.00		1,068.00		2.18	**		1,000.00		1,020.91		4.27		0.84
Capital Income Fund
Class I		1,000.00		1,039.80		4.10			1,000.00		1,021.11		4.06		0.80
Class A		1,000.00		1,039.30		5.38			1,000.00		1,019.86		5.33		1.05
High Yield Fund
Class I		1,000.00		1,016.20		3.55			1,000.00		1,021.62		3.56		0.70
Class A		1,000.00		1,014.80		4.81			1,000.00		1,020.36		4.82		0.95
Class C		1,000.00		1,011.40		8.29			1,000.00		1,016.89		8.31		1.64
Class Z		1,000.00		1,016.70		3.04			1,000.00		1,022.12		3.05		0.60

* Expenses are equal to the Funds' annualized expense ratio by class multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by the number of days in the most recent fiscal year (366).

** Actual expenses are equal to the Fund's annualized expense ratio for Class Z multiplied by the average account value over the period, multiplied by 92/366 (to reflect the commencement of operations to December 31, 2019).

Information about the Funds

ADVISOR

Hotchkis & Wiley Capital Management, LLC
601 South Figueroa Street, 39th Floor
Los Angeles, California 90017

LEGAL COUNSEL

Vedder Price P.C.
222 North LaSalle Street
Chicago, Illinois 60601

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Deloitte & Touche LLP
555 West 5th Street
Los Angeles, California 90013

DISTRIBUTOR

Quasar Distributors, LLC
777 East Wisconsin Avenue, 6th Floor
Milwaukee, Wisconsin 53202

ADMINISTRATOR AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202

CUSTODIAN

Brown Brothers Harriman & Co.
50 Post Office Square
Boston, Massachusetts 02110

This report is for the information of shareholders of the Hotchkis & Wiley Funds, but may also be used as sales literature when preceded or accompanied by a current prospectus, which gives details about charges, expenses, investment objectives and operating policies of the Funds.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is included in the Statement of Additional Information, which is available without charge, upon request, by calling 1-866-HW-FUNDS (1-866-493-8637) and on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds' website at www.hwcm.com and on the SEC's website at http://www.sec.gov.

Hotchkis & Wiley Funds files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds' Forms N-PORT are available free of charge on the SEC's website at http://www.sec.gov.

601 SOUTH FIGUEROA STREET, 39th Floor
LOS ANGELES, CALIFORNIA 90017-5439
www.hwcm.com
1.866.HW.FUNDS (1.866.493.8637)

CODE #HWF-SAR-1219-0220

DECEMBER 31, 2019

SEMI-ANNUAL REPORT

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

The identification and recommendation of individuals for Board membership is the responsibility of the Nominating and Governance Committee. Shareholders may submit suggestions for candidates by forwarding their correspondence by U.S. mail or other courier service to the registrant’s Secretary for the attention of the Chair of the Nominating and Governance Committee, 601 South Figueroa Street, 39th Floor, Los Angeles, CA 90017-5704.

Item 11. Controls and Procedures.

(a) The registrant’s President / Principal Executive Officer and Treasurer / 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 (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. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the registrant and by the registrant’s service provider.

(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 second fiscal quarter of 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. 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, President / Principal Executive Officer

Date	2/27/20

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, President / Principal Executive Officer

Date	2/27/20

By (Signature and Title)		/s/ James Menvielle
		James Menvielle, Treasurer / Principal Financial Officer

Date	2/27/20

Hotchkis & Wiley Funds N-CSRSCertified semi-annual shareholder report (management investment company)